# EDGAR Filing Document

**Accession Number:** 0000003521
**File Stem:** 0001752724-23-073818
**Filing Date:** 2023-3
**Character Count:** 170051
**Document Hash:** 01342276f6fbd03cef08b3963e2e5863
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-073818.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001752724-23-073818

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALGER FUNDS
- **CENTRAL INDEX KEY:** 0000003521
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01355
- **FILM NUMBER:** 23778584

**BUSINESS ADDRESS:**
- **STREET 1:** 100 PEARL STREET
- **STREET 2:** 27TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004
- **BUSINESS PHONE:** 212-806-8833

**MAIL ADDRESS:**
- **STREET 1:** 100 PEARL STREET
- **STREET 2:** 27TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALGER FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Alger Weatherbie Specialized Growth Fund (Series ID: S000009165)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000024918 | Alger Weatherbie Specialized Growth Fund Class A | ALMAX           |
| C000024920 | Alger Weatherbie Specialized Growth Fund Class C | ALMCX           |
| C000051550 | Alger Weatherbie Specialized Growth Fund Class I | ASIMX           |
| C000095960 | Alger Weatherbie Specialized Growth Fund Class Z | ASMZX           |
| C000193201 | Alger Weatherbie Specialized Growth Fund Class Y | ASYMX           |

## Nport-Ex

------

THE ALGER FUNDS

QUARTERLY REPORT<br> JANUARY 31, 2023<br>

&nbsp;&nbsp;&nbsp;&nbsp;<br>

#### Alger is a signatory to the PRI and carbon neutral.

------

**THE ALGER FUNDS \| ALGER CAPITAL APPRECIATION FUND**

**Schedule of Investments January 31, 2023 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—98.4%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**ADVERTISING—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;The Trade Desk, Inc., Cl. A\* | 196903 | $**9982982** |
| &nbsp;&nbsp;&nbsp;**AEROSPACE & DEFENSE—3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | 83456 | 14266803 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 69756 | 50067369 |
|  |  | **64334172** |
| &nbsp;&nbsp;&nbsp;**AGRICULTURAL & FARM MACHINERY—0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 15248 | **6447464** |
| &nbsp;&nbsp;&nbsp;**APPAREL ACCESSORIES & LUXURY GOODS—2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Capri Holdings Ltd.\* | 106905 | 7108114 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.\* | 20049 | 6152637 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 26787 | 23383317 |
|  |  | **36644068** |
| &nbsp;&nbsp;&nbsp;**APPAREL RETAIL—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;The TJX Cos., Inc. | 114629 | **9383530** |
| &nbsp;&nbsp;&nbsp;**APPLICATION SOFTWARE—5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 36890 | 13661843 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 59400 | 10860102 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Cl. A\* | 185977 | 13912939 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 106281 | 44921790 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Cl. A\* | 38800 | 7039484 |
|  |  | **90396158** |
| &nbsp;&nbsp;&nbsp;**AUTO PARTS & EQUIPMENT—0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Mobileye Global, Inc., Cl. A\* | 23970 | **925242** |
| &nbsp;&nbsp;&nbsp;**AUTOMOBILE MANUFACTURERS—1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 95341 | **16514968** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 169554 | 25051604 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 41571 | 12093004 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.\* | 39045 | 6874263 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.\* | 623735 | 26776944 |
| &nbsp;&nbsp;&nbsp;Prometheus Biosciences, Inc.\* | 115528 | 13130912 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.\* | 26214 | 6898738 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.\* | 136034 | 6169142 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 38324 | 12382484 |
|  |  | **109377091** |
| &nbsp;&nbsp;&nbsp;**CASINOS & GAMING—3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC\* | 76285 | 11849035 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp.\* | 368332 | 21731588 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International | 548313 | 22705641 |
|  |  | **56286264** |
| &nbsp;&nbsp;&nbsp;**CONSTRUCTION MACHINERY & HEAVY TRUCKS—0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Wabtec Corp. | 108707 | **11284874** |
| &nbsp;&nbsp;&nbsp;**CONSTRUCTION MATERIALS—0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 21672 | **7794118** |

---

------

**THE ALGER FUNDS \| ALGER CAPITAL APPRECIATION FUND**

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—98.4% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 189101 | $15409841 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Cl. A | 256749 | 59106187 |
|  |  | **74516028** |
| &nbsp;&nbsp;&nbsp;**DIVERSIFIED SUPPORT SERVICES—0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 13355 | **5926148** |
| &nbsp;&nbsp;&nbsp;**ELECTRICAL COMPONENTS & EQUIPMENT—1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 19871 | 2879705 |
| &nbsp;&nbsp;&nbsp;Eaton Corp., PLC | 185377 | 30070003 |
|  |  | **32949708** |
| &nbsp;&nbsp;&nbsp;**FINANCIAL EXCHANGES & DATA—1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 80340 | **30122680** |
| &nbsp;&nbsp;&nbsp;**FOOTWEAR—0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Cl. B | 100080 | **12743186** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE DISTRIBUTORS—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 57260 | **21683217** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE EQUIPMENT—1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.\* | 154777 | 7158436 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.\* | 13239 | 1417765 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.\* | 6836 | 1729918 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 59769 | 14684646 |
|  |  | **24990765** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE FACILITIES—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.\* | 256448 | **21546761** |
| &nbsp;&nbsp;&nbsp;**HOTELS RESORTS & CRUISE LINES—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc.\* | 4552 | 11080023 |
| &nbsp;&nbsp;&nbsp;Trip.com Group Ltd.<sup>#,\*</sup> | 321842 | 11830912 |
|  |  | **22910935** |
| &nbsp;&nbsp;&nbsp;**HYPERMARKETS & SUPER CENTERS—0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 10073 | **5148713** |
| &nbsp;&nbsp;&nbsp;**INTERACTIVE MEDIA & SERVICES—3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Cl. C\* | 588042 | 58727755 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Cl. A\* | 63853 | 1678695 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Inc., Cl. A\* | 49308 | 1391965 |
|  |  | **61798415** |
| &nbsp;&nbsp;&nbsp;**INTERNET & DIRECT MARKETING RETAIL—8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 913523 | 94211627 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.\* | 35031 | 41395782 |
| &nbsp;&nbsp;&nbsp;Pinduoduo, Inc.<sup>#,\*</sup> | 65454 | 6413183 |
|  |  | **142020592** |
| &nbsp;&nbsp;&nbsp;**INTERNET SERVICES & INFRASTRUCTURE—0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Cl. A\* | 103118 | 5080624 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Cl. A\* | 69146 | 10817200 |
|  |  | **15897824** |
| &nbsp;&nbsp;&nbsp;**LEISURE FACILITIES—0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | 57805 | **15164564** |

---

------

**THE ALGER FUNDS \| ALGER CAPITAL APPRECIATION FUND**

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—98.4% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**LIFE SCIENCES TOOLS & SERVICES—2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.\* | 23558 | $5730483 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 125428 | 33160655 |
|  |  | **38891138** |
| &nbsp;&nbsp;&nbsp;**MANAGED HEALTHCARE—3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 54658 | 27968498 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 58493 | 29199121 |
|  |  | **57167619** |
| &nbsp;&nbsp;&nbsp;**MOVIES & ENTERTAINMENT—3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\* | 202845 | 16326994 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 90319 | 31960281 |
| &nbsp;&nbsp;&nbsp;The Walt Disney Co.\* | 131434 | 14259275 |
|  |  | **62546550** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EQUIPMENT & SERVICES—1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 365058 | **20801005** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EXPLORATION & PRODUCTION—1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;APA Corp. | 91519 | 4057037 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 69723 | 4409283 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 50391 | 7363133 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. | 53998 | 12438439 |
|  |  | **28267892** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS STORAGE & TRANSPORTATION—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 53435 | **8164334** |
| &nbsp;&nbsp;&nbsp;**PHARMACEUTICALS—2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC<sup>#</sup> | 120462 | 7874601 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 62981 | 21674911 |
| &nbsp;&nbsp;&nbsp;Reata Pharmaceuticals, Inc., Cl. A\* | 173909 | 7535477 |
|  |  | **37084989** |
| &nbsp;&nbsp;&nbsp;**REGIONAL BANKS—0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Signature Bank | 47835 | **6168323** |
| &nbsp;&nbsp;&nbsp;**RESTAURANTS—1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc., Cl. A\* | 155641 | 8852860 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 83396 | 9101840 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings, Inc. | 152120 | 9372113 |
|  |  | **27326813** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTOR EQUIPMENT—0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc.\* | 48011 | **15321750** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTORS—8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 177859 | 13366104 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.\* | 81081 | 14399986 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 856810 | 36971351 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 290199 | 56696179 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 66694 | 4898674 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd.<sup>#</sup> | 161401 | 14966715 |
|  |  | **141299009** |

---

------

**THE ALGER FUNDS \| ALGER CAPITAL APPRECIATION FUND**

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—98.4% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**SPECIALTY CHEMICALS—1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 73910 | $20801969 |
| &nbsp;&nbsp;&nbsp;The Sherwin-Williams Co. | 13698 | 3240810 |
|  |  | **24042779** |
| &nbsp;&nbsp;&nbsp;**SYSTEMS SOFTWARE—12.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 710663 | 176109398 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 151096 | 13365952 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.\* | 53005 | 24124166 |
|  |  | **213599516** |
| &nbsp;&nbsp;&nbsp;**TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 596051 | **86004199** |
| &nbsp;&nbsp;&nbsp;**TRUCKING—1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 19564 | 6519507 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.\* | 357800 | 11066754 |
|  |  | **17586261** |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,157,871,764) |  | **1691062644** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**PREFERRED STOCKS—0.1%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Chime Financial, Inc., Series G\*<sup>,@,(a)</sup> | 27841 | **1061577** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,922,972) |  | **1061577** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUST—0.4%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**SPECIALIZED—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp., Cl. A | 29947 | **8910131** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,051,139) |  | **8910131** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**SPECIAL PURPOSE VEHICLE—0.2%** | | **VALUE** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Crosslink Ventures Capital C LLC, Cl. A\*<sup>,@,(a),(b)</sup> |  | **2583525** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,775,000) |  | **2583525** |
| &nbsp;&nbsp;&nbsp;**Total Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $1,170,620,875)** | 99.1% | $**1703617877** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Securities (Cost $2,775,000) |  | 2583525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Securities (Cost $1,167,845,875) |  | 1701034352 |
| &nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities | 0.9% | 14751314 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | 100.0% | $**1718369191** |

---

<sup>#</sup> American Depositary Receipts.

*<sup>(a)</sup>* *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).*

*<sup>(b)</sup>* *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.*

*<sup>\*</sup>* *Non-income producing security.*

------

**THE ALGER FUNDS \| ALGER CAPITAL APPRECIATION FUND**

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

*<sup>@</sup>* *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.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | *<u>% of net assets</u>* |  | *<u>% of net assets</u>* |
|  | *<u>Acquisition</u>* | *<u>Acquisition</u>* | *<u>(Acquisition</u>* | *<u>Market</u>* | *<u>as of</u>* |
| *<u>Security</u>* | *<u>Date(s)</u>* | *<u>Cost</u>* | *<u>Date)</u>* | *<u>Value</u>* | *<u>1/31/2023</u>* |
| *Chime Financial, Inc., Series G* | *8/24/21* | $*1922972* | *0.06 %* | $*1061577* | *0.06 %* |
| *Crosslink Ventures Capital C LLC, Cl. A* | *10/2/20* | *2775000* | *0.08 %* | *2583525* | *0.15 %* |
| *Total* |  |  |  | $*3645102* | *0.21 %* |

---

***See Notes to Financial Statements.***

 ****

------

**THE ALGER FUNDS \| ALGER 35 FUND**

**Schedule of Investments January 31, 2023 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—92.7%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**AEROSPACE & DEFENSE—6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | 9563 | $**1634795** |
| &nbsp;&nbsp;&nbsp;**APPLICATION SOFTWARE—3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Cl. A\* | 10651 | **796801** |
| &nbsp;&nbsp;&nbsp;**AUTOMOBILE MANUFACTURERS—2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc., Cl. A\* | 28639 | **555597** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Cabaletta Bio, Inc.\* | 36445 | 444265 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.\* | 1987 | 349831 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.\* | 12247 | 525764 |
| &nbsp;&nbsp;&nbsp;Prometheus Biosciences, Inc.\* | 2299 | 261304 |
| &nbsp;&nbsp;&nbsp;RAPT Therapeutics, Inc.\* | 9361 | 271937 |
|  |  | **1853101** |
| &nbsp;&nbsp;&nbsp;**CASINOS & GAMING—2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;MGM Resorts International | 16363 | **677592** |
| &nbsp;&nbsp;&nbsp;**CONSTRUCTION MACHINERY & HEAVY TRUCKS—2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Wabtec Corp. | 5128 | **532338** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Cl. A\* | 11522 | 257056 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Cl. A | 2255 | 519123 |
|  |  | **776179** |
| &nbsp;&nbsp;&nbsp;**ELECTRONIC EQUIPMENT & INSTRUMENTS—2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;908 Devices, Inc.\* | 61177 | **570170** |
| &nbsp;&nbsp;&nbsp;**FINANCIAL EXCHANGES & DATA—4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 1740 | 652395 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Cl. A | 7116 | 530427 |
|  |  | **1182822** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE DISTRIBUTORS—3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 2065 | **781974** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE EQUIPMENT—2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.\* | 9023 | **568629** |
| &nbsp;&nbsp;&nbsp;**HOTELS RESORTS & CRUISE LINES—5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc.\* | 218 | 530634 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 3743 | 543072 |
| &nbsp;&nbsp;&nbsp;Trip.com Group Ltd.<sup>#,</sup>\* | 6620 | 243351 |
|  |  | **1317057** |
| &nbsp;&nbsp;&nbsp;**INTERNET & DIRECT MARKETING RETAIL—16.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 18530 | 1910999 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc.<sup>#</sup> | 15437 | 918965 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.\* | 1354 | 1600008 |
|  |  | **4429972** |
| &nbsp;&nbsp;&nbsp;**LIFE SCIENCES TOOLS & SERVICES—1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 5758 | **458682** |
| &nbsp;&nbsp;&nbsp;**MOVIES & ENTERTAINMENT—11.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp. Series C Liberty Formula One\* | 10934 | 774127 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\* | 3408 | 274310 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 3973 | 1405886 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA\* | 5127 | 577915 |
|  |  | **3032238** |

---

------

**THE ALGER FUNDS \| ALGER 35 FUND**

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—92.7% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EQUIPMENT & SERVICES—5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 26225 | $**1494301** |
| &nbsp;&nbsp;&nbsp;**PHARMACEUTICALS—3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Catalent, Inc.\* | 15305 | **819583** |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE SERVICES—2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;FirstService Corp. | 3811 | **544592** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTOR EQUIPMENT—3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*ASML Holding NV*<sup>#</sup>* | 389 | 257067 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc.\* | 1697 | 541563 |
|  |  | **798630** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTORS—2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 6977 | **524322** |
| &nbsp;&nbsp;&nbsp;**TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 7311 | **1054904** |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $23,243,036) |  | **24404279** |
| &nbsp;&nbsp;&nbsp;**Total Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $23,243,036)** | 92.7% | $**24404279** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Securities (Cost $23,243,036) |  | 24404279 |
| &nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities | 7.3% | 1917317 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | 100.0% | $**26321596** |

