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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: January 31, 2017

ITEM 1. Schedule of Investments.

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THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments January 31, 2017 (Unaudited)

COMMON STOCKS—95.0%	SHARES			VALUE
AEROSPACE & DEFENSE—0.4%
Lockheed Martin Corp.	43,726	$		10,989,656
AIRLINES—0.5%
Southwest Airlines Co.	219,906			11,503,283
ALTERNATIVE CARRIERS—0.5%
Level 3 Communications, Inc.*	215,445		12,810,360
APPAREL ACCESSORIES & LUXURY GOODS—1.2%
Hanesbrands, Inc.	172,752			4,095,950
Kate Spade & Co.*	550,223			10,184,628
PVH Corp.	178,324			16,728,574
			31,009,152
APPAREL RETAIL—0.3%
The TJX Cos., Inc.	97,261			7,286,794
APPLICATION SOFTWARE—3.2%
Adobe Systems, Inc.*	240,589			27,277,981
Autodesk, Inc.*	170,230			13,846,508
salesforce.com, Inc.*	471,669			37,309,018
			78,433,507
AUTO PARTS & EQUIPMENT—0.5%
Delphi Automotive PLC.	177,704		12,449,942
BIOTECHNOLOGY—5.2%
ACADIA Pharmaceuticals, Inc.*	203,300			7,032,147
Alexion Pharmaceuticals, Inc.*	69,727			9,111,924
Biogen, Inc.*	69,894			19,377,413
BioMarin Pharmaceutical, Inc.*	113,776			9,970,191
Celgene Corp.*	327,874			38,082,565
Gilead Sciences, Inc.	52,232			3,784,208
Incyte Corp.*	217,478			26,360,508
Vertex Pharmaceuticals, Inc.*	192,017			16,488,500
			130,207,456
BREWERS—1.3%
Molson Coors Brewing Co., Cl. B	326,615		31,524,880
BROADCASTING—1.2%
CBS Corp., Cl. B	443,568		28,605,700
BUILDING PRODUCTS—0.5%
Johnson Controls International PLC.	309,507			13,612,118
CABLE & SATELLITE—3.3%
Charter Communications, Inc., Cl. A*	32,072			10,389,724
Comcast Corporation, Cl. A	935,925			70,587,464
			80,977,188
COMMUNICATIONS EQUIPMENT—0.6%
Palo Alto Networks, Inc.*	101,484		14,974,979
CONSUMER FINANCE—0.4%
LendingClub Corp.*	1,406,633			8,678,926
DATA PROCESSING & OUTSOURCED SERVICES—3.8%
Visa, Inc., Cl. A	1,128,273		93,319,460
DIVERSIFIED BANKS—0.5%
JPMorgan Chase & Co.	14,420			1,220,365

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THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
DIVERSIFIED BANKS—(CONT.)
Wells Fargo & Co.	199,137	$		11,217,387
			12,437,752
ELECTRICAL COMPONENTS & EQUIPMENT—0.4%
AMETEK, Inc.	194,801			9,954,331
FINANCIAL EXCHANGES & DATA—1.2%
IntercontinentalExchange Group, Inc.	442,169			25,804,983
S&P Global, Inc.	26,865			3,228,636
			29,033,619
FOOTWEAR—0.3%
NIKE, Inc., Cl. B	156,187			8,262,292
HEALTH CARE EQUIPMENT—3.1%
Boston Scientific Corp.*	499,843			12,026,223
Danaher Corp.	205,759			17,267,295
DexCom, Inc.*	240,026			18,998,058
Edwards Lifesciences Corp.*	181,042			17,423,482
Medtronic PLC.	149,079			11,332,985
			77,048,043
HEALTH CARE SERVICES—0.2%
Envision Healthcare Corp.*	73,572			5,002,896
HOME ENTERTAINMENT SOFTWARE—1.6%
Activision Blizzard, Inc.	119,680			4,812,333
Electronic Arts, Inc.*	424,547			35,419,956
			40,232,289
HOME IMPROVEMENT RETAIL—1.4%
The Home Depot, Inc.	252,750		34,773,345
HOTELS RESORTS & CRUISE LINES—0.6%
Ctrip.com International Ltd.#*	44,443			1,920,382
Marriott International, Inc., Cl. A	154,909			13,105,301
			15,025,683
HOUSEWARES & SPECIALTIES—1.6%
Newell Brands, Inc.	862,500		40,822,125
HYPERMARKETS & SUPER CENTERS—0.6%
Costco Wholesale Corp.	88,616		14,528,593
INDUSTRIAL CONGLOMERATES—3.4%
Honeywell International, Inc.	712,169		84,263,836
INDUSTRIAL GASES—1.2%
Air Products & Chemicals, Inc.	217,587		30,409,959
INTERNET RETAIL—6.3%
Amazon.com, Inc.*	180,343		148,508,854
NetFlix, Inc.*	58,790			8,272,341
			156,781,195
INTERNET SOFTWARE & SERVICES—14.1%
Alibaba Group Holding Ltd.#*	198,602			20,120,369
Alphabet, Inc., Cl. C*	224,026		178,501,677
eBay, Inc.*	299,591			9,535,981
Facebook, Inc., Cl. A*	880,160		114,702,451
Match Group, Inc.*	360,257			6,257,664
Palantir Technologies, Inc., Cl. A*,@	153,282			931,955

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THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
INTERNET SOFTWARE & SERVICES—(CONT.)
Yahoo! Inc.*	467,005	$		20,580,910
			350,631,007
INVESTMENT BANKING & BROKERAGE—0.8%
Morgan Stanley	474,429		20,158,488
LIFE SCIENCES TOOLS & SERVICES—0.2%
Thermo Fisher Scientific, Inc.	34,446			5,249,226
MANAGED HEALTH CARE—3.7%
Aetna, Inc.	119,460			14,169,151
Centene Corp.*	145,925			9,232,675
Humana, Inc.	36,235			7,192,647
UnitedHealth Group, Inc.	377,097			61,127,424
			91,721,897
METAL & GLASS CONTAINERS—0.1%
Ball Corp.	47,560			3,626,926
MOVIES & ENTERTAINMENT—1.4%
The Walt Disney Co.	196,349			21,726,017
Time Warner, Inc.	138,118			13,376,728
			35,102,745
OIL & GAS EQUIPMENT & SERVICES—0.5%
Halliburton Company	222,787		12,603,061
OIL & GAS EXPLORATION & PRODUCTION—1.7%
Anadarko Petroleum Corp.	400,968			27,879,305
EOG Resources, Inc.	20,771			2,109,918
Pioneer Natural Resources Co.	69,759			12,572,665
			42,561,888
OTHER DIVERSIFIED FINANCIAL SERVICES—0.7%
Bank of America Corp.	751,506		17,014,096
PACKAGED FOODS & MEATS—0.4%
The Kraft Heinz Co.	54,700			4,884,163
The WhiteWave Foods Co.*	72,858			4,011,561
				8,895,724
PHARMACEUTICALS—1.8%
Allergan PLC.	202,854		44,402,712
RAILROADS—1.0%
Union Pacific Corp.	227,309		24,226,593
RESEARCH & CONSULTING SERVICES—0.3%
Verisk Analytics, Inc., Cl. A*	95,079			7,857,329
RESTAURANTS—0.6%
Starbucks Corp.	269,381		14,875,219
SEMICONDUCTORS—4.9%
Broadcom Ltd.	293,963			58,645,619
Cavium Networks, Inc.*	104,054			6,889,415
Micron Technology, Inc.*	808,601			19,495,370
Microsemi Corp.*	319,275			16,969,466
NXP Semiconductors NV*	160,070			15,662,850
QUALCOMM, Inc.	90,629			4,842,307
			122,505,027

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THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
SOFT DRINKS—1.2%
PepsiCo, Inc.	288,766	$		29,968,135
SPECIALIZED CONSUMER SERVICES—0.1%
ServiceMaster Global Holdings, Inc.*	48,230			1,783,545
SPECIALTY CHEMICALS—0.5%
The Sherwin-Williams Co.	18,643			5,663,930
WR Grace & Co.	109,032			7,560,279
			13,224,209
SYSTEMS SOFTWARE—6.8%
Choicestream, Inc.*,@,(a)	82,955			–
Microsoft Corp.	2,147,027		138,805,295
Red Hat, Inc.*	172,212			13,067,447
ServiceNow, Inc.*	183,974			16,671,724
			168,544,466
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.1%
Apple, Inc.	1,060,418		128,681,724
Western Digital Corp.	290,978			23,199,676
			151,881,400
TOBACCO—1.0%
Philip Morris International, Inc.	269,444		25,901,652
TRADING COMPANIES & DISTRIBUTORS—1.3%
HD Supply Holdings, Inc.*	570,953			24,151,312
United Rentals, Inc.*	56,989			7,209,678
			31,360,990
WIRELESS TELECOMMUNICATION SERVICES—0.5%
T-Mobile US, Inc.*	213,387		13,287,608
TOTAL COMMON STOCKS
(Cost $1,961,609,681)			2,362,343,302
PREFERRED STOCKS—0.3%	SHARES			VALUE
INTERNET SOFTWARE & SERVICES—0.1%
Palantir Technologies, Inc., Cl. B*,@	625,130			3,800,790
Palantir Technologies, Inc., Cl. D*,@	81,445			495,186
				4,295,976
PHARMACEUTICALS—0.2%
Intarcia Therapeutics, Inc., Series DD*,@	76,682			4,357,071
SYSTEMS SOFTWARE—–%
Choicestream, Inc., Cl. A*,@,(a)	715,332			–
Choicestream, Inc., Cl. B*,@,(a)	1,649,956			–
				–
TOTAL PREFERRED STOCKS
(Cost $8,711,512)				8,653,047
WARRANTS—–%	SHARES			VALUE
SYSTEMS SOFTWARE—–%
Choicestream, Inc., 6/22/26@,(a)	387,502			–
(Cost $387,114)				–

- 6 -

THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

MASTER LIMITED PARTNERSHIP—1.0%	SHARES				VALUE
ASSET MANAGEMENT & CUSTODY BANKS—1.0%
The Blackstone Group LP.	819,090		$	25,088,727
(Cost $24,141,052)					25,088,727
REAL ESTATE INVESTMENT TRUST—1.4%	SHARES				VALUE
MORTGAGE—0.3%
Blackstone Mortgage Trust, Inc., Cl. A	238,652				7,276,500
SPECIALIZED—1.1%
Crown Castle International Corp.	244,287				21,455,727
Equinix, Inc.	16,439				6,328,686
				27,784,413
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $34,660,067)					35,060,913
	PRINCIPAL
CORPORATE BONDS—0.0%	AMOUNT				VALUE
SYSTEMS SOFTWARE—0.0%
Choicestream, Inc., 11.00%, 8/05/18@,(a)	387,502				387,502
(Cost $95,841)					387,502
Total Investments
(Cost $2,029,605,267)(b)	97.7	%		2,431,533,491
Other Assets in Excess of Liabilities	2.3	%		56,290,657
NET ASSETS	100.0	%	$	2,487,824,148

@ 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	1/31/2017
Choicestream, Inc.	03/14/14	$	24,057	0.00	%	$	0	0.00	%
Choicestream, Inc., 11.00%,
8/05/18	08/04/16		95,841	0.00	%		387,502	0.01	%
Choicestream, Inc., 6/22/26	08/04/16		387,114	0.02	%		0	0.00	%
Choicestream, Inc., Cl. A	12/17/13		572,038	0.03	%		0	0.0	%
Choicestream, Inc., Cl. B	07/10/14		989,973	0.05	%		0	0.00	%
Intarcia Therapeutics, Inc., Series
DD	03/27/14		2,483,730	0.14	%		4,357,071	0.18	%
Palantir Technologies, Inc., Cl. A	10/07/14		997,406	0.05	%		931,955	0.04	%
Palantir Technologies, Inc., Cl. B	10/07/14		4,128,004	0.22	%		3,800,790	0.15	%
Palantir Technologies, Inc., Cl. D	10/14/14		537,767	0.03	%		495,186	0.02	%
Total						$	9,972,504	0.40	%

(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 January 31, 2017, the net unrealized appreciation on investments, based on cost for federal income tax
purposes of $2,029,605,267, amounted to $401,928,224 which consisted of aggregate gross unrealized
appreciation of $418,124,755 and aggregate gross unrealized depreciation of $16,196,531.

