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Mr. Hal Liebes
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Table of Contents
The Alger Funds
| Shareholders’ Letter (Unaudited) | October 31, 2023 |
Dear Shareholders,
“Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it.” – Albert Einstein
This principle resonates deeply with us at Alger, where we embrace the power of compound growth in corporate fundamentals, such as sales, earnings, and cash flow, as a cornerstone of long-term wealth creation. Our investment approach focuses on identifying companies with strong potential for sustained earnings growth over the long-term, avoiding those that we believe are “short duration” companies, or businesses with high current earnings and low potential for future long-term growth. In most instances, short duration companies, in our view, return most of their profits to shareholders because of a lack of compelling reinvestment opportunities. By investing in companies that we believe will gain market share and compound their earnings growth, we aim to position our portfolios to be resilient across varying economic conditions, thereby maximizing long-term value for our shareholders.
Reflecting on the fiscal year ended October 31, 2023, the narrative of the market was one of resilience and recovery. Following a turbulent 2022, where higher interest rates in response to elevated inflation reduced equity valuations, investor sentiment turned positive in 2023, driven by easing inflation, stabilizing corporate earnings, and the increasing likelihood of a soft-landing (i.e., an economic slowdown without a recession). Further, a surge of enthusiasm around Artificial Intelligence (AI) contributed to outsized returns for certain of the largest companies within the Information Technology and Communication Services sectors. Not all sectors shared in this rally, as the Energy and Health Care sectors underperformed the S&P 500 Index. While there were bumps along the way, from a regional banking crisis in March 2023 to a steady rise in interest rates, the S&P 500 Index finished up 10.14% during the fiscal twelve-month period ended October 31, 2023.
In the final two months of 2022, optimism grew as core Consumer Price Index (“CPI”) readings for November and December came in below expectations, suggesting the peak of the Federal Reserve’s (the “Fed”) tightening cycle. However, persistent wage inflation and an inverted yield curve raised concerns about potential policy errors and an impending economic downturn. In December, Fed Chairman Jerome Powell affirmed a “higher-for-longer” stance for interest rates and forecasted a terminal rate above 5.0%, casting doubts on the stock market’s recovery.
As we moved into 2023, however, the first quarter saw a reversal in the bearish sentiment that had marked much of the previous year. In February, the Fed slowed down its rate hikes to 25 basis points, a reduction from December’s 50 basis point hike. In March, concerns around bank funding and liquidity emerged following the collapse of two regional banks, leading to significant deposit outflows at the regional level. The Fed, U.S. Treasury, and Federal Deposit Insurance Corporation (FDIC) took steps to alleviate these market concerns, including announcing an emergency liquidity program, guaranteeing uninsured deposits, and allowing some bank mergers and acquisitions.
Transitioning into the second quarter, U.S. economic data released in June reinforced the soft-landing-narrative with signs of (1) disinflation, as evidenced by the May CPI report coming in softer than expected with headline CPI posting the lowest annual increase in more than two years, (2) resilient labor markets, as May payrolls beat estimates for a 14th straight month, and (3) a stronger housing market, with builder confidence at the highest in nearly a year, housing starts at the highest in over a year, and multi-unit starts at the highest in nearly four decades.
Despite the strong first half rally in 2023, U.S. equities fell during the third quarter. While investors initially embraced a continuation of prevailing narratives around AI and expectations of a soft-landing lifting equity markets in July, mounting concerns surrounding aggressive Fed policy and a sharp rise in interest rates led to declining equity prices in August and September. Moreover, the resumption of student loan payments, diminished savings from the pandemic, and higher energy prices reignited worries that a decline in U.S. consumer spending could lead to the possibility of an upcoming recession. Rising interest rates were seen as one of the largest headwinds to risk assets during the third quarter, where the yield of the U.S. 10-year note increased by 76 basis points to 4.57% and the yield on the two-year note increased nearly 20 basis points to 5.04%. While the rate of inflation decelerated meaningfully over the past year, the monthly CPI readings for July and August rose 0.2% and 0.6%, respectively. That said, the rise in interest rates was driven more by the term premium (i.e., the additional yield that investors demand for lending money for longer periods of time) and less so on rising inflation expectations during the third quarter.
On the monetary policy front, after a 25 basis point rate hike in July that met expectations, the Fed held rates steady at its September meeting, bringing the Federal Funds rate to 5.25-5.50%. In October, U.S. equities fell in large part due to rising interest rates, with the yield of the U.S. 10-year note increasing by approximately 30 basis points to 4.88%. Higher bond yields were driven by several factors, such as an increase in U.S. Treasury issuance and a reinforced stance on a higher-for-longer Fed policy, bolstered by a robust September retail sales report and better-than-expected U.S. GDP data for the third quarter. Further, the average 30-year fixed mortgage rate reached new multi decade highs of 8.06%, as of October 31, 2023, helping drive mortgage demand from homebuyers to the lowest level since 1995.
Among non-U.S. equities, developed markets saw strong performance during the fiscal twelve-month period ended October 31, 2023. Notable strength was driven by Europe avoiding an energy crisis due to a mild winter, and Japan’s economy being bolstered by well-received corporate reforms to improve governance. As such, the MSCI ACWI ex-USA Index rose 12.66% during the fiscal twelve-month period ended October 31, 2023, with the Financials and Consumer Discretionary sectors showing strong results, while the Real Estate and Utilities sectors saw weaker performance. Within Emerging Markets, encouraging market sentiment stemmed from Chinese officials abandoning their ‘Zero-Covid’ policy in late 2022, indicating an earlier-than-expected re-opening of the economy. While renewed concerns about China’s property sector and weaker-than-expected economic recovery data curtailed investor enthusiasm in the first half of 2023, better-than-feared third quarter GDP data emerged in October. As such, the MSCI Emerging Markets Index was up 11.26% during the fiscal twelve-month period ended October 31, 2023. Strong performance within the Consumer Discretionary and Information Technology sectors was partially offset by relative weakness in the Materials and Utilities sectors.
Going Forward
We continue to believe that an unprecedented level of innovation is creating compelling investment opportunities – corporations are digitizing their operations, cloud computing growth continues to support future innovation, and artificial intelligence, which is at an inflection point in our view, potentially enabling significant increases in productivity. In the Health Care sector, we believe that advances in surgical technologies and innovations within biotechnology offer attractive opportunities ahead. As such, we intend to continue to focus on conducting in-depth fundamental research as we seek leaders of innovation rather than taking short-term bets on market sentiment. We believe this strategy embodies Albert Einstein’s wisdom, harnessing the powerful force of compound interest to help our shareholders achieve their long-term investment goals.
Portfolio Matters
Alger Capital Appreciation Fund
The Alger Capital Appreciation Fund returned 16.95% for the fiscal twelve-month period ended October 31, 2023, compared to the 18.95% 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 Health Care and the largest sector underweight was Consumer Staples.
Contributors to Performance
The Consumer Discretionary and Industrials sectors provided the largest contributions to relative performance. Regarding individual positions, Microsoft Corp.; NVIDIA Corp.; Amazon.com, Inc.; TransDigm Group Incorporated; and Meta Platforms Inc. were among the top contributors to absolute performance.
Microsoft is a beneficiary of corporate America’s transformative digitization. Microsoft’s CEO expects technology spending as a percent of GDP to jump from about 5% now to 10% in 10 years and that Microsoft will continue to capture market share within the technology sector. The company operates through three segments: Productivity and Business Processes (Office, LinkedIn, and Dynamics), Intelligent Cloud (Server Products and Cloud Services, Azure, and Enterprise Services), and More Personal Computing (Windows, Devices, Gaming, and Search). While the company reported operating results that met consensus estimates, their investment in OpenAI’s ChatGPT captured the attention of investors, contributing to positive performance. Throughout the period, Microsoft surprised investors with continual rollouts of new AI capabilities across the company’s portfolio (e.g., Bing, GitHub, Teams, Office 365). Moreover, the company witnessed significant growth in its Intelligent Cloud segment, as Azure continues to expand its market share. Despite the encouraging results throughout the period, demand challenges stemming from companies looking to optimize their cloud spending led to a deceleration in cloud growth during the fiscal fourth quarter, compared to the previous quarter. Acknowledging that cloud optimization may curb the company’s growth in the short term, we remain confident about the company’s prospects going forward, particularly in the realm of AI adoption. Further, CEO Satya Nadella has recently indicated that substantial revenue contributions from AI could begin to materialize around the first half of 2024.
Detractors from Performance
The Health Care and Financials sectors were the largest detractors from relative performance. Regarding individual positions, Tesla, Inc.; Albemarle Corp.; UnitedHealth Group Inc.; Signature Bank; and Humana Inc. were among the top detractors from absolute performance.
UnitedHealth Group is an integrated healthcare benefits company uniquely positioned to address rising healthcare costs for its customers, due to its vertical integration, size, and scale. The Optum health benefits services unit, which accounts for approximately 45% of the company’s operating earnings, in our view, has the potential to grow even further as customers look for ways to manage rising healthcare costs. During the period, shares detracted from performance due to several factors, including (1) many 2022 healthcare winners with shorter duration profiles and persistent earnings profiles, such as UnitedHealth Group, underperformed in the first quarter of 2023, (2) uncertainty surrounding Medicare Advantage reimbursement levels from the Federal government in 2023, which will be determined later in 2023, and (3) increased regulatory scrutiny in the form of potential Medicare Advantage audits across the industry. While these concerns have impacted UnitedHealth in the near-term, we believe company fundamentals remain intact given its large-scale business model, competitive advantages, and medium- to long-term growth prospects.
Alger 35 Fund
The Alger 35 Fund generated a 1.38% return for the fiscal twelve-month period ended October 31, 2023, compared to the 10.14% return of the S&P 500 Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Consumer Discretionary and the largest sector underweight was Financials.
Contributors to Performance
The Materials and Financials sectors provided the largest contributions to relative performance. Regarding individual positions, Microsoft Corp.; Advanced Micro Devices, Inc.; Netflix, Inc.; NVIDIA Corp.; and Alphabet Inc. were among the top contributors to absolute performance.
NVIDIA is a leading supplier of graphics processing units for a variety of end markets, such as gaming, PCs, data centers, virtual reality and high-performance computing. The company is leading in most secular growth categories in computing, especially artificial intelligence and super-computing parallel processing techniques for solving complex computational problems. Simply put, NVIDIA’s computational power is a critical enabler of AI and therefore, in our view, critical to AI adoption. As such, we believe NVIDIA is a long-term high unit volume growth opportunity. During the period, shares contributed to performance as NVIDIA reported solid operating results well above analyst expectations, driven by strong demand from data centers. Growing AI data center workloads are driving demand for the increased interconnections and fully accelerated software stacks, thereby enabling leading application performance and fast result times.
Detractors from Performance
The Information Technology and Consumer Discretionary sectors were the largest detractors from relative performance. Regarding individual positions, 908 Devices Inc.; JD.com, Inc.; Schlumberger N.V.; Rivian Automotive, Inc.; and Lindblad Expeditions Holdings, Inc. were among the top detractors from absolute performance.
Schlumberger engages in the provision of technology and services for reservoir characterization, drilling, production and processing to the oil and gas industry. During the fiscal year, the company reported mixed operating results, where better-than-expected revenues were offset by lower-than-expected gross profit margins. Strong company revenues were driven by solid execution within Well Construction and Production Systems, while Schlumberger’s Digital & Integration segment saw some weakness as a result of a pipeline shutdown causing temporary production delays in Ecuador, along with falling commodity prices that impacted Canadian projects. Moreover, despite management raising forward guidance on operating profits and free-cash-flow generation, these projections fell short of analyst estimates.
Alger Growth & Income Fund
The Alger Growth & Income Fund returned 11.39% for the fiscal twelve-month period ended October 31, 2023, compared to the 10.14% return of the S&P 500 Index. During the reporting period, the largest sector weightings were Information Technology and Health Care. The largest sector overweight was Energy and the largest sector underweight was Consumer Discretionary.
Contributors to Performance
The Information Technology and Health Care sectors provided the largest contributions to relative performance. Regarding individual positions, Microsoft Corp.; Broadcom Inc.; KLA Corp.; Meta Platforms Inc.; and Apple Inc. were among the top contributors to absolute performance. Shares of Microsoft Corp. contributed to performance in response to developments identified in the Alger Capital Appreciation Fund discussion.
Detractors from Performance
The Consumer Discretionary and Industrials sectors were the largest detractors from relative performance. Regarding individual positions, Bank of America Corp; Chevron Corp.; Pfizer Inc.; Crown Castle Inc.; and Johnson & Johnson were among the top detractors from absolute performance.
Bank of America Corp is one of the world’s leading financial firms that offers a wide array of banking and non-banking financial services and products both domestically and internationally. These services are delivered through three primary business segments: Global Consumer & Small Business Banking, Global Corporate & Investment Banking, and Global Wealth & Investment Management. While the company reported better-than-expected operating results, driven by strong net interest income, shares declined after two regional banks failed which sparked contagion concerns in late March. Further, the company reported during its fiscal third quarter earnings report that its unrealized held-to-maturity securities losses were greater than expected.
Alger Mid Cap Growth Fund
The Alger Mid Cap Growth Fund returned 0.18% for the fiscal twelve-month period ended October 31, 2023, compared to the 3.35% return of the Russell Midcap Growth Index. During the reporting period, the largest sector weightings were Information Technology and Industrials. The largest sector overweight was Real Estate and the largest sector underweight was Consumer Discretionary.
Contributors to Performance
The Energy and Communication Services sectors provided the largest contributions to relative performance. Regarding individual positions, Prometheus Biosciences, Inc.; Cadence Design Systems, Inc.; TransDigm Group Inc.; Constellation Software Inc.; and Chipotle Mexican Grill, Inc. were among the top contributors to absolute performance.
TransDigm specializes in the production of engineered aerospace components, systems and subsystems. Its core Power and Control segment includes operations that primarily develop, produce and market systems and components that provide power to or control power of aircrafts utilizing electronic, fluid, power and mechanical motion control technologies. Shares contributed to performance during the period, as the company has reported solid operating results, driven by strength in all three of their major market channels – commercial original equipment manufacturing, commercial aftermarket, and defense. Moreover, strong order bookings have been aided by China’s easing COVID-19 mobility restrictions, which has increased air travel. Given the robust order bookings and favorable trends in the commercial aerospace market recovery, management raised their fiscal full year earnings guidance.
Detractors from Performance
The Consumer Discretionary and Industrials sectors were the largest detractors from relative performance. Regarding individual positions, CrowdStrike Holdings, Inc.; Repligen Corp.; Paycom Software, Inc.; DexCom, Inc.; and TransUnion were among the top detractors from absolute performance.
Repligen Corp. is a life science organization committed to supplying tools, consumables, and data analytics to the bioprocessing industry. It functions via four divisions: Filtration, Chromatography, Proteins & Affinity Resins, and Process Analytics. Repligen’s offerings play a key role in the creation and production of biological therapeutics, such as monoclonal antibodies, recombinant proteins, viral vectors, and cell and gene therapies. While the company reported operating results that were roughly in-line with consensus estimates, management lowered their full year 2023 forward guidance for revenues and earnings. The downward revision was attributed to destocking pressures throughout the bioprocessing industry, as inventory levels built up during COVID-19 remain higher than expected, leading to irregular order patterns in the near-term. Further, during its fiscal first quarter, the company experienced a 40% drop in orders from China, approximately 10% of company sales, which raised concerns about China’s recovery from COVID-19 lockdowns.
Alger Mid Cap Focus Fund
The Alger Mid Cap Focus Fund generated a -6.67% return for the fiscal twelve-month period ended October 31, 2023, compared to the 3.35% return of the Russell Midcap Growth Index. During the reporting period, the largest sector weightings were Information Technology and Health Care. The largest sector overweight was Information Technology and the largest sector underweight was Financials.
Contributors to Performance
The Energy and Materials sectors provided the largest contributions to relative performance. Regarding individual positions, Vertiv Holdings Co.; Bentley Systems, Inc.; Splunk Inc.; Prometheus Biosciences, Inc; and AppFolio Inc were among the top contributors to absolute performance.
Vertiv offers critical cooling and power management infrastructure technologies to meet the specific requirements of a diverse group of customers which primarily include datacenter customers. We believe the company is well positioned to potentially benefit from the secular demand in datacenters, as Vertiv holds leading positions in power and thermal management across the datacenter complex. During the period, the company reported strong operating results, where revenues and earnings handedly beat analyst estimates. Better-than-expected revenues were driven by higher pricing and volume growth. As the leading global supplier of power and thermal solutions to datacenters, we believe Vertiv is well positioned to benefit from the AI investment in datacenters, given the intense demand from hyperscalers for faster computing.
Detractors from Performance
The Health Care and Information Technology sectors were the largest detractors from relative performance. Regarding individual positions, Natera, Inc.; Everbridge, Inc.; RAPT Therapeutics, Inc.; Madrigal Pharmaceuticals, Inc.; and Constellation Energy Corp. were among the top detractors from absolute performance.
Constellation Energy Corporation is a leading generation and retail company that manages the largest fleet of nuclear and other carbon-free electricity sources in the United States. The company aims to achieve 100% carbon-free owned assets by 2040, with an interim goal of 95% by 2030. Around 90% of the generated output comes from nuclear power or renewable energy sources, with their assets primarily located in the Mid-Atlantic and Northeast regions (IL, PA, NJ, MD, & NY). As the second-largest retail business in the U.S., Constellation Energy holds over 20% market share in the commercial and industrial sector. During the period, shares detracted from performance as natural gas prices, which typically set the electricity price powered by nuclear, plummeted due to the warm winter experienced in North America. While the company hedged 90% of its topline natural gas exposure, the decline in gas prices served as an overhang because of its detrimental impact on 2024. It is important to note that the Production Tax Credits (PTC) will take effect in 2024, providing a minimum price from 2024-2032. However, weak natural gas prices remove the potential benefits associated on the name, resulting in negative sentiment. Natural gas prices may be weather dependent going forward.
Alger Weatherbie Specialized Growth Fund
The Alger Weatherbie Specialized Growth Fund generated a -12.53% return for the fiscal twelve-month period ended October 31, 2023, compared to the -4.80% return of the Russell 2500 Growth Index. During the reporting period, the largest sector weightings were Health Care and Industrials. The largest sector overweight was Health Care and the largest sector underweight was Materials.
Contributors to Performance
The Real Estate and Energy sectors provided the largest contributions to relative performance. Regarding individual positions, SPS Commerce, Inc.; Vertex, Inc.; Glaukos Corp; Hamilton Lane Inc.; and FirstService Corp were among the top contributors to absolute performance.
SPS Commerce is a global provider of cloud-based supply chain management solutions for fulfillment, analytics, drop shipping and other use cases. The SPS Commerce platform improves the way retailers, suppliers, grocers, distributors, and logistics companies manage orders, monitor sell-through performance, and discover new products by leveraging cloud technology. During the period, shares contributed to performance as the company reported strong operating results, where revenues came in above consensus estimates. Additionally, recurring revenue increased 20% year-over-year, driven by double digit growth in both fulfillment and analytics. Despite a difficult macroeconomic environment with high inflation and recession concerns, management expressed confidence in its subscription-based business model, which is largely reliant on the number of client connections with only a small portion tied to volumes. Moreover, we believe the company is a key beneficiary of supply chain digitalization over the long-term, given the growing influence of e-commerce.
Detractors from Performance
The Consumer Discretionary and Health Care sectors were the largest detractors from relative performance. Regarding individual positions, Chegg, Inc.; Agiliti, Inc.; Montrose Environmental Group Inc; Definitive Healthcare Corp.; and Nevro Corp. were among the top detractors from absolute performance.
Chegg is a leading online direct-to-consumer education business, which provides online textbook rentals and other internet-delivered services, such as homework help, tutoring and assistance with obtaining scholarships and finding internships. Despite reporting strong operating results, the company provided disappointing forward guidance citing greater competitive pressure from ChatGPT/AI platforms. While management appears to be doing its best to address this issue, including a collaboration with OpenAI announced in April, the company remains unable to offer visibility as to how the impact of ChatGPT/AI will play out as four-year college students weigh subscription costs for all learning resources versus free access to generative AI platforms.
Alger Small Cap Growth Fund
The Alger Small Cap Growth Fund returned -10.53% for the fiscal twelve-month period ended October 31, 2023, compared to the -7.63% return of the Russell 2000 Growth Index. During the reporting period, the largest sector weightings were Health Care and Information Technology. The largest sector overweight was Health Care and the largest sector underweight was Industrials.
Contributors to Performance
The Information Technology and Real Estate sectors provided the largest contributions to relative performance. Regarding individual positions, Manhattan Associates, Inc.; NeoGenomics, Inc.; Structure Therapeutics, Inc.; SPS Commerce, Inc.; and HubSpot, Inc. were among the top contributors to absolute performance.
Hubspot is a cloud-based marketing and sales platform for small- and medium-sized businesses (“SMBs”), focusing on inbound marketing strategies to attract, engage, and convert website visitors into customers. Its platform provides a comprehensive suite of applications including search engine optimization (SEO), blogging, marketing automation, customer relationship management (CRM), and analytics, utilizing a centralized database for personalized interactions. In our view, this approach fosters warmer prospect engagement compared to traditional methods like cold calling and email blasts. Over the years, the company has evolved from a small business CRM vendor to a comprehensive provider of marketing, sales and content management solutions for global SMBs. With an approximate 3% combined market share, a large customer base, robust partner network and extensive HubSpot suite, we believe the company is well positioned to capture additional market share in the large SMB front office applications industry, as well as to expand in the upmarket segment (i.e., companies with 200 to 2,000 employees). Shares contributed to performance during the period, as the company reported strong operating results, noting better-than-expected revenues coupled with the highest number of new customer adds in two years. With the avid appetite to embrace generative AI technologies, we believe Hubspot has the potential to further its momentum with noteworthy architectural advantages tied to a unified data platform, broad distribution reach and a central role in front-office workflows.
Detractors from Performance
The Health Care and Industrials sectors were the largest detractors from relative performance. Regarding individual positions, Insulet Corp.; Tandem Diabetes Care, Inc.; Bio-Techne Corp.; Xometry, Inc.; and QuidelOrtho Corp. were among the top detractors from absolute performance.
Insulet Corp. is a medical device company focused on commercializing its Omnipod portfolio of insulin delivery devices. The company’s Omnipod device is a tubeless insulin pump that is in the shape of a pod and is directly attached to a patient’s body. The key differentiator between Insulet’s insulin delivery devices and those of competitors is the tubeless feature – this enables a more discrete administration of insulin. Insulet’s Omnipod portfolio includes three key product lines: Classic Omnipod, Omnipod DASH, and Omnipod 5. The Omnipod technology is also used as a subcutaneous drug delivery system to deliver certain therapeutics. During the period, shares detracted from performance as investors became concerned about the long-term impact of GLP-1 drugs, a newer class of drugs that are highly effective in treating diabetes and obesity.
Alger Small Cap Focus Fund
The Alger Small Cap Focus Fund returned -17.50% for the fiscal twelve-month period ended October 31, 2023, compared to the -7.63% return of the Russell 2000 Growth Index. During the reporting period, the largest sector weightings were Health Care and Information Technology. The largest sector overweight was Health Care and the largest sector underweight was Industrials.
Contributors to Performance
The Consumer Discretionary and Materials sectors provided the largest contributions to relative performance. Regarding individual positions, Prometheus Biosciences, Inc.; Heska Corp.; Guidewire Software, Inc.; AppFolio Inc; and Agilysys, Inc. were among the top contributors to absolute performance.
Heska Corp. 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 produces primarily for cattle and other small mammals. Shares contributed to performance after the company announced on April 3, 2023 that private company Mars, Incorporated had agreed to take Heska private.
Detractors from Performance
The Health Care and Industrials sectors were the largest detractors from relative performance. Regarding individual positions, Xometry, Inc.; CryoPort, Inc.; Silk Road Medical, Inc.; Shockwave Medical, Inc.; and BioLife Solutions, Inc. were among the top detractors from absolute performance.
Xometry is a leading two-sided marketplace for on-demand manufacturing services. The company provides real-time access to global manufacturing demand and capacity, with sourcing and pricing available across a network of buyers and sellers. This marketplace enables buyers (e.g., engineers and product designers) to efficiently source manufacturing processes and sellers of manufacturing services to grow their businesses. Xometry’s AI-enabled technology platform is powered by proprietary machine learning algorithms, resulting in a sophisticated marketplace for manufacturing. During the period, shares detracted from performance as the company reported weaker-than-expected operating results, where company revenues came in well below consensus estimates. Management noted that suppliers accepted orders more quickly than usual on the Xometry platform due to a challenging macroeconomic environment. As a result, this prompted the company’s proprietary algorithm to lower market pricing, which in turn led to slower revenue growth and gross margin compression.
Alger International Focus Fund
The Alger International Focus Fund recorded a 3.61% return for the fiscal twelve-month period ended October 31, 2023, compared to the 12.66% return of the MSCI ACWI ex USA Index. During the reporting period, the largest sector weightings were Consumer Discretionary and Financials. The largest sector overweight was Consumer Discretionary and the largest sector underweight was Materials.
Contributors to Performance
The Consumer Discretionary and Health Care sectors provided the largest contributions to relative performance. Regarding individual positions, Ferrari NV; Nu Holdings Ltd.; ASML Holding NV; Kalyan Jewellers India Ltd.; and Elm Co. were among the top contributors to absolute performance.
Nu Holdings Ltd. (NU) is a rapidly growing Brazilian neobank (i.e., a financial technology bank) founded in 2013 initially focusing on customer-friendly credit cards. The company has grown to over 48 million customers and offers a wide variety of financial products like personal loans, checking accounts, and brokerage accounts. We believe NU offers a strong value proposition compared to neobank peers and incumbent players and has ample runway to grow across Latin America due to its exceptionally low customer acquisition costs. During the period, shares contributed to performance after the company reported strong operating results, where revenues and earnings beat analyst estimates. Better-than-expected revenues were driven by higher rates and improved returns on credit cards following fast expansion of their interest earning portfolio. Moreover, client growth remained strong despite high penetration in Brazil, while non-performing-loan trends appear to be stabilizing, giving management comfort to accelerate loan origination.
Detractors from Performance
The Industrials and Financials sectors were the largest detractors from relative performance. Regarding individual positions, Alfen NV; Teleperformance SA; VERBIO Vereinigte BioEnergie AG; Arezzo Industria e Comercio S.A.; and Angel One Limited were among the top detractors from absolute performance.
Alfen is a supplier of smart energy solutions which are geared towards energy transition. The company designs, develops, and produces smart grids, energy storage systems and EV charging equipment. During the period, shares detracted from performance as the company released its first half 2023 fiscal results that fell short of expectations. Despite accelerating strength and a growing backlog in its Smart Grid and Energy Storage Solutions (ESS) businesses, its EV Charging business continued to experience volume headwinds from inventory destocking at their channel partners. In addition, the mix shift effects of hyper growth in ESS were margin-dilutive at the group level. While both factors were widely known, the negative sentiment continued to weigh on the stock.
Alger Health Sciences Fund
The Alger Health Sciences Fund returned -12.61% for the fiscal twelve-month period ended October 31, 2023, compared to the 10.14% return of the S&P 500 Index and the -5.47% return of the Russell 3000 Health Care Index.
Contributors to Performance
Regarding individual positions, Prometheus Biosciences, Inc.; Reata Pharmaceuticals, Inc.; Eli Lilly and Co.; ADMA Biologics, Inc.; and Tenet Healthcare Corp. were among the top contributors to absolute performance.
Prometheus Biosciences is a biotechnology company focused on developing precision-based medicines to treat autoimmune conditions, primarily those afflicting the intestines such as inflammatory bowel disease (IBD) indications like ulcerative colitis and Crohn’s disease by leveraging a proprietary bioinformatics database. Shares outperformed after the company announced in April 2023 that it would be acquired by Merck & Co.
Detractors from Performance
Regarding individual positions, Shockwave Medical, Inc.; Elanco Animal Health, Inc.; AstraZeneca; Acadia Healthcare Co., Inc.; and Charles River Laboratories International, Inc. were among the top detractors from absolute performance.
Acadia Healthcare Co. is a leading U.S. mental health services provider and operator of various treatment centers and facilities. Demand for behavioral health services continued to grow to all-time highs outstripping already insufficient supply, where only 28% of the U.S. population has adequate access to mental health care professionals, according to the Health Resources & Services Administration. As such, patients, employers, payers and society-at-large are increasingly recognizing the importance of mental behavioral health, which has resulted in (1) unmet demand in the market and (2) greater funding and improved rate increases to be directed at mental health providers. We believe the unmet demand trends and supportive payments backdrop allow Acadia to grow via facility expansions, new facility openings and tuck-in acquisitions. During the period, the company reported in-line operating results where management raised full year 2023 sales guidance but maintained 2023 earnings guidance. Subsequently, shares sold off following management’s comments around higher than anticipated labor costs, which explained why analysts’ 2023 earnings guidance remained unchanged.
I thank you for putting your trust in Alger.
Sincerely,
Daniel C. Chung, CFA
Chief Executive Officer, Chief Investment 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, represents the twelve-month period 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.
The performance data quoted in this material represents past performance, which is not an indication or a guarantee of future results.
Standard 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 Schedule of Investments for each fund which is included in this report for a complete list of fund holdings as of October 31, 2023. Securities mentioned in the Shareholders’ Letter, if not found in the Schedules of Investments, may have been held by the funds during the fiscal twelve-month period ended October 31, 2023.
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. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment. At times, cash may be a larger position in the portfolio and may underperform relative to equity securities.
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. At times, cash may be a larger position in the portfolio and may underperform relative to equity securities.
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, cash may be a larger position in the portfolio and 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, cash may be a larger position in the portfolio and 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. 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, cash may be a larger position in the portfolio and may underperform relative to equity securities.
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. At times, cash may be a larger position in the portfolio and may underperform relative to equity securities.
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, 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, cash may be a larger position in the portfolio and 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. At times, cash may be a larger position in the portfolio and 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. At times, cash may be a larger position in the portfolio and may underperform relative to equity securities.
