THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND 

Schedule of Investments July 31, 2020 (Unaudited)

COMMON STOCKS—97.4%	SHARES		VALUE
AEROSPACE & DEFENSE—0.4%
Airbus SE		48,174	$	3,526,891
TransDigm Group, Inc.		23,895		10,312,604
				13,839,495
APPAREL ACCESSORIES & LUXURY GOODS—0.3%
LVMH Moet Hennessy Louis Vuitton SE		24,765		10,771,177
APPLICATION SOFTWARE—8.2%
Adobe, Inc.*		240,143		106,700,338
Cadence Design Systems, Inc.*		75,643		8,263,998
Intuit, Inc.		77,812		23,839,262
Palantir Technologies, Inc., Cl. A*,@,(a)		153,282		881,371
RingCentral, Inc., Cl. A*		87,527		25,406,462
salesforce.com, Inc.*		568,509		110,773,979
				275,865,410
AUTOMOBILE MANUFACTURERS—0.5%
Tesla, Inc.*		10,906		15,603,869
AUTOMOTIVE RETAIL—0.1%
Carvana Co., Cl. A*		13,913		2,155,819
BIOTECHNOLOGY—2.6%
BioMarin Pharmaceutical, Inc.*		193,192		23,146,333
Genmab AS#,*		258,024		8,821,841
Sarepta Therapeutics, Inc.*		73,628		11,303,371
Vertex Pharmaceuticals, Inc.*		160,979		43,786,287
				87,057,832
CASINOS & GAMING—0.6%
DraftKings, Inc., Cl. A*		240,365		8,022,182
Las Vegas Sands Corp.		299,922		13,088,596
				21,110,778
DATA PROCESSING & OUTSOURCED SERVICES—11.3%
Fidelity National Information Services, Inc.		756,430		110,673,273
Fiserv, Inc.*		239,089		23,858,691
PayPal Holdings, Inc.*		448,864		88,008,765
Visa, Inc., Cl. A		813,877		154,962,181
				377,502,910
DIVERSIFIED BANKS—0.4%
Bank of America Corp.		415,387		10,334,828
JPMorgan Chase & Co.		35,737		3,453,624
				13,788,452
DIVERSIFIED SUPPORT SERVICES—0.7%
Cintas Corp.		79,941		24,131,790
ENVIRONMENTAL & FACILITIES SERVICES—0.4%
Waste Connections, Inc.		121,931		12,482,076
FINANCIAL EXCHANGES & DATA—2.3%
Intercontinental Exchange, Inc.		394,330		38,163,257
S&P Global, Inc.		115,902		40,594,676
				78,757,933

- 1 -

THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—97.4% (CONT.)	SHARES		VALUE
FOOD DISTRIBUTORS—0.3%
Sysco Corp.		202,089	$	10,680,404
FOOTWEAR—0.3%
NIKE, Inc., Cl. B		112,914		11,021,536
HEALTHCARE EQUIPMENT—6.8%
Boston Scientific Corp.*		1,652,647		63,742,595
Danaher Corp.		724,079		147,567,300
DexCom, Inc.*		40,629		17,695,555
				229,005,450
HEALTHCARE SERVICES—0.3%
Guardant Health, Inc.*		114,273		9,733,774
HEALTHCARE SUPPLIES—0.4%
Align Technology, Inc.*		46,259		13,591,819
HOME IMPROVEMENT RETAIL—2.2%
Lowe’s Cos., Inc.		485,203		72,251,579
INDUSTRIAL GASES—0.7%
Air Products & Chemicals, Inc.		85,007		24,365,556
INTERACTIVE MEDIA & SERVICES—8.9%
Alphabet, Inc., Cl. C*		76,926		114,078,181
Baidu, Inc.#,*		44,175		5,274,495
Facebook, Inc., Cl. A*		565,714		143,504,670
Pinterest, Inc., Cl. A*		335,224		11,494,831
Tencent Holdings Ltd.		365,950		25,103,679
				299,455,856
INTERNET & DIRECT MARKETING RETAIL—15.4%
Alibaba Group Holding Ltd.#,*		581,717		146,022,601
Altaba, Inc.*,(a),@		259,825		5,762,919
Amazon.com, Inc.*		108,148		342,253,813
MercadoLibre, Inc.*		18,861		21,211,458
				515,250,791
INTERNET SERVICES & INFRASTRUCTURE—1.2%
Shopify, Inc., Cl. A*		6,647		6,806,528
Twilio, Inc., Cl. A*		81,177		22,520,123
VeriSign, Inc.*		53,939		11,417,808
				40,744,459
INVESTMENT BANKING & BROKERAGE—0.4%
Morgan Stanley		286,445		14,001,432
MANAGED HEALTHCARE—0.9%
UnitedHealth Group, Inc.		98,826		29,922,536
METAL & GLASS CONTAINERS—0.5%
Ball Corp.		215,982		15,902,755
MOVIES & ENTERTAINMENT—1.3%
Live Nation Entertainment, Inc.*		241,800		11,318,658
Netflix, Inc.*		65,305		31,926,308
				43,244,966

- 2 -

THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—97.4% (CONT.)	SHARES		VALUE
PHARMACEUTICALS—0.5%
GW Pharmaceuticals PLC#,*		97,075	$	12,389,683
Novartis AG#		44,446		3,650,794
				16,040,477
PROPERTY & CASUALTY INSURANCE—0.7%
The Progressive Corp.		270,780		24,462,265
RAILROADS—1.2%
Union Pacific Corp.		236,124		40,932,095
RESEARCH & CONSULTING SERVICES—0.7%
CoStar Group, Inc.*		24,187		20,553,145
TransUnion		44,925		4,023,932
				24,577,077
RESTAURANTS—0.5%
Chipotle Mexican Grill, Inc., Cl. A*		14,968		17,290,435
SEMICONDUCTOR EQUIPMENT—1.5%
ASML Holding NV		13,127		4,643,282
Lam Research Corp.		124,773		47,059,385
				51,702,667
SEMICONDUCTORS—4.9%
Advanced Micro Devices, Inc.*		133,119		10,307,404
Micron Technology, Inc.*		111,937		5,603,007
NVIDIA Corp.		165,279		70,175,811
NXP Semiconductors NV		434,174		51,028,470
QUALCOMM, Inc.		90,841		9,593,718
Taiwan Semiconductor Manufacturing Co., Ltd.#		220,980		17,433,112
				164,141,522
SPECIALTY CHEMICALS—1.3%
The Sherwin-Williams Co.		65,572		42,485,410
SYSTEMS SOFTWARE—8.7%
Microsoft Corp.		1,283,667		263,164,571
Palo Alto Networks, Inc.*		78,353		20,052,100
ServiceNow, Inc.*		20,790		9,130,968
				292,347,639
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.8%
Apple, Inc.		533,821		226,895,278
WIRELESS TELECOMMUNICATION SERVICES—3.2%
T-Mobile US, Inc.*		1,009,871		108,439,948
TOTAL COMMON STOCKS
(Cost $1,895,438,537)				3,271,555,267
PREFERRED STOCKS—0.1%	SHARES		VALUE
APPLICATION SOFTWARE—0.1%
Palantir Technologies, Inc., Cl. B*,@,(a)		625,130		3,594,498
Palantir Technologies, Inc., Cl. D*,@,(a)		81,445		468,309
				4,062,807
TOTAL PREFERRED STOCKS
(Cost $4,665,771)				4,062,807

- 3 -

THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)      

REAL ESTATE INVESTMENT TRUST—1.1%	SHARES			VALUE
SPECIALIZED—1.1%
Crown Castle International Corp.		228,253		$	38,049,775
(Cost $28,830,574)					38,049,775
Total Investments
(Cost $1,928,934,882)		98.6	%	$	3,313,667,849
Unaffiliated Securities (Cost $1,928,934,882)					3,313,667,849
Other Assets in Excess of Liabilities		1.4	%		46,785,791
NET ASSETS		100.0	%	$	3,360,453,640

#	American Depositary Receipts.
(a)	Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board.

^* Non-income producing security.

^@ Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.

				% of net assets					% of net assets
	Acquisition	Acquisition		(Acquisition			Market		as of
Security	Date(s)	Cost		Date)			Value		7/31/2020
Altaba, Inc.	10/24/18	$	805,470		0.03	%	$	1,016,243		0.03	%
Altaba, Inc.	10/25/18		1,188,343		0.04	%		1,492,204		0.04	%
Altaba, Inc.	10/29/18		1,156,773		0.04	%		1,512,543		0.05	%
Altaba, Inc.	10/30/18		751,641		0.03	%		1,001,316		0.03	%
Altaba, Inc.	10/31/18		271,272		0.01	%		344,012		0.01	%
Altaba, Inc.	11/6/18		321,297		0.01	%		396,601		0.01	%
Palantir Technologies, Inc., Cl. A	10/7/14		997,406		0.05	%		881,371		0.03	%
Palantir Technologies, Inc., Cl. B	10/7/14		4,128,004		0.22	%		3,594,498		0.11	%
Palantir Technologies, Inc., Cl. D	10/14/14		537,767		0.03	%		468,309		0.01	%
Total							$	10,707,097		0.32	%

See Notes to Financial Statements.

- 4 -

THE ALGER FUNDS | ALGER 25 FUND

Schedule of Investments July 31, 2020 (Unaudited)

COMMON STOCKS—97.3%	SHARES		VALUE
APPLICATION SOFTWARE—9.3%
Adobe, Inc.*		2,373	$	1,054,371
Avalara, Inc.*		1,725		231,926
salesforce.com, Inc.*		3,850		750,173
				2,036,470
CASINOS & GAMING—1.4%
DraftKings, Inc., Cl. A*		9,457		315,627
DATA PROCESSING & OUTSOURCED SERVICES—9.8%
PayPal Holdings, Inc.*		5,185		1,016,623
Visa, Inc., Cl. A		5,960		1,134,784
				2,151,407
DIVERSIFIED SUPPORT SERVICES—4.1%
Cintas Corp.		2,987		901,686
FINANCIAL EXCHANGES & DATA—3.0%
S&P Global, Inc.		1,906		667,576
HEALTHCARE EQUIPMENT—2.1%
DexCom, Inc.*		1,035		450,784
INTERACTIVE MEDIA & SERVICES—8.9%
Alphabet, Inc., Cl. C*		723		1,072,180
Facebook, Inc., Cl. A*		3,483		883,533
				1,955,713
INTERNET & DIRECT MARKETING RETAIL—15.6%
Alibaba Group Holding Ltd.#,*		4,278		1,073,864
Amazon.com, Inc.*		737		2,332,369
				3,406,233
MANAGED HEALTHCARE—3.2%
UnitedHealth Group, Inc.		2,307		698,513
PROPERTY & CASUALTY INSURANCE—3.3%
The Progressive Corp.		7,984		721,275
RESTAURANTS—2.0%
Starbucks Corp.		5,631		430,940
SEMICONDUCTOR EQUIPMENT—3.0%
Applied Materials, Inc.		10,233		658,289
SEMICONDUCTORS—8.1%
NVIDIA Corp.		2,043		867,438
NXP Semiconductors NV		4,957		582,596
Taiwan Semiconductor Manufacturing Co., Ltd.#		4,236		334,178
				1,784,212
SPECIALTY CHEMICALS—3.4%
The Sherwin-Williams Co.		1,136		736,037
SYSTEMS SOFTWARE—9.0%
Microsoft Corp.		9,617		1,971,581
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.1%
Apple, Inc.		3,681		1,564,572

- 5 -

THE ALGER FUNDS | ALGER 25 FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—97.3% (CONT.)	SHARES		VALUE
WIRELESS TELECOMMUNICATION SERVICES—4.0%
T-Mobile US, Inc.*		8,065	$	866,020
TOTAL COMMON STOCKS
(Cost $14,574,580)				21,316,935

REAL ESTATE INVESTMENT TRUST—3.2%	SHARES			VALUE
SPECIALIZED—3.2%
Crown Castle International Corp.		4,273				712,309
(Cost $586,749)						712,309
Total Investments
(Cost $15,161,329)		100.5	%		$	22,029,244
Unaffiliated Securities (Cost $15,161,329)						22,029,244
Liabilities in Excess of Other Assets		(0.5	)%			(105,572	)
NET ASSETS		100.0	%		$	21,923,672

^* Non-income producing security.

^# American Depositary Receipts.

See Notes to Financial Statements.

