	THE ALGER PORTFOLIOS

	Alger Capital Appreciation Portfolio Alger Large Cap Growth Portfolio Alger Growth & Income Portfolio Alger Mid Cap Growth Portfolio Alger Weatherbie Specialized Growth Portfolio Alger Small Cap Growth Portfolio Alger Balanced Portfolio

	QUARTERLY REPORT SEPTEMBER 30, 2022

Alger is a signatory to the PRI and carbon neutral.

THE ALGER PORTFOLIOS | ALGER CAPITAL APPRECIATION PORTFOLIO

Schedule of Investments September 30, 2022 (Unaudited)

COMMON STOCKS—97.9%	SHARES		VALUE
AEROSPACE & DEFENSE—2.9%	‌		‌
HEICO Corp.	6,355	$	914,993
Lockheed Martin Corp.	7,212		2,785,923
TransDigm Group, Inc.*	12,894		6,767,029
			10,467,945
AGRICULTURAL & FARM MACHINERY—0.4%	‌		‌
Deere & Co.	4,610		1,539,233
APPAREL ACCESSORIES & LUXURY GOODS—1.2%	‌		‌
Capri Holdings Ltd.*	32,338		1,243,073
LVMH Moet Hennessy Louis Vuitton SE	5,155		3,039,103
			4,282,176
APPLICATION SOFTWARE—4.8%	‌		‌
Cadence Design Systems, Inc.*	15,767		2,576,801
Datadog, Inc., Cl. A*	25,107		2,228,999
Intuit, Inc.	24,611		9,532,333
The Trade Desk, Inc., Cl. A*	49,535		2,959,716
			17,297,849
AUTO PARTS & EQUIPMENT—0.1%	‌		‌
Aptiv PLC*	6,458		505,080
AUTOMOBILE MANUFACTURERS—3.8%	‌		‌
Tesla, Inc.*	51,783		13,735,441
BIOTECHNOLOGY—4.4%	‌		‌
AbbVie, Inc.	39,648		5,321,158
Biogen, Inc.*	3,447		920,349
Natera, Inc.*	105,576		4,626,340
Vertex Pharmaceuticals, Inc.*	17,565		5,085,770
			15,953,617
CASINOS & GAMING—2.8%	‌		‌
Las Vegas Sands Corp.*	44,639		1,674,856
MGM Resorts International	281,374		8,362,435
			10,037,291
COAL & CONSUMABLE FUELS—0.2%	‌		‌
Cameco Corp.	28,784		763,064
CONSTRUCTION MACHINERY & HEAVY TRUCKS—0.1%	‌		‌
Wabtec Corp.	5,813		472,887
DATA PROCESSING & OUTSOURCED SERVICES—3.8%	‌		‌
Marqeta, Inc., Cl. A*	146,058		1,039,933
PayPal Holdings, Inc.*	25,313		2,178,690
Visa, Inc., Cl. A	60,372		10,725,086
			13,943,709
DIVERSIFIED SUPPORT SERVICES—0.3%	‌		‌
Cintas Corp.	3,004		1,166,123
ELECTRIC UTILITIES—1.4%	‌		‌
NextEra Energy, Inc.	66,268		5,196,074
ELECTRICAL COMPONENTS & EQUIPMENT—2.3%	‌		‌
AMETEK, Inc.	9,230		1,046,774
Eaton Corp. PLC	43,629		5,818,364
Generac Holdings, Inc.*	7,371		1,313,070
			8,178,208

- 2 -

THE ALGER PORTFOLIOS | ALGER CAPITAL APPRECIATION PORTFOLIO

Schedule of Investments September 30, 2022 (Unaudited) (Continued)

COMMON STOCKS—97.9% (CONT.)	SHARES		VALUE
FINANCIAL EXCHANGES & DATA—1.1%	‌		‌
S&P Global, Inc.	13,424	$	4,099,018
HEALTHCARE DISTRIBUTORS—1.7%	‌		‌
McKesson Corp.	17,733		6,026,915
HEALTHCARE EQUIPMENT—1.7%	‌		‌
Edwards Lifesciences Corp.*	25,037		2,068,807
Intuitive Surgical, Inc.*	17,886		3,352,552
Shockwave Medical, Inc.*	2,311		642,620
			6,063,979
HEALTHCARE FACILITIES—1.1%	‌		‌
Acadia Healthcare Co., Inc.*	49,448		3,865,845
HYPERMARKETS & SUPER CENTERS—0.9%	‌		‌
Costco Wholesale Corp.	7,132		3,368,230
INTERACTIVE HOME ENTERTAINMENT—0.6%	‌		‌
Take-Two Interactive Software, Inc.*	20,099		2,190,791
INTERACTIVE MEDIA & SERVICES—4.5%	‌		‌
Alphabet, Inc., Cl. C*	170,608		16,403,959
INTERNET & DIRECT MARKETING RETAIL—10.2%	‌		‌
Alibaba Group Holding Ltd.#,*	48,638		3,890,554
Amazon.com, Inc.*	249,478		28,191,014
Farfetch Ltd., Cl. A*	124,548		927,883
Meituan, Cl. B*	62,471		1,312,911
MercadoLibre, Inc.*	3,443		2,850,046
			37,172,408
INTERNET SERVICES & INFRASTRUCTURE—0.2%	‌		‌
MongoDB, Inc., Cl. A*	3,736		741,820
LEISURE FACILITIES—0.8%	‌		‌
Vail Resorts, Inc.	14,045		3,028,664
LIFE SCIENCES TOOLS & SERVICES—3.5%	‌		‌
Danaher Corp.	48,532		12,535,330
MANAGED HEALTHCARE—5.2%	‌		‌
Centene Corp.*	53,881		4,192,481
Humana, Inc.	6,415		3,112,494
UnitedHealth Group, Inc.	22,806		11,517,942
			18,822,917
MOVIES & ENTERTAINMENT—3.5%	‌		‌
Live Nation Entertainment, Inc.*	103,841		7,896,069
Netflix, Inc.*	14,081		3,315,231
The Walt Disney Co.*	14,675		1,384,293
			12,595,593
OIL & GAS EXPLORATION & PRODUCTION—2.6%	‌		‌
Antero Resources Corp.*	63,759		1,946,562
Devon Energy Corp.	28,611		1,720,380
Pioneer Natural Resources Co.	26,331		5,701,451
			9,368,393
OIL & GAS STORAGE & TRANSPORTATION—1.1%	‌		‌
Cheniere Energy, Inc.	24,161		4,008,551

- 3 -

THE ALGER PORTFOLIOS | ALGER CAPITAL APPRECIATION PORTFOLIO

Schedule of Investments September 30, 2022 (Unaudited) (Continued)

COMMON STOCKS—97.9% (CONT.)	SHARES		VALUE
PHARMACEUTICALS—1.9%	‌		‌
AstraZeneca PLC#	51,274	$	2,811,866
Eli Lilly & Co.	12,872		4,162,161
			6,974,027
REGIONAL BANKS—0.8%	‌		‌
Signature Bank	20,067		3,030,117
RESTAURANTS—1.5%	‌		‌
Domino’s Pizza, Inc.	8,343		2,587,999
Shake Shack, Inc., Cl. A*	40,532		1,823,129
Starbucks Corp.	11,080		933,601
			5,344,729
SEMICONDUCTOR EQUIPMENT—0.4%	‌		‌
SolarEdge Technologies, Inc.*	5,695		1,318,165
SEMICONDUCTORS—4.8%	‌		‌
Advanced Micro Devices, Inc.*	113,066		7,163,862
First Solar, Inc.*	24,647		3,260,059
Marvell Technology, Inc.	79,249		3,400,574
NVIDIA Corp.	26,668		3,237,228
ON Semiconductor Corp.*	7,284		454,012
			17,515,735
SPECIALTY CHEMICALS—1.1%	‌		‌
Albemarle Corp.	12,054		3,187,560
The Sherwin-Williams Co.	4,409		902,742
			4,090,302
SYSTEMS SOFTWARE—13.9%	‌		‌
Crowdstrike Holdings, Inc., Cl. A*	12,891		2,124,566
Microsoft Corp.	181,809		42,343,316
Palo Alto Networks, Inc.*	27,173		4,450,665
ServiceNow, Inc.*	4,667		1,762,306
			50,680,853
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.7%	‌		‌
Apple, Inc.	150,798		20,840,284
TRUCKING—0.6%	‌		‌
Uber Technologies, Inc.*	76,256		2,020,784
TOTAL COMMON STOCKS
(Cost $310,353,995)			355,646,106

PREFERRED STOCKS—0.1%	SHARES	VALUE
DATA PROCESSING & OUTSOURCED SERVICES—0.1%	‌	‌
Chime Financial, Inc., Series G^*,@,(a)	6,689	324,483
(Cost $462,008)		324,483

REAL ESTATE INVESTMENT TRUST—0.6%	SHARES	VALUE
SPECIALIZED—0.6%	‌	‌
Crown Castle International Corp.	15,673	2,265,532
(Cost $2,819,331)	‌	2,265,532

- 4 -

THE ALGER PORTFOLIOS | ALGER CAPITAL APPRECIATION PORTFOLIO
Schedule of Investments September 30, 2022 (Unaudited) (Continued)

SPECIAL PURPOSE VEHICLE—0.2%	SHARES			VALUE
DATA PROCESSING & OUTSOURCED SERVICES—0.2%	‌			‌
Crosslink Ventures Capital LLC, Cl. A^*,@,(a),(b)	19		$	551,684
(Cost $475,000)				551,684
Total Investments
(Cost $314,110,334)	98.8	%	$	358,787,805
Affiliated Securities (Cost $475,000)				551,684
Unaffiliated Securities (Cost $313,635,334)				358,236,121
Other Assets in Excess of Liabilities	1.2	%		4,508,958
NET ASSETS	100.0	%	$	363,296,763

American Depositary Receipts.

Non-income producing security.

^(a)

Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee.

^(b)

Deemed an affiliate of the Portfolio in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 4 - Affiliated Securities.

Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.

Security	Acquisition Date(s)		Acquisition Cost	% of net assets (Acquisition Date)		Market Value	% of net assets as of 9/30/2022
Chime Financial, Inc., Series G	8/24/21	$	462,008	0.07%	$	324,483	0.09%
Crosslink Ventures Capital LLC, Cl. A	10/2/20		475,000	0.08%		551,684	0.15%
Total					$	876,167	0.24%

See Notes to Financial Statements.