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 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. 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, cash may be a larger position in the portfolio and 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:
| ● | Earnings per share (EPS) is calculated as a company’s profit divided by the outstanding shares of its common stock. |
| ● | The Consumer Price Index (CPI) measures the monthly change in prices paid by U.S. consumers. The Bureau of Labor Statistics (BLS) calculates the CPI as a weighted average of prices for a basket of goods and services representative of aggregate U.S. consumer spending. |
| ● | 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 U.S. |
| ● | The MSCI Emerging Markets Index captures large- and mid-cap representation across Emerging Markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. |
| ● | 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 Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. |
| ● | 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 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is constructed to provide a comprehensive and unbiased barometer of the small-cap segment. |
| ● | 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 2500 Index measures the performance of the small to midcap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500 Index is constructed to provide a comprehensive and unbiased barometer for the small to mid-cap 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 |
| ● | The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies of the investable U.S. equity market. The Russell 3000 Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market. |
| ● | The Russell Microcap Index measures the performance of the microcap segment of the U.S. equity market. The Russell Microcap Index is constructed to provide a comprehensive and unbiased barometer for the microcap segment trading on national exchanges. |
| ● | 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 Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. |
| ● | The S&P 500 Index is an unmanaged index considered representative of large-cap growth stocks. |
ALGER CAPITAL APPRECIATION FUND
Fund Highlights Through October 31, 2023 (Unaudited)
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, 2023. 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, 2023 (Unaudited) (Continued)
PERFORMANCE COMPARISON AS OF 10/31/23
AVERAGE ANNUAL TOTAL RETURNS
| | | 1 YEAR | | 5 YEARS | | 10 YEARS |
| Class A | | 10.82% | | 8.72% | | 10.52% |
| Class C | | 15.03% | | 9.08% | | 10.29% |
| Class Z | | 17.44% | | 10.28% | | 11.50% |
| Russell 1000 Growth Index | | 18.95% | | 14.22% | | 13.82% |
| | | | | | | |
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, 2023 (Unaudited)
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, 2023. 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, 2023 (Unaudited) (Continued)
PERFORMANCE COMPARISON AS OF 10/31/23
AVERAGE ANNUAL TOTAL RETURNS
| | | 1 YEAR | | 5 YEARS | | Since
Inception |
| Class Z (Inception 3/29/18) | | 1.38% | | 8.66% | | 8.43% |
| S&P 500 Index | | 10.14% | | 11.01% | | 10.52% |
| | | | | | | |
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, 2023 (Unaudited)
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, 2023. 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, 2023 (Unaudited) (Continued)
PERFORMANCE COMPARISON AS OF 10/31/23
AVERAGE ANNUAL TOTAL RETURNS
| | | 1 YEAR | | 5 YEARS | | 10 YEARS |
| Class A | | 5.54% | | 10.20% | | 10.10% |
| Class C | | 9.56% | | 10.56% | | 9.87% |
| Class Z | | 11.75% | | 11.77% | | 11.04% |
| S&P 500 Index | | 10.14% | | 11.01% | | 11.18% |
| | | | | | | |
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, 2023 (Unaudited)
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, 2023. 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, 2023 (Unaudited) (Continued)
PERFORMANCE COMPARISON AS OF 10/31/23
AVERAGE ANNUAL TOTAL RETURNS
| | | 1 YEAR | | 5 YEARS | | 10 YEARS |
| Class A | | (5.08)% | | 5.48% | | 7.08% |
| Class B | | (4.85)% | | 6.39% | | 7.27% |
| Class C | | (1.62)% | | 5.77% | | 6.80% |
| Russell Midcap Growth Index | | 3.35% | | 8.09% | | 9.09% |
| | | | | | | |
| | | 1 YEAR | | 5 YEARS | | Since
Inception |
| Class Z (Inception 5/28/15) | | 0.54% | | 6.95% | | 6.65% |
| Russell Midcap Growth Index | | 3.35% | | 8.09% | | 7.91% |
| | | | | | | |
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 0.30% to its five and ten year annual returns, respectively. |
ALGER MID CAP FOCUS FUND
Fund Highlights Through October 31, 2023 (Unaudited)
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, 2023. 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, 2023 (Unaudited) (Continued)
PERFORMANCE COMPARISON AS OF 10/31/23
AVERAGE ANNUAL TOTAL RETURNS
| | | 1 YEAR | | 5 YEARS | | Since
Inception |
| Class I (Inception 6/14/19) | | (6.59)% | | n/a | | 5.83% |
| Class Z (Inception 6/14/19) | | (6.28)% | | n/a | | 6.13% |
| Russell Midcap Growth Index | | 3.35% | | n/a | | 5.77% |
| | | 1 YEAR | | 5 YEARS | | Since
Inception |
| Class Y (Inception 2/26/21) | | (6.28)% | | n/a | | (16.41)% |
| Russell Midcap Growth Index | | 3.35% | | n/a | | (5.91)% |
| | | 1 YEAR | | 5 YEARS | | Since
Inception |
| Class A (Inception 7/29/21) | | (11.55)% | | n/a | | (21.53)% |
| Class C (Inception 7/29/21) | | (8.25)% | | n/a | | (20.25)% |
| Russell Midcap Growth Index | | 3.35% | | n/a | | (11.00)% |
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 SPECIALIZED GROWTH FUND
Fund Highlights Through October 31, 2023 (Unaudited)
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, 2023. 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, 2023 (Unaudited) (Continued)
PERFORMANCE COMPARISON AS OF 10/31/23
AVERAGE ANNUAL TOTAL RETURNS
| | | 1 YEAR | | 5 YEARS | | 10 YEARS |
| Class A | | (17.12)% | | 1.87% | | 6.17% |
| Class C | | (14.22)% | | 2.17% | | 5.92% |
| Class I | | (12.59)% | | 2.98% | | 6.74% |
| Class Z | | (12.25)% | | 3.31% | | 7.10% |
| Russell 2500 Growth Index | | (4.80)% | | 5.22% | | 7.35% |
| | | | | | | |
| | | 1 YEAR | | 5 YEARS | | Since
Inception |
| Class Y (Inception 8/30/17) | | (12.21)% | | 3.38% | | 6.32% |
| Russell 2500 Growth Index | | (4.80)% | | 5.22% | | 6.48% |
| | | | | | | |
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, 2023 (Unaudited)
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, 2023. 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, 2023 (Unaudited) (Continued)
PERFORMANCE COMPARISON AS OF 10/31/23
AVERAGE ANNUAL TOTAL RETURNS
| | | 1 YEAR | | 5 YEARS | | 10 YEARS |
| Class A | | (15.24)% | | 0.68% | | 4.71% |
| Class B | | (15.08)% | | 1.38% | | 4.81% |
| Class C | | (12.14)% | | 0.97% | | 4.45% |
| Class Z | | (10.23)% | | 2.13% | | 5.64% |
| Russell 2000 Growth Index | | (7.63)% | | 2.68% | | 5.67% |
| | | | | | | |
| | | 1 YEAR | | 5 YEARS | | Since
Inception |
| Class Y (Inception 12/31/21) | | (10.20)% | | n/a | | (24.11)% |
| Russell 2000 Growth Index | | (7.63)% | | n/a | | (16.75)% |
| | | | | | | |
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 0.11% and 0.06% to its five and ten year annual returns, respectively. |
ALGER SMALL CAP FOCUS FUND
Fund Highlights Through October 31, 2023 (Unaudited)
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, 2023. 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, 2023 (Unaudited) (Continued)
PERFORMANCE COMPARISON AS OF 10/31/23
AVERAGE ANNUAL TOTAL RETURNS
| | | 1 YEAR | | 5 YEARS | | 10 YEARS |
| Class A | | (21.85)% | | (4.94)% | | 3.86% |
| Class C | | (18.79)% | | (4.55)% | | 3.71% |
| Class I | | (17.32)% | | (3.81)% | | 4.54% |
| Class Z | | (17.00)% | | (3.49)% | | 4.86% |
| Russell 2000 Growth Index | | (7.63)% | | 2.68% | | 5.67% |
| | | | | | | |
| | | 1 YEAR | | 5 YEARS | | Since
Inception |
| Class Y (Inception 2/28/17) | | (16.99)% | | (3.48)% | | 3.79% |
| Russell 2000 Growth Index | | (7.63)% | | 2.68% | | 4.65% |
| | | | | | | |
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. 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, 2023 (Unaudited)
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, 2023. Before March 28, 2018, the Fund followed different investment strategies and was managed by different portfolio managers. Prior 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, 2023 (Unaudited) (Continued)
PERFORMANCE COMPARISON AS OF 10/31/23
AVERAGE ANNUAL TOTAL RETURNS
| | | 1 YEAR | | 5 YEARS | | 10 YEARS |
| Class A | | (1.80)% | | 4.15% | | 2.19% |
| Class B | | (1.40)% | | 4.95% | | 2.38% |
| Class C | | 1.67% | | 4.41% | | 1.92% |
| Class I | | 3.60% | | 5.41% | | 2.89% |
| Class Z | | 4.12% | | 5.74% | | 3.19% |
| MSCI AC World Index ex USA | | 12.66% | | 3.96% | | 3.03% |
| | | | | | | |
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 August 15, 2018 the Fund was named “Alger International Growth Fund.” Performance prior to March 28, 2018 reflects this prior management style 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 approximately 0.02% and 0.01% to its five and ten year annual returns, respectively. |
ALGER HEALTH SCIENCES FUND*
Fund Highlights Through October 31, 2023 (Unaudited)
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, 2023. 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, 2023 (Unaudited) (Continued)
PERFORMANCE COMPARISON AS OF 10/31/23
AVERAGE ANNUAL TOTAL RETURNS
| | | 1 YEAR | | 5 YEARS | | 10 YEARS |
| Class A | | (17.22)% | | 0.30% | | 7.30% |
| Class C | | (14.25)% | | 0.60% | | 7.05% |
| Russell 3000 Healthcare Index | | (5.47)% | | 7.69% | | 10.36% |
| S&P 500 Index | | 10.14% | | 11.01% | | 11.18% |
| | | | | | | |
| | | 1 YEAR | | 5 YEARS | | Since
Inception |
| Class Z (Inception 5/28/15) | | (12.29)% | | 1.74% | | 4.82% |
| Russell 3000 Healthcare Index | | (5.47)% | | 7.69% | | 7.29% |
| S&P 500 Index | | 10.14% | | 11.01% | | 10.45% |
| | | | | | | |
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, 2023 (Unaudited)
| SECTORS | | Alger Capital
Appreciation Fund | | Alger 35 Fund | | Alger Growth &
Income Fund | | Alger Mid Cap Growth
Fund |
| Communication Services | | | 14.9 | % | | | 19.1 | % | | | 8.9 | % | | | 6.7 | % |
| Consumer Discretionary | | | 12.5 | | | | 16.2 | | | | 7.0 | | | | 10.9 | |
| Consumer Staples | | | 0.0 | | | | 0.0 | | | | 6.9 | | | | 1.6 | |
| Energy | | | 3.5 | | | | 10.7 | | | | 5.6 | | | | 3.7 | |
| Financials | | | 5.2 | | | | 1.5 | | | | 11.5 | | | | 8.5 | |
| Healthcare | | | 13.1 | | | | 10.9 | | | | 13.2 | | | | 15.4 | |
| Industrials | | | 7.2 | | | | 4.3 | | | | 5.9 | | | | 18.6 | |
| Information Technology | | | 41.1 | | | | 34.9 | | | | 29.7 | | | | 26.4 | |
| Materials | | | 1.4 | | | | 0.0 | | | | 2.2 | | | | 2.1 | |
| Real Estate | | | 0.0 | | | | 0.0 | | | | 2.7 | | | | 5.1 | |
| Utilities | | | 0.0 | | | | 0.0 | | | | 1.7 | | | | 0.0 | |
| Short-Term Investments and Net Other Assets | | | 1.1 | | | | 2.4 | | | | 4.7 | | | | 1.0 | |
| | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % |
| SECTORS | | Alger Mid Cap Focus Fund | | Alger Weatherbie Specialized Growth Fund | | Alger Small Cap Growth Fund | | Alger Small Cap Focus Fund |
| Communication Services | | | 6.8 | % | | | 0.0 | % | | | 4.5 | % | | | 0.0 | % |
| Consumer Discretionary | | | 8.7 | | | | 6.6 | | | | 11.8 | | | | 3.6 | |
| Consumer Staples | | | 1.6 | | | | 0.2 | | | | 3.5 | | | | 1.5 | |
| Energy | | | 4.6 | | | | 2.5 | | | | 4.9 | | | | 2.8 | |
| Financials | | | 0.0 | | | | 14.4 | | | | 3.4 | | | | 0.0 | |
| Healthcare | | | 18.9 | | | | 27.5 | | | | 31.4 | | | | 37.7 | |
| Industrials | | | 12.2 | | | | 19.4 | | | | 10.6 | | | | 9.4 | |
| Information Technology | | | 45.9 | | | | 20.1 | | | | 28.4 | | | | 45.6 | |
| Materials | | | 2.0 | | | | 0.0 | | | | 1.1 | | | | 1.2 | |
| Real Estate | | | 0.0 | | | | 5.9 | | | | 0.0 | | | | 0.0 | |
| Short-Term Investments and Net Other Assets | | | (0.7 | ) | | | 3.4 | | | | 0.4 | | | | (1.8 | ) |
| | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % |
| SECTORS | | Alger Health Sciences
Fund |
| Financials | | | 0.2 | % |
| Healthcare | | | 95.0 | |
Short-Term Investments and Net Other Assets | | | 4.8 | |
| | | | 100.0 | % |
PORTFOLIO SUMMARY†
October 31, 2023 (Unaudited) (Continued)
| COUNTRY | | Alger International
Focus Fund |
| Argentina | | | 2.7 | % |
| Australia | | | 4.7 | |
| Brazil | | | 6.5 | |
| China | | | 6.6 | |
| Denmark | | | 3.1 | |
| France | | | 12.8 | |
| Germany | | | 6.6 | |
| Greece | | | 1.9 | |
| Hong Kong | | | 2.1 | |
| India | | | 7.8 | |
| Ireland | | | 2.4 | |
| Italy | | | 6.1 | |
| Japan | | | 6.8 | |
| Mexico | | | 0.5 | |
| Netherlands | | | 5.1 | |
| Norway | | | 1.1 | |
| Saudi Arabia | | | 3.1 | |
| Spain | | | 2.2 | |
| Sweden | | | 1.9 | |
| Switzerland | | | 4.4 | |
| United Kingdom | | | 4.7 | |
| United States | | | 3.2 | |
| Short-Term Investments, Cash and Net Other Assets | | | 3.7 | |
| | | | 100.0 | % |
| † | Based on net assets for each Fund. |
THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments October 31, 2023
| COMMON STOCKS—98.6% | | SHARES | | | VALUE | |
| ADVERTISING—0.7% | | | | | | | | |
| The Trade Desk, Inc., Cl. A* | | | 146,267 | | | $ | 10,379,106 | |
| AEROSPACE & DEFENSE—2.8% | | | | | | | | |
| HEICO Corp. | | | 88,271 | | | | 13,983,009 | |
| TransDigm Group, Inc.* | | | 35,951 | | | | 29,770,664 | |
| | | | | | | | 43,753,673 | |
| APPLICATION SOFTWARE—4.0% | | | | | | | | |
| Adobe, Inc.* | | | 66,230 | | | | 35,238,334 | |
| Cadence Design Systems, Inc.* | | | 53,844 | | | | 12,914,483 | |
| Intuit, Inc. | | | 29,511 | | | | 14,606,470 | |
| | | | | | | | 62,759,287 | |
| AUTOMOBILE MANUFACTURERS—1.4% | | | | | | | | |
| Rivian Automotive, Inc., Cl. A* | | | 67,284 | | | | 1,091,346 | |
| Tesla, Inc.* | | | 106,538 | | | | 21,397,092 | |
| | | | | | | | 22,488,438 | |
| AUTOMOTIVE PARTS & EQUIPMENT—0.4% | | | | | | | | |
| Mobileye Global, Inc., Cl. A* | | | 176,085 | | | | 6,280,952 | |
| BIOTECHNOLOGY—4.0% | | | | | | | | |
| Amgen, Inc. | | | 51,531 | | | | 13,176,477 | |
| Natera, Inc.* | | | 458,723 | | | | 18,105,797 | |
| Regeneron Pharmaceuticals, Inc.* | | | 9,993 | | | | 7,793,441 | |
| Vaxcyte, Inc.* | | | 261,175 | | | | 12,562,517 | |
| Vertex Pharmaceuticals, Inc.* | | | 32,981 | | | | 11,942,750 | |
| | | | | | | | 63,580,982 | |
| BROADLINE RETAIL—8.7% | | | | | | | | |
| Amazon.com, Inc.* | | | 850,895 | | | | 113,245,615 | |
| MercadoLibre, Inc.* | | | 19,863 | | | | 24,644,819 | |
| | | | | | | | 137,890,434 | |
| CARGO GROUND TRANSPORTATION—0.4% | | | | | | | | |
| Old Dominion Freight Line, Inc. | | | 17,611 | | | | 6,633,359 | |
| CASINOS & GAMING—1.2% | | | | | | | | |
| DraftKings, Inc., Cl. A* | | | 364,153 | | | | 10,057,906 | |
| Flutter Entertainment PLC* | | | 55,553 | | | | 8,725,827 | |
| | | | | | | | 18,783,733 | |
| CONSTRUCTION & ENGINEERING—0.5% | | | | | | | | |
| Quanta Services, Inc. | | | 51,572 | | | | 8,618,713 | |
| CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.5% |
| Wabtec Corp. | | | 76,207 | | | | 8,079,466 | |
| CONSTRUCTION MATERIALS—1.1% | | | | | | | | |
| Martin Marietta Materials, Inc. | | | 42,362 | | | | 17,323,516 | |
| DIVERSIFIED SUPPORT SERVICES—0.2% | | | | | | | | |
| Cintas Corp. | | | 6,948 | | | | 3,523,470 | |
| ELECTRICAL COMPONENTS & EQUIPMENT—1.2% | | | | | | | | |
| Eaton Corp., PLC | | | 30,877 | | | | 6,419,637 | |
| Vertiv Holdings Co., Cl. A | | | 320,223 | | | | 12,575,157 | |
| | | | | | | | 18,994,794 | |
THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments October 31, 2023 (Continued)
| COMMON STOCKS—98.6% (CONT.) | | SHARES | | | VALUE | |
| ENVIRONMENTAL & FACILITIES SERVICES—1.1% | | | | | | | | |
| GFL Environmental, Inc. | | | 559,306 | | | $ | 16,119,199 | |
| Veralto Corp.* | | | 24,965 | | | | 1,722,585 | |
| | | | | | | | 17,841,784 | |
| FINANCIAL EXCHANGES & DATA—2.2% | | | | | | | | |
| CME Group, Inc., Cl. A | | | 61,672 | | | | 13,164,505 | |
| S&P Global, Inc. | | | 61,336 | | | | 21,425,278 | |
| | | | | | | | 34,589,783 | |
| HEALTHCARE DISTRIBUTORS—1.1% | | | | | | | | |
| McKesson Corp. | | | 39,472 | | | | 17,973,970 | |
| HEALTHCARE EQUIPMENT—2.8% | | | | | | | | |
| Boston Scientific Corp.* | | | 349,448 | | | | 17,888,243 | |
| Dexcom, Inc.* | | | 149,040 | | | | 13,239,223 | |
| Intuitive Surgical, Inc.* | | | 44,479 | | | | 11,663,284 | |
| TransMedics Group, Inc.* | | | 28,786 | | | | 1,078,899 | |
| | | | | | | | 43,869,649 | |
| HEALTHCARE FACILITIES—0.8% | | | | | | | | |
| Acadia Healthcare Co., Inc.* | | | 181,097 | | | | 13,312,441 | |
| HOTELS RESORTS & CRUISE LINES—0.8% | | | | | | | | |
| Booking Holdings, Inc.* | | | 1,744 | | | | 4,864,993 | |
| Trip.com Group Ltd.#,* | | | 232,973 | | | | 7,921,082 | |
| | | | | | | | 12,786,075 | |
| INDUSTRIAL GASES—0.3% | | | | | | | | |
| Air Products & Chemicals, Inc. | | | 18,701 | | | | 5,281,910 | |
| INTERACTIVE MEDIA & SERVICES—11.5% | | | | | | | | |
| Alphabet, Inc., Cl. C* | | | 628,538 | | | | 78,755,811 | |
| Meta Platforms, Inc., Cl. A* | | | 284,491 | | | | 85,708,604 | |
| Pinterest, Inc., Cl. A* | | | 582,311 | | | | 17,399,453 | |
| | | | | | | | 181,863,868 | |
| INTERNET SERVICES & INFRASTRUCTURE—0.6% | | | | | | | | |
| MongoDB, Inc., Cl. A* | | | 26,009 | | | | 8,962,441 | |
| LIFE SCIENCES TOOLS & SERVICES—0.9% | | | | | | | | |
| Danaher Corp. | | | 70,350 | | | | 13,508,607 | |
| MANAGED HEALTHCARE—2.3% | | | | | | | | |
| Humana, Inc. | | | 32,868 | | | | 17,212,643 | |
| UnitedHealth Group, Inc. | | | 37,314 | | | | 19,983,886 | |
| | | | | | | | 37,196,529 | |
| MOVIES & ENTERTAINMENT—2.7% | | | | | | | | |
| Liberty Media Corp. Series C Liberty Formula One* | | | 183,029 | | | | 11,840,146 | |
| Netflix, Inc.* | | | 64,963 | | | | 26,744,617 | |
| Spotify Technology SA* | | | 25,384 | | | | 4,182,268 | |
| | | | | | | | 42,767,031 | |
THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments October 31, 2023 (Continued)
| COMMON STOCKS—98.6% (CONT.) | | SHARES | | | VALUE | |
| OIL & GAS EQUIPMENT & SERVICES—1.1% | | | | | | | | |
| Schlumberger NV | | | 298,632 | | | $ | 16,621,857 | |
| OIL & GAS EXPLORATION & PRODUCTION—1.8% | | | | | | | | |
| Diamondback Energy, Inc. | | | 60,367 | | | | 9,678,037 | |
| Hess Corp. | | | 55,404 | | | | 8,000,338 | |
| Pioneer Natural Resources Co. | | | 43,003 | | | | 10,277,717 | |
| | | | | | | | 27,956,092 | |
| OIL & GAS STORAGE & TRANSPORTATION—0.6% | | | | | | | | |
| Cheniere Energy, Inc. | | | 61,155 | | | | 10,177,415 | |
| PASSENGER GROUND TRANSPORTATION—0.5% | | | | | | | | |
| Uber Technologies, Inc.* | | | 187,044 | | | | 8,095,264 | |
| PHARMACEUTICALS—1.2% | | | | | | | | |
| Eli Lilly & Co. | | | 35,394 | | | | 19,605,798 | |
| SEMICONDUCTORS—11.9% | | | | | | | | |
| Advanced Micro Devices, Inc.* | | | 129,661 | | | | 12,771,608 | |
| Broadcom, Inc. | | | 18,586 | | | | 15,637,703 | |
| Marvell Technology, Inc. | | | 524,868 | | | | 24,784,267 | |
| NVIDIA Corp. | | | 292,101 | | | | 119,118,788 | |
| Taiwan Semiconductor Manufacturing Co., Ltd.# | | | 192,731 | | | | 16,634,613 | |
| | | | | | | | 188,946,979 | |
| SYSTEMS SOFTWARE—16.6% | | | | | | | | |
| Microsoft Corp. | | | 708,830 | | | | 239,662,511 | |
| Oracle Corp. | | | 31,827 | | | | 3,290,912 | |
| Palo Alto Networks, Inc.* | | | 5,950 | | | | 1,445,969 | |
| ServiceNow, Inc.* | | | 32,091 | | | | 18,672,149 | |
| | | | | | | | 263,071,541 | |
| TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.7% |
| Apple, Inc. | | | 662,853 | | | | 113,195,407 | |
| Dell Technologies, Inc., Cl. C | | | 120,855 | | | | 8,086,408 | |
| | | | | | | | 121,281,815 | |
| TRANSACTION & PAYMENT PROCESSING SERVICES—3.0% |
| Visa, Inc., Cl. A | | | 199,261 | | | | 46,846,261 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $896,279,978) | | | | | | | 1,561,647,033 | |
| PREFERRED STOCKS—0.1% | | | SHARES | | | | VALUE | |
| DATA PROCESSING & OUTSOURCED SERVICES—0.1% | | | | | | | | |
| Chime Financial, Inc., Series G*,@,(a) | | | 27,841 | | | | 1,049,884 | |
| (Cost $1,922,972) | | | | | | | 1,049,884 | |
| SPECIAL PURPOSE VEHICLE—0.2% | | | | | | | VALUE | |
| DATA PROCESSING & OUTSOURCED SERVICES—0.2% | | | | | | | | |
| Crosslink Ventures C, LLC, Cl. A*,@,(a),(b) | | | | | | | 2,555,109 | |
| (Cost $2,775,000) | | | | | | | 2,555,109 | |
THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND
Schedule of Investments October 31, 2023 (Continued)
| | | | | | VALUE | |
| Total Investments | | | | | | | | |
| (Cost $900,977,950) | | | 98.9 | % | | $ | 1,565,252,026 | |
| Affiliated Securities (Cost $2,775,000) | | | | | | | 2,555,109 | |
| Unaffiliated Securities (Cost $898,202,950) | | | | | | | 1,562,696,917 | |
| Other Assets in Excess of Liabilities | | | 1.1 | % | | | 18,062,601 | |
| NET ASSETS | | | 100.0 | % | | $ | 1,583,314,627 | |
| # | 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 10/31/2023 | |
| Chime Financial, Inc., Series G | | 8/24/21 | | $ | 1,922,972 | | | | 0.06 | % | | $ | 1,049,884 | | | | 0.07 | % |
| Crosslink Ventures C, LLC, Cl. A | | 10/2/20 | | | 2,775,000 | | | | 0.08 | % | | | 2,555,109 | | | | 0.16 | % |
| Total | | | | | | | | | | | | $ | 3,604,993 | | | | 0.23 | % |
See Notes to Financial Statements.
THE ALGER FUNDS | ALGER 35 FUND
Schedule of Investments October 31, 2023
| COMMON STOCKS—97.6% | | SHARES | | | VALUE | |
| ADVERTISING—2.1% | | | | | | | | |
| The Trade Desk, Inc., Cl. A* | | | 7,517 | | | $ | 533,406 | |
| AEROSPACE & DEFENSE—1.8% | | | | | | | | |
| HEICO Corp., Cl. A | | | 3,582 | | | | 455,380 | |
| APPAREL RETAIL—0.9% | | | | | | | | |
| Burlington Stores, Inc.* | | | 1,958 | | | | 236,977 | |
| APPLICATION SOFTWARE—4.0% | | | | | | | | |
| AppFolio, Inc., Cl. A* | | | 5,401 | | | | 1,013,065 | |
| BIOTECHNOLOGY—5.4% | | | | | | | | |
| Amgen, Inc. | | | 1,910 | | | | 488,387 | |
| Cabaletta Bio, Inc.* | | | 37,609 | | | | 536,304 | |
| Natera, Inc.* | | | 9,042 | | | | 356,888 | |
| | | | | | | | 1,381,579 | |
| BROADLINE RETAIL—9.0% | | | | | | | | |
| Amazon.com, Inc.* | | | 12,413 | | | | 1,652,046 | |
| MercadoLibre, Inc.* | | | 521 | | | | 646,426 | |
| | | | | | | | 2,298,472 | |
| CABLE & SATELLITE—1.8% | | | | | | | | |
| Charter Communications, Inc., Cl. A* | | | 1,167 | | | | 470,067 | |
| CASINOS & GAMING—2.9% | | | | | | | | |
| DraftKings, Inc., Cl. A* | | | 26,561 | | | | 733,615 | |
| COMMUNICATIONS EQUIPMENT—1.7% | | | | | | | | |
| Arista Networks, Inc.* | | | 2,137 | | | | 428,191 | |
| ELECTRONIC EQUIPMENT & INSTRUMENTS—2.0% | | | | | | | | |
| 908 Devices, Inc.* | | | 87,931 | | | | 521,431 | |
| FINANCIAL EXCHANGES & DATA—1.5% | | | | | | | | |
| Cboe Global Markets, Inc. | | | 2,423 | | | | 397,105 | |
| HEALTHCARE EQUIPMENT—1.8% | | | | | | | | |
| Impulse Dynamics PLC, Class E*,@,(a) | | | 164,939 | | | | 470,076 | |
| HOTELS RESORTS & CRUISE LINES—3.4% | | | | | | | | |
| Booking Holdings, Inc.* | | | 85 | | | | 237,112 | |
| Lindblad Expeditions Holdings, Inc.* | | | 102,244 | | | | 635,958 | |
| | | | | | | | 873,070 | |
| INTERACTIVE MEDIA & SERVICES—10.3% | | | | | | | | |
| Alphabet, Inc., Cl. A* | | | 4,042 | | | | 501,531 | |
| Meta Platforms, Inc., Cl. A* | | | 4,606 | | | | 1,387,650 | |
| Pinterest, Inc., Cl. A* | | | 25,217 | | | | 753,484 | |
| | | | | | | | 2,642,665 | |
| INTERNET SERVICES & INFRASTRUCTURE—2.1% | | | | | | | | |
| MongoDB, Inc., Cl. A* | | | 761 | | | | 262,233 | |
| Shopify, Inc., Cl. A* | | | 5,919 | | | | 279,318 | |
| | | | | | | | 541,551 | |
| MOVIES & ENTERTAINMENT—4.9% | | | | | | | | |
| Netflix, Inc.* | | | 1,719 | | | | 707,695 | |
| Spotify Technology SA* | | | 3,304 | | | | 544,367 | |
| | | | | | | | 1,252,062 | |
| OIL & GAS EQUIPMENT & SERVICES—5.8% | | | | | | | | |
| Schlumberger NV | | | 26,589 | | | | 1,479,944 | |
THE ALGER FUNDS | ALGER 35 FUND
Schedule of Investments October 31, 2023 (Continued)
| COMMON STOCKS—97.6% (CONT.) | | SHARES | | | VALUE | |
| OIL & GAS EXPLORATION & PRODUCTION—4.9% | | | | | | | | |
| Pioneer Natural Resources Co. | | | 5,270 | | | $ | 1,259,530 | |
| PASSENGER GROUND TRANSPORTATION—2.5% | | | | | | | | |
| Uber Technologies, Inc.* | | | 14,803 | | | | 640,674 | |
| PHARMACEUTICALS—3.7% | | | | | | | | |
| Eli Lilly & Co. | | | 1,729 | | | | 957,745 | |
| SEMICONDUCTORS—12.7% | | | | | | | | |
| Advanced Micro Devices, Inc.* | | | 2,637 | | | | 259,744 | |
| Marvell Technology, Inc. | | | 4,972 | | | | 234,778 | |
| NVIDIA Corp. | | | 6,140 | | | | 2,503,892 | |
| Rambus, Inc.* | | | 4,660 | | | | 253,178 | |
| | | | | | | | 3,251,592 | |
| SYSTEMS SOFTWARE—12.4% | | | | | | | | |
| Microsoft Corp. | | | 6,982 | | | | 2,360,684 | |
| Zscaler, Inc.* | | | 5,182 | | | | 822,332 | |
| | | | | | | | 3,183,016 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $24,470,015) | | | | | | | 25,021,213 | |
| Total Investments | | | | | | | | |
| (Cost $24,470,015) | | | 97.6 | % | | $ | 25,021,213 | |
| Unaffiliated Securities (Cost $24,470,015) | | | | | | | 25,021,213 | |
| Other Assets in Excess of Liabilities | | | 2.4 | % | | | 619,310 | |
| NET ASSETS | | | 100.0 | % | | $ | 25,640,523 | |
| * | Non-income producing security. |
| (a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee (as defined in Note 2). |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers. |
| Security | | Acquisition Date(s) | | Acquisition Cost | | | % of net assets
(Acquisition Date) | | | Market
Value | | | % of net assets as of 10/31/2023 | |
| Impulse Dynamics PLC, Class E | | 6/2/23 | | $ | 544,299 | | | | 1.97 | % | | $ | 470,076 | | | | 1.83 | % |
| Total | | | | | | | | | | | | $ | 470,076 | | | | 1.83 | % |
See Notes to Financial Statements.
THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments October 31, 2023
| COMMON STOCKS—91.6% | | SHARES | | | VALUE | |
| AEROSPACE & DEFENSE—1.1% | | | | | | | | |
| General Dynamics Corp. | | | 5,161 | | | $ | 1,245,401 | |
| TransDigm Group, Inc.* | | | 2,910 | | | | 2,409,742 | |
| | | | | | | | 3,655,143 | |
| APPLICATION SOFTWARE—1.2% | | | | | | | | |
| Adobe, Inc.* | | | 7,270 | | | | 3,868,076 | |
| ASSET MANAGEMENT & CUSTODY BANKS—2.5% | | | | | | | | |
| BlackRock, Inc., Cl. A | | | 6,750 | | | | 4,132,890 | |
| Blackstone, Inc. | | | 34,194 | | | | 3,157,816 | |
| The Carlyle Group, Inc. | | | 28,838 | | | | 794,198 | |
| | | | | | | | 8,084,904 | |
| BIOTECHNOLOGY—3.1% | | | | | | | | |
| AbbVie, Inc. | | | 47,888 | | | | 6,760,828 | |
| Amgen, Inc. | | | 7,450 | | | | 1,904,965 | |
| Gilead Sciences, Inc. | | | 16,572 | | | | 1,301,565 | |
| | | | | | | | 9,967,358 | |
| BROADLINE RETAIL—2.4% | | | | | | | | |
| Amazon.com, Inc.* | | | 58,683 | | | | 7,810,121 | |
| BUILDING PRODUCTS—0.4% | | | | | | | | |
| Johnson Controls International PLC | | | 27,591 | | | | 1,352,511 | |
| CABLE & SATELLITE—1.1% | | | | | | | | |
| Comcast Corp., Cl. A | | | 87,118 | | | | 3,597,102 | |
| COMMODITY CHEMICALS—0.3% | | | | | | | | |
| Dow, Inc. | | | 16,874 | | | | 815,689 | |
| COMMUNICATIONS EQUIPMENT—1.1% | | | | | | | | |
| Cisco Systems, Inc. | | | 64,544 | | | | 3,364,679 | |
| CONSUMER ELECTRONICS—0.4% | | | | | | | | |
| Garmin Ltd. | | | 13,701 | | | | 1,404,764 | |
| CONSUMER STAPLES MERCHANDISE RETAIL—0.9% |
| Walmart, Inc. | | | 16,865 | | | | 2,755,910 | |
| COPPER—0.5% | | | | | | | | |
| Southern Copper Corp. | | | 24,207 | | | | 1,716,276 | |
| DIVERSIFIED BANKS—3.8% | | | | | | | | |
| Bank of America Corp. | | | 119,052 | | | | 3,135,830 | |
| JPMorgan Chase & Co. | | | 65,009 | | | | 9,040,151 | |
| | | | | | | | 12,175,981 | |
| ELECTRIC UTILITIES—0.5% | | | | | | | | |
| NextEra Energy, Inc. | | | 27,588 | | | | 1,608,380 | |
| ELECTRICAL COMPONENTS & EQUIPMENT—1.7% | | | | | | | | |
| Eaton Corp., PLC | | | 26,751 | | | | 5,561,800 | |
| FINANCIAL EXCHANGES & DATA—1.1% | | | | | | | | |
| CME Group, Inc., Cl. A | | | 17,081 | | | | 3,646,110 | |
| FOOD DISTRIBUTORS—0.5% | | | | | | | | |
| Sysco Corp. | | | 23,111 | | | | 1,536,650 | |
| GOLD—0.2% | | | | | | | | |
| Newmont Corp. | | | 16,811 | | | | 629,908 | |
| HEALTHCARE DISTRIBUTORS—0.7% | | | | | | | | |
| Cardinal Health, Inc. | | | 22,877 | | | | 2,081,807 | |
THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments October 31, 2023 (Continued)
| COMMON STOCKS—91.6% (CONT.) | | SHARES | | | VALUE | |
| HEALTHCARE EQUIPMENT—0.5% | | | | | | | | |
| Medtronic PLC | | | 21,661 | | | $ | 1,528,400 | |
| HOME IMPROVEMENT RETAIL—2.3% | | | | | | | | |
| The Home Depot, Inc. | | | 25,325 | | | | 7,209,774 | |
| HOUSEHOLD PRODUCTS—1.6% | | | | | | | | |
| The Procter & Gamble Co. | | | 34,108 | | | | 5,117,223 | |
| INDUSTRIAL CONGLOMERATES—1.6% | | | | | | | | |
| Honeywell International, Inc. | | | 28,196 | | | | 5,167,199 | |
| INDUSTRIAL GASES—1.2% | | | | | | | | |
| Air Products & Chemicals, Inc. | | | 13,611 | | | | 3,844,291 | |
| INTEGRATED OIL & GAS—4.0% | | | | | | | | |
| Chevron Corp. | | | 36,643 | | | | 5,339,984 | |
| Exxon Mobil Corp. | | | 43,030 | | | | 4,554,726 | |
| TotalEnergies SE# | | | 44,074 | | | | 2,935,328 | |
| | | | | | | | 12,830,038 | |
| INTEGRATED TELECOMMUNICATION SERVICES—0.8% | | | | | | | | |
| Verizon Communications, Inc. | | | 73,603 | | | | 2,585,673 | |
| INTERACTIVE MEDIA & SERVICES—7.0% | | | | | | | | |
| Alphabet, Inc., Cl. A* | | | 83,368 | | | | 10,344,301 | |
| Alphabet, Inc., Cl. C* | | | 65,999 | | | | 8,269,675 | |
| Meta Platforms, Inc., Cl. A* | | | 13,239 | | | | 3,988,514 | |
| | | | | | | | 22,602,490 | |
| INVESTMENT BANKING & BROKERAGE—1.7% | | | | | | | | |
| Morgan Stanley | | | 76,835 | | | | 5,441,455 | |
| LEISURE FACILITIES—0.4% | | | | | | | | |
| Vail Resorts, Inc. | | | 6,054 | | | | 1,284,962 | |
| MANAGED HEALTHCARE—3.0% | | | | | | | | |
| UnitedHealth Group, Inc. | | | 17,982 | | | | 9,630,440 | |
| MULTI-LINE INSURANCE—0.6% | | | | | | | | |
| The Hartford Financial Services Group, Inc. | | | 24,060 | | | | 1,767,207 | |
| MULTI-UTILITIES—1.2% | | | | | | | | |
| Consolidated Edison, Inc. | | | 20,076 | | | | 1,762,472 | |
| Sempra Energy | | | 28,198 | | | | 1,974,706 | |
| | | | | | | | 3,737,178 | |
| OIL & GAS EXPLORATION & PRODUCTION—0.6% | | | | | | | | |
| Pioneer Natural Resources Co. | | | 7,593 | | | | 1,814,727 | |
| OIL & GAS STORAGE & TRANSPORTATION—0.4% | | | | | | | | |
| ONEOK, Inc. | | | 21,700 | | | | 1,414,840 | |
| PERSONAL CARE PRODUCTS—0.3% | | | | | | | | |
| Kenvue, Inc. | | | 42,884 | | | | 797,642 | |
| PHARMACEUTICALS—5.9% | | | | | | | | |
| AstraZeneca PLC# | | | 42,175 | | | | 2,666,725 | |
| Bristol-Myers Squibb Co. | | | 25,520 | | | | 1,315,045 | |
| Eli Lilly & Co. | | | 8,460 | | | | 4,686,248 | |
| GSK PLC# | | | 25,088 | | | | 895,642 | |
| Johnson & Johnson | | | 24,556 | | | | 3,642,637 | |
| Merck & Co., Inc. | | | 23,180 | | | | 2,380,586 | |
| Novartis AG# | | | 14,930 | | | | 1,397,149 | |
THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments October 31, 2023 (Continued)
| COMMON STOCKS—91.6% (CONT.) | | SHARES | | | VALUE | |
| PHARMACEUTICALS—5.9% (CONT.) | | | | | | | | |
| Pfizer, Inc. | | | 59,637 | | | $ | 1,822,507 | |
| | | | | | | | 18,806,539 | |
| RAIL TRANSPORTATION—0.6% | | | | | | | | |
| Union Pacific Corp. | | | 9,944 | | | | 2,064,474 | |
| RESTAURANTS—1.5% | | | | | | | | |
| McDonald’s Corp. | | | 10,375 | | | | 2,720,014 | |
| Starbucks Corp. | | | 22,945 | | | | 2,116,447 | |
| | | | | | | | 4,836,461 | |
| SEMICONDUCTOR MATERIALS & EQUIPMENT—2.9% | | | | | | | | |
| KLA Corp. | | | 19,709 | | | | 9,257,317 | |
| SEMICONDUCTORS—5.2% | | | | | | | | |
| Broadcom, Inc. | | | 12,924 | | | | 10,873,866 | |
| QUALCOMM, Inc. | | | 34,891 | | | | 3,802,770 | |
| Taiwan Semiconductor Manufacturing Co., Ltd.# | | | 23,422 | | | | 2,021,553 | |
| | | | | | | | 16,698,189 | |
| SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.5% | | | | | | | | |
| PepsiCo, Inc. | | | 28,373 | | | | 4,632,743 | |
| The Coca-Cola Co. | | | 62,552 | | | | 3,533,563 | |
| | | | | | | | 8,166,306 | |
| SYSTEMS SOFTWARE—10.4% | | | | | | | | |
| Microsoft Corp. | | | 93,990 | | | | 31,778,959 | |
| Oracle Corp. | | | 14,614 | | | | 1,511,088 | |
| | | | | | | | 33,290,047 | |
| TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.9% |
| Apple, Inc. | | | 155,398 | | | | 26,537,316 | |
| Dell Technologies, Inc., Cl. C | | | 28,791 | | | | 1,926,406 | |
| | | | | | | | 28,463,722 | |
| TOBACCO—1.1% | | | | | | | | |
| Altria Group, Inc. | | | 47,999 | | | | 1,928,120 | |
| Philip Morris International, Inc. | | | 19,614 | | | | 1,748,784 | |
| | | | | | | | 3,676,904 | |
| TRADING COMPANIES & DISTRIBUTORS—0.5% | | | | | | | | |
| Ferguson PLC | | | 9,700 | | | | 1,456,940 | |
| TRANSACTION & PAYMENT PROCESSING SERVICES—1.4% |
| Visa, Inc., Cl. A | | | 19,475 | | | | 4,578,573 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $196,377,544) | | | | | | | 293,702,180 | |
| MASTER LIMITED PARTNERSHIP—0.6% | | | SHARES | | | | VALUE | |
| OIL & GAS STORAGE & TRANSPORTATION—0.6% | | | | | | | | |
| Cheniere Energy Partners LP | | | 35,211 | | | | 1,963,366 | |
| (Cost $1,508,792) | | | | | | | 1,963,366 | |
| REAL ESTATE INVESTMENT TRUST—3.1% | | | SHARES | | | | VALUE | |
| HEALTHCARE—0.6% | | | | | | | | |
| Welltower, Inc. | | | 24,010 | | | | 2,007,476 | |
| INDUSTRIAL—0.4% | | | | | | | | |
| Prologis, Inc. | | | 11,480 | | | | 1,156,610 | |
| MORTGAGE—0.4% | | | | | | | | |
| Blackstone Mortgage Trust, Inc., Cl. A(a) | | | 67,406 | | | | 1,344,750 | |
THE ALGER FUNDS | ALGER GROWTH & INCOME FUND
Schedule of Investments October 31, 2023 (Continued)
| REAL ESTATE INVESTMENT TRUST—3.1% (CONT.) | | SHARES | | | VALUE | |
| RETAIL—0.6% |
| Simon Property Group, Inc. | | | 18,684 | | | $ | 2,053,185 | |
| SPECIALIZED—0.5% |
| Lamar Advertising Co., Cl. A | | | 19,469 | | | | 1,601,715 | |
| TELECOM TOWER—0.6% |
| Crown Castle, Inc. | | | 20,830 | | | | 1,936,773 | |
| TOTAL REAL ESTATE INVESTMENT TRUST |
| (Cost $11,239,200) | | | | | | | 10,100,509 | |
| SHORT—TERM INVESTMENTS—1.9% | | | SHARES | | | | VALUE | |
| MONEY MARKET FUND—0.3% |
| Invesco Government & Agency Portfolio(b) | | | 1,023,499 | | | | 1,023,499 | |
| U.S. GOVERNMENT—1.6% |
| U.S. Treasury Bill, 0.00%, 11/2/23 | | | 5,000,000 | | | | 4,999,278 | |
| TOTAL SHORT—TERM INVESTMENTS |
| (Cost $6,022,777) | | | | | | | 6,022,777 | |
| Total Investments |
| (Cost $215,148,313) | | | 97.2 | % | | $ | 311,788,832 | |
| Unaffiliated Securities (Cost $215,148,313) | | | | | | | 311,788,832 | |
| Other Assets in Excess of Liabilities | | | 2.8 | % | | | 8,894,947 | |
| NET ASSETS | | | 100.0 | % | | $ | 320,683,779 | |
| (a) | All or portion of the security is on loan. |
| (b) | This security represents cash collateral received in connection with security lending agreements. |
| # | 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, 2023
| COMMON STOCKS—98.0% | | SHARES | | | VALUE | |
| ADVERTISING—2.4% | | | | | | | | |
| The Trade Desk, Inc., Cl. A* | | | 63,641 | | | $ | 4,515,965 | |
| AEROSPACE & DEFENSE—4.5% | | | | | | | | |
| HEICO Corp. | | | 29,099 | | | | 4,609,573 | |
| TransDigm Group, Inc.* | | | 4,837 | | | | 4,005,471 | |
| | | | | | | | 8,615,044 | |
| APPLICATION SOFTWARE—14.0% | | | | | | | | |
| Bill.com Holdings, Inc.* | | | 7,292 | | | | 665,687 | |
| Cadence Design Systems, Inc.* | | | 19,713 | | | | 4,728,163 | |
| Constellation Software, Inc. | | | 2,910 | | | | 5,834,082 | |
| Datadog, Inc., Cl. A* | | | 45,066 | | | | 3,671,527 | |
| Guidewire Software, Inc.* | | | 37,378 | | | | 3,368,879 | |
| Manhattan Associates, Inc.* | | | 16,495 | | | | 3,216,195 | |
| Procore Technologies, Inc.* | | | 35,046 | | | | 2,140,960 | |
| The Descartes Systems Group, Inc.* | | | 39,732 | | | | 2,871,913 | |
| | | | | | | | 26,497,406 | |
| ASSET MANAGEMENT & CUSTODY BANKS—2.2% | | | | | | | | |
| Ares Management Corp., Cl. A | | | 41,961 | | | | 4,136,935 | |
| AUTOMOTIVE PARTS & EQUIPMENT—0.5% | | | | | | | | |
| Mobileye Global, Inc., Cl. A* | | | 27,932 | | | | 996,335 | |
| AUTOMOTIVE RETAIL—1.8% | | | | | | | | |
| AutoZone, Inc.* | | | 1,362 | | | | 3,373,851 | |
| BIOTECHNOLOGY—2.4% | | | | | | | | |
| Natera, Inc.* | | | 82,101 | | | | 3,240,526 | |
| Vaxcyte, Inc.* | | | 28,727 | | | | 1,381,769 | |
| | | | | | | | 4,622,295 | |
| BUILDING PRODUCTS—0.5% | | | | | | | | |
| Trex Co., Inc.* | | | 18,329 | | | | 1,030,273 | |
| CARGO GROUND TRANSPORTATION—2.5% | | | | | | | | |
| Old Dominion Freight Line, Inc. | | | 12,587 | | | | 4,741,020 | |
| CONSTRUCTION & ENGINEERING—0.8% | | | | | | | | |
| WillScot Mobile Mini Holdings Corp.* | | | 36,801 | | | | 1,450,327 | |
| CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—1.8% |
| Wabtec Corp. | | | 32,838 | | | | 3,481,485 | |
| CONSTRUCTION MATERIALS—2.1% | | | | | | | | |
| Martin Marietta Materials, Inc. | | | 9,831 | | | | 4,020,289 | |
| CONSUMER STAPLES MERCHANDISE RETAIL—1.1% |
| BJ’s Wholesale Club Holdings, Inc.* | | | 30,087 | | | | 2,049,527 | |
| ELECTRICAL COMPONENTS & EQUIPMENT—1.0% | | | | | | | | |
| Vertiv Holdings Co., Cl. A | | | 50,716 | | | | 1,991,617 | |
| ELECTRONIC COMPONENTS—2.5% | | | | | | | | |
| Amphenol Corp., Cl. A | | | 57,845 | | | | 4,659,415 | |
| ELECTRONIC EQUIPMENT & INSTRUMENTS—1.0% | | | | | | | | |
| Novanta, Inc.* | | | 13,773 | | | | 1,818,862 | |
| ENVIRONMENTAL & FACILITIES SERVICES—3.0% | | | | | | | | |
| GFL Environmental, Inc. | | | 199,346 | | | | 5,745,152 | |
THE ALGER FUNDS | ALGER MID CAP GROWTH FUND
Schedule of Investments October 31, 2023 (Continued)
| COMMON STOCKS—98.0% (CONT.) | | SHARES | | | VALUE | |
| FINANCIAL EXCHANGES & DATA—3.0% | | | | | | | | |
| MarketAxess Holdings, Inc. | | | 4,511 | | | $ | 964,226 | |
| MSCI, Inc., Cl. A | | | 10,038 | | | | 4,733,419 | |
| | | | | | | | 5,697,645 | |
| HEALTHCARE EQUIPMENT—3.8% | | | | | | | | |
| Dexcom, Inc.* | | | 26,533 | | | | 2,356,927 | |
| IDEXX Laboratories, Inc.* | | | 10,322 | | | | 4,123,329 | |
| Insulet Corp.* | | | 5,665 | | | | 751,009 | |
| | | | | | | | 7,231,265 | |
| HEALTHCARE FACILITIES—1.8% | | | | | | | | |
| Acadia Healthcare Co., Inc.* | | | 46,580 | | | | 3,424,096 | |
| HEALTHCARE TECHNOLOGY—1.9% | | | | | | | | |
| Veeva Systems, Inc., Cl. A* | | | 18,328 | | | | 3,531,989 | |
| HOME IMPROVEMENT RETAIL—1.1% | | | | | | | | |
| Floor & Decor Holdings, Inc., Cl. A* | | | 24,173 | | | | 1,991,855 | |
| HOMEBUILDING—0.9% | | | | | | | | |
| NVR, Inc.* | | | 320 | | | | 1,732,038 | |
| HOTELS RESORTS & CRUISE LINES—2.1% | | | | | | | | |
| Hilton Worldwide Holdings, Inc. | | | 26,521 | | | | 4,018,727 | |
| HUMAN RESOURCE & EMPLOYMENT SERVICES—1.4% | | | | | | | | |
| Paycom Software, Inc. | | | 6,822 | | | | 1,671,185 | |
| Paylocity Holding Corp.* | | | 5,337 | | | | 957,458 | |
| | | | | | | | 2,628,643 | |
| INSURANCE BROKERS—1.5% | | | | | | | | |
| Ryan Specialty Holdings, Inc., Cl. A* | | | 66,100 | | | | 2,855,520 | |
| INTERACTIVE MEDIA & SERVICES—1.7% | | | | | | | | |
| Pinterest, Inc., Cl. A* | | | 105,307 | | | | 3,146,573 | |
| INTERNET SERVICES & INFRASTRUCTURE—2.1% | | | | | | | | |
| MongoDB, Inc., Cl. A* | | | 11,705 | | | | 4,033,426 | |
| IT CONSULTING & OTHER SERVICES—2.0% | | | | | | | | |
| Globant SA* | | | 22,234 | | | | 3,786,228 | |
| LIFE SCIENCES TOOLS & SERVICES—5.3% | | | | | | | | |
| Mettler-Toledo International, Inc.* | | | 1,467 | | | | 1,445,288 | |
| Repligen Corp.* | | | 29,280 | | | | 3,939,917 | |
| West Pharmaceutical Services, Inc. | | | 14,392 | | | | 4,580,830 | |
| | | | | | | | 9,966,035 | |
| MOVIES & ENTERTAINMENT—2.6% | | | | | | | | |
| Liberty Media Corp. Series C Liberty Formula One* | | | 47,388 | | | | 3,065,530 | |
| Spotify Technology SA* | | | 11,527 | | | | 1,899,188 | |
| | | | | | | | 4,964,718 | |
| OIL & GAS EXPLORATION & PRODUCTION—3.7% | | | | | | | | |
| Diamondback Energy, Inc. | | | 43,676 | | | | 7,002,136 | |
| OTHER SPECIALTY RETAIL—0.7% | | | | | | | | |
| Five Below, Inc.* | | | 7,701 | | | | 1,339,820 | |
| PROPERTY & CASUALTY INSURANCE—1.8% | | | | | | | | |
| Intact Financial Corp. | | | 24,237 | | | | 3,405,573 | |
THE ALGER FUNDS | ALGER MID CAP GROWTH FUND
Schedule of Investments October 31, 2023 (Continued)
| COMMON STOCKS—98.0% (CONT.) | | SHARES | | | VALUE | |
| REAL ESTATE SERVICES—5.1% | | | | | | | | |
| CoStar Group, Inc.* | | | 49,821 | | | $ | 3,657,360 | |
| FirstService Corp. | | | 43,165 | | | | 6,106,552 | |
| | | | | | | | 9,763,912 | |
| RESEARCH & CONSULTING SERVICES—3.1% | | | | | | | | |
| TransUnion | | | 10,621 | | | | 466,049 | |
| Verisk Analytics, Inc., Cl. A | | | 23,491 | | | | 5,340,914 | |
| | | | | | | | 5,806,963 | |
| RESTAURANTS—3.8% | | | | | | | | |
| Chipotle Mexican Grill, Inc., Cl. A* | | | 1,921 | | | | 3,730,966 | |
| Domino’s Pizza, Inc. | | | 10,448 | | | | 3,541,768 | |
| | | | | | | | 7,272,734 | |
| SEMICONDUCTORS—4.0% | | | | | | | | |
| Lattice Semiconductor Corp.* | | | 24,530 | | | | 1,364,113 | |
| Marvell Technology, Inc. | | | 86,370 | | | | 4,078,392 | |
| ON Semiconductor Corp.* | | | 33,116 | | | | 2,074,386 | |
| | | | | | | | 7,516,891 | |
| SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.5% | | | | | | | | |
| Celsius Holdings, Inc.* | | | 6,322 | | | | 961,513 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $179,393,402) | | | | | | | 185,824,098 | |
| PREFERRED STOCKS—0.0% | | | SHARES | | | | VALUE | |
| BIOTECHNOLOGY—0.0% | | | | | | | | |
| Prosetta Biosciences, Inc., Series D*,@,(a),(b) | | | 219,610 | | | | — | |
| (Cost $988,245) | | | | | | | — | |
| WARRANTS—0.0% | | | SHARES | | | | VALUE | |
| APPLICATION SOFTWARE—0.0% | | | | | | | | |
| Constellation Software, Inc., 3/31/40*,(a) | | | 2,045 | | | | — | |
| (Cost $0) | | | | | | | — | |
| RIGHTS—0.2% | | | SHARES | | | | VALUE | |
| BIOTECHNOLOGY—0.2% | | | | | | | | |
| Tolero CDR*,@,(a),(c) | | | 590,059 | | | | 401,240 | |
| (Cost $315,501) | | | | | | | 401,240 | |
| SPECIAL PURPOSE VEHICLE—0.8% | | | | | | | VALUE | |
| DATA PROCESSING & OUTSOURCED SERVICES—0.8% | | | | | | | | |
| Crosslink Ventures C, LLC, Cl. A*,@,(a),(b) | | | | | | | 1,104,912 | |
| Crosslink Ventures C, LLC, Cl. B*,@,(a),(b) | | | | | | | 437,361 | |
| | | | | | | | 1,542,273 | |
| TOTAL SPECIAL PURPOSE VEHICLE | | | | | | | | |
| (Cost $1,675,000) | | | | | | | 1,542,273 | |
| Total Investments | | | | | | | | |
| (Cost $182,372,148) | | | 99.0 | % | | $ | 187,767,611 | |
| Affiliated Securities (Cost $2,663,245) | | | | | | | 1,542,273 | |
| Unaffiliated Securities (Cost $179,708,903) | | | | | | | 186,225,338 | |
| Other Assets in Excess of Liabilities | | | 1.0 | % | | | 1,827,935 | |
| NET ASSETS | | | 100.0 | % | | $ | 189,595,546 | |
THE ALGER FUNDS | ALGER MID CAP GROWTH FUND
Schedule of Investments October 31, 2023 (Continued)
| (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 10/31/2023 | |
| Crosslink Ventures C, LLC, Cl. A | | 10/2/20 | | $ | 1,200,000 | | | | 0.50 | % | | $ | 1,104,912 | | | | 0.59 | % |
| Crosslink Ventures C, LLC, Cl. B | | 12/16/20 | | | 475,000 | | | | 0.19 | % | | | 437,361 | | | | 0.23 | % |
| Prosetta Biosciences, Inc., Series D | | 2/6/15 | | | 988,245 | | | | 0.50 | % | | | 0 | | | | 0.00 | % |
| Tolero CDR | | 2/6/17 | | | 315,501 | | | | 0.19 | % | | | 401,240 | | | | 0.21 | % |
| Total | | | | | | | | | | | | $ | 1,943,513 | | | | 1.03 | % |
��
See Notes to Financial Statements.
THE ALGER FUNDS | ALGER MID CAP FOCUS FUND
Schedule of Investments October 31, 2023
| COMMON STOCKS—100.7% | | SHARES | | | VALUE | |
| ADVERTISING—2.1% | | | | | | | | |
| The Trade Desk, Inc., Cl. A* | | | 68,915 | | | $ | 4,890,208 | |
| AEROSPACE & DEFENSE—5.2% | | | | | | | | |
| Axon Enterprise, Inc.* | | | 24,530 | | | | 5,016,140 | |
| HEICO Corp. | | | 45,840 | | | | 7,261,514 | |
| | | | | | | | 12,277,654 | |
| APPLICATION SOFTWARE—22.8% | | | | | | | | |
| Agilysys, Inc.* | | | 82,064 | | | | 7,040,270 | |
| ANSYS, Inc.* | | | 24,190 | | | | 6,731,109 | |
| AppFolio, Inc., Cl. A* | | | 39,850 | | | | 7,474,664 | |
| Bentley Systems, Inc., Cl. B | | | 106,028 | | | | 5,157,202 | |
| Cadence Design Systems, Inc.* | | | 32,648 | | | | 7,830,623 | |
| Constellation Software, Inc. | | | 1,282 | | | | 2,570,204 | |
| Datadog, Inc., Cl. A* | | | 54,228 | | | | 4,417,955 | |
| Manhattan Associates, Inc.* | | | 24,365 | | | | 4,750,688 | |
| Splunk, Inc.* | | | 10,851 | | | | 1,596,833 | |
| Tyler Technologies, Inc.* | | | 15,764 | | | | 5,878,396 | |
| | | | | | | | 53,447,944 | |
| AUTOMOTIVE PARTS & EQUIPMENT—1.2% | | | | | | | | |
| Mobileye Global, Inc., Cl. A* | | | 77,873 | | | | 2,777,730 | |
| AUTOMOTIVE RETAIL—2.4% | | | | | | | | |
| O’Reilly Automotive, Inc.* | | | 6,013 | | | | 5,594,736 | |
| BIOTECHNOLOGY—7.5% | | | | | | | | |
| Exact Sciences Corp.* | | | 45,439 | | | | 2,798,588 | |
| Madrigal Pharmaceuticals, Inc.* | | | 11,217 | | | | 1,473,690 | |
| Natera, Inc.* | | | 205,700 | | | | 8,118,979 | |
| Neurocrine Biosciences, Inc.* | | | 47,227 | | | | 5,239,363 | |
| | | | | | | | 17,630,620 | |
| CARGO GROUND TRANSPORTATION—2.9% | | | | | | | | |
| Old Dominion Freight Line, Inc. | | | 18,188 | | | | 6,850,692 | |
| CASINOS & GAMING—1.1% | | | | | | | | |
| DraftKings, Inc., Cl. A* | | | 96,128 | | | | 2,655,055 | |
| COMMUNICATIONS EQUIPMENT—1.3% | | | | | | | | |
| Arista Networks, Inc.* | | | 15,025 | | | | 3,010,559 | |
| CONSTRUCTION MATERIALS—2.0% | | | | | | | | |
| Martin Marietta Materials, Inc. | | | 11,306 | | | | 4,623,476 | |
| ELECTRICAL COMPONENTS & EQUIPMENT—4.1% |
| Vertiv Holdings Co., Cl. A | | | 243,736 | | | | 9,571,513 | |
| ELECTRONIC EQUIPMENT & INSTRUMENTS—2.3% |
| Novanta, Inc.* | | | 41,410 | | | | 5,468,605 | |
| FOOTWEAR—2.3% | | | | | | | | |
| Deckers Outdoor Corp.* | | | 8,938 | | | | 5,336,522 | |
| HEALTHCARE EQUIPMENT—5.4% | | | | | | | | |
| Dexcom, Inc.* | | | 48,189 | | | | 4,280,629 | |
| IDEXX Laboratories, Inc.* | | | 14,161 | | | | 5,656,895 | |
| Shockwave Medical, Inc.* | | | 13,621 | | | | 2,809,467 | |
| | | | | | | | 12,746,991 | |
| HEALTHCARE TECHNOLOGY—2.7% | | | | | | | | |
| Veeva Systems, Inc., Cl. A* | | | 32,551 | | | | 6,272,903 | |
THE ALGER FUNDS | ALGER MID CAP FOCUS FUND
Schedule of Investments October 31, 2023 (Continued)
| COMMON STOCKS—100.7% (CONT.) | | SHARES | | | VALUE | |
| HOME IMPROVEMENT RETAIL—1.7% | | | | | | | | |
| Floor & Decor Holdings, Inc., Cl. A* | | | 48,053 | | | $ | 3,959,567 | |
| INTERACTIVE MEDIA & SERVICES—2.9% | | | | | | | | |
| Baidu, Inc.#,* | | | 20,634 | | | | 2,166,570 | |
| Pinterest, Inc., Cl. A* | | | 156,801 | | | | 4,685,214 | |
| | | | | | | | 6,851,784 | |
| INTERNET SERVICES & INFRASTRUCTURE—7.3% | | | | | | | | |
| Cloudflare, Inc., Cl. A* | | | 69,065 | | | | 3,915,295 | |
| MongoDB, Inc., Cl. A* | | | 14,872 | | | | 5,124,742 | |
| Shopify, Inc., Cl. A* | | | 118,272 | | | | 5,581,256 | |
| Snowflake, Inc., Cl. A* | | | 18,012 | | | | 2,614,082 | |
| | | | | | | | 17,235,375 | |
| LIFE SCIENCES TOOLS & SERVICES—3.3% | | | | | | | | |
| Avantor, Inc.* | | | 137,030 | | | | 2,388,433 | |
| West Pharmaceutical Services, Inc. | | | 17,224 | | | | 5,482,227 | |
| | | | | | | | 7,870,660 | |
| MOVIES & ENTERTAINMENT—1.8% | | | | | | | | |
| Liberty Media Corp. Series C Liberty Formula One* | | | 65,151 | | | | 4,214,618 | |
| OIL & GAS EXPLORATION & PRODUCTION—4.6% | | | | | | | | |
| Diamondback Energy, Inc. | | | 67,779 | | | | 10,866,329 | |
| SEMICONDUCTOR MATERIALS & EQUIPMENT—1.2% | | | | | | | | |
| ASML Holding NV# | | | 4,624 | | | | 2,768,898 | |
| SEMICONDUCTORS—8.0% | | | | | | | | |
| Advanced Micro Devices, Inc.* | | | 57,314 | | | | 5,645,429 | |
| First Solar, Inc.* | | | 18,983 | | | | 2,704,128 | |
| Marvell Technology, Inc. | | | 78,238 | | | | 3,694,398 | |
| Monolithic Power Systems, Inc. | | | 8,097 | | | | 3,576,769 | |
| ON Semiconductor Corp.* | | | 51,635 | | | | 3,234,417 | |
| | | | | | | | 18,855,141 | |
| SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.6% | | | | | | | | |
| Celsius Holdings, Inc.* | | | 25,457 | | | | 3,871,755 | |
| SYSTEMS SOFTWARE—3.0% | | | | | | | | |
| CyberArk Software Ltd.* | | | 9,165 | | | | 1,499,761 | |
| ServiceNow, Inc.* | | | 9,479 | | | | 5,515,356 | |
| | | | | | | | 7,015,117 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $227,758,893) | | | | | | | 236,664,452 | |
| Total Investments | | | | | | | | |
| (Cost $227,758,893) | | | 100.7 | % | | $ | 236,664,452 | |
| Unaffiliated Securities (Cost $227,758,893) | | | | | | | 236,664,452 | |
| Liabilities in Excess of Other Assets | | | (0.7 | )% | | | (1,743,553 | ) |
| NET ASSETS | | | 100.0 | % | | $ | 234,920,899 | |
| * | Non-income producing security. |
| # | American Depositary Receipts. |
See Notes to Financial Statements.
