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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-1355

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: July 31, 2015

ITEM 1. Schedule of Investments.

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THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments July 31, 2015

COMMON STOCKS—96.7%	SHARES			VALUE
ADVERTISING—0.0%
Choicestream, Inc.*,@,(a)	82,955	$		39,818
AEROSPACE & DEFENSE—2.7%
Honeywell International, Inc.	414,494			43,542,595
Lockheed Martin Corp.	47,013			9,736,392
The Boeing Co.	98,160			14,151,727
			67,430,714
AIR FREIGHT & LOGISTICS—0.5%
United Parcel Service, Inc., Cl. B	128,941		13,198,401
AIRLINES—1.1%
United Continental Holdings, Inc.*	512,029		28,873,315
ALTERNATIVE CARRIERS—0.5%
Level 3 Communications, Inc.*	265,388		13,402,094
APPAREL ACCESSORIES & LUXURY GOODS—0.6%
PVH Corp.	57,568			6,680,190
Under Armour, Inc., Cl. A*	78,178			7,765,421
				14,445,611
APPAREL RETAIL—0.8%
VF Corp.	266,620		20,553,736
APPLICATION SOFTWARE—2.1%
Adobe Systems, Inc.*	220,989			18,118,888
Palantir Technologies, Inc., Cl. A*,@	153,282			1,089,835
salesforce.com, inc.*	466,453			34,191,005
			53,399,728
AUTO PARTS & EQUIPMENT—1.2%
Delphi Automotive PLC.	343,891			26,851,009
WABCO Holdings, Inc.*	28,869			3,564,456
			30,415,465
AUTOMOBILE MANUFACTURERS—0.2%
Tesla Motors, Inc.*	15,876			4,225,397
BIOTECHNOLOGY—8.4%
ACADIA Pharmaceuticals, Inc.*	131,500			6,418,515
Amgen, Inc.	157,000			27,724,630
Biogen, Inc.*	100,965			32,185,623
BioMarin Pharmaceutical, Inc.*	102,270			14,959,033
Celgene Corp.*	231,556			30,391,725
Gilead Sciences, Inc.	418,460			49,319,696
Incyte Corp.*	96,502			10,063,228
Intercept Pharmaceuticals, Inc.*	60,945			16,077,900
United Therapeutics Corp.*	64,897			10,990,956
Vertex Pharmaceuticals, Inc.*	114,591			15,469,785
			213,601,091
BREWERS—1.6%
Anheuser-Busch InBev NV#	197,193			23,574,423
Molson Coors Brewing Co., Cl. B	210,678			14,987,633
SABMiller PLC.*	42,700			2,238,709
			40,800,765
BUILDING PRODUCTS—0.4%
Fortune Brands Home & Security, Inc.	31,170			1,488,368

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THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
BUILDING PRODUCTS—(CONT.)
Lennox International, Inc.	79,529	$		9,389,989
			10,878,357
CABLE & SATELLITE—1.8%
Comcast Corporation, Cl. A	725,381		45,271,028
COMMUNICATIONS EQUIPMENT—1.0%
Arista Networks, Inc.*	180,915			15,281,890
ARRIS Group, Inc.*	201,500			6,230,380
QUALCOMM, Inc.	75,542			4,864,149
			26,376,419
CONSTRUCTION MATERIALS—0.4%
Vulcan Materials Co.	121,937			11,098,706
DATA PROCESSING & OUTSOURCED SERVICES—3.7%
Alliance Data Systems Corp.*	68,130			18,738,475
Fiserv, Inc.*	92,789			8,059,653
Visa, Inc., Cl. A	879,406			66,254,448
			93,052,576
DRUG RETAIL—2.5%
CVS Caremark Corp.	224,521			25,251,877
Rite Aid Corp.*	986,996			8,794,134
Walgreens Boots Alliance, Inc.	305,320			29,503,072
			63,549,083
FOOD RETAIL—0.8%
The Kroger Co.	549,176		21,549,666
FOOTWEAR—0.3%
NIKE, Inc., Cl. B	60,463			6,966,547
GENERAL MERCHANDISE STORES—1.0%
Dollar General Corp.	135,692			10,905,566
Dollar Tree, Inc.*	196,355			15,321,581
			26,227,147
HEALTH CARE EQUIPMENT—1.5%
Becton Dickinson and Co.	90,292			13,737,928
Edwards Lifesciences Corp.*	81,900			12,461,904
Hologic, Inc.*	225,152			9,379,832
St. Jude Medical, Inc.	37,252			2,749,943
			38,329,607
HEALTH CARE FACILITIES—1.2%
HCA Holdings, Inc.*	334,208		31,084,686
HOME ENTERTAINMENT SOFTWARE—0.3%
Activision Blizzard, Inc.	309,511			7,982,289
HOME IMPROVEMENT RETAIL—1.5%
Lowe's Companies, Inc.	214,419			14,872,102
The Home Depot, Inc.	196,365			22,980,596
			37,852,698
HOTELS RESORTS & CRUISE LINES—1.9%
Carnival Corp.	172,700			9,203,183
Ctrip.com International Ltd.#*	260,453			18,643,226
Hilton Worldwide Holdings, Inc.*	331,690			8,905,876

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THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
HOTELS RESORTS & CRUISE LINES—(CONT.)
Royal Caribbean Cruises Ltd.	137,908	$		12,391,034
			49,143,319
HOUSEWARES & SPECIALTIES—0.9%
Jarden Corp.*	410,478		22,576,290
INDUSTRIAL CONGLOMERATES—1.1%
Danaher Corp.	259,301			23,741,600
General Electric Co.	208,444			5,440,388
			29,181,988
INDUSTRIAL GASES—0.4%
Air Products & Chemicals, Inc.	78,559			11,195,443
INDUSTRIAL MACHINERY—0.3%
Ingersoll-Rand PLC.	124,743			7,659,220
INTERNET RETAIL—4.6%
Amazon.com, Inc.*	141,804			76,028,215
JD.com, Inc.#*	72,700			2,401,281
NetFlix, Inc.*	135,163			15,450,482
Qunar Cayman Islands Ltd.#*	67,370			2,813,371
The Priceline Group, Inc.*	198			246,227
TripAdvisor, Inc.*	240,365			19,080,174
			116,019,750
INTERNET SOFTWARE & SERVICES—9.5%
Alibaba Group Holding Ltd.#*	60,774			4,761,035
Demandware, Inc.*	147,744			11,163,537
Facebook, Inc., Cl. A*	1,070,367		100,625,202
Google, Inc., Cl. C*	152,391			95,337,333
GrubHub, Inc.*	295,907			9,383,211
LendingClub Corp.*	275,645			3,999,609
LinkedIn Corp., Cl. A*	23,537			4,784,131
Yahoo! Inc.*	350,487			12,852,358
			242,906,416
INVESTMENT BANKING & BROKERAGE—1.0%
E*TRADE Financial Corp.*	273,181			7,763,804
Morgan Stanley	308,593			11,985,752
The Charles Schwab Corp.	69,840			2,436,019
The Goldman Sachs Group, Inc.	12,000			2,460,840
			24,646,415
IT CONSULTING & OTHER SERVICES—0.3%
Cognizant Technology Solutions Corp., Cl. A*	125,741			7,934,257
LIFE SCIENCES TOOLS & SERVICES—1.7%
Illumina, Inc.*	24,630			5,401,359
Thermo Fisher Scientific, Inc.	276,507			38,581,022
			43,982,381
MANAGED HEALTH CARE—2.6%
Aetna, Inc.	63,443			7,167,156
Cigna Corp.	193,942			27,939,285
Humana, Inc.	43,536			7,927,470
UnitedHealth Group, Inc.	182,595			22,167,033
			65,200,944

- 5 -

THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
MOVIES & ENTERTAINMENT—2.0%
The Walt Disney Co.	250,264	$		30,031,680
Time Warner, Inc.	245,348			21,600,438
				51,632,118
MULTI-LINE INSURANCE—1.2%
American International Group, Inc.	132,818			8,516,290
Hartford Financial Services Group, Inc.	468,010			22,253,876
			30,770,166
MULTI-UTILITIES—0.3%
Sempra Energy	67,090			6,828,420
OIL & GAS EQUIPMENT & SERVICES—1.0%
Baker Hughes, Inc.	327,359			19,035,926
Schlumberger Ltd.	1,699			140,711
Weatherford International PLC.*	581,158			6,206,768
			25,383,405
OIL & GAS EXPLORATION & PRODUCTION—1.1%
Anadarko Petroleum Corp.	297,638			22,129,386
Devon Energy Corp.	125,703			6,212,242
			28,341,628
OIL & GAS STORAGE & TRANSPORTATION—0.2%
Cheniere Energy, Inc.*	85,699			5,910,660
OTHER DIVERSIFIED FINANCIAL SERVICES—1.4%
Bank of America Corp.	722,241			12,913,669
Citigroup, Inc.	377,552			22,071,690
			34,985,359
PACKAGED FOODS & MEATS—0.1%
Mead Johnson Nutrition Co., Cl. A	36,385			3,216,070
PHARMACEUTICALS—7.1%
AbbVie, Inc.	5,549			388,486
Allergan PLC.*	353,122		116,936,350
Bristol-Myers Squibb Co.	558,960			36,690,134
Mallinckrodt PLC.*	37,465			4,644,162
Mylan NV*	38,290			2,143,857
Shire PLC.	230,383			20,475,574
			181,278,563
RAILROADS—0.8%
Union Pacific Corp.	195,526		19,081,382
REGIONAL BANKS—0.3%
Citizens Financial Group, Inc.	244,200			6,366,294
RENEWABLE ELECTRICITY—0.3%
TerraForm Global, Inc., Cl. A*,@	476,211			6,000,249
TerraForm Power, Inc., Cl. A	58,842			1,774,675
				7,774,924
RESEARCH & CONSULTING SERVICES—0.2%
CoStar Group, Inc.*	30,773			6,194,297
RESTAURANTS—1.8%
McDonald's Corp.	103,707			10,356,181
Starbucks Corp.	302,735			17,537,438

- 6 -

THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
RESTAURANTS—(CONT.)
Yum! Brands, Inc.	216,364	$		18,988,105
			46,881,724
SECURITY & ALARM SERVICES—0.3%
Tyco International PLC.	196,458			7,463,439
SEMICONDUCTOR EQUIPMENT—0.7%
SunEdison, Inc.*	720,477		16,772,705
SEMICONDUCTORS—3.1%
Avago Technologies Ltd.	201,196			25,177,668
Broadcom Corp., Cl. A	427,613			21,641,494
Microsemi Corp.*	202,600			6,673,644
NXP Semiconductors NV*	267,367			25,931,925
			79,424,731
SOFT DRINKS—1.0%
PepsiCo, Inc.	269,692		25,984,824
SPECIALIZED FINANCE—0.5%
McGraw Hill Financial, Inc.	127,564		12,979,637
SPECIALTY CHEMICALS—1.3%
PPG Industries, Inc.	296,761		32,162,957
SPECIALTY STORES—0.5%
Signet Jewelers Ltd.	96,981			11,756,037
SYSTEMS SOFTWARE—2.7%
Microsoft Corp.	885,688			41,361,629
Oracle Corp.	312,605			12,485,444
ServiceNow, Inc.*	171,266			13,786,913
			67,633,986
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.1%
Apple, Inc.	1,129,030		136,951,339
Western Digital Corp.	204,400			17,590,664
			154,542,003
TOBACCO—0.4%
Altria Group, Inc.	202,806			11,028,590
TRADING COMPANIES & DISTRIBUTORS—0.8%
HD Supply Holdings, Inc.*	578,778		20,720,252
WIRELESS TELECOMMUNICATION SERVICES—1.1%
SBA Communications Corp., Cl. A*	226,643		27,360,343
TOTAL COMMON STOCKS
(Cost $2,119,307,835)			2,463,525,881
PREFERRED STOCKS—0.3%	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			4,444,674
Palantir Technologies, Inc., Cl. D*,@	81,445			579,074
				5,023,748

- 7 -

THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments July 31, 2015 (Continued)

PREFERRED STOCKS—(CONT.)	SHARES		VALUE
PHARMACEUTICALS—0.1%
Intarcia Therapeutics, Inc.*,@	76,682	$	2,889,378
TOTAL PREFERRED STOCKS
(Cost $8,711,512)			9,048,464
MASTER LIMITED PARTNERSHIP—2.3%	SHARES		VALUE
ASSET MANAGEMENT & CUSTODY BANKS—2.3%
The Blackstone Group LP.	1,339,452		52,573,491
The Carlyle Group LP.	191,125		5,085,836
		57,659,327
TOTAL MASTER LIMITED PARTNERSHIP
(Cost $48,021,309)			57,659,327
REAL ESTATE INVESTMENT TRUST—0.6%	SHARES		VALUE
MORTGAGE—0.6%
Blackstone Mortgage Trust, Inc., Cl. A	492,060	14,353,390
(Cost $14,689,707)			14,353,390
Total Investments
(Cost $2,190,730,363)(b)	99.9%	2,544,587,062
Other Assets in Excess of Liabilities	0.1%		1,390,689
NET ASSETS	100.0%	$                    2,545,977,751

* Non-income producing security.
# 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 July 31, 2015, the net unrealized appreciation on investments, based on cost for federal income tax purposes
of $2,213,411,710, amounted to $331,175,352 which consisted of aggregate gross unrealized appreciation of
$376,811,658 and aggregate gross unrealized depreciation of $45,636,306.
@ 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	0.02%
Choicestream, Inc., Cl. B	7/10/2014	989,973	791,979	0.03%
Intarcia Therapeutics, Inc.	3/27/2014	2,483,730	2,889,378	0.11%
Palantir Technologies, Inc., Cl. A	10/07/2014	997,406	1,089,835	0.04%
Palantir Technologies, Inc., Cl. B	10/07/2014	4,128,004	4,444,674	0.18%
Palantir Technologies, Inc., Cl. D	10/07/2014	537,767	579,074	0.02%
TerraForm Global, Inc., Cl. A	6/08/2015	6,786,000	6,000,249	0.23%
Total			$16,178,366	0.63%

