# EDGAR Filing Document

**Accession Number:** 0000003521
**File Stem:** 0000940400-25-002800
**Filing Date:** 2025-9
**Character Count:** 261483
**Document Hash:** 2c017c39376e22e3db9044896c446555
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-002800.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000940400-25-002800

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**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:** 251348561

**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 Small Cap Growth Fund (Series ID: S000009160)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000024903 | Alger Small Cap Growth Fund Class A | ALSAX           |
| C000024904 | Alger Small Cap Growth Fund Class B | ALSCX           |
| C000024905 | Alger Small Cap Growth Fund Class C | AGSCX           |
| C000095958 | Alger Small Cap Growth Fund Class Z | ASCZX           |
| C000232602 | Alger Small Cap Growth Fund Class Y | ASCYX           |

## Nport-Ex

![](imgd6b777011.gif)

THE ALGER FUNDS

**QUARTERLY REPORT**

**July 31, 2025 (UNAUDITED)**

![](img8def1d492.gif)

------

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

**Schedule of Investments July 31, 2025 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.8%** | **COMMON STOCKS—98.8%** | **COMMON STOCKS—98.8%** |
| **AEROSPACE & DEFENSE—1.4%** | **AEROSPACE & DEFENSE—1.4%** | **AEROSPACE & DEFENSE—1.4%** |
| HEICO Corp. | 29500 | **$** 9640600 |
| HEICO Corp., Cl. A | 49481 | 12770551 |
| TransDigm Group, Inc. | 6331 | 10183160 |
|  |  | **32594311** |
| **APPLICATION SOFTWARE—5.3%** | **APPLICATION SOFTWARE—5.3%** | **APPLICATION SOFTWARE—5.3%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 294814 | 115183830 |
| Cadence Design Systems, Inc.<sup>\*</sup>  | 16676 | 6079569 |
| Palantir Technologies, Inc., Cl. A<sup>\*</sup>  | 18627 | 2949586 |
|  |  | **124212985** |
| **AUTOMOBILE MANUFACTURERS—1.6%** | **AUTOMOBILE MANUFACTURERS—1.6%** | **AUTOMOBILE MANUFACTURERS—1.6%** |
| Tesla, Inc.<sup>\*</sup>  | 122387 | **37728240** |
| **AUTOMOTIVE RETAIL—0.3%** | **AUTOMOTIVE RETAIL—0.3%** | **AUTOMOTIVE RETAIL—0.3%** |
| Carvana Co.<sup>\*</sup>  | 15092 | **5888446** |
| **BIOTECHNOLOGY—1.4%** | **BIOTECHNOLOGY—1.4%** | **BIOTECHNOLOGY—1.4%** |
| Abivax SA ADR<sup>\*</sup>  | 106124 | 7616519 |
| Natera, Inc.<sup>\*</sup>  | 197506 | 26398652 |
|  |  | **34015171** |
| **BROADLINE RETAIL—9.1%** | **BROADLINE RETAIL—9.1%** | **BROADLINE RETAIL—9.1%** |
| Amazon.com, Inc.<sup>\*</sup>  | 832192 | 194824469 |
| MercadoLibre, Inc.<sup>\*</sup>  | 8185 | 19430290 |
|  |  | **214254759** |
| **BUILDING PRODUCTS—0.0%** | **BUILDING PRODUCTS—0.0%** | **BUILDING PRODUCTS—0.0%** |
| Builders FirstSource, Inc.<sup>\*</sup>  | 9200 | **1169596** |
| **CASINOS & GAMING—0.2%** | **CASINOS & GAMING—0.2%** | **CASINOS & GAMING—0.2%** |
| DraftKings, Inc., Cl. A<sup>\*</sup>  | 105851 | **4767529** |
| **COAL & CONSUMABLE FUELS—0.3%** | **COAL & CONSUMABLE FUELS—0.3%** | **COAL & CONSUMABLE FUELS—0.3%** |
| Cameco Corp. | 89368 | **6696344** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.1%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.1%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.1%** |
| Wabtec Corp. | 11120 | **2135596** |
| **CONSTRUCTION MATERIALS—0.6%** | **CONSTRUCTION MATERIALS—0.6%** | **CONSTRUCTION MATERIALS—0.6%** |
| James Hardie Industries PLC<sup>\*</sup>  | 461343 | 11967237 |
| Martin Marietta Materials, Inc. | 4304 | 2474284 |
|  |  | **14441521** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—0.1%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.1%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.1%** |
| Walmart, Inc. | 28021 | **2745498** |
| **ELECTRIC UTILITIES—1.2%** | **ELECTRIC UTILITIES—1.2%** | **ELECTRIC UTILITIES—1.2%** |
| Constellation Energy Corp. | 44719 | 15555057 |
| NRG Energy, Inc. | 78426 | 13112827 |
|  |  | **28667884** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.8% (CONT.)** | **COMMON STOCKS—98.8% (CONT.)** | **COMMON STOCKS—98.8% (CONT.)** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.3%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.3%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.3%** |
| Eaton Corp. PLC | 13612 | **$** 5236809 |
| Vertiv Holdings Co., Cl. A | 328675 | 47855080 |
|  |  | **53091889** |
| **ELECTRONIC COMPONENTS—0.3%** | **ELECTRONIC COMPONENTS—0.3%** | **ELECTRONIC COMPONENTS—0.3%** |
| Coherent Corp.<sup>\*</sup>  | 72732 | **7825963** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.1%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.1%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.1%** |
| Itron, Inc.<sup>\*</sup>  | 20979 | **2612725** |
| **ENVIRONMENTAL & FACILITIES SERVICES—1.6%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.6%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.6%** |
| GFL Environmental, Inc. | 731214 | **36809313** |
| **FINANCIAL EXCHANGES & DATA—0.8%** | **FINANCIAL EXCHANGES & DATA—0.8%** | **FINANCIAL EXCHANGES & DATA—0.8%** |
| S&P Global, Inc. | 35836 | **19749220** |
| **HEALTH CARE DISTRIBUTORS—0.4%** | **HEALTH CARE DISTRIBUTORS—0.4%** | **HEALTH CARE DISTRIBUTORS—0.4%** |
| Cardinal Health, Inc. | 53822 | **8354251** |
| **HEALTHCARE EQUIPMENT—1.4%** | **HEALTHCARE EQUIPMENT—1.4%** | **HEALTHCARE EQUIPMENT—1.4%** |
| Boston Scientific Corp.<sup>\*</sup>  | 141389 | 14834534 |
| Glaukos Corp.<sup>\*</sup>  | 8581 | 738738 |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 37654 | 18114963 |
|  |  | **33688235** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—5.3%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—5.3%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—5.3%** |
| Talen Energy Corp.<sup>\*</sup>  | 203923 | 76995207 |
| Vistra Corp. | 223651 | 46640180 |
|  |  | **123635387** |
| **INTERACTIVE HOME ENTERTAINMENT—2.8%** | **INTERACTIVE HOME ENTERTAINMENT—2.8%** | **INTERACTIVE HOME ENTERTAINMENT—2.8%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 178674 | 24619490 |
| Sea Ltd. ADR<sup>\*</sup>  | 259640 | 40672606 |
|  |  | **65292096** |
| **INTERACTIVE MEDIA & SERVICES—10.4%** | **INTERACTIVE MEDIA & SERVICES—10.4%** | **INTERACTIVE MEDIA & SERVICES—10.4%** |
| Alphabet, Inc., Cl. C | 256122 | 49395689 |
| Meta Platforms, Inc., Cl. A | 238856 | 184740785 |
| Pinterest, Inc., Cl. A<sup>\*</sup>  | 307764 | 11879690 |
|  |  | **246016164** |
| **INTERNET SERVICES & INFRASTRUCTURE—1.5%** | **INTERNET SERVICES & INFRASTRUCTURE—1.5%** | **INTERNET SERVICES & INFRASTRUCTURE—1.5%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 55812 | 11591036 |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 23539 | 5599693 |
| Shopify, Inc., Cl. A<sup>\*</sup>  | 19081 | 2331889 |
| Snowflake, Inc., Cl. A<sup>\*</sup>  | 59951 | 13399048 |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 18490 | 2385210 |
|  |  | **35306876** |
| **INVESTMENT BANKING & BROKERAGE—1.6%** | **INVESTMENT BANKING & BROKERAGE—1.6%** | **INVESTMENT BANKING & BROKERAGE—1.6%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 360156 | **37114076** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.8% (CONT.)** | **COMMON STOCKS—98.8% (CONT.)** | **COMMON STOCKS—98.8% (CONT.)** |
| **LIFE SCIENCES TOOLS & SERVICES—0.0%** | **LIFE SCIENCES TOOLS & SERVICES—0.0%** | **LIFE SCIENCES TOOLS & SERVICES—0.0%** |
| Danaher Corp. | 3413 | **$672907** |
| **MOVIES & ENTERTAINMENT—3.8%** | **MOVIES & ENTERTAINMENT—3.8%** | **MOVIES & ENTERTAINMENT—3.8%** |
| Liberty Media Corp. Series C Liberty Formula One<sup>\*</sup>  | 104761 | 10512766 |
| Netflix, Inc.<sup>\*</sup>  | 42091 | 48800306 |
| Spotify Technology SA<sup>\*</sup>  | 45560 | 28545162 |
| TKO Group Holdings, Inc., Cl. A | 10952 | 1840046 |
|  |  | **89698280** |
| **PASSENGER AIRLINES—0.4%** | **PASSENGER AIRLINES—0.4%** | **PASSENGER AIRLINES—0.4%** |
| Delta Air Lines, Inc. | 90606 | 4821145 |
| United Airlines Holdings, Inc.<sup>\*</sup>  | 59709 | 5272902 |
|  |  | **10094047** |
| **PHARMACEUTICALS—0.5%** | **PHARMACEUTICALS—0.5%** | **PHARMACEUTICALS—0.5%** |
| Eli Lilly & Co. | 14328 | **10603723** |
| **RESTAURANTS—0.2%** | **RESTAURANTS—0.2%** | **RESTAURANTS—0.2%** |
| DoorDash, Inc., Cl. A<sup>\*</sup>  | 18366 | **4596091** |
| **SEMICONDUCTORS—20.7%** | **SEMICONDUCTORS—20.7%** | **SEMICONDUCTORS—20.7%** |
| Astera Labs, Inc.<sup>\*</sup>  | 119560 | 16347439 |
| Broadcom, Inc. | 222108 | 65233119 |
| NVIDIA Corp. | 1888823 | 335964947 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 290022 | 70075116 |
|  |  | **487620621** |
| **SYSTEMS SOFTWARE—15.7%** | **SYSTEMS SOFTWARE—15.7%** | **SYSTEMS SOFTWARE—15.7%** |
| CyberArk Software Ltd.<sup>\*</sup>  | 1141 | 469487 |
| Microsoft Corp. | 601055 | 320662843 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 717980 | 39079651 |
| Oracle Corp. | 25770 | 6539653 |
| ServiceNow, Inc.<sup>\*</sup>  | 4253 | 4011089 |
|  |  | **370762723** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.5%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.5%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.5%** |
| Apple, Inc. | 550917 | 114353842 |
| Western Digital Corp. | 184996 | 14557335 |
|  |  | **128911177** |
| **TRADING COMPANIES & DISTRIBUTORS—0.4%** | **TRADING COMPANIES & DISTRIBUTORS—0.4%** | **TRADING COMPANIES & DISTRIBUTORS—0.4%** |
| QXO, Inc.<sup>\*</sup>  | 149931 | 3007616 |
| United Rentals, Inc. | 8051 | 7108550 |
|  |  | **10116166** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—1.5%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.5%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.5%** |
| Visa, Inc., Cl. A | 100866 | **34846177** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $732,923,578) |  | **2326735987** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **PREFERRED STOCKS—1.5%** | **PREFERRED STOCKS—1.5%** | **PREFERRED STOCKS—1.5%** |
| **APPLICATION SOFTWARE—1.4%** | **APPLICATION SOFTWARE—1.4%** | **APPLICATION SOFTWARE—1.4%** |
| Databricks, Inc., Series J<sup>(a),\*,@</sup>  | 217533 | **$** 27446139 |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 331992 | 5713582 |
|  |  | **33159721** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—0.1%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.1%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.1%** |
| Chime Financial, Inc., Series G<sup>\*,@</sup>  | 27841 | **958009** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $27,758,357) |  | **34117730** |
| **SPECIAL PURPOSE VEHICLE—0.1%** | **SPECIAL PURPOSE VEHICLE—0.1%** | **SPECIAL PURPOSE VEHICLE—0.1%** |
| **DATA PROCESSING & OUTSOURCED SERVICES—0.1%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.1%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.1%** |
| Crosslink Ventures C, LLC, Cl. A<sup>(b),\*,@</sup>  |  | **2331285** |
| &nbsp;&nbsp;&nbsp; (Cost $2,775,000) |  | **2331285** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $763,456,935)** | 100.4% | **$2363185002** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Securities (Cost $2,775,000) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2331285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $760,681,935) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2360853717 |
| Liabilities in Excess of Other Assets | (0.4)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8577663) |
| **NET ASSETS** | 100.0% | **$2354607339** |

---

&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)* | *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>|
| *\** | *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>*7/31/2025*<br>|
| *Chime Financial, Inc., Series G* | *8/24/21* | &nbsp;&nbsp; $*1922972* | $*958009* | *0.1%* |
| *Crosslink Ventures C, LLC, Cl. A* | *10/2/20* | *2775000* | *2331285* | *0.1%* |
| *Databricks, Inc., Series J* | *12/17/24* | *20121803* | *27446139* | *1.2%* |
| *SB Technology, Inc., Series E* | *10/23/24* | *5713582* | *5713582* | *0.2%* |
| *Total* |  | *$30533357* | *$36449015* | *1.6%* |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—100.2%** | **COMMON STOCKS—100.2%** | **COMMON STOCKS—100.2%** |
| **AEROSPACE & DEFENSE—2.6%** | **AEROSPACE & DEFENSE—2.6%** | **AEROSPACE & DEFENSE—2.6%** |
| HEICO Corp., Cl. A | 702 | **$181179** |
| **APPLICATION SOFTWARE—5.0%** | **APPLICATION SOFTWARE—5.0%** | **APPLICATION SOFTWARE—5.0%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 883 | **344988** |
| **AUTOMOBILE MANUFACTURERS—3.8%** | **AUTOMOBILE MANUFACTURERS—3.8%** | **AUTOMOBILE MANUFACTURERS—3.8%** |
| Ferrari NV | 177 | 78480 |
| Tesla, Inc.<sup>\*</sup>  | 609 | 187737 |
|  |  | **266217** |
| **BIOTECHNOLOGY—1.0%** | **BIOTECHNOLOGY—1.0%** | **BIOTECHNOLOGY—1.0%** |
| Natera, Inc.<sup>\*</sup>  | 530 | **70840** |
| **BROADLINE RETAIL—10.1%** | **BROADLINE RETAIL—10.1%** | **BROADLINE RETAIL—10.1%** |
| Amazon.com, Inc.<sup>\*</sup>  | 2728 | 638652 |
| MercadoLibre, Inc.<sup>\*</sup>  | 26 | 61721 |
|  |  | **700373** |
| **ELECTRIC UTILITIES—3.0%** | **ELECTRIC UTILITIES—3.0%** | **ELECTRIC UTILITIES—3.0%** |
| Constellation Energy Corp. | 600 | **208704** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.2%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.2%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.2%** |
| Vertiv Holdings Co., Cl. A | 1028 | **149677** |
| **ENVIRONMENTAL & FACILITIES SERVICES—3.3%** | **ENVIRONMENTAL & FACILITIES SERVICES—3.3%** | **ENVIRONMENTAL & FACILITIES SERVICES—3.3%** |
| GFL Environmental, Inc. | 4548 | **228946** |
| **HEALTHCARE EQUIPMENT—0.8%** | **HEALTHCARE EQUIPMENT—0.8%** | **HEALTHCARE EQUIPMENT—0.8%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 121 | **58212** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.6%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.6%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.6%** |
| Talen Energy Corp.<sup>\*</sup>  | 658 | **248441** |
| **INTERACTIVE HOME ENTERTAINMENT—4.2%** | **INTERACTIVE HOME ENTERTAINMENT—4.2%** | **INTERACTIVE HOME ENTERTAINMENT—4.2%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 803 | 110645 |
| Sea Ltd. ADR<sup>\*</sup>  | 1169 | 183124 |
|  |  | **293769** |
| **INTERACTIVE MEDIA & SERVICES—9.7%** | **INTERACTIVE MEDIA & SERVICES—9.7%** | **INTERACTIVE MEDIA & SERVICES—9.7%** |
| Alphabet, Inc., Cl. C | 1227 | 236639 |
| Meta Platforms, Inc., Cl. A | 558 | 431580 |
|  |  | **668219** |
| **INTERNET SERVICES & INFRASTRUCTURE—0.5%** | **INTERNET SERVICES & INFRASTRUCTURE—0.5%** | **INTERNET SERVICES & INFRASTRUCTURE—0.5%** |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 269 | **34701** |
| **INVESTMENT BANKING & BROKERAGE—1.8%** | **INVESTMENT BANKING & BROKERAGE—1.8%** | **INVESTMENT BANKING & BROKERAGE—1.8%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 1225 | **126236** |
| **MOVIES & ENTERTAINMENT—3.8%** | **MOVIES & ENTERTAINMENT—3.8%** | **MOVIES & ENTERTAINMENT—3.8%** |
| Liberty Media Corp. Series C Liberty Formula One<sup>\*</sup>  | 1261 | 126542 |
| Netflix, Inc.<sup>\*</sup>  | 118 | 136809 |
|  |  | **263351** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—100.2% (CONT.)** | **COMMON STOCKS—100.2% (CONT.)** | **COMMON STOCKS—100.2% (CONT.)** |
| **PHARMACEUTICALS—0.9%** | **PHARMACEUTICALS—0.9%** | **PHARMACEUTICALS—0.9%** |
| Eli Lilly & Co. | 80 | **$59206** |
| **SEMICONDUCTORS—25.0%** | **SEMICONDUCTORS—25.0%** | **SEMICONDUCTORS—25.0%** |
| Astera Labs, Inc.<sup>\*</sup>  | 1116 | 152591 |
| Broadcom, Inc. | 623 | 182975 |
| NVIDIA Corp. | 6110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1086786 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1278 | 308790 |
|  |  | **1731142** |
| **SYSTEMS SOFTWARE—14.1%** | **SYSTEMS SOFTWARE—14.1%** | **SYSTEMS SOFTWARE—14.1%** |
| Microsoft Corp. | 1442 | 769307 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 3772 | 205310 |
|  |  | **974617** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.6%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.6%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.6%** |
| Apple, Inc. | 855 | **177472** |
| **TRADING COMPANIES & DISTRIBUTORS—0.7%** | **TRADING COMPANIES & DISTRIBUTORS—0.7%** | **TRADING COMPANIES & DISTRIBUTORS—0.7%** |
| QXO, Inc.<sup>\*</sup>  | 2323 | **46599** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—1.5%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.5%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.5%** |
| Visa, Inc., Cl. A | 290 | **100186** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $4,561,492) |  | **6933075** |
| **SHORT-TERM SECURITIES—0.0%** | **SHORT-TERM SECURITIES—0.0%** | **SHORT-TERM SECURITIES—0.0%** |
| **MONEY MARKET FUNDS—0.0%** | **MONEY MARKET FUNDS—0.0%** | **MONEY MARKET FUNDS—0.0%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.19%<sup>(a)</sup>  | 2660 | **2660** |
| &nbsp;&nbsp;&nbsp; (Cost $2,660) |  | **2660** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $4,564,152)** | 100.2% | **$6935735** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $4,564,152) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6935735 |
| Liabilities in Excess of Other Assets | (0.2)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13037) |
| **NET ASSETS** | 100.0% | **$6922698** |

---

&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 July 31, 2025.* <br> *\** *Non-income producing security.*

