UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
Investment Company Act file number   811-01355
 
The Alger Funds
 
(Exact name of registrant as specified in charter)
 
360 Park Avenue South New York, New York 10010
(Address of principal executive offices) (Zip code)

Mr. Hal Liebes
Fred Alger Management, LLC
360 Park Avenue South
New York, New York 10010
(Name and address of agent for service)
 
Registrant's telephone number, including area code: 212-806-8800
 
Date of fiscal year end: October 31
 
Date of reporting period: April 30, 2021
 
Form N-CSR is to be used by management investment companies to file reports with the Commission, not later than 10 days after the transmission to Stockholders of any report to be transmitted to Stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e1).  The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public.  A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number.  Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609.  The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.



ITEM 1.
REPORT(S) TO STOCKHOLDERS.
 

THE ALGER FUNDS SEMI-ANNUAL REPORT APRIL 30, 2021 (UNAUDITED)





Table of Contents
 
The Alger Funds
 
1
   
20
   
42
   
44
   
81
   
93
   
99
   
110
   
148
   
191


Shareholders’ Letter (Unaudited)
April 30, 2021


Dear Shareholders,
 
Recent Market Performance Masks the Appeal of Industry Disrupters
 
In our opinion, unprecedented amounts of fiscal and monetary stimulus, anticipation of a grand re-opening of the economy and the widespread digitization of business models has resulted in investors assessing two possible approaches to pursuing investments that can benefit from a growing economy. One approach involves conducting in-depth fundamental research to find companies with strong earnings that are using innovation to create secular growth, including in industries such as leisure and restaurants, that benefit from economic expansion. The other approach relies on, what we believe, is a flawed shortcut of investing in businesses classified as value companies to gain exposure to cyclical opportunities, or businesses that may have weak fundamentals but have potential to benefit from economic growth.
 
While equities of secular growth leaders underperformed value stocks during the six-month period ended April 30, 2021, we believe they have potential to generate attractive long-term performance. Therefore, we are continuing to seek companies with strong fundamentals that we believe are benefiting from developing innovative products and services.
 
Optimism Supports Markets

In the U.S., the S&P 500 Index generated a 28.85% return for the aforementioned six-month reporting period. Value indices outperformed the broad market, with the Russell 3000 Value Index gaining 37.84% and small cap value leading, as indicated by the 59.17% return of the Russell 2000 Value Index, as investors pursued cyclical companies. Nevertheless, the Russell 1000 Growth Index, which trailed other U.S. equity benchmarks, generated a 24.31% return. During the six-month reporting period, cyclical sectors such as Energy, Materials and Industrials outperformed the broad market, while higher interest rates supported the performance of the Financials sector. Broadly speaking, investors sold shares of companies that had led markets for most of 2020, including companies that experienced increased demand for technology that enables social distancing, such as e-commerce and remote working.
 
During the reporting period, the rapid development of Covid-19 vaccines and progress toward inoculating individuals supported investor optimism that economic shutdowns and other measures to contain the pandemic will be curtailed or eliminated. Simultaneously, analysts upgraded their outlook for 2021 earnings growth, while the prospect of additional fiscal stimulus was also a tailwind as Joe Biden captured the presidency. President Biden eventually succeeded in gaining approval of a $1.9 trillion coronavirus relief package that includes $1,400 checks for eligible individuals. President Biden also signaled his commitment to further prime the economy with a proposed $2.3 trillion infrastructure program.
 
Inflation and Valuations Spark Volatility

Optimism was occasionally dampened by fears that strong economic growth and stimulus spending could spark inflation, even though the Federal Reserve has maintained that inflationary pressures may be transitory and signaled that it is unlikely to curtail monetary stimulus prematurely. After dipping into negative territory during portions of 2020, inflation crept up to approximately 2% during the reporting period, the same benign level that existed in 2019. Valuations also sparked concern among some investors, with the S&P 500 forward price-to-earnings ratio climbing from 13.1 times in late March of 2020 to 21.7 times earnings as of April 30 of this year compared to the 20-year average of 15.4 times.
 
- 1 -

We believe, however, that other valuation metrics, such as free cash flow and the equity risk premium, are encouraging. Due to what we believe are outdated accounting standards, corporations’ growing investments in intangible assets, such as software, marketing algorithms, research and patents are expensed rather than capitalized, causing earnings to decline relative to free cash flow, which is the amount of cash remaining after expenditures for operations and the maintenance of capital assets. Free cash flow as a percentage of net income during the past three years has been 111% and has increased substantially since the 1990’s when it was typically 75%, which depicts stocks as more attractively valued compared to the P/E metric. The equity risk premium, which measures investors’ required rate of return above the prevailing risk-free interest rate, furthermore, was only 4.8% for the S&P 500 as of April 30, 2021, which we believe is attractive from a historical perspective.
 
International Markets Also Advance

International markets were also strong during the reporting period with the MSCI ACWI ex USA Index, the MSCI ACWI Index and the MSCI Emerging Markets Index returning 27.66%, 28.56% and 23.09%, respectively. Optimism about a global economic recovery combined with increasing supplies of the Covid-19 vaccines supported markets, while rising commodity prices were an additional tailwind for certain emerging market countries. The price of West Texas Intermediate crude oil, for example, increased from $35 a barrel to
$63.50 a barrel during the reporting period.
 
Choosing the Path Forward

We believe the post-pandemic economic recovery is benefiting from not only scaling back or eliminating social distancing requirements, but also from the strength of the U.S. consumer. The strong performance of equities and increasing home values during the past year have helped household net worth climb to $130 trillion, a sizeable amount that as of April 30, 2021, was expected to have increased by approximately 20%, or $25 trillion, in the first quarter of this year. If Americans spend 2% of that increased wealth, approximately
$500 billion would surge through the economy, boosting GDP by 2.5%. At the same time, stimulus checks are only now starting to work their way through the economy.
 
As estimates for GDP growth climb and U.S. personal savings grow, it may be tempting to embrace cyclical stocks typically classified as value stocks in anticipation of strong economic expansion. At Alger, however, we are continuing to take a long-term approach that involves seeking growth companies with strong fundamentals that are using innovation to disrupt their specific industries.
 
First, value market rallies have historically been short-lived, which illustrates the difficulty of successfully timing value trades.
 

The Trump election in the fall of 2016 resulted in the Russell 3000 Value Index rising 6% relative to the Russell 3000 Growth Index, as investors priced in lower corporate tax rates which benefit more domestically oriented companies like banks and retailers. Approximately half of the rally was concentrated in the two weeks after the election.

- 2 -


When worries about the longevity of the European Union subsided in the spring of 2012, the Russell 3000 Value Index rallied over 8% relative to the growth benchmark through mid-2013. More than half of that move occurred in late 2012 and early 2013.
 

After the Global Financial Crisis, the Russell 3000 Value Index rose over 4% relative to the Russell 3000 Growth Index in the summer of 2009, but most of the rally took place over only one month.
 
Importantly, these value rallies occurred within a long structural downward period for value underperformance, with the Russell 3000 Value Index generating an annualized return of 11.04% for the 10-year period ended April 30, 2021, compared to the 16.7% annualized return of the Russell 3000 Growth Index. Additionally, we maintain that broader structural issues, including what we believe is the outdated practice of not fully valuing intangible assets, has made the common practice of using price-to-book ratios in classifying stocks as value equities obsolete.
 
Finally, growth companies are often leaders in innovation and can potentially benefit from corporations increasingly digitizing their business models, which over the years has become a competitive necessity. Indeed, during earnings calls, businesses are emphasizing the need to digitize rather than increase their exposure to more discretionary services or products within their respective industries. We believe that the intersection of digital innovation and certain end markets that may benefit from economic growth may be attractive for investors. These may include travel and leisure stocks, restaurant stocks, retailers or even certain commercial real estate and energy companies.
 
Portfolio Matters
 
Alger Capital Appreciation Fund

The Alger Capital Appreciation Fund returned 21.45% for the fiscal six-month period ended April 30, 2021, compared to the 24.31% return of the Russell 1000 Growth Index. Effective February 11, 2021, Alger Chief Executive Officer and Portfolio Manager, Daniel C. Chung, CFA, joined the portfolio management team of the Fund.
 
During the reporting period, the largest portfolio sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Consumer Discretionary and the largest sector underweight was Healthcare.
 
Contributors to Performance

The Financials and Industrials sectors provided the largest contributions to relative performance. Regarding individual positions, Microsoft Corp.; Alphabet, Inc., Cl. C; Apple, Inc.; Amazon.com, Inc.; and Visa, Inc., Cl. A were among the contributors to absolute performance. We believe that Microsoft is a “Positive Dynamic Change” beneficiary of corporate America’s transformative digitization. Microsoft’s enterprise cloud product, Azure, is rapidly growing and accruing market share. Recently, Microsoft reported that Azure grew 50% during the fourth quarter of 2020. This high unit volume growth is a primary driver of the company’s higher share price, but Microsoft’s operating execution has enabled notable margin expansion that has also helped to increase forward earnings estimates. Microsoft’s subscription-based software offerings and cloud computing services have not been entirely immune to the pandemic-related economic slowdown but are resilient because they enhance customers’ growth initiatives and help them to reduce costs.

- 3 -

Additionally, investors appreciate Microsoft’s strong free cash flow generation and its return of cash to shareholders in the form of dividends and share repurchases.
 
Detractors from Performance

The Healthcare and Consumer Discretionary sectors were among the sectors that detracted from relative performance. Regarding individual positions, Alibaba Group Holding Ltd. Sponsored ADR; Humana, Inc.; Coinbase Global, Inc., Cl. A; salesforce.com, inc.; and Discovery, Inc., Cl. A were among the top detractors from absolute performance. Alibaba is the dominant e-commerce platform in the Chinese economy where e-commerce remains underpenetrated and fast growing. It is also a leading player in China’s cloud computing, big data analytics, digital media and entertainment markets. The Fund owns Alibaba shares because of the large addressable market opportunities in e-commerce and cloud computing, as well as the company’s potential for exploiting those opportunities due to state-enacted barriers that block meaningful foreign competitors. Unfortunately, the Chinese communist party has exhibited increased regulatory oversight of Alibaba, which precluded the company from consummating a value-creating IPO of ANT Financial, its formidable fintech platform. As a result of this near-term regulatory uncertainty, the Alibaba investment detracted from portfolio performance.
 
Alger 25 Fund

The Alger 25 Fund generated a 23.39% return during the fiscal six-month period ended April 30, 2021, compared to the 28.85% return of the S&P 500 Index. As of February 11, 2021, Dr. Ankur Crawford, Alger executive vice president and portfolio manager is no longer the manager of the Fund. She has been replaced by Alger Chief Executive Officer and Portfolio Manager Daniel C. Chung, CFA.
 