---

*\** *Non-income producing security.*

*<sup>#</sup>* *American Depositary Receipts.*

***See Notes to Financial Statements.***

------

**THE ALGER FUNDS \| ALGER GROWTH & INCOME FUND**

**Schedule of Investments January 31, 2023 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—90.2%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**AEROSPACE & DEFENSE—1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 5161 | $1202822 |
| &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 19001 | 1897250 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 2476 | 1777149 |
|  |  | **4877221** |
| &nbsp;&nbsp;&nbsp;**APPLICATION SOFTWARE—0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 2504 | **927331** |
| &nbsp;&nbsp;&nbsp;**ASSET MANAGEMENT & CUSTODY BANKS—3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc., Cl. A | 6750 | 5124668 |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | 34194 | 3281256 |
| &nbsp;&nbsp;&nbsp;The Carlyle Group, Inc. | 28838 | 1037303 |
|  |  | **9443227** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 46601 | 6885298 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 6523 | 1646405 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 16572 | 1391054 |
|  |  | **9922757** |
| &nbsp;&nbsp;&nbsp;**BUILDING PRODUCTS—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 27591 | **1919506** |
| &nbsp;&nbsp;&nbsp;**CABLE & SATELLITE—1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Cl. A | 82688 | **3253773** |
| &nbsp;&nbsp;&nbsp;**COMMODITY CHEMICALS—0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 16874 | **1001472** |
| &nbsp;&nbsp;&nbsp;**COMMUNICATIONS EQUIPMENT—1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 64544 | **3141356** |
| &nbsp;&nbsp;&nbsp;**CONSUMER ELECTRONICS—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Garmin Ltd. | 13701 | **1354755** |
| &nbsp;&nbsp;&nbsp;**COPPER—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp. | 24207 | **1820608** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Cl. A | 19475 | **4483340** |
| &nbsp;&nbsp;&nbsp;**DIVERSIFIED BANKS—4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 119052 | 4223965 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 65009 | 9098660 |
|  |  | **13322625** |
| &nbsp;&nbsp;&nbsp;**ELECTRIC UTILITIES—0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 27588 | **2058892** |
| &nbsp;&nbsp;&nbsp;**ELECTRICAL COMPONENTS & EQUIPMENT—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Eaton Corp., PLC | 23875 | **3872764** |
| &nbsp;&nbsp;&nbsp;**FINANCIAL EXCHANGES & DATA—0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;CME Group, Inc., Cl. A | 15920 | **2812427** |
| &nbsp;&nbsp;&nbsp;**FOOD DISTRIBUTORS—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 23111 | **1790178** |
| &nbsp;&nbsp;&nbsp;**GOLD—0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 25323 | **1340346** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE DISTRIBUTORS—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 21057 | **1626653** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE EQUIPMENT—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 21661 | **1812809** |

---

------

**THE ALGER FUNDS \| ALGER GROWTH & INCOME FUND**

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—90.2% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE SERVICES—0.8%** | | |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 27880 | $**2459574** |
| &nbsp;&nbsp;&nbsp;**HOME IMPROVEMENT RETAIL—2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;The Home Depot, Inc. | 24615 | **7979445** |
| &nbsp;&nbsp;&nbsp;**HOUSEHOLD PRODUCTS—1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;The Procter & Gamble Co. | 33253 | **4734562** |
| &nbsp;&nbsp;&nbsp;**HYPERMARKETS & SUPER CENTERS—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 16865 | **2426368** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIAL CONGLOMERATES—2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 28196 | **5878302** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIAL GASES—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | 12512 | **4010221** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIAL MACHINERY—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 5241 | **1708566** |
| &nbsp;&nbsp;&nbsp;**INTEGRATED OIL & GAS—4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 35654 | 6204509 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 41759 | 4844462 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE<sup>#</sup> | 41258 | 2559646 |
|  |  | **13608617** |
| &nbsp;&nbsp;&nbsp;**INTEGRATED TELECOMMUNICATION SERVICES—1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 54783 | 1115929 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 73603 | 3059677 |
|  |  | **4175606** |
| &nbsp;&nbsp;&nbsp;**INTERACTIVE MEDIA & SERVICES—5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Cl. A\* | 82282 | 8132753 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Cl. C\* | 65999 | 6591320 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Cl. A\* | 12557 | 1870616 |
|  |  | **16594689** |
| &nbsp;&nbsp;&nbsp;**INTERNET & DIRECT MARKETING RETAIL—1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 56435 | **5820142** |
| &nbsp;&nbsp;&nbsp;**INVESTMENT BANKING & BROKERAGE—2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 82888 | **8067489** |
| &nbsp;&nbsp;&nbsp;**LEISURE FACILITIES—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | 6054 | **1588206** |
| &nbsp;&nbsp;&nbsp;**MANAGED HEALTHCARE—3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 17982 | **8976435** |
| &nbsp;&nbsp;&nbsp;**MULTI-LINE INSURANCE—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;The Hartford Financial Services Group, Inc. | 21232 | **1647815** |
| &nbsp;&nbsp;&nbsp;**MULTI-UTILITIES—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Sempra Energy | 14099 | **2260493** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EXPLORATION & PRODUCTION—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. | 7593 | **1749048** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS STORAGE & TRANSPORTATION—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 21700 | **1486016** |

---

------

**THE ALGER FUNDS \| ALGER GROWTH & INCOME FUND**

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—90.2% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**PHARMACEUTICALS—6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC<sup>#</sup> | 42175 | $2756980 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 25520 | 1854028 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 8460 | 2911509 |
| &nbsp;&nbsp;&nbsp;GSK PLC<sup>#</sup> | 25088 | 884603 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 32186 | 5259836 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 20845 | 2238961 |
| &nbsp;&nbsp;&nbsp;Novartis AG<sup>#</sup> | 14930 | 1352957 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 55626 | 2456444 |
|  |  | **19715318** |
| &nbsp;&nbsp;&nbsp;**RAILROADS—0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 9944 | **2030465** |
| &nbsp;&nbsp;&nbsp;**RESTAURANTS—1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 8747 | 2338948 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 22945 | 2504217 |
|  |  | **4843165** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTOR EQUIPMENT—2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 18891 | **7414340** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTORS—4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 11925 | 6976244 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 34891 | 4647830 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd.<sup>#</sup> | 21779 | 2019567 |
|  |  | **13643641** |
| &nbsp;&nbsp;&nbsp;**SOFT DRINKS—2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 26841 | 4590348 |
| &nbsp;&nbsp;&nbsp;The Coca-Cola Co. | 62552 | 3835688 |
|  |  | **8426036** |
| &nbsp;&nbsp;&nbsp;**SYSTEMS SOFTWARE—8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 92739 | 22981652 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 20566 | 1819268 |
|  |  | **24800920** |
| &nbsp;&nbsp;&nbsp;**TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 151897 | **21917218** |
| &nbsp;&nbsp;&nbsp;**TOBACCO—1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 45426 | 2045987 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 14265 | 1486984 |
|  |  | **3532971** |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $189,945,002) |  | **272277708** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**MASTER LIMITED PARTNERSHIP—0.6%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS STORAGE & TRANSPORTATION—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP | 35211 | **1921464** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,508,792) |  | **1921464** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUST—4.3%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | 24010 | **1801710** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIAL—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | 11480 | **1484135** |

---

------

**THE ALGER FUNDS \| ALGER GROWTH & INCOME FUND**

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUST—4.3% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**MORTGAGE—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc., Cl. A | 67406 | $**1606959** |
| &nbsp;&nbsp;&nbsp;**RETAIL—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 18684 | **2400147** |
| &nbsp;&nbsp;&nbsp;**SPECIALIZED—1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 25786 | 3819164 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Cl. A | 18096 | 1927948 |
|  |  | **5747112** |
| &nbsp;&nbsp;&nbsp;**TOTAL REAL ESTATE INVESTMENT TRUST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,063,404) |  | **13040063** |
| &nbsp;&nbsp;&nbsp;**Total Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $203,517,198)** | 95.1% | $**287239235** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Securities (Cost $203,517,198) |  | 287239235 |
| &nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities | 4.9% | 14739057 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | 100.0% | $**301978292** |

---

*<sup>#</sup>* *American Depositary Receipts.*

*\** *Non-income producing security.*

***See Notes to Financial Statements.***

------

**THE ALGER FUNDS \| ALGER MID CAP GROWTH FUND**

**Schedule of Investments January 31, 2023 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—98.2%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**ADVERTISING—1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;The Trade Desk, Inc., Cl. A\* | 65248 | $**3308074** |
| &nbsp;&nbsp;&nbsp;**AEROSPACE & DEFENSE—5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | 30313 | 5182007 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 7005 | 5027839 |
|  |  | **10209846** |
| &nbsp;&nbsp;&nbsp;**APPAREL ACCESSORIES & LUXURY GOODS—1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.\* | 9404 | **2885900** |
| &nbsp;&nbsp;&nbsp;**APPAREL RETAIL—2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Aritzia, Inc.\* | 72839 | 2627142 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.\* | 6433 | 1478496 |
|  |  | **4105638** |
| &nbsp;&nbsp;&nbsp;**APPLICATION SOFTWARE—13.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Bill.com Holdings, Inc.\* | 8374 | 968202 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 26367 | 4820678 |
| &nbsp;&nbsp;&nbsp;Constellation Software, Inc. | 3466 | 6123610 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Cl. A\* | 30864 | 2308936 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.\* | 26347 | 1929654 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.\* | 22978 | 2995412 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc.\* | 10188 | 3300301 |
| &nbsp;&nbsp;&nbsp;The Descartes Systems Group, Inc.\* | 34702 | 2532460 |
|  |  | **24979253** |
| &nbsp;&nbsp;&nbsp;**AUTOMOTIVE RETAIL—3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.\* | 2637 | **6431247** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals, Inc.\* | 19066 | 1005350 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.\* | 36161 | 1593254 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.\* | 68371 | 2935167 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.\* | 16155 | 1792074 |
| &nbsp;&nbsp;&nbsp;Prometheus Biosciences, Inc.\* | 18550 | 2108393 |
|  |  | **9434238** |
| &nbsp;&nbsp;&nbsp;**BUILDING PRODUCTS—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc.\* | 19741 | **1040746** |
| &nbsp;&nbsp;&nbsp;**CONSTRUCTION & ENGINEERING—1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;WillScot Mobile Mini Holdings Corp.\* | 59414 | **2879202** |
| &nbsp;&nbsp;&nbsp;**CONSTRUCTION MACHINERY & HEAVY TRUCKS—2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Wabtec Corp. | 36982 | **3839101** |
| &nbsp;&nbsp;&nbsp;**CONSTRUCTION MATERIALS—1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 5439 | **1956082** |
| &nbsp;&nbsp;&nbsp;**DIVERSIFIED METALS & MINING—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;MP Materials Corp.\* | 75757 | **2462860** |
| &nbsp;&nbsp;&nbsp;**ELECTRICAL COMPONENTS & EQUIPMENT—2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 27119 | **3930086** |
| &nbsp;&nbsp;&nbsp;**ELECTRONIC COMPONENTS—1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Cl. A | 42783 | **3412800** |
| &nbsp;&nbsp;&nbsp;**ELECTRONIC EQUIPMENT & INSTRUMENTS—2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.\* | 26173 | **4226154** |
| &nbsp;&nbsp;&nbsp;**ENVIRONMENTAL & FACILITIES SERVICES—1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;GFL Environmental, Inc. | 85606 | **2641801** |

---

------

**THE ALGER FUNDS \| ALGER MID CAP GROWTH FUND**

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—98.2% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**FINANCIAL EXCHANGES & DATA—3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;MSCI, Inc., Cl. A | 11085 | $**5892343** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE DISTRIBUTORS—2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 12139 | **4596797** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE EQUIPMENT—2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.\* | 3870 | 1859535 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.\* | 10741 | 3086104 |
|  |  | **4945639** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE FACILITIES—2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.\* | 49280 | **4140506** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE TECHNOLOGY—1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Cl. A\* | 19268 | **3286157** |
| &nbsp;&nbsp;&nbsp;**HOMEBUILDING—0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;NVR, Inc.\* | 116 | **611320** |
| &nbsp;&nbsp;&nbsp;**HOTELS RESORTS & CRUISE LINES—2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 27883 | **4045544** |
| &nbsp;&nbsp;&nbsp;**HYPERMARKETS & SUPER CENTERS—1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.\* | 27359 | **1982707** |
| &nbsp;&nbsp;&nbsp;**INSURANCE BROKERS—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc., Cl. A\* | 24766 | **1055527** |
| &nbsp;&nbsp;&nbsp;**INTERNET SERVICES & INFRASTRUCTURE—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc., Cl. A\* | 4730 | **1013213** |
| &nbsp;&nbsp;&nbsp;**IT CONSULTING & OTHER SERVICES—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.\* | 3345 | **1112714** |
| &nbsp;&nbsp;&nbsp;**LIFE SCIENCES TOOLS & SERVICES—3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.\* | 2127 | 3260521 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.\* | 11014 | 2040894 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 7209 | 1914710 |
|  |  | **7216125** |
| &nbsp;&nbsp;&nbsp;**METAL & GLASS CONTAINERS—1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 47264 | **2752655** |
| &nbsp;&nbsp;&nbsp;**MOVIES & ENTERTAINMENT—2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp. Series C Liberty Formula One\* | 49818 | 3527115 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\* | 19119 | 1538888 |
|  |  | **5066003** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EQUIPMENT & SERVICES—1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co., Cl. A | 83777 | **2659082** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EXPLORATION & PRODUCTION—3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 41323 | **6038117** |
| &nbsp;&nbsp;&nbsp;**PROPERTY & CASUALTY INSURANCE—1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Intact Financial Corp. | 15475 | **2245041** |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE SERVICES—2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;FirstService Corp. | 38017 | **5432629** |
| &nbsp;&nbsp;&nbsp;**REGIONAL BANKS—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;First Republic Bank | 10861 | **1530098** |
| &nbsp;&nbsp;&nbsp;**RESEARCH & CONSULTING SERVICES—3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 63390 | 4938081 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc., Cl. A | 5429 | 986938 |
|  |  | **5925019** |

---

------

**THE ALGER FUNDS \| ALGER MID CAP GROWTH FUND**

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—98.2% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**RESTAURANTS—3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc., Cl. A\* | 2908 | $4787673 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 5437 | 1919261 |
|  |  | **6706934** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTOR EQUIPMENT—2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 7148 | 2805447 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc.\* | 6601 | 2106577 |
|  |  | **4912024** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTORS—4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 40152 | 1732559 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 47543 | 3690287 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 47411 | 3482338 |
|  |  | **8905184** |
| &nbsp;&nbsp;&nbsp;**SYSTEMS SOFTWARE—1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.\* | 21222 | **3366658** |
| &nbsp;&nbsp;&nbsp;**TRUCKING—2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 13373 | **4456419** |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $172,831,253) |  | **187637483** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**PREFERRED STOCKS—0.0%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Prosetta Biosciences, Inc., Series D\*<sup>,@,(a),(b)</sup> | 219610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $988,245) |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**RIGHTS—0.2%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Tolero CDR\*<sup>,@,(a),(c)</sup> | 590059 | **377638** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $315,501) |  | **377638** |
| &nbsp;&nbsp;&nbsp;**SPECIAL PURPOSE VEHICLE—0.8%** |  | **VALUE** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Crosslink Ventures Capital C LLC, Cl. A\*<sup>,@,(a),(b)</sup> |  | 1117200 |
| &nbsp;&nbsp;&nbsp;Crosslink Ventures Capital C LLC, Cl. B\*<sup>,@,(a),(b)</sup> |  | 442225 |
|  |  | **1559425** |
| &nbsp;&nbsp;&nbsp;**TOTAL SPECIAL PURPOSE VEHICLE** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,675,000) |  | **1559425** |
| &nbsp;&nbsp;&nbsp;**Total Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $175,809,999)** | 99.2% | $**189574546** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Securities (Cost $2,663,245) |  | 1559425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Securities (Cost $173,146,754) |  | 188015121 |
| &nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities | 0.8% | 1560566 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | 100.0% | $**191135112** |

