N-Q 1 a08-7930_3nq.htm N-Q

 

 

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

OMB APPROVAL

 

OMB Number:    3235-0578
Expires:    April 30, 2010
Estimated average burden hours per response........10.05

 

 

 

 

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. Hal Liebes

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:

January 31, 2008

 

 


 

ITEM 1.  Schedule of Investments.

 

Schedules of Investments

 


 

THE ALGER FUNDS

ALGER CAPITAL APPRECIATION FUND

Schedule of Investments

January 31, 2008

 

 

 

SHARES

 

VALUE

 

COMMON STOCKS- 89.3%

 

 

 

 

 

 

 

 

 

 

 

AEROSPACE & DEFENSE- 4.1%

 

 

 

 

 

Boeing Company

 

16,890

 

$

1,404,910

 

General Dynamics Corporation

 

229,845

 

19,412,709

 

Lockheed Martin Corporation

 

92,400

 

9,971,808

 

 

 

 

 

30,789,427

 

AGRICULTURE- .7%

 

 

 

 

 

Mosaic Co. *

 

60,500

 

5,506,105

 

 

 

 

 

 

 

APPAREL- .7%

 

 

 

 

 

American Apparel Inc.*

 

417,810

 

5,264,406

 

 

 

 

 

 

 

AUTO COMPONENTS- .2%

 

 

 

 

 

LKQ Corporation*

 

90,482

 

1,618,723

 

 

 

 

 

 

 

AUTO EQUIPMENT & SERVICE- .2%

 

 

 

 

 

Cummins Inc.

 

29,860

 

1,441,641

 

 

 

 

 

 

 

BIOTECHNOLOGY- 3.1%

 

 

 

 

 

Cephalon, Inc.*

 

52,760

 

3,462,639

 

Genentech, Inc.*

 

121,300

 

8,514,047

 

Gilead Sciences, Inc. *

 

79,700

 

3,641,493

 

ImClone Systems Incorporated*

 

111,320

 

4,839,080

 

Onyx Pharmaceuticals, Inc.*

 

76,365

 

3,629,628

 

 

 

 

 

24,086,887

 

CASINOS & RESORTS- 2.1%

 

 

 

 

 

Bally Technologies Inc.*

 

335,545

 

15,985,364

 

 

 

 

 

 

 

CHEMICALS- 1.0%

 

 

 

 

 

Celanese Corp., Series A

 

74,190

 

2,758,384

 

Zoltek Companies, Inc.*

 

124,780

 

4,554,470

 

 

 

 

 

7,312,854

 

COMMERCIAL BANKS- .9%

 

 

 

 

 

PNC Financial Services Group

 

103,300

 

6,778,546

 

 

 

 

 

 

 

COMMUNICATION EQUIPMENT- 2.8%

 

 

 

 

 

NICE Systems Ltd.*ADR#

 

163,500

 

5,004,735

 

Research In Motion Limited*

 

103,110

 

9,679,967

 

 


 

Sonus Networks, Inc.*

 

1,584,875

 

6,482,139

 

 

 

 

 

21,166,841

 

COMPUTER SERVICES- 2.3%

 

 

 

 

 

Digital River, Inc.*

 

4,700

 

176,250

 

Satyam Computer Services- ADR#

 

267,965

 

6,524,948

 

Tele Atlas NV

 

271,900

 

10,736,219

 

 

 

 

 

17,437,417

 

COMPUTER TECHNOLOGY- 2.3%

 

 

 

 

 

Atheros Communications*

 

316,136

 

8,633,674

 

NAVTEQ*

 

118,350

 

8,746,065

 

 

 

 

 

17,379,739

 

COMPUTERS & PERIPHERALS- 4.8%

 

 

 

 

 

Apple Computer, Inc.*

 

82,445

 

11,159,755

 

Hewlett-Packard Company

 

39,585

 

1,731,844

 

Memc Electronic Materials, Inc.*

 

95,770

 

6,843,724

 

NCR Corporation*

 

636,600

 

13,674,168

 

Network Appliance, Inc. *

 

116,180

 

2,697,700

 

 

 

 

 

36,107,191

 

CONGLOMERATE- .8%

 

 

 

 

 

ITT Corporation

 

106,500

 

6,329,295

 

 

 

 

 

 

 

CONSTRUCTION & ENGINEERING- .6%

 

 

 

 

 

Chicago Bridge & Iron Company N.V.

 

107,500

 

4,782,675

 

 

 

 

 

 

 

CONTAINERS & PACKAGING- 1.2%

 

 

 

 

 

Pactiv Corporation*

 

322,555

 

9,228,299

 

 

 

 

 

 

 

DIVERSIFIED FINANCIAL SERVICES- .5%

 

 

 

 

 

Lehman Brothers Holdings Inc.

 

54,500

 

3,497,265

 

 

 

 

 

 

 

DRUGS & PHARMACEUTICALS- 1.0%

 

 

 

 

 

United Therapeutics Corporation*

 

94,375

 

7,925,612

 

 

 

 

 

 

 

ELECTRONICS- .2%

 

 

 

 

 

SONY CORPORATION ADR#

 

29,800

 

1,415,202

 

 

 

 

 

 

 

ELECTRONICS: SEMI-CONDUCTORS/COMPONENTS

 

 

 

 

 

Mellanox Technologies Ltd.*

 

10,900

 

172,547

 

 

 

 

 

 

 

ENERGY- 2.4%

 

 

 

 

 

First Solar, Inc.*

 

37,425

 

6,802,742

 

JA Solar Holdings Co. Ltd.* ADR#

 

223,075

 

11,338,902

 

 

 

 

 

18,141,644

 

 


 

ENERGY EQUIPMENT & SERVICES- 4.7%

 

 

 

 

 

National-Oilwell Varco Inc.*

 

28,695

 

1,728,300

 

Transocean Inc. ADR#

 

130,586

 

16,009,844

 

Weatherford International Ltd.*

 

283,325

 

17,512,318

 

 

 

 

 

35,250,462

 

FINANCE- .4%

 

 

 

 

 

IntercontinentalExchange Inc. *

 

20,115

 

2,815,295

 

 

 

 

 

 

 

FINANCIAL SERVICES- 6.0%

 

 

 

 

 

AllianceBernstein Holding LP

 

85,305

 

5,663,399

 

BM&F (Bolsa de Mercadorias e Futuros)*

 

107,700

 

970,875

 

Bovespa Holding SA*

 

348,300

 

5,075,014

 

CME Group Inc.

 

600

 

371,340

 

Lazard Ltd.

 

175,430

 

6,932,994

 

Nymex Holdings Inc.*

 

225,595

 

25,943,425

 

Riskmetrics Group Inc.*

 

22,500

 

476,775

 

 

 

 

 

45,433,822

 

FOOD & STAPLES RETAILING- 1.1%

 

 

 

 

 

CVS Caremark Corporation

 

212,425

 

8,299,445

 

 

 

 

 

 

 

HEALTH CARE EQUIPMENT & SUPPLIES- 2.1%

 

 

 

 

 

Hologic, Inc.*

 

97,336

 

6,264,545

 

Illumina, Inc.

 

87,830

 

5,594,771

 

Intuitive Surgical, Inc.*

 

15,735

 

3,996,690

 

Thoratec Corporation*

 

195

 

3,120

 

 

 

 

 

15,859,126

 

HEALTH CARE PROVIDERS & SERVICES- 2.1%

 

 

 

 

 

Aetna Inc.

 

131,000

 

6,977,060

 

Cardinal Health, Inc.

 

52,440

 

3,039,947

 

Community Health Systems Inc.*

 

193,200

 

6,201,720

 

 

 

 

 

16,218,727

 

HOTELS, RESTAURANTS & LEISURE- 3.8%

 

 

 

 

 

Accor SA

 

339,450

 

25,929,215

 

Penn National Gaming, Inc.*

 

45,200

 

2,357,180

 

 

 

 

 

28,286,395

 

HOUSEHOLD DURABLES- .5%

 

 

 

 

 

Garmin Ltd.

 

53,400

 

3,852,810

 

 

 

 

 

 

 

INFORMATION TECHNOLOGY SERVICES- 1.1%

 

 

 

 

 

Cognizant Technology Solutions Corporation Cl. A*

 

288,800

 

8,057,520

 

 

 

 

 

 

 

INSURANCE- .1%

 

 

 

 

 

American International Group, Inc.

 

6,350

 

350,266

 

 


 

INTERNET & CATALOG RETAIL- 1.5%

 

 

 

 

 

eBay Inc.*

 

412,910

 

11,103,150

 

 

 

 

 

 

 

INTERNET SOFTWARE & SERVICES- 3.8%

 

 

 

 

 

DealerTrack Holdings Inc.*

 

101,947

 

2,748,491

 

SINA Corp.*

 

426,375

 

16,927,088

 

Yahoo! Inc. *

 

462,215

 

8,865,284

 

 

 

 

 

28,540,863

 

LEISURE EQUIPMENT & PRODUCTS- .1%

 

 

 

 

 

Smith & Wesson Holding Corporation*

 

110,635

 

525,516

 

 

 

 

 

 

 

MACHINERY- 1.1%

 

 

 

 

 

Oshkosh Truck Corporation*

 

181,740

 

8,316,422

 

 

 

 

 

 

 

MEDIA- 1.5%

 

 

 

 

 

Dolby Laboratories Inc. Cl. A*

 

50,680

 

2,183,801

 

DreamWorks Animation SKG, Inc. Cl. A*

 

112,370

 

2,747,446

 

Focus Media Holding Limited ADR*#

 

124,830

 

5,998,082

 

NeuStar, Inc. Cl. A*

 

215

 

6,388

 

 

 

 

 

10,935,717

 

MEDICAL PRODUCTS- 3.7%

 

 

 

 

 

Inverness Medical Innovations, Inc.*

 

618,500

 

27,863,425

 

 

 

 

 

 

 

METALS- .1%

 

 

 

 

 

Uranium One, Inc.*

 

157,670

 

1,091,581

 

 

 

 

 

 

 

METALS & MINING- 1.0%

 

 

 

 

 

Freeport-McMoRan Copper & Gold, Inc. Cl. B

 

84,875

 

7,556,421

 

 

 

 

 

 

 

OIL & GAS- 1.3%

 

 

 

 

 

Aegean Marine Petroleum Network Inc.

 

134,475

 

4,395,988

 

Cabot Oil & Gas Corporation

 

26,100

 

1,009,809

 

Exterran Holdings Inc.*

 

38,435

 

2,507,499

 

Range Resources Corporation

 

7,595

 

396,611

 

Warren Resources Inc.*

 

119,725

 

1,522,902

 

 

 

 

 

9,832,809

 

OIL AND GAS EXPLORATION SERVICES- 1.1%

 

 

 

 

 

Petrobank Energy and Resources Ltd.*

 

168,785

 

8,442,592

 

 

 

 

 

 

 

OIL: CRUDE PRODUCERS

 

 

 

 

 

Concho Resources Inc.

 

580

 

11,774

 

 


 

PHARMACEUTICALS- 3.7%

 

 

 

 

 

Abbott Laboratories

 

331,420

 

18,658,946

 

Merck & Co. Inc.

 

138,900

 

6,428,292

 

Pharmion Corp.*

 

36,230

 

2,498,059

 

 

 

 

 

27,585,297

 

REAL ESTATE- .3%

 

 

 

 

 

Digital Realty Trust, Inc.

 

53,100

 

1,897,263

 

 

 

 

 

 

 

RETAIL- .9%

 

 

 

 

 

Sothebys Holdings Inc., Cl. A

 

205,415

 

6,382,244

 

 

 

 

 

 

 

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT- 4.0%

 

 

 

 

 

Intel Corporation

 

464,075

 

9,838,390

 

Lam Research Corporation*

 

107,030

 

4,108,882

 

Tessera Technologies Inc.*

 

346,390

 

13,568,096

 

Varian Semiconductor Equipment Associates, Inc.*

 

90,600

 

2,918,226

 

 

 

 

 

30,433,594

 

SOFTWARE- 4.4%

 

 

 

 

 

Microsoft Corporation

 

255,985

 

8,345,111

 

Net 1 UEPS Technologies, Inc.*

 

239,905

 

6,880,475

 

Solera Holdings Inc.*

 

368,535

 

8,398,913

 

TomTom NV*

 

174,000

 

9,564,077

 

 

 

 

 

33,188,576

 

TELECOMMUNICATIONS- .5%

 

 

 

 

 

SAVVIS, Inc.*

 

169,500

 

3,423,900

 

 

 

 

 

 

 

TEXTILES & APPAREL- .6%

 

 

 

 

 

Iconix Brand Group, Inc.*

 

226,560

 

4,710,182

 

 

 

 

 

 

 

TEXTILES, APPAREL & LUXURY GOODS- .3%

 

 

 

 

 

Deckers Outdoor Corporation*

 

21,290

 

2,581,200

 

 

 

 

 

 

 

TOBACCO- 4.2%

 

 

 

 

 

Altria Group, Inc.