- 7 -

THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

See Notes to Financial Statements

- 8 -

THE ALGER FUNDS | ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments January 31, 2017 (Unaudited)

COMMON STOCKS—97.3%	SHARES		VALUE
AUSTRALIA—1.7%
DIVERSIFIED METALS & MINING—1.7%
BHP Billiton Ltd.	93,200	$	1,891,238
Rio Tinto Ltd.	21,000		1,065,529
			2,956,767
(Cost $2,318,447)
BELGIUM—1.0%
BREWERS—1.0%
Anheuser-Busch InBev SA	16,300		1,702,172
(Cost $1,729,214)
CANADA—13.3%
DIVERSIFIED BANKS—2.4%
Royal Bank of Canada	56,489		4,061,721
FOOD RETAIL—1.0%
Alimentation Couche-Tard, Inc.	36,500		1,672,122
GOLD—0.3%
Agnico Eagle Mines Ltd.	12,700		605,817
INTEGRATED OIL & GAS—2.6%
Cenovus Energy, Inc.	149,200		2,036,422
Suncor Energy, Inc.	80,037		2,482,549
			4,518,971
LIFE & HEALTH INSURANCE—3.9%
Manulife Financial Corp.	207,000		3,969,144
Sun Life Financial, Inc.	68,000		2,684,045
			6,653,189
OIL & GAS EXPLORATION & PRODUCTION—3.1%
Canadian Natural Resources Ltd.	59,000		1,783,784
Encana Corp.	284,000		3,625,300
			5,409,084
TOTAL CANADA
(Cost $22,186,994)			22,920,904
CHINA—4.9%
ELECTRICAL COMPONENTS & EQUIPMENT—0.5%
Byd Co., Ltd.	150,000		829,781
HEALTH CARE FACILITIES—0.4%
China Resources Phoenix Healthcare Holdings Co., Ltd.*	449,200		604,342
INTERNET SOFTWARE & SERVICES—4.0%
Alibaba Group Holding Ltd.#*	36,000		3,647,160
Tencent Holdings Ltd.	127,500		3,333,536
			6,980,696
TOTAL CHINA
(Cost $6,818,474)			8,414,819
FRANCE—7.2%
AUTO PARTS & EQUIPMENT—0.9%
Valeo SA	23,839		1,457,166
BIOTECHNOLOGY—0.2%
DBV Technologies SA#*	12,100		417,692
DIVERSIFIED BANKS—2.6%
BNP Paribas SA	37,064		2,371,272

- 9 -

THE ALGER FUNDS | ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
FRANCE—(CONT.)
DIVERSIFIED BANKS—(CONT.)
Societe Generale SA	44,000	$	2,151,252
			4,522,524
ELECTRICAL COMPONENTS & EQUIPMENT—0.5%
Schneider Electric SE	12,000		858,728
HOME ENTERTAINMENT SOFTWARE—0.4%
UBISOFT Entertainment*	20,200		664,201
INTEGRATED OIL & GAS—2.6%
TOTAL SA	87,550		4,430,019
TOTAL FRANCE
(Cost $11,944,008)			12,350,330
GERMANY—9.9%
APPLICATION SOFTWARE—1.1%
SAP SE	20,836		1,905,633
AUTOMOBILE MANUFACTURERS—1.7%
Bayerische Motoren Werke AG	31,946		2,917,267
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—1.1%
KION Group AG	32,000		1,950,387
HEALTH CARE SERVICES—0.6%
Fresenius Medical Care AG & Co.	11,700		955,098
INDUSTRIAL CONGLOMERATES—1.2%
Siemens AG	16,500		2,134,612
INTEGRATED TELECOMMUNICATION SERVICES—1.0%
Deutsche Telekom AG	99,000		1,733,355
MULTI-LINE INSURANCE—1.1%
Allianz SE	11,500		1,954,772
PHARMACEUTICALS—1.4%
Bayer AG	21,000		2,332,878
SPECIALIZED FINANCE—0.7%
Deutsche Boerse AG	13,000		1,158,834
TOTAL GERMANY
(Cost $16,426,360)			17,042,836
GREECE—0.5%
CONSTRUCTION MATERIALS—0.5%
Titan Cement Co., SA	40,000		898,261
(Cost $905,029)
HONG KONG—1.7%
CONSTRUCTION & ENGINEERING—0.5%
China State Construction International Holdings Ltd.	467,000		758,853
HOUSEHOLD APPLIANCES—0.4%
Techtronic Industries Co., Ltd.	200,000		691,722
LIFE & HEALTH INSURANCE—0.8%
AIA Group Ltd.	233,170		1,443,638
TOTAL HONG KONG
(Cost $3,065,032)			2,894,213
INDIA—1.2%
DIVERSIFIED BANKS—0.8%
HDFC Bank Ltd.	64,727		1,386,068

- 10 -

THE ALGER FUNDS | ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
INDIA—(CONT.)
OIL & GAS REFINING & MARKETING—0.4%
Reliance Industries Ltd.*	50,000	$	774,833
TOTAL INDIA
(Cost $1,696,164)			2,160,901
IRELAND—3.6%
BUILDING PRODUCTS—1.0%
Johnson Controls International PLC.	40,000		1,759,200
CONSTRUCTION MATERIALS—1.0%
CRH PLC.	52,000		1,814,966
ELECTRICAL COMPONENTS & EQUIPMENT—0.7%
Eaton Corp., PLC.	16,000		1,132,480
PHARMACEUTICALS—0.9%
Shire PLC.	27,000		1,503,425
TOTAL IRELAND
(Cost $6,407,478)			6,210,071
JAPAN—18.2%
AUTOMOBILE MANUFACTURERS—2.4%
Fuji Heavy Industries Ltd.	31,706		1,269,032
Toyota Motor Corp.	49,710		2,891,419
			4,160,451
COMMODITY CHEMICALS—1.4%
Toray Industries, Inc.	273,706		2,370,525
CONSTRUCTION & ENGINEERING—0.5%
Takeuchi Manufacturing Co., Ltd.*	40,000		849,189
CONSUMER ELECTRONICS—0.8%
Sony Corp.	44,000		1,332,516
DIVERSIFIED BANKS—1.9%
Mitsubishi UFJ Financial Group, Inc.	501,400		3,211,437
DIVERSIFIED CHEMICALS—0.6%
Daicel Corp.	95,900		1,060,706
DIVERSIFIED REAL ESTATE ACTIVITIES—0.9%
Mitsui Fudosan Co., Ltd.	64,550		1,490,609
ELECTRONIC COMPONENTS—0.8%
Alps Electric Co., Ltd.	53,500		1,425,329
HEAVY ELECTRICAL EQUIPMENT—0.8%
Mitsubishi Electric Corp.	87,000		1,324,317
HOMEBUILDING—0.6%
Haseko Corp.	98,900		1,090,268
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.7%
Temp Holdings Co., Ltd.	75,000		1,300,965
INDUSTRIAL MACHINERY—1.0%
CKD Corp.*	50,000		668,054
DMG Mori Co., Ltd.*	80,000		1,093,434
			1,761,488
INTEGRATED TELECOMMUNICATION SERVICES—1.0%
Nippon Telegraph & Telephone Corp.	40,000		1,767,284
LIFE & HEALTH INSURANCE—2.8%
Dai-ichi Life Holdings, Inc.	155,000		2,810,602

- 11 -

THE ALGER FUNDS | ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
JAPAN—(CONT.)
LIFE & HEALTH INSURANCE—(CONT.)
T&D  Holdings, Inc.*	134,000	$	1,985,588
			4,796,190
RAILROADS—0.9%
East Japan Railway Co.	17,650		1,598,687
WIRELESS TELECOMMUNICATION SERVICES—1.1%
SoftBank Group Corp.	24,000		1,849,364
TOTAL JAPAN
(Cost $30,586,021)			31,389,325
NETHERLANDS—4.4%
DIVERSIFIED BANKS—1.5%
ING Groep NV	180,000		2,586,111
PERSONAL PRODUCTS—1.2%
Unilever NV	50,000		2,028,279
SEMICONDUCTOR EQUIPMENT—1.2%
ASML Holding NV#	17,176		2,085,166
SEMICONDUCTORS—0.5%
NXP Semiconductors NV*	8,600		841,510
TOTAL NETHERLANDS
(Cost $7,376,330)			7,541,066
NORWAY—0.8%
PACKAGED FOODS & MEATS—0.8%
Orkla ASA	150,000		1,399,639
(Cost $1,439,230)
RUSSIA—0.5%
DIVERSIFIED BANKS—0.5%
Sberbank of Russia PJSC#	75,000		879,391
(Cost $879,530)
SOUTH KOREA—2.6%
DIVERSIFIED METALS & MINING—0.5%
POSCO*	4,000		943,397
ELECTRONIC EQUIPMENT MANUFACTURERS—0.7%
SFA Engineering Corp.*	20,300		1,241,594
SEMICONDUCTORS—1.4%
SK Hynix, Inc.	50,000		2,330,180
TOTAL SOUTH KOREA
(Cost $3,844,158)			4,515,171
SPAIN—1.4%
DIVERSIFIED BANKS—1.4%
Banco Santander SA*	432,000		2,413,751
(Cost $2,189,133)
SWEDEN—2.8%
BUILDING PRODUCTS—0.9%
Assa Abloy AB, Cl. B	80,800		1,528,927
CONSTRUCTION & ENGINEERING—1.1%
Skanska AB	78,000		1,907,098

- 12 -

THE ALGER FUNDS | ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
SWEDEN—(CONT.)
DIVERSIFIED BANKS—0.8%
Nordea Bank AB*	122,000	$	1,472,810
TOTAL SWEDEN
(Cost $4,596,774)			4,908,835
SWITZERLAND—2.1%
DIVERSIFIED CAPITAL MARKETS—1.3%
UBS Group AG	135,000		2,194,153
PROPERTY & CASUALTY INSURANCE—0.8%
Chubb Ltd.	11,200		1,472,688
TOTAL SWITZERLAND
(Cost $3,474,632)			3,666,841
TAIWAN—3.0%
ELECTRONIC COMPONENTS—0.7%
Largan Precision Co., Ltd.*	8,151		1,171,702
SEMICONDUCTORS—1.8%
Taiwan Semiconductor Manufacturing Co., Ltd.*	514,100		3,078,724
TEXTILES—0.5%
Eclat Textile Co., Ltd.*	90,000		944,783
TOTAL TAIWAN
(Cost $3,939,536)			5,195,209
UNITED KINGDOM—14.9%
ASSET MANAGEMENT & CUSTODY BANKS—1.1%
Man Group PLC.	1,120,000		1,880,938
DIVERSIFIED BANKS—2.5%
Barclays PLC.	880,000		2,442,574
HSBC Holdings PLC.	220,000		1,873,086
			4,315,660
HOUSEHOLD PRODUCTS—0.6%
Reckitt Benckiser Group PLC.	12,052		1,034,253
INDUSTRIAL CONGLOMERATES—0.5%
Smiths Group PLC.	47,000		890,939
INTEGRATED OIL & GAS—3.8%
BP PLC.	506,100		3,023,062
Royal Dutch Shell PLC., Cl. B	123,632		3,492,332
			6,515,394
PHARMACEUTICALS—2.7%
AstraZeneca PLC.	48,000		2,547,617
GlaxoSmithKline PLC.	105,000		2,029,367
			4,576,984
TOBACCO—1.7%
British American Tobacco PLC.	48,511		2,994,841
TRADING COMPANIES & DISTRIBUTORS—1.3%
Ashtead Group PLC.	66,600		1,350,435
Wolseley PLC.	15,000		929,065
			2,279,500
WIRELESS TELECOMMUNICATION SERVICES—0.7%
Vodafone Group PLC.	500,000		1,224,912
TOTAL UNITED KINGDOM
(Cost $25,353,324)			25,713,421

- 13 -

THE ALGER FUNDS | ALGER INTERNATIONAL GROWTH FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES				VALUE
UNITED STATES—1.6%
APPLICATION SOFTWARE—0.2%
Mobileye NV*	7,000			$	300,720
PHARMACEUTICALS—0.4%
Allergan PLC.	3,700				809,893
SEMICONDUCTORS—1.0%
Broadcom Ltd.	8,438				1,683,381
TOTAL UNITED STATES
(Cost $2,756,208)					2,793,994
TOTAL COMMON STOCKS
(Cost $159,932,076)				167,967,917
Total Investments
(Cost $159,932,076)(a)	97.3	%		167,967,917
Other Assets in Excess of Liabilities	2.7	%			4,687,438
NET ASSETS	100.0	%	$	172,655,355

* Non-income producing security.
# American Depositary Receipts.
(a) At January 31, 2017, the net unrealized appreciation on investments, based on cost for federal income
tax purposes of $160,837,899, amounted to $7,130,018 which consisted of aggregate gross unrealized
appreciation of $15,922,955 and aggregate gross unrealized depreciation of $8,792,937.

