-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OOriDw27gDklAoaWBMt6nbASAHEuHnYJS0Nwog4oCD6iNwYYY+/OgR+0N3k/6YRK 7l9lt8HDZPkXSOT7IE+IqA== 0000930413-05-006707.txt : 20050922 0000930413-05-006707.hdr.sgml : 20050922 20050922152013 ACCESSION NUMBER: 0000930413-05-006707 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050731 FILED AS OF DATE: 20050922 DATE AS OF CHANGE: 20050922 EFFECTIVENESS DATE: 20050922 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALGER FUNDS CENTRAL INDEX KEY: 0000003521 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-01355 FILM NUMBER: 051098072 BUSINESS ADDRESS: STREET 1: 111 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10003 BUSINESS PHONE: 2128068800 MAIL ADDRESS: STREET 1: 30 MONTGOMERY STREET STREET 2: 13TH FLOOR CITY: JERSEY CITY STATE: NJ ZIP: 07302 FORMER COMPANY: FORMER CONFORMED NAME: ALGER FUND DATE OF NAME CHANGE: 19920703 N-Q 1 c38988_nq.txt ------------------------------ OMB APPROVAL ------------------------------ OMB Number: 3235-0578 Expires: February 28,2006 Estimated average burden hours per response: 20.0 ------------------------------ 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) 111 Fifth Avenue, New York, New York 10003 ------------------------------------------------------------- (Address of principal executive offices) (Zip code) Mr. Frederick A. Blum Fred Alger Management, Inc. 111 Fifth Avenue New York, New York 10003 ------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 212-806-8800 Date of fiscal year end: October 31 Date of reporting period: July 31, 2005 ITEM 1. Schedule of Investments. THE ALGER FUNDS ALGER LARGECAP GROWTH FUND SCHEDULE OF INVESTMENTS (UNAUDITED) July 31, 2005 COMMON STOCKS--99.1% SHARES VALUE ------ ------------ AEROSPACE & DEFENSE--2.2% Boeing Company 69,200 $ 4,567,892 General Dynamics Corporation 50,800 5,851,652 ------------ 10,419,544 ------------ BEVERAGES--1.2% PepsiCo, Inc. 101,300 5,523,889 ------------ BIOTECHNOLOGY--3.5% Amgen Inc.* 115,600 9,219,100 Genentech, Inc.* 81,700 7,298,261 ------------ 16,517,361 ------------ BUILDING & CONSTRUCTION--1.3% Pulte Homes Inc. 66,000 6,178,920 ------------ CAPITAL MARKETS--1.2% Merrill Lynch & Co., Inc. 81,100 4,767,058 Legg Mason, Inc. 8,500 868,275 ------------ 5,635,333 ------------ COMMERCIAL BANKS--.8% Wachovia Corporation 70,300 3,541,714 ------------ COMMUNICATION EQUIPMENT--3.6% Cisco Systems, Inc.* 240,400 4,603,660 Corning Incorporated* 197,600 3,764,280 Motorola, Inc. 227,400 4,816,332 Nokia Oyj ADR# 227,000 3,620,650 ------------ 16,804,922 ------------ COMMUNICATION TECHNOLOGY--1.0% Nextel Partners, Inc. Cl. A* 191,100 4,758,390 ------------ COMPUTERS & PERIPHERALS--3.4% Apple Computer, Inc.* 304,900 $ 13,003,985 EMC Corporation* 226,200 3,096,678 ------------ 16,100,663 ------------ COMPUTER TECHNOLOGY--1.0% NAVTEQ*+ 104,200 4,581,674 ------------ CONSUMER PRODUCTS--.5% Eastman Kodak Company 88,100 2,355,794 ------------ DIVERSIFIED FINANCIAL SERVICES--.9% Franklin Resources, Inc. 55,900 4,517,838 ------------ DIVERSIFIED TELECOMMUNICATION SERVICES--1.0% ALLTEL Corporation 72,700 4,834,550 ------------ ELECTRICAL EQUIPMENT--.5% Rockwell Automation, Inc. 43,800 2,256,138 ------------ ENERGY EQUIPMENT & SERVICES--5.1% National-Oilwell Varco Inc.* 146,300 7,658,805 Suncor Energy, Inc. 70,700 3,457,230 Transocean Inc.* 123,800 6,986,034 Williams Companies, Inc. (The) 280,000 5,947,200 ------------ 24,049,269 ------------ FINANCIAL INFORMATION SERVICES--.6% Genworth Financial Inc. Cl. A 91,000 2,853,760 ------------ FOOD & BEVERAGES--.8% Yum! Brands, Inc. 67,800 3,549,330 ------------ FOOD & STAPLES RETAILING--3.0% CVS Corporation 234,900 7,288,947 Wal-Mart Stores, Inc. 138,850 6,852,248 ------------ 14,141,195 ------------ HEALTH CARE EQUIPMENT & SUPPLIES--2.1% Medtronic, Inc. 88,800 4,789,872 St. Jude Medical, Inc.* 55,900 2,650,219 Varian Medical Systems, Inc.* 65,100 2,555,826 ------------ 9,995,917 ------------ HEALTH CARE PROVIDERS & SERVICES--10.2% AmerisourceBergen Corporation 51,700 3,711,543 Caremark Rx, Inc.* 140,850 6,279,093 CIGNA Corporation 83,600 8,924,300 HCA, Inc. 237,700 11,706,725 Health Management Associates, Inc. Cl. A 257,900 6,138,020 Humana Inc.* 199,100 7,934,135 Medco Health Solutions, Inc.* 66,500 3,221,260 ------------ 47,915,076 ------------ HOTELS, RESTAURANTS & LEISURE--2.3% Harrah's Entertainment, Inc. 93,600 $ 7,370,064 Hilton Hotels Corporation 144,600 3,578,850 ------------ 10,948,914 ------------ INDUSTRIAL CONGLOMERATES--1.0% Tyco International Ltd. 156,400 4,765,508 ------------ INSURANCE--2.5% American International Group, Inc. 75,900 4,569,180 Marsh & McLennan Companies, Inc. 82,300 2,384,231 St. Paul Travelers Companies, Inc. (The) 112,800 4,965,456 ------------ 11,918,867 ------------ INTERNET & CATALOG RETAIL--3.2% eBay Inc.* 213,100 8,903,318 Netflix Inc.* 338,400 6,280,704 ------------ 15,184,022 ------------ INTERNET SOFTWARE & SERVICES--3.3% Google Inc. Cl A* 31,000 8,920,560 Yahoo! Inc. * 207,700 6,924,718 ------------ 15,845,278 ------------ MACHINERY--1.2% Caterpillar Inc. 102,400 5,520,384 ------------ MEDIA--6.8% Disney (Walt) Company 226,100 5,797,204 News Corporation Cl. A 396,000 6,486,480 Sirius Satellite Radio Inc.* 676,900 4,616,458 XM Satellite Radio Holdings Inc. Cl. A*+ 420,200 14,971,726 ------------ 31,871,868 ------------ METALS & MINING--2.1% Peabody Energy Corporation 150,400 9,887,296 ------------ MULTILINE RETAIL--2.3% Federated Department Stores, Inc. 93,900 7,124,193 Penny, (JC) Co. Inc. 64,900 3,643,486 ------------ 10,767,679 ------------ OIL & GAS--5.1% Enterprise Products Partners L.P. 82,500 2,205,225 Exxon Mobil Corporation 226,800 13,324,500 Sasol Ltd. ADR# 118,950 3,580,395 Talisman Energy Inc. 111,500 4,868,090 ------------ 23,978,210 ------------ PERSONAL PRODUCTS--2.3% Avon Products, Inc. 189,700 6,205,087 Gillette Company (The) 88,300 4,739,061 ------------ 10,944,148 ------------ PHARMACEUTICALS--4.5% Pfizer Inc. 215,700 5,716,050 Schering-Plough Corporation 395,700 8,238,474 Wyeth 156,400 7,155,300 ------------ 21,109,824 ------------ RETAIL--1.1% Saks Incorporated* 234,600 4,978,212 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--5.4% Intel Corporation 323,850 $ 8,789,289 Linear Technology Corporation 202,450 7,867,207 Marvell Technology Group Ltd.* 84,400 3,687,436 National Semiconductor Corporation 200,500 4,954,355 ------------ 25,298,287 ------------ SPECIALTY RETAIL--1.5% Bed Bath & Beyond Inc.* 53,300 2,446,470 Lowe's Companies, Inc. 71,500 4,734,730 ------------ 7,181,200 ------------ SOFTWARE--5.0% Electronic Arts Inc.* 39,900 2,298,240 Microsoft Corporation 552,630 14,152,854 Oracle Corporation* 509,800 6,923,084 ------------ 23,374,178 ------------ TOBACCO--1.4% Altria Group, Inc. 96,100 6,434,856 ------------ TEXTILES, APPAREL & LUXURY GOODS--2.4% Coach, Inc.