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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, 2016

ITEM 1. Schedule of Investments.

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THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments July 31, 2016 (Unaudited)

COMMON STOCKS—96.6%	SHARES			VALUE
ADVERTISING—0.0%
Choicestream, Inc.*,@,(a)	82,955	$		26,546
AEROSPACE & DEFENSE—4.3%
Honeywell International, Inc.	813,894			94,680,289
Lockheed Martin Corp.	43,213			10,921,222
TransDigm Group, Inc.*	10,400			2,907,008
			108,508,519
AIRLINES—0.7%
Delta Air Lines, Inc.	34,900			1,352,375
Southwest Airlines Co.	343,000			12,694,430
Spirit Airlines, Inc.*	66,661			2,849,758
			16,896,563
ALTERNATIVE CARRIERS—0.7%
Level 3 Communications, Inc.*	161,688			8,181,413
Zayo Group Holdings, Inc.*	370,700			10,490,810
			18,672,223
APPAREL ACCESSORIES & LUXURY GOODS—0.9%
Hanesbrands, Inc.	301,000			8,024,660
PVH Corp.	90,100			9,105,506
Under Armour, Inc., Cl. A*	118,200			4,664,172
			21,794,338
APPAREL RETAIL—0.3%
The TJX Cos., Inc.	104,900			8,572,428
APPLICATION SOFTWARE—2.1%
Adobe Systems, Inc.*	228,389			22,350,148
salesforce.com, Inc.*	384,753			31,472,795
			53,822,943
AUTO PARTS & EQUIPMENT—1.2%
Delphi Automotive PLC.	371,644			25,204,896
WABCO Holdings, Inc.*	60,900			6,106,443
				31,311,339
AUTOMOBILE MANUFACTURERS—0.2%
Tesla Motors, Inc.*	26,200			6,151,498
BIOTECHNOLOGY—5.2%
ACADIA Pharmaceuticals, Inc.*	229,700			8,508,088
Alexion Pharmaceuticals, Inc.*	59,400			7,638,840
Biogen, Inc.*	81,165			23,532,169
BioMarin Pharmaceutical, Inc.*	205,670			20,447,711
Celgene Corp.*	272,356			30,555,620
Gilead Sciences, Inc.	161,060			12,799,438
Incyte Corp.*	68,302			6,161,523
Vertex Pharmaceuticals, Inc.*	230,891			22,396,427
			132,039,816
BREWERS—1.6%
Molson Coors Brewing Co., Cl. B	396,078		40,463,328
BROADCASTING—1.5%
CBS Corp., Cl. B	707,400		36,940,428
BUILDING PRODUCTS—0.2%
Fortune Brands Home & Security, Inc.	76,070			4,812,949

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THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
CABLE & SATELLITE—2.1%
Comcast Corporation, Cl. A	785,781	$		52,843,772
COMMUNICATIONS EQUIPMENT—0.5%
Palo Alto Networks, Inc.*	100,750		13,187,167
DATA PROCESSING & OUTSOURCED SERVICES—3.5%
Sabre Corp.	307,800			8,972,370
Visa, Inc., Cl. A	1,031,606			80,516,848
			89,489,218
DRUG RETAIL—0.5%
CVS Caremark Corp.	144,121		13,362,899
ELECTRICAL COMPONENTS & EQUIPMENT—0.3%
Eaton Corp., PLC.	123,700			7,843,817
ENVIRONMENTAL & FACILITIES SERVICES—0.5%
Stericycle, Inc.*	134,900		12,177,423
FERTILIZERS & AGRICULTURAL CHEMICALS—0.2%
Monsanto Co.	46,200			4,932,774
FOOD DISTRIBUTORS—0.2%
US Foods Holding Corp.*	226,800			5,479,488
GENERAL MERCHANDISE STORES—0.8%
Dollar General Corp.	112,192			10,629,070
Dollar Tree, Inc.*	101,955			9,817,247
			20,446,317
HEALTH CARE EQUIPMENT—3.5%
Boston Scientific Corp.*	559,100			13,574,948
DexCom, Inc.*	213,000			19,644,990
Edwards Lifesciences Corp.*	192,600			22,056,552
Medtronic PLC.	186,500			16,342,995
STERIS PLC.	151,684			10,761,980
Stryker Corp.	52,300			6,081,444
			88,462,909
HEALTH CARE FACILITIES—1.7%
Amsurg Corp.*	184,000			13,801,840
HCA Holdings, Inc.*	206,708			15,943,388
Universal Health Services, Inc., Cl. B	99,900			12,940,047
			42,685,275
HOME ENTERTAINMENT SOFTWARE—1.4%
Activision Blizzard, Inc.	316,300			12,702,608
Electronic Arts, Inc.*	287,900			21,972,528
			34,675,136
HOME IMPROVEMENT RETAIL—1.4%
Lowe's Companies, Inc.	32,800			2,698,784
The Home Depot, Inc.	241,665			33,407,770
			36,106,554
HOTELS RESORTS & CRUISE LINES—0.6%
Norwegian Cruise Line Holdings Ltd.*	348,900			14,863,140
Royal Caribbean Cruises Ltd.	16,800			1,216,992
			16,080,132
HOUSEWARES & SPECIALTIES—1.3%
Newell Brands, Inc.	643,604		33,763,466

- 4 -

THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
HYPERMARKETS & SUPER CENTERS—0.7%
Costco Wholesale Corp.	104,600	$		17,491,212
INDUSTRIAL CONGLOMERATES—0.5%
3M Co.	15,300			2,728,908
General Electric Co.	320,375			9,976,477
			12,705,385
INDUSTRIAL GASES—0.5%
Air Products & Chemicals, Inc.	87,059		13,008,356
INTEGRATED OIL & GAS—0.3%
TOTAL SA#	133,400			6,416,540
INTEGRATED TELECOMMUNICATION SERVICES—1.0%
AT&T, Inc.	349,900			15,147,171
Verizon Communications, Inc.	168,900			9,358,749
			24,505,920
INTERNET RETAIL—5.1%
Amazon.com, Inc.*	167,204		126,876,067
NetFlix, Inc.*	14,563			1,328,874
			128,204,941
INTERNET SOFTWARE & SERVICES—14.9%
Alibaba Group Holding Ltd.#*	211,700			17,461,016
Alphabet, Inc., Cl. C*	245,191		188,500,389
comScore, Inc.*	234,430			6,083,458
Facebook, Inc., Cl. A*	940,967		116,623,450
LinkedIn Corp., Cl. A*	45,737			8,814,892
Match Group, Inc.*	235,900			3,715,425
Palantir Technologies, Inc., Cl. A*,@	153,282			1,686,102
Stamps.com, Inc.*	97,100			7,360,665
Yahoo! Inc.*	729,187			27,847,652
			378,093,049
INVESTMENT BANKING & BROKERAGE—0.7%
Morgan Stanley	461,734			13,265,618
The Goldman Sachs Group, Inc.	26,300			4,176,703
			17,442,321
LEISURE PRODUCTS—0.5%
Coach, Inc.	298,000		12,846,780
LIFE SCIENCES TOOLS & SERVICES—1.9%
Thermo Fisher Scientific, Inc.	309,307		49,130,324
MANAGED HEALTH CARE—2.9%
Aetna, Inc.	36,443			4,198,598
Centene Corp.*	138,700			9,785,285
Humana, Inc.	18,900			3,261,195
UnitedHealth Group, Inc.	394,495			56,491,684
			73,736,762
MOVIES & ENTERTAINMENT—0.2%
Time Warner, Inc.	55,448			4,250,089
OIL & GAS EQUIPMENT & SERVICES—0.5%
Halliburton Company	224,300			9,792,938
Weatherford International PLC.*	557,000			3,163,760
			12,956,698

- 5 -

THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
OIL & GAS EXPLORATION & PRODUCTION—1.0%
Anadarko Petroleum Corp.	151,900	$		8,283,107
EOG Resources, Inc.	115,700			9,452,690
Pioneer Natural Resources Co.	51,800			8,421,126
			26,156,923
PACKAGED FOODS & MEATS—0.4%
The Kraft Heinz Co.	54,700			4,725,533
The WhiteWave Foods Co.*	106,400			5,904,136
			10,629,669
PHARMACEUTICALS—5.3%
Allergan PLC.*	309,622			78,318,885
Bristol-Myers Squibb Co.	579,160			43,326,959
Eli Lilly & Co.	159,600			13,229,244
			134,875,088
RAILROADS—0.3%
Union Pacific Corp.	78,426			7,297,539
RESEARCH & CONSULTING SERVICES—0.5%
Verisk Analytics, Inc., Cl. A*	152,300		12,988,144
RESTAURANTS—0.6%
McDonald's Corp.	23,707			2,789,128
Starbucks Corp.	204,635			11,879,062
			14,668,190
SECURITY & ALARM SERVICES—0.5%
Tyco International PLC.	263,258			11,996,667
SEMICONDUCTOR EQUIPMENT—0.7%
ASML Holding NV#	150,800		16,530,696
SEMICONDUCTORS—3.7%
Broadcom Ltd.	327,456			53,041,323
Microsemi Corp.*	256,300			9,995,700
NXP Semiconductors NV*	283,067			23,803,104
Skyworks Solutions, Inc.	107,451			7,093,915
			93,934,042
SOFT DRINKS—2.0%
Monster Beverage Corp.*	25,400			4,080,002
PepsiCo, Inc.	418,192			45,549,473
			49,629,475
SPECIALIZED CONSUMER SERVICES—0.5%
ServiceMaster Global Holdings, Inc.*	322,800			12,211,524
SPECIALIZED FINANCE—0.2%
S&P Global, Inc.	45,764			5,592,361
SPECIALTY CHEMICALS—0.3%
The Sherwin-Williams Co.	23,300			6,983,709
SPECIALTY STORES—0.4%
Signet Jewelers Ltd.	112,981			9,932,160
SYSTEMS SOFTWARE—5.5%
Fortinet, Inc.*	35,300			1,224,557
Microsoft Corp.	1,959,088		111,041,108
Red Hat, Inc.*	81,200			6,113,548

- 6 -

THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES				VALUE
SYSTEMS SOFTWARE—(CONT.)
ServiceNow, Inc.*	277,566		$		20,795,245
				139,174,458
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.9%
Apple, Inc.	1,138,630			118,656,632
Western Digital Corp.	112,000				5,321,120
				123,977,752
TOBACCO—1.9%
Altria Group, Inc.	359,706				24,352,096
Philip Morris International, Inc.	225,900				22,648,734
				47,000,830
TRADING COMPANIES & DISTRIBUTORS—0.8%
HD Supply Holdings, Inc.*	540,278			19,552,661
TOTAL COMMON STOCKS
(Cost $2,127,575,324)				2,445,469,530
PREFERRED STOCKS—0.4%	SHARES				VALUE
ADVERTISING—0.0%
Choicestream, Inc., Cl. A*,@,(a)	715,332				228,906
Choicestream, Inc., Cl. B*,@,(a)	1,649,956				527,986
					756,892
INTERNET SOFTWARE & SERVICES—0.3%
Palantir Technologies, Inc., Cl. B*,@	625,130				6,876,430
Palantir Technologies, Inc., Cl. D*,@	81,445				895,895
					7,772,325
PHARMACEUTICALS—0.1%
Intarcia Therapeutics, Inc.*,@	76,682				2,534,340
TOTAL PREFERRED STOCKS
(Cost $8,711,512)					11,063,557
MASTER LIMITED PARTNERSHIP—0.7%	SHARES				VALUE
ASSET MANAGEMENT & CUSTODY BANKS—0.7%
The Blackstone Group LP.	644,852			17,307,828
(Cost $20,919,406)					17,307,828
REAL ESTATE INVESTMENT TRUST—1.0%	SHARES				VALUE
MORTGAGE—0.5%
Blackstone Mortgage Trust, Inc., Cl. A	483,960			14,039,680
SPECIALIZED—0.5%
Crown Castle International Corp.	125,100			12,138,453
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $24,805,255)					26,178,133
Total Investments
(Cost $2,182,011,497)(b)	98.7	%		2,500,019,048
Other Assets in Excess of Liabilities	1.3	%		32,227,491
NET ASSETS	100.0	%	$		2,532,246,539

(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.
* Non-income producing security.
# American Depositary Receipts.
- 7 -

THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

(b)At July 31, 2016, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
$2,227,481,156, amounted to $272,537,892 which consisted of aggregate gross unrealized appreciation of $349,653,758
and aggregate gross unrealized depreciation of $77,115,866.
@ 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.