 

413,585

 

31,358,015

 

 

 

 

 

 

 

WIRELESS TELECOMMUNICATION SERVICES- 1.4%

 

 

 

 

 

America Movil S.A. de C.V. Series L ADR#

 

69,250

 

4,148,767

 

American Tower Corporation Cl. A*

 

13,635

 

511,721

 

NII Holdings Inc. Cl. B*

 

130,765

 

5,578,435

 

 

 

 

 

10,238,923

 

TOTAL COMMON STOCKS
(Cost $709,759,813)

 

 

 

672,811,012

 

 


 

 

 

CONTRACTS

 

 

 

PUT OPTIONS- .4%

 

 

 

 

 

Apple Inc./February/155

 

1,036

 

2,087,540

 

Fannie Mae/February/32

 

3,160

 

489,800

 

Freddie Mac/February/30

 

2,592

 

492,480

 

Nasdaq 100/February/1850

 

240

 

1,464,000

 

TOTAL PURCHASED PUT OPTIONS
(Cost $4,039,500)

 

 

 

4,533,820

 

 

 

 

 

 

 

CALL OPTIONS

 

 

 

 

 

Tessera Technologies Inc./March/40

 

775

 

205,375

 

TOTAL PURCHASED CALL OPTIONS
(Cost $188,108)

 

 

 

205,375

 

 

 

 

PRINCIPAL

 

 

 

 

 

AMOUNT

 

 

 

CONVERTIBLE CORPORATE BOND- .3%

 

 

 

 

 

TEXTILES & APPAREL

 

 

 

 

 

Iconix Brand Group, Inc., 1.875%, 6/30/12
(Cost $2,030,000)

 

$

2,030,000

 

2,022,388

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS- 8.6%

 

 

 

 

 

U.S. AGENCY OBLIGATIONS

 

 

 

 

 

Federal Home Loan Banks, 1.60%, 2/1/08
(Cost $64,826,000)

 

64,826,000

 

64,826,000

 

 

 

 

 

 

 

Total Investments
(Cost $780,843,421) (a)

 

98.6

%

744,398,595

 

Other Assets in Excess of Liabilities

 

1.4

 

10,347,864

 

NET ASSETS

 

100.0

%

$

754,746,459

 

 

* Non-income producing securities.

# American Depositary Receipts.

(a) At January 31, 2008, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $780,843,421 amounted to $36,444,826 which consisted of aggregate gross unrealized appreciation of $38,375,084 and aggregate gross unrealized depreciation of $74,819,910.

 

 

 

 

 

SHARES SUBJECT

 

 

 

 

 

CONTRACTS

 

TO CALL/PUT

 

VALUE

 

PUT OPTIONS WRITTEN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apple Inc./February/140

 

1,036

 

103,600

 

$

751,100

 

TOTAL

 

 

 

 

 

 

 

(Premiums Received $458,205)

 

 

 

 

 

$

751,100

 

 


 

THE ALGER FUNDS

ALGER LARGECAP GROWTH FUND

Schedule of Investments

January 31, 2008

 

 

 

SHARES

 

VALUE

 

COMMON STOCKS- 96.6%

 

 

 

 

 

 

 

 

 

 

 

AEROSPACE & DEFENSE- 4.9%

 

 

 

 

 

Boeing Company

 

107,740

 

$

8,961,813

 

General Dynamics Corporation

 

132,190

 

11,164,767

 

 

 

 

 

20,126,580

 

AUTO EQUIPMENT & SERVICE- .6%

 

 

 

 

 

Cummins Inc.

 

48,900

 

2,360,892

 

 

 

 

 

 

 

BEVERAGES- 1.5%

 

 

 

 

 

PepsiCo, Inc.

 

92,600

 

6,314,394

 

 

 

 

 

 

 

BIOTECHNOLOGY- 3.2%

 

 

 

 

 

Celgene Corporation*

 

52,300

 

2,934,553

 

Genentech, Inc.*

 

92,700

 

6,506,613

 

Gilead Sciences, Inc. *

 

80,900

 

3,696,321

 

 

 

 

 

13,137,487

 

CAPITAL MARKETS- 1.8%

 

 

 

 

 

Goldman Sachs Group, Inc.

 

23,100

 

4,637,787

 

T. Rowe Price Group Inc.

 

56,300

 

2,848,217

 

 

 

 

 

7,486,004

 

CHEMICALS- 1.0%

 

 

 

 

 

Monsanto Company

 

38,280

 

4,304,203

 

 

 

 

 

 

 

COMMERCIAL BANKS- 1.1%

 

 

 

 

 

PNC Financial Services Group

 

47,600

 

3,123,512

 

Wachovia Corporation

 

42,300

 

1,646,739

 

 

 

 

 

4,770,251

 

COMMUNICATION EQUIPMENT- 6.2%

 

 

 

 

 

Cisco Systems, Inc.*

 

451,400

 

11,059,300

 

Nokia Oyj ADR#

 

108,135

 

3,995,588

 

QUALCOMM Inc.

 

149,650

 

6,348,153

 

Research In Motion Limited*

 

45,475

 

4,269,193

 

 

 

 

 

25,672,234

 

COMPUTER TECHNOLOGY- .9%

 

 

 

 

 

NAVTEQ*

 

51,800

 

3,828,020

 

 


 

COMPUTERS & PERIPHERALS- 6.5%

 

 

 

 

 

Apple Computer, Inc.*

 

97,760

 

13,232,794

 

EMC Corporation *

 

96,900

 

1,537,803

 

Hewlett-Packard Company

 

157,165

 

6,875,969

 

Memc Electronic Materials, Inc.*

 

73,475

 

5,250,523

 

 

 

 

 

26,897,089

 

CONGLOMERATE- 2.4%

 

 

 

 

 

ITT Corporation

 

170,290

 

10,120,335

 

 

 

 

 

 

 

DIVERSIFIED FINANCIAL SERVICES- 2.0%

 

 

 

 

 

Lehman Brothers Holdings Inc.

 

64,500

 

4,138,965

 

NYSE Euronext Inc.

 

53,370

 

4,197,550

 

 

 

 

 

8,336,515

 

DIVERSIFIED TELECOMMUNICATION SERVICES- 1.5%

 

 

 

 

 

Verizon Communications Inc.

 

156,400

 

6,074,576

 

 

 

 

 

 

 

ELECTRONICS- 2.5%

 

 

 

 

 

Nintendo Co., Ltd. ADR#

 

80,515

 

5,016,809

 

SONY CORPORATION#

 

108,800

 

5,166,912

 

 

 

 

 

10,183,721

 

ENERGY- .7%

 

 

 

 

 

First Solar, Inc.*

 

15,645

 

2,843,792

 

 

 

 

 

 

 

ENERGY EQUIPMENT & SERVICES- 5.1%

 

 

 

 

 

Cameron International Corp.*

 

93,700

 

3,772,362

 

National-Oilwell Varco Inc.*

 

68,635

 

4,133,886

 

Schlumberger Limited

 

74,530

 

5,624,034

 

Transocean Inc. ADR#

 

63,224

 

7,751,262

 

 

 

 

 

21,281,544

 

ENGINEERING- .9%

 

 

 

 

 

Fluor Corp.

 

32,000

 

3,893,440

 

 

 

 

 

 

 

FINANCE- 1.1%

 

 

 

 

 

IntercontinentalExchange Inc. *

 

32,020

 

4,481,519

 

 

 

 

 

 

 

FINANCIAL SERVICES- 6.0%

 

 

 

 

 

Alibaba.com Corporation*

 

1,092,200

 

2,586,067

 

AllianceBernstein Holding LP

 

39,275

 

2,607,467

 

Bovespa Holding SA*

 

208,800

 

3,042,386

 

CME Group Inc.

 

8,465

 

5,238,988

 

Nymex Holdings Inc.*

 

97,295

 

11,188,925

 

 

 

 

 

24,663,833

 

FOOD & STAPLES RETAILING- 2.4%

 

 

 

 

 

Walgreen Co.

 

181,625

 

6,376,854

 

Whole Foods Market, Inc.

 

88,410

 

3,486,890

 

 

 

 

 

9,863,744

 

 


 

HEALTH CARE EQUIPMENT & SUPPLIES- 4.9%

 

 

 

 

 

Beckman Coulter, Inc.

 

60,500

 

4,023,250

 

Hologic, Inc.*

 

52,380

 

3,371,177

 

Intuitive Surgical, Inc.*

 

12,825

 

3,257,550

 

St. Jude Medical, Inc.*

 

124,935

 

5,061,117

 

Zimmer Holdings, Inc.*

 

56,565

 

4,427,343

 

 

 

 

 

20,140,437

 

HEALTH CARE PROVIDERS & SERVICES- 1.3%

 

 

 

 

 

Quest Diagnostics Incorporated

 

108,455

 

5,349,001

 

 

 

 

 

 

 

HOTELS, RESTAURANTS & LEISURE- .8%

 

 

 

 

 

Starbucks Corporation

 

165,000

 

3,120,150

 

 

 

 

 

 

 

HOUSEHOLD DURABLES- .5%

 

 

 

 

 

Garmin Ltd.

 

27,400

 

1,976,910

 

 

 

 

 

 

 

HOUSEHOLD PRODUCTS- 1.9%

 

 

 

 

 

Procter & Gamble Company

 

116,360

 

7,673,942

 

 

 

 

 

 

 

INDUSTRIAL CONGLOMERATES- 1.3%

 

 

 

 

 

General Electric Company

 

149,800

 

5,304,418

 

 

 

 

 

 

 

INFORMATION TECHNOLOGY SERVICES- 1.1%

 

 

 

 

 

Cognizant Technology Solutions Corporation Cl. A*

 

159,700

 

4,455,630

 

 

 

 

 

 

 

INTERNET & CATALOG RETAIL- 2.2%

 

 

 

 

 

eBay Inc.*

 

338,555

 

9,103,744

 

 

 

 

 

 

 

INTERNET SOFTWARE & SERVICES- 3.7%

 

 

 

 

 

Google Inc. Cl. A*

 

12,595

 

7,107,358

 

Yahoo! Inc. *

 

421,125

 

8,077,177

 

 

 

 

 

15,184,535

 

MACHINERY- .7%

 

 

 

 

 

Terex Corporation*

 

47,400

 

2,785,224

 

 

 

 

 

 

 

MEDIA- .8%

 

 

 

 

 

Focus Media Holding Limited ADR*#

 

68,295

 

3,281,575

 

 

 

 

 

 

 

MEDICAL PRODUCTS- 2.4%

 

 

 

 

 

Covidien Limited*

 

123,300

 

5,502,879

 

Inverness Medical Innovations, Inc.*

 

96,700

 

4,356,335

 

 

 

 

 

9,859,214

 

 


 

METALS- .8%

 

 

 

 

 

Uranium One, Inc.*

 

456,400

 

3,159,748

 

 

 

 

 

 

 

METALS & MINING- 1.2%

 

 

 

 

 

Freeport-McMoRan Copper & Gold, Inc. Cl. B

 

57,302

 

5,101,597

 

 

 

 

 

 

 

OIL & GAS- 2.2%

 

 

 

 

 

Exxon Mobil Corporation

 

70,200

 

6,065,280

 

Valero Energy Corporation

 

50,400

 

2,983,176

 

 

 

 

 

9,048,456

 

PHARMACEUTICALS- 6.4%

 

 

 

 

 

Abbott Laboratories

 

89,855

 

5,058,837

 

Allergan, Inc.

 

57,785

 

3,882,574

 

Johnson & Johnson

 

136,260

 

8,619,808

 

Merck & Co. Inc.

 

120,030

 

5,554,988

 

Schering-Plough Corporation

 

162,000

 

3,170,340

 

 

 

 

 

26,286,547

 

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT- 2.8%

 

 

 

 

 

Intel Corporation

 

243,630

 

5,164,956

 

Lam Research Corporation*

 

83,030

 

3,187,522

 

NVIDIA Corporation*

 

126,585

 

3,112,725

 

 

 

 

 

11,465,203

 

SOFTWARE- 5.5%

 

 

 

 

 

Electronic Arts Inc.*

 

42,645

 

2,020,094

 

Microsoft Corporation

 

494,695

 

16,127,057

 

TomTom NV*

 

85,000

 

4,672,107

 

 

 

 

 

22,819,258

 

TELEPHONES- .7%

 

 

 

 

 

China Mobile Ltd.

 

36,480

 

2,757,888

 

 

 

 

 

 

 

TOBACCO- 1.8%

 

 

 

 

 

Altria Group, Inc.

 

96,285

 

7,300,329

 

 

 

 

 

 

 

TEXTILES, APPAREL & LUXURY GOODS- 1.3%

 

 

 

 

 

Coach, Inc.*

 

170,100

 

5,451,705

 

 

 

 

 

 

 

TOTAL COMMON STOCKS
(Cost $404,641,881)

 

 

 

398,265,684

 

 

 

 

PRINCIPAL

 

 

 

 

 

AMOUNT

 

 

 

SHORT-TERM INVESTMENTS- 2.2%

 

 

 

 

 

U.S. AGENCY OBLIGATIONS

 

 

 

 

 

Federal Home Loan Banks, 1.60%, 2/1/08
(Cost $9,070,000)

 

$

9,070,000

 

9,070,000

 

 


 

Total Investments
(Cost $413,711,881) (a)

 

98.8

%

407,335,684

 

Other Assets in Excess of Liabilities

 

1.2

 

5,076,839

 

NET ASSETS

 

100.0

%

$

412,412,523

 

 

* Non-income producing securities.

# American Depositary Receipts.

(a) At January 31, 2008, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $413,711,881 amounted to $6,376,197 which consisted of aggregate gross unrealized appreciation of $23,520,006 and aggregate gross unrealized depreciation of $29,896,203.

 


 

THE ALGER FUNDS

ALGER MIDCAP GROWTH FUND

Schedule of Investments

January 31, 2008

 

 

 

SHARES

 

VALUE

 

COMMON STOCKS- 99.9%

 

 

 

 

 

 

 

 

 

 

 

AEROSPACE & DEFENSE- 2.0%

 

 

 

 

 

BE Aerospace, Inc.*

 

316,450

 

$

12,218,135

 

 

 

 

 

 

 

AGRICULTURE- 1.8%

 

 

 

 

 

Mosaic Co. *

 

119,800

 

10,902,998

 

 

 

 

 

 

 

APPAREL- .9%

 

 

 

 

 

American Apparel Inc.*

 

324,400

 

4,087,440

 

Guess?, Inc.

 

42,200

 

1,574,482

 

 

 

 

 

5,661,922

 

AUTO COMPONENTS- .8%

 

 

 

 

 

LKQ Corporation*

 

292,000

 

5,223,880

 

 

 

 

 

 

 

CORRECTIONAL FACILITIES- 1.4%

 

 

 

 

 

The Geo Group Inc.*

 

373,300

 

8,929,336

 

 

 

 

 

 

 

BEVERAGES- .9%

 

 

 

 

 

Hansen Natural Corporation*

 

150,800

 

5,814,848

 

 

 

 

 

 

 

BIOTECHNOLOGY- 2.6%

 

 

 

 

 

Affymetrix Inc.*

 

219,300

 

4,399,158

 

BioMarin Pharmaceutical Inc.