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (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—0.9%** | **AEROSPACE & DEFENSE—0.9%** | **AEROSPACE & DEFENSE—0.9%** |
| TransDigm Group, Inc. | 4017 | **$6461184** |
| **APPAREL RETAIL—0.2%** | **APPAREL RETAIL—0.2%** | **APPAREL RETAIL—0.2%** |
| The Gap, Inc. | 85684 | **1667411** |
| **APPLICATION SOFTWARE—0.6%** | **APPLICATION SOFTWARE—0.6%** | **APPLICATION SOFTWARE—0.6%** |
| Adobe, Inc.<sup>\*</sup>  | 11742 | **4199996** |
| **ASSET MANAGEMENT & CUSTODY BANKS—3.3%** | **ASSET MANAGEMENT & CUSTODY BANKS—3.3%** | **ASSET MANAGEMENT & CUSTODY BANKS—3.3%** |
| Blackrock, Inc. | 10069 | 11136415 |
| Blackstone, Inc. | 54731 | 9466274 |
| Blue Owl Capital, Inc., Cl. A | 160669 | 3108945 |
|  |  | **23711634** |
| **BIOTECHNOLOGY—2.4%** | **BIOTECHNOLOGY—2.4%** | **BIOTECHNOLOGY—2.4%** |
| AbbVie, Inc. | 56153 | 10614040 |
| Amgen, Inc. | 11723 | 3459457 |
| Gilead Sciences, Inc. | 27251 | 3060015 |
|  |  | **17133512** |
| **BROADLINE RETAIL—3.3%** | **BROADLINE RETAIL—3.3%** | **BROADLINE RETAIL—3.3%** |
| Amazon.com, Inc.<sup>\*</sup>  | 100519 | **23532503** |
| **BUILDING PRODUCTS—0.7%** | **BUILDING PRODUCTS—0.7%** | **BUILDING PRODUCTS—0.7%** |
| Johnson Controls International PLC | 44736 | **4697280** |
| **CABLE & SATELLITE—0.6%** | **CABLE & SATELLITE—0.6%** | **CABLE & SATELLITE—0.6%** |
| Comcast Corp., Cl. A | 121494 | **4037246** |
| **COMMUNICATIONS EQUIPMENT—0.9%** | **COMMUNICATIONS EQUIPMENT—0.9%** | **COMMUNICATIONS EQUIPMENT—0.9%** |
| Cisco Systems, Inc. | 99179 | **6752106** |
| **COMPUTER & ELECTRONICS RETAIL—0.3%** | **COMPUTER & ELECTRONICS RETAIL—0.3%** | **COMPUTER & ELECTRONICS RETAIL—0.3%** |
| Best Buy Co., Inc. | 30662 | **1994870** |
| **CONSUMER ELECTRONICS—0.6%** | **CONSUMER ELECTRONICS—0.6%** | **CONSUMER ELECTRONICS—0.6%** |
| Garmin, Ltd. | 20480 | **4480205** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—1.1%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.1%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.1%** |
| Walmart, Inc. | 80927 | **7929228** |
| **COPPER—0.5%** | **COPPER—0.5%** | **COPPER—0.5%** |
| Southern Copper Corp. | 39230 | **3693897** |
| **DIVERSIFIED BANKS—5.9%** | **DIVERSIFIED BANKS—5.9%** | **DIVERSIFIED BANKS—5.9%** |
| Bank of America Corp. | 186183 | 8800871 |
| Fifth Third Bancorp | 85058 | 3535861 |
| JPMorgan Chase & Co. | 100343 | 29725610 |
|  |  | **42062342** |
| **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** |
| NextEra Energy, Inc. | 42622 | **3028719** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.2%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.2%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.2%** |
| Eaton Corp. PLC | 41103 | **15813146** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.8% (CONT.)** | **COMMON STOCKS—95.8% (CONT.)** | **COMMON STOCKS—95.8% (CONT.)** |
| **ELECTRONIC COMPONENTS—0.6%** | **ELECTRONIC COMPONENTS—0.6%** | **ELECTRONIC COMPONENTS—0.6%** |
| Corning, Inc. | 69210 | **$4376840** |
| **FINANCIAL EXCHANGES & DATA—1.0%** | **FINANCIAL EXCHANGES & DATA—1.0%** | **FINANCIAL EXCHANGES & DATA—1.0%** |
| CME Group, Inc., Cl. A | 24887 | **6925554** |
| **FOOD DISTRIBUTORS—0.4%** | **FOOD DISTRIBUTORS—0.4%** | **FOOD DISTRIBUTORS—0.4%** |
| Sysco Corp. | 36038 | **2868625** |
| **HEALTH CARE DISTRIBUTORS—0.7%** | **HEALTH CARE DISTRIBUTORS—0.7%** | **HEALTH CARE DISTRIBUTORS—0.7%** |
| Cardinal Health, Inc. | 31763 | **4930253** |
| **HEALTHCARE EQUIPMENT—1.3%** | **HEALTHCARE EQUIPMENT—1.3%** | **HEALTHCARE EQUIPMENT—1.3%** |
| Abbott Laboratories | 46094 | 5816602 |
| Medtronic PLC | 35903 | 3239887 |
|  |  | **9056489** |
| **HOME IMPROVEMENT RETAIL—1.7%** | **HOME IMPROVEMENT RETAIL—1.7%** | **HOME IMPROVEMENT RETAIL—1.7%** |
| The Home Depot, Inc. | 33793 | **12419265** |
| **HOUSEHOLD PRODUCTS—1.1%** | **HOUSEHOLD PRODUCTS—1.1%** | **HOUSEHOLD PRODUCTS—1.1%** |
| The Procter & Gamble Co. | 52665 | **7924503** |
| **INDUSTRIAL CONGLOMERATES—1.3%** | **INDUSTRIAL CONGLOMERATES—1.3%** | **INDUSTRIAL CONGLOMERATES—1.3%** |
| Honeywell International, Inc. | 40692 | **9047866** |
| **INDUSTRIAL GASES—0.9%** | **INDUSTRIAL GASES—0.9%** | **INDUSTRIAL GASES—0.9%** |
| Air Products & Chemicals, Inc. | 22130 | **6370784** |
| **INTEGRATED OIL & GAS—3.5%** | **INTEGRATED OIL & GAS—3.5%** | **INTEGRATED OIL & GAS—3.5%** |
| Chevron Corp. | 59275 | 8988461 |
| Exxon Mobil Corp. | 104026 | 11613463 |
| TotalEnergies SE ADR | 70891 | 4221559 |
|  |  | **24823483** |
| **INTEGRATED TELECOMMUNICATION SERVICES—0.7%** | **INTEGRATED TELECOMMUNICATION SERVICES—0.7%** | **INTEGRATED TELECOMMUNICATION SERVICES—0.7%** |
| Verizon Communications, Inc. | 120905 | **5169898** |
| **INTERACTIVE MEDIA & SERVICES—9.1%** | **INTERACTIVE MEDIA & SERVICES—9.1%** | **INTERACTIVE MEDIA & SERVICES—9.1%** |
| Alphabet, Inc., Cl. A | 126942 | 24360170 |
| Alphabet, Inc., Cl. C | 99640 | 19216570 |
| Meta Platforms, Inc., Cl. A | 27996 | 21653226 |
|  |  | **65229966** |
| **INVESTMENT BANKING & BROKERAGE—2.6%** | **INVESTMENT BANKING & BROKERAGE—2.6%** | **INVESTMENT BANKING & BROKERAGE—2.6%** |
| Morgan Stanley | 129596 | **18462246** |
| **IT CONSULTING & OTHER SERVICES—0.3%** | **IT CONSULTING & OTHER SERVICES—0.3%** | **IT CONSULTING & OTHER SERVICES—0.3%** |
| International Business Machines Corp. | 9977 | **2525678** |
| **MANAGED HEALTHCARE—0.7%** | **MANAGED HEALTHCARE—0.7%** | **MANAGED HEALTHCARE—0.7%** |
| UnitedHealth Group, Inc. | 19218 | **4796044** |
| **MULTI-UTILITIES—1.0%** | **MULTI-UTILITIES—1.0%** | **MULTI-UTILITIES—1.0%** |
| Consolidated Edison, Inc. | 32131 | 3325558 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.8% (CONT.)** | **COMMON STOCKS—95.8% (CONT.)** | **COMMON STOCKS—95.8% (CONT.)** |
| **MULTI-UTILITIES—1.0% (CONT.)** | **MULTI-UTILITIES—1.0% (CONT.)** | **MULTI-UTILITIES—1.0% (CONT.)** |
| Sempra | 45544 | **$** 3720034 |
|  |  | **7045592** |
| **OIL & GAS STORAGE & TRANSPORTATION—0.5%** | **OIL & GAS STORAGE & TRANSPORTATION—0.5%** | **OIL & GAS STORAGE & TRANSPORTATION—0.5%** |
| ONEOK, Inc. | 41222 | **3384738** |
| **OTHER SPECIALTY RETAIL—0.3%** | **OTHER SPECIALTY RETAIL—0.3%** | **OTHER SPECIALTY RETAIL—0.3%** |
| Dick's Sporting Goods, Inc. | 9080 | **1920511** |
| **PHARMACEUTICALS—4.3%** | **PHARMACEUTICALS—4.3%** | **PHARMACEUTICALS—4.3%** |
| AstraZeneca PLC ADR | 49030 | 3583603 |
| Bristol-Myers Squibb Co. | 63010 | 2728963 |
| Eli Lilly & Co. | 12890 | 9539502 |
| Johnson & Johnson | 42435 | 6990742 |
| Merck & Co., Inc. | 30726 | 2400315 |
| Novartis AG ADR | 26696 | 3036403 |
| Pfizer, Inc. | 108194 | 2519838 |
|  |  | **30799366** |
| **PROPERTY & CASUALTY INSURANCE—0.6%** | **PROPERTY & CASUALTY INSURANCE—0.6%** | **PROPERTY & CASUALTY INSURANCE—0.6%** |
| The Hartford Insurance Group, Inc. | 33695 | **4191321** |
| **RAIL TRANSPORTATION—0.8%** | **RAIL TRANSPORTATION—0.8%** | **RAIL TRANSPORTATION—0.8%** |
| Union Pacific Corp. | 25934 | **5756570** |
| **RESTAURANTS—1.1%** | **RESTAURANTS—1.1%** | **RESTAURANTS—1.1%** |
| McDonald's Corp. | 16779 | 5034875 |
| Starbucks Corp. | 34621 | 3086808 |
|  |  | **8121683** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—3.7%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—3.7%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—3.7%** |
| KLA Corp. | 29687 | **26095764** |
| **SEMICONDUCTORS—9.7%** | **SEMICONDUCTORS—9.7%** | **SEMICONDUCTORS—9.7%** |
| Broadcom, Inc. | 177770 | 52211049 |
| QUALCOMM, Inc. | 56991 | 8363999 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 34726 | 8390496 |
|  |  | **68965544** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.8%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.8%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.8%** |
| PepsiCo, Inc. | 41970 | 5788502 |
| The Coca-Cola Co. | 99513 | 6755938 |
|  |  | **12544440** |
| **SYSTEMS SOFTWARE—11.4%** | **SYSTEMS SOFTWARE—11.4%** | **SYSTEMS SOFTWARE—11.4%** |
| Microsoft Corp. | 142580 | 76066430 |
| Oracle Corp. | 22207 | 5635470 |
|  |  | **81701900** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.1%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.1%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.1%** |
| Apple, Inc. | 220063 | 45678477 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.8% (CONT.)** | **COMMON STOCKS—95.8% (CONT.)** | **COMMON STOCKS—95.8% (CONT.)** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.1% (CONT.)** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.1% (CONT.)** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.1% (CONT.)** |
| Dell Technologies, Inc., Cl. C | 37086 | **$** 4920941 |
|  |  | **50599418** |
| **TOBACCO—1.4%** | **TOBACCO—1.4%** | **TOBACCO—1.4%** |
| Altria Group, Inc. | 77624 | 4808030 |
| Philip Morris International, Inc. | 32854 | 5389699 |
|  |  | **10197729** |
| **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** |
| Ferguson Enterprises, Inc. | 20423 | **4561069** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—1.7%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.7%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.7%** |
| Visa, Inc., Cl. A | 34971 | **12081431** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $397,549,229) |  | **684089849** |
| **MASTER LIMITED PARTNERSHIP—0.4%** | **MASTER LIMITED PARTNERSHIP—0.4%** | **MASTER LIMITED PARTNERSHIP—0.4%** |
| **OIL & GAS STORAGE & TRANSPORTATION—0.4%** | **OIL & GAS STORAGE & TRANSPORTATION—0.4%** | **OIL & GAS STORAGE & TRANSPORTATION—0.4%** |
| Cheniere Energy Partners LP | 46569 | **2685634** |
| &nbsp;&nbsp;&nbsp; (Cost $1,899,913) |  | **2685634** |
| **REAL ESTATE INVESTMENT TRUST—3.0%** | **REAL ESTATE INVESTMENT TRUST—3.0%** | **REAL ESTATE INVESTMENT TRUST—3.0%** |
| **HEALTH CARE—1.0%** | **HEALTH CARE—1.0%** | **HEALTH CARE—1.0%** |
| Welltower, Inc. | 43048 | **7105934** |
| **INDUSTRIAL—0.3%** | **INDUSTRIAL—0.3%** | **INDUSTRIAL—0.3%** |
| Prologis, Inc. | 17881 | **1909333** |
| **RETAIL—0.7%** | **RETAIL—0.7%** | **RETAIL—0.7%** |
| Simon Property Group, Inc. | 29337 | **4805107** |
| **SPECIALIZED—0.5%** | **SPECIALIZED—0.5%** | **SPECIALIZED—0.5%** |
| Lamar Advertising Co., Cl. A | 30628 | **3744273** |
| **TELECOM TOWER—0.5%** | **TELECOM TOWER—0.5%** | **TELECOM TOWER—0.5%** |
| Crown Castle, Inc. | 37642 | **3955798** |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUST** <br>(Cost $16,626,506) |  | **21520445** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SHORT-TERM SECURITIES—0.8%** | **SHORT-TERM SECURITIES—0.8%** | **SHORT-TERM SECURITIES—0.8%** |
| **MONEY MARKET FUNDS—0.8%** | **MONEY MARKET FUNDS—0.8%** | **MONEY MARKET FUNDS—0.8%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.19%<sup>(a)</sup>  | 5520042 | **$5520042** |
| &nbsp;&nbsp;&nbsp; (Cost $5,520,042) |  | **5520042** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $421,595,690)** | 100.0% | **$713815970** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $421,595,690) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 713815970 |
| Liabilities in Excess of Other Assets | (0.0)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13497) |
| **NET ASSETS** | 100.0% | **$713802473** |

---

&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 July 31, 2025.* <br> *\** *Non-income producing security.*

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—94.5%** | **COMMON STOCKS—94.5%** | **COMMON STOCKS—94.5%** |
| **AEROSPACE & DEFENSE—1.2%** | **AEROSPACE & DEFENSE—1.2%** | **AEROSPACE & DEFENSE—1.2%** |
| HEICO Corp., Cl. A | 1983 | **$511792** |
| **APPLICATION SOFTWARE—5.2%** | **APPLICATION SOFTWARE—5.2%** | **APPLICATION SOFTWARE—5.2%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 5701 | **2227381** |
| **BIOTECHNOLOGY—2.2%** | **BIOTECHNOLOGY—2.2%** | **BIOTECHNOLOGY—2.2%** |
| Forte Biosciences, Inc.<sup>\*</sup>  | 49939 | 498391 |
| Natera, Inc.<sup>\*</sup>  | 3135 | 419024 |
|  |  | **917415** |
| **BROADLINE RETAIL—10.3%** | **BROADLINE RETAIL—10.3%** | **BROADLINE RETAIL—10.3%** |
| Amazon.com, Inc.<sup>\*</sup>  | 16843 | 3943115 |
| MercadoLibre, Inc.<sup>\*</sup>  | 180 | 427300 |
|  |  | **4370415** |
| **CONSTRUCTION MATERIALS—1.0%** | **CONSTRUCTION MATERIALS—1.0%** | **CONSTRUCTION MATERIALS—1.0%** |
| James Hardie Industries PLC<sup>\*</sup>  | 16286 | **422459** |
| **ELECTRIC UTILITIES—1.1%** | **ELECTRIC UTILITIES—1.1%** | **ELECTRIC UTILITIES—1.1%** |
| Constellation Energy Corp. | 1327 | **461584** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—5.3%** | **ELECTRICAL COMPONENTS & EQUIPMENT—5.3%** | **ELECTRICAL COMPONENTS & EQUIPMENT—5.3%** |
| Enovix Corp.<sup>\*</sup>  | 58865 | 788793 |
| Vertiv Holdings Co., Cl. A | 9966 | 1451050 |
|  |  | **2239843** |
| **ELECTRONIC COMPONENTS—0.9%** | **ELECTRONIC COMPONENTS—0.9%** | **ELECTRONIC COMPONENTS—0.9%** |
| Coherent Corp.<sup>\*</sup>  | 3508 | **377461** |
| **ENVIRONMENTAL & FACILITIES SERVICES—1.5%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.5%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.5%** |
| GFL Environmental, Inc. | 13111 | **660008** |
| **FINANCIAL EXCHANGES & DATA—0.5%** | **FINANCIAL EXCHANGES & DATA—0.5%** | **FINANCIAL EXCHANGES & DATA—0.5%** |
| Coinbase Global, Inc., Cl. A<sup>\*</sup>  | 525 | **198324** |
| **HEALTH CARE DISTRIBUTORS—0.7%** | **HEALTH CARE DISTRIBUTORS—0.7%** | **HEALTH CARE DISTRIBUTORS—0.7%** |
| McKesson Corp. | 457 | **316948** |
| **HEALTHCARE EQUIPMENT—1.4%** | **HEALTHCARE EQUIPMENT—1.4%** | **HEALTHCARE EQUIPMENT—1.4%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 1255 | **603768** |
| **HEALTHCARE FACILITIES—1.0%** | **HEALTHCARE FACILITIES—1.0%** | **HEALTHCARE FACILITIES—1.0%** |
| Tenet Healthcare Corp.<sup>\*</sup>  | 2712 | **437391** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—9.0%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—9.0%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—9.0%** |
| Talen Energy Corp.<sup>\*</sup>  | 7195 | 2716616 |
| Vistra Corp. | 5397 | 1125490 |
|  |  | **3842106** |
| **INTERACTIVE HOME ENTERTAINMENT—7.4%** | **INTERACTIVE HOME ENTERTAINMENT—7.4%** | **INTERACTIVE HOME ENTERTAINMENT—7.4%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 11250 | 1550137 |
| Sea Ltd. ADR<sup>\*</sup>  | 9046 | 1417056 |
| Take-Two Interactive Software, Inc.<sup>\*</sup>  | 850 | 189321 |
|  |  | **3156514** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—94.5% (CONT.)** | **COMMON STOCKS—94.5% (CONT.)** | **COMMON STOCKS—94.5% (CONT.)** |
| **INTERACTIVE MEDIA & SERVICES—6.3%** | **INTERACTIVE MEDIA & SERVICES—6.3%** | **INTERACTIVE MEDIA & SERVICES—6.3%** |
| Alphabet, Inc., Cl. A | 5370 | **$** 1030503 |
| Meta Platforms, Inc., Cl. A | 2116 | 1636599 |
|  |  | **2667102** |
| **INTERNET SERVICES & INFRASTRUCTURE—1.5%** | **INTERNET SERVICES & INFRASTRUCTURE—1.5%** | **INTERNET SERVICES & INFRASTRUCTURE—1.5%** |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 2656 | **631836** |
| **MOVIES & ENTERTAINMENT—4.9%** | **MOVIES & ENTERTAINMENT—4.9%** | **MOVIES & ENTERTAINMENT—4.9%** |
| Netflix, Inc.<sup>\*</sup>  | 1211 | 1404034 |
| Spotify Technology SA<sup>\*</sup>  | 1106 | 692953 |
|  |  | **2096987** |
| **SEMICONDUCTORS—20.1%** | **SEMICONDUCTORS—20.1%** | **SEMICONDUCTORS—20.1%** |
| Astera Labs, Inc.<sup>\*</sup>  | 12019 | 1643358 |
| Broadcom, Inc. | 3373 | 990650 |
| NVIDIA Corp. | 27460 | 4884310 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 4391 | 1060954 |
|  |  | **8579272** |
| **SYSTEMS SOFTWARE—11.9%** | **SYSTEMS SOFTWARE—11.9%** | **SYSTEMS SOFTWARE—11.9%** |
| Microsoft Corp. | 5585 | 2979597 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 38728 | 2107965 |
|  |  | **5087562** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.1%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.1%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.1%** |
| Western Digital Corp. | 5824 | **458290** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $25,231,779) |  | **40264458** |
| **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** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $26,301,568)** | 97.1% | **$41382972** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $26,301,568) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41382972 |
| Other Assets in Excess of Liabilities | 2.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1226368 |
| **NET ASSETS** | 100.0% | **$42609340** |

---

&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* *approved by the Board of Trustees.* 

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

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | |
|:---|:---|
| *@* | *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>*7/31/2025*<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 July 31, 2025 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—93.2%** | **COMMON STOCKS—93.2%** | **COMMON STOCKS—93.2%** |
| **AEROSPACE & DEFENSE—6.9%** | **AEROSPACE & DEFENSE—6.9%** | **AEROSPACE & DEFENSE—6.9%** |
| Axon Enterprise, Inc.<sup>\*</sup>  | 10523 | **$** 7950021 |
| HEICO Corp. | 34911 | 11408915 |
|  |  | **19358936** |
| **APPAREL RETAIL—0.8%** | **APPAREL RETAIL—0.8%** | **APPAREL RETAIL—0.8%** |
| Burlington Stores, Inc.<sup>\*</sup>  | 8675 | **2367928** |
| **APPLICATION SOFTWARE—17.1%** | **APPLICATION SOFTWARE—17.1%** | **APPLICATION SOFTWARE—17.1%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 21358 | 8344570 |
| Confluent, Inc., Cl. A<sup>\*</sup>  | 40285 | 714052 |
| Constellation Software, Inc. | 2644 | 9121724 |
| Datadog, Inc., Cl. A<sup>\*</sup>  | 34204 | 4787876 |
| Guidewire Software, Inc.<sup>\*</sup>  | 23122 | 5230659 |
| Manhattan Associates, Inc.<sup>\*</sup>  | 20537 | 4511157 |
| MicroStrategy, Inc., Cl. A<sup>\*</sup>  | 8907 | 3579367 |
| Palantir Technologies, Inc., Cl. A<sup>\*</sup>  | 75475 | 11951466 |
|  |  | **48240871** |
| **ASSET MANAGEMENT & CUSTODY BANKS—1.3%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.3%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.3%** |
| Blue Owl Capital, Inc., Cl. A | 185356 | **3586639** |
| **AUTOMOTIVE RETAIL—1.7%** | **AUTOMOTIVE RETAIL—1.7%** | **AUTOMOTIVE RETAIL—1.7%** |
| Carvana Co.<sup>\*</sup>  | 12478 | **4868541** |
| **BIOTECHNOLOGY—1.4%** | **BIOTECHNOLOGY—1.4%** | **BIOTECHNOLOGY—1.4%** |
| Natera, Inc.<sup>\*</sup>  | 28416 | **3798083** |
| **CONSTRUCTION & ENGINEERING—2.8%** | **CONSTRUCTION & ENGINEERING—2.8%** | **CONSTRUCTION & ENGINEERING—2.8%** |
| Comfort Systems USA, Inc. | 11166 | **7853048** |
| **CONSTRUCTION MATERIALS—1.9%** | **CONSTRUCTION MATERIALS—1.9%** | **CONSTRUCTION MATERIALS—1.9%** |
| Martin Marietta Materials, Inc. | 9432 | **5422268** |
| **ELECTRIC UTILITIES—1.1%** | **ELECTRIC UTILITIES—1.1%** | **ELECTRIC UTILITIES—1.1%** |
| Constellation Energy Corp. | 8962 | **3117342** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—4.0%** | **ELECTRICAL COMPONENTS & EQUIPMENT—4.0%** | **ELECTRICAL COMPONENTS & EQUIPMENT—4.0%** |
| Vertiv Holdings Co., Cl. A | 77412 | **11271187** |
| **ELECTRONIC COMPONENTS—2.2%** | **ELECTRONIC COMPONENTS—2.2%** | **ELECTRONIC COMPONENTS—2.2%** |
| Amphenol Corp., Cl. A | 58931 | **6276741** |
| **FINANCIAL EXCHANGES & DATA—0.9%** | **FINANCIAL EXCHANGES & DATA—0.9%** | **FINANCIAL EXCHANGES & DATA—0.9%** |
| Coinbase Global, Inc., Cl. A<sup>\*</sup>  | 6949 | **2625054** |
| **HEALTHCARE EQUIPMENT—3.3%** | **HEALTHCARE EQUIPMENT—3.3%** | **HEALTHCARE EQUIPMENT—3.3%** |
| Dexcom, Inc.<sup>\*</sup>  | 61613 | 4976482 |
| IDEXX Laboratories, Inc.<sup>\*</sup>  | 5351 | 2859093 |
| TransMedics Group, Inc.<sup>\*</sup>  | 12723 | 1513655 |
|  |  | **9349230** |
| **HEALTHCARE SERVICES—1.7%** | **HEALTHCARE SERVICES—1.7%** | **HEALTHCARE SERVICES—1.7%** |
| GeneDx Holdings Corp., Cl. A<sup>\*</sup>  | 48056 | **4899309** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—93.2% (CONT.)** | **COMMON STOCKS—93.2% (CONT.)** | **COMMON STOCKS—93.2% (CONT.)** |
| **HEALTHCARE TECHNOLOGY—1.4%** | **HEALTHCARE TECHNOLOGY—1.4%** | **HEALTHCARE TECHNOLOGY—1.4%** |
| Veeva Systems, Inc., Cl. A<sup>\*</sup>  | 13960 | **$3967432** |
| **HEAVY ELECTRICAL EQUIPMENT—1.3%** | **HEAVY ELECTRICAL EQUIPMENT—1.3%** | **HEAVY ELECTRICAL EQUIPMENT—1.3%** |
| GE Vernova, Inc. | 5672 | **3745165** |
| **HOMEFURNISHING RETAIL—1.5%** | **HOMEFURNISHING RETAIL—1.5%** | **HOMEFURNISHING RETAIL—1.5%** |
| Wayfair, Inc., Cl. A<sup>\*</sup>  | 63246 | **4151468** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—5.0%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—5.0%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—5.0%** |
| Talen Energy Corp.<sup>\*</sup>  | 37438 | **14135466** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—1.0%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—1.0%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—1.0%** |
| RBC Bearings, Inc.<sup>\*</sup>  | 6953 | **2693175** |
| **INTERACTIVE HOME ENTERTAINMENT—5.8%** | **INTERACTIVE HOME ENTERTAINMENT—5.8%** | **INTERACTIVE HOME ENTERTAINMENT—5.8%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 75368 | 10384957 |
| Sea Ltd. ADR<sup>\*</sup>  | 38267 | 5994525 |
|  |  | **16379482** |
| **INTERNET SERVICES & INFRASTRUCTURE—4.2%** | **INTERNET SERVICES & INFRASTRUCTURE—4.2%** | **INTERNET SERVICES & INFRASTRUCTURE—4.2%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 57627 | **11967975** |
| **INVESTMENT BANKING & BROKERAGE—3.3%** | **INVESTMENT BANKING & BROKERAGE—3.3%** | **INVESTMENT BANKING & BROKERAGE—3.3%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 91027 | **9380332** |
| **LIFE SCIENCES TOOLS & SERVICES—1.7%** | **LIFE SCIENCES TOOLS & SERVICES—1.7%** | **LIFE SCIENCES TOOLS & SERVICES—1.7%** |
| Repligen Corp.<sup>\*</sup>  | 40192 | **4705278** |
| **MOVIES & ENTERTAINMENT—3.3%** | **MOVIES & ENTERTAINMENT—3.3%** | **MOVIES & ENTERTAINMENT—3.3%** |
| Spotify Technology SA<sup>\*</sup>  | 7855 | 4921472 |
| TKO Group Holdings, Inc., Cl. A | 26040 | 4374980 |
|  |  | **9296452** |
| **PERSONAL CARE PRODUCTS—0.9%** | **PERSONAL CARE PRODUCTS—0.9%** | **PERSONAL CARE PRODUCTS—0.9%** |
| e.l.f. Beauty, Inc.<sup>\*</sup>  | 20949 | **2538809** |
| **REAL ESTATE SERVICES—1.8%** | **REAL ESTATE SERVICES—1.8%** | **REAL ESTATE SERVICES—1.8%** |
| CoStar Group, Inc.<sup>\*</sup>  | 51856 | **4936173** |
| **RESTAURANTS—5.8%** | **RESTAURANTS—5.8%** | **RESTAURANTS—5.8%** |
| Chipotle Mexican Grill, Inc.<sup>\*</sup>  | 65122 | 2792432 |
| Dutch Bros, Inc., Cl. A<sup>\*</sup>  | 75560 | 4478441 |
| Wingstop, Inc. | 24356 | 9190493 |
|  |  | **16461366** |
| **SEMICONDUCTORS—4.5%** | **SEMICONDUCTORS—4.5%** | **SEMICONDUCTORS—4.5%** |
| Astera Labs, Inc.<sup>\*</sup>  | 32318 | 4418840 |
| Marvell Technology, Inc. | 64395 | 5175426 |
| Monolithic Power Systems, Inc. | 4541 | 3229741 |
|  |  | **12824007** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.6%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.6%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.6%** |
| IonQ, Inc.<sup>\*</sup>  | 55877 | 2227816 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—93.2% (CONT.)** | **COMMON STOCKS—93.2% (CONT.)** | **COMMON STOCKS—93.2% (CONT.)** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.6% (CONT.)** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.6% (CONT.)** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.6% (CONT.)** |
| Xiaomi Corp., Cl. B<sup>\*</sup>  | 357711 | **$** 2406662 |
|  |  | **4634478** |
| **TRADING COMPANIES & DISTRIBUTORS—3.0%** | **TRADING COMPANIES & DISTRIBUTORS—3.0%** | **TRADING COMPANIES & DISTRIBUTORS—3.0%** |
| FTAI Aviation Ltd. | 46827 | 6443863 |
| United Rentals, Inc. | 2249 | 1985733 |
|  |  | **8429596** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $180,548,987) |  | **263281831** |
| **PREFERRED STOCKS—3.6%** | **PREFERRED STOCKS—3.6%** | **PREFERRED STOCKS—3.6%** |
| **APPLICATION SOFTWARE—3.6%** | **APPLICATION SOFTWARE—3.6%** | **APPLICATION SOFTWARE—3.6%** |
| Databricks, Inc., Series J<sup>(a),\*,@</sup>  | 54295 | 6850400 |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 188526 | 3244532 |
|  |  | **10094932** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $8,266,820) |  | **10094932** |
| **SHORT-TERM SECURITIES—1.5%** | **SHORT-TERM SECURITIES—1.5%** | **SHORT-TERM SECURITIES—1.5%** |
| **MONEY MARKET FUNDS—1.5%** | **MONEY MARKET FUNDS—1.5%** | **MONEY MARKET FUNDS—1.5%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.19%<sup>(b)</sup>  | 4197084 | **4197084** |
| &nbsp;&nbsp;&nbsp; (Cost $4,197,084) |  | **4197084** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $193,012,891)** | 98.3% | **$277573847** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $193,012,891) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277573847 |
| Other Assets in Excess of Liabilities | 1.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4702129 |
| **NET ASSETS** | 100.0% | **$282275976** |

