# EDGAR Filing Document

**Accession Number:** 0000832566
**File Stem:** 0001133228-25-009098
**Filing Date:** 2025-8
**Character Count:** 258760
**Document Hash:** 40154d15a4b0f170c69882b261e6318a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009098.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001133228-25-009098

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**EFFECTIVENESS DATE**: 20250828

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALGER PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000832566

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05550
- **FILM NUMBER:** 251268126

**BUSINESS ADDRESS:**
- **STREET 1:** 100 PEARL STREET
- **STREET 2:** 27TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004
- **BUSINESS PHONE:** 212-806-8800

**MAIL ADDRESS:**
- **STREET 1:** 100 PEARL STREET
- **STREET 2:** 27TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALGER AMERICAN FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Alger Large Cap Growth Portfolio (Series ID: S000009214)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000025024 | Alger Large Cap Growth Portfolio Class I-2 | AAGOX           |

### Alger Small Cap Growth Portfolio (Series ID: S000009215)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000025026 | Alger Small Cap Growth Portfolio Class I-2 | AASOX           |

### Alger Growth & Income Portfolio (Series ID: S000009216)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000025028 | Alger Growth & Income Portfolio Class I-2 | AIGOX           |

### Alger Balanced Portfolio (Series ID: S000009217)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000025030 | Alger Balanced Portfolio Class I-2 | ABLOX           |

### Alger Mid Cap Growth Portfolio (Series ID: S000009218)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000025032 | Alger Mid Cap Growth Portfolio Class I-2 | AMGOX           |

### Alger Capital Appreciation Portfolio (Series ID: S000009219)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000025033 | Alger Capital Appreciation Portfolio Class S   |  |
| C000025034 | Alger Capital Appreciation Portfolio Class I-2 | ALVOX           |

?xml version='1.0' encoding='ASCII'? 8dde3d4b5d32adb

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-05550

#### The Alger Portfolios
(Exact name of registrant as specified in charter)

------

100 Pearl Street, New York, New York 10004

#### Registrant's telephone number, including area code:

#### 212-806-8800

#### Date of fiscal year end:

#### 12/31

#### Date of reporting period:

#### June 30, 2025
Form N-CSRS is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSRS in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSRS, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSRS unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Report to Stockholders.**

(a) The registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

![TSR - Fund Logo](images_28610.jpg)

### Alger Capital Appreciation Portfolio

### Class I-2 / ALVOX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Alger Capital Appreciation Portfolio ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Capital Appreciation Portfolio<br>(Class I-2 / ALVOX) | $50 0.94%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended June 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$679465643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;41.29% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 18.2% |
| Consumer Discretionary | 11.7% |
| Energy | 0.6% |
| Financials | 3.6% |
| Health Care | 5.1% |
| Industrials | 6.2% |
| Information Technology | 48.5% |
| Materials | 0.4% |
| Utilities | 5.7% |
| Short-Term Investments and Other Net Assets | 0.0% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_28609.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Capital Appreciation Portfolio

![TSR - Fund Logo](images_28610.jpg)

### Alger Capital Appreciation Portfolio

### Class S

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Alger Capital Appreciation Portfolio ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Capital Appreciation Portfolio<br>(Class S) | $63 1.19%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended June 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$679465643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;41.29% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 18.2% |
| Consumer Discretionary | 11.7% |
| Energy | 0.6% |
| Financials | 3.6% |
| Health Care | 5.1% |
| Industrials | 6.2% |
| Information Technology | 48.5% |
| Materials | 0.4% |
| Utilities | 5.7% |
| Short-Term Investments and Other Net Assets | 0.0% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_28609.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Capital Appreciation Portfolio

![TSR - Fund Logo](images_28610.jpg)

### Alger Large Cap Growth Portfolio

### Class I-2 / AAGOX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Alger Large Cap Growth Portfolio ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Large Cap Growth Portfolio<br>(Class I-2 / AAGOX) | $43 0.81%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended June 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$397360964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;58.76% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 21.1% |
| Consumer Discretionary | 9.9% |
| Exchange Traded Fund | 2.6% |
| Health Care | 8.3% |
| Industrials | 8.1% |
| Information Technology | 41.2% |
| Materials | 0.9% |
| Mutual Fund | 2.8% |
| Utilities | 5.1% |
| Short-Term Investments and Other Net Assets | 0.0% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_28609.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Large Cap Growth Portfolio

![TSR - Fund Logo](images_28610.jpg)

### Alger Growth & Income Portfolio

### Class I-2 / AIGOX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Alger Growth & Income Portfolio ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Growth & Income Portfolio<br>(Class I-2 / AIGOX) | $40 0.78%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended June 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$42836863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;0.65% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 9.5% |
| Consumer Discretionary | 7.5% |
| Consumer Staples | 6.3% |
| Energy | 4.4% |
| Financials | 15.3% |
| Health Care | 9.9% |
| Industrials | 6.6% |
| Information Technology | 34.6% |
| Materials | 1.6% |
| Real Estate | 3.0% |
| Utilities | 1.5% |
| Short-Term Investments and Other Net Assets | (0.2)% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_28609.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Growth & Income Portfolio

![TSR - Fund Logo](images_28610.jpg)

### Alger Mid Cap Growth Portfolio

### Class I-2 / AMGOX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Alger Mid Cap Growth Portfolio ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Mid Cap Growth Portfolio<br>(Class I-2 / AMGOX) | $47 0.90%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended June 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$153265214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;42.22% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 7.8% |
| Consumer Discretionary | 10.0% |
| Consumer Staples | 1.6% |
| Exchange Traded Fund | 3.5% |
| Financials | 11.3% |
| Health Care | 5.2% |
| Industrials | 22.9% |
| Information Technology | 25.3% |
| Materials | 1.2% |
| Real Estate | 4.3% |
| Utilities | 4.8% |
| Short-Term Investments and Other Net Assets | 2.1% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_28609.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Mid Cap Growth Portfolio

![TSR - Fund Logo](images_28610.jpg)

### Alger Small Cap Growth Portfolio

### Class I-2 / AASOX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Alger Small Cap Growth Portfolio ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Small Cap Growth Portfolio<br>(Class I-2 / AASOX) | $48 0.99%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended June 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$137919892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;16.69% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 0.6% |
| Consumer Discretionary | 15.9% |
| Consumer Staples | 3.0% |
| Energy | 2.7% |
| Financials | 2.7% |
| Health Care | 23.0% |
| Industrials | 15.5% |
| Information Technology | 27.5% |
| Materials | 0.8% |
| Utilities | 0.4% |
| Short-Term Investments and Other Net Assets | 7.9% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_28609.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Small Cap Growth Portfolio

![TSR - Fund Logo](images_28610.jpg)

### Alger Balanced Portfolio

### Class I-2 / ABLOX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Alger Balanced Portfolio ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Balanced Portfolio<br>(Class I-2 / ABLOX) | $48 0.95%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended June 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$62068254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8.04% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 6.8% |
| Consumer Discretionary | 5.4% |
| Consumer Staples | 4.5% |
| Energy | 3.1% |
| Financials | 10.9% |
| Health Care | 7.2% |
| Industrials | 4.8% |
| Information Technology | 25.0% |
| Materials | 1.1% |
| Real Estate | 2.2% |
| Utilities | 1.1% |
| Total Equities | 72.1% |
| Corporate Bonds<sup>††</sup> |  |
| AAA | 0.9 |
| AA | 4.8 |
| A | 9.9 |
| BBB | 8.8 |
| Total Corporate Bonds | 24.4% |
| U.S. Government Bonds | 2.5% |
| Short-Term Investments and Other Net Assets | 1.0% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **<sup>†</sup>**  | **Based on net assets**  |
| **<sup>††</sup>**  | **For purposes of this report, credit quality ratings shown above reflect the rating assigned by S&P Global Ratings. This rating agency is an independent, nationally recognized statistical rating organization and is widely used. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Credit quality ratings are subject to change.**  |

---

Availability of Additional Information

![TSR - QR Code](images_28609.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Balanced Portfolio

------

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Schedule of Investments in securities of unaffiliated issuers as
 of the close of the Reporting Period is included as part of the report to shareholders filed under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**

![](img3f1718721.gif)

THE ALGER PORTFOLIOS

**SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION**

**June 30, 2025 (UNAUDITED)**

![](img54e562c12.gif)

------

**Table of Contents**

------

**THE ALGER PORTFOLIOS**

------

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_95bb8010-9176-4002-b40f-aebdf304499a_SOI1-Continued-4581_1) | 2 |
| [Statements of Assets and Liabilities](#xx_95bb8010-9176-4002-b40f-aebdf304499a_SAL1-Continued_1) | 30 |
| [Statements of Operations](#xx_95bb8010-9176-4002-b40f-aebdf304499a_SOP1-Continued_1) | 36 |
| [Statements of Changes in Net Assets](#xx_95bb8010-9176-4002-b40f-aebdf304499a_SOC1-Continued_1) | 39 |
| [Financial Highlights](#xx_95bb8010-9176-4002-b40f-aebdf304499a_FIHI-Continued_1) | 45 |
| [Notes to Financial Statements](#xx_95bb8010-9176-4002-b40f-aebdf304499a_NTF-Continued_1) | 52 |
| [Other Information](#xx_95bb8010-9176-4002-b40f-aebdf304499a_AI-Continued_1) | 79 |

---

------

**THE ALGER PORTFOLIOS \| ALGER CAPITAL APPRECIATION PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.4%** | **COMMON STOCKS—98.4%** | **COMMON STOCKS—98.4%** |
| **AEROSPACE & DEFENSE—1.1%** | **AEROSPACE & DEFENSE—1.1%** | **AEROSPACE & DEFENSE—1.1%** |
| HEICO Corp., Cl. A | 29272 | **$7574130** |
| **APPAREL RETAIL—0.3%** | **APPAREL RETAIL—0.3%** | **APPAREL RETAIL—0.3%** |
| Burlington Stores, Inc.<sup>\*</sup>  | 9441 | **2196354** |
| **APPLICATION SOFTWARE—5.0%** | **APPLICATION SOFTWARE—5.0%** | **APPLICATION SOFTWARE—5.0%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 80036 | 28019003 |
| Cadence Design Systems, Inc.<sup>\*</sup>  | 6415 | 1976782 |
| Fair Isaac Corp.<sup>\*</sup>  | 1643 | 3003338 |
| Palantir Technologies, Inc., Cl. A<sup>\*</sup>  | 5765 | 785885 |
|  |  | **33785008** |
| **AUTOMOBILE MANUFACTURERS—2.7%** | **AUTOMOBILE MANUFACTURERS—2.7%** | **AUTOMOBILE MANUFACTURERS—2.7%** |
| Tesla, Inc.<sup>\*</sup>  | 58368 | **18541179** |
| **AUTOMOTIVE RETAIL—0.2%** | **AUTOMOTIVE RETAIL—0.2%** | **AUTOMOTIVE RETAIL—0.2%** |
| Carvana Co.<sup>\*</sup>  | 4418 | **1488689** |
| **BIOTECHNOLOGY—1.4%** | **BIOTECHNOLOGY—1.4%** | **BIOTECHNOLOGY—1.4%** |
| Natera, Inc.<sup>\*</sup>  | 57526 | **9718442** |
| **BROADLINE RETAIL—8.0%** | **BROADLINE RETAIL—8.0%** | **BROADLINE RETAIL—8.0%** |
| Amazon.com, Inc.<sup>\*</sup>  | 215849 | 47355112 |
| MercadoLibre, Inc.<sup>\*</sup>  | 2767 | 7231914 |
|  |  | **54587026** |
| **BUILDING PRODUCTS—0.1%** | **BUILDING PRODUCTS—0.1%** | **BUILDING PRODUCTS—0.1%** |
| Builders FirstSource, Inc.<sup>\*</sup>  | 6470 | **754984** |
| **CASINOS & GAMING—0.2%** | **CASINOS & GAMING—0.2%** | **CASINOS & GAMING—0.2%** |
| DraftKings, Inc., Cl. A<sup>\*</sup>  | 26720 | **1146021** |
| **COAL & CONSUMABLE FUELS—0.6%** | **COAL & CONSUMABLE FUELS—0.6%** | **COAL & CONSUMABLE FUELS—0.6%** |
| Cameco Corp. | 50295 | **3733398** |
| **CONSTRUCTION MATERIALS—0.4%** | **CONSTRUCTION MATERIALS—0.4%** | **CONSTRUCTION MATERIALS—0.4%** |
| Martin Marietta Materials, Inc. | 5436 | **2984147** |
| **DIVERSIFIED BANKS—0.3%** | **DIVERSIFIED BANKS—0.3%** | **DIVERSIFIED BANKS—0.3%** |
| Wells Fargo & Co. | 25768 | **2064532** |
| **ELECTRIC UTILITIES—1.1%** | **ELECTRIC UTILITIES—1.1%** | **ELECTRIC UTILITIES—1.1%** |
| Constellation Energy Corp. | 22477 | 7254677 |
| NRG Energy, Inc. | 1275 | 204739 |
|  |  | **7459416** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.4%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.4%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.4%** |
| Eaton Corp. PLC | 5371 | 1917393 |
| Vertiv Holdings Co., Cl. A | 110912 | 14242210 |
|  |  | **16159603** |
| **ELECTRONIC COMPONENTS—0.4%** | **ELECTRONIC COMPONENTS—0.4%** | **ELECTRONIC COMPONENTS—0.4%** |
| Coherent Corp.<sup>\*</sup>  | 28832 | **2572103** |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER CAPITAL APPRECIATION PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.4% (CONT.)** | **COMMON STOCKS—98.4% (CONT.)** | **COMMON STOCKS—98.4% (CONT.)** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.4%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.4%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.4%** |
| Itron, Inc.<sup>\*</sup>  | 21980 | **$2893227** |
| **ENVIRONMENTAL & FACILITIES SERVICES—1.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.8%** |
| GFL Environmental, Inc. | 245903 | **12408265** |
| **FINANCIAL EXCHANGES & DATA—0.6%** | **FINANCIAL EXCHANGES & DATA—0.6%** | **FINANCIAL EXCHANGES & DATA—0.6%** |
| Coinbase Global, Inc., Cl. A<sup>\*</sup>  | 961 | 336821 |
| S&P Global, Inc. | 6740 | 3553934 |
|  |  | **3890755** |
| **HEALTH CARE DISTRIBUTORS—0.8%** | **HEALTH CARE DISTRIBUTORS—0.8%** | **HEALTH CARE DISTRIBUTORS—0.8%** |
| Cardinal Health, Inc. | 31922 | **5362896** |
| **HEALTHCARE EQUIPMENT—2.0%** | **HEALTHCARE EQUIPMENT—2.0%** | **HEALTHCARE EQUIPMENT—2.0%** |
| Abbott Laboratories | 20658 | 2809695 |
| Boston Scientific Corp.<sup>\*</sup>  | 42539 | 4569114 |
| Glaukos Corp.<sup>\*</sup>  | 7074 | 730673 |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 10325 | 5610708 |
|  |  | **13720190** |
| **HEALTHCARE FACILITIES—0.2%** | **HEALTHCARE FACILITIES—0.2%** | **HEALTHCARE FACILITIES—0.2%** |
| Tenet Healthcare Corp.<sup>\*</sup>  | 7611 | **1339536** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.7%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.7%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.7%** |
| Talen Energy Corp.<sup>\*</sup>  | 51986 | 15115969 |
| Vistra Corp. | 84919 | 16458152 |
|  |  | **31574121** |
| **INTERACTIVE HOME ENTERTAINMENT—3.0%** | **INTERACTIVE HOME ENTERTAINMENT—3.0%** | **INTERACTIVE HOME ENTERTAINMENT—3.0%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 58283 | 6131371 |
| Sea Ltd. ADR<sup>\*</sup>  | 76480 | 12232211 |
| Take-Two Interactive Software, Inc.<sup>\*</sup>  | 7282 | 1768434 |
|  |  | **20132016** |
| **INTERACTIVE MEDIA & SERVICES—10.4%** | **INTERACTIVE MEDIA & SERVICES—10.4%** | **INTERACTIVE MEDIA & SERVICES—10.4%** |
| Alphabet, Inc., Cl. C | 106393 | 18873054 |
| Meta Platforms, Inc., Cl. A | 66440 | 49038700 |
| Pinterest, Inc., Cl. A<sup>\*</sup>  | 81387 | 2918538 |
|  |  | **70830292** |
| **INTERNET SERVICES & INFRASTRUCTURE—2.1%** | **INTERNET SERVICES & INFRASTRUCTURE—2.1%** | **INTERNET SERVICES & INFRASTRUCTURE—2.1%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 20532 | 4020782 |
| Shopify, Inc., Cl. A<sup>\*</sup>  | 23383 | 2697229 |
| Snowflake, Inc., Cl. A<sup>\*</sup>  | 31909 | 7140277 |
|  |  | **13858288** |
| **INVESTMENT BANKING & BROKERAGE—1.6%** | **INVESTMENT BANKING & BROKERAGE—1.6%** | **INVESTMENT BANKING & BROKERAGE—1.6%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 118947 | **11137008** |
| **MOVIES & ENTERTAINMENT—4.8%** | **MOVIES & ENTERTAINMENT—4.8%** | **MOVIES & ENTERTAINMENT—4.8%** |
| Liberty Media Corp. Series C Liberty Formula One<sup>\*</sup>  | 59275 | 6194238 |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER CAPITAL APPRECIATION PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.4% (CONT.)** | **COMMON STOCKS—98.4% (CONT.)** | **COMMON STOCKS—98.4% (CONT.)** |
| **MOVIES & ENTERTAINMENT—4.8% (CONT.)** | **MOVIES & ENTERTAINMENT—4.8% (CONT.)** | **MOVIES & ENTERTAINMENT—4.8% (CONT.)** |
| Netflix, Inc.<sup>\*</sup>  | 12663 | **$** 16957403 |
| Spotify Technology SA<sup>\*</sup>  | 12152 | 9324716 |
| TKO Group Holdings, Inc., Cl. A | 1852 | 336971 |
|  |  | **32813328** |
| **PASSENGER AIRLINES—0.4%** | **PASSENGER AIRLINES—0.4%** | **PASSENGER AIRLINES—0.4%** |
| Delta Air Lines, Inc. | 23102 | 1136156 |
| United Airlines Holdings, Inc.<sup>\*</sup>  | 18309 | 1457946 |
|  |  | **2594102** |
| **PHARMACEUTICALS—0.6%** | **PHARMACEUTICALS—0.6%** | **PHARMACEUTICALS—0.6%** |
| Eli Lilly & Co. | 5520 | **4303006** |
| **RESEARCH & CONSULTING SERVICES—0.1%** | **RESEARCH & CONSULTING SERVICES—0.1%** | **RESEARCH & CONSULTING SERVICES—0.1%** |
| Equifax, Inc. | 3310 | **858515** |
| **RESTAURANTS—0.2%** | **RESTAURANTS—0.2%** | **RESTAURANTS—0.2%** |
| DoorDash, Inc., Cl. A<sup>\*</sup>  | 5551 | **1368377** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—0.2%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—0.2%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—0.2%** |
| ASML Holding NV ADR | 1899 | **1521840** |
| **SEMICONDUCTORS—19.7%** | **SEMICONDUCTORS—19.7%** | **SEMICONDUCTORS—19.7%** |
| Astera Labs, Inc.<sup>\*</sup>  | 43901 | 3969528 |
| Broadcom, Inc. | 78195 | 21554452 |
| indie Semiconductor, Inc., Cl. A<sup>\*</sup>  | 189816 | 675745 |
| Micron Technology, Inc. | 10485 | 1292276 |
| NVIDIA Corp. | 543496 | 85866933 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 91058 | 20623727 |
|  |  | **133982661** |
| **SYSTEMS SOFTWARE—14.9%** | **SYSTEMS SOFTWARE—14.9%** | **SYSTEMS SOFTWARE—14.9%** |
| Microsoft Corp. | 172307 | 85707225 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 214522 | 11869502 |
| Oracle Corp. | 7794 | 1704002 |
| ServiceNow, Inc.<sup>\*</sup>  | 1676 | 1723062 |
|  |  | **101003791** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.4%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.4%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.4%** |
| Apple, Inc. | 145642 | **29881369** |
| **TRADING COMPANIES & DISTRIBUTORS—0.2%** | **TRADING COMPANIES & DISTRIBUTORS—0.2%** | **TRADING COMPANIES & DISTRIBUTORS—0.2%** |
| United Rentals, Inc. | 1997 | **1504540** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—1.1%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.1%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.1%** |
| Visa, Inc., Cl. A | 20054 | **7120173** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $280,454,082) |  | **668863328** |
| **PREFERRED STOCKS—1.5%** | **PREFERRED STOCKS—1.5%** | **PREFERRED STOCKS—1.5%** |
| **APPLICATION SOFTWARE—1.5%** | **APPLICATION SOFTWARE—1.5%** | **APPLICATION SOFTWARE—1.5%** |
| Databricks, Inc., Series J<sup>(a),\*,@</sup>  | 68003 | 8105278 |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER CAPITAL APPRECIATION PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **PREFERRED STOCKS—1.5% (CONT.)** | **PREFERRED STOCKS—1.5% (CONT.)** | **PREFERRED STOCKS—1.5% (CONT.)** |
| **APPLICATION SOFTWARE—1.5% (CONT.)** | **APPLICATION SOFTWARE—1.5% (CONT.)** | **APPLICATION SOFTWARE—1.5% (CONT.)** |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 102616 | **$** 1766021 |
|  |  | **9871299** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—0.0%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.0%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.0%** |
| Chime Financial, Inc., Series G<sup>\*,@</sup>  | 6689 | **230837** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $8,518,307) |  | **10102136** |
| **SPECIAL PURPOSE VEHICLE—0.1%** | **SPECIAL PURPOSE VEHICLE—0.1%** | **SPECIAL PURPOSE VEHICLE—0.1%** |
| **DATA PROCESSING & OUTSOURCED SERVICES—0.1%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.1%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.1%** |
| Crosslink Ventures C, LLC, Cl. A<sup>(b),\*,@</sup>  |  | **400210** |
| (Cost $475,000) |  | **400210** |
| **SHORT-TERM SECURITIES—0.1%** | **SHORT-TERM SECURITIES—0.1%** | **SHORT-TERM SECURITIES—0.1%** |
| **MONEY MARKET FUNDS—0.1%** | **MONEY MARKET FUNDS—0.1%** | **MONEY MARKET FUNDS—0.1%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.19%<sup>(c)</sup>  | 1087740 | **1087740** |
| (Cost $1,087,740) |  | **1087740** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $290,535,129)** | 100.1% | **$680453414** |
| Affiliated Securities (Cost $475,000) |  | 400210 |
| Unaffiliated Securities (Cost $290,060,129) |  | 680053204 |
| Liabilities in Excess of Other Assets | (0.1)% | (987771) |
| **NET ASSETS** | 100.0% | **$679465643** |