 

84,300

 

3,124,158

 

Celgene Corporation*

 

55,300

 

3,102,883

 

ImClone Systems Incorporated*

 

126,200

 

5,485,914

 

 

 

 

 

16,112,113

 

BUSINESS SERVICES- 1.1%

 

 

 

 

 

TeleTech Holdings Inc.*

 

334,600

 

6,601,658

 

 

 

 

 

 

 

CAPITAL MARKETS- 2.2%

 

 

 

 

 

Affiliated Managers Group, Inc.*

 

82,102

 

8,071,448

 

T. Rowe Price Group Inc.

 

114,400

 

5,787,496

 

 

 

 

 

13,858,944

 

CASINOS & RESORTS- 1.4%

 

 

 

 

 

Bally Technologies Inc.*

 

181,800

 

8,660,952

 

 

 

 

 

 

 

COMMERCIAL BANKS- .3%

 

 

 

 

 

Boston Private Financial Holdings, Inc.

 

83,200

 

1,899,456

 

 

 

 

 

 

 

COMMUNICATION EQUIPMENT- 2.0%

 

 

 

 

 

NICE Systems Ltd. ADR* #

 

102,600

 

3,140,586

 

 


 

Research In Motion Limited*

 

98,700

 

9,265,956

 

 

 

 

 

12,406,542

 

COMPUTER SERVICES- 2.5%

 

 

 

 

 

Digital River, Inc.*

 

71,500

 

2,681,250

 

Satyam Computer Services- ADR#

 

516,100

 

12,567,035

 

 

 

 

 

15,248,285

 

COMPUTER TECHNOLOGY- .9%

 

 

 

 

 

Atheros Communications*

 

196,565

 

5,368,190

 

 

 

 

 

 

 

COMPUTERS & PERIPHERALS- 6.7%

 

 

 

 

 

Apple Computer, Inc.*

 

184,300

 

24,946,848

 

Memc Electronic Materials, Inc.*

 

190,025

 

13,579,187

 

Network Appliance, Inc. *

 

131,000

 

3,041,820

 

 

 

 

 

41,567,855

 

CONGLOMERATE- 1.5%

 

 

 

 

 

ITT Corporation

 

155,400

 

9,235,422

 

 

 

 

 

 

 

CONSTRUCTION & ENGINEERING- 3.2%

 

 

 

 

 

Chicago Bridge & Iron Company N.V.

 

172,300

 

7,665,627

 

McDermott International, Inc.*

 

94,250

 

4,446,715

 

Shaw Group Inc. (The)*

 

138,700

 

7,836,550

 

 

 

 

 

19,948,892

 

DRUGS & PHARMACEUTICALS- 1.0%

 

 

 

 

 

United Therapeutics Corporation*

 

72,250

 

6,067,555

 

 

 

 

 

 

 

ELECTRIC SERVICES- .7%

 

 

 

 

 

ITC Holdings Corporation

 

87,800

 

4,639,352

 

 

 

 

 

 

 

ELECTRONICS- 1.5%

 

 

 

 

 

Nintendo Co., Ltd. ADR#

 

148,840

 

9,274,072

 

 

 

 

 

 

 

ELECTRONICS: SEMI-CONDUCTORS/COMPONENTS- .2%

 

 

 

 

 

Spreadtrum Communications, Inc. ADR*#

 

127,600

 

1,212,200

 

 

 

 

 

 

 

ENERGY- 2.6%

 

 

 

 

 

First Solar, Inc.*

 

48,200

 

8,761,314

 

JA Solar Holdings Co. Ltd. ADR*#

 

150,000

 

7,624,500

 

 

 

 

 

16,385,814

 

ENERGY EQUIPMENT & SERVICES- 7.8%

 

 

 

 

 

Cameron International Corp.*

 

240,550

 

9,684,543

 

Diamond Offshore Drilling Inc.

 

39,500

 

4,460,735

 

FMC Technologies, Inc.*

 

112,500

 

5,418,000

 

National-Oilwell Varco Inc.*

 

120,600

 

7,263,738

 

Transocean Inc. ADR#

 

56,624

 

6,942,102

 

 


 

Vestas Wind Systems A/S

 

72,700

 

7,031,040

 

Weatherford International Ltd.*

 

120,000

 

7,417,200

 

 

 

 

 

48,217,358

 

FINANCE- 1.2%

 

 

 

 

 

IntercontinentalExchange Inc. *

 

51,900

 

7,263,924

 

 

 

 

 

 

 

FINANCIAL SERVICES- 6.9%

 

 

 

 

 

AllianceBernstein Holding LP

 

94,700

 

6,287,133

 

BM&F (Bolsa de Mercadorias e Futuros)*

 

639,300

 

5,763,051

 

Bovespa Holding SA*

 

214,400

 

3,123,982

 

CME Group Inc.

 

4,700

 

2,908,830

 

Genpact Limited*

 

230,000

 

2,794,500

 

Hong Kong Exchanges & Clearing Limited

 

150,600

 

3,140,840

 

Nymex Holdings Inc.*

 

163,000

 

18,745,000

 

 

 

 

 

42,763,336

 

FOOD & STAPLES RETAILING- 1.1%

 

 

 

 

 

Whole Foods Market, Inc.

 

170,100

 

6,708,744

 

 

 

 

 

 

 

HEALTH CARE EQUIPMENT & SUPPLIES- 3.7%

 

 

 

 

 

Hologic, Inc.*

 

74,100

 

4,769,076

 

Intuitive Surgical, Inc.*

 

19,800

 

5,029,200

 

Smith & Nephew Plc. ADR#

 

102,700

 

6,916,845

 

St. Jude Medical, Inc.*

 

153,500

 

6,218,285

 

 

 

 

 

22,933,406

 

HEALTH CARE PROVIDERS & SERVICES- 4.1%

 

 

 

 

 

Community Health Systems Inc.*

 

242,800

 

7,793,880

 

McKesson Corporation

 

143,800

 

9,029,202

 

Quest Diagnostics Incorporated

 

176,200

 

8,690,184

 

 

 

 

 

25,513,266

 

HOTELS, RESTAURANTS & LEISURE- 1.3%

 

 

 

 

 

Accor SA

 

80,450

 

6,145,251

 

Wynn Resorts, Limited*

 

16,200

 

1,862,676

 

 

 

 

 

8,007,927

 

INFORMATION TECHNOLOGY SERVICES- 1.1%

 

 

 

 

 

Cognizant Technology Solutions Corporation Cl. A*

 

237,800

 

6,634,620

 

 

 

 

 

 

 

INTERNET & CATALOG RETAIL- .8%

 

 

 

 

 

eBay Inc.*

 

173,800

 

4,673,482

 

 

 

 

 

 

 

INTERNET SOFTWARE & SERVICES- 2.4%

 

 

 

 

 

BlackRock, Inc.

 

15,500

 

3,427,050

 

DealerTrack Holdings Inc.*

 

193,550

 

5,218,108

 

SINA Corp.*

 

159,000

 

6,312,300

 

 

 

 

 

14,957,458

 

 


 

LEISURE EQUIPMENT & PRODUCTS- .5%

 

 

 

 

 

UbiSoft Entertainment SA*

 

33,100

 

2,996,049

 

 

 

 

 

 

 

MEDIA- 1.5%

 

 

 

 

 

Dolby Laboratories Inc. Cl. A*

 

37,800

 

1,628,802

 

Focus Media Holding Limited ADR*#

 

155,000

 

7,447,750

 

 

 

 

 

9,076,552

 

MEDICAL PRODUCTS- 2.2%

 

 

 

 

 

Inverness Medical Innovations, Inc.*

 

188,900

 

8,509,945

 

Metabolix, Inc.*

 

290,200

 

5,290,346

 

 

 

 

 

13,800,291

 

METALS- 1.4%

 

 

 

 

 

Thompson Creek Metals Co., Inc.*

 

115,000

 

1,872,200

 

Uranium One, Inc.*

 

520,100

 

3,600,756

 

Yamana Gold, Inc.

 

189,900

 

3,129,552

 

 

 

 

 

8,602,508

 

METALS & MINING- 1.0%

 

 

 

 

 

Cleveland-Cliffs Inc.

 

31,400

 

3,197,776

 

Goldcorp, Inc.

 

81,700

 

3,040,874

 

 

 

 

 

6,238,650

 

OIL & GAS- 2.3%

 

 

 

 

 

Acergy SA

 

157,200

 

2,862,612

 

Mariner Energy Inc.*

 

197,900

 

4,959,374

 

Praxair, Inc.

 

38,900

 

3,147,399

 

Range Resources Corporation

 

65,200

 

3,404,744

 

 

 

 

 

14,374,129

 

OIL AND GAS EXPLORATION SERVICES- .7%

 

 

 

 

 

Petrobank Energy and Resources Ltd.*

 

89,600

 

4,481,774

 

 

 

 

 

 

 

OIL: CRUDE PRODUCERS- .7%

 

 

 

 

 

Concho Resources Inc.

 

209,600

 

4,254,880

 

 

 

 

 

 

 

PHARMACEUTICALS- 2.0%

 

 

 

 

 

Barr Pharmaceuticals, Inc.*

 

112,700

 

5,881,813

 

Mylan Laboratories Inc.

 

417,500

 

6,224,925

 

 

 

 

 

12,106,738

 

PHOTOGRAPHY- .5%

 

 

 

 

 

Shutterfly, Inc.*

 

152,700

 

2,970,015

 

 

 

 

 

 

 

RETAIL- 3.3%

 

 

 

 

 

GAME GROUP PLC

 

1,079,000

 

4,298,348

 

China Nepstar Chain Drugstore Limited ADR*#

 

485,300

 

5,876,983

 

Sothebys Holdings Inc., Cl. A

 

325,700

 

10,119,499

 

 

 

 

 

20,294,830

 

 


 

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT- 3.8%

 

 

 

 

 

Cree, Inc.*

 

99,450

 

2,938,748

 

Tessera Technologies Inc.*

 

239,800

 

9,392,966

 

Varian Semiconductor Equipment Associates, Inc.*

 

337,100

 

10,857,991

 

 

 

 

 

23,189,705

 

SOFTWARE- 5.5%

 

 

 

 

 

Net 1 UEPS Technologies, Inc.*

 

260,440

 

7,469,419

 

Solera Holdings Inc.*

 

339,400

 

7,734,926

 

Tibco Software Inc.*

 

842,300

 

6,266,712

 

TomTom NV*

 

229,350

 

12,606,443

 

 

 

 

 

34,077,500

 

SPECIALTY RETAIL- 2.8%

 

 

 

 

 

Gamestop Corp. Cl. A*

 

124,800

 

6,455,904

 

PETSMART, Inc.

 

482,000

 

11,023,340

 

 

 

 

 

17,479,244

 

TEXTILES & APPAREL- 1.1%

 

 

 

 

 

Iconix Brand Group, Inc.*

 

317,900

 

6,609,141

 

 

 

 

 

 

 

UTILITIES- .9%

 

 

 

 

 

Veolia Environnement ADR#

 

70,370

 

5,818,895

 

 

 

 

 

 

 

WIRELESS TELECOMMUNICATION SERVICES- 1.1%

 

 

 

 

 

SBA Communications Corporation Cl. A*

 

225,830

 

6,686,826

 

 

 

 

 

 

 

TOTAL COMMON STOCKS
(Cost $605,946,045)

 

 

 

617,969,669

 

 

 

 

 

 

 

PUT OPTIONS

 

CONTRACTS

 

 

 

Weatherford International/March/60

 

 

 

 

 

TOTAL PURCHASED PUT OPTIONS
(Cost $591,600)

 

1,200

 

396,000

 

 

 

 

PRINCIPAL

 

 

 

 

 

AMOUNT

 

 

 

CONVERTIBLE CORPORATE BOND- .2%

 

 

 

 

 

ENERGY EQUIPMENT & SERVICES

 

 

 

 

 

Transocean Inc., 1.50%, 12/15/37
(Cost $1,400,000)

 

$

1,400,000

 

1,478,750

 

 

SHORT-TERM INVESTMENTS- 1.5%

 

 

 

 

 

U.S. AGENCY OBLIGATIONS

 

 

 

 

 

Federal Home Loan Banks, 1.60%, 2/1/08
(Cost $8,974,000)

 

8,974,000

 

8,974,000

 

 

 

 

 

 

 

Total Investments
(Cost $616,911,645) (a)

 

101.6

%

628,818,419

 

 


 

Liabilities in Excess of Other Assets

 

(1.6

)

(9,964,647

)

NET ASSETS

 

100.0

%

$

618,853,772

 

 

*

Non-income producing securities.

#

American Depositary Receipts.

(a)

At January 31, 2008, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $616,911,645 amounted to $11,906,774 which consisted of aggregate gross unrealized appreciation of $47,562,347 and aggregate gross unrealized depreciation of $35,655,573.

