# EDGAR Filing Document

**Accession Number:** 0000832566
**File Stem:** 0000940400-25-010481
**Filing Date:** 2025-11
**Character Count:** 174509
**Document Hash:** 04c50129d3cfb607f5a01a163e538d59
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010481.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010481

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05550
- **FILM NUMBER:** 251519943

**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 Growth & Income Portfolio (Series ID: S000009216)

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

## Nport-Ex

![](img02b8c28f1.gif)

THE ALGER PORTFOLIOS

**QUARTERLY REPORT**

**September 30, 2025 (UNAUDITED)**

![](img29e1a3732.gif)

------

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

**Schedule of Investments September 30, 2025 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.7%** | **COMMON STOCKS—98.7%** | **COMMON STOCKS—98.7%** |
| **AEROSPACE & DEFENSE—0.8%** | **AEROSPACE & DEFENSE—0.8%** | **AEROSPACE & DEFENSE—0.8%** |
| HEICO Corp., Cl. A | 25518 | **$6483869** |
| **APPLICATION SOFTWARE—6.0%** | **APPLICATION SOFTWARE—6.0%** | **APPLICATION SOFTWARE—6.0%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 64075 | 46040451 |
| Palantir Technologies, Inc., Cl. A<sup>\*</sup>  | 6524 | 1190108 |
|  |  | **47230559** |
| **AUTOMOBILE MANUFACTURERS—3.0%** | **AUTOMOBILE MANUFACTURERS—3.0%** | **AUTOMOBILE MANUFACTURERS—3.0%** |
| Tesla, Inc.<sup>\*</sup>  | 52339 | **23276200** |
| **AUTOMOTIVE RETAIL—0.3%** | **AUTOMOTIVE RETAIL—0.3%** | **AUTOMOTIVE RETAIL—0.3%** |
| Carvana Co.<sup>\*</sup>  | 6005 | **2265326** |
| **BIOTECHNOLOGY—2.0%** | **BIOTECHNOLOGY—2.0%** | **BIOTECHNOLOGY—2.0%** |
| AbbVie, Inc. | 8533 | 1975731 |
| Abivax SA ADR<sup>\*</sup>  | 39249 | 3332240 |
| Natera, Inc.<sup>\*</sup>  | 60119 | 9677355 |
| uniQure NV<sup>\*</sup>  | 20218 | 1180125 |
|  |  | **16165451** |
| **BROADLINE RETAIL—8.8%** | **BROADLINE RETAIL—8.8%** | **BROADLINE RETAIL—8.8%** |
| Amazon.com, Inc.<sup>\*</sup>  | 215849 | 47393965 |
| MercadoLibre, Inc.<sup>\*</sup>  | 1975 | 4615456 |
| Sea Ltd. ADR<sup>\*</sup>  | 97893 | 17496416 |
|  |  | **69505837** |
| **BUILDING PRODUCTS—0.1%** | **BUILDING PRODUCTS—0.1%** | **BUILDING PRODUCTS—0.1%** |
| Builders FirstSource, Inc.<sup>\*</sup>  | 6470 | **784488** |
| **COAL & CONSUMABLE FUELS—0.5%** | **COAL & CONSUMABLE FUELS—0.5%** | **COAL & CONSUMABLE FUELS—0.5%** |
| Cameco Corp. | 48034 | **4028131** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.5%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.5%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.5%** |
| Rocket Cos., Inc., Cl. A | 197165 | **3821058** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.4%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.4%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.4%** |
| Caterpillar, Inc. | 5868 | **2799916** |
| **CONSTRUCTION MATERIALS—0.8%** | **CONSTRUCTION MATERIALS—0.8%** | **CONSTRUCTION MATERIALS—0.8%** |
| James Hardie Industries PLC<sup>\*</sup>  | 125351 | 2407993 |
| Martin Marietta Materials, Inc. | 6029 | 3799958 |
|  |  | **6207951** |
| **CONSUMER FINANCE—0.0%** | **CONSUMER FINANCE—0.0%** | **CONSUMER FINANCE—0.0%** |
| Upstart Holdings, Inc.<sup>\*</sup>  | 4066 | **206553** |
| **ELECTRIC UTILITIES—1.3%** | **ELECTRIC UTILITIES—1.3%** | **ELECTRIC UTILITIES—1.3%** |
| Constellation Energy Corp. | 20175 | 6638987 |
| NRG Energy, Inc. | 21923 | 3550430 |
|  |  | **10189417** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—1.7%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.7%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.7%** |
| Eaton Corp. PLC | 8430 | 3154927 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.7% (CONT.)** | **COMMON STOCKS—98.7% (CONT.)** | **COMMON STOCKS—98.7% (CONT.)** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—1.7% (CONT.)** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.7% (CONT.)** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.7% (CONT.)** |
| Vertiv Holdings Co., Cl. A | 65517 | **$** 9883895 |
|  |  | **13038822** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.2%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.2%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.2%** |
| Itron, Inc.<sup>\*</sup>  | 11928 | **1485752** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.7%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.7%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.7%** |
| GFL Environmental, Inc. | 114374 | **5419040** |
| **FINANCIAL EXCHANGES & DATA—0.6%** | **FINANCIAL EXCHANGES & DATA—0.6%** | **FINANCIAL EXCHANGES & DATA—0.6%** |
| S&P Global, Inc. | 10030 | **4881701** |
| **HEALTH CARE DISTRIBUTORS—0.3%** | **HEALTH CARE DISTRIBUTORS—0.3%** | **HEALTH CARE DISTRIBUTORS—0.3%** |
| Cardinal Health, Inc. | 16502 | **2590154** |
| **HEALTHCARE EQUIPMENT—1.3%** | **HEALTHCARE EQUIPMENT—1.3%** | **HEALTHCARE EQUIPMENT—1.3%** |
| Abbott Laboratories | 20658 | 2766932 |
| Boston Scientific Corp.<sup>\*</sup>  | 41227 | 4024992 |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 7716 | 3450827 |
|  |  | **10242751** |
| **HEALTHCARE FACILITIES—0.2%** | **HEALTHCARE FACILITIES—0.2%** | **HEALTHCARE FACILITIES—0.2%** |
| Tenet Healthcare Corp.<sup>\*</sup>  | 8885 | **1804010** |
| **HOME FURNISHINGS—0.3%** | **HOME FURNISHINGS—0.3%** | **HOME FURNISHINGS—0.3%** |
| Somnigroup International, Inc. | 28090 | **2368830** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.1%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.1%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.1%** |
| Talen Energy Corp.<sup>\*</sup>  | 50110 | 21315792 |
| Vistra Corp. | 55652 | 10903340 |
|  |  | **32219132** |
| **INTERACTIVE HOME ENTERTAINMENT—1.4%** | **INTERACTIVE HOME ENTERTAINMENT—1.4%** | **INTERACTIVE HOME ENTERTAINMENT—1.4%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 66646 | 9231804 |
| Take-Two Interactive Software, Inc.<sup>\*</sup>  | 7282 | 1881377 |
|  |  | **11113181** |
| **INTERACTIVE MEDIA & SERVICES—10.6%** | **INTERACTIVE MEDIA & SERVICES—10.6%** | **INTERACTIVE MEDIA & SERVICES—10.6%** |
| Alphabet, Inc., Cl. C | 124724 | 30376530 |
| Meta Platforms, Inc., Cl. A | 66440 | 48792207 |
| Pinterest, Inc., Cl. A<sup>\*</sup>  | 60200 | 1936634 |
| Tencent Holdings, Ltd. ADR | 23104 | 1967306 |
|  |  | **83072677** |
| **INTERNET SERVICES & INFRASTRUCTURE—1.5%** | **INTERNET SERVICES & INFRASTRUCTURE—1.5%** | **INTERNET SERVICES & INFRASTRUCTURE—1.5%** |
| CoreWeave, Inc., Cl. A<sup>\*</sup>  | 2847 | 389612 |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 15110 | 4689841 |
| Shopify, Inc., Cl. A<sup>\*</sup>  | 22180 | 3296170 |
| Snowflake, Inc., Cl. A<sup>\*</sup>  | 15036 | 3391370 |
|  |  | **11766993** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.7% (CONT.)** | **COMMON STOCKS—98.7% (CONT.)** | **COMMON STOCKS—98.7% (CONT.)** |
| **INVESTMENT BANKING & BROKERAGE—0.9%** | **INVESTMENT BANKING & BROKERAGE—0.9%** | **INVESTMENT BANKING & BROKERAGE—0.9%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 47799 | **$6843861** |
| **MOVIES & ENTERTAINMENT—3.9%** | **MOVIES & ENTERTAINMENT—3.9%** | **MOVIES & ENTERTAINMENT—3.9%** |
| Liberty Media Corp. Series C Liberty Formula One, Cl. C<sup>\*</sup>  | 51712 | 5401318 |
| Netflix, Inc.<sup>\*</sup>  | &nbsp;&nbsp; 11115 | 13325996 |
| Spotify Technology SA<sup>\*</sup>  | 15585 | 10878330 |
| TKO Group Holdings, Inc., Cl. A | 5754 | 1162078 |
|  |  | **30767722** |
| **PASSENGER AIRLINES—0.4%** | **PASSENGER AIRLINES—0.4%** | **PASSENGER AIRLINES—0.4%** |
| Delta Air Lines, Inc. | 15085 | 856074 |
| United Airlines Holdings, Inc.<sup>\*</sup>  | 23084 | 2227606 |
|  |  | **3083680** |
| **PHARMACEUTICALS—0.3%** | **PHARMACEUTICALS—0.3%** | **PHARMACEUTICALS—0.3%** |
| Eli Lilly & Co. | 3133 | **2390479** |
| **RESTAURANTS—0.2%** | **RESTAURANTS—0.2%** | **RESTAURANTS—0.2%** |
| DoorDash, Inc., Cl. A<sup>\*</sup>  | 5551 | **1509816** |
| **SEMICONDUCTORS—21.1%** | **SEMICONDUCTORS—21.1%** | **SEMICONDUCTORS—21.1%** |
| Astera Labs, Inc.<sup>\*</sup>  | 33907 | 6638990 |
| Broadcom, Inc. | 95190 | 31404133 |
| indie Semiconductor, Inc., Cl. A<sup>\*</sup>  | 132588 | 539633 |
| NVIDIA Corp. | 530948 | 99064278 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 100678 | 28118359 |
|  |  | **165765393** |
| **SYSTEMS SOFTWARE—16.1%** | **SYSTEMS SOFTWARE—16.1%** | **SYSTEMS SOFTWARE—16.1%** |
| Microsoft Corp. | 172307 | 89246411 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 291706 | 32749832 |
| Oracle Corp. | 17086 | 4805267 |
|  |  | **126801510** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.8%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.8%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.8%** |
| Apple, Inc. | 164248 | 41822468 |
| Western Digital Corp. | 100621 | 12080557 |
|  |  | **53903025** |
| **TRADING COMPANIES & DISTRIBUTORS—1.1%** | **TRADING COMPANIES & DISTRIBUTORS—1.1%** | **TRADING COMPANIES & DISTRIBUTORS—1.1%** |
| QXO, Inc.<sup>\*</sup>  | 193909 | 3695906 |
| United Rentals, Inc. | 4906 | 4683562 |
|  |  | **8379468** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—0.5%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.5%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.5%** |
| Visa, Inc., Cl. A | 11133 | **3800584** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $308,749,967) |  | **776213337** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **PREFERRED STOCKS—1.6%** | **PREFERRED STOCKS—1.6%** | **PREFERRED STOCKS—1.6%** |
| **APPLICATION SOFTWARE—1.6%** | **APPLICATION SOFTWARE—1.6%** | **APPLICATION SOFTWARE—1.6%** |
| Databricks, Inc., Series J<sup>(a),\*,@</sup>  | 68003 | **$** 10200450 |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 102616 | 1766021 |
|  |  | **11966471** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—0.0%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.0%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.0%** |
| Chime Financial, Inc., Series G<sup>\*,@</sup>  | 6689 | **134917** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $8,518,307) |  | **12101388** |
| **SPECIAL PURPOSE VEHICLE—0.0%** | **SPECIAL PURPOSE VEHICLE—0.0%** | **SPECIAL PURPOSE VEHICLE—0.0%** |
| **DATA PROCESSING & OUTSOURCED SERVICES—0.0%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.0%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.0%** |
| Crosslink Ventures C, LLC, Cl. A<sup>(b),\*,@</sup>  |  | **233754** |
| &nbsp;&nbsp;&nbsp; (Cost $475,000) |  | **233754** |
| **SHORT-TERM SECURITIES—0.0%** | **SHORT-TERM SECURITIES—0.0%** | **SHORT-TERM SECURITIES—0.0%** |
| **MONEY MARKET FUNDS—0.0%** | **MONEY MARKET FUNDS—0.0%** | **MONEY MARKET FUNDS—0.0%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.00%<sup>(c)</sup>  | 349703 | **349703** |
| &nbsp;&nbsp;&nbsp; (Cost $349,703) |  | **349703** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $318,092,977)** | 100.3% | **$788898182** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Securities (Cost $475,000) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $317,617,977) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 788664428 |
| Liabilities in Excess of Other Assets | (0.3)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2555563) |
| **NET ASSETS** | 100.0% | **$786342619** |