---

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

ADR American Depositary Receipts

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

---

| | |
|:---|:---|
| (a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures <br> approved by the Board of Trustees.<br>|
| (b) | Deemed an affiliate of the Portfolio in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See <br> Note 11 - Affiliated Securities.<br>|
| (c) | Rate shown reflects 7-day effective yield as of June 30, 2025. |
| \* | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the <br> investment may be restricted only to qualified buyers.<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date(s)<br>| Acquisition <br>Cost<br>| Market <br>Value<br>| % of net assets <br>as of <br>6/30/2025<br>|
| Chime Financial, Inc., Series G | 8/24/21 | $462008 | $230837 | 0.0% |
| Crosslink Ventures C, LLC, Cl. A | 10/2/20 | 475000 | 400210 | 0.1% |
| Databricks, Inc., Series J | 12/17/24 | 6290278 | 8105278 | 1.2% |
| SB Technology, Inc., Series E | 10/23/24 | 1766021 | 1766021 | 0.3% |
| Total |  | $8993307 | $10502346 | 1.6% |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER LARGE CAP GROWTH PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—92.8%** | **COMMON STOCKS—92.8%** | **COMMON STOCKS—92.8%** |
| **AEROSPACE & DEFENSE—1.9%** | **AEROSPACE & DEFENSE—1.9%** | **AEROSPACE & DEFENSE—1.9%** |
| HEICO Corp. | 22926 | **$7519728** |
| **APPLICATION SOFTWARE—5.3%** | **APPLICATION SOFTWARE—5.3%** | **APPLICATION SOFTWARE—5.3%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 46466 | 16266817 |
| Cadence Design Systems, Inc.<sup>\*</sup>  | 5461 | 1682807 |
| Palantir Technologies, Inc., Cl. A<sup>\*</sup>  | 22433 | 3058067 |
|  |  | **21007691** |
| **BIOTECHNOLOGY—4.2%** | **BIOTECHNOLOGY—4.2%** | **BIOTECHNOLOGY—4.2%** |
| BioNTech SE ADR<sup>\*</sup>  | 5883 | 626363 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 158016 | 2043147 |
| Gilead Sciences, Inc. | 15086 | 1672585 |
| Natera, Inc.<sup>\*</sup>  | 72801 | 12299001 |
|  |  | **16641096** |
| **BROADLINE RETAIL—9.9%** | **BROADLINE RETAIL—9.9%** | **BROADLINE RETAIL—9.9%** |
| Amazon.com, Inc.<sup>\*</sup>  | 117704 | 25823081 |
| MercadoLibre, Inc.<sup>\*</sup>  | 5113 | 13363490 |
|  |  | **39186571** |
| **CONSTRUCTION MATERIALS—0.9%** | **CONSTRUCTION MATERIALS—0.9%** | **CONSTRUCTION MATERIALS—0.9%** |
| Martin Marietta Materials, Inc. | 6804 | **3735124** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—4.2%** | **ELECTRICAL COMPONENTS & EQUIPMENT—4.2%** | **ELECTRICAL COMPONENTS & EQUIPMENT—4.2%** |
| Enovix Corp.<sup>\*</sup>  | 548670 | 5673248 |
| Vertiv Holdings Co., Cl. A | 87448 | 11229197 |
|  |  | **16902445** |
| **HEALTH CARE DISTRIBUTORS—1.1%** | **HEALTH CARE DISTRIBUTORS—1.1%** | **HEALTH CARE DISTRIBUTORS—1.1%** |
| Cardinal Health, Inc. | 16215 | 2724120 |
| McKesson Corp. | 2347 | 1719835 |
|  |  | **4443955** |
| **HEALTHCARE EQUIPMENT—1.0%** | **HEALTHCARE EQUIPMENT—1.0%** | **HEALTHCARE EQUIPMENT—1.0%** |
| Abbott Laboratories | 11626 | 1581252 |
| Boston Scientific Corp.<sup>\*</sup>  | 5987 | 643064 |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 1798 | 977051 |
| STERIS PLC | 3746 | 899864 |
|  |  | **4101231** |
| **HEALTHCARE FACILITIES—0.4%** | **HEALTHCARE FACILITIES—0.4%** | **HEALTHCARE FACILITIES—0.4%** |
| Encompass Health Corp. | 6425 | 787898 |
| Tenet Healthcare Corp.<sup>\*</sup>  | 3700 | 651200 |
|  |  | **1439098** |
| **HEALTHCARE TECHNOLOGY—0.9%** | **HEALTHCARE TECHNOLOGY—0.9%** | **HEALTHCARE TECHNOLOGY—0.9%** |
| Schrodinger, Inc.<sup>\*</sup>  | 44940 | 904193 |
| Simulations Plus, Inc. | 53607 | 935442 |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER LARGE CAP GROWTH PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—92.8% (CONT.)** | **COMMON STOCKS—92.8% (CONT.)** | **COMMON STOCKS—92.8% (CONT.)** |
| **HEALTHCARE TECHNOLOGY—0.9% (CONT.)** | **HEALTHCARE TECHNOLOGY—0.9% (CONT.)** | **HEALTHCARE TECHNOLOGY—0.9% (CONT.)** |
| Veeva Systems, Inc., Cl. A<sup>\*</sup>  | 6620 | **$** 1906427 |
|  |  | **3746062** |
| **HEAVY ELECTRICAL EQUIPMENT—1.4%** | **HEAVY ELECTRICAL EQUIPMENT—1.4%** | **HEAVY ELECTRICAL EQUIPMENT—1.4%** |
| GE Vernova, Inc. | 10708 | **5666138** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—5.1%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—5.1%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—5.1%** |
| Talen Energy Corp.<sup>\*</sup>  | 42893 | 12471998 |
| Vistra Corp. | 39784 | 7710537 |
|  |  | **20182535** |
| **INTERACTIVE HOME ENTERTAINMENT—6.4%** | **INTERACTIVE HOME ENTERTAINMENT—6.4%** | **INTERACTIVE HOME ENTERTAINMENT—6.4%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 142132 | 14952286 |
| Sea Ltd. ADR<sup>\*</sup>  | 46949 | 7509023 |
| Take-Two Interactive Software, Inc.<sup>\*</sup>  | 11589 | 2814389 |
|  |  | **25275698** |
| **INTERACTIVE MEDIA & SERVICES—6.9%** | **INTERACTIVE MEDIA & SERVICES—6.9%** | **INTERACTIVE MEDIA & SERVICES—6.9%** |
| Alphabet, Inc., Cl. C | 84950 | 15069281 |
| Meta Platforms, Inc., Cl. A | 16849 | 12436078 |
|  |  | **27505359** |
| **INTERNET SERVICES & INFRASTRUCTURE—1.2%** | **INTERNET SERVICES & INFRASTRUCTURE—1.2%** | **INTERNET SERVICES & INFRASTRUCTURE—1.2%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 24052 | **4710103** |
| **MANAGED HEALTHCARE—0.1%** | **MANAGED HEALTHCARE—0.1%** | **MANAGED HEALTHCARE—0.1%** |
| UnitedHealth Group, Inc. | 1025 | **319769** |
| **MOVIES & ENTERTAINMENT—7.8%** | **MOVIES & ENTERTAINMENT—7.8%** | **MOVIES & ENTERTAINMENT—7.8%** |
| Netflix, Inc.<sup>\*</sup>  | 16263 | 21778271 |
| Spotify Technology SA<sup>\*</sup>  | 11929 | 9153599 |
|  |  | **30931870** |
| **PASSENGER GROUND TRANSPORTATION—0.5%** | **PASSENGER GROUND TRANSPORTATION—0.5%** | **PASSENGER GROUND TRANSPORTATION—0.5%** |
| Uber Technologies, Inc.<sup>\*</sup>  | 21651 | **2020038** |
| **PHARMACEUTICALS—0.6%** | **PHARMACEUTICALS—0.6%** | **PHARMACEUTICALS—0.6%** |
| Eli Lilly & Co. | 209 | 162922 |
| Novartis AG ADR | 6624 | 801570 |
| Royalty Pharma PLC, Cl. A | 36432 | 1312645 |
|  |  | **2277137** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—2.1%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—2.1%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—2.1%** |
| ASML Holding NV ADR | 4664 | 3737683 |
| Lam Research Corp. | 47597 | 4633092 |
|  |  | **8370775** |
| **SEMICONDUCTORS—15.0%** | **SEMICONDUCTORS—15.0%** | **SEMICONDUCTORS—15.0%** |
| Astera Labs, Inc.<sup>\*</sup>  | 49813 | 4504092 |
| Broadcom, Inc. | 57000 | 15712050 |
| NVIDIA Corp. | 210173 | 33205232 |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER LARGE CAP GROWTH PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—92.8% (CONT.)** | **COMMON STOCKS—92.8% (CONT.)** | **COMMON STOCKS—92.8% (CONT.)** |
| **SEMICONDUCTORS—15.0% (CONT.)** | **SEMICONDUCTORS—15.0% (CONT.)** | **SEMICONDUCTORS—15.0% (CONT.)** |
| Rambus, Inc.<sup>\*</sup>  | 30201 | **$** 1933468 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 18335 | 4152694 |
|  |  | **59507536** |
| **SYSTEMS SOFTWARE—13.7%** | **SYSTEMS SOFTWARE—13.7%** | **SYSTEMS SOFTWARE—13.7%** |
| Crowdstrike Holdings, Inc., Cl. A<sup>\*</sup>  | 9142 | 4656112 |
| CyberArk Software Ltd.<sup>\*</sup>  | 9168 | 3730276 |
| Microsoft Corp. | 51489 | 25611143 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 286175 | 15834063 |
| ServiceNow, Inc.<sup>\*</sup>  | 4407 | 4530749 |
|  |  | **54362343** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.2%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.2%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.2%** |
| Apple, Inc. | 42855 | **8792560** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $202,069,873) |  | **368644862** |
| **EXCHANGE TRADED FUNDS—2.6%** | **EXCHANGE TRADED FUNDS—2.6%** | **EXCHANGE TRADED FUNDS—2.6%** |
| Alger 35 ETF<sup>(a)</sup>  | 353188 | **10427876** |
| (Cost $6,792,657) |  | **10427876** |
| **MUTUAL FUNDS—2.8%** | **MUTUAL FUNDS—2.8%** | **MUTUAL FUNDS—2.8%** |
| Alger 35 Fund, Cl. Z<sup>(a)</sup>  | 559471 | **11278941** |
| (Cost $7,604,416) |  | **11278941** |
| **PREFERRED STOCKS—1.4%** | **PREFERRED STOCKS—1.4%** | **PREFERRED STOCKS—1.4%** |
| **APPLICATION SOFTWARE—1.4%** | **APPLICATION SOFTWARE—1.4%** | **APPLICATION SOFTWARE—1.4%** |
| SB Technology, Inc., Series E<sup>(b),\*,@</sup>  | 315833 | **5435486** |
| (Cost $5,435,486) |  | **5435486** |
| **SPECIAL PURPOSE VEHICLE—0.4%** | **SPECIAL PURPOSE VEHICLE—0.4%** | **SPECIAL PURPOSE VEHICLE—0.4%** |
| **DATA PROCESSING & OUTSOURCED SERVICES—0.4%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.4%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.4%** |
| Crosslink Ventures C, LLC, Cl. A<sup>(a),\*,@</sup>  |  | **1600839** |
| (Cost $1,900,000) |  | **1600839** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $223,802,432)** | 100.0% | **$397388004** |
| Affiliated Securities (Cost $16,297,073) |  | 23307656 |
| Unaffiliated Securities (Cost $207,505,359) |  | 374080348 |
| Liabilities in Excess of Other Assets | (0.0)% | (27040) |
| **NET ASSETS** | 100.0% | **$397360964** |

---

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

ADR American Depositary Receipts <br> ETF Exchange-Traded Fund

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

(a) Deemed
 an affiliate of the Portfolio in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 11 - Affiliated Securities.

(b) Security
 is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures approved
 by the Board of Trustees.

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER LARGE CAP GROWTH PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

\* Non-income producing security. <br> @ Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date(s)<br>| Acquisition <br>Cost<br>| Market <br>Value<br>| % of net assets <br>as of <br>6/30/2025<br>|
| Crosslink Ventures C, LLC, Cl. A | 10/2/20 | $1900000 | $1600839 | 0.4% |
| SB Technology, Inc., Series E | 10/23/24 | 5435486 | 5435486 | 1.4% |
| Total |  | $7335486 | $7036325 | 1.8% |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER GROWTH & INCOME PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.7%** | **COMMON STOCKS—96.7%** | **COMMON STOCKS—96.7%** |
| **AEROSPACE & DEFENSE—1.0%** | **AEROSPACE & DEFENSE—1.0%** | **AEROSPACE & DEFENSE—1.0%** |
| TransDigm Group, Inc. | 294 | **$447068** |
| **APPAREL RETAIL—0.2%** | **APPAREL RETAIL—0.2%** | **APPAREL RETAIL—0.2%** |
| The Gap, Inc. | 4806 | **104819** |
| **APPLICATION SOFTWARE—0.7%** | **APPLICATION SOFTWARE—0.7%** | **APPLICATION SOFTWARE—0.7%** |
| Adobe, Inc.<sup>\*</sup>  | 728 | **281649** |
| **ASSET MANAGEMENT & CUSTODY BANKS—3.3%** | **ASSET MANAGEMENT & CUSTODY BANKS—3.3%** | **ASSET MANAGEMENT & CUSTODY BANKS—3.3%** |
| Blackrock, Inc. | 635 | 666274 |
| Blackstone, Inc. | 3496 | 522932 |
| Blue Owl Capital, Inc., Cl. A | 10974 | 210810 |
|  |  | **1400016** |
| **BIOTECHNOLOGY—2.4%** | **BIOTECHNOLOGY—2.4%** | **BIOTECHNOLOGY—2.4%** |
| AbbVie, Inc. | 3319 | 616073 |
| Amgen, Inc. | 827 | 230907 |
| Gilead Sciences, Inc. | 1784 | 197792 |
|  |  | **1044772** |
| **BROADLINE RETAIL—3.1%** | **BROADLINE RETAIL—3.1%** | **BROADLINE RETAIL—3.1%** |
| Amazon.com, Inc.<sup>\*</sup>  | 5970 | **1309758** |
| **BUILDING PRODUCTS—0.7%** | **BUILDING PRODUCTS—0.7%** | **BUILDING PRODUCTS—0.7%** |
| Johnson Controls International PLC | 2793 | **294997** |
| **CABLE & SATELLITE—0.6%** | **CABLE & SATELLITE—0.6%** | **CABLE & SATELLITE—0.6%** |
| Comcast Corp., Cl. A | 7596 | **271101** |
| **COMMUNICATIONS EQUIPMENT—1.0%** | **COMMUNICATIONS EQUIPMENT—1.0%** | **COMMUNICATIONS EQUIPMENT—1.0%** |
| Cisco Systems, Inc. | 6058 | **420304** |
| **COMPUTER & ELECTRONICS RETAIL—0.3%** | **COMPUTER & ELECTRONICS RETAIL—0.3%** | **COMPUTER & ELECTRONICS RETAIL—0.3%** |
| Best Buy Co., Inc. | 1806 | **121237** |
| **CONSUMER ELECTRONICS—0.6%** | **CONSUMER ELECTRONICS—0.6%** | **CONSUMER ELECTRONICS—0.6%** |
| Garmin, Ltd. | 1254 | **261735** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—1.3%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.3%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.3%** |
| Walmart, Inc. | 5627 | **550208** |
| **COPPER—0.7%** | **COPPER—0.7%** | **COPPER—0.7%** |
| Southern Copper Corp. | 2784 | **281657** |
| **DIVERSIFIED BANKS—5.9%** | **DIVERSIFIED BANKS—5.9%** | **DIVERSIFIED BANKS—5.9%** |
| Bank of America Corp. | 11265 | 533060 |
| Fifth Third Bancorp | 4994 | 205403 |
| JPMorgan Chase & Co. | 6133 | 1778018 |
|  |  | **2516481** |
| **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** |
| NextEra Energy, Inc. | 3402 | **236167** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.1%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.1%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.1%** |
| Eaton Corp. PLC | 2555 | **912109** |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER GROWTH & INCOME PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.7% (CONT.)** | **COMMON STOCKS—96.7% (CONT.)** | **COMMON STOCKS—96.7% (CONT.)** |
| **ELECTRONIC COMPONENTS—0.5%** | **ELECTRONIC COMPONENTS—0.5%** | **ELECTRONIC COMPONENTS—0.5%** |
| Corning, Inc. | 4345 | **$228504** |
| **FINANCIAL EXCHANGES & DATA—1.0%** | **FINANCIAL EXCHANGES & DATA—1.0%** | **FINANCIAL EXCHANGES & DATA—1.0%** |
| CME Group, Inc., Cl. A | 1575 | **434101** |
| **FOOD DISTRIBUTORS—0.5%** | **FOOD DISTRIBUTORS—0.5%** | **FOOD DISTRIBUTORS—0.5%** |
| Sysco Corp. | 2695 | **204119** |
| **HEALTH CARE DISTRIBUTORS—0.8%** | **HEALTH CARE DISTRIBUTORS—0.8%** | **HEALTH CARE DISTRIBUTORS—0.8%** |
| Cardinal Health, Inc. | 2023 | **339864** |
| **HEALTHCARE EQUIPMENT—1.2%** | **HEALTHCARE EQUIPMENT—1.2%** | **HEALTHCARE EQUIPMENT—1.2%** |
| Abbott Laboratories | 2379 | 323568 |
| Medtronic PLC | 2426 | 211474 |
|  |  | **535042** |
| **HOME IMPROVEMENT RETAIL—1.8%** | **HOME IMPROVEMENT RETAIL—1.8%** | **HOME IMPROVEMENT RETAIL—1.8%** |
| The Home Depot, Inc. | 2056 | **753812** |
| **HOUSEHOLD PRODUCTS—1.3%** | **HOUSEHOLD PRODUCTS—1.3%** | **HOUSEHOLD PRODUCTS—1.3%** |
| The Procter & Gamble Co. | 3416 | **544237** |
| **INDUSTRIAL CONGLOMERATES—1.3%** | **INDUSTRIAL CONGLOMERATES—1.3%** | **INDUSTRIAL CONGLOMERATES—1.3%** |
| Honeywell International, Inc. | 2473 | **575912** |
| **INDUSTRIAL GASES—0.9%** | **INDUSTRIAL GASES—0.9%** | **INDUSTRIAL GASES—0.9%** |
| Air Products & Chemicals, Inc. | 1384 | **390371** |
| **INTEGRATED OIL & GAS—3.5%** | **INTEGRATED OIL & GAS—3.5%** | **INTEGRATED OIL & GAS—3.5%** |
| Chevron Corp. | 3709 | 531092 |
| Exxon Mobil Corp. | 6232 | 671810 |
| TotalEnergies SE ADR | 4622 | 283744 |
|  |  | **1486646** |
| **INTEGRATED TELECOMMUNICATION SERVICES—0.8%** | **INTEGRATED TELECOMMUNICATION SERVICES—0.8%** | **INTEGRATED TELECOMMUNICATION SERVICES—0.8%** |
| Verizon Communications, Inc. | 7543 | **326386** |
| **INTERACTIVE MEDIA & SERVICES—8.1%** | **INTERACTIVE MEDIA & SERVICES—8.1%** | **INTERACTIVE MEDIA & SERVICES—8.1%** |
| Alphabet, Inc., Cl. A | 7709 | 1358557 |
| Alphabet, Inc., Cl. C | 5901 | 1046778 |
| Meta Platforms, Inc., Cl. A | 1463 | 1079826 |
|  |  | **3485161** |
| **INVESTMENT BANKING & BROKERAGE—2.6%** | **INVESTMENT BANKING & BROKERAGE—2.6%** | **INVESTMENT BANKING & BROKERAGE—2.6%** |
| Morgan Stanley | 7930 | **1117020** |
| **IT CONSULTING & OTHER SERVICES—0.4%** | **IT CONSULTING & OTHER SERVICES—0.4%** | **IT CONSULTING & OTHER SERVICES—0.4%** |
| International Business Machines Corp. | 604 | **178047** |
| **MANAGED HEALTHCARE—1.0%** | **MANAGED HEALTHCARE—1.0%** | **MANAGED HEALTHCARE—1.0%** |
| UnitedHealth Group, Inc. | 1327 | **413984** |
| **MULTI-UTILITIES—1.0%** | **MULTI-UTILITIES—1.0%** | **MULTI-UTILITIES—1.0%** |
| Consolidated Edison, Inc. | 2053 | 206019 |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER GROWTH & INCOME PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.7% (CONT.)** | **COMMON STOCKS—96.7% (CONT.)** | **COMMON STOCKS—96.7% (CONT.)** |
| **MULTI-UTILITIES—1.0% (CONT.)** | **MULTI-UTILITIES—1.0% (CONT.)** | **MULTI-UTILITIES—1.0% (CONT.)** |
| Sempra | 2782 | **$** 210792 |
|  |  | **416811** |
| **OIL & GAS STORAGE & TRANSPORTATION—0.5%** | **OIL & GAS STORAGE & TRANSPORTATION—0.5%** | **OIL & GAS STORAGE & TRANSPORTATION—0.5%** |
| ONEOK, Inc. | 2482 | **202606** |
| **OTHER SPECIALTY RETAIL—0.2%** | **OTHER SPECIALTY RETAIL—0.2%** | **OTHER SPECIALTY RETAIL—0.2%** |
| Dick's Sporting Goods, Inc. | 492 | **97323** |
| **PHARMACEUTICALS—4.5%** | **PHARMACEUTICALS—4.5%** | **PHARMACEUTICALS—4.5%** |
| AstraZeneca PLC ADR | 2897 | 202442 |
| Bristol-Myers Squibb Co. | 3646 | 168773 |
| Eli Lilly & Co. | 799 | 622845 |
| Johnson & Johnson | 2564 | 391651 |
| Merck & Co., Inc. | 2302 | 182226 |
| Novartis AG ADR | 1701 | 205838 |
| Pfizer, Inc. | 6356 | 154070 |
|  |  | **1927845** |
| **PROPERTY & CASUALTY INSURANCE—0.7%** | **PROPERTY & CASUALTY INSURANCE—0.7%** | **PROPERTY & CASUALTY INSURANCE—0.7%** |
| The Hartford Insurance Group, Inc. | 2287 | **290152** |
| **RAIL TRANSPORTATION—0.8%** | **RAIL TRANSPORTATION—0.8%** | **RAIL TRANSPORTATION—0.8%** |
| Union Pacific Corp. | 1436 | **330395** |
| **RESTAURANTS—1.3%** | **RESTAURANTS—1.3%** | **RESTAURANTS—1.3%** |
| McDonald's Corp. | 1048 | 306194 |
| Starbucks Corp. | 2588 | 237139 |
|  |  | **543333** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—3.8%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—3.8%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—3.8%** |
| KLA Corp. | 1795 | **1607853** |
| **SEMICONDUCTORS—9.9%** | **SEMICONDUCTORS—9.9%** | **SEMICONDUCTORS—9.9%** |
| Broadcom, Inc. | 11036 | 3042073 |
| QUALCOMM, Inc. | 3947 | 628599 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 2552 | 578003 |
|  |  | **4248675** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.8%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.8%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.8%** |
| PepsiCo, Inc. | 2523 | 333137 |
| The Coca-Cola Co. | 6203 | 438862 |
|  |  | **771999** |
| **SYSTEMS SOFTWARE—11.3%** | **SYSTEMS SOFTWARE—11.3%** | **SYSTEMS SOFTWARE—11.3%** |
| Microsoft Corp. | 9206 | 4579156 |
| Oracle Corp. | 1277 | 279191 |
|  |  | **4858347** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.0%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.0%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.0%** |
| Apple, Inc. | 13345 | 2737993 |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER GROWTH & INCOME PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.7% (CONT.)** | **COMMON STOCKS—96.7% (CONT.)** | **COMMON STOCKS—96.7% (CONT.)** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.0% (CONT.)** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.0% (CONT.)** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.0% (CONT.)** |
| Dell Technologies, Inc., Cl. C | 2123 | **$** 260280 |
|  |  | **2998273** |
| **TOBACCO—1.4%** | **TOBACCO—1.4%** | **TOBACCO—1.4%** |
| Altria Group, Inc. | 4688 | 274857 |
| Philip Morris International, Inc. | 1906 | 347140 |
|  |  | **621997** |
| **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** |
| Ferguson Enterprises, Inc. | 1210 | **263477** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—1.8%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.8%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.8%** |
| Visa, Inc., Cl. A | 2216 | **786791** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $11,961,846) |  | **41433161** |
| **MASTER LIMITED PARTNERSHIP—0.4%** | **MASTER LIMITED PARTNERSHIP—0.4%** | **MASTER LIMITED PARTNERSHIP—0.4%** |
| **OIL & GAS STORAGE & TRANSPORTATION—0.4%** | **OIL & GAS STORAGE & TRANSPORTATION—0.4%** | **OIL & GAS STORAGE & TRANSPORTATION—0.4%** |
| Cheniere Energy Partners LP | 3108 | **174203** |
| (Cost $90,150) |  | **174203** |
| **REAL ESTATE INVESTMENT TRUST—3.1%** | **REAL ESTATE INVESTMENT TRUST—3.1%** | **REAL ESTATE INVESTMENT TRUST—3.1%** |
| **HEALTH CARE—1.0%** | **HEALTH CARE—1.0%** | **HEALTH CARE—1.0%** |
| Welltower, Inc. | 2705 | **415840** |
| **INDUSTRIAL—0.3%** | **INDUSTRIAL—0.3%** | **INDUSTRIAL—0.3%** |
| Prologis, Inc. | 1199 | **126039** |
| **RETAIL—0.7%** | **RETAIL—0.7%** | **RETAIL—0.7%** |
| Simon Property Group, Inc. | 1876 | **301586** |
| **SPECIALIZED—0.6%** | **SPECIALIZED—0.6%** | **SPECIALIZED—0.6%** |
| Lamar Advertising Co., Cl. A | 1911 | **231919** |
| **TELECOM TOWER—0.5%** | **TELECOM TOWER—0.5%** | **TELECOM TOWER—0.5%** |
| Crown Castle, Inc. | 2202 | **226211** |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUST** <br>(Cost $785,678) |  | **1301595** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $12,837,674)** | 100.2% | **$42908959** |
| Unaffiliated Securities (Cost $12,837,674) |  | 42908959 |
| Liabilities in Excess of Other Assets | (0.2)% | (72096) |
| **NET ASSETS** | 100.0% | **$42836863** |

---

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

ADR American Depositary Receipts

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

\* Non-income producing security.