* 99,900 3,507,489 Polo Ralph Lauren Corporation Cl. A 158,500 7,804,540 ------------ 11,312,029 ------------ WIRELESS TELECOMMUNICATION SERVICES--1.8% Sprint Corporation 322,000 8,661,800 ------------ Total Common Stocks (Cost $421,505,750) 466,513,837 ------------ PURCHASED OPTIONS--.1% CONTRACTS --------- PUT OPTIONS NAVTEQ/January/35+ 325 $ 29,250 XM Satellite Radio Holdings/January/32.5+ 1512 279,720 XM Satellite Radio Holdings/October/32.5+ 450 42,750 ------------ TOTAL PURCHASED PUT OPTIONS (COST $814,350) 351,720 ------------ SHORT-TERM INVESTMENTS--1.9% PRINCIPAL AMOUNT ---------- U.S. GOVERNMENT & AGENCY OBLIGATIONS Federal National Mortgage Association, 3.12%, 8/8/05 $ 650,000 649,493 Federal Home Loan Banks, 2.96%, 8/1/05 8,415,000 8,413,616 ------------ Total Short-Term Investments (Cost $9,063,109) 9,063,109 ------------ Total Investments (Cost $431,383,209) (a) 101.1% 475,928,666 Other Assets in Excess of Liabilities 1.1 (4,962,301) ---------- ------------ Net Assets 100.0% $470,966,365 ========== ============ * Non-income producing security. # American Depositary Receipts. + All or a portion of the securities are pledged as collateral for options written. (a) At July 31, 2005, the net unrealized appreciation on investments , based on cost for federal income tax purposes of $431,383,209 amounted to $44,545,457 which consisted of aggregate gross unrealized appreciation of $48,914,147and aggregate gross unrealized depreciation of $4,368,690. SHARES SUBJECT CONTRACTS TO CALL VALUE CALL OPTIONS WRITTEN --------- -------- -------- NAVTEQ/January/40 325 32,500 $208,000 XM Satellite Radio Holdings/January/40+ 1,512 151,200 302,400 XM Satellite Radio Holdings/October/42.5+ 112 11,200 4,480 -------- TOTAL (PREMIUMS RECEIVED $294,264) 514,880 -------- PUT OPTIONS WRITTEN NAVTEQ/January/30 325 32,500 19,500 XM Satellite Radio Holdings/October/30+ 450 45,000 22,500 XM Satellite Radio Holdings/January/30+ 1,512 151,200 173,880 -------- TOTAL (PREMIUMS RECEIVED $525,776) 215,880 -------- TOTAL OPTIONS WRITTEN (PREMIUMS RECEIVED $820,040) $730,760 ======== THE ALGER FUNDS Alger SmallCap Growth Fund Schedule of Investments (Unaudited) July 31, 2005 COMMON STOCKS--95.2% SHARES VALUE ------ ------------ AEROSPACE & DEFENSE--3.7% BE Aerospace, Inc.* 130,500 $ 2,287,665 Esterline Technologies Corporation* 53,600 2,290,864 SI International Inc.* 61,900 1,950,469 ------------ 6,528,998 ------------ AIRLINES--1.0% AirTran Holdings, Inc.* 161,400 1,846,416 ------------ BIOTECHNOLOGY--5.2% Alkermes, Inc. * 103,700 1,607,350 Encysive Pharmaceuticals Inc.* 133,000 1,690,430 Protein Design Labs, Inc.* 69,350 1,580,487 Rigel Pharmaceuticals, Inc.* 66,700 1,443,721 Theravance, Inc.* 78,700 1,652,700 Vertex Pharmaceuticals Incorporated* 84,600 1,349,370 ------------ 9,324,058 ------------ CAPITAL MARKETS--2.9% Affiliated Managers Group, Inc.* 24,125 1,720,113 Greenhill & Co., Inc. 38,200 1,465,352 National Financial Partners Corporation 41,800 1,891,450 ------------ 5,076,915 ------------ CHEMICALS--2.1% Lubrizol Corporation 46,500 2,046,000 Westlake Chemical Corporation 53,200 1,682,184 ------------ 3,728,184 ------------ COMMERCIAL BANKS--1.2% Boston Private Financial Holdings, Inc. 78,100 2,237,565 ------------ COMMERCIAL SERVICES & SUPPLIES--4.1% CoStar Group Inc.* 33,200 1,577,000 FTI Consulting, Inc.* 83,000 2,000,300 Gevity HR, Inc. 81,400 1,794,870 Universal Technical Institute Inc.* 60,500 1,960,200 ------------ 7,332,370 ------------ COMMUNICATION EQUIPMENT-2.7% Arris Group Inc.* 168,100 1,855,824 F5 Networks, Inc.* 29,500 1,244,310 Powerwave Technologies, Inc.* 146,000 1,674,620 ------------ 4,774,754 ------------ COMPUTERS & PERIPHERALS--1.3% Maxtor Corporation* 110,600 $ 652,540 Silicon Image, Inc.* 140,700 1,663,074 ------------ 2,315,614 ------------ COMPUTER SERVICES--1.2% Open Solutions Inc.* 89,500 2,144,420 ------------ CONSTRUCTION & ENGINEERING--.9% URS Corporation* 44,600 1,670,270 ------------ ENERGY EQUIPMENT & SERVICES--2.9% Hornbeck Offshore Services, Inc. * 70,100 2,095,990 Lone Star Technologies, Inc.* 32,100 1,638,063 Pioneer Drilling Company* 94,800 1,429,584 ------------ 5,163,637 ------------ FINANCIAL INFORMATION SERVICES--.7% GFI Group Inc.* 37,800 1,322,622 ------------ FOOD & STAPLES RETAILING--.9% Performance Food Group Co.* 55,700 1,672,671 ------------ FOOD PRODUCTS--.3% Ralcorp Holdings, Inc.* 11,200 481,600 ------------ FOREIGN SEA FREIGHT--1.0% Genco Shipping & Trading Ltd.* 92,100 1,760,952 ------------ HEALTH CARE EQUIPMENT & SUPPLIES--5.0% Haemonetics Corporation* 29,600 1,250,008 Hologic, Inc.* 34,000 1,550,060 Illumina, Inc.* 133,100 1,490,720 Immucor, Inc.* 47,800 1,313,066 Intuitive Surgical, Inc.* 28,750 1,995,250 Sybron Dental Specialties, Inc.* 37,500 1,378,125 ------------ 8,977,229 ------------ HEALTH CARE PROVIDERS & SERVICES--6.7% Psychiatric Solutions, Inc.* 41,550 2,001,879 Sierra Health Services, Inc.* 31,600 2,131,104 Sunrise Senior Living Inc.* 36,000 1,908,000 Symbion, Inc.* 86,700 2,099,007 VCA Antech, Inc.* 63,500 1,507,490 WellCare Health Plans Inc.* 57,300 2,195,736 ------------ 11,843,216 ------------ HOTELS, RESTAURANTS & LEISURE--2.4% Applebee's International, Inc. 84,212 2,232,460 Red Robin Gourmet Burgers Inc.* 33,450 2,008,338 ------------ 4,240,798 ------------ INFORMATION TECHNOLOGY SERVICES--2.2% Global Payments Inc. 32,150 2,129,616 Kanbay International Inc.* 78,700 1,743,992 ------------ 3,873,608 ------------ INSURANCE--3.1% Ohio Casualty Corporation 77,400 1,977,570 Platinum Underwriters Holdings, Inc. 59,700 2,069,799 Universal American Financial Corp.* 60,300 1,484,586 ------------ 5,531,955 ------------ INTERNET SOFTWARE & SERVICES--3.4% aQuantive, Inc.* 78,400 $ 1,478,624 IVillage Inc.* 198,300 1,090,650 Netease.com Inc. ADR*# 28,800 1,694,304 Openwave Systems, Inc.* 97,533 1,809,237 ------------ 6,072,815 ------------ LEISURE EQUIPMENT & PRODUCTS--1.1% LIFE TIME FITNESS, Inc.* 59,700 2,005,920 ------------ MACHINERY--4.2% Actuant Corporation Cl. A* 43,000 2,000,790 Bucyrus International, Inc. 37,100 1,581,202 Gardner Denver Inc.* 52,700 2,165,970 Watts Water Technologies, Inc. Cl. A 45,700 1,668,050 ------------ 7,416,012 ------------ MEDIA--3.6% Harris Interactive Inc.* 284,500 1,146,535 Media General, Inc. Cl. A 25,770 1,765,245 Spanish Broadcasting System, Inc. Cl. A * 214,900 1,848,140 World Wrestling Entertainment, Inc. 132,300 1,625,967 ------------ 6,385,887 ------------ MEDICAL TECHNOLOGY--.5% Syneron Medical Ltd.* 22,300 859,665 ------------ METALS & MINING--2.1% Alpha Natural Resources, Inc.* 67,800 1,898,400 Cleveland-Cliffs Inc. 24,600 1,788,666 ------------ 3,687,066 ------------ OIL & GAS--4.9% General Maritime Corporation 18,900 736,911 Grey Wolf, Inc.* 280,700 2,152,969 Range Resources Corporation 66,800 2,040,072 Todco * 70,034 2,150,744 Whiting Petroleum Corporation* 39,500 1,578,025 ------------ 8,658,721 ------------ PHARMACEUTICAL PREPARATIONS--.4% Adams Respiratory Therapeutics, Inc.* 25,300 746,350 ------------ PHARMACEUTICALS--.9% Impax Laboratories, Inc.* 101,500 1,613,850 ------------ RETAIL--1.4% Phillips-Van Heusen Corporation 51,700 1,752,630 Retail Ventures, Inc.* 59,500 820,505 ------------ 2,573,135 ------------ ROAD & RAIL--1.1% Landstar Systems, Inc.* 58,500 1,949,220 ------------ SEMICONDUCTOR CAPITAL EQUIPMENT--3.0% FormFactor Inc.