See Notes to Financial Statements

- 8 -

THE ALGER FUNDS | ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments July 31, 2015

COMMON STOCKS—96.6%	SHARES		VALUE
BELGIUM—1.4%
BREWERS—1.4%
Anheuser-Busch InBev NV	25,909	$	3,095,229
(Cost $2,628,132)
CANADA—1.9%
INTEGRATED OIL & GAS—1.0%
Suncor Energy, Inc.	83,000		2,336,813
OIL & GAS EXPLORATION & PRODUCTION—0.9%
Canadian Natural Resources Ltd.	81,975		1,999,727
TOTAL CANADA
(Cost $6,511,604)			4,336,540
CHINA—9.3%
ALUMINUM—0.4%
China Hongqiao Group Ltd.	1,340,000		992,449
CONSTRUCTION & ENGINEERING—0.7%
China State Construction International Holdings Ltd.	954,100		1,485,220
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—0.9%
CRRC Corp., Ltd.*	1,600,000		2,017,775
CONSUMER ELECTRONICS—0.3%
Haier Electronics Group Co., Ltd.	240,000		565,806
DIVERSIFIED BANKS—1.4%
China Construction Bank Corp.	3,972,300		3,235,309
INDUSTRIAL MACHINERY—0.3%
Xinyi Solar Holdings Ltd.	1,394,000		600,384
INTERNET RETAIL—0.4%
Vipshop Holdings Ltd.#*	49,300		960,857
INTERNET SOFTWARE & SERVICES—3.1%
Alibaba Group Holding Ltd.#*	34,900		2,734,066
Baidu, Inc.#*	11,200		1,933,792
Tencent Holdings Ltd.	115,700		2,151,068
			6,818,926
LIFE & HEALTH INSURANCE—0.8%
Ping An Insurance Group Co., of China Ltd.	322,600		1,854,316
REAL ESTATE DEVELOPMENT—0.5%
China Overseas Land & Investment Ltd.	360,000		1,131,363
REGIONAL BANKS—0.5%
Chongqing Rural Commercial Bank Co., Ltd.	1,542,300		1,104,908
TOTAL CHINA
(Cost $21,559,162)			20,767,313
DENMARK—2.3%
BIOTECHNOLOGY—0.9%
Bavarian Nordic A/S*	41,100		1,941,891
PHARMACEUTICALS—1.4%
Novo Nordisk A/S	53,600		3,162,748
TOTAL DENMARK
(Cost $5,123,531)			5,104,639
FRANCE—7.5%
APPLICATION SOFTWARE—0.9%
Dassault Systemes*	25,588		1,929,279

- 9 -

THE ALGER FUNDS | ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
FRANCE—(CONT.)
BIOTECHNOLOGY—0.7%
DBV Technologies SA#*	10,100	$	440,259
Innate Pharma SA*	80,450		1,252,184
			1,692,443
CABLE & SATELLITE—0.9%
Numericable-SFR SAS*	38,000		2,071,577
DIVERSIFIED BANKS—1.2%
BNP Paribas SA	41,700		2,712,100
HEALTH CARE SUPPLIES—1.0%
Essilor International SA	17,600		2,253,891
HOME ENTERTAINMENT SOFTWARE—1.4%
UBISOFT Entertainment*	160,500		3,117,842
INTEGRATED OIL & GAS—0.8%
TOTAL SA	35,300		1,741,567
INTERNET SOFTWARE & SERVICES—0.6%
Criteo SA#*	24,150		1,285,504
TOTAL FRANCE
(Cost $15,008,317)			16,804,203
GERMANY—8.7%
ALTERNATIVE CARRIERS—0.7%
Tele Columbus AG*(a)	98,749		1,477,444
AUTO PARTS & EQUIPMENT—0.9%
Continental AG	9,500		2,123,558
AUTOMOBILE MANUFACTURERS—2.5%
Bayerische Motoren Werke AG	56,246		5,639,333
DIVERSIFIED CAPITAL MARKETS—1.2%
Deutsche Bank AG	75,400		2,648,428
ELECTRICAL COMPONENTS & EQUIPMENT—1.1%
OSRAM Licht AG	45,000		2,556,031
ELECTRONIC EQUIPMENT MANUFACTURERS—0.4%
SLM Solutions Group AG*	36,726		801,334
INDUSTRIAL MACHINERY—0.5%
KUKA AG	12,770		1,092,635
INTERNET SOFTWARE & SERVICES—0.8%
United Internet AG	35,000		1,729,653
SEMICONDUCTORS—0.6%
Infineon Technologies AG	129,236		1,449,471
TOTAL GERMANY
(Cost $18,871,462)			19,517,887
HONG KONG—1.6%
LIFE & HEALTH INSURANCE—1.6%
AIA Group Ltd.	561,004		3,656,252
(Cost $2,643,716)
INDIA—2.0%
DIVERSIFIED BANKS—1.3%
HDFC Bank Ltd.	147,000		2,982,654

- 10 -

THE ALGER FUNDS | ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
INDIA—(CONT.)
PHARMACEUTICALS—0.7%
Sun Pharmaceutical Industries Ltd.	120,000	$	1,539,550
TOTAL INDIA
(Cost $3,580,652)			4,522,204
IRELAND—1.5%
LIFE SCIENCES TOOLS & SERVICES—1.5%
ICON PLC.#*	41,500		3,353,200
(Cost $2,281,505)
ITALY—3.1%
APPAREL ACCESSORIES & LUXURY GOODS—0.5%
Moncler SpA	55,700		1,131,647
ASSET MANAGEMENT & CUSTODY BANKS—0.8%
Azimut Holding SpA	69,400		1,733,208
DIVERSIFIED BANKS—1.4%
Intesa Sanpaolo SpA*	795,000		3,060,437
WIRELESS TELECOMMUNICATION SERVICES—0.4%
Infrastrutture Wireless Italiane SpA*(a)	206,200		989,944
TOTAL ITALY
(Cost $6,190,665)			6,915,236
JAPAN—14.6%
AUTOMOBILE MANUFACTURERS—2.1%
Toyota Motor Corp.	68,825		4,582,488
BUILDING PRODUCTS—0.8%
Daikin Industries Ltd.	26,300		1,699,500
COMMODITY CHEMICALS—0.9%
Toray Industries, Inc.	258,350		2,055,538
DIVERSIFIED BANKS—3.3%
Mitsubishi UFJ Financial Group, Inc.	614,400		4,470,502
Sumitomo Mitsui Financial Group, Inc.	65,000		2,930,757
			7,401,259
DIVERSIFIED REAL ESTATE ACTIVITIES—2.5%
Mitsui Fudosan Co., Ltd.	121,600		3,458,539
Sumitomo Realty & Development Co., Ltd.	62,500		2,192,119
			5,650,658
ELECTRONIC COMPONENTS—1.0%
Murata Manufacturing Co., Ltd.	15,000		2,222,018
INDUSTRIAL MACHINERY—2.1%
FANUC Corp.	8,000		1,334,130
Makino Milling Machine Co., Ltd.	186,000		1,618,833
Minebea Co., Ltd.*	107,200		1,676,248
			4,629,211
INVESTMENT BANKING & BROKERAGE—0.9%
Daiwa Securities Group, Inc.	261,300		2,030,169
TIRES & RUBBER—1.0%
Bridgestone Corp.	61,700		2,325,497
TOTAL JAPAN
(Cost $30,531,573)			32,596,338

- 11 -

THE ALGER FUNDS | ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
LUXEMBOURG—0.9%
DIVERSIFIED REAL ESTATE ACTIVITIES—0.9%
Grand City Properties SA	111,200	$	1,923,823
(Cost $1,546,124)
MEXICO—1.4%
CONSTRUCTION MATERIALS—0.9%
Cemex SAB de CV#*	230,000		1,955,000
DIVERSIFIED REAL ESTATE ACTIVITIES—0.5%
Corp Inmobiliaria Vesta SAB de CV	759,430		1,277,355
TOTAL MEXICO
(Cost $3,963,748)			3,232,355
NETHERLANDS—5.4%
CABLE & SATELLITE—1.2%
Altice SA*	21,200		2,677,168
DIVERSIFIED BANKS—1.3%
ING Groep NV	172,500		2,933,332
SEMICONDUCTOR EQUIPMENT—1.0%
ASML Holding NV#	23,357		2,316,314
SEMICONDUCTORS—1.9%
NXP Semiconductors NV*	44,000		4,267,560
TOTAL NETHERLANDS
(Cost $9,223,874)			12,194,374
PORTUGAL—1.0%
BROADCASTING—1.0%
NOS SGPS SA*	252,300		2,134,680
(Cost $1,677,960)
SOUTH AFRICA—0.5%
PHARMACEUTICALS—0.5%
Aspen Pharmacare Holdings Ltd.	40,571		1,188,495
(Cost $955,465)
SOUTH KOREA—1.3%
SEMICONDUCTORS—1.3%
Samsung Electronics Co., Ltd.	2,750		2,800,250
(Cost $3,080,050)
SPAIN—3.3%
ALTERNATIVE CARRIERS—0.8%
Cellnex Telecom SAU*(a)	110,100		1,824,393
DIVERSIFIED BANKS—0.8%
CaixaBank SA*	376,974		1,682,081
ELECTRIC UTILITIES—1.7%
Iberdrola SA	279,900		1,973,932
Red Electrica Corp., SA	23,100		1,844,279
			3,818,211
TOTAL SPAIN
(Cost $7,619,195)			7,324,685
SWEDEN—3.1%
AUTO PARTS & EQUIPMENT—0.7%
Autoliv, Inc.*	14,500		1,520,385
BIOTECHNOLOGY—1.3%
Swedish Orphan Biovitrum AB*	224,800		2,958,329

- 12 -

THE ALGER FUNDS | ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
SWEDEN—(CONT.)
BUILDING PRODUCTS—0.9%
Assa Abloy AB, Cl. B	99,100	$	2,011,638
INDUSTRIAL MACHINERY—0.2%
Arcam AB*	29,400		437,804
TOTAL SWEDEN
(Cost $6,385,710)			6,928,156
SWITZERLAND—5.2%
PACKAGED FOODS & MEATS—1.6%
Nestle SA	48,300		3,653,899
PHARMACEUTICALS—3.6%
Novartis AG	49,200		5,105,199
Roche Holding AG	9,948		2,874,204
			7,979,403
TOTAL SWITZERLAND
(Cost $11,464,290)			11,633,302
UNITED KINGDOM—12.4%
DIVERSIFIED BANKS—1.3%
Lloyds Banking Group PLC.*	2,141,000		2,787,403
HOUSEHOLD PRODUCTS—1.8%
Reckitt Benckiser Group PLC.	42,862		4,109,465
INDUSTRIAL GASES—1.3%
Essentra PLC.*	195,000		2,775,360
INTERNET RETAIL—1.0%
Just Eat PLC.*	332,163		2,258,786
OIL & GAS EQUIPMENT & SERVICES—0.7%
Petrofac Ltd.	116,800		1,599,530
PHARMACEUTICALS—1.9%
Shire PLC.	48,500		4,310,498
RESTAURANTS—0.8%
Whitbread PLC.	23,000		1,861,747
SYSTEMS SOFTWARE—1.0%
Sophos Group PLC.*(a)	590,000		2,302,917
TOBACCO—1.2%
British American Tobacco PLC.	44,411		2,636,358
TRADING COMPANIES & DISTRIBUTORS—1.4%
Ashtead Group PLC.	196,300		3,009,504
TOTAL UNITED KINGDOM
(Cost $24,551,349)			27,651,568
UNITED STATES—8.2%
AUTO PARTS & EQUIPMENT—0.7%
Delphi Automotive PLC.	21,200		1,655,296
CABLE & SATELLITE—1.4%
Liberty Global PLC.*	65,800		3,233,412
OIL & GAS EQUIPMENT & SERVICES—0.5%
Weatherford International PLC.*	100,900		1,077,612
PHARMACEUTICALS—3.1%
Allergan PLC.*	13,300		4,404,295
Jazz Pharmaceuticals PLC.*	12,900		2,479,896
			6,884,191

- 13 -

THE ALGER FUNDS | ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
UNITED STATES—(CONT.)
SECURITY & ALARM SERVICES—1.0%
Tyco International PLC.	56,700	$	2,154,033
SEMICONDUCTORS—1.5%
Avago Technologies Ltd.	27,200		3,403,808
TOTAL UNITED STATES
(Cost $15,566,480)			18,408,352
TOTAL COMMON STOCKS
(Cost $200,964,564)		216,089,081
Total Investments
(Cost $200,964,564)(b)	96.6%	216,089,081
Other Assets in Excess of Liabilities	3.4%		7,659,442
NET ASSETS	100.0%	$                       223,748,523

* Non-income producing security.
# 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
2.9% of the net assets of the Portfolio.
(b) At July 31, 2015, the net unrealized appreciation on investments, based on cost for federal income tax
purposes of $202,815,873, amounted to $13,273,208 which consisted of aggregate gross unrealized
appreciation of $31,191,312 and aggregate gross unrealized depreciation of $17,918,104.