THE ALGER FUNDS | ALGER WEATHERBIE SPECIALIZED GROWTH FUND
Schedule of Investments October 31, 2023
| COMMON STOCKS—96.6% | | SHARES | | VALUE |
| AEROSPACE & DEFENSE—2.0% | | | | | | | | |
| AAR Corp.* | | | 68,300 | | | $ | 4,054,288 | |
| Kratos Defense & Security Solutions, Inc.* | | | 356,269 | | | | 6,074,386 | |
| | | | | | | | 10,128,674 | |
| APPAREL RETAIL—0.2% | | | | | | | | |
| MYT Netherlands Parent BV#,* | | | 289,506 | | | | 842,463 | |
| APPLICATION SOFTWARE—14.0% | | | | | | | | |
| Intapp, Inc.* | | | 17,652 | | | | 603,698 | |
| nCino, Inc.* | | | 220,605 | | | | 6,199,001 | |
| Sprout Social, Inc., Cl. A* | | | 161,026 | | | | 6,969,205 | |
| SPS Commerce, Inc.* | | | 165,262 | | | | 26,498,109 | |
| Vertex, Inc., Cl. A* | | | 1,291,252 | | | | 31,261,211 | |
| | | | | | | | 71,531,224 | |
| ASSET MANAGEMENT & CUSTODY BANKS—8.0% | | | | | | | | |
| Hamilton Lane, Inc., Cl. A | | | 210,375 | | | | 17,696,745 | |
| StepStone Group, Inc., Cl. A | | | 821,203 | | | | 23,240,045 | |
| | | | | | | | 40,936,790 | |
| BIOTECHNOLOGY—7.4% | | | | | | | | |
| ACADIA Pharmaceuticals, Inc.* | | | 1,002,382 | | | | 22,623,762 | |
| Natera, Inc.* | | | 206,029 | | | | 8,131,964 | |
| Ultragenyx Pharmaceutical, Inc.* | | | 196,557 | | | | 6,958,118 | |
| | | | | | | | 37,713,844 | |
| BROADLINE RETAIL—3.4% | | | | | | | | |
| Ollie’s Bargain Outlet Holdings, Inc.* | | | 227,002 | | | | 17,533,635 | |
| CARGO GROUND TRANSPORTATION—1.4% | | | | | | | | |
| RXO, Inc.* | | | 420,380 | | | | 7,360,854 | |
| CONSUMER FINANCE—0.8% | | | | | | | | |
| Upstart Holdings, Inc.* | | | 160,366 | | | | 3,853,595 | |
| ELECTRONIC EQUIPMENT & INSTRUMENTS—2.0% | | | | | | | | |
| Novanta, Inc.* | | | 77,472 | | | | 10,230,952 | |
| ENVIRONMENTAL & FACILITIES SERVICES—7.0% | | | | | | | | |
| Casella Waste Systems, Inc., Cl. A* | | | 380,336 | | | | 28,696,351 | |
| Montrose Environmental Group, Inc.* | | | 319,975 | | | | 7,397,822 | |
| | | | | | | | 36,094,173 | |
| HEALTHCARE EQUIPMENT—10.7% | | | | | | | | |
| Glaukos Corp.* | | | 426,153 | | | | 29,063,635 | |
| Impulse Dynamics PLC, Class E*,@,(a) | | | 904,912 | | | | 2,578,999 | |
| Inmode Ltd.* | | | 105,152 | | | | 2,008,403 | |
| Inogen, Inc.* | | | 316,553 | | | | 1,414,992 | |
| Inspire Medical Systems, Inc.* | | | 90,116 | | | | 13,261,470 | |
| iRhythm Technologies, Inc.* | | | 7,912 | | | | 621,250 | |
| Nevro Corp.* | | | 316,807 | | | | 4,571,525 | |
| Tandem Diabetes Care, Inc.* | | | 71,552 | | | | 1,237,850 | |
| | | | | | | | 54,758,124 | |
| HEALTHCARE FACILITIES—1.1% | | | | | | | | |
| US Physical Therapy, Inc. | | | 67,674 | | | | 5,692,060 | |
THE ALGER FUNDS | ALGER WEATHERBIE SPECIALIZED GROWTH FUND
Schedule of Investments October 31, 2023 (Continued)
| COMMON STOCKS—96.6% (CONT.) | | SHARES | | VALUE |
| HEALTHCARE SERVICES—1.8% | | | | | | | | |
| Agiliti, Inc.* | | | 617,132 | | | $ | 3,474,453 | |
| NeoGenomics, Inc.* | | | 397,969 | | | | 5,579,526 | |
| | | | | | | | 9,053,979 | |
| HEALTHCARE TECHNOLOGY—0.9% | | | | | | | | |
| Definitive Healthcare Corp., Cl. A* | | | 804,754 | | | | 4,635,383 | |
| IT CONSULTING & OTHER SERVICES—0.6% | | | | | | | | |
| Globant SA* | | | 18,755 | | | | 3,193,789 | |
| LEISURE FACILITIES—1.6% | | | | | | | | |
| Planet Fitness, Inc., Cl. A* | | | 118,664 | | | | 6,558,559 | |
| Xponential Fitness, Inc., Cl. A* | | | 114,687 | | | | 1,636,584 | |
| | | | | | | | 8,195,143 | |
| LEISURE PRODUCTS—0.2% | | | | | | | | |
| Latham Group, Inc.* | | | 523,711 | | | | 1,199,298 | |
| MANAGED HEALTHCARE—5.6% | | | | | | | | |
| Progyny, Inc.* | | | 930,375 | | | | 28,711,373 | |
| OIL & GAS EQUIPMENT & SERVICES—2.5% | | | | | | | | |
| Core Laboratories NV | | | 343,359 | | | | 7,354,750 | |
| Dril-Quip, Inc.* | | | 250,506 | | | | 5,425,960 | |
| | | | | | | | 12,780,710 | |
| PERSONAL CARE PRODUCTS—0.2% | | | | | | | | |
| Oddity Tech Ltd., Cl. A* | | | 45,719 | | | | 1,168,120 | |
| REAL ESTATE SERVICES—5.9% | | | | | | | | |
| FirstService Corp. | | | 213,940 | | | | 30,266,092 | |
| REGIONAL BANKS—0.3% | | | | | | | | |
| Axos Financial, Inc.* | | | 41,967 | | | | 1,512,071 | |
| RESEARCH & CONSULTING SERVICES—0.2% | | | | | | | | |
| NV5 Global, Inc.* | | | 12,901 | | | | 1,217,209 | |
| RESTAURANTS—1.2% | | | | | | | | |
| Wingstop, Inc. | | | 32,165 | | | | 5,878,797 | |
| SEMICONDUCTORS—3.2% | | | | | | | | |
| Impinj, Inc.* | | | 175,324 | | | | 11,327,684 | |
| SiTime Corp.* | | | 49,894 | | | | 4,979,421 | |
| | | | | | | | 16,307,105 | |
| SYSTEMS SOFTWARE—0.3% | | | | | | | | |
| Rapid7, Inc.* | | | 35,462 | | | | 1,648,628 | |
| TRADING COMPANIES & DISTRIBUTORS—8.8% | | | | | | | | |
| SiteOne Landscape Supply, Inc.* | | | 178,163 | | | | 24,545,517 | |
| Transcat, Inc.* | | | 206,364 | | | | 18,576,887 | |
| Xometry, Inc., Cl. A* | | | 140,987 | | | | 2,051,361 | |
| | | | | | | | 45,173,765 | |
| TRANSACTION & PAYMENT PROCESSING SERVICES—5.3% |
| Flywire Corp.* | | | 1,016,851 | | | | 27,343,123 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $518,175,498) | | | | | | | 494,960,973 | |
| PREFERRED STOCKS—0.0% | | SHARES | | | VALUE | |
| BIOTECHNOLOGY—0.0% | | | | | | | | |
| Prosetta Biosciences, Inc., Series D*,@,(a),(b) | | | 231,474 | | | | — | |
| (Cost $1,041,633) | | | | | | | — | |
THE ALGER FUNDS | ALGER WEATHERBIE SPECIALIZED GROWTH FUND
Schedule of Investments October 31, 2023 (Continued)
| SHORT—TERM INVESTMENTS—0.6% | | SHARES | | VALUE |
| U.S. GOVERNMENT—0.6% | | | | |
| U.S. Treasury Bill, 0.00%, 11/2/23 | | | 3,000,000 | | | $ | 2,999,567 | |
| (Cost $2,999,567) | | | | | | | 2,999,567 | |
| Total Investments | | | | | | | | |
| (Cost $522,216,698) | | | 97.2 | % | | $ | 497,960,540 | |
| Affiliated Securities (Cost $1,041,633) | | | | | | | — | |
| Unaffiliated Securities (Cost $521,175,065) | | | | | | | 497,960,540 | |
| Other Assets in Excess of Liabilities | | | 2.8 | % | | | 14,435,353 | |
| NET ASSETS | | | 100.0 | % | | $ | 512,395,893 | |
| # | 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 10/31/2023 | |
| Impulse Dynamics PLC, Class E | | 2/11/22 | | $ | 2,986,210 | | | | 0.24 | % | | $ | 2,578,999 | | | | 0.50 | % |
| Prosetta Biosciences, Inc., Series D | | 2/6/15 | | | 1,041,633 | | | | 0.10 | % | | | 0 | | | | 0.00 | % |
| Total | | | | | | | | | | | | $ | 2,578,999 | | | | 0.50 | % |
See Notes to Financial Statements.
THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND
Schedule of Investments October 31, 2023
| COMMON STOCKS—98.8% | | SHARES | | | VALUE | |
| AEROSPACE & DEFENSE—6.2% | | | | | | | | |
| HEICO Corp. | | | 76,241 | | | $ | 12,077,337 | |
| Hexcel Corp. | | | 34,820 | | | | 2,156,054 | |
| Mercury Systems, Inc.* | | | 71,176 | | | | 2,560,913 | |
| | | | | | | | 16,794,304 | |
| APPAREL ACCESSORIES & LUXURY GOODS—1.6% | | | | | | | | |
| Capri Holdings Ltd.* | | | 82,630 | | | | 4,229,003 | |
| APPAREL RETAIL—1.0% | | | | | | | | |
| Victoria’s Secret & Co.* | | | 154,291 | | | | 2,758,723 | |
| APPLICATION SOFTWARE—24.3% | | | | | | | | |
| ACI Worldwide, Inc.* | | | 158,341 | | | | 3,225,406 | |
| Alteryx, Inc., Cl. A* | | | 26,132 | | | | 836,485 | |
| AppFolio, Inc., Cl. A* | | | 26,631 | | | | 4,995,177 | |
| Bill.com Holdings, Inc.* | | | 34,953 | | | | 3,190,859 | |
| Blackbaud, Inc.* | | | 70,794 | | | | 4,629,928 | |
| Blackline, Inc.* | | | 50,428 | | | | 2,476,015 | |
| Everbridge, Inc.* | | | 93,302 | | | | 1,922,954 | |
| Guidewire Software, Inc.* | | | 36,894 | | | | 3,325,256 | |
| HubSpot, Inc.* | | | 10,753 | | | | 4,556,799 | |
| Manhattan Associates, Inc.* | | | 69,328 | | | | 13,517,573 | |
| Q2 Holdings, Inc.* | | | 108,919 | | | | 3,270,838 | |
| Smartsheet, Inc., Cl. A* | | | 71,669 | | | | 2,833,792 | |
| Sprout Social, Inc., Cl. A* | | | 73,507 | | | | 3,181,383 | |
| SPS Commerce, Inc.* | | | 49,244 | | | | 7,895,783 | |
| Vertex, Inc., Cl. A* | | | 260,255 | | | | 6,300,774 | |
| | | | | | | | 66,159,022 | |
| ASSET MANAGEMENT & CUSTODY BANKS—0.7% | | | | | | | | |
| Affiliated Managers Group, Inc. | | | 16,297 | | | | 2,000,620 | |
| AUTOMOTIVE PARTS & EQUIPMENT—0.0% | | | | | | | | |
| Atmus Filtration Technologies, Inc.* | | | 4,639 | | | | 87,028 | |
| BIOTECHNOLOGY—10.0% | | | | | | | | |
| ACELYRIN, Inc.* | | | 28,653 | | | | 291,831 | |
| ADMA Biologics, Inc.* | | | 506,775 | | | | 1,712,899 | |
| Akero Therapeutics, Inc.* | | | 27,751 | | | | 330,792 | |
| Arcus Biosciences, Inc.* | | | 40,904 | | | | 642,602 | |
| Bridgebio Pharma, Inc.* | | | 53,285 | | | | 1,387,541 | |
| Cabaletta Bio, Inc.* | | | 274,652 | | | | 3,916,538 | |
| ImmunoGen, Inc.* | | | 97,892 | | | | 1,454,675 | |
| Immunovant, Inc.* | | | 102,002 | | | | 3,371,166 | |
| Karuna Therapeutics, Inc.* | | | 12,763 | | | | 2,126,443 | |
| Krystal Biotech, Inc.* | | | 12,609 | | | | 1,473,614 | |
| Mirati Therapeutics, Inc.* | | | 14,432 | | | | 801,409 | |
| MoonLake Immunotherapeutics, Cl. A* | | | 64,582 | | | | 3,345,993 | |
| Morphic Holding, Inc.* | | | 35,366 | | | | 705,552 | |
| Nuvalent, Inc., Cl. A* | | | 37,939 | | | | 1,976,243 | |
| Prothena Corp., PLC* | | | 17,994 | | | | 656,061 | |
| RAPT Therapeutics, Inc.* | | | 43,641 | | | | 573,879 | |
| Vaxcyte, Inc.* | | | 52,635 | | | | 2,531,744 | |
| | | | | | | | 27,298,982 | |
THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND
Schedule of Investments October 31, 2023 (Continued)
| COMMON STOCKS—98.8% (CONT.) | | SHARES | | | VALUE | |
| BUILDING PRODUCTS—0.3% | | | | | | | | |
| The AZEK Co., Inc., Cl. A* | | | 33,730 | | | $ | 883,726 | |
| CONSTRUCTION MATERIALS—0.6% | | | | | | | | |
| Summit Materials, Inc., Cl. A* | | | 44,911 | | | | 1,477,572 | |
| CONSUMER STAPLES MERCHANDISE RETAIL—1.2% |
| BJ’s Wholesale Club Holdings, Inc.* | | | 47,851 | | | | 3,259,610 | |
| ELECTRONIC EQUIPMENT & INSTRUMENTS—1.0% | | | | | | | | |
| 908 Devices, Inc.* | | | 456,169 | | | | 2,705,082 | |
| FOOTWEAR—0.7% | | | | | | | | |
| On Holding AG, Cl. A* | | | 70,241 | | | | 1,803,086 | |
| HEALTHCARE DISTRIBUTORS—0.4% | | | | | | | | |
| PetIQ, Inc., Cl. A* | | | 62,035 | | | | 1,164,397 | |
| HEALTHCARE EQUIPMENT—4.7% | | | | | | | | |
| Impulse Dynamics PLC, Class E*,@,(a) | | | 1,105,151 | | | | 3,149,680 | |
| Inmode Ltd.* | | | 103,438 | | | | 1,975,666 | |
| Insulet Corp.* | | | 15,849 | | | | 2,101,102 | |
| QuidelOrtho Corp.* | | | 57,114 | | | | 3,488,523 | |
| Shockwave Medical, Inc.* | | | 6,006 | | | | 1,238,798 | |
| Tandem Diabetes Care, Inc.* | | | 56,741 | | | | 981,619 | |
| | | | | | | | 12,935,388 | |
| HEALTHCARE SERVICES—0.6% | | | | | | | | |
| Guardant Health, Inc.* | | | 27,943 | | | | 723,165 | |
| Privia Health Group, Inc.* | | | 48,330 | | | | 1,015,896 | |
| | | | | | | | 1,739,061 | |
| HEALTHCARE SUPPLIES—1.6% | | | | | | | | |
| Neogen Corp.* | | | 284,112 | | | | 4,230,428 | |
| HEALTHCARE TECHNOLOGY—2.9% | | | | | | | | |
| Doximity, Inc., Cl. A* | | | 18,271 | | | | 373,276 | |
| Veeva Systems, Inc., Cl. A* | | | 39,269 | | | | 7,567,529 | |
| | | | | | | | 7,940,805 | |
| HOMEBUILDING—1.0% | | | | | | | | |
| Skyline Champion Corp.* | | | 47,727 | | | | 2,798,234 | |
| HOMEFURNISHING RETAIL—0.6% | | | | | | | | |
| RH* | | | 7,262 | | | | 1,582,826 | |
| HOTELS RESORTS & CRUISE LINES—0.2% | | | | | | | | |
| MakeMyTrip Ltd.* | | | 14,927 | | | | 578,123 | |
| HUMAN RESOURCE & EMPLOYMENT SERVICES—0.7% |
| Paycom Software, Inc. | | | 7,412 | | | | 1,815,718 | |
| INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—3.1% |
| Gates Industrial Corp., PLC* | | | 202,298 | | | | 2,209,094 | |
| RBC Bearings, Inc.* | | | 17,465 | | | | 3,839,506 | |
| The Middleby Corp.* | | | 22,355 | | | | 2,523,209 | |
| | | | | | | | 8,571,809 | |
| INTERACTIVE HOME ENTERTAINMENT—1.7% | | | | | | | | |
| Take-Two Interactive Software, Inc.* | | | 35,288 | | | | 4,719,770 | |
| INTERACTIVE MEDIA & SERVICES—0.8% | | | | | | | | |
| Bumble, Inc., Cl. A* | | | 157,067 | | | | 2,110,980 | |
| LEISURE FACILITIES—0.8% | | | | | | | | |
| Planet Fitness, Inc., Cl. A* | | | 40,235 | | | | 2,223,788 | |
THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND
Schedule of Investments October 31, 2023 (Continued)
| COMMON STOCKS—98.8% (CONT.) | | SHARES | | | VALUE | |
| LIFE SCIENCES TOOLS & SERVICES—5.9% | | | | | | | | |
| Bio-Techne Corp. | | | 123,555 | | | $ | 6,749,810 | |
| CryoPort, Inc.* | | | 115,779 | | | | 1,123,056 | |
| ICON PLC* | | | 9,581 | | | | 2,337,381 | |
| MaxCyte, Inc.* | | | 193,490 | | | | 572,730 | |
| Mesa Laboratories, Inc. | | | 17,339 | | | | 1,626,918 | |
| Quanterix Corp.* | | | 22,478 | | | | 488,222 | |
| Repligen Corp.* | | | 23,424 | | | | 3,151,934 | |
| | | | | | | | 16,050,051 | |
| MANAGED HEALTHCARE—2.5% | | | | | | | | |
| HealthEquity, Inc.* | | | 96,344 | | | | 6,905,938 | |
| MOVIES & ENTERTAINMENT—2.0% | | | | | | | | |
| Live Nation Entertainment, Inc.* | | | 69,490 | | | | 5,560,590 | |
| OIL & GAS EQUIPMENT & SERVICES—1.1% | | | | | | | | |
| ChampionX Corp. | | | 97,023 | | | | 2,988,308 | |
| OIL & GAS EXPLORATION & PRODUCTION—3.8% | | | | | | | | |
| Magnolia Oil & Gas Corp., Cl. A | | | 463,096 | | | | 10,396,505 | |
| PERSONAL CARE PRODUCTS—1.0% | | | | | | | | |
| e.l.f. Beauty, Inc.* | | | 15,699 | | | | 1,454,199 | |
| Oddity Tech Ltd., Cl. A* | | | 47,544 | | | | 1,214,749 | |
| | | | | | | | 2,668,948 | |
| PHARMACEUTICALS—2.8% | | | | | | | | |
| Cymabay Therapeutics, Inc.* | | | 162,152 | | | | 2,656,050 | |
| Pliant Therapeutics, Inc.* | | | 54,049 | | | | 792,899 | |
| Structure Therapeutics, Inc.#,* | | | 52,711 | | | | 3,916,427 | |
| Ventyx Biosciences, Inc.* | | | 24,827 | | | | 358,005 | |
| | | | | | | | 7,723,381 | |
| REGIONAL BANKS—1.1% | | | | | | | | |
| Webster Financial Corp. | | | 79,755 | | | | 3,028,297 | |
| RESTAURANTS—5.9% | | | | | | | | |
| Cava Group, Inc.* | | | 20,457 | | | | 646,237 | |
| Kura Sushi USA, Inc., Cl. A* | | | 55,791 | | | | 3,187,898 | |
| Shake Shack, Inc., Cl. A* | | | 98,741 | | | | 5,533,446 | |
| Wingstop, Inc. | | | 36,606 | | | | 6,690,478 | |
| | | | | | | | 16,058,059 | |
| SEMICONDUCTORS—1.8% | | | | | | | | |
| Rambus, Inc.* | | | 30,156 | | | | 1,638,376 | |
| Universal Display Corp. | | | 22,496 | | | | 3,130,993 | |
| | | | | | | | 4,769,369 | |
| SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.3% |
| Celsius Holdings, Inc.* | | | 23,525 | | | | 3,577,917 | |
| SPECIALTY CHEMICALS—0.5% | | | | | | | | |
| Balchem Corp. | | | 10,486 | | | | 1,218,893 | |
| SYSTEMS SOFTWARE—0.5% | | | | | | | | |
| Rapid7, Inc.* | | | 28,874 | | | | 1,342,352 | |
| TRADING COMPANIES & DISTRIBUTORS—0.3% | | | | | | | | |
| Xometry, Inc., Cl. A* | | | 62,192 | | | | 904,894 | |
THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND
Schedule of Investments October 31, 2023 (Continued)
| COMMON STOCKS—98.8% (CONT.) | | SHARES | | | VALUE | |
| TRANSACTION & PAYMENT PROCESSING SERVICES—1.6% |
| DLocal Ltd., Cl. A* | | | 173,167 | | | $ | 2,917,864 | |
| Marqeta, Inc., Cl. A* | | | 288,721 | | | | 1,492,687 | |
| | | | | | | | 4,410,551 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $268,716,016) | | | | | | | 269,472,138 | |
| 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 | | | | 118,852 | |
| (Cost $94,483) | | | | | | | 118,852 | |
| SPECIAL PURPOSE VEHICLE—0.8% | | | | | | | VALUE | |
| DATA PROCESSING & OUTSOURCED SERVICES—0.8% | | | | | | | | |
| Crosslink Ventures C, LLC, Cl. A*,@,(a),(b) | | | | | | | 1,657,368 | |
| Crosslink Ventures C, LLC, Cl. B*,@,(a),(b) | | | | | | | 437,361 | |
| | | | | | | | 2,094,729 | |
| TOTAL SPECIAL PURPOSE VEHICLE | | | | | | | | |
| (Cost $2,275,000) | | | | | | | 2,094,729 | |
| Total Investments | | | | | | | | |
| (Cost $271,313,595) | | | 99.6 | % | | $ | 271,685,719 | |
| Affiliated Securities (Cost $2,503,096) | | | | | | | 2,094,729 | |
| Unaffiliated Securities (Cost $268,810,499) | | | | | | | 269,590,990 | |
| Other Assets in Excess of Liabilities | | | 0.4 | % | | | 1,177,699 | |
| NET ASSETS | | | 100.0 | % | | $ | 272,863,418 | |
| # | 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. |
| @ | 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 10/31/2023 | |
| Crosslink Ventures C, LLC, Cl. A | | 10/2/20 | | $ | 1,800,000 | | | | 0.49 | % | | $ | 1,657,368 | | | | 0.61 | % |
| Crosslink Ventures C, LLC, Cl. B | | 12/16/20 | | | 475,000 | | | | 0.10 | % | | | 437,361 | | | | 0.16 | % |
| Impulse Dynamics PLC, Class E | | 2/11/22 | | | 3,646,998 | | | | 0.69 | % | | | 3,149,680 | | | | 1.16 | % |
| Prosetta Biosciences, Inc., Series D | | 2/6/15 | | | 228,096 | | | | 0.10 | % | | | 0 | | | | 0.00 | % |
| Tolero CDR | | 2/6/17 | | | 94,483 | | | | 0.08 | % | | | 118,852 | | | | 0.04 | % |
| Total | | | | | | | | | | | | $ | 5,363,261 | | | | 1.97 | % |
See Notes to Financial Statements.
THE ALGER FUNDS | ALGER SMALL CAP FOCUS FUND
Schedule of Investments October 31, 2023
| COMMON STOCKS—101.8% | | SHARES | | | VALUE | |
| APPLICATION SOFTWARE—35.8% | | | | | | | | |
| Agilysys, Inc.* | | | 617,102 | | | $ | 52,941,181 | |
| Altair Engineering, Inc., Cl. A* | | | 485,800 | | | | 30,177,896 | |
| Alteryx, Inc., Cl. A* | | | 564,556 | | | | 18,071,438 | |
| AppFolio, Inc., Cl. A* | | | 398,096 | | | | 74,670,867 | |
| Blackline, Inc.* | | | 715,846 | | | | 35,148,039 | |
| Clearwater Analytics Holdings, Inc., Cl. A* | | | 2,960,709 | | | | 53,529,619 | |
| Confluent, Inc., Cl. A* | | | 1,188,773 | | | | 34,367,427 | |
| Everbridge, Inc.* | | | 1,143,199 | | | | 23,561,331 | |
| Guidewire Software, Inc.* | | | 578,241 | | | | 52,116,861 | |
| Intapp, Inc.* | | | 412,894 | | | | 14,120,975 | |
| nCino, Inc.* | | | 678,833 | | | | 19,075,207 | |
| PROS Holdings, Inc.*,(a) | | | 2,701,224 | | | | 84,143,128 | |
| Q2 Holdings, Inc.* | | | 746,982 | | | | 22,431,869 | |
| Smartsheet, Inc., Cl. A* | | | 598,521 | | | | 23,665,520 | |
| | | | | | | | 538,021,358 | |
| BIOTECHNOLOGY—12.7% | | | | | | | | |
| Ascendis Pharma AS#,* | | | 168,423 | | | | 15,041,858 | |
| Cabaletta Bio, Inc.*,(a) | | | 2,838,165 | | | | 40,472,233 | |
| Immunovant, Inc.* | | | 874,653 | | | | 28,907,282 | |
| Krystal Biotech, Inc.* | | | 127,615 | | | | 14,914,365 | |
| MoonLake Immunotherapeutics, Cl. A* | | | 617,540 | | | | 31,994,747 | |
| Natera, Inc.* | | | 1,528,731 | | | | 60,339,013 | |
| | | | | | | | 191,669,498 | |
| BUILDING PRODUCTS—1.2% | | | | | | | | |
| Trex Co., Inc.* | | | 310,960 | | | | 17,479,062 | |
| COMMUNICATIONS EQUIPMENT—1.7% | | | | | | | | |
| Extreme Networks, Inc.* | | | 1,252,416 | | | | 25,824,818 | |
| CONSTRUCTION & ENGINEERING—0.2% | | | | | | | | |
| MYR Group, Inc.* | | | 26,079 | | | | 3,020,731 | |
| CONSTRUCTION MATERIALS—1.2% | | | | | | | | |
| Summit Materials, Inc., Cl. A* | | | 570,735 | | | | 18,777,182 | |
| ELECTRICAL COMPONENTS & EQUIPMENT—0.8% | | | | | | | | |
| Vicor Corp.* | | | 298,518 | | | | 11,564,587 | |
| HEALTHCARE EQUIPMENT—11.6% | | | | | | | | |
| Alphatec Holdings, Inc.* | | | 2,078,399 | | | | 19,079,703 | |
| AtriCure, Inc.* | | | 1,178,140 | | | | 40,810,770 | |
| Glaukos Corp.* | | | 227,865 | | | | 15,540,393 | |
| Impulse Dynamics PLC, Class E*,@,(b) | | | 7,255,544 | | | | 20,678,300 | |
| Inari Medical, Inc.* | | | 422,774 | | | | 25,666,609 | |
| Shockwave Medical, Inc.* | | | 201,584 | | | | 41,578,716 | |
| TransMedics Group, Inc.* | | | 304,645 | | | | 11,418,095 | |
| | | | | | | | 174,772,586 | |
| HEALTHCARE TECHNOLOGY—3.7% | | | | | | | | |
| Schrodinger, Inc.* | | | 619,504 | | | | 13,443,237 | |
| Veeva Systems, Inc., Cl. A* | | | 217,828 | | | | 41,977,634 | |
| | | | | | | | 55,420,871 | |
| HOTELS RESORTS & CRUISE LINES—0.1% | | | | | | | | |
| MakeMyTrip Ltd.* | | | 21,406 | | | | 829,054 | |
THE ALGER FUNDS | ALGER SMALL CAP FOCUS FUND
Schedule of Investments October 31, 2023 (Continued)
| COMMON STOCKS—101.8% (CONT.) | | SHARES | | | VALUE | |
| INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—5.5% |
| Helios Technologies, Inc. | | | 99,999 | | | $ | 5,171,948 | |
| RBC Bearings, Inc.* | | | 349,730 | | | | 76,884,643 | |
| | | | | | | | 82,056,591 | |
| LIFE SCIENCES TOOLS & SERVICES—7.3% | | | | | | | | |
| BioLife Solutions, Inc.* | | | 1,588,311 | | | | 16,041,941 | |
| Bio-Techne Corp. | | | 612,239 | | | | 33,446,617 | |
| CryoPort, Inc.* | | | 1,929,436 | | | | 18,715,529 | |
| Repligen Corp.* | | | 312,513 | | | | 42,051,749 | |
| | | | | | | | 110,255,836 | |
| OIL & GAS EQUIPMENT & SERVICES—2.8% | | | | | | | | |
| ChampionX Corp. | | | 1,388,813 | | | | 42,775,440 | |
| PERSONAL CARE PRODUCTS—0.6% | | | | | | | | |
| e.l.f. Beauty, Inc.* | | | 101,256 | | | | 9,379,343 | |
| PHARMACEUTICALS—2.4% | | | | | | | | |
| Cymabay Therapeutics, Inc.* | | | 1,611,075 | | | | 26,389,409 | |
| Structure Therapeutics, Inc.#,* | | | 128,568 | | | | 9,552,602 | |
| | | | | | | | 35,942,011 | |
| RESTAURANTS—3.5% | | | | | | | | |
| Kura Sushi USA, Inc., Cl. A* | | | 249,354 | | | | 14,248,088 | |
| Wingstop, Inc. | | | 211,011 | | | | 38,566,480 | |
| | | | | | | | 52,814,568 | |
| SEMICONDUCTORS—3.0% | | | | | | | | |
| Impinj, Inc.* | | | 184,553 | | | | 11,923,969 | |
| Rambus, Inc.* | | | 602,259 | | | | 32,720,732 | |
| | | | | | | | 44,644,701 | |
| SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.9% | | | | | | | | |
| Celsius Holdings, Inc.* | | | 86,411 | | | | 13,142,249 | |
| SYSTEMS SOFTWARE—5.1% | | | | | | | | |
| Gitlab, Inc., Cl. A* | | | 711,921 | | | | 30,811,941 | |
| Rapid7, Inc.* | | | 411,318 | | | | 19,122,174 | |
| Tenable Holdings, Inc.* | | | 625,957 | | | | 26,359,049 | |
| | | | | | | | 76,293,164 | |
| TRADING COMPANIES & DISTRIBUTORS—1.7% | | | | | | | | |
| Xometry, Inc., Cl. A* | | | 1,744,213 | | | | 25,378,299 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $1,522,166,566) | | | | | | | 1,530,061,949 | |
| RIGHTS—0.0% | | | SHARES | | | | VALUE | |
| BIOTECHNOLOGY—0.0% | | | | | | | | |
| Tolero CDR*,@,(b),(c) | | | 11,905 | | | | 8,095 | |
| (Cost $6,436) | | | | | | | 8,095 | |
| Total Investments | | | | | | | | |
| (Cost $1,522,173,002) | | | 101.8 | % | | $ | 1,530,070,044 | |
| Affiliated Securities (Cost $135,264,013) | | | | | | | 124,615,361 | |
| Unaffiliated Securities (Cost $1,386,908,989) | | | | | | | 1,405,454,683 | |
| Liabilities in Excess of Other Assets | | | (1.8 | )% | | | (26,403,272 | ) |
| NET ASSETS | | | 100.0 | % | | $ | 1,503,666,772 | |
THE ALGER FUNDS | ALGER SMALL CAP FOCUS FUND
Schedule of Investments October 31, 2023 (Continued)
| # | American Depositary Receipts. |
| (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. |
| * | 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 10/31/2023 | |
| Impulse Dynamics PLC, Class E | | 6/2/23 | | $ | 23,943,295 | | | | 1.11 | % | | $ | 20,678,300 | | | | 1.38 | % |
| Tolero CDR | | 2/6/17 | | | 6,436 | | | | 0.00 | % | | | 8,095 | | | | 0.00 | % |
| Total | | | | | | | | | | | | $ | 20,686,395 | | | | 1.38 | % |
See Notes to Financial Statements.
