# Alger SICAV – Alger Emerging Markets Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness such as COVID-19 or other public health issues, recessions, or other events could have a significant impact on investments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Foreign securities, frontier markets, and emerging markets involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Investing in companies of small capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. 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 Fund’s prospectus.
Definitions:
- Earnings per share (EPS) is calculated as a company’s profit divided by the outstanding shares of its common stock.
- The price-to-book ratio is the ratio of a company’s market price to its book value.
- Price-to-earnings is the ratio for valuing a company that measures its current share price relative to its earnings per share (EPS).
- Free cash flow is the cash a company generates after taking into consideration cash outflows that support its operations and maintain its capital assets.
- EBITDA (earnings before interest, taxes, depreciation, and amortization) is a commonly used accounting measure of a company's overall financial performance. COGS (cost of goods sold) is generally defined as the direct costs attributable to the production of the goods sold by a company.
- FactSet provides software and market data to financial professionals. FactSet is an independent source, which Alger believes to be a reliable source. Alger, however, makes no representation that it is complete or accurate.
- Beta measures a portfolio’s sensitivity to market movements relative to a particular index; a portfolio with a beta of 1.00 would be expected to have returns equal to such index.
- The S&P 1500 Index is an unmanaged index that covers approximately 90% of the U.S. market capitalization.
- The S&P 1500 Growth Index measure the performance of growth equities as defined by sales growth, the ratio of earnings change to price, and momentum.
- The Russell 2000 Index is a small cap stock market index of the bottom 2,000 stocks in the Russell 3000 Index.
- The S&P 500 tracks the performance of 500 large companies listed on stock exchanges in the U.S.
- The Russell 1000 Growth Index is an unmanaged index designed to measure the performance of the largest 1000 companies in the Russell 3000 Index with higher price to book ratios and higher forecasted growth values.
- 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 1000 Value Index measures the performance of those Russell 1000 companies with lower price to book ratios and lower forecasted growth values.
- The S&P SmallCap 600 Growth Index measures growth stocks using three factors: sales growth, the ratio of earnings change to price, and momentum. Constituents are drawn from the S&P 600.
- S&P Select Industry Indices are designed to measure the performance of narrow GICS® sub-industries. The S&P Biotechnology Select Industry Index comprises stocks in the S&P Total Market Index that are classified in the GICS biotechnology sub-industry.
- The Russell 3000 Growth Index combines the large-cap Russell 1000 Growth, the small- cap Russell 2000 Growth and the Russell Microcap Growth Index. It includes companies that are considered more growth oriented relative to the overall market as defined by Russell's leading style methodology. The Russell 3000 Growth Index is constructed to provide a comprehensive, unbiased, and stable barometer of the growth opportunities within the broad market.
- The Russell 3000 Value Index measures the performance of the broad value segment of the U.S. equity value universe. It includes those Russell 3000 companies with lowerprice-to-book ratios and lower forecasted growth values. The Russell 3000 Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market.
- The 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 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 MSCI ACWI ex USA Index (gross) performance does not reflect deductions for fees or expenses.
- Russell 2500 Growth Index: An unmanaged index designed to measure the performance of the 2,500 smallest companies in the Russell 3000 Index with higher price-to-book ratios and higher forecasted growth values.
- 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. Russell Midcap Growth Index performance does not reflect deductions for fees or expenses.

Performance Comparison (Unaudited)
	2019	2020	2021
| ALGER SICAV - ALGER AMERICAN ASSET GROWTH FUND |  |
| --- | --- |
| Class A EU Shares | 34.74% | 28.64% | 26.05% |
| Class A EUH Shares | 27.85% | 37.38% | 16.61% |
| Class A US Shares | 31.90% | 40.12% | 17.47% |
| Class G Shares *** | -% | 12.78% | 20.30% |
| Class I EU Shares | 36.07% | 29.93% | 27.25% |
| Class I EUH Shares | 29.21% | 39.15% | 17.75% |
| Class I US Shares | 33.23% | 41.48% | 18.59% |
| Class I-2EU Shares | 36.46% | 30.32% | 27.58% |
| Class I-2US Shares | 33.59% | 41.94% | 18.88% |
| Class I-3US Shares | 33.14% | 41.43% | 18.54% |
| S&P 500 Index | 31.49% | 18.40% | 28.71% |
| S&P 500 Index (EUR) | 33.91% | 8.62% | 38.48% |
| Russell 1000 Growth Index | 36.39% | 38.49% | 27.60% |
| Russell 1000 Growth (EUR) | 38.90% | 27.06% | 37.29% |
| ALGER SICAV - ALGER DYNAMIC OPPORTUNITIES FUND |  |  |  |
| Class A EU Shares | 12.99% | 33.78% | 9.98% |
| Class A EUH Shares **** | -% | -% | -3.37% |
| Class A US Shares | 10.69% | 45.68% | 2.53% |
| Class G Shares *** | -% | 9.90% | 4.55% |
| Class I EUH Shares **** | -% | -% | -2.29% |
| Class I-3EU Shares | 14.74% | 35.58% | 11,00% |
| Class I-3US Shares | 12.32% | 47.66% | 3.47% |
| S&P 500 Index | 31.49% | 18.40% | 28.71% |
| S&P 500 Index (EUR) | 33.91% | 8.62% | 38.48% |
| HFRI Equity Hedge (Total) Index | -% | 17.49% | 11.96% |
| HFRI Equity Hedge (Total) Index - EUR | -% | 15.09% | 10.91% |
| ALGER SICAV - ALGER EMERGING MARKETS FUND |  |  |  |
| Class A EU Shares | 21.89% | 24.58% | 2.04% |
| Class A US Shares | 19.34% | 35.61% | -4.89% |
| Class G Shares *** | -% | 22.70% | -2.04% |
| Class I EU Shares | 23.76% | 26.57% | 3.83% |
| Class I US Shares | 21.13% | 37.81% | -3.21% |
| Class I-3US Shares | 21.10% | 37.72% | -3.26% |
| MSCI Emerging Markets Index | 18.88% | 18.69% | -2.22% |
| MSCI Emerging Markets Index (EUR) | 21.07% | 8.89% | 5.20% |
| ALGER SICAV - ALGER SMALL CAP FOCUS FUND |  |  |  |
| Class A EUH Shares | 22.16% | 47.69% | -15.35% |
| Class A US Shares | 25.80% | 49.53% | -14.25% |
| Class I EUH Shares | 23.61% | 49.25% | -14.55% |
| Class I US Shares | 27.09% | 50.94% | -13.47% |
| Class I-3EUH Shares | 23.50% | 49.14% | -14.70% |
| Class I-3US Shares | 27.03% | 50.87% | -13.51% |
| Class I-5US Shares | 27.34% | 51.21% | -13.36% |
| Russell 2000 Growth Index | 28.48% | 34.63% | 2.83% |
| ALGER SICAV - ALGER WEATHERBIE SPECIALIZED GROWTH FUND |  |  |  |
| Class G Shares *** | -% | 23.00% | 6.91% |
| Class I-3EU Shares * | 9.00% | 44.04% | 13.31% |
| Class I-3EUH Shares * | 5.60% | 53.60% | 4.38% |
| Class I-3US Shares * | 8.00% | 56.94% | 5.55% |
| Russell 2500 Growth Index ** | 11.59% | 40.47% | 5.04% |
| Russell 2500 Growth Index Total Return (EUR) ** | 12.60% | 28.87% | 13.02% |

Performance Comparison (Unaudited) (continued)
	2019	2020	2021
| ALGER SICAV - ALGER FOCUS EQUITY FUND |  |
| --- | --- |
| Class I-3EU Shares * | 17.70% | 33.05% | 28.35% |
| Class I-3EUH Shares * | 14.10% | 41.98% | 18.95% |
| Class I-3US Shares * | 16.60% | 44.94% | 19.59% |
| Russell 1000 Growth Index ** | 18.84% | 38.49% | 27.60% |
| Russell 1000 Growth (EUR) ** | 19.91% | 27.06% | 37.29% |
| ALGER SICAV - ALGER MID CAP FOCUS FUND |  |  |  |
| Class A EUH Shares ***** | -% | -% | -3.30% |
| Class A US Shares ***** | -% | -% | -2.50% |
| Class I-5EUH Shares ***** | -% | -% | -2.50% |
| Class I-5US Shares ***** | -% | -% | -1.90% |
| Russell Midcap Growth Index ****** | -% | -% | 12.73% |
| *Commenced operations 15 March 2019. **Since 15 March 2019. ***Commenced operations 1 July 2020. ****Commenced operations 20 January 2021. *****Commenced operations 18 August 2021. ******Since 18 August 2021. |  |  |  |

The calculation of the Fund’s performance complies with the “Guidelines on the calculation and publication of performance data of collective investment schemes”, which were published by the Swiss Funds & Asset Management Association (“SFAMA”) as updated on 1 July 2013.
The performance figures given are a measure of the change in Net Asset Value per Share (NAV) of each Sub-Fund and do not take into account taxes, commissions and cost incurred on the issue and redemption of shares. These performance figures are, therefore, not a measure of return to investors. Performance figures assume reinvestment of distributions paid during the period, if any. All fees and expenses related to the operations of each portfolio have been deducted. Past performance is not an indication of current or future performance.
All recurring expenses will be charged first against income, then against capital gains, if any, and then against assets. These expenses will include the remuneration of the Portfolio Manager and the Management Company, the remuneration and the reimbursement of the expenses of the Administrative Agent, Registrar and Transfer Agent, the Depositary and any other paying agents, expenses for legal, auditing and other professional services, the costs of printing proxies, shareholder reports and prospectuses and other reasonable promotional and marketing expenses, expenses incurred in processing issuances and redemptions of Shares and payments of dividends, if any, taxes, registration fees and other expenses due or incurred in connection with the authorization by and reporting to supervisory authorities in various jurisdictions, the cost of translating the Prospectus and other documents which may be required in various jurisdictions where the Fund is registered, the fees and out-of-pocket expenses of Directors, insurance, listing and brokerage costs, and taxes and costs relating to the transfer and deposit of the Fund’s assets. The Fund may also pay certain financial intermediaries for administrative and shareholder services necessary for the operation of the Fund.
Remuneration (Unaudited)
- PreambleIn accordance with the provisions of Directive 2011/61/EU and 2009/65/CE of the European Parliament and of the Council of 8 June 2011 on alternative investment fund managers (hereinafter referred to as the "AIFM Directive") and on the undertakings for collective investment in transferable securities (hereinafter referred to as the "UCITS V Directive"), the Management Company undertakes to establish, implement and maintain remuneration policies, procedures and practices enabling the promotion of a sound and efficient risk management, which constitutes one of the pillars of its strategy.

The remuneration policy (hereinafter referred to as the "Policy") takes into account the general organizational and operational requirements of the Management Company, as well as the nature, scope and complexity of its activities.
The Policy promotes a sound and efficient risk management and does not encourage risk taking which would be incompatible with the risk profiles, regulations and instruments of incorporation of the Alternative Investment Funds or Undertakings for Collective Investments in Transferable Securities managed by the Management Company. It is also determined in such a way as to avoid any conflicts of interests and to prevent risk taking which is excessive or incompatible with the interests of the clients of the Management Company.
- Governance of remunerationThe Policy is defined and adopted by the general management of the Management Company, in the performance of its supervisory functions, on the advice of the remuneration committee of the La Française Group (hereinafter referred to as the "Remuneration Committee").

The Remuneration Committee was set up by the La Française Group to demonstrate competence and independence in its assessment of the Policy, the remuneration practices and the incentives created for risk management.
The Remuneration Committee is structured around internal regulations and respects the principles detailed in the AIFM or UCITS V Directive. This latter provides a framework for its composition and its roles, assignments, responsibilities and methods of operation.
The directors of the Management Company, the Internal Auditing and Compliance and Financial Risk Monitoring Department of the La Française Group are also involved in the review process of variable remuneration within the company and more specifically for staff known as "identified" (hereinafter referred to as "Identified Staff").
The Identified Staff include personnel from the Management Company, including members of the general management of the company, "risk takers" and persons carrying out supervisory roles, as well as all staff who, in view of their overall remuneration, fall within the same remuneration bracket as the general management of the management company and the "risk takers", and whose professional activities have a substantial impact on the risk profile of the Management Company or the risk profiles of the AIFs or UCITS that they manage.
- Principles relating to the determination and the payment of remuneration for all staffFor the purposes of the Policy, the remuneration applicable to all the staff of the Management Company is made up of at least one fixed portion which remunerates the capacity of the staff member to perform their role in a satisfactory manner.

For some members of the Management Company staff, however, these portions of remuneration may be supplemented with a variable portion which is intended to recognize the individual performance of the relevant staff member, their contributions and their behavior, the performance of the operational unit to which they belong and the overall results of the Management Company.
In this latter case, a suitable balance will be established between the fixed and variable portions of the overall remuneration for the member of staff. In any event, the fixed portion of the remuneration shall represent a sufficiently high proportion of the overall remuneration so that a fully flexible policy can be applied to the variable portion of the remuneration, including the possibility of not paying out any variable portion.
Remuneration (Unaudited) (continued)
- Principles relating to the determination and the payment of remuneration for Identified StaffAll staff members of the Management Company are included in the remuneration process detailed in the above paragraph. That being said, it is hereby stated that, in accordance with the provisions of the AIFM and UCITS V Directive, the Management Company, in its capacity as AIF or UCITS manager, has introduced a specific measure for the variable portion of the remuneration for Identified Staff.

For Identified Staff, the measure applicable to the variable portion of their remuneration is as follows:
- at least 50% of the variable portion of the remuneration is deferred to the point where the set threshold for maximum payment in cash is exceeded or represents a percentage above that defined in relation to the set remuneration;
- the deferred payment of the variable portion of the remuneration is set to a minimum of three years;
- the deferred portion of the variable portion of the remuneration shall only be definitively acquired by the staff member on the date of their effective payment and may not be received by the staff member prior to said payment; and
- a specific measure based on criteria specific to their position is applied for Identified Staff responsible for risk management and compliance functions.

Please note, however, that the measure as detailed above shall not be applicable if the overall amount of this variable remuneration for the relevant staff member falls below the minimum threshold set annually by the La Française Group Remuneration Committee.
- Amendments to the PolicyThe Remuneration Committee shall re-examine and rule on the various elements of the Policy each year.

The synthetized remuneration policy of La Française Group has not changed. The detailed remuneration policy has changed as a new threshold of Euro 200,000 has replaced the previous deferred remuneration threshold of Euro 100,000.
Non-circumvention of the Policy
The Management Company shall ensure that its staff members undertake not to use personal hedging strategies or assurances relating to remuneration or responsibilities in order to pre-empt the occurrence of alignment with unitholders and the Management Company over the risk involved in its remuneration agreements.
The Management Company shall not pay the variable portion of the remuneration to relevant staff through instruments or methods which facilitate the circumvention of the requirements of the AIFM and UCITS V Directive.
A breakdown of the remuneration policy is available from the management company upon written request. A hard copy will be provided free of charge pursuant to such a request.
The figures hereunder are expressed in EUR per year prorated according to the AUM of Alger Fund compared to the AUM managed by LFI.
Remuneration (Unaudited) (continued)
The up-to-date remuneration policy of La Française Asset Management, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits, including the composition of the remuneration committee, is made available at www.la-francaise.com. A paper copy is available free of charge upon request at the La Française Asset Management’s registered office.
| Assets under management: | 14,577,837,410.00€ |
| --- | --- |
| Total staff (*): | 95 persons |
| Total Remuneration | 7,185,395.90€ |
| Fixed Remuneration | 5,598,919.15€ |
| Variable remuneration | 1,586,476.75€ |
| Senior Management | 385,006.30€ |
| Risk takers | 4,787,218.44€ |
|  |
| * no proportion applied |

Securities Financing Transaction Regulation (Unaudited)
The Securities Financing Transaction Regulation (SFTR) came into force on 12 January 2016 and introduces new disclosure requirements for securities financing transactions and total return swaps.
As at 31 December 2021, the following Sub-Fund of the Fund was impacted by the following types of instruments:
- Contracts for differenceThe following summarises the aggregate value of contracts for difference, analysed by counterparty as at 31 December 2021:

| Sub-Funds | Currency | Counterparty | Counterparty’s country of incorporation | Contracts for difference | % of Net Assets |
| --- | --- | --- | --- | --- | --- |
| Alger SICAV - Alger Dynamic Opportunities Fund | USD | BNP Paribas SA | France | 7,665,437 | 2.84% |
| Alger SICAV - Alger Dynamic Opportunities Fund | USD | Goldman Sachs | USA | 1,361,605 | 0.51% |

- Contracts for difference are not subject to settlement and clearing standards (e.g., tri-party, Central Counterparty, bilateral).
- Maturity tenor cannot be broken down in respect to contracts for difference.
	- Collateral on contracts for differenceAs at 31 December 2021, the nominal value of the collateral received / (pledged) on contracts for difference is as follows:


| Sub-Funds | Quality of the collateral | Counterparty | Currency | Total collateral received / (pledged) |
| --- | --- | --- | --- | --- |
| Alger SICAV - Alger Dynamic Opportunities Fund | Cash | BNP Paribas SA | USD | 650,000 |
| Alger SICAV - Alger Dynamic Opportunities Fund | Cash | Goldman Sachs | USD | 17,175,777 |

- Cash collaterals on contracts for difference have open maturity by nature; they cannot be reused or returned to the collective investment scheme.
- Break down between the collective investment undertaking, the manager of the collective investment undertaking and third parties (e.g. agent lender) are not applicable to contracts for difference.
- As at 31 December 2021, 17,825,777 USD were held in pooled accounts.
- As at 31 December 2021, BNP Paribas SA and Goldman Sachs were the custodians for the contracts for difference.

Total Expense Ratio for the year ended 31 December 2021 (Unaudited)
The following figures show the total expenses, excluding transaction fees and expense reimbursements, charged to each Class of each sub-fund as at 31 December 2021, calculated net of fee waivers and expressed as a percentage of average net assets for the year. The calculation of the Fund’s Total Expense Ratio (“TER”) data complies with the “Guidelines on the calculation and disclosure of the TER of collective investment schemes”, published by the SFAMA on 20 April 2015.
Sub-Fund Name and Share ClassTotal Expense Ratio
Alger American Asset Growth Fund — Class A EU	2.00%
Alger American Asset Growth Fund — Class A EUH	2.06%
Alger American Asset Growth Fund — Class A US	2.00%
Alger American Asset Growth Fund — Class G	0.65%
Alger American Asset Growth Fund — Class I EU	1.06%
Alger American Asset Growth Fund — Class I EUH	1.09%
Alger American Asset Growth Fund — Class I US	1.06%
Alger American Asset Growth Fund — Class I-2EU	0.80%
Alger American Asset Growth Fund — Class I-2US	0.80%
Alger American Asset Growth Fund — Class I-3US	1.09%
Alger Dynamic Opportunities Fund — Class A EU	2.07%
Alger Dynamic Opportunities Fund — Class A EUH*	2.28%
Alger Dynamic Opportunities Fund — Class A US	2.08%
Alger Dynamic Opportunities Fund — Class G	1.15%
Alger Dynamic Opportunities Fund — Class I EUH*	1.10%
Alger Dynamic Opportunities Fund — Class I-3EU	1.15%
Alger Dynamic Opportunities Fund — Class I-3US	1.14%
Alger Emerging Markets Fund — Class A EU	2.85%
Alger Emerging Markets Fund — Class A US	2.85%
Alger Emerging Markets Fund — Class G	0.89%
Alger Emerging Markets Fund — Class I EU	1.10%
Alger Emerging Markets Fund — Class I US	1.10%
Alger Emerging Markets Fund — Class I-3US	1.15%
Alger Small Cap Focus Fund — Class A EUH	1.98%
Alger Small Cap Focus Fund — Class A US	1.96%
Alger Small Cap Focus Fund — Class I EUH	1.04%
Alger Small Cap Focus Fund — Class I US	1.01%
Alger Small Cap Focus Fund — Class I-3EUH	1.10%
Alger Small Cap Focus Fund — Class I-3US	1.05%
Alger Small Cap Focus Fund — Class I-5US	0.90%
Alger Weatherbie Specialized Growth Fund — Class G	0.89%
Alger Weatherbie Specialized Growth Fund — Class I-3EU	1.15%
Alger Weatherbie Specialized Growth Fund — Class I-3EUH	1.15%
Alger Weatherbie Specialized Growth Fund — Class I-3US	1.15%
Alger Focus Equity Fund — Class I-3EU	1.15%
Alger Focus Equity Fund — Class I-3EUH	1.15%
Alger Focus Equity Fund — Class I-3US	1.15%
Alger Mid Cap Focus Fund — Class A EUH**	2.90%
Alger Mid Cap Focus Fund — Class A US**	2.90%
Alger Mid Cap Focus Fund — Class I-5EUH**	0.90%
Alger Mid Cap Focus Fund — Class I-5US**	0.90%
- Commenced operations 20 January 2021.

