UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-01355
The Alger Funds
(Exact name of registrant as specified in charter)
100 Pearl Street, New York, New York 10004
(Address of principal executive offices) (Zip code)
Mr. Hal Liebes
Fred Alger Management, LLC
100 Pearl Street
New York, New York 10004
(Name and address of agent for service)
Registrant’s telephone number, including area code: 212-806-8800
Date of fiscal year end: October 31
Date of reporting period: October 31, 2022
Form N-CSR is to be used by management investment companies to file reports with the Commission, not later than 10 days after the transmission to Stockholders of any report to be transmitted to Stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
| ITEM 1. | REPORTS TO STOCKHOLDERS. |
Table of Contents
The Alger Funds
| Shareholders’ Letter (Unaudited) | October 31, 2022 |
Dear Shareholders,
Steering into Stability
The late MIT economist and Nobel laureate Paul Samuelson acknowledged that “good questions outrank easy answers.” The uncertainty around inflation has complicated the market environment since the beginning of 2022, and is expected to continue in the months ahead. Reflecting on the fiscal year, Russia’s invasion of Ukraine sparked a surge in commodity prices into the summer, exacerbating inflation around the world. Consequently, interest rates continued their climb seven months into the Federal Reserve’s (the Fed) hiking cycle, making mortgage rates and consumer finance products more expensive across the economy. Moreover, the Fed increased the Federal Funds rate by 75 basis points in each of June, July and September 2022, ending the third quarter of 2022, with a target rate of 3.25%. Hopes of the Fed pivoting or reversing its tightening policy were dampened after an August speech by Fed chair Jerome Powell, where he argued that restoring price stability will require a restrictive policy for some time and may bring pain to households and businesses.
These higher interest rates have been a headwind for longer duration stocks, as investors discount cash flows further into the future, pushing down the valuations of many of these companies to levels not seen since the COVID-19 crash of 2020, or the financial crisis of 2008-2009. And, while valuation multiples of many of these companies have decreased considerably, we believe their growth rates should buoy them, even in a weakening economy. How high will the Fed ultimately push interest rates? We can’t know for certain, but we believe that valuations of such long duration stocks have compressed to the point where they have diverged from fundamentals and we remain confident in the long-term trajectory of such companies, rather than the short-term vicissitudes of the economy.
As a result of the rotations described above, value stocks outperformed growth stocks during the past twelve months, with the Russell 3000 Value Index down -7.25%, outperforming the Russell 3000 Growth Index which fell to -24.67%.
Navigating a Weakening Economy
Over the past thirteen tightening cycles, we have only experienced three soft landings (i.e., a cyclical slowdown in economic growth that avoids a recession). Among those soft landings, all three experienced approximately 300 basis points of rate hikes – specifically in 1984, 1994-1995 and 2020. As of this writing, the Fed is hiking approximately 450 basis points on its target policy rate, and as a result, we feel it is unlikely the Fed can successfully achieve tighter financial conditions while avoiding a recession (i.e., a soft landing).
Moreover, the Conference Board’s Index of Leading Economic Indicators – a composite of economic information from areas like housing, building permits and durable goods orders – has historically proven to be a strong predictor of recessions, particularly when the index moves into negative territory. In August 2022, that index moved into negative territory, flashing a warning light that the U.S. economy might be heading into recession in the next few months.
As a result of the foregoing, our current expectation is that the United States will enter – or perhaps has already entered – a recession. As of the writing of this letter, the Fed has continued to tighten financial conditions via its interest rate increases and the roll-off of debt from its balance sheet. Further, the broader money supply growth is decelerating and appears to be heading into its first outright contraction since 1938, which is likely to slow economic activity all on its own.
International Markets Also Struggle
Concerns about interest rates, inflation and the Russian invasion of Ukraine extended beyond the United States. Investors also assessed the spread of COVID-19 in China. Among non-U.S. equities, emerging markets significantly underperformed with the MSCI Emerging Markets Index declining -30.73% during the fiscal 12-month reporting period. Within the index, the Utilities sector was the only sector to generate positive performance, as investors focused on companies that they perceived as having recession resistant fundamentals that provide a relatively high return of cash to shareholders. Consumer Discretionary, Healthcare and Energy were among the worst performing sectors. The selloff also included developed markets with the MSCI EAFE Index declining -22.62%. From a broader perspective, the MSCI ACWI Index declined -19.58%.
What Has Happened
Typically, we tend to see two phases when entering a recession, where companies in phase one experience valuation compression, followed by slower earnings growth in phase two:
Phase One
Higher interest rates lead to compressed valuations of long duration assets. As in the bond market, where interest rate changes impact long-term bonds more than short-term notes, long duration stocks, having more of their cashflows further into the future, are impacted more by rising rates. The best example of this would be small-cap growth stocks, which are generally perceived as long duration assets. However, we believe that long duration, small-cap growth stock valuations may have reached a floor, at least on a relative basis, as of this writing.
Phase Two
Corporate earnings tend to decline during recessions, although consensus expectations for the S&P 500 Index show earnings growth in 2023, as of this writing. That means that there may be a period of downward earnings revisions as we move into the new year. While the Treasury bond market appears to have priced in a recession, it remains to be seen whether equities will agree.
Not All Stocks Are Equal
In 2020, at the height of the pandemic, value stocks saw earnings decline while growth stocks as a group held up better, and small-cap growth stocks actually posted earnings increases. This is because small growth fundamentals, in general, tend to hold up better in a recession. Fortunately, over the last three recessions, growth stock earnings have declined less than half as much as value stock earnings. There are, in our view, three reasons for this trend:
| ● | Growth stocks tend to have better balance sheets and less leverage, resulting in lower interest expenses. Having less interest expense means that a negative change to the topline (i.e., sales) may be less magnified on the bottom line. So, better balance sheets and lower interest expense help companies when revenues are not growing. |
| ● | Growth stocks tend to have higher operating leverage, where higher margins generally help a company’s fundamental resiliency (i.e., companies with low variable costs tend to experience margin stability during periods of economic stress). |
| ● | Growth stock fundamentals tend to be driven by market share gains, whereas value stock fundamentals tend to be more closely tied to the performance of the overall economy. For example, if a company is gaining market share, even in a stagnant or contracting market, it can post earnings-per-share (EPS). We have observed this in many sectors of the economy. Historically, innovative companies have shown growth during recessions. We saw it with personal computers in the early 1990s and smartphones and online advertising during the global financial crisis of 2008-2009, and with the continued steady growth of software during the COVID-19 crash of 2020. |
During 2022, long duration stocks have dramatically underperformed the broader stock market, while companies with higher dividends and share repurchases have held up better. Unfortunately, this explains why some of the Alger strategies, which are comprised of higher growth, longer duration companies, have underperformed in 2022. Moreover, strategies tied to smaller growth companies with longer durations have seen relative valuation multiples drop to their lowest levels in nearly a quarter century. While it is certainly frustrating for shareholders to see performance fall to such levels, we believe that this may create a favorable opportunity going forward. The last time that small-cap growth traded this cheaply was in 2001, and these stocks went on to outperform the S&P 500 Index by more than 20% over the following two years.
Going Forward
We continue to believe that unprecedented levels of innovation, such as healthcare advancements in genetic science, and digital technologies including artificial intelligence, e-commerce, streaming entertainment, and cloud computing are providing opportunities for leading companies to reward investors by generating long-term earnings growth. We will continue to focus on conducting in-depth fundamental research as we seek leaders of innovation rather than taking short-term bets on the fickle nature of investor sentiment. We believe doing so is the best strategy for helping our valued shareholders reach their investment goals.
Portfolio Matters
Alger Capital Appreciation Fund
The Alger Capital Appreciation Fund returned -34.88% for the fiscal year ended October 31, 2022, compared to the -24.60% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Healthcare and the largest underweight was Consumer Staples.
Contributors to Performance
The Communication Services and Real Estate sectors provided the largest contributions to relative performance. Regarding individual positions, UnitedHealth Group Incorporated; Vertex Pharmaceuticals Incorporated; McKesson Corporation; Humana Inc.; and Eli Lilly and Company were among the top contributors to absolute performance.
UnitedHealth is an integrated healthcare benefits company. Alger believes UnitedHealth Group’s vertical integration of insurance benefits, primary care services, pharmacy services, and data analytics along with its size and scale make it unique in the healthcare services universe in effectively addressing rising healthcare costs for its customers. Shares contributed to performance during the period, as the company announced strong operating results driven by a better-than-expected medical loss ratio (MLR). Management also noted that utilization is returning in pockets, citing senior preventative care as a standout while pediatric and ER visits remain below trend, implying a favorable Medicaid MLR.
Detractors from Performance
The Information Technology and Consumer Discretionary sectors were the were the most significant detractors from relative performance. Regarding individual positions, Microsoft Corporation; Amazon.com, Inc.; Alphabet Inc.; Tesla Inc.; and Advanced Micro Devices, Inc. were among the top detractors from absolute performance.
We believe that Microsoft is a Positive Dynamic Change beneficiary of corporate America’s transformative digitization. Microsoft’s enterprise cloud product, Azure, is rapidly growing and accruing market share. This high unit volume growth is a primary driver of the company’s higher share price, but Microsoft’s operating execution has enabled notable margin expansion. Additionally, investors appreciate Microsoft’s strong free cash flow generation and its return of cash to shareholders in the form of dividends and share repurchases. Microsoft’s shares detracted from performance during the period because the company slightly missed analysts’ estimates. However, Microsoft has shown that despite consumer, advertising, and small and medium sized business weakness, the company’s main business, the digitization of corporate America, continues to grow. We believe the secular forces of cloud adoption (Azure and Office 365) remain resilient, and the company’s commercial bookings growth attests to the continued demand for digital transformation.
Alger 35 Fund
The Alger 35 Fund generated a -39.09% return during the fiscal year ended October 31, 2022, compared to the -14.61% return of the S&P 500 Index. During the reporting period, the largest sector weightings were Information Technology and Healthcare. The largest sector overweight was Information Technology and the largest underweight was Financials.
Contributors to Performance
The Industrials and Materials sectors provided the largest contributions to relative performance. Regarding individual positions, Toast, Inc.; McKesson Corporation; HEICO Corporation; 908 Devices Inc.; and Palo Alto Networks, Inc. were among the top contributors to absolute performance.
HEICO is the leading non-original equipment manufacturer supplier of aircraft replacement parts and electronics for high-tech niche applications. HEICO is a high-quality growth company with a resilient business model and the ability to differentiate its products through superior design aimed to meet the most stringent customer requirements. HEICO combines this focus on organic product development with a robust acquisition program, which has resulted in a successful long-term track record of value creation. Shares contributed to performance as the company reported strong operating results during the period, driven by the recovery in commercial aerospace aftermarket business, as air travel continued to rebound from pandemic led declines. The company is also executing well and delivering strong operating margins, offsetting the inflationary pressures on cost.
Detractors from Performance
The Information Technology and Healthcare sectors were the most significant detractors from relative performance. Regarding individual positions, Shopify, Inc.; Amazon.com, Inc.; Block, Inc.; Advanced Micro Devices, Inc.; and Upstart Holdings, Inc. were among the top detractors from absolute performance.
Shopify provides a full-service, cloud-based software platform for small- and medium-sized businesses to establish and conduct e-commerce operations. Shopify’s solutions enable merchants to run their businesses across a multitude of channels by facilitating merchants’ ability to manage products and inventory, process orders and payments, build customer relationships, automate marketing campaigns and leverage analytics and reporting. Shopify is an innovation-led company that is generating high unit volume growth as it benefits from the positive dynamic change of consumer adoption of e-commerce. The company also generates attractive free cash flow. Shopify’s share price declined during the reporting period after the company announced it would reinvest gross profits into research and development, hire more engineers and salespeople, and introduce new marketing programs in order to expedite its growth. The level of investment was more than many investors had contemplated, which hurt the performance of Shopify shares.
Alger Growth & Income Fund
The Alger Growth & Income Fund returned -11.53% for the fiscal year ended October 31, 2022, compared to the -14.61% return of the S&P 500 Index. During the reporting period, the largest sector weightings were Information Technology and Healthcare. The largest sector overweight was Financials and the largest underweight was Consumer Discretionary.
Contributors to Performance
The Consumer Discretionary and Information Technology sectors provided the largest contributions to relative performance. Regarding individual positions, Chevron Corporation; UnitedHealth Group Incorporated; Exxon Mobil Corporation; AbbVie, Inc.; and Eli Lilly and Company were among the top contributors to absolute performance. Shares of UnitedHealth Group Incorporated contributed to performance in response to developments identified in the Alger Capital Appreciation Fund discussion.
Detractors from Performance
The Financials and Real Estate sectors were the most significant detractors from relative performance. Regarding individual positions, Microsoft Corporation; Alphabet Inc.; Meta Platforms Inc.; and Amazon.com, Inc. were among the top detractors from absolute performance. Shares of Microsoft detracted from performance in response to developments identified in the Alger Capital Appreciation Fund discussion.
Alger Mid Cap Growth Fund
The Alger Mid Cap Growth Fund returned -39.13% for the fiscal year ended October 31, 2022, compared to the -28.94% return of the Russell Midcap Growth Index. Effective August 1, 2022, Brandon Geisler became a portfolio manager of the Fund. Brandon is a Senior Vice President with over 21 years of investment experience. Before joining Alger, Brandon was a Partner, Managing Director of Research, Portfolio Manager and Senior Securities Analyst for Marsico Capital Management, where he managed several billion dollars in large and mid cap U.S., global and focused growth portfolios for mutual fund, institutional and high net worth clients. During the reporting period, the largest sector weightings were Information Technology and Healthcare. The largest sector overweight was Energy and the largest underweight was Information Technology.
Contributors to Performance
The Consumer Discretionary and Information Technology sectors provided the largest contributions to relative performance. Regarding individual positions, Diamondback Energy, Inc.; AutoZone, Inc.; McKesson Corporation; BJ’s Wholesale Club Holdings, Inc.; and HEICO Corporation were among the top contributors to absolute performance. Shares of HEICO contributed to performance in response to developments identified in the Alger 35 Fund discussion.
Detractors from Performance
The Financials and Healthcare sectors were the most significant detractors from relative performance. Regarding individual positions, Upstart Holdings, Inc.; Generac Holdings Inc.; MongoDB, Inc.; SVB Financial Group; and Natera, Inc. were among the top detractors from absolute performance.
Natera is a specialty lab providing genetic testing services in reproductive health, oncology and transplant. Non-invasive prenatal testing (NIPT), part of the company’s reproductive health franchise, has generated the majority of revenue historically; however, we believe Natera’s oncology business has potential to contribute toward a larger share of revenue as customers increasingly adopt these tests following positive insurance reimbursement decisions and favorable clinical trial results. Natera shares detracted from performance after the publication of what we believe was a largely unfounded short report by Hindenburg Research. The company also lost a false advertisement lawsuit brought by CareDx, and high-growth, high-valuation companies were out of favor with investors during the fiscal reporting period. We believe many of the allegations in the short report regarding sales and the company’s relationship with a third-party billing vendor are irrelevant to Natera’s outlook and its oncology franchise, which we view as the company’s key growth engine.
Alger Mid Cap Focus Fund
The Alger Mid Cap Focus Fund generated a -42.27% return for the fiscal year ended October 31, 2022, compared to the -28.94% return of the Russell Midcap Growth Index. During the reporting period, the largest sector weightings were Information Technology and Healthcare. The largest sector overweight was Healthcare and the largest underweight was Financials.
Contributors to Performance
The Communication Services and Utilities sectors provided the largest contributions to relative performance. Regarding individual positions, Constellation Energy Corporation; Enphase Energy, Inc.; Natera, Inc.; Vocera Communications, Inc.; and Vertex Pharmaceuticals Incorporated were among the top contributors to absolute performance.
Vertex is a biotech company that has revolutionized the treatment of cystic fibrosis (CF). It introduced the first drugs that treat the underlying disease (vs. the symptoms) which has not only led to the company providing treatment to many CF patients, but also has created a strong foothold in the space. Vertex’s shares drove contributed to performance as a competing developmental product for CF seems to be less imminent – according to Vertex management – and perhaps less effective than previously thought. Further, management announced pipeline progress in early-stage developments related to kidney, diabetes, and opioid pain management, creating opportunity for additional growth and diversified end markets.
Detractors from Performance
The Information Technology and Industrials sectors were the most significant detractors from relative performance. Regarding individual positions, Herc Holdings, Inc.; Avantor, Inc.; Generac Holdings Inc.; Signature Bank; and Confluent Inc. were among the top detractors from absolute performance.
Confluent is pioneering a new category of data infrastructure focused on data in motion (being transferred among locations) for software developers and enterprises. Confluent was founded by the original creators of event streaming company Apache Kafka and it is a large contributor to the open-source community and a leading commercial vendor behind Kafka. Confluent is designed to be the connective tissue by having real-time data from multiple sources constantly streamed across the enterprise for real-time analysis and data processing, powering smarter, faster and more modern digital applications. The company’s cloud service is the only cloud-native Apache Kafka solution, a fully managed service that is serverless, infinitely scalable, elastic and secure. The stock detracted from performance during the period because its revenue growth slowed. Cloud revenue recognition is consumption-based and Confluent stated that its fourth quarter 2021 was impacted by the holidays and workloads being shut off.
Alger Weatherbie Enduring Growth Fund
The Alger Weatherbie Enduring Growth Fund returned -26.50% from its December 17, 2021, inception date to October 31, 2022, compared to the -23.65% return of the Russell Midcap Growth Index. During the reporting period, the largest sector weightings were Industrials and Information Technology. The largest sector overweight was Industrials and the largest underweight was Information Technology. The Fund had no exposure to the Consumer Staples, Materials or Utilities sectors.
Contributors to Performance
The Information Technology and Industrials sectors provided the largest contributions to relative performance. Regarding individual positions, Paylocity Holding Corp.; Vertex, Inc.; Insulet Corporation; Ollie’s Bargain Outlet Holdings Inc.; and Waste Connections, Inc. were among the top contributors to absolute performance.
Paylocity is a leading software-as-a-service company that provides cloud-based payroll and human capital management in underserved small- to mid-size markets. Most new sales activity covers employers with 50 to 500 employees. Shares contributed to performance during the period as the company reported strong fiscal fourth-quarter earnings, which were generated by improving product demand. Sales momentum was also strong with a 28% year-over-year increase during the period, exceeding consensus expectations. In another positive development, the time required to establish initial meetings, receive decisions from potential clients and complete implementations have all returned to normal following previous challenges resulting from the COVID-19 pandemic.
Detractors from Performance
The Financials and Energy sectors were the most significant detractors from relative performance. Regarding individual positions, Signature Bank; Upstart Holdings, Inc.; FirstService Corp; HubSpot, Inc.; and Nevro Corp. were the top detractors from absolute performance.
FirstService is a leading provider of property management services to owners and homeowners associations of community and high-rise properties, as well as the provider of branded services such as California Closets and CertaPro Painters for residential homeowners. Services also include home restoration after fires, flooding or other events. FirstService continues to extend its significant scale advantage as it provides higher quality and greater breadth of services than its competition, while using its free cash and strong balance sheet to continue to make what we believe are attractive value-enhancing acquisitions. FirstService’s share price declined during the early 2022 market turmoil due in part to inflation concerns. While the company’s fourth quarter results met analyst expectations, wage inflation was a notable headwind during the period. However, management reported improved employee retention and more favorable conditions for filling open positions. FirstService’s residential business has continued to grow faster than the overall market, and the company’s branded services continue to experience strong demand in home improvement and other areas, which we believe should help offset a tougher near-term year-over-year comparison in restoration services.
Alger Weatherbie Specialized Growth Fund
The Alger Weatherbie Specialized Growth Fund generated a -42.03% return during the fiscal year ended October 31, 2022, compared to the -27.38% return of the Russell 2500 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Industrials. The largest sector overweight was Financials and the largest underweight was Information Technology. The Fund had no exposure to Consumer Staples or Utilities sectors.
Contributors to Performance
The Information Technology and Communication Services sectors provided the largest contributions to relative performance. Regarding individual positions, Impinj, Inc.; Glaukos Corp; Wingstop, Inc.; Aerie Pharmaceuticals, Inc.; and Apria, Inc. were among the top contributors to absolute performance.
Impinj engages in the development and sale of RAIN, a radio frequency identification solution. Its platform allows inventory management, patient safety, asset tracking and item authentication for the retail, healthcare, supply chain and logistics, hospitality, food and beverage, and industrial manufacturing industries. Shares contributed to performance during the period as the company reported better-than-expected operating results. Further, company revenues are now beginning to pull through to profitability.
Detractors from Performance
The Financials and Industrials sectors were the most significant detractors from relative performance. Regarding individual positions, SiteOne Landscape Supply, Inc.; Latham Group Inc.; Chegg, Inc.; Natera, Inc.; and Progyny, Inc. were among the top detractors from absolute performance. Shares of Natera detracted from performance in response to developments identified in the Alger Mid Cap Growth Fund discussion.
Alger Small Cap Growth Fund
The Alger Small Cap Growth Fund returned -39.87% for the fiscal year ended October 31, 2022, compared to the -26.02% return of the Russell 2000 Growth Index. During the reporting period, the largest sector weightings were Healthcare and Information Technology. The largest sector overweight was Healthcare and the largest underweight was Industrials.
Contributors to Performance
The Real Estate and Financials sectors provided the largest contributions to relative performance. Regarding individual positions, Vocera Communications, Inc.; BJ’s Wholesale Club Holdings, Inc.; Magnolia Oil & Gas Corp.; HealthEquity Inc.; and HEICO Corporation were among the top contributors to absolute performance.
BJ’s Wholesale Club operates membership club stores primarily located on the east coast, with a particular concentration in the Northeast. Of BJ’s merchandise sales, about 71% is “grocery” and 14% is “general-merchandise.” The company has a much higher grocery mix than Costco. Moreover, BJ’s sells a significant amount of gas, which is roughly 15% of total sales. Gas sales are boosted by BJ’s 10- to 20-cent discount per gallon compared to the average gas station, which helps drive traffic when gas prices rise to high levels. The club store model does particularly well in times of high inflation as consumers visit the club to seek value, because BJ’s products are priced approximately 25% below traditional grocery stores. Further, with a large grocery mix, BJ’s is well positioned to pass on higher product costs to the consumer. The stock outperformed during the period as investors shifted to defensive stocks, and club-store models like BJ’s were favored. Nearly half of BJ’s operating profit comes from recurring membership income, which could be viewed as a more stable cash flow stream versus other business models. Additionally, BJ’s posted strong second quarter results, where positive key performance indicators around membership growth and retention exceeded consensus expectations. Management execution continues to improve as the company remains less exposed to inventory, supply chain, and labor issues than other retailers and grocers. Over the past few years, BJ’s has significantly improved its operations and execution, as investors expect to see the company holding on to its pandemic gains. Despite its better execution and ability to raise prices to mitigate rising cost pressures, BJ’s trades at a significant discount to Costco while generating similar revenue and earnings growth.
Detractors from Performance
The Healthcare and Information Technology sectors were the most significant detractors from relative performance. Regarding individual positions, Neogen Corporation; Joint Corp; HubSpot, Inc.; NanoString Technologies, Inc.; and Bio-Techne Corporation were among the top detractors from absolute performance.
Neogen develops, manufactures and markets a diverse line of products for food and animal safety. Food safety products include diagnostic test kits and complementary products sold to food producers and processors to detect dangerous and/or unintended substances in human food and animal feed. Animal safety products include pharmaceuticals, rodenticides, disinfectants, vaccines, veterinary instruments, topicals, diagnostic products and genomic testing that are used worldwide. Neogen’s detraction from performance was primarily attributable to concerns over the integration of the 3M Food Safety business, the largest M&A deal the company has ever completed.
Alger Small Cap Focus Fund
The Alger Small Cap Focus Fund returned -42.88% during the fiscal year ended October 31, 2022, compared to the -26.02% return of the Russell 2000 Growth Index. During the reporting period, the largest sector weightings were Healthcare and Information Technology. The largest sector overweight was Healthcare and the largest underweight was Consumer Discretionary. The Fund had no exposure to Materials, Real Estate or Utilities.
Contributors to Performance
The Consumer Discretionary and Real Estate sectors provided the largest contributions to relative performance. Regarding individual positions, RBC Bearings Incorporated; Shockwave Medical, Inc.; HealthEquity Inc; Evolent Health Inc.; and Viper Energy Partners LP were among the top contributors to absolute performance.
RBC Bearings is a leading manufacturer of highly engineered precision bearings that are integral to the production and operation of most machines, aircraft and mechanical systems. These products reduce wear and tear for moving parts, facilitate proper power transmission, reduce damage and energy loss caused by friction, and control pressure and flow. RBC focuses on highly technical, regulated and engineered bearings products for specialized markets that require sophisticated design, testing and manufacturing capabilities. In November 2021, RBC completed the acquisition of ABB’s Dodge mechanical power transmission business. It is the largest acquisition in RBC’s history, and we believe it is highly transformative. The transaction has created a leading manufacturer with strong brand recognition for mission-critical, premium performance bearings and motion control products for original equipment manufacturers (OEMs) and the industrial aftermarket. The combined company has a more diversified end market, including additional industries such as food and beverage, warehousing, general machinery and the construction and mining aftermarket. The combined company also has greater aftermarket exposure, which tends to generate recurring revenues. Shares contributed to performance as the company benefitted from a recovery in its commercial aerospace OEM business as aircraft production at Boeing and Airbus is increasing, and demand for products remains strong. The company is also able to offset inflationary pressures on cost and has demonstrated solid operating leverage despite a challenging environment.
Detractors from Performance
The Healthcare and Information Technology sectors were the most significant detractors from relative performance. Regarding individual positions, Heska Corporation; CryoPort, Inc.; Herc Holdings, Inc.; Everbridge, Inc.; and Guidewire Software, Inc. were among the top detractors from absolute performance.
Heska Corporation sells diagnostic tools and specialty products to the animal health market. Specifically, Heska sells blood testing and supplies, digital imaging products, software and single-use products primarily for cats and dogs. The company also offers private label vaccines and pharmaceutical production primarily for cattle and other small mammals. Shares of Heska detracted from performance largely due to an industry-wide slowdown in the animal health market. The company reported lower than expected earnings results due to weakness in vet visitation trends. Consequently, management lowered forward expectations given the difficult macroeconomic outlook.
Alger International Focus Fund
The Alger International Focus Fund recorded a -34.27% return for the fiscal year ended October 31, 2022, compared to the -24.35% return of the MSCI ACWI ex USA Index. During the reporting period, the largest sector weightings were Consumer Discretionary and Industrials. The largest sector overweight was Consumer Discretionary and the largest underweight was Financials.
Contributors to Performance
The Energy and Communication Services sectors provided the largest contributions to relative performance. From a country perspective, Brazil, Germany, and Japan were among the top contributors to relative performance. The Fund’s lack of exposure to Russia and Poland also contributed to relative performance. Regarding individual positions, Schlumberger NV; Arezzo Industria e Comercio S.A.; VERBIO Vereinigte BioEnergie AG; Alfen NV; and Keyence Corporation were among the top contributors to absolute performance.
VERBIO Vereinigte BioEnergie is a leading producer of the complete range of biofuels (biodiesel, bioethanol and biomethane) and by-products at the industrial scale. The company benefits from environmental protection tailwinds and an increasing effort to curb greenhouse gas emissions globally. VERBIO saw an increase in revenues during the period, primarily driven by higher sales prices of both biodiesel and bioethanol. Moreover, the Russia-Ukraine conflict continues to highlight Europe’s increasing need for energy independence. With biomethane serving as a direct substitute for natural gas, there is heightened investor focus on VERBIO’s ability to scale and serve as a potential solution to the ongoing energy crisis.
Detractors from Performance
The Healthcare and Industrials sectors detracted from relative performance, while Switzerland, Norway, Australia and Singapore were among countries that detracted from relative performance. Regarding individual positions, Aker Carbon Capture ASA; PolyPeptide Group AG; Eurofins Scientific Societe Europeenne; ASML Holding NV; and PUMA SE were among the top detractors from absolute performance.
PolyPeptide is a contract development and manufacturing organization focusing on proprietary and generic good manufacturing practice grade peptides used by pharmaceutical and biotech companies in approved pharmaceutical products, drugs in clinical development as well as in generic products. Shares detracted from performance during the period as the company experienced rising cost inflation that could not be passed on in the short-term, leading to meaningful margin compression. However, the company clarified its price cost model and provided greater visibility of purchase orders heading into the end of 2022. Consequently, PolyPeptide’s management stated that they expect the full benefit of its current pricing and contractual changes to come through in 2023.
Alger Health Sciences Fund
The Alger Health Sciences Fund returned -27.31% for the fiscal year ended October 31, 2022, compared to the -14.61% return of the S&P 500 Index and the -5.82% return of the Russell 3000 Healthcare Index.
Contributors to Performance
Regarding individual positions, McKesson Corporation; Prometheus Biosciences, Inc.; Acadia Healthcare Company, Inc.; Vertex Pharmaceuticals Incorporated; and AbbVie, Inc. were among the top contributors to absolute performance. Shares of Vertex Pharmaceuticals contributed to performance in response to developments identified in the Alger Mid Cap Focus Fund discussion.
Detractors from Performance
Regarding individual positions, InMode Ltd.; Edwards Lifesciences Corporation; Catalent Inc.; Azenta, Inc.; and Inspire Medical Systems, Inc. were among the top detractors from absolute performance.
InMode designs, develops, manufactures and commercializes innovative minimally invasive and non-invasive aesthetic medical products. InMode’s platforms harness novel radio frequency (RF) technology for emerging minimally invasive procedures that bridge the gap between temporary treatments like facials and more invasive surgical procedures like facelifts across several specialty categories such as plastic surgery, gynecology, dermatology, ophthalmology and otolaryngology (ear, nose and throat care). The aesthetics market experienced strong tailwinds coming out of the COVID-19 pandemic. These tailwinds include the “Zoom effect,” or dissatisfaction with one’s personal appearance after viewing one’s own face on Zoom, which resulted in more people deciding to undergo aesthetic procedures. De-stigmatization of aesthetics procedures, aided by social media platforms, has also supported InMode’s results. However, the stock price declined during the period, in part due to a rotation out of long duration names. Some investors also feared a wallet share shift away from aesthetics and have concerns about InMode’s exposure to international markets due to Russia’s invasion of Ukraine; however, our research suggests the company’s revenue exposure to Europe is minimal.
I thank you for putting your trust in Alger.
Sincerely,
Daniel C. Chung, CFA
Chief Executive Officer
Fred Alger Management, LLC
Investors cannot invest directly in an index. Index performance does not reflect the deduction for fees, expenses, or taxes.
This report and the financial statements contained herein are submitted for the general information of shareholders of the funds. This report is not authorized for distribution to prospective investors in a fund unless preceded or accompanied by an effective prospectus for the fund. Performance of funds discussed above other than the Alger 35 Fund and the Alger Mid Cap Focus Fund represents the return of Class A shares prior to the deduction of any sales charges and includes the reinvestment of any dividends or distributions. Performance for the Alger 35 Fund represents Class Z shares. Performance for the Alger Mid Cap Focus Fund represents Class I shares.
The performance data quoted represents past performance, which is not an indication or guarantee of future results.
Standardized performance results can be found on the following pages. The investment return and principal value of an investment in a fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, visit us at www.alger.com or call us at (800) 992-3863.
The views and opinions of the funds’ management in this report are as of the date of the Shareholders’ Letter and are subject to change at any time subsequent to this date. There is no guarantee that any of the assumptions that formed the basis for the opinions stated herein are accurate or that they will materialize. Moreover, the information forming the basis for such assumptions is from sources believed to be reliable; however, there is no guarantee that such information is accurate. Any securities mentioned, whether owned in a fund or otherwise, are considered in the context of the construction of an overall portfolio of securities and therefore reference to them should not be construed as a recommendation or offer to purchase or sell any such security. Inclusion of such securities in a fund and transactions in such securities, if any, may be for a variety of reasons, including, without limitation, in response to cash flows, inclusion in a benchmark, and risk control. The reference to a specific security should also be understood in such context and not viewed as a statement that the security is a significant holding in a fund. Please refer to the Schedules of Investments for each fund which is included in this report for a complete list of fund holdings as of October 31, 2022. Securities mentioned in the Shareholders’ Letter, if not found in the Schedules of Investments, may have been held by the funds during the fiscal 12-month period ended October 31, 2022.
Risk Disclosures
Alger Capital Appreciation Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. Local, regional or global events such as environmental or natural disasters, war, terrorism, pandemics, outbreaks of infectious diseases and similar public health threats, recessions, or other events could have a significant impact on investments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility.
Alger 35 Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. Local, regional or global events such as environmental or natural disasters, war, terrorism, pandemics, outbreaks of infectious diseases and similar public health threats, recessions, or other events could have a significant impact on investments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Investing in companies of small and medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. The Fund is classified as a “non-diversified fund” under federal securities laws because it can invest in fewer individual companies than a diversified fund. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment.
Alger Growth & Income Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. Local, regional or global events such as environmental or natural disasters, war, terrorism, pandemics, outbreaks of infectious diseases and similar public health threats, recessions, or other events could have a significant impact on investments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Income-producing securities may cut or fail to declare dividends due to market downturns or for other reasons. At times, the Fund may hold a large cash position, which may underperform relative to equity securities.
Alger Mid Cap Growth Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. Local, regional or global events such as environmental or natural disasters, war, terrorism, pandemics, outbreaks of infectious diseases and similar public health threats, recessions, or other events could have a significant impact on investments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Investing in companies of medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment. At times, the Fund may hold a large cash position, which may underperform relative to equity securities.