---

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

*ADR* *American Depositary Receipts*

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

---

| | |
|:---|:---|
| *(a)* | *Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures* <br> *approved by the Board of Trustees.*<br>|
| *(b)* | *Deemed an affiliate of the Portfolio in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See* <br> *Note 4 - Affiliated Securities.*<br>|
| *(c)* | *Rate shown reflects 7-day effective yield as of September 30, 2025.* |
| *\** | *Non-income producing security.* |
| *@* | *Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the* <br> *investment may be restricted only to qualified buyers.*<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Acquisition* <br>*Date(s)*<br>| *Acquisition* <br>*Cost*<br>| *Market* <br>*Value*<br>| *% of net assets* <br>*as of* <br>*9/30/2025*<br>|
| *Chime Financial, Inc., Series G* | *8/24/21* | &nbsp;&nbsp; $*462008* | $*134917* | *0.0%* |
| *Crosslink Ventures C, LLC, Cl. A* | *10/2/20* | *475000* | *233754* | *0.0%* |
| *Databricks, Inc., Series J* | *12/17/24* | *6290278* | *10200450* | *1.3%* |
| *SB Technology, Inc., Series E* | *10/23/24* | *1766021* | *1766021* | *0.3%* |
| *Total* |  | *$8993307* | *$12335142* | *1.6%* |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—91.2%** | **COMMON STOCKS—91.2%** | **COMMON STOCKS—91.2%** |
| **AEROSPACE & DEFENSE—1.6%** | **AEROSPACE & DEFENSE—1.6%** | **AEROSPACE & DEFENSE—1.6%** |
| HEICO Corp. | 22926 | **$7400971** |
| **APPLICATION SOFTWARE—7.6%** | **APPLICATION SOFTWARE—7.6%** | **APPLICATION SOFTWARE—7.6%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 46466 | 33387679 |
| Cadence Design Systems, Inc.<sup>\*</sup>  | 5461 | 1918231 |
|  |  | **35305910** |
| **BIOTECHNOLOGY—3.7%** | **BIOTECHNOLOGY—3.7%** | **BIOTECHNOLOGY—3.7%** |
| Abivax SA ADR<sup>\*</sup>  | 13588 | 1153621 |
| Cytokinetics, Inc.<sup>\*</sup>  | 19744 | 1085130 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 158016 | 2370240 |
| Ionis Pharmaceuticals, Inc.<sup>\*</sup>  | 11309 | 739835 |
| Natera, Inc.<sup>\*</sup>  | 62346 | 10035836 |
| uniQure NV<sup>\*</sup>  | 15766 | 920261 |
| United Therapeutics Corp.<sup>\*</sup>  | 2007 | 841355 |
|  |  | **17146278** |
| **BROADLINE RETAIL—9.5%** | **BROADLINE RETAIL—9.5%** | **BROADLINE RETAIL—9.5%** |
| Amazon.com, Inc.<sup>\*</sup>  | 117704 | 25844267 |
| MercadoLibre, Inc.<sup>\*</sup>  | 4214 | 9847865 |
| Sea Ltd. ADR<sup>\*</sup>  | 46949 | 8391195 |
|  |  | **44083327** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.5%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.5%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.5%** |
| Enovix Corp.<sup>\*</sup>  | 548670 | 5470240 |
| Vertiv Holdings Co., Cl. A | 38913 | 5870415 |
|  |  | **11340655** |
| **ELECTRONIC COMPONENTS—0.9%** | **ELECTRONIC COMPONENTS—0.9%** | **ELECTRONIC COMPONENTS—0.9%** |
| Coherent Corp.<sup>\*</sup>  | 37454 | **4034545** |
| **FINANCIAL EXCHANGES & DATA—0.4%** | **FINANCIAL EXCHANGES & DATA—0.4%** | **FINANCIAL EXCHANGES & DATA—0.4%** |
| Coinbase Global, Inc., Cl. A<sup>\*</sup>  | 4868 | **1642901** |
| **HEALTH CARE DISTRIBUTORS—0.3%** | **HEALTH CARE DISTRIBUTORS—0.3%** | **HEALTH CARE DISTRIBUTORS—0.3%** |
| Cardinal Health, Inc. | 4657 | 730963 |
| Cencora, Inc. | 2381 | 744134 |
|  |  | **1475097** |
| **HEALTHCARE EQUIPMENT—0.2%** | **HEALTHCARE EQUIPMENT—0.2%** | **HEALTHCARE EQUIPMENT—0.2%** |
| Abbott Laboratories | 4377 | 586255 |
| Boston Scientific Corp.<sup>\*</sup>  | 2993 | 292207 |
|  |  | **878462** |
| **HEALTHCARE SERVICES—0.4%** | **HEALTHCARE SERVICES—0.4%** | **HEALTHCARE SERVICES—0.4%** |
| CVS Health Corp. | 15717 | 1184904 |
| Guardant Health, Inc.<sup>\*</sup>  | 12433 | 776814 |
|  |  | **1961718** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—91.2% (CONT.)** | **COMMON STOCKS—91.2% (CONT.)** | **COMMON STOCKS—91.2% (CONT.)** |
| **HEALTHCARE TECHNOLOGY—1.3%** | **HEALTHCARE TECHNOLOGY—1.3%** | **HEALTHCARE TECHNOLOGY—1.3%** |
| Schrodinger, Inc.<sup>\*</sup>  | 103078 | **$** 2067745 |
| Veeva Systems, Inc., Cl. A<sup>\*</sup>  | 10507 | 3130140 |
| Waystar Holding Corp.<sup>\*</sup>  | 15539 | 589239 |
|  |  | **5787124** |
| **HEAVY ELECTRICAL EQUIPMENT—0.9%** | **HEAVY ELECTRICAL EQUIPMENT—0.9%** | **HEAVY ELECTRICAL EQUIPMENT—0.9%** |
| GE Vernova, Inc. | 6497 | **3995005** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—5.6%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—5.6%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—5.6%** |
| Talen Energy Corp.<sup>\*</sup>  | 32177 | 13687452 |
| Vistra Corp. | 62707 | 12285556 |
|  |  | **25973008** |
| **INTERACTIVE HOME ENTERTAINMENT—5.2%** | **INTERACTIVE HOME ENTERTAINMENT—5.2%** | **INTERACTIVE HOME ENTERTAINMENT—5.2%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 142132 | 19688124 |
| Take-Two Interactive Software, Inc.<sup>\*</sup>  | 17683 | 4568580 |
|  |  | **24256704** |
| **INTERACTIVE MEDIA & SERVICES—8.0%** | **INTERACTIVE MEDIA & SERVICES—8.0%** | **INTERACTIVE MEDIA & SERVICES—8.0%** |
| Alphabet, Inc., Cl. C | 101060 | 24613163 |
| Meta Platforms, Inc., Cl. A | 16849 | 12373569 |
|  |  | **36986732** |
| **INTERNET SERVICES & INFRASTRUCTURE—0.8%** | **INTERNET SERVICES & INFRASTRUCTURE—0.8%** | **INTERNET SERVICES & INFRASTRUCTURE—0.8%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 16935 | **3634082** |
| **LIFE SCIENCES TOOLS & SERVICES—0.6%** | **LIFE SCIENCES TOOLS & SERVICES—0.6%** | **LIFE SCIENCES TOOLS & SERVICES—0.6%** |
| Repligen Corp.<sup>\*</sup>  | 7801 | 1042760 |
| WuXi AppTec Co., Ltd., Cl. H | 104721 | 1602247 |
|  |  | **2645007** |
| **MOVIES & ENTERTAINMENT—6.4%** | **MOVIES & ENTERTAINMENT—6.4%** | **MOVIES & ENTERTAINMENT—6.4%** |
| Netflix, Inc.<sup>\*</sup>  | 16263 | 19498036 |
| Spotify Technology SA<sup>\*</sup>  | 14673 | 10241754 |
|  |  | **29739790** |
| **PASSENGER GROUND TRANSPORTATION—0.2%** | **PASSENGER GROUND TRANSPORTATION—0.2%** | **PASSENGER GROUND TRANSPORTATION—0.2%** |
| Uber Technologies, Inc.<sup>\*</sup>  | 10593 | **1037796** |
| **PHARMACEUTICALS—0.2%** | **PHARMACEUTICALS—0.2%** | **PHARMACEUTICALS—0.2%** |
| Royalty Pharma PLC, Cl. A | 20282 | **715549** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—1.6%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—1.6%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—1.6%** |
| ASML Holding NV ADR | 4664 | 4515172 |
| Lam Research Corp. | 20625 | 2761687 |
|  |  | **7276859** |
| **SEMICONDUCTORS—14.9%** | **SEMICONDUCTORS—14.9%** | **SEMICONDUCTORS—14.9%** |
| Astera Labs, Inc.<sup>\*</sup>  | 57078 | 11175873 |
| Broadcom, Inc. | 41120 | 13565899 |
| NVIDIA Corp. | 210173 | 39214078 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—91.2% (CONT.)** | **COMMON STOCKS—91.2% (CONT.)** | **COMMON STOCKS—91.2% (CONT.)** |
| **SEMICONDUCTORS—14.9% (CONT.)** | **SEMICONDUCTORS—14.9% (CONT.)** | **SEMICONDUCTORS—14.9% (CONT.)** |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 17190 | **$** 4800995 |
|  |  | **68756845** |
| **SYSTEMS SOFTWARE—15.1%** | **SYSTEMS SOFTWARE—15.1%** | **SYSTEMS SOFTWARE—15.1%** |
| Crowdstrike Holdings, Inc., Cl. A<sup>\*</sup>  | 14396 | 7059510 |
| CyberArk Software Ltd.<sup>\*</sup>  | 4604 | 2224423 |
| Microsoft Corp. | 51489 | 26668728 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 286175 | 32128867 |
| ServiceNow, Inc.<sup>\*</sup>  | 2075 | 1909581 |
|  |  | **69991109** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—3.3%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—3.3%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—3.3%** |
| Apple, Inc. | 35446 | 9025615 |
| Western Digital Corp. | 50810 | 6100249 |
|  |  | **15125864** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $197,543,054) |  | **421191338** |
| **EXCHANGE TRADED FUNDS—2.7%** | **EXCHANGE TRADED FUNDS—2.7%** | **EXCHANGE TRADED FUNDS—2.7%** |
| Alger 35 ETF<sup>(a)</sup>  | 353188 | **12545238** |
| &nbsp;&nbsp;&nbsp; (Cost $6,792,657) |  | **12545238** |
| **MUTUAL FUNDS—2.9%** | **MUTUAL FUNDS—2.9%** | **MUTUAL FUNDS—2.9%** |
| Alger 35 Fund, Cl. Z<sup>(a)</sup>  | 559472 | **13494448** |
| &nbsp;&nbsp;&nbsp; (Cost $7,604,417) |  | **13494448** |
| **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** |
| &nbsp;&nbsp;&nbsp; (Cost $5,435,486) |  | **5435486** |
| **REAL ESTATE INVESTMENT TRUST—0.3%** | **REAL ESTATE INVESTMENT TRUST—0.3%** | **REAL ESTATE INVESTMENT TRUST—0.3%** |
| **HEALTH CARE—0.3%** | **HEALTH CARE—0.3%** | **HEALTH CARE—0.3%** |
| Welltower, Inc. | 8018 | **1428326** |
| &nbsp;&nbsp;&nbsp; (Cost $1,252,927) |  | **1428326** |
| **SPECIAL PURPOSE VEHICLE—0.2%** | **SPECIAL PURPOSE VEHICLE—0.2%** | **SPECIAL PURPOSE VEHICLE—0.2%** |
| **DATA PROCESSING & OUTSOURCED SERVICES—0.2%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.2%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.2%** |
| Crosslink Ventures C, LLC, Cl. A<sup>(a),\*,@</sup>  |  | **935016** |
| &nbsp;&nbsp;&nbsp; (Cost $1,900,000) |  | **935016** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SHORT-TERM SECURITIES—1.6%** | **SHORT-TERM SECURITIES—1.6%** | **SHORT-TERM SECURITIES—1.6%** |
| **MONEY MARKET FUNDS—1.6%** | **MONEY MARKET FUNDS—1.6%** | **MONEY MARKET FUNDS—1.6%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.00%<sup>(c)</sup>  | 7488750 | **$7488750** |
| &nbsp;&nbsp;&nbsp; (Cost $7,488,750) |  | **7488750** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $228,017,291)** | 100.1% | **$462518602** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Securities (Cost $16,297,074) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26974702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $211,720,217) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435543900 |
| Liabilities in Excess of Other Assets | (0.1)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (399448) |
| **NET ASSETS** | 100.0% | **$462119154** |