---

*<sup>(a)</sup>* *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).*

*<sup>(b)</sup>* *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.*

*<sup>(c)</sup>* *Contingent Deferred Rights.*

*\** *Non-income producing security.*

------

**THE ALGER FUNDS \| ALGER MID CAP GROWTH FUND**

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

*<sup>@</sup>* *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.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | *<u>% of net assets</u>* |  | *<u>% of net assets</u>* |
|  | *<u>Acquisition</u>* | *<u>Acquisition</u>* | *<u>(Acquisition</u>* | *<u>Market</u>* | *<u>as of</u>* |
| *<u>Security</u>* | *<u>Date(s)</u>* | *<u>Cost</u>* | *<u>Date)</u>* | *<u>Value</u>* | *<u>1/31/2023</u>* |
| *Crosslink Ventures Capital C LLC, Cl. A* | *10/2/20* | $*1200000* | *0.50%* | $*1117200* | *0.58 %* |
| *Crosslink Ventures Capital C LLC, Cl. B* | *12/16/20* | *475000* | *0.19%* | *442225* | *0.23 %* |
| *Prosetta Biosciences, Inc., Series D* | *2/6/15* | *988245* | *0.50%* | *0* | *0.00 %* |
| *Tolero CDR* | *2/6/17* | *315501* | *0.19%* | *377638* | *0.20 %* |
| *Total* |  |  |  | $*1937063* | *1.01 %* |

---

***See Notes to Financial Statements.***

------

**THE ALGER FUNDS \| ALGER MID CAP FOCUS FUND**

**Schedule of Investments January 31, 2023 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—96.5%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**AEROSPACE & DEFENSE—4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.\* | 22528 | $4402872 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | 45840 | 7836348 |
| &nbsp;&nbsp;&nbsp;Mercury Systems, Inc.\* | 129063 | 6451214 |
|  |  | **18690434** |
| &nbsp;&nbsp;&nbsp;**APPAREL RETAIL—1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.\* | 18111 | **4162451** |
| &nbsp;&nbsp;&nbsp;**APPLICATION SOFTWARE—27.3%** |  |  |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.\* | 322905 | 9018737 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.\* | 132627 | 11082312 |
| &nbsp;&nbsp;&nbsp;Alteryx, Inc., Cl. A\* | 214663 | 11911650 |
| &nbsp;&nbsp;&nbsp;AppFolio, Inc., Cl. A\* | 41452 | 4656303 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc., Cl. B | 353059 | 13786954 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 38665 | 7069122 |
| &nbsp;&nbsp;&nbsp;Everbridge, Inc.\* | 346599 | 11077304 |
| &nbsp;&nbsp;&nbsp;Model N, Inc.\* | 104170 | 4131382 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.\* | 45228 | 9420540 |
| &nbsp;&nbsp;&nbsp;Splunk, Inc.\* | 77427 | 7415184 |
| &nbsp;&nbsp;&nbsp;Sumo Logic, Inc.\* | 994447 | 11764308 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.\* | 34638 | 11180107 |
|  |  | **112513903** |
| &nbsp;&nbsp;&nbsp;**AUTOMOTIVE RETAIL—1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.\* | 10152 | **8043937** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—12.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.\* | 16641 | 4796768 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.\* | 342471 | 14702280 |
| &nbsp;&nbsp;&nbsp;Prometheus Biosciences, Inc.\* | 36335 | 4129836 |
| &nbsp;&nbsp;&nbsp;RAPT Therapeutics, Inc.\* | 90379 | 2625510 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.\* | 85948 | 3897742 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 27927 | 9023214 |
| &nbsp;&nbsp;&nbsp;Viridian Therapeutics, Inc.\* | 341231 | 12461756 |
|  |  | **51637106** |
| &nbsp;&nbsp;&nbsp;**CASINOS & GAMING—1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp.\* | 72112 | **4254608** |
| &nbsp;&nbsp;&nbsp;**CONSTRUCTION MACHINERY & HEAVY TRUCKS—1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 22618 | **5706295** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 59241 | **4827549** |
| &nbsp;&nbsp;&nbsp;**ELECTRIC UTILITIES—3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 172163 | **14695834** |
| &nbsp;&nbsp;&nbsp;**ELECTRONIC EQUIPMENT & INSTRUMENTS—1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.\* | 41410 | **6686473** |
| &nbsp;&nbsp;&nbsp;**ENVIRONMENTAL & FACILITIES SERVICES—2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. | 81715 | **10859924** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE DISTRIBUTORS—2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 29118 | **11026404** |

---

------

**THE ALGER FUNDS \| ALGER MID CAP FOCUS FUND**

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—96.5% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE EQUIPMENT—8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Axonics, Inc.\* | 83437 | $5123032 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.\* | 55570 | 5950991 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.\* | 59824 | 17188632 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc.\* | 20312 | 5086328 |
|  |  | **33348983** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE FACILITIES—1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.\* | 78647 | **6607921** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE TECHNOLOGY—1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Cl. A\* | 37396 | **6377888** |
| &nbsp;&nbsp;&nbsp;**INTERNET & DIRECT MARKETING RETAIL—1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Pinduoduo, Inc.<sup>#,</sup>\* | 75428 | **7390435** |
| &nbsp;&nbsp;&nbsp;**INTERNET SERVICES & INFRASTRUCTURE—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Cl. A\* | 112872 | **5561203** |
| &nbsp;&nbsp;&nbsp;**LIFE SCIENCES TOOLS & SERVICES—1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 31949 | **4858804** |
| &nbsp;&nbsp;&nbsp;**MOVIES & ENTERTAINMENT—2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp. Series C Liberty Formula One\* | 127034 | **8994007** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EXPLORATION & PRODUCTION—3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 100021 | **14615069** |
| &nbsp;&nbsp;&nbsp;**PHARMACEUTICALS—1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Reata Pharmaceuticals, Inc., Cl. A\* | 144977 | **6281853** |
| &nbsp;&nbsp;&nbsp;**RESEARCH & CONSULTING SERVICES—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Cl. A\* | 10237 | **3153917** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTOR EQUIPMENT—1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc.\* | 19189 | **6123786** |
| &nbsp;&nbsp;&nbsp;**SPECIALTY STORES—3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.\* | 28532 | 5624513 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.\* | 18581 | 9549891 |
|  |  | **15174404** |
| &nbsp;&nbsp;&nbsp;**SYSTEMS SOFTWARE—2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.\* | 61359 | **9733992** |
| &nbsp;&nbsp;&nbsp;**TRADING COMPANIES & DISTRIBUTORS—3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc.\* | 29162 | **12858984** |
| &nbsp;&nbsp;&nbsp;**TRUCKING—1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 12851 | **4282467** |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $378,417,331) |  | **398468631** |
| &nbsp;&nbsp;&nbsp;**Total Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $378,417,331)** | 96.5% | $**398468631** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Securities (Cost $378,417,331) |  | 398468631 |
| &nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities | 3.5% | 14238901 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | 100.0% | $**412707532** |

---

<sup>\*</sup> *Non-income producing security.*

*<sup>#</sup>* *American Depositary Receipts.*

***See Notes to Financial Statements.***

------

**THE ALGER FUNDS \| ALGER WEATHERBIE ENDURING GROWTH FUND**

**Schedule of Investments January 31, 2023 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—91.0%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**ADVERTISING—0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;The Trade Desk, Inc., Cl. A\* | 672 | $**34070** |
| &nbsp;&nbsp;&nbsp;**AEROSPACE & DEFENSE—7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 510 | **366052** |
| &nbsp;&nbsp;&nbsp;**APPLICATION SOFTWARE—14.8%** |  |  |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.\* | 379 | 131517 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.\* | 1389 | 289315 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.\* | 1182 | 160847 |
| &nbsp;&nbsp;&nbsp;Vertex, Inc., Cl. A\* | 7677 | 103639 |
|  |  | **685318** |
| &nbsp;&nbsp;&nbsp;**ASSET MANAGEMENT & CUSTODY BANKS—4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Cl. A | 1563 | 121695 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc., Cl. A | 3285 | 95889 |
|  |  | **217584** |
| &nbsp;&nbsp;&nbsp;**CONSUMER FINANCE—0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.\* | 772 | **14421** |
| &nbsp;&nbsp;&nbsp;**EDUCATION SERVICES—4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Chegg, Inc.\* | 10107 | **209821** |
| &nbsp;&nbsp;&nbsp;**ENVIRONMENTAL & FACILITIES SERVICES—23.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Cl. A\* | 5158 | 413259 |
| &nbsp;&nbsp;&nbsp;Montrose Environmental Group, Inc.\* | 4713 | 255256 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. | 3145 | 417971 |
|  |  | **1086486** |
| &nbsp;&nbsp;&nbsp;**GENERAL MERCHANDISE STORES—1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.\* | 1330 | **72831** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE EQUIPMENT—4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Insulet Corp.\* | 263 | 75565 |
| &nbsp;&nbsp;&nbsp;Nevro Corp.\* | 3055 | 112180 |
|  |  | **187745** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE SERVICES—2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Agiliti, Inc.\* | 6368 | **117490** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE TECHNOLOGY—1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Definitive Healthcare Corp., Cl. A\* | 3961 | **49037** |
| &nbsp;&nbsp;&nbsp;**MANAGED HEALTHCARE—3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Progyny, Inc.\* | 4789 | **164694** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EQUIPMENT & SERVICES—4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Core Laboratories NV | 7282 | **186419** |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE SERVICES—8.8%** |  |  |
| &nbsp;&nbsp;&nbsp;FirstService Corp. | 2847 | **406836** |
| &nbsp;&nbsp;&nbsp;**REGIONAL BANKS—3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Signature Bank | 1063 | **137074** |
| &nbsp;&nbsp;&nbsp;**TRADING COMPANIES & DISTRIBUTORS—3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.\* | 959 | **145298** |

---

------

**THE ALGER FUNDS \| ALGER WEATHERBIE ENDURING GROWTH FUND**

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—91.0% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**TRUCKING—3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;RXO, Inc.\* | 2935 | $53769 |
| &nbsp;&nbsp;&nbsp;XPO, Inc.\* | 2097 | 83587 |
|  |  | **137356** |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,898,909) |  | **4218532** |
| &nbsp;&nbsp;&nbsp;**Total Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $4,898,909)** | 91.0% | $**4218532** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Securities (Cost $4,898,909) |  | 4218532 |
| &nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities | 9.0% | 415377 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | 100.0% | $**4633909** |

---

\* *Non-income producing security.*

***See Notes to Financial Statements.***

------

**THE ALGER FUNDS \| ALGER WEATHERBIE SPECIALIZED GROWTH FUND**

**Schedule of Investments January 31, 2023 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—95.7%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**ADVERTISING—0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;TechTarget, Inc.\* | 53511 | $**2650400** |
| &nbsp;&nbsp;&nbsp;**AEROSPACE & DEFENSE—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc.\* | 391383 | **4481335** |
| &nbsp;&nbsp;&nbsp;**APPAREL ACCESSORIES & LUXURY GOODS—0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Canada Goose Holdings, Inc.\* | 209799 | **5075038** |
| &nbsp;&nbsp;&nbsp;**APPAREL RETAIL—0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;MYT Netherlands Parent BV<sup>#,</sup>\* | 452833 | **5280033** |
| &nbsp;&nbsp;&nbsp;**APPLICATION SOFTWARE—7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Ebix, Inc. | 76760 | 1463045 |
| &nbsp;&nbsp;&nbsp;Everbridge, Inc.\* | 7905 | 252644 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.\* | 298902 | 40674584 |
| &nbsp;&nbsp;&nbsp;Vertex, Inc., Cl. A\* | 1082098 | 14608323 |
|  |  | **56998596** |
| &nbsp;&nbsp;&nbsp;**ASSET MANAGEMENT & CUSTODY BANKS—6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Cl. A | 306984 | 23901774 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc., Cl. A | 746273 | 21783709 |
|  |  | **45685483** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.\* | 482366 | 9179425 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.\* | 119419 | 5126658 |
| &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical, Inc.\* | 181997 | 8249924 |
|  |  | **22556007** |
| &nbsp;&nbsp;&nbsp;**CONSTRUCTION & ENGINEERING—2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Ameresco, Inc., Cl. A\* | 246697 | **15904556** |
| &nbsp;&nbsp;&nbsp;**CONSUMER FINANCE—0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.\* | 70877 | **1323982** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Flywire Corp.\* | 348556 | **9400555** |
| &nbsp;&nbsp;&nbsp;**EDUCATION SERVICES—3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Chegg, Inc.\* | 1144691 | **23763785** |
| &nbsp;&nbsp;&nbsp;**ELECTRONIC EQUIPMENT & INSTRUMENTS—2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.\* | 121726 | **19655097** |
| &nbsp;&nbsp;&nbsp;**ENVIRONMENTAL & FACILITIES SERVICES—11.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Cl. A\* | 517977 | 41500317 |
| &nbsp;&nbsp;&nbsp;Montrose Environmental Group, Inc.\* | 837505 | 45359271 |
|  |  | **86859588** |
| &nbsp;&nbsp;&nbsp;**GENERAL MERCHANDISE STORES—1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.\* | 135829 | **7437996** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE DISTRIBUTORS—0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;PetIQ, Inc., Cl. A\* | 274689 | **3252318** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE EQUIPMENT—7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.\* | 471128 | 23108828 |
| &nbsp;&nbsp;&nbsp;Impulse Dynamics PLC, Series E<sup>\*,@,(a)</sup> | 904912 | 2986210 |
| &nbsp;&nbsp;&nbsp;Inogen, Inc.\* | 374869 | 8745694 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.\* | 42160 | 10669010 |
| &nbsp;&nbsp;&nbsp;Nevro Corp.\* | 382066 | 14029463 |
|  |  | **59539205** |

