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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, 2011

ITEM 1. Schedule of Investments.

THE ALGER FUNDS  |  ALGER CAPITAL APPRECIATION FUND

Schedule of Investments‡ (Unaudited) January 31, 2011

	SHARES	VALUE
COMMON STOCKS—96.2%
ADVERTISING—1.6%
Focus Media Holding Ltd. #*	566,700	$	14,116,497
Nielsen Holdings NV *	29,800	776,886
		14,893,383
AEROSPACE & DEFENSE—1.0%
Goodrich Corp.	40,500	3,670,110
United Technologies Corp.	68,400	5,560,920
		9,231,030
AIR FREIGHT & LOGISTICS—2.7%
FedEx Corp.	87,400	7,893,968
United Parcel Service Inc., Cl. B	228,000	16,329,360
		24,223,328
AIRLINES—0.6%
United Continental Holdings Inc.*	219,900	5,585,460
APPLICATION SOFTWARE—2.0%
Adobe Systems Inc. *	133,500	4,412,175
Informatica Corp. *	82,800	3,841,920
Mentor Graphics Corp. *	458,200	5,835,177
Nice Systems Ltd. #*	127,700	4,178,344
		18,267,616
ASSET MANAGEMENT & CUSTODY BANKS—1.7%
BlackRock Inc.	79,000	15,643,580
AUTO PARTS & EQUIPMENT—0.6%
Lear Corp.*	53,600	5,661,768
AUTOMOBILE MANUFACTURERS—1.4%
Bayerische Motoren Werke AG #	211,800	5,432,670
Daimler AG *	95,900	7,012,208
		12,444,878
BIOTECHNOLOGY—1.7%
Celgene Corp. *	38,300	1,973,599
Cephalon Inc. *	57,200	3,379,376
Human Genome Sciences Inc. *	241,400	5,856,364
Optimer Pharmaceuticals Inc. *	337,700	3,714,700
		14,924,039
CASINOS & GAMING—0.6%
Las Vegas Sands Corp.*	112,300	5,220,827
COAL & CONSUMABLE FUELS—1.0%
Peabody Energy Corp.	138,400	8,777,328
COMMODITY CHEMICALS—0.5%
Celanese Corp.	107,600	4,464,324
COMMUNICATIONS EQUIPMENT—3.4%
Cisco Systems Inc. *	254,000	5,372,100
Corning Inc.	290,600	6,454,226
Qualcomm Inc.	350,500	18,972,565
		30,798,891
COMPUTER HARDWARE—9.5%
Apple Inc. *	143,045	48,538,029
Hewlett-Packard Co.	834,100	38,110,029
		86,648,058

	SHARES	VALUE
COMMON STOCKS—(CONT.)
COMPUTER STORAGE & PERIPHERALS—1.5%
EMC Corp.*	536,600	$	13,355,974
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—2.6%
ArvinMeritor Inc. *	298,600	6,527,396
Caterpillar Inc.	82,600	8,013,026
Cummins Inc.	83,200	8,809,216
		23,349,638
DATA PROCESSING & OUTSOURCED SERVICES—0.8%
Mastercard Inc.	31,900	7,544,669
DEPARTMENT STORES—0.6%
Kohl’s Corp.*	103,900	5,276,042
DIVERSIFIED METALS & MINING—1.3%
Cliffs Natural Resources Inc.	88,900	7,597,394
Freeport-McMoRan Copper & Gold Inc.	42,900	4,665,375
		12,262,769
DIVERSIFIED REITS—0.2%
American Assets Trust Inc.*	58,800	1,251,852
DRUG RETAIL—0.7%
CVS Caremark Corp.	185,000	6,327,000
ENVIRONMENTAL & FACILITIES SERVICES—0.5%
Republic Services Inc.	152,800	4,712,352
FERTILIZERS & AGRICULTURAL CHEMICALS—0.9%
Mosaic Co., /The	104,500	8,468,680
FINANCE—0.7%
SPDR Gold Trust*	49,079	6,373,890
GOLD—0.5%
Yamana Gold Inc.	367,400	4,151,620
HEALTH CARE EQUIPMENT—1.4%
Covidien PLC	218,400	10,367,448
Insulet Corp. *	155,300	2,644,759
		13,012,207
HEALTH CARE FACILITIES—0.7%
Universal Health Services Inc., Cl. B	141,960	5,976,516
HEALTH CARE SERVICES—0.9%
Express Scripts Inc. *	85,700	4,827,481
Medco Health Solutions Inc. *	57,900	3,533,058
		8,360,539
HOME ENTERTAINMENT SOFTWARE—0.3%
Activision Blizzard Inc.*	249,900	2,821,371
HOME IMPROVEMENT RETAIL—1.4%
Lowe’s Companies, Inc.	514,800	12,767,040
HOTELS RESORTS & CRUISE LINES—1.7%
Carnival Corp.	132,960	5,944,641
Wyndham Worldwide Corporation	348,300	9,797,679
		15,742,320
HOUSEHOLD APPLIANCES—0.5%
Stanley Black & Decker Inc.	63,600	4,622,448

	SHARES	VALUE
COMMON STOCKS—(CONT.)
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.3%
Towers Watson & Co.	50,500	$	2,753,765
HYPERMARKETS & SUPER CENTERS—0.9%
Wal-Mart Stores Inc.	153,400	8,601,138
INDUSTRIAL CONGLOMERATES—2.1%
3M Co.	85,500	7,517,160
Tyco International Ltd.	264,600	11,862,018
		19,379,178
INDUSTRIAL MACHINERY—2.7%
Flowserve Corp.	48,600	6,074,514
Illinois Tool Works Inc.	168,400	9,007,716
Ingersoll-Rand PLC	197,300	9,312,560
		24,394,790
INTEGRATED OIL & GAS—2.8%
Chevron Corp.	104,500	9,920,185
ConocoPhillips	217,300	15,528,258
		25,448,443
INTERNET RETAIL—2.1%
Amazon.com Inc. *	72,300	12,264,972
Expedia Inc.	277,560	6,983,410
		19,248,382
INTERNET SOFTWARE & SERVICES—7.2%
Baidu Inc. #*	42,700	4,638,501
eBay Inc. *	179,400	5,446,584
Google Inc., Cl. A *	41,565	24,953,964
GSI Commerce Inc. *	394,600	9,091,584
IAC/InterActiveCorp. *	60,815	1,720,456
Sina Corp. *	78,500	6,692,125
VistaPrint Ltd. *	144,800	7,332,672
Yahoo! Inc. *	344,300	5,550,116
		65,426,002
INVESTMENT BANKING & BROKERAGE—0.4%
Lazard Ltd., Cl. A	91,500	3,817,380
IT CONSULTING & OTHER SERVICES—0.8%
International Business Machines Corp.	46,100	7,468,200
LEISURE PRODUCTS—1.1%
Phillips-Van Heusen Corp.	175,900	10,267,283
LIFE & HEALTH INSURANCE—1.6%
MetLife Inc.	150,900	6,906,693
Prudential Financial Inc.	129,300	7,953,243
		14,859,936
LIFE SCIENCES TOOLS & SERVICES—1.0%
Thermo Fisher Scientific Inc.*	164,700	9,432,369
MANAGED HEALTH CARE—1.0%
Aetna Inc.	282,200	9,295,668
MOVIES & ENTERTAINMENT—0.7%
Walt Disney Co., /The	170,800	6,638,996

	SHARES	VALUE
COMMON STOCKS—(CONT.)
OIL & GAS DRILLING—0.5%
Nabors Industries Ltd.*	175,800	$	4,289,520
OIL & GAS EQUIPMENT & SERVICES—2.5%
Baker Hughes Inc.	114,400	7,837,544
Halliburton Company	149,600	6,732,000
National Oilwell Varco Inc.	110,100	8,136,390
		22,705,934
OIL & GAS EXPLORATION & PRODUCTION—3.1%
Devon Energy Corp.	118,900	10,545,241
Nexen Inc.	503,441	12,661,541
Plains Exploration & Production Co. *	156,200	5,529,480
		28,736,262
OIL, GAS & CONSUMABLE FUELS—0.6%
Williams Cos., Inc., /The	222,600	6,007,974
OTHER DIVERSIFIED FINANCIAL SERVICES—1.7%
BM&F Bovespa SA	606,500	4,237,316
JPMorgan Chase & Co.	257,037	11,551,243
		15,788,559
PAPER PRODUCTS—0.2%
International Paper Co.	68,300	1,972,504
PHARMACEUTICALS—1.9%
Allergan Inc.	71,000	5,013,310
Auxilium Pharmaceuticals Inc. *	210,600	4,778,514
Pfizer Inc.	412,500	7,515,750
		17,307,574
PRECIOUS METALS & MINERALS—0.9%
Stillwater Mining Co.*	358,900	7,780,952
RAILROADS—1.3%
CSX Corp.	166,900	11,783,140
RESEARCH & CONSULTING SERVICES—0.2%
Verisk Analytic Inc., Cl. A*	59,800	2,023,034
RESTAURANTS—0.9%
McDonald’s Corp.	106,300	7,831,121
SEMICONDUCTOR EQUIPMENT—0.8%
Lam Research Corp.*	144,100	7,189,149
SEMICONDUCTORS—5.2%
Altera Corp.	170,100	6,390,657
Avago Technologies Ltd.	234,700	6,738,237
Broadcom Corp., Cl. A	160,300	7,227,927
Marvell Technology Group Ltd. *	338,400	6,432,984
ON Semiconductor Corp. *	492,600	5,443,230
Skyworks Solutions Inc. *	222,200	7,059,294
Texas Instruments Inc.	245,400	8,321,514
		47,613,843
SOFT DRINKS—1.2%
PepsiCo Inc.	166,200	10,688,322
SPECIALIZED FINANCE—0.3%
CME Group Inc.	8,900	2,746,184

	SHARES		VALUE
COMMON STOCKS—(CONT.)
SYSTEMS SOFTWARE—3.1%
Oracle Corp.	886,300		$	28,388,189
TOBACCO—0.6%
Philip Morris International Inc.	98,760		5,653,023
TRUCKING—1.0%
Hertz Global Holdings Inc.*	625,100		9,195,221
TOTAL COMMON STOCKS (Cost $793,965,928)			877,893,472
Total Investments (Cost $793,965,928)(a)	96.2	%	877,893,472
Other Assets in Excess of Liabilities	3.8		34,337,869
NET ASSETS	100.0	%	$	912,231,341

‡	Securities classified as Level 1 for ASC 820 disclosure purposes based on valuation inputs unless otherwise noted.
*	Non-income producing security.
#	American Depository Receipts.
(a)	At January 31, 2011, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $798,424,848 amounted to $79,468,624 which consisted of aggregate gross unrealized appreciation of $97,104,691 and aggregate gross unrealized depreciation of $17,636,067.

See Notes to Schedule of Investments.

THE ALGER FUNDS  |  ALGER LARGE CAP GROWTH FUND

Schedule of Investments‡ (Unaudited) January 31, 2011

	SHARES	VALUE
COMMON STOCKS—95.0%
AEROSPACE & DEFENSE—2.9%
Boeing Co., /The	46,040	$	3,198,859
General Dynamics Corp.	40,990	3,090,646
United Technologies Corp.	37,400	3,040,620
		9,330,125
AIR FREIGHT & LOGISTICS—1.9%
FedEx Corp.	33,200	2,998,624
United Parcel Service Inc., Cl. B	44,300	3,172,766
		6,171,390
AIRLINES—0.5%
Delta Air Lines Inc.*	121,100	1,413,237
APPLICATION SOFTWARE—1.2%
Adobe Systems Inc. *	85,000	2,809,250
Salesforce.com Inc. *	9,800	1,265,572
		4,074,822
ASSET MANAGEMENT & CUSTODY BANKS—1.0%
BlackRock Inc.	16,600	3,287,132
AUTOMOBILE MANUFACTURERS—0.7%
General Motors Co.*	61,600	2,247,784
BIOTECHNOLOGY—1.1%
Celgene Corp. *	29,100	1,499,523
Gilead Sciences Inc. *	52,100	1,999,598
		3,499,121
BREWERS—0.7%
Anheuser-Busch InBev NV#	42,000	2,323,020
CABLE & SATELLITE—0.7%
Comcast Corporation Cl. A	104,900	2,386,475
COAL & CONSUMABLE FUELS—1.1%
Peabody Energy Corp.	55,300	3,507,126
COMMUNICATIONS EQUIPMENT—4.8%
Cisco Systems Inc. *	270,200	5,714,730
Corning Inc.	141,400	3,140,494
Juniper Networks Inc. *	27,900	1,035,648
Qualcomm Inc.	105,200	5,694,476
		15,585,348
COMPUTER HARDWARE—7.0%
Apple Inc. *	46,360	15,730,875
Hewlett-Packard Co.	148,365	6,778,797
		22,509,672
COMPUTER STORAGE & PERIPHERALS—1.5%
EMC Corp.*	191,600	4,768,924
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—0.5%
Deere & Co.	18,800	1,708,920
CONSUMER FINANCE—0.5%
American Express Co.	33,800	1,466,244
DATA PROCESSING & OUTSOURCED SERVICES—1.6%
Mastercard Inc.	12,900	3,050,979

	SHARES	VALUE
COMMON STOCKS—(CONT.)
DATA PROCESSING & OUTSOURCED SERVICES—(CONT.)
Visa Inc., Cl. A	31,200	$	2,179,320
		5,230,299
DEPARTMENT STORES—0.9%
Kohl’s Corp.*	54,200	2,752,276
DIVERSIFIED CHEMICALS—0.7%
EI Du Pont de Nemours & Co.	42,900	2,174,172
DIVERSIFIED METALS & MINING—1.5%
Cliffs Natural Resources Inc.	36,800	3,144,928
Freeport-McMoRan Copper & Gold Inc.	16,400	1,783,500
		4,928,428
DRUG RETAIL—0.9%
CVS Caremark Corp.	89,500	3,060,900
ENVIRONMENTAL & FACILITIES SERVICES—0.8%
Republic Services Inc.	85,200	2,627,568
FERTILIZERS & AGRICULTURAL CHEMICALS—0.7%
Mosaic Co., /The	29,000	2,350,160
GENERAL MERCHANDISE STORES—0.9%
Target Corp.	52,600	2,884,058
GOLD—0.9%
Goldcorp Inc.	70,200	2,822,742
HEALTH CARE EQUIPMENT—1.4%
Covidien PLC	61,400	2,914,658
Stryker Corp.	27,600	1,588,656
		4,503,314
HEALTH CARE SERVICES—1.0%
Medco Health Solutions Inc.*	51,400	3,136,428
HOME ENTERTAINMENT SOFTWARE—1.0%
Activision Blizzard Inc. *	141,800	1,600,922
Electronic Arts Inc. *	99,500	1,551,205
		3,152,127
HOME IMPROVEMENT RETAIL—1.1%
Lowe’s Companies, Inc.	142,200	3,526,560
HOTELS RESORTS & CRUISE LINES—0.9%
Carnival Corp.	64,300	2,874,853
HOUSEHOLD APPLIANCES—0.6%
Stanley Black & Decker Inc.	28,000	2,035,040
HOUSEHOLD PRODUCTS—1.2%
Procter & Gamble Co., /The	59,860	3,778,962
HYPERMARKETS & SUPER CENTERS—1.3%
Wal-Mart Stores Inc.	73,100	4,098,717
INDUSTRIAL CONGLOMERATES—2.0%
3M Co.	36,900	3,244,248
Tyco International Ltd.	71,800	3,218,794
		6,463,042
INDUSTRIAL GASES—0.6%
Praxair Inc.	20,200	1,879,408