Contributors to Performance

During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Information Technology. The Fund had no exposure to Energy or Utilities sectors and negligible exposure to Consumer Staples and Real Estate sectors. The Information Technology and Communication Services sectors provided the greatest contributions to relative performance.
 
Regarding individual positions, Applied Materials, Inc.; Alphabet, Inc., Cl. C; Microsoft Corp.; PayPal Holdings, Inc.; and Apple, Inc. were among the contributors to absolute performance. Shares of Microsoft performed strongly in response to developments identified in the Alger Capital Appreciation Fund discussion.
 
Detractors from Performance

Among sectors, the Financials and Industrials sectors were the largest detractors from absolute performance. Regarding individual positions, Alibaba Group Holding Ltd. Sponsored ADR; Advanced Micro Devices, Inc.; Tesla, Inc.; salesforce.com, inc.; and Pinterest, Inc., Cl. A were among the top detractors from absolute performance. Shares of Alibaba underperformed in response to developments identified in the Alger Capital Appreciation Fund discussion.
 
Alger 35 Fund

The Alger 35 Fund generated a 28.99% return during the fiscal six-month period ended April 30, 2021, compared to the 28.85% 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 Information Technology. The Fund had no exposure to Materials, Utilities or Energy sectors.
 
- 4 -

Contributors to Performance
 
The Information Technology and Communication Services sectors provided the greatest contributions to relative performance. Regarding individual positions, Genius Sports Ltd.; US Foods Holding Corp.; Tesla, Inc; Applied Materials, Inc.; and Alphabet, Inc., Cl. C were among the contributors to absolute performance. Alphabet is a leading search provider and is a beneficiary of the shift of advertising dollars from traditional mediums like television, radio and newspapers, to digital platforms. The company is a leader in implementing artificial intelligence and autonomous vehicles, and it owns the highly popular YouTube property. Despite regulatory scrutiny by the U.S. Department of Justice (DOJ) and state attorney generals, Alphabet’s strong results have driven its share price higher. Results of the company’s search service and YouTube have exceeded expectations driven by increasing advertising that resulted from a strengthening economy. Additionally, the company’s earnings exhibited strong operating leverage as costs have moved only slightly higher. Finally, the share price of Alphabet responded favorably to an anti-trust lawsuit filed by the DOJ against the company because the litigation was more limited in scope than anticipated, primarily alleging that the company has improperly established agreements with various phone makers, including Apple, to ensure that Google is the default search engine across devices.
 
Detractors from Performance
 
The Financials sector and the Fund’s lack of Energy holdings detracted from relative performance. Regarding individual positions, Magnite, Inc.; Quidel Corp.; Datadog, Inc., Cl. A; Enphase Energy, Inc.; and Alibaba Group Holding, Ltd. Sponsored ADR were among the top detractors from absolute performance. Quidel develops, manufactures and markets rapid point-of-care diagnostic solutions worldwide that are used for infectious disease, cardiac and toxicology testing. Quidel’s solutions are mainly used at point-of-care locations, such as physicians’ offices, hospitals, urgent care clinics, pharmacies, wellness screening clinics and clinical laboratories when quality, highly sensitive, low-cost, easy-to-use and fast diagnosis is particularly important. Shares of the company underperformed due to general concern that Covid-19 vaccines will result in decreased demand for Quidel’s Covid-19 testing products. We believe potential exists for demand to decrease in 2022, but Covid-19 testing is still experiencing strong utilization while vaccines are being distributed, a process that can potentially last throughout 2021, in our view. In addition, Alger believes the need for testing can potentially last longer than the market is currently assuming. Quidel has a significantly enhanced position in rapid point-of-care infectious disease testing, with a significant number of new instrument customers as a result of the pandemic. Quidel also has a robust product pipeline outside of Covid-19, including the expected launch of its Savanna instrument by mid-2021 to offer rapid molecular testing with a panel of up to 8 to 12 tests at a time from a single patient sample. Additionally, Covid-19 testing has allowed Quidel to build a sizable cash position, which it can potentially deploy on accretive mergers and acquisitions.
 
Alger Growth & Income Fund
 
The Alger Growth & Income Fund returned 29.42% for the fiscal six-month period ended April 30, 2021, compared to the 28.85% return of the S&P 500 Index. As of March 1, 2021, Alger Chief Executive Officer and Portfolio Manager Daniel C. Chung, CFA, who was one of two managers of the Fund, no longer serves as one of the managers.

- 5 -

During the reporting period, the largest portfolio sector weightings were Information Technology and Financials. The largest sector overweight was Financials and the largest sector underweight was Consumer Discretionary.
 
Contributors to Performance
 
The Financials and Communication Services sectors provided the largest contributions to relative performance. Regarding individual positions, Microsoft Corp.; JPMorgan Chase & Co.; Apple, Inc.; Morgan Stanley; and Alphabet, Inc., Cl. C were among the contributors to absolute performance. Shares of Alphabet performed strongly in response to developments identified in the Alger 35 Fund discussion.
 
Detractors from Performance
 
The Consumer Discretionary and Industrials sectors were the most significant detractors from relative performance. Regarding individual positions, General Motors Company; Procter & Gamble Company; Southern Copper Corp.; Viatris, Inc.; and Best Buy Co., Inc. were among the top detractors from absolute performance. Alger believes that General Motors (GM) leads a small group of legacy automakers that are not only demonstrating effective electric vehicle strategies, but also rethinking the way their businesses work to make for more profitable, less cyclical financial profiles over time. The car will no longer represent a discrete, low-margin hardware sale; instead, like smartphones, cars will become conduits for high-value software, and we believe that there is potential for GM to enter new addressable markets like energy storage. GM has been valued as a low-margin cyclical for most of its history, and in recent years, there has been substantial concern that it will be difficult for the company to compete as electric vehicles become more prevalent. Alger believes that GM will not only keep up but build a much more profitable business in the future.
 
GM’s share price increased during the reporting period due to a cyclical recovery in the automobile industry, but the position detracted from performance as the portfolio holding was underweight during the period in which the share price rose the most.
 
Alger Mid Cap Growth Fund
 
The Alger Mid Cap Growth Fund returned 28.90% for the fiscal six-month period ended April 30, 2021, compared to the 24.84% return of the Russell Midcap Growth Index. During the reporting period, the largest sector weightings were Information Technology and Healthcare. The largest sector overweight was Consumer Discretionary and the largest underweight was Information Technology.
 
Contributors to Performance
 
The Communication Services and Consumer Discretionary sectors provided the largest contributions to relative performance. Regarding individual positions, US Foods Holding Corp.; Magnite, Inc.; Farfetch Ltd., Cl. A; Bio-Techne Corp.; and Roku, Inc., Cl. A were among the contributors to absolute performance. Magnite is an advertising technology company serving as a supply side platform for publishers. The platform helps publishers such as network television stations or cable news providers automate the sale of digital advertising inventory across different formats and channels, like desktop, mobile, video, audio, connected TV and over-the-top TV. Publishers monetize their digital advertising inventory by using Magnite’s platform to access a global market of ad buyers, including advertising agencies that use supply side platforms. Magnite also helps sellers decrease costs and protect their brands and user experience.

- 6 -

Magnite receives advertising inventory from sellers and optimizes publishers’ revenue yields by processing the highest buyer bids. Currently, Magnite keeps approximately 14% of ad spend as revenue (i.e. take rate) and passes on the remainder of the ad spend to publishers. Magnite’s clients include many of the world’s leading publishers of websites and mobile applications and the company believes that its platform reaches approximately 1 billion individuals globally. Shares of Magnite outperformed due to stronger-than-expected fourth quarter results driven by a rapid recovery in digital advertising. Additionally, the company acquired SpotX, its largest competitor in connected TV. The combination makes Magnite the industry’s largest independent supply side platform and a much larger connected TV player. Alger believes connected TV is the most exciting part of the digital ad market and is in the early days of growth, including capturing market share from linear TV.
 
Detractors from Performance
 
The Information Technology and Healthcare sectors were among the sectors that detracted from relative performance. Regarding individual positions, Quidel Corp.; BigCommerce Holdings, Inc.; DermTech, Inc.; Datadog, Inc., Cl. A; and Silver Spike Acquisition Corp., Cl. A were among the top detractors from absolute performance. Shares of Quidel underperformed in response to developments identified in the Alger 35 Fund discussion.
 
Alger Mid Cap Focus Fund
 
Class I shares of the Alger Mid Cap Focus Fund generated a 34.86% return for the fiscal six- month period ended April 30, 2021, compared to the 24.84% return of the Russell Midcap Growth Index.
 
Contributors to Performance
 
During the quarter, the largest portfolio sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Consumer Discretionary and the largest sector underweight was Information Technology. The Communication Services and Consumer Discretionary sectors provided the largest contributions to relative performance.
 
Regarding individual positions Roku, Inc., Cl. A; Magnite, Inc.; MicroStrategy, Inc., Cl. A; Cloudflare, Inc., Cl. A; and Penn National Gaming, Inc. were among the contributors to absolute performance. Shares of Magnite outperformed in response to developments identified in the Alger Mid Cap Growth discussion.
 
Detractors from Performance
 
The Healthcare and Materials sectors were among the top detractors from relative performance. Regarding individual positions, Quidel Corp.; EHang Holdings Ltd. Sponsored ADR, Cl. A; ChargePoint Holdings, Inc., Cl. A; Yalla Group Ltd. Sponsored ADR, Cl. A; and Viant Technology, Inc., Cl. A were among the top detractors from absolute performance. Shares of Quidel underperformed in response to developments identified in the Alger 35 Fund discussion.
 
Alger Weatherbie Specialized Growth Fund
 
The Alger Weatherbie Specialized Growth Fund generated a 34.61% return during the fiscal six-month period ended April 30, 2021, compared to the 32.00% return of the Russell 2500 Growth Index.

- 7 -

During the reporting period, the largest portfolio sector weightings were Information Technology and Healthcare. The largest sector overweight was Financials. The Fund had no exposure to Communication Services, Consumer Staples, Materials or Utilities.
 
Contributors to Performance
 
The Financials and Healthcare sectors provided the greatest contributions to relative performance. Regarding individual positions, Progyny, Inc.; Upstart Holdings, Inc.; Signature Bank; Natera, Inc.; and Cerence, Inc. were among the contributors to absolute performance. Upstart operates a cloud-based artificial intelligence (AI) lending platform. The platform aggregates consumer demand for loans and connects it to the company’s network of AI-enabled bank partners. The technology connects consumers, banks and institutional investors through a shared AI lending platform. Upstart’s stock price increased after the company’s December IPO due to anticipation that the company will see increasing demand for its services. With Americans receiving stimulus checks, banks have received an increased volume of deposits and could potentially turn to Upstart to find borrowers for the cash.
 