* 55,600 1,453,384 SiRF Technology Holdings, Inc.* 97,100 2,121,635 Veeco Instruments Inc. * 85,900 1,736,898 ------------ 5,311,917 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.2% ATMI, Inc.* 54,900 1,747,467 Microsemi Corporation* 92,800 1,981,280 Photronics, Inc.* 66,700 1,790,228 Tessera Technologies Inc.* 5,400 189,648 Trident Microsystems, Inc.* 52,900 1,726,656 ------------ 7,435,279 ------------ SOFTWARE--4.9% Cerner Corporation* 29,050 $ 2,190,951 Fair Isaac Corporation 40,080 1,508,210 Hyperion Solutions Corporation* 26,900 1,265,914 Quest Software, Inc. * 107,050 1,525,463 Verifone Holdings Inc.* 102,850 2,144,423 ------------ 8,634,961 ------------ SPECIALTY RETAIL--4.9% A.C. Moore Arts & Crafts Inc.* 67,600 1,942,148 AnnTaylor Stores Corporation* 64,900 1,672,473 DSW Inc. Cl. A* 33,500 887,750 Guitar Center, Inc.* 26,550 1,714,997 Pacific Sunwear of California, Inc.* 51,100 1,246,329 PETCO Animal Supplies, Inc.* 46,700 1,301,529 ------------ 8,765,226 ------------ THRIFTS & MORTGAGE FINANCE--.9% Brookline Bancorp, Inc. 96,900 1,551,369 ------------ WIRELESS TELECOMMUNICATION SERVICES--2.2% InPhonic, Inc.* 94,000 1,504,000 UbiquiTel Inc.* 260,900 2,384,626 ------------ 3,888,626 ------------ Total Common Stocks (Cost $136,715,486) 169,403,871 ------------ PRINCIPAL SHORT-TERM INVESTMENT--5.4% AMOUNT ---------- U.S. AGENCY OBLIGATIONS Federal Home Loan Banks, 2.96%, 8/1/05 (Cost $9,513,435) $9,515,000 9,513,435 ------------ Total Investments (Cost $146,228,921) 100.6% 178,917,306 Liabilities in Excess of Other Assets -0.6 (1,050,113) ---------- ------------ Net Assets 100.0% $177,867,193 ========== ============ * Non-income producing security. # American Depositary Receipts. (a) At July 31, 2005, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $146,228,921, amounted to $32,688,385 which consisted of aggregate gross unrealized appreciation of $34,976,902 and aggregate gross unrealized depreciation of $2,288,517. THE ALGER FUNDS Alger Balanced Fund Schedule of Investments (Unaudited) July 31, 2005 COMMON STOCKS--66.6% SHARES VALUE ------ ------------ AEROSPACE & DEFENSE--1.5% Boeing Company 17,800 $ 1,174,978 General Dynamics Corporation 13,000 1,497,470 ------------ 2,672,448 ------------ BEVERAGES--.8% PepsiCo, Inc. 26,100 1,423,232 ------------ BIOTECHNOLOGY--2.4% Amgen Inc.* 29,100 2,320,725 Genentech, Inc.* 20,600 1,840,198 ------------ 4,160,923 ------------ BUILDING & CONSTRUCTION--.9% Pulte Homes Inc. 17,100 1,600,901 ------------ CAPITAL MARKETS--.8% Merrill Lynch & Co., Inc. 20,900 1,228,502 Legg Mason, Inc. 2,100 214,515 ------------ 1,443,017 ------------ COMMERCIAL BANKS--.5% Wachovia Corporation 17,800 896,764 ------------ COMMUNICATION EQUIPMENT--2.4% Cisco Systems, Inc.* 60,900 1,166,235 Corning Incorporated* 49,700 946,785 Motorola, Inc. 57,200 1,211,496 Nokia Oyj ADR# 58,400 931,480 ------------ 4,255,996 ------------ COMMUNICATION TECHNOLOGY--.7% Nextel Partners, Inc. Cl. A* 48,400 1,205,160 ------------ COMPUTER TECHNOLOGY--.6% NAVTEQ* 25,900 1,138,823 ------------ COMPUTERS & PERIPHERALS--2.1% Apple Computer, Inc.* 67,300 2,870,345 EMC Corporation* 57,300 784,437 ------------ 3,654,782 ------------ CONSUMER PRODUCTS--.3% Eastman Kodak Company 22,200 593,628 ------------ DIVERSIFIED FINANCIAL SERVICES--.7% Franklin Resources, Inc. 14,500 $ 1,171,890 ------------ DIVERSIFIED TELECOMMUNICATION SERVICES--.7% ALLTEL Corporation 18,400 1,223,600 ------------ ELECTRICAL EQUIPMENT--.3% Rockwell Automation, Inc. 11,000 566,610 ------------ ENERGY EQUIPMENT & SERVICES--3.5% National-Oilwell Varco Inc.* 37,950 1,986,683 Suncor Energy, Inc. 17,800 870,420 Transocean Inc.* 32,000 1,805,760 Williams Companies, Inc. (The) 72,400 1,537,776 ------------ 6,200,639 ------------ FINANCIAL INFORMATION SERVICES--.4% Genworth Financial Inc. Cl. A 23,400 733,824 ------------ FOOD & BEVERAGES--.5% Yum! Brands, Inc. 17,200 900,420 ------------ FOOD & STAPLES RETAILING--2.1% CVS Corporation 60,100 1,864,903 Wal-Mart Stores, Inc. 35,950 1,774,133 ------------ 3,639,036 ------------ HEALTH CARE EQUIPMENT & SUPPLIES--1.5% Medtronic, Inc. 22,500 1,213,650 St. Jude Medical, Inc.* 14,400 682,704 Varian Medical Systems, Inc.* 16,800 659,568 ------------ 2,555,922 ------------ HEALTH CARE PROVIDERS & SERVICES--6.9% AmerisourceBergen Corporation 14,100 1,012,239 Caremark Rx, Inc.* 36,450 1,624,941 CIGNA Corporation 20,100 2,145,675 HCA, Inc. 57,400 2,826,950 Health Management Associates, Inc. Cl. A 66,700 1,587,460 Humana Inc.* 51,500 2,052,275 Medco Health Solutions, Inc.* 17,200 833,168 ------------ 12,082,708 ------------ HOTELS, RESTAURANTS & LEISURE--1.6% Harrah's Entertainment, Inc. 24,100 1,897,634 Hilton Hotels Corporation 36,400 900,900 ------------ 2,798,534 ------------ INDUSTRIAL CONGLOMERATES--.7% Tyco International Ltd. 39,350 1,198,995 ------------ INSURANCE--1.8% American International Group, Inc. 19,600 $ 1,179,920 Marsh & McLennan Companies, Inc. 20,900 605,473 St. Paul Travelers Companies, Inc. (The) 29,200 1,285,384 ------------ 3,070,777 ------------ INTERNET & CATALOG RETAIL--2.2% eBay Inc.* 54,900 2,293,722 Netflix Inc.* 87,150 1,617,504 ------------ 3,911,226 ------------ INTERNET SOFTWARE & SERVICES--2.3% Google Inc. Cl A* 7,900 2,273,304 Yahoo! Inc. * 53,700 1,790,358 ------------ 4,063,662 ------------ MACHINERY--.8% Caterpillar Inc. 26,500 1,428,615 ------------ MEDIA--3.8% Disney (Walt) Company 58,500 1,499,940 News Corporation Cl. A 99,700 1,633,086 Sirius Satellite Radio Inc.* 171,500 1,169,630 XM Satellite Radio Holdings Inc. Cl. A* 64,950 2,314,169 ------------ 6,616,825 ------------ METALS & MINING--1.4% Peabody Energy Corporation 37,850 2,488,259 ------------ MULTILINE RETAIL--1.6% Federated Department Stores, Inc. 23,800 1,805,706 Penny, (JC) Co. Inc. 16,700 937,538 ------------ 2,743,244 ------------ OIL & GAS--3.5% Enterprise Products Partners L.P. 21,300 569,349 Exxon Mobil Corporation 57,100 3,354,625 Sasol Ltd. ADR# 29,900 899,990 Talisman Energy Inc. 28,300 1,235,578 ------------ 6,059,542 ------------ PERSONAL PRODUCTS--1.6% Avon Products, Inc. 47,700 1,560,267 Gillette Company (The) 22,200 1,191,474 ------------ 2,751,741 ------------ PHARMACEUTICALS--3.0% Pfizer Inc. 54,300 1,438,950 Schering-Plough Corporation 99,600 2,073,672 Wyeth 39,600 1,811,700 ------------ 5,324,322 ------------ RETAIL--.7% Saks Incorporated* 60,700 1,288,054 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--3.7% Intel Corporation 83,300 2,260,762 Linear Technology Corporation 50,900 1,977,974 Marvell Technology Group Ltd.* 21,400 934,966 National Semiconductor Corporation 51,900 1,282,449 ------------ 6,456,151 ------------ SOFTWARE--3.4% Electronic Arts Inc.* 10,000 $ 576,000 Microsoft Corporation 139,050 3,561,071 Oracle Corporation* 128,300 1,742,314 ------------ 5,879,385 ------------ SPECIALTY RETAIL--1.0% Bed Bath & Beyond Inc.* 13,500 619,650 Lowe's Companies, Inc. 18,000 1,191,960 ------------ 1,811,610 ------------ TEXTILES, APPAREL & LUXURY GOODS--1.6% Coach, Inc.