# EDGAR Filing Document

**Accession Number:** 0000003521
**File Stem:** 0000940400-26-011714
**Filing Date:** 2026-3
**Character Count:** 251938
**Document Hash:** 1064335cc27040c58c0631a5eb3db1b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-011714.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0000940400-26-011714

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20260130

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**PERIOD START**: 20261031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALGER FUNDS
- **CENTRAL INDEX KEY:** 0000003521

**ORGANIZATION NAME:**
- **EIN:** 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:** 26804854

**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 Capital Appreciation Fund (Series ID: S000009163)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000024912 | Alger Capital Appreciation Fund Class A | ACAAX           |
| C000024914 | Alger Capital Appreciation Fund Class C | ALCCX           |
| C000095959 | Alger Capital Appreciation Fund Class Z | ACAZX           |

## Nport-Ex

![](imge4a0c79e1.gif)

THE ALGER FUNDS

**QUARTERLY REPORT**

**January 31, 2026 (UNAUDITED)**

![](imgfc968cb92.gif)

------

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

**Schedule of Investments January 31, 2026 (Unaudited)** <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.9%** | **COMMON STOCKS—96.9%** | **COMMON STOCKS—96.9%** |
| **AEROSPACE & DEFENSE—1.0%** | **AEROSPACE & DEFENSE—1.0%** | **AEROSPACE & DEFENSE—1.0%** |
| HEICO Corp. | 25817 | **$** 8543103 |
| HEICO Corp., Cl. A | 51989 | 13235880 |
| TransDigm Group, Inc. | 3202 | 4570983 |
|  |  | **26349966** |
| **APPLICATION SOFTWARE—2.9%** | **APPLICATION SOFTWARE—2.9%** | **APPLICATION SOFTWARE—2.9%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 140151 | 66306840 |
| Cadence Design Systems, Inc.<sup>\*</sup>  | 10166 | 3012796 |
| Unity Software, Inc.<sup>\*</sup>  | 102914 | 2994797 |
|  |  | **72314433** |
| **AUTOMOBILE MANUFACTURERS—3.7%** | **AUTOMOBILE MANUFACTURERS—3.7%** | **AUTOMOBILE MANUFACTURERS—3.7%** |
| Tesla, Inc.<sup>\*</sup>  | 215801 | **92882908** |
| **AUTOMOTIVE RETAIL—0.2%** | **AUTOMOTIVE RETAIL—0.2%** | **AUTOMOTIVE RETAIL—0.2%** |
| Carvana Co.<sup>\*</sup>  | 11376 | **4563027** |
| **BIOTECHNOLOGY—3.6%** | **BIOTECHNOLOGY—3.6%** | **BIOTECHNOLOGY—3.6%** |
| Abivax SA ADR<sup>\*</sup>  | 153930 | 17109319 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 206475 | 14314912 |
| Ascendis Pharma A/S ADR<sup>\*</sup>  | 36177 | 8179620 |
| Biogen, Inc.<sup>\*</sup>  | 67077 | 12066482 |
| Cogent Biosciences, Inc.<sup>\*</sup>  | 78617 | 2823136 |
| Natera, Inc.<sup>\*</sup>  | 150135 | 34702204 |
| Roivant Sciences Ltd.<sup>\*</sup>  | 112435 | 2430845 |
|  |  | **91626518** |
| **BROADLINE RETAIL—10.0%** | **BROADLINE RETAIL—10.0%** | **BROADLINE RETAIL—10.0%** |
| Amazon.com, Inc.<sup>\*</sup>  | 809715 | 193764800 |
| MercadoLibre, Inc.<sup>\*</sup>  | 9457 | 20311650 |
| Sea Ltd., Cl. A ADR<sup>\*</sup>  | 330586 | 38509963 |
|  |  | **252586413** |
| **COAL & CONSUMABLE FUELS—0.3%** | **COAL & CONSUMABLE FUELS—0.3%** | **COAL & CONSUMABLE FUELS—0.3%** |
| Cameco Corp. | 66843 | **8247758** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.8%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.8%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.8%** |
| Rocket Cos., Inc., Cl. A | 1068062 | **19150352** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.2%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.2%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.2%** |
| Caterpillar, Inc. | 8873 | **5832755** |
| **CONSTRUCTION MATERIALS—0.3%** | **CONSTRUCTION MATERIALS—0.3%** | **CONSTRUCTION MATERIALS—0.3%** |
| Martin Marietta Materials, Inc. | 10979 | **7157759** |
| **CONSUMER FINANCE—0.1%** | **CONSUMER FINANCE—0.1%** | **CONSUMER FINANCE—0.1%** |
| Figure Technology Solutions, Inc., Cl. A<sup>\*</sup>  | 46615 | **2651461** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—0.2%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.2%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.2%** |
| Walmart, Inc. | 49438 | **5890043** |
| **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** |
| Constellation Energy Corp. | 39800 | **11171064** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.9% (CONT.)** | **COMMON STOCKS—96.9% (CONT.)** | **COMMON STOCKS—96.9% (CONT.)** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—0.9%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.9%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.9%** |
| Vertiv Holdings Co., Cl. A | 115875 | **$21573608** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.7%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.7%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.7%** |
| GFL Environmental, Inc. | 436036 | **18727746** |
| **FINANCIAL EXCHANGES & DATA—0.8%** | **FINANCIAL EXCHANGES & DATA—0.8%** | **FINANCIAL EXCHANGES & DATA—0.8%** |
| S&P Global, Inc. | 35836 | **18913882** |
| **HEALTH CARE DISTRIBUTORS—0.3%** | **HEALTH CARE DISTRIBUTORS—0.3%** | **HEALTH CARE DISTRIBUTORS—0.3%** |
| Cardinal Health, Inc. | 35144 | **7551743** |
| **HEALTHCARE EQUIPMENT—1.2%** | **HEALTHCARE EQUIPMENT—1.2%** | **HEALTHCARE EQUIPMENT—1.2%** |
| Boston Scientific Corp.<sup>\*</sup>  | 122278 | 11436661 |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 39438 | 19885429 |
|  |  | **31322090** |
| **HEALTHCARE FACILITIES—0.1%** | **HEALTHCARE FACILITIES—0.1%** | **HEALTHCARE FACILITIES—0.1%** |
| Tenet Healthcare Corp.<sup>\*</sup>  | 12151 | **2299941** |
| **HEAVY ELECTRICAL EQUIPMENT—0.9%** | **HEAVY ELECTRICAL EQUIPMENT—0.9%** | **HEAVY ELECTRICAL EQUIPMENT—0.9%** |
| GE Vernova, Inc. | 32726 | **23771185** |
| **HOUSEHOLD APPLIANCES—0.2%** | **HOUSEHOLD APPLIANCES—0.2%** | **HOUSEHOLD APPLIANCES—0.2%** |
| SharkNinja, Inc.<sup>\*</sup>  | 51675 | **6107985** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.8%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.8%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.8%** |
| Talen Energy Corp.<sup>\*</sup>  | 180865 | 63006131 |
| Vistra Corp. | 42731 | 6766454 |
|  |  | **69772585** |
| **INTERACTIVE MEDIA & SERVICES—11.7%** | **INTERACTIVE MEDIA & SERVICES—11.7%** | **INTERACTIVE MEDIA & SERVICES—11.7%** |
| Alphabet, Inc., Cl. C | 394675 | 133609328 |
| Meta Platforms, Inc., Cl. A | 226154 | 162039341 |
|  |  | **295648669** |
| **INTERNET SERVICES & INFRASTRUCTURE—1.6%** | **INTERNET SERVICES & INFRASTRUCTURE—1.6%** | **INTERNET SERVICES & INFRASTRUCTURE—1.6%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 30951 | 5489160 |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 52473 | 19484799 |
| Okta, Inc., Cl. A<sup>\*</sup>  | 82672 | 6984131 |
| Shopify, Inc., Cl. A<sup>\*</sup>  | 71889 | 9433993 |
|  |  | **41392083** |
| **INVESTMENT BANKING & BROKERAGE—0.6%** | **INVESTMENT BANKING & BROKERAGE—0.6%** | **INVESTMENT BANKING & BROKERAGE—0.6%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 162977 | **16212952** |
| **LIFE SCIENCES TOOLS & SERVICES—0.3%** | **LIFE SCIENCES TOOLS & SERVICES—0.3%** | **LIFE SCIENCES TOOLS & SERVICES—0.3%** |
| Danaher Corp. | 30 | 6567 |
| Repligen Corp.<sup>\*</sup>  | 41685 | 6226488 |
|  |  | **6233055** |
| **MANAGED HEALTHCARE—0.5%** | **MANAGED HEALTHCARE—0.5%** | **MANAGED HEALTHCARE—0.5%** |
| UnitedHealth Group, Inc. | 47796 | **13714106** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.9% (CONT.)** | **COMMON STOCKS—96.9% (CONT.)** | **COMMON STOCKS—96.9% (CONT.)** |
| **MOVIES & ENTERTAINMENT—3.2%** | **MOVIES & ENTERTAINMENT—3.2%** | **MOVIES & ENTERTAINMENT—3.2%** |
| Liberty Media Corp. Series C Liberty Formula One<sup>\*</sup>  | 68154 | **$** 5930761 |
| Netflix, Inc.<sup>\*</sup>  | 352990 | 29471135 |
| Roku, Inc., Cl. A<sup>\*</sup>  | 205450 | 19558840 |
| Sphere Entertainment Co., Cl. A<sup>\*</sup>  | 27054 | 2583928 |
| Spotify Technology SA<sup>\*</sup>  | 43847 | 21938846 |
|  |  | **79483510** |
| **PHARMACEUTICALS—1.3%** | **PHARMACEUTICALS—1.3%** | **PHARMACEUTICALS—1.3%** |
| AstraZeneca PLC ADR | 155668 | 14441321 |
| Eli Lilly & Co. | 16941 | 17570358 |
|  |  | **32011679** |
| **SEMICONDUCTORS—21.9%** | **SEMICONDUCTORS—21.9%** | **SEMICONDUCTORS—21.9%** |
| Astera Labs, Inc.<sup>\*</sup>  | 141938 | 21378702 |
| Broadcom, Inc. | 267007 | 88459419 |
| NVIDIA Corp. | 1767257 | 337775830 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 315288 | 104221601 |
|  |  | **551835552** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.2%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.2%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.2%** |
| Celsius Holdings, Inc.<sup>\*</sup>  | 93948 | **4930391** |
| **SPECIALTY CHEMICALS—0.2%** | **SPECIALTY CHEMICALS—0.2%** | **SPECIALTY CHEMICALS—0.2%** |
| DuPont de Nemours, Inc. | 119799 | **5261572** |
| **SYSTEMS SOFTWARE—13.2%** | **SYSTEMS SOFTWARE—13.2%** | **SYSTEMS SOFTWARE—13.2%** |
| Microsoft Corp. | 599203 | 257831059 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 873820 | 74440726 |
|  |  | **332271785** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.0%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.0%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.0%** |
| Apple, Inc. | 545361 | 141510272 |
| Western Digital Corp. | 240457 | 60169555 |
|  |  | **201679827** |
| **TRADING COMPANIES & DISTRIBUTORS—1.8%** | **TRADING COMPANIES & DISTRIBUTORS—1.8%** | **TRADING COMPANIES & DISTRIBUTORS—1.8%** |
| EquipmentShare.com, Inc., Cl. A<sup>\*</sup>  | 198334 | 6168188 |
| QXO, Inc.<sup>\*</sup>  | 1760479 | 39047424 |
|  |  | **45215612** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—0.8%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.8%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.8%** |
| Visa, Inc., Cl. A | 63363 | **20392114** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $904,468,346) |  | **2446748129** |
| **PREFERRED STOCKS—2.7%** | **PREFERRED STOCKS—2.7%** | **PREFERRED STOCKS—2.7%** |
| **APPLICATION SOFTWARE—2.0%** | **APPLICATION SOFTWARE—2.0%** | **APPLICATION SOFTWARE—2.0%** |
| Databricks, Inc., Series J<sup>(a),\*,@</sup>  | 217533 | 41331270 |
| Databricks, Inc., Series L<sup>(a),\*,@</sup>  | 15245 | 2896550 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **PREFERRED STOCKS—2.7% (CONT.)** | **PREFERRED STOCKS—2.7% (CONT.)** | **PREFERRED STOCKS—2.7% (CONT.)** |
| **APPLICATION SOFTWARE—2.0% (CONT.)** | **APPLICATION SOFTWARE—2.0% (CONT.)** | **APPLICATION SOFTWARE—2.0% (CONT.)** |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 331992 | **$** 5713582 |
|  |  | **49941402** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.7%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.7%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.7%** |
| Apptronik, Inc., Series A-X1<sup>(a),\*,@</sup>  | 188128 | 6954566 |
| Figure AI, Inc., Series C<sup>(a),\*,@</sup>  | 56121 | 10939755 |
|  |  | **17894321** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $46,626,256) |  | **67835723** |
| **SPECIAL PURPOSE VEHICLE—0.4%** | **SPECIAL PURPOSE VEHICLE—0.4%** | **SPECIAL PURPOSE VEHICLE—0.4%** |
| **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** |
| Disruptive Technology Solutions LI, LLC<sup>(a),\*,@</sup>  |  | **10259000** |
| &nbsp;&nbsp;&nbsp; (Cost $10,592,417) |  | **10259000** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $961,687,019)** | 100.0% | **$2524842852** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $961,687,019) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2524842852 |
| Liabilities in Excess of Other Assets | (0.0)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (435532) |
| **NET ASSETS** | 100.0% | **$2524407320** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ADR* *American Depositary Receipts*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| *(a)* | *Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures* <br> *approved by the Board of Trustees.*<br>|
| *\** | *Non-income producing security.* |
| *@* | *Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the* <br> *investment may be restricted only to qualified buyers.*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Acquisition* <br>*Date(s)*<br>| *Acquisition* <br>*Cost*<br>| *Market* <br>*Value*<br>| *% of net assets* <br>*as of* <br>*1/31/2026*<br>|
| *Apptronik, Inc., Series A-X1* | *1/29/26* | &nbsp;&nbsp; $*6954566* | $*6954566* | *0.3%* |
| *Databricks, Inc., Series J* | *12/17/24* | *20121803* | *41331270* | *1.7%* |
| *Databricks, Inc., Series L* | *12/16/25* | *2896550* | *2896550* | *0.1%* |
| *Disruptive Technology Solutions LI, LLC* | *11/4/25* | *10592417* | *10259000* | *0.4%* |
| *Figure AI, Inc., Series C* | *11/18/25* | *10939755* | *10939755* | *0.4%* |
| *SB Technology, Inc., Series E* | *10/23/24* | *5713582* | *5713582* | *0.2%* |
| *Total* |  | *$57218673* | *$78094723* | *3.1%* |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS \| ALGER CONCENTRATED EQUITY FUND**

**Schedule of Investments January 31, 2026 (Unaudited)** <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.6%** | **COMMON STOCKS—98.6%** | **COMMON STOCKS—98.6%** |
| **AEROSPACE & DEFENSE—2.4%** | **AEROSPACE & DEFENSE—2.4%** | **AEROSPACE & DEFENSE—2.4%** |
| HEICO Corp., Cl. A | 702 | **$178722** |
| **APPLICATION SOFTWARE—2.9%** | **APPLICATION SOFTWARE—2.9%** | **APPLICATION SOFTWARE—2.9%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 464 | **219523** |
| **AUTOMOBILE MANUFACTURERS—3.9%** | **AUTOMOBILE MANUFACTURERS—3.9%** | **AUTOMOBILE MANUFACTURERS—3.9%** |
| Tesla, Inc.<sup>\*</sup>  | 682 | **293540** |
| **BIOTECHNOLOGY—1.5%** | **BIOTECHNOLOGY—1.5%** | **BIOTECHNOLOGY—1.5%** |
| Natera, Inc.<sup>\*</sup>  | 470 | **108636** |
| **BROADLINE RETAIL—10.5%** | **BROADLINE RETAIL—10.5%** | **BROADLINE RETAIL—10.5%** |
| Amazon.com, Inc.<sup>\*</sup>  | 2334 | 558526 |
| MercadoLibre, Inc.<sup>\*</sup>  | 37 | 79468 |
| Sea Ltd., Cl. A ADR<sup>\*</sup>  | 1271 | 148059 |
|  |  | **786053** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.3%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.3%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.3%** |
| Rocket Cos., Inc., Cl. A | 5376 | **96392** |
| **CONSUMER FINANCE—0.4%** | **CONSUMER FINANCE—0.4%** | **CONSUMER FINANCE—0.4%** |
| Figure Technology Solutions, Inc., Cl. A<sup>\*</sup>  | 486 | **27644** |
| **ELECTRIC UTILITIES—1.7%** | **ELECTRIC UTILITIES—1.7%** | **ELECTRIC UTILITIES—1.7%** |
| Constellation Energy Corp. | 444 | **124622** |
| **ENVIRONMENTAL & FACILITIES SERVICES—2.4%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.4%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.4%** |
| GFL Environmental, Inc. | 4206 | **180648** |
| **HEALTHCARE EQUIPMENT—1.1%** | **HEALTHCARE EQUIPMENT—1.1%** | **HEALTHCARE EQUIPMENT—1.1%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 165 | **83196** |
| **HEAVY ELECTRICAL EQUIPMENT—2.5%** | **HEAVY ELECTRICAL EQUIPMENT—2.5%** | **HEAVY ELECTRICAL EQUIPMENT—2.5%** |
| GE Vernova, Inc. | 257 | **186677** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.6%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.6%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.6%** |
| Talen Energy Corp.<sup>\*</sup>  | 334 | **116352** |
| **INTERACTIVE MEDIA & SERVICES—10.6%** | **INTERACTIVE MEDIA & SERVICES—10.6%** | **INTERACTIVE MEDIA & SERVICES—10.6%** |
| Alphabet, Inc., Cl. C | 1372 | 464463 |
| Meta Platforms, Inc., Cl. A | 457 | 327441 |
|  |  | **791904** |
| **MOVIES & ENTERTAINMENT—2.8%** | **MOVIES & ENTERTAINMENT—2.8%** | **MOVIES & ENTERTAINMENT—2.8%** |
| Liberty Media Corp. Series C Liberty Formula One<sup>\*</sup>  | 1393 | 121219 |
| Netflix, Inc.<sup>\*</sup>  | 398 | 33229 |
| Spotify Technology SA<sup>\*</sup>  | 102 | 51035 |
|  |  | **205483** |
| **PHARMACEUTICALS—1.7%** | **PHARMACEUTICALS—1.7%** | **PHARMACEUTICALS—1.7%** |
| Eli Lilly & Co. | 126 | **130681** |
| **SEMICONDUCTORS—27.4%** | **SEMICONDUCTORS—27.4%** | **SEMICONDUCTORS—27.4%** |
| Astera Labs, Inc.<sup>\*</sup>  | 818 | 123207 |
| Broadcom, Inc. | 1170 | 387621 |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS \| ALGER CONCENTRATED EQUITY FUND**

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.6% (CONT.)** | **COMMON STOCKS—98.6% (CONT.)** | **COMMON STOCKS—98.6% (CONT.)** |
| **SEMICONDUCTORS—27.4% (CONT.)** | **SEMICONDUCTORS—27.4% (CONT.)** | **SEMICONDUCTORS—27.4% (CONT.)** |
| NVIDIA Corp. | 5778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$**1104349 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1287 | 425431 |
|  |  | **2040608** |
| **SYSTEMS SOFTWARE—13.1%** | **SYSTEMS SOFTWARE—13.1%** | **SYSTEMS SOFTWARE—13.1%** |
| Microsoft Corp. | 1618 | 696209 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 3301 | 281212 |
|  |  | **977421** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.0%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.0%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.0%** |
| Apple, Inc. | 1421 | 368721 |
| Western Digital Corp. | 599 | 149888 |
|  |  | **518609** |
| **TRADING COMPANIES & DISTRIBUTORS—3.8%** | **TRADING COMPANIES & DISTRIBUTORS—3.8%** | **TRADING COMPANIES & DISTRIBUTORS—3.8%** |
| QXO, Inc.<sup>\*</sup>  | 12723 | **282196** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $4,972,389) |  | **7348907** |
| **SHORT-TERM SECURITIES—2.3%** | **SHORT-TERM SECURITIES—2.3%** | **SHORT-TERM SECURITIES—2.3%** |
| **MONEY MARKET FUNDS—2.3%** | **MONEY MARKET FUNDS—2.3%** | **MONEY MARKET FUNDS—2.3%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.58%<sup>(a)</sup>  | 166501 | **166501** |
| &nbsp;&nbsp;&nbsp; (Cost $166,501) |  | **166501** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $5,138,890)** | 100.9% | **$7515408** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $5,138,890) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7515408 |
| Liabilities in Excess of Other Assets | (0.9)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63721) |
| **NET ASSETS** | 100.0% | **$7451687** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ADR* *American Depositary Receipts*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*(a)* *Rate shown reflects 7-day effective yield as of January 31, 2026.* <br> *\** *Non-income producing security.*