Alger Mid Cap Focus Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. Local, regional or global events such as environmental or natural disasters, war, terrorism, pandemics, outbreaks of infectious diseases and similar public health threats, recessions, or other events could have a significant impact on investments. Investing in companies of medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. A significant portion of assets may be invested in securities of companies in related sectors or industries, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector or industry developments. The Fund is classified as a “non-diversified fund” under federal securities laws because it can invest in fewer individual companies than a diversified fund. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment. At times, the Fund may hold a large cash position, which may underperform relative to equity securities.
Alger Weatherbie Enduring Growth Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. Local, regional or global events such as environmental or natural disasters, war, terrorism, pandemics, outbreaks of infectious diseases and similar public health threats, recessions, or other events could have a significant impact on investments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Weatherbie Capital, LLC’s use of an environmental, social, and governance (“ESG”) rating agency to implement the investment strategy may result in the selection or exclusion of securities for reasons other than financial performance and the strategy may underperform strategies that do not utilize an ESG rating agency or employ another type of ESG investment strategy. In evaluating a particular issuer’s ESG rating, as well as the account’s weighted average ESG rating, Weatherbie Capital, LLC relies exclusively on the ESG rating agency and, therefore, is dependent upon information and data from the ESG rating agency that may be incomplete or inaccurate, or that may present conflicting information and data with respect to an issuer than other third party ESG data providers utilized throughout the industry. Investing in companies of medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Investing in new issues involves special risks including lack of trading history, limited information and availability, and volatility. Cash positions may underperform relative to equity and fixed-income securities. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment. The Fund is classified as a “non-diversified fund” under federal securities laws because it can invest in fewer individual companies than a diversified fund.
Alger Weatherbie Specialized Growth Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. Local, regional or global events such as environmental or natural disasters, war, terrorism, pandemics, outbreaks of infectious diseases and similar public health threats, recessions, or other events could have a significant impact on investments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Investing in companies of small and medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Foreign securities and emerging markets involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility.
Alger Small Cap Growth Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. Local, regional or global events such as environmental or natural disasters, war, terrorism, pandemics, outbreaks of infectious diseases and similar public health threats, recessions, or other events could have a significant impact on investments. A significant portion of assets may be invested in securities of companies in related sectors or industries, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector or industry developments. Investing in companies of small capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. At times, the Fund may hold a large cash position, which may underperform relative to equity securities.
Alger Small Cap Focus Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. Local, regional or global events such as environmental or natural disasters, war, terrorism, pandemics, outbreaks of infectious diseases and similar public health threats, recessions, or other events could have a significant impact on investments. A significant portion of assets may be invested in securities of companies in related sectors or industries, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector or industry developments. Investing in companies of small capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability. At times, the Fund may hold a large cash position, which may underperform relative to equity securities.
Alger International Focus Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. Local, regional or global events such as environmental or natural disasters, war, terrorism, pandemics, outbreaks of infectious diseases and similar public health threats, recessions, or other events could have a significant impact on investments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Foreign securities and emerging markets involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Investing in companies of small capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment.
Alger Health Sciences Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. Local, regional or global events such as environmental or natural disasters, war, terrorism, pandemics, outbreaks of infectious diseases and similar public health threats, recessions, or other events could have a significant impact on investments. A significant portion of assets will be invested in healthcare companies, which may be significantly affected by competition, innovation, regulation, and product obsolescence, and may be more volatile than the securities of other companies. A significant portion of assets may be invested in securities of companies in related industries, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable industry developments. Investing in companies of small capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Private placements are offerings of a company’s securities not registered with the SEC and not offered to the public, for which limited information may be available. Such investments are generally considered to be illiquid. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment. At times, the Fund may hold a large cash position, which may underperform relative to equity securities.
For a more detailed discussion of the risks associated with a fund, please see the prospectus.
Before investing, carefully consider a fund’s investment objective, risks, charges, and expenses. For a prospectus and summary prospectus containing this and other information or for The Alger Funds’ most recent month-end performance data, visit www.alger.com, call (800) 992-3863 or consult your financial advisor. Read the prospectus and summary prospectus carefully before investing.
Distributor: Fred Alger & Company, LLC
NOT FDIC INSURED. NOT BANK GUARANTEED. MAY LOSE VALUE.
Definitions:
| ● | Price-to-earnings is the ratio for valuing a company that measures its current share price relative to its earnings per share (EPS). |
| ● | The Russell 3000 Growth Index combines the large-cap Russell 1000 Growth, the small-cap Russell 2000 Growth and the Russell Microcap Growth Index. It includes companies that are considered more growth oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell 3000 Growth Index is constructed to provide a comprehensive, unbiased, and stable barometer of the growth opportunities within the broad market. |
| ● | The Russell Microcap Growth Index measures the performance of the microcap growth segment of the US equity market. It includes Russell Microcap companies with relatively higher price-to-book ratios, higher I/B/E/S forecast medium term (2 year) growth and higher sales per share historical growth (5 years). |
| ● | The Russell 3000 Value Index measures the performance of the broad value segment of the US equity value universe. It includes those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000 Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market. |
| ● | The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI captures large and mid cap representation across developed markets and 26 emerging markets countries. |
| ● | The MSCI ACWI ex USA Index captures large- and mid-cap representation across developed markets countries (excluding the US) and emerging markets countries. The index covers approximately 85% of the global equity opportunity set outside the US. |
| ● | The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. |
| ● | The MSCI EAFE Index is designed to represent the performance of large and mid-cap securities across developed markets, including countries in Europe, Australasia and the Far East, excluding the U.S. and Canada. |
| ● | The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. |
| ● | The S&P 500 Index is an unmanaged index considered representative of large-cap growth stocks. |
| ● | The Russell Midcap Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell Midcap Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. |
| ● | The Russell 2500 Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell 2500 Growth Index is constructed to provide a comprehensive and unbiased barometer of the small to mid-cap growth market. |
| ● | The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. |
| ● | The Russell 3000 Healthcare Index is an unmanaged index that measures the performance of those companies in the Russell 3000 Index involved in the medical services or healthcare field. Also included are companies involved in research, development and production of pharmaceuticals and biotechnology. |
ALGER CAPITAL APPRECIATION FUND
Fund Highlights Through October 31, 2022 (Unaudited)
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Capital Appreciation Fund Class A shares, with a maximum sales charge of 5.25%, and the Russell 1000 Growth Index (an unmanaged index of common stocks) for the ten years ended October 31, 2022. Figures for the Alger Capital Appreciation Fund Class A shares and the Russell 1000 Growth Index include reinvestment of dividends. Figures for the Alger Capital Appreciation Fund Class A shares also include reinvestment of capital gains. Performance for Alger Capital Appreciation Fund Class C and Class Z shares will vary from the results shown above due to differences in expenses and sales charges those classes bear. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
ALGER CAPITAL APPRECIATION FUND
Fund Highlights Through October 31, 2022 (Unaudited) (Continued)
PERFORMANCE COMPARISON AS OF 10/31/22
AVERAGE ANNUAL TOTAL RETURNS
| | 1 YEAR | 5 YEARS | 10 YEARS |
| Class A | (38.30)% | 7.03% | 11.62% |
| Class C | (35.83)% | 7.39% | 11.39% |
| Class Z | (34.67)% | 8.55% | 12.60% |
| Russell 1000 Growth Index | (24.60)% | 12.59% | 14.69% |
| | | | |
The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s average annual total returns include changes in share price and reinvestment of dividends and capital gains. Class A returns reflect the maximum initial sales charge and Class C returns reflect the applicable contingent deferred sales charge. The chart and table above do not reflect the deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares. Investment return and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For updated performance, visit us at www.alger.com or call us at (800) 992-3863.
ALGER 35 FUND
Fund Highlights Through October 31, 2022 (Unaudited)
HYPOTHETICAL $10,000 INVESTMENT IN CLASS Z SHARES
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger 35 Fund Class Z shares and the S&P 500 Index (an unmanaged index of common stocks) from March 29, 2018, the inception date of the Alger 35 Fund Class Z shares, through October 31, 2022. Effective May 7, 2021, Class P shares of the Alger 35 Fund were reclassified as Class Z shares. The reclassified Class Z shares have the same annual returns as the Class P shares because the shares are invested in the same portfolio of securities and the reclassified Class Z shares have the same expenses as the Fund’s Class P shares. Historical performance prior to May 7, 2021 is that of the Fund’s Class P shares. Figures for the Alger 35 Fund Class Z shares and the S&P 500 Index include reinvestment of dividends. Figures for the Alger 35 Fund Class Z shares also include reinvestment of capital gains. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
ALGER 35 FUND
Fund Highlights Through October 31, 2022 (Unaudited) (Continued)
PERFORMANCE COMPARISON AS OF 10/31/22
AVERAGE ANNUAL TOTAL RETURNS
| | | | Since |
| | 1 YEAR | 5 YEARS | inception |
| Class Z (Inception 3/29/18) | (39.09)% | n/a | 10.03% |
| S&P 500 Index | (14.61)% | n/a | 10.61% |
| | | | |
The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s average annual total returns include changes in share price and reinvestment of dividends and capital gains. Effective May 7, 2021, Class P shares of the Alger 35 Fund were reclassified as Class Z shares. The reclassified Class Z shares have the same annual returns as the Class P shares because the shares are invested in the same portfolio of securities and the reclassified Class Z shares have the same expenses as the Fund’s Class P shares. Historical performance prior to May 7, 2021 is that of the Fund’s Class P shares. The chart and table above do not reflect the deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares. Investment return and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For updated performance, visit us at www.alger. com or call us at (800) 992-3863.
ALGER GROWTH & INCOME FUND
Fund Highlights Through October 31, 2022 (Unaudited)
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Growth & Income Fund Class A shares, with a maximum sales charge of 5.25%, and the S&P 500 Index (an unmanaged index of common stocks) for the ten years ended October 31, 2022. Figures for the Alger Growth & Income Fund Class A shares and the S&P 500 Index include reinvestment of dividends. Figures for the Alger Growth & Income Fund Class A shares also include reinvestment of capital gains. Performance for the Alger Growth & Income Fund Class C and Class Z shares will vary from the results shown above due to differences in expenses and sales charges those classes bear. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
ALGER GROWTH & INCOME FUND
Fund Highlights Through October 31, 2022 (Unaudited) (Continued)
PERFORMANCE COMPARISON AS OF 10/31/22
AVERAGE ANNUAL TOTAL RETURNS
| | 1 YEAR | 5 YEARS | 10 YEARS |
| Class A | (16.17)% | 9.06% | 11.24% |
| Class C | (13.03)% | 9.42% | 11.00% |
| Class Z | (11.25)% | 10.63% | 12.18% |
| S&P 500 Index | (14.61)% | 10.44% | 12.79% |
| | | | |
The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s average annual total returns include changes in share price and reinvestment of dividends and capital gains. Class A returns reflect the maximum initial sales charge and Class C returns reflect the applicable contingent deferred sales charge. The chart and table above do not reflect the deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares. Investment return and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For updated performance, visit us at www.alger.com or call us at (800) 992-3863.
ALGER MID CAP GROWTH FUND*
Fund Highlights Through October 31, 2022 (Unaudited)
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Mid Cap Growth Fund Class A shares, with a maximum sales charge of 5.25%, and the Russell Midcap Growth Index (an unmanaged index of common stocks) for the ten years ended October 31, 2022. Figures for the Alger Mid Cap Growth Fund Class A shares and Russell Midcap Growth Index include reinvestment of dividends. Figures for the Alger Mid Cap Growth Fund Class A shares also include reinvestment of capital gains. Performance for the Alger Mid Cap Growth Fund Class B, Class C and Class Z shares will vary from the results shown above due to differences in expenses and sales charges those classes bear. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
ALGER MID CAP GROWTH FUND*
Fund Highlights Through October 31, 2022 (Unaudited) (Continued)
PERFORMANCE COMPARISON AS OF 10/31/22
AVERAGE ANNUAL TOTAL RETURNS
| | 1 YEAR | 5 YEARS | 10 YEARS |
| Class A | (42.33)% | 6.62% | 10.17% |
| Class B | (40.99)% | 7.40% | 10.26% |
| Class C | (39.95)% | 6.93% | 9.87% |
| Russell Midcap Growth Index | (28.94)% | 8.66% | 11.95% |
| | | | |
| | 1 YEAR | 5 YEARS | Since
inception |
| Class Z (Inception 5/28/15) | (38.95)% | 8.10% | 7.51% |
| Russell Midcap Growth Index | (28.94)% | 8.66% | 8.54% |
| | | | |
The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s average annual total returns include changes in share price and reinvestment of dividends and capital gains. Class A returns reflect the maximum initial sales charge and Class B and C returns reflect the applicable contingent deferred sales charge. The chart and table above do not reflect the deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares. Investment return and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For updated performance, visit us at www.alger.com or call us at (800) 992-3863.
| * | Pursuant to the U.S. Securities and Exchange Commission’s rules on Fair Fund and Disgorgement Plans, the Alger Mid Cap Growth Fund received a Fair Fund distribution of $9,346,397 on September 10, 2021, which contributed approximately 0.60% and 0.31% to its five and ten year annual returns, respectively. |
ALGER MID CAP FOCUS FUND
Fund Highlights Through October 31, 2022 (Unaudited)
HYPOTHETICAL $10,000 INVESTMENT IN CLASS I SHARES
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Mid Cap Focus Fund Class I shares and the Russell Midcap Growth Index (an unmanaged index of common stocks) from June 14, 2019, the inception date of the Alger Mid Cap Focus Fund Class I shares, through October 31, 2022. Figures for the Alger Mid Cap Focus Fund Class I shares and the Russell Midcap Growth Index include reinvestment of dividends. Figures for the Alger Mid Cap Focus Fund Class I shares also include reinvestment of capital gains. Performance for the Alger Mid Cap Focus Fund Class A, C, Y and Z shares will vary from the results shown above due to differences in the expenses and sales charges that those classes bear. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
ALGER MID CAP FOCUS FUND
Fund Highlights Through October 31, 2022 (Unaudited) (Continued)
PERFORMANCE COMPARISON AS OF 10/31/22
AVERAGE ANNUAL TOTAL RETURNS
| | | | Since |
| | 1 YEAR | 5 YEARS | inception |
| Class I (Inception 6/14/19) | (42.28)% | n/a | 9.81% |
| Class Z (Inception 6/14/19) | (42.10)% | n/a | 10.11% |
| Russell Midcap Growth Index | (28.94)% | n/a | 6.50% |
| | | | Since |
| | 1 YEAR | 5 YEARS | inception |
| Class Y (Inception 2/26/21) | (42.07)% | n/a | (21.94)% |
| Russell Midcap Growth Index | (28.94)% | n/a | (11.05)% |
| | | | Since |
| | 1 YEAR | 5 YEARS | inception |
| Class A (Inception 7/29/21) | (45.31)% | n/a | (31.64)% |
| Class C (Inception 7/29/21) | (43.29)% | n/a | (29.22)% |
| Russell Midcap Growth Index | (28.94)% | n/a | (20.98)% |
The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s average annual total returns include changes in share price and reinvestment of dividends and capital gains. Class A returns reflect the maximum initial sales charge and Class C returns reflect the applicable contingent deferred sales charge. The chart and table above do not reflect the deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares. Investment return and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For updated performance, visit us at www.alger.com or call us at (800) 992-3863.
ALGER WEATHERBIE ENDURING GROWTH FUND
Fund Highlights Through October 31, 2022 (Unaudited)
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Weatherbie Enduring Growth Fund Class A shares, with a maximum sales charge of 5.25%, and the Russell Midcap Growth Index (an unmanaged index of common stocks) from December 17, 2021, the inception date of the Alger Weatherbie Enduring Growth Fund, through October 31, 2022. Figures for the Alger Weatherbie Enduring Growth Fund Class A shares and Russell Midcap Growth Index include reinvestment of dividends. Figures for the Alger Weatherbie Enduring Growth Fund Class A shares also include reinvestment of capital gains. Performance for Alger Weatherbie Enduring Growth Fund Class C, Class I, Class Y and Class Z shares will vary from the results shown above due to differences in expenses and sales charges those classes bear. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
ALGER WEATHERBIE ENDURING GROWTH FUND
Fund Highlights Through October 31, 2022 (Unaudited) (Continued)
PERFORMANCE COMPARISON AS OF 10/31/22
AVERAGE ANNUAL TOTAL RETURNS
| | | | Since |
| | 1 YEAR | 5 YEARS | inception |
| Class A (Inception 12/17/21) | n/a | n/a | (30.33)% |
| Class C (Inception 12/17/21) | n/a | n/a | (27.63)% |
| Class I (Inception 12/17/21) | n/a | n/a | (26.40)% |
| Class Y (Inception 12/17/21) | n/a | n/a | (26.20)% |
| Class Z (Inception 12/17/21) | n/a | n/a | (26.20)% |
| Russell Midcap Growth Index | n/a | n/a | (23.65)% |
| | | | |
The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s average annual total returns include changes in share price and reinvestment of dividends and capital gains. The chart and table above do not reflect the deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares. Investment return and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For updated performance, visit us at www.alger.com or call us at (800) 992-3863.
ALGER WEATHERBIE SPECIALIZED GROWTH FUND
Fund Highlights Through October 31, 2022 (Unaudited)
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Weatherbie Specialized Growth Fund Class A shares, with a maximum sales charge of 5.25%, and the Russell 2500 Growth Index (an unmanaged index of common stocks) for the ten years ended October 31, 2022. From August 30, 2017 to September 30, 2019, the Fund was named Alger SMid Cap Focus Fund. Prior to August 30, 2017, the Fund followed different investment strategies under the name Alger SMid Cap Growth Fund and prior to March 1, 2017 was managed by different portfolio managers. Accordingly, performance prior to those dates does not reflect the Fund’s current investment strategies and investment personnel. Figures for the Alger Weatherbie Specialized Growth Fund Class A shares and the Russell 2500 Growth Index include reinvestment of dividends. Figures for the Alger Weatherbie Specialized Growth Fund Class A shares also include reinvestment of capital gains. Performance for the Alger Weatherbie Specialized Growth Fund Class C, Class I, Class Y and Class Z shares will vary from the results shown above due to differences in expenses and sales charges those classes bear. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
ALGER WEATHERBIE SPECIALIZED GROWTH FUND
Fund Highlights Through October 31, 2022 (Unaudited) (Continued)
PERFORMANCE COMPARISON AS OF 10/31/22
AVERAGE ANNUAL TOTAL RETURNS
| | 1 YEAR | 5 YEARS | 10 YEARS |
| Class A | (45.07)% | 7.60% | 10.49% |
| Class C | (42.85)% | 7.95% | 10.25% |
| Class I | (42.02)% | 8.78% | 11.09% |
| Class Z | (41.82)% | 9.13% | 11.46% |
| Russell 2500 Growth Index | (27.38)% | 7.41% | 11.38% |
| | | | |
| | | | Since |
| | 1 YEAR | 5 YEARS | inception |
| Class Y (Inception 8/30/17) | (41.81)% | 9.20% | 10.33% |
| Russell 2500 Growth Index | (27.38)% | 7.41% | 8.81% |
| | | | |
The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s average annual total returns include changes in share price and reinvestment of dividends and capital gains. Class A returns reflect the maximum initial sales charge and Class C returns reflect the applicable contingent deferred sales charge. The chart and table above do not reflect the deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares. From August 30, 2017 to September 30, 2019, the Fund was named “Alger SMid Cap Focus Fund.” Prior to August 30, 2017, the Fund followed different investment strategies under the name “Alger SMid Cap Growth Fund” and prior to March 1, 2017 was managed by different portfolio managers. Accordingly, performance prior to those dates does not reflect the Fund’s current investment strategies and investment personnel. Investment return and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For updated performance, visit us at www.alger. com or call us at (800) 992-3863.
ALGER SMALL CAP GROWTH FUND*
Fund Highlights Through October 31, 2022 (Unaudited)
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Small Cap Growth Fund Class A shares, with a maximum sales charge of 5.25%, and the Russell 2000 Growth Index (an unmanaged index of common stocks) for the ten years ended October 31, 2022. Figures for the Alger Small Cap Growth Fund Class A shares and the Russell 2000 Growth Index include reinvestment of dividends. Figures for the Alger Small Cap Growth Fund Class A shares also include reinvestment of capital gains. Performance for the Alger Small Cap Growth Fund Class B, Class C, Class Y and Class Z shares will vary from the results shown above due to differences in expenses and sales charges those classes bear. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
ALGER SMALL CAP GROWTH FUND*
Fund Highlights Through October 31, 2022 (Unaudited) (Continued)
PERFORMANCE COMPARISON AS OF 10/31/22
AVERAGE ANNUAL TOTAL RETURNS
| | 1 YEAR | 5 YEARS | 10 YEARS |
| Class A | (43.03)% | 5.84% | 8.95% |
| Class B | (42.51)% | 6.43% | 8.98% |
| Class C | (40.83)% | 6.20% | 8.67% |
| Class Z | (39.66)% | 7.37% | 9.93% |
| Russell 2000 Growth Index | (26.02)% | 5.17% | 10.15% |
| | | | |
| | | | Since |
| | 1 YEAR | 5 YEARS | Inception |
| Class Y (Inception 12/31/21) | n/a | n/a | (32.73)% |
| Russell 2000 Growth Index | n/a | n/a | (22.57)% |
| | | | |
The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s average annual total returns include changes in share price and reinvestment of dividends and capital gains. Class A returns reflect the maximum initial sales charge and Class B and C returns reflect the applicable contingent deferred sales charge. The chart and table above do not reflect the deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares. Investment return and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For updated performance, visit us at www.alger.com or call us at (800) 992-3863.
| * | Pursuant to the U.S. Securities and Exchange Commission’s Rules on Fair Fund and Disgorgement Plans, the Alger Small Cap Growth Fund received a Fair Fund distribution of $3,738,004 on September 10, 2021, which contributed approximately 0.12% and 0.06% to its five and ten year annual returns, respectively. |
ALGER SMALL CAP FOCUS FUND
Fund Highlights Through October 31, 2022 (Unaudited)
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Small Cap Focus Fund Class A shares, with an initial 5.25% maximum sales charge, and the Russell 2000 Growth (an unmanaged index of common stocks) for the ten years ended October 31, 2022. Prior to August 7, 2015, the Fund followed different investment strategies under the name “Alger Growth Opportunities Fund” and prior to February 12, 2015 was managed by a different portfolio manager. Accordingly, performance prior to those dates does not reflect the Fund’s current investment strategies and investment personnel. Figures for the Alger Small Cap Focus Fund Class A shares and the Russell 2000 Growth Index include reinvestment of dividends. Figures for the Alger Small Cap Focus Fund Class A shares also include reinvestment of capital gains. Performance for the Alger Small Cap Focus Fund Class C, Class I, Class Y and Class Z shares will vary from the results shown above due to differences in expenses and sales charges those classes bear. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
ALGER SMALL CAP FOCUS FUND
Fund Highlights Through October 31, 2022 (Unaudited) (Continued)
PERFORMANCE COMPARISON AS OF 10/31/22
AVERAGE ANNUAL TOTAL RETURNS
| | 1 YEAR | 5 YEARS | 10 YEARS |
| Class A | (45.88)% | 3.74% | 9.19% |
| Class C | (43.76)% | 4.14% | 9.01% |
| Class I | (42.77)% | 4.94% | 9.90% |
| Class Z | (42.61)% | 5.27% | 10.21% |
| Russell 2000 Growth Index | (26.02)% | 5.17% | 10.15% |
| | | | |
| | | | Since |
| | 1 YEAR | 5 YEARS | Inception |
| Class Y (Inception 2/28/17) | (42.58)% | 5.28% | 7.96% |
| Russell 2000 Growth Index | (26.02)% | 5.17% | 6.98% |
| | | | |
The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s average annual total returns include changes in share price and reinvestment of dividends and capital gains. Class A returns reflect the maximum initial sales charge and Class C returns reflect the applicable contingent deferred sales charge. The chart and table above do not reflect the deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares. Prior to August 7, 2015, the Fund followed different investment strategies under the name “Alger Growth Opportunities Fund” and prior to February 12, 2015 was managed by a different portfolio manager. Accordingly, performance prior to those dates does not reflect the Fund’s current investment strategies and investment personnel. Investment return and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For updated performance, visit us at www.alger.com or call us at (800) 992-3863.
ALGER INTERNATIONAL FOCUS FUND*
Fund Highlights Through October 31, 2022 (Unaudited)
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger International Focus Fund Class A shares, with a maximum sales charge of 5.25%, and MSCI AC World Index ex USA (an unmanaged index of common stocks) for the ten years ended October 31, 2022. Before March 28, 2018, the Fund followed different investment strategies and was managed by different portfolio managers. Prior to May 31, 2013, the Fund was named “Alger Large Cap Growth Fund,” and from May 31, 2013 to August 15, 2018 the Fund was named “Alger International Growth Fund.” Performance prior to March 28, 2018 reflects these prior management styles and does not reflect the Fund’s current investment strategies and investment personnel. Figures for the Alger International Focus Fund Class A shares and the index include reinvestment of dividends. Figures for the Alger International Focus Fund Class A shares also include reinvestment of capital gains. Performance for the Alger International Focus Fund Class B, Class C, Class I and Class Z shares will vary from the results shown above due to differences in expenses and sales charges those classes bear. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
ALGER INTERNATIONAL FOCUS FUND*
Fund Highlights Through October 31, 2022 (Unaudited) (Continued)
PERFORMANCE COMPARISON AS OF 10/31/22
AVERAGE ANNUAL TOTAL RETURNS
| | 1 YEAR | 5 YEARS | 10 YEARS |
| Class A | (37.73)% | 0.26% | 3.87% |
| Class B | (37.29)% | 0.86% | 3.98% |
| Class C | (35.40)% | 0.52% | 3.60% |
| Class Z | (34.03)% | 1.77% | 4.89% |
| MSCI AC World Index ex USA | (24.35)% | (0.13)% | 3.75% |
| | | | |
| | | | Since |
| | 1 YEAR | 5 YEARS | Inception |
| Class I (Inception 5/31/13) | (34.28)% | 1.49% | 3.70% |
| MSCI AC World Index ex USA | (24.35)% | (0.13)% | 2.89% |
| | | | |
The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s average annual total returns include changes in share price and reinvestment of dividends and capital gains. Class A returns reflect the maximum initial sales charge and Class B and C returns reflect the applicable contingent deferred sales charge. The chart and table above do not reflect the deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares. Investment return and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost. Before March 28, 2018, the Fund followed different investment strategies and was managed by different portfolio managers. Prior to May 31, 2013, the Fund was named “Alger Large Cap Growth Fund,” and from May 31, 2013 to August 15, 2018 the Fund was named “Alger International Growth Fund.” Performance prior to March 28, 2018 reflects these prior management styles and does not reflect the Fund’s current investment strategies and investment personnel. Current performance may be higher or lower than the performance quoted. For updated performance, visit us at www.alger.com or call us at (800) 992-3863.
| * | Pursuant to the U.S. Securities and Exchange Commission’s Rules on Fair Fund and Disgorgement Plans, the Alger International Focus Fund received a Fair Fund distribution of $159,091 on September 10, 2021, which contributed 0.01% to its five and ten year annual returns. |
ALGER HEALTH SCIENCES FUND*
Fund Highlights Through October 31, 2022 (Unaudited)
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Health Sciences Fund Class A shares, with a maximum sales charge of 5.25%, the Russell 3000 Healthcare Index and the S&P 500 Index (each an unmanaged index of common stocks) for the ten years ended October 31, 2022. Figures for the Alger Health Sciences Fund Class A shares, the Russell 3000 Healthcare Index and the S&P 500 Index include reinvestment of dividends. Figures for the Alger Health Sciences Fund Class A shares also include reinvestment of capital gains. Performance for the Alger Health Sciences Fund Class C and Class Z shares will vary from the results shown above due to differences in expenses and sales charges those classes bear. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
ALGER HEALTH SCIENCES FUND*
Fund Highlights Through October 31, 2022 (Unaudited) (Continued)
PERFORMANCE COMPARISON AS OF 10/31/22
AVERAGE ANNUAL TOTAL RETURNS
| | 1 YEAR | 5 YEARS | 10 YEARS |
| Class A | (31.13)% | 5.95% | 11.72% |
| Class C | (28.35)% | 6.28% | 11.47% |
| Russell 3000 Healthcare Index | (5.82)% | 11.38% | 14.45% |
| S&P 500 Index | (14.61)% | 10.44% | 12.79% |
| | | | |
| | | | Since |
| | 1 YEAR | 5 YEARS | Inception |
| Class Z (Inception 5/28/15) | (27.05)% | 7.46% | 7.37% |
| Russell 3000 Healthcare Index | (5.82)% | 11.38% | 9.14% |
| S&P 500 Index | (14.61)% | 10.44% | 10.50% |
| | | | |
The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s average annual total returns include changes in share price and reinvestment of dividends and capital gains. Class A returns reflect the maximum initial sales charge and Class C returns reflect the applicable contingent deferred sales charge. The chart and table above do not reflect the deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares. Investment return and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For updated performance, visit us at www.alger.com or call us at (800) 992-3863.