	SHARES	VALUE
COMMON STOCKS—(CONT.)
INDUSTRIAL MACHINERY—1.5%
Eaton Corp.	19,200	$	2,072,832
Illinois Tool Works Inc.	53,000	2,834,970
		4,907,802
INTEGRATED OIL & GAS—4.0%
Chevron Corp.	68,800	6,531,184
Exxon Mobil Corp.	77,300	6,236,564
		12,767,748
INTERNET RETAIL—2.0%
Amazon.com Inc. *	24,400	4,139,216
Expedia Inc.	92,700	2,332,332
		6,471,548
INTERNET SOFTWARE & SERVICES—5.2%
Baidu Inc. #*	12,400	1,347,012
eBay Inc. *	95,155	2,888,906
Google Inc., Cl. A *	16,195	9,722,830
Yahoo! Inc. *	168,100	2,709,772
		16,668,520
INVESTMENT BANKING & BROKERAGE—1.0%
Charles Schwab Corp., /The	95,100	1,716,555
Goldman Sachs Group Inc., /The	9,300	1,521,666
		3,238,221
IT CONSULTING & OTHER SERVICES—2.4%
Cognizant Technology Solutions Corp., Cl. A *	25,300	1,845,635
International Business Machines Corp.	37,200	6,026,400
		7,872,035
LIFE & HEALTH INSURANCE—1.1%
Aflac Inc.	28,500	1,641,030
MetLife Inc.	39,900	1,826,223
		3,467,253
LIFE SCIENCES TOOLS & SERVICES—0.8%
Thermo Fisher Scientific Inc.*	43,000	2,462,610
MANAGED HEALTH CARE—0.9%
Aetna Inc.	93,700	3,086,478
MOVIES & ENTERTAINMENT—2.8%
Time Warner Inc.	102,800	3,233,060
Viacom Inc., Cl. B	61,900	2,571,945
Walt Disney Co., /The	80,000	3,109,600
		8,914,605
OIL & GAS EQUIPMENT & SERVICES—2.4%
Baker Hughes Inc.	31,600	2,164,916
Schlumberger Ltd.	52,800	4,698,672
Weatherford International Ltd. *	42,100	998,612
		7,862,200
OIL & GAS EXPLORATION & PRODUCTION—2.8%
Devon Energy Corp.	60,100	5,330,269
Nexen Inc.	154,300	3,880,645
		9,210,914

	SHARES	VALUE
COMMON STOCKS—(CONT.)
OTHER DIVERSIFIED FINANCIAL SERVICES—1.0%
JPMorgan Chase & Co.	75,000	$	3,370,500
PACKAGED FOODS & MEATS—0.9%
Kraft Foods Inc., Cl. A	91,100	2,784,927
PAPER PRODUCTS—0.8%
International Paper Co.	91,600	2,645,408
PHARMACEUTICALS—4.5%
Allergan Inc.	35,600	2,513,716
Bristol-Myers Squibb Co.	81,800	2,059,724
Johnson & Johnson	40,800	2,438,616
Pfizer Inc.	166,700	3,037,274
Roche Holding AG #	45,000	1,722,150
Teva Pharmaceutical Industries Ltd. #	49,500	2,705,175
		14,476,655
RAILROADS—1.1%
CSX Corp.	49,600	3,501,760
RESTAURANTS—1.7%
McDonald’s Corp.	46,300	3,410,921
Starbucks Corp.	62,100	1,958,013
		5,368,934
SEMICONDUCTORS—2.9%
Broadcom Corp., Cl. A	58,800	2,651,292
Intel Corp.	149,730	3,213,206
Marvell Technology Group Ltd. *	122,800	2,334,428
Texas Instruments Inc.	33,100	1,122,421
		9,321,347
SOFT DRINKS—2.7%
Coca-Cola Co., /The	51,300	3,224,205
PepsiCo Inc.	86,200	5,543,522
		8,767,727
SPECIALTY STORES—0.8%
Staples Inc.	118,300	2,639,273
SYSTEMS SOFTWARE—3.7%
Check Point Software Technologies Ltd. *	35,700	1,590,435
Microsoft Corp.	141,595	3,925,722
Oracle Corp.	198,200	6,348,346
		11,864,503
TOBACCO—0.9%
Philip Morris International Inc.	52,685	3,015,689

	SHARES		VALUE
COMMON STOCKS—(CONT.)
WIRELESS TELECOMMUNICATION SERVICES—1.0%
American Tower Corp., Cl. A*	60,600		$	3,082,116
TOTAL COMMON STOCKS (Cost $264,893,336)			306,327,167
Total Investments (Cost $264,893,336)(a)	95.0	%	306,327,167
Other Assets in Excess of Liabilities	5.0		16,175,923
NET ASSETS	100.0	%	$	322,503,090

‡	Securities classified as Level 1 for ASC 820 disclosure purposes based on valuation inputs unless otherwise noted.
*	Non-income producing security.
#	American Depository Receipts.
(a)	At January 31, 2011, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $265,032,679 amounted to $41,294,488 which consisted of aggregate gross unrealized appreciation of $47,460,209 and aggregate gross unrealized depreciation of $6,165,721.

See Notes to Schedule of Investments.

THE ALGER FUNDS  |  ALGER MID CAP GROWTH FUND

Schedule of Investments‡  (Unaudited) January 31, 2011

	SHARES	VALUE
COMMON STOCKS—95.9%
ADVERTISING—0.5%
Interpublic Group of Cos., Inc., /The*	148,000	$	1,582,120
AEROSPACE & DEFENSE—1.8%
Goodrich Corp.	61,300	5,555,006
AIRLINES—1.3%
United Continental Holdings Inc.*	156,700	3,980,180
APPAREL RETAIL—0.9%
Abercrombie & Fitch Co., Cl. A	33,000	1,663,530
Chico’s FAS Inc.	113,600	1,240,512
		2,904,042
APPLICATION SOFTWARE—6.1%
Adobe Systems Inc. *	77,300	2,554,765
Cadence Design Systems, Inc. *	183,100	1,589,308
Informatica Corp. *	121,100	5,619,040
Intuit Inc. *	48,800	2,290,184
Nice Systems Ltd. #*	20,600	674,032
RealPage Inc. *	60,500	1,657,095
Salesforce.com Inc. *	36,800	4,752,352
		19,136,776
ASSET MANAGEMENT & CUSTODY BANKS—4.4%
Blackstone Group LP	195,200	3,070,496
Janus Capital Group Inc.	241,400	3,116,474
KKR & Co., LP	211,100	3,164,389
T. Rowe Price Group Inc.	69,300	4,568,256
		13,919,615
AUTOMOTIVE RETAIL—0.9%
Carmax Inc.*	80,800	2,638,120
BIOTECHNOLOGY—2.9%
Human Genome Sciences Inc. *	163,700	3,971,362
InterMune Inc. *	40,900	1,528,433
Metabolix Inc. *	256,000	2,265,600
Optimer Pharmaceuticals Inc. *	121,800	1,339,800
		9,105,195
BROADCASTING & CABLE TV—0.7%
Discovery Communications Inc., Series C*	67,000	2,275,320
CASINOS & GAMING—1.0%
Wynn Resorts Ltd.	27,900	3,245,607
COAL & CONSUMABLE FUELS—1.8%
Arch Coal Inc.	47,400	1,623,450
Patriot Coal Corp. *	155,100	4,058,967
		5,682,417
COMMUNICATIONS EQUIPMENT—1.9%
Ciena Corp. *	130,200	2,868,306
Finisar Corp. *	97,900	3,260,070
		6,128,376
COMPUTER & ELECTRONICS RETAIL—0.8%
GameStop Corp., Cl. A*	125,200	2,637,964
COMPUTER HARDWARE—1.2%
Teradata Corp.*	85,400	3,671,346

	SHARES	VALUE
COMMON STOCKS—(CONT.)
COMPUTER STORAGE & PERIPHERALS—2.4%
NetApp Inc. *	67,800	$	3,710,694
SanDisk Corp. *	88,500	4,015,245
		7,725,939
CONSTRUCTION & ENGINEERING—1.8%
Aecom Technology Corp. *	140,900	4,124,143
Chicago Bridge & Iron Co., NV #*	48,900	1,608,321
		5,732,464
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—2.6%
ArvinMeritor Inc. *	65,200	1,425,272
Cummins Inc.	48,400	5,124,592
Westport Innovations Inc. *	98,000	1,545,460
		8,095,324
DIVERSIFIED METALS & MINING—4.5%
Cliffs Natural Resources Inc.	105,700	9,033,122
Ivanhoe Mines Ltd. *	67,100	1,853,973
Molycorp Inc. *	69,800	3,267,338
		14,154,433
EDUCATION SERVICES—0.5%
ITT Educational Services Inc.*	23,600	1,553,824
ELECTRICAL COMPONENTS & EQUIPMENT—2.9%
AMETEK Inc.	143,700	5,860,086
General Cable Corp. *	92,400	3,419,724
		9,279,810
ELECTRONIC MANUFACTURING SERVICES—1.2%
Trimble Navigation Ltd.*	79,300	3,654,144
ENVIRONMENTAL & FACILITIES SERVICES—0.9%
Stericycle Inc.*	36,800	2,888,432
GENERAL MERCHANDISE STORES—0.9%
Dollar General Corp.*	96,500	2,683,665
GOLD—1.7%
Yamana Gold Inc.	478,200	5,403,660
HEALTH CARE DISTRIBUTORS—1.0%
Cardinal Health Inc.	75,300	3,125,703
HEALTH CARE FACILITIES—0.5%
Universal Health Services Inc., Cl. B	36,000	1,515,600
HEALTH CARE SERVICES—0.5%
Quest Diagnostics Inc.	28,500	1,623,075
HEALTH CARE TECHNOLOGY—0.3%
SXC Health Solutions Corp.*	20,200	971,822
HOME FURNISHING RETAIL—0.8%
Williams-Sonoma Inc.	73,700	2,373,140
HOMEBUILDING—0.5%
NVR Inc.*	2,000	1,530,000
HOTELS RESORTS & CRUISE LINES—2.8%
Interval Leisure Group *	157,891	2,474,152
Morgans Hotel Group Co. *	170,800	1,543,178
Royal Caribbean Cruises Ltd. *	54,700	2,456,030

	SHARES	VALUE
COMMON STOCKS—(CONT.)
HOTELS RESORTS & CRUISE LINES—(CONT.)
Wyndham Worldwide Corporation	83,300	$	2,343,229
		8,816,589
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.5%
Robert Half International Inc.	47,300	1,483,328
INDUSTRIAL MACHINERY—4.2%
Flowserve Corp.	33,700	4,212,163
Pall Corp.	62,700	3,474,207
SPX Corp.	72,700	5,698,226
		13,384,596
INTERNET RETAIL—2.1%
Expedia Inc.	90,300	2,271,948
NetFlix Inc. *	12,400	2,654,592
priceline.com Inc. *	3,700	1,585,524
		6,512,064
INTERNET SOFTWARE & SERVICES—2.9%
OpenTable Inc.*	115,555	9,084,934
INVESTMENT BANKING & BROKERAGE—1.1%
Greenhill & Co., Inc.	49,300	3,422,406
IT CONSULTING & OTHER SERVICES—1.5%
Cognizant Technology Solutions Corp., Cl. A*	64,500	4,705,275
LEISURE PRODUCTS—1.3%
Coach Inc.	27,700	1,498,293
Polo Ralph Lauren Corp., Cl. A	24,600	2,636,628
		4,134,921
LIFE SCIENCES TOOLS & SERVICES—0.5%
ICON PLC#*	78,600	1,750,422
MANAGED HEALTH CARE—2.6%
Aetna Inc.	150,600	4,960,764
CIGNA Corp.	74,600	3,134,692
		8,095,456
NETWORKING EQUIPMENT—0.5%
Fortinet Inc.*	44,800	1,722,560
OIL & GAS DRILLING—1.6%
Nabors Industries Ltd.*	206,100	5,028,840
OIL & GAS EQUIPMENT & SERVICES—2.4%
Cameron International Corp. *	64,400	3,432,520
National Oilwell Varco Inc.	57,075	4,217,843
		7,650,363
OIL & GAS EXPLORATION & PRODUCTION—4.3%
Concho Resources Inc., /Restricted *,(a)	34,800	3,349,500
Nexen Inc.	208,700	5,248,805
Plains Exploration & Production Co. *	134,700	4,768,380
		13,366,685
OTHER DIVERSIFIED FINANCIAL SERVICES—0.9%
BM&F Bovespa SA	372,027	2,599,169
PHARMACEUTICALS—2.1%
Medicis Pharmaceutical Corp., Cl. A	141,300	3,593,259

	SHARES	VALUE
COMMON STOCKS—(CONT.)
PHARMACEUTICALS—(CONT.)
Mylan Inc. *	133,000	$	3,080,280
		6,673,539
PRECIOUS METALS & MINERALS—0.4%
Stillwater Mining Co.*	60,700	1,315,976
RAILROADS—0.9%
CSX Corp.	39,300	2,774,580
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.6%
BR Malls Participacoes SA	208,500	1,900,570
REAL ESTATE SERVICES—0.8%
CB Richard Ellis Group, Inc.*	114,600	2,542,974
RESEARCH & CONSULTING SERVICES—1.2%
Verisk Analytic Inc., Cl. A*	110,700	3,744,981
RESTAURANTS—0.9%
Chipotle Mexican Grill Inc. *	7,100	1,554,332
McCormick & Schmick’s Seafood Restaurants Inc. *	152,400	1,371,600
		2,925,932
SEMICONDUCTOR EQUIPMENT—1.6%
Lam Research Corp.*	99,900	4,984,011
SEMICONDUCTORS—7.0%
Altera Corp.	132,000	4,959,240
Applied Micro Circuits Corporation *	131,000	1,289,040
Avago Technologies Ltd.	119,000	3,416,490
Marvell Technology Group Ltd. *	95,700	1,819,257
Netlogic Microsystems Inc. *	83,800	2,921,268
NVIDIA Corp. *	79,700	1,906,424
ON Semiconductor Corp. *	284,400	3,142,620
Skyworks Solutions Inc. *	82,800	2,630,556
		22,084,895
SPECIALIZED CONSUMER SERVICES—0.5%
Sotheby’s	39,000	1,571,700
SYSTEMS SOFTWARE—0.5%
Check Point Software Technologies Ltd.*	33,100	1,474,605
WIRELESS TELECOMMUNICATION SERVICES—1.0%
MetroPCS Communications Inc. *	120,900	1,563,237
SBA Communications Corp. *	39,700	1,619,760
		3,182,997
TOTAL COMMON STOCKS (Cost $273,647,978)		301,707,487
CONVERTIBLE PREFERRED STOCK—0.7%
BIOTECHNOLOGY—0.7%
Merrimack Pharmaceuticals Inc., Cl. B-10, *,(L3),(b),(c)	43,693	252,895
Merrimack Pharmaceuticals Inc., Cl. B-3, *,(L3),(d),(e)	4,369	25,288
Merrimack Pharmaceuticals Inc., Cl. B-4, *,(L3),(f),(g)	130,970	758,054
Merrimack Pharmaceuticals Inc., Cl. B-7, *,(L3),(b),(c)	43,693	252,895

	SHARES		VALUE
CONVERTIBLE PREFERRED STOCK—(CONT.)
BIOTECHNOLOGY—(CONT.)
Merrimack Pharmaceuticals Inc., Cl. C-2, *,(L3),(h),(i)	232,232		$	870,870
			2,160,002
TOTAL CONVERTIBLE PREFERRED STOCK (Cost $2,160,003)			2,160,002
Total Investments (Cost $275,807,981)(j)	96.6	%	303,867,489
Other Assets in Excess of Liabilities	3.4		10,705,666
NET ASSETS	100.0	%	$	314,573,155