See Notes to Financial Statements

- 14 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND
Schedule of Investments January 31, 2017 (Unaudited)

COMMON STOCKS—87.2%	SHARES			VALUE
AEROSPACE & DEFENSE—2.0%
Hexcel Corp.	31,933	$		1,639,759
TransDigm Group, Inc.	7,574			1,639,014
				3,278,773
AIRLINES—0.6%
Southwest Airlines Co.	18,074			945,451
APPAREL ACCESSORIES & LUXURY GOODS—2.1%
Kate Spade & Co.*	50,290			930,868
Lululemon Athletica, Inc.*	17,849			1,204,986
PVH Corp.	15,326			1,437,732
				3,573,586
APPAREL RETAIL—1.8%
Burlington Stores, Inc.*	14,585			1,220,765
Ross Stores, Inc.	26,476			1,750,328
				2,971,093
APPLICATION SOFTWARE—2.4%
Autodesk, Inc.*	29,516			2,400,831
Mobileye NV*	38,638			1,659,889
				4,060,720
ASSET MANAGEMENT & CUSTODY BANKS—0.7%
WisdomTree Investments, Inc.	113,591			1,169,987
AUTO PARTS & EQUIPMENT—0.6%
Delphi Automotive PLC.	13,813			967,739
AUTOMOTIVE RETAIL—1.3%
Advance Auto Parts, Inc.	12,795			2,101,451
BIOTECHNOLOGY—6.3%
Alexion Pharmaceuticals, Inc.*	16,891			2,207,316
BioMarin Pharmaceutical, Inc.*	13,353			1,170,123
Bluebird Bio, Inc.*	12,689			945,331
Clovis Oncology, Inc.*	19,652			1,273,450
Incyte Corp.*	18,972			2,299,596
Spark Therapeutics, Inc.*	13,154			829,491
TESARO, Inc.*	10,711			1,744,179
			10,469,486
BROADCASTING—0.8%
CBS Corp., Cl. B	19,853			1,280,320
BUILDING PRODUCTS—2.0%
Fortune Brands Home & Security, Inc.	29,964			1,651,915
Johnson Controls International PLC.	39,774			1,749,261
				3,401,176
CASINOS & GAMING—1.1%
Red Rock Resorts, Inc., Cl. A	77,735			1,825,218
COMMUNICATIONS EQUIPMENT—1.4%
Palo Alto Networks, Inc.*	15,452			2,280,097
CONSTRUCTION & FARM MACHINERY & HEAVY
TRUCKS—1.0%
Allison Transmission Holdings, Inc.	47,508			1,661,830
CONSTRUCTION MATERIALS—0.8%
Vulcan Materials Co.	11,047			1,417,661

- 15 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
CONSUMER FINANCE—0.5%
LendingClub Corp.*	138,307	$	853,354
DATA PROCESSING & OUTSOURCED SERVICES—3.9%
Euronet  Worldwide, Inc.*	15,595		1,115,354
Fiserv, Inc.*	18,642		2,002,710
FleetCor Technologies, Inc.*	8,732		1,287,883
WNS Holdings Ltd.#*	72,668		2,066,678
			6,472,625
ELECTRICAL COMPONENTS & EQUIPMENT—2.8%
Acuity Brands, Inc.	4,109		851,508
AMETEK, Inc.	39,633		2,025,246
Rockwell Automation, Inc.	11,762		1,740,659
			4,617,413
ELECTRONIC COMPONENTS—0.8%
Universal Display Corp.	21,219		1,400,454
FINANCIAL EXCHANGES & DATA—3.0%
IntercontinentalExchange Group, Inc.	28,765		1,678,725
MarketAxess Holdings, Inc.	9,215		1,725,509
S&P Global, Inc.	14,055		1,689,130
			5,093,364
FOOD DISTRIBUTORS—1.2%
Performance Food Group Co.*	88,300		1,955,845
GENERAL MERCHANDISE STORES—1.0%
Dollar Tree, Inc.*	22,041		1,701,345
HEALTH CARE EQUIPMENT—6.9%
ABIOMED, Inc.*	15,850		1,685,964
CR Bard, Inc.	6,576		1,560,682
DexCom, Inc.*	26,247		2,077,450
Edwards Lifesciences Corp.*	18,905		1,819,417
IDEXX Laboratories, Inc.*	17,054		2,086,216
Masimo Corp.*	18,316		1,347,691
Nevro Corp.*	10,928		950,955
			11,528,375
HEALTH CARE TECHNOLOGY—1.2%
Medidata Solutions, Inc.*	40,243		1,993,638
HOME ENTERTAINMENT SOFTWARE—1.7%
Electronic Arts, Inc.*	33,519		2,796,490
HOTELS RESORTS & CRUISE LINES—1.1%
Marriott International, Inc., Cl. A	22,657		1,916,782
HOUSEHOLD PRODUCTS—0.9%
Church & Dwight Co., Inc.	33,314		1,506,459
HOUSEWARES & SPECIALTIES—1.9%
Newell Brands, Inc.	66,318		3,138,831
INDUSTRIAL GASES—1.4%
Air Products & Chemicals, Inc.	17,027		2,379,694
INDUSTRIAL MACHINERY—0.5%
Snap-on, Inc.	4,617		838,124
INTERNET SOFTWARE & SERVICES—1.6%
Match Group, Inc.*	85,615		1,487,133

- 16 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
INTERNET SOFTWARE & SERVICES—(CONT.)
Palantir Technologies, Inc., Cl. A*,@	16,376	$	99,566
Q2 Holdings, Inc.*	36,162		1,148,143
			2,734,842
INVESTMENT BANKING & BROKERAGE—1.0%
TD Ameritrade Holding Corp.	37,162		1,715,026
IT CONSULTING & OTHER SERVICES—1.9%
Gartner, Inc.*	11,587		1,151,284
InterXion Holding NV*	53,620		2,060,617
			3,211,901
LEISURE PRODUCTS—0.7%
Coach, Inc.	29,384		1,097,492
LIFE SCIENCES TOOLS & SERVICES—0.9%
Illumina, Inc.*	9,092		1,455,629
MANAGED HEALTH CARE—0.7%
WellCare Health Plans, Inc.*	7,838		1,140,743
METAL & GLASS CONTAINERS—1.2%
Ball Corp.	27,138		2,069,544
MOVIES & ENTERTAINMENT—1.0%
Viacom, Inc., Cl. B	41,204		1,736,337
OIL & GAS EXPLORATION & PRODUCTION—1.4%
Encana Corp.	92,413		1,179,190
Pioneer Natural Resources Co.	6,468		1,165,727
			2,344,917
PACKAGED FOODS & MEATS—1.2%
Conagra Brands, Inc.	26,678		1,042,843
Pinnacle Foods, Inc.	17,673		940,027
			1,982,870
PHARMACEUTICALS—1.4%
Aerie Pharmaceuticals, Inc.*	26,172		1,148,951
Zoetis, Inc.	20,370		1,119,128
			2,268,079
REGIONAL BANKS—1.7%
Citizens Financial Group, Inc.	29,936		1,082,785
Regions Financial Corp.	124,421		1,792,907
			2,875,692
RESEARCH & CONSULTING SERVICES—1.0%
Verisk Analytics, Inc., Cl. A*	21,354		1,764,695
SEMICONDUCTOR EQUIPMENT—1.3%
Lam Research Corp.	18,815		2,161,091
SEMICONDUCTORS—4.3%
Broadcom Ltd.	15,453		3,082,873
Cavium  Networks, Inc.*	21,012		1,391,205
Microsemi Corp.*	18,762		997,200
NVIDIA Corp.	6,332		691,328
Skyworks Solutions, Inc.	11,570		1,061,432
			7,224,038
SPECIALTY CHEMICALS—1.2%
WR Grace & Co.	28,113		1,949,355

- 17 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
SPECIALTY STORES—1.6%
Tractor Supply Co.	11,573	$		852,583
Ulta Beauty, Inc.*	6,799			1,851,232
				2,703,815
SYSTEMS SOFTWARE—3.5%
Fortinet, Inc.*	24,450			813,207
Proofpoint, Inc.*	10,957			878,313
Red Hat, Inc.*	27,821			2,111,058
ServiceNow, Inc.*	23,254			2,107,277
				5,909,855
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.4%
Western Digital Corp.	30,513			2,432,801
TRADING COMPANIES & DISTRIBUTORS—4.0%
Fastenal Co.	59,491			2,955,513
HD Supply Holdings, Inc.*	55,927			2,365,712
United Rentals, Inc.*	10,283			1,300,902
				6,622,127
TRUCKING—0.5%
Old Dominion Freight Line, Inc.	9,347			825,153
TOTAL COMMON STOCKS
(Cost $129,782,244)			145,823,383
PREFERRED STOCKS—4.0%	SHARES			VALUE
BIOTECHNOLOGY—3.7%
Prosetta Biosciences, Inc., Series D*,@,(a)	219,610			742,282
Tolero Pharmaceuticals, Inc.*,@,(a)	495,000			5,499,450
				6,241,732
INTERNET SOFTWARE & SERVICES—0.3%
Palantir Technologies, Inc., Cl. B*,@	66,787			406,065
Palantir Technologies, Inc., Cl. D*,@	8,701			52,902
				458,967
TOTAL PREFERRED STOCKS
(Cost $2,979,689)				6,700,699
REAL ESTATE INVESTMENT TRUST—3.7%	SHARES			VALUE
HEALTH CARE—0.4%
Omega Healthcare Investors, Inc.	22,195			711,794
SPECIALIZED—3.3%
Crown Castle International Corp.	19,567			1,718,570
CyrusOne, Inc.	26,177			1,260,684
Lamar Advertising Co., Cl. A	33,552			2,533,847
				5,513,101
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $6,190,110)				6,224,895

- 18 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

SPECIAL PURPOSE VEHICLE—0.2%	SHARES			VALUE
CONSUMER FINANCE—0.2%
JS Kred SPV I, LLC.@	314,956		$	343,113
(Cost $314,956)				343,113
Total Investments
(Cost $139,266,999)(b)	95.1	%	159,092,090
Other Assets in Excess of Liabilities	4.9	%		8,124,325
NET ASSETS	100.0	%	$	167,216,415

* Non-income producing security.
# American Depositary Receipts.
@ 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	1/31/2017
JS Kred SPV I, LLC.	06/26/15	$	314,956	0.15	%	$	343,113	0.20	%
Palantir Technologies, Inc., Cl. A	10/07/14		106,558	0.05	%		99,566	0.06	%
Palantir Technologies, Inc., Cl. B	10/07/14		441,024	0.22	%		406,065	0.25	%
Palantir Technologies, Inc., Cl. D	10/14/14		57,451	0.03	%		52,902	0.03	%
Prosetta Biosciences, Inc., Series
D	02/06/15		988,245	0.50	%		742,282	0.44	%
Tolero Pharmaceuticals, Inc.	08/01/14		1,003,888	0.45	%		3,697,885	2.21	%
Tolero Pharmaceuticals, Inc.	10/31/14		489,082	0.23	%		1,801,565	1.08	%
Total						$	7,143,378	4.27	%

(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 January 31, 2017, the net unrealized appreciation on investments, based on cost for federal income
tax purposes of $139,326,729, amounted to $19,765,361 which consisted of aggregate gross unrealized
appreciation of $22,066,719 and aggregate gross unrealized depreciation of $2,301,358.