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER MID CAP GROWTH PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—93.3%** | **COMMON STOCKS—93.3%** | **COMMON STOCKS—93.3%** |
| **AEROSPACE & DEFENSE—6.2%** | **AEROSPACE & DEFENSE—6.2%** | **AEROSPACE & DEFENSE—6.2%** |
| Axon Enterprise, Inc.<sup>\*</sup>  | 4706 | **$** 3896286 |
| HEICO Corp. | 10020 | 3286560 |
| Howmet Aerospace, Inc. | 12357 | 2300008 |
|  |  | **9482854** |
| **APPLICATION SOFTWARE—13.5%** | **APPLICATION SOFTWARE—13.5%** | **APPLICATION SOFTWARE—13.5%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 11974 | 4191858 |
| Clearwater Analytics Holdings, Inc., Cl. A<sup>\*</sup>  | 99547 | 2183066 |
| Constellation Software, Inc. | 1516 | 5558797 |
| Fair Isaac Corp.<sup>\*</sup>  | 1090 | 1992476 |
| Guidewire Software, Inc.<sup>\*</sup>  | 11692 | 2752881 |
| Procore Technologies, Inc.<sup>\*</sup>  | 10262 | 702126 |
| The Descartes Systems Group, Inc.<sup>\*</sup>  | 32870 | 3339018 |
|  |  | **20720222** |
| **ASSET MANAGEMENT & CUSTODY BANKS—3.4%** | **ASSET MANAGEMENT & CUSTODY BANKS—3.4%** | **ASSET MANAGEMENT & CUSTODY BANKS—3.4%** |
| Ares Management Corp., Cl. A | 8638 | 1496102 |
| Blue Owl Capital, Inc., Cl. A | 196373 | 3772325 |
|  |  | **5268427** |
| **AUTOMOTIVE RETAIL—3.6%** | **AUTOMOTIVE RETAIL—3.6%** | **AUTOMOTIVE RETAIL—3.6%** |
| Carvana Co.<sup>\*</sup>  | 10790 | 3635799 |
| O'Reilly Automotive, Inc.<sup>\*</sup>  | 21210 | 1911657 |
|  |  | **5547456** |
| **BIOTECHNOLOGY—2.0%** | **BIOTECHNOLOGY—2.0%** | **BIOTECHNOLOGY—2.0%** |
| Natera, Inc.<sup>\*</sup>  | 16859 | 2848159 |
| Vaxcyte, Inc.<sup>\*</sup>  | 5668 | 184267 |
|  |  | **3032426** |
| **BUILDING PRODUCTS—1.2%** | **BUILDING PRODUCTS—1.2%** | **BUILDING PRODUCTS—1.2%** |
| Builders FirstSource, Inc.<sup>\*</sup>  | 16060 | **1874041** |
| **CARGO GROUND TRANSPORTATION—0.4%** | **CARGO GROUND TRANSPORTATION—0.4%** | **CARGO GROUND TRANSPORTATION—0.4%** |
| Old Dominion Freight Line, Inc. | 3689 | **598725** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.2%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.2%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.2%** |
| Rocket Cos., Inc., Cl. A | 26135 | **370594** |
| **CONSTRUCTION & ENGINEERING—2.0%** | **CONSTRUCTION & ENGINEERING—2.0%** | **CONSTRUCTION & ENGINEERING—2.0%** |
| Comfort Systems USA, Inc. | 5817 | **3119134** |
| **CONSTRUCTION MATERIALS—1.2%** | **CONSTRUCTION MATERIALS—1.2%** | **CONSTRUCTION MATERIALS—1.2%** |
| Martin Marietta Materials, Inc. | 3259 | **1789061** |
| **DIVERSIFIED BANKS—0.7%** | **DIVERSIFIED BANKS—0.7%** | **DIVERSIFIED BANKS—0.7%** |
| NU Holdings, Ltd., Cl. A<sup>\*</sup>  | 74831 | **1026681** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—3.2%** | **ELECTRICAL COMPONENTS & EQUIPMENT—3.2%** | **ELECTRICAL COMPONENTS & EQUIPMENT—3.2%** |
| Vertiv Holdings Co., Cl. A | 37730 | **4844909** |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER MID CAP GROWTH PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—93.3% (CONT.)** | **COMMON STOCKS—93.3% (CONT.)** | **COMMON STOCKS—93.3% (CONT.)** |
| **ELECTRONIC COMPONENTS—2.0%** | **ELECTRONIC COMPONENTS—2.0%** | **ELECTRONIC COMPONENTS—2.0%** |
| Amphenol Corp., Cl. A | 30780 | **$3039525** |
| **ENVIRONMENTAL & FACILITIES SERVICES—4.5%** | **ENVIRONMENTAL & FACILITIES SERVICES—4.5%** | **ENVIRONMENTAL & FACILITIES SERVICES—4.5%** |
| GFL Environmental, Inc. | 135317 | **6828096** |
| **FINANCIAL EXCHANGES & DATA—0.7%** | **FINANCIAL EXCHANGES & DATA—0.7%** | **FINANCIAL EXCHANGES & DATA—0.7%** |
| MSCI, Inc., Cl. A | 1982 | **1143099** |
| **HEALTHCARE EQUIPMENT—1.2%** | **HEALTHCARE EQUIPMENT—1.2%** | **HEALTHCARE EQUIPMENT—1.2%** |
| IDEXX Laboratories, Inc.<sup>\*</sup>  | 3544 | **1900789** |
| **HEALTHCARE TECHNOLOGY—0.2%** | **HEALTHCARE TECHNOLOGY—0.2%** | **HEALTHCARE TECHNOLOGY—0.2%** |
| Veeva Systems, Inc., Cl. A<sup>\*</sup>  | 1116 | **321386** |
| **HOME IMPROVEMENT RETAIL—0.4%** | **HOME IMPROVEMENT RETAIL—0.4%** | **HOME IMPROVEMENT RETAIL—0.4%** |
| Floor & Decor Holdings, Inc., Cl. A<sup>\*</sup>  | 9127 | **693287** |
| **HOMEBUILDING—1.8%** | **HOMEBUILDING—1.8%** | **HOMEBUILDING—1.8%** |
| NVR, Inc.<sup>\*</sup>  | 364 | **2688380** |
| **HOMEFURNISHING RETAIL—0.9%** | **HOMEFURNISHING RETAIL—0.9%** | **HOMEFURNISHING RETAIL—0.9%** |
| Wayfair, Inc., Cl. A<sup>\*</sup>  | 26005 | **1329896** |
| **HOTELS RESORTS & CRUISE LINES—2.0%** | **HOTELS RESORTS & CRUISE LINES—2.0%** | **HOTELS RESORTS & CRUISE LINES—2.0%** |
| Hilton Worldwide Holdings, Inc. | 11342 | **3020828** |
| **HUMAN RESOURCE & EMPLOYMENT SERVICES—0.6%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—0.6%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—0.6%** |
| Paylocity Holding Corp.<sup>\*</sup>  | 5510 | **998357** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.8%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.8%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.8%** |
| Talen Energy Corp.<sup>\*</sup>  | 13664 | 3973081 |
| Vistra Corp. | 17752 | 3440515 |
|  |  | **7413596** |
| **INSURANCE BROKERS—1.4%** | **INSURANCE BROKERS—1.4%** | **INSURANCE BROKERS—1.4%** |
| Ryan Specialty Holdings, Inc., Cl. A | 32492 | **2209131** |
| **INTERACTIVE HOME ENTERTAINMENT—2.0%** | **INTERACTIVE HOME ENTERTAINMENT—2.0%** | **INTERACTIVE HOME ENTERTAINMENT—2.0%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 28791 | **3028813** |
| **INTERACTIVE MEDIA & SERVICES—0.9%** | **INTERACTIVE MEDIA & SERVICES—0.9%** | **INTERACTIVE MEDIA & SERVICES—0.9%** |
| Pinterest, Inc., Cl. A<sup>\*</sup>  | 39012 | **1398970** |
| **INTERNET SERVICES & INFRASTRUCTURE—3.8%** | **INTERNET SERVICES & INFRASTRUCTURE—3.8%** | **INTERNET SERVICES & INFRASTRUCTURE—3.8%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 29809 | **5837496** |
| **INVESTMENT BANKING & BROKERAGE—2.8%** | **INVESTMENT BANKING & BROKERAGE—2.8%** | **INVESTMENT BANKING & BROKERAGE—2.8%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 45085 | **4221309** |
| **IT CONSULTING & OTHER SERVICES—0.7%** | **IT CONSULTING & OTHER SERVICES—0.7%** | **IT CONSULTING & OTHER SERVICES—0.7%** |
| Globant SA<sup>\*</sup>  | 12348 | **1121692** |
| **LIFE SCIENCES TOOLS & SERVICES—1.8%** | **LIFE SCIENCES TOOLS & SERVICES—1.8%** | **LIFE SCIENCES TOOLS & SERVICES—1.8%** |
| Repligen Corp.<sup>\*</sup>  | 12931 | 1608358 |
| West Pharmaceutical Services, Inc. | 4948 | 1082622 |
|  |  | **2690980** |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER MID CAP GROWTH PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—93.3% (CONT.)** | **COMMON STOCKS—93.3% (CONT.)** | **COMMON STOCKS—93.3% (CONT.)** |
| **MOVIES & ENTERTAINMENT—4.9%** | **MOVIES & ENTERTAINMENT—4.9%** | **MOVIES & ENTERTAINMENT—4.9%** |
| Spotify Technology SA<sup>\*</sup>  | 4613 | **$** 3539739 |
| TKO Group Holdings, Inc., Cl. A | 21601 | 3930302 |
|  |  | **7470041** |
| **PERSONAL CARE PRODUCTS—1.6%** | **PERSONAL CARE PRODUCTS—1.6%** | **PERSONAL CARE PRODUCTS—1.6%** |
| e.l.f. Beauty, Inc.<sup>\*</sup>  | 20221 | **2516301** |
| **PROPERTY & CASUALTY INSURANCE—2.0%** | **PROPERTY & CASUALTY INSURANCE—2.0%** | **PROPERTY & CASUALTY INSURANCE—2.0%** |
| Intact Financial Corp. | 13201 | **3069651** |
| **REAL ESTATE SERVICES—4.3%** | **REAL ESTATE SERVICES—4.3%** | **REAL ESTATE SERVICES—4.3%** |
| CBRE Group, Inc., Cl. A<sup>\*</sup>  | 31379 | 4396825 |
| CoStar Group, Inc.<sup>\*</sup>  | 27007 | 2171363 |
|  |  | **6568188** |
| **RESEARCH & CONSULTING SERVICES—1.4%** | **RESEARCH & CONSULTING SERVICES—1.4%** | **RESEARCH & CONSULTING SERVICES—1.4%** |
| Verisk Analytics, Inc. | 6741 | **2099822** |
| **RESTAURANTS—1.4%** | **RESTAURANTS—1.4%** | **RESTAURANTS—1.4%** |
| Chipotle Mexican Grill, Inc.<sup>\*</sup>  | 36931 | **2073676** |
| **SEMICONDUCTORS—4.2%** | **SEMICONDUCTORS—4.2%** | **SEMICONDUCTORS—4.2%** |
| Astera Labs, Inc.<sup>\*</sup>  | 23121 | 2090601 |
| Marvell Technology, Inc. | 32435 | 2510469 |
| Monolithic Power Systems, Inc. | 2568 | 1878184 |
|  |  | **6479254** |
| **TRADING COMPANIES & DISTRIBUTORS—3.4%** | **TRADING COMPANIES & DISTRIBUTORS—3.4%** | **TRADING COMPANIES & DISTRIBUTORS—3.4%** |
| FTAI Aviation Ltd. | 29942 | 3444528 |
| United Rentals, Inc. | 2329 | 1754668 |
|  |  | **5199196** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $103,529,544) |  | **143036289** |
| **EXCHANGE TRADED FUNDS—3.5%** | **EXCHANGE TRADED FUNDS—3.5%** | **EXCHANGE TRADED FUNDS—3.5%** |
| Alger Mid Cap 40 ETF<sup>(a)</sup>  | 278763 | **5356431** |
| (Cost $5,573,242) |  | **5356431** |
| **PREFERRED STOCKS—0.4%** | **PREFERRED STOCKS—0.4%** | **PREFERRED STOCKS—0.4%** |
| **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** |
| SB Technology, Inc., Series E<sup>(b),\*,@</sup>  | 34722 | **597566** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Prosetta Biosciences, Inc., Series D<sup>(b),\*,@</sup>  | 170419 | **—** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $1,364,451) |  | **597566** |
| **RIGHTS—0.0%** | **RIGHTS—0.0%** | **RIGHTS—0.0%** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Tolero CDR<sup>(b),\*,@</sup>  | 425098 | **—** |
| (Cost $227,341) |  | **—** |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER MID CAP GROWTH PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SPECIAL PURPOSE VEHICLE—0.7%** | **SPECIAL PURPOSE VEHICLE—0.7%** | **SPECIAL PURPOSE VEHICLE—0.7%** |
| **DATA PROCESSING & OUTSOURCED SERVICES—0.7%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.7%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.7%** |
| Crosslink Ventures C, LLC, Cl. A<sup>(a),\*,@</sup>  |  | **$** 737228 |
| Crosslink Ventures C, LLC, Cl. B<sup>(a),\*,@</sup>  |  | 276267 |
|  |  | **1013495** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLE** <br>(Cost $1,200,000) |  | **1013495** |
| **WARRANTS—0.0%** | **WARRANTS—0.0%** | **WARRANTS—0.0%** |
| **APPLICATION SOFTWARE—0.0%** | **APPLICATION SOFTWARE—0.0%** | **APPLICATION SOFTWARE—0.0%** |
| Constellation Software, Inc., 3/31/40<sup>(b),\*</sup>  | 1318 | **—** |
| (Cost $0) |  | **—** |
| **SHORT-TERM SECURITIES—2.1%** | **SHORT-TERM SECURITIES—2.1%** | **SHORT-TERM SECURITIES—2.1%** |
| **MONEY MARKET FUNDS—2.1%** | **MONEY MARKET FUNDS—2.1%** | **MONEY MARKET FUNDS—2.1%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.19%<sup>(c)</sup>  | 3211176 | **3211176** |
| (Cost $3,211,176) |  | **3211176** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $115,105,754)** | 100.0% | **$153214957** |
| Affiliated Securities (Cost $6,773,242) |  | 6369926 |
| Unaffiliated Securities (Cost $108,332,512) |  | 146845031 |
| Other Assets in Excess of Liabilities | 0.0% | 50257 |
| **NET ASSETS** | 100.0% | **$153265214** |

---

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

CDR Contingent Deferred Rights <br> ETF Exchange-Traded Fund

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

---

| | |
|:---|:---|
| (a) | Deemed an affiliate of the Portfolio in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See <br> Note 11 - Affiliated Securities.<br>|
| (b) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures <br> approved by the Board of Trustees.<br>|
| (c) | Rate shown reflects 7-day effective yield as of June 30, 2025. |
| \* | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the <br> investment may be restricted only to qualified buyers.<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date(s)<br>| Acquisition <br>Cost<br>| Market <br>Value<br>| % of net assets <br>as of <br>6/30/2025<br>|
| Crosslink Ventures C, LLC, Cl. A | 10/2/20 | $875000 | $737228 | 0.5% |
| Crosslink Ventures C, LLC, Cl. B | 12/16/20 | 325000 | 276267 | 0.2% |
| Prosetta Biosciences, Inc., Series D | 2/16/15 | 766885 |  | 0.0% |
| SB Technology, Inc., Series E | 10/23/24 | 597566 | 597566 | 0.4% |
| Tolero CDR | 2/16/17 | 227341 |  | 0.0% |
| Total |  | $2791792 | $1611061 | 1.1% |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER SMALL CAP GROWTH PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—90.4%** | **COMMON STOCKS—90.4%** | **COMMON STOCKS—90.4%** |
| **AEROSPACE & DEFENSE—2.3%** | **AEROSPACE & DEFENSE—2.3%** | **AEROSPACE & DEFENSE—2.3%** |
| Bombardier, Inc., Cl. B<sup>\*</sup>  | 20745 | **$** 1807371 |
| Karman Holdings, Inc.<sup>\*</sup>  | 632 | 31834 |
| Loar Holdings, Inc.<sup>\*</sup>  | 15578 | 1342356 |
|  |  | **3181561** |
| **APPAREL RETAIL—3.2%** | **APPAREL RETAIL—3.2%** | **APPAREL RETAIL—3.2%** |
| Abercrombie & Fitch Co., Cl. A<sup>\*</sup>  | 5346 | 442916 |
| Aritzia, Inc.<sup>\*</sup>  | 52720 | 2731335 |
| Victoria's Secret & Co.<sup>\*</sup>  | 69753 | 1291826 |
|  |  | **4466077** |
| **APPLICATION SOFTWARE—17.1%** | **APPLICATION SOFTWARE—17.1%** | **APPLICATION SOFTWARE—17.1%** |
| ACI Worldwide, Inc.<sup>\*</sup>  | 8592 | 394459 |
| Blackbaud, Inc.<sup>\*</sup>  | 17553 | 1127078 |
| BlackLine, Inc.<sup>\*</sup>  | 23074 | 1306450 |
| Clearwater Analytics Holdings, Inc., Cl. A<sup>\*</sup>  | 57264 | 1255800 |
| Guidewire Software, Inc.<sup>\*</sup>  | 18340 | 4318153 |
| InterDigital, Inc. | 8528 | 1912233 |
| Manhattan Associates, Inc.<sup>\*</sup>  | 12629 | 2493849 |
| nCino, Inc.<sup>\*</sup>  | 29023 | 811773 |
| Q2 Holdings, Inc.<sup>\*</sup>  | 43429 | 4064520 |
| SPS Commerce, Inc.<sup>\*</sup>  | 24641 | 3353394 |
| Vertex, Inc., Cl. A<sup>\*</sup>  | 71460 | 2525039 |
|  |  | **23562748** |
| **ASSET MANAGEMENT & CUSTODY BANKS—1.2%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.2%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.2%** |
| Galaxy Digital, Inc., Cl. A<sup>\*</sup>  | 50991 | 1116703 |
| Hamilton Lane, Inc., Cl. A | 4226 | 600599 |
|  |  | **1717302** |
| **AUTOMOTIVE PARTS & EQUIPMENT—0.4%** | **AUTOMOTIVE PARTS & EQUIPMENT—0.4%** | **AUTOMOTIVE PARTS & EQUIPMENT—0.4%** |
| Modine Manufacturing Co.<sup>\*</sup>  | 6003 | **591296** |
| **BIOTECHNOLOGY—10.6%** | **BIOTECHNOLOGY—10.6%** | **BIOTECHNOLOGY—10.6%** |
| Absci Corp.<sup>\*</sup>  | 339522 | 872571 |
| Akero Therapeutics, Inc.<sup>\*</sup>  | 31655 | 1689111 |
| CareDx, Inc.<sup>\*</sup>  | 68882 | 1345954 |
| Centessa Pharmaceuticals PLC ADR<sup>\*</sup>  | 29578 | 388655 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 102901 | 1330510 |
| Insmed, Inc.<sup>\*</sup>  | 16882 | 1699004 |
| MoonLake Immunotherapeutics<sup>\*</sup>  | 15323 | 723246 |
| Natera, Inc.<sup>\*</sup>  | 8184 | 1382605 |
| NewAmsterdam Pharma Co. NV<sup>\*</sup>  | 6809 | 123311 |
| Nuvalent, Inc., Cl. A<sup>\*</sup>  | 27129 | 2069943 |
| Revolution Medicines, Inc.<sup>\*</sup>  | 32882 | 1209729 |
| Soleno Therapeutics, Inc.<sup>\*</sup>  | 9163 | 767676 |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER SMALL CAP GROWTH PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—90.4% (CONT.)** | **COMMON STOCKS—90.4% (CONT.)** | **COMMON STOCKS—90.4% (CONT.)** |
| **BIOTECHNOLOGY—10.6% (CONT.)** | **BIOTECHNOLOGY—10.6% (CONT.)** | **BIOTECHNOLOGY—10.6% (CONT.)** |
| Twist Bioscience Corp.<sup>\*</sup>  | 26830 | **$** 987076 |
|  |  | **14589391** |
| **BUILDING PRODUCTS—1.6%** | **BUILDING PRODUCTS—1.6%** | **BUILDING PRODUCTS—1.6%** |
| CSW Industrials, Inc. | 7801 | **2237561** |
| **CONSTRUCTION & ENGINEERING—2.4%** | **CONSTRUCTION & ENGINEERING—2.4%** | **CONSTRUCTION & ENGINEERING—2.4%** |
| Construction Partners, Inc., Cl. A<sup>\*</sup>  | 9077 | 964703 |
| Tutor Perini Corp.<sup>\*</sup>  | 50447 | 2359911 |
|  |  | **3324614** |
| **CONSUMER FINANCE—0.4%** | **CONSUMER FINANCE—0.4%** | **CONSUMER FINANCE—0.4%** |
| Upstart Holdings, Inc.<sup>\*</sup>  | 7497 | **484906** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—2.0%** | **CONSUMER STAPLES MERCHANDISE RETAIL—2.0%** | **CONSUMER STAPLES MERCHANDISE RETAIL—2.0%** |
| BJ's Wholesale Club Holdings, Inc.<sup>\*</sup>  | 26037 | **2807570** |
| **EDUCATION SERVICES—1.9%** | **EDUCATION SERVICES—1.9%** | **EDUCATION SERVICES—1.9%** |
| Duolingo, Inc.<sup>\*</sup>  | 3170 | 1299763 |
| KinderCare Learning Cos., Inc.<sup>\*</sup>  | 22047 | 222675 |
| Universal Technical Institute, Inc.<sup>\*</sup>  | 34116 | 1156191 |
|  |  | **2678629** |
| **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** |
| IDACORP, Inc. | 4972 | **574017** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—1.0%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.0%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.0%** |
| Enovix Corp.<sup>\*</sup>  | 131517 | **1359886** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.2%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.2%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.2%** |
| PAR Technology Corp.<sup>\*</sup>  | 4898 | **339774** |
| **ELECTRONIC MANUFACTURING SERVICES—1.1%** | **ELECTRONIC MANUFACTURING SERVICES—1.1%** | **ELECTRONIC MANUFACTURING SERVICES—1.1%** |
| Fabrinet<sup>\*</sup>  | 4902 | **1444521** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.4%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.4%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.4%** |
| Casella Waste Systems, Inc., Cl. A<sup>\*</sup>  | 5088 | **587053** |
| **FINANCIAL EXCHANGES & DATA—0.7%** | **FINANCIAL EXCHANGES & DATA—0.7%** | **FINANCIAL EXCHANGES & DATA—0.7%** |
| MarketAxess Holdings, Inc. | 4259 | **951205** |
| **HEALTHCARE EQUIPMENT—2.1%** | **HEALTHCARE EQUIPMENT—2.1%** | **HEALTHCARE EQUIPMENT—2.1%** |
| Beta Bionics, Inc.<sup>\*</sup>  | 2396 | 34886 |
| Ceribell, Inc.<sup>\*</sup>  | 8804 | 164899 |
| Glaukos Corp.<sup>\*</sup>  | 9534 | 984767 |
| Impulse Dynamics PLC, Series A<sup>(a),\*,@</sup>  | 1596061 | 57458 |
| iRhythm Technologies, Inc.<sup>\*</sup>  | 9371 | 1442759 |
| Tandem Diabetes Care, Inc.<sup>\*</sup>  | 14383 | 268099 |
|  |  | **2952868** |
| **HEALTHCARE SERVICES—4.6%** | **HEALTHCARE SERVICES—4.6%** | **HEALTHCARE SERVICES—4.6%** |
| GeneDx Holdings Corp.<sup>\*</sup>  | 43899 | 4052317 |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER SMALL CAP GROWTH PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—90.4% (CONT.)** | **COMMON STOCKS—90.4% (CONT.)** | **COMMON STOCKS—90.4% (CONT.)** |
| **HEALTHCARE SERVICES—4.6% (CONT.)** | **HEALTHCARE SERVICES—4.6% (CONT.)** | **HEALTHCARE SERVICES—4.6% (CONT.)** |
| Guardant Health, Inc.<sup>\*</sup>  | 42708 | **$** 2222524 |
|  |  | **6274841** |
| **HEALTHCARE SUPPLIES—0.2%** | **HEALTHCARE SUPPLIES—0.2%** | **HEALTHCARE SUPPLIES—0.2%** |
| Neogen Corp.<sup>\*</sup>  | 53049 | **253574** |
| **HEALTHCARE TECHNOLOGY—0.5%** | **HEALTHCARE TECHNOLOGY—0.5%** | **HEALTHCARE TECHNOLOGY—0.5%** |
| Certara, Inc.<sup>\*</sup>  | 27161 | 317784 |
| Health Catalyst, Inc.<sup>\*</sup>  | 88344 | 333057 |
|  |  | **650841** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—5.3%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—5.3%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—5.3%** |
| Gates Industrial Corp. PLC<sup>\*</sup>  | 150865 | 3474421 |
| RBC Bearings, Inc.<sup>\*</sup>  | 9901 | 3809905 |
|  |  | **7284326** |
| **INTERACTIVE MEDIA & SERVICES—0.6%** | **INTERACTIVE MEDIA & SERVICES—0.6%** | **INTERACTIVE MEDIA & SERVICES—0.6%** |
| Reddit, Inc., Cl. A<sup>\*</sup>  | 5335 | **803291** |
| **INTERNET SERVICES & INFRASTRUCTURE—0.9%** | **INTERNET SERVICES & INFRASTRUCTURE—0.9%** | **INTERNET SERVICES & INFRASTRUCTURE—0.9%** |
| Wix.com Ltd.<sup>\*</sup>  | 7469 | **1183538** |
| **INVESTMENT BANKING & BROKERAGE—0.5%** | **INVESTMENT BANKING & BROKERAGE—0.5%** | **INVESTMENT BANKING & BROKERAGE—0.5%** |
| Moelis & Co., Cl. A | 10075 | **627874** |
| **LEISURE FACILITIES—2.1%** | **LEISURE FACILITIES—2.1%** | **LEISURE FACILITIES—2.1%** |
| Life Time Group Holdings, Inc.<sup>\*</sup>  | 21769 | 660254 |
| Planet Fitness, Inc., Cl. A<sup>\*</sup>  | 20418 | 2226583 |
|  |  | **2886837** |
| **LIFE SCIENCES TOOLS & SERVICES—4.9%** | **LIFE SCIENCES TOOLS & SERVICES—4.9%** | **LIFE SCIENCES TOOLS & SERVICES—4.9%** |
| 10X Genomics, Inc., Cl. A<sup>\*</sup>  | 19365 | 224247 |
| Adaptive Biotechnologies Corp.<sup>\*</sup>  | 152345 | 1774819 |
| Bio-Techne Corp. | 27729 | 1426657 |
| CryoPort, Inc.<sup>\*</sup>  | 151946 | 1133517 |
| MaxCyte, Inc.<sup>\*</sup>  | 135576 | 295556 |
| Repligen Corp.<sup>\*</sup>  | 9404 | 1169669 |
| Tempus AI, Inc.<sup>\*</sup>  | 10839 | 688710 |
|  |  | **6713175** |
| **OIL & GAS EQUIPMENT & SERVICES—0.4%** | **OIL & GAS EQUIPMENT & SERVICES—0.4%** | **OIL & GAS EQUIPMENT & SERVICES—0.4%** |
| Weatherford International PLC | 11872 | **597280** |
| **OIL & GAS EXPLORATION & PRODUCTION—2.3%** | **OIL & GAS EXPLORATION & PRODUCTION—2.3%** | **OIL & GAS EXPLORATION & PRODUCTION—2.3%** |
| Magnolia Oil & Gas Corp., Cl. A | 138742 | **3118920** |
| **PASSENGER AIRLINES—1.5%** | **PASSENGER AIRLINES—1.5%** | **PASSENGER AIRLINES—1.5%** |
| Joby Aviation, Inc.<sup>\*</sup>  | 198786 | **2097192** |
| **PERSONAL CARE PRODUCTS—0.5%** | **PERSONAL CARE PRODUCTS—0.5%** | **PERSONAL CARE PRODUCTS—0.5%** |
| Oddity Tech, Ltd., Cl. A<sup>\*</sup>  | 9943 | **750398** |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER SMALL CAP GROWTH PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—90.4% (CONT.)** | **COMMON STOCKS—90.4% (CONT.)** | **COMMON STOCKS—90.4% (CONT.)** |
| **RESTAURANTS—8.2%** | **RESTAURANTS—8.2%** | **RESTAURANTS—8.2%** |
| Kura Sushi USA, Inc., Cl. A<sup>\*</sup>  | 11238 | **$** 967367 |
| Portillo's, Inc., Cl. A<sup>\*</sup>  | 132940 | 1551410 |
| Shake Shack, Inc., Cl. A<sup>\*</sup>  | 17872 | 2512803 |
| The Cheesecake Factory, Inc. | 24096 | 1509855 |
| Wingstop, Inc. | 14017 | 4720085 |
|  |  | **11261520** |
| **SEMICONDUCTORS—3.5%** | **SEMICONDUCTORS—3.5%** | **SEMICONDUCTORS—3.5%** |
| Astera Labs, Inc.<sup>\*</sup>  | 19822 | 1792305 |
| Rambus, Inc.<sup>\*</sup>  | 18532 | 1186419 |
| Universal Display Corp. | 12336 | 1905418 |
|  |  | **4884142** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.4%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.4%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.4%** |
| Celsius Holdings, Inc.<sup>\*</sup>  | 12320 | **571525** |
| **SPECIALTY CHEMICALS—0.8%** | **SPECIALTY CHEMICALS—0.8%** | **SPECIALTY CHEMICALS—0.8%** |
| Balchem Corp. | 6949 | **1106281** |
| **SYSTEMS SOFTWARE—3.2%** | **SYSTEMS SOFTWARE—3.2%** | **SYSTEMS SOFTWARE—3.2%** |
| CyberArk Software Ltd.<sup>\*</sup>  | 3216 | 1308526 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 31754 | 1756949 |
| Rapid7, Inc.<sup>\*</sup>  | 12630 | 292132 |
| Varonis Systems, Inc.<sup>\*</sup>  | 20029 | 1016472 |
|  |  | **4374079** |
| **TRADING COMPANIES & DISTRIBUTORS—1.0%** | **TRADING COMPANIES & DISTRIBUTORS—1.0%** | **TRADING COMPANIES & DISTRIBUTORS—1.0%** |
| FTAI Aviation Ltd. | 9845 | 1132569 |
| SiteOne Landscape Supply, Inc.<sup>\*</sup>  | 129 | 15601 |
| Xometry, Inc., Cl. A<sup>\*</sup>  | 6183 | 208924 |
|  |  | **1357094** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $87,980,909) |  | **124647707** |
| **PREFERRED STOCKS—0.6%** | **PREFERRED STOCKS—0.6%** | **PREFERRED STOCKS—0.6%** |
| **APPLICATION SOFTWARE—0.5%** | **APPLICATION SOFTWARE—0.5%** | **APPLICATION SOFTWARE—0.5%** |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 37494 | **645272** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Prosetta Biosciences, Inc., Series D<sup>(a),\*,@</sup>  | 85998 | **—** |
| **HEALTHCARE EQUIPMENT—0.1%** | **HEALTHCARE EQUIPMENT—0.1%** | **HEALTHCARE EQUIPMENT—0.1%** |
| Impulse Dynamics PLC, Series F-3<sup>(a),\*,@</sup>  | 3724402 | **212291** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $1,227,113) |  | **857563** |
| **RIGHTS—0.1%** | **RIGHTS—0.1%** | **RIGHTS—0.1%** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Mirati Therapeutics, Inc. CVR<sup>(a),\*,@</sup>  | 6941 | 8051 |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER SMALL CAP GROWTH PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **RIGHTS—0.1% (CONT.)** | **RIGHTS—0.1% (CONT.)** | **RIGHTS—0.1% (CONT.)** |
| **BIOTECHNOLOGY—0.0% (CONT.)** | **BIOTECHNOLOGY—0.0% (CONT.)** | **BIOTECHNOLOGY—0.0% (CONT.)** |
| Tolero CDR<sup>(a),\*,@</sup>  | 287830 | **$** — |
|  |  | **8051** |
| **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** |
| Fusion Pharmaceuticals, Inc. CVR<sup>(a),\*,@</sup>  | 45185 | **51511** |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>(Cost $155,594) |  | **59562** |
| **SPECIAL PURPOSE VEHICLE—1.0%** | **SPECIAL PURPOSE VEHICLE—1.0%** | **SPECIAL PURPOSE VEHICLE—1.0%** |
| **DATA PROCESSING & OUTSOURCED SERVICES—1.0%** | **DATA PROCESSING & OUTSOURCED SERVICES—1.0%** | **DATA PROCESSING & OUTSOURCED SERVICES—1.0%** |
| Crosslink Ventures C, LLC, Cl. A<sup>(b),\*,@</sup>  |  | 1179565 |
| Crosslink Ventures C, LLC, Cl. B<sup>(b),\*,@</sup>  |  | 255016 |
|  |  | **1434581** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLE** <br>(Cost $1,700,000) |  | **1434581** |
| **SHORT-TERM SECURITIES—7.8%** | **SHORT-TERM SECURITIES—7.8%** | **SHORT-TERM SECURITIES—7.8%** |
| **MONEY MARKET FUNDS—7.8%** | **MONEY MARKET FUNDS—7.8%** | **MONEY MARKET FUNDS—7.8%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.19%<sup>(c)</sup>  | 10849330 | **10849330** |
| (Cost $10,849,330) |  | **10849330** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $101,912,946)** | 99.9% | **$137848743** |
| Affiliated Securities (Cost $1,700,000) |  | 1434581 |
| Unaffiliated Securities (Cost $100,212,946) |  | 136414162 |
| Other Assets in Excess of Liabilities | 0.1% | 71149 |
| **NET ASSETS** | 100.0% | **$137919892** |