‡	Securities classified as Level 1 for ASC 820 disclosure purposes based on valuation inputs unless otherwise noted.
*	Non-income producing security.
#	American Depository Receipts.
(a)	Restricted Security - Investment in security pending registration under the Securities Act of 1933. The investment is deemed to be illiquid and may be sold only to qualified institutional buyers. Security was acquired on October 7, 2010 for a cost of $1,576,440 and represents 1.1% of the net assets of the Fund.
(b)	Restricted Security - Investment in security not registered under the Securities Act of 1933. The investment is deemed to be illiquid and may be sold only to qualified institutional buyers.  Security was acquired on August 25, 2010 for a cost of $252,895 and represents 0.1% of the net assets of the Fund.
(c)	Restricted Security - Investment in security pending registration under the Securities Act of 1933. The investment is deemed to be illiquid and may be sold only to qualified institutional buyers. Security was acquired on October 7, 2010 for a cost of $252,895 and represents 0.1% of the net assets of the Fund.
(d)	Restricted Security - Investment in security not registered under the Securities Act of 1933. The investment is deemed to be illiquid and may be sold only to qualified institutional buyers.  Security was acquired on August 25, 2010 for a cost of $25,288 and represents 0.0% of the net assets of the Fund.
(e)	Restricted Security - Investment in security pending registration under the Securities Act of 1933. The investment is deemed to be illiquid and may be sold only to qualified institutional buyers. Security was acquired on October 7, 2010 for a cost of $25,288 and represents 0.0% of the net assets of the Fund.
(f)	Restricted Security - Investment in security not registered under the Securities Act of 1933. The investment is deemed to be illiquid and may be sold only to qualified institutional buyers.  Security was acquired on August 25, 2010 for a cost of $758,055 and represents 0.2% of the net assets of the Fund.
(g)	Restricted Security - Investment in security pending registration under the Securities Act of 1933. The investment is deemed to be illiquid and may be sold only to qualified institutional buyers. Security was acquired on October 7, 2010 for a cost of $758,055 and represents 0.2% of the net assets of the Fund.
(h)	Restricted Security - Investment in security not registered under the Securities Act of 1933. The investment is deemed to be illiquid and may be sold only to qualified institutional buyers.  Security was acquired on August 25, 2010 for a cost of $870,870 and represents 0.3% of the net assets of the Fund.
(i)	Restricted Security - Investment in security pending registration under the Securities Act of 1933. The investment is deemed to be illiquid and may be sold only to qualified institutional buyers. Security was acquired on October 7, 2010 for a cost of $870,870 and represents 0.3% of the net assets of the Fund.
(j)	At January 31, 2011, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $277,204,702 amounted to $26,662,787 which consisted of aggregate gross unrealized appreciation of $35,533,806 and aggregate gross unrealized depreciation of $8,871,019.
(L3)	Security classified as Level 3 for ASC 820 disclosure purposes based on valuation inputs.

See Notes to Schedule of Investments.

THE ALGER FUNDS  |  ALGER SMID CAP GROWTH FUND

Schedule of Investments‡  (Unaudited) January 31, 2011

	SHARES	VALUE
COMMON STOCKS—95.8%
ADVERTISING—1.4%
Focus Media Holding Ltd. #*	297,750	$	7,416,953
Interpublic Group of Cos., Inc., /The *	627,200	6,704,768
		14,121,721
AEROSPACE & DEFENSE—1.9%
AAR Corp. *	395,900	10,606,161
BE Aerospace Inc. *	200,050	7,739,935
		18,346,096
AIRLINES—0.9%
United Continental Holdings Inc.*	347,750	8,832,850
APPAREL RETAIL—1.4%
AnnTaylor Stores Corp. *	395,450	8,747,354
Childrens Place Retail Stores Inc., /The *	115,200	4,825,728
		13,573,082
APPLICATION SOFTWARE—6.3%
Ansys Inc. *	53,175	2,789,029
Concur Technologies Inc. *	145,950	7,447,829
Informatica Corp. *	261,500	12,133,600
Nice Systems Ltd. #*	285,750	9,349,740
QLIK Technologies Inc. *	309,900	7,192,779
Solera Holdings Inc.	169,356	8,862,399
Synopsys Inc. *	271,270	7,359,555
Taleo Corp., Cl. A *	236,850	6,977,601
		62,112,532
ASSET MANAGEMENT & CUSTODY BANKS—2.0%
Affiliated Managers Group Inc. *	101,562	10,342,058
Fortress Investment Group LLC *	863,050	4,703,623
Janus Capital Group Inc.	376,150	4,856,096
		19,901,777
AUTO PARTS & EQUIPMENT—1.2%
Dana Holding Corp.*	674,695	12,090,534
AUTOMOTIVE RETAIL—0.6%
Carmax Inc.*	193,500	6,317,775
BIOTECHNOLOGY—3.8%
Alexion Pharmaceuticals Inc. *	82,100	6,881,622
BioMarin Pharmaceutical Inc. *	72,300	1,837,866
Human Genome Sciences Inc. *	329,550	7,994,883
Incyte Corp., Ltd. *	149,350	2,201,419
InterMune Inc. *	130,050	4,859,968
Optimer Pharmaceuticals Inc. *	510,100	5,611,100
Savient Pharmaceuticals Inc. *	274,820	2,536,589
United Therapeutics Corp. *	72,950	4,959,141
		36,882,588
CABLE & SATELLITE—0.9%
Sirius XM Radio Inc.*	5,706,120	9,215,384
COAL & CONSUMABLE FUELS—1.0%
Arch Coal Inc.	167,950	5,752,288
Patriot Coal Corp. *	164,900	4,315,433
		10,067,721

	SHARES	VALUE
COMMON STOCKS—(CONT.)
COMMODITY CHEMICALS—0.5%
STR Holdings Inc.*	285,050	$	5,210,714
COMMUNICATIONS EQUIPMENT—4.0%
Acme Packet Inc. *	110,900	5,964,202
Ciena Corp. *	292,000	6,432,760
Finisar Corp. *	357,800	11,914,740
JDS Uniphase Corp. *	576,600	9,784,902
Riverbed Technology Inc. *	151,100	5,419,957
		39,516,561
CONSTRUCTION & ENGINEERING—0.9%
Aecom Technology Corp.*	291,290	8,526,058
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—0.7%
AGCO Corp.*	140,950	7,146,165
DATA PROCESSING & OUTSOURCED SERVICES—1.2%
Wright Express Corp.*	236,950	11,212,474
DISTRIBUTORS—1.0%
LKQ Corp.*	420,250	10,153,240
DIVERSIFIED CHEMICALS—0.7%
Solutia Inc.*	269,200	6,304,664
DIVERSIFIED METALS & MINING—0.5%
Walter Energy, Inc.	33,450	4,357,531
EDUCATION SERVICES—0.5%
ITT Educational Services Inc.*	70,150	4,618,676
ELECTRIC UTILITIES—1.1%
ITC Holdings Corp.	158,200	10,393,740
ELECTRICAL COMPONENTS & EQUIPMENT—3.8%
AMETEK Inc.	272,100	11,096,238
GrafTech International Ltd. *	439,750	9,234,750
Roper Industries Inc.	51,400	3,993,266
Thomas & Betts Corp. *	51,100	2,626,029
Woodward Governor Co.	303,900	10,249,027
		37,199,310
ELECTRONIC MANUFACTURING SERVICES—1.2%
Trimble Navigation Ltd.*	259,595	11,962,138
ENVIRONMENTAL & FACILITIES SERVICES—2.7%
Clean Harbors, Inc. *	94,400	8,499,776
Tetra Tech Inc. *	316,450	7,324,235
Waste Connections Inc.	355,275	10,292,317
		26,116,328
FOOD DISTRIBUTORS—0.5%
United Natural Foods Inc.*	130,850	4,841,450
FOREST PRODUCTS—0.6%
Louisiana-Pacific Corp.*	578,300	5,806,132
GENERAL MERCHANDISE STORES—1.0%
Dollar Tree Inc.*	196,580	9,943,016
GOLD—0.5%
Gammon Gold Inc.*	652,450	4,912,949

	SHARES	VALUE
COMMON STOCKS—(CONT.)
HEALTH CARE EQUIPMENT—1.2%
Sirona Dental Systems Inc. *	155,500	$	6,812,455
Thoratec Corp. *	216,550	5,108,414
		11,920,869
HEALTH CARE FACILITIES—2.0%
Community Health Systems Inc. *	125,050	4,391,756
Kindred Healthcare Inc. *	100,600	1,882,226
Universal Health Services Inc., Cl. B	180,600	7,603,260
VCA Antech Inc. *	251,750	5,770,110
		19,647,352
HEALTH CARE SERVICES—1.2%
Catalyst Health Solutions, Inc. *	83,600	3,628,240
Emergency Medical Services Corp. *	125,950	8,501,625
		12,129,865
HOME FURNISHING RETAIL—0.8%
Williams-Sonoma Inc.	255,350	8,222,270
HOTELS RESORTS & CRUISE LINES—1.6%
Gaylord Entertainment Co. *	248,700	8,291,658
Wyndham Worldwide Corporation	251,050	7,062,037
		15,353,695
HOUSEHOLD PRODUCTS—0.7%
Church & Dwight Co., Inc.	102,150	7,028,941
HOUSEWARES & SPECIALTIES—1.0%
Tupperware Brands Corp.	203,800	9,323,850
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.9%
Robert Half International Inc.	73,700	2,311,232
Towers Watson & Co.	129,400	7,056,182
		9,367,414
INDUSTRIAL CONGLOMERATES—0.5%
McDermott International Inc.*	239,600	4,978,888
INDUSTRIAL MACHINERY—3.9%
Actuant Corp., Cl. A	306,600	8,502,018
Barnes Group Inc.	294,900	5,844,918
Clarcor Inc.	131,300	5,669,534
Pall Corp.	162,350	8,995,814
SPX Corp.	113,850	8,923,563
		37,935,847
INTERNET SOFTWARE & SERVICES—3.7%
GSI Commerce Inc. *	337,800	7,782,912
IAC/InterActiveCorp. *	318,850	9,020,267
OpenTable Inc. *	148,000	11,635,760
VistaPrint Ltd. *	157,500	7,975,800
		36,414,739
INVESTMENT BANKING & BROKERAGE—0.9%
Greenhill & Co., Inc.	119,400	8,288,748
IT CONSULTING & OTHER SERVICES—0.4%
SRA International, Inc., Cl. A*	148,600	3,964,648
LEISURE FACILITIES—0.7%
Life Time Fitness Inc.*	167,950	6,697,846

	SHARES	VALUE
COMMON STOCKS—(CONT.)
LEISURE PRODUCTS—0.9%
Phillips-Van Heusen Corp.	155,700	$	9,088,209
LIFE SCIENCES TOOLS & SERVICES—2.0%
Bruker Corp. *	396,750	6,943,125
ICON PLC #*	164,200	3,656,734
Parexel International Corp. *	380,250	8,825,603
		19,425,462
MANAGED HEALTH CARE—1.8%
Amerigroup Corp. *	173,350	9,078,339
Coventry Health Care Inc. *	271,200	8,127,864
		17,206,203
METAL & GLASS CONTAINERS—0.9%
Crown Holdings Inc.*	275,850	9,202,356
OIL & GAS DRILLING—0.7%
Helmerich & Payne Inc.	111,500	6,548,395
OIL & GAS EQUIPMENT & SERVICES—1.2%
Cal Dive International Inc. *	529,100	3,248,674
Subsea 7 SA	345,850	8,473,325
		11,721,999
OIL & GAS EXPLORATION & PRODUCTION—2.5%
Concho Resources Inc. *	48,750	4,692,187
Plains Exploration & Production Co. *	346,050	12,250,170
Quicksilver Resources Inc. *	234,500	3,519,845
SM Energy Co.	67,100	4,170,936
		24,633,138
PACKAGED FOODS & MEATS—1.4%
Hain Celestial Group Inc. *	271,900	7,240,697
Ralcorp Holdings Inc. *	112,600	6,891,120
		14,131,817
PHARMACEUTICALS—3.0%
Auxilium Pharmaceuticals Inc. *	295,454	6,703,851
Medicis Pharmaceutical Corp., Cl. A	279,800	7,115,314
Mylan Inc. *	391,390	9,064,593
Perrigo Co.	94,900	6,903,026
		29,786,784
PRECIOUS METALS & MINERALS—0.5%
Stillwater Mining Co.*	243,950	5,288,836
RAILROADS—1.0%
Genesee & Wyoming Inc., Cl. A*	190,150	9,840,263
REAL ESTATE SERVICES—0.8%
CB Richard Ellis Group, Inc.*	371,700	8,248,023
REGIONAL BANKS—0.8%
Signature Bank*	148,450	7,755,028
REINSURANCE—0.4%
Platinum Underwriters Holdings Ltd.	85,700	3,787,940
RESEARCH & CONSULTING SERVICES—1.6%
ICF International Inc. *	284,700	6,862,693

	SHARES		VALUE
COMMON STOCKS—(CONT.)
RESEARCH & CONSULTING SERVICES—(CONT.)
IHS Inc., Cl. A *	109,750		$	8,995,110
			15,857,803
RESTAURANTS—0.5%
Darden Restaurants Inc.	95,200		4,484,872
RETAIL REITS—0.7%
Macerich Co., /The	140,900		6,856,194
SECURITY & ALARM SERVICES—0.8%
Geo Group Inc., /The*	339,350		8,066,349
SEMICONDUCTOR EQUIPMENT—1.2%
Novellus Systems Inc.*	332,850		12,005,899
SEMICONDUCTORS—5.7%
Applied Micro Circuits Corporation *	492,600		4,847,184
Atheros Communications Inc. *	111,250		4,960,637
Atmel Corp. *	536,600		7,265,564
Mellanox Technologies Ltd. *	294,855		8,064,284
Netlogic Microsystems Inc. *	264,800		9,230,928
ON Semiconductor Corp. *	793,900		8,772,595
Skyworks Solutions Inc. *	382,950		12,166,322
			55,307,514
SPECIALIZED CONSUMER SERVICES—0.9%
Sotheby’s	217,750		8,775,325
SPECIALTY CHEMICALS—1.0%
Rockwood Holdings Inc.*	249,900		10,143,441
SPECIALTY STORES—1.1%
PetSmart Inc.	257,350		10,355,764
SYSTEMS SOFTWARE—0.5%
MICROS Systems Inc.*	109,350		5,001,669
THRIFTS & MORTGAGE FINANCE—0.4%
Brookline Bancorp Inc.	357,600		3,872,808
WIRELESS TELECOMMUNICATION SERVICES—1.2%
MetroPCS Communications Inc. *	156,150		2,019,020
SBA Communications Corp. *	253,000		10,322,400
			12,341,420
TOTAL COMMON STOCKS (Cost $752,406,939)			940,691,689
Total Investments (Cost $752,406,939)(a)	95.8	%	940,691,689
Other Assets in Excess of Liabilities	4.2		41,287,927
NET ASSETS	100.0	%	$	981,979,616

‡	Securities classified as Level 1 for ASC 820 disclosure purposes based on valuation inputs unless otherwise noted.
*	Non-income producing security.
#	American Depository Receipts.

(a) At January 31, 2011, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $753,482,938 amounted to $187,208,751 which consisted of aggregate gross unrealized appreciation of $206,191,342 and aggregate gross unrealized depreciation of $18,982,591.

See Notes to Schedule of Investments.

