THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND

Schedule of Investments July 31, 2023 (Unaudited)

COMMON STOCKS—99.4%	SHARES		VALUE
ADVERTISING—0.9%
The Trade Desk, Inc., Cl. A*		179,586	$	16,389,018
AEROSPACE & DEFENSE—2.9%
HEICO Corp.		83,144		14,631,681
TransDigm Group, Inc.		43,347		39,000,163
				53,631,844
AGRICULTURAL & FARM MACHINERY—0.4%
Deere & Co.		16,572		7,119,331
APPAREL ACCESSORIES & LUXURY GOODS—0.5%
LVMH Moet Hennessy Louis Vuitton SE		10,121		9,400,060
APPLICATION SOFTWARE—4.2%
Adobe, Inc.*		48,144		26,294,808
Cadence Design Systems, Inc.*		52,379		12,257,210
Datadog, Inc., Cl. A*		123,256		14,386,440
Intuit, Inc.		31,146		15,937,408
Salesforce, Inc.*		38,955		8,765,265
				77,641,131
AUTOMOBILE MANUFACTURERS—1.7%
Tesla, Inc.*		117,035		31,298,670
AUTOMOTIVE PARTS & EQUIPMENT—0.4%
Mobileye Global, Inc., Cl. A*		190,281		7,264,929
BIOTECHNOLOGY—2.6%
Natera, Inc.*		449,768		20,338,509
Vaxcyte, Inc.*		344,071		16,536,052
Vertex Pharmaceuticals, Inc.*		30,986		10,917,607
				47,792,168
BROADLINE RETAIL—8.0%
Amazon.com, Inc.*		850,895		113,747,644
MercadoLibre, Inc.*		26,098		32,310,629
				146,058,273
CARGO GROUND TRANSPORTATION—0.4%
Old Dominion Freight Line, Inc.		15,592		6,540,688
CASINOS & GAMING—3.6%
DraftKings, Inc., Cl. A*		442,142		14,051,273
Flutter Entertainment PLC*		99,296		19,749,929
Las Vegas Sands Corp.*		329,042		19,680,002
MGM Resorts International		256,339		13,014,331
				66,495,535
CONSTRUCTION & ENGINEERING—0.4%
Quanta Services, Inc.		34,082		6,871,613
CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.5%
Wabtec Corp.		79,701		9,439,786
CONSTRUCTION MATERIALS—1.4%
Martin Marietta Materials, Inc.		58,128		25,951,827
DIVERSIFIED BANKS—1.0%
JPMorgan Chase & Co.		118,380		18,699,305

- 2 -

THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND

Schedule of Investments July 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—99.4% (CONT.)	SHARES		VALUE
DIVERSIFIED SUPPORT SERVICES—0.2%
Cintas Corp.		6,948	$	3,488,174
ELECTRICAL COMPONENTS & EQUIPMENT—0.4%
Eaton Corp. PLC		38,489		7,902,561
ENVIRONMENTAL & FACILITIES SERVICES—1.1%
GFL Environmental, Inc.		588,406		20,088,181
FINANCIAL EXCHANGES & DATA—2.0%
CME Group, Inc., Cl. A		53,904		10,724,740
S&P Global, Inc.		68,355		26,966,731
				37,691,471
HEALTHCARE DISTRIBUTORS—0.9%
McKesson Corp.		39,472		15,883,533
HEALTHCARE EQUIPMENT—3.1%
Boston Scientific Corp.*		366,197		18,987,315
Dexcom, Inc.*		91,618		11,411,938
GE HealthCare Technologies, Inc.		101,230		7,895,940
Intuitive Surgical, Inc.*		55,873		18,125,201
				56,420,394
HEALTHCARE FACILITIES—0.8%
Acadia Healthcare Co., Inc.*		181,097		14,312,096
HOTELS RESORTS & CRUISE LINES—1.7%
Booking Holdings, Inc.*		3,374		10,023,479
Trip.com Group Ltd.#,*		503,930		20,681,287
				30,704,766
INDUSTRIAL GASES—0.5%
Air Products & Chemicals, Inc.		30,811		9,407,523
INTERACTIVE MEDIA & SERVICES—9.2%
Alphabet, Inc., Cl. C*		610,978		81,327,282
Meta Platforms, Inc., Cl. A*		260,434		82,974,272
Pinterest, Inc., Cl. A*		165,823		4,807,209
				169,108,763
INTERNET SERVICES & INFRASTRUCTURE—0.4%
MongoDB, Inc., Cl. A*		18,490		7,828,666
LIFE SCIENCES TOOLS & SERVICES—1.1%
Danaher Corp.		80,044		20,416,023
MANAGED HEALTHCARE—1.3%
UnitedHealth Group, Inc.		45,544		23,062,115
MOVIES & ENTERTAINMENT—2.2%
Liberty Media Corp. Series C Liberty Formula One*		152,692		11,085,439
Netflix, Inc.*		67,430		29,599,747
				40,685,186
OIL & GAS EQUIPMENT & SERVICES—1.0%
Schlumberger NV		327,692		19,117,551

- 3 -

THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND 

Schedule of Investments July 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—99.4% (CONT.)	SHARES		VALUE
OIL & GAS EXPLORATION & PRODUCTION—2.0%
Diamondback Energy, Inc.		90,194	$	13,287,380
Hess Corp.		73,689		11,180,832
Pioneer Natural Resources Co.		55,747		12,580,426
				37,048,638
OIL & GAS STORAGE & TRANSPORTATION—0.5%
Cheniere Energy, Inc.		58,612		9,486,938
PASSENGER GROUND TRANSPORTATION—0.6%
Uber Technologies, Inc.*		206,334		10,205,280
PHARMACEUTICALS—1.5%
AstraZeneca PLC#		151,115		10,834,946
Eli Lilly & Co.		20,768		9,440,094
Reata Pharmaceuticals, Inc., Cl. A*		42,402		7,020,923
				27,295,963
SEMICONDUCTORS—13.2%
Advanced Micro Devices, Inc.*		121,708		13,923,395
Broadcom, Inc.		4,015		3,608,080
First Solar, Inc.*		39,403		8,172,182
Marvell Technology, Inc.		538,913		35,099,404
NVIDIA Corp.		316,144		147,730,930
ON Semiconductor Corp.*		78,632		8,472,598
Taiwan Semiconductor Manufacturing Co., Ltd.#		245,277		24,319,214
				241,325,803
SPECIALTY CHEMICALS—0.9%
Albemarle Corp.		74,288		15,769,857
SYSTEMS SOFTWARE—14.8%
Microsoft Corp.		708,830		238,110,173
Oracle Corp.		123,781		14,510,847
Palo Alto Networks, Inc.*		5,870		1,467,265
ServiceNow, Inc.*		29,139		16,988,037
				271,076,322
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.4%
Apple, Inc.		695,096		136,551,609
TRANSACTION & PAYMENT PROCESSING SERVICES—3.7%
Toast, Inc., Cl. A*		414,386		9,145,499
Visa, Inc., Cl. A		248,516		59,079,709
				68,225,208
TOTAL COMMON STOCKS
(Cost $987,659,807)				1,823,696,799

PREFERRED STOCKS—0.1%	SHARES		VALUE
DATA PROCESSING & OUTSOURCED SERVICES—0.1%
Chime Financial, Inc., Series G*,@,(a)		27,841		1,194,657
(Cost $1,922,972)				1,194,657

- 4 -

THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND 

Schedule of Investments July 31, 2023 (Unaudited) (Continued)

SPECIAL PURPOSE VEHICLE—0.2%			VALUE
DATA PROCESSING & OUTSOURCED SERVICES—0.2%
Crosslink Ventures Capital C, LLC, Cl. A*,@,(a),(b)			$	2,890,773
(Cost $2,775,000)				2,890,773
Total Investments
(Cost $992,357,779)	99.7	%	$	1,827,782,229
Affiliated Securities (Cost $2,775,000)				2,890,773
Unaffiliated Securities (Cost $989,582,779)				1,824,891,456
Other Assets in Excess of Liabilities	0.3	%		5,977,584
NET ASSETS	100.0	%	$	1,833,759,813

^# American Depositary Receipts.

^(a) Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee (as defined in Note 2).

^(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 7/31/2023
Chime Financial, Inc., Series G	8/24/21	$	1,922,972		0.06	%	$	1,194,657		0.06	%
Crosslink Ventures Capital C, LLC, Cl. A	10/2/20		2,775,000		0.08	%		2,890,773		0.16	%
Total							$	4,085,430		0.22	%

See Notes to Financial Statements.

- 5 -

THE ALGER FUNDS | ALGER 35 FUND 

Schedule of Investments July 31, 2023 (Unaudited)

COMMON STOCKS—95.6%	SHARES		VALUE
ADVERTISING—4.1%		‌		‌
The Trade Desk, Inc., Cl. A*		12,994	$	1,185,832
AEROSPACE & DEFENSE—2.0%		‌		‌
TransDigm Group, Inc.		642		577,620
APPLICATION SOFTWARE—2.0%		‌		‌
Datadog, Inc., Cl. A*		5,015		585,351
AUTOMOBILE MANUFACTURERS—1.1%		‌		‌
Rivian Automotive, Inc., Cl. A*		11,309		312,581
BIOTECHNOLOGY—6.2%		‌		‌
ADMA Biologics, Inc.*		215,508		894,358
Cabaletta Bio, Inc.*		68,085		927,318
				1,821,676
BROADLINE RETAIL—7.8%		‌		‌
Amazon.com, Inc.*		10,070		1,346,157
Etsy, Inc.*		3,080		313,082
MercadoLibre, Inc.*		515		637,596
				2,296,835
CASINOS & GAMING—3.2%		‌		‌
DraftKings, Inc., Cl. A*		15,410		489,730
Flutter Entertainment PLC*		2,250		447,524
				937,254
COMMUNICATIONS EQUIPMENT—4.5%		‌		‌
Arista Networks, Inc.*		8,577		1,330,207
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.2%		‌		‌
908 Devices, Inc.*		49,612		345,300
HEALTHCARE EQUIPMENT—5.9%		‌		‌
Dexcom, Inc.*		2,318		288,730
Impulse Dynamics PLC, Class E*,@,(a)		164,939		544,299
TransMedics Group, Inc.*		9,598		894,341
				1,727,370
HEALTHCARE TECHNOLOGY—0.5%		‌		‌
Veeva Systems, Inc., Cl. A*		752		153,573
HOTELS RESORTS & CRUISE LINES—8.3%		‌		‌
Airbnb, Inc., Cl. A*		1,968		299,510
Booking Holdings, Inc.*		194		576,335
Lindblad Expeditions Holdings, Inc.*		57,805		683,255
Trip.com Group Ltd.#,*		21,481		881,580
				2,440,680
INTERACTIVE MEDIA & SERVICES—13.0%		‌		‌
Alphabet, Inc., Cl. A*		11,194		1,485,668
Match Group, Inc.*		18,934		880,620
Meta Platforms, Inc., Cl. A*		4,553		1,450,586
				3,816,874
INTERNET SERVICES & INFRASTRUCTURE—2.1%		‌		‌
Shopify, Inc., Cl. A*		9,096		614,708
MOVIES & ENTERTAINMENT—2.5%		‌		‌
Live Nation Entertainment, Inc.*		6,467		567,479
Netflix, Inc.*		349		153,201
				720,680

- 6 -

THE ALGER FUNDS | ALGER 35 FUND

Schedule of Investments July 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—95.6% (CONT.)	SHARES			VALUE
OIL & GAS EXPLORATION & PRODUCTION—5.0%		‌			‌
Pioneer Natural Resources Co.		6,486		$	1,463,696
REAL ESTATE SERVICES—2.1%		‌			‌
Compass, Inc., Cl. A*		149,342			625,743
SEMICONDUCTOR MATERIALS & EQUIPMENT—5.0%		‌			‌
SolarEdge Technologies, Inc.*		6,091			1,470,733
SEMICONDUCTORS—9.7%		‌			‌
Marvell Technology, Inc.		2,324			151,362
NVIDIA Corp.		4,500			2,102,805
Rambus, Inc.*		9,366			586,405
					2,840,572
SYSTEMS SOFTWARE—7.1%		‌			‌
Microsoft Corp.		6,150			2,065,908
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.3%		‌			‌
Apple, Inc.		3,395			666,948
TOTAL COMMON STOCKS
(Cost $24,968,441)					28,000,141
Total Investments
(Cost $24,968,441)		95.6	%	$	28,000,141
Unaffiliated Securities (Cost $24,968,441)					28,000,141
Other Assets in Excess of Liabilities		4.4	%		1,299,834
NET ASSETS		100.0	%	$	29,299,975

^* Non-income producing security.