** Commenced operations 18 August 2021.
Investment Risks (Unaudited)
The Alger American Asset Growth Fund, the Alger Emerging Markets Fund, the Alger Small Cap Focus Fund, the Alger Weatherbie Specialized Growth Fund, the Alger Focus Equity Fund and the Alger Mid Cap Focus Fund determine global exposure, calculated pursuant to CSSF Circular 11/512, using the commitment approach. At 31 December 2021, Alger Dynamic Opportunities Fund holds contracts for difference. Contracts for difference are a type of financial derivative instruments that the Fund uses to gain short or long exposure to individual securities or indexes. The Alger Dynamic Opportunities Fund determines global exposure using the absolute Value-at-Risk (“VaR”) approach. The VaR is determined using the historical simulation model and is calculated each day at a 99% confidence interval and holding period. For the year ended 31 December 2021 the VaR ranged from a high of -25.94%, a low of -11.16% and an average of -15.42%. The Alger Dynamic Opportunities Fund calculates bi-monthly the derivative exposure of the financial instruments in its portfolio (the “Leverage Ratio”) by applying the sum of notional approach. For the year ended 31 December 2021 the Leverage Ratio averaged 36.62%, and did not exceed 53.07%.
Sustainable Finance Disclosure Regulation (Unaudited)
The Board approved the determination that the Fund falls under article 6 (1) of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector, as amended (“SFDR”). The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Statistical Information about the Fund (Unaudited)
| Currency of Share Class | Lowest net asset value per share | Date | Highest net asset value per share	Date |
| --- | --- | --- | --- |
| Alger SICAV - Alger American Asset Growth Fund |  |  |  |
| Class A EU Shares | EUR | 94.12	6-Jan-21 | 129.47	19-Nov-21 |
| Class A EUH Shares | EUR | 93.22	8-Mar-21 | 119.19	16-Nov-21 |
| Class A US Shares | USD | 114.79	8-Mar-21 | 147.20	16-Nov-21 |
| Class G Shares | GBP | 108.56	8-Mar-21 | 144.66	16-Nov-21 |
| Class I EU Shares | EUR | 108.72	6-Jan-21 | 150.76	19-Nov-21 |
| Class I EUH Shares | EUR | 108.54	8-Mar-21 | 139.75	16-Nov-21 |
| Class I US Shares | USD | 132.54	8-Mar-21 | 171.08	16-Nov-21 |
| Class I-2EU Shares | EUR | 110.19	6-Jan-21 | 153.15	19-Nov-21 |
| Class I-2US Shares | USD | 134.15	8-Mar-21 | 173.43	16-Nov-21 |
| Class I-3US Shares | USD | 130.82	8-Mar-21 | 168.81	16-Nov-21 |
| Alger SICAV - Alger Dynamic Opportunities Fund |  |  |  |
| Class A EU Shares | EUR | 14.91	6-Jan-21 | 18.30	29-Oct-21 |
| Class A EUH Shares | EUR | 14.96	16-Dec-21 | 17.38	23-Sep-21 |
| Class A US Shares | USD | 18.37	16-Dec-21 | 21.24	29-Oct-21 |
| Class G Shares | GBP | 10.65	12-May-21 | 12.67	29-Oct-21 |
| Class I EUH Shares | EUR | 16.45	16-Dec-21 | 19.07	29-Oct-21 |
| Class I-3EU Shares | EUR | 16.22	6-Jan-21 | 20.06	29-Oct-21 |
| Class I-3US Shares | USD | 20.04	4-Jan-21 | 23.30	29-Oct-21 |
| Alger SICAV - Alger Emerging Markets Fund |  |  |  |
| Class A EU Shares | EUR | 17.17	12-May-21 | 20.70	17-Feb-21 |
| Class A US Shares | USD | 19.70	20-Dec-21 | 24.99	17-Feb-21 |
| Class G Shares | GBP | 11.53	12-May-21 | 13.99	17-Feb-21 |
| Class I EU Shares | EUR | 19.11	12-May-21 | 22.95	17-Feb-21 |
| Class I US Shares | USD | 22.21	20-Dec-21 | 27.76	17-Feb-21 |
| Class I-3US Shares | USD | 22.13	20-Dec-21 | 27.67	17-Feb-21 |
| Alger SICAV - Alger Small Cap Focus Fund |  |  |  |
| Class A EUH Shares | EUR | 24.33	16-Dec-21 | 35.07	12-Feb-21 |
| Class A US Shares | USD | 27.49	16-Dec-21 | 39.18	12-Feb-21 |
| Class I EUH Shares | EUR | 26.06	16-Dec-21 | 37.26	12-Feb-21 |
| Class I US Shares | USD | 29.29	16-Dec-21 | 41.41	12-Feb-21 |
| Class I-3EUH Shares | EUR | 26.03	16-Dec-21 | 37.28	12-Feb-21 |
| Class I-3US Shares | USD | 29.25	16-Dec-21 | 41.37	12-Feb-21 |
| Class I-5US Shares | USD | 29.51	16-Dec-21 | 41.69	12-Feb-21 |
| Alger SICAV - Alger Weatherbie Specialized Growth Fund |  |  |  |
| Class G Shares | GBP | 11.44	12-May-21 | 14.83	8-Nov-21 |
| Class I-3EU Shares | EUR | 15.17	12-May-21 | 19.91	16-Nov-21 |
| Class I-3EUH Shares | EUR | 15.46	12-May-21 | 19.21	8-Nov-21 |
| Class I-3US Shares | USD | 16.19	12-May-21 | 20.22	8-Nov-21 |
| Alger SICAV - Alger Focus Equity Fund |  |  |  |
| Class I-3EU Shares | EUR | 15.30	6-Jan-21 | 21.16	19-Nov-21 |
| Class I-3EUH Shares | EUR | 15.78	8-Mar-21 | 20.26	8-Nov-21 |
| Class I-3US Shares | USD | 16.49	8-Mar-21 | 21.22	8-Nov-21 |
| Alger SICAV - Alger Mid Cap Focus Fund |  |  |  |  |
| Class A EUH Shares | EUR | 9.18 | 20-Dec-21 | 11.24	8-Nov-21 |
| Class A US Shares | USD | 9.25 | 20-Dec-21 | 11.27	8-Nov-21 |
| Class I-5EUH Shares | EUR | 9.25 | 20-Dec-21 | 11.29	8-Nov-21 |
| Class I-5US Shares | USD | 9.30 | 20-Dec-21 | 11.31	8-Nov-21 |

Deloitte Audit
Société à responsabilité limitée 20 Boulevard de Kockelscheuer L-1821 Luxembourg
Tel: +352 451 451
www.deloitte.lu
To the Shareholders of Alger SICAV
49, Avenue J.F. Kennedy L - 1855 Luxembourg
Grand Duchy of Luxembourg
REPORT OF THE RÉVISEUR D’ENTREPRISES AGRÉÉ
Opinion
We have audited the financial statements of Alger SICAV (the “Fund”) and of each of its sub-funds, which comprise the statement of net assets and the statement of investments as at December 31, 2021 and the statement of operations and changes in net assets for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Fund and of each of its sub-funds as at December 31, 2021, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.
Basis for Opinion
We conducted our audit in accordance with the Law of July 23, 2016 on the audit profession (Law of July 23, 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under the Law of July 23, 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the “réviseur d’entreprises agréé” for the Audit of the Financial Statements” section of our report. We are also independent of the Fund in accordance with the International Code of Ethics for Professional Accountants, including International Independence Standards, issued by the International Ethics Standards Board for Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements, and have fulfilled our other ethical responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other information
The Board of Directors of the Fund is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our report of the “réviseur d’entreprises agréé” thereon.
Société à responsabilité limitée au capital de 360.000 € RCS Luxembourg B 67.895
Autorisation d’établissement 10022179
© Deloitte Audit, SARL
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard.
Responsibilities of the Board of Directors of the Fund for the Financial Statements
The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.
Responsibilities of the “réviseur d’entreprises agréé” for the Audit of the Financial Statements
The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the “réviseur d’entreprises agréé” that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law dated July 23, 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with the Law dated July 23, 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors of the Fund.
- Conclude on the appropriateness of the Board of Directors of the Fund use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report of the “réviseur d’entreprises agréé” to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our report of the “réviseur d’entreprises agréé”. However, future events or conditions may cause the Fund to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
For Deloitte Audit, Cabinet de révision agréé
Yann Mérillou, Réviseur d’entreprises agréé
Partner
March 4, 2022
Statement of Net Assets as of 31 December 2021(Expressed in U.S. Dollars)
|  | Combined | Alger American Asset Growth Fund | Alger Dynamic Opportunities Fund | Alger Emerging Markets Fund |
| --- | --- | --- | --- | --- |
| ASSETS |  |  |  |  |
| Investments in securities at cost | 1,250,684,409 | 380,431,225 | 213,714,833 | 10,079,684 |
| Unrealized appreciation (depreciation) on investment in securities | 283,921,094 | 147,761,602 | (461,007) | 1,737,226 |
| Investments in securities at market value (Note 2b)	 1,534,605,503	528,192,827	213,253,826  11,816,910 |
| Cash at banks (a) (Note 2b) | 71,075,971 | 337,658 | 47,787,701 | 424,080 |
| Unrealized appreciation on forward foreign exchange contracts (Note 2b) | 1,329,921 | 318,797 | 117,727 | — |
| Unrealized appreciation on contracts for difference (Note 2b) | 11,936,125 | — | 11,936,125 | — |
| Receivable for investments sold | 12,950,035 | 2,829,006 | 29,141 | — |
| Receivable for fund shares sold | 994,481 | 524,779 | 265,440 | — |
| Expense reimbursement receivable (Note 7) | 1,034,520 | 46,270 | 156,765 | — |
| Dividends and interest receivable, net | 136,067 | 61,450 | 45,104 | 4,607 |
| Other receivable | 71,634 | — | 6,086 | 227 |

Total Assets	 1,634,134,257	532,310,787	273,597,915  12,245,824
| LIABILITIES |  |
| --- | --- |
| Accrued expenses | 3,256,752 | 1,112,468 | 538,888 | 116,347 |
| Unrealized depreciation on forward foreign exchange |  |  |  |  |
| contracts (Note 2b) | 177,597 | 21,049 | 19,136 | — |
| Unrealized depreciation on contracts for difference (Note 2b) | 2,909,083 | — | 2,909,083 | — |
| Payable for fund shares redeemed | 10,113,157 | 288,709 | 81,441 | 7,026 |
| Payable for investments purchased | 7,043,883 | 2,902,270 | 373,753 | 26,836 |
| Accruals for capital gain tax exposure | 36,819 | — | — | 36,819 |
| Accrued administrative fees | 520,130 | 144,502 | 60,471 | 34,011 |
| Dividends on contracts for difference | 54,532 | — | 54,532 | — |
| Total Liabilities | 24,111,953 | 4,468,998 | 4,037,304 | 221,039 |

Total Net Assets	 1,610,022,304	527,841,789	269,560,611  12,024,785
(a) Includes restricted cash held as collateral for contracts for difference	17,825,777	—	17,825,777	—
Statement of Net Assets as of 31 December 2021 (continued)(Expressed in U.S. Dollars)
|  | Alger Small Cap Focus Fund | Alger Weatherbie Specialized Growth Fund | Alger Focus Equity Fund | Alger Mid Cap Focus Fund* |
| --- | --- | --- | --- | --- |
| ASSETS |  |  |  |  |
| Investments in securities at cost | 625,485,693 | 6,494,217 | 3,991,093 | 10,487,664 |
| Unrealized appreciation (depreciation) on investment in securities | 132,919,962 | 683,268 | 1,119,561 | 160,482 |
| Investments in securities at market value (Note 2b)	 758,405,655	7,177,485  5,110,654  10,648,146 |
| Cash at banks (a) (Note 2b) | 21,867,425 | 257,522 | 40,989 | 360,596 |
| Unrealized appreciation on forward foreign exchange contracts (Note 2b) | 845,368 | 1,578 | 1,825 | 44,626 |
| Unrealized appreciation on contracts for difference (Note 2b) | — | — | — | — |
| Receivable for investments sold | 9,967,530 | 2,564 | 13,308 | 108,486 |
| Receivable for fund shares sold | 204,262 | — | — | — |
| Expense reimbursement receivable (Note 7) | 746,517 | — | 35,081 | 49,887 |
| Dividends and interest receivable, net | 19,743 | 1,312 | 284 | 3,567 |
| Other receivable | — | 61,057 | 4,264 | — |

Total Assets	 792,056,500	7,501,518  5,206,405  11,215,308
| LIABILITIES |  |
| --- | --- |
| Accrued expenses | 1,350,724 | 71,803 | 32,176 | 34,346 |
| Unrealized depreciation on forward foreign exchange contracts (Note 2b) | 133,018 | 97 | 88 | 4,209 |
| Unrealized depreciation on contracts for difference (Note 2b) | — | — | — | — |
| Payable for fund shares redeemed | 9,735,981 | — | — | — |
| Payable for investments purchased | 3,691,434 | 2,857 | 24,004 | 22,729 |
| Accruals for capital gain tax exposure | — | — | — | — |
| Accrued administrative fees | 173,040 | 49,857 | 53,568 | 4,681 |
| Dividends on contracts for difference | — | — | — | — |
| Total Liabilities | 15,084,197 | 124,614 | 109,836 | 65,965 |

Total Net Assets	 776,972,303	7,376,904  5,096,569  11,149,343
(a) Includes restricted cash held as collateral for contracts for difference	—	—	—	—
* The Sub-Fund commenced operations 18 August 2021.
Statement of Net Assets as of 31 December 2021 (continued)(Expressed in U.S. Dollars)
|  | Alger American Asset Growth Fund | Alger Dynamic Opportunities Fund | Alger Emerging Markets Fund |
| --- | --- | --- | --- |
| Number of shares outstanding: |  |  |  |
| Class A EU Shares | 81,218 | 851,970 | 2,034 |
| Class A EUH Shares | 93,713 | 130,263 | — |
| Class A US Shares | 2,168,508 | 3,788,816 | 558,279 |
| Class G Shares | 810 | 8,670 | 8,100 |
| Class I EU Shares | 30,172 | — | 1,705 |
| Class I EUH Shares | 170,329 | 538,382 | — |
| Class I US Shares | 537,454 | — | 6,570 |
| Class I-2EU Shares | 165,462 | — | — |
| Class I-2US Shares | 48,975 | — | — |
| Class I-3EU Shares | — | 727,265 | — |
| Class I-3EUH Shares | — | — | — |
| Class I-3US Shares | 317,583 | 7,335,255 | 6,570 |
| Class I-5EUH Shares | — | — | — |
| Class I-5US Shares | — | — | — |
| Net asset value per share: Class A EU Shares | €	121.39 | €	16.64 | €  18.05 |
| Class A EUH Shares | €	112.28 | €	15.49 | €	— |
| Class A US Shares | $	138.97 | $	19.03 | $  20.61 |
| Class G Shares | £	135.67 | £	11.49 | £  12.02 |
| ClassI EU Shares | €	141.51 | €	— | €  20.33 |
| Class I EUH Shares | €	131.79 | €	17.04 | €	— |
| Class I US Shares | $	161.71 | $	— | $  23.25 |
| Class I-2EU Shares | €	143.80 | €	— | €	— |
| Class I-2US Shares | $	163.99 | $	— | $	— |
| Class I-3EU Shares | €	— | €	18.27 | €	— |
| Class I-3EUH Shares | €	— | €	— | €	— |
| Class I-3US Shares | $	159.56 | $	20.90 | $  23.17 |
| Class I-5EUH Shares | €	— | €	— | €	— |
| Class I-5US Shares | $	— | $	— | $	— |

Statement of Net Assets as of 31 December 2021 (continued)(Expressed in U.S. Dollars)
|  | Alger Small | Alger | Alger | Alger |
| --- | --- | --- | --- | --- |
| Cap Focus | Weatherbie | Focus | Mid |
| Fund | Specialized | Equity | Cap |
|  | Growth | Fund | Focus |
|  | Fund |  | Fund* |
| Number of shares outstanding: |  |  |  |  |
| Class A EU Shares | — | — | — | — |
| Class A EUH Shares | 1,091,519 | — | — | 193,923 |
| Class A US Shares | 4,453,566 | — | — | 21,402 |
| Class G Shares | — | 10,029 | — | — |
| ClassI EU Shares | — | — | — | — |
| Class I EUH Shares | 1,728,620 | — | — | — |
| Class I US Shares | 8,255,972 | — | — | — |
| Class I-2EU Shares | — | — | — | — |
| Class I-2US Shares | — | — | — | — |
| Class I-3EU Shares | — | 10,000 | 10,000 | — |
| Class I-3EUH Shares | 104,151 | 10,000 | 10,000 | — |
| Class I-3US Shares | 691,795 | 380,287 | 230,000 | — |
| Class I-5EUH Shares | — | — | — | 276,713 |
| Class I-5US Shares | 9,270,711 | — | — | 584,494 |
| Net asset value per share: Class A EU Shares | €	— | €	— | €	— | €	— |
| Class A EUH Shares | €	25.43 | €	— | €	— | €	9.67 |
| Class A US Shares | $	28.76 | $	— | $	— | $	9.75 |
| Class G Shares | £	— | £  13.15 | £	— | £	— |
| ClassI EU Shares | €	— | €	— | €	— | €	— |
| Class I EUH Shares | €	27.24 | €	— | €	— | €	— |
| Class I US Shares | $	30.64 | $	— | $	— | $	— |
| Class I-2EU Shares | €	— | €	— | €	— | €	— |
| Class I-2US Shares | $	— | $	— | $	— | $	— |
| Class I-3EU Shares | €	— | €  17.79 | €  20.10 | €	— |
| Class I-3EUH Shares | €	27.21 | €  16.93 | €  19.27 | €	— |
| Class I-3US Shares | $	30.60 | $  17.89 | $  20.21 | $	— |
| Class I-5EUH Shares | €	— | €	— | €	— | €	9.75 |
| Class I-5US Shares | $	30.88 | $	— | $	— | $	9.81 |
| * The Sub-Fund commenced operations 18 August 2021. |  |  |  |  |

Statement of Operations for the year/period ended 31 December 2021(Expressed in U.S. Dollars)
|  | Combined | Alger American Asset Growth Fund | Alger Dynamic Opportunities Fund | Alger Emerging Markets Fund |
| --- | --- | --- | --- | --- |
| INCOME |  |  |  |  |
| Dividends, net (Note 2d) | 3,431,230 | 2,268,756 | 350,672 | 146,440 |
| Dividend income linked to contracts for difference | 46,641 | — | 46,641 | — |
| Other income | 371,528 | 211,237 | 60,217 | 488 |
| Total Income | 3,849,399 | 2,479,993 | 457,530 | 146,928 |
| EXPENSES |  |  |  |  |
| Management Company fee (Note 4) | 489,625 | 169,668 | 53,606 | 4,456 |
| Portfolio Manager fee (Note 4) | 22,041,321 | 8,037,797 | 2,491,981 | 261,557 |
| Depositary and administrative fees (Note 8) | 1,388,548 | 380,177 | 140,889 | 98,403 |
| Registrar and transfer agent fees (Note 8) | 1,368,291 | 355,861 | 138,859 | 25,127 |
| Taxe d’abonnement (Note 5) | 548,710 | 213,174 | 110,991 | 6,429 |
| Professional fees | 653,346 | 164,677 | 89,350 | 13,348 |
| Registration fees | 106,360 | 15,583 | 20,432 | 9,545 |
| Directors’ fee (Note 8) | 20,000 | 6,543 | 3,363 | 151 |
| Interest expenses | 652,716 | 7,180 | 643,773 | 378 |
| Depositary transaction fees (Note 10) | 215,639 | 15,666 | 157,655 | 8,362 |
| Miscellaneous fees | 946,147 | 243,826 | 98,905 | 78,479 |
| Dividend expense on contracts for difference | 724,936 | — | 724,936 | — |
|  | 29,155,639 | 9,610,152 | 4,674,740 | 506,235 |
| Less, expense reimbursement (Note 7) | (1,460,301) | (122,058) | (182,824) | (37,282) |
| Total Expenses | 27,695,338 | 9,488,094 | 4,491,916 | 468,953 |
| Net investment (loss) | (23,845,939) | (7,008,101) | (4,034,386) | (322,025) |
| Net realized gain (loss) on sales of investments (Note 2d) | 305,504,716 | 204,922,496 | 16,790,178 | 7,976,464 |
| Net realized (loss) on contracts for difference (Note 2b) | (5,318,658) | — | (5,318,658) | — |
| Net realized gain (loss) on forward foreign exchange contracts and foreign currency transactions (Note 2b) | (16,498,133) | (3,514,539) | (941,433) | 181,954 |
| Net realized gain on option contracts (Note 2b) | 338,418 | — | 338,418 | — |
| Total net realized gain (loss) for the year/period | 284,026,343 | 201,407,957 | 10,868,505 | 8,158,418 |
| Net change in unrealized (Note 2b) |  |  |  |  |
| appreciation (depreciation) on investments | (329,977,788) | (79,435,465) | (19,901,354) | (7,722,280) |
| appeciation on contracts for difference | 11,039,595 | — | 11,039,595 | — |
| appreciation (depreciation) on forward foreign exchange contracts |  |  |  |  |
| and foreign currencies | (212,643) | (35,718) | 98,228 | (1,144) |
| appreciation on option contracts | 2,712 | — | 2,712 | — |
| Total net change in unrealized appreciation (depreciation) | (319,148,124) | (79,471,183) | (8,760,819) | (7,723,424) |
| Increase in net assets as a result of operations | (58,967,720) | 114,928,673 | (1,926,700) | 112,969 |