---

&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 July 31, 2025.* |
| *\** | *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>*7/31/2025*<br>|
| *Databricks, Inc., Series J* | *12/17/24* | $*5022288* | $*6850400* | *2.4%* |
| *SB Technology, Inc., Series E* | *10/23/24-12/18/24* | *3244532* | *3244532* | *1.2%* |
| *Total* |  | *$8266820* | *$10094932* | *3.6%* |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.7%** | **COMMON STOCKS—97.7%** | **COMMON STOCKS—97.7%** |
| **AEROSPACE & DEFENSE—6.5%** | **AEROSPACE & DEFENSE—6.5%** | **AEROSPACE & DEFENSE—6.5%** |
| Axon Enterprise, Inc.<sup>\*</sup>  | 7886 | **$** 5957794 |
| HEICO Corp. | 18565 | 6067042 |
| Howmet Aerospace, Inc. | 31525 | 5667249 |
|  |  | **17692085** |
| **APPAREL RETAIL—0.5%** | **APPAREL RETAIL—0.5%** | **APPAREL RETAIL—0.5%** |
| Burlington Stores, Inc.<sup>\*</sup>  | 4974 | **1357703** |
| **APPLICATION SOFTWARE—12.1%** | **APPLICATION SOFTWARE—12.1%** | **APPLICATION SOFTWARE—12.1%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 17752 | 6935706 |
| Clearwater Analytics Holdings, Inc., Cl. A<sup>\*</sup>  | 214838 | 4352618 |
| Constellation Software, Inc. | 2086 | 7196640 |
| Fair Isaac Corp.<sup>\*</sup>  | 1862 | 2675173 |
| Guidewire Software, Inc.<sup>\*</sup>  | 19366 | 4380976 |
| Procore Technologies, Inc.<sup>\*</sup>  | 17895 | 1281819 |
| The Descartes Systems Group, Inc.<sup>\*</sup>  | 56965 | 6018408 |
|  |  | **32841340** |
| **ASSET MANAGEMENT & CUSTODY BANKS—3.5%** | **ASSET MANAGEMENT & CUSTODY BANKS—3.5%** | **ASSET MANAGEMENT & CUSTODY BANKS—3.5%** |
| Ares Management Corp., Cl. A | 15053 | 2792783 |
| Blue Owl Capital, Inc., Cl. A | 337460 | 6529851 |
|  |  | **9322634** |
| **AUTOMOTIVE RETAIL—4.1%** | **AUTOMOTIVE RETAIL—4.1%** | **AUTOMOTIVE RETAIL—4.1%** |
| Carvana Co.<sup>\*</sup>  | 17215 | 6716777 |
| O'Reilly Automotive, Inc.<sup>\*</sup>  | 45225 | 4446522 |
|  |  | **11163299** |
| **BIOTECHNOLOGY—2.1%** | **BIOTECHNOLOGY—2.1%** | **BIOTECHNOLOGY—2.1%** |
| Abivax SA ADR<sup>\*</sup>  | 7302 | 524065 |
| Natera, Inc.<sup>\*</sup>  | 35336 | 4723010 |
| Vaxcyte, Inc.<sup>\*</sup>  | 12052 | 409165 |
|  |  | **5656240** |
| **BUILDING PRODUCTS—1.2%** | **BUILDING PRODUCTS—1.2%** | **BUILDING PRODUCTS—1.2%** |
| Builders FirstSource, Inc.<sup>\*</sup>  | 26157 | **3325339** |
| **CARGO GROUND TRANSPORTATION—0.3%** | **CARGO GROUND TRANSPORTATION—0.3%** | **CARGO GROUND TRANSPORTATION—0.3%** |
| Saia, Inc.<sup>\*</sup>  | 2982 | **901280** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.6%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.6%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.6%** |
| Rocket Cos., Inc., Cl. A | 110870 | **1637550** |
| **CONSTRUCTION & ENGINEERING—2.6%** | **CONSTRUCTION & ENGINEERING—2.6%** | **CONSTRUCTION & ENGINEERING—2.6%** |
| Comfort Systems USA, Inc. | 9800 | **6892340** |
| **CONSTRUCTION MATERIALS—1.0%** | **CONSTRUCTION MATERIALS—1.0%** | **CONSTRUCTION MATERIALS—1.0%** |
| Martin Marietta Materials, Inc. | 4650 | **2673192** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—3.1%** | **ELECTRICAL COMPONENTS & EQUIPMENT—3.1%** | **ELECTRICAL COMPONENTS & EQUIPMENT—3.1%** |
| Vertiv Holdings Co., Cl. A | 57231 | **8332834** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.7% (CONT.)** | **COMMON STOCKS—97.7% (CONT.)** | **COMMON STOCKS—97.7% (CONT.)** |
| **ELECTRONIC COMPONENTS—2.1%** | **ELECTRONIC COMPONENTS—2.1%** | **ELECTRONIC COMPONENTS—2.1%** |
| Amphenol Corp., Cl. A | 54290 | **$5782428** |
| **ENVIRONMENTAL & FACILITIES SERVICES—4.2%** | **ENVIRONMENTAL & FACILITIES SERVICES—4.2%** | **ENVIRONMENTAL & FACILITIES SERVICES—4.2%** |
| GFL Environmental, Inc. | 226475 | **11400752** |
| **FINANCIAL EXCHANGES & DATA—0.7%** | **FINANCIAL EXCHANGES & DATA—0.7%** | **FINANCIAL EXCHANGES & DATA—0.7%** |
| MSCI, Inc., Cl. A | 3383 | **1899081** |
| **HEALTHCARE EQUIPMENT—1.2%** | **HEALTHCARE EQUIPMENT—1.2%** | **HEALTHCARE EQUIPMENT—1.2%** |
| IDEXX Laboratories, Inc.<sup>\*</sup>  | 6196 | **3310585** |
| **HEALTHCARE TECHNOLOGY—0.3%** | **HEALTHCARE TECHNOLOGY—0.3%** | **HEALTHCARE TECHNOLOGY—0.3%** |
| Veeva Systems, Inc., Cl. A<sup>\*</sup>  | 2733 | **776719** |
| **HOME IMPROVEMENT RETAIL—0.4%** | **HOME IMPROVEMENT RETAIL—0.4%** | **HOME IMPROVEMENT RETAIL—0.4%** |
| Floor & Decor Holdings, Inc., Cl. A<sup>\*</sup>  | 15566 | **1192978** |
| **HOMEBUILDING—1.3%** | **HOMEBUILDING—1.3%** | **HOMEBUILDING—1.3%** |
| NVR, Inc.<sup>\*</sup>  | 476 | **3593557** |
| **HOMEFURNISHING RETAIL—1.5%** | **HOMEFURNISHING RETAIL—1.5%** | **HOMEFURNISHING RETAIL—1.5%** |
| Wayfair, Inc., Cl. A<sup>\*</sup>  | 60387 | **3963803** |
| **HOTELS RESORTS & CRUISE LINES—2.4%** | **HOTELS RESORTS & CRUISE LINES—2.4%** | **HOTELS RESORTS & CRUISE LINES—2.4%** |
| Hilton Worldwide Holdings, Inc. | 23866 | **6397997** |
| **HUMAN RESOURCE & EMPLOYMENT SERVICES—0.6%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—0.6%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—0.6%** |
| Paylocity Holding Corp.<sup>\*</sup>  | 9375 | **1733250** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—5.1%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—5.1%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—5.1%** |
| Talen Energy Corp.<sup>\*</sup>  | 20318 | 7671467 |
| Vistra Corp. | 29404 | 6131910 |
|  |  | **13803377** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.5%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.5%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.5%** |
| RBC Bearings, Inc.<sup>\*</sup>  | 3269 | **1266214** |
| **INSURANCE BROKERS—1.3%** | **INSURANCE BROKERS—1.3%** | **INSURANCE BROKERS—1.3%** |
| Ryan Specialty Holdings, Inc., Cl. A | 56721 | **3470758** |
| **INTERACTIVE HOME ENTERTAINMENT—2.5%** | **INTERACTIVE HOME ENTERTAINMENT—2.5%** | **INTERACTIVE HOME ENTERTAINMENT—2.5%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 48747 | **6716849** |
| **INTERACTIVE MEDIA & SERVICES—0.8%** | **INTERACTIVE MEDIA & SERVICES—0.8%** | **INTERACTIVE MEDIA & SERVICES—0.8%** |
| Pinterest, Inc., Cl. A<sup>\*</sup>  | 58864 | **2272150** |
| **INTERNET SERVICES & INFRASTRUCTURE—4.2%** | **INTERNET SERVICES & INFRASTRUCTURE—4.2%** | **INTERNET SERVICES & INFRASTRUCTURE—4.2%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 48467 | 10065627 |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 9893 | 1276197 |
|  |  | **11341824** |
| **INVESTMENT BANKING & BROKERAGE—2.9%** | **INVESTMENT BANKING & BROKERAGE—2.9%** | **INVESTMENT BANKING & BROKERAGE—2.9%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 76488 | **7882088** |
| **IT CONSULTING & OTHER SERVICES—0.5%** | **IT CONSULTING & OTHER SERVICES—0.5%** | **IT CONSULTING & OTHER SERVICES—0.5%** |
| Globant SA<sup>\*</sup>  | 15467 | **1303249** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.7% (CONT.)** | **COMMON STOCKS—97.7% (CONT.)** | **COMMON STOCKS—97.7% (CONT.)** |
| **LIFE SCIENCES TOOLS & SERVICES—1.8%** | **LIFE SCIENCES TOOLS & SERVICES—1.8%** | **LIFE SCIENCES TOOLS & SERVICES—1.8%** |
| Repligen Corp.<sup>\*</sup>  | 23190 | **$** 2714853 |
| West Pharmaceutical Services, Inc. | 8490 | 2031318 |
|  |  | **4746171** |
| **MOVIES & ENTERTAINMENT—3.7%** | **MOVIES & ENTERTAINMENT—3.7%** | **MOVIES & ENTERTAINMENT—3.7%** |
| Spotify Technology SA<sup>\*</sup>  | 7099 | 4447808 |
| TKO Group Holdings, Inc., Cl. A | 32743 | 5501151 |
|  |  | **9948959** |
| **PERSONAL CARE PRODUCTS—1.7%** | **PERSONAL CARE PRODUCTS—1.7%** | **PERSONAL CARE PRODUCTS—1.7%** |
| e.l.f. Beauty, Inc.<sup>\*</sup>  | 38822 | **4704838** |
| **PROPERTY & CASUALTY INSURANCE—1.7%** | **PROPERTY & CASUALTY INSURANCE—1.7%** | **PROPERTY & CASUALTY INSURANCE—1.7%** |
| Intact Financial Corp. | 22123 | **4572768** |
| **REAL ESTATE SERVICES—4.9%** | **REAL ESTATE SERVICES—4.9%** | **REAL ESTATE SERVICES—4.9%** |
| CBRE Group, Inc., Cl. A<sup>\*</sup>  | 52822 | 8226498 |
| CoStar Group, Inc.<sup>\*</sup>  | 51813 | 4932080 |
|  |  | **13158578** |
| **RESEARCH & CONSULTING SERVICES—2.0%** | **RESEARCH & CONSULTING SERVICES—2.0%** | **RESEARCH & CONSULTING SERVICES—2.0%** |
| Verisk Analytics, Inc. | 19126 | **5330607** |
| **RESTAURANTS—1.8%** | **RESTAURANTS—1.8%** | **RESTAURANTS—1.8%** |
| Chipotle Mexican Grill, Inc.<sup>\*</sup>  | 72898 | 3125866 |
| Wingstop, Inc. | 4788 | 1806704 |
|  |  | **4932570** |
| **SEMICONDUCTORS—4.8%** | **SEMICONDUCTORS—4.8%** | **SEMICONDUCTORS—4.8%** |
| Astera Labs, Inc.<sup>\*</sup>  | 39299 | 5373352 |
| Marvell Technology, Inc. | 55685 | 4475404 |
| Monolithic Power Systems, Inc. | 4380 | 3115231 |
|  |  | **12963987** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.4%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.4%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.4%** |
| Celsius Holdings, Inc.<sup>\*</sup>  | 85225 | **3864102** |
| **TRADING COMPANIES & DISTRIBUTORS—3.8%** | **TRADING COMPANIES & DISTRIBUTORS—3.8%** | **TRADING COMPANIES & DISTRIBUTORS—3.8%** |
| FTAI Aviation Ltd. | 50559 | 6957424 |
| United Rentals, Inc. | 3898 | 3441700 |
|  |  | **10399124** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $187,162,148) |  | **264525199** |
| **PREFERRED STOCKS—0.4%** | **PREFERRED STOCKS—0.4%** | **PREFERRED STOCKS—0.4%** |
| **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 59020 | **1015734** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **PREFERRED STOCKS—0.4% (CONT.)** | **PREFERRED STOCKS—0.4% (CONT.)** | **PREFERRED STOCKS—0.4% (CONT.)** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Prosetta Biosciences, Inc., Series D<sup>(a),\*,@</sup>  | 219610 | **$—** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $2,003,979) |  | **1015734** |
| **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—0.5%** | **SPECIAL PURPOSE VEHICLE—0.5%** | **SPECIAL PURPOSE VEHICLE—0.5%** |
| **DATA PROCESSING & OUTSOURCED SERVICES—0.5%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.5%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.5%** |
| Crosslink Ventures C, LLC, Cl. A<sup>(b),\*,@</sup>  |  | 1008123 |
| Crosslink Ventures C, LLC, Cl. B<sup>(b),\*,@</sup>  |  | 402605 |
|  |  | **1410728** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLE** <br>(Cost $1,675,000) |  | **1410728** |
| **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 $—) |  | **—** |
| **SHORT-TERM SECURITIES—1.2%** | **SHORT-TERM SECURITIES—1.2%** | **SHORT-TERM SECURITIES—1.2%** |
| **MONEY MARKET FUNDS—1.2%** | **MONEY MARKET FUNDS—1.2%** | **MONEY MARKET FUNDS—1.2%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.19%<sup>(c)</sup>  | 3215394 | **3215394** |
| &nbsp;&nbsp;&nbsp; (Cost $3,215,394) |  | **3215394** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $194,372,023)** | 99.8% | **$270167055** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Securities (Cost $1,675,000) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1410728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $192,697,023) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268756327 |
| Other Assets in Excess of Liabilities | 0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511557 |
| **NET ASSETS** | 100.0% | **$270678612** |