See Notes to Financial Statements

- 19 -

THE ALGER FUNDS | ALGER SMID CAP GROWTH FUND
Schedule of Investments January 31, 2017 (Unaudited)

COMMON STOCKS—86.2%	SHARES		VALUE
AEROSPACE & DEFENSE—0.5%
Digital Globe, Inc.*	25,448	$	713,816
APPAREL ACCESSORIES & LUXURY GOODS—0.9%
Ralph Lauren Corp.	16,031		1,417,621
APPLICATION SOFTWARE—5.7%
Blackbaud, Inc.	48,417		3,176,639
Mobileye NV*	74,901		3,217,747
Splunk, Inc.*	14,544		841,516
Tyler Technologies, Inc.*	10,888		1,589,866
			8,825,768
ASSET MANAGEMENT & CUSTODY BANKS—2.7%
Affiliated Managers Group, Inc.	8,314		1,266,721
WisdomTree Investments, Inc.	288,089		2,967,317
			4,234,038
AUTOMOBILE MANUFACTURERS—0.6%
Thor Industries, Inc.	9,199		952,097
BIOTECHNOLOGY—8.0%
ACADIA Pharmaceuticals, Inc.*	59,049		2,042,505
Incyte Corp.*	30,903		3,745,753
Neurocrine Biosciences, Inc.*	38,446		1,649,718
TESARO, Inc.*	14,389		2,343,105
Ultragenyx Pharmaceutical, Inc.*	35,537		2,665,630
			12,446,711
BREWERS—0.7%
Craft Brew Alliance, Inc.*	68,635		1,043,252
BUILDING PRODUCTS—1.6%
Allegion PLC.	36,838		2,419,151
COMMUNICATIONS EQUIPMENT—1.0%
F5 Networks, Inc.*	11,494		1,540,541
CONSTRUCTION & FARM MACHINERY & HEAVY
TRUCKS—2.1%
Wabtec Corp.	36,927		3,199,355
CONSUMER FINANCE—2.9%
LendingClub Corp.*	743,351		4,586,476
DATA PROCESSING & OUTSOURCED SERVICES—0.9%
Euronet Worldwide, Inc.*	19,675		1,407,156
DISTRIBUTORS—1.0%
LKQ Corp.*	50,391		1,607,977
ELECTRONIC COMPONENTS—2.2%
Dolby Laboratories Inc., Cl. A	33,939		1,626,017
Universal Display Corp.	28,248		1,864,368
			3,490,385
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.0%
FLIR Systems, Inc.	45,534		1,608,716
FINANCIAL EXCHANGES & DATA—4.3%
IntercontinentalExchange Group, Inc.	59,236		3,457,013
MarketAxess Holdings, Inc.	17,773		3,327,994
			6,785,007

- 20 -

THE ALGER FUNDS | ALGER SMID CAP GROWTH FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
FOOD DISTRIBUTORS—1.5%
Performance Food Group Co.*	103,845	$		2,300,167
HEALTH CARE EQUIPMENT—10.6%
Abaxis, Inc.	34,883			1,777,463
ABIOMED, Inc.*	29,213			3,107,387
Cantel Medical Corp.	41,003			3,174,042
DexCom, Inc.*	41,030			3,247,525
Edwards Lifesciences Corp.*	24,272			2,335,937
Nevro Corp.*	27,039			2,352,934
Tactile Systems Technology, Inc.*	36,019			555,053
			16,550,341
HEALTH CARE SUPPLIES—0.8%
Neogen Corp.*	19,225			1,269,619
HEALTH CARE TECHNOLOGY—3.9%
Medidata Solutions, Inc.*	66,682			3,303,426
Veeva Systems, Inc., Cl. A*	66,750			2,825,528
				6,128,954
HOME ENTERTAINMENT SOFTWARE—2.8%
Activision Blizzard, Inc.	36,283			1,458,940
Take-Two Interactive Software, Inc.*	55,525			2,978,916
				4,437,856
HUMAN RESOURCE & EMPLOYMENT SERVICES—1.1%
WageWorks, Inc.*	23,057			1,663,563
INTERNET SOFTWARE & SERVICES—5.2%
Cornerstone OnDemand, Inc.*	19,475			792,438
GrubHub, Inc.*	43,544			1,809,253
LogMeIn, Inc.	11,984			1,295,471
Match Group, Inc.*	139,155			2,417,122
Palantir Technologies, Inc., Cl. A*,@	81,310			494,365
Q2 Holdings, Inc.*	39,528			1,255,014
				8,063,663
LIFE SCIENCES TOOLS & SERVICES—3.2%
Bio-Techne Corp.	32,552			3,312,166
Luminex Corp.*	80,760			1,632,967
				4,945,133
MOVIES & ENTERTAINMENT—2.2%
Lions Gate Entertainment Corp., Cl. A	59,072			1,699,501
Lions Gate Entertainment Corp., Cl. B*	63,129			1,691,226
				3,390,727
OIL & GAS DRILLING—1.1%
Helmerich & Payne, Inc.	24,878			1,770,318
OIL & GAS EXPLORATION & PRODUCTION—2.1%
Diamondback Energy, Inc.*	7,854			826,005
Pioneer Natural Resources Co.	9,004			1,622,791
Whiting Petroleum Corp.*	76,308			846,256
				3,295,052
PACKAGED FOODS & MEATS—1.1%
Hain Celestial Group, Inc.*	44,446			1,758,284

- 21 -

THE ALGER FUNDS | ALGER SMID CAP GROWTH FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
PHARMACEUTICALS—1.0%
Aerie Pharmaceuticals, Inc.*	34,689	$		1,522,847
RESTAURANTS—2.1%
Shake Shack, Inc., Cl. A*	94,289			3,329,345
SEMICONDUCTORS—5.1%
Cavium Networks, Inc.*	23,605			1,562,887
Microsemi Corp.*	55,089			2,927,980
Monolithic Power Systems, Inc.	21,315			1,859,521
Skyworks Solutions, Inc.	17,329			1,589,762
				7,940,150
SPECIALTY CHEMICALS—1.0%
WR Grace & Co.	22,636			1,569,580
SYSTEMS SOFTWARE—2.5%
Proofpoint, Inc.*	26,208			2,100,833
ServiceNow, Inc.*	19,300			1,748,966
				3,849,799
TRADING COMPANIES & DISTRIBUTORS—2.0%
Fastenal Co.	18,052			896,823
HD Supply Holdings, Inc.*	54,252			2,294,860
				3,191,683
TRUCKING—0.8%
Old Dominion Freight Line, Inc.	14,104			1,245,101
TOTAL COMMON STOCKS
(Cost $113,462,051)			134,500,249
PREFERRED STOCKS—3.8%	SHARES			VALUE
BIOTECHNOLOGY—0.5%
Prosetta Biosciences, Inc., Series D*,@,(a)	231,474			782,382
INTERNET SOFTWARE & SERVICES—1.5%
Palantir Technologies, Inc., Cl. B*,@	331,607			2,016,171
Palantir Technologies, Inc., Cl. D*,@	43,203			262,674
				2,278,845
PHARMACEUTICALS—1.8%
Intarcia Therapeutics, Inc., Series DD*,@	49,317			2,802,192
TOTAL PREFERRED STOCKS
(Cost $5,114,017)				5,863,419
RIGHTS—–%	SHARES			VALUE
BIOTECHNOLOGY—–%
Dyax Corp.*	37,550			–
(Cost $1)				–
MASTER LIMITED PARTNERSHIP—1.3%	SHARES			VALUE
ASSET MANAGEMENT & CUSTODY BANKS—1.3%
The Blackstone Group LP.	68,374			2,094,295
(Cost $1,632,436)				2,094,295
REAL ESTATE INVESTMENT TRUST—2.8%	SHARES			VALUE
SPECIALIZED—2.8%
Crown Castle International Corp.	29,072			2,553,394

- 22 -

THE ALGER FUNDS | ALGER SMID CAP GROWTH FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

REAL ESTATE INVESTMENT TRUST—(CONT.)	SHARES			VALUE
SPECIALIZED—(CONT.)
Lamar Advertising Co., Cl. A	23,927		$	1,806,967
				4,360,361
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $4,139,788)				4,360,361
Total Investments
(Cost $124,348,293)(b)	94.1	%	146,818,324
Other Assets in Excess of Liabilities	5.9	%		9,272,793
NET ASSETS	100.0	%	$	156,091,117

* Non-income producing security.
@ Restricted security - Investment in security not registered under the Securities Act of 1933. The investment is
deemed to not be liquid and may be sold only to qualified buyers.

				% of net assets				% of net assets
	Acquisition			(Acquisition			Market	as of
Security	Date(s)		Cost	Date)			Value	1/31/2017
Intarcia Therapeutics, Inc., Series
DD	03/27/14	$	1,597,378	0.14	%	$	2,802,192	1.80	%
Dyax Corp.	05/07/15		0	0.00	%		0	0.00	%
Dyax Corp.	05/15/15		0	0.00	%		0	0.00	%
Dyax Corp.	06/18/15		0	0.00	%		0	0.00	%
Dyax Corp.	06/26/15		0	0.00	%		0	0.00	%
Palantir Technologies, Inc., Cl. A	10/07/14		529,084	0.05	%		494,365	0.32	%
Palantir Technologies, Inc., Cl. B	10/07/14		2,189,744	0.22	%		2,016,171	1.29	%
Palantir Technologies, Inc., Cl. D	10/14/14		285,262	0.03	%		262,674	0.17	%
Prosetta Biosciences, Inc., Series
D	02/06/15		1,041,633	0.10	%		782,382	0.50	%
Total						$	6,357,784	4.08	%

(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 January 31, 2017, the net unrealized appreciation on investments, based on cost for federal income
tax purposes of $131,107,131, amounted to $15,711,193 which consisted of aggregate gross unrealized
appreciation of $24,025,750 and aggregate gross unrealized depreciation of $8,314,557.

See Notes to Financial Statements

- 23 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND
Schedule of Investments January 31, 2017 (Unaudited)

COMMON STOCKS—97.0%	SHARES			VALUE
AEROSPACE & DEFENSE—1.5%
Hexcel Corp.	36,897	$		1,894,661
APPAREL ACCESSORIES & LUXURY GOODS—0.3%
Kate Spade & Co.*	19,680			364,277
APPAREL RETAIL—1.6%
American Eagle Outfitters, Inc.	53,525			808,763
Burlington Stores, Inc.*	13,868			1,160,751
				1,969,514
APPLICATION SOFTWARE—12.9%
ACI Worldwide, Inc.*	101,461			1,968,343
American Software, Inc., Cl. A	170,867			1,792,395
Blackbaud, Inc.	35,211			2,310,194
Ellie Mae, Inc.*	12,126			1,003,305
Everbridge, Inc.*	45,513			840,625
Guidewire Software, Inc.*	26,163			1,369,110
HubSpot, Inc.*	21,438			1,099,769
Manhattan Associates, Inc.*	43,165			2,212,638
Paycom Software, Inc.*	11,431			528,570
Tyler Technologies, Inc.*	21,438			3,130,377
			16,255,326
ASSET MANAGEMENT & CUSTODY BANKS—2.2%
WisdomTree Investments, Inc.	272,830			2,810,149
AUTOMOTIVE RETAIL—0.6%
Lithia Motors, Inc., Cl. A	7,078			729,883
BIOTECHNOLOGY—4.7%
ACADIA Pharmaceuticals, Inc.*	43,948			1,520,161
Halozyme Therapeutics, Inc.*	59,155			683,240
Incyte Corp.*	6,064			735,018
Sarepta Therapeutics, Inc.*	13,688			425,149
TESARO, Inc.*	9,526			1,551,214
Ultragenyx Pharmaceutical, Inc.*	12,869			965,304
				5,880,086
BREWERS—0.7%
Craft Brew Alliance, Inc.*	56,720			862,144
BUILDING PRODUCTS—1.7%
Masonite International Corp.*	31,525			2,099,565
COMMUNICATIONS EQUIPMENT—1.4%
NetScout Systems, Inc.*	52,671			1,753,944
CONSUMER FINANCE—2.4%
LendingClub Corp.*	495,519			3,057,352
DATA PROCESSING & OUTSOURCED SERVICES—0.9%
Euronet Worldwide, Inc.*	16,490			1,179,365
ELECTRONIC COMPONENTS—2.1%
Dolby Laboratories Inc., Cl. A	27,658			1,325,095
Universal Display Corp.	19,680			1,298,880
				2,623,975
ELECTRONIC EQUIPMENT & INSTRUMENTS—4.4%
Cognex Corp.	57,327			3,873,012

- 24 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
ELECTRONIC EQUIPMENT & INSTRUMENTS—(CONT.)
FLIR Systems, Inc.	45,623	$	1,611,861
			5,484,873
FINANCIAL EXCHANGES & DATA—0.6%
MarketAxess Holdings, Inc.	4,185		783,641
FOOD DISTRIBUTORS—1.3%
Performance Food Group Co.*	71,730		1,588,819
HEALTH CARE EQUIPMENT—9.5%
Abaxis, Inc.	45,061		2,296,083
ABIOMED, Inc.*	18,624		1,981,035
Cantel Medical Corp.	43,649		3,378,869
DexCom, Inc.*	9,871		781,289
Inogen, Inc.*	24,056		1,548,485
Insulet Corp.*	26,330		1,095,328
Tactile Systems Technology, Inc.*	54,902		846,040
			11,927,129
HEALTH CARE FACILITIES—0.6%
VCA Antech, Inc.*	9,008		816,125
HEALTH CARE SUPPLIES—5.4%
Meridian Bioscience, Inc.	63,459		831,313
Neogen Corp.*	61,886		4,086,951
Quidel Corp.*	99,619		1,890,769
			6,809,033
HEALTH CARE TECHNOLOGY—6.2%
Medidata Solutions, Inc.*	53,648		2,657,722
Quality Systems, Inc.*	82,749		1,242,063
Veeva Systems, Inc., Cl. A*	48,306		2,044,793
Vocera Communications, Inc.*	89,531		1,857,768
			7,802,346
HOME ENTERTAINMENT SOFTWARE—1.8%
Take-Two Interactive Software, Inc.*	41,322		2,216,925
HUMAN RESOURCE & EMPLOYMENT SERVICES—3.7%
On Assignment, Inc.*	27,002		1,222,651
WageWorks, Inc.*	47,755		3,445,523
			4,668,174
INDUSTRIAL MACHINERY—3.8%
DMC Global, Inc.	29,564		471,546
Proto Labs, Inc.*	30,944		1,624,560
Sun Hydraulics Corp.	67,855		2,658,559
			4,754,665
INTERNET SOFTWARE & SERVICES—4.7%
Cornerstone OnDemand, Inc.*	34,881		1,419,308
GrubHub, Inc.*	33,222		1,380,374
NIC, Inc.	54,029		1,302,099
Shopify, Inc., Cl. A*	14,345		729,013
SPS Commerce, Inc.*	16,393		1,131,117
			5,961,911
IT CONSULTING & OTHER SERVICES—1.0%
InterXion Holding NV*	33,466		1,286,098