- 5 -

THE ALGER PORTFOLIOS | ALGER LARGE CAP GROWTH PORTFOLIO

Schedule of Investments September 30, 2022 (Unaudited)

COMMON STOCKS—96.8%	SHARES		VALUE
AEROSPACE & DEFENSE—4.8%
HEICO Corp.		67,451	$	9,711,595
TransDigm Group, Inc.*		4,782		2,509,689
				12,221,284
APPLICATION SOFTWARE—3.3%
Bill.com Holdings, Inc.*		12,101		1,601,809
Datadog, Inc., Cl. A*		45,757		4,062,307
Paycom Software, Inc.*		8,064		2,661,039
				8,325,155
AUTOMOBILE MANUFACTURERS—5.5%
Tesla, Inc.*		51,882		13,761,701
BIOTECHNOLOGY—4.2%
Biogen, Inc.*		20,691		5,524,497
Vertex Pharmaceuticals, Inc.*		17,055		4,938,105
				10,462,602
CASINOS & GAMING—1.4%
MGM Resorts International		120,804		3,590,295
DATA PROCESSING & OUTSOURCED SERVICES—4.7%
Marqeta, Inc., Cl. A*		395,006		2,812,443
PayPal Holdings, Inc.*		26,376		2,270,182
Visa, Inc., Cl. A		38,376		6,817,496
				11,900,121
DIVERSIFIED BANKS—1.0%
JPMorgan Chase & Co.		23,009		2,404,441
DIVERSIFIED SUPPORT SERVICES—0.9%
Cintas Corp.		5,916		2,296,532
ELECTRICAL COMPONENTS & EQUIPMENT—1.1%
Generac Holdings, Inc.*		15,510		2,762,951
ELECTRONIC EQUIPMENT & INSTRUMENTS—0.8%
Teledyne Technologies, Inc.*		5,852		1,974,874
FOOTWEAR—0.7%
NIKE, Inc., Cl. B		22,736		1,889,816
HEALTHCARE DISTRIBUTORS—3.2%
McKesson Corp.		24,066		8,179,311
HEALTHCARE FACILITIES—2.4%
Acadia Healthcare Co., Inc.*		77,464		6,056,136
HEALTHCARE TECHNOLOGY—0.9%
Veeva Systems, Inc., Cl. A*		13,489		2,224,066
HOTELS RESORTS & CRUISE LINES—1.9%
Airbnb, Inc., Cl. A*		44,870		4,713,145
HYPERMARKETS & SUPER CENTERS—1.1%
Costco Wholesale Corp.		6,069		2,866,207
INTERACTIVE MEDIA & SERVICES—4.2%
Alphabet, Inc., Cl. C*		109,081		10,488,138
INTERNET & DIRECT MARKETING RETAIL—9.0%
Amazon.com, Inc.*		133,340		15,067,420
MercadoLibre, Inc.*		9,223		7,634,615
				22,702,035

- 6 -

THE ALGER PORTFOLIOS | ALGER LARGE CAP GROWTH PORTFOLIO

Schedule of Investments September 30, 2022 (Unaudited) (Continued)

COMMON STOCKS—96.8% (CONT.)	SHARES		VALUE
INTERNET SERVICES & INFRASTRUCTURE—0.7%
Shopify, Inc., Cl. A*		63,712	$	1,716,401
LIFE SCIENCES TOOLS & SERVICES—2.1%
Sartorius AG		15,478		5,353,633
MANAGED HEALTHCARE—1.9%
UnitedHealth Group, Inc.		9,539		4,817,577
MOVIES & ENTERTAINMENT—3.1%
Live Nation Entertainment, Inc.*		25,539		1,941,986
Netflix, Inc.*		13,310		3,133,706
The Walt Disney Co.*		28,501		2,688,499
				7,764,191
MUTUAL FUNDS—3.9%
Alger 35 ETF*^,(a)		364,137		4,796,959
Alger 35 Fund, Cl. Z^(a)		559,342		5,067,635
				9,864,594
OIL & GAS EQUIPMENT & SERVICES—1.4%
Baker Hughes Co., Cl. A		169,299		3,548,507
OIL & GAS EXPLORATION & PRODUCTION—1.4%
Pioneer Natural Resources Co.		15,967		3,457,335
PERSONAL PRODUCTS—0.9%
The Estee Lauder Cos., Inc., Cl. A		11,059		2,387,638
PHARMACEUTICALS—2.3%
AstraZeneca PLC#		104,922		5,753,923
RESEARCH & CONSULTING SERVICES—1.3%
CoStar Group, Inc.*		45,255		3,152,011
SEMICONDUCTOR EQUIPMENT—7.4%
Applied Materials, Inc.		126,628		10,374,632
Lam Research Corp.		5,145		1,883,070
SolarEdge Technologies, Inc.*		27,785		6,431,116
				18,688,818
SEMICONDUCTORS—3.4%
Advanced Micro Devices, Inc.*		106,178		6,727,438
NVIDIA Corp.		14,631		1,776,057
				8,503,495
SYSTEMS SOFTWARE—9.2%
Crowdstrike Holdings, Inc., Cl. A*		27,555		4,541,340
Microsoft Corp.		80,098		18,654,824
				23,196,164
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.7%
Apple, Inc.		122,613		16,945,117
TOTAL COMMON STOCKS
(Cost $266,450,332)				243,968,214

- 7 -

THE ALGER PORTFOLIOS | ALGER LARGE CAP GROWTH PORTFOLIO

Schedule of Investments September 30, 2022 (Unaudited) (Continued)

SPECIAL PURPOSE VEHICLE—0.9%	SHARES			VALUE
DATA PROCESSING & OUTSOURCED SERVICES—0.9%
Crosslink Ventures Capital LLC, Cl. A^*^,@,(a),(b)		76		$	2,206,736
(Cost $1,900,000)					2,206,736
Total Investments
(Cost $268,350,332)		97.7	%	$	246,174,950
Affiliated Securities (Cost $16,511,382)					12,071,330
Unaffiliated Securities (Cost $251,838,950)					234,103,620
Other Assets in Excess of Liabilities		2.3	%		5,890,883
NET ASSETS		100.0	%	$	252,065,833

^(a)

Deemed an affiliate of the Portfolio in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 4 - Affiliated Securities.

^(b)

Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee.

American Depositary Receipts.

Non-income producing security.

Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.

				% of net assets					% of net assets
	Acquisition	Acquisition		(Acquisition			Market		as of
Security	Date(s)	Cost		Date)			Value		9/30/2022
Crosslink Ventures Capital LLC, Cl. A	10/2/20	$	1,900,000		0.51	%	$	2,206,736		0.88	%
Total							$	2,206,736		0.88	%

See Notes to Financial Statements.

- 8 -

THE ALGER PORTFOLIOS | ALGER GROWTH & INCOME PORTFOLIO

Schedule of Investments September 30, 2022 (Unaudited)

COMMON STOCKS—94.1%	SHARES		VALUE
AEROSPACE & DEFENSE—1.8%
General Dynamics Corp.		1,038	$	220,233
Raytheon Technologies Corp.		2,312		189,260
TransDigm Group, Inc.*		270		141,701
				551,194
ASSET MANAGEMENT & CUSTODY BANKS—2.8%
BlackRock, Inc., Cl. A		786		432,520
Blackstone, Inc.		3,822		319,901
The Carlyle Group, Inc.		3,791		97,960
				850,381
BIOTECHNOLOGY—3.4%
AbbVie, Inc.		5,196		697,355
Amgen, Inc.		747		168,374
Gilead Sciences, Inc.		2,344		144,601
				1,010,330
BUILDING PRODUCTS—0.6%
Johnson Controls International PLC		3,458		170,203
CABLE & SATELLITE—0.9%
Comcast Corp., Cl. A		9,574		280,805
COMMODITY CHEMICALS—0.3%
Dow, Inc.		2,062		90,584
COMMUNICATIONS EQUIPMENT—1.0%
Cisco Systems, Inc.		7,666		306,640
CONSUMER ELECTRONICS—0.4%
Garmin Ltd.		1,593		127,934
COPPER—0.4%
Southern Copper Corp.		2,680		120,171
DATA PROCESSING & OUTSOURCED SERVICES—1.5%
Visa, Inc., Cl. A		2,528		449,099
DIVERSIFIED BANKS—3.9%
Bank of America Corp.		13,503		407,791
JPMorgan Chase & Co.		7,268		759,506
				1,167,297
ELECTRIC UTILITIES—0.9%
NextEra Energy, Inc.		3,539		277,493
ELECTRICAL COMPONENTS & EQUIPMENT—1.3%
Eaton Corp. PLC		2,902		387,011
FINANCIAL EXCHANGES & DATA—1.3%
CME Group, Inc., Cl. A		2,174		385,081
FOOD DISTRIBUTORS—0.6%
Sysco Corp.		2,695		190,563
GOLD—0.2%
Newmont Corp.		1,676		70,442
HEALTHCARE EQUIPMENT—0.7%
Medtronic PLC		2,707		218,590
HEALTHCARE SERVICES—1.6%
CVS Health Corp.		4,982		475,133
HOME IMPROVEMENT RETAIL—2.6%
The Home Depot, Inc.		2,864		790,292

- 9 -

THE ALGER PORTFOLIOS | ALGER GROWTH & INCOME PORTFOLIO

Schedule of Investments September 30, 2022 (Unaudited) (Continued)

COMMON STOCKS—94.1% (CONT.)	SHARES		VALUE
HOUSEHOLD PRODUCTS—1.6%
The Procter & Gamble Co.		3,902	$	492,627
HYPERMARKETS & SUPER CENTERS—0.9%
Walmart, Inc.		2,126		275,742
INDUSTRIAL CONGLOMERATES—1.9%
Honeywell International, Inc.		3,450		576,046
INDUSTRIAL GASES—1.1%
Air Products & Chemicals, Inc.		1,426		331,873
INDUSTRIAL MACHINERY—0.5%
Parker-Hannifin Corp.		606		146,840
INTEGRATED OIL & GAS—4.1%
Chevron Corp.		4,105		589,765
Exxon Mobil Corp.		4,771		416,556
TotalEnergies SE#		4,622		215,016
				1,221,337
INTEGRATED TELECOMMUNICATION SERVICES—1.6%
AT&T, Inc.		7,545		115,740
Verizon Communications, Inc.		9,485		360,146
				475,886
INTERACTIVE MEDIA & SERVICES—6.6%
Alphabet, Inc., Cl. A*		9,540		912,501
Alphabet, Inc., Cl. C*		9,080		873,042
Meta Platforms, Inc., Cl. A*		1,566		212,475
				1,998,018
INTERNET & DIRECT MARKETING RETAIL—2.4%
Amazon.com, Inc.*		6,352		717,776
INVESTMENT BANKING & BROKERAGE—2.5%
Morgan Stanley		9,310		735,583
LEISURE FACILITIES—0.5%
Vail Resorts, Inc.		745		160,652
MANAGED HEALTHCARE—3.5%
UnitedHealth Group, Inc.		2,092		1,056,544
MULTI-LINE INSURANCE—0.5%
The Hartford Financial Services Group, Inc.		2,413		149,461
MULTI-UTILITIES—0.7%
Sempra Energy		1,469		220,262
OIL & GAS EXPLORATION & PRODUCTION—0.6%
Pioneer Natural Resources Co.		838		181,452
OIL & GAS STORAGE & TRANSPORTATION—0.4%
ONEOK, Inc.		2,482		127,178

- 10 -

THE ALGER PORTFOLIOS | ALGER GROWTH & INCOME PORTFOLIO
Schedule of Investments September 30, 2022 (Unaudited) (Continued)

