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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-01355

The Alger Funds
(Exact name of registrant as specified in charter)

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

Mr. Hal Liebes

Fred Alger Management, Inc.

360 Park Avenue South

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

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2015

Shareholders' Letter April 30, 2015

Dear Shareholders,

Market Rally Continues as Skeptics Cling to Pessimistic View
Pundits for many years have incorrectly opined that equity markets, both in the United States
and abroad, would collapse, even as stocks have continued to generate strong returns. It’s
puzzling that skeptics and critics on almost any topic seem to be positioned as the smarter
or wiser voices in the room. And yet, those who have been skeptical of equity markets have
been wrong in meaningful ways, unlike optimists, including Alger. Indeed, the equity rally
following the market lows of March of 2009 has continued, with the S&P 500 index gaining
4.40% for the six-month reporting period ended April 30 of this year. International equities
also advanced during the reporting period, with the MSCI ACWI ex USA Index gaining
5.80% and the MSCI Emerging Markets Index returning 4.04%.

Market Volatility
In the U.S., investor sentiment was supported by strong corporate fundamentals, merger and
acquisition activity, low interest rates, a strengthening labor market, and expectations that
consumer spending could increase as low oil and gasoline prices reduce Americans’ energy
bills. Yet, markets were volatile during the reporting period, with the S&P 500 producing 12
declines of more than 1%. In comparison, the six-month period ended October 31, 2014,
generated only eight declines of more than 1%.

Early in the reporting period ended April 30, the potential for declining oil prices to crimp
energy producers’ earnings and cause industrial businesses to cut capital expenditures weighed
upon investor sentiment. At other times, investors grew concerned that a combination of
uneven global economic growth and a strong U.S. dollar could curtail America’s exports.
Expectations that the Federal Reserve would raise interest rates this year also weighed upon
investor sentiment. Rather than react quickly to day-by-day changes in investor sentiment, we
remained focused on our research-driven strategy that seeks attractive companies that have
strong potential to grow their earnings. We held to our belief that equities have potential for
generating attractive returns.

Oil Prices Jar Investors
From September of 2013 to the start of the six-month reporting period, the price of West
Texas Intermediate crude (WTI) dropped abruptly from $109.62 to $78.77 a barrel, a result
of growing oil production in U.S. shale reserves, a strengthening U.S. dollar, and moderating
global energy demand. The price decline continued during the reporting period, with WTI
hitting a low of $43.39 in mid-March. At times, the price declines sparked equity selloffs
as investors grew fearful that the adverse impact of cheap oil on energy company profits
could expand to other industries and hinder U.S. economic growth. Concerns over oil
companies, of course, were warranted, with fourth-quarter earnings for the S&P 500 energy
sector declining 22.1%, according to FactSet Research Systems, Inc. At the end of January,
furthermore, first-quarter energy earnings were forecasted to decline 54%, according to
consensus estimates compiled by FactSet. It appears that fears that the impact of cheap oil
would extend to other industries may have been overblown, with first-quarter ex-energy
earnings having grown 6.8% among S&P 500 companies that had reported results by the
end of the reporting period, according to FactSet.
- 1 -

Rather than quickly sell energy holdings, we assessed if individual companies could mitigate
the impact of low oil prices on earnings by reducing capital expenditures or reducing other
expenses. While we acknowledged that industries that support energy companies could
experience declining revenues as petroleum companies curtail new projects, we continued
to believe that low oil costs could create growth opportunities for consumer companies and
stimulate the U.S. economy. Indeed, savings at the gasoline pump this year could give U.S.
consumers an additional $100 billion to $200 billion in disposable income and also help keep
U.S. food costs down by decreasing trucking expenses, according to Goldman Sachs and
the Wall Street Journal. Low oil prices are also helping energy-intensive industries, such as
airlines, cut fuel expenses and grow earnings. With that in mind, Goldman Sachs estimates
that lower energy costs could increase U.S. economic growth by 0.2% to 0.5% this year.

Global Economic Growth and a Strengthening U.S. Dollar
Investors also anticipated that uneven global economic growth and a strong U.S. dollar
would hurt the earnings of American exporters and U.S. multinational companies. Indeed,
prior to the first-quarter earnings season, analysts estimated that S&P 500 profits would
decline 5.8% because the strongest U.S. dollar in 12 years would hinder exporting. That
concern appeared to be validated when Monsanto Company, FedEx Corp., Oracle Corp.,
Adobe Systems, Inc., and a handful of other corporations that are usually among the first
to report quarterly results said currency had been a major headwind. The World Bank also
played a role in dampening investors’ outlook for U.S. exports when it forecasted that the
global economy will grow only 3% this year compared to its earlier forecast of 3.4%.

At Alger, our fundamental research-driven investment strategy seeks to understand risks,
including the potential for adverse currency exchange rates that may affect our holdings.
Rather than hastily sell equities of U.S. exporters, we continued to monitor portfolio holdings
while assessing if each individual company could take actions, such as cutting expenses, to
help offset the impact of a strong U.S. dollar. As it turns out, investors’ reactions to the
strong U.S. dollar may have been excessive, with S&P 500 first-quarter ex-energy earnings
climbing 6.8% as previously noted.

Weak economic growth abroad, of course, is challenging for U.S. exporters. While the
eurozone economy is showing signs of improving, its growth is expected to limp along at
1.5% for 2015, according to the International Monetary Fund. Russia’s economy, meanwhile,
is struggling with declining revenues from energy exports and sanctions that seek to punish
the country for its annexation of the Crimea section of Ukraine, and the World Bank
expects Russia’s economy to contract 3.8% this year. In the Pacific, the Bank of Japan has
lowered its forecasted annual GDP rate to 2.0% from 2.1%, and in China, a housing slump
and weakening growth of exports has been causing economic growth to moderate. After
having grown 7.4% in 2014, the country’s economy is estimated to have grown only 7% in
the first quarter.

Yet, we maintain that a strong U.S. dollar, while being a headwind in the near term for American
exporters, is likely to stimulate global economic growth by supporting manufacturing
abroad. A strong dollar makes U.S. goods more expensive in the global marketplace, which
gives exporters in countries with weaker currencies a competitive advantage. At the same
time, consumers in foreign countries will be more likely to purchase locally manufactured
goods as currency exchange rates make U.S. products more expensive. Central banks in
many countries, furthermore, are continuing to roll out monetary stimulus. Among other
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measures, the eurozone is in the midst of a 1 trillion euro ($1.12 trillion) quantitative
easing program that involves purchasing securities to pump cash into the economy and
keep interest rates low. The Bank of Japan, for its part, is plowing 80 trillion yen, or the
equivalent of $668 billion, annually into the economy with quantitative easing. Russia, while
falling short of embracing quantitative easing, remains committed to more traditional forms
of monetary stimulus and China continues to take action to support economic growth. It
has published a definitive plan for the One Belt One Road strategy, which among other
initiatives, seeks to encourage trade by improving infrastructure for global transportation.
China has also launched a coordinated agency response to reduce administrative measures
for the housing sector. The People’s Bank of China, meanwhile, has continued working on
interest rate deregulation and it has lowered policy rates.

From a broader perspective, central banks across emerging markets have generally maintained
accommodative policies. We note that emerging markets’ earnings growth is expected to
hover above 12% this year. In addition, the price-to-earnings discount of emerging markets
to developed markets, while narrowing to less than 30% by the end of the reporting period,
is still excessive in our opinion. We believe a 10% to 12% discount is more appropriate.
Growth of foreign countries’ economies, we maintain, will be an important tailwind for U.S.
corporations. For now, however, it is primarily the U.S. that is serving as a driver of global
economic growth.

Federal Reserve Policies
With the Federal Reserve having concluded its asset purchase program, investors have
been anticipating when the central bank will increase the Fed Funds rate from the current
record low target which is now 0% to 0.25%. Fed officials have emphasized that they will
patiently wait for the economy to be strong enough to withstand a rate increase. Despite
those comments, investors continued to grow cautious and sold U.S. equities when favorable
economic data validated fears that a rate hike was approaching. At Alger, our research-driven
strategy seeks to understand how our portfolio holdings manage risk, including interest
rates. Strong companies with healthy balance sheets and potential to grow their earnings, we
maintain, may be less susceptible to the adverse impacts of higher interest rates, including
increased financing costs. Interest rate increases, furthermore, are likely to be moderate.
With low interest rates in many countries and widening spreads between foreign and U.S.
bonds, investors abroad who are seeking income-producing securities are likely to turn to
America’s fixed-income market. We believe that the flow of assets to U.S. fixed-income
securities is likely to support bond prices and keep interest rates down.

Economic Growth
Investors also reacted to the uneven growth of the U.S. economy. According to preliminary
data, the country’s economy grew at a disappointing 0.2% annualized-growth rate during the
first quarter of this year compared to the 2.2% rate for the last three months of 2014. In
reacting to the news, the Federal Reserve maintained that “transitory factors” were partially
to blame. Indeed, severe winter weather, a strong U.S. dollar, declining oil prices, and labor
issues at West Coast ports are believed to have hurt economic growth. We maintain that the
economic recovery is stronger than commonly believed. So far, shoppers appear to have
had a subdued reaction to lower gasoline prices, with retail spending increasing only 1.9% in
the first quarter. Going forward, a combination of low gasoline prices and a strengthening
labor market is likely to support shoppers’ willingness to spend, which is significant since

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consumer spending represents roughly 70% of U.S. GDP. We are encouraged to have seen
seasonally adjusted unemployment decline from a Great Recession high of 10% to 5.5% as
of February and March, and first quarter wages and salaries increase 0.7% after increasing
0.6% in the fourth quarter.

Reasons for Optimism
We believe that a strengthening U.S. economy will continue to provide fertile ground for
corporations to grow their earnings and that merger and acquisition activity, shareholder
activism, and strong corporate fundamentals are likely to support equities during the
foreseeable future. In the aftermath of the subprime mortgage crisis, U.S. corporations have
been disciplined with their spending as they continue to grow their earnings. As a result,
cash levels held in the U.S. by nonfinancial companies totaled $1.73 trillion at the end of
2014, a 117% increase from 2007, according to estimates from Moody’s and MarketWatch.
With large cash balances, corporations are completing mergers and acquisitions at a rapid
pace. After declining to $78.8 billion as of January, deal volume increased to $190.4 billion
as of March, according to FactSet Research Systems. In addition to supporting valuations,
mergers and acquisitions can potentially help companies grow their earnings by expanding
the lineup of products and services that can be distributed with existing sales networks.

It is our belief that shareholder activism is also a significant factor that will continue to
support equity valuations. Activists force companies to be efficient with operations and
capital, which puts executives under increased pressure to perform and make decisions that
benefit shareholders. Activists have targeted some of the biggest companies, such as Procter
& Gamble Co., Apple, Inc., PepsiCo, Inc., Microsoft Corp., and eBay, Inc. and are likely to
ramp up their efforts—at the end of 2014, activist funds held about $120 billion in assets,
up 269% over the past five years, according to Corporate Compliance Insights.

With strong corporate fundamentals, meanwhile, businesses are providing additional
support to their stock valuations by returning cash to investors through dividends and stock
buybacks. In the first quarter, dividend net increases (or dividend increases minus decreases)
increased $12.6 billion, according to S&P Dow Jones Indices. The growth rate trailed the
$17.9 billion increase during the first quarter of 2014, but S&P Dow Jones Indices still
expects dividend payments to set a new record this year. Stock buybacks are also continuing
at a record pace. In April, U.S. companies announced $141 billion in authorized stock
buyback programs, which was the highest monthly number ever recorded and a 121% year-
over-year increase, according to Birinyi Associates.

Going Forward
We believe that equities, over time, are likely to generate attractive returns, although market
volatility will continue. We maintain that investment managers who use research-driven
strategies can potentially find leading businesses that are well prepared to benefit from large-
scale global trends, such as the rising value of the U.S. dollar, rapidly declining oil prices,
quantitative easing abroad, and other forms of monetary stimulus. At the same time, trends
within industries, such as medical breakthroughs, the rising use of the Internet, and growing
demand for residential and industrial real estate, are creating new opportunities for leading
businesses to grow their earnings. With that in mind, we will remain committed to using our
research-driven investment strategy to produce attractive returns for our clients.

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Portfolio Matters

Alger Capital Appreciation Fund
The Alger Capital Appreciation Fund returned 7.25% for the six-month period ended April
30, 2015, compared to the 6.54% return of the Russell 1000 Growth Index.

During the period, the largest sector weightings were Information Technology and Health
Care. The largest sector overweight was Health Care and the largest sector underweight was
Consumer Staples. Relative outperformance in the Health Care and Financials sectors was
the most important contributor to performance, while Consumer Staples and Consumer
Discretionary detracted from results.

Among the most important relative contributors were The Blackstone Group LP.; NXP
Semiconductors NV; CVS Caremark Corp.; and Avago Technologies Ltd. Shares of Actavis
PLC. also contributed to performance. The company develops generic and branded products
for oncology, women’s health, and other medical needs. The company’s acquisitions of
Forest Laboratories, Inc.; Furiex Pharmaceuticals, Inc.; and Allergan, Inc. have resulted in
increased earnings and revenues estimates, thereby supporting the performance of Actavis
stock. The acquisitions, furthermore, have increased the company's exposure to higher-
margined drugs, especially dermatology products Botox and Juvederm and eye care product
Restasis. Actavis has also received Food and Drug Administration approvals for several new
drugs that have significant market potential.

Conversely, detracting from overall results on a relative basis were Kraft Foods Group,
Inc.; Oracle Corp.; Microsoft Corp.; and Micron Technology, Inc. Also detracting from
performance was AbbVie, Inc. The company is developing treatments for rheumatoid
arthritis, psoriasis, hepatitis C, Crohn's disease, and Parkinson's disease. Concerns that the
company’s hepatitis C treatment would lose market share to products from Gilead Sciences,
Inc. hurt the performance of AbbVie stock. In addition, AbbVie announced it will acquire
Pharmacyclics, Inc. for more than $21 billion, a price that many investors thought was too
expensive.

Alger International Growth Fund
The Alger International Growth Fund returned 10.38% for the six-month period ended
April 30, 2015, compared to the 5.78% return of the MSCI ACWI ex USA Index.

During the period, the largest sector weightings were Financials and Consumer
Discretionary. The largest sector overweight was Information Technology and the largest
sector underweight was Financials.

Stock selection resulted in China, Italy, Sweden, and the Netherlands being among countries
that had the largest contributions to relative performance, while Switzerland, Canada, Japan,
and Denmark were among countries that detracted from results.

Regarding sectors, relative outperformance in the Consumer Discretionary and Industrials
sectors was the most important contributor to performance, while Telecommunication
Services and Energy were among sectors that detracted from results.

Among the most important relative contributors were Altice SA; Swedish Orphan Biovitrum
AB; Essentra PLC.; and Avago Technologies Ltd. Shares of China South Locomotive and
Rolling Stock Corp. also contributed to performance. The company produces locomotive
equipment and rolling stock and it provides related services. Trading of its shares and the
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shares of various other railway-related companies was halted in late October pending a
megamerger with China CNR Corp., the equivalent rail group for northern China. The
shares reopened on the last day of the year with China South Locomotive stock soaring, in
part due to optimism over the merger. In addition, the outlook for orders from both the
mainland and from overseas remains promising with additional railway capital expenditures
having been announced.

Conversely, detracting from relative performance were Oil Search Ltd.; SoftBank Corp.;
Canadian Natural Resources Ltd.; and Suncor Energy, Inc. Shares of Weatherford
International PLC. also detracted from performance. Weatherford provides equipment and
services for drilling, evaluation, completion, and production of oil and natural gas wells.
With the sharp decline in oil prices, investors grew concerned that capital expenditures
among energy companies would be cut, which could have a negative impact on Weatherford
earnings.

Alger Mid Cap Growth Fund
The Alger Mid Cap Growth Fund returned 7.03% for the six-month period ended April 30,
2015, compared to the 7.77% return of the Russell Midcap Growth Index.

During the period, the largest sector weightings were Consumer Discretionary and
Information Technology. The largest sector overweight was Information Technology and
the largest sector underweight was Consumer Staples. Relative outperformance in the
Consumer Discretionary and Industrials sectors contributed to performance, while Health
Care and Energy detracted from results.

Among the most important relative contributors were Rite Aid Corp.; NXP Semiconductors
NV; Avago Technologies Ltd.; Intercept Pharmaceuticals, Inc.; and Royal Caribbean Cruises
Ltd. Netherlands-domiciled NXP manufactures components for radio frequency, power
management, and digital processing. Its products are used in smartphones, including the
iPhone. The shares performed strongly on expectations that growing sales of the iPhone
would support demand for NXP products that enable the smartphone to provide digital
payment services. Investors also reacted favorably to news that NXP will merge with
Freescale Semiconductor Ltd. because the deal could potentially result in significant revenue
and cost saving synergies.

Conversely, detracting from relative performance were Salix Pharmaceuticals Ltd.; Northern
Oil and Gas, Inc.; MGM Resorts International; and Insulet Corp. Shares of Whiting
Petroleum Corp. also detracted from results. Whiting Petroleum is an oil and natural gas
exploration and production company based in Denver. Investors sold shares of Whiting in
anticipation that a decline in oil prices will result in negative earnings revisions and lower
growth of the company’s assets.

Alger SMid Cap Growth Fund
The Alger SMid Cap Growth Fund returned 5.11% for the six-month period ended April
30, 2015, compared to the 8.31% return of the Russell 2500 Growth Index.

During the period, the largest sector weightings were Information Technology and Health
Care. The largest sector overweight was Information Technology and the largest sector
underweight was Health Care. Relative outperformance in the Financials and Consumer

- 6 -

Staples sectors was the most important contributor to performance, while Health Care and
Information Technology detracted from results.

Among the most important relative contributors were Neurocrine Biosciences, Inc.; Qorvo,
Inc.; Molina Healthcare, Inc.; and American Axle & Manufacturing Holdings, Inc. Shares of
Cubist Pharmaceuticals, Inc. also contributed to performance. The company's core product,
called Cubicin, is used to treat methicillin-resistant Staphylococcus aureus, or MRSA. Cubist
stock performed strongly after the company announced that it would be acquired by
pharmaceutical company Merck & Co., Inc. for a 37% premium.

Conversely, detracting from overall results on a relative basis were Salix Pharmaceuticals
Ltd.; Skyworks Solutions, Inc.; Whiting Petroleum Corp.; Rentrak Corp.; and Aerie
Pharmaceuticals, Inc. Shares of Whiting Petroleum performed poorly in response to reasons
described in the Alger Mid Cap Growth Fund discussion.

Alger Small Cap Growth Fund
The Alger Small Cap Growth Fund returned 5.17% for the six-month period ended April
30, 2015, compared to the 7.25% return of the Russell 2000 Growth Index.

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

Among the most important relative contributors were Medidata Solutions, Inc.; Foundation
Medicine, Inc.; Nevro Corp.; and ICON PLC. Shares of Bluebird Bio, Inc. also contributed
to performance. The company is developing gene therapy drugs for rare diseases and severe
genetic disorders. Its LentiGlobin is being developed for beta thalassemia, which is a disease
that interferes with hemoglobin production. Hemoglobin is a blood component that carries
oxygen to cells throughout the body. The product is also being developed for sickle cell
disease, which compromises the ability of hemoglobin to carry oxygen. Bluebird stock
performed strongly after the company announced that a trial of LentiGlobin resulted in
decreased demand for patients to receive blood transfusions.

Conversely, detracting from overall results on a relative basis were GenMark Diagnostics,
Inc.; H&E Equipment Services, Inc.; Rentrak Corp.; and Aerie Pharmaceuticals, Inc. Shares
of Rosetta Resources, Inc. also detracted from performance. Rosetta Resources is an
independent oil and gas company with operations in Texas. Expectations that a significant
decline in oil prices could cause the company to curtail its production expansion plans
caused investors to sell Rosetta shares.

Alger Growth Opportunities Fund
The Alger Growth Opportunities Fund returned 5.96% for the six-month period ended
April 30, 2015, compared to the 8.31% return of the Russell 2500 Growth Index.

During the reporting period, the largest sector weightings were Information Technology
and Health Care. The largest sector overweight was Information Technology and the
largest sector underweight was Consumer Discretionary. Relative outperformance in the
Information Technology and Financials sectors was the most important contributor to

- 7 -

performance, while Consumer Discretionary and Health Care were among sectors that
detracted from results.

Among the most important relative contributors were DTS, Inc.; Medidata Solutions,
Inc.; ACI Worldwide, Inc.; and Incyte Corp. Shares of Cognex Corp. also contributed to
results. The company provides barcode readers and other machine vision products that
monitor production lines, guide assembly robots, detect manufacturing defects, and conduct
other functions. It announced strong quarterly results with revenue and earnings per share
exceeding Wall Street expectations. Its factory automation and inspection areas were strong
across most markets.

Conversely, detracting from relative performance were GenMark Diagnostics, Inc.; Fiesta
Restaurant Group, Inc.; Rentrak Corp.; Salix Pharmaceuticals Ltd.; and Whiting Petroleum
Corp. Shares of Whiting Petroleum performed poorly in response to reasons described in
the Alger Mid Cap Growth Fund discussion.

Alger Health Sciences Fund
The Alger Health Sciences Fund returned 6.82% for the six-month period ended April 30,
2015, compared to the 4.40% return of the S&P 500 index.

During the period, the largest sector weightings were Biotechnology and Pharmaceuticals.
The largest sector overweight was Biotechnology and the largest sector underweight was
Consumer Staples. Biotechnology and Health Care Providers & Services sectors provided
the greatest contributions to relative performance, while Health Care Equipment & Supplies
and Pharmaceuticals detracted from results.

Among the most important relative contributors were Pharmacyclics, Inc.; Actavis PLC.;
Rite Aid Corp.; Bluebird Bio, Inc.; and Intercept Pharmaceuticals, Inc. Shares of Actavis
performed strongly in response to reasons described in the Alger Capital Appreciation Fund
discussion.

Conversely, detracting from overall results on a relative basis were Salix Pharmaceuticals
Ltd.; Aerie Pharmaceuticals, Inc.; Insulet Corp.; and Pacira Pharmaceuticals, Inc. Shares
of Gilead Sciences, Inc. also detracted from results. Gilead Sciences provides treatments
for infectious, cardiovascular, and pulmonary diseases. Gilead share performance weakened
after Express Scripts Holding Company, which is the world’s largest pharmacy benefits
manager, decided to back a competitor’s hepatitis C drug rather than Gilead’s Sovaldi and
Harvoni products, primarily because of lower pricing.

Alger Growth & Income Fund
The Alger Growth & Income Fund returned 3.93% for the six-month period ended April
30, 2015, compared to the 4.40% return of the S&P 500 index.

The Fund invests in companies that are classified in one of the following categories:
Dividend Leaders, which generate high dividend yields; Dividend Growers, which have a
history of strong and consistent dividend growth; and Kings of Cash Flow, which have
strong potential for capital appreciation and returning cash to investors as a result of
generating strong free cash flow. During the reporting period, we continued to emphasize
Dividend Growers.

- 8 -

The largest sector weightings were Information Technology and Financials. The largest
sector overweight was Consumer Discretionary and the largest sector underweight was
Utilities. Financials and Consumer Discretionary sectors provided the greatest contributions
to relative performance, while Health Care, Materials, and Information Technology detracted
from results.

Among the most important relative contributors were The Blackstone Group LP.; Apple,
Inc.; Target Corp.; and Delphi Automotive PLC. Shares of Avago Technologies Ltd. also
performed strongly. The company designs, develops, and supplies a broad range of analog
semiconductor devices and has exposure to quick growing markets, including mobile
cellular. Among cell phone users, dropped calls can occur when wireless signals are close
in frequencies. Avago’s proprietary FBAR filters decrease the occurrence of dropped calls
and can help provide power savings. Strong end-market growth has resulted in improved
investor sentiment for Avago shares.

Conversely, detracting from overall results on a relative basis were Royal Dutch Shell
PLC.; AbbVie, Inc.; Walgreens Boots Alliance, Inc; Garmin Ltd.; and Copa Holdings S.A.
Shares of AbbVie performed poorly in response to reasons described in the Alger Capital
Appreciation Fund discussion.

As always, we strive to deliver consistently superior investment results to you, our
shareholders, and we thank you for your continued confidence in Alger.

Respectfully submitted,

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

The following companies represented the stated percentages of Fred Alger Management,
Inc. assets under management as of April 30, 2015: FactSet Research Systems, 0.00%;
Empirical Research Partners, 0.00%; Goldman Sachs Group, 0.00%; Monsanto Co., 0.00%;
FedEx Corp., 0.00%; Oracle Corp, 0.00%; Adobe Systems, Inc., 0.74%; Bloomberg LP,
0.00%; Procter & Gamble Co., 0.00%; Apple, Inc., 5.23%; PepsiCo, Inc., 0.79%; Microsoft
Corp., 1.31%; eBay, Inc., 0.01%; Forest Laboratories, Inc., 0.00%; Furiex Pharmaceuticals,
Inc., 0.00%; Allergan, Inc., 0.00%; Gilead Sciences, Inc., 1.57%; Pharmacyclics, Inc., 0.25%;
China CNR Corporation, 0.00%; Freescale Semiconductor Ltd., 0.06%; Merck & Co., Inc.,
0.00%.

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

This report and the financial statements contained herein are submitted for the general
information of shareholders of the funds. This report is not authorized for distribution to
prospective investors in a fund unless preceded or accompanied by an effective prospectus
for the fund. Fund performance returns represent the six-month period return of Class

- 9 -

A shares prior to the deduction of any sales charges and include the reinvestment of any
dividends or distributions.

The performance data quoted represents past performance, which is not an
indication or guarantee of future results.
Standardized performance results can be found on the following pages. The investment
return and principal value of an investment in a fund will fluctuate so that an investor’s
shares, when redeemed, may be worth more or less than their original cost. Current
performance may be lower or higher than the performance quoted. For performance data
current to the most recent month-end, visit us at www.alger.com or call us at (800) 992-3863.

The views and opinions of the fund’s management in this report are as of the date of the
Shareholders’ Letter and are subject to change at any time subsequent to this date. There
is no guarantee that any of the assumptions that formed the basis for the opinions stated
herein are accurate or that they will materialize. Moreover, the information forming the
basis for such assumptions is from sources believed to be reliable; however, there is no
guarantee that such information is accurate. Any securities mentioned, whether owned in a
fund or otherwise, are considered in the context of the construction of an overall portfolio
of securities and therefore reference to them should not be construed as a recommendation
or offer to purchase or sell any such security. Inclusion of such securities in a fund and
transactions in such securities, if any, may be for a variety of reasons, including, without
limitation, in response to cash flows, inclusion in a benchmark, and risk control. The
reference to a specific security should also be understood in such context and not viewed as
a statement that the security is a significant holding in a fund. Please refer to the Schedule
of Investments for each fund which is included in this report for a complete list of fund
holdings as of April 30, 2015. Securities mentioned in the Shareholders’ Letter, if not found
in the Schedule of Investments, may have been held by the funds during the six-month
period.

A Word about Risk
Investing in the stock market involves gains and losses and may not be suitable for all
investors. Growth stocks tend to be more volatile than other stocks as the price of growth
stocks tends to be higher in relation to their companies’ earnings and may be more sensitive
to market, political and economic developments. Stocks of small- and mid-sized companies
are subject to greater risk than stocks of larger, more established companies owing to such
factors as limited liquidity, inexperienced management, and limited financial resources.
Investing in foreign securities involves additional risk (including currency risk, risks related
to political, social or economic conditions, and risks associated with foreign markets, such
as increased volatility, limited liquidity, less stringent regulatory and legal system, and lack
of industry and country diversification), and may not be suitable for all investors. Some
of the countries where a fund can invest may have restrictions that could limit the access
to investment opportunities. The securities of issuers located in emerging markets can be
more volatile and less liquid than those of issuers in more mature economies. Investing
in emerging markets involves even higher levels of risk, including increased information,
market, and valuation risks, and may not be suitable for all investors. Special risks associated
with investments in emerging country issuers include exposure to currency fluctuations, less
liquidity, less developed or less efficient trading markets, lack of comprehensive company
information, political instability and different auditing and legal standards.
- 10 -

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

A small investment in derivatives could have a potentially large impact on a fund’s
performance. When purchasing options, a fund bears the risk that if the market value of
the underlying security does not move to a level that would make exercise of the option
profitable, the option will expire unexercised. When a call option written by a fund is
exercised, the fund will not participate in any increase in the underlying security’s value
above the exercise price. When a put option written by a fund is exercised, the fund will
be required to purchase the underlying security at a price in excess of its market value. Use
of options on securities indexes is subject to the risk that trading in the options may be
interrupted if trading in certain securities included in the index is interrupted, the risk that
price movements in a fund’s portfolio securities may not correlate precisely with movements
in the level of an index, and the risk that Fred Alger Management, Inc. may not predict
correctly movements in the direction of a particular market or of the stock market generally.
Because certain options may require settlement in cash, a fund may be forced to liquidate
portfolio securities to meet settlement obligations. Forward currency contracts are subject
to currency exchange rate risks and the risk that Fred Alger Management, Inc. may not
predict accurately future foreign exchange rates. Derivative contracts generally are subject to
the risk of non-performance by the contract counterparty. For a more detailed discussion
of the risks associated with a fund, please see the Prospectus.

Before investing, carefully consider a fund’s investment objective, risks, charges,
and expenses. For a prospectus or a summary prospectus containing this and other
information about The Alger Funds call us at (800) 992-3863 or visit us at www.alger.
com. Read it carefully before investing.
Fred Alger & Company, Incorporated, Distributor. Member NYSE Euronext, SIPC.
NOT FDIC INSURED. NOT BANK GUARANTEED. MAY LOSE VALUE.

Definitions:

• The S&P 500 is an unmanaged index generally representative of the U.S.
stock market without regard to company size.
• The MSCI ACWI ex USA Index is a market capitalization-weighted index de-
signed to provide a broad measure of equity market performance throughout
the world, including both developed and emerging markets, but excluding the
United States.
• The MSCI Emerging Markets Index is a free float-adjusted market capital -
ization index that is designed to measure equity market performance in the
global emerging markets.
• The Russell 1000 Growth Index is an unmanaged index designed to measure
the performance of the largest 1,000 companies in the Russell 3000 Index
with higher price-to-book ratios and higher forecasted growth values.
• The Russell Midcap Growth Index measures the performance of the mid-

- 11 -

cap growth segment of the U.S. equity universe. It includes those Russell
Midcap Index companies with higher price-to-book ratios and higher fore-
casted growth values.
• The Russell 2500 Growth Index measures the performance of the small- to
mid-cap growth segment of the U.S. equity universe. It includes those Rus-
sell 2500 companies with higher price-to-book ratios and higher forecasted
growth values.
• The Russell 2000 Growth Index measures the performance of the small-cap
growth segment of the U.S. equity universe. It includes those Russell 2000
companies with higher price-to-book ratios and higher forecasted growth
values.
• Empirical Research Partners LLC is a broker-dealer that provides research on
a range of topics of interest to institutional investors.
• FactSet Research Systems is a multinational financial data and software com -
pany.
• Goldman Sachs is a global investment banking, securities and investment
management firm.
• Bloomberg provides business and financial information, data, news, and in -
sight.
• Moody’s provides credit ratings, financial research, tools and analysis.
• Birinyi Associates, Inc. is a money management and research firm.
• MarketWatch operates a financial information website that provides business
news, analysis, and stock market data.
• S&P Dow Jones Indices provides investable and benchmark indices to the
financial markets.
• Corporate Compliance insights is a professionally designed and managed fo-
rum dedicated to online discussion and analysis of corporate compliance,
risk assessment, ethics, audit, and corporate governance topics.

- 12 -

The performance data quoted represents past performance, which is not an indication or a guarantee of future
results. The Fund’s average annual total returns include changes in share price and reinvestment of dividends and
capital gains. Since inception performance for share classes B, C, and I is as of the Funds’ Class A shares inception
date for all Funds except that the Alger International Growth Fund Class I shares is as of its inception date.


FUND PERFORMANCE AS OF 3/31/15 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS
	1	5	10	SINCE
	YEAR	YEARS	YEARS	INCEPTION
Alger Capital Appreciation Class A (Inception 12/31/96)	12.08%	14.02%	12.01%	9.12%
Alger Capital Appreciation Class B (Inception 11/1/93)	12.43%	14.09%	11.88%	9.08%
Alger Capital Appreciation Class C (Inception 7/31/97)^*	16.45%	14.37%	11.77%	8.88%
Alger Capital Appreciation Class Z (Inception 12/29/10)	18.72%	n/a	n/a	16.28%

Alger International Growth Class A (Inception 12/31/96)	0.38%	7.20%	4.97%	5.61%
Alger International Growth Class B (Inception 11/11/86)	0.21%	7.30%	4.96%	5.57%
Alger International Growth Class C (Inception 7/31/97)^*	4.20%	7.50%	4.75%	5.38%
Alger International Growth Class I (Inception 5/31/13)	6.15%	n/a	n/a	8.94%
Alger International Growth Class Z (Inception 12/29/10)	6.42%	n/a	n/a	8.31%

Alger Mid Cap Growth Class A (Inception 12/31/96)	7.26%	12.06%	6.63%	8.74%
Alger Mid Cap Growth Class B (Inception 5/24/93)	7.31%	12.15%	6.54%	8.69%
Alger Mid Cap Growth Class C (Inception 7/31/97)^*	11.29%	12.29%	6.33%	8.18%

Alger SMid Cap Growth Class A (Inception 5/8/02)	3.11%	11.44%	9.65%	8.66%
Alger SMid Cap Growth Class B (Inception 5/8/02)	3.34%	11.50%	9.55%	8.60%
Alger SMid Cap Growth Class C (Inception 5/8/02)	7.05%	11.79%	9.41%	8.36%
Alger SMid Cap Growth Class I (Inception 8/5/07)^*	8.82%	12.72%	10.34%	9.19%
Alger SMid Cap Growth Class Z (Inception 12/29/10)	9.17%	n/a	n/a	12.01%

Alger Small Cap Growth Class A (Inception 12/31/96)	1.05%	10.99%	9.13%	4.39%
Alger Small Cap Growth Class B (Inception 11/11/86)	1.15%	11.26%	9.14%	4.37%
Alger Small Cap Growth Class C (Inception 7/31/97)^*	4.83%	11.12%	8.79%	4.18%
Alger Small Cap Growth Class Z (Inception 12/29/10)	6.96%	n/a	n/a	10.98%

Alger Growth Opportunities Class A (Inception 3/3/08)	2.57%	12.44%	n/a	8.07%
Alger Growth Opportunities Class C (Inception 3/3/08)	6.68%	12.86%	n/a	8.12%
Alger Growth Opportunities Class I (Inception 3/3/08)	8.52%	13.93%	n/a	9.15%
Alger Growth Opportunities Class Z (Inception 12/29/10)	8.78%	n/a	n/a	12.47%

Alger Health Sciences Class A (Inception 5/1/02)	23.68%	15.88%	12.29%	12.88%
Alger Health Sciences Class B (Inception 5/1/02)	24.43%	16.00%	12.19%	12.81%
Alger Health Sciences Class C (Inception 5/1/02)	28.51%	16.25%	12.04%	12.55%

Alger Growth & Income Class A (Inception 12/31/96)	6.19%	11.47%	7.37%	7.87%
Alger Growth & Income Class C (Inception 7/31/97)^*	10.28%	11.84%	7.14%	7.64%
Alger Growth & Income Class Z (Inception 3/1/12)	12.38%	n/a	n/a	15.02%

Beginning May 31, 2013 Alger International Growth Fund changed its investment strategy
to include securities of foreign companies of any market capitalization; its previous
investment strategy considered securities of United States companies with a market
capitalization equal to or greater than the companies in the Russell 1000 Growth Index.
- 13 -

ALGER CAPITAL APPRECIATION FUND
Fund Highlights Through April 30, 2015 (Unaudited)

The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Capital
Appreciation Fund Class A shares, with a maximum sales charge of 5.25%, and the Russell 1000 Growth Index
(unmanaged index of common stocks) for the ten years ended April 30, 2015. Figures for the Alger Capital
Appreciation Fund Class A shares and the Russell 1000 Growth Index include reinvestment of dividends.
Performance for Alger Capital Appreciation Fund Class B, Class C and Class Z shares will vary from the results
shown above due to differences in expenses and sales charges those classes bear. Investors cannot invest directly in
any index. Index performance does not reflect deduction for fees, expenses, or taxes.


PERFORMANCE COMPARISON AS OF 4/30/15
AVERAGE ANNUAL TOTAL RETURNS
				Since
	1 YEAR	5 YEARS	10 YEARS	12/31/1996
Class A (Inception 12/31/96)	12.35%	13.81%	12.19%	9.02%
Class B (Inception 11/1/93)	12.73%	13.87%	12.08%	8.99%
Class C (Inception 7/31/97)^*	16.76%	14.16%	11.95%	8.78%
Russell 1000 Growth Index	16.67%	15.49%	9.62%	7.06%


				Since
	1 YEAR	5 YEARS	10 YEARS	12/29/2010
Class Z (Inception 12/29/10)	18.97%	n/a	n/a	15.71%
Russell 1000 Growth Index	16.67%	n/a	n/a	15.36%

The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s
average annual total returns include changes in share price and reinvestment of dividends and capital gains. Class A returns reflect the
maximum initial sales charge and Class C and B returns reflect the applicable contingent deferred sales charge. The chart and table above
do not reflect the deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares.
Investment return and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost.
Current performance may be higher or lower than the performance quoted. For updated performance, visit us at www.alger.com or call
us at (800) 992-3863

- 15 -

ALGER INTERNATIONAL GROWTH FUND
Fund Highlights Through April 30, 2015 (Unaudited)

The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger International
Growth Fund Class A shares, with a maximum sales charge of 5.25%, and the MSCI AC WORLD INDEX ex
USA (unmanaged index of common stocks) for the ten years ended April 30, 2015. Beginning May 31, 2013
Alger International Growth Fund changed its investment strategy to include securities of foreign companies of
any market capitalization. Previously, under the name “Alger Large Cap Growth Fund”, its investment strategy
considered securities of United States companies with a market capitalization equal to or greater than the companies
in the Russell 1000 Growth Index. Figures for the Alger International Growth Fund Class A shares and the index
include reinvestment of dividends. Performance for the Alger International Growth Fund Class B, Class C, Class
I and Class Z shares will vary from the results shown above due to differences in expenses and sales charges those
classes bear. Investors cannot invest directly in any index. Indices performance does not reflect deduction for fees,
expenses, or taxes.