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited)** <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—93.3%** | **COMMON STOCKS—93.3%** | **COMMON STOCKS—93.3%** |
| **AEROSPACE & DEFENSE—0.7%** | **AEROSPACE & DEFENSE—0.7%** | **AEROSPACE & DEFENSE—0.7%** |
| TransDigm Group, Inc. | 4017 | **$5734428** |
| **APPAREL RETAIL—0.4%** | **APPAREL RETAIL—0.4%** | **APPAREL RETAIL—0.4%** |
| Gap, Inc. | 133801 | **3743752** |
| **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** |
| Adobe, Inc.<sup>\*</sup>  | 10341 | **3032498** |
| **ASSET MANAGEMENT & CUSTODY BANKS—2.5%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.5%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.5%** |
| Blackrock, Inc. | 10069 | 11266607 |
| Blackstone, Inc. | 54731 | 7794789 |
| Blue Owl Capital, Inc., Cl. A | 149626 | 2040899 |
|  |  | **21102295** |
| **AUTOMOBILE MANUFACTURERS—0.3%** | **AUTOMOBILE MANUFACTURERS—0.3%** | **AUTOMOBILE MANUFACTURERS—0.3%** |
| Ferrari NV | 7779 | **2591729** |
| **BIOTECHNOLOGY—2.3%** | **BIOTECHNOLOGY—2.3%** | **BIOTECHNOLOGY—2.3%** |
| AbbVie, Inc. | 54000 | 12042540 |
| Amgen, Inc. | 11723 | 4007859 |
| Gilead Sciences, Inc. | 21201 | 3009482 |
|  |  | **19059881** |
| **BROADLINE RETAIL—2.9%** | **BROADLINE RETAIL—2.9%** | **BROADLINE RETAIL—2.9%** |
| Amazon.com, Inc.<sup>\*</sup>  | 100519 | **24054197** |
| **BUILDING PRODUCTS—0.6%** | **BUILDING PRODUCTS—0.6%** | **BUILDING PRODUCTS—0.6%** |
| Johnson Controls International PLC | 44736 | **5335215** |
| **COMMUNICATIONS EQUIPMENT—0.9%** | **COMMUNICATIONS EQUIPMENT—0.9%** | **COMMUNICATIONS EQUIPMENT—0.9%** |
| Cisco Systems, Inc. | 99179 | **7767699** |
| **COMPUTER & ELECTRONICS RETAIL—0.2%** | **COMPUTER & ELECTRONICS RETAIL—0.2%** | **COMPUTER & ELECTRONICS RETAIL—0.2%** |
| Best Buy Co., Inc. | 30662 | **1996096** |
| **CONSUMER ELECTRONICS—0.5%** | **CONSUMER ELECTRONICS—0.5%** | **CONSUMER ELECTRONICS—0.5%** |
| Garmin, Ltd. | 20480 | **4129587** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—1.2%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.2%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.2%** |
| Walmart, Inc. | 80927 | **9641643** |
| **COPPER—0.9%** | **COPPER—0.9%** | **COPPER—0.9%** |
| Southern Copper Corp. | 39962 | **7605568** |
| **DIVERSIFIED BANKS—5.4%** | **DIVERSIFIED BANKS—5.4%** | **DIVERSIFIED BANKS—5.4%** |
| Bank of America Corp. | 186183 | 9904936 |
| Fifth Third Bancorp | 85058 | 4271613 |
| JPMorgan Chase & Co. | 98851 | 30237532 |
|  |  | **44414081** |
| **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** |
| NextEra Energy, Inc. | 42622 | **3746474** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—1.7%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.7%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.7%** |
| Eaton Corp. PLC | 40393 | **14194908** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—93.3% (CONT.)** | **COMMON STOCKS—93.3% (CONT.)** | **COMMON STOCKS—93.3% (CONT.)** |
| **ELECTRONIC COMPONENTS—0.9%** | **ELECTRONIC COMPONENTS—0.9%** | **ELECTRONIC COMPONENTS—0.9%** |
| Corning, Inc. | 69210 | **$7145932** |
| **FINANCIAL EXCHANGES & DATA—0.9%** | **FINANCIAL EXCHANGES & DATA—0.9%** | **FINANCIAL EXCHANGES & DATA—0.9%** |
| CME Group, Inc., Cl. A | 24887 | **7193836** |
| **FOOD DISTRIBUTORS—0.4%** | **FOOD DISTRIBUTORS—0.4%** | **FOOD DISTRIBUTORS—0.4%** |
| Sysco Corp. | 36038 | **3021786** |
| **HEALTH CARE DISTRIBUTORS—0.8%** | **HEALTH CARE DISTRIBUTORS—0.8%** | **HEALTH CARE DISTRIBUTORS—0.8%** |
| Cardinal Health, Inc. | 31763 | **6825233** |
| **HEALTHCARE EQUIPMENT—0.8%** | **HEALTHCARE EQUIPMENT—0.8%** | **HEALTHCARE EQUIPMENT—0.8%** |
| Abbott Laboratories | 30013 | 3280421 |
| Medtronic PLC | 35903 | 3696573 |
|  |  | **6976994** |
| **HOME IMPROVEMENT RETAIL—1.5%** | **HOME IMPROVEMENT RETAIL—1.5%** | **HOME IMPROVEMENT RETAIL—1.5%** |
| The Home Depot, Inc. | 33793 | **12658520** |
| **HOUSEHOLD PRODUCTS—1.0%** | **HOUSEHOLD PRODUCTS—1.0%** | **HOUSEHOLD PRODUCTS—1.0%** |
| The Procter & Gamble Co. | 52665 | **7992967** |
| **INDUSTRIAL CONGLOMERATES—1.1%** | **INDUSTRIAL CONGLOMERATES—1.1%** | **INDUSTRIAL CONGLOMERATES—1.1%** |
| Honeywell International, Inc. | 40692 | **9258244** |
| **INDUSTRIAL GASES—0.6%** | **INDUSTRIAL GASES—0.6%** | **INDUSTRIAL GASES—0.6%** |
| Air Products & Chemicals, Inc. | 18082 | **4927345** |
| **INTEGRATED OIL & GAS—3.7%** | **INTEGRATED OIL & GAS—3.7%** | **INTEGRATED OIL & GAS—3.7%** |
| Chevron Corp. | 59275 | 10485748 |
| Exxon Mobil Corp. | 104026 | 14709276 |
| TotalEnergies SE | 70891 | 5132508 |
|  |  | **30327532** |
| **INTEGRATED TELECOMMUNICATION SERVICES—1.1%** | **INTEGRATED TELECOMMUNICATION SERVICES—1.1%** | **INTEGRATED TELECOMMUNICATION SERVICES—1.1%** |
| Comcast Corp., Cl. A | 121494 | 3614446 |
| Verizon Communications, Inc. | 120905 | 5382691 |
|  |  | **8997137** |
| **INTERACTIVE MEDIA & SERVICES—11.7%** | **INTERACTIVE MEDIA & SERVICES—11.7%** | **INTERACTIVE MEDIA & SERVICES—11.7%** |
| Alphabet, Inc., Cl. A | 126942 | 42906396 |
| Alphabet, Inc., Cl. C | 99640 | 33731129 |
| Meta Platforms, Inc., Cl. A | 28532 | 20443178 |
|  |  | **97080703** |
| **INVESTMENT BANKING & BROKERAGE—2.9%** | **INVESTMENT BANKING & BROKERAGE—2.9%** | **INVESTMENT BANKING & BROKERAGE—2.9%** |
| Morgan Stanley | 129596 | **23690149** |
| **IT CONSULTING & OTHER SERVICES—0.4%** | **IT CONSULTING & OTHER SERVICES—0.4%** | **IT CONSULTING & OTHER SERVICES—0.4%** |
| International Business Machines Corp. | 9977 | **3059946** |
| **MANAGED HEALTHCARE—0.5%** | **MANAGED HEALTHCARE—0.5%** | **MANAGED HEALTHCARE—0.5%** |
| UnitedHealth Group, Inc. | 14789 | **4243408** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—93.3% (CONT.)** | **COMMON STOCKS—93.3% (CONT.)** | **COMMON STOCKS—93.3% (CONT.)** |
| **MULTI-UTILITIES—0.9%** | **MULTI-UTILITIES—0.9%** | **MULTI-UTILITIES—0.9%** |
| Consolidated Edison, Inc. | 32131 | **$** 3426129 |
| Sempra | 45544 | 3962783 |
|  |  | **7388912** |
| **OIL & GAS STORAGE & TRANSPORTATION—0.4%** | **OIL & GAS STORAGE & TRANSPORTATION—0.4%** | **OIL & GAS STORAGE & TRANSPORTATION—0.4%** |
| ONEOK, Inc. | 41222 | **3264370** |
| **OTHER SPECIALTY RETAIL—0.2%** | **OTHER SPECIALTY RETAIL—0.2%** | **OTHER SPECIALTY RETAIL—0.2%** |
| Dick's Sporting Goods, Inc. | 9080 | **1834160** |
| **PHARMACEUTICALS—4.8%** | **PHARMACEUTICALS—4.8%** | **PHARMACEUTICALS—4.8%** |
| AstraZeneca PLC ADR | 49030 | 4548513 |
| Bristol-Myers Squibb Co. | 63010 | 3468701 |
| Eli Lilly & Co. | 8087 | 8387432 |
| Johnson & Johnson | 56911 | 12933025 |
| Merck & Co., Inc. | 30726 | 3388156 |
| Novartis AG ADR | 26696 | 3969161 |
| Pfizer, Inc. | 108194 | 2860649 |
|  |  | **39555637** |
| **PROPERTY & CASUALTY INSURANCE—0.6%** | **PROPERTY & CASUALTY INSURANCE—0.6%** | **PROPERTY & CASUALTY INSURANCE—0.6%** |
| The Hartford Insurance Group, Inc. | 36118 | **4878097** |
| **RAIL TRANSPORTATION—0.7%** | **RAIL TRANSPORTATION—0.7%** | **RAIL TRANSPORTATION—0.7%** |
| Union Pacific Corp. | 24714 | **5810261** |
| **RESTAURANTS—1.0%** | **RESTAURANTS—1.0%** | **RESTAURANTS—1.0%** |
| McDonald's Corp. | 16779 | 5285385 |
| Starbucks Corp. | 34621 | 3183401 |
|  |  | **8468786** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—5.1%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—5.1%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—5.1%** |
| KLA Corp. | 29687 | **42391255** |
| **SEMICONDUCTORS—9.1%** | **SEMICONDUCTORS—9.1%** | **SEMICONDUCTORS—9.1%** |
| Broadcom, Inc. | 162954 | 53986660 |
| QUALCOMM, Inc. | 60203 | 9126173 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 38186 | 12622764 |
|  |  | **75735597** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.6%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.6%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.6%** |
| PepsiCo, Inc. | 41970 | 6447851 |
| The Coca-Cola Co. | 92507 | 6920449 |
|  |  | **13368300** |
| **SPECIALTY CHEMICALS—0.8%** | **SPECIALTY CHEMICALS—0.8%** | **SPECIALTY CHEMICALS—0.8%** |
| DuPont de Nemours, Inc. | 147894 | **6495504** |
| **SYSTEMS SOFTWARE—7.7%** | **SYSTEMS SOFTWARE—7.7%** | **SYSTEMS SOFTWARE—7.7%** |
| Microsoft Corp. | 141399 | 60842576 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—93.3% (CONT.)** | **COMMON STOCKS—93.3% (CONT.)** | **COMMON STOCKS—93.3% (CONT.)** |
| **SYSTEMS SOFTWARE—7.7% (CONT.)** | **SYSTEMS SOFTWARE—7.7% (CONT.)** | **SYSTEMS SOFTWARE—7.7% (CONT.)** |
| Oracle Corp. | 21105 | **$** 3473461 |
|  |  | **64316037** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.4%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.4%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.4%** |
| Apple, Inc. | 220063 | 57101947 |
| Dell Technologies, Inc., Cl. C | 37086 | 4244122 |
|  |  | **61346069** |
| **TOBACCO—1.3%** | **TOBACCO—1.3%** | **TOBACCO—1.3%** |
| Altria Group, Inc. | 77624 | 4811912 |
| Philip Morris International, Inc. | 32854 | 5895322 |
|  |  | **10707234** |
| **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** |
| Ferguson Enterprises, Inc. | 20423 | **5155991** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—1.4%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.4%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.4%** |
| Visa, Inc., Cl. A | 36891 | **11872631** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $398,605,674) |  | **774138624** |
| **MASTER LIMITED PARTNERSHIPS—0.3%** | **MASTER LIMITED PARTNERSHIPS—0.3%** | **MASTER LIMITED PARTNERSHIPS—0.3%** |
| **OIL & GAS STORAGE & TRANSPORTATION—0.3%** | **OIL & GAS STORAGE & TRANSPORTATION—0.3%** | **OIL & GAS STORAGE & TRANSPORTATION—0.3%** |
| Cheniere Energy Partners LP | 46569 | **2626026** |
| &nbsp;&nbsp;&nbsp; (Cost $1,823,074) |  | **2626026** |
| **REAL ESTATE INVESTMENT TRUSTS—2.8%** | **REAL ESTATE INVESTMENT TRUSTS—2.8%** | **REAL ESTATE INVESTMENT TRUSTS—2.8%** |
| **HEALTH CARE—1.0%** | **HEALTH CARE—1.0%** | **HEALTH CARE—1.0%** |
| Welltower, Inc. | 43048 | **8108521** |
| **INDUSTRIAL—0.3%** | **INDUSTRIAL—0.3%** | **INDUSTRIAL—0.3%** |
| Prologis, Inc. | 17881 | **2334543** |
| **RETAIL—0.7%** | **RETAIL—0.7%** | **RETAIL—0.7%** |
| Simon Property Group, Inc. | 29337 | **5612462** |
| **SPECIALIZED—0.4%** | **SPECIALIZED—0.4%** | **SPECIALIZED—0.4%** |
| Lamar Advertising Co., Cl. A | 30628 | **3929879** |
| **TELECOM TOWER—0.4%** | **TELECOM TOWER—0.4%** | **TELECOM TOWER—0.4%** |
| Crown Castle, Inc. | 37642 | **3267702** |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>(Cost $16,515,193) |  | **23253107** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SHORT-TERM SECURITIES—3.5%** | **SHORT-TERM SECURITIES—3.5%** | **SHORT-TERM SECURITIES—3.5%** |
| **MONEY MARKET FUNDS—3.5%** | **MONEY MARKET FUNDS—3.5%** | **MONEY MARKET FUNDS—3.5%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.58%<sup>(a)</sup>  | 29092914 | **$29092914** |
| &nbsp;&nbsp;&nbsp; (Cost $29,092,914) |  | **29092914** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $446,036,855)** | 99.9% | **$829110671** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $446,036,855) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 829110671 |
| Other Assets in Excess of Liabilities | 0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660257 |
| **NET ASSETS** | 100.0% | **$829770928** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ADR* *American Depositary Receipts*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*(a)* *Rate shown reflects 7-day effective yield as of January 31, 2026.* <br> *\** *Non-income producing security.*