See Notes to Financial Statements

- 14 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND
Schedule of Investments July 31, 2015

COMMON STOCKS—93.7%	SHARES		VALUE
AEROSPACE & DEFENSE—1.7%
Digital Globe, Inc.*	25,197	$	533,673
Hexcel Corp.	31,600		1,639,724
TransDigm Group, Inc.*	6,100		1,380,430
			3,553,827
AIRLINES—1.9%
Spirit Airlines, Inc.*	26,200		1,567,284
United Continental Holdings, Inc.*	42,600		2,402,214
			3,969,498
ALTERNATIVE CARRIERS—0.5%
Level 3 Communications, Inc.*	19,600		989,800
APPAREL ACCESSORIES & LUXURY GOODS—2.3%
Hanesbrands, Inc.	63,500		1,970,405
PVH Corp.	12,400		1,438,896
Under Armour, Inc., Cl. A*	13,400		1,331,022
			4,740,323
APPAREL RETAIL—0.4%
L Brands, Inc.	10,500		847,560
APPLICATION SOFTWARE—2.3%
ACI Worldwide, Inc.*	63,400		1,500,678
Aspen Technology, Inc.*	17,500		776,650
Palantir Technologies, Inc., Cl. A*,@	16,376		116,433
PTC, Inc.*	40,080		1,456,908
Synchronoss Technologies, Inc.*	19,400		927,320
			4,777,989
ASSET MANAGEMENT & CUSTODY BANKS—1.4%
WisdomTree Investments, Inc.	115,000		2,863,500
AUTO PARTS & EQUIPMENT—2.2%
BorgWarner, Inc.	27,200		1,352,112
Delphi Automotive PLC.	17,850		1,393,728
WABCO Holdings, Inc.*	14,400		1,777,968
			4,523,808
AUTOMOBILE MANUFACTURERS—0.8%
Tesla Motors, Inc.*	5,800		1,543,670
AUTOMOTIVE RETAIL—1.6%
Advance Auto Parts, Inc.	9,200		1,602,732
Carmax, Inc.*	26,300		1,696,613
			3,299,345
BIOTECHNOLOGY—5.8%
BioMarin Pharmaceutical, Inc.*	7,800		1,140,906
Bluebird Bio, Inc.*	7,400		1,227,142
Celldex Therapeutics, Inc.*	34,800		819,540
Incyte Corp.*	12,300		1,282,644
Intercept Pharmaceuticals, Inc.*	7,300		1,925,813
Portola Pharmaceuticals, Inc.*	34,600		1,710,624
Ultragenyx Pharmaceutical, Inc.*	8,500		1,027,905
United Therapeutics Corp.*	7,800		1,321,008
Vertex Pharmaceuticals, Inc.*	10,200		1,377,000
			11,832,582

- 15 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
BUILDING PRODUCTS—3.2%
Allegion PLC.	35,600	$	2,250,632
AO Smith Corp.	20,800		1,493,856
Fortune Brands Home & Security, Inc.	23,000		1,098,250
Lennox International, Inc.	14,100		1,664,787
			6,507,525
COMMUNICATIONS EQUIPMENT—2.7%
Arista Networks, Inc.*	17,600		1,486,672
ARRIS Group, Inc.*	73,000		2,257,160
F5 Networks, Inc.*	13,522		1,813,841
			5,557,673
CONSTRUCTION MATERIALS—0.8%
Vulcan Materials Co.	16,800		1,529,136
DATA PROCESSING & OUTSOURCED SERVICES—4.3%
Alliance Data Systems Corp.*	12,200		3,355,488
Fiserv, Inc.*	30,100		2,614,486
Vantiv, Inc., CL. A*	33,200		1,460,800
WEX, Inc.*	13,500		1,377,540
			8,808,314
DRUG RETAIL—1.1%
Rite Aid Corp.*	251,200		2,238,192
ELECTRICAL COMPONENTS & EQUIPMENT—2.1%
Acuity Brands, Inc.	15,400		3,098,326
Hubbell, Inc., Cl. B	11,100		1,158,951
			4,257,277
ELECTRONIC COMPONENTS—0.4%
Belden, Inc.	12,800		758,144
FOOD RETAIL—1.4%
The Kroger Co.	54,000		2,118,960
Whole Foods Market, Inc.	17,800		647,920
			2,766,880
GENERAL MERCHANDISE STORES—2.6%
Burlington Stores, Inc.*	24,000		1,320,960
Dollar General Corp.	34,600		2,780,802
Dollar Tree, Inc.*	16,600		1,295,298
			5,397,060
HEALTH CARE EQUIPMENT—3.1%
DexCom, Inc.*	29,700		2,514,105
Edwards Lifesciences Corp.*	7,500		1,141,200
Hologic, Inc.*	50,100		2,087,166
IDEXX Laboratories, Inc.*	7,700		560,021
			6,302,492
HEALTH CARE FACILITIES—2.4%
Acadia Healthcare Co., Inc.*	22,700		1,811,006
Tenet Healthcare Corporation*	29,300		1,649,590
Universal Health Services, Inc., Cl. B	9,500		1,379,685
			4,840,281
HEALTH CARE SERVICES—1.8%
Adeptus Health, Inc., Cl. A*	15,600		1,714,284

- 16 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
HEALTH CARE SERVICES—(CONT.)
Diplomat Pharmacy, Inc.*	19,100	$		882,038
Team Health Holdings, Inc.*	15,500			1,044,855
				3,641,177
HOME FURNISHING RETAIL—0.6%
Williams-Sonoma, Inc.	15,600			1,320,696
HOMEBUILDING—0.6%
Toll Brothers, Inc.*	33,200			1,292,144
HOTELS RESORTS & CRUISE LINES—7.2%
Diamond Resorts International, Inc.*	128,600			4,030,324
Hilton Worldwide Holdings, Inc.*	81,900			2,199,015
La Quinta Holdings, Inc.*	138,200			2,932,604
Norwegian Cruise Line Holdings Ltd.*	63,300			3,951,186
Royal Caribbean Cruises Ltd.	17,700			1,590,345
			14,703,474
HOUSEWARES & SPECIALTIES—1.3%
Jarden Corp.*	47,550			2,615,250
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.6%
Robert Half International, Inc.	21,300			1,172,139
INDUSTRIAL GASES—0.2%
Air Products & Chemicals, Inc.	3,000			427,530
INDUSTRIAL MACHINERY—2.1%
Graco, Inc.	23,935			1,711,113
Ingersoll-Rand PLC.	15,400			945,560
NN, Inc.	39,500			901,785
Pall Corp.	5,200			657,540
				4,215,998
INTERNET RETAIL—0.7%
Qunar Cayman Islands Ltd.#*	4,400			183,744
TripAdvisor, Inc.*	16,865			1,338,744
				1,522,488
INTERNET SOFTWARE & SERVICES—5.4%
Cornerstone OnDemand, Inc.*	41,600			1,500,096
Criteo SA#*	19,800			1,053,954
DealerTrack Holdings, Inc.*	32,500			2,017,275
Demandware, Inc.*	17,100			1,292,076
GrubHub, Inc.*	36,600			1,160,586
Hortonworks, Inc.*	21,000			509,460
LendingClub Corp.*	74,100			1,075,191
LinkedIn Corp., Cl. A*	6,900			1,402,494
Shutterstock, Inc.*	17,712			946,352
			10,957,484
INVESTMENT BANKING & BROKERAGE—1.7%
E*TRADE Financial Corp.*	31,200			886,704
TD Ameritrade Holding Corp.	70,800			2,600,484
				3,487,188
MOVIES & ENTERTAINMENT—0.4%
Live Nation Entertainment, Inc.*	33,900			888,858

- 17 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
OIL & GAS DRILLING—0.3%
Patterson-UTI Energy, Inc.	41,500	$	684,128
OIL & GAS EQUIPMENT & SERVICES—0.3%
Weatherford International PLC.*	60,800		649,344
OIL & GAS EXPLORATION & PRODUCTION—0.5%
Diamondback Energy, Inc.*	4,500		302,850
Range Resources Corp.	18,200		715,988
			1,018,838
PHARMACEUTICALS—1.6%
Jazz Pharmaceuticals PLC.*	4,900		941,976
Lannett Co., Inc.*	14,800		882,080
Mallinckrodt PLC.*	7,000		867,720
Pacira Pharmaceuticals, Inc.*	9,300		617,706
			3,309,482
RAILROADS—0.3%
Genesee & Wyoming, Inc., Cl. A*	9,400		669,468
REAL ESTATE SERVICES—0.8%
Jones Lang LaSalle, Inc.	9,000		1,602,360
REGIONAL BANKS—1.4%
Citizens Financial Group, Inc.	46,600		1,214,862
Signature Bank*	11,400		1,659,726
			2,874,588
RENEWABLE ELECTRICITY—0.8%
TerraForm Global, Inc., Cl. A*,@	44,140		556,168
TerraForm Power, Inc., Cl. A	35,800		1,079,728
			1,635,896
RESEARCH & CONSULTING SERVICES—2.3%
CoStar Group, Inc.*	8,800		1,771,352
Verisk Analytics, Inc., Cl. A*	37,100		2,897,881
			4,669,233
SECURITY & ALARM SERVICES—0.3%
Tyco International PLC.	17,900		680,021
SEMICONDUCTOR EQUIPMENT—1.2%
Lam Research Corp.	14,600		1,122,302
SunEdison, Inc.*	53,000		1,233,840
			2,356,142
SEMICONDUCTORS—4.6%
Avago Technologies Ltd.	30,200		3,779,228
Microsemi Corp.*	56,000		1,844,640
NXP Semiconductors NV*	24,900		2,415,051
Qorvo, Inc.*	13,200		764,940
Skyworks Solutions, Inc.	5,400		516,618
			9,320,477
SPECIALIZED FINANCE—2.1%
McGraw Hill Financial, Inc.	24,000		2,442,000
Moody's Corp.	16,100		1,777,923
			4,219,923
SPECIALTY CHEMICALS—1.5%
Axalta Coating Systems Ltd.*	34,000		1,081,540

- 18 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
SPECIALTY CHEMICALS—(CONT.)
PPG Industries, Inc.	3,600	$		390,168
The Sherwin-Williams Co.	5,800			1,611,008
				3,082,716
SPECIALTY STORES—2.8%
Signet Jewelers Ltd.	11,900			1,442,518
The Michaels Cos, Inc.*	57,200			1,449,448
Tractor Supply Co.	12,800			1,184,256
Ulta Salon, Cosmetics & Fragrance, Inc.*	10,500			1,743,315
				5,819,537
SYSTEMS SOFTWARE—1.8%
ServiceNow, Inc.*	34,400			2,769,200
Tableau Software, Inc., Cl. A*	7,900			827,446
				3,596,646
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.8%
Western Digital Corp.	18,700			1,609,322
TRADING COMPANIES & DISTRIBUTORS—1.0%
HD Supply Holdings, Inc.*	58,700			2,101,460
WIRELESS TELECOMMUNICATION SERVICES—1.7%
SBA Communications Corp., Cl. A*	28,900			3,488,808
TOTAL COMMON STOCKS
(Cost $168,057,976)			191,537,691
PREFERRED STOCKS—1.4%	SHARES			VALUE
APPLICATION SOFTWARE—0.2%
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—1.4%	SHARES			VALUE
HEALTH CARE—0.4%
Omega Healthcare Investors, Inc.	21,800			790,468
SPECIALIZED—1.0%
Crown Castle International Corp.	25,300			2,072,323
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $3,175,890)				2,862,791
SPECIAL PURPOSE VEHICLE—0.2%	SHARES			VALUE
CONSUMER FINANCE—0.2%
JS Kred SPV I, LLC.@	314,956			314,956
(Cost $314,956)				314,956
Total Investments
(Cost $174,528,511)(b)	96.7%		197,733,372
Other Assets in Excess of Liabilities	3.3%			6,720,084
NET ASSETS	100.0%	$		204,453,456

- 19 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND
Schedule of Investments July 31, 2015 (Continued)

* Non-income producing security.
# 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 July 31, 2015, the net unrealized appreciation on investments, based on cost for federal income tax purposes
of $175,963,146, amounted to $21,770,226 which consisted of aggregate gross unrealized appreciation of
$29,708,636 and aggregate gross unrealized depreciation of $7,938,410.
@ 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
JS Kred SPV I, LLC.	6/26/2015	$314,956	$314,956	0.15%
Palantir Technologies, Inc., Cl. A	10/07/2014	106,559	116,433	0.06%
Palantir Technologies, Inc., Cl. B	10/07/2014	441,023	474,855	0.24%
Palantir Technologies, Inc., Cl. D	10/14/2014	57,451	61,864	0.03%
Prosetta Biosciences, Inc.	2/06/2015	988,245	988,245	0.48%
TerraForm Global, Inc., Cl. A	8/01/2014	629,000	556,168	0.27%
Tolero Pharmaceuticals, Inc.	10/31/2014	1,492,970	1,492,970	0.73%
Total			$4,005,491	1.96%

See Notes to Financial Statements

- 20 -

THE ALGER FUNDS | ALGER SMID CAP GROWTH FUND
Schedule of Investments July 31, 2015

