# EDGAR Filing Document

**Accession Number:** 0000832566
**File Stem:** 0001133228-26-002293
**Filing Date:** 2026-2
**Character Count:** 360731
**Document Hash:** 6c0b170b5f342c44ee4cefe0c6167d12
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-002293.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001133228-26-002293

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**EFFECTIVENESS DATE**: 20260226

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05550
- **FILM NUMBER:** 26686353

**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           |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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#### FORM N-CSR

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#### 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)

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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: December 31, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report 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-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to 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 annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

![TSR - Fund Logo](images_27733.jpg)

### Alger Capital Appreciation Portfolio

### Class I-2 / ALVOX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Alger Capital Appreciation Portfolio ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Capital Appreciation Portfolio<br>(Class I-2 / ALVOX) | $109 | 0.94% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Fund returned 32.87% for the fiscal twelve-month period ended December 31, 2025, compared to the 18.56% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Communication Services. The largest sector overweight was Utilities and the largest sector underweight was Consumer Staples.

#### Contributors to Performance
The Information Technology and Utilities sectors were the largest contributors to relative performance. Regarding individual positions, NVIDIA Corp., AppLovin Corp., Microsoft Corp., Robinhood Markets, Inc., and Alphabet Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Health Care and Materials sectors were the largest detractors from relative performance. Regarding individual positions, Apple Inc., UnitedHealth Group Inc., United Airlines Holdings, Inc., Core Scientific Inc., and Tesla, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in IT equipment and software—driven by AI adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding IT-related investment, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supporting equity valuations. |
| U.S. Federal Reserve Bank Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates by 75 basis points in 2025, easing financial conditions and supporting rate-sensitive equities such as small caps through lower borrowing costs and improved valuation support. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class I-2 shares of the Fund. The graph assumes a $500,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_11235367.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Capital Appreciation Portfolio Class I-2** | 32.87% | 16.33% | 18.17% |
| **Russell 1000 Growth Index** | 18.56% | 15.32% | 18.13% |
| **S&P 500 Index** | 17.88% | 14.42% | 14.82% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended December 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$760429069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;75.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$5539059 |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 15.3% |
| Consumer Discretionary | 12.9% |
| Energy | 0.3% |
| Financials | 1.7% |
| Health Care | 8.0% |
| Industrials | 4.9% |
| Information Technology | 52.5% |
| Materials | 0.9% |
| Utilities | 4.0% |
| Short-Term Investments and Other Net Assets | (0.5)% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_27739.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Capital Appreciation Portfolio

![TSR - Fund Logo](images_27733.jpg)

### Alger Capital Appreciation Portfolio

### Class S

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Alger Capital Appreciation Portfolio ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Capital Appreciation Portfolio<br>(Class S) | $138 | 1.19% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Fund returned 32.51% for the fiscal twelve-month period ended December 31, 2025, compared to the 18.56% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Communication Services. The largest sector overweight was Utilities and the largest sector underweight was Consumer Staples.

#### Contributors to Performance
The Information Technology and Utilities sectors were the largest contributors to relative performance. Regarding individual positions, NVIDIA Corp., AppLovin Corp., Microsoft Corp., Robinhood Markets, Inc., and Alphabet Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Health Care and Materials sectors were the largest detractors from relative performance. Regarding individual positions, Apple Inc., UnitedHealth Group Inc., United Airlines Holdings, Inc., Core Scientific Inc., and Tesla, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in IT equipment and software—driven by AI adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding IT-related investment, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supporting equity valuations. |
| U.S. Federal Reserve Bank Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates by 75 basis points in 2025, easing financial conditions and supporting rate-sensitive equities such as small caps through lower borrowing costs and improved valuation support. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class S shares of the Fund. The graph assumes a $500,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_11235403.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Capital Appreciation Portfolio Class S** | 32.51% | 16.04% | 17.86% |
| **Russell 1000 Growth Index** | 18.56% | 15.32% | 18.13% |
| **S&P 500 Index** | 17.88% | 14.42% | 14.82% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended December 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$760429069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;75.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$5539059 |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 15.3% |
| Consumer Discretionary | 12.9% |
| Energy | 0.3% |
| Financials | 1.7% |
| Health Care | 8.0% |
| Industrials | 4.9% |
| Information Technology | 52.5% |
| Materials | 0.9% |
| Utilities | 4.0% |
| Short-Term Investments and Other Net Assets | (0.5)% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_27739.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Capital Appreciation Portfolio

![TSR - Fund Logo](images_27733.jpg)

### Alger Large Cap Growth Portfolio

### Class I-2 / AAGOX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Alger Large Cap Growth Portfolio ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Large Cap Growth Portfolio<br>(Class I-2 / AAGOX) | $93 | 0.81% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Fund returned 30.27% for the fiscal twelve-month period ended December 31, 2025, compared to the 18.56% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Communication Services. The largest sector overweight was Communication Services and the largest sector underweight was Information Technology.

#### Contributors to Performance
The Information Technology and Communication Services sectors were the largest contributors to relative performance. Regarding individual positions, AppLovin Corp., Alphabet Inc., NVIDIA Corp., Broadcom Inc., and Nebius Group N.V. were the top five contributors to absolute performance.

#### Detractors from Performance
The Financials and Health Care sectors were the largest detractors from relative performance. Regarding individual positions, Marvell Technology, Inc., Enovix Corp., Apple Inc., Trip.com Group Ltd., and First Solar, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in IT equipment and software—driven by AI adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding IT-related investment, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supporting equity valuations. |
| U.S. Federal Reserve Bank Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates by 75 basis points in 2025, easing financial conditions and supporting rate-sensitive equities such as small caps through lower borrowing costs and improved valuation support. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class I-2 shares of the Fund. The graph assumes a $500,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_11235295.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Large Cap Growth Portfolio Class I-2** | 30.27% | 11.12% | 16.73% |
| **Russell 1000 Growth Index** | 18.56% | 15.32% | 18.13% |
| **S&P 500 Index** | 17.88% | 14.42% | 14.82% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended December 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$431435679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;91.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2796986 |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 18.9% |
| Consumer Discretionary | 9.3% |
| Exchange Traded Fund | 2.8% |
| Financials | 0.3% |
| Health Care | 8.8% |
| Industrials | 7.3% |
| Information Technology | 44.8% |
| Mutual Fund | 2.5% |
| Real Estate | 0.2% |
| Utilities | 4.5% |
| Short-Term Investments and Other Net Assets | 0.6% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_27739.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Large Cap Growth Portfolio

![TSR - Fund Logo](images_27733.jpg)

### Alger Growth & Income Portfolio

### Class I-2 / AIGOX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Alger Growth & Income Portfolio ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Growth & Income Portfolio<br>(Class I-2 / AIGOX) | $84 | 0.76% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Fund returned 20.82% for the fiscal twelve-month period ended December 31, 2025, compared to the 17.88% return of the S&P 500 Index. During the reporting period, the largest sector weightings were Information Technology and Financials. The largest sector overweight was Energy and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Information Technology and Financials sectors were the largest contributors to relative performance. Regarding individual positions, Broadcom Inc., KLA Corp., Alphabet Inc., Microsoft Corp., and JPMorgan Chase & Co. were the top five contributors to absolute performance.

#### Detractors from Performance
The Industrials and Consumer Discretionary sectors were the largest detractors from relative performance. Regarding individual positions, UnitedHealth Group Inc., Adobe Inc., Procter & Gamble Co., Blue Owl Capital, Inc., and ONEOK, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in IT equipment and software—driven by AI adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding IT-related investment, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supporting equity valuations. |
| U.S. Federal Reserve Bank Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates by 75 basis points in 2025, easing financial conditions and supporting rate-sensitive equities such as small caps through lower borrowing costs and improved valuation support. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class I-2 shares of the Fund. The graph assumes a $500,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_11235439.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Growth & Income Portfolio Class I-2** | 20.82% | 15.51% | 14.58% |
| **S&P 500 Index** | 17.88% | 14.42% | 14.82% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended December 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$47400566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$217203 |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 12.0% |
| Consumer Discretionary | 7.2% |
| Consumer Staples | 5.4% |
| Energy | 4.1% |
| Financials | 14.5% |
| Health Care | 9.6% |
| Industrials | 5.3% |
| Information Technology | 34.8% |
| Materials | 2.2% |
| Real Estate | 3.0% |
| Utilities | 1.5% |
| Short-Term Investments and Other Net Assets | 0.4% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_27739.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Growth & Income Portfolio

![TSR - Fund Logo](images_27733.jpg)

### Alger Mid Cap Growth Portfolio

### Class I-2 / AMGOX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Alger Mid Cap Growth Portfolio ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Mid Cap Growth Portfolio<br>(Class I-2 / AMGOX) | $98 | 0.90% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Fund returned 16.77% for the fiscal twelve-month period ended December 31, 2025, compared to the 8.66% return of the Russell Midcap Growth Index. During the reporting period, the largest sector weightings were Information Technology and Industrials. The largest sector overweight was Industrials and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Industrials and Communication Services sectors were the largest contributors to relative performance. Regarding individual positions, Palantir Technologies Inc., Robinhood Markets, Inc., Talen Energy Corp., Cloudflare Inc., and Comfort Systems USA, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Health Care and Consumer Staples sectors were the largest detractors from relative performance. Regarding individual positions, Globant SA, Marvell Technology, Inc., Blue Owl Capital, Inc., e.l.f. Beauty, Inc., and Chipotle Mexican Grill, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in IT equipment and software—driven by AI adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding IT-related investment, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supporting equity valuations. |
| U.S. Federal Reserve Bank Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates by 75 basis points in 2025, easing financial conditions and supporting rate-sensitive equities such as small caps through lower borrowing costs and improved valuation support. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class I-2 shares of the Fund. The graph assumes a $500,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_11235259.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Mid Cap Growth Portfolio Class I-2** | 16.77% | 3.01% | 11.68% |
| **Russell Midcap Growth Index** | 8.66% | 6.65% | 12.49% |
| **S&P 500 Index** | 17.88% | 14.42% | 14.82% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended December 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$156139784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;87.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1146800 |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 5.4% |
| Consumer Discretionary | 14.4% |
| Consumer Staples | 3.7% |
| Financials | 10.5% |
| Health Care | 11.9% |
| Industrials | 23.3% |
| Information Technology | 20.5% |
| Materials | 1.5% |
| Real Estate | 4.5% |
| Utilities | 3.4% |
| Short-Term Investments and Other Net Assets | 0.9% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_27739.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Mid Cap Growth Portfolio

![TSR - Fund Logo](images_27733.jpg)

### Alger Small Cap Growth Portfolio

### Class I-2 / AASOX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Alger Small Cap Growth Portfolio ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Small Cap Growth Portfolio<br>(Class I-2 / AASOX) | $100 | 0.97% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Fund returned 5.91% for the fiscal twelve-month period ended December 31, 2025, compared to the 13.01% return of the Russell 2000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Health Care. The largest sector overweight was Information Technology and the largest sector underweight was Financials.

#### Contributors to Performance
The Health Care and Communication Services sectors were the largest contributors to relative performance. Regarding individual positions, GeneDx Holdings Corp., Guardant Health, Inc., Tutor Perini Corp., Bombardier Inc., and Aritzia, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Information Technology and Financials sectors were the largest detractors from relative performance. Regarding individual positions, SPS Commerce, Inc., Vertex, Inc., Q2 Holdings, Inc., Manhattan Associates, Inc., and Impulse Dynamics PLC were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in IT equipment and software—driven by AI adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding IT-related investment, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supporting equity valuations. |
| U.S. Federal Reserve Bank Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates by 75 basis points in 2025, easing financial conditions and supporting rate-sensitive equities such as small caps through lower borrowing costs and improved valuation support. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class I-2 shares of the Fund. The graph assumes a $500,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_11235223.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Small Cap Growth Portfolio Class I-2** | 5.91% | (4.93)% | 8.83% |
| **Russell 2000 Growth Index** | 13.01% | 3.18% | 9.57% |
| **S&P 500 Index** | 17.88% | 14.42% | 14.82% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended December 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$145106667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;40.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1127061 |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 0.9% |
| Consumer Discretionary | 10.8% |
| Consumer Staples | 2.3% |
| Energy | 2.1% |
| Financials | 3.3% |
| Health Care | 33.6% |
| Industrials | 21.5% |
| Information Technology | 23.3% |
| Materials | 0.7% |
| Utilities | 0.4% |
| Short-Term Investments and Other Net Assets | 1.1% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_27739.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Small Cap Growth Portfolio

![TSR - Fund Logo](images_27733.jpg)

### Alger Balanced Portfolio

### Class I-2 / ABLOX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Alger Balanced Portfolio ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Balanced Portfolio<br>(Class I-2 / ABLOX) | $102 | 0.94% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Fund returned 16.15% during the fiscal twelve-month period ended December 31, 2025. The equity portion of the Fund underperformed the 17.88% return of the S&P 500 Index, and the fixed income portion of the Fund underperformed the 6.88% return of the Bloomberg U.S. Government/Credit Bond Index. Regarding the equity portion of the Fund, the largest sector weightings were Information Technology and Financials. The largest sector overweight was Financials and the largest sector underweight was Information Technology.

#### Contributors to Performance
The Financials and Consumer Staples sectors were the largest contributors to relative performance. Regarding individual positions, Broadcom Inc., KLA Corp., Alphabet Inc., Microsoft Corp., and JPMorgan Chase & Co. were the top five contributors to absolute performance.

#### Detractors from Performance
The Information Technology and Consumer Discretionary sectors were the largest detractors from relative performance. Regarding individual positions, UnitedHealth Group Inc., Adobe Inc., Blue Owl Capital, Inc., Procter & Gamble Co., and ONEOK, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in IT equipment and software—driven by AI adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding IT-related investment, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supporting equity valuations. |
| U.S. Federal Reserve Bank Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates by 75 basis points in 2025, easing financial conditions and supporting rate-sensitive equities such as small caps through lower borrowing costs and improved valuation support. Lower rates also supported bonds: yields on the 2- and 10-year U.S. Treasury notes declined over the year by approximately 76 and 40 basis points, respectively, boosting bond prices. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class I-2 shares of the Fund. The graph assumes a $500,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_11235331.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Balanced Portfolio Class I-2** | 16.15% | 11.02% | 10.41% |
| **Bloomberg U.S. Gov't/Credit Bond Index** | 6.88% | (0.59)% | 2.16% |
| **S&P 500 Index** | 17.88% | 14.42% | 14.82% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended December 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$65536065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;10.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$441968 |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 8.9% |
| Consumer Discretionary | 5.4% |
| Consumer Staples | 4.0% |
| Energy | 3.0% |
| Financials | 10.7% |
| Health Care | 7.1% |
| Industrials | 3.9% |
| Information Technology | 25.6% |
| Materials | 1.6% |
| Real Estate | 2.2% |
| Utilities | 1.1% |
| Total Equities | 73.5% |
| Corporate Bonds<sup>††</sup> |  |
| AAA | 0.8% |
| AA | 3.9% |
| A | 10.0% |
| BBB | 7.7% |
| Total Corporate Bonds | 22.4% |
| U.S. Government Bonds | 3.2% |
| Short-Term Investments and Other Net Assets | 0.9% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **<sup>†</sup>**  | **Based on net assets**  |
| **<sup>††</sup>**  | **The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating organizations ("NRSROs"), including S&P Global Ratings, Moody's Investors Service, Inc., and Fitch Ratings. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. Investment grade ratings are those rated BBB or higher. The credit ratings shown relate to the creditworthiness of the issuers of the underlying fixed income securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.**  |

---

Availability of Additional Information

![TSR - QR Code](images_27739.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Balanced Portfolio

------

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics (the "Code
 of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller,
 or persons performing similar functions.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Registrant has not amended its Code of Ethics during
 the period covered by the shareholder report presented in Item 1 hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Registrant has not granted a waiver or an implicit
 waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Registrant's Code of Ethics is attached as
 an Exhibit hereto.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant determined that Jay C. Nadel is an audit committee financial expert (within the meaning of that phrase specified in the instructions to Form N-CSR) on the Registrant's audit committee. Mr. Nadel is an "independent" trustee – i.e., he is not an interested person of the Registrant as defined in the 1940 Act, nor has he accepted directly or indirectly any consulting, advisory or other compensatory fee from the Registrant, other than in his capacity as Trustee

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Audit Fees:

---

| | |
|:---|:---|
| December 31, 2025 | $145470 |
| December 31, 2024 | $139850 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Audit-Related Fees: NONE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Tax Fees for tax advice, tax compliance and tax planning:

---

| | |
|:---|:---|
| December 31, 2025 | $27768 |
| December 31, 2024 | $26700 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All Other Fees:

---

| | |
|:---|:---|
| December 31, 2025 | $9840 |
| December 31, 2024 | $24777 |

---

Other fees include a review and consent for Registrants registration statement filing and a review of the semi-annual financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) 1) Audit Committee Pre-Approval Policies And Procedures:

Audit and non-audit services provided by the Registrant's independent registered public accounting firm (the "Auditors") on behalf the Registrant must be pre-approved by the Audit Committee. Non-audit services provided by the Auditors on behalf of the Registrant's Investment Adviser or any entity controlling, controlled by, or under common control with the Investment Adviser must be pre-approved by the Audit Committee if such non-audit services directly relate to the operations or financial reporting of the Registrant.

2) All fees in item 4(b) through 4(d) above were approved by the Registrants' Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-Audit Fees:

---

| | | |
|:---|:---|:---|
| December 31, 2025 | $282038, | €103,125 |
| December 31, 2024 | $351512, | €106,362 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The audit committee of the board of trustees has considered whether the provision of the non-audit services that were rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control, with the adviser that provides ongoing services to the registrant that were not approved pursuant to (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable

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

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

![](img0e536f311.gif)

THE ALGER PORTFOLIOS

**ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION**

**December 31, 2025**![](img40f0bfe42.gif)

------

**Table of Contents**

------

**THE ALGER PORTFOLIOS**

------

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_84c2b9bb-8873-4859-9dd2-f9e702b7bee9_SOI1-Continued-4581_1) | 2 |
| [Statements of Assets and Liabilities](#xx_84c2b9bb-8873-4859-9dd2-f9e702b7bee9_SAL1-Continued_1) | 32 |
| [Statements of Operations](#xx_84c2b9bb-8873-4859-9dd2-f9e702b7bee9_SOP1-Continued_1) | 38 |
| [Statements of Changes in Net Assets](#xx_84c2b9bb-8873-4859-9dd2-f9e702b7bee9_SOC1-Continued_1) | 43 |
| [Financial Highlights](#xx_84c2b9bb-8873-4859-9dd2-f9e702b7bee9_FIHI-Continued_1) | 49 |
| [Notes to Financial Statements](#xx_84c2b9bb-8873-4859-9dd2-f9e702b7bee9_NTF-Continued_1) | 56 |
| [Report of Independent Registered Public Accounting Firm](#xx_84c2b9bb-8873-4859-9dd2-f9e702b7bee9_AUD-Continued_1) | 87 |
| [Other Information (Unaudited)](#xx_84c2b9bb-8873-4859-9dd2-f9e702b7bee9_AI-Continued_1) | 89 |

---

------

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

**Schedule of Investments December 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.8%** | **COMMON STOCKS—97.8%** | **COMMON STOCKS—97.8%** |
| **AEROSPACE & DEFENSE—0.8%** | **AEROSPACE & DEFENSE—0.8%** | **AEROSPACE & DEFENSE—0.8%** |
| HEICO Corp., Cl. A | 25518 | **$6441509** |
| **APPLICATION SOFTWARE—5.0%** | **APPLICATION SOFTWARE—5.0%** | **APPLICATION SOFTWARE—5.0%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 54955 | 37029778 |
| Unity Software, Inc.<sup>\*</sup>  | 26644 | 1176866 |
|  |  | **38206644** |
| **AUTOMOBILE MANUFACTURERS—3.4%** | **AUTOMOBILE MANUFACTURERS—3.4%** | **AUTOMOBILE MANUFACTURERS—3.4%** |
| Tesla, Inc.<sup>\*</sup>  | 57832 | **26008207** |
| **AUTOMOTIVE RETAIL—0.2%** | **AUTOMOTIVE RETAIL—0.2%** | **AUTOMOTIVE RETAIL—0.2%** |
| Carvana Co.<sup>\*</sup>  | 4498 | **1898246** |
| **BIOTECHNOLOGY—4.1%** | **BIOTECHNOLOGY—4.1%** | **BIOTECHNOLOGY—4.1%** |
| Abivax SA ADR<sup>\*</sup>  | 42854 | 5779076 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 32426 | 2152762 |
| Ascendis Pharma A/S ADR<sup>\*</sup>  | 10785 | 2299793 |
| Biogen, Inc.<sup>\*</sup>  | 26629 | 4686438 |
| Cidara Therapeutics, Inc.<sup>\*</sup>  | 21005 | 4639795 |
| Cogent Biosciences, Inc.<sup>\*</sup>  | 26435 | 938971 |
| Genmab A/S ADR<sup>\*</sup>  | 24849 | 765349 |
| Natera, Inc.<sup>\*</sup>  | 41022 | 9397730 |
| uniQure NV<sup>\*</sup>  | 23946 | 573028 |
|  |  | **31232942** |
| **BROADLINE RETAIL—8.8%** | **BROADLINE RETAIL—8.8%** | **BROADLINE RETAIL—8.8%** |
| Amazon.com, Inc.<sup>\*</sup>  | 215849 | 49822266 |
| Global-e Online Ltd.<sup>\*</sup>  | 5794 | 227762 |
| MercadoLibre, Inc.<sup>\*</sup>  | 2823 | 5686256 |
| Sea Ltd., Cl. A ADR<sup>\*</sup>  | 89693 | 11442136 |
|  |  | **67178420** |
| **BUILDING PRODUCTS—0.4%** | **BUILDING PRODUCTS—0.4%** | **BUILDING PRODUCTS—0.4%** |
| Builders FirstSource, Inc.<sup>\*</sup>  | 30587 | **3147096** |
| **COAL & CONSUMABLE FUELS—0.4%** | **COAL & CONSUMABLE FUELS—0.4%** | **COAL & CONSUMABLE FUELS—0.4%** |
| Cameco Corp. | 29400 | **2689806** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.8%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.8%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.8%** |
| Rocket Cos., Inc., Cl. A | 317077 | **6138611** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.4%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.4%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.4%** |
| Caterpillar, Inc. | 4787 | **2742329** |
| **CONSTRUCTION MATERIALS—0.4%** | **CONSTRUCTION MATERIALS—0.4%** | **CONSTRUCTION MATERIALS—0.4%** |
| Martin Marietta Materials, Inc. | 5099 | **3174943** |
| **CONSUMER FINANCE—0.1%** | **CONSUMER FINANCE—0.1%** | **CONSUMER FINANCE—0.1%** |
| Figure Technology Solutions, Inc., Cl. A<sup>\*</sup>  | 23619 | **964600** |
| **ELECTRIC UTILITIES—0.8%** | **ELECTRIC UTILITIES—0.8%** | **ELECTRIC UTILITIES—0.8%** |
| Constellation Energy Corp. | 18030 | **6369458** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.8% (CONT.)** | **COMMON STOCKS—97.8% (CONT.)** | **COMMON STOCKS—97.8% (CONT.)** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—0.3%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.3%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.3%** |
| Eaton Corp. PLC | 3345 | **$** 1065416 |
| Vertiv Holdings Co., Cl. A | 6775 | 1097618 |
|  |  | **2163034** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.6%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.6%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.6%** |
| GFL Environmental, Inc. | 105540 | **4532943** |
| **FINANCIAL EXCHANGES & DATA—0.7%** | **FINANCIAL EXCHANGES & DATA—0.7%** | **FINANCIAL EXCHANGES & DATA—0.7%** |
| S&P Global, Inc. | 10030 | **5241578** |
| **HEALTH CARE DISTRIBUTORS—0.4%** | **HEALTH CARE DISTRIBUTORS—0.4%** | **HEALTH CARE DISTRIBUTORS—0.4%** |
| Cardinal Health, Inc. | 14319 | **2942555** |
| **HEALTHCARE EQUIPMENT—1.4%** | **HEALTHCARE EQUIPMENT—1.4%** | **HEALTHCARE EQUIPMENT—1.4%** |
| Boston Scientific Corp.<sup>\*</sup>  | 49443 | 4714390 |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 10021 | 5675494 |
|  |  | **10389884** |
| **HEALTHCARE FACILITIES—0.2%** | **HEALTHCARE FACILITIES—0.2%** | **HEALTHCARE FACILITIES—0.2%** |
| Tenet Healthcare Corp.<sup>\*</sup>  | 8885 | **1765627** |
| **HEAVY ELECTRICAL EQUIPMENT—1.0%** | **HEAVY ELECTRICAL EQUIPMENT—1.0%** | **HEAVY ELECTRICAL EQUIPMENT—1.0%** |
| GE Vernova, Inc. | 11430 | **7470305** |
| **HOME FURNISHINGS—0.4%** | **HOME FURNISHINGS—0.4%** | **HOME FURNISHINGS—0.4%** |
| Somnigroup International, Inc. | 33137 | **2958471** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.2%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.2%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.2%** |
| Talen Energy Corp.<sup>\*</sup>  | 49090 | 18400895 |
| Vistra Corp. | 35217 | 5681559 |
|  |  | **24082454** |
| **INTERACTIVE HOME ENTERTAINMENT—0.5%** | **INTERACTIVE HOME ENTERTAINMENT—0.5%** | **INTERACTIVE HOME ENTERTAINMENT—0.5%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 21216 | 1719133 |
| Take-Two Interactive Software, Inc.<sup>\*</sup>  | 7282 | 1864410 |
|  |  | **3583543** |
| **INTERACTIVE MEDIA & SERVICES—11.0%** | **INTERACTIVE MEDIA & SERVICES—11.0%** | **INTERACTIVE MEDIA & SERVICES—11.0%** |
| Alphabet, Inc., Cl. C | 125748 | 39459722 |
| Meta Platforms, Inc., Cl. A | 66440 | 43856380 |
|  |  | **83316102** |
| **INTERNET SERVICES & INFRASTRUCTURE—1.5%** | **INTERNET SERVICES & INFRASTRUCTURE—1.5%** | **INTERNET SERVICES & INFRASTRUCTURE—1.5%** |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 16806 | 7053310 |
| Shopify, Inc., Cl. A<sup>\*</sup>  | 28225 | 4543378 |
|  |  | **11596688** |
| **INVESTMENT BANKING & BROKERAGE—0.1%** | **INVESTMENT BANKING & BROKERAGE—0.1%** | **INVESTMENT BANKING & BROKERAGE—0.1%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 6514 | **736733** |
| **LIFE SCIENCES TOOLS & SERVICES—0.5%** | **LIFE SCIENCES TOOLS & SERVICES—0.5%** | **LIFE SCIENCES TOOLS & SERVICES—0.5%** |
| Repligen Corp.<sup>\*</sup>  | 23544 | **3857920** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.8% (CONT.)** | **COMMON STOCKS—97.8% (CONT.)** | **COMMON STOCKS—97.8% (CONT.)** |
| **MANAGED HEALTHCARE—0.2%** | **MANAGED HEALTHCARE—0.2%** | **MANAGED HEALTHCARE—0.2%** |
| UnitedHealth Group, Inc. | 4225 | **$1394715** |
| **MOVIES & ENTERTAINMENT—3.9%** | **MOVIES & ENTERTAINMENT—3.9%** | **MOVIES & ENTERTAINMENT—3.9%** |
| Liberty Media Corp. Series C Liberty Formula One<sup>\*</sup>  | 40991 | 4038024 |
| Netflix, Inc.<sup>\*</sup>  | 100966 | 9466572 |
| Roku, Inc., Cl. A<sup>\*</sup>  | 41168 | 4466316 |
| Sphere Entertainment Co., Cl. A<sup>\*</sup>  | 9891 | 940436 |
| Spotify Technology SA<sup>\*</sup>  | 16148 | 9377305 |
| TKO Group Holdings, Inc., Cl. A | 5754 | 1202586 |
|  |  | **29491239** |
| **PASSENGER AIRLINES—0.2%** | **PASSENGER AIRLINES—0.2%** | **PASSENGER AIRLINES—0.2%** |
| United Airlines Holdings, Inc.<sup>\*</sup>  | 10881 | **1216713** |
| **PHARMACEUTICALS—1.2%** | **PHARMACEUTICALS—1.2%** | **PHARMACEUTICALS—1.2%** |
| AstraZeneca PLC ADR | 42373 | 3895350 |
| Eli Lilly & Co. | 4924 | 5291724 |
|  |  | **9187074** |
| **SEMICONDUCTORS—22.2%** | **SEMICONDUCTORS—22.2%** | **SEMICONDUCTORS—22.2%** |
| Astera Labs, Inc.<sup>\*</sup>  | 50449 | 8392695 |
| Broadcom, Inc. | 100297 | 34712792 |
| NVIDIA Corp. | 507570 | 94661805 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 103002 | 31301278 |
|  |  | **169068570** |
| **SPECIALTY CHEMICALS—0.5%** | **SPECIALTY CHEMICALS—0.5%** | **SPECIALTY CHEMICALS—0.5%** |
| DuPont de Nemours, Inc. | 92384 | **3713837** |
| **SYSTEMS SOFTWARE—13.3%** | **SYSTEMS SOFTWARE—13.3%** | **SYSTEMS SOFTWARE—13.3%** |
| Microsoft Corp. | 169925 | 82179128 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 230323 | 19279187 |
|  |  | **101458315** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.0%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.0%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.0%** |
| Apple, Inc. | 164248 | 44652461 |
| Western Digital Corp. | 91895 | 15830752 |
|  |  | **60483213** |
| **TRADING COMPANIES & DISTRIBUTORS—0.9%** | **TRADING COMPANIES & DISTRIBUTORS—0.9%** | **TRADING COMPANIES & DISTRIBUTORS—0.9%** |
| QXO, Inc.<sup>\*</sup>  | 368767 | **7113516** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $315,534,329) |  | **743957840** |
| **PREFERRED STOCKS—2.3%** | **PREFERRED STOCKS—2.3%** | **PREFERRED STOCKS—2.3%** |
| **APPLICATION SOFTWARE—2.0%** | **APPLICATION SOFTWARE—2.0%** | **APPLICATION SOFTWARE—2.0%** |
| Databricks, Inc., Series J<sup>(a),\*,@</sup>  | 68003 | 12920570 |
| Databricks, Inc., Series L<sup>(a),\*,@</sup>  | 2057 | 390830 |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 102616 | 1766021 |
|  |  | **15077421** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **PREFERRED STOCKS—2.3% (CONT.)** | **PREFERRED STOCKS—2.3% (CONT.)** | **PREFERRED STOCKS—2.3% (CONT.)** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.3%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.3%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.3%** |
| Figure AI, Inc., Cl. C<sup>(a),\*,@</sup>  | 11183 | **$2179920** |
| (Cost $2,179,920) |  | **2179920** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $10,627,049) |  | **17257341** |
| **SPECIAL PURPOSE VEHICLE—0.4%** | **SPECIAL PURPOSE VEHICLE—0.4%** | **SPECIAL PURPOSE VEHICLE—0.4%** |
| **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** |
| Disruptive Technology Solutions LI, LLC<sup>(a),\*,@</sup>  |  | **3100000** |
| (Cost $3,200,750) |  | **3100000** |
| **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, 3.65%<sup>(b)</sup>  | 387182 | **387182** |
| (Cost $387,182) |  | **387182** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $329,749,310)** | 100.6% | **$764702363** |
| Unaffiliated Securities (Cost $329,749,310) |  | 764702363 |
| Liabilities in Excess of Other Assets | (0.6)% | (4273294) |
| **NET ASSETS** | 100.0% | **$760429069** |