				% of net assets				% of net assets
	Acquisition			(Acquisition			Market	as of
Security	Date(s)		Cost	Date)			Value	7/31/2016
Choicestream, Inc.	03/14/14	$	24,057	0.00	%	$	26,546	0.00	%
Choicestream, Inc., Cl. A	12/17/13		572,038	0.03	%		228,906	0.01	%
Choicestream, Inc., Cl. B	07/10/14		989,973	0.05	%		527,986	0.02	%
Intarcia Therapeutics, Inc.	03/27/14		2,483,730	0.14	%		2,534,340	0.10	%
Palantir Technologies, Inc., Cl. A	10/07/14		997,406	0.05	%		1,686,102	0.07	%
Palantir Technologies, Inc., Cl. B	10/07/14		4,128,004	0.22	%		6,876,430	0.27	%
Palantir Technologies, Inc., Cl. D	10/14/14		537,767	0.03	%		895,895	0.04	%
Total						$	12,776,205	0.51	%

See Notes to Financial Statements

- 8 -

THE ALGER FUNDS | ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments July 31, 2016 (Unaudited)

COMMON STOCKS—98.6%	SHARES		VALUE
AUSTRALIA—1.1%
DIVERSIFIED BANKS—1.1%
Westpac Banking Corp.	92,300	$	2,183,747
(Cost $2,022,839)
BELGIUM—0.9%
DIVERSIFIED BANKS—0.9%
KBC Group NV*	33,900		1,762,330
(Cost $1,562,407)
BRAZIL—1.5%
DIVERSIFIED REAL ESTATE ACTIVITIES—0.4%
BR Malls Participacoes SA*	162,970		706,762
INDEPENDENT POWER AND RENEWABLE ENERGY—0.7%
AES Tiete Energia SA	244,800		1,298,734
MULTI-LINE INSURANCE—0.4%
BB Seguridade Participacoes SA	96,600		898,050
TOTAL BRAZIL
(Cost $2,519,441)			2,903,546
CANADA—5.8%
FOOD RETAIL—1.5%
Alimentation Couche-Tard, Inc.	65,000		2,938,953
GOLD—0.6%
Goldcorp, Inc.	63,500		1,134,736
INTEGRATED OIL & GAS—2.7%
Cenovus Energy, Inc.	201,100		2,878,909
Suncor Energy, Inc.	84,500		2,274,390
			5,153,299
MULTI-UTILITIES—1.0%
Canadian Utilities Ltd.	64,400		1,982,487
TOTAL CANADA
(Cost $11,115,608)			11,209,475
CHINA—7.2%
CONSTRUCTION & ENGINEERING—0.4%
China State Construction International Holdings Ltd.	519,000		695,541
DIVERSIFIED BANKS—0.6%
China Construction Bank Corp.	1,672,000		1,124,465
HEALTH CARE FACILITIES—1.1%
Phoenix Healthcare Group Co., Ltd.	1,474,200		2,187,389
INDUSTRIAL CONGLOMERATES—0.5%
China Everbright International Ltd.	908,800		984,196
INTERNET SOFTWARE & SERVICES—4.1%
Alibaba Group Holding Ltd.#*	59,600		4,915,808
Tencent Holdings Ltd.	127,500		3,079,464
			7,995,272
REAL ESTATE DEVELOPMENT—0.5%
China Overseas Land & Investment Ltd.	270,400		891,916
TOTAL CHINA
(Cost $12,820,359)			13,878,779

- 9 -

THE ALGER FUNDS | ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
DENMARK—1.0%
PHARMACEUTICALS—1.0%
Novo Nordisk A/S, Cl. B	35,000	$	1,990,305
(Cost $1,987,636)
FRANCE—6.4%
AEROSPACE & DEFENSE—0.9%
Safran SA	24,200		1,645,172
AUTO PARTS & EQUIPMENT—1.2%
Valeo SA	42,800		2,195,885
BIOTECHNOLOGY—0.5%
DBV Technologies SA#*	12,100		418,660
Innate Pharma SA*	48,350		577,824
			996,484
DIVERSIFIED BANKS—1.1%
BNP Paribas SA	43,900		2,177,823
INTEGRATED OIL & GAS—2.7%
TOTAL SA	110,000		5,290,793
TOTAL FRANCE
(Cost $12,465,215)			12,306,157
GERMANY—9.0%
APPLICATION SOFTWARE—1.1%
SAP SE	24,800		2,170,775
AUTO PARTS & EQUIPMENT—0.6%
Continental AG	5,100		1,069,654
AUTOMOBILE MANUFACTURERS—1.9%
Bayerische Motoren Werke AG	31,946		2,752,845
Daimler AG	14,500		985,857
			3,738,702
HEALTH CARE SERVICES—1.6%
Fresenius Medical Care AG & Co.	32,800		2,996,135
INDUSTRIAL CONGLOMERATES—1.4%
Siemens AG	24,900		2,703,048
INTEGRATED TELECOMMUNICATION SERVICES—1.9%
Deutsche Telekom AG	218,600		3,719,280
MULTI-LINE INSURANCE—0.5%
Allianz SE	7,000		1,003,082
TOTAL GERMANY
(Cost $17,892,327)			17,400,676
HONG KONG—1.8%
HOUSEHOLD APPLIANCES—0.7%
Techtronic Industries Co., Ltd.	300,000		1,270,396
LIFE & HEALTH INSURANCE—1.1%
AIA Group Ltd.	340,904		2,123,515
TOTAL HONG KONG
(Cost $3,027,263)			3,393,911
INDIA—2.4%
DIVERSIFIED BANKS—1.7%
HDFC Bank Ltd.	149,900		3,266,129

- 10 -

THE ALGER FUNDS | ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
INDIA—(CONT.)
PHARMACEUTICALS—0.7%
Aurobindo Pharma Ltd.	120,700	$	1,435,853
TOTAL INDIA
(Cost $3,088,094)			4,701,982
INDONESIA—1.1%
AUTOMOBILE MANUFACTURERS—0.5%
Astra International Tbk PT	1,800,000		1,065,799
DIVERSIFIED BANKS—0.6%
Bank Rakyat Indonesia Persero Tbk., PT	1,217,000		1,074,952
TOTAL INDONESIA
(Cost $1,982,459)			2,140,751
IRELAND—0.5%
CONSTRUCTION MATERIALS—0.5%
CRH PLC.	32,700		995,103
(Cost $954,323)
ISRAEL—0.7%
PHARMACEUTICALS—0.7%
Teva Pharmaceutical Industries Ltd.#	25,900		1,385,650
(Cost $1,631,129)
ITALY—1.0%
GAS UTILITIES—1.0%
Snam SpA*	319,900		1,851,930
(Cost $1,826,280)
JAPAN—17.3%
AUTOMOBILE MANUFACTURERS—1.1%
Toyota Motor Corp.	37,400		2,095,498
BREWERS—1.1%
Asahi Group Holdings Ltd.	62,200		2,111,315
COMMODITY CHEMICALS—1.3%
Toray Industries, Inc.	273,706		2,493,189
CONSTRUCTION & ENGINEERING—0.9%
Obayashi Corp.	72,300		790,650
Taisei Corp.	100,000		899,238
			1,689,888
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—0.7%
Komatsu Ltd.	70,000		1,360,090
DIVERSIFIED BANKS—1.9%
Mitsubishi UFJ Financial Group, Inc.	721,400		3,646,699
DIVERSIFIED CHEMICALS—0.5%
Daicel Corp.	90,000		1,009,196
DIVERSIFIED REAL ESTATE ACTIVITIES—2.1%
Mitsubishi Estate Co., Ltd.	70,000		1,301,703
Mitsui Fudosan Co., Ltd.	128,300		2,776,874
			4,078,577
ELECTRONIC COMPONENTS—1.8%
Alps Electric Co., Ltd.	83,200		1,852,959
Murata Manufacturing Co., Ltd.	13,000		1,587,166
			3,440,125

- 11 -

THE ALGER FUNDS | ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
JAPAN—(CONT.)
HOMEBUILDING—1.2%
Haseko Corp.	218,400	$	2,294,908
INDUSTRIAL MACHINERY—0.6%
DMG Mori Co., Ltd.*	108,100		1,122,329
INTEGRATED TELECOMMUNICATION SERVICES—1.1%
Nippon Telegraph & Telephone Corp.	47,000		2,233,210
RAILROADS—0.8%
East Japan Railway Co.	17,650		1,618,871
TOBACCO—1.0%
Japan Tobacco, Inc.	49,500		1,930,297
WIRELESS TELECOMMUNICATION SERVICES—1.2%
KDDI Corp.	77,200		2,368,814
TOTAL JAPAN
(Cost $34,419,664)			33,493,006
LUXEMBOURG—0.3%
DIVERSIFIED REAL ESTATE ACTIVITIES—0.3%
Grand City Properties SA	29,000		645,502
(Cost $586,251)
MEXICO—0.4%
DIVERSIFIED REAL ESTATE ACTIVITIES—0.4%
Corp Inmobiliaria Vesta SAB de CV	609,030		874,759
(Cost $1,261,007)
NETHERLANDS—6.3%
DIVERSIFIED BANKS—0.9%
ING Groep NV	156,700		1,752,063
FOOD RETAIL—1.0%
Koninklijke Ahold Delhaize NV	84,075		2,007,402
PERSONAL PRODUCTS—1.4%
Unilever NV	56,300		2,608,293
SEMICONDUCTOR EQUIPMENT—1.7%
ASML Holding NV#	30,057		3,294,848
SEMICONDUCTORS—1.3%
NXP Semiconductors NV*	30,300		2,547,927
TOTAL NETHERLANDS
(Cost $11,527,502)			12,210,533
NORWAY—0.4%
DIVERSIFIED BANKS—0.4%
DNB ASA*	62,400		689,107
(Cost $804,172)
PANAMA—1.0%
HOTELS RESORTS & CRUISE LINES—1.0%
Carnival PLC.	40,900		1,968,422
(Cost $1,997,417)
SOUTH AFRICA—0.8%
PHARMACEUTICALS—0.8%
Aspen Pharmacare Holdings Ltd.	58,000		1,566,404
(Cost $1,094,605)

- 12 -

THE ALGER FUNDS | ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
SOUTH KOREA—1.7%
ELECTRONIC EQUIPMENT MANUFACTURERS—0.5%
SFA Engineering Corp.*	20,300	$	1,102,321
SEMICONDUCTORS—1.2%
Samsung Electronics Co., Ltd.	1,650		2,285,266
TOTAL SOUTH KOREA
(Cost $2,941,494)			3,387,587
SPAIN—1.8%
ELECTRIC UTILITIES—1.8%
Iberdrola SA*	354,404		2,435,302
Red Electrica Corp SA	49,200		1,127,016
			3,562,318
(Cost $3,396,695)
SWEDEN—1.1%
BUILDING PRODUCTS—0.9%
Assa Abloy AB, Cl. B	80,800		1,771,685
INDUSTRIAL MACHINERY—0.2%
Arcam AB*	15,000		291,628
TOTAL SWEDEN
(Cost $2,125,866)			2,063,313
SWITZERLAND—6.3%
DIVERSIFIED CAPITAL MARKETS—0.5%
UBS Group AG	71,900		988,010
IT CONSULTING & OTHER SERVICES—0.9%
Luxoft Holding, Inc.*	28,400		1,673,328
PACKAGED FOODS & MEATS—2.8%
Nestle SA	67,000		5,366,672
PHARMACEUTICALS—1.3%
Novartis AG	30,600		2,537,015
PROPERTY & CASUALTY INSURANCE—0.8%
Chubb Ltd.	12,700		1,590,802
TOTAL SWITZERLAND
(Cost $12,271,997)			12,155,827
TAIWAN—2.9%
ELECTRONIC COMPONENTS—0.9%
Largan Precision Co., Ltd.*	16,400		1,768,895
SEMICONDUCTORS—1.5%
Taiwan Semiconductor Manufacturing Co., Ltd.*	514,100		2,786,084
TEXTILES—0.5%
Eclat Textile Co., Ltd.*	90,000		1,012,122
TOTAL TAIWAN
(Cost $4,482,538)			5,567,101
UNITED KINGDOM—11.5%
DISTILLERS & VINTNERS—0.5%
Diageo PLC	34,200		980,614
HOUSEHOLD PRODUCTS—1.2%
Reckitt Benckiser Group PLC.	24,262		2,353,781
INTEGRATED OIL & GAS—2.8%
BP PLC.	406,100		2,298,874

- 13 -

THE ALGER FUNDS | ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES				VALUE
UNITED KINGDOM—(CONT.)
INTEGRATED OIL & GAS—(CONT.)
Royal Dutch Shell PLC., Cl. B	113,832		$		3,029,502
					5,328,376
MULTI-UTILITIES—0.7%
National Grid PLC.	98,700				1,416,044
PHARMACEUTICALS—2.9%
GlaxoSmithKline PLC.	88,300				1,973,124
Shire PLC.	55,600				3,593,933
					5,567,057
TOBACCO—2.7%
British American Tobacco PLC.	36,511				2,331,630
Imperial Brands PLC.*	54,500				2,873,613
					5,205,243
TRADING COMPANIES & DISTRIBUTORS—0.7%
Ashtead Group PLC.	91,600				1,450,604
TOTAL UNITED KINGDOM
(Cost $21,383,304)					22,301,719
UNITED STATES—6.4%
AUTO PARTS & EQUIPMENT—1.3%
Delphi Automotive PLC.	35,900				2,434,738
HEALTH CARE EQUIPMENT—1.0%
Medtronic PLC.	22,500				1,971,675
PHARMACEUTICALS—2.8%
Allergan PLC.*	21,700				5,489,015
SEMICONDUCTORS—1.3%
Broadcom Ltd.	14,900				2,413,502
TOTAL UNITED STATES
(Cost $11,865,952)					12,308,930
TOTAL COMMON STOCKS
(Cost $185,053,844)				190,898,870
Total Investments
(Cost $185,053,844)(a)	98.6	%		190,898,870
Other Assets in Excess of Liabilities	1.4	%			2,713,554
NET ASSETS	100.0	%	$	193,612,424

* Non-income producing security.
# American Depositary Receipts.
(a) At July 31, 2016, the net unrealized appreciation on investments, based on cost for federal income tax
purposes of $186,296,361, amounted to $4,602,509 which consisted of aggregate gross unrealized
appreciation of $18,444,365 and aggregate gross unrealized depreciation of $13,841,856.