| * | Pursuant to the U.S. Securities and Exchange Commission’s Rules on Fair Fund and Disgorgement Plans, the Alger Health Sciences Fund received a Fair Fund distribution of $179,832 on September 10, 2021, which contributed approximately 0.01% to its five and ten year annual returns. |
PORTFOLIO SUMMARY†
October 31, 2022 (Unaudited)
| SECTORS | | Alger Capital
Appreciation Fund | | | Alger 35 Fund | | | Alger Growth &
Income Fund | | | Alger Mid Cap Growth
Fund | |
| Communication Services | | | 9.4 | % | | | 12.8 | % | | | 7.6 | % | | | 6.6 | % |
| Consumer Discretionary | | | 16.5 | | | | 9.8 | | | | 6.8 | | | | 12.8 | |
| Consumer Staples | | | 1.0 | | | | 0.0 | | | | 7.4 | | | | 2.5 | |
| Energy | | | 4.2 | | | | 8.1 | | | | 6.4 | | | | 4.7 | |
| Financials | | | 2.2 | | | | 1.4 | | | | 11.7 | | | | 5.5 | |
| Healthcare | | | 20.4 | | | | 28.3 | | | | 16.3 | | | | 17.5 | |
| Industrials | | | 7.0 | | | | 4.7 | | | | 6.7 | | | | 14.1 | |
| Information Technology | | | 33.6 | | | | 29.0 | | | | 25.2 | | | | 26.6 | |
| Materials | | | 1.2 | | | | 0.0 | | | | 1.9 | | | | 1.9 | |
| Real Estate | | | 0.3 | | | | 5.1 | | | | 3.5 | | | | 0.0 | |
| Utilities | | | 1.2 | | | | 0.0 | | | | 1.5 | | | | 0.0 | |
| Short-Term Investments and Net Other Assets | | | 3.0 | | | | 0.8 | | | | 5.0 | | | | 7.8 | |
| | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % |
| SECTORS | | Alger Mid Cap Focus
Fund | | | Alger Weatherbie
Enduring Growth Fund | | | Alger Weatherbie
Specialized Growth
Fund | | | Alger Small Cap
Growth Fund | |
| Communication Services | | | 3.1 | % | | | 0.8 | % | | | 0.7 | % | | | 5.3 | % |
| Consumer Discretionary | | | 10.8 | | | | 6.4 | | | | 10.8 | | | | 11.8 | |
| Consumer Staples | | | 1.4 | | | | 0.0 | | | | 0.0 | | | | 5.6 | |
| Energy | | | 3.7 | | | | 4.5 | | | | 5.5 | | | | 6.6 | |
| Financials | | | 0.0 | | | | 9.7 | | | | 11.5 | | | | 1.4 | |
| Healthcare | | | 28.9 | | | | 9.1 | | | | 18.7 | | | | 27.0 | |
| Industrials | | | 12.8 | | | | 34.7 | | | | 21.6 | | | | 7.2 | |
| Information Technology | | | 32.9 | | | | 17.6 | | | | 21.5 | | | | 23.7 | |
| Materials | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 3.7 | |
| Real Estate | | | 0.0 | | | | 8.0 | | | | 5.7 | | | | 1.2 | |
| Utilities | | | 5.1 | | | | 0.0 | | | | 0.0 | | | | 0.0 | |
| Short-Term Investments and Net Other Assets | | | 1.3 | | | | 9.2 | | | | 4.0 | | | | 6.5 | |
| | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % |
| SECTORS | | Alger Small Cap
Focus Fund | | | Alger Health Sciences
Fund | | | | | | | | | |
| Consumer Discretionary | | | 7.2 | % | | | 0.0 | % | | | | | | | | |
| Consumer Staples | | | 2.3 | | | | 0.0 | | | | | | | | | |
| Energy | | | 7.5 | | | | 0.0 | | | | | | | | | |
| Financials | | | 2.1 | | | | 0.0 | | | | | | | | | |
| Healthcare | | | 43.6 | | | | 96.2 | | | | | | | | | |
| Industrials | | | 11.1 | | | | 0.0 | | | | | | | | | |
| Information Technology | | | 24.0 | | | | 0.0 | | | | | | | | | |
| Short-Term Investments and Net Other Assets | | | 2.2 | | | | 3.8 | | | | | | | | | |
| | | | 100.0 | % | | | 100.0 | % | | | | | | | | |
PORTFOLIO SUMMARY†
October 31, 2022 (Unaudited) (Continued)
| COUNTRY | | Alger International
Focus Fund |
| Argentina | | | 2.0 | % |
| Australia | | | 5.4 | |
| Brazil | | | 5.8 | |
| China | | | 4.9 | |
| France | | | 15.8 | |
| Germany | | | 5.8 | |
| Hong Kong | | | 1.2 | |
| India | | | 6.3 | |
| Ireland | | | 2.2 | |
| Italy | | | 6.9 | |
| Japan | | | 6.9 | |
| Netherlands | | | 9.0 | |
| Norway | | | 2.7 | |
| South Korea | | | 1.8 | |
| Spain | | | 1.5 | |
| Sweden | | | 1.1 | |
| Switzerland | | | 3.6 | |
| United Kingdom | | | 5.1 | |
| United States | | | 10.4 | |
| Short-Term Investments, Cash and Net Other Assets | | | 1.6 | |
| | | | 100.0 | % |
| † | Based on net assets for each Fund. |
THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments October 31, 2022
| COMMON STOCKS—96.4% | | SHARES | | | VALUE | |
| ADVERTISING—0.8% | | | | | | | | |
| The Trade Desk, Inc., Cl. A* | | | 258,232 | | | $ | 13,748,272 | |
| AEROSPACE & DEFENSE—3.7% | | | | | | | | |
| HEICO Corp. | | | 80,135 | | | | 13,033,156 | |
| Lockheed Martin Corp. | | | 35,385 | | | | 17,221,172 | |
| TransDigm Group, Inc. | | | 64,741 | | | | 37,275,278 | |
| | | | | | | | 67,529,606 | |
| AGRICULTURAL & FARM MACHINERY—0.5% | | | | | | | | |
| Deere & Co. | | | 23,996 | | | | 9,498,097 | |
| APPAREL ACCESSORIES & LUXURY GOODS—1.1% | | | | | | | | |
| Capri Holdings Ltd.* | | | 143,674 | | | | 6,563,028 | |
| LVMH Moet Hennessy Louis Vuitton SE | | | 21,983 | | | | 13,870,459 | |
| | | | | | | | 20,433,487 | |
| APPLICATION SOFTWARE—4.6% | | | | | | | | |
| Adobe, Inc.* | | | 17,791 | | | | 5,666,433 | |
| Cadence Design Systems, Inc.* | | | 78,345 | | | | 11,860,650 | |
| Datadog, Inc., Cl. A* | | | 163,338 | | | | 13,150,342 | |
| Intuit, Inc. | | | 106,997 | | | | 45,741,218 | |
| Salesforce, Inc.* | | | 48,198 | | | | 7,836,513 | |
| | | | | | | | 84,255,156 | |
| AUTO PARTS & EQUIPMENT—0.2% | | | | | | | | |
| Aptiv PLC* | | | 47,498 | | | | 4,325,643 | |
| AUTOMOBILE MANUFACTURERS—1.8% | | | | | | | | |
| Tesla, Inc.* | | | 145,546 | | | | 33,117,537 | |
| BIOTECHNOLOGY—5.3% | | | | | | | | |
| AbbVie, Inc. | | | 172,972 | | | | 25,323,101 | |
| Biogen, Inc.* | | | 43,283 | | | | 12,268,133 | |
| Natera, Inc.* | | | 471,494 | | | | 22,141,358 | |
| Neurocrine Biosciences, Inc.* | | | 47,272 | | | | 5,441,953 | |
| Regeneron Pharmaceuticals, Inc.* | | | 3,517 | | | | 2,633,354 | |
| Vaxcyte, Inc.* | | | 82,926 | | | | 3,616,403 | |
| Vertex Pharmaceuticals, Inc.* | | | 78,657 | | | | 24,540,984 | |
| | | | | | | | 95,965,286 | |
| CASINOS & GAMING—2.4% | | | | | | | | |
| Las Vegas Sands Corp.* | | | 237,539 | | | | 9,028,858 | |
| MGM Resorts International | | | 977,583 | | | | 34,772,627 | |
| | | | | | | | 43,801,485 | |
| COAL & CONSUMABLE FUELS—0.2% | | | | | | | | |
| Cameco Corp. | | | 138,939 | | | | 3,295,633 | |
| CONSTRUCTION MACHINERY & HEAVY TRUCKS—0.2% | | | | | | | | |
| Wabtec Corp. | | | 38,611 | | | | 3,601,634 | |
| DATA PROCESSING & OUTSOURCED SERVICES—3.8% | | | | | | | | |
| Mastercard, Inc., Cl. A | | | 15,010 | | | | 4,925,982 | |
| PayPal Holdings, Inc.* | | | 144,377 | | | | 12,067,029 | |
| Visa, Inc., Cl. A | | | 253,730 | | | | 52,562,707 | |
| | | | | | | | 69,555,718 | |
THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments October 31, 2022 (Continued)
| COMMON STOCKS—96.4% (CONT.) | | SHARES | | | VALUE | |
| DIVERSIFIED SUPPORT SERVICES—0.4% | | | | | | | | |
| Cintas Corp. | | | 17,968 | | | $ | 7,682,218 | |
| ELECTRIC UTILITIES—1.2% | | | | | | | | |
| NextEra Energy, Inc. | | | 283,553 | | | | 21,975,358 | |
| ELECTRICAL COMPONENTS & EQUIPMENT—1.8% | | | | | | | | |
| AMETEK, Inc. | | | 26,791 | | | | 3,473,721 | |
| Eaton Corp., PLC | | | 189,357 | | | | 28,416,805 | |
| Generac Holdings, Inc.* | | | 11,581 | | | | 1,342,354 | |
| | | | | | | | 33,232,880 | |
| ELECTRONIC EQUIPMENT & INSTRUMENTS—0.5% | | | | | | | | |
| Zebra Technologies Corp., Cl. A* | | | 32,888 | | | | 9,314,539 | |
| FINANCIAL EXCHANGES & DATA—1.2% | | | | | | | | |
| S&P Global, Inc. | | | 68,756 | | | | 22,087,865 | |
| HEALTHCARE DISTRIBUTORS—1.9% | | | | | | | | |
| McKesson Corp. | | | 87,117 | | | | 33,920,746 | |
| HEALTHCARE EQUIPMENT—1.8% | | | | | | | | |
| Boston Scientific Corp.* | | | 191,839 | | | | 8,270,179 | |
| Intuitive Surgical, Inc.* | | | 79,625 | | | | 19,625,174 | |
| Shockwave Medical, Inc.* | | | 14,118 | | | | 4,138,692 | |
| | | | | | | | 32,034,045 | |
| HEALTHCARE FACILITIES—1.0% | | | | | | | | |
| Acadia Healthcare Co., Inc.* | | | 232,921 | | | | 18,936,477 | |
| HYPERMARKETS & SUPER CENTERS—1.0% | | | | | | | | |
| Costco Wholesale Corp. | | | 34,810 | | | | 17,457,215 | |
| INTERACTIVE HOME ENTERTAINMENT—0.6% | | | | | | | | |
| Take-Two Interactive Software, Inc.* | | | 89,955 | | | | 10,657,868 | |
| INTERACTIVE MEDIA & SERVICES—4.2% | | | | | | | | |
| Alphabet, Inc., Cl. C* | | | 728,110 | | | | 68,922,893 | |
| Meta Platforms, Inc., Cl. A* | | | 29,358 | | | | 2,734,991 | |
| Pinterest, Inc., Cl. A* | | | 196,172 | | | | 4,825,831 | |
| | | | | | | | 76,483,715 | |
| INTERNET & DIRECT MARKETING RETAIL—8.8% | | | | | | | | |
| Alibaba Group Holding Ltd.#,* | | | 147,626 | | | | 9,386,061 | |
| Altaba, Inc.*,(a) | | | 259,825 | | | | 444,301 | |
| Amazon.com, Inc.* | | | 1,224,230 | | | | 125,410,121 | |
| Farfetch Ltd., Cl. A* | | | 761,206 | | | | 6,455,027 | |
| Meituan, Cl. B* | | | 347,280 | | | | 5,560,142 | |
| MercadoLibre, Inc.* | | | 13,666 | | | | 12,321,539 | |
| | | | | | | | 159,577,191 | |
| INTERNET SERVICES & INFRASTRUCTURE—0.2% | | | | | | | | |
| Snowflake, Inc., Cl. A* | | | 17,052 | | | | 2,733,436 | |
| LEISURE FACILITIES—0.6% | | | | | | | | |
| Vail Resorts, Inc. | | | 50,709 | | | | 11,111,863 | |
| LIFE SCIENCES TOOLS & SERVICES—2.7% | | | | | | | | |
| Danaher Corp. | | | 195,454 | | | | 49,189,908 | |
THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments October 31, 2022 (Continued)
| COMMON STOCKS—96.4% (CONT.) | | SHARES | | | VALUE | |
| MANAGED HEALTHCARE—5.5% | | | | | | |
| Humana, Inc. | | | 65,703 | | | $ | 36,667,530 | |
| UnitedHealth Group, Inc. | | | 111,997 | | | | 62,175,135 | |
| | | | | | | | 98,842,665 | |
| MOVIES & ENTERTAINMENT—3.8% | | | | | | | | |
| Live Nation Entertainment, Inc.* | | | 475,813 | | | | 37,879,473 | |
| Netflix, Inc.* | | | 74,980 | | | | 21,885,162 | |
| The Walt Disney Co.* | | | 89,177 | | | | 9,500,918 | |
| | | | | | | | 69,265,553 | |
| OIL & GAS EXPLORATION & PRODUCTION—3.1% | | | | | | | | |
| Antero Resources Corp.* | | | 256,099 | | | | 9,388,589 | |
| Devon Energy Corp. | | | 224,996 | | | | 17,403,441 | |
| Diamondback Energy, Inc. | | | 39,152 | | | | 6,151,171 | |
| Pioneer Natural Resources Co. | | | 91,150 | | | | 23,371,771 | |
| | | | | | | | 56,314,972 | |
| OIL & GAS STORAGE & TRANSPORTATION—0.9% | | | | | | | | |
| Cheniere Energy, Inc. | | | 92,789 | | | | 16,368,908 | |
| PHARMACEUTICALS—2.2% | | | | | | | | |
| Eli Lilly & Co. | | | 93,391 | | | | 33,815,947 | |
| Reata Pharmaceuticals, Inc., Cl. A* | | | 197,925 | | | | 6,373,185 | |
| | | | | | | | 40,189,132 | |
| REGIONAL BANKS—1.0% | | | | | | | | |
| Signature Bank | | | 115,467 | | | | 18,304,984 | |
| RESTAURANTS—1.6% | | | | | | | | |
| Domino’s Pizza, Inc. | | | 18,340 | | | | 6,093,281 | |
| Shake Shack, Inc., Cl. A* | | | 218,966 | | | | 12,167,941 | |
| Starbucks Corp. | | | 113,886 | | | | 9,861,389 | |
| | | | | | | | 28,122,611 | |
| SEMICONDUCTOR EQUIPMENT—0.3% | | | | | | | | |
| SolarEdge Technologies, Inc.* | | | 25,563 | | | | 5,880,257 | |
| SEMICONDUCTORS—5.0% | | | | | | | | |
| Advanced Micro Devices, Inc.* | | | 310,216 | | | | 18,631,573 | |
| First Solar, Inc.* | | | 126,370 | | | | 18,395,681 | |
| Marvell Technology, Inc. | | | 598,825 | | | | 23,761,376 | |
| NVIDIA Corp. | | | 196,926 | | | | 26,579,102 | |
| ON Semiconductor Corp.* | | | 67,314 | | | | 4,135,099 | |
| | | | | | | | 91,502,831 | |
| SPECIALTY CHEMICALS—1.2% | | | | | | | | |
| Albemarle Corp. | | | 51,807 | | | | 14,499,225 | |
| The Sherwin-Williams Co. | | | 32,479 | | | | 7,308,749 | |
| | | | | | | | 21,807,974 | |
THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments October 31, 2022 (Continued)
| COMMON STOCKS—96.4% (CONT.) | | SHARES | | | VALUE | |
| SYSTEMS SOFTWARE—12.8% | | | | | | |
| Crowdstrike Holdings, Inc., Cl. A* | | | 23,560 | | | $ | 3,797,872 | |
| Microsoft Corp. | | | 847,364 | | | | 196,698,605 | |
| Palo Alto Networks, Inc.* | | | 108,840 | | | | 18,675,856 | |
| ServiceNow, Inc.* | | | 29,441 | | | | 12,387,006 | |
| | | | | | | | 231,559,339 | |
| TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.1% | | | | | | | | |
| Apple, Inc. | | | 723,151 | | | | 110,887,974 | |
| TRUCKING—0.4% | | | | | | | | |
| Uber Technologies, Inc.* | | | 277,209 | | | | 7,365,443 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $1,237,851,665) | | | | | | | 1,751,935,521 | |
| PREFERRED STOCKS—0.1% | | | SHARES | | | | VALUE | |
| DATA PROCESSING & OUTSOURCED SERVICES—0.1% | | | | | | | | |
| Chime Financial, Inc., Series G*,@,(a) | | | 27,841 | | | | 1,215,538 | |
| (Cost $1,922,972) | | | | | | | 1,215,538 | |
| REAL ESTATE INVESTMENT TRUST—0.3% | | | SHARES | | | | VALUE | |
| SPECIALIZED—0.3% | | | | | | | | |
| SBA Communications Corp., Cl. A | | | 20,957 | | | | 5,656,294 | |
| (Cost $5,455,226) | | | | | | | 5,656,294 | |
| SPECIAL PURPOSE VEHICLE—0.2% | | |
| | | | VALUE | |
| DATA PROCESSING & OUTSOURCED SERVICES—0.2% | | | | | | | | |
| Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b) | | | | | | | 2,934,840 | |
| (Cost $2,775,000) | | | | | | | 2,934,840 | |
| Total Investments | | | | | | | | |
| (Cost $1,248,004,863) | | | 97.0 | % | | $ | 1,761,742,193 | |
| Affiliated Securities (Cost $2,775,000) | | | | | | | 2,934,840 | |
| Unaffiliated Securities (Cost $1,245,229,863) | | | | | | | 1,758,807,353 | |
| Other Assets in Excess of Liabilities | | | 3.0 | % | | | 53,795,273 | |
| NET ASSETS | | | 100.0 | % | | $ | 1,815,537,466 | |
| # | American Depositary Receipts. |
| (a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee (as defined in Note 2). |
| (b) | Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 11 - Affiliated Securities. |
| * | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers. |
| Security |
| Acquisition
Date(s) |
| Acquisition
Cost | |
| % of net assets
(Acquisition
Date) |
|
| Market
Value |
|
| % of net assets
as of
10/31/2022 |
|
| Chime Financial, Inc., Series G | | 8/24/21 | | $ | 1,922,972 | | | | 0.06% | | | $ | 1,215,538 | | | | 0.07% |
|
| Crosslink Ventures Capital LLC, Cl. A | | 10/2/20 | | | 2,775,000 | | | | 0.08% | | | | 2,934,840 | | | | 0.16% |
|
| Total | | | | | | | | | | | | $ | 4,150,378 | | | | 0.23% |
|
See Notes to Financial Statements.
THE ALGER FUNDS | ALGER 35 FUND
Schedule of Investments October 31, 2022
| COMMON STOCKS—96.7% | | SHARES | | | VALUE | |
| AEROSPACE & DEFENSE—4.7% | | | | | | |
| HEICO Corp. | | | 7,446 | | | $ | 1,211,017 | |
| APPLICATION SOFTWARE—1.9% | | | | | | | | |
| Datadog, Inc., Cl. A* | | | 6,234 | | | | 501,899 | |
| BIOTECHNOLOGY—8.3% | | | | | | | | |
| Biogen, Inc.* | | | 2,785 | | | | 789,381 | |
| Natera, Inc.* | | | 16,896 | | | | 793,436 | |
| Seagen, Inc.* | | | 4,489 | | | | 570,821 | |
| | | | | | | | 2,153,638 | |
| CASINOS & GAMING—2.4% | | | | | | | | |
| MGM Resorts International | | | 17,403 | | | | 619,025 | |
| DATA PROCESSING & OUTSOURCED SERVICES—5.3% | | | | | | | | |
| Marqeta, Inc., Cl. A* | | | 69,095 | | | | 544,469 | |
| Toast, Inc., Cl. A* | | | 37,771 | | | | 834,361 | |
| | | | | | | | 1,378,830 | |
| ELECTRONIC EQUIPMENT & INSTRUMENTS—1.9% | | | | | | | | |
| 908 Devices, Inc.* | | | 30,322 | | | | 484,849 | |
| FINANCIAL EXCHANGES & DATA—1.4% | | | | | | | | |
| S&P Global, Inc. | | | 1,135 | | | | 364,619 | |
| HEALTHCARE DISTRIBUTORS—4.4% | | | | | | | | |
| McKesson Corp. | | | 2,943 | | | | 1,145,916 | |
| HEALTHCARE EQUIPMENT—3.8% | | | | | | | | |
| Intuitive Surgical, Inc.* | | | 2,071 | | | | 510,440 | |
| TransMedics Group, Inc.* | | | 9,910 | | | | 477,860 | |
| | | | | | | | 988,300 | |
| HEALTHCARE SERVICES—1.1% | | | | | | | | |
| Accolade, Inc.* | | | 26,856 | | | | 289,508 | |
| HEALTHCARE TECHNOLOGY—2.8% | | | | | | | | |
| Veeva Systems, Inc., Cl. A* | | | 4,250 | | | | 713,745 | |
| INTERACTIVE HOME ENTERTAINMENT—1.2% | | | | | | | | |
| Take-Two Interactive Software, Inc.* | | | 2,622 | | | | 310,655 | |
| INTERACTIVE MEDIA & SERVICES—1.7% | | | | | | | | |
| Alphabet, Inc., Cl. C* | | | 4,767 | | | | 451,244 | |
| INTERNET & DIRECT MARKETING RETAIL—7.4% | | | | | | | | |
| Amazon.com, Inc.* | | | 13,934 | | | | 1,427,399 | |
| MercadoLibre, Inc.* | | | 543 | | | | 489,580 | |
| | | | | | | | 1,916,979 | |
| LIFE SCIENCES TOOLS & SERVICES—1.4% | | | | | | | | |
| Bio-Techne Corp. | | | 1,261 | | | | 373,584 | |
| MANAGED HEALTHCARE—4.1% | | | | | | | | |
| Centene Corp.* | | | 12,389 | | | | 1,054,676 | |
| MOVIES & ENTERTAINMENT—9.9% | | | | | | | | |
| Live Nation Entertainment, Inc.* | | | 9,568 | | | | 761,708 | |
| Netflix, Inc.* | | | 3,200 | | | | 934,016 | |
| The Walt Disney Co.* | | | 8,122 | | | | 865,318 | |
| | | | | | | | 2,561,042 | |
| OIL & GAS EQUIPMENT & SERVICES—2.0% | | | | | | | | |
| Baker Hughes Co., Cl. A | | | 19,083 | | | | 527,836 | |
THE ALGER FUNDS | ALGER 35 FUND
Schedule of Investments October 31, 2022 (Continued)
| COMMON STOCKS—96.7% (CONT.) | | SHARES | | | VALUE | |
| OIL & GAS EXPLORATION & PRODUCTION—4.1% | | | | | | | | |
| Antero Resources Corp.* | | | 28,908 | | | $ | 1,059,767 | |
| OIL & GAS STORAGE & TRANSPORTATION—2.0% | | | | | | | | |
| Cheniere Energy, Inc. | | | 2,989 | | | | 527,289 | |
| PHARMACEUTICALS—2.4% | | | | | | | | |
| Catalent, Inc.* | | | 9,525 | | | | 626,078 | |
| REAL ESTATE SERVICES—2.6% | | | | | | | | |
| FirstService Corp. | | | 5,326 | | | | 665,803 | |
| SEMICONDUCTOR EQUIPMENT—2.7% | | | | | | | | |
| SolarEdge Technologies, Inc.* | | | 3,051 | | | | 701,821 | |
| SEMICONDUCTORS—2.4% | | | | | | | | |
| Advanced Micro Devices, Inc.* | | | 10,485 | | | | 629,729 | |
| SYSTEMS SOFTWARE—6.7% | | | | | | | | |
| Crowdstrike Holdings, Inc., Cl. A* | | | 1,450 | | | | 233,740 | |
| Microsoft Corp. | | | 6,521 | | | | 1,513,720 | |
| | | | | | | | 1,747,460 | |
| TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.1% | | | | | | | | |
| Apple, Inc. | | | 13,786 | | | | 2,113,945 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $26,406,877) | | | | | | | 25,119,254 | |
| REAL ESTATE INVESTMENT TRUST—2.5% | | | SHARES | | | | VALUE | |
| SPECIALIZED—2.5% | | | | | | | | |
| Crown Castle, Inc. | | | 4,927 | | | | 656,572 | |
| (Cost $925,767) | | | | | | | 656,572 | |
| Total Investments | | | | | | | | |
| (Cost $27,332,644) | | | 99.2 | % | | $ | 25,775,826 | |
| Unaffiliated Securities (Cost $27,332,644) | | | | | | | 25,775,826 | |
| Other Assets in Excess of Liabilities | | | 0.8 | % | | | 200,572 | |
| NET ASSETS | | | 100.0 | % | | $ | 25,976,398 | |
| * | Non-income producing security. |
See Notes to Financial Statements.
THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments October 31, 2022
| COMMON STOCKS—90.2% | | SHARES | | | VALUE | |
| AEROSPACE & DEFENSE—1.7% | | | | | | | | |
| General Dynamics Corp. | | | 6,490 | | | $ | 1,621,202 | |
| Raytheon Technologies Corp. | | | 13,949 | | | | 1,322,644 | |
| TransDigm Group, Inc. | | | 1,933 | | | | 1,112,944 | |
| | | | | | | | 4,056,790 | |
| ASSET MANAGEMENT & CUSTODY BANKS—2.9% | | | | | | | | |
| BlackRock, Inc., Cl. A | | | 5,838 | | | | 3,770,823 | |
| Blackstone, Inc. | | | 28,855 | | | | 2,629,845 | |
| The Carlyle Group, Inc. | | | 22,876 | | | | 646,933 | |
| | | | | | | | 7,047,601 | |
| BIOTECHNOLOGY—3.4% | | | | | | | | |
| AbbVie, Inc. | | | 38,631 | | | | 5,655,578 | |
| Amgen, Inc. | | | 5,961 | | | | 1,611,556 | |
| Gilead Sciences, Inc. | | | 13,771 | | | | 1,080,473 | |
| | | | | | | | 8,347,607 | |
| BUILDING PRODUCTS—0.5% | | | | | | | | |
| Johnson Controls International PLC | | | 23,426 | | | | 1,354,960 | |
| CABLE & SATELLITE—0.9% | | | | | | | | |
| Comcast Corp., Cl. A | | | 69,485 | | | | 2,205,454 | |
| COMMODITY CHEMICALS—0.3% | | | | | | | | |
| Dow, Inc. | | | 15,418 | | | | 720,637 | |
| COMMUNICATIONS EQUIPMENT—1.0% | | | | | | | | |
| Cisco Systems, Inc. | | | 52,857 | | | | 2,401,294 | |
| CONSUMER ELECTRONICS—0.4% | | | | | | | | |
| Garmin Ltd. | | | 11,624 | | | | 1,023,377 | |
| COPPER—0.4% | | | | | | | | |
| Southern Copper Corp. | | | 20,837 | | | | 978,714 | |
| DATA PROCESSING & OUTSOURCED SERVICES—1.5% | | | | | | | | |
| Visa, Inc., Cl. A | | | 17,317 | | | | 3,587,390 | |
| DIVERSIFIED BANKS—4.3% | | | | | | | | |
| Bank of America Corp. | | | 101,216 | | | | 3,647,825 | |
| JPMorgan Chase & Co. | | | 54,062 | | | | 6,805,324 | |
| | | | | | | | 10,453,149 | |
| ELECTRIC UTILITIES—0.8% | | | | | | | | |
| NextEra Energy, Inc. | | | 25,208 | | | | 1,953,620 | |
| ELECTRICAL COMPONENTS & EQUIPMENT—1.2% | | | | | | | | |
| Eaton Corp., PLC | | | 19,963 | | | | 2,995,847 | |
| FINANCIAL EXCHANGES & DATA—1.0% | | | | | | | | |
| CME Group, Inc., Cl. A | | | 13,583 | | | | 2,353,934 | |
| FOOD DISTRIBUTORS—0.7% | | | | | | | | |
| Sysco Corp. | | | 19,022 | | | | 1,646,544 | |
| GOLD—0.2% | | | | | | | | |
| Newmont Corp. | | | 11,141 | | | | 471,487 | |
| HEALTHCARE DISTRIBUTORS—0.6% | | | | | | | | |
| Cardinal Health, Inc. | | | 19,240 | | | | 1,460,316 | |
| HEALTHCARE EQUIPMENT—0.7% | | | | | | | | |
| Medtronic PLC | | | 18,542 | | | | 1,619,458 | |
| HEALTHCARE SERVICES—1.4% | | | | | | | | |
| CVS Health Corp. | | | 35,029 | | | | 3,317,246 | |
THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments October 31, 2022 (Continued)
| COMMON STOCKS—90.2% (CONT.) | | SHARES | | | VALUE | |
| HOME IMPROVEMENT RETAIL—2.5% | | | | | | | | |
| The Home Depot, Inc. | | | 20,767 | | | $ | 6,149,732 | |
| HOUSEHOLD PRODUCTS—1.6% | | | | | | | | |
| The Procter & Gamble Co. | | | 28,854 | | | | 3,885,768 | |
| HYPERMARKETS & SUPER CENTERS—0.8% | | | | | | | | |
| Walmart, Inc. | | | 13,838 | | | | 1,969,563 | |
| INDUSTRIAL CONGLOMERATES—2.1% | | | | | | | | |
| Honeywell International, Inc. | | | 24,679 | | | | 5,035,010 | |
| INDUSTRIAL GASES—1.0% | | | | | | | | |
| Air Products & Chemicals, Inc. | | | 10,045 | | | | 2,515,268 | |
| INDUSTRIAL MACHINERY—0.5% | | | | | | | | |
| Parker-Hannifin Corp. | | | 4,456 | | | | 1,295,003 | |
| INTEGRATED OIL & GAS—4.7% | | | | | | | | |
| Chevron Corp. | | | 30,924 | | | | 5,594,152 | |
| Exxon Mobil Corp. | | | 36,176 | | | | 4,008,662 | |
| TotalEnergies SE# | | | 33,431 | | | | 1,831,016 | |
| | | | | | | | 11,433,830 | |
| INTEGRATED TELECOMMUNICATION SERVICES—1.3% | | | | | | | | |
| AT&T, Inc. | | | 45,383 | | | | 827,332 | |
| Verizon Communications, Inc. | | | 64,479 | | | | 2,409,580 | |
| | | | | | | | 3,236,912 | |
| INTERACTIVE MEDIA & SERVICES—5.4% | | | | | | | | |
| Alphabet, Inc., Cl. A* | | | 70,455 | | | | 6,658,702 | |
| Alphabet, Inc., Cl. C* | | | 57,251 | | | | 5,419,380 | |
| Meta Platforms, Inc., Cl. A* | | | 11,474 | | | | 1,068,918 | |
| | | | | | | | 13,147,000 | |
| INTERNET & DIRECT MARKETING RETAIL—2.0% | | | | | | | | |
| Amazon.com, Inc.* | | | 47,802 | | | | 4,896,837 | |
| INVESTMENT BANKING & BROKERAGE—2.4% | | | | | | | | |
| Morgan Stanley | | | 70,494 | | | | 5,792,492 | |
| LEISURE FACILITIES—0.4% | | | | | | | | |
| Vail Resorts, Inc. | | | 4,741 | | | | 1,038,895 | |
| MANAGED HEALTHCARE—3.4% | | | | | | | | |
| UnitedHealth Group, Inc. | | | 15,201 | | | | 8,438,835 | |
| MULTI-LINE INSURANCE—0.5% | | | | | | | | |
| The Hartford Financial Services Group, Inc. | | | 18,213 | | | | 1,318,803 | |
| MULTI-UTILITIES—0.7% | | | | | | | | |
| Sempra Energy | | | 11,304 | | | | 1,706,226 | |
| OIL & GAS EXPLORATION & PRODUCTION—0.6% | | | | | | | | |
| Pioneer Natural Resources Co. | | | 6,251 | | | | 1,602,819 | |
| OIL & GAS STORAGE & TRANSPORTATION—0.4% | | | | | | | | |
| ONEOK, Inc. | | | 18,664 | | | | 1,107,148 | |
THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments October 31, 2022 (Continued)
| COMMON STOCKS—90.2% (CONT.) | | SHARES | | | VALUE | |
| PHARMACEUTICALS—6.8% | | | | | | | | |
| AstraZeneca PLC# | | | 33,875 | | | $ | 1,992,189 | |
| Bristol-Myers Squibb Co. | | | 21,378 | | | | 1,656,154 | |
| Eli Lilly & Co. | | | 7,290 | | | | 2,639,636 | |
| GSK PLC# | | | 20,444 | | | | 678,128 | |
| Johnson & Johnson | | | 27,358 | | | | 4,759,471 | |
| Merck & Co., Inc. | | | 17,065 | | | | 1,726,978 | |
| Novartis AG# | | | 12,695 | | | | 1,029,945 | |
| Pfizer, Inc. | | | 48,064 | | | | 2,237,379 | |
| | | | | | | | 16,719,880 | |
| RAILROADS—0.7% | | | | | | | | |
| Union Pacific Corp. | | | 8,420 | | | | 1,659,919 | |
| RESTAURANTS—1.5% | | | | | | | | |
| McDonald’s Corp. | | | 7,151 | | | | 1,949,792 | |
| Starbucks Corp. | | | 18,761 | | | | 1,624,515 | |
| | | | | | | | 3,574,307 | |
| SEMICONDUCTOR EQUIPMENT—2.1% | | | | | | | | |
| KLA Corp. | | | 16,265 | | | | 5,147,059 | |
| SEMICONDUCTORS—3.9% | | | | | | | | |
| Broadcom, Inc. | | | 10,409 | | | | 4,893,479 | |
| QUALCOMM, Inc. | | | 30,065 | | | | 3,537,448 | |
| Taiwan Semiconductor Manufacturing Co., Ltd.# | | | 17,780 | | | | 1,094,359 | |
| | | | | | | | 9,525,286 | |
| SOFT DRINKS—3.1% | | | | | | | | |
| PepsiCo, Inc. | | | 23,132 | | | | 4,200,309 | |
| The Coca-Cola Co. | | | 55,146 | | | | 3,300,488 | |
| | | | | | | | 7,500,797 | |
| SYSTEMS SOFTWARE—8.2% | | | | | | | | |
| Microsoft Corp. | | | 80,284 | | | | 18,636,325 | |
| Oracle Corp. | | | 18,792 | | | | 1,467,091 | |
| | | | | | | | 20,103,416 | |
| TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.5% | | | | | | | | |
| Apple, Inc. | | | 135,581 | | | | 20,789,991 | |
| TOBACCO—1.2% | | | | | | | | |
| Altria Group, Inc. | | | 39,478 | | | | 1,826,647 | |
| Philip Morris International, Inc. | | | 11,820 | | | | 1,085,667 | |
| | | | | | | | 2,912,314 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $150,889,653) | | | | | | | 220,498,535 | |
| MASTER LIMITED PARTNERSHIP—0.7% | | SHARES | | | VALUE | |
| OIL & GAS STORAGE & TRANSPORTATION—0.7% | | | | | | | | |
| Cheniere Energy Partners LP | | | 30,377 | | | | 1,826,569 | |
| (Cost $1,236,456) | | | | | | | 1,826,569 | |
| REAL ESTATE INVESTMENT TRUST—4.1% | | SHARES | | | VALUE | |
| HEALTHCARE—0.5% | | | | | | | | |
| Welltower, Inc. | | | 20,839 | | | | 1,272,013 | |
| INDUSTRIAL—0.5% | | | | | | | | |
| Prologis, Inc. | | | 9,540 | | | | 1,056,555 | |
THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments October 31, 2022 (Continued)
| REAL ESTATE INVESTMENT TRUST—4.1% (CONT.) | | SHARES | | | VALUE | |
| MORTGAGE—0.6% | | | | | | | | |
| Blackstone Mortgage Trust, Inc., Cl. A | | | 61,590 | | | $ | 1,537,286 | |
| RETAIL—0.7% | | | | | | | | |
| Simon Property Group, Inc. | | | 15,700 | | | | 1,710,986 | |
| SPECIALIZED—1.8% | | | | | | | | |
| Crown Castle, Inc. | | | 22,107 | | | | 2,945,979 | |
| Lamar Advertising Co., Cl. A | | | 15,632 | | | | 1,441,739 | |
| | | | | | | | 4,387,718 | |
| TOTAL REAL ESTATE INVESTMENT TRUST | | | | | | | | |
| (Cost $10,361,896) | | | | | | | 9,964,558 | |
| Total Investments | | | | | | | | |
| (Cost $162,488,005) | | | 95.0 | % | | $ | 232,289,662 | |
| Unaffiliated Securities (Cost $162,488,005) | | | | | | | 232,289,662 | |
| Other Assets in Excess of Liabilities | | | 5.0 | % | | | 12,111,820 | |
| NET ASSETS | | | 100.0 | % | | $ | 244,401,482 | |
| # | American Depositary Receipts. |
| * | Non-income producing security. |
See Notes to Financial Statements.