---

&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 4 - 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 September 30, 2025.* |
| *\** | *Non-income producing security.* |
| *@* | *Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the* <br> *investment may be restricted only to qualified buyers.*<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Acquisition* <br>*Date(s)*<br>| *Acquisition* <br>*Cost*<br>| *Market* <br>*Value*<br>| *% of net assets* <br>*as of* <br>*9/30/2025*<br>|
| *Crosslink Ventures C, LLC, Cl. A* | *10/2/20* | $*1900000* | $*935016* | *0.2%* |
| *SB Technology, Inc., Series E* | *10/23/24* | *5435486* | *5435486* | *1.2%* |
| *Total* |  | *$7335486* | *$6370502* | *1.4%* |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.5%** | **COMMON STOCKS—96.5%** | **COMMON STOCKS—96.5%** |
| **AEROSPACE & DEFENSE—0.8%** | **AEROSPACE & DEFENSE—0.8%** | **AEROSPACE & DEFENSE—0.8%** |
| TransDigm Group, Inc. | 294 | **$387498** |
| **APPAREL RETAIL—0.2%** | **APPAREL RETAIL—0.2%** | **APPAREL RETAIL—0.2%** |
| The Gap, Inc. | 4806 | **102800** |
| **APPLICATION SOFTWARE—0.5%** | **APPLICATION SOFTWARE—0.5%** | **APPLICATION SOFTWARE—0.5%** |
| Adobe, Inc.<sup>\*</sup>  | 638 | **225054** |
| **ASSET MANAGEMENT & CUSTODY BANKS—3.1%** | **ASSET MANAGEMENT & CUSTODY BANKS—3.1%** | **ASSET MANAGEMENT & CUSTODY BANKS—3.1%** |
| Blackrock, Inc. | 620 | 722839 |
| Blackstone, Inc. | 3314 | 566197 |
| Blue Owl Capital, Inc., Cl. A | 9205 | 155841 |
|  |  | **1444877** |
| **AUTOMOBILE MANUFACTURERS—0.5%** | **AUTOMOBILE MANUFACTURERS—0.5%** | **AUTOMOBILE MANUFACTURERS—0.5%** |
| Ferrari NV | 478 | **231935** |
| **BIOTECHNOLOGY—2.4%** | **BIOTECHNOLOGY—2.4%** | **BIOTECHNOLOGY—2.4%** |
| AbbVie, Inc. | 3319 | 768481 |
| Amgen, Inc. | 767 | 216448 |
| Gilead Sciences, Inc. | 1301 | 144411 |
|  |  | **1129340** |
| **BROADLINE RETAIL—2.8%** | **BROADLINE RETAIL—2.8%** | **BROADLINE RETAIL—2.8%** |
| Amazon.com, Inc.<sup>\*</sup>  | 5970 | **1310833** |
| **BUILDING PRODUCTS—0.7%** | **BUILDING PRODUCTS—0.7%** | **BUILDING PRODUCTS—0.7%** |
| Johnson Controls International PLC | 2793 | **307090** |
| **CABLE & SATELLITE—0.5%** | **CABLE & SATELLITE—0.5%** | **CABLE & SATELLITE—0.5%** |
| Comcast Corp., Cl. A | 7596 | **238666** |
| **COMMUNICATIONS EQUIPMENT—0.9%** | **COMMUNICATIONS EQUIPMENT—0.9%** | **COMMUNICATIONS EQUIPMENT—0.9%** |
| Cisco Systems, Inc. | 6058 | **414488** |
| **COMPUTER & ELECTRONICS RETAIL—0.3%** | **COMPUTER & ELECTRONICS RETAIL—0.3%** | **COMPUTER & ELECTRONICS RETAIL—0.3%** |
| Best Buy Co., Inc. | 1806 | **136570** |
| **CONSUMER ELECTRONICS—0.7%** | **CONSUMER ELECTRONICS—0.7%** | **CONSUMER ELECTRONICS—0.7%** |
| Garmin, Ltd. | 1254 | **308760** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—1.3%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.3%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.3%** |
| Walmart, Inc. | 5627 | **579919** |
| **COPPER—0.7%** | **COPPER—0.7%** | **COPPER—0.7%** |
| Southern Copper Corp. | 2812 | **341264** |
| **DIVERSIFIED BANKS—5.8%** | **DIVERSIFIED BANKS—5.8%** | **DIVERSIFIED BANKS—5.8%** |
| Bank of America Corp. | 11265 | 581161 |
| Fifth Third Bancorp | 4994 | 222483 |
| JPMorgan Chase & Co. | 6005 | 1894157 |
|  |  | **2697801** |
| **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** |
| NextEra Energy, Inc. | 3095 | **233642** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.5% (CONT.)** | **COMMON STOCKS—96.5% (CONT.)** | **COMMON STOCKS—96.5% (CONT.)** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.0%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.0%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.0%** |
| Eaton Corp. PLC | 2438 | **$912422** |
| **ELECTRONIC COMPONENTS—0.8%** | **ELECTRONIC COMPONENTS—0.8%** | **ELECTRONIC COMPONENTS—0.8%** |
| Corning, Inc. | 4345 | **356420** |
| **FINANCIAL EXCHANGES & DATA—0.9%** | **FINANCIAL EXCHANGES & DATA—0.9%** | **FINANCIAL EXCHANGES & DATA—0.9%** |
| CME Group, Inc., Cl. A | 1522 | **411229** |
| **FOOD DISTRIBUTORS—0.5%** | **FOOD DISTRIBUTORS—0.5%** | **FOOD DISTRIBUTORS—0.5%** |
| Sysco Corp. | 2695 | **221906** |
| **HEALTH CARE DISTRIBUTORS—0.7%** | **HEALTH CARE DISTRIBUTORS—0.7%** | **HEALTH CARE DISTRIBUTORS—0.7%** |
| Cardinal Health, Inc. | 1944 | **305130** |
| **HEALTHCARE EQUIPMENT—1.3%** | **HEALTHCARE EQUIPMENT—1.3%** | **HEALTHCARE EQUIPMENT—1.3%** |
| Abbott Laboratories | 2689 | 360165 |
| Medtronic PLC | 2426 | 231052 |
|  |  | **591217** |
| **HOME IMPROVEMENT RETAIL—1.8%** | **HOME IMPROVEMENT RETAIL—1.8%** | **HOME IMPROVEMENT RETAIL—1.8%** |
| The Home Depot, Inc. | 2056 | **833071** |
| **HOUSEHOLD PRODUCTS—1.1%** | **HOUSEHOLD PRODUCTS—1.1%** | **HOUSEHOLD PRODUCTS—1.1%** |
| The Procter & Gamble Co. | 3337 | **512730** |
| **INDUSTRIAL CONGLOMERATES—1.1%** | **INDUSTRIAL CONGLOMERATES—1.1%** | **INDUSTRIAL CONGLOMERATES—1.1%** |
| Honeywell International, Inc. | 2473 | **520567** |
| **INDUSTRIAL GASES—0.8%** | **INDUSTRIAL GASES—0.8%** | **INDUSTRIAL GASES—0.8%** |
| Air Products & Chemicals, Inc. | 1290 | **351809** |
| **INTEGRATED OIL & GAS—3.3%** | **INTEGRATED OIL & GAS—3.3%** | **INTEGRATED OIL & GAS—3.3%** |
| Chevron Corp. | 3626 | 563081 |
| Exxon Mobil Corp. | 6029 | 679770 |
| TotalEnergies SE ADR | 4622 | 275887 |
|  |  | **1518738** |
| **INTEGRATED TELECOMMUNICATION SERVICES—0.7%** | **INTEGRATED TELECOMMUNICATION SERVICES—0.7%** | **INTEGRATED TELECOMMUNICATION SERVICES—0.7%** |
| Verizon Communications, Inc. | 7543 | **331515** |
| **INTERACTIVE MEDIA & SERVICES—9.4%** | **INTERACTIVE MEDIA & SERVICES—9.4%** | **INTERACTIVE MEDIA & SERVICES—9.4%** |
| Alphabet, Inc., Cl. A | 7559 | 1837593 |
| Alphabet, Inc., Cl. C | 5775 | 1406501 |
| Meta Platforms, Inc., Cl. A | 1463 | 1074398 |
|  |  | **4318492** |
| **INVESTMENT BANKING & BROKERAGE—2.7%** | **INVESTMENT BANKING & BROKERAGE—2.7%** | **INVESTMENT BANKING & BROKERAGE—2.7%** |
| Morgan Stanley | 7821 | **1243226** |
| **IT CONSULTING & OTHER SERVICES—0.4%** | **IT CONSULTING & OTHER SERVICES—0.4%** | **IT CONSULTING & OTHER SERVICES—0.4%** |
| International Business Machines Corp. | 604 | **170425** |
| **MANAGED HEALTHCARE—0.7%** | **MANAGED HEALTHCARE—0.7%** | **MANAGED HEALTHCARE—0.7%** |
| UnitedHealth Group, Inc. | 912 | **314914** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.5% (CONT.)** | **COMMON STOCKS—96.5% (CONT.)** | **COMMON STOCKS—96.5% (CONT.)** |
| **MULTI-UTILITIES—1.0%** | **MULTI-UTILITIES—1.0%** | **MULTI-UTILITIES—1.0%** |
| Consolidated Edison, Inc. | 1927 | **$** 193702 |
| Sempra | 2782 | 250324 |
|  |  | **444026** |
| **OIL & GAS STORAGE & TRANSPORTATION—0.4%** | **OIL & GAS STORAGE & TRANSPORTATION—0.4%** | **OIL & GAS STORAGE & TRANSPORTATION—0.4%** |
| ONEOK, Inc. | 2482 | **181112** |
| **OTHER SPECIALTY RETAIL—0.2%** | **OTHER SPECIALTY RETAIL—0.2%** | **OTHER SPECIALTY RETAIL—0.2%** |
| Dick's Sporting Goods, Inc. | 492 | **109332** |
| **PHARMACEUTICALS—3.9%** | **PHARMACEUTICALS—3.9%** | **PHARMACEUTICALS—3.9%** |
| AstraZeneca PLC ADR | 2897 | 222258 |
| Bristol-Myers Squibb Co. | 3646 | 164434 |
| Eli Lilly & Co. | 497 | 379211 |
| Johnson & Johnson | 2564 | 475417 |
| Merck & Co., Inc. | 2302 | 193207 |
| Novartis AG ADR | 1701 | 218136 |
| Pfizer, Inc. | 6356 | 161951 |
|  |  | **1814614** |
| **PROPERTY & CASUALTY INSURANCE—0.6%** | **PROPERTY & CASUALTY INSURANCE—0.6%** | **PROPERTY & CASUALTY INSURANCE—0.6%** |
| The Hartford Insurance Group, Inc. | 2201 | **293591** |
| **RAIL TRANSPORTATION—0.7%** | **RAIL TRANSPORTATION—0.7%** | **RAIL TRANSPORTATION—0.7%** |
| Union Pacific Corp. | 1436 | **339427** |
| **RESTAURANTS—1.2%** | **RESTAURANTS—1.2%** | **RESTAURANTS—1.2%** |
| McDonald's Corp. | 1048 | 318477 |
| Starbucks Corp. | 2588 | 218945 |
|  |  | **537422** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—4.1%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—4.1%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—4.1%** |
| KLA Corp. | 1772 | **1911279** |
| **SEMICONDUCTORS—10.7%** | **SEMICONDUCTORS—10.7%** | **SEMICONDUCTORS—10.7%** |
| Broadcom, Inc. | 10927 | 3604927 |
| QUALCOMM, Inc. | 3858 | 641817 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 2552 | 712748 |
|  |  | **4959492** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.6%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.6%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.6%** |
| PepsiCo, Inc. | 2523 | 354330 |
| The Coca-Cola Co. | 5711 | 378754 |
|  |  | **733084** |
| **SYSTEMS SOFTWARE—10.7%** | **SYSTEMS SOFTWARE—10.7%** | **SYSTEMS SOFTWARE—10.7%** |
| Microsoft Corp. | 8878 | 4598360 |
| Oracle Corp. | 1277 | 359144 |
|  |  | **4957504** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.5% (CONT.)** | **COMMON STOCKS—96.5% (CONT.)** | **COMMON STOCKS—96.5% (CONT.)** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.0%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.0%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.0%** |
| Apple, Inc. | 13345 | **$** 3398037 |
| Dell Technologies, Inc., Cl. C | 2123 | 300978 |
|  |  | **3699015** |
| **TOBACCO—1.3%** | **TOBACCO—1.3%** | **TOBACCO—1.3%** |
| Altria Group, Inc. | 4688 | 309689 |
| Philip Morris International, Inc. | 1906 | 309153 |
|  |  | **618842** |
| **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** |
| Ferguson Enterprises, Inc. | 1210 | **271742** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—1.6%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.6%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.6%** |
| Visa, Inc., Cl. A | 2117 | **722701** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $11,826,453) |  | **44597531** |
| **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 | **155432** |
| &nbsp;&nbsp;&nbsp; (Cost $81,382) |  | **155432** |
| **REAL ESTATE INVESTMENT TRUST—3.1%** | **REAL ESTATE INVESTMENT TRUST—3.1%** | **REAL ESTATE INVESTMENT TRUST—3.1%** |
| **HEALTH CARE—1.0%** | **HEALTH CARE—1.0%** | **HEALTH CARE—1.0%** |
| Welltower, Inc. | 2705 | **481869** |
| **INDUSTRIAL—0.3%** | **INDUSTRIAL—0.3%** | **INDUSTRIAL—0.3%** |
| Prologis, Inc. | 1199 | **137309** |
| **RETAIL—0.8%** | **RETAIL—0.8%** | **RETAIL—0.8%** |
| Simon Property Group, Inc. | 1876 | **352069** |
| **SPECIALIZED—0.5%** | **SPECIALIZED—0.5%** | **SPECIALIZED—0.5%** |
| Lamar Advertising Co., Cl. A | 1911 | **233945** |
| **TELECOM TOWER—0.5%** | **TELECOM TOWER—0.5%** | **TELECOM TOWER—0.5%** |
| Crown Castle, Inc. | 2202 | **212471** |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUST** <br>(Cost $777,925) |  | **1417663** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SHORT-TERM SECURITIES—0.2%** | **SHORT-TERM SECURITIES—0.2%** | **SHORT-TERM SECURITIES—0.2%** |
| **MONEY MARKET FUNDS—0.2%** | **MONEY MARKET FUNDS—0.2%** | **MONEY MARKET FUNDS—0.2%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.00%<sup>(a)</sup>  | 62437 | **$62437** |
| &nbsp;&nbsp;&nbsp; (Cost $62,437) |  | **62437** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $12,748,197)** | 100.1% | **$46233063** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $12,748,197) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46233063 |
| Liabilities in Excess of Other Assets | (0.1)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26073) |
| **NET ASSETS** | 100.0% | **$46206990** |

---

&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 September 30, 2025.* <br> *\** *Non-income producing security.*