---

&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)* | *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>|
| *(c)* | *Rate shown reflects 7-day effective yield as of July 31, 2025.* |
| *\** | *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 July 31, 2025 (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>*7/31/2025*<br>|
| *Crosslink Ventures C, LLC, Cl. A* | *10/2/20* | $*1200000* | $*1008123* | *0.4%* |
| *Crosslink Ventures C, LLC, Cl. B* | *2/16/20* | *475000* | *402605* | *0.1%* |
| *Prosetta Biosciences, Inc., Series D* | *2/6/15* | *988245* | *—* | *0.0%* |
| *SB Technology, Inc., Series E* | *10/23/24* | *1015734* | *1015734* | *0.4%* |
| *Tolero CDR* | *2/6/17* | *315502* | *—* | *0.0%* |
| *Total* |  | *$3994481* | *$2426462* | *0.9%* |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (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—3.2%** | **AEROSPACE & DEFENSE—3.2%** | **AEROSPACE & DEFENSE—3.2%** |
| Bombardier, Inc., Cl. B<sup>\*</sup>  | 36433 | **$** 4248326 |
| Karman Holdings, Inc.<sup>\*</sup>  | 1033 | 53406 |
| Loar Holdings, Inc.<sup>\*</sup>  | 24287 | 1795052 |
|  |  | **6096784** |
| **APPAREL RETAIL—2.8%** | **APPAREL RETAIL—2.8%** | **APPAREL RETAIL—2.8%** |
| Abercrombie & Fitch Co., Cl. A<sup>\*</sup>  | 10345 | 993327 |
| Aritzia, Inc.<sup>\*</sup>  | 58895 | 3161101 |
| Victoria's Secret & Co.<sup>\*</sup>  | 62119 | 1167837 |
|  |  | **5322265** |
| **APPLICATION SOFTWARE—15.8%** | **APPLICATION SOFTWARE—15.8%** | **APPLICATION SOFTWARE—15.8%** |
| ACI Worldwide, Inc.<sup>\*</sup>  | 56429 | 2401618 |
| Blackbaud, Inc.<sup>\*</sup>  | 37550 | 2531621 |
| BlackLine, Inc.<sup>\*</sup>  | 28617 | 1539022 |
| Clearwater Analytics Holdings, Inc., Cl. A<sup>\*</sup>  | 91679 | 1857417 |
| Guidewire Software, Inc.<sup>\*</sup>  | 15278 | 3456189 |
| InterDigital, Inc. | 16625 | 4292575 |
| Manhattan Associates, Inc.<sup>\*</sup>  | 5712 | 1254698 |
| nCino, Inc.<sup>\*</sup>  | 61433 | 1715517 |
| Q2 Holdings, Inc.<sup>\*</sup>  | 69966 | 5681239 |
| SPS Commerce, Inc.<sup>\*</sup>  | 21442 | 2334283 |
| Vertex, Inc., Cl. A<sup>\*</sup>  | 99144 | 3288607 |
|  |  | **30352786** |
| **ASSET MANAGEMENT & CUSTODY BANKS—1.6%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.6%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.6%** |
| Galaxy Digital, Inc., Cl. A<sup>\*</sup>  | 73363 | 2084610 |
| Hamilton Lane, Inc., Cl. A | 6971 | 1061683 |
|  |  | **3146293** |
| **AUTOMOTIVE PARTS & EQUIPMENT—0.7%** | **AUTOMOTIVE PARTS & EQUIPMENT—0.7%** | **AUTOMOTIVE PARTS & EQUIPMENT—0.7%** |
| Modine Manufacturing Co.<sup>\*</sup>  | 9856 | **1326223** |
| **BIOTECHNOLOGY—14.3%** | **BIOTECHNOLOGY—14.3%** | **BIOTECHNOLOGY—14.3%** |
| Abivax SA ADR<sup>\*</sup>  | 17518 | 1257267 |
| Absci Corp.<sup>\*</sup>  | 664714 | 1881140 |
| Akero Therapeutics, Inc.<sup>\*</sup>  | 73216 | 3576601 |
| CareDx, Inc.<sup>\*</sup>  | 123918 | 1522333 |
| Celcuity, Inc.<sup>\*</sup>  | 8249 | 323072 |
| Centessa Pharmaceuticals PLC ADR<sup>\*</sup>  | 55271 | 949003 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 157755 | 1574395 |
| Insmed, Inc.<sup>\*</sup>  | 30181 | 3237818 |
| MoonLake Immunotherapeutics<sup>\*</sup>  | 42306 | 2133915 |
| Natera, Inc.<sup>\*</sup>  | 15382 | 2055958 |
| NewAmsterdam Pharma Co. NV<sup>\*</sup>  | 11164 | 243487 |
| Nuvalent, Inc., Cl. A<sup>\*</sup>  | 44863 | 3515016 |
| Revolution Medicines, Inc.<sup>\*</sup>  | 62620 | 2333847 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.0% (CONT.)** | **COMMON STOCKS—98.0% (CONT.)** | **COMMON STOCKS—98.0% (CONT.)** |
| **BIOTECHNOLOGY—14.3% (CONT.)** | **BIOTECHNOLOGY—14.3% (CONT.)** | **BIOTECHNOLOGY—14.3% (CONT.)** |
| Soleno Therapeutics, Inc.<sup>\*</sup>  | 14002 | **$** 1210753 |
| Twist Bioscience Corp.<sup>\*</sup>  | 52305 | 1755879 |
|  |  | **27570484** |
| **BUILDING PRODUCTS—2.0%** | **BUILDING PRODUCTS—2.0%** | **BUILDING PRODUCTS—2.0%** |
| CSW Industrials, Inc. | 14932 | **3874555** |
| **CONSTRUCTION & ENGINEERING—3.2%** | **CONSTRUCTION & ENGINEERING—3.2%** | **CONSTRUCTION & ENGINEERING—3.2%** |
| Construction Partners, Inc., Cl. A<sup>\*</sup>  | 16934 | 1707794 |
| Tutor Perini Corp.<sup>\*</sup>  | 93854 | 4519070 |
|  |  | **6226864** |
| **CONSUMER FINANCE—0.5%** | **CONSUMER FINANCE—0.5%** | **CONSUMER FINANCE—0.5%** |
| Upstart Holdings, Inc.<sup>\*</sup>  | 10962 | **896034** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—0.8%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.8%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.8%** |
| BJ's Wholesale Club Holdings, Inc.<sup>\*</sup>  | 14769 | **1564037** |
| **EDUCATION SERVICES—2.2%** | **EDUCATION SERVICES—2.2%** | **EDUCATION SERVICES—2.2%** |
| Duolingo, Inc.<sup>\*</sup>  | 5904 | 2046031 |
| KinderCare Learning Cos., Inc.<sup>\*</sup>  | 36339 | 349218 |
| Universal Technical Institute, Inc.<sup>\*</sup>  | 56034 | 1805415 |
|  |  | **4200664** |
| **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** |
| IDACORP, Inc. | 7478 | **937218** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—1.3%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.3%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.3%** |
| Enovix Corp.<sup>\*</sup>  | 187417 | **2511389** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.3%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.3%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.3%** |
| PAR Technology Corp.<sup>\*</sup>  | 8078 | **490981** |
| **ELECTRONIC MANUFACTURING SERVICES—1.6%** | **ELECTRONIC MANUFACTURING SERVICES—1.6%** | **ELECTRONIC MANUFACTURING SERVICES—1.6%** |
| Fabrinet<sup>\*</sup>  | 9551 | **3091945** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.4%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.4%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.4%** |
| Casella Waste Systems, Inc., Cl. A<sup>\*</sup>  | 7687 | **835808** |
| **FINANCIAL EXCHANGES & DATA—0.7%** | **FINANCIAL EXCHANGES & DATA—0.7%** | **FINANCIAL EXCHANGES & DATA—0.7%** |
| MarketAxess Holdings, Inc. | 6395 | **1314173** |
| **HEALTHCARE EQUIPMENT—2.3%** | **HEALTHCARE EQUIPMENT—2.3%** | **HEALTHCARE EQUIPMENT—2.3%** |
| Glaukos Corp.<sup>\*</sup>  | 16076 | 1383983 |
| Impulse Dynamics PLC, Series A<sup>(a),\*,@</sup>  | 3646998 | 131292 |
| iRhythm Technologies, Inc.<sup>\*</sup>  | 14308 | 2005695 |
| TransMedics Group, Inc.<sup>\*</sup>  | 7370 | 876809 |
|  |  | **4397779** |
| **HEALTHCARE SERVICES—4.3%** | **HEALTHCARE SERVICES—4.3%** | **HEALTHCARE SERVICES—4.3%** |
| GeneDx Holdings Corp., Cl. A<sup>\*</sup>  | 56542 | 5764457 |
| Guardant Health, Inc.<sup>\*</sup>  | 62394 | 2556906 |
|  |  | **8321363** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.0% (CONT.)** | **COMMON STOCKS—98.0% (CONT.)** | **COMMON STOCKS—98.0% (CONT.)** |
| **HEALTHCARE SUPPLIES—0.2%** | **HEALTHCARE SUPPLIES—0.2%** | **HEALTHCARE SUPPLIES—0.2%** |
| Neogen Corp.<sup>\*</sup>  | 92459 | **$429934** |
| **HEALTHCARE TECHNOLOGY—0.5%** | **HEALTHCARE TECHNOLOGY—0.5%** | **HEALTHCARE TECHNOLOGY—0.5%** |
| Certara, Inc.<sup>\*</sup>  | 40846 | 401924 |
| Health Catalyst, Inc.<sup>\*</sup>  | 164541 | 600575 |
|  |  | **1002499** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—6.0%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—6.0%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—6.0%** |
| Gates Industrial Corp. PLC<sup>\*</sup>  | 225037 | 5580917 |
| RBC Bearings, Inc.<sup>\*</sup>  | 15502 | 6004545 |
|  |  | **11585462** |
| **INTERACTIVE MEDIA & SERVICES—0.9%** | **INTERACTIVE MEDIA & SERVICES—0.9%** | **INTERACTIVE MEDIA & SERVICES—0.9%** |
| Reddit, Inc., Cl. A<sup>\*</sup>  | 10583 | **1699524** |
| **INTERNET SERVICES & INFRASTRUCTURE—1.1%** | **INTERNET SERVICES & INFRASTRUCTURE—1.1%** | **INTERNET SERVICES & INFRASTRUCTURE—1.1%** |
| Wix.com Ltd.<sup>\*</sup>  | 14804 | **2013788** |
| **INVESTMENT BANKING & BROKERAGE—0.6%** | **INVESTMENT BANKING & BROKERAGE—0.6%** | **INVESTMENT BANKING & BROKERAGE—0.6%** |
| Moelis & Co., Cl. A | 16610 | **1165025** |
| **LEISURE FACILITIES—2.5%** | **LEISURE FACILITIES—2.5%** | **LEISURE FACILITIES—2.5%** |
| Life Time Group Holdings, Inc.<sup>\*</sup>  | 34655 | 995292 |
| Planet Fitness, Inc., Cl. A<sup>\*</sup>  | 35563 | 3883124 |
|  |  | **4878416** |
| **LIFE SCIENCES TOOLS & SERVICES—5.8%** | **LIFE SCIENCES TOOLS & SERVICES—5.8%** | **LIFE SCIENCES TOOLS & SERVICES—5.8%** |
| 10X Genomics, Inc., Cl. A<sup>\*</sup>  | 38365 | 516009 |
| Adaptive Biotechnologies Corp.<sup>\*</sup>  | 230283 | 2358098 |
| Bio-Techne Corp. | 50403 | 2758556 |
| CryoPort, Inc.<sup>\*</sup>  | 253082 | 1855091 |
| MaxCyte, Inc.<sup>\*</sup>  | 188744 | 388813 |
| Repligen Corp.<sup>\*</sup>  | 17791 | 2082792 |
| Tempus AI, Inc.<sup>\*</sup>  | 21161 | 1197501 |
|  |  | **11156860** |
| **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 | **789276** |
| **PASSENGER AIRLINES—2.5%** | **PASSENGER AIRLINES—2.5%** | **PASSENGER AIRLINES—2.5%** |
| Joby Aviation, Inc.<sup>\*</sup>  | 293469 | **4889194** |
| **PERSONAL CARE PRODUCTS—0.9%** | **PERSONAL CARE PRODUCTS—0.9%** | **PERSONAL CARE PRODUCTS—0.9%** |
| Oddity Tech, Ltd., Cl. A<sup>\*</sup>  | 25636 | **1796315** |
| **RESTAURANTS—5.8%** | **RESTAURANTS—5.8%** | **RESTAURANTS—5.8%** |
| Kura Sushi USA, Inc., Cl. A<sup>\*</sup>  | 19390 | 1701279 |
| Portillo's, Inc., Cl. A<sup>\*</sup>  | 210032 | 2091919 |
| Shake Shack, Inc., Cl. A<sup>\*</sup>  | 25646 | 3086240 |
| The Cheesecake Factory, Inc. | 33716 | 2154789 |
| Wingstop, Inc. | 5530 | 2086690 |
|  |  | **11120917** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.0% (CONT.)** | **COMMON STOCKS—98.0% (CONT.)** | **COMMON STOCKS—98.0% (CONT.)** |
| **SEMICONDUCTORS—5.5%** | **SEMICONDUCTORS—5.5%** | **SEMICONDUCTORS—5.5%** |
| Astera Labs, Inc.<sup>\*</sup>  | 36765 | **$** 5026878 |
| Rambus, Inc.<sup>\*</sup>  | 32527 | 2404721 |
| Universal Display Corp. | 21944 | 3168714 |
|  |  | **10600313** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.6%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.6%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.6%** |
| Celsius Holdings, Inc.<sup>\*</sup>  | 23944 | **1085621** |
| **SPECIALTY CHEMICALS—0.1%** | **SPECIALTY CHEMICALS—0.1%** | **SPECIALTY CHEMICALS—0.1%** |
| Balchem Corp. | 1712 | **261029** |
| **SYSTEMS SOFTWARE—4.4%** | **SYSTEMS SOFTWARE—4.4%** | **SYSTEMS SOFTWARE—4.4%** |
| CyberArk Software Ltd.<sup>\*</sup>  | 8557 | 3520949 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 51923 | 2826169 |
| Varonis Systems, Inc.<sup>\*</sup>  | 38804 | 2166427 |
|  |  | **8513545** |
| **TRADING COMPANIES & DISTRIBUTORS—1.7%** | **TRADING COMPANIES & DISTRIBUTORS—1.7%** | **TRADING COMPANIES & DISTRIBUTORS—1.7%** |
| FTAI Aviation Ltd. | 15834 | 2178917 |
| Xometry, Inc., Cl. A<sup>\*</sup>  | 34095 | 1102632 |
|  |  | **3281549** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $144,236,928) |  | **188746912** |
| **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** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Prosetta Biosciences, Inc., Series D<sup>(a),\*,@</sup>  | 50688 | **—** |
| **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 $1,678,927) |  | **1485806** |
| **RIGHTS—0.0%** | **RIGHTS—0.0%** | **RIGHTS—0.0%** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Mirati Therapeutics, Inc. CVR<sup>(a),\*,@</sup>  | 14432 | 16741 |
| Tolero CDR<sup>(a),\*,@</sup>  | 174782 |  |
|  |  | **16741** |
| **PHARMACEUTICALS—0.0%** | **PHARMACEUTICALS—0.0%** | **PHARMACEUTICALS—0.0%** |
| Fusion Pharmaceuticals, Inc. CVR<sup>(a),\*,@</sup>  | 87642 | **99912** |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>(Cost $94,483) |  | **116653** |
| **SPECIAL PURPOSE VEHICLE—1.0%** | **SPECIAL PURPOSE VEHICLE—1.0%** | **SPECIAL PURPOSE VEHICLE—1.0%** |
| **DATA PROCESSING & OUTSOURCED SERVICES—1.0%** | **DATA PROCESSING & OUTSOURCED SERVICES—1.0%** | **DATA PROCESSING & OUTSOURCED SERVICES—1.0%** |
| Crosslink Ventures C, LLC, Cl. A<sup>(b),\*,@</sup>  |  | 1512185 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SPECIAL PURPOSE VEHICLE—1.0% (CONT.)** | **SPECIAL PURPOSE VEHICLE—1.0% (CONT.)** | **SPECIAL PURPOSE VEHICLE—1.0% (CONT.)** |
| **DATA PROCESSING & OUTSOURCED SERVICES—1.0% (CONT.)** | **DATA PROCESSING & OUTSOURCED SERVICES—1.0% (CONT.)** | **DATA PROCESSING & OUTSOURCED SERVICES—1.0% (CONT.)** |
| Crosslink Ventures C, LLC, Cl. B<sup>(b),\*,@</sup>  |  | **$** 402604 |
|  |  | **1914789** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLE** <br>(Cost $2,275,000) |  | **1914789** |
| **SHORT-TERM SECURITIES—0.2%** | **SHORT-TERM SECURITIES—0.2%** | **SHORT-TERM SECURITIES—0.2%** |
| **MONEY MARKET FUNDS—0.2%** | **MONEY MARKET FUNDS—0.2%** | **MONEY MARKET FUNDS—0.2%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.19%<sup>(c)</sup>  | 374194 | **374194** |
| &nbsp;&nbsp;&nbsp; (Cost $374,194) |  | **374194** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $148,659,532)** | 100.0% | **$192638354** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Securities (Cost $2,275,000) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1914789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $146,384,532) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190723565 |
| Liabilities in Excess of Other Assets | (0.0)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55795) |
| **NET ASSETS** | 100.0% | **$192582559** |

---

&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)* | *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>|
| *(c)* | *Rate shown reflects 7-day effective yield as of July 31, 2025.* |
| *\** | *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>*7/31/2025*<br>|
| *Crosslink Ventures C, LLC, Cl. A* | *10/2/20* | $*1800000* | $*1512185* | *0.8%* |
| *Crosslink Ventures C, LLC, Cl. B* | *12/16/20* | *475000* | *402604* | *0.2%* |
| *Fusion Pharmaceuticals, Inc. CVR* | *6/5/24* | *—* | *99912* | *0.0%* |
| *Impulse Dynamics PLC, Series A* | *2/11/22* | *3646998* | *131292* | *0.1%* |
| *Impulse Dynamics PLC, Series F-3* | *2/5/24* | *390695* | *425670* | *0.2%* |
| *Mirati Therapeutics, Inc. CVR* | *1/24/24* | *—* | *16741* | *0.0%* |
| *Prosetta Biosciences, Inc., Series D* | *2/16/15* | *228096* | *—* | *0.0%* |
| *SB Technology, Inc., Series E* | *10/23/24* | *1060136* | *1060136* | *0.6%* |
| *Tolero CDR* | *2/6/17* | *94483* | *—* | *0.0%* |
| *Total* |  | *$7695408* | *$3648540* | *1.9%* |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—92.3%** | **COMMON STOCKS—92.3%** | **COMMON STOCKS—92.3%** |
| **AEROSPACE & DEFENSE—2.2%** | **AEROSPACE & DEFENSE—2.2%** | **AEROSPACE & DEFENSE—2.2%** |
| Loar Holdings, Inc.<sup>\*</sup>  | 262737 | **$19418892** |
| **APPLICATION SOFTWARE—14.2%** | **APPLICATION SOFTWARE—14.2%** | **APPLICATION SOFTWARE—14.2%** |
| Agilysys, Inc.<sup>\*</sup>  | 162715 | 18562527 |
| Clearwater Analytics Holdings, Inc., Cl. A<sup>\*</sup>  | 882838 | 17886298 |
| Guidewire Software, Inc.<sup>\*</sup>  | 101913 | 23054759 |
| Intapp, Inc.<sup>\*</sup>  | 253701 | 10160725 |
| nCino, Inc.<sup>\*</sup>  | 408665 | 11411970 |
| Q2 Holdings, Inc.<sup>\*</sup>  | 262462 | 21311914 |
| Vertex, Inc., Cl. A<sup>\*</sup>  | 609474 | 20216253 |
|  |  | **122604446** |
| **ASSET MANAGEMENT & CUSTODY BANKS—2.6%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.6%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.6%** |
| Galaxy Digital, Inc., Cl. A<sup>\*</sup>  | 785216 | **22271210** |
| **AUTOMOTIVE PARTS & EQUIPMENT—2.2%** | **AUTOMOTIVE PARTS & EQUIPMENT—2.2%** | **AUTOMOTIVE PARTS & EQUIPMENT—2.2%** |
| Modine Manufacturing Co.<sup>\*</sup>  | 138846 | **18683118** |
| **BIOTECHNOLOGY—7.6%** | **BIOTECHNOLOGY—7.6%** | **BIOTECHNOLOGY—7.6%** |
| Abivax SA ADR<sup>\*</sup>  | 135048 | 9692395 |
| Absci Corp.<sup>\*</sup>  | 1870103 | 5292391 |
| Akero Therapeutics, Inc.<sup>\*</sup>  | 153594 | 7503067 |
| CareDx, Inc.<sup>\*</sup>  | 640360 | 7866822 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 496062 | 4950699 |
| MoonLake Immunotherapeutics<sup>\*</sup>  | 138122 | 6966874 |
| Natera, Inc.<sup>\*</sup>  | 146189 | 19539622 |
| Soleno Therapeutics, Inc.<sup>\*</sup>  | 50079 | 4330331 |
|  |  | **66142201** |
| **BUILDING PRODUCTS—0.8%** | **BUILDING PRODUCTS—0.8%** | **BUILDING PRODUCTS—0.8%** |
| CSW Industrials, Inc. | 24982 | **6482329** |
| **CONSTRUCTION & ENGINEERING—6.3%** | **CONSTRUCTION & ENGINEERING—6.3%** | **CONSTRUCTION & ENGINEERING—6.3%** |
| Construction Partners, Inc., Cl. A<sup>\*</sup>  | 178104 | 17961788 |
| Sterling Infrastructure, Inc.<sup>\*</sup>  | 19000 | 5084210 |
| Tutor Perini Corp.<sup>\*</sup>  | 657163 | 31642399 |
|  |  | **54688397** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—2.6%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—2.6%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—2.6%** |
| Federal Signal Corp. | 176728 | **22368463** |
| **CONSUMER FINANCE—3.4%** | **CONSUMER FINANCE—3.4%** | **CONSUMER FINANCE—3.4%** |
| Upstart Holdings, Inc.<sup>\*</sup>  | 359125 | **29354878** |
| **HEALTHCARE EQUIPMENT—4.3%** | **HEALTHCARE EQUIPMENT—4.3%** | **HEALTHCARE EQUIPMENT—4.3%** |
| Glaukos Corp.<sup>\*</sup>  | 101188 | 8711275 |
| Inspire Medical Systems, Inc.<sup>\*</sup>  | 33718 | 4199240 |
| iRhythm Technologies, Inc.<sup>\*</sup>  | 102680 | 14393682 |
| TransMedics Group, Inc.<sup>\*</sup>  | 83252 | 9904491 |
|  |  | **37208688** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—92.3% (CONT.)** | **COMMON STOCKS—92.3% (CONT.)** | **COMMON STOCKS—92.3% (CONT.)** |
| **HEALTHCARE SERVICES—6.0%** | **HEALTHCARE SERVICES—6.0%** | **HEALTHCARE SERVICES—6.0%** |
| GeneDx Holdings Corp., Cl. A<sup>\*</sup>  | 418336 | **$** 42649355 |
| Guardant Health, Inc.<sup>\*</sup>  | 222232 | 9107068 |
|  |  | **51756423** |
| **HEALTHCARE SUPPLIES—1.0%** | **HEALTHCARE SUPPLIES—1.0%** | **HEALTHCARE SUPPLIES—1.0%** |
| Neogen Corp.<sup>\*</sup>  | 1901178 | **8840478** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.2%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.2%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.2%** |
| Talen Energy Corp.<sup>\*</sup>  | 97027 | **36634484** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—11.3%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—11.3%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—11.3%** |
| Gates Industrial Corp. PLC<sup>\*</sup>  | 878172 | 21778665 |
| RBC Bearings, Inc.<sup>\*</sup>  | 135091 | 52326148 |
| SPX Technologies, Inc.<sup>\*</sup>  | 129589 | 23635738 |
|  |  | **97740551** |
| **INTERNET SERVICES & INFRASTRUCTURE—0.8%** | **INTERNET SERVICES & INFRASTRUCTURE—0.8%** | **INTERNET SERVICES & INFRASTRUCTURE—0.8%** |
| GDS Holdings, Ltd. ADR<sup>\*</sup>  | 201762 | **7277555** |
| **LIFE SCIENCES TOOLS & SERVICES—11.0%** | **LIFE SCIENCES TOOLS & SERVICES—11.0%** | **LIFE SCIENCES TOOLS & SERVICES—11.0%** |
| Adaptive Biotechnologies Corp.<sup>\*</sup>  | 1631590 | 16707482 |
| BioLife Solutions, Inc.<sup>\*</sup>  | 1125792 | 23934338 |
| CryoPort, Inc.<sup>\*</sup>  | 1455226 | 10666806 |
| Repligen Corp.<sup>\*</sup>  | 174245 | 20398862 |
| Stevanato Group SpA | 951635 | 23514901 |
|  |  | **95222389** |
| **RESTAURANTS—6.6%** | **RESTAURANTS—6.6%** | **RESTAURANTS—6.6%** |
| Kura Sushi USA, Inc., Cl. A<sup>\*</sup>  | 208884 | 18327482 |
| Portillo's, Inc., Cl. A<sup>\*</sup>  | 1335614 | 13302715 |
| Wingstop, Inc. | 66516 | 25099148 |
|  |  | **56729345** |
| **SEMICONDUCTORS—1.1%** | **SEMICONDUCTORS—1.1%** | **SEMICONDUCTORS—1.1%** |
| Credo Technology Group Holding, Ltd.<sup>\*</sup>  | 86300 | **9626765** |
| **SYSTEMS SOFTWARE—1.2%** | **SYSTEMS SOFTWARE—1.2%** | **SYSTEMS SOFTWARE—1.2%** |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 194440 | **10583369** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.7%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.7%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.7%** |
| IonQ, Inc.<sup>\*</sup>  | 144022 | **5742157** |
| **TRADING COMPANIES & DISTRIBUTORS—2.2%** | **TRADING COMPANIES & DISTRIBUTORS—2.2%** | **TRADING COMPANIES & DISTRIBUTORS—2.2%** |
| FTAI Aviation Ltd. | 24557 | 3379289 |
| Xometry, Inc., Cl. A<sup>\*</sup>  | 489855 | 15841911 |
|  |  | **19221200** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $580,375,038) |  | **798597338** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **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 $6,435) |  | **—** |
| **SHORT-TERM SECURITIES—2.9%** | **SHORT-TERM SECURITIES—2.9%** | **SHORT-TERM SECURITIES—2.9%** |
| **MONEY MARKET FUNDS—2.9%** | **MONEY MARKET FUNDS—2.9%** | **MONEY MARKET FUNDS—2.9%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.19%<sup>(c)</sup>  | 25054644 | **25054644** |
| &nbsp;&nbsp;&nbsp; (Cost $25,054,644) |  | **25054644** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $633,388,240)** | 98.7% | **$854106400** |
| &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 $605,436,117) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 823651982 |
| Other Assets in Excess of Liabilities | 1.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10864254 |
| **NET ASSETS** | 100.0% | **$864970654** |