THE ALGER FUNDS | ALGER INTERNATIONAL FOCUS FUND
Schedule of Investments October 31, 2023
| COMMON STOCKS—96.3% | | SHARES | | | VALUE | |
| ARGENTINA—2.7% | | | | | | | | |
| BROADLINE RETAIL—2.7% | | | | | | | | |
| MercadoLibre, Inc.* | | | 3,150 | | | $ | 3,908,331 | |
| (Cost $4,206,900) | | | | | | | | |
| AUSTRALIA—4.7% | | | | | | | | |
| APPLICATION SOFTWARE—1.1% | | | | | | | | |
| WiseTech Global Ltd. | | | 45,000 | | | | 1,675,407 | |
| HEALTHCARE SUPPLIES—1.3% | | | | | | | | |
| Nanosonics Ltd.* | | | 780,062 | | | | 1,861,679 | |
| HEALTHCARE TECHNOLOGY—2.3% | | | | | | | | |
| Pro Medicus Ltd. | | | 69,800 | | | | 3,324,781 | |
| TOTAL AUSTRALIA | | | | | | | | |
| (Cost $7,246,995) | | | | | | | 6,861,867 | |
| BRAZIL—6.5% | | | | | | | | |
| DIVERSIFIED BANKS—3.6% | | | | | | | | |
| NU Holdings Ltd., Cl. A* | | | 649,000 | | | | 5,321,800 | |
| DIVERSIFIED CAPITAL MARKETS—1.5% | | | | | | | | |
| Banco BTG Pactual SA | | | 380,000 | | | | 2,231,370 | |
| FOOTWEAR—1.4% | | | | | | | | |
| Arezzo Industria e Comercio SA | | | 177,700 | | | | 2,058,364 | |
| TOTAL BRAZIL | | | | | | | | |
| (Cost $8,077,602) | | | | | | | 9,611,534 | |
| CHINA—6.6% | | | | | | | | |
| AUTOMOBILE MANUFACTURERS—2.2% | | | | | | | | |
| BYD Co., Ltd., Cl. H | | | 106,984 | | | | 3,253,480 | |
| BROADLINE RETAIL—1.4% | | | | | | | | |
| Alibaba Group Holding Ltd.#,* | | | 24,800 | | | | 2,046,992 | |
| HOTELS RESORTS & CRUISE LINES—2.0% | | | | | | | | |
| Trip.com Group Ltd.#,* | | | 85,800 | | | | 2,917,200 | |
| RESTAURANTS—1.0% | | | | | | | | |
| Meituan, Cl. B* | | | 104,100 | | | | 1,475,657 | |
| TOTAL CHINA | | | | | | | | |
| (Cost $10,542,671) | | | | | | | 9,693,329 | |
| DENMARK—3.1% | | | | | | | | |
| PHARMACEUTICALS—3.1% | | | | | | | | |
| Novo Nordisk AS, Cl. B | | | 47,600 | | | | 4,592,562 | |
| (Cost $3,442,270) | | | | | | | | |
| FRANCE—12.8% | | | | | | | | |
| APPAREL ACCESSORIES & LUXURY GOODS—2.1% | | | | | | | | |
| LVMH Moet Hennessy Louis Vuitton SE | | | 4,350 | | | | 3,114,592 | |
| DATA PROCESSING & OUTSOURCED SERVICES—1.7% |
| Teleperformance SE | | | 22,007 | | | | 2,531,962 | |
| ELECTRICAL COMPONENTS & EQUIPMENT—2.1% | | | | | | | | |
| Schneider Electric SE | | | 19,900 | | | | 3,062,049 | |
| HEALTHCARE SUPPLIES—2.2% | | | | | | | | |
| EssilorLuxottica SA | | | 17,900 | | | | 3,241,702 | |
THE ALGER FUNDS | ALGER INTERNATIONAL FOCUS FUND
Schedule of Investments October 31, 2023 (Continued)
| COMMON STOCKS—96.3% (CONT.) | | SHARES | | | VALUE | |
| FRANCE—12.8% (CONT.) | | | | | | | | |
| LIFE SCIENCES TOOLS & SERVICES—2.0% | | | | | | | | |
| Eurofins Scientific SE | | | 56,800 | | | $ | 2,882,065 | |
| OIL & GAS STORAGE & TRANSPORTATION—2.7% | | | | | | | | |
| Gaztransport Et Technigaz SA | | | 30,324 | | | | 3,879,112 | |
| TOTAL FRANCE | | | | | | | | |
| (Cost $19,239,945) | | | | | | | 18,711,482 | |
| GERMANY—6.6% | | | | | | | | |
| AEROSPACE & DEFENSE—2.5% | | | | | | | | |
| Hensoldt AG | | | 123,300 | | | | 3,653,995 | |
| LIFE SCIENCES TOOLS & SERVICES—2.1% | | | | | | | | |
| Gerresheimer AG | | | 32,900 | | | | 3,068,979 | |
| OIL & GAS REFINING & MARKETING—2.0% | | | | | | | | |
| VERBIO Vereinigte BioEnergie AG | | | 85,554 | | | | 2,895,508 | |
| TOTAL GERMANY | | | | | | | | |
| (Cost $10,735,735) | | | | | | | 9,618,482 | |
| GREECE—1.9% | | | | | | | | |
| OTHER SPECIALTY RETAIL—1.9% | | | | | | | | |
| JUMBO SA | | | 105,700 | | | | 2,780,634 | |
| (Cost $2,795,695) | | | | | | | | |
| HONG KONG—2.1% | | | | | | | | |
| FINANCIAL EXCHANGES & DATA—2.1% | | | | | | | | |
| Hong Kong Exchanges & Clearing Ltd. | | | 88,000 | | | | 3,078,552 | |
| (Cost $3,463,364) | | | | | | | | |
| INDIA—7.8% | | | | | | | | |
| DIVERSIFIED BANKS—2.7% | | | | | | | | |
| HDFC Bank Ltd.# | | | 71,700 | | | | 4,054,635 | |
| HOTELS RESORTS & CRUISE LINES—2.5% | | | | | | | | |
| MakeMyTrip Ltd.* | | | 93,578 | | | | 3,624,276 | |
| PACKAGED FOODS & MEATS—2.6% | | | | | | | | |
| Patanjali Foods Ltd. | | | 229,156 | | | | 3,763,801 | |
| TOTAL INDIA | | | | | | | | |
| (Cost $9,679,923) | | | | | | | 11,442,712 | |
| IRELAND—2.4% | | | | | | | | |
| PACKAGED FOODS & MEATS—2.4% | | | | | | | | |
| Kerry Group PLC, Cl. A | | | 45,441 | | | | 3,510,368 | |
| (Cost $4,943,578) | | | | | | | | |
| ITALY—6.1% | | | | | | | | |
| APPAREL ACCESSORIES & LUXURY GOODS—1.7% | | | | | | | | |
| Moncler SpA | | | 47,886 | | | | 2,487,298 | |
| AUTOMOBILE MANUFACTURERS—4.4% | | | | | | | | |
| Ferrari NV | | | 21,362 | | | | 6,443,634 | |
| TOTAL ITALY | | | | | | | | |
| (Cost $5,102,231) | | | | | | | 8,930,932 | |
THE ALGER FUNDS | ALGER INTERNATIONAL FOCUS FUND
Schedule of Investments October 31, 2023 (Continued)
| COMMON STOCKS—96.3% (CONT.) | | SHARES | | | VALUE | |
| JAPAN—6.8% | | | | | | | | |
| ELECTRONIC EQUIPMENT & INSTRUMENTS—2.3% | | | | | | | | |
| Keyence Corp. | | | 8,900 | | | $ | 3,445,356 | |
| PACKAGED FOODS & MEATS—1.7% | | | | | | | | |
| Kotobuki Spirits Co., Ltd. | | | 182,500 | | | | 2,423,415 | |
| SEMICONDUCTOR MATERIALS & EQUIPMENT—2.8% | | | | | | | | |
| Lasertec Corp. | | | 24,900 | | | | 4,112,988 | |
| TOTAL JAPAN | | | | | | | | |
| (Cost $9,475,938) | | | | | | | 9,981,759 | |
| MEXICO—0.5% | | | | | | | | |
| AIRPORT SERVICES—0.5% | | | | | | | | |
| Grupo Aeroportuario del Centro Norte SAB de CV | | | 96,000 | | | | 735,912 | |
| (Cost $891,135) | | | | | | | | |
| NETHERLANDS—5.1% | | | | | | | | |
| HEAVY ELECTRICAL EQUIPMENT—1.2% | | | | | | | | |
| Alfen Beheer BV* | | | 55,000 | | | | 1,734,040 | |
| SEMICONDUCTOR MATERIALS & EQUIPMENT—3.9% | | | | | | | | |
| ASML Holding NV | | | 9,550 | | | | 5,741,242 | |
| TOTAL NETHERLANDS | | | | | | | | |
| (Cost $4,235,734) | | | | | | | 7,475,282 | |
| NORWAY—1.1% | | | | | | | | |
| ENVIRONMENTAL & FACILITIES SERVICES—1.1% | | | | | | | | |
| Aker Carbon Capture ASA* | | | 1,755,510 | | | | 1,669,169 | |
| (Cost $3,833,709) | | | | | | | | |
| SAUDI ARABIA—3.1% | | | | | | | | |
| ADVERTISING—1.3% | | | | | | | | |
| Arabian Contracting Services Co. | | | 36,000 | | | | 1,936,454 | |
| IT CONSULTING & OTHER SERVICES—1.8% | | | | | | | | |
| Elm Co. | | | 14,000 | | | | 2,617,603 | |
| TOTAL SAUDI ARABIA | | | | | | | | |
| (Cost $3,842,713) | | | | | | | 4,554,057 | |
| SPAIN—2.2% | | | | | | | | |
| BIOTECHNOLOGY—2.2% | | | | | | | | |
| Grifols SA#,* | | | 394,741 | | | | 3,193,455 | |
| (Cost $6,248,951) | | | | | | | | |
| SWEDEN—1.9% | | | | | | | | |
| ASSET MANAGEMENT & CUSTODY BANKS—1.9% | | | | | | | | |
| EQT AB | | | 151,298 | | | | 2,764,595 | |
| (Cost $2,403,414) | | | | | | | | |
| SWITZERLAND—4.4% | | | | | | | | |
| ASSET MANAGEMENT & CUSTODY BANKS—2.6% | | | | | | | | |
| Partners Group Holding AG | | | 3,594 | | | | 3,805,347 | |
| SPECIALTY CHEMICALS—1.8% | | | | | | | | |
| Sika AG | | | 11,400 | | | | 2,727,979 | |
| TOTAL SWITZERLAND | | | | | | | | |
| (Cost $4,833,766) | | | | | | | 6,533,326 | |
THE ALGER FUNDS | ALGER INTERNATIONAL FOCUS FUND
Schedule of Investments October 31, 2023 (Continued)
| COMMON STOCKS—96.3% (CONT.) | | SHARES | | | VALUE | |
| UNITED KINGDOM—4.7% | | | | | | |
| FINANCIAL EXCHANGES & DATA—2.8% | | | | | | |
| London Stock Exchange Group PLC | | | 40,200 | | | $ | 4,055,816 | |
| PHARMACEUTICALS—1.9% | | | | | | | | |
| AstraZeneca PLC | | | 22,900 | | | | 2,867,048 | |
| TOTAL UNITED KINGDOM | | | | | | | | |
| (Cost $6,116,010) | | |
| | | | 6,922,864 | |
| UNITED STATES—3.2% | | | | | | | | |
| OIL & GAS EQUIPMENT & SERVICES—3.2% | | | | | | | | |
| Schlumberger NV | | | 84,800 | | | | 4,719,968 | |
| (Cost $2,934,506) | | | | | | | | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $134,292,785) | | |
| | | | 141,291,172 | |
| Total Investments | | | | | | | | |
| (Cost $134,292,785) | | | 96.3 | % | | $ | 141,291,172 | |
| Unaffiliated Securities (Cost $134,292,785) | | | | | | | 141,291,172 | |
| Other Assets in Excess of Liabilities | | | 3.7 | % | | | 5,355,890 | |
| NET ASSETS | | | 100.0 | % | | $ | 146,647,062 | |
| # | American Depositary Receipts. |
| * | Non-income producing security. |
See Notes to Financial Statements.
THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND
Schedule of Investments October 31, 2023
| COMMON STOCKS—94.1% | | SHARES | | | VALUE | |
| BIOTECHNOLOGY—30.3% | | | | | | | | |
| AbbVie, Inc. | | | 29,519 | | | $ | 4,167,492 | |
| Aerovate Therapeutics, Inc.* | | | 24,747 | | | | 262,566 | |
| Amgen, Inc. | | | 22,883 | | | | 5,851,183 | |
| Arrowhead Pharmaceuticals, Inc.* | | | 38,262 | | | | 940,863 | |
| Ascendis Pharma AS#,* | | | 28,777 | | | | 2,570,074 | |
| Biohaven Ltd.* | | | 59,721 | | | | 1,583,204 | |
| Cabaletta Bio, Inc.* | | | 89,169 | | | | 1,271,550 | |
| Forte Biosciences, Inc.* | | | 1,192,842 | | | | 585,685 | |
| Grifols SA* | | | 10,960 | | | | 122,997 | |
| HilleVax, Inc.* | | | 87,043 | | | | 957,473 | |
| ImmunoGen, Inc.* | | | 114,378 | | | | 1,699,657 | |
| Ionis Pharmaceuticals, Inc.* | | | 18,269 | | | | 808,769 | |
| Neurocrine Biosciences, Inc.* | | | 25,491 | | | | 2,827,971 | |
| Regeneron Pharmaceuticals, Inc.* | | | 6,935 | | | | 5,408,537 | |
| REVOLUTION Medicines, Inc.* | | | 30,751 | | | | 608,870 | |
| Vaxcyte, Inc.* | | | 23,290 | | | | 1,120,249 | |
| Vertex Pharmaceuticals, Inc.* | | | 13,787 | | | | 4,992,411 | |
| | | | | | | | 35,779,551 | |
| HEALTHCARE DISTRIBUTORS—7.3% | | | | | | | | |
| Cardinal Health, Inc. | | | 31,885 | | | | 2,901,535 | |
| McKesson Corp. | | | 12,457 | | | | 5,672,420 | |
| | | | | | | | 8,573,955 | |
| HEALTHCARE EQUIPMENT—17.5% | | | | | | | | |
| Becton Dickinson & Co. | | | 14,267 | | | | 3,606,412 | |
| Boston Scientific Corp.* | | | 72,370 | | | | 3,704,620 | |
| Dexcom, Inc.* | | | 16,818 | | | | 1,493,943 | |
| Edwards Lifesciences Corp.* | | | 8,700 | | | | 554,364 | |
| Glaukos Corp.* | | | 17,525 | | | | 1,195,205 | |
| IDEXX Laboratories, Inc.* | | | 574 | | | | 229,296 | |
| Impulse Dynamics PLC, Class E*,@,(a) | | | 2,163,678 | | | | 6,166,482 | |
| Inari Medical, Inc.* | | | 18,012 | | | | 1,093,509 | |
| Intuitive Surgical, Inc.* | | | 4,466 | | | | 1,171,075 | |
| Shockwave Medical, Inc.* | | | 5,661 | | | | 1,167,638 | |
| TransMedics Group, Inc.* | | | 7,219 | | | | 270,568 | |
| | | | | | | | 20,653,112 | |
| HEALTHCARE FACILITIES—1.9% | | | | | | | | |
| Acadia Healthcare Co., Inc.* | | | 30,575 | | | | 2,247,568 | |
| HEALTHCARE SERVICES—4.1% | | | | | | | | |
| The Cigna Group | | | 15,511 | | | | 4,796,001 | |
| HEALTHCARE SUPPLIES—1.3% | | | | | | | | |
| Alcon, Inc. | | | 8,300 | | | | 594,050 | |
| Schott Pharma AG & Co. KGaA* | | | 32,868 | | | | 952,997 | |
| | | | | | | | 1,547,047 | |
| HEALTHCARE TECHNOLOGY—0.7% | | | | | | | | |
| Veeva Systems, Inc., Cl. A* | | | 4,344 | | | | 837,132 | |
| LIFE & HEALTH INSURANCE—0.2% | | | | | | | | |
| Oscar Health, Inc., Cl. A* | | | 50,525 | | | | 258,688 | |
THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND
Schedule of Investments October 31, 2023 (Continued)
| COMMON STOCKS—94.1% (CONT.) | | SHARES | | | VALUE | |
| LIFE SCIENCES TOOLS & SERVICES—2.3% | | | | | | | | |
| Avantor, Inc.* | | | 11,968 | | | $ | 208,602 | |
| Danaher Corp. | | | 1,227 | | | | 235,608 | |
| Pacific Biosciences of California, Inc.* | | | 35,670 | | | | 220,441 | |
| Stevanato Group SpA | | | 33,928 | | | | 948,288 | |
| West Pharmaceutical Services, Inc. | | | 3,347 | | | | 1,065,317 | |
| | | | | | | | 2,678,256 | |
| MANAGED HEALTHCARE—18.1% | | | | | | | | |
| Humana, Inc. | | | 18,643 | | | | 9,763,153 | |
| Molina Healthcare, Inc.* | | | 1,807 | | | | 601,640 | |
| UnitedHealth Group, Inc. | | | 20,436 | | | | 10,944,704 | |
| | | | | | | | 21,309,497 | |
| PHARMACEUTICALS—10.4% | | | | | | | | |
| AstraZeneca PLC# | | | 48,504 | | | | 3,066,908 | |
| Elanco Animal Health, Inc.* | | | 65,792 | | | | 579,627 | |
| Eli Lilly & Co. | | | 9,163 | | | | 5,075,661 | |
| Novartis AG | | | 37,499 | | | | 3,510,447 | |
| | | | | | | | 12,232,643 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $111,598,154) | | | | | | | 110,913,450 | |
| PREFERRED STOCKS—0.0% | | | SHARES | | | | VALUE | |
| BIOTECHNOLOGY—0.0% | | | | | | | | |
| Prosetta Biosciences, Inc., Series D*,@,(a),(b) | | | 897,366 | | | | — | |
| (Cost $4,038,147) | | | | | | | — | |
| RIGHTS—1.1% | | | SHARES | | | | VALUE | |
| BIOTECHNOLOGY—1.1% | | | | | | | | |
| Tolero CDR*,@,(a),(c) | | | 1,956,996 | | | | 1,330,757 | |
| (Cost $1,044,370) | | | | | | | 1,330,757 | |
| Total Investments | | | | | | | | |
| (Cost $116,680,671) | | | 95.2 | % | | $ | 112,244,207 | |
| Affiliated Securities (Cost $4,038,147) | | | | | | | — | |
| Unaffiliated Securities (Cost $112,642,524) | | | | | | | 112,244,207 | |
| Other Assets in Excess of Liabilities | | | 4.8 | % | | | 5,620,640 | |
| NET ASSETS | | | 100.0 | % | | $ | 117,864,847 | |
| # | 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 HEALTH SCIENCES FUND
Schedule of Investments October 31, 2023 (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 10/31/2023 | |
| Impulse Dynamics PLC, Class E | | 2/11/22 | | $ | 5,000,002 | | | | 2.09 | % | | $ | 4,318,183 | | | | 3.66 | % |
| Impulse Dynamics PLC, Class E | | 6/2/23 | | $ | 2,140,136 | | | | 1.45 | % | | $ | 1,848,299 | | | | 1.57 | % |
| 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 | % | | | 1,330,757 | | | | 1.13 | % |
| Total | | | | | | | | | | | | $ | 7,497,239 | | | | 6.36 | % |
See Notes to Financial Statements.