---

------

**THE ALGER FUNDS \| ALGER WEATHERBIE SPECIALIZED GROWTH FUND**

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—95.7% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE FACILITIES—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;US Physical Therapy, Inc. | 96526 | $**9570553** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE SERVICES—2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Agiliti, Inc.\* | 1012002 | **18671437** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE TECHNOLOGY—1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Definitive Healthcare Corp., Cl. A\* | 857291 | **10613263** |
| &nbsp;&nbsp;&nbsp;**INSURANCE BROKERS—0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc., Cl. A\* | 555 | **21673** |
| &nbsp;&nbsp;&nbsp;**INTERNET & DIRECT MARKETING RETAIL—0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Xometry, Inc., Cl. A\* | 189530 | **6637341** |
| &nbsp;&nbsp;&nbsp;**IT CONSULTING & OTHER SERVICES—4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;CI&T, Inc., Cl. A\* | 1036218 | 7709462 |
| &nbsp;&nbsp;&nbsp;Globant SA\* | 120011 | 19463384 |
| &nbsp;&nbsp;&nbsp;Grid Dynamics Holdings, Inc.\* | 455452 | 5702259 |
|  |  | **32875105** |
| &nbsp;&nbsp;&nbsp;**LEISURE FACILITIES—3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Cl. A\* | 339602 | **28747309** |
| &nbsp;&nbsp;&nbsp;**LEISURE PRODUCTS—0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Latham Group, Inc.\* | 530497 | **2334187** |
| &nbsp;&nbsp;&nbsp;**MANAGED HEALTHCARE—3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Progyny, Inc.\* | 813541 | **27977675** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EQUIPMENT & SERVICES—6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Core Laboratories NV | 1167266 | 29882010 |
| &nbsp;&nbsp;&nbsp;Dril-Quip, Inc.\* | 518795 | 15932194 |
|  |  | **45814204** |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE SERVICES—5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;FirstService Corp. | 311456 | **44507062** |
| &nbsp;&nbsp;&nbsp;**REGIONAL BANKS—2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | 468597 | **15046650** |
| &nbsp;&nbsp;&nbsp;**RESTAURANTS—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | 26543 | **4206269** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTORS—2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.\* | 144771 | **18788380** |
| &nbsp;&nbsp;&nbsp;**SPECIALTY STORES—0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.\* | 1280 | **52608** |
| &nbsp;&nbsp;&nbsp;**SYSTEMS SOFTWARE—0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Rapid7, Inc.\* | 133202 | **5310764** |
| &nbsp;&nbsp;&nbsp;**THRIFTS & MORTGAGE FINANCE—2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.\* | 368241 | **17719757** |
| &nbsp;&nbsp;&nbsp;**TRADING COMPANIES & DISTRIBUTORS—7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.\* | 225269 | 34130506 |
| &nbsp;&nbsp;&nbsp;Transcat, Inc.\* | 245775 | 20527128 |
|  |  | **54657634** |
| &nbsp;&nbsp;&nbsp;**TRUCKING—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;RXO, Inc.\* | 189381 | **3469460** |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $705,618,124) |  | **716885305** |

---

------

**THE ALGER FUNDS \| ALGER WEATHERBIE SPECIALIZED GROWTH FUND <br> Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**PREFERRED STOCKS—0.0%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Prosetta Biosciences, Inc., Series D<sup>\*,@,(a),(b)</sup> | 231474 | $**—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,041,633) |  | **—** |
| &nbsp;&nbsp;&nbsp;**Total Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $706,659,757)** | 95.7% | $**716885305** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Securities (Cost $1,041,633) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Securities (Cost $705,618,124) |  | 716885305 |
| &nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities | 4.3% | 32465134 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | 100.0% | $**749350439** |

---

<sup>#</sup> *American Depositary Receipts.*

*<sup>(a)</sup>* *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).*

*<sup>(b)</sup>* *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.*

*<sup>\*</sup>* *Non-income producing security.*

*<sup>@</sup>* *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.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | *<u>% of net assets</u>* |  | *<u>% of net assets</u>* |
|  | *<u>Acquisition</u>* | *<u>Acquisition</u>* | *<u>(Acquisition</u>* | *<u>Market</u>* | *<u>as of</u>* |
| *<u>Security</u>* | *<u>Date(s)</u>* | *<u>Cost</u>* | *<u>Date)</u>* | *<u>Value</u>* | *<u>1/31/2023</u>* |
| *Impulse Dynamics PLC, Series E* | *2/11/22* | $*2986210* | *0.24 %* | $*2986210* | *0.40 %* |
| *Prosetta Biosciences, Inc., Series D* | *2/6/15* | *1041633* | *0.10 %* | *0* | *0.00 %* |
| *Total* |  |  |  | $*2986210* | *0.40 %* |

---

***See Notes to Financial Statements.***

------

**THE ALGER FUNDS \| ALGER SMALL CAP GROWTH FUND**

**Schedule of Investments January 31, 2023 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—97.5%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**ADVERTISING—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.\* | 179986 | $**2174231** |
| &nbsp;&nbsp;&nbsp;**AEROSPACE & DEFENSE—5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | 89724 | 15338318 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | 34820 | 2457596 |
| &nbsp;&nbsp;&nbsp;Mercury Systems, Inc.\* | 71176 | 3557732 |
|  |  | **21353646** |
| &nbsp;&nbsp;&nbsp;**APPAREL ACCESSORIES & LUXURY GOODS—2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Capri Holdings Ltd.\* | 138140 | **9184929** |
| &nbsp;&nbsp;&nbsp;**APPAREL RETAIL—0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Aritzia, Inc.\* | 26284 | 948006 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.\* | 53575 | 2258186 |
|  |  | **3206192** |
| &nbsp;&nbsp;&nbsp;**APPLICATION SOFTWARE—22.5%** |  |  |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.\* | 257174 | 7182870 |
| &nbsp;&nbsp;&nbsp;AppFolio, Inc., Cl. A\* | 15632 | 1755942 |
| &nbsp;&nbsp;&nbsp;Bill.com Holdings, Inc.\* | 51956 | 6007153 |
| &nbsp;&nbsp;&nbsp;Blackbaud, Inc.\* | 79209 | 4927592 |
| &nbsp;&nbsp;&nbsp;Blackline, Inc.\* | 55731 | 4001486 |
| &nbsp;&nbsp;&nbsp;Coupa Software, Inc.\* | 55610 | 4444351 |
| &nbsp;&nbsp;&nbsp;Digital Turbine, Inc.\* | 54079 | 938811 |
| &nbsp;&nbsp;&nbsp;Everbridge, Inc.\* | 82052 | 2622382 |
| &nbsp;&nbsp;&nbsp;ForgeRock, Inc., Cl. A\* | 30441 | 604558 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.\* | 36894 | 2702117 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.\* | 16330 | 5666673 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.\* | 70581 | 9200939 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc.\* | 21276 | 6892147 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.\* | 108919 | 3563830 |
| &nbsp;&nbsp;&nbsp;SEMrush Holdings, Inc., Cl. A\* | 94341 | 921712 |
| &nbsp;&nbsp;&nbsp;Smartsheet, Inc., Cl. A\* | 71669 | 3096817 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Inc., Cl. A\* | 73507 | 4702243 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.\* | 72109 | 9812593 |
| &nbsp;&nbsp;&nbsp;Sumo Logic, Inc.\* | 126902 | 1501251 |
| &nbsp;&nbsp;&nbsp;Vertex, Inc., Cl. A\* | 260255 | 3513442 |
|  |  | **84058909** |
| &nbsp;&nbsp;&nbsp;**ASSET MANAGEMENT & CUSTODY BANKS—0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 7756 | **1339771** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alkermes PLC\* | 40937 | 1172436 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc.\* | 40904 | 884753 |
| &nbsp;&nbsp;&nbsp;Cabaletta Bio, Inc.\* | 100541 | 1225595 |
| &nbsp;&nbsp;&nbsp;CareDx, Inc.\* | 258904 | 3868026 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.\* | 32811 | 1445653 |
| &nbsp;&nbsp;&nbsp;Karuna Therapeutics, Inc.\* | 12763 | 2544814 |
| &nbsp;&nbsp;&nbsp;Prometheus Biosciences, Inc.\* | 14521 | 1650457 |
|  |  | **12791734** |

---

------

**THE ALGER FUNDS \| ALGER SMALL CAP GROWTH FUND**

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—97.5% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;DLocal Ltd., Cl. A\* | 173167 | $2872841 |
| &nbsp;&nbsp;&nbsp;Marqeta, Inc., Cl. A\* | 161948 | 1073715 |
|  |  | **3946556** |
| &nbsp;&nbsp;&nbsp;**DIVERSIFIED SUPPORT SERVICES—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;IAA, Inc.\* | 42596 | **1777531** |
| &nbsp;&nbsp;&nbsp;**ELECTRICAL COMPONENTS & EQUIPMENT—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.\* | 66735 | **1753796** |
| &nbsp;&nbsp;&nbsp;**ELECTRONIC EQUIPMENT & INSTRUMENTS—1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;908 Devices, Inc.\* | 105842 | 986447 |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | 76543 | 4189964 |
|  |  | **5176411** |
| &nbsp;&nbsp;&nbsp;**FOOD DISTRIBUTORS—2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;The Chefs' Warehouse, Inc.\* | 94528 | 3613806 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.\* | 170857 | 6514777 |
|  |  | **10128583** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE DISTRIBUTORS—0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;PetIQ, Inc., Cl. A\* | 62035 | **734494** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE EQUIPMENT—8.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Impulse Dynamics PLC, Series E<sup>\*,@,(a)</sup> | 1105151 | 3646998 |
| &nbsp;&nbsp;&nbsp;Inmode Ltd.\* | 103438 | 3625502 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.\* | 29158 | 8377677 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories, Inc. | 27736 | 5395761 |
| &nbsp;&nbsp;&nbsp;Paragon 28, Inc.\* | 75516 | 1272445 |
| &nbsp;&nbsp;&nbsp;QuidelOrtho Corp.\* | 79576 | 6812501 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc.\* | 79550 | 3240867 |
|  |  | **32371751** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE SERVICES—0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Guardant Health, Inc.\* | 4867 | 152970 |
| &nbsp;&nbsp;&nbsp;Privia Health Group, Inc.\* | 48330 | 1306843 |
|  |  | **1459813** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE SUPPLIES—2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Neogen Corp.\* | 443260 | **9490197** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE TECHNOLOGY—2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Definitive Healthcare Corp., Cl. A\* | 33958 | 420400 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Cl. A\* | 18271 | 644418 |
| &nbsp;&nbsp;&nbsp;Sophia Genetics SA\* | 79654 | 238962 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Cl. A\* | 43687 | 7450818 |
|  |  | **8754598** |
| &nbsp;&nbsp;&nbsp;**HOMEBUILDING—0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Skyline Champion Corp.\* | 23895 | **1408610** |
| &nbsp;&nbsp;&nbsp;**HOMEFURNISHING RETAIL—0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Arhaus, Inc., Cl. A\* | 50615 | **716202** |
| &nbsp;&nbsp;&nbsp;**HUMAN RESOURCE & EMPLOYMENT SERVICES—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Upwork, Inc.\* | 133462 | **1729667** |
| &nbsp;&nbsp;&nbsp;**HYPERMARKETS & SUPER CENTERS—3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.\* | 171422 | **12422952** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIAL MACHINERY—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Gates Industrial Corp., PLC\* | 161017 | **2127035** |

---

------

**THE ALGER FUNDS \| ALGER SMALL CAP GROWTH FUND**

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—97.5% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**INTERACTIVE HOME ENTERTAINMENT—1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 35288 | $**3995660** |
| &nbsp;&nbsp;&nbsp;**INTERACTIVE MEDIA & SERVICES—1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Bumble, Inc., Cl. A\* | 66183 | 1704212 |
| &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.\* | 127813 | 2978043 |
|  |  | **4682255** |
| &nbsp;&nbsp;&nbsp;**INTERNET & DIRECT MARKETING RETAIL—1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Farfetch Ltd., Cl. A\* | 136984 | 934231 |
| &nbsp;&nbsp;&nbsp;The RealReal, Inc.\* | 267138 | 488862 |
| &nbsp;&nbsp;&nbsp;Xometry, Inc., Cl. A\* | 62192 | 2177964 |
|  |  | **3601057** |
| &nbsp;&nbsp;&nbsp;**LEISURE FACILITIES—0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Cl. A\* | 40235 | **3405893** |
| &nbsp;&nbsp;&nbsp;**LIFE SCIENCES TOOLS & SERVICES—8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Akoya Biosciences, Inc.\* | 139659 | 1571164 |
| &nbsp;&nbsp;&nbsp;Alpha Teknova, Inc.\* | 31939 | 190356 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 135569 | 10799427 |
| &nbsp;&nbsp;&nbsp;CryoPort, Inc.\* | 115779 | 2643235 |
| &nbsp;&nbsp;&nbsp;Cytek Biosciences, Inc.\* | 55786 | 672221 |
| &nbsp;&nbsp;&nbsp;ICON PLC\* | 9581 | 2210433 |
| &nbsp;&nbsp;&nbsp;Maravai LifeSciences Holdings, Inc., Cl. A\* | 38721 | 567650 |
| &nbsp;&nbsp;&nbsp;MaxCyte, Inc.\* | 48111 | 280968 |
| &nbsp;&nbsp;&nbsp;NanoString Technologies, Inc.\* | 232258 | 2457290 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc.\* | 396391 | 4709125 |
| &nbsp;&nbsp;&nbsp;Personalis, Inc.\* | 109708 | 257814 |
| &nbsp;&nbsp;&nbsp;Rapid Micro Biosystems, Inc., Cl. A\* | 64657 | 96985 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.\* | 28185 | 5222680 |
|  |  | **31679348** |
| &nbsp;&nbsp;&nbsp;**MANAGED HEALTHCARE—1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.\* | 96344 | **5862532** |
| &nbsp;&nbsp;&nbsp;**MOVIES & ENTERTAINMENT—2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\* | 134030 | **10788075** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EQUIPMENT & SERVICES—1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;ChampionX Corp. | 79644 | 2629845 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.\* | 166265 | 1654337 |
|  |  | **4284182** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EXPLORATION & PRODUCTION—5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 85796 | 2147474 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Cl. A | 731251 | 17264836 |
|  |  | **19412310** |
| &nbsp;&nbsp;&nbsp;**PHARMACEUTICALS—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Pliant Therapeutics, Inc.\* | 54049 | **1893877** |
| &nbsp;&nbsp;&nbsp;**REGIONAL BANKS—1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 79755 | **4199101** |
| &nbsp;&nbsp;&nbsp;**RESEARCH & CONSULTING SERVICES—0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;LegalZoom.com, Inc.\* | 144125 | **1222180** |

---

------

**THE ALGER FUNDS \| ALGER SMALL CAP GROWTH FUND**

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—97.5% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**RESTAURANTS—6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc., Cl. A\* | 151624 | $8624373 |
| &nbsp;&nbsp;&nbsp;The Cheesecake Factory, Inc. | 174365 | 6843827 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | 43860 | 6950494 |
|  |  | **22418694** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTOR EQUIPMENT—0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc.\* | 10807 | **3448838** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTORS—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | 22496 | **2981395** |
| &nbsp;&nbsp;&nbsp;**SPECIALTY CHEMICALS—3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | 90214 | **11784655** |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $384,568,524) |  | **363767660** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**PREFERRED STOCKS—0.0%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Prosetta Biosciences, Inc., Series D<sup>\*,@,(a),(b)</sup> | 50688 | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $228,096) |  | **—** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**RIGHTS—0.0%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Tolero CDR\*<sup>,@,(a),(c)</sup> | 174782 | **111860** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $94,483) |  | **111860** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUST—1.3%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**RETAIL—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Tanger Factory Outlet Centers, Inc. | 258634 | **4942496** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,259,450) |  | **4942496** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**SPECIAL PURPOSE VEHICLE—0.6%** | | **VALUE** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Crosslink Ventures Capital C LLC, Cl. A<sup>\*,@,(a),(b)</sup> |  | 1675800 |
| &nbsp;&nbsp;&nbsp;Crosslink Ventures Capital C LLC, Cl. B<sup>\*,@,(a),(b)</sup> |  | 442225 |
|  |  | **2118025** |
| &nbsp;&nbsp;&nbsp;**TOTAL SPECIAL PURPOSE VEHICLE** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,275,000) |  | **2118025** |
| &nbsp;&nbsp;&nbsp;**Total Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $391,425,553)** | 99.4% | $**370940041** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Securities (Cost $2,503,096) |  | 2118025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Securities (Cost $388,922,457) |  | 368822016 |
| &nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities | 0.6% | 2397751 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | 100.0% | $**373337792** |