---

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

ADR American Depositary Receipts <br> CDR Contingent Deferred Rights <br> CVR Contingent Value Rights

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

---

| | |
|:---|:---|
| (a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures <br> approved by the Board of Trustees.<br>|
| (b) | Deemed an affiliate of the Portfolio in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See <br> Note 11 - Affiliated Securities.<br>|
| (c) | Rate shown reflects 7-day effective yield as of June 30, 2025. |
| \* | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the <br> investment may be restricted only to qualified buyers.<br>|

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER SMALL CAP GROWTH PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date(s)<br>| Acquisition <br>Cost<br>| Market <br>Value<br>| % of net assets <br>as of <br>6/30/2025<br>|
| Crosslink Ventures C, LLC, Cl. A | 10/2/20 | $1400000 | $1179565 | 0.8% |
| Crosslink Ventures C, LLC, Cl. B | 12/16/20 | 300000 | 255016 | 0.2% |
| Fusion Pharmaceuticals, Inc. CVR | 6/5/24 |  | 51511 | 0.1% |
| Impulse Dynamics PLC, Series A | 2/11/22 | 1596061 | 57458 | 0.0% |
| Impulse Dynamics PLC, Series F-3 | 2/5/24 | 194849 | 212291 | 0.1% |
| Mirati Therapeutics, Inc. CVR | 1/24/24 |  | 8051 | 0.0% |
| Prosetta Biosciences, Inc., Series D | 2/6/15-10/2/23 | 386992 |  | 0.0% |
| SB Technology, Inc., Series E | 10/23/24 | 645272 | 645272 | 0.5% |
| Tolero CDR | 2/6/17 | 155594 |  | 0.0% |
| Total |  | $4678768 | $2409164 | 1.7% |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER BALANCED PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—69.6%** | **COMMON STOCKS—69.6%** | **COMMON STOCKS—69.6%** |
| **AEROSPACE & DEFENSE—0.8%** | **AEROSPACE & DEFENSE—0.8%** | **AEROSPACE & DEFENSE—0.8%** |
| TransDigm Group, Inc. | 311 | **$472919** |
| **APPAREL RETAIL—0.2%** | **APPAREL RETAIL—0.2%** | **APPAREL RETAIL—0.2%** |
| The Gap, Inc. | 4909 | **107065** |
| **APPLICATION SOFTWARE—0.5%** | **APPLICATION SOFTWARE—0.5%** | **APPLICATION SOFTWARE—0.5%** |
| Adobe, Inc.<sup>\*</sup>  | 766 | **296350** |
| **ASSET MANAGEMENT & CUSTODY BANKS—2.3%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.3%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.3%** |
| Blackrock, Inc. | 650 | 682012 |
| Blackstone, Inc. | 3665 | 548211 |
| Blue Owl Capital, Inc., Cl. A | 11536 | 221607 |
|  |  | **1451830** |
| **BIOTECHNOLOGY—1.8%** | **BIOTECHNOLOGY—1.8%** | **BIOTECHNOLOGY—1.8%** |
| AbbVie, Inc. | 3463 | 642802 |
| Amgen, Inc. | 859 | 239841 |
| Gilead Sciences, Inc. | 1885 | 208990 |
|  |  | **1091633** |
| **BROADLINE RETAIL—2.2%** | **BROADLINE RETAIL—2.2%** | **BROADLINE RETAIL—2.2%** |
| Amazon.com, Inc.<sup>\*</sup>  | 6263 | **1374040** |
| **BUILDING PRODUCTS—0.5%** | **BUILDING PRODUCTS—0.5%** | **BUILDING PRODUCTS—0.5%** |
| Johnson Controls International PLC | 2947 | **311262** |
| **CABLE & SATELLITE—0.4%** | **CABLE & SATELLITE—0.4%** | **CABLE & SATELLITE—0.4%** |
| Comcast Corp., Cl. A | 7820 | **279096** |
| **COMMUNICATIONS EQUIPMENT—0.7%** | **COMMUNICATIONS EQUIPMENT—0.7%** | **COMMUNICATIONS EQUIPMENT—0.7%** |
| Cisco Systems, Inc. | 6344 | **440147** |
| **COMPUTER & ELECTRONICS RETAIL—0.2%** | **COMPUTER & ELECTRONICS RETAIL—0.2%** | **COMPUTER & ELECTRONICS RETAIL—0.2%** |
| Best Buy Co., Inc. | 1875 | **125869** |
| **CONSUMER ELECTRONICS—0.4%** | **CONSUMER ELECTRONICS—0.4%** | **CONSUMER ELECTRONICS—0.4%** |
| Garmin, Ltd. | 1304 | **272171** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—0.9%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.9%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.9%** |
| Walmart, Inc. | 5933 | **580129** |
| **COPPER—0.5%** | **COPPER—0.5%** | **COPPER—0.5%** |
| Southern Copper Corp. | 2926 | **296023** |
| **DIVERSIFIED BANKS—4.2%** | **DIVERSIFIED BANKS—4.2%** | **DIVERSIFIED BANKS—4.2%** |
| Bank of America Corp. | 11812 | 558944 |
| Fifth Third Bancorp | 5188 | 213382 |
| JPMorgan Chase & Co. | 6357 | 1842958 |
|  |  | **2615284** |
| **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** |
| NextEra Energy, Inc. | 3552 | **246580** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—1.5%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.5%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.5%** |
| Eaton Corp. PLC | 2665 | **951378** |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER BALANCED PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—69.6% (CONT.)** | **COMMON STOCKS—69.6% (CONT.)** | **COMMON STOCKS—69.6% (CONT.)** |
| **ELECTRONIC COMPONENTS—0.4%** | **ELECTRONIC COMPONENTS—0.4%** | **ELECTRONIC COMPONENTS—0.4%** |
| Corning, Inc. | 4495 | **$236392** |
| **FINANCIAL EXCHANGES & DATA—0.7%** | **FINANCIAL EXCHANGES & DATA—0.7%** | **FINANCIAL EXCHANGES & DATA—0.7%** |
| CME Group, Inc., Cl. A | 1651 | **455049** |
| **FOOD DISTRIBUTORS—0.3%** | **FOOD DISTRIBUTORS—0.3%** | **FOOD DISTRIBUTORS—0.3%** |
| Sysco Corp. | 2816 | **213284** |
| **HEALTH CARE DISTRIBUTORS—0.6%** | **HEALTH CARE DISTRIBUTORS—0.6%** | **HEALTH CARE DISTRIBUTORS—0.6%** |
| Cardinal Health, Inc. | 2094 | **351792** |
| **HEALTHCARE EQUIPMENT—0.9%** | **HEALTHCARE EQUIPMENT—0.9%** | **HEALTHCARE EQUIPMENT—0.9%** |
| Abbott Laboratories | 2494 | 339209 |
| Medtronic PLC | 2453 | 213828 |
|  |  | **553037** |
| **HOME IMPROVEMENT RETAIL—1.3%** | **HOME IMPROVEMENT RETAIL—1.3%** | **HOME IMPROVEMENT RETAIL—1.3%** |
| The Home Depot, Inc. | 2120 | **777277** |
| **HOUSEHOLD PRODUCTS—0.9%** | **HOUSEHOLD PRODUCTS—0.9%** | **HOUSEHOLD PRODUCTS—0.9%** |
| The Procter & Gamble Co. | 3513 | **559691** |
| **INDUSTRIAL CONGLOMERATES—1.0%** | **INDUSTRIAL CONGLOMERATES—1.0%** | **INDUSTRIAL CONGLOMERATES—1.0%** |
| Honeywell International, Inc. | 2587 | **602461** |
| **INDUSTRIAL GASES—0.7%** | **INDUSTRIAL GASES—0.7%** | **INDUSTRIAL GASES—0.7%** |
| Air Products & Chemicals, Inc. | 1447 | **408141** |
| **INTEGRATED OIL & GAS—2.5%** | **INTEGRATED OIL & GAS—2.5%** | **INTEGRATED OIL & GAS—2.5%** |
| Chevron Corp. | 3887 | 556579 |
| Exxon Mobil Corp. | 6436 | 693801 |
| TotalEnergies SE ADR | 4866 | 298724 |
|  |  | **1549104** |
| **INTEGRATED TELECOMMUNICATION SERVICES—0.5%** | **INTEGRATED TELECOMMUNICATION SERVICES—0.5%** | **INTEGRATED TELECOMMUNICATION SERVICES—0.5%** |
| Verizon Communications, Inc. | 7898 | **341746** |
| **INTERACTIVE MEDIA & SERVICES—5.8%** | **INTERACTIVE MEDIA & SERVICES—5.8%** | **INTERACTIVE MEDIA & SERVICES—5.8%** |
| Alphabet, Inc., Cl. A | 7950 | 1401029 |
| Alphabet, Inc., Cl. C | 6165 | 1093609 |
| Meta Platforms, Inc., Cl. A | 1537 | 1134444 |
|  |  | **3629082** |
| **INVESTMENT BANKING & BROKERAGE—1.9%** | **INVESTMENT BANKING & BROKERAGE—1.9%** | **INVESTMENT BANKING & BROKERAGE—1.9%** |
| Morgan Stanley | 8219 | **1157728** |
| **IT CONSULTING & OTHER SERVICES—0.3%** | **IT CONSULTING & OTHER SERVICES—0.3%** | **IT CONSULTING & OTHER SERVICES—0.3%** |
| International Business Machines Corp. | 637 | **187775** |
| **MANAGED HEALTHCARE—0.7%** | **MANAGED HEALTHCARE—0.7%** | **MANAGED HEALTHCARE—0.7%** |
| UnitedHealth Group, Inc. | 1382 | **431143** |
| **MULTI-UTILITIES—0.7%** | **MULTI-UTILITIES—0.7%** | **MULTI-UTILITIES—0.7%** |
| Consolidated Edison, Inc. | 2135 | 214247 |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER BALANCED PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—69.6% (CONT.)** | **COMMON STOCKS—69.6% (CONT.)** | **COMMON STOCKS—69.6% (CONT.)** |
| **MULTI-UTILITIES—0.7% (CONT.)** | **MULTI-UTILITIES—0.7% (CONT.)** | **MULTI-UTILITIES—0.7% (CONT.)** |
| Sempra | 2853 | **$** 216172 |
|  |  | **430419** |
| **OIL & GAS STORAGE & TRANSPORTATION—0.3%** | **OIL & GAS STORAGE & TRANSPORTATION—0.3%** | **OIL & GAS STORAGE & TRANSPORTATION—0.3%** |
| ONEOK, Inc. | 2595 | **211830** |
| **OTHER SPECIALTY RETAIL—0.2%** | **OTHER SPECIALTY RETAIL—0.2%** | **OTHER SPECIALTY RETAIL—0.2%** |
| Dick's Sporting Goods, Inc. | 498 | **98509** |
| **PHARMACEUTICALS—3.2%** | **PHARMACEUTICALS—3.2%** | **PHARMACEUTICALS—3.2%** |
| AstraZeneca PLC ADR | 3023 | 211247 |
| Bristol-Myers Squibb Co. | 3790 | 175439 |
| Eli Lilly & Co. | 828 | 645451 |
| Johnson & Johnson | 2706 | 413341 |
| Merck & Co., Inc. | 2404 | 190301 |
| Novartis AG ADR | 1780 | 215398 |
| Pfizer, Inc. | 6576 | 159402 |
|  |  | **2010579** |
| **PROPERTY & CASUALTY INSURANCE—0.5%** | **PROPERTY & CASUALTY INSURANCE—0.5%** | **PROPERTY & CASUALTY INSURANCE—0.5%** |
| The Hartford Insurance Group, Inc. | 2378 | **301697** |
| **RAIL TRANSPORTATION—0.6%** | **RAIL TRANSPORTATION—0.6%** | **RAIL TRANSPORTATION—0.6%** |
| Union Pacific Corp. | 1501 | **345350** |
| **RESTAURANTS—0.9%** | **RESTAURANTS—0.9%** | **RESTAURANTS—0.9%** |
| McDonald's Corp. | 1090 | 318465 |
| Starbucks Corp. | 2730 | 250150 |
|  |  | **568615** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—2.7%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—2.7%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—2.7%** |
| KLA Corp. | 1879 | **1683095** |
| **SEMICONDUCTORS—7.2%** | **SEMICONDUCTORS—7.2%** | **SEMICONDUCTORS—7.2%** |
| Broadcom, Inc. | 11570 | 3189271 |
| QUALCOMM, Inc. | 4042 | 643729 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 2705 | 612655 |
|  |  | **4445655** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.3%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.3%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.3%** |
| PepsiCo, Inc. | 2616 | 345417 |
| The Coca-Cola Co. | 6363 | 450182 |
|  |  | **795599** |
| **SYSTEMS SOFTWARE—8.2%** | **SYSTEMS SOFTWARE—8.2%** | **SYSTEMS SOFTWARE—8.2%** |
| Microsoft Corp. | 9586 | 4768172 |
| Oracle Corp. | 1331 | 290997 |
|  |  | **5059169** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.1%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.1%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.1%** |
| Apple, Inc. | 14050 | 2882639 |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER BALANCED PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—69.6% (CONT.)** | **COMMON STOCKS—69.6% (CONT.)** | **COMMON STOCKS—69.6% (CONT.)** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.1% (CONT.)** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.1% (CONT.)** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.1% (CONT.)** |
| Dell Technologies, Inc., Cl. C | 2184 | **$** 267758 |
|  |  | **3150397** |
| **TOBACCO—1.0%** | **TOBACCO—1.0%** | **TOBACCO—1.0%** |
| Altria Group, Inc. | 4895 | 286994 |
| Philip Morris International, Inc. | 1990 | 362439 |
|  |  | **649433** |
| **TRADING COMPANIES & DISTRIBUTORS—0.4%** | **TRADING COMPANIES & DISTRIBUTORS—0.4%** | **TRADING COMPANIES & DISTRIBUTORS—0.4%** |
| Ferguson Enterprises, Inc. | 1258 | **273929** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—1.3%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.3%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.3%** |
| Visa, Inc., Cl. A | 2284 | **810934** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $13,696,258) |  | **43200688** |
| **MASTER LIMITED PARTNERSHIP—0.3%** | **MASTER LIMITED PARTNERSHIP—0.3%** | **MASTER LIMITED PARTNERSHIP—0.3%** |
| **OIL & GAS STORAGE & TRANSPORTATION—0.3%** | **OIL & GAS STORAGE & TRANSPORTATION—0.3%** | **OIL & GAS STORAGE & TRANSPORTATION—0.3%** |
| Cheniere Energy Partners LP | 3246 | **181939** |
| (Cost $94,421) |  | **181939** |
| **REAL ESTATE INVESTMENT TRUST—2.2%** | **REAL ESTATE INVESTMENT TRUST—2.2%** | **REAL ESTATE INVESTMENT TRUST—2.2%** |
| **HEALTH CARE—0.7%** | **HEALTH CARE—0.7%** | **HEALTH CARE—0.7%** |
| Welltower, Inc. | 2782 | **427677** |
| **INDUSTRIAL—0.2%** | **INDUSTRIAL—0.2%** | **INDUSTRIAL—0.2%** |
| Prologis, Inc. | 1253 | **131715** |
| **RETAIL—0.5%** | **RETAIL—0.5%** | **RETAIL—0.5%** |
| Simon Property Group, Inc. | 1985 | **319109** |
| **SPECIALIZED—0.4%** | **SPECIALIZED—0.4%** | **SPECIALIZED—0.4%** |
| Lamar Advertising Co., Cl. A | 2027 | **245997** |
| **TELECOM TOWER—0.4%** | **TELECOM TOWER—0.4%** | **TELECOM TOWER—0.4%** |
| Crown Castle, Inc. | 2262 | **232375** |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUST** <br>(Cost $846,704) |  | **1356873** |

---

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL** <br>**AMOUNT**<br>| **VALUE** |
| **CORPORATE BONDS—24.4%** | **CORPORATE BONDS—24.4%** | **CORPORATE BONDS—24.4%** |
| **APPLICATION SOFTWARE—0.8%** | **APPLICATION SOFTWARE—0.8%** | **APPLICATION SOFTWARE—0.8%** |
| Cadence Design Systems, Inc., 4.3%, 9/10/29 | 500000 | **500205** |
| **AUTOMOBILE MANUFACTURERS—0.8%** | **AUTOMOBILE MANUFACTURERS—0.8%** | **AUTOMOBILE MANUFACTURERS—0.8%** |
| General Motors Financial Co., Inc., 1.5%, 6/10/26 | 500000 | **485491** |
| **BROADLINE RETAIL—0.8%** | **BROADLINE RETAIL—0.8%** | **BROADLINE RETAIL—0.8%** |
| Amazon.com, Inc., 4.55%, 12/1/27 | 500000 | **506811** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.8%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.8%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.8%** |
| Westinghouse Air Brake Technologies Corp., 4.9%, 5/29/30 | 500000 | **507241** |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER BALANCED PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL**<br> **AMOUNT**<br>| **VALUE** |
| **CORPORATE BONDS—24.4% (CONT.)** | **CORPORATE BONDS—24.4% (CONT.)** | **CORPORATE BONDS—24.4% (CONT.)** |
| **CONSUMER FINANCE—0.9%** | **CONSUMER FINANCE—0.9%** | **CONSUMER FINANCE—0.9%** |
| American Express Co., 5.85%, 11/5/27 | 500000 | **$518363** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—1.6%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.6%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.6%** |
| Walmart, Inc., 3.9%, 9/9/25 | 500000 | 499573 |
| Walmart, Inc., 4.35%, 4/28/30 | 500000 | 505870 |
|  |  | **1005443** |
| **DIVERSIFIED BANKS—1.6%** | **DIVERSIFIED BANKS—1.6%** | **DIVERSIFIED BANKS—1.6%** |
| Citibank N.A., 4.929%, 8/6/26 | 500000 | 503542 |
| JPMorgan Chase Bank N.A., 5.11%, 12/8/26 | 500000 | 506486 |
|  |  | **1010028** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.8%** |
| Republic Services, Inc., 4.75%, 7/15/30 | 500000 | **509605** |
| **HEALTH CARE—0.8%** | **HEALTH CARE—0.8%** | **HEALTH CARE—0.8%** |
| Welltower OP LLC, 4.5%, 7/1/30 | 500000 | **502571** |
| **HEALTH CARE DISTRIBUTORS—1.7%** | **HEALTH CARE DISTRIBUTORS—1.7%** | **HEALTH CARE DISTRIBUTORS—1.7%** |
| Cardinal Health, Inc., 5%, 11/15/29 | 500000 | 509834 |
| McKesson Corp., 4.65%, 5/30/30 | 500000 | 504182 |
|  |  | **1014016** |
| **INDUSTRIAL CONGLOMERATES—0.8%** | **INDUSTRIAL CONGLOMERATES—0.8%** | **INDUSTRIAL CONGLOMERATES—0.8%** |
| Honeywell International, Inc., 4.7%, 2/1/30 | 500000 | **507629** |
| **MANAGED HEALTHCARE—1.6%** | **MANAGED HEALTHCARE—1.6%** | **MANAGED HEALTHCARE—1.6%** |
| UnitedHealth Group, Inc., 3.7%, 5/15/27 | 1000000 | **991348** |
| **MULTI-UTILITIES—1.6%** | **MULTI-UTILITIES—1.6%** | **MULTI-UTILITIES—1.6%** |
| Dominion Energy, Inc., 4.6%, 5/15/28 | 500000 | 503434 |
| Sempra, 5.4%, 8/1/26 | 500000 | 504974 |
|  |  | **1008408** |
| **OIL & GAS EXPLORATION & PRODUCTION—0.8%** | **OIL & GAS EXPLORATION & PRODUCTION—0.8%** | **OIL & GAS EXPLORATION & PRODUCTION—0.8%** |
| ConocoPhillips Co., 4.7%, 1/15/30 | 500000 | **507176** |
| **PHARMACEUTICALS—2.5%** | **PHARMACEUTICALS—2.5%** | **PHARMACEUTICALS—2.5%** |
| AstraZeneca Finance LLC, 4.85%, 2/26/29 | 500000 | 511449 |
| Johnson & Johnson, 4.8%, 6/1/29 | 500000 | 513888 |
| Novartis Capital Corp., 3.8%, 9/18/29 | 500000 | 495882 |
|  |  | **1521219** |
| **RESTAURANTS—0.8%** | **RESTAURANTS—0.8%** | **RESTAURANTS—0.8%** |
| McDonald's Corp., 4.8%, 8/14/28 | 500000 | **509579** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.8%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.8%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.8%** |
| PepsiCo, Inc., 4.45%, 5/15/28 | 500000 | **507838** |
| **SPECIALTY CHEMICALS—0.9%** | **SPECIALTY CHEMICALS—0.9%** | **SPECIALTY CHEMICALS—0.9%** |
| Ecolab, Inc., 5.25%, 1/15/28 | 500000 | **515255** |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS \| ALGER BALANCED PORTFOLIO**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL**<br> **AMOUNT**<br>| **VALUE** |
| **CORPORATE BONDS—24.4% (CONT.)** | **CORPORATE BONDS—24.4% (CONT.)** | **CORPORATE BONDS—24.4% (CONT.)** |
| **SYSTEMS SOFTWARE—0.8%** | **SYSTEMS SOFTWARE—0.8%** | **SYSTEMS SOFTWARE—0.8%** |
| Oracle Corp., 5.8%, 11/10/25 | 500000 | **$502053** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.8%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.8%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.8%** |
| Apple, Inc., 4.2%, 5/12/30 | 500000 | **502376** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—0.8%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.8%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.8%** |
| Mastercard, Inc., 4.35%, 1/15/32 | 500000 | **498045** |
| **WIRELESS TELECOMMUNICATION SERVICES—1.6%** | **WIRELESS TELECOMMUNICATION SERVICES—1.6%** | **WIRELESS TELECOMMUNICATION SERVICES—1.6%** |
| T-Mobile USA, Inc., 4.2%, 10/1/29 | 500000 | 496673 |
| T-Mobile USA, Inc., 5.125%, 5/15/32 | 500000 | 510079 |
|  |  | **1006752** |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>(Cost $15,022,375) |  | **15137452** |
| **U.S. GOVERNMENT BONDS—2.5%** | **U.S. GOVERNMENT BONDS—2.5%** | **U.S. GOVERNMENT BONDS—2.5%** |
| U.S. Treasury Note, 3.5%, 9/30/26 | 550000 | 547250 |
| U.S. Treasury Note, 4.125%, 10/31/29 | 500000 | 507266 |
| U.S. Treasury Note, 4.625%, 2/15/35 | 500000 | 516015 |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT BONDS** <br>(Cost $1,563,370) |  | **1570531** |

---

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SHORT-TERM SECURITIES—0.8%** | **SHORT-TERM SECURITIES—0.8%** | **SHORT-TERM SECURITIES—0.8%** |
| **MONEY MARKET FUNDS—0.8%** | **MONEY MARKET FUNDS—0.8%** | **MONEY MARKET FUNDS—0.8%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.19%<sup>(a)</sup>  | 496702 | **496702** |
| (Cost $496,702) |  | **496702** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $31,719,830)** | 99.8% | **$61944185** |
| Unaffiliated Securities (Cost $31,719,830) |  | 61944185 |
| Other Assets in Excess of Liabilities | 0.2% | 124069 |
| **NET ASSETS** | 100.0% | **$62068254** |

---

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

ADR American Depositary Receipts

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

(a) Rate shown reflects 7-day effective yield as of June 30, 2025. <br> \* Non-income producing security.