Statement of Operations for the year/period ended 31 December 2021 (continued)(Expressed in U.S. Dollars)
|  | Alger Small | Alger | Alger | Alger |
| --- | --- | --- | --- | --- |
| Cap Focus | Weatherbie | Focus | Mid |
| Fund | Specialized | Equity | Cap |
|  | Growth Fund | Fund | Focus Fund* |
| INCOME |  |  |  |  |
| Dividends, net (Note 2d) | 631,952 | 9,973 | 17,145 | 6,292 |
| Dividend income linked to contracts for difference | — | — | — | — |
| Other income | 99,586 | — | — | — |
| Total Income | 731,538 | 9,973 | 17,145 | 6,292 |
| EXPENSES |  |  |  |  |
| Management Company fee (Note 4) | 257,779 | 2,064 | 1,239 | 813 |
| Portfolio Manager fee (Note 4) | 11,111,221 | 67,359 | 40,499 | 30,907 |
| Depositary and administrative fees (Note 8) | 580,414 | 91,489 | 92,156 | 5,020 |
| Registrar and transfer agent fees (Note 8) | 823,706 | 11,276 | 8,746 | 4,716 |
| Taxe d’abonnement (Note 5) | 211,049 | 3,975 | 2,422 | 670 |
| Professional fees | 319,710 | 35,504 | 16,382 | 14,375 |
| Registration fees | 43,252 | 8,483 | 936 | 8,129 |
| Directors’ fee (Note 8) | 9,736 | 92 | 64 | 51 |
| Interest expenses | 954 | 31 | — | 400 |
| Depositary transaction fees (Note 10) | 6,801 | 9,544 | 14,198 | 3,413 |
| Miscellaneous fees | 472,879 | 12,236 | 5,506 | 34,316 |
| Dividend expense on contracts for difference | — | — | — | — |
|  | 13,837,501 | 242,053 | 182,148 | 102,810 |
| Less, expense reimbursement (Note 7) | (782,821) | (150,744) | (127,117) | (57,455) |
| Total Expenses | 13,054,680 | 91,309 | 55,031 | 45,355 |
| Net investment (loss) | (12,323,142) | (81,336) | (37,886) | (39,063) |
| Net realized gain (loss) on sales of investments (Note 2d) | 73,948,590 | 1,768,944 | 904,529 | (806,485) |
| Net realized (loss) on contracts for difference (Note 2b) | — | — | — | — |
| Net realized gain (loss) on forward foreign exchange contracts and foreign currency transactions (Note 2b) | (11,943,789) | (17,330) | (19,817) | (243,179) |
| Net realized gain on option contracts (Note 2b) | — | — | — | — |
| Total net realized gain (loss) for the year/period | 62,004,801 | 1,751,614 | 884,712 | (1,049,664) |
| Net change in unrealized (Note 2b) |  |  |  |  |
| appreciation (depreciation) on investments | (221,768,907) | (1,283,200) | (27,064) | 160,482 |
| appeciation on contracts for difference | — | — | — | — |
| appreciation (depreciation) on forward foreign exchange contracts and |  |  |  |  |
| foreign currencies | (314,985) | 185 | 374 | 40,417 |
| appreciation on option contracts | — | — | — | — |
| Total net change in unrealized appreciation (depreciation) | (222,083,892) | (1,283,015) | (26,690) | 200,899 |
| Increase in net assets as a result of operations | (172,402,233) | 387,263 | 820,136 | (887,828) |
| * The Sub-Fund commenced operations 18 August 2021. |  |  |  |  |

Statement of Changes in Net Assets for the year/period ended 31 December 2021(Expressed in U.S. Dollars)
|  | Combined | Alger American Asset Growth Fund | Alger Dynamic Opportunities Fund | Alger Emerging Markets Fund |
| --- | --- | --- | --- | --- |
| Net assets at the beginning of the year/period | 1,929,649,609 | 713,759,498 | 96,376,052 | 31,866,663 |
| Net investment (loss) | (23,845,939) | (7,008,101) | (4,034,386) | (322,025) |
| Total net realized gain (loss) for the year/period | 284,026,343 | 201,407,957 | 10,868,505 | 8,158,418 |
| Change in unrealized appreciation (depreciation) on investments, |  |  |  |  |
| options, foreign currency and forwards	 (319,148,124)	(79,471,183)	(8,760,819)	(7,723,424) |
| Increase (Decrease) in net assets as a result of operations | (58,967,720) | 114,928,673 | (1,926,700) | 112,969 |
| Proceeds on issue of shares | 966,345,736 | 90,020,365 | 221,744,063 | 150,275 |
| Payments on redemption of shares | (1,227,005,321)  (390,866,747)	(46,632,804)	(20,105,122) |
| Net subscriptions (redemptions) |  (260,659,585)  (300,846,382)	175,111,259	(19,954,847) |
| Net assets at the end of the year/period |  1,610,022,304	527,841,789	269,560,611	12,024,785 |

Statement of Changes in Net Assets for the year/period ended 31 December 2021 (continued)(Expressed in U.S. Dollars)
|  | Alger Small | Alger | Alger | Alger |
| --- | --- | --- | --- | --- |
|  | Cap Focus | Weatherbie | Focus | Mid |
|  | Fund | Specialized | Equity | Cap |
|  |  | Growth | Fund | Focus |
|  |  | Fund |  | Fund* |
| Net assets at the beginning of the year/period | 1,076,944,442 | 6,426,521 | 4,276,433 | — |
| Net investment (loss) | (12,323,142) | (81,336) | (37,886) | (39,063) |
| Total net realized gain (loss) for the year/period | 62,004,801 | 1,751,614 | 884,712 | (1,049,664) |
| Change in unrealized appreciation (depreciation) on investments, options, foreign currency and forwards | (222,083,892) | (1,283,015) | (26,690) | 200,899 |
| Increase (Decrease) in net assets as a result of operations | (172,402,233) | 387,263 | 820,136 | (887,828) |
| Proceeds on issue of shares | 639,629,915 | 1,334,037 | — | 13,467,081 |
| Payments on redemption of shares | (767,199,821) | (770,917) | — | (1,429,910) |
| Net subscriptions (redemptions) | (127,569,906) | 563,120 | — | 12,037,171 |
| Net assets at the end of the year/period | 776,972,303 | 7,376,904 | 5,096,569 | 11,149,343 |
| * The Sub-Fund commenced operations 18 August 2021. |  |  |  |  |

Statement of Changes in Number of Shares Outstanding for the year/period ended 31 December 2021
|  | Alger American Asset Growth Fund | Alger Dynamic Opportunities Fund | Alger Emerging Markets Fund |
| --- | --- | --- | --- |
| Class A EU Shares |  |  |  |
| Number of shares at the beginning of the year/period | 63,751 | 518,461 | 1,980 |
| Number of shares subscribed | 61,346 | 859,595 | 587 |
| Number of shares redeemed | (43,879) | (526,086) | (533) |
| Number of shares at the end of the year/period | 81,218 | 851,970 | 2,034 |
| Class A EUH Shares |  |  |  |
| Number of shares at the beginning of the year/period | 125,951 | — | — |
| Number of shares subscribed | 24,132 | 170,531 | — |
| Number of shares redeemed | (56,370) | (40,268) | — |
| Number of shares at the end of the year/period | 93,713 | 130,263 | — |
| Class A US Shares |  |  |  |
| Number of shares at the beginning of the year/period | 2,241,960 | 3,075,284 | 591,627 |
| Number of shares subscribed | 143,794 | 1,109,839 | 6,193 |
| Number of shares redeemed | (217,246) | (396,307) | (39,541) |
| Number of shares at the end of the year/period | 2,168,508 | 3,788,816 | 558,279 |
| Class G Shares |  |  |  |
| Number of shares at the beginning of the year/period | 810 | 8,100 | 8,100 |
| Number of shares subscribed | — | 570 | — |
| Number of shares redeemed | — | — | — |
| Number of shares at the end of the year/period | 810 | 8,670 | 8,100 |
| ClassI EU Shares |  |  |  |
| Number of shares at the beginning of the year/period | 15,622 | — | 775,705 |
| Number of shares subscribed | 30,152 | — | 2,258,650 |
| Number of shares redeemed | (15,602) | — | (3,032,650) |
| Number of shares at the end of the year/period | 30,172 | — | 1,705 |
| Class I EUH Shares |  |  |  |
| Number of shares at the beginning of the year/period | 225,089 | — | — |
| Number of shares subscribed | 37,826 | 901,950 | — |
| Number of shares redeemed | (92,586) | (363,568) | — |
| Number of shares at the end of the year/period | 170,329 | 538,382 | — |
| ClassI US Shares |  |  |  |
| Number of shares at the beginning of the year/period | 805,778 | — | 6,570 |
| Number of shares subscribed | 56,477 | — | — |
| Number of shares redeemed | (324,801) | — | — |
| Number of shares at the end of the year/period | 537,454 | — | 6,570 |
| Class I-2EU Shares |  |  |  |
| Number of shares at the beginning of the year/period | 189,453 | — | — |
| Number of shares subscribed | 20 | — | — |
| Number of shares redeemed | (24,011) | — | — |
| Number of shares at the end of the year/period | 165,462 | — | — |
| Class I-2US Shares |  |  |  |
| Number of shares at the beginning of the year/period | 1,283,328 | — | — |
| Number of shares subscribed | 271,469 | — | — |
| Number of shares redeemed | (1,505,822) | — | — |
| Number of shares at the end of the year/period | 48,975 | — | — |

Statement of Changes in Number of Shares Outstanding for the year/period ended 31 December2021 (continued)
|  | Alger American Asset Growth Fund | Alger Dynamic Opportunities Fund | Alger Emerging Markets Fund |
| --- | --- | --- | --- |
| Class I-3EU Shares Number of shares at the beginning of the year/period | — | 811,485 | — |
| Number of shares subscribed | — | 527,506 | — |
| Number of shares redeemed | — | (611,726) | — |
| Number of shares at the end of the year/period | — | 727,265 | — |
| Class I-3US Shares Number of shares at the beginning of the year/period | 595,877 | 656,529 | 6,570 |
| Number of shares subscribed | 15,716 | 7,010,587 | — |
| Number of shares redeemed | (294,010) | (331,861) | — |
| Number of shares at the end of the year/period | 317,583 | 7,335,255 | 6,570 |

Statement of Changes in Number of Shares Outstanding for the year/period ended 31 December2021 (continued)
|  | Alger Small | Alger | Alger | Alger |
| --- | --- | --- | --- | --- |
| Cap Focus | Weatherbie | Focus | Mid |
| Fund | Specialized | Equity | Cap |
|  | Growth | Fund | Focus |
|  | Fund |  | Fund* |
| Class A EUH Shares |  |  |  |  |
| Number of shares at the beginning of the year/period | 1,507,346 | — | — | — |
| Number of shares subscribed | 939,633 | — | — | 198,622 |
| Number of shares redeemed | (1,355,460) | — | — | (4,699) |
| Number of shares at the end of the year/period | 1,091,519 | — | — | 193,923 |
| Class A US Shares |  |  |  |  |
| Number of shares at the beginning of the year/period | 3,036,361 | — | — | — |
| Number of shares subscribed | 3,731,301 | — | — | 21,402 |
| Number of shares redeemed | (2,314,096) | — | — | — |
| Number of shares at the end of the year/period | 4,453,566 | — | — | 21,402 |
| Class G Shares |  |  |  |  |
| Number of shares at the beginning of the year/period | — | 8,100 | — | — |
| Number of shares subscribed | — | 1,929 | — | — |
| Number of shares redeemed | — | — | — | — |
| Number of shares at the end of the year/period | — | 10,029 | — | — |
| Class I EUH Shares |  |  |  |  |
| Number of shares at the beginning of the year/period | 2,030,367 | — | — | — |
| Number of shares subscribed | 2,233,420 | — | — | — |
| Number of shares redeemed | (2,535,167) | — | — | — |
| Number of shares at the end of the year/period | 1,728,620 | — | — | — |
| ClassI US Shares |  |  |  |  |
| Number of shares at the beginning of the year/period | 12,166,461 | — | — | — |
| Number of shares subscribed | 6,908,794 | — | — | — |
| Number of shares redeemed | (10,819,283) | — | — | — |
| Number of shares at the end of the year/period | 8,255,972 | — | — | — |
| Class I-3EU Shares |  |  |  |  |
| Number of shares at the beginning of the year/period | — | 10,000 | 10,000 | — |
| Number of shares subscribed | — | — | — | — |
| Number of shares redeemed | — | — | — | — |
| Number of shares at the end of the year/period | — | 10,000 | 10,000 | — |
| Class I-3EUH Shares |  |  |  |  |
| Number of shares at the beginning of the year/period | 618,384 | 10,000 | 10,000 | — |
| Number of shares subscribed | 304,660 | — | — | — |
| Number of shares redeemed | (818,893) | — | — | — |
| Number of shares at the end of the year/period | 104,151 | 10,000 | 10,000 | — |
| Class I-3US Shares |  |  |  |  |
| Number of shares at the beginning of the year/period | 686,659 | 348,200 | 230,000 | — |
| Number of shares subscribed | 1,120,998 | 73,027 | — | — |
| Number of shares redeemed | (1,115,862) | (40,940) | — | — |
| Number of shares at the end of the year/period | 691,795 | 380,287 | 230,000 | — |
| Class I-5EUH Shares |  |  |  |  |
| Number of shares at the beginning of the year/period | — | — | — | — |
| Number of shares subscribed | — | — | — | 291,657 |
| Number of shares redeemed | — | — | — | (14,944) |
| Number of shares at the end of the year/period | — | — | — | 276,713 |

Statement of Changes in Number of Shares Outstanding for the year/period ended 31 December2021 (continued)
|  | Alger Small | Alger | Alger | Alger |
| --- | --- | --- | --- | --- |
|  | Cap Focus | Weatherbie | Focus | Mid |
|  | Fund | Specialized | Equity | Cap |
|  |  | Growth | Fund | Focus |
|  |  | Fund |  | Fund* |
| Class I-5US Shares |  |  |  |  |
| Number of shares at the beginning of the year/period | 10,142,962 | —	—	— |
| Number of shares subscribed | 2,537,800 | —	—	696,994 |
| Number of shares redeemed | (3,410,051) | —	—	(112,500) |
| Number of shares at the end of the year/period | 9,270,711 | —	—	584,494 |
| * The Sub-Fund commenced operations 18 August 2021. |  |  |

Statistical Information about the Fund for the last three years/periods
| Currency of Sub-Fund | 31 December 2021 Net Asset Value per Share | 31 December 2020 Net Asset Value per Share | 31 December 2019 Net Asset Value per Share |
| --- | --- | --- | --- |
| Alger SICAV - Alger American Asset |  |  |  |  |  |  |
| Growth Fund Class A EU Shares |  | €121.39 |  | € 96.30 |  | €74.86 |
| Class A EUH Shares |  | €112.28 |  | € 96.29 |  | €70.09 |
| Class A US Shares |  | $138.97 |  | $118.30 |  | $84.43 |
| Class G Shares** |  | £135.67 |  | £112.78 |  | £	- |
| Class I EU Shares |  | €141.51 |  | €111.21 |  | €85.59 |
| Class I EUH Shares |  | €131.79 |  | €111.92 |  | €80.43 |
| Class I US Shares |  | $161.71 |  | $136.36 |  | $96.38 |
| Class I-2EU Shares |  | €143.80 |  | €112.71 |  | €86.49 |
| Class I-2US Shares |  | $163.99 |  | $137.95 |  | $97.19 |
| Class I-3US Shares |  | $159.56 |  | $134.60 |  | $95.17 |
| Total Net Assets	USD | 527,841,789 |  | 713,759,498 |  | 465,649,472 |  |
| Alger SICAV - Alger Dynamic |  |  |  |  |  |  |
| Opportunities Fund Class A EU Shares |  | € 16.64 |  | € 15.13 |  | €11.31 |
| Class A EUH Shares*** |  | € 15.49 |  | €	- |  | €	- |
| Class A US Shares |  | $ 19.03 |  | $ 18.56 |  | $12.74 |
| Class G Shares** |  | £ 11.49 |  | £ 10.99 |  | £	- |
| Class I EUH Shares*** |  | € 17.04 |  | €	- |  | €	- |
| Class I-3EU Shares |  | € 18.27 |  | € 16.46 |  | €12.14 |
| Class I-3US Shares |  | $ 20.90 |  | $ 20.20 |  | $13.68 |
| Total Net Assets	USD | 269,560,611 |  | 96,376,052 |  | 38,764,738 |  |
| Alger SICAV - Alger Emerging Markets |  |  |  |  |  |  |
| Fund Class A EU Shares |  | € 18.05 |  | € 17.69 |  | €14.20 |
| Class A US Shares |  | $ 20.61 |  | $ 21.67 |  | $15.98 |
| Class G Shares** |  | £ 12.02 |  | £ 12.27 |  | £	- |
| Class I EU Shares |  | € 20.33 |  | € 19.58 |  | €15.47 |
| Class I US Shares |  | $ 23.25 |  | $ 24.02 |  | $17.43 |
| Class I-3US Shares |  | $ 23.17 |  | $ 23.95 |  | $17.39 |
| Total Net Assets	USD | 12,024,785 |  | 31,866,663 |  | 34,598,834 |  |
| Alger SICAV - Alger Small Cap Focus |  |  |  |  |  |  |
| Fund Class A EUH Shares |  | € 25.43 |  | € 30.04 |  | €20.34 |
| Class A US Shares |  | $ 28.76 |  | $ 33.54 |  | $22.43 |
| Class I EUH Shares |  | € 27.24 |  | € 31.88 |  | €21.36 |
| Class I US Shares |  | $ 30.64 |  | $ 35.41 |  | $23.46 |
| Class I-3EUH Shares |  | € 27.21 |  | € 31.90 |  | €21.39 |
| Class I-3US Shares |  | $ 30.60 |  | $ 35.38 |  | $23.45 |
| Class I-5US Shares |  | $ 30.88 |  | $ 35.64 |  | $23.57 |
| Total Net Assets	USD | 776,972,303 |  | 1,076,944,442 |  | 394,464,436 |  |
| Alger SICAV - Alger Weatherbie |  |  |  |  |  |  |
| Specialized Growth Fund |  |  |  |  |  |  |
| Class G Shares** |  | £ 13.15 |  | £ 12.30 |  | £	- |
| Class I-3EU Shares * |  | € 17.79 |  | € 15.70 |  | €10.90 |
| Class I-3EUH Shares * |  | € 16.93 |  | € 16.22 |  | €10.56 |
| Class I-3US Shares* |  | $ 17.89 |  | $ 16.95 |  | $10.80 |
| Total Net Assets	USD | 7,376,904 |  | 6,426,521 |  | 3,859,904 |  |
| Alger SICAV - Alger Focus Equity Fund Class I-3EU Shares* |  | € 20.10 |  | € 15.66 |  | €11.77 |
| Class I-3EUH Shares* |  | € 19.27 |  | € 16.20 |  | €11.41 |
| Class I-3US Shares* |  | $ 20.21 |  | $ 16.90 |  | $11.66 |
| Total Net Assets	USD | 5,096,569 |  | 4,276,433 |  | 2,941,725 |  |

Statistical Information about the Fund for the last three years/periods (continued)
| Currency of Sub-Fund | 31 December 2021 Net Asset Value per Share | 31 December 2020 Net Asset Value per Share | 31 December 2019 Net Asset Value per Share |
| --- | --- | --- | --- |
| Alger SICAV - Alger Mid Cap Focus Fund Class A EUH Shares**** Class A US Shares**** Class I-5EUH Shares**** Class I-5US Shares**** Total Net Assets	USD | €  9.67 $  9.75 €  9.75 $  9.81 11,148,192 | €	- $	- €	- $	- - | €	- $	- €	- $	- - |

