THE ALGER
FUNDS

QUARTERLY REPORT
JULY 31, 2022

THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments July 31, 2022 (Unaudited)

COMMON STOCKS—98.9%	SHARES		VALUE
AEROSPACE & DEFENSE—3.1%
HEICO Corp.		80,135	$	12,638,091
Lockheed Martin Corp.		35,385		14,642,667
TransDigm Group, Inc.*		61,495		38,270,798
				65,551,556
AGRICULTURAL & FARM MACHINERY—0.4%
Deere & Co.		24,752		8,494,391
APPAREL ACCESSORIES & LUXURY GOODS—1.2%
Capri Holdings Ltd.*		221,258		10,770,839
LVMH Moet Hennessy Louis Vuitton SE		21,983		15,260,268
				26,031,107
APPLICATION SOFTWARE—5.6%
Adobe, Inc.*		24,552		10,069,266
Bill.com Holdings, Inc.*		25,791		3,483,848
Cadence Design Systems, Inc.*		86,374		16,072,474
Datadog, Inc., Cl. A*		147,620		15,058,716
Intuit, Inc.		116,561		53,171,632
Salesforce, Inc.*		61,702		11,354,402
The Trade Desk, Inc., Cl. A*		152,393		6,857,685
				116,068,023
AUTOMOBILE MANUFACTURERS—3.8%
Tesla, Inc.*		87,802		78,271,093
BIOTECHNOLOGY—3.3%
AbbVie, Inc.		165,374		23,732,823
Horizon Therapeutics PLC*		50,189		4,164,181
Natera, Inc.*		337,850		15,878,950
United Therapeutics Corp.*		13,266		3,065,375
Vertex Pharmaceuticals, Inc.*		81,411		22,828,458
				69,669,787
CASINOS & GAMING—2.5%
Las Vegas Sands Corp.*		128,102		4,828,164
MGM Resorts International		1,443,838		47,256,818
				52,084,982
DATA PROCESSING & OUTSOURCED SERVICES—4.8%
Block, Inc., Cl. A*		124,837		9,495,102
Marqeta, Inc., Cl. A*		1,164,092		11,163,643
PayPal Holdings, Inc.*		120,972		10,467,707
Visa, Inc., Cl. A		322,180		68,337,600
				99,464,052
DIVERSIFIED SUPPORT SERVICES—0.5%
Cintas Corp.		22,133		9,417,370
ELECTRIC UTILITIES—0.8%
NextEra Energy, Inc.		198,913		16,806,159
ELECTRICAL COMPONENTS & EQUIPMENT—3.2%
AMETEK, Inc.		95,498		11,794,003
Eaton Corp., PLC		224,208		33,270,225
Generac Holdings, Inc.*		77,806		20,875,350
				65,939,578

- 2 -

THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments July 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—98.9% (CONT.)	SHARES		VALUE
FINANCIAL EXCHANGES & DATA—1.8%
S&P Global, Inc.		99,800	$	37,617,614
HEALTHCARE DISTRIBUTORS—1.5%
McKesson Corp.		93,149		31,817,835
HEALTHCARE EQUIPMENT—2.1%
Edwards Lifesciences Corp.*		173,167		17,410,210
Intuitive Surgical, Inc.*		118,283		27,225,198
				44,635,408
HEALTHCARE FACILITIES—1.0%
Acadia Healthcare Co., Inc.*		244,669		20,285,507
HYPERMARKETS & SUPER CENTERS—1.0%
Costco Wholesale Corp.		36,754		19,894,940
INTERACTIVE HOME ENTERTAINMENT—0.6%
Take-Two Interactive Software, Inc.*		90,978		12,075,510
INTERACTIVE MEDIA & SERVICES—4.9%
Alphabet, Inc., Cl. C*		837,380		97,672,003
Meta Platforms, Inc., Cl. A*		29,358		4,670,858
				102,342,861
INTERNET & DIRECT MARKETING RETAIL—9.5%
Alibaba Group Holding Ltd.#,*		184,259		16,467,227
Altaba, Inc.*,(a)		259,825		446,899
Amazon.com, Inc.*		1,210,832		163,401,778
JD.com, Inc.#		68,477		4,074,381
Meituan, Cl. B*		190,261		4,268,165
MercadoLibre, Inc.*		10,905		8,873,508
				197,531,958
INTERNET SERVICES & INFRASTRUCTURE—0.5%
MongoDB, Inc., Cl. A*		33,153		10,359,318
IT CONSULTING & OTHER SERVICES—0.3%
EPAM Systems, Inc.*		15,564		5,435,727
LEISURE FACILITIES—1.0%
Vail Resorts, Inc.		87,322		20,706,666
LIFE SCIENCES TOOLS & SERVICES—3.1%
Danaher Corp.		224,808		65,524,788
MANAGED HEALTHCARE—4.4%
Centene Corp.*		240,745		22,382,063
Humana, Inc.		13,954		6,725,828
UnitedHealth Group, Inc.		117,100		63,508,014
				92,615,905
MOVIES & ENTERTAINMENT—2.7%
Live Nation Entertainment, Inc.*		486,850		45,759,031
Netflix, Inc.*		48,113		10,820,614
				56,579,645
OIL & GAS EXPLORATION & PRODUCTION—2.2%
Antero Resources Corp.*		117,927		4,674,626
Devon Energy Corp.		129,551		8,142,280
Pioneer Natural Resources Co.		142,386		33,738,363
				46,555,269

- 3 -

THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments July 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—98.9% (CONT.)	SHARES		VALUE
OIL & GAS STORAGE & TRANSPORTATION—0.9%
Cheniere Energy, Inc.		131,570	$	19,680,241
PHARMACEUTICALS—2.2%
AstraZeneca PLC#		291,945		19,335,518
Bayer AG		462,335		26,961,520
				46,297,038
REGIONAL BANKS—0.9%
Signature Bank		98,050		18,195,139
RESTAURANTS—1.2%
Domino’s Pizza, Inc.		29,191		11,446,083
Shake Shack, Inc., Cl. A*		208,741		10,741,812
Starbucks Corp.		36,277		3,075,564
				25,263,459
SEMICONDUCTOR EQUIPMENT—2.8%
Applied Materials, Inc.		183,352		19,431,645
Enphase Energy, Inc.*		21,144		6,008,702
Lam Research Corp.		35,543		17,789,627
SolarEdge Technologies, Inc.*		42,103		15,162,553
				58,392,527
SEMICONDUCTORS—3.6%
Advanced Micro Devices, Inc.*		622,794		58,835,349
NVIDIA Corp.		62,802		11,406,727
NXP Semiconductors NV		31,930		5,871,289
				76,113,365
SPECIALTY CHEMICALS—0.8%
Albemarle Corp.		44,313		10,826,109
The Sherwin-Williams Co.		21,754		5,263,163
				16,089,272
SYSTEMS SOFTWARE—14.4%
Crowdstrike Holdings, Inc., Cl. A*		112,276		20,613,873
Microsoft Corp.		905,578		254,231,968
Palo Alto Networks, Inc.*		28,594		14,271,265
ServiceNow, Inc.*		24,751		11,055,282
				300,172,388
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.1%
Apple, Inc.		786,967		127,890,007
TRUCKING—0.2%
Uber Technologies, Inc.*		218,573		5,125,537
TOTAL COMMON STOCKS
(Cost $1,410,360,268)				2,064,996,022

PREFERRED STOCKS—0.1%	SHARES		VALUE
DATA PROCESSING & OUTSOURCED SERVICES—0.1%
Chime Financial, Inc., Series G*,@,(a)		27,841		1,374,510
(Cost $1,922,972)				1,374,510

REAL ESTATE INVESTMENT TRUST—0.7%	SHARES		VALUE
SPECIALIZED—0.7%
Crown Castle International Corp.		76,639		13,845,602
(Cost $13,763,174)				13,845,602

- 4 -

THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments July 31, 2022 (Unaudited) (Continued)

SPECIAL PURPOSE VEHICLE—0.1%	SHARES			VALUE
DATA PROCESSING & OUTSOURCED SERVICES—0.1%
Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b)		111		$	3,273,945
(Cost $2,775,000)					3,273,945
Total Investments
(Cost $1,428,821,414)		99.8	%	$	2,083,490,079
Affiliated Securities (Cost $2,775,000)					3,273,945
Unaffiliated Securities (Cost $1,426,046,414)					2,080,216,134
Other Assets in Excess of Liabilities		0.2	%		3,579,786
NET ASSETS		100.0	%	$	2,087,069,865

^# 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 4 - Affiliated Securities.

^* 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.

Security	Acquisition Date(s)	Acquisition Cost		% of net assets (Acquisition Date)	Market Value		% of net assets as of 7/31/2022
Chime Financial, Inc., Series G	8/24/21	$	1,922,972	0.06%	$	1,374,510	0.07%
Crosslink Ventures Capital LLC, Cl. A	10/2/20		2,775,000	0.08%		3,273,945	0.16%
Total					$	4,648,455	0.23%

See Notes to Financial Statements.

- 5 -

THE ALGER FUNDS | ALGER 35 FUND
Schedule of Investments July 31, 2022 (Unaudited)

COMMON STOCKS—86.6%	SHARES		VALUE
AEROSPACE & DEFENSE—4.3%
HEICO Corp.		8,142	$	1,284,075
APPLICATION SOFTWARE—2.7%
Datadog, Inc., Cl. A*		4,791		488,730
Procore Technologies, Inc.*		5,734		296,448
				785,178
BIOTECHNOLOGY—2.0%
Natera, Inc.*		12,276		576,972
CASINOS & GAMING—2.5%
MGM Resorts International		22,515		736,916
DATA PROCESSING & OUTSOURCED SERVICES—1.0%
Marqeta, Inc., Cl. A*		32,135		308,175
ELECTRONIC EQUIPMENT & INSTRUMENTS—2.8%
908 Devices, Inc.*		36,472		820,620
FINANCIAL EXCHANGES & DATA—3.2%
S&P Global, Inc.		2,523		950,994
HEALTHCARE EQUIPMENT—2.5%
Intuitive Surgical, Inc.*		3,277		754,267
HEALTHCARE TECHNOLOGY—2.3%
Veeva Systems, Inc., Cl. A*		3,083		689,297
HYPERMARKETS & SUPER CENTERS—2.6%
Costco Wholesale Corp.		1,423		770,270
INTERACTIVE HOME ENTERTAINMENT—1.8%
Take-Two Interactive Software, Inc.*		4,090		542,866
INTERACTIVE MEDIA & SERVICES—5.2%
Alphabet, Inc., Cl. C*		4,780		557,539
Tencent Holdings Ltd.		25,718		993,964
				1,551,503
INTERNET & DIRECT MARKETING RETAIL—4.4%
Amazon.com, Inc.*		9,748		1,315,493
LIFE SCIENCES TOOLS & SERVICES—1.6%
Bio-Techne Corp.		1,261		485,838
MANAGED HEALTHCARE—2.0%
UnitedHealth Group, Inc.		1,080		585,727
MOVIES & ENTERTAINMENT—3.6%
Live Nation Entertainment, Inc.*		11,196		1,052,312
OIL & GAS EQUIPMENT & SERVICES—2.7%
Baker Hughes Co., Cl. A		30,809		791,483
OIL & GAS EXPLORATION & PRODUCTION—3.7%
Pioneer Natural Resources Co.		4,650		1,101,817
PHARMACEUTICALS—6.9%
AstraZeneca PLC#		10,384		687,732
Catalent, Inc.*		6,119		692,059
Merck & Co., Inc.		7,489		669,067
				2,048,858
REAL ESTATE SERVICES—2.4%
FirstService Corp.		5,326		712,832
RESTAURANTS—2.1%
Shake Shack, Inc., Cl. A*		12,026		618,858

- 6 -

THE ALGER FUNDS | ALGER 35 FUND
Schedule of Investments July 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—86.6% (CONT.)	SHARES		VALUE
SEMICONDUCTOR EQUIPMENT—5.0%
Applied Materials, Inc.		5,960	$	631,641
SolarEdge Technologies, Inc.*		2,384		858,550
				1,490,191
SEMICONDUCTORS—3.3%
Advanced Micro Devices, Inc.*		10,276		970,774
SYSTEMS SOFTWARE—9.0%
Crowdstrike Holdings, Inc., Cl. A*		2,151		394,924
Microsoft Corp.		6,486		1,820,880
ServiceNow, Inc.*		1,046		467,206
				2,683,010
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.0%
Apple, Inc.		12,738		2,070,052
TOTAL COMMON STOCKS
(Cost $24,501,643)				25,698,378

REAL ESTATE INVESTMENT TRUST—1.9%	SHARES			VALUE
SPECIALIZED—1.9%
Crown Castle International Corp.		3,217			581,183
(Cost $618,891)					581,183
Total Investments
(Cost $25,120,534)		88.5	%	$	26,279,561
Unaffiliated Securities (Cost $25,120,534)					26,279,561
Other Assets in Excess of Liabilities		11.5	%		3,401,657
NET ASSETS		100.0	%	$	29,681,218

^* Non-income producing security.