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Assets and Liabilities June 30, 2025 (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Capital** <br>**Appreciation** <br> **Portfolio**<br>| &nbsp;&nbsp; **Alger Large Cap** <br>**Growth Portfolio**<br>|
| **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in unaffiliated securities, at value (Identified <br> cost below)\* see accompanying schedules of <br> investments<br>| $680053204 | &nbsp;&nbsp; $374080348 |
| Investments in affiliated securities, at value (Identified <br> cost below)\*\* see accompanying schedules of <br> investments<br>| 400210 | &nbsp;&nbsp; 23307656 |
| Receivable for investment securities sold | 1906530 | &nbsp;&nbsp; 6068605 |
| Receivable for shares of beneficial interest sold | 802831 | &nbsp;&nbsp; 140 |
| Dividends and interest receivable | 110298 | &nbsp;&nbsp; 92472 |
| Prepaid expenses | 1969 | &nbsp;&nbsp; 7807 |
| Total Assets | 683275042 | &nbsp;&nbsp; 403557028 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities purchased | 1574645 | &nbsp;&nbsp; — |
| Payable for shares of beneficial interest redeemed | 1649854 | &nbsp;&nbsp; 530799 |
| Bank overdraft | 19 | &nbsp;&nbsp; 5349636 |
| Accrued investment advisory fees | 445898 | &nbsp;&nbsp; 215555 |
| Accrued distribution fees — Note 3  | 10408 | &nbsp;&nbsp; — |
| Accrued shareholder administrative fees | 5505 | &nbsp;&nbsp; 3211 |
| Accrued administrative fees | 15139 | &nbsp;&nbsp; 8830 |
| Accrued printing fees | 36861 | &nbsp;&nbsp; 24418 |
| Accrued fund accounting fees | 33432 | &nbsp;&nbsp; 25685 |
| Accrued transfer agent fees | 16718 | &nbsp;&nbsp; 9863 |
| Accrued professional fees | 12194 | &nbsp;&nbsp; 13943 |
| Accrued custodian fees | 7472 | &nbsp;&nbsp; 3160 |
| Accrued other expenses | 1254 | &nbsp;&nbsp; 10964 |
| Total Liabilities | 3809399 | &nbsp;&nbsp; 6196064 |
| **NET ASSETS** | **$679465643** | &nbsp;&nbsp; **$397360964** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 246788928 | &nbsp;&nbsp; 199368587 |
| Distributable earnings | 432676715 | &nbsp;&nbsp; 197992377 |
| **NET ASSETS** | **$679465643** | &nbsp;&nbsp; **$397360964** |
| \* Identified cost | $290060129 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $207505359 <br><sup>(b)</sup><br>|
| \*\* Identified cost | $475000 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $16297073 <br><sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Assets and Liabilities June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Capital**<br> **Appreciation** <br> **Portfolio**<br>| &nbsp;&nbsp; **Alger Large Cap**<br> **Growth Portfolio**<br>|
| **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** |
| Class I-2 | $628077479 | &nbsp;&nbsp; $397360964 |
| Class S | $51388164 | &nbsp;&nbsp; $— |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** |
| Class I-2 | 4769405 | &nbsp;&nbsp; 3957687 |
| Class S | 440739 | &nbsp;&nbsp; — |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class I-2 | $131.69 | &nbsp;&nbsp; $100.40 |
| Class S | $116.60 | &nbsp;&nbsp; $— |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 June 30, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $295,970,105,
 amounted to $384,483,309, which consisted of aggregate gross unrealized appreciation of $390,356,607,
 and aggregate gross unrealized depreciation of $5,873,298.

&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 June 30, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $224,315,216,
 amounted to $173,072,788, which consisted of aggregate gross unrealized appreciation of $175,831,246,
 and aggregate gross unrealized depreciation of $2,758,458.

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Assets and Liabilities June 30, 2025 (Unaudited) (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Growth &** <br>**Income Portfolio**<br>| &nbsp;&nbsp; **Alger Mid Cap** <br> **Growth** <br>**Portfolio**<br>|
| **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in unaffiliated securities, at value (Identified <br> cost below)\* see accompanying schedules of <br> investments<br>| $42908959 | &nbsp;&nbsp; $146845031 |
| Investments in affiliated securities, at value (Identified <br> cost below)\*\* see accompanying schedules of <br> investments<br>|  | &nbsp;&nbsp; 6369926 |
| Foreign cash † |  | &nbsp;&nbsp; 10834 |
| Receivable for investment securities sold |  | &nbsp;&nbsp; 1635927 |
| Receivable for shares of beneficial interest sold | 6152 | &nbsp;&nbsp; 9678 |
| Dividends and interest receivable | 30937 | &nbsp;&nbsp; 20363 |
| Prepaid expenses | 1013 | &nbsp;&nbsp; 3330 |
| Total Assets | 42947061 | &nbsp;&nbsp; 154895089 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities purchased |  | &nbsp;&nbsp; 1382262 |
| Payable for shares of beneficial interest redeemed | 36135 | &nbsp;&nbsp; 93104 |
| Bank overdraft | 17735 | &nbsp;&nbsp; — |
| Accrued investment advisory fees | 17705 | &nbsp;&nbsp; 92324 |
| Accrued shareholder administrative fees | 354 | &nbsp;&nbsp; 1258 |
| Accrued administrative fees | 974 | &nbsp;&nbsp; 3460 |
| Accrued printing fees | 2212 | &nbsp;&nbsp; 9392 |
| Accrued fund accounting fees | 13129 | &nbsp;&nbsp; 17826 |
| Accrued transfer agent fees | 1275 | &nbsp;&nbsp; 4282 |
| Accrued professional fees | 13397 | &nbsp;&nbsp; 13655 |
| Accrued custodian fees | 396 | &nbsp;&nbsp; 1186 |
| Accrued other expenses | 6886 | &nbsp;&nbsp; 11126 |
| Total Liabilities | 110198 | &nbsp;&nbsp; 1629875 |
| **NET ASSETS** | **$42836863** | &nbsp;&nbsp; **$153265214** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 8453655 | &nbsp;&nbsp; 140975798 |
| Distributable earnings | 34383208 | &nbsp;&nbsp; 12289416 |
| **NET ASSETS** | **$42836863** | &nbsp;&nbsp; **$153265214** |
| \* Identified cost | $12837674 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $108332512 <br><sup>(d)</sup><br>|
| \*\* Identified cost | $— | &nbsp;&nbsp; $6773242 <br><sup>(d)</sup><br>|
| † Cost of foreign cash | $— | &nbsp;&nbsp; $10802 |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Assets and Liabilities June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Growth &**<br> **Income Portfolio**<br>| &nbsp;&nbsp; **Alger Mid Cap** <br> **Growth**<br> **Portfolio**<br>|
| **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** |
| Class I-2 | $42836863 | &nbsp;&nbsp; $153265214 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** |
| Class I-2 | 1227479 | &nbsp;&nbsp; 6926894 |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class I-2 | $34.90 | &nbsp;&nbsp; $22.13 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) At
 June 30, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $12,855,768,
 amounted to $30,053,191, which consisted of aggregate gross unrealized appreciation of $30,245,209, and
 aggregate gross unrealized depreciation of $192,018.

&nbsp;&nbsp;&nbsp;&nbsp;(d) At
 June 30, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $116,265,421,
 amounted to $36,949,536, which consisted of aggregate gross unrealized appreciation of $42,981,029, and
 aggregate gross unrealized depreciation of $6,031,493.

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Assets and Liabilities June 30, 2025 (Unaudited) (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Small Cap** <br>**Growth Portfolio**<br>| &nbsp;&nbsp; **Alger Balanced** <br>**Portfolio**<br>|
| **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in unaffiliated securities, at value (Identified <br> cost below)\* see accompanying schedules of <br> investments<br>| $136414162 | &nbsp;&nbsp; $61944185 |
| Investments in affiliated securities, at value (Identified <br> cost below)\*\* see accompanying schedules of <br> investments<br>| 1434581 | &nbsp;&nbsp; — |
| Receivable for investment securities sold | 328088 | &nbsp;&nbsp; — |
| Receivable for shares of beneficial interest sold | 18697 | &nbsp;&nbsp; 9539 |
| Dividends and interest receivable | 40000 | &nbsp;&nbsp; 208859 |
| Prepaid expenses | 3676 | &nbsp;&nbsp; 1471 |
| Total Assets | 138239204 | &nbsp;&nbsp; 62164054 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for shares of beneficial interest redeemed | 147927 | &nbsp;&nbsp; 4493 |
| Accrued investment advisory fees | 92464 | &nbsp;&nbsp; 36504 |
| Accrued shareholder administrative fees | 1142 | &nbsp;&nbsp; 514 |
| Accrued administrative fees | 3139 | &nbsp;&nbsp; 1414 |
| Accrued printing fees | 13640 | &nbsp;&nbsp; 4940 |
| Accrued fund accounting fees | 26938 | &nbsp;&nbsp; 14056 |
| Accrued transfer agent fees | 5153 | &nbsp;&nbsp; 1821 |
| Accrued professional fees | 14782 | &nbsp;&nbsp; 13631 |
| Accrued custodian fees | 2781 | &nbsp;&nbsp; 140 |
| Accrued other expenses | 11346 | &nbsp;&nbsp; 18287 |
| Total Liabilities | 319312 | &nbsp;&nbsp; 95800 |
| **NET ASSETS** | **$137919892** | &nbsp;&nbsp; **$62068254** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 107283651 | &nbsp;&nbsp; 26148125 |
| Distributable earnings | 30636241 | &nbsp;&nbsp; 35920129 |
| **NET ASSETS** | **$137919892** | &nbsp;&nbsp; **$62068254** |
| \* Identified cost | $100212946 <br><sup>(e)</sup><br>| &nbsp;&nbsp; $31719830 <br><sup>(f)</sup><br>|
| \*\* Identified cost | $1700000 <br><sup>(e)</sup><br>| &nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Assets and Liabilities June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Small Cap**<br> **Growth Portfolio**<br>| &nbsp;&nbsp; **Alger Balanced**<br> **Portfolio**<br>|
| **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** |
| Class I-2 | $137919892 | &nbsp;&nbsp; $62068254 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** |
| Class I-2 | 8115299 | &nbsp;&nbsp; 2674059 |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class I-2 | $17.00 | &nbsp;&nbsp; $23.21 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) At
 June 30, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $102,637,091,
 amounted to $35,211,652, which consisted of aggregate gross unrealized appreciation of $47,197,656, and
 aggregate gross unrealized depreciation of $11,986,004.

&nbsp;&nbsp;&nbsp;&nbsp;(f) At
 June 30, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $31,722,216,
 amounted to $30,221,969, which consisted of aggregate gross unrealized appreciation of $30,480,511, and
 aggregate gross unrealized depreciation of $258,542.

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Operations for the six months ended June 30, 2025 (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Capital** <br>**Appreciation** <br> **Portfolio**<br>| &nbsp;&nbsp; **Alger Large Cap** <br>**Growth Portfolio**<br>|
| **INCOME:** | **INCOME:** | **INCOME:** |
| Dividends (net of foreign withholding taxes\*) | $1027139 | &nbsp;&nbsp; $417165 |
| Interest | 84009 | &nbsp;&nbsp; 173877 |
| Total Income | 1111148 | &nbsp;&nbsp; 591042 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 2488224 | &nbsp;&nbsp; 1247671 |
| Distribution fees - Class S — Note 3 | 57484 | &nbsp;&nbsp; — |
| Shareholder administrative fees — Note 3  | 30719 | &nbsp;&nbsp; 17573 |
| Administration fees — Note 3  | 84477 | &nbsp;&nbsp; 48325 |
| Professional fees | 69985 | &nbsp;&nbsp; 47191 |
| Fund accounting fees | 45916 | &nbsp;&nbsp; 31558 |
| Transfer agent fees | 37592 | &nbsp;&nbsp; 21244 |
| Registration fees | 30659 | &nbsp;&nbsp; 21219 |
| Printing fees | 24976 | &nbsp;&nbsp; 21700 |
| Trustee fees — Note 3  | 23123 | &nbsp;&nbsp; 13101 |
| Interest expense — Note 3  | 15310 | &nbsp;&nbsp; 15450 |
| Custodian fees | 11459 | &nbsp;&nbsp; 4451 |
| Other expenses | 14064 | &nbsp;&nbsp; 8198 |
| Total Expenses | 2933988 | &nbsp;&nbsp; 1497681 |
| Less expense reimbursements/waivers — Note 3  |  | &nbsp;&nbsp; (65608)<br>|
| **NET INVESTMENT (LOSS)** | **(1822840)**<br>| &nbsp;&nbsp; **(841031)**<br>|
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized gain on unaffiliated investments | 19992820 | &nbsp;&nbsp; 36917645 |
| Net realized (loss) on foreign currency transactions | (1749)<br>| &nbsp;&nbsp; — |
| Net realized gain on investments and foreign currency | 19991071 | &nbsp;&nbsp; 36917645 |
| Net change in unrealized appreciation on unaffiliated <br> investments<br>| 60019867 | &nbsp;&nbsp; 4518818 |
| Net change in unrealized appreciation (depreciation) on <br> affiliated investments<br>| (12527)<br>| &nbsp;&nbsp; 2733839 |
| Net change in unrealized appreciation on foreign <br> currency<br>| 4074 | &nbsp;&nbsp; 3010 |
| Net change in unrealized appreciation on investments <br> and foreign currency<br>| 60011414 | &nbsp;&nbsp; 7255667 |
| Net realized and unrealized gain on investments and foreign <br> currency<br>| 80002485 | &nbsp;&nbsp; 44173312 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| **$78179645** | &nbsp;&nbsp; **$43332281** |
| \* Foreign withholding taxes | $30841 | &nbsp;&nbsp; $7559 |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Operations for the six months ended June 30, 2025 (Unaudited) (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Growth &** <br>**Income Portfolio**<br>| &nbsp;&nbsp; **Alger Mid Cap** <br> **Growth** <br>**Portfolio**<br>|
| **INCOME:** | **INCOME:** | **INCOME:** |
| Dividends (net of foreign withholding taxes\*) | $394193 | &nbsp;&nbsp; $235704 |
| Interest | 1778 | &nbsp;&nbsp; 53832 |
| Income from securities lending | 3452 | &nbsp;&nbsp; — |
| Total Income | 399423 | &nbsp;&nbsp; 289536 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 102073 | &nbsp;&nbsp; 538071 |
| Shareholder administrative fees — Note 3  | 2042 | &nbsp;&nbsp; 7080 |
| Administration fees — Note 3  | 5614 | &nbsp;&nbsp; 19470 |
| Professional fees | 16118 | &nbsp;&nbsp; 24559 |
| Fund accounting fees | 11792 | &nbsp;&nbsp; 17836 |
| Transfer agent fees | 2581 | &nbsp;&nbsp; 8896 |
| Registration fees | 10662 | &nbsp;&nbsp; 14434 |
| Printing fees | 3066 | &nbsp;&nbsp; 9447 |
| Trustee fees — Note 3  | 1557 | &nbsp;&nbsp; 5400 |
| Interest expense — Note 3  | 473 | &nbsp;&nbsp; 445 |
| Custodian fees | 908 | &nbsp;&nbsp; 4233 |
| Other expenses | 1387 | &nbsp;&nbsp; 7082 |
| Total Expenses | 158273 | &nbsp;&nbsp; 656953 |
| Less expense reimbursements/waivers — Note 3  |  | &nbsp;&nbsp; (18651)<br>|
| **NET INVESTMENT INCOME (LOSS)** | **241150** | &nbsp;&nbsp; **(348766)**<br>|
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized gain on unaffiliated investments | 1188567 | &nbsp;&nbsp; 8949456 |
| Net realized (loss) on affiliated investments |  | &nbsp;&nbsp; (9491)<br>|
| Net realized (loss) on foreign currency transactions |  | &nbsp;&nbsp; (800)<br>|
| Net realized gain on investments and foreign currency | 1188567 | &nbsp;&nbsp; 8939165 |
| Net change in unrealized appreciation on unaffiliated <br> investments<br>| 935157 | &nbsp;&nbsp; 2960857 |
| Net change in unrealized appreciation on affiliated <br> investments<br>|  | &nbsp;&nbsp; 124713 |
| Net change in unrealized appreciation on foreign <br> currency<br>|  | &nbsp;&nbsp; 194 |
| Net change in unrealized appreciation on investments <br> and foreign currency<br>| 935157 | &nbsp;&nbsp; 3085764 |
| Net realized and unrealized gain on investments and foreign <br> currency<br>| 2123724 | &nbsp;&nbsp; 12024929 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| **$2364874** | &nbsp;&nbsp; **$11676163** |
| \* Foreign withholding taxes | $3824 | &nbsp;&nbsp; $6141 |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Operations for the six months ended June 30, 2025 (Unaudited) (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Small Cap** <br>**Growth Portfolio**<br>| &nbsp;&nbsp; **Alger Balanced** <br>**Portfolio**<br>|
| **INCOME:** | **INCOME:** | **INCOME:** |
| Dividends (net of foreign withholding taxes\*) | $151001 | &nbsp;&nbsp; $411009 |
| Interest | 171981 | &nbsp;&nbsp; 338964 |
| Total Income | 322982 | &nbsp;&nbsp; 749973 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 539138 | &nbsp;&nbsp; 210120 |
| Shareholder administrative fees — Note 3  | 6656 | &nbsp;&nbsp; 2960 |
| Administration fees — Note 3  | 18304 | &nbsp;&nbsp; 8138 |
| Professional fees | 24228 | &nbsp;&nbsp; 17766 |
| Fund accounting fees | 18909 | &nbsp;&nbsp; 12970 |
| Transfer agent fees | 9403 | &nbsp;&nbsp; 3706 |
| Registration fees | 14587 | &nbsp;&nbsp; 11272 |
| Printing fees | 11807 | &nbsp;&nbsp; 5418 |
| Trustee fees — Note 3  | 5121 | &nbsp;&nbsp; 2265 |
| Interest expense — Note 3  |  | &nbsp;&nbsp; 331 |
| Custodian fees | 3108 | &nbsp;&nbsp; 1499 |
| Other expenses | 8935 | &nbsp;&nbsp; 5055 |
| Total Expenses | 660196 | &nbsp;&nbsp; 281500 |
| **NET INVESTMENT INCOME (LOSS)** | **(337214)**<br>| &nbsp;&nbsp; **468473** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized gain (loss) on unaffiliated investments | (1757456)<br>| &nbsp;&nbsp; 1597570 |
| Net realized gain on foreign currency transactions | 313 | &nbsp;&nbsp; — |
| Net realized gain (loss) on investments and foreign <br> currency<br>| (1757143)<br>| &nbsp;&nbsp; 1597570 |
| Net change in unrealized appreciation (depreciation) on <br> unaffiliated investments<br>| (4936573)<br>| &nbsp;&nbsp; 893051 |
| Net change in unrealized (depreciation) on affiliated <br> investments<br>| (42583)<br>| &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on <br> investments and foreign currency<br>| (4979156)<br>| &nbsp;&nbsp; 893051 |
| Net realized and unrealized gain (loss) on investments and <br> foreign currency<br>| (6736299)<br>| &nbsp;&nbsp; 2490621 |
| **NET INCREASE (DECREASE) IN NET ASSETS** <br> **RESULTING FROM OPERATIONS**<br>| **$(7073513)**<br>| &nbsp;&nbsp; **$2959094** |
| \* Foreign withholding taxes | $— | &nbsp;&nbsp; $4029 |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Changes in Net Assets (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Capital Appreciation Portfolio** | **Alger Capital Appreciation Portfolio** |
|  | For the <br>Six Months Ended <br>June 30, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>December 31, 2024<br>|
| Net investment (loss) | $(1822840)<br>| &nbsp;&nbsp; $(2448743)<br>|
| Net realized gain on investments and foreign currency | 19991071 | &nbsp;&nbsp; 55128900 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 60011414 | &nbsp;&nbsp; 152610670 |
| Net increase in net assets resulting from operations | 78179645 | &nbsp;&nbsp; 205290827 |
| Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: |
| Income distributions |  | &nbsp;&nbsp; — |
| Total dividends and distributions to shareholders |  | &nbsp;&nbsp; — |
| Increase (decrease) from shares of beneficial interest transactions — Note 7: | Increase (decrease) from shares of beneficial interest transactions — Note 7: | Increase (decrease) from shares of beneficial interest transactions — Note 7: |
| Class I-2 | (44572227)<br>| &nbsp;&nbsp; 20215227 |
| Class S | (3575879)<br>| &nbsp;&nbsp; (11187115)<br>|
| Net increase (decrease) from shares of beneficial interest <br> transactions — Note 7 <br>| (48148106)<br>| &nbsp;&nbsp; 9028112 |
| Total increase | 30031539 | &nbsp;&nbsp; 214318939 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 649434104 | &nbsp;&nbsp; 435115165 |
| **END OF PERIOD** | **$679465643** | &nbsp;&nbsp; **$649434104** |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Large Cap Growth Portfolio** | **Alger Large Cap Growth Portfolio** |
|  | For the <br>Six Months Ended <br>June 30, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>December 31, 2024<br>|
| Net investment (loss) | $(841031)<br>| &nbsp;&nbsp; $(957873)<br>|
| Net realized gain on investments and foreign currency | 36917645 | &nbsp;&nbsp; 26763201 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 7255667 | &nbsp;&nbsp; 92236495 |
| Net increase in net assets resulting from operations | 43332281 | &nbsp;&nbsp; 118041823 |
| Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: |
| Total dividends and distributions to shareholders |  | &nbsp;&nbsp; — |
| Decrease from shares of beneficial interest transactions — Note 7: | Decrease from shares of beneficial interest transactions — Note 7: | Decrease from shares of beneficial interest transactions — Note 7: |
| Class I-2 | (17371400)<br>| &nbsp;&nbsp; (40975383)<br>|
| Net decrease from shares of beneficial interest <br> transactions — Note 7 <br>| (17371400)<br>| &nbsp;&nbsp; (40975383)<br>|
| Total increase | 25960881 | &nbsp;&nbsp; 77066440 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 371400083 | &nbsp;&nbsp; 294333643 |
| **END OF PERIOD** | **$397360964** | &nbsp;&nbsp; **$371400083** |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Growth & Income Portfolio** | **Alger Growth & Income Portfolio** |
|  | For the <br>Six Months Ended <br>June 30, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>December 31, 2024<br>|
| Net investment income | $241150 | &nbsp;&nbsp; $469618 |
| Net realized gain on investments and foreign currency | 1188567 | &nbsp;&nbsp; 2788667 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 935157 | &nbsp;&nbsp; 5019823 |
| Net increase in net assets resulting from operations | 2364874 | &nbsp;&nbsp; 8278108 |
| Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: |
| Total dividends and distributions to shareholders | (406754)<br>| &nbsp;&nbsp; (387744)<br>|
| Decrease from shares of beneficial interest transactions — Note 7: | Decrease from shares of beneficial interest transactions — Note 7: | Decrease from shares of beneficial interest transactions — Note 7: |
| Class I-2 | (1643462)<br>| &nbsp;&nbsp; (3188771)<br>|
| Net decrease from shares of beneficial interest <br> transactions — Note 7 <br>| (1643462)<br>| &nbsp;&nbsp; (3188771)<br>|
| Total increase | 314658 | &nbsp;&nbsp; 4701593 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 42522205 | &nbsp;&nbsp; 37820612 |
| **END OF PERIOD** | **$42836863** | &nbsp;&nbsp; **$42522205** |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** |
|  | For the <br>Six Months Ended <br>June 30, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>December 31, 2024<br>|
| Net investment (loss) | $(348766)<br>| &nbsp;&nbsp; $(498024)<br>|
| Net realized gain on investments and foreign currency | 8939165 | &nbsp;&nbsp; 12823947 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 3085764 | &nbsp;&nbsp; 14176781 |
| Net increase in net assets resulting from operations | 11676163 | &nbsp;&nbsp; 26502704 |
| Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: |
| Total dividends and distributions to shareholders |  | &nbsp;&nbsp; — |
| Decrease from shares of beneficial interest transactions — Note 7: | Decrease from shares of beneficial interest transactions — Note 7: | Decrease from shares of beneficial interest transactions — Note 7: |
| Class I-2 | (6108621)<br>| &nbsp;&nbsp; (12709656)<br>|
| Net decrease from shares of beneficial interest <br> transactions — Note 7 <br>| (6108621)<br>| &nbsp;&nbsp; (12709656)<br>|
| Total increase | 5567542 | &nbsp;&nbsp; 13793048 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 147697672 | &nbsp;&nbsp; 133904624 |
| **END OF PERIOD** | **$153265214** | &nbsp;&nbsp; **$147697672** |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** |
|  | For the <br>Six Months Ended <br>June 30, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>December 31, 2024<br>|
| Net investment (loss) | $(337214)<br>| &nbsp;&nbsp; $(1120687)<br>|
| Net realized gain (loss) on investments and foreign currency | (1757143)<br>| &nbsp;&nbsp; 16644375 |
| Net change in unrealized (depreciation) on investments and <br> foreign currency<br>| (4979156)<br>| &nbsp;&nbsp; (3518237)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| (7073513)<br>| &nbsp;&nbsp; 12005451 |
| Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: |
| Total dividends and distributions to shareholders |  | &nbsp;&nbsp; (574238)<br>|
| Decrease from shares of beneficial interest transactions — Note 7: | Decrease from shares of beneficial interest transactions — Note 7: | Decrease from shares of beneficial interest transactions — Note 7: |
| Class I-2 | (5215030)<br>| &nbsp;&nbsp; (20147952)<br>|
| Net decrease from shares of beneficial interest <br> transactions — Note 7 <br>| (5215030)<br>| &nbsp;&nbsp; (20147952)<br>|
| Total decrease | (12288543)<br>| &nbsp;&nbsp; (8716739)<br>|
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 150208435 | &nbsp;&nbsp; 158925174 |
| **END OF PERIOD** | **$137919892** | &nbsp;&nbsp; **$150208435** |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Balanced Portfolio** | **Alger Balanced Portfolio** |
|  | For the <br>Six Months Ended <br>June 30, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>December 31, 2024<br>|
| Net investment income | $468473 | &nbsp;&nbsp; $795606 |
| Net realized gain on investments and foreign currency | 1597570 | &nbsp;&nbsp; 2616270 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 893051 | &nbsp;&nbsp; 5928088 |
| Net increase in net assets resulting from operations | 2959094 | &nbsp;&nbsp; 9339964 |
| Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: |
| Total dividends and distributions to shareholders |  | &nbsp;&nbsp; (116250)<br>|
| Decrease from shares of beneficial interest transactions — Note 7: | Decrease from shares of beneficial interest transactions — Note 7: | Decrease from shares of beneficial interest transactions — Note 7: |
| Class I-2 | (2176138)<br>| &nbsp;&nbsp; (3934633)<br>|
| Net decrease from shares of beneficial interest <br> transactions — Note 7 <br>| (2176138)<br>| &nbsp;&nbsp; (3934633)<br>|
| Total increase | 782956 | &nbsp;&nbsp; 5289081 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 61285298 | &nbsp;&nbsp; 55996217 |
| **END OF PERIOD** | **$62068254** | &nbsp;&nbsp; **$61285298** |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation Portfolio** | Class I-2 | Class I-2 | Class I-2 | Class I-2 | Class I-2 | Class I-2 |
|  | Six Months <br> Ended <br>6/30/2025<sup>(a)</sup> <br>| Year Ended <br>12/31/2024<br>| Year Ended <br>12/31/2023<br>| Year Ended <br>12/31/2022<br>| Year Ended <br>12/31/2021<br>| Year Ended <br>12/31/2020<br>|
| Net asset value, beginning of period | $115.87 | $78.22 | $54.65 | $94.33 | $99.96 | $80.93 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.33) | (0.42) | (0.16) | (0.08) | (0.52) | (0.25) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 16.15 | 38.07 | 23.73 | (34.22) | 19.51 | 33.91 |
| Total from investment operations | 15.82 | 37.65 | 23.57 | (34.30) | 18.99 | 33.66 |
| Distributions from net realized gains |  |  |  | (5.38) | (24.62) | (14.63) |
| Net asset value, end of period | $131.69 | $115.87 | $78.22 | $54.65 | $94.33 | $99.96 |
| Total return<sup>(c)</sup> <br>| 13.66<br> %<br>| 48.13<br> %<br>| 43.13<br> %<br>| (36.52)<br> %<br>| 19.13<br> %<br>| 41.75<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $628077 | $600471 | $392988 | $317119 | $584908 | $573297 |
| Ratio of net expenses to average net <br> assets<br>| 0.94<br> %<br>| 0.93<br> %<br>| 0.95<br> %<br>| 0.94<br> %<br>| 0.91<br> %<br>| 0.93<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (0.57)<br> %<br>| (0.43)<br> %<br>| (0.24)<br> %<br>| (0.11)<br> %<br>| (0.47)<br> %<br>| (0.27)<br> %<br>|
| Portfolio turnover rate | 41.29<br> %<br>| 66.83 %<sup>(d)</sup><br>| 79.29<br> %<br>| 107.04<br> %<br>| 89.50<br> %<br>| 89.91<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return does not include any fees and expenses imposed by variable annuity contracts and variable life insurance policies.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation Portfolio** | Class S | Class S | Class S | Class S | Class S | Class S |
|  | Six Months <br> Ended <br>6/30/2025<sup>(a)</sup> <br>| Year Ended <br>12/31/2024<br>| Year Ended <br>12/31/2023<br>| Year Ended <br>12/31/2022<br>| Year Ended <br>12/31/2021<br>| Year Ended <br>12/31/2020<br>|
| Net asset value, beginning of period | $102.73 | $69.52 | $48.69 | $85.16 | $92.49 | $75.85 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.41) | (0.59) | (0.29) | (0.23) | (0.73) | (0.45) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 14.28 | 33.80 | 21.12 | (30.86) | 18.02 | 31.72 |
| Total from investment operations | 13.87 | 33.21 | 20.83 | (31.09) | 17.29 | 31.27 |
| Distributions from net realized gains |  |  |  | (5.38) | (24.62) | (14.63) |
| Net asset value, end of period | $116.60 | $102.73 | $69.52 | $48.69 | $85.16 | $92.49 |
| Total return<sup>(c)</sup> <br>| 13.50<br> %<br>| 47.77<br> %<br>| 42.78<br> %<br>| (36.69)<br> %<br>| 18.83<br> %<br>| 41.40<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $51388 | $48963 | $42127 | $36445 | $61345 | $58436 |
| Ratio of net expenses to average net <br> assets<br>| 1.19<br> %<br>| 1.19<br> %<br>| 1.20<br> %<br>| 1.19<br> %<br>| 1.16<br> %<br>| 1.18<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (0.82)<br> %<br>| (0.69)<br> %<br>| (0.49)<br> %<br>| (0.36)<br> %<br>| (0.72)<br> %<br>| (0.52)<br> %<br>|
| Portfolio turnover rate | 41.29<br> %<br>| 66.83 %<sup>(d)</sup><br>| 79.29<br> %<br>| 107.04<br> %<br>| 89.50<br> %<br>| 89.91<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return does not include any fees and expenses imposed by variable annuity contracts and variable life insurance policies.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Large Cap Growth Portfolio** | Class I-2 | Class I-2 | Class I-2 | Class I-2 | Class I-2 | Class I-2 |
|  | Six Months <br> Ended <br>6/30/2025<sup>(a)</sup> <br>| Year Ended <br>12/31/2024<br>| Year Ended <br>12/31/2023<br>| Year Ended <br>12/31/2022<sup>(b)</sup> <br>| Year Ended <br>12/31/2021<br>| Year Ended <br>12/31/2020<br>|
| Net asset value, beginning of period | $89.20 | $62.42 | $47.05 | $81.08 | $93.41 | $64.31 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(c)</sup> <br>| (0.21) | (0.22) | (0.13) | (0.14) | (0.10) | (0.10) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 11.41 | 27.00 | 15.50 | (31.11) | 11.07 | 42.98 |
| Total from investment operations | 11.20 | 26.78 | 15.37 | (31.25) | 10.97 | 42.88 |
| Dividends from net investment income |  |  |  |  |  | (0.15) |
| Distributions from net realized gains |  |  |  | (2.78) | (23.30) | (13.63) |
| Net asset value, end of period | $100.40 | $89.20 | $62.42 | $47.05 | $81.08 | $93.41 |
| Total return<sup>(d)</sup> <br>| 12.58<br> %<br>| 42.89<br> %<br>| 32.67<br> %<br>| (38.65)<br> %<br>| 11.84<br> %<br>| 67.03<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $397361 | $371400 | $294334 | $241356 | $420951 | $422379 |
| Ratio of gross expenses to average net <br> assets<sup>(e)</sup> <br>| 0.85<br> %<br>| 0.84<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>| 0.82<br> %<br>| 0.88<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>| (0.04)<br> %<br>| (0.03)<br> %<br>| (0.03)<br> %<br>| (0.03)<br> %<br>| (0.02)<br> %<br>| (0.03)<br> %<br>|
| Ratio of net expenses to average net <br> assets<br>| 0.81<br> %<br>| 0.81<br> %<br>| 0.84<br> %<br>| 0.84<br> %<br>| 0.80<br> %<br>| 0.85<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (0.48)<br> %<br>| (0.29)<br> %<br>| (0.24)<br> %<br>| (0.24)<br> %<br>| (0.10)<br> %<br>| (0.12)<br> %<br>|
| Portfolio turnover rate | 58.76<br> %<br>| 68.97<br> %<br>| 103.22<br> %<br>| 78.40<br> %<br>| 69.92<br> %<br>| 125.41<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Class
 S Shares were converted into Class I-2 Shares after the close of business on June 3, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Total
 return does not include any fees and expenses imposed by variable annuity contracts and variable life insurance policies.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Ratio
 of gross expenses to average net assets does not reflect acquired fund fees and expenses.