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited)** <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.3%** | **COMMON STOCKS—95.3%** | **COMMON STOCKS—95.3%** |
| **APPAREL ACCESSORIES & LUXURY GOODS—0.5%** | **APPAREL ACCESSORIES & LUXURY GOODS—0.5%** | **APPAREL ACCESSORIES & LUXURY GOODS—0.5%** |
| lululemon athletica, inc.<sup>\*</sup>  | 1290 | **$225105** |
| **APPAREL RETAIL—2.6%** | **APPAREL RETAIL—2.6%** | **APPAREL RETAIL—2.6%** |
| Gap, Inc. | 40384 | **1129944** |
| **APPLICATION SOFTWARE—4.0%** | **APPLICATION SOFTWARE—4.0%** | **APPLICATION SOFTWARE—4.0%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 2304 | 1090045 |
| Unity Software, Inc.<sup>\*</sup>  | 21535 | 626669 |
|  |  | **1716714** |
| **BIOTECHNOLOGY—5.2%** | **BIOTECHNOLOGY—5.2%** | **BIOTECHNOLOGY—5.2%** |
| Abivax SA ADR<sup>\*</sup>  | 2899 | 322224 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 21063 | 616514 |
| Natera, Inc.<sup>\*</sup>  | 5633 | 1302012 |
|  |  | **2240750** |
| **BROADLINE RETAIL—10.6%** | **BROADLINE RETAIL—10.6%** | **BROADLINE RETAIL—10.6%** |
| Amazon.com, Inc.<sup>\*</sup>  | 12550 | 3003215 |
| MercadoLibre, Inc.<sup>\*</sup>  | 348 | 747431 |
| Sea Ltd., Cl. A ADR<sup>\*</sup>  | 6526 | 760214 |
|  |  | **4510860** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—1.8%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.8%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.8%** |
| Enovix Corp.<sup>\*</sup>  | 117757 | **779551** |
| **HEALTH CARE DISTRIBUTORS—1.9%** | **HEALTH CARE DISTRIBUTORS—1.9%** | **HEALTH CARE DISTRIBUTORS—1.9%** |
| McKesson Corp. | 986 | **819573** |
| **HEALTHCARE EQUIPMENT—2.1%** | **HEALTHCARE EQUIPMENT—2.1%** | **HEALTHCARE EQUIPMENT—2.1%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 1759 | **886923** |
| **HEALTHCARE FACILITIES—3.3%** | **HEALTHCARE FACILITIES—3.3%** | **HEALTHCARE FACILITIES—3.3%** |
| Tenet Healthcare Corp.<sup>\*</sup>  | 7394 | **1399536** |
| **HEAVY ELECTRICAL EQUIPMENT—2.3%** | **HEAVY ELECTRICAL EQUIPMENT—2.3%** | **HEAVY ELECTRICAL EQUIPMENT—2.3%** |
| GE Vernova, Inc. | 1381 | **1003117** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.0%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.0%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.0%** |
| Talen Energy Corp.<sup>\*</sup>  | 3622 | **1261760** |
| **INTERACTIVE MEDIA & SERVICES—13.1%** | **INTERACTIVE MEDIA & SERVICES—13.1%** | **INTERACTIVE MEDIA & SERVICES—13.1%** |
| Alphabet, Inc., Cl. A | 11497 | 3885986 |
| Meta Platforms, Inc., Cl. A | 2366 | 1695239 |
|  |  | **5581225** |
| **INTERNET SERVICES & INFRASTRUCTURE—3.8%** | **INTERNET SERVICES & INFRASTRUCTURE—3.8%** | **INTERNET SERVICES & INFRASTRUCTURE—3.8%** |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 1922 | 713696 |
| Okta, Inc., Cl. A<sup>\*</sup>  | 5302 | 447913 |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 3849 | 463651 |
|  |  | **1625260** |
| **INVESTMENT BANKING & BROKERAGE—2.1%** | **INVESTMENT BANKING & BROKERAGE—2.1%** | **INVESTMENT BANKING & BROKERAGE—2.1%** |
| Goldman Sachs Group, Inc. | 941 | **880221** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.3% (CONT.)** | **COMMON STOCKS—95.3% (CONT.)** | **COMMON STOCKS—95.3% (CONT.)** |
| **MOVIES & ENTERTAINMENT—2.5%** | **MOVIES & ENTERTAINMENT—2.5%** | **MOVIES & ENTERTAINMENT—2.5%** |
| Roku, Inc., Cl. A<sup>\*</sup>  | 8752 | **$** 833190 |
| Spotify Technology SA<sup>\*</sup>  | 479 | 239668 |
|  |  | **1072858** |
| **PHARMACEUTICALS—3.5%** | **PHARMACEUTICALS—3.5%** | **PHARMACEUTICALS—3.5%** |
| Eli Lilly & Co. | 599 | 621253 |
| Johnson & Johnson | 3821 | 868322 |
|  |  | **1489575** |
| **SEMICONDUCTORS—19.4%** | **SEMICONDUCTORS—19.4%** | **SEMICONDUCTORS—19.4%** |
| Astera Labs, Inc.<sup>\*</sup>  | 4144 | 624169 |
| NVIDIA Corp. | 26227 | 5012767 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 7997 | 2643488 |
|  |  | **8280424** |
| **SYSTEMS SOFTWARE—8.8%** | **SYSTEMS SOFTWARE—8.8%** | **SYSTEMS SOFTWARE—8.8%** |
| Microsoft Corp. | 3157 | 1358426 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 28137 | 2396991 |
|  |  | **3755417** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.8%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.8%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.8%** |
| Western Digital Corp. | 4770 | **1193597** |
| **TRADING COMPANIES & DISTRIBUTORS—2.0%** | **TRADING COMPANIES & DISTRIBUTORS—2.0%** | **TRADING COMPANIES & DISTRIBUTORS—2.0%** |
| QXO, Inc.<sup>\*</sup>  | 38390 | **851490** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $27,943,813) |  | **40703900** |
| **PREFERRED STOCKS—2.6%** | **PREFERRED STOCKS—2.6%** | **PREFERRED STOCKS—2.6%** |
| **APPLICATION SOFTWARE—1.2%** | **APPLICATION SOFTWARE—1.2%** | **APPLICATION SOFTWARE—1.2%** |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 30534 | **525490** |
| **HEALTHCARE EQUIPMENT—1.4%** | **HEALTHCARE EQUIPMENT—1.4%** | **HEALTHCARE EQUIPMENT—1.4%** |
| Impulse Dynamics PLC, Series F-3<sup>(a),\*,@</sup>  | 10403925 | **593024** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $1,069,789) |  | **1118514** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SHORT-TERM SECURITIES—0.1%** | **SHORT-TERM SECURITIES—0.1%** | **SHORT-TERM SECURITIES—0.1%** |
| **MONEY MARKET FUNDS—0.1%** | **MONEY MARKET FUNDS—0.1%** | **MONEY MARKET FUNDS—0.1%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.58%<sup>(b)</sup>  | 67872 | **$67872** |
| &nbsp;&nbsp;&nbsp; (Cost $67,872) |  | **67872** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $29,081,474)** | 98.0% | **$41890286** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $29,081,474) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41890286 |
| Other Assets in Excess of Liabilities | 2.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 835059 |
| **NET ASSETS** | 100.0% | **$42725345** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ADR* *American Depositary Receipts*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| *(a)* | *Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures* <br> *approved by the Board of Trustees.*<br>|
| *(b)* | *Rate shown reflects 7-day effective yield as of January 31, 2026.* |
| *\** | *Non-income producing security.* |
| *@* | *Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the* <br> *investment may be restricted only to qualified buyers.*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Acquisition* <br>*Date(s)*<br>| *Acquisition* <br>*Cost*<br>| *Market* <br>*Value*<br>| *% of net assets* <br>*as of* <br>*1/31/2026*<br>|
| *Impulse Dynamics PLC, Series F-3* | *2/5/2024* | &nbsp;&nbsp; $*544299* | $*593024* | *1.4%* |
| *SB Technology, Inc., Series E* | *10/23/24* | *525490* | *525490* | *1.2%* |
| *Total* |  | *$1069789* | *$1118514* | *2.6%* |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited)** <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—87.1%** | **COMMON STOCKS—87.1%** | **COMMON STOCKS—87.1%** |
| **AEROSPACE & DEFENSE—6.9%** | **AEROSPACE & DEFENSE—6.9%** | **AEROSPACE & DEFENSE—6.9%** |
| Axon Enterprise, Inc.<sup>\*</sup>  | 11680 | **$** 5648215 |
| HEICO Corp. | 21297 | 7047390 |
| Howmet Aerospace, Inc. | 31995 | 6657520 |
| Rocket Lab Corp.<sup>\*</sup>  | 41503 | 3323145 |
|  |  | **22676270** |
| **APPLICATION SOFTWARE—4.6%** | **APPLICATION SOFTWARE—4.6%** | **APPLICATION SOFTWARE—4.6%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 5835 | 2760597 |
| Fair Isaac Corp.<sup>\*</sup>  | 2108 | 3084362 |
| Manhattan Associates, Inc.<sup>\*</sup>  | 13685 | 2066572 |
| Procore Technologies, Inc.<sup>\*</sup>  | 54974 | 3105481 |
| Synopsys, Inc.<sup>\*</sup>  | 8319 | 3869292 |
|  |  | **14886304** |
| **ASSET MANAGEMENT & CUSTODY BANKS—1.3%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.3%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.3%** |
| Ares Management Corp., Cl. A | 28859 | **4319327** |
| **AUTOMOTIVE RETAIL—3.2%** | **AUTOMOTIVE RETAIL—3.2%** | **AUTOMOTIVE RETAIL—3.2%** |
| Carvana Co.<sup>\*</sup>  | 26293 | **10546385** |
| **BIOTECHNOLOGY—10.5%** | **BIOTECHNOLOGY—10.5%** | **BIOTECHNOLOGY—10.5%** |
| Abivax SA ADR<sup>\*</sup>  | 54840 | 6095466 |
| Ascendis Pharma A/S ADR<sup>\*</sup>  | 30335 | 6858743 |
| Biogen, Inc.<sup>\*</sup>  | 47081 | 8469401 |
| Insmed, Inc.<sup>\*</sup>  | 16477 | 2584747 |
| Natera, Inc.<sup>\*</sup>  | 44106 | 10194661 |
|  |  | **34203018** |
| **BROADLINE RETAIL—2.3%** | **BROADLINE RETAIL—2.3%** | **BROADLINE RETAIL—2.3%** |
| Sea Ltd., Cl. A ADR<sup>\*</sup>  | 64588 | **7523856** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.0%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.0%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.0%** |
| Rocket Cos., Inc., Cl. A | 186894 | **3351009** |
| **CONSTRUCTION & ENGINEERING—4.1%** | **CONSTRUCTION & ENGINEERING—4.1%** | **CONSTRUCTION & ENGINEERING—4.1%** |
| Comfort Systems USA, Inc. | 11794 | **13469927** |
| **CONSTRUCTION MATERIALS—1.0%** | **CONSTRUCTION MATERIALS—1.0%** | **CONSTRUCTION MATERIALS—1.0%** |
| Martin Marietta Materials, Inc. | 5162 | **3365366** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.7%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.7%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.7%** |
| Vertiv Holdings Co., Cl. A | 47568 | **8856210** |
| **ELECTRONIC COMPONENTS—3.2%** | **ELECTRONIC COMPONENTS—3.2%** | **ELECTRONIC COMPONENTS—3.2%** |
| Amphenol Corp., Cl. A | 73450 | **10582676** |
| **HEALTH CARE DISTRIBUTORS—1.6%** | **HEALTH CARE DISTRIBUTORS—1.6%** | **HEALTH CARE DISTRIBUTORS—1.6%** |
| Cardinal Health, Inc. | 24154 | **5190212** |
| **HEALTHCARE EQUIPMENT—1.8%** | **HEALTHCARE EQUIPMENT—1.8%** | **HEALTHCARE EQUIPMENT—1.8%** |
| IDEXX Laboratories, Inc.<sup>\*</sup>  | 8527 | **5717012** |
| **HEALTHCARE SERVICES—2.6%** | **HEALTHCARE SERVICES—2.6%** | **HEALTHCARE SERVICES—2.6%** |
| Guardant Health, Inc.<sup>\*</sup>  | 74166 | **8457891** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—87.1% (CONT.)** | **COMMON STOCKS—87.1% (CONT.)** | **COMMON STOCKS—87.1% (CONT.)** |
| **HOMEFURNISHING RETAIL—1.0%** | **HOMEFURNISHING RETAIL—1.0%** | **HOMEFURNISHING RETAIL—1.0%** |
| Wayfair, Inc., Cl. A<sup>\*</sup>  | 32785 | **$3392920** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.8%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.8%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.8%** |
| Talen Energy Corp.<sup>\*</sup>  | 20853 | 7264351 |
| Vistra Corp. | 31782 | 5032680 |
|  |  | **12297031** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—1.9%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—1.9%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—1.9%** |
| RBC Bearings, Inc.<sup>\*</sup>  | 12429 | **6210398** |
| **INTERNET SERVICES & INFRASTRUCTURE—5.2%** | **INTERNET SERVICES & INFRASTRUCTURE—5.2%** | **INTERNET SERVICES & INFRASTRUCTURE—5.2%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 43375 | 7692556 |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 13415 | 4981392 |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 36139 | 4353304 |
|  |  | **17027252** |
| **INVESTMENT BANKING & BROKERAGE—2.2%** | **INVESTMENT BANKING & BROKERAGE—2.2%** | **INVESTMENT BANKING & BROKERAGE—2.2%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 71021 | **7065169** |
| **LIFE SCIENCES TOOLS & SERVICES—6.0%** | **LIFE SCIENCES TOOLS & SERVICES—6.0%** | **LIFE SCIENCES TOOLS & SERVICES—6.0%** |
| Bio-Techne Corp. | 39186 | 2511431 |
| Repligen Corp.<sup>\*</sup>  | 66738 | 9968655 |
| Waters Corp.<sup>\*</sup>  | 19010 | 7047387 |
|  |  | **19527473** |
| **MOVIES & ENTERTAINMENT—2.8%** | **MOVIES & ENTERTAINMENT—2.8%** | **MOVIES & ENTERTAINMENT—2.8%** |
| Spotify Technology SA<sup>\*</sup>  | 6921 | 3462922 |
| TKO Group Holdings, Inc., Cl. A | 28074 | 5687231 |
|  |  | **9150153** |
| **PERSONAL CARE PRODUCTS—1.2%** | **PERSONAL CARE PRODUCTS—1.2%** | **PERSONAL CARE PRODUCTS—1.2%** |
| e.l.f. Beauty, Inc.<sup>\*</sup>  | 48031 | **4082155** |
| **RESTAURANTS—1.0%** | **RESTAURANTS—1.0%** | **RESTAURANTS—1.0%** |
| Wingstop, Inc. | 12908 | **3426170** |
| **SEMICONDUCTORS—2.4%** | **SEMICONDUCTORS—2.4%** | **SEMICONDUCTORS—2.4%** |
| Monolithic Power Systems, Inc. | 6983 | **7849940** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.0%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.0%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.0%** |
| Celsius Holdings, Inc.<sup>\*</sup>  | 122273 | **6416887** |
| **SYSTEMS SOFTWARE—1.7%** | **SYSTEMS SOFTWARE—1.7%** | **SYSTEMS SOFTWARE—1.7%** |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 64785 | **5519034** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.5%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.5%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.5%** |
| Sandisk Corp.<sup>\*</sup>  | 4420 | 2547025 |
| Western Digital Corp. | 9946 | 2488788 |
|  |  | **5035813** |
| **TRADING COMPANIES & DISTRIBUTORS—7.6%** | **TRADING COMPANIES & DISTRIBUTORS—7.6%** | **TRADING COMPANIES & DISTRIBUTORS—7.6%** |
| FTAI Aviation Ltd. | 59792 | 16282558 |
| QXO, Inc.<sup>\*</sup>  | 148146 | 3285878 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—87.1% (CONT.)** | **COMMON STOCKS—87.1% (CONT.)** | **COMMON STOCKS—87.1% (CONT.)** |
| **TRADING COMPANIES & DISTRIBUTORS—7.6% (CONT.)** | **TRADING COMPANIES & DISTRIBUTORS—7.6% (CONT.)** | **TRADING COMPANIES & DISTRIBUTORS—7.6% (CONT.)** |
| United Rentals, Inc. | 6618 | **$** 5175673 |
|  |  | **24744109** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $221,107,409) |  | **284889967** |
| **PREFERRED STOCKS—5.4%** | **PREFERRED STOCKS—5.4%** | **PREFERRED STOCKS—5.4%** |
| **APPLICATION SOFTWARE—5.4%** | **APPLICATION SOFTWARE—5.4%** | **APPLICATION SOFTWARE—5.4%** |
| Databricks, Inc., Series J<sup>(a),\*,@</sup>  | 54295 | 10316050 |
| Databricks, Inc., Series K<sup>(a),\*,@</sup>  | 16310 | 3098900 |
| Databricks, Inc., Series L<sup>(a),\*,@</sup>  | 5080 | 965200 |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 188526 | 3244532 |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $11,678,520) |  | **17624682** |
| **SHORT-TERM SECURITIES—7.5%** | **SHORT-TERM SECURITIES—7.5%** | **SHORT-TERM SECURITIES—7.5%** |
| **MONEY MARKET FUNDS—7.5%** | **MONEY MARKET FUNDS—7.5%** | **MONEY MARKET FUNDS—7.5%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.58%<sup>(b)</sup>  | 24418606 | **24418606** |
| &nbsp;&nbsp;&nbsp; (Cost $24,418,606) |  | **24418606** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $257,204,535)** | 100.0% | **$326933255** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $257,204,535) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326933255 |
| Other Assets in Excess of Liabilities | 0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14289 |
| **NET ASSETS** | 100.0% | **$326947544** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ADR* *American Depositary Receipts*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| *(a)* | *Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures* <br> *approved by the Board of Trustees.*<br>|
| *(b)* | *Rate shown reflects 7-day effective yield as of January 31, 2026.* |
| *\** | *Non-income producing security.* |
| *@* | *Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the* <br> *investment may be restricted only to qualified buyers.*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Acquisition* <br>*Date(s)*<br>| *Acquisition* <br>*Cost*<br>| *Market* <br>*Value*<br>| *% of net assets* <br>*as of* <br>*1/31/2026*<br>|
| *Databricks, Inc., Series J* | *12/17/24* | $*5022288* | $*10316050* | *3.2%* |
| *Databricks, Inc., Series K* | *9/8/25* | *2446500* | *3098900* | *0.9%* |
| *Databricks, Inc., Series L* | *12/16/25* | *965200* | *965200* | *0.3%* |
| *SB Technology, Inc., Series E* | *10/23/24-12/18/24* | *3244532* | *3244532* | *1.0%* |
| *Total* |  | *$11678520* | *$17624682* | *5.4%* |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited)** <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.4%** | **COMMON STOCKS—95.4%** | **COMMON STOCKS—95.4%** |
| **AEROSPACE & DEFENSE—5.7%** | **AEROSPACE & DEFENSE—5.7%** | **AEROSPACE & DEFENSE—5.7%** |
| Axon Enterprise, Inc.<sup>\*</sup>  | 7146 | **$** 3455663 |
| HEICO Corp. | 13294 | 4399118 |
| Howmet Aerospace, Inc. | 38156 | 7939500 |
|  |  | **15794281** |
| **APPAREL ACCESSORIES & LUXURY GOODS—0.6%** | **APPAREL ACCESSORIES & LUXURY GOODS—0.6%** | **APPAREL ACCESSORIES & LUXURY GOODS—0.6%** |
| lululemon athletica, inc.<sup>\*</sup>  | 9994 | **1743953** |
| **APPAREL RETAIL—1.5%** | **APPAREL RETAIL—1.5%** | **APPAREL RETAIL—1.5%** |
| Burlington Stores, Inc.<sup>\*</sup>  | 13780 | **4076951** |
| **APPLICATION SOFTWARE—4.4%** | **APPLICATION SOFTWARE—4.4%** | **APPLICATION SOFTWARE—4.4%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 5675 | 2684899 |
| Fair Isaac Corp.<sup>\*</sup>  | 1499 | 2193292 |
| Guidewire Software, Inc.<sup>\*</sup>  | 4191 | 589925 |
| Procore Technologies, Inc.<sup>\*</sup>  | 17812 | 1006200 |
| The Descartes Systems Group, Inc.<sup>\*</sup>  | 48709 | 3637659 |
| Unity Software, Inc.<sup>\*</sup>  | 68866 | 2004001 |
|  |  | **12115976** |
| **ASSET MANAGEMENT & CUSTODY BANKS—1.4%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.4%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.4%** |
| Ares Management Corp., Cl. A | 12530 | 1875365 |
| Blue Owl Capital, Inc., Cl. A | 153578 | 2094804 |
|  |  | **3970169** |
| **AUTOMOTIVE RETAIL—4.3%** | **AUTOMOTIVE RETAIL—4.3%** | **AUTOMOTIVE RETAIL—4.3%** |
| Carvana Co.<sup>\*</sup>  | 14315 | 5741890 |
| O'Reilly Automotive, Inc.<sup>\*</sup>  | 63588 | 6257695 |
|  |  | **11999585** |
| **BIOTECHNOLOGY—5.4%** | **BIOTECHNOLOGY—5.4%** | **BIOTECHNOLOGY—5.4%** |
| Abivax SA ADR<sup>\*</sup>  | 22253 | 2473421 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 29730 | 2061181 |
| Cogent Biosciences, Inc.<sup>\*</sup>  | 20778 | 746138 |
| Natera, Inc.<sup>\*</sup>  | 30213 | 6983433 |
| Revolution Medicines, Inc.<sup>\*</sup>  | 7518 | 728870 |
| uniQure NV<sup>\*</sup>  | 12903 | 293156 |
| Vaxcyte, Inc.<sup>\*</sup>  | 32219 | 1725972 |
|  |  | **15012171** |
| **CARGO GROUND TRANSPORTATION—0.9%** | **CARGO GROUND TRANSPORTATION—0.9%** | **CARGO GROUND TRANSPORTATION—0.9%** |
| Saia, Inc.<sup>\*</sup>  | 7865 | **2633752** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.2%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.2%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.2%** |
| Rocket Cos., Inc., Cl. A | 190779 | **3420667** |
| **CONSTRUCTION & ENGINEERING—2.4%** | **CONSTRUCTION & ENGINEERING—2.4%** | **CONSTRUCTION & ENGINEERING—2.4%** |
| Comfort Systems USA, Inc. | 5714 | **6525959** |
| **CONSTRUCTION MATERIALS—1.6%** | **CONSTRUCTION MATERIALS—1.6%** | **CONSTRUCTION MATERIALS—1.6%** |
| Martin Marietta Materials, Inc. | 6738 | **4392839** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.4% (CONT.)** | **COMMON STOCKS—95.4% (CONT.)** | **COMMON STOCKS—95.4% (CONT.)** |
| **CONSUMER FINANCE—0.4%** | **CONSUMER FINANCE—0.4%** | **CONSUMER FINANCE—0.4%** |
| Figure Technology Solutions, Inc., Cl. A<sup>\*</sup>  | 21323 | **$1212852** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.0%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.0%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.0%** |
| Vertiv Holdings Co., Cl. A | 30166 | **5616306** |
| **ELECTRONIC COMPONENTS—2.2%** | **ELECTRONIC COMPONENTS—2.2%** | **ELECTRONIC COMPONENTS—2.2%** |
| Amphenol Corp., Cl. A | 42815 | **6168785** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.7%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.7%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.7%** |
| Novanta, Inc.<sup>\*</sup>  | 15436 | **2076759** |
| **ENVIRONMENTAL & FACILITIES SERVICES—2.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.8%** |
| GFL Environmental, Inc. | 182104 | **7821367** |
| **HEALTHCARE EQUIPMENT—1.7%** | **HEALTHCARE EQUIPMENT—1.7%** | **HEALTHCARE EQUIPMENT—1.7%** |
| IDEXX Laboratories, Inc.<sup>\*</sup>  | 6830 | **4579242** |
| **HEALTHCARE SERVICES—1.3%** | **HEALTHCARE SERVICES—1.3%** | **HEALTHCARE SERVICES—1.3%** |
| Guardant Health, Inc.<sup>\*</sup>  | 31412 | **3582224** |
| **HOME IMPROVEMENT RETAIL—0.2%** | **HOME IMPROVEMENT RETAIL—0.2%** | **HOME IMPROVEMENT RETAIL—0.2%** |
| Floor & Decor Holdings, Inc., Cl. A<sup>\*</sup>  | 10059 | **663492** |
| **HOMEBUILDING—1.0%** | **HOMEBUILDING—1.0%** | **HOMEBUILDING—1.0%** |
| NVR, Inc.<sup>\*</sup>  | 379 | **2893942** |
| **HOMEFURNISHING RETAIL—0.9%** | **HOMEFURNISHING RETAIL—0.9%** | **HOMEFURNISHING RETAIL—0.9%** |
| Wayfair, Inc., Cl. A<sup>\*</sup>  | 25272 | **2615399** |
| **HOTELS RESORTS & CRUISE LINES—4.4%** | **HOTELS RESORTS & CRUISE LINES—4.4%** | **HOTELS RESORTS & CRUISE LINES—4.4%** |
| Hilton Worldwide Holdings, Inc. | 22267 | 6646922 |
| Viking Holdings Ltd.<sup>\*</sup>  | 77975 | 5625896 |
|  |  | **12272818** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.8%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.8%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.8%** |
| Talen Energy Corp.<sup>\*</sup>  | 11751 | 4093578 |
| Vistra Corp. | 23313 | 3691614 |
|  |  | **7785192** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—3.3%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—3.3%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—3.3%** |
| RBC Bearings, Inc.<sup>\*</sup>  | 18440 | **9213915** |
| **INSURANCE BROKERS—1.8%** | **INSURANCE BROKERS—1.8%** | **INSURANCE BROKERS—1.8%** |
| Ryan Specialty Holdings, Inc., Cl. A | 100612 | **4857547** |
| **INTERACTIVE HOME ENTERTAINMENT—0.7%** | **INTERACTIVE HOME ENTERTAINMENT—0.7%** | **INTERACTIVE HOME ENTERTAINMENT—0.7%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 29345 | **1929727** |
| **INTERNET SERVICES & INFRASTRUCTURE—5.0%** | **INTERNET SERVICES & INFRASTRUCTURE—5.0%** | **INTERNET SERVICES & INFRASTRUCTURE—5.0%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 38266 | 6786475 |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 9088 | 3374647 |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 29762 | 3585131 |
|  |  | **13746253** |
| **INVESTMENT BANKING & BROKERAGE—0.8%** | **INVESTMENT BANKING & BROKERAGE—0.8%** | **INVESTMENT BANKING & BROKERAGE—0.8%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 21532 | **2142003** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.4% (CONT.)** | **COMMON STOCKS—95.4% (CONT.)** | **COMMON STOCKS—95.4% (CONT.)** |
| **LIFE & HEALTH INSURANCE—0.6%** | **LIFE & HEALTH INSURANCE—0.6%** | **LIFE & HEALTH INSURANCE—0.6%** |
| Oscar Health, Inc., Cl. A<sup>\*</sup>  | 108672 | **$1559443** |
| **LIFE SCIENCES TOOLS & SERVICES—4.5%** | **LIFE SCIENCES TOOLS & SERVICES—4.5%** | **LIFE SCIENCES TOOLS & SERVICES—4.5%** |
| Repligen Corp.<sup>\*</sup>  | 52202 | 7797413 |
| West Pharmaceutical Services, Inc. | 19821 | 4581029 |
|  |  | **12378442** |
| **MOVIES & ENTERTAINMENT—4.1%** | **MOVIES & ENTERTAINMENT—4.1%** | **MOVIES & ENTERTAINMENT—4.1%** |
| Spotify Technology SA<sup>\*</sup>  | 6072 | 3038125 |
| TKO Group Holdings, Inc., Cl. A | 41314 | 8369390 |
|  |  | **11407515** |
| **PERSONAL CARE PRODUCTS—2.2%** | **PERSONAL CARE PRODUCTS—2.2%** | **PERSONAL CARE PRODUCTS—2.2%** |
| e.l.f. Beauty, Inc.<sup>\*</sup>  | 72580 | **6168574** |
| **PROPERTY & CASUALTY INSURANCE—1.7%** | **PROPERTY & CASUALTY INSURANCE—1.7%** | **PROPERTY & CASUALTY INSURANCE—1.7%** |
| Intact Financial Corp. | 26013 | **4736080** |
| **REAL ESTATE SERVICES—3.6%** | **REAL ESTATE SERVICES—3.6%** | **REAL ESTATE SERVICES—3.6%** |
| CBRE Group, Inc., Cl. A<sup>\*</sup>  | 50580 | 8615291 |
| CoStar Group, Inc.<sup>\*</sup>  | 22325 | 1372988 |
|  |  | **9988279** |
| **RESEARCH & CONSULTING SERVICES—1.8%** | **RESEARCH & CONSULTING SERVICES—1.8%** | **RESEARCH & CONSULTING SERVICES—1.8%** |
| Verisk Analytics, Inc. | 22685 | **4933080** |
| **RESTAURANTS—2.1%** | **RESTAURANTS—2.1%** | **RESTAURANTS—2.1%** |
| Chipotle Mexican Grill, Inc.<sup>\*</sup>  | 96472 | 3749867 |
| Wingstop, Inc. | 7893 | 2095039 |
|  |  | **5844906** |
| **SEMICONDUCTORS—2.9%** | **SEMICONDUCTORS—2.9%** | **SEMICONDUCTORS—2.9%** |
| Astera Labs, Inc.<sup>\*</sup>  | 18894 | 2845814 |
| Monolithic Power Systems, Inc. | 4614 | 5186828 |
|  |  | **8032642** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.4%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.4%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.4%** |
| Celsius Holdings, Inc.<sup>\*</sup>  | 124614 | **6539743** |
| **SYSTEMS SOFTWARE—1.1%** | **SYSTEMS SOFTWARE—1.1%** | **SYSTEMS SOFTWARE—1.1%** |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 31169 | 2655287 |
| Rubrik, Inc., Cl. A<sup>\*</sup>  | 9570 | 535442 |
|  |  | **3190729** |
| **TRADING COMPANIES & DISTRIBUTORS—7.0%** | **TRADING COMPANIES & DISTRIBUTORS—7.0%** | **TRADING COMPANIES & DISTRIBUTORS—7.0%** |
| FTAI Aviation Ltd. | 41045 | 11177374 |
| QXO, Inc.<sup>\*</sup>  | 245676 | 5449094 |
| United Rentals, Inc. | 3408 | 2665261 |
|  |  | **19291729** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $206,713,071) |  | **264935288** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **PREFERRED STOCKS—0.8%** | **PREFERRED STOCKS—0.8%** | **PREFERRED STOCKS—0.8%** |
| **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 59020 | **$1015734** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.4%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.4%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.4%** |
| Apptronik, Inc., Series A-X1<sup>(a),\*,@</sup>  | 15970 | 590366 |
| Figure AI, Inc., Series C<sup>(a),\*,@</sup>  | 3326 | 648343 |
|  |  | **1238709** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $2,254,443) |  | **2254443** |
| **RIGHTS—0.0%** | **RIGHTS—0.0%** | **RIGHTS—0.0%** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Tolero CDR<sup>(a),\*,@</sup>  | 590059 | **—** |
| &nbsp;&nbsp;&nbsp; (Cost $315,502) |  | **—** |
| **SPECIAL PURPOSE VEHICLE—0.3%** | **SPECIAL PURPOSE VEHICLE—0.3%** | **SPECIAL PURPOSE VEHICLE—0.3%** |
| **APPLICATION SOFTWARE—0.3%** | **APPLICATION SOFTWARE—0.3%** | **APPLICATION SOFTWARE—0.3%** |
| Disruptive Technology Solutions LI, LLC<sup>(a),\*,@</sup>  |  | **725000** |
| &nbsp;&nbsp;&nbsp; (Cost $748,562) |  | **725000** |
| **WARRANTS—0.0%** | **WARRANTS—0.0%** | **WARRANTS—0.0%** |
| **APPLICATION SOFTWARE—0.0%** | **APPLICATION SOFTWARE—0.0%** | **APPLICATION SOFTWARE—0.0%** |
| Constellation Software, Inc., 3/31/40<sup>\*</sup>  | 2045 | **—** |
| &nbsp;&nbsp;&nbsp; (Cost $0) |  | **—** |
| **SHORT-TERM SECURITIES—2.6%** | **SHORT-TERM SECURITIES—2.6%** | **SHORT-TERM SECURITIES—2.6%** |
| **MONEY MARKET FUNDS—2.6%** | **MONEY MARKET FUNDS—2.6%** | **MONEY MARKET FUNDS—2.6%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.58%<sup>(b)</sup>  | 7094695 | **7094695** |
| &nbsp;&nbsp;&nbsp; (Cost $7,094,695) |  | **7094695** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $217,126,273)** | 99.1% | **$275009426** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $217,126,273) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275009426 |
| Other Assets in Excess of Liabilities | 0.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2552942 |
| **NET ASSETS** | 100.0% | **$277562368** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ADR* *American Depositary Receipts* <br> *CDR* *Contingent Deferred Rights*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| *(a)* | *Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures* <br> *approved by the Board of Trustees.*<br>|
| *(b)* | *Rate shown reflects 7-day effective yield as of January 31, 2026.* |
| *\** | *Non-income producing security.* |
| *@* | *Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the* <br> *investment may be restricted only to qualified buyers.*<br>|