*Commenced operations 15 March 2019.
**Commenced operations 1 July 2020.
***Commenced operations 20 January 2021.
****Commenced operations 18 August 2021.
ALGER SICAV - ALGER AMERICAN ASSET GROWTH FUND
Statement of Investments as of 31 December 2021(Market Values Expressed in U.S. Dollars)
Description
Number of Shares/ Principal
Amount	Market Value
% of Net Assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON OTHER REGULATED MARKETS
| MercadoLibre, Inc. | 239 | 322,268 | 0.06 |
| --- | --- | --- | --- |
| TOTAL INVESTMENTS IN SECURITIES (ARGENTINA) |  | 322,268 | 0.06 |
| AUSTRALIA |  |  |  |
| COMPUTING AND IT Atlassian Corp. Plc. -A- | 2,843 | 1,084,007 | 0.20 |
| TOTAL INVESTMENTS IN SECURITIES (AUSTRALIA) |  | 1,084,007 | 0.20 |
| CANADA |  |  |  |
| CONSUMER RETAIL Shopify, Inc. -A- | 6,001 | 8,265,717 | 1.57 |
| TOTAL INVESTMENTS IN SECURITIES (CANADA) |  | 8,265,717 | 1.57 |
| FRANCE |  |  |  |
| CONSUMER RETAIL LVMH Moet Hennessy Louis Vuitton | 3,781 | 3,124,746 | 0.59 |
| TOTAL INVESTMENTS IN SECURITIES (FRANCE) |  | 3,124,746 | 0.59 |
| IRELAND |  |  |  |
| CONSUMER RETAIL Flutter Entertainment Plc. | 3,945 | 624,547 | 0.12 |
| TOTAL INVESTMENTS IN SECURITIES (IRELAND) |  | 624,547 | 0.12 |
| ISRAEL |  |  |  |
| TELECOMMUNICATION SolarEdge Technologies, Inc. | 8,973 | 2,517,555 | 0.48 |
| TOTAL INVESTMENTS IN SECURITIES (ISRAEL) |  | 2,517,555 | 0.48 |
| NETHERLANDS |  |  |  |
| RAW MATERIALS NXP Semiconductors NV | 3,649 | 831,169 | 0.16 |
| TOTAL INVESTMENTS IN SECURITIES (NETHERLANDS) |  | 831,169 | 0.16 |
| SINGAPORE |  |  |  |
| COMPUTING AND IT Sea Ltd. -ADR- | 5,701 | 1,275,371 | 0.24 |
| TOTAL INVESTMENTS IN SECURITIES (SINGAPORE) |  | 1,275,371 | 0.24 |
| TAIWAN |  |  |  |
| COMPUTING AND IT Taiwan Semiconductor Manufacturing Co. Ltd. -ADR- | 23,499 | 2,827,165 | 0.53 |
| TOTAL INVESTMENTS IN SECURITIES (TAIWAN) |  | 2,827,165 | 0.53 |

COMMON STOCKS ARGENTINA COMPUTING AND IT
ALGER SICAV - ALGER AMERICAN ASSET GROWTH FUND
Statement of Investments as of 31 December 2021 (continued)(Market Values Expressed in U.S. Dollars)
| Description | Number of Shares/ Principal Amount | Market Value |  | % of Net Assets |  |
| --- | --- | --- | --- | --- | --- |
| UNITED KINGDOM |  |  |  |  |  |
| CONSUMER RETAIL Capri Holdings Ltd. | 90,585 | 5,879,872 |  | 1.11 |  |
| TOTAL INVESTMENTS IN SECURITIES (UNITED KINGDOM) |  | 5,879,872 |  | 1.11 |  |
| UNITED STATES |  |  |  |  |  |
| BASIC GOODS NIKE, Inc. -B- | 11,477 | 1,912,872 |  | 0.36 |  |
| COMPUTING AND IT Adobe, Inc. | 22,797 | 12,927,267 |  | 2.45 |  |
| Advanced Micro Devices, Inc. | 82,908 | 11,930,461 |  | 2.26 |  |
| Alphabet, Inc. -C- | 9,819 | 28,412,160 |  | 5.38 |  |
| Amplitude, Inc. -A- | 3,776 | 199,901 |  | 0.04 |  |
| Apple, Inc. | 174,894 | 31,055,928 |  | 5.88 |  |
| Applied Materials, Inc. | 79,291 | 12,477,232 |  | 2.36 |  |
| Avalara, Inc. | 7,546 | 974,264 |  | 0.19 |  |
| Bill.com Holdings, Inc. | 19,713 | 4,911,494 |  | 0.93 |  |
| Block, Inc. -A- | 29,853 | 4,821,558 |  | 0.91 |  |
| Cadence Design Systems, Inc. | 19,726 | 3,675,940 |  | 0.70 |  |
| Confluent, Inc. -A- | 57,498 | 4,383,648 |  | 0.83 |  |
| Crowdstrike Holdings, Inc. -A- | 8,107 | 1,659,908 |  | 0.32 |  |
| Doximity, Inc. -A- | 2,880 | 144,374 |  | 0.03 |  |
| Intuit, Inc. | 21,529 | 13,847,883 |  | 2.62 |  |
| Micron Technology, Inc. | 104,092 | 9,696,170 |  | 1.84 |  |
| Microsoft Corp. | 156,151 | 52,516,704 |  | 9.95 |  |
| MongoDB, Inc. | 3,750 | 1,985,063 |  | 0.38 |  |
| NVIDIA Corp. | 68,221 | 20,064,478 |  | 3.80 |  |
| QUALCOMM, Inc. | 75,275 | 13,765,539 |  | 2.61 |  |
| ROBLOX Corp. -A- | 33,314 | 3,436,672 |  | 0.65 |  |
| Roku, Inc. | 12,772 | 2,914,570 |  | 0.55 |  |
| salesforce.com, Inc. | 33,950 | 8,627,714 |  | 1.64 |  |
| ServiceNow, Inc. | 4,087 | 2,652,913 |  | 0.50 |  |
| SiTime Corp. | 3,075 | 899,561 |  | 0.17 |  |
| Snowflake, Inc. -A- | 1,852 | 627,365 |  | 0.12 |  |
| Take-Two Interactive Software, Inc. | 23,575 | 4,189,749 |  | 0.79 |  |
| Twilio, Inc. -A- | 24,542 | 6,462,890 |  | 1.22 |  |
| Unity Software, Inc. | 37,887 | 5,417,462 |  | 1.03 |  |
| Upstart Holdings, Inc. | 3,644 | 551,337 |  | 0.10 |  |
| Workday, Inc. -A- | 1,926 | 526,145 |  | 0.10 |  |
|  |  | 265,756,350 |  | 50.35 |  |
| CONSUMER RETAIL Amazon.com, Inc. | 11,133 | 37,121,207 |  | 7.03 |  |
| Carvana Co. | 10,186 | 2,361,013 |  | 0.45 |  |
| Chipotle Mexican Grill, Inc. | 2,333 | 4,078,667 |  | 0.77 |  |
| DraftKings, Inc. -A- | 20,408 | 560,608 |  | 0.11 |  |
| General Motors Co. | 105,132 | 6,163,889 |  | 1.17 |  |
| GXO Logistics, Inc. | 12,769 | 1,159,808 |  | 0.22 |  |
| Lithia Motors, Inc. | 10,427 | 3,096,298 |  | 0.59 |  |
| Lululemon Athletica, Inc. | 6,543 | 2,561,257 |  | 0.48 |  |
| Marqeta, Inc. -A- | 189,956 | 3,261,545 |  | 0.62 |  |
| MGM Resorts International | 193,795 | 8,697,520 |  | 1.65 |  |
| Netflix, Inc. | 5,551 | 3,344,145 |  | 0.63 |  |
| PayPal Holdings, Inc. | 48,710 | 9,185,732 |  | 1.74 |  |
| Shake Shack, Inc. -A- | 37,002 | 2,670,064 |  | 0.50 |  |
| Snap, Inc. -A- | 78,176 | 3,676,617 |  | 0.70 |  |
| Tesla, Inc. | 15,199 | 16,061,999 |  | 3.04 |  |

ALGER SICAV - ALGER AMERICAN ASSET GROWTH FUND
Statement of Investments as of 31 December 2021 (continued)(Market Values Expressed in U.S. Dollars)
| Description | Number of Shares/ Principal Amount | Market Value |  | % of Net Assets |  |
| --- | --- | --- | --- | --- | --- |
| Uber Technologies, Inc. | 127,426 | 5,342,972 |  | 1.01 |  |
| Vail Resorts, Inc. | 17,970 | 5,892,363 |  | 1.12 |  |
|  |  | 115,235,704 |  | 21.83 |  |
| FINANCE Coinbase Global, Inc. -A- | 16,537 | 4,173,443 |  | 0.79 |  |
| Morgan Stanley | 11,145 | 1,093,993 |  | 0.20 |  |
| S&P Global, Inc. | 15,659 | 7,389,952 |  | 1.40 |  |
| Signature Bank | 19,291 | 6,240,060 |  | 1.18 |  |
| Simon Property Group, Inc. | 13,787 | 2,202,749 |  | 0.42 |  |
| Visa, Inc. -A- | 49,389 | 10,703,090 |  | 2.03 |  |
|  |  | 31,803,287 |  | 6.02 |  |
| HEALTH Abbott Laboratories | 3,740 | 526,368 |  | 0.10 |  |
| AbbVie, Inc. | 37,333 | 5,054,888 |  | 0.96 |  |
| Align Technology, Inc. | 2,880 | 1,892,678 |  | 0.36 |  |
| Danaher Corp. | 32,922 | 10,831,667 |  | 2.05 |  |
| DexCom, Inc. | 3,796 | 2,038,262 |  | 0.39 |  |
| Edwards Lifesciences Corp. | 14,555 | 1,885,600 |  | 0.36 |  |
| Eli Lilly & Co. | 6,422 | 1,773,885 |  | 0.34 |  |
| Estée Lauder Cos, Inc. -A- | 6,326 | 2,341,885 |  | 0.44 |  |
| Horizon Therapeutics Plc. | 23,034 | 2,482,144 |  | 0.47 |  |
| Intuitive Surgical, Inc. | 17,701 | 6,359,969 |  | 1.20 |  |
| Natera, Inc. | 21,322 | 1,991,262 |  | 0.38 |  |
| Tenet Healthcare Corp. | 15,376 | 1,256,066 |  | 0.24 |  |
| UnitedHealth Group, Inc. | 19,672 | 9,878,098 |  | 1.87 |  |
| Vertex Pharmaceuticals, Inc. | 8,254 | 1,812,578 |  | 0.34 |  |
|  |  | 50,125,350 |  | 9.50 |  |
| INDUSTRIES AMETEK, Inc. | 39,879 | 5,863,808 |  | 1.11 |  |
| Eaton Corp Plc. | 56,838 | 9,822,743 |  | 1.86 |  |
| Live Nation Entertainment, Inc. | 46,342 | 5,546,674 |  | 1.05 |  |
| TransDigm Group, Inc. | 10,854 | 6,906,183 |  | 1.31 |  |
| Union Pacific Corp. | 8,702 | 2,192,295 |  | 0.42 |  |
| XPO Logistics, Inc. | 35,557 | 2,753,179 |  | 0.52 |  |
|  |  | 33,084,882 |  | 6.27 |  |
| TELECOMMUNICATION Airbnb, Inc. -A- | 10,453 | 1,740,320 |  | 0.33 |  |
| TOTAL INVESTMENTS IN SECURITIES (UNITED STATES) |  | 499,658,765 |  | 94.66 |  |
| URUGUAY |  |  |  |  |  |
| INDUSTRIES DLocal Ltd. | 49,920 | 1,781,645 |  | 0.34 |  |
| TOTAL INVESTMENTS IN SECURITIES (URUGUAY) |  | 1,781,645 |  | 0.34 |  |

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING
OR DEALT IN ON OTHER REGULATED MARKETS	528,192,827	100.06
ALGER SICAV - ALGER AMERICAN ASSET GROWTH FUND
Statement of Investments as of 31 December 2021 (continued)(Market Values Expressed in U.S. Dollars)
| Description | Number of Shares/ Principal Amount | Market Value | % of Net Assets |
| --- | --- | --- | --- |
| OTHER TRANSFERABLE SECURITIES |  |  |  |
| PREFERRED STOCKS |  |  |  |
| UNITED STATES |  |  |  |
| HEALTH Prosetta Biosciences, Inc. -D- * | 132,392 | - | - |
| TOTAL INVESTMENTS IN SECURITIES (UNITED STATES) |  | - | - |
| TOTAL INVESTMENTS IN OTHER TRANSFERABLE SECURITIES |  | - | - |
| TOTAL INVESTMENTS IN SECURITIES |  | 528,192,827 | 100.06 |
| -ADR-	American Depositary Receipt |  |  |  |

* 
The price of this security has been fair valued by the Board of Directors of the Fund.
ALGER SICAV - ALGER AMERICAN ASSET GROWTH FUND
Forward Foreign Exchange Contracts as of 31 December 2021(Market Values Expressed in U.S. Dollars)
Maturity	Purchase commitment in
foreign currency
Sale commitment in foreign currency
Unrealized appreciation/(depreciation)
| 14/01/2022 | 35,939,778 | EUR | 40,606,676 | USD | 318,797 |
| --- | --- | --- | --- | --- | --- |
| 14/01/2022 | 3,584,971 | USD | 3,166,722 | EUR | (21,049) |

State Street Bank and Trust Company is the counterparty to the Forward Foreign Exchange Contracts.
ALGER SICAV - ALGER DYNAMIC OPPORTUNITIES FUND
Statement of Investments as of 31 December 2021(Market Values Expressed in U.S. Dollars)
Description
Number of Shares/ Principal
Amount	Market Value
% of Net Assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON OTHER REGULATED MARKETS
| Novanta, Inc. | 6,886 | 1,214,209 | 0.45 |
| --- | --- | --- | --- |
| FINANCE FirstService Corp. | 32,241 | 6,334,389 | 2.35 |
| HEALTH Green Thumb Industries, Inc. | 15,812 | 352,503 | 0.13 |
| TOTAL INVESTMENTS IN SECURITIES (CANADA) |  | 7,901,101 | 2.93 |
| GUERNSEY |  |  |  |
| COMPUTING AND IT Genius Sports Ltd. | 51,807 | 393,733 | 0.15 |
| TOTAL INVESTMENTS IN SECURITIES (GUERNSEY) |  | 393,733 | 0.15 |
| ISRAEL |  |  |  |
| HEALTH Inmode Ltd. | 6,917 | 488,202 | 0.18 |
| TOTAL INVESTMENTS IN SECURITIES (ISRAEL) |  | 488,202 | 0.18 |
| LUXEMBOURG |  |  |  |
| COMPUTING AND IT Globant SA | 2,061 | 647,340 | 0.24 |
| TOTAL INVESTMENTS IN SECURITIES (LUXEMBOURG) |  | 647,340 | 0.24 |
| NETHERLANDS |  |  |  |
| CONSUMER RETAIL MYT Netherlands Parent -ADR- | 77,108 | 1,635,460 | 0.61 |
| ENERGY Core Laboratories NV | 105,196 | 2,346,923 | 0.87 |
| TOTAL INVESTMENTS IN SECURITIES (NETHERLANDS) |  | 3,982,383 | 1.48 |
| UNITED KINGDOM |  |  |  |
| CONSUMER RETAIL Capri Holdings Ltd. | 19,325 | 1,254,386 | 0.46 |
| TOTAL INVESTMENTS IN SECURITIES (UNITED KINGDOM) |  | 1,254,386 | 0.46 |
| UNITED STATES |  |  |  |
| COMPUTING AND IT Advanced Micro Devices, Inc. | 6,625 | 953,338 | 0.35 |
| Altair Engineering, Inc. -A- | 842 | 65,103 | 0.02 |
| Applied Materials, Inc. | 264 | 41,543 | 0.02 |
| Avalara, Inc. | 6,896 | 890,343 | 0.33 |
| Azenta, Inc. | 9,404 | 969,646 | 0.36 |
| BigCommerce Holdings, Inc. | 16,049 | 567,653 | 0.21 |
| Bill.com Holdings, Inc. | 7,633 | 1,901,762 | 0.71 |
| Block, Inc. -A- | 3,212 | 518,770 | 0.19 |
| Cerence, Inc. | 21,777 | 1,668,989 | 0.62 |

COMMON STOCKS CANADA COMPUTING AND IT
ALGER SICAV - ALGER DYNAMIC OPPORTUNITIES FUND
Statement of Investments as of 31 December 2021 (continued)(Market Values Expressed in U.S. Dollars)
| Description | Number of Shares/ Principal Amount | Market Value |  | % of Net Assets |  |
| --- | --- | --- | --- | --- | --- |
| Confluent, Inc. -A- | 28,147 | 2,145,927 |  | 0.80 |  |
| Crowdstrike Holdings, Inc. -A- | 5,332 | 1,091,727 |  | 0.41 |  |
| Definitive Healthcare Corp. | 109 | 2,979 |  | 0.00 |  |
| Duolingo, Inc. | 56 | 5,942 |  | 0.00 |  |
| Ebix, Inc. | 18,492 | 562,157 |  | 0.21 |  |
| EPAM Systems, Inc. | 2,008 | 1,342,248 |  | 0.50 |  |
| Everbridge, Inc. | 5,508 | 370,854 |  | 0.14 |  |
| HubSpot, Inc. | 2,722 | 1,794,206 |  | 0.67 |  |
| Impinj, Inc. | 14,470 | 1,283,489 |  | 0.48 |  |
| LivePerson, Inc. | 9,671 | 345,448 |  | 0.13 |  |
| Manhattan Associates, Inc. | 6,848 | 1,064,796 |  | 0.40 |  |
| Micron Technology, Inc. | 41,750 | 3,889,012 |  | 1.44 |  |
| MongoDB, Inc. | 1,046 | 553,700 |  | 0.21 |  |
| Paylocity Holding Corp. | 33,435 | 7,896,010 |  | 2.93 |  |
| Rapid7, Inc. | 1,770 | 208,311 |  | 0.08 |  |
| ROBLOX Corp. -A- | 4,555 | 469,894 |  | 0.17 |  |
| Roku, Inc. | 5,610 | 1,280,202 |  | 0.47 |  |
| SEMrush Holdings, Inc. -A- | 12,261 | 255,642 |  | 0.09 |  |
| Sprout Social, Inc. -A- | 6,471 | 586,855 |  | 0.22 |  |
| SPS Commerce, Inc. | 26,595 | 3,785,798 |  | 1.40 |  |
| Take-Two Interactive Software, Inc. | 12,956 | 2,302,540 |  | 0.85 |  |
| Thoughtworks Holding, Inc. | 19,669 | 527,326 |  | 0.20 |  |
| Trade Desk, Inc. -A- | 1,840 | 168,618 |  | 0.06 |  |
| Upstart Holdings, Inc. | 33,760 | 5,107,888 |  | 1.89 |  |
| Vertex, Inc. -A- | 133,121 | 2,112,630 |  | 0.78 |  |
|  |  | 46,731,346 |  | 17.34 |  |
| CONSUMER RETAIL |  |  |  |  |  |
| Cheesecake Factory, Inc. | 41,774 | 1,635,452 |  | 0.61 |  |
| Chegg, Inc. | 198,928 | 6,107,089 |  | 2.27 |  |
| Etsy, Inc. | 259 | 56,705 |  | 0.02 |  |
| Gray Television, Inc. | 33,342 | 672,175 |  | 0.25 |  |
| Lindblad Expeditions Holdings, Inc. | 57,118 | 891,041 |  | 0.33 |  |
| Marqeta, Inc. -A- | 126,471 | 2,171,507 |  | 0.81 |  |
| MGM Resorts International | 45,616 | 2,047,246 |  | 0.76 |  |
| Netflix, Inc. | 7,741 | 4,663,488 |  | 1.73 |  |
| Ollie’s Bargain Outlet Holdings, Inc. | 32,796 | 1,678,827 |  | 0.62 |  |
| PayPal Holdings, Inc. | 13,605 | 2,565,631 |  | 0.95 |  |
| PetIQ, Inc. | 19,073 | 433,148 |  | 0.16 |  |
| Progyny, Inc. | 113,191 | 5,699,167 |  | 2.11 |  |
| Shake Shack, Inc. -A- | 24,789 | 1,788,774 |  | 0.66 |  |
| Tesla, Inc. | 1,838 | 1,942,362 |  | 0.72 |  |
| Uber Technologies, Inc. | 39,633 | 1,661,812 |  | 0.62 |  |
| Vail Resorts, Inc. | 9,303 | 3,050,454 |  | 1.13 |  |
| Victoria’s Secret & Co. | 24,935 | 1,384,890 |  | 0.51 |  |
| Waste Connections, Inc. | 19,382 | 2,641,185 |  | 0.98 |  |
| Wingstop, Inc. | 3,683 | 636,422 |  | 0.24 |  |
|  |  | 41,727,375 |  | 15.48 |  |
| ENERGY |  |  |  |  |  |
| Diamondback Energy, Inc. | 35,162 | 3,792,222 |  | 1.40 |  |
| EOG Resources, Inc. | 42,760 | 3,798,371 |  | 1.41 |  |
|  |  | 7,590,593 |  | 2.81 |  |
| FINANCE |  |  |  |  |  |
| Axos Financial, Inc. | 6,468 | 361,626 |  | 0.13 |  |
| Goosehead Insurance, Inc. -A- | 2,411 | 313,623 |  | 0.12 |  |
| Hamilton Lane, Inc. -A- | 33,385 | 3,459,354 |  | 1.28 |  |
| LendingTree, Inc. | 5,289 | 648,431 |  | 0.24 |  |
| Prologis, Inc. | 7,829 | 1,318,090 |  | 0.49 |  |

