THE ALGER ETF TRUST
Alger 35 ETF |
Alger Mid Cap 40 ETF |
Alger Weatherbie Enduring Growth ETF |
QUARTERLY REPORT
March 31, 2024 (UNAUDITED)
THE ALGER ETF TRUST | ALGER 35 ETFSchedule of Investments March 31, 2024 (Unaudited)
SHARES | VALUE | |||
COMMON STOCKS—99.2% | ||||
AEROSPACE & DEFENSE—5.0% | ||||
HEICO Corp., Cl. A | 3,257 | $ 501,383 | ||
TransDigm Group, Inc. | 275 | 338,690 | ||
840,073 | ||||
APPLICATION SOFTWARE—3.3% | ||||
AppFolio, Inc., Cl. A* | 2,260 | 557,632 | ||
BIOTECHNOLOGY—7.4% | ||||
Autolus Therapeutics PLC ADR* | 54,545 | 347,997 | ||
Cabaletta Bio, Inc.* | 17,441 | 297,543 | ||
Natera, Inc.* | 6,356 | 581,320 | ||
1,226,860 | ||||
BROADLINE RETAIL—9.2% | ||||
Amazon.com, Inc.* | 6,501 | 1,172,651 | ||
MercadoLibre, Inc.* | 243 | 367,406 | ||
1,540,057 | ||||
COAL & CONSUMABLE FUELS—1.5% | ||||
Cameco Corp. | 5,945 | 257,537 | ||
COMMUNICATIONS EQUIPMENT—1.6% | ||||
Arista Networks, Inc.* | 900 | 260,982 | ||
ELECTRIC UTILITIES—3.2% | ||||
Constellation Energy Corp. | 2,934 | 542,350 | ||
ELECTRICAL COMPONENTS & EQUIPMENT—3.2% | ||||
Vertiv Holdings Co., Cl. A | 6,552 | 535,102 | ||
ELECTRONIC EQUIPMENT & INSTRUMENTS—2.1% | ||||
908 Devices, Inc.* | 45,936 | 346,817 | ||
FOOTWEAR—5.0% | ||||
Deckers Outdoor Corp.* | 267 | 251,316 | ||
NIKE, Inc., Cl. B | 2,462 | 231,379 | ||
On Holding AG, Cl. A* | 9,969 | 352,703 | ||
835,398 | ||||
HEALTHCARE EQUIPMENT—3.0% | ||||
Intuitive Surgical, Inc.* | 1,254 | 500,459 | ||
INTERACTIVE MEDIA & SERVICES—7.0% | ||||
Meta Platforms, Inc., Cl. A | 1,712 | 831,313 | ||
Pinterest, Inc., Cl. A* | 9,541 | 330,786 | ||
1,162,099 | ||||
MOVIES & ENTERTAINMENT—8.2% | ||||
Netflix, Inc.* | 1,342 | 815,037 | ||
Spotify Technology SA* | 2,093 | 552,343 | ||
1,367,380 |
See Notes to Financial Statements.