PERFORMANCE COMPARISON AS OF 4/30/15
AVERAGE ANNUAL TOTAL RETURNS
				Since
	1 YEAR	5 YEARS	10 YEARS	12/31/1996
Class A (Inception 12/31/96)	4.70%	7.90%	5.66%	5.80%
Class B (Inception 11/11/86)	4.69%	8.02%	5.65%	5.77%
Class C (Inception 7/31/97)^*	8.64%	8.19%	5.43%	5.57%
MSCI AC WORLD INDEX ex USA	3.08%	6.52%	6.73%	5.93%


				Since
	1 YEAR	5 YEARS	10 YEARS	5/31/2013
Class I (Inception 5/31/13)	10.68%	n/a	n/a	10.76%
MSCI AC WORLD INDEX ex USA	3.08%	n/a	n/a	8.18%

- 17 -

ALGER INTERNATIONAL GROWTH FUND
Fund Highlights Through April 30, 2015 (Unaudited) (Continued)


				Since
	1 YEAR	5 YEARS	10 YEARS	12/29/2010
Class Z (Inception 12/29/10)	10.99%	n/a	n/a	9.12%
MSCI AC WORLD INDEX ex USA	3.08%	n/a	n/a	5.20%

The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s
average annual total returns include changes in share price and reinvestment of dividends and capital gains. Class A returns reflect the
maximum initial sales charge and Class C and B returns reflect the applicable contingent deferred sales charge. The chart and table above
do not reflect the deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares
Investment return and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost
Current performance may be higher or lower than the performance quoted. For updated performance, visit us at www.alger.com or call
us at (800) 992-3863.
* Since inception performance is calculated since the inception of the Class A shares. Historical performance prior to July 31,
1997, inception of the class, is that of the Fund's Class A shares, reduced to reflect the current maximum sales charge and
the higher operating expenses of Class C shares.

- 18 -

ALGER MID CAP GROWTH FUND
Fund Highlights Through April 30, 2015 (Unaudited)

The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Mid Cap
Growth Fund Class A shares, with a maximum sales charge of 5.25%, and the Russell Midcap Growth Index (an
unmanaged index of common stocks) for the ten years ended April 30, 2015. Figures for the Alger Mid Cap Growth
Fund Class A shares and Russell Midcap Growth Index include reinvestment of dividends. Performance for the
Alger Mid Cap Growth Fund Class B and Class C shares will vary from the results shown above due to differences
in expenses and sales charges those classes bear. Investors cannot invest directly in any index. Index performance
does not reflect deduction for fees, expenses, or taxes.


PERFORMANCE COMPARISON AS OF 4/30/15
AVERAGE ANNUAL TOTAL RETURNS
				Since
	1YEAR	5YEARS	10YEARS	12/31/1996
Class A (Inception 12/31/96)	8.47%	11.19%	7.00%	8.57%
Class B (Inception 5/24/93)	8.86%	11.32%	6.92%	8.52%
Class C (Inception 7/31/97)^*	12.72%	11.47%	6.70%	8.01%
Russell Midcap Growth Index	16.46%	15.59%	10.55%	8.87%

ALGER SMID CAP GROWTH FUND
Fund Highlights Through April 30, 2015 (Unaudited)

The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger SMid Cap
Growth Fund Class A shares, with a maximum sales charge of 5.25%, and the Russell 2500 Growth Index (an
unmanaged index of common stocks) for the ten years ended April 30, 2015. Figures for the Alger SMid Cap
Growth Fund Class A shares and the Russell 2500 Growth Index include reinvestment of dividends. Performance
for the Alger SMid Cap Growth Fund Class B, Class C, Class I and Class Z shares will vary from the results shown
above due to differences in expenses and sales charges those classes bear. Investors cannot invest directly in any
index. Index performance does not reflect deduction for fees, expenses, or taxes.


PERFORMANCE COMPARISON AS OF 4/30/15
AVERAGE ANNUAL TOTAL RETURNS
	1YEAR	5YEARS	10YEARS	Since 5/8/2002
Class A (Inception 5/8/02)	5.44%	10.28%	10.05%	8.39%
Class B (Inception 5/8/02)	5.72%	10.33%	9.95%	8.33%
Class C (Inception 5/8/02)	9.52%	10.63%	9.81%	8.09%
Class I (Inception 8/5/07)^*	11.26%	11.54%	10.74%	8.91%
Russell 2500 Growth Index	15.54%	15.68%	11.02%	9.60%


				Since
	1YEAR	5YEARS	10YEARS	12/29/2010
Class Z (Inception 12/29/10)	11.68%	n/a	n/a	11.12%
Russell 2500 Growth Index	15.54%	n/a	n/a	14.51%

- 20 -

ALGER SMALL CAP GROWTH FUND
Fund Highlights Through April 30, 2015 (Unaudited)

The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Small Cap
Growth Fund Class A shares, with a maximum sales charge of 5.25%, and the Russell 2000 Growth Index (an
unmanaged index of common stocks) for the ten years ended April 30, 2015. Figures for the Alger Small Cap
Growth Fund Class A shares and the Russell 2000 Growth Index include reinvestment of dividends. Performance
for the Alger Small Cap Growth Fund Class B, Class C and Class Z shares will vary from the results shown above due
to differences in expenses and sales charges those classes bear. Investors cannot invest directly in any index. Index
performance does not reflect deduction for fees, expenses, or taxes.


PERFORMANCE COMPARISON AS OF 4/30/15
AVERAGE ANNUAL TOTAL RETURNS
				Since
	1 YEAR	5 YEARS	10 YEARS	12/31/1996
Class A (Inception 12/31/96)	4.58%	9.37%	9.30%	4.15%
Class B (Inception 11/11/86)	4.60%	9.60%	9.32%	4.13%
Class C (Inception 7/31/97)^*	8.46%	9.49%	8.97%	3.95%
Russell 2000 Growth Index	14.65%	14.94%	10.41%	6.56%

				Since
	1 YEAR	5 YEARS	10 YEARS	12/29/2010
Class Z (Inception 12/29/10)	10.76%	n/a	n/a	9.82%
Russell 2000 Growth Index	14.65%	n/a	n/a	13.44%

~~The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s~~
average annual total returns include changes in share price and reinvestment of dividends and capital gains. Class A returns reflect the
maximum initial sales charge and Class C and B returns reflect the applicable contingent deferred sales charge. The chart and table above
do not reflect the deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares.
Investment return and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost.
Current performance may be higher or lower than the performance quoted. For updated performance, visit us at www.alger.com or call
us at (800) 992-3863.
* Since inception performance is calculated since the inception of the Class A shares. Historical performance prior to July 31,
1997, inception of the class, is that of the Fund's Class A shares, reduced to reflect the current maximum sales charge and
the higher operating expenses of Class C shares.

- 22 -

ALGER GROWTH OPPORTUNITES FUND
Fund Highlights Through April 30, 2015 (Unaudited)

The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Growth
Opportunities Fund Class A shares, with an initial 5.25% maximum sales charge, and the Russell 2500 Growth
Index (an unmanaged index of common stocks) from March 3, 2008, the inception date of the Alger Growth
Opportunities Fund, through April 30, 2015. Figures for the Alger Growth Opportunities Fund Class A shares and
the Russell 2500 Growth Index include reinvestment of dividends. Performance for the Alger Growth Opportunities
Fund Class C, Class I and Class Z shares will vary from the results shown above due to differences in expenses and
sales charges those classes bear. Investors cannot invest directly in any index. Index performance does not reflect
deduction for fees, expenses, or taxes.


PERFORMANCE COMPARISON AS OF 4/30/15
AVERAGE ANNUAL TOTAL RETURNS
				Since
	1 YEAR	5 YEARS	10 YEARS	3/3/2008
Class A (Inception 3/3/08)	6.52%	11.13%	n/a	7.59%
Class C (Inception 3/3/08)	10.71%	11.57%	n/a	7.62%
Class I (Inception 3/3/08)	12.73%	12.61%	n/a	8.65%
Russell 2500 Growth Index	15.54%	15.68%	n/a	11.27%

				Since
	1 YEAR	5 YEARS	10 YEARS	12/29/2010
Class Z (Inception 12/29/10)	13.00%	n/a	n/a	11.57%
Russell 2500 Growth Index	15.54%	n/a	n/a	14.51%

The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s average
annual total returns include changes in share price and reinvestment of dividends and capital gains. Class A returns reflect the maximum
initial sales charge and Class C returns reflect the applicable contingent deferred sales charge. The chart and table above do not reflect the
deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares. Investment return
and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost. Current performance
may be higher or lower than the performance quoted. For updated performance, visit us at www.alger.com or call us at (800) 992-3863.

- 23 -

ALGER HEALTH SCIENCES FUND
Fund Highlights Through April 30, 2015 (Unaudited)

The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Health
Sciences Fund Class A shares, with a maximum sales charge of 5.25%, and the S&P 500 Index (an unmanaged index
of common stocks) for the ten years ended April 30, 2015. Figures for the Alger Health Sciences Fund Class A
shares and the S&P 500 Index include reinvestment of dividends. Performance for the Alger Health Sciences Fund
Class B and Class C shares will vary from the results shown above due to differences in expenses and sales charges
those classes bear. Investors cannot invest directly in any index. Index performance does not reflect deduction for
fees, expenses, or taxes.


PERFORMANCE COMPARISON AS OF 4/30/15
AVERAGE ANNUAL TOTAL RETURNS
				Since
	1 YEAR	5 YEARS	10 YEARS	5/1/2002
Class A (Inception 5/1/02)	21.62%	14.94%	11.36%	12.30%
Class B (Inception 5/1/02)	22.42%	15.04%	11.26%	12.23%
Class C (Inception 5/1/02)	26.47%	15.30%	11.12%	11.98%
S&P 500 Index	12.98%	14.33%	8.32%	7.29%

- 24 -

ALGER GROWTH & INCOME FUND
Fund Highlights Through April 30, 2015 (Unaudited)

The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Growth
& Income Fund Class A shares, with a maximum sales charge of 5.25%, and the S&P 500 Index (an unmanaged
index of common stocks), for the ten years ended April 30, 2015. Beginning April 1, 2011, Alger Growth & Income
Fund changed its investment strategy to focus on securities that offer opportunities for capital appreciation as well
as pay dividends. Previously, under the name “Alger Balanced Fund”, its investment strategy focused on securities,
including fixed-income, with an emphasis on income-producing and a potential for capital appreciation. Figures for
the Alger Growth & Income Fund Class A shares, and the S&P 500 Index include reinvestment of dividends and/
or interest. Performance for the Alger Growth & Income Fund Class C and Class Z shares will vary from the results
shown above due to differences in expenses and sales charges those classes bear. Investors cannot invest directly in
any index. Index performance does not reflect deduction for fees, expenses, or taxes.


PERFORMANCE COMPARISON AS OF 4/30/15
AVERAGE ANNUAL TOTAL RETURNS
				Since
	1 YEAR	5 YEARS	10 YEARS	12/31/1996
Class A (Inception 12/31/96)	6.18%	11.38%	7.57%	7.87%
Class C (Inception 7/31/97)^*	10.24%	11.76%	7.34%	7.64%
S&P 500 Index	12.98%	14.33%	8.32%	7.78%

	1 YEAR	5 YEARS	10 YEARS	Since 3/1/2012
Class Z (Inception 3/1/12)	12.33%	n/a	n/a	14.83%
S&P 500 Index	12.98%	n/a	n/a	16.52%

~~The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s average~~
annual total returns include changes in share price and reinvestment of dividends and capital gains. Class A returns reflect the maximum
initial sales charge and Class C returns reflect the applicable contingent deferred sales charge. The chart and table above do not reflect the
deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares. Prior to April 1,
2011, the Fund followed a different investment objective and different strategies under the name “Alger Balanced Fund”. The Fund will
compare its performance to the S&P 500 Index to reflect its new investment objective and strategies. Investment return and principal will
fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or
lower than the performance quoted. For updated performance, visit us at www.alger.com or call us at (800) 992-3863.

- 25 -

PORTFOLIO SUMMARY†
April 30, 2015 (Unaudited)


	Alger Capital	Alger Mid Cap Growth	Alger SMid Cap Growth	Alger Small Cap Growth
SECTORS	Appreciation Fund	Fund	Fund	Fund
Consumer Discretionary	15.8%	23.2%	19.8%	13.2%
Consumer Staples	6.1	3.2	2.9	1.9
Energy	4.6	3.7	3.7	2.9
Financials	8.1	7.8	9.3	6.3
Health Care	18.3	14.2	17.6	25.9
Industrials	9.6	14.1	16.0	9.3
Information Technology	31.6	23.7	23.0	36.0
Materials	2.2	3.3	5.5	3.1
Telecommunication Services	1.6	2.4	0.5	0.0
Utilities	0.7	0.9	0.0	0.7
Short-Term Investments and
Net Other Assets	1.4	3.5	1.7	0.7
	100.0%	100.0%	100.0%	100.0%

		Alger Growth	Alger Health Sciences	Alger Growth & Income
SECTORS		Opportunities Fund	Fund	Fund
Consumer Discretionary		3.1%	0.0%	13.4%
Consumer Staples		0.0	3.6	10.5
Energy		0.0	0.0	7.6
Financials		1.7	0.0	17.4
Health Care		27.5	91.3	13.2
Industrials		5.8	0.0	10.5
Information Technology		49.8	0.0	17.4
Materials		2.8	0.0	1.2
Telecommunication Services		0.0	0.0	3.2
Utilities		0.0	0.0	1.2
Short-Term Investments and Net Other Assets		9.3	5.1	4.4
		100.0%	100.0%	100.0%

- 27 -

THE ALGER FUNDS ALGER CAPITAL APPRECIATION FUND
Schedule of Investments April 30, 2015 (Unaudited)


COMMON STOCKS—95.1%	SHARES			VALUE
ADVERTISING—0.0%
Choicestream, Inc.*^,@,(a)	82,955	$		39,818
AEROSPACE & DEFENSE—2.8%
Honeywell International, Inc.	363,600			36,694,512
Lockheed Martin Corp.	41,200			7,687,920
The Boeing Co.	73,100			10,478,154
United Technologies Corp.	45,700			5,198,375
			60,058,961
AIR FREIGHT & LOGISTICS—0.7%
United Parcel Service, Inc., Cl. B	147,000		14,777,910
AIRLINES—1.0%
JetBlue Airways Corp.*	96,200			1,974,986
United Continental Holdings, Inc.*	324,100			19,361,734
			21,336,720
ALTERNATIVE CARRIERS—1.0%
Level 3 Communications, Inc.*	283,000			15,831,020
Zayo Group Holdings, Inc.*	197,100			5,233,005
			21,064,025
APPAREL ACCESSORIES & LUXURY GOODS—0.8%
PVH Corp.	61,400			6,345,690
Quiksilver, Inc.*	585,500			971,930
Under Armour, Inc., Cl. A*	136,600			10,593,330
			17,910,950
APPLICATION SOFTWARE—2.6%
Adobe Systems, Inc.*	251,200			19,106,272
Autodesk, Inc.*	79,800			4,535,034
Mobileye NV*	102,100			4,580,206
Palantir Technologies, Inc., Cl. A*^,@	153,282			1,089,835
Salesforce.com, inc.*	381,701			27,795,467
			57,106,814
AUTO PARTS & EQUIPMENT—1.5%
Delphi Automotive PLC.	319,500			26,518,500
WABCO Holdings, Inc.*	51,200			6,371,840
			32,890,340
AUTOMOBILE MANUFACTURERS—0.0%
Tesla Motors, Inc.*	3,200			723,360
BIOTECHNOLOGY—6.4%
Amgen, Inc.	24,200			3,821,422
Biogen, Inc.*	82,800			30,961,404
BioMarin Pharmaceutical, Inc.*	82,800			9,277,740
Celgene Corp.*	119,000			12,859,140
Gilead Sciences, Inc.*	370,800			37,269,108
Incyte Corp.*	86,900			8,443,204
Intercept Pharmaceuticals, Inc.*	44,800			11,325,888
Pharmacyclics, Inc.*	41,900			10,734,780
Puma Biotechnology, Inc.*	9,400			1,697,452
United Therapeutics Corp.*	58,362			9,319,828
Vertex Pharmaceuticals, Inc.*	23,300			2,872,424
			138,582,390

- 29 -

THE ALGER FUNDS ALGER CAPITAL APPRECIATION FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
BREWERS—0.5%
Anheuser-Busch InBev NV#	14,700	$		1,764,588
Molson Coors Brewing Co., Cl. B	133,000			9,776,830
				11,541,418
BUILDING PRODUCTS—0.5%
Fortune Brands Home & Security, Inc.	88,300			3,938,180
Lennox International, Inc.	67,800			7,184,088
				11,122,268
CABLE & SATELLITE—1.1%
Comcast Corporation, Cl. A	392,037		22,644,057
COMMUNICATIONS EQUIPMENT—0.8%
Arista Networks, Inc.*	189,385			12,122,534
QUALCOMM, Inc.	86,100			5,854,800
			17,977,334
COMPUTER STORAGE & PERIPHERALS—0.1%
SanDisk Corp.	45,300			3,032,382
CONSTRUCTION MATERIALS—0.6%
Martin Marietta Materials, Inc.	11,100			1,583,415
Vulcan Materials Co.	121,100			10,356,472
				11,939,887
CONSUMER FINANCE—0.3%
Discover Financial Services	115,200			6,678,144
DATA PROCESSING & OUTSOURCED SERVICES—3.8%
Alliance Data Systems Corp.*	65,100			19,354,881
Fiserv, Inc.*	179,200			13,905,920
Visa, Inc., Cl. A	729,200			48,163,660
			81,424,461
DEPARTMENT STORES—0.1%
Nordstrom, Inc.	24,600			1,858,776
DRUG RETAIL—2.6%
CVS Caremark Corp.	325,800			32,348,682
Rite Aid Corp.*	383,300			2,955,243
Walgreens Boots Alliance, Inc.	245,100			20,326,143
			55,630,068
FOOD RETAIL—0.8%
The Kroger Co.	154,400			10,639,704
Whole Foods Market, Inc.	135,800			6,485,808
			17,125,512
FOOTWEAR—0.9%
NIKE, Inc., Cl. B	194,200		19,194,728
GENERAL MERCHANDISE STORES—1.3%
Dollar General Corp.	129,800			9,437,758
Dollar Tree, Inc.*	253,840			19,395,914
			28,833,672
HEALTH CARE EQUIPMENT—1.0%
Becton Dickinson and Co.	109,000			15,354,830
Intuitive Surgical, Inc.*	11,000			5,455,780
			20,810,610

- 30 -

THE ALGER FUNDS ALGER CAPITAL APPRECIATION FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
HEALTH CARE FACILITIES—1.0%
HCA Holdings, Inc.*	305,100	$ 22,580,451
HEALTH CARE SERVICES—0.5%
Omnicare, Inc.	118,400		10,416,832
HOME ENTERTAINMENT SOFTWARE—0.5%
Activision Blizzard, Inc.	454,800		10,376,262
HOME IMPROVEMENT RETAIL—1.6%
Lowe's Companies, Inc.	330,400			22,751,344
The Home Depot, Inc.	106,500			11,393,370
			34,144,714
HOMEBUILDING—0.2%
Toll Brothers, Inc.*	138,700			4,929,398
HOTELS RESORTS & CRUISE LINES—2.1%
Ctrip.com International Ltd.#*	211,100			13,442,848
Hilton Worldwide Holdings, Inc.*	697,100			20,188,016
Royal Caribbean Cruises Ltd.	180,900			12,312,054
			45,942,918
HOUSEWARES & SPECIALTIES—0.3%
Jarden Corp.*	125,700			6,433,326
INDUSTRIAL CONGLOMERATES—1.0%
Danaher Corp.	183,000			14,984,040
General Electric Co.	212,200			5,746,376
			20,730,416
INDUSTRIAL GASES—0.5%
Air Products & Chemicals, Inc.	74,400		10,671,192
INDUSTRIAL MACHINERY—0.5%
Ingersoll-Rand PLC.	160,200		10,547,568
INTERNET RETAIL—2.5%
Amazon.com, Inc.*	76,600			32,308,348
NetFlix, Inc.*	11,700			6,511,050
The Priceline Group, Inc.*	7,400			9,159,794
TripAdvisor, Inc.*	81,500			6,559,935
			54,539,127
INTERNET SOFTWARE & SERVICES—9.4%
Demandware, Inc.*	138,634			8,539,854
Facebook, Inc., Cl. A*	1,119,124			88,153,397
Google, Inc., Cl. C*	115,481			62,052,561
GrubHub, Inc.*	344,700			14,191,299
LinkedIn Corp., Cl. A*	43,000			10,841,590
Yahoo! Inc.*	421,800			17,953,917
			201,732,618
INVESTMENT BANKING & BROKERAGE—0.5%
Morgan Stanley	78,070			2,912,792
The Charles Schwab Corp.	226,600			6,911,300
				9,824,092
IT CONSULTING & OTHER SERVICES—0.5%
Cognizant Technology Solutions Corp., Cl. A*	173,000		10,127,420
LIFE SCIENCES TOOLS & SERVICES—1.0%
Thermo Fisher Scientific, Inc.	178,628		22,449,967

- 31 -

THE ALGER FUNDS ALGER CAPITAL APPRECIATION FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
MANAGED HEALTH CARE—2.5%
Aetna, Inc.	11,200	$		1,196,944
Cigna Corp.	179,200			22,335,488
Humana, Inc.	147,000			24,343,200
UnitedHealth Group, Inc.	59,700			6,650,580
			54,526,212
MOVIES & ENTERTAINMENT—1.3%
The Walt Disney Co.	254,400		27,658,368
MULTI-LINE INSURANCE—1.4%
American International Group, Inc.	115,700			6,512,753
Hartford Financial Services Group, Inc.	592,700			24,164,379
			30,677,132
MULTI-UTILITIES—0.3%
Sempra Energy	71,100			7,548,687
OIL & GAS EQUIPMENT & SERVICES—1.8%
Baker Hughes, Inc.	396,000			27,110,160
Schlumberger Ltd.	38,200			3,614,102
Weatherford International PLC.*	550,680			8,012,394
			38,736,656
OIL & GAS EXPLORATION & PRODUCTION—2.3%
Anadarko Petroleum Corp.	276,800			26,046,880
Devon Energy Corp.	360,000			24,555,600
			50,602,480
OIL & GAS STORAGE & TRANSPORTATION—0.5%
Cheniere Energy, Inc.*	141,300		10,808,037
OTHER DIVERSIFIED FINANCIAL SERVICES—2.2%
Bank of America Corp.	1,160,200			18,481,986
Citigroup, Inc.	528,500			28,179,620
			46,661,606
PACKAGED FOODS & MEATS—0.5%
Mead Johnson Nutrition Co., Cl. A	103,200			9,898,944
PHARMACEUTICALS—5.7%
Actavis PLC.*	262,711			74,310,434
Bristol-Myers Squibb Co.	225,800			14,390,234
Mallinckrodt PLC.*	35,400			4,006,572
Mylan NV*	61,100			4,415,086
Shire PLC.	278,400			22,806,228
Teva Pharmaceutical Industries Ltd.#	50,600			3,057,252
			122,985,806
RAILROADS—0.9%
Union Pacific Corp.	182,700		19,408,221
RENEWABLE ELECTRICITY—0.4%
TerraForm Power, Inc., Cl. A	203,900			8,060,167
RESEARCH & CONSULTING SERVICES—0.3%
CoStar Group, Inc.*	27,700			5,662,711
RESTAURANTS—1.2%
Darden Restaurants, Inc.	54,800			3,494,596
McDonald's Corp.	89,700			8,660,535

- 32 -

THE ALGER FUNDS ALGER CAPITAL APPRECIATION FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
RESTAURANTS—(CONT.)
Starbucks Corp.	294,300	$		14,591,394
			26,746,525
SECURITY & ALARM SERVICES—0.7%
Tyco International PLC.	378,300		14,897,454
SEMICONDUCTOR EQUIPMENT—1.2%
Lam Research Corp.	18,300			1,383,114
SunEdison, Inc.*	937,295			23,732,309
				25,115,423
SEMICONDUCTORS—3.5%
Altera Corp.	151,900			6,331,192
Avago Technologies Ltd.	161,300			18,852,744
Broadcom Corp., Cl. A	260,900			11,533,085
Micron Technology, Inc.*	630,100			17,724,713
NXP Semiconductors NV*	216,200			20,781,144
			75,222,878
SOFT DRINKS—1.0%
PepsiCo, Inc.	228,100		21,696,872
SPECIALIZED FINANCE—0.6%
McGraw Hill Financial, Inc.	114,900			11,984,070
SPECIALTY CHEMICALS—1.1%
PPG Industries, Inc.	110,500		24,482,380
SPECIALTY STORES—0.9%
Signet Jewelers Ltd.	138,200		18,536,766
SYSTEMS SOFTWARE—2.5%
Microsoft Corp.	719,195			34,981,645
Oracle Corp.	306,400			13,365,168
ServiceNow, Inc.*	70,600			5,285,116
			53,631,929
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.5%
Apple, Inc.	1,059,515		132,598,302
Western Digital Corp.	79,900			7,809,426
			140,407,728
TOBACCO—0.7%
Altria Group, Inc.	302,200			15,125,110
TRADING COMPANIES & DISTRIBUTORS—1.2%
HD Supply Holdings, Inc.*	755,300		24,924,900
WIRELESS TELECOMMUNICATION SERVICES—0.6%
SBA Communications Corp., Cl. A*	116,700		13,516,194
TOTAL COMMON STOCKS
(Cost $1,734,665,230)			2,049,274,162
PREFERRED STOCKS—0.4%	SHARES			VALUE
ADVERTISING—0.0%
Choicestream, Inc., Cl. A*^,@,(a)	715,332			343,359
Choicestream, Inc., Cl. B*^,@,(a)	1,649,956			791,979
				1,135,338
APPLICATION SOFTWARE—0.2%
Palantir Technologies, Inc., Cl. B*^,@	625,130			4,444,675

- 33 -

THE ALGER FUNDS ALGER CAPITAL APPRECIATION FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


PREFERRED STOCKS—(CONT.)	SHARES		VALUE
APPLICATION SOFTWARE—(CONT.)
Palantir Technologies, Inc., Cl. D*^,@	81,445	$	579,074
			5,023,749
PHARMACEUTICALS—0.2%
Intarcia Therapeutics, Inc.*^,@	76,682		3,374,008
TOTAL PREFERRED STOCKS
(Cost $8,711,512)			9,533,095
MASTER LIMITED PARTNERSHIP—2.6%	SHARES		VALUE
ASSET MANAGEMENT & CUSTODY BANKS—2.6%
The Blackstone Group LP.	1,202,600		49,258,496
The Carlyle Group LP.	244,600		7,384,474
		56,642,970
TOTAL MASTER LIMITED PARTNERSHIP
(Cost $44,060,296)			56,642,970
REAL ESTATE INVESTMENT TRUST—0.5%	SHARES		VALUE
MORTGAGE—0.5%
Blackstone Mortgage Trust, Inc., Cl. A	319,100		9,805,943
(Cost $9,732,550)			9,805,943
Total Investments
(Cost $1,797,169,588)^(b)	98.6%	2,125,256,170
Other Assets in Excess of Liabilities	1.4%		29,110,177
NET ASSETS	100.0%	$ 2,154,366,347

# American Depositary Receipts.
(a) Deemed an affiliate of the Alger fund complex during the year for purposes of Section 2(a)(3) of the Investment Company
Act of 1940. See Affiliated Securities in Notes to Financial Statements.
(b) At April 30, 2015, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
$1,819,850,935, amounted to $305,405,235 which consisted of aggregate gross unrealized appreciation of $338,856,227
and aggregate gross unrealized depreciation of $33,450,992.
* Non-income producing security.
@ Restricted security - Investment in security not registered under the Securities Act of 1933. The investment is deemed to not be
liquid and may be sold only to qualified buyers.


Security	Acquisition Date(s)	Cost	Market Value	% of net assets
Choicestream, Inc.	3/14/2014	$24,057	$39,818	0.00%
Choicestream, Inc., Cl. A	12/17/2013	572,038	343,359	0.01%
Choicestream, Inc., Cl. B	7/10/2014	989,973	791,979	0.04%
Intarcia Therapeutics, Inc.	3/27/2014	2,483,730	3,374,008	0.16%
Palantir Technologies, Inc., Cl. A	10/07/2014	997,406	1,089,835	0.05%
Palantir Technologies, Inc., Cl. B	10/07/2014	4,128,004	4,444,675	0.20%
Palantir Technologies, Inc., Cl. D	10/14/2014	537,767	579,074	0.03%
Total			$10,662,748	0.49%



*See Notes to Financial Statements.*

- 34 -

THE ALGER FUNDS ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited)


COMMON STOCKS—97.6%	SHARES		VALUE
AUSTRALIA—0.5%
DIVERSIFIED METALS & MINING—0.5%
BHP Billiton Ltd.	45,000	$	1,138,547
(Cost $1,174,854)
BELGIUM—2.1%
BREWERS—1.9%
Anheuser-Busch InBev NV	33,409		4,084,834
OIL & GAS STORAGE & TRANSPORTATION—0.2%
Euronav NV*	41,100		568,507
TOTAL BELGIUM
(Cost $3,856,004)			4,653,341
CANADA—3.2%
INTEGRATED OIL & GAS—2.3%
Canadian Natural Resources Ltd.	68,675		2,281,957
Suncor Energy, Inc.	83,000		2,702,917
			4,984,874
RAILROADS—0.9%
Canadian National Railway, Co.	30,100		1,943,465
TOTAL CANADA
(Cost $7,993,478)			6,928,339
CHINA—10.9%
ALUMINUM—0.4%
China Hongqiao Group Ltd.	1,040,000		971,511
CONSTRUCTION & ENGINEERING—0.7%
China State Construction International Holdings Ltd.	799,000		1,556,681
CONSTRUCTION MATERIALS—0.3%
Anhui Conch Cement Co., Ltd.	160,000		651,321
DIVERSIFIED BANKS—2.3%
China Construction Bank Corp.	3,972,300		3,869,589
China Merchants Bank Co., Ltd.	379,500		1,155,579
			5,025,168
ELECTRICAL COMPONENTS & EQUIPMENT—0.5%
Jiangnan Group Ltd.	3,342,000		1,073,697
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.2%
Huadian Fuxin Energy Corp., Ltd.	900,000		486,556
INDUSTRIAL MACHINERY—0.4%
Xinyi Solar Holdings Ltd.	2,394,000		843,262
INTERNET RETAIL—0.5%
Vipshop Holdings Ltd.#*	36,800		1,041,072
INTERNET SOFTWARE & SERVICES—3.0%
Alibaba Group Holding Ltd.#*	27,900		2,267,991
Baidu, Inc.#*	9,700		1,942,716
Tencent Holdings Ltd.	115,700		2,401,957
			6,612,664

- 35 -

THE ALGER FUNDS ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
CHINA—(CONT.)
LIFE & HEALTH INSURANCE—1.1%
Ping An Insurance Group Co., of China Ltd.	161,300	$		2,326,762
REAL ESTATE DEVELOPMENT—0.5%
China Overseas Land & Investment Ltd.	240,000			1,003,303
REGIONAL BANKS—0.5%
Chongqing Rural Commercial Bank Co., Ltd.	1,342,300			1,210,606
WIRELESS TELECOMMUNICATION SERVICES—0.5%
China Mobile Ltd.	79,500			1,133,458
TOTAL CHINA
(Cost $21,664,114)			23,936,061
DENMARK—1.7%
BIOTECHNOLOGY—0.9%
Bavarian Nordic A/S*	41,100			1,940,603
PHARMACEUTICALS—0.8%
Novo Nordisk A/S	30,000			1,708,370
TOTAL DENMARK
(Cost $3,788,162)				3,648,973
FRANCE—5.6%
BIOTECHNOLOGY—0.6%
Innate Pharma SA*	80,450			1,413,590
BROADCASTING—1.0%
Numericable-SFR SAS*	38,000			2,112,106
ENGINEERING SOFTWARE—0.6%
Dassault Systemes	16,800			1,297,719
HEALTH CARE EQUIPMENT—0.2%
DBV Technologies SA*	8,124			418,299
HEALTH CARE SUPPLIES—1.0%
Essilor International SA	17,600			2,148,943
HOME ENTERTAINMENT SOFTWARE—1.2%
UBISOFT Entertainment*	140,500			2,592,562
INTEGRATED OIL & GAS—1.0%
TOTAL SA	42,800			2,329,884
TOTAL FRANCE
(Cost $10,508,228)			12,313,103
GERMANY—7.5%
AUTO PARTS & EQUIPMENT—1.0%
Continental AG	9,000			2,128,566
AUTOMOBILE MANUFACTURERS—2.2%
Bayerische Motoren Werke AG	40,446			4,818,080
CABLE & SATELLITE—0.5%
Tele Columbus AG*^(a)	72,049			1,107,587
DIVERSIFIED CAPITAL MARKETS—0.9%
Deutsche Bank AG	60,900			1,964,085

- 36 -

THE ALGER FUNDS ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
GERMANY—(CONT.)
ELECTRICAL EQUIPMENT—0.8%
OSRAM Licht AG	34,300	$		1,816,147
INDUSTRIAL MACHINERY—0.7%
KUKA AG	10,770			771,229
SLM Solutions Group AG*	36,726			733,967
				1,505,196
INTERNET RETAIL—0.5%
United Internet AG	26,200			1,181,790
SEMICONDUCTORS—0.9%
Infineon Technologies AG	162,736			1,933,091
TOTAL GERMANY
(Cost $15,386,574)			16,454,542
HONG KONG—3.2%
AIRLINES—0.7%
Cathay Pacific Airways Ltd.	600,000			1,545,210
DIVERSIFIED REAL ESTATE ACTIVITIES—0.8%
Hongkong Land Holdings Ltd.	214,900			1,740,690
LIFE & HEALTH INSURANCE—1.7%
AIA Group Ltd.	561,004			3,749,485
TOTAL HONG KONG
(Cost $5,480,856)				7,035,385
INDIA—2.5%
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—0.7%
Tata Motors Ltd.#	36,082			1,486,217
DIVERSIFIED BANKS—1.2%
HDFC Bank Ltd.	147,000			2,614,058
PHARMACEUTICALS—0.6%
Sun Pharmaceutical Industries Ltd.	100,000			1,485,341
TOTAL INDIA
(Cost $4,703,100)				5,585,616
INDONESIA—0.4%
CONSTRUCTION MATERIALS—0.4%
Indocement Tunggal Prakarsa Tbk PT	600,000			972,035
(Cost $1,100,579)
IRELAND—1.0%
LIFE SCIENCES TOOLS & SERVICES—1.0%
ICON PLC.#*	33,800			2,174,692
(Cost $1,781,090)
ITALY—3.0%
APPAREL ACCESSORIES & LUXURY GOODS—0.8%
Moncler SpA	101,700			1,815,520
ASSET MANAGEMENT & CUSTODY BANKS—0.9%
Azimut Holding SpA	63,400			1,872,096

- 37 -

THE ALGER FUNDS ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
ITALY—(CONT.)
DIVERSIFIED BANKS—1.3%
Intesa Sanpaolo SpA	840,200	$		2,845,097
TOTAL ITALY
(Cost $5,575,075)				6,532,713
JAPAN—14.3%
AUTOMOBILE MANUFACTURERS—2.7%
Toyota Motor Corp.	85,025			5,951,750
COMMODITY CHEMICALS—1.0%
Toray Industries, Inc.	258,350			2,253,530
DIVERSIFIED BANKS—1.8%
Mitsubishi UFJ Financial Group, Inc.	536,700			3,847,249
DIVERSIFIED REAL ESTATE ACTIVITIES—2.0%
Mitsui Fudosan Co., Ltd.	62,600			1,867,252
Sumitomo Realty & Development Co., Ltd.	62,500			2,429,858
				4,297,110
ELECTRICAL EQUIPMENT—0.8%
Daikin Industries Ltd.	26,300			1,785,052
ELECTRONIC COMPONENTS—1.0%
Murata Manufacturing Co., Ltd.	15,000			2,131,910
INDUSTRIAL MACHINERY—2.4%
FANUC Corp.	13,350			2,965,735
Minebea Co., Ltd.	154,700			2,395,647
				5,361,382
INFRASTRUCTURE SOFTWARE—0.5%
SCSK Corp.	38,500			1,131,784
INVESTMENT BANKING & BROKERAGE—0.7%
Daiwa Securities Group, Inc.	197,000			1,649,916
SEMICONDUCTORS—0.3%
Tokyo Electron Ltd.	10,000			552,764
TIRES & RUBBER—1.1%
Bridgestone Corp.	56,700			2,384,344
TOTAL JAPAN
(Cost $26,708,562)			31,346,791
LUXEMBOURG—1.0%
DIVERSIFIED REAL ESTATE ACTIVITIES—1.0%
Grand City Properties SA*	111,200			2,109,962
(Cost $1,546,124)
MEXICO—1.4%
CONSTRUCTION MATERIALS—0.8%
Cemex SAB de CV#*	179,943			1,731,052
DIVERSIFIED REAL ESTATE ACTIVITIES—0.6%
Corporacion Inmobiliaria Vesta SAB de CV	759,430			1,425,685
TOTAL MEXICO
(Cost $3,490,777)				3,156,737