^# American Depositary Receipts.

^(a) Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee (as defined in Note 2).

^@ 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 7/31/2023
Impulse Dynamics PLC, Class E	6/2/23	$	544,299		1.97	%	$	544,299		1.86	%
Total							$	544,299		1.86	%

See Notes to Financial Statements.

- 7 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND

Schedule of Investments July 31, 2023 (Unaudited)

COMMON STOCKS—91.8%	SHARES		VALUE
AEROSPACE & DEFENSE—1.5%		‌		‌
General Dynamics Corp.		5,161	$	1,153,896
RTX Corp.		19,001		1,670,758
TransDigm Group, Inc.		2,476		2,227,707
				5,052,361
APPLICATION SOFTWARE—1.1%		‌		‌
Adobe, Inc.*		6,939		3,789,874
ASSET MANAGEMENT & CUSTODY BANKS—2.9%		‌		‌
BlackRock, Inc., Cl. A		6,750		4,987,237
Blackstone, Inc.		34,194		3,583,189
The Carlyle Group, Inc.		28,838		1,028,075
				9,598,501
BIOTECHNOLOGY—3.0%		‌		‌
AbbVie, Inc.		46,601		6,970,578
Amgen, Inc.		7,450		1,744,417
Gilead Sciences, Inc.		16,572		1,261,792
				9,976,787
BROADLINE RETAIL—2.2%		‌		‌
Amazon.com, Inc.*		56,435		7,544,231
BUILDING PRODUCTS—0.6%		‌		‌
Johnson Controls International PLC		27,591		1,918,954
CABLE & SATELLITE—1.2%		‌		‌
Comcast Corp., Cl. A		87,118		3,942,961
COMMODITY CHEMICALS—0.3%		‌		‌
Dow, Inc.		16,874		952,875
COMMUNICATIONS EQUIPMENT—1.0%		‌		‌
Cisco Systems, Inc.		64,544		3,358,870
CONSUMER ELECTRONICS—0.4%		‌		‌
Garmin Ltd.		13,701		1,450,799
CONSUMER STAPLES MERCHANDISE RETAIL—0.8%		‌		‌
Walmart, Inc.		16,865		2,696,039
COPPER—0.6%		‌		‌
Southern Copper Corp.		24,207		2,116,660
DIVERSIFIED BANKS—4.2%		‌		‌
Bank of America Corp.		119,052		3,809,664
JPMorgan Chase & Co.		65,009		10,268,822
				14,078,486
ELECTRIC UTILITIES—0.6%		‌		‌
NextEra Energy, Inc.		27,588		2,022,200
ELECTRICAL COMPONENTS & EQUIPMENT—1.6%		‌		‌
Eaton Corp., PLC		26,751		5,492,515
FINANCIAL EXCHANGES & DATA—1.0%		‌		‌
CME Group, Inc., Cl. A		17,081		3,398,436
FOOD DISTRIBUTORS—0.5%		‌		‌
Sysco Corp.		23,111		1,763,600
GOLD—0.3%		‌		‌
Newmont Corp.		25,323		1,086,863
HEALTHCARE DISTRIBUTORS—0.6%		‌		‌
Cardinal Health, Inc.		21,057		1,926,084

- 8 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND

Schedule of Investments July 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—91.8% (CONT.)	SHARES		VALUE
HEALTHCARE EQUIPMENT—0.6%		‌		‌
Medtronic PLC		21,661	$	1,900,969
HOME IMPROVEMENT RETAIL—2.5%		‌		‌
The Home Depot, Inc.		25,325		8,454,498
HOUSEHOLD PRODUCTS—1.5%		‌		‌
The Procter & Gamble Co.		33,253		5,197,444
INDUSTRIAL CONGLOMERATES—1.6%		‌		‌
Honeywell International, Inc.		28,196		5,473,690
INDUSTRIAL GASES—1.2%		‌		‌
Air Products & Chemicals, Inc.		12,931		3,948,222
INTEGRATED OIL & GAS—3.9%		‌		‌
Chevron Corp.		36,643		5,996,994
Exxon Mobil Corp.		43,030		4,614,537
TotalEnergies SE#		44,074		2,681,903
				13,293,434
INTEGRATED TELECOMMUNICATION SERVICES—0.8%		‌		‌
Verizon Communications, Inc.		73,603		2,508,390
INTERACTIVE MEDIA & SERVICES—7.1%		‌		‌
Alphabet, Inc., Cl. A*		83,368		11,064,601
Alphabet, Inc., Cl. C*		65,999		8,785,127
Meta Platforms, Inc., Cl. A*		13,239		4,217,945
				24,067,673
INVESTMENT BANKING & BROKERAGE—2.3%		‌		‌
Morgan Stanley		82,888		7,589,225
LEISURE FACILITIES—0.4%		‌		‌
Vail Resorts, Inc.		6,054		1,425,656
MANAGED HEALTHCARE—2.7%		‌		‌
UnitedHealth Group, Inc.		17,982		9,105,545
MULTI-LINE INSURANCE—0.5%		‌		‌
The Hartford Financial Services Group, Inc.		21,232		1,526,156
MULTI-UTILITIES—0.6%		‌		‌
Sempra Energy		14,099		2,101,033
OIL & GAS EXPLORATION & PRODUCTION—0.5%		‌		‌
Pioneer Natural Resources Co.		7,593		1,713,512
OIL & GAS STORAGE & TRANSPORTATION—0.4%		‌		‌
ONEOK, Inc.		21,700		1,454,768
PERSONAL CARE PRODUCTS—0.0%		‌		‌
Kenvue, Inc.*		1,891		44,779
PHARMACEUTICALS—6.1%		‌		‌
AstraZeneca PLC#		42,175		3,023,948
Bristol-Myers Squibb Co.		25,520		1,587,089
Eli Lilly & Co.		8,460		3,845,493
GSK PLC#		25,088		892,380
Johnson & Johnson		32,186		5,392,121
Merck & Co., Inc.		20,845		2,223,119
Novartis AG#		14,930		1,566,157
Pfizer, Inc.		59,637		2,150,510
				20,680,817

- 9 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND

Schedule of Investments July 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—91.8% (CONT.)	SHARES		VALUE
RAIL TRANSPORTATION—0.7%		‌		‌
Union Pacific Corp.		9,944	$	2,307,207
RESTAURANTS—1.5%		‌		‌
McDonald's Corp.		9,160		2,685,712
Starbucks Corp.		22,945		2,330,524
				5,016,236
SEMICONDUCTOR MATERIALS & EQUIPMENT—2.9%		‌		‌
KLA Corp.		18,813		9,668,941
SEMICONDUCTORS—5.4%		‌		‌
Broadcom, Inc.		12,703		11,415,551
QUALCOMM, Inc.		34,891		4,611,544
Taiwan Semiconductor Manufacturing Co., Ltd.#		23,422		2,322,291
				18,349,386
SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.6%		‌		‌
PepsiCo, Inc.		26,841		5,031,614
The Coca-Cola Co.		62,552		3,873,845
				8,905,459
SYSTEMS SOFTWARE—10.0%		‌		‌
Microsoft Corp.		92,806		31,175,392
Oracle Corp.		20,566		2,410,952
				33,586,344
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—9.0%		‌		‌
Apple, Inc.		154,200		30,292,590
TOBACCO—1.2%		‌		‌
Altria Group, Inc.		47,999		2,180,115
Philip Morris International, Inc.		17,327		1,727,848
				3,907,963
TRANSACTION & PAYMENT PROCESSING SERVICES—1.4%		‌		‌
Visa, Inc., Cl. A		19,475		4,629,792
TOTAL COMMON STOCKS
(Cost $190,826,780)				309,316,825

MASTER LIMITED PARTNERSHIP—0.5%	SHARES		VALUE
OIL & GAS STORAGE & TRANSPORTATION—0.5%		‌		‌
Cheniere Energy Partners LP		35,211		1,818,648
(Cost $1,508,792)				1,818,648

REAL ESTATE INVESTMENT TRUST—3.5%	SHARES		VALUE
HEALTHCARE—0.6%		‌		‌
Welltower, Inc.		24,010		1,972,422
INDUSTRIAL—0.4%		‌		‌
Prologis, Inc.		11,480		1,432,130
MORTGAGE—0.5%		‌		‌
Blackstone Mortgage Trust, Inc., Cl. A		67,406		1,549,664
RETAIL—0.7%		‌		‌
Simon Property Group, Inc.		18,684		2,328,026
SPECIALIZED—0.5%		‌		‌
Lamar Advertising Co., Cl. A		18,096		1,786,075

- 10 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND 

Schedule of Investments July 31, 2023 (Unaudited) (Continued)

REAL ESTATE INVESTMENT TRUST—3.5% (CONT.)	SHARES			VALUE
TELECOM TOWER—0.8%		‌			‌
Crown Castle, Inc.		25,786		$	2,792,366
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $12,063,404)					11,860,683
Total Investments
(Cost $204,398,976)		95.8	%	$	322,996,156
Unaffiliated Securities (Cost $204,398,976)					322,996,156
Other Assets in Excess of Liabilities		4.2	%		14,101,792
NET ASSETS		100.0	%	$	337,097,948

# American Depositary Receipts.

* Non-income producing security.

See Notes to Financial Statements.

- 11 -

THE ALGER FUNDS | ER MID CAP GROWTH FUND

Schedule of Investments July 31, 2023 (Unaudited)

COMMON STOCKS—97.1%	SHARES		VALUE
ADVERTISING—2.6%
The Trade Desk, Inc., Cl. A*		64,532	$	5,889,190
AEROSPACE & DEFENSE—4.7%
HEICO Corp.		29,507		5,192,642
TransDigm Group, Inc.		6,070		5,461,300
				10,653,942
APPAREL ACCESSORIES & LUXURY GOODS—0.5%
Lululemon Athletica, Inc.*		2,858		1,081,839
APPLICATION SOFTWARE—11.5%
Bill.com Holdings, Inc.*		12,905		1,617,513
Cadence Design Systems, Inc.*		13,549		3,170,601
Constellation Software, Inc.		2,045		4,319,891
Datadog, Inc., Cl. A*		43,547		5,082,806
Guidewire Software, Inc.*		41,829		3,547,936
Manhattan Associates, Inc.*		16,726		3,188,310
Procore Technologies, Inc.*		25,933		1,967,018
The Descartes Systems Group, Inc.*		40,289		3,141,922
				26,035,997
ASSET MANAGEMENT & CUSTODY BANKS—1.6%
Ares Management Corp., Cl. A		36,703		3,641,672
AUTOMOTIVE PARTS & EQUIPMENT—0.8%
Mobileye Global, Inc., Cl. A*		46,905		1,790,833
AUTOMOTIVE RETAIL—1.6%
AutoZone, Inc.*		1,494		3,707,690
BIOTECHNOLOGY—2.9%
Apellis Pharmaceuticals, Inc.*		6,485		166,988
Celldex Therapeutics, Inc.*		34,880		1,233,357
Natera, Inc.*		83,251		3,764,610
Vaxcyte, Inc.*		29,130		1,399,988
				6,564,943
BUILDING PRODUCTS—0.7%
Trex Co., Inc.*		24,381		1,685,702
CARGO GROUND TRANSPORTATION—2.3%
Old Dominion Freight Line, Inc.		12,228		5,129,524
CONSTRUCTION & ENGINEERING—1.5%
WillScot Mobile Mini Holdings Corp.*		73,116		3,505,912
CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—1.6%
Wabtec Corp.		29,991		3,552,134
CONSTRUCTION MATERIALS—2.1%
Martin Marietta Materials, Inc.		10,798		4,820,875
CONSUMER STAPLES MERCHANDISE RETAIL—0.9%
BJ's Wholesale Club Holdings, Inc.*		29,339		1,945,469
ELECTRONIC COMPONENTS—2.0%
Amphenol Corp., Cl. A		51,084		4,511,228
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.4%
Novanta, Inc.*		18,133		3,207,728
ENVIRONMENTAL & FACILITIES SERVICES—3.2%
GFL Environmental, Inc.		215,141		7,344,914