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Growth & Income Portfolio** | Class I-2 | Class I-2 | Class I-2 | Class I-2 | Class I-2 | Class I-2 |
|  | Six Months <br> Ended <br>6/30/2025<sup>(a)</sup> <br>| Year Ended <br>12/31/2024<br>| Year Ended <br>12/31/2023<br>| Year Ended <br>12/31/2022<br>| Year Ended <br>12/31/2021<br>| Year Ended <br>12/31/2020<br>|
| Net asset value, beginning of period | $33.31 | $27.41 | $23.11 | $29.53 | $24.34 | $21.58 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income<sup>(b)</sup> <br>| 0.19 | 0.35 | 0.37 | 0.38 | 0.35 | 0.31 |
| Net realized and unrealized gain (loss) <br> on investments<br>| 1.73 | 5.84 | 5.11 | (4.78) | 7.29 | 2.86 |
| Total from investment operations | 1.92 | 6.19 | 5.48 | (4.40) | 7.64 | 3.17 |
| Dividends from net investment income | (0.33) | (0.18) | (0.36) | (0.37) | (0.32) | (0.30) |
| Distributions from net realized gains |  | (0.11) | (0.82) | (1.65) | (2.13) | (0.11) |
| Net asset value, end of period | $34.90 | $33.31 | $27.41 | $23.11 | $29.53 | $24.34 |
| Total return<sup>(c)</sup> <br>| 5.84<br> %<br>| 22.66<br> %<br>| 23.93<br> %<br>| (14.98)<br> %<br>| 31.66<br> %<br>| 14.88<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $42837 | $42522 | $37821 | $32577 | $41056 | $34210 |
| Ratio of net expenses to average net <br> assets<br>| 0.78<br> %<br>| 0.85<br> %<br>| 0.93<br> %<br>| 0.93<br> %<br>| 0.86<br> %<br>| 1.00<br> %<br>|
| Ratio of net investment income to <br> average net assets<br>| 1.18<br> %<br>| 1.14<br> %<br>| 1.46<br> %<br>| 1.47<br> %<br>| 1.25<br> %<br>| 1.49<br> %<br>|
| Portfolio turnover rate | 0.65<br> %<br>| 3.34<br> %<br>| 2.81<br> %<br>| 3.65<br> %<br>| 5.19<br> %<br>| 9.92<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return does not include any fees and expenses imposed by variable annuity contracts and variable life insurance policies.

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Portfolio** | Class I-2 | Class I-2 | Class I-2 | Class I-2 | Class I-2 | Class I-2 |
|  | Six Months <br> Ended <br>6/30/2025<sup>(a)</sup> <br>| Year Ended <br>12/31/2024<br>| Year Ended <br>12/31/2023<br>| Year Ended <br>12/31/2022<sup>(b)</sup> <br>| Year Ended <br>12/31/2021<br>| Year Ended <br>12/31/2020<br>|
| Net asset value, beginning of period | $20.40 | $16.85 | $13.68 | $22.18 | $33.25 | $22.69 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(c)</sup> <br>| (0.05) | (0.07) | (0.05) | (0.05) | (0.17) | (0.14) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 1.78 | 3.62 | 3.22 | (7.94) | 1.33 | 14.73 |
| Total from investment operations | 1.73 | 3.55 | 3.17 | (7.99) | 1.16 | 14.59 |
| Distributions from net realized gains |  |  |  | (0.51) | (12.23) | (4.03) |
| Net asset value, end of period | $22.13 | $20.40 | $16.85 | $13.68 | $22.18 | $33.25 |
| Total return<sup>(d)</sup> <br>| 8.43<br> %<br>| 21.07<br> %<br>| 23.17<br> %<br>| (36.07)<br> %<br>| 4.20<br> %<br>| 64.63<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $153265 | $147698 | $133905 | $117234 | $190131 | $201803 |
| Ratio of gross expenses to average net <br> assets<sup>(e)</sup> <br>| 0.93<br> %<br>| 0.94<br> %<br>| 0.98<br> %<br>| 0.97<br> %<br>| 0.92<br> %<br>| 0.96<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>| (0.03)<br> %<br>| (0.03)<br> %<br>| (0.02)<br> %<br>| (0.02)<br> %<br>| (0.02)<br> %<br>|  |
| Ratio of net expenses to average net <br> assets<br>| 0.90<br> %<br>| 0.91<br> %<br>| 0.96<br> %<br>| 0.95<br> %<br>| 0.90<br> %<br>| 0.96<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (0.49)<br> %<br>| (0.35)<br> %<br>| (0.34)<br> %<br>| (0.31)<br> %<br>| (0.50)<br> %<br>| (0.53)<br> %<br>|
| Portfolio turnover rate | 42.22<br> %<br>| 61.95<br> %<br>| 71.82<br> %<br>| 156.64<br> %<br>| 194.35<br> %<br>| 186.21<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Class
 S Shares were converted into Class I-2 Shares after the close of business on June 3, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Total
 return does not include any fees and expenses imposed by variable annuity contracts and variable life insurance policies.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Ratio
 of gross expenses to average net assets does not reflect acquired fund fees and expenses.

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Portfolio** | Class I-2 | Class I-2 | Class I-2 | Class I-2 | Class I-2 | Class I-2 |
|  | Six Months <br> Ended <br>6/30/2025<sup>(a)</sup> <br>| Year Ended <br>12/31/2024<br>| Year Ended <br>12/31/2023<br>| Year Ended <br>12/31/2022<br>| Year Ended <br>12/31/2021<br>| Year Ended <br>12/31/2020<br>|
| Net asset value, beginning of period | $17.81 | $16.53 | $14.19 | $27.88 | $44.78 | $28.69 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.04) | (0.13) | (0.09) | (0.13) | (0.38) | (0.22) |
| Net realized and unrealized gain (loss) <br> on investments<br>| (0.77) | 1.48 | 2.43 | (10.38) | (2.65) | 19.39 |
| Total from investment operations | (0.81) | 1.35 | 2.34 | (10.51) | (3.03) | 19.17 |
| Dividends from net investment income |  | (0.07) |  |  |  | (0.40) |
| Distributions from net realized gains |  |  |  | (3.18) | (13.87) | (2.68) |
| Net asset value, end of period | $17.00 | $17.81 | $16.53 | $14.19 | $27.88 | $44.78 |
| Total return<sup>(c)</sup> <br>| (4.55)<br> %<br>| 8.13<br> %<br>| 16.49<br> %<br>| (38.01)<br> %<br>| (6.06)<br> %<br>| 67.15<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $137920 | $150208 | $158925 | $149271 | $261268 | $331123 |
| Ratio of net expenses to average net <br> assets<br>| 0.99<br> %<br>| 1.00<br> %<br>| 1.02<br> %<br>| 1.00<br> %<br>| 0.95<br> %<br>| 0.96<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (0.51)<br> %<br>| (0.73)<br> %<br>| (0.61)<br> %<br>| (0.63)<br> %<br>| (0.85)<br> %<br>| (0.62)<br> %<br>|
| Portfolio turnover rate | 16.69<br> %<br>| 51.26<br> %<br>| 34.48<br> %<br>| 12.97<br> %<br>| 34.38<br> %<br>| 26.46<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return does not include any fees and expenses imposed by variable annuity contracts and variable life insurance policies.

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Balanced Portfolio** | Class I-2 | Class I-2 | Class I-2 | Class I-2 | Class I-2 | Class I-2 |
|  | Six Months <br> Ended <br>6/30/2025<sup>(a)</sup> <br>| Year Ended <br>12/31/2024<br>| Year Ended <br>12/31/2023<br>| Year Ended <br>12/31/2022<br>| Year Ended <br>12/31/2021<br>| Year Ended <br>12/31/2020<br>|
| Net asset value, beginning of period | $22.12 | $18.93 | $16.40 | $19.59 | $17.05 | $15.71 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income<sup>(b)</sup> <br>| 0.17 | 0.28 | 0.26 | 0.20 | 0.16 | 0.21 |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.92 | 2.95 | 2.59 | (2.41) | 3.09 | 1.39 |
| Total from investment operations | 1.09 | 3.23 | 2.85 | (2.21) | 3.25 | 1.60 |
| Dividends from net investment income |  |  | (0.26) | (0.21) | (0.16) | (0.20) |
| Distributions from net realized gains |  | (0.04) | (0.06) | (0.77) | (0.55) | (0.06) |
| Net asset value, end of period | $23.21 | $22.12 | $18.93 | $16.40 | $19.59 | $17.05 |
| Total return<sup>(c)</sup> <br>| 4.93<br> %<br>| 17.07<br> %<br>| 17.43<br> %<br>| (11.31)<br> %<br>| 19.12<br> %<br>| 10.23<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $62068 | $61285 | $55996 | $51917 | $62321 | $52305 |
| Ratio of net expenses to average net <br> assets<br>| 0.95<br> %<br>| 1.03<br> %<br>| 1.07<br> %<br>| 1.04<br> %<br>| 1.09<br> %<br>| 1.07<br> %<br>|
| Ratio of net investment income to <br> average net assets<br>| 1.58<br> %<br>| 1.33<br> %<br>| 1.46<br> %<br>| 1.14<br> %<br>| 0.88<br> %<br>| 1.34<br> %<br>|
| Portfolio turnover rate | 8.04<br> %<br>| 12.82<br> %<br>| 6.05<br> %<br>| 9.47<br> %<br>| 11.10<br> %<br>| 15.41<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return does not include any fees and expenses imposed by variable annuity contracts and variable life insurance policies.

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

------

**NOTE 1 — General:**

------

The Alger Portfolios (the "Fund") is an open-end registered investment company, registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and organized as a business trust under the laws of the Commonwealth of Massachusetts. The Fund qualifies as an investment company as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Codification 946 – Financial Services – Investment Companies. The Fund operates as a series company currently offering six series of shares of beneficial interest: Alger Capital Appreciation Portfolio, Alger Large Cap Growth Portfolio, Alger Growth & Income Portfolio, Alger Mid Cap Growth Portfolio, Alger Small Cap Growth Portfolio and Alger Balanced Portfolio (collectively, the "Portfolios" and each, individually, a "Portfolio"). Alger Capital Appreciation Portfolio, Alger Large Cap Growth Portfolio, Alger Mid Cap Growth Portfolio and Alger Small Cap Growth Portfolio invest primarily in equity securities and each has an investment objective to seek long-term capital appreciation. Alger Growth & Income Portfolio's investment objective is to seek capital appreciation and current income and it invests primarily in equity securities. Alger Balanced Portfolio's investment objective is to seek current income and long-term capital appreciation; the Portfolio invests in both equity and fixed-income securities. Shares of the Portfolios are available to investment vehicles for variable annuity contracts and variable life insurance policies offered by separate accounts of life insurance companies, as well as qualified pension and retirement plans.

Alger Capital Appreciation Portfolio offers Class I-2 shares and Class S shares. Each class has identical rights to assets and earnings except that only Class S shares have a plan of distribution and bear the related expenses. Effective April 30, 2021, the Board of Trustees of the Fund (the "Board") authorized a partial closing of the Portfolio's Class S shares. Existing investors that hold Class S shares who had an open account with the Portfolio on April 30, 2021 may continue to invest in additional Class S shares of the Portfolio through exchanges, dividend reinvestment and additional purchases as provided in the Portfolio's prospectus. Alger Large Cap Growth Portfolio, Alger Growth & Income Portfolio, Alger Mid Cap Growth Portfolio, Alger Small Cap Growth Portfolio and Alger Balanced Portfolio offer only Class I-2 shares.

After the close of business on June 3, 2022, Class S shares of the Alger Large Cap Growth Portfolio and Alger Mid Cap Growth Portfolio were converted into Class I-2 shares with the same relative aggregate net asset value as the Class S shares held immediately prior to the conversion. Upon completion of the conversion, Class S shares of the Portfolios were no longer offered.

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

**NOTE 2 — Significant Accounting Policies:**

------

(a) Investment Valuation: The Portfolios value their financial instruments at fair value using independent dealers or pricing services under policies approved by the Board. Investments held by the Portfolios are valued on each day the New York Stock Exchange (the "NYSE") is open, as of the close of the NYSE (normally 4:00 p.m. Eastern Time).

The Board has designated, pursuant to Rule 2a-5 under the 1940 Act, Fred Alger Management, LLC, the Portfolios' investment adviser ("Alger Management" or the "Investment Manager"), as its valuation designee (the "Valuation Designee") to make fair value determinations subject to the Board's review and oversight. The Valuation Designee has established a Valuation Committee ("Committee") comprised of representatives of the Investment Manager and officers of the Portfolios to assist in performing the duties and responsibilities of the Valuation Designee.

The Valuation Designee has established valuation processes including but not limited to: (i) making fair value determinations when market quotations for financial instruments are not readily available in accordance with valuation policies and procedures adopted by the Board; (ii) assessing and managing material risks associated with fair valuation determinations; (iii) selecting, applying and testing fair valuation methodologies; and (iv) overseeing and evaluating pricing services used by the Portfolios. The Valuation Designee regularly reports its fair valuation determinations and related valuation information to the Board. The Committee generally meets quarterly and on an as-needed basis to review and evaluate the effectiveness of the valuation policies and procedures in accordance with the requirements of Rule 2a-5.

Investments in short-term securities held by the Portfolios having a remaining maturity of sixty days or less are valued at amortized cost which approximates market value. Investments in other open-end investment companies registered under the 1940 Act, including money market funds, are valued at such investment companies' net asset value per share.

Equity securities, including traded rights, warrants and option contracts for which valuation information is readily available, are valued at the last quoted sales price or official closing price on the primary market or exchange on which they are traded as reported by an independent pricing service. In the absence of quoted sales, such securities are generally valued at the bid price or, in the absence of a recent bid price, the equivalent as obtained from one or more of the major market makers for the securities to be valued.

Debt securities generally trade in the over-the-counter market. Debt securities with remaining maturities of more than sixty days at the time of acquisition are valued on the basis of the last available bid prices or current market quotations provided by dealers or pricing services. In determining the value of a particular

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures based on valuation technology commonly employed in the market for such investments.

Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche.

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

FASB Accounting Standards Codification 820 – Fair Value Measurements and Disclosures ("ASC 820") defines fair value as the price that the Portfolios would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability and may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Portfolios. Unobservable inputs are inputs that reflect the Portfolios' own assumptions based on the best information available in these circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. Each Portfolio's quantiative summary by Level can be found in Note 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – significant other observable inputs (including quoted prices for similar or identical investments, amortized cost, interest rates, prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – significant unobservable inputs (including the Portfolios' own assumptions in determining the fair value of investments)

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

The Portfolios' valuation techniques are generally consistent with either the market or the income approach to fair value. The market approach considers prices and other relevant information generated by market transactions involving identical or comparable assets to measure fair value. The income approach converts future amounts to a current, or discounted, single amount. These fair value measurements are determined on the basis of the value indicated by current market expectations about such future events. Inputs for Level 1 include exchange-listed prices and broker quotes in an active market. Inputs for Level 2 include the last trade price in the case of a halted security, an exchange-listed price which has been adjusted for fair value factors, and prices of closely related securities. Additional Level 2 inputs include an evaluated price which is based upon a compilation of observable market information such as spreads for fixed income and preferred securities. Inputs for Level 3 include, but are not limited to, revenue multiples, earnings before interest, taxes, depreciation and amortization ("EBITDA") multiples, transaction pricing, discount rates, time to exit and the probabilities of success of certain outcomes. Such unobservable market information may be obtained from a company's financial statements and from industry studies, market data, and market indicators such as benchmarks and indexes. Because of the inherent uncertainty and often limited markets for restricted securities, the valuations assigned to such securities by the Portfolios may significantly differ from the valuations that would have been assigned by the Portfolios had there been an active market for such securities.

(b) Cash: Cash includes U.S. dollars, if applicable.

(c) Securities Transactions and Investment Income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income is recognized on the accrual basis.

Premiums and discounts on debt securities purchased are amortized or accreted over the lives of the respective securities.

(d) Foreign Currency Transactions: The books and records of the Portfolios are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at the prevailing rates of exchange on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of such transactions.

Net realized gains and losses on foreign currency transactions represent net gains and losses from the disposition of foreign currencies, currency gains and losses realized between the trade dates and settlement dates of security transactions, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The effects of changes in

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

foreign currency exchange rates on investments in securities are included in realized and unrealized gain or loss on investments in the accompanying Statements of Operations.

(e) Lending of Fund Securities: The Portfolios may lend their securities to financial institutions, provided that the market value of the securities loaned will not at any time exceed one third of a Portfolio's total assets including borrowings, as defined in its prospectuses. The Portfolios may earn fees on the securities loaned, which are included in income from securities lending in the accompanying Statements of Operations, if applicable. In order to protect against the risk of failure by the borrower to return the securities loaned or any delay in the delivery of such securities, the loan is collateralized by cash or securities that are maintained with the Custodian, in an amount equal to at least 102% of the current market value of U.S. loaned securities or 105% for non-U.S. loaned securities. The market value of the loaned securities is determined at the close of each business day of the Portfolios. Any required additional collateral is delivered to the Custodian each day and any excess collateral is returned to the borrower on the next business day. In the event the borrower fails to return the loaned securities when due, the Portfolios may take the collateral to replace the securities. If the value of the collateral is less than the purchase cost of replacement securities, the Custodian shall be responsible for any shortfall, but only to the extent that the shortfall is not due to any diminution in collateral value, as defined in the securities lending agreement. Each Portfolio is required to maintain the collateral in a segregated account and determine its value each day until the loaned securities are returned. Cash collateral may be invested as determined by the Portfolio. Collateral is returned to the borrower upon settlement of the loan. At June 30, 2025, the Portfolios had no securities on loan.