THE ALGER FUNDS  |  ALGER SMALL CAP GROWTH FUND

Schedule of Investments‡  (Unaudited) January 31, 2011

	SHARES	VALUE
COMMON STOCKS—98.8%
AEROSPACE & DEFENSE—2.3%
AAR Corp. *	131,236	$	3,515,812
Esterline Technologies Corp. *	63,920	4,549,826
		8,065,638
APPAREL RETAIL—1.8%
AnnTaylor Stores Corp. *	155,900	3,448,508
Childrens Place Retail Stores Inc., /The *	60,500	2,534,345
Talbots Inc. *	108,300	591,318
		6,574,171
APPLICATION SOFTWARE—8.9%
BroadSoft Inc. *	120,100	3,327,971
Cadence Design Systems, Inc. *	444,100	3,854,788
Concur Technologies Inc. *	55,195	2,816,601
Nice Systems Ltd. #*	124,225	4,064,642
QLIK Technologies Inc. *	118,186	2,743,097
RealPage Inc. *	102,100	2,796,519
Solera Holdings Inc.	69,645	3,644,523
Taleo Corp., Cl. A *	98,900	2,913,594
Ultimate Software Group Inc. *	60,500	2,940,300
VanceInfo Technologies Inc. #*	82,300	2,872,270
		31,974,305
ASSET MANAGEMENT & CUSTODY BANKS—0.9%
Fortress Investment Group LLC*	590,500	3,218,225
AUTO PARTS & EQUIPMENT—1.3%
Dana Holding Corp.*	249,800	4,476,416
BIOTECHNOLOGY—2.9%
Cubist Pharmaceuticals Inc. *	67,700	1,485,338
Incyte Corp., Ltd. *	91,000	1,341,340
InterMune Inc. *	72,900	2,724,273
Onyx Pharmaceuticals Inc. *	30,400	1,072,664
Optimer Pharmaceuticals Inc. *	260,600	2,866,600
Savient Pharmaceuticals Inc. *	103,500	955,305
		10,445,520
COAL & CONSUMABLE FUELS—0.8%
Patriot Coal Corp.*	111,900	2,928,423
COMMODITY CHEMICALS—0.5%
STR Holdings Inc.*	88,400	1,615,952
COMMUNICATIONS EQUIPMENT—4.4%
Acme Packet Inc. *	42,300	2,274,894
Aruba Networks Inc. *	110,600	2,383,430
Ciena Corp. *	115,400	2,542,262
Finisar Corp. *	142,100	4,731,930
Riverbed Technology Inc. *	104,800	3,759,176
		15,691,692
CONSTRUCTION & ENGINEERING—0.8%
Aecom Technology Corp.*	101,795	2,979,540
DATA PROCESSING & OUTSOURCED SERVICES—1.5%
FleetCor Technologies Inc. *	37,200	1,116,000
Wright Express Corp. *	92,975	4,399,577
		5,515,577

	SHARES	VALUE
COMMON STOCKS—(CONT.)
DISTRIBUTORS—1.2%
LKQ Corp.*	178,670	$	4,316,667
DIVERSIFIED CHEMICALS—0.8%
Solutia Inc.*	114,200	2,674,564
EDUCATION SERVICES—0.6%
American Public Education Inc.*	63,300	2,124,348
ELECTRIC UTILITIES—1.2%
ITC Holdings Corp.	63,200	4,152,240
ELECTRICAL COMPONENTS & EQUIPMENT—2.3%
GrafTech International Ltd. *	207,600	4,359,600
Woodward Governor Co.	112,760	3,802,831
		8,162,431
ELECTRONIC COMPONENTS—0.5%
Aeroflex Holding Corp.*	110,200	1,729,038
ENVIRONMENTAL & FACILITIES SERVICES—3.2%
Clean Harbors, Inc. *	44,000	3,961,760
Tetra Tech Inc. *	125,400	2,902,383
Waste Connections Inc.	153,150	4,436,756
		11,300,899
FOOD DISTRIBUTORS—0.9%
United Natural Foods Inc.*	84,400	3,122,800
FOOD RETAIL—0.4%
Fresh Market Inc., /The*	34,800	1,279,596
FOREST PRODUCTS—0.6%
Louisiana-Pacific Corp.*	210,100	2,109,404
GOLD—0.5%
Gammon Gold Inc.*	257,900	1,941,987
HEALTH CARE EQUIPMENT—3.6%
Arthrocare Corp. *	57,600	1,612,224
Insulet Corp. *	173,800	2,959,814
MAKO Surgical Corp. *	137,200	2,129,344
Sirona Dental Systems Inc. *	46,500	2,037,165
Thoratec Corp. *	97,728	2,305,403
Wright Medical Group Inc. *	122,800	1,824,808
		12,868,758
HEALTH CARE FACILITIES—0.8%
Healthsouth Corp. *	42,400	959,088
LifePoint Hospitals Inc. *	50,500	1,777,600
		2,736,688
HEALTH CARE SERVICES—2.1%
Catalyst Health Solutions, Inc. *	92,100	3,997,140
Gentiva Health Services Inc. *	109,600	2,522,992
HMS Holdings Corp. *	14,800	952,232
		7,472,364
HEALTH CARE TECHNOLOGY—2.2%
MedAssets Inc. *	190,000	3,729,700
Medidata Solutions Inc. *	170,700	4,258,965
		7,988,665

	SHARES	VALUE
COMMON STOCKS—(CONT.)
HOME FURNISHING RETAIL—0.9%
Williams-Sonoma Inc.	100,300	$	3,229,660
HOME FURNISHINGS—0.4%
Ethan Allen Interiors Inc.	63,579	1,424,170
HOTELS RESORTS & CRUISE LINES—2.0%
Gaylord Entertainment Co. *	113,400	3,780,756
Interval Leisure Group *	214,500	3,361,215
		7,141,971
HOUSEWARES & SPECIALTIES—1.0%
Tupperware Brands Corp.	80,400	3,678,300
HUMAN RESOURCE & EMPLOYMENT SERVICES—1.1%
Towers Watson & Co.	71,700	3,909,801
INDUSTRIAL MACHINERY—4.0%
Actuant Corp., Cl. A	161,240	4,471,185
Barnes Group Inc.	161,600	3,202,912
Clarcor Inc.	59,100	2,551,938
RBC Bearings Inc. *	122,100	4,245,417
		14,471,452
INTERNET RETAIL—1.2%
Shutterfly Inc.*	123,000	4,094,670
INTERNET SOFTWARE & SERVICES—5.0%
Ancestry.com Inc. *	97,500	3,471,000
GSI Commerce Inc. *	143,349	3,302,761
LogMeIn, Inc. *	93,700	3,610,261
OpenTable Inc. *	51,800	4,072,516
VistaPrint Ltd. *	68,000	3,443,520
		17,900,058
INVESTMENT BANKING & BROKERAGE—1.2%
FXCM Inc. *	96,600	1,310,862
Greenhill & Co., Inc.	40,700	2,825,394
		4,136,256
IT CONSULTING & OTHER SERVICES—0.5%
SRA International, Inc., Cl. A*	63,600	1,696,848
LEISURE FACILITIES—0.8%
Life Time Fitness Inc.*	73,375	2,926,195
LEISURE PRODUCTS—1.3%
Carter’s Inc. *	25,500	706,350
Vera Bradley Inc. *	43,200	1,485,864
Warnaco Group Inc., /The *	49,600	2,533,568
		4,725,782
LIFE SCIENCES TOOLS & SERVICES—2.0%
Bruker Corp. *	207,200	3,626,000
Parexel International Corp. *	153,808	3,569,884
		7,195,884
MANAGED HEALTH CARE—1.0%
Amerigroup Corp.*	67,300	3,524,501
METAL & GLASS CONTAINERS—0.9%
Silgan Holdings Inc.	89,270	3,332,449

	SHARES	VALUE
COMMON STOCKS—(CONT.)
NETWORKING EQUIPMENT—0.5%
Fortinet Inc.*	46,300	$	1,780,235
OFFICE SERVICES & SUPPLIES—0.3%
American Reprographics Co.*	128,300	1,035,381
OIL & GAS EQUIPMENT & SERVICES—1.8%
Cal Dive International Inc. *	235,100	1,443,514
Complete Production Services I *	40,400	1,128,776
Dril-Quip Inc. *	25,220	1,944,966
Lufkin Industries Inc.	28,100	1,874,832
		6,392,088
OIL & GAS EXPLORATION & PRODUCTION—2.8%
Brigham Exploration Co. *	42,100	1,246,581
Energy XXI Bermuda Ltd. *	65,700	1,892,817
Kodiak Oil & Gas Corp. *	365,100	2,318,385
Quicksilver Resources Inc. *	94,800	1,422,948
Rosetta Resources Inc. *	52,900	2,113,355
Swift Energy Co. *	27,400	1,168,884
		10,162,970
PACKAGED FOODS & MEATS—1.2%
Diamond Foods, Inc.	36,000	1,791,720
Hain Celestial Group Inc. *	98,420	2,620,925
		4,412,645
PHARMACEUTICALS—1.6%
Auxilium Pharmaceuticals Inc. *	120,900	2,743,221
Medicis Pharmaceutical Corp., Cl. A	121,600	3,092,288
		5,835,509
PRECIOUS METALS & MINERALS—0.6%
Stillwater Mining Co.*	95,000	2,059,600
PUBLISHING—0.8%
Valassis Communications Inc.*	92,000	2,791,280
RAILROADS—1.0%
Genesee & Wyoming Inc., Cl. A*	69,200	3,581,100
REGIONAL BANKS—1.8%
Investors Bancorp, Inc. *	111,900	1,490,508
Signature Bank *	64,900	3,390,376
Susquehanna Bancshares Inc.	72,900	696,924
Texas Capital Bancshares Inc. *	32,500	792,675
		6,370,483
REINSURANCE—0.4%
Platinum Underwriters Holdings Ltd.	32,000	1,414,400
RESEARCH & CONSULTING SERVICES—1.6%
ICF International Inc. *	94,300	2,273,101
Resources Connection Inc.	164,700	3,300,588
		5,573,689
RESTAURANTS—2.0%
Cheesecake Factory Inc., /The *	103,500	3,054,285
McCormick & Schmick’s Seafood Restaurants Inc. *	189,935	1,709,415
Sonic Corp. *	252,001	2,416,689
		7,180,389

	SHARES		VALUE
COMMON STOCKS—(CONT.)
SECURITY & ALARM SERVICES—1.1%
Geo Group Inc., /The*	168,970		$	4,016,417
SEMICONDUCTOR EQUIPMENT—1.3%
Novellus Systems Inc.*	125,800		4,537,606
SEMICONDUCTORS—4.5%
Applied Micro Circuits Corporation *	276,700		2,722,728
Atheros Communications Inc. *	81,525		3,635,200
Mellanox Technologies Ltd. *	108,861		2,977,348
Monolithic Power Systems Inc. *	137,900		2,022,993
Netlogic Microsystems Inc. *	102,100		3,559,206
RF Micro Devices Inc. *	184,500		1,239,840
			16,157,315
SPECIALIZED CONSUMER SERVICES—0.8%
Sotheby’s	71,600		2,885,480
SPECIALTY CHEMICALS—2.0%
Kraton Performance Polymers Inc. *	85,800		2,693,262
Rockwood Holdings Inc. *	112,600		4,570,434
			7,263,696
SPECIALTY STORES—2.2%
OfficeMax Inc. *	62,300		1,001,161
Ulta Salon, Cosmetics & Fragrance, Inc. *	112,500		4,167,000
Vitamin Shoppe Inc. *	80,000		2,538,400
			7,706,561
THRIFTS & MORTGAGE FINANCE—0.2%
Northwest Bancshares Inc.	78,500		919,628
TOTAL COMMON STOCKS (Cost $287,572,732)			352,930,377
Total Investments (Cost $287,572,732)(a)	98.8	%	352,930,377
Other Assets in Excess of Liabilities	1.2		4,171,142
NET ASSETS	100.0	%	$	357,101,519

‡	Securities classified as Level 1 for ASC 820 disclosure purposes based on valuation inputs unless otherwise noted.
*	Non-income producing security.
#	American Depository Receipts.
(a)	At January 31, 2011, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $287,936,893 amounted to $64,993,484 which consisted of aggregate gross unrealized appreciation of $76,353,635 and aggregate gross unrealized depreciation of $11,360,151.

See Notes to Schedule of Investments.

THE ALGER FUNDS  |  ALGER GROWTH OPPORTUNITIES FUND

Schedule of Investments‡  (Unaudited) January 31, 2011

	SHARES	VALUE
COMMON STOCKS—96.2%
ADVERTISING—1.2%
Focus Media Holding Ltd. #*	4,950	$	123,305
Interpublic Group of Cos., Inc., /The *	7,735	82,687
		205,992
AEROSPACE & DEFENSE—1.9%
AAR Corp. *	5,630	150,828
Esterline Technologies Corp. *	2,425	172,611
		323,439
APPAREL RETAIL—1.6%
AnnTaylor Stores Corp. *	6,625	146,545
Childrens Place Retail Stores Inc., /The *	2,775	116,245
		262,790
APPLICATION SOFTWARE—6.4%
BroadSoft Inc. *	4,980	137,996
Concur Technologies Inc. *	2,110	107,673
Informatica Corp. *	4,350	201,840
Mentor Graphics Corp. *	8,195	104,363
Nice Systems Ltd. #*	2,110	69,039
QLIK Technologies Inc. *	5,685	131,949
RealPage Inc. *	4,320	118,325
VanceInfo Technologies Inc. #*	3,540	123,546
Verint Systems Inc. *	2,490	85,806
		1,080,537
ASSET MANAGEMENT & CUSTODY BANKS—2.3%
Affiliated Managers Group Inc. *	1,620	164,964
Fortress Investment Group LLC *	21,155	115,295
Janus Capital Group Inc.	8,010	103,409
		383,668
AUTO PARTS & EQUIPMENT—1.0%
Dana Holding Corp.*	9,410	168,627
BIOTECHNOLOGY—3.2%
Alexion Pharmaceuticals Inc. *	1,380	115,671
Human Genome Sciences Inc. *	4,730	114,750
InterMune Inc. *	2,845	106,318
Optimer Pharmaceuticals Inc. *	10,390	114,290
United Therapeutics Corp. *	1,315	89,394
		540,423
CABLE & SATELLITE—0.8%
Sirius XM Radio Inc.*	87,470	141,264
CASINOS & GAMING—0.4%
WMS Industries Inc.*	1,790	75,090
COAL & CONSUMABLE FUELS—1.0%
Arch Coal Inc.	2,575	88,194
Patriot Coal Corp. *	3,155	82,566
		170,760
COMMUNICATIONS EQUIPMENT—3.5%
Aruba Networks Inc. *	5,345	115,185
Ciena Corp. *	2,825	62,235
Finisar Corp. *	5,720	190,476
JDS Uniphase Corp. *	6,915	117,347

	SHARES	VALUE
COMMON STOCKS—(CONT.)
COMMUNICATIONS EQUIPMENT—(CONT.)
Riverbed Technology Inc. *	3,090	$	110,838
		596,081
CONSTRUCTION & ENGINEERING—0.7%
Aecom Technology Corp.*	4,230	123,812
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—0.9%
AGCO Corp.*	2,785	141,200
DISTRIBUTORS—0.9%
LKQ Corp.*	6,025	145,564
DIVERSIFIED CHEMICALS—0.7%
Solutia Inc.*	5,015	117,451
DIVERSIFIED METALS & MINING—0.5%
Walter Energy, Inc.	655	85,327
EDUCATION SERVICES—0.5%
American Public Education Inc.*	2,430	81,551
ELECTRIC UTILITIES—0.8%
ITC Holdings Corp.	2,180	143,226
ELECTRICAL COMPONENTS & EQUIPMENT—3.1%
AMETEK Inc.	4,162	169,727
GrafTech International Ltd. *	6,875	144,375
Thomas & Betts Corp. *	1,385	71,175
Woodward Governor Co.	4,000	134,900
		520,177
ELECTRONIC COMPONENTS—1.6%
Aeroflex Holding Corp. *	4,825	75,704
Fabrinet *	8,360	200,222
		275,926
ELECTRONIC MANUFACTURING SERVICES—1.0%
Trimble Navigation Ltd.*	3,540	163,123
ENVIRONMENTAL & FACILITIES SERVICES—1.7%
Clean Harbors, Inc. *	1,645	148,116
Waste Connections Inc.	4,545	131,668
		279,784
FOOD DISTRIBUTORS—0.7%
United Natural Foods Inc.*	3,190	118,030
FOOD RETAIL—0.5%
Fresh Market Inc., /The*	2,330	85,674
FOREST PRODUCTS—0.6%
Louisiana-Pacific Corp.*	10,020	100,601
GENERAL MERCHANDISE STORES—1.0%
Dollar Tree Inc.*	3,332	168,533
GOLD—0.5%
Gammon Gold Inc.*	11,990	90,285
HEALTH CARE EQUIPMENT—2.8%
HeartWare International Inc. *	1,515	140,910
Insulet Corp. *	7,155	121,850
MAKO Surgical Corp. *	5,345	82,954