Detractors from Performance
 
The Information Technology and Consumer Discretionary sectors were the largest detractors from relative performance. Regarding individual positions, Quidel Corp.; Berkeley Lights, Inc; BigCommerce Holdings, Inc; Viant Technology, Inc., Cl. A; and Silver Spike Acquisition Corp., Cl. A were among the top detractors from absolute performance. Shares of Quidel underperformed in response to developments identified in the Alger 35 Fund discussion.
 
Alger Small Cap Growth Fund
 
The Alger Small Cap Growth Fund returned 27.92% for the fiscal six-month period ended April 30, 2021, compared to the 37.84% return of the Russell 2000 Growth Index. During the reporting period, the largest portfolio sector weightings were Healthcare and Information Technology. The largest sector overweight was Information Technology and the largest underweight was Industrials.
 
Contributors to Performance
 
The Communication Services and Energy sectors provided the greatest contributions to relative performance.
 
Regarding individual positions, Bio-Techne Corp.; Farfetch Ltd., Cl. A; Magnite, Inc.; HubSpot, Inc.; and CareDx, Inc. were among the contributors to absolute performance. CareDx provides high-value and differentiated diagnostic surveillance products for patients receiving organ or stem cell transplants. CareDx’s diagnostic tests can increase the chances of successful transplants by facilitating a better match between donors and recipients of stem cells and organs. In post-transplant diagnostics, CareDx offers tests for monitoring signs of rejection in kidney and heart transplant patients. Shares of CareDx outperformed the broad market due to stronger-than-expected third quarter revenues and earnings and a sizable increase in reimbursement rates from insurers for its heart transplant surveillance testing. The increase is a result of Medicare finalizing its reimbursement pricing for the testing. Despite potential Covid-19 pandemic impacts to its business, CareDx continues to execute well by responding to patients’ needs with innovative products.

- 8 -

Detractors from Performance
 
The Industrials and Healthcare sectors were among the sectors that detracted from results. Regarding individual positions, Quidel Corp.; Tandem Diabetes Care, Inc.; Livongo Health, Inc.; eHealth, Inc.; and BigCommerce Holdings, Inc. were among the most significant detractors from absolute performance. Shares of Quidel underperformed in response to developments identified in the Alger 35 Fund discussion.
 
Alger Small Cap Focus Fund
 
The Alger Small Cap Focus Fund returned 22.77% during the fiscal six-month period ended April 30, 2021, compared to the 37.84% return of the Russell 2000 Growth Index. During the reporting period, the Healthcare and Information Technology sectors were the largest portfolio sector weightings. The largest sector overweight was Healthcare. The Fund had no exposure to Financials, Materials, Real Estate or Utilities and insignificant exposure to Energy and Consumer Staples.
 
Contributors to Performance
 
The Fund had no exposure to Financials, Materials, Real Estate or Utilities and insignificant exposure to Energy and Consumer Staples. The Healthcare sector provided the greatest contribution to relative performance.
 
Regarding individual positions Natera, Inc.; CareDx, Inc.; AtriCure, Inc.; Bio-Techne Corp.; and Cantel Medical Corp. were among the most significant contributors to absolute performance. Natera is a leading provider of genetic diagnostic tests used in the large reproductive medicine, oncology and organ transplant markets. We believe these markets are underpenetrated. Natera’s technology is augmented with software algorithms, bioinformatics and artificial intelligence to improve the detection of diseases and deliver clinically actionable information, thereby addressing significant unmet medical needs and ultimately saving lives. Natera is a highly innovative company that has consistently invested 20% of its revenue in research and development.
 
In the early portion of the six-month reporting, Natera reported stronger-than-expected financial results for the three-month period ended September 30, 2020, driven by strong test volume. The quarterly results benefited, in part, from the two leading reproductive medicine societies in the U.S. issuing a positive joint opinion that recommends non-invasive prenatal testing (NIPT) for all pregnancies. As a result, UnitedHealthcare and Aetna, who were the two large national payors that didn’t provide reimbursement for the service, finally adopted formal coverage of NIPT.
 
Detractors from Performance
 
The Industrials sector was the most significant detractor from relative performance. Regarding individual positions, Quidel Corp.; Berkeley Lights, Inc.; BigCommerce Holdings, Inc.; Viant Technology, Inc., Cl. A; and Silver Spike Acquisition Corp., Cl. A. were the largest detractors from absolute performance. Shares of Quidel underperformed in response to developments identified in the Alger 35 Fund discussion.
 
Alger International Focus Fund
 
The Alger International Focus Fund recorded a 21.05% return for the fiscal six-month period ended April 30, 2021, compared to the 27.66% return of the MSCI ACWI ex USA Index.

- 9 -

Contributors to Performance
 
During the quarter, the largest portfolio sector weightings were Consumer Discretionary and Information Technology. The largest sector overweight was Information Technology and the largest sector underweight was Consumer Staples. The Information Technology and Consumer Discretionary sectors provided the greatest contributions to relative performance. From a country perspective, the Netherlands, Hong Kong, France, Italy and China were among the most significant contributors to relative performance.
 
Regarding individual positions, ASML Holding NV; Lasertec Corp.; LVMH Moet Hennessy Louis Vuitton SE; Samsonite International S.A.; and EQT AB were among the contributors to absolute performance. ASML Holding is a global leader in advanced semiconductor lithography equipment. Increased demand for new semiconductors is increasing demand for ASML’s cutting edge extreme ultraviolet (EUV) lithography, which is a technology that is critical to the newest generation of chip development. Investors continue to push the company’s stock valuations higher on the back of the 100% monopoly market share ASML has built. A favorable backdrop involving supply and demand combined with strong share buyback activity continued to support the performance of ASML shares in the first quarter of 2021 as investors updated expectations around 2022 tool deliveries.
 
Detractors from Performance
 
The Financials and Materials sectors were among the sectors that detracted from results. From a country perspective, Brazil, South Korea, Germany, Australia and the United Kingdom were among the top detractors from relative performance.
 
Regarding individual positions, Kogan.com Ltd.; Vinci Partners Investments Ltd., Cl. A; Appen Ltd.; InPost S.A.; and Unifiedpost Group SA were among the top detractors from absolute performance. Kogan.com is one of Australia’s largest pure-play online retailers of consumer electronics, general merchandise and adjacent services with its own private label and third-party brands. Kogan is benefitting from the structural shift toward e-commerce and during the second half of 2020, the company’s gross sales and gross profit climbed 96% and 120%, respectively, year over year. However, monthly sequential numbers normalized as calendar year 2020 progressed and a combination of cost pressures and transitory charges related to logistics, personal protective equipment and compensation awards resulted in a deceleration of EBITDA growth. While website data and app downloads showed continued strong momentum, the stock took a breather in the first quarter of this year after generating an extremely strong 2020 return. Investors during the first quarter of 2021 assessed challenging comparables for the second half of this year. However, Alger believes the company’s potential growth runway and secular drivers remain intact.
 
Alger Health Sciences Fund
 
The Alger Health Sciences Fund returned 17.35% for the fiscal six-month period ended April 30, 2021, compared to the 28.85% return of the S&P 500 Index and the 20.65% return of the Russell 3000 Healthcare Index.
 
Contributors to Performance
 
Regarding individual positions, UnitedHealth Group Inc.; Bio-Techne Corp.; Natera, Inc.; Guardant Health, Inc.; and Moderna, Inc. were among the contributors to absolute performance. Bio-Techne develops, manufactures and sells biotechnology reagents, clinical diagnostic products and instruments for medical research and clinical diagnostic applications. With its deep product portfolio and application expertise, Bio-Techne provides life science customers with innovative, high-quality scientific tools to better understand biological processes and drive discovery of diagnostic and therapeutic products. Bio-Techne also sells a portfolio of assays, or clinical molecular diagnostic oncology products, including a test used in the diagnosis of prostate cancer. Shares of Bio-Techne outperformed the broad market during the first quarter of 2021 due to stronger-than-expected earnings for the company’s fiscal second quarter. Bio-Techne delivered core organic growth of 19%, substantially exceeding expectations. Bio-Techne experienced a faster-than-expected rebound in demand from academic customers, while demand from biopharmaceutical customers remained robust. Bio-Techne’s stronger revenue performance drove higher margins and earnings.
 
- 10 -

Detractors from Performance
 
Quidel Corporation; Livongo Health, Inc.; Invitae Corp.; Berkeley Lights, Inc.; and Mirati Therapeutics Inc. were among the top detractors from absolute performance. Shares of Quidel underperformed in response to developments identified in the Alger 35 Fund discussion

I thank you for putting your trust in Alger.

Sincerely,

 
Daniel C. Chung, CFA
Chief Executive Officer
Fred Alger Management, LLC
 
Investors cannot invest directly in an index. Index performance does not reflect the deduction for fees, expenses, or taxes.
 
This report and the financial statements contained herein are submitted for the general information of shareholders of the funds. This report is not authorized for distribution to prospective investors in a fund unless preceded or accompanied by an effective prospectus for the fund. Performance of funds discussed above other than the Alger 25 Fund, the Alger 35 Fund and the Alger Mid Cap Focus Fund represents the return of Class A shares prior to the deduction of any sales charges and includes the reinvestment of any dividends or distributions. Performance for the Alger 25 Fund represents Class Z shares. Performance for the Alger 35 Fund represents Class P shares. Performance for the Alger Mid Cap Focus Fund represents Class I shares.
 
The performance data quoted represents past performance, which is not an indication or guarantee of future results.
 
Standardized performance results can be found on the following pages. The investment return and principal value of an investment in a fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, visit us at www.alger.com or call us at (800) 992-3863.
 
The views and opinions of the funds’ management in this report are as of the date of the Shareholders’ Letter and are subject to change at any time subsequent to this date. There is no guarantee that any of the assumptions that formed the basis for the opinions stated herein are accurate or that they will materialize. Moreover, the information forming the basis for such assumptions is from sources believed to be reliable; however, there is no guarantee that such information is accurate. Any securities mentioned, whether owned in a fund or otherwise, are considered in the context of the construction of an overall portfolio of securities and therefore reference to them should not be construed as a recommendation or offer to purchase or sell any such security. Inclusion of such securities in a fund and transactions in such securities, if any, may be for a variety of reasons, including, without limitation, in response to cash flows, inclusion in a benchmark, and risk control. The reference to a specific security should also be understood in such context and not viewed as a statement that the security is a significant holding in a fund. Please refer to the Schedule of Investments for each fund which is included in this report for a complete list of fund holdings as of April 30, 2021. Securities mentioned in the Shareholders’ Letter, if not found in the Schedule of Investments, may have been held by the funds during the six-month fiscal period ended April 30, 2021.
 
- 11 -

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. A significant portion of assets will be invested in technology companies, which may be significantly affected by competition, innovation, regulation, and product obsolescence, and may be more volatile than the securities of other companies. Investments in the Consumer Discretionary Sector may be affected by domestic and international economies, consumer’s disposable income, consumer preferences and social trends. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility.
 