^# American Depositary Receipts.

See Notes to Financial Statements.

- 7 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments July 31, 2022 (Unaudited)

COMMON STOCKS—89.6%	SHARES		VALUE
AEROSPACE & DEFENSE—1.8%
General Dynamics Corp.		5,467	$	1,239,205
Raytheon Technologies Corp.		11,800		1,099,878
TransDigm Group, Inc.*		2,423		1,507,930
				3,847,013
ASSET MANAGEMENT & CUSTODY BANKS—2.9%
BlackRock, Inc., Cl. A		4,800		3,212,064
Blackstone, Inc.		23,882		2,437,636
The Carlyle Group, Inc.		17,453		679,096
				6,328,796
BIOTECHNOLOGY—3.0%
AbbVie, Inc.		32,735		4,697,800
Amgen, Inc.		4,655		1,151,973
Gilead Sciences, Inc.		11,641		695,549
				6,545,322
BUILDING PRODUCTS—0.5%
Johnson Controls International PLC		19,590		1,056,097
CABLE & SATELLITE—1.0%
Comcast Corp., Cl. A		57,807		2,168,919
COMMODITY CHEMICALS—0.3%
Dow, Inc.		12,340		656,611
COMMUNICATIONS EQUIPMENT—0.9%
Cisco Systems, Inc.		45,821		2,078,899
CONSUMER ELECTRONICS—0.4%
Garmin Ltd.		9,677		944,669
COPPER—0.3%
Southern Copper Corp.		15,202		757,060
DATA PROCESSING & OUTSOURCED SERVICES—1.5%
Visa, Inc., Cl. A		15,763		3,343,490
DIVERSIFIED BANKS—3.8%
Bank of America Corp.		82,201		2,779,216
JPMorgan Chase & Co.		47,326		5,459,527
				8,238,743
ELECTRIC UTILITIES—0.8%
NextEra Energy, Inc.		20,274		1,712,950
ELECTRICAL COMPONENTS & EQUIPMENT—1.2%
Eaton Corp., PLC		17,148		2,544,592
FINANCIAL EXCHANGES & DATA—1.1%
CME Group, Inc., Cl. A		11,973		2,388,374
FOOD DISTRIBUTORS—0.6%
Sysco Corp.		16,327		1,386,162
GOLD—0.2%
Newmont Corp.		8,901		403,037
HEALTHCARE EQUIPMENT—0.7%
Medtronic PLC		15,550		1,438,686
HEALTHCARE SERVICES—1.3%
CVS Health Corp.		29,542		2,826,579
HOME IMPROVEMENT RETAIL—2.4%
The Home Depot, Inc.		17,570		5,287,516

- 8 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments July 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—89.6% (CONT.)	SHARES		VALUE
HOUSEHOLD PRODUCTS—1.5%
The Procter & Gamble Co.		24,203	$	3,362,039
HYPERMARKETS & SUPER CENTERS—0.7%
Walmart, Inc.		12,015		1,586,581
INDUSTRIAL CONGLOMERATES—1.8%
Honeywell International, Inc.		20,571		3,959,095
INDUSTRIAL GASES—1.0%
Air Products & Chemicals, Inc.		8,770		2,176,977
INTEGRATED OIL & GAS—3.9%
Chevron Corp.		25,408		4,161,322
Exxon Mobil Corp.		30,084		2,916,042
TotalEnergies SE#		27,688		1,413,750
				8,491,114
INTEGRATED TELECOMMUNICATION SERVICES—1.5%
AT&T, Inc.		41,684		782,826
Verizon Communications, Inc.		53,571		2,474,444
				3,257,270
INTERACTIVE MEDIA & SERVICES—6.5%
Alphabet, Inc., Cl. A*		60,175		6,999,556
Alphabet, Inc., Cl. C*		47,272		5,513,806
Meta Platforms, Inc., Cl. A*		10,329		1,643,344
				14,156,706
INTERNET & DIRECT MARKETING RETAIL—2.5%
Amazon.com, Inc.*		40,412		5,453,599
INVESTMENT BANKING & BROKERAGE—2.3%
Morgan Stanley		59,349		5,003,121
LEISURE FACILITIES—0.5%
Vail Resorts, Inc.		4,358		1,033,412
MANAGED HEALTHCARE—3.3%
UnitedHealth Group, Inc.		13,325		7,226,680
MULTI-LINE INSURANCE—0.4%
The Hartford Financial Services Group, Inc.		15,005		967,372
MULTI-UTILITIES—0.7%
Sempra Energy		9,676		1,604,281
OIL & GAS EXPLORATION & PRODUCTION—0.6%
Pioneer Natural Resources Co.		5,279		1,250,859
OIL & GAS STORAGE & TRANSPORTATION—0.5%
ONEOK, Inc.		16,985		1,014,684
PHARMACEUTICALS—6.6%
AstraZeneca PLC#		29,309		1,941,135
Bristol-Myers Squibb Co.		18,651		1,376,070
Eli Lilly & Co.		6,020		1,984,734
GSK PLC#		19,270		812,616
Johnson & Johnson		23,092		4,030,016
Merck & Co., Inc.		15,676		1,400,494
Novartis AG#		10,911		936,491
Pfizer, Inc.		39,994		2,020,097
				14,501,653

- 9 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments July 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—89.6% (CONT.)	SHARES		VALUE
RAILROADS—0.7%
Union Pacific Corp.		7,121	$	1,618,603
RESTAURANTS—1.3%
McDonald’s Corp.		6,132		1,614,985
Starbucks Corp.		15,863		1,344,865
				2,959,850
SEMICONDUCTOR EQUIPMENT—2.4%
KLA Corp.		13,932		5,343,479
SEMICONDUCTORS—4.5%
Broadcom, Inc.		8,859		4,743,817
QUALCOMM, Inc.		24,957		3,620,263
Taiwan Semiconductor Manufacturing Co., Ltd.#		16,180		1,431,606
				9,795,686
SOFT DRINKS—3.0%
PepsiCo, Inc.		20,128		3,521,595
The Coca-Cola Co.		46,761		3,000,653
				6,522,248
SYSTEMS SOFTWARE—9.0%
Microsoft Corp.		65,923		18,507,223
Oracle Corp.		17,102		1,331,220
				19,838,443
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.5%
Apple, Inc.		114,835		18,661,836
TOBACCO—1.2%
Altria Group, Inc.		36,266		1,590,627
Philip Morris International, Inc.		10,755		1,044,848
				2,635,475
TOTAL COMMON STOCKS
(Cost $114,125,688)				196,374,578

MASTER LIMITED PARTNERSHIP—0.5%	SHARES		VALUE
OIL & GAS STORAGE & TRANSPORTATION—0.5%
Cheniere Energy Partners LP		22,147		1,117,538
(Cost $810,179)				1,117,538

REAL ESTATE INVESTMENT TRUST—4.8%	SHARES		VALUE
HEALTHCARE—0.7%
Welltower, Inc.		18,106		1,563,272
INDUSTRIAL—0.5%
Prologis, Inc.		8,680		1,150,621
MORTGAGE—0.8%
Blackstone Mortgage Trust, Inc., Cl. A		52,339		1,620,939
RETAIL—0.6%
Simon Property Group, Inc.		12,888		1,400,152

- 10 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments July 31, 2022 (Unaudited) (Continued)

REAL ESTATE INVESTMENT TRUST—4.8% (CONT.)	SHARES			VALUE
SPECIALIZED—2.2%
Crown Castle International Corp.		18,882		$	3,411,222
Lamar Advertising Co., Cl. A		13,232			1,337,226
					4,748,448
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $8,711,766)					10,483,432
Total Investments
(Cost $123,647,633)		94.9	%	$	207,975,548
Unaffiliated Securities (Cost $123,647,633)					207,975,548
Other Assets in Excess of Liabilities		5.1	%		11,165,130
NET ASSETS		100.0	%	$	219,140,678

^# American Depositary Receipts.

^* Non-income producing security.

See Notes to Financial Statements. 

- 11 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND

Schedule of Investments July 31, 2022 (Unaudited)

COMMON STOCKS—90.8%	SHARES		VALUE
AEROSPACE & DEFENSE—5.4%		‌		‌
HEICO Corp.		44,978	$	7,093,480
TransDigm Group, Inc.*		6,810		4,238,136
				11,331,616
AIR FREIGHT & LOGISTICS—1.1%		‌		‌
GXO Logistics, Inc.*		48,497		2,327,856
APPAREL ACCESSORIES & LUXURY GOODS—0.8%		‌		‌
Lululemon Athletica, Inc.*		5,691		1,767,112
APPAREL RETAIL—1.3%		‌		‌
Aritzia, Inc.*		85,402		2,694,132
APPLICATION SOFTWARE—11.4%		‌		‌
Avalara, Inc.*		25,562		2,234,630
Bill.com Holdings, Inc.*		14,503		1,959,065
Cadence Design Systems, Inc.*		22,490		4,184,939
Datadog, Inc., Cl. A*		17,776		1,813,330
Manhattan Associates, Inc.*		26,436		3,718,752
Paycom Software, Inc.*		13,150		4,345,944
Sprout Social, Inc., Cl. A*		41,344		2,154,022
The Trade Desk, Inc., Cl. A*		77,301		3,478,545
				23,889,227
AUTOMOTIVE RETAIL—1.1%		‌		‌
O’Reilly Automotive, Inc.*		3,289		2,314,108
BIOTECHNOLOGY—3.6%		‌		‌
Alkermes PLC*		45,116		1,154,969
Apellis Pharmaceuticals, Inc.*		21,376		1,203,041
Celldex Therapeutics, Inc.*		34,137		1,048,689
Natera, Inc.*		58,990		2,772,530
Prometheus Biosciences, Inc.*		32,928		1,405,038
				7,584,267
BUILDING PRODUCTS—1.0%		‌		‌
Trex Co., Inc.*		32,760		2,113,675
CASINOS & GAMING—1.9%		‌		‌
MGM Resorts International		119,031		3,895,885
DATA PROCESSING & OUTSOURCED SERVICES—0.9%		‌		‌
Marqeta, Inc., Cl. A*		202,257		1,939,645
DIVERSIFIED METALS & MINING—1.4%		‌		‌
MP Materials Corp.*		89,229		2,995,418
ELECTRICAL COMPONENTS & EQUIPMENT—2.8%		‌		‌
AMETEK, Inc.		18,714		2,311,179
Generac Holdings, Inc.*		13,183		3,536,999
				5,848,178
ELECTRONIC EQUIPMENT & INSTRUMENTS—3.6%		‌		‌
908 Devices, Inc.*		198,127		4,457,858
Novanta, Inc.*		6,831		1,053,340
Trimble, Inc.*		29,903		2,076,165
				7,587,363
FINANCIAL EXCHANGES & DATA—1.3%		‌		‌
MSCI, Inc., Cl. A		5,423		2,610,307

- 12 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND

Schedule of Investments July 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—90.8% (CONT.)	SHARES		VALUE
HEALTHCARE DISTRIBUTORS—2.0%		‌		‌
McKesson Corp.		12,126	$	4,141,999
HEALTHCARE EQUIPMENT—1.5%		‌		‌
Insulet Corp.*		12,681		3,142,352
HEALTHCARE FACILITIES—1.5%		‌		‌
Acadia Healthcare Co., Inc.*		38,056		3,155,223
HEALTHCARE TECHNOLOGY—1.9%		‌		‌
Veeva Systems, Inc., Cl. A*		18,190		4,066,920
HOTELS RESORTS & CRUISE LINES—1.5%		‌		‌
Airbnb, Inc., Cl. A*		9,958		1,105,139
Hilton Worldwide Holdings, Inc.		16,249		2,081,009
				3,186,148
HYPERMARKETS & SUPER CENTERS—2.1%		‌		‌
BJ’s Wholesale Club Holdings, Inc.*		64,504		4,366,921
INTERACTIVE HOME ENTERTAINMENT—0.9%		‌		‌
Take-Two Interactive Software, Inc.*		14,546		1,930,691
INTERNET & DIRECT MARKETING RETAIL—0.2%		‌		‌
The RealReal, Inc.*		145,577		339,194
IT CONSULTING & OTHER SERVICES—1.0%		‌		‌
EPAM Systems, Inc.*		5,758		2,010,981
LEISURE FACILITIES—0.9%		‌		‌
Vail Resorts, Inc.		8,082		1,916,485
LIFE SCIENCES TOOLS & SERVICES—3.4%		‌		‌
Azenta, Inc.		13,805		942,329
Bio-Techne Corp.		8,234		3,172,396
West Pharmaceutical Services, Inc.		8,686		2,984,162
				7,098,887
MOVIES & ENTERTAINMENT—4.6%		‌		‌
Liberty Media Corp.-Liberty Formula One, Cl. C*		32,469		2,200,424
Live Nation Entertainment, Inc.*		65,450		6,151,646
Roku, Inc., Cl. A*		20,756		1,359,933
				9,712,003
OIL & GAS EQUIPMENT & SERVICES—2.7%		‌		‌
Baker Hughes Co., Cl. A		172,970		4,443,599
ChampionX Corp.		57,373		1,198,522
				5,642,121
OIL & GAS EXPLORATION & PRODUCTION—2.5%		‌		‌
Diamondback Energy, Inc.		41,347		5,293,243
PHARMACEUTICALS—2.3%		‌		‌
Catalent, Inc.*		30,717		3,474,093
Jazz Pharmaceuticals PLC*		8,704		1,358,346
				4,832,439
REGIONAL BANKS—3.0%		‌		‌
First Republic Bank		16,776		2,729,623
SVB Financial Group*		8,964		3,617,422
				6,347,045
RESEARCH & CONSULTING SERVICES—1.5%		‌		‌
CoStar Group, Inc.*		43,768		3,177,119