COMMON STOCKS—94.1% (CONT.)	SHARES		VALUE
PHARMACEUTICALS—7.3%
AstraZeneca PLC#		4,694	$	257,419
Bristol-Myers Squibb Co.		2,791		198,412
Eli Lilly & Co.		1,121		362,475
GSK PLC#		3,145		92,557
Johnson & Johnson		3,789		618,971
Merck & Co., Inc.		2,728		234,936
Novartis AG#		1,988		151,108
Pfizer, Inc.		6,356		278,139
				2,194,017
RAILROADS—0.7%
Union Pacific Corp.		1,121		218,393
RESTAURANTS—1.6%
McDonald’s Corp.		1,151		265,582
Starbucks Corp.		2,588		218,065
				483,647
SEMICONDUCTOR EQUIPMENT—2.5%
KLA Corp.		2,485		752,035
SEMICONDUCTORS—4.5%
Broadcom, Inc.		1,505		668,235
QUALCOMM, Inc.		4,467		504,682
Taiwan Semiconductor Manufacturing Co., Ltd.#		2,795		191,625
				1,364,542
SOFT DRINKS—3.4%
PepsiCo, Inc.		3,494		570,430
The Coca-Cola Co.		8,238		461,493
				1,031,923
SYSTEMS SOFTWARE—8.8%
Microsoft Corp.		10,733		2,499,716
Oracle Corp.		2,233		136,369
				2,636,085
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.5%
Apple, Inc.		18,449		2,549,652
TOBACCO—1.2%
Altria Group, Inc.		5,257		212,278
Philip Morris International, Inc.		1,906		158,217
				370,495
TOTAL COMMON STOCKS
(Cost $13,014,388)				28,387,309

MASTER LIMITED PARTNERSHIP—0.7%	SHARES		VALUE
OIL & GAS STORAGE & TRANSPORTATION—0.7%
Cheniere Energy Partners LP		4,055		216,375
(Cost $134,201)				216,375

REAL ESTATE INVESTMENT TRUST—4.3%	SHARES		VALUE
HEALTHCARE—0.6%
Welltower, Inc.		2,809		180,675
INDUSTRIAL—0.4%
Prologis, Inc.		1,199		121,819

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THE ALGER PORTFOLIOS | ALGER GROWTH & INCOME PORTFOLIO

Schedule of Investments September 30, 2022 (Unaudited) (Continued)

REAL ESTATE INVESTMENT TRUST—4.3% (CONT.)	SHARES			VALUE
MORTGAGE—0.6%
Blackstone Mortgage Trust, Inc., Cl. A		8,442		$	197,036
RETAIL—0.7%
Simon Property Group, Inc.		2,280			204,630
SPECIALIZED—2.0%
Crown Castle International Corp.		3,024			437,119
Lamar Advertising Co., Cl. A		2,090			172,404
					609,523
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $1,161,151)					1,313,683
Total Investments
(Cost $14,309,740)		99.1	%	$	29,917,367
Unaffiliated Securities (Cost $14,309,740)					29,917,367
Other Assets in Excess of Liabilities		0.9	%		260,534
NET ASSETS		100.0	%	$	30,177,901

American Depositary Receipts.

Non-income producing security.

See Notes to Financial Statements.

- 12 -

THE ALGER PORTFOLIOS | ALGER MID CAP GROWTH PORTFOLIO
Schedule of Investments September 30, 2022 (Unaudited)

COMMON STOCKS—92.5%	SHARES		VALUE
AEROSPACE & DEFENSE—4.5%		‌		‌
HEICO Corp.		21,748	$	3,131,277
TransDigm Group, Inc.*		4,217		2,213,166
				5,344,443
AIR FREIGHT & LOGISTICS—0.9%		‌		‌
GXO Logistics, Inc.*		32,202		1,129,002
APPAREL ACCESSORIES & LUXURY GOODS—1.6%		‌		‌
Lululemon Athletica, Inc.*		7,002		1,957,479
APPAREL RETAIL—2.0%		‌		‌
Aritzia, Inc.*		72,256		2,374,357
APPLICATION SOFTWARE—14.3%		‌		‌
Bill.com Holdings, Inc.*		7,119		942,342
Cadence Design Systems, Inc.*		14,965		2,445,730
Constellation Software, Inc.		1,145		1,593,276
Datadog, Inc., Cl. A*		14,075		1,249,578
Manhattan Associates, Inc.*		17,591		2,340,131
Paycom Software, Inc.*		8,228		2,715,158
Sprout Social, Inc., Cl. A*		27,513		1,669,489
The Descartes Systems Group, Inc.*		15,280		970,252
The Trade Desk, Inc., Cl. A*		52,089		3,112,318
				17,038,274
AUTOMOTIVE RETAIL—2.6%		‌		‌
AutoZone, Inc.*		1,447		3,099,373
BIOTECHNOLOGY—4.4%		‌		‌
Alkermes PLC*		29,944		668,650
Apellis Pharmaceuticals, Inc.*		14,221		971,294
Celldex Therapeutics, Inc.*		22,710		638,378
Natera, Inc.*		39,084		1,712,661
Prometheus Biosciences, Inc.*		21,906		1,292,673
				5,283,656
BUILDING PRODUCTS—1.1%		‌		‌
Trex Co., Inc.*		31,061		1,364,820
CASINOS & GAMING—2.0%		‌		‌
MGM Resorts International		79,223		2,354,508
CONSTRUCTION MACHINERY & HEAVY TRUCKS—0.6%		‌		‌
Wabtec Corp.		9,073		738,089
DIVERSIFIED METALS & MINING—1.4%		‌		‌
MP Materials Corp.*		59,337		1,619,900
ELECTRICAL COMPONENTS & EQUIPMENT—2.8%		‌		‌
AMETEK, Inc.		11,000		1,247,510
Generac Holdings, Inc.*		12,013		2,139,996
				3,387,506
ELECTRONIC COMPONENTS—0.6%		‌		‌
Amphenol Corp., Cl. A		10,520		704,419
ELECTRONIC EQUIPMENT & INSTRUMENTS—2.4%		‌		‌
908 Devices, Inc.*		103,023		1,694,728
Novanta, Inc.*		9,944		1,150,024
				2,844,752

- 13 -

THE ALGER PORTFOLIOS | ALGER MID CAP GROWTH PORTFOLIO
Schedule of Investments September 30, 2022 (Unaudited) (Continued)

COMMON STOCKS—92.5% (CONT.)	SHARES		VALUE
FINANCIAL EXCHANGES & DATA—1.6%		‌		‌
MSCI, Inc., Cl. A		4,579	$	1,931,376
HEALTHCARE DISTRIBUTORS—2.3%		‌		‌
McKesson Corp.		8,247		2,802,908
HEALTHCARE EQUIPMENT—2.2%		‌		‌
Insulet Corp.*		11,655		2,673,657
HEALTHCARE FACILITIES—1.9%		‌		‌
Acadia Healthcare Co., Inc.*		28,730		2,246,111
HEALTHCARE TECHNOLOGY—1.7%		‌		‌
Veeva Systems, Inc., Cl. A*		12,189		2,009,722
HOTELS RESORTS & CRUISE LINES—1.7%		‌		‌
Hilton Worldwide Holdings, Inc.		16,563		1,997,829
HYPERMARKETS & SUPER CENTERS—2.6%		‌		‌
BJ’s Wholesale Club Holdings, Inc.*		42,781		3,114,885
INSURANCE BROKERS—0.3%		‌		‌
Ryan Specialty Holdings, Inc.*		7,439		302,172
INTERACTIVE HOME ENTERTAINMENT—1.2%		‌		‌
Take-Two Interactive Software, Inc.*		13,590		1,481,310
INTERNET SERVICES & INFRASTRUCTURE—0.6%		‌		‌
MongoDB, Inc., Cl. A*		3,808		756,117
IT CONSULTING & OTHER SERVICES—1.2%		‌		‌
EPAM Systems, Inc.*		3,808		1,379,220
LIFE SCIENCES TOOLS & SERVICES—3.1%		‌		‌
Bio-Techne Corp.		5,620		1,596,080
West Pharmaceutical Services, Inc.		8,792		2,163,535
				3,759,615
METAL & GLASS CONTAINERS—0.2%		‌		‌
Ball Corp.		5,826		281,512
MOVIES & ENTERTAINMENT—3.8%		‌		‌
Liberty Media Corp.-Liberty Formula One, Cl. C*		21,586		1,262,781
Live Nation Entertainment, Inc.*		43,520		3,309,261
				4,572,042
MUTUAL FUNDS—3.3%		‌		‌
Alger Mid Capital 40 ETF(a)		335,165		3,938,960
OIL & GAS EQUIPMENT & SERVICES—2.0%		‌		‌
Baker Hughes Co., Cl. A		111,614		2,339,429
OIL & GAS EXPLORATION & PRODUCTION—2.8%		‌		‌
Diamondback Energy, Inc.		27,511		3,313,975
PHARMACEUTICALS—0.6%		‌		‌
Jazz Pharmaceuticals PLC*		5,774		769,616
REGIONAL BANKS—2.9%		‌		‌
First Republic Bank		11,136		1,453,805
SVB Financial Group*		5,953		1,998,898
				3,452,703
RESEARCH & CONSULTING SERVICES—1.9%		‌		‌
CoStar Group, Inc.*		32,953		2,295,176

- 14 -

THE ALGER PORTFOLIOS | ALGER MID CAP GROWTH PORTFOLIO

Schedule of Investments September 30, 2022 (Unaudited) (Continued)

COMMON STOCKS—92.5% (CONT.)	SHARES			VALUE
RESTAURANTS—1.7%		‌			‌
Chipotle Mexican Grill, Inc., Cl. A*		391		$	587,579
The Cheesecake Factory, Inc.		48,092			1,408,134
					1,995,713
SEMICONDUCTOR EQUIPMENT—4.4%		‌			‌
Enphase Energy, Inc.*		4,006			1,111,545
KLA Corp.		4,736			1,433,256
Onto Innovation, Inc.*		16,666			1,067,457
SolarEdge Technologies, Inc.*		6,971			1,613,508
					5,225,766
SEMICONDUCTORS—1.9%		‌			‌
Microchip Technology, Inc.		28,406			1,733,618
ON Semiconductor Corp.*		9,519			593,319
					2,326,937
SYSTEMS SOFTWARE—3.2%		‌			‌
Crowdstrike Holdings, Inc., Cl. A*		8,045			1,325,897
Palo Alto Networks, Inc.*		15,051			2,465,203
					3,791,100
TRUCKING—2.2%		‌			‌
Old Dominion Freight Line, Inc.		10,649			2,649,152
TOTAL COMMON STOCKS
(Cost $125,900,817)					110,647,581

PREFERRED STOCKS—0.0%		SHARES			VALUE
BIOTECHNOLOGY—0.0%		‌			‌
Prosetta Biosciences, Inc., Series D^*,@,(a),(b)		170,419			—
(Cost $766,885)					—

RIGHTS—0.2%		SHARES			VALUE
BIOTECHNOLOGY—0.2%		‌			‌
Tolero CDR^*,@,(b),(c)		425,098			267,812
(Cost $227,341)					267,812

REAL ESTATE INVESTMENT TRUST—0.9%		SHARES			VALUE
SPECIALIZED—0.9%		‌			‌
Crown Castle International Corp.		7,220			1,043,651
(Cost $1,385,046)					1,043,651

SPECIAL PURPOSE VEHICLE—1.2%		SHARES			VALUE
DATA PROCESSING & OUTSOURCED SERVICES—1.2%		‌			‌
Crosslink Ventures Capital LLC, Cl. A^*,@,(a),(b)		35			1,016,260
Crosslink Ventures Capital LLC, Cl. B^*,@,(a),(b)		13			385,021
					1,401,281
TOTAL SPECIAL PURPOSE VEHICLE
(Cost $1,200,000)					1,401,281
Total Investments
(Cost $129,480,089)		94.8	%	$	113,360,325
Affiliated Securities (Cost $8,708,275)					5,340,241
Unaffiliated Securities (Cost $120,771,814)					108,020,084
Other Assets in Excess of Liabilities		5.2	%		6,196,780
NET ASSETS		100.0	%	$	119,557,105

- 15 -

THE ALGER PORTFOLIOS | ALGER MID CAP GROWTH PORTFOLIO

Schedule of Investments September 30, 2022 (Unaudited) (Continued)

Non-income producing security.