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—92.3%** | **COMMON STOCKS—92.3%** | **COMMON STOCKS—92.3%** |
| **AEROSPACE & DEFENSE—5.3%** | **AEROSPACE & DEFENSE—5.3%** | **AEROSPACE & DEFENSE—5.3%** |
| Axon Enterprise, Inc.<sup>\*</sup>  | 4110 | **$** 2949500 |
| HEICO Corp. | 8312 | 2683280 |
| Howmet Aerospace, Inc. | 16612 | 3259773 |
|  |  | **8892553** |
| **APPAREL RETAIL—0.9%** | **APPAREL RETAIL—0.9%** | **APPAREL RETAIL—0.9%** |
| Burlington Stores, Inc.<sup>\*</sup>  | 6141 | **1562885** |
| **APPLICATION SOFTWARE—10.0%** | **APPLICATION SOFTWARE—10.0%** | **APPLICATION SOFTWARE—10.0%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 7229 | 5194325 |
| Clearwater Analytics Holdings, Inc., Cl. A<sup>\*</sup>  | 146895 | 2647048 |
| Constellation Software, Inc. | 605 | 1642364 |
| Fair Isaac Corp.<sup>\*</sup>  | 775 | 1159811 |
| Guidewire Software, Inc.<sup>\*</sup>  | 10207 | 2346181 |
| Procore Technologies, Inc.<sup>\*</sup>  | 10515 | 766754 |
| The Descartes Systems Group, Inc.<sup>\*</sup>  | 30047 | 2829172 |
|  |  | **16585655** |
| **ASSET MANAGEMENT & CUSTODY BANKS—2.7%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.7%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.7%** |
| Ares Management Corp., Cl. A | 8539 | 1365301 |
| Blue Owl Capital, Inc., Cl. A | 189493 | 3208116 |
|  |  | **4573417** |
| **AUTOMOTIVE RETAIL—4.7%** | **AUTOMOTIVE RETAIL—4.7%** | **AUTOMOTIVE RETAIL—4.7%** |
| Carvana Co.<sup>\*</sup>  | 9160 | 3455518 |
| O'Reilly Automotive, Inc.<sup>\*</sup>  | 40459 | 4361885 |
|  |  | **7817403** |
| **BIOTECHNOLOGY—2.9%** | **BIOTECHNOLOGY—2.9%** | **BIOTECHNOLOGY—2.9%** |
| Abivax SA ADR<sup>\*</sup>  | 17695 | 1502306 |
| Cidara Therapeutics, Inc.<sup>\*</sup>  | 4614 | 441837 |
| Natera, Inc.<sup>\*</sup>  | 14720 | 2369478 |
| Vaxcyte, Inc.<sup>\*</sup>  | 14413 | 519156 |
|  |  | **4832777** |
| **BUILDING PRODUCTS—1.0%** | **BUILDING PRODUCTS—1.0%** | **BUILDING PRODUCTS—1.0%** |
| Builders FirstSource, Inc.<sup>\*</sup>  | 13803 | **1673614** |
| **CARGO GROUND TRANSPORTATION—0.6%** | **CARGO GROUND TRANSPORTATION—0.6%** | **CARGO GROUND TRANSPORTATION—0.6%** |
| Saia, Inc.<sup>\*</sup>  | 3084 | **923226** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.2%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.2%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.2%** |
| Rocket Cos., Inc., Cl. A | 101063 | **1958601** |
| **CONSTRUCTION & ENGINEERING—2.5%** | **CONSTRUCTION & ENGINEERING—2.5%** | **CONSTRUCTION & ENGINEERING—2.5%** |
| Comfort Systems USA, Inc. | 5080 | **4191914** |
| **CONSTRUCTION MATERIALS—0.9%** | **CONSTRUCTION MATERIALS—0.9%** | **CONSTRUCTION MATERIALS—0.9%** |
| Martin Marietta Materials, Inc. | 2292 | **1444602** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.5%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.5%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.5%** |
| Vertiv Holdings Co., Cl. A | 27043 | **4079707** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—92.3% (CONT.)** | **COMMON STOCKS—92.3% (CONT.)** | **COMMON STOCKS—92.3% (CONT.)** |
| **ELECTRONIC COMPONENTS—1.8%** | **ELECTRONIC COMPONENTS—1.8%** | **ELECTRONIC COMPONENTS—1.8%** |
| Amphenol Corp., Cl. A | 24191 | **$2993636** |
| **ENVIRONMENTAL & FACILITIES SERVICES—2.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.8%** |
| GFL Environmental, Inc. | 97239 | **4607184** |
| **HEALTHCARE EQUIPMENT—1.6%** | **HEALTHCARE EQUIPMENT—1.6%** | **HEALTHCARE EQUIPMENT—1.6%** |
| IDEXX Laboratories, Inc.<sup>\*</sup>  | 4048 | **2586227** |
| **HEALTHCARE TECHNOLOGY—0.2%** | **HEALTHCARE TECHNOLOGY—0.2%** | **HEALTHCARE TECHNOLOGY—0.2%** |
| Veeva Systems, Inc., Cl. A<sup>\*</sup>  | 972 | **289569** |
| **HOME IMPROVEMENT RETAIL—0.4%** | **HOME IMPROVEMENT RETAIL—0.4%** | **HOME IMPROVEMENT RETAIL—0.4%** |
| Floor & Decor Holdings, Inc., Cl. A<sup>\*</sup>  | 8152 | **600802** |
| **HOMEBUILDING—1.2%** | **HOMEBUILDING—1.2%** | **HOMEBUILDING—1.2%** |
| NVR, Inc.<sup>\*</sup>  | 243 | **1952422** |
| **HOMEFURNISHING RETAIL—1.3%** | **HOMEFURNISHING RETAIL—1.3%** | **HOMEFURNISHING RETAIL—1.3%** |
| Wayfair, Inc., Cl. A<sup>\*</sup>  | 24447 | **2183851** |
| **HOTELS RESORTS & CRUISE LINES—1.8%** | **HOTELS RESORTS & CRUISE LINES—1.8%** | **HOTELS RESORTS & CRUISE LINES—1.8%** |
| Hilton Worldwide Holdings, Inc. | 11844 | **3072807** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.6%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.6%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.6%** |
| Talen Energy Corp.<sup>\*</sup>  | 10990 | 4674926 |
| Vistra Corp. | 15501 | 3036956 |
|  |  | **7711882** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—1.3%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—1.3%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—1.3%** |
| RBC Bearings, Inc.<sup>\*</sup>  | 5383 | **2100931** |
| **INSURANCE BROKERS—1.3%** | **INSURANCE BROKERS—1.3%** | **INSURANCE BROKERS—1.3%** |
| Ryan Specialty Holdings, Inc., Cl. A | 39246 | **2211905** |
| **INTERACTIVE HOME ENTERTAINMENT—2.1%** | **INTERACTIVE HOME ENTERTAINMENT—2.1%** | **INTERACTIVE HOME ENTERTAINMENT—2.1%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 25143 | **3482808** |
| **INTERNET SERVICES & INFRASTRUCTURE—4.4%** | **INTERNET SERVICES & INFRASTRUCTURE—4.4%** | **INTERNET SERVICES & INFRASTRUCTURE—4.4%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 24060 | 5163036 |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 2582 | 801401 |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 13470 | 1348212 |
|  |  | **7312649** |
| **INVESTMENT BANKING & BROKERAGE—3.1%** | **INVESTMENT BANKING & BROKERAGE—3.1%** | **INVESTMENT BANKING & BROKERAGE—3.1%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 36057 | **5162641** |
| **LIFE & HEALTH INSURANCE—0.4%** | **LIFE & HEALTH INSURANCE—0.4%** | **LIFE & HEALTH INSURANCE—0.4%** |
| Oscar Health, Inc., Cl. A<sup>\*</sup>  | 35330 | **668797** |
| **LIFE SCIENCES TOOLS & SERVICES—2.1%** | **LIFE SCIENCES TOOLS & SERVICES—2.1%** | **LIFE SCIENCES TOOLS & SERVICES—2.1%** |
| Repligen Corp.<sup>\*</sup>  | 13905 | 1858682 |
| West Pharmaceutical Services, Inc. | 6225 | 1633004 |
|  |  | **3491686** |
| **MOVIES & ENTERTAINMENT—3.5%** | **MOVIES & ENTERTAINMENT—3.5%** | **MOVIES & ENTERTAINMENT—3.5%** |
| Spotify Technology SA<sup>\*</sup>  | 3387 | 2364126 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—92.3% (CONT.)** | **COMMON STOCKS—92.3% (CONT.)** | **COMMON STOCKS—92.3% (CONT.)** |
| **MOVIES & ENTERTAINMENT—3.5% (CONT.)** | **MOVIES & ENTERTAINMENT—3.5% (CONT.)** | **MOVIES & ENTERTAINMENT—3.5% (CONT.)** |
| TKO Group Holdings, Inc., Cl. A | 16979 | **$** 3429079 |
|  |  | **5793205** |
| **PERSONAL CARE PRODUCTS—1.9%** | **PERSONAL CARE PRODUCTS—1.9%** | **PERSONAL CARE PRODUCTS—1.9%** |
| e.l.f. Beauty, Inc.<sup>\*</sup>  | 24388 | **3230922** |
| **PROPERTY & CASUALTY INSURANCE—1.3%** | **PROPERTY & CASUALTY INSURANCE—1.3%** | **PROPERTY & CASUALTY INSURANCE—1.3%** |
| Intact Financial Corp. | 11526 | **2242506** |
| **REAL ESTATE SERVICES—4.6%** | **REAL ESTATE SERVICES—4.6%** | **REAL ESTATE SERVICES—4.6%** |
| CBRE Group, Inc., Cl. A<sup>\*</sup>  | 27402 | 4317459 |
| CoStar Group, Inc.<sup>\*</sup>  | 38856 | 3278281 |
|  |  | **7595740** |
| **RESEARCH & CONSULTING SERVICES—1.4%** | **RESEARCH & CONSULTING SERVICES—1.4%** | **RESEARCH & CONSULTING SERVICES—1.4%** |
| Verisk Analytics, Inc. | 8989 | **2260823** |
| **RESTAURANTS—1.3%** | **RESTAURANTS—1.3%** | **RESTAURANTS—1.3%** |
| Chipotle Mexican Grill, Inc.<sup>\*</sup>  | 37611 | 1473975 |
| Wingstop, Inc. | 2980 | 750007 |
|  |  | **2223982** |
| **SEMICONDUCTORS—2.3%** | **SEMICONDUCTORS—2.3%** | **SEMICONDUCTORS—2.3%** |
| Astera Labs, Inc.<sup>\*</sup>  | 6355 | 1244309 |
| Marvell Technology, Inc. | 6051 | 508708 |
| Monolithic Power Systems, Inc. | 2243 | 2064995 |
|  |  | **3818012** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.0%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.0%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.0%** |
| Celsius Holdings, Inc.<sup>\*</sup>  | 57458 | **3303260** |
| **SYSTEMS SOFTWARE—3.5%** | **SYSTEMS SOFTWARE—3.5%** | **SYSTEMS SOFTWARE—3.5%** |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 51151 | **5742723** |
| **TRADING COMPANIES & DISTRIBUTORS—4.9%** | **TRADING COMPANIES & DISTRIBUTORS—4.9%** | **TRADING COMPANIES & DISTRIBUTORS—4.9%** |
| FTAI Aviation Ltd. | 27115 | 4524409 |
| QXO, Inc.<sup>\*</sup>  | 60197 | 1147355 |
| United Rentals, Inc. | 2566 | 2449657 |
|  |  | **8121421** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $106,822,028) |  | **153298745** |
| **EXCHANGE TRADED FUNDS—3.7%** | **EXCHANGE TRADED FUNDS—3.7%** | **EXCHANGE TRADED FUNDS—3.7%** |
| Alger Mid Cap 40 ETF<sup>(a)</sup>  | 278449 | **6233081** |
| &nbsp;&nbsp;&nbsp; (Cost $5,566,739) |  | **6233081** |
| **PREFERRED STOCKS—0.4%** | **PREFERRED STOCKS—0.4%** | **PREFERRED STOCKS—0.4%** |
| **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** |
| SB Technology, Inc., Series E<sup>(b),\*,@</sup>  | 34722 | **597566** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **PREFERRED STOCKS—0.4% (CONT.)** | **PREFERRED STOCKS—0.4% (CONT.)** | **PREFERRED STOCKS—0.4% (CONT.)** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Prosetta Biosciences, Inc., Series D<sup>(b),\*,@</sup>  | 170419 | **$—** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $1,364,451) |  | **597566** |
| **RIGHTS—0.0%** | **RIGHTS—0.0%** | **RIGHTS—0.0%** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Tolero CDR<sup>(b),\*,@</sup>  | 425098 | **—** |
| &nbsp;&nbsp;&nbsp; (Cost $227,341) |  | **—** |
| **SPECIAL PURPOSE VEHICLE—0.3%** | **SPECIAL PURPOSE VEHICLE—0.3%** | **SPECIAL PURPOSE VEHICLE—0.3%** |
| **DATA PROCESSING & OUTSOURCED SERVICES—0.3%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.3%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.3%** |
| Crosslink Ventures C, LLC, Cl. A<sup>(a),\*,@</sup>  |  | 430599 |
| Crosslink Ventures C, LLC, Cl. B<sup>(a),\*,@</sup>  |  | 161363 |
|  |  | **591962** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLE** <br>(Cost $1,200,000) |  | **591962** |
| **WARRANTS—0.0%** | **WARRANTS—0.0%** | **WARRANTS—0.0%** |
| **APPLICATION SOFTWARE—0.0%** | **APPLICATION SOFTWARE—0.0%** | **APPLICATION SOFTWARE—0.0%** |
| Constellation Software, Inc., 3/31/40<sup>(b),\*</sup>  | 1318 | **—** |
| &nbsp;&nbsp;&nbsp; (Cost $—) |  | **—** |
| **SHORT-TERM SECURITIES—3.0%** | **SHORT-TERM SECURITIES—3.0%** | **SHORT-TERM SECURITIES—3.0%** |
| **MONEY MARKET FUNDS—3.0%** | **MONEY MARKET FUNDS—3.0%** | **MONEY MARKET FUNDS—3.0%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.00%<sup>(c)</sup>  | 4906332 | **4906332** |
| &nbsp;&nbsp;&nbsp; (Cost $4,906,332) |  | **4906332** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $120,086,891)** | 99.7% | **$165627686** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Securities (Cost $6,766,739) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6825043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $113,320,152) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158802643 |
| Other Assets in Excess of Liabilities | 0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500895 |
| **NET ASSETS** | 100.0% | **$166128581** |

---

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

---

| | |
|:---|:---|
| *ADR* | *American Depositary Receipts* |
| *CDR* | *Contingent Deferred Rights* |
| *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 4 - 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 September 30, 2025.* |
| *\** | *Non-income producing security.* |
| *@* | *Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the* <br> *investment may be restricted only to qualified buyers.*<br>|