See Notes to Financial Statements

- 14 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND
Schedule of Investments July 31, 2016 (Unaudited)

COMMON STOCKS—89.0%	SHARES		VALUE
AEROSPACE & DEFENSE—2.2%
Hexcel Corp.	32,200	$	1,390,074
TransDigm Group, Inc.*	8,200		2,292,064
			3,682,138
AIRLINES—0.9%
Southwest Airlines Co.	40,600		1,502,606
ALTERNATIVE CARRIERS—0.9%
Zayo Group Holdings, Inc.*	55,000		1,556,500
APPAREL ACCESSORIES & LUXURY GOODS—3.0%
Hanesbrands, Inc.	54,400		1,450,304
Michael Kors Holdings Ltd.*	15,000		775,800
PVH Corp.	14,200		1,435,052
Under Armour, Inc., Cl. A*	20,400		804,984
Under Armour, Inc., Cl. C*	14,502		517,722
			4,983,862
APPAREL RETAIL—2.1%
Burlington Stores, Inc.*	18,400		1,407,784
Ross Stores, Inc.	34,400		2,126,952
			3,534,736
APPLICATION SOFTWARE—0.7%
Guidewire Software, Inc.*	4,700		288,909
Mobileye NV*	5,000		239,550
Talend SA#*	8,700		221,850
Ultimate Software Group, Inc.*	1,900		397,290
			1,147,599
ASSET MANAGEMENT & CUSTODY BANKS—0.3%
WisdomTree Investments, Inc.	47,000		467,180
AUTO PARTS & EQUIPMENT—1.8%
Delphi Automotive PLC.	24,350		1,651,417
WABCO Holdings, Inc.*	13,800		1,383,726
			3,035,143
AUTOMOBILE MANUFACTURERS—0.2%
Tesla Motors, Inc.*	1,200		281,748
AUTOMOTIVE RETAIL—1.2%
O'Reilly Automotive, Inc.*	6,800		1,976,284
BIOTECHNOLOGY—3.9%
ARIAD Pharmaceuticals, Inc.*	28,200		268,182
BioMarin Pharmaceutical, Inc.*	10,500		1,043,910
Bluebird Bio, Inc.*	6,100		348,798
Incyte Corp.*	11,700		1,055,457
Medivation, Inc.*	11,400		729,486
Portola Pharmaceuticals, Inc.*	15,700		407,572
TESARO, Inc.*	8,100		755,244
Ultragenyx Pharmaceutical, Inc.*	5,400		341,712
United Therapeutics Corp.*	5,300		641,353
Vertex Pharmaceuticals, Inc.*	8,700		843,900
			6,435,614
BROADCASTING—0.7%
CBS Corp., Cl. B	20,700		1,080,954

- 15 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
BUILDING PRODUCTS—2.1%
Allegion PLC.	26,200	$	1,896,618
Fortune Brands Home & Security, Inc.	25,300		1,600,731
			3,497,349
CASINOS & GAMING—0.6%
Red Rock Resorts, Inc., Cl. A*	45,400		1,044,654
COMMUNICATIONS EQUIPMENT—2.0%
F5 Networks, Inc.*	10,922		1,347,993
Palo Alto Networks, Inc.*	14,800		1,937,172
			3,285,165
CONSTRUCTION & FARM MACHINERY & HEAVY
TRUCKS—0.9%
Wabtec Corp.	20,700		1,417,950
DATA PROCESSING & OUTSOURCED SERVICES—5.0%
Alliance Data Systems Corp.*	1,900		440,078
Euronet Worldwide, Inc.*	9,100		693,966
Fiserv, Inc.*	19,900		2,196,164
MAXIMUS, Inc.	21,600		1,272,672
Sabre Corp.	44,500		1,297,175
Vantiv, Inc., CL. A*	10,700		586,039
WNS Holdings Ltd.#*	62,200		1,745,954
			8,232,048
DISTILLERS & VINTNERS—0.4%
Constellation Brands Inc., Cl. A	3,800		625,594
ELECTRICAL COMPONENTS & EQUIPMENT—0.3%
Acuity Brands, Inc.	1,600		419,888
ELECTRONIC COMPONENTS—0.4%
Dolby Laboratories Inc., Cl. A	11,600		583,596
ENVIRONMENTAL & FACILITIES SERVICES—0.9%
Stericycle, Inc.*	16,100		1,453,347
FOOD DISTRIBUTORS—1.1%
Performance Food Group Co.*	67,500		1,852,200
GENERAL MERCHANDISE STORES—2.5%
Dollar General Corp.	21,800		2,065,332
Dollar Tree, Inc.*	22,400		2,156,896
			4,222,228
HEALTH CARE EQUIPMENT—5.5%
ABIOMED, Inc.*	15,400		1,816,738
DexCom, Inc.*	29,700		2,739,231
Edwards Lifesciences Corp.*	20,000		2,290,400
IDEXX Laboratories, Inc.*	17,000		1,594,430
Insulet Corp.*	8,200		290,198
Masimo Corp.*	8,000		423,760
			9,154,757
HEALTH CARE FACILITIES—3.4%
Acadia Healthcare Co., Inc.*	20,400		1,152,600
Amsurg Corp.*	16,300		1,222,663
Universal Health Services, Inc., Cl. B	13,000		1,683,890

- 16 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
HEALTH CARE FACILITIES—(CONT.)
VCA Antech, Inc.*	22,700	$	1,619,418
			5,678,571
HEALTH CARE SERVICES—0.3%
Diplomat Pharmacy, Inc.*	14,400		517,392
HOME ENTERTAINMENT SOFTWARE—1.1%
Electronic Arts, Inc.*	24,600		1,877,472
HOTELS RESORTS & CRUISE LINES—4.0%
Carnival Corp.	42,900		2,004,288
Diamond Resorts International, Inc.*	27,000		814,860
Norwegian Cruise Line Holdings Ltd.*	45,400		1,934,040
Royal Caribbean Cruises Ltd.	26,900		1,948,636
			6,701,824
HOUSEHOLD PRODUCTS—1.1%
Church & Dwight Co., Inc.	17,900		1,758,496
HOUSEWARES & SPECIALTIES—2.4%
Newell Brands, Inc.	76,267		4,000,967
INDUSTRIAL GASES—0.7%
Air Products & Chemicals, Inc.	8,200		1,225,244
INDUSTRIAL MACHINERY—0.5%
Colfax Corp.*	30,600		898,416
INTERNET SOFTWARE & SERVICES—1.9%
comScore, Inc.*	30,800		799,260
Cornerstone OnDemand, Inc.*	11,000		475,090
LinkedIn Corp., Cl. A*	4,400		848,012
Palantir Technologies, Inc., Cl. A*,@	16,376		180,136
Q2 Holdings, Inc.*	8,100		240,408
Stamps.com, Inc.*	8,600		651,923
			3,194,829
INVESTMENT BANKING & BROKERAGE—0.6%
TD Ameritrade Holding Corp.	32,600		989,736
IT CONSULTING & OTHER SERVICES—1.0%
EPAM Systems, Inc.*	5,800		407,392
InterXion Holding NV*	34,800		1,318,224
			1,725,616
LEISURE PRODUCTS—0.9%
Coach, Inc.	33,200		1,431,252
LIFE SCIENCES TOOLS & SERVICES—0.5%
Charles River Laboratories International, Inc.*	7,800		685,854
Patheon NV*	6,700		173,262
			859,116
METAL & GLASS CONTAINERS—0.8%
Ball Corp.	18,700		1,321,529
OIL & GAS DRILLING—0.2%
Patterson-UTI Energy, Inc.	19,600		380,044
OIL & GAS EQUIPMENT & SERVICES—0.1%
Weatherford International PLC.*	37,500		213,000
OIL & GAS EXPLORATION & PRODUCTION—0.7%
Devon Energy Corp.	8,500		325,380

- 17 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
OIL & GAS EXPLORATION & PRODUCTION—(CONT.)
Newfield Exploration Co.*	5,000	$	216,500
Pioneer Natural Resources Co.	4,200		682,794
			1,224,674
PACKAGED FOODS & MEATS—2.7%
ConAgra Foods, Inc.	5,700		266,532
Mead Johnson Nutrition Co., Cl. A	5,900		526,280
Pinnacle Foods, Inc.	17,900		898,759
The WhiteWave Foods Co.*	29,300		1,625,857
TreeHouse Foods, Inc.*	11,900		1,227,961
			4,545,389
PHARMACEUTICALS—0.9%
Aerie Pharmaceuticals, Inc.*	18,600		322,710
Akorn, Inc.*	8,400		287,532
Jazz Pharmaceuticals PLC.*	2,800		422,716
Pacira Pharmaceuticals, Inc.*	12,200		442,250
			1,475,208
REGIONAL BANKS—1.1%
Citizens Financial Group, Inc.	31,700		707,861
Signature Bank*	8,800		1,058,112
			1,765,973
RESEARCH & CONSULTING SERVICES—1.5%
Verisk Analytics, Inc., Cl. A*	29,700		2,532,816
SECURITY & ALARM SERVICES—0.9%
Tyco International PLC.	33,600		1,531,152
SEMICONDUCTOR EQUIPMENT—0.6%
Lam Research Corp.	11,000		987,470
SEMICONDUCTORS—4.7%
Broadcom Ltd.	17,000		2,753,660
Cavium Networks, Inc.*	15,200		709,384
Microsemi Corp.*	26,200		1,021,800
NXP Semiconductors NV*	15,300		1,286,577
Skyworks Solutions, Inc.	31,500		2,079,630
			7,851,051
SOFT DRINKS—0.5%
Monster Beverage Corp.*	4,700		754,961
SPECIALIZED CONSUMER SERVICES—1.2%
ServiceMaster Global Holdings, Inc.*	52,200		1,974,726
SPECIALIZED FINANCE—2.7%
IntercontinentalExchange Group, Inc.	2,500		660,500
MarketAxess Holdings, Inc.	4,300		695,138
Moody's Corp.	4,000		424,040
MSCI, Inc.	8,000		688,320
S&P Global, Inc.	16,400		2,004,080
			4,472,078
SPECIALTY CHEMICALS—3.5%
Axalta Coating Systems Ltd.*	24,600		702,330
Balchem Corp.	17,400		1,111,338
Celanese Corp.	16,900		1,071,798

- 18 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
SPECIALTY CHEMICALS—(CONT.)
PPG Industries, Inc.	14,200	$		1,486,882
The Sherwin-Williams Co.	4,700			1,408,731
				5,781,079
SPECIALTY STORES—2.1%
Signet Jewelers Ltd.	4,500			395,595
The Michaels Cos, Inc.*	25,900			682,724
Tractor Supply Co.	13,500			1,237,275
Ulta Salon, Cosmetics & Fragrance, Inc.*	4,200			1,097,082
				3,412,676
SYSTEMS SOFTWARE—4.2%
Fortinet, Inc.*	40,200			1,394,538
Proofpoint, Inc.*	14,300			1,084,941
Red Hat, Inc.*	8,300			624,907
ServiceNow, Inc.*	37,000			2,772,040
TubeMogul, Inc.*	96,400			1,080,644
				6,957,070
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.3%
Western Digital Corp.	11,200			532,112
TRADING COMPANIES & DISTRIBUTORS—1.6%
HD Supply Holdings, Inc.*	61,700			2,232,923
SiteOne Landscape Supply, Inc.*	10,700			415,588
				2,648,511
TRUCKING—0.7%
Old Dominion Freight Line, Inc.*	17,600			1,226,016
TOTAL COMMON STOCKS
(Cost $136,373,705)			147,919,606
PREFERRED STOCKS—1.5%	SHARES			VALUE
BIOTECHNOLOGY—1.0%
Prosetta Biosciences, Inc.*,@,(a)	219,610			992,637
Tolero Pharmaceuticals, Inc.*,@,(a)	495,000			653,400
				1,646,037
INTERNET SOFTWARE & SERVICES—0.5%
Palantir Technologies, Inc., Cl. B*,@	66,787			734,657
Palantir Technologies, Inc., Cl. D*,@	8,701			95,711
				830,368
TOTAL PREFERRED STOCKS
(Cost $2,979,689)				2,476,405
REAL ESTATE INVESTMENT TRUST—4.0%	SHARES			VALUE
HEALTH CARE—0.5%
Omega Healthcare Investors, Inc.	21,800			752,100
MORTGAGE—0.5%
Blackstone Mortgage Trust, Inc., Cl. A	30,800			893,508
SPECIALIZED—3.0%
Crown Castle International Corp.	15,500			1,503,965
CyrusOne, Inc.	37,700			2,066,714

- 19 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

REAL ESTATE INVESTMENT TRUST—(CONT.)	SHARES			VALUE
SPECIALIZED—(CONT.)
Lamar Advertising Co., Cl. A	19,600		$	1,330,056
				4,900,735
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $6,457,114)				6,546,343
SPECIAL PURPOSE VEHICLE—0.2%	SHARES			VALUE
CONSUMER FINANCE—0.2%
JS Kred SPV I, LLC.@	314,956			358,483
(Cost $314,956)				358,483
Total Investments
(Cost $146,125,464)(b)	94.7	%	157,300,837
Other Assets in Excess of Liabilities	5.3	%		8,874,408
NET ASSETS	100.0	%	$	166,175,245

* 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, 2016, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
$146,302,481, amounted to $10,998,356 which consisted of aggregate gross unrealized appreciation of $19,207,560 and
aggregate gross unrealized depreciation of $8,209,204.
@ 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.