- 6 -

THE ALGER FUNDS | ALGER 35 FUND

Schedule of Investments July 31, 2020 (Unaudited)

COMMON STOCKS—95.1%	SHARES		VALUE
AEROSPACE & DEFENSE—0.6%
HEICO Corp.		884	$	84,970
APPLICATION SOFTWARE—2.3%
Adobe, Inc.*		310		137,739
Avalara, Inc.*		1,338		179,894
				317,633
AUTOMOBILE MANUFACTURERS—1.8%
Tesla, Inc.*		172		246,091
CASINOS & GAMING—1.2%
DraftKings, Inc., Cl. A*		5,022		167,609
DATA PROCESSING & OUTSOURCED SERVICES—11.1%
Fiserv, Inc.*		2,530		252,469
PayPal Holdings, Inc.*		2,607		511,154
Square, Inc., Cl. A*		2,353		305,537
Visa, Inc., Cl. A		2,359		449,154
				1,518,314
FINANCIAL EXCHANGES & DATA—1.2%
S&P Global, Inc.		473		165,668
FOOD DISTRIBUTORS—2.7%
US Foods Holding Corp.*		18,366		372,830
HEALTHCARE EQUIPMENT—8.0%
DexCom, Inc.*		622		270,906
Insulet Corp.*		1,274		259,081
Intuitive Surgical, Inc.*		618		423,601
Tandem Diabetes Care, Inc.*		1,391		145,304
				1,098,892
HEALTHCARE TECHNOLOGY—5.1%
Teladoc Health, Inc.*		1,175		279,215
Veeva Systems, Inc., Cl. A*		1,579		417,756
				696,971
INTERACTIVE MEDIA & SERVICES—1.9%
Alphabet, Inc., Cl. A*		177		263,367
INTERNET & DIRECT MARKETING RETAIL—14.0%
Amazon.com, Inc.*		546		1,727,916
MercadoLibre, Inc.*		173		194,559
				1,922,475
LEISURE FACILITIES—3.5%
Vail Resorts, Inc.		2,466		473,546
LIFE SCIENCES TOOLS & SERVICES—2.3%
Bio-Techne Corp.		1,136		312,582
MOVIES & ENTERTAINMENT—2.9%
Netflix, Inc.*		801		391,593
REGIONAL BANKS—1.3%
SVB Financial Group*		781		175,155
RESEARCH & CONSULTING SERVICES—2.2%
CoStar Group, Inc.*		354		300,815

- 7 -

THE ALGER FUNDS | ALGER 35 FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—95.1% (CONT.)	SHARES		VALUE
SEMICONDUCTOR EQUIPMENT—4.3%
Applied Materials, Inc.		9,165	$	589,585
SEMICONDUCTORS—5.7%
Advanced Micro Devices, Inc.*		6,139		475,342
Universal Display Corp.		1,717		299,531
				774,873
SYSTEMS SOFTWARE—13.3%
Crowdstrike Holdings, Inc., Cl. A*		3,871		438,197
Microsoft Corp.		4,462		914,754
Palo Alto Networks, Inc.*		528		135,126
ServiceNow, Inc.*		759		333,353
				1,821,430
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.4%
Apple, Inc.		2,703		1,148,883
WIRELESS TELECOMMUNICATION SERVICES—1.3%
T-Mobile US, Inc.*		1,636		175,674
TOTAL COMMON STOCKS
(Cost $8,387,413)				13,018,956

REAL ESTATE INVESTMENT TRUST—2.9%	SHARES			VALUE
SPECIALIZED—2.9%
Crown Castle International Corp.		2,366			394,412
(Cost $290,959)					394,412
Total Investments
(Cost $8,678,372)		98.0	%	$	13,413,368
Unaffiliated Securities (Cost $8,678,372)					13,413,368
Other Assets in Excess of Liabilities		2.0	%		276,072
NET ASSETS		100.0	%	$	13,689,440

^* Non-income producing security.

See Notes to Financial Statements.

- 8 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND

Schedule of Investments July 31, 2020 (Unaudited)

COMMON STOCKS—93.8%	SHARES		VALUE
AEROSPACE & DEFENSE—1.6%
General Dynamics Corp.		4,078	$	598,406
Raytheon Technologies Corp.		8,937		506,549
TransDigm Group, Inc.		1,455		627,949
				1,732,904
ASSET MANAGEMENT & CUSTODY BANKS—3.6%
BlackRock, Inc., Cl. A		3,851		2,214,364
The Blackstone Group, Inc., Cl. A		21,938		1,168,857
The Carlyle Group, Inc.		22,818		649,628
				4,032,849
BIOTECHNOLOGY—2.6%
AbbVie, Inc.		13,491		1,280,430
Amgen, Inc.		3,959		968,649
Gilead Sciences, Inc.		9,368		651,357
				2,900,436
BROADCASTING—0.3%
ViacomCBS, Inc., Cl. B		12,912		336,616
BUILDING PRODUCTS—0.5%
Johnson Controls International PLC		13,534		520,788
CABLE & SATELLITE—1.4%
Comcast Corp., Cl. A		36,605		1,566,694
COMMODITY CHEMICALS—0.3%
Dow, Inc.		8,245		338,540
COMMUNICATIONS EQUIPMENT—1.4%
Cisco Systems, Inc.		32,297		1,521,189
COMPUTER & ELECTRONICS RETAIL—0.5%
Best Buy Co., Inc.		5,340		531,811
CONSUMER ELECTRONICS—0.6%
Garmin Ltd.		6,386		629,596
DATA PROCESSING & OUTSOURCED SERVICES—0.7%
Visa, Inc., Cl. A		4,185		796,824
DIVERSIFIED BANKS—4.8%
Bank of America Corp.		51,526		1,281,967
JPMorgan Chase & Co.		38,992		3,768,187
Wells Fargo & Co.		10,432		253,080
				5,303,234
ELECTRIC UTILITIES—0.8%
NextEra Energy, Inc.		3,270		917,889
ELECTRICAL COMPONENTS & EQUIPMENT—0.8%
Eaton Corp. PLC		9,174		854,375
FINANCIAL EXCHANGES & DATA—1.1%
CME Group, Inc., Cl. A		7,229		1,201,315
FOOD DISTRIBUTORS—0.5%
Sysco Corp.		10,761		568,719

- 9 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)  

COMMON STOCKS—93.8% (CONT.)	SHARES		VALUE
HEALTHCARE EQUIPMENT—0.7%
Medtronic PLC		7,677	$	740,677
HEALTHCARE SERVICES—1.1%
CVS Health Corp.		19,361		1,218,581
HOME IMPROVEMENT RETAIL—3.5%
The Home Depot, Inc.		14,637		3,885,977
HOUSEHOLD PRODUCTS—2.0%
The Procter & Gamble Co.		16,512		2,165,053
HYPERMARKETS & SUPER CENTERS—1.0%
Walmart, Inc.		8,590		1,111,546
INDUSTRIAL CONGLOMERATES—1.9%
Honeywell International, Inc.		14,038		2,096,856
INDUSTRIAL GASES—1.5%
Air Products & Chemicals, Inc.		5,816		1,667,040
INTEGRATED OIL & GAS—1.8%
Chevron Corp.		7,957		667,911
Exxon Mobil Corp.		19,218		808,693
TOTAL SE#		12,782		481,370
				1,957,974
INTEGRATED TELECOMMUNICATION SERVICES—2.8%
AT&T, Inc.		31,054		918,577
Verizon Communications, Inc.		37,786		2,171,940
				3,090,517
INTERACTIVE MEDIA & SERVICES—7.7%
Alphabet, Inc., Cl. A*		2,002		2,978,876
Alphabet, Inc., Cl. C*		1,941		2,878,425
Facebook, Inc., Cl. A*		10,523		2,669,370
				8,526,671
INTERNET & DIRECT MARKETING RETAIL—2.8%
Amazon.com, Inc.*		981		3,104,551
INVESTMENT BANKING & BROKERAGE—2.0%
Morgan Stanley		45,840		2,240,659
LEISURE FACILITIES—0.6%
Vail Resorts, Inc.		3,192		612,960
MANAGED HEALTHCARE—2.2%
UnitedHealth Group, Inc.		8,036		2,433,140
MOVIES & ENTERTAINMENT—0.2%
Warner Music Group Corp., Cl. A*		9,306		280,576
MULTI-LINE INSURANCE—0.4%
The Hartford Financial Services Group, Inc.		9,936		420,492
MULTI-UTILITIES—0.7%
Sempra Energy		6,446		802,269
OIL & GAS EXPLORATION & PRODUCTION—0.6%
ConocoPhillips		17,070		638,247

- 10 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—93.8% (CONT.)	SHARES		VALUE
OIL & GAS REFINING & MARKETING—0.2%
Valero Energy Corp.		4,876	$	274,177
OIL & GAS STORAGE & TRANSPORTATION—0.3%
ONEOK, Inc.		10,099		281,863
PHARMACEUTICALS—8.1%
AstraZeneca PLC#		19,380		1,081,016
Bristol-Myers Squibb Co.		13,462		789,681
Eli Lilly & Co.		6,696		1,006,342
GlaxoSmithKline PLC#		19,014		766,644
Johnson & Johnson		16,211		2,362,916
Merck & Co., Inc.		10,553		846,773
Novartis AG#		8,155		669,852
Pfizer, Inc.		38,801		1,493,062
				9,016,286
RAILROADS—0.7%
Union Pacific Corp.		4,822		835,894
RESTAURANTS—1.1%
McDonald’s Corp.		4,437		862,020
Starbucks Corp.		5,237		400,788
				1,262,808
SEMICONDUCTOR EQUIPMENT—1.7%
KLA Corp.		9,338		1,866,013
SEMICONDUCTORS—3.6%
Broadcom, Inc.		5,840		1,849,820
QUALCOMM, Inc.		12,840		1,356,032
Taiwan Semiconductor Manufacturing Co., Ltd.#		10,109		797,499
				4,003,351
SOFT DRINKS—3.0%
PepsiCo, Inc.		13,527		1,862,127
The Coca-Cola Co.		30,625		1,446,725
				3,308,852
SYSTEMS SOFTWARE—10.2%
Microsoft Corp.		55,492		11,376,414
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.4%
Apple, Inc.		21,975		9,340,254
TOBACCO—1.5%
Altria Group, Inc.		26,806		1,103,067
Philip Morris International, Inc.		6,888		529,067
				1,632,134
TOTAL COMMON STOCKS (Cost $49,787,740)				103,945,611

MASTER LIMITED PARTNERSHIP—0.5%	SHARES		VALUE
OIL & GAS STORAGE & TRANSPORTATION—0.5%
Cheniere Energy Partners LP		17,250		584,430
(Cost $584,260)				584,430

- 11 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)

REAL ESTATE INVESTMENT TRUST—4.9%	SHARES			VALUE
HEALTHCARE—0.6%
Welltower, Inc.		12,873		$	689,478
INDUSTRIAL—0.7%
Americold Realty Trust		19,006			766,892
MORTGAGE—0.5%
Blackstone Mortgage Trust, Inc., Cl. A		25,229			607,262
SPECIALIZED—3.1%
Crown Castle International Corp.		11,141			1,857,204
CyrusOne, Inc.		9,552			796,828
Lamar Advertising Co., Cl. A		10,535			692,466
					3,346,498
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $3,932,872)					5,410,130
Total Investments
(Cost $54,304,872)		99.2	%	$	109,940,171
Unaffiliated Securities (Cost $54,304,872)					109,940,171
Other Assets in Excess of Liabilities		0.8	%		898,233
NET ASSETS		100.0	%	$	110,838,404

^# American Depositary Receipts.

^* Non-income producing security.

See Notes to Financial Statements.

- 12 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND

Schedule of Investments July 31, 2020 (Unaudited)

COMMON STOCKS—92.7%	SHARES		VALUE
AEROSPACE & DEFENSE—1.9%
HEICO Corp.		10,716	$	1,030,022
Mercury Systems, Inc.*		26,689		2,066,530
TransDigm Group, Inc.		2,406		1,038,381
				4,134,933
ALTERNATIVE CARRIERS—0.6%
Bandwidth, Inc., Cl. A*		8,513		1,232,512
APPAREL ACCESSORIES & LUXURY GOODS—1.3%
Lululemon Athletica, Inc.*		8,345		2,717,049
APPAREL RETAIL—0.5%
Burlington Stores, Inc.*		5,567		1,046,596
APPLICATION SOFTWARE—14.8%
ANSYS, Inc.*		5,085		1,579,401
Atlassian Corp. PLC, Cl. A*		9,872		1,743,889
Avalara, Inc.*		22,830		3,069,493
Benefitfocus, Inc.*		94,390		1,105,307
Bill.com Holdings, Inc.*		13,045		1,214,620
Cadence Design Systems, Inc.*		31,011		3,387,951
Coupa Software, Inc.*		12,468		3,820,818
DocuSign, Inc., Cl. A*		10,726		2,325,719
Dynatrace, Inc.*		24,892		1,041,232
Fair Isaac Corp.*		3,560		1,563,516
Five9, Inc.*		13,301		1,607,027
Palantir Technologies, Inc., Cl. A*,@,(a)		16,376		94,162
Paycom Software, Inc.*		6,979		1,984,618
PTC, Inc.*		19,396		1,659,522
RingCentral, Inc., Cl. A*		8,791		2,551,764
Splunk, Inc.*		5,105		1,071,131
Vertex, Inc., Cl. A*		1,380		32,513
Workday, Inc., Cl. A*		4,152		751,180
Zoom Video Communications, Inc., Cl. A*		5,063		1,285,546
				31,889,409
AUTOMOTIVE RETAIL—0.7%
O’Reilly Automotive, Inc.*		3,279		1,565,329
BIOTECHNOLOGY—6.1%
BioMarin Pharmaceutical, Inc.*		14,627		1,752,461
BioNTech SE#,*		4,959		407,183
Forte Biosciences, Inc.*		158,742		2,992,287
Genmab AS#,*		47,955		1,639,581
Immunomedics, Inc.*		16,603		701,145
Moderna, Inc.*		18,496		1,370,554
Sarepta Therapeutics, Inc.*		12,015		1,844,543
Seattle Genetics, Inc.*		11,431		1,900,632
Twist Bioscience Corp.*		13,282		744,323
				13,352,709
BUILDING PRODUCTS—0.5%
Lennox International, Inc.		4,373		1,172,576