- 38 -

THE ALGER FUNDS ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
NETHERLANDS—5.1%
BROADCASTING—1.6%
Altice SA*	33,200	$		3,518,043
DIVERSIFIED BANKS—1.0%
ING Groep NV*	144,700			2,241,162
SEMICONDUCTOR EQUIPMENT—1.0%
ASML Holding NV#	19,357			2,071,973
SEMICONDUCTORS—1.5%
NXP Semiconductors NV*	35,000			3,364,200
TOTAL NETHERLANDS
(Cost $7,973,517)			11,195,378
NORWAY—1.0%
DIVERSIFIED BANKS—1.0%
DNB ASA	126,177			2,245,873
(Cost $2,065,025)
PERU—0.7%
DIVERSIFIED BANKS—0.7%
Credicorp Ltd.	9,800			1,494,990
(Cost $1,300,142)
PORTUGAL—0.8%
BROADCASTING—0.8%
NOS SGPS SA	252,300			1,841,254
(Cost $1,677,960)
SOUTH AFRICA—0.6%
PHARMACEUTICALS—0.6%
Aspen Pharmacare Holdings Ltd.	40,571			1,233,503
(Cost $955,465)
SOUTH KOREA—1.6%
SEMICONDUCTORS—1.6%
Samsung Electronics Co., Ltd.	2,750			3,599,911
(Cost $3,080,050)
SPAIN—2.3%
ELECTRIC UTILITIES—1.4%
Iberdrola SA	224,900			1,509,231
Red Electrica Corp., SA	20,000			1,684,350
				3,193,581
INVESTMENT BANKING & BROKERAGE—0.9%
CaixaBank SA	381,174			1,919,842
TOTAL SPAIN
(Cost $5,095,842)				5,113,423
SWEDEN—3.5%
AUTO PARTS & EQUIPMENT—1.2%
Autoliv, Inc.	21,400			2,570,578
BIOTECHNOLOGY—1.6%
Swedish Orphan Biovitrum AB*	224,800			3,614,798

- 39 -

THE ALGER FUNDS ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
SWEDEN—(CONT.)
BUILDING PRODUCTS—0.5%
Assa Abloy AB	18,900	$		1,099,758
INDUSTRIAL MACHINERY—0.2%
Arcam AB*	29,400			458,642
TOTAL SWEDEN
(Cost $6,229,948)				7,743,776
SWITZERLAND—5.1%
PACKAGED FOODS & MEATS—1.5%
Nestle SA	40,300			3,149,180
PHARMACEUTICALS—3.6%
Novartis AG	49,200			5,097,202
Roche Holding AG	9,948			2,872,753
				7,969,955
TOTAL SWITZERLAND
(Cost $10,859,136)			11,119,135
UNITED KINGDOM—11.2%
DIVERSIFIED BANKS—1.0%
Lloyds Banking Group PLC.	1,799,100			2,137,637
HOUSEHOLD PRODUCTS—1.6%
Reckitt Benckiser Group PLC.	40,262			3,601,767
INDUSTRIAL GASES—1.3%
Essentra PLC.	195,000			2,877,450
INTERNET RETAIL—0.8%
Just Eat PLC.*	258,078			1,818,127
MULTI-UTILITIES—0.8%
National Grid PLC.	135,900			1,834,248
OIL & GAS EQUIPMENT & SERVICES—0.6%
Petrofac Ltd.	92,000			1,234,665
PHARMACEUTICALS—1.7%
Shire PLC.	44,300			3,629,008
TOBACCO—1.1%
British American Tobacco PLC.	44,411			2,449,837
TRADING COMPANIES & DISTRIBUTION—1.1%
Ashtead Group PLC.	142,400			2,462,058
WIRELESS TELECOMMUNICATION SERVICES—1.2%
Vodafone Group PLC.	744,900			2,637,017
TOTAL UNITED KINGDOM
(Cost $22,231,380)			24,681,814
UNITED STATES—7.4%
APPLICATION SOFTWARE—0.8%
Mobileye NV*	40,200			1,803,372
AUTO PARTS & EQUIPMENT—0.8%
Delphi Automotive PLC.	19,900			1,651,700

- 40 -

THE ALGER FUNDS ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES		VALUE
UNITED STATES—(CONT.)
CABLE & SATELLITE—1.3%
Liberty Global PLC.*	54,500	$	2,749,525
INDUSTRIAL MACHINERY—0.5%
Ingersoll-Rand PLC.	16,228		1,068,452
OIL & GAS EQUIPMENT & SERVICES—0.5%
Weatherford International PLC.*	77,800		1,131,990
PHARMACEUTICALS—2.3%
Actavis PLC.*	11,800		3,337,748
Jazz Pharmaceuticals PLC.*	9,800		1,751,260
			5,089,008
SEMICONDUCTORS—1.2%
Avago Technologies Ltd.	22,800		2,664,864
TOTAL UNITED STATES
(Cost $13,369,691)		16,158,911
TOTAL COMMON STOCKS
(Cost $189,595,733)		214,414,805
Total Investments
(Cost $189,595,733)^(b)	97.6%	214,414,805
Other Assets in Excess of Liabilities	2.4%		5,279,704
NET ASSETS	100.0%	$	219,694,509

# American Depositary Receipts.
(a) Pursuant to Securities and Exchange Commission Rule 144A, these securities may be sold prior to their maturity only to
qualified institutional buyers. These securities are however deemed to be liquid and represent 0.5% of the net assets of the
Portfolio.
(b) At April 30, 2015, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
$191,447,042, amounted to $22,967,763 which consisted of aggregate gross unrealized appreciation of $37,165,147 and
aggregate gross unrealized depreciation of $14,197,384.
* Non-income producing security.

See Notes to Financial Statements

- 41 -

THE ALGER FUNDS ALGER MID CAP GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited)


COMMON STOCKS—92.5%	SHARES		VALUE
AEROSPACE & DEFENSE—1.4%
Hexcel Corp.	31,600	$	1,584,740
TransDigm Group, Inc.	6,100		1,293,993
			2,878,733
AIRLINES—1.9%
Spirit Airlines, Inc.*	26,200		1,793,914
United Continental Holdings, Inc.*	35,200		2,102,848
			3,896,762
ALTERNATIVE CARRIERS—1.7%
Level 3 Communications, Inc.*	34,900		1,952,306
Zayo Group Holdings, Inc.*	54,400		1,444,320
			3,396,626
APPAREL ACCESSORIES & LUXURY GOODS—2.4%
Hanesbrands, Inc.	75,600		2,349,648
PVH Corp.	14,400		1,488,240
Under Armour, Inc., Cl. A*	13,400		1,039,170
			4,877,058
APPAREL RETAIL—1.0%
L Brands, Inc.	10,500		938,280
Urban Outfitters, Inc.*	25,400		1,017,016
			1,955,296
APPLICATION SOFTWARE—2.5%
ACI Worldwide, Inc.*	54,600		1,257,438
Aspen Technology, Inc.*	17,500		776,825
Autodesk, Inc.*	17,900		1,017,257
Mobileye NV*	12,700		569,722
Palantir Technologies, Inc., Cl. A*^,@	16,376		116,433
Synchronoss Technologies, Inc.*	28,000		1,284,640
			5,022,315
ASSET MANAGEMENT & CUSTODY BANKS—1.0%
WisdomTree Investments, Inc.	103,700		1,974,448
AUTO PARTS & EQUIPMENT—2.0%
BorgWarner, Inc.	11,800		698,560
Delphi Automotive PLC.	17,850		1,481,550
WABCO Holdings, Inc.*	14,400		1,792,080
			3,972,190
AUTOMOBILE MANUFACTURERS—0.7%
Tesla Motors, Inc.*	6,500		1,469,325
AUTOMOTIVE RETAIL—0.7%
Advance Auto Parts, Inc.	9,200		1,315,600
BIOTECHNOLOGY—5.7%
Alkermes PLC.*	8,700		481,719
BioMarin Pharmaceutical, Inc.*	7,800		873,990
Bluebird Bio, Inc.*	3,100		412,889
Celldex Therapeutics, Inc.*	23,500		564,000
Incyte Corp.*	12,300		1,195,068
Intercept Pharmaceuticals, Inc.*	7,300		1,845,513

- 42 -

THE ALGER FUNDS ALGER MID CAP GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES		VALUE
BIOTECHNOLOGY—(CONT.)
Medivation, Inc.*	13,800	$	1,666,212
Portola Pharmaceuticals, Inc.*	36,900		1,316,961
Receptos, Inc.*	5,100		751,434
United Therapeutics Corp.*	7,800		1,245,582
Vertex Pharmaceuticals, Inc.*	10,200		1,257,456
			11,610,824
BUILDING PRODUCTS—3.5%
Allegion PLC.	35,600		2,176,940
AO Smith Corp.	20,800		1,329,120
Fortune Brands Home & Security, Inc.	23,000		1,025,800
Lennox International, Inc.	15,900		1,684,764
NCI Building Systems, Inc.*	62,200		962,856
			7,179,480
COMMUNICATIONS EQUIPMENT—2.6%
Arista Networks, Inc.*	23,700		1,517,037
ARRIS Group, Inc.*	62,900		2,118,158
F5 Networks, Inc.*	13,522		1,649,954
			5,285,149
COMPUTER STORAGE & PERIPHERALS—0.3%
SanDisk Corp.	10,400		696,176
CONSTRUCTION MATERIALS—1.3%
Eagle Materials, Inc.	4,500		375,255
Martin Marietta Materials, Inc.	6,300		898,695
Vulcan Materials Co.	15,600		1,334,112
			2,608,062
CONSUMER ELECTRONICS—0.2%
Harman International Industries, Inc.	3,300		430,254
DATA PROCESSING & OUTSOURCED SERVICES—3.5%
Alliance Data Systems Corp.*	9,300		2,764,983
Fiserv, Inc.*	20,800		1,614,080
Vantiv, Inc., CL. A*	27,800		1,086,980
WEX, Inc.*	13,500		1,521,585
			6,987,628
DISTILLERS & VINTNERS—0.3%
Constellation Brands Inc., Cl. A	4,400		510,136
DIVERSIFIED COMMERCIAL & PROFESSIONAL
SERVICES—0.4%
Digital Globe, Inc.*	25,197		810,588
DRUG RETAIL—1.1%
Rite Aid Corp.*	287,400		2,215,854
ELECTRICAL COMPONENTS & EQUIPMENT—1.9%
Acuity Brands, Inc.	15,400		2,571,030
Hubbell, Inc., Cl. B	11,100		1,208,013
			3,779,043

- 43 -

THE ALGER FUNDS ALGER MID CAP GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES		VALUE
ELECTRONIC COMPONENTS—0.2%
Belden, Inc.	4,400	$	369,380
FOOD RETAIL—1.3%
The Kroger Co.	27,000		1,860,570
Whole Foods Market, Inc.	17,800		850,128
			2,710,698
GENERAL MERCHANDISE STORES—1.9%
Dollar General Corp.	22,500		1,635,975
Dollar Tree, Inc.*	28,500		2,177,685
			3,813,660
HEALTH CARE EQUIPMENT—1.3%
DexCom, Inc.*	19,500		1,317,615
Hologic, Inc.*	38,100		1,285,494
			2,603,109
HEALTH CARE FACILITIES—2.2%
Acadia Healthcare Co., Inc.*	18,400		1,260,400
Tenet Healthcare Corporation*	37,000		1,770,820
Universal Health Services, Inc., Cl. B	11,800		1,380,010
			4,411,230
HEALTH CARE SERVICES—0.9%
Omnicare, Inc.	14,000		1,231,720
Team Health Holdings, Inc.*	8,600		512,302
			1,744,022
HOME FURNISHING RETAIL—0.3%
Williams-Sonoma, Inc.	9,200		676,476
HOMEBUILDING—0.6%
Toll Brothers, Inc.*	33,200		1,179,928
HOMEFURNISHING RETAIL—0.4%
Restoration Hardware Holdings, Inc.*	10,300		887,551
HOTELS RESORTS & CRUISE LINES—2.9%
La Quinta Holdings, Inc.*	62,400		1,502,592
Norwegian Cruise Line Holdings Ltd.*	43,800		2,124,738
Royal Caribbean Cruises Ltd.	17,000		1,157,020
Wyndham Worldwide Corporation	12,000		1,024,800
			5,809,150
HOUSEWARES & SPECIALTIES—1.7%
Jarden Corp.*	47,550		2,433,609
The Clorox Co.	9,600		1,018,560
			3,452,169
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.6%
Robert Half International, Inc.	21,300		1,181,085
INDUSTRIAL MACHINERY—1.3%
Graco, Inc.	23,935		1,714,225
Ingersoll-Rand PLC.	15,400		1,013,936
			2,728,161

- 44 -

THE ALGER FUNDS ALGER MID CAP GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES		VALUE
INTERNET RETAIL—1.2%
NetFlix, Inc.*	2,700	$	1,502,550
TripAdvisor, Inc.*	11,565		930,867
			2,433,417
INTERNET SOFTWARE & SERVICES—5.7%
Cornerstone OnDemand, Inc.*	38,200		1,093,666
Criteo SA#*	25,000		1,036,500
DealerTrack Holdings, Inc.*	32,500		1,277,575
Demandware, Inc.*	17,100		1,053,360
GrubHub, Inc.*	42,800		1,762,076
Hortonworks, Inc.*	23,900		482,063
LendingClub Corp.*	104,900		1,830,505
LinkedIn Corp., Cl. A*	8,700		2,193,531
Shutterstock, Inc.*	12,700		857,123
			11,586,399
INVESTMENT BANKING & BROKERAGE—0.8%
TD Ameritrade Holding Corp.	44,500		1,613,125
LEISURE PRODUCTS—0.5%
Coach, Inc.	24,600		939,966
MANAGED HEALTH CARE—0.8%
Centene Corp.*	26,700		1,655,133
MOVIES & ENTERTAINMENT—0.3%
Live Nation Entertainment, Inc.*	26,100		654,066
MULTI-LINE INSURANCE—0.5%
Hartford Financial Services Group, Inc.	25,900		1,055,943
OIL & GAS DRILLING—0.5%
Patterson-UTI Energy, Inc.	41,500		927,525
OIL & GAS EQUIPMENT & SERVICES—0.4%
Weatherford International PLC.*	60,800		884,640
OIL & GAS EXPLORATION & PRODUCTION—2.4%
PDC Energy, Inc.*	25,100		1,424,174
QEP Resources, Inc.	28,600		643,500
Range Resources Corp.	28,500		1,811,460
RSP Permian, Inc.*	18,900		548,478
Viper Energy Partners LP	25,300		521,433
			4,949,045
OIL & GAS REFINING & MARKETING—0.4%
HollyFrontier Corp.	19,500		756,210
PAPER PACKAGING—0.5%
Packaging Corp., of America	13,200		913,308
PHARMACEUTICALS—2.1%
Jazz Pharmaceuticals PLC.*	7,800		1,393,860
Lannett Co., Inc.*	14,800		851,000
Mallinckrodt PLC.*	11,300		1,278,934

- 45 -

THE ALGER FUNDS ALGER MID CAP GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
PHARMACEUTICALS—(CONT.)
Pacira Pharmaceuticals, Inc.*	10,700	$		732,736
				4,256,530
REAL ESTATE SERVICES—0.5%
Jones Lang LaSalle, Inc.	6,300			1,046,178
REGIONAL BANKS—0.6%
Signature Bank*	9,300			1,247,037
RENEWABLE ELECTRICITY—0.9%
TerraForm Power, Inc., Cl. A	43,700			1,727,461
RESEARCH & CONSULTING SERVICES—1.7%
CoStar Group, Inc.*	8,800			1,798,984
Verisk Analytics, Inc., Cl. A*	22,500			1,688,400
				3,487,384
RESTAURANTS—3.1%
Bloomin' Brands, Inc.	68,400			1,549,944
Diamond Resorts International, Inc.*	66,600			2,131,866
Jack in the Box, Inc.	18,100			1,570,537
Restaurant Brands International, Inc.	25,000			1,019,500
				6,271,847
SECURITY & ALARM SERVICES—0.2%
Tyco International PLC.	12,700			500,126
SEMICONDUCTOR EQUIPMENT—1.2%
Lam Research Corp.	17,300			1,307,534
SunEdison, Inc.*	45,900			1,162,188
				2,469,722
SEMICONDUCTORS—5.4%
Altera Corp.	10,100			420,968
Avago Technologies Ltd.	30,200			3,529,776
Micron Technology, Inc.*	48,300			1,358,679
Microsemi Corp.*	61,900			2,064,984
NXP Semiconductors NV*	24,900			2,393,388
Qorvo, Inc.*	9,000			593,190
Skyworks Solutions, Inc.	5,400			498,150
			10,859,135
SPECIALIZED FINANCE—1.9%
McGraw Hill Financial, Inc.	19,900			2,075,570
Moody's Corp.	16,100			1,731,072
				3,806,642
SPECIALTY CHEMICALS—1.5%
Axalta Coating Systems Ltd.*	34,000			1,043,120
The Sherwin-Williams Co.	6,900			1,918,200
				2,961,320
SPECIALTY STORES—3.8%
Cabela's, Inc.*	18,400			970,416
Party City Holdco, Inc.*	6,400			133,056
Signet Jewelers Ltd.	15,100			2,025,363
The Michaels Cos, Inc.*	53,300			1,378,338

- 46 -

THE ALGER FUNDS ALGER MID CAP GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
SPECIALTY STORES—(CONT.)
Tractor Supply Co.	16,100	$		1,385,566
Ulta Salon, Cosmetics & Fragrance, Inc.*	11,900			1,797,971
				7,690,710
SYSTEMS SOFTWARE—1.1%
ServiceNow, Inc.*	30,400			2,275,744
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.9%
Nimble Storage, Inc.*	23,200			567,472
Western Digital Corp.	11,800			1,153,332
				1,720,804
TRADING COMPANIES & DISTRIBUTORS—1.2%
HD Supply Holdings, Inc.*	74,300			2,451,900
WIRELESS TELECOMMUNICATION SERVICES—0.7%
SBA Communications Corp., Cl. A*	13,100			1,517,242
TOTAL COMMON STOCKS
(Cost $166,455,213)			187,096,725
PREFERRED STOCKS—1.5%	SHARES			VALUE
APPLICATION SOFTWARE—0.3%
Palantir Technologies, Inc., Cl. B*^,@	66,787			474,855
Palantir Technologies, Inc., Cl. D*^,@	8,701			61,864
				536,719
BIOTECHNOLOGY—0.5%
Prosetta Biosciences, Inc.*^,@,(a)	219,610			988,245
PHARMACEUTICALS—0.7%
Tolero Pharmaceuticals, Inc.*^,@,(a)	495,000			1,492,970
TOTAL PREFERRED STOCKS
(Cost $2,979,689)				3,017,934
REAL ESTATE INVESTMENT TRUST—2.5%	SHARES			VALUE
HEALTH CARE—0.4%
Omega Healthcare Investors, Inc.	21,800			786,762
OFFICE—0.6%
CyrusOne, Inc.	40,200			1,305,696
SPECIALIZED—1.5%
Crown Castle International Corp.	24,000			2,004,720
Extra Space Storage, Inc.	14,800			975,764
				2,980,484
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $5,216,096)				5,072,942
Total Investments
(Cost $174,650,998)^(b)	96.5%		195,187,601
Other Assets in Excess of Liabilities	3.5%			7,049,899
NET ASSETS	100.0%	$		202,237,500

- 47 -

THE ALGER FUNDS ALGER MID CAP GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)

# American Depositary Receipts.
(a) Deemed an affiliate of the Alger fund complex during the year for purposes of Section 2(a)(3) of the
Investment Company Act of 1940. See Affiliated Securities in Notes to Financial Statements.
(b) At April 30, 2015, the net unrealized appreciation on investments, based on cost for federal income tax
purposes of $176,085,633, amounted to $19,101,968 which consisted of aggregate gross unrealized
appreciation of $24,908,291 and aggregate gross unrealized depreciation of $5,806,323.
* Non-income producing security.
@ Restricted security - Investment in security not registered under the Securities Act of 1933. The investment is
deemed to not be liquid and may be sold only to qualified buyers.


Security	Acquisition Date(s)	Cost	Market Value	% of net assets
Palantir Technologies, Inc., Cl. A	10/07/2014	$106,558	$116,433	0.06%
Palantir Technologies, Inc., Cl. B	10/07/2014	441,023	474,855	0.23%
Palantir Technologies, Inc., Cl. D	10/14/2014	57,451	61,864	0.03%
Prosetta Biosciences, Inc.	2/06/2015	988,245	988,245	0.49%
Tolero Pharmaceuticals, Inc.	8/01/2014	1,003,888	1,003,888	0.50%
Tolero Pharmaceuticals, Inc.	10/31/2014	489,082	489,082	0.24%
Total			$3,134,367	1.55%



*See Notes to Financial Statements*

- 48 -

THE ALGER FUNDS ALGER SMID CAP GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited)


COMMON STOCKS—93.4%	SHARES			VALUE
AEROSPACE & DEFENSE—1.0%
Hexcel Corp.	138,650	$		6,953,298
AIRLINES—0.7%
Spirit Airlines, Inc.*	76,600			5,244,802
ALTERNATIVE CARRIERS—0.5%
Zayo Group Holdings, Inc.*	140,650			3,734,258
APPAREL ACCESSORIES & LUXURY GOODS—1.9%
Carter's, Inc.	42,800			4,274,008
G-III Apparel Group Ltd.*	19,300			2,145,774
Hanesbrands, Inc.	233,700			7,263,396
			13,683,178
APPLICATION SOFTWARE—3.9%
Blackbaud, Inc.	70,850			3,580,050
Fair Isaac Corp.	28,850			2,552,071
Mobileye NV*	39,550			1,774,213
Palantir Technologies, Inc., Cl. A*^,@	81,310			578,114
PTC, Inc.*	135,150			5,181,651
Splunk, Inc.*	51,300			3,403,499
Synchronoss Technologies, Inc.*	125,050			5,737,294
Tyler Technologies, Inc.*	44,100			5,377,995
			28,184,887
ASSET MANAGEMENT & CUSTODY BANKS—0.9%
WisdomTree Investments, Inc.	327,800			6,241,312
AUTO PARTS & EQUIPMENT—2.7%
American Axle & Manufacturing Holdings, Inc.*	200,850			5,007,190
Lear Corp.	59,250			6,578,527
WABCO Holdings, Inc.*	65,350			8,132,808
			19,718,525
AUTOMOTIVE RETAIL—0.5%
Penske Automotive Group, Inc.	71,400			3,485,034
BIOTECHNOLOGY—7.4%
Aduro Biotech, Inc.*	57,450			1,459,230
Alkermes PLC.*	55,500			3,073,035
Bluebird Bio, Inc.*	25,000			3,329,750
Celldex Therapeutics, Inc.*	128,650			3,087,600
Cepheid, Inc.*	93,450			5,242,545
Clovis Oncology, Inc.*	37,000			2,973,320
Dyax Corp.*	55,300			1,322,223
Incyte Corp.*	63,500			6,169,660
Intercept Pharmaceuticals, Inc.*	11,200			2,831,472
Ironwood Pharmaceuticals, Inc.*	322,600			4,406,716
Medivation, Inc.*	42,900			5,179,746
Neurocrine Biosciences, Inc.*	86,350			2,943,671
Portola Pharmaceuticals, Inc.*	95,350			3,403,041
Receptos, Inc.*	22,300			3,285,682
United Therapeutics Corp.*	34,550			5,517,290
			54,224,981

- 49 -

THE ALGER FUNDS ALGER SMID CAP GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
BUILDING PRODUCTS—4.9%
Allegion PLC.	130,400	$		7,973,960
AO Smith Corp.	117,915			7,534,768
Fortune Brands Home & Security, Inc.	115,700			5,160,220
Lennox International, Inc.	71,700			7,597,332
Masonite International Corp.*	43,950			2,909,490
NCI Building Systems, Inc.*	297,250			4,601,430
			35,777,200
CABLE & SATELLITE—0.5%
AMC Networks, Inc.*	50,300			3,794,632
COMMODITY CHEMICALS—1.0%
Calgon Carbon Corp.	328,400			7,287,196
COMMUNICATIONS EQUIPMENT—1.3%
Arista Networks, Inc.*	51,850			3,318,919
ARRIS Group, Inc.*	180,950			6,093,491
				9,412,410
CONSTRUCTION & FARM MACHINERY & HEAVY
TRUCKS—0.9%
Wabtec Corp.	70,650			6,644,633
CONSTRUCTION MATERIALS—1.2%
Eagle Materials, Inc.	18,250			1,521,868
Vulcan Materials Co.	87,450			7,478,724
				9,000,592
CONSUMER ELECTRONICS—0.4%
Harman International Industries, Inc.	22,200			2,894,436
CONSUMER FINANCE—0.5%
PRA Group, Inc.*	64,850			3,552,159
DATA PROCESSING & OUTSOURCED SERVICES—4.8%
Broadridge Financial Solutions	120,050			6,473,096
Euronet Worldwide, Inc.*	84,850			4,962,028
MAXIMUS, Inc.	86,050			5,508,060
Total System Services, Inc.	97,900			3,872,924
Vantiv, Inc., CL. A*	199,750			7,810,225
WEX, Inc.*	55,752			6,283,808
			34,910,141
DISTRIBUTORS—0.6%
LKQ Corp.*	160,100			4,333,907
DRUG RETAIL—1.3%
Diplomat Pharmacy, Inc.*	110,400			3,954,528
Rite Aid Corp.*	729,750			5,626,373
				9,580,901
EDUCATION SERVICES—0.9%
Grand Canyon Education, Inc.*	141,215			6,394,215
ELECTRICAL COMPONENTS & EQUIPMENT—1.7%
Acuity Brands, Inc.	52,500			8,764,875

- 50 -

THE ALGER FUNDS ALGER SMID CAP GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
ELECTRICAL COMPONENTS & EQUIPMENT—(CONT.)
Hubbell, Inc., Cl. B	34,450	$		3,749,193
			12,514,068
ELECTRONIC COMPONENTS—0.9%
Belden, Inc.	74,950			6,292,052
ELECTRONIC EQUIPMENT MANUFACTURERS—0.6%
FEI Co.	59,100			4,459,686
ENVIRONMENTAL & FACILITIES SERVICES—0.9%
Waste Connections, Inc.	133,475			6,328,050
FOOD DISTRIBUTORS—0.8%
United Natural Foods, Inc.*	91,900			6,199,574
HEALTH CARE EQUIPMENT—1.4%
Abaxis, Inc.	35,100			2,246,400
DexCom, Inc.*	71,800			4,851,526
IDEXX Laboratories, Inc.*	22,500			2,820,825
				9,918,751
HEALTH CARE FACILITIES—2.1%
Acadia Healthcare Co., Inc.*	87,700			6,007,450
Healthsouth Corp.	115,600			5,227,432
Tenet Healthcare Corporation*	82,500			3,948,450
			15,183,332
HEALTH CARE SERVICES—0.7%
Team Health Holdings, Inc.*	84,350			5,024,730
HEALTH CARE SUPPLIES—1.0%
LDR Holding Corp.*	40,350			1,365,847
The Cooper Cos., Inc.	33,300			5,929,731
				7,295,578
HOME FURNISHING RETAIL—0.6%
Williams-Sonoma, Inc.	62,712			4,611,213
HOTELS RESORTS & CRUISE LINES—0.5%
La Quinta Holdings, Inc.*	153,700			3,701,096
HOUSEHOLD APPLIANCES—0.5%
Helen of Troy Ltd.*	42,350			3,710,283
HOUSEWARES & SPECIALTIES—1.0%
Jarden Corp.*	146,300			7,487,634
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.5%
Robert Half International, Inc.	66,900			3,709,605
INDUSTRIAL MACHINERY—1.4%
Graco, Inc.	52,400			3,752,888
Nordson Corp.	85,050			6,774,233
			10,527,121
INTERNET SOFTWARE & SERVICES—3.6%
Criteo SA#*	106,000			4,394,760
DealerTrack Holdings, Inc.*	126,750			4,982,542
Demandware, Inc.*	91,400			5,630,240

- 51 -

THE ALGER FUNDS ALGER SMID CAP GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
INTERNET SOFTWARE & SERVICES—(CONT.)
GrubHub, Inc.*	119,250	$		4,909,523
Limelight Networks, Inc.*	196,500			727,050
Shutterstock, Inc.*	82,200			5,547,678
			26,191,793
INVESTMENT BANKING & BROKERAGE—0.3%
Virtu Financial, Inc., Cl. A*	87,050			1,862,000
LEISURE PRODUCTS—0.7%
Brunswick Corp.	108,250			5,416,830
LIFE & HEALTH INSURANCE—0.7%
Symetra Financial Corp.	207,450			4,926,938
LIFE SCIENCES TOOLS & SERVICES—0.8%
Mettler-Toledo International, Inc.*	10,550			3,344,455
PRA Health Sciences, Inc.*	96,585			2,750,741
				6,095,196
MANAGED HEALTH CARE—1.1%
Centene Corp.*	88,400			5,479,916
WellCare Health Plans, Inc.*	32,900			2,547,447
				8,027,363
MARINE—0.3%
Kirby Corp.*	30,750			2,414,798
MOVIES & ENTERTAINMENT—0.9%
Lions Gate Entertainment Corp.	111,300			3,451,413
Rentrak Corp.*	65,600			3,109,440
				6,560,853
OIL & GAS EQUIPMENT & SERVICES—0.9%
US Silica Holdings, Inc.	78,000			2,913,300
Weatherford International PLC.*	274,050			3,987,427
				6,900,727
OIL & GAS EXPLORATION & PRODUCTION—1.6%
Diamondback Energy, Inc.*	54,600			4,508,322
Range Resources Corp.	50,000			3,178,000
Whiting Petroleum Corp.*	98,350			3,728,448
				11,414,770
OIL & GAS REFINING & MARKETING—0.4%
HollyFrontier Corp.	79,750			3,092,705
OIL & GAS STORAGE & TRANSPORTATION—0.8%
Cheniere Energy Partners LP Holdings LLC	219,800			5,560,940
PACKAGED FOODS & MEATS—0.8%
Hain Celestial Group, Inc.*	92,850			5,593,284
PAPER PACKAGING—1.7%
Graphic Packaging Holding Co.	448,700			6,326,670
Packaging Corp., of America	93,050			6,438,130
			12,764,800
PHARMACEUTICALS—2.7%
Aerie Pharmaceuticals, Inc.*	107,800			1,039,192

- 52 -

THE ALGER FUNDS ALGER SMID CAP GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
PHARMACEUTICALS—(CONT.)
Jazz Pharmaceuticals PLC.*	24,650	$		4,404,955
Lannett Co., Inc.*	61,300			3,524,750
Mallinckrodt PLC.*	42,400			4,798,832
Pacira Pharmaceuticals, Inc.*	38,650			2,646,752
Tetraphase Pharmaceuticals, Inc.*	85,150			3,004,092
			19,418,573
RAILROADS—1.0%
Genesee & Wyoming, Inc., Cl. A*	75,500			7,017,725
REAL ESTATE SERVICES—0.5%
Jones Lang LaSalle, Inc.	23,185			3,850,101
REGIONAL BANKS—2.3%
Investors Bancorp, Inc.	728,700			8,627,808
Signature Bank*	59,550			7,985,060
			16,612,868
RESEARCH & CONSULTING SERVICES—0.7%
CoStar Group, Inc.*	26,450			5,407,173
RESTAURANTS—3.8%
Bloomin' Brands, Inc.	297,850			6,749,281
Diamond Resorts International, Inc.*	157,050			5,027,170
Jack in the Box, Inc.	59,400			5,154,138
Papa John's International, Inc.	97,600			5,989,712
Restaurant Brands International, Inc.	116,900			4,767,182
			27,687,483
SEMICONDUCTOR EQUIPMENT—1.2%
Lam Research Corp.	39,668			2,998,107
SunEdison, Inc.*	227,700			5,765,364
				8,763,471
SEMICONDUCTORS—2.6%
Cavium Networks, Inc.*	57,400			3,718,946
Microsemi Corp.*	179,350			5,983,116
Qorvo, Inc.*	54,125			3,567,379
Skyworks Solutions, Inc.	58,800			5,424,300
			18,693,741
SPECIALIZED CONSUMER SERVICES—0.9%
Service Corp. International	239,150			6,619,672
SPECIALTY CHEMICALS—1.6%
Axalta Coating Systems Ltd.*	156,600			4,804,488
PolyOne Corp.	172,300			6,728,315
				11,532,803
SPECIALTY STORES—3.4%
Cabela's, Inc.*	84,350			4,448,619
Party City Holdco, Inc.*	88,000			1,829,520
Signet Jewelers Ltd.	46,400			6,223,632
The Michaels Cos, Inc.*	226,900			5,867,634
Ulta Salon, Cosmetics & Fragrance, Inc.*	44,800			6,768,832
			25,138,237

- 53 -

THE ALGER FUNDS ALGER SMID CAP GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
SYSTEMS SOFTWARE—2.7%
Proofpoint, Inc.*	124,550	$		6,723,209
ServiceNow, Inc.*	89,650			6,711,199
Tableau Software, Inc., Cl. A*	37,000			3,620,080
TubeMogul, Inc.*	202,450			2,915,280
			19,969,768
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.0%
Electronics For Imaging, Inc.*	115,700			4,828,161
Super Micro Computer, Inc.*	97,750			2,812,268
				7,640,429
TRADING COMPANIES & DISTRIBUTORS—1.2%
HD Supply Holdings, Inc.*	266,950			8,809,350
TRUCKING—0.8%
Saia, Inc.*	141,100			5,749,825
TOTAL COMMON STOCKS
(Cost $571,555,208)			681,749,686
PREFERRED STOCKS—0.8%	SHARES			VALUE
APPLICATION SOFTWARE—0.4%
Palantir Technologies, Inc., Cl. B*^,@	331,607			2,357,726
Palantir Technologies, Inc., Cl. D*^,@	43,203			307,173
				2,664,899
BIOTECHNOLOGY—0.1%
Prosetta Biosciences, Inc.*^,@,(a)	231,474			1,041,633
PHARMACEUTICALS—0.3%
Intarcia Therapeutics, Inc.*^,@	49,317			2,169,948
TOTAL PREFERRED STOCKS
(Cost $5,114,017)				5,876,480
MASTER LIMITED PARTNERSHIP—0.4%	SHARES			VALUE
INVESTMENT BANKING & BROKERAGE—0.4%
Lazard Ltd., Cl. A	60,400			3,203,012
(Cost $2,986,647)				3,203,012
REAL ESTATE INVESTMENT TRUST—3.7%	SHARES			VALUE
HOTELS & RESORTS—0.9%
Pebblebrook Hotel Trust	155,250			6,666,435
OFFICE—1.1%
Alexandria Real Estate Equities, Inc.	28,400			2,623,592
CyrusOne, Inc.	157,150			5,104,232
				7,727,824
SPECIALIZED—1.7%
Lamar Advertising Co.	113,150			6,558,174

- 54 -

THE ALGER FUNDS ALGER SMID CAP GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


REAL ESTATE INVESTMENT TRUST—(CONT.)	SHARES	VALUE
SPECIALIZED—(CONT.)
Sovran Self Storage, Inc.	65,650	$ 5,733,871
		12,292,045
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $24,014,326)		26,686,304
Total Investments
(Cost $603,670,198)^(b)	98.3%	717,515,482
Other Assets in Excess of Liabilities	1.7%	12,065,882
NET ASSETS	100.0%	$ 729,581,364

# American Depositary Receipts.
(a) Deemed an affiliate of the Alger fund complex during the year for purposes of Section 2(a)(3) of the Investment Company Act
of 1940. See Affiliated Securities in Notes to Financial Statements.
(b) At April 30, 2015, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
$606,002,119, amounted to $111,513,363 which consisted of aggregate gross unrealized appreciation of $126,049,005 and
aggregate gross unrealized depreciation of $14,535,642.
* Non-income producing security.
@ Restricted security - Investment in security not registered under the Securities Act of 1933. The investment is deemed to not be
liquid and may be sold only to qualified buyers.