Alger 25 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. A significant portion of assets will be invested in technology companies, which may be significantly affected by competition, innovation, regulation, and product obsolescence, and may be more volatile than the securities of other companies. Investments in the Consumer Discretionary Sector may be affected by domestic and international economies, consumer’s disposable income, consumer preferences and social trends. Investing in companies of small and medium capitalizations involve 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.

- 12 -

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. A significant portion of assets will be invested in technology companies, which may be significantly affected by competition, innovation, regulation, and product obsolescence, and may be more volatile than the securities of other companies. Investing in companies of small and medium capitalizations involve the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. 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.
 
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 relative to their companies’ earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets will be invested in technology companies, which may be significantly affected by competition, innovation, regulation, and product obsolescence, and may be more volatile than the securities of other companies. Income- producing securities may cut or fail to declare dividends due to market downturns or for other reasons.
 
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. A significant portion of assets will be invested in technology and 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. Investing in companies of medium capitalizations involve 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.
 
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. Investing in companies of medium capitalizations involve 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 will be invested in technology and 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. 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. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment.
 
- 13 -

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. A significant portion of assets will be invested in technology and 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. Investing in companies of small and medium capitalizations involve the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Foreign securities and emerging markets involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility.
 
Alger Small Cap Growth Fund
 
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets will be invested in technology and 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. Investing in companies of small capitalizations involve the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Foreign securities and Emerging Markets involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility.
 
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. A significant portion of assets will be invested in technology and 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. Investing in companies of small capitalizations involve 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.
 
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. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Foreign securities and emerging markets involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Investing in companies of small capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment.
 
- 14 -

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. 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. Investing in companies of small capitalizations involve 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.
 
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

- 15 -

Definitions:


The S&P 500 Index: An index of large company stocks considered to be representative of the U.S. stock market.
 

The Russell 2000 Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.
 

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 MSCI ACWI ex USA Index (gross) captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 26 Emerging Markets (EM) countries. The index covers approximately 85% of the global equity opportunity set outside the US.
 

The Morgan Stanley Capital International (MSCI) Emerging Markets Index (gross) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.
 

The MSCI ACWI Index (gross) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 26 Emerging Markets (EM) countries.


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 3,000 largest U.S. companies based on the total market capitalization, which represents 99% of the U.S. equity market.
 

The Russell Midcap Growth Index measures the performance of the mid- cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher growth earning potential as defined by Russell's leading style methodology. The Russell Midcap Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market.


The Russell 2500 Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential as defined by Russell's leading style methodology. The Russell 2500 Growth Index is constructed to provide a comprehensive and unbiased barometer of the small to mid-cap growth market.

- 16 -


The Russell 2000 Growth Index measures the performance of the small- cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher growth earning potential as defined by Russell's leading style methodology. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment.


The Russell 3000 Growth Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad growth market. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.


The Russell 3000 Value Index measures the performance of the broad value segment of the US equity value universe. It includes those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000 Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market.

- 17 -

FUND PERFORMANCE AS OF 3/31/21 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS

   
1
YEAR
   
5
YEARS
   
10
YEARS
   
SINCE INCEPTION
 
Alger Capital Appreciation Class A (Inception 12/31/96)
   
52.80
%
   
19.44
%
   
15.32
%
   
10.90
%
Alger Capital Appreciation Class C (Inception 7/31/97)*
   
59.05
%
   
19.84
%
   
15.08
%
   
10.72
%
Alger Capital Appreciation Class Z (Inception 12/29/10)
   
61.76
%
   
21.14
%
   
16.33
%
   
16.64
%
Alger 25 Fund Class Z (Inception 12/28/17)**
   
65.39
%
   
n/a
     
n/a
     
22.82
%
Alger 35 Fund Class P (Inception 3/29/18)
   
84.94
%
   
n/a
     
n/a
     
28.61
%
Alger 35 Fund Class P-2 (Inception 10/31/18)
   
84.60
%
   
n/a
     
n/a
     
34.46
%
Alger Growth & Income Class A (Inception 12/31/96)
   
45.50
%
   
13.74
%
   
12.21
%
   
8.97
%
Alger Growth & Income Class C (Inception 7/31/97)*
   
51.41
%
   
14.11
%
   
11.96
%
   
8.79
%
Alger Growth & Income Class Z (Inception 3/1/12)
   
54.14
%
   
15.37
%
   
n/a
     
13.50
%
Alger Mid Cap Growth Class A (Inception 12/31/96)
   
86.57
%
   
21.11
%
   
13.26
%
   
10.43
%
Alger Mid Cap Growth Class B (Inception 5/24/93)
   
91.97
%
   
21.74
%
   
13.19
%
   
10.39
%
Alger Mid Cap Growth Class C (Inception 7/31/97)*
   
94.28
%
   
21.45
%
   
12.93
%
   
9.78
%
Alger Mid Cap Growth Class Z (Inception 5/28/15)
   
97.42
%
   
22.77
%
   
n/a
     
16.23
%
Alger Mid Cap Focus Class I (Inception 6/14/19)
   
106.73
%
   
n/a
     
n/a
     
46.77
%
Alger Mid Cap Focus Class Y (Inception 2/26/21)
   
n/a
     
n/a
     
n/a
     
(4.65
)%
Alger Mid Cap Focus Class Z (Inception 6/14/19)
   
107.13
%
   
n/a
     
n/a
     
47.10
%
Alger Weatherbie Specialized Growth Class A (Inception 5/8/02)
   
84.35
%
   
24.73
%
   
14.37
%
   
11.69
%
Alger Weatherbie Specialized Growth Class C (Inception 5/8/02)
   
92.28
%
   
25.15
%
   
14.12
%
   
11.48
%
Alger Weatherbie Specialized Growth Class I (Inception 8/5/07)
   
94.58
%
   
26.14
%
   
15.02
%
   
12.07
%
Alger Weatherbie Specialized Growth Class Y (Inception 8/31/17)
   
95.32
%
   
n/a
     
n/a
     
28.01
%
Alger Weatherbie Specialized Growth Class Z (Inception 12/29/10)
   
95.28
%
   
26.52
%
   
15.38
%
   
16.00
%
Alger Small Cap Growth Class A (Inception 12/31/96)
   
77.55
%
   
25.19
%
   
13.58
%
   
7.55
%
Alger Small Cap Growth Class B (Inception 11/11/86)
   
82.86
%
   
25.75
%
   
13.58
%
   
7.53
%
Alger Small Cap Growth Class C (Inception 7/31/97)*
   
85.21
%
   
25.51
%
   
13.22
%
   
7.39
%
Alger Small Cap Growth Class Z (Inception 12/29/10)
   
88.14
%
   
27.01
%
   
14.54
%
   
15.14
%
Alger Small Cap Focus Class A (Inception 3/3/08)
   
57.42
%
   
24.97
%
   
14.49
%
   
12.68
%
Alger Small Cap Focus Class C (Inception 3/3/08)
   
64.03
%
   
25.40
%
   
14.30
%
   
12.39
%
Alger Small Cap Focus Class I (Inception 3/3/08)
   
66.27
%
   
26.35
%
   
15.25
%
   
13.31
%
Alger Small Cap Focus Class Y (Inception 2/28/17)
   
66.75
%
   
n/a
     
n/a
     
25.84
%
Alger Small Cap Focus Class Z (Inception 12/29/10)
   
66.75
%
   
26.71
%
   
15.57
%
   
16.12
%
Alger International Focus Class A (Inception 12/31/96)
   
61.15
%
   
10.52
%
   
6.96
%
   
6.14
%
Alger International Focus Class B (Inception 11/11/86)
   
65.48
%
   
11.04
%
   
6.93
%
   
6.11
%
Alger International Focus Class C (Inception 7/31/97)*
   
67.85
%
   
10.82
%
   
6.67
%
   
5.97
%
Alger International Focus Class I (Inception 5/31/13)
   
70.48
%
   
11.93
%
   
n/a
     
8.22
%
Alger International Focus Class Z (Inception 12/29/10)
   
70.68
%
   
12.21
%
   
7.98
%
   
8.28
%
Alger Health Sciences Fund Class A (Inception 5/1/02)
   
35.42
%
   
19.68
%
   
14.63
%
   
12.68
%
Alger Health Sciences Fund Class C (Inception 5/1/02)
   
40.86
%
   
20.05
%
   
14.36
%
   
12.45
%
Alger Health Sciences Fund Class Z (Inception 5/28/15)
   
43.38
%
   
21.42
%
   
n/a
     
12.31
%
 
The performance data quoted represents past performance, which is not an indication or a guarantee of future results. A Fund’s average annual total returns include changes in share price and reinvestment of dividends and capital gains.
 
Prior to August 7, 2015, the Alger Small Cap Focus 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.
 
- 18 -

Before March 28, 2018, the Alger International Focus Fund followed different investment strategies and was managed by different portfolio managers. Prior to May 31, 2013 the Fund was named “Alger Large Cap Growth Fund,” and from May 31, 2013 to August 15, 2018 the Fund was named “Alger International Growth Fund.” Performance prior to March 28, 2018 reflects these prior management styles and does not reflect the Fund’s current investment strategies and investment personnel.
 
Previously, the Alger Growth & Income Fund followed a different investment objective and different strategies under the name “Alger Balanced Fund.” Performance prior to April 1, 2011 does not reflect the Fund’s current investment objective and strategies.
 
From August 30, 2017 to September 30, 2019, the Alger Weatherbie Specialized Growth 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.
 
Prior to February 11, 2021, the Alger 25 Fund was managed by a different portfolio manager. Performance prior to February 11, 2021 does not reflect the Fund’s current investment personnel. Effective March 1, 2021, Class P shares of the Alger 25 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 the inception of the Class, is that of the Fund’s Class A shares, which has been adjusted to remove the sales charge imposed by Class A shares and adding the higher operating expenses of the Class C shares.
 
**
On March 1, 2021, Class P-2 Shares of Alger 25 Fund were converted into Class P Shares of Alger 25 Fund. Immediately thereafter, Class P Shares of Alger 25 Fund were reclassified as Class Z Shares. Historical performance prior to March 1, 2021 is that of the Fund's Class P shares.

- 19 -

ALGER CAPITAL APPRECIATION FUND
Fund Highlights Through April 30, 2021 (Unaudited)

 
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES
 

The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Capital Appreciation Fund Class A shares, with a maximum sales charge of 5.25%, and the Russell 1000 Growth Index (an unmanaged index of common stocks) for the ten years ended April 30, 2021. 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.