(f) Dividends to Shareholders: Dividends and distributions payable to shareholders are recorded by the Portfolios on the ex-dividend date. The Portfolios declare and pay dividends from net investment income, if available, annually except that Alger Growth & Income Portfolio declares and pays such dividends quarterly. With respect to all Portfolios, distributions from net realized gains, offset by any loss carryforward, are declared and paid annually. Each share class is treated separately in determining the amount of dividends from net investment income payable to holders of its shares.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with U.S. federal income tax rules. Therefore, the source of a Portfolio's distributions may be shown in the accompanying financial statements as either from, or in excess of, net investment income, net realized gain on investment transactions, or return of capital, depending on the type of book/tax differences that may exist. Capital accounts within the financial statements are adjusted for permanent book/tax differences. Reclassifications result primarily from the differences in tax

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

treatment of net operating losses, passive foreign investment companies, and foreign currency transactions. The reclassifications are done annually at year-end and have no impact on the net asset values of the Portfolios and are designed to present each Portfolio's capital accounts on a tax basis.

(g) Federal Income Taxes: It is each Portfolio's policy to comply with the requirements of the U.S. Internal Revenue Code Subchapter M applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Provided that the Portfolios maintain such compliance, no U.S. federal income tax provision is required. Each Portfolio is treated as a separate entity for the purpose of determining such compliance.

FASB Accounting Standards Codification 740 – Income Taxes ("ASC 740") requires the Portfolios to measure and recognize in their financial statements the benefit of a tax position taken (or expected to be taken) on an income tax return if such position will more likely than not be sustained upon examination based on the technical merits of the position. No tax years are currently under investigation. The Portfolios file income tax returns in the U.S. Federal jurisdiction, as well as the New York State and New York City jurisdictions. The statute of limitations on the Portfolios' tax returns remains open for the tax years 2021-2024. Alger Management does not believe there are any uncertain tax positions that require recognition of a tax liability.

(h) Allocation Methods: The Fund accounts separately for the assets, liabilities and operations of each Portfolio. Expenses directly attributable to each Portfolio are charged to that Portfolio's operations; expenses which are applicable to all Portfolios are allocated among them based on net assets. Income, realized and unrealized gains and losses, and expenses of each Portfolio are allocated among the Portfolio's classes based on relative net assets, with the exception of distribution fees, transfer agency fees, and shareholder servicing and related fees.

(i) Segment Reporting: During the six months ended June 30, 2025, the Portfolios adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses and, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance. The Principal Executive Officer of the Fund acts as the Portfolios' CODM. Each Portfolio represents a single operating segment. The CODM monitors the operating results of each Portfolio, including each Portfolio's portfolio composition, total return, expense ratio, and changes in net assets. Each Portfolio's long-term strategic asset allocation is determined in accordance

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

with the terms of each Portfolio's prospectus, based on a defined investment strategy which is executed by the Investment Manager.

(j) Estimates: These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which require using estimates and assumptions that affect the reported amounts therein. These unaudited financial statements reflect all adjustments that are, in the opinion of management, necessary to present a fair statement of results of the semi-annual period. Actual results may differ from those estimates. All such estimates are of a normal recurring nature.

**NOTE 3 — Investment Advisory Fees and Other Transactions with Affiliates:**

------

(a) Investment Advisory Fees: Fees incurred by each Portfolio, pursuant to the provisions of the Fund's Investment Advisory Agreement with the Investment Manager, are payable monthly and computed based on the following annual rates. The actual rate paid as a percentage of average daily net assets, for the six months ended June 30, 2025, is set forth below under the heading "Annual Rate":

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Tier 1** | **Tier 2** | **Tier 3** | **Tier 4** | **Tier 5** | **Annual** <br> **Rate**<br>|
| Alger Capital <br> Appreciation <br> Portfolio<sup>(a)</sup> <br>| 0.81<br> %<br>| 0.65<br> %<br>| 0.60<br> %<br>| 0.55<br> %<br>| 0.45<br> %<br>| 0.81<br> %<br>|
| Alger Large Cap <br> Growth Portfolio<sup>(b),(c)</sup> <br>| 0.71 | 0.60 |  |  |  | 0.71 |
| Alger Growth & Income <br> Portfolio<sup>(d)</sup> <br>| 0.50 |  |  |  |  | 0.50 |
| Alger Mid Cap Growth <br> Portfolio<sup>(c),(e)</sup> <br>| 0.76 | 0.70 |  |  |  | 0.76 |
| Alger Small Cap <br> Growth Portfolio<sup>(c)</sup> <br>| 0.81 | 0.75 |  |  |  | 0.81 |
| Alger Balanced <br> Portfolio<sup>(c)</sup> <br>| 0.71 | 0.55 |  |  |  | 0.71 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Tier
 1 rate is paid on assets up to $2 billion, Tier 2 rate is paid on assets between $2 billion and $3 billion, Tier 3 rate is
 paid on assets between $3 billion and $4 billion, Tier 4 rate is paid on assets between $4 billion and $5 billion, and Tier
 5 rate is paid on assets in excess of $5 billion.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Alger
 Management has agreed to waive fees owed to it by, or to reimburse expenses of, the Portfolio in an amount corresponding
 to the management fee borne by the Portfolio as an investor in any underlying Alger Management- sponsored
 fund. This agreement will remain in effect for the life of any investment by the Portfolio in any Alger Management-
 sponsored fund. For the six months ended June 30, 2025, the Portfolio waived $65,608 or 0.04% pursuant
 to this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Tier
 1 rate is paid on assets up to $1 billion and Tier 2 rate is paid on assets in excess of $1 billion.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Tier
 1 rate is paid on all assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Alger
 Management has agreed to waive fees owed to it by, or to reimburse expenses of, the Portfolio in an amount corresponding
 management fee borne by the Portfolio as an investor in any underlying Alger Management-sponsored fund.
 This agreement will in effect for the life of any investment by the Portfolio in any Alger Management-sponsored fund.
 For the six months ended June 30, 2025, the Portfolio waived $18,650 or 0.03% pursuant to this agreement.

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

(b) Administration Fees: Fees incurred by each Portfolio, pursuant to the provisions of the Fund's Fund Administration Agreement with the Investment Manager, are payable monthly and computed based on the average daily net assets of each Portfolio at the annual rate of 0.0275%.

(c) Distribution Fees: Alger Capital Appreciation Portfolio adopted a Distribution Plan pursuant to which Class S shares of the Portfolio pay Fred Alger & Company, LLC, the Fund's distributor and an affiliate of Alger Management (the "Distributor" or "Alger LLC"), a fee at the annual rate of 0.25% of the average daily net assets of the Class S shares of the Alger Capital Appreciation Portfolio to compensate Alger LLC for its activities and expenses incurred in distributing the Class S shares and/or shareholder servicing. Fees paid may be more or less than the expenses incurred by Alger LLC.

(d) Brokerage Commissions: During the six months ended June 30, 2025, Alger Capital Appreciation Portfolio, Alger Large Cap Growth Portfolio, Alger Mid Cap Growth Portfolio and Alger Small Cap Growth Portfolio paid Alger LLC $17,651, $20,150, $9,200 and $10,650, respectively, in connection with securities transactions. For the six months ended June 30, 2025, there were no brokerage commissions paid by Alger Growth & Income Portfolio or Alger Balanced Portfolio to Alger LLC.

(e) Shareholder Administrative Fees: The Fund has entered into a Shareholder Administrative Services Agreement with Alger Management to compensate Alger Management for providing administrative oversight of the Fund's transfer agent, and for other related services. The Portfolios compensate Alger Management at the annual rate of 0.01% of the average daily net assets for these services.

(f) Trustee Fees: Effective January 1, 2025, each trustee who is not an "interested person" of the Fund, as defined in the 1940 Act ("Independent Trustee"), receives a fee of $170,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex, plus travel expenses incurred for attending board meetings. The term "Alger Fund Complex" refers to the Fund, The Alger Funds, The Alger Funds II, The Alger Institutional Funds, Alger Global Equity Fund and The Alger ETF Trust, each of which is a registered investment company managed by Alger Management. The Independent Trustee appointed as Chairman of the Board receives additional compensation of $26,000 per annum paid pro rata based on net assets by each fund in the Alger Fund Complex. Additionally, each member of the Audit Committee receives a fee of $10,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex. Independent Trustees who are not members of the Audit Committee but attend Audit Committee meetings receive a stipend of $10,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex.

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

The Board has adopted a policy requiring Independent Trustees to receive a minimum of 10% of their annual compensation in shares of one or more of the funds in the Alger Fund Complex.

(g) Interfund Trades: The Portfolios may engage in purchase and sale transactions with other funds advised by Alger Management or sub-advised by Weatherbie Capital, LLC or Redwood Investments, LLC, affiliates of Alger Management. For the six months ended June 30, 2025, these purchases and sales were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
|  | **PURCHASES** | **SALES** | **REALIZED GAIN** |
| Alger Large Cap Growth Portfolio | $702534 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Alger Small Cap Growth Portfolio | 348209 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

(h) Interfund Loans: The Portfolios, along with other funds in the Alger Fund Complex, may borrow money from and lend money to each other for temporary or emergency purposes. To the extent permitted under its investment restrictions, the Portfolios may lend uninvested cash in an amount up to 15% of its net assets to other funds in the Alger Fund Complex. If a Portfolio has borrowed from other funds in the Alger Fund Complex and has aggregate borrowings from all sources that exceed 10% of the Portfolio's total assets, the Portfolio will secure all of its loans from other funds in the Alger Fund Complex. The interest rate charged on interfund loans is equal to the average of the overnight U.S. Treasury money market rate and bank loan rate available to the Portfolios. The Portfolios had no interfund loans outstanding as of June 30, 2025.

For the six months ended June 30, 2025, Alger Capital Appreciation Portfolio, Alger Large Cap Growth Portfolio, Alger Mid Cap Growth Portfolio and Alger Balanced Portfolio incurred interfund loan interest expense of $9,798, $4,960, $445 and $183, respectively, which is included in interest expense in the accompanying Statements of Operations. The Portfolios did not earn any interest income by lending money to other funds.

(i) Other Transactions with Affiliates: Certain officers and one Trustee of the Fund are directors and/or officers of Alger Management, the Distributor, or their affiliates. No shares of the Portfolios were held by Alger Management and its affiliated entities as of June 30, 2025.

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

**NOTE 4 — Securities Transactions:**

------

The following summarizes the securities transactions by each Portfolio, other than short-term securities, for the six months ended June 30, 2025. Alger Balanced Portfolio had U.S. Government purchases of $512,578 during the six months ended June 30, 2025.

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

---

| | | |
|:---|:---|:---|
|  | **PURCHASES** | **SALES** |
| Alger Capital Appreciation Portfolio | $256661746 | &nbsp;&nbsp; $305751386 |
| Alger Large Cap Growth Portfolio | 208422177 | &nbsp;&nbsp; 222451553 |
| Alger Growth & Income Portfolio | 271319 | &nbsp;&nbsp; 1930271 |
| Alger Mid Cap Growth Portfolio | 60046322 | &nbsp;&nbsp; 71272047 |
| Alger Small Cap Growth Portfolio | 21270005 | &nbsp;&nbsp; 33645178 |
| Alger Balanced Portfolio | 4797179 | &nbsp;&nbsp; 6999468 |

---

**NOTE 5 — Securities Lending:**

------

At June 30, 2025, the Alger Growth & Income Portfolio had no outstanding securities on loan.

Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlements of securities transactions.

The market value of any securities on loan, if any, are classified as equity securities in the Portfolios' Schedules of Investments, and the value of any related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value, and collateral on securities loaned at value, respectively.

**NOTE 6 — Borrowings:**

------

The Portfolios may borrow from The Bank of New York (the "Custodian") on an uncommitted basis. Each Portfolio pays the Custodian a market rate of interest, generally based upon a rate of return with respect to each respective currency borrowed, taking into consideration relevant overnight and short-term reference rates. Borrowings from the Custodian at June 30, 2025, if any, are included in Bank overdraft in the Statements of Assets and Liabilities. The Portfolios may also borrow from other funds in the Alger Fund Complex, as discussed in Note 3(h). For the six months ended June 30, 2025, the Portfolios had the following borrowings from the Custodian and other funds in the Alger Fund Complex:

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **AVERAGE DAILY** <br>**BORROWING**<br>| **WEIGHTED AVERAGE** <br>**INTEREST RATE**<br>|
| Alger Capital Appreciation Portfolio | $427116 | 5.69<br> %<br>|
| Alger Large Cap Growth Portfolio | 387414 | 5.84 |
| Alger Growth & Income Portfolio | 14034 | 6.33 |
| Alger Mid Cap Growth Portfolio | 14781 | 5.91 |
| Alger Small Cap Growth Portfolio |  | &nbsp;&nbsp; — |
| Alger Balanced Portfolio | 8114 | 6.07 |

---

The highest amount borrowed by each Portfolio from the Custodian and other funds in the Alger Fund Complex during the six months ended June 30, 2025 was as follows:

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

---

| | |
|:---|:---|
|  | **HIGHEST BORROWING** |
| Alger Capital Appreciation Portfolio | $21540000 |
| Alger Large Cap Growth Portfolio | 5349636 |
| Alger Growth & Income Portfolio | 145931 |
| Alger Mid Cap Growth Portfolio | 1442000 |
| Alger Small Cap Growth Portfolio |  |
| Alger Balanced Portfolio | 294000 |

---

**NOTE 7 — Share Capital:** 

------

The Portfolios have an unlimited number of authorized shares of beneficial interest of $.001 par value. During the six months ended June 30, 2025 and the year ended December 31, 2024, transactions of shares of beneficial interest were as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**June 30, 2025** | **FOR THE SIX MONTHS ENDED** <br>**June 30, 2025** | **FOR THE YEAR ENDED** <br>**December 31, 2024** | **FOR THE YEAR ENDED** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Capital Appreciation Portfolio** | **Alger Capital Appreciation Portfolio** | **Alger Capital Appreciation Portfolio** | **Alger Capital Appreciation Portfolio** | **Alger Capital Appreciation Portfolio** |
| **Class I-2**: |  |  |  |  |
| Shares sold | 378447 | &nbsp;&nbsp; $43454623 | &nbsp;&nbsp; 734604 | &nbsp;&nbsp; $72803598 |
| Subscriptions in kind<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 842109 | &nbsp;&nbsp; 84370859 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (791364)<br>| &nbsp;&nbsp; (88026850)<br>| &nbsp;&nbsp; (1418734)<br>| &nbsp;&nbsp; (136959230)<br>|
| **Net (decrease) increase**  | **(412917)**<br>| &nbsp;&nbsp; **$(44572227)**<br>| &nbsp;&nbsp; **157979** | &nbsp;&nbsp; **$20215227** |
| **Class S**: |  |  |  |  |
| Shares sold | 11568 | &nbsp;&nbsp; $1177112 | &nbsp;&nbsp; 21873 | &nbsp;&nbsp; $1811512 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (47460)<br>| &nbsp;&nbsp; (4752991)<br>| &nbsp;&nbsp; (151242)<br>| &nbsp;&nbsp; (12998627)<br>|
| **Net decrease** | **(35892)**<br>| &nbsp;&nbsp; **$(3575879)**<br>| &nbsp;&nbsp; **(129369)**<br>| &nbsp;&nbsp; **$(11187115)**<br>|

---

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

<sup>1</sup> Certain shareholders of the Portfolio subscribed for shares in-kind.

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**June 30, 2025** | **FOR THE SIX MONTHS ENDED** <br>**June 30, 2025** | **FOR THE YEAR ENDED** <br>**December 31, 2024** | **FOR THE YEAR ENDED** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Large Cap Growth Portfolio** | **Alger Large Cap Growth Portfolio** | **Alger Large Cap Growth Portfolio** | **Alger Large Cap Growth Portfolio** | **Alger Large Cap Growth Portfolio** |
| **Class I-2**: |  |  |  |  |
| Shares sold | 139645 | &nbsp;&nbsp; $12805865 | &nbsp;&nbsp; 230978 | &nbsp;&nbsp; $17507353 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (345625)<br>| &nbsp;&nbsp; (30177265)<br>| &nbsp;&nbsp; (782598)<br>| &nbsp;&nbsp; (58482736)<br>|
| **Net decrease** | **(205980)**<br>| &nbsp;&nbsp; **$(17371400)**<br>| &nbsp;&nbsp; **(551620)**<br>| &nbsp;&nbsp; **$(40975383)**<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**June 30, 2025** | **FOR THE SIX MONTHS ENDED** <br>**June 30, 2025** | **FOR THE YEAR ENDED** <br>**December 31, 2024** | **FOR THE YEAR ENDED** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Growth & Income Portfolio** | **Alger Growth & Income Portfolio** | **Alger Growth & Income Portfolio** | **Alger Growth & Income Portfolio** | **Alger Growth & Income Portfolio** |
| **Class I-2**: |  |  |  |  |
| Shares sold | 18082 | &nbsp;&nbsp; $593816 | &nbsp;&nbsp; 42404 | &nbsp;&nbsp; $1280039 |
| Dividends reinvested | 12640 | &nbsp;&nbsp; 406754 | &nbsp;&nbsp; 12252 | &nbsp;&nbsp; 387744 |
| Shares redeemed | (79973)<br>| &nbsp;&nbsp; (2644032)<br>| &nbsp;&nbsp; (157676)<br>| &nbsp;&nbsp; (4856554)<br>|
| **Net decrease** | **(49251)**<br>| &nbsp;&nbsp; **$(1643462)**<br>| &nbsp;&nbsp; **(103020)**<br>| &nbsp;&nbsp; **$(3188771)**<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**June 30, 2025** | **FOR THE SIX MONTHS ENDED** <br>**June 30, 2025** | **FOR THE YEAR ENDED** <br>**December 31, 2024** | **FOR THE YEAR ENDED** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** |
| **Class I-2**: |  |  |  |  |
| Shares sold | 285117 | &nbsp;&nbsp; $5913672 | &nbsp;&nbsp; 546223 | &nbsp;&nbsp; $10805307 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (598881)<br>| &nbsp;&nbsp; (12022293)<br>| &nbsp;&nbsp; (1250552)<br>| &nbsp;&nbsp; (23514963)<br>|
| **Net decrease** | **(313764)**<br>| &nbsp;&nbsp; **$(6108621)**<br>| &nbsp;&nbsp; **(704329)**<br>| &nbsp;&nbsp; **$(12709656)**<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**June 30, 2025** | **FOR THE SIX MONTHS ENDED** <br>**June 30, 2025** | **FOR THE YEAR ENDED** <br>**December 31, 2024** | **FOR THE YEAR ENDED** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** |
| **Class I-2**: |  |  |  |  |
| Shares sold | 195004 | &nbsp;&nbsp; $3118057 | &nbsp;&nbsp; 298098 | &nbsp;&nbsp; $5203301 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 30275 | &nbsp;&nbsp; 573116 |
| Shares redeemed | (515008)<br>| &nbsp;&nbsp; (8333087)<br>| &nbsp;&nbsp; (1506881)<br>| &nbsp;&nbsp; (25924369)<br>|
| **Net decrease** | **(320004)**<br>| &nbsp;&nbsp; **$(5215030)**<br>| &nbsp;&nbsp; **(1178508)**<br>| &nbsp;&nbsp; **$(20147952)**<br>|

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**June 30, 2025** | **FOR THE SIX MONTHS ENDED** <br>**June 30, 2025** | **FOR THE YEAR ENDED** <br>**December 31, 2024** | **FOR THE YEAR ENDED** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Balanced Portfolio** | **Alger Balanced Portfolio** | **Alger Balanced Portfolio** | **Alger Balanced Portfolio** | **Alger Balanced Portfolio** |
| **Class I-2**: |  |  |  |  |
| Shares sold | 96994 | &nbsp;&nbsp; $2104439 | &nbsp;&nbsp; 210737 | &nbsp;&nbsp; $4429355 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 5199 | &nbsp;&nbsp; 116250 |
| Shares redeemed | (193657)<br>| &nbsp;&nbsp; (4280577)<br>| &nbsp;&nbsp; (402701)<br>| &nbsp;&nbsp; (8480238)<br>|
| **Net decrease** | **(96663)**<br>| &nbsp;&nbsp; **$(2176138)**<br>| &nbsp;&nbsp; **(186765)**<br>| &nbsp;&nbsp; **$(3934633)**<br>|

---

**NOTE 8 — Income Tax Information:**

------

As of December 31, 2024, the Alger Large Cap Growth Portfolio, Alger Mid Cap Growth Portfolio and Alger Small Cap Growth Portfolio, for U.S. federal income tax purposes, had capital loss carryforwards of $11,241,540, $33,252,232 and $1,900,260, respectively. These amounts will not be subject to expiration under the Regulated Investment Company Modernization Act of 2010, and may be applied against future net realized gains until their utilization.

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is determined annually and is attributable primarily to the tax deferral of losses on wash sales, U.S. Internal Revenue Code Section 988 currency transactions, tax treatment of partnership investments, the realization of unrealized appreciation of passive foreign investment companies, and the return of capital from real estate investment trust investments.

The Portfolios accrue tax on unrealized gains in foreign jurisdictions that impose a foreign capital tax, if applicable.

**NOTE 9 — Fair Value Measurements:**

------

The following is a summary of the inputs used as of June 30, 2025 in valuing the Portfolios' investments carried at fair value on a recurring basis. Based upon the nature, characteristics, and risks associated with their investments, the Portfolios have determined that presenting them by security type and sector is appropriate.

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation Portfolio** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $123775636 | &nbsp;&nbsp; $123775636 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 79327646 | &nbsp;&nbsp; 79327646 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Energy | 3733398 | &nbsp;&nbsp; 3733398 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 24212468 | &nbsp;&nbsp; 24212468 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 34444070 | &nbsp;&nbsp; 34444070 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 41854139 | &nbsp;&nbsp; 41854139 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 319498287 | &nbsp;&nbsp; 319498287 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 2984147 | &nbsp;&nbsp; 2984147 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 39033537 | &nbsp;&nbsp; 39033537 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$668863328** | &nbsp;&nbsp; **$668863328** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| Financials | 230837 | &nbsp;&nbsp; — | &nbsp;&nbsp; 230837 | &nbsp;&nbsp; — |
| Information Technology | 9871299 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9871299 |
| **TOTAL PREFERRED STOCKS** | **$10102136** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$230837** | &nbsp;&nbsp; **$9871299** |
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| Information Technology | 400210 | &nbsp;&nbsp; — | &nbsp;&nbsp; 400210 | &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 1087740 | &nbsp;&nbsp; 1087740 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$680453414** | &nbsp;&nbsp; **$669951068** | &nbsp;&nbsp; **$631047** | &nbsp;&nbsp; **$9871299** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Large Cap Growth Portfolio** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $83712927 | &nbsp;&nbsp; $83712927 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 39186571 | &nbsp;&nbsp; 39186571 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 32968348 | &nbsp;&nbsp; 32968348 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 32108349 | &nbsp;&nbsp; 32108349 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 156751008 | &nbsp;&nbsp; 156751008 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 3735124 | &nbsp;&nbsp; 3735124 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 20182535 | &nbsp;&nbsp; 20182535 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$368644862** | &nbsp;&nbsp; **$368644862** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **Exchange Traded Funds** | 10427876 | &nbsp;&nbsp; 10427876 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mutual Funds** | 11278941 | &nbsp;&nbsp; 11278941 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **PREFERRED STOCKS** |  |  |  |  |
| Information Technology | 5435486 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5435486 |
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| Information Technology | 1600839 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1600839 | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$397388004** | &nbsp;&nbsp; **$390351679** | &nbsp;&nbsp; **$1600839** | &nbsp;&nbsp; **$5435486** |

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Growth & Income Portfolio** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $4082648 | &nbsp;&nbsp; $4082648 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 3192017 | &nbsp;&nbsp; 3192017 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 2692560 | &nbsp;&nbsp; 2692560 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Energy | 1689252 | &nbsp;&nbsp; 1689252 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 6544561 | &nbsp;&nbsp; 6544561 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 4261507 | &nbsp;&nbsp; 4261507 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 2823958 | &nbsp;&nbsp; 2823958 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 14821652 | &nbsp;&nbsp; 14821652 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 672028 | &nbsp;&nbsp; 672028 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 652978 | &nbsp;&nbsp; 652978 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$41433161** | &nbsp;&nbsp; **$41433161** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **MASTER LIMITED** <br> **PARTNERSHIP**<br>|  |  |  |  |
| Energy | 174203 | &nbsp;&nbsp; 174203 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **REAL ESTATE INVESTMENT** <br> **TRUST**<br>|  |  |  |  |
| Real Estate | 1301595 | &nbsp;&nbsp; 1301595 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$42908959** | &nbsp;&nbsp; **$42908959** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Portfolio** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $11897824 | &nbsp;&nbsp; $11897824 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 15353523 | &nbsp;&nbsp; 15353523 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 2516301 | &nbsp;&nbsp; 2516301 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 17308892 | &nbsp;&nbsp; 17308892 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 7945581 | &nbsp;&nbsp; 7945581 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 35045134 | &nbsp;&nbsp; 35045134 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 37198189 | &nbsp;&nbsp; 37198189 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 1789061 | &nbsp;&nbsp; 1789061 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Real Estate | 6568188 | &nbsp;&nbsp; 6568188 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 7413596 | &nbsp;&nbsp; 7413596 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$143036289** | &nbsp;&nbsp; **$143036289** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **Exchange Traded Funds** | 5356431 | &nbsp;&nbsp; 5356431 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **PREFERRED STOCKS** |  |  |  |  |
| Health Care | — <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>1</sup><br>|
| Information Technology | 597566 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 597566 |
| **TOTAL PREFERRED STOCKS** | **$597566** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$597566** |
| **RIGHTS** |  |  |  |  |
| Health Care | — <br><sup>2</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>2</sup><br>|
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| Information Technology | 1013495 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1013495 | &nbsp;&nbsp; — |
| **WARRANTS** |  |  |  |  |
| Information Technology | — <br><sup>3</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>3</sup><br>| &nbsp;&nbsp; — |

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Portfolio** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | $3211176 | &nbsp;&nbsp; $3211176 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$153214957** | &nbsp;&nbsp; **$151603896** | &nbsp;&nbsp; **$1013495** | &nbsp;&nbsp; **$597566** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Portfolio** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $803291 | &nbsp;&nbsp; $803291 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 21884359 | &nbsp;&nbsp; 21884359 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 4129493 | &nbsp;&nbsp; 4129493 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Energy | 3716200 | &nbsp;&nbsp; 3716200 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 3781287 | &nbsp;&nbsp; 3781287 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 31434690 | &nbsp;&nbsp; 31377232 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57458 |
| Industrials | 21429287 | &nbsp;&nbsp; 21429287 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 35788802 | &nbsp;&nbsp; 35788802 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 1106281 | &nbsp;&nbsp; 1106281 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 574017 | &nbsp;&nbsp; 574017 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$124647707** | &nbsp;&nbsp; **$124590249** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$57458** |
| **PREFERRED STOCKS** |  |  |  |  |
| Health Care | 212291 <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 212291 <br><sup>1</sup><br>|
| Information Technology | 645272 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 645272 |
| **TOTAL PREFERRED STOCKS** | **$857563** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$857563** |
| **RIGHTS** |  |  |  |  |
| Health Care | 59562 <br><sup>2</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 59562 <br><sup>2</sup><br>|
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| Information Technology | 1434581 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1434581 | &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 10849330 | &nbsp;&nbsp; 10849330 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$137848743** | &nbsp;&nbsp; **$135439579** | &nbsp;&nbsp; **$1434581** | &nbsp;&nbsp; **$974583** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Balanced Portfolio** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $4249924 | &nbsp;&nbsp; $4249924 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 3323546 | &nbsp;&nbsp; 3323546 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 2798136 | &nbsp;&nbsp; 2798136 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Energy | 1760934 | &nbsp;&nbsp; 1760934 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 6792522 | &nbsp;&nbsp; 6792522 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 4438184 | &nbsp;&nbsp; 4438184 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 2957299 | &nbsp;&nbsp; 2957299 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 15498980 | &nbsp;&nbsp; 15498980 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 704164 | &nbsp;&nbsp; 704164 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 676999 | &nbsp;&nbsp; 676999 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$43200688** | &nbsp;&nbsp; **$43200688** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **CORPORATE BONDS** |  |  |  |  |
| Communication Services | 1006752 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1006752 | &nbsp;&nbsp; — |
| Consumer Discretionary | 1501881 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1501881 | &nbsp;&nbsp; — |

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Balanced Portfolio** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| Consumer Staples | $1513281 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1513281 | &nbsp;&nbsp; $— |
| Energy | 507176 | &nbsp;&nbsp; — | &nbsp;&nbsp; 507176 | &nbsp;&nbsp; — |
| Financials | 2026436 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2026436 | &nbsp;&nbsp; — |
| Health Care | 3526583 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3526583 | &nbsp;&nbsp; — |
| Industrials | 1524475 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1524475 | &nbsp;&nbsp; — |
| Information Technology | 1504634 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1504634 | &nbsp;&nbsp; — |
| Materials | 515255 | &nbsp;&nbsp; — | &nbsp;&nbsp; 515255 | &nbsp;&nbsp; — |
| Real Estate | 502571 | &nbsp;&nbsp; — | &nbsp;&nbsp; 502571 | &nbsp;&nbsp; — |
| Utilities | 1008408 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1008408 | &nbsp;&nbsp; — |
| **TOTAL CORPORATE BONDS** | **$15137452** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$15137452** | &nbsp;&nbsp; **$—** |
| **MASTER LIMITED** <br> **PARTNERSHIP**<br>|  |  |  |  |
| Energy | 181939 | &nbsp;&nbsp; 181939 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **REAL ESTATE INVESTMENT** <br> **TRUST**<br>|  |  |  |  |
| Real Estate | 1356873 | &nbsp;&nbsp; 1356873 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **U.S. GOVERNMENT BONDS** | 1570531 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1570531 | &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 496702 | &nbsp;&nbsp; 496702 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$61944185** | &nbsp;&nbsp; **$45236202** | &nbsp;&nbsp; **$16707983** | &nbsp;&nbsp; **$—** |

---

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

<sup>1</sup> Each of Alger Mid Cap Growth Portfolio's and Alger Small Cap Growth Portfolio's holdings of Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of June 30, 2025. 