- 25 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
LEISURE FACILITIES—0.9%
Planet Fitness, Inc., Cl. A	52,869	$		1,112,364
LIFE SCIENCES TOOLS & SERVICES—4.6%
Bio-Techne Corp.	27,645			2,812,879
Luminex Corp.*	84,984			1,718,376
PRA Health Sciences, Inc.*	21,335			1,250,018
				5,781,273
MANAGED HEALTH CARE—0.2%
HealthEquity, Inc.*	5,282			244,292
MOVIES & ENTERTAINMENT—1.0%
Lions Gate Entertainment Corp., Cl. A	21,534			619,533
Lions Gate Entertainment Corp., Cl. B*	21,534			576,896
				1,196,429
OIL & GAS EQUIPMENT & SERVICES—1.0%
RPC, Inc.	43,747			941,435
US Silica Holdings, Inc.	4,361			257,910
				1,199,345
OIL & GAS EXPLORATION & PRODUCTION—0.5%
Parsley Energy, Inc., Cl. A*	19,498			686,719
PHARMACEUTICALS—2.6%
Aerie Pharmaceuticals, Inc.*	31,679			1,390,708
Pacira Pharmaceuticals, Inc.*	33,484			1,287,460
The Medicines Co.*	16,975			611,949
				3,290,117
RESTAURANTS—2.7%
Shake Shack, Inc., Cl. A*	45,495			1,606,428
Wingstop, Inc.	63,884			1,818,778
				3,425,206
SEMICONDUCTORS—2.5%
Cavium Networks, Inc.*	21,259			1,407,558
Microsemi Corp.*	31,717			1,685,759
				3,093,317
SPECIALTY CHEMICALS—2.7%
Balchem Corp.	31,950			2,723,418
Flotek Industries Inc.*	64,794			684,873
				3,408,291
SPECIALTY STORES—0.4%
Five Below, Inc.*	12,094			481,946
SYSTEMS SOFTWARE—1.9%
Proofpoint, Inc.*	29,197			2,340,431
TOTAL COMMON STOCKS
(Cost $101,896,062)			121,839,710
PREFERRED STOCKS—1.4%	SHARES			VALUE
BIOTECHNOLOGY—1.4%
Prosetta Biosciences, Inc., Series D*,@,(a)	50,688			171,326
Tolero Pharmaceuticals, Inc.*,@,(a)	148,237			1,646,913
				1,818,239
TOTAL PREFERRED STOCKS
(Cost $675,194)				1,818,239

- 26 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

RIGHTS—–%	SHARES			VALUE
BIOTECHNOLOGY—–%
Dyax Corp.*	9,700		$	–
Neuralstem, Inc., 1/8/2019*,@	5,996			–
				–
TOTAL RIGHTS
(Cost $0)				–
REAL ESTATE INVESTMENT TRUST—0.9%	SHARES			VALUE
SPECIALIZED—0.9%
CyrusOne, Inc.	22,660			1,091,306
(Cost $762,426)				1,091,306
SPECIAL PURPOSE VEHICLE—0.3%	SHARES			VALUE
CONSUMER FINANCE—0.3%
JS Kred SPV I, LLC.@	290,078			316,011
(Cost $290,078)				316,011
Total Investments
(Cost $103,623,760)(b)	99.6	%	125,065,266
Other Assets in Excess of Liabilities	0.4	%		541,506
NET ASSETS	100.0	%	$	125,606,772

- 27 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

* Non-income producing security.
@ Restricted security - Investment in security not registered under the Securities Act of 1933. The investment is
deemed to not be liquid and may be sold only to qualified buyers.

				% of net assets				% of net assets
	Acquisition			(Acquisition			Market	as of
Security	Date(s)		Cost	Date)			Value	1/31/2017
JS Kred SPV I, LLC.	06/26/15	$	290,078	0.15	%	$	316,011	0.25	%
Neuralstem, Inc.	01/03/14		0	0.00	%		0	0.00	%
Dyax Corp.	05/01/15		0	0.00	%		0	0.00	%
Dyax Corp.	08/14/15		0	0.00	%		0	0.00	%
Prosetta Biosciences, Inc., Series
D	02/06/15		228,096	0.10	%		171,326	0.14	%
Tolero Pharmaceuticals, Inc.	10/31/14		447,098	0.19	%		1,646,913	1.31	%
Total						$	2,134,250	1.70	%

(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 January 31, 2017, the net unrealized appreciation on investments, based on cost for federal income
tax purposes of $104,818,914, amounted to $20,246,352 which consisted of aggregate gross unrealized
appreciation of $24,591,391 and aggregate gross unrealized depreciation of $4,345,039.

See Notes to Financial Statements

- 28 -

THE ALGER FUNDS | ALGER SMALL CAP FOCUS FUND
Schedule of Investments January 31, 2017 (Unaudited)

COMMON STOCKS—97.2%	SHARES			VALUE
APPAREL ACCESSORIES & LUXURY GOODS—1.1%
Kate Spade & Co.*	156,561	$		2,897,944
APPLICATION SOFTWARE—19.4%
ACI Worldwide, Inc.*	431,514			8,371,372
ANSYS, Inc.*	49,235			4,591,656
Blackbaud, Inc.	145,585			9,551,832
Ellie Mae, Inc.*	25,750			2,130,555
Guidewire Software, Inc.*	122,024			6,385,516
Manhattan Associates, Inc.*	77,215			3,958,041
Paycom Software, Inc.*	71,985			3,328,586
PROS Holdings, Inc.*	141,868			3,175,006
Tyler Technologies, Inc.*	67,707			9,886,576
			51,379,140
ASSET MANAGEMENT & CUSTODY BANKS—2.9%
Wisdom Tree Investments, Inc.	733,047			7,550,384
BIOTECHNOLOGY—4.1%
Incyte Corp.*	89,763		10,880,173
COMMUNICATIONS EQUIPMENT—1.6%
NetScout Systems, Inc.*	123,250			4,104,225
CONSUMER FINANCE—1.6%
LendingClub Corp.*	705,889			4,355,335
ELECTRONIC COMPONENTS—1.2%
Universal Display Corp.	49,315			3,254,790
ELECTRONIC EQUIPMENT & INSTRUMENTS—4.7%
Cognex Corp.	122,980			8,308,529
FLIR Systems, Inc.	117,093			4,136,896
			12,445,425
FINANCIAL EXCHANGES & DATA—2.3%
MarketAxess Holdings, Inc.	32,151			6,020,275
HEALTH CARE EQUIPMENT—14.0%
Abaxis, Inc.	207,711			10,583,914
ABIOMED, Inc.*	44,171			4,698,469
Cantel Medical Corp.	122,760			9,502,851
DexCom, Inc.*	42,833			3,390,232
Inogen, Inc.*	39,437			2,538,560
Insulet Corp.*	151,108			6,286,093
				37,000,119
HEALTH CARE SUPPLIES—5.9%
Meridian Bioscience, Inc.	238,739			3,127,481
Neogen Corp.*	119,774			7,909,875
Quidel Corp.*	240,650			4,567,537
			15,604,893
HEALTH CARE TECHNOLOGY—10.3%
Medidata Solutions, Inc.*	208,565			10,332,310
Quality Systems, Inc.*	270,908			4,066,329
Veeva Systems, Inc., Cl. A*	241,878			10,238,696
Vocera Communications, Inc.*	128,817			2,672,953
			27,310,288

- 29 -

THE ALGER FUNDS | ALGER SMALL CAP FOCUS FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
HUMAN RESOURCE & EMPLOYMENT SERVICES—2.8%
WageWorks, Inc.*	104,555		$	7,543,643
INDUSTRIAL MACHINERY—4.9%
DMC Global, Inc.	221,206			3,528,236
Proto Labs, Inc.*	67,305			3,533,512
Sun Hydraulics Corp.	152,381			5,970,288
			13,032,036
INTERNET SOFTWARE & SERVICES—4.3%
Cornerstone OnDemand, Inc.*	103,951			4,229,766
NIC, Inc.	265,177			6,390,766
SPS Commerce, Inc.*	9,280			640,320
				11,260,852
LIFE SCIENCES TOOLS & SERVICES—3.4%
Bio-Techne Corp.	88,181			8,972,417
MANAGED HEALTH CARE—0.8%
HealthEquity, Inc.*	44,727			2,068,624
OIL & GAS EQUIPMENT & SERVICES—2.6%
US Silica Holdings, Inc.	115,749			6,845,396
PHARMACEUTICALS—1.1%
Heska Corp.*	36,686			2,920,939
RESTAURANTS—1.0%
Wingstop, Inc.	92,796			2,641,902
SEMICONDUCTORS—1.6%
Cavium Networks, Inc.*	64,967			4,301,465
SPECIALTY CHEMICALS—2.7%
Balchem Corp.	84,810			7,229,204
SYSTEMS SOFTWARE—2.9%
Proofpoint, Inc.*	95,689			7,670,430
TOTAL COMMON STOCKS
(Cost $234,430,963)			257,289,899
PREFERRED STOCKS—0.0%	SHARES			VALUE
BIOTECHNOLOGY—0.0%
Tolero Pharmaceuticals, Inc.*,@,(a)	10,097			112,178
PHARMACEUTICALS—0.0%
Intarcia Therapeutics, Inc., Series DD*,@	759			43,126
TOTAL PREFERRED STOCKS
(Cost $55,038)				155,304
Total Investments
(Cost $234,486,001)(b)	97.2	%	257,445,203
Other Assets in Excess of Liabilities	2.8	%		7,361,690
NET ASSETS	100.0	%	$	264,806,893

* Non-income producing security.

- 30 -

THE ALGER FUNDS | ALGER SMALL CAP FOCUS FUND
Schedule of Investments January 31, 2017 (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	1/31/2017
Intarcia Therapeutics, Inc., Series
DD	03/27/14	$	24,584	0.14	%	$	43,126	0.02	%
Tolero Pharmaceuticals, Inc.	10/31/14		30,454	0.20	%		112,178	0.04	%
Total						$	155,304	0.06	%

(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 January 31, 2017, the net unrealized appreciation on investments, based on cost for federal income
tax purposes of $235,534,966, amounted to $21,910,237 which consisted of aggregate gross unrealized
appreciation of $27,700,133 and aggregate gross unrealized depreciation of $5,789,896.