COMMON STOCKS—93.6%	SHARES			VALUE
AEROSPACE & DEFENSE—0.9%
Hexcel Corp.	97,950	$		5,082,626
AIR FREIGHT & LOGISTICS—0.6%
Forward Air Corp.	67,650			3,284,408
AIRLINES—0.7%
Spirit Airlines, Inc.*	62,600			3,744,732
ALTERNATIVE CARRIERS—0.4%
Zayo Group Holdings, Inc.*	77,250			2,062,575
APPAREL ACCESSORIES & LUXURY GOODS—1.4%
Carter's, Inc.	29,550			2,996,665
G-III Apparel Group Ltd.*	65,000			4,694,950
				7,691,615
APPAREL RETAIL—0.5%
Foot Locker, Inc.	38,200			2,695,010
APPLICATION SOFTWARE—4.1%
Blackbaud, Inc.	96,000			5,871,360
Fair Isaac Corp.	21,650			1,963,438
HubSpot, Inc.*	71,750			3,870,913
Palantir Technologies, Inc., Cl. A*,@	81,310			578,114
PTC, Inc.*	130,800			4,754,580
Splunk, Inc.*	55,600			3,888,664
Tyler Technologies, Inc.*	7,850			1,095,389
			22,022,458
ASSET MANAGEMENT & CUSTODY BANKS—0.9%
WisdomTree Investments, Inc.	204,500			5,092,050
AUTO PARTS & EQUIPMENT—2.1%
American Axle & Manufacturing Holdings, Inc.*	53,250			1,063,935
Gentherm, Inc.*	21,550			1,084,611
Lear Corp.	39,700			4,131,579
WABCO Holdings, Inc.*	41,700			5,148,699
				11,428,824
BIOTECHNOLOGY—8.6%
ACADIA Pharmaceuticals, Inc.*	27,350			1,334,953
Alkermes PLC.*	38,800			2,716,776
Anacor Pharmaceuticals, Inc.*	14,600			2,178,174
Bluebird Bio, Inc.*	16,400			2,719,612
Celldex Therapeutics, Inc.*	109,000			2,566,950
Cepheid, Inc.*	72,000			4,002,480
Clovis Oncology, Inc.*	33,450			2,824,183
Dyax Corp.*	92,300			2,271,503
Forward Pharma A/S#*	35,700			1,158,822
Halozyme Therapeutics, Inc.*	100,000			2,334,000
Heron Therapeutics, Inc.*	40,850			1,321,089
Intercept Pharmaceuticals, Inc.*	10,050			2,651,291
Juno Therapeutics, Inc.*	61,750			3,020,810
NantKwest, Inc.*	28,105			860,013
Neurocrine Biosciences, Inc.*	62,850			3,150,042
Novavax, Inc.*	112,550			1,357,353
Portola Pharmaceuticals, Inc.*	66,850			3,305,064

- 21 -

THE ALGER FUNDS | ALGER SMID CAP GROWTH FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
BIOTECHNOLOGY—(CONT.)
Ultragenyx Pharmaceutical, Inc.*	22,650	$		2,739,065
United Therapeutics Corp.*	23,200			3,929,152
			46,441,332
BUILDING PRODUCTS—4.4%
Allegion PLC.	90,000			5,689,800
AO Smith Corp.	61,265			4,400,052
Fortune Brands Home & Security, Inc.	61,350			2,929,462
Lennox International, Inc.	43,600			5,147,852
Masonite International Corp.*	50,600			3,494,942
NCI Building Systems, Inc.*	171,250			2,217,688
			23,879,796
CASINOS & GAMING—0.5%
Penn National Gaming Inc.*	153,900			2,936,412
COMMODITY CHEMICALS—0.8%
Calgon Carbon Corp.	232,200			4,107,618
COMMUNICATIONS EQUIPMENT—1.3%
Arista Networks, Inc.*	32,350			2,732,604
ARRIS Group, Inc.*	131,700			4,072,164
				6,804,768
CONSTRUCTION & FARM MACHINERY & HEAVY
TRUCKS—1.0%
Wabtec Corp.	51,600			5,221,404
CONSTRUCTION MATERIALS—0.7%
Vulcan Materials Co.	43,400			3,950,268
CONSUMER ELECTRONICS—0.5%
Harman International Industries, Inc.	23,450			2,524,627
CONSUMER FINANCE—0.6%
PRA Group, Inc.*	47,400			3,012,270
DATA PROCESSING & OUTSOURCED SERVICES—5.0%
Broadridge Financial Solutions	96,150			5,218,061
Euronet Worldwide, Inc.*	66,500			4,555,250
MAXIMUS, Inc.	60,700			4,140,347
Total System Services, Inc.	83,200			3,845,504
Vantiv, Inc., CL. A*	139,550			6,140,200
WEX, Inc.*	31,102			3,173,648
			27,073,010
DISTRIBUTORS—0.7%
LKQ Corp.*	121,400			3,819,244
DRUG RETAIL—0.9%
Rite Aid Corp.*	524,850			4,676,414
EDUCATION SERVICES—0.8%
Grand Canyon Education, Inc.*	98,915			4,295,878
ELECTRICAL COMPONENTS & EQUIPMENT—1.8%
Acuity Brands, Inc.	34,700			6,981,293
Hubbell, Inc., Cl. B	25,050			2,615,470
				9,596,763
ELECTRONIC COMPONENTS—0.5%
Belden, Inc.	44,850			2,656,465

- 22 -

THE ALGER FUNDS | ALGER SMID CAP GROWTH FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
ELECTRONIC EQUIPMENT MANUFACTURERS—0.4%
FEI Co.	24,950	$		2,144,952
ENVIRONMENTAL & FACILITIES SERVICES—1.0%
Waste Connections, Inc.	102,075			5,117,020
FOOD DISTRIBUTORS—0.3%
United Natural Foods, Inc.*	31,450			1,431,919
FOOD RETAIL—0.8%
Smart & Final Stores, Inc.*	236,850			4,121,190
FOOTWEAR—0.5%
Skechers U.S.A. Inc., Cl. A*	18,450			2,775,803
GENERAL MERCHANDISE STORES—1.0%
Burlington Stores, Inc.*	97,250			5,352,640
HEALTH CARE EQUIPMENT—3.5%
ABIOMED, Inc.*	69,500			5,383,470
DexCom, Inc.*	64,100			5,426,065
Hologic, Inc.*	121,600			5,065,856
IDEXX Laboratories, Inc.*	41,500			3,018,295
			18,893,686
HEALTH CARE FACILITIES—2.8%
Acadia Healthcare Co., Inc.*	65,450			5,221,601
Healthsouth Corp.	69,400			3,171,580
Tenet Healthcare Corporation*	58,500			3,293,550
VCA Antech, Inc.*	57,650			3,547,204
			15,233,935
HEALTH CARE SERVICES—2.4%
Adeptus Health, Inc., Cl. A*	45,900			5,043,951
Diplomat Pharmacy, Inc.*	77,350			3,572,023
Team Health Holdings, Inc.*	66,350			4,472,653
			13,088,627
HEALTH CARE SUPPLIES—1.1%
LDR Holding Corp.*	40,150			1,825,219
The Cooper Cos., Inc.	21,600			3,823,200
				5,648,419
HOME FURNISHING RETAIL—0.7%
Williams-Sonoma, Inc.	44,762			3,789,551
HOMEBUILDING—0.2%
Lennar Corp., Cl. A	25,100			1,331,304
HOTELS RESORTS & CRUISE LINES—1.5%
Diamond Resorts International, Inc.*	140,600			4,406,404
La Quinta Holdings, Inc.*	177,350			3,763,367
				8,169,771
HOUSEHOLD APPLIANCES—0.7%
Helen of Troy Ltd.*	44,450			3,901,821
HOUSEWARES & SPECIALTIES—1.1%
Jarden Corp.*	109,000			5,995,000
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.4%
Robert Half International, Inc.	34,050			1,873,772
INDUSTRIAL MACHINERY—1.5%
Graco, Inc.	36,350			2,598,661

- 23 -

THE ALGER FUNDS | ALGER SMID CAP GROWTH FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
INDUSTRIAL MACHINERY—(CONT.)
NN, Inc.	62,550	$		1,428,017
Nordson Corp.	51,350			3,805,549
				7,832,227
INTERNET SOFTWARE & SERVICES—3.1%
Criteo SA#*	52,150			2,775,944
Demandware, Inc.*	65,000			4,911,400
Endurance International Group Holdings, Inc.*	131,350			2,654,583
GrubHub, Inc.*	51,650			1,637,822
Limelight Networks, Inc.*	488,850			1,842,965
Shutterstock, Inc.*	49,100			2,623,413
			16,446,127
INVESTMENT BANKING & BROKERAGE—0.4%
Virtu Financial, Inc., Cl. A*	96,200			2,260,700
LEISURE PRODUCTS—0.7%
Brunswick Corp.	75,600			4,013,604
LIFE & HEALTH INSURANCE—0.8%
Symetra Financial Corp.	167,200			4,186,688
LIFE SCIENCES TOOLS & SERVICES—1.3%
Mettler-Toledo International, Inc.*	8,050			2,717,680
PRA Health Sciences, Inc.*	107,235			4,502,798
				7,220,478
MANAGED HEALTH CARE—0.7%
Centene Corp.*	51,600			3,618,708
MARINE—0.4%
Kirby Corp.*	28,500			2,063,685
MOVIES & ENTERTAINMENT—0.6%
Lions Gate Entertainment Corp.	85,800			3,361,644
OIL & GAS EQUIPMENT & SERVICES—0.4%
Fairmount Santrol Holdings, Inc.*	200,700			1,200,186
Weatherford International PLC.*	101,720			1,086,370
				2,286,556
OIL & GAS EXPLORATION & PRODUCTION—0.5%
Diamondback Energy, Inc.*	23,000			1,547,900
Whiting Petroleum Corp.*	58,150			1,191,493
				2,739,393
OIL & GAS STORAGE & TRANSPORTATION—0.5%
Cheniere Energy Partners LP Holdings LLC	112,400			2,457,064
PACKAGED FOODS & MEATS—1.1%
Hain Celestial Group, Inc.*	43,900			2,984,322
TreeHouse Foods Inc.*	33,150			2,716,974
				5,701,296
PAPER PACKAGING—1.7%
Graphic Packaging Holding Co.	277,750			4,194,025
Packaging Corp., of America	38,400			2,718,336
Sealed Air Corp.	40,900			2,174,653
				9,087,014
PHARMACEUTICALS—2.2%
Aerie Pharmaceuticals, Inc.*	69,600			1,262,544

- 24 -

THE ALGER FUNDS | ALGER SMID CAP GROWTH FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
PHARMACEUTICALS—(CONT.)
Akorn, Inc.*	46,950	$		2,164,864
Impax Laboratories, Inc.*	59,100			2,863,986
Lannett Co., Inc.*	49,150			2,929,340
Tetraphase Pharmaceuticals, Inc.*	60,400			2,872,020
			12,092,754
RAILROADS—0.6%
Genesee & Wyoming, Inc., Cl. A*	47,350			3,372,267
REAL ESTATE SERVICES—0.8%
Jones Lang LaSalle, Inc.	22,935			4,083,347
REGIONAL BANKS—2.3%
Investors Bancorp, Inc.	395,350			4,815,363
Signature Bank*	41,750			6,078,383
SVB Financial Group*	11,500			1,645,650
			12,539,396
RESEARCH & CONSULTING SERVICES—0.7%
CoStar Group, Inc.*	18,050			3,633,284
RESTAURANTS—2.3%
Dave & Buster's Entertainment, Inc.*	75,850			2,942,980
Papa John's International, Inc.	59,750			4,514,710
Restaurant Brands International, Inc.	109,000			4,713,160
			12,170,850
SEMICONDUCTOR EQUIPMENT—0.6%
SunEdison, Inc.*	147,450			3,432,636
SEMICONDUCTORS—1.5%
Cavium Networks, Inc.*	55,450			3,759,510
Microsemi Corp.*	130,900			4,311,846
				8,071,356
SPECIALIZED CONSUMER SERVICES—1.8%
Service Corp. International	171,900			5,244,669
ServiceMaster Global Holdings, Inc.*	112,200			4,345,506
				9,590,175
SPECIALTY CHEMICALS—1.3%
Axalta Coating Systems Ltd.*	130,950			4,165,519
PolyOne Corp.	87,350			2,993,485
				7,159,004
SPECIALTY STORES—3.1%
Party City Holdco, Inc.*	166,900			3,441,478
Signet Jewelers Ltd.	31,350			3,800,247
The Michaels Cos, Inc.*	178,600			4,525,724
Ulta Salon, Cosmetics & Fragrance, Inc.*	31,200			5,180,136
			16,947,585
SYSTEMS SOFTWARE—2.7%
Proofpoint, Inc.*	80,550			5,211,585
ServiceNow, Inc.*	56,500			4,548,250
Tableau Software, Inc., Cl. A*	28,050			2,937,957
TubeMogul, Inc.*	147,350			2,082,056
			14,779,848

- 25 -

THE ALGER FUNDS | ALGER SMID CAP GROWTH FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.8%
Electronics For Imaging, Inc.*	88,650	$	4,051,305
TRADING COMPANIES & DISTRIBUTORS—1.1%
HD Supply Holdings, Inc.*	166,050		5,944,590
TOTAL COMMON STOCKS
(Cost $426,763,119)		504,113,558
PREFERRED STOCKS—1.0%	SHARES		VALUE
APPLICATION SOFTWARE—0.5%
Palantir Technologies, Inc., Cl. B*,@	331,607		2,357,726
Palantir Technologies, Inc., Cl. D*,@	43,203		307,173
			2,664,899
BIOTECHNOLOGY—0.2%
Prosetta Biosciences, Inc.*,@,(a)	231,474		1,041,633
PHARMACEUTICALS—0.3%
Intarcia Therapeutics, Inc.*,@	49,317		1,858,265
TOTAL PREFERRED STOCKS
(Cost $5,114,017)			5,564,797
MASTER LIMITED PARTNERSHIP—0.5%	SHARES		VALUE
INVESTMENT BANKING & BROKERAGE—0.5%
Lazard Ltd., Cl. A	47,900		2,654,139
(Cost $2,394,486)			2,654,139
REAL ESTATE INVESTMENT TRUST—2.9%	SHARES		VALUE
HOTELS & RESORTS—0.9%
Pebblebrook Hotel Trust	114,200		4,647,940
SPECIALIZED—2.0%
Lamar Advertising Co.	94,150		5,653,707
Sovran Self Storage, Inc.	54,800		5,217,508
		10,871,215
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $14,066,802)			15,519,155
Total Investments
(Cost $448,338,424)(b)	98.0%	527,851,649
Other Assets in Excess of Liabilities	2.0%	10,882,540
NET ASSETS	100.0%	$	538,734,189

* Non-income producing security.
# 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 July 31, 2015, the net unrealized appreciation on investments, based on cost for federal income tax purposes
of $450,670,345, amounted to $77,181,304 which consisted of aggregate gross unrealized appreciation of
$90,877,531 and aggregate gross unrealized depreciation of $13,696,227.