				% of net assets				% of net assets
	Acquisition			(Acquisition			Market	as of
Security	Date(s)		Cost	Date)			Value	7/31/2016
JS Kred SPV I, LLC.	06/26/15	$	314,956	0.15	%	$	358,483	0.22	%
Palantir Technologies, Inc., Cl. A	10/07/14		106,558	0.05	%		180,136	0.11	%
Palantir Technologies, Inc., Cl. B	10/07/14		441,024	0.22	%		734,657	0.44	%
Palantir Technologies, Inc., Cl. D	10/14/14		57,451	0.03	%		95,711	0.06	%
Prosetta Biosciences, Inc.	02/06/15		988,245	0.50	%		992,637	0.60	%
Tolero Pharmaceuticals, Inc.	08/01/14		1,003,888	0.45	%		439,353	0.26	%
Tolero Pharmaceuticals, Inc.	10/31/14		489,082	0.23	%		214,047	0.13	%
Total						$	3,015,024	1.82	%

See Notes to Financial Statements

- 20 -

THE ALGER FUNDS | ALGER SMID CAP GROWTH FUND
Schedule of Investments July 31, 2016 (Unaudited)

COMMON STOCKS—94.0%	SHARES			VALUE
AEROSPACE & DEFENSE—0.4%
Hexcel Corp.	21,550	$		930,314
APPAREL ACCESSORIES & LUXURY GOODS—1.2%
Ralph Lauren Corp.	28,600			2,805,374
APPAREL RETAIL—1.3%
Burlington Stores, Inc.*	38,700			2,960,937
APPLICATION SOFTWARE—8.3%
Blackbaud, Inc.	56,950			3,807,107
Ellie Mae, Inc.*	9,500			875,045
Fair Isaac Corp.	12,650			1,601,996
HubSpot, Inc.*	30,750			1,678,643
Manhattan Associates, Inc.*	38,000			2,205,900
Mobileye NV*	10,350			495,868
Splunk, Inc.*	41,000			2,564,140
Tyler Technologies, Inc.*	13,700			2,233,374
Ultimate Software Group, Inc.*	16,050			3,356,055
			18,818,128
ASSET MANAGEMENT & CUSTODY BANKS—3.4%
Affiliated Managers Group, Inc.*	20,950			3,075,041
WisdomTree Investments, Inc.	451,350			4,486,419
				7,561,460
BIOTECHNOLOGY—6.0%
ACADIA Pharmaceuticals, Inc.*	85,450			3,165,068
Alexion Pharmaceuticals, Inc.*	17,850			2,295,510
Halozyme Therapeutics, Inc.*	131,900			1,311,086
Incyte Corp.*	26,900			2,426,649
Neurocrine Biosciences, Inc.*	19,050			956,881
TESARO, Inc.*	25,500			2,377,620
Ultragenyx Pharmaceutical, Inc.*	17,750			1,123,220
			13,656,034
BUILDING PRODUCTS—4.6%
Allegion PLC.	55,400			4,010,406
Fortune Brands Home & Security, Inc.	37,100			2,347,317
Masonite International Corp.*	58,400			4,078,072
			10,435,795
CONSTRUCTION & FARM MACHINERY & HEAVY
TRUCKS—1.5%
Wabtec Corp.	48,250			3,305,125
CONSUMER FINANCE—2.2%
LendingClub Corp.*	1,072,450			4,954,719
DATA PROCESSING & OUTSOURCED SERVICES—1.4%
Broadridge Financial Solutions	23,700			1,604,016
Euronet Worldwide, Inc.*	19,050			1,452,753
				3,056,769
ELECTRONIC COMPONENTS—1.0%
Dolby Laboratories Inc., Cl. A	45,250			2,276,528
ELECTRONIC EQUIPMENT MANUFACTURERS—1.5%
FLIR Systems, Inc.	106,550			3,471,399

- 21 -

THE ALGER FUNDS | ALGER SMID CAP GROWTH FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
ELECTRONIC MANUFACTURING SERVICES—1.4%
Trimble Navigation Ltd.*	118,730	$		3,139,221
FOOD DISTRIBUTORS—0.7%
Performance Food Group Co.*	58,800			1,613,472
HEALTH CARE EQUIPMENT—8.1%
Abaxis, Inc.	47,750			2,361,715
ABIOMED, Inc.*	29,350			3,462,419
Cantel Medical Corp.	61,150			4,093,993
DexCom, Inc.*	43,300			3,993,559
Insulet Corp.*	33,200			1,174,948
STERIS PLC.	28,200			2,000,790
Tactile Systems Technology, Inc.*	98,000			1,103,480
			18,190,904
HEALTH CARE FACILITIES—2.6%
Acadia Healthcare Co., Inc.*	20,550			1,161,075
Amsurg Corp.*	50,900			3,818,009
VCA Antech, Inc.*	12,900			920,286
				5,899,370
HEALTH CARE SERVICES—0.7%
Diplomat Pharmacy, Inc.*	43,650			1,568,345
HEALTH CARE SUPPLIES—2.4%
DENTSPLY SIRONA, Inc.	26,800			1,716,272
Neogen Corp.*	68,650			3,786,048
				5,502,320
HEALTH CARE TECHNOLOGY—3.2%
Medidata Solutions, Inc.*	70,150			3,728,472
Veeva Systems, Inc., Cl. A*	62,500			2,374,375
Vocera Communications, Inc.*	68,215			1,008,900
				7,111,747
HOME ENTERTAINMENT SOFTWARE—2.7%
Activision Blizzard, Inc.	68,150			2,736,904
Take-Two Interactive Software, Inc.*	83,000			3,334,940
				6,071,844
HUMAN RESOURCE & EMPLOYMENT SERVICES—2.9%
On Assignment, Inc.*	115,100			4,252,945
WageWorks, Inc.*	37,700			2,330,237
				6,583,182
INDUSTRIAL MACHINERY—0.4%
Colfax Corp.*	28,000			822,080
INTERNET SOFTWARE & SERVICES—5.1%
Criteo SA#*	25,900			1,144,521
GrubHub, Inc.*	140,650			5,333,448
Match Group, Inc.*	268,300			4,225,725
Palantir Technologies, Inc., Cl. A*,@	81,310			894,410
				11,598,104
LEISURE FACILITIES—0.4%
Planet Fitness, Inc., Cl. A*	47,302			969,691
LIFE SCIENCES TOOLS & SERVICES—2.7%
Bio-Techne Corp.	39,350			4,423,727

- 22 -

THE ALGER FUNDS | ALGER SMID CAP GROWTH FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
LIFE SCIENCES TOOLS & SERVICES—(CONT.)
Luminex Corp.*	76,150	$		1,631,894
Patheon NV*	1,900			49,134
				6,104,755
MANAGED HEALTH CARE—1.7%
Centene Corp.*	55,750			3,933,163
MOVIES & ENTERTAINMENT—1.4%
Lions Gate Entertainment Corp.	161,550			3,229,384
OIL & GAS EXPLORATION & PRODUCTION—0.4%
Whiting Petroleum Corp.*	128,100			944,097
PACKAGED FOODS & MEATS—1.0%
Amplify Snack Brands, Inc.*	72,150			1,028,859
TreeHouse Foods, Inc.*	11,350			1,171,206
				2,200,065
PAPER PACKAGING—0.2%
Sealed Air Corp.	11,650			549,647
PHARMACEUTICALS—1.5%
Pacira Pharmaceuticals, Inc.*	6,000			217,500
The Medicines Co.*	78,900			3,085,779
				3,303,279
RESEARCH & CONSULTING SERVICES—0.6%
CoStar Group, Inc.*	6,750			1,403,325
RESTAURANTS—4.7%
Shake Shack, Inc., Cl. A*	175,650			7,027,757
Wingstop, Inc.	133,900			3,481,400
			10,509,157
SEMICONDUCTORS—4.1%
Microsemi Corp.*	114,750			4,475,250
Monolithic Power Systems, Inc.	33,150			2,410,668
Skyworks Solutions, Inc.	34,900			2,304,098
				9,190,016
SPECIALIZED CONSUMER SERVICES—1.4%
ServiceMaster Global Holdings, Inc.*	83,800			3,170,154
SPECIALIZED FINANCE—3.7%
IntercontinentalExchange Group, Inc.	4,300			1,136,060
MarketAxess Holdings, Inc.	44,400			7,177,704
				8,313,764
SPECIALTY CHEMICALS—0.4%
Balchem Corp.	14,600			932,502
SYSTEMS SOFTWARE—4.4%
Proofpoint, Inc.*	52,450			3,979,381
ServiceNow, Inc.*	39,850			2,985,562
TubeMogul, Inc.*	259,746			2,911,753
				9,876,696
TRADING COMPANIES & DISTRIBUTORS—1.3%
HD Supply Holdings, Inc.*	79,300			2,869,867

- 23 -

THE ALGER FUNDS | ALGER SMID CAP GROWTH FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
TRUCKING—1.1%
Old Dominion Freight Line, Inc.*	35,050		$	2,441,583
TOTAL COMMON STOCKS
(Cost $187,939,783)			212,274,316
PREFERRED STOCKS—3.0%	SHARES			VALUE
BIOTECHNOLOGY—0.5%
Prosetta Biosciences, Inc.*,@,(a)	231,474			1,046,263
INTERNET SOFTWARE & SERVICES—1.8%
Palantir Technologies, Inc., Cl. B*,@	331,607			3,647,677
Palantir Technologies, Inc., Cl. D*,@	43,203			475,233
				4,122,910
PHARMACEUTICALS—0.7%
Intarcia Therapeutics, Inc.*,@	49,317			1,629,927
TOTAL PREFERRED STOCKS
(Cost $5,114,017)				6,799,100
RIGHTS—–%	SHARES			VALUE
BIOTECHNOLOGY—–%
Dyax Corp.*	37,550			–
(Cost $1)				–
REAL ESTATE INVESTMENT TRUST—2.8%	SHARES			VALUE
SPECIALIZED—2.8%
Crown Castle International Corp.	11,700			1,135,251
CyrusOne, Inc.	23,850			1,307,457
Lamar Advertising Co., Cl. A	57,250			3,884,985
				6,327,693
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $5,353,238)				6,327,693
Total Investments
(Cost $198,407,039)(b)	99.8	%	225,401,109
Other Assets in Excess of Liabilities	0.2	%		552,814
NET ASSETS	100.0	%	$	225,953,923

* 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, 2016, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
$203,292,010, amounted to $22,109,099 which consisted of aggregate gross unrealized appreciation of $30,142,000 and
aggregate gross unrealized depreciation of $8,032,901.

- 24 -

THE ALGER FUNDS | ALGER SMID CAP GROWTH FUND
Schedule of Investments July 31, 2016 (Unaudited) (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.

				% of net assets				% of net assets
	Acquisition			(Acquisition			Market	as of
Security	Date(s)		Cost	Date)			Value	7/31/2016
Intarcia Therapeutics, Inc.	03/27/14	$	1,597,378	0.14	%	$	1,629,927	0.72	%
Palantir Technologies, Inc., Cl. A	10/07/14		529,084	0.05	%		894,410	0.39	%
Palantir Technologies, Inc., Cl. B	10/07/14		2,189,744	0.22	%		3,647,677	1.62	%
Palantir Technologies, Inc., Cl. D	10/14/14		285,262	0.03	%		475,233	0.21	%
Prosetta Biosciences, Inc.	02/06/15		1,041,633	0.10	%		1,046,263	0.46	%
Total						$	7,693,510	3.40	%

See Notes to Financial Statements

- 25 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND
Schedule of Investments July 31, 2016 (Unaudited)

COMMON STOCKS—92.8%	SHARES			VALUE
AEROSPACE & DEFENSE—0.7%
Hexcel Corp.	21,200	$		915,204
APPAREL ACCESSORIES & LUXURY GOODS—0.5%
G-III Apparel Group Ltd.*	14,900			596,447
APPAREL RETAIL—2.4%
American Eagle Outfitters, Inc.	75,500			1,352,960
Burlington Stores, Inc.*	22,600			1,729,126
				3,082,086
APPLICATION SOFTWARE—12.9%
American Software, Inc., Cl. A	176,151			1,942,946
ANSYS, Inc.*	6,900			616,584
Blackbaud, Inc.	36,300			2,426,655
Ellie Mae, Inc.*	10,000			921,100
Fair Isaac Corp.	7,500			949,800
Guidewire Software, Inc.*	17,900			1,100,313
HubSpot, Inc.*	22,100			1,206,439
Manhattan Associates, Inc.*	42,400			2,461,320
Paycom Software, Inc.*	29,800			1,406,858
Talend SA#*	6,800			173,400
Tyler Technologies, Inc.*	22,100			3,602,742
			16,808,157
ASSET MANAGEMENT & CUSTODY BANKS—1.7%
WisdomTree Investments, Inc.	224,098			2,227,534
AUTO PARTS & EQUIPMENT—0.8%
Tenneco, Inc.*	17,500			989,100
AUTOMOTIVE RETAIL—0.9%
Lithia Motors, Inc., Cl. A	13,400			1,156,286
BIOTECHNOLOGY—3.4%
ACADIA Pharmaceuticals, Inc.*	49,300			1,826,072
Halozyme Therapeutics, Inc.*	34,600			343,924
Heron Therapeutics, Inc.*	17,900			297,498
Portola Pharmaceuticals, Inc.*	13,400			347,864
TESARO, Inc.*	13,300			1,240,092
Ultragenyx Pharmaceutical, Inc.*	6,700			423,976
				4,479,426
BUILDING PRODUCTS—1.7%
Masonite International Corp.*	32,500			2,269,475
COMMUNICATIONS EQUIPMENT—1.2%
NetScout Systems, Inc.*	54,300			1,519,314
CONSUMER FINANCE—1.4%
LendingClub Corp.*	402,400			1,859,088
DATA PROCESSING & OUTSOURCED SERVICES—2.1%
Euronet Worldwide, Inc.*	22,100			1,685,346
MAXIMUS, Inc.	18,400			1,084,128
				2,769,474
ELECTRONIC COMPONENTS—2.0%
Dolby Laboratories Inc., Cl. A	18,500			930,735
DTS, Inc.*	60,700			1,686,853
				2,617,588