---

*<sup>(a)</sup>* *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).*

*<sup>(b)</sup>* *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.*

*<sup>(c)</sup>* *Contingent Deferred Rights.*

*<sup>\*</sup>* *Non-income producing security.*

------

**THE ALGER FUNDS \| ALGER SMALL CAP GROWTH FUND**

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

<sup>@</sup> *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.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | *<u>% of net assets</u>* |  | *<u>% of net assets</u>* |
|  | *<u>Acquisition</u>* | *<u>Acquisition</u>* | *<u>(Acquisition</u>* | *<u>Market</u>* | *<u>as of</u>* |
| *<u>Security</u>* | *<u>Date(s)</u>* | *<u>Cost</u>* | *<u>Date)</u>* | *<u>Value</u>* | *<u>1/31/2023</u>* |
| *Crosslink Ventures Capital C LLC, Cl. A* | *10/2/20* | $*1800000* | *0.49 %* | $*1675800* | *0.45 %* |
| *Crosslink Ventures Capital C LLC, Cl. B* | *12/16/20* | *475000* | *0.10 %* | *442225* | *0.11 %* |
| *Impulse Dynamics PLC, Series E* | *2/11/22* | *3646998* | *0.69 %* | *3646998* | *0.98 %* |
| *Prosetta Biosciences, Inc., Series D* | *2/6/15* | *228096* | *0.10 %* | *0* | *0.00 %* |
| *Tolero CDR* | *2/6/17* | *94483* | *0.08 %* | *111860* | *0.03 %* |
| *Total* |  |  |  | $*5876883* | *1.57 %* |

---

***See Notes to Financial Statements.***

------

**THE ALGER FUNDS \| ALGER SMALL CAP FOCUS FUND**

**Schedule of Investments January 31, 2023 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—99.3%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**AEROSPACE & DEFENSE—2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.\* | 138056 | $26981665 |
| &nbsp;&nbsp;&nbsp;Mercury Systems, Inc.\* | 831310 | 41553030 |
|  |  | **68534695** |
| &nbsp;&nbsp;&nbsp;**APPAREL RETAIL—2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Aritzia, Inc.\* | 1435618 | **51779571** |
| &nbsp;&nbsp;&nbsp;**APPLICATION SOFTWARE—29.1%** |  |  |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.\* | 905713 | 25296564 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.\* | 633139 | 52905095 |
| &nbsp;&nbsp;&nbsp;AppFolio, Inc., Cl. A\* | 347061 | 38985362 |
| &nbsp;&nbsp;&nbsp;Blackline, Inc.\* | 1109352 | 79651474 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc., Cl. A\* | 4079624 | 79879038 |
| &nbsp;&nbsp;&nbsp;Everbridge, Inc.\* | 1191100 | 38067556 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.\* | 1123464 | 82282503 |
| &nbsp;&nbsp;&nbsp;Model N, Inc.\* | 589512 | 23380046 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc.\* | 268797 | 87074100 |
| &nbsp;&nbsp;&nbsp;PROS Holdings, Inc.\*<sup>,(a)</sup> | 2881995 | 72626274 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.\* | 1375619 | 45010254 |
| &nbsp;&nbsp;&nbsp;Smartsheet, Inc., Cl. A\* | 852702 | 36845253 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Inc., Cl. A\* | 868419 | 55552764 |
| &nbsp;&nbsp;&nbsp;Sumo Logic, Inc.\* | 2426081 | 28700538 |
|  |  | **746256821** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc.\* | 506993 | 10966259 |
| &nbsp;&nbsp;&nbsp;Cabaletta Bio, Inc.\*<sup>,(a)</sup> | 2166870 | 26414145 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.\* | 2112648 | 90695979 |
| &nbsp;&nbsp;&nbsp;Prometheus Biosciences, Inc.\* | 276987 | 31482342 |
|  |  | **159558725** |
| &nbsp;&nbsp;&nbsp;**ELECTRONIC EQUIPMENT & INSTRUMENTS—0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;908 Devices, Inc.\*<sup>,(a)</sup> | 1991055 | **18556633** |
| &nbsp;&nbsp;&nbsp;**ENVIRONMENTAL & FACILITIES SERVICES—1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Cl. A\* | 556833 | **44613460** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE EQUIPMENT—17.8%** |  |  |
| &nbsp;&nbsp;&nbsp;AtriCure, Inc.\* | 1550997 | 67127150 |
| &nbsp;&nbsp;&nbsp;Axonics, Inc.\* | 731897 | 44938476 |
| &nbsp;&nbsp;&nbsp;Heska Corp.\*<sup>,(a)</sup> | 713593 | 63823758 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.\* | 291886 | 73864671 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.\* | 262453 | 75407996 |
| &nbsp;&nbsp;&nbsp;QuidelOrtho Corp.\* | 879943 | 75331920 |
| &nbsp;&nbsp;&nbsp;Shockwave Medical, Inc.\* | 309005 | 58071310 |
|  |  | **458565281** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE TECHNOLOGY—3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Evolent Health, Inc., Cl. A\* | 1476630 | 47577019 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Cl. A\* | 286541 | 48869567 |
|  |  | **96446586** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIAL MACHINERY—5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.\* | 533056 | **130049672** |
| &nbsp;&nbsp;&nbsp;**INTERNET & DIRECT MARKETING RETAIL—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Xometry, Inc., Cl. A\* | 922245 | **32297020** |

---

------

**THE ALGER FUNDS \| ALGER SMALL CAP FOCUS FUND**

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—99.3% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**LIFE SCIENCES TOOLS & SERVICES—9.9%** |  |  |
| &nbsp;&nbsp;&nbsp;BioLife Solutions, Inc.\* | 1744518 | $40891502 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 678031 | 54011949 |
| &nbsp;&nbsp;&nbsp;Bruker Corp. | 789640 | 55369557 |
| &nbsp;&nbsp;&nbsp;CryoPort, Inc.\* | 2014791 | 45997679 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.\* | 314906 | 58352082 |
|  |  | **254622769** |
| &nbsp;&nbsp;&nbsp;**MANAGED HEALTHCARE—2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.\* | 995085 | **60550922** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EQUIPMENT & SERVICES—2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;ChampionX Corp. | 2247301 | **74205879** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EXPLORATION & PRODUCTION—4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;PDC Energy, Inc. | 906779 | 61416141 |
| &nbsp;&nbsp;&nbsp;Viper Energy Partners LP | 1912269 | 60714541 |
|  |  | **122130682** |
| &nbsp;&nbsp;&nbsp;**PACKAGED FOODS & MEATS—1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.\* | 572118 | **36232233** |
| &nbsp;&nbsp;&nbsp;**PHARMACEUTICALS—1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Pliant Therapeutics, Inc.\* | 759732 | **26621009** |
| &nbsp;&nbsp;&nbsp;**REGIONAL BANKS—0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | 50302 | **3452729** |
| &nbsp;&nbsp;&nbsp;**RESTAURANTS—3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc., Cl. A\* | 448946 | 25536048 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | 385299 | 61058333 |
|  |  | **86594381** |
| &nbsp;&nbsp;&nbsp;**SYSTEMS SOFTWARE—1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Tenable Holdings, Inc.\* | 888555 | **35746568** |
| &nbsp;&nbsp;&nbsp;**TRADING COMPANIES & DISTRIBUTORS—1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | 285317 | **44315436** |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,358,848,670) |  | **2551131072** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**RIGHTS—0.0%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Tolero CDR\*<sup>,@,(b),(c)</sup> | 11905 | **7619** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,436) |  | **7619** |
| &nbsp;&nbsp;&nbsp;**Total Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $2,358,855,106)** | 99.3% | $**2551138691** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Securities (Cost $234,529,733) |  | 181420810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Securities (Cost $2,124,325,373) |  | 2369717881 |
| &nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities | 0.7% | 17165305 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | 100.0% | $**2568303996** |

---

*<sup>(a)</sup>* *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.*

*<sup>(b)</sup>* *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).*

*<sup>(c)</sup>* *Contingent Deferred Rights.*

*\** *Non-income producing security.*

------

**THE ALGER FUNDS \| ALGER SMALL CAP FOCUS FUND**

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

<sup>@</sup> *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.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | *<u>% of net assets</u>* |  | *<u>% of net assets</u>* |
|  | *<u>Acquisition</u>* | *<u>Acquisition</u>* | *<u>(Acquisition</u>* | *<u>Market</u>* | *<u>as of</u>* |
| *<u>Security</u>* | *<u>Date(s)</u>* | *<u>Cost</u>* | *<u>Date)</u>* | *<u>Value</u>* | *<u>1/31/2023</u>* |
| *Tolero CDR* | *2/6/17* | $*6436* | *0.00%* | $*7619* | *0.00 %* |
| *Total* |  |  |  | $*7619* | *0.00 %* |

---

***See Notes to Financial Statements.***

------

**THE ALGER FUNDS \| ALGER INTERNATIONAL FOCUS FUND**

**Schedule of Investments January 31, 2023 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—97.0%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**ARGENTINA—2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**INTERNET & DIRECT MARKETING RETAIL—2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc.\* | 2850 | $3367816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,902,261) |  |  |
| &nbsp;&nbsp;&nbsp;**AUSTRALIA—4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**APPLICATION SOFTWARE—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xero Ltd.\* | 13200 | 727435 |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE SUPPLIES—1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nanosonics Ltd.\* | 694062 | 2395006 |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE TECHNOLOGY—2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro Medicus Ltd. | 81000 | 3867910 |
| &nbsp;&nbsp;&nbsp;**TOTAL AUSTRALIA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,913,869) |  | **6990351** |
| &nbsp;&nbsp;&nbsp;**BRAZIL—3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**DIVERSIFIED CAPITAL MARKETS—1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco BTG Pactual SA | 491000 | 2090864 |
| &nbsp;&nbsp;&nbsp;**FOOTWEAR—1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arezzo Industria e Comercio SA | 158000 | 2726150 |
| &nbsp;&nbsp;&nbsp;**TOTAL BRAZIL** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,663,260) |  | **4817014** |
| &nbsp;&nbsp;&nbsp;**CHINA—10.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**AUTOMOBILE MANUFACTURERS—3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BYD Co., Ltd., Cl. H | 157484 | 4987578 |
| &nbsp;&nbsp;&nbsp;**BREWERS—2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Budweiser Brewing Co. APAC Ltd. | 1153000 | 3638409 |
| &nbsp;&nbsp;&nbsp;**HOTELS RESORTS & CRUISE LINES—2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group Ltd.<sup>#,</sup>\* | 78000 | 2867280 |
| &nbsp;&nbsp;&nbsp;**INTERNET & DIRECT MARKETING RETAIL—2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meituan, Cl. B\* | 184600 | 4127264 |
| &nbsp;&nbsp;&nbsp;**TOTAL CHINA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $14,521,097) |  | **15620531** |
| &nbsp;&nbsp;&nbsp;**DENMARK—2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**PHARMACEUTICALS—2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk AS, Cl. B | 20800 | 2878362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,859,218) |  |  |
| &nbsp;&nbsp;&nbsp;**FRANCE—15.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**APPAREL ACCESSORIES & LUXURY GOODS—3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 5350 | 4670204 |
| &nbsp;&nbsp;&nbsp;**ELECTRICAL COMPONENTS & EQUIPMENT—2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric SE | 19300 | 3130617 |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE SUPPLIES—2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EssilorLuxottica SA | 18200 | 3339170 |
| &nbsp;&nbsp;&nbsp;**LIFE SCIENCES TOOLS & SERVICES—2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eurofins Scientific SE | 57500 | 4124273 |
| &nbsp;&nbsp;&nbsp;**OIL & GAS STORAGE & TRANSPORTATION—1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaztransport Et Technigaz SA | 24324 | 2689044 |

---

------

**THE ALGER FUNDS \| ALGER INTERNATIONAL FOCUS FUND**

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—97.0% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**FRANCE—15.0% (CONT.)** |  |  |
| &nbsp;&nbsp;&nbsp;**RESEARCH & CONSULTING SERVICES—2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teleperformance | 14157 | $3935280 |
| &nbsp;&nbsp;&nbsp;**TOTAL FRANCE** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $17,455,440) |  | **21888588** |
| &nbsp;&nbsp;&nbsp;**GERMANY—4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**AEROSPACE & DEFENSE—2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hensoldt AG | 126800 | 3676169 |
| &nbsp;&nbsp;&nbsp;**OIL & GAS REFINING & MARKETING—2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VERBIO Vereinigte BioEnergie AG | 55054 | 3470453 |
| &nbsp;&nbsp;&nbsp;**TOTAL GERMANY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,288,811) |  | **7146622** |
| &nbsp;&nbsp;&nbsp;**HONG KONG—3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**APPAREL ACCESSORIES & LUXURY GOODS—1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsonite International SA\* | 900000 | 2681327 |
| &nbsp;&nbsp;&nbsp;**FINANCIAL EXCHANGES & DATA—2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 67000 | 3013767 |
| &nbsp;&nbsp;&nbsp;**TOTAL HONG KONG** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,297,207) |  | **5695094** |
| &nbsp;&nbsp;&nbsp;**INDIA—7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**APPAREL ACCESSORIES & LUXURY GOODS—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kalyan Jewellers India Ltd.\* | 1309074 | 1898879 |
| &nbsp;&nbsp;&nbsp;**DIVERSIFIED BANKS—2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd.<sup>#</sup> | 52900 | 3563344 |
| &nbsp;&nbsp;&nbsp;**HOTELS RESORTS & CRUISE LINES—1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MakeMyTrip Ltd.\* | 91778 | 2659726 |
| &nbsp;&nbsp;&nbsp;**INVESTMENT BANKING & BROKERAGE—1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angel One Ltd. | 169000 | 2555883 |
| &nbsp;&nbsp;&nbsp;**TOTAL INDIA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $9,882,347) |  | **10677832** |
| &nbsp;&nbsp;&nbsp;**IRELAND—2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**PACKAGED FOODS & MEATS—2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kerry Group PLC, Cl. A | 33741 | 3161389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,756,243) |  |  |
| &nbsp;&nbsp;&nbsp;**ITALY—6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**APPAREL ACCESSORIES & LUXURY GOODS—2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moncler SpA | 52986 | 3316116 |
| &nbsp;&nbsp;&nbsp;**AUTOMOBILE MANUFACTURERS—4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrari NV | 23862 | 5996759 |
| &nbsp;&nbsp;&nbsp;**TOTAL ITALY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,504,837) |  | **9312875** |
| &nbsp;&nbsp;&nbsp;**JAPAN—4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**ELECTRONIC EQUIPMENT & INSTRUMENTS—2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keyence Corp. | 7900 | 3636635 |