 

 

 

 

 

SHARES SUBJECT

 

 

 

 

 

CONTRACTS

 

TO CALL/PUT

 

VALUE

 

PUT OPTIONS WRITTEN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weatherford International/March/55
(Premiums Received $314,395)

 

1,200

 

120,000

 

$

228,000

 

 

 

 

 

 

 

 

 

CALL OPTIONS WRITTEN

 

 

 

 

 

 

 

Weatherford International/March/70
(Premiums Received $164,397)

 

1,200

 

120,000

 

156,000

 

 

 

 

 

 

 

 

 

TOTAL OPTIONS WRITTEN
(Total Premiums Received $478,792)

 

 

 

 

 

$

384,000

 

 


 

THE ALGER FUNDS

ALGER SMALLCAP AND MIDCAP GROWTH FUND

Schedule of Investments

January 31, 2008

 

 

 

SHARES

 

VALUE

 

COMMON STOCKS- 92.0%

 

 

 

 

 

 

 

 

 

 

 

AEROSPACE & DEFENSE- 1.9%

 

 

 

 

 

BE Aerospace, Inc.*

 

129,150

 

$

4,986,481

 

SI International Inc.*

 

141,700

 

3,872,661

 

 

 

 

 

8,859,142

 

AIRLINES- .6%

 

 

 

 

 

AirTran Holdings, Inc.*

 

329,050

 

2,839,701

 

 

 

 

 

 

 

AUTO COMPONENTS- 1.1%

 

 

 

 

 

LKQ Corporation*

 

275,200

 

4,923,328

 

 

 

 

 

 

 

AUTO EQUIPMENT & SERVICE- .9%

 

 

 

 

 

Tenneco Inc.*

 

162,900

 

4,311,963

 

 

 

 

 

 

 

BIOTECHNOLOGY- 2.6%

 

 

 

 

 

Cepheid, Inc.*

 

45,200

 

1,380,408

 

Cubist Pharmaceuticals, Inc.*

 

119,650

 

2,032,853

 

ImClone Systems Incorporated*

 

122,800

 

5,338,116

 

Onyx Pharmaceuticals, Inc.*

 

69,700

 

3,312,841

 

 

 

 

 

12,064,218

 

BUSINESS SERVICES- 1.2%

 

 

 

 

 

Information Services Group, Inc.

 

392,600

 

2,269,228

 

TeleTech Holdings Inc.*

 

174,300

 

3,438,939

 

 

 

 

 

5,708,167

 

CAPITAL MARKETS- 2.1%

 

 

 

 

 

Affiliated Managers Group, Inc.*

 

45,062

 

4,430,045

 

Greenhill & Co., Inc.

 

78,900

 

5,328,117

 

 

 

 

 

9,758,162

 

CASINOS & RESORTS- 1.4%

 

 

 

 

 

Bally Technologies Inc.*

 

135,750

 

6,467,130

 

 

 

 

 

 

 

CHEMICALS- .8%

 

 

 

 

 

Zoltek Companies, Inc.*

 

99,550

 

3,633,575

 

 

 

 

 

 

 

COMMERCIAL BANKS- 1.9%

 

 

 

 

 

First Midwest Bancorp., Inc.

 

117,650

 

3,670,680

 

Signature Bank*

 

145,450

 

4,874,030

 

 

 

 

 

8,544,710

 

 


 

COMMERCIAL SERVICES & SUPPLIES- 1.2%

 

 

 

 

 

FTI Consulting, Inc.*

 

102,500

 

5,669,275

 

 

 

 

 

 

 

COMMUNICATION EQUIPMENT- 3.8%

 

 

 

 

 

Foundry Networks, Inc.*

 

283,350

 

3,910,230

 

NICE Systems Ltd. ADR*#

 

191,400

 

5,858,754

 

Polycom, Inc.*

 

203,800

 

5,145,950

 

Sonus Networks, Inc.*

 

608,950

 

2,490,606

 

 

 

 

 

17,405,540

 

COMMUNICATION TECHNOLOGY- .8%

 

 

 

 

 

Novatel Wireless, Inc.*

 

224,900

 

3,598,400

 

 

 

 

 

 

 

COMPUTER SERVICES- 3.3%

 

 

 

 

 

ANSYS, Inc.*

 

151,275

 

5,281,010

 

Digital River, Inc.*

 

107,300

 

4,023,750

 

IHS Inc. Cl. A*

 

96,350

 

5,967,919

 

 

 

 

 

15,272,679

 

COMPUTER SOFTWARE- .9%

 

 

 

 

 

PROS Holdings, Inc.*

 

263,300

 

4,041,655

 

 

 

 

 

 

 

COMPUTER TECHNOLOGY- 1.6%

 

 

 

 

 

Atheros Communications*

 

124,750

 

3,406,922

 

NAVTEQ*

 

49,800

 

3,680,220

 

 

 

 

 

7,087,142

 

CONSTRUCTION & ENGINEERING- 1.0%

 

 

 

 

 

URS Corporation*

 

100,500

 

4,411,950

 

 

 

 

 

 

 

CONTAINERS & PACKAGING- .9%

 

 

 

 

 

Greif Inc.

 

61,100

 

4,020,380

 

 

 

 

 

 

 

CORRECTIONAL FACILITIES- 1.2%

 

 

 

 

 

The Geo Group Inc.*

 

239,000

 

5,716,880

 

 

 

 

 

 

 

DRUGS & PHARMACEUTICALS- 1.2%

 

 

 

 

 

United Therapeutics Corporation*

 

62,550

 

5,252,949

 

 

 

 

 

 

 

ELECTRIC AND ELECTRONIC EQUIPMENT- .9%

 

 

 

 

 

Roper Industries, Inc.

 

73,200

 

4,093,344

 

 

 

 

 

 

 

ELECTRIC SERVICES- 1.4%

 

 

 

 

 

ITC Holdings Corporation

 

124,950

 

6,602,358

 

 


 

ELECTRICAL EQUIPMENT- 1.2%

 

 

 

 

 

AMETEK, Inc.

 

125,900

 

5,544,636

 

 

 

 

 

 

 

ELECTRONICS: SEMI-CONDUCTORS/COMPONENTS- 1.5%

 

 

 

 

 

Mellanox Technologies Ltd.*

 

291,155

 

4,608,984

 

Spreadtrum Communications, Inc. ADR*#

 

252,750

 

2,401,125

 

 

 

 

 

7,010,109

 

ENERGY- .7%

 

 

 

 

 

SunPower Corporation Cl. A

 

44,350

 

3,064,142

 

 

 

 

 

 

 

ENERGY EQUIPMENT & SERVICES- 2.0%

 

 

 

 

 

Cameron International Corp.*

 

124,500

 

5,012,370

 

Grant Prideco, Inc.*

 

82,100

 

4,086,938

 

 

 

 

 

9,099,308

 

ENGINEERING- 1.1%

 

 

 

 

 

Aecom Technology Corp.*

 

208,890

 

5,144,961

 

 

 

 

 

 

 

FINANCE- .8%

 

 

 

 

 

IntercontinentalExchange Inc. *

 

27,450

 

3,841,902

 

 

 

 

 

 

 

FOOD & BEVERAGES- 2.0%

 

 

 

 

 

Central European Distribution Corporation*

 

79,950

 

4,202,971

 

Hain Celestial Group Inc. (The)*

 

188,500

 

5,089,500

 

 

 

 

 

9,292,471

 

HEALTH CARE EQUIPMENT & SUPPLIES- 4.4%

 

 

 

 

 

Hologic, Inc.*

 

82,600

 

5,316,136

 

Illumina, Inc.

 

88,400

 

5,631,080

 

Immucor, Inc.*

 

75,700

 

2,183,188

 

Intuitive Surgical, Inc.*

 

16,850

 

4,279,900

 

Thoratec Corporation*

 

168,450

 

2,695,200

 

 

 

 

 

20,105,504

 

HEALTH CARE PROVIDERS & SERVICES- 2.4%

 

 

 

 

 

Community Health Systems Inc.*

 

167,400

 

5,373,540

 

Parexel International Corporation*

 

103,800

 

5,647,758

 

 

 

 

 

11,021,298

 

HOTELS AND OTHER LODGING PLACES- 1.1%

 

 

 

 

 

Ctrip.com International Ltd. ADR*#

 

109,250

 

4,988,355

 

 

 

 

 

 

 

HOTELS, RESTAURANTS & LEISURE- .6%

 

 

 

 

 

Scientific Games Corporation*

 

110,550

 

2,631,090

 

 

 

 

 

 

 

INSURANCE- 1.6%

 

 

 

 

 

First Mercury Financial Corporation*

 

234,300

 

4,477,473

 

Max Capital Group LTD

 

102,150

 

2,900,039

 

 

 

 

 

7,377,512

 

 


 

INTERNET & CATALOG RETAIL- 1.2%

 

 

 

 

 

Priceline.com Incorporated*

 

50,250

 

5,453,130

 

 

 

 

 

 

 

INTERNET SOFTWARE & SERVICES- 2.7%

 

 

 

 

 

Acme Packet, Inc.*

 

291,350

 

2,802,787

 

Allscripts Healthcare Solutions, Inc.*

 

136,100

 

2,018,363

 

DealerTrack Holdings Inc.*

 

141,389

 

3,811,847

 

Omniture Inc.*

 

142,700

 

3,527,544

 

 

 

 

 

12,160,541

 

IT SERVICES- .9%

 

 

 

 

 

Wright Express Corp.*

 

131,050

 

3,923,637

 

 

 

 

 

 

 

LEISURE EQUIPMENT & PRODUCTS- 1.1%

 

 

 

 

 

LIFE TIME FITNESS, Inc.*

 

114,900

 

5,094,666

 

 

 

 

 

 

 

MACHINERY- 3.2%

 

 

 

 

 

Bucyrus International, Inc. Cl. A

 

72,150

 

6,689,026

 

Manitowoc Company, Inc.

 

126,300

 

4,814,556

 

Oshkosh Truck Corporation*

 

66,850

 

3,059,056

 

 

 

 

 

14,562,638

 

MANUFACTURING- .7%

 

 

 

 

 

Silgan Holdings Inc.

 

70,850

 

3,355,456

 

 

 

 

 

 

 

MEDIA- 3.0%

 

 

 

 

 

Dolby Laboratories Inc. Cl. A*

 

124,950

 

5,384,095

 

Focus Media Holding Limited ADR*#

 

83,500

 

4,012,175

 

NeuStar, Inc. Cl. A*

 

143,900

 

4,275,269

 

 

 

 

 

13,671,539

 

MEDICAL PRODUCTS- 3.9%

 

 

 

 

 

Inverness Medical Innovations, Inc.*

 

99,300

 

4,473,465

 

Meridian Bioscience, Inc.

 

106,500

 

3,345,165

 

Omrix Biopharmaceuticals, Inc. *

 

127,400

 

2,963,324

 

Power Medical Interventions, Inc.*

 

323,788

 

4,209,244

 

Third Wave Technologies *

 

329,000

 

2,678,060

 

 

 

 

 

17,669,258

 

MEDICAL SERVICES- .4%

 

 

 

 

 

IPC The Hospitalist*

 

77,800

 

1,635,356

 

 

 

 

 

 

 

MEDICAL TECHNOLOGY- .8%

 

 

 

 

 

Acorda Therapeutics Inc.*

 

135,800

 

3,443,888

 

 

 

 

 

 

 

METALS- 1.3%

 

 

 

 

 

RTI International Metals, Inc.*

 

34,450

 

1,903,363

 

 


 

Thompson Creek Metals Co., Inc.*

 

247,950

 

4,036,626

 

 

 

 

 

5,939,989

 

OIL & GAS- 3.1%

 

 

 

 

 

Cal Dive International, Inc.*

 

326,100

 

3,091,428

 

Carrizo Oil & Gas, Inc.*

 

103,200

 

5,023,776

 

Range Resources Corporation

 

119,750

 

6,253,345

 

 

 

 

 

14,368,549

 

OIL AND GAS EXPLORATION SERVICES- 1.3%

 

 

 

 

 

Petrobank Energy and Resources Ltd.*

 

115,300

 

5,767,283

 

 

 

 

 

 

 

OIL: CRUDE PRODUCERS- 1.6%

 

 

 

 

 

Concho Resources Inc.

 

178,700

 

3,627,610

 

CVR Energy, Inc. *

 

136,500

 

3,617,250

 

 

 

 

 

7,244,860

 

REAL ESTATE- .5%

 

 

 

 

 

Digital Realty Trust, Inc.

 

59,850

 

2,138,441

 

 

 

 

 

 

 

RETAIL- 1.6%

 

 

 

 

 

bebe Stores, Inc.

 

224,100

 

2,581,632

 

Phillips-Van Heusen Corporation

 

114,950

 

4,843,993

 

 

 

 

 

7,425,625

 

SAVINGS & LOANS- .5%

 

 

 

 

 

People’s Unoted Financial Inc.

 

137,600

 

2,324,064

 

 

 

 

 

 

 

SEMICONDUCTOR CAPITAL EQUIPMENT- .5%

 

 

 

 

 

FormFactor Inc.*

 

99,650

 

2,413,523

 

 

 

 

 

 

 

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT- 2.2%

 

 

 

 

 

Cypress Semiconductor Corporation*

 

168,550

 

3,581,687

 

ON Semiconductor Corporation*

 

430,450

 

2,789,316

 

Varian Semiconductor Equipment Associates, Inc.*

 

119,400

 

3,845,874

 

 

 

 

 

10,216,877

 

SOFTWARE- 4.0%

 

 

 

 

 

Concur Technologies, Inc.*

 

99,500

 

3,488,470

 

Solera Holdings Inc.*

 

274,600

 

6,258,134

 

Synchronoss Technologies Inc. *

 

148,450

 

3,161,985

 

Taleo Corporation*

 

129,450

 

2,735,279

 

VeriFone Holdings Inc.*

 

143,450

 

2,807,317

 

 

 

 

 

18,451,185

 

SPECIALTY RETAIL- 3.1%

 

 

 

 

 

Abercrombie & Fitch Co. Cl. A

 

60,500

 

4,821,245

 

Gamestop Corp. Cl. A*

 

72,700

 

3,760,771

 

Urban Outfitters, Inc.*

 

192,800

 

5,591,200

 

 

 

 

 

14,173,216

 

 


 

TEXTILES & APPAREL- 1.1%

 

 

 

 

 

Iconix Brand Group, Inc.*

 

235,100

 

4,887,729

 

 

 

 

 

 

 

WIRELESS TELECOMMUNICATION SERVICES- 1.2%

 

 

 

 

 

SBA Communications Corporation Cl. A*

 

182,100

 

5,391,981

 

 

 

 

 

TOTAL COMMON STOCKS
(Cost $426,717,401)

 

421,117,367

 

 

 

 

PRINCIPAL

 

 

 

 

 

AMOUNT

 

 

 

SHORT-TERM INVESTMENTS- 6.0%

 

 

 

 

 

U.S. AGENCY OBLIGATIONS

 

 

 

 

 

Federal Home Loan Banks, 1.60%, 2/1/08
(Cost $27,550,000)

 

$

27,550,000

 

27,550,000

 

 

 

 

 

 

 

Total Investments
(Cost $454,267,401) (a)

 

98.0

%

448,667,367

 

Other Assets in Excess of Liabilities

 

2.0

 

8,967,581

 

NET ASSETS

 

100.0

%

$

457,634,948

 

 

*

 

Non-income producing securities.