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited) (Continued)** <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>*9/30/2025*<br>|
| *Crosslink Ventures C, LLC, Cl. A* | *10/2/20* | &nbsp;&nbsp; $*875000* | $*430599* | *0.2%* |
| *Crosslink Ventures C, LLC, Cl. B* | *12/16/20* | *325000* | *161363* | *0.1%* |
| *Prosetta Biosciences, Inc., Series D* | *2/16/15* | *766885* | *—* | *0.0%* |
| *SB Technology, Inc., Series E* | *10/23/24* | *597566* | *597566* | *0.4%* |
| *Tolero CDR* | *2/16/17* | *227341* | *—* | *0.0%* |
| *Total* |  | *$2791792* | *$1189528* | *0.7%* |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.7%** | **COMMON STOCKS—97.7%** | **COMMON STOCKS—97.7%** |
| **AEROSPACE & DEFENSE—5.1%** | **AEROSPACE & DEFENSE—5.1%** | **AEROSPACE & DEFENSE—5.1%** |
| AeroVironment, Inc.<sup>\*</sup>  | 5367 | **$** 1690015 |
| Bombardier, Inc., Cl. B<sup>\*</sup>  | 20745 | 2907162 |
| Karman Holdings, Inc.<sup>\*</sup>  | 11666 | 842285 |
| Loar Holdings, Inc.<sup>\*</sup>  | 15578 | 1246240 |
| VSE Corp. | 4207 | 699372 |
|  |  | **7385074** |
| **APPAREL RETAIL—3.4%** | **APPAREL RETAIL—3.4%** | **APPAREL RETAIL—3.4%** |
| Abercrombie & Fitch Co., Cl. A<sup>\*</sup>  | 5346 | 457350 |
| Aritzia, Inc.<sup>\*</sup>  | 42397 | 2564475 |
| Victoria's Secret & Co.<sup>\*</sup>  | 69753 | 1893096 |
|  |  | **4914921** |
| **APPLICATION SOFTWARE—14.2%** | **APPLICATION SOFTWARE—14.2%** | **APPLICATION SOFTWARE—14.2%** |
| ACI Worldwide, Inc.<sup>\*</sup>  | 8592 | 453400 |
| Blackbaud, Inc.<sup>\*</sup>  | 17553 | 1128833 |
| BlackLine, Inc.<sup>\*</sup>  | 23074 | 1225229 |
| Clearwater Analytics Holdings, Inc., Cl. A<sup>\*</sup>  | 24797 | 446842 |
| Guidewire Software, Inc.<sup>\*</sup>  | 17700 | 4068522 |
| InterDigital, Inc. | 8528 | 2944122 |
| Manhattan Associates, Inc.<sup>\*</sup>  | 12629 | 2588692 |
| nCino, Inc.<sup>\*</sup>  | 29023 | 786814 |
| Q2 Holdings, Inc.<sup>\*</sup>  | 43429 | 3143825 |
| Riot Platforms, Inc.<sup>\*</sup>  | 24522 | 466654 |
| SPS Commerce, Inc.<sup>\*</sup>  | 24641 | 2566114 |
| Vertex, Inc., Cl. A<sup>\*</sup>  | 33353 | 826821 |
|  |  | **20645868** |
| **ASSET MANAGEMENT & CUSTODY BANKS—1.8%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.8%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.8%** |
| Galaxy Digital, Inc., Cl. A<sup>\*</sup>  | 61171 | 2068191 |
| Hamilton Lane, Inc., Cl. A | 4226 | 569623 |
|  |  | **2637814** |
| **AUTOMOTIVE PARTS & EQUIPMENT—0.6%** | **AUTOMOTIVE PARTS & EQUIPMENT—0.6%** | **AUTOMOTIVE PARTS & EQUIPMENT—0.6%** |
| Modine Manufacturing Co.<sup>\*</sup>  | 6003 | **853387** |
| **BIOTECHNOLOGY—15.1%** | **BIOTECHNOLOGY—15.1%** | **BIOTECHNOLOGY—15.1%** |
| Abivax SA ADR<sup>\*</sup>  | 12444 | 1056496 |
| Absci Corp.<sup>\*</sup>  | 339522 | 1032147 |
| Akero Therapeutics, Inc.<sup>\*</sup>  | 31655 | 1502979 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 22855 | 788269 |
| Bridgebio Pharma, Inc.<sup>\*</sup>  | 5835 | 303070 |
| CareDx, Inc.<sup>\*</sup>  | 68882 | 1001544 |
| Centessa Pharmaceuticals PLC ADR<sup>\*</sup>  | 29578 | 717266 |
| Exact Sciences Corp.<sup>\*</sup>  | 35245 | 1928254 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 128020 | 1920300 |
| Insmed, Inc.<sup>\*</sup>  | 19288 | 2777665 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.7% (CONT.)** | **COMMON STOCKS—97.7% (CONT.)** | **COMMON STOCKS—97.7% (CONT.)** |
| **BIOTECHNOLOGY—15.1% (CONT.)** | **BIOTECHNOLOGY—15.1% (CONT.)** | **BIOTECHNOLOGY—15.1% (CONT.)** |
| Natera, Inc.<sup>\*</sup>  | 12595 | **$** 2027417 |
| Nuvalent, Inc., Cl. A<sup>\*</sup>  | 27129 | 2346116 |
| Palvella Therapeutics, Inc.<sup>\*</sup>  | 5769 | 361659 |
| Revolution Medicines, Inc.<sup>\*</sup>  | 32882 | 1535589 |
| Rezolute, Inc.<sup>\*</sup>  | 78597 | 738812 |
| Soleno Therapeutics, Inc.<sup>\*</sup>  | 9163 | 619419 |
| Twist Bioscience Corp.<sup>\*</sup>  | 26830 | 754996 |
| uniQure NV<sup>\*</sup>  | 8495 | 495853 |
|  |  | **21907851** |
| **BUILDING PRODUCTS—1.3%** | **BUILDING PRODUCTS—1.3%** | **BUILDING PRODUCTS—1.3%** |
| CSW Industrials, Inc. | 7801 | **1893693** |
| **CONSTRUCTION & ENGINEERING—2.7%** | **CONSTRUCTION & ENGINEERING—2.7%** | **CONSTRUCTION & ENGINEERING—2.7%** |
| Construction Partners, Inc., Cl. A<sup>\*</sup>  | 9077 | 1152779 |
| Tutor Perini Corp.<sup>\*</sup>  | 41635 | 2730840 |
|  |  | **3883619** |
| **CONSUMER FINANCE—0.2%** | **CONSUMER FINANCE—0.2%** | **CONSUMER FINANCE—0.2%** |
| Upstart Holdings, Inc.<sup>\*</sup>  | 6419 | **326085** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—1.7%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.7%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.7%** |
| BJ's Wholesale Club Holdings, Inc.<sup>\*</sup>  | 26037 | **2427950** |
| **EDUCATION SERVICES—1.5%** | **EDUCATION SERVICES—1.5%** | **EDUCATION SERVICES—1.5%** |
| Duolingo, Inc.<sup>\*</sup>  | 3170 | 1020233 |
| Universal Technical Institute, Inc.<sup>\*</sup>  | 34116 | 1110476 |
|  |  | **2130709** |
| **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** |
| IDACORP, Inc. | 4972 | **657050** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—0.8%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.8%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.8%** |
| Enovix Corp.<sup>\*</sup>  | 110720 | **1103878** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.1%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.1%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.1%** |
| PAR Technology Corp.<sup>\*</sup>  | 4898 | **193863** |
| **ELECTRONIC MANUFACTURING SERVICES—1.2%** | **ELECTRONIC MANUFACTURING SERVICES—1.2%** | **ELECTRONIC MANUFACTURING SERVICES—1.2%** |
| Fabrinet<sup>\*</sup>  | 4902 | **1787367** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.3%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.3%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.3%** |
| Casella Waste Systems, Inc., Cl. A<sup>\*</sup>  | 5088 | **482749** |
| **FINANCIAL EXCHANGES & DATA—0.5%** | **FINANCIAL EXCHANGES & DATA—0.5%** | **FINANCIAL EXCHANGES & DATA—0.5%** |
| Bullish<sup>\*</sup>  | 102 | 6488 |
| Gemini Space Station, Inc., Cl. A<sup>\*</sup>  | 850 | 20366 |
| MarketAxess Holdings, Inc. | 4259 | 742131 |
|  |  | **768985** |
| **HEALTHCARE EQUIPMENT—3.2%** | **HEALTHCARE EQUIPMENT—3.2%** | **HEALTHCARE EQUIPMENT—3.2%** |
| Glaukos Corp.<sup>\*</sup>  | 5979 | 487587 |
| Impulse Dynamics PLC, Series A<sup>(a),\*,@</sup>  | 1596061 | 57458 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.7% (CONT.)** | **COMMON STOCKS—97.7% (CONT.)** | **COMMON STOCKS—97.7% (CONT.)** |
| **HEALTHCARE EQUIPMENT—3.2% (CONT.)** | **HEALTHCARE EQUIPMENT—3.2% (CONT.)** | **HEALTHCARE EQUIPMENT—3.2% (CONT.)** |
| iRhythm Technologies, Inc.<sup>\*</sup>  | 11119 | **$** 1912357 |
| Penumbra, Inc.<sup>\*</sup>  | 3724 | 943364 |
| TransMedics Group, Inc.<sup>\*</sup>  | 11668 | 1309150 |
|  |  | **4709916** |
| **HEALTHCARE SERVICES—4.4%** | **HEALTHCARE SERVICES—4.4%** | **HEALTHCARE SERVICES—4.4%** |
| GeneDx Holdings Corp., Cl. A<sup>\*</sup>  | 36711 | 3955243 |
| Guardant Health, Inc.<sup>\*</sup>  | 38661 | 2415539 |
|  |  | **6370782** |
| **HEALTHCARE SUPPLIES—0.2%** | **HEALTHCARE SUPPLIES—0.2%** | **HEALTHCARE SUPPLIES—0.2%** |
| Neogen Corp.<sup>\*</sup>  | 53049 | **302910** |
| **HEALTHCARE TECHNOLOGY—1.2%** | **HEALTHCARE TECHNOLOGY—1.2%** | **HEALTHCARE TECHNOLOGY—1.2%** |
| Certara, Inc.<sup>\*</sup>  | 27161 | 331907 |
| Health Catalyst, Inc.<sup>\*</sup>  | 88344 | 251780 |
| HeartFlow, Inc.<sup>\*</sup>  | 32957 | 1109333 |
|  |  | **1693020** |
| **HEAVY ELECTRICAL EQUIPMENT—0.4%** | **HEAVY ELECTRICAL EQUIPMENT—0.4%** | **HEAVY ELECTRICAL EQUIPMENT—0.4%** |
| Bloom Energy Corp., Cl. A<sup>\*</sup>  | 6174 | **522135** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—5.4%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—5.4%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—5.4%** |
| Gates Industrial Corp. PLC<sup>\*</sup>  | 150865 | 3744469 |
| RBC Bearings, Inc.<sup>\*</sup>  | 10603 | 4138245 |
|  |  | **7882714** |
| **INTERACTIVE MEDIA & SERVICES—0.8%** | **INTERACTIVE MEDIA & SERVICES—0.8%** | **INTERACTIVE MEDIA & SERVICES—0.8%** |
| Reddit, Inc., Cl. A<sup>\*</sup>  | 5335 | **1226997** |
| **INTERNET SERVICES & INFRASTRUCTURE—0.9%** | **INTERNET SERVICES & INFRASTRUCTURE—0.9%** | **INTERNET SERVICES & INFRASTRUCTURE—0.9%** |
| Wix.com Ltd.<sup>\*</sup>  | 7469 | **1326718** |
| **INVESTMENT BANKING & BROKERAGE—0.5%** | **INVESTMENT BANKING & BROKERAGE—0.5%** | **INVESTMENT BANKING & BROKERAGE—0.5%** |
| Moelis & Co., Cl. A | 10075 | **718549** |
| **LEISURE FACILITIES—1.9%** | **LEISURE FACILITIES—1.9%** | **LEISURE FACILITIES—1.9%** |
| Life Time Group Holdings, Inc.<sup>\*</sup>  | 21769 | 600824 |
| Planet Fitness, Inc., Cl. A<sup>\*</sup>  | 20418 | 2119389 |
|  |  | **2720213** |
| **LIFE SCIENCES TOOLS & SERVICES—5.7%** | **LIFE SCIENCES TOOLS & SERVICES—5.7%** | **LIFE SCIENCES TOOLS & SERVICES—5.7%** |
| 10X Genomics, Inc., Cl. A<sup>\*</sup>  | 19365 | 226377 |
| Adaptive Biotechnologies Corp.<sup>\*</sup>  | 174425 | 2609398 |
| Bio-Techne Corp. | 27729 | 1542564 |
| CryoPort, Inc.<sup>\*</sup>  | 133790 | 1268329 |
| MaxCyte, Inc.<sup>\*</sup>  | 135576 | 214210 |
| Repligen Corp.<sup>\*</sup>  | 11780 | 1574633 |
| Tempus AI, Inc.<sup>\*</sup>  | 10839 | 874816 |
|  |  | **8310327** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.7% (CONT.)** | **COMMON STOCKS—97.7% (CONT.)** | **COMMON STOCKS—97.7% (CONT.)** |
| **OIL & GAS EXPLORATION & PRODUCTION—2.3%** | **OIL & GAS EXPLORATION & PRODUCTION—2.3%** | **OIL & GAS EXPLORATION & PRODUCTION—2.3%** |
| Magnolia Oil & Gas Corp., Cl. A | 138742 | **$3311772** |
| **PASSENGER AIRLINES—2.2%** | **PASSENGER AIRLINES—2.2%** | **PASSENGER AIRLINES—2.2%** |
| Joby Aviation, Inc.<sup>\*</sup>  | 198786 | **3208406** |
| **PERSONAL CARE PRODUCTS—0.4%** | **PERSONAL CARE PRODUCTS—0.4%** | **PERSONAL CARE PRODUCTS—0.4%** |
| Oddity Tech, Ltd., Cl. A<sup>\*</sup>  | 9943 | **619449** |
| **RESTAURANTS—3.5%** | **RESTAURANTS—3.5%** | **RESTAURANTS—3.5%** |
| Black Rock Coffee Bar, Inc., Cl. A<sup>\*</sup>  | 573 | 13672 |
| Kura Sushi USA, Inc., Cl. A<sup>\*</sup>  | 10555 | 627072 |
| Shake Shack, Inc., Cl. A<sup>\*</sup>  | 17872 | 1672998 |
| The Cheesecake Factory, Inc. | 19858 | 1085041 |
| Wingstop, Inc. | 6729 | 1693555 |
|  |  | **5092338** |
| **SEMICONDUCTORS—6.2%** | **SEMICONDUCTORS—6.2%** | **SEMICONDUCTORS—6.2%** |
| Astera Labs, Inc.<sup>\*</sup>  | 16648 | 3259678 |
| Credo Technology Group Holding, Ltd.<sup>\*</sup>  | 11647 | 1695920 |
| Rambus, Inc.<sup>\*</sup>  | 22253 | 2318762 |
| Universal Display Corp. | 12336 | 1771820 |
|  |  | **9046180** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.5%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.5%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.5%** |
| Celsius Holdings, Inc.<sup>\*</sup>  | 12320 | **708277** |
| **SPECIALTY CHEMICALS—0.7%** | **SPECIALTY CHEMICALS—0.7%** | **SPECIALTY CHEMICALS—0.7%** |
| Balchem Corp. | 6949 | **1042767** |
| **SYSTEMS SOFTWARE—4.1%** | **SYSTEMS SOFTWARE—4.1%** | **SYSTEMS SOFTWARE—4.1%** |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 42496 | 4771026 |
| Netskope, Inc., Cl. A<sup>\*</sup>  | 2646 | 60143 |
| Varonis Systems, Inc.<sup>\*</sup>  | 20029 | 1151067 |
|  |  | **5982236** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.6%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.6%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.6%** |
| IonQ, Inc.<sup>\*</sup>  | 12983 | **798454** |
| **TRADING COMPANIES & DISTRIBUTORS—1.6%** | **TRADING COMPANIES & DISTRIBUTORS—1.6%** | **TRADING COMPANIES & DISTRIBUTORS—1.6%** |
| FTAI Aviation Ltd. | 11841 | 1975790 |
| SiteOne Landscape Supply, Inc.<sup>\*</sup>  | 129 | 16615 |
| Xometry, Inc., Cl. A<sup>\*</sup>  | 6183 | 336787 |
|  |  | **2329192** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $95,908,636) |  | **141924215** |
| **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** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Prosetta Biosciences, Inc., Series D<sup>(a),\*,@</sup>  | 85998 | **—** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **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 $1,227,113) |  | **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—0.6%** | **SPECIAL PURPOSE VEHICLE—0.6%** | **SPECIAL PURPOSE VEHICLE—0.6%** |
| **DATA PROCESSING & OUTSOURCED SERVICES—0.6%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.6%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.6%** |
| Crosslink Ventures C, LLC, Cl. A<sup>(b),\*,@</sup>  |  | 688959 |
| Crosslink Ventures C, LLC, Cl. B<sup>(b),\*,@</sup>  |  | 148951 |
|  |  | **837910** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLE** <br>(Cost $1,700,000) |  | **837910** |
| **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, 4.00%<sup>(c)</sup>  | 1429012 | **1429012** |
| &nbsp;&nbsp;&nbsp; (Cost $1,429,012) |  | **1429012** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $100,420,355)** | 99.9% | **$145108784** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Securities (Cost $1,700,000) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 837910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $98,720,355) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144270874 |
| Other Assets in Excess of Liabilities | 0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89936 |
| **NET ASSETS** | 100.0% | **$145198720** |

---

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

---

| | |
|:---|:---|
| *ADR* | *American Depositary Receipts* |
| *CDR* | *Contingent Deferred Rights* |
| *CVR* | *Contingent Value Rights* |

---

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

---

| | |
|:---|:---|
| *(a)* | *Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures* <br> *approved by the Board of Trustees.*<br>|
| *(b)* | *Deemed an affiliate of the Portfolio in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See* <br> *Note 4 - Affiliated Securities.*<br>|
| *(c)* | *Rate shown reflects 7-day effective yield as of September 30, 2025.* |
| *\** | *Non-income producing security.* |
| *@* | *Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the* <br> *investment may be restricted only to qualified buyers.*<br>|