	SHARES	VALUE
COMMON STOCKS—(CONT.)
HEALTH CARE EQUIPMENT—(CONT.)
Sirona Dental Systems Inc. *	2,710	$	118,725
		464,439
HEALTH CARE FACILITIES—0.7%
Universal Health Services Inc., Cl. B	3,015	126,932
HEALTH CARE SERVICES—0.8%
Catalyst Health Solutions, Inc.*	3,315	143,871
HEALTH CARE TECHNOLOGY—1.7%
MedAssets Inc. *	6,695	131,423
Medidata Solutions Inc. *	6,390	159,430
		290,853
HOME FURNISHING RETAIL—0.7%
Williams-Sonoma Inc.	3,815	122,843
HOME FURNISHINGS—0.5%
Ethan Allen Interiors Inc.	3,750	84,000
HOTELS RESORTS & CRUISE LINES—2.1%
eLong Inc. #*	6,525	109,946
Gaylord Entertainment Co. *	3,365	112,189
Interval Leisure Group *	8,425	132,020
		354,155
HOUSEHOLD PRODUCTS—0.7%
Church & Dwight Co., Inc.	1,645	113,192
INDUSTRIAL MACHINERY—3.8%
Actuant Corp., Cl. A	5,080	140,869
Barnes Group Inc.	4,860	96,325
Clarcor Inc.	2,835	122,415
RBC Bearings Inc. *	3,865	134,386
SPX Corp.	1,920	150,490
		644,485
INTERNET RETAIL—1.1%
Shutterfly Inc.*	5,490	182,762
INTERNET SOFTWARE & SERVICES—6.9%
Ancestry.com Inc. *	4,020	143,112
GSI Commerce Inc. *	5,415	124,762
IAC/InterActiveCorp. *	4,415	124,900
LogMeIn, Inc. *	3,895	150,074
OpenTable Inc. *	2,115	166,281
SPS Commerce Inc. *	12,405	196,930
support.com Inc. *	26,945	149,275
VistaPrint Ltd. *	2,180	110,395
		1,165,729
INVESTMENT BANKING & BROKERAGE—0.8%
Greenhill & Co., Inc.	1,940	134,675
IT CONSULTING & OTHER SERVICES—0.7%
Booz Allen Hamilton Holding Co.*	6,180	115,319
LEISURE FACILITIES—0.7%
Life Time Fitness Inc.*	3,135	125,024
LEISURE PRODUCTS—1.4%
Phillips-Van Heusen Corp.	2,160	126,079

	SHARES	VALUE
COMMON STOCKS—(CONT.)
LEISURE PRODUCTS—(CONT.)
Vera Bradley Inc. *	3,120	$	107,313
		233,392
LIFE SCIENCES TOOLS & SERVICES—0.8%
Parexel International Corp.*	5,645	131,021
MANAGED HEALTH CARE—1.8%
Amerigroup Corp. *	3,065	160,514
Coventry Health Care Inc. *	4,555	136,513
		297,027
METAL & GLASS CONTAINERS—0.8%
Silgan Holdings Inc.	3,550	132,521
NETWORKING EQUIPMENT—0.6%
Fortinet Inc.*	2,740	105,353
OFFICE SERVICES & SUPPLIES—0.4%
American Reprographics Co.*	8,600	69,402
OIL & GAS EQUIPMENT & SERVICES—1.5%
Complete Production Services I *	1,842	51,465
Dril-Quip Inc. *	1,305	100,642
Subsea 7 SA	4,075	99,837
		251,944
OIL & GAS EXPLORATION & PRODUCTION—2.7%
Concho Resources Inc. *	750	72,188
Kodiak Oil & Gas Corp. *	13,585	86,265
Plains Exploration & Production Co. *	3,320	117,528
Quicksilver Resources Inc. *	3,850	57,788
Resolute Entergy Corp. *	6,340	114,754
		448,523
PACKAGED FOODS & MEATS—1.2%
Diamond Foods, Inc.	2,015	100,287
Hain Celestial Group Inc. *	3,770	100,395
		200,682
PHARMACEUTICALS—2.0%
Auxilium Pharmaceuticals Inc. *	5,305	120,370
Cadence Pharmaceuticals Inc. *	8,940	69,419
Mylan Inc. *	6,080	140,813
		330,602
PRECIOUS METALS & MINERALS—0.5%
Stillwater Mining Co.*	3,885	84,227
PUBLISHING—0.5%
Valassis Communications Inc.*	2,880	87,379
RAILROADS—0.8%
Genesee & Wyoming Inc., Cl. A*	2,675	138,431
REAL ESTATE SERVICES—1.0%
CB Richard Ellis Group, Inc.*	7,915	175,634
REGIONAL BANKS—1.1%
Investors Bancorp, Inc. *	4,955	66,001
Signature Bank *	2,205	115,189
		181,190

	SHARES		VALUE
COMMON STOCKS—(CONT.)
RESEARCH & CONSULTING SERVICES—1.5%
ICF International Inc. *	4,590		$	110,642
IHS Inc., Cl. A *	1,790		146,708
			257,350
RESTAURANTS—1.1%
Country Style Cooking Restaurant #*	3,325		77,805
Sonic Corp. *	11,295		108,319
			186,124
RETAIL REITS—0.6%
Macerich Co., /The	2,085		101,456
SECURITY & ALARM SERVICES—0.7%
Geo Group Inc., /The*	4,815		114,453
SEMICONDUCTOR EQUIPMENT—1.1%
Novellus Systems Inc.*	4,955		178,727
SEMICONDUCTORS—5.6%
Applied Micro Circuits Corporation *	7,705		75,817
Atheros Communications Inc. *	2,810		125,298
Atmel Corp. *	7,895		106,898
Mellanox Technologies Ltd. *	5,260		143,861
Netlogic Microsystems Inc. *	4,335		151,118
ON Semiconductor Corp. *	11,050		122,103
Skyworks Solutions Inc. *	6,575		208,888
			933,983
SPECIALIZED CONSUMER SERVICES—1.2%
Sotheby’s	3,000		120,900
Steiner Leisure Ltd. *	1,740		77,117
			198,017
SPECIALTY CHEMICALS—1.7%
Kraton Performance Polymers Inc. *	4,135		129,798
Rockwood Holdings Inc. *	3,935		159,721
			289,519
SPECIALTY STORES—0.7%
Vitamin Shoppe Inc.*	3,580		113,593
SYSTEMS SOFTWARE—0.5%
MICROS Systems Inc.*	1,840		84,162
THRIFTS & MORTGAGE FINANCE—0.4%
Northwest Bancshares Inc.	5,595		65,545
WIRELESS TELECOMMUNICATION SERVICES—1.0%
SBA Communications Corp.*	4,130		168,504
TOTAL COMMON STOCKS (Cost $12,080,656)			16,215,975
Total Investments (Cost $12,080,656)(a)	96.2	%	16,215,975
Other Assets in Excess of Liabilities	3.8		634,952
NET ASSETS	100.0	%	$	16,850,927

‡ Securities classified as Level 1 for ASC 820 disclosure purposes based on valuation inputs unless otherwise

	noted.
*	Non-income producing security.
#	American Depository Receipts.
(a)	At January 31, 2011, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $12,142,805 amounted to $4,073,170 which consisted of aggregate gross unrealized appreciation of $4,239,353 and aggregate gross unrealized depreciation of $166,183.

See Notes to Schedule of Investments.

THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND

Schedule of Investments‡ (Unaudited) January 31, 2011

	SHARES	VALUE
COMMON STOCKS—84.1%
BIOTECHNOLOGY—15.4%
Acorda Therapeutics Inc. *	39,550	$	868,123
Alexion Pharmaceuticals Inc. *	28,600	2,397,252
Arqule Inc. *	446,200	2,735,206
Cephalon Inc. *	94,050	5,556,474
Cubist Pharmaceuticals Inc. *	107,600	2,360,744
Human Genome Sciences Inc. *	322,750	7,829,915
InterMune Inc. *	61,850	2,311,334
Optimer Pharmaceuticals Inc. *	751,560	8,267,160
Savient Pharmaceuticals Inc. *	132,100	1,219,283
United Therapeutics Corp. *	33,200	2,256,936
		35,802,427
DRUG RETAIL—2.9%
CVS Caremark Corp.	197,400	6,751,080
HEALTH CARE EQUIPMENT—14.4%
Arthrocare Corp. *	58,850	1,647,211
Covidien PLC	57,000	2,705,790
Edwards Lifesciences Corp. *	42,500	3,582,325
Hospira Inc. *	50,200	2,772,546
Insulet Corp. *	107,960	1,838,559
Intuitive Surgical Inc. *	18,100	5,844,671
Kinetic Concepts Inc. *	60,050	2,770,107
MAKO Surgical Corp. *	146,750	2,277,560
Medtronic Inc.	63,000	2,414,160
Stryker Corp.	79,250	4,561,630
Thoratec Corp. *	59,950	1,414,220
Wright Medical Group Inc. *	108,300	1,609,338
		33,438,117
HEALTH CARE FACILITIES—2.9%
Community Health Systems Inc. *	39,450	1,385,484
LifePoint Hospitals Inc. *	31,850	1,121,120
Select Medical Holdings Corp. *	250,000	1,685,000
Universal Health Services Inc., Cl. B	59,350	2,498,635
		6,690,239
HEALTH CARE SERVICES—0.5%
Express Scripts Inc.*	20,100	1,132,233
HEALTH CARE SUPPLIES—0.7%
Align Technology Inc.*	73,800	1,537,254
HEALTH CARE TECHNOLOGY—2.5%
MedAssets Inc. *	60,000	1,177,800
Medidata Solutions Inc. *	186,700	4,658,165
		5,835,965
INDUSTRIAL MACHINERY—0.8%
Pall Corp.	34,450	1,908,875
LIFE SCIENCES TOOLS & SERVICES—7.2%
Affymetrix Inc. *	160,165	776,800
Bruker Corp. *	146,500	2,563,750
Charles River Laboratories International Inc. *	31,150	1,194,603
Illumina Inc. *	54,630	3,788,044
Parexel International Corp. *	121,733	2,825,423

	SHARES		VALUE
COMMON STOCKS—(CONT.)
LIFE SCIENCES TOOLS & SERVICES—(CONT.)
Thermo Fisher Scientific Inc. *	96,600		$	5,532,282
			16,680,902
MANAGED HEALTH CARE—6.6%
Aetna Inc.	140,450		4,626,423
CIGNA Corp.	85,450		3,590,609
Humana Inc. *	31,100		1,802,867
UnitedHealth Group Inc.	31,200		1,280,760
WellPoint Inc. *	62,950		3,910,454
			15,211,113
PHARMACEUTICALS—30.2%
Abbott Laboratories	116,450		5,258,882
Allergan Inc.	84,500		5,966,545
Auxilium Pharmaceuticals Inc. *	305,528		6,932,430
Bristol-Myers Squibb Co.	134,600		3,389,228
Cadence Pharmaceuticals Inc. *	94,500		733,793
Forest Laboratories Inc. *	102,450		3,305,037
GlaxoSmithKline PLC #	90,000		3,269,700
Johnson & Johnson	42,150		2,519,305
Medicis Pharmaceutical Corp., Cl. A	161,590		4,109,234
Mylan Inc. *	262,850		6,087,606
Pfizer Inc.	403,650		7,354,503
Roche Holding AG	50,200		7,635,951
Sanofi-Aventis SA #	64,450		2,217,725
Shire PLC #	104,650		8,299,791
Valeant Pharmaceuticals International Inc.	81,654		2,982,821
			70,062,551
TOTAL COMMON STOCKS (Cost $177,711,444)			195,050,756
CONVERTIBLE PREFERRED STOCK—0.7%
BIOTECHNOLOGY—0.7%
Merrimack Pharmaceuticals Inc., Cl. B-10, *,(L3),(a)	34,186		197,868
Merrimack Pharmaceuticals Inc., Cl. B-3, *,(L3),(b)	3,418		19,783
Merrimack Pharmaceuticals Inc., Cl. B-4, *,(L3),(c)	102,471		593,102
Merrimack Pharmaceuticals Inc., Cl. B-7, *,(L3),(a)	34,186		197,869
Merrimack Pharmaceuticals Inc., Cl. C-2, *,(L3),(d)	181,700		681,375
			1,689,997
TOTAL CONVERTIBLE PREFERRED STOCK (Cost $1,689,998)			1,689,997
Total Investments (Cost $179,401,442)(e)	84.8	%	196,740,753
Other Assets in Excess of Liabilities	15.2		35,195,655
NET ASSETS	100.0	%	$	231,936,408

‡	Securities classified as Level 1 for ASC 820 disclosure purposes based on valuation inputs unless otherwise noted.
*	Non-income producing security.

#	American Depository Receipts.
(a)	Restricted Security - Investment in security not registered under the Securities Act of 1933. The investment is deemed to be illiquid and may be sold only to qualified institutional buyers.  Security was acquired on August 25, 2010 for a cost of $197,869 and represents 0.1% of the net assets of the Fund.
(b)	Restricted Security - Investment in security not registered under the Securities Act of 1933. The investment is deemed to be illiquid and may be sold only to qualified institutional buyers.  Security was acquired on August 25, 2010 for a cost of $19,783 and represents 0.0% of the net assets of the Fund.
(c)	Restricted Security - Investment in security not registered under the Securities Act of 1933. The investment is deemed to be illiquid and may be sold only to qualified institutional buyers.  Security was acquired on August 25, 2010 for a cost of $593,102 and represents 0.3% of the net assets of the Fund.
(d)	Restricted Security - Investment in security not registered under the Securities Act of 1933. The investment is deemed to be illiquid and may be sold only to qualified institutional buyers.  Security was acquired on August 25, 2010 for a cost of $681,375 and represents 0.3% of the net assets of the Fund.
(e)	At January 31, 2011, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $180,326,661 amounted to $16,414,092 which consisted of aggregate gross unrealized appreciation of $25,137,049 and aggregate gross unrealized depreciation of $8,722,957.
(L3)	Security classified as Level 3 for ASC 820 disclosure purposes based on valuation inputs.

See Notes to Schedule of Investments.