- 12 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND

Schedule of Investments July 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—97.1% (CONT.)	SHARES		VALUE
FINANCIAL EXCHANGES & DATA—2.7%
MSCI, Inc., Cl. A		11,045	$	6,053,544
HEALTHCARE EQUIPMENT—6.9%
Dexcom, Inc.*		34,945		4,352,749
IDEXX Laboratories, Inc.*		9,738		5,401,961
Insulet Corp.*		10,771		2,980,874
Teleflex, Inc.		10,971		2,755,586
				15,491,170
HEALTHCARE FACILITIES—1.8%
Acadia Healthcare Co., Inc.*		50,330		3,977,580
HEALTHCARE TECHNOLOGY—1.7%
Veeva Systems, Inc., Cl. A*		18,585		3,795,429
HOME IMPROVEMENT RETAIL—2.0%
Floor & Decor Holdings, Inc., Cl. A*		38,487		4,420,232
HOMEBUILDING—1.0%
NVR, Inc.*		356		2,245,093
HOTELS RESORTS & CRUISE LINES—1.8%
Hilton Worldwide Holdings, Inc.		26,893		4,181,592
HUMAN RESOURCE & EMPLOYMENT SERVICES—1.9%
Paycom Software, Inc.		11,513		4,245,534
INSURANCE BROKERS—1.0%
Ryan Specialty Holdings, Inc., Cl. A*		49,923		2,163,663
INTERACTIVE MEDIA & SERVICES—0.8%
Pinterest, Inc., Cl. A*		59,119		1,713,860
INTERNET SERVICES & INFRASTRUCTURE—2.1%
MongoDB, Inc., Cl. A*		11,083		4,692,542
IT CONSULTING & OTHER SERVICES—1.5%
Globant SA*		19,246		3,362,854
LIFE SCIENCES TOOLS & SERVICES—5.9%
Mettler-Toledo International, Inc.*		2,306		2,899,726
Repligen Corp.*		27,363		4,694,396
West Pharmaceutical Services, Inc.		15,831		5,826,441
				13,420,563
METAL, GLASS & PLASTIC CONTAINERS—0.5%
Ball Corp.		18,121		1,063,521
MOVIES & ENTERTAINMENT—1.8%
Liberty Media Corp. Series C Liberty Formula One*		48,052		3,488,575
Live Nation Entertainment, Inc.*		6,387		560,459
				4,049,034
OIL & GAS EXPLORATION & PRODUCTION—2.8%
Diamondback Energy, Inc.		42,818		6,307,948
OTHER SPECIALTY RETAIL—0.5%
Five Below, Inc.*		5,421		1,129,411
PROPERTY & CASUALTY INSURANCE—1.3%
Intact Financial Corp.		19,904		2,940,060
REAL ESTATE SERVICES—5.0%
CoStar Group, Inc.*		47,299		3,971,697
FirstService Corp.		46,512		7,285,175
				11,256,872

- 13 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND

Schedule of Investments July 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—97.1% (CONT.)	SHARES		VALUE
RESEARCH & CONSULTING SERVICES—3.4%
TransUnion		34,766	$	2,770,502
Verisk Analytics, Inc., Cl. A		21,306		4,877,796
				7,648,298
RESTAURANTS—3.3%
Chipotle Mexican Grill, Inc., Cl. A*		1,801		3,534,066
Domino's Pizza, Inc.		9,945		3,945,580
				7,479,646
SEMICONDUCTOR MATERIALS & EQUIPMENT—0.6%
KLA Corp.		2,455		1,261,747
SEMICONDUCTORS—4.9%
Lattice Semiconductor Corp.*		21,563		1,960,939
Marvell Technology, Inc.		83,569		5,442,849
ON Semiconductor Corp.*		33,580		3,618,245
				11,022,033
TOTAL COMMON STOCKS
(Cost $185,521,036)				218,991,818

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		407,141
(Cost $315,501)				407,141

SPECIAL PURPOSE VEHICLE—0.8%			VALUE
DATA PROCESSING & OUTSOURCED SERVICES—0.8%
Crosslink Ventures Capital C, LLC, Cl. A*,@,(a),(b)				1,250,064
Crosslink Ventures Capital C, LLC, Cl. B*,@,(a),(b)				497,724
				1,747,788
TOTAL SPECIAL PURPOSE VEHICLE
(Cost $1,675,000)				1,747,788
Total Investments
(Cost $188,499,782)	98.1	%	$	221,146,747
Affiliated Securities (Cost $2,663,245)				1,747,788
Unaffiliated Securities (Cost $185,836,537)				219,398,959
Other Assets in Excess of Liabilities	1.9	%		4,369,761
NET ASSETS	100.0	%	$	225,516,508

^(a) Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee (as defined in Note 2).

^(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.

- 14 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND

Schedule of Investments July 31, 2023 (Unaudited) (Continued)

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

				% of net assets					% of net assets
	Acquisition	Acquisition		(Acquisition			Market		as of
Security	Date(s)	Cost		Date)			Value		7/31/2023
Crosslink Ventures Capital C, LLC, Cl. A	10/2/20	$	1,200,000		0.50	%	$	1,250,064		0.56	%
Crosslink Ventures Capital C, LLC, Cl. B	12/16/20		475,000		0.19	%		497,724		0.22	%
Prosetta Biosciences, Inc., Series D	2/6/15		988,245		0.50	%		0		0.00	%
Tolero CDR	2/6/17		315,501		0.19	%		407,141		0.18	%
Total							$	2,154,929		0.96	%

See Notes to Financial Statements.

- 15 -

THE ALGER FUNDS | ALGER MID CAP FOCUS FUND

Schedule of Investments July 31, 2023 (Unaudited)

COMMON STOCKS—99.6%	SHARES		VALUE
ADVERTISING—2.1%
The Trade Desk, Inc., Cl. A*		69,611	$	6,352,700
AEROSPACE & DEFENSE—4.4%
Axon Enterprise, Inc.*		27,827		5,173,874
HEICO Corp.		45,840		8,066,923
				13,240,797
APPLICATION SOFTWARE—22.2%
Agilysys, Inc.*		95,936		7,063,768
ANSYS, Inc.*		21,017		7,189,916
AppFolio, Inc., Cl. A*		39,850		7,196,511
Bentley Systems, Inc., Cl. B		165,656		8,925,545
Bill.com Holdings, Inc.*		32,675		4,095,484
Cadence Design Systems, Inc.*		33,663		7,877,479
Datadog, Inc., Cl. A*		72,011		8,405,124
Manhattan Associates, Inc.*		23,022		4,388,454
Splunk, Inc.*		54,227		5,874,411
Tyler Technologies, Inc.*		15,764		6,252,475
				67,269,167
AUTOMOTIVE PARTS & EQUIPMENT—1.0%
Mobileye Global, Inc., Cl. A*		77,873		2,973,191
AUTOMOTIVE RETAIL—2.2%
O'Reilly Automotive, Inc.*		6,996		6,476,827
BIOTECHNOLOGY—6.2%
Exact Sciences Corp.*		45,439		4,432,120
Madrigal Pharmaceuticals, Inc.*		16,641		3,416,397
Natera, Inc.*		239,284		10,820,423
				18,668,940
CARGO GROUND TRANSPORTATION—2.5%
Old Dominion Freight Line, Inc.		18,188		7,629,684
CASINOS & GAMING—2.4%
Flutter Entertainment PLC*		36,951		7,349,537
COMMUNICATIONS EQUIPMENT—1.0%
Arista Networks, Inc.*		18,991		2,945,314
CONSTRUCTION MATERIALS—1.7%
Martin Marietta Materials, Inc.		11,306		5,047,677
ELECTRICAL COMPONENTS & EQUIPMENT—2.4%
Vertiv Holdings Co., Cl. A		282,395		7,345,094
ELECTRONIC EQUIPMENT & INSTRUMENTS—2.4%
Novanta, Inc.*		41,410		7,325,429
FOOTWEAR—1.7%
Deckers Outdoor Corp.*		9,421		5,122,103
HEALTHCARE EQUIPMENT—6.0%
Dexcom, Inc.*		52,180		6,499,541
IDEXX Laboratories, Inc.*		14,755		8,185,041
Shockwave Medical, Inc.*		13,779		3,590,807
				18,275,389
HEALTHCARE TECHNOLOGY—2.2%
Veeva Systems, Inc., Cl. A*		32,551		6,647,565

- 16 -

THE ALGER FUNDS | ALGER MID CAP FOCUS FUND

Schedule of Investments July 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—99.6% (CONT.)	SHARES			VALUE
HOME IMPROVEMENT RETAIL—1.6%
Floor & Decor Holdings, Inc., Cl. A*		42,662		$	4,899,731
INTERACTIVE MEDIA & SERVICES—2.8%
Baidu, Inc.#,*		20,634			3,218,698
Pinterest, Inc., Cl. A*		185,390			5,374,456
					8,593,154
INTERNET SERVICES & INFRASTRUCTURE—7.8%
Cloudflare, Inc., Cl. A*		91,268			6,276,500
MongoDB, Inc., Cl. A*		21,842			9,247,903
Shopify, Inc., Cl. A*		118,272			7,992,822
					23,517,225
LIFE SCIENCES TOOLS & SERVICES—4.6%
Avantor, Inc.*		137,030			2,818,707
Illumina, Inc.*		24,830			4,771,085
West Pharmaceutical Services, Inc.		17,224			6,339,121
					13,928,913
MOVIES & ENTERTAINMENT—3.4%
Liberty Media Corp. Series C Liberty Formula One*		65,151			4,729,963
World Wrestling Entertainment, Inc., Cl. A		53,527			5,620,335
					10,350,298
OIL & GAS EXPLORATION & PRODUCTION—3.3%
Diamondback Energy, Inc.		67,779			9,985,202
PERSONAL CARE PRODUCTS—1.3%
Oddity Tech Ltd., Cl. A*		75,042			3,998,988
SEMICONDUCTOR MATERIALS & EQUIPMENT—1.1%
ASML Holding NV#		4,624			3,312,680
SEMICONDUCTORS—9.1%
Advanced Micro Devices, Inc.*		64,926			7,427,535
First Solar, Inc.*		18,983			3,937,074
Marvell Technology, Inc.		78,238			5,095,641
Monolithic Power Systems, Inc.		6,427			3,595,842
ON Semiconductor Corp.*		68,515			7,382,491
					27,438,583
SYSTEMS SOFTWARE—4.2%
Palo Alto Networks, Inc.*		28,811			7,201,598
ServiceNow, Inc.*		9,479			5,526,257
					12,727,855
TOTAL COMMON STOCKS
(Cost $259,904,034)					301,422,043
Total Investments
(Cost $259,904,034)		99.6	%	$	301,422,043
Unaffiliated Securities (Cost $259,904,034)					301,422,043
Other Assets in Excess of Liabilities		0.4	%		1,236,810
NET ASSETS		100.0	%	$	302,658,853

* Non-income producing security.

# American Depositary Receipts.

See Notes to Financial Statements.