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Acquisition* <br>*Date(s)*<br>| *Acquisition* <br>*Cost*<br>| *Market* <br>*Value*<br>| *% of net assets* <br>*as of* <br>*1/31/2026*<br>|
| *Apptronik, Inc., Series A-X1* | *1/29/26* | &nbsp;&nbsp; $*590366* | $*590366* | *0.2%* |
| *Disruptive Technology Solutions LI, LLC* | *11/4/25* | *748562* | *725000* | *0.3%* |
| *Figure AI, Inc., Series C* | *11/18/25* | *648343* | *648343* | *0.2%* |
| *SB Technology, Inc., Series E* | *10/23/24* | *1015734* | *1015734* | *0.4%* |
| *Tolero CDR* | *2/6/17* | *315502* | *—* | *0.0%* |
| *Total* |  | *$3318507* | *$2979443* | *1.1%* |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited)** <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.4%** | **COMMON STOCKS—97.4%** | **COMMON STOCKS—97.4%** |
| **AEROSPACE & DEFENSE—7.4%** | **AEROSPACE & DEFENSE—7.4%** | **AEROSPACE & DEFENSE—7.4%** |
| AeroVironment, Inc.<sup>\*</sup>  | 7713 | **$** 2147222 |
| Archer Aviation, Inc., Cl. A<sup>\*</sup>  | 88769 | 638249 |
| Astronics Corp.<sup>\*</sup>  | 11159 | 845294 |
| Bombardier, Inc., Cl. B<sup>\*</sup>  | 23953 | 4091879 |
| Howmet Aerospace, Inc. | 5138 | 1069115 |
| Karman Holdings, Inc.<sup>\*</sup>  | 16164 | 1677823 |
| Loar Holdings, Inc.<sup>\*</sup>  | 24287 | 1665603 |
| VSE Corp. | 9434 | 2061990 |
| York Space Systems, Inc.<sup>\*</sup>  | 793 | 26922 |
|  |  | **14224097** |
| **APPAREL RETAIL—3.6%** | **APPAREL RETAIL—3.6%** | **APPAREL RETAIL—3.6%** |
| Abercrombie & Fitch Co., Cl. A<sup>\*</sup>  | 10345 | 1009982 |
| Aritzia, Inc.<sup>\*</sup>  | 33437 | 2635621 |
| Victoria's Secret & Co.<sup>\*</sup>  | 62119 | 3386107 |
|  |  | **7031710** |
| **APPLICATION SOFTWARE—8.0%** | **APPLICATION SOFTWARE—8.0%** | **APPLICATION SOFTWARE—8.0%** |
| BlackLine, Inc.<sup>\*</sup>  | 28617 | 1329832 |
| Core Scientific, Inc.<sup>\*</sup>  | 26792 | 481988 |
| Guidewire Software, Inc.<sup>\*</sup>  | 12543 | 1765553 |
| InterDigital, Inc. | 10595 | 3458632 |
| Manhattan Associates, Inc.<sup>\*</sup>  | 712 | 107519 |
| nCino, Inc.<sup>\*</sup>  | 61433 | 1311594 |
| PAR Technology Corp.<sup>\*</sup>  | 8078 | 211724 |
| Q2 Holdings, Inc.<sup>\*</sup>  | 32729 | 2004651 |
| Riot Platforms, Inc.<sup>\*</sup>  | 33657 | 520674 |
| SPS Commerce, Inc.<sup>\*</sup>  | 21442 | 1913913 |
| Terawulf, Inc.<sup>\*</sup>  | 107491 | 1437155 |
| Vertex, Inc., Cl. A<sup>\*</sup>  | 45896 | 851371 |
|  |  | **15394606** |
| **ASSET MANAGEMENT & CUSTODY BANKS—1.7%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.7%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.7%** |
| Galaxy Digital, Inc., Cl. A<sup>\*</sup>  | 78477 | 2217760 |
| Hamilton Lane, Inc., Cl. A | 6971 | 984584 |
|  |  | **3202344** |
| **BIOTECHNOLOGY—18.4%** | **BIOTECHNOLOGY—18.4%** | **BIOTECHNOLOGY—18.4%** |
| Abivax SA ADR<sup>\*</sup>  | 27149 | 3017611 |
| Absci Corp.<sup>\*</sup>  | 664714 | 1987495 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 42435 | 2942019 |
| Bridgebio Pharma, Inc.<sup>\*</sup>  | 14514 | 1121497 |
| CareDx, Inc.<sup>\*</sup>  | 93866 | 1928946 |
| Centessa Pharmaceuticals PLC ADR<sup>\*</sup>  | 55271 | 1358008 |
| Cogent Biosciences, Inc.<sup>\*</sup>  | 29063 | 1043652 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 157755 | 4617489 |
| Insmed, Inc.<sup>\*</sup>  | 23881 | 3746213 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.4% (CONT.)** | **COMMON STOCKS—97.4% (CONT.)** | **COMMON STOCKS—97.4% (CONT.)** |
| **BIOTECHNOLOGY—18.4% (CONT.)** | **BIOTECHNOLOGY—18.4% (CONT.)** | **BIOTECHNOLOGY—18.4% (CONT.)** |
| Ionis Pharmaceuticals, Inc.<sup>\*</sup>  | 14148 | **$** 1169615 |
| Natera, Inc.<sup>\*</sup>  | 21533 | 4977138 |
| Nuvalent, Inc., Cl. A<sup>\*</sup>  | 39117 | 4024748 |
| Palvella Therapeutics, Inc.<sup>\*</sup>  | 8035 | 616204 |
| Soleno Therapeutics, Inc.<sup>\*</sup>  | 14002 | 539917 |
| Twist Bioscience Corp.<sup>\*</sup>  | 52305 | 2148166 |
| uniQure NV<sup>\*</sup>  | 9001 | 204503 |
|  |  | **35443221** |
| **BUILDING PRODUCTS—3.0%** | **BUILDING PRODUCTS—3.0%** | **BUILDING PRODUCTS—3.0%** |
| CSW Industrials, Inc. | 14932 | 4031341 |
| Modine Manufacturing Co.<sup>\*</sup>  | 9856 | 1820009 |
|  |  | **5851350** |
| **CONSTRUCTION & ENGINEERING—4.0%** | **CONSTRUCTION & ENGINEERING—4.0%** | **CONSTRUCTION & ENGINEERING—4.0%** |
| Construction Partners, Inc., Cl. A<sup>\*</sup>  | 16934 | 1860708 |
| Tutor Perini Corp. | 73479 | 5796758 |
|  |  | **7657466** |
| **CONSUMER FINANCE—0.2%** | **CONSUMER FINANCE—0.2%** | **CONSUMER FINANCE—0.2%** |
| Upstart Holdings, Inc.<sup>\*</sup>  | 9436 | **370363** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—0.4%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.4%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.4%** |
| BJ's Wholesale Club Holdings, Inc.<sup>\*</sup>  | 9391 | **868104** |
| **EDUCATION SERVICES—0.8%** | **EDUCATION SERVICES—0.8%** | **EDUCATION SERVICES—0.8%** |
| Universal Technical Institute, Inc.<sup>\*</sup>  | 56034 | **1559426** |
| **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** |
| IDACORP, Inc. | 7478 | **993004** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—0.6%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.6%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.6%** |
| Enovix Corp.<sup>\*</sup>  | 187417 | **1240701** |
| **ELECTRONIC MANUFACTURING SERVICES—1.9%** | **ELECTRONIC MANUFACTURING SERVICES—1.9%** | **ELECTRONIC MANUFACTURING SERVICES—1.9%** |
| Fabrinet<sup>\*</sup>  | 7565 | **3702614** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.4%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.4%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.4%** |
| Casella Waste Systems, Inc., Cl. A<sup>\*</sup>  | 7687 | **775465** |
| **FINANCIAL EXCHANGES & DATA—0.6%** | **FINANCIAL EXCHANGES & DATA—0.6%** | **FINANCIAL EXCHANGES & DATA—0.6%** |
| Gemini Space Station, Inc., Cl. A<sup>\*</sup>  | 1166 | 9724 |
| MarketAxess Holdings, Inc. | 6395 | 1082226 |
|  |  | **1091950** |
| **HEALTHCARE EQUIPMENT—3.7%** | **HEALTHCARE EQUIPMENT—3.7%** | **HEALTHCARE EQUIPMENT—3.7%** |
| Glaukos Corp.<sup>\*</sup>  | 8768 | 1046724 |
| Impulse Dynamics PLC, Series A<sup>(a),\*,@</sup>  | 3646998 | 134939 |
| Integer Holdings Corp.<sup>\*</sup>  | 7710 | 669690 |
| iRhythm Technologies, Inc.<sup>\*</sup>  | 14308 | 2210729 |
| Penumbra, Inc.<sup>\*</sup>  | 3381 | 1210973 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.4% (CONT.)** | **COMMON STOCKS—97.4% (CONT.)** | **COMMON STOCKS—97.4% (CONT.)** |
| **HEALTHCARE EQUIPMENT—3.7% (CONT.)** | **HEALTHCARE EQUIPMENT—3.7% (CONT.)** | **HEALTHCARE EQUIPMENT—3.7% (CONT.)** |
| TransMedics Group, Inc.<sup>\*</sup>  | 13287 | **$** 1780126 |
|  |  | **7053181** |
| **HEALTHCARE SERVICES—3.6%** | **HEALTHCARE SERVICES—3.6%** | **HEALTHCARE SERVICES—3.6%** |
| GeneDx Holdings Corp., Cl. A<sup>\*</sup>  | 24212 | 2330647 |
| Guardant Health, Inc.<sup>\*</sup>  | 39943 | 4555100 |
|  |  | **6885747** |
| **HEALTHCARE SUPPLIES—0.5%** | **HEALTHCARE SUPPLIES—0.5%** | **HEALTHCARE SUPPLIES—0.5%** |
| Neogen Corp.<sup>\*</sup>  | 92459 | **944931** |
| **HEALTHCARE TECHNOLOGY—0.7%** | **HEALTHCARE TECHNOLOGY—0.7%** | **HEALTHCARE TECHNOLOGY—0.7%** |
| Certara, Inc.<sup>\*</sup>  | 40846 | 359036 |
| HeartFlow, Inc.<sup>\*</sup>  | 32701 | 976779 |
|  |  | **1335815** |
| **HEAVY ELECTRICAL EQUIPMENT—1.3%** | **HEAVY ELECTRICAL EQUIPMENT—1.3%** | **HEAVY ELECTRICAL EQUIPMENT—1.3%** |
| Bloom Energy Corp., Cl. A<sup>\*</sup>  | 16536 | **2503054** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—5.4%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—5.4%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—5.4%** |
| Gates Industrial Corp. PLC<sup>\*</sup>  | 150633 | 3467572 |
| RBC Bearings, Inc.<sup>\*</sup>  | 14098 | 7044347 |
|  |  | **10511919** |
| **INTERACTIVE MEDIA & SERVICES—1.0%** | **INTERACTIVE MEDIA & SERVICES—1.0%** | **INTERACTIVE MEDIA & SERVICES—1.0%** |
| Reddit, Inc., Cl. A<sup>\*</sup>  | 10583 | **1907798** |
| **INTERNET SERVICES & INFRASTRUCTURE—1.0%** | **INTERNET SERVICES & INFRASTRUCTURE—1.0%** | **INTERNET SERVICES & INFRASTRUCTURE—1.0%** |
| Whitefiber, Inc.<sup>\*</sup>  | 34979 | 682440 |
| Wix.com Ltd.<sup>\*</sup>  | 14804 | 1285580 |
|  |  | **1968020** |
| **INVESTMENT BANKING & BROKERAGE—0.6%** | **INVESTMENT BANKING & BROKERAGE—0.6%** | **INVESTMENT BANKING & BROKERAGE—0.6%** |
| Moelis & Co., Cl. A | 16610 | **1190439** |
| **LEISURE FACILITIES—2.0%** | **LEISURE FACILITIES—2.0%** | **LEISURE FACILITIES—2.0%** |
| Life Time Group Holdings, Inc.<sup>\*</sup>  | 34655 | 1010886 |
| Planet Fitness, Inc., Cl. A<sup>\*</sup>  | 31819 | 2896802 |
|  |  | **3907688** |
| **LIFE SCIENCES TOOLS & SERVICES—7.9%** | **LIFE SCIENCES TOOLS & SERVICES—7.9%** | **LIFE SCIENCES TOOLS & SERVICES—7.9%** |
| 10X Genomics, Inc., Cl. A<sup>\*</sup>  | 60128 | 1214586 |
| Adaptive Biotechnologies Corp.<sup>\*</sup>  | 230283 | 4260235 |
| Bio-Techne Corp. | 50403 | 3230328 |
| CryoPort, Inc.<sup>\*</sup>  | 253082 | 2406810 |
| MaxCyte, Inc.<sup>\*</sup>  | 188744 | 171153 |
| Repligen Corp.<sup>\*</sup>  | 17791 | 2657442 |
| Tempus AI, Inc.<sup>\*</sup>  | 21161 | 1265851 |
|  |  | **15206405** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.4% (CONT.)** | **COMMON STOCKS—97.4% (CONT.)** | **COMMON STOCKS—97.4% (CONT.)** |
| **OIL & GAS EXPLORATION & PRODUCTION—0.4%** | **OIL & GAS EXPLORATION & PRODUCTION—0.4%** | **OIL & GAS EXPLORATION & PRODUCTION—0.4%** |
| Magnolia Oil & Gas Corp., Cl. A | 33135 | **$845274** |
| **PASSENGER AIRLINES—1.3%** | **PASSENGER AIRLINES—1.3%** | **PASSENGER AIRLINES—1.3%** |
| Joby Aviation, Inc.<sup>\*</sup>  | 236514 | **2499953** |
| **PERSONAL CARE PRODUCTS—0.4%** | **PERSONAL CARE PRODUCTS—0.4%** | **PERSONAL CARE PRODUCTS—0.4%** |
| Oddity Tech, Ltd., Cl. A<sup>\*</sup>  | 25636 | **841886** |
| **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** |
| Belite Bio, Inc. ADR<sup>\*</sup>  | 649 | 109681 |
| Terns Pharmaceuticals, Inc.<sup>\*</sup>  | 3900 | 134940 |
|  |  | **244621** |
| **RESTAURANTS—2.8%** | **RESTAURANTS—2.8%** | **RESTAURANTS—2.8%** |
| Kura Sushi USA, Inc., Cl. A<sup>\*</sup>  | 14933 | 997674 |
| Shake Shack, Inc., Cl. A<sup>\*</sup>  | 25646 | 2271466 |
| Wingstop, Inc. | 8061 | 2139631 |
|  |  | **5408771** |
| **SEMICONDUCTORS—5.5%** | **SEMICONDUCTORS—5.5%** | **SEMICONDUCTORS—5.5%** |
| Astera Labs, Inc.<sup>\*</sup>  | 21243 | 3199621 |
| Credo Technology Group Holding, Ltd.<sup>\*</sup>  | 9442 | 1182894 |
| Rambus, Inc.<sup>\*</sup>  | 32527 | 3702548 |
| Universal Display Corp. | 21944 | 2519610 |
|  |  | **10604673** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.7%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.7%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.7%** |
| Celsius Holdings, Inc.<sup>\*</sup>  | 23944 | **1256581** |
| **SPECIALTY CHEMICALS—0.1%** | **SPECIALTY CHEMICALS—0.1%** | **SPECIALTY CHEMICALS—0.1%** |
| Balchem Corp. | 1712 | **291331** |
| **SYSTEMS SOFTWARE—2.4%** | **SYSTEMS SOFTWARE—2.4%** | **SYSTEMS SOFTWARE—2.4%** |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 40372 | 3439291 |
| Netskope, Inc., Cl. A<sup>\*</sup>  | 3613 | 53653 |
| Varonis Systems, Inc.<sup>\*</sup>  | 38804 | 1157911 |
|  |  | **4650855** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.6%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.6%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.6%** |
| IonQ, Inc.<sup>\*</sup>  | 27940 | **1117041** |
| **TRADING COMPANIES & DISTRIBUTORS—3.2%** | **TRADING COMPANIES & DISTRIBUTORS—3.2%** | **TRADING COMPANIES & DISTRIBUTORS—3.2%** |
| FTAI Aviation Ltd. | 15834 | 4311915 |
| Xometry, Inc., Cl. A<sup>\*</sup>  | 32007 | 1828560 |
|  |  | **6140475** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—0.7%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.7%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.7%** |
| Chime Financial, Inc., Cl. A<sup>\*</sup>  | 55698 | **1415843** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $135,087,092) |  | **188138722** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **PREFERRED STOCKS—0.8%** | **PREFERRED STOCKS—0.8%** | **PREFERRED STOCKS—0.8%** |
| **APPLICATION SOFTWARE—0.6%** | **APPLICATION SOFTWARE—0.6%** | **APPLICATION SOFTWARE—0.6%** |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 61600 | **$1060136** |
| **HEALTHCARE EQUIPMENT—0.2%** | **HEALTHCARE EQUIPMENT—0.2%** | **HEALTHCARE EQUIPMENT—0.2%** |
| Impulse Dynamics PLC, Series F-3<sup>(a),\*,@</sup>  | 7467897 | **425670** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $1,450,831) |  | **1485806** |
| **RIGHTS—0.1%** | **RIGHTS—0.1%** | **RIGHTS—0.1%** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Mirati Therapeutics, Inc. CVR<sup>(a),\*,@</sup>  | 14432 | 16886 |
| Tolero CDR<sup>(a),\*,@</sup>  | 174782 |  |
|  |  | **16886** |
| **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** |
| Fusion Pharmaceuticals, Inc. CVR<sup>(a),\*,@</sup>  | 87642 | **100788** |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>(Cost $94,483) |  | **117674** |
| **SPECIAL PURPOSE VEHICLE—0.5%** | **SPECIAL PURPOSE VEHICLE—0.5%** | **SPECIAL PURPOSE VEHICLE—0.5%** |
| **APPLICATION SOFTWARE—0.5%** | **APPLICATION SOFTWARE—0.5%** | **APPLICATION SOFTWARE—0.5%** |
| Disruptive Technology Solutions LI, LLC<sup>(a),\*,@</sup>  |  | **1024000** |
| &nbsp;&nbsp;&nbsp; (Cost $1,057,280) |  | **1024000** |
| **SHORT-TERM SECURITIES—1.0%** | **SHORT-TERM SECURITIES—1.0%** | **SHORT-TERM SECURITIES—1.0%** |
| **MONEY MARKET FUNDS—1.0%** | **MONEY MARKET FUNDS—1.0%** | **MONEY MARKET FUNDS—1.0%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.58%<sup>(b)</sup>  | 1816167 | **1816167** |
| &nbsp;&nbsp;&nbsp; (Cost $1,816,167) |  | **1816167** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $139,505,853)** | 99.8% | **$192582369** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $139,505,853) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192582369 |
| Other Assets in Excess of Liabilities | 0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465721 |
| **NET ASSETS** | 100.0% | **$193048090** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| *ADR* | *American Depositary Receipts* |
| *CDR* | *Contingent Deferred Rights* |
| *CVR* | *Contingent Value Rights* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| *(a)* | *Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures* <br> *approved by the Board of Trustees.*<br>|
| *(b)* | *Rate shown reflects 7-day effective yield as of January 31, 2026.* |
| *\** | *Non-income producing security.* |
| *@* | *Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the* <br> *investment may be restricted only to qualified buyers.*<br>|