^(a)

Deemed an affiliate of the Portfolio in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 4 - Affiliated Securities.

^(b)

Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee.

^(c)

Contingent Deferred Rights.

Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.

				% of net assets					% of net assets
	Acquisition	Acquisition		(Acquisition			Market		as of
Security	Date(s)	Cost		Date)			Value		9/30/2022
Crosslink Ventures Capital LLC, Cl. A	10/2/20	$	875,000		0.50	%	$	1,016,260		0.85	%
Crosslink Ventures Capital LLC, Cl. B	12/16/20		325,000		0.18	%		385,021		0.32	%
Prosetta Biosciences, Inc., Series D	2/6/15		766,885		0.50	%		0		0.00	%
Tolero CDR	2/6/17		227,341		0.18	%		267,812		0.23	%
Total							$	1,669,093		1.40	%

See Notes to Financial Statements.

- 16 -

THE ALGER PORTFOLIOS | ALGER WEATHERBIE SPECIALIZED GROWTH PORTFOLIO

Schedule of Investments September 30, 2022 (Unaudited)

COMMON STOCKS—95.3%	SHARES		VALUE
ADVERTISING—0.7%		‌		‌
TechTarget, Inc.*		286	$	16,931
AEROSPACE & DEFENSE—0.6%		‌		‌
Kratos Defense & Security Solutions, Inc.*		1,441		14,641
APPAREL ACCESSORIES & LUXURY GOODS—0.7%		‌		‌
Canada Goose Holdings, Inc.*		1,034		15,758
APPAREL RETAIL—0.9%		‌		‌
MYT Netherlands Parent BV#,*		1,913		22,038
APPLICATION SOFTWARE—8.7%		‌		‌
Ebix, Inc.		523		9,921
Everbridge, Inc.*		24		741
SEMrush Holdings, Inc., Cl. A*		255		2,859
SPS Commerce, Inc.*		1,152		143,113
Vertex, Inc., Cl. A*		3,920		53,586
				210,220
ASSET MANAGEMENT & CUSTODY BANKS—6.6%		‌		‌
Hamilton Lane, Inc., Cl. A		1,286		76,659
StepStone Group, Inc., Cl. A		3,363		82,427
				159,086
BIOTECHNOLOGY—3.0%		‌		‌
ACADIA Pharmaceuticals, Inc.*		1,724		28,205
Natera, Inc.*		560		24,539
Ultragenyx Pharmaceutical, Inc.*		445		18,427
				71,171
CONSTRUCTION & ENGINEERING—3.5%		‌		‌
Ameresco, Inc., Cl. A*		1,267		84,230
CONSUMER FINANCE—0.4%		‌		‌
LendingTree, Inc.*		154		3,674
Upstart Holdings, Inc.*		262		5,447
				9,121
EDUCATION SERVICES—3.4%		‌		‌
Chegg, Inc.*		3,943		83,079
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.8%		‌		‌
Novanta, Inc.*		380		43,947
ENVIRONMENTAL & FACILITIES SERVICES—10.9%		‌		‌
Casella Waste Systems, Inc., Cl. A*		1,848		141,169
Montrose Environmental Group, Inc.*		3,643		122,587
				263,756
GENERAL MERCHANDISE STORES—1.2%		‌		‌
Ollie’s Bargain Outlet Holdings, Inc.*		545		28,122
HEALTHCARE DISTRIBUTORS—0.3%		‌		‌
PetIQ, Inc., Cl. A*		1,051		7,252
HEALTHCARE EQUIPMENT—8.5%		‌		‌
Glaukos Corp.*		1,613		85,876
Inogen, Inc.*		1,193		28,966
Inspire Medical Systems, Inc.*		173		30,685
Nevro Corp.*		1,253		58,390
				203,917

- 17 -

THE ALGER PORTFOLIOS | ALGER WEATHERBIE SPECIALIZED GROWTH PORTFOLIO

Schedule of Investments September 30, 2022 (Unaudited) (Continued)

COMMON STOCKS—95.3% (CONT.)	SHARES		VALUE
HEALTHCARE FACILITIES—1.1%		‌		‌
US Physical Therapy, Inc.		358	$	27,215
HEALTHCARE SERVICES—1.6%		‌		‌
Agiliti, Inc.*		2,614		37,406
HEALTHCARE TECHNOLOGY—2.0%		‌		‌
Definitive Healthcare Corp., Cl. A*		3,073		47,754
INSURANCE BROKERS—0.2%		‌		‌
Goosehead Insurance, Inc., Cl. A*		121		4,312
INTERNET & DIRECT MARKETING RETAIL—0.8%		‌		‌
Xometry, Inc., Cl. A*		345		19,593
IT CONSULTING & OTHER SERVICES—8.1%		‌		‌
CI&T, Inc., Cl. A*		3,767		35,372
Globant SA*		628		117,486
Grid Dynamics Holdings, Inc.*		2,286		42,817
				195,675
LEISURE FACILITIES—2.4%		‌		‌
Planet Fitness, Inc., Cl. A*		998		57,545
LEISURE PRODUCTS—0.3%		‌		‌
Latham Group, Inc.*		1,955		7,019
MANAGED HEALTHCARE—2.0%		‌		‌
Progyny, Inc.*		1,275		47,252
OIL & GAS EQUIPMENT & SERVICES—4.3%		‌		‌
Core Laboratories NV		4,596		61,954
Dril-Quip, Inc.*		2,139		41,753
				103,707
PHARMACEUTICALS—0.7%		‌		‌
Aerie Pharmaceuticals, Inc.*		1,059		16,023
REAL ESTATE SERVICES—5.8%		‌		‌
FirstService Corp.		1,184		140,908
REGIONAL BANKS—2.4%		‌		‌
Seacoast Banking Corp. of Florida		1,939		58,616
RESTAURANTS—0.9%		‌		‌
Wingstop, Inc.		169		21,196
SEMICONDUCTORS—2.5%		‌		‌
Impinj, Inc.*		757		60,583
SPECIALTY STORES—0.0%		‌		‌
National Vision Holdings, Inc.*		3		98
SYSTEMS SOFTWARE—0.9%		‌		‌
Rapid7, Inc.*		486		20,849
THRIFTS & MORTGAGE FINANCE—1.9%		‌		‌
Axos Financial, Inc.*		1,354		46,347
TRADING COMPANIES & DISTRIBUTORS—6.2%		‌		‌
SiteOne Landscape Supply, Inc.*		841		87,582
Transcat, Inc.*		826		62,520
				150,102
TOTAL COMMON STOCKS
(Cost $2,900,935)				2,295,469

- 18 -

THE ALGER PORTFOLIOS | ALGER WEATHERBIE SPECIALIZED GROWTH PORTFOLIO

Schedule of Investments September 30, 2022 (Unaudited) (Continued)

PREFERRED STOCKS—0.0%	SHARES			VALUE
BIOTECHNOLOGY—0.0%		‌			‌
Prosetta Biosciences, Inc., Series D^*^,@,(a),(b)		10,615		$	—
(Cost $47,768)					—
Total Investments
(Cost $2,948,703)		95.3	%	$	2,295,469
Affiliated Securities (Cost $47,768)					–
Unaffiliated Securities (Cost $2,900,935)					2,295,469
Other Assets in Excess of Liabilities		4.7	%		112,676
NET ASSETS		100.0	%	$	2,408,145

^(a)

Deemed an affiliate of the Portfolio in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 4 - Affiliated Securities.

^(b)

Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee.

American Depositary Receipts.

Non-income producing security.

Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.

				% of net assets					% of net assets
	Acquisition	Acquisition		(Acquisition			Market		as of
Security	Date(s)	Cost		Date)			Value		9/30/2022
Prosetta Biosciences, Inc., Series D	2/6/15	$	47,768		0.10	%	$	0		0.00	%
Total							$	0		0.00	%

See Notes to Financial Statements.

- 19 -

THE ALGER PORTFOLIOS | ALGER SMALL CAP GROWTH PORTFOLIO

Schedule of Investments September 30, 2022 (Unaudited)

COMMON STOCKS—94.9%	SHARES		VALUE
ADVERTISING—0.3%
Magnite, Inc.*		76,277	$	501,140
AEROSPACE & DEFENSE—3.9%
HEICO Corp.		23,360		3,363,373
Hexcel Corp.		13,942		721,080
Mercury Systems, Inc.*		47,923		1,945,674
				6,030,127
APPAREL ACCESSORIES & LUXURY GOODS—1.2%
Capri Holdings Ltd.*		46,798		1,798,915
APPAREL RETAIL—1.5%
Aritzia, Inc.*		51,627		1,696,481
Victoria’s Secret & Co.*		22,808		664,169
				2,360,650
APPLICATION SOFTWARE—22.3%
ACI Worldwide, Inc.*		15,921		332,749
Avalara, Inc.*		43,526		3,995,687
Bill.com Holdings, Inc.*		18,875		2,498,484
Blackbaud, Inc.*		27,285		1,202,177
Blackline, Inc.*		33,492		2,006,171
Digital Turbine, Inc.*		23,479		338,332
Everbridge, Inc.*		44,125		1,362,580
ForgeRock, Inc., Cl. A*		12,807		186,086
Guidewire Software, Inc.*		23,126		1,424,099
HubSpot, Inc.*		7,232		1,953,508
Manhattan Associates, Inc.*		29,919		3,980,124
Paycom Software, Inc.*		12,728		4,200,113
Q2 Holdings, Inc.*		57,411		1,848,634
SEMrush Holdings, Inc., Cl. A*		42,174		472,770
Smartsheet, Inc., Cl. A*		25,678		882,296
Sprout Social, Inc., Cl. A*		32,193		1,953,471
SPS Commerce, Inc.*		35,473		4,406,811
Vertex, Inc., Cl. A*		90,085		1,231,462
				34,275,554
ASSET MANAGEMENT & CUSTODY BANKS—0.3%
Affiliated Managers Group, Inc.		4,053		453,328
BIOTECHNOLOGY—2.8%
Alkermes PLC*		17,589		392,762
CareDx, Inc.*		117,423		1,998,540
Celldex Therapeutics, Inc.*		14,098		396,295
Karuna Therapeutics, Inc.*		6,896		1,551,117
				4,338,714
DATA PROCESSING & OUTSOURCED SERVICES—1.3%
DLocal Ltd., Cl. A*		74,427		1,527,242
Marqeta, Inc., Cl. A*		69,329		493,623
				2,020,865
DIVERSIFIED SUPPORT SERVICES—0.5%
IAA, Inc.*		22,497		716,529
ELECTRICAL COMPONENTS & EQUIPMENT—0.6%
Sunrun, Inc.*		32,653		900,896