---

------

**THE ALGER FUNDS \| ALGER INTERNATIONAL FOCUS FUND**

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—97.0% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**JAPAN—4.2% (CONT.)** |  |  |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTOR EQUIPMENT—1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lasertec Corp. | 13200 | $2498871 |
| &nbsp;&nbsp;&nbsp;**TOTAL JAPAN** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,308,681) |  | **6135506** |
| &nbsp;&nbsp;&nbsp;**MEXICO—0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**AIRPORT SERVICES—0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | 10115 | 92233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $91,157) |  |  |
| &nbsp;&nbsp;&nbsp;**NETHERLANDS—10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adyen NV\* | 2075 | 3137063 |
| &nbsp;&nbsp;&nbsp;**HEAVY ELECTRICAL EQUIPMENT—2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alfen Beheer BV\* | 36800 | 3414085 |
| &nbsp;&nbsp;&nbsp;**MOVIES & ENTERTAINMENT—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Music Group NV | 72000 | 1840406 |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTOR EQUIPMENT—4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 9700 | 6417686 |
| &nbsp;&nbsp;&nbsp;**TOTAL NETHERLANDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,687,431) |  | **14809240** |
| &nbsp;&nbsp;&nbsp;**NORWAY—1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**ENVIRONMENTAL & FACILITIES SERVICES—1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aker Carbon Capture ASA\* | 1560510 | 2313103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,626,911) |  |  |
| &nbsp;&nbsp;&nbsp;**SOUTH KOREA—2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**SPECIALTY CHEMICALS—2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chunbo Co., Ltd. | 15800 | 3074531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,580,839) |  |  |
| &nbsp;&nbsp;&nbsp;**SPAIN—1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grifols SA<sup>#,</sup>\* | 309741 | 2821741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,399,542) |  |  |
| &nbsp;&nbsp;&nbsp;**SWEDEN—1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**ASSET MANAGEMENT & CUSTODY BANKS—1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT AB | 112298 | 2533300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,658,438) |  |  |
| &nbsp;&nbsp;&nbsp;**SWITZERLAND—3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**ASSET MANAGEMENT & CUSTODY BANKS—1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners Group Holding AG | 2284 | 2142720 |
| &nbsp;&nbsp;&nbsp;**SPECIALTY CHEMICALS—2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sika AG | 10150 | 2883618 |
| &nbsp;&nbsp;&nbsp;**TOTAL SWITZERLAND** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,032,454) |  | **5026338** |
| &nbsp;&nbsp;&nbsp;**UNITED KINGDOM—4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**FINANCIAL EXCHANGES & DATA—2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | 39200 | 3588273 |

---

------

**THE ALGER FUNDS \| ALGER INTERNATIONAL FOCUS FUND <br> Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—97.0% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**UNITED KINGDOM—4.5% (CONT.)** |  |  |
| &nbsp;&nbsp;&nbsp;**PHARMACEUTICALS—2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | 23500 | $3078545 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED KINGDOM** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,013,748) |  | **6666818** |
| &nbsp;&nbsp;&nbsp;**UNITED STATES—4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**APPLICATION SOFTWARE—1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlassian Corp., Cl. A\* | 15500 | 2505110 |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EQUIPMENT & SERVICES—2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 75400 | 4296292 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,303,748) |  | **6801402** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $118,747,539) |  | **141830686** |
| &nbsp;&nbsp;&nbsp;**Total Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $118,747,539)** | 97.0% | $**141830686** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Securities (Cost $118,747,539) |  | 141830686 |
| &nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities | 3.0% | 4401100 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | 100.0% | $**146231786** |

---

<sup>#</sup> *American Depositary Receipts.*

*<sup>\*</sup>* *Non-income producing security.*

***See Notes to Financial Statements.***

------

**THE ALGER FUNDS \| ALGER HEALTH SCIENCES FUND**

**Schedule of Investments January 31, 2023 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—99.1%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—36.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 22938 | $3389089 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.\* | 1254737 | 4629980 |
| &nbsp;&nbsp;&nbsp;Aerovate Therapeutics, Inc.\* | 117305 | 2680419 |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals, Inc.\* | 51620 | 2721923 |
| &nbsp;&nbsp;&nbsp;Ascendis Pharma AS<sup>#,</sup>\* | 14556 | 1806108 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 5789 | 1684020 |
| &nbsp;&nbsp;&nbsp;Biohaven Ltd.\* | 171594 | 3275729 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc.\* | 45570 | 5256500 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.\* | 86084 | 3792861 |
| &nbsp;&nbsp;&nbsp;Compass Therapeutics, Inc.\* | 555482 | 2221928 |
| &nbsp;&nbsp;&nbsp;HilleVax, Inc.\* | 100098 | 1711676 |
| &nbsp;&nbsp;&nbsp;Mersana Therapeutics, Inc.\* | 266755 | 1755248 |
| &nbsp;&nbsp;&nbsp;Prometheus Biosciences, Inc.\* | 69199 | 7865158 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.\* | 4681 | 3550398 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc.\* | 7522 | 940024 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.\* | 19298 | 5078655 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.\* | 63151 | 2863898 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 17429 | 5631310 |
|  |  | **60854924** |
| &nbsp;&nbsp;&nbsp;**EXCHANGE TRADED FUNDS—3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;ARK Genomic Revolution ETF\* | 153317 | **5166783** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE DISTRIBUTORS—3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 44604 | 3445659 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 4444 | 1682854 |
|  |  | **5128513** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE EQUIPMENT—18.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 22546 | 2492460 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc.\* | 48401 | 3364838 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.\* | 9013 | 4330746 |
| &nbsp;&nbsp;&nbsp;Impulse Dynamics PLC, Series E<sup>\*,@,(a)</sup> | 1515152 | 5000002 |
| &nbsp;&nbsp;&nbsp;Inmode Ltd.\* | 51486 | 1804584 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.\* | 11165 | 2825415 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc.\* | 6221 | 1557801 |
| &nbsp;&nbsp;&nbsp;Straumann Holding AG | 38914 | 5094448 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.\* | 70808 | 4462320 |
|  |  | **30932614** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE FACILITIES—7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.\* | 110359 | 9272363 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 13367 | 3409521 |
|  |  | **12681884** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE SUPPLIES—2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.\* | 6812 | 1837401 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.\* | 8131 | 1571153 |
|  |  | **3408554** |

---

------

**THE ALGER FUNDS \| ALGER HEALTH SCIENCES FUND**

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—99.1% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**LIFE SCIENCES TOOLS & SERVICES—13.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 32688 | $4971191 |
| &nbsp;&nbsp;&nbsp;Bruker Corp. | 70088 | 4914570 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.\* | 29767 | 7240823 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.\* | 21195 | 4685579 |
|  |  | **21812163** |
| &nbsp;&nbsp;&nbsp;**PHARMACEUTICALS—15.7%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC<sup>#</sup> | 101460 | 6632440 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 15819 | 1699119 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | 32558 | 6795464 |
| &nbsp;&nbsp;&nbsp;Reata Pharmaceuticals, Inc., Cl. A\* | 81363 | 3525459 |
| &nbsp;&nbsp;&nbsp;Ventyx Biosciences, Inc.\* | 61189 | 2569938 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc., Cl. A | 30819 | 5100236 |
|  |  | **26322656** |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $144,761,062) |  | **166308091** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**PREFERRED STOCKS—0.0%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Prosetta Biosciences, Inc., Series D<sup>\*,@,(a),(b)</sup> | 897366 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,038,147) |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**RIGHTS—0.8%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Tolero CDR\*,<sup>@,(a),(c)</sup> | 1956996 | **1252477** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,044,370) |  | **1252477** |
| &nbsp;&nbsp;&nbsp;**Total Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $149,843,579)** | 99.9% | $**167560568** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Securities (Cost $4,038,147) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Securities (Cost $145,805,432) |  | 167560568 |
| &nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities | 0.1% | 208039 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | 100.0% | $**167768607** |

---

<sup>#</sup> *American Depositary Receipts.*

*<sup>(a)</sup>* *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).*

*<sup>(b)</sup>* *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.*

*<sup>(c)</sup>* *Contingent Deferred Rights.*

*<sup>\*</sup>* *Non-income producing security.*

*<sup>@</sup>* *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.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | *<u>% of net assets</u>* |  | *<u>% of net assets</u>* |
|  | *<u>Acquisition</u>* | *<u>Acquisition</u>* | *<u>(Acquisition</u>* | *<u>Market</u>* | *<u>as of</u>* |
| *<u>Security</u>* | *<u>Date(s)</u>* | *<u>Cost</u>* | *<u>Date)</u>* | *<u>Value</u>* | *<u>1/31/2023</u>* |
| *Impulse Dynamics PLC, Series E* | *2/11/22* | $*5000002* | *2.09%* | $*5000002* | *2.98%* |
| *Prosetta Biosciences, Inc., Series D* | *2/6/15* | *4038147* | *2.00%* | *0* | *0.00%* |
| *Tolero CDR* | *2/6/17* | *1044370* | *0.90%* | *1252477* | *0.75%* |
| *Total* |  |  |  | $*6252479* | *3.73%* |

---

***See Notes to Financial Statements.***

------

**THE ALGER FUNDS <br> 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 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 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).

**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. 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 their 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 ALGER FUNDS <br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

The Valuation Designee has established valuation processes including but not limited to: (i) making fair value determinations when market quotations for financial instrument 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 reports its fair valuation determinations and related valuation information to the Board. The Committee generally meets quarterly and on a 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 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 their 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 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.

------

**THE ALGER FUNDS <br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

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

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

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

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

*(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 January 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.

------

**THE ALGER FUNDS <br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $134327947 | $134327947 | $— | $— |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 339920162 | 304687810 | 35232352 |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 5148713 | 5148713 |  |  |
| &nbsp;&nbsp;&nbsp;Energy | 57233231 | 57233231 |  |  |
| &nbsp;&nbsp;&nbsp;Financials | 36291003 | 36291003 |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 310741580 | 310741580 |  |  |
| &nbsp;&nbsp;&nbsp;Industrials | 138528627 | 138528627 |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 637034484 | 637034484 |  |  |
| &nbsp;&nbsp;&nbsp;Materials | 31836897 | 31836897 |  |  |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** | $**1691062644** | $**1655830292** | $**35232352** | $**—** |
| &nbsp;&nbsp;&nbsp;**PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 1061577 |  |  | 1061577 |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUST** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 8910131 | 8910131 |  |  |
| &nbsp;&nbsp;&nbsp;**SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 2583525 |  |  | 2583525 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN SECURITIES** | $**1703617877** | $**1664740423** | $**35232352** | $**3645102** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger 35 Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 3032238 | 3032238 |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 6980218 | 6980218 |  |  |
| &nbsp;&nbsp;&nbsp;Energy | 1494301 | 1494301 |  |  |
| &nbsp;&nbsp;&nbsp;Financials | 1182822 | 1182822 |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 4481969 | 4481969 |  |  |
| &nbsp;&nbsp;&nbsp;Industrials | 2167133 | 2167133 |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 4521006 | 4521006 |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 544592 | 544592 |  |  |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** | $**24404279** | $**24404279** | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN SECURITIES** | $**24404279** | $**24404279** | $**—** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Growth & Income Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 24024068 | 24024068 |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 21585713 | 21585713 |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 20910115 | 20910115 |  |  |
| &nbsp;&nbsp;&nbsp;Energy | 16843681 | 16843681 |  |  |
| &nbsp;&nbsp;&nbsp;Financials | 35293583 | 35293583 |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 44513546 | 44513546 |  |  |
| &nbsp;&nbsp;&nbsp;Industrials | 20286824 | 20286824 |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 76328146 | 76328146 |  |  |
| &nbsp;&nbsp;&nbsp;Materials | 8172647 | 8172647 |  |  |
| &nbsp;&nbsp;&nbsp;Utilities | 4319385 | 4319385 |  |  |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** | $**272277708** | $**272277708** | $**—** | $**—** |

---

------

**THE ALGER FUNDS <br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Growth & Income Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**MASTER LIMITED PARTNERSHIP** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Energy | $1921464 | $1921464 | $— | $— |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUST** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financials | 1606959 | 1606959 |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 11433104 | 11433104 |  |  |
| &nbsp;&nbsp;&nbsp;**TOTAL REAL ESTATE INVESTMENT TRUST** | $**13040063** | $**13040063** | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN SECURITIES** | $**287239235** | $**287239235** | $**—** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 8374077 | 8374077 |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 24786583 | 24786583 |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 1982707 | 1982707 |  |  |
| &nbsp;&nbsp;&nbsp;Energy | 8697199 | 8697199 |  |  |
| &nbsp;&nbsp;&nbsp;Financials | 10723009 | 10723009 |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 33619462 | 33619462 |  |  |
| &nbsp;&nbsp;&nbsp;Industrials | 34922220 | 34922220 |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 51928000 | 51928000 |  |  |
| &nbsp;&nbsp;&nbsp;Materials | 7171597 | 7171597 |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 5432629 | 5432629 |  |  |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** | $**187637483** | $**187637483** | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;**PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | — \* |  |  | — \* |
| &nbsp;&nbsp;&nbsp;**RIGHTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 377638 |  |  | 377638 |
| &nbsp;&nbsp;&nbsp;**SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 1559425 |  |  | 1559425 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN SECURITIES** | $**189574546** | $**187637483** | $**—** | $**1937063** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Mid Cap Focus Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 8994007 | 8994007 |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 39025835 | 39025835 |  |  |
| &nbsp;&nbsp;&nbsp;Energy | 14615069 | 14615069 |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 120138959 | 120138959 |  |  |
| &nbsp;&nbsp;&nbsp;Industrials | 55552021 | 55552021 |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 145446906 | 145446906 |  |  |
| &nbsp;&nbsp;&nbsp;Utilities | 14695834 | 14695834 |  |  |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** | $**398468631** | $**398468631** | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN SECURITIES** | $**398468631** | $**398468631** | $**—** | $**—** |

---

------

**THE ALGER FUNDS <br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Weatherbie Enduring Growth Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $34070 | $34070 | $— | $— |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 282652 | 282652 |  |  |
| &nbsp;&nbsp;&nbsp;Energy | 186419 | 186419 |  |  |
| &nbsp;&nbsp;&nbsp;Financials | 369079 | 369079 |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 518966 | 518966 |  |  |
| &nbsp;&nbsp;&nbsp;Industrials | 1735192 | 1735192 |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 685318 | 685318 |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 406836 | 406836 |  |  |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** | $**4218532** | $**4218532** | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN SECURITIES** | $**4218532** | $**4218532** | $**—** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Weatherbie Specialized Growth Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 2650400 | 2650400 |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 83534566 | 83534566 |  |  |
| &nbsp;&nbsp;&nbsp;Energy | 45814204 | 45814204 |  |  |
| &nbsp;&nbsp;&nbsp;Financials | 79797545 | 79797545 |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 152180458 | 149194248 |  | 2986210 |
| &nbsp;&nbsp;&nbsp;Industrials | 165372573 | 165372573 |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 143028497 | 143028497 |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 44507062 | 44507062 |  |  |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** | $**716885305** | $**713899095** | $**—** | $**2986210** |
| &nbsp;&nbsp;&nbsp;**PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | — \* |  |  | — \* |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN SECURITIES** | $**716885305** | $**713899095** | $**—** | $**2986210** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 21640221 | 21640221 |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 43941577 | 43941577 |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 22551535 | 22551535 |  |  |
| &nbsp;&nbsp;&nbsp;Energy | 23696492 | 23696492 |  |  |
| &nbsp;&nbsp;&nbsp;Financials | 5538872 | 5538872 |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 105038344 | 101391346 |  | 3646998 |
| &nbsp;&nbsp;&nbsp;Industrials | 29963855 | 29963855 |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 99612109 | 99612109 |  |  |
| &nbsp;&nbsp;&nbsp;Materials | 11784655 | 11784655 |  |  |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** | $**363767660** | $**360120662** | $**—** | $**3646998** |