- 17 -

THE ALGER FUNDS | ALGER WEATHERBIE SPECIALIZED GROWTH FUND

Schedule of Investments July 31, 2023 (Unaudited)

COMMON STOCKS—97.6%	SHARES		VALUE
AEROSPACE & DEFENSE—0.8%
Kratos Defense & Security Solutions, Inc.*		352,651	$	5,321,503
APPAREL ACCESSORIES & LUXURY GOODS—0.1%
Canada Goose Holdings, Inc.*		22,954		418,681
APPAREL RETAIL—0.2%
MYT Netherlands Parent BV#,*		289,506		1,215,925
APPLICATION SOFTWARE—10.1%
nCino, Inc.*		139,459		4,511,499
Sprout Social, Inc., Cl. A*		128,154		7,322,719
SPS Commerce, Inc.*		174,815		31,534,878
Vertex, Inc., Cl. A*		1,309,706		27,189,497
				70,558,593
ASSET MANAGEMENT & CUSTODY BANKS—6.4%
Hamilton Lane, Inc., Cl. A		237,031		20,960,651
StepStone Group, Inc., Cl. A		841,792		23,629,102
				44,589,753
BIOTECHNOLOGY—6.6%
ACADIA Pharmaceuticals, Inc.*		1,014,327		29,658,922
Natera, Inc.*		153,520		6,942,174
Ultragenyx Pharmaceutical, Inc.*		224,395		9,675,912
				46,277,008
BROADLINE RETAIL—2.5%
Ollie’s Bargain Outlet Holdings, Inc.*		235,516		17,164,406
CARGO GROUND TRANSPORTATION—1.3%
RXO, Inc.*		395,734		8,725,935
CONSUMER FINANCE—0.5%
Upstart Holdings, Inc.*		55,618		3,820,400
ELECTRONIC EQUIPMENT & INSTRUMENTS—4.3%
Novanta, Inc.*		168,374		29,785,361
ENVIRONMENTAL & FACILITIES SERVICES—8.2%
Casella Waste Systems, Inc., Cl. A*		410,265		33,104,283
Montrose Environmental Group, Inc.*		585,451		23,693,202
				56,797,485
HEALTHCARE EQUIPMENT—11.5%
Glaukos Corp.*		501,118		38,656,242
Impulse Dynamics PLC, Class E*,@,(a)		904,912		2,986,210
Inmode Ltd.*		141,135		6,056,103
Inogen, Inc.*		361,130		2,950,432
Inspire Medical Systems, Inc.*		62,707		18,047,702
Nevro Corp.*		345,195		8,626,423
Tandem Diabetes Care, Inc.*		71,552		2,498,596
				79,821,708
HEALTHCARE FACILITIES—1.1%
US Physical Therapy, Inc.		68,931		8,014,607
HEALTHCARE SERVICES—3.0%
Agiliti, Inc.*		915,370		15,716,903
NeoGenomics, Inc.*		318,148		5,513,505
				21,230,408

- 18 -

THE ALGER FUNDS | ALGER WEATHERBIE SPECIALIZED GROWTH FUND

Schedule of Investments July 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—97.6% (CONT.)	SHARES		VALUE
HEALTHCARE TECHNOLOGY—1.5%
Definitive Healthcare Corp., Cl. A*		893,707	$	10,572,554
IT CONSULTING & OTHER SERVICES—0.9%
CI&T, Inc., Cl. A*		398,357		2,374,208
Globant SA*		21,816		3,811,909
				6,186,117
LEISURE FACILITIES—4.3%
Planet Fitness, Inc., Cl. A*		401,092		27,089,754
Xponential Fitness, Inc., Cl. A*		121,196		2,559,659
				29,649,413
LEISURE PRODUCTS—0.2%
Latham Group, Inc.*		348,254		1,372,121
MANAGED HEALTHCARE—6.0%
Progyny, Inc.*		1,007,348		42,066,852
OIL & GAS EQUIPMENT & SERVICES—3.3%
Core Laboratories NV		551,451		14,332,212
Dril-Quip, Inc.*		331,725		8,588,360
				22,920,572
PERSONAL CARE PRODUCTS—0.6%
Oddity Tech Ltd., Cl. A*		73,218		3,901,787
REAL ESTATE SERVICES—5.7%
FirstService Corp.		255,677		40,046,688
REGIONAL BANKS—0.4%
Axos Financial, Inc.*		46,561		2,188,367
Seacoast Banking Corp. of Florida		30,383		750,764
				2,939,131
RESEARCH & CONSULTING SERVICES—0.2%
NV5 Global, Inc.*		14,096		1,544,217
RESTAURANTS—0.9%
Wingstop, Inc.		36,039		6,075,455
SEMICONDUCTORS—2.4%
Impinj, Inc.*		139,749		9,310,078
SiTime Corp.*		55,972		7,220,948
				16,531,026
SYSTEMS SOFTWARE—0.6%
Rapid7, Inc.*		90,022		4,132,910
TRADING COMPANIES & DISTRIBUTORS—8.6%
SiteOne Landscape Supply, Inc.*		200,929		34,157,930
Transcat, Inc.*		260,467		21,847,972
Xometry, Inc., Cl. A*		182,293		3,784,403
				59,790,305
TRANSACTION & PAYMENT PROCESSING SERVICES—5.4%
Flywire Corp.*		1,105,486		37,741,292
TOTAL COMMON STOCKS
(Cost $607,763,448)				679,212,213

PREFERRED STOCKS—0.0%	SHARES		VALUE
BIOTECHNOLOGY—0.0%
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		231,474		—
(Cost $1,041,633)				—

- 19 -

THE ALGER FUNDS | ALGER WEATHERBIE SPECIALIZED GROWTH FUND

Schedule of Investments July 31, 2023 (Unaudited) (Continued)

SHORT—TERM INVESTMENTS—1.1%	SHARES			VALUE
U.S. GOVERNMENT—1.1%
U.S. Treasury Bill, 0.00%, 8/3/23		8,000,000		$	7,997,738
(Cost $7,997,738)					7,997,738
Total Investments
(Cost $616,802,819)		98.7	%	$	687,209,951
Affiliated Securities (Cost $1,041,633)					—
Unaffiliated Securities (Cost $615,761,186)					687,209,951
Other Assets in Excess of Liabilities		1.3	%		8,868,001
NET ASSETS		100.0	%	$	696,077,952

^# American Depositary Receipts.

^(a) Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee (as defined in Note 2).

^(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.

					% of net assets					% of net assets
	Acquisition		Acquisition		(Acquisition			Market		as of
Security	Date(s)		Cost		Date)			Value		7/31/2023
Impulse Dynamics PLC, Class E		2/11/22	$	2,986,210		0.24	%	$	2,986,210		0.43	%
Prosetta Biosciences, Inc., Series D		2/6/15		1,041,633		0.10	%		0		0.00	%
Total								$	2,986,210		0.43	%

See Notes to Financial Statements.

- 20 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND

Schedule of Investments July 31, 2023 (Unaudited)

COMMON STOCKS—96.3%	SHARES		VALUE
ADVERTISING—0.6%
Magnite, Inc.*		149,769	$	2,266,005
AEROSPACE & DEFENSE—5.8%
HEICO Corp.		86,005		15,135,160
Hexcel Corp.		34,820		2,461,078
Mercury Systems, Inc.*		71,176		2,703,264
				20,299,502
APPAREL ACCESSORIES & LUXURY GOODS—1.4%
Capri Holdings Ltd.*		131,164		4,841,263
APPAREL RETAIL—0.5%
Aritzia, Inc.*		26,284		500,031
Victoria's Secret & Co.*		53,575		1,097,752
				1,597,783
APPLICATION SOFTWARE—23.7%
ACI Worldwide, Inc.*		257,174		5,963,865
AppFolio, Inc., Cl. A*		26,631		4,809,292
Bill.com Holdings, Inc.*		51,956		6,512,165
Blackbaud, Inc.*		79,209		5,976,319
Blackline, Inc.*		55,731		3,236,856
Everbridge, Inc.*		93,302		2,877,434
Guidewire Software, Inc.*		36,894		3,129,349
HubSpot, Inc.*		16,330		9,480,381
Manhattan Associates, Inc.*		70,581		13,454,150
Q2 Holdings, Inc.*		108,919		3,863,357
SEMrush Holdings, Inc., Cl. A*		94,341		1,000,958
Smartsheet, Inc., Cl. A*		71,669		3,182,104
Sprout Social, Inc., Cl. A*		73,507		4,200,190
SPS Commerce, Inc.*		54,563		9,842,620
Vertex, Inc., Cl. A*		260,255		5,402,894
				82,931,934
ASSET MANAGEMENT & CUSTODY BANKS—0.3%
Affiliated Managers Group, Inc.		7,756		1,075,292
AUTOMOTIVE PARTS & EQUIPMENT—0.0%
Atmus Filtration Technologies, Inc.*		4,639		110,640
BIOTECHNOLOGY—6.3%
ACELYRIN, Inc.*		28,653		711,741
ADMA Biologics, Inc.*		506,775		2,103,116
Alkermes PLC*		40,937		1,198,635
Arcus Biosciences, Inc.*		40,904		813,990
Avidity Biosciences, Inc.*		70,040		666,080
Cabaletta Bio, Inc.*		274,652		3,740,760
Celldex Therapeutics, Inc.*		53,039		1,875,459
Karuna Therapeutics, Inc.*		12,763		2,549,665
MoonLake Immunotherapeutics, Cl. A*		54,678		3,324,969
Morphic Holding, Inc.*		35,366		2,006,313
RAPT Therapeutics, Inc.*		72,460		1,731,794
Vaxcyte, Inc.*		24,964		1,199,770
				21,922,292

- 21 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND

Schedule of Investments July 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—96.3% (CONT.)	SHARES		VALUE
CONSUMER STAPLES MERCHANDISE RETAIL—2.3%
BJ's Wholesale Club Holdings, Inc.*		121,719	$	8,071,187
DIVERSIFIED SUPPORT SERVICES—0.4%
RB Global, Inc.		22,371		1,442,482
ELECTRICAL COMPONENTS & EQUIPMENT—0.4%
Sunrun, Inc.*		66,735		1,266,630
ELECTRONIC EQUIPMENT & INSTRUMENTS—0.9%
908 Devices, Inc.*		456,169		3,174,936
FOOD DISTRIBUTORS—3.1%
The Chefs' Warehouse, Inc.*		94,528		3,435,147
US Foods Holding Corp.*		170,857		7,300,720
				10,735,867
FOOTWEAR—0.5%
On Holding AG, Cl. A*		53,861		1,938,996
HEALTHCARE DISTRIBUTORS—0.3%
PetIQ, Inc., Cl. A*		62,035		1,038,466
HEALTHCARE EQUIPMENT—8.0%
Impulse Dynamics PLC, Class E*,@,(a)		1,105,151		3,646,998
Inmode Ltd.*		103,438		4,438,524
Insulet Corp.*		26,189		7,247,806
Paragon 28, Inc.*		75,516		1,334,368
QuidelOrtho Corp.*		79,576		6,951,759
Shockwave Medical, Inc.*		6,006		1,565,164
Tandem Diabetes Care, Inc.*		79,550		2,777,886
				27,962,505
HEALTHCARE SERVICES—0.4%
Privia Health Group, Inc.*		48,330		1,349,374
HEALTHCARE SUPPLIES—1.9%
Neogen Corp.*		284,112		6,588,557
HEALTHCARE TECHNOLOGY—2.7%
Doximity, Inc., Cl. A*		18,271		652,823
Veeva Systems, Inc., Cl. A*		43,687		8,921,759
				9,574,582
HOMEBUILDING—0.5%
Skyline Champion Corp.*		23,895		1,664,526
HUMAN RESOURCE & EMPLOYMENT SERVICES—1.7%
Paycom Software, Inc.		16,428		6,057,989
INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.6%
Gates Industrial Corp., PLC*		161,017		2,193,052
INTERACTIVE HOME ENTERTAINMENT—1.5%
Take-Two Interactive Software, Inc.*		35,288		5,396,947
INTERACTIVE MEDIA & SERVICES—0.8%
Bumble, Inc., Cl. A*		66,183		1,225,709
Tripadvisor, Inc.*		80,266		1,496,961
				2,722,670
LEISURE FACILITIES—0.8%
Planet Fitness, Inc., Cl. A*		40,235		2,717,472