ALGER SICAV - ALGER DYNAMIC OPPORTUNITIES FUND
Statement of Investments as of 31 December 2021 (continued)(Market Values Expressed in U.S. Dollars)
| Description | Number of Shares/ Principal Amount | Market Value |  | % of Net Assets |  |
| --- | --- | --- | --- | --- | --- |
| Signature Bank | 28,876 | 9,340,520 |  | 3.47 |  |
| Simon Property Group, Inc. | 14,323 | 2,288,386 |  | 0.85 |  |
| StepStone Group, Inc. -A- | 101,428 | 4,216,362 |  | 1.56 |  |
|  |  | 21,946,392 |  | 8.14 |  |
| HEALTH AbbVie, Inc. | 18,828 | 2,549,311 |  | 0.95 |  |
| ACADIA Pharmaceuticals, Inc. | 88,234 | 2,059,382 |  | 0.76 |  |
| Aerie Pharmaceuticals, Inc. | 29,058 | 203,987 |  | 0.08 |  |
| Apria, Inc. | 115,520 | 3,765,952 |  | 1.40 |  |
| BioMarin Pharmaceutical, Inc. | 19,400 | 1,713,990 |  | 0.64 |  |
| Bio-Techne Corp. | 2,348 | 1,214,714 |  | 0.45 |  |
| Catalent, Inc. | 10,033 | 1,284,525 |  | 0.48 |  |
| Celldex Therapeutics, Inc. | 32,393 | 1,251,666 |  | 0.46 |  |
| CryoPort, Inc. | 7,669 | 453,775 |  | 0.17 |  |
| CVS Health Corp. | 12,201 | 1,258,655 |  | 0.47 |  |
| Eargo, Inc. | 39,749 | 202,720 |  | 0.07 |  |
| Edwards Lifesciences Corp. | 25,545 | 3,309,355 |  | 1.23 |  |
| Glaukos Corp. | 34,875 | 1,549,845 |  | 0.57 |  |
| Guardant Health, Inc. | 37,457 | 3,746,449 |  | 1.39 |  |
| Inspire Medical Systems, Inc. | 2,635 | 606,208 |  | 0.22 |  |
| Insulet Corp. | 9,151 | 2,434,807 |  | 0.90 |  |
| Natera, Inc. | 82,446 | 7,699,632 |  | 2.86 |  |
| NeoGenomics, Inc. | 7,493 | 255,661 |  | 0.09 |  |
| Nevro Corp. | 30,847 | 2,500,766 |  | 0.93 |  |
| Tabula Rasa HealthCare, Inc. | 28,086 | 421,290 |  | 0.16 |  |
| Ultragenyx Pharmaceutical, Inc. | 9,187 | 772,535 |  | 0.29 |  |
| Veeva Systems, Inc. -A- | 4,238 | 1,082,724 |  | 0.40 |  |
| Vertex Pharmaceuticals, Inc. | 10,002 | 2,196,439 |  | 0.81 |  |
|  |  | 42,534,388 |  | 15.78 |  |
| INDUSTRIES 908 Devices, Inc | 72,461 | 1,874,566 |  | 0.69 |  |
| Casella Waste Systems, Inc. -A- | 25,506 | 2,178,723 |  | 0.81 |  |
| HEICO Corp. | 20,574 | 2,967,182 |  | 1.10 |  |
| HEICO Corp. -A- | 16,541 | 2,125,849 |  | 0.79 |  |
| Kratos Defense & Security Solutions, Inc. | 25,552 | 495,709 |  | 0.18 |  |
| Latham Group, Inc. | 88,027 | 2,203,316 |  | 0.82 |  |
| Live Nation Entertainment, Inc. | 17,563 | 2,102,115 |  | 0.78 |  |
| Montrose Environmental Group, Inc. | 60,658 | 4,276,996 |  | 1.59 |  |
| SiteOne Landscape Supply, Inc. | 14,201 | 3,440,618 |  | 1.28 |  |
| TransDigm Group, Inc. | 9,770 | 6,216,456 |  | 2.31 |  |
| XPO Logistics, Inc. | 5,363 | 415,257 |  | 0.15 |  |
|  |  | 28,296,787 |  | 10.50 |  |
| MULTI-UTILITIES Ameresco, Inc. -A- | 34,495 | 2,809,273 |  | 1.04 |  |
| RAW MATERIALS MP Materials Corp. | 49,832 | 2,263,369 |  | 0.84 |  |
| TELECOMMUNICATION Airbnb, Inc. -A- | 15,407 | 2,565,111 |  | 0.95 |  |
| TOTAL INVESTMENTS IN SECURITIES (UNITED STATES) |  | 196,464,634 |  | 72.88 |  |

ALGER SICAV - ALGER DYNAMIC OPPORTUNITIES FUND
Statement of Investments as of 31 December 2021 (continued)(Market Values Expressed in U.S. Dollars)
| Description | Number of Shares/ Principal Amount | Market Value | % of Net Assets |
| --- | --- | --- | --- |
| URUGUAY |  |  |  |
| INDUSTRIES DLocal Ltd. | 47,348 | 1,689,850 | 0.63 |
| TOTAL INVESTMENTS IN SECURITIES (URUGUAY) |  | 1,689,850 | 0.63 |
| TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON OTHER REGULATED MARKETS	212,821,629	78.95 |

| OTHER TRANSFERABLE SECURITIES PREFERRED STOCKS UNITED STATES |  |
| --- | --- |
| HEALTH Prosetta Biosciences, Inc. -D- * | 23,691 | - |  | - |  |
| TOTAL INVESTMENTS IN SECURITIES (UNITED STATES) |  | - |  | - |  |
| RIGHTS |  |  |  |  |  |
| UNITED STATES |  |  |  |  |  |
| HEALTH Tolero Pharmaceutical, Inc. -CDR- * | 34,419 | 25,470 |  | 0.01 |  |
| TOTAL INVESTMENTS IN SECURITIES (UNITED STATES) |  | 25,470 |  | 0.01 |  |
| SPECIAL PURPOSE VEHICLES |  |  |  |  |  |
| UNITED STATES |  |  |  |  |  |
| FINANCE Crosslink Ventures C, LLC -A- * | 7 | 280,196 |  | 0.10 |  |
| Crosslink Ventures C, LLC -B- * | 3 | 126,531 |  | 0.05 |  |
|  |  | 406,727 |  | 0.15 |  |
| TOTAL INVESTMENTS IN SECURITIES (UNITED STATES) |  | 406,727 |  | 0.15 |  |
| TOTAL INVESTMENTS IN OTHER TRANSFERABLE SECURITIES |  | 432,197 |  | 0.16 |  |
| TOTAL INVESTMENTS IN SECURITIES |  | 213,253,826 |  | 79.11 |  |

-ADR-	American Depositary Receipt
-CDR-	Contingent Deferred Rights
* 
The price of this security has been fair valued by the Board of Directors of the Fund.
ALGER SICAV - ALGER DYNAMIC OPPORTUNITIES FUND
|  | Contracts For Difference as of 31 December 2021(Expressed in U.S. Dollars) |  |
| --- | --- | --- |
| Holding | Description | Commitment USD | Unrealized appreciation / depreciation USD |
| (8,617) | 1stDibs.com, Inc. | (107,799) | 81,923 |
| (3,046) | 2U, Inc. | (61,133) | 54,402 |
| 15,582 | Advanced Micro Devices, Inc. | 2,242,250 | 120,263 |
| (66,647) | American Well Corp. | (402,548) | 163,036 |
| 37,853 | Applied Materials, Inc. | 5,956,548 | 168,268 |
| (2,035) | Brinks Co. | (133,435) | 24,424 |
| (13,246) | Castlight Health, Inc. -B- | (20,399) | 2,985 |
| (26) | CBL & Associates Properties, Inc. | (811) | 22 |
| (19,009) | Elanco Animal Health, Inc. | (539,475) | 88,079 |
| (98,281) | Empire State Realty Trust, Inc. -A- | (874,701) | 220,171 |
| (22,442) | FuboTV, Inc. | (348,300) | 252,358 |
| (27,243) | GTT Communications, Inc. | (370) | 61,599 |
| (57,681) | Healthcare Services Group, Inc. | (1,026,145) | 494,831 |
| (98,135) | Hims & Hers Health, Inc. | (642,784) | 312,334 |
| 4,980 | Intuitive Surgical, Inc. | 1,789,314 | 427,075 |
| (3,617) | iRobot Corp. | (238,288) | 80,880 |
| (288,473) | Latch, Inc. | (2,183,741) | 746,863 |
| (36,219) | Lemonade, Inc. | (1,525,182) | 1,357,604 |
| (17,237) | Lucid Group, Inc. | (655,868) | 91,105 |
| 25,823 | MGM Resorts International | 1,158,936 | 190,419 |
| 13,979 | Microsoft Corp. | 4,701,417 | 65,198 |
| (42,984) | Microvision, Inc. | (215,350) | 161,578 |
| (2,885) | Monday.com Ltd. | (890,657) | 18,898 |
| (147,719) | Omega Healthcare Investors, Inc. | (4,371,005) | 573,563 |
| (49,736) | Opendoor Technologies, Inc. | (726,643) | 106,597 |
| (14,499) | Oracle Corp. | (1,264,458) | 35,992 |
| (13,387) | Palomar Holdings, Inc. | (867,076) | 60,350 |
| (117,773) | Paramount Group, Inc. | (982,227) | 169,125 |
| (3,270) | Pennsylvania Real Estate Investment Trust | (3,335) | 2,658 |
| (78,921) | Porch Group, Inc. | (1,230,378) | 166,609 |
| (56,694) | Poshmark, Inc. -A- | (965,499) | 1,388,596 |
| (3,473) | Proto Labs, Inc. | (178,338) | 177,369 |
| (290,535) | PureCycle Technologies, Inc. | (2,780,420) | 1,487,764 |
| (16,865) | Quantumscape Corp. | (374,234) | 173,036 |
| (9,942) | Rackspace Technology, Inc. | (133,919) | 57,703 |
| (32,629) | Rent the Runway, Inc. | (265,926) | 50,882 |
| (12,350) | Rollins, Inc. | (422,493) | 12,932 |
| (18,065) | Russell 2000 Growth Index | (26,927,891) | 330,559 |
| (7,865) | Russell 2500 Growth Index | (9,578,492) | 243,431 |
| (95,577) | Seritage Growth Properties -A- | (1,268,307) | 247,224 |
| (5,128) | SL Green Realty Corp. | (367,678) | 6,825 |
| (9,251) | Sumo Logic, Inc. | (125,444) | 31,662 |
| 1,862 | Tesla, Inc. | 1,967,724 | 688,091 |
| (86,281) | The Original BARK Co. | (364,106) | 240,948 |
| (6,695) | ThredUp, Inc. | (85,428) | 71,863 |
| 3,650 | Transdigm Group, Inc. | 2,322,422 | 66,591 |
| (11,378) | Twitter, Inc. | (491,757) | 122,631 |
| (4,438) | UiPath, Inc. | (191,411) | 38,039 |
| (26,960) | Virgin Galactic Holdings, Inc. | (360,725) | 127,171 |
| (5,216) | Vornado Realty Trust | (218,342) | 13,383 |
| (1,279) | Wayfair, Inc. -A- | (242,972) | 18,232 |
| (15,972) | ZipRecruiter, Inc. -A- | (398,342) | 41,984 |

TOTAL UNREALIZED APPRECIATION ON CONTRACTS FOR DIFFERENCE	(44,915,221)	11,936,125
| 792 | Alphabet, Inc. -C- | 2,291,723 | (56,910) |
| --- | --- | --- | --- |
| 968 | Amazon Com, Inc. | 3,227,641 | (36,906) |
| 1,152 | ASML Holding NV - ADR- | 917,153 | (59,221) |
| (2,038) | Carmax, Inc. | (265,409) | (4,598) |
| (4,265) | Cisco Systems, Inc. | (270,273) | (44,367) |
| (8,105) | Clorox Co. | (1,413,188) | (75,412) |
| (2,283) | Cognizant Tech Solutions Corp. | (202,548) | (33,187) |
| (1,864) | Crocs, Inc. | (239,002) | (15,203) |
| 12,661 | Etsy, Inc. | 2,771,999 | (987,634) |
| (152,003) | FREYR Battery SA | (1,699,393) | (207,549) |
| (5,247) | Inari Medical, Inc. | (478,894) | (17,878) |
| (1,221) | Kinsale Capital Group, Inc. | (290,464) | (88,925) |
| (2,043) | Main Street Capital Corp. | (91,649) | (7,967) |
| (18,245) | Radnet, Inc. | (549,357) | (32,714) |
| (2,508) | Ross Stores, Inc. | (286,614) | (12,578) |
| (4,017) | Russell 1000 Growth Index | (12,352,233) | (805,649) |
| 1,638 | Shopify, Inc. -A- | 2,256,165 | (411,705) |

ALGER SICAV - ALGER DYNAMIC OPPORTUNITIES FUND
Contracts For Difference as of 31 December 2021 (continued)(Expressed in U.S. Dollars)
| Holding	Description | Commitment USD | Unrealized appreciation / depreciation USD |
| --- | --- | --- |
| (15,010)	Under Armour -C- | (270,780) | (9,249) |
| (3,162)	Yeti Holdings, Inc. | (261,908) | (1,431) |
| TOTAL UNREALIZED DEPRECIATION ON CONTRACTS FOR DIFFERENCE | (7,207,031) | (2,909,083) |
| TOTAL INVESTMENTS IN CONTRACTS FOR DIFFERENCE | (52,122,252) | 9,027,042 |
| Goldman Sachs and BNP Paribas are counterparties to the Contracts for Difference. |  |  |
| At 31 December 2021, the Fund had pledged margin of USD 17,825,777 relating to Contracts for Difference. |  |  |

ALGER SICAV - ALGER DYNAMIC OPPORTUNITIES FUND
Forward Foreign Exchange Contracts as of 31 December 2021(Market Values Expressed in U.S. Dollars)
Maturity	Purchase commitment in
foreign currency
Sale commitment in foreign currency
Unrealized appreciation/(depreciation)
| 14/01/2022 | 13,413,067 | EUR | 15,156,049 | USD | 117,727 |
| --- | --- | --- | --- | --- | --- |
| 14/01/2022 | 2,460,379 | USD | 2,177,451 | EUR | (19,136) |

State Street Bank and Trust Company is the counterparty to the Forward Foreign Exchange Contracts.
ALGER SICAV - ALGER EMERGING MARKETS FUND
Statement of Investments as of 31 December 2021(Market Values Expressed in U.S. Dollars)
Description
Number of Shares/ Principal
Amount	Market Value
% of Net Assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON OTHER REGULATED MARKETS
| MercadoLibre, Inc. | 290 | 391,036 |  | 3.25 |  |
| --- | --- | --- | --- | --- | --- |
| TOTAL INVESTMENTS IN SECURITIES (ARGENTINA) |  | 391,036 |  | 3.25 |
| BRAZIL |  |  |  |  |  |
| CONSUMER RETAIL Arezzo Industria e Comercio SA | 19,000 | 261,200 |  | 2.17 |  |
| ENERGY Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA | 116,000 | 136,246 |  | 1.13 |  |
| INDUSTRIES Boa Vista Servicos SA | 116,688 | 125,696 |  | 1.05 |  |
| TOTAL INVESTMENTS IN SECURITIES (BRAZIL) |  | 523,142 |  | 4.35 |  |
| CAYMAN ISLANDS |  |  |  |  |  |
| CONSUMER RETAIL Geely Automobile Holdings Ltd. | 98,000 | 267,718 |  | 2.22 |  |
| FINANCE NU Holdings Ltd. -A- | 12,000 | 112,560 |  | 0.94 |  |
| Vinci Partners Investments Ltd. -A- | 13,048 | 139,613 |  | 1.16 |  |
|  |  | 252,173 |  | 2.10 |  |
| TOTAL INVESTMENTS IN SECURITIES (CAYMAN ISLANDS) |  | 519,891 |  | 4.32 |  |
| CHINA |  |  |  |  |  |
| COMPUTING AND IT Glodon Co. Ltd. -A- | 24,000 | 240,876 |  | 2.00 |  |
| Tencent Holdings Ltd. | 3,275 | 191,100 |  | 1.59 |  |
|  |  | 431,976 |  | 3.59 |  |
| CONSUMER RETAIL ANTA Sports Products Ltd. | 16,000 | 240,293 |  | 2.00 |  |
| BYD Co. Ltd. -H- | 13,880 | 469,482 |  | 3.90 |  |
| JD Health International, Inc. | 47,000 | 370,756 |  | 3.08 |  |
| JD.com, Inc. -ADR- | 2,980 | 208,809 |  | 1.74 |  |
| Li Ning Co. Ltd. | 22,000 | 241,341 |  | 2.01 |  |
| Meituan -B- | 12,000 | 347,010 |  | 2.89 |  |
|  |  | 1,877,691 |  | 15.62 |  |
| ENERGY LONGi Green Energy Technology Co. Ltd. -A- | 16,921 | 228,942 |  | 1.90 |  |
| FINANCE East Money Information Co. Ltd. -A- | 46,995 | 273,964 |  | 2.28 |  |
| Noah Holdings Ltd. -ADR- | 6,874 | 210,963 |  | 1.75 |  |
|  |  | 484,927 |  | 4.03 |  |
| TOTAL INVESTMENTS IN SECURITIES (CHINA) |  | 3,023,536 |  | 25.14 |  |

COMMON STOCKS ARGENTINA COMPUTING AND IT
ALGER SICAV - ALGER EMERGING MARKETS FUND
Statement of Investments as of 31 December 2021 (continued)(Market Values Expressed in U.S. Dollars)
| Description | Number of Shares/ Principal Amount | Market Value |  | % of Net Assets |  |
| --- | --- | --- | --- | --- | --- |
| GREECE |  |  |  |  |  |
| CONSUMER RETAIL JUMBO SA | 5,000 | 71,741 |  | 0.60 |  |
| TOTAL INVESTMENTS IN SECURITIES (GREECE) |  | 71,741 |  | 0.60 |  |
| HONG KONG |  |  |  |  |  |
| FINANCE Hong Kong Exchanges & Clearing Ltd. | 3,975 | 232,474 |  | 1.93 |  |
| TOTAL INVESTMENTS IN SECURITIES (HONG KONG) |  | 232,474 |  | 1.93 |  |
| INDIA |  |  |  |  |  |
| CONSUMER RETAIL Barbeque Nation Hospitality Ltd. | 8,000 | 154,268 |  | 1.28 |  |
| Titan Co. Ltd. | 5,000 | 169,145 |  | 1.41 |  |
|  |  | 323,413 |  | 2.69 |  |
| FINANCE HDFC Bank Ltd. | 18,000 | 356,350 |  | 2.97 |  |
| Manappuram Finance Ltd. | 132,000 | 291,172 |  | 2.42 |  |
|  |  | 647,522 |  | 5.39 |  |
| HEALTH Metropolis Healthcare Ltd. | 3,500 | 161,847 |  | 1.35 |  |
| Syngene International Ltd. | 40,000 | 332,524 |  | 2.76 |  |
|  |  | 494,371 |  | 4.11 |  |
| INDUSTRIES Amber Enterprises India Ltd. | 7,000 | 311,716 |  | 2.59 |  |
| TELECOMMUNICATION FSN E-Commerce Ventures Ltd. | 4,600 | 130,047 |  | 1.08 |  |
| Route Mobile Ltd. | 11,000 | 263,255 |  | 2.19 |  |
|  |  | 393,302 |  | 3.27 |  |
| TOTAL INVESTMENTS IN SECURITIES (INDIA) |  | 2,170,324 |  | 18.05 |  |
| INDONESIA |  |  |  |  |  |
| FINANCE Bank BTPN Syariah | 510,000 | 128,083 |  | 1.07 |  |
| TOTAL INVESTMENTS IN SECURITIES (INDONESIA) |  | 128,083 |  | 1.07 |  |
| JERSEY |  |  |  |  |  |
| INDUSTRIES Wizz Air Holdings Plc. | 3,514 | 199,401 |  | 1.66 |  |
| TOTAL INVESTMENTS IN SECURITIES (JERSEY) |  | 199,401 |  | 1.66 |  |
| KOREA |  |  |  |  |  |
| COMPUTING AND IT Chunbo Co. Ltd. | 1,827 | 534,568 |  | 4.44 |  |
| Kakao Corp. | 2,660 | 251,190 |  | 2.09 |  |
| LEENO Industrial, Inc. | 2,439 | 406,173 |  | 3.38 |  |
|  |  | 1,191,931 |  | 9.91 |  |
| HEALTH Ray Co. Ltd. | 14,500 | 345,117 |  | 2.87 |  |
| TOTAL INVESTMENTS IN SECURITIES (KOREA) |  | 1,537,048 |  | 12.78 |  |