- 20 -

ALGER CAPITAL APPRECIATION FUND
Fund Highlights Through April 30, 2021 (Unaudited) (Continued)
 
PERFORMANCE COMPARISON AS OF 4/30/21
 
AVERAGE ANNUAL TOTAL RETURNS
 
   
1 YEAR
   
5 YEARS
   
10 YEARS
   
Since
11/1/1993
 
Class A (Inception 12/31/96)
   
41.68
%
   
21.21
%
   
15.59
%
   
11.15
%
Class C (Inception 7/31/97)*
   
47.43
%
   
21.62
%
   
15.33
%
   
10.96
%
Russell 1000 Growth Index
   
51.41
%
   
22.88
%
   
17.02
%
   
9.87
%
 
   
1 YEAR
   
5 YEARS
   
10 YEARS
   
Since 12/29/2010
 
Class Z (Inception 12/29/10)
   
50.03
%
   
22.95
%
   
16.59
%
   
17.20
%
Russell 1000 Growth Index
   
51.41
%
   
22.88
%
   
17.02
%
   
17.43
%
 
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.
 
*
Since inception performance is calculated since the inception of the Class A shares. Historical performance prior to July 31, 1997, inception of the class, is that of the Fund's Class A shares, reduced to reflect the current maximum sales charge and the higher operating expenses of Class C shares.

- 21 -

ALGER 25 FUND
Fund Highlights Through April 30, 2021 (Unaudited)

 
HYPOTHETICAL $10,000 INVESTMENT IN CLASS Z SHARES
 

The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger 25 Fund Class Z shares and the S&P 500 Index (an unmanaged index of common stocks) from December 28, 2017, the inception date of the Alger 25 Fund, through April 30, 2021. Prior to February 11, 2021, the Alger 25 Fund was managed by a different portfolio manager. Performance prior to February 11, 2021 does not reflect the Fund's current investment personnel. Effective March 1, 2021, Class P shares of the Alger 25 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 March 1, 2021 is that of the Fund's Class P shares. Figures for the Alger 25 Fund Class Z shares and the S&P 500 Index include reinvestment of dividends. Figures for the Alger 25 Fund Class Z shares also include reinvestment of capital gains.

- 22 -

ALGER 25 FUND
Fund Highlights Through April 30, 2021 (Unaudited) (Continued)
 
PERFORMANCE COMPARISON AS OF 4/30/21
 
AVERAGE ANNUAL TOTAL RETURNS
 
   
1 YEAR
   
5 YEARS
   
10 YEARS
   
Since
12/28/2017
 
Class Z (Inception 12/28/17)
   
55.34
%
   
n/a
     
n/a
     
25.05
%
S&P 500 Index
   
45.98
%
   
n/a
     
n/a
     
16.32
%

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. Prior to February 11, 2021, the Alger 25 Fund was managed by a different portfolio manager. Performance prior to February 11, 2021 does not reflect the Fund's current investment personnel. Effective March 1, 2021, Class P shares of the Alger 25 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. 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.

- 23 -

ALGER 35 FUND
Fund Highlights Through April 30, 2021 (Unaudited)

 
HYPOTHETICAL $10,000 INVESTMENT IN CLASS P SHARES


The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger 35 Fund Class P 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 P shares, through April 30, 2021. Figures for the Alger 35 Fund Class P shares and the S&P 500 Index include reinvestment of dividends. Figures for the Alger 35 Fund Class P shares also include reinvestment of capital gains. Performance for the Alger 35 Fund Class P-2 shares will vary from results shown above due to differences in the expenses that the class bears. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.

- 24 -

ALGER 35 FUND
Fund Highlights Through April 30, 2021 (Unaudited) (Continued)
 
PERFORMANCE COMPARISON AS OF 4/30/21
 
AVERAGE ANNUAL TOTAL RETURNS
 
   
1 YEAR
   
5 YEARS
   
10 YEARS
   
Since
3/29/2018
 
Class P (Inception 3/29/18)
   
70.26
%
   
n/a
     
n/a
     
30.53
%
S&P 500 Index
   
45.98
%
   
n/a
     
n/a
     
18.24
%
 
   
1 YEAR
   
5 YEARS
   
10 YEARS
   
Since 10/31/2018
 
Class P-2 (Inception 10/31/18)
   
70.08
%
   
n/a
     
n/a
     
36.78
%
S&P 500 Index
   
45.98
%
   
n/a
     
n/a
     
21.21
%

The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s average annual total returns include changes in share price and reinvestment of dividends and capital gains. The chart and table above do not reflect the deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares. Investment return and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For updated performance, visit us at www.alger.com or call us at (800) 992-3863.

- 25 -

ALGER GROWTH & INCOME FUND
Fund Highlights Through April 30, 2021 (Unaudited)
 
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES
 
 
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Growth & Income Fund Class A shares, with a maximum sales charge of 5.25%, and the S&P 500 Index (an unmanaged index of common stocks) for the ten years ended April 30, 2021. 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.

- 26 -

ALGER GROWTH & INCOME FUND
Fund Highlights Through April 30, 2021 (Unaudited) (Continued)
 
PERFORMANCE COMPARISON AS OF 4/30/21
 
AVERAGE ANNUAL TOTAL RETURNS
 
   
1 YEAR
   
5 YEARS
   
10 YEARS
   
Since
12/31/1996
 
Class A (Inception 12/31/96)
   
35.95
%
   
14.81
%
   
12.38
%
   
9.15
%
Class C (Inception 7/31/97)*
   
41.46
%
   
15.18
%
   
12.13
%
   
8.97
%
S&P 500 Index
   
45.98
%
   
17.42
%
   
14.17
%
   
9.41
%
 
   
1 YEAR
   
5 YEARS
   
10 YEARS
   
Since 3/1/2012
 
Class Z (Inception 3/1/12)
   
44.04
%
   
16.45
%
   
n/a
     
13.97
%
S&P 500 Index
   
45.98
%
   
17.42
%
   
n/a
     
15.23
%

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. Previously, Alger Growth & Income Fund followed a different investment objective and different strategies under the name "Alger Balanced Fund." Performance prior to April 1, 2011 does not reflect the Fund's current investment objective and strategies. 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.
 
*
Since inception performance is calculated since the inception of the Class A shares. Historical performance prior to July 31, 1997, inception of the class, is that of the Fund's Class A shares, reduced to reflect the current maximum sales charge and the higher operating expenses of Class C shares.

- 27 -

ALGER MID CAP GROWTH FUND
Fund Highlights Through April 30, 2021 (Unaudited)
 
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES

 

The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Mid Cap Growth Fund Class A shares, with a maximum sales charge of 5.25%, and the Russell Midcap Growth Index (an unmanaged index of common stocks) for the ten years ended April 30, 2021. 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.

- 28 -

ALGER MID CAP GROWTH FUND
Fund Highlights Through April 30, 2021 (Unaudited) (Continued)

PERFORMANCE COMPARISON AS OF 4/30/21
 
AVERAGE ANNUAL TOTAL RETURNS
 
   
1 YEAR
   
5 YEARS
   
10 YEARS
   
Since
12/31/1996
 
Class A (Inception 12/31/96)
   
67.42
%
   
22.22
%
   
13.29
%
   
10.57
%
Class B (Inception 5/24/93)
   
72.05
%
   
22.91
%
   
13.24
%
   
10.54
%
Class C (Inception 7/31/97)*
   
74.32
%
   
22.54
%
   
12.96
%
   
9.92
%
Russell Midcap Growth Index
   
53.97
%
   
19.70
%
   
14.33
%
   
10.43
%
 
   
1 YEAR
   
5 YEARS
   
10 YEARS
   
Since 5/28/2015
 
Class Z (Inception 5/28/15)
   
77.22
%
   
23.89
%
   
n/a
     
16.76
%
Russell Midcap Growth Index
   
53.97
%
   
19.70
%
   
n/a
     
15.22
%

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.
 
*
Since inception performance is calculated since the inception of the Class A shares. Historical performance prior to July 31, 1997, inception of the class, is that of the Fund's Class A shares, reduced to reflect the current maximum sales charge and the higher operating expenses of Class C shares.

- 29 -

ALGER MID CAP FOCUS FUND
Fund Highlights Through April 30, 2021 (Unaudited)
 
HYPOTHETICAL $10,000 INVESTMENT IN CLASS I SHARES
 

The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Mid Cap Focus Fund Class I shares and the Russell Midcap Growth Index (an unmanaged index of common stocks) from June 14, 2019, the inception date of the Alger Mid Cap Focus Fund Class I shares, through April 30, 2021. 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 Y and Class Z shares will vary from the results shown above due to differences in the expenses that the class bears. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.

- 30 -

ALGER MID CAP FOCUS FUND
Fund Highlights Through April 30, 2021 (Unaudited) (Continued)
 
PERFORMANCE COMPARISON AS OF 4/30/21
 
AVERAGE ANNUAL TOTAL RETURNS
 
   
1 YEAR
   
5 YEARS
   
10 YEARS
   
Since
6/14/2019
 
Class I (Inception 6/14/19)
   
83.29
%
   
n/a
     
n/a
     
46.16
%
Class Z (Inception 6/14/19)
   
83.77
%
   
n/a
     
n/a
     
46.50
%
Russell Midcap Growth Index
   
53.97
%
   
n/a
     
n/a
     
26.72
%
 
   
1 YEAR
   
5 YEARS
   
10 YEARS
   
Since 2/26/2021
 
Class Y (Inception 2/26/21)
   
n/a
     
n/a
     
n/a
     
(2.37
)%
Russell Midcap Growth Index
   
n/a
     
n/a
     
n/a
     
3.60
%
 
The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s average annual total returns include changes in share price and reinvestment of dividends and capital gains. The chart and table above do not reflect the deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares. Investment return and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For updated performance, visit us at www.alger.com or call us at (800) 992-3863.

- 31 -

ALGER WEATHERBIE SPECIALIZED GROWTH FUND
Fund Highlights Through April 30, 2021 (Unaudited)
 
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES


The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Weatherbie Specialized Growth Fund Class A shares, with a maximum sales charge of 5.25%, and the Russell 2500 Growth Index (an unmanaged index of common stocks) for the ten years ended April 30, 2021. 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.

- 32 -

ALGER WEATHERBIE SPECIALIZED GROWTH FUND
Fund Highlights Through April 30, 2021 (Unaudited) (Continued)

PERFORMANCE COMPARISON AS OF 4/30/21
 
AVERAGE ANNUAL TOTAL RETURNS
 
   
1 YEAR
   
5 YEARS
   
10 YEARS
   
Since
5/8/2002
 
Class A (Inception 5/8/02)
   
62.99
%
   
25.82
%
   
14.57
%
   
11.97
%
Class C (Inception 5/8/02)
   
69.92
%
   
26.24
%
   
14.32
%
   
11.76
%
Class I (Inception 8/5/07)*
   
72.16
%
   
27.23
%
   
15.22
%
   
12.35
%
Russell 2500 Growth Index
   
67.27
%
   
20.51
%
   
14.21
%
   
11.42
%
 
   
1 YEAR
   
5 YEARS
   
10 YEARS
   
Since 8/30/2017
 
Class Y (Inception 8/30/17)
   
72.76
%
   
n/a
     
n/a
     
29.28
%
Russell 2500 Growth Index
   
67.27
%
   
n/a
     
n/a
     
21.64
%
 
   
1 YEAR
   
5 YEARS
   
10 YEARS
   
Since 12/29/2010
 
Class Z (Inception 12/29/10)
   
72.68
%
   
27.63
%
   
15.58
%
   
16.50
%
Russell 2500 Growth Index
   
67.27
%
   
20.51
%
   
14.21
%
   
15.07
%
 
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.
 