See Notes to Financial Statements

- 31 -

THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND
Schedule of Investments January 31, 2017 (Unaudited)

COMMON STOCKS—81.1%	SHARES			VALUE
BIOTECHNOLOGY—35.8%
ACADIA Pharmaceuticals, Inc.*	20,000	$		691,800
Alexion Pharmaceuticals, Inc.*	25,500			3,332,340
Amicus Therapeutics, Inc.*	60,000			330,000
Array BioPharma, Inc.*	13,000			141,310
Bavarian Nordic A/S*	7,950			313,465
Bellicum  Pharmaceuticals, Inc.*	43,000			575,340
Biogen, Inc.*	10,500			2,911,020
BioMarin Pharmaceutical, Inc.*	40,000			3,505,200
Bluebird Bio, Inc.*	14,000			1,043,000
Catabasis Pharmaceuticals, Inc.*	19,638			79,141
Celgene Corp.*	33,000			3,832,950
Clovis Oncology, Inc.*	24,000			1,555,200
Curis, Inc.*	50,000			143,500
Exelixis, Inc.*	18,000			326,160
Five Prime Therapeutics, Inc.*	12,000			549,720
Genmab A/S*	4,000			774,686
Gilead Sciences, Inc.	19,000			1,376,550
Global Blood Therapeutics, Inc.*	10,000			161,500
Halozyme Therapeutics, Inc.*	113,000			1,305,150
Incyte Corp.*	44,500			5,393,845
Neurocrine Biosciences, Inc.*	14,000			600,740
ProShares UltraShort Nasdaq Biotechnology*	20,000			628,400
Ra Pharmaceuticals, Inc.*	14,654			233,585
Sarepta Therapeutics, Inc.*	70,000			2,174,200
Shire PLC.#	17,000			2,852,770
Spark Therapeutics, Inc.*	19,000			1,198,140
TESARO, Inc.*	17,000			2,768,280
United Therapeutics Corp.*	1,500			245,445
Vertex Pharmaceuticals, Inc.*	20,000			1,717,400
			40,760,837
HEALTH CARE EQUIPMENT—17.8%
ABIOMED, Inc.*	27,500			2,925,175
Boston Scientific Corp.*	35,000			842,100
CR Bard, Inc.	7,500			1,779,975
Danaher Corp.	8,000			671,360
DexCom, Inc.*	35,000			2,770,250
Edwards Lifesciences Corp.*	33,000			3,175,920
Glaukos Corp.*	21,000			865,620
IDEXX Laboratories, Inc.*	21,500			2,630,095
Masimo Corp.*	21,000			1,545,180
Nevro Corp.*	12,000			1,044,240
Obalon Therapeutics, Inc.*	46,795			473,565
Stryker Corp.	12,000			1,482,360
			20,205,840
HEALTH CARE SERVICES—0.3%
Diplomat Pharmacy, Inc.*	11,000			151,140
Tivity Health, Inc.*	8,000			205,200
				356,340

- 32 -

THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES			VALUE
HEALTH CARE SUPPLIES—0.6%
West Pharmaceutical Services, Inc.	8,250	$		698,198
HEALTH CARE TECHNOLOGY—1.3%
Agilent Technologies, Inc.	15,000			734,550
Medidata Solutions, Inc.*	3,500			173,390
Veeva Systems, Inc., Cl. A*	15,000			634,950
				1,542,890
LIFE SCIENCES TOOLS & SERVICES—2.2%
Illumina, Inc.*	7,000			1,120,700
NanoString Technologies, Inc.*	50,000			902,000
Patheon NV*	15,000			430,350
				2,453,050
MANAGED HEALTH CARE—8.7%
Aetna, Inc.	8,000			948,880
Cigna Corp.	4,000			584,880
Humana, Inc.	9,000			1,786,500
UnitedHealth Group, Inc.	33,000			5,349,300
WellCare Health Plans, Inc.*	8,500			1,237,090
				9,906,650
PHARMACEUTICALS—14.4%
Aerie Pharmaceuticals, Inc.*	34,000			1,492,600
Allergan PLC.	11,750			2,571,957
AstraZeneca PLC.#	43,000			1,170,890
Bristol-Myers Squibb Co.	79,000			3,883,640
Dermira, Inc.*	36,000			1,059,840
Eli Lilly & Co.	47,500			3,658,925
Emmaus Life Sciences, Inc.*,@	479,063			143,719
GlaxoSmithKline PLC.#	23,000			904,130
GW Pharmaceuticals PLC.#*	4,500			517,410
Zoetis, Inc.	17,000			933,980
			16,337,091
TOTAL COMMON STOCKS
(Cost $80,606,785)				92,260,896
PREFERRED STOCKS—19.1%	SHARES			VALUE
BIOTECHNOLOGY—18.7%
Prosetta Biosciences, Inc., Series D*,@,(a)	897,366			3,033,097
Tolero Pharmaceuticals, Inc.*,@,(a)	1,638,547			18,204,257
			21,237,354
PHARMACEUTICALS—0.4%
Intarcia Therapeutics, Inc., Series DD*,@	8,965			509,392
TOTAL PREFERRED STOCKS
(Cost $9,270,545)				21,746,746
RIGHTS—–%	SHARES			VALUE
BIOTECHNOLOGY—–%
Dyax Corp.*	21,800			–
Neuralstem, Inc., 1/8/2019*,@	26,471			–
				–

- 33 -

THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

RIGHTS—(CONT.)	SHARES			VALUE
PHARMACEUTICALS—–%
Emmaus Life Sciences, Inc., 9/11/2018*,@	320,000		$	–
TOTAL RIGHTS
(Cost $1)				–
Total Investments
(Cost $89,877,331)(b)	100.2	%		114,007,642
Liabilities in Excess of Other Assets	(0.2	)%		(261,145	)
NET ASSETS	100.0	%	$	113,746,497

* Non-income producing security.
# American Depositary Receipts.
@ 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	1/31/2017
Emmaus Life Sciences, Inc.	09/09/13	$	800,000	0.42	%	$	84,745	0.08	%
Emmaus Life Sciences, Inc.	06/06/14		556,721	0.28	%		58,974	0.05	%
Emmaus Life Sciences, Inc.,
Rights	09/09/13		0	0.00	%		0	0.00	%
Intarcia Therapeutics, Inc., Series
DD	03/27/14		290,376	0.15	%		509,392	0.45	%
Neuralstem, Inc.	01/03/14		0	0.00	%		0	0.00	%
Dyax Corp.	04/01/15		0	0.00	%		0	0.00	%
Dyax Corp.	10/15/15		0	0.00	%		0	0.00	%
Prosetta Biosciences, Inc., Series
D	02/06/15		4,038,147	2.00	%		3,033,097	2.67	%
Tolero Pharmaceuticals, Inc.	08/01/14		3,914,286	2.01	%		14,418,525	12.67	%
Tolero Pharmaceuticals, Inc.	10/31/14		1,027,736	0.49	%		3,785,732	3.33	%
Total						$	21,890,465	19.25	%

(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 January 31, 2017, the net unrealized appreciation on investments, based on cost for federal income
tax purposes of $91,211,403, amounted to $22,796,239 which consisted of aggregate gross unrealized
appreciation of $29,917,717 and aggregate gross unrealized depreciation of $7,121,478.

See Notes to Financial Statements

- 34 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments January 31, 2017 (Unaudited)

COMMON STOCKS—90.0%	SHARES		VALUE
AEROSPACE & DEFENSE—2.8%
General Dynamics Corp.	7,200	$	1,303,776
The Boeing Co.	10,004		1,634,854
			2,938,630
AIR FREIGHT & LOGISTICS—0.6%
United Parcel Service, Inc., Cl. B	6,204		677,043
AIRPORT SERVICES—0.7%
Macquarie Infrastructure Corp.	9,780		733,402
APPAREL RETAIL—0.4%
VF Corp.	7,700		396,396
ASSET MANAGEMENT & CUSTODY BANKS—1.4%
BlackRock, Inc.	4,100		1,533,318
AUTO PARTS & EQUIPMENT—1.0%
Delphi Automotive PLC.	15,500		1,085,930
BIOTECHNOLOGY—1.3%
Amgen, Inc.	4,100		642,388
Gilead Sciences, Inc.	9,700		702,765
			1,345,153
BREWERS—0.9%
Molson Coors Brewing Co., Cl. B	9,800		945,896
BUILDING PRODUCTS—1.0%
Johnson Controls International PLC.	23,875		1,050,023
CABLE & SATELLITE—2.4%
Comcast Corporation, Cl. A	33,291		2,510,807
COMMUNICATIONS EQUIPMENT—1.2%
Cisco Systems, Inc.	41,100		1,262,592
CONSUMER ELECTRONICS—0.5%
Garmin Ltd.	11,100		536,019
CONSUMER FINANCE—0.8%
Discover Financial Services	11,800		817,504
DIVERSIFIED BANKS—5.1%
JPMorgan Chase & Co.	42,602		3,605,407
Wells Fargo & Co.	32,767		1,845,765
			5,451,172
DIVERSIFIED CHEMICALS—0.9%
The Dow Chemical Co.	16,500		983,895
DRUG RETAIL—1.6%
CVS Caremark Corp.	15,600		1,229,436
Walgreens Boots Alliance, Inc.	6,100		499,834
			1,729,270
ELECTRICAL COMPONENTS & EQUIPMENT—0.6%
Eaton Corp., PLC.	9,500		672,410
FINANCIAL EXCHANGES & DATA—1.6%
CME Group, Inc.	13,763		1,666,424
HEALTH CARE EQUIPMENT—0.8%
Becton Dickinson and Co.	5,100		904,179
HOME IMPROVEMENT RETAIL—2.0%
The Home Depot, Inc.	15,200		2,091,216

- 35 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
HOTELS RESORTS & CRUISE LINES—0.7%
Royal Caribbean Cruises Ltd.	8,400	$	786,492
HOUSEHOLD PRODUCTS—1.5%
The Procter & Gamble Co.	18,225		1,596,510
HYPERMARKETS & SUPER CENTERS—0.7%
Wal-Mart Stores, Inc.	11,700		780,858
INDUSTRIAL CONGLOMERATES—4.0%
General Electric Co.	68,347		2,029,906
Honeywell International, Inc.	18,744		2,217,790
			4,247,696
INDUSTRIAL GASES—0.5%
Air Products & Chemicals, Inc.	3,519		491,815
INTEGRATED OIL & GAS—3.6%
Exxon Mobil Corp.	32,100		2,692,869
TOTAL SA#	21,900		1,107,264
			3,800,133
INTEGRATED TELECOMMUNICATION SERVICES—3.2%
AT&T, Inc.	30,300		1,277,448
Verizon Communications, Inc.	43,829		2,148,059
			3,425,507
INTERNET SOFTWARE & SERVICES—4.4%
Alphabet, Inc., Cl. A*	2,005		1,644,481
Alphabet, Inc., Cl. C*	2,010		1,601,548
Facebook, Inc., Cl. A*	10,900		1,420,488
			4,666,517
INVESTMENT BANKING & BROKERAGE—2.1%
Morgan Stanley	51,500		2,188,235
LEISURE FACILITIES—0.6%
Six Flags Entertainment Corp.	10,410		620,228
LEISURE PRODUCTS—1.0%
Coach, Inc.	15,700		586,395
Mattel, Inc.	17,300		453,433
			1,039,828
MANAGED HEALTH CARE—2.6%
Aetna, Inc.	11,549		1,369,827
UnitedHealth Group, Inc.	8,912		1,444,635
			2,814,462
MOVIES & ENTERTAINMENT—0.9%
Time Warner, Inc.	10,000		968,500
MULTI-LINE INSURANCE—0.8%
Hartford Financial Services Group, Inc.	16,900		823,199
MULTI-UTILITIES—0.6%
Sempra Energy	6,500		665,535
OIL & GAS EQUIPMENT & SERVICES—1.0%
Halliburton Company	19,500		1,103,115
OIL & GAS EXPLORATION & PRODUCTION—1.0%
ConocoPhillips	21,000		1,023,960
OTHER DIVERSIFIED FINANCIAL SERVICES—1.6%
Bank of America Corp.	77,135		1,746,336

- 36 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)	SHARES		VALUE
PACKAGED FOODS & MEATS—0.7%
The Kraft Heinz Co.	8,600	$	767,894
PHARMACEUTICALS—8.1%
Bristol-Myers Squibb Co.	27,900		1,371,564
Eli Lilly & Co.	20,500		1,579,115
GlaxoSmithKline PLC.#	17,100		672,201
Johnson & Johnson	20,000		2,265,000
Pfizer, Inc.	62,024		1,968,022
Roche Holding AG#	23,800		713,048
			8,568,950
RAILROADS—1.6%
CSX Corp.	36,791		1,706,735
RESTAURANTS—1.7%
Darden Restaurants, Inc.	8,100		593,568
McDonald's Corp.	9,800		1,201,186
			1,794,754
SEMICONDUCTOR EQUIPMENT—1.1%
Kla-Tencor Corp.	13,444		1,144,219
SEMICONDUCTORS—4.1%
Broadcom Ltd.	10,900		2,174,550
Intel Corp.	42,000		1,546,440
QUALCOMM, Inc.	12,100		646,503
			4,367,493
SOFT DRINKS—2.7%
PepsiCo, Inc.	19,800		2,054,844
The Coca-Cola Co.	20,700		860,499
			2,915,343
SYSTEMS SOFTWARE—4.0%
Choicestream, Inc.*,@,(a)	5,064		–
Microsoft Corp.	66,604		4,305,949
			4,305,949
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.0%
Apple, Inc.	33,618		4,079,544
Western Digital Corp.	15,200		1,211,896
			5,291,440
TOBACCO—2.6%
Altria Group, Inc.	39,079		2,781,643
TOTAL COMMON STOCKS
(Cost $62,040,431)			95,764,625
CONVERTIBLE PREFERRED STOCKS—0.6%	SHARES		VALUE
PHARMACEUTICALS—0.6%
Allergan PLC., 5.50%, 3/1/2018*	770		609,447
(Cost $770,000)			609,447
PREFERRED STOCKS—–%	SHARES		VALUE
SYSTEMS SOFTWARE—–%
Choicestream, Inc., Cl. A*,@,(a)	43,672		–