- 22 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND

Schedule of Investments July 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—96.3% (CONT.)	SHARES		VALUE
LIFE SCIENCES TOOLS & SERVICES—7.2%
Akoya Biosciences, Inc.*		139,659	$	963,647
Bio-Techne Corp.		135,569		11,306,455
CryoPort, Inc.*		115,779		1,860,569
ICON PLC*		9,581		2,408,759
MaxCyte, Inc.*		193,490		864,900
Mesa Laboratories, Inc.		17,339		2,230,836
NanoString Technologies, Inc.*		153,836		732,259
Personalis, Inc.*		314,078		741,224
Repligen Corp.*		23,424		4,018,621
				25,127,270
MANAGED HEALTHCARE—1.9%
HealthEquity, Inc.*		96,344		6,545,611
MOVIES & ENTERTAINMENT—1.7%
Live Nation Entertainment, Inc.*		69,490		6,097,748
OIL & GAS EQUIPMENT & SERVICES—1.3%
ChampionX Corp.		79,644		2,835,326
ProPetro Holding Corp.*		166,265		1,735,807
				4,571,133
OIL & GAS EXPLORATION & PRODUCTION—3.6%
Coterra Energy, Inc.		85,796		2,362,822
Magnolia Oil & Gas Corp., Cl. A		463,096		10,257,576
				12,620,398
PERSONAL CARE PRODUCTS—0.5%
Oddity Tech Ltd., Cl. A*		34,327		1,829,286
PHARMACEUTICALS—1.3%
Pliant Therapeutics, Inc.*		54,049		964,234
Reata Pharmaceuticals, Inc., Cl. A*		17,099		2,831,253
Ventyx Biosciences, Inc.*		24,827		919,840
				4,715,327
REGIONAL BANKS—1.1%
Webster Financial Corp.		79,755		3,774,007
RESEARCH & CONSULTING SERVICES—0.6%
LegalZoom.com, Inc.*		144,125		2,202,230
RESTAURANTS—7.5%
Cava Group, Inc.*		13,900		793,829
Kura Sushi USA, Inc., Cl. A*		48,845		4,860,566
Shake Shack, Inc., Cl. A*		132,162		10,263,701
The Cheesecake Factory, Inc.		80,375		2,956,192
Wingstop, Inc.		43,860		7,393,919
				26,268,207
SEMICONDUCTOR MATERIALS & EQUIPMENT—0.7%
SolarEdge Technologies, Inc.*		10,807		2,609,458
SEMICONDUCTORS—0.9%
Universal Display Corp.		22,496		3,281,716
SPECIALTY CHEMICALS—0.6%
Balchem Corp.		15,693		2,114,475
SYSTEMS SOFTWARE—0.4%
Rapid7, Inc.*		28,874		1,325,605

- 23 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND

Schedule of Investments July 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—96.3% (CONT.)	SHARES		VALUE
TRADING COMPANIES & DISTRIBUTORS—0.4%
Xometry, Inc., Cl. A*		62,192	$	1,291,106
TRANSACTION & PAYMENT PROCESSING SERVICES—1.2%
DLocal Ltd., Cl. A*		173,167		2,626,944
Marqeta, Inc., Cl. A*		288,721		1,611,063
				4,238,007
TOTAL COMMON STOCKS
(Cost $303,808,993)				337,552,533

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		120,600
(Cost $94,483)				120,600

REAL ESTATE INVESTMENT TRUST—1.7%	SHARES		VALUE
RETAIL—1.7%
Tanger Factory Outlet Centers, Inc.		258,634		6,054,622
(Cost $4,259,450)				6,054,622

SPECIAL PURPOSE VEHICLE—0.7%			VALUE
DATA PROCESSING & OUTSOURCED SERVICES—0.7%
Crosslink Ventures Capital C, LLC, Cl. A*,@,(a),(b)				1,875,096
Crosslink Ventures Capital C, LLC, Cl. B*,@,(a),(b)				497,724
				2,372,820
TOTAL SPECIAL PURPOSE VEHICLE
(Cost $2,275,000)				2,372,820
Total Investments
(Cost $310,666,022)	98.7	%	$	346,100,575
Affiliated Securities (Cost $2,503,096)				2,372,820
Unaffiliated Securities (Cost $308,162,926)				343,727,755
Other Assets in Excess of Liabilities	1.3	%		4,403,059
NET ASSETS	100.0	%	$	350,503,634

^(a) Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee (as defined in Note 2).

^(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.

- 24 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND

Schedule of Investments July 31, 2023 (Unaudited) (Continued)

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

				% of net assets					% of net assets
	Acquisition	Acquisition		(Acquisition			Market		as of
Security	Date(s)	Cost		Date)			Value		7/31/2023
Crosslink Ventures Capital C, LLC, Cl. A	10/2/20	$	1,800,000		0.49	%	$	1,875,096		0.54	%
Crosslink Ventures Capital C, LLC, Cl. B	12/16/20		475,000		0.10	%		497,724		0.14	%
Impulse Dynamics PLC, Class E	2/11/22		3,646,998		0.69	%		3,646,998		1.04	%
Prosetta Biosciences, Inc., Series D	2/6/15		228,096		0.10	%		0		0.00	%
Tolero CDR	2/6/17		94,483		0.08	%		120,600		0.03	%
Total							$	6,140,418		1.75	%

See Notes to Financial Statements.

- 25 -

THE ALGER FUNDS | ALGER SMALL CAP FOCUS FUND

Schedule of Investments July 31, 2023 (Unaudited)

COMMON STOCKS—97.6%	SHARES		VALUE
APPLICATION SOFTWARE—29.8%
Agilysys, Inc.*		666,072	$	49,042,881
Altair Engineering, Inc., Cl. A*		485,300		36,368,382
AppFolio, Inc., Cl. A*		398,096		71,892,157
Blackline, Inc.*		785,715		45,634,327
Clearwater Analytics Holdings, Inc., Cl. A*		3,771,754		64,987,321
Confluent, Inc., Cl. A*		1,372,916		47,420,519
Everbridge, Inc.*		1,254,369		38,684,740
Guidewire Software, Inc.*		829,671		70,372,694
Model N, Inc.*		750,603		25,010,092
nCino, Inc.*		746,179		24,138,891
PROS Holdings, Inc.*,(a)		2,813,838		106,925,844
Q2 Holdings, Inc.*		746,982		26,495,452
Smartsheet, Inc., Cl. A*		743,701		33,020,324
				639,993,624
BIOTECHNOLOGY—13.0%
Abcam PLC#,*		3,359,839		78,754,626
ACELYRIN, Inc.*		842,590		20,929,936
Ascendis Pharma AS#,*		275,636		24,848,585
Cabaletta Bio, Inc.*,(a)		3,220,950		43,869,339
MoonLake Immunotherapeutics, Cl. A*		628,193		38,200,416
Natera, Inc.*		1,576,353		71,282,683
				277,885,585
BUILDING PRODUCTS—1.2%
Trex Co., Inc.*		379,528		26,240,566
COMMUNICATIONS EQUIPMENT—0.8%
Extreme Networks, Inc.*		639,862		17,013,931
CONSTRUCTION MATERIALS—1.1%
Summit Materials, Inc., Cl. A*		618,196		22,366,331
ELECTRICAL COMPONENTS & EQUIPMENT—1.9%
Vicor Corp.*		439,643		40,565,860
HEALTHCARE EQUIPMENT—17.6%
Alphatec Holdings, Inc.*		2,078,399		36,725,310
AtriCure, Inc.*		1,269,164		70,248,227
Glaukos Corp.*		179,337		13,834,056
Impulse Dynamics PLC, Class E*,@,(b)		7,255,544		23,943,295
Inari Medical, Inc.*		399,669		22,809,110
Inspire Medical Systems, Inc.*		207,008		59,578,972
QuidelOrtho Corp.*		397,496		34,725,251
Shockwave Medical, Inc.*		256,320		66,796,992
Silk Road Medical, Inc.*		132,683		3,030,480
TransMedics Group, Inc.*		499,532		46,546,392
				378,238,085
HEALTHCARE TECHNOLOGY—3.4%
Schrodinger, Inc.*		485,436		25,393,157
Veeva Systems, Inc., Cl. A*		226,645		46,285,442
				71,678,599
INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—3.9%
RBC Bearings, Inc.*		368,835		83,375,152

- 26 -

THE ALGER FUNDS | ALGER SMALL CAP FOCUS FUND

Schedule of Investments July 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—97.6% (CONT.)	SHARES		VALUE
LIFE SCIENCES TOOLS & SERVICES—11.1%
BioLife Solutions, Inc.*		1,695,493	$	33,706,401
Bio-Techne Corp.		688,736		57,440,582
Bruker Corp.		712,882		48,989,251
CryoPort, Inc.*		1,929,436		31,006,036
Repligen Corp.*		395,385		67,832,251
				238,974,521
OIL & GAS EQUIPMENT & SERVICES—2.2%
ChampionX Corp.		1,338,465		47,649,354
PERSONAL CARE PRODUCTS—0.8%
Oddity Tech Ltd., Cl. A*		335,355		17,871,068
RESTAURANTS—3.3%
Kura Sushi USA, Inc., Cl. A*		249,354		24,813,216
Wingstop, Inc.		274,932		46,348,037
				71,161,253
SEMICONDUCTORS—1.4%
Rambus, Inc.*		484,282		30,320,896
SYSTEMS SOFTWARE—4.9%
Gitlab, Inc., Cl. A*		924,887		45,902,142
Rapid7, Inc.*		461,783		21,200,458
Tenable Holdings, Inc.*		765,870		37,267,234
				104,369,834
TRADING COMPANIES & DISTRIBUTORS—1.2%
Xometry, Inc., Cl. A*		1,274,867		26,466,239
TOTAL COMMON STOCKS
(Cost $1,744,015,450)				2,094,170,898

RIGHTS—0.0%	SHARES			VALUE
BIOTECHNOLOGY—0.0%
Tolero CDR*,@,(b),(c)		11,905			8,214
(Cost $6,436)					8,214
Total Investments
(Cost $1,744,021,886)		97.6	%	$	2,094,179,112
Affiliated Securities (Cost $145,262,314)					150,795,183
Unaffiliated Securities (Cost $1,598,759,572)					1,943,383,929
Other Assets in Excess of Liabilities		2.4	%		52,187,568
NET ASSETS		100.0	%	$	2,146,366,680

^(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 Valuation Designee (as defined in Note 2).

^(c) Contingent Deferred Rights.

^# American Depositary Receipts.

^* Non-income producing security.

- 27 -

THE ALGER FUNDS | ALGER SMALL CAP FOCUS FUND

Schedule of Investments July 31, 2023 (Unaudited) (Continued)

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

					% of net assets					% of net assets
	Acquisition		Acquisition		(Acquisition			Market		as of
Security	Date(s)		Cost		Date)			Value		7/31/2023
Impulse Dynamics PLC, Class E		6/2/23	$	23,943,295		1.97	%	$	23,943,295		1.12	%
Tolero CDR		2/6/17		6,436		0.00	%		8,214		0.00	%
Total								$	23,951,509		1.12	%

See Notes to Financial Statements.