#

 

American Depositary Receipts.

(a)

 

At January 31, 2008, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $454,267,401 amounted to $5,600,033 which consisted of aggregate gross unrealized appreciation of $29,616,628 and aggregate gross unrealized depreciation of $35,216,661.

 


 

THE ALGER FUNDS

ALGER SMALLCAP GROWTH FUND

Schedule of Investments

January 31, 2008

 

 

 

SHARES

 

VALUE

 

COMMON STOCKS- 97.0%

 

 

 

 

 

 

 

 

 

 

 

AEROSPACE & DEFENSE- 3.5%

 

 

 

 

 

BE Aerospace, Inc.*

 

161,045

 

$

6,217,947

 

Esterline Technologies Corporation*

 

136,320

 

6,351,149

 

SI International Inc.*

 

155,975

 

4,262,797

 

 

 

 

 

16,831,893

 

AIRLINES- .8%

 

 

 

 

 

AirTran Holdings, Inc.*

 

447,845

 

3,864,902

 

 

 

 

 

 

 

AUTO COMPONENTS- 1.1%

 

 

 

 

 

LKQ Corporation*

 

296,370

 

5,302,059

 

 

 

 

 

 

 

AUTO EQUIPMENT & SERVICES- 1.0%

 

 

 

 

 

Tenneco Inc.*

 

187,185

 

4,954,787

 

 

 

 

 

 

 

BIOTECHNOLOGY- 3.9%

 

 

 

 

 

BioMarin Pharmaceutical Inc.

 

147,230

 

5,456,344

 

Cepheid, Inc.*

 

73,000

 

2,229,420

 

Cubist Pharmaceuticals, Inc.*

 

167,965

 

2,853,725

 

InterMune, Inc.*

 

139,110

 

2,332,875

 

Onyx Pharmaceuticals, Inc.*

 

66,475

 

3,159,557

 

Progenics Pharmaceuticals, Inc.*

 

145,720

 

2,381,065

 

 

 

 

 

18,412,986

 

BUSINESS SERVICES- .8%

 

 

 

 

 

TeleTech Holdings Inc.*

 

185,100

 

3,652,023

 

 

 

 

 

 

 

CAPITAL MARKETS- 1.3%

 

 

 

 

 

Greenhill & Co., Inc.

 

93,965

 

6,345,456

 

 

 

 

 

 

 

CASINOS & RESORTS- 1.5%

 

 

 

 

 

Bally Technologies Inc.*

 

146,825

 

6,994,743

 

 

 

 

 

 

 

CHEMICALS- 1.0%

 

 

 

 

 

Zoltek Companies, Inc.*

 

132,425

 

4,833,513

 

 

 

 

 

 

 

COMMERCIAL BANKS- 3.2%

 

 

 

 

 

Boston Private Financial Holdings, Inc.

 

209,215

 

4,776,378

 

First Midwest Bancorp., Inc.

 

163,505

 

5,101,356

 

Signature Bank*

 

157,430

 

5,275,479

 

 

 

 

 

15,153,213

 

 


 

COMMERCIAL SERVICES & SUPPLIES- 1.3%

 

 

 

 

 

FTI Consulting, Inc.*

 

115,800

 

6,404,898

 

 

 

 

 

 

 

COMMUNICATION EQUIPMENT- 4.1%

 

 

 

 

 

Foundry Networks, Inc.*

 

269,100

 

3,713,580

 

NICE Systems Ltd. ADR*#

 

202,125

 

6,187,046

 

Polycom, Inc.*

 

248,875

 

6,284,094

 

Sonus Networks, Inc.*

 

823,700

 

3,368,933

 

 

 

 

 

19,553,653

 

COMMUNICATION TECHNOLOGY- 1.2%

 

 

 

 

 

Novatel Wireless, Inc.*

 

233,305

 

3,732,880

 

Time Warner Telecom Inc. Cl. A*

 

121,960

 

2,131,861

 

 

 

 

 

5,864,741

 

COMPUTER SERVICES- 3.6%

 

 

 

 

 

ANSYS, Inc.*

 

173,495

 

6,056,710

 

Digital River, Inc.*

 

113,115

 

4,241,812

 

GSI Commerce, Inc.*

 

293,449

 

4,777,350

 

Internap Network Services Corporation*

 

238,372

 

2,102,441

 

 

 

 

 

17,178,313

 

COMPUTER TECHNOLOGY- .8%

 

 

 

 

 

Atheros Communications*

 

135,925

 

3,712,112

 

 

 

 

 

 

 

COMPUTERS & PERIPHERALS- .8%

 

 

 

 

 

Synaptics Incorporated*

 

148,985

 

3,948,103

 

 

 

 

 

 

 

CONSTRUCTION & ENGINEERING- .9%

 

 

 

 

 

URS Corporation*

 

97,385

 

4,275,202

 

 

 

 

 

 

 

CONTAINERS & PACKAGING- 1.3%

 

 

 

 

 

Clarcor Inc.

 

158,000

 

5,926,580

 

 

 

 

 

 

 

CORRECTIONAL FACILITIES- 1.3%

 

 

 

 

 

The Geo Group Inc.*

 

262,070

 

6,268,714

 

 

 

 

 

 

 

DRUGS & PHARMACEUTICALS- 1.0%

 

 

 

 

 

United Therapeutics Corporation*

 

56,760

 

4,766,705

 

 

 

 

 

 

 

ELECTRIC SERVICES- 1.5%

 

 

 

 

 

ITC Holdings Corporation

 

136,000

 

7,186,240

 

 

 

 

 

 

 

ELECTRONICS: SEMI-CONDUCTORS/COMPONENTS- 1.1%

 

 

 

 

 

Mellanox Technologies Ltd.*

 

318,261

 

5,038,072

 

 


 

ENERGY- .9%

 

 

 

 

 

JA Solar Holdings Co. Ltd. ADR*#

 

86,040

 

4,373,413

 

 

 

 

 

 

 

ENERGY EQUIPMENT & SERVICES- 1.8%

 

 

 

 

 

Dril-Quip Inc.*

 

89,420

 

4,340,447

 

T-3 Energy Services, Inc.*

 

94,540

 

4,253,355

 

 

 

 

 

8,593,802

 

ENGINEERING- 1.2%

 

 

 

 

 

Aecom Technology Corp.*

 

230,695

 

5,682,018

 

 

 

 

 

 

 

FINANCIAL SERVICES- .9%

 

 

 

 

 

Heartland Payment Systems, Inc.

 

182,060

 

4,420,417

 

 

 

 

 

 

 

FOOD & BEVERAGES- 2.3%

 

 

 

 

 

Central European Distribution Corporation*

 

90,950

 

4,781,241

 

Hain Celestial Group Inc. (The)*

 

232,120

 

6,267,240

 

 

 

 

 

11,048,481

 

INTERNET & CATALOG RETAIL- 1.4%

 

 

 

 

 

Priceline.com Incorporated*

 

59,115

 

6,415,160

 

 

 

 

 

 

 

HEALTH CARE EQUIPMENT & SUPPLIES- 4.1%

 

 

 

 

 

Hologic, Inc.*

 

82,935

 

5,337,697

 

Illumina, Inc.

 

93,810

 

5,975,697

 

Immucor, Inc.*

 

139,500

 

4,023,180

 

Thoratec Corporation*

 

271,128

 

4,338,048

 

 

 

 

 

19,674,622

 

HEALTH CARE PROVIDERS & SERVICES- 2.2%

 

 

 

 

 

Parexel International Corporation*

 

119,054

 

6,477,728

 

Psychiatric Solutions, Inc.*

 

132,015

 

3,982,893

 

 

 

 

 

10,460,621

 

INSURANCE- 1.8%

 

 

 

 

 

First Mercury Financial Corporation*

 

280,135

 

5,353,380

 

Max Capital Group LTD

 

107,700

 

3,057,603

 

 

 

 

 

8,410,983

 

INTERNET SOFTWARE & SERVICES- 2.8%

 

 

 

 

 

Acme Packet, Inc.*

 

334,615

 

3,218,996

 

Allscripts Healthcare Solutions, Inc.*

 

168,945

 

2,505,454

 

DealerTrack Holdings Inc.*

 

170,570

 

4,598,567

 

Omniture Inc.*

 

124,775

 

3,084,438

 

 

 

 

 

13,407,455

 

IT SERVICES- .9%

 

 

 

 

 

Wright Express Corp.*

 

149,675

 

4,481,270

 

 


 

LEISURE & ENTERTAINMENT- .5%

 

 

 

 

 

WMS Industries Inc.*

 

67,900

 

2,539,460

 

 

 

 

 

 

 

LEISURE EQUIPMENT & PRODUCTS- 1.2%

 

 

 

 

 

LIFE TIME FITNESS, Inc.*

 

130,475

 

5,785,261

 

 

 

 

 

 

 

MACHINERY- 2.6%

 

 

 

 

 

Actuant Corporation Cl. A

 

189,540

 

5,180,128

 

Bucyrus International, Inc. Cl. A

 

79,830

 

7,401,039

 

 

 

 

 

12,581,167

 

MANUFACTURING- 1.2%

 

 

 

 

 

Silgan Holdings Inc.

 

119,485

 

5,658,810

 

 

 

 

 

 

 

MEDIA- 1.2%

 

 

 

 

 

NeuStar, Inc. Cl. A*

 

183,850

 

5,462,184

 

 

 

 

 

 

 

MEDICAL DEVICES- .6%

 

 

 

 

 

Dexcom Inc.*

 

348,185

 

2,928,236

 

 

 

 

 

 

 

MEDICAL PRODUCTS- 3.5%

 

 

 

 

 

Inverness Medical Innovations, Inc.*

 

109,850

 

4,948,742

 

Meridian Bioscience, Inc.

 

103,100

 

3,238,371

 

Omrix Biopharmaceuticals, Inc. *

 

170,780

 

3,972,343

 

Savient Pharmaceuticals Inc. *

 

230,345

 

4,457,176

 

 

 

 

 

16,616,632

 

MEDICAL TECHNOLOGY- .8%

 

 

 

 

 

Acorda Therapeutics Inc.*

 

152,635

 

3,870,824

 

 

 

 

 

 

 

METALS- 3.2%

 

 

 

 

 

RBC Bearings, Inc. *

 

166,200

 

4,976,028

 

RTI International Metals, Inc.*

 

49,700

 

2,745,925

 

Thompson Creek Metals Co., Inc.*

 

287,880

 

4,686,686

 

Uranium One, Inc.*

 

387,340

 

2,681,632

 

 

 

 

 

15,090,271

 

OIL & GAS- 2.9%

 

 

 

 

 

Cal Dive International, Inc.*

 

305,913

 

2,900,050

 

Carrizo Oil & Gas, Inc.*

 

89,560

 

4,359,781

 

Mariner Energy Inc.*

 

260,159

 

6,519,585

 

 

 

 

 

13,779,416

 

OIL AND GAS EXPLORATION SERVICES- 1.2%

 

 

 

 

 

Petrobank Energy and Resources Ltd.*

 

114,595

 

5,732,019

 

 


 

OIL: CRUDE PRODUCERS- 2.2%

 

 

 

 

 

Concho Resources Inc.

 

274,671

 

5,575,821

 

CVR Energy, Inc. *

 

175,635

 

4,654,327

 

 

 

 

 

10,230,148

 

PRINTING- 1.0%

 

 

 

 

 

VistaPrint Limited*

 

129,000

 

4,800,090

 

 

 

 

 

 

 

RESTAURANTS- .5%

 

 

 

 

 

McCormick & Schmick’s Seafood Restaurants, Inc.*

 

192,035

 

2,519,499

 

 

 

 

 

 

 

RETAIL- 2.0%

 

 

 

 

 

bebe Stores, Inc.

 

314,060

 

3,617,971

 

Phillips-Van Heusen Corporation

 

136,180

 

5,738,625

 

 

 

 

 

9,356,596

 

SAVINGS & LOANS- .8%

 

 

 

 

 

FirstFed Financial Corp.*

 

93,770

 

3,933,651

 

 

 

 

 

 

 

SEMICONDUCTOR CAPITAL EQUIPMENT- 1.0%

 

 

 

 

 

FormFactor Inc.*

 

94,805

 

2,296,177

 

SiRF Technology Holdings, Inc.*

 

161,660

 

2,475,015

 

 

 

 

 

4,771,192

 

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT- 3.2%

 

 

 

 

 

Cavium Networks, Inc.*

 

62,200

 

1,188,642

 

Microsemi Corporation*

 

160,500

 

3,646,560

 

ON Semiconductor Corporation*

 

538,270

 

3,487,990

 

Tessera Technologies Inc.*

 

172,005

 

6,737,436

 

 

 

 

 

15,060,628

 

SOFTWARE- 4.9%

 

 

 

 

 

Concur Technologies, Inc.*

 

123,395

 

4,326,229

 

Solera Holdings Inc.*

 

276,245

 

6,295,624

 

Synchronoss Technologies Inc. *

 

152,865

 

3,256,025

 

Taleo Corporation*

 

168,200

 

3,554,066

 

Tibco Software Inc.*

 

374,960

 

2,789,702

 

VeriFone Holdings Inc.*

 

149,445

 

2,924,639

 

 

 

 

 

23,146,285

 

SPECIALTY RETAIL- 1.3%

 

 

 

 

 

AnnTaylor Stores Corporation*

 

152,870

 

3,844,680

 

DSW Inc. Cl. A*

 

129,190

 

2,384,847

 

 

 

 

 

6,229,527

 

TEXTILES & APPAREL- 1.5%

 

 

 

 

 

Iconix Brand Group, Inc.*

 

337,625

 

7,019,224

 

 

 

 

 

 

 

TEXTILES, APPAREL & LUXURY GOODS- 1.0%

 

 

 

 

 

Deckers Outdoor Corporation*

 

37,685

 

4,568,929

 

 


 

WIRELESS TELECOMMUNICATION SERVICES- 1.4%

 

 

 

 

 

SBA Communications Corporation Cl. A*

 

219,176

 

6,489,801

 

 

 

 

 

 

 

TOTAL COMMON STOCKS
(Cost $450,786,834)

 

 

 

461,607,000

 

 

 

 

PRINCIPAL

 

 

 

 

 

AMOUNT

 

 

 

SHORT-TERM INVESTMENTS- 3.2%

 

 

 

 

 

U.S. AGENCY OBLIGATIONS

 

 

 

 

 

Federal Home Loan Banks, 1.60%, 2/1/08
(Cost $15,239,000)

 

$

15,239,000

 

15,239,000

 

 

 

 

 

 

 

Total Investments
(Cost $466,025,834) (a)

 

100.2

%

476,846,000

 

Liabilities in Excess of Other Assets

 

(0.2

)

(1,077,662

)

NET ASSETS

 

100.0

%

$

475,768,338

 

 

* Non-income producing securities.