* 25,400 891,794 Polo Ralph Lauren Corporation Cl. A 40,200 1,979,448 ------------ 2,871,242 ------------ TOBACCO--1.0% Altria Group, Inc. 24,900 1,667,304 ------------ WIRELESS TELECOMMUNICATION SERVICES--1.3% Sprint Corporation 83,050 2,234,045 ------------ Total Common Stocks (Cost $105,095,927) 116,783,856 ------------ PRINCIPAL CORPORATE BONDS--16.2% AMOUNT ---------- AEROSPACE & DEFENSE--.7% Systems 2001 Asset Trust, Cl. G, 6.66%, 9/15/13 $405,871 $ 434,339 United Technologies, 4.875%, 11/1/06 732,000 737,930 ------------ 1,172,269 ------------ AUTOMOTIVE--.7% DaimlerChrysler N. A. Holding Corp., 4.05%, 6/4/08 425,000 416,498 General Motors Acceptance Corp., 6.875%, 9/15/11 800,000 773,038 ------------ 1,189,536 ------------ BEVERAGES--.4% Anheuser-Busch Companies, Inc., 7.00%, 12/1/25 650,000 676,795 ------------ BUILDING & CONSTRUCTION--.2% Pulte Homes Inc., 5.20%, 2/15/15 345,000 336,818 ------------ BUILDING PRODUCTS--.1% Masco Corporation, 4.80%, 6/15/15 150,000 146,251 ------------ CABLE--.4% Cox Communications, Inc., 5.45%, 12/15/14 700,000 704,287 ------------ CAPITAL MARKETS--.7% Goldman Sachs Group, Inc., 4.75%, 7/15/13 1,215,000 1,196,475 ------------ COMMERCIAL BANKS--2.1% Associates Corp., North America, 6.95%, 11/1/18 $1,077,000 $ 1,260,490 Key Bank N.A., 4.41%, 3/18/08 600,000 597,007 Synovus Financial Corp., Series, 5.125%, 6/15/17 (a) 395,000 392,897 Wells Fargo & Co. Sr. Global Notes, 6.375%, 8/1/11 1,250,000 1,356,527 ------------ 3,606,921 ------------ COMPUTERS & PERIPHERALS--.7% International Business Machines Corp., 6.50%, 1/15/28 1,000,000 1,158,583 ------------ DIVERSIFIED FINANCIAL SERVICES--.1% JPMorgan Chase & Co., 7.00%, 11/15/09 245,000 265,868 ------------ DIVERSIFIED TELECOMMUNICATION SERVICES--1.0% Telecom Italia Capital, Series, 4.95%, 9/30/14(a) 900,000 883,772 Verizon New York Inc., Series A, 6.875%, 4/1/12 789,000 860,722 ------------ 1,744,494 ------------ ELECTRIC UTILITIES--.6% First Energy Corp., Series, 5.65%, 6/15/09(a) 1,000,000 1,024,230 ------------ ENERGY EQUIPMENT & SERVICES--.6% Baker Hughes Inc., 6.25%, 1/15/09 1,000,000 1,053,068 ------------ FINANCE--1.1% Caterpillar Financial Services Corporation, 3.70%, 8/15/08 1,000,000 977,729 SLM Corp., 4.50%, 7/26/10 900,000 890,711 ------------ 1,868,440 ------------ GAS UTILITIES--.5% Kinder Morgan Energy Partners, L.P., 5.80%, 3/15/35 1,000,000 997,818 ------------ HEALTH CARE PROVIDERS & SERVICES--.5% Manor Care, Inc., 6.25%, 5/1/13 875,000 923,416 ------------ HOTELS, RESTAURANTS & LEISURE--.2% Marriott International, Inc., 4.625%, 6/15/12 350,000 340,288 ----------- INSURANCE--2.2% Berkshire Hathaway Financial Corp., 4.85%, 1/15/15 1,295,000 1,285,387 GE Global Insurance, 7.00%, 2/15/26 850,000 884,000 Markel Corp., 7.00%, 5/15/08 1,425,000 1,498,657 Willis Group North America, 5.625%, 7/15/15 200,000 198,630 ------------ 3,866,674 ------------ MEDIA--.4% Comcast Corporation, 6.50%, 1/15/15 459,000 503,845 Liberty Media Corporation Floating Rate Note, 4.91%, 9/17/06 198,000 199,350 ------------ 703,195 ------------ METAL FABRICATING--.8% Timken Co., 5.75%, 2/15/10 1,350,000 1,363,079 ------------ METALS & MINING--.2% Alcan Inc., 5.00%, 6/1/15 350,000 346,098 ------------ MULTI-UTILITIES UNREGULATED POWER--.6% Duke Energy Corporation, 5.625%, 11/30/12 1,000,000 1,042,908 ------------ OIL & GAS--.9% Canadian Natural Resources, 4.90%, 12/1/14 1,100,000 1,081,432 Nexen Inc., 5.875%, 3/10/35 600,000 597,121 ------------ 1,678,553 ------------ THRIFTS & MORTGAGE FINANCE--.5% Washington Mutual, Inc., 4.625%, 4/1/14 1,050,000 1,003,671 ------------ Total Corporate Bonds (Cost $28,545,971) 28,409,735 ----------- U.S. GOVERNMENT & AGENCY OBLIGATIONS--15.9% Federal Home Loan Bank, 4.10%, 6/13/08 $1,800,000 $ 1,780,027 3.75%, 8/15/08 650,000 638,677 4.84%, 1/25/12 1,413,059 1,414,826 5.50%, 5/18/15 1,000,000 1,001,140 Federal National Mortgage Association 6.625%, 10/15/07 910,000 956,333 3.25%, 8/15/08 940,000 912,964 3.85%, 4/14/09 1,000,000 983,436 4.30%, 1/19/10 1,500,000 1,490,267 5.00%, 4/19/10 1,200,000 1,204,537 4.80%, 4/25/10 1,514,918 1,520,125 6.625%, 11/15/30 350,000 440,832 Federal Home Loan Mortgage Corporation, 4.125%, 11/18/09 1,675,000 1,656,908 U.S. Treasury Bonds, 7.50%, 11/15/16 483,000 615,995 U.S. Treasury Notes, 3.75%, 3/31/07 2,400,000 2,391,002 4.375%, 5/15/07 480,000 483,338 3.00%, 11/15/07 2,276,000 2,226,392 2.625%, 3/15/09 455,000 432,677 3.625%, 7/15/09 197,000 193,445 3.50%, 11/15/09 2,100,000 2,049,797 4.75%, 5/15/14 552,000 571,450 4.25%, 11/15/14 800,000 797,844 4.00%, 2/15/15 4,138,000 4,044,411 ------------ Total U.S. Government & Agency Obligations 27,806,423 (Cost $27,988,375) ------------ PRINCIPAL SHORT-TERM INVESTMENTS--1.1% AMOUNT --------- U.S. AGENCY OBLIGATIONS Federal Home Loan Banks, 2.96%, 8/1/05 (Cost $1,949,679) 1,950,000 1,949,679 ------------ Total Investments (Cost $163,579,952) 99.8% 174,949,693 Other Assets In Excess of Liabilities 0.2 429,765 --- ------------ Net Assets 100.0% $175,379,458 ========== ============ * Non-income producing security. # American Depositary Receipts (a) Pursuant to Securities and Exchange Commission Rule 144A, these securities may be sold prior to their maturity only to qualified institutional buyers. These securities are deemed to be liquid and represent 1.3% of net assets of the Fund. (b) At July 31, 2005, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $163,579,952, amounted to $11,369,741 which consisted of aggregate gross unrealized appreciation of $13,023,161 and aggregate gross unrealized depreciation of $1,653,420. See Notes to Financial Statements THE ALGER FUNDS ALGER MIDCAP GROWTH FUND SCHEDULE OF INVESTMENTS (UNAUDITED) July 31, 2005 SHARES VALUE COMMON STOCKS-96.8% AEROSPACE & DEFENSE-1.0% L-3 Communications Holdings, Inc. 89,080 $ 6,968,728 ------------ BIOTECHNOLOGY-3.0% Celgene Corporation* 119,300 5,708,505 Charles River Laboratories International, Inc.* 200,150 9,747,305 Vertex Pharmaceuticals Incorporated* 297,300 4,741,935 ------------ 20,197,745 ------------ BUILDING & CONSTRUCTION-.9% Toll Brothers, Inc.* 108,300 6,001,986 ------------ CAPITAL MARKETS-1.9% Affiliated Managers Group, Inc.* 163,172 11,634,163 Legg Mason, Inc. 12,200 1,246,230 ------------ 12,880,393 ------------ COMMERCIAL SERVICES & SUPPLIES-2.6% Education Management Corporation* 195,100 6,779,725 Monster Worldwide Inc.* 220,350 6,692,029 Strayer Education, Inc. 43,300 4,262,019 ------------ 17,733,773 ------------ COMMUNICATION EQUIPMENT-1.5% Arris Group Inc.* 339,700 3,750,288 Brocade Communications Systems, Inc.* 1,423,850 6,378,848 ------------ 10,129,136 ------------ COMMUNICATION TECHNOLOGY-1.5% Nextel Partners, Inc. Cl. A* 409,750 10,202,775 ------------ COMPUTERS & PERIPHERALS-4.6% Apple Computer, Inc.* 267,200 11,396,080 Palm, Inc.* 236,900 6,761,126 Western Digital Corporation* 863,750 12,947,613 ------------ 31,104,819 ------------ COMPUTER TECHNOLOGY-2.0% NAVTEQ*+ 310,600 13,657,082 ------------ CONSTRUCTION & ENGINEERING-.8% Chicago Bridge & Iron Company N.V 191,650 5,356,617 ------------ DIVERSIFIED FINANCIAL SERVICES-1.1% CapitalSource Inc.