THE ALGER FUNDS
Statements of Assets and Liabilities October 31, 2023
| | | Alger Capital
Appreciation Fund | | | Alger 35 Fund | |
| | | | | | | |
| ASSETS: | | | | | | | | |
| Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedules of investments | | $ | 1,562,696,917 | | | $ | 25,021,213 | |
| Investments in affiliated securities, at value (Identified cost below)** see accompanying schedules of investments | | | 2,555,109 | | | | — | |
| Cash and cash equivalents | | | 11,685,548 | | | | 201,838 | |
| Receivable for investment securities sold | | | 24,946,939 | | | | 1,656,007 | |
| Receivable for shares of beneficial interest sold | | | 437,334 | | | | — | |
| Dividends and interest receivable | | | 384,984 | | | | 452 | |
| Receivable from Investment Manager | | | 44,196 | | | | 11,350 | |
| Prepaid expenses | | | 179,023 | | | | 7,471 | |
| Total Assets | | | 1,602,930,050 | | | | 26,898,331 | |
| | | | | | | | | |
| LIABILITIES: | | | | | | | | |
| Payable for investment securities purchased | | | 14,381,904 | | | | 1,210,325 | |
| Payable for shares of beneficial interest redeemed | | | 3,198,228 | | | | — | |
| Accrued investment advisory fees | | | 1,152,594 | | | | 10,284 | |
| Accrued distribution fees | | | 226,605 | | | | — | |
| Accrued shareholder administrative fees | | | 18,928 | | | | 229 | |
| Accrued administrative fees | | | 39,131 | | | | 628 | |
| Accrued transfer agent fees | | | 346,321 | | | | 53 | |
| Accrued fund accounting fees | | | 108,584 | | | | 9,102 | |
| Accrued printing fees | | | 68,409 | | | | 615 | |
| Accrued professional fees | | | 48,961 | | | | 24,896 | |
| Accrued custodian fees | | | 15,130 | | | | 628 | |
| Accrued trustee fees | | | 7,700 | | | | 110 | |
| Accrued other expenses | | | 2,928 | | | | 938 | |
| Total Liabilities | | | 19,615,423 | | | | 1,257,808 | |
| NET ASSETS | | $ | 1,583,314,627 | | | $ | 25,640,523 | |
| | | | | | | | | |
| NET ASSETS CONSIST OF: | | | | | | | | |
| Paid in capital (par value of $.001 per share) | | | 823,914,887 | | | | 40,166,612 | |
| Distributable earnings (Distributions in excess of earnings) | | | 759,399,740 | | | | (14,526,089 | ) |
| NET ASSETS | | $ | 1,583,314,627 | | | $ | 25,640,523 | |
| * Identified cost | | $ | 898,202,950 | (a) | | $ | 24,470,015 | (b) |
| ** Identified cost | | $ | 2,775,000 | (a) | | $ | — | |
| See Notes to Financial Statements. | | | | | | | | |
THE ALGER FUNDS
Statements of Assets and Liabilities October 31, 2023 (Continued)
| | | Alger Capital
Appreciation Fund | | | Alger 35 Fund | |
| | | | | | | | | |
| NET ASSETS BY CLASS: | | | | | | | | |
| Class A | | $ | 737,324,149 | | | $ | — | |
| Class C | | $ | 67,775,734 | | | $ | — | |
| Class Z | | $ | 778,214,744 | | | $ | 25,640,523 | |
| | | | | | | | | |
| SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6: | | | | | | | | |
| Class A | | | 31,660,922 | | | | — | |
| Class C | | | 4,961,274 | | | | — | |
| Class Z | | | 31,097,792 | | | | 2,649,197 | |
| | | | | | | | | |
| NET ASSET VALUE PER SHARE: | | | | | | | | |
| Class A — Net Asset Value Per Share Class A | | $ | 23.29 | | | $ | — | |
Class A — Offering Price Per Share
(includes a 5.25% sales charge) | | $ | 24.58 | | | $ | — | |
| Class C — Net Asset Value Per Share Class C | | $ | 13.66 | | | $ | — | |
| Class Z — Net Asset Value Per Share Class Z | | $ | 25.02 | | | $ | 9.68 | |
| See Notes to Financial Statements. | | | | | | | | |
| (a) | At October 31, 2023, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $918,293,726, amounted to $646,958,300 which consisted of aggregate gross unrealized appreciation of $680,760,066 and aggregate gross unrealized depreciation of $33,801,766. |
| (b) | At October 31, 2023, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $24,798,426, amounted to $222,787 which consisted of aggregate gross unrealized appreciation of $1,511,649 and aggregate gross unrealized depreciation of $1,288,862. |
THE ALGER FUNDS
Statements of Assets and Liabilities October 31, 2023 (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 # (Including securities loaned at value $1,008,552) | | $ | 311,788,832 | | | $ | 186,225,338 | |
| Investments in affiliated securities, at value (Identified cost below)** see accompanying schedules of investments | | | — | | | | 1,542,273 | |
| Cash and cash equivalents | | | 9,762,865 | | | | 1,834,537 | |
| Receivable for investment securities sold | | | 1,842,653 | | | | 3,554,748 | |
| Receivable for shares of beneficial interest sold | | | 895,634 | | | | 69,202 | |
| Receivable for interfund loans | | | 2,093,772 | | | | — | |
| Dividends and interest receivable | | | 341,334 | | | | 5,002 | |
| Receivable from Investment Manager | | | — | | | | 6,098 | |
| Prepaid expenses | | | 65,138 | | | | 105,550 | |
| Total Assets | | | 326,790,228 | | | | 193,342,748 | |
| | | | | | | | | |
| LIABILITIES: | | | | | | | | |
| Collateral on securities loaned at value (Note 4) | | | 1,023,499 | | | | — | |
| Payable for investment securities purchased | | | 4,478,686 | | | | 3,274,588 | |
| Payable for shares of beneficial interest redeemed | | | 314,444 | | | | 172,293 | |
| Accrued investment advisory fees | | | 139,057 | | | | 132,583 | |
| Accrued distribution fees | | | 49,520 | | | | 42,848 | |
| Accrued shareholder administrative fees | | | 3,653 | | | | 2,626 | |
| Accrued administrative fees | | | 7,648 | | | | 4,797 | |
| Accrued transfer agent fees | | | 29,643 | | | | 48,151 | |
| Accrued professional fees | | | 25,551 | | | | 32,928 | |
| Accrued fund accounting fees | | | 18,703 | | | | 14,678 | |
| Accrued printing fees | | | 10,001 | | | | 13,743 | |
| Accrued custodian fees | | | 3,082 | | | | 5,036 | |
| Accrued trustee fees | | | 1,078 | | | | 818 | |
| Accrued other expenses | | | 1,884 | | | | 2,113 | |
| Total Liabilities | | | 6,106,449 | | | | 3,747,202 | |
| NET ASSETS | | $ | 320,683,779 | | | $ | 189,595,546 | |
| | | | | | | | | |
| NET ASSETS CONSIST OF: | | | | | | | | |
| Paid in capital (par value of $.001 per share) | | | 223,059,959 | | | | 251,615,778 | |
| Distributable earnings (Distributions in excess of earnings) | | | 97,623,820 | | | | (62,020,232 | ) |
| NET ASSETS | | $ | 320,683,779 | | | $ | 189,595,546 | |
| * Identified cost | | $ | 215,148,313 | (a) | | $ | 179,708,903 | (b) |
| ** Identified cost | | $ | — | | | $ | 2,663,245 | (b) |
| # Includes collateral on stock loan | | $ | 1,023,499 | | | $ | — | |
| See Notes to Financial Statements. | | | | | | | | |
THE ALGER FUNDS
Statements of Assets and Liabilities October 31, 2023 (Continued)
| | | Alger Growth &
Income Fund | | | Alger Mid Cap
Growth Fund | |
| | | | | | | | | |
| NET ASSETS BY CLASS: | | | | | | | | |
| Class A | | $ | 128,089,569 | | | $ | 134,439,481 | |
| Class B | | $ | — | | | $ | 9,562,760 | |
| Class C | | $ | 24,149,091 | | | $ | 3,319,388 | |
| Class Z | | $ | 168,445,119 | | | $ | 42,273,917 | |
| |
| SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6: |
| Class A | | | 2,227,538 | | | | 12,396,582 | |
| Class B | | | — | | | | 1,407,925 | |
| Class C | | | 427,346 | | | | 527,061 | |
| Class Z | | | 2,925,226 | | | | 3,767,317 | |
| | | | | | | | | |
| NET ASSET VALUE PER SHARE: | | | | | | | | |
| Class A — Net Asset Value Per Share Class A | | $ | 57.50 | | | $ | 10.84 | |
Class A — Offering Price Per Share
(includes a 5.25% sales charge) | | $ | 60.69 | | | $ | 11.45 | |
| Class B — Net Asset Value Per Share Class B | | $ | — | | | $ | 6.79 | |
| Class C — Net Asset Value Per Share Class C | | $ | 56.51 | | | $ | 6.30 | |
| Class Z — Net Asset Value Per Share Class Z | | $ | 57.58 | | | $ | 11.22 | |
| See Notes to Financial Statements. | | | | | | | | |
| (a) | At October 31, 2023, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $214,090,866, amounted to $97,697,965 which consisted of aggregate gross unrealized appreciation of $102,578,092 and aggregate gross unrealized depreciation of $4,880,127. |
| (b) | At October 31, 2023, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $184,569,937, amounted to $3,501,549 which consisted of aggregate gross unrealized appreciation of $18,518,092 and aggregate gross unrealized depreciation of $15,016,543. |
THE ALGER FUNDS
Statements of Assets and Liabilities October 31, 2023 (Continued)
| | | Alger Mid Cap Focus
Fund | | | Alger Weatherbie
Specialized Growth
Fund | |
| | | | | | | | | |
| ASSETS: | | | | | | | | |
| Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedules of investments | | $ | 236,664,452 | | | $ | 497,960,540 | |
| Investments in affiliated securities, at value (Identified cost below)** see accompanying schedules of investments | | | — | | | | — | |
| Cash and cash equivalents | | | 233 | | | | 2,879,807 | |
| Receivable for investment securities sold | | | 2,273,055 | | | | 15,724,697 | |
| Receivable for shares of beneficial interest sold | | | 113,918 | | | | 570,754 | |
| Dividends and interest receivable | | | — | | | | 18,090 | |
| Receivable from Investment Manager | | | 108 | | | | 3,516 | |
| Prepaid expenses | | | 90,698 | | | | 91,451 | |
| Total Assets | | | 239,142,464 | | | | 517,248,855 | |
| | | | | | | | |
| LIABILITIES: | | | | | | | | |
| Payable for investment securities purchased | | | — | | | | 2,974,678 | |
| Payable for shares of beneficial interest redeemed | | | 2,005,188 | | | | 1,139,716 | |
| Payable for interfund loans | | | 1,918,006 | | | | — | |
| Accrued investment advisory fees | | | 152,222 | | | | 387,717 | |
| Accrued distribution fees | | | 5,705 | | | | 49,826 | |
| Accrued shareholder administrative fees | | | 2,219 | | | | 5,475 | |
| Accrued administrative fees | | | 6,004 | | | | 13,163 | |
| Accrued printing fees | | | 45,310 | | | | 66,208 | |
| Accrued fund accounting fees | | | 27,983 | | | | 49,514 | |
| Accrued professional fees | | | 26,571 | | | | 42,569 | |
| Accrued transfer agent fees | | | 25,292 | | | | 111,013 | |
| Accrued trustee fees | | | 2,901 | | | | 3,932 | |
| Accrued custodian fees | | | 2,515 | | | | 6,700 | |
| Accrued other expenses | | | 1,649 | | | | 2,451 | |
| Total Liabilities | | | 4,221,565 | | | | 4,852,962 | |
| NET ASSETS | | $ | 234,920,899 | | | $ | 512,395,893 | |
| | | | | | | | | |
| NET ASSETS CONSIST OF: | | | | | | | | |
| Paid in capital (par value of $.001 per share) | | | 407,505,841 | | | | 880,763,760 | |
| Distributions in excess of earnings | | | (172,584,942 | ) | | | (368,367,867 | ) |
| NET ASSETS | | $ | 234,920,899 | | | $ | 512,395,893 | |
| * Identified cost | | $ | 227,758,893 | (a) | | $ | 521,175,065 | (b) |
| ** Identified cost | | $ | — | | | $ | 1,041,633 | (b) |
| See Notes to Financial Statements. | | | | | | | | |
THE ALGER FUNDS
Statements of Assets and Liabilities October 31, 2023 (Continued)
| | | Alger Mid Cap Focus
Fund | | | Alger Weatherbie
Specialized Growth
Fund | |
| | | | | | | | | |
| NET ASSETS BY CLASS: | | | | | | | | |
| Class A | | $ | 3,306,942 | | | $ | 86,256,992 | |
| Class C | | $ | 2,070,033 | | | $ | 29,558,687 | |
| Class I | | $ | 11,511,579 | | | $ | 13,178,749 | |
| Class Y | | $ | 189,199 | | | $ | 43,624,696 | |
| Class Z | | $ | 217,843,146 | | | $ | 339,776,769 | |
| |
| SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6: |
| Class A | | | 291,775 | | | | 8,525,711 | |
| Class C | | | 185,988 | | | | 5,418,833 | |
| Class I | | | 1,015,339 | | | | 1,257,714 | |
| Class Y | | | 16,460 | | | | 4,041,621 | |
| Class Z | | | 18,963,744 | | | | 30,425,341 | |
| | | | | | | | | |
| NET ASSET VALUE PER SHARE: | | | | | | | | |
| Class A — Net Asset Value Per Share Class A | | $ | 11.33 | | | $ | 10.12 | |
Class A — Offering Price Per Share
(includes a 5.25% sales charge) | | $ | 11.96 | | | $ | 10.68 | |
| Class C — Net Asset Value Per Share Class C | | $ | 11.13 | | | $ | 5.45 | |
| Class I — Net Asset Value Per Share Class I | | $ | 11.34 | | | $ | 10.48 | |
| Class Y — Net Asset Value Per Share Class Y | | $ | 11.49 | | | $ | 10.79 | |
| Class Z — Net Asset Value Per Share Class Z | | $ | 11.49 | | | $ | 11.17 | |
| See Notes to Financial Statements. | | | | | | | | |
| (a) | At October 31, 2023, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $228,624,876, amounted to $8,039,576 which consisted of aggregate gross unrealized appreciation of $25,070,750 and aggregate gross unrealized depreciation of $17,031,174. |
| (b) | At October 31, 2023, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $551,484,364, amounted to $53,523,824 which consisted of aggregate gross unrealized appreciation of $65,799,839 and aggregate gross unrealized depreciation of $119,323,663. |
THE ALGER FUNDS
Statements of Assets and Liabilities October 31, 2023 (Continued)
| | | Alger Small Cap
Growth Fund | | | Alger Small Cap
Focus Fund | |
| | | | | | | | | |
| ASSETS: | | | | | | | | |
| Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedules of investments | | $ | 269,590,990 | | | $ | 1,405,454,683 | |
| Investments in affiliated securities, at value (Identified cost below)** see accompanying schedules of investments | | | 2,094,729 | | | | 124,615,361 | |
| Cash and cash equivalents | | | 580,729 | | | | — | |
| Receivable for investment securities sold | | | 2,146,818 | | | | 3,675,146 | |
| Receivable for shares of beneficial interest sold | | | 275,745 | | | | 907,391 | |
| Receivable from Investment Manager | | | 2,594 | | | | 9,209 | |
| Prepaid expenses | | | 83,028 | | | | 166,915 | |
| Total Assets | | | 274,774,633 | | | | 1,534,828,705 | |
| | | | | | | | | |
| LIABILITIES: | | | | | | | | |
| Payable for shares of beneficial interest redeemed | | | 1,491,858 | | | | 26,894,641 | |
| Bank overdraft | | | — | | | | 428 | |
| Payable for interfund loans | | | — | | | | 2,093,772 | |
| Accrued investment advisory fees | | | 205,109 | | | | 1,075,958 | |
| Accrued distribution fees | | | 41,149 | | | | 101,076 | |
| Accrued shareholder administrative fees | | | 3,294 | | | | 15,513 | |
| Accrued administrative fees | | | 6,964 | | | | 39,452 | |
| Accrued transfer agent fees | | | 60,058 | | | | 468,598 | |
| Accrued professional fees | | | 48,461 | | | | 113,031 | |
| Accrued printing fees | | | 26,602 | | | | 253,365 | |
| Accrued custodian fees | | | 12,703 | | | | 23,527 | |
| Accrued fund accounting fees | | | 12,351 | | | | 62,339 | |
| Accrued trustee fees | | | 1,908 | | | | 18,286 | |
| Accrued other expenses | | | 758 | | | | 1,947 | |
| Total Liabilities | | | 1,911,215 | | | | 31,161,933 | |
| NET ASSETS | | $ | 272,863,418 | | | $ | 1,503,666,772 | |
| | | | | | | | | |
| NET ASSETS CONSIST OF: | | | | | | | | |
| Paid in capital (par value of $.001 per share) | | | 375,463,001 | | | | 2,364,561,557 | |
| Distributions in excess of earnings | | | (102,599,583 | ) | | | (860,894,785 | ) |
| NET ASSETS | | $ | 272,863,418 | | | $ | 1,503,666,772 | |
| * Identified cost | | $ | 268,810,499 | (a) | | $ | 1,386,908,989 | (b) |
| ** Identified cost | | $ | 2,503,096 | (a) | | $ | 135,264,013 | (b) |
| See Notes to Financial Statements. | | | | | | | | |
THE ALGER FUNDS
Statements of Assets and Liabilities October 31, 2023 (Continued)
| | | Alger Small Cap
Growth Fund | | | Alger Small Cap
Focus Fund | |
| | | | | | | | | |
| NET ASSETS BY CLASS: | | | | | | | | |
| Class A | | $ | 110,041,275 | | | $ | 128,365,906 | |
| Class B | | $ | 2,212,123 | | | $ | — | |
| Class C | | $ | 14,850,798 | | | $ | 62,091,476 | |
| Class I | | $ | — | | | $ | 52,677,746 | |
| Class Y | | $ | 7,257,580 | | | $ | 136,083,506 | |
| Class Z | | $ | 138,501,642 | | | $ | 1,124,448,138 | |
| |
| SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6: |
| Class A | | | 13,924,833 | | | | 9,200,545 | |
| Class B | | | 416,780 | | | | — | |
| Class C | | | 3,038,839 | | | | 5,129,401 | |
| Class I | | | — | | | | 3,653,138 | |
| Class Y | | | 867,651 | | | | 9,163,838 | |
| Class Z | | | 16,610,316 | | | | 75,756,730 | |
| | | | | | | | | |
| NET ASSET VALUE PER SHARE: | | | | | | | | |
| Class A — Net Asset Value Per Share Class A | | $ | 7.90 | | | $ | 13.95 | |
Class A — Offering Price Per Share
(includes a 5.25% sales charge) | | $ | 8.34 | | | $ | 14.73 | |
| Class B — Net Asset Value Per Share Class B | | $ | 5.31 | | | $ | — | |
| Class C — Net Asset Value Per Share Class C | | $ | 4.89 | | | $ | 12.11 | |
| Class I — Net Asset Value Per Share Class I | | $ | — | | | $ | 14.42 | |
| Class Y — Net Asset Value Per Share Class Y | | $ | 8.36 | | | $ | 14.85 | |
| Class Z — Net Asset Value Per Share Class Z | | $ | 8.34 | | | $ | 14.84 | |
| See Notes to Financial Statements. | | | | | | | | |
| (a) | At October 31, 2023, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $275,477,910, amounted to $3,792,191 which consisted of aggregate gross unrealized appreciation of $59,849,125 and aggregate gross unrealized depreciation of $63,641,316. |
| (b) | At October 31, 2023, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $1,577,813,855, amounted to $47,743,811 which consisted of aggregate gross unrealized appreciation of $215,506,477 and aggregate gross unrealized depreciation of $263,250,288. |
THE ALGER FUNDS
Statements of Assets and Liabilities October 31, 2023 (Continued)
| | | Alger International
Focus Fund | | | Alger Health
Sciences Fund | |
| | | | | | | | | |
| ASSETS: | | | | | | | | |
| Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedules of investments | | $ | 141,291,172 | | | $ | 112,244,207 | |
| Investments in affiliated securities, at value (Identified cost below)** see accompanying schedules of investments | | | — | | | | — | |
| Cash and cash equivalents | | | 6,176,361 | | | | 6,768,835 | |
| Receivable for investment securities sold | | | 1,482,362 | | | | — | |
| Receivable for shares of beneficial interest sold | | | 11,367 | | | | 130,995 | |
| Dividends and interest receivable | | | 203,138 | | | | 147,066 | |
| Receivable from Investment Manager | | | 10,633 | | | | 8,800 | |
| Prepaid expenses | | | 69,679 | | | | 59,821 | |
| Total Assets | | | 149,244,712 | | | | 119,359,724 | |
| | | | | | | | | |
| LIABILITIES: | | | | | | | | |
| Payable for investment securities purchased | | | 2,235,905 | | | | — | |
| Payable for shares of beneficial interest redeemed | | | 51,651 | | | | 1,264,539 | |
| Foreign capital gain tax payable | | | 52,776 | | | | — | |
| Accrued investment advisory fees | | | 93,332 | | | | 59,092 | |
| Accrued distribution fees | | | 34,182 | | | | 19,380 | |
| Accrued shareholder administrative fees | | | 1,959 | | | | 1,492 | |
| Accrued administrative fees | | | 3,615 | | | | 2,954 | |
| Accrued transfer agent fees | | | 42,085 | | | | 57,849 | |
| Accrued professional fees | | | 40,051 | | | | 53,605 | |
| Accrued fund accounting fees | | | 15,757 | | | | 10,719 | |
| Accrued printing fees | | | 13,929 | | | | 19,939 | |
| Accrued custodian fees | | | 4,844 | | | | 1,790 | |
| Accrued trustee fees | | | 577 | | | | 1,009 | |
| Accrued other expenses | | | 6,987 | | | | 2,509 | |
| Total Liabilities | | | 2,597,650 | | | | 1,494,877 | |
| NET ASSETS | | $ | 146,647,062 | | | $ | 117,864,847 | |
| | | | | | | | | |
| NET ASSETS CONSIST OF: | | | | | | | | |
| Paid in capital (par value of $.001 per share) | | | 148,538,310 | | | | 158,240,956 | |
| Distributions in excess of earnings | | | (1,891,248 | ) | | | (40,376,109 | ) |
| NET ASSETS | | $ | 146,647,062 | | | $ | 117,864,847 | |
| * Identified cost | | $ | 134,292,785 | (a) | | $ | 112,642,524 | (b) |
| ** Identified cost | | $ | — | | | $ | 4,038,147 | (b) |
| See Notes to Financial Statements. | | | | | | | | |
THE ALGER FUNDS
Statements of Assets and Liabilities October 31, 2023 (Continued)
| | | Alger International
Focus Fund | | | Alger Health
Sciences Fund | |
| | | | | | | |
| NET ASSETS BY CLASS: | | | | | | | | |
| Class A | | $ | 97,017,601 | | | $ | 65,337,048 | |
| Class B | | $ | 12,465,014 | | | $ | — | |
| Class C | | $ | 1,137,841 | | | $ | 4,802,464 | |
| Class I | | $ | 1,104,013 | | | $ | — | |
| Class Z | | $ | 34,922,593 | | | $ | 47,725,335 | |
|
| |
| SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6: |
| Class A | | | 6,149,973 | | | | 3,585,544 | |
| Class B | | | 922,556 | | | | — | |
| Class C | | | 89,633 | | | | 423,729 | |
| Class I | | | 69,729 | | | | — | |
| Class Z | | | 2,157,601 | | | | 2,561,501 | |
| | | | | | | | | |
| NET ASSET VALUE PER SHARE: | | | | | | | | |
| Class A — Net Asset Value Per Share Class A | | $ | 15.78 | | | $ | 18.22 | |
| Class A — Offering Price Per Share (includes a 5.25% sales charge) | | $ | 16.65 | | | $ | 19.23 | |
| Class B — Net Asset Value Per Share Class B | | $ | 13.51 | | | $ | — | |
| Class C — Net Asset Value Per Share Class C | | $ | 12.69 | | | $ | 11.33 | |
| Class I — Net Asset Value Per Share Class I | | $ | 15.83 | | | $ | — | |
| Class Z — Net Asset Value Per Share Class Z | | $ | 16.19 | | | $ | 18.63 | |
| See Notes to Financial Statements. | | | | | | | | |
| (a) | At October 31, 2023, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $135,861,804, amounted to $5,429,368 which consisted of aggregate gross unrealized appreciation of $24,559,184 and aggregate gross unrealized depreciation of $19,129,816. |
| (b) | At October 31, 2023, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $118,767,505, amounted to $6,523,299 which consisted of aggregate gross unrealized appreciation of $5,655,567 and aggregate gross unrealized depreciation of $12,178,866. |
THE ALGER FUNDS
Statements of Operations for the year ended October 31, 2023
| | | Alger Capital
Appreciation Fund | | | Alger 35 Fund | |
| | | | | | | | | |
| INCOME: | | | | | | | | |
| Dividends (net of foreign withholding taxes*) | | $ | 10,238,385 | | | $ | 90,184 | |
| Interest | | | 751,696 | | | | 27,690 | |
| Total Income | | | 10,990,081 | | | | 117,874 | |
| | | | | | | | | |
| EXPENSES: | | | | | | | | |
| Investment advisory fees — Note 3(a) | | | 13,930,219 | | | | 118,568 | |
| Distribution fees — Note 3(c) | | | | | | | | |
| Class A | | | 1,924,811 | | | | — | |
| Class C | | | 789,689 | | | | — | |
| Shareholder administrative fees — Note 3(f) | | | 227,156 | | | | 2,635 | |
| Administration fees — Note 3(b) | | | 472,940 | | | | 7,246 | |
| Transfer agent fees — Note 3(f) | | | 987,141 | | | | 2,698 | |
| Fund accounting fees | | | 317,467 | | | | 54,462 | |
| Printing fees | | | 163,708 | | | | 1,313 | |
| Professional fees | | | 125,695 | | | | 41,124 | |
| Registration fees | | | 100,321 | | | | 11,278 | |
| Trustee fees — Note 3(g) | | | 89,188 | | | | 1,344 | |
| Custodian fees | | | 83,085 | | | | 5,759 | |
| Interest expenses | | | 77,463 | | | | 2,408 | |
| Other expenses | | | 235,666 | | | | 5,901 | |
| Total Expenses | | | 19,524,549 | | | | 254,736 | |
| Less, expense reimbursements/waivers — Note 3(a) | | | (620,626 | ) | | | (105,739 | ) |
| Net Expenses | | | 18,903,923 | | | | 148,997 | |
| NET INVESTMENT LOSS | | | (7,913,842 | ) | | | (31,123 | ) |
| |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: |
| Net realized gain (loss) on unaffiliated investments | | | 134,543,497 | | | | (1,728,699 | ) |
| Net realized gain on redemptions-in-kind | | | 3,557,014 | | | | — | |
| Net realized (loss) on foreign currency transactions | | | (15,250 | ) | | | (1,365 | ) |
| Net change in unrealized appreciation on unaffiliated investments | | | 150,916,477 | | | | 2,108,016 | |
| Net change in unrealized (depreciation) on affiliated investments | | | (379,731 | ) | | | — | |
| Net change in unrealized appreciation on foreign currency | | | 14,575 | | | | 30 | |
| Net realized and unrealized gain on investments and foreign currency | | | 288,636,582 | | | | 377,982 | |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 280,722,740 | | | $ | 346,859 | |
| * Foreign withholding taxes | | $ | 124,224 | | | $ | 985 | |
| See Notes to Financial Statements. | | | | | | | | |
THE ALGER FUNDS
Statements of Operations for the year ended October 31, 2023 (Continued)
| | | Alger Growth &
Income Fund | | | Alger Mid Cap
Growth Fund | |
| | | | | | | |
| INCOME: | | | | | | | | |
| Dividends (net of foreign withholding taxes*) | | $ | 6,890,044 | | | $ | 974,548 | |
| Interest | | | 589,452 | | | | 156,012 | |
| Income from securities lending | | | 10,342 | | | | — | |
| Total Income | | | 7,489,838 | | | | 1,130,560 | |
| | | | | | | | | |
| EXPENSES: | | | | | | | | |
| Investment advisory fees — Note 3(a) | | | 1,516,864 | | | | 1,493,216 | |
| Distribution fees — Note 3(c) | | | | | | | | |
| Class A | | | 307,524 | | | | 369,261 | |
| Class B | | | — | | | | 104,730 | |
| Class C | | | 243,041 | | | | 40,671 | |
| Shareholder administrative fees — Note 3(f) | | | 39,913 | | | | 30,193 | |
| Administration fees — Note 3(b) | | | 83,428 | | | | 54,031 | |
| Transfer agent fees — Note 3(f) | | | 118,705 | | | | 124,589 | |
| Fund accounting fees | | | 93,361 | | | | 84,346 | |
| Registration fees | | | 57,037 | | | | 45,835 | |
| Professional fees | | | 48,480 | | | | 58,748 | |
| Printing fees | | | 33,184 | | | | 30,256 | |
| Custodian fees | | | 19,090 | | | | 25,022 | |
| Trustee fees — Note 3(g) | | | 15,449 | | | | 9,894 | |
| Interest expenses | | | 722 | | | | 344 | |
| Other expenses | | | 34,289 | | | | 31,811 | |
| Total Expenses | | | 2,611,087 | | | | 2,502,947 | |
| Less, expense reimbursements/waivers — Note 3(a) | | | — | | | | (69,459 | ) |
| Net Expenses | | | 2,611,087 | | | | 2,433,488 | |
| NET INVESTMENT INCOME (LOSS) | | | 4,878,751 | | | | (1,302,928 | ) |
| |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: |
| Net realized (loss) on unaffiliated investments | | | (473,924 | ) | | | (8,867,226 | ) |
| Net realized (loss) on foreign currency transactions | | | — | | | | (4,348 | ) |
| Net change in unrealized appreciation on unaffiliated investments | | | 26,838,862 | | | | 9,580,623 | |
| Net change in unrealized (depreciation) on affiliated investments | | | — | | | | (233,273 | ) |
| Net change in unrealized appreciation on foreign currency | | | — | | | | 339 | |
| Net realized and unrealized gain on investments and foreign currency | | | 26,364,938 | | | | 476,115 | |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 31,243,689 | | | $ | (826,813 | ) |
| * Foreign withholding taxes | | $ | 52,313 | | | $ | 17,713 | |
| See Notes to Financial Statements. | | | | | | | | |
THE ALGER FUNDS
Statements of Operations for the year ended October 31, 2023 (Continued)
| | | Alger Mid Cap
Focus Fund | | | Alger Weatherbie
Specialized Growth
Fund | |
| | | | | | | |
| INCOME: | | | | | | | | |
| Dividends (net of foreign withholding taxes*) | | $ | 1,022,309 | | | $ | 1,898,300 | |
| Interest | | | 222,708 | | | | 919,386 | |
| Total Income | | | 1,245,017 | | | | 2,817,686 | |
| | | | | | | | | |
| EXPENSES: | | | | | | | | |
| Investment advisory fees — Note 3(a) | | | 2,222,125 | | | | 5,446,099 | |
| Distribution fees — Note 3(c) | | | | | | | | |
| Class A | | | 12,657 | | | | 269,458 | |
| Class C | | | 24,685 | | | | 383,891 | |
| Class I | | | 84,584 | | | | 59,890 | |
| Shareholder administrative fees — Note 3(f) | | | 34,948 | | | | 76,737 | |
| Administration fees — Note 3(b) | | | 94,759 | | | | 184,898 | |
| Fund accounting fees | | | 107,337 | | | | 161,254 | |
| Registration fees | | | 98,519 | | | | 98,990 | |
| Transfer agent fees — Note 3(f) | | | 76,455 | | | | 274,988 | |
| Printing fees | | | 62,980 | | | | 104,618 | |
| Professional fees | | | 55,681 | | | | 86,458 | |
| Interest expenses | | | 27,771 | | | | 2,668 | |
| Custodian fees | | | 20,596 | | | | 48,996 | |
| Trustee fees — Note 3(g) | | | 20,098 | | | | 35,908 | |
| Other expenses | | | 53,806 | | | | 105,182 | |
| Total Expenses | | | 2,997,001 | | | | 7,340,035 | |
| Less, expense reimbursements/waivers — Note 3(a) | | | (948 | ) | | | (35,423 | ) |
| Net Expenses | | | 2,996,053 | | | | 7,304,612 | |
| NET INVESTMENT LOSS | | | (1,751,036 | ) | | | (4,486,926 | ) |
| |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: |
| Net realized (loss) on unaffiliated investments | | | (61,614,670 | ) | | | (130,028,359 | ) |
| Net realized (loss) on foreign currency transactions | | | (7,445 | ) | | | (12 | ) |
| Net change in unrealized appreciation on unaffiliated investments | | | 45,565,317 | | | | 55,712,732 | |
| Net change in unrealized appreciation on foreign currency | | | 59 | | | | — | |
| Net realized and unrealized (loss) on investments and foreign currency | | | (16,056,739 | ) | | | (74,315,639 | ) |
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (17,807,775 | ) | | $ | (78,802,565 | ) |
| * Foreign withholding taxes | | $ | 11,014 | | | $ | 38,251 | |
| See Notes to Financial Statements. | | | | | | | | |
THE ALGER FUNDS
Statements of Operations for the year ended October 31, 2023 (Continued)
| | | Alger Small Cap
Growth Fund | | | Alger Small Cap
Focus Fund | |
| | | | | | | |
| INCOME: | | | | | | | | |
| Dividends (net of foreign withholding taxes*) | | $ | 1,110,307 | | | $ | 5,809,747 | |
| Interest | | | 235,124 | | | | 892,234 | |
| Total Income | | | 1,345,431 | | | | 6,701,981 | |
| | | | | | | | | |
| EXPENSES: | | | | | | | | |
| Investment advisory fees — Note 3(a) | | | 2,754,333 | | | | 16,742,742 | |
| Distribution fees — Note 3(c) | | | | | | | | |
| Class A | | | 328,041 | | | | 465,334 | |
| Class B | | | 26,201 | | | | — | |
| Class C | | | 182,123 | | | | 874,245 | |
| Class I | | | — | | | | 236,861 | |
| Shareholder administrative fees — Note 3(f) | | | 43,887 | | | | 241,018 | |
| Administration fees — Note 3(b) | | | 93,511 | | | | 613,901 | |
| Transfer agent fees — Note 3(f) | | | 168,507 | | | | 1,170,584 | |
| Fund accounting fees | | | 98,966 | | | | 327,355 | |
| Registration fees | | | 90,947 | | | | 152,521 | |
| Professional fees | | | 79,566 | | | | 212,200 | |
| Printing fees | | | 44,004 | | | | 364,991 | |
| Custodian fees | | | 33,987 | | | | 86,167 | |
| Trustee fees — Note 3(g) | | | 18,434 | | | | 125,367 | |
| Interest expenses | | | 4,076 | | | | 229,309 | |
| Other expenses | | | 57,441 | | | | 360,420 | |
| Total Expenses | | | 4,024,024 | | | | 22,203,015 | |
| Less, expense reimbursements/waivers — Note 3(a) | | | (28,456 | ) | | | (92,140 | ) |
| Net Expenses | | | 3,995,568 | | | | 22,110,875 | |
| NET INVESTMENT LOSS | | | (2,650,137 | ) | | | (15,408,894 | ) |
| |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, CONTRACTS FOR DIFFERENCE AND FOREIGN CURRENCY: |
| Net realized (loss) on unaffiliated investments | | | (72,343,637 | ) | | | (246,526,812 | ) |
| Net realized (loss) on affiliated investments | | | — | | | | (30,591,023 | ) |
| Net realized (loss) on foreign currency transactions | | | (19,456 | ) | | | (1,504 | ) |
| Net realized gain on contracts for difference | | | — | | | | 707,735 | |
| Net change in unrealized appreciation (depreciation) on unaffiliated investments | | | 42,902,451 | | | | (121,524,400 | ) |
| Net change in unrealized appreciation (depreciation) on affiliated investments | | | (315,377 | ) | | | 42,632,657 | |
| Net realized and unrealized (loss) on investments, contracts for difference and foreign currency | | | (29,776,019 | ) | | | (355,303,347 | ) |
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (32,426,156 | ) | | $ | (370,712,241 | ) |
| * Foreign withholding taxes | | $ | 5,436 | | | $ | 49,005 | |
| See Notes to Financial Statements. | | | | | | | | |
THE ALGER FUNDS
Statements of Operations for the year ended October 31, 2023 (Continued)
| | | Alger International
Focus Fund | | | Alger Health
Sciences Fund | |
| | | | | | | | | |
| INCOME: | | | | | | | | |
| Dividends (net of foreign withholding taxes*) | | $ | 1,494,133 | | | $ | 730,914 | |
| Interest | | | 138,780 | | | | 123,211 | |
| Total Income | | | 1,632,913 | | | | 854,125 | |
| | | | | | | | | |
| EXPENSES: | | | | | | | | |
| Investment advisory fees — Note 3(a) | | | 1,009,184 | | | | 828,941 | |
| Distribution fees — Note 3(c) | | | | | | | | |
| Class A | | | 267,056 | | | | 203,871 | |
| Class B | | | 137,615 | | | | — | |
| Class C | | | 13,684 | | | | 66,870 | |
| Class I | | | 2,924 | | | | — | |
| Shareholder administrative fees — Note 3(f) | | | 22,141 | | | | 20,807 | |
| Administration fees — Note 3(b) | | | 39,088 | | | | 41,447 | |
| Transfer agent fees — Note 3(f) | | | 98,959 | | | | 108,903 | |
| Fund accounting fees | | | 84,676 | | | | 71,937 | |
| Professional fees | | | 63,576 | | | | 72,440 | |
| Registration fees | | | 60,565 | | | | 36,103 | |
| Custodian fees | | | 54,419 | | | | 16,883 | |
| Printing fees | | | 26,539 | | | | 29,420 | |
| Trustee fees — Note 3(g) | | | 7,178 | | | | 8,377 | |
| Interest expenses | | | 150 | | | | 1,346 | |
| Other expenses | | | 23,116 | | | | 38,607 | |
| Total Expenses | | | 1,910,870 | | | | 1,545,952 | |
| Less, expense reimbursements/waivers — Note 3(a) | | | (120,145 | ) | | | (17,284 | ) |
| Net Expenses | | | 1,790,725 | | | | 1,528,668 | |
| NET INVESTMENT LOSS | | | (157,812 | ) | | | (674,543 | ) |
| |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: |
| Net realized gain on unaffiliated investments | | | 489,021 | ** | | | 8,608,079 | |
| Net realized (loss) on foreign currency transactions | | | (44,961 | ) | | | (76,960 | ) |
| Net change in unrealized appreciation (depreciation) on unaffiliated investments | | | 3,349,728 | *** | | | (25,347,578 | ) |
| Net change in unrealized appreciation on foreign currency | | | 17,152 | | | | 2,823 | |
| Net realized and unrealized gain (loss) on investments and foreign currency | | | 3,810,940 | | | | (16,813,636 | ) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 3,653,128 | | | $ | (17,488,179 | ) |