---

&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) | Rate shown reflects 7-day effective yield as of December 31, 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>12/31/2025<br>|
| Databricks, Inc., Series J | 12/17/24 | $6290278 | $12920570 | 1.7% |
| Databricks, Inc., Series L | 12/16/25 | 390830 | 390830 | 0.1% |
| Disruptive Technology Solutions LI, LLC | 11/4/25 | 3200750 | 3100000 | 0.4% |
| Figure AI, Inc., Cl. C | 11/18/25 | 2179920 | 2179920 | 0.3% |
| SB Technology, Inc., Series E | 10/23/24 | 1766021 | 1766021 | 0.2% |
| Total |  | $13827799 | $20357341 | 2.7% |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—92.7%** | **COMMON STOCKS—92.7%** | **COMMON STOCKS—92.7%** |
| **AEROSPACE & DEFENSE—2.1%** | **AEROSPACE & DEFENSE—2.1%** | **AEROSPACE & DEFENSE—2.1%** |
| HEICO Corp. | 27777 | **$8988359** |
| **APPLICATION SOFTWARE—6.3%** | **APPLICATION SOFTWARE—6.3%** | **APPLICATION SOFTWARE—6.3%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 30102 | 20283330 |
| Cadence Design Systems, Inc.<sup>\*</sup>  | 12905 | 4033845 |
| Unity Software, Inc.<sup>\*</sup>  | 66512 | 2937835 |
|  |  | **27255010** |
| **BIOTECHNOLOGY—6.7%** | **BIOTECHNOLOGY—6.7%** | **BIOTECHNOLOGY—6.7%** |
| Abivax SA ADR<sup>\*</sup>  | 45671 | 6158963 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 22368 | 1485011 |
| Biogen, Inc.<sup>\*</sup>  | 4516 | 794771 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 139472 | 3803401 |
| Genmab A/S ADR<sup>\*</sup>  | 8796 | 270917 |
| Natera, Inc.<sup>\*</sup>  | 64279 | 14725676 |
| Roivant Sciences Ltd<sup>\*</sup>  | 42978 | 932623 |
| uniQure NV<sup>\*</sup>  | 22976 | 549816 |
|  |  | **28721178** |
| **BROADLINE RETAIL—9.3%** | **BROADLINE RETAIL—9.3%** | **BROADLINE RETAIL—9.3%** |
| Amazon.com, Inc.<sup>\*</sup>  | 111465 | 25728351 |
| MercadoLibre, Inc.<sup>\*</sup>  | 4214 | 8488092 |
| Sea Ltd., Cl. A ADR<sup>\*</sup>  | 46949 | 5989284 |
|  |  | **40205727** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—1.3%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.3%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.3%** |
| Enovix Corp.<sup>\*</sup>  | 785402 | **5741289** |
| **ELECTRONIC COMPONENTS—0.7%** | **ELECTRONIC COMPONENTS—0.7%** | **ELECTRONIC COMPONENTS—0.7%** |
| Coherent Corp.<sup>\*</sup>  | 16799 | **3100591** |
| **HEALTH CARE DISTRIBUTORS—0.3%** | **HEALTH CARE DISTRIBUTORS—0.3%** | **HEALTH CARE DISTRIBUTORS—0.3%** |
| Cardinal Health, Inc. | 5354 | **1100247** |
| **HEALTHCARE EQUIPMENT—0.0%** | **HEALTHCARE EQUIPMENT—0.0%** | **HEALTHCARE EQUIPMENT—0.0%** |
| Boston Scientific Corp.<sup>\*</sup>  | 155 | **14779** |
| **HEALTHCARE SERVICES—0.4%** | **HEALTHCARE SERVICES—0.4%** | **HEALTHCARE SERVICES—0.4%** |
| CVS Health Corp. | 8297 | 658450 |
| Guardant Health, Inc.<sup>\*</sup>  | 11942 | 1219756 |
|  |  | **1878206** |
| **HEALTHCARE TECHNOLOGY—0.5%** | **HEALTHCARE TECHNOLOGY—0.5%** | **HEALTHCARE TECHNOLOGY—0.5%** |
| Schrodinger, Inc.<sup>\*</sup>  | 122272 | **2186223** |
| **HEAVY ELECTRICAL EQUIPMENT—2.4%** | **HEAVY ELECTRICAL EQUIPMENT—2.4%** | **HEAVY ELECTRICAL EQUIPMENT—2.4%** |
| GE Vernova, Inc. | 15439 | **10090467** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.5%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.5%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.5%** |
| Talen Energy Corp.<sup>\*</sup>  | 43096 | 16154104 |
| Vistra Corp. | 19260 | 3107216 |
|  |  | **19261320** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—92.7% (CONT.)** | **COMMON STOCKS—92.7% (CONT.)** | **COMMON STOCKS—92.7% (CONT.)** |
| **INTERACTIVE HOME ENTERTAINMENT—2.3%** | **INTERACTIVE HOME ENTERTAINMENT—2.3%** | **INTERACTIVE HOME ENTERTAINMENT—2.3%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 66420 | **$** 5382013 |
| Take-Two Interactive Software, Inc.<sup>\*</sup>  | 17683 | 4527378 |
|  |  | **9909391** |
| **INTERACTIVE MEDIA & SERVICES—12.2%** | **INTERACTIVE MEDIA & SERVICES—12.2%** | **INTERACTIVE MEDIA & SERVICES—12.2%** |
| Alphabet, Inc., Cl. C | 100176 | 31435229 |
| Meta Platforms, Inc., Cl. A | 32334 | 21343350 |
|  |  | **52778579** |
| **INTERNET SERVICES & INFRASTRUCTURE—3.4%** | **INTERNET SERVICES & INFRASTRUCTURE—3.4%** | **INTERNET SERVICES & INFRASTRUCTURE—3.4%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 20852 | 4110972 |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 18169 | 7625347 |
| Shopify, Inc., Cl. A<sup>\*</sup>  | 18533 | 2983257 |
|  |  | **14719576** |
| **LIFE SCIENCES TOOLS & SERVICES—0.4%** | **LIFE SCIENCES TOOLS & SERVICES—0.4%** | **LIFE SCIENCES TOOLS & SERVICES—0.4%** |
| Repligen Corp.<sup>\*</sup>  | 3667 | 600875 |
| WuXi AppTec Co., Ltd., Cl. H | 80824 | 1024894 |
|  |  | **1625769** |
| **MANAGED HEALTHCARE—0.1%** | **MANAGED HEALTHCARE—0.1%** | **MANAGED HEALTHCARE—0.1%** |
| Molina Healthcare, Inc.<sup>\*</sup>  | 2562 | **444610** |
| **MOVIES & ENTERTAINMENT—4.4%** | **MOVIES & ENTERTAINMENT—4.4%** | **MOVIES & ENTERTAINMENT—4.4%** |
| Netflix, Inc.<sup>\*</sup>  | 67535 | 6332081 |
| Spotify Technology SA<sup>\*</sup>  | 21759 | 12635669 |
|  |  | **18967750** |
| **PHARMACEUTICALS—0.5%** | **PHARMACEUTICALS—0.5%** | **PHARMACEUTICALS—0.5%** |
| AstraZeneca PLC ADR | 13506 | 1241607 |
| Eli Lilly & Co. | 928 | 997303 |
|  |  | **2238910** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—1.1%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—1.1%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—1.1%** |
| ASML Holding NV ADR | 1944 | 2079808 |
| Lam Research Corp. | 15565 | 2664417 |
|  |  | **4744225** |
| **SEMICONDUCTORS—16.3%** | **SEMICONDUCTORS—16.3%** | **SEMICONDUCTORS—16.3%** |
| Astera Labs, Inc.<sup>\*</sup>  | 38490 | 6403196 |
| Broadcom, Inc. | 41120 | 14231632 |
| NVIDIA Corp. | 208709 | 38924229 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 35909 | 10912386 |
|  |  | **70471443** |
| **SYSTEMS SOFTWARE—11.2%** | **SYSTEMS SOFTWARE—11.2%** | **SYSTEMS SOFTWARE—11.2%** |
| Crowdstrike Holdings, Inc., Cl. A<sup>\*</sup>  | 10262 | 4810415 |
| Microsoft Corp. | 51489 | 24901110 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—92.7% (CONT.)** | **COMMON STOCKS—92.7% (CONT.)** | **COMMON STOCKS—92.7% (CONT.)** |
| **SYSTEMS SOFTWARE—11.2% (CONT.)** | **SYSTEMS SOFTWARE—11.2% (CONT.)** | **SYSTEMS SOFTWARE—11.2% (CONT.)** |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 220972 | **$** 18496462 |
|  |  | **48207987** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.5%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.5%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.5%** |
| Apple, Inc. | 31030 | 8435816 |
| Western Digital Corp. | 63726 | 10978078 |
|  |  | **19413894** |
| **TRADING COMPANIES & DISTRIBUTORS—1.5%** | **TRADING COMPANIES & DISTRIBUTORS—1.5%** | **TRADING COMPANIES & DISTRIBUTORS—1.5%** |
| QXO, Inc.<sup>\*</sup>  | 339425 | **6547508** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—0.3%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.3%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.3%** |
| Chime Financial, Inc., Cl. A<sup>\*</sup>  | 46431 | **1168668** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $220,018,793) |  | **399781706** |
| **EXCHANGE TRADED FUNDS—2.8%** | **EXCHANGE TRADED FUNDS—2.8%** | **EXCHANGE TRADED FUNDS—2.8%** |
| Alger 35 ETF<sup>(a)</sup>  | 353188 | **12315665** |
| (Cost $6,792,657) |  | **12315665** |
| **MUTUAL FUNDS—2.5%** | **MUTUAL FUNDS—2.5%** | **MUTUAL FUNDS—2.5%** |
| Alger 35 Fund, Cl. Z<sup>(a)</sup>  | 559471 | **10887311** |
| (Cost $7,604,417) |  | **10887311** |
| **PREFERRED STOCKS—1.2%** | **PREFERRED STOCKS—1.2%** | **PREFERRED STOCKS—1.2%** |
| **APPLICATION SOFTWARE—1.2%** | **APPLICATION SOFTWARE—1.2%** | **APPLICATION SOFTWARE—1.2%** |
| SB Technology, Inc., Series E<sup>(b),\*,@</sup>  | 315833 | **5435486** |
| (Cost $5,435,486) |  | **5435486** |
| **REAL ESTATE INVESTMENT TRUST—0.2%** | **REAL ESTATE INVESTMENT TRUST—0.2%** | **REAL ESTATE INVESTMENT TRUST—0.2%** |
| **HEALTH CARE—0.2%** | **HEALTH CARE—0.2%** | **HEALTH CARE—0.2%** |
| Welltower, Inc. | 3985 | **739656** |
| (Cost $623,718) |  | **739656** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SHORT-TERM SECURITIES—0.5%** | **SHORT-TERM SECURITIES—0.5%** | **SHORT-TERM SECURITIES—0.5%** |
| **MONEY MARKET FUNDS—0.5%** | **MONEY MARKET FUNDS—0.5%** | **MONEY MARKET FUNDS—0.5%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.65%<sup>(c)</sup>  | 2057692 | **$2057692** |
| (Cost $2,057,692) |  | **2057692** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $242,532,763)** | 99.9% | **$431217516** |
| Affiliated Securities (Cost $14,397,074) |  | 23202976 |
| Unaffiliated Securities (Cost $228,135,689) |  | 408014540 |
| Other Assets in Excess of Liabilities | 0.1% | 218163 |
| **NET ASSETS** | 100.0% | **$431435679** |

---

&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 <br> Note 12 - 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 December 31, 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>12/31/2025<br>|
| SB Technology, Inc., Series E | 10/23/24 | $5435486 | $5435486 | 1.2% |
| Total |  | $5435486 | $5435486 | 1.2% |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.3%** | **COMMON STOCKS—96.3%** | **COMMON STOCKS—96.3%** |
| **AEROSPACE & DEFENSE—0.8%** | **AEROSPACE & DEFENSE—0.8%** | **AEROSPACE & DEFENSE—0.8%** |
| TransDigm Group, Inc. | 279 | **$371028** |
| **APPAREL RETAIL—0.4%** | **APPAREL RETAIL—0.4%** | **APPAREL RETAIL—0.4%** |
| Gap, Inc. | 7180 | **183808** |
| **APPLICATION SOFTWARE—0.5%** | **APPLICATION SOFTWARE—0.5%** | **APPLICATION SOFTWARE—0.5%** |
| Adobe, Inc.<sup>\*</sup>  | 638 | **223294** |
| **ASSET MANAGEMENT & CUSTODY BANKS—2.7%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.7%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.7%** |
| Blackrock, Inc. | 601 | 643274 |
| Blackstone, Inc. | 3314 | 510820 |
| Blue Owl Capital, Inc., Cl. A | 9205 | 137523 |
|  |  | **1291617** |
| **AUTOMOBILE MANUFACTURERS—0.4%** | **AUTOMOBILE MANUFACTURERS—0.4%** | **AUTOMOBILE MANUFACTURERS—0.4%** |
| Ferrari NV | 478 | **176650** |
| **BIOTECHNOLOGY—2.4%** | **BIOTECHNOLOGY—2.4%** | **BIOTECHNOLOGY—2.4%** |
| AbbVie, Inc. | 3243 | 740993 |
| Amgen, Inc. | 767 | 251047 |
| Gilead Sciences, Inc. | 1301 | 159685 |
|  |  | **1151725** |
| **BROADLINE RETAIL—2.9%** | **BROADLINE RETAIL—2.9%** | **BROADLINE RETAIL—2.9%** |
| Amazon.com, Inc.<sup>\*</sup>  | 5970 | **1377995** |
| **BUILDING PRODUCTS—0.7%** | **BUILDING PRODUCTS—0.7%** | **BUILDING PRODUCTS—0.7%** |
| Johnson Controls International PLC | 2683 | **321289** |
| **CABLE & SATELLITE—0.5%** | **CABLE & SATELLITE—0.5%** | **CABLE & SATELLITE—0.5%** |
| Comcast Corp., Cl. A | 7596 | **227044** |
| **COMMUNICATIONS EQUIPMENT—1.0%** | **COMMUNICATIONS EQUIPMENT—1.0%** | **COMMUNICATIONS EQUIPMENT—1.0%** |
| Cisco Systems, Inc. | 5934 | **457096** |
| **COMPUTER & ELECTRONICS RETAIL—0.3%** | **COMPUTER & ELECTRONICS RETAIL—0.3%** | **COMPUTER & ELECTRONICS RETAIL—0.3%** |
| Best Buy Co., Inc. | 1806 | **120876** |
| **CONSUMER ELECTRONICS—0.5%** | **CONSUMER ELECTRONICS—0.5%** | **CONSUMER ELECTRONICS—0.5%** |
| Garmin, Ltd. | 1254 | **254374** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—1.3%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.3%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.3%** |
| Walmart, Inc. | 5627 | **626904** |
| **COPPER—0.8%** | **COPPER—0.8%** | **COPPER—0.8%** |
| Southern Copper Corp. | 2742 | **393395** |
| **DIVERSIFIED BANKS—5.8%** | **DIVERSIFIED BANKS—5.8%** | **DIVERSIFIED BANKS—5.8%** |
| Bank of America Corp. | 11265 | 619575 |
| Fifth Third Bancorp | 4994 | 233769 |
| JPMorgan Chase & Co. | 5905 | 1902709 |
|  |  | **2756053** |
| **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** |
| NextEra Energy, Inc. | 3095 | **248467** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.3% (CONT.)** | **COMMON STOCKS—96.3% (CONT.)** | **COMMON STOCKS—96.3% (CONT.)** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—1.6%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.6%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.6%** |
| Eaton Corp. PLC | 2375 | **$756461** |
| **ELECTRONIC COMPONENTS—0.8%** | **ELECTRONIC COMPONENTS—0.8%** | **ELECTRONIC COMPONENTS—0.8%** |
| Corning, Inc. | 4187 | **366614** |
| **FINANCIAL EXCHANGES & DATA—0.9%** | **FINANCIAL EXCHANGES & DATA—0.9%** | **FINANCIAL EXCHANGES & DATA—0.9%** |
| CME Group, Inc., Cl. A | 1522 | **415628** |
| **FOOD DISTRIBUTORS—0.3%** | **FOOD DISTRIBUTORS—0.3%** | **FOOD DISTRIBUTORS—0.3%** |
| Sysco Corp. | 2193 | **161602** |
| **HEALTH CARE DISTRIBUTORS—0.8%** | **HEALTH CARE DISTRIBUTORS—0.8%** | **HEALTH CARE DISTRIBUTORS—0.8%** |
| Cardinal Health, Inc. | 1944 | **399492** |
| **HEALTHCARE EQUIPMENT—1.2%** | **HEALTHCARE EQUIPMENT—1.2%** | **HEALTHCARE EQUIPMENT—1.2%** |
| Abbott Laboratories | 2689 | 336905 |
| Medtronic PLC | 2426 | 233041 |
|  |  | **569946** |
| **HOME IMPROVEMENT RETAIL—1.4%** | **HOME IMPROVEMENT RETAIL—1.4%** | **HOME IMPROVEMENT RETAIL—1.4%** |
| The Home Depot, Inc. | 1996 | **686824** |
| **HOUSEHOLD PRODUCTS—1.0%** | **HOUSEHOLD PRODUCTS—1.0%** | **HOUSEHOLD PRODUCTS—1.0%** |
| The Procter & Gamble Co. | 3200 | **458592** |
| **INDUSTRIAL CONGLOMERATES—1.0%** | **INDUSTRIAL CONGLOMERATES—1.0%** | **INDUSTRIAL CONGLOMERATES—1.0%** |
| Honeywell International, Inc. | 2473 | **482458** |
| **INDUSTRIAL GASES—0.6%** | **INDUSTRIAL GASES—0.6%** | **INDUSTRIAL GASES—0.6%** |
| Air Products & Chemicals, Inc. | 1083 | **267523** |
| **INTEGRATED OIL & GAS—3.3%** | **INTEGRATED OIL & GAS—3.3%** | **INTEGRATED OIL & GAS—3.3%** |
| Chevron Corp. | 3626 | 552639 |
| Exxon Mobil Corp. | 6029 | 725530 |
| TotalEnergies SE | 4622 | 302371 |
|  |  | **1580540** |
| **INTEGRATED TELECOMMUNICATION SERVICES—0.6%** | **INTEGRATED TELECOMMUNICATION SERVICES—0.6%** | **INTEGRATED TELECOMMUNICATION SERVICES—0.6%** |
| Verizon Communications, Inc. | 7543 | **307226** |
| **INTERACTIVE MEDIA & SERVICES—10.9%** | **INTERACTIVE MEDIA & SERVICES—10.9%** | **INTERACTIVE MEDIA & SERVICES—10.9%** |
| Alphabet, Inc., Cl. A | 7559 | 2365967 |
| Alphabet, Inc., Cl. C | 5775 | 1812195 |
| Meta Platforms, Inc., Cl. A | 1463 | 965712 |
|  |  | **5143874** |
| **INVESTMENT BANKING & BROKERAGE—2.9%** | **INVESTMENT BANKING & BROKERAGE—2.9%** | **INVESTMENT BANKING & BROKERAGE—2.9%** |
| Morgan Stanley | 7733 | **1372839** |
| **IT CONSULTING & OTHER SERVICES—0.4%** | **IT CONSULTING & OTHER SERVICES—0.4%** | **IT CONSULTING & OTHER SERVICES—0.4%** |
| International Business Machines Corp. | 604 | **178911** |
| **MANAGED HEALTHCARE—0.6%** | **MANAGED HEALTHCARE—0.6%** | **MANAGED HEALTHCARE—0.6%** |
| UnitedHealth Group, Inc. | 912 | **301060** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.3% (CONT.)** | **COMMON STOCKS—96.3% (CONT.)** | **COMMON STOCKS—96.3% (CONT.)** |
| **MULTI-UTILITIES—0.9%** | **MULTI-UTILITIES—0.9%** | **MULTI-UTILITIES—0.9%** |
| Consolidated Edison, Inc. | 1927 | **$** 191389 |
| Sempra | 2782 | 245623 |
|  |  | **437012** |
| **OIL & GAS STORAGE & TRANSPORTATION—0.4%** | **OIL & GAS STORAGE & TRANSPORTATION—0.4%** | **OIL & GAS STORAGE & TRANSPORTATION—0.4%** |
| ONEOK, Inc. | 2482 | **182427** |
| **OTHER SPECIALTY RETAIL—0.2%** | **OTHER SPECIALTY RETAIL—0.2%** | **OTHER SPECIALTY RETAIL—0.2%** |
| Dick's Sporting Goods, Inc. | 492 | **97401** |
| **PHARMACEUTICALS—4.5%** | **PHARMACEUTICALS—4.5%** | **PHARMACEUTICALS—4.5%** |
| AstraZeneca PLC ADR | 2897 | 266321 |
| Bristol-Myers Squibb Co. | 3646 | 196665 |
| Eli Lilly & Co. | 471 | 506174 |
| Johnson & Johnson | 2564 | 530620 |
| Merck & Co., Inc. | 2302 | 242309 |
| Novartis AG ADR | 1701 | 234517 |
| Pfizer, Inc. | 6356 | 158264 |
|  |  | **2134870** |
| **PROPERTY & CASUALTY INSURANCE—0.6%** | **PROPERTY & CASUALTY INSURANCE—0.6%** | **PROPERTY & CASUALTY INSURANCE—0.6%** |
| The Hartford Insurance Group, Inc. | 2201 | **303298** |
| **RAIL TRANSPORTATION—0.7%** | **RAIL TRANSPORTATION—0.7%** | **RAIL TRANSPORTATION—0.7%** |
| Union Pacific Corp. | 1436 | **332176** |
| **RESTAURANTS—1.1%** | **RESTAURANTS—1.1%** | **RESTAURANTS—1.1%** |
| McDonald's Corp. | 1002 | 306241 |
| Starbucks Corp. | 2588 | 217936 |
|  |  | **524177** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—4.5%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—4.5%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—4.5%** |
| KLA Corp. | 1772 | **2153122** |
| **SEMICONDUCTORS—10.1%** | **SEMICONDUCTORS—10.1%** | **SEMICONDUCTORS—10.1%** |
| Broadcom, Inc. | 9671 | 3347133 |
| QUALCOMM, Inc. | 3778 | 646227 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 2552 | 775527 |
|  |  | **4768887** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.6%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.6%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.6%** |
| PepsiCo, Inc. | 2523 | 362101 |
| The Coca-Cola Co. | 5566 | 389119 |
|  |  | **751220** |
| **SPECIALTY CHEMICALS—0.8%** | **SPECIALTY CHEMICALS—0.8%** | **SPECIALTY CHEMICALS—0.8%** |
| DuPont de Nemours, Inc. | 8171 | 328474 |
| Solstice Advanced Materials, Inc.<sup>\*</sup>  | 618 | 30035 |
|  |  | **358509** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.3% (CONT.)** | **COMMON STOCKS—96.3% (CONT.)** | **COMMON STOCKS—96.3% (CONT.)** |
| **SYSTEMS SOFTWARE—9.5%** | **SYSTEMS SOFTWARE—9.5%** | **SYSTEMS SOFTWARE—9.5%** |
| Microsoft Corp. | 8747 | **$** 4230224 |
| Oracle Corp. | 1277 | 248900 |
|  |  | **4479124** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.2%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.2%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.2%** |
| Apple, Inc. | 13274 | 3608670 |
| Dell Technologies, Inc., Cl. C | 2123 | 267243 |
|  |  | **3875913** |
| **TOBACCO—1.2%** | **TOBACCO—1.2%** | **TOBACCO—1.2%** |
| Altria Group, Inc. | 4688 | 270310 |
| Philip Morris International, Inc. | 1906 | 305722 |
|  |  | **576032** |
| **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** |
| Ferguson Enterprises, Inc. | 1210 | **269382** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—1.6%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.6%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.6%** |
| Visa, Inc., Cl. A | 2117 | **742453** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $12,063,675) |  | **45617208** |
| **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 | 2888 | **154450** |
| (Cost $78,985) |  | **154450** |
| **REAL ESTATE INVESTMENT TRUST—3.0%** | **REAL ESTATE INVESTMENT TRUST—3.0%** | **REAL ESTATE INVESTMENT TRUST—3.0%** |
| **HEALTH CARE—1.1%** | **HEALTH CARE—1.1%** | **HEALTH CARE—1.1%** |
| Welltower, Inc. | 2640 | **490011** |
| **INDUSTRIAL—0.3%** | **INDUSTRIAL—0.3%** | **INDUSTRIAL—0.3%** |
| Prologis, Inc. | 1199 | **153064** |
| **RETAIL—0.7%** | **RETAIL—0.7%** | **RETAIL—0.7%** |
| Simon Property Group, Inc. | 1876 | **347266** |
| **SPECIALIZED—0.5%** | **SPECIALIZED—0.5%** | **SPECIALIZED—0.5%** |
| Lamar Advertising Co., Cl. A | 1911 | **241894** |
| **TELECOM TOWER—0.4%** | **TELECOM TOWER—0.4%** | **TELECOM TOWER—0.4%** |
| Crown Castle, Inc. | 2202 | **195692** |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUST** <br>(Cost $774,489) |  | **1427927** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SHORT-TERM SECURITIES—0.4%** | **SHORT-TERM SECURITIES—0.4%** | **SHORT-TERM SECURITIES—0.4%** |
| **MONEY MARKET FUNDS—0.4%** | **MONEY MARKET FUNDS—0.4%** | **MONEY MARKET FUNDS—0.4%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.65%<sup>(a)</sup>  | 195292 | **$195292** |
| (Cost $195,292) |  | **195292** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $13,112,441)** | 100.0% | **$47394877** |
| Unaffiliated Securities (Cost $13,112,441) |  | 47394877 |
| Other Assets in Excess of Liabilities | 0.0% | 5689 |
| **NET ASSETS** | 100.0% | **$47400566** |