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited) (Continued)** <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>*9/30/2025*<br>|
| *Crosslink Ventures C, LLC, Cl. A* | *10/2/20* | $*1400000* | $*688959* | *0.5%* |
| *Crosslink Ventures C, LLC, Cl. B* | *12/16/20* | *300000* | *148951* | *0.1%* |
| *Fusion Pharmaceuticals, Inc. CVR* | *6/5/24* | *—* | *51963* | *0.0%* |
| *Impulse Dynamics PLC, Series A* | *2/11/22* | *1596061* | *57458* | *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%* |
| *Prosetta Biosciences, Inc., Series D* | *2/6/15-10/2/23* | *386992* | *—* | *0.0%* |
| *SB Technology, Inc., Series E* | *10/23/24* | *645272* | *645272* | *0.4%* |
| *Tolero CDR* | *2/6/17* | *155594* | *—* | *0.0%* |
| *Total* |  | *$4678768* | *$1813015* | *1.2%* |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—70.8%** | **COMMON STOCKS—70.8%** | **COMMON STOCKS—70.8%** |
| **AEROSPACE & DEFENSE—0.6%** | **AEROSPACE & DEFENSE—0.6%** | **AEROSPACE & DEFENSE—0.6%** |
| TransDigm Group, Inc. | 300 | **$395406** |
| **APPAREL RETAIL—0.2%** | **APPAREL RETAIL—0.2%** | **APPAREL RETAIL—0.2%** |
| The Gap, Inc. | 4909 | **105004** |
| **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** |
| Adobe, Inc.<sup>\*</sup>  | 660 | **232815** |
| **ASSET MANAGEMENT & CUSTODY BANKS—2.3%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.3%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.3%** |
| Blackrock, Inc. | 635 | 740327 |
| Blackstone, Inc. | 3480 | 594558 |
| Blue Owl Capital, Inc., Cl. A | 9701 | 164238 |
|  |  | **1499123** |
| **AUTOMOBILE MANUFACTURERS—0.4%** | **AUTOMOBILE MANUFACTURERS—0.4%** | **AUTOMOBILE MANUFACTURERS—0.4%** |
| Ferrari NV | 504 | **244551** |
| **BIOTECHNOLOGY—1.8%** | **BIOTECHNOLOGY—1.8%** | **BIOTECHNOLOGY—1.8%** |
| AbbVie, Inc. | 3463 | 801823 |
| Amgen, Inc. | 771 | 217576 |
| Gilead Sciences, Inc. | 1378 | 152958 |
|  |  | **1172357** |
| **BROADLINE RETAIL—2.1%** | **BROADLINE RETAIL—2.1%** | **BROADLINE RETAIL—2.1%** |
| Amazon.com, Inc.<sup>\*</sup>  | 6263 | **1375167** |
| **BUILDING PRODUCTS—0.5%** | **BUILDING PRODUCTS—0.5%** | **BUILDING PRODUCTS—0.5%** |
| Johnson Controls International PLC | 2821 | **310169** |
| **CABLE & SATELLITE—0.4%** | **CABLE & SATELLITE—0.4%** | **CABLE & SATELLITE—0.4%** |
| Comcast Corp., Cl. A | 7820 | **245704** |
| **COMMUNICATIONS EQUIPMENT—0.7%** | **COMMUNICATIONS EQUIPMENT—0.7%** | **COMMUNICATIONS EQUIPMENT—0.7%** |
| Cisco Systems, Inc. | 6344 | **434056** |
| **COMPUTER & ELECTRONICS RETAIL—0.2%** | **COMPUTER & ELECTRONICS RETAIL—0.2%** | **COMPUTER & ELECTRONICS RETAIL—0.2%** |
| Best Buy Co., Inc. | 1875 | **141788** |
| **CONSUMER ELECTRONICS—0.5%** | **CONSUMER ELECTRONICS—0.5%** | **CONSUMER ELECTRONICS—0.5%** |
| Garmin, Ltd. | 1304 | **321071** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—0.9%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.9%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.9%** |
| Walmart, Inc. | 5771 | **594759** |
| **COPPER—0.5%** | **COPPER—0.5%** | **COPPER—0.5%** |
| Southern Copper Corp. | 2955 | **358619** |
| **DIVERSIFIED BANKS—4.3%** | **DIVERSIFIED BANKS—4.3%** | **DIVERSIFIED BANKS—4.3%** |
| Bank of America Corp. | 11599 | 598393 |
| Fifth Third Bancorp | 5188 | 231125 |
| JPMorgan Chase & Co. | 6184 | 1950619 |
|  |  | **2780137** |
| **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** |
| NextEra Energy, Inc. | 3189 | **240738** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—70.8% (CONT.)** | **COMMON STOCKS—70.8% (CONT.)** | **COMMON STOCKS—70.8% (CONT.)** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—1.4%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.4%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.4%** |
| Eaton Corp. PLC | 2520 | **$943110** |
| **ELECTRONIC COMPONENTS—0.6%** | **ELECTRONIC COMPONENTS—0.6%** | **ELECTRONIC COMPONENTS—0.6%** |
| Corning, Inc. | 4495 | **368725** |
| **FINANCIAL EXCHANGES & DATA—0.6%** | **FINANCIAL EXCHANGES & DATA—0.6%** | **FINANCIAL EXCHANGES & DATA—0.6%** |
| CME Group, Inc., Cl. A | 1574 | **425279** |
| **FOOD DISTRIBUTORS—0.4%** | **FOOD DISTRIBUTORS—0.4%** | **FOOD DISTRIBUTORS—0.4%** |
| Sysco Corp. | 2816 | **231869** |
| **HEALTH CARE DISTRIBUTORS—0.5%** | **HEALTH CARE DISTRIBUTORS—0.5%** | **HEALTH CARE DISTRIBUTORS—0.5%** |
| Cardinal Health, Inc. | 2012 | **315804** |
| **HEALTHCARE EQUIPMENT—0.9%** | **HEALTHCARE EQUIPMENT—0.9%** | **HEALTHCARE EQUIPMENT—0.9%** |
| Abbott Laboratories | 2823 | 378112 |
| Medtronic PLC | 2453 | 233624 |
|  |  | **611736** |
| **HOME IMPROVEMENT RETAIL—1.3%** | **HOME IMPROVEMENT RETAIL—1.3%** | **HOME IMPROVEMENT RETAIL—1.3%** |
| The Home Depot, Inc. | 2120 | **859003** |
| **HOUSEHOLD PRODUCTS—0.8%** | **HOUSEHOLD PRODUCTS—0.8%** | **HOUSEHOLD PRODUCTS—0.8%** |
| The Procter & Gamble Co. | 3405 | **523178** |
| **INDUSTRIAL CONGLOMERATES—0.8%** | **INDUSTRIAL CONGLOMERATES—0.8%** | **INDUSTRIAL CONGLOMERATES—0.8%** |
| Honeywell International, Inc. | 2587 | **544564** |
| **INDUSTRIAL GASES—0.5%** | **INDUSTRIAL GASES—0.5%** | **INDUSTRIAL GASES—0.5%** |
| Air Products & Chemicals, Inc. | 1308 | **356718** |
| **INTEGRATED OIL & GAS—2.4%** | **INTEGRATED OIL & GAS—2.4%** | **INTEGRATED OIL & GAS—2.4%** |
| Chevron Corp. | 3750 | 582338 |
| Exxon Mobil Corp. | 6270 | 706942 |
| TotalEnergies SE ADR | 4673 | 278931 |
|  |  | **1568211** |
| **INTEGRATED TELECOMMUNICATION SERVICES—0.5%** | **INTEGRATED TELECOMMUNICATION SERVICES—0.5%** | **INTEGRATED TELECOMMUNICATION SERVICES—0.5%** |
| Verizon Communications, Inc. | 7898 | **347117** |
| **INTERACTIVE MEDIA & SERVICES—6.9%** | **INTERACTIVE MEDIA & SERVICES—6.9%** | **INTERACTIVE MEDIA & SERVICES—6.9%** |
| Alphabet, Inc., Cl. A | 7834 | 1904445 |
| Alphabet, Inc., Cl. C | 6054 | 1474452 |
| Meta Platforms, Inc., Cl. A | 1537 | 1128742 |
|  |  | **4507639** |
| **INVESTMENT BANKING & BROKERAGE—2.0%** | **INVESTMENT BANKING & BROKERAGE—2.0%** | **INVESTMENT BANKING & BROKERAGE—2.0%** |
| Morgan Stanley | 8114 | **1289801** |
| **IT CONSULTING & OTHER SERVICES—0.3%** | **IT CONSULTING & OTHER SERVICES—0.3%** | **IT CONSULTING & OTHER SERVICES—0.3%** |
| International Business Machines Corp. | 637 | **179736** |
| **MANAGED HEALTHCARE—0.5%** | **MANAGED HEALTHCARE—0.5%** | **MANAGED HEALTHCARE—0.5%** |
| UnitedHealth Group, Inc. | 965 | **333215** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—70.8% (CONT.)** | **COMMON STOCKS—70.8% (CONT.)** | **COMMON STOCKS—70.8% (CONT.)** |
| **MULTI-UTILITIES—0.7%** | **MULTI-UTILITIES—0.7%** | **MULTI-UTILITIES—0.7%** |
| Consolidated Edison, Inc. | 2013 | **$** 202347 |
| Sempra | 2853 | 256713 |
|  |  | **459060** |
| **OIL & GAS STORAGE & TRANSPORTATION—0.3%** | **OIL & GAS STORAGE & TRANSPORTATION—0.3%** | **OIL & GAS STORAGE & TRANSPORTATION—0.3%** |
| ONEOK, Inc. | 2595 | **189357** |
| **OTHER SPECIALTY RETAIL—0.2%** | **OTHER SPECIALTY RETAIL—0.2%** | **OTHER SPECIALTY RETAIL—0.2%** |
| Dick's Sporting Goods, Inc. | 498 | **110666** |
| **PHARMACEUTICALS—2.9%** | **PHARMACEUTICALS—2.9%** | **PHARMACEUTICALS—2.9%** |
| AstraZeneca PLC ADR | 3023 | 231925 |
| Bristol-Myers Squibb Co. | 3790 | 170929 |
| Eli Lilly & Co. | 504 | 384552 |
| Johnson & Johnson | 2706 | 501746 |
| Merck & Co., Inc. | 2404 | 201768 |
| Novartis AG ADR | 1780 | 228267 |
| Pfizer, Inc. | 6576 | 167556 |
|  |  | **1886743** |
| **PROPERTY & CASUALTY INSURANCE—0.5%** | **PROPERTY & CASUALTY INSURANCE—0.5%** | **PROPERTY & CASUALTY INSURANCE—0.5%** |
| The Hartford Insurance Group, Inc. | 2277 | **303729** |
| **RAIL TRANSPORTATION—0.5%** | **RAIL TRANSPORTATION—0.5%** | **RAIL TRANSPORTATION—0.5%** |
| Union Pacific Corp. | 1501 | **354791** |
| **RESTAURANTS—0.9%** | **RESTAURANTS—0.9%** | **RESTAURANTS—0.9%** |
| McDonald's Corp. | 1090 | 331240 |
| Starbucks Corp. | 2730 | 230958 |
|  |  | **562198** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—3.0%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—3.0%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—3.0%** |
| KLA Corp. | 1838 | **1982467** |
| **SEMICONDUCTORS—7.8%** | **SEMICONDUCTORS—7.8%** | **SEMICONDUCTORS—7.8%** |
| Broadcom, Inc. | 11265 | 3716436 |
| QUALCOMM, Inc. | 3966 | 659784 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 2653 | 740956 |
|  |  | **5117176** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.2%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.2%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.2%** |
| PepsiCo, Inc. | 2616 | 367391 |
| The Coca-Cola Co. | 5820 | 385982 |
|  |  | **753373** |
| **SYSTEMS SOFTWARE—7.9%** | **SYSTEMS SOFTWARE—7.9%** | **SYSTEMS SOFTWARE—7.9%** |
| Microsoft Corp. | 9176 | 4752709 |
| Oracle Corp. | 1331 | 374331 |
|  |  | **5127040** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—70.8% (CONT.)** | **COMMON STOCKS—70.8% (CONT.)** | **COMMON STOCKS—70.8% (CONT.)** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.8%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.8%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.8%** |
| Apple, Inc. | 13785 | **$** 3510074 |
| Dell Technologies, Inc., Cl. C | 2184 | 309626 |
|  |  | **3819700** |
| **TOBACCO—1.0%** | **TOBACCO—1.0%** | **TOBACCO—1.0%** |
| Altria Group, Inc. | 4895 | 323364 |
| Philip Morris International, Inc. | 1990 | 322778 |
|  |  | **646142** |
| **TRADING COMPANIES & DISTRIBUTORS—0.4%** | **TRADING COMPANIES & DISTRIBUTORS—0.4%** | **TRADING COMPANIES & DISTRIBUTORS—0.4%** |
| Ferguson Enterprises, Inc. | 1258 | **282522** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—1.1%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.1%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.1%** |
| Visa, Inc., Cl. A | 2188 | **746939** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $13,448,280) |  | **46199072** |
| **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 | 2997 | **161299** |
| &nbsp;&nbsp;&nbsp; (Cost $84,721) |  | **161299** |
| **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. | 2782 | **495586** |
| **INDUSTRIAL—0.2%** | **INDUSTRIAL—0.2%** | **INDUSTRIAL—0.2%** |
| Prologis, Inc. | 1253 | **143494** |
| **RETAIL—0.5%** | **RETAIL—0.5%** | **RETAIL—0.5%** |
| Simon Property Group, Inc. | 1902 | **356948** |
| **SPECIALIZED—0.4%** | **SPECIALIZED—0.4%** | **SPECIALIZED—0.4%** |
| Lamar Advertising Co., Cl. A | 2027 | **248145** |
| **TELECOM TOWER—0.3%** | **TELECOM TOWER—0.3%** | **TELECOM TOWER—0.3%** |
| Crown Castle, Inc. | 2262 | **218260** |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUST** <br>(Cost $828,993) |  | **1462433** |