| * Foreign withholding taxes | | $ | 171,366 | | | $ | 16,125 | |
| See Notes to Financial Statements. | | | | | | | | |
** Includes capital gain tax of $177,532.
*** Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of $(52,776).
THE ALGER FUNDS
Statements of Changes in Net Assets
| | | Alger Capital Appreciation Fund | |
| | | For the
Year Ended
October 31, 2023 | | | For the
Year Ended
October 31, 2022 | |
| | | | | | | | | |
| Net investment loss | | $ | (7,913,842 | ) | | $ | (8,588,618 | ) |
| Net realized gain on investments, redemptions in-kind, and foreign currency | | | 138,085,261 | | | | 54,838,009 | |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | | | 150,551,321 | | | | (1,140,768,396 | ) |
| Net increase (decrease) in net assets resulting from operations | | | 280,722,740 | | | | (1,094,519,005 | ) |
| | | | | | | | | |
| Dividends and distributions to shareholders: | | | | | | | | |
| Class A | | | (30,288,660 | ) | | | (284,398,857 | ) |
| Class C | | | (5,650,846 | ) | | | (53,540,254 | ) |
| Class Z | | | (33,055,502 | ) | | | (297,591,139 | ) |
| Total dividends and distributions to shareholders | | | (68,995,008 | ) | | | (635,530,250 | ) |
| |
| Increase (decrease) from shares of beneficial interest transactions: |
| Class A | | | (128,629,089 | ) | | | 13,515,228 | |
| Class C | | | (30,383,646 | ) | | | (4,551,506 | ) |
| Class Z | | | (284,937,836 | ) | | | 113,901,081 | |
| Net increase (decrease) from shares of beneficial interest transactions — Note 6 | | | (443,950,571 | ) | | | 122,864,803 | |
| Total decrease | | | (232,222,839 | ) | | | (1,607,184,452 | ) |
| | | | | | | | | |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 1,815,537,466 | | | | 3,422,721,918 | |
| END OF PERIOD | | $ | 1,583,314,627 | | | $ | 1,815,537,466 | |
| See Notes to Financial Statements. | | | | | | | | |
THE ALGER FUNDS
Statements of Changes in Net Assets (Continued)
| | | Alger 35 Fund | |
| | | For the
Year Ended
October 31, 2023 | | | For the
Year Ended
October 31, 2022 | |
| | | | | | | | | |
| Net investment income (loss) | | $ | (31,123 | ) | | $ | 4,021 | |
| Net realized loss on investments and foreign currency | | | (1,730,064 | ) | | | (4,926,564 | ) |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | | | 2,108,046 | | | | (12,333,559 | ) |
| Net increase (decrease) in net assets resulting from operations | | | 346,859 | | | | (17,256,102 | ) |
| | | | | | | | | |
| Dividends and distributions to shareholders: | | | | | | | | |
| Class Z | | | (5,582 | ) | | | (10,551,417 | ) |
| Total dividends and distributions to shareholders | | | (5,582 | ) | | | (10,551,417 | ) |
| |
| Increase (decrease) from shares of beneficial interest transactions: |
| Class Z | | | (677,152 | ) | | | 9,624,945 | |
| Net increase (decrease) from shares of beneficial interest transactions — Note 6 | | | (677,152 | ) | | | 9,624,945 | |
| Total decrease | | | (335,875 | ) | | | (18,182,574 | ) |
| | | | | | | | | |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 25,976,398 | | | | 44,158,972 | |
| END OF PERIOD | | $ | 25,640,523 | | | $ | 25,976,398 | |
| See Notes to Financial Statements. | | | | | | | | |
THE ALGER FUNDS
Statements of Changes in Net Assets (Continued)
| | | Alger Growth & Income Fund | |
| | | For the
Year Ended
October 31, 2023 | | | For the
Year Ended
October 31, 2022 | |
| | | | | | | | | |
| Net investment income | | $ | 4,878,751 | | | $ | 2,552,839 | |
| Net realized loss on investments and foreign currency | | | (473,924 | ) | | | (246,144 | ) |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | | | 26,838,862 | | | | (27,439,139 | ) |
| Net increase (decrease) in net assets resulting from operations | | | 31,243,689 | | | | (25,132,444 | ) |
| | | | | | | | | |
| Dividends and distributions to shareholders: | | | | | | | | |
| Class A | | | (1,709,205 | ) | | | (4,709,966 | ) |
| Class C | | | (167,164 | ) | | | (687,923 | ) |
| Class Z | | | (2,596,584 | ) | | | (2,219,203 | ) |
| Total dividends and distributions to shareholders | | | (4,472,953 | ) | | | (7,617,092 | ) |
| | | | | | | | | |
| Increase from shares of beneficial interest transactions: | | | | | | | | |
| Class A | | | 9,135,768 | | | | 19,951,923 | |
| Class C | | | 814,481 | | | | 6,180,541 | |
| Class Z | | | 39,561,312 | | | | 88,363,764 | |
| Net increase from shares of beneficial interest transactions — Note 6 | | | 49,511,561 | | | | 114,496,228 | |
| Total increase | | | 76,282,297 | | | | 81,746,692 | |
| | | | | | | | | |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 244,401,482 | | | | 162,654,790 | |
| END OF PERIOD | | $ | 320,683,779 | | | $ | 244,401,482 | |
| 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, 2023 | | | For the
Year Ended
October 31, 2022 | |
| | | | | | | | | |
| Net investment loss | | $ | (1,302,928 | ) | | $ | (1,528,046 | ) |
| Net realized loss on investments and foreign currency | | | (8,871,574 | ) | | | (55,825,563 | ) |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | | | 9,347,689 | | | | (73,648,453 | ) |
| Net decrease in net assets resulting from operations | | | (826,813 | ) | | | (131,002,062 | ) |
| | | | | | | | | |
| Dividends and distributions to shareholders: | | | | | | | | |
| Class A | | | — | | | | (67,153,291 | ) |
| Class B | | | — | | | | (6,406,978 | ) |
| Class C | | | — | | | | (2,944,693 | ) |
| Class Z | | | — | | | | (15,837,405 | ) |
| Total dividends and distributions to shareholders | | | — | | | | (92,342,367 | ) |
| |
| Increase (decrease) from shares of beneficial interest transactions: |
| Class A | | | (13,368,649 | ) | | | 52,482,791 | |
| Class B | | | (912,334 | ) | | | 5,161,326 | |
| Class C | | | (1,263,818 | ) | | | 2,481,849 | |
| Class Z | | | 13,864,507 | | | | 16,160,525 | |
| Net increase (decrease) from shares of beneficial interest transactions — Note 6 | | | (1,680,294 | ) | | | 76,286,491 | |
| Total decrease | | | (2,507,107 | ) | | | (147,057,938 | ) |
| | | | | | | | | |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 192,102,653 | | | | 339,160,591 | |
| END OF PERIOD | | $ | 189,595,546 | | | $ | 192,102,653 | |
| 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, 2023 | | | For the
Year Ended
October 31, 2022 | |
| | | | | | | | | |
| Net investment loss | | $ | (1,751,036 | ) | | $ | (2,374,048 | ) |
| Net realized loss on investments and foreign currency | | | (61,622,115 | ) | | | (114,966,878 | ) |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | | | 45,565,376 | | | | (271,346,889 | ) |
| Net decrease in net assets resulting from operations | | | (17,807,775 | ) | | | (388,687,815 | ) |
| | | | | | | | | |
| Dividends and distributions to shareholders: | | | | | | | | |
| Class A | | | — | | | | (237,662 | ) |
| Class C | | | — | | | | (228,199 | ) |
| Class I | | | — | | | | (12,826,323 | ) |
| Class Y | | | — | | | | (12,097 | ) |
| Class Z | | | — | | | | (70,824,262 | ) |
| Total dividends and distributions to shareholders | | | — | | | | (84,128,543 | ) |
| |
| Increase (decrease) from shares of beneficial interest transactions: |
| Class A | | | (1,501,313 | ) | | | 5,256,417 | |
| Class C | | | (197,849 | ) | | | 1,924,208 | |
| Class I | | | (49,382,479 | ) | | | (12,108,519 | ) |
| Class Y | | | (239,173 | ) | | | 422,581 | |
| Class Z | | | (132,383,860 | ) | | | (31,386,124 | ) |
| Net decrease from shares of beneficial interest transactions — Note 6 | | | (183,704,674 | ) | | | (35,891,437 | ) |
| Total decrease | | | (201,512,449 | ) | | | (508,707,795 | ) |
| | | | | | | | | |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 436,433,348 | | | | 945,141,143 | |
| END OF PERIOD | | $ | 234,920,899 | | | $ | 436,433,348 | |
| 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, 2023 | | | For the
Year Ended
October 31, 2022 | |
| | | | | | | | | |
| Net investment loss | | $ | (4,486,926 | ) | | $ | (8,040,908 | ) |
| Net realized loss on investments and foreign currency | | | (130,028,371 | ) | | | (193,750,586 | ) |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | | | 55,712,732 | | | | (501,688,673 | ) |
| Net decrease in net assets resulting from operations | | | (78,802,565 | ) | | | (703,480,167 | ) |
| | | | | | | | | |
| Dividends and distributions to shareholders: | | | | | | | | |
| Class A | | | — | | | | (45,296,523 | ) |
| Class C | | | — | | | | (27,504,338 | ) |
| Class I | | | — | | | | (12,964,988 | ) |
| Class Y | | | — | | | | (10,407,118 | ) |
| Class Z | | | — | | | | (205,452,142 | ) |
| Total dividends and distributions to shareholders | | | — | | | | (301,625,109 | ) |
| |
| Increase (decrease) from shares of beneficial interest transactions: |
| Class A | | | (20,682,121 | ) | | | 8,933,676 | |
| Class C | | | (10,526,217 | ) | | | 9,708,887 | |
| Class I | | | (14,562,771 | ) | | | (4,904,091 | ) |
| Class Y | | | 2,521,614 | | | | 26,302,379 | |
| Class Z | | | (142,269,931 | ) | | | (36,895,543 | ) |
| Net increase (decrease) from shares of beneficial interest transactions — Note 6 | | | (185,519,426 | ) | | | 3,145,308 | |
| Total decrease | | | (264,321,991 | ) | | | (1,001,959,968 | ) |
| | | | | | | | | |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 776,717,884 | | | | 1,778,677,852 | |
| END OF PERIOD | | $ | 512,395,893 | | | $ | 776,717,884 | |
| 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, 2023 | | | For the
Year Ended
October 31, 2022 | |
| | | | | | | | | |
| Net investment loss | | $ | (2,650,137 | ) | | $ | (4,114,910 | ) |
| Net realized loss on investments and foreign currency | | | (72,363,093 | ) | | | (24,248,827 | ) |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | | | 42,587,074 | | | | (242,568,455 | ) |
| Net decrease in net assets resulting from operations | | | (32,426,156 | ) | | | (270,932,192 | ) |
| | | | | | | | | |
| Dividends and distributions to shareholders: | | | | | | | | |
| Class A | | | — | | | | (21,314,734 | ) |
| Class B | | | — | | | | (673,335 | ) |
| Class C | | | — | | | | (4,854,023 | ) |
| Class Z | | | — | | | | (30,391,004 | ) |
| Total dividends and distributions to shareholders | | | — | | | | (57,233,096 | ) |
| |
| Increase (decrease) from shares of beneficial interest transactions: |
| Class A | | | (19,030,032 | ) | | | 1,762,230 | |
| Class B | | | (555,792 | ) | | | 32,505 | |
| Class C | | | (4,264,017 | ) | | | 2,204,699 | |
| Class Y | | | 50,894 | | | | 8,398,532 | |
| Class Z | | | (60,167,732 | ) | | | 13,599,272 | |
| Net increase (decrease) from shares of beneficial interest transactions — Note 6 | | | (83,966,679 | ) | | | 25,997,238 | |
| Total decrease | | | (116,392,835 | ) | | | (302,168,050 | ) |
| | | | | | | | | |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 389,256,253 | | | | 691,424,303 | |
| END OF PERIOD | | $ | 272,863,418 | | | $ | 389,256,253 | |
| See Notes to Financial Statements. | | | | | | | | |
THE ALGER FUNDS
Statements of Changes in Net Assets (Continued)
| | | Alger Small Cap Focus Fund | |
| | | For the
Year Ended
October 31, 2023 | | | For the
Year Ended
October 31, 2022 | |
| | | | | | | | | |
| Net investment loss | | $ | (15,408,894 | ) | | $ | (24,812,632 | ) |
| Net realized loss on investments, contracts for difference and foreign currency | | | (276,411,604 | ) | | | (562,947,494 | ) |
| Net change in unrealized depreciation on investments, contracts for difference and foreign currency | | | (78,891,743 | ) | | | (2,516,845,916 | ) |
| Net decrease in net assets resulting from operations | | | (370,712,241 | ) | | | (3,104,606,042 | ) |
| | | | | | | | | |
| 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 | | | (66,345,053 | ) | | | (79,791,951 | ) |
| Class C | | | (31,267,447 | ) | | | (33,316,935 | ) |
| Class I | | | (76,517,074 | ) | | | (96,988,803 | ) |
| Class Y | | | (90,663,856 | ) | | | 58,351,945 | |
| Class Z | | | (790,270,598 | ) | | | (1,239,048,797 | ) |
| Net decrease from shares of beneficial interest transactions — Note 6 | | | (1,055,064,028 | ) | | | (1,390,794,541 | ) |
| Total decrease | | | (1,425,776,269 | ) | | | (4,911,436,261 | ) |
| | | | | | | | | |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 2,929,443,041 | | | | 7,840,879,302 | |
| END OF PERIOD | | $ | 1,503,666,772 | | | $ | 2,929,443,041 | |
| 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, 2023 | | | For the
Year Ended
October 31, 2022 | |
| | | | | | | | | |
| Net investment loss | | $ | (157,812 | ) | | $ | (803,647 | ) |
| Net realized gain (loss) on investments and foreign currency | | | 444,060 | | | | (7,032,633 | ) |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | | | 3,366,880 | | | | (63,553,455 | ) |
| Net increase (decrease) in net assets resulting from operations | | | 3,653,128 | | | | (71,389,735 | ) |
| | | | | | | | | |
| 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 | | | (7,326,082 | ) | | | 7,386,726 | |
| Class B | | | (1,290,607 | ) | | | 116,320 | |
| Class C | | | (525,791 | ) | | | (1,107,606 | ) |
| Class I | | | 5,648 | | | | 1,119,741 | |
| Class Z | | | 21,485,726 | | | | (2,079,971 | ) |
| Net increase from shares of beneficial interest transactions — Note 6 | | | 12,348,894 | | | | 5,435,210 | |
| Total increase (decrease) | | | 16,002,022 | | | | (82,947,457 | ) |
| | | | | | | | | |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 130,645,040 | | | | 213,592,497 | |
| END OF PERIOD | | $ | 146,647,062 | | | $ | 130,645,040 | |
| 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, 2023 | | | For the
Year Ended
October 31, 2022 | |
| | | | | | | | | |
| Net investment loss | | $ | (674,543 | ) | | $ | (408,441 | ) |
| Net realized gain (loss) on investments and foreign currency | | | 8,531,119 | | | | (43,429,932 | ) |
| Net change in unrealized depreciation on investments and foreign currency | | | (25,344,755 | ) | | | (47,165,991 | ) |
| Net decrease in net assets resulting from operations | | | (17,488,179 | ) | | | (91,004,364 | ) |
| | | | | | | | | |
| Dividends and distributions to shareholders: | | | | | | | | |
| Class A | | | — | | | | (28,166,595 | ) |
| Class C | | | — | | | | (3,704,768 | ) |
| Class Z | | | — | | | | (34,925,658 | ) |
| Total dividends and distributions to shareholders | | | — | | | | (66,797,021 | ) |
| |
| Increase (decrease) from shares of beneficial interest transactions: |
| Class A | | | (15,939,100 | ) | | | 7,680,846 | |
| Class C | | | (2,218,608 | ) | | | 956,992 | |
| Class Z | | | (24,304,412 | ) | | | (23,842,039 | ) |
| Net decrease from shares of beneficial interest transactions — Note 6 | | | (42,462,120 | ) | | | (15,204,201 | ) |
| Total decrease | | | (59,950,299 | ) | | | (173,005,586 | ) |
| | | | | | | | | |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 177,815,146 | | | | 350,820,732 | |
| END OF PERIOD | | $ | 117,864,847 | | | $ | 177,815,146 | |
| 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
10/31/2023 | | | Year ended
10/31/2022 | | | Year ended
10/31/2021 | | Year ended
10/31/2020 | | | Year ended
10/31/2019 | |
| Net asset value, beginning of period | | $ | 20.77 | | | $ | 39.48 | | | $ | 33.76 | | | $ | 27.12 | | | $ | 26.20 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment loss(i) | | | (0.14 | ) | | | (0.13 | ) | | | (0.24 | ) | | | (0.12 | ) | | | (0.07 | ) |
| Net realized and unrealized gain (loss) on investments | | | 3.50 | | | | (11.17 | ) | | | 11.11 | | | | 8.96 | | | | 3.53 | |
| Total from investment operations | | | 3.36 | | | | (11.30 | ) | | | 10.87 | | | | 8.84 | | | | 3.46 | |
| Distributions from net realized gains | | | (0.84 | ) | | | (7.41 | ) | | | (5.15 | ) | | | (2.20 | ) | | | (2.54 | ) |
| Net asset value, end of period | | $ | 23.29 | | | $ | 20.77 | | | $ | 39.48 | | | $ | 33.76 | | | $ | 27.12 | |
| Total return(ii) | | | 16.95 | % | | | (34.88 | )% | | | 35.41 | % | | | 34.79 | % | | | 15.29 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 737,324 | | | $ | 774,249 | | | $ | 1,523,572 | | | $ | 1,320,073 | | | $ | 1,174,346 | |
| Ratio of gross expenses to average net assets | | | 1.28 | % | | | 1.20 | % | | | 1.15 | % | | | 1.17 | % | | | 1.21 | % |
| Ratio of net expenses to average net assets | | | 1.28 | % | | | 1.20 | % | | | 1.15 | % | | | 1.17 | % | | | 1.21 | % |
| Ratio of net investment loss to average net assets | | | (0.64 | )% | | | (0.49 | )% | | | (0.67 | )% | | | (0.41 | )% | | | (0.27 | )% |
| Portfolio turnover rate(iii) | | | 85.55 | % | | | 108.26 | % | | | 78.77 | % | | | 89.91 | % | | | 77.04 | % |
| 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) | Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions. |
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period
| Alger Capital Appreciation Fund | | Class C | |
| | | Year ended
10/31/2023 | | | Year ended
10/31/2022 | | | Year ended
10/31/2021 | | | Year ended
10/31/2020 | | | Year ended
10/31/2019 | |
| Net asset value, beginning of period | | $ | 12.63 | | | $ | 27.13 | | | $ | 24.79 | | | $ | 20.60 | | | $ | 20.69 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment loss(i) | | | (0.18 | ) | | | (0.20 | ) | | | (0.35 | ) | | | (0.25 | ) | | | (0.20 | ) |
| Net realized and unrealized gain (loss) on investments | | | 2.05 | | | | (6.89 | ) | | | 7.84 | | | | 6.64 | | | | 2.65 | |
| Total from investment operations | | | 1.87 | | | | (7.09 | ) | | | 7.49 | | | | 6.39 | | | | 2.45 | |
| Distributions from net realized gains | | | (0.84 | ) | | | (7.41 | ) | | | (5.15 | ) | | | (2.20 | ) | | | (2.54 | ) |
| Net asset value, end of period | | $ | 13.66 | | | $ | 12.63 | | | $ | 27.13 | | | $ | 24.79 | | | $ | 20.60 | |
| Total return(ii) | | | 16.03 | % | | | (35.36 | )% | | | 34.43 | % | | | 33.82 | % | | | 14.44 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 67,776 | | | $ | 91,815 | | | $ | 211,972 | | | $ | 204,909 | | | $ | 219,511 | |
| Ratio of gross expenses to average net assets | | | 2.05 | % | | | 1.95 | % | | | 1.90 | % | | | 1.91 | % | | | 1.95 | % |
| Ratio of net expenses to average net assets | | | 2.05 | % | | | 1.95 | % | | | 1.90 | % | | | 1.91 | % | | | 1.95 | % |
| Ratio of net investment loss to average net assets | | | (1.40 | )% | | | (1.24 | )% | | | (1.42 | )% | | | (1.13 | )% | | | (1.01 | )% |
| Portfolio turnover rate(iii) | | | 85.55 | % | | | 108.26 | % | | | 78.77 | % | | | 89.91 | % | | | 77.04 | % |
| 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) | Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions. |
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period
| Alger Capital Appreciation Fund | | Class Z | |
| | | Year ended
10/31/2023 | | | Year ended
10/31/2022 | | | Year ended
10/31/2021 | | | Year ended
10/31/2020 | | | Year ended
10/31/2019 | |
| Net asset value, beginning of period | | $ | 22.16 | | | $ | 41.50 | | | $ | 35.15 | | | $ | 28.06 | | | $ | 26.94 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(i) | | | (0.05 | ) | | | (0.04 | ) | | | (0.13 | ) | | | (0.03 | ) | | | 0.02 | |
| Net realized and unrealized gain (loss) on investments | | | 3.75 | | | | (11.89 | ) | | | 11.63 | | | | 9.32 | | | | 3.64 | |
| Total from investment operations | | | 3.70 | | | | (11.93 | ) | | | 11.50 | | | | 9.29 | | | | 3.66 | |
| Distributions from net realized gains | | | (0.84 | ) | | | (7.41 | ) | | | (5.15 | ) | | | (2.20 | ) | | | (2.54 | ) |
| Net asset value, end of period | | $ | 25.02 | | | $ | 22.16 | | | $ | 41.50 | | | $ | 35.15 | | | $ | 28.06 | |
| Total return(ii) | | | 17.44 | % | | | (34.67 | )% | | | 35.85 | % | | | 35.26 | % | | | 15.69 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 778,215 | | | $ | 949,473 | | | $ | 1,687,179 | | | $ | 1,823,041 | | | $ | 1,409,374 | |
| Ratio of gross expenses to average net assets | | | 0.93 | % | | | 0.86 | % | | | 0.83 | % | | | 0.84 | % | | | 0.87 | % |
| Ratio of expense reimbursements to average net assets | | | (0.07 | )% | | | (0.01 | )% | | | — | | | | — | | | | — | |
| Ratio of net expenses to average net assets | | | 0.86 | % | | | 0.85 | % | | | 0.83 | % | | | 0.84 | % | | | 0.87 | % |
| Ratio of net investment income (loss) to average net assets | | | (0.21 | )% | | | (0.14 | )% | | | (0.34 | )% | | | (0.09 | )% | | | 0.06 | % |
| Portfolio turnover rate(iii) | | | 85.55 | % | | | 108.26 | % | | | 78.77 | % | | | 89.91 | % | | | 77.04 | % |
| 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) | Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions. |
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period
| Alger 35 Fund | | Class Z | |
| | | Year ended
10/31/2023 | | | Year ended
10/31/2022 | | | Year ended 10/31/2021(i) | | | Year ended 10/31/2020(i) | | | Year ended 10/31/2019(i) | |
| Net asset value, beginning of period | | $ | 9.55 | | | $ | 21.33 | | | $ | 17.41 | | | $ | 11.61 | | | $ | 10.38 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(ii) | | | (0.01 | ) | | | — | (iii) | | | (0.01 | ) | | | (0.05 | ) | | | 0.03 | |
| Net realized and unrealized gain (loss) on investments | | | 0.14 | | | | (6.68 | ) | | | 6.95 | | | | 5.87 | | | | 1.31 | |
| Total from investment operations | | | 0.13 | | | | (6.68 | ) | | | 6.94 | | | | 5.82 | | | | 1.34 | |
| Dividends from net investment income | | | — | (iii) | | | — | | | | — | (iv) | | | (0.02 | ) | | | (0.04 | ) |
| Distributions from net realized gains | | | — | | | | (5.10 | ) | | | (3.02 | ) | | | — | | | | (0.07 | ) |
| Net asset value, end of period | | $ | 9.68 | | | $ | 9.55 | | | $ | 21.33 | | | $ | 17.41 | | | $ | 11.61 | |
| Total return(v) | | | 1.38 | % | | | (39.09 | )% | | | 44.27 | % | | | 50.22 | % | | | 13.19 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 25,640 | | | $ | 25,976 | | | $ | 44,159 | | | $ | 14,128 | | | $ | 9,094 | |
| Ratio of gross expenses to average net assets | | | 0.97 | % | | | 0.94 | % | | | 0.92 | % | | | 2.02 | % | | | 2.37 | % |
| Ratio of expense reimbursements to average net assets | | | (0.40 | )% | | | (0.39 | )% | | | (0.52 | )% | | | (1.12 | )% | | | (1.97 | )% |
| Ratio of net expenses to average net assets | | | 0.57 | % | | | 0.55 | % | | | 0.40 | % | | | 0.90 | % | | | 0.40 | % |
| Ratio of net investment income (loss) to average net assets | | | (0.12 | )% | | | 0.01 | % | | | (0.07 | )% | | | 0.36 | % | | | 0.30 | % |
| Portfolio turnover rate | | | 412.77 | % | | | 202.40 | % | | | 136.61 | % | | | 121.74 | % | | | 115.25 | % |
| 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) | Amount was computed based on average shares outstanding during the period. |
| (iii) | Amount was less than $0.005 per share. |
| (iv) | Amount was more than $(0.001) per share. |
| (v) | 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
10/31/2023 | | | Year ended
10/31/2022 | | | Year ended
10/31/2021 | | | Year ended
10/31/2020 | | | Year ended
10/31/2019 | |
| Net asset value, beginning of period | | $ | 52.35 | | | $ | 61.76 | | | $ | 43.88 | | | $ | 43.55 | | | $ | 40.77 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(i) | | | 0.85 | | | | 0.71 | | | | 0.63 | | | | 0.69 | | | | 0.70 | |
| Net realized and unrealized gain (loss) on investments | | | 5.09 | | | | (7.49 | ) | | | 18.47 | | | | 1.88 | | | | 4.54 | |
| Total from investment operations | | | 5.94 | | | | (6.78 | ) | | | 19.10 | | | | 2.57 | | | | 5.24 | |
| Dividends from net investment income | | | (0.79 | ) | | | (0.56 | ) | | | (0.55 | ) | | | (0.66 | ) | | | (0.61 | ) |
| Distributions from net realized gains | | | — | | | | (2.07 | ) | | | (0.67 | ) | | | (1.58 | ) | | | (1.85 | ) |
| Net asset value, end of period | | $ | 57.50 | | | $ | 52.35 | | | $ | 61.76 | | | $ | 43.88 | | | $ | 43.55 | |
| Total return(ii) | | | 11.39 | % | | | (11.53 | )% | | | 44.12 | % | | | 5.98 | % | | | 13.94 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 128,090 | | | $ | 108,039 | | | $ | 106,439 | | | $ | 74,251 | | | $ | 74,924 | |
| Ratio of gross expenses to average net assets | | | 0.96 | % | | | 0.97 | % | | | 0.98 | % | | | 1.06 | % | | | 1.07 | % |
| Ratio of net expenses to average net assets | | | 0.96 | % | | | 0.97 | % | | | 0.98 | % | | | 1.06 | % | | | 1.07 | % |
| Ratio of net investment income to average net assets | | | 1.51 | % | | | 1.24 | % | | | 1.15 | % | | | 1.60 | % | | | 1.72 | % |
| Portfolio turnover rate | | | 4.29 | % | | | 1.96 | % | | | 8.40 | % | | | 9.29 | % | | | 7.30 | % |
| 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
10/31/2023 | | | Year ended
10/31/2022 | | | Year ended
10/31/2021 | | | Year ended
10/31/2020 | | | Year ended
10/31/2019 | |
| Net asset value, beginning of period | | $ | 51.46 | | | $ | 60.77 | | | $ | 43.22 | | | $ | 42.93 | | | $ | 40.20 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(i) | | | 0.43 | | | | 0.28 | | | | 0.21 | | | | 0.36 | | | | 0.39 | |
| Net realized and unrealized gain (loss) on investments | | | 5.00 | | | | (7.38 | ) | | | 18.18 | | | | 1.85 | | | | 4.49 | |
| Total from investment operations | | | 5.43 | | | | (7.10 | ) | | | 18.39 | | | | 2.21 | | | | 4.88 | |
| Dividends from net investment income | | | (0.38 | ) | | | (0.14 | ) | | | (0.17 | ) | | | (0.34 | ) | | | (0.30 | ) |
| Distributions from net realized gains | | | — | | | | (2.07 | ) | | | (0.67 | ) | | | (1.58 | ) | | | (1.85 | ) |
| Net asset value, end of period | | $ | 56.51 | | | $ | 51.46 | | | $ | 60.77 | | | $ | 43.22 | | | $ | 42.93 | |
| Total return(ii) | | | 10.56 | % | | | (12.18 | )% | | | 43.01 | % | | | 5.19 | % | | | 13.12 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 24,149 | | | $ | 21,111 | | | $ | 18,194 | | | $ | 13,127 | | | $ | 14,946 | |
| Ratio of gross expenses to average net assets | | | 1.71 | % | | | 1.73 | % | | | 1.73 | % | | | 1.81 | % | | | 1.82 | % |
| Ratio of net expenses to average net assets | | | 1.71 | % | | | 1.73 | % | | | 1.73 | % | | | 1.81 | % | | | 1.82 | % |
| Ratio of net investment income to average net assets | | | 0.77 | % | | | 0.49 | % | | | 0.40 | % | | | 0.86 | % | | | 0.97 | % |
| Portfolio turnover rate | | | 4.29 | % | | | 1.96 | % | | | 8.40 | % | | | 9.29 | % | | | 7.30 | % |
| 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
10/31/2023 | | | Year ended
10/31/2022 | | | Year ended
10/31/2021 | | | Year ended
10/31/2020 | | | Year ended
10/31/2019 | |
| Net asset value, beginning of period | | $ | 52.42 | | | $ | 61.84 | | | $ | 43.94 | | | $ | 43.60 | | | $ | 40.81 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(i) | | | 1.03 | | | | 0.90 | | | | 0.80 | | | | 0.86 | | | | 0.85 | |
| Net realized and unrealized gain (loss) on investments | | | 5.10 | | | | (7.51 | ) | | | 18.49 | | | | 1.88 | | | | 4.56 | |
| Total from investment operations | | | 6.13 | | | | (6.61 | ) | | | 19.29 | | | | 2.74 | | | | 5.41 | |
| Dividends from net investment income | | | (0.97 | ) | | | (0.74 | ) | | | (0.72 | ) | | | (0.82 | ) | | | (0.77 | ) |
| Distributions from net realized gains | | | — | | | | (2.07 | ) | | | (0.67 | ) | | | (1.58 | ) | | | (1.85 | ) |