---

&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 December 31, 2025. <br> \* Non-income producing security.

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.2%** | **COMMON STOCKS—98.2%** | **COMMON STOCKS—98.2%** |
| **AEROSPACE & DEFENSE—5.8%** | **AEROSPACE & DEFENSE—5.8%** | **AEROSPACE & DEFENSE—5.8%** |
| Axon Enterprise, Inc.<sup>\*</sup>  | 4202 | **$** 2386442 |
| HEICO Corp. | 6695 | 2166435 |
| Howmet Aerospace, Inc. | 22124 | 4535862 |
|  |  | **9088739** |
| **APPAREL ACCESSORIES & LUXURY GOODS—0.8%** | **APPAREL ACCESSORIES & LUXURY GOODS—0.8%** | **APPAREL ACCESSORIES & LUXURY GOODS—0.8%** |
| Lululemon Athletica, Inc.<sup>\*</sup>  | 5617 | **1167269** |
| **APPAREL RETAIL—1.2%** | **APPAREL RETAIL—1.2%** | **APPAREL RETAIL—1.2%** |
| Burlington Stores, Inc.<sup>\*</sup>  | 6663 | **1924608** |
| **APPLICATION SOFTWARE—8.6%** | **APPLICATION SOFTWARE—8.6%** | **APPLICATION SOFTWARE—8.6%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 4377 | 2949310 |
| Clearwater Analytics Holdings, Inc., Cl. A<sup>\*</sup>  | 84266 | 2032496 |
| Fair Isaac Corp.<sup>\*</sup>  | 835 | 1411668 |
| Guidewire Software, Inc.<sup>\*</sup>  | 8018 | 1611698 |
| Procore Technologies, Inc.<sup>\*</sup>  | 9842 | 715907 |
| The Descartes Systems Group, Inc.<sup>\*</sup>  | 28127 | 2467504 |
| Unity Software, Inc.<sup>\*</sup>  | 51377 | 2269322 |
|  |  | **13457905** |
| **ASSET MANAGEMENT & CUSTODY BANKS—2.5%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.5%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.5%** |
| Ares Management Corp., Cl. A | 7992 | 1291747 |
| Blue Owl Capital, Inc., Cl. A | 177395 | 2650281 |
|  |  | **3942028** |
| **AUTOMOTIVE RETAIL—4.9%** | **AUTOMOTIVE RETAIL—4.9%** | **AUTOMOTIVE RETAIL—4.9%** |
| Carvana Co.<sup>\*</sup>  | 8309 | 3506564 |
| O'Reilly Automotive, Inc.<sup>\*</sup>  | 45930 | 4189275 |
|  |  | **7695839** |
| **BIOTECHNOLOGY—4.7%** | **BIOTECHNOLOGY—4.7%** | **BIOTECHNOLOGY—4.7%** |
| Abivax SA ADR<sup>\*</sup>  | 16564 | 2233738 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 16711 | 1109443 |
| Natera, Inc.<sup>\*</sup>  | 13779 | 3156631 |
| Vaxcyte, Inc.<sup>\*</sup>  | 18389 | 848469 |
|  |  | **7348281** |
| **CARGO GROUND TRANSPORTATION—0.8%** | **CARGO GROUND TRANSPORTATION—0.8%** | **CARGO GROUND TRANSPORTATION—0.8%** |
| Saia, Inc.<sup>\*</sup>  | 3923 | **1280938** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.3%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.3%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.3%** |
| Rocket Cos., Inc., Cl. A | 104061 | **2014621** |
| **CONSTRUCTION & ENGINEERING—1.9%** | **CONSTRUCTION & ENGINEERING—1.9%** | **CONSTRUCTION & ENGINEERING—1.9%** |
| Comfort Systems USA, Inc. | 3113 | **2905332** |
| **CONSTRUCTION MATERIALS—1.5%** | **CONSTRUCTION MATERIALS—1.5%** | **CONSTRUCTION MATERIALS—1.5%** |
| Martin Marietta Materials, Inc. | 3697 | **2301974** |
| **CONSUMER FINANCE—0.4%** | **CONSUMER FINANCE—0.4%** | **CONSUMER FINANCE—0.4%** |
| Figure Technology Solutions, Inc., Cl. A<sup>\*</sup>  | 15334 | **626241** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.2% (CONT.)** | **COMMON STOCKS—98.2% (CONT.)** | **COMMON STOCKS—98.2% (CONT.)** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—1.7%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.7%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.7%** |
| Vertiv Holdings Co., Cl. A | 16433 | **$2662310** |
| **ELECTRONIC COMPONENTS—1.8%** | **ELECTRONIC COMPONENTS—1.8%** | **ELECTRONIC COMPONENTS—1.8%** |
| Amphenol Corp., Cl. A | 20559 | **2778343** |
| **ENVIRONMENTAL & FACILITIES SERVICES—2.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.8%** |
| GFL Environmental, Inc. | 102267 | **4392368** |
| **HEALTHCARE EQUIPMENT—1.6%** | **HEALTHCARE EQUIPMENT—1.6%** | **HEALTHCARE EQUIPMENT—1.6%** |
| IDEXX Laboratories, Inc.<sup>\*</sup>  | 3790 | **2564049** |
| **HEALTHCARE FACILITIES—0.5%** | **HEALTHCARE FACILITIES—0.5%** | **HEALTHCARE FACILITIES—0.5%** |
| Encompass Health Corp. | 6588 | **699250** |
| **HOME IMPROVEMENT RETAIL—0.2%** | **HOME IMPROVEMENT RETAIL—0.2%** | **HOME IMPROVEMENT RETAIL—0.2%** |
| Floor & Decor Holdings, Inc., Cl. A<sup>\*</sup>  | 5741 | **349569** |
| **HOMEBUILDING—1.1%** | **HOMEBUILDING—1.1%** | **HOMEBUILDING—1.1%** |
| NVR, Inc.<sup>\*</sup>  | 230 | **1677337** |
| **HOMEFURNISHING RETAIL—0.9%** | **HOMEFURNISHING RETAIL—0.9%** | **HOMEFURNISHING RETAIL—0.9%** |
| Wayfair, Inc., Cl. A<sup>\*</sup>  | 14520 | **1457953** |
| **HOTELS RESORTS & CRUISE LINES—3.7%** | **HOTELS RESORTS & CRUISE LINES—3.7%** | **HOTELS RESORTS & CRUISE LINES—3.7%** |
| Hilton Worldwide Holdings, Inc. | 12132 | 3484917 |
| Viking Holdings, Ltd.<sup>\*</sup>  | 32116 | 2293404 |
|  |  | **5778321** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.4%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.4%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.4%** |
| Talen Energy Corp.<sup>\*</sup>  | 8289 | 3107049 |
| Vistra Corp. | 13482 | 2175051 |
|  |  | **5282100** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—3.0%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—3.0%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—3.0%** |
| RBC Bearings, Inc.<sup>\*</sup>  | 10528 | **4721071** |
| **INSURANCE BROKERS—2.0%** | **INSURANCE BROKERS—2.0%** | **INSURANCE BROKERS—2.0%** |
| Ryan Specialty Holdings, Inc., Cl. A | 61451 | **3172715** |
| **INTERACTIVE HOME ENTERTAINMENT—1.4%** | **INTERACTIVE HOME ENTERTAINMENT—1.4%** | **INTERACTIVE HOME ENTERTAINMENT—1.4%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 26468 | **2144702** |
| **INTERNET SERVICES & INFRASTRUCTURE—6.2%** | **INTERNET SERVICES & INFRASTRUCTURE—6.2%** | **INTERNET SERVICES & INFRASTRUCTURE—6.2%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 21252 | 4189832 |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 7374 | 3094794 |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 17247 | 2453213 |
|  |  | **9737839** |
| **INVESTMENT BANKING & BROKERAGE—1.9%** | **INVESTMENT BANKING & BROKERAGE—1.9%** | **INVESTMENT BANKING & BROKERAGE—1.9%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 26596 | **3008008** |
| **LIFE & HEALTH INSURANCE—0.4%** | **LIFE & HEALTH INSURANCE—0.4%** | **LIFE & HEALTH INSURANCE—0.4%** |
| Oscar Health, Inc., Cl. A<sup>\*</sup>  | 41285 | **593265** |
| **LIFE SCIENCES TOOLS & SERVICES—5.1%** | **LIFE SCIENCES TOOLS & SERVICES—5.1%** | **LIFE SCIENCES TOOLS & SERVICES—5.1%** |
| Repligen Corp.<sup>\*</sup>  | 29600 | 4850256 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.2% (CONT.)** | **COMMON STOCKS—98.2% (CONT.)** | **COMMON STOCKS—98.2% (CONT.)** |
| **LIFE SCIENCES TOOLS & SERVICES—5.1% (CONT.)** | **LIFE SCIENCES TOOLS & SERVICES—5.1% (CONT.)** | **LIFE SCIENCES TOOLS & SERVICES—5.1% (CONT.)** |
| West Pharmaceutical Services, Inc. | 11269 | **$** 3100553 |
|  |  | **7950809** |
| **MOVIES & ENTERTAINMENT—4.0%** | **MOVIES & ENTERTAINMENT—4.0%** | **MOVIES & ENTERTAINMENT—4.0%** |
| Spotify Technology SA<sup>\*</sup>  | 3391 | 1969188 |
| TKO Group Holdings, Inc., Cl. A | 20341 | 4251269 |
|  |  | **6220457** |
| **PERSONAL CARE PRODUCTS—1.8%** | **PERSONAL CARE PRODUCTS—1.8%** | **PERSONAL CARE PRODUCTS—1.8%** |
| e.l.f. Beauty, Inc.<sup>\*</sup>  | 36925 | **2807777** |
| **PROPERTY & CASUALTY INSURANCE—2.0%** | **PROPERTY & CASUALTY INSURANCE—2.0%** | **PROPERTY & CASUALTY INSURANCE—2.0%** |
| Intact Financial Corp. | 14873 | **3096180** |
| **REAL ESTATE SERVICES—4.5%** | **REAL ESTATE SERVICES—4.5%** | **REAL ESTATE SERVICES—4.5%** |
| CBRE Group, Inc., Cl. A<sup>\*</sup>  | 28772 | 4626250 |
| CoStar Group, Inc.<sup>\*</sup>  | 35230 | 2368865 |
|  |  | **6995115** |
| **RESEARCH & CONSULTING SERVICES—1.3%** | **RESEARCH & CONSULTING SERVICES—1.3%** | **RESEARCH & CONSULTING SERVICES—1.3%** |
| Verisk Analytics, Inc. | 9183 | **2054145** |
| **RESTAURANTS—1.6%** | **RESTAURANTS—1.6%** | **RESTAURANTS—1.6%** |
| Chipotle Mexican Grill, Inc.<sup>\*</sup>  | 36188 | 1338956 |
| Wingstop, Inc. | 4533 | 1081075 |
|  |  | **2420031** |
| **SEMICONDUCTORS—2.3%** | **SEMICONDUCTORS—2.3%** | **SEMICONDUCTORS—2.3%** |
| Astera Labs, Inc.<sup>\*</sup>  | 9631 | 1602213 |
| Monolithic Power Systems, Inc. | 2100 | 1903356 |
|  |  | **3505569** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.9%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.9%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.9%** |
| Celsius Holdings, Inc.<sup>\*</sup>  | 66151 | **3025747** |
| **SYSTEMS SOFTWARE—1.0%** | **SYSTEMS SOFTWARE—1.0%** | **SYSTEMS SOFTWARE—1.0%** |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 15625 | 1307891 |
| Rubrik, Inc., Cl. A<sup>\*</sup>  | 3309 | 253072 |
|  |  | **1560963** |
| **TRADING COMPANIES & DISTRIBUTORS—5.7%** | **TRADING COMPANIES & DISTRIBUTORS—5.7%** | **TRADING COMPANIES & DISTRIBUTORS—5.7%** |
| FTAI Aviation Ltd. | 27422 | 5398021 |
| QXO, Inc.<sup>\*</sup>  | 99472 | 1918815 |
| United Rentals, Inc. | 1963 | 1588695 |
|  |  | **8905531** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $118,007,340) |  | **153315299** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **PREFERRED STOCKS—0.6%** | **PREFERRED STOCKS—0.6%** | **PREFERRED STOCKS—0.6%** |
| **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 34722 | **$597566** |
| (Cost $597,566) |  | **597566** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.2%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.2%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.2%** |
| Figure AI, Inc., Cl. C<sup>(a),\*,@</sup>  | 1898 | **369980** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $967,546) |  | **967546** |
| **RIGHTS—0.0%** | **RIGHTS—0.0%** | **RIGHTS—0.0%** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Tolero CDR<sup>(a),\*,@</sup>  | 425098 | **—** |
| (Cost $227,341) |  | **—** |
| **SPECIAL PURPOSE VEHICLE—0.3%** | **SPECIAL PURPOSE VEHICLE—0.3%** | **SPECIAL PURPOSE VEHICLE—0.3%** |
| **APPLICATION SOFTWARE—0.3%** | **APPLICATION SOFTWARE—0.3%** | **APPLICATION SOFTWARE—0.3%** |
| Disruptive Technology Solutions LI, LLC<sup>(a),\*,@</sup>  |  | **419000** |
| (Cost $432,617) |  | **419000** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLE** <br>(Cost $432,617) |  | **419000** |
| **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>(a),\*</sup>  | 1318 | **—** |
| (Cost $0) |  | **—** |
| **SHORT-TERM SECURITIES—1.1%** | **SHORT-TERM SECURITIES—1.1%** | **SHORT-TERM SECURITIES—1.1%** |
| **MONEY MARKET FUNDS—1.1%** | **MONEY MARKET FUNDS—1.1%** | **MONEY MARKET FUNDS—1.1%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.65%<sup>(b)</sup>  | 1690680 | **1690680** |
| (Cost $1,690,680) |  | **1690680** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $121,325,524)** | 100.2% | **$156392525** |
| Unaffiliated Securities (Cost $121,325,524) |  | 156392525 |
| Liabilities in Excess of Other Assets | (0.2)% | (252741) |
| **NET ASSETS** | 100.0% | **$156139784** |

---

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

ADR American Depositary Receipts <br> CDR Contingent Deferred Rights <br> ETF Exchange-Traded Fund

&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) | Rate shown reflects 7-day effective yield as of December 31, 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 MID CAP GROWTH PORTFOLIO**