# American Depositary Receipts.

(a) At January 31, 2008, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $466,025,834 amounted to $10,820,166 which consisted of aggregate gross unrealized appreciation of $61,891,800 and aggregate gross unrealized depreciation of $51,071,634.

 


 

THE ALGER FUNDS

ALGER HEALTH SCIENCES FUND

Schedule of Investments

January 31, 2008

 

 

 

SHARES

 

VALUE

 

COMMON STOCKS- 86.3%

 

 

 

 

 

 

 

 

 

 

 

BIOTECHNOLOGY- 25.0%

 

 

 

 

 

Amgen Inc.

 

72,000

 

$

3,354,480

 

BioMarin Pharmaceutical Inc.

 

224,950

 

8,336,647

 

Celgene Corporation*

 

197,250

 

11,067,698

 

Cephalon, Inc.*

 

50,200

 

3,294,626

 

Cepheid, Inc.*

 

29,850

 

911,619

 

Cubist Pharmaceuticals, Inc.*

 

196,450

 

3,337,686

 

Genentech, Inc.*

 

217,800

 

15,287,382

 

Gilead Sciences, Inc. *

 

277,600

 

12,683,544

 

ImClone Systems Incorporated*

 

306,500

 

13,323,555

 

InterMune, Inc.*

 

173,700

 

2,912,949

 

Keryx Biopharmaceuticals, Inc. *

 

170,450

 

1,031,223

 

Onyx Pharmaceuticals, Inc.*

 

60,050

 

2,854,177

 

OSI Pharmaceuticals, Inc.*

 

41,200

 

1,643,056

 

Progenics Pharmaceuticals, Inc.*

 

239,100

 

3,906,894

 

Rigel Pharmaceuticals, Inc.*

 

89,900

 

2,474,947

 

 

 

 

 

86,420,483

 

CHEMICALS- 1.6%

 

 

 

 

 

Bayer AG

 

65,550

 

5,352,504

 

 

 

 

 

 

 

DRUGS & PHARMACEUTICALS- 2.3%

 

 

 

 

 

United Therapeutics Corporation*

 

96,400

 

8,095,671

 

 

 

 

 

 

 

FOOD & STAPLES RETAILING- 1.7%

 

 

 

 

 

CVS Caremark Corporation

 

147,250

 

5,753,057

 

 

 

 

 

 

 

HEALTH CARE EQUIPMENT & SUPPLIES- 14.7%

 

 

 

 

 

Baxter International Inc.

 

78,700

 

4,780,238

 

Beckman Coulter, Inc.

 

44,100

 

2,932,650

 

Hologic, Inc.*

 

52,720

 

3,393,059

 

Illumina, Inc.

 

126,340

 

8,047,858

 

Immucor, Inc.*

 

84,600

 

2,439,864

 

Intuitive Surgical, Inc.*

 

11,950

 

3,035,300

 

Medtronic, Inc.

 

96,950

 

4,514,962

 

Smith & Nephew Plc. ADR#

 

66,500

 

4,478,775

 

St. Jude Medical, Inc.*

 

240,500

 

9,742,655

 

Thoratec Corporation*

 

221,350

 

3,541,600

 

Zimmer Holdings, Inc.*

 

50,000

 

3,913,500

 

 

 

 

 

50,820,461

 

 


 

HEALTH CARE PROVIDERS & SERVICES- 9.9%

 

 

 

 

 

Aetna Inc.

 

181,850

 

9,685,331

 

Community Health Systems Inc.*

 

217,100

 

6,968,910

 

McKesson Corporation

 

87,300

 

5,481,567

 

Parexel International Corporation*

 

67,250

 

3,659,073

 

Quest Diagnostics Incorporated

 

101,800

 

5,020,776

 

Sierra Health Services, Inc.*

 

73,250

 

3,148,285

 

 

 

 

 

33,963,942

 

MEDICAL DEVICES- .5%

 

 

 

 

 

Dexcom Inc.*

 

199,300

 

1,676,112

 

 

 

 

 

 

 

MEDICAL PRODUCTS- 10.4%

 

 

 

 

 

Cadence Pharmaceuticals Inc.*

 

144,575

 

822,632

 

Covidien Limited*

 

129,000

 

5,757,270

 

Inverness Medical Innovations, Inc.*

 

266,000

 

11,983,300

 

Merck KGaA

 

23,450

 

2,888,115

 

Meridian Bioscience, Inc.

 

25,000

 

785,250

 

Omrix Biopharmaceuticals, Inc. *

 

119,974

 

2,790,595

 

Optimer Pharmaceuticals Inc.*

 

77,200

 

511,836

 

Poniard Pharmaceuticals, Inc.*

 

204,850

 

1,069,317

 

Power Medical Interventions, Inc.*

 

215,000

 

2,795,000

 

Savient Pharmaceuticals Inc. *

 

260,300

 

5,036,805

 

Third Wave Technologies *

 

187,800

 

1,528,692

 

 

 

 

 

35,968,812

 

MEDICAL TECHNOLOGY- 2.8%

 

 

 

 

 

Acorda Therapeutics Inc.*

 

323,600

 

8,206,495

 

Cardiome Pharma Corp.*

 

247,200

 

1,569,720

 

 

 

 

 

9,776,215

 

PHARMACEUTICALS- 17.4%

 

 

 

 

 

Abbott Laboratories

 

197,250

 

11,105,175

 

Allergan, Inc.

 

51,300

 

3,446,847

 

Altus Pharmaceuticals Inc.*

 

245,450

 

1,536,517

 

Auxilium Pharmaceuticals Inc.*

 

60,350

 

2,063,970

 

Barr Pharmaceuticals, Inc.*

 

59,150

 

3,087,039

 

Eli Lilly and Company

 

117,350

 

6,045,872

 

Johnson & Johnson

 

122,800

 

7,768,328

 

Medicines Company*

 

79,250

 

1,356,760

 

Merck & Co. Inc.

 

136,500

 

6,317,220

 

Mylan Laboratories Inc.

 

452,750

 

6,750,503

 

Pharmion Corp.*

 

37,350

 

2,575,283

 

Schering-Plough Corporation

 

167,000

 

3,268,190

 

Teva Pharmaceutical Industries Ltd.ADR#

 

102,500

 

4,719,100

 

 

 

 

 

60,040,804

 

TOTAL COMMON STOCKS
(Cost $287,348,212)

 

 

 

297,868,061

 

 


 

 

 

PRINCIPAL

 

 

 

 

 

AMOUNT

 

 

 

SHORT-TERM INVESTMENTS- 14.6%

 

 

 

 

 

U.S. AGENCY OBLIGATIONS

 

 

 

 

 

Federal Home Loan Banks, 1.60%, 2/1/08
(Cost $50,574,000)

 

$

50,574,000

 

50,574,000

 

 

 

 

 

 

 

Total Investments
(Cost $337,922,212) (a)

 

100.9

%

348,442,061

 

Liabilities in Excess of Other Assets

 

(0.9

)

(3,145,053

)

NET ASSETS

 

100.0

%

$

345,297,008

 

 

* Non-income producing securities.

# American Depositary Receipts.

(a) At January 31, 2008, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $337,922,212 amounted to $10,519,849 which consisted of aggregate gross unrealized appreciation of $24,881,899 and aggregate gross unrealized depreciation of $14,362,050.

 


 

THE ALGER FUNDS

ALGER CORE FIXED-INCOME FUND

Schedule of Investments

January 31, 2008

 

 

 

PRINCIPAL

 

 

 

 

 

AMOUNT

 

VALUE

 

CORPORATE BONDS- 36.0%

 

 

 

 

 

 

 

 

 

 

 

AEROSPACE & DEFENSE- 1.0%

 

 

 

 

 

L-3 Communications Holdings, 3.00%, 8/1/35

 

$

50,000

 

$

63,188

 

 

 

 

 

 

 

BEVERAGES- 1.6%

 

 

 

 

 

PepsiCo, Inc., 4.65%, 2/15/13

 

100,000

 

103,930

 

 

 

 

 

 

 

CAPITAL MARKETS- .7%

 

 

 

 

 

Goldman Sachs Group, Inc., 5.95%, 1/18/18

 

50,000

 

51,698

 

 

 

 

 

 

 

COMMERCIAL BANKS- 2.7%

 

 

 

 

 

Key Bank NA, 5.0275%, 11/3/09

 

100,000

 

98,850

 

Wachovia Bank Commercial Mortgage Trust, 5.342%, 12/15/43

 

75,000

 

73,417

 

 

 

 

 

172,267

 

DIVERSIFIED TELECOMMUNICATION SERVICES- .6%

 

 

 

 

 

Qwest Corporation, 6.50%, 6/1/17

 

40,000

 

37,800

 

 

 

 

 

 

 

ELECTRIC UTILITIES- 3.0%

 

 

 

 

 

Florida Power Corp., 5.80%, 9/15/17

 

50,000

 

53,095

 

Virginia Electric and Power, 5.10%, 11/30/12

 

75,000

 

77,477

 

WPS Resources Co. 6.11%, 12/1/66

 

75,000

 

67,406

 

 

 

 

 

197,978

 

FINANCE- 1.2%

 

 

 

 

 

Capital One Capital III, 7.686%, 8/15/36

 

50,000

 

37,935

 

Toll Brothers Finance Corp., 5.15%, 5/15/15

 

50,000

 

45,041

 

 

 

 

 

82,976

 

FINANCIAL SERVICES- 7.2%

 

 

 

 

 

American Tower Trust, 5.9568%, 4/15/37 (a)

 

50,000

 

48,543

 

Bear Stearns Commercial, 5.064%, 5/14/16

 

50,000

 

51,481

 

IBM International Group Capital, 5.05%, 10/22/12

 

50,000

 

52,047

 

JP Morgan Chase Commercial Mortgage SEC CO., 6.065%, 4/15/45

 

100,000

 

102,527

 

Lazard Group Senior Notes, 6.85%, 6/15/17

 

30,000

 

29,540

 

Morgan Stanley Capital I, 5.178%, 9/15/42

 

75,000

 

74,338

 

Morgan Stanley Capital I, 5.514%, 11/12/49

 

100,000

 

99,393

 

 

 

 

 

457,869

 

FOOD CHAINS- .8%

 

 

 

 

 

Kroger Co. (The), 6.15%, 1/15/20

 

50,000

 

51,644

 

 


 

HEALTH CARE PROVIDERS & SERVICES- 1.0%

 

 

 

 

 

Coventry Health Care, Inc., 6.30%, 8/15/14

 

60,000

 

62,455

 

 

 

 

 

 

 

INSURANCE- 1.6%

 

 

 

 

 

Liberty Mutual Group, 7.80%, 3/15/37 (a)

 

50,000

 

43,947

 

MBIA Insurance Co., 14.00%, 1/15/33 (a)

 

25,000

 

23,400

 

XL Capital Ltd., 6.50%, 12/31/49

 

50,000

 

39,554

 

 

 

 

 

106,901

 

MACHINERY- 1.5%

 

 

 

 

 

CNH Equipment Trust, 5.9963%, 9/15/10

 

100,000

 

100,041

 

 

 

 

 

 

 

MANUFACTURING- 1.4%

 

 

 

 

 

Cooper US Inc., 6.10%, 7/1/17

 

30,000

 

31,724

 

Reliance Steel & Alum, 6.85%, 11/15/36

 

60,000

 

60,558

 

 

 

 

 

92,282

 

MEDIA- .8%

 

 

 

 

 

Comcast Corporation, 6.30%, 11/15/17

 

50,000

 

51,611

 

 

 

 

 

 

 

MISCELLANEOUS- .8%

 

 

 

 

 

Rayonier TRS Holdings Inc., 3.75%, 10/15/12 (a)

 

50,000

 

51,187

 

 

 

 

 

 

 

OIL & GAS- .9%

 

 

 

 

 

XTO Energy, Inc., 5.90%, 8/1/12

 

50,000

 

53,077

 

 

 

 

 

 

 

OIL AND GAS EXTRACTION- .6%

 

 

 

 

 

Enterprise Products Partners, 8.375%, 8/1/66

 

40,000

 

40,033

 

 

 

 

 

 

 

PHARMACEUTICALS- 3.3%

 

 

 

 

 

Abbott Laboratories, 5.60%, 5/15/11

 

75,000

 

79,351

 

AstraZeneca PLC, 5.40%, 9/15/12

 

50,000

 

52,828

 

Johnson & Johnson, 5.15%, 8/15/12

 

75,000

 

80,741

 

 

 

 

 

212,920

 

REAL ESTATE- .7%

 

 

 

 

 

HCP Inc., 6.70%, 1/30/18

 

50,000

 

46,576

 

 

 

 

 

 

 

RESTAURANTS- .8%

 

 

 

 

 

Darden Restaurants Inc., 5.625%, 10/15/12

 

50,000

 

50,591

 

 

 

 

 

 

 

SPECIALTY RETAIL- 1.0%

 

 

 

 

 