ALGER SICAV - ALGER EMERGING MARKETS FUND
Statement of Investments as of 31 December 2021 (continued)(Market Values Expressed in U.S. Dollars)
| Number of Shares/ Principal Description	Amount | Market Value |  | % of Net Assets |  |
| --- | --- | --- | --- | --- |
| LUXEMBOURG |  |  |  |  |
| COMPUTING AND IT |  |  |  |  |
| Globant SA	1,350 | 424,021 |  | 3.53 |  |
| TOTAL INVESTMENTS IN SECURITIES (LUXEMBOURG) | 424,021 |  | 3.53 |  |
| SINGAPORE |  |  |  |  |
| COMPUTING AND IT |  |  |  |  |
| Sea Ltd. -ADR-	1,690 | 378,070 |  | 3.14 |  |
| TOTAL INVESTMENTS IN SECURITIES (SINGAPORE) | 378,070 |  | 3.14 |  |
| TAIWAN |  |  |  |  |
| COMPUTING AND IT |  |  |  |  |
| Chroma ATE, Inc.	49,000 | 353,371 |  | 2.94 |  |
| Realtek Semiconductor Corp.	26,000 | 543,225 |  | 4.52 |  |
| Taiwan Semiconductor Manufacturing Co. Ltd.	29,000 | 641,509 |  | 5.33 |  |
|  | 1,538,105 |  | 12.79 |  |
| TELECOMMUNICATION |  |  |  |  |
| momo.com, Inc.	5,450 | 319,075 |  | 2.66 |  |
| TOTAL INVESTMENTS IN SECURITIES (TAIWAN) | 1,857,180 |  | 15.45 |  |
| UNITED STATES |  |  |  |  |
| COMPUTING AND IT |  |  |  |  |
| EPAM Systems, Inc.	540 | 360,963 |  | 3.00 |  |
| TOTAL INVESTMENTS IN SECURITIES (UNITED STATES) | 360,963 |  | 3.00 |  |
| TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON OTHER REGULATED MARKETS | 11,816,910 |  | 98.27 |  |
| TOTAL INVESTMENTS IN SECURITIES | 11,816,910 |  | 98.27 |  |
| -ADR-	American Depositary Receipt |  |  |  |  |

ALGER SICAV - ALGER SMALL CAP FOCUS FUND
Statement of Investments as of 31 December 2021(Market Values Expressed in U.S. Dollars)
Description
Number of Shares/ Principal
Amount	Market Value
% of Net Assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON OTHER REGULATED MARKETS
| Genius Sports Ltd. | 903,703 | 6,868,143 |  | 0.88 |  |
| --- | --- | --- | --- | --- | --- |
| TOTAL INVESTMENTS IN SECURITIES (GUERNSEY) |  | 6,868,143 |  | 0.88 |
| ISRAEL |  |  |  |  |  |
| HEALTH Inmode Ltd. | 167,517 | 11,823,350 |  | 1.52 |  |
| INDUSTRIES Kornit Digital Ltd. | 26,687 | 4,063,096 |  | 0.53 |  |
| TOTAL INVESTMENTS IN SECURITIES (ISRAEL) |  | 15,886,446 |  | 2.05 |  |
| UNITED KINGDOM |  |  |  |  |  |
| CONSUMER RETAIL Capri Holdings Ltd. | 379,788 | 24,652,039 |  | 3.17 |  |
| TOTAL INVESTMENTS IN SECURITIES (UNITED KINGDOM) |  | 24,652,039 |  | 3.17 |  |
| UNITED STATES |  |  |  |  |  |
| COMPUTING AND IT Avalara, Inc. | 131,229 | 16,942,976 |  | 2.18 |  |
| Blackline, Inc. | 182,536 | 18,899,777 |  | 2.43 |  |
| Cognex Corp. | 278,034 | 21,619,924 |  | 2.78 |  |
| Definitive Healthcare Corp. | 188,957 | 5,164,195 |  | 0.67 |  |
| Everbridge, Inc. | 137,979 | 9,290,126 |  | 1.20 |  |
| Evolent Health, Inc. -A- | 257,132 | 7,114,842 |  | 0.92 |  |
| ForgeRock, Inc. -A- | 100,555 | 2,683,813 |  | 0.35 |  |
| Guidewire Software, Inc. | 134,324 | 15,249,804 |  | 1.96 |  |
| Monolithic Power Systems, Inc. | 43,479 | 21,449,495 |  | 2.76 |  |
| Paycom Software, Inc. | 49,592 | 20,590,103 |  | 2.65 |  |
| PROS Holdings, Inc. | 385,884 | 13,309,139 |  | 1.71 |  |
| Q2 Holdings, Inc. | 167,832 | 13,332,574 |  | 1.72 |  |
| Smartsheet, Inc. -A- | 334,991 | 25,945,053 |  | 3.34 |  |
| Sprout Social, Inc. -A- | 152,580 | 13,837,480 |  | 1.78 |  |
| TaskUS, Inc. -A- | 184,959 | 9,980,388 |  | 1.28 |  |
| Varonis Systems, Inc. | 140,750 | 6,865,785 |  | 0.88 |  |
|  |  | 222,275,474 |  | 28.61 |  |
| CONSUMER RETAIL Citi Trends, Inc. | 20,552 | 1,947,302 |  | 0.25 |  |
| Freshpet, Inc. | 94,427 | 8,996,060 |  | 1.16 |  |
| Shake Shack, Inc. -A- | 130,948 | 9,449,208 |  | 1.21 |  |
| Wingstop, Inc. | 138,945 | 24,009,696 |  | 3.09 |  |
|  |  | 44,402,266 |  | 5.71 |  |
| ENERGY ChampionX Corp. | 717,270 | 14,496,027 |  | 1.87 |  |
| FINANCE IAA, Inc. | 171,630 | 8,687,910 |  | 1.12 |  |
| HEALTH AtriCure, Inc. | 323,378 | 22,484,472 |  | 2.89 |  |

COMMON STOCKS GUERNSEY COMPUTING AND IT
| TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON OTHER REGULATED MARKETS | 758,405,655 | 97.61 |
| --- | --- | --- |
| TOTAL INVESTMENTS IN SECURITIES | 758,405,655 | 97.61 |

ALGER SICAV - ALGER SMALL CAP FOCUS FUND
Statement of Investments as of 31 December 2021 (continued)(Market Values Expressed in U.S. Dollars)
| Description | Number of Shares/ Principal Amount | Market Value |  | % of Net Assets |  |
| --- | --- | --- | --- | --- | --- |
| BioLife Solutions, Inc. | 186,279 | 6,942,618 |  | 0.89 |  |
| Bio-Techne Corp. | 62,357 | 32,259,770 |  | 4.15 |  |
| CareDx, Inc. | 272,458 | 12,391,390 |  | 1.60 |  |
| CryoPort, Inc. | 422,667 | 25,009,206 |  | 3.22 |  |
| Guardant Health, Inc. | 47,714 | 4,772,354 |  | 0.61 |  |
| HealthEquity, Inc. | 224,398 | 9,927,368 |  | 1.28 |  |
| Heska Corp. | 114,998 | 20,985,985 |  | 2.70 |  |
| Inspire Medical Systems, Inc. | 84,701 | 19,486,312 |  | 2.51 |  |
| Insulet Corp. | 56,252 | 14,966,970 |  | 1.93 |  |
| Joint Corp. | 216,003 | 14,189,237 |  | 1.83 |  |
| NanoString Technologies, Inc. | 287,276 | 12,131,666 |  | 1.56 |  |
| Natera, Inc. | 279,463 | 26,099,050 |  | 3.36 |  |
| Neogen Corp. | 361,532 | 16,417,168 |  | 2.11 |  |
| Quidel Corp. | 171,668 | 23,173,463 |  | 2.98 |  |
| Shockwave Medical, Inc. | 101,132 | 18,034,870 |  | 2.32 |  |
| Veeva Systems, Inc. -A- | 46,223 | 11,809,052 |  | 1.52 |  |
| Vericel Corp. | 336,146 | 13,210,538 |  | 1.70 |  |
|  |  | 304,291,489 |  | 39.16 |  |
| INDUSTRIES Herc Holdings, Inc. | 159,134 | 24,912,428 |  | 3.21 |  |
| Repligen Corp. | 90,627 | 24,001,655 |  | 3.09 |  |
| Saia, Inc. | 45,768 | 15,425,189 |  | 1.98 |  |
| Trex Co., Inc. | 177,675 | 23,991,455 |  | 3.09 |  |
|  |  | 88,330,727 |  | 11.37 |  |
| RAW MATERIALS RBC Bearings, Inc. | 141,185 | 28,515,134 |  | 3.67 |  |
| TOTAL INVESTMENTS IN SECURITIES (UNITED STATES) |  | 710,999,027 |  | 91.51 |  |

ALGER SICAV - ALGER SMALL CAP FOCUS FUND
Forward Foreign Exchange Contracts as of 31 December 2021(Market Values Expressed in U.S. Dollars)
Maturity	Purchase commitment in
foreign currency
Sale commitment in foreign currency
Unrealized appreciation/(depreciation)
| 14/01/2022 | 94,328,295 | EUR | 106,568,487 | USD | 845,368 |
| --- | --- | --- | --- | --- | --- |
| 14/01/2022 | 20,019,885 | USD | 17,697,801 | EUR | (133,018) |

State Street Bank and Trust Company is the counterparty to the Forward Foreign Exchange Contracts.
ALGER SICAV - ALGER WEATHERBIE SPECIALIZED GROWTH FUND
Statement of Investments as of 31 December 2021(Market Values Expressed in U.S. Dollars)
Description
Number of Shares/ Principal
Amount	Market Value
% of Net Assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON OTHER REGULATED MARKETS
| Novanta, Inc. | 1,154 | 203,485 |  | 2.76 |  |
| --- | --- | --- | --- | --- | --- |
| CONSUMER RETAIL Canada Goose Holdings, Inc. | 1,905 | 70,599 |  | 0.95 |
| FINANCE FirstService Corp. | 2,286 | 449,130 |  | 6.09 |
| TOTAL INVESTMENTS IN SECURITIES (CANADA) |  | 723,214 |  | 9.80 |
| CAYMAN ISLANDS |  |  |  |  |  |
| COMPUTING AND IT CI&T, Inc. -A- | 2,729 | 32,448 |  | 0.44 |  |
| TOTAL INVESTMENTS IN SECURITIES (CAYMAN ISLANDS) |  | 32,448 |  | 0.44 |  |
| LUXEMBOURG |  |  |  |  |  |
| COMPUTING AND IT Globant SA | 952 | 299,014 |  | 4.05 |  |
| TOTAL INVESTMENTS IN SECURITIES (LUXEMBOURG) |  | 299,014 |  | 4.05 |  |
| NETHERLANDS |  |  |  |  |  |
| CONSUMER RETAIL MYT Netherlands Parent -ADR- | 6,116 | 129,720 |  | 1.76 |  |
| ENERGY Core Laboratories NV | 7,828 | 174,643 |  | 2.37 |  |
| TOTAL INVESTMENTS IN SECURITIES (NETHERLANDS) |  | 304,363 |  | 4.13 |  |
| UNITED STATES |  |  |  |  |  |
| COMPUTING AND IT BTRS Holdings, Inc. -A- | 3,033 | 23,718 |  | 0.32 |  |
| Cerence, Inc. | 2,151 | 164,853 |  | 2.24 |  |
| Ebix, Inc. | 662 | 20,125 |  | 0.27 |  |
| Everbridge, Inc. | 881 | 59,318 |  | 0.81 |  |
| Grid Dynamics Holdings, Inc. | 792 | 30,072 |  | 0.41 |  |
| Impinj, Inc. | 1,109 | 98,368 |  | 1.33 |  |
| LivePerson, Inc. | 845 | 30,183 |  | 0.41 |  |
| Rapid7, Inc. | 557 | 65,553 |  | 0.89 |  |
| SEMrush Holdings, Inc. -A- | 1,496 | 31,192 |  | 0.42 |  |
| SPS Commerce, Inc. | 2,286 | 325,412 |  | 4.41 |  |
| Vertex, Inc. -A- | 7,116 | 112,931 |  | 1.53 |  |
|  |  | 961,725 |  | 13.04 |  |
| CONSUMER RETAIL Chegg, Inc. | 7,521 | 230,895 |  | 3.13 |  |
| Ollie’s Bargain Outlet Holdings, Inc. | 2,381 | 121,883 |  | 1.65 |  |
| PetIQ, Inc. | 1,469 | 33,361 |  | 0.45 |  |
| Planet Fitness, Inc. -A- | 1,461 | 132,337 |  | 1.79 |  |
| Progyny, Inc. | 7,334 | 369,267 |  | 5.01 |  |

COMMON STOCKS CANADA COMPUTING AND IT
ALGER SICAV - ALGER WEATHERBIE SPECIALIZED GROWTH FUND
Statement of Investments as of 31 December 2021 (continued)(Market Values Expressed in U.S. Dollars)
| Number of Shares/ Principal Description	Amount | Market Value |  | % of Net Assets |  |
| --- | --- | --- | --- | --- |
| Transcat, Inc.	613 | 56,660 |  | 0.77 |  |
| Wingstop, Inc.	285 | 49,248 |  | 0.67 |  |
|  | 993,651 |  | 13.47 |  |
| FINANCE |  |  |  |  |
| Axos Financial, Inc.	2,139 | 119,591 |  | 1.62 |  |
| Goosehead Insurance, Inc. -A-	589 | 76,617 |  | 1.04 |  |
| Hamilton Lane, Inc. -A-	3,343 | 346,402 |  | 4.69 |  |
| LendingTree, Inc.	526 | 64,487 |  | 0.87 |  |
| Seacoast Banking Corp.	1,976 | 69,931 |  | 0.95 |  |
| StepStone Group, Inc. -A-	7,730 | 321,336 |  | 4.36 |  |
|  | 998,364 |  | 13.53 |  |
| HEALTH |  |  |  |  |
| ACADIA Pharmaceuticals, Inc.	3,259 | 76,065 |  | 1.03 |  |
| Aerie Pharmaceuticals, Inc.	958 | 6,725 |  | 0.09 |  |
| Apria, Inc.	6,059 | 197,523 |  | 2.68 |  |
| Glaukos Corp.	1,848 | 82,125 |  | 1.11 |  |
| Inogen, Inc.	284 | 9,656 |  | 0.13 |  |
| Inspire Medical Systems, Inc.	334 | 76,840 |  | 1.04 |  |
| Natera, Inc.	3,937 | 367,677 |  | 4.99 |  |
| NeoGenomics, Inc.	989 | 33,745 |  | 0.46 |  |
| Nevro Corp.	1,646 | 133,441 |  | 1.81 |  |
| Tabula Rasa HealthCare, Inc.	2,337 | 35,055 |  | 0.48 |  |
| Ultragenyx Pharmaceutical, Inc.	555 | 46,670 |  | 0.63 |  |
|  | 1,065,522 |  | 14.45 |  |
| INDUSTRIES |  |  |  |  |
| Casella Waste Systems, Inc. -A-	4,835 | 413,006 |  | 5.60 |  |
| Kratos Defense & Security Solutions, Inc.	1,290 | 25,026 |  | 0.34 |  |
| Latham Group, Inc.	7,000 | 175,210 |  | 2.38 |  |
| Montrose Environmental Group, Inc.	5,445 | 383,927 |  | 5.20 |  |
| Ranpak Holdings Corp.	4,170 | 156,709 |  | 2.12 |  |
| SiteOne Landscape Supply, Inc.	1,795 | 434,892 |  | 5.90 |  |
|  | 1,588,770 |  | 21.54 |  |
| MULTI-UTILITIES |  |  |  |  |
| Ameresco, Inc. -A-	2,411 | 196,352 |  | 2.66 |  |
| TELECOMMUNICATION |  |  |  |  |
| TechTarget, Inc.	147 | 14,062 |  | 0.19 |  |
| TOTAL INVESTMENTS IN SECURITIES (UNITED STATES) | 5,818,446 |  | 78.88 |  |
| TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON OTHER REGULATED MARKETS | 7,177,485 |  | 97.30 |  |
| TOTAL INVESTMENTS IN SECURITIES | 7,177,485 |  | 97.30 |  |
| -ADR-	American Depositary Receipt |  |  |  |  |

ALGER SICAV - ALGER WEATHERBIE SPECIALIZED GROWTH FUND
Forward Foreign Exchange Contracts as of 31 December 2021(Market Values Expressed in U.S. Dollars)
Maturity	Purchase commitment in
foreign currency
Sale commitment in foreign currency
Unrealized appreciation/(depreciation)
| 14/01/2022 | 176,500 | EUR | 199,406 | USD | 1,578 |
| --- | --- | --- | --- | --- | --- |
| 14/01/2022 | 10,655 | USD | 9,442 | EUR | (97) |

State Street Bank and Trust Company is the counterparty to the Forward Foreign Exchange Contracts.
ALGER SICAV - ALGER FOCUS EQUITY FUND
Statement of Investments as of 31 December 2021(Market Values Expressed in U.S. Dollars)
Description
Number of Shares/ Principal
Amount	Market Value
% of Net Assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON OTHER REGULATED MARKETS
| Shopify, Inc. -A- | 62 | 85,398 |  | 1.68 |  |
| --- | --- | --- | --- | --- | --- |
| TOTAL INVESTMENTS IN SECURITIES (CANADA) |  | 85,398 |  | 1.68 |
| ISRAEL |  |  |  |  |  |
| TELECOMMUNICATION SolarEdge Technologies, Inc. | 69 | 19,359 |  | 0.38 |  |
| TOTAL INVESTMENTS IN SECURITIES (ISRAEL) |  | 19,359 |  | 0.38 |  |
| SINGAPORE |  |  |  |  |  |
| COMPUTING AND IT Sea Ltd. -ADR- | 59 | 13,199 |  | 0.26 |  |
| TOTAL INVESTMENTS IN SECURITIES (SINGAPORE) |  | 13,199 |  | 0.26 |  |
| UNITED KINGDOM |  |  |  |  |  |
| CONSUMER RETAIL Capri Holdings Ltd. | 872 | 56,602 |  | 1.11 |  |
| TOTAL INVESTMENTS IN SECURITIES (UNITED KINGDOM) |  | 56,602 |  | 1.11 |  |
| UNITED STATES |  |  |  |  |  |
| BASIC GOODS NIKE, Inc. -B- | 98 | 16,334 |  | 0.32 |  |
| COMPUTING AND IT Adobe, Inc. | 227 | 128,723 |  | 2.53 |  |
| Advanced Micro Devices, Inc. | 1,022 | 147,066 |  | 2.89 |  |
| Alphabet, Inc. -C- | 95 | 274,891 |  | 5.39 |  |
| Apple, Inc. | 2,032 | 360,822 |  | 7.08 |  |
| Applied Materials, Inc. | 1,159 | 182,380 |  | 3.58 |  |
| Bill.com Holdings, Inc. | 222 | 55,311 |  | 1.08 |  |
| Crowdstrike Holdings, Inc. -A- | 84 | 17,199 |  | 0.34 |  |
| Doximity, Inc. -A- | 28 | 1,404 |  | 0.03 |  |
| Intuit, Inc. | 251 | 161,448 |  | 3.17 |  |
| Micron Technology, Inc. | 1,313 | 122,306 |  | 2.40 |  |
| Microsoft Corp. | 1,514 | 509,189 |  | 9.99 |  |
| NVIDIA Corp. | 694 | 204,112 |  | 4.00 |  |
| QUALCOMM, Inc. | 885 | 161,840 |  | 3.17 |  |
| Roku, Inc. | 123 | 28,069 |  | 0.55 |  |
| salesforce.com, Inc. | 448 | 113,850 |  | 2.23 |  |
| Twilio, Inc. -A- | 238 | 62,675 |  | 1.23 |  |
| Unity Software, Inc. | 473 | 67,634 |  | 1.33 |  |
|  |  | 2,598,919 |  | 50.99 |  |
| CONSUMER RETAIL Amazon.com, Inc. | 115 | 383,449 |  | 7.52 |  |
| Carvana Co. | 98 | 22,715 |  | 0.45 |  |
| General Motors Co. | 1,475 | 86,479 |  | 1.70 |  |
| Lithia Motors, Inc. | 43 | 12,769 |  | 0.25 |  |
| Marqeta, Inc. -A- | 3,297 | 56,610 |  | 1.11 |  |
| Meta Platforms, Inc. -A- | 27 | 9,081 |  | 0.18 |  |