* 385,500 $ 7,548,090 ------------ ELECTRIC AND ELECTRONIC EQUIPMENT-1.0% Roper Industries, Inc. 86,900 6,669,575 ------------ ELECTRICAL EQUIPMENT-.2% Rockwell Automation, Inc. 20,800 1,071,408 ------------ ELECTRONIC EQUIPMENT & INSTRUMENTS-.4% Trimble Navigation Limited* 75,650 2,947,324 ------------ ENERGY EQUIPMENT & SERVICES-6.5% BJ Services Company 153,000 9,331,470 Lone Star Technologies, Inc.*+ 270,350 13,795,961 National-Oilwell Varco Inc.* 279,800 14,647,530 Williams Companies, Inc. (The) 279,750 5,941,890 ------------ 43,716,851 ------------ FINANCIAL INFORMATION SERVICES-1.0% Genworth Financial Inc. Cl. A 220,000 6,899,200 ------------ FINANCIAL SERVICES-1.0% Hudson City Bancorp Inc. 569,400 6,736,002 ------------ HEALTH CARE EQUIPMENT & SUPPLIES-4.1% C.R. Bard, Inc. 101,150 6,755,808 Cooper Companies, Inc. (The) 77,000 5,289,900 Intuitive Surgical, Inc.* 70,200 4,871,880 Nektar Therapeutics* 270,950 5,083,022 Varian Medical Systems, Inc.* 138,550 5,439,473 ------------ 27,440,083 ------------ HEALTH CARE PROVIDERS & SERVICES-9.6% AMERIGROUP Corporation* 14,300 495,495 Community Health Systems Inc.* 342,950 13,241,299 DaVita, Inc.* 230,750 10,900,630 Health Management Associates, Inc. Cl. A 549,400 13,075,720 Humana Inc.* 265,600 10,584,160 Quest Diagnostics Incorporated 151,900 7,798,546 Sunrise Senior Living Inc.* 93,100 4,934,300 WebMD Corporation * 314,400 3,335,784 ------------ 64,365,934 ------------ HOTELS, MOTELS, & TOURIST COURTS-.3% Boyd Gaming Corporation 37,400 1,961,256 ------------ HOTELS, RESTAURANTS & LEISURE-5.4% Harrah's Entertainment, Inc. 105,400 8,299,196 Kerzner International Limited* 115,850 6,922,038 Marriott International , Inc. CL A 73,700 5,046,239 Outback Steakhouse, Inc.* 126,000 5,869,080 Penn National Gaming, Inc.* 108,300 3,871,725 Wynn Resorts, Limited* 109,300 6,153,590 ------------ 36,161,868 ------------ INTERNET & CATALOG RETAIL-2.8% Netflix Inc.* 818,050 15,183,008 Priceline.com Incorporated* 150,400 3,735,936 ------------ 18,918,944 ------------ INTERNET SOFTWARE & SERVICES-1.8% Netease.com Inc. ADR*# 145,000 8,530,350 SINA Corp* 125,400 3,487,374 ------------ 12,017,724 ------------ LEISURE & ENTERTAINMENT-2.2% CKX, Inc.* 407,200 5,658,044 Shanda Interactive Entertainment Ltd. * 281,350 9,202,930 ------------ 14,860,974 ------------ MACHINERY-2.1% Joy Global Inc. 131,950 5,419,186 Pentair, Inc. 222,750 8,947,868 ------------ 14,367,054 ------------ MACHINERY - OIL WELL EQUIPMENT & SERVICES-1.0% Patterson-UTI Energy, Inc. 209,050 6,863,112 ------------ MEDIA-7.7% Gemstar-TV Guide International, Inc.* 893,000 $ 2,750,440 Liberty Global Inc. Cl. A* 94,900 4,502,056 Pixar * 133,300 5,733,233 Sirius Satellite Radio Inc.* 1,831,450 12,490,489 Univision Communications Inc. Cl. A* 183,650 5,193,622 XM Satellite Radio Holdings Inc. Cl. A*+ 586,950 20,913,029 ------------ 51,582,869 ------------ METALS & MINING-2.9% Cleveland-Cliffs Inc. 78,450 5,704,099 Peabody Energy Corporation 205,300 13,496,422 ------------ 19,200,521 ------------ OIL & GAS-4.3% Enterprise Products Partners L.P. 179,600 4,800,708 EOG Resources, Inc. 78,950 4,823,845 OMI Corporation 278,800 5,026,764 Talisman Energy Inc. 172,250 7,520,435 Teekay Shipping Corporation 150,400 6,919,904 ------------ 29,091,656 ------------ PERSONAL CARE-2.0% Bausch & Lomb Incorporated 161,700 13,687,905 ------------ PHARMACEUTICALS-2.2% MGI Pharma, Inc.* 130,200 3,554,460 Sepracor Inc.* 221,350 11,587,673 ------------ 15,142,133 ------------ RETAIL-2.1% Saks Incorporated* 680,350 14,437,027 ------------ SEMICONDUCTOR CAPITAL EQUIPMENT-.9% SiRF Technology Holdings, Inc.* 286,100 6,251,285 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT-6.5% Altera Corporation * 229,200 5,012,604 Cypress Semiconductor Corporation* 488,200 7,010,552 Linear Technology Corporation 246,800 9,590,648 Marvell Technology Group Ltd.* 120,000 5,242,800 National Semiconductor Corporation 210,050 5,190,336 Photronics, Inc.* 190,300 5,107,652 Tessera Technologies Inc.* 181,500 6,374,280 ------------ 43,528,872 ------------ SOFTWARE-1.0% Check Point Software Technologies Ltd.* 148,000 3,334,440 Take-Two Interactive Software, Inc.* 131,200 3,228,832 ------------ 6,563,272 ------------ SPECIALTY RETAIL-2.6% Bed Bath & Beyond Inc.* 144,600 6,637,140 Electronics Boutique Holdings Corp.* 76,650 4,956,189 PETsMART, Inc. 188,050 5,594,488 ------------ 17,187,817 ------------ WIRELESS TELECOMMUNICATION SERVICES-1.6% Alamosa Holdings, Inc. * 323,700 5,198,622 American Tower Corporation Cl. A* 233,100 5,356,638 ------------ 10,555,260 ------------ TEXTILES, APPAREL & LUXURY GOODS-2.7% Coach, Inc.* 186,600 6,551,526 Fossil, Inc.* 254,200 6,047,418 Polo Ralph Lauren Corporation Cl. A 108,900 5,362,236 ------------ 17,961,180 ------------ Total Common Stocks (Cost $574,788,426) 651,968,250 ------------ PURCHASED OPTIONS-.1% CONTRACTS --------- PUT OPTIONS Lone Star Technologies, Inc.*/November/45+ 1,450 $ 319,000 NAVTEQ*/January/35+ 980 88,200 XM Satellite Radio Holdings/January/32.5+ 2,100 388,500 XM Satellite Radio Holdings/October/32.5+ 625 59,375 ------------ Total Purchased Put Options (Cost $1,956,934) 855,075 ------------ PRINCIPAL SHORT-TERM INVESTMENTS-5.5% AMOUNT ---------- U.S. AGENCY OBLIGATIONS-5.5% Federal National Mortgage Association, 3.12%, 8/08/05 $ 950,000 949,259 Federal Home Loan Banks, 2.96%, 8/01/05 36,030,000 36,024,075 ------------ Total U.S. Agency Obligations (Cost $36,973,334) 36,973,334 ------------ Total Investments (Cost $613,718,694)(a) 102.4% 689,796,659 Liabilities in Excess of other Assets (2.4) (15,965,629) ----------- ------------ Net Assets 100.0% $673,831,030 =========== ============ * Non-income producing security. # American Depositary Receipts. + All or a portion of the securities are pledged as collateral for options written. (a) At July 29, 2005, the net unrealized appreciation of investments, based on cost for federal income tax purposes of $613,718,694, amounted to $76,077,965, which consisted of aggregate gross unrealized appreciation of $82,874,546, and aggregate gross unrealized depreciation of $6,796,581.
Shares Subject Contracts to Call Value ---------- --------- ----------- CALL OPTIONS WRITTEN Lone Star Technologies/November/55 1,450 145,000 $ 507,500 NAVTEQ/January/40 980 98,000 627,200 XM Satellite Radio Holdings/January/40+ 2,100 210,000 420,000 XM Satellite Radio Holdings/October/42.5+ 163 16,300 6,520 --------- Total (Premiums Received $821,610) 1,561,220 ---------- PUT OPTIONS WRITTEN Lone Star Technologies/November/40 1,450 145,000 $ 152,250 NAVTEQ/January/30 980 98,000 58,800 XM Satellite Radio Holdings/October/30+ 625 62,500 31,250 XM Satellite Radio Holdings/January/30+ 1,150 115,000 241,500 ---------- Total (Premiums Received $525,776) 483,800 ---------- Total Options Written (Premiums Received $1,347,386) $2,045,020 ==========