Security	Acquisition Date(s)	Cost	Market Value	% of net assets
Intarcia Therapeutics, Inc.	3/24/2014	$1,597,378	$2,169,948	0.30%
Palantir Technologies, Inc., Cl. A	10/07/2014	529,084	578,114	0.08%
Palantir Technologies, Inc., Cl. B	10/07/2014	2,189,744	2,357,726	0.33%
Palantir Technologies, Inc., Cl. D	10/14/2014	285,262	307,173	0.04%
Prosetta Biosciences, Inc.	2/06/2015	1,041,633	1,041,633	0.14%
Total			$6,454,594	0.89%



*See Notes to Financial Statements*

- 55 -

THE ALGER FUNDS ALGER SMALL CAP GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited)


COMMON STOCKS—96.8%	SHARES			VALUE
AEROSPACE & DEFENSE—1.6%
Esterline Technologies Corp.*	13,520	$		1,504,641
Hexcel Corp.	42,100			2,111,315
				3,615,956
AIRLINES—0.7%
Spirit Airlines, Inc.*	22,800			1,561,116
APPAREL ACCESSORIES & LUXURY GOODS—1.1%
G-III Apparel Group Ltd.*	22,600			2,512,668
APPLICATION SOFTWARE—14.3%
ACI Worldwide, Inc.*	161,400			3,717,042
American Software, Inc., Cl. A	296,700			2,880,957
ANSYS, Inc.*	18,300			1,570,872
Blackbaud, Inc.	49,200			2,486,076
Fair Isaac Corp.	13,100			1,158,826
Guidewire Software, Inc.*	58,500			2,922,075
Manhattan Associates, Inc.*	63,700			3,348,072
NetScout Systems, Inc.*	35,400			1,454,940
PROS Holdings, Inc.*	149,750			3,328,942
SolarWinds, Inc.*	56,300			2,746,314
Synchronoss Technologies, Inc.*	52,600			2,413,288
Tyler Technologies, Inc.*	37,800			4,609,710
				32,637,114
ASSET MANAGEMENT & CUSTODY BANKS—1.1%
WisdomTree Investments, Inc.	135,000			2,570,400
AUTO PARTS & EQUIPMENT—1.7%
American Axle & Manufacturing Holdings, Inc.*	76,300			1,902,159
Tenneco, Inc.*	32,000			1,870,400
				3,772,559
AUTOMOTIVE RETAIL—0.7%
Lithia Motors, Inc., Cl. A	16,400			1,635,572
BIOTECHNOLOGY—8.8%
Bluebird Bio, Inc.*	12,400			1,651,556
Celldex Therapeutics, Inc.*	45,900			1,101,600
Cepheid, Inc.*	43,900			2,462,790
Clovis Oncology, Inc.*	17,400			1,398,264
Dyax Corp.*	21,500			514,065
Incyte Corp.*	20,500			1,991,780
Intercept Pharmaceuticals, Inc.*	4,700			1,188,207
Ironwood Pharmaceuticals, Inc.*	119,400			1,631,004
Isis Pharmaceuticals, Inc.*	22,100			1,253,512
Juno Therapeutics, Inc.*	12,400			529,976
Neurocrine Biosciences, Inc.*	37,200			1,268,148
Portola Pharmaceuticals, Inc.*	39,600			1,413,324
Receptos, Inc.*	9,900			1,458,666
TESARO, Inc.*	23,200			1,263,704
Ultragenyx Pharmaceutical, Inc.*	17,400			981,882
			20,108,478

- 56 -

THE ALGER FUNDS ALGER SMALL CAP GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES		VALUE
BUILDING PRODUCTS—1.7%
AO Smith Corp.	35,500	$	2,268,450
NCI Building Systems, Inc.*	106,900		1,654,812
			3,923,262
COMMODITY CHEMICALS—0.9%
Calgon Carbon Corp.	97,100		2,154,649
COMMUNICATIONS EQUIPMENT—0.7%
ARRIS Group, Inc.*	45,000		1,515,375
CONSUMER FINANCE—0.5%
PRA Group, Inc.*	21,500		1,177,662
DATA PROCESSING & OUTSOURCED SERVICES—2.2%
Euronet Worldwide, Inc.*	16,700		976,616
MAXIMUS, Inc.	30,400		1,945,904
WEX, Inc.*	17,675		1,992,149
			4,914,669
DRUG RETAIL—0.3%
Diplomat Pharmacy, Inc.*	17,700		634,014
EDUCATION SERVICES—0.8%
Grand Canyon Education, Inc.*	40,100		1,815,728
ELECTRONIC COMPONENTS—2.2%
Belden, Inc.	10,300		864,685
Dolby Laboratories Inc., Cl. A	27,800		1,119,228
DTS, Inc.*	83,200		2,982,720
			4,966,633
ELECTRONIC EQUIPMENT MANUFACTURERS—5.1%
Cognex Corp.*	56,700		2,545,263
FEI Co.	81,300		6,134,898
FLIR Systems, Inc.	97,800		3,021,042
			11,701,203
FOOD DISTRIBUTORS—0.8%
United Natural Foods, Inc.*	28,000		1,888,880
FOOD RETAIL—0.8%
Smart & Final Stores, Inc.*	109,600		1,898,272
FOOTWEAR—0.9%
Skechers U.S.A. Inc., Cl. A*	22,200		1,996,224
GENERAL MERCHANDISE STORES—1.3%
Burlington Stores, Inc.*	36,600		1,887,462
Tuesday Morning Corp.*	72,900		1,153,278
			3,040,740
HEALTH CARE EQUIPMENT—5.4%
Abaxis, Inc.	59,000		3,776,000
Cantel Medical Corp.	74,800		3,350,292
Cyberonics, Inc.*	22,800		1,388,748
DexCom, Inc.*	16,900		1,141,933

- 57 -

THE ALGER FUNDS ALGER SMALL CAP GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
HEALTH CARE EQUIPMENT—(CONT.)
GenMark Diagnostics, Inc.*	275,800	$		2,647,680
			12,304,653
HEALTH CARE FACILITIES—1.1%
Acadia Healthcare Co., Inc.*	18,700			1,280,950
Healthsouth Corp.	25,600			1,157,632
				2,438,582
HEALTH CARE SERVICES—0.9%
Team Health Holdings, Inc.*	32,600			1,941,982
HEALTH CARE SUPPLIES—2.4%
Neogen Corp.*	71,700			3,193,518
Quidel Corp.*	100,300			2,336,990
				5,530,508
HEALTH CARE TECHNOLOGY—3.2%
MedAssets, Inc.*	119,400			2,416,656
Medidata Solutions, Inc.*	92,200			4,926,246
				7,342,902
HOMEFURNISHING RETAIL—0.5%
Restoration Hardware Holdings, Inc.*	14,000			1,206,380
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.4%
On Assignment, Inc.*	29,800			1,002,770
INDUSTRIAL MACHINERY—2.8%
Proto Labs, Inc.*	50,700			3,549,000
Sun Hydraulics Corp.	72,600			2,824,866
				6,373,866
INTERNET SOFTWARE & SERVICES—6.6%
Criteo SA#*	55,000			2,280,300
Demandware, Inc.*	62,700			3,862,320
GrubHub, Inc.*	15,700			646,369
NIC, Inc.	96,700			1,643,900
Shutterstock, Inc.*	41,000			2,767,090
SPS Commerce, Inc.*	57,100			3,726,346
			14,926,325
INVESTMENT BANKING & BROKERAGE—0.5%
Evercore Partners, Inc., Cl. A	23,900			1,152,936
Virtu Financial, Inc., Cl. A*	2,500			53,475
				1,206,411
LEISURE PRODUCTS—0.8%
Brunswick Corp.	34,911			1,746,946
LIFE & HEALTH INSURANCE—0.4%
American Equity Investment Life Holding Co.	31,578			851,027
LIFE SCIENCES TOOLS & SERVICES—2.3%
Bio-Techne Corp.	38,100			3,656,076
PRA Health Sciences, Inc.*	55,000			1,566,400
				5,222,476

- 58 -

THE ALGER FUNDS ALGER SMALL CAP GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES		VALUE
MANAGED HEALTH CARE—0.7%
Molina Healthcare, Inc.*	28,500	$	1,688,055
MOVIES & ENTERTAINMENT—0.7%
Rentrak Corp.*	33,500		1,587,900
OIL & GAS EQUIPMENT & SERVICES—0.5%
US Silica Holdings, Inc.	31,600		1,180,260
OIL & GAS EXPLORATION & PRODUCTION—2.0%
Diamondback Energy, Inc.*	21,400		1,766,998
Oasis Petroleum, Inc.*	66,200		1,187,628
QEP Resources, Inc.	73,800		1,660,500
			4,615,126
OIL & GAS REFINING & MARKETING—0.4%
Delek US Holdings, Inc.	21,600		797,472
PAPER PACKAGING—0.7%
Graphic Packaging Holding Co.	117,300		1,653,930
PHARMACEUTICALS—0.8%
Aerie Pharmaceuticals, Inc.*	38,500		371,140
Lannett Co., Inc.*	9,000		517,500
Pacira Pharmaceuticals, Inc.*	11,900		814,912
			1,703,552
REGIONAL BANKS—1.6%
Bank of the Ozarks, Inc.	40,500		1,569,780
Investors Bancorp, Inc.	176,200		2,086,208
			3,655,988
RENEWABLE ELECTRICITY—0.7%
TerraForm Power, Inc., Cl. A	41,800		1,652,354
RESTAURANTS—4.0%
Bloomin' Brands, Inc.	78,300		1,774,278
Diamond Resorts International, Inc.*	33,400		1,069,134
Fiesta Restaurant Group, Inc.*	46,100		2,330,355
Jack in the Box, Inc.	18,600		1,613,922
Papa John's International, Inc.	36,399		2,233,807
			9,021,496
SEMICONDUCTORS—2.8%
Cavium Networks, Inc.*	17,800		1,153,262
Diodes, Inc.*	26,300		702,736
Microsemi Corp.*	58,097		1,938,116
Monolithic Power Systems, Inc.	21,600		1,119,528
Qorvo, Inc.*	22,225		1,464,850
			6,378,492
SPECIALTY CHEMICALS—1.5%
Balchem Corp.	66,500		3,485,930
SPECIALTY STORES—0.7%
Five Below, Inc.*	50,155		1,691,227

- 59 -

THE ALGER FUNDS ALGER SMALL CAP GROWTH FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES		VALUE
SYSTEMS SOFTWARE—2.1%
Proofpoint, Inc.*	15,900	$	858,282
Rovi Corp.*	93,400		1,728,834
TubeMogul, Inc.*	153,449		2,209,666
			4,796,782
TRADING COMPANIES & DISTRIBUTORS—0.8%
Watsco, Inc.	15,000		1,804,350
TRUCKING—1.3%
Saia, Inc.*	42,600		1,735,950
Swift Transportation Co.*	46,700		1,130,140
			2,866,090
TOTAL COMMON STOCKS
(Cost $197,057,655)		220,715,006
PREFERRED STOCKS—0.3%	SHARES		VALUE
BIOTECHNOLOGY—0.1%
Prosetta Biosciences, Inc.*^,@,(a)	50,688		228,096
PHARMACEUTICALS—0.2%
Tolero Pharmaceuticals, Inc.*^,@,(a)	148,237		447,098
TOTAL PREFERRED STOCKS
(Cost $675,194)			675,194
RIGHTS—–%	SHARES		VALUE
BIOTECHNOLOGY—–%
Neuralstem, Inc., 1/8/2019*	77,950		–
(Cost $0)			–
REAL ESTATE INVESTMENT TRUST—2.2%	SHARES		VALUE
HOTELS & RESORTS—0.7%
Pebblebrook Hotel Trust	39,346		1,689,517
OFFICE—0.6%
Dupont Fabros Technology, Inc.	44,700		1,392,405
SPECIALIZED—0.9%
Sovran Self Storage, Inc.	22,200		1,938,948
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $4,299,507)			5,020,870
Total Investments
(Cost $202,032,356)^(b)	99.3%	226,411,070
Other Assets in Excess of Liabilities	0.7%		1,528,603
NET ASSETS	100.0%	$	227,939,673

# American Depositary Receipts.
(a) Deemed an affiliate of the Alger fund complex during the year for purposes of Section 2(a)(3) of the
Investment Company Act of 1940. See Affiliated Securities in Notes to Financial Statements.
(b) At April 30, 2015, the net unrealized appreciation on investments, based on cost for federal income tax
purposes of $202,931,563, amounted to $23,479,507 which consisted of aggregate gross unrealized
appreciation of $30,761,431 and aggregate gross unrealized depreciation of $7,281,924.
* Non-income producing security.

- 60 -

THE ALGER FUNDS ALGER GROWTH OPPORTUNITES FUND
Schedule of Investments April 30, 2015 (Unaudited)


COMMON STOCKS—90.4%	SHARES		VALUE
APPLICATION SOFTWARE—23.8%
ACI Worldwide, Inc.*	32,745	$	754,117
American Software, Inc., Cl. A	58,620		569,200
ANSYS, Inc.*	2,900		248,936
Blackbaud, Inc.	11,005		556,083
Fair Isaac Corp.	2,695		238,400
Guidewire Software, Inc.*	11,660		582,417
Manhattan Associates, Inc.*	12,610		662,782
NetScout Systems, Inc.*	7,405		304,345
PROS Holdings, Inc.*	30,760		683,795
SolarWinds, Inc.*	11,150		543,897
Synchronoss Technologies, Inc.*	7,480		343,182
Tyler Technologies, Inc.*	3,540		431,703
			5,918,857
ASSET MANAGEMENT & CUSTODY BANKS—1.7%
WisdomTree Investments, Inc.	21,755		414,215
BIOTECHNOLOGY—3.9%
Cepheid, Inc.*	9,625		539,962
Incyte Corp.*	4,460		433,334
			973,296
ELECTRONIC COMPONENTS—3.9%
Dolby Laboratories Inc., Cl. A	5,935		238,943
DTS, Inc.*	20,545		736,538
			975,481
ELECTRONIC EQUIPMENT MANUFACTURERS—6.3%
Cognex Corp.*	8,190		367,649
FEI Co.	7,905		596,511
FLIR Systems, Inc.	19,460		601,120
			1,565,280
HEALTH CARE EQUIPMENT—9.8%
Abaxis, Inc.	12,115		775,360
Cantel Medical Corp.	15,405		689,990
Cyberonics, Inc.*	7,155		435,811
GenMark Diagnostics, Inc.*	55,615		533,904
			2,435,065
HEALTH CARE SUPPLIES—5.3%
Align Technology, Inc.*	2,145		126,212
Neogen Corp.*	16,005		712,863
Quidel Corp.*	21,160		493,028
			1,332,103
HEALTH CARE TECHNOLOGY—5.3%
MedAssets, Inc.*	23,675		479,182
Medidata Solutions, Inc.*	15,530		829,768
			1,308,950
INDUSTRIAL MACHINERY—4.9%
Proto Labs, Inc.*	10,610		742,700

- 62 -

THE ALGER FUNDS ALGER GROWTH OPPORTUNITES FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES		VALUE
INDUSTRIAL MACHINERY—(CONT.)
Sun Hydraulics Corp.	12,350	$	480,539
			1,223,239
INTERNET SOFTWARE & SERVICES—11.2%
Criteo SA#*	12,020		498,349
Demandware, Inc.*	11,840		729,344
NIC, Inc.	27,500		467,500
Shutterstock, Inc.*	7,240		488,628
SPS Commerce, Inc.*	9,240		603,002
			2,786,823
LIFE SCIENCES TOOLS & SERVICES—2.9%
Bio-Techne Corp.	7,460		715,862
MOVIES & ENTERTAINMENT—1.0%
Rentrak Corp.*	5,080		240,792
RESEARCH & CONSULTING SERVICES—0.9%
CoStar Group, Inc.*	1,100		224,873
RESTAURANTS—2.1%
Fiesta Restaurant Group, Inc.*	10,180		514,599
SEMICONDUCTOR EQUIPMENT—0.7%
SunEdison, Inc.*	7,115		180,152
SEMICONDUCTORS—0.6%
Diodes, Inc.*	5,820		155,510
SPECIALTY CHEMICALS—2.8%
Balchem Corp.	13,165		690,109
SYSTEMS SOFTWARE—3.3%
Rovi Corp.*	19,495		360,852
TubeMogul, Inc.*	32,650		470,160
			831,012
TOTAL COMMON STOCKS
(Cost $21,961,765)			22,486,218
PREFERRED STOCKS—0.3%	SHARES		VALUE
PHARMACEUTICALS—0.3%
Intarcia Therapeutics, Inc.*^,@	759		33,396
Tolero Pharmaceuticals, Inc.*^,@,(a)	10,097		30,454
			63,850
TOTAL PREFERRED STOCKS
(Cost $55,037)			63,850
Total Investments
(Cost $22,016,802)^(b)	90.7%		22,550,068
Other Assets in Excess of Liabilities	9.3%		2,309,854
NET ASSETS	100.0%	$	24,859,922

THE ALGER FUNDS ALGER GROWTH OPPORTUNITES FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)

(b) At April 30, 2015, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
$22,033,616, amounted to $516,452 which consisted of aggregate gross unrealized appreciation of $1,138,354 and aggregate
gross unrealized depreciation of $621,902.
* Non-income producing security.
@ Restricted security - Investment in security not registered under the Securities Act of 1933. The investment is deemed to not be
liquid and may be sold only to qualified buyers.


Security	Acquisition Date(s)	Cost	Market Value	% of net assets
Intarcia Therapeutics, Inc.	3/27/2014	$24,583	$33,396	0.14%
Tolero Pharmaceuticals, Inc.	10/31/2014	30,454	30,454	0.12%
Total			$63,850	0.26%



*See Notes to Financial Statements.*

- 64 -

THE ALGER FUNDS ALGER HEALTH SCIENCES FUND
Schedule of Investments April 30, 2015 (Unaudited)


COMMON STOCKS—89.4%	SHARES		VALUE
BIOTECHNOLOGY—36.7%
ACADIA Pharmaceuticals, Inc.*	34,800	$	1,189,116
Aduro Biotech, Inc.*	16,950		430,530
Alexion Pharmaceuticals, Inc.*	12,150		2,056,144
Amicus Therapeutics, Inc.*	143,550		1,444,113
Anacor Pharmaceuticals, Inc.*	32,900		1,733,501
Atara Biotherapeutics, Inc.*	5,400		223,830
Avalanche Biotechnologies, Inc.*	16,600		528,876
Bavarian Nordic A/S*	17,450		823,930
Biogen, Inc.*	22,150		8,282,549
BioMarin Pharmaceutical, Inc.*	31,550		3,535,177
Bluebird Bio, Inc.*	16,350		2,177,656
Blueprint Medicines Corp.*	15,000		283,050
Calithera Biosciences, Inc.*	21,250		212,712
Celgene Corp.*	9,350		1,010,361
Celldex Therapeutics, Inc.*	64,300		1,543,200
Cepheid, Inc.*	8,600		482,460
Chimerix, Inc.*	28,300		962,200
Clovis Oncology, Inc.*	18,500		1,486,660
Coherus Biosciences, Inc.*	25,000		544,250
Dyax Corp.*	37,000		884,670
Gilead Sciences, Inc.*	91,100		9,156,461
Halozyme Therapeutics, Inc.*	76,150		1,132,350
Incyte Corp.*	28,500		2,769,060
Insys Therapeutics, Inc.*	10,450		549,357
Intercept Pharmaceuticals, Inc.*	22,600		5,713,506
Ironwood Pharmaceuticals, Inc.*	209,800		2,865,868
Juno Therapeutics, Inc.*	18,750		801,375
Karyopharm Therapeutics, Inc.*	16,200		439,992
Kite Pharma, Inc.*	11,950		602,041
Medivation, Inc.*	27,250		3,290,165
Neurocrine Biosciences, Inc.*	38,850		1,324,397
Novavax, Inc.*	78,650		607,965
Otonomy, Inc.*	23,600		619,264
Pfenex, Inc.*	32,650		435,878
Portola Pharmaceuticals, Inc.*	41,700		1,488,273
Puma Biotechnology, Inc.*	3,500		632,030
Receptos, Inc.*	13,950		2,055,393
Regeneron Pharmaceuticals, Inc.*	6,550		2,996,363
Spark Therapeutics, Inc.*	9,500		544,065
T2 Biosystems, Inc.*	35,200		544,544
TG Therapeutics, Inc.*	73,000		1,019,080
Ultragenyx Pharmaceutical, Inc.*	7,400		417,582
United Therapeutics Corp.*	17,750		2,834,498
Vericel Corp.*	196,093		649,068
Vertex Pharmaceuticals, Inc.*	17,300		2,132,744
		75,456,304
DRUG RETAIL—3.6%
CVS Caremark Corp.	18,500		1,836,865

- 65 -

THE ALGER FUNDS ALGER HEALTH SCIENCES FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
DRUG RETAIL—(CONT.)
Diplomat Pharmacy, Inc.*	54,000	$		1,934,280
Rite Aid Corp.*	215,800			1,663,818
Walgreens Boots Alliance, Inc.	23,250			1,928,123
				7,363,086
HEALTH CARE DISTRIBUTORS—1.8%
AmerisourceBergen Corp., Cl. A	20,100			2,297,430
McKesson Corp.	6,650			1,485,610
				3,783,040
HEALTH CARE EQUIPMENT—4.5%
ABIOMED, Inc.*	13,550			856,631
Becton Dickinson and Co.	4,650			655,045
DexCom, Inc.*	32,850			2,219,674
Edwards Lifesciences Corp.*	8,150			1,032,198
Hill-Rom Holdings, Inc.	15,250			761,585
Hologic, Inc.*	43,700			1,474,438
Intuitive Surgical, Inc.*	600			297,588
Nevro Corp.*	25,700			1,157,014
Ocular Therapeutix, Inc.*	35,307			774,989
				9,229,162
HEALTH CARE FACILITIES—7.7%
Acadia Healthcare Co., Inc.*	35,400			2,424,900
HCA Holdings, Inc.*	80,600			5,965,206
Tenet Healthcare Corporation*	110,050			5,266,993
Universal Health Services, Inc., Cl. B	9,250			1,081,787
VCA Antech, Inc.*	20,300			1,034,691
			15,773,577
HEALTH CARE SERVICES—1.6%
Omnicare, Inc.	28,050			2,467,839
Team Health Holdings, Inc.*	12,200			726,754
				3,194,593
HEALTH CARE SUPPLIES—0.3%
The Cooper Cos., Inc.	2,950			525,307
LIFE SCIENCES TOOLS & SERVICES—2.1%
PerkinElmer, Inc.	25,900			1,327,634
PRA Health Sciences, Inc.*	39,300			1,119,264
Thermo Fisher Scientific, Inc.	8,600			1,080,848
Waters Corp.*	7,050			882,590
				4,410,336
MANAGED HEALTH CARE—8.6%
Aetna, Inc.	17,100			1,827,477
Centene Corp.*	24,450			1,515,655
Cigna Corp.	44,400			5,534,016
HealthEquity, Inc.*	36,300			951,423
Humana, Inc.	29,550			4,893,480
UnitedHealth Group, Inc.	20,200			2,250,280
WellCare Health Plans, Inc.*	10,600			820,758
			17,793,089

- 66 -

THE ALGER FUNDS ALGER HEALTH SCIENCES FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES		VALUE
PHARMACEUTICALS—22.5%
Actavis PLC.*	31,217	$	8,830,041
Aerie Pharmaceuticals, Inc.*	87,050		839,162
Akorn, Inc.*	34,050		1,417,842
Bristol-Myers Squibb Co.	84,500		5,385,185
Cempra, Inc.*	30,700		966,743
Dermira, Inc.*	40,000		590,000
Emmaus Life Sciences, Inc.*^,@	479,063		1,676,720
Foamix Pharmaceuticals Ltd.*	138,500		1,373,920
Intra-Cellular Therapies, Inc.*	32,450		663,603
Jazz Pharmaceuticals PLC.*	15,800		2,823,460
Lannett Co., Inc.*	26,650		1,532,375
Mallinckrodt PLC.*	36,700		4,153,706
Novo Nordisk A/S#	23,850		1,342,039
Pacira Pharmaceuticals, Inc.*	36,450		2,496,096
Perrigo Co., PLC.	7,000		1,282,960
Pfizer, Inc.	64,850		2,200,361
Shire PLC.#	31,850		7,755,793
Tetraphase Pharmaceuticals, Inc.*	28,200		994,896
		46,324,902
TOTAL COMMON STOCKS
(Cost $158,787,753)		183,853,396
PREFERRED STOCKS—5.5%	SHARES		VALUE
BIOTECHNOLOGY—2.0%
Prosetta Biosciences, Inc.*^,@,(a)	897,366		4,038,147
PHARMACEUTICALS—3.5%
Catabasis Pharmaceuticals, Inc.*^,@,(a)	2,104,599		2,000,000
Intarcia Therapeutics, Inc.*^,@	8,965		394,460
Tolero Pharmaceuticals, Inc.*^,@,(a)	1,638,547		4,942,022
			7,336,482
TOTAL PREFERRED STOCKS
(Cost $11,270,545)			11,374,629
RIGHTS—–%	SHARES		VALUE
BIOTECHNOLOGY—–%
Neuralstem, Inc., 1/8/2019*	344,125		–
PHARMACEUTICALS—–%
Emmaus Life Sciences, Inc., 9/11/2018*^,@	320,000		–
TOTAL RIGHTS
(Cost $0)			–
Total Investments
(Cost $170,058,298)^(b)	94.9%	195,228,025
Other Assets in Excess of Liabilities	5.1%	10,525,275
NET ASSETS	100.0%	$	205,753,300

- 67 -

THE ALGER FUNDS ALGER HEALTH SCIENCES FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)

# American Depositary Receipts.
(a) Deemed an affiliate of the Alger fund complex during the year for purposes of Section 2(a)(3) of the
Investment Company Act of 1940. See Affiliated Securities in Notes to Financial Statements.
(b) At April 30, 2015, the net unrealized appreciation on investments, based on cost for federal income tax
purposes of $173,365,066, amounted to $21,862,959 which consisted of aggregate gross unrealized
appreciation of $31,308,939 and aggregate gross unrealized depreciation of $9,445,980.
* Non-income producing security.
@ Restricted security - Investment in security not registered under the Securities Act of 1933. The investment is
deemed to not be liquid and may be sold only to qualified buyers.


Security	Acquisition Date(s)	Cost	Market Value	% of net assets
Catabasis Pharmaceuticals, Inc.	3/16/2015 $2,000,000		$2,000,000	0.97%
Emmaus Life Sciences, Inc.	9/09/2013	1,120,000	1,120,000	0.55%
Emmaus Life Sciences, Inc.	6/06/2014	556,720	556,720	0.27%
Emmaus Life Sciences, Inc.	9/09/2013	0	0	0.00%
Intarcia Therapeutics, Inc.	3/27/2014	290,376	394,460	0.20%
Prosetta Biosciences, Inc.	2/06/2015 4,038,147		4,038,147	1.96%
Tolero Pharmaceuticals, Inc.	8/01/2014	3,914,286	3,914,286	1.60%
Tolero Pharmaceuticals, Inc.	10/31/2014	1,027,736	1,027,736	0.80%
Total			$13,051,349	6.35%



*See Notes to Financial Statements*

- 68 -

THE ALGER FUNDS ALGER GROWTH & INCOME FUND
Schedule of Investments April 30, 2015 (Unaudited)


COMMON STOCKS—89.1%	SHARES		VALUE
ADVERTISING—0.0%
Choicestream, Inc.*^,@,(a)	5,064	$	2,431
AEROSPACE & DEFENSE—4.5%
General Dynamics Corp.	7,200		988,704
Honeywell International, Inc.	19,700		1,988,124
The Boeing Co.	12,020		1,722,947
			4,699,775
AIR FREIGHT & LOGISTICS—0.7%
United Parcel Service, Inc., Cl. B	7,300		733,869
AIRPORT SERVICES—0.8%
Macquarie Infrastructure Co., LLC	9,780		809,393
APPAREL RETAIL—1.0%
L Brands, Inc.	11,300		1,009,768
ASSET MANAGEMENT & CUSTODY BANKS—2.0%
Ameriprise Financial, Inc.	4,200		526,176
BlackRock, Inc.	4,400		1,601,336
			2,127,512
AUTO PARTS & EQUIPMENT—1.9%
Delphi Automotive PLC.	17,700		1,469,100
Johnson Controls, Inc.	9,700		488,686
			1,957,786
AUTOMOBILE MANUFACTURERS—0.5%
General Motors Co.	15,300		536,418
BIOTECHNOLOGY—0.8%
Gilead Sciences, Inc.*	8,600		864,386
BREWERS—0.5%
Molson Coors Brewing Co., Cl. B	6,900		507,219
CABLE & SATELLITE—1.5%
Comcast Corporation, Cl. A	26,800		1,547,968
CASINOS & GAMING—0.5%
Las Vegas Sands Corp.	9,500		502,360
COMMUNICATIONS EQUIPMENT—1.9%
Cisco Systems, Inc.	41,100		1,184,913
QUALCOMM, Inc.	12,100		822,800
			2,007,713
CONSUMER ELECTRONICS—0.5%
Garmin Ltd.	11,100		501,609
CONSUMER FINANCE—0.6%
Discover Financial Services	11,800		684,046
DATA PROCESSING & OUTSOURCED SERVICES—0.6%
Xerox Corp.	59,400		683,100
DIVERSIFIED BANKS—4.6%
JPMorgan Chase & Co.	40,461		2,559,563

- 69 -

THE ALGER FUNDS ALGER GROWTH & INCOME FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES		VALUE
DIVERSIFIED BANKS—(CONT.)
Wells Fargo & Co.	40,900	$	2,253,590
			4,813,153
DIVERSIFIED CHEMICALS—0.8%
The Dow Chemical Co.	16,500		841,500
DRUG RETAIL—2.0%
CVS Caremark Corp.	15,600		1,548,924
Walgreens Boots Alliance, Inc.	6,400		530,752
			2,079,676
FERTILIZERS & AGRICULTURAL CHEMICALS—0.4%
Potash Corporation of Saskatchewan, Inc.	13,800		450,432
GENERAL MERCHANDISE STORES—1.2%
Target Corp.	16,500		1,300,695
HEALTH CARE EQUIPMENT—1.3%
Becton Dickinson and Co.	5,400		760,698
St. Jude Medical, Inc.	8,100		567,405
			1,328,103
HOME IMPROVEMENT RETAIL—1.9%
The Home Depot, Inc.	18,500		1,979,130
HOTELS RESORTS & CRUISE LINES—0.9%
Royal Caribbean Cruises Ltd.	14,000		952,840
HOUSEHOLD PRODUCTS—1.4%
The Procter & Gamble Co.	19,025		1,512,678
HYPERMARKETS & SUPER CENTERS—1.1%
Wal-Mart Stores, Inc.	14,500		1,131,725
INDUSTRIAL CONGLOMERATES—2.1%
General Electric Co.	82,800		2,242,224
INTEGRATED OIL & GAS—4.0%
Exxon Mobil Corp.	33,000		2,883,210
Royal Dutch Shell PLC.#	21,400		1,357,402
			4,240,612
INTEGRATED TELECOMMUNICATION SERVICES—3.2%
AT&T, Inc.	30,300		1,049,592
Verizon Communications, Inc.	45,229		2,281,351
			3,330,943
INTERNET SOFTWARE & SERVICES—2.8%
Facebook, Inc., Cl. A*	10,000		787,700
Google, Inc., Cl. A*	2,005		1,100,284
Google, Inc., Cl. C*	2,010		1,080,053
			2,968,037
INVESTMENT BANKING & BROKERAGE—2.4%
Morgan Stanley	51,500		1,921,465
TD Ameritrade Holding Corp.	15,000		543,750
Virtu Financial, Inc., Cl. A*	1,100		23,529
			2,488,744

- 70 -

THE ALGER FUNDS ALGER GROWTH & INCOME FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES		VALUE
LEISURE FACILITIES—0.6%
Six Flags Entertainment Corp.	13,400	$	630,068
MANAGED HEALTH CARE—1.9%
Aetna, Inc.	9,500		1,015,265
UnitedHealth Group, Inc.	8,500		946,900
			1,962,165
MOVIES & ENTERTAINMENT—0.9%
The Walt Disney Co.	8,900		967,608
MULTI-LINE INSURANCE—0.7%
Hartford Financial Services Group, Inc.	16,900		689,013
MULTI-UTILITIES—0.7%
Sempra Energy	6,500		690,105
OIL & GAS EQUIPMENT & SERVICES—0.9%
Halliburton Company	19,500		954,525
OIL & GAS EXPLORATION & PRODUCTION—1.3%
ConocoPhillips	21,000		1,426,320
OIL, GAS & CONSUMABLE FUELS—0.7%
The Williams Cos., Inc.	14,900		762,731
OTHER DIVERSIFIED FINANCIAL SERVICES—1.0%
Bank of America Corp.	65,900		1,049,787
PACKAGED FOODS & MEATS—0.7%
Kraft Foods Group, Inc.	9,000		762,750
PHARMACEUTICALS—8.5%
Bristol-Myers Squibb Co.	26,900		1,714,337
Eli Lilly & Co.	21,300		1,530,831
GlaxoSmithKline PLC.#	17,100		789,165
Johnson & Johnson	21,100		2,093,120
Pfizer, Inc.	59,099		2,005,229
Roche Holding AG#	23,800		853,944
			8,986,626
RAILROADS—1.4%
CSX Corp.	42,100		1,519,389
RENEWABLE ELECTRICITY—0.5%
TerraForm Power, Inc., Cl. A	14,400		569,232
RESTAURANTS—1.9%
Darden Restaurants, Inc.	10,300		656,831
McDonald's Corp.	13,600		1,313,080
			1,969,911
SECURITY & ALARM SERVICES—1.0%
Tyco International PLC.	26,400		1,039,632
SEMICONDUCTOR EQUIPMENT—0.5%
Kla-Tencor Corp.	9,700		570,360
SEMICONDUCTORS—2.7%
Avago Technologies Ltd.	10,400		1,215,552

- 71 -

THE ALGER FUNDS ALGER GROWTH & INCOME FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES		VALUE
SEMICONDUCTORS—(CONT.)
Intel Corp.	49,300	$	1,604,715
			2,820,267
SOFT DRINKS—3.0%
PepsiCo, Inc.	19,800		1,883,376
The Coca-Cola Co.	30,500		1,237,080
			3,120,456
SPECIALIZED FINANCE—1.1%
CME Group, Inc.	13,350		1,213,648
SYSTEMS SOFTWARE—2.8%
Microsoft Corp.	61,800		3,005,952
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.1%
Apple, Inc.	42,655		5,338,273
Seagate Technology PLC.	19,100		1,121,552
			6,459,825
TOBACCO—1.8%
Altria Group, Inc.	38,215		1,912,661
TOTAL COMMON STOCKS
(Cost $67,548,563)			93,918,876
CONVERTIBLE PREFERRED STOCKS—0.7%	SHARES		VALUE
PHARMACEUTICALS—0.7%
Actavis PLC., 5.50%, 3/1/2018	770		770,508
(Cost $770,000)			770,508
PREFERRED STOCKS—0.1%	SHARES		VALUE
ADVERTISING—0.1%
Choicestream, Inc., Cl. A*^,@,(a)	43,672		20,963
Choicestream, Inc., Cl. B*^,@,(a)	89,234		42,832
			63,795
TOTAL PREFERRED STOCKS
(Cost $88,465)			63,795
MASTER LIMITED PARTNERSHIP—2.7%	SHARES		VALUE
ASSET MANAGEMENT & CUSTODY BANKS—2.0%
The Blackstone Group LP.	50,400		2,064,384
OIL & GAS STORAGE & TRANSPORTATION—0.7%
Cheniere Energy Partners LP.	23,400		762,606
TOTAL MASTER LIMITED PARTNERSHIP
(Cost $1,976,947)			2,826,990
REAL ESTATE INVESTMENT TRUST—3.0%	SHARES		VALUE
HEALTH CARE—0.9%
Health Care REIT, Inc.	13,300		957,866
MORTGAGE—0.5%
Blackstone Mortgage Trust, Inc., Cl. A	17,500		537,775

- 72 -

THE ALGER FUNDS ALGER GROWTH & INCOME FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


REAL ESTATE INVESTMENT TRUST—(CONT.)	SHARES		VALUE
RETAIL—0.9%
Simon Property Group, Inc.	5,200	$	943,748
SPECIALIZED—0.7%
Lamar Advertising Co.	12,600		730,296
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $2,648,718)			3,169,685
Total Investments
(Cost $73,032,693)^(b)	95.6%	100,749,854
Other Assets in Excess of Liabilities	4.4%		4,674,329
NET ASSETS	100.0%	$	105,424,183

# American Depositary Receipts.
(a) Deemed an affiliate of the Alger fund complex during the year for purposes of Section 2(a)(3) of the Investment Company Act
of 1940. See Affiliated Securities in Notes to Financial Statements.
(b) At April 30, 2015, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
$72,894,813, amounted to $27,855,041 which consisted of aggregate gross unrealized appreciation of $28,384,294 and
aggregate gross unrealized depreciation of $529,253.
* Non-income producing security.
@ Restricted security - Investment in security not registered under the Securities Act of 1933. The investment is deemed to not be
liquid and may be sold only to qualified buyers.