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THE ALGER ETF TRUST | ALGER 35 ETFSchedule of Investments March 31, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—99.2% (CONT.) | ||||
PASSENGER AIRLINES—2.6% | ||||
Joby Aviation, Inc.* | 80,718 | $ 432,648 | ||
PASSENGER GROUND TRANSPORTATION—2.5% | ||||
Uber Technologies, Inc.* | 5,349 | 411,820 | ||
PHARMACEUTICALS—2.6% | ||||
Eli Lilly & Co. | 553 | 430,212 | ||
RESTAURANTS—2.1% | ||||
Shake Shack, Inc., Cl. A* | 3,365 | 350,061 | ||
SEMICONDUCTORS—17.4% | ||||
Advanced Micro Devices, Inc.* | 3,448 | 622,330 | ||
Micron Technology, Inc. | 2,579 | 304,038 | ||
NVIDIA Corp. | 1,389 | 1,255,045 | ||
Rambus, Inc.* | 3,972 | 245,509 | ||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 3,565 | 485,018 | ||
2,911,940 | ||||
SYSTEMS SOFTWARE—9.2% | ||||
Crowdstrike Holdings, Inc., Cl. A* | 1,279 | 410,035 | ||
Microsoft Corp. | 2,668 | 1,122,481 | ||
1,532,516 | ||||
TRANSACTION & PAYMENT PROCESSING SERVICES—3.1% | ||||
Block, Inc., Cl. A* | 3,017 | 255,178 | ||
PayPal Holdings, Inc.* | 3,806 | 254,964 | ||
510,142 | ||||
TOTAL COMMON STOCKS (Cost $12,925,289) | 16,552,085 | |||
SHORT-TERM SECURITIES—0.9% | ||||
MONEY MARKET FUNDS—0.9% | ||||
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 5.20%(a) | 159,622 | 159,622 | ||
(Cost $159,622) | 159,622 | |||
Total Investments (Cost $13,084,911) | 100.1% | $16,711,707 | ||
Unaffiliated Securities (Cost $13,084,911) | 16,711,707 | |||
Liabilities in Excess of Other Assets | (0.1)% | (20,198) | ||
NET ASSETS | 100.0% | $16,691,509 |
ADR | American Depositary Receipts |
(a) | Rate shown reflects 7-day effective yield as of March 31, 2024. |
* | Non-income producing security. |
See Notes to Financial Statements.
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THE ALGER ETF TRUST | ALGER MID CAP 40 ETFSchedule of Investments March 31, 2024 (Unaudited)
SHARES | VALUE | |||
COMMON STOCKS—91.5% | ||||
AEROSPACE & DEFENSE—7.1% | ||||
HEICO Corp., Cl. A | 9,076 | $ 1,397,160 | ||
TransDigm Group, Inc. | 827 | 1,018,533 | ||
2,415,693 | ||||
APPAREL RETAIL—2.3% | ||||
Burlington Stores, Inc.* | 3,284 | 762,512 | ||
APPLICATION SOFTWARE—12.8% | ||||
AppFolio, Inc., Cl. A* | 4,271 | 1,053,826 | ||
Datadog, Inc., Cl. A* | 4,511 | 557,560 | ||
HashiCorp, Inc., Cl. A* | 11,076 | 298,498 | ||
Manhattan Associates, Inc.* | 5,680 | 1,421,306 | ||
Palantir Technologies, Inc., Cl. A* | 17,360 | 399,454 | ||
PTC, Inc.* | 3,250 | 614,055 | ||
4,344,699 | ||||
BIOTECHNOLOGY—9.6% | ||||
Exact Sciences Corp.* | 8,654 | 597,645 | ||
Iovance Biotherapeutics, Inc.* | 18,510 | 274,318 | ||
Natera, Inc.* | 14,354 | 1,312,817 | ||
Sarepta Therapeutics, Inc.* | 2,575 | 333,360 | ||
Vaxcyte, Inc.* | 11,006 | 751,820 | ||
3,269,960 | ||||
BROADLINE RETAIL—1.4% | ||||
MercadoLibre, Inc.* | 318 | 480,803 | ||
CARGO GROUND TRANSPORTATION—2.6% | ||||
Saia, Inc.* | 1,504 | 879,840 | ||
CASINOS & GAMING—3.2% | ||||
DraftKings, Inc., Cl. A* | 24,026 | 1,091,021 | ||
DIVERSIFIED FINANCIAL SERVICES—2.0% | ||||
Apollo Global Management, Inc. | 5,965 | 670,764 | ||
ELECTRIC UTILITIES—1.7% | ||||
Constellation Energy Corp. | 3,153 | 582,832 | ||
ELECTRICAL COMPONENTS & EQUIPMENT—9.1% | ||||
Regal Rexnord Corp. | 5,645 | 1,016,665 | ||
Vertiv Holdings Co., Cl. A | 25,339 | 2,069,436 | ||
3,086,101 | ||||
ENVIRONMENTAL & FACILITIES SERVICES—1.5% | ||||
Veralto Corp. | 5,712 | 506,426 | ||
FOOTWEAR—1.4% | ||||
On Holding AG, Cl. A* | 13,740 | 486,121 | ||
HEALTHCARE EQUIPMENT—1.6% | ||||
Shockwave Medical, Inc.* | 1,613 | 525,241 |
See Notes to Financial Statements.