- 26 -

THE ALGER FUNDS | ALGER SMID CAP GROWTH FUND
Schedule of Investments July 31, 2015 (Continued)

@ 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	$1,597,378	$1,858,265	0.35%
Palantir Technologies, Inc., Cl. A	10/07/2014	529,084	578,114	0.11%
Palantir Technologies, Inc., Cl. B	10/07/2014	2,189,744	2,357,726	0.44%
Palantir Technologies, Inc., Cl. D	10/14/2014	285,262	307,173	0.05%
Prosetta Biosciences, Inc.	2/06/2015	1,041,633	1,041,633	0.19%
Total			$6,142,911	1.14%

See Notes to Financial Statements

- 27 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND
Schedule of Investments July 31, 2015

COMMON STOCKS—95.6%	SHARES			VALUE
AEROSPACE & DEFENSE—0.9%
Esterline Technologies Corp.*	10,220	$		906,105
Hexcel Corp.	14,400			747,216
				1,653,321
AIR FREIGHT & LOGISTICS—0.6%
Forward Air Corp.	20,500			995,275
AIRLINES—0.6%
Spirit Airlines, Inc.*	18,900			1,130,598
APPAREL ACCESSORIES & LUXURY GOODS—1.2%
G-III Apparel Group Ltd.*	30,600			2,210,238
APPLICATION SOFTWARE—13.3%
ACI Worldwide, Inc.*	126,600			2,996,622
American Software, Inc., Cl. A	274,651			2,532,282
Blackbaud, Inc.	44,600			2,727,736
Fair Isaac Corp.	19,400			1,759,386
Guidewire Software, Inc.*	30,200			1,783,310
HubSpot, Inc.*	40,700			2,195,765
Manhattan Associates, Inc.*	39,900			2,586,318
NetScout Systems, Inc.*	45,100			1,798,588
PROS Holdings, Inc.*	117,550			2,570,819
SolarWinds, Inc.*	33,400			1,332,326
Tyler Technologies, Inc.*	10,300			1,437,262
			23,720,414
ASSET MANAGEMENT & CUSTODY BANKS—0.7%
WisdomTree Investments, Inc.	50,900			1,267,410
AUTO PARTS & EQUIPMENT—1.4%
American Axle & Manufacturing Holdings, Inc.*	26,300			525,474
Gentherm, Inc.*	18,100			910,973
Tenneco, Inc.*	23,000			1,145,630
				2,582,077
AUTOMOTIVE RETAIL—0.7%
Lithia Motors, Inc., Cl. A	10,900			1,304,621
BIOTECHNOLOGY—10.4%
ACADIA Pharmaceuticals, Inc.*	7,300			356,313
Amicus Therapeutics, Inc.*	53,200			914,508
Anacor Pharmaceuticals, Inc.*	7,400			1,104,006
Celldex Therapeutics, Inc.*	43,900			1,033,845
Cepheid, Inc.*	41,600			2,312,544
Clovis Oncology, Inc.*	14,900			1,258,007
Dyax Corp.*	35,100			863,811
Forward Pharma A/S#*	9,500			308,370
Halozyme Therapeutics, Inc.*	42,000			980,280
Heron Therapeutics, Inc.*	30,200			976,668
Incyte Corp.*	23,100			2,408,868
Juno Therapeutics, Inc.*	14,300			699,556
NantKwest, Inc.*	9,000			275,400
Neurocrine Biosciences, Inc.*	26,600			1,333,192
Portola Pharmaceuticals, Inc.*	27,700			1,369,488
TESARO, Inc.*	20,100			1,165,800

- 28 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
BIOTECHNOLOGY—(CONT.)
Ultragenyx Pharmaceutical, Inc.*	10,300	$		1,245,579
			18,606,235
BUILDING PRODUCTS—1.4%
Masonite International Corp.*	20,700			1,429,749
NCI Building Systems, Inc.*	83,300			1,078,735
				2,508,484
CASINOS & GAMING—0.6%
Penn National Gaming Inc.*	58,700			1,119,996
COMMODITY CHEMICALS—0.7%
Calgon Carbon Corp.	73,200			1,294,908
COMMUNICATIONS EQUIPMENT—0.5%
ARRIS Group, Inc.*	28,300			875,036
CONSUMER FINANCE—0.7%
PRA Group, Inc.*	20,900			1,328,195
DATA PROCESSING & OUTSOURCED SERVICES—2.3%
Euronet Worldwide, Inc.*	16,400			1,123,400
MAXIMUS, Inc.	22,900			1,562,009
WEX, Inc.*	13,375			1,364,785
				4,050,194
EDUCATION SERVICES—0.7%
Grand Canyon Education, Inc.*	30,200			1,311,586
ELECTRONIC COMPONENTS—1.7%
Belden, Inc.	9,700			574,531
DTS, Inc.*	84,800			2,415,952
				2,990,483
ELECTRONIC EQUIPMENT MANUFACTURERS—3.7%
Cognex Corp.	63,900			2,892,753
FEI Co.	15,600			1,341,132
FLIR Systems, Inc.	76,600			2,358,514
				6,592,399
FOOD DISTRIBUTORS—0.4%
United Natural Foods, Inc.*	14,100			641,973
FOOD RETAIL—1.0%
Smart & Final Stores, Inc.*	107,700			1,873,980
GENERAL MERCHANDISE STORES—1.5%
Burlington Stores, Inc.*	41,500			2,284,160
Tuesday Morning Corp.*	45,100			423,038
				2,707,198
HEALTH CARE EQUIPMENT—6.5%
Abaxis, Inc.	46,300			2,317,778
ABIOMED, Inc.*	19,100			1,479,486
Cantel Medical Corp.	56,300			3,089,744
Cyberonics, Inc.*	37,100			2,277,940
GenMark Diagnostics, Inc.*	237,439			2,018,232
Glaukos Corp.*	12,300			391,017
				11,574,197
HEALTH CARE FACILITIES—1.7%
Healthsouth Corp.	29,500			1,348,150

- 29 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
HEALTH CARE FACILITIES—(CONT.)
VCA Antech, Inc.*	26,600	$		1,636,698
				2,984,848
HEALTH CARE SERVICES—3.4%
Adeptus Health, Inc., Cl. A*	13,800			1,516,482
Diplomat Pharmacy, Inc.*	27,100			1,251,478
Team Health Holdings, Inc.*	27,700			1,867,257
Teladoc, Inc.*	46,000			1,452,220
				6,087,437
HEALTH CARE SUPPLIES—2.9%
Neogen Corp.*	54,900			3,194,631
Quidel Corp.*	99,900			2,068,929
				5,263,560
HEALTH CARE TECHNOLOGY—1.9%
Medidata Solutions, Inc.*	63,300			3,405,540
HOMEFURNISHING RETAIL—0.6%
Restoration Hardware Holdings, Inc.*	10,600			1,075,476
HOTELS RESORTS & CRUISE LINES—1.5%
Diamond Resorts International, Inc.*	48,800			1,529,392
La Quinta Holdings, Inc.*	58,000			1,230,760
				2,760,152
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.5%
On Assignment, Inc.*	22,500			862,200
INDUSTRIAL MACHINERY—3.6%
NN, Inc.	63,500			1,449,705
Proto Labs, Inc.*	38,900			2,931,893
Sun Hydraulics Corp.	56,900			2,015,398
				6,396,996
INTERNET SOFTWARE & SERVICES—7.2%
Criteo SA#*	24,300			1,293,489
Cvent, Inc.*	62,100			1,671,732
Demandware, Inc.*	38,900			2,939,284
Shutterstock, Inc.*	37,700			2,014,311
SPS Commerce, Inc.*	44,800			3,232,320
Stamps.com, Inc.*	26,000			1,783,600
			12,934,736
INVESTMENT BANKING & BROKERAGE—0.6%
Evercore Partners, Inc., Cl. A	17,800			1,046,640
LIFE SCIENCES TOOLS & SERVICES—2.8%
Bio-Techne Corp.	29,900			3,270,462
PRA Health Sciences, Inc.*	41,500			1,742,585
				5,013,047
MANAGED HEALTH CARE—0.7%
Molina Healthcare, Inc.*	17,700			1,335,111
OIL & GAS EXPLORATION & PRODUCTION—1.1%
Oasis Petroleum, Inc.*	49,900			480,537
Parsley Energy, Inc., Cl. A*	48,400			699,864
QEP Resources, Inc.	52,300			725,924
				1,906,325

- 30 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
PAPER PACKAGING—0.6%
Graphic Packaging Holding Co.	66,100	$		998,110
PHARMACEUTICALS—1.8%
Impax Laboratories, Inc.*	19,800			959,508
Intersect ENT, Inc.*	16,300			483,621
Lannett Co., Inc.*	15,000			894,000
Tetraphase Pharmaceuticals, Inc.*	18,600			884,430
				3,221,559
REGIONAL BANKS—2.1%
Bank of the Ozarks, Inc.	34,600			1,526,552
Boston Private Financial Holdings Inc.	104,700			1,317,126
Investors Bancorp, Inc.	73,300			892,794
				3,736,472
RENEWABLE ELECTRICITY—0.5%
TerraForm Power, Inc., Cl. A	31,600			953,056
RESTAURANTS—2.2%
Fiesta Restaurant Group, Inc.*	21,700			1,261,421
Jack in the Box, Inc.	8,500			807,500
Papa John's International, Inc.	25,099			1,896,480
				3,965,401
SEMICONDUCTORS—2.2%
Cavium Networks, Inc.*	18,600			1,261,080
Microsemi Corp.*	44,897			1,478,907
Monolithic Power Systems, Inc.	22,800			1,178,988
				3,918,975
SPECIALTY CHEMICALS—1.7%
Balchem Corp.	52,200			2,958,174
SPECIALTY STORES—1.0%
Five Below, Inc.*	40,555			1,495,263
Party City Holdco, Inc.*	16,900			348,478
				1,843,741
SYSTEMS SOFTWARE—2.2%
Proofpoint, Inc.*	29,800			1,928,060
TubeMogul, Inc.*	143,849			2,032,586
				3,960,646
TRADING COMPANIES & DISTRIBUTORS—0.8%
Watsco, Inc.	11,300			1,449,112
TRUCKING—0.5%
Swift Transportation Co.*	35,200			838,464
TOTAL COMMON STOCKS
(Cost $152,480,789)			171,254,596
PREFERRED STOCKS—0.4%	SHARES			VALUE
BIOTECHNOLOGY—0.1%
Prosetta Biosciences, Inc.*,@,(a)	50,688			228,096
PHARMACEUTICALS—0.3%
Tolero Pharmaceuticals, Inc.*,@,(a)	148,237			447,098
TOTAL PREFERRED STOCKS
(Cost $675,194)				675,194

- 31 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND
Schedule of Investments July 31, 2015 (Continued)

RIGHTS—–%	SHARES		VALUE
BIOTECHNOLOGY—–%
Neuralstem, Inc., 1/8/2019*	77,950	$	–
(Cost $0)			–
REAL ESTATE INVESTMENT TRUST—2.2%	SHARES		VALUE
HOTELS & RESORTS—0.8%
Pebblebrook Hotel Trust	33,746		1,373,462
OFFICE—0.5%
Dupont Fabros Technology, Inc.	33,600		1,013,040
SPECIALIZED—0.9%
Sovran Self Storage, Inc.	16,800		1,599,528
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $3,398,577)			3,986,030
SPECIAL PURPOSE VEHICLE—0.2%	SHARES		VALUE
CONSUMER FINANCE—0.2%
JS Kred SPV I, LLC.@	290,078		290,078
(Cost $290,078)			290,078
Total Investments
(Cost $156,844,638)(b)	98.4%	176,205,898
Other Assets in Excess of Liabilities	1.6%		2,842,339
NET ASSETS	100.0%	$	179,048,237

* Non-income producing security.
# 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 July 31, 2015, the net unrealized appreciation on investments, based on cost for federal income tax purposes
of $157,743,845, amounted to $18,462,053 which consisted of aggregate gross unrealized appreciation of
$25,749,769 and aggregate gross unrealized depreciation of $7,287,716.
@ 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
JS Kred SPV I, LLC.	6/26/2015	$290,078	$290,078	0.16%
Prosetta Biosciences, Inc.	2/06/2015	228,096	228,096	0.13%
Tolero Pharmaceuticals, Inc.	10/31/2014	447,098	447,098	0.25%
Total			$965,272	0.54%

See Notes to Financial Statements

- 32 -

THE ALGER FUNDS | ALGER GROWTH OPPORTUNITIES FUND
Schedule of Investments July 31, 2015