THE ALGER FUNDS | ALGER BALANCED FUND

Schedule of Investments‡ (Unaudited) January 31, 2011

	SHARES	VALUE
COMMON STOCKS—51.1%
ADVERTISING—0.3%
Focus Media Holding Ltd.#*	6,200	$	154,442
AEROSPACE & DEFENSE—1.3%
BE Aerospace Inc. *	4,200	162,498
Boeing Co., /The	2,720	188,986
General Dynamics Corp.	4,000	301,600
ITT Corp.	2,410	141,997
		795,081
AIR FREIGHT & LOGISTICS—1.0%
FedEx Corp.	3,200	289,024
United Parcel Service Inc., Cl. B	4,300	307,966
		596,990
APPLICATION SOFTWARE—0.5%
Adobe Systems Inc. *	4,400	145,420
Intuit Inc. *	3,000	140,790
		286,210
ASSET MANAGEMENT & CUSTODY BANKS—0.5%
BlackRock Inc.	1,000	198,020
Invesco Ltd.	5,000	123,700
		321,720
AUTO PARTS & EQUIPMENT—0.2%
Visteon Corp.*	1,700	119,408
AUTOMOBILE MANUFACTURERS—0.1%
General Motors Co.*	1,700	62,033
BIOTECHNOLOGY—0.8%
Celgene Corp. *	2,700	139,131
Cephalon Inc. *	3,300	194,964
Human Genome Sciences Inc. *	7,000	169,820
		503,915
BROADCASTING & CABLE TV—0.1%
Discovery Communications Inc., Series C*	2,400	81,504
CABLE & SATELLITE—0.4%
Comcast Corp., Cl. A	7,500	160,800
Sirius XM Radio Inc. *	54,500	88,018
		248,818
CASINOS & GAMING—0.2%
International Game Technology	7,600	130,492
COAL & CONSUMABLE FUELS—0.4%
Peabody Energy Corp.	3,800	240,996
COMMUNICATIONS EQUIPMENT—2.0%
Brocade Communications Systems Inc. *	22,200	125,208
Cisco Systems Inc. *	26,155	553,178
Corning Inc.	6,700	148,807
Qualcomm Inc.	6,900	373,497
		1,200,690
COMPUTER & ELECTRONICS RETAIL—0.2%
GameStop Corp., Cl. A*	5,800	122,206

	SHARES	VALUE
COMMON STOCKS—(CONT.)
COMPUTER HARDWARE—3.2%
Apple Inc. *	3,965	$	1,345,404
Hewlett-Packard Co.	12,800	584,832
		1,930,236
COMPUTER STORAGE & PERIPHERALS—0.9%
EMC Corp. *	17,300	430,597
NetApp Inc. *	2,300	125,879
		556,476
CONSTRUCTION & ENGINEERING—0.5%
Fluor Corp.	2,400	166,056
Foster Wheeler AG *	3,700	136,197
		302,253
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—0.9%
Caterpillar Inc.	2,600	252,226
Deere & Co.	2,000	181,800
Joy Global Inc.	1,700	148,206
		582,232
DATA PROCESSING & OUTSOURCED SERVICES—0.5%
Mastercard Inc.	1,200	283,812
DISTILLERS & VINTNERS—0.1%
Diageo PLC#	1,000	76,800
DIVERSIFIED BANKS—0.4%
Wells Fargo & Co.	7,700	249,634
DIVERSIFIED CHEMICALS—0.3%
EI Du Pont de Nemours & Co.	3,500	177,380
DIVERSIFIED METALS & MINING—0.3%
Cliffs Natural Resources Inc.	2,200	188,012
DRUG RETAIL—0.5%
CVS Caremark Corp.	8,000	273,600
ENVIRONMENTAL & FACILITIES SERVICES—0.2%
Republic Services Inc.	3,500	107,940
EXCHANGE TRADED FUNDS—0.2%
iShares Barclays TIPS Bond Fund	878	94,420
FERTILIZERS & AGRICULTURAL CHEMICALS—0.6%
Monsanto Co.	2,300	168,774
Mosaic Co., /The	900	72,936
Potash Corporation of Saskatchewan Inc.	900	160,002
		401,712
FINANCIALS—1.0%
iPATH S&P 500 VIX Short-Term Futures ETN *	5,434	174,105
iShares FTSE China 25 Index Fund	10,123	430,734
		604,839
FOOTWEAR—0.2%
NIKE Inc., Cl. B	1,700	140,216
GENERAL MERCHANDISE STORES—0.4%
Target Corp.	4,100	224,803
GOLD—0.5%
Goldcorp Inc.	3,800	152,798

	SHARES	VALUE
COMMON STOCKS—(CONT.)
GOLD—(CONT.)
Yamana Gold Inc.	11,600	$	131,080
		283,878
HEALTH CARE EQUIPMENT—0.3%
Covidien PLC	2,100	99,687
Medtronic Inc.	2,100	80,472
		180,159
HEALTH CARE SUPPLIES—0.2%
Inverness Medical Innovation*	2,100	82,257
HOME ENTERTAINMENT SOFTWARE—0.3%
Electronic Arts Inc. *	6,500	101,335
Take-Two Interactive Software Inc. *	6,000	74,850
		176,185
HOME IMPROVEMENT RETAIL—0.3%
Lowe’s Companies, Inc.	6,500	161,200
HOMEBUILDING—0.5%
Toll Brothers Inc.*	15,700	317,768
HOTELS RESORTS & CRUISE LINES—0.2%
Carnival Corp.	2,200	98,362
HOUSEHOLD PRODUCTS—0.7%
Procter & Gamble Co., /The	6,325	399,297
HOUSEWARES & SPECIALTIES—0.2%
American Greetings Corp., Cl. A	5,600	121,688
HYPERMARKETS & SUPER CENTERS—0.6%
Wal-Mart Stores Inc.	6,100	342,027
INDUSTRIAL CONGLOMERATES—1.4%
3M Co.	3,700	325,304
General Electric Co.	10,400	209,456
McDermott International Inc. *	6,000	124,680
Tyco International Ltd.	4,400	197,252
		856,692
INDUSTRIAL GASES—0.2%
Praxair Inc.	1,400	130,256
INTEGRATED OIL & GAS—2.3%
Chevron Corp.	4,900	465,157
Exxon Mobil Corp.	9,700	782,596
Petroleo Brasileiro SA #	5,000	183,650
		1,431,403
INTEGRATED TELECOMMUNICATION SERVICES—0.1%
Verizon Communications Inc.	2,300	81,926
INTERNET RETAIL—0.8%
Amazon.com Inc. *	1,500	254,460
Expedia Inc.	9,700	244,052
		498,512
INTERNET SOFTWARE & SERVICES—1.9%
eBay Inc. *	8,890	269,900
Google Inc., Cl. A *	905	543,326
Mixi Inc. *	15	77,312

	SHARES	VALUE
COMMON STOCKS—(CONT.)
INTERNET SOFTWARE & SERVICES—(CONT.)
Yahoo! Inc. *	16,400	$	264,368
		1,154,906
INVESTMENT BANKING & BROKERAGE—1.4%
Charles Schwab Corp., /The	10,400	187,720
Goldman Sachs Group Inc., /The	1,100	179,982
Lazard Ltd., Cl. A	5,730	239,056
Morgan Stanley	7,800	229,320
		836,078
IT CONSULTING & OTHER SERVICES—1.3%
Cognizant Technology Solutions Corp., Cl. A *	2,200	160,490
International Business Machines Corp.	3,800	615,600
		776,090
LEISURE PRODUCTS—0.2%
Coach Inc.	2,600	140,634
LIFE & HEALTH INSURANCE—0.6%
MetLife Inc.	3,100	141,887
Prudential Financial Inc.	3,200	196,832
		338,719
LIFE SCIENCES TOOLS & SERVICES—0.4%
Thermo Fisher Scientific Inc.*	4,300	246,261
MANAGED HEALTH CARE—0.8%
Aetna Inc.	5,100	167,994
CIGNA Corp.	2,000	84,040
UnitedHealth Group Inc.	4,200	172,410
WellPoint Inc. *	1,300	80,756
		505,200
METAL & GLASS CONTAINERS—0.2%
Owens-Illinois Inc.*	4,300	126,807
MOVIES & ENTERTAINMENT—1.0%
Live Nation Entertainment Inc. *	6,600	68,640
Regal Entertainment Group, Cl. A	4,600	55,936
Time Warner Inc.	8,600	270,470
Viacom Inc., Cl. B	5,500	228,525
		623,571
OFFICE REITS—0.2%
Digital Realty Trust Inc.	2,500	136,000
OIL & GAS DRILLING—0.3%
Transocean Ltd.*	2,216	177,125
OIL & GAS EQUIPMENT & SERVICES—1.4%
Cameron International Corp. *	5,900	314,470
Schlumberger Ltd.	4,700	418,253
Weatherford International Ltd. *	4,100	97,252
		829,975
OIL & GAS EXPLORATION & PRODUCTION—1.3%
Anadarko Petroleum Corp.	2,400	184,992
Chesapeake Energy Corp.	7,100	209,663
Devon Energy Corp.	1,500	133,035
Nexen Inc.	2,900	72,935

	SHARES	VALUE
COMMON STOCKS—(CONT.)
OIL & GAS EXPLORATION & PRODUCTION—(CONT.)
Plains Exploration & Production Co. *	4,800	$	169,920
		770,545
OIL & GAS STORAGE & TRANSPORTATION—0.5%
El Paso Pipeline Partners LP	5,100	177,123
Enterprise Products Partners LP	3,500	152,460
		329,583
OTHER DIVERSIFIED FINANCIAL SERVICES—1.3%
Bank of America Corp.	23,200	318,536
Citigroup Inc. *	16,400	79,048
JPMorgan Chase & Co.	9,200	413,448
		811,032
PACKAGED FOODS & MEATS—0.4%
Kraft Foods Inc., Cl. A	8,500	259,845
PAPER PRODUCTS—0.3%
International Paper Co.	6,700	193,496
PHARMACEUTICALS—2.7%
Abbott Laboratories	3,300	149,028
Bristol-Myers Squibb Co.	8,600	216,548
Johnson & Johnson	5,000	298,850
Merck & Co., Inc.	4,200	139,314
Mylan Inc. *	11,400	264,024
Pfizer Inc.	22,759	414,669
Shire PLC #	2,000	158,620
		1,641,053
PRECIOUS METALS & MINERALS—0.3%
Stillwater Mining Co.*	7,700	166,936
PROPERTY & CASUALTY INSURANCE—0.3%
Travelers Cos., Inc., /The	2,700	151,902
RAILROADS—0.2%
CSX Corp.	1,800	127,080
RESEARCH & CONSULTING SERVICES—0.2%
FTI Consulting Inc.*	3,600	131,292
RESTAURANTS—0.7%
Cheesecake Factory Inc., /The *	4,300	126,893
McDonald’s Corp.	3,700	272,579
		399,472
RETAIL REITS—0.3%
General Growth Properties Inc. *	3,472	51,420
Macerich Co., /The	2,100	102,186
		153,606
SEMICONDUCTOR EQUIPMENT—0.4%
Lam Research Corp. *	4,200	209,538
Novellus Systems Inc. *	1,700	61,319
		270,857
SEMICONDUCTORS—0.5%
Intel Corp.	14,900	319,754

	SHARES	VALUE
COMMON STOCKS—(CONT.)
SOFT DRINKS—1.3%
Coca-Cola Co., /The	5,000	$	314,250
Hansen Natural Corp. *	1,500	84,960
PepsiCo Inc.	6,300	405,153
		804,363
SPECIALIZED FINANCE—0.7%
CME Group Inc.	490	151,194
Hong Kong Exchanges and Clearing Ltd.	7,800	179,176
IntercontinentalExchange Inc. *	1,000	120,490
		450,860
SPECIALIZED REITS—0.3%
Weyerhaeuser Company	8,551	198,212
SPECIALTY STORES—0.3%
Staples Inc.	7,600	169,556
SYSTEMS SOFTWARE—1.3%
Check Point Software Technologies Ltd. *	1,600	71,280
Microsoft Corp.	16,000	443,600
Oracle Corp.	5,600	179,368
Symantec Corp. *	6,300	110,943
		805,191
TOBACCO—0.7%
Altria Group Inc.	5,915	139,062
Philip Morris International Inc.	5,515	315,678
		454,740
TRUCKING—0.3%
Hertz Global Holdings Inc.*	11,700	172,107
WIRELESS TELECOMMUNICATION SERVICES—0.3%
American Tower Corp., Cl. A*	3,000	152,580
TOTAL COMMON STOCKS (Cost $27,933,713)		31,045,908
	PRINCIPAL AMOUNT
CORPORATE BONDS—18.6%
AEROSPACE & DEFENSE—1.1%
Bombardier Inc., 7.75%, 3/15/20(L2)(a)	350,000	385,000
L-3 Communications Corp., 4.75%, 7/15/20(L2)	150,000	149,430
Northrop Grumman Corp., 1.85%, 11/15/15(L2)	150,000	144,611
		679,041
APPLICATION SOFTWARE—0.6%
Adobe Systems Inc., 4.75%, 2/1/20(L2)	350,000	356,426
CABLE & SATELLITE—0.2%
Cablevision Systems Corp., 7.75%, 4/15/18(L2)	100,000	106,500
COMMUNICATIONS EQUIPMENT—0.5%
Cisco Systems Inc., 4.95%, 2/15/19(L2)	125,000	135,169
Harris Corp., 4.40%, 12/15/20(L2)	150,000	151,745
		286,914
COMPUTER HARDWARE—1.2%
Hewlett-Packard Co., 3.75%, 12/1/20(L2)	350,000	338,990

	PRINCIPAL AMOUNT		VALUE
CORPORATE BONDS—(CONT.)
COMPUTER HARDWARE—(CONT.)
Hewlett-Packard Co., 6.13%, 3/1/14(L2)	$	350,000	$	396,457
			735,447
CONSUMER FINANCE—1.3%
Capital One Capital V, 10.25%, 8/15/39(L2)	700,000		761,250
DIVERSIFIED BANKS—0.6%
National Australia Bank Ltd., 1.70%, 12/10/13(L2)(a)	350,000		349,545
DIVERSIFIED CHEMICALS—0.5%
Dow Chemical Co., /The, 4.25%, 11/15/20(L2)	325,000		310,655
DIVERSIFIED METALS & MINING—0.3%
Anglo American Capital PLC, 9.38%, 4/8/14(L2)(a)	150,000		183,011
ELECTRIC UTILITIES—0.6%
Florida Power Corp., 5.80%, 9/15/17(L2)	300,000		340,890
ELECTRONIC MANUFACTURING SERVICES—0.7%
Jabil Circuit Inc., 5.63%, 12/15/20(L2)	425,000		421,813
HEALTH CARE EQUIPMENT—0.2%
St Jude Medical Inc., 2.50%, 1/15/16(L2)	150,000		148,982
HEALTH CARE SERVICES—0.6%
HCA Inc., 7.25%, 9/15/20(L2)	350,000		374,937
HOTELS RESORTS & CRUISE LINES—0.1%
Wyndham Worldwide Corp., 7.38%, 3/1/20(L2)	75,000		82,219
IT CONSULTING & OTHER SERVICES—0.5%
SAIC Inc., 4.45%, 12/1/20(L2)(a)	275,000		277,982
LIFE & HEALTH INSURANCE—0.6%
Lincoln National Corp., 8.75%, 7/1/19(L2)	150,000		188,930
Prudential Financial Inc., 8.88%, 6/15/38(L2)	150,000		176,396
			365,326
LIFE SCIENCES TOOLS & SERVICES—0.3%
Life Technologies Corp., 4.40%, 3/1/15(L2)	150,000		156,949
MOVIES & ENTERTAINMENT—0.2%
Time Warner Inc., 3.15%, 7/15/15(L2)	100,000		102,157
MULTI-LINE INSURANCE—0.1%
International Lease Finance Corp., 6.50%, 9/1/14(L2)(a)	75,000		80,363
MULTI-UTILITIES—0.9%
Consolidated Edison Co., of New York Inc., 5.30%, 12/1/16(L2)	475,000		534,771
OIL & GAS DRILLING—0.6%
Transocean Inc., 6.50%, 11/15/20(L2)	350,000		380,233
OIL & GAS EXPLORATION & PRODUCTION—1.3%
Anadarko Petroleum Corp., 6.38%, 9/15/17(L2)	350,000		386,515
Plains Exploration & Production Co., 7.63%, 4/1/20(L2)	350,000		379,750
			766,265
OIL & GAS STORAGE & TRANSPORTATION—0.4%
Inergy LP/Inergy Finance Corp., 7.00%, 10/1/18(L2)(a)	75,000		76,781
Williams Cos Inc., /The, 8.75%, 1/15/20(L2)	150,000		181,834
			258,615