**Schedule of Investments December 31, 2025 (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>12/31/2025<br>|
| Disruptive Technology Solutions LI, LLC | 11/4/25 | $432617 | $419000 | 0.3% |
| Figure AI, Inc., Cl. C | 11/18/25 | 369980 | 369980 | 0.2% |
| SB Technology, Inc., Series E | 10/23/24 | 597566 | 597566 | 0.4% |
| Tolero CDR | 2/6/17 | 227341 |  | 0.0% |
| Total |  | $1627504 | $1386546 | 0.9% |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.8%** | **COMMON STOCKS—97.8%** | **COMMON STOCKS—97.8%** |
| **AEROSPACE & DEFENSE—6.7%** | **AEROSPACE & DEFENSE—6.7%** | **AEROSPACE & DEFENSE—6.7%** |
| AeroVironment, Inc.<sup>\*</sup>  | 5627 | **$** 1361115 |
| Archer Aviation, Inc., Cl. A<sup>\*</sup>  | 64896 | 488018 |
| Astronics Corp.<sup>\*</sup>  | 8394 | 455291 |
| Bombardier, Inc., Cl. B<sup>\*</sup>  | 20745 | 3529167 |
| Howmet Aerospace, Inc. | 3769 | 772720 |
| Karman Holdings, Inc.<sup>\*</sup>  | 11666 | 853601 |
| Loar Holdings, Inc.<sup>\*</sup>  | 15578 | 1059304 |
| VSE Corp. | 6838 | 1181401 |
|  |  | **9700617** |
| **APPAREL RETAIL—5.6%** | **APPAREL RETAIL—5.6%** | **APPAREL RETAIL—5.6%** |
| Abercrombie & Fitch Co., Cl. A<sup>\*</sup>  | 5346 | 672901 |
| Aritzia, Inc.<sup>\*</sup>  | 42397 | 3624850 |
| Victoria's Secret & Co.<sup>\*</sup>  | 69753 | 3778520 |
|  |  | **8076271** |
| **APPLICATION SOFTWARE—11.9%** | **APPLICATION SOFTWARE—11.9%** | **APPLICATION SOFTWARE—11.9%** |
| Blackbaud, Inc.<sup>\*</sup>  | 12832 | 812522 |
| BlackLine, Inc.<sup>\*</sup>  | 23074 | 1275762 |
| Core Scientific, Inc.<sup>\*</sup>  | 19750 | 287560 |
| Guidewire Software, Inc.<sup>\*</sup>  | 17700 | 3557877 |
| InterDigital, Inc. | 6581 | 2095259 |
| Manhattan Associates, Inc.<sup>\*</sup>  | 12629 | 2188732 |
| nCino, Inc.<sup>\*</sup>  | 29023 | 744150 |
| PAR Technology Corp.<sup>\*</sup>  | 4898 | 177699 |
| Q2 Holdings, Inc.<sup>\*</sup>  | 27857 | 2010161 |
| Riot Platforms, Inc.<sup>\*</sup>  | 24522 | 310694 |
| SPS Commerce, Inc.<sup>\*</sup>  | 24641 | 2196252 |
| Terawulf, Inc.<sup>\*</sup>  | 78289 | 899541 |
| Vertex, Inc., Cl. A<sup>\*</sup>  | 33353 | 666059 |
|  |  | **17222268** |
| **ASSET MANAGEMENT & CUSTODY BANKS—1.4%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.4%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.4%** |
| Galaxy Digital, Inc., Cl. A<sup>\*</sup>  | 64925 | 1451723 |
| Hamilton Lane, Inc., Cl. A | 4226 | 567594 |
|  |  | **2019317** |
| **BIOTECHNOLOGY—16.3%** | **BIOTECHNOLOGY—16.3%** | **BIOTECHNOLOGY—16.3%** |
| Abivax SA ADR<sup>\*</sup>  | 19561 | 2637899 |
| Absci Corp.<sup>\*</sup>  | 339522 | 1184932 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 30978 | 2056629 |
| Bridgebio Pharma, Inc.<sup>\*</sup>  | 10503 | 803374 |
| CareDx, Inc.<sup>\*</sup>  | 46805 | 881806 |
| Centessa Pharmaceuticals PLC ADR<sup>\*</sup>  | 29578 | 739746 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 128020 | 3491105 |
| Insmed, Inc.<sup>\*</sup>  | 19288 | 3356884 |
| Ionis Pharmaceuticals, Inc.<sup>\*</sup>  | 10408 | 823377 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.8% (CONT.)** | **COMMON STOCKS—97.8% (CONT.)** | **COMMON STOCKS—97.8% (CONT.)** |
| **BIOTECHNOLOGY—16.3% (CONT.)** | **BIOTECHNOLOGY—16.3% (CONT.)** | **BIOTECHNOLOGY—16.3% (CONT.)** |
| Natera, Inc.<sup>\*</sup>  | 12595 | **$** 2885389 |
| Nuvalent, Inc., Cl. A<sup>\*</sup>  | 27129 | 2728906 |
| Palvella Therapeutics, Inc.<sup>\*</sup>  | 5769 | 603841 |
| Soleno Therapeutics, Inc.<sup>\*</sup>  | 9163 | 424247 |
| Twist Bioscience Corp.<sup>\*</sup>  | 26830 | 851048 |
| uniQure NV<sup>\*</sup>  | 8495 | 203285 |
|  |  | **23672468** |
| **BUILDING PRODUCTS—2.1%** | **BUILDING PRODUCTS—2.1%** | **BUILDING PRODUCTS—2.1%** |
| CSW Industrials, Inc. | 7801 | 2289827 |
| Modine Manufacturing Co.<sup>\*</sup>  | 6003 | 801461 |
|  |  | **3091288** |
| **CONSTRUCTION & ENGINEERING—2.6%** | **CONSTRUCTION & ENGINEERING—2.6%** | **CONSTRUCTION & ENGINEERING—2.6%** |
| Construction Partners, Inc., Cl. A<sup>\*</sup>  | 9077 | 985308 |
| Tutor Perini Corp. | 41635 | 2790378 |
|  |  | **3775686** |
| **CONSUMER FINANCE—0.2%** | **CONSUMER FINANCE—0.2%** | **CONSUMER FINANCE—0.2%** |
| Upstart Holdings, Inc.<sup>\*</sup>  | 6419 | **280703** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—1.6%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.6%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.6%** |
| BJ's Wholesale Club Holdings, Inc.<sup>\*</sup>  | 26037 | **2344111** |
| **EDUCATION SERVICES—0.6%** | **EDUCATION SERVICES—0.6%** | **EDUCATION SERVICES—0.6%** |
| Universal Technical Institute, Inc.<sup>\*</sup>  | 34116 | **891451** |
| **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** |
| IDACORP, Inc. | 4972 | **629256** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—0.6%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.6%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.6%** |
| Enovix Corp.<sup>\*</sup>  | 110720 | **809363** |
| **ELECTRONIC MANUFACTURING SERVICES—1.5%** | **ELECTRONIC MANUFACTURING SERVICES—1.5%** | **ELECTRONIC MANUFACTURING SERVICES—1.5%** |
| Fabrinet<sup>\*</sup>  | 4902 | **2231783** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.4%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.4%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.4%** |
| Casella Waste Systems, Inc., Cl. A<sup>\*</sup>  | 5088 | **498319** |
| **FINANCIAL EXCHANGES & DATA—0.5%** | **FINANCIAL EXCHANGES & DATA—0.5%** | **FINANCIAL EXCHANGES & DATA—0.5%** |
| Gemini Space Station, Inc., Cl. A<sup>\*</sup>  | 850 | 8432 |
| MarketAxess Holdings, Inc. | 4259 | 771944 |
|  |  | **780376** |
| **HEALTHCARE EQUIPMENT—4.0%** | **HEALTHCARE EQUIPMENT—4.0%** | **HEALTHCARE EQUIPMENT—4.0%** |
| Glaukos Corp.<sup>\*</sup>  | 5979 | 675089 |
| Impulse Dynamics PLC, Series A<sup>(a),\*,@</sup>  | 1596061 | 60650 |
| Integer Holdings Corp.<sup>\*</sup>  | 5801 | 454973 |
| iRhythm Technologies, Inc.<sup>\*</sup>  | 11119 | 1972955 |
| Penumbra, Inc.<sup>\*</sup>  | 3724 | 1157829 |
| TransMedics Group, Inc.<sup>\*</sup>  | 11668 | 1419412 |
|  |  | **5740908** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.8% (CONT.)** | **COMMON STOCKS—97.8% (CONT.)** | **COMMON STOCKS—97.8% (CONT.)** |
| **HEALTHCARE SERVICES—5.8%** | **HEALTHCARE SERVICES—5.8%** | **HEALTHCARE SERVICES—5.8%** |
| GeneDx Holdings Corp., Cl. A<sup>\*</sup>  | 35443 | **$** 4609717 |
| Guardant Health, Inc.<sup>\*</sup>  | 37875 | 3868552 |
|  |  | **8478269** |
| **HEALTHCARE SUPPLIES—0.3%** | **HEALTHCARE SUPPLIES—0.3%** | **HEALTHCARE SUPPLIES—0.3%** |
| Neogen Corp.<sup>\*</sup>  | 53049 | **370813** |
| **HEALTHCARE TECHNOLOGY—0.8%** | **HEALTHCARE TECHNOLOGY—0.8%** | **HEALTHCARE TECHNOLOGY—0.8%** |
| Certara, Inc.<sup>\*</sup>  | 27161 | 239288 |
| HeartFlow, Inc.<sup>\*</sup>  | 32957 | 960697 |
|  |  | **1199985** |
| **HEAVY ELECTRICAL EQUIPMENT—0.7%** | **HEAVY ELECTRICAL EQUIPMENT—0.7%** | **HEAVY ELECTRICAL EQUIPMENT—0.7%** |
| Bloom Energy Corp., Cl. A<sup>\*</sup>  | 12090 | **1050500** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—4.9%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—4.9%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—4.9%** |
| Gates Industrial Corp. PLC<sup>\*</sup>  | 107105 | 2299545 |
| RBC Bearings, Inc.<sup>\*</sup>  | 10603 | 4754703 |
|  |  | **7054248** |
| **INTERACTIVE MEDIA & SERVICES—0.9%** | **INTERACTIVE MEDIA & SERVICES—0.9%** | **INTERACTIVE MEDIA & SERVICES—0.9%** |
| Reddit, Inc., Cl. A<sup>\*</sup>  | 5335 | **1226356** |
| **INTERNET SERVICES & INFRASTRUCTURE—0.8%** | **INTERNET SERVICES & INFRASTRUCTURE—0.8%** | **INTERNET SERVICES & INFRASTRUCTURE—0.8%** |
| Whitefiber, Inc.<sup>\*</sup>  | 25700 | 406060 |
| Wix.com Ltd.<sup>\*</sup>  | 7469 | 775954 |
|  |  | **1182014** |
| **INVESTMENT BANKING & BROKERAGE—0.5%** | **INVESTMENT BANKING & BROKERAGE—0.5%** | **INVESTMENT BANKING & BROKERAGE—0.5%** |
| Moelis & Co., Cl. A | 10075 | **692555** |
| **LEISURE FACILITIES—1.9%** | **LEISURE FACILITIES—1.9%** | **LEISURE FACILITIES—1.9%** |
| Life Time Group Holdings, Inc.<sup>\*</sup>  | 21769 | 578620 |
| Planet Fitness, Inc., Cl. A<sup>\*</sup>  | 20418 | 2214740 |
|  |  | **2793360** |
| **LIFE SCIENCES TOOLS & SERVICES—6.1%** | **LIFE SCIENCES TOOLS & SERVICES—6.1%** | **LIFE SCIENCES TOOLS & SERVICES—6.1%** |
| 10X Genomics, Inc., Cl. A<sup>\*</sup>  | 19365 | 315843 |
| Adaptive Biotechnologies Corp.<sup>\*</sup>  | 174425 | 2832662 |
| Bio-Techne Corp. | 27729 | 1630742 |
| CryoPort, Inc.<sup>\*</sup>  | 133790 | 1284384 |
| MaxCyte, Inc.<sup>\*</sup>  | 135576 | 210143 |
| Repligen Corp.<sup>\*</sup>  | 11780 | 1930271 |
| Tempus AI, Inc.<sup>\*</sup>  | 10839 | 640043 |
|  |  | **8844088** |
| **OIL & GAS EXPLORATION & PRODUCTION—2.1%** | **OIL & GAS EXPLORATION & PRODUCTION—2.1%** | **OIL & GAS EXPLORATION & PRODUCTION—2.1%** |
| Magnolia Oil & Gas Corp., Cl. A | 138742 | **3037062** |
| **PASSENGER AIRLINES—1.8%** | **PASSENGER AIRLINES—1.8%** | **PASSENGER AIRLINES—1.8%** |
| Joby Aviation, Inc.<sup>\*</sup>  | 198786 | **2623975** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.8% (CONT.)** | **COMMON STOCKS—97.8% (CONT.)** | **COMMON STOCKS—97.8% (CONT.)** |
| **PERSONAL CARE PRODUCTS—0.3%** | **PERSONAL CARE PRODUCTS—0.3%** | **PERSONAL CARE PRODUCTS—0.3%** |
| Oddity Tech, Ltd., Cl. A<sup>\*</sup>  | 9943 | **$399510** |
| **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** |
| Belite Bio, Inc. ADR<sup>\*</sup>  | 489 | 78220 |
| Terns Pharmaceuticals, Inc.<sup>\*</sup>  | 2927 | 118251 |
|  |  | **196471** |
| **RESTAURANTS—2.7%** | **RESTAURANTS—2.7%** | **RESTAURANTS—2.7%** |
| Kura Sushi USA, Inc., Cl. A<sup>\*</sup>  | 8017 | 419529 |
| Shake Shack, Inc., Cl. A<sup>\*</sup>  | 17872 | 1450670 |
| Wingstop, Inc. | 8585 | 2047437 |
|  |  | **3917636** |
| **SEMICONDUCTORS—5.6%** | **SEMICONDUCTORS—5.6%** | **SEMICONDUCTORS—5.6%** |
| Astera Labs, Inc.<sup>\*</sup>  | 16648 | 2769562 |
| Credo Technology Group Holding, Ltd.<sup>\*</sup>  | 12635 | 1818050 |
| Rambus, Inc.<sup>\*</sup>  | 22253 | 2044828 |
| Universal Display Corp. | 12336 | 1440598 |
|  |  | **8073038** |
| **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 | **563517** |
| **SPECIALTY CHEMICALS—0.7%** | **SPECIALTY CHEMICALS—0.7%** | **SPECIALTY CHEMICALS—0.7%** |
| Balchem Corp. | 6949 | **1065699** |
| **SYSTEMS SOFTWARE—1.9%** | **SYSTEMS SOFTWARE—1.9%** | **SYSTEMS SOFTWARE—1.9%** |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 26151 | 2188970 |
| Netskope, Inc., Cl. A<sup>\*</sup>  | 2646 | 46411 |
| Varonis Systems, Inc.<sup>\*</sup>  | 15678 | 514238 |
|  |  | **2749619** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.6%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.6%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.6%** |
| IonQ, Inc.<sup>\*</sup>  | 20506 | **920104** |
| **TRADING COMPANIES & DISTRIBUTORS—1.8%** | **TRADING COMPANIES & DISTRIBUTORS—1.8%** | **TRADING COMPANIES & DISTRIBUTORS—1.8%** |
| FTAI Aviation Ltd. | 11841 | 2330901 |
| Xometry, Inc., Cl. A<sup>\*</sup>  | 4642 | 276059 |
|  |  | **2606960** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—0.7%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.7%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.7%** |
| Chime Financial, Inc., Cl. A<sup>\*</sup>  | 41609 | **1047299** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $95,066,301) |  | **141857263** |
| **PREFERRED STOCKS—0.6%** | **PREFERRED STOCKS—0.6%** | **PREFERRED STOCKS—0.6%** |
| **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 37494 | **645272** |
| (Cost $645,272) |  | **645272** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **PREFERRED STOCKS—0.6% (CONT.)** | **PREFERRED STOCKS—0.6% (CONT.)** | **PREFERRED STOCKS—0.6% (CONT.)** |
| **HEALTHCARE EQUIPMENT—0.2%** | **HEALTHCARE EQUIPMENT—0.2%** | **HEALTHCARE EQUIPMENT—0.2%** |
| Impulse Dynamics PLC, Series F-3<sup>(a),\*,@</sup>  | 3724402 | **$212291** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $840,121) |  | **857563** |
| **RIGHTS—0.0%** | **RIGHTS—0.0%** | **RIGHTS—0.0%** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Mirati Therapeutics, Inc. CVR<sup>(a),\*,@</sup>  | 6941 | 8121 |
| Tolero CDR<sup>(a),\*,@</sup>  | 287830 |  |
|  |  | **8121** |
| **PHARMACEUTICALS—0.0%** | **PHARMACEUTICALS—0.0%** | **PHARMACEUTICALS—0.0%** |
| Fusion Pharmaceuticals, Inc. CVR<sup>(a),\*,@</sup>  | 45185 | **51963** |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>(Cost $155,594) |  | **60084** |
| **SPECIAL PURPOSE VEHICLE—0.5%** | **SPECIAL PURPOSE VEHICLE—0.5%** | **SPECIAL PURPOSE VEHICLE—0.5%** |
| **APPLICATION SOFTWARE—0.5%** | **APPLICATION SOFTWARE—0.5%** | **APPLICATION SOFTWARE—0.5%** |
| Disruptive Technology Solutions LI, LLC<sup>(a),\*,@</sup>  |  | **746000** |
| (Cost $770,245) |  | **746000** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLE** <br>(Cost $770,245) |  | **746000** |
| **SHORT-TERM SECURITIES—1.0%** | **SHORT-TERM SECURITIES—1.0%** | **SHORT-TERM SECURITIES—1.0%** |
| **MONEY MARKET FUNDS—1.0%** | **MONEY MARKET FUNDS—1.0%** | **MONEY MARKET FUNDS—1.0%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.65%<sup>(b)</sup>  | 1508274 | **1508274** |
| (Cost $1,508,274) |  | **1508274** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $98,340,535)** | 99.9% | **$145029184** |
| Unaffiliated Securities (Cost $98,340,535) |  | 145029184 |
| Other Assets in Excess of Liabilities | 0.1% | 77483 |
| **NET ASSETS** | 100.0% | **$145106667** |

---

&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) | Rate shown reflects 7-day effective yield as of December 31, 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 December 31, 2025 (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>12/31/2025<br>|
| Disruptive Technology Solutions LI, LLC | 11/4/25 | $770245 | $746000 | 0.5% |
| Fusion Pharmaceuticals, Inc. CVR | 6/5/24 |  | 51963 | 0.0% |
| Impulse Dynamics PLC, Series A | 2/11/22 | 1596061 | 60650 | 0.0% |
| Impulse Dynamics PLC, Series F-3 | 2/5/24 | 194849 | 212291 | 0.2% |
| Mirati Therapeutics, Inc. CVR | 1/24/24 |  | 8121 | 0.0% |
| SB Technology, Inc., Series E | 10/23/24 | 645272 | 645272 | 0.4% |
| Tolero CDR | 2/6/17 | 155594 |  | 0.0% |
| Total |  | $3362021 | $1724297 | 1.1% |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—71.0%** | **COMMON STOCKS—71.0%** | **COMMON STOCKS—71.0%** |
| **AEROSPACE & DEFENSE—0.6%** | **AEROSPACE & DEFENSE—0.6%** | **AEROSPACE & DEFENSE—0.6%** |
| TransDigm Group, Inc. | 285 | **$379007** |
| **APPAREL RETAIL—0.3%** | **APPAREL RETAIL—0.3%** | **APPAREL RETAIL—0.3%** |
| Gap, Inc. | 7296 | **186778** |
| **APPLICATION SOFTWARE—0.3%** | **APPLICATION SOFTWARE—0.3%** | **APPLICATION SOFTWARE—0.3%** |
| Adobe, Inc.<sup>\*</sup>  | 649 | **227144** |
| **ASSET MANAGEMENT & CUSTODY BANKS—2.0%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.0%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.0%** |
| Blackrock, Inc. | 626 | 670033 |
| Blackstone, Inc. | 3342 | 515136 |
| Blue Owl Capital, Inc., Cl. A | 9533 | 142423 |
|  |  | **1327592** |
| **AUTOMOBILE MANUFACTURERS—0.3%** | **AUTOMOBILE MANUFACTURERS—0.3%** | **AUTOMOBILE MANUFACTURERS—0.3%** |
| Ferrari NV | 496 | **183302** |
| **BIOTECHNOLOGY—1.8%** | **BIOTECHNOLOGY—1.8%** | **BIOTECHNOLOGY—1.8%** |
| AbbVie, Inc. | 3351 | 765670 |
| Amgen, Inc. | 759 | 248428 |
| Gilead Sciences, Inc. | 1353 | 166067 |
|  |  | **1180165** |
| **BROADLINE RETAIL—2.2%** | **BROADLINE RETAIL—2.2%** | **BROADLINE RETAIL—2.2%** |
| Amazon.com, Inc.<sup>\*</sup>  | 6154 | **1420466** |
| **BUILDING PRODUCTS—0.5%** | **BUILDING PRODUCTS—0.5%** | **BUILDING PRODUCTS—0.5%** |
| Johnson Controls International PLC | 2771 | **331827** |
| **CABLE & SATELLITE—0.3%** | **CABLE & SATELLITE—0.3%** | **CABLE & SATELLITE—0.3%** |
| Comcast Corp., Cl. A | 7686 | **229735** |
| **COMMUNICATIONS EQUIPMENT—0.7%** | **COMMUNICATIONS EQUIPMENT—0.7%** | **COMMUNICATIONS EQUIPMENT—0.7%** |
| Cisco Systems, Inc. | 6036 | **464953** |
| **COMPUTER & ELECTRONICS RETAIL—0.2%** | **COMPUTER & ELECTRONICS RETAIL—0.2%** | **COMPUTER & ELECTRONICS RETAIL—0.2%** |
| Best Buy Co., Inc. | 1842 | **123285** |
| **CONSUMER ELECTRONICS—0.4%** | **CONSUMER ELECTRONICS—0.4%** | **CONSUMER ELECTRONICS—0.4%** |
| Garmin, Ltd. | 1280 | **259648** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—1.0%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.0%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.0%** |
| Walmart, Inc. | 5671 | **631806** |
| **COPPER—0.6%** | **COPPER—0.6%** | **COPPER—0.6%** |
| Southern Copper Corp. | 2782 | **399134** |
| **DIVERSIFIED BANKS—4.3%** | **DIVERSIFIED BANKS—4.3%** | **DIVERSIFIED BANKS—4.3%** |
| Bank of America Corp. | 11399 | 626945 |
| Fifth Third Bancorp | 5098 | 238637 |
| JPMorgan Chase & Co. | 5981 | 1927198 |
|  |  | **2792780** |
| **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** |
| NextEra Energy, Inc. | 3134 | **251598** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—71.0% (CONT.)** | **COMMON STOCKS—71.0% (CONT.)** | **COMMON STOCKS—71.0% (CONT.)** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—1.2%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.2%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.2%** |
| Eaton Corp. PLC | 2406 | **$766335** |
| **ELECTRONIC COMPONENTS—0.6%** | **ELECTRONIC COMPONENTS—0.6%** | **ELECTRONIC COMPONENTS—0.6%** |
| Corning, Inc. | 4250 | **372130** |
| **FINANCIAL EXCHANGES & DATA—0.6%** | **FINANCIAL EXCHANGES & DATA—0.6%** | **FINANCIAL EXCHANGES & DATA—0.6%** |
| CME Group, Inc., Cl. A | 1546 | **422182** |
| **FOOD DISTRIBUTORS—0.3%** | **FOOD DISTRIBUTORS—0.3%** | **FOOD DISTRIBUTORS—0.3%** |
| Sysco Corp. | 2235 | **164697** |
| **HEALTH CARE DISTRIBUTORS—0.6%** | **HEALTH CARE DISTRIBUTORS—0.6%** | **HEALTH CARE DISTRIBUTORS—0.6%** |
| Cardinal Health, Inc. | 1976 | **406068** |
| **HEALTHCARE EQUIPMENT—0.9%** | **HEALTHCARE EQUIPMENT—0.9%** | **HEALTHCARE EQUIPMENT—0.9%** |
| Abbott Laboratories | 2773 | 347429 |
| Medtronic PLC | 2410 | 231505 |
|  |  | **578934** |
| **HOME IMPROVEMENT RETAIL—1.1%** | **HOME IMPROVEMENT RETAIL—1.1%** | **HOME IMPROVEMENT RETAIL—1.1%** |
| The Home Depot, Inc. | 2022 | **695770** |
| **HOUSEHOLD PRODUCTS—0.7%** | **HOUSEHOLD PRODUCTS—0.7%** | **HOUSEHOLD PRODUCTS—0.7%** |
| The Procter & Gamble Co. | 3248 | **465471** |
| **INDUSTRIAL CONGLOMERATES—0.7%** | **INDUSTRIAL CONGLOMERATES—0.7%** | **INDUSTRIAL CONGLOMERATES—0.7%** |
| Honeywell International, Inc. | 2480 | **483823** |
| **INDUSTRIAL GASES—0.4%** | **INDUSTRIAL GASES—0.4%** | **INDUSTRIAL GASES—0.4%** |
| Air Products & Chemicals, Inc. | 1096 | **270734** |
| **INTEGRATED OIL & GAS—2.4%** | **INTEGRATED OIL & GAS—2.4%** | **INTEGRATED OIL & GAS—2.4%** |
| Chevron Corp. | 3685 | 561631 |
| Exxon Mobil Corp. | 6161 | 741415 |
| TotalEnergies SE | 4592 | 300408 |
|  |  | **1603454** |
| **INTEGRATED TELECOMMUNICATION SERVICES—0.5%** | **INTEGRATED TELECOMMUNICATION SERVICES—0.5%** | **INTEGRATED TELECOMMUNICATION SERVICES—0.5%** |
| Verizon Communications, Inc. | 7762 | **316146** |
| **INTERACTIVE MEDIA & SERVICES—8.1%** | **INTERACTIVE MEDIA & SERVICES—8.1%** | **INTERACTIVE MEDIA & SERVICES—8.1%** |
| Alphabet, Inc., Cl. A | 7700 | 2410100 |
| Alphabet, Inc., Cl. C | 5950 | 1867110 |
| Meta Platforms, Inc., Cl. A | 1518 | 1002017 |
|  |  | **5279227** |
| **INVESTMENT BANKING & BROKERAGE—2.1%** | **INVESTMENT BANKING & BROKERAGE—2.1%** | **INVESTMENT BANKING & BROKERAGE—2.1%** |
| Morgan Stanley | 7890 | **1400712** |
| **IT CONSULTING & OTHER SERVICES—0.3%** | **IT CONSULTING & OTHER SERVICES—0.3%** | **IT CONSULTING & OTHER SERVICES—0.3%** |
| International Business Machines Corp. | 626 | **185427** |
| **MANAGED HEALTHCARE—0.5%** | **MANAGED HEALTHCARE—0.5%** | **MANAGED HEALTHCARE—0.5%** |
| UnitedHealth Group, Inc. | 949 | **313274** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—71.0% (CONT.)** | **COMMON STOCKS—71.0% (CONT.)** | **COMMON STOCKS—71.0% (CONT.)** |
| **MULTI-UTILITIES—0.7%** | **MULTI-UTILITIES—0.7%** | **MULTI-UTILITIES—0.7%** |
| Consolidated Edison, Inc. | 1977 | **$** 196356 |
| Sempra | 2803 | 247477 |
|  |  | **443833** |
| **OIL & GAS STORAGE & TRANSPORTATION—0.3%** | **OIL & GAS STORAGE & TRANSPORTATION—0.3%** | **OIL & GAS STORAGE & TRANSPORTATION—0.3%** |
| ONEOK, Inc. | 2549 | **187351** |
| **OTHER SPECIALTY RETAIL—0.1%** | **OTHER SPECIALTY RETAIL—0.1%** | **OTHER SPECIALTY RETAIL—0.1%** |
| Dick's Sporting Goods, Inc. | 491 | **97203** |
| **PHARMACEUTICALS—3.3%** | **PHARMACEUTICALS—3.3%** | **PHARMACEUTICALS—3.3%** |
| AstraZeneca PLC ADR | 2970 | 273032 |
| Bristol-Myers Squibb Co. | 3724 | 200872 |
| Eli Lilly & Co. | 496 | 533041 |
| Johnson & Johnson | 2587 | 535380 |
| Merck & Co., Inc. | 2362 | 248624 |
| Novartis AG ADR | 1748 | 240997 |
| Pfizer, Inc. | 6463 | 160929 |
|  |  | **2192875** |
| **PROPERTY & CASUALTY INSURANCE—0.5%** | **PROPERTY & CASUALTY INSURANCE—0.5%** | **PROPERTY & CASUALTY INSURANCE—0.5%** |
| The Hartford Insurance Group, Inc. | 2237 | **308259** |
| **RAIL TRANSPORTATION—0.5%** | **RAIL TRANSPORTATION—0.5%** | **RAIL TRANSPORTATION—0.5%** |
| Union Pacific Corp. | 1475 | **341197** |
| **RESTAURANTS—0.8%** | **RESTAURANTS—0.8%** | **RESTAURANTS—0.8%** |
| McDonald's Corp. | 1024 | 312965 |
| Starbucks Corp. | 2682 | 225851 |
|  |  | **538816** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—3.3%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—3.3%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—3.3%** |
| KLA Corp. | 1795 | **2181069** |
| **SEMICONDUCTORS—7.4%** | **SEMICONDUCTORS—7.4%** | **SEMICONDUCTORS—7.4%** |
| Broadcom, Inc. | 9828 | 3401471 |
| QUALCOMM, Inc. | 3897 | 666582 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 2606 | 791937 |
|  |  | **4859990** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.2%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.2%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.2%** |
| PepsiCo, Inc. | 2570 | 368847 |
| The Coca-Cola Co. | 5719 | 399815 |
|  |  | **768662** |
| **SPECIALTY CHEMICALS—0.6%** | **SPECIALTY CHEMICALS—0.6%** | **SPECIALTY CHEMICALS—0.6%** |
| DuPont de Nemours, Inc. | 8304 | 333821 |
| Solstice Advanced Materials, Inc.<sup>\*</sup>  | 620 | 30119 |
|  |  | **363940** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—71.0% (CONT.)** | **COMMON STOCKS—71.0% (CONT.)** | **COMMON STOCKS—71.0% (CONT.)** |
| **SYSTEMS SOFTWARE—7.0%** | **SYSTEMS SOFTWARE—7.0%** | **SYSTEMS SOFTWARE—7.0%** |
| Microsoft Corp. | 8924 | **$** 4315825 |
| Oracle Corp. | 1307 | 254747 |
|  |  | **4570572** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.0%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.0%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.0%** |
| Apple, Inc. | 13465 | 3660595 |
| Dell Technologies, Inc., Cl. C | 2145 | 270012 |
|  |  | **3930607** |
| **TOBACCO—0.9%** | **TOBACCO—0.9%** | **TOBACCO—0.9%** |
| Altria Group, Inc. | 4810 | 277345 |
| Philip Morris International, Inc. | 1955 | 313582 |
|  |  | **590927** |
| **TRADING COMPANIES & DISTRIBUTORS—0.4%** | **TRADING COMPANIES & DISTRIBUTORS—0.4%** | **TRADING COMPANIES & DISTRIBUTORS—0.4%** |
| Ferguson Enterprises, Inc. | 1236 | **275171** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—1.1%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.1%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.1%** |
| Visa, Inc., Cl. A | 2151 | **754377** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $13,412,789) |  | **46518453** |
| **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 | 2944 | **157445** |
| (Cost $80,779) |  | **157445** |
| **REAL ESTATE INVESTMENT TRUST—2.2%** | **REAL ESTATE INVESTMENT TRUST—2.2%** | **REAL ESTATE INVESTMENT TRUST—2.2%** |
| **HEALTH CARE—0.8%** | **HEALTH CARE—0.8%** | **HEALTH CARE—0.8%** |
| Welltower, Inc. | 2734 | **507458** |
| **INDUSTRIAL—0.2%** | **INDUSTRIAL—0.2%** | **INDUSTRIAL—0.2%** |
| Prologis, Inc. | 1231 | **157149** |
| **RETAIL—0.5%** | **RETAIL—0.5%** | **RETAIL—0.5%** |
| Simon Property Group, Inc. | 1869 | **345971** |
| **SPECIALIZED—0.4%** | **SPECIALIZED—0.4%** | **SPECIALIZED—0.4%** |
| Lamar Advertising Co., Cl. A | 1991 | **252021** |
| **TELECOM TOWER—0.3%** | **TELECOM TOWER—0.3%** | **TELECOM TOWER—0.3%** |
| Crown Castle, Inc. | 2222 | **197469** |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUST** <br>(Cost $812,103) |  | **1460068** |