COMMON STOCKS—96.0%	SHARES			VALUE
APPLICATION SOFTWARE—22.8%
ACI Worldwide, Inc.*	72,285	$		1,710,986
American Software, Inc., Cl. A	70,230			647,521
Blackbaud, Inc.	33,715			2,062,009
Fair Isaac Corp.	12,380			1,122,742
Guidewire Software, Inc.*	19,830			1,170,961
HubSpot, Inc.*	26,425			1,425,629
Manhattan Associates, Inc.*	24,775			1,605,916
NetScout Systems, Inc.*	29,230			1,165,692
PROS Holdings, Inc.*	43,075			942,050
SolarWinds, Inc.*	14,250			568,433
Tyler Technologies, Inc.*	6,065			846,310
			13,268,249
ASSET MANAGEMENT & CUSTODY BANKS—1.9%
WisdomTree Investments, Inc.	44,835			1,116,392
BIOTECHNOLOGY—5.2%
Cepheid, Inc.*	26,095			1,450,621
Incyte Corp.*	14,910			1,554,815
				3,005,436
ELECTRONIC COMPONENTS—2.8%
DTS, Inc.*	57,029			1,624,756
ELECTRONIC EQUIPMENT MANUFACTURERS—6.9%
Cognex Corp.	40,380			1,828,003
FEI Co.	10,125			870,446
FLIR Systems, Inc.	42,345			1,303,802
				4,002,251
HEALTH CARE EQUIPMENT—10.9%
Abaxis, Inc.	32,570			1,630,454
Cantel Medical Corp.	29,855			1,638,442
Cyberonics, Inc.*	21,740			1,334,836
GenMark Diagnostics, Inc.*	136,015			1,156,128
Glaukos Corp.*	19,310			613,865
				6,373,725
HEALTH CARE FACILITIES—1.8%
VCA Antech, Inc.*	17,160			1,055,855
HEALTH CARE SERVICES—1.6%
Teladoc, Inc.*	29,560			933,209
HEALTH CARE SUPPLIES—5.7%
Neogen Corp.*	34,335			1,997,954
Quidel Corp.*	63,175			1,308,354
				3,306,308
HEALTH CARE TECHNOLOGY—3.7%
Medidata Solutions, Inc.*	40,005			2,152,269
INDUSTRIAL MACHINERY—5.5%
NN, Inc.	40,290			919,821
Proto Labs, Inc.*	22,625			1,705,246
Sun Hydraulics Corp.	16,820			595,764
				3,220,831

- 33 -

THE ALGER FUNDS | ALGER GROWTH OPPORTUNITIES FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
INTERNET SOFTWARE & SERVICES—12.9%
Criteo SA#*	12,860	$	684,538
Cvent, Inc.*	49,030		1,319,888
Demandware, Inc.*	23,530		1,777,927
Shutterstock, Inc.*	23,135		1,236,103
SPS Commerce, Inc.*	18,655		1,345,958
Stamps.com, Inc.*	16,875		1,157,625
			7,522,039
LIFE SCIENCES TOOLS & SERVICES—3.0%
Bio-Techne Corp.	16,175		1,769,222
PHARMACEUTICALS—0.9%
Intersect ENT, Inc.*	16,740		496,676
RESEARCH & CONSULTING SERVICES—0.5%
CoStar Group, Inc.*	1,500		301,935
RESTAURANTS—1.4%
Fiesta Restaurant Group, Inc.*	14,065		817,598
SEMICONDUCTOR EQUIPMENT—0.4%
SunEdison, Inc.*	9,690		225,583
SEMICONDUCTORS—1.0%
Monolithic Power Systems, Inc.	11,510		595,182
SPECIALTY CHEMICALS—2.3%
Balchem Corp.	24,015		1,360,930
SYSTEMS SOFTWARE—4.8%
Proofpoint, Inc.*	22,485		1,454,779
TubeMogul, Inc.*	96,053		1,357,229
			2,812,008
TOTAL COMMON STOCKS
(Cost $53,287,917)			55,960,454
PREFERRED STOCKS—0.1%	SHARES		VALUE
PHARMACEUTICALS—0.1%
Intarcia Therapeutics, Inc.*,@	759		28,599
Tolero Pharmaceuticals, Inc.*,@,(a)	10,097		30,454
			59,053
TOTAL PREFERRED STOCKS
(Cost $55,037)			59,053
Total Investments
(Cost $53,342,954)(b)	96.1%		56,019,507
Other Assets in Excess of Liabilities	3.9%		2,277,942
NET ASSETS	100.0%	$	58,297,449

* Non-income producing security.
# 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 July 31, 2015, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
$53,359,768, amounted to $2,659,739 which consisted of aggregate gross unrealized appreciation of $3,981,212
and aggregate gross unrealized depreciation of $1,321,473.

- 34 -

THE ALGER FUNDS | ALGER GROWTH OPPORTUNITIES FUND
Schedule of Investments July 31, 2015 (Continued)

@ 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	$28,599	0.05%
Tolero Pharmaceuticals, Inc.	10/31/2014	30,454	30,454	0.05%
Total			$59,053	0.10%

See Notes to Financial Statements

- 35 -

THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND
Schedule of Investments July 31, 2015

COMMON STOCKS—92.1%	SHARES		VALUE
BIOTECHNOLOGY—42.4%
ACADIA Pharmaceuticals, Inc.*	39,800	$	1,942,638
Adaptimmune Therapeutics PLC.#*	28,445		428,097
Aduro Biotech, Inc.*	16,950		444,429
Amgen, Inc.	12,950		2,286,840
Amicus Therapeutics, Inc.*	143,550		2,467,624
Anacor Pharmaceuticals, Inc.*	32,900		4,908,351
Avalanche Biotechnologies Inc*	53,250		783,840
Bavarian Nordic A/S*	17,450		824,477
Baxalta, Inc.*	26,400		866,712
Biogen, Inc.*	19,400		6,184,332
BioMarin Pharmaceutical, Inc.*	31,550		4,614,818
Bluebird Bio, Inc.*	16,350		2,711,321
Calithera Biosciences Inc*	93,540		692,196
Celgene Corp.*	27,200		3,570,000
Celldex Therapeutics, Inc.*	64,300		1,514,265
Cepheid, Inc.*	8,600		478,074
Chiasma, Inc.*	40,000		942,800
Chimerix, Inc.*	28,300		1,520,842
Clovis Oncology, Inc.*	27,950		2,359,819
Coherus Biosciences, Inc.*	25,000		877,000
DBV Technologies SA#*	5,800		252,822
Dyax Corp.*	45,150		1,111,142
Forward Pharma A/S#*	21,551		699,545
Genomic Health, Inc.*	16,300		441,404
Gilead Sciences, Inc.	91,100		10,737,046
Halozyme Therapeutics, Inc.*	144,650		3,376,131
Heron Therapeutics, Inc.*	54,700		1,768,998
Incyte Corp.*	35,800		3,733,224
Intercept Pharmaceuticals, Inc.*	22,600		5,962,106
Invitae Corp.*	52,400		523,476
Juno Therapeutics, Inc.*	22,800		1,115,376
Karyopharm Therapeutics Inc*	15,000		307,800
NantKwest, Inc.*	11,850		362,610
Natera, Inc.*	31,900		577,071
Neurocrine Biosciences, Inc.*	38,850		1,947,162
Nivalis Therapeutics, Inc.*	57,450		974,927
Novavax, Inc.*	125,950		1,518,957
Otonomy, Inc.*	23,600		608,172
Portola Pharmaceuticals, Inc.*	41,700		2,061,648
Radius Health, Inc.*	15,000		1,174,800
Receptos, Inc.*	3,850		877,261
Regeneron Pharmaceuticals, Inc.*	7,000		3,875,620
Sage Therapeutics, Inc.*	6,350		434,086
Sarepta Therapeutics, Inc.*	67,650		2,159,388
Spark Therapeutics Inc*	10,850		666,624
TG Therapeutics Inc*	80,450		1,403,853
Ultragenyx Pharmaceutical, Inc.*	19,600		2,370,228
United Therapeutics Corp.*	17,750		3,006,140

- 36 -

THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
BIOTECHNOLOGY—(CONT.)
Vericel Corp.*	196,093	$		658,872
Versartis, Inc.*	56,520			1,023,012
Vertex Pharmaceuticals, Inc.*	25,650			3,462,750
			99,610,726
DRUG RETAIL—3.3%
CVS Caremark Corp.	18,500			2,080,695
Rite Aid Corp.*	215,800			1,922,778
Walgreens Boots Alliance, Inc.	38,300			3,700,929
				7,704,402
HEALTH CARE DISTRIBUTORS—1.2%
AmerisourceBergen Corp., Cl. A	20,100			2,125,575
McKesson Corp.	3,600			794,052
				2,919,627
HEALTH CARE EQUIPMENT—6.2%
ABIOMED, Inc.*	31,700			2,455,482
ConforMIS, Inc.*	71,250			1,644,450
DexCom, Inc.*	38,850			3,288,652
Edwards Lifesciences Corp.*	19,700			2,997,552
Glaukos Corp.*	15,500			492,745
Hologic, Inc.*	67,500			2,812,050
IDEXX Laboratories, Inc.*	8,800			640,024
Intuitive Surgical, Inc.*	600			319,902
			14,650,857
HEALTH CARE FACILITIES—7.6%
Acadia Healthcare Co., Inc.*	35,400			2,824,212
Amsurg Corp.*	4,850			347,939
HCA Holdings, Inc.*	80,600			7,496,606
Tenet Healthcare Corporation*	67,050			3,774,915
Universal Health Services, Inc., Cl. B	12,400			1,800,852
VCA Antech, Inc.*	26,400			1,624,392
			17,868,916
HEALTH CARE SERVICES—4.6%
Adeptus Health, Inc., Cl. A*	22,900			2,516,481
Amedisys, Inc.*	21,800			951,134
Diplomat Pharmacy, Inc.*	54,000			2,493,720
Express Scripts, Inc.*	18,650			1,679,805
IPC Healthcare, Inc.*	8,600			476,870
Team Health Holdings, Inc.*	21,000			1,415,610
Teladoc, Inc.*	37,550			1,185,454
			10,719,074
LIFE SCIENCES TOOLS & SERVICES—1.8%
Illumina, Inc.*	11,850			2,598,705
PRA Health Sciences, Inc.*	39,300			1,650,207
				4,248,912
MANAGED HEALTH CARE—2.9%
Aetna, Inc.	10,650			1,203,131
Cigna Corp.	8,000			1,152,480

- 37 -

THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
MANAGED HEALTH CARE—(CONT.)
UnitedHealth Group, Inc.	36,850	$		4,473,590
				6,829,201
PHARMACEUTICALS—22.1%
Aerie Pharmaceuticals, Inc.*	87,050			1,579,087
Akorn, Inc.*	38,800			1,789,068
Alcobra Ltd.*	164,950			1,218,980
Allergan PLC.*	21,367			7,075,682
Bristol-Myers Squibb Co.	84,500			5,546,580
Cempra, Inc.*	40,100			1,678,586
Dermira, Inc.*	51,600			1,165,128
Eli Lilly & Co.	31,250			2,640,938
Emmaus Life Sciences, Inc.*,@	479,063			1,676,720
Impax Laboratories, Inc.*	14,100			683,286
Intersect ENT, Inc.*	8,350			247,745
Intra-Cellular Therapies, Inc.*	36,250			1,054,875
Jazz Pharmaceuticals PLC.*	12,150			2,335,716
Lannett Co., Inc.*	18,600			1,108,560
Mallinckrodt PLC.*	21,500			2,665,140
Novo Nordisk A/S#	44,700			2,635,512
Ocular Therapeutix Inc*	35,307			815,239
Pacira Pharmaceuticals, Inc.*	29,450			1,956,069
Perrigo Co., PLC.	7,000			1,345,400
Redhill Biopharma Ltd.#*	84,650			1,254,513
Shire PLC.#	34,000			9,071,540
Tetraphase Pharmaceuticals, Inc.*	28,200			1,340,910
Theravance Biopharma, Inc.*	22,900			287,166
XenoPort, Inc.*	98,850			721,605
			51,894,045
TOTAL COMMON STOCKS
(Cost $170,697,110)			216,445,760
PREFERRED STOCKS—4.8%	SHARES			VALUE
BIOTECHNOLOGY—1.7%
Prosetta Biosciences, Inc.*,@,(a)	897,366			4,038,147
PHARMACEUTICALS—3.1%
Catabasis Pharmaceuticals, Inc.*,@,(a)	2,104,599			2,000,000
Intarcia Therapeutics, Inc.*,@	8,965			337,801
Tolero Pharmaceuticals, Inc.*,@,(a)	1,638,547			4,942,022
				7,279,823
TOTAL PREFERRED STOCKS
(Cost $11,270,546)				11,317,970
RIGHTS—–%	SHARES			VALUE
BIOTECHNOLOGY—–%
Neuralstem, Inc., 1/8/2019*	344,125			–

- 38 -

THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND
Schedule of Investments July 31, 2015 (Continued)

RIGHTS—(CONT.)	SHARES		VALUE
PHARMACEUTICALS—–%
Emmaus Life Sciences, Inc., 9/11/2018*,@	320,000	$	–
TOTAL RIGHTS
(Cost $0)			–
Total Investments
(Cost $181,967,656)(b)	96.9%	227,763,730
Other Assets in Excess of Liabilities	3.1%		7,247,081
NET ASSETS	100.0%	$	235,010,811

* Non-income producing security.
# 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 July 31, 2015, the net unrealized appreciation on investments, based on cost for federal income tax purposes
of $185,274,424, amounted to $42,489,306 which consisted of aggregate gross unrealized appreciation of
$50,402,430 and aggregate gross unrealized depreciation of $7,913,124.
@ 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	0.85%
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	290,377	337,801	0.15%
Prosetta Biosciences, Inc.	2/06/2015	4,038,147	4,038,147	1.72%
Tolero Pharmaceuticals, Inc.	8/01/2014	3,914,286	3,914,286	1.60%
Tolero Pharmaceuticals, Inc.	10/31/14	1,027,736	1,027,736	0.80%
Total			$12,994,690	5.53%