	PRINCIPAL AMOUNT		VALUE
CORPORATE BONDS—(CONT.)
OTHER DIVERSIFIED FINANCIAL SERVICES—1.6%
Citigroup Inc., 8.50%, 5/22/19(L2)	$	350,000	$	429,183
JPMorgan Chase & Co., 7.90%, 4/30/49(L2)	500,000		543,111
			972,294
PACKAGED FOODS & MEATS—0.1%
Kraft Foods Inc., 6.75%, 2/19/14(L2)	75,000		85,613
PHARMACEUTICALS—1.2%
Mylan Inc., 6.00%, 11/15/18(L2(a)	350,000		357,875
Roche Holdings Inc., 5.00%, 3/1/14(L2)(a)	325,000		356,305
			714,180
PROPERTY & CASUALTY INSURANCE—0.5%
Liberty Mutual Group Inc., 7.80%, 3/15/37(L2)(a)	300,000		302,250
SEMICONDUCTORS—0.5%
Analog Devices Inc., 5.00%, 7/1/14(L2)	150,000		161,305
Broadcom Corp., 1.50%, 11/1/13(L2)(a)	150,000		148,321
			309,626
SPECIALIZED REITS—0.2%
Host Hotels & Resorts LP, 7.13%, 11/1/13(L2)	121,000		123,420
SPECIALTY CHEMICALS—0.5%
Sigma-Aldrich Corp., 3.38%, 11/1/20(L2)	350,000		327,594
SYSTEMS SOFTWARE—0.2%
Microsoft Corp., 3.00%, 10/1/20(L2)	150,000		140,927
WIRELESS TELECOMMUNICATION SERVICES—0.4%
American Tower Corp., 4.50%, 1/15/18(L2)	150,000		148,549
MetroPCS Wireless Inc., 7.88%, 9/1/18(L2)	75,000		78,234
			226,783
TOTAL CORPORATE BONDS (Cost $10,596,698)			11,262,978
ASSET BACKED SECURITIES—0.7%
MULTI-UTILITIES—0.3%
CenterPoint Energy Transition Bond Co., LLC, 2005A, 4.97%, 8/1/14(L2)	194,113		201,611
OTHER DIVERSIFIED FINANCIAL SERVICES—0.4%
Nissan Auto Receivables Owner Trust, 2005A, 3.20%, 2/15/13(L2)	256,085		259,364
TOTAL ASSET BACKED SECURITIES (Cost $450,364)			460,975
U.S. GOVERNMENT & AGENCY MORTGAGE BACKED OBLIGATIONS—2.7% (b)
COLLATERALIZED MORTGAGE BACKED OBLIGATIONS—2.2%
Federal National Mortgage Association, REMICS,
6.00%, 4/25/35 +,(L2)	950,000		1,049,880
Federal Home Loan Mortgage Corp., REMICS,
6.00%, 8/15/29 +,(L2)	237,214		237,730

	PRINCIPAL AMOUNT			VALUE
U.S. GOVERNMENT & AGENCY MORTGAGE BACKED OBLIGATIONS—(CONT.)
COLLATERALIZED MORTGAGE BACKED OBLIGATIONS—(CONT.)
Government National Mortgage Association, REMICS,
5.00%, 5/16/29 +,(L2)	$	44,653		$	44,798
				1,332,408
FEDERAL NATIONAL MORTGAGE ASSOCIATION—0.5%
Federal National Mortgage Association,
5.00%, 4/01/18 (L2)	318,308			340,618
TOTAL U.S. GOVERNMENT & AGENCY MORTGAGE BACKED OBLIGATIONS (Cost $1,552,300)				1,673,026
U.S. GOVERNMENT & AGENCY OBLIGATIONS (EXCLUDING MORTGAGE-BACKED)—8.9% (b)
U.S. GOVERNMENT NOTE/BOND—8.9%
U.S. Treasury Notes
4.38%, 5/15/40 (L2)	350,000			339,173
5.00%, 8/15/11 (L2)	700,000			718,184
1.13%, 1/15/12 (L2)	300,000			302,426
1.50%, 12/31/13 (L2)	600,000			609,797
4.75%, 5/15/14 (L2)	552,000			617,981
4.50%, 2/15/16 (L2)	300,000			336,891
4.75%, 8/15/17 (L2)	300,000			340,289
3.38%, 11/15/19 (L2)	850,000			866,402
3.50%, 5/15/20 (L2)	350,000			357,027
2.63%, 11/15/20 (L2)	500,000			468,828
				4,956,998
(Cost $5,210,364)
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (EXCLUDING MORTGAGE-BACKED) (Cost $5,210,364)				5,400,529
Total Investments (Cost $45,743,439)(c)	82.0		%	49,843,416
Other Assets in Excess of Liabilities	18.0			10,962,057
NET ASSETS	100.0		%	$	60,805,473

‡	Securities classified as Level 1 for ASC 820 disclosure purposes based on valuation inputs unless otherwise noted.
+	Real Estate Mortgage Investment Conduit
*	Non-income producing security.
#	American Depository 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 4.1% of the net assets of the Fund.
(b)	Securities issued by these agencies, except for United States Treasury Notes and Bonds, are neither guaranteed nor issued by the United States Government.

(c)	At January 31, 2011, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $45,786,463 amounted to $4,056,953 which consisted of aggregate gross unrealized appreciation of $6,351,274 and aggregate gross unrealized depreciation of $2,294,321.
(L2)	Security classified as Level 2 for ASC 820 disclosure purposes based on valuation inputs.

See Notes to Schedule of Investments.

THE ALGER FUNDS  |  ALGER CONVERTIBLE FUND

Schedule of Investments‡  (Unaudited) January 31, 2011

	SHARES	VALUE
PREFERRED STOCKS—1.6%
REGIONAL BANKS—1.6%
Zions Bancorporation, 11.00%, 06/15/12* (Cost $398,925)	15,957	$	437,381
	PRINCIPAL AMOUNT
CONVERTIBLE CORPORATE BONDS—53.1%
ADVERTISING—1.0%
Interpublic Group of Cos., Inc., /The, 4.25%, 3/15/23(L2)	250,000	277,188
AEROSPACE & DEFENSE—1.0%
AAR Corp., 1.75%, 2/1/26(L2)	250,000	273,438
AIRLINES—1.7%
UAL Corp., 6.00%, 10/15/29(L2)	150,000	464,250
APPLICATION SOFTWARE—2.4%
Cadence Design System Inc., 2.63%, 6/1/15(L2)(a)	500,000	658,750
AUTO PARTS & EQUIPMENT—1.2%
TRW Automotive Inc., 3.50%, 12/1/15(L2)(a)	150,000	323,625
BIOTECHNOLOGY—1.2%
Celphalon Inc., 2.00%, 6/1/15(L2)	250,000	340,625
BREWERS—1.2%
Molson Coors Brewing Co., 2.50%, 7/30/13(L2)	300,000	342,000
CABLE & SATELLITE—2.6%
Virgin Media Inc., 6.50%, 11/15/16(L2)	250,000	391,250
XM Satellite Radio Inc., 7.00%, 12/1/14(L2)(a)	250,000	323,720
		714,970
CASINOS & GAMING—1.2%
MGM Resorts International, 4.25%, 4/15/15(L2)(a)	300,000	333,375
COAL & CONSUMABLE FUELS—1.4%
Alpha Natural Resources Inc., 2.38%, 4/15/15(L2)	300,000	381,801
COMMUNICATIONS EQUIPMENT—2.7%
Finisar Corp., 5.00%, 10/15/29(L2)(a)	150,000	485,275
IXIA, 3.00%, 12/15/15(L2)(a)	250,000	273,438
		758,713
COMPUTER STORAGE & PERIPHERALS—2.9%
EMC Corp., 1.75%, 12/1/13(L2)	500,000	812,499
CONSTRUCTION MATERIALS—0.9%
Cemex SAB de CV, 4.88%, 3/15/15(L2)(a)	250,000	262,500
DEPARTMENT STORES—1.4%
Saks Inc., 2.00%, 3/15/24(L2)	350,000	380,625
DIVERSIFIED METALS & MINING—2.5%
RTI International Metals Inc., 3.00%, 12/1/15(L2)	350,000	379,750
Sterlite Industries India Ltd., 4.00%, 10/30/14(L2)	300,000	302,250
		682,000
ELECTRICAL COMPONENTS & EQUIPMENT—1.2%
General Cable Corp., 4.50%, 11/15/29(L2)	262,000	328,155
HEALTH CARE EQUIPMENT—4.3%
HeartWare International Inc., 3.50%, 12/15/17(L2)	500,000	583,750
Insulet Corp., 5.38%, 6/15/13(L2)	250,000	274,688

	PRINCIPAL AMOUNT		VALUE
CONVERTIBLE CORPORATE BONDS—(CONT.)
HEALTH CARE EQUIPMENT—(CONT.)
Volcano Corp., 2.88%, 9/1/15(L2)	$	300,000	$	342,000
			1,200,438
HEALTH CARE SERVICES—1.0%
Omnicare Inc., 3.75%, 12/15/25(L2)	250,000		287,500
HOMEBUILDING—1.5%
D.R. Horton Inc., 2.00%, 5/15/14(L2)	250,000		293,437
Lennar Corp., 2.75%, 12/15/20(L2)(a)	115,000		129,873
			423,310
HOTELS RESORTS & CRUISE LINES—2.7%
Gaylord Entertainment Co., 3.75%, 10/1/14(L2)(a)	225,000		313,312
Home Inns & Hotels Management Inc., 2.00%, 12/15/15(L2)(a)	500,000		472,890
			786,202
INDUSTRIAL CONGLOMERATES—0.7%
Textron Inc., 4.50%, 5/1/13(L2)	100,000		208,375
INTERNET SOFTWARE & SERVICES—2.1%
Equinix Inc., 4.75%, 6/15/16(L2)	250,000		328,437
RightNow Technologies Inc., 2.50%, 11/15/30(L2)(a)	250,000		270,313
			598,750
OFFICE REITS—1.8%
Boston Properties LP, 2.88%, 2/15/37(L2)	500,000		510,000
PHARMACEUTICALS—1.2%
Teva Pharmaceutical Finance Co., BV, 1.75%, 2/1/26(L2)	300,000		324,000
PROPERTY & CASUALTY INSURANCE—1.0%
Tower Group Inc., 5.00%, 9/15/14(L2)(a)	250,000		287,188
RETAIL REITS—1.9%
Developers Diversified Realty Corp., 1.75%, 11/15/40(L2)	500,000		525,000
SEMICONDUCTORS—1.3%
Xilinx Inc., 2.63%, 6/15/17(L2)(a)	300,000		375,375
SPECIALIZED FINANCE—1.3%
KKR Financial Holdings LLC, 7.50%, 1/15/17(L2)	250,000		352,500
SPECIALIZED REITS—1.3%
Host Hotels & Resorts LP, 2.50%, 10/15/29(L2)(a)	250,000		363,250
SYSTEMS SOFTWARE—1.3%
Rovi Corp., 2.63%, 2/15/40(L2)(a)	250,000		365,000
THRIFTS & MORTGAGE FINANCE—1.0%
MGIC Investments Inc., 5.00%, 5/1/17(L2)	250,000		270,000
WIRELESS TELECOMMUNICATION SERVICES—2.2%
Clearwire Communications LLC/Clearwire Finance Inc., 8.25%, 12/1/40(L2)(a)	150,000		161,063

	PRINCIPAL AMOUNT			VALUE
CONVERTIBLE CORPORATE BONDS—(CONT.)
WIRELESS TELECOMMUNICATION SERVICES—(CONT.)
SBA Communications Corp., 1.88%, 5/1/13(L2)	$	400,000		$	454,500
				615,563
TOTAL CONVERTIBLE CORPORATE BONDS (Cost $12,002,231)				14,826,965
Total Investments (Cost $12,401,156)(b)	54.7		%	15,264,346
Other Assets in Excess of Liabilities	45.3			12,647,175
NET ASSETS	100.0		%	$	27,911,521

‡	Securities classified as Level 1 for ASC 820 disclosure purposes based on valuation inputs unless otherwise noted.
*	Non-income producing security.
(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 19.3% of the net assets of the Fund.
(b)	At January 31, 2011, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $12,361,703 amounted to $2,902,643 which consisted of aggregate gross unrealized appreciation of $2,891,090 and aggregate gross unrealized depreciation of $11,553.
(L2)	Security classified as Level 2 for ASC 820 disclosure purposes based on valuation inputs.

See Notes to Schedule of Investments.

THE ALGER FUNDS  |  ALGER MONEY MARKET FUND

Schedule of Investments (Unaudited) January 31, 2011

	PRINCIPAL AMOUNT			VALUE
U.S. GOVERNMENT & AGENCY MORTGAGE BACKED OBLIGATIONS—14.3% (a)
FEDERAL NATIONAL MORTGAGE ASSOCIATION—14.3%
Federal National Mortgage Association,
0.10%, 2/24/11 (L2)	$	5,000,000		$	4,999,680
(Cost $4,999,680)
U.S. GOVERNMENT & AGENCY OBLIGATIONS (EXCLUDING MORTGAGE-BACKED)—28.8% (a)
FEDERAL HOME LOAN BANK—28.8%
Federal Home Loan Bank Discount Notes,
0.06%, 2/11/11 (L2)	5,000,000			4,999,917
0.07%, 2/14/11 (L2)	5,000,000			4,999,874
				9,999,791
(Cost $9,999,791)
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (EXCLUDING MORTGAGE-BACKED) (Cost $9,999,791)				9,999,791
Total Investments (Cost $14,999,471)(b)	43.1		%	14,999,471
Other Assets in Excess of Liabilities	56.9			19,837,241
NET ASSETS	100.0		%	$	34,836,712

(a) At January 31, 2011, the cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.

See Notes to Schedule of Investments.

THE ALGER FUNDS

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

NOTE 1 — General:

The Alger Funds (the “Trust”) is a diversified, open-end registered investment company organized as a business trust under the laws of the Commonwealth of Massachusetts. The Trust operates as a series company currently issuing an unlimited number of shares of beneficial interest in ten funds— Alger Capital Appreciation Fund, Alger Large Cap Growth Fund, Alger Mid Cap Growth Fund, Alger SMid Cap Growth Fund, Alger Small Cap Growth Fund, Alger Growth Opportunities Fund, Alger Health Sciences Fund, Alger Balanced Fund, Alger Convertible Fund, and Alger Money Market Fund (collectively, the “Funds” or individually, each a “Fund”). The Alger Capital Appreciation Fund, Alger Large Cap Growth Fund, Alger Mid Cap Growth Fund, Alger SMid Cap Growth Fund, Alger Small Cap Growth Fund, Alger Growth Opportunities Fund and Alger Health Sciences Fund normally invest primarily in equity securities and each has an investment objective of long-term capital appreciation. The Alger Balanced Fund and Alger Convertible Funds’ investment objectives are current income and long-term capital appreciation which they seeks to achieve through investing in equity and fixed income securities. The Alger Money Market Fund’s investment objective is high current income which it seeks to achieve by investing in short-term instruments.