- 37 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

PREFERRED STOCKS—(CONT.)	SHARES			VALUE
SYSTEMS SOFTWARE—(CONT.)
Choicestream, Inc., Cl. B*,@,(a)	89,234		$	–
				–
TOTAL PREFERRED STOCKS
(Cost $88,465)				–
WARRANTS—–%	SHARES			VALUE
SYSTEMS SOFTWARE—–%
Choicestream, Inc., 6/22/26@,(a)	15,285			–
(Cost $15,269)				–
MASTER LIMITED PARTNERSHIP—1.9%	SHARES			VALUE
ASSET MANAGEMENT & CUSTODY BANKS—1.4%
The Blackstone Group LP.	50,400			1,543,752
OIL & GAS STORAGE & TRANSPORTATION—0.5%
Cheniere Energy Partners LP.	16,300			484,925
TOTAL MASTER LIMITED PARTNERSHIP
(Cost $1,685,110)				2,028,677
REAL ESTATE INVESTMENT TRUST—2.9%	SHARES			VALUE
HEALTH CARE—0.7%
Welltower, Inc.	11,100			735,930
MORTGAGE—0.6%
Blackstone Mortgage Trust, Inc., Cl. A	22,200			676,878
SPECIALIZED—1.6%
Crown Castle International Corp.	8,400			737,772
Lamar Advertising Co., Cl. A	12,600			951,552
				1,689,324
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $2,584,853)				3,102,132
	PRINCIPAL
CORPORATE BONDS—0.0%	AMOUNT			VALUE
SYSTEMS SOFTWARE—0.0%
Choicestream, Inc., 11.00%, 8/05/18@,(a)	15,285			15,285
(Cost $3,780)				15,285
Total Investments
(Cost $67,187,908)(b)	95.4	%	101,520,166
Other Assets in Excess of Liabilities	4.6	%		4,886,061
NET ASSETS	100.0	%	$	106,406,227

- 38 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments January 31, 2017 (Unaudited) (Continued)

# American Depositary Receipts.
* Non-income producing security.
@ Restricted security - Investment in security not registered under the Securities Act of 1933. The investment is
deemed to not be liquid and may be sold only to qualified buyers.

				% of net assets				% of net assets
	Acquisition			(Acquisition			Market	as of
Security	Date(s)		Cost	Date)			Value	1/31/2017
Choicestream, Inc.	03/14/14	$	1,468	0.00	%	$	0	0.00	%
Choicestream, Inc., 11.00%,
8/05/18	08/04/16		1,856	0.00	%		15,285	0.01	%
Choicestream, Inc., 6/22/26	08/04/16		15,269	0.02	%		0	0.00	%
Choicestream, Inc., Cl. A	12/17/13		34,924	0.03	%		0	0.00	%
Choicestream, Inc., Cl. B	07/10/14		53,541	0.05	%		0	0.00	%
Total						$	15,285	0.01	%

(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 January 31, 2017, the net unrealized appreciation on investments, based on cost for federal income
tax purposes of $66,917,161, amounted to $34,603,005 which consisted of aggregate gross unrealized
appreciation of $36,218,530 and aggregate gross unrealized depreciation of $1,615,525.

See Notes to Financial Statements

- 39 -

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 pro rata allocation of the fund’s expense other than a class expense (not including
advisory or custodial fees or other expenses related to the management of the fund’s assets)
to a share class.

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.

The industry classifications of the Funds’ investments, as presented in the accompanying
Schedules of Investments, represent Management’s belief as to the most meaningful
presentation of the classification of such investments. For Fund compliance purposes, the
Funds’ industry classifications refer to any one or more of the industry sub-classifications
- 40 -

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

used by one or more widely recognized market indexes or rating group indexes, with the
primary source being Global Industry Classification Standard (GICS).

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
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)
- 41 -

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

The Funds’ valuation techniques are generally consistent with either the market or the
income approach to fair value. The market approach considers prices and other relevant
information generated by market transactions involving identical or comparable assets
to measure fair value. The income approach converts future amounts to a current, or
discounted, single amount. These fair value measurements are determined on the basis
of the value indicated by current market expectations about such future events. Inputs
for Level 1 include exchange-listed prices and broker quotes in an active market. Inputs
for Level 2 include the last trade price in the case of a halted security, an exchange-listed
price which has been adjusted for fair value factors, and prices of closely related securities.
Additional Level 2 inputs include an evaluated price which is based upon a compilation of
observable market information such as spreads for fixed income and preferred securities.
Inputs for Level 3 include 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.

Because of the inherent uncertainty and often limited markets for restricted securities, the
values may significantly differ from the values if there was an active market.

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 January 31, 2017 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.

- 42 -

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	$	467,754,925			$	467,754,925				—		—
Consumer Staples			110,818,984			110,818,984				—		—
Energy			55,164,949			55,164,949				—		—
Financials			87,322,881			87,322,881				—		—
Health Care			353,632,230			353,632,230				—		—
Industrials			193,768,136			193,768,136				—		—
Information Technology			1,020,522,135				1,019,590,180			—		931,955
Materials			47,261,094			47,261,094				—		—
Telecommunication Services			26,097,968			26,097,968				—		—
TOTAL COMMON STOCKS	$	2,362,343,302			$	2,361,411,347				—	$	931,955
CORPORATE BONDS
Information Technology				387,502			—			—		387,502
MASTER LIMITED PARTNERSHIP
Financials			25,088,727			25,088,727				—		—
PREFERRED STOCKS
Health Care				4,357,071			—			—		4,357,071
Information Technology				4,295,976			—			—		4,295,976
TOTAL PREFERRED STOCKS		$		8,653,047			—			—	$	8,653,047
REAL ESTATE INVESTMENT TRUST
Financials				7,276,500			7,276,500			—		—
Real Estate			27,784,413			27,784,413				—		—
TOTAL REAL ESTATE
INVESTMENT TRUST		$		35,060,913		$	35,060,913			—		—
WARRANTS
Information Technology				—			—			—		—
TOTAL INVESTMENTS IN
SECURITIES	$	2,431,533,491			$	2,421,560,987				—	$	9,972,504
Alger International Growth Fund			TOTAL FUND				LEVEL 1			LEVEL 2		LEVEL 3
COMMON STOCKS
Consumer Discretionary	$	12,594,173					—	$	12,594,173			—
Consumer Staples			10,831,306				1,672,122			9,159,184		—
Energy			21,648,301				9,928,055		11,720,246			—
Financials			47,894,483			12,187,598			35,706,885			—
Health Care			11,200,313				1,227,585			9,972,728		—
Industrials			22,865,151				2,891,680		19,973,471			—
Information Technology			23,708,836				8,557,937		15,150,899			—
Materials			10,650,439				605,817		10,044,622			—
Telecommunication Services				6,574,915			—			6,574,915		—
TOTAL COMMON STOCKS		$		167,967,917		$	37,070,794		$	130,897,123		—
TOTAL INVESTMENTS IN
SECURITIES		$		167,967,917		$	37,070,794		$	130,897,123		—

- 43 -

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	$		25,014,009	$	25,014,009			—		—
Consumer Staples			5,445,174			5,445,174		—		—
Energy			2,344,917			2,344,917		—		—
Financials		11,707,423			11,707,423			—		—
Health Care		28,855,950			28,855,950			—		—
Industrials		23,954,742			23,954,742			—		—
Information Technology		40,684,914			40,585,348			—		99,566
Materials			7,816,254			7,816,254		—		—
TOTAL COMMON STOCKS	$		145,823,383		$	145,723,817		—	$	99,566
PREFERRED STOCKS
Health Care			6,241,732			—		—		6,241,732
Information Technology			458,967			—		—		458,967
TOTAL PREFERRED STOCKS	$		6,700,699			—		—	$	6,700,699
REAL ESTATE INVESTMENT TRUST
Real Estate			6,224,895			6,224,895		—		—
SPECIAL PURPOSE VEHICLE
Financials			343,113			—		—		343,113
TOTAL INVESTMENTS IN
SECURITIES	$		159,092,090		$	151,948,712		—	$	7,143,378
Alger SMid Cap Growth Fund		TOTAL FUND				LEVEL 1	LEVEL 2			LEVEL 3
COMMON STOCKS
Consumer Discretionary	$		10,697,767	$	10,697,767			—		—
Consumer Staples			5,101,703			5,101,703		—		—
Energy			5,065,370			5,065,370		—		—
Financials		15,605,521			15,605,521			—		—
Health Care		42,863,605			42,863,605			—		—
Industrials		12,432,669			12,432,669			—		—
Information Technology		41,164,034			40,669,669			—		494,365
Materials			1,569,580			1,569,580		—		—
TOTAL COMMON STOCKS	$		134,500,249		$	134,005,884		—	$	494,365
MASTER LIMITED PARTNERSHIP
Financials			2,094,295			2,094,295		—		—
PREFERRED STOCKS
Health Care			3,584,574			—		—		3,584,574
Information Technology			2,278,845			—		—		2,278,845
TOTAL PREFERRED STOCKS	$		5,863,419			—		—	$	5,863,419
REAL ESTATE INVESTMENT TRUST
Real Estate			4,360,361			4,360,361		—		—
RIGHTS
Health Care			—			—		—		—
TOTAL INVESTMENTS IN
SECURITIES	$		146,818,324		$	140,460,540		—	$	6,357,784

- 44 -

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	$		9,279,619	$	9,279,619		—		—
Consumer Staples			2,450,963		2,450,963		—		—
Energy			1,886,064		1,886,064		—		—
Financials			6,651,142		6,651,142		—		—
Health Care		42,550,401		42,550,401			—		—
Industrials		13,417,065		13,417,065			—		—
Information Technology		42,196,165		42,196,165			—		—
Materials			3,408,291		3,408,291		—		—
TOTAL COMMON STOCKS	$		121,839,710	$	121,839,710		—		—
PREFERRED STOCKS
Health Care			1,818,239		—		—		1,818,239
REAL ESTATE INVESTMENT TRUST
Real Estate			1,091,306		1,091,306		—		—
RIGHTS
Health Care			—		—		—		—
SPECIAL PURPOSE VEHICLE
Financials			316,011		—		—		316,011
TOTAL INVESTMENTS IN
SECURITIES	$		125,065,266	$	122,931,016		—	$	2,134,250
Alger Small Cap Focus Fund		TOTAL FUND			LEVEL 1	LEVEL 2			LEVEL 3
COMMON STOCKS
Consumer Discretionary	$		5,539,846	$	5,539,846		—		—
Energy			6,845,396		6,845,396		—		—
Financials		17,925,994		17,925,994			—		—
Health Care		104,757,453		104,757,453			—		—
Industrials		20,575,679		20,575,679			—		—
Information Technology		94,416,327		94,416,327			—		—
Materials			7,229,204		7,229,204		—		—
TOTAL COMMON STOCKS	$		257,289,899	$	257,289,899		—		—
PREFERRED STOCKS
Health Care			155,304		—		—		155,304
TOTAL INVESTMENTS IN
SECURITIES	$		257,445,203	$	257,289,899		—	$	155,304

- 45 -

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	$		92,260,896	$	91,029,026		$	1,088,151	$	143,719
PREFERRED STOCKS
Health Care		21,746,746				—		—	21,746,746
RIGHTS
Health Care			—			—		—		—
TOTAL INVESTMENTS IN
SECURITIES	$		114,007,642		$	91,029,026	$	1,088,151	$	21,890,465
Alger Growth & Income Fund		TOTAL FUND				LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Consumer Discretionary	$		11,830,170	$	11,830,170			—		—
Consumer Staples		11,517,414			11,517,414			—		—
Energy			5,927,208			5,927,208		—		—
Financials		14,226,188			14,226,188			—		—
Health Care		13,632,744			13,632,744			—		—
Industrials		12,025,939			12,025,939			—		—
Information Technology		21,038,210			21,038,210			—		—
Materials			1,475,710			1,475,710		—		—
Telecommunication Services			3,425,507			3,425,507		—		—
Utilities			665,535			665,535		—		—
TOTAL COMMON STOCKS	$		95,764,625		$	95,764,625		—		—
CONVERTIBLE PREFERRED STOCKS
Health Care			609,447			609,447		—		—
CORPORATE BONDS
Information Technology			15,285			—		—		15,285
MASTER LIMITED PARTNERSHIP
Energy			484,925			484,925		—		—
Financials			1,543,752			1,543,752		—		—
TOTAL MASTER LIMITED
PARTNERSHIP	$		2,028,677		$	2,028,677		—		—
PREFERRED STOCKS
Information Technology			—			—		—		—
REAL ESTATE INVESTMENT TRUST
Financials			676,878			676,878		—		—
Real Estate			2,425,254			2,425,254		—		—
TOTAL REAL ESTATE
INVESTMENT TRUST	$		3,102,132		$	3,102,132		—		—
WARRANTS
Information Technology			—			—		—		—
TOTAL INVESTMENTS IN
SECURITIES	$		101,520,166		$	101,504,881		—	$	15,285