- 26 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
ELECTRONIC EQUIPMENT MANUFACTURERS—3.0%
Cognex Corp.	59,100	$	2,669,547
FLIR Systems, Inc.	39,800		1,296,684
			3,966,231
FOOD DISTRIBUTORS—1.0%
Performance Food Group Co.*	48,600		1,333,584
HEALTH CARE EQUIPMENT—7.3%
Abaxis, Inc.	42,600		2,106,996
ABIOMED, Inc.*	19,200		2,265,024
Cantel Medical Corp.	39,000		2,611,050
Inogen, Inc.*	18,700		1,004,938
STERIS PLC.	13,100		929,445
Tactile Systems Technology, Inc.*	56,600		637,316
			9,554,769
HEALTH CARE FACILITIES—3.1%
Amsurg Corp.*	17,600		1,320,176
Surgery Partners, Inc.*	38,800		703,444
VCA Antech, Inc.*	29,000		2,068,860
			4,092,480
HEALTH CARE SUPPLIES—5.1%
Meridian Bioscience, Inc.	39,200		758,912
Neogen Corp.*	63,800		3,518,570
Quidel Corp.*	102,700		2,341,560
			6,619,042
HEALTH CARE TECHNOLOGY—4.4%
Medidata Solutions, Inc.*	47,900		2,545,885
Veeva Systems, Inc., Cl. A*	49,800		1,891,902
Vocera Communications, Inc.*	92,300		1,365,117
			5,802,904
HOME ENTERTAINMENT SOFTWARE—1.3%
Take-Two Interactive Software, Inc.*	42,600		1,711,668
HUMAN RESOURCE & EMPLOYMENT SERVICES—2.8%
On Assignment, Inc.*	37,900		1,400,405
WageWorks, Inc.*	36,400		2,249,884
			3,650,289
INDUSTRIAL MACHINERY—2.7%
Proto Labs, Inc.*	31,900		1,755,776
Sun Hydraulics Corp.	57,500		1,736,500
			3,492,276
INTERNET SOFTWARE & SERVICES—5.7%
comScore, Inc.*	5,000		129,750
Cvent, Inc.*	19,500		636,090
GrubHub, Inc.*	66,800		2,533,056
NIC, Inc.	55,700		1,298,924
SPS Commerce, Inc.*	16,900		1,070,108
Stamps.com, Inc.*	23,100		1,751,095
			7,419,023
LEISURE FACILITIES—0.6%
Planet Fitness, Inc., Cl. A*	36,600		750,300

- 27 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
LIFE SCIENCES TOOLS & SERVICES—4.3%
Bio-Techne Corp.	28,500	$		3,203,970
Luminex Corp.*	84,300			1,806,549
Patheon NV*	1,100			28,446
PRA Health Sciences, Inc.*	13,000			602,940
				5,641,905
MANAGED HEALTH CARE—0.7%
Molina Healthcare, Inc.*	15,900			903,279
MOVIES & ENTERTAINMENT—0.7%
Lions Gate Entertainment Corp.	44,400			887,556
OIL & GAS EQUIPMENT & SERVICES—0.5%
RPC, Inc.*	45,100			653,499
OIL & GAS EXPLORATION & PRODUCTION—1.1%
Parsley Energy, Inc., Cl. A*	20,100			573,051
QEP Resources, Inc.	43,700			795,340
				1,368,391
PACKAGED FOODS & MEATS—1.1%
TreeHouse Foods, Inc.*	13,300			1,372,427
PHARMACEUTICALS—1.2%
Pacira Pharmaceuticals, Inc.*	24,400			884,500
The Medicines Co.*	17,500			684,425
				1,568,925
REGIONAL BANKS—0.7%
Boston Private Financial Holdings, Inc.	78,600			952,632
RESTAURANTS—3.9%
Dave & Buster's Entertainment, Inc.*	20,700			921,150
Shake Shack, Inc., Cl. A*	69,400			2,776,694
Wingstop, Inc.	53,900			1,401,400
				5,099,244
SEMICONDUCTORS—3.1%
Cavium Networks, Inc.*	18,000			840,060
Microsemi Corp.*	41,297			1,610,583
Monolithic Power Systems, Inc.	21,100			1,534,392
				3,985,035
SPECIALTY CHEMICALS—1.9%
Balchem Corp.	39,000			2,490,930
SPECIALTY STORES—1.0%
Five Below, Inc.*	25,455			1,298,460
SYSTEMS SOFTWARE—2.9%
Proofpoint, Inc.*	30,100			2,283,687
TubeMogul, Inc.*	135,649			1,520,625
				3,804,312
TRADING COMPANIES & DISTRIBUTORS—1.0%
SiteOne Landscape Supply, Inc.*	8,100			314,604
Watsco, Inc.	6,900			993,876
				1,308,480
TOTAL COMMON STOCKS
(Cost $106,273,871)			121,016,820

- 28 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

PREFERRED STOCKS—0.3%	SHARES				VALUE
BIOTECHNOLOGY—0.3%
Prosetta Biosciences, Inc.*,@,(a)	50,688		$		229,109
Tolero Pharmaceuticals, Inc.*,@,(a)	148,237				195,673
					424,782
TOTAL PREFERRED STOCKS
(Cost $675,194)					424,782
RIGHTS—–%	SHARES				VALUE
BIOTECHNOLOGY—–%
Dyax Corp.*	9,700				–
Neuralstem, Inc., 1/8/2019*,@	77,950				–
					–
TOTAL RIGHTS
(Cost $0)					–
REAL ESTATE INVESTMENT TRUST—3.4%	SHARES				VALUE
SPECIALIZED—3.4%
CyrusOne, Inc.	44,500				2,439,490
Sovran Self Storage, Inc.	20,000				2,047,400
					4,486,890
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $3,140,908)					4,486,890
SPECIAL PURPOSE VEHICLE—0.3%	SHARES				VALUE
CONSUMER FINANCE—0.3%
JS Kred SPV I, LLC.@	290,078				330,167
(Cost $290,078)					330,167
Total Investments
(Cost $110,380,051)(b)	96.8	%		126,258,659
Other Assets in Excess of Liabilities	3.2	%			4,186,986
NET ASSETS	100.0	%	$		130,445,645

- 29 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND
Schedule of Investments July 31, 2016 (Unaudited) (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, 2016, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
$112,230,488, amounted to $14,028,171 which consisted of aggregate gross unrealized appreciation of $20,394,690 and
aggregate gross unrealized depreciation of $6,366,519.
@ 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.

				% of net assets				% of net assets
	Acquisition			(Acquisition			Market	as of
Security	Date(s)		Cost	Date)			Value	7/31/2016
JS Kred SPV I, LLC.	6/26/15	$	290,078	0.15	%	$	330,167	0.25	%
Prosetta Biosciences, Inc.	02/06/15		228,096	0.10	%		229,109	0.18	%
Tolero Pharmaceuticals, Inc.	10/31/14		447,098	0.19	%		195,673	0.15	%
Total						$	754,949	0.58	%

See Notes to Financial Statements

- 30 -

THE ALGER FUNDS | ALGER SMALL CAP FOCUS FUND
Schedule of Investments July 31, 2016 (Unaudited)

COMMON STOCKS—94.1%	SHARES			VALUE
APPLICATION SOFTWARE—19.1%
American Software, Inc., Cl. A	222,545	$		2,454,671
ANSYS, Inc.*	19,700			1,760,392
Blackbaud, Inc.	82,255			5,498,747
Ellie Mae, Inc.*	19,645			1,809,501
Fair Isaac Corp.	8,590			1,087,838
Guidewire Software, Inc.*	22,705			1,395,676
HubSpot, Inc.*	47,960			2,618,137
Manhattan Associates, Inc.*	88,585			5,142,359
Paycom Software, Inc.*	24,725			1,167,267
Tyler Technologies, Inc.*	34,443			5,614,898
			28,549,486
BIOTECHNOLOGY—2.6%
Incyte Corp.*	42,830			3,863,694
COMMUNICATIONS EQUIPMENT—2.3%
NetScout Systems, Inc.*	123,250			3,448,535
ELECTRONIC COMPONENTS—3.0%
Dolby Laboratories Inc., Cl. A	43,890			2,208,106
DTS, Inc.*	79,757			2,216,447
				4,424,553
ELECTRONIC EQUIPMENT MANUFACTURERS—3.7%
Cognex Corp.	122,980			5,555,007
HEALTH CARE EQUIPMENT—15.0%
Abaxis, Inc.	53,737			2,657,832
ABIOMED, Inc.*	24,465			2,886,136
Cantel Medical Corp.	112,185			7,510,786
DexCom, Inc.*	42,945			3,960,817
Inogen, Inc.*	58,095			3,122,025
Insulet Corp.*	45,255			1,601,575
Tactile Systems Technology, Inc.*	64,700			728,522
			22,467,693
HEALTH CARE FACILITIES—1.9%
VCA Antech, Inc.*	40,035			2,856,097
HEALTH CARE SUPPLIES—8.2%
Endologix, Inc.*	154,421			2,178,880
Meridian Bioscience, Inc.	134,485			2,603,630
Neogen Corp.*	84,094			4,637,784
Quidel Corp.*	127,590			2,909,052
			12,329,346
HEALTH CARE TECHNOLOGY—8.4%
Medidata Solutions, Inc.*	103,891			5,521,807
Veeva Systems, Inc., Cl. A*	119,240			4,529,928
Vocera Communications, Inc.*	165,179			2,442,997
			12,494,732
HUMAN RESOURCE & EMPLOYMENT SERVICES—2.7%
WageWorks, Inc.*	65,379			4,041,076
INDUSTRIAL MACHINERY—3.2%
Proto Labs, Inc.*	51,865			2,854,650

- 31 -

THE ALGER FUNDS | ALGER SMALL CAP FOCUS FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES				VALUE
INDUSTRIAL MACHINERY—(CONT.)
Sun Hydraulics Corp.	64,110		$		1,936,122
					4,790,772
INTERNET SOFTWARE & SERVICES—5.1%
Cvent, Inc.*	44,375				1,447,513
NIC, Inc.	82,520				1,924,366
SPS Commerce, Inc.*	23,470				1,486,120
Stamps.com, Inc.*	36,696				2,781,740
					7,639,739
LIFE SCIENCES TOOLS & SERVICES—4.4%
Bio-Techne Corp.	42,075				4,730,071
Luminex Corp.*	83,751				1,794,784
					6,524,855
PHARMACEUTICALS—1.3%
Heska Corp.*	44,249				1,882,795
RESTAURANTS—2.5%
Shake Shack, Inc., Cl. A*	63,200				2,528,632
Wingstop, Inc.	48,953				1,272,778
					3,801,410
SEMICONDUCTORS—1.5%
Monolithic Power Systems, Inc.	29,930				2,176,510
SPECIALIZED FINANCE—1.0%
MarketAxess Holdings, Inc.	9,435				1,525,262
SPECIALTY CHEMICALS—3.4%
Balchem Corp.	80,238				5,124,801
SYSTEMS SOFTWARE—4.8%
Proofpoint, Inc.*	55,936				4,243,864
TubeMogul, Inc.*	265,614				2,977,533
					7,221,397
TOTAL COMMON STOCKS
(Cost $124,673,764)				140,717,760
PREFERRED STOCKS—0.0%	SHARES				VALUE
BIOTECHNOLOGY—0.0%
Tolero Pharmaceuticals, Inc.*,@,(a)	10,097				13,328
PHARMACEUTICALS—0.0%
Intarcia Therapeutics, Inc.*,@	759				25,085
TOTAL PREFERRED STOCKS
(Cost $55,038)					38,413
Total Investments
(Cost $124,728,802)(b)	94.1	%		140,756,173
Other Assets in Excess of Liabilities	5.9	%			8,901,452
NET ASSETS	100.0	%	$		149,657,625

* Non-income producing security.
(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.

- 32 -

THE ALGER FUNDS | ALGER SMALL CAP FOCUS FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

(b)At July 31, 2016, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
$125,463,437, amounted to $15,292,736 which consisted of aggregate gross unrealized appreciation of $16,723,236 and
aggregate gross unrealized depreciation of $1,430,500.
@ 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.