---

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL** <br>**AMOUNT**<br>| **VALUE** |
| **CORPORATE BONDS—22.4%** | **CORPORATE BONDS—22.4%** | **CORPORATE BONDS—22.4%** |
| **APPLICATION SOFTWARE—0.8%** | **APPLICATION SOFTWARE—0.8%** | **APPLICATION SOFTWARE—0.8%** |
| Cadence Design Systems, Inc., 4.3%, 9/10/29 | 500000 | **502675** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL**<br> **AMOUNT**<br>| **VALUE** |
| **CORPORATE BONDS—22.4% (CONT.)** | **CORPORATE BONDS—22.4% (CONT.)** | **CORPORATE BONDS—22.4% (CONT.)** |
| **AUTOMOBILE MANUFACTURERS—0.7%** | **AUTOMOBILE MANUFACTURERS—0.7%** | **AUTOMOBILE MANUFACTURERS—0.7%** |
| General Motors Financial Co., Inc., 1.5%, 6/10/26 | 500000 | **$494436** |
| **BROADLINE RETAIL—0.8%** | **BROADLINE RETAIL—0.8%** | **BROADLINE RETAIL—0.8%** |
| Amazon.com, Inc., 4.55%, 12/1/27 | 500000 | **508654** |
| **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 | **512452** |
| **CONSUMER FINANCE—0.8%** | **CONSUMER FINANCE—0.8%** | **CONSUMER FINANCE—0.8%** |
| American Express Co., 5.85%, 11/5/27 | 500000 | **517485** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—0.8%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.8%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.8%** |
| Walmart, Inc., 4.35%, 4/28/30 | 500000 | **508090** |
| **DIVERSIFIED BANKS—1.5%** | **DIVERSIFIED BANKS—1.5%** | **DIVERSIFIED BANKS—1.5%** |
| Citibank N.A., 4.929%, 8/6/26 | 500000 | 502690 |
| JPMorgan Chase Bank N.A., 5.11%, 12/8/26 | 500000 | 505482 |
|  |  | **1008172** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.8%** |
| Republic Services, Inc., 4.75%, 7/15/30 | 500000 | **512162** |
| **HEALTH CARE—0.8%** | **HEALTH CARE—0.8%** | **HEALTH CARE—0.8%** |
| Welltower OP LLC, 4.5%, 7/1/30 | 500000 | **505799** |
| **HEALTH CARE DISTRIBUTORS—1.5%** | **HEALTH CARE DISTRIBUTORS—1.5%** | **HEALTH CARE DISTRIBUTORS—1.5%** |
| Cardinal Health, Inc., 5%, 11/15/29 | 500000 | 513795 |
| McKesson Corp., 4.65%, 5/30/30 | 500000 | 508818 |
|  |  | **1022613** |
| **HOME IMPROVEMENT RETAIL—0.7%** | **HOME IMPROVEMENT RETAIL—0.7%** | **HOME IMPROVEMENT RETAIL—0.7%** |
| The Home Depot, Inc., 3.95%, 9/15/30 | 500000 | **498992** |
| **INDUSTRIAL CONGLOMERATES—0.8%** | **INDUSTRIAL CONGLOMERATES—0.8%** | **INDUSTRIAL CONGLOMERATES—0.8%** |
| Honeywell International, Inc., 4.7%, 2/1/30 | 500000 | **511178** |
| **MANAGED HEALTHCARE—1.5%** | **MANAGED HEALTHCARE—1.5%** | **MANAGED HEALTHCARE—1.5%** |
| UnitedHealth Group, Inc., 3.7%, 5/15/27 | 1000000 | **998737** |
| **MULTI-UTILITIES—1.5%** | **MULTI-UTILITIES—1.5%** | **MULTI-UTILITIES—1.5%** |
| Dominion Energy, Inc., 4.6%, 5/15/28 | 500000 | 506315 |
| Sempra, 5.4%, 8/1/26 | 500000 | 503294 |
|  |  | **1009609** |
| **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 | **509523** |
| **PHARMACEUTICALS—2.3%** | **PHARMACEUTICALS—2.3%** | **PHARMACEUTICALS—2.3%** |
| AstraZeneca Finance LLC, 4.85%, 2/26/29 | 500000 | 513430 |
| Johnson & Johnson, 4.8%, 6/1/29 | 500000 | 516530 |
| Novartis Capital Corp., 3.8%, 9/18/29 | 500000 | 497715 |
|  |  | **1527675** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL**<br> **AMOUNT**<br>| **VALUE** |
| **CORPORATE BONDS—22.4% (CONT.)** | **CORPORATE BONDS—22.4% (CONT.)** | **CORPORATE BONDS—22.4% (CONT.)** |
| **RESTAURANTS—0.8%** | **RESTAURANTS—0.8%** | **RESTAURANTS—0.8%** |
| McDonald's Corp., 4.8%, 8/14/28 | 500000 | **$510679** |
| **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 | **507996** |
| **SPECIALTY CHEMICALS—0.8%** | **SPECIALTY CHEMICALS—0.8%** | **SPECIALTY CHEMICALS—0.8%** |
| Ecolab, Inc., 5.25%, 1/15/28 | 500000 | **513722** |
| **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 | **506393** |
| **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 | **502765** |
| **WIRELESS TELECOMMUNICATION SERVICES—1.5%** | **WIRELESS TELECOMMUNICATION SERVICES—1.5%** | **WIRELESS TELECOMMUNICATION SERVICES—1.5%** |
| T-Mobile USA, Inc., 4.2%, 10/1/29 | 500000 | 500931 |
| T-Mobile USA, Inc., 5.125%, 5/15/32 | 500000 | 514756 |
|  |  | **1015687** |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>(Cost $14,516,520) |  | **14705494** |
| **U.S. GOVERNMENT BONDS—3.2%** | **U.S. GOVERNMENT BONDS—3.2%** | **U.S. GOVERNMENT BONDS—3.2%** |
| U.S. Treasury Note, 3.5%, 9/30/26 | 550000 | 549637 |
| U.S. Treasury Note, 4.125%, 10/31/29 | 500000 | 508643 |
| U.S. Treasury Note, 4.625%, 2/15/35 | 500000 | 519111 |
| U.S. Treasury Note, 4.25%, 8/15/35 | 500000 | 503672 |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT BONDS** <br>(Cost $2,068,458) |  | **2081063** |

---

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SHORT-TERM SECURITIES—0.9%** | **SHORT-TERM SECURITIES—0.9%** | **SHORT-TERM SECURITIES—0.9%** |
| **MONEY MARKET FUNDS—0.9%** | **MONEY MARKET FUNDS—0.9%** | **MONEY MARKET FUNDS—0.9%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.65%<sup>(a)</sup>  | 615125 | **615125** |
| (Cost $615,125) |  | **615125** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $31,505,774)** | 100.0% | **$65537648** |
| Unaffiliated Securities (Cost $31,505,774) |  | 65537648 |
| Liabilities in Excess of Other Assets | (0.0)% | (1583) |
| **NET ASSETS** | 100.0% | **$65536065** |

---

&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 December 31, 2025. <br> \* Non-income producing security.

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Assets and Liabilities December 31, 2025** 

------

&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>| $764702363 | &nbsp;&nbsp; $408014540 |
| Investments in affiliated securities, at value (Identified <br> cost below)\*\* see accompanying schedules of <br> investments<br>|  | &nbsp;&nbsp; 23202976 |
| Receivable for investment securities sold | 1210026 | &nbsp;&nbsp; 615286 |
| Receivable for shares of beneficial interest sold | 314991 | &nbsp;&nbsp; 56057 |
| Dividends and interest receivable | 97335 | &nbsp;&nbsp; 73633 |
| Prepaid expenses | 21453 | &nbsp;&nbsp; 12500 |
| Total Assets | 766346168 | &nbsp;&nbsp; 431974992 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for shares of beneficial interest redeemed | 5147590 | &nbsp;&nbsp; 157450 |
| Accrued investment advisory fees | 564990 | &nbsp;&nbsp; 266727 |
| Accrued distribution fees — Note 3  | 12642 | &nbsp;&nbsp; — |
| Accrued shareholder administrative fees | 6975 | &nbsp;&nbsp; 3980 |
| Accrued administrative fees | 19182 | &nbsp;&nbsp; 10946 |
| Accrued printing fees | 57964 | &nbsp;&nbsp; 25045 |
| Accrued professional fees | 55182 | &nbsp;&nbsp; 45027 |
| Accrued fund accounting fees | 28834 | &nbsp;&nbsp; 19560 |
| Accrued transfer agent fees | 12707 | &nbsp;&nbsp; 7363 |
| Accrued custodian fees | 9263 | &nbsp;&nbsp; 2689 |
| Accrued other expenses | 1770 | &nbsp;&nbsp; 526 |
| Total Liabilities | 5917099 | &nbsp;&nbsp; 539313 |
| **NET ASSETS** | **$760429069** | &nbsp;&nbsp; **$431435679** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 335752418 | &nbsp;&nbsp; 218710043 |
| Distributable earnings | 424676651 | &nbsp;&nbsp; 212725636 |
| **NET ASSETS** | **$760429069** | &nbsp;&nbsp; **$431435679** |
| \* Identified cost | $329749310 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $228135689 <br><sup>(b)</sup><br>|
| \*\* Identified cost | $— <br><sup>(a)</sup><br>| &nbsp;&nbsp; $14397074 <br><sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Assets and Liabilities December 31, 2025 (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 | $705116791 | &nbsp;&nbsp; $431435679 |
| Class S | $55312278 | &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 | 5472547 | &nbsp;&nbsp; 4181856 |
| Class S | 498171 | &nbsp;&nbsp; — |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class I-2 | $128.85 | &nbsp;&nbsp; $103.17 |
| Class S | $111.03 | &nbsp;&nbsp; $— |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 December 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes
 of $340,626,408, amounted to $424,010,431, which consisted of aggregate gross unrealized appreciation of $435,982,629,
 and aggregate gross unrealized depreciation of $11,972,198.

&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 December 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes
 of $243,227,909, amounted to $187,984,102, which consisted of aggregate gross unrealized appreciation of $193,861,266,
 and aggregate gross unrealized depreciation of $5,877,164.

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Assets and Liabilities December 31, 2025 (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>| $47394877 | &nbsp;&nbsp; $156392525 |
| Cash | 9 | &nbsp;&nbsp; — |
| Foreign cash † |  | &nbsp;&nbsp; 12126 |
| Receivable for shares of beneficial interest sold | 61974 | &nbsp;&nbsp; 4923 |
| Dividends and interest receivable | 32429 | &nbsp;&nbsp; 15062 |
| Prepaid expenses | 1487 | &nbsp;&nbsp; 5097 |
| Total Assets | 47490776 | &nbsp;&nbsp; 156429733 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for shares of beneficial interest redeemed | 26326 | &nbsp;&nbsp; 112052 |
| Accrued investment advisory fees | 21588 | &nbsp;&nbsp; 108106 |
| Accrued shareholder administrative fees | 432 | &nbsp;&nbsp; 1422 |
| Accrued administrative fees | 1187 | &nbsp;&nbsp; 3912 |
| Accrued printing fees | 3646 | &nbsp;&nbsp; 13648 |
| Accrued professional fees | 27015 | &nbsp;&nbsp; 33300 |
| Accrued fund accounting fees | 8234 | &nbsp;&nbsp; 11926 |
| Accrued transfer agent fees | 975 | &nbsp;&nbsp; 3262 |
| Accrued custodian fees | 298 | &nbsp;&nbsp; 1819 |
| Accrued other expenses | 509 | &nbsp;&nbsp; 502 |
| Total Liabilities | 90210 | &nbsp;&nbsp; 289949 |
| **NET ASSETS** | **$47400566** | &nbsp;&nbsp; **$156139784** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 12593361 | &nbsp;&nbsp; 131221624 |
| Distributable earnings | 34807205 | &nbsp;&nbsp; 24918160 |
| **NET ASSETS** | **$47400566** | &nbsp;&nbsp; **$156139784** |
| \* Identified cost | $13112441 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $121325524 <br><sup>(d)</sup><br>|
| † Cost of foreign cash | $— | &nbsp;&nbsp; $12164 |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Assets and Liabilities December 31, 2025 (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 | $47400566 | &nbsp;&nbsp; $156139784 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** |
| Class I-2 | 1349756 | &nbsp;&nbsp; 6556267 |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class I-2 | $35.12 | &nbsp;&nbsp; $23.82 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) At
 December 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes
 of $13,002,552, amounted to $34,391,181, which consisted of aggregate gross unrealized appreciation of $34,602,895,
 and aggregate gross unrealized depreciation of $211,714.

&nbsp;&nbsp;&nbsp;&nbsp;(d) At
 December 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes
 of $123,678,437, amounted to $32,583,124, which consisted of aggregate gross unrealized appreciation of $39,145,880,
 and aggregate gross unrealized depreciation of $6,562,756.

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Assets and Liabilities December 31, 2025 (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>| $145029184 | &nbsp;&nbsp; $65537648 |
| Receivable for shares of beneficial interest sold | 260339 | &nbsp;&nbsp; 11480 |
| Dividends and interest receivable | 16488 | &nbsp;&nbsp; 227494 |
| Prepaid expenses | 4140 | &nbsp;&nbsp; 1945 |
| Total Assets | 145310151 | &nbsp;&nbsp; 65778567 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for shares of beneficial interest redeemed | 30160 | &nbsp;&nbsp; 149303 |
| Accrued investment advisory fees | 109008 | &nbsp;&nbsp; 42549 |
| Accrued shareholder administrative fees | 1346 | &nbsp;&nbsp; 599 |
| Accrued administrative fees | 3701 | &nbsp;&nbsp; 1648 |
| Accrued printing fees | 4837 | &nbsp;&nbsp; 8246 |
| Accrued professional fees | 35461 | &nbsp;&nbsp; 28637 |
| Accrued fund accounting fees | 11350 | &nbsp;&nbsp; 8977 |
| Accrued transfer agent fees | 3215 | &nbsp;&nbsp; 1428 |
| Accrued custodian fees | 1762 | &nbsp;&nbsp; 564 |
| Accrued other expenses | 2644 | &nbsp;&nbsp; 551 |
| Total Liabilities | 203484 | &nbsp;&nbsp; 242502 |
| **NET ASSETS** | **$145106667** | &nbsp;&nbsp; **$65536065** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 99549731 | &nbsp;&nbsp; 31044512 |
| Distributable earnings | 45556936 | &nbsp;&nbsp; 34491553 |
| **NET ASSETS** | **$145106667** | &nbsp;&nbsp; **$65536065** |
| \* Identified cost | $98340535 <br><sup>(e)</sup><br>| &nbsp;&nbsp; $31505774 <br><sup>(f)</sup><br>|

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Assets and Liabilities December 31, 2025 (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 | $145106667 | &nbsp;&nbsp; $65536065 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** |
| Class I-2 | 7783715 | &nbsp;&nbsp; 2905272 |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class I-2 | $18.64 | &nbsp;&nbsp; $22.56 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) At
 December 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes
 of $99,472,249, amounted to $45,556,936, which consisted of aggregate gross unrealized appreciation of $56,783,021,
 and aggregate gross unrealized depreciation of $11,226,085.

&nbsp;&nbsp;&nbsp;&nbsp;(f) At
 December 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes
 of $31,440,305, amounted to $34,097,341, which consisted of aggregate gross unrealized appreciation of $34,362,948,
 and aggregate gross unrealized depreciation of $265,607.

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Operations for the year ended December 31, 2025** 

------

&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\*) | $1889574 | &nbsp;&nbsp; $649012 |
| Interest | 105099 | &nbsp;&nbsp; 271708 |
| Total Income | 1994673 | &nbsp;&nbsp; 920720 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 5539059 | &nbsp;&nbsp; 2796986 |
| Distribution fees — Note 3  |  |  |
| Class S — Note 3 | 127020 | &nbsp;&nbsp; — |
| Shareholder administrative fees — Note 3  | 68384 | &nbsp;&nbsp; 39394 |
| Administration fees — Note 3  | 188054 | &nbsp;&nbsp; 108334 |
| Professional fees | 133050 | &nbsp;&nbsp; 92914 |
| Fund accounting fees | 98545 | &nbsp;&nbsp; 62433 |
| Interest expense — Note 3  | 97170 | &nbsp;&nbsp; 76858 |
| Transfer agent fees | 69347 | &nbsp;&nbsp; 39991 |
| Printing fees | 57991 | &nbsp;&nbsp; 42768 |
| Registration fees | 55227 | &nbsp;&nbsp; 38405 |
| Trustee fees — Note 3  | 44597 | &nbsp;&nbsp; 25515 |
| Custodian fees | 28650 | &nbsp;&nbsp; 9992 |
| Other expenses | 31534 | &nbsp;&nbsp; 17139 |
| Total Expenses | 6538628 | &nbsp;&nbsp; 3350729 |
| Less, expense reimbursements/waivers — Note 3  |  | &nbsp;&nbsp; (152773)<br>|
| Net Expenses | 6538628 | &nbsp;&nbsp; 3197956 |
| **NET INVESTMENT (LOSS)** | **(4543955)**<br>| &nbsp;&nbsp; **(2277236)**<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 | 91371441 | &nbsp;&nbsp; 82502294 |
| Net realized gain on the distribution of capital gains from <br> affiliated investments<br>|  | &nbsp;&nbsp; 2338867 |
| Net realized (loss) on foreign currency transactions | (1577)<br>| &nbsp;&nbsp; (946)<br>|
| Net realized gain on investments and foreign currency | 91369864 | &nbsp;&nbsp; 84840215 |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Operations for the year ended December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Capital**<br> **Appreciation** <br> **Portfolio**<br>| &nbsp;&nbsp; **Alger Large Cap**<br> **Growth Portfolio**<br>|
| Net change in unrealized appreciation on unaffiliated <br> investments<br>| $104979845 | &nbsp;&nbsp; $17822680 |
| Net change in unrealized appreciation on affiliated <br> investments<br>| 62263 | &nbsp;&nbsp; 4529159 |
| Net change in unrealized appreciation on foreign <br> currency<br>| 3896 | &nbsp;&nbsp; 2952 |
| Net change in unrealized appreciation on investments <br> and foreign currency<br>| 105046004 | &nbsp;&nbsp; 22354791 |
| Net realized and unrealized gain on investments and foreign <br> currency<br>| 196415868 | &nbsp;&nbsp; 107195006 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| **$191871913** | &nbsp;&nbsp; **$104917770** |
| \* Foreign withholding taxes | $65222 | &nbsp;&nbsp; $19672 |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Operations for the year ended December 31, 2025 (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\*) | $761154 | &nbsp;&nbsp; $293191 |
| Interest | 3393 | &nbsp;&nbsp; 88353 |
| Income from securities lending | 3461 | &nbsp;&nbsp; — |
| Total Income | 768008 | &nbsp;&nbsp; 381544 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 217203 | &nbsp;&nbsp; 1146800 |
| Shareholder administrative fees — Note 3  | 4344 | &nbsp;&nbsp; 15089 |
| Administration fees — Note 3  | 11946 | &nbsp;&nbsp; 41496 |
| Professional fees | 35960 | &nbsp;&nbsp; 53092 |
| Fund accounting fees | 21314 | &nbsp;&nbsp; 33716 |
| Interest expense — Note 3  | 806 | &nbsp;&nbsp; 2464 |
| Transfer agent fees | 4634 | &nbsp;&nbsp; 16049 |
| Printing fees | 5590 | &nbsp;&nbsp; 21715 |
| Registration fees | 18818 | &nbsp;&nbsp; 25196 |
| Trustee fees — Note 3  | 2870 | &nbsp;&nbsp; 9955 |
| Custodian fees | 1698 | &nbsp;&nbsp; 10313 |
| Other expenses | 5968 | &nbsp;&nbsp; 11670 |
| Total Expenses | 331151 | &nbsp;&nbsp; 1387555 |
| Less, expense reimbursements/waivers — Note 3  |  | &nbsp;&nbsp; (36395)<br>|
| Net Expenses | 331151 | &nbsp;&nbsp; 1351160 |
| **NET INVESTMENT INCOME (LOSS)** | **436857** | &nbsp;&nbsp; **(969616)**<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 | 2744103 | &nbsp;&nbsp; 24079695 |
| Net realized gain on affiliated investments |  | &nbsp;&nbsp; 35808 |
| Net realized (loss) on foreign currency transactions |  | &nbsp;&nbsp; (2025)<br>|
| Net realized gain on investments and foreign currency | 2744103 | &nbsp;&nbsp; 24113478 |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Operations for the year ended December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Growth &**<br> **Income Portfolio**<br>| &nbsp;&nbsp; **Alger Mid Cap** <br> **Growth**<br> **Portfolio**<br>|
| Net change in unrealized appreciation (depreciation) on <br> unaffiliated investments<br>| $5146308 | &nbsp;&nbsp; $(484661)<br>|
| Net change in unrealized appreciation on affiliated <br> investments<br>|  | &nbsp;&nbsp; 528029 |
| Net change in unrealized appreciation (depreciation) on <br> foreign currency<br>| (2)<br>| &nbsp;&nbsp; 224 |
| Net change in unrealized appreciation on investments <br> and foreign currency<br>| 5146306 | &nbsp;&nbsp; 43592 |
| Net realized and unrealized gain on investments and foreign <br> currency<br>| 7890409 | &nbsp;&nbsp; 24157070 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| **$8327266** | &nbsp;&nbsp; **$23187454** |
| \* Foreign withholding taxes | $7055 | &nbsp;&nbsp; $10681 |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Operations for the year ended December 31, 2025 (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\*) | $283345 | &nbsp;&nbsp; $791471 |
| Interest | 271302 | &nbsp;&nbsp; 720811 |
| Total Income | 554647 | &nbsp;&nbsp; 1512282 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 1127061 | &nbsp;&nbsp; 441968 |
| Shareholder administrative fees — Note 3  | 13914 | &nbsp;&nbsp; 6225 |
| Administration fees — Note 3  | 38264 | &nbsp;&nbsp; 17118 |
| Professional fees | 54071 | &nbsp;&nbsp; 39561 |
| Fund accounting fees | 24395 | &nbsp;&nbsp; 23433 |
| Interest expense — Note 3  |  | &nbsp;&nbsp; 487 |
| Transfer agent fees | 15552 | &nbsp;&nbsp; 6649 |
| Printing fees | 15906 | &nbsp;&nbsp; 13230 |
| Registration fees | 25779 | &nbsp;&nbsp; 20033 |
| Trustee fees — Note 3  | 9154 | &nbsp;&nbsp; 4134 |
| Custodian fees | 5226 | &nbsp;&nbsp; 2987 |
| Other expenses | 12938 | &nbsp;&nbsp; 9533 |
| Total Expenses | 1342260 | &nbsp;&nbsp; 585358 |
| **NET INVESTMENT INCOME (LOSS)** | **(787613)**<br>| &nbsp;&nbsp; **926924** |
| **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 | 2904455 | &nbsp;&nbsp; 3864045 |
| Net realized gain on foreign currency transactions | 1039 | &nbsp;&nbsp; — |
| Net realized gain on investments and foreign currency | 2905494 | &nbsp;&nbsp; 3864045 |
| Net change in unrealized appreciation on unaffiliated <br> investments<br>| 5550860 | &nbsp;&nbsp; 4700570 |
| Net change in unrealized appreciation on affiliated <br> investments<br>| 222836 | &nbsp;&nbsp; — |
| Net change in unrealized (depreciation) on foreign <br> currency<br>|  | &nbsp;&nbsp; (2)<br>|
| Net change in unrealized appreciation on investments <br> and foreign currency<br>| 5773696 | &nbsp;&nbsp; 4700568 |
| Net realized and unrealized gain on investments and foreign <br> currency<br>| 8679190 | &nbsp;&nbsp; 8564613 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| **$7891577** | &nbsp;&nbsp; **$9491537** |
| \* Foreign withholding taxes | $— | &nbsp;&nbsp; $6323 |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Statements of Changes in Net Assets** 