- 13 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—92.7% (CONT.)	SHARES		VALUE
CASINOS & GAMING—1.0%
DraftKings, Inc., Cl. A*		48,255	$	1,610,510
Penn National Gaming, Inc.*		17,168		581,137
				2,191,647
DATA PROCESSING & OUTSOURCED SERVICES—1.6%
Global Payments, Inc.		12,057		2,146,387
Square, Inc., Cl. A*		9,568		1,242,405
				3,388,792
DISTRIBUTORS—1.4%
Pool Corp.		9,272		2,936,442
DIVERSIFIED SUPPORT SERVICES—2.4%
Cintas Corp.		8,627		2,604,232
Copart, Inc.*		29,043		2,708,260
				5,312,492
EDUCATION SERVICES—1.0%
Chegg, Inc.*		27,260		2,207,242
ELECTRICAL COMPONENTS & EQUIPMENT—0.7%
AMETEK, Inc.		15,598		1,454,514
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.9%
Cognex Corp.		24,787		1,657,507
Keysight Technologies, Inc.*		10,043		1,003,195
Trimble, Inc.*		35,317		1,571,960
				4,232,662
FINANCIAL EXCHANGES & DATA—1.2%
MarketAxess Holdings, Inc.		3,193		1,649,823
Tradeweb Markets, Inc., Cl. A		15,799		854,252
				2,504,075
FOOD DISTRIBUTORS—1.9%
US Foods Holding Corp.*		203,899		4,139,150
GENERAL MERCHANDISE STORES—0.3%
Ollie’s Bargain Outlet Holdings, Inc.*		6,112		642,371
HEALTHCARE EQUIPMENT—7.5%
ABIOMED, Inc.*		3,501		1,050,090
DexCom, Inc.*		12,692		5,527,873
Hologic, Inc.*		20,370		1,421,419
IDEXX Laboratories, Inc.*		1,248		496,392
Insulet Corp.*		8,489		1,726,323
Masimo Corp.*		8,917		1,962,810
Nevro Corp.*		3,759		499,797
ResMed, Inc.		8,109		1,642,154
Sartorius AG		2,974		1,144,524
Tandem Diabetes Care, Inc.*		5,028		525,225
				15,996,607
HEALTHCARE SERVICES—1.3%
1Life Healthcare, Inc.*		12,316		364,677
Guardant Health, Inc.*		28,440		2,422,519
				2,787,196

- 14 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—92.7% (CONT.)	SHARES		VALUE
HEALTHCARE SUPPLIES—0.8%
Align Technology, Inc.*		3,042	$	893,800
Quidel Corp.*		3,307		934,129
				1,827,929
HEALTHCARE TECHNOLOGY—4.2%
Livongo Health, Inc.*		14,211		1,808,350
Phreesia, Inc.*		19,156		575,829
Teladoc Health, Inc.*		14,481		3,441,120
Veeva Systems, Inc., Cl. A*		12,311		3,257,121
				9,082,420
HOTELS RESORTS & CRUISE LINES—0.5%
Extended Stay America, Inc.		88,960		1,015,034
INDUSTRIAL MACHINERY—1.8%
Donaldson Co., Inc.		44,597		2,155,819
Lincoln Electric Holdings, Inc.		12,355		1,116,768
Woodward, Inc.		8,825		661,346
				3,933,933
INTERACTIVE HOME ENTERTAINMENT—1.4%
Activision Blizzard, Inc.		19,177		1,584,595
Take-Two Interactive Software, Inc.*		9,339		1,531,783
				3,116,378
INTERACTIVE MEDIA & SERVICES—1.1%
Pinterest, Inc., Cl. A*		72,271		2,478,173
INTERNET & DIRECT MARKETING RETAIL—5.9%
Etsy, Inc.*		18,972		2,245,905
Farfetch Ltd., Cl. A*		75,285		1,929,555
Fiverr International Ltd.*		23,816		2,225,129
Magnite, Inc.*		102,722		616,846
MercadoLibre, Inc.*		2,134		2,399,939
Wayfair, Inc., Cl. A*		13,059		3,474,869
				12,892,243
INTERNET SERVICES & INFRASTRUCTURE—3.4%
Akamai Technologies, Inc.*		19,602		2,204,049
Shopify, Inc., Cl. A*		1,141		1,168,384
Twilio, Inc., Cl. A*		8,686		2,409,670
VeriSign, Inc.*		7,456		1,578,286
				7,360,389
LEISURE FACILITIES—1.4%
Vail Resorts, Inc.		16,055		3,083,042
LEISURE PRODUCTS—0.7%
Peloton Interactive, Inc., Cl. A*		21,918		1,495,246
LIFE SCIENCES TOOLS & SERVICES—2.3%
Bio-Rad Laboratories, Inc., Cl. A*		1,410		740,095
Bio-Techne Corp.		5,123		1,409,645
Lonza Group AG		1,382		864,450
Repligen Corp.*		12,671		1,912,180
				4,926,370

- 15 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—92.7% (CONT.)	SHARES		VALUE
METAL & GLASS CONTAINERS—1.0%
Ball Corp.		29,458	$	2,168,993
MOVIES & ENTERTAINMENT—1.6%
Liberty Media Corp.-Liberty Formula One, Cl. C*		31,393		1,112,568
Roku, Inc., Cl. A*		15,906		2,463,680
				3,576,248
PHARMACEUTICALS—1.0%
GW Pharmaceuticals PLC#,*		10,688		1,364,109
Horizon Therapeutics PLC*		14,893		911,303
				2,275,412
PROPERTY & CASUALTY INSURANCE—0.5%
The Progressive Corp.		12,480		1,127,443
REAL ESTATE SERVICES—0.8%
FirstService Corp.		15,055		1,799,825
REGIONAL BANKS—0.4%
SVB Financial Group*		4,209		943,952
RESEARCH & CONSULTING SERVICES—2.1%
CoStar Group, Inc.*		2,119		1,800,641
Verisk Analytics, Inc., Cl. A		14,410		2,719,312
				4,519,953
RESTAURANTS—1.7%
Chipotle Mexican Grill, Inc., Cl. A*		2,451		2,831,297
Shake Shack, Inc., Cl. A*		19,856		964,009
				3,795,306
SEMICONDUCTOR EQUIPMENT—2.7%
Lam Research Corp.		9,508		3,586,037
SolarEdge Technologies, Inc.*		13,308		2,330,231
				5,916,268
SEMICONDUCTORS—5.4%
Advanced Micro Devices, Inc.*		97,341		7,537,114
Inphi Corp.*		12,528		1,636,908
Universal Display Corp.		14,551		2,538,422
				11,712,444
SYSTEMS SOFTWARE—2.9%
Crowdstrike Holdings, Inc., Cl. A*		31,821		3,602,137
Palo Alto Networks, Inc.*		10,830		2,771,614
				6,373,751
TRUCKING—0.5%
Old Dominion Freight Line, Inc.		6,035		1,103,319
TOTAL COMMON STOCKS
(Cost $140,543,091)				201,428,374

PREFERRED STOCKS—0.3%	SHARES		VALUE
APPLICATION SOFTWARE—0.2%
Palantir Technologies, Inc., Cl. B*,@,(a)		66,787		384,025
Palantir Technologies, Inc., Cl. D*,@,(a)		8,701		50,031
				434,056

- 16 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)

PREFERRED STOCKS—0.3% (CONT.)	SHARES		VALUE
BIOTECHNOLOGY—0.1%
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		219,610	$	173,492
TOTAL PREFERRED STOCKS
(Cost $1,486,719)				607,548

WARRANTS—0.7%	SHARES		VALUE
BIOTECHNOLOGY—0.7%
Forte Biosciences, Inc., 2/20/21*,@		193,270		1,601,435
(Cost $0)				1,601,435

RIGHTS—0.8%	SHARES		VALUE
BIOTECHNOLOGY—0.8%
BioNTech Pharmaceuticals Ltd.*		4,959		–
Tolero CDR*,@,(a),(c)		590,059		1,829,183
				1,829,183
TOTAL RIGHTS
(Cost $315,501)				1,829,183

REAL ESTATE INVESTMENT TRUST—2.6%	SHARES			VALUE
INDUSTRIAL—0.7%
Rexford Industrial Realty, Inc.		30,847			1,447,650
RESIDENTIAL—0.7%
Equity LifeStyle Properties, Inc.		20,745			1,417,298
SPECIALIZED—1.2%
Crown Castle International Corp.		16,286			2,714,876
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $4,324,341)					5,579,824
Total Investments
(Cost $146,669,652)		97.1	%	$	211,046,364
Affiliated Securities (Cost $988,245)					173,492
Unaffiliated Securities (Cost $145,681,407)					210,872,872
Other Assets in Excess of Liabilities		2.9	%		6,248,490
NET ASSETS		100.0	%	$	217,294,854

^# American Depositary Receipts.

^(a) Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board.

^(b) Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 5 - Affiliated Securities.

^(c) Contingent Deferred Rights.

^* Non-income producing security.

- 17 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)

^@ Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.

				% of net assets					% of net assets
	Acquisition	Acquisition		(Acquisition			Market		as of
Security	Date(s)	Cost		Date)			Value		7/31/2020
Forte Biosciences, Inc., Warrants	2/19/20		0		0.00	%		1,601,435		0.74	%
Palantir Technologies, Inc., Cl. A	10/7/14		106,559		0.05	%		94,162		0.04	%
Palantir Technologies, Inc., Cl. B	10/7/14		441,023		0.22	%		384,025		0.18	%
Palantir Technologies, Inc., Cl. D	10/14/14		57,451		0.03	%		50,031		0.02	%
Prosetta Biosciences, Inc., Series D	2/6/15		988,245		0.50	%		173,492		0.08	%
Tolero CDR	2/6/17		315,501		0.19	%		1,829,183		0.84	%
Total							$	7,124,615		3.28	%

See Notes to Financial Statements.

- 18 -

THE ALGER FUNDS | ALGER MID CAP FOCUS FUND

Schedule of Investments July 31, 2020 (Unaudited)

COMMON STOCKS—93.6%	SHARES		VALUE
AEROSPACE & DEFENSE—1.4%
Mercury Systems, Inc.*		43,324	$	3,354,577
AIR FREIGHT & LOGISTICS—1.6%
XPO Logistics, Inc.*		50,930		3,820,769
APPAREL ACCESSORIES & LUXURY GOODS—2.8%
Lululemon Athletica, Inc.*		20,270		6,599,709
APPAREL RETAIL—1.4%
Burlington Stores, Inc.*		17,303		3,252,964
APPLICATION SOFTWARE—17.2%
2U, Inc.*		42,945		2,022,495
Bill.com Holdings, Inc.*		45,247		4,212,948
Coupa Software, Inc.*		13,605		4,169,252
DocuSign, Inc., Cl. A*		25,464		5,521,359
Dynatrace, Inc.*		128,582		5,378,585
Manhattan Associates, Inc.*		54,017		5,174,288
RingCentral, Inc., Cl. A*		16,121		4,679,443
The Trade Desk, Inc., Cl. A*		8,308		3,749,567
Vertex, Inc., Cl. A*		100,669		2,371,762
Zoom Video Communications, Inc., Cl. A*		13,156		3,340,440
				40,620,139
AUTOMOBILE MANUFACTURERS—1.5%
Tesla, Inc.*		2,479		3,546,854
CASINOS & GAMING—3.5%
DraftKings, Inc., Cl. A*		132,618		4,426,125
Penn National Gaming, Inc.*		117,043		3,961,906
				8,388,031
DATA PROCESSING & OUTSOURCED SERVICES—2.7%
NIC, Inc.		160,183		3,511,211
Square, Inc., Cl. A*		22,528		2,925,261
				6,436,472
DISTRIBUTORS—2.4%
Pool Corp.		18,231		5,773,758
FINANCIAL EXCHANGES & DATA—2.0%
MarketAxess Holdings, Inc.		9,164		4,735,039
GENERAL MERCHANDISE STORES—2.6%
Ollie’s Bargain Outlet Holdings, Inc.*		58,085		6,104,733
HEALTHCARE EQUIPMENT—7.3%
Cantel Medical Corp.		104,569		4,940,885
DexCom, Inc.*		9,869		4,298,344
Masimo Corp.*		18,213		4,009,046
Vapotherm, Inc.*		75,144		3,925,523
				17,173,798
HEALTHCARE SUPPLIES—6.6%
OraSure Technologies, Inc.*		278,552		5,055,719
Quidel Corp.*		24,885		7,029,266