				% of net assets				% of net assets
	Acquisition			(Acquisition			Market	as of
Security	Date(s)		Cost	Date)			Value	7/31/2016
Intarcia Therapeutics, Inc.	03/27/14	$	24,584	0.14	%	$	25,085	0.01	%
Tolero Pharmaceuticals, Inc.	10/31/14		30,454	0.20	%		13,328	0.01	%
Total						$	38,413	0.02	%

See Notes to Financial Statements

- 33 -

THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND
Schedule of Investments July 31, 2016 (Unaudited)

COMMON STOCKS—94.8%	SHARES		VALUE
BIOTECHNOLOGY—29.6%
ACADIA Pharmaceuticals, Inc.*	59,600	$	2,207,584
Alexion Pharmaceuticals, Inc.*	11,500		1,478,900
Amicus Therapeutics, Inc.*	110,150		740,208
ARIAD Pharmaceuticals, Inc.*	82,000		779,820
Bavarian Nordic A/S*	7,950		303,212
Bellicum Pharmaceuticals, Inc.*	50,000		794,000
Biogen, Inc.*	14,750		4,276,467
BioMarin Pharmaceutical, Inc.*	55,500		5,517,810
Bluebird Bio, Inc.*	13,500		771,930
Calithera Biosciences, Inc.*	10,000		31,700
Catabasis Pharmaceuticals, Inc.*	85,782		329,403
Celgene Corp.*	15,500		1,738,945
Celldex Therapeutics, Inc.*	53,200		245,784
Chimerix, Inc.*	36,150		144,238
Five Prime Therapeutics, Inc.*	14,400		729,936
Global Blood Therapeutics, Inc.*	17,000		303,960
Halozyme Therapeutics, Inc.*	123,000		1,222,620
Heron Therapeutics, Inc.*	16,000		265,920
Incyte Corp.*	42,500		3,833,925
Ironwood Pharmaceuticals, Inc.*	13,000		183,690
Lexicon Pharmaceuticals, Inc.*	8,000		130,560
Medivation, Inc.*	25,000		1,599,750
Novavax, Inc.*	70,000		512,400
Otonomy, Inc.*	23,150		332,434
Sarepta Therapeutics, Inc.*	70,000		1,769,600
Spark Therapeutics, Inc.*	14,000		811,160
TESARO, Inc.*	14,850		1,384,614
TG Therapeutics, Inc.*	70,000		413,700
Ultragenyx Pharmaceutical, Inc.*	5,000		316,400
United Therapeutics Corp.*	2,500		302,525
Vertex Pharmaceuticals, Inc.*	47,400		4,597,800
		38,070,995
HEALTH CARE EQUIPMENT—20.4%
ABIOMED, Inc.*	29,000		3,421,130
Baxter International, Inc.	25,000		1,200,500
Boston Scientific Corp.*	85,000		2,063,800
CR Bard, Inc.	5,000		1,118,650
DexCom, Inc.*	38,000		3,504,740
Edwards Lifesciences Corp.*	40,000		4,580,800
Hologic, Inc.*	4,000		153,960
IDEXX Laboratories, Inc.*	19,000		1,782,010
Inogen, Inc.*	4,000		214,960
Insulet Corp.*	12,000		424,680
Intuitive Surgical, Inc.*	950		660,972
Masimo Corp.*	11,500		609,155
Medtronic PLC.	22,000		1,927,860
Nevro Corp.*	13,000		1,075,100
Stryker Corp.	26,000		3,023,280

- 34 -

THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
HEALTH CARE EQUIPMENT—(CONT.)
Teleflex, Inc.	3,000	$		540,930
			26,302,527
HEALTH CARE FACILITIES—9.6%
Acadia Healthcare Co., Inc.*	22,000			1,243,000
Amsurg Corp.*	27,000			2,025,270
HCA Holdings, Inc.*	40,000			3,085,200
Surgical Care Affiliates, Inc.*	16,500			858,165
Universal Health Services, Inc., Cl. B	17,800			2,305,634
VCA Antech, Inc.*	40,000			2,853,600
			12,370,869
HEALTH CARE SERVICES—0.8%
BioTelemetry, Inc.*	15,000			285,300
Diplomat Pharmacy, Inc.*	20,000			718,600
				1,003,900
HEALTH CARE SUPPLIES—1.5%
Endologix, Inc.*	31,000			437,410
The Spectranetics Corp.*	22,000			509,960
West Pharmaceutical Services, Inc.	12,000			963,360
				1,910,730
HEALTH CARE TECHNOLOGY—0.3%
Evolent Health, Inc.*	18,000			423,720
LIFE SCIENCES TOOLS & SERVICES—1.7%
Charles River Laboratories International, Inc.*	14,500			1,274,985
NanoString Technologies, Inc.*	37,000			502,830
Patheon NV*	13,000			336,180
				2,113,995
MANAGED HEALTH CARE—6.4%
Aetna, Inc.	12,000			1,382,520
Centene Corp.*	12,000			846,600
Humana, Inc.	4,000			690,200
UnitedHealth Group, Inc.	36,900			5,284,080
				8,203,400
PHARMACEUTICALS—24.5%
Aerie Pharmaceuticals, Inc.*	35,000			607,250
Akorn, Inc.*	42,000			1,437,660
Alcobra Ltd.*	28,500			121,980
Allergan PLC.*	11,567			2,925,873
AstraZeneca PLC#	5,000			170,700
Bristol-Myers Squibb Co.	106,350			7,956,043
Cempra, Inc.*	41,150			739,466
Dermira, Inc.*	38,000			1,275,280
Eli Lilly & Co.	65,000			5,387,850
Emmaus Life Sciences, Inc.*,@	479,063			143,719
GlaxoSmithKline PLC.#	42,000			1,892,940
GW Pharmaceuticals PLC.#*	2,250			212,220
Intra-Cellular Therapies, Inc.*	5,200			212,160
Nektar Therapeutics*	40,000			691,600
Novo Nordisk A/S#	17,850			1,016,914

- 35 -

THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES				VALUE
PHARMACEUTICALS—(CONT.)
Pacira Pharmaceuticals, Inc.*	13,000		$		471,250
Redhill Biopharma Ltd.#*	22,500				295,425
Shire PLC.#	25,600				4,969,472
Supernus Pharmaceuticals, Inc.*	28,500				633,270
Theravance Biopharma, Inc.*	16,000				408,160
				31,569,232
TOTAL COMMON STOCKS
(Cost $113,935,966)				121,969,368
PREFERRED STOCKS—5.0%	SHARES				VALUE
BIOTECHNOLOGY—4.8%
Prosetta Biosciences, Inc.*,@,(a)	897,366				4,056,095
Tolero Pharmaceuticals, Inc.*,@,(a)	1,638,547				2,162,882
					6,218,977
PHARMACEUTICALS—0.2%
Intarcia Therapeutics, Inc.*,@	8,965				296,293
TOTAL PREFERRED STOCKS
(Cost $9,270,545)					6,515,270
RIGHTS—–%	SHARES				VALUE
BIOTECHNOLOGY—–%
Dyax Corp.*	21,800				–
Neuralstem, Inc., 1/8/2019*,@	344,125				–
					–
PHARMACEUTICALS—–%
Emmaus Life Sciences, Inc., 9/11/2018*,@	320,000				–
TOTAL RIGHTS
(Cost $1)					–
Total Investments
(Cost $123,206,512)(b)	99.8	%		128,484,638
Other Assets in Excess of Liabilities	0.2	%			224,458
NET ASSETS	100.0	%	$		128,709,096

* 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, 2016, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
$124,083,485, amounted to $4,401,153 which consisted of aggregate gross unrealized appreciation of $17,626,863 and
aggregate gross unrealized depreciation of $13,225,710.

- 36 -

THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND
Schedule of Investments July 31, 2016 (Unaudited) (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.

				% of net assets				% of net assets
	Acquisition			(Acquisition			Market	as of
Security	Date(s)		Cost	Date)			Value	7/31/2016
Emmaus Life Sciences, Inc.	9/9/2013	$	800,000	0.42	%	$	84,745	0.06	%
Emmaus Life Sciences, Inc.	6/6/2014		556,721	0.28	%		58,974	0.05	%
Emmaus Life Sciences, Inc.,	9/9/2013		0.00	0.00	%		0.00	0.00	%
Rights
Intarcia Therapeutics, Inc.	3/27/2014		290,376	0.15	%		296,293	0.23	%
Prosetta Biosciences, Inc.	2/6/2015		4,038,147	2.00	%		4,056,095	3.15	%
Tolero Pharmaceuticals, Inc.	8/1/2014		3,914,286	2.01	%		1,708,677	1.33	%
Tolero Pharmaceuticals, Inc.	10/31/2014		1,027,736	0.49	%		454,205	0.35	%
Total						$	6,658,989	5.17	%

See Notes to Financial Statements

- 37 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments July 31, 2016 (Unaudited)

COMMON STOCKS—92.8%	SHARES		VALUE
ADVERTISING—0.0%
Choicestream, Inc.*,@,(a)	5,064	$	1,620
AEROSPACE & DEFENSE—4.8%
General Dynamics Corp.	7,200		1,057,608
Honeywell International, Inc.	18,000		2,093,940
The Boeing Co.	12,020		1,606,593
			4,758,141
AIR FREIGHT & LOGISTICS—0.8%
United Parcel Service, Inc., Cl. B	7,300		789,130
AIRPORT SERVICES—0.8%
Macquarie Infrastructure Corp.	9,780		749,637
APPAREL RETAIL—1.0%
L Brands, Inc.	6,300		465,570
VF Corp.	7,700		480,711
			946,281
ASSET MANAGEMENT & CUSTODY BANKS—1.5%
BlackRock, Inc.	4,100		1,501,625
AUTO PARTS & EQUIPMENT—1.1%
Delphi Automotive PLC.	15,500		1,051,210
BIOTECHNOLOGY—1.5%
Amgen, Inc.	4,100		705,323
Gilead Sciences, Inc.	9,700		770,859
			1,476,182
BREWERS—1.0%
Molson Coors Brewing Co., Cl. B	9,800		1,001,168
CABLE & SATELLITE—1.9%
Comcast Corporation, Cl. A	28,100		1,889,725
CASINOS & GAMING—0.5%
Las Vegas Sands Corp.	9,500		481,175
COMMUNICATIONS EQUIPMENT—1.3%
Cisco Systems, Inc.	41,100		1,254,783
CONSUMER ELECTRONICS—0.6%
Garmin Ltd.	11,100		603,063
CONSUMER FINANCE—0.7%
Discover Financial Services	11,800		670,712
DIVERSIFIED BANKS—4.7%
JPMorgan Chase & Co.	41,461		2,652,260
Wells Fargo & Co.	40,900		1,961,973
			4,614,233
DIVERSIFIED CHEMICALS—0.9%
The Dow Chemical Co.	16,500		885,555
DRUG RETAIL—1.9%
CVS Caremark Corp.	15,600		1,446,432
Walgreens Boots Alliance, Inc.	6,100		483,425
			1,929,857
ELECTRICAL COMPONENTS & EQUIPMENT—0.5%
Eaton Corp., PLC.	8,200		519,962
FERTILIZERS & AGRICULTURAL CHEMICALS—0.5%
Monsanto Co.	2,700		288,279

- 38 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
FERTILIZERS & AGRICULTURAL CHEMICALS—(CONT.)
Potash Corporation of Saskatchewan, Inc.	13,800	$	215,280
			503,559
HEALTH CARE EQUIPMENT—0.9%
Becton Dickinson and Co.	5,100		897,600
HOME IMPROVEMENT RETAIL—2.3%
The Home Depot, Inc.	16,700		2,308,608
HOTELS RESORTS & CRUISE LINES—0.6%
Royal Caribbean Cruises Ltd.	8,400		608,496
HOUSEHOLD PRODUCTS—1.6%
The Procter & Gamble Co.	18,225		1,559,878
HYPERMARKETS & SUPER CENTERS—0.9%
Wal-Mart Stores, Inc.	11,700		853,749
INDUSTRIAL CONGLOMERATES—2.1%
General Electric Co.	68,347		2,128,326
INTEGRATED OIL & GAS—3.9%
Exxon Mobil Corp.	32,100		2,855,295
TOTAL SA#	21,900		1,053,390
			3,908,685
INTEGRATED TELECOMMUNICATION SERVICES—3.8%
AT&T, Inc.	30,300		1,311,687
Verizon Communications, Inc.	43,829		2,428,565
			3,740,252
INTERNET SOFTWARE & SERVICES—4.5%
Alphabet, Inc., Cl. A*	2,005		1,586,637
Alphabet, Inc., Cl. C*	2,010		1,545,268
Facebook, Inc., Cl. A*	10,900		1,350,946
			4,482,851
INVESTMENT BANKING & BROKERAGE—2.0%
Morgan Stanley	51,500		1,479,595
TD Ameritrade Holding Corp.	18,100		549,516
			2,029,111
LEISURE FACILITIES—0.7%
Six Flags Entertainment Corp.	12,700		716,153
LEISURE PRODUCTS—1.3%
Coach, Inc.	15,700		676,827
Mattel, Inc.	17,300		577,474
			1,254,301
MANAGED HEALTH CARE—2.5%
Aetna, Inc.	11,000		1,267,310
UnitedHealth Group, Inc.	8,500		1,217,200
			2,484,510
MOVIES & ENTERTAINMENT—0.8%
Time Warner, Inc.	10,000		766,500
MULTI-LINE INSURANCE—0.7%
Hartford Financial Services Group, Inc.	16,900		673,465
MULTI-UTILITIES—0.7%
Sempra Energy	6,500		727,220

- 39 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
OIL & GAS EQUIPMENT & SERVICES—0.9%
Halliburton Company	19,500	$		851,370
OIL & GAS EXPLORATION & PRODUCTION—0.9%
ConocoPhillips	21,000			857,220
OTHER DIVERSIFIED FINANCIAL SERVICES—1.0%
Bank of America Corp.	65,900			954,891
PACKAGED FOODS & MEATS—0.9%
The Kraft Heinz Co.	10,900			941,651
PHARMACEUTICALS—10.1%
Bristol-Myers Squibb Co.	27,900			2,087,199
Eli Lilly & Co.	20,500			1,699,245
GlaxoSmithKline PLC.#	17,100			770,697
Johnson & Johnson	20,000			2,504,600
Pfizer, Inc.	59,099			2,180,162
Roche Holding AG#	23,800			763,742
			10,005,645
RAILROADS—1.2%
CSX Corp.	42,100			1,192,693
RESTAURANTS—1.7%
Darden Restaurants, Inc.	8,100			498,636
McDonald's Corp.	9,800			1,152,970
				1,651,606
SECURITY & ALARM SERVICES—1.1%
Tyco International PLC.	25,000			1,139,250
SEMICONDUCTOR EQUIPMENT—0.7%
Kla-Tencor Corp.	9,700			734,387
SEMICONDUCTORS—4.0%
Broadcom Ltd.	10,900			1,765,582
Intel Corp.	42,000			1,464,120
QUALCOMM, Inc.	12,100			757,218
				3,986,920
SOFT DRINKS—3.1%
PepsiCo, Inc.	19,800			2,156,616
The Coca-Cola Co.	20,700			903,141
				3,059,757
SPECIALIZED FINANCE—1.4%
CME Group, Inc.	13,350			1,364,904
SYSTEMS SOFTWARE—3.7%
Microsoft Corp.	65,400			3,706,872
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.2%
Apple, Inc.	32,655			3,402,978
Western Digital Corp.	15,200			722,152
				4,125,130
TOBACCO—2.6%
Altria Group, Inc.	37,415			2,532,995
TOTAL COMMON STOCKS
(Cost $63,200,296)				91,872,614

- 40 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

CONVERTIBLE PREFERRED STOCKS—0.7%	SHARES			VALUE
PHARMACEUTICALS—0.7%
Allergan PLC., 5.50%, 3/1/2018	770		$	690,182
(Cost $770,000)				690,182
PREFERRED STOCKS—0.0%	SHARES			VALUE
ADVERTISING—0.0%
Choicestream, Inc., Cl. A*,@,(a)	43,672			13,975
Choicestream, Inc., Cl. B*,@,(a)	89,234			28,555
				42,530
TOTAL PREFERRED STOCKS
(Cost $88,465)				42,530
MASTER LIMITED PARTNERSHIP—1.8%	SHARES			VALUE
ASSET MANAGEMENT & CUSTODY BANKS—1.4%
The Blackstone Group LP.	50,400			1,352,736
OIL & GAS STORAGE & TRANSPORTATION—0.4%
Cheniere Energy Partners LP.	16,300			454,281
TOTAL MASTER LIMITED PARTNERSHIP
(Cost $1,685,765)				1,807,017
REAL ESTATE INVESTMENT TRUST—3.2%	SHARES			VALUE
HEALTH CARE—0.9%
Welltower, Inc.	11,100			880,563
MORTGAGE—0.6%
Blackstone Mortgage Trust, Inc., Cl. A	22,200			644,022
SPECIALIZED—1.7%
Crown Castle International Corp.	8,400			815,052
Lamar Advertising Co., Cl. A	12,600			855,036
				1,670,088
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $2,584,853)				3,194,673
Total Investments
(Cost $68,329,379)(b)	98.5	%		97,607,016
Other Assets in Excess of Liabilities	1.5	%		1,439,323
NET ASSETS	100.0	%	$	99,046,339

- 41 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments July 31, 2016 (Unaudited) (Continued)

(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.
* Non-income producing security.
# American Depositary Receipts.
(b)At July 31, 2016, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
$68,071,258, amounted to $29,535,758 which consisted of aggregate gross unrealized appreciation of $30,845,584 and
aggregate gross unrealized depreciation of $1,309,826.
@ 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.