- 28 -

THE ALGER FUNDS | ALGER INTERNATIONAL FOCUS FUND

Schedule of Investments July 31, 2023 (Unaudited)

COMMON STOCKS—98.8%	SHARES		VALUE
ARGENTINA—2.3%		‌		‌
BROADLINE RETAIL—2.3%
MercadoLibre, Inc.*		2,800	$	3,466,540
(Cost $3,721,133)
AUSTRALIA—3.4%		‌		‌
HEALTHCARE SUPPLIES—1.5%
Nanosonics Ltd.*		694,062		2,212,352
HEALTHCARE TECHNOLOGY—1.9%
Pro Medicus Ltd.		62,000		2,871,413
TOTAL AUSTRALIA
(Cost $4,793,451)				5,083,765
BRAZIL—4.7%		‌		‌
DIVERSIFIED BANKS—2.8%
NU Holdings Ltd., Cl. A*		533,000		4,242,680
FOOTWEAR—1.9%
Arezzo Industria e Comercio SA		158,000		2,753,201
TOTAL BRAZIL
(Cost $4,710,459)				6,995,881
CHINA—10.4%		‌		‌
AUTOMOBILE MANUFACTURERS—3.4%
BYD Co., Ltd., Cl. H		144,484		5,146,399
BREWERS—1.4%
Budweiser Brewing Co. APAC Ltd.		854,000		2,083,074
BROADLINE RETAIL—1.7%
Alibaba Group Holding Ltd.#,*		24,800		2,533,568
HOTELS RESORTS & CRUISE LINES—2.2%
Trip.com Group Ltd.#,*		78,000		3,201,120
RESTAURANTS—1.7%
Meituan, Cl. B*		135,600		2,588,703
TOTAL CHINA
(Cost $14,512,359)				15,552,864
DENMARK—2.2%		‌		‌
PHARMACEUTICALS—2.2%
Novo Nordisk AS, Cl. B		20,800		3,353,898
(Cost $2,859,218)
FRANCE—12.8%		‌		‌
APPAREL ACCESSORIES & LUXURY GOODS—2.4%
LVMH Moet Hennessy Louis Vuitton SE		3,850		3,575,757
DATA PROCESSING & OUTSOURCED SERVICES—1.9%
Teleperformance		19,557		2,836,523
ELECTRICAL COMPONENTS & EQUIPMENT—2.1%
Schneider Electric SE		17,700		3,157,186
HEALTHCARE SUPPLIES—2.1%
EssilorLuxottica SA		15,900		3,198,687
LIFE SCIENCES TOOLS & SERVICES—2.3%
Eurofins Scientific SE		50,500		3,473,218

- 29 -

THE ALGER FUNDS | ALGER INTERNATIONAL FOCUS FUND 

Schedule of Investments July 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—98.8% (CONT.)	SHARES		VALUE
FRANCE—12.8% (CONT.)
OIL & GAS STORAGE & TRANSPORTATION—2.0%
Gaztransport Et Technigaz SA		24,324	$	2,966,633
TOTAL FRANCE
(Cost $16,659,475)				19,208,004
GERMANY—6.7%		‌		‌
AEROSPACE & DEFENSE—2.2%
Hensoldt AG		98,800		3,359,203
LIFE SCIENCES TOOLS & SERVICES—2.0%
Gerresheimer AG		25,500		3,020,317
OIL & GAS REFINING & MARKETING—2.5%
VERBIO Vereinigte BioEnergie AG		76,054		3,707,374
TOTAL GERMANY
(Cost $8,736,076)				10,086,894
GREECE—1.9%		‌		‌
OTHER SPECIALTY RETAIL—1.9%
JUMBO SA		94,000		2,804,881
(Cost $2,453,722)
HONG KONG—2.5%		‌		‌
FINANCIAL EXCHANGES & DATA—2.5%
Hong Kong Exchanges & Clearing Ltd.		88,000		3,710,377
(Cost $3,463,364)
INDIA—8.1%		‌		‌
APPAREL ACCESSORIES & LUXURY GOODS—1.5%
Kalyan Jewellers India Ltd.*		1,059,074		2,250,983
DIVERSIFIED BANKS—2.6%
HDFC Bank Ltd.#		58,400		3,987,552
HOTELS RESORTS & CRUISE LINES—1.8%
MakeMyTrip Ltd.*		91,778		2,640,453
PACKAGED FOODS & MEATS—2.2%
Patanjali Foods Ltd.		203,656		3,297,429
TOTAL INDIA
(Cost $9,696,791)				12,176,417
IRELAND—2.7%		‌		‌
PACKAGED FOODS & MEATS—2.7%
Kerry Group PLC, Cl. A		40,441		4,017,846
(Cost $4,489,017)
ITALY—6.1%		‌		‌
APPAREL ACCESSORIES & LUXURY GOODS—2.1%
Moncler SpA		42,586		3,073,587
AUTOMOBILE MANUFACTURERS—4.0%
Ferrari NV		18,962		6,075,235
TOTAL ITALY
(Cost $4,053,259)				9,148,822

- 30 -

THE ALGER FUNDS | ALGER INTERNATIONAL FOCUS FUND 

Schedule of Investments July 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—98.8% (CONT.)	SHARES		VALUE
JAPAN—5.5%		‌		‌
ELECTRONIC EQUIPMENT & INSTRUMENTS—2.4%
Keyence Corp.		7,900	$	3,545,313
PACKAGED FOODS & MEATS—1.6%
Kotobuki Spirits Co., Ltd.		32,500		2,473,897
SEMICONDUCTOR MATERIALS & EQUIPMENT—1.5%
Lasertec Corp.		15,200		2,301,166
TOTAL JAPAN
(Cost $7,227,504)				8,320,376
MEXICO—2.0%		‌		‌
AIRPORT SERVICES—2.0%
Grupo Aeroportuario del Centro Norte SAB de CV		262,000		2,953,347
(Cost $2,441,099)
NETHERLANDS—8.3%		‌		‌
HEAVY ELECTRICAL EQUIPMENT—1.7%
Alfen Beheer BV*		36,800		2,553,669
SEMICONDUCTOR MATERIALS & EQUIPMENT—4.1%
ASML Holding NV		8,550		6,124,098
TRANSACTION & PAYMENT PROCESSING SERVICES—2.5%
Adyen NV*		2,075		3,851,231
TOTAL NETHERLANDS
(Cost $4,481,428)				12,528,998
NORWAY—1.6%		‌		‌
ENVIRONMENTAL & FACILITIES SERVICES—1.6%
Aker Carbon Capture ASA*		1,560,510		2,366,730
(Cost $3,626,911)
SAUDI ARABIA—2.0%		‌		‌
IT CONSULTING & OTHER SERVICES—2.0%
Elm Co.		17,000		3,081,485
(Cost $2,012,982)
SPAIN—2.5%		‌		‌
BIOTECHNOLOGY—2.5%
Grifols SA#,*		350,741		3,826,584
(Cost $5,818,963)
SWEDEN—1.8%		‌		‌
ASSET MANAGEMENT & CUSTODY BANKS—1.8%
EQT AB		112,298		2,682,192
(Cost $1,658,438)
SWITZERLAND—4.3%		‌		‌
ASSET MANAGEMENT & CUSTODY BANKS—2.2%
Partners Group Holding AG		2,884		3,237,863
SPECIALTY CHEMICALS—2.1%
Sika AG		10,150		3,159,244
TOTAL SWITZERLAND
(Cost $3,683,169)				6,397,107

- 31 -

THE ALGER FUNDS | ALGER INTERNATIONAL FOCUS FUND 

Schedule of Investments July 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—98.8% (CONT.)	SHARES			VALUE
UNITED KINGDOM—4.1%		‌			‌
FINANCIAL EXCHANGES & DATA—2.6%
London Stock Exchange Group PLC		35,700		$	3,876,683
PHARMACEUTICALS—1.5%
AstraZeneca PLC		16,100			2,313,098
TOTAL UNITED KINGDOM
(Cost $4,725,740)					6,189,781
UNITED STATES—2.9%		‌			‌
OIL & GAS EQUIPMENT & SERVICES—2.9%
Schlumberger NV		75,400			4,398,836
(Cost $2,359,583)
TOTAL COMMON STOCKS
(Cost $118,184,141)					148,351,625
Total Investments
(Cost $118,184,141)		98.8	%	$	148,351,625
Unaffiliated Securities (Cost $118,184,141)					148,351,625
Other Assets in Excess of Liabilities		1.2	%		1,763,851
NET ASSETS		100.0	%	$	150,115,476

^# American Depositary Receipts.

^* Non-income producing security.

See Notes to Financial Statements.

- 32 -

THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND 

Schedule of Investments July 31, 2023 (Unaudited)

COMMON STOCKS—96.1%	SHARES		VALUE
BIOTECHNOLOGY—20.2%		‌		‌
Abcam PLC#,*		30,806	$	722,093
ADMA Biologics, Inc.*		378,254		1,569,754
Aerovate Therapeutics, Inc.*		57,874		1,009,901
Arrowhead Pharmaceuticals, Inc.*		58,716		2,026,876
Ascendis Pharma AS#,*		26,461		2,385,459
Biohaven Ltd.*		84,100		1,671,908
Bridgebio Pharma, Inc.*		20,544		719,246
Cabaletta Bio, Inc.*		89,169		1,214,482
Exact Sciences Corp.*		28,517		2,781,548
Forte Biosciences, Inc.*		1,192,842		1,204,770
Grifols SA*		206,401		3,032,095
HilleVax, Inc.*		87,043		1,324,795
ImmunoGen, Inc.*		73,717		1,313,637
Prothena Corp., PLC*		22,064		1,519,548
Vaxcyte, Inc.*		23,290		1,119,317
Vertex Pharmaceuticals, Inc.*		13,787		4,857,712
				28,473,141
HEALTHCARE DISTRIBUTORS—6.8%		‌		‌
Cardinal Health, Inc.		72,449		6,626,910
McKesson Corp.		7,123		2,866,295
				9,493,205
HEALTHCARE EQUIPMENT—27.1%		‌		‌
Alphatec Holdings, Inc.*		85,657		1,513,559
AtriCure, Inc.*		31,344		1,734,891
Boston Scientific Corp.*		109,445		5,674,723
Dexcom, Inc.*		26,709		3,326,873
Edwards Lifesciences Corp.*		25,962		2,130,701
GE HealthCare Technologies, Inc.		60,999		4,757,922
Glaukos Corp.*		23,999		1,851,283
IDEXX Laboratories, Inc.*		4,918		2,728,162
Impulse Dynamics PLC, Class E*,@,(a)		2,163,678		7,140,137
Intuitive Surgical, Inc.*		4,249		1,378,376
Shockwave Medical, Inc.*		5,075		1,322,545
Stryker Corp.		4,869		1,379,923
TransMedics Group, Inc.*		34,959		3,257,480
				38,196,575
HEALTHCARE FACILITIES—2.2%		‌		‌
Acadia Healthcare Co., Inc.*		38,182		3,017,523
HEALTHCARE SERVICES—7.1%		‌		‌
DaVita, Inc.*		24,799		2,529,250
The Cigna Group		25,465		7,514,722
				10,043,972
HEALTHCARE SUPPLIES—6.1%		‌		‌
Alcon, Inc.		71,051		6,046,194
Align Technology, Inc.*		1,851		699,475
Merit Medical Systems, Inc.*		25,014		1,867,795
				8,613,464

- 33 -

THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND 

Schedule of Investments July 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—96.1% (CONT.)	SHARES		VALUE
HEALTHCARE TECHNOLOGY—1.5%		‌		‌
Schrodinger, Inc.*		40,194	$	2,102,548
LIFE & HEALTH INSURANCE—1.0%		‌		‌
Oscar Health, Inc., Cl. A*		181,618		1,365,767
LIFE SCIENCES TOOLS & SERVICES—10.2%		‌		‌
Avantor, Inc.*		194,025		3,991,094
Charles River Laboratories International, Inc.*		7,129		1,493,811
Danaher Corp.		18,979		4,840,784
Stevanato Group SpA		64,976		2,029,200
West Pharmaceutical Services, Inc.		5,598		2,060,288
				14,415,177
MANAGED HEALTHCARE—4.5%		‌		‌
UnitedHealth Group, Inc.		12,617		6,388,870
PHARMACEUTICALS—9.4%		‌		‌
AstraZeneca PLC#		31,724		2,274,611
Elanco Animal Health, Inc.*		355,436		4,290,113
Eli Lilly & Co.		5,471		2,486,843
Reata Pharmaceuticals, Inc., Cl. A*		25,561		4,232,390
				13,283,957
TOTAL COMMON STOCKS
(Cost $122,405,404)				135,394,199

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

RIGHTS—0.9%	SHARES			VALUE
BIOTECHNOLOGY—0.9%		‌			‌
Tolero CDR*,@,(a),(c)		1,956,996			1,350,327
(Cost $1,044,370)					1,350,327
Total Investments
(Cost $127,487,921)		97.0	%	$	136,744,526
Affiliated Securities (Cost $4,038,147)					—
Unaffiliated Securities (Cost $123,449,774)					136,744,526
Other Assets in Excess of Liabilities		3.0	%		4,193,068
NET ASSETS		100.0	%	$	140,937,594

^# American Depositary Receipts.