Security	Acquisition Date(s)	Cost	Market Value	% of net assets
Choicestream, Inc.	3/14/2014	$1,469	$2,431	0.00%
Choicestream, Inc., Cl. A	12/17/2013	34,924	20,963	0.02%
Choicestream, Inc., Cl. B	7/10/2014	53,541	42,832	0.04%
Total			$66,226	0.06%



*See Notes to Financial Statements.*

- 73 -

THE ALGER FUNDS
Statement of Assets and Liabilities April 30, 2015 (Unaudited)


		Alger Capital	Alger International
	Appreciation Fund			Growth Fund

ASSETS:
Investments in securities, at value (Identified cost below)*
see accompanying schedules of investments	$	2,124,081,014	$	214,414,805
Investments in affiliated securities, at value (Identified cost
below)** see accompanying schedules of investments		1,175,156		—
Cash and cash equivalents		11,142,789		5,510,746
Foreign cash †		—		23,510
Receivable for investment securities sold		45,098,861		4,371,080
Receivable for shares of beneficial interest sold		5,628,591		227,573
Dividends and interest receivable		1,667,928		716,156
Receivable from Investment Manager		—		2,692
Prepaid expenses		109,134		63,266
Total Assets		2,188,903,473		225,329,828

LIABILITIES:
Payable for investment securities purchased		30,311,420		4,971,590
Payable for shares of beneficial interest redeemed		1,369,755		239,652
Accrued investment advisory fees		1,426,996		126,972
Accrued transfer agent fees		556,366		62,438
Accrued distribution fees		574,989		76,079
Accrued administrative fees		49,245		4,918
Accrued shareholder administrative fees		27,854		2,823
Accrued other expenses		220,501		150,847
Total Liabilities		34,537,126		5,635,319
NET ASSETS	$	2,154,366,347	$	219,694,509

NET ASSETS CONSIST OF:
Paid in capital (par value of $.001 per share)		1,713,201,457		206,441,978
Undistributed net investment income (accumulated loss)		1,780,386		(2,021,374)
Undistributed net realized gain (accumulated realized loss)		111,300,597		(9,550,375)
Net unrealized appreciation on investments		328,083,907		24,824,280
NET ASSETS	$	2,154,366,347	$	219,694,509
* Identified cost	$	1,795,583,520	$	189,595,733
** Identified cost	$	1,586,068	$	—
† Cost of foreign cash	$	—	$	23,434
*See Notes to Financial Statements.*

- 74 -

THE ALGER FUNDS
Statement of Assets and Liabilities April 30, 2015 (Unaudited) (Continued)


		Alger Capital	Alger International
	Appreciation Fund			Growth Fund

NET ASSETS BY CLASS:
Class A	$	1,530,879,184	$	137,540,261
Class B	$	28,697,323	$	36,585,282
Class C	$	280,791,491	$	21,109,470
Class I	$	—	$	5,361,750
Class Z	$	313,998,349	$	19,097,746

SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6:
Class A		71,363,810		8,232,161
Class B		1,600,808		2,476,452
Class C		15,603,069		1,443,904
Class I		—		321,625
Class Z		14,451,680		1,133,930

NET ASSET VALUE PER SHARE:
Class A — Net Asset Value Per Share Class A and Class A	$	21.45	$	16.71
Class A — Offering Price Per Share
(includes a 5.25% sales charge)	$	22.64	$	17.63
Class B — Net Asset Value Per Share Class B and Class B	$	17.93	$	14.77
Class C — Net Asset Value Per Share Class C and Class C	$	18.00	$	14.62
Class I — Net Asset Value Per Share Class I	$	—	$	16.67
Class Z — Net Asset Value Per Share Class Z and Class Z	$	21.73	$	16.84
*See Notes to Financial Statements.*

- 75 -

THE ALGER FUNDS
Statement of Assets and Liabilities April 30, 2015 (Unaudited) (Continued)


	Alger Mid Cap Growth			Alger SMid Cap
		Fund		Growth Fund

ASSETS:
Investments in securities, at value (Identified cost below)*
see accompanying schedules of investments	$	192,706,386	$	716,473,849
Investments in affiliated securities, at value (Identified cost
below)** see accompanying schedules of investments		2,481,215		1,041,633
Cash and cash equivalents		6,459,605		13,475,527
Receivable for investment securities sold		8,362,989		16,848,515
Receivable for shares of beneficial interest sold		93,588		1,139,802
Dividends and interest receivable		47,602		154,149
Prepaid expenses		40,105		101,686
Total Assets		210,191,490		749,235,161

LIABILITIES:
Payable for investment securities purchased		7,356,000		16,951,192
Payable for shares of beneficial interest redeemed		190,784		1,201,835
Accrued investment advisory fees		130,310		604,576
Accrued transfer agent fees		72,820		490,082
Accrued distribution fees		78,718		220,668
Accrued administrative fees		4,715		20,526
Accrued shareholder administrative fees		2,829		9,089
Accrued other expenses		117,814		155,829
Total Liabilities		7,953,990		19,653,797
NET ASSETS	$	202,237,500	$	729,581,364

NET ASSETS CONSIST OF:
Paid in capital (par value of $.001 per share)		219,800,528		485,772,695
Undistributed net investment income (accumulated loss)		(856,973)		1,825,183
Undistributed net realized gain (accumulated realized loss)		(37,240,047)		128,138,203
Net unrealized appreciation on investments		20,533,992		113,845,283
NET ASSETS	$	202,237,500	$	729,581,364
* Identified cost	$	172,169,783	$	602,628,565
** Identified cost	$	2,481,215	$	1,041,633
*See Notes to Financial Statements.*

- 76 -

THE ALGER FUNDS
Statement of Assets and Liabilities April 30, 2015 (Unaudited) (Continued)


	Alger Mid Cap Growth			Alger SMid Cap
		Fund		Growth Fund

NET ASSETS BY CLASS:
Class A	$	145,662,796	$	222,077,018
Class B	$	30,459,430	$	6,148,270
Class C	$	26,115,274	$	61,280,970
Class I	$	—	$	398,056,948
Class Z	$	—	$	42,018,158

SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6:
Class A		12,928,368		12,596,682
Class B		3,312,349		403,451
Class C		2,865,395		4,006,564
Class I		—		22,295,897
Class Z		—		2,336,945

NET ASSET VALUE PER SHARE:
Class A — Net Asset Value Per Share Class A and Class A	$	11.27	$	17.63
Class A — Offering Price Per Share
(includes a 5.25% sales charge)	$	11.89	$	18.61
Class B — Net Asset Value Per Share Class B and Class B	$	9.20	$	15.24
Class C — Net Asset Value Per Share Class C and Class C	$	9.11	$	15.30
Class I — Net Asset Value Per Share Class I	$	—	$	17.85
Class Z — Net Asset Value Per Share Class Z	$	—	$	17.98
*See Notes to Financial Statements.*

- 77 -

THE ALGER FUNDS
Statement of Assets and Liabilities April 30, 2015 (Unaudited) (Continued)


		Alger Small Cap		Alger Growth
		Growth Fund	Opportunities Fund

ASSETS:
Investments in securities, at value (Identified cost below)*
see accompanying schedules of investments	$	225,735,876	$	22,519,614
Investments in affiliated securities, at value (Identified cost
below)** see accompanying schedules of investments		675,194		30,454
Cash and cash equivalents		6,413,860		1,327,576
Receivable for investment securities sold		410,728		618,671
Receivable for shares of beneficial interest sold		296,570		1,494,099
Dividends and interest receivable		13,735		594
Receivable from Investment Manager		2,086		12,117
Prepaid expenses		47,806		49,936
Total Assets		233,595,855		26,053,061

LIABILITIES:
Payable for investment securities purchased		4,297,698		1,114,714
Payable for shares of beneficial interest redeemed		953,590		14,913
Accrued investment advisory fees		159,284		15,415
Accrued transfer agent fees		65,853		7,610
Accrued distribution fees		49,811		6,730
Accrued administrative fees		5,408		499
Accrued shareholder administrative fees		2,873		260
Accrued other expenses		121,665		32,998
Total Liabilities		5,656,182		1,193,139
NET ASSETS	$	227,939,673	$	24,859,922

NET ASSETS CONSIST OF:
Paid in capital (par value of $.001 per share)		184,998,159		21,552,497
Undistributed net investment income (accumulated loss)		(3,080,632)		(243,583)
Undistributed net realized gain		21,646,369		3,017,744
Net unrealized appreciation on investments		24,375,777		533,264
NET ASSETS	$	227,939,673	$	24,859,922
* Identified cost	$	201,357,162	$	21,986,348
** Identified cost	$	675,194	$	30,454
*See Notes to Financial Statements.*

- 78 -

THE ALGER FUNDS
Statement of Assets and Liabilities April 30, 2015 (Unaudited) (Continued)


		Alger Small Cap		Alger Growth
		Growth Fund	Opportunities Fund

NET ASSETS BY CLASS:
Class A	$	138,352,522	$	11,593,010
Class B	$	7,799,671	$	—
Class C	$	15,247,645	$	5,154,254
Class I	$	—	$	3,455,219
Class Z	$	66,539,835	$	4,657,439

SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6:
Class A		16,475,403		1,037,575
Class B		1,126,399		—
Class C		2,252,168		497,430
Class I		—		302,157
Class Z		7,834,600		406,024

NET ASSET VALUE PER SHARE:
Class A — Net Asset Value Per Share Class A and Class A	$	8.40	$	11.17
Class A — Offering Price Per Share
(includes a 5.25% sales charge)	$	8.86	$	11.79
Class B — Net Asset Value Per Share Class B	$	6.92	$	—
Class C — Net Asset Value Per Share Class C and Class C	$	6.77	$	10.36
Class I — Net Asset Value Per Share Class I	$	—	$	11.44
Class Z — Net Asset Value Per Share Class Z and Class Z	$	8.49	$	11.47
*See Notes to Financial Statements.*

- 79 -

THE ALGER FUNDS
Statement of Assets and Liabilities April 30, 2015 (Unaudited) (Continued)


	Alger Health Sciences			Alger Growth &
		Fund		Income Fund

ASSETS:
Investments in securities, at value (Identified cost below)*
see accompanying schedules of investments	$	184,247,856	$	100,683,628
Investments in affiliated securities, at value (Identified cost
below)** see accompanying schedules of investments		10,980,169		66,226
Cash and cash equivalents		7,627,171		4,336,389
Receivable for investment securities sold		6,165,243		289,679
Receivable for shares of beneficial interest sold		527,043		46,797
Dividends and interest receivable		74,458		167,238
Prepaid expenses		35,399		38,133
Total Assets		209,657,339		105,628,090

LIABILITIES:
Payable for investment securities purchased		3,034,919		—
Payable for shares of beneficial interest redeemed		491,939		45,288
Accrued investment advisory fees		146,457		51,044
Accrued transfer agent fees		71,711		31,187
Accrued distribution fees		90,007		33,022
Accrued administrative fees		4,972		2,400
Accrued shareholder administrative fees		2,983		1,392
Accrued other expenses		61,051		39,574
Total Liabilities		3,904,039		203,907
NET ASSETS	$	205,753,300	$	105,424,183

NET ASSETS CONSIST OF:
Paid in capital (par value of $.001 per share)		156,310,949		75,124,002
Undistributed net investment income (accumulated loss)		(3,036,961)		20,908
Undistributed net realized gain		27,311,620		2,562,113
Net unrealized appreciation on investments		25,167,692		27,717,160
NET ASSETS	$	205,753,300	$	105,424,183
* Identified cost	$	159,078,129	$	72,942,759
** Identified cost	$	10,980,169	$	89,934
*See Notes to Financial Statements.*

- 80 -

THE ALGER FUNDS
Statement of Assets and Liabilities April 30, 2015 (Unaudited) (Continued)


	Alger Health Sciences			Alger Growth &
		Fund		Income Fund

NET ASSETS BY CLASS:
Class A	$	138,114,176	$	75,576,760
Class B	$	8,193,905	$	—
Class C	$	59,445,219	$	20,970,415
Class Z	$	—	$	8,877,008

SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6:
Class A		5,993,341		2,256,854
Class B		420,968		—
Class C		3,042,378		633,814
Class Z		—		264,955

NET ASSET VALUE PER SHARE:
Class A — Net Asset Value Per Share Class A and Class A	$	23.04	$	33.49
Class A — Offering Price Per Share
(includes a 5.25% sales charge)	$	24.32	$	35.34
Class B — Net Asset Value Per Share Class B and Class B	$	19.46	$	—
Class C — Net Asset Value Per Share Class C and Class C	$	19.54	$	33.09
Class Z — Net Asset Value Per Share Class Z	$	—	$	33.50
*See Notes to Financial Statements.*

- 81 -

THE ALGER FUNDS
Statement of Operations For the six months ended April 30, 2015 (Unaudited)


		Alger Capital	Alger International
	Appreciation Fund			Growth Fund

INCOME:
Dividends (net of foreign withholding taxes*)	$	11,191,435	$	1,327,571
Interest		12,073		922
Total Income		11,203,508		1,328,493

EXPENSES:
Advisory fees — Note 3(a)		8,212,467		711,096
Distribution fees — Note 3(c)
Class A		1,817,696		161,579
Class B		147,421		177,107
Class C		1,287,157		100,573
Class I		—		4,731
Shareholder administrative fees — Note 3(f)		158,639		16,020
Administration fees — Note 3(b)		280,649		27,542
Custodian fees		86,059		68,670
Interest expenses		—		1,313
Transfer agent fees and expenses — Note 3(f)		645,803		78,691
Printing fees		180,100		33,599
Professional fees		57,290		37,845
Registration fees		54,315		44,337
Trustee fees — Note 3(g)		32,190		6,568
Fund accounting fees		137,781		15,139
Miscellaneous		60,640		19,913
Total Expenses		13,158,207		1,504,723
Less, expense reimbursements/waivers — Note 3(a)		—		(12,725)
Net Expenses		13,158,207		1,491,998
NET INVESTMENT LOSS		(1,954,699)		(163,505)

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


Net realized gain on investments and purchased options		137,744,687		3,469,589
Net realized (loss) on foreign currency transactions		(22,185)		(166,260)
Net change in unrealized appreciation on investments,
options and foreign currency		5,927,341		16,772,198
Net realized and unrealized gain on investments, options, and
foreign currency		143,649,843		20,075,527
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS	$	141,695,144	$	19,912,022
* Foreign withholding taxes	$	29,559	$	134,315
*See Notes to Financial Statements.*

- 82 -

THE ALGER FUNDS
Statement of Operations For the six months ended April 30, 2015 (Unaudited) (Continued)


	Alger Mid Cap Growth			Alger SMid Cap
		Fund		Growth Fund

INCOME:
Dividends (net of foreign withholding taxes*)	$	787,138	$	3,788,344
Interest		1,307		1,717
Total Income		788,445		3,790,061

EXPENSES:
Advisory fees — Note 3(a)		762,848		4,131,569
Distribution fees — Note 3(c)
Class A		179,684		288,559
Class B		155,857		33,138
Class C		129,154		310,146
Class I		—		850,428
Shareholder administrative fees — Note 3(f)		16,562		60,916
Administration fees — Note 3(b)		27,603		140,751
Custodian fees		38,625		45,131
Interest expenses		30		14,995
Transfer agent fees and expenses — Note 3(f)		80,196		470,956
Printing fees		31,675		66,576
Professional fees		36,702		41,650
Registration fees		30,719		63,339
Trustee fees — Note 3(g)		6,629		16,040
Fund accounting fees		14,256		68,574
Miscellaneous		16,315		35,316
Total Expenses		1,526,855		6,638,084
NET INVESTMENT LOSS		(738,410)		(2,848,023)

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


Net realized gain on investments and purchased options		2,899,607		135,149,293
Net realized (loss) on foreign currency transactions		(3,852)		—
Net realized (loss) on options written		(114,834)		—
Net change in unrealized appreciation (depreciation) on
investments, options and foreign currency		11,296,528		(72,485,544)
Net change in unrealized (depreciation) on written options		(65,814)		—
Net realized and unrealized gain on investments, options, and
foreign currency		14,011,635		62,663,749
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS	$	13,273,225	$	59,815,726
* Foreign withholding taxes	$	387	$	2,072
*See Notes to Financial Statements.*

- 83 -

THE ALGER FUNDS
Statement of Operations For the six months ended April 30, 2015 (Unaudited) (Continued)


		Alger Small Cap		Alger Growth
		Growth Fund	Opportunities Fund

INCOME:
Dividends	$	499,651	$	36,375
Interest		1,263		253
Total Income		500,914		36,628

EXPENSES:
Advisory fees — Note 3(a)		930,904		69,287
Distribution fees — Note 3(c)
Class A		175,571		9,360
Class B		40,872		—
Class C		78,500		15,676
Class I		—		2,671
Shareholder administrative fees — Note 3(f)		16,833		1,161
Administration fees — Note 3(b)		31,605		2,241
Custodian fees		25,865		19,652
Interest expenses		—		152
Transfer agent fees and expenses — Note 3(f)		71,414		8,846
Printing fees		37,363		3,171
Professional fees		32,426		16,080
Registration fees		37,799		27,742
Trustee fees — Note 3(g)		6,991		4,109
Fund accounting fees		16,639		2,909
Miscellaneous		15,575		2,572
Total Expenses		1,518,357		185,629
Less, expense reimbursements/waivers — Note 3(a)		(10,904)		(57,225)
Net Expenses		1,507,453		128,404
NET INVESTMENT LOSS		(1,006,539)		(91,776)

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


Net realized gain on investments and purchased options		22,172,494		2,999,107
Net realized (loss) on foreign currency transactions		(35)		—
Net change in unrealized (depreciation) on investments,
options and foreign currency		(9,501,785)		(2,306,359)
Net realized and unrealized gain on investments, options, and
foreign currency		12,670,674		692,748
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS	$	11,664,135	$	600,972
*See Notes to Financial Statements.*

- 84 -

THE ALGER FUNDS
Statement of Operations For the six months ended April 30, 2015 (Unaudited) (Continued)


	Alger Health Sciences			Alger Growth &
		Fund		Income Fund

INCOME:
Dividends (net of foreign withholding taxes*)	$	265,088	$	1,592,198
Interest		1,164		2,376
Total Income		266,252		1,594,574

EXPENSES:
Advisory fees — Note 3(a)		841,903		304,674
Distribution fees — Note 3(c)
Class A		172,720		93,554
Class B		43,680		—
Class C		304,828		102,540
Shareholder administrative fees — Note 3(f)		17,151		8,308
Administration fees — Note 3(b)		28,583		14,322
Custodian fees		24,607		15,117
Interest expenses		1,656		—
Transfer agent fees and expenses — Note 3(f)		75,803		39,823
Printing fees		19,195		15,549
Professional fees		22,961		17,313
Registration fees		22,804		34,023
Trustee fees — Note 3(g)		6,743		5,372
Fund accounting fees		14,840		7,750
Miscellaneous		10,069		5,132
Total Expenses		1,607,543		663,477
NET INVESTMENT INCOME (LOSS)		(1,341,291)		931,097

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


Net realized gain on investments and purchased options		28,934,262		2,298,098
Net realized (loss) on foreign currency transactions		(10,395)		—
Net change in unrealized appreciation (depreciation) on
investments, options and foreign currency		(14,285,177)		717,217
Net realized and unrealized gain on investments, options, and
foreign currency		14,638,690		3,015,315
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS	$	13,297,399	$	3,946,412
* Foreign withholding taxes	$	—	$	12,968
*See Notes to Financial Statements.*

- 85 -

THE ALGER FUNDS
Statement of Changes in Net Assets (Unaudited)


		Alger Capital Appreciation Fund
		For the		For the
		Six Months Ended		Year Ended
		April 30, 2015		October 31, 2014

Net investment loss	$	(1,954,699)	$	(3,679,183)
Net realized gain on investments, options and foreign currency		137,722,502		267,578,812
Net change in unrealized appreciation on investments, options
and foreign currency		5,927,341		16,605,714
Net increase in net assets resulting from operations		141,695,144		280,505,343

Dividends and distributions to shareholders from:
Net realized gains:
Class A		(194,964,620)		(88,054,820)
Class B		(4,786,430)		(2,641,990)
Class C		(39,410,575)		(16,311,636)
Class Z		(41,877,559)		(13,079,771)
Total dividends and distributions to shareholders		(281,039,184)		(120,088,217)

Increase (decrease) from shares of beneficial interest transactions:
Class A		235,310,883		50,917,819
Class B		1,110,841		(4,847,776)
Class C		66,440,628		22,419,769
Class Z		48,279,482		81,018,361
Net increase from shares of beneficial interest transactions —
Note 6(a)		351,141,834		149,508,173

Redemption Fees:
Class A		10,598		7,428
Class B		—		12
Class C		1,094		189
Total Redemption Fees — Note 6(b)		11,692		7,629
Total increase		211,809,486		309,932,928

Net Assets:
Beginning of period		1,942,556,861		1,632,623,933
END OF PERIOD	$	2,154,366,347	$	1,942,556,861
Undistributed net investment income	$	1,780,386	$	342,063
*See Notes to Financial Statements.*

- 86 -

THE ALGER FUNDS
Statement of Changes in Net Assets (Unaudited) (Continued)


		Alger International Growth Fund
		For the		For the
		Six Months Ended		Year Ended
		April 30, 2015		October 31, 2014

Net investment income (loss)	$	(163,505)	$	82,053
Net realized gain on investments, options and foreign currency		3,303,329		7,197,425
Net change in unrealized appreciation (depreciation) on
investments, options and foreign currency		16,772,198		(6,416,760)
Net increase in net assets resulting from operations		19,912,022		862,718

Dividends and distributions to shareholders from:
Net investment income:
Class A		(1,271,849)		(27,014)
Class B		(11,264)		—
Class C		(98,277)		—
Class I		(37,199)		(1,046)
Class Z		(130,363)		—
Total dividends and distributions to shareholders		(1,548,952)		(28,060)

Increase (decrease) from shares of beneficial interest transactions:
Class A		(5,061,373)		(14,951,623)
Class B		(5,282,500)		(25,725,930)
Class C		(1,280,269)		2,930,689
Class I		1,272,317		3,554,088
Class Z		9,345,029		6,551,958
Net decrease from shares of beneficial interest transactions —
Note 6(a)		(1,006,796)		(27,640,818)

Redemption Fees:
Class A		16		2,502
Class B		—		11
Class C		188		64
Total Redemption Fees — Note 6(b)		204		2,577
Total increase		17,356,478		26,803,583

Net Assets:
Beginning of period		202,338,031		229,141,614
END OF PERIOD	$	219,694,509	$	202,338,031
Undistributed net investment income (accumulated loss)	$	(2,021,374)	$	(197,818)
*See Notes to Financial Statements.*

- 87 -

THE ALGER FUNDS
Statement of Changes in Net Assets (Unaudited) (Continued)


		Alger Mid Cap Growth Fund
		For the		For the
		Six Months Ended		Year Ended
		April 30, 2015		October 31, 2014

Net investment loss	$	(738,410)	$	(1,368,066)
Net realized gain on investments, options and foreign currency		2,780,921		44,735,656
Net change in unrealized appreciation (depreciation) on
investments, options and foreign currency		11,230,714		(17,325,023)
Net increase in net assets resulting from operations		13,273,225		26,042,567

Increase (decrease) from shares of beneficial interest transactions:
Class A		(6,960,033)		(17,680,660)
Class B		(4,912,491)		(22,734,156)
Class C		(1,449,264)		(3,237,049)
Net decrease from shares of beneficial interest transactions —
Note 6(a)		(13,321,788)		(43,651,865)

Redemption Fees:
Class A		45		2,773
Class B		—		22
Class C		10		129
Total Redemption Fees — Note 6(b)		55		2,924
Total decrease		(48,508)		(17,606,374)

Net Assets:
Beginning of period		202,286,008		219,892,382
END OF PERIOD	$	202,237,500	$	202,286,008
Undistributed net investment income (accumulated loss)	$	(856,973)	$	(1,436,248)
*See Notes to Financial Statements.*

- 88 -

THE ALGER FUNDS
Statement of Changes in Net Assets (Unaudited) (Continued)


		Alger SMid Cap Growth Fund
		For the		For the
		Six Months Ended		Year Ended
		April 30, 2015		October 31, 2014

Net investment loss	$	(2,848,023)	$	(5,369,439)
Net realized gain on investments, options and foreign currency		135,149,293		144,106,767
Net change in unrealized depreciation on investments, options
and foreign currency		(72,485,544)		(56,922,888)
Net increase in net assets resulting from operations		59,815,726		81,814,440

Dividends and distributions to shareholders from:
Net realized gains:
Class A		(31,265,366)		(40,336,640)
Class B		(1,043,101)		(1,450,715)
Class C		(9,340,509)		(10,744,830)
Class I		(92,147,031)		(96,820,220)
Class Z		(5,749,475)		(7,630,440)
Total dividends and distributions to shareholders		(139,545,482)		(156,982,845)

Increase (decrease) from shares of beneficial interest transactions:
Class A		142,752		(32,957,368)
Class B		(364,966)		(1,290,502)
Class C		4,192,888		1,650,012
Class I		(251,896,571)		51,073,780
Class Z		(6,427,776)		(12,367,216)
Net increase (decrease) from shares of beneficial interest
transactions — Note 6(a)		(254,353,673)		6,108,706

Redemption Fees:
Class A		3,034		4,759
Class B		—		44
Class C		78		58
Total Redemption Fees — Note 6(b)		3,112		4,861
Total decrease		(334,080,317)		(69,054,838)

Net Assets:
Beginning of period		1,063,661,681		1,132,716,519
END OF PERIOD	$	729,581,364	$	1,063,661,681
Undistributed net investment income	$	1,825,183	$	54,600
*See Notes to Financial Statements.*

- 89 -

THE ALGER FUNDS
Statement of Changes in Net Assets (Unaudited) (Continued)


		Alger Small Cap Growth Fund
		For the		For the
		Six Months Ended		Year Ended
		April 30, 2015		October 31, 2014

Net investment loss	$	(1,006,539)	$	(2,141,204)
Net realized gain on investments, options and foreign currency		22,172,459		25,093,726
Net change in unrealized depreciation on investments, options
and foreign currency		(9,501,785)		(20,535,401)
Net increase in net assets resulting from operations		11,664,135		2,417,121

Dividends and distributions to shareholders from:
Net realized gains:
Class A		(15,277,775)		(19,755,081)
Class B		(1,086,069)		(1,683,651)
Class C		(2,082,876)		(2,552,862)
Class Z		(6,929,069)		(8,751,912)
Total dividends and distributions to shareholders		(25,375,789)		(32,743,506)

Increase (decrease) from shares of beneficial interest transactions:
Class A		6,991,633		(16,903,175)
Class B		(375,429)		(3,177,654)
Class C		472,752		(855,002)
Class Z		5,381,485		(7,590,138)
Net increase (decrease) from shares of beneficial interest
transactions — Note 6(a)		12,470,441		(28,525,969)

Redemption Fees:
Class A		8,078		697
Class B		3		7
Class C		—		2
Total Redemption Fees — Note 6(b)		8,081		706
Total decrease		(1,233,132)		(58,851,648)

Net Assets:
Beginning of period		229,172,805		288,024,453
END OF PERIOD	$	227,939,673	$	229,172,805
Undistributed net investment income (accumulated loss)	$	(3,080,632)	$	(2,107,277)
*See Notes to Financial Statements.*

- 90 -

THE ALGER FUNDS
Statement of Changes in Net Assets (Unaudited) (Continued)


		Alger Growth Opportunities Fund
		For the		For the
		Six Months Ended		Year Ended
		April 30, 2015		October 31, 2014

Net investment loss	$	(91,776)	$	(147,055)
Net realized gain on investments, options and foreign currency		2,999,107		1,223,236
Net change in unrealized depreciation on investments, options
and foreign currency		(2,306,359)		(463,651)
Net increase in net assets resulting from operations		600,972		612,530

Dividends and distributions to shareholders from:
Net realized gains:
Class A		(589,965)		(1,191,864)
Class C		(236,774)		(415,857)
Class I		(149,175)		(313,335)
Class Z		(277,428)		(474,442)
Total dividends and distributions to shareholders		(1,253,342)		(2,395,498)

Increase (decrease) from shares of beneficial interest transactions:
Class A		4,650,853		561,232
Class C		2,705,057		304,477
Class I		1,179,345		576,384
Class Z		1,396,875		485,635
Net increase from shares of beneficial interest transactions —
Note 6(a)		9,932,130		1,927,728

Redemption Fees:
Class A		53		3
Class C		2		—
Total Redemption Fees — Note 6(b)		55		3
Total increase		9,279,815		144,763

Net Assets:
Beginning of period		15,580,107		15,435,344
END OF PERIOD	$	24,859,922	$	15,580,107
Undistributed net investment income (accumulated loss)	$	(243,583)	$	(144,491)
*See Notes to Financial Statements.*

- 91 -

THE ALGER FUNDS
Statement of Changes in Net Assets (Unaudited) (Continued)


		Alger Health Sciences Fund
		For the		For the
		Six Months Ended		Year Ended
		April 30, 2015		October 31, 2014

Net investment loss	$	(1,341,291)	$	(1,685,758)
Net realized gain on investments, options and foreign currency		28,923,867		42,975,076
Net change in unrealized appreciation (depreciation) on
investments, options and foreign currency		(14,285,177)		4,713,768
Net increase in net assets resulting from operations		13,297,399		46,003,086

Dividends and distributions to shareholders from:
Net investment income:
Class A		(794,186)		—
Class C		(1,266)		—
Net realized gains:
Class A		(27,298,213)		(21,216,446)
Class B		(2,021,660)		(1,919,094)
Class C		(13,763,765)		(10,087,145)
Total dividends and distributions to shareholders		(43,879,090)		33,222,685

Increase (decrease) from shares of beneficial interest transactions:
Class A		18,036,434		(97,042)
Class B		612,829		(3,008,527)
Class C		8,721,548		935,001
Net increase (decrease) from shares of beneficial interest
transactions — Note 6(a)		27,370,811		(2,170,568)

Redemption Fees:
Class A		230		298
Class C		127		9
Total Redemption Fees — Note 6(b)		357		307
Total increase (decrease)		(3,210,523)		10,610,140

Net Assets:
Beginning of period		208,963,823		198,353,683
END OF PERIOD	$	205,753,300	$	208,963,823
Undistributed net investment income (accumulated loss)	$	(3,036,961)	$	(1,292,988)
*See Notes to Financial Statements.*

- 92 -

THE ALGER FUNDS
Statement of Changes in Net Assets (Unaudited) (Continued)


		Alger Growth & Income Fund
		For the		For the
		Six Months Ended		Year Ended
		April 30, 2015		October 31, 2014

Net investment income	$	931,097	$	1,855,352
Net realized gain on investments, options and foreign currency		2,298,098		7,485,214
Net change in unrealized appreciation on investments, options
and foreign currency		717,217		4,812,069
Net increase in net assets resulting from operations		3,946,412		14,152,635

Dividends and distributions to shareholders from:
Net investment income:
Class A		(637,683)		(1,552,157)
Class C		(104,076)		(245,616)
Class Z		(84,608)		(83,762)
Net realized gains:
Class A		(2,392,561)		—
Class C		(661,139)		—
Class Z		(276,635)		—
Total dividends and distributions to shareholders		(4,156,702)		(1,881,535)

Increase (decrease) from shares of beneficial interest transactions:
Class A		2,040,402		(16,726,927)
Class C		1,036,357		547,618
Class Z		442,419		5,708,751
Net increase (decrease) from shares of beneficial interest
transactions — Note 6(a)		3,519,178		(10,470,558)

Redemption Fees:
Class A		667		3,298
Class C		10		—
Total Redemption Fees — Note 6(b)		677		3,298
Total increase		3,309,565		1,803,840

Net Assets:
Beginning of period		102,114,618		100,310,778
END OF PERIOD	$	105,424,183	$	102,114,618
Undistributed net investment income	$	20,908	$	134,327
*See Notes to Financial Statements.*

- 93 -

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Capital Appreciation Fund						Class A
	Six months
		ended	Year ended		Year ended		Year ended		Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013		10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	23.13	$	21.18	$	16.59	$	14.64	$	13.84	$	11.48
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income (loss)⁽ⁱⁱ⁾		(0.01)		(0.03)		0.11		0.05		(0.03)		(0.02)
Net realized and unrealized gain on
investments		1.56		3.51		4.67		1.90		1.19		2.02
Total from investment operations		1.55		3.48		4.78		1.95		1.16		2.00
Dividends from net investment income		–		–		(0.12)		–		–		–
Distributions from net realized gains		(3.23)		(1.53)		(0.07)		–		–		–
Net asset value, end of period	$	21.45	$	23.13	$	21.18	$	16.59	$	14.64	$	13.48
Total return⁽ⁱⁱⁱ⁾		7.25%		17.35%		29.11%		13.32%		8.60%		17.40%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$1,530,879		$1,389,005		$1,217,389		$ 952,955		$ 753,348		$ 673,841
Ratio of gross expenses to average
net assets		1.23%		1.24%		1.26%		1.29%		1.31%		1.32%
Ratio of expense reimbursements to
average net assets		–		–		–		–		–		–
Ratio of net expenses to average net
assets		1.23%		1.24%		1.26%		1.29%		1.31%		1.32%
Ratio of net investment income (loss) to
average net assets		(0.13)%		(0.14)%		0.58%		0.30%		(0.19)%		(0.19)%
Portfolio turnover rate		62.42%		147.78%		123.81%		142.32%		163.79%		211.96%
*See Notes to Financial Statements.*

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

- 94 -

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Capital Appreciation Fund						Class B
	Six months
		ended	Year ended		Year ended		Year ended		Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013		10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	19.91	$	18.58	$	14.57	$	12.96	$	12.04	$	10.34
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾		(0.08)		(0.17)		(0.02)		(0.07)		(0.14)		(0.12)
Net realized and unrealized gain on
investments		1.33		3.03		4.10		1.68		1.06		1.82
Total from investment operations		1.25		2.86		4.08		1.61		0.92		1.70
Distributions from net realized gains		(3.23)		(1.53)		(0.07)		–		–		–
Net asset value, end of period	$	17.93	$	19.91	$	18.58	$	14.57	$	12.96	$	12.04
Total return⁽ⁱⁱⁱ⁾		6.87%		16.37%		28.13%		12.42%		7.60%		16.40%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 28,697		$ 30,382		$ 33,068		$ 31,965		$ 37,124		$ 45,294
Ratio of gross expenses to average
net assets		2.01%		2.03%		2.05%		2.11%		2.15%		2.20%
Ratio of expense reimbursements to
average net assets		–		–		–		–		–		–
Ratio of net expenses to average net
assets		2.01%		2.03%		2.05%		2.11%		2.15%		2.20%
Ratio of net investment income (loss) to
average net assets		(0.91)%		(0.93)%		(0.15)%		(0.52)%		(1.04)%		(1.05)%
Portfolio turnover rate		62.42%		147.78%		123.81%		142.32%		163.79%		211.96%
*See Notes to Financial Statements.*

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Capital Appreciation Fund						Class C
	Six months
		ended	Year ended		Year ended		Year ended			Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013			10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	19.97	$	18.62	$	14.62	$		13.00	$	12.07	$	10.36
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾		(0.08)		(0.17)		(0.03)			(0.07)		(0.13)		(0.11)
Net realized and unrealized gain on
investments		1.34		3.05		4.12			1.69		1.06		1.82
Total from investment operations		1.26		2.88		4.09			1.62		0.93		1.71
Dividends from net investment income		–		–		(0.02)			–		–		–
Distributions from net realized gains		(3.23)		(1.53)		(0.07)			–		–		–
Net asset value, end of period	$	18.00	$	19.97	$	18.62	$		14.62	$	13.00	$	12.07
Total return⁽ⁱⁱⁱ⁾		6.91%		16.44%		28.14%			12.46%		7.70%		16.50%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 280,792		$ 236,985		$ 198,377		$ 149,400			$ 127,186		$ 123,194
Ratio of gross expenses to average
net assets		1.98%		2.00%		2.02%			2.07%		2.09%		2.09%
Ratio of expense reimbursements to
average net assets		–		–		–			–		–		–
Ratio of net expenses to average net
assets		1.98%		2.00%		2.02%			2.07%		2.09%		2.09%
Ratio of net investment income (loss) to
average net assets		(0.88)%		(0.90)%		(0.20)%			(0.47)%		(0.97)%		(0.97)%
Portfolio turnover rate		62.42%		147.78%		123.81%			142.32%		163.79%		211.96%
*See Notes to Financial Statements.*

- 96 -

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Capital Appreciation Fund			Class Z
					From 12/29/2010
	Six ended months	Year ended	Year ended	Year ended	(commencement of operations) to
	4/30/2015⁽ⁱ⁾	10/31/2014	10/31/2013	10/31/2012	10/31/2011⁽ⁱⁱ⁾


Net asset value, beginning of period	$	23.35	$	21.31	$	16.68	$	14.68	$	14.52
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income⁽ⁱⁱⁱ⁾		0.02		0.04		0.11		0.12		0.03
Net realized and unrealized gain on
investments		1.59		3.53		4.76		1.88		0.13
Total from investment operations		1.61		3.57		4.87		2.00		0.16
Dividends from net investment income		–		–		(0.17)		–		–
Distributions from net realized gains		(3.23)		(1.53)		(0.07)		–		–
Net asset value, end of period	$	21.73	$	23.35	$	21.31	$	16.68	$	14.68
Total return^(iv)		7.46%		17.68%		29.58%		13.62%		1.10%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 313,998		$ 286,186		$ 183,790		$ 37,956		$	2,329
Ratio of gross expenses to average
net assets		0.92%		0.93%		0.93%		1.01%		7.14%
Ratio of expense reimbursements to
average net assets		–		–		–		(0.04)%		(6.17)%
Ratio of net expenses to average net
assets		0.92%		0.93%		0.93%		0.97%		0.97%
Ratio of net investment income (loss) to
average net assets		0.18%		0.16%		0.58%		0.73%		0.25%
Portfolio turnover rate		62.42%		147.78%		123.81%		142.32%		163.79%
*See Notes to Financial Statements.*

⁽ⁱ⁾Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
⁽ⁱⁱ⁾Ratios have been annualized; total return has not been annualized; portfolio turnover is for the twelve months then ended.
⁽ⁱⁱⁱ⁾Amount was computed based on average shares outstanding during the period.
(iv) Does not reflect the effect of sales charges, if applicable.
- 97 -

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger International Growth Fund						Class A
	Six months
		ended	Year ended		Year ended		Year ended		Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013		10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	15.29	$	15.27	$	12.61	$	11.91	$	11.25	$	9.72
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income⁽ⁱⁱ⁾		–		0.04		0.11		0.04		0.01		0.06
Net realized and unrealized gain (loss)
on investments		1.57		(0.02)		2.64		0.66		0.69		1.48
Total from investment operations		1.57		0.02		2.75		0.70		0.70		1.54
Dividends from net investment income		(0.15)		–		(0.09)		–		(0.04)		(0.01)
Net asset value, end of period	$	16.71	$	15.29	$	15.27	$	12.61	$	11.91	$	11.25
Total return⁽ⁱⁱⁱ⁾		10.38%		0.15%		21.98%		5.88%		6.30%		15.90%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 137,540		$ 130,957		$ 145,096		$ 139,693		$ 201,449		$ 180,267
Ratio of gross expenses to average
net assets		1.31%		1.32%		1.37%		1.33%		1.41%		1.38%
Ratio of expense reimbursements to
average net assets		–		–		–		–		–		–
Ratio of net expenses to average net
assets		1.31%		1.32%		1.37%		1.33%		1.41%		1.38%
Ratio of net investment income (loss) to
average net assets		–		0.25%		0.79%		0.32%		0.05%		0.54%
Portfolio turnover rate		48.54%		97.50%		217.57%		148.66%		66.70%		61.58%
*See Notes to Financial Statements.*