				% of net assets				% of net assets
	Acquisition			(Acquisition			Market	as of
Security	Date(s)		Cost	Date)			Value	7/31/2016
Choicestream, Inc.	03/14/14	$	1,469	0.00	%	$	1,620	0.00	%
Choicestream, Inc., Cl. A	12/17/13		34,924	0.03	%		13,975	0.01	%
Choicestream, Inc., Cl. B	07/10/14		53,541	0.05	%		28,555	0.03	%
Total						$	44,150	0.04	%

See Notes to Financial Statements

- 42 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1 — General:
The Alger Funds (the “Trust”) is a diversified, open-end registered investment company
organized as a business trust under the laws of the Commonwealth of Massachusetts. The
Trust qualifies as an investment company as defined in the Financial Accounting Standards
Board Accounting Standards Codification 946-Financial Services – Investment Companies.
The Trust operates as a series company currently offering an unlimited number of shares
of beneficial interest in eight funds — Alger Capital Appreciation Fund, Alger International
Growth Fund, Alger Mid Cap Growth Fund, Alger SMid Cap Growth Fund, Alger Small
Cap Growth Fund, Alger Growth Opportunities Fund, Alger Health Sciences Fund and
Alger Growth & Income Fund (collectively, the “Funds” or individually, each a “Fund”).
The Alger Capital Appreciation Fund, Alger International Growth Fund, Alger Mid Cap
Growth Fund, Alger SMid Cap Growth Fund, Alger Small Cap Growth Fund, Alger
Growth Opportunities Fund and Alger Health Sciences Fund normally invest primarily in
equity securities and each has an investment objective of long-term capital appreciation.
The Alger Growth & Income Fund also invests primarily in equity securities but has an
investment objective of both capital appreciation and current income.

Each Fund offers one or more of the following share classes: Class A, B, C, I and Z. Class A
shares are generally subject to an initial sales charge while Class B and C shares are generally
subject to a deferred sales charge. Class B shares will automatically convert to Class A
shares eight years after the end of the calendar month in which the order to purchase was
accepted. The conversion is completed without the imposition of any sales charges or other
fees. Class I and Z shares are sold to institutional investors without an initial or deferred
sales charge. Each class has identical rights to assets and earnings, except that each share
class bears the costs of its plan of distribution, if it maintains one, and transfer agency and
sub-transfer agency services.

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

Debt securities generally trade in the over-the-counter market. Debt securities with
remaining maturities of more than sixty days at the time of acquisition are valued on
the basis of last available bid prices or current market quotations provided by dealers
or pricing services. In determining the value of a particular investment, pricing services
may use certain information with respect to transactions in such investments, quotations
- 43 -

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

from dealers, pricing matrixes, market transactions in comparable investments, various
relationships observed in the market between investments and calculated yield measures
based on valuation technology commonly employed in the market for such investments.
Asset-backed and mortgage-backed securities are valued by independent pricing services
using models that consider estimated cash flows of each tranche of the security, establish a
benchmark yield and develop an estimated tranche-specific spread to the benchmark yield
based on the unique attributes of the tranche. Debt securities with a remaining maturity of
sixty days or less are valued at amortized cost which approximates market value.

Securities for which market quotations are not readily available are valued at fair value, as
determined in good faith pursuant to procedures established by the Board of Trustees.

Securities in which the Funds invest may be traded in foreign markets that close before the
close of the NYSE. Developments that occur between the close of the foreign markets and
the close of the NYSE may result in adjustments to the closing foreign prices to reflect what
the investment manager, pursuant to policies established by the Board of Trustees, believes
to be the fair value of these securities as of the close of the NYSE. The Funds may also fair
value securities in other situations, for example, when a particular foreign market is closed
but the Fund is open.

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

• Level 1 – quoted prices in active markets for identical investments
• Level 2 – 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
- 44 -

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

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

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

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

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

(b) Cash and Cash Equivalents: Cash and cash equivalents include U.S. dollars, foreign cash
and overnight time deposits.
NOTE 3 — Fair Value Measurements:
The following is a summary of the inputs used as of July 31, 2016 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.

- 45 -

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

Alger Capital Appreciation Fund			TOTAL FUND				LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Consumer Discretionary	$	440,044,059			$	440,017,513			—	$	26,546
Consumer Staples			184,056,901			184,056,901			—		—
Energy			45,530,161			45,530,161			—		—
Financials			23,034,682			23,034,682			—		—
Health Care			520,930,174			520,930,174			—		—
Industrials			220,886,110			220,886,110			—		—
Information Technology			942,884,461			941,198,359			—		1,686,102
Materials			24,924,839			24,924,839			—		—
Telecommunication Services			43,178,143			43,178,143			—		—
TOTAL COMMON STOCKS	$	2,445,469,530			$	2,443,756,882			—	$	1,712,648
MASTER LIMITED PARTNERSHIP
Financials			17,307,828			17,307,828			—		—
PREFERRED STOCKS
Consumer Discretionary				756,892			—		—		756,892
Health Care				2,534,340			—		—		2,534,340
Information Technology				7,772,325			—		—		7,772,325
TOTAL PREFERRED STOCKS	$			11,063,557			—		—	$	11,063,557
REAL ESTATE INVESTMENT TRUST
Financials			26,178,133			26,178,133			—		—
TOTAL INVESTMENTS IN
SECURITIES	$	2,500,019,048			$	2,487,242,843			—	$	12,776,205
Alger International Growth Fund			TOTAL FUND				LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Consumer Discretionary	$	19,146,124			$		2,434,738	$	16,711,386		—
Consumer Staples			25,502,570				5,547,246	19,955,324			—
Energy			15,772,468				5,153,299	10,619,169			—
Financials			31,478,290				5,822,436	25,655,854			—
Health Care			28,122,982				9,265,000	18,857,982			—
Industrials			15,333,052				—	15,333,052			—
Information Technology			29,307,568			14,845,413		14,462,155			—
Materials				7,802,999			1,134,736		6,668,263		—
Telecommunication Services				8,321,304			—		8,321,304		—
Utilities				10,111,513			3,281,221		6,830,292		—
TOTAL COMMON STOCKS	$			190,898,870	$		47,484,089	$	143,414,781		—
TOTAL INVESTMENTS IN
SECURITIES	$			190,898,870	$		47,484,089	$	143,414,781		—

- 46 -

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

Alger Mid Cap Growth Fund		TOTAL FUND				LEVEL 1	LEVEL 2			LEVEL 3
COMMON STOCKS
Consumer Discretionary	$		36,297,328	$	36,297,328			—		—
Consumer Staples			9,536,640			9,536,640		—		—
Energy			1,817,718			1,817,718		—		—
Financials			7,694,967			7,694,967		—		—
Health Care		24,120,658			24,120,658			—		—
Industrials		22,193,915			22,193,915			—		—
Information Technology		36,374,028			36,193,892			—		180,136
Materials			8,327,852			8,327,852		—		—
Telecommunication Services			1,556,500			1,556,500		—		—
TOTAL COMMON STOCKS	$		147,919,606		$	147,739,470		—	$	180,136
PREFERRED STOCKS
Health Care			1,646,037			—		—		1,646,037
Information Technology			830,368			—		—		830,368
TOTAL PREFERRED STOCKS	$		2,476,405			—		—	$	2,476,405
REAL ESTATE INVESTMENT TRUST
Financials			6,546,343			6,546,343		—		—
SPECIAL PURPOSE VEHICLE
Financials			358,483			—		—		358,483
TOTAL INVESTMENTS IN
SECURITIES	$		157,300,837		$	154,285,813		—	$	3,015,024
Alger SMid Cap Growth Fund		TOTAL FUND				LEVEL 1	LEVEL 2			LEVEL 3
COMMON STOCKS
Consumer Discretionary	$		23,644,697	$	23,644,697			—		—
Consumer Staples			3,813,537			3,813,537		—		—
Energy			944,097			944,097		—		—
Financials		20,829,943			20,829,943			—		—
Health Care		65,269,917			65,269,917			—		—
Industrials		27,387,946			27,387,946			—		—
Information Technology		68,902,030			68,007,620			—		894,410
Materials			1,482,149			1,482,149		—		—
TOTAL COMMON STOCKS	$		212,274,316		$	211,379,906		—	$	894,410
PREFERRED STOCKS
Health Care			2,676,190			—		—		2,676,190
Information Technology			4,122,910			—		—		4,122,910
TOTAL PREFERRED STOCKS	$		6,799,100			—		—	$	6,799,100
REAL ESTATE INVESTMENT TRUST
Financials			6,327,693			6,327,693		—		—
RIGHTS
Health Care			—			—		—		—
TOTAL INVESTMENTS IN
SECURITIES	$		225,401,109		$	217,707,599		—	$	7,693,510

- 47 -

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

Alger Small Cap Growth Fund		TOTAL FUND				LEVEL 1	LEVEL 2			LEVEL 3
COMMON STOCKS
Consumer Discretionary	$		13,859,479	$	13,859,479			—		—
Consumer Staples			2,706,011			2,706,011		—		—
Energy			2,021,890			2,021,890		—		—
Financials			5,039,254			5,039,254		—		—
Health Care		38,662,730			38,662,730			—		—
Industrials		11,635,724			11,635,724			—		—
Information Technology		44,600,802			44,600,802			—		—
Materials			2,490,930			2,490,930		—		—
TOTAL COMMON STOCKS	$		121,016,820		$	121,016,820		—		—
PREFERRED STOCKS
Health Care			424,782			—		—		424,782
REAL ESTATE INVESTMENT TRUST
Financials			4,486,890			4,486,890		—		—
RIGHTS
Health Care			—			—		—		—
SPECIAL PURPOSE VEHICLE
Financials			330,167			—		—		330,167
TOTAL INVESTMENTS IN
SECURITIES	$		126,258,659		$	125,503,710		—	$	754,949
Alger Small Cap Focus Fund		TOTAL FUND				LEVEL 1	LEVEL 2			LEVEL 3
COMMON STOCKS
Consumer Discretionary	$		3,801,410		$	3,801,410		—		—
Financials			1,525,262			1,525,262		—		—
Health Care		62,419,212			62,419,212			—		—
Industrials			8,831,848			8,831,848		—		—
Information Technology		59,015,227			59,015,227			—		—
Materials			5,124,801			5,124,801		—		—
TOTAL COMMON STOCKS	$		140,717,760		$	140,717,760		—		—
PREFERRED STOCKS
Health Care			38,413			—		—		38,413
TOTAL INVESTMENTS IN
SECURITIES	$		140,756,173		$	140,717,760		—	$	38,413

- 48 -

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

Alger Health Sciences Fund		TOTAL FUND				LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Health Care	$		121,969,368	$	121,522,437		$	303,212	$	143,719
PREFERRED STOCKS
Health Care			6,515,270			—		—		6,515,270
RIGHTS
Health Care			—			—		—		—
TOTAL INVESTMENTS IN
SECURITIES	$		128,484,638	$		121,522,437	$	303,212	$	6,658,989
Alger Growth & Income Fund		TOTAL FUND				LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Consumer Discretionary	$		12,278,738	$	12,277,118			—	$	1,620
Consumer Staples		11,879,055			11,879,055			—		—
Energy			5,617,275			5,617,275		—		—
Financials		11,808,941			11,808,941			—		—
Health Care		14,863,937			14,863,937			—		—
Industrials		11,277,139			11,277,139			—		—
Information Technology		18,290,943			18,290,943			—		—
Materials			1,389,114			1,389,114		—		—
Telecommunication Services			3,740,252			3,740,252		—		—
Utilities			727,220			727,220		—		—
TOTAL COMMON STOCKS	$		91,872,614		$	91,870,994		—	$	1,620
CONVERTIBLE PREFERRED STOCKS
Health Care			690,182			690,182		—		—
MASTER LIMITED PARTNERSHIP
Energy			454,281			454,281		—		—
Financials			1,352,736			1,352,736		—		—
TOTAL MASTER LIMITED
PARTNERSHIP	$		1,807,017		$	1,807,017		—		—
PREFERRED STOCKS
Consumer Discretionary			42,530			—		—		42,530
REAL ESTATE INVESTMENT TRUST
Financials			3,194,673			3,194,673		—		—
TOTAL INVESTMENTS IN
SECURITIES	$		97,607,016		$	97,562,866		—	$	44,150