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Acquisition* <br>*Date(s)*<br>| *Acquisition* <br>*Cost*<br>| *Market* <br>*Value*<br>| *% of net assets* <br>*as of* <br>*1/31/2026*<br>|
| *Disruptive Technology Solutions LI, LLC* | *11/4/25* | $*1057280* | $*1024000* | *0.5%* |
| *Fusion Pharmaceuticals, Inc. CVR* | *6/5/24* | *—* | *100788* | *0.1%* |
| *Impulse Dynamics PLC, Series A* | *2/11/22* | *3646998* | *134939* | *0.1%* |
| *Impulse Dynamics PLC, Series F-3* | *2/5/24* | *390695* | *425670* | *0.2%* |
| *Mirati Therapeutics, Inc. CVR* | *1/24/24* | *—* | *16886* | *0.0%* |
| *SB Technology, Inc., Series E* | *10/23/24* | *1060136* | *1060136* | *0.6%* |
| *Tolero CDR* | *2/6/17* | *94483* | *—* | *0.0%* |
| *Total* |  | *$6249592* | *$2762419* | *1.5%* |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited)** <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.8%** | **COMMON STOCKS—95.8%** | **COMMON STOCKS—95.8%** |
| **AEROSPACE & DEFENSE—11.1%** | **AEROSPACE & DEFENSE—11.1%** | **AEROSPACE & DEFENSE—11.1%** |
| AeroVironment, Inc.<sup>\*</sup>  | 49103 | **$** 13669784 |
| Astronics Corp.<sup>\*</sup>  | 282009 | 21362182 |
| Karman Holdings, Inc.<sup>\*</sup>  | 142404 | 14781535 |
| Loar Holdings, Inc.<sup>\*</sup>  | 260575 | 17870233 |
| VSE Corp. | 128552 | 28097611 |
|  |  | **95781345** |
| **APPLICATION SOFTWARE—2.7%** | **APPLICATION SOFTWARE—2.7%** | **APPLICATION SOFTWARE—2.7%** |
| Agilysys, Inc.<sup>\*</sup>  | 167422 | 14523858 |
| nCino, Inc.<sup>\*</sup>  | 403516 | 8615067 |
|  |  | **23138925** |
| **ASSET MANAGEMENT & CUSTODY BANKS—3.0%** | **ASSET MANAGEMENT & CUSTODY BANKS—3.0%** | **ASSET MANAGEMENT & CUSTODY BANKS—3.0%** |
| Galaxy Digital, Inc., Cl. A<sup>\*</sup>  | 923832 | **26107492** |
| **BIOTECHNOLOGY—12.0%** | **BIOTECHNOLOGY—12.0%** | **BIOTECHNOLOGY—12.0%** |
| Abivax SA ADR<sup>\*</sup>  | 152474 | 16947485 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 420110 | 29126226 |
| Bridgebio Pharma, Inc.<sup>\*</sup>  | 85327 | 6593217 |
| Cogent Biosciences, Inc.<sup>\*</sup>  | 207234 | 7441773 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 496062 | 14519735 |
| Natera, Inc.<sup>\*</sup>  | 127583 | 29489535 |
|  |  | **104117971** |
| **CONSTRUCTION & ENGINEERING—8.1%** | **CONSTRUCTION & ENGINEERING—8.1%** | **CONSTRUCTION & ENGINEERING—8.1%** |
| Construction Partners, Inc., Cl. A<sup>\*</sup>  | 154169 | 16940090 |
| Sterling Infrastructure, Inc.<sup>\*</sup>  | 39306 | 14068011 |
| Tutor Perini Corp. | 493687 | 38946967 |
|  |  | **69955068** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—1.5%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—1.5%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—1.5%** |
| Federal Signal Corp. | 119956 | **12966044** |
| **CONSUMER FINANCE—1.0%** | **CONSUMER FINANCE—1.0%** | **CONSUMER FINANCE—1.0%** |
| Upstart Holdings, Inc.<sup>\*</sup>  | 222757 | **8743212** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.9%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.9%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.9%** |
| Cognex Corp. | 213993 | **8290089** |
| **ELECTRONIC MANUFACTURING SERVICES—1.1%** | **ELECTRONIC MANUFACTURING SERVICES—1.1%** | **ELECTRONIC MANUFACTURING SERVICES—1.1%** |
| Fabrinet<sup>\*</sup>  | 19429 | **9509330** |
| **HEALTHCARE EQUIPMENT—3.7%** | **HEALTHCARE EQUIPMENT—3.7%** | **HEALTHCARE EQUIPMENT—3.7%** |
| Artivion, Inc.<sup>\*</sup>  | 117006 | 4770335 |
| Integer Holdings Corp.<sup>\*</sup>  | 112289 | 9753422 |
| iRhythm Technologies, Inc.<sup>\*</sup>  | &nbsp;&nbsp; 111778 | 17270819 |
|  |  | **31794576** |
| **HEALTHCARE SERVICES—6.2%** | **HEALTHCARE SERVICES—6.2%** | **HEALTHCARE SERVICES—6.2%** |
| GeneDx Holdings Corp., Cl. A<sup>\*</sup>  | 105198 | 10126360 |
| Guardant Health, Inc.<sup>\*</sup>  | 305778 | 34870923 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.8% (CONT.)** | **COMMON STOCKS—95.8% (CONT.)** | **COMMON STOCKS—95.8% (CONT.)** |
| **HEALTHCARE SERVICES—6.2% (CONT.)** | **HEALTHCARE SERVICES—6.2% (CONT.)** | **HEALTHCARE SERVICES—6.2% (CONT.)** |
| NeoGenomics, Inc.<sup>\*</sup>  | 727422 | **$** 8772709 |
|  |  | **53769992** |
| **HEALTHCARE TECHNOLOGY—1.3%** | **HEALTHCARE TECHNOLOGY—1.3%** | **HEALTHCARE TECHNOLOGY—1.3%** |
| HeartFlow, Inc.<sup>\*</sup>  | 367299 | **10971221** |
| **HEAVY ELECTRICAL EQUIPMENT—1.0%** | **HEAVY ELECTRICAL EQUIPMENT—1.0%** | **HEAVY ELECTRICAL EQUIPMENT—1.0%** |
| Bloom Energy Corp., Cl. A<sup>\*</sup>  | 58290 | **8823357** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.6%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.6%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.6%** |
| Talen Energy Corp.<sup>\*</sup>  | 63945 | **22275880** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—8.3%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—8.3%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—8.3%** |
| RBC Bearings, Inc.<sup>\*</sup>  | 93319 | 46628705 |
| SPX Technologies, Inc.<sup>\*</sup>  | 123009 | 25636306 |
|  |  | **72265011** |
| **INTERNET SERVICES & INFRASTRUCTURE—1.5%** | **INTERNET SERVICES & INFRASTRUCTURE—1.5%** | **INTERNET SERVICES & INFRASTRUCTURE—1.5%** |
| GDS Holdings, Ltd. ADR<sup>\*</sup>  | 300387 | **13424295** |
| **LIFE SCIENCES TOOLS & SERVICES—13.3%** | **LIFE SCIENCES TOOLS & SERVICES—13.3%** | **LIFE SCIENCES TOOLS & SERVICES—13.3%** |
| 10X Genomics, Inc., Cl. A<sup>\*</sup>  | 296328 | 5985826 |
| Adaptive Biotechnologies Corp.<sup>\*</sup>  | 1391226 | 25737681 |
| BioLife Solutions, Inc.<sup>\*</sup>  | 1022610 | 22292898 |
| Bio-Techne Corp. | 133627 | 8564154 |
| CryoPort, Inc.<sup>\*</sup>  | 1147505 | 10912773 |
| Repligen Corp.<sup>\*</sup>  | 198015 | 29577500 |
| Stevanato Group SpA | 757609 | 11803548 |
|  |  | **114874380** |
| **PHARMACEUTICALS—1.0%** | **PHARMACEUTICALS—1.0%** | **PHARMACEUTICALS—1.0%** |
| Belite Bio, Inc. ADR<sup>\*</sup>  | 51649 | **8728681** |
| **RESTAURANTS—2.8%** | **RESTAURANTS—2.8%** | **RESTAURANTS—2.8%** |
| Kura Sushi USA, Inc., Cl. A<sup>\*</sup>  | 106740 | 7131300 |
| Wingstop, Inc. | 64407 | 17095550 |
|  |  | **24226850** |
| **SEMICONDUCTORS—3.3%** | **SEMICONDUCTORS—3.3%** | **SEMICONDUCTORS—3.3%** |
| Credo Technology Group Holding, Ltd.<sup>\*</sup>  | 110605 | 13856594 |
| Semtech Corp.<sup>\*</sup>  | 181009 | 14435468 |
|  |  | **28292062** |
| **SYSTEMS SOFTWARE—2.5%** | **SYSTEMS SOFTWARE—2.5%** | **SYSTEMS SOFTWARE—2.5%** |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 255244 | **21744236** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.1%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.1%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.1%** |
| IonQ, Inc.<sup>\*</sup>  | 238810 | **9547624** |
| **TRADING COMPANIES & DISTRIBUTORS—5.8%** | **TRADING COMPANIES & DISTRIBUTORS—5.8%** | **TRADING COMPANIES & DISTRIBUTORS—5.8%** |
| FTAI Aviation Ltd. | 122611 | 33389428 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.8% (CONT.)** | **COMMON STOCKS—95.8% (CONT.)** | **COMMON STOCKS—95.8% (CONT.)** |
| **TRADING COMPANIES & DISTRIBUTORS—5.8% (CONT.)** | **TRADING COMPANIES & DISTRIBUTORS—5.8% (CONT.)** | **TRADING COMPANIES & DISTRIBUTORS—5.8% (CONT.)** |
| Xometry, Inc., Cl. A<sup>\*</sup>  | 288280 | **$** 16469436 |
|  |  | **49858864** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $561,129,679) |  | **829206505** |
| **PREFERRED STOCKS—3.5%** | **PREFERRED STOCKS—3.5%** | **PREFERRED STOCKS—3.5%** |
| **HEALTHCARE EQUIPMENT—3.5%** | **HEALTHCARE EQUIPMENT—3.5%** | **HEALTHCARE EQUIPMENT—3.5%** |
| Impulse Dynamics PLC, Series F-3<sup>(a),(b),\*,@</sup>  | 534288037 | **30454418** |
| &nbsp;&nbsp;&nbsp; (Cost $27,952,123) |  | **30454418** |
| **RIGHTS—0.0%** | **RIGHTS—0.0%** | **RIGHTS—0.0%** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Tolero CDR<sup>(b),\*,@</sup>  | 11905 | **—** |
| &nbsp;&nbsp;&nbsp; (Cost $6,436) |  | **—** |
| **SHORT-TERM SECURITIES—0.7%** | **SHORT-TERM SECURITIES—0.7%** | **SHORT-TERM SECURITIES—0.7%** |
| **MONEY MARKET FUNDS—0.7%** | **MONEY MARKET FUNDS—0.7%** | **MONEY MARKET FUNDS—0.7%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.58%<sup>(c)</sup>  | 5777398 | **5777398** |
| &nbsp;&nbsp;&nbsp; (Cost $5,777,398) |  | **5777398** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $594,865,636)** | 100.0% | **$865438321** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Securities (Cost $27,952,123) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30454418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $566,913,513) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 834983903 |
| Liabilities in Excess of Other Assets | (0.0)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (125752) |
| **NET ASSETS** | 100.0% | **$865312569** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ADR* *American Depositary Receipts* <br> *CDR* *Contingent Deferred Rights*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| *(a)* | *Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note* <br> *4 - Affiliated Securities.*<br>|
| *(b)* | *Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures* <br> *approved by the Board of Trustees.*<br>|
| *(c)* | *Rate shown reflects 7-day effective yield as of January 31, 2026.* |
| *\** | *Non-income producing security.* |
| *@* | *Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the* <br> *investment may be restricted only to qualified buyers.*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Acquisition* <br>*Date(s)*<br>| *Acquisition* <br>*Cost*<br>| *Market* <br>*Value*<br>| *% of net assets* <br>*as of* <br>*1/31/2026*<br>|
| *Impulse Dynamics PLC, Series F-3* | *6/2/23-2/5/24* | $*27952123* | $*30454418* | *3.5%* |
| *Tolero CDR* | *2/16/17* | *6436* | *—* | *0.0%* |
| *Total* |  | *$27958559* | *$30454418* | *3.5%* |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited)** <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.0%** | **COMMON STOCKS—98.0%** | **COMMON STOCKS—98.0%** |
| **AEROSPACE & DEFENSE—15.2%** | **AEROSPACE & DEFENSE—15.2%** | **AEROSPACE & DEFENSE—15.2%** |
| AAR Corp.<sup>\*</sup>  | 167582 | **$** 17748610 |
| Cadre Holdings, Inc. | 147083 | 5884791 |
| Kratos Defense & Security Solutions, Inc.<sup>\*</sup>  | 53806 | 5542556 |
| Loar Holdings, Inc.<sup>\*</sup>  | 92501 | 6343718 |
| VSE Corp. | 53281 | 11645628 |
|  |  | **47165303** |
| **APPLICATION SOFTWARE—3.3%** | **APPLICATION SOFTWARE—3.3%** | **APPLICATION SOFTWARE—3.3%** |
| Agilysys, Inc.<sup>\*</sup>  | 35541 | 3083182 |
| nCino, Inc.<sup>\*</sup>  | 258497 | 5518911 |
| Vertex, Inc., Cl. A<sup>\*</sup>  | 91786 | 1702630 |
|  |  | **10304723** |
| **ASSET MANAGEMENT & CUSTODY BANKS—7.3%** | **ASSET MANAGEMENT & CUSTODY BANKS—7.3%** | **ASSET MANAGEMENT & CUSTODY BANKS—7.3%** |
| Hamilton Lane, Inc., Cl. A | 58584 | 8274404 |
| StepStone Group, Inc., Cl. A | 205930 | 14557192 |
|  |  | **22831596** |
| **BIOTECHNOLOGY—6.6%** | **BIOTECHNOLOGY—6.6%** | **BIOTECHNOLOGY—6.6%** |
| ACADIA Pharmaceuticals, Inc.<sup>\*</sup>  | 408015 | 10253417 |
| Ionis Pharmaceuticals, Inc.<sup>\*</sup>  | 2464 | 203699 |
| Ultragenyx Pharmaceutical, Inc.<sup>\*</sup>  | 113227 | 2725374 |
| Veracyte, Inc.<sup>\*</sup>  | 192836 | 7343195 |
|  |  | **20525685** |
| **BROADLINE RETAIL—2.2%** | **BROADLINE RETAIL—2.2%** | **BROADLINE RETAIL—2.2%** |
| Ollie's Bargain Outlet Holdings, Inc.<sup>\*</sup>  | 62224 | **6863929** |
| **CARGO GROUND TRANSPORTATION—1.1%** | **CARGO GROUND TRANSPORTATION—1.1%** | **CARGO GROUND TRANSPORTATION—1.1%** |
| RXO, Inc.<sup>\*</sup>  | 233583 | **3405640** |
| **CONSTRUCTION & ENGINEERING—7.9%** | **CONSTRUCTION & ENGINEERING—7.9%** | **CONSTRUCTION & ENGINEERING—7.9%** |
| Cardinal Infrastructure Group, Inc., Cl. A<sup>\*</sup>  | 67041 | 1688763 |
| Everus Construction Group, Inc.<sup>\*</sup>  | 24002 | 2123937 |
| Legence Corp., Cl. A<sup>\*</sup>  | 115472 | 5416792 |
| Sterling Infrastructure, Inc.<sup>\*</sup>  | 15024 | 5377240 |
| Tutor Perini Corp. | 128042 | 10101233 |
|  |  | **24707965** |
| **CONSUMER FINANCE—2.3%** | **CONSUMER FINANCE—2.3%** | **CONSUMER FINANCE—2.3%** |
| Upstart Holdings, Inc.<sup>\*</sup>  | 180714 | **7093025** |
| **DATA PROCESSING & OUTSOURCED SERVICES—0.7%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.7%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.7%** |
| Verra Mobility Corp.<sup>\*</sup>  | 115091 | **2221256** |
| **EDUCATION SERVICES—0.6%** | **EDUCATION SERVICES—0.6%** | **EDUCATION SERVICES—0.6%** |
| Stride, Inc.<sup>\*</sup>  | 22696 | **1920082** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—2.0%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—2.0%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—2.0%** |
| Novanta, Inc.<sup>\*</sup>  | 45428 | **6111883** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.0% (CONT.)** | **COMMON STOCKS—98.0% (CONT.)** | **COMMON STOCKS—98.0% (CONT.)** |
| **ENVIRONMENTAL & FACILITIES SERVICES—5.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—5.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—5.8%** |
| Casella Waste Systems, Inc., Cl. A<sup>\*</sup>  | 121710 | **$** 12278105 |
| Montrose Environmental Group, Inc.<sup>\*</sup>  | 262641 | 5851641 |
|  |  | **18129746** |
| **HEALTHCARE EQUIPMENT—7.9%** | **HEALTHCARE EQUIPMENT—7.9%** | **HEALTHCARE EQUIPMENT—7.9%** |
| Artivion, Inc.<sup>\*</sup>  | 320203 | 13054676 |
| Glaukos Corp.<sup>\*</sup>  | 36611 | 4370621 |
| Impulse Dynamics PLC, Series A<sup>(a),\*,@</sup>  | 2986209 | 110490 |
| Inmode, Ltd.<sup>\*</sup>  | 102920 | 1616873 |
| iRhythm Technologies, Inc.<sup>\*</sup>  | 34034 | 5258594 |
|  |  | **24411254** |
| **HEALTHCARE SERVICES—3.3%** | **HEALTHCARE SERVICES—3.3%** | **HEALTHCARE SERVICES—3.3%** |
| RadNet, Inc.<sup>\*</sup>  | 144564 | **10133936** |
| **HEALTHCARE SUPPLIES—0.9%** | **HEALTHCARE SUPPLIES—0.9%** | **HEALTHCARE SUPPLIES—0.9%** |
| Neogen Corp.<sup>\*</sup>  | 267526 | **2734116** |
| **HUMAN RESOURCE & EMPLOYMENT SERVICES—1.8%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—1.8%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—1.8%** |
| First Advantage Corp.<sup>\*</sup>  | 416875 | **5627813** |
| **INSURANCE BROKERS—0.5%** | **INSURANCE BROKERS—0.5%** | **INSURANCE BROKERS—0.5%** |
| Accelerant Holdings, Cl. A<sup>\*</sup>  | 120852 | **1650838** |
| **INTERNET SERVICES & INFRASTRUCTURE—0.6%** | **INTERNET SERVICES & INFRASTRUCTURE—0.6%** | **INTERNET SERVICES & INFRASTRUCTURE—0.6%** |
| DigitalOcean Holdings, Inc.<sup>\*</sup>  | 32895 | **1817449** |
| **INVESTMENT BANKING & BROKERAGE—1.4%** | **INVESTMENT BANKING & BROKERAGE—1.4%** | **INVESTMENT BANKING & BROKERAGE—1.4%** |
| Piper Sandler Cos. | 12715 | **4403840** |
| **LEISURE FACILITIES—2.6%** | **LEISURE FACILITIES—2.6%** | **LEISURE FACILITIES—2.6%** |
| Planet Fitness, Inc., Cl. A<sup>\*</sup>  | 89233 | **8123772** |
| **MANAGED HEALTHCARE—2.9%** | **MANAGED HEALTHCARE—2.9%** | **MANAGED HEALTHCARE—2.9%** |
| Progyny, Inc.<sup>\*</sup>  | 373409 | **8913273** |
| **PROPERTY & CASUALTY INSURANCE—1.9%** | **PROPERTY & CASUALTY INSURANCE—1.9%** | **PROPERTY & CASUALTY INSURANCE—1.9%** |
| Palomar Holdings, Inc.<sup>\*</sup>  | 47592 | **5881895** |
| **REAL ESTATE SERVICES—6.9%** | **REAL ESTATE SERVICES—6.9%** | **REAL ESTATE SERVICES—6.9%** |
| Compass, Inc., Cl. A<sup>\*</sup>  | 336811 | 4216874 |
| FirstService Corp. | 110374 | 17136667 |
|  |  | **21353541** |
| **RESTAURANTS—3.4%** | **RESTAURANTS—3.4%** | **RESTAURANTS—3.4%** |
| First Watch Restaurant Group, Inc.<sup>\*</sup>  | 349141 | 5582765 |
| Wingstop, Inc. | 19289 | 5119879 |
|  |  | **10702644** |
| **SEMICONDUCTORS—5.4%** | **SEMICONDUCTORS—5.4%** | **SEMICONDUCTORS—5.4%** |
| Impinj, Inc.<sup>\*</sup>  | 37487 | 5176955 |
| Semtech Corp.<sup>\*</sup>  | 127789 | 10191173 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.0% (CONT.)** | **COMMON STOCKS—98.0% (CONT.)** | **COMMON STOCKS—98.0% (CONT.)** |
| **SEMICONDUCTORS—5.4% (CONT.)** | **SEMICONDUCTORS—5.4% (CONT.)** | **SEMICONDUCTORS—5.4% (CONT.)** |
| SiTime Corp.<sup>\*</sup>  | 3956 | **$** 1436463 |
|  |  | **16804591** |
| **TRADING COMPANIES & DISTRIBUTORS—3.5%** | **TRADING COMPANIES & DISTRIBUTORS—3.5%** | **TRADING COMPANIES & DISTRIBUTORS—3.5%** |
| SiteOne Landscape Supply, Inc.<sup>\*</sup>  | 54778 | 7862834 |
| Xometry, Inc., Cl. A<sup>\*</sup>  | 51794 | 2958991 |
|  |  | **10821825** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $226,947,605) |  | **304661620** |
| **SHORT-TERM SECURITIES—1.7%** | **SHORT-TERM SECURITIES—1.7%** | **SHORT-TERM SECURITIES—1.7%** |
| **MONEY MARKET FUNDS—1.7%** | **MONEY MARKET FUNDS—1.7%** | **MONEY MARKET FUNDS—1.7%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.58%<sup>(b)</sup>  | 5228361 | **5228361** |
| &nbsp;&nbsp;&nbsp; (Cost $5,228,361) |  | **5228361** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $232,175,966)** | 99.7% | **$309889981** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $232,175,966) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309889981 |
| Other Assets in Excess of Liabilities | 0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 877462 |
| **NET ASSETS** | 100.0% | **$310767443** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| *(a)* | *Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures* <br> *approved by the Board of Trustees.*<br>|
| *(b)* | *Rate shown reflects 7-day effective yield as of January 31, 2026.* |
| *\** | *Non-income producing security.* |
| *@* | *Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the* <br> *investment may be restricted only to qualified buyers.*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Acquisition* <br>*Date(s)*<br>| *Acquisition* <br>*Cost*<br>| *Market* <br>*Value*<br>| *% of net assets* <br>*as of* <br>*1/31/2026*<br>|
| *Impulse Dynamics PLC, Series A* | *2/11/2022* | $*2986210* | $*110490* | *0.1%* |
| *Total* |  | *$2986210* | *$110490* | *0.1%* |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited)** <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.1%** | **COMMON STOCKS—98.1%** | **COMMON STOCKS—98.1%** |
| **BELGIUM—1.9%** | **BELGIUM—1.9%** | **BELGIUM—1.9%** |
| **PHARMACEUTICALS—1.9%** | **PHARMACEUTICALS—1.9%** | **PHARMACEUTICALS—1.9%** |
| UCB SA | 11234 | **$3423289** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,301,646) |  |  |
| **BRAZIL—4.3%** | **BRAZIL—4.3%** | **BRAZIL—4.3%** |
| **BROADLINE RETAIL—1.5%** | **BROADLINE RETAIL—1.5%** | **BROADLINE RETAIL—1.5%** |
| MercadoLibre, Inc. \* | 1253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2691181 |
| **DIVERSIFIED BANKS—2.8%** | **DIVERSIFIED BANKS—2.8%** | **DIVERSIFIED BANKS—2.8%** |
| NU Holdings, Ltd., Cl. A \* | 274317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4869127 |
| &nbsp;&nbsp;&nbsp; **TOTAL BRAZIL** <br>(Cost $3,944,156) |  | **7560308** |
| **CANADA—7.6%** | **CANADA—7.6%** | **CANADA—7.6%** |
| **COAL & CONSUMABLE FUELS—2.9%** | **COAL & CONSUMABLE FUELS—2.9%** | **COAL & CONSUMABLE FUELS—2.9%** |
| Cameco Corp. | 40776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5043209 |
| **DIVERSIFIED SUPPORT SERVICES—2.2%** | **DIVERSIFIED SUPPORT SERVICES—2.2%** | **DIVERSIFIED SUPPORT SERVICES—2.2%** |
| Element Fleet Management Corp. | 154445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3913159 |
| **INTERNET SERVICES & INFRASTRUCTURE—2.5%** | **INTERNET SERVICES & INFRASTRUCTURE—2.5%** | **INTERNET SERVICES & INFRASTRUCTURE—2.5%** |
| Shopify, Inc., Cl. A \* | 34131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4478527 |
| &nbsp;&nbsp;&nbsp; **TOTAL CANADA** <br>(Cost $10,107,025) |  | **13434895** |
| **CHINA—6.4%** | **CHINA—6.4%** | **CHINA—6.4%** |
| **INTERACTIVE MEDIA & SERVICES—3.7%** | **INTERACTIVE MEDIA & SERVICES—3.7%** | **INTERACTIVE MEDIA & SERVICES—3.7%** |
| Tencent Holdings, Ltd. | 83406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6410736 |
| **PHARMACEUTICALS—1.7%** | **PHARMACEUTICALS—1.7%** | **PHARMACEUTICALS—1.7%** |
| Jiangsu Hengrui Pharmaceuticals Co., Ltd., Cl. H \* | 347281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3044332 |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.0%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.0%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.0%** |
| Xiaomi Corp., Cl. B \* | 391773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1773388 |
| &nbsp;&nbsp;&nbsp; **TOTAL CHINA** <br>(Cost $12,324,598) |  | **11228456** |
| **DENMARK—3.3%** | **DENMARK—3.3%** | **DENMARK—3.3%** |
| **BIOTECHNOLOGY—3.3%** | **BIOTECHNOLOGY—3.3%** | **BIOTECHNOLOGY—3.3%** |
| Ascendis Pharma A/S ADR\* | 25598 | **5787708** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $5,091,263) |  |  |
| **FRANCE—1.8%** | **FRANCE—1.8%** | **FRANCE—1.8%** |
| **HEALTHCARE SUPPLIES—1.8%** | **HEALTHCARE SUPPLIES—1.8%** | **HEALTHCARE SUPPLIES—1.8%** |
| EssilorLuxottica SA | 10374 | **3171291** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,958,459) |  |  |
| **GERMANY—9.4%** | **GERMANY—9.4%** | **GERMANY—9.4%** |
| **AEROSPACE & DEFENSE—5.7%** | **AEROSPACE & DEFENSE—5.7%** | **AEROSPACE & DEFENSE—5.7%** |
| MTU Aero Engines AG | 12351 | 5490951 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.1% (CONT.)** | **COMMON STOCKS—98.1% (CONT.)** | **COMMON STOCKS—98.1% (CONT.)** |
| **GERMANY—9.4% (CONT.)** | **GERMANY—9.4% (CONT.)** | **GERMANY—9.4% (CONT.)** |
| **AEROSPACE & DEFENSE—5.7% (CONT.)** | **AEROSPACE & DEFENSE—5.7% (CONT.)** | **AEROSPACE & DEFENSE—5.7% (CONT.)** |
| Rheinmetall AG | 2157 | **$** 4570354 |
|  |  | **10061305** |
| **CONSTRUCTION MATERIALS—3.7%** | **CONSTRUCTION MATERIALS—3.7%** | **CONSTRUCTION MATERIALS—3.7%** |
| Heidelberg Materials AG | 23307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6383107 |
| &nbsp;&nbsp;&nbsp; **TOTAL GERMANY** <br>(Cost $11,659,316) |  | **16444412** |
| **GREECE—2.9%** | **GREECE—2.9%** | **GREECE—2.9%** |
| **DIVERSIFIED BANKS—2.9%** | **DIVERSIFIED BANKS—2.9%** | **DIVERSIFIED BANKS—2.9%** |
| National Bank of Greece SA | 288477 | **5092901** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,232,804) |  |  |
| **INDIA—1.1%** | **INDIA—1.1%** | **INDIA—1.1%** |
| **REAL ESTATE DEVELOPMENT—1.1%** | **REAL ESTATE DEVELOPMENT—1.1%** | **REAL ESTATE DEVELOPMENT—1.1%** |
| Godrej Properties, Ltd. \* | 117859 | **2023140** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,984,605) |  |  |
| **INDONESIA—1.8%** | **INDONESIA—1.8%** | **INDONESIA—1.8%** |
| **DIVERSIFIED BANKS—1.8%** | **DIVERSIFIED BANKS—1.8%** | **DIVERSIFIED BANKS—1.8%** |
| PT Bank Central Asia Tbk | 7210016 | **3185741** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,306,334) |  |  |
| **ITALY—4.3%** | **ITALY—4.3%** | **ITALY—4.3%** |
| **CASINOS & GAMING—1.4%** | **CASINOS & GAMING—1.4%** | **CASINOS & GAMING—1.4%** |
| Lottomatica Group SpA | 100618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2475016 |
| **DIVERSIFIED BANKS—2.9%** | **DIVERSIFIED BANKS—2.9%** | **DIVERSIFIED BANKS—2.9%** |
| FinecoBank SpA | 191097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5066029 |
| &nbsp;&nbsp;&nbsp; **TOTAL ITALY** <br>(Cost $6,506,291) |  | **7541045** |
| **JAPAN—14.0%** | **JAPAN—14.0%** | **JAPAN—14.0%** |
| **DIVERSIFIED BANKS—5.0%** | **DIVERSIFIED BANKS—5.0%** | **DIVERSIFIED BANKS—5.0%** |
| Mizuho Financial Group, Inc. | 133459 | 5794515 |
| Rakuten Bank, Ltd.\* | 61645 | 2950221 |
|  |  | **8744736** |
| **INDUSTRIAL CONGLOMERATES—3.5%** | **INDUSTRIAL CONGLOMERATES—3.5%** | **INDUSTRIAL CONGLOMERATES—3.5%** |
| Hitachi, Ltd. | 179995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6245851 |
| **INDUSTRIAL GASES—1.8%** | **INDUSTRIAL GASES—1.8%** | **INDUSTRIAL GASES—1.8%** |
| Nippon Sanso Holdings Corp. | 102076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3097306 |
| **INTERACTIVE HOME ENTERTAINMENT—2.2%** | **INTERACTIVE HOME ENTERTAINMENT—2.2%** | **INTERACTIVE HOME ENTERTAINMENT—2.2%** |
| Nintendo Co., Ltd. | 62482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3869233 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.1% (CONT.)** | **COMMON STOCKS—98.1% (CONT.)** | **COMMON STOCKS—98.1% (CONT.)** |
| **JAPAN—14.0% (CONT.)** | **JAPAN—14.0% (CONT.)** | **JAPAN—14.0% (CONT.)** |
| **PACKAGED FOODS & MEATS—1.5%** | **PACKAGED FOODS & MEATS—1.5%** | **PACKAGED FOODS & MEATS—1.5%** |
| Ajinomoto Co., Inc. | 119266 | $2728429 |
| &nbsp;&nbsp;&nbsp; **TOTAL JAPAN** <br>(Cost $20,375,179) |  | **24685555** |
| **NETHERLANDS—1.9%** | **NETHERLANDS—1.9%** | **NETHERLANDS—1.9%** |
| **SYSTEMS SOFTWARE—1.9%** | **SYSTEMS SOFTWARE—1.9%** | **SYSTEMS SOFTWARE—1.9%** |
| Nebius Group NV, Cl. A \* | 39886 | **3397888** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,675,940) |  |  |
| **NORWAY—2.1%** | **NORWAY—2.1%** | **NORWAY—2.1%** |
| **AEROSPACE & DEFENSE—2.1%** | **AEROSPACE & DEFENSE—2.1%** | **AEROSPACE & DEFENSE—2.1%** |
| Kongsberg Gruppen ASA | 105060 | **3608926** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,176,554) |  |  |
| **PERU—1.1%** | **PERU—1.1%** | **PERU—1.1%** |
| **DIVERSIFIED BANKS—1.1%** | **DIVERSIFIED BANKS—1.1%** | **DIVERSIFIED BANKS—1.1%** |
| Credicorp Ltd. | 5275 | **1882278** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,727,409) |  |  |
| **SINGAPORE—0.9%** | **SINGAPORE—0.9%** | **SINGAPORE—0.9%** |
| **BROADLINE RETAIL—0.9%** | **BROADLINE RETAIL—0.9%** | **BROADLINE RETAIL—0.9%** |
| Sea Ltd., Cl. A ADR\* | 13152 | **1532076** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,589,706) |  |  |
| **SOUTH KOREA—7.0%** | **SOUTH KOREA—7.0%** | **SOUTH KOREA—7.0%** |
| **AEROSPACE & DEFENSE—1.3%** | **AEROSPACE & DEFENSE—1.3%** | **AEROSPACE & DEFENSE—1.3%** |
| Hanwha Aerospace Co., Ltd. | 2471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2224348 |
| **SEMICONDUCTORS—5.7%** | **SEMICONDUCTORS—5.7%** | **SEMICONDUCTORS—5.7%** |
| SK hynix, Inc. | 16095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10049355 |
| &nbsp;&nbsp;&nbsp; **TOTAL SOUTH KOREA** <br>(Cost $4,322,983) |  | **12273703** |
| **SPAIN—4.5%** | **SPAIN—4.5%** | **SPAIN—4.5%** |
| **DIVERSIFIED BANKS—4.5%** | **DIVERSIFIED BANKS—4.5%** | **DIVERSIFIED BANKS—4.5%** |
| CaixaBank SA | 596840 | **7878401** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,562,960) |  |  |
| **SWITZERLAND—1.5%** | **SWITZERLAND—1.5%** | **SWITZERLAND—1.5%** |
| **PHARMACEUTICALS—1.5%** | **PHARMACEUTICALS—1.5%** | **PHARMACEUTICALS—1.5%** |
| Galderma Group AG | 13967 | **2603435** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,700,914) |  |  |
| **TAIWAN—6.8%** | **TAIWAN—6.8%** | **TAIWAN—6.8%** |
| **SEMICONDUCTORS—6.8%** | **SEMICONDUCTORS—6.8%** | **SEMICONDUCTORS—6.8%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 35942 | **11880988** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,150,081) |  |  |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.1% (CONT.)** | **COMMON STOCKS—98.1% (CONT.)** | **COMMON STOCKS—98.1% (CONT.)** |
| **UNITED KINGDOM—9.9%** | **UNITED KINGDOM—9.9%** | **UNITED KINGDOM—9.9%** |
| **ASSET MANAGEMENT & CUSTODY BANKS—1.5%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.5%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.5%** |
| 3i Group PLC | 57196 | $2627534 |
| **DIVERSIFIED BANKS—3.0%** | **DIVERSIFIED BANKS—3.0%** | **DIVERSIFIED BANKS—3.0%** |
| HSBC Holdings PLC | 301524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5319162 |
| **RESEARCH & CONSULTING SERVICES—1.5%** | **RESEARCH & CONSULTING SERVICES—1.5%** | **RESEARCH & CONSULTING SERVICES—1.5%** |
| RELX PLC | 75218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2666630 |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.4%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.4%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.4%** |
| Coca-Cola HBC AG | 78598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4268631 |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—1.5%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.5%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.5%** |
| Wise PLC, Cl. A \* | 196030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2528344 |
| &nbsp;&nbsp;&nbsp; **TOTAL UNITED KINGDOM** <br>(Cost $14,412,794) |  | **17410301** |
| **UNITED STATES—3.6%** | **UNITED STATES—3.6%** | **UNITED STATES—3.6%** |
| **HEAVY ELECTRICAL EQUIPMENT—3.6%** | **HEAVY ELECTRICAL EQUIPMENT—3.6%** | **HEAVY ELECTRICAL EQUIPMENT—3.6%** |
| GE Vernova, Inc. | 8722 | **6335399** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,664,545) |  |  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $129,775,562) |  | **172382136** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS—1.8%** | **MONEY MARKET FUNDS—1.8%** | **MONEY MARKET FUNDS—1.8%** |
| **UNITED STATES—1.8%** | **UNITED STATES—1.8%** | **UNITED STATES—1.8%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.58%<sup>(a)</sup>  | 3183571 | **3183571** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,183,571) |  |  |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $132,959,133)** | 99.9% | **$175565707** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $132,959,133) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175565707 |
| Other Assets in Excess of Liabilities | 0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116807 |
| **NET ASSETS** | 100.0% | **$175682514** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ADR* *American Depositary Receipts*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*(a)* *Rate shown reflects 7-day effective yield as of January 31, 2026.* <br> *\** *Non-income producing security.*