THE ALGER FUNDS ALGER CAPITAL APPRECIATION FUND SCHEDULE OF INVESTMENTS (UNAUDITED) July 31, 2005 COMMON STOCKS-99.2% SHARES VALUE ------- ------------ AEROSPACE & DEFENSE-2.5% General Dynamics Corporation 38,400 $ 4,423,296 United Technologies Corporation 90,000 4,563,000 ------------ 8,986,296 ------------ AIR FREIGHT & LOGISTICS-1.8% UTI Worldwide, Inc. 88,200 6,293,952 ------------ BEVERAGES-1.8% PepsiCo, Inc. 116,200 6,336,386 ------------ BIOTECHNOLOGY-5.8% Affymetrix Inc.* 30,600 1,428,714 Amgen Inc.* 68,700 5,478,825 Celgene Corporation* 46,200 2,210,670 Genentech, Inc.* 91,500 8,173,695 Gilead Sciences, Inc. * 46,900 2,101,589 Vertex Pharmaceuticals Incorporated* 98,700 1,574,265 ------------ 20,967,758 ------------ CAPITAL MARKETS-1.2% Ameritrade Holding Corporation * 76,100 1,486,233 Merrill Lynch & Co., Inc. 48,200 2,833,196 ------------ 4,319,429 ------------ CHEMICALS-.5% Lubrizol Corporation 40,400 1,777,600 ------------ COMMERCIAL BANKS-.8% Wells Fargo & Company 43,800 2,686,692 ------------ COMMUNICATION EQUIPMENT-2.0% Arris Group Inc.* 108,100 1,193,424 Brocade Communications Systems, Inc.* 208,900 935,872 Nokia Oyj ADR# 140,600 2,242,570 QUALCOMM Inc. 76,100 3,005,189 ------------ 7,377,055 ------------ COMMUNICATION TECHNOLOGY-1.2% Nextel Partners, Inc. Cl. A* 169,600 4,223,040 ------------ COMPUTER TECHNOLOGY-2.0% NAVTEQ* 166,500 7,321,005 ------------ COMPUTERS & PERIPHERALS-2.5% Apple Computer, Inc.* 33,300 1,420,245 Dell Inc.* 74,700 3,023,109 EMC Corporation* 138,400 1,894,696 Western Digital Corporation* 185,200 2,776,148 ------------ 9,114,198 ------------ DIVERSIFIED FINANCIAL SERVICES-1.6% Citigroup Inc. 78,300 $ 3,406,050 Lehman Brothers Holdings Inc. 23,500 2,470,555 ------------ 5,876,605 ------------ ELECTRIC SERVICES-.1% ITC Holdings Corp.* 8,100 226,800 ------------ ENERGY EQUIPMENT & SERVICES-4.4% National-Oilwell Varco Inc.* 229,000 11,988,150 Schlumberger Limited 44,700 3,743,178 ------------ 15,731,328 ------------ FINANCIAL INFORMATION SERVICES-.8% Genworth Financial Inc. Cl. A 89,150 2,795,744 ------------ FINANCIAL SERVICES-.7% Hudson City Bancorp Inc. 222,000 2,626,260 ------------ FOOD & STAPLES RETAILING-5.2% CVS Corporation 336,800 10,450,904 Performance Food Group Co.* 96,800 2,906,904 Wal-Mart Stores, Inc. 108,700 5,364,345 ------------ 18,722,153 ------------ FREIGHT & LOGISTICS-1.1% FedEx Corp. 46,400 3,901,776 ------------ HEALTH CARE-.8% WellPoint Inc. * 42,200 2,985,228 ------------ HEALTH CARE EQUIPMENT & SUPPLIES-1.0% St. Jude Medical, Inc.* 73,800 3,498,858 ------------ HEALTH CARE PROVIDERS & SERVICES-5.3% AmerisourceBergen Corporation 38,500 2,763,915 Caremark Rx, Inc.* 75,600 3,370,248 CIGNA Corporation 30,900 3,298,575 Community Health Systems Inc.* 51,200 1,976,832 HCA, Inc. 65,400 3,220,950 McKesson Corporation 17,700 796,500 PacifiCare Health Systems, Inc.* 49,500 3,771,900 ------------ 19,198,920 ------------ HOTELS, RESTAURANTS & LEISURE-1.2% Hilton Hotels Corporation 168,400 4,167,900 ------------ HOUSEHOLD PRODUCTS-1.3% Procter & Gamble Company 86,700 4,823,121 ------------ INDUSTRIAL CONGLOMERATES-3.1% General Electric Company 168,400 5,809,800 Tyco International Ltd. 177,500 5,408,425 ------------ 11,218,225 ------------ INSURANCE-1.5% American International Group, Inc. 32,000 1,926,400 St. Paul Travelers Companies, Inc. (The) 81,400 3,583,228 ------------ 5,509,628 ------------ INTERNET SOFTWARE & SERVICES-7.8% Google Inc. Cl A*+ 52,500 15,107,400 Netease.com Inc. ADR*# 83,900 4,935,837 Yahoo! Inc. * 244,100 8,138,294 ------------ 28,181,531 ------------ LEISURE & ENTERTAINMENT-1.8% Shanda Interactive Entertainment Ltd. * 203,250 6,648,287 ------------ MACHINERY-1.3% Caterpillar Inc. 90,000 $ 4,851,900 ------------ MACHINERY - OIL WELL EQUIPMENT & SERVICES-.8% Patterson-UTI Energy, Inc. 84,650 2,779,059 ------------ MEDIA-3.9% Disney (Walt) Company 175,300 4,494,692 News Corporation Cl. A 261,200 4,278,456 Time Warner Inc.* 318,400 5,419,168 ------------ 14,192,316 ------------ METALS & MINING-3.5% Alpha Natural Resources, Inc.* 42,200 1,181,600 Peabody Energy Corporation 121,600 7,993,984 Phelps Dodge Corporation 33,750 3,592,688 ------------ 12,768,272 ------------ MULTILINE RETAIL-2.2% Kohl's Corporation* 142,300 8,018,605 ------------ OIL & GAS-.7% BP PLC Sponsored ADR# 18,800 1,238,544 General Maritime Corporation 31,100 1,212,589 ------------ 2,451,133 ------------ PERSONAL CARE-.7% Bausch & Lomb Incorporated 30,200 2,556,430 ------------ PERSONAL PRODUCTS-1.4% Gillette Company (The) 94,400 5,066,448 ------------ PHARMACEUTICALS-9.2% AstraZeneca PLC Sponsored ADR# 52,900 2,403,776 Eli Lilly and Company 31,700 1,785,344 IVAX Corporation* 211,600 5,391,568 Johnson & Johnson 115,800 7,406,568 Novartis AG ADR# 74,200 3,614,282 Pfizer Inc. 134,110 3,553,915 Sanofi-Aventis ADR# 77,300 3,347,090 Schering-Plough Corporation 181,300 3,774,666 Sepracor Inc.* 38,200 1,999,770 ------------ 33,276,979 ------------ ROAD & RAIL-1.0% Burlington Northern Santa Fe Corporation 69,300 3,759,525 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT-5.1% ATI Technologies Inc.* 77,300 973,207 Broadcom Corporation Cl. A * 37,200 1,591,044 Intel Corporation 322,700 8,758,078 Marvell Technology Group Ltd.* 103,850 4,537,207 Photronics, Inc.* 84,400 2,265,296 Tessera Technologies Inc.* 7,800 273,936 ------------ 18,398,768 ------------ SOFTWARE-5.4% Microsoft Corporation 485,150 12,424,691 Oracle Corporation* 323,400 4,391,772 Verifone Holdings Inc.* 124,650 2,598,953 ------------ 19,415,416 ------------ SPECIALTY RETAIL-2.6% Abercrombie & Fitch Co. Cl. A 14,000 1,008,700 Bed Bath & Beyond Inc.* 92,100 4,227,390 Lowe's Companies, Inc. 61,850 4,095,707 ------------ 9,331,797 ------------ TEXTILES, APPAREL & LUXURY GOODS-1.0% Coach, Inc.* 90,700 $ 3,184,477 Polo Ralph Lauren Corporation Cl. A 10,500 517,020 ------------ 3,701,497 ------------ WIRELESS TELECOMMUNICATION SERVICES-.6% SpectraSite, Inc.* 24,500 2,001,650 ------------ Total Common Stocks (Cost $311,306,559) 358,085,570 ------------ CONTRACTS PURCHASED OPTIONS-.1% ---------- PUT OPTIONS Google Inc. Cl. A*/September/290+ 240 304,800 ------------ Total Purchased Put Options (Cost $417,120) 304,800 ------------ PRINCIPAL SHORT-TERM INVESTMENTS-.3% AMOUNT U.S. AGENCY OBLIGATIONS Federal Home Loan Banks, 2.96%, 8/01/05 $1,286,000 1,285,789 ------------ (Cost $1,285,789) Total Investments (Cost $313,009,468)(a) 99.6% 359,676,159 Other Assets in Excess of Liabilities 0.4 1,314,592 ---------- ------------ Net Assets 100.0% $360,990,751 ========== ============ * Non-Income producing security. # American Depositary Receipts. + All or a portion of the securities are pledged as collateral for options written. (a) At July 29, 2005, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $313,009,468, amounted to $46,666,691 which consisted of aggregate gross unrealized appreciation of $50,506,843 and aggregate gross unrealized depreciation of $3,840,152.
Shares Subject Contracts to Call Value ----------- --------- ---------- CALL OPTIONS WRITTEN Google Inc. Cl. A*/September/320 Total (Premium Received $265,269) 240 24,000 $ 76,800 PUT OPTIONS WRITTEN Google Inc. Cl. A*/September/260 Total (Premium Received $149,674) 240 24,000 60,000 -------- Total Options Written (Premiums Received $414,943) $136,800 =========