AutoZone, Inc., 6.95%, 6/15/16

 

60,000

 

64,659

 

 

 

 

 

 

 

TELEPHONES- 1.6%

 

 

 

 

 

AT&T Inc., 4.95%, 1/15/13

 

100,000

 

102,498

 

 


 

UTILITIES- 1.2%

 

 

 

 

 

Southern Co., 5.30%, 1/15/12

 

75,000

 

77,604

 

 

 

 

 

 

 

TOTAL CORPORATE BONDS
(Cost $2,321,131)

 

 

 

2,331,785

 

 

 

 

 

 

 

U.S. GOVERNMENT & AGENCY OBLIGATIONS- 32.8%

 

 

 

 

 

Federal Farm Credit Bank,

 

 

 

 

 

3.625%, 2/1/11

 

100,000

 

100,193

 

Federal Home Loan Bank,

 

 

 

 

 

5.10%, 3/6/08

 

100,000

 

100,213

 

3.625%, 12/17/10

 

200,000

 

204,124

 

5.375%, 6/8/12

 

25,000

 

27,112

 

Federal Home Loan Mortgage Association,

 

 

 

 

 

4.50%, 1/10/11

 

100,000

 

100,311

 

5.50%, 10/15/16

 

50,747

 

52,364

 

6.00%, 3/15/36

 

43,162

 

43,258

 

Federal Home Loan Mortgage Corporation Refernce Remic,

 

 

 

 

 

5.50%, 10/15/14

 

47,726

 

48,519

 

5.50%, 12/15/20

 

69,887

 

71,362

 

Federal National Mortgage Association,

 

 

 

 

 

5.00%, 5/5/09

 

125,000

 

128,652

 

5.20%, 11/20/09

 

175,000

 

176,094

 

4.50%, 2/15/11

 

50,000

 

52,198

 

5.50%, 10/25/20

 

100,000

 

102,574

 

Federal National Mortgage Association Benchmark Remic,

 

 

 

 

 

5.50%, 12/25/20

 

69,011

 

70,469

 

Government National Mortgage Association,

 

 

 

 

 

5.00%, 5/16/29

 

109,704

 

111,575

 

U.S. Treasury Notes,

 

 

 

 

 

4.75%, 11/15/08

 

80,000

 

81,606

 

4.50%, 2/28/11

 

50,000

 

53,231

 

4.625%, 8/31/11

 

80,000

 

85,863

 

4.875%, 2/15/12

 

50,000

 

54,445

 

4.625%, 7/31/12

 

100,000

 

107,914

 

2.875%, 1/31/13

 

200,000

 

200,563

 

4.25%, 11/15/13

 

80,000

 

85,406

 

4.75%, 8/15/17

 

60,000

 

65,334

 

TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Cost $2,068,928)

 

 

 

2,123,380

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS- 32.9%

 

 

 

 

 

U.S. AGENCY OBLIGATIONS

 

 

 

 

 

Federal Home Loan Banks, 1.60%, 2/1/08
(Cost $2,130,000)

 

2,130,000

 

2,130,000

 

 

 

 

 

 

 

Total Investments
(Cost $6,520,059) (b)

 

101.7

%

6,585,165

 

Liabilities in Excess of Other Assets

 

(1.7

)

(109,004

)

NET ASSETS

 

100.0

%

$

6,476,161

 

 


 

* Non-income producing securities.

# 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 2.7% of the net assets of the fund.

(b) At January 31, 2008, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $6,520,059 amounted to $65,106 which consisted of aggregate gross unrealized appreciation of $118,554 and aggregate gross unrealized depreciation of $53,448.

 


 

THE ALGER FUNDS

ALGER BALANCED FUND

Schedule of Investments

January 31, 2008

 

 

 

SHARES

 

VALUE

 

COMMON STOCKS- 62.1%

 

 

 

 

 

 

 

 

 

 

 

AEROSPACE & DEFENSE- 3.1%

 

 

 

 

 

Boeing Company

 

14,720

 

$

1,224,410

 

General Dynamics Corporation

 

19,300

 

1,630,078

 

 

 

 

 

2,854,488

 

AUTO EQUIPMENT & SERVICE- .3%

 

 

 

 

 

Cummins Inc.

 

5,700

 

275,196

 

 

 

 

 

 

 

BEVERAGES- 1.0%

 

 

 

 

 

PepsiCo, Inc.

 

13,900

 

947,841

 

 

 

 

 

 

 

BIOTECHNOLOGY- 1.0%

 

 

 

 

 

Celgene Corporation*

 

2,600

 

145,886

 

Genentech, Inc.*

 

11,800

 

828,242

 

 

 

 

 

974,128

 

CAPITAL MARKETS- .8%

 

 

 

 

 

Goldman Sachs Group, Inc.

 

800

 

160,616

 

Legg Mason, Inc.

 

2,000

 

144,000

 

Morgan Stanley

 

4,800

 

237,264

 

T. Rowe Price Group Inc.

 

3,600

 

182,124

 

 

 

 

 

724,004

 

COMMERCIAL BANKS- .6%

 

 

 

 

 

PNC Financial Services Group

 

5,300

 

347,786

 

Wachovia Corporation

 

5,300

 

206,329

 

 

 

 

 

554,115

 

COMMUNICATION EQUIPMENT- 3.1%

 

 

 

 

 

Cisco Systems, Inc.*

 

55,855

 

1,368,447

 

QUALCOMM Inc.

 

21,600

 

916,272

 

Research In Motion Limited*

 

6,445

 

605,057

 

 

 

 

 

2,889,776

 

COMPUTER SERVICES- .2%

 

 

 

 

 

Akamai Technologies, Inc.*

 

7,600

 

229,520

 

 

 

 

 

 

 

COMPUTERS & PERIPHERALS- 3.0%

 

 

 

 

 

Apple Computer, Inc.*

 

10,365

 

1,403,006

 

Hewlett-Packard Company

 

16,600

 

726,250

 

Memc Electronic Materials, Inc.*

 

9,430

 

673,868

 

 

 

 

 

2,803,124

 

 


 

CONGLOMERATE- 1.4%

 

 

 

 

 

ITT Corporation

 

22,510

 

1,337,769

 

 

 

 

 

 

 

DIVERSIFIED FINANCIAL SERVICES- .6%

 

 

 

 

 

Citigroup Inc.

 

12,200

 

344,284

 

NYSE Euronext Inc.

 

2,500

 

196,625

 

 

 

 

 

540,909

 

DIVERSIFIED TELECOMMUNICATION SERVICES- .9%

 

 

 

 

 

AT&T Corp.

 

10,800

 

415,692

 

Verizon Communications Inc.

 

10,800

 

419,472

 

 

 

 

 

835,164

 

ELECTRONICS- 1.3%

 

 

 

 

 

Nintendo Co., Ltd. ADR#

 

9,645

 

600,970

 

SONY CORPORATION ADR#

 

11,700

 

555,633

 

 

 

 

 

1,156,603

 

ENERGY- .4%

 

 

 

 

 

First Solar, Inc.*

 

1,800

 

327,186

 

 

 

 

 

 

 

ENERGY EQUIPMENT & SERVICES- 3.1%

 

 

 

 

 

Cameron International Corp.*

 

14,400

 

579,744

 

National-Oilwell Varco Inc.*

 

10,660

 

642,052

 

Schlumberger Limited

 

9,525

 

718,757

 

Transocean Inc. ADR#

 

7,616

 

933,722

 

 

 

 

 

2,874,275

 

FINANCE- .3%

 

 

 

 

 

IntercontinentalExchange Inc. *

 

2,000

 

279,920

 

 

 

 

 

 

 

FINANCIAL SERVICES- 2.9%

 

 

 

 

 

Alibaba.com Corporation*

 

71,700

 

169,768

 

AllianceBernstein Holding LP

 

4,400

 

292,116

 

Bovespa Holding SA*

 

14,200

 

206,906

 

CME Group Inc.

 

1,100

 

680,790

 

Nymex Holdings Inc.*

 

11,300

 

1,299,500

 

 

 

 

 

2,649,080

 

FOOD & STAPLES RETAILING- 1.8%

 

 

 

 

 

Walgreen Co.

 

32,600

 

1,144,586

 

Whole Foods Market, Inc.

 

12,100

 

477,224

 

 

 

 

 

1,621,810

 

FOOD PRODUCTS- .3%

 

 

 

 

 

Kraft Foods Inc. Cl. A

 

10,200

 

298,452

 

 

 

 

 

 

 

FREIGHT & LOGISTICS- .5%

 

 

 

 

 

FedEx Corp.

 

3,300

 

308,484

 

United Parcel Service, Inc. Cl. B

 

2,000

 

146,320

 

 

 

 

 

454,804

 

 


 

HEALTH & PERSONAL CARE- .2%

 

 

 

 

 

Brookdale Senior Living Inc.

 

9,305

 

207,688

 

 

 

 

 

 

 

HEALTH CARE EQUIPMENT & SUPPLIES- 2.9%

 

 

 

 

 

Beckman Coulter, Inc.

 

6,900

 

458,850

 

Hologic, Inc.*

 

7,300

 

469,828

 

Intuitive Surgical, Inc.*

 

1,500

 

381,000

 

Smith & Nephew Plc. ADR#

 

2,900

 

195,315

 

St. Jude Medical, Inc.*

 

13,500

 

546,885

 

Zimmer Holdings, Inc.*

 

8,000

 

626,160

 

 

 

 

 

2,678,038

 

HEALTH CARE PROVIDERS & SERVICES- 1.7%

 

 

 

 

 

Health Net Inc.*

 

11,110

 

516,504

 

Quest Diagnostics Incorporated

 

8,500

 

419,220

 

UnitedHealth Group Incorporated

 

13,100

 

666,004

 

 

 

 

 

1,601,728

 

HOTELS, RESTAURANTS & LEISURE- 1.0%

 

 

 

 

 

Accor SA

 

4,700

 

359,014

 

Starbucks Corporation

 

32,000

 

605,120

 

 

 

 

 

964,134

 

HOUSEHOLD PRODUCTS- 1.2%

 

 

 

 

 

Procter & Gamble Company

 

17,125

 

1,129,394

 

 

 

 

 

 

 

INDUSTRIAL CONGLOMERATES- 1.6%

 

 

 

 

 

3M Co.

 

7,900

 

629,235

 

General Electric Company

 

24,200

 

856,922

 

 

 

 

 

1,486,157

 

INFORMATION TECHNOLOGY SERVICES- .5%

 

 

 

 

 

Cognizant Technology Solutions Corporation Cl. A*

 

16,400

 

457,560

 

 

 

 

 

 

 

INSURANCE- .7%

 

 

 

 

 

American International Group, Inc.

 

11,200

 

617,792

 

 

 

 

 

 

 

INTERNET & CATALOG RETAIL- 2.0%

 

 

 

 

 

eBay Inc.*

 

43,190

 

1,161,379

 

IAC/InterActiveCorp.*

 

27,900

 

723,726

 

 

 

 

 

1,885,105

 

INTERNET SOFTWARE & SERVICES- 2.5%

 

 

 

 

 

DealerTrack Holdings Inc.*

 

10,400

 

280,384

 

Google Inc. Cl. A*

 

1,805

 

1,018,561

 

Yahoo! Inc. *

 

51,000

 

978,180

 

 

 

 

 

2,277,125

 

 


 

MACHINERY- .4%

 

 

 

 

 

Terex Corporation*

 

5,700

 

334,932

 

 

 

 

 

 

 

MEDIA- 1.2%

 

 

 

 

 

Comcast Corporation Special Cl. A*

 

27,300

 

491,127

 

DreamWorks Animation SKG, Inc. Cl. A*

 

13,100

 

320,295

 

Focus Media Holding Limited ADR*#

 

7,000

 

336,350

 

 

 

 

 

1,147,772

 

MEDICAL PRODUCTS- 1.1%

 

 

 

 

 

Covidien Limited*

 

12,800

 

571,264

 

Inverness Medical Innovations, Inc.*

 

10,700

 

482,035

 

 

 

 

 

1,053,299

 

METALS- .5%

 

 

 

 

 

Titanium Metals Corporation*

 

6,300

 

136,962

 

Uranium One, Inc.*

 

51,100

 

353,775

 

 

 

 

 

490,737

 

METALS & MINING- .7%

 

 

 

 

 

Freeport-McMoRan Copper & Gold, Inc. Cl. B

 

7,160

 

637,455

 

 

 

 

 

 

 

MULTILINE RETAIL- 1.2%

 

 

 

 

 

Kohl’s Corporation*

 

4,600

 

209,944

 

Macy’s Inc.

 

10,400

 

287,456

 

Nordstrom, Inc.

 

8,100

 

315,090

 

Penny, (JC) Co. Inc.

 

7,000

 

331,870

 

 

 

 

 

1,144,360

 

OIL & GAS- 1.6%

 

 

 

 

 

EOG Resources, Inc.

 

5,200

 

455,000

 

Exxon Mobil Corporation

 

7,600

 

656,640

 

Valero Energy Corporation

 

5,800

 

343,302

 

 

 

 

 

1,454,942

 

PHARMACEUTICALS- 4.6%

 

 

 

 

 

Abbott Laboratories

 

14,000

 

788,200

 

Allergan, Inc.

 

7,100

 

477,049

 

Barr Pharmaceuticals, Inc.*

 

3,700

 

193,103

 

Johnson & Johnson

 

15,900

 

1,005,834

 

Merck & Co. Inc.

 

16,900

 

782,132

 

Mylan Laboratories Inc.

 

24,000

 

357,840

 

Schering-Plough Corporation

 

22,800

 

446,196

 

Wyeth

 

6,100

 

242,780

 

 

 

 

 

4,293,134

 

REAL ESTATE- .7%

 

 

 

 

 

Digital Realty Trust, Inc.

 

7,000

 

250,110

 

DuPont Fabros Technology Inc.*

 

22,900

 

394,567

 

 

 

 

 

644,677

 

 


 

SAVINGS & LOANS- .3%

 

 

 

 

 

New York Community Bancorp.