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited)** <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.1%** | **COMMON STOCKS—98.1%** | **COMMON STOCKS—98.1%** |
| **AUSTRALIA—1.3%** | **AUSTRALIA—1.3%** | **AUSTRALIA—1.3%** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—1.3%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—1.3%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—1.3%** |
| Silex Systems, Ltd. \* | 10265 | **$48675** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $45,797) |  |  |
| **AUSTRIA—2.7%** | **AUSTRIA—2.7%** | **AUSTRIA—2.7%** |
| **CONSTRUCTION MATERIALS—2.7%** | **CONSTRUCTION MATERIALS—2.7%** | **CONSTRUCTION MATERIALS—2.7%** |
| Wienerberger AG | 3122 | **103196** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $110,475) |  |  |
| **BELGIUM—2.5%** | **BELGIUM—2.5%** | **BELGIUM—2.5%** |
| **HEALTH CARE DISTRIBUTORS—2.5%** | **HEALTH CARE DISTRIBUTORS—2.5%** | **HEALTH CARE DISTRIBUTORS—2.5%** |
| Fagron SA | 3561 | **93616** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $92,552) |  |  |
| **BRAZIL—3.6%** | **BRAZIL—3.6%** | **BRAZIL—3.6%** |
| **AEROSPACE & DEFENSE—3.6%** | **AEROSPACE & DEFENSE—3.6%** | **AEROSPACE & DEFENSE—3.6%** |
| Embraer SA ADR | 1850 | **135901** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $114,795) |  |  |
| **CANADA—5.9%** | **CANADA—5.9%** | **CANADA—5.9%** |
| **APPLICATION SOFTWARE—1.3%** | **APPLICATION SOFTWARE—1.3%** | **APPLICATION SOFTWARE—1.3%** |
| The Descartes Systems Group, Inc. \* | 665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49663 |
| **DIVERSIFIED SUPPORT SERVICES—1.5%** | **DIVERSIFIED SUPPORT SERVICES—1.5%** | **DIVERSIFIED SUPPORT SERVICES—1.5%** |
| Element Fleet Management Corp. | 2265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57388 |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.8%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.8%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.8%** |
| Capital Power Corp. | 1532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67225 |
| **LEISURE PRODUCTS—1.3%** | **LEISURE PRODUCTS—1.3%** | **LEISURE PRODUCTS—1.3%** |
| BRP, Inc. | 630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47549 |
| &nbsp;&nbsp;&nbsp; **TOTAL CANADA** <br>(Cost $232,774) |  | **221825** |
| **DENMARK—2.9%** | **DENMARK—2.9%** | **DENMARK—2.9%** |
| **PHARMACEUTICALS—2.9%** | **PHARMACEUTICALS—2.9%** | **PHARMACEUTICALS—2.9%** |
| ALK-abello A/S, Cl. B \* | 3243 | **107161** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $106,272) |  |  |
| **FRANCE—3.5%** | **FRANCE—3.5%** | **FRANCE—3.5%** |
| **AEROSPACE & DEFENSE—0.8%** | **AEROSPACE & DEFENSE—0.8%** | **AEROSPACE & DEFENSE—0.8%** |
| Exail Technologies SA \* | 228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29953 |
| **OIL & GAS STORAGE & TRANSPORTATION—2.7%** | **OIL & GAS STORAGE & TRANSPORTATION—2.7%** | **OIL & GAS STORAGE & TRANSPORTATION—2.7%** |
| Gaztransport Et Technigaz SA | 477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102769 |
| &nbsp;&nbsp;&nbsp; **TOTAL FRANCE** <br>(Cost $122,454) |  | **132722** |
| **GERMANY—7.5%** | **GERMANY—7.5%** | **GERMANY—7.5%** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—2.3%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—2.3%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—2.3%** |
| RENK Group AG | 1315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84662 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.1% (CONT.)** | **COMMON STOCKS—98.1% (CONT.)** | **COMMON STOCKS—98.1% (CONT.)** |
| **GERMANY—7.5% (CONT.)** | **GERMANY—7.5% (CONT.)** | **GERMANY—7.5% (CONT.)** |
| **LEISURE PRODUCTS—1.0%** | **LEISURE PRODUCTS—1.0%** | **LEISURE PRODUCTS—1.0%** |
| tonies SE, Cl. A \* | 3012 | $36843 |
| **OIL & GAS STORAGE & TRANSPORTATION—2.3%** | **OIL & GAS STORAGE & TRANSPORTATION—2.3%** | **OIL & GAS STORAGE & TRANSPORTATION—2.3%** |
| Friedrich Vorwerk Group SE | 819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87981 |
| **SPECIALTY CHEMICALS—1.9%** | **SPECIALTY CHEMICALS—1.9%** | **SPECIALTY CHEMICALS—1.9%** |
| AlzChem Group AG | 385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70384 |
| &nbsp;&nbsp;&nbsp; **TOTAL GERMANY** <br>(Cost $259,166) |  | **279870** |
| **ISRAEL—6.8%** | **ISRAEL—6.8%** | **ISRAEL—6.8%** |
| **AEROSPACE & DEFENSE—2.7%** | **AEROSPACE & DEFENSE—2.7%** | **AEROSPACE & DEFENSE—2.7%** |
| TAT Technologies, Ltd. \* | 1951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99267 |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.8%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.8%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.8%** |
| Next Vision Stabilized Systems Ltd. | 348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31390 |
| **FINANCIAL EXCHANGES & DATA—1.7%** | **FINANCIAL EXCHANGES & DATA—1.7%** | **FINANCIAL EXCHANGES & DATA—1.7%** |
| Tel Aviv Stock Exchange Ltd. | 1701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65353 |
| **PERSONAL CARE PRODUCTS—1.6%** | **PERSONAL CARE PRODUCTS—1.6%** | **PERSONAL CARE PRODUCTS—1.6%** |
| Oddity Tech, Ltd., Cl. A \* | 1792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58849 |
| &nbsp;&nbsp;&nbsp; **TOTAL ISRAEL** <br>(Cost $250,185) |  | **254859** |
| **ITALY—10.1%** | **ITALY—10.1%** | **ITALY—10.1%** |
| **ASSET MANAGEMENT & CUSTODY BANKS—2.0%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.0%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.0%** |
| Banca Generali SpA | 1094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73714 |
| **CASINOS & GAMING—2.6%** | **CASINOS & GAMING—2.6%** | **CASINOS & GAMING—2.6%** |
| Lottomatica Group SpA | 3947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97089 |
| **CONSTRUCTION & ENGINEERING—2.6%** | **CONSTRUCTION & ENGINEERING—2.6%** | **CONSTRUCTION & ENGINEERING—2.6%** |
| MAIRE SpA | 5590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97670 |
| **LEISURE PRODUCTS—2.9%** | **LEISURE PRODUCTS—2.9%** | **LEISURE PRODUCTS—2.9%** |
| Technogym SpA | 5229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109197 |
| &nbsp;&nbsp;&nbsp; **TOTAL ITALY** <br>(Cost $333,860) |  | **377670** |
| **JAPAN—28.9%** | **JAPAN—28.9%** | **JAPAN—28.9%** |
| **APPLICATION SOFTWARE—2.2%** | **APPLICATION SOFTWARE—2.2%** | **APPLICATION SOFTWARE—2.2%** |
| OBIC Business Consultants Co., Ltd. | 593 | 26269 |
| Rakus Co., Ltd. | 9633 | 54824 |
|  |  | **81093** |
| **BROADLINE RETAIL—2.2%** | **BROADLINE RETAIL—2.2%** | **BROADLINE RETAIL—2.2%** |
| Ryohin Keikaku Co., Ltd. | 4067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81116 |
| **CONSTRUCTION & ENGINEERING—1.5%** | **CONSTRUCTION & ENGINEERING—1.5%** | **CONSTRUCTION & ENGINEERING—1.5%** |
| MIRAIT ONE Corp. | 2409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57806 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.1% (CONT.)** | **COMMON STOCKS—98.1% (CONT.)** | **COMMON STOCKS—98.1% (CONT.)** |
| **JAPAN—28.9% (CONT.)** | **JAPAN—28.9% (CONT.)** | **JAPAN—28.9% (CONT.)** |
| **DIVERSIFIED BANKS—2.7%** | **DIVERSIFIED BANKS—2.7%** | **DIVERSIFIED BANKS—2.7%** |
| Rakuten Bank, Ltd. \* | 2110 | $100981 |
| **DIVERSIFIED METALS & MINING—1.4%** | **DIVERSIFIED METALS & MINING—1.4%** | **DIVERSIFIED METALS & MINING—1.4%** |
| JX Advanced Metals Corp. | 3373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54580 |
| **DIVERSIFIED SUPPORT SERVICES—2.7%** | **DIVERSIFIED SUPPORT SERVICES—2.7%** | **DIVERSIFIED SUPPORT SERVICES—2.7%** |
| Japan Elevator Service Holdings Co., Ltd. | 9749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102648 |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.5%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.5%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.5%** |
| SWCC Corp. | 1243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92642 |
| **ELECTRONIC COMPONENTS—2.4%** | **ELECTRONIC COMPONENTS—2.4%** | **ELECTRONIC COMPONENTS—2.4%** |
| Nippon Electric Glass Co., Ltd. | 2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88850 |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.9%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.9%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.9%** |
| Anritsu Corp., Cl. B | 5229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72458 |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—2.5%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—2.5%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—2.5%** |
| Organo Corp. | 906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95666 |
| **LIFE & HEALTH INSURANCE—1.5%** | **LIFE & HEALTH INSURANCE—1.5%** | **LIFE & HEALTH INSURANCE—1.5%** |
| Lifenet Insurance Co. \* | 4347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56372 |
| **PACKAGED FOODS & MEATS—2.4%** | **PACKAGED FOODS & MEATS—2.4%** | **PACKAGED FOODS & MEATS—2.4%** |
| Toyo Suisan Kaisha, Ltd. | 1243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88746 |
| **PHARMACEUTICALS—2.0%** | **PHARMACEUTICALS—2.0%** | **PHARMACEUTICALS—2.0%** |
| Santen Pharmaceutical Co., Ltd. | 6549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73674 |
| **REGIONAL BANKS—1.0%** | **REGIONAL BANKS—1.0%** | **REGIONAL BANKS—1.0%** |
| The 77 Bank Ltd. | 722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39652 |
| &nbsp;&nbsp;&nbsp; **TOTAL JAPAN** <br>(Cost $1,083,318) |  | **1086284** |
| **SPAIN—2.0%** | **SPAIN—2.0%** | **SPAIN—2.0%** |
| **DIVERSIFIED BANKS—2.0%** | **DIVERSIFIED BANKS—2.0%** | **DIVERSIFIED BANKS—2.0%** |
| Bankinter SA | 4423 | **75501** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $59,970) |  |  |
| **SWEDEN—5.0%** | **SWEDEN—5.0%** | **SWEDEN—5.0%** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—2.0%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—2.0%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—2.0%** |
| Lagercrantz Group AB, Cl. B | 3383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74124 |
| **INVESTMENT BANKING & BROKERAGE—3.0%** | **INVESTMENT BANKING & BROKERAGE—3.0%** | **INVESTMENT BANKING & BROKERAGE—3.0%** |
| Nordnet AB | 3489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112880 |
| &nbsp;&nbsp;&nbsp; **TOTAL SWEDEN** <br>(Cost $174,064) |  | **187004** |
| **SWITZERLAND—2.6%** | **SWITZERLAND—2.6%** | **SWITZERLAND—2.6%** |
| **BUILDING PRODUCTS—2.6%** | **BUILDING PRODUCTS—2.6%** | **BUILDING PRODUCTS—2.6%** |
| Belimo Holding AG | 91 | **99534** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $92,634) |  |  |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.1% (CONT.)** | **COMMON STOCKS—98.1% (CONT.)** | **COMMON STOCKS—98.1% (CONT.)** |
| **UNITED KINGDOM—12.8%** | **UNITED KINGDOM—12.8%** | **UNITED KINGDOM—12.8%** |
| **CONSTRUCTION MATERIALS—2.6%** | **CONSTRUCTION MATERIALS—2.6%** | **CONSTRUCTION MATERIALS—2.6%** |
| SigmaRoc PLC \* | 49924 | $97986 |
| **ENVIRONMENTAL & FACILITIES SERVICES—2.6%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.6%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.6%** |
| Mitie Group PLC | 42396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96920 |
| **INVESTMENT BANKING & BROKERAGE—1.7%** | **INVESTMENT BANKING & BROKERAGE—1.7%** | **INVESTMENT BANKING & BROKERAGE—1.7%** |
| Marex Group PLC | 1648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65063 |
| **PACKAGED FOODS & MEATS—3.5%** | **PACKAGED FOODS & MEATS—3.5%** | **PACKAGED FOODS & MEATS—3.5%** |
| Greencore Group PLC | 32935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130468 |
| **TRADING COMPANIES & DISTRIBUTORS—2.4%** | **TRADING COMPANIES & DISTRIBUTORS—2.4%** | **TRADING COMPANIES & DISTRIBUTORS—2.4%** |
| Diploma PLC | 1267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92303 |
| &nbsp;&nbsp;&nbsp; **TOTAL UNITED KINGDOM** <br>(Cost $428,854) |  | **482740** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,507,170) |  | **3686558** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS—3.5%** | **MONEY MARKET FUNDS—3.5%** | **MONEY MARKET FUNDS—3.5%** |
| **UNITED STATES—3.5%** | **UNITED STATES—3.5%** | **UNITED STATES—3.5%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.58%<sup>(a)</sup>  | 130273 | **130273** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $130,273) |  |  |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $3,637,443)** | 101.6% | **$3816831** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $3,637,443) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3816831 |
| Liabilities in Excess of Other Assets | (1.6)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59900) |
| **NET ASSETS** | 100.0% | **$3756931** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ADR* *American Depositary Receipts*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*(a)* *Rate shown reflects 7-day effective yield as of January 31, 2026.* <br> *\** *Non-income producing security.*

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited)** <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—93.3%** | **COMMON STOCKS—93.3%** | **COMMON STOCKS—93.3%** |
| **BIOTECHNOLOGY—36.7%** | **BIOTECHNOLOGY—36.7%** | **BIOTECHNOLOGY—36.7%** |
| AbbVie, Inc. | 8548 | **$** 1906289 |
| Abivax SA ADR<sup>\*</sup>  | 9738 | 1082379 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 32938 | 2283591 |
| Biogen, Inc.<sup>\*</sup>  | 13918 | 2503709 |
| Cogent Biosciences, Inc.<sup>\*</sup>  | 25200 | 904932 |
| Corvus Pharmaceuticals, Inc.<sup>\*</sup>  | 48609 | 1006206 |
| Cytokinetics, Inc.<sup>\*</sup>  | 8249 | 521254 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 120918 | 3539270 |
| Gilead Sciences, Inc. | 7221 | 1025021 |
| GRAIL, Inc.<sup>\*</sup>  | 606 | 59279 |
| Moderna, Inc.<sup>\*</sup>  | 14801 | 652280 |
| Natera, Inc.<sup>\*</sup>  | 6456 | 1492240 |
| Nuvalent, Inc., Cl. A<sup>\*</sup>  | 6208 | 638741 |
| Revolution Medicines, Inc.<sup>\*</sup>  | 14146 | 1371455 |
| Roivant Sciences Ltd.<sup>\*</sup>  | 57237 | 1237464 |
| Travere Therapeutics, Inc.<sup>\*</sup>  | 19597 | 609271 |
| Twist Bioscience Corp.<sup>\*</sup>  | 14910 | 612354 |
| uniQure NV<sup>\*</sup>  | 19194 | 436088 |
| United Therapeutics Corp.<sup>\*</sup>  | 2091 | 981704 |
| Viridian Therapeutics, Inc.<sup>\*</sup>  | 21297 | 702801 |
|  |  | **23566328** |
| **HEALTH CARE DISTRIBUTORS—5.6%** | **HEALTH CARE DISTRIBUTORS—5.6%** | **HEALTH CARE DISTRIBUTORS—5.6%** |
| Cardinal Health, Inc. | 13616 | 2925806 |
| McKesson Corp. | 832 | 691567 |
|  |  | **3617373** |
| **HEALTHCARE EQUIPMENT—3.1%** | **HEALTHCARE EQUIPMENT—3.1%** | **HEALTHCARE EQUIPMENT—3.1%** |
| Boston Scientific Corp.<sup>\*</sup>  | 1780 | 166483 |
| Impulse Dynamics PLC, Series A<sup>(a),\*,@</sup>  | 5000001 | 185000 |
| Integer Holdings Corp.<sup>\*</sup>  | 12551 | 1090180 |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 917 | 462370 |
| iRhythm Technologies, Inc.<sup>\*</sup>  | 426 | 65821 |
|  |  | **1969854** |
| **HEALTHCARE FACILITIES—2.9%** | **HEALTHCARE FACILITIES—2.9%** | **HEALTHCARE FACILITIES—2.9%** |
| Brookdale Senior Living, Inc.<sup>\*</sup>  | 108740 | 1631100 |
| Tenet Healthcare Corp.<sup>\*</sup>  | 1066 | 201773 |
|  |  | **1832873** |
| **HEALTHCARE SERVICES—5.4%** | **HEALTHCARE SERVICES—5.4%** | **HEALTHCARE SERVICES—5.4%** |
| CVS Health Corp. | 20356 | 1516929 |
| Guardant Health, Inc.<sup>\*</sup>  | 17220 | 1963769 |
|  |  | **3480698** |
| **HEALTHCARE SUPPLIES—2.1%** | **HEALTHCARE SUPPLIES—2.1%** | **HEALTHCARE SUPPLIES—2.1%** |
| ICU Medical, Inc.<sup>\*</sup>  | 9157 | **1372634** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—93.3% (CONT.)** | **COMMON STOCKS—93.3% (CONT.)** | **COMMON STOCKS—93.3% (CONT.)** |
| **HEALTHCARE TECHNOLOGY—1.0%** | **HEALTHCARE TECHNOLOGY—1.0%** | **HEALTHCARE TECHNOLOGY—1.0%** |
| HeartFlow, Inc.<sup>\*</sup>  | 21370 | **$638322** |
| **LIFE & HEALTH INSURANCE—0.7%** | **LIFE & HEALTH INSURANCE—0.7%** | **LIFE & HEALTH INSURANCE—0.7%** |
| Oscar Health, Inc., Cl. A<sup>\*</sup>  | 29652 | **425506** |
| **LIFE SCIENCES TOOLS & SERVICES—8.6%** | **LIFE SCIENCES TOOLS & SERVICES—8.6%** | **LIFE SCIENCES TOOLS & SERVICES—8.6%** |
| 10X Genomics, Inc., Cl. A<sup>\*</sup>  | 29825 | 602465 |
| Adaptive Biotechnologies Corp.<sup>\*</sup>  | 55203 | 1021256 |
| Bruker Corp. | 13581 | 601502 |
| Repligen Corp.<sup>\*</sup>  | 8261 | 1233946 |
| Thermo Fisher Scientific, Inc. | 1102 | 637628 |
| WuXi AppTec Co., Ltd., Cl. H | 99511 | 1416047 |
|  |  | **5512844** |
| **MANAGED HEALTHCARE—3.6%** | **MANAGED HEALTHCARE—3.6%** | **MANAGED HEALTHCARE—3.6%** |
| Centene Corp.<sup>\*</sup>  | 53722 | **2327237** |
| **PHARMACEUTICALS—23.6%** | **PHARMACEUTICALS—23.6%** | **PHARMACEUTICALS—23.6%** |
| AstraZeneca PLC ADR | 26360 | 2445417 |
| Belite Bio, Inc. ADR<sup>\*</sup>  | 4535 | 766415 |
| Eli Lilly & Co. | 2853 | 2958989 |
| Johnson & Johnson | 9368 | 2128878 |
| Ligand Pharmaceuticals, Inc.<sup>\*</sup>  | 3345 | 642575 |
| Nektar Therapeutics<sup>\*</sup>  | 18409 | 687208 |
| Sandoz Group Ltd. | 24548 | 1944836 |
| Terns Pharmaceuticals, Inc.<sup>\*</sup>  | 16610 | 574706 |
| Teva Pharmaceutical Industries, Ltd. ADR<sup>\*</sup>  | 89555 | 3052033 |
|  |  | **15201057** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $53,681,906) |  | **59944726** |
| **PREFERRED STOCKS—4.3%** | **PREFERRED STOCKS—4.3%** | **PREFERRED STOCKS—4.3%** |
| **HEALTHCARE EQUIPMENT—4.3%** | **HEALTHCARE EQUIPMENT—4.3%** | **HEALTHCARE EQUIPMENT—4.3%** |
| Impulse Dynamics PLC, Series F-3<sup>(a),\*,@</sup>  | 48744272 | **2778424** |
| &nbsp;&nbsp;&nbsp; (Cost $2,550,135) |  | **2778424** |
| **REAL ESTATE INVESTMENT TRUSTS—2.1%** | **REAL ESTATE INVESTMENT TRUSTS—2.1%** | **REAL ESTATE INVESTMENT TRUSTS—2.1%** |
| **HEALTH CARE—2.1%** | **HEALTH CARE—2.1%** | **HEALTH CARE—2.1%** |
| American Healthcare REIT, Inc. | 1448 | 67926 |
| Welltower, Inc. | 6868 | 1293656 |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>(Cost $1,337,114) |  | **1361582** |
| **RIGHTS—0.0%** | **RIGHTS—0.0%** | **RIGHTS—0.0%** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Tolero CDR<sup>(a),\*,@</sup>  | 1956996 | **—** |
| &nbsp;&nbsp;&nbsp; (Cost $1,044,373) |  | **—** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SHORT-TERM SECURITIES—0.5%** | **SHORT-TERM SECURITIES—0.5%** | **SHORT-TERM SECURITIES—0.5%** |
| **MONEY MARKET FUNDS—0.5%** | **MONEY MARKET FUNDS—0.5%** | **MONEY MARKET FUNDS—0.5%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.58%<sup>(b)</sup>  | 332570 | **$332570** |
| &nbsp;&nbsp;&nbsp; (Cost $332,570) |  | **332570** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $58,946,098)** | 100.2% | **$64417302** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $58,946,098) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64417302 |
| Liabilities in Excess of Other Assets | (0.2)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (123621) |
| **NET ASSETS** | 100.0% | **$64293681** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ADR* *American Depositary Receipts* <br> *CDR* *Contingent Deferred Rights*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| *(a)* | *Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures* <br> *approved by the Board of Trustees.*<br>|
| *(b)* | *Rate shown reflects 7-day effective yield as of January 31, 2026.* |
| *\** | *Non-income producing security.* |
| *@* | *Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the* <br> *investment may be restricted only to qualified buyers.*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Acquisition* <br>*Date(s)*<br>| *Acquisition* <br>*Cost*<br>| *Market* <br>*Value*<br>| *% of net assets* <br>*as of* <br>*1/31/2026*<br>|
| *Impulse Dynamics PLC, Series A* | *2/11/22* | $*5000002* | $*185000* | *0.3%* |
| *Impulse Dynamics PLC, Series F-3* | *6/2/23-2/5/24* | *2550135* | *2778424* | *4.3%* |
| *Tolero CDR* | *2/6/17* | *1044373* | *—* | *0.0%* |
| *Total* |  | *$8594510* | *$2963424* | *4.6%* |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS \| ALGER AI ENABLERS & ADOPTERS FUND**