See Notes to Financial Statements

- 39 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments July 31, 2015

COMMON STOCKS—90.7%	SHARES		VALUE
ADVERTISING—0.0%
Choicestream, Inc.*,@,(a)	5,064	$	2,431
AEROSPACE & DEFENSE—4.6%
General Dynamics Corp.	7,200		1,073,592
Honeywell International, Inc.	19,700		2,069,485
The Boeing Co.	12,020		1,732,923
			4,876,000
AIR FREIGHT & LOGISTICS—0.7%
United Parcel Service, Inc., Cl. B	7,300		747,228
AIRPORT SERVICES—0.8%
Macquarie Infrastructure Corp	9,780		830,615
APPAREL RETAIL—1.0%
L Brands, Inc.	6,300		508,536
VF Corp.	7,200		555,048
			1,063,584
ASSET MANAGEMENT & CUSTODY BANKS—1.9%
Ameriprise Financial, Inc.	4,200		527,814
BlackRock, Inc.	4,400		1,479,808
			2,007,622
AUTO PARTS & EQUIPMENT—1.6%
Delphi Automotive PLC.	15,500		1,210,240
Johnson Controls, Inc.	9,700		441,932
			1,652,172
AUTOMOBILE MANUFACTURERS—0.5%
General Motors Co.	15,300		482,103
BIOTECHNOLOGY—1.8%
Amgen, Inc.	4,100		724,019
Gilead Sciences, Inc.	9,700		1,143,242
			1,867,261
BREWERS—0.5%
Molson Coors Brewing Co., Cl. B	6,900		490,866
CABLE & SATELLITE—1.7%
Comcast Corporation, Cl. A	28,100		1,753,721
CASINOS & GAMING—0.5%
Las Vegas Sands Corp.	9,500		532,380
COMMUNICATIONS EQUIPMENT—1.8%
Cisco Systems, Inc.	41,100		1,168,062
QUALCOMM, Inc.	12,100		779,119
			1,947,181
CONSUMER ELECTRONICS—0.4%
Garmin Ltd.	11,100		465,201
CONSUMER FINANCE—0.6%
Discover Financial Services	11,800		658,558
DATA PROCESSING & OUTSOURCED SERVICES—0.6%
Xerox Corp.	59,400		654,588
DIVERSIFIED BANKS—4.9%
JPMorgan Chase & Co.	41,461		2,841,322
Wells Fargo & Co.	40,900		2,366,883
			5,208,205

- 40 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
DIVERSIFIED CHEMICALS—0.7%
The Dow Chemical Co.	16,500	$	776,490
DRUG RETAIL—2.3%
CVS Caremark Corp.	15,600		1,754,532
Walgreens Boots Alliance, Inc.	6,400		618,432
			2,372,964
FERTILIZERS & AGRICULTURAL CHEMICALS—0.4%
Potash Corporation of Saskatchewan, Inc.	13,800		375,084
GENERAL MERCHANDISE STORES—1.1%
Target Corp.	13,700		1,121,345
HEALTH CARE EQUIPMENT—1.3%
Becton Dickinson and Co.	5,400		821,610
St. Jude Medical, Inc.	8,100		597,942
			1,419,552
HOME IMPROVEMENT RETAIL—2.1%
The Home Depot, Inc.	18,500		2,165,055
HOTELS RESORTS & CRUISE LINES—1.2%
Royal Caribbean Cruises Ltd.	14,000		1,257,900
HOUSEHOLD PRODUCTS—1.4%
The Procter & Gamble Co.	19,025		1,459,218
HYPERMARKETS & SUPER CENTERS—1.0%
Wal-Mart Stores, Inc.	14,500		1,043,710
INDUSTRIAL CONGLOMERATES—2.1%
General Electric Co.	82,800		2,161,080
INTEGRATED OIL & GAS—3.6%
Exxon Mobil Corp.	33,000		2,613,930
Royal Dutch Shell PLC.#	21,400		1,230,072
			3,844,002
INTEGRATED TELECOMMUNICATION SERVICES—3.0%
AT&T, Inc.	30,300		1,052,622
Verizon Communications, Inc.	45,229		2,116,265
			3,168,887
INTERNET SOFTWARE & SERVICES—3.3%
Facebook, Inc., Cl. A*	10,000		940,100
Google, Inc., Cl. A*	2,005		1,318,288
Google, Inc., Cl. C*	2,010		1,257,476
			3,515,864
INVESTMENT BANKING & BROKERAGE—2.5%
Morgan Stanley	51,500		2,000,260
TD Ameritrade Holding Corp.	18,100		664,813
			2,665,073
LEISURE FACILITIES—0.6%
Six Flags Entertainment Corp.	13,400		624,976
MANAGED HEALTH CARE—2.0%
Aetna, Inc.	9,500		1,073,215
UnitedHealth Group, Inc.	8,500		1,031,900
			2,105,115
MOVIES & ENTERTAINMENT—1.2%
The Walt Disney Co.	10,700		1,284,000

- 41 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
MULTI-LINE INSURANCE—0.8%
Hartford Financial Services Group, Inc.	16,900	$	803,595
MULTI-UTILITIES—0.6%
Sempra Energy	6,500		661,570
OIL & GAS EQUIPMENT & SERVICES—0.8%
Halliburton Company	19,500		814,905
OIL & GAS EXPLORATION & PRODUCTION—1.0%
ConocoPhillips	21,000		1,057,140
OIL, GAS & CONSUMABLE FUELS—0.5%
The Williams Cos., Inc.	10,500		551,040
OTHER DIVERSIFIED FINANCIAL SERVICES—1.1%
Bank of America Corp.	65,900		1,178,292
PACKAGED FOODS & MEATS—0.7%
The Kraft Heinz Co.	9,000		715,230
PHARMACEUTICALS—8.9%
Bristol-Myers Squibb Co.	26,900		1,765,716
Eli Lilly & Co.	21,300		1,800,063
GlaxoSmithKline PLC.#	17,100		742,824
Johnson & Johnson	21,100		2,114,431
Pfizer, Inc.	59,099		2,131,110
Roche Holding AG#	23,800		859,418
			9,413,562
RAILROADS—1.2%
CSX Corp.	42,100		1,316,888
RENEWABLE ELECTRICITY—0.7%
TerraForm Global, Inc., Cl. A*,@	22,596		284,716
TerraForm Power, Inc., Cl. A	14,400		434,304
			719,020
RESTAURANTS—2.0%
Darden Restaurants, Inc.	10,300		759,728
McDonald's Corp.	13,600		1,358,096
			2,117,824
SECURITY & ALARM SERVICES—1.0%
Tyco International PLC.	26,400		1,002,936
SEMICONDUCTOR EQUIPMENT—0.5%
Kla-Tencor Corp.	9,700		514,585
SEMICONDUCTORS—2.4%
Avago Technologies Ltd.	10,900		1,364,026
Intel Corp.	42,000		1,215,900
			2,579,926
SOFT DRINKS—3.1%
PepsiCo, Inc.	20,500		1,975,175
The Coca-Cola Co.	30,500		1,252,940
			3,228,115
SPECIALIZED FINANCE—1.2%
CME Group, Inc.	13,350		1,282,134
SYSTEMS SOFTWARE—2.7%
Microsoft Corp.	61,800		2,886,060

- 42 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments July 31, 2015 (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.8%
Apple, Inc.	42,655	$		5,174,051
Seagate Technology PLC.	19,100			966,460
				6,140,511
TOBACCO—2.0%
Altria Group, Inc.	38,215			2,078,132
TOTAL COMMON STOCKS
(Cost $69,366,012)				95,661,496
CONVERTIBLE PREFERRED STOCKS—0.8%	SHARES			VALUE
PHARMACEUTICALS—0.8%
Allergan PLC., 5.50%, 3/1/2018*	770			856,340
(Cost $770,000)				856,340
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—2.5%	SHARES			VALUE
ASSET MANAGEMENT & CUSTODY BANKS—1.9%
The Blackstone Group LP.	50,400			1,978,200
OIL & GAS STORAGE & TRANSPORTATION—0.6%
Cheniere Energy Partners LP.	23,400			702,468
TOTAL MASTER LIMITED PARTNERSHIP
(Cost $1,974,679)				2,680,668
REAL ESTATE INVESTMENT TRUST—2.9%	SHARES			VALUE
HEALTH CARE—0.9%
Health Care REIT, Inc.	13,300			922,621
MORTGAGE—0.6%
Blackstone Mortgage Trust, Inc., Cl. A	22,200			647,574
SPECIALIZED—1.4%
Crown Castle International Corp.	8,400			688,044
Lamar Advertising Co.	12,600			756,630
				1,444,674
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $2,705,349)				3,014,869
Total Investments
(Cost $74,904,505)(b)	97.0%		102,277,168
Other Assets in Excess of Liabilities	3.0%			3,157,173
NET ASSETS	100.0%	$		105,434,341

- 43 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments July 31, 2015 (Continued)

* Non-income producing security.
# 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 July 31, 2015, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
$74,766,625, amounted to $27,510,543 which consisted of aggregate gross unrealized appreciation of $28,959,768
and aggregate gross unrealized depreciation of $1,449,225.
@ 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	12/17/2014	34,924	20,963	0.02%
Choicestream, Inc., Cl. B	7/10/2014	53,541	42,832	0.04%
TerraForm Global, Inc., Cl. A	6/08/2015	322,000	284,716	0.27%
Total			$350,942	0.33%

See Notes to Financial Statements

- 44 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS

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
- 45 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (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 – significant other observable inputs (including quoted prices for similar
investments, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 – significant unobservable inputs (including the Funds’ own assumptions in
determining the fair value of investments)

The Funds’ valuation techniques are generally consistent with either the market or the
income approach to fair value. The market approach considers prices and other relevant
information generated by market transactions involving identical or comparable assets
to measure fair value. The income approach converts future amounts to a current, or
discounted, single amount. These fair value measurements are determined on the basis
of the value indicated by current market expectations about such future events. Inputs
for Level 1 include exchange-listed prices and broker quotes in an active market. Inputs

- 46 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (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.
NOTE 3 — 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.

- 47 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)

Alger Capital Appreciation Fund		TOTAL FUND			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Consumer Discretionary	$                                              484,006,685			$                                                   483,966,867			—	$	39,818
Consumer Staples		166,128,998		163,890,289			2,238,709		—
Energy		65,635,942		59,635,693			—		6,000,249
Financials		109,747,871		109,747,871			—		—
Health Care		573,477,272		553,001,698		20,475,574			—
Industrials		210,681,365		210,681,365			—		—
Information Technology		750,025,110		748,935,275			—		1,089,835
Materials		54,457,106		54,457,106			—		—
Telecommunication Services		40,762,437		40,762,437			—		—
Utilities			8,603,095		8,603,095		—		—
TOTAL COMMON STOCKS	$                        2,463,525,881			$                           2,433,681,696		$	22,714,283	$	7,129,902
MASTER LIMITED PARTNERSHIP
Financials		57,659,327		57,659,327			—		—
PREFERRED STOCKS
Consumer Discretionary			1,135,338		—		—		1,135,338
Health Care			2,889,378		—		—		2,889,378
Information Technology			5,023,748		—		—		5,023,748
TOTAL PREFERRED STOCKS	$		9,048,464		—		—	$	9,048,464
REAL ESTATE INVESTMENT TRUST
Financials		14,353,390		14,353,390			—		—
TOTAL INVESTMENTS IN
SECURITIES	$                        2,544,587,062			$                           2,505,694,413		$	22,714,283	$	16,178,366
Alger International Growth Fund		TOTAL FUND			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Consumer Discretionary	$                                                34,742,237			$                                                       10,598,310		$                                                       24,143,927			—
Consumer Staples		13,494,951			—	13,494,951			—
Energy			8,755,249		5,414,152		3,341,097		—
Financials		49,805,055			3,201,178	46,603,877			—
Health Care		37,264,639		10,677,650		26,586,989			—
Industrials		21,693,735			2,591,837	19,101,898			—
Information Technology		34,444,876		19,045,295		15,399,581			—
Materials			7,778,347		1,955,000		5,823,347		—
Telecommunication Services			4,291,781		4,291,781		—		—
Utilities			3,818,211		—		3,818,211		—
TOTAL COMMON STOCKS	$		216,089,081	$	57,775,203	$	158,313,878		—
TOTAL INVESTMENTS IN
SECURITIES	$		216,089,081	$	57,775,203	$	158,313,878		—

- 48 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)