*
Historical performance prior to August 5, 2007, inception of the class, is that of the Fund's Class A shares, which has been adjusted to remove the sales charge imposed by Class A shares.

- 33 -

ALGER SMALL CAP GROWTH FUND
Fund Highlights Through April 30, 2021 (Unaudited)
 
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES

 

The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Small Cap Growth Fund Class A shares, with a maximum sales charge of 5.25%, and the Russell 2000 Growth Index (an unmanaged index of common stocks) for the ten years ended April 30, 2021. 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 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.

- 34 -

ALGER SMALL CAP GROWTH FUND
Fund Highlights Through April 30, 2021 (Unaudited) (Continued)
 
PERFORMANCE COMPARISON AS OF 4/30/21
 
AVERAGE ANNUAL TOTAL RETURNS
 
   
1 YEAR
   
5 YEARS
   
10 YEARS
   
Since
12/31/1996
 
Class A (Inception 12/31/96)
   
56.33
%
   
25.90
%
   
13.55
%
   
7.70
%
Class B (Inception 11/11/86)
   
59.99
%
   
26.49
%
   
13.55
%
   
7.69
%
Class C (Inception 7/31/97)*
   
62.74
%
   
26.23
%
   
13.18
%
   
7.55
%
Russell 2000 Growth Index
   
69.15
%
   
18.89
%
   
12.86
%
   
8.31
%
 
   
1 YEAR
   
5 YEARS
   
10 YEARS
   
Since 12/29/2010
 
Class Z (Inception 12/29/10)
   
65.40
%
   
27.72
%
   
14.51
%
   
15.47
%
Russell 2000 Growth Index
   
69.15
%
   
18.89
%
   
12.86
%
   
13.68
%

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.
 
*
Since inception performance is calculated since the inception of the Class A shares. Historical performance prior to July 31, 1997, inception of the class, is that of the Fund's Class A shares, reduced to reflect the current maximum sales charge and the higher operating expenses of Class C shares.

- 35 -

ALGER SMALL CAP FOCUS FUND
Fund Highlights Through April 30, 2021 (Unaudited)
 
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES

 

The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Small Cap Focus Fund Class A shares, with an initial 5.25% maximum sales charge, and the Russell 2000 Growth (an unmanaged index of common stocks) for the ten years ended April 30, 2021. 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.

- 36 -

ALGER SMALL CAP FOCUS FUND
Fund Highlights Through April 30, 2021 (Unaudited) (Continued)
 
PERFORMANCE COMPARISON AS OF 4/30/21
 
AVERAGE ANNUAL TOTAL RETURNS
 
   
1 YEAR
   
5 YEARS
   
10 YEARS
   
Since
3/3/2008
 
Class A (Inception 3/3/08)
   
44.80
%
   
26.06
%
   
14.69
%
   
13.13
%
Class C (Inception 3/3/08)
   
50.75
%
   
26.49
%
   
14.49
%
   
12.84
%
Class I (Inception 3/3/08)
   
52.89
%
   
27.44
%
   
15.45
%
   
13.76
%
Russell 2000 Growth Index
   
69.15
%
   
18.89
%
   
12.86
%
   
12.35
%
 
   
1 YEAR
   
5 YEARS
   
10 YEARS
   
Since 2/28/2017
 
Class Y (Inception 2/28/17)
   
53.37
%
   
n/a
     
n/a
     
27.18
%
Russell 2000 Growth Index
   
69.15
%
   
n/a
     
n/a
     
17.71
%
 
   
1 YEAR
   
5 YEARS
   
10 YEARS
   
Since 12/29/2010
 
Class Z (Inception 12/29/10)
   
53.32
%
   
27.84
%
   
15.76
%
   
16.69
%
Russell 2000 Growth Index
   
69.15
%
   
18.89
%
   
12.86
%
   
13.68
%
 
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.

- 37 -

ALGER INTERNATIONAL FOCUS FUND
Fund Highlights Through April 30, 2021 (Unaudited)
 
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES

 
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger International Focus Fund Class A shares, with a maximum sales charge of 5.25%, and MSCI AC World Index ex USA (an unmanaged index of common stocks) for the ten years ended April 30, 2021. Before March 28, 2018, the Fund followed different investment strategies and was managed by different portfolio managers. Prior to May 31, 2013, the Fund was named "Alger Large Cap Growth Fund," and from May 31, 2013 to August 15, 2018 the Fund was named "Alger International Growth Fund." Performance prior to March 28, 2018 reflects these prior management styles and does not reflect the Fund’s current investment strategies and investment personnel. Figures for the Alger International Focus Fund Class A shares and the index include reinvestment of dividends. Figures for the Alger International Focus Fund Class A shares also include reinvestment of capital gains. Performance for the Alger International Focus Fund Class B, Class C, Class I and Class Z shares will vary from the results shown above due to differences in expenses and sales charges those classes bear. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.

- 38 -

ALGER INTERNATIONAL FOCUS FUND
Fund Highlights Through April 30, 2021 (Unaudited) (Continued)
 
PERFORMANCE COMPARISON AS OF 4/30/21
 
AVERAGE ANNUAL TOTAL RETURNS
 
   
1 YEAR
   
5 YEARS
   
10 YEARS
   
Since
12/31/1996
 
Class A (Inception 12/31/96)
   
50.17
%
   
10.94
%
   
7.02
%
   
6.27
%
Class B (Inception 11/11/86)
   
53.79
%
   
11.49
%
   
7.00
%
   
6.25
%
Class C (Inception 7/31/97)*
   
56.24
%
   
11.24
%
   
6.73
%
   
6.10
%
MSCI AC World Index ex USA
   
43.56
%
   
10.34
%
   
5.22
%
   
6.06
%
 
   
1 YEAR
   
5 YEARS
   
10 YEARS
   
Since 5/31/2013
 
Class I (Inception 5/31/13)
   
58.64
%
   
12.36
%
   
n/a
     
8.61
%
MSCI AC World Index ex USA
   
43.56
%
   
10.34
%
   
n/a
     
6.89
%
 
   
1 YEAR
   
5 YEARS
   
10 YEARS
   
Since 12/29/2010
 
Class Z (Inception 12/29/10)
   
59.06
%
   
12.64
%
   
8.05
%
   
8.59
%
MSCI AC World Index ex USA
   
43.56
%
   
10.34
%
   
5.22
%
   
5.94
%
 
The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s average annual total returns include changes in share price and reinvestment of dividends and capital gains. Class A returns reflect the maximum initial sales charge and Class B and C returns reflect the applicable contingent deferred sales charge. The chart and table above do not reflect the deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares. Investment return and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost. Before March 28, 2018, the Fund followed different investment strategies and was managed by different portfolio managers. Prior to May 31, 2013, the Fund was named "Alger Large Cap Growth Fund," and from May 31, 2013 to August 15, 2018 the Fund was named "Alger International Growth Fund." Performance prior to March 28, 2018 reflects these prior management styles and does not reflect the Fund's current investment strategies and investment personnel. Current performance may be higher or lower than the performance quoted. For updated performance, visit us at www.alger.com or call us at (800) 992-3863.
 
*
Since inception performance is calculated since the inception of the Class A shares. Historical performance prior to July 31, 1997, inception of the class, is that of the Fund's Class A shares, reduced to reflect the current maximum sales charge and the higher operating expenses of Class C shares.

- 39 -

ALGER HEALTH SCIENCES FUND
Fund Highlights Through April 30, 2021 (Unaudited)
 
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES
 

The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Health Sciences Fund Class A shares, with a maximum sales charge of 5.25%, the Russell 3000 Healthcare Index and the S&P 500 Index (each an unmanaged index of common stocks) for the ten years ended April 30, 2021. 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.

- 40 -

ALGER HEALTH SCIENCES FUND
Fund Highlights Through April 30, 2021 (Unaudited) (Continued)
 
PERFORMANCE COMPARISON AS OF 4/30/21
 
AVERAGE ANNUAL TOTAL RETURNS
 
   
1 YEAR
   
5 YEARS
   
10 YEARS
   
Since
5/1/2002
 
Class A (Inception 5/1/02)
   
29.41
%
   
20.95
%
   
14.63
%
   
13.02
%
Class C (Inception 5/1/02)
   
34.46
%
   
21.32
%
   
14.36
%
   
12.80
%
Russell 3000 Healthcare Index
   
28.07
%
   
15.26
%
   
15.88
%
   
10.27
%
S&P 500 Index
   
45.98
%
   
17.42
%
   
14.17
%
   
9.53
%
 
   
1 YEAR
   
5 YEARS
   
10 YEARS
   
Since 5/28/2015
 
Class Z (Inception 5/28/15)
   
36.97
%
   
22.71
%
   
n/a
     
13.42
%
Russell 3000 Healthcare Index
   
28.07
%
   
15.26
%
   
n/a
     
11.18
%
S&P 500 Index
   
45.98
%
   
17.42
%
   
n/a
     
14.37
%
 
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.