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THE ALGER ETF TRUST | ALGER MID CAP 40 ETFSchedule of Investments March 31, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—91.5% (CONT.) | ||||
INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—2.2% | ||||
Gates Industrial Corp. PLC* | 41,419 | $ 733,530 | ||
INTERACTIVE HOME ENTERTAINMENT—1.7% | ||||
Roblox Corp., Cl. A* | 15,130 | 577,663 | ||
INTERNET SERVICES & INFRASTRUCTURE—5.6% | ||||
Okta, Inc.* | 8,764 | 916,890 | ||
Snowflake, Inc., Cl. A* | 2,703 | 436,805 | ||
Twilio, Inc., Cl. A* | 8,915 | 545,152 | ||
1,898,847 | ||||
LIFE & HEALTH INSURANCE—1.7% | ||||
Oscar Health, Inc., Cl. A* | 38,944 | 579,097 | ||
MOVIES & ENTERTAINMENT—6.3% | ||||
Liberty Media Corp. Series C Liberty Formula One* | 20,547 | 1,347,883 | ||
Spotify Technology SA* | 2,970 | 783,783 | ||
2,131,666 | ||||
PERSONAL CARE PRODUCTS—1.9% | ||||
e.l.f. Beauty, Inc.* | 3,251 | 637,293 | ||
RESTAURANTS—4.1% | ||||
Shake Shack, Inc., Cl. A* | 13,302 | 1,383,807 | ||
SEMICONDUCTORS—7.6% | ||||
Micron Technology, Inc. | 12,234 | 1,442,267 | ||
Monolithic Power Systems, Inc. | 1,203 | 814,936 | ||
Universal Display Corp. | 1,925 | 324,266 | ||
2,581,469 | ||||
SYSTEMS SOFTWARE—1.2% | ||||
Crowdstrike Holdings, Inc., Cl. A* | 1,262 | 404,585 | ||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.9% | ||||
Pure Storage, Inc., Cl. A* | 11,511 | 598,457 | ||
Super Micro Computer, Inc.* | 389 | 392,902 | ||
991,359 | ||||
TOTAL COMMON STOCKS (Cost $23,447,424) | 31,021,329 |
See Notes to Financial Statements.
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THE ALGER ETF TRUST | ALGER MID CAP 40 ETFSchedule of Investments March 31, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
SHORT-TERM SECURITIES—9.3% | ||||
MONEY MARKET FUNDS—9.3% | ||||
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 5.20%(a) | 3,164,896 | $ 3,164,896 | ||
(Cost $3,164,896) | 3,164,896 | |||
Total Investments (Cost $26,612,320) | 100.8% | $34,186,225 | ||
Unaffiliated Securities (Cost $26,612,320) | 34,186,225 | |||
Liabilities in Excess of Other Assets | (0.8)% | (274,509) | ||
NET ASSETS | 100.0% | $33,911,716 |
(a) | Rate shown reflects 7-day effective yield as of March 31, 2024. |
* | Non-income producing security. |
See Notes to Financial Statements.