---

&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 July 31, 2025.* |
| *\** | *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>*7/31/2025*<br>|
| *Impulse Dynamics PLC, Series F-3* | *11/28/23-2/5/24* | $*27952123* | $*30454418* | *3.5%* |
| *Tolero CDR* | *2/16/17* | *6435* | *—* | *0.0%* |
| *Total* |  | *$27958558* | *$30454418* | *3.5%* |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.8%** | **COMMON STOCKS—97.8%** | **COMMON STOCKS—97.8%** |
| **AEROSPACE & DEFENSE—7.9%** | **AEROSPACE & DEFENSE—7.9%** | **AEROSPACE & DEFENSE—7.9%** |
| AAR Corp.<sup>\*</sup>  | 166825 | **$** 12463496 |
| Cadre Holdings, Inc. | 128579 | 4252107 |
| Kratos Defense & Security Solutions, Inc.<sup>\*</sup>  | 94824 | 5566169 |
| Loar Holdings, Inc.<sup>\*</sup>  | 73089 | 5402008 |
|  |  | **27683780** |
| **APPLICATION SOFTWARE—8.2%** | **APPLICATION SOFTWARE—8.2%** | **APPLICATION SOFTWARE—8.2%** |
| Agilysys, Inc.<sup>\*</sup>  | 47854 | 5459184 |
| BILL Holdings, Inc.<sup>\*</sup>  | 5241 | 224577 |
| nCino, Inc.<sup>\*</sup>  | 208884 | 5833086 |
| PROS Holdings, Inc.<sup>\*</sup>  | 162647 | 2551931 |
| SPS Commerce, Inc.<sup>\*</sup>  | 86063 | 9369249 |
| Vertex, Inc., Cl. A<sup>\*</sup>  | 167564 | 5558098 |
|  |  | **28996125** |
| **ASSET MANAGEMENT & CUSTODY BANKS—3.9%** | **ASSET MANAGEMENT & CUSTODY BANKS—3.9%** | **ASSET MANAGEMENT & CUSTODY BANKS—3.9%** |
| Hamilton Lane, Inc., Cl. A | 13985 | 2129915 |
| StepStone Group, Inc., Cl. A | 193022 | 11457786 |
|  |  | **13587701** |
| **BIOTECHNOLOGY—10.4%** | **BIOTECHNOLOGY—10.4%** | **BIOTECHNOLOGY—10.4%** |
| ACADIA Pharmaceuticals, Inc.<sup>\*</sup>  | 623268 | 14852476 |
| Ionis Pharmaceuticals, Inc.<sup>\*</sup>  | 3424 | 147164 |
| Natera, Inc.<sup>\*</sup>  | 120195 | 16065264 |
| Ultragenyx Pharmaceutical, Inc.<sup>\*</sup>  | 132317 | 3614900 |
| Veracyte, Inc.<sup>\*</sup>  | 78294 | 1840692 |
|  |  | **36520496** |
| **BROADLINE RETAIL—3.7%** | **BROADLINE RETAIL—3.7%** | **BROADLINE RETAIL—3.7%** |
| Ollie's Bargain Outlet Holdings, Inc.<sup>\*</sup>  | 94648 | **12931756** |
| **CARGO GROUND TRANSPORTATION—1.2%** | **CARGO GROUND TRANSPORTATION—1.2%** | **CARGO GROUND TRANSPORTATION—1.2%** |
| RXO, Inc.<sup>\*</sup>  | 280459 | **4333091** |
| **CONSTRUCTION & ENGINEERING—1.5%** | **CONSTRUCTION & ENGINEERING—1.5%** | **CONSTRUCTION & ENGINEERING—1.5%** |
| Sterling Infrastructure, Inc.<sup>\*</sup>  | 19117 | **5115518** |
| **CONSUMER FINANCE—3.5%** | **CONSUMER FINANCE—3.5%** | **CONSUMER FINANCE—3.5%** |
| Upstart Holdings, Inc.<sup>\*</sup>  | 148663 | **12151714** |
| **DIVERSIFIED SUPPORT SERVICES—3.7%** | **DIVERSIFIED SUPPORT SERVICES—3.7%** | **DIVERSIFIED SUPPORT SERVICES—3.7%** |
| VSE Corp. | 83204 | **13024754** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.8%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.8%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.8%** |
| Novanta, Inc.<sup>\*</sup>  | 46586 | 5731010 |
| PAR Technology Corp.<sup>\*</sup>  | 11881 | 722127 |
|  |  | **6453137** |
| **ENVIRONMENTAL & FACILITIES SERVICES—6.6%** | **ENVIRONMENTAL & FACILITIES SERVICES—6.6%** | **ENVIRONMENTAL & FACILITIES SERVICES—6.6%** |
| Casella Waste Systems, Inc., Cl. A<sup>\*</sup>  | 148269 | 16121289 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.8% (CONT.)** | **COMMON STOCKS—97.8% (CONT.)** | **COMMON STOCKS—97.8% (CONT.)** |
| **ENVIRONMENTAL & FACILITIES SERVICES—6.6% (CONT.)** | **ENVIRONMENTAL & FACILITIES SERVICES—6.6% (CONT.)** | **ENVIRONMENTAL & FACILITIES SERVICES—6.6% (CONT.)** |
| Montrose Environmental Group, Inc.<sup>\*</sup>  | 312267 | **$** 7085338 |
|  |  | **23206627** |
| **HEALTHCARE EQUIPMENT—8.7%** | **HEALTHCARE EQUIPMENT—8.7%** | **HEALTHCARE EQUIPMENT—8.7%** |
| Artivion, Inc.<sup>\*</sup>  | 380869 | 11772661 |
| Glaukos Corp.<sup>\*</sup>  | 64740 | 5573467 |
| Impulse Dynamics PLC, Series A<sup>(a),\*,@</sup>  | 2986209 | 107503 |
| Inmode, Ltd.<sup>\*</sup>  | 123797 | 1691067 |
| Inspire Medical Systems, Inc.<sup>\*</sup>  | 18236 | 2271111 |
| iRhythm Technologies, Inc.<sup>\*</sup>  | 45792 | 6419122 |
| Tandem Diabetes Care, Inc.<sup>\*</sup>  | 167201 | 2604992 |
|  |  | **30439923** |
| **HEALTHCARE SERVICES—1.9%** | **HEALTHCARE SERVICES—1.9%** | **HEALTHCARE SERVICES—1.9%** |
| RadNet, Inc.<sup>\*</sup>  | 124209 | **6797959** |
| **HEALTHCARE SUPPLIES—0.6%** | **HEALTHCARE SUPPLIES—0.6%** | **HEALTHCARE SUPPLIES—0.6%** |
| Neogen Corp.<sup>\*</sup>  | 455478 | **2117973** |
| **HUMAN RESOURCE & EMPLOYMENT SERVICES—2.4%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—2.4%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—2.4%** |
| First Advantage Corp.<sup>\*</sup>  | 493123 | **8526097** |
| **INSURANCE BROKERS—1.0%** | **INSURANCE BROKERS—1.0%** | **INSURANCE BROKERS—1.0%** |
| Accelerant Holdings, Cl. A<sup>\*</sup>  | 123165 | **3391964** |
| **INVESTMENT BANKING & BROKERAGE—1.1%** | **INVESTMENT BANKING & BROKERAGE—1.1%** | **INVESTMENT BANKING & BROKERAGE—1.1%** |
| Piper Sandler Cos. | 12668 | **3994474** |
| **LEISURE FACILITIES—3.0%** | **LEISURE FACILITIES—3.0%** | **LEISURE FACILITIES—3.0%** |
| Planet Fitness, Inc., Cl. A<sup>\*</sup>  | 95337 | **10409847** |
| **MANAGED HEALTHCARE—3.3%** | **MANAGED HEALTHCARE—3.3%** | **MANAGED HEALTHCARE—3.3%** |
| Progyny, Inc.<sup>\*</sup>  | 494997 | **11637379** |
| **PROPERTY & CASUALTY INSURANCE—2.0%** | **PROPERTY & CASUALTY INSURANCE—2.0%** | **PROPERTY & CASUALTY INSURANCE—2.0%** |
| Palomar Holdings, Inc.<sup>\*</sup>  | 53013 | **7023692** |
| **REAL ESTATE SERVICES—7.2%** | **REAL ESTATE SERVICES—7.2%** | **REAL ESTATE SERVICES—7.2%** |
| Compass, Inc., Cl. A<sup>\*</sup>  | 565234 | 4487958 |
| FirstService Corp. | 106496 | 21003141 |
|  |  | **25491099** |
| **RESTAURANTS—2.2%** | **RESTAURANTS—2.2%** | **RESTAURANTS—2.2%** |
| Wingstop, Inc. | 20638 | **7787543** |
| **SEMICONDUCTORS—6.1%** | **SEMICONDUCTORS—6.1%** | **SEMICONDUCTORS—6.1%** |
| Impinj, Inc.<sup>\*</sup>  | 69748 | 10781646 |
| Semtech Corp.<sup>\*</sup>  | 186953 | 9553298 |
| SiTime Corp.<sup>\*</sup>  | 6017 | 1220549 |
|  |  | **21555493** |
| **TRADING COMPANIES & DISTRIBUTORS—5.9%** | **TRADING COMPANIES & DISTRIBUTORS—5.9%** | **TRADING COMPANIES & DISTRIBUTORS—5.9%** |
| SiteOne Landscape Supply, Inc.<sup>\*</sup>  | 90671 | 12497184 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.8% (CONT.)** | **COMMON STOCKS—97.8% (CONT.)** | **COMMON STOCKS—97.8% (CONT.)** |
| **TRADING COMPANIES & DISTRIBUTORS—5.9% (CONT.)** | **TRADING COMPANIES & DISTRIBUTORS—5.9% (CONT.)** | **TRADING COMPANIES & DISTRIBUTORS—5.9% (CONT.)** |
| Transcat, Inc.<sup>\*</sup>  | 80448 | **$** 6148641 |
| Xometry, Inc., Cl. A<sup>\*</sup>  | 66624 | 2154620 |
|  |  | **20800445** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $253,949,145) |  | **343978587** |
| **PREFERRED STOCKS—0.0%** | **PREFERRED STOCKS—0.0%** | **PREFERRED STOCKS—0.0%** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Prosetta Biosciences, Inc., Series D<sup>(a),\*,@</sup>  | 231474 | **—** |
| &nbsp;&nbsp;&nbsp; (Cost $1,041,633) |  | **—** |
| **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, 4.19%<sup>(b)</sup>  | 2359312 | **2359312** |
| &nbsp;&nbsp;&nbsp; (Cost $2,359,312) |  | **2359312** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $257,350,090)** | 98.5% | **$346337899** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $257,350,090) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346337899 |
| Other Assets in Excess of Liabilities | 1.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5155610 |
| **NET ASSETS** | 100.0% | **$351493509** |

---

&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 July 31, 2025.* |
| *\** | *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>*7/31/2025*<br>|
| *Impulse Dynamics PLC, Series A* | *2/11/22* | $*2986210* | $*107503* | *0.0%* |
| *Prosetta Biosciences, Inc., Series D* | *2/6/15* | *1041633* | *—* | *0.0%* |
| *Total* |  | *$4027843* | *$107503* | *0.0%* |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.2%** | **COMMON STOCKS—95.2%** | **COMMON STOCKS—95.2%** |
| **AUSTRALIA—1.3%** | **AUSTRALIA—1.3%** | **AUSTRALIA—1.3%** |
| **APPLICATION SOFTWARE—1.3%** | **APPLICATION SOFTWARE—1.3%** | **APPLICATION SOFTWARE—1.3%** |
| Xero, Ltd.<sup>\*</sup>  | 18228 | **$2099148** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,167,080) |  |  |
| **BELGIUM—2.6%** | **BELGIUM—2.6%** | **BELGIUM—2.6%** |
| **PHARMACEUTICALS—2.6%** | **PHARMACEUTICALS—2.6%** | **PHARMACEUTICALS—2.6%** |
| UCB SA | 20288 | **4358980** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,523,494) |  |  |
| **BRAZIL—4.1%** | **BRAZIL—4.1%** | **BRAZIL—4.1%** |
| **BROADLINE RETAIL—2.6%** | **BROADLINE RETAIL—2.6%** | **BROADLINE RETAIL—2.6%** |
| MercadoLibre, Inc.<sup>\*</sup>  | 1813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4303863 |
| **DIVERSIFIED BANKS—1.5%** | **DIVERSIFIED BANKS—1.5%** | **DIVERSIFIED BANKS—1.5%** |
| NU Holdings, Ltd., Cl. A<sup>\*</sup>  | 197528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2413792 |
| &nbsp;&nbsp;&nbsp; **TOTAL BRAZIL** <br>(Cost $3,726,912) |  | **6717655** |
| **CANADA—6.7%** | **CANADA—6.7%** | **CANADA—6.7%** |
| **APPLICATION SOFTWARE—2.3%** | **APPLICATION SOFTWARE—2.3%** | **APPLICATION SOFTWARE—2.3%** |
| Constellation Software, Inc. | 1082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3732869 |
| **DIVERSIFIED SUPPORT SERVICES—1.8%** | **DIVERSIFIED SUPPORT SERVICES—1.8%** | **DIVERSIFIED SUPPORT SERVICES—1.8%** |
| Element Fleet Management Corp. | 114661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2982378 |
| **INTERNET SERVICES & INFRASTRUCTURE—2.6%** | **INTERNET SERVICES & INFRASTRUCTURE—2.6%** | **INTERNET SERVICES & INFRASTRUCTURE—2.6%** |
| Shopify, Inc., Cl. A<sup>\*</sup>  | 34782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4251607 |
| &nbsp;&nbsp;&nbsp; **TOTAL CANADA** <br>(Cost $7,876,137) |  | **10966854** |
| **CHINA—5.3%** | **CHINA—5.3%** | **CHINA—5.3%** |
| **HOTELS RESORTS & CRUISE LINES—2.6%** | **HOTELS RESORTS & CRUISE LINES—2.6%** | **HOTELS RESORTS & CRUISE LINES—2.6%** |
| Trip.com Group Ltd. ADR | 68759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4259620 |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.7%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.7%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.7%** |
| Xiaomi Corp., Cl. B<sup>\*</sup>  | 658256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4428715 |
| &nbsp;&nbsp;&nbsp; **TOTAL CHINA** <br>(Cost $6,753,273) |  | **8688335** |
| **FRANCE—4.9%** | **FRANCE—4.9%** | **FRANCE—4.9%** |
| **BUILDING PRODUCTS—1.4%** | **BUILDING PRODUCTS—1.4%** | **BUILDING PRODUCTS—1.4%** |
| Cie de Saint-Gobain SA | 20249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2322908 |
| **HEALTHCARE SUPPLIES—1.9%** | **HEALTHCARE SUPPLIES—1.9%** | **HEALTHCARE SUPPLIES—1.9%** |
| EssilorLuxottica SA | 10572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3143632 |
| **RESEARCH & CONSULTING SERVICES—1.6%** | **RESEARCH & CONSULTING SERVICES—1.6%** | **RESEARCH & CONSULTING SERVICES—1.6%** |
| Bureau Veritas SA | 85935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2646465 |
| &nbsp;&nbsp;&nbsp; **TOTAL FRANCE** <br>(Cost $6,854,194) |  | **8113005** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.2% (CONT.)** | **COMMON STOCKS—95.2% (CONT.)** | **COMMON STOCKS—95.2% (CONT.)** |
| **GERMANY—9.6%** | **GERMANY—9.6%** | **GERMANY—9.6%** |
| **AEROSPACE & DEFENSE—3.3%** | **AEROSPACE & DEFENSE—3.3%** | **AEROSPACE & DEFENSE—3.3%** |
| MTU Aero Engines AG | 12587 | $5429512 |
| **CONSTRUCTION MATERIALS—3.3%** | **CONSTRUCTION MATERIALS—3.3%** | **CONSTRUCTION MATERIALS—3.3%** |
| Heidelberg Materials AG | 23752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5479462 |
| **MOVIES & ENTERTAINMENT—3.0%** | **MOVIES & ENTERTAINMENT—3.0%** | **MOVIES & ENTERTAINMENT—3.0%** |
| CTS Eventim AG & Co. KGaA | 44015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4970370 |
| &nbsp;&nbsp;&nbsp; **TOTAL GERMANY** <br>(Cost $10,169,976) |  | **15879344** |
| **GREECE—1.8%** | **GREECE—1.8%** | **GREECE—1.8%** |
| **DIVERSIFIED BANKS—1.8%** | **DIVERSIFIED BANKS—1.8%** | **DIVERSIFIED BANKS—1.8%** |
| National Bank of Greece SA | 207415 | **2893141** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,980,773) |  |  |
| **INDIA—4.9%** | **INDIA—4.9%** | **INDIA—4.9%** |
| **DIVERSIFIED BANKS—3.2%** | **DIVERSIFIED BANKS—3.2%** | **DIVERSIFIED BANKS—3.2%** |
| ICICI Bank, Ltd. ADR | 155471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5239373 |
| **REAL ESTATE DEVELOPMENT—1.7%** | **REAL ESTATE DEVELOPMENT—1.7%** | **REAL ESTATE DEVELOPMENT—1.7%** |
| Godrej Properties, Ltd.<sup>\*</sup>  | 120104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2863744 |
| &nbsp;&nbsp;&nbsp; **TOTAL INDIA** <br>(Cost $7,014,635) |  | **8103117** |
| **INDONESIA—2.2%** | **INDONESIA—2.2%** | **INDONESIA—2.2%** |
| **DIVERSIFIED BANKS—2.2%** | **DIVERSIFIED BANKS—2.2%** | **DIVERSIFIED BANKS—2.2%** |
| PT Bank Central Asia Tbk | 7347302 | **3682435** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,382,132) |  |  |
| **ITALY—2.5%** | **ITALY—2.5%** | **ITALY—2.5%** |
| **DIVERSIFIED BANKS—2.5%** | **DIVERSIFIED BANKS—2.5%** | **DIVERSIFIED BANKS—2.5%** |
| FinecoBank SpA | 194737 | **4146736** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,064,176) |  |  |
| **JAPAN—17.0%** | **JAPAN—17.0%** | **JAPAN—17.0%** |
| **BROADLINE RETAIL—2.8%** | **BROADLINE RETAIL—2.8%** | **BROADLINE RETAIL—2.8%** |
| Pan Pacific International Holdings Corp. | 134945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4514756 |
| **DIVERSIFIED BANKS—2.4%** | **DIVERSIFIED BANKS—2.4%** | **DIVERSIFIED BANKS—2.4%** |
| Mizuho Financial Group, Inc. | 136002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3989165 |
| **INDUSTRIAL CONGLOMERATES—3.4%** | **INDUSTRIAL CONGLOMERATES—3.4%** | **INDUSTRIAL CONGLOMERATES—3.4%** |
| Hitachi, Ltd. | 183424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5612894 |
| **INDUSTRIAL GASES—2.2%** | **INDUSTRIAL GASES—2.2%** | **INDUSTRIAL GASES—2.2%** |
| Nippon Sanso Holdings Corp. | 104021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3681672 |
| **INTERACTIVE HOME ENTERTAINMENT—3.2%** | **INTERACTIVE HOME ENTERTAINMENT—3.2%** | **INTERACTIVE HOME ENTERTAINMENT—3.2%** |
| Nintendo Co., Ltd. | 63673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5321722 |
| **PACKAGED FOODS & MEATS—2.1%** | **PACKAGED FOODS & MEATS—2.1%** | **PACKAGED FOODS & MEATS—2.1%** |
| Toyo Suisan Kaisha, Ltd. | 54218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3463915 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.2% (CONT.)** | **COMMON STOCKS—95.2% (CONT.)** | **COMMON STOCKS—95.2% (CONT.)** |
| **JAPAN—17.0% (CONT.)** | **JAPAN—17.0% (CONT.)** | **JAPAN—17.0% (CONT.)** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—0.9%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.9%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.9%** |
| GMO Payment Gateway, Inc. | 25943 | $1445877 |
| &nbsp;&nbsp;&nbsp; **TOTAL JAPAN** <br>(Cost $21,396,156) |  | **28030001** |
| **MEXICO—2.3%** | **MEXICO—2.3%** | **MEXICO—2.3%** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.3%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.3%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.3%** |
| Arca Continental SAB de CV | 362323 | **3777455** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,045,544) |  |  |
| **NORWAY—1.9%** | **NORWAY—1.9%** | **NORWAY—1.9%** |
| **AEROSPACE & DEFENSE—1.9%** | **AEROSPACE & DEFENSE—1.9%** | **AEROSPACE & DEFENSE—1.9%** |
| Kongsberg Gruppen ASA | 105249 | **3145170** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,182,671) |  |  |
| **SAUDI ARABIA—1.5%** | **SAUDI ARABIA—1.5%** | **SAUDI ARABIA—1.5%** |
| **IT CONSULTING & OTHER SERVICES—1.5%** | **IT CONSULTING & OTHER SERVICES—1.5%** | **IT CONSULTING & OTHER SERVICES—1.5%** |
| Elm Co. | 10297 | **2494720** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,213,018) |  |  |
| **SOUTH KOREA—2.4%** | **SOUTH KOREA—2.4%** | **SOUTH KOREA—2.4%** |
| **SEMICONDUCTORS—2.4%** | **SEMICONDUCTORS—2.4%** | **SEMICONDUCTORS—2.4%** |
| SK Hynix, Inc. | 20416 | **3956947** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,726,306) |  |  |
| **SPAIN—3.5%** | **SPAIN—3.5%** | **SPAIN—3.5%** |
| **DIVERSIFIED BANKS—3.5%** | **DIVERSIFIED BANKS—3.5%** | **DIVERSIFIED BANKS—3.5%** |
| CaixaBank SA | 608206 | **5722192** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,629,976) |  |  |
| **SWITZERLAND—2.9%** | **SWITZERLAND—2.9%** | **SWITZERLAND—2.9%** |
| **LIFE SCIENCES TOOLS & SERVICES—2.9%** | **LIFE SCIENCES TOOLS & SERVICES—2.9%** | **LIFE SCIENCES TOOLS & SERVICES—2.9%** |
| Lonza Group AG | 6758 | **4710117** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,191,150) |  |  |
| **TAIWAN—5.4%** | **TAIWAN—5.4%** | **TAIWAN—5.4%** |
| **SEMICONDUCTORS—5.4%** | **SEMICONDUCTORS—5.4%** | **SEMICONDUCTORS—5.4%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 36627 | **8849816** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,227,720) |  |  |
| **UNITED KINGDOM—8.5%** | **UNITED KINGDOM—8.5%** | **UNITED KINGDOM—8.5%** |
| **ASSET MANAGEMENT & CUSTODY BANKS—2.0%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.0%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.0%** |
| 3i Group PLC | 58286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3184874 |
| **RESEARCH & CONSULTING SERVICES—2.4%** | **RESEARCH & CONSULTING SERVICES—2.4%** | **RESEARCH & CONSULTING SERVICES—2.4%** |
| RELX PLC | 76651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3982869 |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.5%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.5%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.5%** |
| Coca-Cola HBC AG<sup>\*</sup>  | 80095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4162713 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.2% (CONT.)** | **COMMON STOCKS—95.2% (CONT.)** | **COMMON STOCKS—95.2% (CONT.)** |
| **UNITED KINGDOM—8.5% (CONT.)** | **UNITED KINGDOM—8.5% (CONT.)** | **UNITED KINGDOM—8.5% (CONT.)** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—1.6%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.6%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.6%** |
| Wise PLC, Cl. A<sup>\*</sup>  | 199764 | $2668646 |
| &nbsp;&nbsp;&nbsp; **TOTAL UNITED KINGDOM** <br>(Cost $10,354,455) |  | **13999102** |
| **UNITED STATES—3.9%** | **UNITED STATES—3.9%** | **UNITED STATES—3.9%** |
| **CASINOS & GAMING—1.8%** | **CASINOS & GAMING—1.8%** | **CASINOS & GAMING—1.8%** |
| Flutter Entertainment PLC<sup>\*</sup>  | 9745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2945524 |
| **HEAVY ELECTRICAL EQUIPMENT—2.1%** | **HEAVY ELECTRICAL EQUIPMENT—2.1%** | **HEAVY ELECTRICAL EQUIPMENT—2.1%** |
| GE Vernova, Inc. | 5359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3538494 |
| &nbsp;&nbsp;&nbsp; **TOTAL UNITED STATES** <br>(Cost $5,240,181) |  | **6484018** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $119,719,959) |  | **156818288** |

---

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

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS—4.7%** | **MONEY MARKET FUNDS—4.7%** | **MONEY MARKET FUNDS—4.7%** |
| **UNITED STATES—4.7%** | **UNITED STATES—4.7%** | **UNITED STATES—4.7%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.19%<sup>(a)</sup>  | 7845019 | **7845019** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $7,845,019) |  |  |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $127,564,978)** | 99.9% | **$164663307** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $127,564,978) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164663307 |
| Other Assets in Excess of Liabilities | 0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121372 |
| **NET ASSETS** | 100.0% | **$164784679** |