---

------

**THE ALGER FUNDS <br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | $— \* | $— | $— | $— \* |
| &nbsp;&nbsp;&nbsp;**RIGHTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 111860 |  |  | 111860 |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUST** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 4942496 | 4942496 |  |  |
| &nbsp;&nbsp;&nbsp;**SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 2118025 |  |  | 2118025 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN SECURITIES** | $**370940041** | $**365063158** | $**—** | $**5876883** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Small Cap Focus Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 170670972 | 170670972 |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 36232233 | 36232233 |  |  |
| &nbsp;&nbsp;&nbsp;Energy | 196336561 | 196336561 |  |  |
| &nbsp;&nbsp;&nbsp;Financials | 3452729 | 3452729 |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 1056365292 | 1056365292 |  |  |
| &nbsp;&nbsp;&nbsp;Industrials | 287513263 | 287513263 |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 800560022 | 800560022 |  |  |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** | $**2551131072** | $**2551131072** | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;**RIGHTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 7619 |  |  | 7619 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN SECURITIES** | $**2551138691** | $**2551131072** | $**—** | $**7619** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger International Focus Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 1840406 |  | 1840406 |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 39299099 | 17617731 | 21681368 |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 6799798 |  | 6799798 |  |
| &nbsp;&nbsp;&nbsp;Energy | 10455789 | 4296292 | 6159497 |  |
| &nbsp;&nbsp;&nbsp;Financials | 19488151 | 5654208 | 13833943 |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 22505007 | 2821741 | 19683266 |  |
| &nbsp;&nbsp;&nbsp;Industrials | 16561487 | 92233 | 16469254 |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 18922800 | 2505110 | 16417690 |  |
| &nbsp;&nbsp;&nbsp;Materials | 5958149 |  | 5958149 |  |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** | $**141830686** | $**32987315** | $**108843371** | $**—** |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN SECURITIES** | $**141830686** | $**32987315** | $**108843371** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Health Sciences Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | 5166783 | 5166783 |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 161141308 | 144251394 | 11889912 | 5000002 |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** | $**166308091** | $**149418177** | $**11889912** | $**5000002** |

---

------

**THE ALGER FUNDS <br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Health Sciences Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | $— \* | $— | $— | $— \* |
| &nbsp;&nbsp;&nbsp;**RIGHTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 1252477 |  |  | 1252477 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN SECURITIES** | $**167560568** | $**149418177** | $**11889912** | $**6252479** |

---

*\* 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 January 31, 2023.*

---

| | |
|:---|:---|
| | **FAIR VALUE**<br>**MEASUREMENTS**<br>**USING SIGNIFICANT**<br>**UNOBSERVABLE**<br>**INPUTS (LEVEL 3)** |
| **Alger Capital Appreciation Fund** | **Common Stocks** |
| Opening balance at November 1, 2022 | $444301 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments | (955344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments | 1446392 |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | (935349) |
| Closing balance at January 31, 2023 |  |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $— |

---

---

| | |
|:---|:---|
| | **FAIR VALUE**<br>**MEASUREMENTS**<br>**USING SIGNIFICANT**<br>**UNOBSERVABLE**<br>**INPUTS (LEVEL 3)** |
| **Alger Capital Appreciation Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2022 | $1215538 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments | (153961) |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | 1061577 |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $(153961) |

---

------

**THE ALGER FUNDS <br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

---

| | |
|:---|:---|
| | **FAIR VALUE**<br>**MEASUREMENTS**<br>**USING SIGNIFICANT**<br>**UNOBSERVABLE**<br>**INPUTS (LEVEL 3)** |
| <br>**Alger Capital Appreciation Fund** | **Special Purpose**<br>**Vehicle** |
| Opening balance at November 1, 2022 | $2934840 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments | (351315) |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | 2583525 |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $(351315) |

---

---

| | |
|:---|:---|
| | **FAIR VALUE**<br>**MEASUREMENTS**<br>**USING SIGNIFICANT**<br>**UNOBSERVABLE**<br>**INPUTS (LEVEL 3)** |
| **Alger Mid Cap Growth Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2022 | $— \* |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments |  |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | — \* |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $— |

---

------

**THE ALGER FUNDS <br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

---

| | |
|:---|:---|
| | **FAIR VALUE<br> MEASUREMENTS**<br>**USING SIGNIFICANT**<br>**UNOBSERVABLE**<br>**INPUTS (LEVEL 3)** |
| **Alger Mid Cap Growth Fund** | **Rights** |
| Opening balance at November 1, 2022 | $354035 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments | 23603 |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | 377638 |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $23603 |

---

---

| | |
|:---|:---|
| | **FAIR VALUE**<br>**MEASUREMENTS**<br>**USING SIGNIFICANT**<br>**UNOBSERVABLE**<br>**INPUTS (LEVEL 3)** |
| <br>**Alger Mid Cap Growth Fund** | **Special Purpose**<br>**Vehicle** |
| Opening balance at November 1, 2022 | $1775546 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments | (216121) |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | 1559425 |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $(216121) |

---

------

**THE ALGER FUNDS <br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

---

| | |
|:---|:---|
| | **FAIR VALUE**<br>**MEASUREMENTS**<br>**USING SIGNIFICANT**<br>**UNOBSERVABLE**<br>**INPUTS (LEVEL 3)** |
| **Alger Weatherbie Specialized Growth Fund** | **Common Stocks** |
| Opening balance at November 1, 2022 | $2986210 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments |  |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | 2986210 |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $— |

---

---

| | |
|:---|:---|
| | **FAIR VALUE**<br>**MEASUREMENTS**<br>**USING SIGNIFICANT**<br>**UNOBSERVABLE**<br>**INPUTS (LEVEL 3)** |
| **Alger Weatherbie Specialized Growth Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2022 | $— \* |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments |  |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | — \* |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $— |

---

------

**THE ALGER FUNDS <br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

---

| | |
|:---|:---|
| | **FAIR VALUE**<br>**MEASUREMENTS**<br>**USING SIGNIFICANT**<br>**UNOBSERVABLE**<br>**INPUTS (LEVEL 3)** |
| **Alger Small Cap Growth Fund** | **Common Stocks** |
| Opening balance at November 1, 2022 | $3646998 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments |  |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | 3646998 |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $— |

---

---

| | |
|:---|:---|
| | **FAIR VALUE**<br>**MEASUREMENTS**<br>**USING SIGNIFICANT**<br>**UNOBSERVABLE**<br>**INPUTS (LEVEL 3)** |
| **Alger Small Cap Growth Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2022 | $— \* |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments |  |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | — \* |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $— |

---

------

**THE ALGER FUNDS <br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

---

| | |
|:---|:---|
| | **FAIR VALUE**<br>**MEASUREMENTS**<br>**USING SIGNIFICANT**<br>**UNOBSERVABLE**<br>**INPUTS (LEVEL 3)** |
| **Alger Small Cap Growth Fund** | **Rights** |
| Opening balance at November 1, 2022 | $104869 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments | 6991 |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | 111860 |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $6991 |

---

---

| | |
|:---|:---|
| | **FAIR VALUE**<br>**MEASUREMENTS**<br>**USING SIGNIFICANT**<br>**UNOBSERVABLE**<br>**INPUTS (LEVEL 3)** |
| <br>**Alger Small Cap Growth Fund** | **Special Purpose**<br>**Vehicle** |
| Opening balance at November 1, 2022 | $2410106 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments | (292081) |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | 2118025 |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $(292081) |

---

------

**THE ALGER FUNDS <br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

---

| | |
|:---|:---|
| | **FAIR VALUE**<br>**MEASUREMENTS**<br>**USING SIGNIFICANT**<br>**UNOBSERVABLE**<br>**INPUTS (LEVEL 3)** |
| **Alger Small Cap Focus Fund** | **Rights** |
| Opening balance at November 1, 2022 | $7143 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments | 476 |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | 7619 |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $476 |

---

---

| | |
|:---|:---|
| | **FAIR VALUE**<br>**MEASUREMENTS**<br>**USING SIGNIFICANT**<br>**UNOBSERVABLE**<br>**INPUTS (LEVEL 3)** |
| **Alger Health Sciences Fund** | **Common Stocks** |
| Opening balance at November 1, 2022 | $5000002 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments |  |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | 5000002 |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $— |

---

------

**THE ALGER FUNDS <br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

---

| | |
|:---|:---|
| | **FAIR VALUE**<br>**MEASUREMENTS**<br>**USING SIGNIFICANT**<br>**UNOBSERVABLE**<br>**INPUTS (LEVEL 3)** |
| **Alger Health Sciences Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2022 | $— \* |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments |  |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | — \* |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $— |

---

---

| | |
|:---|:---|
| | **FAIR VALUE**<br>**MEASUREMENTS**<br>**USING SIGNIFICANT**<br>**UNOBSERVABLE**<br>**INPUTS (LEVEL 3)** |
| **Alger Health Sciences Fund** | **Rights** |
| Opening balance at November 1, 2022 | $1174198 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments | 78279 |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | 1252477 |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $78279 |

---

*(a)* *Represents the sale of Level 3 common stock, Altaba, Inc., for the period ended January 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 January 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.

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Fair Value<br> January 31, 2023 | Valuation<br> Methodology | Unobservable<br> Input | Input/Range | Weighted<br> Average Inputs |
| **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | $1061577 | Market Approach | Transaction Price Revenue Multiple | N/A<br> 14.00x-16.00x | N/A <br> N/A |
| &nbsp;&nbsp;&nbsp;Special Purpose Vehicle | 2583525 | Market Approach | Transaction Price Revenue Multiple | N/A<br> 14.00x-16.00x | N/A <br> N/A |
| **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | $— \* | Income Approach | Discount Rate | 100.00% | N/A |
| &nbsp;&nbsp;&nbsp;Rights | 377638 | Income Approach | Discount Rate Probability of Success | 8.71%-9.47%<br> 0.00%-60.00% | N/A <br> N/A |
| &nbsp;&nbsp;&nbsp;Special Purpose Vehicle | 1559425 | Market Approach | Transaction Price Revenue Multiple | N/A<br> 14.00x-16.00x | N/A <br> N/A |
| **Alger Weatherbie Specialized Growth Fund** | **Alger Weatherbie Specialized Growth Fund** | **Alger Weatherbie Specialized Growth Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $2986210 | Market Approach | Priced at Cost | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | — \* | Income Approach | Discount Rate | 100.00% | N/A |
| **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $3646998 | Market Approach | Priced at Cost | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | — \* | Income Approach | Discount Rate | 100.00% | N/A |
| &nbsp;&nbsp;&nbsp;Rights | 111860 | Income Approach | Discount Rate Probability of Success | 8.71%-9.47%<br> 0.00%-60.00% | N/A <br> N/A |
| &nbsp;&nbsp;&nbsp;Special Purpose Vehicle | 2118025 | Market Approach | Transaction Price Revenue Multiple | N/A<br> 14.00x-16.00x | N/A <br> N/A |
| **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rights | $7619 | Income Approach | Discount Rate Probability of Success | 8.71%-9.47%<br> 0.00%-60.00% | N/A<br> N/A |
| **Alger Health Sciences Fund** | **Alger Health Sciences Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $5000002 | Market Approach | Priced at Cost | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | — \* | Income Approach | Discount Rate | 100.00% | N/A |
| &nbsp;&nbsp;&nbsp;Rights | 1252477 | Income Approach | Discount Rate Probability of Success | 8.71%-9.47%<br> 0.00%-60.00% | N/A <br> N/A |

---

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

------

 

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

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 January 31, 2023, such assets were categorized within the ASC 820 disclosure hierarchy as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**Cash, foreign cash and cash equivalents** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alger Capital Appreciation Fund | $1662 | $811 | $851 | $— |
| &nbsp;&nbsp;&nbsp;Alger 35 Fund | 1687694 |  | 1687694 |  |
| &nbsp;&nbsp;&nbsp;Alger Growth & Income Fund | 14313821 |  | 14313821 |  |
| &nbsp;&nbsp;&nbsp;Alger Mid Cap Growth Fund | 1914562 |  | 1914562 |  |
| &nbsp;&nbsp;&nbsp;Alger Mid Cap Focus Fund | 8004990 | 946 | 8004044 |  |
| &nbsp;&nbsp;&nbsp;Alger Weatherbie Enduring Growth Fund | 356975 |  | 356975 |  |
| &nbsp;&nbsp;&nbsp;Alger Weatherbie Specialized Growth Fund | 33281534 |  | 33281534 |  |
| &nbsp;&nbsp;&nbsp;Alger Small Cap Growth Fund | 1972233 |  | 1972233 |  |
| &nbsp;&nbsp;&nbsp;Alger Small Cap Focus Fund | 606 |  | 606 |  |
| &nbsp;&nbsp;&nbsp;Alger International Focus Fund | 5130284 |  | 5130284 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank overdraft | (1039776) | (1039776) |  |  |
| &nbsp;&nbsp;&nbsp;Alger Health Sciences Fund | 3675320 | 153 | 3675167 |  |

---

**NOTE 4 — Affiliated Securities:**

During the three-month period ended January 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 Funds for purposes of the 1940 Act. Transactions during the three-month period ended January 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%.