| Net asset value, end of period | | $ | 57.58 | | | $ | 52.42 | | | $ | 61.84 | | | $ | 43.94 | | | $ | 43.60 | |
| Total return(ii) | | | 11.75 | % | | | (11.25 | )% | | | 44.54 | % | | | 6.39 | % | | | 14.39 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 168,445 | | | $ | 115,251 | | | $ | 38,021 | | | $ | 21,672 | | | $ | 26,979 | |
| Ratio of gross expenses to average net assets | | | 0.65 | % | | | 0.65 | % | | | 0.66 | % | | | 0.73 | % | | | 0.76 | % |
| Ratio of expense reimbursements to average net assets | | | — | | | | — | | | | — | (iii) | | | (0.04 | )% | | | (0.07 | )% |
| Ratio of net expenses to average net assets | | | 0.65 | % | | | 0.65 | % | | | 0.66 | % | | | 0.69 | % | | | 0.69 | % |
| Ratio of net investment income to average net assets | | | 1.82 | % | | | 1.62 | % | | | 1.45 | % | | | 2.00 | % | | | 2.10 | % |
| Portfolio turnover rate | | | 4.29 | % | | | 1.96 | % | | | 8.40 | % | | | 9.29 | % | | | 7.30 | % |
| 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
10/31/2023 | | | Year ended
10/31/2022 | | | Year ended
10/31/2021 | | | Year ended
10/31/2020 | | | Year ended
10/31/2019 | |
| Net asset value, beginning of period | | $ | 10.82 | | | $ | 25.20 | | | $ | 19.29 | | | $ | 14.81 | | | $ | 14.13 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(i) | | | (0.08 | ) | | | (0.09 | ) | | | 0.48 | | | | (0.12 | ) | | | (0.09 | ) |
| Net realized and unrealized gain (loss) on investments | | | 0.10 | | | | (7.71 | ) | | | 7.58 | | | | 5.80 | | | | 1.48 | |
| Total from investment operations | | | 0.02 | | | | (7.80 | ) | | | 8.06 | | | | 5.68 | | | | 1.39 | |
| Dividends from net investment income | | | — | | | | (0.45 | ) | | | — | | | | — | | | | — | |
| Distributions from net realized gains | | | — | | | | (6.13 | ) | | | (2.15 | ) | | | (1.20 | ) | | | (0.71 | ) |
| Net asset value, end of period | | $ | 10.84 | | | $ | 10.82 | | | $ | 25.20 | | | $ | 19.29 | | | $ | 14.81 | |
| Total return(ii) | | | 0.18 | % | | | (39.13 | )% | | | 44.05 | %(iii) | | | 41.34 | % | | | 10.95 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 134,439 | | | $ | 146,648 | | | $ | 259,895 | | | $ | 187,552 | | | $ | 139,110 | |
| Ratio of gross expenses to average net assets | | | 1.27 | % | | | 1.24 | % | | | 1.21 | % | | | 1.30 | % | | | 1.30 | % |
| Ratio of net expenses to average net assets | | | 1.27 | % | | | 1.24 | % | | | 1.21 | % | | | 1.30 | % | | | 1.30 | % |
| Ratio of net investment income (loss) to average net assets | | | (0.69 | )% | | | (0.68 | )% | | | 2.15 | % | | | (0.76 | )% | | | (0.65 | )% |
| Portfolio turnover rate | | | 78.35 | % | | | 204.79 | % | | | 170.96 | % | | | 181.73 | % | | | 182.97 | % |
| 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
10/31/2023 | | | Year ended
10/31/2022 | | | Year ended
10/31/2021 | | | Year ended
10/31/2020 | | | Year ended
10/31/2019 | |
| Net asset value, beginning of period | | $ | 6.78 | | | $ | 18.60 | | | $ | 14.70 | | | $ | 11.55 | | | $ | 11.22 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(i) | | | (0.05 | ) | | | (0.06 | ) | | | 0.35 | | | | (0.08 | ) | | | (0.10 | ) |
| Net realized and unrealized gain (loss) on investments | | | 0.06 | | | | (5.15 | ) | | | 5.70 | | | | 4.43 | | | | 1.14 | |
| Total from investment operations | | | 0.01 | | | | (5.21 | ) | | | 6.05 | | | | 4.35 | | | | 1.04 | |
| Dividends from net investment income | | | — | | | | (0.48 | ) | | | — | | | | — | | | | — | |
| Distributions from net realized gains | | | — | | | | (6.13 | ) | | | (2.15 | ) | | | (1.20 | ) | | | (0.71 | ) |
| Net asset value, end of period | | $ | 6.79 | | | $ | 6.78 | | | $ | 18.60 | | | $ | 14.70 | | | $ | 11.55 | |
| Total return(ii) | | | 0.15 | % | | | (39.16 | )% | | | 44.24 | %(iii) | | | 41.41 | % | | | 10.66 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 9,563 | | | $ | 10,404 | | | $ | 18,276 | | | $ | 15,411 | | | $ | 13,772 | |
| Ratio of gross expenses to average net assets | | | 1.98 | % | | | 1.95 | % | | | 1.93 | % | | | 2.03 | % | | | 2.04 | % |
| Ratio of expense reimbursements to average net assets | | | (0.66 | )% | | | (0.67 | )% | | | (0.76 | )% | | | (0.82 | )% | | | (0.47 | )% |
| Ratio of net expenses to average net assets | | | 1.32 | % | | | 1.28 | % | | | 1.17 | % | | | 1.21 | % | | | 1.57 | % |
| Ratio of net investment income (loss) to average net assets | | | (0.73 | )% | | | (0.71 | )% | | | 2.08 | % | | | (0.66 | )% | | | (0.92 | )% |
| Portfolio turnover rate | | | 78.35 | % | | | 204.79 | % | | | 170.96 | % | | | 181.73 | % | | | 182.97 | % |
| 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
10/31/2023 | | | Year ended
10/31/2022 | | | Year ended
10/31/2021 | | | Year ended
10/31/2020 | | | Year ended
10/31/2019 | |
| Net asset value, beginning of period | | $ | 6.34 | | | $ | 17.82 | | | $ | 14.26 | | | $ | 11.33 | | | $ | 11.08 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(i) | | | (0.10 | ) | | | (0.12 | ) | | | 0.23 | | | | (0.18 | ) | | | (0.16 | ) |
| Net realized and unrealized gain (loss) on investments | | | 0.06 | | | | (4.88 | ) | | | 5.48 | | | | 4.31 | | | | 1.12 | |
| Total from investment operations | | | (0.04 | ) | | | (5.00 | ) | | | 5.71 | | | | 4.13 | | | | 0.96 | |
| Dividends from net investment income | | | — | | | | (0.35 | ) | | | — | | | | — | | | | — | |
| Distributions from net realized gains | | | — | | | | (6.13 | ) | | | (2.15 | ) | | | (1.20 | ) | | | (0.71 | ) |
| Net asset value, end of period | | $ | 6.30 | | | $ | 6.34 | | | $ | 17.82 | | | $ | 14.26 | | | $ | 11.33 | |
| Total return(ii) | | | (0.63 | )% | | | (39.60 | )% | | | 42.91 | %(iii) | | | 40.26 | % | | | 10.03 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 3,319 | | | $ | 4,562 | | | $ | 8,244 | | | $ | 5,691 | | | $ | 6,014 | |
| Ratio of gross expenses to average net assets | | | 2.13 | % | | | 2.05 | % | | | 2.00 | % | | | 2.10 | % | | | 2.14 | % |
| Ratio of net expenses to average net assets | | | 2.13 | % | | | 2.05 | % | | | 2.00 | % | | | 2.10 | % | | | 2.14 | % |
| Ratio of net investment income (loss) to average net assets | | | (1.54 | )% | | | (1.49 | )% | | | 1.41 | % | | | (1.52 | )% | | | (1.48 | )% |
| Portfolio turnover rate | | | 78.35 | % | | | 204.79 | % | | | 170.96 | % | | | 181.73 | % | | | 182.97 | % |
| 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 Z | |
| | | Year ended | | | Year ended | | | Year ended | | | Year ended | | | Year ended | |
| | | 10/31/2023 | | | 10/31/2022 | | | 10/31/2021 | | | 10/31/2020 | | | 10/31/2019 | |
| Net asset value, beginning of period | | $ | 11.16 | | | $ | 25.78 | | | $ | 19.63 | | | $ | 15.01 | | | $ | 14.27 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(i) | | | (0.05 | ) | | | (0.05 | ) | | | 0.63 | | | | (0.07 | ) | | | (0.06 | ) |
| Net realized and unrealized gain (loss) on investments | | | 0.11 | | | | (7.92 | ) | | | 7.67 | | | | 5.89 | | | | 1.51 | |
| Total from investment operations | | | 0.06 | | | | (7.97 | ) | | | 8.30 | | | | 5.82 | | | | 1.45 | |
| Dividends from net investment income | | | — | | | | (0.52 | ) | | | — | | | | — | | | | — | |
| Distributions from net realized gains | | | — | | | | (6.13 | ) | | | (2.15 | ) | | | (1.20 | ) | | | (0.71 | ) |
| Net asset value, end of period | | $ | 11.22 | | | $ | 11.16 | | | $ | 25.78 | | | $ | 19.63 | | | $ | 15.01 | |
| Total return(ii) | | | 0.54 | % | | | (38.95 | )% | | | 44.55 | %(iii) | | | 41.75 | % | | | 11.27 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 42,274 | | | $ | 30,488 | | | $ | 52,746 | | | $ | 26,804 | | | $ | 17,558 | |
| Ratio of gross expenses to average net assets | | | 0.96 | % | | | 0.93 | % | | | 0.92 | % | | | 0.99 | % | | | 1.03 | % |
| Ratio of net expenses to average net assets | | | 0.96 | % | | | 0.93 | % | | | 0.92 | % | | | 0.99 | % | | | 1.03 | % |
| Ratio of net investment income (loss) to average net assets | | | (0.41 | )% | | | (0.37 | )% | | | 2.75 | % | | | (0.46 | )% | | | (0.38 | )% |
| Portfolio turnover rate | | | 78.35 | % | | | 204.79 | % | | | 170.96 | % | | | 181.73 | % | | | 182.97 | % |
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 Focus Fund | | Class A | |
| | | | | | | | | From 7/29/2021 | |
| | | | | | | | | (commencement | |
| | | Year ended | | | Year ended | | | of operations) to | |
| | | 10/31/2023 | | | 10/31/2022 | | | 10/31/2021(i) | |
| Net asset value, beginning of period | | $ | 12.14 | | | $ | 23.43 | | | $ | 20.67 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | |
| Net investment loss(ii) | | | (0.10 | ) | | | (0.09 | ) | | | (0.04 | ) |
| Net realized and unrealized gain (loss) on investments | | | (0.71 | ) | | | (9.14 | ) | | | 2.80 | |
| Total from investment operations | | | (0.81 | ) | | | (9.23 | ) | | | 2.76 | |
| Distributions from net realized gains | | | — | | | | (2.06 | ) | | | — | |
| Net asset value, end of period | | $ | 11.33 | | | $ | 12.14 | | | $ | 23.43 | |
| Total return(iii) | | | (6.67 | )% | | | (42.27 | )% | | | 13.35 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 3,307 | | | $ | 5,083 | | | $ | 1,669 | |
| Ratio of gross expenses to average net assets | | | 1.14 | % | | | 1.05 | % | | | 0.96 | % |
| Ratio of net expenses to average net assets | | | 1.14 | % | | | 1.05 | % | | | 0.96 | % |
| Ratio of net investment loss to average net assets | | | (0.80 | )% | | | (0.66 | )% | | | (0.72 | )% |
| Portfolio turnover rate | | | 121.07 | % | | | 267.86 | % | | | 250.31 | % |
See Notes to Financial Statements.
| (i) | Ratios have been annualized; total return has not been annualized; portfolio turnover is for the four months then ended. |
| (ii) | Amount was computed based on average shares outstanding during the period. |
| (iii) | Does not reflect the effect of sales charges, if applicable. |
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period
| Alger Mid Cap Focus Fund | | Class C | |
| | | | | | | | | From 7/29/2021 | |
| | | | | | | | | (commencement | |
| | | Year ended | | | Year ended | | | of operations) to | |
| | | 10/31/2023 | | | 10/31/2022 | | | 10/31/2021(i) | |
| Net asset value, beginning of period | | $ | 12.01 | | | $ | 23.38 | | | $ | 20.67 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | |
| Net investment loss(ii) | | | (0.19 | ) | | | (0.21 | ) | | | (0.09 | ) |
| Net realized and unrealized gain (loss) on investments | | | (0.69 | ) | | | (9.10 | ) | | | 2.80 | |
| Total from investment operations | | | (0.88 | ) | | | (9.31 | ) | | | 2.71 | |
| Distributions from net realized gains | | | — | | | | (2.06 | ) | | | — | |
| Net asset value, end of period | | $ | 11.13 | | | $ | 12.01 | | | $ | 23.38 | |
| Total return(iii) | | | (7.33 | )% | | | (42.78 | )% | | | 13.16 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 2,070 | | | $ | 2,433 | | | $ | 2,317 | |
| Ratio of gross expenses to average net assets | | | 1.96 | % | | | 1.85 | % | | | 1.76 | % |
| Ratio of expense reimbursements to average net assets | | | (0.02 | )% | | | — | | | | — | |
| Ratio of net expenses to average net assets | | | 1.94 | % | | | 1.85 | % | | | 1.76 | % |
| Ratio of net investment loss to average net assets | | | (1.60 | )% | | | (1.46 | )% | | | (1.50 | )% |
| Portfolio turnover rate | | | 121.07 | % | | | 267.86 | % | | | 250.31 | % |
See Notes to Financial Statements.
| (i) | Ratios have been annualized; total return has not been annualized; portfolio turnover is for the four months then ended. |
| (ii) | Amount was computed based on average shares outstanding during the period. |
| (iii) | Does not reflect the effect of sales charges, if applicable. |
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period
| Alger Mid Cap Focus Fund | | Class I | |
| | | | | | | | | | | | | | | From 6/14/2019 | |
| | | | | | | | | | | | | | | (commencement | |
| | | Year ended | | | Year ended | | | Year ended | | | Year ended | | | of operations) to | |
| | | 10/31/2023 | | | 10/31/2022 | | | 10/31/2021 | | | 10/31/2020 | | | 10/31/2019(i) | |
| Net asset value, beginning of period | | $ | 12.14 | | | $ | 23.43 | | | $ | 15.10 | | | $ | 9.70 | | | $ | 10.00 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment loss(ii) | | | (0.08 | ) | | | (0.10 | ) | | | (0.17 | ) | | | (0.14 | ) | | | (0.04 | ) |
| Net realized and unrealized gain (loss) on investments | | | (0.72 | ) | | | (9.13 | ) | | | 8.76 | | | | 5.54 | | | | (0.26 | ) |
| Total from investment operations | | | (0.80 | ) | | | (9.23 | ) | | | 8.59 | | | | 5.40 | | | | (0.30 | ) |
| Distributions from net realized gains | | | — | | | | (2.06 | ) | | | (0.26 | ) | | | — | | | | — | |
| Net asset value, end of period | | $ | 11.34 | | | $ | 12.14 | | | $ | 23.43 | | | $ | 15.10 | | | $ | 9.70 | |
| Total return(iii) | | | (6.59 | )% | | | (42.28 | )% | | | 57.36 | % | | | 55.35 | % | | | (3.00 | )% |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 11,512 | | | $ | 62,499 | | | $ | 145,539 | | | $ | 67,796 | | | $ | 2,023 | |
| Ratio of gross expenses to average net assets | | | 1.12 | % | | | 1.01 | % | | | 0.95 | % | | | 1.14 | % | | | 1.91 | % |
| Ratio of expense reimbursements to average net assets | | | — | | | | — | | | | — | | | | (0.03 | )% | | | (0.71 | )% |
| Ratio of net expenses to average net assets | | | 1.12 | % | | | 1.01 | % | | | 0.95 | % | | | 1.11 | % | | | 1.20 | % |
| Ratio of net investment loss to average net assets | | | (0.67 | )% | | | (0.63 | )% | | | (0.85 | )% | | | (1.04 | )% | | | (0.97 | )% |
| Portfolio turnover rate | | | 121.07 | % | | | 267.86 | % | | | 250.31 | % | | | 123.43 | % | | | 65.50 | % |
See Notes to Financial Statements.
| (i) | Ratios have been annualized; total return has not been annualized; portfolio turnover is for the five months then ended. |
| (ii) | Amount was computed based on average shares outstanding during the period. |
| (iii) | Does not reflect the effect of sales charges, if applicable. |
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period
| Alger Mid Cap Focus Fund | | Class Y | |
| | | | | | | | | From 2/26/2021 | |
| | | | | | | | | (commencement | |
| | | Year ended | | | Year ended | | | of operations) to | |
| | | 10/31/2023 | | | 10/31/2022 | | | 10/31/2021(i) | |
| Net asset value, beginning of period | | $ | 12.26 | | | $ | 23.56 | | | $ | 20.65 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | |
| Net investment loss(ii) | | | (0.04 | ) | | | (0.06 | ) | | | (0.08 | ) |
| Net realized and unrealized gain (loss) on investments | | | (0.73 | ) | | | (9.18 | ) | | | 2.99 | |
| Total from investment operations | | | (0.77 | ) | | | (9.24 | ) | | | 2.91 | |
| Distributions from net realized gains | | | — | | | | (2.06 | ) | | | — | |
| Net asset value, end of period | | $ | 11.49 | | | $ | 12.26 | | | $ | 23.56 | |
| Total return(iii) | | | (6.28 | )% | | | (42.07 | )% | | | 14.09 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 189 | | | $ | 443 | | | $ | 137 | |
| Ratio of gross expenses to average net assets | | | 0.84 | % | | | 0.74 | % | | | 0.72 | % |
| Ratio of expense reimbursements to average net assets | | | (0.12 | )% | | | (0.05 | )% | | | (0.02 | )% |
| Ratio of net expenses to average net assets | | | 0.72 | % | | | 0.69 | % | | | 0.70 | % |
| Ratio of net investment loss to average net assets | | | (0.32 | )% | | | (0.44 | )% | | | (0.57 | )% |
| Portfolio turnover rate | | | 121.07 | % | | | 267.86 | % | | | 250.31 | % |
See Notes to Financial Statements.
| (i) | Ratios have been annualized; total return has not been annualized; portfolio turnover is for the eight months then ended. |
| (ii) | Amount was computed based on average shares outstanding during the period. |
| (iii) | Does not reflect the effect of sales charges, if applicable. |
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period
| Alger Mid Cap Focus Fund | | Class Z | |
| | | | | | | | | | | | | | | From 6/14/2019 | |
| | | | | | | | | | | | | | | (commencement | |
| | | Year ended | | | Year ended | | | Year ended | | | Year ended | | | of operations) to | |
| | | 10/31/2023 | | | 10/31/2022 | | | 10/31/2021 | | | 10/31/2020 | | | 10/31/2019(i) | |
| Net asset value, beginning of period | | $ | 12.26 | | �� | $ | 23.57 | | | $ | 15.15 | | | $ | 9.71 | | | $ | 10.00 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment loss(ii) | | | (0.06 | ) | | | (0.05 | ) | | | (0.12 | ) | | | (0.10 | ) | | | (0.03 | ) |
| Net realized and unrealized gain (loss) on investments | | | (0.71 | ) | | | (9.20 | ) | | | 8.80 | | | | 5.54 | | | | (0.26 | ) |
| Total from investment operations | | | (0.77 | ) | | | (9.25 | ) | | | 8.68 | | | | 5.44 | | | | (0.29 | ) |
| Distributions from net realized gains | | | — | | | | (2.06 | ) | | | (0.26 | ) | | | — | | | | — | |
| Net asset value, end of period | | $ | 11.49 | | | $ | 12.26 | | | $ | 23.57 | | | $ | 15.15 | | | $ | 9.71 | |
| Total return(iii) | | | (6.28 | )% | | | (42.10 | )% | | | 57.77 | % | | | 55.70 | % | | | (2.80 | )% |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 217,843 | | | $ | 365,976 | | | $ | 795,479 | | | $ | 307,532 | | | $ | 28,230 | |
| Ratio of gross expenses to average net assets | | | 0.83 | % | | | 0.71 | % | | | 0.68 | % | | | 0.91 | % | | | 1.86 | % |
| Ratio of expense reimbursements to average net assets | | | — | | | | — | | | | — | | | | (0.05 | )% | | | (0.87 | )% |
| Ratio of net expenses to average net assets | | | 0.83 | % | | | 0.71 | % | | | 0.68 | % | | | 0.86 | % | | | 0.99 | % |
| Ratio of net investment income (loss) to average net assets | | | (0.48 | )% | | | (0.33 | )% | | | (0.58 | )% | | | (0.77 | )% | | | (0.74 | )% |
| Portfolio turnover rate | | | 121.07 | % | | | 267.86 | % | | | 250.31 | % | | | 123.43 | % | | | 65.50 | % |
See Notes to Financial Statements.
| (i) | Ratios have been annualized; total return has not been annualized; portfolio turnover is for the five months then ended. |
| (ii) | Amount was computed based on average shares outstanding during the period. |
| (iii) | Does not reflect the effect of sales charges, if applicable. |
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period
| Alger Weatherbie Specialized Growth Fund | | Class A | |
| | | Year ended | | | Year ended | | | Year ended | | | Year ended | | | Year ended | |
| | | 10/31/2023 | | | 10/31/2022 | | | 10/31/2021 | | | 10/31/2020 | | | 10/31/2019 | |
| Net asset value, beginning of period | | $ | 11.57 | | | $ | 24.96 | | | $ | 17.46 | | | $ | 13.30 | | | $ | 13.08 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment loss(i) | | | (0.10 | ) | | | (0.14 | ) | | | (0.23 | ) | | | (0.16 | ) | | | (0.14 | ) |
| Net realized and unrealized gain (loss) on investments | | | (1.35 | ) | | | (8.91 | ) | | | 8.70 | | | | 4.88 | | | | 1.39 | |
| Total from investment operations | | | (1.45 | ) | | | (9.05 | ) | | | 8.47 | | | | 4.72 | | | | 1.25 | |
| Distributions from net realized gains | | | — | | | | (4.34 | ) | | | (0.97 | ) | | | (0.56 | ) | | | (1.03 | ) |
| Net asset value, end of period | | $ | 10.12 | | | $ | 11.57 | | | $ | 24.96 | | | $ | 17.46 | | | $ | 13.30 | |
| Total return(ii) | | | (12.53 | )% | | | (42.03 | )% | | | 49.80 | % | | | 36.57 | % | | | 11.57 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 86,257 | | | $ | 119,741 | | | $ | 259,394 | | | $ | 174,709 | | | $ | 140,368 | |
| Ratio of gross expenses to average net assets | | | 1.32 | % | | | 1.25 | % | | | 1.20 | % | | | 1.27 | % | | | 1.31 | % |
| Ratio of net expenses to average net assets | | | 1.32 | % | | | 1.25 | % | | | 1.20 | % | | | 1.27 | % | | | 1.31 | % |
| Ratio of net investment loss to average net assets | | | (0.90 | )% | | | (0.95 | )% | | | (1.03 | )% | | | (1.09 | )% | | | (1.08 | )% |
| Portfolio turnover rate | | | 40.32 | % | | | 55.97 | % | | | 61.53 | % | | | 66.84 | % | | | 64.83 | % |
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 Weatherbie Specialized Growth Fund | | Class C | |
| | | Year ended | | | Year ended | | | Year ended | | | Year ended | | | Year ended | |
| | | 10/31/2023 | | | 10/31/2022 | | | 10/31/2021 | | | 10/31/2020 | | | 10/31/2019 | |
| Net asset value, beginning of period | | $ | 6.29 | | | $ | 15.93 | | | $ | 11.52 | | | $ | 9.01 | | | $ | 9.30 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment loss(i) | | | (0.10 | ) | | | (0.14 | ) | | | (0.25 | ) | | | (0.19 | ) | | | (0.17 | ) |
| Net realized and unrealized gain (loss) on investments | | | (0.74 | ) | | | (5.16 | ) | | | 5.63 | | | | 3.26 | | | | 0.91 | |
| Total from investment operations | | | (0.84 | ) | | | (5.30 | ) | | | 5.38 | | | | 3.07 | | | | 0.74 | |
| Distributions from net realized gains | | | — | | | | (4.34 | ) | | | (0.97 | ) | | | (0.56 | ) | | | (1.03 | ) |
| Net asset value, end of period | | $ | 5.45 | | | $ | 6.29 | | | $ | 15.93 | | | $ | 11.52 | | | $ | 9.01 | |
| Total return(ii) | | | (13.35 | )% | | | (42.46 | )% | | | 48.68 | % | | | 35.62 | % | | | 10.70 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 29,559 | | | $ | 44,815 | | | $ | 103,331 | | | $ | 64,497 | | | $ | 44,908 | |
| Ratio of gross expenses to average net assets | | | 2.08 | % | | | 2.02 | % | | | 1.95 | % | | | 2.03 | % | | | 2.05 | % |
| Ratio of net expenses to average net assets | | | 2.08 | % | | | 2.02 | % | | | 1.95 | % | | | 2.03 | % | | | 2.05 | % |
| Ratio of net investment loss to average net assets | | | (1.67 | )% | | | (1.72 | )% | | | (1.79 | )% | | | (1.85 | )% | | | (1.82 | )% |
| Portfolio turnover rate | | | 40.32 | % | | | 55.97 | % | | | 61.53 | % | | | 66.84 | % | | | 64.83 | % |
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 Weatherbie Specialized Growth Fund | | Class I | |
| | | Year ended | | | Year ended | | | Year ended | | | Year ended | | | Year ended | |
| | | 10/31/2023 | | | 10/31/2022 | | | 10/31/2021 | | | 10/31/2020 | | | 10/31/2019 | |
| Net asset value, beginning of period | | $ | 11.99 | | | $ | 25.67 | | | $ | 17.94 | | | $ | 13.64 | | | $ | 13.38 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment loss(i) | | | (0.10 | ) | | | (0.14 | ) | | | (0.23 | ) | | | (0.16 | ) | | | (0.14 | ) |
| Net realized and unrealized gain (loss) on investments | | | (1.41 | ) | | | (9.20 | ) | | | 8.93 | | | | 5.02 | | | | 1.43 | |
| Total from investment operations | | | (1.51 | ) | | | (9.34 | ) | | | 8.70 | | | | 4.86 | | | | 1.29 | |
| Distributions from net realized gains | | | — | | | | (4.34 | ) | | | (0.97 | ) | | | (0.56 | ) | | | (1.03 | ) |
| Net asset value, end of period | | $ | 10.48 | | | $ | 11.99 | | | $ | 25.67 | | | $ | 17.94 | | | $ | 13.64 | |
| Total return(ii) | | | (12.59 | )% | | | (42.02 | )% | | | 49.81 | % | | | 36.69 | % | | | 11.61 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 13,179 | | | $ | 29,612 | | | $ | 77,214 | | | $ | 66,294 | | | $ | 58,615 | |
| Ratio of gross expenses to average net assets | | | 1.31 | % | | | 1.25 | % | | | 1.19 | % | | | 1.24 | % | | | 1.26 | % |
| Ratio of net expenses to average net assets | | | 1.31 | % | | | 1.25 | % | | | 1.19 | % | | | 1.24 | % | | | 1.26 | % |
| Ratio of net investment loss to average net assets | | | (0.88 | )% | | | (0.95 | )% | | | (1.02 | )% | | | (1.07 | )% | | | (1.03 | )% |
| Portfolio turnover rate | | | 40.32 | % | | | 55.97 | % | | | 61.53 | % | | | 66.84 | % | | | 64.83 | % |
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 Weatherbie Specialized Growth Fund | | Class Y | |
| | | Year ended | | | Year ended | | | Year ended | | | Year ended | | | Year ended | |
| | | 10/31/2023 | | | 10/31/2022 | | | 10/31/2021 | | | 10/31/2020 | | | 10/31/2019 | |
| Net asset value, beginning of period | | $ | 12.29 | | | $ | 26.12 | | | $ | 18.17 | | | $ | 13.77 | | | $ | 13.44 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment loss(i) | | | (0.06 | ) | | | (0.08 | ) | | | (0.16 | ) | | | (0.11 | ) | | | (0.09 | ) |
| Net realized and unrealized gain (loss) on investments | | | (1.44 | ) | | | (9.41 | ) | | | 9.08 | | | | 5.07 | | | | 1.45 | |
| Total from investment operations | | | (1.50 | ) | | | (9.49 | ) | | | 8.92 | | | | 4.96 | | | | 1.36 | |
| Distributions from net realized gains | | | — | | | | (4.34 | ) | | | (0.97 | ) | | | (0.56 | ) | | | (1.03 | ) |
| Net asset value, end of period | | $ | 10.79 | | | $ | 12.29 | | | $ | 26.12 | | | $ | 18.17 | | | $ | 13.77 | |
| Total return(ii) | | | (12.21 | )% | | | (41.81 | )% | | | 50.35 | % | | | 37.08 | % | | | 12.12 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 43,625 | | | $ | 47,379 | | | $ | 61,163 | | | $ | 32,702 | | | $ | 12,903 | |
| Ratio of gross expenses to average net assets | | | 0.96 | % | | | 0.91 | % | | | 0.89 | % | | | 0.94 | % | | | 0.97 | % |
| Ratio of expense reimbursements to average net assets | | | (0.07 | )% | | | (0.04 | )% | | | (0.02 | )% | | | (0.07 | )% | | | (0.10 | )% |
| Ratio of net expenses to average net assets | | | 0.89 | % | | | 0.87 | % | | | 0.87 | % | | | 0.87 | % | | | 0.87 | % |
| Ratio of net investment loss to average net assets | | | (0.47 | )% | | | (0.55 | )% | | | (0.70 | )% | | | (0.69 | )% | | | (0.64 | )% |
| Portfolio turnover rate | | | 40.32 | % | | | 55.97 | % | | | 61.53 | % | | | 66.84 | % | | | 64.83 | % |
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 Weatherbie Specialized Growth Fund | | Class Z | |
| | | Year ended | | | Year ended | | | Year ended | | | Year ended | | | Year ended | |
| | | 10/31/2023 | | | 10/31/2022 | | | 10/31/2021 | | | 10/31/2020 | | | 10/31/2019 | |
| Net asset value, beginning of period | | $ | 12.73 | | | $ | 26.87 | | | $ | 18.68 | | | $ | 14.15 | | | $ | 13.80 | |
| INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment loss(i) | | | (0.07 | ) | | | (0.10 | ) | | | (0.17 | ) | | | (0.12 | ) | | | (0.10 | ) |
| Net realized and unrealized gain (loss) on investments | | | (1.49 | ) | | | (9.70 | ) | | | 9.33 | | | | 5.21 | | | | 1.48 | |
| Total from investment operations | | | (1.56 | ) | | | (9.80 | ) | | | 9.16 | | | | 5.09 | | | | 1.38 | |
| Distributions from net realized gains | | | — | | | | (4.34 | ) | | | (0.97 | ) | | | (0.56 | ) | | | (1.03 | ) |
| Net asset value, end of period | | $ | 11.17 | | | $ | 12.73 | | | $ | 26.87 | | | $ | 18.68 | | | $ | 14.15 | |
| Total return(ii) | | | (12.25 | )% | | | (41.82 | )% | | | 50.32 | % | | | 37.00 | % | | | 11.94 | % |
| RATIOS/SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | $ | 339,777 | | | $ | 535,172 | | | $ | 1,277,576 | | | $ | 620,005 | | | $ | 284,393 | |
| Ratio of gross expenses to average net assets | | | 0.96 | % | | | 0.91 | % | | | 0.88 | % | | | 0.94 | % | | | 0.97 | % |
| Ratio of net expenses to average net assets | | | 0.96 | % | | | 0.91 | % | | | 0.88 | % | | | 0.94 | % | | | 0.97 | % |
| Ratio of net investment loss to average net assets | | | (0.54 | )% | | | (0.61 | )% | | | (0.72 | )% | | | (0.76 | )% | | | (0.73 | )% |
| Portfolio turnover rate | | | 40.32 | % | | | 55.97 | % | | | 61.53 | % | | | 66.84 | % | | | 64.83 | % |
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