<sup>2</sup> Each of Alger Mid Cap Growth Portfolio's and Alger Small Cap Growth Portfolio's holdings of Tolero CDRs are classified as a Level 3 investment and are fair valued at zero as of June 30, 2025. 

<sup>3</sup> Alger Mid Cap Growth Portfolio's holdings of Constellation Software, Inc. warrants expiring March 31, 2040, are classified as a Level 2 investment and are fair valued at zero as of June 30, 2025. 

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br> **MEASUREMENTS** <br> **USING SIGNIFICANT** <br> **UNOBSERVABLE** <br> **INPUTS (LEVEL 3)**<br>|
| **Alger Capital Appreciation Portfolio** | **Preferred Stocks** |
| Opening balance at January 1, 2025 | &nbsp;&nbsp; $8294360 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; (230837)<br>|
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 1807776 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at June 30, 2025 | &nbsp;&nbsp; 9871299 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br> **still held at June 30, 2025\*\***<br>| &nbsp;&nbsp; **$1807776**<br>|

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br> **MEASUREMENTS** <br> **USING SIGNIFICANT** <br> **UNOBSERVABLE** <br> **INPUTS (LEVEL 3)**<br>|
| **Alger Capital Appreciation Portfolio** | **Special Purpose** <br> **Vehicle**<br>|
| Opening balance at January 1, 2025 | &nbsp;&nbsp; $412737 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; (400210)<br>|
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (12527)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at June 30, 2025 | &nbsp;&nbsp; — |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br> **still held at June 30, 2025\*\***<br>| &nbsp;&nbsp; **$—**  |

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br> **MEASUREMENTS** <br> **USING SIGNIFICANT** <br> **UNOBSERVABLE** <br> **INPUTS (LEVEL 3)**<br>|
| **Alger Large Cap Growth Portfolio** | **Preferred Stocks** |
| Opening balance at January 1, 2025 | &nbsp;&nbsp; $5435486 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at June 30, 2025 | &nbsp;&nbsp; 5435486 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br> **still held at June 30, 2025\*\***<br>| &nbsp;&nbsp; **$—**  |

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br> **MEASUREMENTS** <br> **USING SIGNIFICANT** <br> **UNOBSERVABLE** <br> **INPUTS (LEVEL 3)**<br>|
| **Alger Large Cap Growth Portfolio** | **Special Purpose** <br> **Vehicle**<br>|
| Opening balance at January 1, 2025 | &nbsp;&nbsp; $1650948 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; (1600839)<br>|
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (50109)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at June 30, 2025 | &nbsp;&nbsp; — |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br> **still held at June 30, 2025\*\***<br>| &nbsp;&nbsp; **$—**  |

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br> **MEASUREMENTS** <br> **USING SIGNIFICANT** <br> **UNOBSERVABLE** <br> **INPUTS (LEVEL 3)**<br>|
| **Alger Mid Cap Growth Portfolio** | **Preferred Stocks** |
| Opening balance at January 1, 2025 | &nbsp;&nbsp; $597,566\* |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at June 30, 2025 | &nbsp;&nbsp; 597,566\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br> **still held at June 30, 2025\*\***<br>| &nbsp;&nbsp; **$—**  |

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br> **MEASUREMENTS** <br> **USING SIGNIFICANT** <br> **UNOBSERVABLE** <br> **INPUTS (LEVEL 3)**<br>|
| **Alger Mid Cap Growth Portfolio** | **Rights** |
| Opening balance at January 1, 2025 | &nbsp;&nbsp; $55263 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (55263)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at June 30, 2025 | &nbsp;&nbsp; —\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br> **still held at June 30, 2025\*\***<br>| &nbsp;&nbsp; **$(55263)** <br>|

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br> **MEASUREMENTS** <br> **USING SIGNIFICANT** <br> **UNOBSERVABLE** <br> **INPUTS (LEVEL 3)**<br>|
| **Alger Mid Cap Growth Portfolio** | **Special Purpose** <br> **Vehicle**<br>|
| Opening balance at January 1, 2025 | &nbsp;&nbsp; $1042704 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; (1013495)<br>|
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (29209)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at June 30, 2025 | &nbsp;&nbsp; — |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br> **still held at June 30, 2025\*\***<br>| &nbsp;&nbsp; **$—**<br>|

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br> **MEASUREMENTS** <br> **USING SIGNIFICANT** <br> **UNOBSERVABLE** <br> **INPUTS (LEVEL 3)**<br>|
| **Alger Small Cap Growth Portfolio** | **Common Stocks** |
| Opening balance at January 1, 2025 | &nbsp;&nbsp; $1404534 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (1347076)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at June 30, 2025 | &nbsp;&nbsp; 57458 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br> **still held at June 30, 2025\*\***<br>| &nbsp;&nbsp; **$(1347076)** <br>|

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br> **MEASUREMENTS** <br> **USING SIGNIFICANT** <br> **UNOBSERVABLE** <br> **INPUTS (LEVEL 3)**<br>|
| **Alger Small Cap Growth Portfolio** | **Preferred Stocks** |
| Opening balance at January 1, 2025 | &nbsp;&nbsp; $916,844\* |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (59281)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at June 30, 2025 | &nbsp;&nbsp; 857,563\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br> **still held at June 30, 2025\*\***<br>| &nbsp;&nbsp; **$(59281)** <br>|

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br> **MEASUREMENTS** <br> **USING SIGNIFICANT** <br> **UNOBSERVABLE** <br> **INPUTS (LEVEL 3)**<br>|
| **Alger Small Cap Growth Portfolio** | **Rights** |
| Opening balance at January 1, 2025 | &nbsp;&nbsp; $93853 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (34291)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at June 30, 2025 | &nbsp;&nbsp; 59,562\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br> **still held at June 30, 2025\*\***<br>| &nbsp;&nbsp; **$(34291)** <br>|

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br> **MEASUREMENTS** <br> **USING SIGNIFICANT** <br> **UNOBSERVABLE** <br> **INPUTS (LEVEL 3)**<br>|
| **Alger Small Cap Growth Portfolio** | **Special Purpose** <br> **Vehicle**<br>|
| Opening balance at January 1, 2025 | &nbsp;&nbsp; $1477164 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; (1434581)<br>|
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (42583)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at June 30, 2025 | &nbsp;&nbsp; — |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br> **still held at June 30, 2025\*\***<br>| &nbsp;&nbsp; **$—**  |

---

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

\* Includes securities that are fair valued at zero. <br> \*\* Net change in unrealized appreciation (depreciation) is included in the net change in unrealized appreciation (depreciation) on investments in the accompanying Statements of Operations.

The following table provides quantitative information about each Portfolio's Level 3 fair value measurements of its investments as of June 30, 2025. The table below is not intended to be all-inclusive, but rather provides information on the Level 3 inputs as they relate to each Portfolio's fair value measurements.

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** <br>**June 30,** <br>**2025**<br>| **Valuation** <br>**Methodology**<br>| **Unobservable** <br>**Inputs**<br>| **Inputs/Range** | **Weighted** <br>**Average Inputs**<br>|
| Alger Capital Appreciation Portfolio | Alger Capital Appreciation Portfolio | Alger Capital Appreciation Portfolio | Alger Capital Appreciation Portfolio | Alger Capital Appreciation Portfolio | Alger Capital Appreciation Portfolio |
| **Preferred Stocks** | $9871299 | Market <br>Approach<br>| Revenue Multiple | 16.00x-22.88x | 14.06x |
| Alger Large Cap Growth Portfolio | Alger Large Cap Growth Portfolio | Alger Large Cap Growth Portfolio | Alger Large Cap Growth Portfolio | Alger Large Cap Growth Portfolio | Alger Large Cap Growth Portfolio |
| **Preferred Stocks** | 5435486 | Market <br>Approach<br>| Revenue Multiple | 22.88x | N/A\* |
| Alger Mid Cap Growth Portfolio | Alger Mid Cap Growth Portfolio | Alger Mid Cap Growth Portfolio | Alger Mid Cap Growth Portfolio | Alger Mid Cap Growth Portfolio | Alger Mid Cap Growth Portfolio |
| **Preferred Stocks** | —\*\* | Income <br>Approach<br>| Discount Rate | 100% | N/A\* |
|  | 597566 | Market <br>Approach<br>| Revenue Multiple | 22.88x | N/A\* |
| **Rights** | —\*\*\* | Income <br>Approach<br>| Discount Rate <br>Probability of Success<br>| 100% <br>0.00%<br>| N/A\* <br>N/A\*<br>|
| Alger Small Cap Growth Portfolio | Alger Small Cap Growth Portfolio | Alger Small Cap Growth Portfolio | Alger Small Cap Growth Portfolio | Alger Small Cap Growth Portfolio | Alger Small Cap Growth Portfolio |
| **Common Stocks** | 57458 | Market <br>Approach<br>| Revenue Multiple | 1.33x | N/A\* |
| **Preferred Stocks** | —\*\* | Income <br>Approach<br>| Discount Rate | 100% | N/A\* |
| **Preferred Stocks** | 857563 | Market <br>Approach<br>| Revenue Multiple | 1.33x-22.88x | 17.55x |
| **Rights** | —\*\*\* | Income <br>Approach<br>| Discount Rate <br>Probability of Success<br>| 100% <br>0.00%<br>| N/A\* |
| **Rights** | 59562 | Income <br>Approach<br>| Discount Rate <br>Probability of Success<br>| 4.97% <br>12%-44%<br>| 4.97% <br>39.47%<br>|

---

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

---

| | |
|:---|:---|
| \* | Each security type listed and respective valuation methodology and unobservable input, represents only one <br>investment.<br>|
| <sup>\*\*</sup> <br>| Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of <br> June 30, 2025.<br>|
| \*\*\* | Tolero CDRs are classified as a Level 3 investment and are fair valued at zero as of June 30, 2025. |

---

The significant unobservable inputs used in the fair value measurement of each Portfolio's securities are revenue and EBITDA multiples, publicly traded comparable securities' market value and revenue multiples, transaction pricing, discount rates, and the probability of success of certain outcomes. Significant increases and decreases in these inputs in isolation and interrelationships between these inputs would have resulted in significantly higher or lower fair value measurements than those noted in the table above. Generally, all other things being equal, increases in revenue and EBITDA multiples, decreases in discount rates, and increases in the probability of success result in higher fair value measurements, whereas decreases in revenues and EBITDA multiples, increases in discount rates, and decreases in the probability of success result in lower fair value measurements. For the period ended June 30, 2025, there were no changes in valuation methodology on Level 3 investments.

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

**NOTE 10 — Principal Risks:**

------

**<u>Alger Capital Appreciation Portfolio</u>** — Investing in the stock market involves risks, including the potential loss of principal. The value of the securities owned by the Portfolio, like other investments, may move up or down, sometimes rapidly and unpredictably. Portfolio shares at any point in time may be worth less than what was invested, even after taking into account the reinvestment of Portfolio dividends and distributions. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets 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. At times, the Portfolio may hold a large cash position, which may underperform relative to equity securities.

**<u>Alger Large Cap Growth Portfolio</u>** — Investing in the stock market involves risks, including the potential loss of principal. The value of the securities owned by the Portfolio, like other investments, may move up or down, sometimes rapidly and unpredictably. Portfolio shares at any point in time may be worth less than what was invested, even after taking into account the reinvestment of Portfolio dividends and distributions. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment. At times, the Portfolio may hold a large cash position, which may underperform relative to equity securities.

**<u>Alger Growth & Income Portfolio</u>** — Investing in the stock market involves risks, including the potential loss of principal. The value of the securities owned by the Portfolio, like other investments, may move up or down, sometimes rapidly and unpredictably. Portfolio shares at any point in time may be worth less than what was invested, even after taking into account the reinvestment of Portfolio dividends and distributions. 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. Income producing securities may cut or fail to declare dividends due to market downturns or for other reasons. A significant portion of assets may be invested in

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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. At times, the Portfolio may hold a large cash position, which may underperform relative to equity securities.

**<u>Alger Mid Cap Growth Portfolio</u>** — Investing in the stock market involves risks, including the potential loss of principal. The value of the securities owned by the Portfolio, like other investments, may move up or down, sometimes rapidly and unpredictably. Portfolio shares at any point in time may be worth less than what was invested, even after taking into account the reinvestment of Portfolio dividends and distributions. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Investing in companies of medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. At times, the Portfolio may hold a large cash position, which may underperform relative to equity securities.

**<u>Alger Small Cap Growth Portfolio</u>** — Investing in the stock market involves risks, including the potential loss of principal. The value of the securities owned by the Portfolio, like other investments, may move up or down, sometimes rapidly and unpredictably. Portfolio shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Portfolio dividends and distributions. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Investing in companies of small capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. At times, the Portfolio may hold a large cash position, which may underperform relative to equity securities.

**<u>Alger Balanced Portfolio</u>**— Investing in the stock market involves risks, including the potential loss of principal. The value of the securities owned by the Portfolio, like other investments, may move up or down, sometimes rapidly and unpredictably. Portfolio shares at any point in time may be worth less than what

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

was invested, even after taking into account the reinvestment of Portfolio dividends and distributions. 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. The risks of investing in fixed-income securities include sensitivity to interest rate and credit rating changes, call risk, increased volatility for lower rated securities, and prepayment risk. Income-producing securities may cut or fail to declare dividends due to market downturns or for other reasons. 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. At times, the Portfolio may hold a large cash position, which may underperform relative to equity securities.

**NOTE 11 — Affiliated Securities:**

------

During the six months ended June 30, 2025, as disclosed in the following table, certain Portfolios held 5% or more of the outstanding voting securities of the issuers listed below. As such, these issuers were "affiliated persons" of the applicable Portfolio(s) for purposes of the 1940 Act. Transactions during the six months ended June 30, 2025 with such affiliated persons are summarized below. During this period, other Portfolios of the Fund may also have held voting shares of the issuers at levels below 5%.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**December 31,** <br>**2024**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>|
| **Alger Capital Appreciation Portfolio** | **Alger Capital Appreciation Portfolio** | **Alger Capital Appreciation Portfolio** | **Alger Capital Appreciation Portfolio** | **Alger Capital Appreciation Portfolio** | **Alger Capital Appreciation Portfolio** | **Alger Capital Appreciation Portfolio** | **Alger Capital Appreciation Portfolio** | **Alger Capital Appreciation Portfolio** |
| **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** |
| Crosslink Ventures C, <br> LLC, Cl. A<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(12527)<br>| &nbsp;&nbsp; $400210 |
| **Total** |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(12527)<br>| &nbsp;&nbsp; $400210 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**December 31,** <br>**2024**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>|
| **Alger Large Cap Growth Portfolio** | **Alger Large Cap Growth Portfolio** | **Alger Large Cap Growth Portfolio** | **Alger Large Cap Growth Portfolio** | **Alger Large Cap Growth Portfolio** | **Alger Large Cap Growth Portfolio** | **Alger Large Cap Growth Portfolio** | **Alger Large Cap Growth Portfolio** | **Alger Large Cap Growth Portfolio** |
| **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** |
| Alger 35 ETF | 353188 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 353188 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1497164 | &nbsp;&nbsp; $10427876 |
| **Mutual Funds** | **Mutual Funds** | **Mutual Funds** | **Mutual Funds** | **Mutual Funds** | **Mutual Funds** | **Mutual Funds** | **Mutual Funds** | **Mutual Funds** |
| Alger 35 Fund | 559471 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 559471 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1286784 | &nbsp;&nbsp; 11278941 |
| **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** |
| Crosslink <br> Ventures C, LLC, <br> Cl. A<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (50109)<br>| &nbsp;&nbsp; 1600839 |
| **Total** | 912659 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 912659 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2733839 | &nbsp;&nbsp; $23307656 |

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**December 31,** <br>**2024**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>|
| **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** |
| **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** |
| Alger Mid Cap <br> 40 ETF<br>| 283956 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5193)<br>| &nbsp;&nbsp; 278763 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9491)<br>| &nbsp;&nbsp; $153922 | &nbsp;&nbsp; $5356431 |
| **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** |
| Crosslink <br> Ventures C, LLC, <br> Cl. A<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (23077)<br>| &nbsp;&nbsp; 737228 |
| Crosslink <br> Ventures C, LLC, <br> Cl. B<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6132)<br>| &nbsp;&nbsp; 276267 |
| **Total** | 283956 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5193)<br>| &nbsp;&nbsp; 278763 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9491)<br>| &nbsp;&nbsp; $124713 | &nbsp;&nbsp; $6369926 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**December 31,** <br>**2024**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>|
| **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** |
| **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** |
| Crosslink <br> Ventures C, LLC, <br> Cl. A<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(36923)<br>| &nbsp;&nbsp; $1179565 |
| Crosslink <br> Ventures C, LLC, <br> Cl. B<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5660)<br>| &nbsp;&nbsp; 255016 |
| **Total** |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(42583)<br>| &nbsp;&nbsp; $1434581 |

---

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

<sup>1</sup> The Alger Fund Complex and other entities managed by Alger Management fully own Crosslink Ventures C, LLC, Class A and Crosslink Ventures C, LLC, Class B. There were no capital increases or decreases for the period ended June 30, 2025.

**NOTE 12 — Subsequent Events:**

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Management of the Portfolio has evaluated events that have occurred subsequent to June 30, 2025, through the issuance date of the Financial Statements. No material events have been identified which require recognition and/or disclosure.

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**THE ALGER PORTFOLIOS**

**OTHER INFORMATION (Unaudited)**

------

**Proxy Voting Policies**

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A description of the policies and procedures the Portfolios use to determine how to vote proxies relating to portfolio securities and the proxy voting record is available, without charge, by calling (800) 992-3863 or online on the Portfolios' website at http://www.alger.com or on the SEC's website at http://www.sec.gov.

**Fund Holdings**

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The Board has adopted policies and procedures relating to disclosure of the Porfolios' securities. These policies and procedures recognize that there may be legitimate business reasons for holdings to be disclosed and seek to balance those interests to protect the proprietary nature of the trading strategies and implementation thereof by the Portfolios.

Generally, the policies prohibit the release of information concerning portfolio holdings, which have not previously been made public, to individual investors, institutional investors, intermediaries that distribute the Portfolios' shares and other parties which are not employed by the Investment Manager or its affiliates except when the legitimate business purposes for selective disclosure and other conditions (designed to protect the Portfolios) are acceptable.

The Portfolios file their complete schedule of portfolio holdings with the SEC semi-annually in financial statements on Form N-CSR and after the first and third fiscal quarters as an exhibit to their reports on Form N-PORT. The Portfolios' Forms N-CSR and N-PORT are available online on the SEC's website at www.sec.gov.

In addition, the Portfolios make publicly available their month-end top 10 holdings with a 10 day lag and their month-end full portfolio with a 60 day lag on their website <u>www.alger.com</u> and through other marketing communications (including printed advertising/sales literature and/or shareholder telephone customer service centers). No compensation or other consideration is received for the non-public disclosure of portfolio holdings information.

In accordance with the foregoing, the Portfolios provide portfolio holdings information to third parties including financial intermediaries and service providers who need access to this information in the performance of their services and are subject to duties of confidentiality (1) imposed by law, including a duty not to trade on non-public information, and/or (2) pursuant to an agreement that confidential information is not to be disclosed or used (including trading on such information) other than as required by law. From time to time, the Portfolios will communicate with these third parties to confirm that they understand the Portfolios' policies and procedures regarding such disclosure. These agreements must be approved by the Fund's Chief Compliance Officer.

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**THE ALGER PORTFOLIOS**

**OTHER INFORMATION (Unaudited) (Continued)**

------

The Board periodically reviews a report disclosing the third parties to whom each Portfolio's holdings information has been disclosed and the purpose for such disclosure, and it considers whether or not the release of information to such third parties is in the best interest of the Portfolios and their shareholders.

In addition to material the Portfolios routinely provide to shareholders, the Investment Manager may make additional statistical information available regarding the Alger Family of Funds. Such information may include, but not be limited to, relative weightings and characteristics of a Portfolio versus an index (such as P/E ratio, alpha, beta, capture ratio, maximum drawdown, standard deviation, EPS forecasts, Sharpe ratio, information ratio, R-squared, and market cap analysis), security specific impact on overall portfolio performance, month-end top ten contributors to and detractors from performance, portfolio turnover, and other similar information. Shareholders should visit www.alger.com or may also contact the Portfolios at (800) 992-3863 to obtain such information.

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**THE ALGER PORTFOLIOS**

------

100 Pearl Street, 27th Floor

New York, NY 10004

(800) 992-3863

www.alger.com

**Investment Manager**

------

Fred Alger Management, LLC

100 Pearl Street, 27th Floor

New York, NY 10004

**Distributor**

------

Fred Alger & Company, LLC

100 Pearl Street, 27th Floor

New York, NY 10004

**Transfer Agent and Dividend Disbursing Agent**

------

UMB Fund Services, Inc.

235 W. Galena Street

Milwaukee, WI 53212

**Custodian**

------

The Bank of New York

240 Greenwich Street

New York, NY 10286

**Independent Registered Public Accounting Firm**

------

Deloitte & Touche LLP

30 Rockefeller Plaza

New York, NY 10112

This report is submitted for the general information of the shareholders of the series of The Alger Portfolios. It is not authorized for distribution to prospective investors unless accompanied by an effective Prospectus for the Portfolios, which contains information concerning the Portfolio's investment policies, fees and expenses as well as other pertinent information.

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![](imgf0257afd3.gif)

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Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

Not Applicable.

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Item 9. Proxy Disclosures for Open-End Management Investment Companies

------

Not Applicable.

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Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

------

Remuneration paid to directors, officers and others is included in the Statement of Operations under the line items "Trustee fees" and "Investment advisory fees" as part of the financial statements filed under Item 7 of this Form N-CSR.

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

Not Applicable.

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ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

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There have been no material changes to these procedures.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive
 officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule
 30a-3(c) under the 1940 Act) are effective based on their evaluation of the disclosure controls and procedures as of a date within 90
 days of the filing date of this document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's
 internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by
 this Form N-CSR, that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over
 financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [Certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are filed as Exhibit 19(a)(3) to this Form N-CSR.](aet-efp17445_cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| The Alger Portfolios | The Alger Portfolios |
| By: | /s/ Hal Liebes |
| Name: | Hal Liebes |
| Title: | Principal Executive Officer |
| Date: | August 20, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Hal Liebes |
| Name: | Hal Liebes |
| Title: | Principal Executive Officer |
| Date: | August 20, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Michael D. Martins |
| Name: | Michael D. Martins |
| Title: | Principal Financial Officer |
| Date: | August 20, 2025 |

---

## Ex-99.(A)(3)

**Rule 30a-2(a) CERTIFICATIONS**

I, Hal Liebes, certify that:

1. I have reviewed this report on Form N-CSR of The Alger Portfolios;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Hal Liebes |
| Name: | Hal Liebes |
| Title: | Principal Executive Officer |
| Date: | August 20, 2025 |

---

**Rule 30a-2(a) CERTIFICATIONS**

I, Michael D. Martins, certify that:

1. I have reviewed this report on Form N-CSR of The Alger Portfolios;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Michael D. Martins |
| Name: | Michael D. Martins |
| Title: | Principal Financial Officer |
| Date: | August 20, 2025 |

---