THE ALGER FUNDS | ALGER MID CAP GROWTH FUND
Schedule of Investments October 31, 2022
| COMMON STOCKS—91.1% | | SHARES | | | VALUE | |
| ADVERTISING—2.3% | | | | | | | | |
| The Trade Desk, Inc., Cl. A* | | | 81,880 | | | $ | 4,359,291 | |
| AEROSPACE & DEFENSE—4.6% | | | | | | | | |
| HEICO Corp. | | | 31,721 | | | | 5,159,103 | |
| TransDigm Group, Inc.* | | | 6,472 | | | | 3,726,319 | |
| | | | | | | | 8,885,422 | |
| APPAREL ACCESSORIES & LUXURY GOODS—1.9% | | | | | | | | |
| Lululemon Athletica, Inc.* | | | 11,046 | | | | 3,634,576 | |
| APPAREL RETAIL—2.5% | | | | | | | | |
| Aritzia, Inc.* | | | 110,173 | | | | 4,273,318 | |
| Burlington Stores, Inc.* | | | 3,476 | | | | 496,929 | |
| | | | | | | | 4,770,247 | |
| APPLICATION SOFTWARE—11.1% | | | | | | | | |
| Bill.com Holdings, Inc.* | | | 11,229 | | | | 1,497,500 | |
| Cadence Design Systems, Inc.* | | | 23,822 | | | | 3,606,413 | |
| Constellation Software, Inc. | | | 2,368 | | | | 3,424,135 | |
| Datadog, Inc., Cl. A* | | | 23,097 | | | | 1,859,540 | |
| Manhattan Associates, Inc.* | | | 28,002 | | | | 3,407,003 | |
| Paycom Software, Inc.* | | | 10,188 | | | | 3,525,048 | |
| Sprout Social, Inc., Cl. A* | | | 35,289 | | | | 2,128,985 | |
| The Descartes Systems Group, Inc.* | | | 28,562 | | | | 1,970,805 | |
| | | | | | | | 21,419,429 | |
| AUTOMOTIVE RETAIL—3.5% | | | | | | | | |
| AutoZone, Inc.* | | | 2,637 | | | | 6,679,205 | |
| BIOTECHNOLOGY—4.8% | | | | | | | | |
| Alkermes PLC* | | | 47,791 | | | | 1,084,856 | |
| Apellis Pharmaceuticals, Inc.* | | | 16,405 | | | | 992,338 | |
| Celldex Therapeutics, Inc.* | | | 36,161 | | | | 1,270,336 | |
| Natera, Inc.* | | | 62,485 | | | | 2,934,296 | |
| Neurocrine Biosciences, Inc.* | | | 16,688 | | | | 1,921,122 | |
| Prometheus Biosciences, Inc.* | | | 18,550 | | | | 974,246 | |
| | | | | | | | 9,177,194 | |
| BUILDING PRODUCTS—1.2% | | | | | | | | |
| Trex Co., Inc.* | | | 47,676 | | | | 2,292,739 | |
| CASINOS & GAMING—1.0% | | | | | | | | |
| MGM Resorts International | | | 55,292 | | | | 1,966,736 | |
| CONSTRUCTION MACHINERY & HEAVY TRUCKS—1.8% | | | | | | | | |
| Wabtec Corp. | | | 36,808 | | | | 3,433,450 | |
| DIVERSIFIED METALS & MINING—1.5% | | | | | | | | |
| MP Materials Corp.* | | | 94,515 | | | | 2,839,231 | |
| ELECTRICAL COMPONENTS & EQUIPMENT—1.8% | | | | | | | | |
| AMETEK, Inc. | | | 22,392 | | | | 2,903,346 | |
| Generac Holdings, Inc.* | | | 4,313 | | | | 499,920 | |
| | | | | | | | 3,403,266 | |
| ELECTRONIC COMPONENTS—0.8% | | | | | | | | |
| Amphenol Corp., Cl. A | | | 19,719 | | | | 1,495,292 | |
THE ALGER FUNDS | ALGER MID CAP GROWTH FUND
Schedule of Investments October 31, 2022 (Continued)
| COMMON STOCKS—91.1% (CONT.) | | SHARES | | | VALUE | |
| ELECTRONIC EQUIPMENT & INSTRUMENTS—3.7% | | | | | | | | |
| 908 Devices, Inc.* | | | 112,646 | | | $ | 1,801,209 | |
| Novanta, Inc.* | | | 24,470 | | | | 3,460,058 | |
| Trimble, Inc.* | | | 31,674 | | | | 1,905,508 | |
| | | | | | | | 7,166,775 | |
| FINANCIAL EXCHANGES & DATA—2.6% | | | | | | | | |
| MSCI, Inc., Cl. A | | | 10,534 | | | | 4,938,971 | |
| HEALTHCARE DISTRIBUTORS—2.6% | | | | | | | | |
| McKesson Corp. | | | 12,843 | | | | 5,000,679 | |
| HEALTHCARE EQUIPMENT—2.5% | | | | | | | | |
| Insulet Corp.* | | | 18,374 | | | | 4,755,375 | |
| HEALTHCARE FACILITIES—1.9% | | | | | | | | |
| Acadia Healthcare Co., Inc.* | | | 45,323 | | | | 3,684,760 | |
| HEALTHCARE TECHNOLOGY—1.7% | | | | | | | | |
| Veeva Systems, Inc., Cl. A* | | | 19,268 | | | | 3,235,868 | |
| HOTELS RESORTS & CRUISE LINES—1.8% | | | | | | | | |
| Hilton Worldwide Holdings, Inc. | | | 26,130 | | | | 3,534,344 | |
| HYPERMARKETS & SUPER CENTERS—2.5% | | | | | | | | |
| BJ’s Wholesale Club Holdings, Inc.* | | | 62,092 | | | | 4,805,921 | |
| INSURANCE BROKERS—0.3% | | | | | | | | |
| Ryan Specialty Holdings, Inc., Cl. A* | | | 11,723 | | | | 525,777 | |
| INTERACTIVE HOME ENTERTAINMENT—1.3% | | | | | | | | |
| Take-Two Interactive Software, Inc.* | | | 20,830 | | | | 2,467,938 | |
| INTERNET SERVICES & INFRASTRUCTURE—0.5% | | | | | | | | |
| MongoDB, Inc., Cl. A* | | | 5,866 | | | | 1,073,654 | |
| IT CONSULTING & OTHER SERVICES—0.6% | | | | | | | | |
| EPAM Systems, Inc.* | | | 3,345 | | | | 1,170,750 | |
| LIFE SCIENCES TOOLS & SERVICES—3.1% | | | | | | | | |
| Repligen Corp.* | | | 14,209 | | | | 2,593,001 | |
| West Pharmaceutical Services, Inc. | | | 14,694 | | | | 3,381,089 | |
| | | | | | | | 5,974,090 | |
| METAL & GLASS CONTAINERS—0.4% | | | | | | | | |
| Ball Corp. | | | 17,745 | | | | 876,425 | |
| MOVIES & ENTERTAINMENT—3.0% | | | | | | | | |
| Liberty Media Corp.-Liberty Formula One, Cl. C* | | | 34,393 | | | | 1,985,508 | |
| Live Nation Entertainment, Inc.* | | | 46,621 | | | | 3,711,498 | |
| | | | | | | | 5,697,006 | |
| OIL & GAS EQUIPMENT & SERVICES—1.2% | | | | | | | | |
| Baker Hughes Co., Cl. A | | | 83,777 | | | | 2,317,272 | |
| OIL & GAS EXPLORATION & PRODUCTION—3.5% | | | | | | | | |
| Diamondback Energy, Inc. | | | 42,657 | | | | 6,701,841 | |
| PHARMACEUTICALS—0.7% | | | | | | | | |
| Jazz Pharmaceuticals PLC* | | | 9,220 | | | | 1,325,744 | |
| PROPERTY & CASUALTY INSURANCE—1.0% | | | | | | | | |
| Intact Financial Corp. | | | 12,841 | | | | 1,951,270 | |
| REGIONAL BANKS—1.6% | | | | | | | | |
| First Republic Bank | | | 17,328 | | | | 2,081,093 | |
| SVB Financial Group* | | | 4,275 | | | | 987,354 | |
| | | | | | | 3,068,447 | |
THE ALGER FUNDS | ALGER MID CAP GROWTH FUND
Schedule of Investments October 31, 2022 (Continued)
| COMMON STOCKS—91.1% (CONT.) | | SHARES | | | VALUE | |
| RESEARCH & CONSULTING SERVICES—2.7% | | | | | | | | |
| CoStar Group, Inc.* | | | 53,993 | | | $ | 4,466,301 | |
| Verisk Analytics, Inc., Cl. A | | | 3,769 | | | | 689,086 | |
| | | | | | | | 5,155,387 | |
| RESTAURANTS—2.1% | | | | | | | | |
| Chipotle Mexican Grill, Inc., Cl. A* | | | 1,743 | | | | 2,611,589 | |
| The Cheesecake Factory, Inc. | | | 42,650 | | | | 1,527,297 | |
| | | | | | | | 4,138,886 | |
| SEMICONDUCTOR EQUIPMENT—3.4% | | | | | | | | |
| Enphase Energy, Inc.* | | | 6,389 | | | | 1,961,423 | |
| KLA Corp. | | | 8,220 | | | | 2,601,219 | |
| Onto Innovation, Inc.* | | | 7,034 | | | | 470,153 | |
| SolarEdge Technologies, Inc.* | | | 6,601 | | | | 1,518,428 | |
| | | | | | | | 6,551,223 | |
| SEMICONDUCTORS—2.2% | | | | | | | | |
| Microchip Technology, Inc. | | | 44,773 | | | | 2,764,285 | |
| ON Semiconductor Corp.* | | | 24,171 | | | | 1,484,825 | |
| | | | | | | | 4,249,110 | |
| SYSTEMS SOFTWARE—3.4% | | | | | | | | |
| Crowdstrike Holdings, Inc., Cl. A* | | | 15,155 | | | | 2,442,986 | |
| Palo Alto Networks, Inc.* | | | 23,605 | | | | 4,050,382 | |
| | | | | | | | 6,493,368 | |
| TRUCKING—2.0% | | | | | | | | |
| Old Dominion Freight Line, Inc. | | | 13,855 | | | | 3,804,583 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $178,124,264) | | | | | | | 175,021,542 | |
| PREFERRED STOCKS—0.0% | | | SHARES | | | | VALUE | |
| BIOTECHNOLOGY—0.0% | | | | | | | | |
| Prosetta Biosciences, Inc., Series D*,@,(a),(b) | | | 219,610 | | | | — | |
| (Cost $988,245) | | | | | | | — | |
| RIGHTS—0.2% | | SHARES | | | VALUE | |
| BIOTECHNOLOGY—0.2% | | | | | | | | |
| Tolero CDR*,@,(a),(c) | | | 590,059 | | | | 354,035 | |
| (Cost $315,501) | | | | | | | 354,035 | |
| SPECIAL PURPOSE VEHICLE—0.9% | | | | | | VALUE | |
| DATA PROCESSING & OUTSOURCED SERVICES—0.9% | | | | | | | | |
| Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b) | | | | | | | 1,269,120 | |
| Crosslink Ventures Capital LLC, Cl. B*,@,(a),(b) | | | | | | | 506,426 | |
| | | | | | | | 1,775,546 | |
| TOTAL SPECIAL PURPOSE VEHICLE | | | | | | | | |
| (Cost $1,675,000) | | | | | | | 1,775,546 | |
| Total Investments | | | | | | | | |
| (Cost $181,103,010) | | | 92.2 | % | | $ | 177,151,123 | |
| Affiliated Securities (Cost $2,663,245) | | | | | | | 1,775,546 | |
| Unaffiliated Securities (Cost $178,439,765) | | | | | | | 175,375,577 | |
| Other Assets in Excess of Liabilities | | | 7.8 | % | | | 14,951,530 | |
| NET ASSETS | | | 100.0 | % | | $ | 192,102,653 | |
| (a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee (as defined in Note 2). |
THE ALGER FUNDS | ALGER MID CAP GROWTH FUND
Schedule of Investments October 31, 2022 (Continued)
| (b) | Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 11 - Affiliated Securities. |
| (c) | Contingent Deferred Rights. |
| * | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers. |
| Security | | Acquisition
Date(s) | | Acquisition
Cost | | | % of net assets
(Acquisition
Date) | | | Market
Value | | | % of net assets
as of
10/31/2022 | |
| Crosslink Ventures Capital LLC, Cl. A | | 10/2/20 | | $ | 1,200,000 | | | 0.50% | | | $ | 1,269,120 | | | 0.66% | |
| Crosslink Ventures Capital LLC, Cl. B | | 12/16/20 | | | 475,000 | | | 0.19% | | | | 506,426 | | | 0.26% | |
| Prosetta Biosciences, Inc., Series D | | 2/6/15 | | | 988,245 | | | 0.50% | | | | 0 | | | 0.00% | |
| Tolero CDR | | 2/6/17 | | | 315,501 | | | 0.19% | | | | 354,035 | | | 0.19% | |
| Total | | | | | | | | | | | $ | 2,129,581 | | | 1.11% | |
See Notes to Financial Statements.
THE ALGER FUNDS | ALGER MID CAP FOCUS FUND
Schedule of Investments October 31, 2022
| COMMON STOCKS—98.7% | | SHARES | | | VALUE | |
| ADVERTISING—1.4% | | | | | | | | |
| The Trade Desk, Inc., Cl. A* | | | 114,620 | | | $ | 6,102,369 | |
| AEROSPACE & DEFENSE—4.0% | | | | | | | | |
| HEICO Corp. | | | 45,840 | | | | 7,455,418 | |
| Mercury Systems, Inc.* | | | 207,430 | | | | 10,039,612 | |
| | | | | | | | 17,495,030 | |
| APPAREL ACCESSORIES & LUXURY GOODS—2.7% | | | | | | | | |
| Lululemon Athletica, Inc.* | | | 36,280 | | | | 11,937,571 | |
| APPLICATION SOFTWARE—19.4% | | | | | | | | |
| Alteryx, Inc., Cl. A* | | | 214,663 | | | | 10,460,528 | |
| Bentley Systems, Inc., Cl. B | | | 374,851 | | | | 13,224,743 | |
| Bill.com Holdings, Inc.* | | | 47,510 | | | | 6,335,934 | |
| Cadence Design Systems, Inc.* | | | 33,467 | | | | 5,066,569 | |
| Everbridge, Inc.* | | | 381,295 | | | | 11,945,972 | |
| Manhattan Associates, Inc.* | | | 61,650 | | | | 7,500,955 | |
| Paylocity Holding Corp.* | | | 49,083 | | | | 11,376,949 | |
| Splunk, Inc.* | | | 93,944 | | | | 7,807,686 | |
| Tyler Technologies, Inc.* | | | 33,407 | | | | 10,801,485 | |
| | | | | | | | 84,520,821 | |
| AUTOMOTIVE RETAIL—1.9% | | | | | | | | |
| O’Reilly Automotive, Inc.* | | | 10,152 | | | | 8,498,950 | |
| BIOTECHNOLOGY—9.3% | | | | | | | | |
| Natera, Inc.* | | | 416,179 | | | | 19,543,766 | |
| Seagen, Inc.* | | | 35,124 | | | | 4,466,368 | |
| Vertex Pharmaceuticals, Inc.* | | | 29,211 | | | | 9,113,832 | |
| Viridian Therapeutics, Inc.* | | | 377,814 | | | | 7,518,498 | |
| | | | | | | | 40,642,464 | |
| CASINOS & GAMING—2.4% | | | | | | | | |
| MGM Resorts International | | | 294,653 | | | | 10,480,807 | |
| ELECTRIC UTILITIES—5.1% | | | | | | | | |
| Constellation Energy Corp. | | | 236,216 | | | | 22,331,861 | |
| ELECTRICAL COMPONENTS & EQUIPMENT—1.1% | | | | | | | | |
| Generac Holdings, Inc.* | | | 40,378 | | | | 4,680,214 | |
| ELECTRONIC EQUIPMENT & INSTRUMENTS—1.1% | | | | | | | | |
| 908 Devices, Inc.* | | | 288,530 | | | | 4,613,595 | |
| ENVIRONMENTAL & FACILITIES SERVICES—2.5% | | | | | | | | |
| Waste Connections, Inc. | | | 81,715 | | | | 10,779,026 | |
| HEALTHCARE DISTRIBUTORS—2.6% | | | | | | | | |
| McKesson Corp. | | | 29,118 | | | | 11,337,676 | |
| HEALTHCARE EQUIPMENT—9.2% | | | | | | | | |
| Axonics, Inc.* | | | 96,618 | | | | 7,066,640 | |
| Cutera, Inc.* | | | 113,681 | | | | 5,225,916 | |
| Dexcom, Inc.* | | | 55,570 | | | | 6,711,745 | |
| Insulet Corp.* | | | 65,198 | | | | 16,873,894 | |
| Omnicell, Inc.* | | | 53,244 | | | | 4,116,826 | |
| | | | | | | | 39,995,021 | |
| HEALTHCARE FACILITIES—1.4% | | | | | | | | |
| Acadia Healthcare Co., Inc.* | | | 73,879 | | | | 6,006,363 | |
THE ALGER FUNDS | ALGER MID CAP FOCUS FUND
Schedule of Investments October 31, 2022 (Continued)
| COMMON STOCKS—98.7% (CONT.) | | SHARES | | | VALUE | |
| HEALTHCARE SERVICES—2.5% | | | | | | | | |
| Signify Health, Inc., Cl. A* | | | 377,862 | | | $ | 11,044,906 | |
| HEALTHCARE TECHNOLOGY—1.3% | | | | | | | | |
| Veeva Systems, Inc., Cl. A* | | | 34,361 | | | | 5,770,586 | |
| HYPERMARKETS & SUPER CENTERS—1.4% | | | | | | | | |
| BJ’s Wholesale Club Holdings, Inc.* | | | 79,457 | | | | 6,149,972 | |
| INTERNET & DIRECT MARKETING RETAIL—1.2% | | | | | | | | |
| MercadoLibre, Inc.* | | | 6,051 | | | | 5,455,703 | |
| INTERNET SERVICES & INFRASTRUCTURE—2.8% | | | | | | | | |
| MongoDB, Inc., Cl. A* | | | 24,261 | | | | 4,440,491 | |
| VeriSign, Inc.* | | | 39,499 | | | | 7,917,969 | |
| | | | | | | | 12,358,460 | |
| LIFE SCIENCES TOOLS & SERVICES—2.6% | | | | | | | | |
| Avantor, Inc.* | | | 114,850 | | | | 2,316,525 | |
| Sartorius AG | | | 14,673 | | | | 5,173,299 | |
| Waters Corp.* | | | 12,408 | | | | 3,712,101 | |
| | | | | | | | 11,201,925 | |
| MOVIES & ENTERTAINMENT—1.7% | | | | | | | | |
| Liberty Media Corp.-Liberty Formula One, Cl. C* | | | 127,034 | | | | 7,333,673 | |
| OIL & GAS EXPLORATION & PRODUCTION—3.7% | | | | | | | | |
| Diamondback Energy, Inc. | | | 102,949 | | | | 16,174,317 | |
| SEMICONDUCTOR EQUIPMENT—1.7% | | | | | | | | |
| Enphase Energy, Inc.* | | | 24,654 | | | | 7,568,778 | |
| SPECIALTY STORES—2.6% | | | | | | | | |
| Petco Health & Wellness Co., Inc., Cl. A* | | | 337,697 | | | | 3,555,949 | |
| Ulta Beauty, Inc.* | | | 18,581 | | | | 7,792,314 | |
| | | | | | | | 11,348,263 | |
| SYSTEMS SOFTWARE—7.9% | | | | | | | | |
| Crowdstrike Holdings, Inc., Cl. A* | | | 64,760 | | | | 10,439,312 | |
| CyberArk Software Ltd.* | | | 70,551 | | | | 11,070,157 | |
| Palo Alto Networks, Inc.* | | | 74,340 | | | | 12,756,001 | |
| | | | | | | | 34,265,470 | |
| TRADING COMPANIES & DISTRIBUTORS—2.6% | | | | | | | | |
| United Rentals, Inc.* | | | 36,226 | | | | 11,436,910 | |
| TRUCKING—2.6% | | | | | | | | |
| XPO Logistics, Inc.* | | | 219,249 | | | | 11,343,943 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $467,534,432) | | | | | | | 430,874,674 | |
| Total Investments | | | | | | | | |
| (Cost $467,534,432) | | | 98.7 | % | | $ | 430,874,674 | |
| Unaffiliated Securities (Cost $467,534,432) | | | | | | | 430,874,674 | |
| Other Assets in Excess of Liabilities | | | 1.3 | % | | | 5,558,674 | |
| NET ASSETS | | | 100.0 | % | | $ | 436,433,348 | |
| * | Non-income producing security. |
See Notes to Financial Statements.
THE ALGER FUNDS | ALGER WEATHERBIE ENDURING GROWTH FUND
Schedule of Investments October 31, 2022
| COMMON STOCKS—90.8% | | SHARES | | | VALUE | |
| ADVERTISING—0.8% | | | | | | | | |
| The Trade Desk, Inc., Cl. A* | | | 672 | | | $ | 35,777 | |
| AEROSPACE & DEFENSE—6.4% | | | | | | | | |
| TransDigm Group, Inc. | | | 492 | | | | 283,274 | |
| APPLICATION SOFTWARE—17.6% | | | | | | | | |
| HubSpot, Inc.* | | | 379 | | | | 112,396 | |
| Paylocity Holding Corp.* | | | 1,389 | | | | 321,956 | |
| SPS Commerce, Inc.* | | | 1,668 | | | | 211,035 | |
| Vertex, Inc., Cl. A* | | | 7,677 | | | | 138,340 | |
| | | | | | | | 783,727 | |
| ASSET MANAGEMENT & CUSTODY BANKS—5.7% | | | | | | | | |
| Hamilton Lane, Inc., Cl. A | | | 2,033 | | | | 121,614 | |
| StepStone Group, Inc., Cl. A | | | 4,483 | | | | 132,338 | |
| | | | | | | | 253,952 | |
| CONSUMER FINANCE—0.6% | | | | | | | | |
| Upstart Holdings, Inc.* | | | 1,072 | | | | 24,849 | |
| EDUCATION SERVICES—4.9% | | | | | | | | |
| Chegg, Inc.* | | | 10,107 | | | | 218,008 | |
| ENVIRONMENTAL & FACILITIES SERVICES—23.6% | | | | | | | | |
| Casella Waste Systems, Inc., Cl. A* | | | 5,158 | | | | 421,976 | |
| Montrose Environmental Group, Inc.* | | | 5,072 | | | | 222,052 | |
| Waste Connections, Inc. | | | 3,101 | | | | 409,053 | |
| | | | | | | | 1,053,081 | |
| GENERAL MERCHANDISE STORES—1.5% | | | | | | | | |
| Ollie’s Bargain Outlet Holdings, Inc.* | | | 1,203 | | | | 67,368 | |
| HEALTHCARE EQUIPMENT—4.1% | | | | | | | | |
| Insulet Corp.* | | | 285 | | | | 73,761 | |
| Nevro Corp.* | | | 2,849 | | | | 109,231 | |
| | | | | | | | 182,992 | |
| HEALTHCARE SERVICES—2.0% | | | | | | | | |
| Agiliti, Inc.* | | | 5,061 | | | | 88,416 | |
| HEALTHCARE TECHNOLOGY—1.4% | | | | | | | | |
| Definitive Healthcare Corp., Cl. A* | | | 3,961 | | | | 62,505 | |
| MANAGED HEALTHCARE—1.6% | | | | | | | | |
| Progyny, Inc.* | | | 1,632 | | | | 72,575 | |
| OIL & GAS EQUIPMENT & SERVICES—4.5% | | | | | | | | |
| Core Laboratories NV | | | 7,282 | | | | 141,708 | |
| Dril-Quip, Inc.* | | | 2,386 | | | | 59,363 | |
| | | | | | | | 201,071 | |
| REAL ESTATE SERVICES—8.0% | | | | | | | | |
| FirstService Corp. | | | 2,847 | | | | 355,903 | |
| REGIONAL BANKS—3.4% | | | | | | | | |
| Signature Bank | | | 958 | | | | 151,872 | |
| TRADING COMPANIES & DISTRIBUTORS—2.3% | | | | | | | | |
| SiteOne Landscape Supply, Inc.* | | | 870 | | | | 100,807 | |
THE ALGER FUNDS | ALGER WEATHERBIE ENDURING GROWTH FUND
Schedule of Investments October 31, 2022 (Continued)
| COMMON STOCKS—90.8% (CONT.) | | SHARES | | | VALUE | |
| TRUCKING—2.4% | | | | | | | | |
| XPO Logistics, Inc.* | | | 2,097 | | | $ | 108,499 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $4,996,157) | | | | | | | 4,044,676 | |
| Total Investments | | | | | | | | |
| (Cost $4,996,157) | | | 90.8 | % | | $ | 4,044,676 | |
| Unaffiliated Securities (Cost $4,996,157) | | | | | | | 4,044,676 | |
| Other Assets in Excess of Liabilities | | | 9.2 | % | | | 408,531 | |
| NET ASSETS | | | 100.0 | % | | $ | 4,453,207 | |
| * | Non-income producing security. |
See Notes to Financial Statements.
THE ALGER FUNDS | ALGER WEATHERBIE SPECIALIZED GROWTH FUND
Schedule of Investments October 31, 2022
| COMMON STOCKS—96.0% | | SHARES | | | VALUE | |
| ADVERTISING—0.7% | | | | | | | | |
| TechTarget, Inc.* | | | 85,124 | | | $ | 5,494,754 | |
| AEROSPACE & DEFENSE—0.6% | | | | | | | | |
| Kratos Defense & Security Solutions, Inc.* | | | 435,384 | | | | 4,824,055 | |
| APPAREL ACCESSORIES & LUXURY GOODS—0.7% | | | | | | | | |
| Canada Goose Holdings, Inc.* | | | 309,026 | | | | 5,055,665 | |
| APPAREL RETAIL—0.7% | | | | | | | | |
| MYT Netherlands Parent BV#,* | | | 498,528 | | | | 5,698,175 | |
| APPLICATION SOFTWARE—8.9% | | | | | | | | |
| Ebix, Inc. | | | 161,711 | | | | 3,200,261 | |
| Everbridge, Inc.* | | | 10,169 | | | | 318,595 | |
| SEMrush Holdings, Inc., Cl. A* | | | 90,656 | | | | 1,108,723 | |
| SPS Commerce, Inc.* | | | 343,412 | | | | 43,448,486 | |
| Vertex, Inc., Cl. A* | | | 1,177,375 | | | | 21,216,297 | |
| | | | | | | | 69,292,362 | |
| ASSET MANAGEMENT & CUSTODY BANKS—6.8% | | | | | | | | |
| Hamilton Lane, Inc., Cl. A | | | 384,751 | | | | 23,015,805 | |
| StepStone Group, Inc., Cl. A | | | 1,004,980 | | | | 29,667,010 | |
| | | | | | | | 52,682,815 | |
| BIOTECHNOLOGY—3.1% | | | | | | | | |
| ACADIA Pharmaceuticals, Inc.* | | | 528,355 | | | | 8,469,531 | |
| Natera, Inc.* | | | 165,757 | | | | 7,783,949 | |
| Ultragenyx Pharmaceutical, Inc.* | | | 194,435 | | | | 7,866,840 | |
| | | | | | | | 24,120,320 | |
| CONSTRUCTION & ENGINEERING—2.6% | | | | | | | | |
| Ameresco, Inc., Cl. A* | | | 335,642 | | | | 20,299,628 | |
| CONSUMER FINANCE—0.4% | | | | | | | | |
| LendingTree, Inc.* | | | 53,395 | | | | 1,347,156 | |
| Upstart Holdings, Inc.* | | | 81,978 | | | | 1,900,250 | |
| | | | | | | | 3,247,406 | |
| EDUCATION SERVICES—3.3% | | | | | | | | |
| Chegg, Inc.* | | | 1,178,186 | | | | 25,413,472 | |
| ELECTRONIC EQUIPMENT & INSTRUMENTS—2.1% | | | | | | | | |
| Novanta, Inc.* | | | 113,610 | | | | 16,064,454 | |
| ENVIRONMENTAL & FACILITIES SERVICES—11.8% | | | | | | | | |
| Casella Waste Systems, Inc., Cl. A* | | | 551,027 | | | | 45,079,519 | |
| Montrose Environmental Group, Inc.* | | | 1,069,936 | | | | 46,841,798 | |
| | | | | | | | 91,921,317 | |
| GENERAL MERCHANDISE STORES—1.2% | | | | | | | | |
| Ollie’s Bargain Outlet Holdings, Inc.* | | | 160,191 | | | | 8,970,696 | |
| HEALTHCARE DISTRIBUTORS—0.3% | | | | | | | | |
| PetIQ, Inc., Cl. A* | | | 310,397 | | | | 2,551,463 | |
| HEALTHCARE EQUIPMENT—8.2% | | | | | | | | |
| Glaukos Corp.* | | | 482,505 | | | | 27,054,055 | |
| Impulse Dynamics NV, Series E*,@,(a) | | | 904,912 | | | | 2,986,210 | |
| Inogen, Inc.* | | | 374,668 | | | | 8,489,977 | |
| Inspire Medical Systems, Inc.* | | | 51,083 | | | | 9,958,631 | |
| Nevro Corp.* | | | 403,215 | | | | 15,459,263 | |
| | | | | | | | 63,948,136 | |
THE ALGER FUNDS | ALGER WEATHERBIE SPECIALIZED GROWTH FUND
Schedule of Investments October 31, 2022 (Continued)
| COMMON STOCKS—96.0% (CONT.) | | SHARES | | | VALUE | |
| HEALTHCARE FACILITIES—1.2% | | | | | | | | |
| US Physical Therapy, Inc. | | | 106,259 | | | $ | 9,435,799 | |
| HEALTHCARE SERVICES—1.8% | | | | | | | | |
| Agiliti, Inc.* | | | 789,028 | | | | 13,784,319 | |
| HEALTHCARE TECHNOLOGY—2.0% | | | | | | | | |
| Definitive Healthcare Corp., Cl. A* | | | 952,400 | | | | 15,028,872 | |
| INSURANCE BROKERS—0.0% | | | | | | | | |
| Goosehead Insurance, Inc., Cl. A* | | | 555 | | | | 23,038 | |
| INTERNET & DIRECT MARKETING RETAIL—1.1% | | | | | | | | |
| Xometry, Inc., Cl. A* | | | 142,898 | | | | 8,582,454 | |
| IT CONSULTING & OTHER SERVICES—7.0% | | | | | | | | |
| CI&T, Inc., Cl. A* | | | 1,111,816 | | | | 9,116,891 | |
| Globant SA* | | | 191,497 | | | | 36,131,654 | |
| Grid Dynamics Holdings, Inc.* | | | 676,513 | | | | 9,207,342 | |
| | | | | | | | 54,455,887 | |
| LEISURE FACILITIES—2.5% | | | | | | | | |
| Planet Fitness, Inc., Cl. A* | | | 296,716 | | | | 19,428,964 | |
| LEISURE PRODUCTS—0.3% | | | | | | | | |
| Latham Group, Inc.* | | | 530,497 | | | | 2,344,797 | |
| MANAGED HEALTHCARE—2.1% | | | | | | | | |
| Progyny, Inc.* | | | 370,531 | | | | 16,477,514 | |
| OIL & GAS EQUIPMENT & SERVICES—5.5% | | | | | | | | |
| Core Laboratories NV | | | 1,374,503 | | | | 26,747,828 | |
| Dril-Quip, Inc.* | | | 646,492 | | | | 16,084,721 | |
| | | | | | | | 42,832,549 | |
| REAL ESTATE SERVICES—5.7% | | | | | | | | |
| FirstService Corp. | | | 353,211 | | | | 44,154,907 | |
| REGIONAL BANKS—2.3% | | | | | | | | |
| Seacoast Banking Corp. of Florida | | | 579,648 | | | | 17,911,123 | |
| RESTAURANTS—1.0% | | | | | | | | |
| Wingstop, Inc. | | | 48,891 | | | | 7,743,846 | |
| SEMICONDUCTORS—2.7% | | | | | | | | |
| Impinj, Inc.* | | | 180,252 | | | | 20,662,287 | |
| SPECIALTY STORES—0.0% | | | | | | | | |
| National Vision Holdings, Inc.* | | | 1,280 | | | | 47,411 | |
| SYSTEMS SOFTWARE—0.8% | | | | | | | | |
| Rapid7, Inc.* | | | 142,183 | | | | 6,436,624 | |
| THRIFTS & MORTGAGE FINANCE—2.0% | | | | | | | | |
| Axos Financial, Inc.* | | | 404,768 | | | | 15,769,761 | |
| TRADING COMPANIES & DISTRIBUTORS—6.6% | | | | | | | | |
| SiteOne Landscape Supply, Inc.* | | | 249,165 | | | | 28,870,748 | |
| Transcat, Inc.* | | | 269,605 | | | | 22,312,510 | |
| | | | | | | | 51,183,258 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $824,815,385) | | | | | | | 745,888,128 | |
THE ALGER FUNDS | ALGER WEATHERBIE SPECIALIZED GROWTH FUND
Schedule of Investments October 31, 2022 (Continued)
| PREFERRED STOCKS—0.0% | | SHARES | | | VALUE | |
| BIOTECHNOLOGY—0.0% | | | | | | | | |
| Prosetta Biosciences, Inc., Series D*,@,(a),(b) | | | 231,474 | | | $ | — | |
| (Cost $1,041,633) | | | | | | | — | |
| Total Investments | | | | | | | | |
| (Cost $825,857,018) | | | 96.0 | % | | $ | 745,888,128 | |
| Affiliated Securities (Cost $1,041,633) | | | | | | | — | |
| Unaffiliated Securities (Cost $824,815,385) | | | | | | | 745,888,128 | |
| Other Assets in Excess of Liabilities | | | 4.0 | % | | | 30,829,756 | |
| NET ASSETS | | | 100.0 | % | | $ | 776,717,884 | |
| # | American Depositary Receipts. |
| (a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee (as defined in Note 2). |
| (b) | Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 11 - Affiliated Securities. |
| * | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers. |
| Security | | Acquisition
Date(s) | | Acquisition
Cost | | | % of net assets
(Acquisition
Date) | | | Market
Value | | | % of net assets
as of
10/31/2022 | |
| Impulse Dynamics NV, Series E | | 2/11/22 | | $ | 2,986,210 | | | 0.24% | | | $ | 2,986,210 | | | 0.38% | |
| Prosetta Biosciences, Inc., Series D | | 2/6/15 | | | 1,041,633 | | | 0.10% | | | | 0 | | | 0.00% | |
| Total | | | | | | | | | | | $ | 2,986,210 | | | 0.38% | |
See Notes to Financial Statements.
THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND
Schedule of Investments October 31, 2022
| COMMON STOCKS—91.7% | | SHARES | | | VALUE | |
| ADVERTISING—0.3% | | | | | | | | |
| Magnite, Inc.* | | | 179,986 | | | $ | 1,312,098 | |
| AEROSPACE & DEFENSE—5.1% | | | | | | | | |
| HEICO Corp. | | | 89,724 | | | | 14,592,711 | |
| Hexcel Corp. | | | 34,820 | | | | 1,939,474 | |
| Mercury Systems, Inc.* | | | 71,176 | | | | 3,444,919 | |
| | | | | | | | 19,977,104 | |
| APPAREL ACCESSORIES & LUXURY GOODS—1.6% | | | | | | | | |
| Capri Holdings Ltd.* | | | 138,140 | | | | 6,310,235 | |
| APPAREL RETAIL—1.7% | | | | | | | | |
| Aritzia, Inc.* | | | 119,563 | | | | 4,637,531 | |
| Victoria’s Secret & Co.* | | | 53,575 | | | | 2,014,420 | |
| | | | | | | | 6,651,951 | |
| APPLICATION SOFTWARE—19.3% | | | | | | | | |
| ACI Worldwide, Inc.* | | | 257,174 | | | | 6,257,043 | |
| Appfolio, Inc., Cl. A* | | | 15,632 | | | | 1,959,784 | |
| Bill.com Holdings, Inc.* | | | 51,956 | | | | 6,928,852 | |
| Blackbaud, Inc.* | | | 79,209 | | | | 4,332,732 | |
| Blackline, Inc.* | | | 55,731 | | | | 3,120,936 | |
| Digital Turbine, Inc.* | | | 54,079 | | | | 789,553 | |
| Everbridge, Inc.* | | | 82,052 | | | | 2,570,689 | |
| ForgeRock, Inc., Cl. A* | | | 30,441 | | | | 686,749 | |
| Guidewire Software, Inc.* | | | 36,894 | | | | 2,191,873 | |
| HubSpot, Inc.* | | | 16,330 | | | | 4,842,825 | |
| Manhattan Associates, Inc.* | | | 70,581 | | | | 8,587,590 | |
| Paycom Software, Inc.* | | | 21,276 | | | | 7,361,496 | |
| Q2 Holdings, Inc.* | | | 108,919 | | | | 3,380,846 | |
| SEMrush Holdings, Inc., Cl. A* | | | 94,341 | | | | 1,153,791 | |
| Smartsheet, Inc., Cl. A* | | | 71,669 | | | | 2,502,682 | |
| Sprout Social, Inc., Cl. A* | | | 73,507 | | | | 4,434,677 | |
| SPS Commerce, Inc.* | | | 72,109 | | | | 9,123,231 | |
| Vertex, Inc., Cl. A* | | | 260,255 | | | | 4,689,795 | |
| | | | | | | | 74,915,144 | |
| ASSET MANAGEMENT & CUSTODY BANKS—0.3% | | | | | | | | |
| Affiliated Managers Group, Inc. | | | 7,756 | | | | 962,985 | |
| BIOTECHNOLOGY—2.6% | | | | | | | | |
| Alkermes PLC* | | | 40,937 | | | | 929,270 | |
| CareDx, Inc.* | | | 258,904 | | | | 5,154,779 | |
| Celldex Therapeutics, Inc.* | | | 32,811 | | | | 1,152,650 | |
| Karuna Therapeutics, Inc.* | | | 12,763 | | | | 2,799,436 | |
| | | | | | | | 10,036,135 | |
| DATA PROCESSING & OUTSOURCED SERVICES—1.3% | | | | | | | | |
| DLocal Ltd., Cl. A* | | | 173,167 | | | | 3,861,624 | |
| Marqeta, Inc., Cl. A* | | | 161,948 | | | | 1,276,150 | |
| | | | | | | | 5,137,774 | |
| DIVERSIFIED SUPPORT SERVICES—0.4% | | | | | | | | |
| IAA, Inc.* | | | 42,596 | | | | 1,615,666 | |
| ELECTRICAL COMPONENTS & EQUIPMENT—0.4% | | | | | | | | |
| Sunrun, Inc.* | | | 66,735 | | | | 1,502,205 | |
THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND
Schedule of Investments October 31, 2022 (Continued)
| COMMON STOCKS—91.7% (CONT.) | | SHARES | | | VALUE | |
| ELECTRONIC EQUIPMENT & INSTRUMENTS—1.3% | | | | | | | | |
| 908 Devices, Inc.* | | | 105,842 | | | $ | 1,692,414 | |
| Cognex Corp. | | | 76,543 | | | | 3,538,583 | |
| | | | | | | | 5,230,997 | |
| FOOD DISTRIBUTORS—2.2% | | | | | | | | |
| The Chefs’ Warehouse, Inc.* | | | 94,528 | | | | 3,462,561 | |
| US Foods Holding Corp.* | | | 170,857 | | | | 5,084,704 | |
| | | | | | | | 8,547,265 | |
| HEALTHCARE DISTRIBUTORS—0.1% | | | | | | | | |
| PetIQ, Inc., Cl. A* | | | 62,035 | | | | 509,928 | |
| HEALTHCARE EQUIPMENT—8.9% | | | | | | | | |
| Impulse Dynamics NV, Series E*,@,(a) | | | 1,105,151 | | | | 3,646,998 | |
| Inmode Ltd.* | | | 190,868 | | | | 6,550,590 | |
| Insulet Corp.* | | | 29,158 | | | | 7,546,382 | |
| Mesa Laboratories, Inc. | | | 27,736 | | | | 3,666,977 | |
| Paragon 28, Inc.* | | | 75,516 | | | | 1,508,055 | |
| QuidelOrtho Corp.* | | | 79,576 | | | | 7,147,516 | |
| Tandem Diabetes Care, Inc.* | | | 79,550 | | | | 4,466,732 | |
| | | | | | | | 34,533,250 | |
| HEALTHCARE SERVICES—1.1% | | | | | | | | |
| Guardant Health, Inc.* | | | 54,919 | | | | 2,718,491 | |
| Privia Health Group, Inc.* | | | 48,330 | | | | 1,618,088 | |
| | | | | | | | 4,336,579 | |
| HEALTHCARE SUPPLIES—1.5% | | | | | | | | |
| Neogen Corp.* | | | 443,260 | | | | 5,851,032 | |
| HEALTHCARE TECHNOLOGY—2.6% | | | | | | | | |
| Definitive Healthcare Corp., Cl. A* | | | 33,958 | | | | 535,857 | |
| Doximity, Inc., Cl. A* | | | 18,271 | | | | 483,633 | |
| Renalytix PLC#,* | | | 165,345 | | | | 322,423 | |
| Sophia Genetics SA* | | | 79,654 | | | | 175,239 | |
| Veeva Systems, Inc., Cl. A* | | | 50,210 | | | | 8,432,268 | |
| | | | | | | | 9,949,420 | |
| HOMEBUILDING—0.4% | | | | | | | | |
| Skyline Champion Corp.* | | | 23,895 | | | | 1,390,928 | |
| HOMEFURNISHING RETAIL—0.4% | | | | | | | | |
| Arhaus, Inc., Cl. A* | | | 50,615 | | | | 421,623 | |
| Bed Bath & Beyond, Inc.* | | | 213,037 | | | | 973,579 | |
| | | | | | | | 1,395,202 | |
| HUMAN RESOURCE & EMPLOYMENT SERVICES—0.5% | | | | | | | | |
| Upwork, Inc.* | | | 133,462 | | | | 1,795,064 | |
| HYPERMARKETS & SUPER CENTERS—3.4% | | | | | | | | |
| BJ’s Wholesale Club Holdings, Inc.* | | | 171,422 | | | | 13,268,063 | |
| INDUSTRIAL MACHINERY—0.5% | | | | | | | | |
| Gates Industrial Corp., PLC* | | | 161,017 | | | | 1,795,340 | |
| INTERACTIVE HOME ENTERTAINMENT—1.1% | | | | | | | | |
| Take-Two Interactive Software, Inc.* | | | 35,288 | | | | 4,180,922 | |
THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND
Schedule of Investments October 31, 2022 (Continued)
| COMMON STOCKS—91.7% (CONT.) | | SHARES | | | VALUE | |
| INTERACTIVE MEDIA & SERVICES—1.2% | | | | | | | | |
| Bumble, Inc., Cl. A* | | | 66,183 | | | $ | 1,681,048 | |
| Tripadvisor, Inc.* | | | 127,813 | | | | 3,018,943 | |
| | | | | | | | 4,699,991 | |
| INTERNET & DIRECT MARKETING RETAIL—1.4% | | | | | | | | |
| Farfetch Ltd., Cl. A* | | | 136,984 | | | | 1,161,624 | |
| The RealReal, Inc.* | | | 267,138 | | | | 451,463 | |
| Xometry, Inc., Cl. A* | | | 62,192 | | | | 3,735,252 | |
| | | | | | | | 5,348,339 | |
| LEISURE FACILITIES—0.7% | | | | | | | | |
| Planet Fitness, Inc., Cl. A* | | | 40,235 | | | | 2,634,588 | |
| LIFE SCIENCES TOOLS & SERVICES—8.3% | | | | | | | | |
| Akoya Biosciences, Inc.* | | | 139,659 | | | | 1,920,311 | |
| Alpha Teknova, Inc.* | | | 31,939 | | | | 146,600 | |
| Bio-Techne Corp. | | | 37,684 | | | | 11,164,262 | |
| CryoPort, Inc.* | | | 115,779 | | | | 3,214,025 | |
| Cytek Biosciences, Inc.* | | | 55,786 | | | | 865,799 | |
| ICON PLC* | | | 9,581 | | | | 1,895,505 | |
| Maravai LifeSciences Holdings, Inc., Cl. A* | | | 38,721 | | | | 642,769 | |
| MaxCyte, Inc.* | | | 48,111 | | | | 332,928 | |
| NanoString Technologies, Inc.* | | | 232,258 | | | | 2,429,419 | |
| NeoGenomics, Inc.* | | | 396,391 | | | | 3,014,554 | |
| Personalis, Inc.* | | | 109,708 | | | | 292,920 | |
| Rapid Micro Biosystems, Inc., Cl. A* | | | 64,657 | | | | 188,798 | |
| Repligen Corp.* | | | 34,746 | | | | 6,340,797 | |
| | | | | | | | 32,448,687 | |
| MANAGED HEALTHCARE—1.9% | | | | | | | | |
| HealthEquity, Inc.* | | | 96,344 | | | | 7,506,161 | |
| MOVIES & ENTERTAINMENT—2.7% | | | | | | | | |
| Live Nation Entertainment, Inc.* | | | 134,030 | | | | 10,670,128 | |
| OIL & GAS EQUIPMENT & SERVICES—1.1% | | | | | | | | |
| ChampionX Corp. | | | 79,644 | | | | 2,279,411 | |
| ProPetro Holding Corp.* | | | 166,265 | | | | 1,968,578 | |
| | | | | | | | 4,247,989 | |
| OIL & GAS EXPLORATION & PRODUCTION—5.5% | | | | | | | | |
| Coterra Energy, Inc. | | | 85,796 | | | | 2,670,829 | |
| Magnolia Oil & Gas Corp., Cl. A | | | 731,251 | | | | 18,778,526 | |
| | | | | | | | 21,449,355 | |
| REGIONAL BANKS—1.1% | | | | | | | | |
| Webster Financial Corp. | | | 79,755 | | | | 4,327,506 | |
| RESEARCH & CONSULTING SERVICES—0.3% | | | | | | | | |
| LegalZoom.com, Inc.* | | | 144,125 | | | | 1,333,156 | |
| RESTAURANTS—5.6% | | | | | | | | |
| Shake Shack, Inc., Cl. A* | | | 151,624 | | | | 8,425,746 | |
| The Cheesecake Factory, Inc. | | | 174,365 | | | | 6,244,011 | |
| Wingstop, Inc. | | | 43,860 | | | | 6,946,985 | |
| | | | | | | | 21,616,742 | |
| SEMICONDUCTOR EQUIPMENT—0.6% | | | | | | | | |
| SolarEdge Technologies, Inc.* | | | 10,807 | | | | 2,485,934 | |
THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND
Schedule of Investments October 31, 2022 (Continued)
| COMMON STOCKS—91.7% (CONT.) | | SHARES | | | VALUE | |
| SEMICONDUCTORS—0.6% | | | | | | | | |
| Universal Display Corp. | | | 22,496 | | | $ | 2,142,069 | |
| SPECIALTY CHEMICALS—3.7% | | | | | | | | |
| Balchem Corp. | | | 104,187 | | | | 14,565,343 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $399,212,169) | | | | | | | 356,681,275 | |
| PREFERRED STOCKS—0.0% | | SHARES | | | VALUE | |
| BIOTECHNOLOGY—0.0% | | | | | | | | |
| Prosetta Biosciences, Inc., Series D*,@,(a),(b) | | | 50,688 | | | | — | |
| (Cost $228,096) | | | | | | | — | |
| RIGHTS—0.0% | | SHARES | | | VALUE | |
| BIOTECHNOLOGY—0.0% | | | | | | | | |
| Tolero CDR*,@,(a),(c) | | | 174,782 | | | | 104,869 | |
| (Cost $94,483) | | | | | | | 104,869 | |
| REAL ESTATE INVESTMENT TRUST—1.2% | | SHARES | | | VALUE | |
| RETAIL—1.2% | | | | | | | | |
| Tanger Factory Outlet Centers, Inc. | | | 258,634 | | | | 4,657,998 | |
| (Cost $4,259,450) | | | | | | | 4,657,998 | |
| SPECIAL PURPOSE VEHICLE—0.6% | | | | | | VALUE | |
| DATA PROCESSING & OUTSOURCED SERVICES—0.6% | | | | | | | | |
| Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b) | | | | | | | 1,903,680 | |
| Crosslink Ventures Capital LLC, Cl. B*,@,(a),(b) | | | | | | | 506,426 | |
| | | | | | | | 2,410,106 | |
| TOTAL SPECIAL PURPOSE VEHICLE | | | | | | | | |
| (Cost $2,275,000) | | | | | | | 2,410,106 | |
| Total Investments | | | | | | | | |
| (Cost $406,069,198) | | | 93.5 | % | | $ | 363,854,248 | |
| Affiliated Securities (Cost $2,503,096) | | | | | | | 2,410,106 | |
| Unaffiliated Securities (Cost $403,566,102) | | | | | | | 361,444,142 | |
| Other Assets in Excess of Liabilities | | | 6.5 | % | | | 25,402,005 | |
| NET ASSETS | | | 100.0 | % | | $ | 389,256,253 | |
| # | American Depositary Receipts. |
| (a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee (as defined in Note 2). |
| (b) | Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 11 - Affiliated Securities. |
| (c) | Contingent Deferred Rights. |
| * | Non-income producing security. |
THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND
Schedule of Investments October 31, 2022 (Continued)
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers. |
| Security | | Acquisition
Date(s) | | Acquisition
Cost | | | % of net assets
(Acquisition
Date) | | | Market
Value | | | % of net assets
as of
10/31/2022 | |
| Crosslink Ventures Capital LLC, Cl. A | | 10/2/20 | | $ | 1,800,000 | | | 0.49% | | | $ | 1,903,680 | | | 0.49% | |
| Crosslink Ventures Capital LLC, Cl. B | | 12/16/20 | | | 475,000 | | | 0.10% | | | | 506,426 | | | 0.13% | |
| Impulse Dynamics NV, Series E | | 2/11/22 | | | 3,646,998 | | | 0.69% | | | | 3,646,998 | | | 0.94% | |
| Prosetta Biosciences, Inc., Series D | | 2/6/15 | | | 228,096 | | | 0.10% | | | | 0 | | | 0.00% | |
| Tolero CDR | | 2/6/17 | | | 94,483 | | | 0.08% | | | | 104,869 | | | 0.02% | |
| Total | | | | | | | | | | | $ | 6,161,973 | | | 1.58% | |
See Notes to Financial Statements.
THE ALGER FUNDS | ALGER SMALL CAP FOCUS FUND
Schedule of Investments October 31, 2022
| COMMON STOCKS—97.8% | | SHARES | | | VALUE | |
| AEROSPACE & DEFENSE—1.4% | | | | | | | | |
| Mercury Systems, Inc.* | | | 831,310 | | | $ | 40,235,404 | |
| APPAREL RETAIL—1.9% | | | | | | | | |
| Aritzia, Inc.* | | | 1,435,618 | | | | 55,683,811 | |
| APPLICATION SOFTWARE—20.5% | | | | | | | | |
| Appfolio, Inc., Cl. A* | | | 299,847 | | | | 37,591,818 | |
| Blackline, Inc.* | | | 1,180,430 | | | | 66,104,080 | |
| Clearwater Analytics Holdings, Inc., Cl. A* | | | 4,079,624 | | | | 66,457,075 | |
| Everbridge, Inc.* | | | 1,191,100 | | | | 37,317,163 | |
| Guidewire Software, Inc.* | | | 1,235,361 | | | | 73,392,797 | |
| Paycom Software, Inc.* | | | 326,733 | | | | 113,049,618 | |
| PROS Holdings, Inc.*,(a) | | | 2,978,898 | | | | 74,323,505 | |
| Q2 Holdings, Inc.* | | | 1,478,494 | | | | 45,892,454 | |
| Smartsheet, Inc., Cl. A* | | | 947,142 | | | | 33,074,199 | |
| Sprout Social, Inc., Cl. A* | | | 868,419 | | | | 52,391,718 | |
| | | | | | | | 599,594,427 | |
| BIOTECHNOLOGY—6.6% | | | | | | | | |
| CareDx, Inc.* | | | 1,289,980 | | | | 25,683,502 | |
| Natera, Inc.* | | | 2,476,547 | | | | 116,298,647 | |
| Prometheus Biosciences, Inc.* | | | 373,136 | | | | 19,597,102 | |
| Vericel Corp.* | | | 1,198,752 | | | | 32,222,454 | |
| | | | | | | | 193,801,705 | |
| ELECTRONIC EQUIPMENT & INSTRUMENTS—1.1% | | | | | | | | |
| 908 Devices, Inc.*,(a) | | | 1,991,055 | | | | 31,836,969 | |
| ENVIRONMENTAL & FACILITIES SERVICES—1.6% | | | | | | | | |
| Casella Waste Systems, Inc., Cl. A* | | | 556,833 | | | | 45,554,508 | |
| FOOD RETAIL—1.0% | | | | | | | | |
| Grocery Outlet Holding Corp.* | | | 827,345 | | | | 28,601,317 | |
| HEALTHCARE EQUIPMENT—16.9% | | | | | | | | |
| AtriCure, Inc.* | | | 1,735,391 | | | | 73,094,669 | |
| Axonics, Inc.* | | | 688,409 | | | | 50,350,234 | |
| Heska Corp.* | | | 468,150 | | | | 33,594,444 | |
| Inspire Medical Systems, Inc.* | | | 252,662 | | | | 49,256,457 | |
| Insulet Corp.* | | | 333,527 | | | | 86,320,123 | |
| QuidelOrtho Corp.* | | | 934,489 | | | | 83,935,802 | |
| Shockwave Medical, Inc.* | | | 401,805 | | | | 117,789,136 | |
| | | | | | | | 494,340,865 | |
| HEALTHCARE SERVICES—1.6% | | | | | | | | |
| Signify Health, Inc., Cl. A* | | | 1,610,839 | | | | 47,084,824 | |
| HEALTHCARE SUPPLIES—1.5% | | | | | | | | |
| BioLife Solutions, Inc.* | | | 1,866,392 | | | | 43,897,540 | |
| HEALTHCARE TECHNOLOGY—4.0% | | | | | | | | |
| Evolent Health, Inc., Cl. A* | | | 2,128,115 | | | | 67,695,338 | |
| Veeva Systems, Inc., Cl. A* | | | 293,880 | | | | 49,354,207 | |
| | | | | | | | 117,049,545 | |
| INDUSTRIAL MACHINERY—6.4% | | | | | | | | |
| RBC Bearings, Inc.* | | | 743,485 | | | | 188,495,752 | |
| INTERNET & DIRECT MARKETING RETAIL—1.3% | | | | | | | | |
| Xometry, Inc., Cl. A* | | | 626,331 | | | | 37,617,440 | |
THE ALGER FUNDS | ALGER SMALL CAP FOCUS FUND
Schedule of Investments October 31, 2022 (Continued)
| COMMON STOCKS—97.8% (CONT.) | | SHARES | | | VALUE | |
| LIFE SCIENCES TOOLS & SERVICES—9.3% | | | | | | | | |
| Bio-Techne Corp. | | | 227,941 | | | $ | 67,529,801 | |
| Bruker Corp. | | | 882,031 | | | | 54,544,797 | |
| CryoPort, Inc.* | | | 2,305,188 | | | | 63,992,019 | |
| NanoString Technologies, Inc.* | | | 1,804,146 | | | | 18,871,367 | |
| Repligen Corp.* | | | 363,423 | | | | 66,321,063 | |
| | | | | | | | 271,259,047 | |
| MANAGED HEALTHCARE—3.7% | | | | | | | | |
| HealthEquity, Inc.* | | | 1,377,578 | | | | 107,327,102 | |
| OIL & GAS EQUIPMENT & SERVICES—2.4% | | | | | | | | |
| ChampionX Corp. | | | 2,420,059 | | | | 69,262,089 | |
| OIL & GAS EXPLORATION & PRODUCTION—5.1% | | | | | | | | |
| PDC Energy, Inc. | | | 1,092,059 | | | | 78,781,136 | |
| Viper Energy Partners LP | | | 2,161,590 | | | | 72,089,027 | |
| | | | | | | | 150,870,163 | |
| PACKAGED FOODS & MEATS—1.3% | | | | | | | | |
| Freshpet, Inc.* | | | 655,781 | | | | 38,658,290 | |
| REGIONAL BANKS—2.1% | | | | | | | | |
| Popular, Inc. | | | 891,007 | | | | 63,012,015 | |
| RESTAURANTS—4.0% | | | | | | | | |
| Kura Sushi USA, Inc., Cl. A* | | | 307,518 | | | | 24,303,147 | |
| Shake Shack, Inc., Cl. A* | | | 591,744 | | | | 32,883,214 | |
| Wingstop, Inc. | | | 385,299 | | | | 61,027,509 | |
| | | | | | | | 118,213,870 | |
| SEMICONDUCTORS—1.2% | | | | | | | | |
| Monolithic Power Systems, Inc. | | | 106,152 | | | | 36,033,296 | |
| SYSTEMS SOFTWARE—1.2% | | | | | | | | |
| Tenable Holdings, Inc.* | | | 888,555 | | | | 36,110,875 | |
| TRADING COMPANIES & DISTRIBUTORS—1.3% | | | | | | | | |
| Herc Holdings, Inc. | | | 327,548 | | | | 38,522,920 | |
| TRUCKING—0.4% | | | | | | | | |
| Saia, Inc.* | | | 65,466 | | | | 13,018,569 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $2,779,294,265) | | | | | | | 2,866,082,343 | |
| RIGHTS—0.0% | | SHARES | | | VALUE | |
| BIOTECHNOLOGY—0.0% | | | | | | | | |
| Tolero CDR*,@,(b),(c) | | | 11,905 | | | | 7,143 | |
| (Cost $6,436) | | | | | | | 7,143 | |
| Total Investments | | | | | | | | |
| (Cost $2,779,300,701) | | | 97.8 | % | | $ | 2,866,089,486 | |
| Affiliated Securities (Cost $159,441,783) | | | | | | | 106,160,474 | |
| Unaffiliated Securities (Cost $2,619,858,918) | | | | | | | 2,759,929,012 | |
| Other Assets in Excess of Liabilities | | | 2.2 | % | | | 63,353,555 | |
| NET ASSETS | | | 100.0 | % | | $ | 2,929,443,041 | |
| (a) | Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 11 - Affiliated Securities. |
| (b) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee (as defined in Note 2). |
| (c) | Contingent Deferred Rights. |
THE ALGER FUNDS | ALGER SMALL CAP FOCUS FUND
Schedule of Investments October 31, 2022 (Continued)
| * | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers. |
| Security | | Acquisition
Date(s) | | Acquisition
Cost | | | % of net assets
(Acquisition
Date) | | | Market
Value | | | % of net assets
as of
10/31/2022 | |
| Tolero CDR | | 2/6/17 | | $ | 6,436 | | | 0.00% | | | $ | 7,143 | | | 0.00% | |
| Total | |
| | | | | | | | | $ | 7,143 | | | 0.00% | |
See Notes to Financial Statements.
THE ALGER FUNDS | ALGER INTERNATIONAL FOCUS FUND
Schedule of Investments October 31, 2022
| COMMON STOCKS—98.4% | | SHARES | | | VALUE | |
| ARGENTINA—2.0% | | | | | | | | |
| INTERNET & DIRECT MARKETING RETAIL—2.0% | | | | | | | | |
| MercadoLibre, Inc.* | | | 2,850 | | | $ | 2,569,617 | |
| (Cost $3,902,261) | | | | | | | | |
| AUSTRALIA—5.4% | | | | | | | | |
| APPLICATION SOFTWARE—1.8% | | | | | | | | |
| Xero Ltd.* | | | 46,600 | | | | 2,314,277 | |
| HEALTHCARE SUPPLIES—1.4% | | | | | | | | |
| Nanosonics Ltd.* | | | 694,062 | | | | 1,819,483 | |
| HEALTHCARE TECHNOLOGY—2.2% | | | | | | | | |
| Pro Medicus Ltd. | | | 81,000 | | | | 2,886,045 | |
| TOTAL AUSTRALIA | | | | | | | | |
| (Cost $7,093,135) | | | | | | | 7,019,805 | |
| BRAZIL—5.8% | | | | | | | | |
| DIVERSIFIED CAPITAL MARKETS—3.0% | | | | | | | | |
| Banco BTG Pactual SA | | | 691,000 | | | | 3,870,841 | |
| FOOTWEAR—2.8% | | | | | | | | |
| Arezzo Industria e Comercio SA | | | 182,000 | | | | 3,681,430 | |
| TOTAL BRAZIL | | | | | | | | |
| (Cost $6,140,925) | | | | | | | 7,552,271 | |
| CHINA—4.9% | | | | | | | | |
| AUTOMOBILE MANUFACTURERS—1.7% | | | | | | | | |
| BYD Co., Ltd., Cl. H | | | 100,484 | | | | 2,251,157 | |
| BREWERS—1.9% | | | | | | | | |
| Budweiser Brewing Co. APAC Ltd. | | | 1,153,000 | | | | 2,426,747 | |
| INTERNET & DIRECT MARKETING RETAIL—1.3% | | | | | | | | |
| Meituan, Cl. B* | | | 108,000 | | | | 1,729,139 | |
| TOTAL CHINA | | | | | | | | |
| (Cost $8,582,180) | | | | | | | 6,407,043 | |
| FRANCE—15.8% | | | | | | | | |
| APPAREL ACCESSORIES & LUXURY GOODS—2.9% | | | | | | | | |
| LVMH Moet Hennessy Louis Vuitton SE | | | 5,900 | | | | 3,722,681 | |
| ELECTRICAL COMPONENTS & EQUIPMENT—2.4% | | | | | | | | |
| Schneider Electric SE | | | 25,200 | | | | 3,186,541 | |
| HEALTHCARE SUPPLIES—2.7% | | | | | | | | |
| EssilorLuxottica SA | | | 22,300 | | | | 3,526,081 | |
| LIFE SCIENCES TOOLS & SERVICES—3.1% | | | | | | | | |
| Eurofins Scientific SE | | | 62,200 | | | | 3,981,521 | |
| OIL & GAS STORAGE & TRANSPORTATION—1.8% | | | | | | | | |
| Gaztransport Et Technigaz SA | | | 20,624 | | | | 2,399,247 | |
| RESEARCH & CONSULTING SERVICES—2.9% | | | | | | | | |
| Teleperformance | | | 14,157 | | | | 3,792,892 | |
| TOTAL FRANCE | | | | | | | | |
| (Cost $19,340,585) | | | | | | | 20,608,963 | |
THE ALGER FUNDS | ALGER INTERNATIONAL FOCUS FUND
Schedule of Investments October 31, 2022 (Continued)
| COMMON STOCKS—98.4% (CONT.) | | SHARES | | | VALUE | |
| GERMANY—5.8% | | | | | | | | |
| AEROSPACE & DEFENSE—2.3% | | | | | | | | |
| Hensoldt AG | | | 126,800 | | | $ | 2,979,003 | |
| OIL & GAS REFINING & MARKETING—3.5% | | | | | | | | |
| VERBIO Vereinigte BioEnergie AG | | | 58,100 | | | | 4,576,489 | |
| TOTAL GERMANY | | | | | | | | |
| (Cost $6,441,659) | | | | | | | 7,555,492 | |
| HONG KONG—1.2% | | | | | | | | |
| INDUSTRIAL MACHINERY—1.2% | | | | | | | | |
| Techtronic Industries Co., Ltd. | | | 159,000 | | | | 1,505,534 | |
| (Cost $1,162,958) | | | | | | | | |
| INDIA—6.3% | | | | | | | | |
| DIVERSIFIED BANKS—2.3% | | | | | | | | |
| HDFC Bank Ltd.# | | | 47,900 | | | | 2,984,649 | |
| HOTELS RESORTS & CRUISE LINES—1.5% | | | | | | | | |
| MakeMyTrip Ltd.* | | | 69,778 | | | | 1,941,922 | |
| INVESTMENT BANKING & BROKERAGE—2.5% | | | | | | | | |
| Angel One Ltd. | | | 169,000 | | | | 3,274,320 | |
| TOTAL INDIA | | | | | | | | |
| (Cost $7,196,919) | | | | | | | 8,200,891 | |
| IRELAND—2.2% | | | | | | | | |
| PACKAGED FOODS & MEATS—2.2% | | | | | | | | |
| Kerry Group PLC, Cl. A | | | 33,741 | | | | 2,930,423 | |
| (Cost $3,756,244) | | | | | | | | |
| ITALY—6.9% | | | | | | | | |
| APPAREL ACCESSORIES & LUXURY GOODS—2.6% | | | | | | | | |
| Moncler SpA | | | 78,786 | | | | 3,398,990 | |
| AUTOMOBILE MANUFACTURERS—3.3% | | | | | | | | |
| Ferrari NV | | | 22,162 | | | | 4,360,817 | |
| INDUSTRIAL MACHINERY—1.0% | | | | | | | | |
| Industrie de Nora SpA* | | | 90,000 | | | | 1,303,619 | |
| TOTAL ITALY | | | | | | | | |
| (Cost $7,968,703) | | | | | | | 9,063,426 | |
| JAPAN—6.9% | | | | | | | | |
| ELECTRONIC EQUIPMENT & INSTRUMENTS—2.3% | | | | | | | | |
| Keyence Corp. | | | 7,900 | | | | 2,979,016 | |
| HEALTHCARE SUPPLIES—1.9% | | | | | | | | |
| Hoya Corp. | | | 26,900 | | | | 2,500,830 | |
| SEMICONDUCTOR EQUIPMENT—2.7% | | | | | | | | |
| Lasertec Corp. | | | 25,400 | | | | 3,569,218 | |
| TOTAL JAPAN | | | | | | | | |
| (Cost $9,843,220) | | | | | | | 9,049,064 | |
| NETHERLANDS—9.0% | | | | | | | | |
| DATA PROCESSING & OUTSOURCED SERVICES—2.2% | | | | | | | | |
| Adyen NV* | | | 2,075 | | | | 2,962,119 | |
THE ALGER FUNDS | ALGER INTERNATIONAL FOCUS FUND
Schedule of Investments October 31, 2022 (Continued)
| COMMON STOCKS—98.4% (CONT.) | | SHARES | | | VALUE | |
| NETHERLANDS—9.0% (CONT.) | | | | | | | | |
| HEAVY ELECTRICAL EQUIPMENT—3.0% | | | | | | | | |
| Alfen Beheer BV* | | | 36,800 | | | $ | 3,903,501 | |
| SEMICONDUCTOR EQUIPMENT—3.8% | | | | | | | | |
| ASML Holding NV | | | 10,500 | | | | 4,925,166 | |
| TOTAL NETHERLANDS | | | | | | | | |
| (Cost $5,150,054) | | | | | | | 11,790,786 | |
| NORWAY—2.7% | | | | | | | | |
| ENVIRONMENTAL & FACILITIES SERVICES—1.3% | | | | | | | | |
| Aker Carbon Capture ASA* | | | 1,560,510 | | | | 1,755,951 | |
| INDUSTRIAL MACHINERY—1.4% | | | | | | | | |
| AutoStore Holdings Ltd.*,(a) | | | 930,036 | | | | 1,757,555 | |
| TOTAL NORWAY | | | | | | | | |
| (Cost $6,954,347) | | | | | | | 3,513,506 | |
| SOUTH KOREA—1.8% | | | | | | | | |
| SPECIALTY CHEMICALS—1.8% | | | | | | | | |
| Chunbo Co., Ltd. | | | 15,800 | | | | 2,412,072 | |
| (Cost $2,580,839) | | | | | | | | |
| SPAIN—1.5% | | | | | | | | |
| BIOTECHNOLOGY—1.5% | | | | | | | | |
| Grifols SA#,* | | | 309,741 | | | | 1,954,466 | |
| (Cost $5,399,542) | | | | | | | | |
| SWEDEN—1.1% | | | | | | | | |
| ASSET MANAGEMENT & CUSTODY BANKS—1.1% | | | | | | | | |
| EQT AB | | | 74,298 | | | | 1,461,698 | |
| (Cost $755,883) | | | | | | | | |
| SWITZERLAND—3.6% | | | | | | | | |
| ASSET MANAGEMENT & CUSTODY BANKS—1.6% | | | | | | | | |
| Partners Group Holding AG | | | 2,284 | | | | 2,050,183 | |
| SPECIALTY CHEMICALS—2.0% | | | | | | | | |
| Sika AG | | | 11,800 | | | | 2,660,748 | |
| TOTAL SWITZERLAND | | | | | | | | |
| (Cost $3,247,332) | | | | | | | 4,710,931 | |
| UNITED KINGDOM—5.1% | | | | | | | | |
| FINANCIAL EXCHANGES & DATA—3.0% | | | | | | | | |
| London Stock Exchange Group PLC | | | 44,700 | | | | 3,874,688 | |
| PHARMACEUTICALS—2.1% | | | | | | | | |
| AstraZeneca PLC | | | 23,500 | | | | 2,757,306 | |
| TOTAL UNITED KINGDOM | | | | | | | | |
| (Cost $6,408,780) | | | | | | | 6,631,994 | |
| UNITED STATES—10.4% | | | | | | | | |
| APPAREL ACCESSORIES & LUXURY GOODS—2.1% | | | | | | | | |
| Lululemon Athletica, Inc.* | | | 8,400 | | | | 2,763,936 | |
| APPLICATION SOFTWARE—1.9% | | | | | | | | |
| Atlassian Corp., Cl. A* | | | 12,500 | | | | 2,534,125 | |
THE ALGER FUNDS | ALGER INTERNATIONAL FOCUS FUND
Schedule of Investments October 31, 2022 (Continued)
| COMMON STOCKS—98.4% (CONT.) | | SHARES | | | VALUE | |
| UNITED STATES—10.4% (CONT.) | | | | | | | | |
| IT CONSULTING & OTHER SERVICES—2.6% | | | | | | | | |
| EPAM Systems, Inc.* | | | 9,550 | | | $ | 3,342,500 | |
| OIL & GAS EQUIPMENT & SERVICES—3.8% | | | | | | | | |
| Schlumberger NV | | | 94,500 | | | | 4,916,835 | |
| TOTAL UNITED STATES | | | | | | | | |
| (Cost $12,973,929) | | | | | | | 13,557,396 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $124,899,495) | | | | | | | 128,495,378 | |
| Total Investments | | | | | | | | |
| (Cost $124,899,495) | | | 98.4% | | | $ | 128,495,378 | |
| Unaffiliated Securities (Cost $124,899,495) | | | | | | | 128,495,378 | |
| Other Assets in Excess of Liabilities | | | 1.6% | | | | 2,149,662 | |
| NET ASSETS | | | 100.0% | | | $ | 130,645,040 | |
| # | American Depositary Receipts. |
| (a) | Pursuant to Securities and Exchange Commission Rule 144A, this security may be sold only to qualified institutional buyers. This security represents 1.4% of the net assets of the Fund. |
| * | Non-income producing security. |
See Notes to Financial Statements.
THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND
Schedule of Investments October 31, 2022
| COMMON STOCKS—95.5% | | SHARES | | | VALUE | |
| BIOTECHNOLOGY—40.2% | | | | | | | | |
| AbbVie, Inc. | | | 64,462 | | | $ | 9,437,237 | |
| ADMA Biologics, Inc.* | | | 1,238,994 | | | | 3,493,963 | |
| Aerovate Therapeutics, Inc.* | | | 167,007 | | | | 3,258,307 | |
| Alkermes PLC* | | | 76,823 | | | | 1,743,882 | |
| Apellis Pharmaceuticals, Inc.* | | | 70,195 | | | | 4,246,096 | |
| Biohaven Ltd.* | | | 200,000 | | | | 3,314,000 | |
| Celldex Therapeutics, Inc.* | | | 117,917 | | | | 4,142,424 | |
| Compass Therapeutics, Inc.* | | | 608,536 | | | | 1,922,974 | |
| HilleVax, Inc.* | | | 107,710 | | | | 2,302,840 | |
| Ionis Pharmaceuticals, Inc.* | | | 141,459 | | | | 6,252,488 | |
| Mersana Therapeutics, Inc.* | | | 327,168 | | | | 2,571,540 | |
| Neurocrine Biosciences, Inc.* | | | 46,854 | | | | 5,393,832 | |
| Prometheus Biosciences, Inc.* | | | 99,693 | | | | 5,235,876 | |
| Regeneron Pharmaceuticals, Inc.* | | | 9,562 | | | | 7,159,548 | |
| Vaxcyte, Inc.* | | | 63,151 | | | | 2,754,015 | |
| Vertex Pharmaceuticals, Inc.* | | | 26,585 | | | | 8,294,520 | |
| | | | | | | | 71,523,542 | |
| HEALTHCARE DISTRIBUTORS—10.9% | | | | | | | | |
| Cardinal Health, Inc. | | | 117,900 | | | | 8,948,610 | |
| McKesson Corp. | | | 26,938 | | | | 10,488,849 | |
| | | | | | | | 19,437,459 | |
| HEALTHCARE EQUIPMENT—9.9% | | | | | | | | |
| Impulse Dynamics NV, Series E*,@,(a) | | | 1,515,152 | | | | 5,000,002 | |
| Inmode Ltd.* | | | 60,256 | | | | 2,067,986 | |
| Shockwave Medical, Inc.* | | | 11,610 | | | | 3,403,471 | |
| Tandem Diabetes Care, Inc.* | | | 62,947 | | | | 3,534,474 | |
| TransMedics Group, Inc.* | | | 72,209 | | | | 3,481,918 | |
| | | | | | | | 17,487,851 | |
| HEALTHCARE FACILITIES—3.9% | | | | | | | | |
| Acadia Healthcare Co., Inc.* | | | 85,988 | | | | 6,990,824 | |
| HEALTHCARE SERVICES—4.0% | | | | | | | | |
| Accolade, Inc.* | | | 254,012 | | | | 2,738,249 | |
| Cigna Corp. | | | 6,036 | | | | 1,949,990 | |
| Option Care Health, Inc.* | | | 81,722 | | | | 2,472,908 | |
| | | | | | | | 7,161,147 | |
| HEALTHCARE TECHNOLOGY—1.0% | | | | | | | | |
| Evolent Health, Inc., Cl. A* | | | 56,818 | | | | 1,807,381 | |
| MANAGED HEALTHCARE—15.5% | | | | | | | | |
| Centene Corp.* | | | 81,105 | | | | 6,904,469 | |
| Humana, Inc. | | | 17,007 | | | | 9,491,266 | |
| UnitedHealth Group, Inc. | | | 19,934 | | | | 11,066,360 | |
| | | | | | | 27,462,095 | |
THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND
Schedule of Investments October 31, 2022 (Continued)
| COMMON STOCKS—95.5% (CONT.) | | SHARES | | | VALUE | |
| PHARMACEUTICALS—10.1% | | | | | | | | |
| Eli Lilly & Co. | | | 21,533 | | | $ | 7,796,884 | |
| Merck & Co., Inc. | | | 55,276 | | | | 5,593,931 | |
| Reata Pharmaceuticals, Inc., Cl. A* | | | 143,396 | | | | 4,617,351 | |
| | | | | | | | 18,008,166 | |
| TOTAL COMMON STOCKS | | | | | | |
| |
| (Cost $145,059,032) | | | | | | | 169,878,465 | |
| PREFERRED STOCKS—0.0% | | SHARES | | | VALUE | |
| BIOTECHNOLOGY—0.0% | | | | | | | | |
| Prosetta Biosciences, Inc., Series D*,@,(a),(b) | | | 897,366 | | | | — | |
| (Cost $4,038,147) | | | | | | | — | |
| RIGHTS—0.7% | | SHARES | | | VALUE | |
| BIOTECHNOLOGY—0.7% | | | | | | | | |
| Tolero CDR*,@,(a),(c) | | | 1,956,996 | | | | 1,174,198 | |
| (Cost $1,044,370) | | | | | | | 1,174,198 | |
| Total Investments | | | | | | | | |
| (Cost $150,141,549) | | | 96.2 | % | | $ | 171,052,663 | |
| Affiliated Securities (Cost $4,038,147) | | | | | | | — | |
| Unaffiliated Securities (Cost $146,103,402) | | | | | | | 171,052,663 | |
| Other Assets in Excess of Liabilities | | | 3.8 | % | | | 6,762,483 | |
| NET ASSETS | | | 100.0 | % | | $ | 177,815,146 | |
| (a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee (as defined in Note 2). |
| (b) | Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 11 - Affiliated Securities. |
| (c) | Contingent Deferred Rights. |
| * | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers. |
| Security | | Acquisition
Date(s) | | | Acquisition
Cost | | | % of net assets
(Acquisition
Date) | | | Market
Value | | | % of net assets
as of
10/31/2022 | |
| Impulse Dynamics NV, Series E | | 2/11/22 | | | $ | 5,000,002 | | | | 2.09% | | | $ | 5,000,002 | | | | 2.81% | |
| Prosetta Biosciences, Inc., Series D | | 2/6/15 | | | | 4,038,147 | | | | 2.00% | | | | 0 | | | | 0.00% | |
| Tolero CDR | | 2/6/17 | | | | 1,044,370 | | | | 0.90% | | | | 1,174,198 | | | | 0.66% | |
| Total | | | | | | | | | | | | | $ | 6,174,200 | | | | 3.47% | |
See Notes to Financial Statements.
THE ALGER FUNDS
Statements of Assets and Liabilities October 31, 2022
| | | Alger Capital Appreciation Fund | | | Alger 35 Fund | |
| | | | | | | |
| ASSETS: | | | | | | | | |
| Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedules of investments | | $ | 1,758,807,353 | | | $ | 25,775,826 | |
| Investments in affiliated securities, at value (Identified cost below)** see accompanying schedules of investments | | | 2,934,840 | | | | — | |
| Cash and cash equivalents | | | 56,887,196 | | | | 248,587 | |
| Foreign cash † | | | 737 | | | | — | |
| Receivable for investment securities sold | | | 35,292,445 | | | | — | |
| Receivable for shares of beneficial interest sold | | | 667,351 | | | | — | |
| Dividends and interest receivable | | | 694,444 | | | | 546 | |
| Receivable from Investment Manager | | | 41,885 | | | | 8,287 | |
| Prepaid expenses | | | 234,954 | | | | 593 | |
| Total Assets | | | 1,855,561,205 | | | | 26,033,839 | |
| | | | | | | | | |
| LIABILITIES: | | | | | | | | |
| Payable for investment securities purchased | | | 35,743,694 | | | | — | |
| Payable for shares of beneficial interest redeemed | | | 2,270,734 | | | | — | |
| Accrued investment advisory fees | | | 1,232,894 | | | | 9,730 | |
| Accrued distribution fees | | | 239,371 | | | | — | |
| Accrued shareholder administrative fees | | | 19,938 | | | | 216 | |
| Accrued administrative fees | | | 41,858 | | | | 595 | |
| Accrued transfer agent fees | | | 281,603 | | | | 443 | |
| Accrued professional fees | | | 67,256 | | | | 35,340 | |
| Accrued printing fees | | | 57,673 | | | | 484 | |
| Accrued fund accounting fees | | | 45,571 | | | | 8,438 | |
| Accrued custodian fees | | | 12,884 | | | | 1,390 | |
| Accrued trustee fees | | | 6,678 | | | | 84 | |
| Accrued other expenses | | | 3,585 | | | | 721 | |
| Total Liabilities | | | 40,023,739 | | | | 57,441 | |
| NET ASSETS | | $ | 1,815,537,466 | | | $ | 25,976,398 | |
| | | | | | | | | |
| NET ASSETS CONSIST OF: | | | | | | | | |
| Paid in capital (par value of $.001 per share) | | | 1,269,730,987 | | | | 40,844,624 | |
| Distributable earnings (Distributions in excess of earnings) | | | 545,806,479 | | | | (14,868,226 | ) |
| NET ASSETS | | $ | 1,815,537,466 | | | $ | 25,976,398 | |
| * Identified cost | | $ | 1,245,229,863 | (a) | | $ | 27,332,644 | (b) |
| ** Identified cost | | $ | 2,775,000 | (a) | | $ | — | |
| † Cost of foreign cash | | $ | 1,571 | | | $ | — | |
See Notes to Financial Statements.
THE ALGER FUNDS
Statements of Assets and Liabilities October 31, 2022 (Continued)
| | | Alger Capital Appreciation Fund | | | Alger 35 Fund | |
| | | | | | | | | |
| NET ASSETS BY CLASS: | | | | | | | | |
| Class A | | $ | 774,249,385 | | | $ | — | |
| Class C | | $ | 91,814,720 | | | $ | — | |
| Class Z | | $ | 949,473,361 | | | $ | 25,976,398 | |
| | | | | | | | | |
| SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6: | | | | | | | | |
| Class A | | | 37,285,742 | | | | — | |
| Class C | | | 7,272,048 | | | | — | |
| Class Z | | | 42,845,656 | | | | 2,720,579 | |
| | | | | | | | | |
| NET ASSET VALUE PER SHARE: | | | | | | | | |
| Class A — Net Asset Value Per Share Class A | | $ | 20.77 | | | $ | — | |
| Class A — Offering Price Per Share | | | | | | | | |
| (includes a 5.25% sales charge) | | $ | 21.92 | | | $ | — | |
| Class C — Net Asset Value Per Share Class C | | $ | 12.63 | | | $ | — | |
| Class Z — Net Asset Value Per Share Class Z | | $ | 22.16 | | | $ | 9.55 | |
See Notes to Financial Statements.
| (a) | At October 31, 2022, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $1,279,204,692 amounted to $482,537,501 which consisted of aggregate gross unrealized appreciation of $572,327,363 and aggregate gross unrealized depreciation of $89,789,862. |
| (b) | At October 31, 2022, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $28,456,404, amounted to $2,680,578 which consisted of aggregate gross unrealized appreciation of $1,405,124 and aggregate gross unrealized depreciation of $4,085,702. |
THE ALGER FUNDS
Statements of Assets and Liabilities October 31, 2022 (Continued)
| | | Alger Growth & Income Fund | | | Alger Mid Cap Growth Fund | |
| | | | | | | | | |
| ASSETS: | | | | | | | | |
| Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedules of investments | | $ | 232,289,662 | | | $ | 175,375,577 | |
| Investments in affiliated securities, at value (Identified cost below)** see accompanying schedules of investments | | | — | | | | 1,775,546 | |
| Cash and cash equivalents | | | 14,202,816 | | | | 16,512,960 | |
| Receivable for shares of beneficial interest sold | | | 390,956 | | | | 70,942 | |
| Dividends and interest receivable | | | 299,251 | | | | 9,342 | |
| Receivable from Investment Manager | | | — | | | | 5,161 | |
| Prepaid expenses | | | 64,673 | | | | 84,112 | |
| Total Assets | | | 247,247,358 | | | | 193,833,640 | |
| | | | | | | | | |
| LIABILITIES: | | | | | | | | |
| Payable for investment securities purchased | | | 2,494,791 | | | | 1,361,915 | |
| Payable for shares of beneficial interest redeemed | | | 116,810 | | | | 61,929 | |
| Accrued investment advisory fees | | | 98,669 | | | | 120,106 | |
| Accrued distribution fees | | | 38,932 | | | | 42,386 | |
| Accrued shareholder administrative fees | | | 2,655 | | | | 2,443 | |
| Accrued administrative fees | | | 5,427 | | | | 4,346 | |
| Accrued professional fees | | | 37,520 | | | | 52,236 | |
| Accrued transfer agent fees | | | 26,900 | | | | 32,977 | |
| Accrued fund accounting fees | | | 12,330 | | | | 13,401 | |
| Accrued printing fees | | | 8,302 | | | | 12,044 | |
| Accrued custodian fees | | | 681 | | | | 15,179 | |
| Accrued trustee fees | | | 321 | | | | 651 | |
| Accrued registration fees | | | — | | | | 1,255 | |
| Accrued other expenses | | | 2,538 | | | | 10,119 | |
| Total Liabilities | | | 2,845,876 | | | | 1,730,987 | |
| NET ASSETS | | $ | 244,401,482 | | | $ | 192,102,653 | |
| | | | | | | | | |
| NET ASSETS CONSIST OF: | | | | | | | | |
| Paid in capital (par value of $.001 per share) | | | 173,548,398 | | | | 254,602,214 | |
| Distributable earnings (Distributions in excess of earnings) | | | 70,853,084 | | | | (62,499,561 | ) |
| NET ASSETS | | $ | 244,401,482 | | | $ | 192,102,653 | |
| * Identified cost | | $ | 162,488,005 | (a) | | $ | 178,439,765 | (b) |
| ** Identified cost | | $ | — | | | $ | 2,663,245 | (b) |
See Notes to Financial Statements.
THE ALGER FUNDS
Statements of Assets and Liabilities October 31, 2022 (Continued)
| | | Alger Growth & Income Fund | | | Alger Mid Cap Growth Fund | |
| | | | | | | | | |
| NET ASSETS BY CLASS: | | | | | | | | |
| Class A | | $ | 108,039,157 | | | $ | 146,648,390 | |
| Class B | | $ | — | | | $ | 10,404,261 | |
| Class C | | $ | 21,110,880 | | | $ | 4,562,186 | |
| Class Z | | $ | 115,251,445 | | | $ | 30,487,816 | |
| | | | | | | | | |
| SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6: | | | | | | | | |
| Class A | | | 2,063,851 | | | | 13,557,879 | |
| Class B | | | — | | | | 1,535,460 | |
| Class C | | | 410,200 | | | | 720,046 | |
| Class Z | | | 2,198,553 | | | | 2,732,874 | |
| | | | | | | | | |
| NET ASSET VALUE PER SHARE: | | | | | | | | |
| Class A — Net Asset Value Per Share Class A | | $ | 52.35 | | | $ | 10.82 | |
| Class A — Offering Price Per Share | | | | | | | | |
| (includes a 5.25% sales charge) | | $ | 55.25 | | | $ | 11.42 | |
| Class B — Net Asset Value Per Share Class B | | $ | — | | | $ | 6.78 | |
| Class C — Net Asset Value Per Share Class C | | $ | 51.46 | | | $ | 6.34 | |
| Class Z — Net Asset Value Per Share Class Z | | $ | 52.42 | | | $ | 11.16 | |
See Notes to Financial Statements.
| (a) | At October 31, 2022, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $161,698,963, amounted to $70,590,699 which consisted of aggregate gross unrealized appreciation of $73,566,912 and aggregate gross unrealized depreciation of $2,976,213. |
| (b) | At October 31, 2022, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $183,415,599, amounted to $6,264,476 which consisted of aggregate gross unrealized appreciation of $11,703,900 and aggregate gross unrealized depreciation of $17,968,376. |
THE ALGER FUNDS
Statements of Assets and Liabilities October 31, 2022 (Continued)
| | | Alger Mid Cap Focus Fund | | | Alger Weatherbie Enduring Growth Fund | |
| | | | | | | | | |
| ASSETS: | | | | | | | | |
| Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedules of investments | | $ | 430,874,674 | | | $ | 4,044,676 | |
| Cash and cash equivalents | | | 5,134,355 | | | | 369,430 | |
| Foreign cash † | | | 564 | | | | — | |
| Receivable for investment securities sold | | | 717,950 | | | | 26,477 | |
| Receivable for shares of beneficial interest sold | | | 431,198 | | | | — | |
| Dividends and interest receivable | | | 508 | | | | 536 | |
| Receivable from Investment Manager | | | 28 | | | | 17,505 | |
| Prepaid expenses | | | 115,367 | | | | 40,972 | |
| Total Assets | | | 437,274,644 | | | | 4,499,596 | |
| | | | | | | | | |
| LIABILITIES: | | | | | | | | |
| Payable for shares of beneficial interest redeemed | | | 466,229 | | | | — | |
| Accrued investment advisory fees | | | 223,658 | | | | 2,534 | |
| Accrued distribution fees | | | 15,706 | | | | 99 | |
| Accrued shareholder administrative fees | | | 3,660 | | | | 37 | |
| Accrued administrative fees | | | 9,966 | | | | 100 | |
| Accrued professional fees | | | 37,816 | | | | 32,379 | |
| Accrued printing fees | | | 37,389 | | | | 225 | |
| Accrued transfer agent fees | | | 18,364 | | | | 160 | |
| Accrued fund accounting fees | | | 18,346 | | | | 9,229 | |
| Accrued custodian fees | | | 3,585 | | | | 754 | |
| Accrued trustee fees | | | 1,784 | | | | 15 | |
| Accrued other expenses | | | 4,793 | | | | 857 | |
| Total Liabilities | | | 841,296 | | | | 46,389 | |
| NET ASSETS | | $ | 436,433,348 | | | $ | 4,453,207 | |
| | | | | | | | | |
| NET ASSETS CONSIST OF: | | | | | | | | |
| Paid in capital (par value of $.001 per share) | | | 593,121,737 | | | | 5,896,138 | |
| Distributions in excess of earnings | | | (156,688,389 | ) | | | (1,442,931 | ) |
| NET ASSETS | | $ | 436,433,348 | | | $ | 4,453,207 | |
| * Identified cost | | $ | 467,534,432 | (a) | | $ | 4,996,157 | (b) |
| † Cost of foreign cash | | $ | 623 | | | $ | — | |
See Notes to Financial Statements.
THE ALGER FUNDS
Statements of Assets and Liabilities October 31, 2022 (Continued)
| | | Alger Mid Cap Focus Fund | | | Alger Weatherbie Enduring Growth Fund | |
| | | | | | | | | |
| NET ASSETS BY CLASS: | | | | | | | | |
| Class A | | $ | 5,082,878 | | | $ | 120,124 | |
| Class C | | $ | 2,432,536 | | | $ | 73,082 | |
| Class I | | $ | 62,498,812 | | | $ | 73,562 | |
| Class Y | | $ | 443,314 | | | $ | 369,097 | |
| Class Z | | $ | 365,975,808 | | | $ | 3,817,342 | |
| | | | | | | | | |
| SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6: | | | | | | | | |
| Class A | | | 418,850 | | | | 16,335 | |
| Class C | | | 202,512 | | | | 10,000 | |
| Class I | | | 5,146,661 | | | | 10,000 | |
| Class Y | | | 36,172 | | | | 50,000 | |
| Class Z | | | 29,848,374 | | | | 517,335 | |
| | | | | | | | | |
| NET ASSET VALUE PER SHARE: | | | | | | | | |
| Class A — Net Asset Value Per Share Class A | | $ | 12.14 | | | $ | 7.35 | |
| Class A — Offering Price Per Share | | | | | | | | |
| (includes a 5.25% sales charge) | | $ | 12.81 | | | $ | 7.76 | |
| Class C — Net Asset Value Per Share Class C | | $ | 12.01 | | | $ | 7.31 | |
| Class I — Net Asset Value Per Share Class I | | $ | 12.14 | | | $ | 7.36 | |
| Class Y — Net Asset Value Per Share Class Y | | $ | 12.26 | | | $ | 7.38 | |
| Class Z — Net Asset Value Per Share Class Z | | $ | 12.26 | | | $ | 7.38 | |
See Notes to Financial Statements.
| (a) | At October 31, 2022, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $472,796,946, amounted to $41,922,272 which consisted of aggregate gross unrealized appreciation of $29,999,635 and aggregate gross unrealized depreciation of $71,921,907. |
| (b) | At October 31, 2022, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $5,054,154, amounted to $1,009,478 which consisted of aggregate gross unrealized appreciation of $66,894 and aggregate gross unrealized depreciation of $1,076,372. |
THE ALGER FUNDS
Statements of Assets and Liabilities October 31, 2022 (Continued)
| | | Alger Weatherbie Specialized Growth Fund | | | Alger Small Cap Growth Fund | |
| | | | | | | | | |
| ASSETS: | | | | | | | | |
| Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedules of investments | | $ | 745,888,128 | | | $ | 361,444,142 | |
| Investments in affiliated securities, at value (Identified cost below)** see accompanying schedules of investments | | | — | | | | 2,410,106 | |
| Cash and cash equivalents | | | 30,506,732 | | | | 27,763,326 | |
| Receivable for investment securities sold | | | 1,740,533 | | | | — | |
| Receivable for shares of beneficial interest sold | | | 711,052 | | | | 434,596 | |
| Dividends and interest receivable | | | 18,090 | | | | 56,899 | |
| Receivable from Investment Manager | | | — | | | | 2,338 | |
| Prepaid expenses | | | 106,828 | | | | 99,931 | |
| Total Assets | | | 778,971,363 | | | | 392,211,338 | |
| | | | | | | | | |
| LIABILITIES: | | | | | | | | |
| Payable for investment securities purchased | | | 123,047 | | | | 788,284 | |
| Payable for shares of beneficial interest redeemed | | | 1,298,092 | | | | 1,649,366 | |
| Due to investment adviser | | | 534 | | | | — | |
| Accrued investment advisory fees | | | 514,016 | | | | 257,862 | |
| Accrued distribution fees | | | 66,364 | | | | 48,302 | |
| Accrued shareholder administrative fees | | | 7,209 | | | | 4,058 | |
| Accrued administrative fees | | | 17,451 | | | | 8,755 | |
| Accrued transfer agent fees | | | 81,581 | | | | 46,387 | |
| Accrued printing fees | | | 56,320 | | | | 38,335 | |
| Accrued professional fees | | | 51,885 | | | | 55,162 | |
| Accrued fund accounting fees | | | 25,362 | | | | 16,288 | |
| Accrued custodian fees | | | 5,289 | | | | 30,386 | |
| Accrued trustee fees | | | 3,331 | | | | 1,323 | |
| Accrued other expenses | | | 2,998 | | | | 10,577 | |
| Total Liabilities | | | 2,253,479 | | | | 2,955,085 | |
| NET ASSETS | | $ | 776,717,884 | | | $ | 389,256,253 | |
| | | | | | | | | |
| NET ASSETS CONSIST OF: | | | | | | | | |
| Paid in capital (par value of $.001 per share) | | | 1,072,941,911 | | | | 459,615,694 | |
| Distributions in excess of earnings | | | (296,224,027 | ) | | | (70,359,441 | ) |
| NET ASSETS | | $ | 776,717,884 | | | $ | 389,256,253 | |
| * Identified cost | | $ | 824,815,385 | (a) | | $ | 403,566,102 | (b) |
| ** Identified cost | | $ | 1,041,633 | (a) | | $ | 2,503,096 | (b) |
See Notes to Financial Statements.
THE ALGER FUNDS
Statements of Assets and Liabilities October 31, 2022 (Continued)
| | | Alger Weatherbie Specialized Growth Fund | | | Alger Small Cap Growth Fund | |
| | | | | | | | | |
| NET ASSETS BY CLASS: | | | | | | | | |
| Class A | | $ | 119,740,500 | | | $ | 142,244,210 | |
| Class B | | $ | — | | | $ | 3,037,813 | |
| Class C | | $ | 44,814,918 | | | $ | 21,105,400 | |
| Class I | | $ | 29,611,928 | | | $ | — | |
| Class Y | | $ | 47,378,902 | | | $ | 8,050,087 | |
| Class Z | | $ | 535,171,636 | | | $ | 214,818,743 | |
| | | | | | | | | |
| SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6: | | | | | | | | |
| Class A | | | 10,348,469 | | | | 16,102,934 | |
| Class B | | | — | | | | 511,312 | |
| Class C | | | 7,128,826 | | | | 3,832,887 | |
| Class I | | | 2,470,670 | | | | — | |
| Class Y | | | 3,854,893 | | | | 865,034 | |
| Class Z | | | 42,053,953 | | | | 23,124,299 | |
| | | | | | | | | |
| NET ASSET VALUE PER SHARE: | | | | | | | | |
| Class A — Net Asset Value Per Share Class A | | $ | 11.57 | | | $ | 8.83 | |
| Class A — Offering Price Per Share | | | | | | | | |
| (includes a 5.25% sales charge) | | $ | 12.21 | | | $ | 9.32 | |
| Class B — Net Asset Value Per Share Class B | | $ | — | | | $ | 5.94 | |
| Class C — Net Asset Value Per Share Class C | | $ | 6.29 | | | $ | 5.51 | |
| Class I — Net Asset Value Per Share Class I | | $ | 11.99 | | | $ | — | |
| Class Y — Net Asset Value Per Share Class Y | | $ | 12.29 | | | $ | 9.31 | |
| Class Z — Net Asset Value Per Share Class Z | | $ | 12.73 | | | $ | 9.29 | |
See Notes to Financial Statements.
| (a) | At October 31, 2022, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $852,651,210, amounted to $106,763,083 which consisted of aggregate gross unrealized appreciation of $56,407,040 and aggregate gross unrealized depreciation of $163,170,123. |
| (b) | At October 31, 2022, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $406,359,520, amounted to $42,505,272 which consisted of aggregate gross unrealized appreciation of $69,261,318 and aggregate gross unrealized depreciation of $111,766,590. |
THE ALGER FUNDS
Statements of Assets and Liabilities October 31, 2022 (Continued)
| | | Alger Small Cap Focus Fund | | | Alger International Focus Fund | |
| | | | | | | | | |
| ASSETS: | | | | | | | | |
| Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedules of investments | | $ | 2,759,929,012 | | | $ | 128,495,378 | |
| Investments in affiliated securities, at value (Identified cost below)** see accompanying schedules of investments | | | 106,160,474 | | | | — | |
| Cash and cash equivalents | | | 64,973,920 | | | | 2,119,704 | |
| Foreign cash † | | | — | | | | 14,613 | |
| Receivable for investment securities sold | | | 7,388,807 | | | | — | |
| Receivable for shares of beneficial interest sold | | | 2,259,581 | | | | 15,687 | |
| Dividends and interest receivable | | | — | | | | 219,794 | |
| Receivable from Investment Manager | | | — | | | | 8,160 | |
| Prepaid expenses | | | 266,028 | | | | 61,812 | |
| Total Assets | | | 2,940,977,822 | | | | 130,935,148 | |
| | | | | | | | | |
| LIABILITIES: | | | | | | | | |
| Payable for investment securities purchased | | | 2,957,587 | | | | — | |
| Payable for shares of beneficial interest redeemed | | | 5,735,713 | | | | 36,233 | |
| Accrued investment advisory fees | | | 1,787,209 | | | | 75,773 | |
| Accrued distribution fees | | | 163,414 | | | | 32,721 | |
| Accrued shareholder administrative fees | | | 25,596 | | | | 1,677 | |
| Accrued administrative fees | | | 65,531 | | | | 2,935 | |
| Accrued transfer agent fees | | | 360,618 | | | | 29,322 | |
| Accrued printing fees | | | 285,215 | | | | 12,357 | |
| Accrued fund accounting fees | | | 65,368 | | | | 12,953 | |
| Accrued professional fees | | | 54,451 | | | | 54,132 | |
| Accrued trustee fees | | | 14,692 | | | | 422 | |
| Accrued custodian fees | | | 14,585 | | | | 15,328 | |
| Accrued other expenses | | | 4,802 | | | | 16,255 | |
| Total Liabilities | | | 11,534,781 | | | | 290,108 | |
| NET ASSETS | | $ | 2,929,443,041 | | | $ | 130,645,040 | |
| | | | | | | | | |
| NET ASSETS CONSIST OF: | | | | | | | | |
| Paid in capital (par value of $.001 per share) | | | 3,432,195,609 | | | | 136,745,765 | |
| Distributions in excess of earnings | | | (502,752,568 | ) | | | (6,100,725 | ) |
| NET ASSETS | | $ | 2,929,443,041 | | | $ | 130,645,040 | |
| * Identified cost | | $ | 2,619,858,918 | (a) | | $ | 124,899,495 | (b) |
| ** Identified cost | | $ | 159,441,783 | (a) | | $ | — | |
| † Cost of foreign cash | | $ | — | | | $ | 14,616 | |
See Notes to Financial Statements.