---

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL** <br>**AMOUNT**<br>| **VALUE** |
| **CORPORATE BONDS—23.3%** | **CORPORATE BONDS—23.3%** | **CORPORATE BONDS—23.3%** |
| **APPLICATION SOFTWARE—0.8%** | **APPLICATION SOFTWARE—0.8%** | **APPLICATION SOFTWARE—0.8%** |
| Cadence Design Systems, Inc., 4.3%, 9/10/29 | 500000 | **503391** |
| **AUTOMOBILE MANUFACTURERS—0.7%** | **AUTOMOBILE MANUFACTURERS—0.7%** | **AUTOMOBILE MANUFACTURERS—0.7%** |
| General Motors Financial Co., Inc., 1.5%, 6/10/26 | 500000 | **490693** |
| **BROADLINE RETAIL—0.8%** | **BROADLINE RETAIL—0.8%** | **BROADLINE RETAIL—0.8%** |
| Amazon.com, Inc., 4.55%, 12/1/27 | 500000 | **507614** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL**<br> **AMOUNT**<br>| **VALUE** |
| **CORPORATE BONDS—23.3% (CONT.)** | **CORPORATE BONDS—23.3% (CONT.)** | **CORPORATE BONDS—23.3% (CONT.)** |
| **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 | **$511301** |
| **CONSUMER FINANCE—0.8%** | **CONSUMER FINANCE—0.8%** | **CONSUMER FINANCE—0.8%** |
| American Express Co., 5.85%, 11/5/27 | 500000 | **518077** |
| **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 | **508542** |
| **DIVERSIFIED BANKS—1.5%** | **DIVERSIFIED BANKS—1.5%** | **DIVERSIFIED BANKS—1.5%** |
| Citibank N.A., 4.929%, 8/6/26 | 500000 | 503804 |
| JPMorgan Chase Bank N.A., 5.11%, 12/8/26 | 500000 | 506432 |
|  |  | **1010236** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.8%** |
| Republic Services, Inc., 4.75%, 7/15/30 | 500000 | **512517** |
| **HEALTH CARE—0.8%** | **HEALTH CARE—0.8%** | **HEALTH CARE—0.8%** |
| Welltower OP LLC, 4.5%, 7/1/30 | 500000 | **504929** |
| **HEALTH CARE DISTRIBUTORS—1.6%** | **HEALTH CARE DISTRIBUTORS—1.6%** | **HEALTH CARE DISTRIBUTORS—1.6%** |
| Cardinal Health, Inc., 5%, 11/15/29 | 500000 | 512879 |
| McKesson Corp., 4.65%, 5/30/30 | 500000 | 508742 |
|  |  | **1021621** |
| **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 | **495908** |
| **INDUSTRIAL CONGLOMERATES—0.8%** | **INDUSTRIAL CONGLOMERATES—0.8%** | **INDUSTRIAL CONGLOMERATES—0.8%** |
| Honeywell International, Inc., 4.7%, 2/1/30 | 500000 | **509948** |
| **MANAGED HEALTHCARE—1.5%** | **MANAGED HEALTHCARE—1.5%** | **MANAGED HEALTHCARE—1.5%** |
| UnitedHealth Group, Inc., 3.7%, 5/15/27 | 1000000 | **996607** |
| **MULTI-UTILITIES—1.5%** | **MULTI-UTILITIES—1.5%** | **MULTI-UTILITIES—1.5%** |
| Dominion Energy, Inc., 4.6%, 5/15/28 | 500000 | 505209 |
| Sempra, 5.4%, 8/1/26 | 500000 | 504510 |
|  |  | **1009719** |
| **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 | **510027** |
| **PHARMACEUTICALS—2.3%** | **PHARMACEUTICALS—2.3%** | **PHARMACEUTICALS—2.3%** |
| AstraZeneca Finance LLC, 4.85%, 2/26/29 | 500000 | 512996 |
| Johnson & Johnson, 4.8%, 6/1/29 | 500000 | 515694 |
| Novartis Capital Corp., 3.8%, 9/18/29 | 500000 | 497974 |
|  |  | **1526664** |
| **RESTAURANTS—0.8%** | **RESTAURANTS—0.8%** | **RESTAURANTS—0.8%** |
| McDonald's Corp., 4.8%, 8/14/28 | 500000 | **510977** |
| **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 | **508075** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments September 30, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL**<br> **AMOUNT**<br>| **VALUE** |
| **CORPORATE BONDS—23.3% (CONT.)** | **CORPORATE BONDS—23.3% (CONT.)** | **CORPORATE BONDS—23.3% (CONT.)** |
| **SPECIALTY CHEMICALS—0.8%** | **SPECIALTY CHEMICALS—0.8%** | **SPECIALTY CHEMICALS—0.8%** |
| Ecolab, Inc., 5.25%, 1/15/28 | 500000 | **$513686** |
| **SYSTEMS SOFTWARE—0.8%** | **SYSTEMS SOFTWARE—0.8%** | **SYSTEMS SOFTWARE—0.8%** |
| Oracle Corp., 5.8%, 11/10/25 | 500000 | **500724** |
| **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 | **505586** |
| **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 | **502577** |
| **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 | 499513 |
| T-Mobile USA, Inc., 5.125%, 5/15/32 | 500000 | 514719 |
|  |  | **1014232** |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>(Cost $15,018,070) |  | **15193651** |
| **U.S. GOVERNMENT BONDS—2.4%** | **U.S. GOVERNMENT BONDS—2.4%** | **U.S. GOVERNMENT BONDS—2.4%** |
| U.S. Treasury Note, 3.5%, 9/30/26 | 550000 | 548893 |
| U.S. Treasury Note, 4.125%, 10/31/29 | 500000 | 508037 |
| U.S. Treasury Note, 4.625%, 2/15/35 | 500000 | 519727 |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT BONDS** <br>(Cost $1,563,157) |  | **1576657** |

---

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SHORT-TERM SECURITIES—0.8%** | **SHORT-TERM SECURITIES—0.8%** | **SHORT-TERM SECURITIES—0.8%** |
| **MONEY MARKET FUNDS—0.8%** | **MONEY MARKET FUNDS—0.8%** | **MONEY MARKET FUNDS—0.8%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.00%<sup>(a)</sup>  | 514258 | **514259** |
| &nbsp;&nbsp;&nbsp; (Cost $514,258) |  | **514259** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $31,457,479)** | 99.8% | **$65107371** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $31,457,479) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65107371 |
| Other Assets in Excess of Liabilities | 0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152330 |
| **NET ASSETS** | 100.0% | **$65259701** |

---

&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 September 30, 2025.* <br> *\** *Non-income producing security.*

*See Notes to Financial Statements.*

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)** <br>

------

**NOTE 1 — General:**

------

The Alger Portfolios (the "Fund") is an open-end registered investment company 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 an unlimited number of shares of beneficial interest in six series: 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"). Each Portfolio, with the exception of Alger Growth & Income Portfolio and Alger Balanced Portfolio, invests 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 which it seeks to achieve through investing in 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. 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.

**NOTE 2 — Significant Accounting Policies:**

------

*(a) Investment Valuation*: The Portfolios value their financial instruments at fair value using independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (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 Investment Company Act of 1940, as amended (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 ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <br>

------

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 matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures based on valuation technology commonly employed in the market for such investments.

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.

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <br>

------

FASB Accounting Standards Codification 820 – Fair Value Measurements and Disclosures ("ASC 820") defines fair value as the price that the Portfolios would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability and may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Portfolios. Unobservable inputs are inputs that reflect the Portfolios' own assumptions based on the best information available in these circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. Each Portfolio's quantiative summary by Level can be found in Note 3.

&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 current market expectations about such future events. Inputs for Level 1 include exchange-listed prices and broker quotes in an active market. Inputs for Level 2 include the last trade price in the case of a halted security, an exchange-listed price which has been adjusted for fair value factors, and prices of closely related securities. Additional Level 2 inputs include an evaluated price which is based upon a compilation of observable market information such as spreads for fixed income and preferred securities. Inputs for Level 3 include, but are not limited to, revenue multiples, earnings before interest, taxes, depreciation and amortization ("EBITDA") multiples, transaction pricing, discount rates, time to exit and the probabilities of success of certain outcomes. Such unobservable market information may be obtained from a company's financial statements and from industry studies, market data, and market indicators such as benchmarks and indexes. Because of the inherent uncertainty and often limited markets for restricted securities, the valuations assigned to such securities by the Portfolios may significantly differ from the valuations that would have been assigned by the Portfolios had there been an active market for such securities.

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <br>

------

**NOTE 3 — Fair Value Measurements:**

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation Portfolio** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $124953580 | &nbsp;&nbsp; $124953580 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 98926009 | &nbsp;&nbsp; 98926009 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 4028131 | &nbsp;&nbsp; 4028131 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 19553757 | &nbsp;&nbsp; 19553757 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 33192845 | &nbsp;&nbsp; 33192845 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 39989283 | &nbsp;&nbsp; 39989283 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 406953232 | &nbsp;&nbsp; 406953232 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 6207951 | &nbsp;&nbsp; 6207951 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 42408549 | &nbsp;&nbsp; 42408549 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$776213337** | &nbsp;&nbsp; **$776213337** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 134917 | &nbsp;&nbsp; — | &nbsp;&nbsp; 134917 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 11966471 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11966471 |
| **TOTAL PREFERRED STOCKS** | **$12101388** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$134917** | &nbsp;&nbsp; **$11966471** |
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 233754 | &nbsp;&nbsp; — | &nbsp;&nbsp; 233754 | &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 349703 | &nbsp;&nbsp; 349703 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$788898182** | &nbsp;&nbsp; **$776563040** | &nbsp;&nbsp; **$368671** | &nbsp;&nbsp; **$11966471** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Large Cap Growth Portfolio** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $90983226 | &nbsp;&nbsp; $90983226 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 44083327 | &nbsp;&nbsp; 44083327 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 1642901 | &nbsp;&nbsp; 1642901 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 30609235 | &nbsp;&nbsp; 29006988 | &nbsp;&nbsp; 1602247 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 23774427 | &nbsp;&nbsp; 23774427 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 204125214 | &nbsp;&nbsp; 204125214 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 25973008 | &nbsp;&nbsp; 25973008 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$421191338** | &nbsp;&nbsp; **$419589091** | &nbsp;&nbsp; **$1602247** | &nbsp;&nbsp; **$—** |
| **EXCHANGE TRADED FUNDS** | 12545238 | &nbsp;&nbsp; 12545238 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mutual Funds** | 13494448 | &nbsp;&nbsp; 13494448 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 5435486 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5435486 |
| **REAL ESTATE INVESTMENT** <br> **TRUST**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 1428326 | &nbsp;&nbsp; 1428326 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Large Cap Growth Portfolio** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | $935016 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $935016 | &nbsp;&nbsp; $— |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 7488750 | &nbsp;&nbsp; 7488750 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$462518602** | &nbsp;&nbsp; **$454545853** | &nbsp;&nbsp; **$2537263** | &nbsp;&nbsp; **$5435486** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Growth & Income Portfolio** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $4888673 | &nbsp;&nbsp; $4888673 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 3570723 | &nbsp;&nbsp; 3570723 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 2666481 | &nbsp;&nbsp; 2666481 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 1699850 | &nbsp;&nbsp; 1699850 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 6813425 | &nbsp;&nbsp; 6813425 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 4155215 | &nbsp;&nbsp; 4155215 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 2738746 | &nbsp;&nbsp; 2738746 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 16693677 | &nbsp;&nbsp; 16693677 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 693073 | &nbsp;&nbsp; 693073 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 677668 | &nbsp;&nbsp; 677668 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$44597531** | &nbsp;&nbsp; **$44597531** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **MASTER LIMITED** <br> **PARTNERSHIP**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 155432 | &nbsp;&nbsp; 155432 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **REAL ESTATE INVESTMENT** <br> **TRUST**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 1417663 | &nbsp;&nbsp; 1417663 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 62437 | &nbsp;&nbsp; 62437 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$46233063** | &nbsp;&nbsp; **$46233063** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Portfolio** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $9276013 | &nbsp;&nbsp; $9276013 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 19414152 | &nbsp;&nbsp; 19414152 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 6534182 | &nbsp;&nbsp; 6534182 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 16817867 | &nbsp;&nbsp; 16817867 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 11200259 | &nbsp;&nbsp; 11200259 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 36851373 | &nbsp;&nbsp; 36851373 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 36452675 | &nbsp;&nbsp; 36452675 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 1444602 | &nbsp;&nbsp; 1444602 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 7595740 | &nbsp;&nbsp; 7595740 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 7711882 | &nbsp;&nbsp; 7711882 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$153298745** | &nbsp;&nbsp; **$153298745** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **EXCHANGE TRADED FUNDS** | 6233081 | &nbsp;&nbsp; 6233081 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | — <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>1</sup><br>|

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Portfolio** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | $597566 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $597566 |
| **TOTAL PREFERRED STOCKS** | **$597566** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$597566** |
| **RIGHTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | — <br><sup>2</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>2</sup><br>|
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 591962 | &nbsp;&nbsp; — | &nbsp;&nbsp; 591962 | &nbsp;&nbsp; — |
| **WARRANTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | — <br><sup>3</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>3</sup><br>| &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 4906332 | &nbsp;&nbsp; 4906332 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$165627686** | &nbsp;&nbsp; **$164438158** | &nbsp;&nbsp; **$591962** | &nbsp;&nbsp; **$597566** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Portfolio** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $1226997 | &nbsp;&nbsp; $1226997 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 15711568 | &nbsp;&nbsp; 15711568 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 3755676 | &nbsp;&nbsp; 3755676 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 3311772 | &nbsp;&nbsp; 3311772 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 4451433 | &nbsp;&nbsp; 4451433 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 43294806 | &nbsp;&nbsp; 43237348 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 28691460 | &nbsp;&nbsp; 28691460 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 39780686 | &nbsp;&nbsp; 39780686 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 1042767 | &nbsp;&nbsp; 1042767 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 657050 | &nbsp;&nbsp; 657050 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$141924215** | &nbsp;&nbsp; **$141866757** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$57458** |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 212291 <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 212291 <br><sup>1</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 645272 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 645272 |
| **TOTAL PREFERRED STOCKS** | **$857563** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$857563** |
| **RIGHTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 60084 <br><sup>2</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60084 <br><sup>2</sup><br>|
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 837910 | &nbsp;&nbsp; — | &nbsp;&nbsp; 837910 | &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1429012 | &nbsp;&nbsp; 1429012 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$145108784** | &nbsp;&nbsp; **$143295769** | &nbsp;&nbsp; **$837910** | &nbsp;&nbsp; **$975105** |

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <br>

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Balanced Portfolio** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $5100460 | &nbsp;&nbsp; $5100460 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 3719448 | &nbsp;&nbsp; 3719448 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 2749321 | &nbsp;&nbsp; 2749321 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 1757568 | &nbsp;&nbsp; 1757568 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 7045008 | &nbsp;&nbsp; 7045008 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 4319855 | &nbsp;&nbsp; 4319855 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 2830562 | &nbsp;&nbsp; 2830562 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 17261715 | &nbsp;&nbsp; 17261715 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 715337 | &nbsp;&nbsp; 715337 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 699798 | &nbsp;&nbsp; 699798 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$46199072** | &nbsp;&nbsp; **$46199072** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **CORPORATE BONDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 1014232 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1014232 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 2005192 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2005192 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 1016617 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1016617 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 510027 | &nbsp;&nbsp; — | &nbsp;&nbsp; 510027 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 2030890 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2030890 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 3544892 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3544892 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1533766 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1533766 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 1509701 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1509701 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 513686 | &nbsp;&nbsp; — | &nbsp;&nbsp; 513686 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 504929 | &nbsp;&nbsp; — | &nbsp;&nbsp; 504929 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 1009719 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1009719 | &nbsp;&nbsp; — |
| **TOTAL CORPORATE BONDS** | **$15193651** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$15193651** | &nbsp;&nbsp; **$—** |
| **MASTER LIMITED** <br> **PARTNERSHIP**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 161299 | &nbsp;&nbsp; 161299 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **REAL ESTATE INVESTMENT** <br> **TRUST**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 1462433 | &nbsp;&nbsp; 1462433 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **U.S. GOVERNMENT BONDS** | 1576657 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1576657 | &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 514259 | &nbsp;&nbsp; 514259 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$65107371** | &nbsp;&nbsp; **$48337063** | &nbsp;&nbsp; **$16770308** | &nbsp;&nbsp; **$—** |

---

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

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

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

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

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <br>

------

&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 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; (134917)<br>|
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 3807028 |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at September 30, 2025 | &nbsp;&nbsp; 11966471 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at September 30, 2025**<br>| &nbsp;&nbsp; **$3807028** |

---

&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; $412737 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; (233754)<br>|
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (178983)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at September 30, 2025 | &nbsp;&nbsp; — |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at September 30, 2025**<br>| &nbsp;&nbsp; **$—**  |

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <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; $5435486 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at September 30, 2025 | &nbsp;&nbsp; 5435486 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at September 30, 2025**<br>| &nbsp;&nbsp; **$—**  |

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Large Cap Growth Portfolio** | **Special Purpose** <br> **Vehicle**<br>|
| Opening balance at January 1, 2025 | &nbsp;&nbsp; $1650948 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; (935016)<br>|
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (715932)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at September 30, 2025 | &nbsp;&nbsp; — |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at September 30, 2025**<br>| &nbsp;&nbsp; **$—**  |

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <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; $597,566\* |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at September 30, 2025 | &nbsp;&nbsp; 597,566\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at September 30, 2025**<br>| &nbsp;&nbsp; **$—**  |