- 46 -

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, 2016	$		1,172,607
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			(240,652	)
Purchases and sales			–
Purchases			–
Sales			–
Closing balance at January 31, 2017			931,955
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 1/31/2017	$		(240,652	)
Alger Capital Appreciation Fund	Corporate Bonds
Opening balance at November 1, 2016	$		387,502
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 and sales			–
Purchases			–
Sales			–
Closing balance at January 31, 2017			387,502
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 1/31/2017	$		–
Alger Capital Appreciation Fund	Preferred Stocks
Opening balance at November 1, 2016	$		10,752,714
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			(2,099,667	)
Purchases and sales			–
Purchases			–
Sales			–
Closing balance at January 31, 2017			8,653,047
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 1/31/2017	$		(2,099,667	)

- 47 -

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

		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Capital Appreciation Fund			Warrants
Opening balance at November 1, 2016	$		379,752
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			(379,752	)
Purchases and sales			–
Purchases			–
Sales			–
Closing balance at January 31, 2017			—
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 1/31/2017	$		(379,752	)
		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Mid Cap Growth Fund	Common Stocks
Opening balance at November 1, 2016	$		125,276
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			(25,710	)
Purchases and sales			–
Purchases			–
Sales			–
Closing balance at January 31, 2017			99,566
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 1/31/2017	$		(25,710	)

- 48 -

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

		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Mid Cap Growth Fund	Preferred Stocks
Opening balance at November 1, 2016	$		2,103,258
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			4,597,441
Purchases and sales			–
Purchases			–
Sales			–
Closing balance at January 31, 2017			6,700,699
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 1/31/2017	$		4,597,441
	Special Purpose
Alger Mid Cap Growth Fund			Vehicle
Opening balance at November 1, 2016	$		327,271
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			15,842
Purchases and sales			–
Purchases			–
Sales			–
Closing balance at January 31, 2017			343,113
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 1/31/2017	$		15,842

- 49 -

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

		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger SMid Cap Growth Fund	Common Stocks
Opening balance at November 1, 2016	$		622,021
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			(127,656	)
Purchases and sales			–
Purchases			–
Sales			–
Closing balance at January 31, 2017			494,365
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 1/31/2017	$		(127,656	)
Alger SMid Cap Growth Fund	Preferred Stocks
Opening balance at November 1, 2016	$		6,615,493
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			(752,074	)
Purchases and sales			–
Purchases			–
Sales			–
Closing balance at January 31, 2017			5,863,419
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 1/31/2017	$		(752,074	)
Alger SMid Cap Growth Fund			Rights
Opening balance at November 1, 2016	$		—
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 and sales			–
Purchases			–
Sales			–
Closing balance at January 31, 2017			—
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 1/31/2017	$		—

- 50 -

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, 2016	$		396,005
Transfers into Level 3			—
Transfers out of Level 3			—
Total gains or losses
Included in net realized gain (loss) on investments			–
Included in net unrealized gain (loss) on investments			1,422,234
Purchases and sales			–
Purchases			–
Sales			–
Closing balance at January 31, 2017			1,818,239
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 1/31/2017	$		1,422,234
Alger Small Cap Growth Fund			Rights
Opening balance at November 1, 2016	$		—
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 and sales			–
Purchases			–
Sales			–
Closing balance at January 31, 2017			—
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 1/31/2017	$		—
	Special Purpose
Alger Small Cap Growth Fund			Vehicle
Opening balance at November 1, 2016	$		301,420
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			14,591
Purchases and sales			–
Purchases			–
Sales			–
Closing balance at January 31, 2017			316,011
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 1/31/2017	$		14,591

- 51 -

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

		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Small Cap Focus Fund	Preferred Stocks
Opening balance at November 1, 2016	$		56,319
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			98,985
Purchases and sales			–
Purchases			–
Sales			–
Closing balance at January 31, 2017			155,304
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 1/31/2017	$		98,985
		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Health Sciences Fund	Common Stocks
Opening balance at November 1, 2016	$		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 and sales			–
Purchases			–
Sales			–
Closing balance at January 31, 2017			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 1/31/2017	$		–

- 52 -

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

		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Health Sciences Fund	Preferred Stocks
Opening balance at November 1, 2016	$		6,250,448
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			15,496,298
Purchases and sales			–
Purchases			–
Sales			–
Closing balance at January 31, 2017			21,746,746
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 1/31/2017	$		15,496,298
Alger Health Sciences Fund			Rights
Opening balance at November 1, 2016	$		—
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 and sales			–
Purchases			–
Sales			–
Closing balance at January 31, 2017			—
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 1/31/2017	$		—

- 53 -

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

		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Growth & Income Fund	Common Stocks
Opening balance at November 1, 2016	$		0
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 and sales			–
Purchases			–
Sales			–
Closing balance at January 31, 2017			0
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 1/31/2017	$		—
Alger Growth & Income Fund	Corporate Bonds
Opening balance at November 1, 2016	$		15,285
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 and sales			–
Purchases			–
Sales			–
Closing balance at January 31, 2017			15,285
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 1/31/2017	$		–
Alger Growth & Income Fund	Preferred Stocks
Opening balance at November 1, 2016	$		52,648
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			(52,648	)
Purchases and sales			–
Purchases			–
Sales			–
Closing balance at January 31, 2017			—
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 1/31/2017	$		(52,648	)

- 54 -

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

		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Growth & Income Fund			Warrants
Opening balance at November 1, 2016	$		14,979
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			(14,979	)
Purchases and sales			–
Purchases			–
Sales			–
Closing balance at January 31, 2017			—
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 1/31/2017	$		(14,979	)

The following table provides quantitative information about our Level 3 fair value
measurements of our investments as of January 31, 2017. 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.

- 55 -

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

		Fair Value	Valuation	Unobservable		Weighted
		January 31, 2017	Methodology	Input	Input/ Range	Average
Alger Capital Appreciation Fund
Common Stocks	$	99,566	Income	Revenue Multiple	9x-17x	N/A
			Approach	Discount Rate	20-40%	20%
				Scenario	10-50%	N/A
				Probability
				Time to Exit	1.1-3.1 Years	N/A
Preferred Stocks		6,700,699	Income	Revenue Multiple	9x-17x	N/A
			Approach	Discount Rate	20-40%	20%
				Scenario	10-80%	N/A
				Probability
				Time to Exit	1.1-3.1 Years	N/A
Warrants		0	Income	Discount Rate	40%	N/A
			Approach
Corporate Bonds		387,502	Income	Discount Rate	40%	N/A
			Approach
Alger Mid Cap Growth Fund
Common Stocks	$	931,955	Income	Revenue Multiple	9x-17x	N/A
			Approach	Discount Rate	20-40%	20%
				Scenario	10-50%	N/A
				Probability
				Time to Exit	1.1-3.1 Years	N/A
Preferred Stocks		6,700,699	Income	Revenue Multiple	9x-17x	N/A
			Approach	Discount Rate	20-40.5%	23.68%
				Scenario	10-80%	43.5%
				Probability
				Time to Exit	1.1-3.1 Years	N/A
Special Purpose		343,113	Market	Revenue Multiple	3.0x-4.2x	N/A
Vehicle			Approach
Alger Health Sciences Fund
Common Stocks		143,719	Income	Discount Rate	30%	N/A
			Approach
Preferred Stocks		509,392	Market	Scenario	80-100%	N/A
			Approach	Probability Time	1.0-2.5 Years	N/A
				to Exit	67.8%	N/A
				Volatility
Preferred Stocks		21,237,354	Income	Revenue Multiple	9x-17x	N/A
			Approach	Discount Rate	20-40.5%	24.31%
				Scenario	10-80%	45.00%
				Probability
Rights		-	Income	Discount Rate	30%	N/A
			Approach
Alger Growth & Income Fund
Common Stocks		0	Income	Discount Rate	40%	N/A
			Approach
Preferred Stocks		0	Income	Discount Rate	40%	N/A
			Approach

- 56 -

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

Corporate Bonds	15,285	Income	Discount Rate	40%	N/A
		Approach
Warrants	0	Income	Discount Rate	40%	N/A
		Approach
Alger SMid Cap Growth Fund
Common Stocks	494,365	Income	Revenue Multiple	9x-17x	N/A
		Approach	Discount Rate	20-40%	20%
			Scenario	10-50%	N/A
			Probability
			Time to Exit	1.1-3.1 Years	N/A
Preferred Stocks	2,802,192	Market	Scenario	80-100%	N/A
		Approach	Probability Time	1.0-2.5 Years	N/A
			to Exit	67.8%	N/A
			Volatility
Preferred Stocks	3,061,227	Income	Revenue Multiple	9x-17x	N/A
		Approach	Discount Rate	20-40%	24.81%
			Scenario	10-50%	N/A
			Probability
			Time to Exit	1.1-3.1 Years	N/A
Alger Small Cap Growth Fund
Preferred Stocks	1,818,239	Income	Revenue Multiple	9x-17x	N/A
		Approach	Discount Rate	20-40%	21.67%
			Scenario	10-50%	N/A
			Probability
			Time to Exit	1.1-3.1 Years	N/A
Special Purpose	316,011	Market	Revenue Multiple	3.0x-4.2x	N/A
Vehicle		Approach
Alger Small Cap Focus Fund
Preferred Stocks	43,126	Market	Scenario	80-100%	N/A
		Approach	Probability Time	1.0-2.5 Years	N/A
			to Exit	67.8%	N/A
			Volatility
Preferred Stocks	112,178	Discounted	Discount Rate	21.5-22.5%	N/A
		Cash 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 January 31, 2017 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 January 31, 2017, such assets
are categorized within the disclosure hierarchy as follows:

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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	$	59,308,081				—	$	59,308,081			—
Alger International Growth Fund			6,122,437			—		6,122,437			—
Alger Mid Cap Growth Fund			9,065,896			—		9,065,896			—
Alger SMid Cap Growth Fund			8,160			—		8,160			—
Alger Small Cap Growth Fund			(4,379	)		—		(4,379	)		—
Alger Small Cap Focus Fund			3,462,601			—		3,462,601			—
Alger Health Sciences Fund			(46	)		—		(46	)		—
Alger Growth & Income Fund			4,539,876			—		4,539,876			—
Total	$	82,502,626				—	$	82,502,626			—

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 January 31, 2017, 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 January 31, 2017, there were no open derivative instruments.

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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 January 31, 2017. Purchase and sale transactions and dividend income earned
during the year were as follows:

	Shares at			Shares at			Value at
	October 31,			January 31,	Dividend		January 31,
Security	2016	Additions	Reductions	2016	Income		2016
Alger Capital Appreciation Fund
Common Stocks
Choicestream Inc.*	82,955	—	—	82,955	—	$	0
Preferred Stocks
Choicestream, Inc.	2,365,288	—	—	2,365,288	—		0
Class A & Class B*
Corporate Bonds
Choicestream, Inc.,	387,502	—	—	387,502	—		387,502
11.0%,8/05/18
Warrants
Choicestream, Inc., 06/22/26	387,502	—	—	387,502	—		0
Alger Mid Cap Growth Fund
Preferred Stocks
Prosetta Biosciences,	219,610	—	—	219,610	—		742,282
Inc.*
Tolero Pharmaceuticals, Inc.*	495,000	—	—	495,000	—		5,499,450
Alger SMid Cap Growth Fund
Preferred Stocks
Prosetta Biosciences,	231,474	—	—	231,474	—		782,382
Inc.*
Alger Small Cap Growth Fund
Preferred Stocks
Prosetta Biosciences,	50,688	—	—	50,688	—		171,326
Inc.*
Tolero Pharmaceuticals, Inc.*	148,237	—	—	148,237	—		1,646,913
Alger Small Cap Focus Fund
Preferred Stocks
Tolero Pharmaceuticals, Inc.*	10,097	—	—	10,097	—		112,178
Alger Health Sciences Fund

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

Preferred Stocks
Prosetta Biosciences,	897,366	—	—	897,366	—	3,033,097
Inc.*
Tolero Pharmaceuticals, Inc.*	1,638,547	—	—	1,638,547	—	18,204,257
Alger Growth & Income Fund
Common Stocks
Choicestream Inc.*	5,064	—	—	5,064	—	0
Preferred Stocks
Choicestream, Inc.	132,906	—	—	132,906	—	0
Class A & Class B*
Corporate Bonds
Choicestream, Inc.,	15,285	—	—	18,285	—	15,285
11.0%,8/05/18
Warrants
Choicestream, Inc., 06/22/26	15,285	—	—	15,285	—	0

* Non-income producing security.

- 60 -

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.

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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: March 27, 2017

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: March 27, 2017

By /s/ Michael D. Martins

Michael D. Martins

Treasurer

Date: March 27, 2017

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