- 98 -

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger International Growth Fund						Class B
	Six months
		ended	Year ended		Year ended		Year ended		Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013		10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	13.44	$	13.51	$	11.18	$	10.64	$	10.07	$	8.75
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income (loss)⁽ⁱⁱ⁾		(0.05)		(0.06)		0.02		(0.04)		(0.05)		(0.01)
Net realized and unrealized gain (loss)
on investments		1.38		(0.01)		2.33		0.58		0.62		1.33
Total from investment operations		1.33		(0.07)		2.35		0.54		0.57		1.32
Dividends from net investment income		–		–		(0.02)		–		–		–
Net asset value, end of period	$	14.77	$	13.44	$	13.51	$	11.18	$	10.64	$	10.07
Total return⁽ⁱⁱⁱ⁾		9.93%		(0.52)%		21.07%		5.08%		5.70%		15.10%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 36,585		$ 38,520		$ 63,826		$ 77,408		$ 88,496		$ 107,663
Ratio of gross expenses to average
net assets		2.03%		2.02%		2.04%		1.97%		1.96%		2.00%
Ratio of expense reimbursements to
average net assets		–		–		–		–		–		–
Ratio of net expenses to average net
assets		2.03%		2.02%		2.04%		1.97%		1.96%		2.00%
Ratio of net investment income (loss) to
average net assets		(0.73)%		(0.47)%		0.17%		(0.36)%		(0.51)%		(0.10)%
Portfolio turnover rate		48.54%		97.50%		217.57%		148.66%		66.70%		61.58%
*See Notes to Financial Statements.*

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger International Growth Fund						Class C
	Six months
		ended	Year ended		Year ended		Year ended			Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013			10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	13.36	$	13.44	$	11.12	$		10.60	$	10.05	$	8.73
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾		(0.05)		(0.07)		–			(0.05)		(0.07)		(0.02)
Net realized and unrealized gain (loss)
on investments		1.38		(0.01)		2.33			0.57		0.62		1.34
Total from investment operations		1.33		(0.08)		2.33			0.52		0.55		1.32
Dividends from net investment income		(0.07)		–		(0.01)			–		–		–
Net asset value, end of period	$	14.62	$	13.36	$	13.44	$		11.12	$	10.60	$	10.05
Total return⁽ⁱⁱⁱ⁾		9.89%		(0.60)%		20.94%			4.91%		5.50%		15.10%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 21,110		$ 20,567		$ 17,786		$ 17,305			$ 21,436		$ 25,186
Ratio of gross expenses to average
net assets		2.10%		2.08%		2.15%			2.08%		2.09%		2.08%
Ratio of expense reimbursements to
average net assets		–		–		–			–		–		–
Ratio of net expenses to average net
assets		2.10%		2.08%		2.15%			2.08%		2.09%		2.08%
Ratio of net investment income (loss) to
average net assets		(0.79)%		(0.49)%		0.03%			(0.47)%		(0.65)%		(0.16)%
Portfolio turnover rate		48.54%		97.50%		217.57%			148.66%		66.70%		61.58%
*See Notes to Financial Statements.*

- 100 -

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger International Growth Fund				Class I
					From 5/31/2013
	Six ended months		Year ended		(commencement of operations) to
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013⁽ⁱⁱ⁾
Net asset value, beginning of period	$	15.27	$	15.29	$	13.94
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income⁽ⁱⁱⁱ⁾		0.03		0.12		0.03
Net realized and unrealized gain (loss)
on investments		1.55		(0.07)		1.32
Total from investment operations		1.58		0.05		1.35
Dividends from net investment income		(0.18)		(0.07)		–
Net asset value, end of period	$	16.67	$	15.27	$	15.29
Total return^(iv)		10.46%		0.31%		9.68%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	5,362	$	3,722	$	157
Ratio of gross expenses to average
net assets		1.32%		1.27%		15.73%
Ratio of expense reimbursements to
average net assets		(0.17)%		(0.12)%		(14.58)%
Ratio of net expenses to average net
assets		1.15%		1.15%		1.15%
Ratio of net investment income (loss) to
average net assets		0.32%		0.76%		0.44%
Portfolio turnover rate		48.54%		97.50%		217.57%
*See Notes to Financial Statements.*

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger International Growth Fund			Class Z
					From 12/29/2010

	Six ended months	Year ended	Year ended	Year ended	(commencement of operations) to
	4/30/2015⁽ⁱ⁾	10/31/2014	10/31/2013	10/31/2012	10/31/2011⁽ⁱⁱ⁾


Net asset value, beginning of period	$	15.44	$	15.35	$	12.66	$	11.94	$	11.83
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income⁽ⁱⁱⁱ⁾		0.05		0.13		0.33		0.08		0.04
Net realized and unrealized gain (loss)
on investments		1.57		(0.04)		2.50		0.64		0.07
Total from investment operations		1.62		0.09		2.83		0.72		0.11
Dividends from net investment income		(0.22)		–		(0.14)		–		–
Net asset value, end of period	$	16.84	$	15.44	$	15.35	$	12.66	$	11.94
Total return^(iv)		10.56%		0.59%		22.56%		6.03%		0.90%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 19,098		$ 8,573		$ 2,277		$ 20,217		$ 20,832
Ratio of gross expenses to average
net assets		1.05%		1.04%		1.12%		0.96%		1.01%
Ratio of expense reimbursements to
average net assets		(0.16)%		(0.15)%		(0.13)%		–		(0.02)%
Ratio of net expenses to average net
assets		0.89%		0.89%		0.99%		0.96%		0.99%
Ratio of net investment income (loss) to
average net assets		0.67%		0.82%		2.50%		0.65%		0.37%
Portfolio turnover rate		48.54%		97.50%		217.57%		148.66%		66.70%
*See Notes to Financial Statements.*

- 102 -

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Mid Cap Growth Fund						Class A
	Six months
		ended	Year ended		Year ended		Year ended		Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013		10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	10.54	$	9.38	$	7.05	$	6.51	$	6.39	$	5.24
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾		(0.03)		(0.04)		(0.03)		(0.02)		(0.06)		(0.01)
Net realized and unrealized gain on
investments		0.76		1.20		2.36		0.56		0.18		1.16
Total from investment operations		0.73		1.16		2.33		0.54		0.12		1.15
Net asset value, end of period	$	11.27	$	10.54	$	9.38	$	7.05	$	6.51	$	6.39
Total return⁽ⁱⁱⁱ⁾		7.03%		12.37%		33.05%		8.29%		1.90%		21.70%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 145,663		$ 142,977		$ 143,231		$ 131,454		$ 165,315		$ 210,641
Ratio of gross expenses to average
net assets		1.31%		1.35%		1.39%		1.40%		1.38%		1.38%
Ratio of expense reimbursements to
average net assets		–		–		–		–		–		–
Ratio of net expenses to average net
assets		1.31%		1.35%		1.39%		1.40%		1.38%		1.38%
Ratio of net investment income (loss) to
average net assets		(0.52)%		(0.38)%		(0.31)%		(0.25)%		(0.89)%		(0.21)%
Portfolio turnover rate		68.05%		194.81%		156.98%		234.91%		245.44%		195.64%
*See Notes to Financial Statements.*

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Mid Cap Growth Fund						Class B
	Six months
		ended	Year ended		Year ended		Year ended		Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013		10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	8.63	$	7.73	$	5.86	$	5.46	$	5.39	$	4.46
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾		(0.06)		(0.09)		(0.07)		(0.05)		(0.09)		(0.05)
Net realized and unrealized gain on
investments		0.63		0.99		1.94		0.45		0.16		0.98
Total from investment operations		0.57		0.90		1.87		0.40		0.07		0.93
Net asset value, end of period	$	9.20	$	8.63	$	7.73	$	5.86	$	5.46	$	5.39
Total return⁽ⁱⁱⁱ⁾		6.60%		11.64%		31.91%		7.33%		1.30%		20.90%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 30,460		$ 33,377		$ 50,341		$ 45,501		$ 48,334		$ 63,782
Ratio of gross expenses to average
net assets		2.03%		2.04%		2.10%		2.08%		2.11%		2.12%
Ratio of expense reimbursements to
average net assets		–		–		–		–		–		–
Ratio of net expenses to average net
assets		2.03%		2.04%		2.10%		2.08%		2.11%		2.12%
Ratio of net investment income (loss) to
average net assets		(1.24)%		(1.05)%		(1.02)%		(0.92)%		(1.61)%		(0.97)%
Portfolio turnover rate		68.05%		194.81%		156.98%		234.91%		245.44%		195.64%
*See Notes to Financial Statements.*

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

- 104 -

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Mid Cap Growth Fund						Class C
	Six months
		ended	Year ended		Year ended		Year ended		Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013		10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	8.56	$	7.68	$	5.82	$	5.43	$	5.37	$	4.44
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾		(0.06)		(0.10)		(0.08)		(0.06)		(0.10)		(0.05)
Net realized and unrealized gain on
investments		0.61		0.98		1.94		0.45		0.16		0.98
Total from investment operations		0.55		0.88		1.86		0.39		0.06		0.93
Net asset value, end of period	$	9.11	$	8.56	$	7.68	$	5.82	$	5.43	$	5.37
Total return⁽ⁱⁱⁱ⁾		6.67%		11.46%		31.96%		7.18%		1.10%		20.70%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 26,115		$ 25,932		$ 26,320		$ 22,812		$ 26,731		$ 33,788
Ratio of gross expenses to average
net assets		2.10%		2.16%		2.21%		2.22%		2.20%		2.20%
Ratio of expense reimbursements to
average net assets		–		–		–		–		–		–
Ratio of net expenses to average net
assets		2.10%		2.16%		2.21%		2.22%		2.20%		2.20%
Ratio of net investment income (loss) to
average net assets		(1.31)%		(1.19)%		(1.13)%		(1.06)%		(1.71)%		(1.04)%
Portfolio turnover rate		68.05%		194.81%		156.98%		234.91%		245.44%		195.64%
*See Notes to Financial Statements.*

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger SMid Cap Growth Fund						Class A
	Six months
		ended	Year ended		Year ended		Year ended		Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013		10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	19.32	$	20.89	$	16.72	$	15.22	$	14.48	$	11.57
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾		(0.05)		(0.09)		(0.03)		(0.09)		(0.16)		(0.12)
Net realized and unrealized gain on
investments		0.93		1.53		4.92		1.59		0.90		3.03
Total from investment operations		0.88		1.44		4.89		1.50		0.74		2.91
Distributions from net realized gains		(2.57)		(3.01)		(0.72)		–		–		–
Net asset value, end of period	$	17.63	$	19.32	$	20.89	$	16.72	$	15.22	$	14.48
Total return⁽ⁱⁱⁱ⁾		5.11%		7.68%		30.39%		9.86%		5.10%		25.20%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 222,077		$ 241,510		$ 294,846		$ 299,934		$ 377,947		$ 586,359
Ratio of gross expenses to average
net assets		1.25%		1.27%		1.29%		1.29%		1.37%		1.32%
Ratio of expense reimbursements to
average net assets		–		–		–		–		–		–
Ratio of net expenses to average net
assets		1.25%		1.27%		1.29%		1.29%		1.37%		1.32%
Ratio of net investment income (loss) to
average net assets		(0.51)%		(0.45)%		(0.19)%		(0.54)%		(0.99)%		(0.90)%
Portfolio turnover rate		58.47%		91.59%		95.67%		81.09%		64.83%		58.80%
*See Notes to Financial Statements.*

- 106 -

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger SMid Cap Growth Fund						Class B
	Six months
		ended	Year ended		Year ended		Year ended		Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013		10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	17.11	$	18.96	$	15.36	$	14.09	$	13.50	$	10.88
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾		(0.10)		(0.21)		(0.16)		(0.20)		(0.26)		(0.21)
Net realized and unrealized gain on
investments		0.80		1.37		4.48		1.47		0.85		2.83
Total from investment operations		0.70		1.16		4.32		1.27		0.59		2.62
Distributions from net realized gains		(2.57)		(3.01)		(0.72)		–		–		–
Net asset value, end of period	$	15.24	$	17.11	$	18.96	$	15.36	$	14.09	$	13.50
Total return⁽ⁱⁱⁱ⁾		4.68%		6.87%		29.33%		9.01%		4.40%		24.10%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	6,148	$	7,252	$	9,413	$	9,448	$ 10,998		$ 11,650
Ratio of gross expenses to average
net assets		2.03%		2.06%		2.07%		2.10%		2.12%		2.16%
Ratio of expense reimbursements to
average net assets		–		–		–		–		–		–
Ratio of net expenses to average net
assets		2.03%		2.06%		2.07%		2.10%		2.12%		2.16%
Ratio of net investment income (loss) to
average net assets		(1.29)%		(1.24)%		(0.97)%		(1.34)%		(1.73)%		(1.74)%
Portfolio turnover rate		58.47%		91.59%		95.67%		81.09%		64.83%		58.80%
*See Notes to Financial Statements.*

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger SMid Cap Growth Fund						Class C
	Six months
		ended	Year ended		Year ended		Year ended			Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013			10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	17.16	$	19.00	$	15.39	$		14.12	$	13.53	$	10.90
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾		(0.10)		(0.21)		(0.16)			(0.20)		(0.25)		(0.21)
Net realized and unrealized gain on
investments		0.81		1.38		4.49			1.47		0.84		2.84
Total from investment operations		0.71		1.17		4.33			1.27		0.59		2.63
Distributions from net realized gains		(2.57)		(3.01)		(0.72)			–		–		–
Net asset value, end of period	$	15.30	$	17.16	$	19.00	$		15.39	$	14.12	$	13.53
Total return⁽ⁱⁱⁱ⁾		4.73%		6.92%		29.34%			9.00%		4.40%		24.10%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 61,281		$ 63,572		$ 68,161		$ 59,063			$ 64,597		$ 68,916
Ratio of gross expenses to average
net assets		2.02%		2.03%		2.06%			2.09%		2.10%		2.13%
Ratio of expense reimbursements to
average net assets		–		–		–			–		–		–
Ratio of net expenses to average net
assets		2.02%		2.03%		2.06%			2.09%		2.10%		2.13%
Ratio of net investment income (loss) to
average net assets		(1.28)%		(1.21)%		(0.96)%			(1.33)%		(1.70)%		(1.71)%
Portfolio turnover rate		58.47%		91.59%		95.67%			81.09%		64.83%		58.80%
*See Notes to Financial Statements.*

- 108 -

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger SMid Cap Growth Fund						Class I
	Six months
		ended	Year ended		Year ended		Year ended		Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013		10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	19.54	$	21.09	$	16.88	$	15.35	$	14.57	$	11.63
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾		(0.05)		(0.09)		(0.04)		(0.08)		(0.13)		(0.10)
Net realized and unrealized gain on
investments		0.93		1.55		4.97		1.61		0.91		3.04
Total from investment operations		0.88		1.46		4.93		1.53		0.78		2.94
Distributions from net realized gains		(2.57)		(3.01)		(0.72)		–		–		–
Net asset value, end of period	$	17.85	$	19.54	$	21.09	$	16.88	$	15.35	$	14.57
Total return⁽ⁱⁱⁱ⁾		5.05%		7.70%		30.34%		10.00%		5.40%		25.30%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 398,057		$ 699,237		$ 692,445		$ 545,397		$ 420,089		$ 192,291
Ratio of gross expenses to average
net assets		1.26%		1.27%		1.31%		1.23%		1.21%		1.20%
Ratio of expense reimbursements to
average net assets		–		–		–		–		–		–
Ratio of net expenses to average net
assets		1.26%		1.27%		1.31%		1.23%		1.21%		1.20%
Ratio of net investment income (loss) to
average net assets		(0.52)%		(0.45)%		(0.22)%		(0.45)%		(0.79)%		(0.78)%
Portfolio turnover rate		58.47%		91.59%		95.67%		81.09%		64.83%		58.80%
*See Notes to Financial Statements.*

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger SMid Cap Growth Fund			Class Z
					From 12/29/2010
	Six ended months	Year ended	Year ended	Year ended	(commencement of operations) to
	4/30/2015⁽ⁱ⁾	10/31/2014	10/31/2013	10/31/2012	10/31/2011⁽ⁱⁱ⁾


Net asset value, beginning of period	$	19.63	$	21.11	$	16.84	$	15.28	$	15.86
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income (loss)⁽ⁱⁱⁱ⁾		(0.02)		(0.02)		0.02		(0.02)		(0.07)
Net realized and unrealized gain (loss)
on investments		0.94		1.55		4.97		1.58		(0.51)
Total from investment operations		0.92		1.53		4.99		1.56		(0.58)
Distributions from net realized gains		(2.57)		(3.01)		(0.72)		–		–
Net asset value, end of period	$	17.98	$	19.63	$	21.11	$	16.84	$	15.28
Total return^(iv)		5.25%		8.07%		30.78%		10.21%		(3.70)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 42,018		$ 52,091		$ 67,852		$ 54,965		$ 24,124
Ratio of gross expenses to average
net assets		0.95%		0.95%		0.96%		0.97%		1.06%
Ratio of expense reimbursements to
average net assets		–		–		–		–		(0.07)%
Ratio of net expenses to average net
assets		0.95%		0.95%		0.96%		0.97%		0.99%
Ratio of net investment income (loss) to
average net assets		(0.20)%		(0.13)%		0.13%		(0.14)%		(0.51)%
Portfolio turnover rate		58.47%		91.59%		95.67%		81.09%		64.83%
*See Notes to Financial Statements.*

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

- 110 -

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Small Cap Growth Fund						Class A
	Six months
		ended	Year ended		Year ended		Year ended		Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013		10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	8.96	$	9.97	$	7.79	$	7.12	$	6.70	$	5.27
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾		(0.04)		(0.07)		(0.04)		(0.05)		(0.09)		(0.06)
Net realized and unrealized gain on
investments		0.47		0.19		2.53		0.72		0.51		1.49
Total from investment operations		0.43		0.12		2.49		0.67		0.42		1.43
Distributions from net realized gains		(0.99)		(1.13)		(0.31)		–		–		–
Net asset value, end of period	$	8.40	$	8.96	$	9.97	$	7.79	$	7.12	$	6.70
Total return⁽ⁱⁱⁱ⁾		5.17%		1.30%		33.15%		9.41%		6.30%		27.10%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 138,352		$ 139,497		$ 175,214		$ 172,202		$ 194,799		$ 298,103
Ratio of gross expenses to average
net assets		1.32%		1.35%		1.38%		1.40%		1.43%		1.40%
Ratio of expense reimbursements to
average net assets		–		–		(0.02)%		–		(0.01)%		–
Ratio of net expenses to average net
assets		1.32%		1.35%		1.36%		1.40%		1.42%		1.40%
Ratio of net investment income (loss) to
average net assets		(0.89)%		(0.81)%		(0.49)%		(0.71)%		(1.18)%		(1.07)%
Portfolio turnover rate		74.21%		88.98%		93.97%		72.59%		67.37%		48.45%
*See Notes to Financial Statements.*

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Small Cap Growth Fund						Class B
	Six months
		ended	Year ended		Year ended		Year ended		Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013		10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	7.59	$	8.67	$	6.86	$	6.27	$	5.95	$	4.71
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾		(0.06)		(0.12)		(0.09)		(0.10)		(0.13)		(0.10)
Net realized and unrealized gain on
investments		0.38		0.17		2.21		0.69		0.45		1.34
Total from investment operations		0.32		0.05		2.12		0.59		0.32		1.24
Distributions from net realized gains		(0.99)		(1.13)		(0.31)		–		–		–
Net asset value, end of period	$	6.92	$	7.59	$	8.67	$	6.86	$	6.27	$	5.95
Total return⁽ⁱⁱⁱ⁾		4.74%		0.61%		32.21%		9.41%		5.40%		26.30%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	7,800	$	8,874	$ 13,626		$ 13,389		$ 15,954		$ 22,348
Ratio of gross expenses to average
net assets		2.14%		2.11%		2.13%		2.16%		2.18%		2.15%
Ratio of expense reimbursements to
average net assets		–		–		(0.02)%		–		(0.01)%		–
Ratio of net expenses to average net
assets		2.14%		2.11%		2.11%		2.16%		2.17%		2.15%
Ratio of net investment income (loss) to
average net assets		(1.70)%		(1.56)%		(1.24)%		(1.47)%		(1.92)%		(1.81)%
Portfolio turnover rate		74.21%		88.98%		93.97%		72.59%		67.37%		48.45%
*See Notes to Financial Statements.*

- 112 -

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Small Cap Growth Fund						Class C
	Six months
		ended	Year ended		Year ended		Year ended			Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013			10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	7.44	$	8.52	$	6.76	$		6.27	$	5.95	$	4.72
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾		(0.06)		(0.12)		(0.10)			(0.10)		(0.13)		(0.10)
Net realized and unrealized gain on
investments		0.38		0.17		2.17			0.59		0.45		1.33
Total from investment operations		0.32		0.05		2.07			0.49		0.32		1.23
Distributions from net realized gains		(0.99)		(1.13)		(0.31)			–		–		–
Net asset value, end of period	$	6.77	$	7.44	$	8.52	$		6.76	$	6.27	$	5.95
Total return⁽ⁱⁱⁱ⁾		4.71%		0.61%		31.94%			7.81%		5.40%		26.10%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 15,248		$ 16,119		$ 19,461		$ 17,091			$ 19,145		$ 23,386
Ratio of gross expenses to average
net assets		2.11%		2.15%		2.18%			2.19%		2.22%		2.25%
Ratio of expense reimbursements to
average net assets		–		–		(0.02)%			–		0.01%		–
Ratio of net expenses to average net
assets		2.11%		2.15%		2.16%			2.19%		2.21%		2.25%
Ratio of net investment income (loss) to
average net assets		(1.68)%		(1.61)%		(1.31)%			(1.50)%		(1.96)%		(1.91)%
Portfolio turnover rate		74.21%		88.98%		93.97%			72.59%		67.37%		48.45%
*See Notes to Financial Statements.*

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Small Cap Growth Fund			Class Z
					From 12/29/2010
	Six ended months	Year ended	Year ended	Year ended	(commencement of operations) to
	4/30/2015⁽ⁱ⁾	10/31/2014	10/31/2013	10/31/2012	10/31/2011⁽ⁱⁱ⁾


Net asset value, beginning of period	$	9.04	$	10.01	$	7.79	$	7.14	$	7.43
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱⁱ⁾		(0.02)		(0.04)		(0.02)		(0.02)		(0.04)
Net realized and unrealized gain (loss)
on investments		0.46		0.20		2.55		0.67		(0.25)
Total from investment operations		0.44		0.16		2.53		0.65		(0.29)
Distributions from net realized gains		(0.99)		(1.13)		(0.31)		–		–
Net asset value, end of period	$	8.49	$	9.04	$	10.01	$	7.79	$	7.14
Total return^(iv)		5.36%		1.73%		33.67%		9.10%		(3.90)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 66,540		$ 64,684		$ 79,723		$ 29,264		$ 26,137
Ratio of gross expenses to average
net assets		1.02%		1.03%		1.05%		1.04%		1.13%
Ratio of expense reimbursements to
average net assets		(0.03)%		(0.04)%		(0.06)%		(0.05)%		(0.14)%
Ratio of net expenses to average net
assets		0.99%		0.99%		0.99%		0.99%		0.99%
Ratio of net investment income (loss) to
average net assets		(0.55)%		(0.45)%		(0.18)%		(0.28)%		(0.72)%
Portfolio turnover rate		74.21%		88.98%		93.97%		72.59%		67.37%
*See Notes to Financial Statements.*

- 114 -

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Growth Opportunities Fund						Class A
	Six months
		ended	Year ended		Year ended		Year ended		Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013		10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	11.52	$	12.98	$	10.88	$	10.82	$	10.23	$	7.94
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾		(0.06)		(0.11)		(0.08)		(0.09)		(0.14)		(0.11)
Net realized and unrealized gain on
investments		0.69		0.60		3.55		1.03		0.73		2.40
Total from investment operations		0.63		0.49		3.47		0.94		0.59		2.29
Distributions from net realized gains		(0.98)		(1.95)		(1.37)		(0.88)		–		–
Net asset value, end of period	$	11.17	$	11.52	$	12.98	$	10.88	$	10.82	$	10.23
Total return⁽ⁱⁱⁱ⁾		5.96%		4.23%		36.03%		9.60%		5.80%		28.80%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 11,593		$	7,241	$	7,563	$	6,464	$	8,851	$	8,186
Ratio of gross expenses to average
net assets		2.16%		2.22%		2.45%		2.60%		2.29%		2.32%
Ratio of expense reimbursements to
average net assets		(0.56)%		(0.62)%		(0.85)%		(1.04)%		(0.79)%		(0.82)%
Ratio of net expenses to average net
assets		1.60%		1.60%		1.60%		1.56%		1.50%		1.50%
Ratio of net investment income (loss) to
average net assets		(1.14)%		(0.95)%		(0.69)%		(0.86)%		(1.22)%		(1.24)%
Portfolio turnover rate		125.70%		91.91%		92.82%		63.81%		66.59%		64.25%
*See Notes to Financial Statements.*

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Growth Opportunities Fund						Class C
	Six months
		ended	Year ended		Year ended		Year ended			Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013			10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	10.79	$	12.34	$	10.48	$		10.52	$	10.02	$	7.84
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾		(0.09)		(0.17)		(0.15)			(0.16)		(0.22)		(0.18)
Net realized and unrealized gain on
investments		0.64		0.57		3.38			1.00		0.72		2.36
Total from investment operations		0.55		0.40		3.23			0.84		0.50		2.18
Distributions from net realized gains		(0.98)		(1.95)		(1.37)			(0.88)		–		–
Net asset value, end of period	$	10.36	$	10.79	$	12.34	$		10.48	$	10.52	$	10.02
Total return⁽ⁱⁱⁱ⁾		5.60%		3.65%		35.00%			8.90%		5.00%		27.80%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	5,154	$	2,612	$	2,636	$		1,956	$	2,293	$	2,304
Ratio of gross expenses to average
net assets		2.89%		2.99%		3.23%			3.33%		3.04%		3.16%
Ratio of expense reimbursements to
average net assets		(0.64)%		(0.74)%		(0.98)%			(1.08)%		(0.79)%		(0.91)%
Ratio of net expenses to average net
assets		2.25%		2.25%		2.25%			2.25%		2.25%		2.25%
Ratio of net investment income (loss) to
average net assets		(1.82)%		(1.60)%		(1.34)%			(1.54)%		(1.97)%		(2.00)%
Portfolio turnover rate		125.70%		91.91%		92.82%			63.81%		66.59%		64.25%
*See Notes to Financial Statements.*

- 116 -

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Growth Opportunities Fund						Class I
	Six months
		ended	Year ended		Year ended		Year ended		Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013		10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	11.75	$	13.17	$	11.00	$	10.90	$	10.29	$	7.96
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾		(0.05)		(0.08)		(0.05)		(0.07)		(0.11)		(0.09)
Net realized and unrealized gain on
investments		0.72		0.61		3.59		1.05		0.72		2.42
Total from investment operations		0.67		0.53		3.54		0.98		0.61		2.33
Distributions from net realized gains		(0.98)		(1.95)		(1.37)		(0.88)		–		–
Net asset value, end of period	$	11.44	$	11.75	$	13.17	$	11.00	$	10.90	$	10.29
Total return⁽ⁱⁱⁱ⁾		6.11%		4.50%		36.31%		9.90%		5.90%		29.30%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	3,455	$	2,359	$	2,034	$	1,349	$	2,075	$	2,799
Ratio of gross expenses to average
net assets		2.15%		2.19%		2.43%		3.20%		2.43%		2.73%
Ratio of expense reimbursements to
average net assets		(0.80)%		(0.84)%		(1.08)%		(1.89)%		(1.18)%		(1.48)%
Ratio of net expenses to average net
assets		1.35%		1.35%		1.35%		1.31%		1.25%		1.25%
Ratio of net investment income (loss) to
average net assets		(0.90)%		(0.70)%		(0.46)%		(0.62)%		(0.96)%		(0.99)%
Portfolio turnover rate		125.70%		91.91%		92.82%		63.81%		66.59%		64.25%
*See Notes to Financial Statements.*

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Growth Opportunities Fund			Class Z
					From 12/29/2010
	Six ended months	Year ended	Year ended	Year ended	(commencement of operations) to
	4/30/2015⁽ⁱ⁾	10/31/2014	10/31/2013	10/31/2012	10/31/2011⁽ⁱⁱ⁾


Net asset value, beginning of period	$	11.77	$	13.16	$	10.97	$	10.85	$	11.31
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱⁱ⁾		(0.03)		(0.05)		(0.02)		(0.04)		(0.06)
Net realized and unrealized gain (loss)
on investments		0.71		0.61		3.58		1.04		(0.40)
Total from investment operations		0.68		0.56		3.56		1.00		(0.46)
Distributions from net realized gains		(0.98)		(1.95)		(1.37)		(0.88)		–
Net asset value, end of period	$	11.47	$	11.77	$	13.16	$	10.97	$	10.85
Total return^(iv)		6.28%		4.78%		36.61%		10.15%		(4.10)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	4,658	$	3,368	$	3,202	$	2,426	$	1,964
Ratio of gross expenses to average
net assets		2.04%		2.11%		2.38%		2.69%		37.74%
Ratio of expense reimbursements to
average net assets		(0.99)%		(1.01)%		(1.28)%		(1.59)%		(36.64)%
Ratio of net expenses to average net
assets		1.05%		1.10%		1.10%		1.10%		1.10%
Ratio of net investment income (loss) to
average net assets		(0.60)%		(0.45)%		(0.20)%		(0.38)%		(0.72)%
Portfolio turnover rate		125.70%		91.91%		92.82%		63.81%		66.59%
*See Notes to Financial Statements.*

- 118 -

THE ALGER FUNDS

Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Health Sciences Fund						Class A
	Six months
		ended	Year ended		Year ended		Year ended		Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013		10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	26.96	$	25.35	$	21.75	$	19.34	$	17.42	$	15.76
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income (loss)⁽ⁱⁱ⁾		(0.12)		(0.14)		(0.05)		0.02		(0.09)		(0.10)
Net realized and unrealized gain on
investments		1.79		5.89		6.11		2.39		2.01		1.76
Total from investment operations		1.67		5.75		6.06		2.41		1.92		1.66
Dividends from net investment income		(0.16)		–		(0.01)		–		–		–
Distributions from net realized gains		(5.43)		(4.14)		(2.45)		–		–		–
Net asset value, end of period	$	23.04	$	26.96	$	25.35	$	21.75	$	19.34	$	17.42
Total return⁽ⁱⁱⁱ⁾		6.82%		26.29%		30.81%		12.46%		11.00%		10.50%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 138,114		$ 139,306		$ 129,870		$ 120,490		$ 148,445		$ 156,438
Ratio of gross expenses to average
net assets		1.29%		1.31%		1.35%		1.37%		1.35%		1.33%
Ratio of expense reimbursements to
average net assets		–		–		–		–		–		–
Ratio of net expenses to average net
assets		1.29%		1.31%		1.35%		1.37%		1.35%		1.33%
Ratio of net investment income (loss) to
average net assets		(1.04)%		(0.59)%		(0.21)%		0.11%		(0.46)%		(0.58)%
Portfolio turnover rate		74.75%		167.94%		115.08%		110.37%		63.17%		75.15%
*See Notes to Financial Statements.*

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Health Sciences Fund						Class B
	Six months
		ended	Year ended		Year ended		Year ended		Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013		10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	23.53	$	22.78	$	19.91	$	17.85	$	16.21	$	14.78
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾		(0.18)		(0.29)		(0.20)		(0.13)		(0.23)		(0.23)
Net realized and unrealized gain on
investments		1.54		5.18		5.52		2.19		1.87		1.66
Total from investment operations		1.36		4.89		5.32		2.06		1.64		1.43
Distributions from net realized gains		(5.43)		(4.14)		(2.45)		–		–		–
Net asset value, end of period	$	19.46	$	23.53	$	22.78	$	19.91	$	17.85	$	16.21
Total return⁽ⁱⁱⁱ⁾		6.42%		25.33%		29.82%		11.54%		10.00%		9.70%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	8,194	$	9,030	$ 11,767		$ 11,879		$ 13,878		$ 16,675
Ratio of gross expenses to average
net assets		2.05%		2.10%		2.12%		2.16%		2.16%		2.15%
Ratio of expense reimbursements to
average net assets		–		–		–		–		–		–
Ratio of net expenses to average net
assets		2.05%		2.10%		2.12%		2.16%		2.16%		2.15%
Ratio of net investment income (loss) to
average net assets		(1.80)%		(1.37)%		(0.99)%		(0.68)%		(1.27)%		(1.41)%
Portfolio turnover rate		74.75%		167.94%		115.08%		110.37%		63.17%		75.15%
*See Notes to Financial Statements.*

- 120 -

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Health Sciences Fund						Class C
	Six months
		ended	Year ended		Year ended		Year ended			Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013			10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	23.60	$	22.83	$	19.95	$		17.88	$	16.23	$	14.80
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾		(0.18)		(0.29)		(0.20)			(0.13)		(0.22)		(0.22)
Net realized and unrealized gain on
investments		1.55		5.20		5.53			2.20		1.87		1.65
Total from investment operations		1.37		4.91		5.33			2.07		1.65		1.43
Distributions from net realized gains		(5.43)		(4.14)		(2.45)			–		–		–
Net asset value, end of period	$	19.54	$	23.60	$	22.83	$		19.95	$	17.88	$	16.23
Total return⁽ⁱⁱⁱ⁾		6.46%		25.37%		29.81%			11.58%		10.20%		9.70%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 59,445		$ 60,628		$ 56,717		$ 50,049			$ 59,207		$ 64,825
Ratio of gross expenses to average
net assets		2.05%		2.06%		2.10%			2.14%		2.12%		2.12%
Ratio of expense reimbursements to
average net assets		–		–		–			–		–		–
Ratio of net expenses to average net
assets		2.05%		2.06%		2.10%			2.14%		2.12%		2.12%
Ratio of net investment income (loss) to
average net assets		(1.79)%		(1.34)%		(0.98)%			(0.67)%		(1.23)%		(1.37)%
Portfolio turnover rate		74.75%		167.94%		115.08%			110.37%		63.17%		75.15%
*See Notes to Financial Statements.*

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Growth & Income Fund						Class A
	Six months
		ended	Year ended		Year ended		Year ended		Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013		10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	33.56	$	29.63	$	24.43	$	21.74	$	21.38	$	19.50
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income⁽ⁱⁱ⁾		0.32		0.63		0.56		0.44		0.32		0.42
Net realized and unrealized gain on
investments		0.98		3.92		5.11		2.60		0.69		1.86
Total from investment operations		1.30		4.55		5.67		3.04		1.01		2.28
Dividends from net investment income		(0.29)		(0.62)		(0.47)		(0.35)		(0.65)		(0.40)
Distributions from net realized gains		(1.08)		–		–		–		–		–
Net asset value, end of period	$	33.49	$	33.56	$	29.63	$	24.43	$	21.74	$	21.38
Total return⁽ⁱⁱⁱ⁾		3.93%		15.53%		23.45%		14.02%		4.80%		11.80%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 75,577		$ 73,674		$ 80,832		$ 73,050		$ 41,446		$ 41,160
Ratio of gross expenses to average
net assets		1.14%		1.18%		1.19%		1.25%		1.43%		1.46%
Ratio of expense reimbursements to
average net assets		–		–		–		–		(0.03)%		(0.09)%
Ratio of net expenses to average net
assets		1.14%		1.18%		1.19%		1.25%		1.40%		1.37%
Ratio of net investment income (loss) to
average net assets		1.92%		2.00%		2.07%		1.87%		1.49%		2.08%
Portfolio turnover rate		10.34%		21.20%		29.27%		45.36%		119.61%		72.11%
*See Notes to Financial Statements.*

- 122 -

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Growth & Income Fund						Class C
	Six months
		ended	Year ended		Year ended		Year ended			Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013			10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	33.18	$	29.33	$	24.22	$		21.54	$	21.02	$	19.19
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income⁽ⁱⁱ⁾		0.19		0.38		0.34			0.26		0.16		0.27
Net realized and unrealized gain on
investments		0.97		3.89		5.08			2.58		0.68		1.83
Total from investment operations		1.16		4.27		5.42			2.84		0.84		2.10
Dividends from net investment income		(0.17)		(0.42)		(0.31)			(0.16)		(0.32)		(0.27)
Distributions from net realized gains		(1.08)		–		–			–		–		–
Net asset value, end of period	$	33.09	$	33.18	$	29.33	$		24.22	$	21.54	$	21.02
Total return⁽ⁱⁱⁱ⁾		3.55%		14.65%		22.53%			13.20%		4.00%		11.00%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 20,970		$ 19,999		$ 17,173		$ 13,121			$	9,806	$ 11,259
Ratio of gross expenses to average
net assets		1.90%		1.93%		1.96%			2.01%		2.16%		2.17%
Ratio of expense reimbursements to
average net assets		–		–		–			–		(0.03)%		(0.09)%
Ratio of net expenses to average net
assets		1.90%		1.93%		1.96%			2.01%		2.13%		2.08%
Ratio of net investment income (loss) to
average net assets		1.15%		1.22%		1.27%			1.11%		0.75%		1.36%
Portfolio turnover rate		10.34%		21.20%		29.27%			45.36%		119.61%		72.11%
*See Notes to Financial Statements.*

THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Growth & Income Fund		Class Z
				From 3/1/2012
	Six ended months	Year ended	Year ended	(commencement of operations) to
	4/30/2015⁽ⁱ⁾	10/31/2014	10/31/2013	10/31/2012⁽ⁱⁱ⁾


Net asset value, beginning of period	$	33.57	$	29.64	$	24.43	$	23.83
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income⁽ⁱⁱⁱ⁾		0.36		0.63		0.59		0.34
Net realized and unrealized gain on
investments		0.97		4.00		5.14		0.59
Total from investment operations		1.33		4.63		5.73		0.93
Dividends from net investment income		(0.32)		(0.70)		(0.52)		(0.33)
Distributions from net realized gains		(1.08)		–		–		–
Net asset value, end of period	$	33.50	$	33.57	$	29.64	$	24.43
Total return^(iv)		4.04%		15.78%		23.74%		3.90%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	8,877	$	8,441	$	2,306	$	1,087
Ratio of gross expenses to average
net assets		0.92%		1.05%		1.36%		2.92%
Ratio of expense reimbursements to
average net assets		–		(0.10)%		(0.41)%		(1.97)%
Ratio of net expenses to average net
assets		0.92%		0.95%		0.95%		0.95%
Ratio of net investment income (loss) to
average net assets		2.14%		1.98%		2.18%		2.14%
Portfolio turnover rate		10.34%		21.20%		29.27%		45.36%
*See Notes to Financial Statements.*

- 124 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1 — General:
The Alger Funds (the “Trust”) is a diversified, 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 the Financial Accounting Standards
Board 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 eight funds — Alger Capital Appreciation Fund, Alger International
Growth Fund, Alger Mid Cap Growth Fund, Alger SMid Cap Growth Fund, Alger Small
Cap Growth Fund, Alger Growth Opportunities Fund, Alger Health Sciences Fund and
Alger Growth & Income Fund (collectively, the “Funds” or individually, each a “Fund”).
The Alger Capital Appreciation Fund, Alger International Growth Fund, Alger Mid Cap
Growth Fund, Alger SMid Cap Growth Fund, Alger Small Cap Growth Fund, Alger
Growth Opportunities Fund and Alger Health Sciences Fund normally invest primarily in
equity securities and each has an investment objective of long-term capital appreciation.
The Alger Growth & Income Fund also invests primarily in equity securities but 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 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 I and Z shares are sold to institutional investors without an initial or deferred
sales charge. Each class has identical rights to assets and earnings, except that each share
class bears the costs of its plan of distribution, if it maintains one, and transfer agency and
sub-transfer agency services.