COMMON STOCKS CANADA CONSUMER RETAIL
ALGER SICAV - ALGER FOCUS EQUITY FUND
Statement of Investments as of 31 December 2021 (continued)(Market Values Expressed in U.S. Dollars)
| Number of Shares/ Principal Description	Amount | Market Value |  | % of Net Assets |  |
| --- | --- | --- | --- | --- |
| MGM Resorts International	2,376 | 106,635 |  | 2.09 |  |
| PayPal Holdings, Inc.	541 | 102,022 |  | 2.00 |  |
| Snap, Inc. -A-	1,195 | 56,201 |  | 1.10 |  |
| Tesla, Inc.	164 | 173,312 |  | 3.40 |  |
| Uber Technologies, Inc.	1,757 | 73,671 |  | 1.45 |  |
|  | 1,082,944 |  | 21.25 |  |
| FINANCE |  |  |  |  |
| S&P Global, Inc.	245 | 115,623 |  | 2.27 |  |
| Signature Bank	375 | 121,301 |  | 2.38 |  |
| Visa, Inc. -A-	479 | 103,804 |  | 2.04 |  |
|  | 340,728 |  | 6.69 |  |
| HEALTH |  |  |  |  |
| Align Technology, Inc.	26 | 17,087 |  | 0.33 |  |
| Catalent, Inc.	744 | 95,254 |  | 1.87 |  |
| Danaher Corp.	374 | 123,050 |  | 2.41 |  |
| UnitedHealth Group, Inc.	370 | 185,792 |  | 3.65 |  |
|  | 421,183 |  | 8.26 |  |
| INDUSTRIES |  |  |  |  |
| AMETEK, Inc.	352 | 51,758 |  | 1.01 |  |
| Cintas Corp.	6 | 2,659 |  | 0.05 |  |
| Eaton Corp Plc.	1,014 | 175,240 |  | 3.44 |  |
| Live Nation Entertainment, Inc.	463 | 55,416 |  | 1.09 |  |
| Textron, Inc.	594 | 45,857 |  | 0.90 |  |
| TransDigm Group, Inc.	104 | 66,173 |  | 1.30 |  |
| Union Pacific Corp.	133 | 33,507 |  | 0.66 |  |
|  | 430,610 |  | 8.45 |  |
| TELECOMMUNICATION |  |  |  |  |
| Booking Holdings, Inc.	11 | 26,391 |  | 0.52 |  |
| TOTAL INVESTMENTS IN SECURITIES (UNITED STATES) | 4,917,109 |  | 96.48 |  |
| URUGUAY |  |  |  |  |
| INDUSTRIES |  |  |  |  |
| DLocal Ltd.	532 | 18,987 |  | 0.37 |  |
| TOTAL INVESTMENTS IN SECURITIES (URUGUAY) | 18,987 |  | 0.37 |  |
| TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON OTHER REGULATED MARKETS | 5,110,654 |  | 100.28 |  |
| TOTAL INVESTMENTS IN SECURITIES | 5,110,654 |  | 100.28 |  |
| -ADR-	American Depositary Receipt |  |  |  |  |

ALGER SICAV - ALGER FOCUS EQUITY FUND
Forward Foreign Exchange Contracts as of 31 December 2021(Market Values Expressed in U.S. Dollars)
Maturity	Purchase commitment in
foreign currency
Sale commitment in foreign currency
Unrealized appreciation/(depreciation)
| 14/01/2022 | 206,835 | EUR | 233,703 | USD | 1,825 |
| --- | --- | --- | --- | --- | --- |
| 14/01/2022 | 12,681 | USD | 11,213 | EUR | (88) |

State Street Bank and Trust Company is the counterparty to the Forward Foreign Exchange Contracts.
ALGER SICAV - ALGER MID CAP FOCUS FUND
Statement of Investments as of 31 December 2021(Market Values Expressed in U.S. Dollars)
Description
Number of Shares/ Principal
Amount	Market Value
% of Net Assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON OTHER REGULATED MARKETS
| Atlassian Corp. Plc. -A- | 529 | 201,702 |  | 1.81 |  |
| --- | --- | --- | --- | --- | --- |
| TOTAL INVESTMENTS IN SECURITIES (AUSTRALIA) |  | 201,702 |  | 1.81 |
| UNITED KINGDOM |  |  |  |  |  |
| CONSUMER RETAIL Capri Holdings Ltd. | 1,777 | 115,345 |  | 1.04 |  |
| TOTAL INVESTMENTS IN SECURITIES (UNITED KINGDOM) |  | 115,345 |  | 1.04 |  |
| UNITED STATES |  |  |  |  |  |
| COMPUTING AND IT Advanced Micro Devices, Inc. | 1,557 | 224,052 |  | 2.01 |  |
| Alteryx, Inc. -A- | 1,881 | 113,800 |  | 1.02 |  |
| Avantor, Inc. | 7,758 | 326,922 |  | 2.93 |  |
| Azenta, Inc. | 2,073 | 213,747 |  | 1.92 |  |
| Bentley Systems, Inc. -B- | 6,943 | 335,555 |  | 3.01 |  |
| Datadog, Inc. -A- | 890 | 158,518 |  | 1.42 |  |
| EPAM Systems, Inc. | 138 | 92,246 |  | 0.83 |  |
| HubSpot, Inc. | 318 | 209,610 |  | 1.88 |  |
| KLA Corp. | 426 | 183,227 |  | 1.65 |  |
| Manhattan Associates, Inc. | 1,256 | 195,295 |  | 1.75 |  |
| Paylocity Holding Corp. | 680 | 160,589 |  | 1.44 |  |
| Vocera Communications, Inc. | 3,303 | 214,167 |  | 1.92 |  |
|  |  | 2,427,728 |  | 21.78 |  |
| CONSUMER RETAIL Advance Auto Parts, Inc. | 1,182 | 283,538 |  | 2.54 |  |
| Boot Barn Holdings, Inc. | 1,683 | 207,093 |  | 1.86 |  |
| Chegg, Inc. | 5,073 | 155,741 |  | 1.40 |  |
| Dick’s Sporting Goods, Inc. | 1,666 | 191,573 |  | 1.72 |  |
| Expedia Group, Inc. | 1,122 | 202,768 |  | 1.82 |  |
| GXO Logistics, Inc. | 2,353 | 213,723 |  | 1.92 |  |
| MGM Resorts International | 6,772 | 303,927 |  | 2.72 |  |
| O’Reilly Automotive, Inc. | 163 | 115,116 |  | 1.03 |  |
| Ortho Clinical Diagnostics Holdings Plc. | 9,302 | 198,970 |  | 1.78 |  |
| Pool Corp. | 565 | 319,790 |  | 2.87 |  |
| US Foods Holding Corp. | 9,584 | 333,811 |  | 2.99 |  |
| Vail Resorts, Inc. | 642 | 210,512 |  | 1.89 |  |
|  |  | 2,736,562 |  | 24.54 |  |
| ENERGY ChampionX Corp. | 11,135 | 225,038 |  | 2.02 |  |
| FINANCE Signature Bank | 1,491 | 482,294 |  | 4.33 |  |
| Simon Property Group, Inc. | 1,495 | 238,856 |  | 2.14 |  |
|  |  | 721,150 |  | 6.47 |  |
| HEALTH Danaher Corp. | 676 | 222,411 |  | 2.00 |  |
| DexCom, Inc. | 404 | 216,928 |  | 1.95 |  |
| Neogen Corp. | 3,940 | 178,915 |  | 1.60 |  |

COMMON STOCKS AUSTRALIA COMPUTING AND IT
ALGER SICAV - ALGER MID CAP FOCUS FUND
Statement of Investments as of 31 December 2021 (continued)(Market Values Expressed in U.S. Dollars)
| Number of Shares/ Principal Description	Amount | Market Value |  | % of Net Assets |  |
| --- | --- | --- | --- | --- |
| Veeva Systems, Inc. -A-	599 | 153,033 |  | 1.37 |  |
| Zoetis, Inc.	477 | 116,402 |  | 1.04 |  |
|  | 887,689 |  | 7.96 |  |
| INDUSTRIES |  |  |  |  |
| AMETEK, Inc.	776 | 114,103 |  | 1.02 |  |
| Caterpillar, Inc.	1,081 | 223,486 |  | 2.01 |  |
| Colfax Corp.	7,238 | 332,731 |  | 2.98 |  |
| Eaton Corp Plc.	660 | 114,061 |  | 1.02 |  |
| Generac Holdings, Inc.	310 | 109,095 |  | 0.98 |  |
| Herc Holdings, Inc.	1,714 | 268,327 |  | 2.41 |  |
| Live Nation Entertainment, Inc.	1,087 | 130,103 |  | 1.17 |  |
| Middleby Corp.	1,654 | 325,441 |  | 2.92 |  |
| Saia, Inc.	913 | 307,708 |  | 2.76 |  |
| SiteOne Landscape Supply, Inc.	1,732 | 419,629 |  | 3.76 |  |
| United Rentals, Inc.	752 | 249,882 |  | 2.24 |  |
| XPO Logistics, Inc.	4,349 | 336,743 |  | 3.02 |  |
|  | 2,931,309 |  | 26.29 |  |
| RAW MATERIALS |  |  |  |  |
| Helios Technologies, Inc.	2,757 | 289,954 |  | 2.60 |  |
| TELECOMMUNICATION |  |  |  |  |
| Motorola Solutions, Inc.	411 | 111,669 |  | 1.00 |  |
| TOTAL INVESTMENTS IN SECURITIES (UNITED STATES) | 10,331,099 |  | 92.66 |  |
| TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON OTHER REGULATED MARKETS | 10,648,146 |  | 95.51 |  |
| TOTAL INVESTMENTS IN SECURITIES | 10,648,146 |  | 95.51 |  |

ALGER SICAV - ALGER MID CAP FOCUS FUND
Forward Foreign Exchange Contracts as of 31 December 2021(Market Values Expressed in U.S. Dollars)
Maturity	Purchase commitment in
foreign currency
Sale commitment in foreign currency
Unrealized appreciation/(depreciation)
| 14/01/2022 | 4,988,824 | EUR | 5,636,265 | USD | 44,626 |
| --- | --- | --- | --- | --- | --- |
| 14/01/2022 | 538,204 | USD | 476,335 | EUR | (4,209) |

State Street Bank and Trust Company is the counterparty to the Forward Foreign Exchange Contracts.
Notes to the Financial Statements
Note 1: General
Alger SICAV (the "Fund") was incorporated for an unlimited duration in the Grand Duchy of Luxembourg on 26 July 1996 (under the name “The Alger American Asset Growth Fund”) as an investment company with variable capital (Société d’Investissement à Capital Variable – commonly known as a “SICAV”) in the corporate form of a public limited liability company (société anonyme). The Fund qualifies as an “Undertaking for Collective Investment in Transferable Securities” (UCITS) under Part I of the Luxembourg Law of 17 December 2010, relating to undertakings for collective investment in transferable securities, as amended (Law of 2010).
The Fund is registered with the Luxembourg trade and companies register (“Registre de Commerce et des Sociétés”) under number B 55679. The Fund’s articles of incorporation are available for inspection at its registered office at 49, Avenue J.F. Kennedy, L-1855 Luxembourg, Grand-Duchy of Luxembourg. The Fund’s articles of incorporation were amended on August 11, 2000, 1 October 2003, 30 December 2005, and 15 June 2012, and these amendments were published in the Mémorial C, Recueil
des Sociétés et Associations on 22 September 2000, 3 November 2003, 31 January 2006, and 29 June 2012 respectively.
The Fund is designed to provide an opportunity for investors primarily in Europe to take advantage of the professional investment expertise of the Portfolio Manager, Sub-Portfolio Managers and its affiliates.
The Fund is an open-ended investment vehicle, which redeems its shares at the request of its shareholders on a daily basis at a price based upon the value of the Fund’s net assets.
The share classes currently offered in the Sub-Funds of the Fund are listed below:
| Sub-Funds | First NAV Calculation |
| --- | --- |
| Alger SICAV - Alger American Asset Growth Fund — Class A EU | 9 June 2015 |
| Alger SICAV - Alger American Asset Growth Fund — Class A EUH | 29 February 2016 |
| Alger SICAV - Alger American Asset Growth Fund — Class A US | 19 August 1996 |
| Alger SICAV - Alger American Asset Growth Fund — Class G | 1 July 2020 |
| Alger SICAV - Alger American Asset Growth Fund — Class I EU | 9 June 2015 |
| Alger SICAV - Alger American Asset Growth Fund — Class I EUH | 29 February 2016 |
| Alger SICAV - Alger American Asset Growth Fund — Class I US | 18 May 2007 |
| Alger SICAV - Alger American Asset Growth Fund — Class I-2EU | 9 June 2015 |
| Alger SICAV - Alger American Asset Growth Fund — Class I-2US | 31 October 2012 |
| Alger SICAV - Alger American Asset Growth Fund — Class I-3US | 13 December 2013 |
| Alger SICAV - Alger Dynamic Opportunities Fund — Class A EU | 9 June 2015 |
| Alger SICAV - Alger Dynamic Opportunities Fund — Class A EUH | 20 January 2021 |
| Alger SICAV - Alger Dynamic Opportunities Fund — Class A US | 12 August 2014 |
| Alger SICAV - Alger Dynamic Opportunities Fund — Class G | 1 July 2020 |
| Alger SICAV - Alger Dynamic Opportunities Fund — Class I EUH | 20 January 2021 |
| Alger SICAV - Alger Dynamic Opportunities Fund — Class I-3EU | 9 June 2015 |
| Alger SICAV - Alger Dynamic Opportunities Fund — Class I-3US | 12 August 2014 |
| Alger SICAV - Alger Emerging Markets Fund — Class A EU | 9 June 2015 |
| Alger SICAV - Alger Emerging Markets Fund — Class A US | 3 April 2006 |
| Alger SICAV - Alger Emerging Markets Fund — Class G | 1 July 2020 |
| Alger SICAV - Alger Emerging Markets Fund — Class I EU | 9 June 2015 |
| Alger SICAV - Alger Emerging Markets Fund — Class I US | 12 August 2014 |
| Alger SICAV - Alger Emerging Markets Fund — Class I-3US | 12 August 2014 |
| Alger SICAV - Alger Small Cap Focus Fund — Class A EUH | 29 February 2016 |
| Alger SICAV - Alger Small Cap Focus Fund — Class A US | 1 February 2016 |
| Alger SICAV - Alger Small Cap Focus Fund — Class I EUH | 29 February 2016 |
| Alger SICAV - Alger Small Cap Focus Fund — Class I US | 1 February 2016 |
| Alger SICAV - Alger Small Cap Focus Fund — Class I-3EUH | 21 March 2018 |
| Alger SICAV - Alger Small Cap Focus Fund — Class I-3US | 21 March 2018 |
| Alger SICAV - Alger Small Cap Focus Fund — Class I-5US | 1 December 2017 |
| Alger SICAV - Alger Weatherbie Specialized Growth Fund — Class G | 1 July 2020 |
| Alger SICAV - Alger Weatherbie Specialized Growth Fund — Class I-3EU | 15 March 2019 |
| Alger SICAV - Alger Weatherbie Specialized Growth Fund — Class I-3EUH | 15 March 2019 |
| Alger SICAV - Alger Weatherbie Specialized Growth Fund — Class I-3US | 15 March 2019 |

Notes to the Financial Statements (continued)
Note 1: General (continued)
| Sub-Funds | First NAV Calculation |
| --- | --- |
| Alger SICAV - Alger Focus Equity Fund — Class I-3EU | 15 March 2019 |
| Alger SICAV - Alger Focus Equity Fund — Class I-3EUH | 15 March 2019 |
| Alger SICAV - Alger Focus Equity Fund — Class I-3US | 15 March 2019 |
| Alger SICAV - Alger Mid Cap Focus Fund — Class A EUH | 18 August 2021 |
| Alger SICAV - Alger Mid Cap Focus Fund — Class A US | 18 August 2021 |
| Alger SICAV - Alger Mid Cap Focus Fund — Class I-5EUH | 18 August 2021 |
| Alger SICAV - Alger Mid Cap Focus Fund — Class I-5US | 18 August 2021 |

Note 2: Significant Accounting Policies
- Presentation of accountsThe Fund maintains the books and records of each Sub-Fund and prepares combined financial statements in U.S. Dollars (“USD”). Combined financial statements are obtained by the sum of the financial statements of each individual Sub-Fund on a line by line basis.

The financial statements are prepared in accordance with the Luxembourg legal and regulatory requirements and the generally accepted accounting principles in Luxembourg relating to UCITS.
- Net Asset Value and valuation of assetsThe Net Asset Value per Share of each Share Class for each Sub-Fund shall be expressed in the currency of the relevant class up to two decimal places and is determined by the Administrative Agent on each Business Day on the basis of the securities prices prevailing at the close of business of the relevant securities markets on which the investments of the Fund corresponding to each Class of each Sub-Fund are traded, quoted or dealt in on the last trading day immediately preceding the relevant Valuation Date by dividing:
- The Net Asset Value per Class, meaning the value of all the securities and other assets of a Class, less all debts, obligations and liabilities (including accrued expenses) of the Class concerned, by
- the total number of shares of the relevant Class then outstanding.
- If the determination of the Net Asset Value in the relevant currency of expression is either not reasonably practical or prejudicial to the shareholders of the Fund, the Net Asset Value per Class on the subscription price, redemption price and exchange price may temporarily be determined in such other currency as the Board of Directors of the Fund may determine.

Each such calculation of the Net Asset Value per Share of each Class shall be conclusive absent manifest error.
The Net Asset Value per Share of each Class may be obtained at the registered office of the Fund, and the Fund will arrange for regular publication of the Net Asset Value per Share via any media as the Board of Directors of the Fund may from time to time determine.
The value of the Fund’s assets shall be determined as follows:
- the value of any cash in hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received shall be deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at after making such discount as the Board of Directors of the Fund may consider appropriate in such case to reflect the true value thereof;
- the value of all securities and/or Financial Derivative Instruments (“FDIs”) which are listed on an official stock exchange or traded on any other regulated market which operates regularly and is recognized and open to the public, are determined on the basis of the last reported sales price on the exchange or market on which such securities and/or FDIs are traded on the last trading day immediately preceding the Valuation Date, or, if no sales are reported, on the basis of market quotations, in each such case, as furnished by a pricing service approved by the Board of Directors of the Fund;
- in the event that any of the securities and/or FDIs held in the Fund’s portfolio on the relevant day are not listed on any stock exchange or traded on any regulated market which operates regularly and is recognised and open to the public, or if, with respect to securities and/or FDIs listed on any stock exchange or traded on any other regulated market which operates regularly and is recognised and open to the public, the price as determined pursuant to sub-paragraph (2) is not representative of the fair market value of the relevant securities and/or FDIs or, if no prices are available, the value of such securities and/or FDIs is based on the reasonably foreseeable sales price determined prudently and in good faith by the Board of Directors of the Fund;
- shares or units in underlying open-ended investment funds shall be valued at their last available net asset value.

Notes to the Financial Statements (continued)
Note 2: Significant Accounting Policies (continued)
- liquid assets and money market instruments may be valued at nominal value plus any accrued interest or on an amortised cost basis. All other assets, where practice allows, may be valued in the same manner; short-term investments that have a remaining maturity of one year or less may be valued (i) at market value, or (ii) where market value is not available or not representative, at amortised cost;
- securities and/or FDIs which are not so listed are valued on the basis of their last available closing price. Should the last available closing price for a given security and/or FDI not truly reflect its fair market value, then that security and/or financial derivative instrument is valued by the Board of Directors of the Fund on the basis of the probable sales price which the Board of Directors of the Fund deems is prudent to assume. The table below presents securities which were valued by Board of Directors of the Fund:

| Fund name | Security name | % of the TNA |
| --- | --- | --- |
| Alger SICAV - Alger American Asset Growth Fund | Prosetta Biosciences, Inc. -D- | 0.00% |
| Alger SICAV - Alger Dynamic Opportunities Fund | Crosslink Ventures C, LLC -A- | 0.10% |
| Alger SICAV - Alger Dynamic Opportunities Fund | Crosslink Ventures C, LLC -B- | 0.05% |
| Alger SICAV - Alger Dynamic Opportunities Fund | Tolero Pharmaceutical, Inc. -CDR- | 0.01% |
| Alger SICAV - Alger Dynamic Opportunities Fund | Prosetta Biosciences, Inc. -D- | 0.00% |

- if any of the aforesaid valuation principles do not reflect the valuation method commonly used in specific markets or if any such valuation principles do not seem accurate for the purpose of determining the value of the Fund’s assets, the Board of Directors of the Fund may fix different valuation principles in good faith and in accordance with generally accepted valuation principles and procedures;
- any assets or liabilities in currencies other than the base currency of the classes of shares are converted using the relevant spot rate quoted by a bank or other responsible financial institution;
- in circumstances where the interests of the Fund or its shareholders so justify (avoidance of market timing practices, for example), the Board of Directors may take any appropriate measures, such as applying a fair value pricing methodology to adjust the value of the Fund’s assets, as further described below.

If such prices are not representative of their fair value, such securities are valued on the reasonably foreseeable sales prices determined prudently and in good faith by or under the direction of the Board of Directors of the Fund. Any assets or liabilities expressed in terms of currencies other than U.S. Dollars are translated into the relevant currency after taking into consideration the market rate or rates of exchange in force at the date and time for determination of the Net Asset Value.
Fair value adjustments may be implemented to protect the interests of the Fund’s Shareholders against market timing practices. Accordingly if a Sub-Fund invests in markets that are closed for business at the time the Sub-Fund is valued, the Board of Directors of the Fund may, by derogation from the provisions above under security valuation, allow for the securities included in a particular portfolio to be adjusted to reflect more accurately the fair value of the Sub-Fund’s investments at the point of valuation. As of 31 December 2021, no Sub-Funds were materially impacted by this fair value adjustment policy.
- Forward foreign exchange contracts are valued at forward market rates for the remaining period from valuation date to the maturity of the contract. Net realized gain / (loss) and net change in unrealized appreciation / (depreciation) on forward foreign exchange contracts are recorded in the Statement of Operations and summarized in the Statement of Changes in Net Assets. Unrealized appreciation / (depreciation) on forward foreign exchange contracts is recorded in the Statements of Net Assets.
- Option contracts quoted on an official stock exchange or on another regulated market are valued according to the last known market price or, if there are several markets, according to the last known price of the principal market. Option contracts are recorded at market value in the Statement of Net Assets. Net realized gain / (loss) and net change in unrealized appreciation / (depreciation) on option contracts are recorded in the Statement of Operations and summarized in the Statement of Changes in Net Assets.
- The market value of the contracts for difference is determined by the traded price on the exchange on which the underlying securities or assets are traded or admitted for trading less the financing costs attributable to the relevant contract. For underlying securities traded on markets closing after the time of the valuation, last known prices as of this time or such other time may be used.