- 19 -

THE ALGER FUNDS | ALGER MID CAP FOCUS FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—93.6% (CONT.)	SHARES		VALUE
HEALTHCARE SUPPLIES—6.6% (CONT.)
Silk Road Medical, Inc.*		76,344	$	3,546,942
				15,631,927
HEALTHCARE TECHNOLOGY—3.1%
Teladoc Health, Inc.*		16,750		3,980,303
Veeva Systems, Inc., Cl. A*		13,088		3,462,692
				7,442,995
INTERACTIVE HOME ENTERTAINMENT—1.5%
Activision Blizzard, Inc.		43,789		3,618,285
INTERNET & DIRECT MARKETING RETAIL—12.5%
Chewy, Inc., Cl. A*		72,933		3,828,253
Etsy, Inc.*		43,280		5,123,487
Farfetch Ltd., Cl. A*		129,797		3,326,697
Fiverr International Ltd.*		32,410		3,028,066
MercadoLibre, Inc.*		7,224		8,124,255
Stamps.com, Inc.*		23,353		6,078,319
				29,509,077
INTERNET SERVICES & INFRASTRUCTURE—4.2%
Okta, Inc., Cl. A*		20,429		4,514,400
Shopify, Inc., Cl. A*		5,216		5,341,184
				9,855,584
LEISURE FACILITIES—1.8%
Vail Resorts, Inc.		21,627		4,153,033
LIFE SCIENCES TOOLS & SERVICES—1.3%
Bio-Techne Corp.		11,262		3,098,852
MOVIES & ENTERTAINMENT—1.5%
Roku, Inc., Cl. A*		22,883		3,544,348
PHARMACEUTICALS—1.8%
Zoetis, Inc., Cl. A		28,680		4,350,182
REAL ESTATE SERVICES—0.8%
Redfin Corp.*		44,462		1,848,730
RESTAURANTS—2.2%
Chipotle Mexican Grill, Inc., Cl. A*		4,589		5,301,029
SEMICONDUCTORS—4.4%
Advanced Micro Devices, Inc.*		61,376		4,752,344
Universal Display Corp.		32,594		5,686,023
				10,438,367
SYSTEMS SOFTWARE—2.6%
Crowdstrike Holdings, Inc., Cl. A*		55,243		6,253,508
TRADING COMPANIES & DISTRIBUTORS—2.9%
SiteOne Landscape Supply, Inc.*		53,111		6,799,801
TOTAL COMMON STOCKS (Cost $178,047,353)				221,652,561

- 20 -

THE ALGER FUNDS | ALGER MID CAP FOCUS FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)

			VALUE
Total Investments (Cost $178,047,353)	93.6	%	$	221,652,561
Unaffiliated Securities (Cost $178,047,353)				221,652,561
Other Assets in Excess of Liabilities	6.4	%		15,215,340
NET ASSETS	100.0	%	$	236,867,901

^* Non-income producing security.

See Notes to Financial Statements.

- 21 -

THE ALGER FUNDS | ALGER WEATHERBIE SPECIALIZED GROWTH FUND

Schedule of Investments July 31, 2020 (Unaudited)

COMMON STOCKS—96.6%	SHARES		VALUE
AEROSPACE & DEFENSE—1.3%
Kratos Defense & Security Solutions, Inc.*		605,170	$	10,899,112
AIR FREIGHT & LOGISTICS—1.6%
XPO Logistics, Inc.*		182,548		13,694,751
APPAREL ACCESSORIES & LUXURY GOODS—0.7%
Canada Goose Holdings, Inc.*		285,313		6,356,774
APPLICATION SOFTWARE—23.4%
Altair Engineering, Inc., Cl. A*		61,072		2,461,202
Avalara, Inc.*		144,995		19,494,578
Bill.com Holdings, Inc.*		38,581		3,592,277
Cerence, Inc.*		291,564		11,563,428
Ebix, Inc.		364,820		8,046,105
Everbridge, Inc.*		233,692		33,371,217
Globant SA*		128,280		22,184,743
HubSpot, Inc.*		74,186		17,404,777
LivePerson, Inc.*		38,122		1,638,484
Mimecast Ltd.*		174,531		8,190,740
Paylocity Holding Corp.*		318,745		42,456,834
Pluralsight, Inc., Cl. A*		630,468		13,347,008
SPS Commerce, Inc.*		148,924		11,194,617
Vertex, Inc., Cl. A*		270,297		6,368,197
				201,314,207
ASSET MANAGEMENT & CUSTODY BANKS—2.7%
Hamilton Lane, Inc., Cl. A		320,707		23,167,874
BIOTECHNOLOGY—5.7%
ACADIA Pharmaceuticals, Inc.*		611,872		25,435,519
Natera, Inc.*		178,776		8,584,824
Puma Biotechnology, Inc.*		899,098		9,269,700
Ultragenyx Pharmaceutical, Inc.*		78,338		6,122,898
				49,412,941
CONSUMER FINANCE—1.0%
LendingTree, Inc.*		24,457		8,469,214
EDUCATION SERVICES—6.1%
Chegg, Inc.*		648,579		52,515,442
ELECTRONIC EQUIPMENT & INSTRUMENTS—0.6%
Novanta, Inc.*		52,134		5,405,253
ENVIRONMENTAL & FACILITIES SERVICES—4.2%
Casella Waste Systems, Inc., Cl. A*		655,820		36,338,986
GENERAL MERCHANDISE STORES—3.8%
Ollie’s Bargain Outlet Holdings, Inc.*		313,752		32,975,335
HEALTHCARE DISTRIBUTORS—1.5%
PetIQ, Inc., Cl. A*		364,649		13,306,042
HEALTHCARE EQUIPMENT—11.4%
Glaukos Corp.*		406,998		17,785,813
Insulet Corp.*		168,544		34,275,107

- 22 -

THE ALGER FUNDS | ALGER WEATHERBIE SPECIALIZED GROWTH FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—96.6% (CONT.)	SHARES		VALUE
HEALTHCARE EQUIPMENT—11.4% (CONT.)
Nevro Corp.*		345,725	$	45,967,596
				98,028,516
HEALTHCARE FACILITIES—1.3%
US Physical Therapy, Inc.		134,843		11,200,060
HEALTHCARE SUPPLIES—1.0%
Silk Road Medical, Inc.*		191,609		8,902,154
HEALTHCARE TECHNOLOGY—2.4%
Inspire Medical Systems, Inc.*		12,516		1,243,590
Tabula Rasa HealthCare, Inc.*		339,571		19,083,890
				20,327,480
INSURANCE BROKERS—1.7%
eHealth, Inc.*		71,596		4,950,147
Goosehead Insurance, Inc., Cl. A*		92,892		9,598,531
				14,548,678
IT CONSULTING & OTHER SERVICES—2.8%
EPAM Systems, Inc.*		83,374		24,185,130
LEISURE FACILITIES—2.1%
Planet Fitness, Inc., Cl. A*		348,128		18,172,282
LIFE SCIENCES TOOLS & SERVICES—2.3%
NeoGenomics, Inc.*		522,867		19,989,205
MANAGED HEALTHCARE—4.3%
Progyny, Inc.*		1,385,106		36,878,447
OIL & GAS EQUIPMENT & SERVICES—0.9%
Core Laboratories NV		358,958		7,656,574
PHARMACEUTICALS—0.2%
Aerie Pharmaceuticals, Inc.*		143,248		1,655,947
REAL ESTATE SERVICES—6.0%
FirstService Corp.		431,190		51,548,765
REGIONAL BANKS—2.1%
Signature Bank		177,819		18,231,782
RESTAURANTS—0.7%
Wingstop, Inc.		39,542		6,178,437
SEMICONDUCTORS—0.8%
Impinj, Inc.*		288,856		6,817,002
SYSTEMS SOFTWARE—0.9%
Rapid7, Inc.*		125,904		7,500,101
THRIFTS & MORTGAGE FINANCE—0.3%
Axos Financial, Inc.*		96,080		2,153,153
TRADING COMPANIES & DISTRIBUTORS—2.8%
SiteOne Landscape Supply, Inc.*		188,929		24,188,580
TOTAL COMMON STOCKS (Cost $634,254,603)				832,018,224

- 23 -

THE ALGER FUNDS | ALGER WEATHERBIE SPECIALIZED GROWTH FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)

PREFERRED STOCKS—0.0%	SHARES			VALUE
BIOTECHNOLOGY—0.0%
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		231,474		$	182,864
(Cost $1,041,633)					182,864
Total Investments (Cost $635,296,236)		96.6	%	$	832,201,088
Affiliated Securities (Cost $1,041,633)					182,864
Unaffiliated Securities (Cost $634,254,603)					832,018,224
Other Assets in Excess of Liabilities		3.4	%		29,172,173
NET ASSETS		100.0	%	$	861,373,261

^(a) Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 5 - Affiliated Securities.

^(b) Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board.

^* Non-income producing security.

^@ Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.

				% of net assets					% of net assets
	Acquisition	Acquisition		(Acquisition			Market		as of
Security	Date(s)	Cost		Date)			Value		7/31/2020
Prosetta Biosciences, Inc., Series D	2/6/15	$	1,041,633		0.10	%	$	182,864		0.02	%
Total							$	182,864		0.02	%

See Notes to Financial Statements.

- 24 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND

Schedule of Investments July 31, 2020 (Unaudited)

COMMON STOCKS—90.7%	SHARES		VALUE
AEROSPACE & DEFENSE—1.4%
Hexcel Corp.		27,793	$	1,036,679
Mercury Systems, Inc.*		43,876		3,397,319
				4,433,998
ALTERNATIVE CARRIERS—1.0%
Bandwidth, Inc., Cl. A*		22,282		3,225,988
APPAREL RETAIL—1.0%
Burlington Stores, Inc.*		17,286		3,249,768
APPLICATION SOFTWARE—18.3%
ACI Worldwide, Inc.*		113,075		3,029,279
Avalara, Inc.*		62,179		8,359,967
Benefitfocus, Inc.*		91,388		1,070,154
Bill.com Holdings, Inc.*		31,543		2,936,969
Blackbaud, Inc.		42,352		2,648,694
Blackline, Inc.*		21,113		1,877,157
Coupa Software, Inc.*		17,585		5,388,923
Everbridge, Inc.*		36,346		5,190,209
Guidewire Software, Inc.*		31,593		3,717,232
HubSpot, Inc.*		19,566		4,590,379
Manhattan Associates, Inc.*		35,349		3,386,081
Medallia, Inc.*		31,860		979,058
Paycom Software, Inc.*		13,874		3,945,349
Q2 Holdings, Inc.*		42,922		4,036,814
Smartsheet, Inc., Cl. A*		40,743		1,945,071
SPS Commerce, Inc.*		34,167		2,568,333
Tyler Technologies, Inc.*		8,205		2,931,236
Vertex, Inc., Cl. A*		29,040		684,182
				59,285,087
ASSET MANAGEMENT & CUSTODY BANKS—1.3%
Affiliated Managers Group, Inc.		33,930		2,334,045
WisdomTree Investments, Inc.		532,309		1,916,312
				4,250,357
BIOTECHNOLOGY—3.2%
BioNTech SE#,*		15,405		1,264,904
CareDx, Inc.*		127,652		4,257,194
Exact Sciences Corp.*		20,904		1,980,654
Moderna, Inc.*		27,767		2,057,535
Turning Point Therapeutics, Inc.*		15,459		915,637
				10,475,924
CASINOS & GAMING—2.3%
DraftKings, Inc., Cl. A*		116,097		3,874,737
Penn National Gaming, Inc.*		100,794		3,411,877
				7,286,614
DIVERSIFIED SUPPORT SERVICES—0.5%
IAA, Inc.*		33,999		1,473,857
ELECTRICAL COMPONENTS & EQUIPMENT—1.3%
Sunrun, Inc.*		114,831		4,213,149

- 25 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—90.7% (CONT.)	SHARES		VALUE
ELECTRONIC COMPONENTS—0.7%
Dolby Laboratories, Inc., Cl. A		32,290	$	2,247,384
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.4%
Cognex Corp.		65,546		4,383,061
FINANCIAL EXCHANGES & DATA—0.7%
Tradeweb Markets, Inc., Cl. A		39,335		2,126,843
FOOD DISTRIBUTORS—0.7%
The Chefs’ Warehouse, Inc.*		35,695		411,563
US Foods Holding Corp.*		87,946		1,785,304
				2,196,867
GENERAL MERCHANDISE STORES—1.1%
Ollie’s Bargain Outlet Holdings, Inc.*		33,166		3,485,747
HEALTHCARE EQUIPMENT—11.5%
ABIOMED, Inc.*		17,450		5,233,953
Cantel Medical Corp.		85,433		4,036,709
CryoPort, Inc.*		53,466		1,771,863
DexCom, Inc.*		18,550		8,079,267
Inmode Ltd.*		13,921		450,484
Inogen, Inc.*		24,016		737,291
Insulet Corp.*		41,145		8,367,248
Mesa Laboratories, Inc.		7,617		1,804,772
Tandem Diabetes Care, Inc.*		63,496		6,632,792
				37,114,379
HEALTHCARE SERVICES—2.3%
1Life Healthcare, Inc.*		82,984		2,457,156
Guardant Health, Inc.*		40,500		3,449,790
Progenity, Inc.*		161,915		1,475,046
				7,381,992
HEALTHCARE SUPPLIES—9.4%
Neogen Corp.*		68,060		5,224,966
Quidel Corp.*		89,712		25,340,949
				30,565,915
HEALTHCARE TECHNOLOGY—7.3%
Livongo Health, Inc.*		18,431		2,345,345
Teladoc Health, Inc.*		24,015		5,706,684
Veeva Systems, Inc., Cl. A*		48,382		12,800,426
Vocera Communications, Inc.*		89,374		2,750,038
				23,602,493
HOMEFURNISHING RETAIL—0.4%
Bed Bath & Beyond, Inc.		113,791		1,231,219
HYPERMARKETS & SUPER CENTERS—1.0%
BJ’s Wholesale Club Holdings, Inc.*		80,301		3,216,055
INTERACTIVE HOME ENTERTAINMENT—0.9%
Take-Two Interactive Software, Inc.*		17,266		2,831,969
INTERACTIVE MEDIA & SERVICES—0.1%
Eventbrite, Inc., Cl. A*		54,133		461,213