---

&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 July 31, 2025.* <br> *\** *Non-income producing security.*

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.3%** | **COMMON STOCKS—95.3%** | **COMMON STOCKS—95.3%** |
| **AUSTRALIA—1.2%** | **AUSTRALIA—1.2%** | **AUSTRALIA—1.2%** |
| **INSURANCE BROKERS—1.2%** | **INSURANCE BROKERS—1.2%** | **INSURANCE BROKERS—1.2%** |
| Steadfast Group, Ltd. | 6350 | **$24167** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $25,022) |  |  |
| **AUSTRIA—2.8%** | **AUSTRIA—2.8%** | **AUSTRIA—2.8%** |
| **CONSTRUCTION MATERIALS—2.8%** | **CONSTRUCTION MATERIALS—2.8%** | **CONSTRUCTION MATERIALS—2.8%** |
| Wienerberger AG | 1635 | **54809** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $59,825) |  |  |
| **BELGIUM—2.3%** | **BELGIUM—2.3%** | **BELGIUM—2.3%** |
| **HEALTH CARE DISTRIBUTORS—2.3%** | **HEALTH CARE DISTRIBUTORS—2.3%** | **HEALTH CARE DISTRIBUTORS—2.3%** |
| Fagron SA | 1864 | **46091** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $49,956) |  |  |
| **BRAZIL—2.5%** | **BRAZIL—2.5%** | **BRAZIL—2.5%** |
| **AEROSPACE & DEFENSE—2.5%** | **AEROSPACE & DEFENSE—2.5%** | **AEROSPACE & DEFENSE—2.5%** |
| Embraer SA ADR | 873 | **50267** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $51,050) |  |  |
| **CANADA—3.9%** | **CANADA—3.9%** | **CANADA—3.9%** |
| **APPLICATION SOFTWARE—1.0%** | **APPLICATION SOFTWARE—1.0%** | **APPLICATION SOFTWARE—1.0%** |
| The Descartes Systems Group, Inc.<sup>\*</sup>  | 196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20707 |
| **DIVERSIFIED SUPPORT SERVICES—2.9%** | **DIVERSIFIED SUPPORT SERVICES—2.9%** | **DIVERSIFIED SUPPORT SERVICES—2.9%** |
| Element Fleet Management Corp. | 2196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57119 |
| &nbsp;&nbsp;&nbsp; **TOTAL CANADA** <br>(Cost $75,232) |  | **77826** |
| **DENMARK—2.0%** | **DENMARK—2.0%** | **DENMARK—2.0%** |
| **PHARMACEUTICALS—2.0%** | **PHARMACEUTICALS—2.0%** | **PHARMACEUTICALS—2.0%** |
| ALK-abello A/S, Cl. B<sup>\*</sup>  | 1331 | **38617** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $39,461) |  |  |
| **FRANCE—4.1%** | **FRANCE—4.1%** | **FRANCE—4.1%** |
| **DIVERSIFIED SUPPORT SERVICES—1.7%** | **DIVERSIFIED SUPPORT SERVICES—1.7%** | **DIVERSIFIED SUPPORT SERVICES—1.7%** |
| Elis SA | 1263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34821 |
| **OIL & GAS STORAGE & TRANSPORTATION—2.4%** | **OIL & GAS STORAGE & TRANSPORTATION—2.4%** | **OIL & GAS STORAGE & TRANSPORTATION—2.4%** |
| Gaztransport Et Technigaz SA | 251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47210 |
| &nbsp;&nbsp;&nbsp; **TOTAL FRANCE** <br>(Cost $85,530) |  | **82031** |
| **GERMANY—8.3%** | **GERMANY—8.3%** | **GERMANY—8.3%** |
| **AEROSPACE & DEFENSE—1.2%** | **AEROSPACE & DEFENSE—1.2%** | **AEROSPACE & DEFENSE—1.2%** |
| Hensoldt AG | 219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24003 |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—1.2%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—1.2%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—1.2%** |
| RENK Group AG | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23288 |
| **DRUG RETAIL—1.9%** | **DRUG RETAIL—1.9%** | **DRUG RETAIL—1.9%** |
| Redcare Pharmacy NV<sup>\*</sup>  | 327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36196 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.3% (CONT.)** | **COMMON STOCKS—95.3% (CONT.)** | **COMMON STOCKS—95.3% (CONT.)** |
| **GERMANY—8.3% (CONT.)** | **GERMANY—8.3% (CONT.)** | **GERMANY—8.3% (CONT.)** |
| **LEISURE PRODUCTS—0.9%** | **LEISURE PRODUCTS—0.9%** | **LEISURE PRODUCTS—0.9%** |
| tonies SE, Cl. A<sup>\*</sup>  | 2677 | $18219 |
| **MOVIES & ENTERTAINMENT—3.1%** | **MOVIES & ENTERTAINMENT—3.1%** | **MOVIES & ENTERTAINMENT—3.1%** |
| CTS Eventim AG & Co. KGaA | 545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61544 |
| &nbsp;&nbsp;&nbsp; **TOTAL GERMANY** <br>(Cost $168,963) |  | **163250** |
| **HONG KONG—1.3%** | **HONG KONG—1.3%** | **HONG KONG—1.3%** |
| **CASINOS & GAMING—1.3%** | **CASINOS & GAMING—1.3%** | **CASINOS & GAMING—1.3%** |
| MGM China Holdings, Ltd. | 12175 | **25704** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $21,028) |  |  |
| **ISRAEL—1.9%** | **ISRAEL—1.9%** | **ISRAEL—1.9%** |
| **PERSONAL CARE PRODUCTS—1.9%** | **PERSONAL CARE PRODUCTS—1.9%** | **PERSONAL CARE PRODUCTS—1.9%** |
| Oddity Tech, Ltd., Cl. A<sup>\*</sup>  | 538 | **37698** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $40,837) |  |  |
| **ITALY—7.4%** | **ITALY—7.4%** | **ITALY—7.4%** |
| **ASSET MANAGEMENT & CUSTODY BANKS—2.3%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.3%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.3%** |
| Banca Generali SpA | 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44682 |
| **CASINOS & GAMING—1.7%** | **CASINOS & GAMING—1.7%** | **CASINOS & GAMING—1.7%** |
| Lottomatica Group SpA | 1275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34367 |
| **CONSTRUCTION & ENGINEERING—1.3%** | **CONSTRUCTION & ENGINEERING—1.3%** | **CONSTRUCTION & ENGINEERING—1.3%** |
| MAIRE SpA | 1846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25642 |
| **LEISURE PRODUCTS—2.1%** | **LEISURE PRODUCTS—2.1%** | **LEISURE PRODUCTS—2.1%** |
| Technogym SpA | 2740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42276 |
| &nbsp;&nbsp;&nbsp; **TOTAL ITALY** <br>(Cost $142,962) |  | **146967** |
| **JAPAN—27.4%** | **JAPAN—27.4%** | **JAPAN—27.4%** |
| **APPLICATION SOFTWARE—4.0%** | **APPLICATION SOFTWARE—4.0%** | **APPLICATION SOFTWARE—4.0%** |
| OBIC Business Consultants Co., Ltd. | 586 | 33797 |
| Rakus Co., Ltd. | 2938 | 45062 |
|  |  | **78859** |
| **BROADLINE RETAIL—1.8%** | **BROADLINE RETAIL—1.8%** | **BROADLINE RETAIL—1.8%** |
| Ryohin Keikaku Co., Ltd. | 772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36143 |
| **DIVERSIFIED BANKS—1.5%** | **DIVERSIFIED BANKS—1.5%** | **DIVERSIFIED BANKS—1.5%** |
| Rakuten Bank, Ltd.<sup>\*</sup>  | 614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28601 |
| **DIVERSIFIED SUPPORT SERVICES—1.9%** | **DIVERSIFIED SUPPORT SERVICES—1.9%** | **DIVERSIFIED SUPPORT SERVICES—1.9%** |
| Japan Elevator Service Holdings Co., Ltd. | 1381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36867 |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.8%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.8%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.8%** |
| SWCC Corp. | 938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56153 |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.1%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.1%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.1%** |
| Anritsu Corp., Cl. B | 2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22021 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.3% (CONT.)** | **COMMON STOCKS—95.3% (CONT.)** | **COMMON STOCKS—95.3% (CONT.)** |
| **JAPAN—27.4% (CONT.)** | **JAPAN—27.4% (CONT.)** | **JAPAN—27.4% (CONT.)** |
| **HUMAN RESOURCE & EMPLOYMENT SERVICES—2.9%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—2.9%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—2.9%** |
| TechnoPro Holdings, Inc. | 1804 | $57133 |
| **INTERACTIVE MEDIA & SERVICES—2.2%** | **INTERACTIVE MEDIA & SERVICES—2.2%** | **INTERACTIVE MEDIA & SERVICES—2.2%** |
| Kakaku.com, Inc. | 2531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43018 |
| **LEISURE FACILITIES—2.9%** | **LEISURE FACILITIES—2.9%** | **LEISURE FACILITIES—2.9%** |
| ROUND ONE Corp. | 5575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57251 |
| **LIFE & HEALTH INSURANCE—1.7%** | **LIFE & HEALTH INSURANCE—1.7%** | **LIFE & HEALTH INSURANCE—1.7%** |
| Lifenet Insurance Co.<sup>\*</sup>  | 2274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34445 |
| **PACKAGED FOODS & MEATS—1.0%** | **PACKAGED FOODS & MEATS—1.0%** | **PACKAGED FOODS & MEATS—1.0%** |
| Toyo Suisan Kaisha, Ltd. | 301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19230 |
| **PHARMACEUTICALS—1.9%** | **PHARMACEUTICALS—1.9%** | **PHARMACEUTICALS—1.9%** |
| Santen Pharmaceutical Co., Ltd. | 3426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37854 |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—1.7%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.7%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.7%** |
| GMO Payment Gateway, Inc. | 596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33217 |
| &nbsp;&nbsp;&nbsp; **TOTAL JAPAN** <br>(Cost $549,224) |  | **540792** |
| **SPAIN—2.7%** | **SPAIN—2.7%** | **SPAIN—2.7%** |
| **DIVERSIFIED BANKS—2.7%** | **DIVERSIFIED BANKS—2.7%** | **DIVERSIFIED BANKS—2.7%** |
| Bankinter SA | 3713 | **53000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $48,908) |  |  |
| **SWEDEN—4.3%** | **SWEDEN—4.3%** | **SWEDEN—4.3%** |
| **INVESTMENT BANKING & BROKERAGE—2.5%** | **INVESTMENT BANKING & BROKERAGE—2.5%** | **INVESTMENT BANKING & BROKERAGE—2.5%** |
| Nordnet AB | 1826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49313 |
| **SECURITY & ALARM SERVICES—1.8%** | **SECURITY & ALARM SERVICES—1.8%** | **SECURITY & ALARM SERVICES—1.8%** |
| Loomis AB | 908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35902 |
| &nbsp;&nbsp;&nbsp; **TOTAL SWEDEN** <br>(Cost $87,578) |  | **85215** |
| **SWITZERLAND—2.2%** | **SWITZERLAND—2.2%** | **SWITZERLAND—2.2%** |
| **BUILDING PRODUCTS—2.2%** | **BUILDING PRODUCTS—2.2%** | **BUILDING PRODUCTS—2.2%** |
| Belimo Holding AG | 37 | **43058** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $37,427) |  |  |
| **UNITED KINGDOM—21.0%** | **UNITED KINGDOM—21.0%** | **UNITED KINGDOM—21.0%** |
| **ASSET MANAGEMENT & CUSTODY BANKS—1.8%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.8%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.8%** |
| JTC PLC | 2921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36109 |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.6%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.6%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.6%** |
| Oxford Instruments PLC | 1293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30908 |
| **ENVIRONMENTAL & FACILITIES SERVICES—2.1%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.1%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.1%** |
| Mitie Group PLC | 22204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41173 |
| **HEALTHCARE TECHNOLOGY—1.3%** | **HEALTHCARE TECHNOLOGY—1.3%** | **HEALTHCARE TECHNOLOGY—1.3%** |
| Craneware PLC | 860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25433 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.3% (CONT.)** | **COMMON STOCKS—95.3% (CONT.)** | **COMMON STOCKS—95.3% (CONT.)** |
| **UNITED KINGDOM—21.0% (CONT.)** | **UNITED KINGDOM—21.0% (CONT.)** | **UNITED KINGDOM—21.0% (CONT.)** |
| **INTERACTIVE MEDIA & SERVICES—3.5%** | **INTERACTIVE MEDIA & SERVICES—3.5%** | **INTERACTIVE MEDIA & SERVICES—3.5%** |
| Baltic Classifieds Group PLC | 10771 | **$** 50925 |
| Trustpilot Group PLC<sup>\*</sup>  | 5678 | 18725 |
|  |  | **69650** |
| **INVESTMENT BANKING & BROKERAGE—1.7%** | **INVESTMENT BANKING & BROKERAGE—1.7%** | **INVESTMENT BANKING & BROKERAGE—1.7%** |
| Marex Group PLC | 863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33295 |
| **PACKAGED FOODS & MEATS—3.0%** | **PACKAGED FOODS & MEATS—3.0%** | **PACKAGED FOODS & MEATS—3.0%** |
| Greencore Group PLC | 17250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58548 |
| **PROPERTY & CASUALTY INSURANCE—1.4%** | **PROPERTY & CASUALTY INSURANCE—1.4%** | **PROPERTY & CASUALTY INSURANCE—1.4%** |
| Beazley PLC | 2407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28361 |
| **TRADING COMPANIES & DISTRIBUTORS—4.6%** | **TRADING COMPANIES & DISTRIBUTORS—4.6%** | **TRADING COMPANIES & DISTRIBUTORS—4.6%** |
| Diploma PLC | 847 | 59959 |
| Howden Joinery Group PLC | 2659 | 30782 |
|  |  | **90741** |
| &nbsp;&nbsp;&nbsp; **TOTAL UNITED KINGDOM** <br>(Cost $417,693) |  | **414218** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $1,900,696) |  | **1883710** |
| **REAL ESTATE INVESTMENT TRUST—2.1%** | **REAL ESTATE INVESTMENT TRUST—2.1%** | **REAL ESTATE INVESTMENT TRUST—2.1%** |
| **UNITED KINGDOM—2.1%** | **UNITED KINGDOM—2.1%** | **UNITED KINGDOM—2.1%** |
| **INDUSTRIAL—2.1%** | **INDUSTRIAL—2.1%** | **INDUSTRIAL—2.1%** |
| Tritax Big Box REIT PLC | 21922 | 40778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $44,873) |  |  |

---

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

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS—2.7%** | **MONEY MARKET FUNDS—2.7%** | **MONEY MARKET FUNDS—2.7%** |
| **UNITED STATES—2.7%** | **UNITED STATES—2.7%** | **UNITED STATES—2.7%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.19%<sup>(a)</sup>  | 54295 | **54295** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $54,295) |  |  |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $1,999,864)** | 100.1% | **$1978783** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $1,999,864) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1978783 |
| Liabilities in Excess of Other Assets | (0.1)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2224) |
| **NET ASSETS** | 100.0% | **$1976559** |

---

&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 July 31, 2025.* <br> *\** *Non-income producing security.*

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—85.0%** | **COMMON STOCKS—85.0%** | **COMMON STOCKS—85.0%** |
| **BIOTECHNOLOGY—24.5%** | **BIOTECHNOLOGY—24.5%** | **BIOTECHNOLOGY—24.5%** |
| AbbVie, Inc. | 8231 | **$** 1555824 |
| Abivax SA ADR<sup>\*</sup>  | 13729 | 985330 |
| Alnylam Pharmaceuticals, Inc.<sup>\*</sup>  | 1986 | 778989 |
| Ascendis Pharma A/S ADR<sup>\*</sup>  | 2686 | 466021 |
| BeOne Medicines, Ltd. ADR<sup>\*</sup>  | 2826 | 850993 |
| BioNTech SE ADR<sup>\*</sup>  | 6300 | 677250 |
| BridgeBio Pharma, Inc.<sup>\*</sup>  | 20390 | 963835 |
| Celcuity, Inc.<sup>\*</sup>  | 16569 | 648925 |
| Cidara Therapeutics, Inc.<sup>\*</sup>  | 18250 | 1155407 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 134574 | 1343049 |
| Gilead Sciences, Inc. | 17175 | 1928581 |
| Insmed, Inc.<sup>\*</sup>  | 10981 | 1178042 |
| MoonLake Immunotherapeutics<sup>\*</sup>  | 10290 | 519028 |
| Natera, Inc.<sup>\*</sup>  | 6225 | 832033 |
| Nuvalent, Inc., Cl. A<sup>\*</sup>  | 2308 | 180832 |
| Travere Therapeutics, Inc.<sup>\*</sup>  | 15481 | 239181 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup>  | 2053 | 937954 |
|  |  | **15241274** |
| **HEALTH CARE DISTRIBUTORS—3.2%** | **HEALTH CARE DISTRIBUTORS—3.2%** | **HEALTH CARE DISTRIBUTORS—3.2%** |
| Cardinal Health, Inc. | 11839 | 1837649 |
| McKesson Corp. | 270 | 187256 |
|  |  | **2024905** |
| **HEALTHCARE EQUIPMENT—18.0%** | **HEALTHCARE EQUIPMENT—18.0%** | **HEALTHCARE EQUIPMENT—18.0%** |
| Abbott Laboratories | 25672 | 3239550 |
| Boston Scientific Corp.<sup>\*</sup>  | 18117 | 1900836 |
| Dexcom, Inc.<sup>\*</sup>  | 11527 | 931036 |
| IDEXX Laboratories, Inc.<sup>\*</sup>  | 1681 | 898175 |
| Impulse Dynamics PLC, Series A<sup>(a),\*,@</sup>  | 5000001 | 180000 |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 1224 | 588854 |
| Masimo Corp.<sup>\*</sup>  | 3987 | 613161 |
| Penumbra, Inc.<sup>\*</sup>  | 1343 | 338798 |
| Stryker Corp. | 6399 | 2513079 |
|  |  | **11203489** |
| **HEALTHCARE FACILITIES—2.6%** | **HEALTHCARE FACILITIES—2.6%** | **HEALTHCARE FACILITIES—2.6%** |
| Acadia Healthcare Co., Inc.<sup>\*</sup>  | 27303 | 594386 |
| Encompass Health Corp. | 9315 | 1025675 |
|  |  | **1620061** |
| **HEALTHCARE SERVICES—4.4%** | **HEALTHCARE SERVICES—4.4%** | **HEALTHCARE SERVICES—4.4%** |
| Fresenius SE & Co. KGaA | 19748 | 942586 |
| GeneDx Holdings Corp., Cl. A<sup>\*</sup>  | 9538 | 972399 |
| Hinge Health, Inc., Cl. A<sup>\*</sup>  | 3832 | 172248 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—85.0% (CONT.)** | **COMMON STOCKS—85.0% (CONT.)** | **COMMON STOCKS—85.0% (CONT.)** |
| **HEALTHCARE SERVICES—4.4% (CONT.)** | **HEALTHCARE SERVICES—4.4% (CONT.)** | **HEALTHCARE SERVICES—4.4% (CONT.)** |
| Quest Diagnostics, Inc. | 3741 | **$** 626281 |
|  |  | **2713514** |
| **HEALTHCARE TECHNOLOGY—7.1%** | **HEALTHCARE TECHNOLOGY—7.1%** | **HEALTHCARE TECHNOLOGY—7.1%** |
| Veeva Systems, Inc., Cl. A<sup>\*</sup>  | 4637 | 1317835 |
| Waystar Holding Corp.<sup>\*</sup>  | 83068 | 3071855 |
|  |  | **4389690** |
| **LIFE SCIENCES TOOLS & SERVICES—5.8%** | **LIFE SCIENCES TOOLS & SERVICES—5.8%** | **LIFE SCIENCES TOOLS & SERVICES—5.8%** |
| Adaptive Biotechnologies Corp.<sup>\*</sup>  | 60453 | 619039 |
| Charles River Laboratories International, Inc.<sup>\*</sup>  | 3867 | 655998 |
| Codexis, Inc.<sup>\*</sup>  | 155359 | 416362 |
| Lonza Group AG | 1382 | 963211 |
| WuXi AppTec Co., Ltd., Cl. H | 73933 | 986208 |
|  |  | **3640818** |
| **MANAGED HEALTHCARE—4.5%** | **MANAGED HEALTHCARE—4.5%** | **MANAGED HEALTHCARE—4.5%** |
| Clover Health Investments Corp.<sup>\*</sup>  | 210132 | 607282 |
| HealthEquity, Inc.<sup>\*</sup>  | 15935 | 1545695 |
| Humana, Inc. | 2706 | 676148 |
|  |  | **2829125** |
| **OTHER SPECIALTY RETAIL—1.1%** | **OTHER SPECIALTY RETAIL—1.1%** | **OTHER SPECIALTY RETAIL—1.1%** |
| National Vision Holdings, Inc.<sup>\*</sup>  | 27862 | **675932** |
| **PHARMACEUTICALS—13.8%** | **PHARMACEUTICALS—13.8%** | **PHARMACEUTICALS—13.8%** |
| AstraZeneca PLC ADR | 8511 | 622069 |
| Eli Lilly & Co. | 405 | 299728 |
| Ligand Pharmaceuticals, Inc.<sup>\*</sup>  | 8338 | 1097114 |
| Nektar Therapeutics<sup>\*</sup>  | 38763 | 840382 |
| Novartis AG ADR | 5407 | 614992 |
| Royalty Pharma PLC, Cl. A | 68299 | 2513403 |
| Sandoz Group Ltd. | 21420 | 1224987 |
| Teva Pharmaceutical Industries, Ltd. ADR<sup>\*</sup>  | 39843 | 615575 |
| Xeris Biopharma Holdings, Inc.<sup>\*</sup>  | 147520 | 750877 |
|  |  | **8579127** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $56,124,327) |  | **52917935** |
| **PREFERRED STOCKS—4.5%** | **PREFERRED STOCKS—4.5%** | **PREFERRED STOCKS—4.5%** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Prosetta Biosciences, Inc., Series D<sup>(a),\*,@</sup>  | 897366 | **—** |
| **HEALTHCARE EQUIPMENT—4.5%** | **HEALTHCARE EQUIPMENT—4.5%** | **HEALTHCARE EQUIPMENT—4.5%** |
| Impulse Dynamics PLC, Series F-3<sup>(a),\*,@</sup>  | 48744272 | **2778424** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $6,588,282) |  | **2778424** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **REAL ESTATE INVESTMENT TRUST—8.6%** | **REAL ESTATE INVESTMENT TRUST—8.6%** | **REAL ESTATE INVESTMENT TRUST—8.6%** |
| **HEALTH CARE—8.6%** | **HEALTH CARE—8.6%** | **HEALTH CARE—8.6%** |
| American Healthcare REIT, Inc. | 54526 | **$** 2106885 |
| Welltower, Inc. | 19547 | 3226623 |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUST** <br>(Cost $4,645,651) |  | **5333508** |
| **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) |  | **—** |
| **SHORT-TERM SECURITIES—1.8%** | **SHORT-TERM SECURITIES—1.8%** | **SHORT-TERM SECURITIES—1.8%** |
| **MONEY MARKET FUNDS—1.8%** | **MONEY MARKET FUNDS—1.8%** | **MONEY MARKET FUNDS—1.8%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.19%<sup>(b)</sup>  | 1119468 | **1119468** |
| &nbsp;&nbsp;&nbsp; (Cost $1,119,468) |  | **1119468** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $69,522,101)** | 99.9% | **$62149335** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $69,522,101) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62149335 |
| Other Assets in Excess of Liabilities | 0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80220 |
| **NET ASSETS** | 100.0% | **$62229555** |