THE ALGER FUNDS ALGER HEALTH SCIENCES FUND SCHEDULE OF INVESTMENTS (UNAUDITED) July 31, 2005 COMMON STOCKS--92.4% SHARES VALUE ------ ------------ BIOTECHNOLOGY--24.4% Affymetrix Inc.* 14,000 $ 653,660 Alkermes, Inc. * 40,000 620,000 Amgen Inc.* 18,000 1,435,500 BioMarin Pharmaceutical Inc.* 60,000 510,000 Celgene Corporation* 15,000 717,750 Curis, Inc.* 44,000 207,020 Encysive Pharmaceuticals Inc.* 30,000 381,300 Genentech, Inc.* 15,500 1,384,615 Gen-Probe Incorporated* 14,000 617,260 Genzyme Corporation General Division* 10,000 744,100 Gilead Sciences, Inc. * 12,000 537,720 Human Genome Sciences, Inc* 40,000 586,000 ImClone Systems Incorporated* 8,500 294,950 Incyte Corporation* 48,000 382,560 Keryx Biopharmaceuticals, Inc. * 35,000 586,950 Ligand Pharmaceuticals Incorporated Cl. B* 55,000 429,000 MedImmune, Inc.* 20,000 568,200 NeoPharm, Inc. * 37,000 432,530 Onyx Pharmaceuticals, Inc.* 15,000 351,750 Rigel Pharmaceuticals, Inc.* 25,000 541,125 Theravance, Inc.* 30,000 630,000 Vertex Pharmaceuticals Incorporated* 40,000 638,000 Vicuron Pharmaceuticals Inc.* 25,000 703,750 Vion Pharmaceuticals, Inc.* 35,000 96,600 Viropharma Inc. 45,000 521,550 ------------ 14,571,890 ------------ CHEMICALS--.9% Monsanto Company 8,500 572,645 ------------ COMPUTER SERVICES--.9% NDCHealth Corporation 31,500 564,480 ------------ FOOD & STAPLES RETAILING--2.0% CVS Corporation 22,500 698,175 Longs Drug Stores Corporation 11,000 477,290 ------------ 1,175,465 ------------ HEALTH CARE--1.2% WellPoint Inc. * 10,000 707,400 ------------ HEALTH CARE EQUIPMENT & SUPPLIES--10.3% Alcon, Inc. 6,000 687,300 Animas Corporation* 17,000 355,810 Baxter International Inc. 17,000 667,590 Beckman Coulter, Inc. 8,000 434,720 Guidant Corporation 11,000 756,800 Hologic, Inc.* 16,000 729,440 Nektar Therapeutics* 28,500 534,660 St. Jude Medical, Inc.* 16,000 758,560 Stryker Corporation 12,000 649,080 Ventana Medical Systems, Inc.* 14,000 601,440 ------------ 6,175,400 ------------ HEALTH CARE PROVIDERS & SERVICES--22.2% American Retirement Corporation* 30,000 424,500 AmerisourceBergen Corporation 7,500 538,425 Cardinal Health, Inc. 11,000 655,380 Caremark Rx, Inc.* 12,500 557,250 CIGNA Corporation 8,500 907,375 Community Health Systems Inc.* 12,000 463,320 Express Scripts, Inc.* 9,000 470,700 HCA, Inc. 15,000 738,750 Health Net Inc.* 18,000 698,400 HealthStream, Inc.* 28,300 101,880 Humana Inc.* 8,000 318,800 McKesson Corporation 13,000 585,000 Medco Health Solutions, Inc.* 13,000 629,720 Omnicell, Inc.* 50,000 421,500 PacifiCare Health Systems, Inc.* 11,000 838,200 Priority Healthcare Corporation, Cl.B* 22,000 604,780 Psychiatric Solutions, Inc.* 13,850 667,293 Sierra Health Services, Inc.* 8,500 573,240 Sunrise Senior Living Inc.* 9,000 477,000 Symbion, Inc.* 10,500 254,205 Ventiv Health, Inc.* 20,000 440,000 WebMD Corporation * 55,000 583,550 WellCare Health Plans Inc.* 17,000 651,440 WellChoice Inc.* 10,000 660,000 ------------ 13,260,708 ------------ INTERNET SOFTWARE & SERVICES--1.1% Allscripts Healthcare Solutions, Inc.* 38,000 $ 644,860 ------------ MEDICAL TECHNOLOGY--.3% Conor Medsystems, Inc.* 10,000 162,200 ------------ PERSONAL CARE--1.4% Bausch & Lomb Incorporated 10,000 846,500 ------------ PHARMACEUTICALS--23.1% Abbott Laboratories 16,000 746,080 Allergan, Inc. 6,000 536,220 Aspreva Pharmaceuticals Corporation* 25,000 388,875 AstraZeneca PLC Sponsored ADR# 25,000 1,136,000 Cortex Pharmaceuticals, Inc.* 50,000 110,000 Dr. Reddy's Laboratories Limited 20,000 378,200 Eli Lilly and Company 15,000 844,800 GlaxoSmithKline PLC Sponsored ADR# 17,000 806,480 Hospira Inc.* 12,000 459,000 Impax Laboratories, Inc.* 40,000 636,000 IVAX Corporation* 28,450 724,906 Johnson & Johnson 16,500 1,055,340 Novartis AG ADR# 22,000 1,071,620 Novo Nordisk A/S ADR Cl. B# 12,000 622,440 Pfizer Inc. 37,510 994,015 Sanofi-Aventis ADR# 18,240 789,792 Schering-Plough Corporation 63,000 1,311,660 Sepracor Inc.* 12,000 628,200 Wyeth 13,000 594,750 ------------ 13,834,378 ------------ PHARMACEUTICAL PREPARATIONS--2.2% Adams Respiratory Therapeutics, Inc.* 23,900 705,050 American Pharmaceutical Partners, Inc.* 13,000 590,070 ------------ 1,295,120 ------------ REAL ESTATE--1.1% Ventas, Inc. 20,000 645,800 ------------ RETAIL--.2% Drugstore.Com Inc. * 30,000 104,700 ------------ SOFTWARE--1.1% Cerner Corporation* 9,000 678,780 ------------ Total Common Stocks (Cost $47,705,872) 55,240,326 ------------ PRINCIPAL SHORT-TERM INVESTMENTS--7.0% AMOUNT ------ U.S. GOVERNMENT OBLIGATIONS Federal Home Loan Banks, 2.96%, 8/1/05 (Cost $4,199,309) $ 4,200,000 4,199,309 ----------- ------------ Total Investments (Cost $51,905,181) 99.4% 59,439,635 Other Assets in Excess of Liabilities 0.6 367,178 ----------- ------------ Net Assets 100.0% $ 59,806,813 =========== ============ * Non-income producing security. # American Depositary Receipts. (a) At July 31, 2005, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $51,905,181, amounted to $7,534,454 which consisted of aggregate gross unrealized appreciation of $8,146,849 and aggregate gross unrealized depreciation of $612,395. THE ALGER FUNDS Alger SmallCap and Midcap Growth Fund Schedule of Investments (Unaudited) July 31, 2005 COMMON STOCKS--94.1% SHARE VALUE ------ ------------ AEROSPACE & DEFENSE--4.4% Alliant Techsystems Inc.* 2,800 $ 204,400 BE Aerospace, Inc.* 14,400 252,432 Esterline Technologies Corporation* 4,100 175,234 SI International Inc.* 6,300 198,513 ------------ 830,579 ------------ AIRLINES--.9% AirTran Holdings, Inc.* 14,400 164,735 ------------ BIOTECHNOLOGY--2.7% Affymetrix Inc.* 4,000 186,760 Encysive Pharmaceuticals Inc.* 14,600 185,566 Theravance, Inc.* 6,600 138,600 ------------ 510,926 ------------ BROADCASTING--1.0% Salem Communications Corporation Cl. A.* 9,000 180,810 ------------ CAPITAL MARKETS--3.1% Affiliated Managers Group, Inc.* 3,412 243,276 Greenhill & Co., Inc. 3,700 141,932 National Financial Partners Corporation 4,500 203,625 ------------ 588,833 ------------ CHEMICALS--1.2% Lubrizol Corporation 5,000 220,000 ------------ COMMERCIAL BANKS--1.9% Boston Private Financial Holdings, Inc. 5,800 166,170 Compass Bancshares, Inc. 3,750 180,788 ------------ 346,958 ------------ COMMERCIAL SERVICES & SUPPLIES--3.5% CoStar Group Inc.* 3,900 185,250 Education Management Corporation* 4,950 172,012 Gevity HR, Inc. 7,250 159,863 Strayer Education, Inc. 1,450 142,724 ------------ 659,849 ------------ COMMUNICATION EQUIPMENT--2.3% Arris Group Inc.* 22,200 $ 245,088 F5 Networks, Inc.* 4,400 185,592 ------------ 430,680 ------------ COMPUTER SERVICES--.9% Open Solutions Inc.* 7,300 174,907 ------------ COMPUTER TECHNOLOGY--1.5% Cogent Inc.* 3,700 111,259 NAVTEQ* 3,700 162,689 ------------ 273,948 ------------ COMPUTERS & PERIPHERALS--2.5% Memc Electronic Materials, Inc.* 9,800 166,502 Silicon Image, Inc.* 10,450 123,519 Western Digital Corporation* 12,100 181,379 ------------ 471,400 ------------ CONSTRUCTION & ENGINEERING--1.0% URS Corporation* 4,800 179,760 ------------ ELECTRIC AND ELECTRONIC EQUIPMENT--.8% Roper Industries, Inc. 2,650 203,388 ------------ ELECTRICAL EQUIPMENT--1.2% AMETEK, Inc. 5,350 220,420 ------------ ENERGY EQUIPMENT & SERVICES--2.8% Lone Star Technologies, Inc.