- 13 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND

Schedule of Investments July 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—90.8% (CONT.)	SHARES		VALUE
RESTAURANTS—5.0%		‌		‌
Shake Shack, Inc., Cl. A*		132,759	$	6,831,778
The Cheesecake Factory, Inc.		121,253		3,544,225
				10,376,003
SEMICONDUCTOR EQUIPMENT—6.8%		‌		‌
Enphase Energy, Inc.*		6,032		1,714,174
KLA Corp.		7,008		2,687,848
Onto Innovation, Inc.*		52,051		4,333,246
SolarEdge Technologies, Inc.*		15,562		5,604,343
				14,339,611
SEMICONDUCTORS—2.2%		‌		‌
Microchip Technology, Inc.		36,219		2,494,040
SiTime Corp.*		11,247		2,091,717
				4,585,757
SYSTEMS SOFTWARE—3.4%		‌		‌
Crowdstrike Holdings, Inc., Cl. A*		13,181		2,420,031
Fortinet, Inc.*		15,358		916,105
Palo Alto Networks, Inc.*		7,429		3,707,814
				7,043,950
TRUCKING—2.3%		‌		‌
Old Dominion Freight Line, Inc.		16,015		4,860,713
TOTAL COMMON STOCKS
(Cost $190,852,667)				190,464,594

PREFERRED STOCKS—0.0%	SHARES		VALUE
BIOTECHNOLOGY—0.0%		‌		‌
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		219,610		—
(Cost $988,245)				—

RIGHTS—0.2%	SHARES		VALUE
BIOTECHNOLOGY—0.2%		‌		‌
Tolero CDR*,@,(a),(c)		590,059		348,135
(Cost $315,501)				348,135

REAL ESTATE INVESTMENT TRUST—0.9%	SHARES		VALUE
SPECIALIZED—0.9%		‌		‌
Crown Castle International Corp.		10,855		1,961,064
(Cost $2,086,788)				1,961,064

SPECIAL PURPOSE VEHICLE—0.9%	SHARES			VALUE
DATA PROCESSING & OUTSOURCED SERVICES—0.9%		‌			‌
Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b)		48			1,415,760
Crosslink Ventures Capital LLC, Cl. B*,@,(a),(b)		19			572,698
					1,988,458
TOTAL SPECIAL PURPOSE VEHICLE
(Cost $1,675,000)					1,988,458
Total Investments
(Cost $195,918,201)		92.8	%	$	194,762,251
Affiliated Securities (Cost $2,663,245)					1,988,458
Unaffiliated Securities (Cost $193,254,956)					192,773,793
Other Assets in Excess of Liabilities		7.2	%		15,038,231
NET ASSETS		100.0	%	$	209,800,482

- 14 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND

Schedule of Investments July 31, 2022 (Unaudited) (Continued) 

^(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 4 - 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.

Security	Acquisition Date(s)	Acquisition Cost		% of net assets (Acquisition Date)	Market Value		% of net assets as of 7/31/2022
Crosslink Ventures Capital LLC, Cl. A	10/2/20	$	1,200,000	0.50%	$	1,415,760	0.67%
Crosslink Ventures Capital LLC, Cl. B	12/16/20		475,000	0.19%		572,698	0.27%
Prosetta Biosciences, Inc., Series D	2/6/15		988,245	0.50%		0	0.00%
Tolero CDR	2/6/17		315,501	0.19%		348,135	0.17%
Total					$	2,336,593	1.11%

See Notes to Financial Statements.

- 15 -

THE ALGER FUNDS | ALGER MID CAP FOCUS FUND

Schedule of Investments July 31, 2022 (Unaudited)

COMMON STOCKS—93.4%	SHARES		VALUE
AEROSPACE & DEFENSE—4.5%		‌		‌
HEICO Corp.		45,840	$	7,229,427
Mercury Systems, Inc.*		248,923		14,688,946
				21,918,373
APPAREL ACCESSORIES & LUXURY GOODS—2.3%		‌		‌
Lululemon Athletica, Inc.*		36,280		11,265,303
APPLICATION SOFTWARE—17.7%		‌		‌
Alteryx, Inc., Cl. A*		214,663		10,396,129
Avalara, Inc.*		57,178		4,998,501
Bentley Systems, Inc., Cl. B		424,752		16,820,179
Everbridge, Inc.*		287,711		7,233,055
Manhattan Associates, Inc.*		61,650		8,672,305
Paylocity Holding Corp.*		52,618		10,835,625
Splunk, Inc.*		93,944		9,761,721
The Trade Desk, Inc., Cl. A*		114,620		5,157,900
Tyler Technologies, Inc.*		33,407		13,329,393
				87,204,808
AUTOMOTIVE RETAIL—1.4%		‌		‌
O’Reilly Automotive, Inc.*		10,152		7,142,846
BIOTECHNOLOGY—8.7%		‌		‌
Alkermes PLC*		151,416		3,876,250
Apellis Pharmaceuticals, Inc.*		77,998		4,389,728
Natera, Inc.*		376,491		17,695,077
Seagen, Inc.*		38,185		6,872,536
Vertex Pharmaceuticals, Inc.*		36,464		10,224,870
				43,058,461
CASINOS & GAMING—2.2%		‌		‌
MGM Resorts International		337,516		11,046,899
ELECTRIC UTILITIES—3.2%		‌		‌
Constellation Energy Corp.		236,216		15,613,878
ELECTRICAL COMPONENTS & EQUIPMENT—2.2%		‌		‌
Generac Holdings, Inc.*		40,378		10,833,417
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.3%		‌		‌
908 Devices, Inc.*		288,530		6,491,925
ENVIRONMENTAL & FACILITIES SERVICES—2.2%		‌		‌
Waste Connections, Inc.		81,715		10,898,329
FERTILIZERS & AGRICULTURAL CHEMICALS—1.6%		‌		‌
CF Industries Holdings, Inc.		80,861		7,721,417
FOOD RETAIL—0.9%		‌		‌
Grocery Outlet Holding Corp.*		99,705		4,259,398
HEALTHCARE DISTRIBUTORS—2.0%		‌		‌
McKesson Corp.		29,118		9,946,126
HEALTHCARE EQUIPMENT—6.2%		‌		‌
Cutera, Inc.*		113,681		5,277,072
Dexcom, Inc.*		38,383		3,150,477
Insulet Corp.*		65,198		16,156,064
Omnicell, Inc.*		53,244		5,863,229
				30,446,842

- 16 -

THE ALGER FUNDS | ALGER MID CAP FOCUS FUND

Schedule of Investments July 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—93.4% (CONT.)	SHARES			VALUE
HEALTHCARE FACILITIES—1.2%		‌			‌
Acadia Healthcare Co., Inc.*		73,879		$	6,125,308
HEALTHCARE TECHNOLOGY—1.3%		‌			‌
Veeva Systems, Inc., Cl. A*		28,643			6,404,002
HYPERMARKETS & SUPER CENTERS—1.1%		‌			‌
BJ’s Wholesale Club Holdings, Inc.*		79,457			5,379,239
INTERNET SERVICES & INFRASTRUCTURE—3.1%		‌			‌
MongoDB, Inc., Cl. A*		24,261			7,580,834
VeriSign, Inc.*		39,499			7,471,631
					15,052,465
LIFE SCIENCES TOOLS & SERVICES—6.0%		‌			‌
Avantor, Inc.*		632,398			18,352,190
Azenta, Inc.		95,172			6,496,441
Waters Corp.*		12,408			4,516,884
					29,365,515
MOVIES & ENTERTAINMENT—1.7%		‌			‌
Liberty Media Corp.-Liberty Formula One, Cl. C*		127,034			8,609,094
OIL & GAS EXPLORATION & PRODUCTION—2.7%		‌			‌
Diamondback Energy, Inc.		102,949			13,179,531
PHARMACEUTICALS—0.9%		‌			‌
Bayer AG		80,077			4,669,769
SEMICONDUCTOR EQUIPMENT—4.5%		‌			‌
Enphase Energy, Inc.*		24,654			7,006,174
KLA Corp.		39,550			15,169,007
					22,175,181
SPECIALTY STORES—2.7%		‌			‌
Petco Health & Wellness Co., Inc., Cl. A*		419,380			5,837,769
Ulta Beauty, Inc.*		18,581			7,226,337
					13,064,106
SYSTEMS SOFTWARE—6.7%		‌			‌
Crowdstrike Holdings, Inc., Cl. A*		64,760			11,889,936
CyberArk Software Ltd.*		70,551			9,180,801
Palo Alto Networks, Inc.*		23,787			11,872,092
					32,942,829
TRADING COMPANIES & DISTRIBUTORS—2.4%		‌			‌
United Rentals, Inc.*		36,226			11,689,043
TRUCKING—2.7%		‌			‌
XPO Logistics, Inc.*		219,249			13,097,935
TOTAL COMMON STOCKS
(Cost $496,434,935)					459,602,039
Total Investments
(Cost $496,434,935)		93.4	%	$	459,602,039
Unaffiliated Securities (Cost $496,434,935)					459,602,039
Other Assets in Excess of Liabilities		6.6	%		32,729,112
NET ASSETS		100.0	%	$	492,331,151

^* Non-income producing security.

See Notes to Financial Statements.

- 17 -

THE ALGER FUNDS | ALGER WEATHERBIE ENDURING GROWTH FUND

Schedule of Investments July 31, 2022 (Unaudited)

COMMON STOCKS—91.1%	SHARES		VALUE
AEROSPACE & DEFENSE—5.3%
TransDigm Group, Inc.*		342	$	212,840
APPLICATION SOFTWARE—18.9%
Avalara, Inc.*		510		44,584
HubSpot, Inc.*		365		112,420
Paylocity Holding Corp.*		1,814		373,557
SPS Commerce, Inc.*		1,023		122,515
The Trade Desk, Inc., Cl. A*		656		29,520
Vertex, Inc., Cl. A*		6,545		73,631
				756,227
ASSET MANAGEMENT & CUSTODY BANKS—6.5%
Hamilton Lane, Inc., Cl. A		1,946		147,059
StepStone Group, Inc., Cl. A		4,300		114,552
				261,611
CONSUMER FINANCE—0.6%
Upstart Holdings, Inc.*		1,022		24,865
EDUCATION SERVICES—5.2%
Chegg, Inc.*		9,684		206,269
ENVIRONMENTAL & FACILITIES SERVICES—21.4%
Casella Waste Systems, Inc., Cl. A*		3,863		312,710
Montrose Environmental Group, Inc.*		4,121		165,335
Waste Connections, Inc.		2,844		379,304
				857,349
GENERAL MERCHANDISE STORES—1.7%
Ollie’s Bargain Outlet Holdings, Inc.*		1,187		69,974
HEALTHCARE EQUIPMENT—4.7%
Insulet Corp.*		277		68,640
Nevro Corp.*		2,716		117,739
				186,379
HEALTHCARE SERVICES—2.0%
Agiliti, Inc.*		3,612		79,067
MANAGED HEALTHCARE—1.2%
Progyny, Inc.*		1,579		48,207
OIL & GAS EQUIPMENT & SERVICES—4.7%
Core Laboratories NV		6,863		129,985
Dril-Quip, Inc.*		2,268		58,174
				188,159
REAL ESTATE SERVICES—8.9%
FirstService Corp.		2,647		354,275
REGIONAL BANKS—4.3%
Signature Bank		927		172,023
TRADING COMPANIES & DISTRIBUTORS—2.9%
SiteOne Landscape Supply, Inc.*		839		116,898
TRUCKING—2.8%
XPO Logistics, Inc.*		1,855		110,818
TOTAL COMMON STOCKS
(Cost $4,614,029)				3,644,961

- 18 -

THE ALGER FUNDS | ALGER WEATHERBIE ENDURING GROWTH FUND

Schedule of Investments July 31, 2022 (Unaudited) (Continued)

			VALUE
Total Investments
(Cost $4,614,029)	91.1	%	$	3,644,961
Unaffiliated Securities (Cost $4,614,029)				3,644,961
Other Assets in Excess of Liabilities	8.9	%		356,078
NET ASSETS	100.0	%	$	4,001,039

^* Non-income producing security.