NOTE 2 — Significant Accounting Policies:
(a) Investment Valuation: The Funds value their financial instruments at fair value using
independent dealers or pricing services under policies approved by the Board of Trustees.
Investments are valued on each day the New York Stock Exchange (the “NYSE”) is open,
as of the close of the NYSE (normally 4:00 p.m. Eastern Standard Time).
Equity securities and option contracts for which valuation information is readily available are
valued at the last quoted sales price or official closing price as reported by an independent
pricing service on the primary market or exchange on which they are traded. In the absence
of quoted sales, such securities are valued at the bid price or, in the absence of a recent
bid price, the equivalent as obtained from one or more of the major market makers for the
securities to be valued.

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 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
- 125 -

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

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 of Trustees.

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 investment manager, pursuant to policies established by the Board of Trustees, 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 Fund is open.

Financial Accounting Standards Board Accounting Standards Codification 820 – Fair Value
Measurements and Disclosures (“ASC 820”) defines fair value as the price that the Funds
would receive upon selling an investment in a timely transaction to an independent buyer
in the principal or most advantageous market of the investment. ASC 820 established a
three-tier hierarchy to maximize the use of observable market data and minimize the use of
unobservable inputs and to establish classification of fair value measurements for disclosure
purposes. Inputs refer broadly to the assumptions that market participants would use in
pricing the asset or liability and may be observable or unobservable. Observable inputs
are based on market data obtained from sources independent of the Funds. Unobservable
inputs are inputs that reflect the Funds’ own assumptions based on the best information
available in the circumstances. The three-tier hierarchy of inputs is summarized in the three
broad Levels listed below.

• Level 1 – quoted prices in active markets for identical investments
• Level 2 – signifÿÿÿÿicant 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

- 126 -

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

for Level 2 include the last trade price in the case of a halted security, an exchange-listed
price which has been adjusted for fair value factors, and prices of closely related securities.
Additional Level 2 inputs include an evaluated price which is based upon a compilation of
observable market information such as spreads for fixed income and preferred securities.
Inputs for Level 3 include revenue multiples, earnings before interest, taxes, depreciation
and amortization (“EBITDA”) multiples, discount rates, and the probabilities of success of
certain outcomes. Such unobservable market information may be obtained from a company’s
financial statements and from industry studies, market data, and market indicators such as
benchmarks and indices.

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

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

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

(b) Cash and Cash Equivalents: Cash and cash equivalents include U.S. dollars, foreign cash
and overnight time deposits.
(c) Securities Transactions and Investment Income: Securities transactions are recorded on a
trade date basis. Realized gains and losses from securities transactions are recorded on the
identified cost basis. Dividend income is recognized on the ex-dividend date and interest
income is recognized on the accrual basis.
Premiums and discounts on debt securities purchased are amortized or accreted over the
lives of the respective securities.

(d) Foreign Currency Translations: The books and records of the Funds are maintained in U.S.
dollars. Foreign currencies, investments and other assets and liabilities are translated into
U.S. dollars at the prevailing rates of exchange on the valuation date. Purchases and sales
of investment securities and income and expenses are translated into U.S. dollars at the
prevailing exchange rates on the respective dates of such transactions.
Net realized gains and losses on foreign currency transactions represent net gains and losses
from the disposition of foreign currencies, currency gains and losses realized between the
trade dates and settlement dates of security transactions, and the difference between the
amount of net investment income accrued and the U.S. dollar amount actually received.

- 127 -

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

The effects of changes in foreign currency exchange rates on investments in securities
are included in realized and unrealized gain or loss on investments in the accompanying
Statements of Operations.

(e) Option Contracts: When a Fund writes an option, an amount equal to the premium received
by the Fund is recorded as a liability and is subsequently adjusted to the current fair value
of the option written. Premiums received from writing options that expire unexercised are
treated by the Fund on the expiration date as realized gains from investments. The difference
between the premium and the amount paid on effecting a closing purchase transaction,
including brokerage commissions, is also treated as a realized gain, or, if the premium is less
than the amount paid for the closing purchase transaction, as a realized loss. If a call option
is exercised, the premium is added to the proceeds from the sale of the underlying security
in determining whether the Fund has realized a gain or loss. If a put option is exercised, the
premium reduces the cost basis of the securities purchased by the Fund. The Fund as writer
of an option bears the market risk of an unfavorable change in the price of the security
underlying the written option.
The Funds may also purchase put and call options. Each Fund pays a premium which is
included in the Fund’s accompanying Statement of Assets and Liabilities as an investment
and subsequently marked to market to reflect the current value of the option. Premiums
paid for purchasing options which expire are treated as realized losses. The risk associated
with purchasing put and call options is limited to the premium paid. Premiums paid for
purchasing options which are exercised or closed are added to the amounts paid or offset
against the proceeds on the underlying security to determine the realized gain or loss.

(f) Lending of Fund Securities: The Funds may lend their securities to financial institutions,
provided that the market value of the securities loaned will not at any time exceed one
third of the Fund’s total assets, as defined in its prospectuses. The Funds earn fees on the
securities loaned, which are included in interest income in the accompanying Statements
of Operations. In order to protect against the risk of failure by the borrower to return the
securities loaned or any delay in the delivery of such securities, the loan is collateralized by
cash or securities that are maintained with the Custodian in an amount equal to at least 102
percent of the current market value of U.S. loaned securities or 105 percent for non-U.S.
loaned securities. The market value of the loaned securities is determined at the close of
business of the Fund. Any required additional collateral is delivered to the Custodian and
any excess collateral is returned to the borrower on the next business day. In the event the
borrower fails to return the loaned securities when due, the Funds may take the collateral
to replace the securities. If the value of the collateral is less than the purchase cost of
replacement securities, the Custodian shall be responsible for any shortfall, but only to
the extent that the shortfall is not due to any diminution in collateral value, as defined in
the securities lending agreement. The Funds are required to maintain the collateral in a
segregated account and determine its value each day until the loaned securities are returned.

- 128 -

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

Cash collateral may be invested as determined by the Funds. Collateral is returned to the
borrower upon settlement of the loan. There were no securities loaned as of April 30, 2015.
(g) Dividends to Shareholders: Dividend payable to shareholders are recorded on the ex-
dividend date. The Funds declare and pay dividends from net investment income annually
except that the Alger Growth & Income Fund declares and pays such dividends quarterly.
With respect to all Funds, dividends from net realized gains, offset by any loss carryforward,
are declared and paid annually after the end of the fiscal year in which earned.
Each class is treated separately in determining the amounts from dividends of net investment
income payable to holders of its shares.

The characterization of distributions to shareholders for financial reporting purposes is
determined in accordance with federal income tax rules. Therefore, the source of a Fund’s
distributions may be shown in the accompanying financial statements as either from, or in
excess of, net investment income, net realized gain on investment transactions, or return of
capital, depending on the type of book/tax differences that may exist. Capital accounts within
the financial statements are adjusted for permanent book/tax differences. Reclassifications
result primarily from the differences in tax treatment of net operating losses, foreign
currency transactions and premium/discount of debt securities. The reclassifications are
done annually at fiscal year end and have no impact on the net asset values of the Funds and
are designed to present each Fund’s capital accounts on a tax basis.

(h) Federal Income Taxes: It is each Fund’s policy to comply with the requirements of the
Internal Revenue Code Subchapter M applicable to regulated investment companies and to
distribute all of its taxable income to its shareholders. Provided the Funds maintain such
compliance, no federal income tax provision is required. Each Fund is treated as a separate
entity for the purpose of determining such compliance.
Financial Accounting Standards Board Accounting Standards Codification 740 – Income
Taxes (“ASC 740”) requires the Funds to measure and recognize in their financial statements
the benefit of a tax position taken (or expected to be taken) on an income tax return if such
position will more likely than not be sustained upon examination based on the technical
merits of the position. No tax years are currently under investigation. The Funds file
income tax returns in the U.S., as well as New York State and New York City. The statute
of limitations on the Funds’ tax returns remains open for the tax years 2011-2014 and the
intermediary period through April 30, 2015. Management does not believe there are any
uncertain tax positions that require recognition of a tax liability.

(i) Allocation Methods: The Trust accounts separately for the assets, liabilities and operations
of each Fund. Expenses directly attributable to each Fund are charged to that Fund’s
operations; expenses which are applicable to all Funds are allocated among them based on
net assets. Income, realized and unrealized gains and losses, and expenses of each Fund
are allocated among the Fund’s classes based on relative net assets, with the exception of
distribution fees, transfer agency fees, and shareholder servicing and related fees.
(j) Estimates: These financial statements have been prepared in accordance with accounting
principles generally accepted in the United States of America, which require using estimates
- 129 -

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

and assumptions that affect the reported amounts therein. These unaudited interim financial
statements reflect all adjustments which are, in the opinion of management, necessary to
present a fair statement of results for the interim period. Actual results may differ from
those estimates.
NOTE 3 — Investment Advisory Fees and Other Transactions with Affiliates:
(a) Investment Advisory Fees: Fees incurred by each Fund, pursuant to the provisions of
the Trust’s Investment Advisory Agreement with Fred Alger Management, Inc. (“Alger
Management” or the “Manager”), are payable monthly and computed based on the following
rates. The actual rate paid as a percentage of average daily net assets, for the six months
ended April 30, 2015, is set forth below under the heading “Actual Rate.”


	Tier 1	Tier 2	Tier 3	Actual Rate
Alger Capital Appreciation Fund^(a)	0.810%	0.650%	0.600%	0.810%
Alger International Growth Fund^(b)	0.710	0.600	—	0.710
Alger Mid Cap Growth Fund^(b)	0.760	0.700	—	0.760
Alger SMid Cap Growth Fund^(b)	0.810	0.750	—	0.810
Alger Small Cap Growth Fund^(b)	0.810	0.750	—	0.810
Alger Growth Opportunities Fund^(b)	0.850	0.750	—	0.850
Alger Health Sciences Fund^(c)	0.810	0.650	—	0.810
Alger Growth & Income Fund^(b)	0.585	0.550	—	0.585

(a) Tier 1 rate is paid on assets up to $2 billion, Tier 2 rate is paid on assets between $2 and
$4 billion and Tier 3 rate is paid on assets in excess of $4 billion.

(b) Tier 1 rate is paid on assets up to $1 billion and Tier 2 rate is paid on assets in excess of
$1 billion.

(c) Tier 1 rate is paid on assets up to $500 million and Tier 2 rate is paid on assets in excess
of $500 million.

Alger Management has established expense caps for several share classes, effective through
February 28, 2016, whereby it reimburses the share classes if annualized operating expenses
(excluding interest, taxes, brokerage, dividend expense and extraordinary expenses) exceed
the rates, based on average daily net assets, listed below


					FEES WAIVED /
					REIMBURSED FOR
					THE SIX MONTHS
		CLASS				ENDED
	A	C	I	Z	APRIL 30, 2015
Alger International Growth Fund	–	–	1.15%	0.89%		$	12,725
Alger Small Cap Growth Fund	–	–	–	0.99			10,904
Alger Growth Opportunities Fund	1.60%	2.25%	1.35	0.99			57,225
Alger Growth & Income Fund	–	–	–	0.95			—

- 130 -

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

(b) Administration Fees: Fees incurred by each Fund, pursuant to the provisions of the Trust’s
Administration Agreement with Fred Alger Management, Inc., are payable monthly and
computed based on the average daily net assets of each Fund at the annual rate of 0.0275%.
(c) Distribution Fees:
Class A Shares: The Class A shares of each Fund have adopted a distribution plan pursuant
to which each Fund pays Fred Alger & Company, Incorporated, the Fund’s distributor (the
“Distributor” or “Alger Inc.”) and an affiliate of Alger Management, a fee at the annual rate
of 0.25% of the respective average daily net assets of the Class A shares of the designated
Fund to compensate Alger Inc. for its activities and expenses incurred in distributing the
Class A shares and shareholder servicing. Fees paid may be more or less than the expenses
incurred by Alger Inc.

Class B Shares: The Trust has adopted an Amended and Restated Plan of Distribution
pursuant to which Class B shares of each Fund issuing such shares reimburse Alger Inc.
for costs and expenses incurred by Alger Inc. in connection with advertising, marketing and
selling the Class B shares, and shareholder servicing, not to exceed an annual rate of 1%
of the respective average daily net assets of the Class B shares of the designated Fund. If
in any month, the costs incurred by Alger Inc. relating to the Class B shares are in excess
of the distribution fees charged to the Class B shares of the Fund, the excess may be
carried forward, with interest, and sought to be reimbursed in future periods. As of April
30, 2015, such excess carried forward was $16,135,912, $10,669,053 and $16,065,167, for
Class B shares of the Alger International Growth Fund, Alger Mid Cap Growth Fund and
Alger Small Cap Growth Fund, respectively. Contingent deferred sales charges imposed on
redemptions of Class B shares will reduce the amount of distribution expenses for which
reimbursement may be sought. See Note 3(d) below.

Class C Shares: The Trust has adopted a Distribution Plan pursuant to which Class C shares
of each Fund pay Alger Inc. a fee at the annual rate of 1% of the respective average daily
net assets of the Class C shares of the designated Fund to compensate Alger Inc. for its
activities and expenses incurred in distributing the Class C shares and shareholder servicing.
The fees paid may be more or less than the expenses incurred by Alger Inc.

Class I Shares: The Trust has adopted a Distribution Plan pursuant to which Class I shares
of the Alger International Growth Fund’ Alger SMid Cap Growth Fund and Alger Growth
Opportunities Fund, each pay Alger Inc. a fee at the annual rate of 0.25% of the average
daily net assets of the Fund’s Class I shares to compensate Alger Inc. for its activities and
expenses incurred in distributing the Class I shares and shareholder servicing. The fees paid
may be more or less than the expenses incurred by Alger Inc.

(d) Sales Charges: Purchases and sales of shares of the Funds may be subject to initial sales
charges or contingent deferred sales charges. The contingent deferred sales charges are
used by Alger Inc. to offset distribution expenses previously incurred. Sales charges do not
represent expenses of the Trust. For the six months ended April 30, 2015, the initial sales

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

charges and contingent deferred sales charges imposed, all of which were retained by Alger
Inc., were as follows:


				CONTINGENT
	INITIAL SALES		DEFERRED SALES
		CHARGES		CHARGES
Alger Capital Appreciation Fund	$	5,015	$	16,281
Alger International Growth Fund		4,484		25,819
Alger Mid Cap Growth Fund		3,764		19,140
Alger SMid Cap Growth Fund		330		3,836
Alger Small Cap Growth Fund		1,178		6,666
Alger Growth Opportunities Fund		364		68
Alger Health Sciences Fund		870		3,112
Alger Growth & Income Fund		3,604		605

(e) Brokerage Commissions: During the six months ended April 30, 2015, the Alger Capital
Appreciation Fund, Alger International Growth Fund, Alger Mid Cap Growth Fund, Alger
SMid Cap Growth Fund, Alger Small Cap Growth Fund, Alger Growth Opportunities
Fund, Alger Health Sciences Fund and Alger Growth & Income Fund paid Alger Inc.
commissions of $358,780, $6,361, $44,187, $253,110, $49,071, $2,879, $86,495 and $6,435
respectively, in connection with securities transactions.
(f) Shareholder Administrative Fees: The Trust has entered into a shareholder administrative
services agreement with Alger Management to compensate Alger Management for its liaison
and administrative oversight of Boston Financial Data Services, Inc., the transfer agent, and
other related services. The Funds compensate Alger Management at the annual rate of
0.0165% of their respective average daily net assets for the Class A, Class B and Class C
shares and 0.01% of the daily net assets of the Class I and Class Z shares for these services.
Alger Management makes payments to intermediaries that provide sub-accounting services
to omnibus accounts invested in the Funds. A portion of the fees paid by Alger Management
to intermediaries that provide sub-accounting services are charged back to the appropriate
Fund, subject to certain limitations, as approved by the Board. For the six months ended
April 30, 2015, Alger Management charged back to the Alger Capital Appreciation Fund,
Alger International Growth Fund, Alger Mid Cap Growth Fund, Alger SMid Cap Growth
Fund, Alger Small Cap Growth Fund, Alger Growth Opportunities Fund, Alger Health
Sciences Fund and Alger Growth & Income Fund, $325,711, $21,719, $33,432, $354,911,
$25,702, $3,041, $37,409 and $15,905, respectively, for these services, which are included in
transfer agent fees and expenses in the accompanying Statements of Operations.

(g) Trustees’ Fees: From November 1, 2014, through February 28, 2015, each Fund paid each
trustee who is not affiliated with Alger Management or its affiliates $950 for each meeting
attended, to a maximum of $3,800 per annum, plus travel expenses incurred for attending
the meeting. The Chairman of the Board received an additional annual fee of $24,300 which
was paid, pro rata, by all U.S.-registered funds managed by Alger Management. Additionally,

- 132 -

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

each member of a Fund’s audit committee received $81 from the Fund for each audit
committee meeting attended, to a maximum of $324 per annum.
Effective March 1, 2015, each Independent Trustee receives a fee of $25,875 for each
meeting attended, to a maximum of $103,500 per annum, paid pro rata by each Fund in
the Alger Fund Complex, plus travel expenses incurred for attending the meeting. The
Independent Trustee appointed as Chairman of the Board of Trustees receives an additional
compensation of $24,300 per annum paid pro rata by each fund in the Alger Fund Complex.
Additional, each member of the Audit Committee receives a fee of $2,500 for each meeting
attended to a maximum of $10,000 per annum, paid pro rata by each Fund in the Alger
Fund Complex.

(h) Interfund Loans: The Funds, along with other funds advised by Alger Management, may
borrow money from and lend money to each other for temporary or emergency purposes.
To the extent permitted under its investment restrictions, each fund may lend uninvested
cash in an amount up to 15% of its net assets to other funds. If a fund has borrowed from
other funds and has aggregate borrowings from all sources that exceed 10% of the fund’s
total assets, such fund will secure all of its loans from other funds. The interest rate charged
on interfund loans is equal to the average of the overnight time deposit rate and bank loan
rate available to the funds. There were no interfund loans outstanding as of April 30, 2015.
During the six months ended April 30, 2015, Alger International Growth Fund and Alger
Mid Cap Growth Fund incurred interfund loan interest expense of $15 and $ 13, respectively.
During the six months ended April 30, 2015, Alger Mid Cap Growth Fund and Alger Small
Cap Growth Fund earned interfund loan interest income of $324 and $183, respectively.

(i) Other Transactions With Affiliates: Certain officers of the Trust are directors and officers
of Alger Management and the Distributor. At April 30, 2015, Alger Management and its
affiliates owned shares in the following Funds:


				SHARE CLASS
		A	B		C	I		Z
Alger Capital Appreciation Fund	79,659		—		—	—		87
Alger International Growth Fund	56,772		—		—	7,291	52,237
Alger Mid Cap Growth Fund	77,289		—		—	—		—
Alger SMid Cap Growth Fund	472,539		—	48,559		—		88
Alger Small Cap Growth Fund	113,609		—		—	—		177
Alger Growth Opportunities Fund		—	—		—	—	286,570
Alger Health Sciences Fund		—	—		—	—		—
Alger Growth & Income Fund	15,653		—		—	—		11,560

NOTE 4 — Securities Transactions:
The following summarizes the securities transactions by the Trust, other than U.S.
Government securities, short-term securities, purchased options and short sales, for the six
months ended April 30, 2015:


	PURCHASES	SALES
Alger Capital Appreciation Fund	$1,356,484,819	$1,248,390,728

- 133 -

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


	PURCHASES	SALES
Alger International Growth Fund	97,638,468	95,428,367
Alger Mid Cap Growth Fund	132,670,411	148,274,554
Alger SMid Cap Growth Fund	577,133,057	968,378,098
Alger Small Cap Growth Fund	167,160,846	178,501,021
Alger Growth Opportunities Fund	27,074,916	20,468,991
Alger Health Sciences Fund	151,551,874	179,569,131
Alger Growth & Income Fund	10,367,899	11,621,155

Written call and put options activity for the six months ended April 30, 2015, was as follows:


	NUMBER OF		PREMIUMS
	CONTRACTS		RECEIVED
Alger Mid Cap Growth Fund
Call Options outstanding at
October 31, 2014	1,754	$	318,911
Call Options written	1,395		356,059
Call Options closed	(1,255)		(235,058)
Call Options expired	(1,420)		(264,059)
Call Options exercised	(474)		(175,853)
Call Options outstanding at
April 30, 2015	—	$	—
$–
	NUMBER OF		PREMIUMS
	CONTRACTS		RECEIVED
Alger Mid Cap Growth Fund
Put Options outstanding at
October 31, 2014	821	$	278,473
Put Options written	1,985		377,703
Put Options closed	(1,514)		(437,238)
Put Options expired	(1,056)		(140,088)
Put Options exercised	(236)		(78,850)
Put Options outstanding at
April 30, 2015	—	$	—

NOTE 5 — Borrowing:
The Funds may borrow from their custodian on an uncommitted basis. Each Fund pays the
custodian a market rate of interest, generally based upon the London Interbank Offered
Rate. The Funds may also borrow from other funds advised by Alger Management, as
discussed in Note 3(h). For the six months ended April 30, 2015, the Funds had the
following borrowings:


	AVERAGE DAILY		WEIGHTED AVERAGE
		BORROWING		INTEREST RATE
Alger International Growth Fund	$	29,520		8.98%
Alger Mid Cap Growth Fund		3,838		1.50
Alger SMid Cap Growth Fund		2,741,617		1.10
Alger Growth Opportunities Fund		14,073		2.19
Alger Health Sciences Fund		171,761		1.50

- 134 -

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

The highest amount borrowed during the six months ended April 30, 2015 for each Fund
was as follows:


	HIGHEST BORROWING
Alger International Growth Fund	$	1,353,992
Alger Mid Cap Growth Fund		432,000
Alger SMid Cap Growth Fund		91,440,000
Alger Growth Opportunities Fund		376,681
Alger Health Sciences Fund		4,081,000

NOTE 6 — Share Capital:
(a) The Trust has an unlimited number of authorized shares of beneficial interest of $.001
par value which are presently divided into eight series. Each series is divided into separate
classes. The transactions of shares of beneficial interest were as follows:


	FOR THE SIX MONTHS ENDED				FOR THE YEAR ENDED
		APRIL 30, 2015			OCTOBER 31, 2014
		SHARES		AMOUNT	SHARES		AMOUNT
Alger Capital Appreciation Fund
Class A:
Shares sold		10,722,228	$	223,835,293	13,211,382	$	287,181,854
Shares converted from Class B		70,576		1,526,940	179,127		3,845,599
Shares converted from Class C		18		358	4,156		85,600
Dividends reinvested		7,954,361		164,178,015	3,572,461		73,556,971
Shares redeemed		(7,142,633)	(154,219,125)		(14,378,152)	(313,744,777)
Net increase		11,604,550	$	235,321,481	2,588,974	$	50,925,247
Class B:
Shares sold		58,732	$	1,051,465	70,695	$	1,312,564
Shares converted to Class A		(83,697)		(1,526,940)	(206,794)		(3,845,599)
Dividends reinvested		239,941		4,150,980	125,630		2,242,491
Shares redeemed		(140,169)		(2,564,664)	(243,453)		(4,557,220)
Net increase (decrease)		74,807	$	1,110,841	(253,922)	$	(4,847,764)
Class C:
Shares sold		3,314,836	$	60,029,164	2,592,917	$	48,802,255
Shares converted to Class A		(21)		(358)	(4,787)		(85,600)
Dividends reinvested		1,510,451		26,221,422	566,504		10,140,425
Shares redeemed		(1,089,003)		(19,808,507)	(1,940,136)		(36,437,122)
Net increase		3,736,263	$	66,441,721	1,214,498	$	22,419,958
Class Z:
Shares sold		2,816,799	$	62,676,526	4,243,426	$	95,173,015
Dividends reinvested		1,662,259		34,707,971	528,898		10,964,045
Shares redeemed		(2,282,336)		(49,105,015)	(1,140,898)		(25,118,699)
Net increase		2,196,722	$	48,279,482	3,631,426	$	81,018,361

- 135 -

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


	FOR THE SIX MONTHS ENDED				FOR THE YEAR ENDED
		APRIL 30, 2015			OCTOBER 31, 2014
		SHARES		AMOUNT	SHARES		AMOUNT
Alger International Growth Fund
Class A:
Shares sold		290,156	$	4,627,564	1,145,285	$	17,668,080
Shares converted from Class B		36,839		571,537	121,443		1,872,316
Shares converted from Class C		714		11,466	724		11,317
Dividends reinvested		75,380		1,141,318	1,550		23,859
Shares redeemed		(736,748)		(11,413,242)	(2,208,184)		(34,524,693)
Net decrease		(333,659)	$	(5,061,357)	(939,182)	$	(14,949,121)
Class B:
Shares sold		14,198	$	196,772	56,629	$	776,513
Shares converted to Class A		(41,704)		(571,537)	(137,613)		(1,872,316)
Dividends reinvested		727		9,757	—		—
Shares redeemed		(363,674)		(4,917,492)	(1,777,215)		(24,630,116)
Net decrease		(390,453)	$	(5,282,500)	(1,858,199)	$	(25,725,919)
Class C:
Shares sold		85,985	$	1,188,481	455,059	$	6,160,274
Shares converted to Class A		(816)		(11,466)	(825)		(11,317)
Dividends reinvested		5,186		68,915	—		—
Shares redeemed		(185,704)		(2,526,011)	(238,269)		(3,218,204)
Net increase (decrease)		(95,349)	$	(1,280,081)	215,965	$	2,930,753
Class I:
Shares sold		138,222	$	2,192,371	308,627	$	4,700,595
Dividends reinvested		2,439		36,830	68		1,046
Shares redeemed		(62,760)		(956,884)	(75,213)		(1,147,553)
Net increase		77,901	$	1,272,317	233,482	$	3,554,088
Class Z:
Shares sold		661,802	$	10,666,434	816,767	$	12,666,277
Dividends reinvested		5,490		83,664	—		—
Shares redeemed		(88,452)		(1,405,069)	(409,999)		(6,114,319)
Net increase		578,840	$	9,345,029	406,768	$	6,551,958

- 136 -

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


	FOR THE SIX MONTHS ENDED				FOR THE YEAR ENDED
		APRIL 30, 2015			OCTOBER 31, 2014
		SHARES		AMOUNT	SHARES		AMOUNT
Alger Mid Cap Growth Fund
Class A:
Shares sold		501,081	$	5,572,646	1,080,502	$	10,846,934
Shares converted from Class B		57,658		624,475	195,566		1,960,843
Shares converted from Class C		42		455	974		9,513
Shares redeemed		(1,201,952)		(13,157,564)	(2,981,124)		(30,495,177)
Net decrease		(643,171)	$	(6,959,988)	(1,704,082)	$	(17,677,887)
Class B:
Shares sold		22,945	$	205,426	76,714	$	644,722
Shares converted to Class A		(70,512)		(624,475)	(237,860)		(1,960,843)
Shares redeemed		(508,106)		(4,493,442)	(2,480,243)		(21,418,013)
Net decrease		(555,673)	$	(4,912,491)	(2,641,389)	$	(22,734,134)
Class C:
Shares sold		131,373	$	1,175,985	267,790	$	2,228,778
Shares converted to Class A		(51)		(455)	(1,193)		(9,513)
Shares redeemed		(296,973)		(2,624,784)	(664,280)		(5,456,185)
Net decrease		(165,651)	$	(1,449,254)	(397,683)	$	(3,236,920)

- 137 -

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


	FOR THE SIX MONTHS ENDED				FOR THE YEAR ENDED
		APRIL 30, 2015			OCTOBER 31, 2014
		SHARES		AMOUNT	SHARES		AMOUNT
Alger SMid Cap Growth Fund
Class A:
Shares sold		1,255,024	$	22,037,950	2,339,099	$	44,560,299
Shares converted from Class B		11,826		212,779	20,764		399,718
Shares converted from Class C		—		—	88		1,625
Dividends reinvested		1,756,178		29,697,232	2,093,976		38,298,826
Shares redeemed		(2,923,846)		(51,802,175)	(6,072,094)	(116,213,077)
Net increase (decrease)		99,182	$	145,786	(1,618,167)	$	(32,952,609)
Class B:
Shares sold		12,637	$	185,261	17,208	$	280,665
Shares converted to Class A		(13,574)		(212,779)	(23,321)		(399,713)
Dividends reinvested		56,485		828,071	68,350		1,114,787
Shares redeemed		(75,980)		(1,165,519)	(134,871)		(2,286,197)
Net decrease		(20,432)	$	(364,966)	(72,634)	$	(1,290,458)
Class C:
Shares sold		216,855	$	3,278,911	387,335	$	6,555,383
Shares converted to Class A		—		—	(98)		(1,625)
Dividends reinvested		503,010		7,399,281	519,801		8,498,750
Shares redeemed		(417,545)		(6,485,226)	(789,453)		(13,402,438)
Net increase		302,320	$	4,192,966	117,585	$	1,650,070
Class I:
Shares sold		3,832,194	$	69,386,464	10,609,972	$	204,542,125
Dividends reinvested		5,334,507		91,380,102	5,182,532		95,876,850
Shares redeemed		(22,654,371)	(412,663,137)		(12,847,289)	(249,345,195)
Net increase (decrease)		(13,487,670)	$	(251,896,571)	2,945,215	$	51,073,780
Class Z:
Shares sold		235,055	$	4,194,438	1,146,769	$	22,314,309
Dividends reinvested		188,649		3,250,429	185,120		3,430,278
Shares redeemed		(740,287)		(13,872,643)	(1,892,258)		(38,111,803)
Net decrease		(316,583)	$	(6,427,776)	(560,369)	$	(12,367,216)

- 138 -

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


	FOR THE SIX MONTHS ENDED				FOR THE YEAR ENDED
		APRIL 30, 2015			OCTOBER 31, 2014
		SHARES		AMOUNT	SHARES		AMOUNT
Alger Small Cap Growth Fund
Class A:
Shares sold		1,097,958	$	9,306,082	4,323,172	$	39,318,507
Shares converted from Class B		48,915		415,887	149,736		1,359,595
Dividends reinvested		1,746,872		14,202,069	2,022,570		18,041,321
Shares redeemed		(1,990,486)		(16,924,327)	(8,505,233)		(75,621,901)
Net increase (decrease)		903,259	$	6,999,711	(2,009,755)	$	(16,902,478)
Class B:
Shares sold		83,204	$	559,111	134,678	$	1,013,908
Shares converted to Class A		(58,759)		(415,887)	(175,477)		(1,359,595)
Dividends reinvested		153,462		1,031,264	207,372		1,576,026
Shares redeemed		(221,381)		(1,549,914)	(568,599)		(4,407,986)
Net decrease		(43,474)		(375,426)	(402,026)		(3,177,647)
Class C:
Shares sold		105,274	$	712,835	193,166	$	1,462,988
Dividends reinvested		254,757		1,673,757	275,016		2,051,622
Shares redeemed		(275,005)		(1,913,840)	(583,964)		(4,369,610)
Net increase (decrease)		85,026	$	472,752	(115,782)	$	(855,000)
Class Z:
Shares sold		786,091	$	6,687,436	1,824,706	$	16,462,273
Dividends reinvested		819,654		6,729,363	953,204		8,550,243
Shares redeemed		(929,789)		(8,035,314)	(3,584,524)		(32,602,654)
Net increase (decrease)		675,956	$	5,381,485	(806,614)	$	(7,590,138)

Alger Growth Opportunities Fund
Class A:
Shares sold		564,997	$	6,453,428	164,449	$	1,925,279
Dividends reinvested		45,119		481,873	87,103		973,816
Shares redeemed		(201,159)		(2,284,395)	(205,708)		(2,337,860)
Net increase		408,957	$	4,650,906	45,844	$	561,235
Class C:
Shares sold		258,544	$	2,749,538	19,583	$	211,735
Dividends reinvested		21,518		213,678	34,476		362,687
Shares redeemed		(24,784)		(258,157)	(25,419)		(269,945)
Net increase		255,278	$	2,705,059	28,640	$	304,477
Class I:
Shares sold		173,329	$	2,025,863	151,899	$	1,801,664
Dividends reinvested		9,345		102,042	16,661		189,606
Shares redeemed		(81,239)		(948,560)	(122,287)		(1,414,886)
Net increase		101,435	$	1,179,345	46,273	$	576,384
Class Z:
Shares sold		103,175	$	1,218,409	7,250	$	81,959
Dividends reinvested		23,909		261,562	38,842		441,639
Shares redeemed		(7,167)		(83,096)	(3,301)		(37,963)
Net increase		119,917	$	1,396,875	42,791	$	485,635

- 139 -

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


	FOR THE SIX MONTHS ENDED				FOR THE YEAR ENDED
		APRIL 30, 2015			OCTOBER 31, 2014
		SHARES		AMOUNT	SHARES		AMOUNT
Alger Health Sciences Fund
Class A:
Shares sold		699,284	$	16,806,373	1,013,092	$	24,552,129
Shares converted from Class B		13,122		316,603	70,341		1,715,659
Shares converted from Class C		—		—	232		5,450
Dividends reinvested		1,035,935		23,173,875	757,953		16,720,439
Shares redeemed		(922,611)		(22,260,187)	(1,797,979)		(43,090,421)
Net increase (decrease)		825,730	$	18,036,664	43,639	$	(96,744)
Class B:
Shares sold		18,011	$	341,316	15,819	$	306,724
Shares converted to Class A		(15,376)		(316,603)	(79,676)		(1,715,659)
Dividends reinvested		84,278		1,597,068	77,996		1,512,347
Shares redeemed		(49,741)		(1,008,952)	(146,857)		(3,111,939)
Net increase (decrease)		37,172	$	612,829	(132,718)	$	(3,008,527)
Class C:
Shares sold		312,411	$	6,123,712	281,154	$	5,752,521
Shares converted to Class A		—		—	(264)		(5,450)
Dividends reinvested		494,274		9,401,097	342,721		6,662,498
Shares redeemed		(333,384)		(6,803,134)	(538,784)		(11,474,559)
Net increase		473,301	$	8,721,675	84,827	$	935,010

Alger Growth & Income Fund
Class A:
Shares sold		145,042	$	4,865,009	288,605	$	9,117,077
Shares converted from Class C		—		—	637		20,681
Dividends reinvested		77,624		2,570,866	41,505		1,301,713
Shares redeemed		(161,216)		(5,394,806)	(863,350)		(27,163,100)
Net increase (decrease)		61,450	$	2,041,069	(532,603)	$	(16,723,629)
Class C:
Shares sold		57,856	$	1,922,114	129,627	$	4,031,279
Shares converted to Class A		—		—	(644)		(20,681)
Dividends reinvested		19,650		643,771	6,438		200,118
Shares redeemed		(46,460)		(1,529,518)	(118,242)		(3,663,098)
Net increase		31,046	$	1,036,367	17,179	$	547,618
Class Z:
Shares sold		28,715	$	955,662	196,859	$	6,450,341
Dividends reinvested		7,132		236,237	838		27,453
Shares redeemed		(22,316)		(749,480)	(24,055)		(769,043)
Net increase		13,531	$	442,419	173,642	$	5,708,751

(b) Redemption Fee: Prior to March 1, 2015, the Funds imposed a 2.00% redemption fee
on certain Class A, Class B and Class C shares redeemed (including shares redeemed by

- 140 -

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

exchange) within 30 days after such shares were acquired. The fees retained by the Funds are
included as paid-in capital on the accompanying Statement of Assets and Liabilities.
NOTE 7 — Income Tax Information:
At October 31, 2014, the Funds, for federal income tax purposes, had capital loss
carryforwards as set forth in the table below. These amounts may be applied against future
net realized gains until the earlier of their utilization or expiration.