* 3,700 188,811 National-Oilwell Varco Inc.* 4,700 246,045 Pioneer Drilling Company* 6,300 95,004 ------------ 529,860 ------------ ENERGY--1.4% Arch Coal, Inc. 4,600 261,832 ------------ FINANCIAL INFORMATION SERVICES--1.2% GFI Group Inc.* 6,300 220,437 ------------ FINANCIAL SERVICES--.8% Hudson City Bancorp Inc. 12,000 141,960 ------------ FOOD PRODUCTS--.3% Ralcorp Holdings, Inc.* 1,300 55,900 ------------ FOREIGN SEA FREIGHT--.8% Genco Shipping & Trading Ltd.* 7,900 151,048 ------------ HEALTH CARE--1.1% Chemed Corporation 5,000 215,000 ------------ HEALTH CARE EQUIPMENT & SUPPLIES--5.2% Animas Corporation* 6,300 $ 131,859 Cooper Companies, Inc. (The) 2,300 158,010 Cutera, Inc.* 9,500 204,250 Haemonetics Corporation* 2,800 118,244 Intuitive Surgical, Inc.* 3,000 208,200 Sybron Dental Specialties, Inc.* 4,200 154,350 ------------ 974,913 ------------ HEALTH CARE PROVIDERS & SERVICES--6.0% Psychiatric Solutions, Inc.* 4,750 228,855 Sunrise Senior Living Inc.* 4,800 254,400 Symbion, Inc.* 8,100 196,101 VCA Antech, Inc.* 8,500 201,790 WellCare Health Plans Inc.* 6,250 239,500 ------------ 1,120,646 ------------ HOTELS, RESTAURANTS & LEISURE--3.3% Applebee's International, Inc. 7,450 197,500 Red Robin Gourmet Burgers Inc.* 3,350 201,134 Station Casinos, Inc. 3,100 227,695 ------------ 626,329 ------------ INFORMATION TECHNOLOGY SERVICES--3.4% Alliance Data Systems Corporation* 4,850 206,465 Global Payments Inc. 3,700 245,088 Kanbay International Inc.* 8,600 190,576 ------------ 642,129 ------------ INSURANCE--3.0% Ohio Casualty Corporation 7,200 183,960 Platinum Underwriters Holdings, Inc. 5,400 187,218 Universal American Financial Corp.* 7,500 184,650 ------------ 555,828 ------------ INTERNET SOFTWARE & SERVICES--2.3% aQuantive, Inc.* 9,100 171,626 IVillage Inc.* 22,100 121,550 Netease.com Inc. ADR*# 2,400 141,192 ------------ 434,368 ------------ LEISURE EQUIPMENT & PRODUCTS--1.3% LIFE TIME FITNESS, Inc.* 7,000 235,200 ------------ MACHINERY--3.0% Actuant Corporation Cl. A* 4,500 209,385 Gardner Denver Inc.* 4,200 172,620 Joy Global Inc. 4,200 172,494 ------------ 554,499 ------------ MACHINERY - OILWELL EQUIPMENT & SERVICES--1.3% Patterson-UTI Energy, Inc. 7,600 249,507 ------------ MEDIA--1.4% Media General, Inc. Cl. A 2,600 178,100 NeuStar, Inc. Cl. A* 3,300 92,400 ------------ 270,500 ------------ MEDICAL TECHNOLOGY--.5% Syneron Medical Ltd.* 2,300 88,665 ------------ METALS & MINING--1.0% Cleveland-Cliffs Inc. 2,500 181,775 ------------ OIL & GAS--2.6% Carrizo Oil & Gas, Inc.* 11,300 227,130 General Maritime Corporation 2,800 109,172 Whiting Petroleum Corporation* 3,600 143,820 ------------ 480,122 ------------ PHARMACEUTICAL PREPARATION--.4% Adams Respiratory Therapeutics, Inc.* 2,650 78,175 ------------ PHARMACEUTICALS--2.3% Impax Laboratories, Inc.* 9,100 144,690 IVAX Corporation* 11,250 286,650 ------------ 431,340 ------------ SEMICONDUCTOR CAPITAL EQUIPMENT--2.1% FormFactor Inc.* 6,400 $ 167,296 SiRF Technology Holdings, Inc.* 10,100 220,685 ------------ 387,981 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--2.5% ATMI, Inc.* 5,000 159,150 International Rectifier Corporation* 2,800 131,740 Photronics, Inc.* 5,900 158,356 Tessera Technologies Inc.* 550 19,316 ------------ 468,562 ------------ RETAIL--1.8% Phillips-Van Heusen Corporation 5,400 183,060 Saks Incorporated* 6,900 146,418 ------------ 329,478 ------------ ROAD & RAIL--.7% Landstar Systems, Inc.* 3,800 126,616 ------------ SPECIALTY RETAIL--5.7% AnnTaylor Stores Corporation* 6,800 175,236 Carter's, Inc.* 2,700 164,295 DSW Inc. Cl. A* 6,000 159,000 Pacific Sunwear of California, Inc.* 7,900 192,681 Urban Outfitters, Inc.* 2,500 151,775 Williams-Sonoma, Inc. * 5,300 234,048 ------------ 1,077,035 ------------ SOFTWARE--3.7% Fair Isaac Corporation 4,800 180,624 Hyperion Solutions Corporation* 2,900 136,474 Quest Software, Inc. * 8,900 126,825 Verifone Holdings Inc.* 11,500 239,775 ------------ Total SOFTWARE 683,698 ------------ WIRELESS TELECOMMUNICATION SERVICES--3.3% American Tower Corporation Cl. A* 11,400 261,972 InPhonic, Inc.* 7,700 123,200 UbiquiTel Inc.* 25,100 229,414 ------------ 614,586 ------------ Total Common Stocks (Cost 13,375,457) 17,645,182 ------------ SHORT-TERM INVESTMENTS--4.0% PRINCIPAL AMOUNT U.S. AGENCY OBLIGATIONS --------- Federal Home Loan Banks, 2.96%, 8/1/05 (Cost $749,877) $750,000 749,877 ------------ Total Investments (Cost $14,125,334) 98.1% 18,395,059 Other Assets in Excess of Liabilities 1.9 356,780 -------- ------------ Net Assets 100.0% $ 18,751,839 ======== ============ * Non-income producing security. # American Depositary Receipts (a) At July 31, 2005, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $14,125,334, amounted to $4,269,725 which consisted of aggregate gross unrealized appreciation of $4,418,268 and aggregate gross unrealized depreciation of $148,543. THE ALGER FUNDS ALGER MONEY MARKET FUND SCHEDULE OF INVESTMENTS (UNAUDITED) July 31, 2005 PRINCIPAL AMOUNT VALUE U.S. Agency Obligations-99.7% ----------- ------------ Federal National Mortgage Association, 3.20%, 8/22/05 $14,430,000 $14,403,064 3.27%, 9/7/05 9,900,000 9,866,728 Federal Home Loan Banks, 2.96%, 8/1/05 14,966,000 14,966,000 3.15%, 8/17/05 16,200,000 16,177,320 3.27%, 9/15/05 7,900,000 7,867,709 ------------ Total U.S Agency Obligations (Cost $63,280,821) 63,280,821 ------------ REPURCHASE AGREEMENTS-.8% Securities Held Under Repurchase Agreements, 2.75%, 8/1/05, with State Street Bank and Trust Company dtd 7/29/05, repurchase price $502,615, collateralized by Fannie Mae Discount Note (par value $635,000, 4.50%, due 1/01/19, (Cost $502,500 502,500 502,500 ------------ Total Investments (Cost $63,783,321)(a) 100.5% 63,783,321 Liabilities in Excess of Other Assets (0.5) (331,964) ------- ------------ Net Assets 100.0% $ 63,451,357 ======= ============ (a) At July 31, 2005, the net unrealized appreciation on investments, based on cost for federal income tax purposes was the same as the cost for financial reporting purposes. 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 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/Dan C. Chung Dan C. Chung President Date: September 16, 2005 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/Dan C. Chung Dan C. Chung President Date: September 16, 2005 By /s/Frederick A. Blum Frederick A. Blum Treasurer Date: September 16, 2005 EX-99.CERT 2 c38988_ex99-cert.txt Rule 30a-2(a) CERTIFICATIONS I, Dan C. Chung, certify that: 1. I have reviewed this report on Form N-Q of The Alger Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: September 16, 2005 /s/Dan C. Chung President The Alger Funds Rule 30a-2(a) CERTIFICATIONS I, Frederick A. Blum, certify that: 1. I have reviewed this report on Form N-Q of The Alger Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: September 16, 2005 /s/Frederick A. Blum Treasurer The Alger Funds -----END PRIVACY-ENHANCED MESSAGE-----