^(a) Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee (as defined in Note 2).

^(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.

- 34 -

THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND 

Schedule of Investments July 31, 2023 (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 7/31/2023
Impulse Dynamics PLC, Class E	2/11/22	$	5,000,002		2.09%	$	7,140,137		5.07	%
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%		1,350,327		0.95	%
Total						$	8,490,464		6.02	%

See Notes to Financial Statements.

- 35 -

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 ten series — Alger Capital Appreciation Fund, Alger 35 Fund, Alger Growth & Income Fund, Alger Mid Cap Growth Fund, Alger Mid Cap Focus Fund, Alger Weatherbie Specialized Growth Fund, Alger Small Cap Growth Fund, Alger Small Cap Focus Fund, Alger International Focus Fund and Alger Health Sciences Fund (collectively, the “Funds” or individually, each a “Fund”). Alger Capital Appreciation Fund, Alger 35 Fund, Alger Mid Cap Growth Fund, Alger Mid Cap Focus Fund, Alger Weatherbie Specialized Growth Fund, Alger Small Cap Growth Fund, Alger Small Cap Focus Fund, Alger International Focus Fund and Alger Health Sciences Fund normally invest primarily in equity securities and each has an investment objective of long-term capital appreciation. Alger Growth & Income Fund also normally invests primarily in equity securities 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 B and 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. Effective August 27, 2019, Class C shares were closed to direct shareholders and are only available for purchase through certain financial intermediaries and group retirement plan recordkeeping platforms. Class I, Y and Z shares are generally sold to institutional investors and are sold without an initial or deferred sales charge. Class Y and Z shares are generally subject to a minimum initial investment of $500,000. 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).

Class Y shares of Alger Small Cap Growth Fund launched on December 31, 2021.

On May 23, 2023, the Board of Trustees (the “Board”) approved the transition of the Fund’s custodian and administrator from Brown Brothers Harriman & Company (the “Custodian”) to The Bank of New York Mellon. This change is anticipated to become effective in early 2024.

- 36 -

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 Board of Trustees of the Trust (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).

The Board has designated, pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”), the Funds’ investment adviser, Fred Alger Management, LLC (“Alger Management” or the “Investment Manager”) as its valuation designee (the “Valuation Designee”) to make fair value determinations subject to the Board’s review and oversight. The Valuation Designee has established a Valuation Committee (“Committee”) comprised of representatives of the Investment Manager and officers of the Funds to assist in performing the duties and responsibilities of the Valuation Designee.

The Valuation Designee has established valuation processes including but not limited to: (i) making fair value determinations when market quotations for financial instruments are not readily available in accordance with valuation policies and procedures adopted by the Board; (ii) assessing and managing material risks associated with fair valuation determinations; (iii) selecting, applying and testing fair valuation methodologies; and (iv) overseeing and evaluating pricing services used by the Funds. The Valuation Designee regularly reports its fair valuation determinations and related valuation information to the Board. The Committee generally meets quarterly and on an as-needed basis to review and evaluate the effectiveness of the valuation policies and procedures in accordance with the requirements of Rule 2a-5.

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 generally 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 in which the Funds invest may be traded in foreign markets that close before the close of the NYSE. Developments that occur between the close of the foreign markets and the close of the NYSE may result in adjustments to the closing foreign prices to reflect what the Valuation Designee, through its Committee, 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 NYSE is open.

- 37 -

THE ALGER FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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, amortized cost, interest rates, prepayment speeds, credit risk, etc.)

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

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

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

- 38 -

THE ALGER FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

NOTE 3 — Fair Value Measurements:

The following is a summary of the inputs used as of July 31, 2023 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	$	226,182,967	$	226,182,967	$	—	$	—
Consumer Discretionary		291,222,233		281,822,173		9,400,060		—
Energy		65,653,127		65,653,127		—		—
Financials		124,615,984		124,615,984		—		—
Healthcare		205,182,292		205,182,292		—		—
Industrials		125,287,458		125,287,458		—		—
Information Technology		734,423,531		734,423,531		—		—
Materials		51,129,207		51,129,207		—		—
TOTAL COMMON STOCKS	$	1,823,696,799	$	1,814,296,739	$	9,400,060	$	—
PREFERRED STOCKS
Information Technology		1,194,657		—		—		1,194,657
SPECIAL PURPOSE VEHICLE
Information Technology		2,890,773		—		—		2,890,773
TOTAL INVESTMENTS IN SECURITIES	$	1,827,782,229	$	1,814,296,739	$	9,400,060	$	4,085,430
Alger 35 Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services		5,723,386		5,723,386		—		—
Consumer Discretionary		5,987,350		5,987,350		—		—
Energy		1,463,696		1,463,696		—		—
Healthcare		3,702,619		3,158,320		—		544,299
Industrials		577,620		577,620		—		—
Information Technology		9,919,727		9,919,727		—		—
Real Estate		625,743		625,743		—		—
TOTAL COMMON STOCKS	$	28,000,141	$	27,455,842	$	—	$	544,299
TOTAL INVESTMENTS IN SECURITIES	$	28,000,141	$	27,455,842	$	—	$	544,299

- 39 -

THE ALGER FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger Growth & Income Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	30,519,024	$	30,519,024	$	—	$	—
Consumer Discretionary		23,891,420		23,891,420		—		—
Consumer Staples		22,515,284		22,515,284		—		—
Energy		16,461,714		16,461,714		—		—
Financials		40,820,596		40,820,596		—		—
Healthcare		43,590,202		43,590,202		—		—
Industrials		20,244,727		20,244,727		—		—
Information Technology		99,046,005		99,046,005		—		—
Materials		8,104,620		8,104,620		—		—
Utilities		4,123,233		4,123,233		—		—
TOTAL COMMON STOCKS	$	309,316,825	$	309,316,825	$	—	$	—
MASTER LIMITED PARTNERSHIP
Energy		1,818,648		1,818,648		—		—
REAL ESTATE INVESTMENT TRUST
Financials		1,549,664		1,549,664		—		—
Real Estate		10,311,019		10,311,019		—		—
TOTAL REAL ESTATE INVESTMENT TRUST	$	11,860,683	$	11,860,683	$	—	$	—
TOTAL INVESTMENTS IN SECURITIES	$	322,996,156	$	322,996,156	$	—	$	—

Alger Mid Cap Growth Fund	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services		11,652,084			11,652,084		—		—
Consumer Discretionary		26,036,336			26,036,336		—		—
Consumer Staples		1,945,469			1,945,469		—		—
Energy		6,307,948			6,307,948		—		—
Financials		14,798,939			14,798,939		—		—
Healthcare		43,249,685			43,249,685		—		—
Industrials		43,765,960			43,765,960		—		—
Information Technology		54,094,129			54,094,129		—		—
Materials		5,884,396			5,884,396		—		—
Real Estate		11,256,872			11,256,872		—		—
TOTAL COMMON STOCKS	$	218,991,818		$	218,991,818	$	—	$	—
PREFERRED STOCKS
Healthcare		—	*		—		—		—	*
RIGHTS
Healthcare		407,141			—		—		407,141
SPECIAL PURPOSE VEHICLE
Information Technology		1,747,788			—		—		1,747,788
TOTAL INVESTMENTS IN SECURITIES	$	221,146,747		$	218,991,818	$	—	$	2,154,929

- 40 -

THE ALGER FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger Mid Cap Focus Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	25,296,152	$	25,296,152	$	—	$	—
Consumer Discretionary		26,821,389		26,821,389		—		—
Consumer Staples		3,998,988		3,998,988		—		—
Energy		9,985,202		9,985,202		—		—
Healthcare		57,520,807		57,520,807		—		—
Industrials		28,215,575		28,215,575		—		—
Information Technology		144,536,253		144,536,253		—		—
Materials		5,047,677		5,047,677		—		—
TOTAL COMMON STOCKS	$	301,422,043	$	301,422,043	$	—	$	—
TOTAL INVESTMENTS IN SECURITIES	$	301,422,043	$	301,422,043	$	—	$	—

Alger Weatherbie Specialized
Growth Fund	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Consumer Discretionary		55,896,001			55,896,001		—		—
Consumer Staples		3,901,787			3,901,787		—		—
Energy		22,920,572			22,920,572		—		—
Financials		89,090,576			89,090,576		—		—
Healthcare		207,983,137			204,996,927		—		2,986,210
Industrials		132,179,445			132,179,445		—		—
Information Technology		127,194,007			127,194,007		—		—
Real Estate		40,046,688			40,046,688		—		—
TOTAL COMMON STOCKS	$	679,212,213		$	676,226,003	$	—	$	2,986,210
PREFERRED STOCKS
Healthcare		—	*		—		—		—	*
SHORT TERM INVESTMENTS
U.S. Government		7,997,738			—		7,997,738		—
TOTAL INVESTMENTS IN SECURITIES	$	687,209,951		$	676,226,003	$	7,997,738	$	2,986,210

- 41 -

THE ALGER FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger Small Cap Growth Fund	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	16,483,370		$	16,483,370	$	—	$	—
Consumer Discretionary		39,138,887			39,138,887		—		—
Consumer Staples		20,636,340			20,636,340		—		—
Energy		17,191,531			17,191,531		—		—
Financials		9,087,306			9,087,306		—		—
Healthcare		104,823,984			101,176,986		—		3,646,998
Industrials		34,752,991			34,752,991		—		—
Information Technology		93,323,649			93,323,649		—		—
Materials		2,114,475			2,114,475		—		—
TOTAL COMMON STOCKS	$	337,552,533		$	333,905,535	$	—	$	3,646,998
PREFERRED STOCKS
Healthcare		—	*		—		—		—	*
RIGHTS
Healthcare		120,600			—		—		120,600
REAL ESTATE INVESTMENT TRUST
Real Estate		6,054,622			6,054,622		—		—
SPECIAL PURPOSE VEHICLE
Information Technology		2,372,820			—		—		2,372,820
TOTAL INVESTMENTS IN SECURITIES	$	346,100,575		$	339,960,157	$	—	$	6,140,418

Alger Small Cap Focus Fund		TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Consumer Discretionary		71,161,253		71,161,253		—		—
Consumer Staples		17,871,068		17,871,068		—		—
Energy		47,649,354		47,649,354		—		—
Healthcare		966,776,790		942,833,495		—		23,943,295
Industrials		176,647,817		176,647,817		—		—
Information Technology		791,698,285		791,698,285		—		—
Materials		22,366,331		22,366,331		—		—
TOTAL COMMON STOCKS	$	2,094,170,898	$	2,070,227,603	$	—	$	23,943,295
RIGHTS
Healthcare		8,214		—		—		8,214
TOTAL INVESTMENTS IN SECURITIES	$	2,094,179,112	$	2,070,227,603	$	—	$	23,951,509

Alger International Focus Fund		TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Consumer Discretionary	$	40,110,427	$	20,670,117	$	19,440,310	$	—
Consumer Staples		11,872,246		4,017,846		7,854,400		—
Energy		11,072,843		4,398,836		6,674,007		—
Financials		25,588,578		8,230,232		17,358,346		—
Healthcare		24,269,567		3,826,584		20,442,983		—
Industrials		17,226,658		2,953,347		14,273,311		—
Information Technology		15,052,062		—		15,052,062		—
Materials		3,159,244		—		3,159,244		—
TOTAL COMMON STOCKS	$	148,351,625	$	44,096,962	$	104,254,663	$	—
TOTAL INVESTMENTS IN SECURITIES	$	148,351,625	$	44,096,962	$	104,254,663	$	—

- 42 -

THE ALGER FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger Health Sciences Fund	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Financials	$	1,365,767		$	1,365,767	$	—	$	—
Healthcare		134,028,432			116,605,236		10,283,059		7,140,137
TOTAL COMMON STOCKS	$	135,394,199		$	117,971,003	$	10,283,059	$	7,140,137
PREFERRED STOCKS
Healthcare		—	*		—		—		—	*
RIGHTS
Healthcare		1,350,327			—		—		1,350,327
TOTAL INVESTMENTS IN SECURITIES	$	136,744,526		$	117,971,003	$	10,283,059	$	8,490,464

^* 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, 2023.