- 41 -

PORTFOLIO SUMMARY†
April 30, 2021 (Unaudited)
 
 
SECTORS
 
Alger Capital
Appreciation Fund
   
Alger 25 Fund
   
Alger 35 Fund
   
Alger Growth &
Income Fund
 
Communication Services
   
13.6
%
   
13.9
%
   
14.6
%
   
13.2
%
Consumer Discretionary
   
21.7
     
17.8
     
16.6
     
7.8
 
Consumer Staples
   
1.2
     
1.6
     
3.6
     
6.8
 
Energy
   
0.0
     
0.0
     
0.0
     
3.2
 
Financials
   
3.7
     
4.2
     
2.7
     
15.0
 
Healthcare
   
7.8
     
10.8
     
13.4
     
12.9
 
Industrials
   
5.2
     
4.2
     
5.7
     
6.3
 
Information Technology
   
45.4
     
46.2
     
41.4
     
25.6
 
Materials
   
1.2
     
0.0
     
0.0
     
1.8
 
Real Estate
   
0.2
     
0.0
     
1.9
     
4.4
 
Utilities
   
0.0
     
0.0
     
0.0
     
1.2
 
Short-Term Investments and Net Other Assets
   
0.0
     
1.3
     
0.1
     
1.8
 
     
100.0
%
   
100.0
%
   
100.0
%
   
100.0
%

 
 
SECTORS
 
Alger Mid Cap Growth
Fund
   
Alger Mid Cap Focus
Fund
   
Alger Weatherbie
Specialized Growth
Fund
   
Alger Small Cap
Growth Fund
 
Communication Services
   
8.1
%
   
3.5
%
   
0.0
%
   
6.7
%
Consumer Discretionary
   
19.3
     
18.2
     
13.7
     
14.8
 
Consumer Staples
   
1.3
     
3.1
     
0.0
     
2.8
 
Energy
   
0.0
     
1.9
     
2.4
     
1.0
 
Financials
   
2.2
     
4.4
     
18.9
     
1.8
 
Healthcare
   
22.1
     
16.6
     
30.5
     
35.8
 
Industrials
   
11.1
     
17.6
     
8.0
     
4.5
 
Information Technology
   
31.7
     
30.0
     
18.7
     
25.7
 
Materials
   
0.0
     
1.3
     
0.0
     
2.0
 
Real Estate
   
3.3
     
1.3
     
5.8
     
1.2
 
Short-Term Investments and Net Other Assets
   
0.9
     
2.1
     
2.0
     
3.7
 
     
100.0
%
   
100.0
%
   
100.0
%
   
100.0
%

 
SECTORS
 
Alger Small Cap
Focus Fund
   
Alger Health Sciences
Fund
 
Communication Services
   
1.8
%
   
0.0
%
Consumer Discretionary
   
9.0
     
0.0
 
Consumer Staples
   
1.4
     
0.0
 
Energy
   
0.9
     
0.0
 
Financials
   
0.8
     
0.0
 
Healthcare
   
49.4
     
97.6
 
Industrials
   
6.8
     
0.0
 
Information Technology
   
24.5
     
1.0
 
Short-Term Investments and Net Other Assets
   
5.4
     
1.4
 
     
100.0
%
   
100.0
%

- 42 -

PORTFOLIO SUMMARY†
April 30, 2021 (Unaudited) (Continued)
 
 
COUNTRY
 
Alger International
Focus Fund
 
Australia
   
5.3
%
Belgium
   
1.3
 
China
 

10.1
 
France
   
12.8
 
Germany
   
4.4
 
Hong Kong
   
6.3
 
Hungary
   
2.2
 
India
   
4.6
 
Ireland
   
2.2
 
Italy
   
8.0
 
Japan
   
11.4
 
Netherlands
   
8.5
 
Norway
   
1.6
 
South Korea
   
4.3
 
Spain
   
1.7
 
Sweden
   
2.8
 
Switzerland
   
5.9
 
Taiwan
   
2.8
 
United Kingdom
   
2.4
 
Cash and Net Other Assets
   
1.4
 

   
100.0
%

Based on net assets for each Fund.

- 43 -

THE ALGER FUNDS

ALGER CAPITAL APPRECIATION FUND
Schedule of Investments April 30, 2021 (Unaudited)


COMMON STOCKS—99.7%
 
SHARES
   
VALUE
 
AEROSPACE & DEFENSE—1.4%
           
Raytheon Technologies Corp.
   
122,148
   
$
10,167,599
 
TransDigm Group, Inc.*
   
57,220
     
35,118,203
 
             
45,285,802
 
AIR FREIGHT & LOGISTICS—0.6%
               
XPO Logistics, Inc.*
   
127,667
     
17,761,033
 
APPAREL ACCESSORIES & LUXURY GOODS—1.4%
               
Capri Holdings Ltd.*
   
172,627
     
9,508,295
 
LVMH Moet Hennessy Louis Vuitton SE
   
46,687
     
35,174,600
 
             
44,682,895
 
APPAREL RETAIL—0.7%
               
The TJX Cos., Inc.
   
313,949
     
22,290,379
 
APPLICATION SOFTWARE—8.5%
               
Adobe, Inc.*
   
222,144
     
112,924,681
 
Autodesk, Inc.*
   
28,721
     
8,383,947
 
Cadence Design Systems, Inc.*
   
106,998
     
14,099,127
 
Five9, Inc.*
   
73,795
     
13,871,246
 
Intuit, Inc.
   
96,706
     
39,858,345
 
RingCentral, Inc., Cl. A*
   
75,545
     
24,095,078
 
salesforce.com, Inc.*
   
250,720
     
57,745,830
 
             
270,978,254
 
AUTOMOBILE MANUFACTURERS—1.8%
               
General Motors Co.*
   
143,253
     
8,196,937
 
Tesla, Inc.*
   
69,648
     
49,411,077
 
             
57,608,014
 
AUTOMOTIVE RETAIL—1.1%
               
Carvana Co., Cl. A*
   
57,033
     
16,269,233
 
Lithia Motors, Inc., Cl. A
   
45,549
     
17,508,125
 
             
33,777,358
 
BIOTECHNOLOGY—0.2%
               
Vertex Pharmaceuticals, Inc.*
   
32,439
     
7,078,190
 
BROADCASTING—0.6%
               
Discovery, Inc., Cl. A*
   
462,112
     
17,403,138
 
CASINOS & GAMING—2.2%
               
DraftKings, Inc., Cl. A*
   
384,352
     
21,777,384
 
Flutter Entertainment PLC*
   
41,004
     
8,359,778
 
Las Vegas Sands Corp.*
   
121,409
     
7,437,515
 
MGM Resorts International
   
815,574
     
33,210,173
 
             
70,784,850
 
DATA PROCESSING & OUTSOURCED SERVICES—10.0%
 
Fiserv, Inc.*
   
379,562
     
45,592,987
 
PayPal Holdings, Inc.*
   
362,764
     
95,149,370
 
Square, Inc., Cl. A*
   
98,785
     
24,184,544
 
Visa, Inc., Cl. A
   
652,982
     
152,510,476
 
             
317,437,377
 
DIVERSIFIED BANKS—0.4%
               
Bank of America Corp.
   
157,869
     
6,398,431
 
JPMorgan Chase & Co.
   
31,952
     
4,914,537
 
             
11,312,968
 

- 44 -

THE ALGER FUNDS

ALGER CAPITAL APPRECIATION FUND
Schedule of Investments April 30, 2021 (Unaudited) (Continued)


COMMON STOCKS—99.7% (CONT.)
 
SHARES
   
VALUE
 
DIVERSIFIED SUPPORT SERVICES—0.5%
           
Cintas Corp.
   
47,330
   
$
16,335,476
 
ELECTRICAL COMPONENTS & EQUIPMENT—0.8%
               
AMETEK, Inc.
   
98,535
     
13,295,327
 
Eaton Corp. PLC
   
94,005
     
13,436,135
 
             
26,731,462
 
FINANCIAL EXCHANGES & DATA—1.8%
               
CME Group, Inc., Cl. A
   
105,506
     
21,311,157
 
Coinbase Global, Inc., Cl. A*
   
24,459
     
7,279,976
 
S&P Global, Inc.
   
70,243
     
27,422,165
 
             
56,013,298
 
FOOD DISTRIBUTORS—1.0%
               
Sysco Corp.
   
389,312
     
32,986,406
 
FOOTWEAR—0.7%
               
NIKE, Inc., Cl. B
   
157,783
     
20,925,181
 
GENERAL MERCHANDISE STORES—0.2%
               
Target Corp.
   
27,735
     
5,748,356
 
HEALTHCARE EQUIPMENT—5.0%
               
Danaher Corp.
   
303,934
     
77,181,000
 
Dexcom, Inc.*
   
18,256
     
7,048,642
 
Intuitive Surgical, Inc.*
   
43,356
     
37,502,940
 
Medtronic PLC
   
273,356
     
35,787,767
 
             
157,520,349
 
HEALTHCARE SERVICES—0.5%
               
Guardant Health, Inc.*
   
100,672
     
16,004,835
 
HEALTHCARE SUPPLIES—0.7%
               
Align Technology, Inc.*
   
36,793
     
21,911,335
 
HOME IMPROVEMENT RETAIL—0.8%
               
Lowe's Cos., Inc.
   
133,587
     
26,216,449
 
HOTELS RESORTS & CRUISE LINES—1.4%
               
Booking Holdings, Inc.*
   
8,727
     
21,521,480
 
Expedia Group, Inc.*
   
120,658
     
21,263,560
 
             
42,785,040
 
INDUSTRIAL GASES—0.4%
               
Air Products & Chemicals, Inc.
   
44,210
     
12,753,701
 
INTERACTIVE MEDIA & SERVICES—10.4%
               
Alphabet, Inc., Cl. C*
   
68,960
     
166,201,875
 
Facebook, Inc., Cl. A*
   
329,911
     
107,247,468
 
Pinterest, Inc., Cl. A*
   
560,950
     
37,230,252
 
Snap, Inc., Cl. A*
   
331,909
     
20,518,614
 
             
331,198,209
 
INTERNET & DIRECT MARKETING RETAIL—9.3%
               
Alibaba Group Holding Ltd.#,*
   
22,018
     
5,085,057
 
Altaba, Inc.*,@,(a)
   
259,825
     
3,094,516
 
Amazon.com, Inc.*
   
77,445
     
268,534,342
 
MercadoLibre, Inc.*
   
12,490
     
19,621,540
 
             
296,335,455
 
INTERNET SERVICES & INFRASTRUCTURE—2.3%
               
Shopify, Inc., Cl. A*
   
21,648
     
25,598,976
 

- 45 -

THE ALGER FUNDS

ALGER CAPITAL APPRECIATION FUND
Schedule of Investments April 30, 2021 (Unaudited) (Continued)


COMMON STOCKS—99.7% (CONT.)
 
SHARES
   
VALUE
 
INTERNET SERVICES & INFRASTRUCTURE—2.3% (CONT.)
 
Snowflake, Inc., Cl. A*
   
69,683
   
$
16,137,886
 
Twilio, Inc., Cl. A*
   
85,375
     
31,400,925
 
             
73,137,787
 
INVESTMENT BANKING & BROKERAGE—0.7%
               
Morgan Stanley
   
264,782
     
21,857,754
 
MANAGED HEALTHCARE—0.6%
               
UnitedHealth Group, Inc.
   
48,482
     
19,334,622
 
MOVIES & ENTERTAINMENT—1.4%
               
Live Nation Entertainment, Inc.*
   
180,681
     
14,794,160
 
Netflix, Inc.*
   
23,795
     
12,218,019
 
Roku, Inc., Cl. A*
   
30,239
     
10,371,070
 
The Walt Disney Co.*
   
37,554
     
6,985,795
 
             
44,369,044
 
PERSONAL PRODUCTS—0.2%
               
The Estee Lauder Cos., Inc., Cl. A
   
20,266
     
6,359,471
 
PHARMACEUTICALS—0.8%
               
Horizon Therapeutics PLC*
   
107,435
     
10,165,500
 
Zoetis, Inc., Cl. A
   
93,289
     
16,141,795
 
             
26,307,295
 
RAILROADS—0.9%
               
Union Pacific Corp.
   