See Notes to Financial Statements.

- 19 -

THE ALGER FUNDS | ALGER WEATHERBIE SPECIALIZED GROWTH FUND

Schedule of Investments July 31, 2022 (Unaudited)

COMMON STOCKS—91.8%	SHARES		VALUE
ADVERTISING—0.7%		‌		‌
TechTarget, Inc.*		93,345	$	6,085,161
AEROSPACE & DEFENSE—0.8%		‌		‌
Kratos Defense & Security Solutions, Inc.*		478,221		6,881,600
APPAREL ACCESSORIES & LUXURY GOODS—0.2%		‌		‌
Canada Goose Holdings, Inc.*		89,811		1,758,499
APPAREL RETAIL—1.3%		‌		‌
MYT Netherlands Parent BV#,*		885,930		11,685,417
APPLICATION SOFTWARE—7.4%		‌		‌
Ebix, Inc.		176,127		4,167,165
Everbridge, Inc.*		10,169		255,648
SEMrush Holdings, Inc., Cl. A*		90,656		1,102,377
SPS Commerce, Inc.*		384,516		46,049,636
Vertex, Inc., Cl. A*		1,305,467		14,686,504
				66,261,330
ASSET MANAGEMENT & CUSTODY BANKS—6.8%		‌		‌
Hamilton Lane, Inc., Cl. A		422,068		31,895,679
StepStone Group, Inc., Cl. A		1,096,398		29,208,043
				61,103,722
BIOTECHNOLOGY—2.3%		‌		‌
ACADIA Pharmaceuticals, Inc.*		580,977		8,534,552
Natera, Inc.*		154,544		7,263,568
Ultragenyx Pharmaceutical, Inc.*		98,947		5,271,896
				21,070,016
CONSTRUCTION & ENGINEERING—2.5%		‌		‌
Ameresco, Inc., Cl. A*		389,338		22,277,920
CONSUMER FINANCE—0.5%		‌		‌
LendingTree, Inc.*		53,395		2,433,744
Upstart Holdings, Inc.*		81,978		1,994,525
				4,428,269
EDUCATION SERVICES—2.4%		‌		‌
Chegg, Inc.*		1,007,451		21,458,706
ELECTRONIC EQUIPMENT & INSTRUMENTS—3.6%		‌		‌
Novanta, Inc.*		209,694		32,334,815
ENVIRONMENTAL & FACILITIES SERVICES—11.3%		‌		‌
Casella Waste Systems, Inc., Cl. A*		660,399		53,459,299
Montrose Environmental Group, Inc.*		1,197,810		48,056,137
				101,515,436
GENERAL MERCHANDISE STORES—1.2%		‌		‌
Ollie’s Bargain Outlet Holdings, Inc.*		176,537		10,406,856
HEALTHCARE DISTRIBUTORS—0.6%		‌		‌
PetIQ, Inc., Cl. A*		328,988		5,395,403
HEALTHCARE EQUIPMENT—5.5%		‌		‌
Glaukos Corp.*		492,168		26,503,247
Impulse Dynamics NV, Series E*,@,(a)		904,912		2,986,210
Inogen, Inc.*		204,352		5,685,073
Nevro Corp.*		330,433		14,324,270
				49,498,800

- 20 -

THE ALGER FUNDS | ALGER WEATHERBIE SPECIALIZED GROWTH FUND

Schedule of Investments July 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—91.8% (CONT.)	SHARES		VALUE
HEALTHCARE FACILITIES—3.0%		‌		‌
US Physical Therapy, Inc.		209,144	$	27,142,708
HEALTHCARE SERVICES—1.8%		‌		‌
Agiliti, Inc.*		758,305		16,599,296
HEALTHCARE TECHNOLOGY—3.1%		‌		‌
Definitive Healthcare Corp., Cl. A*		610,065		15,849,489
Inspire Medical Systems, Inc.*		56,923		11,896,338
				27,745,827
INSURANCE BROKERS—0.3%		‌		‌
Goosehead Insurance, Inc., Cl. A		42,261		2,375,491
IT CONSULTING & OTHER SERVICES—6.9%		‌		‌
CI&T, Inc., Cl. A*		1,298,614		14,700,311
Globant SA*		206,156		41,074,521
Grid Dynamics Holdings, Inc.*		317,786		5,996,622
				61,771,454
LEISURE FACILITIES—2.9%		‌		‌
Planet Fitness, Inc., Cl. A*		325,699		25,668,338
LEISURE PRODUCTS—0.0%		‌		‌
Latham Group, Inc.*		100		549
MANAGED HEALTHCARE—0.9%		‌		‌
Progyny, Inc.*		250,847		7,658,359
OIL & GAS EQUIPMENT & SERVICES—5.0%		‌		‌
Core Laboratories NV		1,431,967		27,121,455
Dril-Quip, Inc.*		705,546		18,097,255
				45,218,710
PHARMACEUTICALS—0.3%		‌		‌
Aerie Pharmaceuticals, Inc.*		376,904		2,642,097
REAL ESTATE SERVICES—5.7%		‌		‌
FirstService Corp.		380,834		50,970,823
REGIONAL BANKS—2.4%		‌		‌
Seacoast Banking Corp. of Florida		602,345		21,551,904
RESTAURANTS—0.9%		‌		‌
Wingstop, Inc.		60,828		7,675,277
SEMICONDUCTORS—2.7%		‌		‌
Impinj, Inc.*		281,971		23,973,174
SPECIALTY STORES—0.0%		‌		‌
National Vision Holdings, Inc.*		1,280		37,299
SYSTEMS SOFTWARE—1.1%		‌		‌
Rapid7, Inc.*		154,876		9,907,418
THRIFTS & MORTGAGE FINANCE—1.8%		‌		‌
Axos Financial, Inc.*		394,387		16,469,601
TRADING COMPANIES & DISTRIBUTORS—5.9%		‌		‌
SiteOne Landscape Supply, Inc.*		274,418		38,234,660
Transcat, Inc.*		240,734		15,002,543
				53,237,203
TOTAL COMMON STOCKS
(Cost $912,624,345)		‌		822,807,478

- 21 -

THE ALGER FUNDS | ALGER WEATHERBIE SPECIALIZED GROWTH FUND

Schedule of Investments July 31, 2022 (Unaudited) (Continued)

PREFERRED STOCKS—0.0%	SHARES			VALUE
BIOTECHNOLOGY—0.0%		‌			‌
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		231,474		$	—
(Cost $1,041,633)					—
Total Investments
(Cost $913,665,978)		91.8	%	$	822,807,478
Affiliated Securities (Cost $1,041,633)					—
Unaffiliated Securities (Cost $912,624,345)					822,807,478
Other Assets in Excess of Liabilities		8.2	%		73,940,964
NET ASSETS		100.0	%	$	896,748,442

^# 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 4 - Affiliated Securities.

^* 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.

Security	Acquisition Date(s)	Acquisition Cost		% of net assets (Acquisition Date)	Market Value		% of net assets as of 7/31/2022
Impulse Dynamics NV, Series E	2/11/22	$	2,986,210	0.24%	$	2,986,210	0.33%
Prosetta Biosciences, Inc., Series D	2/6/15		1,041,633	0.10%		0	0.00%
Total					$	2,986,210	0.33%

See Notes to Financial Statements.

- 22 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND

Schedule of Investments July 31, 2022 (Unaudited)

COMMON STOCKS—93.3%	SHARES		VALUE
ADVERTISING—0.3%		‌		‌
Magnite, Inc.*		179,986	$	1,375,093
AEROSPACE & DEFENSE—4.9%		‌		‌
HEICO Corp.		89,724		14,150,372
Hexcel Corp.		34,820		2,106,958
Mercury Systems, Inc.*		71,176		4,200,096
				20,457,426
AGRICULTURAL & FARM MACHINERY—0.1%		‌		‌
Hydrofarm Holdings Group, Inc.*		88,172		284,796
APPAREL ACCESSORIES & LUXURY GOODS—1.6%		‌		‌
Capri Holdings Ltd.*		138,140		6,724,655
APPAREL RETAIL—2.0%		‌		‌
Aritzia, Inc.*		119,563		3,771,792
Victoria’s Secret & Co.*		121,124		4,476,743
				8,248,535
APPLICATION SOFTWARE—19.5%		‌		‌
ACI Worldwide, Inc.*		257,174		7,337,174
Avalara, Inc.*		76,419		6,680,549
Bill.com Holdings, Inc.*		51,956		7,018,216
Blackbaud, Inc.*		79,209		4,857,096
Blackline, Inc.*		55,731		3,523,314
Digital Turbine, Inc.*		54,079		1,085,366
Everbridge, Inc.*		82,052		2,062,787
ForgeRock, Inc., Cl. A*		30,441		617,039
Guidewire Software, Inc.*		36,894		2,867,402
HubSpot, Inc.*		16,330		5,029,640
Manhattan Associates, Inc.*		70,581		9,928,629
Paycom Software, Inc.*		21,276		7,031,505
Q2 Holdings, Inc.*		108,919		4,781,544
SEMrush Holdings, Inc., Cl. A*		94,341		1,147,187
Smartsheet, Inc., Cl. A*		71,669		2,154,370
Sprout Social, Inc., Cl. A*		73,507		3,829,715
SPS Commerce, Inc.*		72,109		8,635,774
Vertex, Inc., Cl. A*		260,255		2,927,869
				81,515,176
ASSET MANAGEMENT & CUSTODY BANKS—0.2%		‌		‌
Affiliated Managers Group, Inc.		7,756		980,203
BIOTECHNOLOGY—2.4%		‌		‌
Alkermes PLC*		40,937		1,047,987
CareDx, Inc.*		258,904		6,159,326
Celldex Therapeutics, Inc.*		32,811		1,007,954
Karuna Therapeutics, Inc.*		12,763		1,662,381
				9,877,648
DATA PROCESSING & OUTSOURCED SERVICES—1.5%		‌		‌
DLocal Ltd., Cl. A*		173,167		4,810,579
Marqeta, Inc., Cl. A*		161,948		1,553,082
				6,363,661
DIVERSIFIED SUPPORT SERVICES—0.4%		‌		‌
IAA, Inc.*		42,596		1,607,147

- 23 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND

Schedule of Investments July 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—93.3% (CONT.)	SHARES		VALUE
ELECTRICAL COMPONENTS & EQUIPMENT—0.5%		‌		‌
Sunrun, Inc.*		66,735	$	2,181,567
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.2%		‌		‌
908 Devices, Inc.*		52,549		1,182,353
Cognex Corp.		76,543		3,902,162
				5,084,515
FOOD DISTRIBUTORS—2.1%		‌		‌
The Chefs’ Warehouse, Inc.*		94,528		3,271,614
US Foods Holding Corp.*		170,857		5,381,996
				8,653,610
HEALTHCARE DISTRIBUTORS—0.2%		‌		‌
PetIQ, Inc., Cl. A*		62,035		1,017,374
HEALTHCARE EQUIPMENT—10.2%		‌		‌
CryoPort, Inc.*		115,779		4,306,979
Impulse Dynamics NV, Series E*,@,(a)		1,105,151		3,646,998
Inmode Ltd.*		190,868		6,344,452
Inogen, Inc.*		6,405		178,187
Insulet Corp.*		29,158		7,225,352
Mesa Laboratories, Inc.		27,736		5,914,702
Paragon 28, Inc.*		75,516		1,434,804
QuidelOrtho Corp.*		79,576		8,119,935
Tandem Diabetes Care, Inc.*		79,550		5,267,006
				42,438,415
HEALTHCARE FACILITIES—0.7%		‌		‌
The Joint Corp.*		165,228		2,825,399
HEALTHCARE SERVICES—1.1%		‌		‌
Guardant Health, Inc.*		54,919		2,755,286
Privia Health Group, Inc.*		48,330		1,777,578
				4,532,864
HEALTHCARE SUPPLIES—2.5%		‌		‌
Neogen Corp.*		443,260		10,252,604
HEALTHCARE TECHNOLOGY—3.6%		‌		‌
Convey Health Solutions Holdings, Inc.*		135,214		1,412,986
Definitive Healthcare Corp., Cl. A*		33,958		882,229
Doximity, Inc., Cl. A*		18,271		773,229
Renalytix PLC#,*		165,345		415,016
Sophia Genetics SA*		79,654		274,806
Veeva Systems, Inc., Cl. A*		50,210		11,225,952
				14,984,218
HOMEBUILDING—0.4%		‌		‌
Skyline Champion Corp.*		23,895		1,512,554
HOMEFURNISHING RETAIL—0.3%		‌		‌
Arhaus, Inc., Cl. A*		50,615		278,889
Bed Bath & Beyond, Inc.*		213,037		1,071,576
				1,350,465
HUMAN RESOURCE & EMPLOYMENT SERVICES—1.0%		‌		‌
LegalZoom.com, Inc.*		144,125		1,510,430
Upwork, Inc.*		133,462		2,477,055
				3,987,485