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Capital Appreciation Fund	Common Stocks
Opening balance at November 1, 2022	$	444,301	(a)
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		(955,344	)
Included in net change in unrealized appreciation (depreciation) on investments		1,446,392
Purchases and sales
Purchases		—
Sales		(935,349	)
Closing balance at July 31, 2023		—
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	—

- 43 -

THE ALGER FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE  MEASUREMENTS  USING SIGNIFICANT  UNOBSERVABLE  INPUTS (LEVEL 3)
Alger Capital Appreciation Fund	Preferred Stocks
Opening balance at November 1, 2022	$	1,215,538
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		(20,881	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2023		1,194,657
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	(20,881	)

	FAIR VALUE  MEASUREMENTS  USING SIGNIFICANT  UNOBSERVABLE INPUTS (LEVEL 3)
	Special Purpose
Alger Capital Appreciation Fund	Vehicle
Opening balance at November 1, 2022	$	2,934,840
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		(44,067	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2023		2,890,773
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	(44,067	)

- 44 -

THE ALGER FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE  MEASUREMENTS  USING SIGNIFICANT  UNOBSERVABLE  INPUTS (LEVEL 3)
Alger 35 Fund	Common Stocks
Opening balance at November 1, 2022	$	—
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		544,299
Sales		—
Closing balance at July 31, 2023		544,299
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	—

	FAIR VALUE  MEASUREMENTS  USING SIGNIFICANT  UNOBSERVABLE  INPUTS (LEVEL 3)
Alger Mid Cap Growth Fund	Preferred Stocks
Opening balance at November 1, 2022	$	—	*
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, 2023		—	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	—

- 45 -

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, 2022	$	354,035
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		53,106
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2023		407,141
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	53,106

	FAIR VALUE  MEASUREMENTS  USING SIGNIFICANT  UNOBSERVABLE  INPUTS (LEVEL 3)
	Special Purpose
Alger Mid Cap Growth Fund	Vehicle
Opening balance at November 1, 2022	$	1,775,546
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		(27,758	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2023		1,747,788
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	(27,758	)

- 46 -

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, 2022	$	2,986,210
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, 2023		2,986,210
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	—

	FAIR VALUE  MEASUREMENTS  USING SIGNIFICANT  UNOBSERVABLE  INPUTS (LEVEL 3)
Alger Weatherbie Specialized Growth Fund	Preferred Stocks
Opening balance at November 1, 2022	$	—	*
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, 2023		—	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	—

- 47 -

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, 2022	$	3,646,998
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, 2023		3,646,998
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	—

	FAIR VALUE  MEASUREMENTS  USING SIGNIFICANT  UNOBSERVABLE  INPUTS (LEVEL 3)
Alger Small Cap Growth Fund	Preferred Stocks
Opening balance at November 1, 2022	$	—	*
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, 2023		—	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	—

- 48 -

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, 2022	$	104,869
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		15,731
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2023		120,600
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	15,731

	FAIR VALUE  MEASUREMENTS  USING SIGNIFICANT  UNOBSERVABLE  INPUTS (LEVEL 3)
	Special Purpose
Alger Small Cap Growth Fund	Vehicle
Opening balance at November 1, 2022	$	2,410,106
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		(37,286	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2023		2,372,820
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	(37,286	)

- 49 -

THE ALGER FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE  MEASUREMENTS  USING SIGNIFICANT  UNOBSERVABLE  INPUTS (LEVEL 3)
Alger Small Cap Focus Fund	Common Stocks
Opening balance at November 1, 2022	$	—
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		23,943,295
Sales		—
Closing balance at July 31, 2023		23,943,295
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	—

	FAIR VALUE  MEASUREMENTS  USING SIGNIFICANT  UNOBSERVABLE  INPUTS (LEVEL 3)
Alger Small Cap Focus Fund	Rights
Opening balance at November 1, 2022	$	7,143
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		1,071
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2023		8,214
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	1,071

- 50 -

THE ALGER FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Health Sciences Fund	Common Stocks
Opening balance at November 1, 2022	$	5,000,002
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		2,140,135
Sales		—
Closing balance at July 31, 2023		7,140,137
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	—

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Health Sciences Fund	Preferred Stocks
Opening balance at November 1, 2022	$	—	*
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, 2023		—	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	—

- 51 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Health Sciences Fund	Rights
Opening balance at November 1, 2022	$	1,174,198
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		176,129
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2023		1,350,327
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	176,129

^(a) Represents the sale of Level 3 common stock, Altaba, Inc., for the period ended July 31, 2023.

^* 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, 2023. 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.

	Fair Value July 31, 2023			Valuation Methodology	Unobservable Input	Input/Range		Weighted Average Inputs
Alger Capital Appreciation Fund
Preferred Stocks	$	1,194,657		Market Approach	Revenue Multiple		14.0x-16.0x		N/A
Special Purpose Vehicle		2,890,773		Market Approach	Revenue Multiple		14.0x-16.0x		N/A
Alger 35 Fund
Common Stocks	$	544,299		Market Approach	Recent Transaction Price		N/A		N/A
Alger Mid Cap Growth Fund
Preferred Stocks	$	—	*	Income Approach	Discount Rate		100.00%		N/A
Rights		407,141		Income Approach	Discount Rate		7.94%-9.43%		N/A
					Probability of Success		0.00%-60.00%
Special Purpose Vehicle		1,747,788		Market Approach	Revenue Multiple		14.0x-16.0x		N/A

- 52 -

THE ALGER FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Fair Value July 31, 2023			Valuation Methodology	Unobservable Input	Input/Range		Weighted Average Inputs
Alger Weatherbie Specialized Growth Fund
Common Stocks	$	2,986,210		Market Approach	Recent Transaction Price		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	Recent Transaction Price		N/A		N/A
Preferred Stocks		—	*	Income Approach	Discount Rate		100.00%		N/A
Rights		120,600		Income Approach	Discount Rate		7.94%-9.43%		N/A
					Probability of Success		0.00%-60.00%
Special Purpose Vehicle		2,372,820		Market Approach	Revenue Multiple		14.0x-16.0x		N/A
Alger Small Cap Focus Fund
Common Stocks	$	23,943,295		Market Approach	Recent Transaction Price		N/A		N/A
Rights		8,214		Income Approach	Discount Rate		7.94%-9.43%		N/A
					Probability of Success		0.00%-60.00%
Alger Health Sciences Fund
Common Stocks	$	7,140,137		Market Approach	Recent Transaction Price		N/A		N/A
Preferred Stocks		—	*	Income Approach	Discount Rate		100.00%		N/A
Rights		1,350,327		Income Approach	Discount Rate		7.94%-9.43%		N/A
					Probability of Success		0.00%-60.00%

^* Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of July 31, 2023.

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.

- 53 -

THE ALGER FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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, 2023, 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	$	576		$	25		$	551	$	—
Alger 35 Fund		1,802,059			—			1,802,059		—
Alger Growth & Income Fund		13,362,883			—			13,362,883		—
Alger Mid Cap Growth Fund		5,680,635			7			5,680,628		—
Alger Mid Cap Focus Fund		478			—			478		—
Alger Weatherbie Specialized Growth Fund		9,787,639			—			9,787,639		—
Alger Small Cap Growth Fund		1,879,990			—			1,879,990		—
Alger Small Cap Focus Fund		16,009,962			7			16,009,955		—
Alger International Focus Fund		1,115,920			20,534			1,095,386		—
Alger Health Sciences Fund		3,444,378			—			3,444,378		—
Bank overdraft		(695	)		(695	)		—		—

NOTE 4 — Affiliated Securities:

During the nine-month period ended July 31, 2023, 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, 2023 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, 2022	Shares Purchased	Shares Sold	Shares Held at July 31, 2023	Dividend Income		Realized Gain (Loss)		Net Change in Unrealized App(Dep)			Value at July 31, 2023
Alger Capital Appreciation Fund
Special Purpose Vehicle
Crosslink Ventures Capital C, LLC, Cl. A***					$	–	$	–	$	(44,067	)	$	2,890,773
Total					$	–	$	–	$	(44,067	)	$	2,890,773

- 54 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Security

Shares Held at October 31, 2022

Shares Purchased

Shares Sold

Shares Held at July 31, 2023

Dividend Income

Realized Gain (Loss)

Net Change in Unrealized App(Dep)

Value at July 31, 2023

Alger Mid Cap Growth Fund

Preferred Stocks

Prosetta Biosciences, Inc., Series D**

219,610

–

–

219,610

$

–

$

–

$

–

$

–

*

Special Purpose Vehicle

Crosslink Ventures Capital C, LLC, Cl. A***

–

–

(19,056

)

1,250,064

Crosslink Ventures Capital C, LLC, Cl. B***

–

–

(8,702

)

497,724

Total

$

–

$

–

$

(27,758

)

$

1,747,788

*

Security

Shares Held at October 31, 2022

Shares Purchased

Shares Sold

Shares Held at July 31, 2023

Dividend Income

Realized Gain (Loss)

Net Change in Unrealized App(Dep)

Value at July 31, 2023

Alger Weatherbie Specialized Growth Fund

Preferred Stocks

Prosetta Biosciences, Inc., Series  D**

231,474

–

–

231,474

$

–

$

–

$

–

$

–

*

Total

$

–

$

–

$

–

$

–

*

Security

Shares Held at October 31, 2022

Shares Purchased

Shares Sold

Shares Held at July 31, 2023

Dividend Income

Realized Gain (Loss)

Net Change in Unrealized App(Dep)

Value at July 31, 2023

Alger Small Cap Growth Fund

Preferred Stocks

Prosetta Biosciences, Inc., Series D**

50,688

–

–

50,688

$

–

$

–

$

–

$

–

*

Special Purpose Vehicle

Crosslink Ventures Capital C, LLC, Cl. A***

–

–

(28,584

)

1,875,096

Crosslink Ventures Capital C, LLC, Cl. B***

–

–

(8,702

)

497,724

Total

$

–

$

–

$

(37,286

)

$

2,372,820

*

- 55 -

THE ALGER FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Security	Shares Held at October 31, 2022		Shares Purchased		Shares Sold			Shares Held at July 31, 2023		Dividend Income		Realized Gain (Loss)			Net Change in Unrealized App(Dep)		Value at July 31, 2023
Alger Small Cap Focus Fund
Common Stocks
908 Devices, Inc.****		1,991,055		53,198		(2,044,253	)		–	$	–	$	(26,557,727	)	$	9,318,305	$	–
Cabaletta Bio, Inc.		–		3,220,950		–			3,220,950		–		–			8,948,363		43,869,339
Heska  Corp.****		468,150		245,443		(713,593	)		–		–		29,578,317			1,990,021		–
PROS Holdings, Inc.		2,978,898		–		(165,060	)		2,813,838		–		(3,529,861	)		40,547,509		106,925,844
Total										$	–	$	(509,271	)	$	60,804,198	$	150,795,183
Security	Shares Held at October 31, 2022		Shares Purchased		Shares Sold			Shares Held at July 31, 2023		Dividend Income		Realized Gain (Loss)			Net Change in Unrealized App(Dep)		Value at July 31, 2023
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, 2023.

^** 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.

^*** The Alger Fund Complex and other entities managed by Alger Management fully own Crosslink Ventures Capital C, LLC, Class A and Crosslink Ventures Capital C, LLC, Class B. There were no capital increases or decreases for the nine-month period ended July 31, 2023.

^**** Non-affiliated at July 31, 2023.

- 56 -