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THE ALGER ETF TRUST | ALGER WEATHERBIE ENDURING GROWTH ETFSchedule of Investments March 31, 2024 (Unaudited)
SHARES | VALUE | |||
COMMON STOCKS—95.2% | ||||
ADVERTISING—1.3% | ||||
The Trade Desk, Inc., Cl. A* | 684 | $ 59,795 | ||
AEROSPACE & DEFENSE—15.1% | ||||
HEICO Corp. | 921 | 175,911 | ||
TransDigm Group, Inc. | 432 | 532,051 | ||
707,962 | ||||
APPLICATION SOFTWARE—14.4% | ||||
HubSpot, Inc.* | 269 | 168,544 | ||
nCino, Inc.* | 3,331 | 124,513 | ||
SPS Commerce, Inc.* | 988 | 182,681 | ||
Vertex, Inc., Cl. A* | 6,222 | 197,611 | ||
673,349 | ||||
ASSET MANAGEMENT & CUSTODY BANKS—3.8% | ||||
StepStone Group, Inc., Cl. A | 4,971 | 177,664 | ||
BIOTECHNOLOGY—2.6% | ||||
ACADIA Pharmaceuticals, Inc.* | 6,632 | 122,626 | ||
BROADLINE RETAIL—3.6% | ||||
Ollie's Bargain Outlet Holdings, Inc.* | 2,133 | 169,723 | ||
CARGO GROUND TRANSPORTATION—6.2% | ||||
RXO, Inc.* | 5,163 | 112,915 | ||
XPO, Inc.* | 1,440 | 175,723 | ||
288,638 | ||||
ENVIRONMENTAL & FACILITIES SERVICES—15.0% | ||||
Casella Waste Systems, Inc., Cl. A* | 3,790 | 374,717 | ||
Montrose Environmental Group, Inc.* | 2,667 | 104,467 | ||
Waste Connections, Inc. | 1,307 | 224,817 | ||
704,001 | ||||
HEALTHCARE EQUIPMENT—10.5% | ||||
Glaukos Corp.* | 2,405 | 226,768 | ||
Inspire Medical Systems, Inc.* | 451 | 96,870 | ||
Insulet Corp.* | 225 | 38,565 | ||
Nevro Corp.* | 9,169 | 132,400 | ||
494,603 | ||||
HUMAN RESOURCE & EMPLOYMENT SERVICES—4.1% | ||||
Paylocity Holding Corp.* | 1,132 | 194,546 | ||
MANAGED HEALTHCARE—3.7% | ||||
Progyny, Inc.* | 4,583 | 174,841 | ||
REAL ESTATE SERVICES—6.6% | ||||
FirstService Corp. | 1,873 | 310,543 | ||
SEMICONDUCTORS—3.9% | ||||
Impinj, Inc.* | 1,419 | 182,214 |
See Notes to Financial Statements.
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THE ALGER ETF TRUST | ALGER WEATHERBIE ENDURING GROWTH ETFSchedule of Investments March 31, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—95.2% (CONT.) | ||||
TRADING COMPANIES & DISTRIBUTORS—3.3% | ||||
SiteOne Landscape Supply, Inc.* | 884 | $ 154,302 | ||
TRANSACTION & PAYMENT PROCESSING SERVICES—1.1% | ||||
Flywire Corp.* | 2,055 | 50,985 | ||
TOTAL COMMON STOCKS (Cost $3,489,841) | 4,465,792 | |||
SHORT-TERM SECURITIES—5.6% | ||||
MONEY MARKET FUNDS—5.6% | ||||
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 5.20%(a) | 261,974 | 261,974 | ||
(Cost $261,974) | 261,974 | |||
Total Investments (Cost $3,751,815) | 100.8% | $4,727,766 | ||
Unaffiliated Securities (Cost $3,751,815) | 4,727,766 | |||
Liabilities in Excess of Other Assets | (0.8)% | (37,211) | ||
NET ASSETS | 100.0% | $4,690,555 |
(a) | Rate shown reflects 7-day effective yield as of March 31, 2024. |
* | Non-income producing security. |
See Notes to Financial Statements.
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THE ALGER ETF TRUSTNOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1 — General:
The Alger ETF Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and organized as a business trust under the laws of the Commonwealth of Massachusetts on March 24, 2020. The Alger 35 ETF, the Alger Mid Cap 40 ETF and the Alger Weatherbie Enduring Growth ETF are each separate non-diversified series of the Trust (each, a “Fund” and together, the “Funds”). The Trust qualifies as an investment company as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946-Financial Services – Investment Companies. Each Fund’s investment objective is to seek long-term capital appreciation. Under normal circumstances, each Fund invests primarily in equity securities. Shares of each Fund are listed for trading on the NYSE Arca, Inc.
The Alger Weatherbie Enduring Growth ETF commenced operations on March 6, 2023.
On May 23, 2023, the Board of Trustees of the Trust (the "Board") approved the transition of the Funds' custodian, administrator, and transfer agent from Brown Brothers Harriman & Company (the "Custodian") to The Bank of New York Mellon. This change became effective March 18, 2024.
NOTE 2 — Significant Accounting Policies:
(a) Investment Valuation: The Funds value their financial instruments at fair value using independent dealers or pricing services under policies approved by the Board. Investments held by the Funds 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 Funds' investment adviser, Fred Alger Management, LLC (“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 Funds to assist in performing the duties and responsibilities of the Valuation Designee.