- 26 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—90.7% (CONT.)	SHARES		VALUE
INTERNET & DIRECT MARKETING RETAIL—2.3%
Farfetch Ltd., Cl. A*		160,727	$	4,119,433
Fiverr International Ltd.*		35,489		3,315,737
				7,435,170
INTERNET SERVICES & INFRASTRUCTURE—3.1%
Shopify, Inc., Cl. A*		9,833		10,068,992
LEISURE FACILITIES—0.5%
Planet Fitness, Inc., Cl. A*		29,456		1,537,603
LIFE SCIENCES TOOLS & SERVICES—6.8%
10X Genomics, Inc., Cl. A*		16,620		1,634,909
Bio-Techne Corp.		38,226		10,518,266
NanoString Technologies, Inc.*		76,756		2,771,659
NeoGenomics, Inc.*		73,452		2,808,070
PRA Health Sciences, Inc.*		18,537		1,975,303
Repligen Corp.*		16,245		2,451,533
				22,159,740
MANAGED HEALTHCARE—0.6%
HealthEquity, Inc.*		39,878		2,056,110
MOVIES & ENTERTAINMENT—0.7%
Live Nation Entertainment, Inc.*		48,978		2,292,660
OIL & GAS EXPLORATION & PRODUCTION—0.7%
Magnolia Oil & Gas Corp., Cl. A*		367,226		2,196,011
PHARMACEUTICALS—0.2%
Aerie Pharmaceuticals, Inc.*		61,099		706,304
REGIONAL BANKS—0.5%
Webster Financial Corp.		63,659		1,735,981
RESTAURANTS—2.2%
Shake Shack, Inc., Cl. A*		70,337		3,414,861
Wingstop, Inc.		24,515		3,830,469
				7,245,330
SEMICONDUCTOR EQUIPMENT—0.8%
SolarEdge Technologies, Inc.*		14,955		2,618,621
SEMICONDUCTORS—1.0%
Universal Display Corp.		19,263		3,360,430
SPECIALTY CHEMICALS—1.1%
Balchem Corp.		34,256		3,434,507
SPECIALTY STORES—1.1%
Five Below, Inc.*		22,277		2,426,188
Sportsman’s Warehouse Holdings, Inc.*		68,341		1,099,607
				3,525,795
SYSTEMS SOFTWARE—1.3%
Proofpoint, Inc.*		37,612		4,350,580
TOTAL COMMON STOCKS
(Cost $164,758,006)				293,463,713

- 27 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)

PREFERRED STOCKS—0.0%	SHARES		VALUE
BIOTECHNOLOGY—0.0%
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		50,688	$	40,044
(Cost $228,096)				40,044

RIGHTS—0.2%	SHARES		VALUE
BIOTECHNOLOGY—0.2%
BioNTech Pharmaceuticals Ltd.*		11,329		–
Tolero CDR*,@,(b),(c)		174,782		541,824
				541,824
TOTAL RIGHTS
(Cost $94,483)				541,824

REAL ESTATE INVESTMENT TRUST—2.1%	SHARES			VALUE
SPECIALIZED—2.1%
Digital Realty Trust, Inc.		42,881			6,884,116
(Cost $5,612,706)					6,884,116
Total Investments
(Cost $170,693,291)		93.0	%	$	300,929,697
Affiliated Securities (Cost $228,096)					40,044
Unaffiliated Securities (Cost $170,465,195)					300,889,653
Other Assets in Excess of Liabilities		7.0	%		22,571,895
NET ASSETS		100.0	%	$	323,501,592

^# American Depositary Receipts.

^(a) Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 5 - Affiliated Securities.

^(b) Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board.

^(c) Contingent Deferred Rights.

^* Non-income producing security.

^@ Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.

				% of net assets					% of net assets
	Acquisition	Acquisition		(Acquisition			Market		as of
Security	Date(s)	Cost		Date)			Value		7/31/2020
Prosetta Biosciences, Inc., Series D	2/6/15	$	228,096		0.10	%	$	40,044		0.01	%
Tolero CDR	2/6/17		94,483		0.08	%		541,824		0.17	%
Total							$	581,868		0.18	%

See Notes to Financial Statements.

- 28 -

THE ALGER FUNDS | ALGER SMALL CAP FOCUS FUND

Schedule of Investments July 31, 2020 (Unaudited)

COMMON STOCKS—99.3%	SHARES		VALUE
AEROSPACE & DEFENSE—2.1%
Mercury Systems, Inc.*		1,572,692	$	121,773,541
ALTERNATIVE CARRIERS—1.1%
Bandwidth, Inc., Cl. A*		422,720		61,201,402
APPLICATION SOFTWARE—28.8%
Alteryx, Inc., Cl. A*		548,405		96,239,593
ANSYS, Inc.*		445,432		138,351,179
Avalara, Inc.*		998,528		134,252,090
Blackline, Inc.*		1,360,409		120,953,964
Coupa Software, Inc.*		356,045		109,109,990
Datadog, Inc., Cl. A*		1,456,825		136,737,594
Everbridge, Inc.*		1,101,915		157,353,462
Guidewire Software, Inc.*		868,509		102,188,769
Medallia, Inc.*		2,423,081		74,461,279
Model N, Inc.*		2,956,082		113,690,914
Paycom Software, Inc.*		283,474		80,611,501
Pluralsight, Inc., Cl. A*		3,798,448		80,413,144
PROS Holdings, Inc.*		1,625,557		53,041,925
Q2 Holdings, Inc.*		989,802		93,090,878
Smartsheet, Inc., Cl. A*		1,249,725		59,661,872
Tyler Technologies, Inc.*		266,038		95,042,076
				1,645,200,230
BIOTECHNOLOGY—4.7%
CareDx, Inc.*		4,197,582		139,989,360
Natera, Inc.*		2,705,321		129,909,514
				269,898,874
BUILDING PRODUCTS—2.0%
Trex Co., Inc.*		820,409		114,307,586
EDUCATION SERVICES—3.3%
Chegg, Inc.*		2,365,981		191,573,481
ELECTRONIC EQUIPMENT & INSTRUMENTS—3.9%
Cognex Corp.		2,004,491		134,040,314
FLIR Systems, Inc.		2,062,687		85,931,540
				219,971,854
HEALTHCARE DISTRIBUTORS—1.6%
PetIQ, Inc., Cl. A*		2,477,129		90,390,437
HEALTHCARE EQUIPMENT—17.5%
ABIOMED, Inc.*		491,165		147,320,030
AtriCure, Inc.*		2,123,474		86,658,974
Cantel Medical Corp.		2,459,036		116,189,451
CryoPort, Inc.*		3,716,481		123,164,180
Heska Corp.*		1,108,721		106,681,135
Insulet Corp.*		604,724		122,976,673
Nevro Corp.*		933,911		124,172,806
Tactile Systems Technology, Inc.*		1,903,368		78,000,021
Tandem Diabetes Care, Inc.*		928,579		96,999,362
				1,002,162,632

- 29 -

THE ALGER FUNDS | ALGER SMALL CAP FOCUS FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)  

COMMON STOCKS—99.3% (CONT.)	SHARES			VALUE
HEALTHCARE SERVICES—1.1%
Guardant Health, Inc.*		718,895		$	61,235,476
HEALTHCARE SUPPLIES—7.2%
Neogen Corp.*		1,531,679			117,586,997
Quidel Corp.*		1,048,360			296,130,249
					413,717,246
HEALTHCARE TECHNOLOGY—5.2%
Teladoc Health, Inc.*		416,529			98,979,786
Veeva Systems, Inc., Cl. A*		755,764			199,952,482
					298,932,268
INSURANCE BROKERS—0.9%
eHealth, Inc.*		713,979			49,364,508
INTERNET & DIRECT MARKETING RETAIL—1.8%
Stamps.com, Inc.*		388,937			101,232,522
INTERNET SERVICES & INFRASTRUCTURE—1.5%
Shopify, Inc., Cl. A*		81,078			83,023,872
LIFE SCIENCES TOOLS & SERVICES—4.8%
Bio-Techne Corp.		540,332			148,677,753
Repligen Corp.*		818,438			123,510,479
					272,188,232
MANAGED HEALTHCARE—1.3%
HealthEquity, Inc.*		1,474,880			76,044,813
RESTAURANTS—4.9%
Shake Shack, Inc., Cl. A*		1,739,863			84,470,349
Wingstop, Inc.		1,246,810			194,814,062
					279,284,411
SEMICONDUCTORS—2.4%
Monolithic Power Systems, Inc.		509,287			134,966,148
SPECIALTY CHEMICALS—1.4%
Balchem Corp.		777,388			77,940,921
SYSTEMS SOFTWARE—1.8%
Proofpoint, Inc.*		899,788			104,078,478
TOTAL COMMON STOCKS
(Cost $3,822,194,059)					5,668,488,932
RIGHTS—0.0%	SHARES			VALUE
BIOTECHNOLOGY—0.0%
Tolero CDR*,@,(a),(b)		11,905			36,906
(Cost $6,436)					36,906
Total Investments
(Cost $3,822,200,495)		99.3	%	$	5,668,525,838
Unaffiliated Securities (Cost $3,822,200,495)					5,668,525,838
Other Assets in Excess of Liabilities		0.7	%		40,049,031
NET ASSETS		100.0	%	$	5,708,574,869

^(a) Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board.

^(b) Contingent Deferred Rights.

- 30 -

THE ALGER FUNDS | ALGER SMALL CAP FOCUS FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)

*	Non-income producing security.
@	Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.

					% of net assets					% of net assets
	Acquisition		Acquisition		(Acquisition			Market		as of
Security	Date(s)		Cost		Date)			Value		7/31/2020
Tolero CDR		2/6/17	$	6,436		0.00	%	$	36,906		0.00	%
Total								$	36,906		0.00	%

See Notes to Financial Statements.

- 31 -

THE ALGER FUNDS | ALGER INTERNATIONAL FOCUS FUND

Schedule of Investments July 31, 2020 (Unaudited)  

COMMON STOCKS—98.9%	SHARES		VALUE
AUSTRALIA—6.0%
HEALTHCARE SUPPLIES—1.5%
Nanosonics Ltd.*		490,062	$	2,166,490
INTERNET & DIRECT MARKETING RETAIL—2.3%
Kogan.com Ltd.		276,253		3,285,773
IT CONSULTING & OTHER SERVICES—2.2%
Appen Ltd.		128,800		3,280,029
TOTAL AUSTRALIA
(Cost $6,311,978)				8,732,292
BRAZIL—0.1%
EDUCATION SERVICES—0.1%
Vasta Platform Ltd.*		6,016		113,402
(Cost $114,304)
CANADA—1.9%
ASSET MANAGEMENT & CUSTODY BANKS—1.9%
Brookfield Asset Management, Inc., Cl. A		84,800		2,741,584
(Cost $2,857,457)
CHINA— 9.7%
AUTOMOBILE MANUFACTURERS—2.6%
Geely Automobile Holdings Ltd.		1,804,000		3,784,429
CONSTRUCTION MACHINERY & HEAVY TRUCKS—2.3%
Sany Heavy Industry Co., Ltd., Cl. A		1,099,843		3,321,793
INTERACTIVE MEDIA & SERVICES—4.8%
Baidu, lnc.#,*		16,900		2,017,860
Tencent Holdings Ltd.		72,200		4,952,823
				6,970,683
TOTAL CHINA
(Cost $11,220,545)				14,076,905
DENMARK—5.9%
AIR FREIGHT & LOGISTICS—2.2%
DSV PANALPINA AS		23,600		3,229,984
APPLICATION SOFTWARE—1.5%
Netcompany Group AS*,(a)		29,800		2,154,427
BIOTECHNOLOGY—2.2%
Genmab AS*		9,200		3,167,351
TOTAL DENMARK
(Cost $5,185,404)				8,551,762
FRANCE— 7.6%
APPAREL ACCESSORIES & LUXURY GOODS—2.3%
LVMH Moet Hennessy Louis Vuitton SE		7,700		3,349,003
LIFE SCIENCES TOOLS & SERVICES—2.7%
Eurofins Scientific SE*		6,050		3,960,725
RESEARCH & CONSULTING SERVICES—2.6%
Teleperformance		12,557		3,675,777
TOTAL FRANCE
(Cost $7,672,471)				10,985,505