- 24 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND

Schedule of Investments July 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—93.3% (CONT.)	SHARES		VALUE
HYPERMARKETS & SUPER CENTERS—2.8%		‌		‌
BJ’s Wholesale Club Holdings, Inc.*		171,422	$	11,605,269
INDUSTRIAL MACHINERY—0.5%		‌		‌
Gates Industrial Corp. PLC*		161,017		1,980,509
INTERACTIVE HOME ENTERTAINMENT—1.1%		‌		‌
Take-Two Interactive Software, Inc.*		35,288		4,683,776
INTERACTIVE MEDIA & SERVICES—1.2%		‌		‌
Bumble, Inc., Cl. A*		66,183		2,509,659
Tripadvisor, Inc.*		127,813		2,429,725
				4,939,384
INTERNET & DIRECT MARKETING RETAIL—0.4%		‌		‌
Farfetch Ltd., Cl. A*		136,984		1,087,653
The RealReal, Inc.*		267,138		622,431
				1,710,084
INTERNET SERVICES & INFRASTRUCTURE—0.5%		‌		‌
BigCommerce Holdings, Inc.*		146,873		2,298,562
LEISURE FACILITIES—0.8%		‌		‌
Planet Fitness, Inc., Cl. A*		40,235		3,170,920
LIFE SCIENCES TOOLS & SERVICES—8.1%		‌		‌
Akoya Biosciences, Inc.*		139,659		1,966,399
Alpha Teknova, Inc.*		31,939		207,284
Bio-Techne Corp.		37,684		14,518,891
Cytek Biosciences, Inc.*		55,786		714,061
ICON PLC*		9,581		2,311,416
Maravai LifeSciences Holdings, Inc., Cl. A*		38,721		1,010,231
MaxCyte, Inc.*		48,111		262,205
NanoString Technologies, Inc.*		232,258		2,972,902
NeoGenomics, Inc.*		175,184		1,772,862
Personalis, Inc.*		109,708		404,823
Rapid Micro Biosystems, Inc., Cl. A*		64,657		295,482
Repligen Corp.*		34,746		7,413,407
				33,849,963
MANAGED HEALTHCARE—1.3%		‌		‌
HealthEquity, Inc.*		96,344		5,604,330
MOVIES & ENTERTAINMENT—3.0%		‌		‌
Live Nation Entertainment, Inc.*		134,030		12,597,480
OIL & GAS EQUIPMENT & SERVICES—0.8%		‌		‌
ChampionX Corp.		79,644		1,663,763
ProPetro Holding Corp.*		166,265		1,749,108
				3,412,871
OIL & GAS EXPLORATION & PRODUCTION—4.9%		‌		‌
Coterra Energy, Inc.		85,796		2,624,500
Magnolia Oil & Gas Corp., Cl. A		731,251		17,645,087
				20,269,587
PERSONAL PRODUCTS—0.4%		‌		‌
The Beauty Health Co.*		122,516		1,631,913
PRECIOUS METALS & MINERALS—0.6%		‌		‌
Xometry, Inc., Cl. A*		62,192		2,363,296

- 25 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND

Schedule of Investments July 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—93.3% (CONT.)	SHARES		VALUE
REGIONAL BANKS—0.9%		‌		‌
Webster Financial Corp.		79,755	$	3,704,620
RESTAURANTS—4.4%		‌		‌
Shake Shack, Inc., Cl. A*		151,624		7,802,571
The Cheesecake Factory, Inc.		174,365		5,096,689
Wingstop, Inc.		43,860		5,534,255
				18,433,515
SEMICONDUCTOR EQUIPMENT—0.9%		‌		‌
SolarEdge Technologies, Inc.*		10,807		3,891,925
SEMICONDUCTORS—0.6%		‌		‌
Universal Display Corp.		22,496		2,597,388
SPECIALTY CHEMICALS—3.4%		‌		‌
Balchem Corp.		104,187		14,144,427
TOTAL COMMON STOCKS
(Cost $429,984,574)				389,145,229

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

RIGHTS—0.0%	SHARES		VALUE
BIOTECHNOLOGY—0.0%		‌		‌
Tolero CDR*,@,(a),(c)		174,782		103,121
(Cost $94,483)				103,121

REAL ESTATE INVESTMENT TRUST—1.0%	SHARES		VALUE
RETAIL—1.0%		‌		‌
Tanger Factory Outlet Centers, Inc.		258,634		4,207,975
(Cost $4,259,450)				4,207,975

SPECIAL PURPOSE VEHICLE—0.6%	SHARES			VALUE
DATA PROCESSING & OUTSOURCED SERVICES—0.6%		‌			‌
Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b)		72			2,123,640
Crosslink Ventures Capital LLC, Cl. B*,@,(a),(b)		19			572,698
					2,696,338
TOTAL SPECIAL PURPOSE VEHICLE
(Cost $2,275,000)					2,696,338
Total Investments
(Cost $436,841,603)		94.9	%	$	396,152,663
Affiliated Securities (Cost $2,503,096)					2,696,338
Unaffiliated Securities (Cost $434,338,507)					393,456,325
Other Assets in Excess of Liabilities		5.1	%		21,161,125
NET ASSETS		100.0	%	$	417,313,788

#	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 4 - Affiliated Securities.
(c)	Contingent Deferred Rights.
*	Non-income producing security.

- 26 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND

Schedule of Investments July 31, 2022 (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.

Security	Acquisition Date(s)	Acquisition Cost		% of net assets (Acquisition Date)	Market Value		% of net assets as of 7/31/2022
Crosslink Ventures Capital LLC, Cl. A	10/2/20	$	1,800,000	0.49%	$	2,123,640	0.51%
Crosslink Ventures Capital LLC, Cl. B	12/16/20		475,000	0.10%		572,698	0.14%
Impulse Dynamics NV, Series E	2/11/22		3,646,998	0.69%		3,646,998	0.87%
Prosetta Biosciences, Inc., Series D	2/6/15		228,096	0.10%		0	0.00%
Tolero CDR	2/6/17		94,483	0.08%		103,121	0.02%
Total					$	6,446,457	1.54%

See Notes to Financial Statements.

- 27 -

THE ALGER FUNDS | ALGER SMALL CAP FOCUS FUND

Schedule of Investments July 31, 2022 (Unaudited)

COMMON STOCKS—93.6%	SHARES		VALUE
AEROSPACE & DEFENSE—1.5%		‌		‌
Mercury Systems, Inc.*		831,310	$	49,055,603
APPAREL RETAIL—1.2%		‌		‌
Aritzia, Inc.*		1,287,674		40,621,582
APPLICATION SOFTWARE—19.1%		‌		‌
Avalara, Inc.*		509,645		44,553,166
Blackline, Inc.*		1,230,957		77,821,102
Clearwater Analytics Holdings, Inc., Cl. A*		3,908,663		49,952,713
Everbridge, Inc.*		676,660		17,011,232
Guidewire Software, Inc.*		1,235,361		96,012,257
Paycom Software, Inc.*		326,733		107,981,989
PROS Holdings, Inc.*,(a)		3,197,116		77,913,717
Q2 Holdings, Inc.*		1,668,265		73,236,833
Smartsheet, Inc., Cl. A*		947,142		28,471,089
Sprout Social, Inc., Cl. A*		1,012,928		52,773,549
				625,727,647
BIOTECHNOLOGY—6.9%		‌		‌
Aerovate Therapeutics, Inc.*		959,866		21,357,019
CareDx, Inc.*		1,816,829		43,222,362
Natera, Inc.*		2,291,148		107,683,956
Vericel Corp.*		1,702,582		55,402,018
				227,665,355
BUILDING PRODUCTS—1.3%		‌		‌
Trex Co., Inc.*		640,028		41,294,607
DATA PROCESSING & OUTSOURCED SERVICES—0.8%		‌		‌
TaskUS, Inc., Cl. A*		1,184,001		24,899,541
ELECTRONIC EQUIPMENT & INSTRUMENTS—0.1%		‌		‌
908 Devices, Inc.*		199,515		4,489,088
ENVIRONMENTAL & FACILITIES SERVICES—1.3%		‌		‌
Casella Waste Systems, Inc., Cl. A*		521,270		42,196,806
FOOD RETAIL—1.1%		‌		‌
Grocery Outlet Holding Corp.*		827,345		35,344,178
HEALTHCARE EQUIPMENT—15.9%		‌		‌
AtriCure, Inc.*		2,070,982		102,327,221
CryoPort, Inc.*,(a)		2,696,546		100,311,511
Heska Corp.*,(a)		521,111		47,676,445
Insulet Corp.*		333,527		82,647,991
QuidelOrtho Corp.*		934,489		95,355,258
Shockwave Medical, Inc.*		433,735		91,487,723
				519,806,149
HEALTHCARE SUPPLIES—2.2%		‌		‌
BioLife Solutions, Inc.*		1,561,529		30,090,664
Neogen Corp.*		1,836,951		42,488,676
				72,579,340
HEALTHCARE TECHNOLOGY—6.7%		‌		‌
Evolent Health, Inc., Cl. A*		2,128,115		72,334,629
Inspire Medical Systems, Inc.*		382,263		79,889,144
Veeva Systems, Inc., Cl. A*		293,880		65,705,691
				217,929,464

- 28 -

THE ALGER FUNDS | ALGER SMALL CAP FOCUS FUND

Schedule of Investments July 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—93.6% (CONT.)	SHARES		VALUE
INDUSTRIAL MACHINERY—6.6%		‌		‌
RBC Bearings, Inc.*		913,884	$	215,676,624
LIFE SCIENCES TOOLS & SERVICES—6.8%		‌		‌
Bio-Techne Corp.		227,941		87,821,108
Bruker Corp.		448,503		30,744,881
NanoString Technologies, Inc.*		1,804,146		23,093,069
Repligen Corp.*		378,802		80,821,195
				222,480,253
MANAGED HEALTHCARE—2.4%		‌		‌
HealthEquity, Inc.*		1,377,578		80,133,712
OIL & GAS EQUIPMENT & SERVICES—2.1%		‌		‌
ChampionX Corp.		3,358,879		70,166,982
OIL & GAS EXPLORATION & PRODUCTION—4.5%		‌		‌
PDC Energy, Inc.		1,196,366		78,589,283
Viper Energy Partners LP		2,264,691		69,616,601
				148,205,884
PACKAGED FOODS & MEATS—1.1%		‌		‌
Freshpet, Inc.*		655,781		35,044,937
REGIONAL BANKS—2.1%		‌		‌
Popular, Inc.		891,007		69,204,514
RESTAURANTS—3.4%		‌		‌
Kura Sushi USA, Inc., Cl. A*		65,201		5,505,572
Shake Shack, Inc., Cl. A*		1,152,080		59,286,037
Wingstop, Inc.		362,927		45,794,129
				110,585,738
SEMICONDUCTORS—2.2%		‌		‌
Monolithic Power Systems, Inc.		158,432		73,626,519
SYSTEMS SOFTWARE—1.4%		‌		‌
Tenable Holdings, Inc.*		1,191,593		46,055,069
TRADING COMPANIES & DISTRIBUTORS—1.4%		‌		‌
Herc Holdings, Inc.		376,560		46,700,971
TRUCKING—1.5%		‌		‌
Saia, Inc.*		209,272		49,775,345
TOTAL COMMON STOCKS
(Cost $3,037,213,638)				3,069,265,908

RIGHTS—0.0%	SHARES			VALUE
BIOTECHNOLOGY—0.0%		‌			‌
Tolero CDR*,@,(b),(c)		11,905			7,024
(Cost $6,436)					7,024
Total Investments
(Cost $3,037,220,074)		93.6	%	$	3,069,272,932
Affiliated Securities (Cost $203,563,390)					225,901,673
Unaffiliated Securities (Cost $2,833,656,684)					2,843,371,259
Other Assets in Excess of Liabilities		6.4	%		209,160,656
NET ASSETS		100.0	%	$	3,278,433,588

(a)	Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 4 - Affiliated Securities.
(b)	Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board.