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares<br> Held at <br> October 31,<br> 2022** | **Shares<br> Purchased** | **Shares<br> Sold** | **Shares<br> Held at <br> January 31,<br> 2023** | **Dividend<br> Income** | **Realized<br> Gain (Loss)** | **Net Change in <br> Unrealized <br> App(Dep)** | **Value at<br> January 31,<br> 2023** |
| **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** |  |  |  |  |  |  |
| **Special Purpose Vehicle** |  |  |  |  |  |  |  |  |
| Crosslink Ventures Capital C LLC, Cl. A\*\*\* |  |  |  |  | $— | $— | $(351315) | $2583525 |
| **Total** |  |  |  |  | $— | $— | $(351315) | $2583525 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares<br> Held at <br> October 31,<br> 2022** | **Shares<br> Purchased** | **Shares<br> Sold** | **Shares<br> Held at<br> January 31, <br> 2023** | **Dividend<br> Income** | **Realized<br> Gain (Loss)** | **Net Change in <br> Unrealized <br> App(Dep)** | **Value at<br> January 31,<br> 2023** |
| **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** | | | | | |
| **Preferred Stocks** | | | | | | | | |
| Prosetta Biosciences, Inc., Series D\*\* | 219610 |  |  | 219610 | $— | $— | $— | $— \* |
| **Special Purpose Vehicle** |  |  |  |  |  |  |  |  |
| Crosslink Ventures Capital C LLC, Cl. A\*\*\* |  |  |  |  |  |  | (151920) | 1117200 |
| Crosslink Ventures Capital C LLC, Cl. B\*\*\* |  |  |  |  |  |  | (64201) | 442225 |
| **Total** |  |  |  |  | $— | $— | $(216121) | $1559425 \* |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares<br> Held at <br> October 31, <br> 2022** | **Shares<br> Purchased** | **Shares<br> Sold** | **Shares<br> Held at <br> January 31, <br> 2023** | **Dividend<br> Income** | **Realized Gain (Loss)** | **Net Change in <br> Unrealized<br> App(Dep)** | **Value at<br> January 31,<br> 2023** |
| **Alger Weatherbie Specialized Growth Fund** | **Alger Weatherbie Specialized Growth Fund** | **Alger Weatherbie Specialized Growth Fund** | **Alger Weatherbie Specialized Growth Fund** | | | | | |
| **Preferred Stocks** | | | | | | | | |
| Prosetta Biosciences, Inc., Series D\*\* | 231474 |  |  | 231474 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $— \* |
| **Total** |  |  |  |  | $— | $— | $— | $— \* |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares<br> Held at <br> October 31, <br> 2022** | **Shares<br> Purchased** | **Shares<br> Sold** | **Shares<br> Held at <br> January 31, <br> 2023** | **Dividend<br> Income** | **Realized<br> Gain (Loss)** | **Net Change in <br> Unrealized<br> App(Dep)** | **Value at<br> January 31,<br> 2023** |
| **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** |  |  |  |  |  |  |
| **Preferred Stocks** |  |  |  |  |  |  |  |  |
| Prosetta Biosciences, Inc., Series D\*\* | 50688 |  |  | 50688 | $— | $— | $— | $— \* |
| **Special Purpose Vehicle** |  |  |  |  |  |  |  |  |
| Crosslink Ventures Capital C LLC, Cl. A\*\*\* |  |  |  |  |  |  | (227880) | 1675800 |
| Crosslink Ventures Capital C LLC, Cl. B\*\*\* |  |  |  |  |  |  | (64201) | 442225 |
| **Total** |  |  |  |  | $— | $— | $(292081) | $2118025 \* |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares<br> Held at <br> October 31, <br> 2022** | **Shares<br> Purchased** | **Shares<br> Sold** | **Shares<br> Held at <br> January 31, <br> 2023** | **Dividend<br> Income** | **Realized<br> Gain (Loss)** | **Net Change in <br> Unrealized<br> App(Dep)** | **Value at<br> January 31,<br> 2023** |
| **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** | | | | | | |
| **Common Stocks** | | | | | | | | |
| 908 Devices, Inc. | 1991055 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 1991055 | $— | $— | $(13280336) | $18556633 |
| Cabaletta Bio, Inc. |  | 2166870 |  | 2166870 |  |  | 2545383 | 26414145 |
| Heska Corp. | 468150 | 245443 |  | 713593 |  |  | 9923569 | 63823758 |
| PROS Holdings, Inc. | 2978898 |  | (96903) | 2881995 |  | (2323737) | 2973791 | 72626274 |
| **Total** |  |  |  |  | $— | $(2323737) | $(10306545) | $91182907 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares<br> Held at <br> October 31, <br> 2022** | **Shares<br> Purchased** | **Shares<br> Sold** | **Shares<br> Held at <br> January 31, <br> 2023** | **Dividend<br> Income** | **Realized<br> Gain (Loss)** | **Net Change in <br> Unrealized<br> App(Dep)** | **Value at<br> January 31,<br> 2023** |
| **Alger Health Sciences Fund** | **Alger Health Sciences Fund** | **Alger Health Sciences Fund** | **Alger Health Sciences Fund** | | | | | |
| **Preferred Stocks** |  |  |  |  |  |  |  |  |
| Prosetta Biosciences, Inc., Series D\*\* | 897366 |  |  | 897366 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $— \* |
| **Total** |  |  |  |  | $— | $— | $— | $— \* |

---

 

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

** 

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Alger Funds

- **b. Investment Company Act file number:** 811-01355

- **c. CIK number of Registrant:** 0000003521

- **d. LEI of Registrant:** 549300GSR7CWA7IW4H72

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Pearl Street

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10004

  - **Telephone number:** 212-806-8833

**Item A.2. Information about the Series.**

- **a. Name of Series:** Alger Weatherbie Specialized Growth Fund

- **b. EDGAR series identifier (if any):** S000009165

- **c. LEI of Series:** 549300S7KCV7MIG6C084

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $759226889.86

**Total Liabilities:** $5626025.00

**Net Assets:** $753600864.86

**Cash Not Reported:** $34360945.61

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000051550 | 0.03%                | -0.08%               | 0.11%                |
| Class ID C000095960 | 0.03%                | -0.08%               | 0.11%                |
| Class ID C000193201 | 0.03%                | -0.08%               | 0.11%                |
| Class ID C000024920 | 0.02%                | -0.09%               | 0.10%                |
| Class ID C000024918 | -0.02%               | -0.13%               | 0.05%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-12077287.27            | $37460785.12                               |
| Month 2  | $-25925011.11            | $-37339549.76                              |
| Month 3  | $-15716598.67            | $89669008.08                               |

### Schedule of Portfolio Investments

| Name                           | Title                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GOOSEHEAD INSURANCE INC -A     | GOOSEHEAD INSURANCE INC -A 0.00000000                       | CUSIP: 38267D109<br>LEI: 549300WH5MBIWHJ9XY95 | Long             | EC               | CORP              | US        |       555 | NS      | $21672.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PROGYNY INC                    | PROGYNY INC 0.00000000                                      | CUSIP: 74340E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    813541 | NS      | $27977674.99  | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| LATHAM GROUP INC               | LATHAM GROUP INC 0.00000000                                 | CUSIP: 51819L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    530497 | NS      | $2334186.80   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MYT NETHERLANDS PARENT BV      | MYT NETHERLANDS PARENT BV 0.00000000                        | CUSIP: 55406W103<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |    452833 | NS      | $5280032.78   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPULSE DYNAMICS IRELAND       | IMPULSE DYNAMICS IRELAND 0.00000000                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |    904912 | NS      | $2986209.60   | 0.40%             |  |  |  | Yes           |                  3 | On Loan: No      |
| INOGEN INC                     | INOGEN INC 0.00000000                                       | CUSIP: 45780L104<br>LEI: 549300J8WJIVTOJ8IH97 | Long             | EC               | CORP              | US        |    374869 | NS      | $8745693.77   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MONTROSE ENVIRONMENTAL GROUP   | MONTROSE ENVIRONMENTAL GROUP 0.00000000                     | CUSIP: 615111101<br>LEI: 254900ASI8K3LUB8Q958 | Long             | EC               | CORP              | US        |    837505 | NS      | $45359270.80  | 6.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CASELLA WASTE SYSTEMS INC-A    | CASELLA WASTE SYSTEMS INC-A 0.00000000                      | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |    517977 | NS      | $41500317.24  | 5.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CORE LABORATORIES N.V.         | CORE LABORATORIES N.V. 0.00000000                           | CUSIP: N22717107<br>LEI: 724500MDYY5VBSAF5W50 | Long             | EC               | CORP              | NL        |   1167266 | NS      | $29882009.60  | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| HAMILTON LANE INC-CLASS A      | HAMILTON LANE INC-CLASS A 0.00000000                        | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |    306984 | NS      | $23901774.24  | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SITEONE LANDSCAPE SUPPLY INC   | SITEONE LANDSCAPE SUPPLY INC 0.00000000                     | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |    225269 | NS      | $34130506.19  | 4.53%             |  |  |  | No            |                  1 | On Loan: No      |
| KRATOS DEFENSE & SECURITY      | KRATOS DEFENSE & SECURITY 0.00000000                        | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |    391383 | NS      | $4481335.35   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. PHYSICAL THERAPY INC      | U.S. PHYSICAL THERAPY INC 0.00000000                        | CUSIP: 90337L108<br>LEI: 529900KL1UXQYFIOMY96 | Long             | EC               | CORP              | US        |     96526 | NS      | $9570552.90   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| TECHTARGET                     | TECHTARGET 0.00000000                                       | CUSIP: 87874R100<br>LEI: 529900YQA5JL2H2VMB84 | Long             | EC               | CORP              | US        |     53511 | NS      | $2650399.83   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AXOS FINANCIAL INC             | AXOS FINANCIAL INC 0.00000000                               | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |    368241 | NS      | $17719756.92  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| PROSETTA BIOSCIENCES INC. /PFD | PROSETTA BIOSCIENCES INC.     SERIES D PREFERRED 0.00000000 | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |    231474 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| INSPIRE MEDICAL SYSTEMS INC    | INSPIRE MEDICAL SYSTEMS INC 0.00000000                      | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |     42160 | NS      | $10669009.60  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTRAGENYX PHARMACEUTICAL IN   | ULTRAGENYX PHARMACEUTICAL IN 0.00000000                     | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |    181997 | NS      | $8249924.01   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBANT SA                     | GLOBANT SA 0.00000000                                       | CUSIP: L44385109<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | UY        |    125899 | NS      | $20418299.82  | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA PHARMACEUTICALS INC     | ACADIA PHARMACEUTICALS INC 0.00000000                       | CUSIP: 004225108<br>LEI: 529900O3044NO0PEA039 | Long             | EC               | CORP              | US        |    482366 | NS      | $9179424.98   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PETIQ INC                      | PETIQ INC 0.00000000                                        | CUSIP: 71639T106<br>LEI: 549300GROACFGKVYOX14 | Long             | EC               | CORP              | US        |    274689 | NS      | $3252317.76   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| EBIX INC                       | EBIX INC 0.00000000                                         | CUSIP: 278715206<br>LEI: 549300DHXVZR5SW5QR44 | Long             | EC               | CORP              | US        |     76760 | NS      | $1463045.60   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| XOMETRY INC-A                  | XOMETRY INC-A 0.00000000                                    | CUSIP: 98423F109<br>LEI: 5493006JFRGU7YRRXE44 | Long             | EC               | CORP              | US        |    189530 | NS      | $6637340.60   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERESCO INC-CL A              | AMERESCO INC-CL A 0.00000000                                | CUSIP: 02361E108<br>LEI: 529900NZXZGBCBXYY327 | Long             | EC               | CORP              | US        |    261793 | NS      | $16877794.71  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| RAPID7 INC                     | RAPID7 INC 0.00000000                                       | CUSIP: 753422104<br>LEI: 549300GNVG5D60KEYN14 | Long             | EC               | CORP              | US        |    133202 | NS      | $5310763.74   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| RXO INC                        | RXO INC 0.00000000                                          | CUSIP: 74982T103<br>LEI: 549300KL8CA6GP8XPM30 | Long             | EC               | CORP              | US        |    189381 | NS      | $3469459.92   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADA GOOSE HOLDINGS INC      | CANADA GOOSE HOLDINGS INC 0.00000000                        | CUSIP: 135086106<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    209799 | NS      | $5075037.81   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| PLANET FITNESS INC - CL A      | PLANET FITNESS INC - CL A 0.00000000                        | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |    339602 | NS      | $28747309.30  | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVANTA INC                    | NOVANTA INC 0.00000000                                      | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    121726 | NS      | $19655097.22  | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| FLYWIRE CORP-VOTING            | FLYWIRE CORP-VOTING 0.00000000                              | CUSIP: 302492103<br>LEI: 54930055DSV7NNY4VY66 | Long             | EC               | CORP              | US        |    325933 | NS      | $8790413.01   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| WINGSTOP INC                   | WINGSTOP INC 0.00000000                                     | CUSIP: 974155103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26543 | NS      | $4206269.21   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| AGILITI INC                    | AGILITI INC 0.00000000                                      | CUSIP: 00848J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1012002 | NS      | $18671436.90  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTSERVICE CORP              | FIRSTSERVICE CORP 0.00000000                                | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |    311456 | NS      | $44507062.40  | 5.91%             |  |  |  | No            |                  1 | On Loan: No      |
| SEACOAST BANKING CORP/FL       | SEACOAST BANKING CORP/FL 0.00000000                         | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |    468597 | NS      | $15046649.67  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NEVRO CORP                     | NEVRO CORP 0.00000000                                       | CUSIP: 64157F103<br>LEI: 254900SH91I4BOYKUE38 | Long             | EC               | CORP              | US        |    382066 | NS      | $14029463.52  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| GLAUKOS CORP                   | GLAUKOS CORP 0.00000000                                     | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |    471128 | NS      | $23108828.40  | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CI&T INC/UNITED STATES-A       | CI&T INC/UNITED STATES-A 0.00000000                         | CUSIP: G21307106<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1036218 | NS      | $7709461.92   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NATERA INC                     | NATERA INC 0.00000000                                       | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    119419 | NS      | $5126657.67   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| STEPSTONE GROUP INC-CLASS A    | STEPSTONE GROUP INC-CLASS A 0.00000000                      | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    765159 | NS      | $22334991.21  | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEGG INC                      | CHEGG INC 0.00000000                                        | CUSIP: 163092109<br>LEI: 549300AKX7O8JG0O3G77 | Long             | EC               | CORP              | US        |   1144691 | NS      | $23763785.16  | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPINJ INC                     | IMPINJ INC 0.00000000                                       | CUSIP: 453204109<br>LEI: 549300M26VGKSMMWWN17 | Long             | EC               | CORP              | US        |    144771 | NS      | $18788380.38  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| UPSTART HOLDINGS INC           | UPSTART HOLDINGS INC 0.00000000                             | CUSIP: 91680M107<br>LEI: 549300WNB47JRNENIC75 | Long             | EC               | CORP              | US        |     70877 | NS      | $1323982.36   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSCAT INC                   | TRANSCAT INC 0.00000000                                     | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |    245775 | NS      | $20527128.00  | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| DEFINITIVE HEALTHCARE CORP     | DEFINITIVE HEALTHCARE CORP 0.00000000                       | CUSIP: 24477E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    857291 | NS      | $10613262.58  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX INC - CLASS A           | VERTEX INC - CLASS A 0.00000000                             | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |   1082098 | NS      | $14608323.00  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| DRIL-QUIP INC                  | DRIL-QUIP INC 0.00000000                                    | CUSIP: 262037104<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |    518795 | NS      | $15932194.45  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| OLLIE'S BARGAIN OUTLET HOLDI   | OLLIE'S BARGAIN OUTLET HOLDI 0.00000000                     | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |    135829 | NS      | $7437996.04   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERBRIDGE INC                 | EVERBRIDGE INC 0.00000000                                   | CUSIP: 29978A104<br>LEI: 549300WCY0UMR64ATW81 | Long             | EC               | CORP              | US        |      7905 | NS      | $252643.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL VISION HOLDINGS INC   | NATIONAL VISION HOLDINGS INC 0.00000000                     | CUSIP: 63845R107<br>LEI: 549300JHURCBLI5ROA42 | Long             | EC               | CORP              | US        |      1280 | NS      | $52608.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS COMMERCE INC               | SPS COMMERCE INC 0.00000000                                 | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |    298902 | NS      | $40674584.16  | 5.40%             |  |  |  | No            |                  1 | On Loan: No      |
| GRID DYNAMICS HOLDINGS INC     | GRID DYNAMICS HOLDINGS INC 0.00000000                       | CUSIP: 39813G109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    455452 | NS      | $5702259.04   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-02

**Name of Applicant:** Alger Funds

**Signature:** Anthony Caputo

**Name of Signer:** Anthony Caputo

**Title:** Assistant Treasurer