- 32 -

THE ALGER FUNDS | ALGER INTERNATIONAL FOCUS FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—98.9% (CONT.)	SHARES		VALUE
GERMANY—3.5%
AUTOMOBILE MANUFACTURERS—1.6%
Bayerische Motoren Werke AG		36,900	$	2,360,272
FOOTWEAR—1.9%
Puma SE		35,300		2,748,258
TOTAL GERMANY
(Cost $4,025,067)				5,108,530
HONG KONG—6.3%
APPAREL ACCESSORIES & LUXURY GOODS—1.5%
Samsonite International SA*,(a)		2,357,000		2,209,191
FINANCIAL EXCHANGES & DATA—2.7%
Hong Kong Exchanges & Clearing Ltd.		80,000		3,809,077
INDUSTRIAL MACHINERY—2.1%
Techtronic Industries Co., Ltd.		289,000		3,022,682
TOTAL HONG KONG
(Cost $7,227,930)				9,040,950
INDIA—3.5%
DIVERSIFIED BANKS—1.9%
HDFC Bank Ltd.#,*		59,000		2,758,250
OIL & GAS REFINING & MARKETING—1.6%
Reliance Industries Ltd.		85,000		2,350,645
TOTAL INDIA
(Cost $4,603,938)				5,108,895
IRELAND—2.6%
PACKAGED FOODS & MEATS—2.6%
Kerry Group PLC, Cl. A		28,041		3,714,719
(Cost $2,962,801)
ITALY— 5.9%
APPAREL ACCESSORIES & LUXURY GOODS—1.6%
Moncler SpA		59,786		2,311,929
AUTOMOBILE MANUFACTURERS—2.6%
Ferrari NV		21,062		3,826,965
DATA PROCESSING & OUTSOURCED SERVICES—1.7%
Nexi SpA*		134,300		2,413,189
TOTAL ITALY
(Cost $6,345,985)				8,552,083
JAPAN—11.8%
ELECTRONIC COMPONENTS—2.4%
Murata Manufacturing Co., Ltd.		53,800		3,456,264
HEALTHCARE SUPPLIES—1.9%
Hoya Corp.		27,900		2,752,004
HUMAN RESOURCE & EMPLOYMENT SERVICES—1.9%
Benefit One, Inc.		125,000		2,742,063
INDUSTRIAL MACHINERY—1.7%
FANUC Corp.		14,900		2,514,450

- 33 -

THE ALGER FUNDS | ALGER INTERNATIONAL FOCUS FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—98.9% (CONT.)	SHARES		VALUE
JAPAN—11.8% (CONT.)
INTERACTIVE HOME ENTERTAINMENT—2.2%
Nintendo Co., Ltd.		7,300	$	3,211,222
SEMICONDUCTOR EQUIPMENT—1.7%
Lasertec Corp.		27,999		2,472,626
TOTAL JAPAN
(Cost $13,597,418)				17,148,629
NETHERLANDS—7.4%
DATA PROCESSING & OUTSOURCED SERVICES—3.1%
Adyen NV*,(a)		2,650		4,424,200
HEAVY ELECTRICAL EQUIPMENT—1.9%
Alfen Beheer BV*,(a)		63,500		2,793,913
SEMICONDUCTOR EQUIPMENT—2.4%
ASML Holding NV		9,900		3,520,569
TOTAL NETHERLANDS
(Cost $5,939,817)				10,738,682
NEW ZEALAND—4.6%
APPLICATION SOFTWARE—2.1%
Xero Ltd.*		46,600		2,986,142
PACKAGED FOODS & MEATS—2.5%
a2 Milk Co., Ltd.*		265,000		3,637,049
TOTAL NEW ZEALAND
(Cost $4,247,518)				6,623,191
RUSSIA— 1.2%
INTEGRATED OIL & GAS—1.2%
LUKOIL PJSC#		25,000		1,695,886
(Cost $1,751,205)
SPAIN—2.1%
BIOTECHNOLOGY—2.1%
Grifols SA#		157,341		2,969,025
(Cost $3,254,011)
SWEDEN—4.8%
ASSET MANAGEMENT & CUSTODY BANKS—2.7%
EQT AB		162,898		3,851,553
INTERACTIVE HOME ENTERTAINMENT—2.1%
Stillfront Group AB*		31,137		3,030,255
TOTAL SWEDEN
(Cost $4,123,174)				6,881,808
SWITZERLAND—5.3%
ASSET MANAGEMENT & CUSTODY BANKS—2.6%
Partners Group Holding AG		3,884		3,763,488
SPECIALTY CHEMICALS—2.7%
Sika AG		18,000		3,956,259
TOTAL SWITZERLAND
(Cost $5,328,333)				7,719,747

- 34 -

THE ALGER FUNDS | ALGER INTERNATIONAL FOCUS FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—98.9% (CONT.)	SHARES			VALUE
UNITED KINGDOM—4.2%
FINANCIAL EXCHANGES & DATA—2.5%
London Stock Exchange Group PLC		32,700		$	3,612,421
PHARMACEUTICALS—1.7%
AstraZeneca PLC		22,700			2,508,176
TOTAL UNITED KINGDOM
(Cost $3,942,665)					6,120,597
UNITED STATES—4.5%
APPAREL ACCESSORIES & LUXURY GOODS—2.4%
Lululemon Athletica, Inc.*		10,591			3,448,324
SEMICONDUCTORS—2.1%
NXP Semiconductors NV		26,600			3,126,298
TOTAL UNITED STATES
(Cost $4,489,287)					6,574,622
TOTAL COMMON STOCKS
(Cost $105,201,308)					143,198,814
Total Investments
(Cost $105,201,308)		98.9	%	$	143,198,814
Unaffiliated Securities (Cost $105,201,308)					143,198,814
Other Assets in Excess of Liabilities		1.1	%		1,604,713
NET ASSETS		100.0	%	$	144,803,527

^# American Depositary Receipts.

^(a) Pursuant to Securities and Exchange Commission Rule 144A, these securities may be sold prior to their maturity only to qualified institutional buyers. These securities represent 8.0% of the net assets of the Fund.

^* Non-income producing security.

See Notes to Financial Statements.

- 35 -

THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND

Schedule of Investments July 31, 2020 (Unaudited)

COMMON STOCKS—93.2%	SHARES		VALUE
BIOTECHNOLOGY—29.0%
AbbVie, Inc.		111,320	$	10,565,381
Acceleron Pharma, Inc.*		12,000		1,190,040
ADC Therapeutics SA*		35,000		1,627,500
Adverum Biotechnologies, Inc.*		25,000		419,250
Akebia Therapeutics, Inc.*		90,000		1,005,300
Amarin Corp. PLC#,*		72,000		466,560
Arcturus Therapeutics Holdings, Inc.*		4,000		208,920
Argenx SE#,*		13,000		2,991,690
Aurinia Pharmaceuticals, Inc.*		50,000		706,500
Avidity Biosciences, Inc.*		20,000		563,800
BeiGene Ltd.#,*		4,000		836,000
BioMarin Pharmaceutical, Inc.*		25,475		3,052,160
BioNTech SE#,*		33,030		2,712,093
Bioxcel Therapeutics, Inc.*		18,000		816,480
Black Diamond Therapeutics, Inc.*		24,000		667,680
Castle Biosciences, Inc.*		16,000		619,520
ChemoCentryx, Inc.*		30,000		1,581,300
Deciphera Pharmaceuticals, Inc.*		13,000		602,810
Fate Therapeutics, Inc.*		36,166		1,130,911
FibroGen, Inc.*		18,000		728,460
Five Prime Therapeutics, Inc.*		30,000		177,000
Forte Biosciences, Inc.*		202,625		3,819,481
Genmab AS#,*		65,000		2,222,350
Gilead Sciences, Inc.		25,000		1,738,250
Halozyme Therapeutics, Inc.*		60,000		1,631,400
Immunomedics, Inc.*		57,500		2,428,225
Invitae Corp.*		48,000		1,401,600
Iovance Biotherapeutics, Inc.*		40,000		1,162,800
Karuna Therapeutics, Inc.*		6,000		490,800
Kodiak Sciences, Inc.*		5,000		231,650
Legend Biotech Corp.#,*		14,296		503,791
MeiraGTx Holdings PLC*		36,200		470,238
Mirati Therapeutics, Inc.*		6,000		727,860
Moderna, Inc.*		31,000		2,297,100
Molecular Partners AG*		36,564		694,885
Neurocrine Biosciences, Inc.*		8,000		962,880
Regeneron Pharmaceuticals, Inc.*		12,000		7,584,840
Rocket Pharmaceuticals, Inc.*		13,000		305,890
Sarepta Therapeutics, Inc.*		56,000		8,597,120
Seattle Genetics, Inc.*		19,000		3,159,130
TG Therapeutics, Inc.*		75,000		1,468,500
Trillium Therapeutics, Inc.*		50,000		334,000
Turning Point Therapeutics, Inc.*		40,000		2,369,200
Twist Bioscience Corp.*		41,179		2,307,671
Vertex Pharmaceuticals, Inc.*		42,000		11,424,000
Zai Lab Ltd.#,*		7,000		532,770
Zymeworks, Inc.*		24,000		732,720
				92,268,506

- 36 - 

THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—93.2% (CONT.)	SHARES		VALUE
HEALTHCARE EQUIPMENT—22.2%
Abbott Laboratories		75,108	$	7,558,869
ABIOMED, Inc.*		10,500		3,149,370
Baxter International, Inc.		15,000		1,295,700
Boston Scientific Corp.*		35,000		1,349,950
Cantel Medical Corp.		20,000		945,000
Danaher Corp.		59,000		12,024,200
DexCom, Inc.*		30,000		13,066,200
GenMark Diagnostics, Inc.*		35,000		625,100
Hill-Rom Holdings, Inc.		6,000		583,320
Hologic, Inc.*		47,000		3,279,660
IDEXX Laboratories, Inc.*		9,500		3,778,625
Insulet Corp.*		20,000		4,067,200
Intuitive Surgical, Inc.*		4,500		3,084,480
Masimo Corp.*		17,500		3,852,100
Nevro Corp.*		6,000		797,760
ResMed, Inc.		11,000		2,227,610
Sartorius AG		10,000		3,848,434
Stryker Corp.		7,500		1,449,750
Tandem Diabetes Care, Inc.*		35,000		3,656,100
				70,639,428
HEALTHCARE SERVICES—2.1%
1Life Healthcare, Inc.*		17,043		504,643
Cigna Corp.		13,000		2,244,970
Guardant Health, Inc.*		46,105		3,927,224
				6,676,837
HEALTHCARE SUPPLIES—3.2%
Align Technology, Inc.*		8,000		2,350,560
Quidel Corp.*		10,000		2,824,700
STAAR Surgical Co.*		40,000		2,327,600
West Pharmaceutical Services, Inc.		10,000		2,688,700
				10,191,560
HEALTHCARE TECHNOLOGY—5.5%
Livongo Health, Inc.*		41,000		5,217,250
Phreesia, Inc.*		23,353		701,991
Schrodinger, Inc.*		27,301		1,976,046
Teladoc Health, Inc.*		25,407		6,037,466
Veeva Systems, Inc., Cl. A*		14,000		3,703,980
				17,636,733
INSURANCE BROKERS—0.5%
eHealth, Inc.*		23,534		1,627,141
LIFE SCIENCES TOOLS & SERVICES—8.0%
10X Genomics, Inc., Cl. A*		11,000		1,082,070
Adaptive Biotechnologies Corp.*		28,171		1,051,342
Berkeley Lights, Inc.*		10,566		633,643
Bio-Techne Corp.		3,000		825,480
Illumina, Inc.*		11,000		4,203,760
Lonza Group AG		5,500		3,440,285

- 37 - 

THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND

Schedule of Investments July 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—93.2% (CONT.)	SHARES		VALUE
LIFE SCIENCES TOOLS & SERVICES—8.0% (CONT.)
Repligen Corp.*		23,000	$	3,470,930
Thermo Fisher Scientific, Inc.		26,000		10,762,700
				25,470,210
MANAGED HEALTHCARE—6.5%
HealthEquity, Inc.*		9,000		464,040
Humana, Inc.		17,000		6,671,650
Molina Healthcare, Inc.*		7,000		1,292,900
UnitedHealth Group, Inc.		40,000		12,111,200
				20,539,790
PHARMACEUTICALS—16.2%
Aerie Pharmaceuticals, Inc.*		35,000		404,600
AstraZeneca PLC#		137,000		7,641,860
Axsome Therapeutics, Inc.*		23,000		1,640,590
Catalent, Inc.*		10,000		873,400
Eli Lilly & Co.		70,000		10,520,300
Emmaus Life Sciences, Inc.*		292,546		558,763
GW Pharmaceuticals PLC#,*		32,000		4,084,160
Horizon Therapeutics PLC*		43,000		2,631,170
Kala Pharmaceuticals, Inc.*		50,000		437,500
Merck & Co., Inc.		26,000		2,086,240
Novartis AG#		50,000		4,107,000
Novo Nordisk AS#		33,000		2,155,890
Ocular Therapeutix, Inc.*		140,000		1,097,600
Provention Bio, Inc.*		45,000		467,550
Reata Pharmaceuticals, Inc., Cl. A*		8,500		1,255,450
Roche Holding AG#		120,000		5,172,000
Royalty Pharma PLC, Cl. A*		16,500		710,325
Sanofi#		18,000		944,100
Zoetis, Inc., Cl. A		32,000		4,853,760
				51,642,258
TOTAL COMMON STOCKS
(Cost $210,682,161)				296,692,463

PREFERRED STOCKS—0.2%	SHARES		VALUE
BIOTECHNOLOGY—0.2%
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		897,366		708,919
(Cost $4,038,147)				708,919

WARRANTS—0.6%	SHARES		VALUE
BIOTECHNOLOGY—0.6%
Forte Biosciences, Inc., 2/20/21*,@		211,625		1,753,525
(Cost $0)				1,753,525

RIGHTS—2.0%	SHARES		VALUE
BIOTECHNOLOGY—1.9%
BioNTech Pharmaceuticals Ltd.*		33,030		–
Tolero CDR*,@,(a),(c)		1,956,996		6,066,688
				6,066,688

- 38 - 

THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND
Schedule of Investments July 31, 2020 (Unaudited) (Continued)
RIGHTS—2.0% (CONT.)	SHARES			VALUE
PHARMACEUTICALS—0.1%
Bristol-Myers Squibb Co.*		117,143		$	421,715
TOTAL RIGHTS
(Cost $1,342,265)					6,488,403
Total Investments
(Cost $216,062,573)		96.0	%	$	305,643,310
Affiliated Securities (Cost $4,038,147)					708,919
Unaffiliated Securities (Cost $212,024,426)					304,934,391
Other Assets in Excess of Liabilities		4.0	%		12,645,987
NET ASSETS		100.0	%	$	318,289,297

^# American Depositary Receipts.