- 20 -

THE ALGER PORTFOLIOS | ALGER SMALL CAP GROWTH PORTFOLIO

Schedule of Investments September 30, 2022 (Unaudited) (Continued)

COMMON STOCKS—94.9% (CONT.)	SHARES		VALUE
ELECTRONIC EQUIPMENT & INSTRUMENTS—2.0%
908 Devices, Inc.*		45,060	$	741,237
Cognex Corp.		55,033		2,281,118
				3,022,355
FOOD DISTRIBUTORS—2.3%
The Chefs’ Warehouse, Inc.*		42,208		1,222,766
US Foods Holding Corp.*		85,561		2,262,233
				3,484,999
HEALTHCARE DISTRIBUTORS—0.1%
PetIQ, Inc., Cl. A*		27,367		188,832
HEALTHCARE EQUIPMENT—9.3%
CryoPort, Inc.*		64,866		1,580,136
Impulse Dynamics NV, Series E*^,@,(a)		483,655		1,596,062
Inmode Ltd.*		66,689		1,941,317
Inogen, Inc.*		49,990		1,213,757
Insulet Corp.*		12,607		2,892,046
Mesa Laboratories, Inc.		10,694		1,506,036
Paragon 28, Inc.*		32,078		571,630
QuidelOrtho Corp.*		21,037		1,503,724
Tandem Diabetes Care, Inc.*		31,497		1,507,131
				14,311,839
HEALTHCARE SERVICES—1.5%
Guardant Health, Inc.*		30,749		1,655,219
Privia Health Group, Inc.*		21,060		717,303
				2,372,522
HEALTHCARE SUPPLIES—1.8%
Neogen Corp.*		193,938		2,709,314
HEALTHCARE TECHNOLOGY—2.7%
Convey Health Solutions Holdings, Inc.*		60,493		635,781
Definitive Healthcare Corp., Cl. A*		14,299		222,207
Doximity, Inc., Cl. A*		8,144		246,112
Renalytix PLC#,*		68,833		88,106
Sophia Genetics SA*		34,745		91,379
Veeva Systems, Inc., Cl. A*		17,204		2,836,596
				4,120,181
HOMEBUILDING—0.3%
Skyline Champion Corp.*		10,267		542,816
HOMEFURNISHING RETAIL—0.5%
Arhaus, Inc., Cl. A*		21,403		150,891
Bed Bath & Beyond, Inc.*		91,102		554,811
				705,702
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.5%
Upwork, Inc.*		57,714		786,065
HYPERMARKETS & SUPER CENTERS—3.5%
BJ’s Wholesale Club Holdings, Inc.*		74,281		5,408,400
INDUSTRIAL MACHINERY—0.4%
Gates Industrial Corp. PLC*		69,150		674,904
INTERACTIVE HOME ENTERTAINMENT—1.1%
Take-Two Interactive Software, Inc.*		15,090		1,644,810

- 21 -

THE ALGER PORTFOLIOS | ALGER SMALL CAP GROWTH PORTFOLIO

Schedule of Investments September 30, 2022 (Unaudited) (Continued)

COMMON STOCKS—94.9% (CONT.)	SHARES		VALUE
INTERACTIVE MEDIA & SERVICES—1.1%
Bumble, Inc., Cl. A*		19,617	$	421,570
TripAdvisor, Inc.*		55,704		1,229,944
				1,651,514
INTERNET & DIRECT MARKETING RETAIL—1.4%
Farfetch Ltd., Cl. A*		59,701		444,772
The RealReal, Inc.*		138,202		207,303
Xometry, Inc., Cl. A*		27,638		1,569,562
				2,221,637
LEISURE FACILITIES—0.7%
Planet Fitness, Inc., Cl. A*		20,177		1,163,406
LIFE SCIENCES TOOLS & SERVICES—8.9%
Akoya Biosciences, Inc.*		61,494		722,554
Alpha Teknova, Inc.*		14,200		47,428
Bio-Techne Corp.		16,283		4,624,372
Cytek Biosciences, Inc.*		24,335		358,211
ICON PLC*		8,720		1,602,562
Maravai LifeSciences Holdings, Inc., Cl. A*		20,777		530,437
MaxCyte, Inc.*		20,944		136,136
NanoString Technologies, Inc.*		99,271		1,267,691
NeoGenomics, Inc.*		168,752		1,452,955
Personalis, Inc.*		48,398		143,742
Rapid Micro Biosystems, Inc., Cl. A*		28,336		91,525
Repligen Corp.*		14,878		2,783,822
				13,761,435
MANAGED HEALTHCARE—2.2%
HealthEquity, Inc.*		49,470		3,322,900
MOVIES & ENTERTAINMENT—2.8%
Live Nation Entertainment, Inc.*		56,908		4,327,284
OIL & GAS EQUIPMENT & SERVICES—0.8%
ChampionX Corp.		34,219		669,666
ProPetro Holding Corp.*		71,439		575,084
				1,244,750
OIL & GAS EXPLORATION & PRODUCTION—5.1%
Coterra Energy, Inc.		36,864		962,888
Magnolia Oil & Gas Corp., Cl. A		348,682		6,907,390
				7,870,278
PERSONAL PRODUCTS—0.4%
The Beauty Health Co.*		51,637		608,800
REGIONAL BANKS—0.6%
Webster Financial Corp.		19,508		881,762
RESEARCH & CONSULTING SERVICES—0.4%
LegalZoom.com, Inc.*		63,985		548,351
RESTAURANTS—5.2%
Shake Shack, Inc., Cl. A*		56,263		2,530,710
The Cheesecake Factory, Inc.		78,213		2,290,077
Wingstop, Inc.		25,799		3,235,710
				8,056,497

- 22 -

THE ALGER PORTFOLIOS | ALGER SMALL CAP GROWTH PORTFOLIO

Schedule of Investments September 30, 2022 (Unaudited) (Continued)

COMMON STOCKS—94.9% (CONT.)	SHARES			VALUE
SEMICONDUCTOR EQUIPMENT—0.7%
SolarEdge Technologies, Inc.*		4,638		$	1,073,512
SEMICONDUCTORS—0.8%
Universal Display Corp.		12,336			1,163,902
SPECIALTY CHEMICALS—3.1%
Balchem Corp.		39,657			4,821,498
TOTAL COMMON STOCKS
(Cost $143,968,817)					146,086,983
PREFERRED STOCKS—0.0%	SHARES			VALUE
BIOTECHNOLOGY—0.0%
Prosetta Biosciences, Inc., Series D*^,@,(a),(b)		75,383			—
(Cost $339,224)					—
RIGHTS—0.1%	SHARES			VALUE
BIOTECHNOLOGY—0.1%
Tolero CDR*^,@,(a),(c)		287,830			181,333
(Cost $155,594)					181,333
REAL ESTATE INVESTMENT TRUST—0.9%	SHARES			VALUE
RETAIL—0.9%
Tanger Factory Outlet Centers, Inc.		99,934			1,367,097
(Cost $1,644,720)					1,367,097
SPECIAL PURPOSE VEHICLE—1.3%	SHARES			VALUE
DATA PROCESSING & OUTSOURCED SERVICES—1.3%
Crosslink Ventures Capital LLC, Cl. A^*^,@,(a),(b)		56			1,626,016
Crosslink Ventures Capital LLC, Cl. B^*^,^@^,(a),(b)		12			355,404
					1,981,420
TOTAL SPECIAL PURPOSE VEHICLE
(Cost $1,700,000)					1,981,420
Total Investments
(Cost $147,808,355)		97.2	%	$	149,616,833
Affiliated Securities (Cost $2,039,224)					1,981,420
Unaffiliated Securities (Cost $145,769,131)					147,635,413
Other Assets in Excess of Liabilities		2.8	%		4,281,374
NET ASSETS		100.0	%	$	153,898,207

^(a)

Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee.

^(b)

Deemed an affiliate of the Portfolio in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 4 - Affiliated Securities.

^(c)

Contingent Deferred Rights.

Non-income producing security.

American Depositary Receipts.

- 23 -

THE ALGER PORTFOLIOS | ALGER SMALL CAP GROWTH PORTFOLIO

Schedule of Investments September 30, 2022 (Unaudited) (Continued)

Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.

Security	Acquisition Date(s)	Acquisition Cost		% of net assets (Acquisition Date)		Market Value		% of net assets as of 9/30/2022
Crosslink Ventures Capital LLC, Cl. A	10/2/20	$	1,400,000		0.49%	$	1,626,016		1.06%
Crosslink Ventures Capital LLC, Cl. B	12/16/20		300,000		0.10%		355,404		0.23%
Impulse Dynamics NV, Series E	2/11/22		1,596,062		0.71%		1,596,062		1.04%
Prosetta Biosciences, Inc., Series D	2/6/15		339,224		0.10%		0		0.00%
Tolero CDR	2/6/17		155,594		0.08%		181,333		0.11%
Total						$	3,758,815		2.44%

See Notes to Financial Statements.