- 49 -

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

		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Capital Appreciation Fund	Common Stocks
Opening balance at November 1, 2015	$		1,414,379
Transfers into Level 3			—
Transfers out of Level 3			—
Total gains or losses
Included in net realized gain (loss) on investments			–
Included in net unrealized gain (loss) on investments			298,269
Purchases, issuances, sales, and settlements			–
Purchases			–
Issuances			–
Sales			–
Settlements			–
Closing balance at July 31, 2016			1,712,648
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 7/31/2016	$		298,269
Alger Capital Appreciation Fund	Preferred Stocks
Opening balance at November 1, 2015	$		10,241,974
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			821,583
Purchases, issuances, sales, and settlements			–
Purchases			–
Issuances			–
Sales			–
Settlements			–
Closing balance at July 31, 2016			11,063,557
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 7/31/2016	$		821,583

- 50 -

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

		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Mid Cap Growth Fund	Common Stocks
Opening balance at November 1, 2015	$		147,384
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			32,752
Purchases, issuances, sales, and settlements			–
Purchases			–
Issuances			–
Sales			–
Settlements			–
Closing balance at July 31, 2016			180,136
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 7/31/2016	$		32,752
Alger Mid Cap Growth Fund	Preferred Stocks
Opening balance at November 1, 2015	$		3,160,606
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			(684,201)
Purchases, issuances, sales, and settlements			–
Purchases			–
Issuances			–
Sales			–
Settlements			–
Closing balance at July 31, 2016			2,476,405
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 7/31/2016	$		(684,201)

- 51 -

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

		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
	Special Purpose
Alger Mid Cap Growth Fund			Vehicle
Opening balance at November 1, 2015	$		314,956
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			43,527
Purchases, issuances, sales, and settlements			–
Purchases			–
Issuances			–
Sales			–
Settlements			–
Closing balance at July 31, 2016			358,483
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 7/31/2016	$		43,527
		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger SMid Cap Growth Fund	Common Stocks
Opening balance at November 1, 2015	$		731,790
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			162,620
Purchases, issuances, sales, and settlements			–
Purchases			–
Issuances			–
Sales			–
Settlements			–
Closing balance at July 31, 2016			894,410
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 7/31/2016	$		162,620

- 52 -

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

		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger SMid Cap Growth Fund	Preferred Stocks
Opening balance at November 1, 2015	$		6,273,187
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			525,913
Purchases, issuances, sales, and settlements			–
Purchases			–
Issuances			–
Sales			–
Settlements			–
Closing balance at July 31, 2016			6,799,100
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 7/31/2016	$		525,913
Alger SMid Cap Growth Fund			Rights
Opening balance at November 1, 2015	$		—
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			–
Issuances			–
Sales			–
Settlements			–
Closing balance at July 31, 2016			—
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 7/31/2016	$		—

- 53 -

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

		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Small Cap Growth Fund	Preferred Stocks
Opening balance at November 1, 2015	$		675,194
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			(250,412)
Purchases, issuances, sales, and settlements			–
Purchases			–
Issuances			–
Sales			–
Settlements			–
Closing balance at July 31, 2016			424,782
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 7/31/2016	$		424,782
Alger Small Cap Growth Fund			Rights
Opening balance at November 1, 2015	$		—
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			–
Issuances			–
Sales			–
Settlements			–
Closing balance at July 31, 2016			—
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 7/31/2016	$		—

- 54 -

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

		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
	Special Purpose
Alger Small Cap Growth Fund			Vehicle
Opening balance at November 1, 2015	$		290,078
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			40,089
Purchases, issuances, sales, and settlements			–
Purchases			–
Issuances			–
Sales			–
Settlements			–
Closing balance at July 31, 2016			330,167
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 7/31/2016	$		40,089
		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Small Cap Focus Fund	Preferred Stocks
Opening balance at November 1, 2015	$		59,052
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			(20,639)
Purchases, issuances, sales, and settlements			–
Purchases			–
Issuances			–
Sales			–
Settlements			–
Closing balance at July 31, 2016			38,413
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 7/31/2016	$		(20,639)

- 55 -

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

		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Health Sciences Fund	Common Stocks
Opening balance at November 1, 2015	$		143,719
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			–
Issuances			–
Sales			–
Settlements			–
Closing balance at July 31, 2016			143,719
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 7/31/2016	$		–
Alger Health Sciences Fund	Preferred Stocks
Opening balance at November 1, 2015	$		9,317,970
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			(2,802,700)
Purchases, issuances, sales, and settlements			–
Purchases			–
Issuances			–
Sales			–
Settlements			–
Closing balance at July 31, 2016			6,515,270
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 7/31/2016	$		(2,802,700)

- 56 -

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

		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Health Sciences Fund			Rights
Opening balance at November 1, 2015	$		—
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			–
Issuances			–
Sales			–
Settlements			–
Closing balance at July 31, 2016			—
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 7/31/2016	$		—
		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Growth & Income Fund	Common Stocks
Opening balance at November 1, 2015	$		2,127
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			(507)
Purchases, issuances, sales, and settlements			–
Purchases			–
Issuances			–
Sales			–
Settlements			–
Closing balance at July 31, 2016			1,620
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 7/31/2016	$		(507)

- 57 -

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

		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Growth & Income Fund	Preferred Stocks
Opening balance at November 1, 2015	$		55,821
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			(13,291)
Purchases, issuances, sales, and settlements			–
Purchases			–
Issuances			–
Sales			–
Settlements			–
Closing balance at July 31, 2016			42,530
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 7/31/2016	$		(13,291)

The following table provides quantitative information about our Level 3 fair value
measurements of our investments as of July 31, 2016. 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 (Unaudited) (Continued)

		Fair Value	Valuation	Unobservable
		July 31, 2016	Methodology	Input	Input/ Range
Alger Capital Appreciation Fund
Common Stocks	$	26,546	Income	Discount Rate	40%
			Approach
Common Stocks		1,686,102	Performance	Market Multiple	11.5x-12.3x
			Multiple
			Methodology
			(xRevenue
Preferred Stocks		756,892	Income	Discount Rate	40%
			Approach
Preferred Stocks		2,534,340	Discounted Cash	Discount Rate	20%
			Flow
Preferred Stocks		756,892	Performance	Market Multiple	11.5x-12.3x
			Multiple
			Methodology
			(xRevenue
Alger Mid Cap Growth Fund
Common Stocks		180,136	Performance	Market Multiple	11.5x-12.3x
			Multiple
			Methodology
			(xRevenue
Preferred Stocks		830,368	Performance	Market Multiple	11.5x-12.3x
			Multiple
			Methodology
			(xRevenue)
Preferred Stocks		992,637	Discounted Cash	Discount Rate	28%
			Flow
Preferred Stocks		653,400	Discounted Cash	Discount Rate	20.7%
			Flow	Weight	40%
			Liquidation	Estimated Recover	NA
			Analysis	Levels
				Weight	60%
Special Purpose Vehicle		358,483	Performance	Market Multiple	4.38x-4.88x
			Multiple
			Methodology
			(xRevenue)
Alger Health Sciences Fund
Common Stocks		143,719	Income	Discount Rate	30%
			Approach
Preferred Stocks		2,162,882	Discounted Cash	Discount Rate	20.7%
			Flow	Weight	40%
			Liquidation	Estimated Recover	NA
			Analysis	Levels
				Weight	60%
Preferred Stocks		4,056,095	Discounted Cash	Discount Rate	20.0%
			Flow
Rights		-	Income Approach	Discount Rate	30%
Alger Growth & Income Fund

- 59 -

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

Common Stocks	1,620	Income	Discount Rate	40%
		Approach
Preferred Stocks	42,530	Income	Discount Rate	40%
		Approach
Alger SMid Cap Growth Fund
Common Stocks	894,410	Performance	Market Multiple	11.5x-12.3x
		Multiple
		Methodology
		(xRevenue)
Preferred Stocks	4,122,910	Performance	Market Multiple	11.5x-12.3x
		Multiple
		Methodology
		(xRevenue)
Preferred Stocks	2,676,190	Discounted Cash	Discount Rate	20.0-28.0%
		Flow
Alger Small Cap Growth Fund
Preferred Stocks	195,673	Discounted Cash	Discount Rate	20.7%
		Flow	Weight	40%
		Liquidation	Estimated Recover	NA
		Analysis	Levels
			Weight	60%
Preferred Stocks	229,110	Discounted Cash	Discount Rate	28.0%
		Flow
Special Purpose Vehicle	330,167	Performance	Market Multiple	4.38x-4.88x
		Multiple
		Methodology
		(xRevenue)
Alger Small Cap Focus Fund
Preferred Stocks	13,328	Discounted Cash	Discount Rate	20.7%
		Flow	Weight	40%
		Liquidation	Estimated Recover	NA
		Analysis	Levels
			Weight	60%
Preferred Stocks	25,085	Discounted Cash	Discount Rate	20.0%
		Flow

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

On July 31, 2016 there were no transfers of securities between Level 1, Level 2 and Level 3

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, 2016, such assets are
categorized within the disclosure hierarchy as follows:

- 60 -

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

	TOTAL FUND			LEVEL 1				LEVEL 2	LEVEL 3
Cash, Foreign cash and Cash equivalents:
Alger Capital Appreciation Fund	$	52,115,226			$	—	$	52,115,226		—
Alger International Growth Fund		2,619,188				261		2,618,927		—
Alger Mid Cap Growth Fund	10,512,917					—		10,512,917		—
Alger SMid Cap Growth Fund		2,861,187				—		2,861,187		—
Alger Small Cap Growth Fund		4,991,534				—		4,991,534		—
Alger Small Cap Focus Fund		9,885,603				—		9,885,603		—
Alger Health Sciences Fund		(91,347	)			—		(91,347)		—
Alger Growth & Income Fund		1,320,395				—		1,320,395		—
Total	$	84,214,703			$	261	$	84,214,442		—

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, 2016, options were
used in accordance with these objectives.

The Funds’ option contracts were not subject to any rights of offset with any counterparty.
All of the Funds’ options were exchange traded which utilize a clearing house that acts as an
intermediary between buyer and seller, receiving initial and maintenance margin from both,
and guaranteeing performance of the option contract.

For the three months ended July 31, 2016, there were no open derivative instruments.

- 61 -

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

NOTE 4 — 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, 2016. 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	2015	Additions	Reductions	2016	Income		2016
Alger Capital Appreciation Fund
Common Stocks
Choicestream Inc.*	82,955	—	—	82,955	—	$	26,546
Preferred Stocks
Choicestream, Inc.	2,365,288	—	—	2,365,288	—		756,892
Class A & Class B*
Alger Mid Cap Growth Fund
Preferred Stocks
Prosetta Biosciences,	219,610	—	—	219,610	—		992,637
Inc.*
Tolero Pharmaceuticals, Inc.*	495,000	—	—	495,000	—		653,400
Alger SMid Cap Growth Fund
Preferred Stocks
Prosetta Biosciences,	231,474	—	—	231,474	—		1,046,262
Inc.*
Alger Small Cap Growth Fund
Preferred Stocks
Prosetta Biosciences,	50,688	—	—	50,688	—		229,110
Inc.*
Tolero Pharmaceuticals, Inc.*	148,237	—	—	148,237	—		195,673
Alger Small Cap Focus Fund
Preferred Stocks
Tolero Pharmaceuticals, Inc.*	10,097	—	—	10,097	—		13,328
Alger Health Sciences Fund
Preferred Stocks
Prosetta Biosciences,	897,366	—	—	897,366	—		4,056,094
Inc.*
Tolero Pharmaceuticals, Inc.*	1,638,547	—	—	1,638,547	—		2,162,882

- 62 -

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

Alger Growth & Income Fund
Common Stocks
Choicestream Inc.*	5,064	—	—	5,064	—	1,620
Preferred Stocks
Choicestream, Inc.	132,906	—	—	132,906	—	42,530
Class A & Class B*

* Non-income producing security.

- 63 -

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.

- 64 -

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 28, 2016

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 28, 2016

By /s/ Michael D. Martins

Michael D. Martins

Treasurer

Date: September 28, 2016

- 65 -

EX-99.CERT

Rule 30a-2(a) CERTIFICATIONS

I, Hal Liebes, certify that:
1. I have reviewed this report on Form N-Q of The Alger Funds;
2. Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly
present in all material respects the investments of the registrant as of the end of the fiscal
quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;
(b) Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision,to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of a date within 90 days prior to the filing date of this report based on
such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial
reporting that occurred during the registrant's most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the
equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant's internal control over financial reporting.
Date: September 28, 2016

By /s/Hal Liebes
Hal Liebes
President
The Alger Funds

- 66 -

Rule 30a-2(a) CERTIFICATIONS

I, Michael D. Martins, certify that:
1. I have reviewed this report on Form N-Q of The Alger Funds;
2. Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly
present in all material respects the investments of the registrant as of the end of the fiscal
quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;
(b) Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of a date within 90 days prior to the filing date of this report based on
such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial
reporting that occurred during the registrant's most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the
equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant's internal control over financial reporting.
Date: September 28, 2016

By /s/ Michael D. Martins
Michael D. Martins
Treasurer
The Alger Funds

- 67 -