THE ALGER FUNDS
Statements of Assets and Liabilities October 31, 2022 (Continued)
| | | Alger Small Cap Focus Fund | | | Alger International Focus Fund | |
| | | | | | | | | |
| NET ASSETS BY CLASS: | | | | | | | | |
| Class A | | $ | 226,737,929 | | | $ | 100,261,626 | |
| Class B | | $ | — | | | $ | 13,200,192 | |
| Class C | | $ | 108,988,068 | | | $ | 1,594,302 | |
| Class I | | $ | 144,513,482 | | | $ | 1,061,251 | |
| Class Y | | $ | 257,064,402 | | | $ | — | |
| Class Z | | $ | 2,192,139,160 | | | $ | 14,527,669 | |
| | | | | | | | | |
| SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6: | | | | | | | | |
| Class A | | | 13,407,088 | | | | 6,584,161 | |
| Class B | | | — | | | | 1,012,115 | |
| Class C | | | 7,387,555 | | | | 128,924 | |
| Class I | | | 8,286,500 | | | | 69,458 | |
| Class Y | | | 14,372,341 | | | | — | |
| Class Z | | | 122,571,325 | | | | 934,046 | |
| | | | | | | | | |
| NET ASSET VALUE PER SHARE: | | | | | | | | |
| Class A — Net Asset Value Per Share Class A | | $ | 16.91 | | | $ | 15.23 | |
| Class A — Offering Price Per Share | | | | | | | | |
| (includes a 5.25% sales charge) | | $ | 17.85 | | | $ | 16.07 | |
| Class B — Net Asset Value Per Share Class B | | $ | — | | | $ | 13.04 | |
| Class C — Net Asset Value Per Share Class C | | $ | 14.75 | | | $ | 12.37 | |
| Class I — Net Asset Value Per Share Class I | | $ | 17.44 | | | $ | 15.28 | |
| Class Y — Net Asset Value Per Share Class Y | | $ | 17.89 | | | $ | — | |
| Class Z — Net Asset Value Per Share Class Z | | $ | 17.88 | | | $ | 15.55 | |
See Notes to Financial Statements.
| (a) | At October 31, 2022, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $2,808,030,573, amounted to $58,058,913 which consisted of aggregate gross unrealized appreciation of $564,443,044 and aggregate gross unrealized depreciation of $506,384,131. |
| (b) | At October 31, 2022, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $127,285,815, amounted to $1,209,563 which consisted of aggregate gross unrealized appreciation of $21,709,961 and aggregate gross unrealized depreciation of $20,500,398. |
THE ALGER FUNDS
Statements of Assets and Liabilities October 31, 2022 (Continued)
| | | Alger Health Sciences Fund | |
| | | | | |
| ASSETS: | | | | |
| Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedule of investments | | $ | 171,052,663 | |
| Investments in affiliated securities, at value (Identified cost below)** see accompanying schedule of investments | | | — | |
| Cash and cash equivalents | | | 4,636,417 | |
| Receivable for investment securities sold | | | 2,142,015 | |
| Receivable for shares of beneficial interest sold | | | 137,982 | |
| Dividends and interest receivable | | | 189,138 | |
| Prepaid expenses | | | 55,727 | |
| Total Assets | | | 178,213,942 | |
| | | | | |
| LIABILITIES: | | | | |
| Payable for shares of beneficial interest redeemed | | | 159,441 | |
| Accrued investment advisory fees | | | 80,421 | |
| Accrued distribution fees | | | 24,888 | |
| Accrued shareholder administrative fees | | | 1,985 | |
| Accrued administrative fees | | | 4,021 | |
| Accrued professional fees | | | 48,847 | |
| Accrued transfer agent fees | | | 38,671 | |
| Accrued printing fees | | | 18,237 | |
| Accrued fund accounting fees | | | 12,532 | |
| Accrued custodian fees | | | 2,766 | |
| Accrued trustee fees | | | 661 | |
| Accrued other expenses | | | 6,326 | |
| Total Liabilities | | | 398,796 | |
| NET ASSETS | | $ | 177,815,146 | |
| | | | | |
| NET ASSETS CONSIST OF: | | | | |
| Paid in capital (par value of $.001 per share) | | | 200,866,594 | |
| Distributions in excess of earnings | | | (23,051,448 | ) |
| NET ASSETS | | $ | 177,815,146 | |
| * Identified cost | | $ | 146,103,402 | (a) |
| ** Identified cost | | $ | 4,038,147 | (a) |
See Notes to Financial Statements.
THE ALGER FUNDS
Statements of Assets and Liabilities October 31, 2022 (Continued)
| | | Alger Health Sciences Fund | |
| | | | | |
| NET ASSETS BY CLASS: | | | | |
| Class A | | $ | 91,058,505 | |
| Class C | | $ | 7,828,291 | |
| Class Z | | $ | 78,928,350 | |
| | | | | |
| SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6: | | | | |
| Class A | | | 4,367,315 | |
| Class C | | | 598,685 | |
| Class Z | | | 3,716,540 | |
| | | | | |
| NET ASSET VALUE PER SHARE: | | | | |
| Class A — Net Asset Value Per Share Class A | | $ | 20.85 | |
Class A — Offering Price Per Share
(includes a 5.25% sales charge) | | $ | 22.01 | |
| Class C — Net Asset Value Per Share Class C | | $ | 13.08 | |
| Class Z — Net Asset Value Per Share Class Z | | $ | 21.24 | |
See Notes to Financial Statements.
| (a) | At October 31, 2022, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $150,923,728, amounted to $20,128,935 which consisted of aggregate gross unrealized appreciation of $25,995,534 and aggregate gross unrealized depreciation of $5,866,599. |
THE ALGER FUNDS
Statements of Operations for the year ended October 31, 2022
| | | Alger Capital Appreciation Fund | | | Alger 35 Fund | |
| | | | | | | |
| INCOME: | | | | | | | | |
| Dividends (net of foreign withholding taxes*) | | $ | 17,143,708 | | | $ | 171,684 | |
| Interest | | | 200,643 | | | | 11,766 | |
| Total Income | | | 17,344,351 | | | | 183,450 | |
| | | | | | | | | |
| EXPENSES: | | | | | | | | |
| Investment advisory fees — Note 3(a) | | | 18,966,853 | | | | 146,126 | |
| Distribution fees — Note 3(c) | | | | | | | | |
| Class A | | | 2,640,895 | | | | — | |
| Class C | | | 1,355,838 | | | | — | |
| Shareholder administrative fees — Note 3(f) | | | 321,364 | | | | 3,247 | |
| Administration fees — Note 3(b) | | | 670,692 | | | | 8,930 | |
| Transfer agent fees — Note 3(f) | | | 1,109,918 | | | | 2,617 | |
| Fund accounting fees | | | 331,022 | | | | 46,714 | |
| Printing fees | | | 129,300 | | | | 2,566 | |
| Professional fees | | | 120,729 | | | | 34,335 | |
| Registration fees | | | 110,835 | | | | 50,261 | |
| Custodian fees | | | 97,537 | | | | 4,751 | |
| Trustee fees — Note 3(g) | | | 90,746 | | | | 1,249 | |
| Interest expenses | | | 57,143 | | | | 614 | |
| Other expenses | | | 109,800 | | | | 4,967 | |
| Total Expenses | | | 26,112,672 | | | | 306,377 | |
| Less, expense reimbursements/waivers — Note 3(a) | | | (179,703 | ) | | | (126,948 | ) |
| Net Expenses | | | 25,932,969 | | | | 179,429 | |
| NET INVESTMENT INCOME (LOSS) | | | (8,588,618 | ) | | | 4,021 | |
| | | | | | | | | |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: |
| Net realized gain (loss) on unaffiliated investments | | | 54,836,643 | | | | (4,926,270 | ) |
| Net realized gain (loss) on foreign currency transactions | | | 1,366 | | | | (294 | ) |
| Net change in unrealized (depreciation) on unaffiliated investments | | | (1,139,244,337 | ) | | | (12,333,487 | ) |
| Net change in unrealized (depreciation) on affiliated investments | | | (1,508,268 | ) | | | — | |
| Net change in unrealized (depreciation) on foreign currency | | | (15,791 | ) | | | (72 | ) |
| Net realized and unrealized (loss) on investments and foreign currency | | | (1,085,930,387 | ) | | | (17,260,123 | ) |
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (1,094,519,005 | ) | | $ | (17,256,102 | ) |
| * Foreign withholding taxes | | $ | 259,446 | | | $ | 871 | |
See Notes to Financial Statements.
THE ALGER FUNDS
Statements of Operations for the year ended October 31, 2022 (Continued)
| | | Alger Growth & Income Fund | | | Alger Mid Cap
Growth Fund | |
| | | | | | | |
| INCOME: | | | | | | | | |
| Dividends (net of foreign withholding taxes*) | | $ | 4,309,571 | | | $ | 1,228,139 | |
| Interest | | | 93,399 | | | | 93,990 | |
| Income from securities lending | | | 45 | | | | — | |
| Total Income | | | 4,403,015 | | | | 1,322,129 | |
| | | | | | | | | |
| EXPENSES: | | | | | | | | |
| Investment advisory fees — Note 3(a) | | | 985,435 | | | | 1,794,863 | |
| Distribution fees — Note 3(c) | | | | | | | | |
| Class A | | | 273,790 | | | | 447,070 | |
| Class B | | | — | | | | 121,314 | |
| Class C | | | 200,406 | | | | 57,169 | |
| Shareholder administrative fees — Note 3(f) | | | 28,130 | | | | 36,400 | |
| Administration fees — Note 3(b) | | | 54,199 | | | | 64,946 | |
| Transfer agent fees — Note 3(f) | | | 94,467 | | | | 123,206 | |
| Fund accounting fees | | | 75,376 | | | | 78,155 | |
| Registration fees | | | 48,215 | | | | 64,857 | |
| Professional fees | | | 37,990 | | | | 46,030 | |
| Printing fees | | | 18,686 | | | | 25,340 | |
| Custodian fees | | | 14,013 | | | | 29,970 | |
| Trustee fees — Note 3(g) | | | 6,988 | | | | 8,748 | |
| Interest expenses | | | — | | | | 1,878 | |
| Other expenses | | | 12,481 | | | | 30,839 | |
| Total Expenses | | | 1,850,176 | | | | 2,930,785 | |
| Less, expense reimbursements/waivers — Note 3(a) | | | — | | | | (80,610 | ) |
| Net Expenses | | | 1,850,176 | | | | 2,850,175 | |
| NET INVESTMENT INCOME (LOSS) | | | 2,552,839 | | | | (1,528,046 | ) |
| | | | | | | | | |
| REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: | | | | | | | | |
| Net realized (loss) on unaffiliated investments | | | (246,144 | ) | | | (55,821,926 | ) |
| Net realized (loss) on foreign currency transactions | | | — | | | | (3,637 | ) |
| Net change in unrealized (depreciation) on unaffiliated investments | | | (27,439,139 | ) | | | (72,700,717 | ) |
| Net change in unrealized (depreciation) on affiliated investments | | | — | | | | (947,161 | ) |
| Net change in unrealized (depreciation) on foreign currency | | | — | | | | (575 | ) |
| Net realized and unrealized (loss) on investments and foreign currency | | | (27,685,283 | ) | | | (129,474,016 | ) |
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (25,132,444 | ) | | $ | (131,002,062 | ) |
| * Foreign withholding taxes | | $ | 19,643 | | | $ | 6,462 | |
See Notes to Financial Statements.
THE ALGER FUNDS
Statements of Operations for the year ended October 31, 2022 (Continued)
| | | Alger Mid Cap Focus Fund | | | Alger Weatherbie
Enduring Growth Fund | |
| | | | | | From
December 17, 2021
(commencement of
operations) to
October 31, 2022 | |
| | | | | | | |
| INCOME: | | | | | | | | |
| Dividends (net of foreign withholding taxes*) | | $ | 2,273,458 | | | $ | 17,548 | |
| Interest | | | 98,150 | | | | 2,744 | |
| Total Income | | | 2,371,608 | | | | 20,292 | |
| | | | | | | | | |
| EXPENSES: | | | | | | | | |
| Investment advisory fees — Note 3(a) | | | 3,638,059 | | | | 26,859 | |
| Distribution fees — Note 3(c) | | | | | | | | |
| Class A | | | 8,148 | | | | 265 | |
| Class C | | | 26,883 | | | | 691 | |
| Class I | | | 231,467 | | | | 173 | |
| Shareholder administrative fees — Note 3(f) | | | 63,093 | | | | 395 | |
| Administration fees — Note 3(b) | | | 172,443 | | | | 1,055 | |
| Registration fees | | | 147,515 | | | | 66,032 | |
| Fund accounting fees | | | 129,876 | | | | 49,286 | |
| Transfer agent fees — Note 3(f) | | | 103,590 | | | | 584 | |
| Printing fees | | | 90,264 | | | | 8,750 | |
| Professional fees | | | 50,333 | | | | 32,442 | |
| Custodian fees | | | 27,941 | | | | 3,394 | |
| Trustee fees — Note 3(g) | | | 23,622 | | | | 117 | |
| Interest expenses | | | 1,376 | | | | — | |
| Other expenses | | | 31,129 | | | | 6,718 | |
| Total Expenses | | | 4,745,739 | | | | 196,761 | |
| Less, expense reimbursements/waivers — Note 3(a) | | | (83 | ) | | | (166,730 | ) |
| Net Expenses | | | 4,745,656 | | | | 30,031 | |
| NET INVESTMENT LOSS | | | (2,374,048 | ) | | | (9,739 | ) |
| | | | | | | | | |
| REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: | | | | | | | | |
| Net realized (loss) on unaffiliated investments | | | (114,962,857 | ) | | | (482,933 | ) |
| Net realized (loss) on foreign currency transactions | | | (4,021 | ) | | | — | |
| Net change in unrealized (depreciation) on unaffiliated investments | | | (271,331,283 | ) | | | (951,481 | ) |
| Net change in unrealized (depreciation) on foreign currency | | | (15,606 | ) | | | — | |
| Net realized and unrealized (loss) on investments and foreign currency | | | (386,313,767 | ) | | | (1,434,414 | ) |
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (388,687,815 | ) | | $ | (1,444,153 | ) |
| * Foreign withholding taxes | | $ | 5,106 | | | $ | 759 | |
See Notes to Financial Statements.
THE ALGER FUNDS
Statements of Operations for the year ended October 31, 2022 (Continued)
| | | Alger Weatherbie
Specialized Growth Fund | | | Alger Small Cap
Growth Fund | |
| | | | | | | |
| INCOME: | | | | | | | | |
| Dividends (net of foreign withholding taxes*) | | $ | 2,909,327 | | | $ | 1,192,921 | |
| Interest | | | 360,911 | | | | 140,364 | |
| Total Income | | | 3,270,238 | | | | 1,333,285 | |
| | | | | | | | | |
| EXPENSES: | | | | | | | | |
| Investment advisory fees — Note 3(a) | | | 8,738,128 | | | | 3,846,321 | |
| Distribution fees — Note 3(c) | | | | | | | | |
| Class A | | | 403,250 | | | | 439,718 | |
| Class B | | | — | | | | 37,291 | |
| Class C | | | 616,426 | | | | 263,326 | |
| Class I | | | 113,085 | | | | — | |
| Shareholder administrative fees — Note 3(f) | | | 123,661 | | | | 60,872 | |
| Administration fees — Note 3(b) | | | 300,216 | | | | 130,585 | |
| Transfer agent fees — Note 3(f) | | | 335,116 | | | | 208,226 | |
| Fund accounting fees | | | 184,207 | | | | 105,563 | |
| Registration fees | | | 155,236 | | | | 114,403 | |
| Printing fees | | | 119,450 | | | | 75,667 | |
| Professional fees | | | 72,885 | | | | 67,116 | |
| Custodian fees | | | 67,786 | | | | 60,511 | |
| Trustee fees — Note 3(g) | | | 41,571 | | | | 17,686 | |
| Interest expenses | | | 1,779 | | | | 215 | |
| Other expenses | | | 60,214 | | | | 47,382 | |
| Total Expenses | | | 11,333,010 | | | | 5,474,882 | |
| Less, expense reimbursements/waivers — Note 3(a) | | | (21,864 | ) | | | (26,687 | ) |
| Net Expenses | | | 11,311,146 | | | | 5,448,195 | |
| NET INVESTMENT LOSS | | | (8,040,908 | ) | | | (4,114,910 | ) |
| | | | | | | | | |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: |
| Net realized (loss) on unaffiliated investments | | | (193,750,670 | ) | | | (24,264,985 | ) |
| Net realized gain on foreign currency transactions | | | 84 | | | | 16,158 | |
| Net change in unrealized (depreciation) on unaffiliated investments | | | (501,688,673 | ) | | | (241,295,182 | ) |
| Net change in unrealized (depreciation) on affiliated investments | | | — | | | | (1,273,273 | ) |
| Net realized and unrealized (loss) on investments and foreign currency | | | (695,439,259 | ) | | | (266,817,282 | ) |
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (703,480,167 | ) | | $ | (270,932,192 | ) |
| * Foreign withholding taxes | | $ | 60,317 | | | $ | — | |
See Notes to Financial Statements.
THE ALGER FUNDS
Statements of Operations for the year ended October 31, 2022 (Continued)
| | | Alger Small Cap Focus Fund | | | Alger International
Focus Fund | |
| | | | | | | |
| INCOME: | | | | | | | | |
| Dividends (net of foreign withholding taxes*) | | $ | 14,902,724 | | | $ | 1,206,421 | |
| Interest | | | 674,074 | | | | 14,163 | |
| Total Income | | | 15,576,798 | | | | 1,220,584 | |
| | | | | | | | | |
| EXPENSES: | | | | | | | | |
| Investment advisory fees — Note 3(a) | | | 32,446,171 | | | | 1,163,396 | |
| Distribution fees — Note 3(c) | | | | | | | | |
| Class A | | | 793,617 | | | | 306,055 | |
| Class B | | | — | | | | 164,185 | |
| Class C | | | 1,532,577 | | | | 27,143 | |
| Class I | | | 536,246 | | | | 2,946 | |
| Shareholder administrative fees — Note 3(f) | | | 463,212 | | | | 25,587 | |
| Administration fees — Note 3(b) | | | 1,189,693 | | | | 45,061 | |
| Transfer agent fees — Note 3(f) | | | 1,369,384 | | | | 102,121 | |
| Fund accounting fees | | | 526,523 | | | | 77,359 | |
| Printing fees | | | 525,613 | | | | 20,465 | |
| Registration fees | | | 314,085 | | | | 75,819 | |
| Professional fees | | | 170,392 | | | | 54,325 | |
| Trustee fees — Note 3(g) | | | 161,301 | | | | 6,057 | |
| Custodian fees | | | 115,638 | | | | 58,983 | |
| Interest expenses | | | 10,272 | | | | 20 | |
| Other expenses | | | 234,706 | | | | 28,207 | |
| Total Expenses | | | 40,389,430 | | | | 2,157,729 | |
| Less, expense reimbursements/waivers — Note 3(a) | | | — | | | | (133,498 | ) |
| Net Expenses | | | 40,389,430 | | | | 2,024,231 | |
| NET INVESTMENT LOSS | | | (24,812,632 | ) | | | (803,647 | ) |
| | | | | | | | | |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY: | | | | | | | | |
| Net realized (loss) on unaffiliated investments | | | (543,972,081 | ) | | | (6,993,730 | )** |
| Net realized (loss) on affiliated investments | | | (19,081,955 | ) | | | — | |
| Net realized gain on forward foreign currency contracts | | | — | | | | 219 | |
| Net realized gain (loss) on foreign currency transactions | | | 106,542 | | | | (39,122 | ) |
| Net change in unrealized (depreciation) on unaffiliated investments | | | (2,033,216,043 | ) | | | (63,536,546 | )*** |
| Net change in unrealized (depreciation) on affiliated investments | | | (483,629,873 | ) | | | — | |
| Net change in unrealized (depreciation) on foreign currency | | | — | | | | (16,909 | ) |
| Net realized and unrealized (loss) on investments, forward foreign currency contracts and foreign currency | | | (3,079,793,410 | ) | | | (70,586,088 | ) |
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (3,104,606,042 | ) | | $ | (71,389,735 | ) |
| * Foreign withholding taxes | | $ | 168,505 | | | $ | 156,547 | |
See Notes to Financial Statements.
** Includes capital gain tax of $198,489.
*** Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of $280,633.
THE ALGER FUNDS
Statements of Operations for the year ended October 31, 2022 (Continued)
| | | Alger Health Sciences Fund | |
| | | | |
| INCOME: | | | | |
| Dividends (net of foreign withholding taxes*) | | $ | 1,638,843 | |
| Interest | | | 27,263 | |
| Total Income | | | 1,666,106 | |
| | | | | |
| EXPENSES: | | | | |
| Investment advisory fees — Note 3(a) | | | 1,235,763 | |
| Distribution fees — Note 3(c) | | | | |
| Class A | | | 261,071 | |
| Class C | | | 93,963 | |
| Shareholder administrative fees — Note 3(f) | | | 29,867 | |
| Administration fees — Note 3(b) | | | 61,788 | |
| Transfer agent fees — Note 3(f) | | | 105,242 | |
| Fund accounting fees | | | 80,398 | |
| Registration fees | | | 58,510 | |
| Printing fees | | | 45,848 | |
| Professional fees | | | 44,986 | |
| Custodian fees | | | 23,786 | |
| Trustee fees — Note 3(g) | | | 8,363 | |
| Interest expenses | | | 4,419 | |
| Other expenses | | | 20,543 | |
| Total Expenses | | | 2,074,547 | |
| NET INVESTMENT LOSS | | | (408,441 | ) |
| | | | | |
| REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: | | | | |
| Net realized (loss) on unaffiliated investments | | | (43,409,245 | ) |
| Net realized (loss) on foreign currency transactions | | | (20,687 | ) |
| Net change in unrealized (depreciation) on unaffiliated investments | | | (47,163,085 | ) |
| Net change in unrealized (depreciation) on foreign currency | | | (2,906 | ) |
| Net realized and unrealized (loss) on investments and foreign currency | | | (90,595,923 | ) |
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (91,004,364 | ) |
| * Foreign withholding taxes | | $ | 56,835 | |
See Notes to Financial Statements.
THE ALGER FUNDS
Statements of Changes in Net Assets
| | | Alger Capital Appreciation Fund | |
| | | For the
Year Ended
October 31, 2022 | | | For the
Year Ended
October 31, 2021 | |
| | | | | | | | | |
| Net investment loss | | $ | (8,588,618 | ) | | $ | (18,111,841 | ) |
| Net realized gain on investments and foreign currency | | | 54,838,009 | | | | 722,556,860 | |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | | | (1,140,768,396 | ) | | | 296,147,744 | |
| Net increase (decrease) in net assets resulting from operations | | | (1,094,519,005 | ) | | | 1,000,592,763 | |
| | | | | | | | | |
| Dividends and distributions to shareholders: | | | | | | | | |
| Class A | | | (284,398,857 | ) | | | (192,316,638 | ) |
| Class C | | | (53,540,254 | ) | | | (41,889,152 | ) |
| Class Z | | | (297,591,139 | ) | | | (187,550,241 | ) |
| Total dividends and distributions to shareholders | | | (635,530,250 | ) | | | (421,756,031 | ) |
| | | | | | | | | |
| Increase (decrease) from shares of beneficial interest transactions: | | | | | | | | |
| Class A | | | 13,515,228 | | | | (35,800,613 | ) |
| Class C | | | (4,551,506 | ) | | | (14,687,747 | ) |
| Class Z | | | 113,901,081 | | | | (453,649,540 | ) |
| Net increase (decrease) from shares of beneficial interest transactions — Note 6 | | | 122,864,803 | | | | (504,137,900 | ) |
| Total increase (decrease) | | | (1,607,184,452 | ) | | | 74,698,832 | |
| | | | | | | | | |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 3,422,721,918 | | | | 3,348,023,086 | |
| END OF PERIOD | | $ | 1,815,537,466 | | | $ | 3,422,721,918 | |
See Notes to Financial Statements.
THE ALGER FUNDS
Statements of Changes in Net Assets (Continued)
| | | Alger 35 Fund | |
| | | For the
Year Ended
October 31, 2022 | | | For the
Year Ended
October 31, 2021 | |
| | | | | | | |
| Net investment income (loss) | | $ | 4,021 | | | $ | (29,841 | ) |
| Net realized gain (loss) on investments and foreign currency | | | (4,926,564 | ) | | | 10,555,178 | |
| Net change in unrealized (depreciation) on investments and foreign currency | | | (12,333,559 | ) | | | (1,103,828 | ) |
| Net increase (decrease) in net assets resulting from operations | | | (17,256,102 | ) | | | 9,421,509 | |
| | | | | | | | | |
| Dividends and distributions to shareholders: | | | | | | | | |
| Class Z* | | | (10,551,417 | ) | | | (2,452,471 | ) |
| Class P-2* | | | — | | | | (51,070 | ) |
| Total dividends and distributions to shareholders | | | (10,551,417 | ) | | | (2,503,541 | ) |
| | | | | | | | | |
| Increase (decrease) from shares of beneficial interest transactions: | | | | | | | | |
| Class Z* | | | 9,624,945 | | | | 23,183,654 | |
| Class P-2* | | | — | | | | (321,436 | ) |
| Net increase from shares of beneficial interest transactions — Note 6 | | | 9,624,945 | | | | 22,862,218 | |
| Total increase (decrease) | | | (18,182,574 | ) | | | 29,780,186 | |
| | | | | | | | | |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 44,158,972 | | | | 14,378,786 | |
| END OF PERIOD | | $ | 25,976,398 | | | $ | 44,158,972 | |
See Notes to Financial Statements.
| * | On May 7, 2021, Class P Shares of the Alger 35 Fund were reclassified as Class Z Shares of the Fund. After the close of business on October 29, 2021, Class P-2 Shares of the Fund were converted to Class Z Shares. |
THE ALGER FUNDS
Statements of Changes in Net Assets (Continued)
| | | Alger Growth & Income Fund | |
| | | For the
Year Ended
October 31, 2022 | | | For the
Year Ended
October 31, 2021 | |
| | | | | | | | | |
| Net investment income | | $ | 2,552,839 | | | $ | 1,562,657 | |
| Net realized gain (loss) on investments and foreign currency | | | (246,144 | ) | | | 5,495,295 | |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | | | (27,439,139 | ) | | | 41,033,641 | |
| Net increase (decrease) in net assets resulting from operations | | | (25,132,444 | ) | | | 48,091,593 | |
| | | | | | | | | |
| Dividends and distributions to shareholders: | | | | | | | | |
| Class A | | | (4,709,966 | ) | | | (2,056,460 | ) |
| Class C | | | (687,923 | ) | | | (252,675 | ) |
| Class Z | | | (2,219,203 | ) | | | (730,285 | ) |
| Total dividends and distributions to shareholders | | | (7,617,092 | ) | | | (3,039,420 | ) |
| | | | | | | | | |
| Increase (decrease) from shares of beneficial interest transactions: | | | | | | | | |
| Class A | | | 19,951,923 | | | | 1,774,061 | |
| Class C | | | 6,180,541 | | | | (172,021 | ) |
| Class Z | | | 88,363,764 | | | | 6,950,403 | |
| Net increase from shares of beneficial interest transactions — Note 6 | | | 114,496,228 | | | | 8,552,443 | |
| Total increase | | | 81,746,692 | | | | 53,604,616 | |
| | | | | | | | | |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 162,654,790 | | | | 109,050,174 | |
| END OF PERIOD | | $ | 244,401,482 | | | $ | 162,654,790 | |
See Notes to Financial Statements.
THE ALGER FUNDS
Statements of Changes in Net Assets (Continued)
| | | Alger Mid Cap Growth Fund | |
| | | For the
Year Ended
October 31, 2022 | | | For the
Year Ended
October 31, 2021 | |
| | | | | | | | | |
| Net investment income (loss) | | $ | (1,528,046 | ) | | $ | 6,653,774 | |
| Net realized gain (loss) on investments and foreign currency | | | (55,825,563) | | | | 89,927,726 | |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | | | (73,648,453) | | | | 7,163,383 | |
| Net increase (decrease) in net assets resulting from operations | | | (131,002,062) | | | | 103,744,883 | |
| | | | | | | | | |
| Dividends and distributions to shareholders: | | | | | | | | |
| Class A | | | (67,153,291) | | | | (20,930,151) | |
| Class B | | | (6,406,978) | | | | (2,145,611) | |
| Class C | | | (2,944,693) | | | | (835,010) | |
| Class Z | | | (15,837,405) | | | | (3,167,651) | |
| Total dividends and distributions to shareholders | | | (92,342,367) | | | | (27,078,423) | |
| | | | | | | | | |
| Increase (decrease) from shares of beneficial interest transactions: | | | | | | | | |
| Class A | | | 52,482,791 | | | | 12,073,737 | |
| Class B | | | 5,161,326 | | | | (1,268,494 | ) |
| Class C | | | 2,481,849 | | | | 949,265 | |
| Class Z | | | 16,160,525 | | | | 15,282,249 | |
| Net increase from shares of beneficial interest transactions — Note 6 | | | 76,286,491 | | | | 27,036,757 | |
| Total increase (decrease) | | | (147,057,938 | ) | | | 103,703,217 | |
| | | | | | | | | |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 339,160,591 | | | | 235,457,374 | |
| END OF PERIOD | | $ | 192,102,653 | | | $ | 339,160,591 | |
See Notes to Financial Statements.
THE ALGER FUNDS
Statements of Changes in Net Assets (Continued)
| | | Alger Mid Cap Focus Fund | |
| | | For the
Year Ended
October 31, 2022 | | | For the
Year Ended
October 31, 2021 | |
| | | | | | | | | |
| Net investment loss | | $ | (2,374,048 | ) | | $ | (4,374,822 | ) |
| Net realized gain (loss) on investments and foreign currency | | | (114,966,878) | | | | 85,655,529 | |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | | | (271,346,889) | | | | 185,806,424 | |
| Net increase (decrease) in net assets resulting from operations | | | (388,687,815) | | | | 267,087,131 | |
| | | | | | | | | |
| Dividends and distributions to shareholders: | | | | | | | | |
| Class A | | | (237,662) | | | | — | |
| Class C | | | (228,199) | | | | — | |
| Class I | | | (12,826,323) | | | | (1,305,962) | |
| Class Y | | | (12,097) | | | | — | |
| Class Z | | | (70,824,262) | | | | (5,908,321) | |
| Total dividends and distributions to shareholders | | | (84,128,543) | | | | (7,214,283) | |
| | | | | | | | | |
| Increase (decrease) from shares of beneficial interest transactions: | | | | | | | | |
| Class A | | | 5,256,417 | | | | 1,561,701 | |
| Class C | | | 1,924,208 | | | | 2,225,078 | |
| Class I | | | (12,108,519) | | | | 35,683,690 | |
| Class Y | | | 422,581 | | | | 119,925 | |
| Class Z | | | (31,386,124) | | | | 270,350,323 | |
| Net increase (decrease) from shares of beneficial interest transactions — Note 6 | | | (35,891,437 | ) | | | 309,940,717 | |
| Total increase (decrease) | | | (508,707,795) | | | | 569,813,565 | |
| | | | | | | | | |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 945,141,143 | | | | 375,327,578 | |
| END OF PERIOD | | $ | 436,433,348 | | | $ | 945,141,143 | |
See Notes to Financial Statements.
THE ALGER FUNDS
Statements of Changes in Net Assets (Continued)
| Alger Weatherbie Enduring Growth Fund | |
| | | From
December 17, 2021
(commencement of
operations) to
October 31, 2022 | |
| | | | | |
| Net investment loss | | $ | (9,739 | ) |
| Net realized loss on investments and foreign currency | | | (482,933) | |
| Net change in unrealized depreciation on investments and foreign currency | | | (951,481) | |
| Net decrease in net assets resulting from operations | | | (1,444,153) | |
| | | | | |
| Increase from shares of beneficial interest transactions: | | | | |
| Class A | | | 153,000 | |
| Class C | | | 100,000 | |
| Class I | | | 100,000 | |
| Class Y | | | 500,000 | |
| Class Z | | | 5,044,360 | |
| Net increase from shares of beneficial interest transactions — Note 6 | | | 5,897,360 | |
| Total increase | | | 4,453,207 | |
| | | | | |
| Net Assets: | | | | |
| Beginning of period | | | — | |
| END OF PERIOD | | $ | 4,453,207 | |
See Notes to Financial Statements.
THE ALGER FUNDS
Statements of Changes in Net Assets (Continued)
| Alger Weatherbie Specialized Growth Fund | |
| | | For the
Year Ended
October 31, 2022 | | | For the
Year Ended
October 31, 2021 | |
| | | | | | | | | |
| Net investment loss | | $ | (8,040,908 | ) | | $ | (12,388,903 | ) |
| Net realized gain (loss) on investments and foreign currency | | | (193,750,586 | ) | | | 337,344,305 | |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | | | (501,688,673) | | | | 197,674,887 | |
| Net increase (decrease) in net assets resulting from operations | | | (703,480,167) | | | | 522,630,289 | |
| | | | | | | | | |
| Dividends and distributions to shareholders: | | | | | | | | |
| Class A | | | (45,296,523) | | | | (9,723,657) | |
| Class C | | | (27,504,338) | | | | (5,566,217) | |
| Class I | | | (12,964,988) | | | | (3,675,447) | |
| Class Y | | | (10,407,118) | | | | (1,800,147) | |
| Class Z | | | (205,452,142) | | | | (33,989,310) | |
| Total dividends and distributions to shareholders | | | (301,625,109) | | | | (54,754,778) | |
| | | | | | | | | |
| Increase (decrease) from shares of beneficial interest transactions: | | | | | | | | |
| Class A | | | 8,933,676 | | | | 8,382,707 | |
| Class C | | | 9,708,887 | | | | 11,840,459 | |
| Class I | | | (4,904,091) | | | | (14,587,055 | ) |
| Class Y | | | 26,302,379 | | | | 12,611,659 | |
| Class Z | | | (36,895,543) | | | | 334,347,543 | |
| Net increase from shares of beneficial interest transactions — Note 6 | | | 3,145,308 | | | | 352,595,313 | |
| Total increase (decrease) | | | (1,001,959,968) | | | | 820,470,824 | |
| | | | | | | | | |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 1,778,677,852 | | | | 958,207,028 | |
| END OF PERIOD | | $ | 776,717,884 | | | $ | 1,778,677,852 | |
See Notes to Financial Statements.