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Capital Appreciation Portfolio** | **Alger Capital Appreciation Portfolio** |
|  | For the <br>Year Ended <br>December 31, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>December 31, 2024<br>|
| Net investment (loss) | $(4543955)<br>| &nbsp;&nbsp; $(2448743)<br>|
| Net realized gain on investments and foreign currency | 91369864 | &nbsp;&nbsp; 55128900 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 105046004 | &nbsp;&nbsp; 152610670 |
| Net increase in net assets resulting from operations | 191871913 | &nbsp;&nbsp; 205290827 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class I-2 | (111806220)<br>| &nbsp;&nbsp; — |
| Class S | (9886645)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions to shareholders | (121692865)<br>| &nbsp;&nbsp; — |
| Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: |
| Class I-2 | 39065856 | &nbsp;&nbsp; 20215227 |
| Class S | 1750061 | &nbsp;&nbsp; (11187115)<br>|
| Net increase from shares of beneficial interest <br> transactions — Note 7 <br>| 40815917 | &nbsp;&nbsp; 9028112 |
| Total increase | 110994965 | &nbsp;&nbsp; 214318939 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 649434104 | &nbsp;&nbsp; 435115165 |
| **END OF PERIOD** | **$760429069** | &nbsp;&nbsp; **$649434104** |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

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

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Large Cap Growth Portfolio** | **Alger Large Cap Growth Portfolio** |
|  | For the <br>Year Ended <br>December 31, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>December 31, 2024<br>|
| Net investment (loss) | $(2277236)<br>| &nbsp;&nbsp; $(957873)<br>|
| Net realized gain on investments and foreign currency | 84840215 | &nbsp;&nbsp; 26763201 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 22354791 | &nbsp;&nbsp; 92236495 |
| Net increase in net assets resulting from operations | 104917770 | &nbsp;&nbsp; 118041823 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class I-2 | (46852471)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions to shareholders | (46852471)<br>| &nbsp;&nbsp; — |
| Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: |
| Class I-2 | 1970297 | &nbsp;&nbsp; (40975383)<br>|
| Net increase (decrease) from shares of beneficial interest <br> transactions — Note 7 <br>| 1970297 | &nbsp;&nbsp; (40975383)<br>|
| Total increase | 60035596 | &nbsp;&nbsp; 77066440 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 371400083 | &nbsp;&nbsp; 294333643 |
| **END OF PERIOD** | **$431435679** | &nbsp;&nbsp; **$371400083** |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

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

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Growth & Income Portfolio** | **Alger Growth & Income Portfolio** |
|  | For the <br>Year Ended <br>December 31, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>December 31, 2024<br>|
| Net investment income | $436857 | &nbsp;&nbsp; $469618 |
| Net realized gain on investments and foreign currency | 2744103 | &nbsp;&nbsp; 2788667 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 5146306 | &nbsp;&nbsp; 5019823 |
| Net increase in net assets resulting from operations | 8327266 | &nbsp;&nbsp; 8278108 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class I-2 | (5945142)<br>| &nbsp;&nbsp; (387744)<br>|
| Total dividends and distributions to shareholders | (5945142)<br>| &nbsp;&nbsp; (387744)<br>|
| Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: |
| Class I-2 | 2496237 | &nbsp;&nbsp; (3188771)<br>|
| Net increase (decrease) from shares of beneficial interest <br> transactions — Note 7 <br>| 2496237 | &nbsp;&nbsp; (3188771)<br>|
| Total increase | 4878361 | &nbsp;&nbsp; 4701593 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 42522205 | &nbsp;&nbsp; 37820612 |
| **END OF PERIOD** | **$47400566** | &nbsp;&nbsp; **$42522205** |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

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

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** |
|  | For the <br>Year Ended <br>December 31, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>December 31, 2024<br>|
| Net investment (loss) | $(969616)<br>| &nbsp;&nbsp; $(498024)<br>|
| Net realized gain on investments and foreign currency | 24113478 | &nbsp;&nbsp; 12823947 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 43592 | &nbsp;&nbsp; 14176781 |
| Net increase in net assets resulting from operations | 23187454 | &nbsp;&nbsp; 26502704 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class I-2 |  | &nbsp;&nbsp; — |
| Total dividends and distributions to shareholders |  | &nbsp;&nbsp; — |
| Decrease from shares of beneficial interest transactions: | Decrease from shares of beneficial interest transactions: | Decrease from shares of beneficial interest transactions: |
| Class I-2 | (14745342)<br>| &nbsp;&nbsp; (12709656)<br>|
| Net decrease from shares of beneficial interest <br> transactions — Note 7 <br>| (14745342)<br>| &nbsp;&nbsp; (12709656)<br>|
| Total increase | 8442112 | &nbsp;&nbsp; 13793048 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 147697672 | &nbsp;&nbsp; 133904624 |
| **END OF PERIOD** | **$156139784** | &nbsp;&nbsp; **$147697672** |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

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

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** |
|  | For the <br>Year Ended <br>December 31, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>December 31, 2024<br>|
| Net investment (loss) | $(787613)<br>| &nbsp;&nbsp; $(1120687)<br>|
| Net realized gain on investments and foreign currency | 2905494 | &nbsp;&nbsp; 16644375 |
| Net change in unrealized appreciation (depreciation) on <br> investments and foreign currency<br>| 5773696 | &nbsp;&nbsp; (3518237)<br>|
| Net increase in net assets resulting from operations | 7891577 | &nbsp;&nbsp; 12005451 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class I-2 <br>Income<br>| (1076450)<br>| &nbsp;&nbsp; (574238)<br>|
| Return of capital | (615590)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions to shareholders | (1692040)<br>| &nbsp;&nbsp; (574238)<br>|
| Decrease from shares of beneficial interest transactions: | Decrease from shares of beneficial interest transactions: | Decrease from shares of beneficial interest transactions: |
| Class I-2 | (11301305)<br>| &nbsp;&nbsp; (20147952)<br>|
| Net decrease from shares of beneficial interest <br> transactions — Note 7 <br>| (11301305)<br>| &nbsp;&nbsp; (20147952)<br>|
| Total decrease | (5101768)<br>| &nbsp;&nbsp; (8716739)<br>|
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 150208435 | &nbsp;&nbsp; 158925174 |
| **END OF PERIOD** | **$145106667** | &nbsp;&nbsp; **$150208435** |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

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

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Balanced Portfolio** | **Alger Balanced Portfolio** |
|  | For the <br>Year Ended <br>December 31, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>December 31, 2024<br>|
| Net investment income | $926924 | &nbsp;&nbsp; $795606 |
| Net realized gain on investments and foreign currency | 3864045 | &nbsp;&nbsp; 2616270 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 4700568 | &nbsp;&nbsp; 5928088 |
| Net increase in net assets resulting from operations | 9491537 | &nbsp;&nbsp; 9339964 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class I-2 | (7961026)<br>| &nbsp;&nbsp; (116250)<br>|
| Total dividends and distributions to shareholders | (7961026)<br>| &nbsp;&nbsp; (116250)<br>|
| Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: |
| Class I-2 | 2720256 | &nbsp;&nbsp; (3934633)<br>|
| Net increase (decrease) from shares of beneficial interest <br> transactions — Note 7 <br>| 2720256 | &nbsp;&nbsp; (3934633)<br>|
| Total increase | 4250767 | &nbsp;&nbsp; 5289081 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 61285298 | &nbsp;&nbsp; 55996217 |
| **END OF PERIOD** | **$65536065** | &nbsp;&nbsp; **$61285298** |

---

See Notes to Financial Statements.

------

**THE ALGER PORTFOLIOS**

**Financial Highlights for a share outstanding throughout the period** 

------

&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 |
|  | Year Ended <br>12/31/2025<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>|
| Net asset value, beginning of period | $115.87 | $78.22 | $54.65 | $94.33 | $99.96 |
| 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>(a)</sup> <br>| (0.84) | (0.42) | (0.16) | (0.08) | (0.52) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 38.02 | 38.07 | 23.73 | (34.22) | 19.51 |
| Total from investment operations | 37.18 | 37.65 | 23.57 | (34.30) | 18.99 |
| Distributions from net realized gains | (24.20) |  |  | (5.38) | (24.62) |
| Net asset value, end of period | $128.85 | $115.87 | $78.22 | $54.65 | $94.33 |
| Total return<sup>(b)</sup> <br>| 32.87<br> %<br>| 48.13<br> %<br>| 43.13<br> %<br>| (36.52)<br> %<br>| 19.13<br> %<br>|
| 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 omitted) | $705117 | $600471 | $392988 | $317119 | $584908 |
| Ratio of net expenses to average net assets | 0.94<br> %<br>| 0.93<br> %<br>| 0.95<br> %<br>| 0.94<br> %<br>| 0.91<br> %<br>|
| Ratio of net investment loss to average net assets | (0.65)<br> %<br>| (0.43)<br> %<br>| (0.24)<br> %<br>| (0.11)<br> %<br>| (0.47)<br> %<br>|
| Portfolio turnover rate | 75.67<br> %<br>| 66.83 %<sup>(c)</sup><br>| 79.29<br> %<br>| 107.04<br> %<br>| 89.50<br> %<br>|

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation Portfolio** | Class S | Class S | Class S | Class S | Class S |
|  | Year Ended <br>12/31/2025<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>|
| Net asset value, beginning of period | $102.73 | $69.52 | $48.69 | $85.16 | $92.49 |
| 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>(a)</sup> <br>| (1.02) | (0.59) | (0.29) | (0.23) | (0.73) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 33.52 | 33.80 | 21.12 | (30.86) | 18.02 |
| Total from investment operations | 32.50 | 33.21 | 20.83 | (31.09) | 17.29 |
| Distributions from net realized gains | (24.20) |  |  | (5.38) | (24.62) |
| Net asset value, end of period | $111.03 | $102.73 | $69.52 | $48.69 | $85.16 |
| Total return<sup>(b)</sup> <br>| 32.51<br> %<br>| 47.77<br> %<br>| 42.78<br> %<br>| (36.69)<br> %<br>| 18.83<br> %<br>|
| 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 omitted) | $55312 | $48963 | $42127 | $36445 | $61345 |
| Ratio of net expenses to average net assets | 1.19<br> %<br>| 1.19<br> %<br>| 1.20<br> %<br>| 1.19<br> %<br>| 1.16<br> %<br>|
| Ratio of net investment loss to average net assets | (0.90)<br> %<br>| (0.69)<br> %<br>| (0.49)<br> %<br>| (0.36)<br> %<br>| (0.72)<br> %<br>|
| Portfolio turnover rate | 75.67<br> %<br>| 66.83 %<sup>(c)</sup><br>| 79.29<br> %<br>| 107.04<br> %<br>| 89.50<br> %<br>|

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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** 

------

&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 |
|  | Year Ended <br>12/31/2025<br>| Year Ended <br>12/31/2024<br>| Year Ended <br>12/31/2023<br>| Year Ended <br>12/31/2022<sup>(a)</sup> <br>| Year Ended <br>12/31/2021<br>|
| Net asset value, beginning of period | $89.20 | $62.42 | $47.05 | $81.08 | $93.41 |
| 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>| (0.58) | (0.22) | (0.13) | (0.14) | (0.10) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 27.05 | 27.00 | 15.50 | (31.11) | 11.07 |
| Total from investment operations | 26.47 | 26.78 | 15.37 | (31.25) | 10.97 |
| Distributions from net realized gains | (12.50) |  |  | (2.78) | (23.30) |
| Net asset value, end of period | $103.17 | $89.20 | $62.42 | $47.05 | $81.08 |
| Total return<sup>(c)</sup> <br>| 30.27<br> %<br>| 42.89<br> %<br>| 32.67<br> %<br>| (38.65)<br> %<br>| 11.84<br> %<br>|
| 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 omitted) | $431436 | $371400 | $294334 | $241356 | $420951 |
| Ratio of gross expenses to average net assets<sup>(d)</sup> <br>| 0.85<br> %<br>| 0.84<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>| 0.82<br> %<br>|
| Ratio of expense reimbursements to average net <br> assets<br>| (0.04)<br> %<br>| (0.03)<br> %<br>| (0.03)<br> %<br>| (0.03)<br> %<br>| (0.02)<br> %<br>|
| Ratio of net expenses to average net assets | 0.81<br> %<br>| 0.81<br> %<br>| 0.84<br> %<br>| 0.84<br> %<br>| 0.80<br> %<br>|
| Ratio of net investment loss to average net assets | (0.58)<br> %<br>| (0.29)<br> %<br>| (0.24)<br> %<br>| (0.24)<br> %<br>| (0.10)<br> %<br>|
| Portfolio turnover rate | 91.00<br> %<br>| 68.97<br> %<br>| 103.22<br> %<br>| 78.40<br> %<br>| 69.92<br> %<br>|

---

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

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

&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) 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** 

------

&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 |
|  | Year Ended <br>12/31/2025<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>|
| Net asset value, beginning of period | $33.31 | $27.41 | $23.11 | $29.53 | $24.34 |
| 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>(a)</sup> <br>| 0.35 | 0.35 | 0.37 | 0.38 | 0.35 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 6.43 | 5.84 | 5.11 | (4.78) | 7.29 |
| Total from investment operations | 6.78 | 6.19 | 5.48 | (4.40) | 7.64 |
| Dividends from net investment income | (0.56) | (0.18) | (0.36) | (0.37) | (0.32) |
| Distributions from net realized gains | (4.41) | (0.11) | (0.82) | (1.65) | (2.13) |
| Net asset value, end of period | $35.12 | $33.31 | $27.41 | $23.11 | $29.53 |
| Total return<sup>(b)</sup> <br>| 20.82<br> %<br>| 22.66<br> %<br>| 23.93<br> %<br>| (14.98)<br> %<br>| 31.66<br> %<br>|
| 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 omitted) | $47401 | $42522 | $37821 | $32577 | $41056 |
| Ratio of net expenses to average net assets | 0.76<br> %<br>| 0.85<br> %<br>| 0.93<br> %<br>| 0.93<br> %<br>| 0.86<br> %<br>|
| Ratio of net investment income to average net assets | 1.01<br> %<br>| 1.14<br> %<br>| 1.46<br> %<br>| 1.47<br> %<br>| 1.25<br> %<br>|
| Portfolio turnover rate | 2.11<br> %<br>| 3.34<br> %<br>| 2.81<br> %<br>| 3.65<br> %<br>| 5.19<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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** 

------

&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 |
|  | Year Ended <br>12/31/2025<br>| Year Ended <br>12/31/2024<br>| Year Ended <br>12/31/2023<br>| Year Ended <br>12/31/2022<sup>(a)</sup> <br>| Year Ended <br>12/31/2021<br>|
| Net asset value, beginning of period | $20.40 | $16.85 | $13.68 | $22.18 | $33.25 |
| 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>| (0.14) | (0.07) | (0.05) | (0.05) | (0.17) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 3.56 | 3.62 | 3.22 | (7.94) | 1.33 |
| Total from investment operations | 3.42 | 3.55 | 3.17 | (7.99) | 1.16 |
| Distributions from net realized gains |  |  |  | (0.51) | (12.23) |
| Net asset value, end of period | $23.82 | $20.40 | $16.85 | $13.68 | $22.18 |
| Total return<sup>(c)</sup> <br>| 16.77<br> %<br>| 21.07<br> %<br>| 23.17<br> %<br>| (36.07)<br> %<br>| 4.20<br> %<br>|
| 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 omitted) | $156140 | $147698 | $133905 | $117234 | $190131 |
| Ratio of gross expenses to average net assets<sup>(d)</sup> <br>| 0.92<br> %<br>| 0.94<br> %<br>| 0.98<br> %<br>| 0.97<br> %<br>| 0.92<br> %<br>|
| Ratio of expense reimbursements to average net <br> assets<br>| (0.02)<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 assets | 0.90<br> %<br>| 0.91<br> %<br>| 0.96<br> %<br>| 0.95<br> %<br>| 0.90<br> %<br>|
| Ratio of net investment loss to average net assets | (0.64)<br> %<br>| (0.35)<br> %<br>| (0.34)<br> %<br>| (0.31)<br> %<br>| (0.50)<br> %<br>|
| Portfolio turnover rate | 87.86<br> %<br>| 61.95<br> %<br>| 71.82<br> %<br>| 156.64<br> %<br>| 194.35<br> %<br>|

---

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

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

&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) 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** 

------

&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 |
|  | Year Ended <br>12/31/2025<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>|
| Net asset value, beginning of period | $17.81 | $16.53 | $14.19 | $27.88 | $44.78 |
| 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>(a)</sup> <br>| (0.10) | (0.13) | (0.09) | (0.13) | (0.38) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 1.15 | 1.48 | 2.43 | (10.38) | (2.65) |
| Total from investment operations | 1.05 | 1.35 | 2.34 | (10.51) | (3.03) |
| Dividends from net investment income |  | (0.07) |  |  |  |
| Distributions from net realized gains | (0.14) |  |  | (3.18) | (13.87) |
| Return of capital | (0.08) |  |  |  |  |
| Net asset value, end of period | $18.64 | $17.81 | $16.53 | $14.19 | $27.88 |
| Total return<sup>(b)</sup> <br>| 5.91<br> %<br>| 8.13<br> %<br>| 16.49<br> %<br>| (38.01)<br> %<br>| (6.06)<br> %<br>|
| 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 omitted) | $145107 | $150208 | $158925 | $149271 | $261268 |
| Ratio of net expenses to average net assets | 0.97<br> %<br>| 1.00<br> %<br>| 1.02<br> %<br>| 1.00<br> %<br>| 0.95<br> %<br>|
| Ratio of net investment loss to average net assets | (0.57)<br> %<br>| (0.73)<br> %<br>| (0.61)<br> %<br>| (0.63)<br> %<br>| (0.85)<br> %<br>|
| Portfolio turnover rate | 40.64<br> %<br>| 51.26<br> %<br>| 34.48<br> %<br>| 12.97<br> %<br>| 34.38<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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** 

------

&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 |
|  | Year Ended <br>12/31/2025<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>|
| Net asset value, beginning of period | $22.12 | $18.93 | $16.40 | $19.59 | $17.05 |
| 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>(a)</sup> <br>| 0.35 | 0.28 | 0.26 | 0.20 | 0.16 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 3.18 | 2.95 | 2.59 | (2.41) | 3.09 |
| Total from investment operations | 3.53 | 3.23 | 2.85 | (2.21) | 3.25 |
| Dividends from net investment income | (0.67) |  | (0.26) | (0.21) | (0.16) |
| Distributions from net realized gains | (2.42) | (0.04) | (0.06) | (0.77) | (0.55) |
| Net asset value, end of period | $22.56 | $22.12 | $18.93 | $16.40 | $19.59 |
| Total return<sup>(b)</sup> <br>| 16.15<br> %<br>| 17.07<br> %<br>| 17.43<br> %<br>| (11.31)<br> %<br>| 19.12<br> %<br>|
| 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 omitted) | $65536 | $61285 | $55996 | $51917 | $62321 |
| Ratio of net expenses to average net assets | 0.94<br> %<br>| 1.03<br> %<br>| 1.07<br> %<br>| 1.04<br> %<br>| 1.09<br> %<br>|
| Ratio of net investment income to average net assets | 1.49<br> %<br>| 1.33<br> %<br>| 1.46<br> %<br>| 1.14<br> %<br>| 0.88<br> %<br>|
| Portfolio turnover rate | 10.47<br> %<br>| 12.82<br> %<br>| 6.05<br> %<br>| 9.47<br> %<br>| 11.10<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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** 

------

**NOTE 1 — General:**

------

The Alger Portfolios (the "Fund") is an open-end 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 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 of long-term capital appreciation. Alger Growth & Income Portfolio's investment objectives are capital appreciation and current income; and it also invests primarily in equity securities. Alger Balanced Portfolio's investment objectives are 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.

**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 ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

the Board of Trustees of the Fund (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 investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in comparable investments, various relationships observed

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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 quantitative 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 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

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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, performance of comparable publicly traded securities, 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. Realized gain on the distribution of capital gains from investments in affiliated or unaffiliated open-end investment companies are recorded on ex-dividend date. 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 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.

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

(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 December 31, 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 treatment of net operating losses. 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.

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

(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: The Portfolios adhere to 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 with the terms of each Portfolio's prospectus, based on a defined investment strategy which is executed by the Investment Manager.

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

(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. Actual results may differ from those estimates. All such estimates are of a normal recurring nature.

(k) Recent Accounting Pronouncement: In December 2023, FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Improvements to Income Tax Disclosures, to enhance income tax disclosures. The main provisions are the categorization and disclosure of income tax rates and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Alger Management has evaluated the amendment's impact to the Portfolios' financial statements and determined no amendments are necessary.

**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 actual rates. The actual rate paid as a percentage of average daily net assets, for the year ended December 31, 2025, is set forth below under the heading "Actual Rate":

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

---

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

---

&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 year ended December 31, 2025, Alger Management waived $152,773 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.

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

&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
 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 year ended December 31, 2025, Alger Management waived $36,395 or 0.02% pursuant
 to this agreement.

(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 year ended December 31, 2025, Alger Capital Appreciation Portfolio, Alger Large Cap Growth Portfolio, Alger Mid Cap Growth Portfolio and Alger Small Cap Growth Portfolio paid Alger LLC $43,150, $54,216, $26,001 and $16,037, respectively, in connection with securities transactions. For the year ended December 31, 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: 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

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

are not members of the Audit Committee but attend Audit Committee meetings will receive a stipend of $10,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex.

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 Redwood Investments, LLC, an affiliate of Alger Management. For the year ended December 31, 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 | 348208 | &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. There were no interfund loans outstanding as of December 31, 2025.

For the year ended December 31, 2025, Alger Small Cap Growth Portfolio earned interfund loan interest income of $9,285, and Alger Capital Appreciation Portfolio, Alger Large Cap Growth Portfolio, Alger Growth & Income Portfolio, Alger Mid Cap Growth Portfolio and Alger Balanced Portfolio incurred interfund loan interest expense of $24,489, $14,394, $65, $1,621 and $183, respectively, which is included as interest income and interest expense, respectively, in the accompanying Statements of Operations.

(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 December 31, 2025.

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

**NOTE 4 — Securities Transactions:**

------

The following summarizes the securities transactions by each Portfolio, other than U.S. Government securities and money market securities, for the year ended December 31, 2025. Alger Balanced Portfolio had U.S. Government purchases of $1,018,203 during the year ended December 31, 2025.

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

---

| | | |
|:---|:---|:---|
|  | **PURCHASES** | **SALES** |
| Alger Capital Appreciation Portfolio | $518791041 | &nbsp;&nbsp; $598955516 |
| Alger Large Cap Growth Portfolio | 358047018 | &nbsp;&nbsp; 400811218 |
| Alger Growth & Income Portfolio | 921759 | &nbsp;&nbsp; 4014408 |
| Alger Mid Cap Growth Portfolio | 131415485 | &nbsp;&nbsp; 149865474 |
| Alger Small Cap Growth Portfolio | 54423328 | &nbsp;&nbsp; 65705259 |
| Alger Balanced Portfolio | 5454341 | &nbsp;&nbsp; 11224244 |

---

**NOTE 5 — Securities Lending:**

------

At December 31, 2025, the Alger Growth & Income Portfolio had no outstanding securities on loan with Bank of New York (the "Custodian") as the counterparty. None of the other Portfolios participated in securities lending during the year ended December 31, 2025.

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, all of which 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. There were no securities on loan as of December 31, 2025.