- 24 -

THE ALGER PORTFOLIOS | ALGER BALANCED PORTFOLIO

Schedule of Investments September 30, 2022 (Unaudited)

COMMON STOCKS—60.4%	SHARES		VALUE
AEROSPACE & DEFENSE—1.2%		‌		‌
General Dynamics Corp.		1,093	$	231,902
Raytheon Technologies Corp.		2,506		205,141
TransDigm Group, Inc.*		286		150,098
				587,141
ASSET MANAGEMENT & CUSTODY BANKS—1.8%		‌		‌
BlackRock, Inc., Cl. A		831		457,283
Blackstone, Inc.		4,076		341,161
The Carlyle Group, Inc.		4,029		104,109
				902,553
BIOTECHNOLOGY—2.1%		‌		‌
AbbVie, Inc.		5,506		738,960
Amgen, Inc.		731		164,768
Gilead Sciences, Inc.		2,454		151,387
				1,055,115
BUILDING PRODUCTS—0.4%		‌		‌
Johnson Controls International PLC		3,617		178,029
CABLE & SATELLITE—0.6%		‌		‌
Comcast Corp., Cl. A		10,272		301,278
COMMODITY CHEMICALS—0.2%		‌		‌
Dow, Inc.		2,203		96,778
COMMUNICATIONS EQUIPMENT—0.6%		‌		‌
Cisco Systems, Inc.		8,108		324,320
CONSUMER ELECTRONICS—0.3%		‌		‌
Garmin Ltd.		1,685		135,322
COPPER—0.3%		‌		‌
Southern Copper Corp.		3,046		136,583
DATA PROCESSING & OUTSOURCED SERVICES—1.0%		‌		‌
Visa, Inc., Cl. A		2,698		479,300
DIVERSIFIED BANKS—2.5%		‌		‌
Bank of America Corp.		14,212		429,202
JPMorgan Chase & Co.		7,722		806,949
				1,236,151
ELECTRIC UTILITIES—0.6%		‌		‌
NextEra Energy, Inc.		3,710		290,901
ELECTRICAL COMPONENTS & EQUIPMENT—0.8%		‌		‌
Eaton Corp. PLC		3,127		417,017
FINANCIAL EXCHANGES & DATA—0.8%		‌		‌
CME Group, Inc., Cl. A		2,207		390,926
FOOD DISTRIBUTORS—0.4%		‌		‌
Sysco Corp.		2,852		201,665
GOLD—0.1%		‌		‌
Newmont Corp.		1,763		74,099
HEALTHCARE EQUIPMENT—0.5%		‌		‌
Medtronic PLC		2,865		231,349
HEALTHCARE SERVICES—1.0%		‌		‌
CVS Health Corp.		5,268		502,409
HOME IMPROVEMENT RETAIL—1.7%		‌		‌
The Home Depot, Inc.		3,055		842,997

- 25 -

THE ALGER PORTFOLIOS | ALGER BALANCED PORTFOLIO

Schedule of Investments September 30, 2022 (Unaudited) (Continued)

COMMON STOCKS—60.4% (CONT.)	SHARES		VALUE
HOUSEHOLD PRODUCTS—1.1%		‌		‌
The Procter & Gamble Co.		4,146	$	523,432
HYPERMARKETS & SUPER CENTERS—0.6%		‌		‌
Walmart, Inc.		2,244		291,047
INDUSTRIAL CONGLOMERATES—1.2%		‌		‌
Honeywell International, Inc.		3,636		607,103
INDUSTRIAL GASES—0.7%		‌		‌
Air Products & Chemicals, Inc.		1,507		350,724
INDUSTRIAL MACHINERY—0.3%		‌		‌
Parker-Hannifin Corp.		640		155,078
INTEGRATED OIL & GAS—2.6%		‌		‌
Chevron Corp.		4,374		628,413
Exxon Mobil Corp.		5,233		456,893
TotalEnergies SE#		4,927		229,204
				1,314,510
INTEGRATED TELECOMMUNICATION SERVICES—1.0%		‌		‌
AT&T, Inc.		8,043		123,380
Verizon Communications, Inc.		10,096		383,345
				506,725
INTERACTIVE MEDIA & SERVICES—4.3%		‌		‌
Alphabet, Inc., Cl. A*		10,053		961,569
Alphabet, Inc., Cl. C*		9,660		928,809
Meta Platforms, Inc., Cl. A*		1,657		224,822
				2,115,200
INTERNET & DIRECT MARKETING RETAIL—1.5%		‌		‌
Amazon.com, Inc.*		6,703		757,439
INVESTMENT BANKING & BROKERAGE—1.6%		‌		‌
Morgan Stanley		9,912		783,147
LEISURE FACILITIES—0.3%		‌		‌
Vail Resorts, Inc.		783		168,846
MANAGED HEALTHCARE—2.2%		‌		‌
UnitedHealth Group, Inc.		2,204		1,113,108
MULTI-LINE INSURANCE—0.3%		‌		‌
The Hartford Financial Services Group, Inc.		2,582		159,929
MULTI-UTILITIES—0.4%		‌		‌
Sempra Energy		1,436		215,314
OIL & GAS EXPLORATION & PRODUCTION—0.4%		‌		‌
Pioneer Natural Resources Co.		887		192,062
OIL & GAS STORAGE & TRANSPORTATION—0.3%		‌		‌
ONEOK, Inc.		2,628		134,659

- 26 -

THE ALGER PORTFOLIOS | ALGER BALANCED PORTFOLIO

Schedule of Investments September 30, 2022 (Unaudited) (Continued)

COMMON STOCKS—60.4% (CONT.)	SHARES		VALUE
PHARMACEUTICALS—4.7%		‌		‌
AstraZeneca PLC#		5,015	$	275,023
Bristol-Myers Squibb Co.		2,952		209,858
Eli Lilly & Co.		1,173		379,289
GSK PLC#		3,326		97,884
Johnson & Johnson		4,027		657,851
Merck & Co., Inc.		2,724		234,591
Novartis AG#		2,108		160,229
Pfizer, Inc.		6,956		304,394
				2,319,119
RAILROADS—0.5%		‌		‌
Union Pacific Corp.		1,184		230,667
RESTAURANTS—1.0%		‌		‌
McDonald’s Corp.		1,234		284,733
Starbucks Corp.		2,764		232,895
				517,628
SEMICONDUCTOR EQUIPMENT—1.6%		‌		‌
KLA Corp.		2,600		786,838
SEMICONDUCTORS—2.9%		‌		‌
Broadcom, Inc.		1,602		711,304
QUALCOMM, Inc.		4,759		537,672
Taiwan Semiconductor Manufacturing Co., Ltd.#		2,951		202,320
				1,451,296
SOFT DRINKS—2.2%		‌		‌
PepsiCo, Inc.		3,734		609,613
The Coca-Cola Co.		8,784		492,079
				1,101,692
SYSTEMS SOFTWARE—5.6%		‌		‌
Microsoft Corp.		11,370		2,648,073
Oracle Corp.		2,382		145,469
				2,793,542
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.4%		‌		‌
Apple, Inc.		19,515		2,696,973
TOBACCO—0.8%		‌		‌
Altria Group, Inc.		5,538		223,625
Philip Morris International, Inc.		2,015		167,265
				390,890
TOTAL COMMON STOCKS
(Cost $16,761,520)				30,060,901
MASTER LIMITED PARTNERSHIP—0.5%	SHARES		VALUE
OIL & GAS STORAGE & TRANSPORTATION—0.5%		‌		‌
Cheniere Energy Partners LP		4,434		236,598
(Cost $147,024)				236,598
REAL ESTATE INVESTMENT TRUST—2.8%	SHARES		VALUE
HEALTHCARE—0.4%		‌		‌
Welltower, Inc.		2,974		191,288
INDUSTRIAL—0.3%		‌		‌
Prologis, Inc.		1,262		128,219

- 27 -

THE ALGER PORTFOLIOS | ALGER BALANCED PORTFOLIO

Schedule of Investments September 30, 2022 (Unaudited) (Continued)

REAL ESTATE INVESTMENT TRUST—2.8% (CONT.)	SHARES		VALUE
MORTGAGE—0.4%		‌		‌
Blackstone Mortgage Trust, Inc., Cl. A		8,983	$	209,663
RETAIL—0.4%		‌		‌
Simon Property Group, Inc.		2,371		212,797
SPECIALIZED—1.3%		‌		‌
Crown Castle International Corp.		3,235		467,619
Lamar Advertising Co., Cl. A		2,052		169,270
				636,889
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $1,292,653)				1,378,856
CORPORATE BONDS—28.7%	PRINCIPAL AMOUNT		VALUE
AGRICULTURAL & FARM MACHINERY—1.9%		‌		‌
John Deere Capital Corp., 2.125%, 3/7/25		1,000,000		942,453
APPLICATION SOFTWARE—1.9%		‌		‌
Salesforce, Inc., 0.625%, 7/15/24		1,000,000		933,143
AUTOMOBILE MANUFACTURERS—0.8%		‌		‌
General Motors Financial Co., Inc., 1.5%, 6/10/26		500,000		425,238
BIOTECHNOLOGY—1.9%		‌		‌
AbbVie, Inc., 3.6%, 5/14/25		1,000,000		962,238
DATA PROCESSING & OUTSOURCED SERVICES—1.0%		‌		‌
PayPal Holdings, Inc., 1.35%, 6/1/23		500,000		490,453
DIVERSIFIED BANKS—2.9%		‌		‌
Bank of America Corp., 3.342%, 5/28/24⁺
(3-Month BSBY + 0.43%)		500,000		490,275
Wells Fargo & Co., 3.3%, 9/9/24		1,000,000		965,348
				1,455,623
ELECTRIC UTILITIES—1.0%		‌		‌
NextEra Energy Capital Holdings, Inc., 3.254%, 2/22/23⁺
(3-Month LIBOR + 0.27%)		500,000		498,592
ELECTRICAL COMPONENTS & EQUIPMENT—1.0%		‌		‌
Rockwell Automation, Inc., 0.35%, 8/15/23		500,000		482,652
HEALTHCARE SERVICES—0.9%		‌		‌
GSK Consumer Healthcare Capital UK PLC, 3.125%, 3/24/25^(a)		500,000		472,474
HOME IMPROVEMENT RETAIL—1.0%		‌		‌
The Home Depot, Inc., 2.7%, 4/15/25		500,000		477,565
HYPERMARKETS & SUPER CENTERS—1.0%		‌		‌
Walmart, Inc., 3.9%, 9/9/25		500,000		491,362
LIFE SCIENCES TOOLS & SERVICES—1.0%		‌		‌
Thermo Fisher Scientific, Inc., 0.797%, 10/18/23		500,000		481,283
MANAGED HEALTHCARE—1.9%		‌		‌
UnitedHealth Group, Inc., 3.7%, 5/15/27		1,000,000		953,056
PACKAGED FOODS & MEATS—1.0%		‌		‌
Nestle Holdings, Inc., 0.606%, 9/14/24		550,000		509,809
RESTAURANTS—1.0%		‌		‌
Starbucks Corp., 3.073%, 2/14/24⁺
(1-Day SOFR + 0.42%)		500,000		497,115
SEMICONDUCTOR EQUIPMENT—1.0%		‌		‌
KLA Corp., 4.65%, 11/1/24		500,000		499,129

- 28 -

THE ALGER PORTFOLIOS | ALGER BALANCED PORTFOLIO

Schedule of Investments September 30, 2022 (Unaudited) (Continued)

	PRINCIPAL
CORPORATE BONDS—28.7% (CONT.)	AMOUNT			VALUE
SEMICONDUCTORS—2.0%		‌			‌
NVIDIA Corp., 0.309%, 6/15/23		1,000,000		$	972,731
SPECIALIZED—2.3%		‌			‌
Crown Castle International Corp., 3.2%, 9/1/24		1,200,000			1,162,314
SYSTEMS SOFTWARE—1.0%		‌			‌
VMware, Inc., 0.6%, 8/15/23		500,000			481,619
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.2%		‌			‌
Apple, Inc., 1.125%, 5/11/25		1,200,000			1,100,892
TOTAL CORPORATE BONDS
(Cost $15,043,798)					14,289,741
Total Investments
(Cost $33,244,995)		92.4	%	$	45,966,096
Unaffiliated Securities (Cost $33,244,995)					45,966,096
Other Assets in Excess of Liabilities		7.6	%		3,779,701
NET ASSETS		100.0	%	$	49,745,797

	^#	American Depositary Receipts.
	^*	Non-income producing security.
	^(a)	Pursuant to Securities and Exchange Commission Rule 144A, this security may be sold prior to its maturity only to qualified institutional buyers. This security represents 0.9% of the net assets of the Portfolio.
	⁺	Variable rate securities based on reference index and spread. The rate reported is the rate in effect as of September 30, 2022.