- 29 -

THE ALGER FUNDS | ALGER SMALL CAP FOCUS FUND

Schedule of Investments July 31, 2022 (Unaudited) (Continued)

(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.

Security	Acquisition Date(s)	Acquisition Cost		% of net assets (Acquisition Date)	Market Value		% of net assets as of 7/31/2022
Tolero CDR	2/6/17	$	6,436	0.00%	$	7,024	0.00%
Total					$	7,024	0.00%

See Notes to Financial Statements.

- 30 -

THE ALGER FUNDS | ALGER INTERNATIONAL FOCUS FUND

Schedule of Investments July 31, 2022 (Unaudited)

COMMON STOCKS—99.1%	SHARES		VALUE
ARGENTINA—1.3%		‌		‌
INTERNET & DIRECT MARKETING RETAIL—1.3%
MercadoLibre, Inc.*		2,350	$	1,912,219
(Cost $3,784,277)
AUSTRALIA—7.5%		‌		‌
APPLICATION SOFTWARE—4.0%
Atlassian Corp., PLC, Cl. A*		13,700		2,867,684
Xero Ltd.*		46,600		3,069,508
				5,937,192
HEALTHCARE SUPPLIES—1.6%
Nanosonics Ltd.*		694,062		2,308,785
HEALTHCARE TECHNOLOGY—1.9%
Pro Medicus Ltd.		81,000		2,836,934
TOTAL AUSTRALIA
(Cost $9,936,918)				11,082,911
BELGIUM—0.1%		‌		‌
APPLICATION SOFTWARE—0.1%
Unifiedpost Group SA*		29,955		124,081
(Cost $700,977)
BRAZIL—3.7%		‌		‌
DIVERSIFIED CAPITAL MARKETS—1.8%
Banco BTG Pactual SA		596,000		2,595,035
FOOTWEAR—1.9%
Arezzo Industria e Comercio SA		182,000		2,783,929
TOTAL BRAZIL
(Cost $5,693,234)				5,378,964
CHINA—11.5%		‌		‌
AUTOMOBILE MANUFACTURERS—2.5%
BYD Co., Ltd., Cl. H		100,484		3,676,281
BREWERS—2.9%
Budweiser Brewing Co. APAC Ltd.		1,518,000		4,203,218
DIVERSIFIED METALS & MINING—0.3%
Ganfeng Lithium Co., Ltd., Cl. H		50,800		459,344
FINANCIAL EXCHANGES & DATA—2.3%
East Money Information Co., Ltd., Cl. A		1,024,797		3,387,294
INTERNET & DIRECT MARKETING RETAIL—1.6%
Meituan, Cl. B*		108,000		2,422,787
SEMICONDUCTORS—1.9%
LONGi Green Energy Technology Co., Ltd., Cl. A		307,124		2,808,149
TOTAL CHINA
(Cost $17,324,254)				16,957,073
FRANCE—14.1%		‌		‌
APPAREL ACCESSORIES & LUXURY GOODS—5.2%
EssilorLuxottica SA		22,300		3,495,394
LVMH Moet Hennessy Louis Vuitton SE		5,900		4,095,691
				7,591,085

- 31 -

THE ALGER FUNDS | ALGER INTERNATIONAL FOCUS FUND

Schedule of Investments July 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—99.1% (CONT.)	SHARES		VALUE
FRANCE—14.1% (CONT.)
ELECTRICAL COMPONENTS & EQUIPMENT—2.4%
Schneider Electric SE		25,200	$	3,484,408
LIFE SCIENCES TOOLS & SERVICES—3.3%
Eurofins Scientific SE		62,200		4,847,828
RESEARCH & CONSULTING SERVICES—3.2%
Teleperformance		14,157		4,732,961
TOTAL FRANCE
(Cost $16,934,010)				20,656,282
GERMANY—7.6%				‌
AEROSPACE & DEFENSE—2.2%
Hensoldt AG		126,800		3,250,291
FOOTWEAR—1.9%
Puma SE		40,600		2,740,796
OIL & GAS REFINING & MARKETING—3.5%
VERBIO Vereinigte BioEnergie AG		83,000		5,149,585
TOTAL GERMANY
(Cost $10,104,997)				11,140,672
HONG KONG—1.8%				‌
INDUSTRIAL MACHINERY—1.8%
Techtronic Industries Co., Ltd.		237,000		2,629,885
(Cost $1,780,010)
INDIA—4.6%				‌
DIVERSIFIED BANKS—2.6%
HDFC Bank Ltd.#		61,300		3,849,640
INVESTMENT BANKING & BROKERAGE—2.0%
Angel One Ltd.		169,000		2,931,973
TOTAL INDIA
(Cost $5,572,765)				6,781,613
IRELAND—2.4%				‌
PACKAGED FOODS & MEATS—2.4%
Kerry Group PLC, Cl. A		33,741		3,560,531
(Cost $3,756,243)
ITALY—5.9%				‌
APPAREL ACCESSORIES & LUXURY GOODS—2.7%
Moncler SpA		78,786		3,948,491
AUTOMOBILE MANUFACTURERS—3.2%
Ferrari NV		22,162		4,681,279
TOTAL ITALY
(Cost $6,540,286)				8,629,770
JAPAN—4.0%				‌
HEALTHCARE SUPPLIES—1.8%
Hoya Corp.		26,900		2,695,256

- 32 -

THE ALGER FUNDS | ALGER INTERNATIONAL FOCUS FUND

Schedule of Investments July 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—99.1% (CONT.)	SHARES		VALUE
JAPAN—4.0% (CONT.)
SEMICONDUCTOR EQUIPMENT—2.2%
Lasertec Corp.		22,400	$	3,207,131
TOTAL JAPAN
(Cost $6,751,766)				5,902,387
NETHERLANDS—9.6%		‌		‌
DATA PROCESSING & OUTSOURCED SERVICES—2.3%
Adyen NV*		1,875		3,371,875
HEAVY ELECTRICAL EQUIPMENT—3.2%
Alfen Beheer BV*		40,000		4,668,392
SEMICONDUCTOR EQUIPMENT—4.1%
ASML Holding NV#		10,500		6,033,487
TOTAL NETHERLANDS
(Cost $4,914,902)				14,073,754
NORWAY—4.0%		‌		‌
ENVIRONMENTAL & FACILITIES SERVICES—2.4%
Aker Carbon Capture ASA*		1,560,510		3,515,578
INDUSTRIAL MACHINERY—1.6%
AutoStore Holdings Ltd.*,(a)		1,289,036		2,399,006
TOTAL NORWAY
(Cost $8,449,242)				5,914,584
SOUTH KOREA—1.9%		‌		‌
SPECIALTY CHEMICALS—1.9%
Chunbo Co., Ltd.		15,800		2,872,301
(Cost $2,580,839)
SPAIN—1.9%		‌		‌
BIOTECHNOLOGY—1.9%
Grifols SA#,*		309,741		2,750,500
(Cost $5,399,542)
SWEDEN—1.4%		‌		‌
ASSET MANAGEMENT & CUSTODY BANKS—1.4%
EQT AB		74,298		2,016,693
(Cost $755,883)
SWITZERLAND—4.9%		‌		‌
ASSET MANAGEMENT & CUSTODY BANKS—1.7%
Partners Group Holding AG		2,284		2,492,893
LIFE SCIENCES TOOLS & SERVICES—1.2%
PolyPeptide Group AG		36,406		1,727,216
SPECIALTY CHEMICALS—2.0%
Sika AG		11,800		2,914,867
TOTAL SWITZERLAND
(Cost $6,419,571)				7,134,976
UNITED KINGDOM—6.3%		‌		‌
FINANCIAL EXCHANGES & DATA—4.2%
London Stock Exchange Group PLC		63,200		6,166,592

- 33 -

THE ALGER FUNDS | ALGER INTERNATIONAL FOCUS FUND

Schedule of Investments July 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—99.1% (CONT.)	SHARES			VALUE
UNITED KINGDOM—6.3% (CONT.)
PHARMACEUTICALS—2.1%
AstraZeneca PLC		23,500		$	3,090,585
TOTAL UNITED KINGDOM
(Cost $8,469,392)					9,257,177
UNITED STATES—4.6%					‌
IT CONSULTING & OTHER SERVICES—2.2%
EPAM Systems, Inc.*		9,550			3,335,338
OIL & GAS EQUIPMENT & SERVICES—2.4%
Schlumberger NV		94,500			3,499,335
TOTAL UNITED STATES
(Cost $7,901,501)					6,834,673
TOTAL COMMON STOCKS
(Cost $133,770,609)					145,611,046
Total Investments
(Cost $133,770,609)		99.1	%	$	145,611,046
Unaffiliated Securities (Cost $133,770,609)					145,611,046
Other Assets in Excess of Liabilities		0.9	%		1,303,423
NET ASSETS		100.0	%	$	146,914,469

#	American Depositary Receipts.
(a)	Pursuant to Securities and Exchange Commission Rule 144A, this security may be sold prior to its maturity only to qualified institutional buyers. This security represents 1.6% of the net assets of the Fund.
*	Non-income producing security.

See Notes to Financial Statements.

- 34 -

THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND

Schedule of Investments July 31, 2022 (Unaudited)

COMMON STOCKS—98.0%	SHARES		VALUE
BIOTECHNOLOGY—34.3%		‌		‌
AbbVie, Inc.		55,733	$	7,998,243
Aerovate Therapeutics, Inc.*		167,007		3,715,906
Alkermes PLC*		226,224		5,791,334
Alnylam Pharmaceuticals, Inc.*		5,413		768,863
Apellis Pharmaceuticals, Inc.*		85,957		4,837,660
Beam Therapeutics, Inc.*		29,561		1,861,752
Celldex Therapeutics, Inc.*		117,917		3,622,410
Compass Therapeutics, Inc.*		608,536		1,582,194
CSL Ltd.		24,954		5,080,330
HilleVax, Inc.*		107,710		1,456,239
Intellia Therapeutics, Inc.*		14,432		934,616
Ionis Pharmaceuticals, Inc.*		141,459		5,313,200
Mersana Therapeutics, Inc.*		383,217		1,942,910
PMV Pharmaceuticals, Inc.*		60,414		903,189
Prometheus Biosciences, Inc.*		165,669		7,069,096
United Therapeutics Corp.*		15,421		3,563,330
Vertex Pharmaceuticals, Inc.*		26,585		7,454,700
Zai Lab Ltd.#,*		37,037		1,501,110
				65,397,082
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.6%		‌		‌
908 Devices, Inc.*		138,702		3,120,795
HEALTHCARE DISTRIBUTORS—7.9%		‌		‌
AmerisourceBergen Corp., Cl. A		25,710		3,751,861
McKesson Corp.		32,835		11,215,779
				14,967,640
HEALTHCARE EQUIPMENT—7.7%		‌		‌
Edwards Lifesciences Corp.*		43,659		4,389,476
Impulse Dynamics NV, Series E*,@,(a)		1,515,152		5,000,002
Sartorius AG		9,010		4,029,183
Shockwave Medical, Inc.*		6,303		1,329,491
				14,748,152
HEALTHCARE FACILITIES—6.7%		‌		‌
Acadia Healthcare Co., Inc.*		154,695		12,825,762
HEALTHCARE SERVICES—3.7%		‌		‌
Accolade, Inc.*		228,974		2,115,720
agilon health, Inc.*		66,222		1,657,537
Amedisys, Inc.*		8,811		1,055,998
Signify Health, Inc., Cl. A*		134,239		2,296,829
				7,126,084
HEALTHCARE SUPPLIES—1.2%		‌		‌
Lantheus Holdings, Inc.*		30,472		2,337,812
HEALTHCARE TECHNOLOGY—2.6%		‌		‌
Veeva Systems, Inc., Cl. A*		21,927		4,902,439
LIFE SCIENCES TOOLS & SERVICES—3.5%		‌		‌
NeoGenomics, Inc.*		75,910		768,209
Waters Corp.*		16,179		5,889,641
				6,657,850

- 35 -

THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND

Schedule of Investments July 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—98.0% (CONT.)	SHARES		VALUE
MANAGED HEALTHCARE—13.4%		‌		‌
Centene Corp.*		100,573	$	9,350,272
Humana, Inc.		12,862		6,199,484
UnitedHealth Group, Inc.		18,484		10,024,612
				25,574,368
PHARMACEUTICALS—15.4%		‌		‌
AstraZeneca PLC		76,925		10,116,736
Bayer AG		62,894		3,667,726
Catalent, Inc.*		34,238		3,872,318
Eli Lilly & Co.		19,003		6,265,099
Intra-Cellular Therapies, Inc.*		65,585		3,549,460
Jazz Pharmaceuticals PLC*		12,094		1,887,390
				29,358,729
TOTAL COMMON STOCKS
(Cost $173,238,396)				187,016,713

PREFERRED STOCKS—0.0%	SHARES		VALUE
BIOTECHNOLOGY—0.0%		‌		‌
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		897,366		—
(Cost $4,038,147)				—

RIGHTS—0.6%	SHARES			VALUE
BIOTECHNOLOGY—0.6%		‌			‌
Tolero CDR*,@,(a),(c)		1,956,996			1,154,628
(Cost $1,044,370)					1,154,628
Total Investments
(Cost $178,320,913)		98.6	%	$	188,171,341
Affiliated Securities (Cost $4,038,147)					—
Unaffiliated Securities (Cost $174,282,766)					188,171,341
Other Assets in Excess of Liabilities		1.4	%		2,609,678
NET ASSETS		100.0	%	$	190,781,019

#	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 4 - 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.

Security	Acquisition Date(s)	Acquisition Cost		% of net assets (Acquisition Date)	Market Value		% of net assets as of 7/31/2022
Impulse Dynamics NV, Series E	2/11/22	$	5,000,002	2.07%	$	5,000,002	2.62%
Prosetta Biosciences, Inc., Series D	2/6/15		4,038,147	2.00%		0	0.00%
Tolero CDR	2/6/17		1,044,370	0.90%		1,154,628	0.61%
Total					$	6,154,630	3.23%

See Notes to Financial Statements.