**Schedule of Investments January 31, 2026 (Unaudited)** <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—91.7%** | **COMMON STOCKS—91.7%** | **COMMON STOCKS—91.7%** |
| **AIR FREIGHT & LOGISTICS—0.3%** | **AIR FREIGHT & LOGISTICS—0.3%** | **AIR FREIGHT & LOGISTICS—0.3%** |
| C.H. Robinson Worldwide, Inc. | 342 | **$66673** |
| **APPLICATION SOFTWARE—2.8%** | **APPLICATION SOFTWARE—2.8%** | **APPLICATION SOFTWARE—2.8%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 677 | 320296 |
| IREN Ltd.<sup>\*</sup>  | 2723 | 146334 |
| Unity Software, Inc.<sup>\*</sup>  | 3246 | 94459 |
|  |  | **561089** |
| **AUTOMOBILE MANUFACTURERS—3.9%** | **AUTOMOBILE MANUFACTURERS—3.9%** | **AUTOMOBILE MANUFACTURERS—3.9%** |
| Tesla, Inc.<sup>\*</sup>  | 1833 | **788942** |
| **AUTOMOTIVE RETAIL—0.1%** | **AUTOMOTIVE RETAIL—0.1%** | **AUTOMOTIVE RETAIL—0.1%** |
| Carvana Co.<sup>\*</sup>  | 49 | **19654** |
| **BIOTECHNOLOGY—0.6%** | **BIOTECHNOLOGY—0.6%** | **BIOTECHNOLOGY—0.6%** |
| Natera, Inc.<sup>\*</sup>  | 554 | **128052** |
| **BROADLINE RETAIL—12.2%** | **BROADLINE RETAIL—12.2%** | **BROADLINE RETAIL—12.2%** |
| Amazon.com, Inc.<sup>\*</sup>  | 7273 | 1740429 |
| Global-e Online Ltd.<sup>\*</sup>  | 1118 | 40863 |
| MercadoLibre, Inc.<sup>\*</sup>  | 113 | 242700 |
| Sea Ltd., Cl. A ADR<sup>\*</sup>  | 3622 | 421927 |
|  |  | **2445919** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.5%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.5%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.5%** |
| Rocket Cos., Inc., Cl. A | 16197 | **290412** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.4%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.4%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.4%** |
| Caterpillar, Inc. | 107 | **70338** |
| **CONSUMER FINANCE—0.3%** | **CONSUMER FINANCE—0.3%** | **CONSUMER FINANCE—0.3%** |
| Figure Technology Solutions, Inc., Cl. A<sup>\*</sup>  | 1098 | **62454** |
| **DIVERSIFIED BANKS—0.5%** | **DIVERSIFIED BANKS—0.5%** | **DIVERSIFIED BANKS—0.5%** |
| JPMorgan Chase & Co. | 308 | **94214** |
| **ELECTRIC UTILITIES—0.3%** | **ELECTRIC UTILITIES—0.3%** | **ELECTRIC UTILITIES—0.3%** |
| Constellation Energy Corp. | 231 | **64837** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—0.1%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.1%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.1%** |
| Vertiv Holdings Co., Cl. A | 159 | **29603** |
| **FINANCIAL EXCHANGES & DATA—0.5%** | **FINANCIAL EXCHANGES & DATA—0.5%** | **FINANCIAL EXCHANGES & DATA—0.5%** |
| S&P Global, Inc. | 188 | **99224** |
| **HEALTHCARE EQUIPMENT—0.6%** | **HEALTHCARE EQUIPMENT—0.6%** | **HEALTHCARE EQUIPMENT—0.6%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 243 | **122525** |
| **HEAVY ELECTRICAL EQUIPMENT—1.7%** | **HEAVY ELECTRICAL EQUIPMENT—1.7%** | **HEAVY ELECTRICAL EQUIPMENT—1.7%** |
| GE Vernova, Inc. | 470 | **341394** |
| **HOUSEHOLD APPLIANCES—0.9%** | **HOUSEHOLD APPLIANCES—0.9%** | **HOUSEHOLD APPLIANCES—0.9%** |
| SharkNinja, Inc.<sup>\*</sup>  | 1520 | **179664** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.2%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.2%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.2%** |
| Talen Energy Corp.<sup>\*</sup>  | 1236 | **430573** |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS \| ALGER AI ENABLERS & ADOPTERS FUND**

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—91.7% (CONT.)** | **COMMON STOCKS—91.7% (CONT.)** | **COMMON STOCKS—91.7% (CONT.)** |
| **INTERACTIVE MEDIA & SERVICES—10.9%** | **INTERACTIVE MEDIA & SERVICES—10.9%** | **INTERACTIVE MEDIA & SERVICES—10.9%** |
| Alphabet, Inc., Cl. C | 3588 | **$** 1214646 |
| Meta Platforms, Inc., Cl. A | 1352 | 968708 |
|  |  | **2183354** |
| **INTERNET SERVICES & INFRASTRUCTURE—2.6%** | **INTERNET SERVICES & INFRASTRUCTURE—2.6%** | **INTERNET SERVICES & INFRASTRUCTURE—2.6%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 56 | 9932 |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 381 | 141477 |
| Okta, Inc., Cl. A<sup>\*</sup>  | 1444 | 121989 |
| Shopify, Inc., Cl. A<sup>\*</sup>  | 745 | 97766 |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 1235 | 148768 |
|  |  | **519932** |
| **INVESTMENT BANKING & BROKERAGE—0.2%** | **INVESTMENT BANKING & BROKERAGE—0.2%** | **INVESTMENT BANKING & BROKERAGE—0.2%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 302 | **30043** |
| **MANAGED HEALTHCARE—0.4%** | **MANAGED HEALTHCARE—0.4%** | **MANAGED HEALTHCARE—0.4%** |
| UnitedHealth Group, Inc. | 286 | **82062** |
| **MOVIES & ENTERTAINMENT—3.4%** | **MOVIES & ENTERTAINMENT—3.4%** | **MOVIES & ENTERTAINMENT—3.4%** |
| Netflix, Inc.<sup>\*</sup>  | 2313 | 193112 |
| Roku, Inc., Cl. A<sup>\*</sup>  | 3091 | 294263 |
| Spotify Technology SA<sup>\*</sup>  | 377 | 188632 |
|  |  | **676007** |
| **OTHER SPECIALTY RETAIL—0.5%** | **OTHER SPECIALTY RETAIL—0.5%** | **OTHER SPECIALTY RETAIL—0.5%** |
| Warby Parker, Inc., Cl. A<sup>\*</sup>  | 4050 | **103315** |
| **RESTAURANTS—0.5%** | **RESTAURANTS—0.5%** | **RESTAURANTS—0.5%** |
| DoorDash, Inc., Cl. A<sup>\*</sup>  | 466 | **95353** |
| **SEMICONDUCTORS—24.5%** | **SEMICONDUCTORS—24.5%** | **SEMICONDUCTORS—24.5%** |
| Astera Labs, Inc.<sup>\*</sup>  | 1993 | 300186 |
| Broadcom, Inc. | 2028 | 671876 |
| NVIDIA Corp. | 14361 | 2744818 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 3551 | 1173819 |
|  |  | **4890699** |
| **SYSTEMS SOFTWARE—12.7%** | **SYSTEMS SOFTWARE—12.7%** | **SYSTEMS SOFTWARE—12.7%** |
| Microsoft Corp. | 4025 | 1731917 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 9443 | 804449 |
|  |  | **2536366** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.1%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.1%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.1%** |
| Apple, Inc. | 3010 | 781035 |
| Seagate Technology Holdings PLC | 456 | 185906 |
| Western Digital Corp. | 1838 | 459923 |
|  |  | **1426864** |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS \| ALGER AI ENABLERS & ADOPTERS FUND**

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—91.7% (CONT.)** | **COMMON STOCKS—91.7% (CONT.)** | **COMMON STOCKS—91.7% (CONT.)** |
| **TRADING COMPANIES & DISTRIBUTORS—0.0%** | **TRADING COMPANIES & DISTRIBUTORS—0.0%** | **TRADING COMPANIES & DISTRIBUTORS—0.0%** |
| EquipmentShare.com, Inc., Cl. A<sup>\*</sup>  | 47 | **$1462** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $15,502,425) |  | **18341024** |
| **PREFERRED STOCKS—5.1%** | **PREFERRED STOCKS—5.1%** | **PREFERRED STOCKS—5.1%** |
| **APPLICATION SOFTWARE—4.3%** | **APPLICATION SOFTWARE—4.3%** | **APPLICATION SOFTWARE—4.3%** |
| Databricks, Inc., Series J<sup>(a),\*,@</sup>  | 1529 | 290510 |
| Databricks, Inc., Series K<sup>(a),\*,@</sup>  | 1643 | 312170 |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 14775 | 254278 |
|  |  | **856958** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.8%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.8%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.8%** |
| Apptronik, Inc., Series A-X1<sup>(a),\*,@</sup>  | 1914 | 70755 |
| Figure AI, Inc., Series C<sup>(a),\*,@</sup>  | 451 | 87914 |
|  |  | **158669** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $800,829) |  | **1015627** |
| **SPECIAL PURPOSE VEHICLE—0.9%** | **SPECIAL PURPOSE VEHICLE—0.9%** | **SPECIAL PURPOSE VEHICLE—0.9%** |
| **APPLICATION SOFTWARE—0.9%** | **APPLICATION SOFTWARE—0.9%** | **APPLICATION SOFTWARE—0.9%** |
| Disruptive Technology Solutions LI, LLC<sup>(a),\*,@</sup>  |  | **189000** |
| &nbsp;&nbsp;&nbsp; (Cost $195,143) |  | **189000** |
| **SHORT-TERM SECURITIES—2.2%** | **SHORT-TERM SECURITIES—2.2%** | **SHORT-TERM SECURITIES—2.2%** |
| **MONEY MARKET FUNDS—2.2%** | **MONEY MARKET FUNDS—2.2%** | **MONEY MARKET FUNDS—2.2%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.58%<sup>(b)</sup>  | 428873 | **428873** |
| &nbsp;&nbsp;&nbsp; (Cost $428,873) |  | **428873** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $16,927,270)** | 99.9% | **$19974524** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $16,927,270) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19974524 |
| Other Assets in Excess of Liabilities | 0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24487 |
| **NET ASSETS** | 100.0% | **$19999011** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ADR* *American Depositary Receipts*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| *(a)* | *Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures* <br> *approved by the Board of Trustees.*<br>|
| *(b)* | *Rate shown reflects 7-day effective yield as of January 31, 2026.* |
| *\** | *Non-income producing security.* |
| *@* | *Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the* <br> *investment may be restricted only to qualified buyers.*<br>|

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS \| ALGER AI ENABLERS & ADOPTERS FUND**

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Acquisition* <br>*Date(s)*<br>| *Acquisition* <br>*Cost*<br>| *Market* <br>*Value*<br>| *% of net assets* <br>*as of* <br>*1/31/2026*<br>|
| *Apptronik, Inc., Series A-X1* | *1/29/26* | &nbsp;&nbsp; $*70755* | $*70755* | *0.4%* |
| *Databricks, Inc., Series J* | *12/17/24* | *141432* | *290510* | *1.4%* |
| *Databricks, Inc., Series K* | *9/8/2025* | *246450* | *312170* | *1.6%* |
| *Disruptive Technology Solutions LI, LLC* | *11/4/25* | *195143* | *189000* | *0.9%* |
| *Figure AI, Inc., Series C* | *11/18/25* | *87914* | *87914* | *0.4%* |
| *SB Technology, Inc., Series E* | *10/23/24-12/18/24* | *254278* | *254278* | *1.3%* |
| *Total* |  | *$995972* | *$1204627* | *6.0%* |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)** <br>

------

**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 thirteen series — Alger Capital Appreciation Fund, Alger Concentrated Equity Fund, Alger Growth & Income Fund, Alger 35 Fund, Alger Mid Cap Focus Fund, Alger Mid Cap Growth Fund, Alger Small Cap Growth Fund, Alger Small Cap Focus Fund, Alger Weatherbie Specialized Growth Fund, Alger International Opportunities Fund, Alger International Small Cap Fund, Alger Health Sciences Fund and Alger AI Enablers & Adopters Fund (collectively, the "Funds" or individually, each a "Fund"). Each Fund normally invests primarily in equity securities. Each Fund, except for Alger Growth & Income Fund, has an investment objective of long-term capital appreciation. Alger Growth & Income Fund 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 B shares were closed to direct shareholders and are only available for purchase through certain financial intermediaries and group retirement plan recordkeeping platforms. Class I, Y and Z shares are generally sold to institutional investors and are sold without an initial or deferred sales charge. Class Y and Z shares are generally subject to a minimum initial investment of $500,000. Each class has identical rights to assets and earnings, except that each share class bears the pro rata allocation of the Fund's expenses other than a class expense (not including advisory or custodial fees or other expenses related to the management of the Fund's assets).

------

**THE ALGER FUNDS**

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

------

**NOTE 2 — Significant Accounting Policies:**

------

*(a) Investment Valuation*: The Funds value their financial instruments at fair value using independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the "Board"). Investments held by the Funds are valued on each day the New York Stock Exchange (the "NYSE") is open, as of the close of the NYSE (normally 4:00 p.m. Eastern Time).

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

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

Investments in 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. Investments in other open-end investment companies registered under the 1940 Act, including money market funds, are valued at such investment companies' net asset value per share.

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

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

------

**THE ALGER FUNDS**

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

------

Committee, believes to be the fair value of these securities as of the close of the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but the NYSE is open.

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 these circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. Each Fund's quantitative summary by Level can be found in Note 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – significant other observable inputs (including quoted prices for similar or identical investments, amortized cost, interest rates, prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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, bookings multiples, earnings before interest, taxes, depreciation and amortization ("EBITDA") multiples, transaction pricing, performance of comparable publicly traded securities, 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

------

**THE ALGER FUNDS**

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

------

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.

**NOTE 3 — Fair Value Measurements:**

------

The following is a summary of the inputs used as of January 31, 2026 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $375132179 | &nbsp;&nbsp; $375132179 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 356140333 | &nbsp;&nbsp; 356140333 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 10820434 | &nbsp;&nbsp; 10820434 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 8247758 | &nbsp;&nbsp; 8247758 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 77320761 | &nbsp;&nbsp; 77320761 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 184759132 | &nbsp;&nbsp; 184759132 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 141470872 | &nbsp;&nbsp; 141470872 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 1199493680 | &nbsp;&nbsp; 1199493680 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 12419331 | &nbsp;&nbsp; 12419331 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 80943649 | &nbsp;&nbsp; 80943649 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$2446748129** | &nbsp;&nbsp; **$2446748129** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 17894321 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17894321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 49941402 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 49941402 |
| **TOTAL PREFERRED STOCKS** | **$67835723** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$67835723** |
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 10259000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10259000 |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$2524842852** | &nbsp;&nbsp; **$2446748129** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$78094723** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Concentrated Equity Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $997387 | &nbsp;&nbsp; $997387 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 1079593 | &nbsp;&nbsp; 1079593 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 124036 | &nbsp;&nbsp; 124036 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 322513 | &nbsp;&nbsp; 322513 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 828243 | &nbsp;&nbsp; 828243 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 3756161 | &nbsp;&nbsp; 3756161 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 240974 | &nbsp;&nbsp; 240974 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$7348907** | &nbsp;&nbsp; **$7348907** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |

---

------

**THE ALGER FUNDS**

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Concentrated Equity Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | $166501 | &nbsp;&nbsp; $166501 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$7515408** | &nbsp;&nbsp; **$7515408** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Growth & Income Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $106077840 | &nbsp;&nbsp; $106077840 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 59476827 | &nbsp;&nbsp; 59476827 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 44731930 | &nbsp;&nbsp; 44731930 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 33591902 | &nbsp;&nbsp; 33591902 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 113151089 | &nbsp;&nbsp; 113151089 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 76661153 | &nbsp;&nbsp; 76661153 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 45489047 | &nbsp;&nbsp; 45489047 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 264795033 | &nbsp;&nbsp; 264795033 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 19028417 | &nbsp;&nbsp; 19028417 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 11135386 | &nbsp;&nbsp; 11135386 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$774138624** | &nbsp;&nbsp; **$774138624** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **MASTER LIMITED** <br> **PARTNERSHIPS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 2626026 | &nbsp;&nbsp; 2626026 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **REAL ESTATE INVESTMENT** <br> **TRUSTS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 23253107 | &nbsp;&nbsp; 23253107 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 29092914 | &nbsp;&nbsp; 29092914 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$829110671** | &nbsp;&nbsp; **$829110671** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger 35 Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $6654083 | &nbsp;&nbsp; $6654083 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 5865909 | &nbsp;&nbsp; 5865909 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 880221 | &nbsp;&nbsp; 880221 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 6836357 | &nbsp;&nbsp; 6836357 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 2634158 | &nbsp;&nbsp; 2634158 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 16571412 | &nbsp;&nbsp; 16571412 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 1261760 | &nbsp;&nbsp; 1261760 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$40703900** | &nbsp;&nbsp; **$40703900** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 593024 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 593024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 525490 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 525490 |
| **TOTAL PREFERRED STOCKS** | **$1118514** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1118514** |

---

------

**THE ALGER FUNDS**

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger 35 Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | $67872 | &nbsp;&nbsp; $67872 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$41890286** | &nbsp;&nbsp; **$40771772** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1118514** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Mid Cap Focus Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $9150153 | &nbsp;&nbsp; $9150153 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 24889331 | &nbsp;&nbsp; 24889331 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 10499042 | &nbsp;&nbsp; 10499042 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 14735505 | &nbsp;&nbsp; 14735505 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 73095606 | &nbsp;&nbsp; 73095606 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 75956914 | &nbsp;&nbsp; 75956914 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 60901019 | &nbsp;&nbsp; 60901019 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 3365366 | &nbsp;&nbsp; 3365366 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 12297031 | &nbsp;&nbsp; 12297031 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$284889967** | &nbsp;&nbsp; **$284889967** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 17624682 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17624682 |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 24418606 | &nbsp;&nbsp; 24418606 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$326933255** | &nbsp;&nbsp; **$309308573** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$17624682** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $13337242 | &nbsp;&nbsp; $13337242 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 42111046 | &nbsp;&nbsp; 42111046 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 12708317 | &nbsp;&nbsp; 12708317 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 21898761 | &nbsp;&nbsp; 21898761 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 35552079 | &nbsp;&nbsp; 35552079 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 71830389 | &nbsp;&nbsp; 71830389 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 45331144 | &nbsp;&nbsp; 45331144 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 4392839 | &nbsp;&nbsp; 4392839 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 9988279 | &nbsp;&nbsp; 9988279 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 7785192 | &nbsp;&nbsp; 7785192 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$264935288** | &nbsp;&nbsp; **$264935288** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1238709 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1238709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 1015734 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1015734 |
| **TOTAL PREFERRED STOCKS** | **$2254443** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2254443** |
| **RIGHTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | — <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>1</sup><br>|
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 725000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 725000 |
| **WARRANTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | — <br><sup>2</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — |

---

------

**THE ALGER FUNDS**

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | $7094695 | &nbsp;&nbsp; $7094695 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$275009426** | &nbsp;&nbsp; **$272029983** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2979443** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $1907798 | &nbsp;&nbsp; $1907798 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 17907595 | &nbsp;&nbsp; 17907595 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 2966571 | &nbsp;&nbsp; 2966571 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 845274 | &nbsp;&nbsp; 845274 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 7270939 | &nbsp;&nbsp; 7270939 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 67113921 | &nbsp;&nbsp; 66978982 | &nbsp;&nbsp; — | &nbsp;&nbsp; 134939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 51404480 | &nbsp;&nbsp; 51404480 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 37437809 | &nbsp;&nbsp; 37437809 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 291331 | &nbsp;&nbsp; 291331 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 993004 | &nbsp;&nbsp; 993004 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$188138722** | &nbsp;&nbsp; **$188003783** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$134939** |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 425670 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 425670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 1060136 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1060136 |
| **TOTAL PREFERRED STOCKS** | **$1485806** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1485806** |
| **RIGHTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 117674 <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 117674 <br><sup>1</sup><br>|
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 1024000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1024000 |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1816167 | &nbsp;&nbsp; 1816167 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$192582369** | &nbsp;&nbsp; **$189819950** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2762419** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Small Cap Focus Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | $24226850 | &nbsp;&nbsp; $24226850 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 34850704 | &nbsp;&nbsp; 34850704 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 324256821 | &nbsp;&nbsp; 324256821 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 309649689 | &nbsp;&nbsp; 309649689 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 113946561 | &nbsp;&nbsp; 113946561 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 22275880 | &nbsp;&nbsp; 22275880 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$829206505** | &nbsp;&nbsp; **$829206505** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 30454418 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30454418 |
| **RIGHTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | — <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>1</sup><br>|

---

------

**THE ALGER FUNDS**

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Small Cap Focus Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | $5777398 | &nbsp;&nbsp; $5777398 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$865438321** | &nbsp;&nbsp; **$834983903** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$30454418** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Weatherbie Specialized Growth** <br> **Fund**<br>| **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | $27610427 | &nbsp;&nbsp; $27610427 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 41861194 | &nbsp;&nbsp; 41861194 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 66718264 | &nbsp;&nbsp; 66607774 | &nbsp;&nbsp; — | &nbsp;&nbsp; 110490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 112079548 | &nbsp;&nbsp; 112079548 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 35038646 | &nbsp;&nbsp; 35038646 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 21353541 | &nbsp;&nbsp; 21353541 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$304661620** | &nbsp;&nbsp; **$304551130** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$110490** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 5228361 | &nbsp;&nbsp; 5228361 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$309889981** | &nbsp;&nbsp; **$309779491** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$110490** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger International Opportunities** <br> **Fund**<br>| **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $10279969 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10279969 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 6698273 | &nbsp;&nbsp; 4223257 | &nbsp;&nbsp; 2475016 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 6997060 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6997060 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 5043209 | &nbsp;&nbsp; 5043209 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 47194253 | &nbsp;&nbsp; 6751405 | &nbsp;&nbsp; 40442848 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 18030055 | &nbsp;&nbsp; 5787708 | &nbsp;&nbsp; 12242347 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 35055618 | &nbsp;&nbsp; 10248558 | &nbsp;&nbsp; 24807060 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 31580146 | &nbsp;&nbsp; 19757403 | &nbsp;&nbsp; 11822743 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 9480413 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9480413 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 2023140 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2023140 | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$172382136** | &nbsp;&nbsp; **$51811540** | &nbsp;&nbsp; **$120570596** | &nbsp;&nbsp; **$—** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 3183571 | &nbsp;&nbsp; 3183571 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$175565707** | &nbsp;&nbsp; **$54995111** | &nbsp;&nbsp; **$120570596** | &nbsp;&nbsp; **$—** |