The Valuation Designee has established valuation processes, including but not limited to: (i) making fair value determinations when market quotations for financial instruments are not readily available in accordance with valuation policies and procedures adopted by the Board; (ii) assessing and managing material risks associated with fair valuation determinations; (iii) selecting, applying and testing fair valuation methodologies; and (iv) overseeing and evaluating pricing services used by the Funds. The Valuation Designee
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THE ALGER ETF TRUSTNOTES TO FINANCIAL STATEMENTS (Continued)
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 Funds 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 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.
FASB Accounting Standards Codification 820 – Fair Value Measurements and Disclosures (“ASC 820”) defines fair value as the price that the Funds 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 Funds. Unobservable inputs are inputs that reflect the Funds' 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, amortized cost, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 – significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)
The Funds' 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
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THE ALGER ETF TRUSTNOTES TO FINANCIAL STATEMENTS (Continued)
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 Funds may significantly differ from the valuations that would have been assigned by the Funds had there been an active market for such securities.
NOTE 3 — Fair Value Measurements:
The following is a summary of the inputs used as of March 31, 2024 in valuing the Funds' investments carried at fair value on a recurring basis. Based upon the nature, characteristics, and risks associated with their investments, the Funds have determined that presenting them by security type and sector is appropriate.
Alger 35 ETF | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
COMMON STOCKS | ||||
Communication Services | $2,529,479 | $2,529,479 | $— | $— |
Consumer Discretionary | 2,725,516 | 2,725,516 | — | — |
Energy | 257,537 | 257,537 | — | — |
Financials | 510,142 | 510,142 | — | — |
Health Care | 2,157,531 | 2,157,531 | — | — |
Industrials | 2,219,643 | 2,219,643 | — | — |
Information Technology | 5,609,887 | 5,609,887 | — | — |
Utilities | 542,350 | 542,350 | — | — |
TOTAL COMMON STOCKS | $16,552,085 | $16,552,085 | $— | $— |
SHORT-TERM INVESTMENTS | ||||
Money Market Funds | 159,622 | 159,622 | — | — |
TOTAL INVESTMENTS IN SECURITIES | $16,711,707 | $16,711,707 | $— | $— |
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THE ALGER ETF TRUSTNOTES TO FINANCIAL STATEMENTS (Continued)
Alger Mid Cap 40 ETF | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
COMMON STOCKS | ||||
Communication Services | $2,709,329 | $2,709,329 | $— | $— |
Consumer Discretionary | 4,204,264 | 4,204,264 | — | — |
Consumer Staples | 637,293 | 637,293 | — | — |
Financials | 1,249,861 | 1,249,861 | — | — |
Health Care | 3,795,201 | 3,795,201 | — | — |
Industrials | 7,621,590 | 7,621,590 | — | — |
Information Technology | 10,220,959 | 10,220,959 | — | — |
Utilities | 582,832 | 582,832 | — | — |
TOTAL COMMON STOCKS | $31,021,329 | $31,021,329 | $— | $— |
SHORT-TERM INVESTMENTS | ||||
Money Market Funds | 3,164,896 | 3,164,896 | — | — |
TOTAL INVESTMENTS IN SECURITIES | $34,186,225 | $34,186,225 | $— | $— |
Alger Weatherbie Enduring Growth ETF | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
COMMON STOCKS | ||||
Communication Services | $59,795 | $59,795 | $— | $— |
Consumer Discretionary | 169,723 | 169,723 | — | — |
Financials | 228,649 | 228,649 | — | — |
Health Care | 792,070 | 792,070 | — | — |
Industrials | 2,049,449 | 2,049,449 | — | — |
Information Technology | 855,563 | 855,563 | — | — |
Real Estate | 310,543 | 310,543 | — | — |
TOTAL COMMON STOCKS | $4,465,792 | $4,465,792 | $— | $— |
SHORT-TERM INVESTMENTS | ||||
Money Market Funds | 261,974 | 261,974 | — | — |
TOTAL INVESTMENTS IN SECURITIES | $4,727,766 | $4,727,766 | $— | $— |
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