---

&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 July 31, 2025.* |
| *\** | *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>*7/31/2025*<br>|
| *Impulse Dynamics PLC, Series A* | *2/11/22-6/2/23* | &nbsp;&nbsp; $*5000002* | $*180000* | *0.3%* |
| *Impulse Dynamics PLC, Series F-3* | *11/28/23-2/5/24* | *2550135* | *2778424* | *4.5%* |
| *Prosetta Biosciences, Inc., Series D* | *2/6/15* | *4038147* | *—* | *0.0%* |
| *Tolero CDR* | *2/6/17* | *1044373* | *—* | *0.0%* |
| *Total* |  | *$12632657* | *$2958424* | *4.8%* |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.8%** | **COMMON STOCKS—95.8%** | **COMMON STOCKS—95.8%** |
| **APPLICATION SOFTWARE—6.2%** | **APPLICATION SOFTWARE—6.2%** | **APPLICATION SOFTWARE—6.2%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 1630 | **$** 636841 |
| Autodesk, Inc.<sup>\*</sup>  | 50 | 15155 |
| SailPoint, Inc.<sup>\*</sup>  | 343 | 7663 |
|  |  | **659659** |
| **AUTOMOBILE MANUFACTURERS—1.3%** | **AUTOMOBILE MANUFACTURERS—1.3%** | **AUTOMOBILE MANUFACTURERS—1.3%** |
| Tesla, Inc.<sup>\*</sup>  | 449 | **138413** |
| **BIOTECHNOLOGY—0.9%** | **BIOTECHNOLOGY—0.9%** | **BIOTECHNOLOGY—0.9%** |
| Natera, Inc.<sup>\*</sup>  | 737 | **98507** |
| **BROADLINE RETAIL—11.0%** | **BROADLINE RETAIL—11.0%** | **BROADLINE RETAIL—11.0%** |
| Alibaba Group Holding Ltd. ADR | 306 | 36913 |
| Amazon.com, Inc.<sup>\*</sup>  | 4559 | 1067307 |
| Global-e Online Ltd.<sup>\*</sup>  | 132 | 4376 |
| MercadoLibre, Inc.<sup>\*</sup>  | 27 | 64095 |
|  |  | **1172691** |
| **CASINOS & GAMING—0.2%** | **CASINOS & GAMING—0.2%** | **CASINOS & GAMING—0.2%** |
| DraftKings, Inc., Cl. A<sup>\*</sup>  | 537 | **24186** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—0.1%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.1%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.1%** |
| Walmart, Inc. | 119 | **11660** |
| **DIVERSIFIED BANKS—0.5%** | **DIVERSIFIED BANKS—0.5%** | **DIVERSIFIED BANKS—0.5%** |
| JPMorgan Chase & Co. | 183 | **54212** |
| **ELECTRIC UTILITIES—3.1%** | **ELECTRIC UTILITIES—3.1%** | **ELECTRIC UTILITIES—3.1%** |
| Constellation Energy Corp. | 322 | 112004 |
| NRG Energy, Inc. | 1295 | 216524 |
|  |  | **328528** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.2%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.2%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.2%** |
| Eaton Corp. PLC | 84 | 32317 |
| Vertiv Holdings Co., Cl. A | 1427 | 207771 |
|  |  | **240088** |
| **ELECTRONIC COMPONENTS—0.7%** | **ELECTRONIC COMPONENTS—0.7%** | **ELECTRONIC COMPONENTS—0.7%** |
| Coherent Corp.<sup>\*</sup>  | 692 | **74459** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.2%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.2%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.2%** |
| Itron, Inc.<sup>\*</sup>  | 192 | **23912** |
| **ENVIRONMENTAL & FACILITIES SERVICES—1.5%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.5%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.5%** |
| GFL Environmental, Inc. | 3120 | **157061** |
| **FINANCIAL EXCHANGES & DATA—0.1%** | **FINANCIAL EXCHANGES & DATA—0.1%** | **FINANCIAL EXCHANGES & DATA—0.1%** |
| S&P Global, Inc. | 16 | **8818** |
| **HEALTHCARE EQUIPMENT—0.2%** | **HEALTHCARE EQUIPMENT—0.2%** | **HEALTHCARE EQUIPMENT—0.2%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 53 | **25498** |
| **HOTELS RESORTS & CRUISE LINES—0.1%** | **HOTELS RESORTS & CRUISE LINES—0.1%** | **HOTELS RESORTS & CRUISE LINES—0.1%** |
| Trip.com Group Ltd. ADR | 148 | **9168** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.8% (CONT.)** | **COMMON STOCKS—95.8% (CONT.)** | **COMMON STOCKS—95.8% (CONT.)** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—6.2%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—6.2%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—6.2%** |
| Talen Energy Corp.<sup>\*</sup>  | 1349 | **$** 509342 |
| Vistra Corp. | 713 | 148689 |
|  |  | **658031** |
| **INTERACTIVE HOME ENTERTAINMENT—4.3%** | **INTERACTIVE HOME ENTERTAINMENT—4.3%** | **INTERACTIVE HOME ENTERTAINMENT—4.3%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 1416 | 195111 |
| Sea Ltd. ADR<sup>\*</sup>  | 1687 | 264268 |
|  |  | **459379** |
| **INTERACTIVE MEDIA & SERVICES—12.6%** | **INTERACTIVE MEDIA & SERVICES—12.6%** | **INTERACTIVE MEDIA & SERVICES—12.6%** |
| Alphabet, Inc., Cl. C | 1514 | 291990 |
| Meta Platforms, Inc., Cl. A | 1130 | 873987 |
| Pinterest, Inc., Cl. A<sup>\*</sup>  | 4226 | 163124 |
| Tencent Holdings, Ltd. ADR | 299 | 20951 |
|  |  | **1350052** |
| **INTERNET SERVICES & INFRASTRUCTURE—1.8%** | **INTERNET SERVICES & INFRASTRUCTURE—1.8%** | **INTERNET SERVICES & INFRASTRUCTURE—1.8%** |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 224 | 53287 |
| Shopify, Inc., Cl. A<sup>\*</sup>  | 122 | 14910 |
| Snowflake, Inc., Cl. A<sup>\*</sup>  | 292 | 65262 |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 468 | 60372 |
|  |  | **193831** |
| **INVESTMENT BANKING & BROKERAGE—1.5%** | **INVESTMENT BANKING & BROKERAGE—1.5%** | **INVESTMENT BANKING & BROKERAGE—1.5%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 1560 | **160758** |
| **MOVIES & ENTERTAINMENT—2.8%** | **MOVIES & ENTERTAINMENT—2.8%** | **MOVIES & ENTERTAINMENT—2.8%** |
| Netflix, Inc.<sup>\*</sup>  | 123 | 142606 |
| Spotify Technology SA<sup>\*</sup>  | 242 | 151623 |
|  |  | **294229** |
| **PASSENGER AIRLINES—0.7%** | **PASSENGER AIRLINES—0.7%** | **PASSENGER AIRLINES—0.7%** |
| Delta Air Lines, Inc. | 396 | 21071 |
| United Airlines Holdings, Inc.<sup>\*</sup>  | 597 | 52721 |
|  |  | **73792** |
| **RESTAURANTS—0.3%** | **RESTAURANTS—0.3%** | **RESTAURANTS—0.3%** |
| DoorDash, Inc., Cl. A<sup>\*</sup>  | 143 | **35786** |
| **SEMICONDUCTORS—20.4%** | **SEMICONDUCTORS—20.4%** | **SEMICONDUCTORS—20.4%** |
| Astera Labs, Inc.<sup>\*</sup>  | 864 | 118135 |
| Broadcom, Inc. | 618 | 181506 |
| indie Semiconductor, Inc., Cl. A<sup>\*</sup>  | 1523 | 5955 |
| NVIDIA Corp. | 8240 | 1465649 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1715 | 414378 |
|  |  | **2185623** |
| **SYSTEMS SOFTWARE—14.0%** | **SYSTEMS SOFTWARE—14.0%** | **SYSTEMS SOFTWARE—14.0%** |
| CyberArk Software Ltd.<sup>\*</sup>  | 115 | 47319 |
| Microsoft Corp. | 2055 | 1096342 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.8% (CONT.)** | **COMMON STOCKS—95.8% (CONT.)** | **COMMON STOCKS—95.8% (CONT.)** |
| **SYSTEMS SOFTWARE—14.0% (CONT.)** | **SYSTEMS SOFTWARE—14.0% (CONT.)** | **SYSTEMS SOFTWARE—14.0% (CONT.)** |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 3367 | **$** 183266 |
| Oracle Corp. | 506 | 128408 |
| ServiceNow, Inc.<sup>\*</sup>  | 39 | 36782 |
|  |  | **1492117** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.9%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.9%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.9%** |
| Apple, Inc. | 509 | 105653 |
| Seagate Technology Holdings PLC | 465 | 73010 |
| Western Digital Corp. | 1714 | 134874 |
|  |  | **313537** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $7,690,437) |  | **10243995** |
| **PREFERRED STOCKS—4.2%** | **PREFERRED STOCKS—4.2%** | **PREFERRED STOCKS—4.2%** |
| **APPLICATION SOFTWARE—4.2%** | **APPLICATION SOFTWARE—4.2%** | **APPLICATION SOFTWARE—4.2%** |
| Databricks, Inc., Series J<sup>(a),\*,@</sup>  | 1529 | 192914 |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 14775 | 254278 |
|  |  | **447192** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $395,710) |  | **447192** |
| **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, 4.19%<sup>(b)</sup>  | 50672 | **50672** |
| &nbsp;&nbsp;&nbsp; (Cost $50,672) |  | **50672** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $8,136,819)** | 100.5% | **$10741859** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $8,136,819) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10741859 |
| Liabilities in Excess of Other Assets | (0.5)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52540) |
| **NET ASSETS** | 100.0% | **$10689319** |

---

&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 July 31, 2025.* |
| *\** | *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 July 31, 2025 (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>*7/31/2025*<br>|
| *Databricks, Inc., Series J* | *12/17/24* | $*141432* | $*192914* | *1.8%* |
| *SB Technology, Inc., Series E* | *10/23/24-12/18/24* | *254278* | *254278* | *2.4%* |
| *Total* |  | *$395710* | *$447192* | *4.2%* |

---

*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 C shares are only offered to investors through certain intermediaries, group retirement plan recordkeeping platforms or whose shares are held in an omnibus account. Separately, Class B shares are closed to new accounts, and existing Class B share investors may make additional purchases of Class B shares, but only 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>

------

Alger International Small Cap Fund commenced operations on June 30, 2025.

**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.

------

**THE ALGER FUNDS**

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

------

Securities in which the Funds invest may be traded in foreign markets that close before the close of the NYSE. Developments that occur between the close of the foreign markets and the close of the NYSE may result in adjustments to the closing foreign prices to reflect what the Valuation Designee, through its Committee, believes to be the fair value of these securities as of the close of the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but the NYSE is open.

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, earnings before interest, taxes, depreciation and amortization

------

**THE ALGER FUNDS**

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

------

("EBITDA") multiples, transaction pricing, discount rates, time to exit and the probabilities of success of certain outcomes. Such unobservable market information may be obtained from a company's financial statements and from industry studies, market data, and market indicators such as benchmarks and indexes. Because of the inherent uncertainty and often limited markets for restricted securities, the valuations assigned to such securities by the Funds may significantly differ from the valuations that would have been assigned by the Funds had there been an active market for such securities.

**NOTE 3 — Fair Value Measurements:**

------

The following is a summary of the inputs used as of July 31, 2025 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 | $401006540 | &nbsp;&nbsp; $401006540 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 267235065 | &nbsp;&nbsp; 267235065 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 2745498 | &nbsp;&nbsp; 2745498 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 6696344 | &nbsp;&nbsp; 6696344 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 91709473 | &nbsp;&nbsp; 91709473 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 87334287 | &nbsp;&nbsp; 87334287 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 146010918 | &nbsp;&nbsp; 146010918 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 1157253070 | &nbsp;&nbsp; 1157253070 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 14441521 | &nbsp;&nbsp; 14441521 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 152303271 | &nbsp;&nbsp; 152303271 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$2326735987** | &nbsp;&nbsp; **$2326735987** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 34117730 | &nbsp;&nbsp; — | &nbsp;&nbsp; 958009 | &nbsp;&nbsp; 33159721 |
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 2331285 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2331285 | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$2363185002** | &nbsp;&nbsp; **$2326735987** | &nbsp;&nbsp; **$3289294** | &nbsp;&nbsp; **$33159721** |

---

&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 | $1225339 | &nbsp;&nbsp; $1225339 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 966590 | &nbsp;&nbsp; 966590 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 226422 | &nbsp;&nbsp; 226422 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 188258 | &nbsp;&nbsp; 188258 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 606401 | &nbsp;&nbsp; 606401 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 3262920 | &nbsp;&nbsp; 3262920 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 457145 | &nbsp;&nbsp; 457145 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$6933075** | &nbsp;&nbsp; **$6933075** | &nbsp;&nbsp; **$—** | &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 | $2660 | &nbsp;&nbsp; $2660 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$6935735** | &nbsp;&nbsp; **$6935735** | &nbsp;&nbsp; **$—** | &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 | $74437110 | &nbsp;&nbsp; $74437110 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 54136448 | &nbsp;&nbsp; 54136448 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 41464525 | &nbsp;&nbsp; 41464525 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 28208221 | &nbsp;&nbsp; 28208221 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 107434528 | &nbsp;&nbsp; 107434528 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 66715664 | &nbsp;&nbsp; 66715664 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 46337115 | &nbsp;&nbsp; 46337115 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 245217246 | &nbsp;&nbsp; 245217246 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 10064681 | &nbsp;&nbsp; 10064681 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 10074311 | &nbsp;&nbsp; 10074311 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$684089849** | &nbsp;&nbsp; **$684089849** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **MASTER LIMITED** <br> **PARTNERSHIP**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 2685634 | &nbsp;&nbsp; 2685634 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **REAL ESTATE INVESTMENT** <br> **TRUST**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 21520445 | &nbsp;&nbsp; 21520445 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 5520042 | &nbsp;&nbsp; 5520042 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$713815970** | &nbsp;&nbsp; **$713815970** | &nbsp;&nbsp; **$—** | &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 | $7920603 | &nbsp;&nbsp; $7920603 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 4370415 | &nbsp;&nbsp; 4370415 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 198324 | &nbsp;&nbsp; 198324 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 2275522 | &nbsp;&nbsp; 2275522 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 3411643 | &nbsp;&nbsp; 3411643 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 17361802 | &nbsp;&nbsp; 17361802 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 422459 | &nbsp;&nbsp; 422459 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 4303690 | &nbsp;&nbsp; 4303690 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$40264458** | &nbsp;&nbsp; **$40264458** | &nbsp;&nbsp; **$—** | &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** |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$41382972** | &nbsp;&nbsp; **$40264458** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1118514** |

---

------

**THE ALGER FUNDS**

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

------

&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 | $25675934 | &nbsp;&nbsp; $25675934 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 27849303 | &nbsp;&nbsp; 27849303 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 2538809 | &nbsp;&nbsp; 2538809 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 15592025 | &nbsp;&nbsp; 15592025 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 26719332 | &nbsp;&nbsp; 26719332 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 53351107 | &nbsp;&nbsp; 53351107 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 83944072 | &nbsp;&nbsp; 81537410 | &nbsp;&nbsp; 2406662 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 5422268 | &nbsp;&nbsp; 5422268 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 4936173 | &nbsp;&nbsp; 4936173 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 17252808 | &nbsp;&nbsp; 17252808 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$263281831** | &nbsp;&nbsp; **$260875169** | &nbsp;&nbsp; **$2406662** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 10094932 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10094932 |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 4197084 | &nbsp;&nbsp; 4197084 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$277573847** | &nbsp;&nbsp; **$265072253** | &nbsp;&nbsp; **$2406662** | &nbsp;&nbsp; **$10094932** |

---

&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 | $18937958 | &nbsp;&nbsp; $18937958 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 32601907 | &nbsp;&nbsp; 32601907 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 8568940 | &nbsp;&nbsp; 8568940 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 28784879 | &nbsp;&nbsp; 28784879 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 14489715 | &nbsp;&nbsp; 14489715 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 67273825 | &nbsp;&nbsp; 67273825 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 64232828 | &nbsp;&nbsp; 64232828 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 2673192 | &nbsp;&nbsp; 2673192 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 13158578 | &nbsp;&nbsp; 13158578 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 13803377 | &nbsp;&nbsp; 13803377 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$264525199** | &nbsp;&nbsp; **$264525199** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| &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>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 1015734 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1015734 |
| **TOTAL PREFERRED STOCKS** | **$1015734** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1015734** |
| **RIGHTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | — <br><sup>2</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>2</sup><br>|
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 1410728 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1410728 | &nbsp;&nbsp; — |
| **WARRANTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | — <br><sup>3</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>3</sup><br>| &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 3215394 | &nbsp;&nbsp; 3215394 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$270167055** | &nbsp;&nbsp; **$267740593** | &nbsp;&nbsp; **$1410728** | &nbsp;&nbsp; **$1015734** |

---

------

**THE ALGER FUNDS**

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

------

&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 | $1699524 | &nbsp;&nbsp; $1699524 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 26848485 | &nbsp;&nbsp; 26848485 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 4445973 | &nbsp;&nbsp; 4445973 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 789276 | &nbsp;&nbsp; 789276 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 6521525 | &nbsp;&nbsp; 6521525 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 52878919 | &nbsp;&nbsp; 52747627 | &nbsp;&nbsp; — | &nbsp;&nbsp; 131292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 39301605 | &nbsp;&nbsp; 39301605 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 55063358 | &nbsp;&nbsp; 55063358 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 261029 | &nbsp;&nbsp; 261029 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 937218 | &nbsp;&nbsp; 937218 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$188746912** | &nbsp;&nbsp; **$188615620** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$131292** |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 425670 <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 425670 <br><sup>1</sup><br>|
| &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 | 116653 <br><sup>2</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 116653 <br><sup>2</sup><br>|
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 1914789 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1914789 | &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 374194 | &nbsp;&nbsp; 374194 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$192638354** | &nbsp;&nbsp; **$188989814** | &nbsp;&nbsp; **$1914789** | &nbsp;&nbsp; **$1733751** |

---

&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 | $75412463 | &nbsp;&nbsp; $75412463 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 51626088 | &nbsp;&nbsp; 51626088 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 259170179 | &nbsp;&nbsp; 259170179 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 219919832 | &nbsp;&nbsp; 219919832 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 155834292 | &nbsp;&nbsp; 155834292 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 36634484 | &nbsp;&nbsp; 36634484 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$798597338** | &nbsp;&nbsp; **$798597338** | &nbsp;&nbsp; **$—** | &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>2</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>2</sup><br>|
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 25054644 | &nbsp;&nbsp; 25054644 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$854106400** | &nbsp;&nbsp; **$823651982** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$30454418** |

---

------

**THE ALGER FUNDS**

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

------

&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 | $31129146 | &nbsp;&nbsp; $31129146 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 40149545 | &nbsp;&nbsp; 40149545 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 87513730 | &nbsp;&nbsp; 87406227 | &nbsp;&nbsp; — | &nbsp;&nbsp; 107503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 102690312 | &nbsp;&nbsp; 102690312 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 57004755 | &nbsp;&nbsp; 57004755 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 25491099 | &nbsp;&nbsp; 25491099 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$343978587** | &nbsp;&nbsp; **$343871084** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$107503** |
| **PREFERRED STOCKS** |  |  |  |  |
| &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 | 2359312 | &nbsp;&nbsp; 2359312 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$346337899** | &nbsp;&nbsp; **$346230396** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$107503** |

---

&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 | $10292092 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10292092 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 16023763 | &nbsp;&nbsp; 11509007 | &nbsp;&nbsp; 4514756 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 11404083 | &nbsp;&nbsp; 3777455 | &nbsp;&nbsp; 7626628 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 35386231 | &nbsp;&nbsp; 7653165 | &nbsp;&nbsp; 27733066 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 12212729 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12212729 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 29660690 | &nbsp;&nbsp; 6520872 | &nbsp;&nbsp; 23139818 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 29813822 | &nbsp;&nbsp; 16834292 | &nbsp;&nbsp; 12979530 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 9161134 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9161134 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 2863744 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2863744 | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$156818288** | &nbsp;&nbsp; **$46294791** | &nbsp;&nbsp; **$110523497** | &nbsp;&nbsp; **$—** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 7845019 | &nbsp;&nbsp; 7845019 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$164663307** | &nbsp;&nbsp; **$54139810** | &nbsp;&nbsp; **$110523497** | &nbsp;&nbsp; **$—** |

---

&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; Communication Services | $174212 | &nbsp;&nbsp; $50925 | &nbsp;&nbsp; $123287 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 213961 | &nbsp;&nbsp; — | &nbsp;&nbsp; 213961 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 151672 | &nbsp;&nbsp; 96246 | &nbsp;&nbsp; 55426 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 47210 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47210 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 365190 | &nbsp;&nbsp; 33295 | &nbsp;&nbsp; 331895 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 147995 | &nbsp;&nbsp; — | &nbsp;&nbsp; 147995 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 576165 | &nbsp;&nbsp; 107386 | &nbsp;&nbsp; 468779 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 152496 | &nbsp;&nbsp; 20708 | &nbsp;&nbsp; 131788 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 54809 | &nbsp;&nbsp; — | &nbsp;&nbsp; 54809 | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$1883710** | &nbsp;&nbsp; **$308560** | &nbsp;&nbsp; **$1575150** | &nbsp;&nbsp; **$—** |

---

------

**THE ALGER FUNDS**

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger International Small Cap Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **REAL ESTATE INVESTMENT** <br> **TRUST**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | $40778 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $40778 | &nbsp;&nbsp; $— |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 54295 | &nbsp;&nbsp; 54295 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$1978783** | &nbsp;&nbsp; **$362855** | &nbsp;&nbsp; **$1615928** | &nbsp;&nbsp; **$—** |

---

&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; Consumer Discretionary | $675932 | &nbsp;&nbsp; $675932 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 52242003 | &nbsp;&nbsp; 47945011 | &nbsp;&nbsp; 4116992 | &nbsp;&nbsp; 180000 |
| **TOTAL COMMON STOCKS** | **$52917935** | &nbsp;&nbsp; **$48620943** | &nbsp;&nbsp; **$4116992** | &nbsp;&nbsp; **$180000** |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 2778424 <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2778424 <br><sup>1</sup><br>|
| **REAL ESTATE INVESTMENT** <br> **TRUST**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 5333508 | &nbsp;&nbsp; 5333508 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **RIGHTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | — <br><sup>2</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>2</sup><br>|
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1119468 | &nbsp;&nbsp; 1119468 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$62149335** | &nbsp;&nbsp; **$55073919** | &nbsp;&nbsp; **$4116992** | &nbsp;&nbsp; **$2958424** |

---

&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 | $2103660 | &nbsp;&nbsp; $2103660 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 1380244 | &nbsp;&nbsp; 1380244 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 11660 | &nbsp;&nbsp; 11660 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 223788 | &nbsp;&nbsp; 223788 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 124005 | &nbsp;&nbsp; 124005 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 470941 | &nbsp;&nbsp; 470941 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 4943138 | &nbsp;&nbsp; 4943138 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 986559 | &nbsp;&nbsp; 986559 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$10243995** | &nbsp;&nbsp; **$10243995** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 447192 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 447192 |

---

------

**THE ALGER FUNDS**

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger AI Enablers & Adopters Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | $50672 | &nbsp;&nbsp; $50672 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$10741859** | &nbsp;&nbsp; **$10294667** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$447192** |