Alger Mid Cap Growth Fund		TOTAL FUND			LEVEL 1	LEVEL 2			LEVEL 3
COMMON STOCKS
Consumer Discretionary	$                                               48,514,213			$                                                      48,514,213			—		—
Consumer Staples			5,005,072		5,005,072		—		—
Energy			2,908,478		2,352,310		—		556,168
Financials		15,047,559		15,047,559			—		—
Health Care		29,926,014		29,926,014			—		—
Industrials		31,796,446		31,796,446			—		—
Information Technology		47,742,191		47,625,758			—		116,433
Materials			5,039,382		5,039,382		—		—
Telecommunication Services			4,478,608		4,478,608		—		—
Utilities			1,079,728		1,079,728		—		—
TOTAL COMMON STOCKS	$		191,537,691	$	190,865,090		—	$	672,601
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			2,862,791		2,862,791		—		—
SPECIAL PURPOSE VEHICLE
Financials			314,956		—		—		314,956
TOTAL INVESTMENTS IN
SECURITIES	$		197,733,372	$	193,727,881		—	$	4,005,491
Alger SMid Cap Growth Fund		TOTAL FUND			LEVEL 1	LEVEL 2			LEVEL 3
COMMON STOCKS
Consumer Discretionary	$                                             112,791,358			$                                                  112,791,358			—		—
Consumer Staples		15,930,819		15,930,819			—		—
Energy			7,483,013		7,483,013		—		—
Financials		31,174,451		31,174,451			—		—
Health Care		122,237,939		122,237,939			—		—
Industrials		80,646,574		80,646,574			—		—
Information Technology		107,482,925		106,904,811			—		578,114
Materials		24,303,904		24,303,904			—		—
Telecommunication Services			2,062,575		2,062,575		—		—
TOTAL COMMON STOCKS	$		504,113,558	$	503,535,444		—	$	578,114
MASTER LIMITED PARTNERSHIP
Financials			2,654,139		2,654,139		—		—
PREFERRED STOCKS
Health Care			2,899,898		—		—		2,899,898
Information Technology			2,664,899		—		—		2,664,899
TOTAL PREFERRED STOCKS	$		5,564,797		—		—	$	5,564,797
REAL ESTATE INVESTMENT TRUST
Financials		15,519,155		15,519,155			—		—
TOTAL INVESTMENTS IN
SECURITIES	$		527,851,649	$	521,708,738		—	$	6,142,911

- 49 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)

Alger Small Cap Growth Fund		TOTAL FUND			LEVEL 1	LEVEL 2			LEVEL 3
COMMON STOCKS
Consumer Discretionary	$                                               20,880,486			$                                                      20,880,486			—		—
Consumer Staples			2,515,953		2,515,953		—		—
Energy			1,906,325		1,906,325		—		—
Financials			7,378,717		7,378,717		—		—
Health Care		57,491,534		57,491,534			—		—
Industrials		15,834,450		15,834,450			—		—
Information Technology		59,042,883		59,042,883			—		—
Materials			5,251,192		5,251,192		—		—
Utilities			953,056		953,056		—		—
TOTAL COMMON STOCKS	$		171,254,596	$	171,254,596		—		—
PREFERRED STOCKS
Health Care			675,194		—		—		675,194
REAL ESTATE INVESTMENT TRUST
Financials			3,986,030		3,986,030		—		—
RIGHTS
Health Care			—		—		—		—
SPECIAL PURPOSE VEHICLE
Financials			290,078		—		—		290,078
TOTAL INVESTMENTS IN
SECURITIES	$		176,205,898	$	175,240,626		—	$	965,272
Alger Growth Opportunities Fund		TOTAL FUND			LEVEL 1	LEVEL 2			LEVEL 3
COMMON STOCKS
Consumer Discretionary	$		817,598	$	817,598		—		—
Financials			1,116,392		1,116,392		—		—
Health Care		19,092,700		19,092,700			—		—
Industrials			3,522,766		3,522,766		—		—
Information Technology		30,050,068		30,050,068			—		—
Materials			1,360,930		1,360,930		—		—
TOTAL COMMON STOCKS	$		55,960,454	$	55,960,454		—		—
PREFERRED STOCKS
Health Care			59,053		—		—		59,053
TOTAL INVESTMENTS IN
SECURITIES	$		56,019,507	$	55,960,454		—	$	59,053

- 50 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)

Alger Health Sciences Fund		TOTAL FUND			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Consumer Staples	$		7,704,402	$	7,704,402		—		—
Health Care		208,741,358		206,240,161			824,477		1,676,720
TOTAL COMMON STOCKS	$		216,445,760	$	213,944,563	$	824,477	$	1,676,720
PREFERRED STOCKS
Health Care		11,317,970			—		—	11,317,970
RIGHTS
Health Care			—		—		—		—
TOTAL INVESTMENTS IN
SECURITIES	$		227,763,730	$	213,944,563	$	824,477	$	12,994,690
Alger Growth & Income Fund		TOTAL FUND			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Consumer Discretionary	$                                                14,522,692			$                                                       14,520,261			—	$	2,431
Consumer Staples		11,388,235		11,388,235			—		—
Energy			6,551,803		6,267,087		—		284,716
Financials		13,803,479		13,803,479			—		—
Health Care		14,805,490		14,805,490			—		—
Industrials		10,934,747		10,934,747			—		—
Information Technology		18,238,715		18,238,715			—		—
Materials			1,151,574		1,151,574		—		—
Telecommunication Services			3,168,887		3,168,887		—		—
Utilities			1,095,874		1,095,874		—		—
TOTAL COMMON STOCKS	$		95,661,496	$	95,374,349		—	$	287,147
CONVERTIBLE PREFERRED STOCKS
Health Care			856,340		856,340		—		—
MASTER LIMITED PARTNERSHIP
Energy			702,468		702,468		—		—
Financials			1,978,200		1,978,200		—		—
TOTAL MASTER LIMITED
PARTNERSHIP	$		2,680,668	$	2,680,668		—		—
PREFERRED STOCKS
Consumer Discretionary			63,795		—		—		63,795
REAL ESTATE INVESTMENT TRUST
Financials			3,014,869		3,014,869		—		—
TOTAL INVESTMENTS IN
SECURITIES	$		102,277,168	$	101,926,226		—	$	350,942

- 51 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)

		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			(630,738)
Purchases, issuances, sales, and settlements			–
Purchases			6,786,000
Sales			–
Closing balance at July 31, 2015			7,129,902
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 7/31/2015	$		(630,738)
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			69,990
Purchases, issuances, sales, and settlements			–
Purchases			–
Sales			–
Closing balance at July 31, 2015			9,048,464
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 7/31/2015	$		69,990

- 52 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)

		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			(55,474)
Purchases, issuances, sales, and settlements			–
Purchases			629,000
Sales			–
Closing balance at July 31, 2015			672,601
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 7/31/2015	$		(55,474)
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, issuances, sales, and settlements			–
Purchases			988,245
Sales			–
Closing balance at July 31, 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 7/31/2015	$		73,804
	Special Purpose
Alger Mid Cap Growth Fund			Vehicle
Opening balance at November 1, 2014	$		–
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			–
Purchases, issuances, sales, and settlements			–
Purchases			314,956
Sales			–
Closing balance at July 31, 2015			314,956
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 7/31/2015	$		–

- 53 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)

		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
		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, issuances, sales, and settlements			–
Purchases			–
Sales			–
Closing balance at July 31, 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 7/31/2015	$		86,189
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			104,084
Purchases, issuances, sales, and settlements			–
Purchases			1,041,633
Sales			–
Closing balance at July 31, 2015			5,564,797
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 7/31/2015	$		104,084

- 54 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)

		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, issuances, sales, and settlements			–
Purchases			228,096
Sales			–
Closing balance at July 31, 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 7/31/2015	$		–
	Special Purpose
Alger Small Cap Growth Fund			Vehicle
Opening balance at November 1, 2014	$		—
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			—
Purchases, issuances, sales, and settlements			–
Purchases			290,078
Sales			–
Closing balance at July 31, 2015			290,078
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 7/31/2015	$		104,084

- 55 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (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			(4,038)
Purchases, issuances, sales, and settlements			–
Purchases			–
Sales			–
Closing balance at July 31, 2015			59,053
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 7/31/2015	$		(4,038)
		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			–
Purchases, issuances, sales, and settlements			–
Purchases			–
Sales			–
Closing balance at July 31, 2015			1,676,721
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 7/31/2015	$		–

- 56 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (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			(47,694)
Purchases, issuances, sales, and settlements			–
Purchases			6,038,147
Sales			–
Closing balance at July 31, 2015			11,317,970
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 7/31/2015	$		(47,694)
Alger Health Sciences Fund			Rights
Opening balance at November 1, 2014	$		—
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			–
Purchases, issuances, sales, and settlements			–
Purchases			–
Sales			–
Closing balance at July 31, 2015			—
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 7/31/2015	$		—

- 57 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)

		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			(37,740)
Purchases, issuances, sales, and settlements			–
Purchases			322,000
Sales			–
Closing balance at July 31, 2015			287,147
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 7/31/2015	$		(37,740)
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, issuances, sales, and settlements			–
Purchases			–
Sales			–
Closing balance at July 31, 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 7/31/2015	$		(11,961)

The following table provides quantitative information about our Level 3 fair value
measurements of our investments as of July 31, 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.

- 58 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)

		Fair Value	Valuation	Unobservable
		July 31, 2015	Methodology	Input	Input/ Range
Alger Capital Appreciation Fund
Common Stocks	$ 1,129,653		Income	Discount Rate	10-40%
			Approach
Common Stocks	$ 6,000,249		Cost	Purchase Price	Cost
			Approach
Preferred Stocks	$ 9,048,464		Income	Discount Rate	10-40%
			Approach
Alger Mid Cap Growth Fund
Common Stocks	$ 116,433		Income	Discount Rate	10%
			Approach
Common Stocks	$ 556,168		Cost	Purchase Price	Cost
			Approach
Preferred Stocks	$ 3,017,934		Income	Discount Rate	10-15%
			Approach
Special Purpose Vehicle	$ 314,956		Cost	Purchase Price	Cost
			Approach
Alger Health Sciences Fund
Common Stocks	$ 1,676,721		Income	Discount Rate	15%
			Approach
Preferred Stocks	$ 11,317,970		Income	Discount Rate	10-42%
			Approach
Rights	$ –		Income	Transaction Cost	15%
			Approach
Alger Growth & Income Fund
Common Stocks	$ 2,431		Income	Discount Rate	40%
			Approach
Common Stocks	$ 284,716		Cost	Purchase Price	Cost
			Approach
Preferred Stocks	$ 63,795		Income	Discount Rate	40%
			Approach
Alger SMid Cap Growth Fund
Common Stocks	$ 578,114		Income	Discount Rate	10%
			Approach
Preferred Stocks	$ 5,564,797		Income	Discount Rate	10-20%
			Approach
Alger Small Cap Growth Fund
Preferred Stocks	$ 675,194		Income	Discount Rate	12-15%
			Approach
Special Purpose Vehicle	$ 290,078		Cost	Purchase Price	Cost
			Approach
Alger Growth Opportunities Fund
Preferred Stocks	$ 59,053		Income	Discount Rate	15-20%
			Approach

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.
- 59 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)

On July 31, 2015, the Alger Capital Appreciation Fund, the Alger International Growth
Fund, and Alger Health Sciences Fund, transferred $20,475,574, $146,606,859, and
$824,477, respectively, from Level 1 to Level 2, utilizing fair value adjusted prices rather
than exchange listed prices.

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 July 31, 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	$ 104,238,009		$ 104,238,009		—		—
Alger International Growth Fund		3,043,772	3,043,772		—		—
Alger Mid Cap Growth Fund		8,365,062	8,365,062		—		—
Alger SMid Cap Growth Fund		9,289,989	9,289,989		—		—
Alger Small Cap Growth Fund		6,597,004	6,597,004		—		—
Alger Growth Opportunities Fund		512,160	512,160		—		—
Alger Health Sciences Fund		5,798,346	5,798,346		—		—
Alger Growth & Income Fund		4,638,036	4,638,036		—		—
Total	$ 142,482,378                                    $ 142,482,378				—		—

NOTE 4 — 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
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 three months ended July 31, 2015, options were
used in accordance with these objectives.

- 60 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)

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.

For the three months ended July 31, 2015, there were no open derivative instruments.

NOTE 5 — 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 period ended July 31, 2015. Purchase and sale transactions and dividend income earned
during the year were as follows:

	Shares at			Shares at		Value at
	October 31,			July 31,	Dividend	July 31,
Security	2014	Additions                                     Reductions		2015	Income	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
Class A & Class B*
Alger Mid Cap Growth Fund
Preferred Stocks
Prosetta Biosciences,	—	219,610	—	219,610	—	988,245
Inc.*
Tolero Pharmaceuticals, Inc.*	495,000	—	—	495,000	—	1,492,970
Alger SMid Cap Growth Fund
Preferred Stocks
Prosetta Biosciences,	—	231,474	—	231,474	—	1,041,633
Inc.*
Alger Small Cap Growth Fund
Preferred Stocks
Prosetta Biosciences,	—	50,688	—	50,688	—	288,096
Inc.*
Tolero Pharmaceuticals, Inc.*	148,237	—	—	148,237	—	447,098
Alger Growth Opportunities Fund
Preferred Stocks
Tolero Pharmaceuticals, Inc.*	10,097	—	—	10,097	—	30,454

- 61 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)

Alger Health Sciences Fund
Preferred Stocks
Catabasis Pharmaceuticals,	2,104,559	—	—	2,104,599	—	2,000,000
Inc *
Prosetta Biosciences,	897,366	—	—	897,366	—	4,038,147
Inc.*
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
Class A & Class B*

* Non-income producing security.

- 62 -

ITEM 2. Controls and Procedures.

(a) Based on their evaluation of Registrant’s disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) as of a
date within 90 days of the filing of this document, Registrant’s principal executive officer and
principal financial officer found Registrant’s disclosure controls and procedures to provide
reasonable assurances that information required to be disclosed by Registrant in the reports
it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated
to Registrant’s management, including its principal executive officer and principal financial
officer, as appropriate to allow timely decisions regarding required disclosure, and (b) is
recorded, processed, summarized and reported within the time periods specified in the rules
and forms adopted by the U.S. Securities and Exchange Commission.

(b) No changes in the registrant’s internal control over financial reporting occurred during
the registrant’s last fiscal quarter that materially affected, or are reasonably likely to materially
affect, the registrant’s internal control over financial reporting.

ITEM 3. Exhibits.

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.

- 63 -

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: September 24, 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: September 24, 2015

By /s/ Michael D. Martins

Michael D. Martins

Treasurer

Date: September 24, 2015

- 64 -