---

------

**THE ALGER FUNDS**

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger International Small Cap Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | $371793 | &nbsp;&nbsp; $47549 | &nbsp;&nbsp; $324244 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 278063 | &nbsp;&nbsp; 189317 | &nbsp;&nbsp; 88746 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 190750 | &nbsp;&nbsp; — | &nbsp;&nbsp; 190750 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 589515 | &nbsp;&nbsp; 65063 | &nbsp;&nbsp; 524452 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 274451 | &nbsp;&nbsp; — | &nbsp;&nbsp; 274451 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1191036 | &nbsp;&nbsp; 292556 | &nbsp;&nbsp; 898480 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 397579 | &nbsp;&nbsp; 49663 | &nbsp;&nbsp; 347916 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 326146 | &nbsp;&nbsp; — | &nbsp;&nbsp; 326146 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 67225 | &nbsp;&nbsp; 67225 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$3686558** | &nbsp;&nbsp; **$711373** | &nbsp;&nbsp; **$2975185** | &nbsp;&nbsp; **$—** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 130273 | &nbsp;&nbsp; 130273 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$3816831** | &nbsp;&nbsp; **$841646** | &nbsp;&nbsp; **$2975185** | &nbsp;&nbsp; **$—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Health Sciences Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | $425506 | &nbsp;&nbsp; $425506 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 59519220 | &nbsp;&nbsp; 55973337 | &nbsp;&nbsp; 3360883 | &nbsp;&nbsp; 185000 |
| **TOTAL COMMON STOCKS** | **$59944726** | &nbsp;&nbsp; **$56398843** | &nbsp;&nbsp; **$3360883** | &nbsp;&nbsp; **$185000** |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 2778424 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2778424 |
| **REAL ESTATE INVESTMENT** <br> **TRUSTS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 1361582 | &nbsp;&nbsp; 1361582 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **RIGHTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | — <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>1</sup><br>|
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 332570 | &nbsp;&nbsp; 332570 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$64417302** | &nbsp;&nbsp; **$58092995** | &nbsp;&nbsp; **$3360883** | &nbsp;&nbsp; **$2963424** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger AI Enablers & Adopters Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $2859361 | &nbsp;&nbsp; $2859361 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 3632847 | &nbsp;&nbsp; 3632847 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 576347 | &nbsp;&nbsp; 576347 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 332639 | &nbsp;&nbsp; 332639 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 509470 | &nbsp;&nbsp; 509470 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 9934950 | &nbsp;&nbsp; 9934950 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 495410 | &nbsp;&nbsp; 495410 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$18341024** | &nbsp;&nbsp; **$18341024** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 158669 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 158669 |

---

------

**THE ALGER FUNDS**

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger AI Enablers & Adopters Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | $856958 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $856958 |
| **TOTAL PREFERRED STOCKS** | **$1015627** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1015627** |
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 189000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 189000 |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 428873 | &nbsp;&nbsp; 428873 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$19974524** | &nbsp;&nbsp; **$18769897** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1204627** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> *Each of Alger Mid Cap Growth Fund's, Alger Small Cap Growth Fund's, Alger Small Cap Focus Fund's and Alger Health* *Sciences Fund's holdings of Tolero CDRs are classified as a Level 3 investment and are fair valued at zero as of* *January 31, 2026.* 

<sup>2</sup> *Alger Mid Cap Growth Fund's holdings of Constellation Software, Inc. warrants expiring March 31, 2040, are classified* *as a Level 2 investment and are fair valued at zero as of January 31, 2026.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Capital Appreciation Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $38343532 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 8701320 |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 20790871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 67835723 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$8701320** |

---

------

**THE ALGER FUNDS**

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Capital Appreciation Fund** | **Special Purpose** <br> **Vehicle**<br>|
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (333417)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 10592417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 10259000 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$(333417)** <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger 35 Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $1118514 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 1118514 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$—**  |

---

------

**THE ALGER FUNDS**

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Mid Cap Focus Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $13835282 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 2824200 |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 965200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 17624682 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$2824200** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Mid Cap Growth Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $1015734 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 1238709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 2254443 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$—**<br>|

---

------

**THE ALGER FUNDS**

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Mid Cap Growth Fund** | **Rights** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $—\* |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; —\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$—**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Mid Cap Growth Fund** | **Special Purpose** <br> **Vehicle**<br>|
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (23562)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 748562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 725000 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$(23562)** <br>|

---

------

**THE ALGER FUNDS**

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Small Cap Growth Fund** | **Common Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $131292 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 3647 |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 134939 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$3647** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Small Cap Growth Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $1485806 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 1485806 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$—**  |

---

------

**THE ALGER FUNDS**

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Small Cap Growth Fund** | **Rights** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $117,674\* |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 117,674\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$—**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Small Cap Growth Fund** | **Special Purpose** <br> **Vehicle**<br>|
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (33280)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 1057280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 1024000 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$(33280)** <br>|

---

------

**THE ALGER FUNDS**

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Small Cap Focus Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $30454418 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 30454418 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$—**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Small Cap Focus Fund** | **Rights** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $—\* |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; —\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$—**<br>|

---

------

**THE ALGER FUNDS**

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Weatherbie Specialized Growth Fund** | **Common Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $107503 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 2987 |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 110490 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$2987** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Health Sciences Fund** | **Common Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $180000 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 5000 |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 185000 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$5000** |

---

------

**THE ALGER FUNDS**

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Health Sciences Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $2778424 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 2778424 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$—**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Health Sciences Fund** | **Rights** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $—-\* |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; —\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$—**<br>|

---

------

**THE ALGER FUNDS**

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger AI Enablers & Adopters Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $730078 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 126880 |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 158669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 1015627 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$126880** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger AI Enablers & Adopters Fund** | **Special Purpose** <br> **Vehicle**<br>|
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (6143)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 195143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 189000 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$(6143)** <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup> *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, 2026. 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)** <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** <br>**January 31,** <br>**2026**<br>| **Valuation** <br>**Methodology**<br>| **Unobservable** <br>**Inputs**<br>| **Inputs/Range** | **Weighted** <br>**Average Inputs**<br>|
| Alger Capital Appreciation Fund | Alger Capital Appreciation Fund | Alger Capital Appreciation Fund | Alger Capital Appreciation Fund | Alger Capital Appreciation Fund | Alger Capital Appreciation Fund |
| **Preferred Stocks** | $44227820 | Market <br>Approach<br>| Revenue Multiple | 22.00x | N/A\* |
|  | 5713582 | Market <br>Approach<br>| Bookings Multiple | 28.62x | N/A\* |
|  | 6954566 | Market <br>Approach<br>| Transaction Price <sup>(a)</sup> <br>| N/A | N/A\* |
|  | 10939755 | Market <br>Approach<br>| Transaction Price <sup>(b)</sup> <br>| N/A | N/A\* |
| **Special Purpose** <br> **Vehicle**<br>| 10259000 | Market <br>Approach<br>| Transaction Price <sup>(c)</sup> <br>| N/A | N/A\* |
| Alger 35 Fund | Alger 35 Fund | Alger 35 Fund | Alger 35 Fund | Alger 35 Fund | Alger 35 Fund |
| **Preferred Stocks** | 525490 | Market <br>Approach<br>| Bookings Multiple | 28.62x | N/A\* |
|  | 593024 | Market <br>Approach<br>| Revenue Multiple | 2.26x | N/A\* |
| Alger Mid Cap Focus Fund | Alger Mid Cap Focus Fund | Alger Mid Cap Focus Fund | Alger Mid Cap Focus Fund | Alger Mid Cap Focus Fund | Alger Mid Cap Focus Fund |
| **Preferred Stocks** | 14380150 | Market <br>Approach<br>| Revenue Multiple | 22.00x | N/A\* |
|  | 3244532 | Market <br>Approach<br>| Bookings Multiple | 28.62x | N/A\* |
| Alger Mid Cap Growth Fund | Alger Mid Cap Growth Fund | Alger Mid Cap Growth Fund | Alger Mid Cap Growth Fund | Alger Mid Cap Growth Fund | Alger Mid Cap Growth Fund |
| **Preferred Stocks** | 1015734 | Market <br>Approach<br>| Bookings Multiple | 28.62x | N/A\* |
|  | 590366 | Market <br>Approach<br>| Transaction Price <sup>(a)</sup> <br>| N/A | N/A\* |
|  | 648343 | Market <br>Approach<br>| Transaction Price <sup>(b)</sup> <br>| N/A | N/A\* |
| **Rights** |  | Income <br>Approach<br>| Discount Rate <br>Probability of Success <sup>(d)</sup> <br>| 100% <br>0.00%<br>| N/A\* <br>N/A\*<br>|
| **Special Purpose** <br> **Vehicle**<br>| 725000 | Market <br>Approach<br>| Transaction Price <sup>(c)</sup> <br>| N/A | N/A\* |
| Alger Small Cap Growth Fund | Alger Small Cap Growth Fund | Alger Small Cap Growth Fund | Alger Small Cap Growth Fund | Alger Small Cap Growth Fund | Alger Small Cap Growth Fund |
| **Common Stocks** | 134939 | Market <br>Approach<br>| Revenue Multiple | 2.26x | N/A\* |
| **Preferred Stocks** | 1060136 | Market <br>Approach<br>| Bookings Multiple | 28.62x | N/A\* |
|  | 425670 | Market <br>Approach<br>| Revenue Multiple | 2.26x | N/A\* |
| **Rights** | 117674 | Income <br>Approach<br>| Discount Rate <br>Probability of Success <sup>(d)</sup> <br>| 4.65%-100% <br>0.00%-44.00%<br>| 4.71% <br>39.41%<br>|
| **Special Purpose** <br> **Vehicle**<br>| 1024000 | Market <br>Approach<br>| Transaction Price <sup>(c)</sup> <br>| N/A | N/A\* |

---

------

**THE ALGER FUNDS**

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value**<br> **January 31,**<br> **2026**<br>| **Valuation**<br> **Methodology**<br>| **Unobservable**<br> **Inputs**<br>| **Inputs/Range** | **Weighted**<br> **Average Inputs**<br>|
| Alger Small Cap Focus Fund | Alger Small Cap Focus Fund | Alger Small Cap Focus Fund | Alger Small Cap Focus Fund | Alger Small Cap Focus Fund | Alger Small Cap Focus Fund |
| **Preferred Stocks** | 30454418 | Market <br>Approach<br>| Revenue Multiple | 2.26x | N/A\* |
| **Rights** |  | Income <br>Approach<br>| Discount Rate <br>Probability of Success <sup>(d)</sup> <br>| 100% <br>0.00%<br>| N/A\* <br>N/A\*<br>|
| Alger Weatherbie Specialized Growth Fund | Alger Weatherbie Specialized Growth Fund | Alger Weatherbie Specialized Growth Fund | Alger Weatherbie Specialized Growth Fund | Alger Weatherbie Specialized Growth Fund | Alger Weatherbie Specialized Growth Fund |
| **Common Stocks** | 110490 | Market <br>Approach<br>| Revenue Multiple | 2.26x | N/A\* |
| Alger Health Sciences Fund | Alger Health Sciences Fund | Alger Health Sciences Fund | Alger Health Sciences Fund | Alger Health Sciences Fund | Alger Health Sciences Fund |
| **Common Stocks** | 185000 | Market <br>Approach<br>| Revenue Multiple | 2.26x | N/A\* |
| **Preferred Stocks** | 2778424 | Market <br>Approach<br>| Revenue Multiple | 2.26x | N/A\* |
| **Rights** |  | Income <br>Approach<br>| Discount Rate <br>Probability of Success <sup>(d)</sup> <br>| 100% <br>0.00%<br>| N/A\* <br>N/A\*<br>|
| Alger AI Enablers & Adopters Fund | Alger AI Enablers & Adopters Fund | Alger AI Enablers & Adopters Fund | Alger AI Enablers & Adopters Fund | Alger AI Enablers & Adopters Fund | Alger AI Enablers & Adopters Fund |
| **Preferred Stocks** | 602680 | Market <br>Approach<br>| Revenue Multiple | 22.00x | N/A\* |
|  | 254278 | Market <br>Approach<br>| Bookings Multiple | 28.62x | N/A\* |
|  | 70755 | Market <br>Approach<br>| Transaction Price <sup>(a)</sup> <br>| N/A | N/A\* |
|  | 87914 | Market <br>Approach<br>| Transaction Price <sup>(b)</sup> <br>| N/A | N/A\* |
| **Special Purpose** <br> **Vehicle**<br>| 189000 | Market <br>Approach<br>| Transaction Price <sup>(c)</sup> <br>| N/A | N/A\* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup> *Each security type listed and respective valuation methodology and unobservable input, represents only one* *investment.* 

<sup>(a)</sup> *Fair value was determined based on the recent acquisition price (transaction price) as a best measure of fair value* *with no material changes in valuation assumptions since the acquisition date of January 29, 2026.* 

<sup>(b)</sup> *Fair value was determined based on the recent acquisition price (transaction price) as a best measure of fair value* *with no material changes in valuation assumptions since the acquisition date of November 18, 2025.* 

<sup>(c)</sup> *Fair value was determined based on the recent acquisition price (transaction price) as a best measure of fair value* *with no material changes in valuation assumptions since the acquisition date of November 4, 2025.* 

<sup>(d)</sup> *Tolero CDRs are classified as a Level 3 investment and are fair valued at zero as of January 31, 2026.*

The significant unobservable inputs used in the fair value measurement of each Fund's securities are revenue, bookings, and EBITDA multiples, publicly traded comparable securities' market value and revenue multiples, transaction pricing, 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

------

**THE ALGER FUNDS**

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

------

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. For the period ended January 31, 2026, there were no changes in valuation methodology on Level 3 investments.

**NOTE 4 — Affiliated Securities:**

------

During the period ended January 31, 2026, as disclosed in the following table, certain Funds held 5% or more of the outstanding voting securities of the issuers listed below. As such, these issuers were "affiliated persons" of the applicable Fund(s) for purposes of the 1940 Act. Transactions during the period ended January 31, 2026 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%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**January 31,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**January 31,** <br>**2026**<br>|
| **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** |
| **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** |
| &nbsp;&nbsp;&nbsp; Crosslink <br>Ventures C, <br>LLC, Cl. A<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1612826 | &nbsp;&nbsp; $— |
| **Total** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1612826 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**January 31,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**January 31,** <br>**2026**<br>|
| **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** |
| **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** |
| &nbsp;&nbsp;&nbsp; Crosslink <br>Ventures C, <br>LLC, Cl. A<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $697439 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Crosslink <br>Ventures C, <br>LLC, Cl. B<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 274295 | &nbsp;&nbsp; — |
| **Total** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $971734 | &nbsp;&nbsp; $— |

---

------

**THE ALGER FUNDS**

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**January 31,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**January 31,** <br>**2026**<br>|
| **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** |
| **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** |
| &nbsp;&nbsp;&nbsp; Crosslink Ventures C, LLC, <br> CI. A<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1046158 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Crosslink Ventures C, LLC, <br> CI. B<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 274295 | &nbsp;&nbsp; — |
| **Total** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1320453 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> *Crosslink Ventures C, LLC liquidated and distributed shares of Chime Financial, Inc. Class A during the period, and is* *no longer deemed an affiliate of the Fund.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**January 31,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**January 31,** <br>**2026**<br>|
| **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| &nbsp;&nbsp;&nbsp; Impulse Dynamics <br> PLC, <br> Series F-3<br>| &nbsp;&nbsp; 534288037 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 534288037 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30454418 |
| **Total** | &nbsp;&nbsp; 534288037 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 534288037 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30454418 |

---

------

## 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:** 10004-6030

  - **Telephone number:** 212-806-8800

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

- **a. Name of Series:** ALGER CAPITAL APPRECIATION FUND

- **b. EDGAR series identifier (if any):** S000009163

- **c. LEI of Series:** 549300NO3B01N7G6KC40

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-30

**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:** $2534571100.51

**Total Liabilities:** $10997751.51

**Net Assets:** $2523573349.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000024912 | -3.51%               | -0.32%               | -2.00%               |
| Class ID C000024914 | -3.59%               | -0.42%               | -2.04%               |
| Class ID C000095959 | -3.50%               | -0.29%               | -1.96%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $54972038.29             | $-148887458.24                             |
| Month 2  | $27628353.90             | $-35435633.34                              |
| Month 3  | $42790360.48             | $-91763029.67                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Astera Labs Inc                | Astera Labs Inc                              | CUSIP: 04626A103<br>LEI: 529900LJL8TUEGF7HG20 | Long             | EC               | CORP              | US        |    141938 | NS      | $21378701.56  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology SA                        | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | SE        |     43847 | NS      | $21938846.45  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                               | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     16941 | NS      | $17570358.15  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                    | MongoDB Inc                                  | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |     52473 | NS      | $19484799.09  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Software Inc             | Unity Software Inc                           | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |    136575 | NS      | $3974332.50   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S            | Ascendis Pharma A/S                          | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |     36177 | NS      | $8179619.70   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                     | HEICO Corp                                   | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |     51989 | NS      | $13235879.51  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                     | Natera Inc                                   | CUSIP: 632307104<br>LEI: 529900CQ3OZ0A0VYVU59 | Long             | EC               | CORP              | US        |    150135 | NS      | $34702203.90  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                    | Vistra Corp                                  | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     54980 | NS      | $8706083.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| DISRUPTIVE TECHNOLOGY SOL      | DISRUPTIVE TECHNOLOGY SOL                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    102590 | NS      | $10259000.00  | 0.41%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AppLovin Corp                  | AppLovin Corp                                | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |    148771 | NS      | $70385047.81  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                        | Sea Ltd                                      | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |    330586 | NS      | $38509963.14  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Roku Inc                       | Roku Inc                                     | CUSIP: 77543R102<br>LEI: 549300KR6ITU0YIR1T71 | Long             | EC               | CORP              | US        |    205450 | NS      | $19558840.00  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp         | Boston Scientific Corp                       | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |    122278 | NS      | $11436661.34  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd    | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    315288 | NS      | $104221601.28 | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                                  | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |    352990 | NS      | $29471135.10  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co             | Vertiv Holdings Co                           | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |    118333 | NS      | $22031237.94  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Okta Inc                       | Okta Inc                                     | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |     82672 | NS      | $6984130.56   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc            | TransDigm Group Inc                          | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3202 | NS      | $4570983.08   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Databricks, Inc. Series J      | Databricks, Inc. Series J                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    217533 | NS      | $41331270.00  | 1.64%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Databricks, Inc. Series L      | Databricks, Inc. Series L                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15245 | NS      | $2896550.00   | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Western Digital Corp           | Western Digital Corp                         | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |    240457 | NS      | $60169555.11  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc            | Cardinal Health Inc                          | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     35144 | NS      | $7551742.72   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                      | Tesla Inc                                    | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    215801 | NS      | $92882908.41  | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Celsius Holdings Inc           | Celsius Holdings Inc                         | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     93948 | NS      | $4930391.04   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc          | Robinhood Markets Inc                        | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |    162977 | NS      | $16212951.96  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                    | Shopify Inc                                  | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |     79053 | NS      | $10374125.19  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc     | Cadence Design Systems Inc                   | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |     10166 | NS      | $3012795.76   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                     | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     63363 | NS      | $20392114.29  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Co                     | Carvana Co                                   | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |     11376 | NS      | $4563027.36   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                   | Danaher Corp                                 | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |        30 | NS      | $6566.70      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    809715 | NS      | $193764799.50 | 7.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    599203 | NS      | $257831058.87 | 10.22%            |  |  |  | No            |                  1 | On Loan: No      |
| SB TECHNOLOGY CORP             | SB Technology, Inc. Series E Preferred Stock | CUSIP: 805991551<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    331992 | NS      | $5713582.32   | 0.23%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GE Vernova Inc                 | GE Vernova Inc                               | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |     32726 | NS      | $23771184.62  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                       | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     47796 | NS      | $13714106.28  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                                 | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    267007 | NS      | $88459419.10  | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Talen Energy Corp              | Talen Energy Corp                            | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    180865 | NS      | $63006131.40  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp      | Constellation Energy Corp                    | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |     39800 | NS      | $11171064.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical Inc                       | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     39438 | NS      | $19885428.36  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                  | Repligen Corp                                | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |     41685 | NS      | $6226488.45   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Nebius Group NV                | Nebius Group NV                              | CUSIP: 000000000<br>LEI: 549300GGZHJ5Q1B18P93 | Long             | EC               | CORP              | NL        |    873820 | NS      | $74440725.80  | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty For | Liberty Media Corp-Liberty Formula One       | CUSIP: 531229755<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68154 | NS      | $5930761.08   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Figure Technology Solutions In | Figure Technology Solutions Inc              | CUSIP: 349381103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46615 | NS      | $2651461.20   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Cos Inc                 | Rocket Cos Inc                               | CUSIP: 77311W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1068062 | NS      | $19150351.66  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                     | HEICO Corp                                   | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |     25817 | NS      | $8543103.47   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                              | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    155668 | NS      | $14441320.36  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Apptronik Series A-X1          | Apptronik Series A-X1                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    188128 | NS      | $6954565.40   | 0.28%             |  |  |  | Yes           |                  3 | On Loan: No      |
| QXO Inc                        | QXO Inc                                      | CUSIP: 82846H405<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1760479 | NS      | $39047424.22  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| EquipmentShare.com Inc         | EquipmentShare.com Inc                       | CUSIP: 29445S100<br>LEI: 254900PWJK48CGPKPI80 | Long             | EC               | CORP              | US        |    198334 | NS      | $6168187.40   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Abivax SA                      | Abivax SA                                    | CUSIP: 00370M103<br>LEI: 969500D8TMNB184OJU95 | Long             | EC               | CORP              | FR        |    153930 | NS      | $17109319.50  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Sphere Entertainment Co        | Sphere Entertainment Co                      | CUSIP: 55826T102<br>LEI: 254900ZW4JWKYRZZ9A91 | Long             | EC               | CORP              | US        |     27054 | NS      | $2583927.54   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental Inc          | GFL Environmental Inc                        | CUSIP: 36168Q104<br>LEI: 894500E7NLBY9VZRT696 | Long             | EC               | CORP              | CA        |    436036 | NS      | $18727746.20  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                  | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   1767257 | NS      | $337775830.41 | 13.38%            |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                             | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |      9457 | NS      | $20311650.03  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                                 | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    394675 | NS      | $133609327.75 | 5.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                 | Cloudflare Inc                               | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |     30951 | NS      | $5489159.85   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                           | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    226154 | NS      | $162039341.00 | 6.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrowhead Pharmaceuticals Inc  | Arrowhead Pharmaceuticals Inc                | CUSIP: 04280A100<br>LEI: 549300O3CSB8T7OZ3D66 | Long             | EC               | CORP              | US        |    206475 | NS      | $14314911.75  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                     | Biogen Inc                                   | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |     67077 | NS      | $12066481.53  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| SharkNinja Inc                 | SharkNinja Inc                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51675 | NS      | $6107985.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                    | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    545361 | NS      | $141510272.28 | 5.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Biosciences Inc         | Cogent Biosciences Inc                       | CUSIP: 19240Q201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     78617 | NS      | $2823136.47   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc  | Martin Marietta Materials Inc                | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |     10979 | NS      | $7157759.05   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc          | DuPont de Nemours Inc                        | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |    119799 | NS      | $5261572.08   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                 | S&P Global Inc                               | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |     35836 | NS      | $18913882.44  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Roivant Sciences Ltd           | Roivant Sciences Ltd                         | CUSIP: 000000000<br>LEI: 549300DL466NY5J6U724 | Long             | EC               | CORP              | US        |    112435 | NS      | $2430844.70   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp          | Tenet Healthcare Corp                        | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |     12151 | NS      | $2299941.28   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                | Caterpillar Inc                              | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      8873 | NS      | $5832755.28   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies Inc      | Keysight Technologies Inc                    | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |      5028 | NS      | $1087707.24   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Figure AI Inc Class C          | Figure AI Inc Class C                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56121 | NS      | $10939754.86  | 0.43%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cameco Corp                    | Cameco Corp                                  | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     66843 | NS      | $8247757.77   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                                  | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     49438 | NS      | $5890043.32   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-27

**Name of Applicant:** ALGER FUNDS

**Signature:** Michael D. Martins

**Name of Signer:** Michael D. Martins

**Title:** Treasurer