THE ALGER FUNDS
Statements of Changes in Net Assets (Continued)
| | | Alger Small Cap Growth Fund | |
| | | For the
Year Ended
October 31, 2022 | | | For the
Year Ended
October 31, 2021 | |
| | | | | | | | | |
| Net investment loss | | $ | (4,114,910 | ) | | $ | (1,965,063 | ) |
| Net realized gain (loss) on investments and foreign currency | | | (24,248,827) | | | | 59,202,184 | |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | | | (242,568,455) | | | | 65,225,704 | |
| Net increase (decrease) in net assets resulting from operations | | | (270,932,192) | | | | 122,462,825 | |
| | | | | | | | | |
| Dividends and distributions to shareholders: | | | | | | | | |
| Class A | | | (21,314,734) | | | | (1,079,051) | |
| Class B | | | (673,335) | | | | (39,964) | |
| Class C | | | (4,854,023) | | | | (177,822) | |
| Class Z | | | (30,391,004) | | | | (1,109,231) | |
| Total dividends and distributions to shareholders | | | (57,233,096) | | | | (2,406,068) | |
| | | | | | | | | |
| Increase (decrease) from shares of beneficial interest transactions: | | | | | | | | |
| Class A | | | 1,762,230 | | | | 21,347,746 | |
| Class B | | | 32,505 | | | | (695,421 | ) |
| Class C | | | 2,204,699 | | | | 15,105,566 | |
| Class Y* | | | 8,398,532 | | | | — | |
| Class Z | | | 13,599,272 | | | | 145,384,763 | |
| Net increase from shares of beneficial interest transactions — Note 6 | | | 25,997,238 | | | | 181,142,654 | |
| Total increase (decrease) | | | (302,168,050) | | | | 301,199,411 | |
| | | | | | | | | |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 691,424,303 | | | | 390,224,892 | |
| END OF PERIOD | | $ | 389,256,253 | | | $ | 691,424,303 | |
See Notes to Financial Statements.
| * | Class Y shares of Alger Small Cap Growth Fund were launched on December 31, 2021. |
THE ALGER FUNDS
Statements of Changes in Net Assets (Continued)
| | | Alger Small Cap Focus Fund | |
| | | For the
Year Ended
October 31, 2022 | | | For the
Year Ended
October 31, 2021 | |
| | | | | | | | | |
| Net investment loss | | $ | (24,812,632 | ) | | $ | (56,943,544 | ) |
| Net realized gain (loss) on investments and foreign currency | | | (562,947,494) | | | | 490,107,360 | |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | | | (2,516,845,916) | | | | 823,162,579 | |
| Net increase (decrease) in net assets resulting from operations | | | (3,104,606,042) | | | | 1,256,326,395 | |
| | | | | | | | | |
| Dividends and distributions to shareholders: | | | | | | | | |
| Class A | | | (30,754,287) | | | | — | |
| Class C | | | (16,779,423) | | | | — | |
| Class I | | | (22,355,553) | | | | — | |
| Class Y | | | (21,468,256) | | | | — | |
| Class Z | | | (324,678,159) | | | | — | |
| Total dividends and distributions to shareholders | | | (416,035,678) | | | | — | |
| | | | | | | | | |
| Increase (decrease) from shares of beneficial interest transactions: | | | | | | | | |
| Class A | | | (79,791,951) | | | | (120,477,671 | ) |
| Class C | | | (33,316,935) | | | | (30,745,132 | ) |
| Class I | | | (96,988,803) | | | | (10,377,165 | ) |
| Class Y | | | 58,351,945 | | | | 71,307,361 | |
| Class Z | | | (1,239,048,797) | | | | 732,504,935 | |
| Net increase (decrease) from shares of beneficial interest transactions — Note 6 | | | (1,390,794,541) | | | | 642,212,328 | |
| Total increase (decrease) | | | (4,911,436,261) | | | | 1,898,538,723 | |
| | | | | | | | | |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 7,840,879,302 | | | | 5,942,340,579 | |
| END OF PERIOD | | $ | 2,929,443,041 | | | $ | 7,840,879,302 | |
See Notes to Financial Statements.
THE ALGER FUNDS
Statements of Changes in Net Assets (Continued)
| | | Alger International Focus Fund | |
| | | For the
Year Ended
October 31, 2022 | | | For the
Year Ended
October 31, 2021 | |
| | | | | | | | | |
| Net investment loss | | $ | (803,647 | ) | | $ | (885,412 | ) |
| Net realized gain (loss) on investments, forward foreign currency | | | | | | | | |
| contracts and foreign currency | | | (7,032,633) | | | | 30,418,574 | |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | | | (63,553,455) | | | | 24,822,002 | |
| Net increase (decrease) in net assets resulting from operations | | | (71,389,735) | | | | 54,355,164 | |
| | | | | | | | | |
| Dividends and distributions to shareholders: | | | | | | | | |
| Class A | | | (12,365,251) | | | | — | |
| Class B | | | (1,940,439) | | | | — | |
| Class C | | | (400,190) | | | | — | |
| Class I | | | (49,121) | | | | — | |
| Class Z | | | (2,237,931) | | | | — | |
| Total dividends and distributions to shareholders | | | (16,992,932) | | | | — | |
| | | | | | | | | |
| Increase (decrease) from shares of beneficial interest transactions: | | | | | | | | |
| Class A | | | 7,386,726 | | | | (3,992,372 | ) |
| Class B | | | 116,320 | | | | (2,518,776 | ) |
| Class C | | | (1,107,606) | | | | 613,764 | |
| Class I | | | 1,119,741 | | | | (221,462 | ) |
| Class Z | | | (2,079,971) | | | | 10,073,982 | |
| Net increase from shares of beneficial interest transactions — Note 6 | | | 5,435,210 | | | | 3,955,136 | |
| Total increase (decrease) | | | (82,947,457) | | | | 58,310,300 | |
| | | | | | | | | |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 213,592,497 | | | | 155,282,197 | |
| END OF PERIOD | | $ | 130,645,040 | | | $ | 213,592,497 | |
See Notes to Financial Statements.
THE ALGER FUNDS
Statements of Changes in Net Assets (Continued)
| | | Alger Health Sciences Fund | |
| | | For the
Year Ended
October 31, 2022 | | | For the
Year Ended
October 31, 2021 | |
| | | | | | | | | |
| Net investment loss | | $ | (408,441 | ) | | $ | (1,597,959 | ) |
| Net realized gain (loss) on investments and foreign currency | | | (43,429,932) | | | | 76,778,620 | |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | | | (47,165,991) | | | | 1,518,279 | |
| Net increase (decrease) in net assets resulting from operations | | | (91,004,364) | | | | 76,698,940 | |
| | | | | | | | | |
| Dividends and distributions to shareholders: | | | | | | | | |
| Class A | | | (28,166,595) | | | | (14,998,910) | |
| Class C | | | (3,704,768) | | | | (1,922,517) | |
| Class Z | | | (34,925,658) | | | | (15,773,204) | |
| Total dividends and distributions to shareholders | | | (66,797,021) | | | | (32,694,631) | |
| | | | | | | | | |
| Increase (decrease) from shares of beneficial interest transactions: | | | | | | | | |
| Class A | | | 7,680,846 | | | | 2,966,483 | |
| Class C | | | 956,992 | | | | 1,074,596 | |
| Class Z | | | (23,842,039) | | | | 31,879,794 | |
| Net increase (decrease) from shares of beneficial interest transactions — Note 6 | | | (15,204,201) | | | | 35,920,873 | |
| Total increase (decrease) | | | (173,005,586) | | | | 79,925,182 | |
| | | | | | | | | |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 350,820,732 | | | | 270,895,550 | |
| END OF PERIOD | | $ | 177,815,146 | | | $ | 350,820,732 | |
See Notes to Financial Statements.
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period
| Alger Capital Appreciation Fund | | | | | | | | Class A | | | | | | | |
| | | Year ended | | | Year ended | | | Year ended | | | Year ended | | | Year ended | |
| | | 10/31/2022 | | | 10/31/2021 | | | 10/31/2020 | | | 10/31/2019 | | | 10/31/2018 | |
| Net asset value, beginning of period | | $ | 39.48 | | | $ | 33.76 | | | $ | 27.12 | | | $ | 26.20 | | | $ | 25.86 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment loss(i) | | | (0.13 | ) | | | (0.24 | ) | | | (0.12 | ) | | | (0.07 | ) | | | (0.06 | ) |
| Net realized and unrealized gain (loss) on investments | | | (11.17 | ) | | | 11.11 | | | | 8.96 | | | | 3.53 | | | | 2.07 | |
| Total from investment operations | | | (11.30 | ) | | | 10.87 | | | | 8.84 | | | | 3.46 | | | | 2.01 | |
| Distributions from net realized gains | | | (7.41 | ) | | | (5.15 | ) | | | (2.20 | ) | | | (2.54 | ) | | | (1.67 | ) |
| Net asset value, end of period | | $ | 20.77 | | | $ | 39.48 | | | $ | 33.76 | | | $ | 27.12 | | | $ | 26.20 | |
| Total return(ii) | | | (34.88 | )% | | | 35.41 | % | | | 34.79 | % | | | 15.29 | % | | | 8.15 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 774,249 | | | $ | 1,523,572 | | | $ | 1,320,073 | | | $ | 1,174,346 | | | $ | 1,257,811 | |
| Ratio of gross expenses to average net assets | | | 1.20 | % | | | 1.15 | % | | | 1.17 | % | | | 1.21 | % | | | 1.21 | % |
| Ratio of net expenses to average net assets | | | 1.20 | % | | | 1.15 | % | | | 1.17 | % | | | 1.21 | % | | | 1.21 | % |
| Ratio of net investment loss to average net assets | | | (0.49 | )% | | | (0.67 | )% | | | (0.41 | )% | | | (0.27 | )% | | | (0.23 | )% |
| Portfolio turnover rate | | | 108.26 | % | | | 78.77 | % | | | 89.91 | % | | | 77.04 | % | | | 67.33 | % |
See Notes to Financial Statements.
| (i) | Amount was computed based on average shares outstanding during the period. |
| (ii) | Does not reflect the effect of sales charges, if applicable. |
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period
| Alger Capital Appreciation Fund | | | | | | | | Class C | | | | | | | |
| | | Year ended | | | Year ended | | | Year ended | | | Year ended | | | Year ended | |
| | | 10/31/2022 | | | 10/31/2021 | | | 10/31/2020 | | | 10/31/2019 | | | 10/31/2018 | |
| Net asset value, beginning of period | | $ | 27.13 | | | $ | 24.79 | | | $ | 20.60 | | | $ | 20.69 | | | $ | 20.91 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment loss(i) | | | (0.20 | ) | | | (0.35 | ) | | | (0.25 | ) | | | (0.20 | ) | | | (0.20 | ) |
| Net realized and unrealized gain (loss) on investments | | | (6.89 | ) | | | 7.84 | | | | 6.64 | | | | 2.65 | | | | 1.65 | |
| Total from investment operations | | | (7.09 | ) | | | 7.49 | | | | 6.39 | | | | 2.45 | | | | 1.45 | |
| Distributions from net realized gains | | | (7.41 | ) | | | (5.15 | ) | | | (2.20 | ) | | | (2.54 | ) | | | (1.67 | ) |
| Net asset value, end of period | | $ | 12.63 | | | $ | 27.13 | | | $ | 24.79 | | | $ | 20.60 | | | $ | 20.69 | |
| Total return(ii) | | | (35.36 | )% | | | 34.43 | % | | | 33.82 | % | | | 14.44 | % | | | 7.35 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 91,815 | | | $ | 211,972 | | | $ | 204,909 | | | $ | 219,511 | | | $ | 243,523 | |
| Ratio of gross expenses to average net assets | | | 1.95 | % | | | 1.90 | % | | | 1.91 | % | | | 1.95 | % | | | 1.94 | % |
| Ratio of net expenses to average net assets | | | 1.95 | % | | | 1.90 | % | | | 1.91 | % | | | 1.95 | % | | | 1.94 | % |
| Ratio of net investment loss to average net assets | | | (1.24 | )% | | | (1.42 | )% | | | (1.13 | )% | | | (1.01 | )% | | | (0.96 | )% |
| Portfolio turnover rate | | | 108.26 | % | | | 78.77 | % | | | 89.91 | % | | | 77.04 | % | | | 67.33 | % |
See Notes to Financial Statements.
| (i) | Amount was computed based on average shares outstanding during the period. |
| (ii) | Does not reflect the effect of sales charges, if applicable. |
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period
| Alger Capital Appreciation Fund | | | | | | | | Class Z | | | | | | | |
| | | Year ended
10/31/2022 | | | Year ended
10/31/2021 | | | Year ended
10/31/2020 | | | Year ended
10/31/2019 | | | Year ended
10/31/2018 | |
| Net asset value, beginning of period | | $ | 41.50 | | | $ | 35.15 | | | $ | 28.06 | | | $ | 26.94 | | | $ | 26.46 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(i) | | | (0.04 | ) | | | (0.13 | ) | | | (0.03 | ) | | | 0.02 | | | | 0.03 | |
| Net realized and unrealized gain (loss) on investments | | | (11.89 | ) | | | 11.63 | | | | 9.32 | | | | 3.64 | | | | 2.12 | |
| Total from investment operations | | | (11.93 | ) | | | 11.50 | | | | 9.29 | | | | 3.66 | | | | 2.15 | |
| Distributions from net realized gains | | | (7.41 | ) | | | (5.15 | ) | | | (2.20 | ) | | | (2.54 | ) | | | (1.67 | ) |
| Net asset value, end of period | | $ | 22.16 | | | $ | 41.50 | | | $ | 35.15 | | | $ | 28.06 | | | $ | 26.94 | |
| Total return(ii) | | | (34.67 | )% | | | 35.85 | % | | | 35.26 | % | | | 15.69 | % | | | 8.51 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 949,473 | | | $ | 1,687,179 | | | $ | 1,823,041 | | | $ | 1,409,374 | | | $ | 1,240,605 | |
| Ratio of gross expenses to average net assets | | | 0.86 | % | | | 0.83 | % | | | 0.84 | % | | | 0.87 | % | | | 0.87 | % |
| Ratio of expense reimbursements to average net assets | | | (0.01 | )% | | | — | | | | — | | | | — | | | | — | |
| Ratio of net expenses to average net assets | | | 0.85 | % | | | 0.83 | % | | | 0.84 | % | | | 0.87 | % | | | 0.87 | % |
| Ratio of net investment income (loss) to average net assets | | | (0.14 | )% | | | (0.34 | )% | | | (0.09 | )% | | | 0.06 | % | | | 0.10 | % |
| Portfolio turnover rate | | | 108.26 | % | | | 78.77 | % | | | 89.91 | % | | | 77.04 | % | | | 67.33 | % |
See Notes to Financial Statements.
| (i) | Amount was computed based on average shares outstanding during the period. |
| (ii) | Does not reflect the effect of sales charges, if applicable. |
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period
| Alger 35 Fund | | Class Z | |
| | Year ended
10/31/2022 | | | Year ended
10/31/2021(i) | | | Year ended
10/31/2020 | | | Year ended
10/31/2019 | | | From 3/29/2018
(commencement
of operations) to
10/31/2018(ii) | |
| Net asset value, beginning of period | | $ | 21.33 | | | $ | 17.41 | | | $ | 11.61 | | | $ | 10.38 | | | $ | 10.00 | |
| INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income (loss)(iii) | | | — | (iv) | | | (0.01 | ) | | | (0.05 | ) | | | 0.03 | | | | 0.01 | |
| Net realized and unrealized gain (loss) on investments | | | (6.68 | ) | | | 6.95 | | | | 5.87 | | | | 1.31 | | | | 0.37 | |
| Total from investment operations | | | (6.68 | ) | | | 6.94 | | | | 5.82 | | | | 1.34 | | | | 0.38 | |
| Dividends from net investment income | | | — | | | | — | (v) | | | (0.02 | ) | | | (0.04 | ) | | | — | |
| Distributions from net realized gains | | | (5.10 | ) | | | (3.02 | ) | | | — | | | | (0.07 | ) | | | — | |
| Net asset value, end of period | | $ | 9.55 | | | $ | 21.33 | | | $ | 17.41 | | | $ | 11.61 | | | $ | 10.38 | |
| Total return(vi) | | | (39.09 | )% | | | 44.27 | % | | | 50.22 | % | | | 13.19 | % | | | 3.80 | % |
| RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000’s omitted) | | $ | 25,976 | | | $ | 44,159 | | | $ | 14,128 | | | $ | 9,094 | | | $ | 7,782 | |
| Ratio of gross expenses to average net assets | | | 0.94 | % | | | 0.92 | % | | | 2.02 | % | | | 2.37 | % | | | 2.46 | % |
| Ratio of expense reimbursements to average net assets | | | (0.39 | )% | | | (0.52 | )% | | | (1.12 | )% | | | (1.97 | )% | | | (2.06 | )% |
| Ratio of net expenses to average net assets | | | 0.55 | % | | | 0.40 | % | | | 0.90 | % | | | 0.40 | % | | | 0.40 | % |
| Ratio of net investment income (loss) to average net assets | | | 0.01 | % | | | (0.07 | )% | | | 0.36 | % | | | 0.30 | % | | | 0.23 | % |
| Portfolio turnover rate | | | 202.40 | % | | | 136.61 | % | | | 121.74 | % | | | 115.25 | % | | | 31.20 | % |
See Notes to Financial Statements.
| (i) | Class P Shares were reclassified as Class Z Shares on May 7, 2021 and after the close of business on October 29, 2021, Class P-2 Shares were converted to Class Z Shares. |
| (ii) | Ratios have been annualized; total return has not been annualized; portfolio turnover is for the seven months then ended. |
| (iii) | Amount was computed based on average shares outstanding during the period. |
| (iv) | Amount was less than $0.005 per share. |
| (v) | Amount was more than $(0.001) per share. |
| (vi) | Does not reflect the effect of sales charges, if applicable. |
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period
| Alger Growth & Income Fund | | Class A | |
| | | Year ended
10/31/2022 | | | Year ended
10/31/2021 | | | Year ended
10/31/2020 | | | Year ended
10/31/2019 | | | Year ended
10/31/2018 | |
| Net asset value, beginning of period | | $ | 61.76 | | | $ | 43.88 | | | $ | 43.55 | | | $ | 40.77 | | | $ | 39.68 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(i) | | | 0.71 | | | | 0.63 | | | | 0.69 | | | | 0.70 | | | | 0.65 | |
| Net realized and unrealized gain (loss) on investments | | | (7.49 | ) | | | 18.47 | | | | 1.88 | | | | 4.54 | | | | 1.64 | |
| Total from investment operations | | | (6.78 | ) | | | 19.10 | | | | 2.57 | | | | 5.24 | | | | 2.29 | |
| Dividends from net investment income | | | (0.56 | ) | | | (0.55 | ) | | | (0.66 | ) | | | (0.61 | ) | | | (0.57 | ) |
| Distributions from net realized gains | | | (2.07 | ) | | | (0.67 | ) | | | (1.58 | ) | | | (1.85 | ) | | | (0.63 | ) |
| Net asset value, end of period | | $ | 52.35 | | | $ | 61.76 | | | $ | 43.88 | | | $ | 43.55 | | | $ | 40.77 | |
| Total return(ii) | | | (11.53 | )% | | | 44.12 | % | | | 5.98 | % | | | 13.94 | % | | | 5.78 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 108,039 | | | $ | 106,439 | | | $ | 74,251 | | | $ | 74,924 | | | $ | 70,859 | |
| Ratio of gross expenses to average net assets | | | 0.97 | % | | | 0.98 | % | | | 1.06 | % | | | 1.07 | % | | | 1.06 | % |
| Ratio of net expenses to average net assets | | | 0.97 | % | | | 0.98 | % | | | 1.06 | % | | | 1.07 | % | | | 1.06 | % |
| Ratio of net investment income to average net assets | | | 1.24 | % | | | 1.15 | % | | | 1.60 | % | | | 1.72 | % | | | 1.59 | % |
| Portfolio turnover rate | | | 1.96 | % | | | 8.40 | % | | | 9.29 | % | | | 7.30 | % | | | 11.05 | % |
See Notes to Financial Statements.
| (i) | Amount was computed based on average shares outstanding during the period. |
| (ii) | Does not reflect the effect of sales charges, if applicable. |
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period
| Alger Growth & Income Fund | | Class C | |
| | | Year ended
10/31/2022 | | | Year ended
10/31/2021 | | | Year ended
10/31/2020 | | | Year ended
10/31/2019 | | | Year ended
10/31/2018 | |
| Net asset value, beginning of period | | $ | 60.77 | | | $ | 43.22 | | | $ | 42.93 | | | $ | 40.20 | | | $ | 39.14 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(i) | | | 0.28 | | | | 0.21 | | | | 0.36 | | | | 0.39 | | | | 0.34 | |
| Net realized and unrealized gain (loss) on investments | | | (7.38 | ) | | | 18.18 | | | | 1.85 | | | | 4.49 | | | | 1.60 | |
| Total from investment operations | | | (7.10 | ) | | | 18.39 | | | | 2.21 | | | | 4.88 | | | | 1.94 | |
| Dividends from net investment income | | | (0.14 | ) | | | (0.17 | ) | | | (0.34 | ) | | | (0.30 | ) | | | (0.25 | ) |
| Distributions from net realized gains | | | (2.07 | ) | | | (0.67 | ) | | | (1.58 | ) | | | (1.85 | ) | | | (0.63 | ) |
| Net asset value, end of period | | $ | 51.46 | | | $ | 60.77 | | | $ | 43.22 | | | $ | 42.93 | | | $ | 40.20 | |
| Total return(ii) | | | (12.18 | )% | | | 43.01 | % | | | 5.19 | % | | | 13.12 | % | | | 4.96 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 21,111 | | | $ | 18,194 | | | $ | 13,127 | | | $ | 14,946 | | | $ | 16,074 | |
| Ratio of gross expenses to average net assets | | | 1.73 | % | | | 1.73 | % | | | 1.81 | % | | | 1.82 | % | | | 1.82 | % |
| Ratio of net expenses to average net assets | | | 1.73 | % | | | 1.73 | % | | | 1.81 | % | | | 1.82 | % | | | 1.82 | % |
| Ratio of net investment income to average net assets | | | 0.49 | % | | | 0.40 | % | | | 0.86 | % | | | 0.97 | % | | | 0.84 | % |
| Portfolio turnover rate | | | 1.96 | % | | | 8.40 | % | | | 9.29 | % | | | 7.30 | % | | | 11.05 | % |
See Notes to Financial Statements.
| (i) | Amount was computed based on average shares outstanding during the period. |
| (ii) | Does not reflect the effect of sales charges, if applicable. |
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period
| Alger Growth & Income Fund | | Class Z | |
| | | Year ended
10/31/2022 | | | Year ended
10/31/2021 | | | Year ended
10/31/2020 | | | Year ended
10/31/2019 | | | Year ended
10/31/2018 | |
| Net asset value, beginning of period | | $ | 61.84 | | | $ | 43.94 | | | $ | 43.60 | | | $ | 40.81 | | | $ | 39.71 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(i) | | | 0.90 | | | | 0.80 | | | | 0.86 | | | | 0.85 | | | | 0.80 | |
| Net realized and unrealized gain (loss) on investments | | | (7.51 | ) | | | 18.49 | | | | 1.88 | | | | 4.56 | | | | 1.64 | |
| Total from investment operations | | | (6.61 | ) | | | 19.29 | | | | 2.74 | | | | 5.41 | | | | 2.44 | |
| Dividends from net investment income | | | (0.74 | ) | | | (0.72 | ) | | | (0.82 | ) | | | (0.77 | ) | | | (0.71 | ) |
| Distributions from net realized gains | | | (2.07 | ) | | | (0.67 | ) | | | (1.58 | ) | | | (1.85 | ) | | | (0.63 | ) |
| Net asset value, end of period | | $ | 52.42 | | | $ | 61.84 | | | $ | 43.94 | | | $ | 43.60 | | | $ | 40.81 | |
| Total return(ii) | | | (11.25 | )% | | | 44.54 | % | | | 6.39 | % | | | 14.39 | % | | | 6.16 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 115,251 | | | $ | 38,021 | | | $ | 21,672 | | | $ | 26,979 | | | $ | 24,604 | |
| Ratio of gross expenses to average net assets | | | 0.65 | % | | | 0.66 | % | | | 0.73 | % | | | 0.76 | % | | | 0.76 | % |
| Ratio of expense reimbursements to average net assets | | | — | | | | — | (iii) | | | (0.04 | )% | | | (0.07 | )% | | | (0.05 | )% |
| Ratio of net expenses to average net assets | | | 0.65 | % | | | 0.66 | % | | | 0.69 | % | | | 0.69 | % | | | 0.71 | % |
| Ratio of net investment income to average net assets | | | 1.62 | % | | | 1.45 | % | | | 2.00 | % | | | 2.10 | % | | | 1.96 | % |
| Portfolio turnover rate | | | 1.96 | % | | | 8.40 | % | | | 9.29 | % | | | 7.30 | % | | | 11.05 | % |
See Notes to Financial Statements.
| (i) | Amount was computed based on average shares outstanding during the period. |
| (ii) | Does not reflect the effect of sales charges, if applicable. |
| (iii) | Amount was less than 0.005%. |
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period
| Alger Mid Cap Growth Fund | | Class A | |
| | | Year ended
10/31/2022 | | | Year ended
10/31/2021 | | | Year ended
10/31/2020 | | | Year ended
10/31/2019 | | | Year ended
10/31/2018 | |
| Net asset value, beginning of period | | $ | 25.20 | | | $ | 19.29 | | | $ | 14.81 | | | $ | 14.13 | | | $ | 13.47 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(i) | | | (0.09 | ) | | | 0.48 | | | | (0.12 | ) | | | (0.09 | ) | | | (0.11 | ) |
| Net realized and unrealized gain (loss) on investments | | | (7.71 | ) | | | 7.58 | | | | 5.80 | | | | 1.48 | | | | 0.88 | |
| Total from investment operations | | | (7.80 | ) | | | 8.06 | | | | 5.68 | | | | 1.39 | | | | 0.77 | |
| Dividends from net investment income | | | (0.45 | ) | | | — | | | | — | | | | — | | | | — | |
| Distributions from net realized gains | | | (6.13 | ) | | | (2.15 | ) | | | (1.20 | ) | | | (0.71 | ) | | | (0.11 | ) |
| Net asset value, end of period | | $ | 10.82 | | | $ | 25.20 | | | $ | 19.29 | | | $ | 14.81 | | | $ | 14.13 | |
| Total return(ii) | | | (39.13 | )% | | | 44.05 | %(iii) | | | 41.34 | % | | | 10.95 | % | | | 5.78 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 146,648 | | | $ | 259,895 | | | $ | 187,552 | | | $ | 139,110 | | | $ | 138,370 | |
| Ratio of gross expenses to average net assets | | | 1.24 | % | | | 1.21 | % | | | 1.30 | % | | | 1.30 | % | | | 1.30 | % |
| Ratio of net expenses to average net assets | | | 1.24 | % | | | 1.21 | % | | | 1.30 | % | | | 1.30 | % | | | 1.30 | % |
| Ratio of net investment income (loss) to average net assets | | | (0.68 | )% | | | 2.15 | % | | | (0.76 | )% | | | (0.65 | )% | | | (0.77 | )% |
| Portfolio turnover rate | | | 204.79 | % | | | 170.96 | % | | | 181.73 | % | | | 182.97 | % | | | 125.34 | % |
See Notes to Financial Statements.
| (i) | Amount was computed based on average shares outstanding during the period. |
| (ii) | Does not reflect the effect of sales charges, if applicable. |
| (iii) | Pursuant to the U.S. Securities and Exchange Commission’s Rules on Fair Fund and Disgorgement Plans, the Alger Mid Cap Growth Fund received a Fair Fund distribution of $9,346,397, which contributed approximately 3.89% to its annual return. |
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period
| Alger Mid Cap Growth Fund | | Class B | |
| | | Year ended
10/31/2022 | | | Year ended
10/31/2021 | | | Year ended
10/31/2020 | | | Year ended
10/31/2019 | | | Year ended
10/31/2018 | |
| Net asset value, beginning of period | | $ | 18.60 | | | $ | 14.70 | | | $ | 11.55 | | | $ | 11.22 | | | $ | 10.80 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(i) | | | (0.06 | ) | | | 0.35 | | | | (0.08 | ) | | | (0.10 | ) | | | (0.17 | ) |
| Net realized and unrealized gain (loss) on investments | | | (5.15 | ) | | | 5.70 | | | | 4.43 | | | | 1.14 | | | | 0.70 | |
| Total from investment operations | | | (5.21 | ) | | | 6.05 | | | | 4.35 | | | | 1.04 | | | | 0.53 | |
| Dividends from net investment income | | | (0.48 | ) | | | — | | | | — | | | | — | | | | — | |
| Distributions from net realized gains | | | (6.13 | ) | | | (2.15 | ) | | | (1.20 | ) | | | (0.71 | ) | | | (0.11 | ) |
| Net asset value, end of period | | $ | 6.78 | | | $ | 18.60 | | | $ | 14.70 | | | $ | 11.55 | | | $ | 11.22 | |
| Total return(ii) | | | (39.16 | )% | | | 44.24 | %(iii) | | | 41.41 | % | | | 10.66 | % | | | 4.98 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 10,404 | | | $ | 18,276 | | | $ | 15,411 | | | $ | 13,772 | | | $ | 15,361 | |
| Ratio of gross expenses to average net assets | | | 1.95 | % | | | 1.93 | % | | | 2.03 | % | | | 2.04 | % | | | 2.05 | % |
| Ratio of expense reimbursements to average net assets | | | (0.67 | )% | | | (0.76 | )% | | | (0.82 | )% | | | (0.47 | )% | | | — | |
| Ratio of net expenses to average net assets | | | 1.28 | % | | | 1.17 | % | | | 1.21 | % | | | 1.57 | % | | | 2.05 | % |
| Ratio of net investment income (loss) to average net assets | | | (0.71 | )% | | | 2.08 | % | | | (0.66 | )% | | | (0.92 | )% | | | (1.50 | )% |
| Portfolio turnover rate | | | 204.79 | % | | | 170.96 | % | | | 181.73 | % | | | 182.97 | % | | | 125.34 | % |
See Notes to Financial Statements.
| (i) | Amount was computed based on average shares outstanding during the period. |
| (ii) | Does not reflect the effect of sales charges, if applicable. |
| (iii) | Pursuant to the U.S. Securities and Exchange Commission’s Rules on Fair Fund and Disgorgement Plans, the Alger Mid Cap Growth Fund received a Fair Fund distribution of $9,346,397, which contributed approximately 3.89% to its annual return. |
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period
| Alger Mid Cap Growth Fund | | Class C | |
| | | Year ended
10/31/2022 | | | Year ended
10/31/2021 | | | Year ended
10/31/2020 | | | Year ended
10/31/2019 | | | Year ended
10/31/2018 | |
| Net asset value, beginning of period | | $ | 17.82 | | | $ | 14.26 | | | $ | 11.33 | | | $ | 11.08 | | | $ | 10.67 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(i) | | | (0.12 | ) | | | 0.23 | | | | (0.18 | ) | | | (0.16 | ) | | | (0.18 | ) |
| Net realized and unrealized gain (loss) on investments | | | (4.88 | ) | | | 5.48 | | | | 4.31 | | | | 1.12 | | | | 0.70 | |
| Total from investment operations | | | (5.00 | ) | | | 5.71 | | | | 4.13 | | | | 0.96 | | | | 0.52 | |
| Dividends from net investment income | | | (0.35 | ) | | | — | | | | — | | | | — | | | | — | |
| Distributions from net realized gains | | | (6.13 | ) | | | (2.15 | ) | | | (1.20 | ) | | | (0.71 | ) | | | (0.11 | ) |
| Net asset value, end of period | | $ | 6.34 | | | $ | 17.82 | | | $ | 14.26 | | | $ | 11.33 | | | $ | 11.08 | |
| Total return(ii) | | | (39.60 | )% | | | 42.91 | %(iii) | | | 40.26 | % | | | 10.03 | % | | | 4.94 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 4,562 | | | $ | 8,244 | | | $ | 5,691 | | | $ | 6,014 | | | $ | 7,647 | |
| Ratio of gross expenses to average net assets | | | 2.05 | % | | | 2.00 | % | | | 2.10 | % | | | 2.14 | % | | | 2.11 | % |
| Ratio of net expenses to average net assets | | | 2.05 | % | | | 2.00 | % | | | 2.10 | % | | | 2.14 | % | | | 2.11 | % |
| Ratio of net investment income (loss) to average net assets | | | (1.49 | )% | | | 1.41 | % | | | (1.52 | )% | | | (1.48 | )% | | | (1.55 | )% |
| Portfolio turnover rate | | | 204.79 | % | | | 170.96 | % | | | 181.73 | % | | | 182.97 | % | | | 125.34 | % |
See Notes to Financial Statements.
| (i) | Amount was computed based on average shares outstanding during the period. |
| (ii) | Does not reflect the effect of sales charges, if applicable. |
| (iii) | Pursuant to the U.S. Securities and Exchange Commission’s Rules on Fair Fund and Disgorgement Plans, the Alger Mid Cap Growth Fund received a Fair Fund distribution of $9,346,397, which contributed approximately 3.89% to its annual return. |