**NOTE 6 — Borrowings:**

------

The Portfolios may borrow from 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 December 31, 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 year ended December 31, 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 (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **AVERAGE DAILY** <br>**BORROWING**<br>| **WEIGHTED AVERAGE** <br>**INTEREST RATE**<br>|
| Alger Capital Appreciation Portfolio | $1654518 | 5.87<br> %<br>|
| Alger Large Cap Growth Portfolio | 1257635 | 6.11 |
| Alger Growth & Income Portfolio | 16486 | 4.89 |
| Alger Mid Cap Growth Portfolio | 47913 | 5.14 |
| Alger Small Cap Growth Portfolio | 5 | 6.21 |
| Alger Balanced Portfolio | 8414 | 5.79 |

---

The highest amount borrowed by each Portfolio from the Custodian and other funds in the Alger Fund Complex during the year ended December 31, 2025 was as follows:

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

---

| | |
|:---|:---|
|  | **HIGHEST BORROWING** |
| Alger Capital Appreciation Portfolio | $21540000 |
| Alger Large Cap Growth Portfolio | 10913314 |
| Alger Growth & Income Portfolio | 186674 |
| Alger Mid Cap Growth Portfolio | 1814897 |
| Alger Small Cap Growth Portfolio | 1976 |
| Alger Balanced Portfolio | 294000 |

---

**NOTE 7 — Share Capital:** 

------

The Fund has an unlimited number of authorized shares of beneficial interest of $.001 par value. During the year ended December 31, 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 YEAR ENDED** <br>**December 31, 2025** | **FOR THE YEAR ENDED** <br>**December 31, 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 | 671237 | &nbsp;&nbsp; $85923834 | &nbsp;&nbsp; 734604 | &nbsp;&nbsp; $72803598 |
| Subscriptions in kind<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 842109 | &nbsp;&nbsp; 84370859 |
| Dividends reinvested | 898478 | &nbsp;&nbsp; 111590920 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (1279490)<br>| &nbsp;&nbsp; (158448898)<br>| &nbsp;&nbsp; (1418734)<br>| &nbsp;&nbsp; (136959230)<br>|
| **Net increase** | **290225** | &nbsp;&nbsp; **$39065856** | &nbsp;&nbsp; **157979** | &nbsp;&nbsp; **$20215227** |
| **Class S**: |  |  |  |  |
| Shares sold | 37931 | &nbsp;&nbsp; $4551649 | &nbsp;&nbsp; 21873 | &nbsp;&nbsp; $1811512 |
| Dividends reinvested | 92373 | &nbsp;&nbsp; 9886645 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (108764)<br>| &nbsp;&nbsp; (12688233)<br>| &nbsp;&nbsp; (151242)<br>| &nbsp;&nbsp; (12998627)<br>|
| **Net increase (decrease)** | **21540** | &nbsp;&nbsp; **$1750061** | &nbsp;&nbsp; **(129369)**<br>| &nbsp;&nbsp; **$(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 (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**December 31, 2025** | **FOR THE YEAR ENDED** <br>**December 31, 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 | 293408 | &nbsp;&nbsp; $30081420 | &nbsp;&nbsp; 230978 | &nbsp;&nbsp; $17507353 |
| Dividends reinvested | 473066 | &nbsp;&nbsp; 46852471 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (748285)<br>| &nbsp;&nbsp; (74963594)<br>| &nbsp;&nbsp; (782598)<br>| &nbsp;&nbsp; (58482736)<br>|
| **Net increase (decrease)** | **18189** | &nbsp;&nbsp; **$1970297** | &nbsp;&nbsp; **(551620)**<br>| &nbsp;&nbsp; **$(40975383)**<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**December 31, 2025** | **FOR THE YEAR ENDED** <br>**December 31, 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 | 55691 | &nbsp;&nbsp; $1989684 | &nbsp;&nbsp; 42404 | &nbsp;&nbsp; $1280039 |
| Dividends reinvested | 172671 | &nbsp;&nbsp; 5945142 | &nbsp;&nbsp; 12252 | &nbsp;&nbsp; 387744 |
| Shares redeemed | (155336)<br>| &nbsp;&nbsp; (5438589)<br>| &nbsp;&nbsp; (157676)<br>| &nbsp;&nbsp; (4856554)<br>|
| **Net increase (decrease)** | **73026** | &nbsp;&nbsp; **$2496237** | &nbsp;&nbsp; **(103020)**<br>| &nbsp;&nbsp; **$(3188771)**<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**December 31, 2025** | **FOR THE YEAR ENDED** <br>**December 31, 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 | 535833 | &nbsp;&nbsp; $11814096 | &nbsp;&nbsp; 546223 | &nbsp;&nbsp; $10805307 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (1220224)<br>| &nbsp;&nbsp; (26559438)<br>| &nbsp;&nbsp; (1250552)<br>| &nbsp;&nbsp; (23514963)<br>|
| **Net decrease** | **(684391)**<br>| &nbsp;&nbsp; **$(14745342)**<br>| &nbsp;&nbsp; **(704329)**<br>| &nbsp;&nbsp; **$(12709656)**<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**December 31, 2025** | **FOR THE YEAR ENDED** <br>**December 31, 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 | 333421 | &nbsp;&nbsp; $5581731 | &nbsp;&nbsp; 298098 | &nbsp;&nbsp; $5203301 |
| Dividends reinvested | 92366 | &nbsp;&nbsp; 1688441 | &nbsp;&nbsp; 30275 | &nbsp;&nbsp; 573116 |
| Shares redeemed | (1077375)<br>| &nbsp;&nbsp; (18571477)<br>| &nbsp;&nbsp; (1506881)<br>| &nbsp;&nbsp; (25924369)<br>|
| **Net decrease** | **(651588)**<br>| &nbsp;&nbsp; **$(11301305)**<br>| &nbsp;&nbsp; **(1178508)**<br>| &nbsp;&nbsp; **$(20147952)**<br>|

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**December 31, 2025** | **FOR THE YEAR ENDED** <br>**December 31, 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 | 183583 | &nbsp;&nbsp; $4224967 | &nbsp;&nbsp; 210737 | &nbsp;&nbsp; $4429355 |
| Dividends reinvested | 357157 | &nbsp;&nbsp; 7961025 | &nbsp;&nbsp; 5199 | &nbsp;&nbsp; 116250 |
| Shares redeemed | (406190)<br>| &nbsp;&nbsp; (9465736)<br>| &nbsp;&nbsp; (402701)<br>| &nbsp;&nbsp; (8480238)<br>|
| **Net increase (decrease)** | **134550** | &nbsp;&nbsp; **$2720256** | &nbsp;&nbsp; **(186765)**<br>| &nbsp;&nbsp; **$(3934633)**<br>|

---

Subscriptions In-Kind: The Portfolios may receive payment for Portfolio shares wholly or in-part by receiving portfolio securities from shareholders. For the year ended December 31, 2024, the Alger Capital Appreciation Portfolio had subscriptions in-kind in the amount of $84,370,859.

**NOTE 8 — Income Tax Information:**

------

The tax character of distributions paid during the year ended December 31, 2025 and the year ended December 31, 2024 was as follows:

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

---

| | | |
|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**December 31, 2025**<br>| **FOR THE YEAR ENDED** <br>**December 31, 2024**<br>|
| **Alger Capital Appreciation Portfolio** | **Alger Capital Appreciation Portfolio** | **Alger Capital Appreciation Portfolio** |
| Distributions paid from: |  |  |
| Ordinary Income | $17852464 | &nbsp;&nbsp; $— |
| Long-term capital gains | 103840401 | &nbsp;&nbsp; — |
| **Total distributions paid** | **$121692865** | &nbsp;&nbsp; **$—** |
| **Alger Large Cap Growth Portfolio** | **Alger Large Cap Growth Portfolio** | **Alger Large Cap Growth Portfolio** |
| Distributions paid from: |  |  |
| Ordinary Income | 4609134 | &nbsp;&nbsp; — |
| Long-term capital gains | 42243337 | &nbsp;&nbsp; — |
| **Total distributions paid** | **$46852471** | &nbsp;&nbsp; **$—** |
| **Alger Growth & Income Portfolio** | **Alger Growth & Income Portfolio** | **Alger Growth & Income Portfolio** |
| Distributions paid from: |  |  |
| Ordinary Income | 744899 | &nbsp;&nbsp; 243934 |
| Long-term capital gains | 5200243 | &nbsp;&nbsp; 143810 |
| **Total distributions paid** | **$5945142** | &nbsp;&nbsp; **$387744** |
| **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** |
| Distributions paid from: |  |  |
| Ordinary Income |  | &nbsp;&nbsp; — |
| Long-term capital gains |  | &nbsp;&nbsp; — |
| **Total distributions paid** | **$—** | &nbsp;&nbsp; **$—** |

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **FOR THE YEAR ENDED**<br> **December 31, 2025**<br>| **FOR THE YEAR ENDED**<br> **December 31, 2024**<br>|
| **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** |
| Distributions paid from: |  |  |
| Ordinary Income | $— | &nbsp;&nbsp; $574238 |
| Return of Capital | 615590 | &nbsp;&nbsp; — |
| Long-term capital gains | 1076450 | &nbsp;&nbsp; — |
| **Total distributions paid** | **$1692040** | &nbsp;&nbsp; **$574238** |
| **Alger Balanced Portfolio** | **Alger Balanced Portfolio** | **Alger Balanced Portfolio** |
| Distributions paid from: |  |  |
| Ordinary Income | 1825742 | &nbsp;&nbsp; — |
| Long-term capital gains | 6135284 | &nbsp;&nbsp; 116250 |
| **Total distributions paid** | **$7961026** | &nbsp;&nbsp; **$116250** |

---

As of December 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

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

---

| | |
|:---|:---|
| **Alger Capital Appreciation Portfolio** |  |
| Undistributed ordinary income | $— |
| Undistributed long-term gains | 666220 |
| Net accumulated earnings | 666220 |
| Capital loss carryforwards |  |
| Late year ordinary income losses |  |
| Net unrealized appreciation | 424010431 |
| Total accumulated earnings | $424676651 |

---

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

---

| | |
|:---|:---|
| **Alger Large Cap Growth Portfolio** |  |
| Undistributed ordinary income | $2657336 |
| Undistributed long-term gains | 22084198 |
| Net accumulated earnings | 24741534 |
| Capital loss carryforwards |  |
| Late year ordinary income losses |  |
| Net unrealized appreciation | 187984102 |
| Total accumulated earnings | $212725636 |

---

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

---

| | |
|:---|:---|
| **Alger Growth & Income Portfolio** |  |
| Undistributed ordinary income | $— |
| Undistributed long-term gains | 416024 |
| Net accumulated earnings | 416024 |
| Capital loss carryforwards |  |
| Late year ordinary income losses |  |
| Net unrealized appreciation | 34391181 |
| Total accumulated earnings | $34807205 |

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | |
|:---|:---|
| **Alger Mid Cap Growth Portfolio** |  |
| Undistributed ordinary income | $— |
| Undistributed long-term gains |  |
| Net accumulated earnings |  |
| Capital loss carryforwards | (7664964)<br>|
| Late year ordinary income losses |  |
| Net unrealized appreciation | 32583124 |
| Total accumulated earnings | $24918160 |

---

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

---

| | |
|:---|:---|
| **Alger Small Cap Growth Portfolio** |  |
| Undistributed ordinary income | $— |
| Undistributed long-term gains |  |
| Net accumulated earnings |  |
| Capital loss carryforwards |  |
| Late year ordinary income losses |  |
| Net unrealized appreciation | 45556936 |
| Total accumulated earnings | $45556936 |

---

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

---

| | |
|:---|:---|
| **Alger Balanced Portfolio** |  |
| Undistributed ordinary income | $1351 |
| Undistributed long-term gains | 392861 |
| Net accumulated earnings | 394212 |
| Capital loss carryforwards |  |
| Late year ordinary income losses |  |
| Net unrealized appreciation | 34097341 |
| Total accumulated earnings | $34491553 |

---

During the year ended December 31, 2025, the Alger Large Cap Growth Portfolio, the Alger Mid Cap Growth Portfolio and the Alger Small Cap Growth Portfolio utilized capital loss carryforwards of $11,241,540, $25,587,268, and $1,900,260, respectively.

At December 31, 2025, the Alger Mid Cap Growth Portfolio, for U.S. federal income tax purposes, had capital loss carryforwards of $7,664,964. This amount 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 its 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 ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

Permanent differences, primarily from net operating losses, real estate investment trusts and partnership investments sold by the Portfolios, and equalization, resulted in the following reclassifications among the Portfolios' components of net assets at December 31, 2025.

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

---

| | |
|:---|:---|
| **Alger Capital Appreciation Portfolio** |  |
| Distributable earnings | $533 |
| Paid-in Capital | $(533)<br>|

---

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

---

| | |
|:---|:---|
| **Alger Large Cap Growth Portfolio** |  |
| Distributable earnings | $241 |
| Paid-in Capital | $(241)<br>|

---

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

---

| | |
|:---|:---|
| **Alger Growth & Income Portfolio** |  |
| Distributable earnings | $(7)<br>|
| Paid-in Capital | $7 |

---

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

---

| | |
|:---|:---|
| **Alger Mid Cap Growth Portfolio** |  |
| Distributable earnings | $1117453 |
| Paid-in Capital | $(1117453)<br>|

---

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

---

| | |
|:---|:---|
| **Alger Small Cap Growth Portfolio** |  |
| Distributable earnings | $1647645 |
| Paid-in Capital | $(1647645)<br>|

---

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

---

| | |
|:---|:---|
| **Alger Balanced Portfolio** |  |
| Distributable earnings | $7 |
| Paid-in Capital | $(7)<br>|

---

**NOTE 9 — Fair Value Measurements:**

------

The following is a summary of the inputs used as of December 31, 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, Alger Management has determined that presenting them by security type and sector is appropriate.

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation Portfolio** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $116390884 | &nbsp;&nbsp; $116390884 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 98043344 | &nbsp;&nbsp; 98043344 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Energy | 2689806 | &nbsp;&nbsp; 2689806 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 13081522 | &nbsp;&nbsp; 13081522 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 60770717 | &nbsp;&nbsp; 60770717 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 34827445 | &nbsp;&nbsp; 34827445 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 380813430 | &nbsp;&nbsp; 380813430 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 6888780 | &nbsp;&nbsp; 6888780 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 30451912 | &nbsp;&nbsp; 30451912 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$743957840** | &nbsp;&nbsp; **$743957840** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| Industrials | 2179920 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2179920 |
| Information Technology | 15077421 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15077421 |
| **TOTAL PREFERRED STOCKS** | **$17257341** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$17257341** |
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| Information Technology | 3100000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3100000 |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 387182 | &nbsp;&nbsp; 387182 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$764702363** | &nbsp;&nbsp; **$744345022** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$20357341** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Large Cap Growth Portfolio** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $81655720 | &nbsp;&nbsp; $81655720 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 40205727 | &nbsp;&nbsp; 40205727 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 1168668 | &nbsp;&nbsp; 1168668 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 38209922 | &nbsp;&nbsp; 37185028 | &nbsp;&nbsp; 1024894 | &nbsp;&nbsp; — |
| Industrials | 31367623 | &nbsp;&nbsp; 31367623 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 187912726 | &nbsp;&nbsp; 187912726 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 19261320 | &nbsp;&nbsp; 19261320 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$399781706** | &nbsp;&nbsp; **$398756812** | &nbsp;&nbsp; **$1024894** | &nbsp;&nbsp; **$—** |
| **EXCHANGE TRADED FUNDS** | 12315665 | &nbsp;&nbsp; 12315665 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **MUTUAL FUNDS** | 10887311 | &nbsp;&nbsp; 10887311 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **PREFERRED STOCKS** |  |  |  |  |
| Information Technology | 5435486 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5435486 |
| **REAL ESTATE INVESTMENT** <br> **TRUST**<br>|  |  |  |  |
| Real Estate | 739656 | &nbsp;&nbsp; 739656 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 2057692 | &nbsp;&nbsp; 2057692 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$431217516** | &nbsp;&nbsp; **$424757136** | &nbsp;&nbsp; **$1024894** | &nbsp;&nbsp; **$5435486** |

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Growth & Income Portfolio** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $5678144 | &nbsp;&nbsp; $5678144 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 3422105 | &nbsp;&nbsp; 3422105 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 2574350 | &nbsp;&nbsp; 2574350 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Energy | 1762967 | &nbsp;&nbsp; 1762967 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 6881888 | &nbsp;&nbsp; 6881888 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 4557093 | &nbsp;&nbsp; 4557093 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 2532794 | &nbsp;&nbsp; 2532794 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 16502961 | &nbsp;&nbsp; 16502961 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 1019427 | &nbsp;&nbsp; 1019427 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 685479 | &nbsp;&nbsp; 685479 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$45617208** | &nbsp;&nbsp; **$45617208** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **MASTER LIMITED** <br> **PARTNERSHIP**<br>|  |  |  |  |
| Energy | 154450 | &nbsp;&nbsp; 154450 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **REAL ESTATE INVESTMENT** <br> **TRUST**<br>|  |  |  |  |
| Real Estate | 1427927 | &nbsp;&nbsp; 1427927 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 195292 | &nbsp;&nbsp; 195292 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$47394877** | &nbsp;&nbsp; **$47394877** | &nbsp;&nbsp; **$—** | &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 | $8365159 | &nbsp;&nbsp; $8365159 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 22470927 | &nbsp;&nbsp; 22470927 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 5833524 | &nbsp;&nbsp; 5833524 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 16453058 | &nbsp;&nbsp; 16453058 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 18562389 | &nbsp;&nbsp; 18562389 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 36010434 | &nbsp;&nbsp; 36010434 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 31040619 | &nbsp;&nbsp; 31040619 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 2301974 | &nbsp;&nbsp; 2301974 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Real Estate | 6995115 | &nbsp;&nbsp; 6995115 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 5282100 | &nbsp;&nbsp; 5282100 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$153315299** | &nbsp;&nbsp; **$153315299** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| Industrials | 369980 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 369980 |
| Information Technology | 597566 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 597566 |
| **TOTAL PREFERRED STOCKS** | **$967546** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$967546** |
| **RIGHTS** |  |  |  |  |
| Health Care | — <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>1</sup><br>|
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| Information Technology | 419000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 419000 |
| **WARRANTS** |  |  |  |  |
| Information Technology | — <br><sup>2</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — |

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Portfolio** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | $1690680 | &nbsp;&nbsp; $1690680 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$156392525** | &nbsp;&nbsp; **$155005979** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1386546** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Portfolio** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $1226356 | &nbsp;&nbsp; $1226356 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 15678718 | &nbsp;&nbsp; 15678718 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 3307138 | &nbsp;&nbsp; 3307138 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Energy | 3037062 | &nbsp;&nbsp; 3037062 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 4820250 | &nbsp;&nbsp; 4820250 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 48503002 | &nbsp;&nbsp; 48442352 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60650 |
| Industrials | 31210956 | &nbsp;&nbsp; 31210956 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 32378826 | &nbsp;&nbsp; 32378826 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 1065699 | &nbsp;&nbsp; 1065699 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 629256 | &nbsp;&nbsp; 629256 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$141857263** | &nbsp;&nbsp; **$141796613** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$60650** |
| **PREFERRED STOCKS** |  |  |  |  |
| Health Care | 212291 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 212291 |
| Information Technology | 645272 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 645272 |
| **TOTAL PREFERRED STOCKS** | **$857563** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$857563** |
| **RIGHTS** |  |  |  |  |
| Health Care | 60084 <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60084 <br><sup>1</sup><br>|
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| Information Technology | 746000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 746000 |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 1508274 | &nbsp;&nbsp; 1508274 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$145029184** | &nbsp;&nbsp; **$143304887** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1724297** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Balanced Portfolio** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $5825108 | &nbsp;&nbsp; $5825108 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 3505268 | &nbsp;&nbsp; 3505268 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 2621563 | &nbsp;&nbsp; 2621563 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Energy | 1790805 | &nbsp;&nbsp; 1790805 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 7005902 | &nbsp;&nbsp; 7005902 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 4671316 | &nbsp;&nbsp; 4671316 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 2577360 | &nbsp;&nbsp; 2577360 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 16791892 | &nbsp;&nbsp; 16791892 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 1033808 | &nbsp;&nbsp; 1033808 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 695431 | &nbsp;&nbsp; 695431 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$46518453** | &nbsp;&nbsp; **$46518453** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **CORPORATE BONDS** |  |  |  |  |
| Communication Services | 1015687 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1015687 | &nbsp;&nbsp; — |
| Consumer Discretionary | 2012761 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2012761 | &nbsp;&nbsp; — |

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Balanced Portfolio** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| Consumer Staples | $1016086 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1016086 | &nbsp;&nbsp; $— |
| Energy | 509523 | &nbsp;&nbsp; — | &nbsp;&nbsp; 509523 | &nbsp;&nbsp; — |
| Financials | 2028422 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2028422 | &nbsp;&nbsp; — |
| Health Care | 3549025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3549025 | &nbsp;&nbsp; — |
| Industrials | 1535792 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1535792 | &nbsp;&nbsp; — |
| Information Technology | 1009068 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1009068 | &nbsp;&nbsp; — |
| Materials | 513722 | &nbsp;&nbsp; — | &nbsp;&nbsp; 513722 | &nbsp;&nbsp; — |
| Real Estate | 505799 | &nbsp;&nbsp; — | &nbsp;&nbsp; 505799 | &nbsp;&nbsp; — |
| Utilities | 1009609 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1009609 | &nbsp;&nbsp; — |
| **TOTAL CORPORATE BONDS** | **$14705494** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$14705494** | &nbsp;&nbsp; **$—** |
| **MASTER LIMITED** <br> **PARTNERSHIP**<br>|  |  |  |  |
| Energy | 157445 | &nbsp;&nbsp; 157445 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **REAL ESTATE INVESTMENT** <br> **TRUST**<br>|  |  |  |  |
| Real Estate | 1460068 | &nbsp;&nbsp; 1460068 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **U.S. GOVERNMENT BONDS** | 2081063 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2081063 | &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 615125 | &nbsp;&nbsp; 615125 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$65537648** | &nbsp;&nbsp; **$48751091** | &nbsp;&nbsp; **$16786557** | &nbsp;&nbsp; **$—** |

---

&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 Tolero CDRs are classified as a Level 3 investment and are fair valued at zero as of December 31, 2025. 

<sup>2</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 December 31, 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; — |
| 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; 6854239 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 2570750 |
| Sales/Distributions | &nbsp;&nbsp; (462008)<br>|
| Closing balance at December 31, 2025 | &nbsp;&nbsp; 17257341 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br> **still held at December 31, 2025\*\***<br>| &nbsp;&nbsp; **6630292** |

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (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; — |
| 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; (38487)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 3200750 |
| Sales/Distributions | &nbsp;&nbsp; (475000)<br>|
| Closing balance at December 31, 2025 | &nbsp;&nbsp; 3100000 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br> **still held at December 31, 2025\*\***<br>| &nbsp;&nbsp; **(100750)** <br>|

---

&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 December 31, 2025 | &nbsp;&nbsp; 5435486 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br> **still held at December 31, 2025\*\***<br>| &nbsp;&nbsp; **—**<br>|

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (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; — |
| 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; 249052 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; (1900000)<br>|
| Closing balance at December 31, 2025 | &nbsp;&nbsp; — |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br> **still held at December 31, 2025\*\***<br>| &nbsp;&nbsp; **—**<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** | **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; (766882)<br>|
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 766885 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 369980 |
| Sales/Distributions | &nbsp;&nbsp; (3)<br>|
| Closing balance at December 31, 2025 | &nbsp;&nbsp; 967546 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br> **still held at December 31, 2025\*\***<br>| &nbsp;&nbsp; **—**  |

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (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 December 31, 2025 | &nbsp;&nbsp; —\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br> **still held at December 31, 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; — |
| 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; 143679 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 432617 |
| Sales/Distributions | &nbsp;&nbsp; (1200000)<br>|
| Closing balance at December 31, 2025 | &nbsp;&nbsp; 419000 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br> **still held at December 31, 2025\*\***<br>| &nbsp;&nbsp; **(13617)** <br>|

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (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; (1343884)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at December 31, 2025 | &nbsp;&nbsp; 60650 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br> **still held at December 31, 2025\*\***<br>| &nbsp;&nbsp; **(1343884)** <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; (386989)<br>|
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 327711 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; (3)<br>|
| Closing balance at December 31, 2025 | &nbsp;&nbsp; 857563 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br> **still held at December 31, 2025\*\***<br>| &nbsp;&nbsp; **(59282)** <br>|

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (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; (33769)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at December 31, 2025 | &nbsp;&nbsp; 60,084\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br> **still held at December 31, 2025\*\***<br>| &nbsp;&nbsp; **(33769)** <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; — |
| 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; 198591 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 770245 |
| Sales/Distributions | &nbsp;&nbsp; (1700000)<br>|
| Closing balance at December 31, 2025 | &nbsp;&nbsp; 746000 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br> **still held at December 31, 2025\*\***<br>| &nbsp;&nbsp; **(24245)** <br>|

---

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

\* Includes securities that were fair valued at zero during the year ended December 31, 2025.

\*\* 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 December 31, 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 (Continued)**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** <br>**December 31,** <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** | $15077421 | Market <br>Approach<br>| Revenue Multiple | 23.05x-24.84x | 24.63x |
|  | 2179920 | Market <br>Approach<br>| Transaction Price\*\* | N/A | N/A\* |
| **Special Purpose Vehicle** | 3100000 | Market <br>Approach<br>| Transaction Price\*\*\* | N/A | N/A\* |
| 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 | 23.05x | 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** | 597566 | Market <br>Approach<br>| Revenue Multiple | 23.05x | N/A\* |
|  | 369980 | Market <br>Approach<br>| Transaction Price\*\* | N/A | N/A\* |
| **Special Purpose Vehicle** | 419000 | Market <br>Approach<br>| Transaction Price\*\*\* | N/A | N/A\* |
| **Rights** | —\*\*\*\* | Income <br>Approach<br>| Discount Rate <br>Probability of Success<br>| 100% <br>0.00%<br>| N/A\* |
| 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** | 60650 | Market <br>Approach<br>| Revenue Multiple | 2.26x | N/A\* |
| **Preferred Stocks** | 857563 | Market <br>Approach<br>| Revenue Multiple | 2.26x-23.05x | 17.90x |
| **Rights** | 60,084\*\*\*\* | Income <br>Approach<br>| Discount Rate <br>Probability of Success<br>| 4.65%-100% <br>0%-44%<br>| 4.65% <br>39.67%<br>|
| **Special Purpose Vehicle** | 746000 | Market <br>Approach<br>| Transaction Price\*\*\* | N/A | N/A\* |

---

&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>|
| \*\* | Fair value was determined based on the recent acquisition price (transaction price) as a best measure of fair value <br>with no material changes in valuation assumptions since the acquisition date of November 18, 2025.<br>|
| \*\*\* | Fair value was determined based on the recent acquisition price (transaction price) as a best measure of fair value <br>with no material changes in valuation assumptions since the acquisition date of November 4, 2025.<br>|
| <sup>\*\*\*\*</sup> <br>| Tolero CDRs are classified as a Level 3 investment and are fair valued at zero as of December 31, 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

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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 year ended December 31, 2025, there were no changes in valuation methodology on Level 3 investments.

**NOTE 10 — Derivatives:**

------

FASB Accounting Standards Codification 815 – Derivatives and Hedging ("ASC 815") requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements.