^(a) Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board.

^(b) Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 5 - Affiliated Securities.

^(c) Contingent Deferred Rights.

^* Non-income producing security.

^@ Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.

				% of net assets					% of net assets
	Acquisition	Acquisition		(Acquisition			Market		as of
Security	Date(s)	Cost		Date)			Value		7/31/2020
Forte Biosciences, Inc., Warrants	2/19/20		0		0.00	%		1,753,525		0.55	%
Prosetta Biosciences, Inc., Series D	2/6/15		4,038,147		2.00	%		708,919		0.22	%
Tolero CDR	2/6/17		1,044,370		0.90	%		6,066,688		1.91	%
Total							$	12,348,613		3.88	%

See Notes to Financial Statements.

- 39 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1 — General:

The Alger Funds (the “Trust”) is an open-end registered investment company organized as a business trust under the laws of the Commonwealth of Massachusetts. The Trust qualifies as an investment company as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946-Financial Services – Investment Companies. The Trust operates as a series company currently offering an unlimited number of shares of beneficial interest in eleven funds — Alger Capital Appreciation Fund, Alger 25 Fund, Alger 35 Fund, Alger Growth & Income Fund, Alger Mid Cap Growth Fund, Alger Mid Cap Focus Fund, Alger Weatherbie Specialized Growth Fund, Alger Small Cap Growth Fund, Alger Small Cap Focus Fund, Alger International Focus Fund and Alger Health Sciences Fund (collectively, the “Funds” or individually, each a “Fund”). Alger Capital Appreciation Fund, Alger 25 Fund, Alger 35 Fund, Alger Mid Cap Growth Fund, Alger Mid Cap Focus Fund, Alger Weatherbie Specialized Growth Fund, Alger Small Cap Growth Fund, Alger Small Cap Focus Fund, Alger International Focus Fund and Alger Health Sciences Fund normally invest primarily in equity securities and each has an investment objective of long-term capital appreciation. Alger Growth & Income Fund also normally invests primarily in equity securities but has an investment objective of both capital appreciation and current income.

Each Fund offers one or more of the following share classes: Class A, B, C, I, P, P-2, Y and Z. Class A shares are generally subject to an initial sales charge while Class B and C shares are generally subject to a deferred sales charge. Class B shares will automatically convert to Class A shares eight years after the end of the calendar month in which the order to purchase was accepted. The conversion is completed without the imposition of any sales charges or other fees. Class C shares will automatically convert to Class A shares on the fifth business day of the month following the tenth anniversary of the purchase date of a shareholder’s Class C shares, without the imposition of any sales load, fee or other charge. Class C shares held at certain dealers may convert to Class A shares earlier. At conversion, a proportionate amount of shares representing reinvested dividends and distributions will also be converted into Class A shares. Class I, P, P-2, Y and Z shares are sold to investors without an initial or deferred sales charge. Each class has identical rights to assets and earnings, except that each share class bears the pro rata allocation of the Fund’s expenses other than a class expense (not including advisory or custodian fees or other expenses related to the management of the Fund’s assets).

The Board has authorized a partial limitation on investors ability to purchase shares of the Alger Small Cap Focus Fund. Specifically Classes A, C, I, and Z shares will be available for purchase only by existing shareholders and certain other investors selected by Fred Alger & Company, LLC, the Fund’s distributor. Class Y shares will remain open to all qualifying investors.

NOTE 2 — Significant Accounting Policies:

(a) Investment Valuation: The Funds value their financial instruments at fair value using independent dealers or pricing services under policies approved by the Trust’s Board of Trustees (the “Board”). Investments held by 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).

- 40 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Investments in money market funds and short-term securities held by the Funds having a remaining maturity of sixty days or less are valued at amortized cost which approximates market value.

Equity securities, including traded rights, warrants and option contracts for which valuation information is readily available, are valued at the last quoted sales price or official closing price on the primary market or exchange on which they are traded as reported by an independent pricing service. In the absence of quoted sales, such securities are valued at the bid price or, in the absence of a recent bid price, the equivalent as obtained from one or more of the major market makers for the securities to be valued.

Debt securities generally trade in the over-the-counter market. Debt securities with remaining maturities of more than sixty days at the time of acquisition are valued on the basis of the last available bid prices or current market quotations provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures based on valuation technology commonly employed in the market for such investments. Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche. Debt securities with a remaining maturity of sixty days or less are valued at amortized cost which approximates market value.

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

Securities in which the Funds invest may be traded in foreign markets that close before the close of the NYSE. Developments that occur between the close of the foreign markets and the close of the NYSE may result in adjustments to the closing foreign prices to reflect what the Trust’s investment adviser, pursuant to policies established by the Board, 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.

FASB 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.

- 41 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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

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

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

The Funds’ valuation techniques are generally consistent with either the market or the income approach to fair value. The market approach considers prices and other relevant information generated by market transactions involving identical or comparable assets to measure fair value. The income approach converts future amounts to a current, or discounted, single amount. These fair value measurements are determined on the basis of the value indicated by current market expectations about such future events. Inputs for Level 1 include exchange-listed prices and broker quotes in an active market. Inputs for Level 2 include the last trade price in the case of a halted security, an exchange-listed price which has been adjusted for fair value factors, and prices of closely related securities. Additional Level 2 inputs include an evaluated price which is based upon a compilation of observable market information such as spreads for fixed income and preferred securities. Inputs for Level 3 include, but are not limited to, revenue multiples, earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples, discount rates, time to exit and the probabilities of success of certain outcomes. Such unobservable market information may be obtained from a company’s financial statements and from industry studies, market data, and market indicators such as benchmarks and indexes. Because of the inherent uncertainty and often limited markets for restricted securities, the valuations assigned to such securities by the Funds may significantly differ from the valuations that would have been assigned by the Funds had there been an active market for such securities.

Valuation processes are determined by a Valuation Committee (“Committee”) authorized by the Board and comprised of representatives of the Trust’s investment adviser and officers of the Trust. The Committee reports its fair valuation determinations and related valuation information to the Board. The Board is responsible for approving the valuation policy and procedures.

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

- 42 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(b) Cash and Cash Equivalents: Cash and cash equivalents include U.S. dollars, foreign cash and overnight time deposits.

NOTE 3 — Fair Value Measurements:

The following is a summary of the inputs used as of July 31, 2020 in valuing the Funds’ investments carried at fair value on a recurring basis. Based upon the nature, characteristics, and risks associated with their investments, the Funds have determined that presenting them by security type and sector is appropriate.

Alger Capital Appreciation Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	451,140,770	$	426,037,091	$	25,103,679	$	—
Consumer Discretionary		665,455,984		648,921,888		10,771,177		5,762,919
Consumer Staples		10,680,404		10,680,404		—		—
Financials		131,010,082		131,010,082		—		—
Healthcare		385,351,888		385,351,888		—		—
Industrials		115,962,533		112,435,642		3,526,891		—
Information Technology		1,429,199,885		1,428,318,514		—		881,371
Materials		82,753,721		82,753,721		—		—
TOTAL COMMON STOCKS	$	3,271,555,267	$	3,225,509,230	$	39,401,747	$	6,644,290
PREFERRED STOCKS
Information Technology		4,062,807		—		—		4,062,807
REAL ESTATE INVESTMENT TRUST
Real Estate		38,049,775		38,049,775		—		—
TOTAL INVESTMENTS IN SECURITIES	$	3,313,667,849	$	3,263,559,005	$	39,401,747	$	10,707,097

Alger 25 Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	2,821,733	$	2,821,733	$	—	$	—
Consumer Discretionary		4,152,800		4,152,800		—		—
Financials		1,388,851		1,388,851		—		—
Healthcare		1,149,297		1,149,297		—		—
Industrials		901,686		901,686		—		—
Information Technology		10,166,531		10,166,531		—		—
Materials		736,037		736,037		—		—
TOTAL COMMON STOCKS	$	21,316,935	$	21,316,935	$	—	$	—
REAL ESTATE INVESTMENT TRUST
Real Estate		712,309		712,309		—		—
TOTAL INVESTMENTS IN SECURITIES	$	22,029,244	$	22,029,244	$	—	$	—

- 43 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger 35 Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	830,634	$	830,634	$	—	$	—
Consumer Discretionary		2,809,721		2,809,721		—		—
Consumer Staples		372,830		372,830		—		—
Financials		340,823		340,823		—		—
Healthcare		2,108,445		2,108,445		—		—
Industrials		385,785		385,785		—		—
Information Technology		6,170,718		6,170,718		—		—
TOTAL COMMON STOCKS	$	13,018,956	$	13,018,956	$	—	$	—
REAL ESTATE INVESTMENT TRUST
Real Estate		394,412		394,412		—		—
TOTAL INVESTMENTS IN SECURITIES	$	13,413,368	$	13,413,368	$	—	$	—

Alger Growth & Income Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	13,801,074	$	13,801,074	$	—	$	—
Consumer Discretionary		10,027,703		10,027,703		—		—
Consumer Staples		8,786,304		8,786,304		—		—
Energy		3,152,261		3,152,261		—		—
Financials		13,198,549		13,198,549		—		—
Healthcare		16,309,120		16,309,120		—		—
Industrials		6,040,817		6,040,817		—		—
Information Technology		28,904,045		28,904,045		—		—
Materials		2,005,580		2,005,580		—		—
Utilities		1,720,158		1,720,158		—		—
TOTAL COMMON STOCKS	$	103,945,611	$	103,945,611	$	—	$	—
MASTER LIMITED PARTNERSHIP
Energy		584,430		584,430		—		—
REAL ESTATE INVESTMENT TRUST
Financials		607,262		607,262		—		—
Real Estate		4,802,868		4,802,868		—		—
TOTAL REAL ESTATE INVESTMENT TRUST	$	5,410,130	$	5,410,130	$	—	$	—
TOTAL INVESTMENTS IN SECURITIES	$	109,940,171	$	109,940,171	$	—	$	—

Alger Mid Cap Growth Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	10,403,311	$	10,403,311	$	—	$	—
Consumer Discretionary		35,587,547		35,587,547		—		—
Consumer Staples		4,139,150		4,139,150		—		—
Financials		4,575,470		4,575,470		—		—
Healthcare		50,248,643		48,239,669		2,008,974		—
Industrials		21,631,720		21,631,720		—		—
Information Technology		70,873,715		70,779,553		—		94,162
Materials		2,168,993		2,168,993		—		—
Real Estate		1,799,825		1,799,825		—		—
TOTAL COMMON STOCKS	$	201,428,374	$	199,325,238	$	2,008,974	$	94,162

- 44 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Alger Mid Cap Growth Fund		TOTAL			LEVEL 1		LEVEL 2			LEVEL 3
PREFERRED STOCKS
Healthcare	$	173,492		$	—	$	—		$	173,492
Information Technology		434,056			—		—			434,056
TOTAL PREFERRED STOCKS	$	607,548		$	—	$	—		$	607,548
WARRANTS
Healthcare		1,601,435			—		1,601,435			—
RIGHTS
Healthcare		1,829,183	*		—		—	*		1,829,183
REAL ESTATE INVESTMENT TRUST
Real Estate		5,579,824			5,579,824		—			—
TOTAL INVESTMENTS IN SECURITIES	$	211,046,364		$	204,905,062	$	3,610,409		$	2,530,893

Alger Mid Cap Focus Fund		TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	7,162,633	$	7,162,633	$	—	$	—
Consumer Discretionary		72,629,188		72,629,188		—		—
Financials		4,735,039		4,735,039		—		—
Healthcare		47,697,754		47,697,754		—		—
Industrials		13,975,147		13,975,147		—		—
Information Technology		73,604,070		73,604,070		—		—
Real Estate		1,848,730		1,848,730		—		—
TOTAL COMMON STOCKS	$	221,652,561	$	221,652,561	$	—	$	—
TOTAL INVESTMENTS IN SECURITIES	$	221,652,561	$	221,652,561	$	—	$	—

Alger Weatherbie Specialized Growth Fund		TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Consumer Discretionary	$	116,198,270	$	116,198,270	$	—	$	—
Energy		7,656,574		7,656,574		—		—
Financials		66,570,701		66,570,701		—		—
Healthcare		259,700,792		259,700,792		—		—
Industrials		85,121,429		85,121,429		—		—
Information Technology		245,221,693		245,221,693		—		—
Real Estate		51,548,765		51,548,765		—		—
TOTAL COMMON STOCKS	$	832,018,224	$	832,018,224	$	—	$	—
PREFERRED STOCKS
Healthcare		182,864		—		—		182,864
TOTAL INVESTMENTS IN SECURITIES	$	832,201,088	$	832,018,224	$	—	$	182,864