Abbreviations:

BSBY

- Bloomberg Short-Term Bank Yield Index

LIBOR

- London Interbank Offered Rate

SOFR

- Secured Overnight Financing Rate

See Notes to Financial Statements.

- 29 -

THE ALGER PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (Unaudited)

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 seven series of shares of beneficial interest: Alger Capital Appreciation Portfolio, Alger Large Cap Growth Portfolio, Alger Growth & Income Portfolio, Alger Mid Cap Growth Portfolio, Alger Weatherbie Specialized Growth Portfolio, Alger Small Cap Growth Portfolio and Alger Balanced Portfolio (collectively the “Portfolios” and individually a “Portfolio”). Alger Capital Appreciation Portfolio, Alger Large Cap Growth Portfolio, Alger Mid Cap Growth Portfolio, Alger Weatherbie Specialized Growth Portfolio and Alger Small Cap Growth Portfolio invest primarily in equity securities and each has an investment objective of long-term capital appreciation. Alger Growth & Income Portfolio’s investment objectives are capital appreciation and current income; and it also invests primarily in equity securities. Alger Balanced Portfolio’s investment objectives are current income and long-term capital appreciation 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 Weatherbie Specialized Growth Portfolio, Alger Small Cap Growth Portfolio and Alger Balanced Portfolio offer only Class I-2 shares. Alger Large Cap Growth Portfolio and Alger Mid Cap Growth Portfolio offered Class S shares prior to their conversion into Class I-2 shares on June 2, 2022.

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 (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”), the Portfolios’ investment adviser, Fred Alger Management, LLC (“Alger Management” or the “Investment Manager”) as the 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 Portfolios’ Investment Manager and officers of the Portfolios to assist in performing the duties and responsibilities of the Valuation Designee.

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

- 30 -

THE ALGER PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Investments in money market funds and 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.

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 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. Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche. Debt securities with a remaining maturity of sixty days or less are valued at amortized cost which approximates market value.

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 Portfolios’ investment adviser, pursuant to policies established by the Board, 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 Portfolios are open.

- 31 -

THE ALGER PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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 the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

●

Level 1 – quoted prices in active markets for identical investments

●

Level 2 – significant other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

●

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, discount rates, time to exit and the probabilities of success of certain outcomes. Such unobservable market information may be obtained from a company’s financial statements and from industry studies, market data, and market indicators such as benchmarks and indexes. Because of the inherent uncertainty and often limited markets for restricted securities, the valuations assigned to such securities by the Portfolios may significantly differ from the valuations that would have been assigned by the Portfolios had there been an active market for such securities.

(b) Cash and Cash Equivalents: Cash and cash equivalents include U.S. dollars, foreign cash and overnight time deposits.

NOTE 3 — Fair Value Measurements:

The following is a summary of the inputs used as of September 30, 2022, in valuing the Portfolios’ investments carried at fair value on a recurring basis. Based upon the nature, characteristics, and risks associated with their investments, the Portfolios have determined that presenting them by security type and sector is appropriate.

- 32 -

THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger Capital Appreciation Portfolio	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Basic Materials	$	763,064		$	763,064	$	—	$	—
Communication Services		31,190,343			31,190,343		—		—
Consumer Discretionary		74,105,789			69,753,775		4,352,014		—
Consumer Staples		3,368,230			3,368,230		—		—
Energy		13,376,944			13,376,944		—		—
Financials		7,129,135			7,129,135		—		—
Healthcare		70,242,630			70,242,630		—		—
Industrials		23,845,180			23,845,180		—		—
Information Technology		122,338,415			122,338,415		—		—
Materials		4,090,302			4,090,302		—		—
Utilities		5,196,074			5,196,074		—		—
TOTAL COMMON STOCKS	$	355,646,106		$	351,294,092	$	4,352,014	$	—
PREFERRED STOCKS
Information Technology		324,483			—		—		324,483
REAL ESTATE INVESTMENT TRUST
Real Estate		2,265,532			2,265,532		—		—
SPECIAL PURPOSE VEHICLE
Information Technology		551,684			—		—		551,684
TOTAL INVESTMENTS IN SECURITIES	$	358,787,805	$		353,559,624	$	4,352,014	$	876,167

Alger Large Cap Growth Portfolio	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	18,252,329	$	18,252,329	$	—	$	—
Consumer Discretionary		46,656,992		46,656,992		—		—
Consumer Staples		5,253,845		5,253,845		—		—
Energy		7,005,842		7,005,842		—		—
Financials		2,404,441		2,404,441		—		—
Healthcare		42,847,248		37,493,615		5,353,633		—
Industrials		20,432,778		20,432,778		—		—
Information Technology		91,250,145		91,250,145		—		—
Mutual Funds		9,864,594		9,864,594		—		—
TOTAL COMMON STOCKS	$	243,968,214	$	238,614,581	$	5,353,633	$	—
SPECIAL PURPOSE VEHICLE
Information Technology		2,206,736		—		—		2,206,736
TOTAL INVESTMENTS IN SECURITIES	$	246,174,950	$	238,614,581	$	5,353,633	$	2,206,736

- 33 -

THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger Growth & Income Portfolio	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	2,754,709	$	2,754,709	$	—	$	—
Consumer Discretionary		2,280,301		2,280,301		—		—
Consumer Staples		2,361,350		2,361,350		—		—
Energy		1,529,967		1,529,967		—		—
Financials		3,287,803		3,287,803		—		—
Healthcare		4,954,614		4,954,614		—		—
Industrials		2,049,687		2,049,687		—		—
Information Technology		8,058,053		8,058,053		—		—
Materials		613,070		613,070		—		—
Utilities		497,755		497,755		—		—
TOTAL COMMON STOCKS	$	28,387,309	$	28,387,309	$	—	$	—
MASTER LIMITED PARTNERSHIP
Energy		216,375		216,375		—		—
REAL ESTATE INVESTMENT TRUST
Financials		197,036		197,036		—		—
Real Estate		1,116,647		1,116,647		—		—
TOTAL REAL ESTATE INVESTMENT TRUST	$	1,313,683	$	1,313,683	$	—	$	—
TOTAL INVESTMENTS IN SECURITIES	$	29,917,367	$	29,917,367	$	—	$	—

Alger Mid Cap Growth Portfolio	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	6,053,352		$	6,053,352	$	—	$	—
Consumer Discretionary		13,779,259			13,779,259		—		—
Consumer Staples		3,114,885			3,114,885		—		—
Energy		5,653,404			5,653,404		—		—
Financials		5,686,251			5,686,251		—		—
Healthcare		19,545,285			19,545,285		—		—
Industrials		16,908,188			16,908,188		—		—
Information Technology		34,066,585			34,066,585		—		—
Materials		1,901,412			1,901,412		—		—
Mutual Funds		3,938,960			3,938,960		—		—
TOTAL COMMON STOCKS	$	110,647,581		$	110,647,581	$	—	$	—
PREFERRED STOCKS
Healthcare		—	*		—		—		—	*
RIGHTS
Healthcare		267,812			—		—		267,812
REAL ESTATE INVESTMENT TRUST
Real Estate		1,043,651			1,043,651		—		—
SPECIAL PURPOSE VEHICLE
Information Technology		1,401,281			—		—		1,401,281
TOTAL INVESTMENTS IN SECURITIES	$	113,360,325		$	111,691,232	$	—	$	1,669,093

- 34 -

THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger Weatherbie Specialized Growth Portfolio	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	16,931		$	16,931	$	—	$	—
Consumer Discretionary		254,448			254,448		—		—
Energy		103,707			103,707		—		—
Financials		277,482			277,482		—		—
Healthcare		457,990			457,990		—		—
Industrials		512,729			512,729		—		—
Information Technology		531,274			531,274		—		—
Real Estate		140,908			140,908		—		—
TOTAL COMMON STOCKS	$	2,295,469		$	2,295,469	$	—	$	—
PREFERRED STOCKS
Healthcare		—	*		—		—		—	*
TOTAL INVESTMENTS IN SECURITIES	$	2,295,469		$	2,295,469	$	—	$	—

Alger Small Cap Growth Portfolio	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	8,124,748		$	8,124,748	$	—	$	—
Consumer Discretionary		16,849,623			16,849,623		—		—
Consumer Staples		9,502,199			9,502,199		—		—
Energy		9,115,028			9,115,028		—		—
Financials		1,335,090			1,335,090		—		—
Healthcare		45,125,737			43,529,675		—		1,596,062
Industrials		9,656,872			9,656,872		—		—
Information Technology		41,556,188			41,556,188		—		—
Materials		4,821,498			4,821,498		—		—
TOTAL COMMON STOCKS	$	146,086,983		$	144,490,921	$	—	$	1,596,062
PREFERRED STOCKS
Healthcare		—	*		—		—		—	*
RIGHTS
Healthcare		181,333			—		—		181,333
REAL ESTATE INVESTMENT TRUST
Real Estate		1,367,097			1,367,097		—		—
SPECIAL PURPOSE VEHICLE
Information Technology		1,981,420			—		—		1,981,420
TOTAL INVESTMENTS IN SECURITIES	$	149,616,833		$	145,858,018	$	—	$	3,758,815

- 35 -

THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger Balanced Portfolio	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	2,923,203	$	2,923,203	$	—	$	—
Consumer Discretionary		2,422,232		2,422,232		—		—
Consumer Staples		2,508,726		2,508,726		—		—
Energy		1,641,231		1,641,231		—		—
Financials		3,472,706		3,472,706		—		—
Healthcare		5,221,100		5,221,100		—		—
Industrials		2,175,035		2,175,035		—		—
Information Technology		8,532,269		8,532,269		—		—
Materials		658,184		658,184		—		—
Utilities		506,215		506,215		—		—
TOTAL COMMON STOCKS	$	30,060,901	$	30,060,901	$	—	$	—
MASTER LIMITED PARTNERSHIP
Energy		236,598		236,598		—		—
REAL ESTATE INVESTMENT TRUST
Financials		209,663		209,663		—		—
Real Estate		1,169,193		1,169,193		—		—
TOTAL REAL ESTATE INVESTMENT TRUST	$	1,378,856	$	1,378,856	$	—	$	—
CORPORATE BONDS
Consumer Discretionary		1,399,918		—		1,399,918		—
Consumer Staples		1,001,171		—		1,001,171		—
Financials		1,455,623		—		1,455,623		—
Healthcare		2,869,051		—		2,869,051		—
Industrials		1,425,105		—		1,425,105		—
Information Technology		4,477,967		—		4,477,967		—
Real Estate		1,162,314		—		1,162,314		—
Utilities		498,592		—		498,592		—
TOTAL CORPORATE BONDS	$	14,289,741	$	—	$	14,289,741	$	—
TOTAL INVESTMENTS IN SECURITIES	$	45,966,096	$	31,676,355	$	14,289,741	$	—

^* Alger Mid Cap Growth Portfolio’s, Alger Weatherbie Specialized 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, 2022.