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

NOTE 2 — Significant Accounting Policies:

(a) Investment Valuation: Investments of the Funds are valued on each day the New York Stock Exchange (the “NYSE”) is open, as of the close of the NYSE (normally 4:00 p.m. Eastern time). Equity securities and option contracts for which such information is readily available are valued at the last reported sales price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the absence of reported sales, securities are valued at a price within the bid and ask price or, in the absence of a recent bid or ask price, the equivalent as obtained from one or more of the major market makers for the securities to be valued.

Debt securities generally trade in the over-the-counter market.  Securities with remaining maturities of more than sixty days at the time of acquisition are valued at prices furnished by dealers who make markets in such securities or by an independent pricing service, which considers the yield or price of bonds of comparable quality, coupon, maturity and type, as well as prices quoted by dealers who make markets in such securities.

The investments of the Alger Money Market Fund, and short-term securities held by the other Funds having a remaining maturity of sixty days or less, are valued at amortized cost

THE ALGER FUNDS

NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

which approximates market value. Shares of mutual funds are valued at the net asset value of the underlying mutual fund.

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

Securities in which the Funds invest may be traded in markets that close before the close of the NYSE. Developments that occur between the close of the foreign markets and the close of the NYSE (normally 4:00 p.m. Eastern time) may result in adjustments to the closing prices to reflect what the investment manager, pursuant to policies established by the Board of Trustees, believes to be the fair value of these securities as of the close of the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but the Funds are open.

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

·Level 1 – quoted prices in active markets for identical investments

·Level 2 – significant other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

·Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The Funds’ valuation techniques are consistent with the market approach whereby prices and other relevant information generated by market transactions involving identical or comparable assets are used to measure fair value.  Inputs for Level 1 include exchange listed prices and broker quotes in an active market.  Inputs for Level 2 include the last trade price in the case of a halted security, a broker quote in an inactive market, an exchange listed price which has been adjusted for fair value factors, and prices of closely related securities.  Additional Level 2 inputs include an evaluated price which is based upon on a compilation of observable market information such as spreads for fixed income and preferred securities.  Inputs for Level 3 include derived prices from unobservable market information which can include cash flows and other information obtained from a company’s financial statements, or from market indicators such as benchmarks and indices.

THE ALGER FUNDS

NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

NOTE 3 — Fair Value Measurements:

On Jan. 21, 2010, the Financial Accounting Standards Board issued an Accounting Standards Update (the amendment), Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements, which provides guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements for Level 2 or Level 3 positions. The amendment also requires that transfers between all levels (including Level 1 and Level 2) be disclosed on a gross basis (i.e., transfers out must be disclosed separately from transfers in), and the reason(s) for the transfer. Additionally purchases, sales, issuances and settlements must be disclosed on a gross basis in the Level 3 rollforward. The effective date of the amendment is for interim and annual periods beginning after Dec. 15, 2009, however, the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis will be effective for interim and annual periods beginning after Dec. 15, 2010. At this time the Fund is evaluating the implications of the amendment to provide the Level 3 activity on a gross basis.

The major categories of securities and their respective fair value inputs are detailed in each Fund’s Schedule of Investments.  The following is a summary of the inputs used as of January 31. 2011 in valuing the Funds’ investments carried at fair value:

Alger Capital Appreciation Fund	TOTAL FUND		LEVEL 1		LEVEL 2	LEVEL 3
COMMON STOCKS
Consumer Discretionary	$	120,614,488	$	120,614,488	—	—
Consumer Staples	31,269,483		31,269,483		—	—
Energy	95,965,461		95,965,461		—	—
Exchange Traded Funds	6,373,890		6,373,890		—	—
Financials	54,107,491		54,107,491		—	—
Health Care	78,308,912		78,308,912		—	—
Industrials	136,630,936		136,630,936		—	—
Information Technology	315,521,962		315,521,962		—	—
Materials	39,100,849		39,100,849		—	—
TOTAL COMMON STOCKS	$	877,893,472	$	877,893,472	—	—
TOTAL INVESTMENTS IN SECURITIES	$	877,893,472	$	877,893,472	—	—

Alger Large Cap Growth Fund	TOTAL FUND		LEVEL 1		LEVEL 2	LEVEL 3
COMMON STOCKS
Consumer Discretionary	$	42,101,406	$	42,101,406	—	—
Consumer Staples	27,829,942		27,829,942		—	—
Energy	33,347,988		33,347,988		—	—
Financials	14,829,350		14,829,350		—	—
Health Care	31,164,606		31,164,606		—	—
Industrials	36,123,844		36,123,844		—	—
Information Technology	101,047,597		101,047,597		—	—
Materials	16,800,318		16,800,318		—	—
Telecommunication Services	3,082,116		3,082,116		—	—
TOTAL COMMON STOCKS	$	306,327,167	$	306,327,167	—	—
TOTAL INVESTMENTS IN SECURITIES	$	306,327,167	$	306,327,167	—	—

THE ALGER FUNDS

NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

Alger Mid Cap Growth Fund	TOTAL FUND		LEVEL 1		LEVEL 2	LEVEL 3
COMMON STOCKS
Consumer Discretionary	$	47,385,008	$	47,385,008	—	—
Energy	31,728,305		31,728,305		—	—
Financials	24,384,734		24,384,734		—	—
Health Care	32,860,812		32,860,812		—	—
Industrials	56,918,701		56,918,701		—	—
Information Technology	84,372,861		84,372,861		—	—
Materials	20,874,069		20,874,069		—	—
Telecommunication Services	3,182,997		3,182,997		—	—
TOTAL COMMON STOCKS	$	301,707,487	$	301,707,487	—	—
CONVERTIBLE PREFERRED STOCK
Health Care	$	2,160,002	—		—	$	2,160,002
TOTAL INVESTMENTS IN SECURITIES	$	303,867,489	$	301,707,487	—	$	2,160,002
Alger SMid Cap Growth Fund	TOTAL FUND		LEVEL 1		LEVEL 2	LEVEL 3
COMMON STOCKS
Consumer Discretionary	$	152,335,259	$	152,335,259	—	—
Consumer Staples	26,002,208		26,002,208		—	—
Energy	52,971,253		52,971,253		—	—
Financials	58,710,518		58,710,518		—	—
Health Care	146,999,123		146,999,123		—	—
Industrials	192,213,371		192,213,371		—	—
Information Technology	237,498,174		237,498,174		—	—
Materials	51,226,623		51,226,623		—	—
Telecommunication Services	12,341,420		12,341,420		—	—
Utilities	10,393,740		10,393,740		—	—
TOTAL COMMON STOCKS	$	940,691,689	$	940,691,689	—	—
TOTAL INVESTMENTS IN SECURITIES	$	940,691,689	$	940,691,689	—	—
Alger Small Cap Growth Fund	TOTAL FUND		LEVEL 1		LEVEL 2	LEVEL 3
COMMON STOCKS
Consumer Discretionary	$	65,276,060	$	65,276,060	—	—
Consumer Staples	8,815,041		8,815,041		—	—
Energy	19,483,481		19,483,481		—	—
Financials	16,058,992		16,058,992		—	—
Health Care	58,067,889		58,067,889		—	—
Industrials	63,096,348		63,096,348		—	—
Information Technology	96,982,674		96,982,674		—	—
Materials	20,997,652		20,997,652		—	—
Utilities	4,152,240		4,152,240		—	—
TOTAL COMMON STOCKS	$	352,930,377	$	352,930,377	—	—
TOTAL INVESTMENTS IN SECURITIES	$	352,930,377	$	352,930,377	—	—

THE ALGER FUNDS

NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

Alger Growth Opportunities Fund	TOTAL FUND		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Consumer Discretionary	$	2,936,700	$	2,936,700	—		—
Consumer Staples	517,578		517,578		—		—
Energy	871,227		871,227		—		—
Financials	1,042,168		1,042,168		—		—
Health Care	2,325,168		2,325,168		—		—
Industrials	2,612,533		2,612,533		—		—
Information Technology	4,698,940		4,698,940		—		—
Materials	899,931		899,931		—		—
Telecommunication Services	168,504		168,504		—		—
Utilities	143,226		143,226		—		—
TOTAL COMMON STOCKS	$	16,215,975	$	16,215,975	—		—
TOTAL INVESTMENTS IN SECURITIES	$	16,215,975	$	16,215,975	—		—
Alger Health Sciences Fund	TOTAL FUND		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Consumer Staples	$	6,751,080	$	6,751,080	—		—
Health Care	186,390,801		186,390,801		—		—
Industrials	1,908,875		1,908,875		—		—
TOTAL COMMON STOCKS	$	195,050,756	$	195,050,756	—		—
CONVERTIBLE PREFERRED STOCK
Health Care	$	1,689,997	—		—		$	1,689,997
TOTAL INVESTMENTS IN SECURITIES	$	196,740,753	$	195,050,756	—		$	1,689,997
Alger Balanced Fund	TOTAL FUND		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Consumer Discretionary	$	3,814,685	$	3,814,685	—		—
Consumer Staples	2,610,672		2,610,672		—		—
Energy	3,779,627		3,779,627		—		—
Exchange Traded Funds	94,420		94,420		—		—
Financials	4,252,602		4,252,602		—		—
Health Care	3,158,845		3,158,845		—		—
Industrials	3,671,667		3,671,667		—		—
Information Technology	7,760,407		7,760,407		—		—
Materials	1,668,477		1,668,477		—		—
Telecommunication Services	234,506		234,506		—		—
TOTAL COMMON STOCKS	$	31,045,908	$	31,045,908	—		—
CORPORATE BONDS
Consumer Discretionary	$	290,876	—		$	290,876	—
Consumer Staples	85,613		—		85,613		—
Energy	1,405,113		—		1,405,113		—
Financials	2,954,448		—		2,954,448		—
Health Care	1,395,048		—		1,395,048		—
Industrials	679,041		—		679,041		—
Information Technology	2,529,135		—		2,529,135		—
Materials	821,260		—		821,260		—
Telecommunication Services	226,783		—		226,783		—
Utilities	875,661		—		875,661		—
TOTAL CORPORATE BONDS	$	11,262,978	—		$	11,262,978	—

THE ALGER FUNDS

NOTES TO SCHEUDLE OF INVESTMENTS (Continued) (Unaudited)

Alger Balanced Fund	TOTAL FUND		LEVEL 1		LEVEL 2		LEVEL 3
ASSET BACKED SECURITIES
Financials	$	259,364	—		$	259,364	—
Utilities	201,611		—		201,611		—
TOTAL ASSET BACKED SECURITIES	$	460,975	—		$	460,975	—
U.S. GOVERNMENT & AGENCY MORTGAGE BACKED OBLIGATIONS
Collateralized Mortgage Backed Obligations	$	1,332,408	—		$	1,332,408	—
Federal National Mortgage Association	340,618		—		340,618		—
TOTAL U.S. GOVERNMENT & AGENCY MORTGAGE BACKED OBLIGATIONS	$	1,673,026	—		$	1,673,026	—
U.S. GOVERNMENT & AGENCY OBLIGATIONS (EXCLUDING MORTGAGE-BACKED)
U.S. Treasury Notes	4,956,998		—		4,956,998		—
TOTAL INVESTMENTS IN SECURITIES	$	49,843,416	$	31,045,908	$	18,797,508	—
Alger Convertible Fund	TOTAL FUND		LEVEL 1		LEVEL 2		LEVEL 3
CONVERTIBLE CORPORATE BONDS
Consumer Discretionary	$	3,239,295	—		$	3,239,295	—
Consumer Staples	342,000		—		342,000		—
Energy	381,801		—		381,801		—
Financials	2,307,938		—		2,307,938		—
Health Care	2,152,563		—		2,152,563		—
Industrials	1,274,218		—		1,274,218		—
Information Technology	3,569,087		—		3,569,087		—
Materials	944,500		—		944,500		—
Telecommunication Services	615,563		—		615,563		—
TOTAL CONVERTIBLE CORPORATE BONDS	$	14,826,965	—		$	14,826,965	—
PREFERRED STOCKS
Financials	$	437,381	$	437,381	—		—
TOTAL INVESTMENTS IN SECURITIES	$	15,264,346	$	437,381	$	14,826,965	—
Alger Money Market Fund	TOTAL FUND		LEVEL 1		LEVEL 2		LEVEL 3
TOTAL INVESTMENTS IN SECURITIES	$	14,999,471	—		$	14,999,471	—

THE ALGER FUNDS

NOTES TO SCHEUDLE OF INVESTMENTS (Continued) (Unaudited)

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL3)
Alger Health Sciences Fund	Convertible Preferred Stock
Opening balance at November 1, 2010	$	1,689,998
Transfers into Level 3	—
Transfers out of Level 3	—
Total gains or losses
Included in net realized gain (loss) on investments	—
Purchases, issuances, sales, and settlements
Purchases	$	—
Issuances	—
Sales	—
Settlements	—
Closing balance at January 31, 2011	1,689,998
The amount of total gains or losses for the period included in net realized and unrealized gain (loss) attributable to change in unrealized appreciation (depreciation) relating to investments still held at January 31, 2011	$	—
Alger Mid Cap Growth Fund	Convertible Preferred Stock
Opening balance at November 1, 2010	$	2,160,002
Transfers into Level 3	—
Transfers out of Level 3	—
Total gains or losses
Included in net realized gain (loss) on investments	—
Purchases, issuances, sales, and settlements
Purchases	—
Issuances	—
Sales	—
Settlements	—
Closing balance at January 31, 2011	2,160,002
The amount of total gains or losses for the period included in net realized and unrealized gain (loss) attributable to change in unrealized appreciation (depreciation) relating to investments still held at January 31, 2011	$	—

For the 3 months ended January 31, 2011, significant transfers between Levels 1 and 2 were as follows: Alger Capital Appreciation Fund and Alger Mid Cap Growth Fund transferred securities totaling $9,123,435 and $4,829,637, respectively, from Level 2 to Level 1, utilizing exchange listed prices rather than fair value adjusted prices.

NOTE 4 — Derivatives:

Financial Accounting Standards Board Accounting Standards Codification 815 — Derivatives and Hedging (“ASC 815”) requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements.

Forward currency contracts—In connection with portfolio purchases and sales of securities denominated in foreign currencies, the Funds may enter into forward currency

THE ALGER FUNDS

NOTES TO SCHEUDLE OF INVESTMENTS (Continued) (Unaudited)

contracts. Additionally, each Fund may enter into such contracts to economically hedge certain other foreign currency denominated investments. These contracts are valued at the current cost of covering or offsetting such contracts, and the related realized and unrealized foreign exchange gains and losses are included in the statement of operations. In the event that counterparties fail to settle these currency contracts or the related foreign security trades, a Fund could be exposed to foreign currency fluctuations.

Options—In order to produce incremental earnings or protect against changes in the value of portfolio securities, the Funds may buy and sell put and call options, write covered call options on portfolio securities and write cash-secured put options.

The Funds purchase put options or writes covered call options for speculative purposes or to economically hedge against adverse movements in the value of portfolio holdings. The Funds will segregate assets to cover its obligations under option contracts.

For the 3 months ended January 31, 2011, the Alger Mid Cap Growth Fund had option purchases of $3,379,257 and option sales of $1,709,513. The effect of derivative instruments on the statement of operations for the 3 months ended January 31, 2011 is as follows:

Amount of realized gain (loss) on derivatives recognized in income

Alger Mid Cap Growth Fund

Derivatives not accounted for as hedging instruments	Options
Purchased Options	$	(1,629,772	)
Written Options	(211,831		)
Total	$	(1,841,603	)

NOTE 5 — Subsequent Event:

On January 20, 2011, the Board of Trustees approved the liquation of the Alger Convertible Fund and Alger Money Market Fund effective February 28, 2011

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 24, 2011

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 24, 2011
By	/s/ Michael D. Martins
Michael D. Martins
Treasurer
Date: March 24, 2011