- 45 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Alger Small Cap Growth Fund		TOTAL			LEVEL 1		LEVEL 2			LEVEL 3
COMMON STOCKS
Communication Services	$	8,811,830		$	8,811,830	$	—		$	—
Consumer Discretionary		34,997,246			34,997,246		—			—
Consumer Staples		5,412,922			5,412,922		—			—
Energy		2,196,011			2,196,011		—			—
Financials		8,113,181			8,113,181		—			—
Healthcare		134,062,857			134,062,857		—			—
Industrials		10,121,004			10,121,004		—			—
Information Technology		86,314,155			86,314,155		—			—
Materials		3,434,507			3,434,507		—			—
TOTAL COMMON STOCKS	$	293,463,713		$	293,463,713	$	—		$	—
PREFERRED STOCKS
Healthcare		40,044			—		—			40,044
RIGHTS
Healthcare		541,824	*		—		—	*		541,824
REAL ESTATE INVESTMENT TRUST
Real Estate		6,884,116			6,884,116		—			—
TOTAL INVESTMENTS IN SECURITIES	$	300,929,697		$	300,347,829	$	—		$	581,868

Alger Small Cap Focus Fund		TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	61,201,402	$	61,201,402	$	—	$	—
Consumer Discretionary		572,090,414		572,090,414		—		—
Financials		49,364,508		49,364,508		—		—
Healthcare		2,484,569,978		2,484,569,978		—		—
Industrials		236,081,127		236,081,127		—		—
Information Technology		2,187,240,582		2,187,240,582		—		—
Materials		77,940,921		77,940,921		—		—
TOTAL COMMON STOCKS	$	5,668,488,932	$	5,668,488,932	$	—	$	—
RIGHTS
Healthcare		36,906		—		—		36,906
TOTAL INVESTMENTS IN SECURITIES	$	5,668,525,838	$	5,668,488,932	$	—	$	36,906

Alger International Focus Fund		TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	13,212,160	$	2,017,860	$	11,194,300	$	—
Consumer Discretionary		27,437,546		7,388,691		20,048,855		—
Consumer Staples		7,351,768		—		7,351,768		—
Energy		4,046,531		—		4,046,531		—
Financials		20,536,373		5,499,834		15,036,539		—
Healthcare		17,523,771		2,969,025		14,554,746		—
Industrials		21,300,662		—		21,300,662		—
Information Technology		27,833,744		7,550,498		20,283,246		—
Materials		3,956,259		—		3,956,259		—
TOTAL COMMON STOCKS	$	143,198,814	$	25,425,908	$	117,772,906	$	—
TOTAL INVESTMENTS IN SECURITIES	$	143,198,814	$	25,425,908	$	117,772,906	$	—

- 46 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Alger Health Sciences Fund		TOTAL			LEVEL 1		LEVEL 2			LEVEL 3
COMMON STOCKS
Financials	$	1,627,141		$	1,627,141	$	—		$	—
Healthcare		295,065,322			287,081,718		7,983,604			—
TOTAL COMMON STOCKS	$	296,692,463		$	288,708,859	$	7,983,604		$	—
PREFERRED STOCKS
Healthcare		708,919			—		—			708,919
WARRANTS
Healthcare		1,753,525			—		1,753,525			—
RIGHTS
Healthcare		6,488,403	*		421,715		—	*		6,066,688
TOTAL INVESTMENTS IN SECURITIES	$	305,643,310		$	289,130,574	$	9,737,129		$	6,775,607

*Alger Mid Cap Growth Fund’s, Alger Small Cap Growth Fund’s and Alger Health Sciences Fund’s holdings of BioNTech Pharmaceuticals, Ltd.’s rights are classified as a Level 2 investment and fair valued at zero as of July 31, 2020.

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Capital Appreciation Fund		Common Stocks
Opening balance at November 1, 2019	$	6,002,522
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		641,768
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2020		6,644,290
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2020	$	641,768
Alger Capital Appreciation Fund	Preferred Stocks
Opening balance at November 1, 2019	$	4,062,807
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		—
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2020		4,062,807
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2020	$	—

- 47 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
	FAIR VALUE
	MEASUREMENTS
		USING SIGNIFICANT
		UNOBSERVABLE
		INPUTS (LEVEL 3)
Alger Mid Cap Growth Fund		Common Stocks
Opening balance at November 1, 2019	$	94,162
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		—
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2020		94,162
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2020	$	—
Alger Mid Cap Growth Fund	Preferred Stocks
Opening balance at November 1, 2019	$	666,843
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		(59,295	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2020		607,548
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2020	$	(59,295	)
Alger Mid Cap Growth Fund	Rights
Opening balance at November 1, 2019	$	1,905,891
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		(76,708	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2020		1,829,183
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2020	$	(76,708	)

- 48 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Weatherbie Specialized Growth Fund	Preferred Stocks
Opening balance at November 1, 2019	$	245,362
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		(62,498	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2020		182,864
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2020	$	(62,498	)

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Small Cap Growth Fund	Preferred Stocks
Opening balance at November 1, 2019	$	53,729
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		(13,685	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2020		40,044
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2020	$	(13,685	)

- 49 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Small Cap Growth Fund		Rights
Opening balance at November 1, 2019	$	564,546
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		(22,722	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2020		541,824
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2020	$	(22,722	)
	FAIR VALUE
	MEASUREMENTS
		USING SIGNIFICANT
		UNOBSERVABLE
		INPUTS (LEVEL 3)
Alger Small Cap Focus Fund		Rights
Opening balance at November 1, 2019	$	38,453
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		(1,547	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2020		36,906
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2020	$	(1,547	)

- 50 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Health Sciences Fund	Preferred Stocks
Opening balance at November 1, 2019	$	951,208
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		(242,289	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2020		708,919
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2020	$	(242,289	)
Alger Health Sciences Fund	Rights
Opening balance at November 1, 2019	$	6,321,097
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		(254,409	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2020		6,066,688
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2020	$	(254,409	)

The following table provides quantitative information about the Funds’ Level 3 fair value measurements of the Funds’ investments as of July 31, 2020. The table below is not intended to be all-inclusive, but rather provides information on the Level 3 inputs as they relate to the Funds’ fair value measurements.

	Fair Value		Valuation	Unobservable		Weighted
	July 31, 2020		Methodology	Input	Input/Range	Average Inputs
Alger Capital Appreciation Fund
Common Stocks	$	881,371	Market Approach	Transaction Price	N/A	N/A
Common Stocks		5,762,919	Income Approach	Discount Rate	1.00%-5.00%	N/A
Preferred Stocks		4,062,807	Market Approach	Transaction Price	N/A	N/A

- 51 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Fair Value		Valuation	Unobservable		Weighted
	July 31, 2020		Methodology	Input	Input/Range	Average Inputs
Alger Mid Cap Growth Fund
Common Stocks	$	94,162	Market Approach	Transaction Price	N/A	N/A
Preferred Stocks		434,056	Market Approach	Transaction Price	N/A	N/A
Preferred Stocks		173,492	Income Approach	Discount Rate	55.00%-60.00%	N/A
Rights		1,829,183	Income Approach	Discount Rate	4.24%-5.10%	N/A
Alger Weatherbie Specialized Growth Fund
Preferred Stocks	$	182,864	Income Approach	Discount Rate	55.00%-60.00%	N/A
Alger Small Cap Growth Fund
Preferred Stocks	$	40,044	Income Approach	Discount Rate	55.00%-60.00%	N/A
Rights		541,824	Income Approach	Discount Rate	4.24%-5.10%	N/A
Alger Small Cap Focus Fund
Rights	$	36,906	Income Approach	Discount Rate	4.24%-5.10%	N/A
Alger Health Sciences Fund
Preferred Stocks	$	708,919	Income Approach	Discount Rate	55.00%-60.00%	N/A
Rights		6,066,688	Income Approach	Discount Rate	4.24%-5.10%	N/A

The significant unobservable inputs used in the fair value measurement of the Funds’ securities are revenue and EBITDA multiples, discount rates, and the probabilities of success of certain outcomes. Significant increases and decreases in these inputs in isolation and interrelationships between these inputs could result in significantly higher or lower fair value measurements than those noted in the table above. Generally, all other things being equal, increases in revenue and EBITDA multiples, decreases in discount rates, and increases in the probabilities of success result in higher fair value measurements, whereas decreases in revenues and EBITDA multiples, increases in discount rates, and decreases in the probabilities of success result in lower fair value measurements.

Certain of the Funds’ assets and liabilities are held at carrying amount or face value, which approximates fair value for financial statements purposes. As of July 31, 2020, such assets were categorized within the ASC 820 disclosure hierarchy as follows:

- 52 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Cash, foreign cash and cash equivalents:
Alger Capital Appreciation Fund	$	672,101	$	–	$	672,101	$	–
Alger 25 Fund		42,015		–		42,015		–
Alger 35 Fund		329,598		–		329,598		–
Alger Growth & Income Fund		421,271		–		421,271		–
Alger Mid Cap Growth Fund		4,506,161		–		4,506,161		–
Alger Mid Cap Focus Fund		6,315,492		–		6,315,492		–
Alger Weatherbie Specialized Growth Fund		30,285,152		–		30,285,152		–
Alger Small Cap Growth Fund		35,923,883		–		35,923,883		–
Alger Small Cap Focus Fund		52,143,189		–		52,143,189		–
Alger International Focus Fund		1,587,541		16,467		1,571,074		–
Alger Health Sciences Fund		4,316,078		–		4,316,078		–

NOTE 4 — Derivatives:

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

Options—Certain Funds seek to capture the majority of the returns associated with equity market investments. To meet this investment goal, these Funds invest in a broadly diversified portfolio of common stocks, while also buying and selling call and put options on equities and equity indexes. The Funds may purchase call options to increase their exposure to the stock market and also provide diversification of risk. The Funds may purchase put options in order to protect from significant market declines that may occur over a short period of time. The Funds will write covered call and cash secured put options to generate cash flows while reducing the volatility of the Funds’ portfolios. The cash flows may be an important source of the Funds’ returns, although written call options may reduce the Funds’ ability to profit from increases in the value of the underlying security or equity portfolio. The value of a call option generally increases as the price of the underlying stock increases and decreases as the stock decreases in price. Conversely, the value of a put option generally increases as the price of the underlying stock decreases and decreases as the stock increases in price. The combination of the diversified stock portfolio and the purchase and sale of options is intended to provide the Funds with the majority of the returns associated with equity market investments but with reduced volatility and returns that are augmented with the cash flows from the sale of options. During the period ended July 31, 2020, options were used in accordance with these objectives.

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

- 53 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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

NOTE 5 — Affiliated Securities:

The issuers of the securities listed below are deemed to be affiliates of the Funds because the Funds or their affiliates owned 5% or more of the issuer’s voting securities during all or part of the period ended July 31, 2020. Purchase and sale transactions, interest income and dividend income earned during the period were as follows:

Net Increase

Shares/

Shares/

(Decrease)

Par at

Par at

Dividend/

in

Value at

October 31,

Purchases/

Sales/

July 31,

Interest

Realized

Unrealized

July 31,

Security

2019

Conversion

Conversion

2020

Income

Gain (Loss)

App(Dep)

2020

Alger Mid Cap Growth Fund

Preferred Stocks

Prosetta Biosciences, Inc., Series D

219,610

–

–

219,610

$

–

$

–

$

(59,295

)

$

173,492

Total

$

–

$

–

$

(59,295

)

$

173,492

Net Increase

Shares/

Shares/

(Decrease)

Par at

Par at

Dividend/

in

Value at

October 31,

Purchases/

Sales/

July 31,

Interest

Realized

Unrealized

July 31,

Security

2019

Conversion

Conversion

2020

Income

Gain (Loss)

App(Dep)

2020

Alger Weatherbie Specialized Growth Fund

Preferred Stocks

Prosetta Biosciences, Inc., Series D

231,474

–

–

231,474

$

–

$

–

$

(62,498

)

$

182,864

Total

$

–

$

–

$

(62,498

)

$

182,864

Net Increase

Shares/

Shares/

(Decrease)

Par at

Par at

Dividend/

in

Value at

October 31,

Purchases/

Sales/

July 31,

Interest

Realized

Unrealized

July 31,

Security

2019

Conversion

Conversion

2020

Income

Gain (Loss)

App(Dep)

2020

Alger Small Cap Growth Fund

Preferred Stocks

Prosetta Biosciences, Inc., Series D

50,688

–

–

50,688

$

–

$

–

$

(13,685

)

$

40,044

Total

$

–

$

–

$

(13,685

)

$

40,044

- 54 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Net Increase

Shares/

Shares/

(Decrease)

Par at

Par at

Dividend/

in

Value at

October 31,

Purchases/

Sales/

July 31,

Interest

Realized

Unrealized

July 31,

Security

2019

Conversion

Conversion

2020

Income

Gain (Loss)

App(Dep)

2020

Alger Health Sciences Fund

Preferred Stocks

Prosetta Biosciences, Inc., Series D

897,366

–

–

897,366

$

–

$

–

$

(242,289

)

$

708,919

Total

$

–

$

–

$

(242,289

)

$

708,919

- 55 -