126,793
     
28,159,457
 
REGIONAL BANKS—0.8%
               
Signature Bank
   
98,334
     
24,731,984
 
RESEARCH & CONSULTING SERVICES—0.4%
               
CoStar Group, Inc.*
   
16,130
     
13,781,956
 
RESTAURANTS—2.1%
               
Chipotle Mexican Grill, Inc., Cl. A*
   
22,536
     
33,624,388
 
Starbucks Corp.
   
278,677
     
31,905,730
 
             
65,530,118
 
SEMICONDUCTOR EQUIPMENT—2.3%
               
Applied Materials, Inc.
   
115,081
     
15,272,400
 
Enphase Energy, Inc.*
   
85,202
     
11,864,378
 
Lam Research Corp.
   
74,323
     
46,113,705
 
             
73,250,483
 
SEMICONDUCTORS—7.1%
               
Advanced Micro Devices, Inc.*
   
181,715
     
14,831,578
 
Microchip Technology, Inc.
   
79,092
     
11,886,737
 
Micron Technology, Inc.*
   
361,400
     
31,105,698
 
NVIDIA Corp.
   
86,836
     
52,134,598
 
NXP Semiconductors NV
   
180,917
     
34,828,332
 
QUALCOMM, Inc.
   
265,500
     
36,851,400
 
Taiwan Semiconductor Manufacturing Co., Ltd.#
   
369,175
     
43,097,489
 
             
224,735,832
 
SPECIALTY CHEMICALS—0.8%
               
The Sherwin-Williams Co.
   
87,699
     
24,018,125
 
SYSTEMS SOFTWARE—10.1%
               
Crowdstrike Holdings, Inc., Cl. A*
   
78,748
     
16,419,745
 
Microsoft Corp.
   
1,143,137
     
288,276,289
 

- 46 -

THE ALGER FUNDS

ALGER CAPITAL APPRECIATION FUND
Schedule of Investments April 30, 2021 (Unaudited) (Continued)


COMMON STOCKS—99.7% (CONT.)
 
SHARES
   
VALUE
 
SYSTEMS SOFTWARE—10.1% (CONT.)
           
ServiceNow, Inc.*
   
29,307
   
$
14,840,186
 
             
319,536,220
 
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.0%
 
Apple, Inc.
   
1,216,659
     
159,941,992
 
TRUCKING—0.6%
               
Uber Technologies, Inc.*
   
327,180
     
17,919,649
 
WIRELESS TELECOMMUNICATION SERVICES—1.2%
               
T-Mobile US, Inc.*
   
286,440
     
37,847,317
 
TOTAL COMMON STOCKS
               
(Cost $1,631,729,567)
           
3,160,684,916
 
REAL ESTATE INVESTMENT TRUST—0.2%
 
SHARES
   
VALUE
 
RETAIL—0.2%
               
Simon Property Group, Inc.
   
57,970
     
7,057,268
 
(Cost $5,217,588)
           
7,057,268
 
SPECIAL PURPOSE VEHICLE—0.1%
 
SHARES
   
VALUE
 
DATA PROCESSING & OUTSOURCED SERVICES—0.1%
               
Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b)
   
111
     
2,775,000
 
(Cost $2,775,000)
           
2,775,000
 
Total Investments
               
(Cost $1,639,722,155)
   
100.0
%
 
$
3,170,517,184
 
Affiliated Securities (Cost $2,775,000)
           
2,775,000
 
Unaffiliated Securities (Cost $1,636,947,155)
           
3,167,742,184
 
Liabilities in Excess of Other Assets
   
0.0
%
   
(215,619
)
NET ASSETS
   
100.0
%
 
$
3,170,301,565
 
 
#
American Depositary Receipts.
(a)
Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board.
(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
4/30/2021
 
Altaba, Inc.
10/24/18
 
$
805,470
     
0.03
%
 
$
545,692
     
0.02
%
Altaba, Inc.
10/25/18
   
1,188,343
     
0.04
%
   
801,269
     
0.02
%
Altaba, Inc.
10/29/18
   
1,156,773
     
0.04
%
   
812,191
     
0.02
%
Altaba, Inc.
10/30/18
   
751,641
     
0.03
%
   
537,677
     
0.02
%
Altaba, Inc.
10/31/18
   
271,272
     
0.01
%
   
184,724
     
0.01
%
Altaba, Inc.
11/6/18
   
321,297
     
0.01
%
   
212,963
     
0.01
%
Crosslink Ventures Capital LLC, Cl. A
10/2/20
   
2,775,000
     
0.08
%
   
2,775,000
     
0.09
%
Total
                   
$
5,869,516
     
0.19
%

See Notes to Financial Statements.

- 47 -

THE ALGER FUNDS

ALGER 25 FUND
Schedule of Investments April 30, 2021 (Unaudited)


COMMON STOCKS—98.7%
 
SHARES
   
VALUE
 
AEROSPACE & DEFENSE—4.2%
           
HEICO Corp.
   
8,135
   
$
1,145,408
 
APPLICATION SOFTWARE—4.9%
               
Adobe, Inc.*
   
2,609
     
1,326,259
 
AUTOMOBILE MANUFACTURERS—2.9%
               
Tesla, Inc.*
   
1,115
     
791,026
 
CASINOS & GAMING—2.3%
               
DraftKings, Inc., Cl. A*
   
10,807
     
612,325
 
DATA PROCESSING & OUTSOURCED SERVICES—11.3%
               
PayPal Holdings, Inc.*
   
5,154
     
1,351,842
 
Visa, Inc., Cl. A
   
7,203
     
1,682,333
 
             
3,034,175
 
FINANCIAL EXCHANGES & DATA—4.2%
               
S&P Global, Inc.
   
2,895
     
1,130,179
 
FOOD DISTRIBUTORS—1.6%
               
US Foods Holding Corp.*
   
10,476
     
434,335
 
HEALTHCARE EQUIPMENT—7.5%
               
Dexcom, Inc.*
   
2,093
     
808,107
 
Intuitive Surgical, Inc.*
   
1,394
     
1,205,810
 
             
2,013,917
 
INTERACTIVE MEDIA & SERVICES—13.9%
               
Alphabet, Inc., Cl. C*
   
887
     
2,137,776
 
Genius Sports Ltd.*
   
37,085
     
782,494
 
Pinterest, Inc., Cl. A*
   
12,493
     
829,160
 
             
3,749,430
 
INTERNET & DIRECT MARKETING RETAIL—10.7%
               
Amazon.com, Inc.*
   
757
     
2,624,837
 
MercadoLibre, Inc.*
   
170
     
267,066
 
             
2,891,903
 
MANAGED HEALTHCARE—3.3%
               
UnitedHealth Group, Inc.
   
2,251
     
897,699
 
RESTAURANTS—1.9%
               
Shake Shack, Inc., Cl. A*
   
4,640
     
504,600
 
SEMICONDUCTOR EQUIPMENT—4.6%
               
Applied Materials, Inc.
   
9,294
     
1,233,407
 
SEMICONDUCTORS—7.9%
               
NVIDIA Corp.
   
1,855
     
1,113,705
 
Taiwan Semiconductor Manufacturing Co., Ltd.#
   
8,647
     
1,009,451
 
             
2,123,156
 
SYSTEMS SOFTWARE—10.2%
               
Crowdstrike Holdings, Inc., Cl. A*
   
1,259
     
262,514
 
Microsoft Corp.
   
9,882
     
2,492,043
 
             
2,754,557
 
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.3%
 
Apple, Inc.
   
15,026
     
1,975,318
 
TOTAL COMMON STOCKS
               
(Cost $17,519,227)
           
26,617,694
 

- 48 -

THE ALGER FUNDS

ALGER 25 FUND
Schedule of Investments April 30, 2021 (Unaudited) (Continued)


     
VALUE
 
Total Investments
(Cost $17,519,227)
   
98.7
%
 
$
26,617,694
 
Unaffiliated Securities (Cost $17,519,227)
           
26,617,694
 
Other Assets in Excess of Liabilities
   
1.3
%
   
361,255
 
NET ASSETS
   
100.0
%
 
$
26,978,949
 

*
Non-income producing security.

#
American Depositary Receipts.

See Notes to Financial Statements.

- 49 -

THE ALGER FUNDS

ALGER 35 FUND
Schedule of Investments April 30, 2021 (Unaudited)


COMMON STOCKS—98.0%
 
SHARES
   
VALUE
 
AEROSPACE & DEFENSE—3.7%
           
HEICO Corp.
   
5,180
   
$
729,344
 
APPLICATION SOFTWARE—5.8%
               
Adobe, Inc.*
   
1,562
     
794,027
 
Datadog, Inc., Cl. A*
   
4,076
     
349,599
 
             
1,143,626
 
AUTOMOBILE MANUFACTURERS—2.5%
               
Tesla, Inc.*
   
690
     
489,514
 
CASINOS & GAMING—1.9%
               
DraftKings, Inc., Cl. A*
   
6,798
     
385,175
 
DATA PROCESSING & OUTSOURCED SERVICES—11.0%
 
PayPal Holdings, Inc.*
   
2,936
     
770,083
 
Square, Inc., Cl. A*
   
2,852
     
698,227
 
Visa, Inc., Cl. A
   
2,988
     
697,877
 
             
2,166,187
 
FINANCIAL EXCHANGES & DATA—1.0%
               
S&P Global, Inc.
   
524
     
204,564
 
FOOD DISTRIBUTORS—3.6%
               
US Foods Holding Corp.*
   
17,044
     
706,644
 
HEALTHCARE EQUIPMENT—7.5%
               
Dexcom, Inc.*
   
935
     
361,003
 
Intuitive Surgical, Inc.*
   
1,293
     
1,118,445
 
             
1,479,448
 
HEALTHCARE TECHNOLOGY—2.3%
               
Veeva Systems, Inc., Cl. A*
   
1,645
     
464,630
 
INTERACTIVE MEDIA & SERVICES—13.7%
               
Alphabet, Inc., Cl. C*
   
488
     
1,176,139
 
Genius Sports Ltd.*
   
39,642
     
836,446
 
Pinterest, Inc., Cl. A*
   
5,264
     
349,372
 
TripAdvisor, Inc.*
   
7,472
     
352,155
 
             
2,714,112
 
INTERNET & DIRECT MARKETING RETAIL—10.8%
 
Amazon.com, Inc.*
   
507
     
1,757,982
 
MercadoLibre, Inc.*
   
237
     
372,322
 
             
2,130,304
 
INTERNET SERVICES & INFRASTRUCTURE—3.8%
 
BigCommerce Holdings, Inc.*
   
3,464
     
207,632
 
Shopify, Inc., Cl. A*
   
454
     
536,860
 
             
744,492
 
LIFE SCIENCES TOOLS & SERVICES—2.1%