There were no derivative instruments held by any Portfolio throughout the year or as of December 31, 2025.

**NOTE 11 — 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

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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 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

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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 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 12 — Affiliated Securities:**

------

During the year ended December 31, 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 year ended December 31, 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%.

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (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>**December 31,** <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>**December 31,** <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 <br> Ventures C, <br> LLC, Cl. <br> A<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $62263 | &nbsp;&nbsp; $— |
| **Total** |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $62263 | &nbsp;&nbsp; $—<br>|

---

&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>**December 31,** <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>**December 31,** <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** |
| **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, <br>LLC, Cl. A<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $249052 | &nbsp;&nbsp; $— |
| **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; 25006 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3384953 | &nbsp;&nbsp; 12315665 |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| Alger 35 Fund | 559471 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 559471 | &nbsp;&nbsp; 2313861 | &nbsp;&nbsp; — | &nbsp;&nbsp; 895154 | &nbsp;&nbsp; 10887311 |
| **Total** | 912659 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 912659 | &nbsp;&nbsp; $2338867 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4529159 | &nbsp;&nbsp; $23202976 <br>|

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**December 31,** <br>**2024**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**December 31,** <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>**December 31,** <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** |
| **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, <br> LLC, <br> Cl. A<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $114695 | &nbsp;&nbsp; $— |
| Crosslink <br> Ventures C, <br> LLC, <br> Cl. B<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42601 | &nbsp;&nbsp; — |
| **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 <br>Cap <br> 40 ETF<br>| 283956 | &nbsp;&nbsp; — | &nbsp;&nbsp; (283956)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35808 | &nbsp;&nbsp; 370733 | &nbsp;&nbsp; — |
| **Total** | 283956 | &nbsp;&nbsp; — | &nbsp;&nbsp; (283956)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $35808 | &nbsp;&nbsp; $528029 | &nbsp;&nbsp; $—<br>|

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**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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&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>**December 31,** <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>**December 31,** <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, <br> LLC, Cl. <br> A<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $183512 | &nbsp;&nbsp; $— |
| Crosslink <br> Ventures C, <br> LLC, Cl. <br> B<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39324 | &nbsp;&nbsp; — |
| **Total** |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $222836 | &nbsp;&nbsp; $— |

---

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

<sup>1</sup> Crosslink Ventures C, LLC liquidated and distributed shares of Chime Financial, Inc. Class A during the year, and is no longer deemed an affiliate of the Portfolio.

**NOTE 13 — Subsequent Events:**

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Alger Management has evaluated events that have occurred subsequent to December 31, 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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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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To the Shareholders and the Board of Trustees of The Alger Portfolios:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of The Alger Portfolios, comprising the Alger Capital Appreciation Portfolio, Alger Large Cap Growth Portfolio, Alger Mid Cap Growth Portfolio, Alger Small Cap Growth Portfolio, Alger Growth & Income Portfolio, and Alger Balanced Portfolio (collectively, the "Funds"), including the schedules of investments, as of December 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds constituting the Alger Portfolios as of December 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

February 19, 2026

We have served as the auditor of one or more investment companies within the Alger group of investment companies since 2009.

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**THE ALGER PORTFOLIOS**

**OTHER INFORMATION (Unaudited)**

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**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 Portfolio's 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 www.alger.com 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)**

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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 Portfolio and its 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**

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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**

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Fred Alger & Company, LLC

100 Pearl Street, 27th Floor

New York, NY 10004

**Transfer Agent and Dividend Disbursing Agent**

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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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![](imgf64c1ec73.gif)

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

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Not Applicable.

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

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Not Applicable.

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

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Remuneration paid to directors, officers and others is included in the Statements 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

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At a meeting held on September 18, 2025 (the "Meeting"), the Board of Trustees (the "Board") of The Alger Portfolios (the "Trust"), including a majority of the trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the Trust (the "Independent Trustees"), reviewed and approved the continuation of the investment advisory agreement between Fred Alger Management, LLC ("Alger" or the "Manager") and the Trust, on behalf of 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 (each a "Fund"), (the "Management Agreement"), for an additional one-year period.

In considering the continuation of the Management Agreement, the Board reviewed and considered information provided by the Manager and its representatives at the Meeting and throughout the year at meetings of the Board and its committees. The Board also reviewed and considered information the Manager provided in response to a request for information Independent Trustee counsel submitted to the Manager on behalf of the Independent Trustees in connection with the Board's annual contract consideration, as well as information provided in response to a supplemental request from Independent Trustee counsel on behalf of the Independent Trustees. The materials for the Meeting included reports from FUSE Research Network LLC ("FUSE"), an independent consulting firm, that contained extensive analyses of the Funds and the Manager's services to the Funds. The Board also received a presentation from FUSE representatives at the Meeting, and, among other things, received a description of the methodology FUSE used to select the mutual funds included in each Fund's Peer Universe and Peer Group (as described below). Moreover, at a meeting held on September 17, 2025, prior to the Meeting, the Independent Trustees met with representatives from FUSE to receive an overview of, and to discuss the methodology by which FUSE prepared, its reports.

The Independent Trustees received advice from, and met separately with, their Independent Trustee counsel in considering whether to approve the continuation of the Management Agreement. The Independent Trustees also received a memorandum from Independent Trustee counsel discussing the legal standards and their duties in considering the continuation of the Management Agreements, and counsel reviewed those standards with the Independent Trustees during their separate meeting. The Independent Trustees also met separately with senior management of Alger, during which time the Independent Trustees discussed various matters related to proposed continuation of the Management Agreements.

The Board reviewed the materials provided and considered all of the factors it deemed relevant in approving the continuance of the Management Agreement, including, but not limited to: (i) the nature, extent and quality of the services provided by the Manager; (ii) the short- and long-term investment performance of

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

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each Fund; (iii) the costs of the services the Manager provided and profits it realized; (iv) the extent to which the Manager realizes economies of scale as a Fund grows; and (v) whether fee levels reflect these economies of scale for the benefit of Fund shareholders. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered. The Board considered the information provided to it about the Funds together, and with respect to each Fund separately, as the Board deemed appropriate.

In the discussions that follow, reference is made to the "median" in the Peer Group and Peer Universe categories. With respect to performance, below median performance represents performance that is worse relative to the median, and above median performance represents performance that is better relative to the median of the funds in the relevant Performance Universe. With respect to expenses, below median fees or expenses represent fees or expenses that are lower relative to the median, and above median fees or expenses represent fees or expenses that are higher relative to the median of the funds in the relevant Expense Group (as described below). FUSE information is calculated on a share class basis. References appearing below with regard to a Fund's performance results and comparative fees and expenses relate to Class I-2 shares of the Fund.

In particular, in approving the continuance of the Management Agreement, the Board considered the following factors:

Nature, Extent and Quality of Services

------

The Board reviewed and considered information regarding the nature, extent and quality of investment management services provided by the Manager to the Funds. This information included, among other things, the qualifications, background and experience of the professional personnel who perform services for the Funds; the structure of investment professional compensation; oversight of third-party service providers; short- and long-term investment performance, fee and expense information; fees and payments to affiliates and intermediaries for fund administration, transfer agency and shareholder services; legal and compliance matters; risk controls; pricing and other services provided by the Manager; and the range of advisory fees the Manager charges to other funds and accounts under its management, including the Manager's explanation of differences among such funds and accounts and the Funds, where relevant. The Board noted that it received information at regular meetings throughout the year regarding the services rendered by the Manager concerning the management of each Fund's affairs, including certain portfolio manager presentations, and Alger's role in coordinating and overseeing providers of other services to the Funds. The Board also noted the work undertaken by the Manager with respect to implementing various regulatory requirements applicable to the Funds.

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

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The Board noted Alger's history and expertise in the "growth" style of investment management, as well as Alger's consistency in applying its "growth" style investment philosophy and process. The Board noted the length of time the Manager has provided services as an investment adviser to each Fund.

The Board also reviewed and considered the benefits provided to Fund shareholders of investing in a fund that is part of the Alger Family of Funds. The Board noted the continuing strong financial position of the Manager and the Manager's commitment to its fund, and overall business.

Following consideration of such information, the Trustees determined that they remain satisfied with the nature, extent and quality of services provided by the Manager to the Funds under the Management Agreement.

Fund Performance

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The Board reviewed and considered the performance results of each Fund over various time periods ended June 30, 2025. The Board considered the performance returns for each Fund in comparison to the performance returns of a universe of mutual funds deemed comparable to the Fund based on various investment, operational, and pricing characteristics ("Peer Universe"), and a group of mutual funds from within such Peer Universe deemed comparable to the Fund based primarily on investment strategy similarity ("Peer Group"), each as selected by FUSE, as well as to the Fund's benchmark index. The Board noted the Manager's statement that long-term performance could be impacted by one period of significant outperformance or underperformance.

The Board also reviewed and considered Fund performance reports provided by management and discussions that occurred with investment personnel and Alger senior management at Board meetings throughout the year. The Board further noted that representatives of Alger review with the Trustees the recent and longer-term performance of each Fund, including contributors to, and detractors from, Fund performance at every quarterly meeting of the Board throughout the year. In considering the Funds' performance generally, the Board observed the Manager's consistency in implementing its growth style investment process and philosophy for the Funds and considered how a strategy's "growthiness" as compared to peers can impact relative performance results, even among comparisons that either FUSE or the Manager already have identified as having growth characteristics. In this regard, the Board considered information provided by FUSE on a Fund's "style factor," reflecting a three-year average of Morningstar's Raw Growth-Value score to indicate a value or growth bias as compared to the Fund's Peer Group and benchmark.

The Trustees concluded that each Fund's performance was acceptable, noting their discussions with senior management of Alger related to Fund performance and the factors that impacted Fund performance, where applicable. Further

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

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discussion of the Board's considerations with respect to each Fund's performance is set forth below.

Alger Capital Appreciation Portfolio. The Board noted that the Fund's annualized total return for the one-, three-, five-, and 10-year periods outperformed the median of its Peer Group. The Board also noted that the Fund's annualized total return for the one-, three-, five- and 10-year periods was in the first quartile of its Peer Universe.

Alger Large Cap Growth Portfolio. The Board noted that the Fund's annualized total return for the one-, three-, and five-year periods outperformed the median of its Peer Group and for the 10-year period underperformed the median of its Peer Group. The Board also noted that the Fund's annualized total return for the one- and three-year periods was in the first quartile of its Peer Universe, for the five-year period was in the second quartile of its Peer Universe, and for the 10-year period was in the third quartile of its Peer Universe.

Alger Growth & Income Portfolio. The Board noted that the Fund's annualized total return for the one- and three-year periods underperformed the median of its Peer Group, and for the five- and 10-year periods outperformed the median of its Peer Group. The Board also noted that the Fund's annualized total return for the one- and three-year periods was in the second quartile of its Peer Universe, and for the five- and 10-year periods was in the first quartile of its Peer Universe.

Alger Mid Cap Growth Portfolio. The Board noted that the Fund's annualized total return for the one- and 10-year periods underperformed the median of its Peer Group, and for the three- and five-year periods outperformed the median of its Peer Group. The Board also noted that the Fund's annualized total return for the one-, three- and five-year periods was in the second quartile of its Peer Universe, and for the 10-year period was in the third quartile.

Alger Small Cap Growth Portfolio. The Board noted that the Fund's annualized total return for the one-, three-, five- and 10-year periods underperformed the median of its Peer Group and was in the fourth quartile of its Peer Universe. The Board considered FUSE's commentary that (i) although the Fund underperformed its peers, short-term relative performance had improved, and (ii) the Fund's overweight allocation to the healthcare sector had been a drag over the mid-term. The Board further considered its discussions with senior management of Alger related to the Fund's performance and the factors that impacted the Fund's performance.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Alger Balanced Portfolio. The Board noted that the Fund's annualized total return for the one-, three-, five- and 10-year periods outperformed the median of its Peer Group. The Board also noted that the Fund's annualized total return for the one-year period was in the third quartile of its Peer Universe and for the three-, five- and 10-year periods was in the first quartile of its Peer Universe.

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

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Comparative Fees and Expenses

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For each Fund, the Board reviewed and considered the contractual management fee (the "Contractual Management Fee") payable by the Fund to Alger in light of the nature, extent and quality of the services provided by Alger pursuant to the Management Agreement and considered the actual fee rate (after taking any waivers and reimbursements into account) payable by the Fund (the "Actual Management Fee"). The Board also reviewed and considered fee waiver and/or expense reimbursement arrangements for certain Funds where Alger has contractually agreed to waive fees or reimburse expenses of such Funds in an amount corresponding to the management fee borne by such Funds as an investor in any underlying Alger-sponsored fund. Additionally, the Board received and considered information comparing each Fund's Contractual Management Fee, Actual Management Fee and overall expenses, including administrative fees payable to Alger, with those of the funds in the Peer Group provided by FUSE. The Board reviewed the methodology used by FUSE in calculating expense information, including that, for purposes of the comparisons below, the Contractual Management Fee used by FUSE for the Fund and peers includes the advisory fee and administrative fee (if a fund reports both). The Board considered limitations with respect to the comparative fee and expense information included in the reports prepared by FUSE, including that the reports reflected information for a specific period and that historical asset levels and expenses may differ from current levels.

The Board discussed the factors that could contribute to each Fund's Contractual Management Fee, Actual Management Fee or total expenses being above or below the median of the Fund's Peer Group. The Board concluded that the Contractual Management Fee charged to each Fund, is reasonable in relation to the services rendered by the Manager and is the product of arm's length negotiations. Further discussion of the Board's considerations with respect to each Fund's comparative fees and expenses is set forth below.

Alger Capital Appreciation Portfolio. The Board noted that the Fund's Contractual Management Fee and total expenses were above the median and in the fourth (most expensive) quartile of its Peer Group. In this regard, the Board considered the Fund's top quartile performance.

Alger Large Cap Growth Portfolio. The Board noted that the Fund's Contractual Management Fee and total expenses were above the median and in the fourth (most expensive) of its Peer Group. In this regard, the Board considered FUSE's commentary that the Fund's Peer Group had a very tight distribution of advisory fee expenses around the median of the Peer Group.

Alger Growth & Income Portfolio. The Board noted that the Fund's Contractual Management Fee was below the median and in the first (least expensive) quartile of its Peer Group, and that the total expenses were above the median and in the

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

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fourth (most expensive) quartile of its Peer Group. The Board noted FUSE's remarks that the Fund's total expenses relative to peers is elevated in part due to its relatively small asset base.

Alger Mid Cap Growth Portfolio. The Board noted that the Fund's Contractual Management Fee was below the median and in the second quartile of its Peer Group, and that the total expenses were above the median and in the third quartile of its Peer Group.

Alger Small Cap Growth Portfolio. The Board noted that the Fund's Contractual Management Fee was below the median and in the second quartile of its Peer Group, and that the total expenses were above the median and in the third quartile of its Peer Group.

Alger Balanced Portfolio. The Board noted that the Fund's Contractual Management Fee and total expenses were above the median and in the fourth (most expensive) quartile of its Peer Group. In this regard, the Board considered the Fund's top quartile performance for the three-, five- and 10-year periods.

In connection with its consideration of each Fund's fees payable under the Management Agreement, the Board also received information on the range of fees charged by the Manager for funds and accounts of a similar investment strategy to each Fund that are under its management. The Board noted management's explanation that comparisons with such accounts may be of limited relevance given the different structures and regulatory requirements of mutual funds, such as the Funds, versus those accounts and the differences in the levels of services required by the Funds as compared to those accounts.

Profitability

------

The Board reviewed and considered information regarding the profits realized by Alger in connection with the operation of each Fund. In this respect, the Board considered overall profitability, as well as the profits of Alger in providing investment management and other services to each Fund, during the year ended June 30, 2025. The Board also noted management's representations that the Manager is not profitable with respect to certain Funds. The Board reviewed the methodology by which Alger's profitability is calculated, and any changes that were made since last year, noting that management maintains a generally consistent methodology year to year. The Board considered FUSE's view that Alger's expense allocation policies are reasonable and align with accepted industry practices. The Board also reviewed Alger's profitability in comparison to certain investment advisory peers, noting limitations with respect to such comparison.

The Board also considered the extent to which the Manager might derive ancillary benefits from Fund operations, including, for example, through soft dollar arrangements. Based upon its consideration of all these factors, the

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

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Trustees concluded that the level of profits realized by Alger and its affiliates from providing services to each Fund was not excessive in view of the nature, extent and quality of services provided to each Fund.

Economies of Scale

------

For each Fund, the Board reviewed and considered the extent to which the Manager may realize economies of scale, if any, as the Fund grows larger and whether the Fund's management fee structure reflects any economies of scale for the benefit of Fund shareholders. The Board noted the existence of management fee breakpoints for Alger Large Cap Growth Portfolio, Alger Mid Cap Growth Portfolio, Alger Small Cap Growth Portfolio, Alger Capital Appreciation Portfolio and Alger Balanced Portfolio, which are designed to share economies of scale with a Fund's shareholders by reducing the Fund's effective management fees as the Fund grows in size. The Board considered the Manager's view that the overall size of Alger allows it to realize other economies of scale, such as with office space, purchases of technology, and other general business expenses, including with respect to Funds that did not have management fee breakpoints.

The Trustees concluded that for each Fund, to the extent economies of scale may be realized by Alger, the benefits of such economies of scale would be shared with the Fund and its shareholders as the Fund grows, including through the management fee breakpoints in place for applicable Funds.

Conclusion

------

The Board's consideration of the Management Agreement also benefitted from the number of years the Board has considered the continuation of the Management Agreement, during which lengthy discussions took place between the Board and representatives of the Manager. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board's conclusions may be based, in part, on its consideration of the Fund's arrangements in prior years.

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including the Independent Trustees voting separately, unanimously approved the continuation of the Management Agreement for an additional one-year period.

------

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.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to these procedures.

ITEM 16. CONTROLS AND PROCEDURES.

&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, as amended) 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.

(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) | [Code of Ethics](tap-efp22938_ex99code.htm) |
| (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.](tap-efp22938_ex99cert.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.

The Alger Portfolios

---

| | |
|:---|:---|
| By: | /s/ Hal Liebes |
| Name: | Hal Liebes |
| Title: | Principal Executive Officer |
| Date: | February 18, 2026 |

---

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: | February 18, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Michael D. Martins |
| Name: | Michael D. Martins |
| Title: | Principal Financial Officer |
| Date: | February 18, 2026 |

---

## Ex-99.Codeeth

**Exhibit 99.CODE ETH**

![](img01.jpg)

**THE ALGER FUNDS**

**THE ALGER FUNDS II**

**THE ALGER INSTITUTIONAL FUNDS**

**THE ALGER PORTFOLIOS**

**ALGER GLOBAL EQUITY FUND**

**THE ALGER ETF TRUST**

**(Each a "Fund" and collectively, the "Funds")**

**CODE OF ETHICS FOR**

**PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS**

**August 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Covered Officers/Purpose of the Code** 

This Code of Ethics (the "Code") applies to the Principal Executive Officer and Principal Financial Officer of the Funds ("Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest
 and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
 between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full,
 fair, accurate, timely and understandable disclosure in reports, documents and other public
 communications that the Funds file with, or submit to, the Securities and Exchange Commission
 ("SEC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance
 with applicable federal securities laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 prompt internal reporting of violations of this Code to an appropriate person or persons
 identified in this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability
 for adherence to this Code.

Each Covered Officer (listed in Exhibit A) should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Covered Officers Should Ethically Handle Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his/her service to, a Fund. A conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("Investment Company Act"), and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated

persons" of the Fund. The compliance program, and policies and procedures of the Funds and the Funds' investment adviser or sub-adviser(s) (collectively, the "Adviser") are designed to reasonably prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace such program, and policies and procedures, and, therefore, certain conflicts may fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or are a result of, the contractual relationship between the Funds and the Adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Funds and the Adviser. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, the Funds' Boards of Trustees (the "Boards") recognize that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes of ethics.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund<sup>1</sup>.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 use personal influence or personal relationships improperly to influence investment decisions
 or financial reporting by a Fund whereby the Covered Officer would benefit personally to
 the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 cause a Fund to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 use material non-public information of portfolio transactions nor financial data to his or
 her personal benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report
 at least annually all affiliations or other relationships related to conflicts of interest
 on the Funds' Trustee and Officer Questionnaire; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclose
 any material ownership interest in, or any consulting or employment relationship with, any
 of the Funds' service providers, other than the Adviser or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Disclosure and Compliance** 

Each Covered Officer should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• familiarize
 himself or herself with the disclosure requirements generally applicable to the Funds;

<sup>1</sup> Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer's family engages in such an activity or has such a relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others,
 whether within or outside the Funds, including to the Funds' trustees and auditors,
 and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to
 the extent appropriate within his or her area of responsibility, consult with other officers
 and employees of the Funds and the Adviser with the goal of promoting full, fair, accurate,
 timely and understandable disclosure in the reports and documents the Funds file with, or
 submit to, the SEC and in other public communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promote
 compliance with the standards and restrictions imposed by laws, rules and regulations applicable
 to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon
 adoption of this Code, or as soon thereafter as applicable, upon becoming a Covered Officer,
 affirm in writing to the Boards that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at
 least annually thereafter affirm to the Boards that he or she has complied with the requirements
 of this Code (see sample affirmations in Exhibits B and C);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 retaliate against any other Covered Officer or any employee of the Funds or their affiliated
 persons for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify
 the General Counsel promptly if he or she knows of any violation of this Code. Failure to
 do so is itself a violation of this Code.

The General Counsel other designated senior legal officer of the Adviser is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.<sup>2</sup> However, any approvals or waivers<sup>3</sup> also will be considered by the Audit Committee of the relevant Board (the "Committee").

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 General Counsel or other designated senior legal officer will take all appropriate action
 to investigate any potential violations reported;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if,
 after such investigation, the General Counsel believes that no violation has occurred, the
 General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 matter that the General Counsel believes is a violation will be reported to the Committee;

<sup>2</sup> The General Counsel or other designated senior legal officer is authorized to consult, as appropriate, with the chair of the Audit Committee, counsel to the Funds and counsel to the independent Board members and is encouraged to do so.

<sup>3</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by [a Fund] of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "[a Fund's] failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the [Fund].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if
 the Committee concurs that a violation has occurred, it will inform and make a recommendation
 to the Board, which will consider appropriate action, which may include review of, and appropriate
 modifications to, applicable policies and procedures; notification to appropriate personnel
 of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 changes to or waivers of this Code will, to the extent required, be disclosed as provided
 by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Other Policies and Procedures** 

This Code shall be the sole Code of Ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code of Ethics to the extent that they overlap or conflict with the provisions of this Code of Ethics. The Funds' and the Adviser's codes of ethics under Rule 17j-1 under the Investment Company Act and Rule 204A-1 under the Investment Advisers Act contain separate requirements applying to the Covered Officers and are not part of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments** 

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Fund and its Board, the Adviser, and each of their respective counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Internal Use** 

This Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

**EXHIBIT A**

**Covered Officers**

Principal Executive Officer Hal Liebes <br>Principal Financial Officer Michael D. Martins

**EXHIBIT B**

**Sample Principal Executive Officer Certification**

![](img01.jpg)

---

| | |
|:---|:---|
| **To:** | The Audit Committees of The Alger Funds, The Alger Institutional Funds, The Alger Portfolios, The Alger Funds II, Alger Global Equity Fund and The Alger ETF Trust. |
| **Date:** | December 17, 2024 |

---

I, Hal Liebes, Principal Executive Officer of each of The Alger Funds, The Alger Institutional Funds, The Alger Portfolios, The Alger Funds II, Alger Global Equity Fund and The Alger ETF Trust (the "Trusts") hereby certify with respect to each Trust that I am not aware of any (a) significant deficiencies or material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Trust's ability to record, process, summarize, and report financial information, or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Trust's internal control over financial reporting.

---

| | |
|:---|:---|
| By: |  |
|  | Hal Liebes, Principal Executive Officer of: |
|  | The Alger Funds |
|  | The Alger Institutional Funds |
|  | The Alger Portfolios |
|  | The Alger Funds II |
|  | Alger Global Equity Fund |
|  | The Alger ETF Trust |

---

**The Alger Family of Funds**

100 Pearl Street, 27th Floor • New York, NY 10004 • <u>www.alger.com</u>

**EXHIBIT C**

**Sample Principal Financial Officer Certification**

![](img01.jpg)

---

| | |
|:---|:---|
| **To:** | The Audit Committees of The Alger Funds, The Alger Institutional Funds, The Alger Portfolios, The Alger Funds II, Alger Global Equity Fund and The Alger ETF Trust. |
| **Date:** | December 17, 2024 |

---

I, Michael D. Martins, Principal Financial Officer of each of The Alger Funds, The Alger Institutional Funds, The Alger Portfolios, The Alger Funds II, Alger Global Equity Fund and The Alger ETF Trust (the "Trusts") hereby certify with respect to each Trust that I am not aware of any (a) significant deficiencies or material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Trust's ability to record, process, summarize, and report financial information, or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Trust's internal control over financial reporting.

---

| | |
|:---|:---|
| By: |  |
|  | Michael D. Martins, Principal Financial Officer of: |
|  | The Alger Funds |
|  | The Alger Institutional Funds |
|  | The Alger Portfolios |
|  | The Alger Funds II |
|  | Alger Global Equity Fund |
|  | The Alger ETF Trust |

---

**The Alger Family of Funds**

100 Pearl Street, 27th Floor • New York, NY 10004 • <u>www.alger.com</u>

## Ex-99.Cert

**Exhibit 99.CERT**

**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 Financial Officer |
| Date: | February 18, 2026 |

---

**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: | February 18, 2026 |

---