- 36 -

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 series — Alger Capital Appreciation Fund, Alger 35 Fund, Alger Growth & Income Fund, Alger Mid Cap Growth Fund, Alger Mid Cap Focus Fund, Alger Weatherbie Enduring Growth 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 35 Fund, Alger Mid Cap Growth Fund, Alger Mid Cap Focus Fund, Alger Weatherbie Enduring Growth 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 and 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, 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 eighth 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 not convert to Class A shares or may be converted on a different schedule. At conversion, a proportionate amount of shares representing reinvested dividends and distributions will also be converted into Class A shares. Class I, 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 custodial fees or other expenses related to the management of the Fund’s assets).

The Board of Trustees of the Trust (the “Board”) has authorized a partial closing of the Alger Small Cap Focus Fund effective July 31, 2019. Class A, C, I and Z shares are available for purchase by existing shareholders who maintain open accounts and new investors that utilize certain retirement record keeping platforms identified by Fred Alger & Company, LLC, the Fund’s distributor (the “Distributor” or “Alger LLC”). Class I shares are also available for purchase by investors who transact with certain brokers identified by the distributor. Class Y shares remain open to all qualifying investors and Class Y and Class Z Shares are generally subject to a minimum initial investment of $500,000.

Alger Weatherbie Enduring Growth Fund launched on December 17, 2021.

- 37 -

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

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).

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.

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 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.

● 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.)

- 38 -

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

● 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 value determinations and related valuation information to the Board. The Board is responsible for approving the valuation policy and procedures.

While Committee meetings are held 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 prices.

In December 2020, the Securities and Exchange Commission (the “SEC”) adopted Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”), which is intended to address valuation practices and the role of the board of directors with respect to the fair value of the investments of a registered investment company. Among other things, Rule 2a-5 will permit the Board to designate the Funds’ investment adviser, Fred Alger Management, LLC (“Alger Management” or the “Investment Manager”), to perform the Funds’ fair value determinations, which will be subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the Investment Manager’s fair value determinations. Compliance with Rule 2a-5 will not be required until September 2022. The Funds, the Board,

- 39 -

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

and the Investment Manager are currently in the process of implementing the requirements of Rule 2a-5 for compliance with these requirements by the September 2022 compliance deadline.

(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, 2022, 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	$	170,998,016	$	170,998,016	$	—	$	—
Consumer Discretionary		399,889,265		379,913,933		19,528,433		446,899
Consumer Staples		19,894,940		19,894,940		—		—
Energy		66,235,510		66,235,510		—		—
Financials		55,812,753		55,812,753		—		—
Healthcare		370,846,268		343,884,748		26,961,520		—
Industrials		154,528,432		154,528,432		—		—
Information Technology		793,895,407		793,895,407		—		—
Materials		16,089,272		16,089,272		—		—
Utilities		16,806,159		16,806,159		—		—
TOTAL COMMON STOCKS	$	2,064,996,022	$	2,018,059,170	$	46,489,953	$	446,899
PREFERRED STOCKS
Information Technology		1,374,510		—		—		1,374,510
REAL ESTATE INVESTMENT TRUST
Real Estate		13,845,602		13,845,602		—		—
SPECIAL PURPOSE VEHICLE
Information Technology		3,273,945		—		—		3,273,945
TOTAL INVESTMENTS IN SECURITIES	$	2,083,490,079	$	2,031,904,772	$	46,489,953	$	5,095,354

- 40 -

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

Alger 35 Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	3,146,681	$	2,152,717	$	993,964	$	—
Consumer Discretionary		2,671,267		2,671,267		—		—
Consumer Staples		770,270		770,270		—		—
Energy		1,893,300		1,893,300		—		—
Financials		950,994		950,994		—		—
Healthcare		5,140,959		5,140,959		—		—
Industrials		1,284,075		1,284,075		—		—
Information Technology		9,128,000		9,128,000		—		—
Real Estate		712,832		712,832		—		—
TOTAL COMMON STOCKS	$	25,698,378	$	24,704,414	$	993,964	$	—
REAL ESTATE INVESTMENT TRUST
Real Estate		581,183		581,183		—		—
TOTAL INVESTMENTS IN SECURITIES	$	26,279,561	$	25,285,597	$	993,964	$	—

Alger Growth & Income Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	19,582,895	$	19,582,895	$	—	$	—
Consumer Discretionary		15,679,046		15,679,046		—		—
Consumer Staples		15,492,505		15,492,505		—		—
Energy		10,756,657		10,756,657		—		—
Financials		22,926,406		22,926,406		—		—
Healthcare		32,538,920		32,538,920		—		—
Industrials		13,025,400		13,025,400		—		—
Information Technology		59,061,833		59,061,833		—		—
Materials		3,993,685		3,993,685		—		—
Utilities		3,317,231		3,317,231		—		—
TOTAL COMMON STOCKS	$	196,374,578	$	196,374,578	$	—	$	—
MASTER LIMITED PARTNERSHIP
Energy		1,117,538		1,117,538		—		—
REAL ESTATE INVESTMENT TRUST
Financials		1,620,939		1,620,939		—		—
Real Estate		8,862,493		8,862,493		—		—
TOTAL REAL ESTATE INVESTMENT TRUST	$	10,483,432	$	10,483,432	$	—	$	—
TOTAL INVESTMENTS IN SECURITIES	$	207,975,548	$	207,975,548	$	—	$	—

- 41 -

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

Alger Mid Cap Growth Fund	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	11,642,694		$	11,642,694	$	—	$	—
Consumer Discretionary		26,489,067			26,489,067		—		—
Consumer Staples		4,366,921			4,366,921		—		—
Energy		10,935,364			10,935,364		—		—
Financials		8,957,352			8,957,352		—		—
Healthcare		34,022,087			34,022,087		—		—
Industrials		29,659,157			29,659,157		—		—
Information Technology		61,396,534			61,396,534		—		—
Materials		2,995,418			2,995,418		—		—
TOTAL COMMON STOCKS	$	190,464,594		$	190,464,594	$	—	$	—
PREFERRED STOCKS
Healthcare		—	*		—		—		—	*
RIGHTS
Healthcare		348,135			—		—		348,135
REAL ESTATE INVESTMENT TRUST
Real Estate		1,961,064			1,961,064		—		—
SPECIAL PURPOSE VEHICLE
Information Technology		1,988,458			—		—		1,988,458
TOTAL INVESTMENTS IN SECURITIES	$	194,762,251		$	192,425,658	$	—	$	2,336,593

Alger Mid Cap Focus Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	8,609,094	$	8,609,094	$	—	$	—
Consumer Discretionary		42,519,154		42,519,154		—		—
Consumer Staples		9,638,637		9,638,637		—		—
Energy		13,179,531		13,179,531		—		—
Healthcare		130,016,023		125,346,254		4,669,769		—
Industrials		68,437,097		68,437,097		—		—
Information Technology		163,867,208		163,867,208		—		—
Materials		7,721,417		7,721,417		—		—
Utilities		15,613,878		15,613,878		—		—
TOTAL COMMON STOCKS	$	459,602,039	$	454,932,270	$	4,669,769	$	—
TOTAL INVESTMENTS IN SECURITIES	$	459,602,039	$	454,932,270	$	4,669,769	$	—

Alger Weatherbie Enduring Growth Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Consumer Discretionary		276,243		276,243		—		—
Energy		188,159		188,159		—		—
Financials		458,499		458,499		—		—
Healthcare		313,653		313,653		—		—
Industrials		1,297,905		1,297,905		—		—
Information Technology		756,227		756,227		—		—
Real Estate		354,275		354,275		—		—
TOTAL COMMON STOCKS	$	3,644,961	$	3,644,961	$	—	$	—
TOTAL INVESTMENTS IN SECURITIES	$	3,644,961	$	3,644,961	$	—	$	—

- 42 -

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

Alger Weatherbie Specialized Growth Fund	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	6,085,161		$	6,085,161	$	—	$	—
Consumer Discretionary		78,690,941			78,690,941		—		—
Energy		45,218,710			45,218,710		—		—
Financials		105,928,987			105,928,987		—		—
Healthcare		157,752,506			154,766,296		—		2,986,210
Industrials		183,912,159			183,912,159		—		—
Information Technology		194,248,191			194,248,191		—		—
Real Estate		50,970,823			50,970,823		—		—
TOTAL COMMON STOCKS	$	822,807,478		$	819,821,268	$	—	$	2,986,210
PREFERRED STOCKS
Healthcare		—	*		—		—		—	*
TOTAL INVESTMENTS IN SECURITIES	$	822,807,478		$	819,821,268	$	—	$	2,986,210

Alger Small Cap Growth Fund	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	23,595,733		$	23,595,733	$	—	$	—
Consumer Discretionary		41,150,728			41,150,728		—		—
Consumer Staples		21,890,792			21,890,792		—		—
Energy		23,682,458			23,682,458		—		—
Financials		4,684,823			4,684,823		—		—
Healthcare		125,382,815			121,735,817		—		3,646,998
Industrials		30,498,930			30,498,930		—		—
Information Technology		101,751,227			101,751,227		—		—
Materials		16,507,723			16,507,723		—		—
TOTAL COMMON STOCKS	$	389,145,229		$	385,498,231	$	—	$	3,646,998
PREFERRED STOCKS
Healthcare		—	*		—		—		—	*
RIGHTS
Healthcare		103,121			—		—		103,121
REAL ESTATE INVESTMENT TRUST
Real Estate		4,207,975			4,207,975		—		—
SPECIAL PURPOSE VEHICLE
Information Technology		2,696,338			—		—		2,696,338
TOTAL INVESTMENTS IN SECURITIES	$	396,152,663		$	389,706,206	$	—	$	6,446,457

- 43 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger Small Cap Focus Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Consumer Discretionary	$	151,207,320		151,207,320	$	—	$	—
Consumer Staples		70,389,115		70,389,115		—		—
Energy		218,372,866		218,372,866		—		—
Financials		69,204,514		69,204,514		—		—
Healthcare		1,340,594,273		1,340,594,273		—		—
Industrials		444,699,956		444,699,956		—		—
Information Technology		774,797,864		774,797,864		—		—
TOTAL COMMON STOCKS	$	3,069,265,908	$	3,069,265,908	$	—	$	—
RIGHTS
Healthcare		7,024	$	—		—		7,024
TOTAL INVESTMENTS IN SECURITIES	$	3,069,272,932	$	3,069,265,908	$	—	$	7,024

Alger International Focus Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Consumer Discretionary		29,756,867		9,377,427		20,379,440		—
Consumer Staples		7,763,749		—		7,763,749		—
Energy		8,648,920		3,499,335		5,149,585		—
Financials		23,440,120		6,444,675		16,995,445		—
Healthcare		20,257,104		2,750,500		17,506,604		—
Industrials		24,680,521		—		24,680,521		—
Information Technology		24,817,253		6,203,022		18,614,231		—
Materials		6,246,512		—		6,246,512		—
TOTAL COMMON STOCKS	$	145,611,046	$	28,274,959	$	117,336,087	$	—
TOTAL INVESTMENTS IN SECURITIES	$	145,611,046	$	28,274,959	$	117,336,087	$	—

Alger Health Sciences Fund	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Healthcare	$	183,895,918		$	156,001,941	$	22,893,975	$	5,000,002
Information Technology		3,120,795			3,120,795		—		—
TOTAL COMMON STOCKS	$	187,016,713		$	159,122,736	$	22,893,975	$	5,000,002
PREFERRED STOCKS
Healthcare		—	*		—		—		—	*
RIGHTS
Healthcare		1,154,628			—		—		1,154,628
TOTAL INVESTMENTS IN SECURITIES	$	188,171,341		$	159,122,736	$	22,893,975	$	6,154,630

*  Alger Mid Cap Growth Fund’s, Alger Weatherbie Specialized Growth Fund’s, Alger Small Cap Growth Fund’s and Alger Health Sciences Fund’s holdings of Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of July 31, 2022.