Unrealized appreciation / (depreciation) on contracts for difference are recorded in the Statement of Net Assets. Net realized gain
/ (loss) and net change in unrealized appreciation / (depreciation) on contracts for difference are recorded in the Statement of Operations and summarized in the Statement of Changes in Net Assets.
The accounting method used for the transaction of contracts for difference is the first in, first out method.
- EstimatesThe financial statements are presented in accordance with Luxembourg legal and regulatory requirements relating to the preparation of financial statements for UCITS, which may require using estimates and assumptions that affect the reported amounts therein. Actual results may differ from those estimates.

Notes to the Financial Statements (continued)
Note 2: Significant Accounting Policies (continued)
- Sales of Investments and Investment IncomeSecurity transactions are recorded on a trade date + 1 basis. Net realized gains and losses on sales of investments are recorded on the average cost basis. Dividend income is recognized on the ex-dividend date, less any applicable withholding taxes. Interest income is recognized on an accrual basis, less any applicable withholding taxes.
- Share ClassesShares of the Fund are offered in one or more classes. The proceeds of each share class are invested in one common underlying portfolio of investments but the net asset value of each class will differ as a result of different expense and currency hedging structures.

Note 3: Exchange Rates
Purchases and sales of investment securities and income and expense items occurring during the year are translated using the exchange rates prevailing on the transaction date, cash balances and other assets or liabilities of the Fund expressed in currencies other than the USD have been valued after taking into account the market rates of exchange in force at the time for determination of the Net Asset Value per share. Any assets or liabilities expressed in terms of currencies other than U.S. Dollars were translated from 1 January 2021 to 31 December 2021 into the relevant currency after taking into consideration the market rate or rates of exchange in force at the date and time for determination of the Net Asset Value.
The exchange rates at 31 December 2021 are the following:
| Currency | Exchange Rate |
| --- | --- |
| USD/BRL | 5.570 |
| USD/CAD | 1.265 |
| USD/CNY | 6.373 |
| USD/EUR | 0.878 |
| USD/GBP | 0.739 |
| USD/HKD | 7.798 |
| USD/IDR | 14,252.500 |
| USD/INR | 74.336 |
| USD/KRW | 1,188.750 |
| USD/TWD | 27.667 |
| USD/ZAR | 15.935 |

Note 4: Management Company and Portfolio Manager fees
The Fund paid the Management Company a tiered fee payable monthly at an annual rate of up to 0.04% of the relevant Sub-Fund’s average daily Net Asset Value.
The Fund pays the Portfolio Manager a fee payable monthly in arrears at an annual rate of the value of each Sub-Fund’s average daily net assets during the relevant calendar month. The below table presents the annual rates:
| Fund name | Class name | Annual rate |
| --- | --- | --- |
| Alger SICAV - Alger American Asset Growth Fund | Class A EU Shares | 1.75% |
| Alger SICAV - Alger American Asset Growth Fund | Class A EUH Shares | 1.75% |
| Alger SICAV - Alger American Asset Growth Fund | Class A US Shares | 1.75% |
| Alger SICAV - Alger American Asset Growth Fund | Class G Shares | 0.45% |
| Alger SICAV - Alger American Asset Growth Fund | Class I EU Shares | 0.85% |
| Alger SICAV - Alger American Asset Growth Fund | Class I EUH Shares | 0.85% |
| Alger SICAV - Alger American Asset Growth Fund | Class I US Shares | 0.85% |
| Alger SICAV - Alger American Asset Growth Fund | Class I-2EU Shares | 0.65% |
| Alger SICAV - Alger American Asset Growth Fund | Class I-2US Shares | 0.65% |

Notes to the Financial Statements (continued)
Note 4: Management Company and Portfolio Manager fees (continued)
| Fund name | Class name | Annual rate |
| --- | --- | --- |
| Alger SICAV - Alger American Asset Growth Fund | Class I-3US Shares | 0.85% |
| Alger SICAV - Alger Dynamic Opportunities Fund | Class A EU Shares | 1.75% |
| Alger SICAV - Alger Dynamic Opportunities Fund | Class A EUH Shares * | 1.75% |
| Alger SICAV - Alger Dynamic Opportunities Fund | Class A US Shares | 1.75% |
| Alger SICAV - Alger Dynamic Opportunities Fund | Class G Shares | 0.85% |
| Alger SICAV - Alger Dynamic Opportunities Fund | Class I EUH Shares * | 0.85% |
| Alger SICAV - Alger Dynamic Opportunities Fund | Class I-3EU Shares | 0.85% |
| Alger SICAV - Alger Dynamic Opportunities Fund | Class I-3US Shares | 0.85% |
| Alger SICAV - Alger Emerging Markets Fund | Class A EU Shares | 1.75% |
| Alger SICAV - Alger Emerging Markets Fund | Class A US Shares | 1.75% |
| Alger SICAV - Alger Emerging Markets Fund | Class G Shares | 0.70% |
| Alger SICAV - Alger Emerging Markets Fund | Class I EU Shares | 0.85% |
| Alger SICAV - Alger Emerging Markets Fund | Class I US Shares | 0.85% |
| Alger SICAV - Alger Emerging Markets Fund | Class I-3US Shares | 0.85% |
| Alger SICAV - Alger Small Cap Focus Fund | Class A EUH Shares | 1.75% |
| Alger SICAV - Alger Small Cap Focus Fund | Class A US Shares | 1.75% |
| Alger SICAV - Alger Small Cap Focus Fund | Class I EUH Shares | 0.85% |
| Alger SICAV - Alger Small Cap Focus Fund | Class I US Shares | 0.85% |
| Alger SICAV - Alger Small Cap Focus Fund | Class I-3EUH Shares | 0.85% |
| Alger SICAV - Alger Small Cap Focus Fund | Class I-3US Shares | 0.85% |
| Alger SICAV - Alger Small Cap Focus Fund | Class I-5US Shares | 0.75% |
| Alger SICAV - Alger Weatherbie Specialized Growth Fund | Class G Shares | 0.70% |
| Alger SICAV - Alger Weatherbie Specialized Growth Fund | Class I-3EU Shares | 0.85% |
| Alger SICAV - Alger Weatherbie Specialized Growth Fund | Class I-3EUH Shares | 0.85% |
| Alger SICAV - Alger Weatherbie Specialized Growth Fund | Class I-3US Shares | 0.85% |
| Alger SICAV - Alger Focus Equity Fund | Class I-3EU Shares | 0.85% |
| Alger SICAV - Alger Focus Equity Fund | Class I-3EUH Shares | 0.85% |
| Alger SICAV - Alger Focus Equity Fund | Class I-3US Shares | 0.85% |
| Alger SICAV - Alger Mid Cap Focus Fund | Class A EUH Shares ** | 1.75% |
| Alger SICAV - Alger Mid Cap Focus Fund | Class A US Shares ** | 1.75% |
| Alger SICAV - Alger Mid Cap Focus Fund | Class I-5EUH Shares ** | 0.75% |
| Alger SICAV - Alger Mid Cap Focus Fund | Class I-5US Shares ** | 0.75% |

* Commenced operations 20 January 2021.
** Commenced operations 18 August 2021.
The Portfolio Manager shall pay the fees of the Sub-Portfolio Managers. Subject to the approval of the Portfolio Manager, the Fund may directly pay the fee(s) of any of the Sub-Portfolio Managers and/or any portfolio co-managers, appointed in relation to any Sub-Funds, and reduce by the amount of such fee(s) payable to the Portfolio Manager.
Note 5: Taxes
Under present laws, the Fund is not subject to income taxes in Luxembourg, nor are dividends paid by the Fund subject to any Luxembourg withholding taxes. The Fund is subject to Luxembourg subscription tax (“taxe d’abonnement”) at the rate of 0.05% per annum or 0.01% per annum in respect of Classes of Shares restricted to institutional investors, such tax being payable quarterly on the basis of the total net assets at the end of the relevant quarter.
Interest, dividends and capital gains on securities may be subject to withholding or capital gains taxes in certain countries.
Note 6: Brokerage Commissions
During the year ended 31 December 2021 the Fund paid Fred Alger & Company, LLC, which is a related party, approximately
$240,270 in commissions in connection with securities transactions at an average commission rate of 0.04% per transaction. The aggregate value of such transactions was approximately $627,405,694 and represented 10.96% of the total value of all securities transactions during the year ended 31 December 2021.
During the year ended 31 December 2021, the Fund’s soft commission transactions were $333,387.
Notes to the Financial Statements (continued)
Note 7: Expense Cap
The annual expenses are capped so that the Portfolio Manager reimburses the Sub-Funds. If annualized expenses, excluding transaction costs (see Note 10), exceeds the rates mentioned for each Share Class as per the below table, expense reimbursement receivables are accrued by the Sub-Funds on a daily basis and are paid by the Portfolio Manager monthly in arrears.
Amounts reimbursed by the Portfolio Manager may be returned by the Sub-Funds in the event annualized expenses fall below these percentages by year end.
| Fund name | Class name | Expense Cap |
| --- | --- | --- |
| Alger SICAV - Alger American Asset Growth Fund | Class A EU Shares | 2.90% |
| Alger SICAV - Alger American Asset Growth Fund | Class A EUH Shares | 2.90% |
| Alger SICAV - Alger American Asset Growth Fund | Class A US Shares | 2.90% |
| Alger SICAV - Alger American Asset Growth Fund | Class G Shares | 0.65% |
| Alger SICAV - Alger American Asset Growth Fund | Class I EU Shares | 1.10% |
| Alger SICAV - Alger American Asset Growth Fund | Class I EUH Shares | 1.10% |
| Alger SICAV - Alger American Asset Growth Fund | Class I US Shares | 1.10% |
| Alger SICAV - Alger American Asset Growth Fund | Class I-2EU Shares | 0.80% |
| Alger SICAV - Alger American Asset Growth Fund | Class I-2US Shares | 0.80% |
| Alger SICAV - Alger American Asset Growth Fund | Class I-3US Shares | 1.15% |
| Alger SICAV - Alger Dynamic Opportunities Fund | Class A EU Shares | 2.90% |
| Alger SICAV - Alger Dynamic Opportunities Fund | Class A EUH Shares * | 2.90% |
| Alger SICAV - Alger Dynamic Opportunities Fund | Class A US Shares | 2.90% |
| Alger SICAV - Alger Dynamic Opportunities Fund | Class G Shares | 1.15% |
| Alger SICAV - Alger Dynamic Opportunities Fund | Class I EUH Shares * | 1.10% |
| Alger SICAV - Alger Dynamic Opportunities Fund | Class I-3EU Shares | 1.15% |
| Alger SICAV - Alger Dynamic Opportunities Fund | Class I-3US Shares | 1.15% |
| Alger SICAV - Alger Emerging Markets Fund | Class A EU Shares | 2.90% |
| Alger SICAV - Alger Emerging Markets Fund | Class A US Shares | 2.90% |
| Alger SICAV - Alger Emerging Markets Fund | Class G Shares | 0.89% |
| Alger SICAV - Alger Emerging Markets Fund | Class I EU Shares | 1.10% |
| Alger SICAV - Alger Emerging Markets Fund | Class I US Shares | 1.10% |
| Alger SICAV - Alger Emerging Markets Fund | Class I-3US Shares | 1.15% |
| Alger SICAV - Alger Small Cap Focus Fund | Class A EUH Shares | 2.90% |
| Alger SICAV - Alger Small Cap Focus Fund | Class A US Shares | 2.90% |
| Alger SICAV - Alger Small Cap Focus Fund | Class I EUH Shares | 1.10% |
| Alger SICAV - Alger Small Cap Focus Fund | Class I US Shares | 1.10% |
| Alger SICAV - Alger Small Cap Focus Fund | Class I-3EUH Shares | 1.15% |
| Alger SICAV - Alger Small Cap Focus Fund | Class I-3US Shares | 1.15% |
| Alger SICAV - Alger Small Cap Focus Fund | Class I-5US Shares | 0.90% |
| Alger SICAV - Alger Weatherbie Specialized Growth Fund | Class G Shares | 0.89% |
| Alger SICAV - Alger Weatherbie Specialized Growth Fund | Class I-3EU Shares | 1.15% |
| Alger SICAV - Alger Weatherbie Specialized Growth Fund | Class I-3EUH Shares | 1.15% |
| Alger SICAV - Alger Weatherbie Specialized Growth Fund | Class I-3US Shares | 1.15% |
| Alger SICAV - Alger Focus Equity Fund | Class I-3EU Shares | 1.15% |
| Alger SICAV - Alger Focus Equity Fund | Class I-3EUH Shares | 1.15% |
| Alger SICAV - Alger Focus Equity Fund | Class I-3US Shares | 1.15% |
| Alger SICAV - Alger Mid Cap Focus Fund | Class A EUH Shares ** | 2.90% |
| Alger SICAV - Alger Mid Cap Focus Fund | Class A US Shares ** | 2.90% |
| Alger SICAV - Alger Mid Cap Focus Fund | Class I-5EUH Shares ** | 0.90% |
| Alger SICAV - Alger Mid Cap Focus Fund | Class I-5US Shares ** | 0.90% |

* Commenced operations 20 January 2021.
** Commenced operations 18 August 2021.
Notes to the Financial Statements (continued)
Note 8: Depositary, Administrative, Registrar and Transfer Agent and Director’s Fees
The fees payable to the Depositary and to the administrative agent are at such rates and/or amounts as may be agreed from time to time with the Fund in accordance with customary banking practice in Luxembourg. The maximum fee payable to the Depositary is 0.55% per annum and to the administrative agent the maximum fixed fee is 0.045% per annum (exclusive specific fees payable for the processing of multiple Classes), in each case based on the Net Asset Value of the relevant Sub-Fund. The fixed fee is in the Depositary’s fee schedule agreed with the SICAV, which, is set at $6,000 per month, per sub-fund.
In addition, each of the Depositary and the administrative agent is entitled, as the case may be, to a charge per transaction, a flat fee for certain services or products, reimbursements by the Fund for out-of-pocket expenses and disbursements and for charges of any correspondents. The registrar and transfer agent is entitled to a fee, payable monthly, at a fixed amount for each Sub-Fund and Class, a flat transaction fee on Shareholder transactions, and a fixed fee for each Shareholder account.
The Independent Director received a fixed fee of $20,000 which does not include any variable remuneration dependent upon the performance of the Fund.
Note 9: Investment in Derivative Transactions
Each Sub-Fund may, for the purpose of efficient portfolio management of its assets or for providing protection against exchange rate risks, employ techniques and instruments relating to transferable securities. The Sub-Funds may invest, as a part of their investment policy and within certain limits, in FDIs provided that the exposure to the underlying assets does not exceed in aggregate certain investment limits. The types of derivative transactions each of the Sub-Funds may invest in are outlined in the Fund’s Prospectus.
An Eligible Counterparty is a counterparty which is a first class financial institution having its registered office in an EU Member State, in the United States or in a country where it is subject to prudential supervision rules considered by the CSSF equivalent to those prescribed by Community law.
Note 10: Transaction Costs
For the year ended 31 December 2021, the Fund incurred transaction costs (composed of broker fees and stamp duties) relating to the purchase or sale of investment securities. The brokerage charges are part of the acquisition cost / sale price of the related assets and, for the year from 1 January 2021 to 31 December 2021, amounts are as follows (in USD):
| Sub-Funds | Depositary transaction fees | Brokerage charges | Total transaction cost |
| --- | --- | --- | --- |
| Alger SICAV - Alger American Asset Growth Fund | 15,666 | 436,768 | 452,434 |
| Alger SICAV - Alger Dynamic Opportunities Fund | 157,655 | 759,076 | 916,731 |
| Alger SICAV - Alger Emerging Markets Fund | 8,362 | 172,082 | 180,444 |
| Alger SICAV - Alger Small Cap Focus Fund | 6,801 | 644,330 | 651,131 |
| Alger SICAV - Alger Weatherbie Specialized Growth Fund | 9,544 | 5,422 | 14,966 |
| Alger SICAV - Alger Focus Equity Fund | 14,198 | 3,537 | 17,735 |
| Alger SICAV - Alger Mid Cap Focus Fund * | 3,413 | 10,566 | 13,979 |

* The Sub-Fund commenced operations on 18 August 2021.
Note 11: General risks
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness such as COVID-19 or other public health issues, recessions, or other events could have a significant impact on investments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility.
Notes to the Financial Statements (continued)
Note 12: Events Occurred During The Year
The following classes were launched on 20 January 2021:
| Sub-Funds | Index Benchmark | Launch date | Class Currency | Class name |
| --- | --- | --- | --- | --- |
| Alger Dynamic Opportunities Fund | S&P 500 Index | 20 January 2021 | EUR | A EUH |
| Alger Dynamic Opportunities Fund | S&P 500 Index | 20 January 2021 | EUR | I EUH |

The Sub-Fund Alger Mid Cap Focus Fund launched with an investment objective to seek long-term capital appreciation by generally investing at least two thirds of its net assets in equity securities of mid-cap companies. For these purposes, “mid-cap companies” are those companies that, at the time of purchase, have total market capitalization within the range of (i) companies included in the Russell MidCap Growth Index, as reported by the index at the most recent quarter end, or (ii) $1 billion to
$30 billion. The following classes were launched on 18 August 2021:
| Sub-Fund | Index Benchmark | Launch date | Class Currency | Class Name |
| --- | --- | --- | --- | --- |
| Alger Mid Cap Focus Fund | Russell MidCap Growth Index | 18 August 2021 | EUR | A EUH |
| Alger Mid Cap Focus Fund | Russell MidCap Growth Index | 18 August 2021 | USD | A US |
| Alger Mid Cap Focus Fund | Russell MidCap Growth Index | 18 August 2021 | EUR | I-5EUH |
| Alger Mid Cap Focus Fund | Russell MidCap Growth Index | 18 August 2021 | USD | I-5US |

Note 13: Subsequent Event
The Board of Directors of the Fund has evaluated events that have occurred subsequent to 31 December 2021. Alger Mid Cap Focus Fund Class I US, I EUH and G launched on 1 March 2022. No other events have been identified which require recognition and / or disclosure in these financial statements.

Translation (ENDE, 2021-12-31):
# ALGER SICAV
Erläuterungen zum Jahresbericht (Fortsetzung)
Erläuterung 12: Ereignisse während des Geschäftsjahres
Die folgenden Klassen wurden am 20. Januar 2021 aufgelegt:
| Teilfonds | Indexbenchmark | Auflagedatum | Klassenwährung | Klassenname |
| --- | --- | --- | --- | --- |
| Alger Dynamic Opportunities Fund | S&P 500 Index | 20. Januar 2021 | EUR | A EUH |
| Alger Dynamic Opportunities Fund | S&P 500 Index | 20. Januar 2021 | EUR | I EUH |

Der Teilfonds Alger Mid Cap Focus Fund wurde mit einem Anlageziel aufgelegt, das aus langfristigem Kapitalwachstum besteht, indem er im Allgemeinen mindestens zwei Drittel seines Nettovermögens in Aktienwerte von Unternehmen mittlerer Marktkapitalisierung (Mid-Caps) investiert. In diesem Sinne sind „Mid-Cap-Unternehmen“ Unternehmen, die zum Kaufzeitpunkt über eine Gesamtmarktkapitalisierung im Bereich (i) der im Russell MidCap Growth Index enthaltenen Unternehmen, wie zum Ende des jüngsten Quartals ausgewiesen, oder (ii) von 1 Mrd. USD bis 30 Mrd. USD aufweisen. Die folgenden Klassen wurden am 18. August 2021 aufgelegt:
| Teilfonds | Indexbenchmark | Auflagedatum | Klassenwährung | Klassen-name |
| --- | --- | --- | --- | --- |
| Alger Mid Cap Focus Fund | Russell MidCap Growth Index | 18. August 2021 | EUR | A EUH |
| Alger Mid Cap Focus Fund | Russell MidCap Growth Index | 18. August 2021 | USD | A US |
| Alger Mid Cap Focus Fund | Russell MidCap Growth Index | 18. August 2021 | EUR | I-5EUH |
| Alger Mid Cap Focus Fund | Russell MidCap Growth Index | 18. August 2021 | USD | I-5US |

Erläuterung 13: Ereignisse nach dem Bilanzstichtag
Der Verwaltungsrat des Fonds hat Ereignisse bewertet, die nach dem 31. Dezember 2021 eingetreten sind. Die Klassen I US, EUH und G des Alger Mid Cap Focus Fund werden voraussichtlich am 1. März 2022 aufgelegt. Es wurden keine sonstigen Ereignisse festgestellt, die in diesem Abschluss ausgewiesen und/oder offengelegt werden müssten.