 

16,300

 

302,365

 

 

 

 

 

 

 

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT- 2.1%

 

 

 

 

 

Intel Corporation

 

32,900

 

697,480

 

Lam Research Corporation*

 

9,800

 

376,222

 

Maxim Integrated Products, Inc.

 

17,100

 

336,186

 

Micron Technology, Inc.*

 

34,000

 

239,020

 

NVIDIA Corporation*

 

11,800

 

290,162

 

 

 

 

 

1,939,070

 

SOFTWARE- 4.9%

 

 

 

 

 

Electronic Arts Inc.*

 

5,900

 

279,483

 

Microsoft Corporation

 

65,400

 

2,132,040

 

Symantec Corporation*

 

29,965

 

537,272

 

Take-Two Interactive Software, Inc.*

 

60,700

 

997,908

 

TomTom NV*

 

10,900

 

599,129

 

 

 

 

 

4,545,832

 

TEXTILES, APPAREL & LUXURY GOODS- .7%

 

 

 

 

 

Coach, Inc.*

 

19,500

 

624,975

 

 

 

 

 

 

 

TOBACCO- 1.2%

 

 

 

 

 

Altria Group, Inc.

 

14,315

 

1,085,363

 

 

 

 

 

 

 

TOTAL COMMON STOCKS
(Cost $59,597,567)

 

 

 

57,631,798

 

 

 

 

PRINCIPAL

 

 

 

 

 

AMOUNT

 

 

 

CORPORATE BONDS- 19.2%

 

 

 

 

 

 

 

 

 

 

 

AEROSPACE & DEFENSE- .8%

 

 

 

 

 

L-3 Communications Holdings, 3.00%, 8/1/35

 

$

300,000

 

379,125

 

Systems 2001 Asset Trust Cl. G, 6.664%, 9/15/13 (a)

 

357,125

 

367,839

 

 

 

 

 

746,964

 

BEVERAGES- .3%

 

 

 

 

 

PepsiCo, Inc., 4.65%, 2/15/13

 

250,000

 

259,826

 

 

 

 

 

 

 

CAPITAL MARKETS- .5%

 

 

 

 

 

Goldman Sachs Group, Inc., 5.95%, 1/18/18

 

300,000

 

310,187

 

Lehman Brothers Holdings, 6.20%, 9/26/14

 

150,000

 

154,583

 

 

 

 

 

464,770

 

COMMERCIAL BANKS- .6%

 

 

 

 

 

Wachovia Bank Commercial Mortgage Trust, 5.342%, 12/15/43

 

525,000

 

513,918

 

 

 

 

 

 

 

DIVERSIFIED TELECOMMUNICATION SERVICES- .1%

 

 

 

 

 

Qwest Corporation, 6.50%, 6/1/17

 

160,000

 

151,200

 

 


 

ELECTRIC UTILITIES- 1.4%

 

 

 

 

 

Exelon Generation Co. LLC, 6.20%, 10/1/17

 

175,000

 

178,020

 

Florida Power Corp., 5.80%, 9/15/17

 

300,000

 

318,567

 

General Electric Capital Corp., 5.625%, 9/15/17

 

350,000

 

361,925

 

Virginia Electric and Power, 5.10%, 11/30/12

 

125,000

 

129,128

 

WPS Resources Co., 6.11%, 12/1/66

 

325,000

 

292,095

 

 

 

 

 

1,279,735

 

ELECTRONICS- .4%

 

 

 

 

 

Centerpoint Energy Transition Bond Company, 4.97%, 8/1/14

 

345,000

 

358,574

 

 

 

 

 

 

 

FINANCE- .9%

 

 

 

 

 

Capital One Capital III, 7.686%, 8/15/36

 

300,000

 

227,613

 

Toll Brothers Finance Corp., 5.15%, 5/15/15

 

660,000

 

594,537

 

 

 

 

 

822,150

 

FOOD CHAINS- .3%

 

 

 

 

 

Kroger Co. (The), 6.15%, 1/15/20

 

300,000

 

309,862

 

 

 

 

 

 

 

FOOD PRODUCTS- .3%

 

 

 

 

 

General Mills Inc., 5.70%, 2/15/17

 

260,000

 

263,933

 

 

 

 

 

 

 

FINANCIAL SERVICES- 4.5%

 

 

 

 

 

American Tower Trust, 5.9568%, 4/15/37 (a)

 

500,000

 

485,429

 

Bear Stearns Commercial Mortgage Securities, 4.888, 5/14/16

 

350,000

 

359,592

 

Bear Stearns Commercial, 5.064%, 5/14/16

 

300,000

 

308,888

 

IBM International Group Capital, 5.05%, 10/22/12

 

600,000

 

624,562

 

JP Morgan Chase Commercial Mortgage SEC CO, 6.065%, 4/15/45

 

890,000

 

912,489

 

Lazard Group Senior Notes, 6.85%, 6/15/17

 

370,000

 

364,327

 

Morgan Stanley Capital I, 5.514%, 11/12/49

 

500,000

 

496,963

 

Morgan Stanley Capital I, 5.178%, 9/15/42

 

600,000

 

594,706

 

 

 

 

 

4,146,956

 

HEALTH CARE PROVIDERS & SERVICES- .3%

 

 

 

 

 

Coventry Health Care, Inc., 6.30%, 8/15/14

 

300,000

 

312,274

 

 

 

 

 

 

 

INSURANCE- 1.1%

 

 

 

 

 

Liberty Mutual Group, 7.80%, 3/15/37 (a)

 

600,000

 

527,370

 

MBIA Insurance Co.,14.00%, 1/15/33 (a)

 

250,000

 

233,998

 

XL Capital Ltd., 6.50%, 12/31/49

 

300,000

 

237,322

 

 

 

 

 

998,690

 

MACHINERY- .7%

 

 

 

 

 

CNH Equipment Trust, 5.9963%, 9/15/10

 

625,000

 

625,257

 

 

 

 

 

 

 

MANUFACTURING- 1.0%

 

 

 

 

 

Cooper US Inc., 6.10%, 7/1/17

 

330,000

 

348,961

 

 


 

Reliance Steel & Alum, 6.85%, 11/15/36

 

550,000

 

555,116

 

 

 

 

 

904,077

 

MEDIA- .2%

 

 

 

 

 

Comcast Corporation, 6.30%, 11/15/17

 

150,000

 

154,832

 

 

 

 

 

 

 

MISCELLANEOUS- .9%

 

 

 

 

 

Jefferson Valley Floating Rate, 6.987%, 3/20/16 (a)

 

800,000

 

571,284

 

Rayonier TRS Holdings Inc., 3.75%, 10/15/12 (a)

 

300,000

 

307,125

 

 

 

 

 

878,409

 

OIL & GAS- 1.2%

 

 

 

 

 

Inergy LP / Inergy Fin Corp., 8.25%, 3/1/16

 

347,000

 

355,675

 

Tesoro Corp., 6.25%, 11/1/12

 

200,000

 

200,000

 

XTO Energy, Inc., 5.90%, 8/1/12

 

500,000

 

530,769

 

 

 

 

 

1,086,444

 

OIL AND GAS EXTRACTION- .7%

 

 

 

 

 

Enterprise Products Partners, 8.375%, 8/1/66

 

610,000

 

610,501

 

 

 

 

 

 

 

PHARMACEUTICALS- 1.0%

 

 

 

 

 

AstraZeneca PLC, 5.40%, 9/15/12

 

600,000

 

633,938

 

Johnson & Johnson, 5.15%, 8/15/12

 

300,000

 

322,966

 

 

 

 

 

956,904

 

REAL ESTATE- .2%

 

 

 

 

 

HCP Inc., 6.70%, 1/30/18

 

250,000

 

232,879

 

 

 

 

 

 

 

RESTAURANTS- .3%

 

 

 

 

 

Darden Restaurants Inc., 5.625%, 10/15/12

 

250,000

 

252,954

 

 

 

 

 

 

 

SOFTWARE- .6%

 

 

 

 

 

Computer Associates International Inc., 6.50%, 4/15/08

 

100,000

 

100,250

 

Oracle Corporation, 5.25%, 1/15/16

 

455,000

 

456,844

 

 

 

 

 

557,094

 

TELEPHONES- .6%

 

 

 

 

 

AT&T Inc., 4.95%, 1/15/13

 

600,000

 

614,987

 

 

 

 

 

 

 

UTILITIES- .3%

 

 

 

 

 

Southern Co., 5.30%, 1/15/12

 

300,000

 

310,418

 

 

 

 

 

 

 

TOTAL CORPORATE BONDS
(Cost $18,042,994)

 

 

 

17,813,608

 

 

 

 

 

 

 

CONVERTIBLE CORPORATE BONDS- .2%

 

 

 

 

 

ENERGY EQUIPMENT & SERVICES

 

 

 

 

 

Transocean Inc., 1.50%, 12/15/37
(Cost $135,000)

 

135,000

 

142,594

 

 


 

U.S. GOVERNMENT & AGENCY OBLIGATIONS- 17.2%

 

 

 

 

 

Federal Farm Credit Bank,

 

 

 

 

 

5.20%, 9/26/17

 

1,000,000

 

1,078,064

 

4.95%, 10/18/18

 

455,000

 

478,642

 

Federal Home Loan Bank,

 

 

 

 

 

5.375%, 6/8/12

 

275,000

 

298,231

 

3.75%, 8/15/08

 

650,000

 

653,410

 

Federal Home Loan Mortgage Corporation,

 

 

 

 

 

5.60%, 10/17/13

 

600,000

 

610,004

 

5.50%, 10/15/16

 

456,725

 

471,280

 

6.00%, 8/15/29

 

900,000

 

932,922

 

6.00%, 3/15/36

 

863,235

 

865,150

 

Federal Home Loan Mortgage Corporation Refernce Remic,

 

 

 

 

 

5.50%, 10/15/14

 

310,221

 

315,372

 

5.50%, 12/15/20

 

605,691

 

618,470

 

5.50%, 12/25/20

 

579,691

 

591,941

 

Federal National Mortgage Association,

 

 

 

 

 

3.85%, 4/14/09

 

1,000,000

 

1,014,472

 

5.00%, 4/1/18

 

685,070

 

696,057

 

5.50%, 10/25/20

 

550,000

 

564,157

 

6.625%, 11/15/30

 

350,000

 

438,174

 

6.00%, 4/25/35

 

950,000

 

987,184

 

Government National Mortgage Association,

 

 

 

 

 

5.00%, 5/16/29

 

548,522

 

557,872

 

U.S. Treasury Bonds,

 

 

 

 

 

7.50%, 11/15/16

 

483,000

 

623,184

 

U.S. Treasury Notes,

 

 

 

 

 

4.875%, 8/15/09

 

1,050,000

 

1,093,477

 

5.00%, 8/15/11

 

900,000

 

977,344

 

4.75%, 5/15/14

 

552,000

 

604,311

 

4.25%, 11/15/14

 

800,000

 

850,313

 

4.50%, 2/15/16

 

300,000

 

322,008

 

4.75%, 8/15/17

 

300,000

 

326,672

 

 

 

 

 

 

 

TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Cost $15,334,336)

 

 

 

15,968,711

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS- 1.1%

 

 

 

 

 

U.S. AGENCY OBLIGATIONS

 

 

 

 

 

Federal Home Loan Banks, 1.60%, 2/1/08
(Cost $1,030,000)

 

1,030,000

 

1,030,000

 

 

 

 

 

 

 

Total Investments
(Cost $94,139,897) (b)

 

99.8

%

92,586,711

 

Other Assets in Excess of Liabilities

 

0.2

 

195,662

 

NET ASSETS

 

100.0

%

$

92,782,373

 

 

* Non-income producing securities.

# 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  2.7% of the net assets of the fund.

(b) At January 31, 2008, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $94,139,897 amounted to $1,553,186 which consisted of aggregate gross unrealized appreciation of $5,312,452 and aggregate gross unrealized depreciation of $6,865,638.

 


 

THE ALGER FUNDS

ALGER MONEY MARKET FUND

Schedule of Investments

January 31, 2008

 

 

 

PRINCIPAL

 

 

 

 

 

AMOUNT

 

VALUE

 

U.S. AGENCY OBLIGATIONS- 99.8%

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Banks,

 

 

 

 

 

1.6%, 2/1/08

 

$

13,799,000

 

$

13,799,000

 

4.21%, 2/8/08

 

8,000,000

 

7,993,451

 

4.10%, 2/28/08

 

8,000,000

 

7,975,400

 

2.65%, 3/3/08

 

7,000,000

 

6,984,026

 

4.11%, 3/3/08

 

8,000,000

 

7,971,687

 

3.98%, 4/15/08

 

7,000,000

 

6,942,732

 

Federal Farm Credit Banks,

 

 

 

 

 

2.60%, 2/28/08

 

7,000,000

 

6,986,350

 

 

 

 

 

 

 

TOTAL U.S. AGENCY OBLIGATIONS
(Cost $58,652,646)

 

 

 

58,652,646

 

 

 

 

 

 

 

REPURCHASE AGREEMENTS- .5%

 

 

 

 

 

Securities Held Under Repurchase Agreements, 1.53%, 2/1/08, with State Street Bank and Trust Company dtd 1/31/08, repurchase price $274,012, collateralized by Federal Home Loan Bank (par value $280,000, 3.5275%, due 1/23/09).

 

274,000

 

274,000

 

 

 

 

 

 

 

Total Investments
(Cost $58,926,646) (a)

 

100.3

%

58,926,646

 

Liabilities in Excess of Other Assets

 

(0.3

)

(188,829

)

Net Assets

 

100.0

%

$

58,737,817

 

 

(a) At January 31,2008, 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/ Daniel C. Chung

 

 

 

Daniel C. Chung

 

 

 

President

 

 

 

Date: March 25, 2008

 

 

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/ Daniel C. Chung

 

 

 

Daniel C. Chung

 

 

 

President

 

 

 

Date: March 25, 2008

 

 

 

By

/s/ Michael D. Martins

 

 

 

Michael D. Martins

 

 

 

Treasurer

 

 

 

Date: March 25, 2008