- 44 -

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

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Capital Appreciation Fund	Common Stocks
Opening balance at November 1, 2021	$	1,015,916
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		(569,017	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2022		446,899
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022	$	(569,017	)

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Capital Appreciation Fund	Preferred Stocks
Opening balance at November 1, 2021	$	1,922,972
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		(548,462	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2022		1,374,510
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022	$	(548,462	)

- 45 -

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

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
	Special Purpose
Alger Capital Appreciation Fund	Vehicle
Opening balance at November 1, 2021	$	4,443,108
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		(1,169,163	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2022		3,273,945
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022	$	(1,169,163	)

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Mid Cap Growth Fund	Preferred Stocks
Opening balance at November 1, 2021	$	—	*
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, 2022		—	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022	$	—

- 46 -

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

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Mid Cap Growth Fund	Rights
Opening balance at November 1, 2021	$	442,544
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		(94,409	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2022		348,135
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022	$	(94,409	)

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
	Special Purpose
Alger Mid Cap Growth Fund	Vehicle
Opening balance at November 1, 2021	$	2,722,707
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		(734,249	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2022		1,988,458
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022	$	(734,249	)

- 47 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Weatherbie Specialized Growth Fund	Common Stocks
Opening balance at November 1, 2021	$	—
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		2,986,210
Sales		—
Closing balance at July 31, 2022		2,986,210
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022	$	—

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Weatherbie Specialized Growth Fund	Preferred Stocks
Opening balance at November 1, 2021	$	—	*
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, 2022		—	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022	$	—

- 48 -

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

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Small Cap Growth Fund	Common Stocks
Opening balance at November 1, 2021	$	—
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		3,646,998
Sales		—
Closing balance at July 31, 2022		3,646,998
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022	$	—

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Small Cap Growth Fund	Preferred Stocks
Opening balance at November 1, 2021	$	—	*
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, 2022		—	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022	$	—

- 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, 2021	$	131,087
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		(27,966	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2022		103,121
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022	$	(27,966	)

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
	Special Purpose
Alger Small Cap Growth Fund	Vehicle
Opening balance at November 1, 2021	$	3,683,379
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		(987,041	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2022		2,696,338
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022	$	(987,041	)

- 50 -

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

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Small Cap Focus Fund	Rights
Opening balance at November 1, 2021	$	8,929
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		(1,905	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2022		7,024
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022	$	(1,905	)

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Health Sciences Fund	Common Stocks
Opening balance at November 1, 2021	$	—
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		5,000,002
Sales		—
Closing balance at July 31, 2022		5,000,002
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022	$	—

- 51 -

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, 2021	$	—	*
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, 2022		—	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022	$	—

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Health Sciences Fund	Rights
Opening balance at November 1, 2021	$	1,467,747
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		(313,119	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2022		1,154,628
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022	$	(313,119	)

* Includes securities that are fair valued at zero.

The following table provides quantitative information about each Fund’s Level 3 fair value measurements of its investments as of July 31, 2022. The table below is not intended to be all-inclusive, but rather provides information on the Level 3 inputs as they relate to each Fund’s fair value measurements.

- 52 -

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

		Fair Value July 31, 2022	Valuation Methodology	Unobservable Input	Input/Range	Weighted Average Inputs
Alger Capital Appreciation Fund
Common Stocks	$	446,899	Income Approach	Discount Rate Probability of Success	6.80% 15.00%-50.00%	N/A N/A
Preferred Stocks		1,374,510	Market Approach	Transaction Price Revenue Multiple	N/A 20.00x-22.00x	N/A N/A
Special Purpose Vehicle		3,273,945	Market Approach	Transaction Price Revenue Multiple	N/A 20.00x-22.00x	N/A N/A
Alger Mid Cap Growth Fund
Preferred Stocks	$	—*	Income Approach	Discount Rate	100.00%	N/A
Rights		348,135	Income Approach	Discount Rate Probability of Success	9.06%-9.20% 0.00%-60.00%	N/A N/A
Special Purpose Vehicle		1,988,458	Market Approach	Transaction Price Revenue Multiple	N/A 20.00x-22.00x	N/A N/A
Alger Weatherbie Specialized Growth Fund
Common Stocks	$	2,986,210	Market Approach	Priced at Cost	N/A	N/A
Preferred Stocks		—*	Income Approach	Discount Rate	100.00%	N/A
Alger Small Cap Growth Fund
Common Stocks	$	3,646,998	Market Approach	Priced at Cost	N/A	N/A
Preferred Stocks		—*	Income Approach	Discount Rate	100.00%	N/A
Rights		103,121	Income Approach	Discount Rate Probability of Success	9.06%-9.20% 0.00%-60.00%	N/A N/A
Special Purpose Vehicle		2,696,338	Market Approach	Transaction Price Revenue Multiple	N/A 20.00x-22.00x	N/A N/A
Alger Small Cap Focus Fund
Rights	$	7,024	Income Approach	Discount Rate Probability of Success	9.06%-9.20% 0.00%-60.00%	N/A N/A

- 53 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

		Fair Value July 31, 2022	Valuation Methodology	Unobservable Input	Input/Range	Weighted Average Inputs
Alger Health Sciences Fund
Common Stocks	$	5,000,002	Market Approach	Priced at Cost	N/A	N/A
Preferred Stocks	—*		Income Approach	Discount Rate	100.00%	N/A
Rights	1,154,628		Income Approach	Discount Rate Probability of Success	9.06%-9.20% 0.00%-60.00%	N/A N/A

* Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of July 31, 2022.

The significant unobservable inputs used in the fair value measurement of each Fund’s securities are revenue and EBITDA multiples, discount rates, and the probability of success of certain outcomes. Significant increases and decreases in these inputs in isolation and interrelationships between these inputs would have resulted 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 probability of success result in higher fair value measurements, whereas decreases in revenues and EBITDA multiples, increases in discount rates, and decreases in the probability 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 reporting purposes. As of July 31, 2022, such assets were categorized within the ASC 820 disclosure hierarchy as follows:

	TOTAL		LEVEL 1			LEVEL 2		LEVEL 3
Cash, Foreign Cash and Cash Equivalents:
Alger Capital Appreciation Fund	$	19,241,152	$	720		$	19,240,432	$	–
Alger 35 Fund		3,441,716		–			3,441,716		–
Alger Growth & Income Fund		10,988,390		–			10,988,390		–
Alger Mid Cap Growth Fund		12,650,922		–			12,650,922		–
Alger Mid Cap Focus Fund		34,966,411		599			34,965,812		–
Alger Weatherbie Enduring Growth Fund		337,882		–			337,882		–
Alger Weatherbie Specialized Growth Fund		78,126,893		(5	)		78,126,898		–
Alger Small Cap Growth Fund		21,983,050		–			21,983,050		–
Alger Small Cap Focus Fund		213,084,028		7			213,084,021		–
Alger International Focus Fund		1,303,228		25,397			1,277,831		–
Alger Health Sciences Fund		1,073,244		(31	)		1,073,275		–

- 54 -

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

NOTE 4 — Affiliated Securities:

During the nine-month period ended July 31, 2022, as disclosed in the following table, certain Funds held 5% or more of the outstanding voting securities of the issuers listed below. As such, these issuers were “affiliated persons” of the applicable Fund(s) for purposes of the 1940 Act. Transactions during the nine-month period ended July 31, 2022 with such affiliated persons are summarized below. During this period, other Funds in the Trust may also have held voting shares of the issuers at levels below 5%.

Security	Shares Held at October 31, 2021		Shares Purchased		Shares Sold		Shares Held at July 31, 2022		Dividend Income		Realized Gain (Loss)		Net Change in Unrealized App(Dep)			Value at July 31, 2022
Alger Capital Appreciation Fund
Special Purpose Vehicle
Crosslink Ventures Capital LLC, Cl. A		111		–		–		111	$	–	$	–	$	(1,169,163	)	$	3,273,945
Total									$	–	$	–	$	(1,169,163	)	$	3,273,945

Security	Shares Held at October 31, 2021		Shares Purchased		Shares Sold		Shares Held at July 31, 2022		Dividend Income		Realized Gain (Loss)		Net Change in Unrealized App(Dep)			Value at July 31, 2022
Alger Mid Cap Growth Fund
Preferred Stocks
Prosetta Biosciences, Inc., Series D***		219,610		–		–		219,610	$	–	$	–	$	–		$	–	*
Special Purpose Vehicle
Crosslink Ventures Capital LLC, Cl. A		48		–		–		48		–		–		(505,584	)		1,415,760
Crosslink Ventures Capital LLC, Cl. B		19		–		–		19		–		–		(228,665	)		572,698
Total									$	–	$	–	$	(734,249	)	$	1,988,458

- 55 -

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

Security

Shares Held at October 31, 2021

Shares Purchased

Shares Sold

Shares Held at July 31, 2022

Dividend Income

Realized Gain (Loss)

Net Change in Unrealized App(Dep)

Value at July 31, 2022

Alger Weatherbie Specialized Growth Fund

Preferred Stocks

Prosetta Biosciences, Inc., Series D***

231,474

–

–

231,474

$

–

$

–

$

–

$

–

*

Total

$

–

$

–

$

–

$

–

Security	Shares Held at October 31, 2021		Shares Purchased		Shares Sold		Shares Held at July 31, 2022		Dividend Income		Realized Gain (Loss)		Net Change in Unrealized App(Dep)			Value at July 31, 2022
Alger Small Cap Growth Fund
Preferred Stocks
Prosetta Biosciences, Inc., Series D***		50,688		–		–		50,688	$	–	$	–	$	–		$	–	*
Special Purpose Vehicle
Crosslink Ventures Capital LLC, Cl. A		72		–		–		72		–		–		(758,376	)		2,123,640
Crosslink Ventures Capital LLC, Cl. B		19		–		–		19		–		–		(228,665	)		572,698
Total									$	–	$	–	$	(987,041	)	$	2,696,338

Security	Shares Held at October 31, 2021		Shares Purchased		Shares Sold			Shares Held at July 31, 2022		Dividend Income		Realized Gain (Loss)			Net Change in Unrealized App(Dep)			Value at July 31, 2022
Alger Small Cap Focus Fund
Common Stocks
AtriCure, Inc.**		2,839,044		–		(768,062	)		2,070,982	$	–	$	(2,405,708	)	$	(62,591,725	)	$	102,327,221
CryoPort, Inc.		4,395,628		278,268		(1,977,350	)		2,696,546		–		26,630,697			(198,838,780	)		100,311,511
Heska Corp.		987,040		–		(465,929	)		521,111		–		10,088,163			(128,755,293	)		47,676,445
PROS Holdings, Inc.		3,528,151		–		(331,035	)		3,197,116		–		(12,932,491	)		(5,758,709	)		77,913,717
The Joint Corp.**		1,644,019		372,452		(2,016,471	)		–		–		(92,783,668	)		(8,452,912	)		–
Vericel Corp.**		2,841,805		–		(1,139,223	)		1,702,582		–		(21,387,409	)		(15,112,457	)		55,402,018
Total										$	–	$	(92,790,416	)	$	(419,509,876	)	$	383,630,912

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

Security

Shares Held at October 31, 2021

Shares Purchased

Shares Sold

Shares Held at July 31, 2022

Dividend Income

Realized Gain (Loss)

Net Change in Unrealized App(Dep)

Value at July 31, 2022

Alger Health Sciences Fund

Preferred Stocks

Prosetta Biosciences, Inc., Series D***

897,366

–

–

897,366

$

–

$

–

$

–

$

–

*

Total

$

–

$

–

$

–

$

–

* Prosetta Biosciences, Inc. Series D shares are classified as a Level 3 investment and are fair valued at zero as of July 31, 2022.

** Non-affiliated at July 31, 2022.

*** Prosetta Biosciences, Inc., Series D is deemed to be an affiliate of the Funds because the Funds and Prosetta Biosciences, Inc., Series D are under common control.

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