---

&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 Weatherbie Specialized Growth Fund's* *and Alger Health Sciences Fund's holdings of Prosetta Biosciences, Inc., Series D shares are classified as a Level 3* *investment and are fair valued at zero as of July 31, 2025.* 

<sup>2</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* *July 31, 2025.* 

<sup>3</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 July 31, 2025.* 

&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, 2024 | &nbsp;&nbsp; $6704443 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; (958009)<br>|
| &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; 7291484 |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 20121803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; 33159721 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$7291484** |

---

------

**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, 2024 | &nbsp;&nbsp; $2411253 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; (2331285)<br>|
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (79968)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; — |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$—**<br>|

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger 35 Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $1284113 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (165599)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; 1118514 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$(165599)** <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 Focus Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $2208387 |
| &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; 1828112 |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 6058433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; 10094932 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$1828112** |

---

&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, 2024 | &nbsp;&nbsp; $1,015,734\* |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; 1,015,734\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$—**  |

---

------

**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 Growth Fund** | **Rights** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $182918 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (182918)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; —\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$(182918)** <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, 2024 | &nbsp;&nbsp; $1455441 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; (1410728)<br>|
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (44713)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; — |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$—**<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 Small Cap Growth Fund** | **Common Stocks** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $3209358 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (3078066)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; 131292 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$(3078066)** <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** | **Preferred Stocks** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $1,604,672\* |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (118866)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; 1,485,806\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$(118866)** <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** | **Rights** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $164711 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (48058)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; 116,653\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$(48058)** <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** | **Special Purpose** <br> **Vehicle**<br>|
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $1976793 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; (1914789)<br>|
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (62004)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; — |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$—**  |

---

------

**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 Focus Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $38958639 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (8504221)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; 30454418 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$(8504221)** <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** | **Rights** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $3691 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (3691)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; —\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$(3691)** <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, 2024 | &nbsp;&nbsp; $2627864 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (2520361)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; 107503 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$(2520361)** <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** | **Preferred Stocks** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $—\* |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; —\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$—**  |

---

------

**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 Health Sciences Fund** | **Common Stocks** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $4400001 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (4220001)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; 180000 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$(4220001)** <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, 2024 | &nbsp;&nbsp; $3,554,283\* |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (775859)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; 2,778,424\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$(775859)** <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 Health Sciences Fund** | **Rights** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $606669 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (606669)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; —\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$(606669)** <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, 2024 | &nbsp;&nbsp; $54280 |
| &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; 51482 |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 341430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; 447192 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$51482** |

---

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

*\** *Includes securities that are fair valued at zero.*

The following table provides quantitative information about each Fund's Level 3 fair value measurements of its investments as of July 31, 2025. 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>**July 31,** <br>**2025**<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** | $33159721 | Market <br>Approach<br>| Revenue Multiple | 22.99x-23.24x | 23.20x |
| Alger 35 Fund | Alger 35 Fund | Alger 35 Fund | Alger 35 Fund | Alger 35 Fund | Alger 35 Fund |
| **Preferred Stocks** | 1118514 | Market <br>Approach<br>| Revenue Multiple | 1.33x-22.99x | 11.51x |
| 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** | 10094933 | Market <br>Approach<br>| Revenue Multiple | 22.99x-23.24x | 23.16x |
| 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>| Revenue Multiple | 22.99x | N/A\* |
|  | —\*\* | Income <br>Approach<br>| Discount Rate | 100% | N/A\* |
| **Rights** | —\*\*\* | Income <br>Approach<br>| Discount Rate <br>Probability of Success<br>| 100% <br>0.00%<br>| 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** | 131292 | Market <br>Approach<br>| Revenue Multiple | 1.33x | N/A\* |
| **Preferred Stocks** | 1485806 | Market <br>Approach<br>| Revenue Multiple | 1.33x-22.99x | 16.78x |
|  | —\*\* | Income <br>Approach<br>| Discount Rate | 100% | N/A\* |
| **Rights** | 116653 | Income <br>Approach<br>| Discount Rate <br>Probability of Success<br>| 4.83%-100% <br>12%-44%<br>| 4.83% <br>39.12%<br>|
|  | —\*\*\* | Income <br>Approach<br>| Discount Rate <br>Probability of Success<br>| 100% <br>0.00%<br>| N/A\* <br>N/A\*<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 | 1.33x | N/A\* |
| **Rights** | —\*\*\* | Income <br>Approach<br>| Discount Rate <br>Probability of Success<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** | 107503 | Market <br>Approach<br>| Revenue Multiple | 1.33x | N/A\* |
| **Preferred Stocks** | —\*\* | Income <br>Approach<br>| Discount Rate | 100% | 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** | 180000 | Market <br>Approach<br>| Revenue Multiple | 1.33x | N/A\* |
| **Preferred Stocks** | 2778424 | Market <br>Approach<br>| Revenue Multiple | 1.33x | N/A\* |
|  | —\*\* | Income <br>Approach<br>| Discount Rate | 100% | N/A\* |

---

------

**THE ALGER FUNDS**

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value**<br> **July 31,**<br> **2025**<br>| **Valuation**<br> **Methodology**<br>| **Unobservable**<br> **Inputs**<br>| **Inputs/Range** | **Weighted**<br> **Average Inputs**<br>|
| **Rights** | —\*\*\* | Income <br>Approach<br>| Discount Rate <br>Probability of Success<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** | 447191 | Market <br>Approach<br>| Revenue Multiple | 22.99x-23.24x | 23.10x |

---

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

---

| | |
|:---|:---|
| <sup>\*</sup> | *Each security type listed and respective valuation methodology and unobservable input, represents only one* <br>*investment.*<br>|
| <sup>\*\*</sup> <br>| *Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of* <br> *July 31, 2025.*<br>|
| <sup>\*\*\*</sup> | *Tolero CDRs are classified as a Level 3 investment and are fair valued at zero as of July 31, 2025.* |

---

The significant unobservable inputs used in the fair value measurement of each Fund's securities are revenue 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 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 July 31, 2025, there were no changes in valuation methodology on Level 3 investments.

**NOTE 4 — Affiliated Securities:**

------

During the period ended July 31, 2025, 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 July 31, 2025 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>**2024**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**July 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**July 31,** <br>**2025**<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 Ventures C, <br> LLC, Cl. A<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(79968)<br>| &nbsp;&nbsp; $2331285 |
| **Total** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(79968)<br>| &nbsp;&nbsp; $2331285 |

---

------

**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>**2024**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**July 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**July 31,** <br>**2025**<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 Ventures C, <br> LLC, Cl. A<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(34581)<br>| &nbsp;&nbsp; $1008123 |
| &nbsp;&nbsp;&nbsp; Crosslink Ventures C, <br> LLC, Cl. B<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (10132)<br>| &nbsp;&nbsp; 402605 |
| **Total** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(44713)<br>| &nbsp;&nbsp; $1410728 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2024**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**July 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**July 31,** <br>**2025**<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, <br> LLC, Cl. A<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(51871)<br>| &nbsp;&nbsp; $1512185 |
| &nbsp;&nbsp;&nbsp; Crosslink Ventures C, <br> LLC, Cl. B<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (10133)<br>| &nbsp;&nbsp; 402604 |
| **Total** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(62004)<br>| &nbsp;&nbsp; $1914789 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2024**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**July 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**July 31,** <br>**2025**<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; 28027798 | &nbsp;&nbsp; 506260239 <br><sup>2</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 534288037 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8504221)<br>| &nbsp;&nbsp; $30454418 |
| **Total** | &nbsp;&nbsp; 28027798 | &nbsp;&nbsp; 506260239 | &nbsp;&nbsp; — | &nbsp;&nbsp; 534288037 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8504221)<br>| &nbsp;&nbsp; $30454418 |

---

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

<sup>1</sup> *The Alger Fund Complex and other entities managed by Alger Management fully own Crosslink Ventures C, LLC,* *Class A and Crosslink Ventures C, LLC, Class B. There were no capital increases or decreases for the period ended* *July 31, 2025.* 

<sup>2</sup> *Represents shares received due to a recapitalization of the security during the period ended July 31, 2025.*

------

## 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 SMALL CAP GROWTH FUND

- **b. EDGAR series identifier (if any):** S000009160

- **c. LEI of Series:** 549300Z75KIHXNLFOH79

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $193655878.23

**Total Liabilities:** $914399.78

**Net Assets:** $192741478.45

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000024903 | 8.40%                | 8.07%                | 0.80%                |
| Class ID C000232602 | 8.36%                | 8.12%                | 0.85%                |
| Class ID C000095958 | 8.39%                | 8.15%                | 0.85%                |
| Class ID C000024904 | 8.49%                | 7.99%                | 0.89%                |
| Class ID C000024905 | 8.40%                | 7.92%                | 0.65%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $386809.16               | $14530322.94                               |
| Month 2  | $651068.39               | $14442746.61                               |
| Month 3  | $-1558684.32             | $3186828.12                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MarketAxess Holdings Inc                          | MarketAxess Holdings Inc                          | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |      6395 | NS      | $1314172.50   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc                               | CSW Industrials Inc                               | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |     14932 | NS      | $3874555.36   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines Inc                          | Revolution Medicines Inc                          | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |     62620 | NS      | $2333847.40   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Astera Labs Inc                                   | Astera Labs Inc                                   | CUSIP: 04626A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36765 | NS      | $5026878.45   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPULSE DYNAMICS IRELAND                          | IMPULSE DYNAMICS IRELAND                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3646998 | NS      | $131291.93    | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Health Catalyst Inc                               | Health Catalyst Inc                               | CUSIP: 42225T107<br>LEI: 549300223PL6GWKVJG92 | Long             | EC               | CORP              | US        |    164541 | NS      | $600574.65    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPULSE DYNAMICS IRELAND                          | IMPULSE DYNAMICS IRELAND                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   7467897 | NS      | $425670.13    | 0.22%             |  |  |  | No            |                  3 | On Loan: No      |
| PAR Technology Corp                               | PAR Technology Corp                               | CUSIP: 698884103<br>LEI: 549300HYPTHBJQINVG57 | Long             | EC               | CORP              | US        |      8078 | NS      | $490980.84    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC                         | Gates Industrial Corp PLC                         | CUSIP: 000000000<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | US        |    225037 | NS      | $5580917.60   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Tempus AI Inc                                     | Tempus AI Inc                                     | CUSIP: 88023B103<br>LEI: 2549009LA0KWRAGQBX50 | Long             | EC               | CORP              | US        |     21161 | NS      | $1197500.99   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp                                      | Glaukos Corp                                      | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |     16076 | NS      | $1383982.84   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings Inc                                   | Q2 Holdings Inc                                   | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |     69966 | NS      | $5681239.20   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc                         | Casella Waste Systems Inc                         | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |      7687 | NS      | $835807.51    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| PROSETTA BIOSCIENCES INC. /PFD                    | PROSETTA BIOSCIENCES INC. /PFD                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     50688 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Abivax SA                                         | Abivax SA                                         | CUSIP: 00370M103<br>LEI: 969500D8TMNB184OJU95 | Long             | EC               | CORP              | FR        |     17518 | NS      | $1257266.86   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc                                  | SPS Commerce Inc                                  | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |     21442 | NS      | $2334283.33   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                                       | IDACORP Inc                                       | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |      7478 | NS      | $937217.74    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Construction Partners Inc                         | Construction Partners Inc                         | CUSIP: 21044C107<br>LEI: 549300MHLFL4E8JLZU44 | Long             | EC               | CORP              | US        |     16934 | NS      | $1707793.90   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                                     | Repligen Corp                                     | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |     17791 | NS      | $2082792.37   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings                     | Clearwater Analytics Holdings Inc                 | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     91679 | NS      | $1857416.54   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp                            | Universal Display Corp                            | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21944 | NS      | $3168713.60   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Oddity Tech Ltd                                   | Oddity Tech Ltd                                   | CUSIP: 000000000<br>LEI: 254900QH12XZS53G0V57 | Long             | EC               | CORP              | IL        |     25636 | NS      | $1796314.52   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Joby Aviation Inc                                 | Joby Aviation Inc                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    293469 | NS      | $4889193.54   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                                   | Bio-Techne Corp                                   | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |     50403 | NS      | $2758556.19   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Adaptive Biotechnologies Corp                     | Adaptive Biotechnologies Corp                     | CUSIP: 00650F109<br>LEI: 549300ZTF7OT1FW66Q96 | Long             | EC               | CORP              | US        |    230283 | NS      | $2358097.92   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                                        | Insmed Inc                                        | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     30181 | NS      | $3237817.68   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| nCino Inc                                         | nCino Inc                                         | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Long             | EC               | CORP              | US        |     61433 | NS      | $1715516.53   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates Inc                          | Manhattan Associates Inc                          | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |      5712 | NS      | $1254697.92   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Neogen Corp                                       | Neogen Corp                                       | CUSIP: 640491106<br>LEI: 549300HJT9FC36N4UW43 | Long             | EC               | CORP              | US        |     92459 | NS      | $429934.35    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Akero Therapeutics Inc                            | Akero Therapeutics Inc                            | CUSIP: 00973Y108<br>LEI: 549300SI3KG74LBE2955 | Long             | EC               | CORP              | US        |     73216 | NS      | $3576601.60   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo Inc                                      | Duolingo Inc                                      | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5904 | NS      | $2046031.20   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc                             | TransMedics Group Inc                             | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |      7370 | NS      | $876808.90    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Treasury Obligations Cash Management Fund | Dreyfus Treasury Obligations Cash Management Fund | CUSIP: 261908107<br>LEI: 549300MKKM9KT7BF6329 | Long             | STIV             | RF                | US        |   1006009 | NS      | $1006008.65   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Time Group Holdings Inc                      | Life Time Group Holdings Inc                      | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34655 | NS      | $995291.60    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                                      | Balchem Corp                                      | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |      1712 | NS      | $261028.64    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Digital Inc                                | Galaxy Digital Inc                                | CUSIP: 36317J209<br>LEI: 9845001C4070E5N07806 | Long             | EC               | CORP              | US        |     73363 | NS      | $2084609.65   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Nebius Group NV                                   | Nebius Group NV                                   | CUSIP: 000000000<br>LEI: 549300GGZHJ5Q1B18P93 | Long             | EC               | CORP              | NL        |     51923 | NS      | $2826168.89   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovix Corp                                       | Enovix Corp                                       | CUSIP: 293594107<br>LEI: 549300EC7NZGWORHYJ53 | Long             | EC               | CORP              | US        |    216498 | NS      | $2901073.20   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| FUSION PHARMACEUTICALS INC                        | FUSION PHARMACEUTICALS INC                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     87642 | NS      | $99911.88     | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MaxCyte Inc                                       | MaxCyte Inc                                       | CUSIP: 57777K106<br>LEI: 54930053YHXULRFCU991 | Long             | EC               | CORP              | US        |    188744 | NS      | $388812.64    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                                      | Wingstop Inc                                      | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |      5530 | NS      | $2086690.20   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc                                 | ACI Worldwide Inc                                 | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |     56429 | NS      | $2401618.24   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| KinderCare Learning Cos Inc                       | KinderCare Learning Cos Inc                       | CUSIP: 49456W105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36339 | NS      | $349217.79    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                                 | Hamilton Lane Inc                                 | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |      6971 | NS      | $1061683.30   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| 10X Genomics Inc                                  | 10X Genomics Inc                                  | CUSIP: 88025U109<br>LEI: 5493003Z6741WNLG7H43 | Long             | EC               | CORP              | US        |     38365 | NS      | $516009.25    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc                                  | RBC Bearings Inc                                  | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15502 | NS      | $6004544.68   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Portillo's Inc                                    | Portillo's Inc                                    | CUSIP: 73642K106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    210032 | NS      | $2091918.72   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MoonLake Immunotherapeutics                       | MoonLake Immunotherapeutics                       | CUSIP: 61559X104<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |     42306 | NS      | $2133914.64   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc                               | Varonis Systems Inc                               | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |     38804 | NS      | $2166427.32   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Twist Bioscience Corp                             | Twist Bioscience Corp                             | CUSIP: 90184D100<br>LEI: 549300T23BL59LCOH584 | Long             | EC               | CORP              | US        |     52305 | NS      | $1755878.85   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CryoPort Inc                                      | CryoPort Inc                                      | CUSIP: 229050307<br>LEI: 9845004D8538BT8JF626 | Long             | EC               | CORP              | US        |    253082 | NS      | $1855091.06   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co                                       | Moelis & Co                                       | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |     16610 | NS      | $1165025.40   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| CROSSLINK VENTURES C LLC CLASS B SHARES           | CROSSLINK VENTURES C LLC CLASS B SHARES           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        19 | NS      | $402604.36    | 0.21%             |  |  |  | Yes           |                  2 | On Loan: No      |
| SB TECHNOLOGY CORP                                | SB Technology, Inc. Series E Preferred Stock      | CUSIP: 805991551<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     61600 | NS      | $1060136.00   | 0.55%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cheesecake Factory Inc/The                        | Cheesecake Factory Inc/The                        | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |     33716 | NS      | $2154789.56   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                                 | FTAI Aviation Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15834 | NS      | $2178916.74   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Celsius Holdings Inc                              | Celsius Holdings Inc                              | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23944 | NS      | $1085620.96   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackLine Inc                                     | BlackLine Inc                                     | CUSIP: 09239B109<br>LEI: 529900P9N7PK9LV5EK56 | Long             | EC               | CORP              | US        |     28617 | NS      | $1539022.26   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Bombardier Inc                                    | Bombardier Inc                                    | CUSIP: 097751861<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | EC               | CORP              | CA        |     36433 | NS      | $4248325.50   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| TOLERO DCR                                        | TOLERO DCR                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    174782 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Celcuity Inc                                      | Celcuity Inc                                      | CUSIP: 15102K100<br>LEI: 25490070W7UU7W2SEY87 | Long             | EC               | CORP              | US        |      8249 | NS      | $323072.09    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Inc                                        | Vertex Inc                                        | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |     99144 | NS      | $3288606.48   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Victoria's Secret & Co                            | Victoria's Secret & Co                            | CUSIP: 926400102<br>LEI: 5493006T3O70U3UWVF17 | Long             | EC               | CORP              | US        |     62119 | NS      | $1167837.20   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| iRhythm Technologies Inc                          | iRhythm Technologies Inc                          | CUSIP: 450056106<br>LEI: 549300FJI72RJGDQS384 | Long             | EC               | CORP              | US        |     14308 | NS      | $2005695.44   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                          | Fabrinet                                          | CUSIP: 000000000<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | TH        |      9551 | NS      | $3091945.23   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Centessa Pharmaceuticals PLC                      | Centessa Pharmaceuticals PLC                      | CUSIP: 152309100<br>LEI: 213800GIDAARDSKOI827 | Long             | EC               | CORP              | US        |     55271 | NS      | $949003.07    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CROSSLINK VENTURES C LLC CALSS A SHARES           | CROSSLINK VENTURES C LLC CALSS A SHARES           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        72 | NS      | $1512185.01   | 0.78%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Nuvalent Inc                                      | Nuvalent Inc                                      | CUSIP: 670703107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44863 | NS      | $3515016.05   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Soleno Therapeutics Inc                           | Soleno Therapeutics Inc                           | CUSIP: 834203309<br>LEI: 5493003LCY77N7FXK844 | Long             | EC               | CORP              | US        |     14002 | NS      | $1210752.94   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| GeneDx Holdings Corp                              | GeneDx Holdings Corp                              | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56542 | NS      | $5764456.90   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Forte Biosciences Inc                             | Forte Biosciences Inc                             | CUSIP: 34962G208<br>LEI: 529900Z84WFDHPS3JP76 | Long             | EC               | CORP              | US        |    157755 | NS      | $1574394.90   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Inc                                | Planet Fitness Inc                                | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |     35563 | NS      | $3883123.97   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                                        | Rambus Inc                                        | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |     32527 | NS      | $2404721.11   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackbaud Inc                                     | Blackbaud Inc                                     | CUSIP: 09227Q100<br>LEI: 54930056X3HKFMNG3754 | Long             | EC               | CORP              | US        |     37550 | NS      | $2531621.00   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MIRATI THERAPEUTICS INC                           | MIRATI THERAPEUTICS INC                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14432 | NS      | $16741.12     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Kura Sushi USA Inc                                | Kura Sushi USA Inc                                | CUSIP: 501270102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19390 | NS      | $1701278.60   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co                           | Modine Manufacturing Co                           | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |      9856 | NS      | $1326223.36   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute                     | Universal Technical Institute Inc                 | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |     56034 | NS      | $1805415.48   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc                               | Guardant Health Inc                               | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |     62394 | NS      | $2556906.12   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Upstart Holdings Inc                              | Upstart Holdings Inc                              | CUSIP: 91680M107<br>LEI: 549300WNB47JRNENIC75 | Long             | EC               | CORP              | US        |     10962 | NS      | $896033.88    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Absci Corp                                        | Absci Corp                                        | CUSIP: 00091E109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    664714 | NS      | $1881140.62   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corp                           | Magnolia Oil & Gas Corp                           | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33135 | NS      | $789275.70    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CyberArk Software Ltd                             | CyberArk Software Ltd                             | CUSIP: 000000000<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |      8557 | NS      | $3520948.79   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                                        | Natera Inc                                        | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15382 | NS      | $2055958.12   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Loar Holdings Inc                                 | Loar Holdings Inc                                 | CUSIP: 53947R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24287 | NS      | $1795052.17   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Tutor Perini Corp                                 | Tutor Perini Corp                                 | CUSIP: 901109108<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | EC               | CORP              | US        |     93854 | NS      | $4519070.10   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Abercrombie & Fitch Co                            | Abercrombie & Fitch Co                            | CUSIP: 002896207<br>LEI: 5493000J7LL72TOGT983 | Long             | EC               | CORP              | US        |     10345 | NS      | $993326.90    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Reddit Inc                                        | Reddit Inc                                        | CUSIP: 75734B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10583 | NS      | $1699523.97   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Ltd                                       | Wix.com Ltd                                       | CUSIP: 000000000<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |     14804 | NS      | $2013788.12   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Karman Holdings Inc                               | Karman Holdings Inc                               | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1033 | NS      | $53406.10     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc                            | Guidewire Software Inc                            | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |     15278 | NS      | $3456189.16   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Aritzia Inc                                       | Aritzia Inc                                       | CUSIP: 04045U102<br>LEI: 549300U83HKFRL1EX527 | Long             | EC               | CORP              | CA        |     58895 | NS      | $3161100.71   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc                                  | InterDigital Inc                                  | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16625 | NS      | $4292575.00   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Certara Inc                                       | Certara Inc                                       | CUSIP: 15687V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40846 | NS      | $401924.64    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings I                    | BJ's Wholesale Club Holdings Inc                  | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |     14769 | NS      | $1564037.10   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Xometry Inc                                       | Xometry Inc                                       | CUSIP: 98423F109<br>LEI: 5493006JFRGU7YRRXE44 | Long             | EC               | CORP              | US        |     34095 | NS      | $1102632.30   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Shake Shack Inc                                   | Shake Shack Inc                                   | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               | CORP              | US        |     25646 | NS      | $3086239.64   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Newamsterdam Pharma Co NV                         | Newamsterdam Pharma Co NV                         | CUSIP: 000000000<br>LEI: 984500B6549TF6E14D36 | Long             | EC               | CORP              | NL        |     11164 | NS      | $243486.84    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CareDx Inc                                        | CareDx Inc                                        | CUSIP: 14167L103<br>LEI: 549300NQOFKL9NON0U06 | Long             | EC               | CORP              | US        |    123918 | NS      | $1522332.63   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-26

**Name of Applicant:** ALGER FUNDS

**Signature:** Sergio Pavone

**Name of Signer:** Sergio Pavone

**Title:** Assistant Treasuer