	Alger Capital		Alger International		Alger Mid Cap		Alger SMid Cap
Expiration Dates	Appreciation Fund		Growth Fund		Growth Fund		Growth Fund
2017		—	$	12,594,530	$	39,344,992		—
Total		—		12,594,530		39,344,992		—


	Alger Small Cap		Alger Growth			Alger Health	Alger Growth &
Expiration Dates	Growth Fund		Opportunities Fund		Sciences Fund		Income Fund
Total		—		—		—		—

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

During the year ended October 31, 2014 the Alger International Growth Fund, Alger Mid
Cap Growth Fund, and Alger Growth & Income Fund utilized $7,624,419, $45,672,430, and
$4,354,870 of their capital loss carryforwards, respectively.

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is
determined annually and is attributable primarily to the tax deferral of losses on wash sales,
U.S. Internal Revenue Code Section 988 currency transactions, nondeductible expenses
on dividends sold short, the tax treatment of partnerships investments, the realization of
unrealized appreciation of passive foreign investment companies, and return of capital from
real estate investment trust investments.

NOTE 8 — Fair Value Measurements:
The following is a summary of the inputs used as of April 30, 2015 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 Small Cap Growth Fund and Alger Health Sciences Fund rights are fair valued at
zero as of April 30, 2015.

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


Alger Capital Appreciation Fund		TOTAL FUND			LEVEL 1	LEVEL 2			LEVEL 3
COMMON STOCKS
Consumer Discretionary	$ 343,026,843			$ 342,987,025			—	$	39,818
Consumer Staples		131,017,924		131,017,924			—		—
Energy		100,147,173		100,147,173			—		—
Financials		105,825,044		105,825,044			—		—
Health Care		392,352,268		392,352,268			—		—
Industrials		203,467,129		203,467,129			—		—
Information Technology		676,155,249		675,065,414			—		1,089,835
Materials		47,093,459		47,093,459			—		—
Telecommunication Services		34,580,219		34,580,219			—		—
Utilities		15,608,854		15,608,854			—		—
TOTAL COMMON STOCKS	$ 2,049,274,162			$ 2,048,144,509			—	$	1,129,653
MASTER LIMITED PARTNERSHIP
Financials		56,642,970		56,642,970			—		—
PREFERRED STOCKS
Consumer Discretionary			1,135,338		—		—		1,135,338
Health Care			3,374,008		—		—		3,374,008
Information Technology			5,023,749		—		—		5,023,749
TOTAL PREFERRED STOCKS			$ 9,533,095		—		—	$	9,533,095
REAL ESTATE INVESTMENT TRUST
Financials			9,805,943		9,805,943		—		—
TOTAL INVESTMENTS IN
SECURITIES	$ 2,125,256,170			$ 2,114,593,422			—	$	10,662,748

Alger International Growth Fund		TOTAL FUND			LEVEL 1	LEVEL 2			LEVEL 3
COMMON STOCKS
Consumer Discretionary		30,172,082		30,172,082			—		—
Consumer Staples		13,285,618		13,285,618			—		—
Energy		10,249,920		10,249,920			—		—
Financials		47,720,776		47,720,776			—		—
Health Care		32,826,110		32,826,110			—		—
Industrials		24,005,219		24,005,219			—		—
Information Technology		32,756,731		32,756,731			—		—
Materials		10,595,446		10,595,446			—		—
Telecommunication Services			7,288,518		7,288,518		—		—
Utilities			5,514,385		5,514,385		—		—
TOTAL COMMON STOCKS	$		214,414,805	$	214,414,805		—		—
TOTAL INVESTMENTS IN
SECURITIES	$		214,414,805	$	214,414,805		—		—

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


Alger Mid Cap Growth Fund		TOTAL FUND			LEVEL 1	LEVEL 2			LEVEL 3
COMMON STOCKS
Consumer Discretionary		46,810,103		46,810,103			—		—
Consumer Staples			6,455,248		6,455,248		—		—
Energy			7,517,420		7,517,420		—		—
Financials		10,743,373		10,743,373			—		—
Health Care		26,280,848		26,280,848			—		—
Industrials		28,893,262		28,893,262			—		—
Information Technology		47,272,452		47,156,019			—		116,433
Materials			6,482,690		6,482,690		—		—
Telecommunication Services			4,913,868		4,913,868		—		—
Utilities			1,727,461		1,727,461		—		—
TOTAL COMMON STOCKS	$		187,096,725	$	186,980,292		—	$	116,433
PREFERRED STOCKS
Health Care			2,481,215		—		—		2,481,215
Information Technology			536,719		—		—		536,719
TOTAL PREFERRED STOCKS	$		3,017,934		—		—	$	3,017,934
REAL ESTATE INVESTMENT TRUST
Financials			5,072,942		5,072,942		—		—
TOTAL INVESTMENTS IN
SECURITIES	$		195,187,601	$	192,053,234		—	$	3,134,367

Alger SMid Cap Growth Fund		TOTAL FUND			LEVEL 1	LEVEL 2			LEVEL 3
COMMON STOCKS
Consumer Discretionary		145,237,228		145,237,228			—		—
Consumer Staples		21,373,759		21,373,759			—		—
Energy		26,969,142		26,969,142			—		—
Financials		37,045,378		37,045,378			—		—
Health Care		125,188,504		125,188,504			—		—
Industrials		117,097,648		117,097,648			—		—
Information Technology		164,518,378		163,940,264			—		578,114
Materials		40,585,391		40,585,391			—		—
Telecommunication Services			3,734,258		3,734,258		—		—
TOTAL COMMON STOCKS	$		681,749,686	$	681,171,572		—	$	578,114
MASTER LIMITED PARTNERSHIP
Financials			3,203,012		3,203,012		—		—
PREFERRED STOCKS
Health Care			3,211,581		—		—		3,211,581
Information Technology			2,664,899		—		—		2,664,899
TOTAL PREFERRED STOCKS	$		5,876,480		—		—	$	5,876,480
REAL ESTATE INVESTMENT TRUST
Financials		26,686,304		26,686,304			—		—
TOTAL INVESTMENTS IN
SECURITIES	$		717,515,482	$	711,060,888		—	$	6,454,594

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


Alger Small Cap Growth Fund		TOTAL FUND			LEVEL 1	LEVEL 2			LEVEL 3
COMMON STOCKS
Consumer Discretionary		30,027,440		30,027,440			—		—
Consumer Staples			4,421,166		4,421,166		—		—
Energy			6,592,858		6,592,858		—		—
Financials			9,461,488		9,461,488		—		—
Health Care		58,281,188		58,281,188			—		—
Industrials		21,147,410		21,147,410			—		—
Information Technology		81,836,593		81,836,593			—		—
Materials			7,294,509		7,294,509		—		—
Utilities			1,652,354		1,652,354		—		—
TOTAL COMMON STOCKS	$		220,715,006	$	220,715,006		—		—
PREFERRED STOCKS
Health Care			675,194		—		—		675,194
REAL ESTATE INVESTMENT TRUST
Financials			5,020,870		5,020,870		—		—
RIGHTS
Health Care			—		—		—		—
TOTAL INVESTMENTS IN
SECURITIES	$		226,411,070	$	225,735,876		—	$	675,194

Alger Growth Opportunities Fund		TOTAL FUND			LEVEL 1	LEVEL 2			LEVEL 3
COMMON STOCKS
Consumer Discretionary			755,391		755,391		—		—
Financials			414,215		414,215		—		—
Health Care			6,765,276		6,765,276		—		—
Industrials			1,448,112		1,448,112		—		—
Information Technology		12,413,115		12,413,115			—		—
Materials			690,109		690,109		—		—
TOTAL COMMON STOCKS	$		22,486,218	$	22,486,218		—		—
PREFERRED STOCKS
Health Care			63,850		—		—		63,850
TOTAL INVESTMENTS IN
SECURITIES	$		22,550,068	$	22,486,218		—	$	63,850

Alger Health Sciences Fund		TOTAL FUND			LEVEL 1	LEVEL 2			LEVEL 3
COMMON STOCKS
Consumer Staples			7,363,086		7,363,086		—		—
Health Care		176,490,310		174,813,590			—		1,676,720
TOTAL COMMON STOCKS	$		183,853,396	$	182,176,676		—	$	1,676,720
PREFERRED STOCKS
Health Care		11,374,629			—		—	11,374,629
RIGHTS
Health Care			—		—		—		—
TOTAL INVESTMENTS IN
SECURITIES	$		195,228,025	$	182,176,676		—	$	13,051,349

- 144 -

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


Alger Growth & Income Fund		TOTAL FUND			LEVEL 1	LEVEL 2				LEVEL 3
COMMON STOCKS
Consumer Discretionary		13,858,592		13,856,161			—			2,431
Consumer Staples		11,027,165		11,027,165			—			—
Energy			7,384,188		7,384,188		—			—
Financials		13,065,903		13,065,903			—			—
Health Care		13,141,280		13,141,280			—			—
Industrials		11,044,282		11,044,282			—			—
Information Technology		18,515,254		18,515,254			—			—
Materials			1,291,932		1,291,932		—			—
Telecommunication Services			3,330,943		3,330,943		—			—
Utilities			1,259,337		1,259,337		—			—
TOTAL COMMON STOCKS	$		93,918,876	$	93,916,445		---		$	2,431
CONVERTIBLE PREFERRED STOCKS
Health Care			770,508		770,508		—			—
MASTER LIMITED PARTNERSHIP
Energy			762,606		762,606		—			—
Financials			2,064,384		2,064,384		—			—
TOTAL MASTER LIMITED
PARTNERSHIP	$		2,826,990	$	2,826,990		—			—
PREFERRED STOCKS
Consumer Discretionary			63,795		—		—			63,795
REAL ESTATE INVESTMENT TRUST
Financials			3,169,685		3,169,685		—			—
TOTAL INVESTMENTS IN
SECURITIES	$		100,749,854	$	100,683,628		—		$	66,226

								FAIR VALUE
							MEASUREMENTS
							USING SIGNIFICANT
							UNOBSERVABLE
							INPUTS (LEVEL 3)
Alger Capital Appreciation Fund							Common Stocks
Opening balance at November 1, 2014							$			974,640
Transfers into Level 3										—
Transfers out of Level 3										—
Total gains or losses
Included in net realized gain (loss) on investments										–
Included in net unrealized gain (loss) on investments										155,013
Purchases and sales										–
Purchases										–
Sales										–
Closing balance at April 30, 2015										1,129,653
The amount of total gains or losses for the period included in net realized
and unrealized gain (loss) attributable to change in unrealized appreciation
(depreciation) relating to investments still held at 4/30/2015							$			155,013

- 145 -

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


		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Capital Appreciation Fund	Preferred Stocks
Opening balance at November 1, 2014	$		8,978,474
Transfers into Level 3			—
Transfers out of Level 3			—
Total gains or losses
Included in net realized gain (loss) on investments			–
Included in net unrealized gain (loss) on investments			554,621
Purchases and sales			–
Purchases			–
Sales			–
Closing balance at April 30, 2015			9,533,095
The amount of total gains or losses for the period included in net realized
and unrealized gain (loss) attributable to change in unrealized appreciation
(depreciation) relating to investments still held at 4/30/2015	$		554,621

		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Mid Cap Growth Fund	Common Stocks
Opening balance at November 1, 2014	$		99,075
Transfers into Level 3			—
Transfers out of Level 3			—
Total gains or losses
Included in net realized gain (loss) on investments			–
Included in net unrealized gain (loss) on investments			17,358
Purchases and sales			–
Purchases			–
Sales			–
Closing balance at April 30, 2015			116,433
The amount of total gains or losses for the period included in net realized
and unrealized gain (loss) attributable to change in unrealized appreciation
(depreciation) relating to investments still held at 4/30/2015	$		17,358

- 146 -

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, 2014	$		462,915
Transfers into Level 3			1,492,970
Transfers out of Level 3			—
Total gains or losses
Included in net realized gain (loss) on investments			–
Included in net unrealized gain (loss) on investments			73,804
Purchases and sales			–
Purchases			988,245
Sales			–
Closing balance at April 30, 2015			3,017,934
The amount of total gains or losses for the period included in net realized
and unrealized gain (loss) attributable to change in unrealized appreciation
(depreciation) relating to investments still held at 4/30/2015	$		73,804

		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger SMid Cap Growth Fund	Common Stocks
Opening balance at November 1, 2014	$		491,925
Transfers into Level 3			—
Transfers out of Level 3			—
Total gains or losses
Included in net realized gain (loss) on investments			–
Included in net unrealized gain (loss) on investments			86,189
Purchases and sales			–
Purchases			–
Sales			–
Closing balance at April 30, 2015			578,114
The amount of total gains or losses for the period included in net realized
and unrealized gain (loss) attributable to change in unrealized appreciation
(depreciation) relating to investments still held at 4/30/2015	$		86,189

- 147 -

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


		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger SMid Cap Growth Fund	Preferred Stocks
Opening balance at November 1, 2014	$		4,419,080
Transfers into Level 3			—
Transfers out of Level 3			—
Total gains or losses
Included in net realized gain (loss) on investments			–
Included in net unrealized gain (loss) on investments			415,767
Purchases and sales			–
Purchases			1,041,633
Sales			–
Closing balance at April 30, 2015			5,876,480
The amount of total gains or losses for the period included in net realized
and unrealized gain (loss) attributable to change in unrealized appreciation
(depreciation) relating to investments still held at 4/30/2015	$		415,767

		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Small Cap Growth Fund	Preferred Stocks
Opening balance at November 1, 2014	$		—
Transfers into Level 3			447,098
Transfers out of Level 3			—
Total gains or losses
Included in net realized gain (loss) on investments			–
Included in net unrealized gain (loss) on investments			–
Purchases and sales			–
Purchases			228,096
Sales			–
Closing balance at April 30, 2015			675,194
The amount of total gains or losses for the period included in net realized
and unrealized gain (loss) attributable to change in unrealized appreciation
(depreciation) relating to investments still held at 4/30/2015	$		–

- 148 -

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


		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Growth Opportunities Fund	Preferred Stocks
Opening balance at November 1, 2014	$		32,637
Transfers into Level 3			30,454
Transfers out of Level 3			—
Total gains or losses
Included in net realized gain (loss) on investments			–
Included in net unrealized gain (loss) on investments			759
Purchases and sales			–
Purchases			–
Sales			–
Closing balance at April 30, 2015			63,850
The amount of total gains or losses for the period included in net realized
and unrealized gain (loss) attributable to change in unrealized appreciation
(depreciation) relating to investments still held at 4/30/2015	$		759

		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Health Sciences Fund	Common Stocks
Opening balance at November 1, 2014	$		1,676,721
Transfers into Level 3			—
Transfers out of Level 3			—
Total gains or losses
Included in net realized gain (loss) on investments			–
Included in net unrealized gain (loss) on investments			(1)
Purchases and sales			–
Purchases			–
Sales			–
Closing balance at April 30, 2015			1,676,720
The amount of total gains or losses for the period included in net realized
and unrealized gain (loss) attributable to change in unrealized appreciation
(depreciation) relating to investments still held at 4/30/2015	$		–

- 149 -

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


		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Health Sciences Fund	Preferred Stocks
Opening balance at November 1, 2014	$		385,495
Transfers into Level 3			4,942,022
Transfers out of Level 3			—
Total gains or losses
Included in net realized gain (loss) on investments			–
Included in net unrealized gain (loss) on investments			8,965
Purchases and sales			–
Purchases			6,038,147
Sales			–
Closing balance at April 30, 2015			11,374,629
The amount of total gains or losses for the period included in net realized
and unrealized gain (loss) attributable to change in unrealized appreciation
(depreciation) relating to investments still held at 4/30/2015	$		8,965


		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Growth & Income Fund	Common Stocks
Opening balance at November 1, 2014	$		2,887
Transfers into Level 3			—
Transfers out of Level 3			—
Total gains or losses
Included in net realized gain (loss) on investments			–
Included in net unrealized gain (loss) on investments			(456)
Purchases and sales			–
Purchases			–
Sales			–
Closing balance at April 30, 2015			2,431
The amount of total gains or losses for the period included in net realized
and unrealized gain (loss) attributable to change in unrealized appreciation
(depreciation) relating to investments still held at 4/30/2015	$		(456)

- 150 -

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


		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Growth & Income Fund	Preferred Stocks
Opening balance at November 1, 2014	$		75,756
Transfers into Level 3			—
Transfers out of Level 3			—
Total gains or losses
Included in net realized gain (loss) on investments			–
Included in net unrealized gain (loss) on investments			(11,961)
Purchases and sales			–
Purchases			–
Sales			–
Closing balance at April 30, 2015			63,795
The amount of total gains or losses for the period included in net realized
and unrealized gain (loss) attributable to change in unrealized appreciation
(depreciation) relating to investments still held at 4/30/2015	$		(11,961)

The following table provides quantitative information about our Level 3 fair value
measurements of our investments as of April 30, 2015. In addition to the techniques and
inputs noted in the table below, according to our valuation policy we may also use other
valuation techniques and methodologies when determining our fair value measurements.
The table below is not intended to be all-inclusive, but rather provides information on the
Level 3 inputs as they relate to our fair value measurements.

- 151 -

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


	Fair Value	Valuation	Unobservable
	April 30, 2015	Methodology	Input	Input
Alger Capital Appreciation Fund
Common Stocks	$ 1,089,835	Income	Discount Rate	10%
		Approach
Common Stocks	39,818	Income	Discount Rate	40%
		Approach
Preferred Stocks	8,397,756	Income	Discount Rate	10%
		Approach
Preferred Stocks	1,135,338	Income	Discount Rate	40%
		Approach
Alger Mid Cap Growth Fund
Common Stocks	116,433	Income	Discount Rate	10%
		Approach
Preferred Stocks	539,720	Income	Discount Rate	10%
		Approach
Preferred Stocks	988,245	Income	Discount Rate	12%
		Approach
Preferred Stocks	1,492,970	Income	Discount Rate	15%
		Approach
Alger SMid Cap Growth Fund
Common Stocks	578,114	Income	Discount Rate	10%
		Approach
Preferred Stocks	4,834,847	Income	Discount Rate	10%
		Approach
Preferred Stocks	1,041,633	Income	Discount Rate	12%
		Approach
Alger Small Cap Growth Fund
Preferred Stocks	228,096	Income	Discount Rate	12%
		Approach
Preferred Stocks	447,098	Income	Discount Rate	15%
		Approach
Alger Growth Opportunities Fund
Preferred Stocks	33,396	Income	Discount Rate	10%
		Approach
Preferred Stocks	30,454	Income	Discount Rate	15%
		Approach
Alger Health Sciences Fund
Common Stocks	1,676,720	Income	Discount Rate	15%
		Approach
Preferred Stocks	394,460	Income	Discount Rate	10%
		Approach
Preferred Stocks	4,038,147	Income	Discount Rate	12%
		Approach
Preferred Stocks	4,942,022	Income	Discount Rate	15%
		Approach
Preferred Stocks	2,000,000	Income	Discount Rate	42%
		Approach
*Rights	-	Cost Approach	Discount Rate	15%

- 152 -

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


Alger Growth & Income Fund
Common Stocks	2,431	Income	Discount Rate	40%
		Approach
Preferred Stocks	63,795	Income	Discount Rate	40%
		Approach

*Fair value approximates cost without adjustments.

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

On April 30, 2015, there were no transfers of securities between Level 1 to Level 2.

Certain of the Fund’s assets and liabilities are held at carrying amount or face value, which
approximates fair value for financial statement purposes. As of April 30, 2015, such assets
are categorized within the disclosure hierarchy as follows:


	TOTAL FUND		LEVEL 1	LEVEL 2		LEVEL 3
Cash, Foreign cash and Cash equivalents:
Alger Capital Appreciation Fund	$ 11,142,789		$ 11,142,789		—		—
Alger International Growth Fund		5,534,256	5,534,256		—		—
Alger Mid Cap Growth Fund		6,459,605	6,459,605		—		—
Alger SMid Cap Growth Fund	13,475,527		13,475,527		—		—
Alger Small Cap Growth Fund		6,413,860	6,413,860		—		—
Alger Growth Opportunities Fund		1,327,576	1,327,576		—		—
Alger Health Sciences Fund		7,627,171	7,627,171		—		—
Alger Growth & Income Fund		4,336,389	4,336,389		—		—
Total	$ 56,317,173		$ 56,317,173		—		—

NOTE 9 — Derivatives:
Financial Accounting Standards Board Accounting Standards Codification 815 – Derivatives
and Hedging (“ASC 815”) requires qualitative disclosures about objectives and strategies for
using derivatives, quantitative disclosures about fair value amounts of and gains and losses
on derivative instruments, and disclosures about credit-risk-related contingent features in
derivative agreements.

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, while also buying and selling call and put options on equities
and equity indices. The Funds purchase call options to increase their exposure to the stock
market and also provide diversification of risk. The Funds purchase put options in order
to protect from significant market declines that may occur over a short period of time. The
Funds will 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
- 153 -

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

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. During the six months ended April 30, 2015, options were
used in accordance with these objectives.

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 clearing house that acts as an
intermediary between buyer and seller, receiving initial and maintenance margin from both,
and guaranteeing performance of the option contract.

There were no open derivative instruments as of April 30, 2015.

For the six months ended April 30, 2015, the Alger Mid Cap Growth Fund had option
purchases of $1,671,980 and option sales of $1,193,292. The effect of derivative instruments
on the accompanying Statement of Operations for the six months ended April 30, 2015 is
as follows:


NET REALIZED GAIN ON INVESTMENTS, OPTIONS
Alger Mid Cap Growth Fund
Derivatives not accounted for as hedging instruments		Options
Purchased Options	$	124,441
Written Options		(114,834)
Total	$	9,607


NET CHANGE IN UNREALIZED APPRECIATION ON INVESTMENTS, OPTIONS
Alger Mid Cap Growth Fund
Derivatives not accounted for as hedging instruments		Options
Purchased Options	$	64,010
Written Options		(65,814)
Total	$	(1,804)

NOTE 10 — Affiliated Securities:
The securities listed below are deemed to be affiliate’s of the Funds because the Funds or
their affiliates owned 5% or more of the company’s voting securities during all or part of
the six months ended April 30, 2015. Purchase and sale transactions and dividend income
earned during the year were as follows:

- 154 -

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


	Shares/
	Par at					Realized	Value at
	October Purchases/ Sales/			Shares/Par at Dividend		Gain	April 30,
Security	31, 2014	Conversion Conversion April 30, 2015 Income				(Loss)	2015


Alger Capital Appreciation Fund
Common Stocks
Choicestream, Inc.*	82,955	—	—	82,955	—	—	$39,818
Preferred Stocks
Choicestream, Inc.*	2,365,288	—	—	2,365,288	—	—	1,135,338
Alger Mid Cap Growth Fund
Preferred Stocks
Prosetta Biosciences, Inc.*	—	219,610	—	219,610	—	—	988,245
Tolero Pharmaceuticals, Inc.*	495,000	—	—	495,000	—	—	1,492,970
Alger SMid Cap Growth Fund
Preferred Stocks
Prosetta Biosciences, Inc.*	—	231,474	—	231,474	—	—	1,041,633
Alger Small Cap Growth Fund
Preferred Stocks
Prosetta Biosciences, Inc.*	—	50,688	—	50,688	—	—	228,096
Tolero Pharmaceuticals, Inc.*	148,237	—	—	148,237	—	—	447,098
Alger Growth Opportunities Fund
Preferred Stocks
Tolero Pharmaceuticals, Inc.*	10,097	—	—	10,097	—	—	30,454
Alger Health Sciences Fund
Preferred Stocks
Catabasis Pharmaceuticals,
Inc.*	—	2,104,599	—	2,104,599	—	—	2,000,000
Prosetta Biosciences, Inc.*	—	897,366	—	897,366	—	—	4,038,147
Tolero Pharmaceuticals, Inc.*	1,638,547	—	—	1,638,547	—	—	4,942,022


Alger Growth & Income Fund
Common Stocks
Choicestream, Inc.*	5,064	—	—	5,064	—	—	2,431
Preferred Stocks
Choicestream, Inc.*	132,906	—	—	132,906	—	—	63,795

*Non-income producing security.

NOTE 11 — Subsequent Events:
Management of each Fund has evaluated events that have occurred subsequent to April
30, 2015 through the issuance date of the Financial Statements. No such events have been
identified which require recognition and/or disclosure.

- 155 -

THE ALGER FUNDS
ADDITIONAL INFORMATION (Unaudited)

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: transaction costs, if applicable,
including sales charges (loads) and redemption fees; and ongoing costs, including
management fees, distribution (12b-1) fees, if applicable, and other fund expenses. This
example is intended to help you understand your ongoing costs (in dollars) of investing in
the Fund and to compare these costs with the ongoing costs of investing in other mutual
funds.

The example below is based on an investment of $1,000 invested at the beginning of the
six-month period starting November 1, 2014 and ending April 30, 2015.

Actual Expenses
The first line for each class of shares in the table below provides information about actual
account values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you would have paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.6), then multiply the result by the number in the first line under the
heading entitled “Expenses Paid during the Period” to estimate the expenses you paid on
your account during this period.

Hypothetical Example for Comparison Purposes
The second line for each class of shares in the table below provides information about
hypothetical account values and hypothetical expenses based on the Fund’s actual expense
ratios for each class of shares and an assumed rate of return of 5% per year before expenses,
which is not the Fund’s actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the Fund and
other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical
examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs
only and do not reflect any transaction costs, such as sales charges (loads) and redemption
fees. Therefore, the second line under each class of shares in the table is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of owning
different funds. In addition, if these transactional costs were included, your costs would
have been higher.

- 156 -

THE ALGER FUNDS
ADDITIONAL INFORMATION (Unaudited) (Continued)


							Annualized
					Expenses		Expense Ratio
		Beginning		Ending	Paid During			For the
			Account	Account	the Six Months		Six Months
			Value	Value		Ended		Ended
		November 1, 2014		April 30, 2015	April 30, 2015^(a)		April 30, 2015^(b)
Alger Capital Appreciation Fund
Class A	Actual	$	1,000.00	$ 1,072.50	$	6.32		1.23%
	Hypothetical^(c)		1,000.00	1,018.70		6.16		1.23
Class B	Actual		1,000.00	1,068.70	10.31			2.01
	Hypothetical^(c)		1,000.00	1,014.83	10.04			2.01
Class C	Actual		1,000.00	1,069.07	10.16			1.98
	Hypothetical^(c)		1,000.00	1,014.98		9.89		1.98
Class Z	Actual		1,000.00	1,074.59		4.73		0.92
	Hypothetical^(c)		1,000.00	1,020.23		4.61		0.92

Alger International Growth Fund
Class A	Actual	$	1,000.00	$ 1,103.81	$	6.83		1.31%
	Hypothetical^(c)		1,000.00	1,018.30		6.56		1.31
Class B	Actual		1,000.00	1,099.31	10.57			2.03
	Hypothetical^(c)		1,000.00	1,014.73	10.14			2.03
Class C	Actual		1,000.00	1,098.87	10.93			2.10
	Hypothetical^(c)		1,000.00	1,014.38	10.49			2.10
Class I	Actual		1,000.00	1,104.64		6.00		1.15
	Hypothetical^(c)		1,000.00	1,019.09		5.76		1.15
Class Z	Actual		1,000.00	1,105.55		4.65		0.89
	Hypothetical^(c)		1,000.00	1,020.38		4.46		0.89

Alger Mid Cap Growth Fund
Class A	Actual	$	1,000.00	$ 1,070.28	$	6.72		1.31%
	Hypothetical^(c)		1,000.00	1,018.30		6.56		1.31
Class B	Actual		1,000.00	1,066.05	10.40			2.03
	Hypothetical^(c)		1,000.00	1,014.73	10.14			2.03
Class C	Actual		1,000.00	1,066.67	10.76			2.10
	Hypothetical^(c)		1,000.00	1,014.38	10.49			2.10

Alger SMid Cap Growth Fund
Class A	Actual	$	1,000.00	$ 1,051.14	$	6.36		1.25%
	Hypothetical^(c)		1,000.00	1,018.60		6.26		1.25
Class B	Actual		1,000.00	1,046.78	10.30			2.03
	Hypothetical^(c)		1,000.00	1,014.73	10.14			2.03
Class C	Actual		1,000.00	1,047.30	10.25			2.02
	Hypothetical^(c)		1,000.00	1,014.78	10.09			2.02
Class I	Actual		1,000.00	1,050.50		6.46		1.26
	Hypothetical^(c)		1,000.00	1,018.50		6.36		1.26
Class Z	Actual		1,000.00	1,052.50		4.83		0.95
	Hypothetical^(c)		1,000.00	1,020.08		4.76		0.95

- 157 -

THE ALGER FUNDS
ADDITIONAL INFORMATION (Unaudited) (Continued)


							Annualized
					Expenses		Expense Ratio
		Beginning		Ending	Paid During			For the
			Account	Account	the Six Months		Six Months
			Value	Value		Ended		Ended
		November 1, 2014		April 30, 2015	April 30, 2015^(a)		April 30, 2015^(b)
Alger Small Cap Growth Fund
Class A	Actual	$	1,000.00	$ 1,051.68	$	6.71		1.32%
	Hypothetical^(c)		1,000.00	1,018.25		6.61		1.32
Class B	Actual		1,000.00	1,047.45	10.86			2.14
	Hypothetical^(c)		1,000.00	1,014.18	10.69			2.14
Class C	Actual		1,000.00	1,047.09	10.76			2.11
	Hypothetical^(c)		1,000.00	1,014.28	10.59			2.11
Class Z	Actual		1,000.00	1,053.60		5.04		0.99
	Hypothetical^(c)		1,000.00	1,019.89		4.96		0.99

Alger Growth Opportunities Fund
Class A	Actual	$	1,000.00	$ 1,059.63	$	8.17		1.60%
	Hypothetical^(c)		1,000.00	1,016.86		8.00		1.60
Class C	Actual		1,000.00	1,056.02		11.47		2.25
	Hypothetical^(c)		1,000.00	1,013.64		11.23		2.25
Class I	Actual		1,000.00	1,061.08		6.90		1.35
	Hypothetical^(c)		1,000.00	1,018.10		6.76		1.35
Class Z	Actual		1,000.00	1,062.82		5.37		1.05
	Hypothetical^(c)		1,000.00	1,019.59		5.26		1.05

Alger Health Sciences Fund
Class A	Actual	$	1,000.00	$ 1,068.24	$	6.62		1.29%
	Hypothetical^(c)		1,000.00	1,018.40		6.46		1.29
Class B	Actual		1,000.00	1,064.20	10.49			2.05
	Hypothetical^(c)		1,000.00	1,014.63	10.24			2.05
Class C	Actual		1,000.00	1,064.55	10.49			2.05
	Hypothetical^(c)		1,000.00	1,014.63	10.24			2.05

Alger Growth & Income Fund
Class A	Actual	$	1,000.00	$ 1,039.29	$	5.76		1.14%
	Hypothetical^(c)		1,000.00	1,019.14		5.71		1.14
Class C	Actual		1,000.00	1,035.46		9.59		1.90
	Hypothetical^(c)		1,000.00	1,015.37		9.49		1.90
Class Z	Actual		1,000.00	1,040.44		4.65		0.92
	Hypothetical^(c)		1,000.00	1,020.23		4.61		0.92

(a) Expenses are equal to the annualized expense ratio of the respective share class, multiplied by the average account
value over the period, multiple by 181/365 (to reflect the one-half year period).
(b) Annualized.
(c) 5% annual return before expenses.

- 158 -

THE ALGER FUNDS
ADDITIONAL INFORMATION (Unaudited) (Continued)


Privacy Policy

U.S. Consumer Privacy Notice Rev. 01/2015				3/31/15
FACTS	WHAT DOES ALGER DO WITH YOUR PERSONAL INFORMATION?


Why?	Financial companies choose how they share your personal information. Federal law
	gives consumers the right to limit some but not all sharing. Federal law also requires us
	to tell you how we collect, share, and protect your personal information. Please read this
	notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service
	you have with us.
	This information can include:
	• Social Security number and
	• Account balances and
	• Transaction history and
	• Purchase history and
	• Assets
	When you are no longer our customer, we continue to share your information as
	described in this notice.
How?	All financial companies need to share personal information to run their everyday business.
	In the section below, we list the reasons financial companies can share their personal
	information; the reasons chooses to share; and whether you can limit this sharing.

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


Who we are

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

- 159 -

THE ALGER FUNDS
ADDITIONAL INFORMATION (Unaudited) (Continued)


What we do
How does Alger	To protect your personal information from unauthorized
protect my personal	access and use, we use security measures that comply
information?	with federal law. These measures include computer
	safeguards and secured files and buildings.
How does Alger	We collect your personal information, for example,
Collect my personal	when you:
information?	• Open an account or
	• Make deposits or withdrawals from your account or
	• Give us your contact information or
	• Provide account information or
	• Pay us by check.


Why can’t I limit all sharing?	Federal law gives you the right to limit
	• sharing for affiliates’ everyday business purposes
	information about your credit worthiness
	• affiliates from using your information to market to you
	• sharing for nonaffiliates to market to you
	State laws and individual companies may give you
	additional rights to limit sharing.


Definitions
Affiliates	Companies related by common ownership or control.
	They can be financial and nonfinancial companies.
	• Our affiliates include Fred Alger Management, Inc.
	and Fred Alger & Company, Incorporated as well as the
	following funds: The Alger Funds, The Alger Funds II,
	The Alger Institutional Funds, The Alger Portfolios, and
	Alger Global Growth Fund.
Nonaffiliates	Companies not related by common ownership or
	control. They can be financial and nonfinancial
	companies
Joint marketing	A formal agreement between nonaffiliated financial
	companies that together market financial products or
	services to you.
Other important information

- 160 -

THE ALGER FUNDS
ADDITIONAL INFORMATION (Unaudited) (Continued)

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

Fund Holdings
The Board of Trustees has adopted policies and procedures relating to disclosure of the
Funds’ portfolio securities. These policies and procedures recognize that there may be
legitimate business reasons for holdings to be disclosed and seek to balance those interests
to protect the proprietary nature of the trading strategies and implementation thereof by
the Funds.

Generally, the policies prohibit the release of information concerning portfolio holdings
which have not previously been made public to individual investors, institutional investors,
intermediaries that distribute the Funds’ shares and other parties which are not employed
by the Manager or its affiliates except when the legitimate business purposes for selective
disclosure and other conditions (designed to protect the Funds) are acceptable.

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

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

In accordance with the foregoing, the Funds provide portfolio holdings information to
service providers who provide necessary or beneficial services when such service providers
need access to this information in the performance of their services and are subject to
duties of confidentiality (1) imposed by law, including a duty not to trade on non-public
information, and/or (2) pursuant to an agreement that confidential information is not to be
disclosed or used (including trading on such information) other than as required by law. From
time to time, the Funds will communicate with these service providers to confirm that they
understand the Funds’ policies and procedures regarding such disclosure. This agreement
must be approved by the Funds’ Chief Compliance Officer, President or Secretary.

- 161 -

THE ALGER FUNDS
ADDITIONAL INFORMATION (Unaudited) (Continued)

The Board of Trustees periodically reviews a report disclosing the third parties to whom
each Fund’s holdings information has been disclosed and the purpose for such disclosure,
and it considers whether or not the release of information to such third parties is in the best
interest of the Fund and its shareholders.

In addition to material the Funds routinely provide to shareholders, the Manager may,
upon request, make additional statistical information available regarding the Funds. Such
information will include, but not be limited to, relative weightings and characteristics of a
Fund portfolios versus its peers or an index (such as P/E ratio, alpha, beta, capture ratio,
standard deviation, EPS forecasts, Sharpe ratio, information ratio, R-squared, and market
cap analysis), security specific impact on overall portfolio performance month-end top
ten contributors to and detractors from performance, breakdown of High Unit Volume
Growth holdings vs. Positive Lifecycle Change holdings, portfolio turnover, and requests
of a similar nature. Please contact the Funds at (800) 992-3863 to obtain such information.

- 162 -

THE ALGER FUNDS

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

Investment Manager

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

Distributor

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

Transfer Agent and Dividend Disbursing Agent

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

This report is submitted for the general information of the shareholders of The Alger
Funds. It is not authorized for distribution to prospective investors unless accompanied by
an effective Prospectus for the Trust, which contains information concerning the Trust’s
investment policies, fees and expenses as well as other pertinent information.

- 163 -

ITEM 2. CODE OF ETHICS.
Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.

ITEM 6. INVESTMENTS.

Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT
INVESTMENT COMPANIES.
Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY
AND AFFILIATED PURCHASERS.
Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable.

ITEM 11. CONTROLS AND PROCEDURES.
(a) The Registrant’s principal executive officer and principal financial officer have concluded that
the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940, as amended) are effective based on their evaluation of the
disclosure controls and procedures as of a date within 90 days of the filing date of this document.

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

ITEM 12. EXHIBITS.

(a)	(1) Not applicable

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

(a)	(3) Not applicable
(b)	Certifications of principal executive officer and principal financial officer as required by rule 30a-2(b)

under the Investment Company Act of 1940 are attached as Exhibit 99.906CERT

SIGNATURES

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

The Alger Funds

By: /s/Hal Liebes

Hal Liebes

President

Date: June 29, 2015

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

By: /s/Hal Liebes

Hal Liebes

President

Date: June 29, 2015

By: /s/Michael D. Martins

Michael D. Martins

Treasurer

Date: June 29, 2015


		Alger International
COUNTRY		Growth Fund
Australia		0.5%
Belgium		2.1
Canada		3.2
China		10.9
Denmark		1.7
France		5.6
Germany		7.5
Hong Kong		3.2
India		2.5
Indonesia		0.4
Ireland		1.0
Italy		3.0
Japan		14.3
Luxembourg		1.0
Mexico		1.4
Netherlands		5.1
Norway		1.0
Peru		0.7
Portugal		0.8
South Africa		0.6
South Korea		1.6
Spain		2.3
Sweden		3.5
Switzerland		5.1
United Kingdom		11.2
United States		7.4
Cash and Net Other Assets		2.4
		100.0%