- 36 -

THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Capital Appreciation Portfolio	Preferred Stocks
Opening balance at January 1, 2022	$	462,008
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		(137,525	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at September 30, 2022		324,483
Net change in unrealized appreciation (depreciation) attributable to investments still held at September 30, 2022	$	(137,525	)

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Capital Appreciation Portfolio	Special Purpose Vehicle
Opening balance at January 1, 2022	$	760,532
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		(208,848	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at September 30, 2022		551,684
Net change in unrealized appreciation (depreciation) attributable to investments still held at September 30, 2022	$	(208,848	)

- 37 -

THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Large Cap Growth Portfolio	Special Purpose Vehicle
Opening balance at January 1, 2022	$	3,042,128
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		(835,392	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at September 30, 2022		2,206,736
Net change in unrealized appreciation (depreciation) attributable to investments still held at September 30, 2022	$	(835,392	)

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Mid Cap Growth Portfolio	Preferred Stocks
Opening balance at January 1, 2022	$	—	*
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		—
Purchases and sales
Purchases		—
Sales		—
Closing balance at September 30, 2022		—	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at September 30, 2022	$	—

- 38 -

THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Mid Cap Growth Portfolio	Rights
Opening balance at January 1, 2022	$	314,572
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		(46,760	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at September 30, 2022		267,812
Net change in unrealized appreciation (depreciation) attributable to investments still held at September 30, 2022	$	(46,760	)

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Mid Cap Growth Portfolio	Special Purpose Vehicle
Opening balance at January 1, 2022	$	1,949,281
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		(548,000	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at September 30, 2022		1,401,281
Net change in unrealized appreciation (depreciation) attributable to investments still held at September 30, 2022	$	(548,000	)

- 39 -

THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Weatherbie Specialized Growth Portfolio	Preferred Stocks
Opening balance at January 1, 2022	$	—	*
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		—
Purchases and sales
Purchases		—
Sales		—
Closing balance at September 30, 2022		—	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at September 30, 2022	$	—

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Small Cap Growth Portfolio	Common Stocks
Opening balance at January 1, 2022	$	—
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		—
Purchases and sales
Purchases		1,596,062
Sales		—
Closing balance at September 30, 2022		1,596,062
Net change in unrealized appreciation (depreciation) attributable to investments still held at September 30, 2022	$	—

- 40 -

THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Small Cap Growth Portfolio	Preferred Stocks
Opening balance at January 1, 2022	$	—	*
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		—
Purchases and sales
Purchases		—
Sales		—
Closing balance at September 30, 2022		—	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at September 30, 2022	$	—

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Small Cap Growth Portfolio	Rights
Opening balance at January 1, 2022	$	212,994
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		(31,661	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at September 30, 2022		181,333
Net change in unrealized appreciation (depreciation) attributable to investments still held at September 30, 2022	$	(31,661	)

- 41 -

THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Small Cap Growth Portfolio	Special Purpose Vehicle
Opening balance at January 1, 2022	$	2,747,692
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		(766,272	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at September 30, 2022		1,981,420
Net change in unrealized appreciation (depreciation) attributable to investments still held at September 30, 2022	$	(766,272	)

* Includes securities that are fair valued at zero.

The following table provides quantitative information about each Portfolios’ Level 3 fair value measurements of its investments as of September 30, 2022. The table below is not intended to be all-inclusive, but rather provides information on the Level 3 inputs as they relate to each Portfolios’ fair value measurements.

Fair Value
September 30,
2022

Valuation
Methodology

Unobservable
Input

Input/Range

Weighted
Average

Alger Capital Appreciation Portfolio

Preferred Stocks

324,483

Market
Approach

Transaction Price
Revenue Multiple

N/A
19.00x–21.00x

N/A
N/A

Special Purpose Vehicle

551,684

Market
Approach

Transaction Price
Revenue Multiple

N/A
19.00x–21.00x

N/A
N/A

Alger Large Cap Growth Portfolio

Special Purpose Vehicle

2,206,736

Market
Approach

Transaction Price
Revenue Multiple

N/A
19.00x–21.00x

N/A
N/A

Alger Mid Cap Growth Portfolio

Preferred Stocks

—

Income
Approach

Discount Rate

100.00%

N/A

Rights

267,812

Income
Approach

Discount Rate
Probability of
Success

8.40%-8.72%
0.00%-60.00%

N/A
N/A

Special Purpose Vehicle

1,401,281

Market
Approach

Transaction Price
Revenue Multiple

N/A
19.00x–21.00x

N/A
N/A

Alger Weatherbie Specialized Growth

Preferred Stocks

—

Income
Approach

Discount Rate

100.00%

N/A

- 42 -

THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Fair Value
September 30,
2022

Valuation
Methodology

Unobservable
Input

Input/Range

Weighted
Average

Alger Small Cap Growth Portfolio

Common Stocks

1,596,062

Market Approach

Priced at Cost

N/A

Preferred Stocks

—

Income Approach

Discount Rate

100.00%

N/A

Rights

181,333

Income Approach

Discount Rate Probability of Success

8.40%-8.72%
0.00%-60.00%

N/A
N/A

Special Purpose Vehicle

1,981,420

Market Approach

Transaction Price Revenue Multiple

N/A
19.00x–21.00x

N/A
N/A

* Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of September 30, 2022.

The significant unobservable inputs used in the fair value measurement of each Portfolios’ securities are revenue and EBITDA multiples, 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.

Certain of the Portfolios’ assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes. As of September 30, 2022, such assets were categorized within the ASC 820 disclosure hierarchy as follows:

	TOTAL FUND		LEVEL 1			LEVEL 2		LEVEL 3
Cash, foreign cash and cash equivalents:
Alger Capital Appreciation Portfolio	$	3,257,928	$	166		$	3,257,762		—
Alger Large Cap Growth Portfolio		6,185,540		(27	)		6,185,567		—
Alger Growth & Income Portfolio		269,622		—			269,622		—
Alger Mid Cap Growth Portfolio		6,313,175		—			6,313,175		—
Alger Weatherbie Specialized Growth Portfolio		66,492		—			66,492		—
Alger Small Cap Growth Portfolio		4,476,106		—			4,476,106		—
Alger Balanced Portfolio		3,768,815		—			3,768,815		—
Total	$	24,337,678	$	139		$	24,337,539		—

NOTE 4 — Affiliated Securities:

During the nine-month period ended September 30, 2022, as disclosed in the following table, certain Portfolios held 5% or more of the outstanding voting securities of the issuers listed below. As such, these issuers were “affiliated persons” of the applicable Portfolio(s) for purposes of the 1940 Act. Transactions during the nine-month period ended September 30, 2022 with such affiliated persons are summarized below. During this period, other Portfolios in the Trust may also have held voting shares of the issuers at levels below 5%.

- 43 -

THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Security	Shares Held at December 31, 2021		Shares Purchases		Shares Sold		Shares Held at September 30, 2022		Dividend Income		Realized Gain (Loss)		Net Change in Unrealized App(Dep)			Value at September 30, 2022
Alger Capital Appreciation Portfolio
Special Purpose Vehicle
Crosslink Ventures Capital LLC, Cl. A		19		—		—		19	$	—	$	—	$	(208,848	)	$	551,684
Total									$	—	$	—	$	(208,848	)	$	551,684

Security	Shares Held at December 31, 2021		Shares Purchases		Shares Sold		Shares Held at September 30, 2022		Dividend Income		Realized Gain (Loss)		Net Change in Unrealized App(Dep)			Value at September 30, 2022
Alger Large Cap Growth Portfolio
Common Stocks
Alger 35 ETF		364,137		—		—		364,137	$	—	$	—	$	(2,631,436	)	$	4,796,959
Alger 35 Fund		559,342		—		—		559,342		—		—		(2,852,643	)		5,067,635
Special Purpose Vehicle
Crosslink Ventures Capital LLC, Cl. A		76		—		—		76		—		—		(835,392	)		2,206,736
Total									$	—	$	—	$	(6,319,471	)	$	12,071,330

Security	Shares Held at December 31, 2021		Shares Purchases		Shares Sold		Shares Held at September 30, 2022		Dividend Income		Realized Gain (Loss)		Net Change in Unrealized App(Dep)			Value at September 30, 2022
Alger Mid Cap Growth Portfolio
Common Stocks
Alger Mid Capital 40 ETF		323,571		11,594		—		335,165	$	—	$	—	$	(2,686,712	)	$	3,938,960
Preferred Stocks
Prosetta Biosciences, Inc., Series D**		170,419		—		—		170,419		—		—		—			—	*
Special Purpose Vehicle
Crosslink Ventures Capital LLC, Cl. A		35		—		—		35		—		—		(384,720	)		1,016,260
Crosslink Ventures Capital LLC, Cl. B		13		—		—		13		—		—		(163,280	)		385,021
Total									$	—	$	—	$	(3,234,712	)	$	5,340,241

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THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Security	Shares Held at December 31, 2021		Shares Purchases		Shares Sold		Shares Held at September 30, 2022		Dividend Income		Realized Gain (Loss)		Net Change in Unrealized App(Dep)		Value at September 30, 2022
Alger Weatherbie Specialized Growth Portfolio
Preferred Stocks
Prosetta Biosciences, Inc., Series D**		10,615		—		—		10,615	$	—	$	—	$	—	$	—	*
Total									$	—	$	—	$	—	$	—

Security	Shares Held at December 31, 2021		Shares Purchases		Shares Sold		Shares Held at September 30, 2022		Dividend Income		Realized Gain (Loss)		Net Change in Unrealized App(Dep)			Value at September 30, 2022
Alger Small Cap Growth Portfolio
Preferred Stocks
Prosetta Biosciences, Inc., Series D**		75,383		—		—		75,383	$	—	$	—	$	—		$	—	*
Special Purpose Vehicle
Crosslink Ventures Capital LLC, Cl. A		56		—		—		56		—		—		(615,552	)		1,626,016
Crosslink Ventures Capital LLC, Cl. B		12		—		—		12		—		—		(150,720	)		355,404
Total									$	—	$	—	$	(766,272	)	$	1,981,420

* Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of September 30, 2022.

** Prosetta Biosciences, Inc., Series D is deemed to be an affiliate of the Portfolios because the Portfolios and Prosetta Biosciences, Inc., Series D are under common control.

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