---

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

---

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

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <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; $1042704 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; (591962)<br>|
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (450742)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at September 30, 2025 | &nbsp;&nbsp; — |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at September 30, 2025**<br>| &nbsp;&nbsp; **$—**  |

---

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

---

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

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <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 November 1, 2024 | &nbsp;&nbsp; $916,844\* |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (59281)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at September 30, 2025 | &nbsp;&nbsp; 857,563\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at September 30, 2025**<br>| &nbsp;&nbsp; **$(59281)** <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** | **Rights** |
| Opening balance at January 1, 2025 | &nbsp;&nbsp; $93853 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (33769)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at September 30, 2025 | &nbsp;&nbsp; 60,084\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at September 30, 2025**<br>| &nbsp;&nbsp; **$(33769)** <br>|

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <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; $1477164 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; (837910)<br>|
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (639254)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at September 30, 2025 | &nbsp;&nbsp; — |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at September 30, 2025**<br>| &nbsp;&nbsp; **$—**  |

---

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

*\** *Includes securities that are fair valued at zero.*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** <br>**September 30,** <br>**2025**<br>| **Valuation** <br>**Methodology**<br>| **Unobservable** <br>**Inputs**<br>| **Inputs/Range** | **Weighted** <br>**Average Inputs**<br>|
| Alger Capital Appreciation Portfolio | Alger Capital Appreciation Portfolio | Alger Capital Appreciation Portfolio | Alger Capital Appreciation Portfolio | Alger Capital Appreciation Portfolio | Alger Capital Appreciation Portfolio |
| **Preferred Stocks** | $11966471 | Market <br>Approach<br>| Revenue Multiple | 19.39x-22.99x | 19.92x |
| Alger Large Cap Growth Portfolio | Alger Large Cap Growth Portfolio | Alger Large Cap Growth Portfolio | Alger Large Cap Growth Portfolio | Alger Large Cap Growth Portfolio | Alger Large Cap Growth Portfolio |
| **Preferred Stocks** | 5435486 | Market <br>Approach<br>| Revenue Multiple | 22.99x | N/A\* |
| Alger Mid Cap Growth Portfolio | Alger Mid Cap Growth Portfolio | Alger Mid Cap Growth Portfolio | Alger Mid Cap Growth Portfolio | Alger Mid Cap Growth Portfolio | Alger Mid Cap Growth Portfolio |
| **Preferred Stocks** | —\*\* | Income <br>Approach<br>| Discount Rate | 100% | N/A\* |
|  | 597566 | Market <br>Approach<br>| Revenue Multiple | 22.99x | 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** | 57458 | Market <br>Approach<br>| Revenue Multiple | 1.33x | N/A\* |

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <br>

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value**<br> **September 30,**<br> **2025**<br>| **Valuation**<br> **Methodology**<br>| **Unobservable**<br> **Inputs**<br>| **Inputs/Range** | **Weighted**<br> **Average Inputs**<br>|
| **Preferred Stocks** | $—\*\* | Income <br>Approach<br>| Discount Rate | 100% | N/A\* |
|  | 857563 | Market <br>Approach<br>| Revenue Multiple | 1.33x-22.99x | 17.63x |
| **Rights** | —\*\*\* | Income <br>Approach<br>| Discount Rate <br>Probability of Success<br>| 100% <br>0.00%<br>| N/A\* |
|  | 60084 | Income <br>Approach<br>| Discount Rate <br>Probability of Success<br>| 4.59% <br>12%-44%<br>| 4.59% <br>39.67%<br>|

---

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

---

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

---

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

**NOTE 4 — Affiliated Securities:**

------

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

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <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>**September 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**September 30,** <br>**2025**<br>|
| **Alger Capital Appreciation Portfolio** | **Alger Capital Appreciation Portfolio** | **Alger Capital Appreciation Portfolio** | **Alger Capital Appreciation Portfolio** | **Alger Capital Appreciation Portfolio** | **Alger Capital Appreciation Portfolio** | **Alger Capital Appreciation Portfolio** | **Alger Capital Appreciation Portfolio** | **Alger Capital Appreciation Portfolio** |
| **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** |
| &nbsp;&nbsp;&nbsp; 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; $— | &nbsp;&nbsp; $(178983)<br>| &nbsp;&nbsp; $233754 |
| **Total** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(178983)<br>| &nbsp;&nbsp; $233754 |

---

&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>**September 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**September 30,** <br>**2025**<br>|
| **Alger Large Cap Growth Portfolio** | **Alger Large Cap Growth Portfolio** | **Alger Large Cap Growth Portfolio** | **Alger Large Cap Growth Portfolio** | **Alger Large Cap Growth Portfolio** | **Alger Large Cap Growth Portfolio** | **Alger Large Cap Growth Portfolio** | **Alger Large Cap Growth Portfolio** | **Alger Large Cap Growth Portfolio** |
| **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** |
| &nbsp;&nbsp;&nbsp; Alger <br> 35 ETF<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 353188 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3614526 | &nbsp;&nbsp; $12545238 |
| **Mutual Funds** | **Mutual Funds** | **Mutual Funds** | **Mutual Funds** | **Mutual Funds** | **Mutual Funds** | **Mutual Funds** | **Mutual Funds** | **Mutual Funds** |
| &nbsp;&nbsp;&nbsp; Alger <br> 35 Fund<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 559472 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3502291 | &nbsp;&nbsp; 13494448 |
| **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** |
| &nbsp;&nbsp;&nbsp; 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; — | &nbsp;&nbsp; (715932)<br>| &nbsp;&nbsp; 935016 |
| **Total** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 912660 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6400885 | &nbsp;&nbsp; $26974702 |

---

&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>**September 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**September 30,** <br>**2025**<br>|
| **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** |
| **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** |
| &nbsp;&nbsp;&nbsp; Alger Mid <br> Cap <br> 40 ETF<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5507)<br>| &nbsp;&nbsp; 278449 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9830)<br>| &nbsp;&nbsp; $1037075 | &nbsp;&nbsp; $6233081 |
| **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** |
| &nbsp;&nbsp;&nbsp; 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; — | &nbsp;&nbsp; (329706)<br>| &nbsp;&nbsp; 430599 |
| &nbsp;&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; — | &nbsp;&nbsp; (121036)<br>| &nbsp;&nbsp; 161363 |
| **Total** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5507)<br>| &nbsp;&nbsp; 278449 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9830)<br>| &nbsp;&nbsp; $586333 | &nbsp;&nbsp; $6825043 |

---

------

**THE ALGER PORTFOLIOS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <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>**September 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**September 30,** <br>**2025**<br>|
| **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** |
| **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** |
| &nbsp;&nbsp;&nbsp; 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; $— | &nbsp;&nbsp; $(527529)<br>| &nbsp;&nbsp; $688959 |
| &nbsp;&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; — | &nbsp;&nbsp; (111725)<br>| &nbsp;&nbsp; 148951 |
| **Total** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(639254)<br>| &nbsp;&nbsp; $837910 |

---

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

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ALGER PORTFOLIOS

- **b. Investment Company Act file number:** 811-05550

- **c. CIK number of Registrant:** 0000832566

- **d. LEI of Registrant:** 549300UKPZYN43DVIJ51

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Pearl Street

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10004-6030

  - **Telephone number:** 212-806-8800

**Item A.2. Information about the Series.**

- **a. Name of Series:** Alger Growth & Income Portfolio

- **b. EDGAR series identifier (if any):** S000009216

- **c. LEI of Series:** 549300LTTYVPWCE6MV53

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $46261696.65

**Total Liabilities:** $46902.39

**Net Assets:** $46214794.26

**Cash Not Reported:** $1547.63

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000025028 | 2.61%                | 2.21%                | 4.96%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $241374.02               | $851042.14                                 |
| Month 2  | $489058.57               | $461914.41                                 |
| Month 3  | $26238.65                | $2100624.33                                |

### Schedule of Portfolio Investments

| Name                                              | Title                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Consolidated Edison Inc                           | Consolidated Edison Inc                           | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |      1927 | NS      | $193702.04    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                      | Broadcom Inc                                      | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     10927 | NS      | $3604926.57   | 7.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                         | Apple Inc                                         | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     13345 | NS      | $3398037.35   | 7.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari NV                                        | Ferrari NV                                        | CUSIP: 000000000<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | IT        |       478 | NS      | $231935.16    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods Inc                         | Dick's Sporting Goods Inc                         | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |       492 | NS      | $109332.24    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                                        | Sysco Corp                                        | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |      2695 | NS      | $221906.30    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                              | Bank of America Corp                              | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     11265 | NS      | $581161.35    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                                   | McDonald's Corp                                   | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      1048 | NS      | $318476.72    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                                            | Sempra                                            | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |      2782 | NS      | $250324.36    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                          | Visa Inc                                          | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      2117 | NS      | $722701.46    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                               | Gilead Sciences Inc                               | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      1301 | NS      | $144411.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The                           | Procter & Gamble Co/The                           | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      3337 | NS      | $512730.05    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                 | Johnson & Johnson                                 | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      2564 | NS      | $475416.88    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                                              | Taiwan Semiconductor Manufacturing Co Ltd         | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      2552 | NS      | $712748.08    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                | Meta Platforms Inc                                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1463 | NS      | $1074397.94   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                    | Microsoft Corp                                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      8878 | NS      | $4598360.10   | 9.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                                    | Eli Lilly & Co                                    | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       497 | NS      | $379211.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                                    | Starbucks Corp                                    | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      2588 | NS      | $218944.80    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                                  | Coca-Cola Co/The                                  | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      5711 | NS      | $378753.52    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                                      | QUALCOMM Inc                                      | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      3858 | NS      | $641816.88    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                            | UnitedHealth Group Inc                            | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       912 | NS      | $314913.60    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In                    | Philip Morris International Inc                   | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      1906 | NS      | $309153.20    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc                                   | Best Buy Co Inc                                   | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |      1806 | NS      | $136569.72    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                    | Amazon.com Inc                                    | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      5970 | NS      | $1310832.90   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                   | AstraZeneca PLC                                   | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      2897 | NS      | $222257.84    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                                      | Chevron Corp                                      | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3626 | NS      | $563081.54    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc                        | Verizon Communications Inc                        | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      7543 | NS      | $331514.85    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc                               | Cardinal Health Inc                               | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      1944 | NS      | $305130.24    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                                          | KLA Corp                                          | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      1772 | NS      | $1911279.20   | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                                      | Comcast Corp                                      | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |      7596 | NS      | $238666.32    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                                  | Altria Group Inc                                  | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      4688 | NS      | $309689.28    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                       | Walmart Inc                                       | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      5627 | NS      | $579918.62    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                          | Simon Property Group Inc                          | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      1876 | NS      | $352068.92    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                                       | PepsiCo Inc                                       | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      2523 | NS      | $354330.12    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc                       | Honeywell International Inc                       | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      2473 | NS      | $520566.50    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                         | Adobe Inc                                         | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |       638 | NS      | $225054.50    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                                     | CME Group Inc                                     | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      1522 | NS      | $411229.18    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                                | NextEra Energy Inc                                | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      3095 | NS      | $233641.55    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                                  | TotalEnergies SE                                  | CUSIP: 89151E109<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |      4622 | NS      | $275887.18    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                                     | Welltower Inc                                     | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |      2705 | NS      | $481868.70    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                      | Prologis Inc                                      | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      1199 | NS      | $137309.48    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Treasury Obligations Cash Management Fund | Dreyfus Treasury Obligations Cash Management Fund | CUSIP: 261908107<br>LEI: 549300MKKM9KT7BF6329 | Long             | STIV             | RF                | US        |     60890 | NS      | $60889.71     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                                    | Blackstone Inc                                    | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |      3314 | NS      | $566196.90    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc                               | TransDigm Group Inc                               | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       294 | NS      | $387497.88    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc                             | Dell Technologies Inc                             | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      2123 | NS      | $300977.71    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Garmin Ltd                                        | Garmin Ltd                                        | CUSIP: 000000000<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |      1254 | NS      | $308759.88    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                                 | Cisco Systems Inc                                 | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      6058 | NS      | $414488.36    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T                    | Hartford Insurance Group Inc/The                  | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      2201 | NS      | $293591.39    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                      | Alphabet Inc                                      | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      7559 | NS      | $1837592.90   | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                                | Home Depot Inc/The                                | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      2056 | NS      | $833070.64    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                               | JPMorgan Chase & Co                               | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      6005 | NS      | $1894157.15   | 4.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc                    | Air Products and Chemicals Inc                    | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |      1290 | NS      | $351808.80    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                      | Alphabet Inc                                      | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      5775 | NS      | $1406501.25   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corp                              | Southern Copper Corp                              | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |      2812 | NS      | $341264.32    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc                          | Ferguson Enterprises Inc                          | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |      1210 | NS      | $271741.80    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                               | Abbott Laboratories                               | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      2689 | NS      | $360164.66    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Partners LP                       | Cheniere Energy Partners LP                       | CUSIP: 16411Q101<br>LEI: 5493005UEC8AZ34LDV29 | Long             | EC               | CORP              | US        |      2888 | NS      | $155432.16    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                                       | Oracle Corp                                       | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      1277 | NS      | $359143.48    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                                | Union Pacific Corp                                | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      1436 | NS      | $339427.32    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                                  | Crown Castle Inc                                  | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |      2202 | NS      | $212470.98    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                    | Morgan Stanley                                    | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      7821 | NS      | $1243226.16   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                        | Pfizer Inc                                        | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      6356 | NS      | $161950.88    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                        | AbbVie Inc                                        | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      3319 | NS      | $768481.26    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc                                     | Blackrock Inc                                     | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |       620 | NS      | $722839.40    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                               | Fifth Third Bancorp                               | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |      4994 | NS      | $222482.70    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                                  | Exxon Mobil Corp                                  | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      6029 | NS      | $679769.75    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co                              | Lamar Advertising Co                              | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |      1911 | NS      | $233944.62    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                                       | Corning Inc                                       | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |      4345 | NS      | $356420.35    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International                    | Johnson Controls International plc                | CUSIP: 000000000<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | US        |      2793 | NS      | $307090.35    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                           | Bristol-Myers Squibb Co                           | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      3646 | NS      | $164434.60    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                         | Amgen Inc                                         | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |       767 | NS      | $216447.40    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                    | Merck & Co Inc                                    | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      2302 | NS      | $193206.86    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Gap Inc/The                                       | Gap Inc/The                                       | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |      4806 | NS      | $102800.34    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Inc                              | Blue Owl Capital Inc                              | CUSIP: 09581B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9205 | NS      | $155840.65    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                                         | ONEOK Inc                                         | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |      2482 | NS      | $181111.54    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                     | Medtronic PLC                                     | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      2426 | NS      | $231052.24    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                       | Novartis AG                                       | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |      1701 | NS      | $218136.24    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                                    | Eaton Corp PLC                                    | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |      2438 | NS      | $912421.50    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                                               | International Business Machines Corp              | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |       604 | NS      | $170424.64    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** ALGER FUNDS

**Signature:** Sergio Pavone

**Name of Signer:** Sergio Pavone

**Title:** Assistant Treasurer