THE ALGER PORTFOLIOS
Alger Capital Appreciation Portfolio |
Alger Large Cap Growth Portfolio |
Alger Growth & Income Portfolio |
Alger Mid Cap Growth Portfolio |
Alger Small Cap Growth Portfolio |
Alger Balanced Portfolio |
QUARTERLY REPORT
September 30, 2024 (UNAUDITED)
ALGER CAPITAL APPRECIATION PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited)
SHARES | VALUE | |||
COMMON STOCKS—98.2% | ||||
AEROSPACE & DEFENSE—2.5% | ||||
HEICO Corp. | 3,754 | $ 981,596 | ||
HEICO Corp., Cl. A | 31,588 | 6,436,371 | ||
TransDigm Group, Inc. | 5,267 | 7,516,693 | ||
14,934,660 | ||||
APPAREL RETAIL—0.4% | ||||
Burlington Stores, Inc.* | 8,022 | 2,113,637 | ||
APPLICATION SOFTWARE—4.5% | ||||
Adobe, Inc.* | 10,630 | 5,504,001 | ||
AppLovin Corp., Cl. A* | 138,798 | 18,120,079 | ||
Cadence Design Systems, Inc.* | 10,939 | 2,964,797 | ||
26,588,877 | ||||
ASSET MANAGEMENT & CUSTODY BANKS—0.2% | ||||
Blackstone, Inc. | 9,536 | 1,460,248 | ||
AUTOMOBILE MANUFACTURERS—1.2% | ||||
Tesla, Inc.* | 27,452 | 7,182,267 | ||
BIOTECHNOLOGY—4.9% | ||||
Amgen, Inc. | 13,175 | 4,245,117 | ||
Ascendis Pharma A/S ADR* | 11,045 | 1,649,129 | ||
BioNTech SE ADR* | 17,979 | 2,135,366 | ||
Exact Sciences Corp.* | 8,870 | 604,224 | ||
Madrigal Pharmaceuticals, Inc.* | 5,181 | 1,099,512 | ||
Natera, Inc.* | 92,522 | 11,745,668 | ||
Nuvalent, Inc., Cl. A* | 13,085 | 1,338,595 | ||
Sarepta Therapeutics, Inc.* | 17,287 | 2,158,973 | ||
Vaxcyte, Inc.* | 39,625 | 4,527,949 | ||
29,504,533 | ||||
BROADLINE RETAIL—8.5% | ||||
Alibaba Group Holding Ltd. ADR | 2,801 | 297,242 | ||
Amazon.com, Inc.* | 229,087 | 42,685,781 | ||
Global-e Online Ltd.* | 34,007 | 1,307,229 | ||
MercadoLibre, Inc.* | 3,281 | 6,732,481 | ||
51,022,733 | ||||
BUILDING PRODUCTS—0.3% | ||||
Builders FirstSource, Inc.* | 8,421 | 1,632,495 | ||
CASINOS & GAMING—1.4% | ||||
DraftKings, Inc., Cl. A* | 186,322 | 7,303,822 | ||
Flutter Entertainment PLC* | 4,225 | 1,002,508 | ||
8,306,330 | ||||
COAL & CONSUMABLE FUELS—0.5% | ||||
Cameco Corp. | 66,973 | 3,198,630 | ||
See Notes to Financial Statements.
- 2 -
ALGER CAPITAL APPRECIATION PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—98.2% (CONT.) | ||||
CONSTRUCTION & ENGINEERING—0.6% | ||||
Quanta Services, Inc. | 11,269 | $ 3,359,852 | ||
CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.4% | ||||
Wabtec Corp. | 13,245 | 2,407,544 | ||
CONSTRUCTION MATERIALS—0.4% | ||||
Martin Marietta Materials, Inc. | 4,359 | 2,346,232 | ||
COPPER—0.0% | ||||
Freeport-McMoRan, Inc. | 5,804 | 289,736 | ||
ELECTRIC UTILITIES—1.6% | ||||
Constellation Energy Corp. | 20,839 | 5,418,557 | ||
NRG Energy, Inc. | 43,941 | 4,003,025 | ||
9,421,582 | ||||
ELECTRICAL COMPONENTS & EQUIPMENT—2.4% | ||||
Eaton Corp. PLC | 10,070 | 3,337,601 | ||
Vertiv Holdings Co., Cl. A | 109,928 | 10,936,737 | ||
14,274,338 | ||||
ENVIRONMENTAL & FACILITIES SERVICES—2.4% | ||||
GFL Environmental, Inc. | 354,985 | 14,156,802 | ||
FINANCIAL EXCHANGES & DATA—1.5% | ||||
S&P Global, Inc. | 17,495 | 9,038,267 | ||
FOOTWEAR—0.2% | ||||
On Holding AG, Cl. A* | 29,166 | 1,462,675 | ||
HEALTHCARE EQUIPMENT—2.7% | ||||
Boston Scientific Corp.* | 95,989 | 8,043,878 | ||
Intuitive Surgical, Inc.* | 16,225 | 7,970,856 | ||
16,014,734 | ||||
INTERACTIVE HOME ENTERTAINMENT—0.6% | ||||
Sea Ltd. ADR* | 23,571 | 2,222,274 | ||
Take-Two Interactive Software, Inc.* | 7,574 | 1,164,199 | ||
3,386,473 | ||||
INTERACTIVE MEDIA & SERVICES—10.4% | ||||
Alphabet, Inc., Cl. C | 75,583 | 12,636,722 | ||
Meta Platforms, Inc., Cl. A | 74,714 | 42,769,282 | ||
Pinterest, Inc., Cl. A* | 213,025 | 6,895,619 | ||
62,301,623 | ||||
INTERNET SERVICES & INFRASTRUCTURE—0.4% | ||||
Shopify, Inc., Cl. A* | 29,944 | 2,399,712 | ||
LIFE SCIENCES TOOLS & SERVICES—1.1% | ||||
Danaher Corp. | 22,874 | 6,359,429 | ||
MANAGED HEALTHCARE—0.5% | ||||
UnitedHealth Group, Inc. | 4,997 | 2,921,646 | ||
See Notes to Financial Statements.
- 3 -
ALGER CAPITAL APPRECIATION PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—98.2% (CONT.) | ||||
MOVIES & ENTERTAINMENT—3.4% | ||||
Liberty Media Corp. Series C Liberty Formula One * | 68,091 | $ 5,272,286 | ||
Netflix, Inc.* | 14,253 | 10,109,226 | ||
Spotify Technology SA* | 13,691 | 5,045,544 | ||
20,427,056 | ||||
PASSENGER GROUND TRANSPORTATION—0.1% | ||||
Uber Technologies, Inc.* | 12,023 | 903,649 | ||
PHARMACEUTICALS—1.3% | ||||
Eli Lilly & Co. | 8,448 | 7,484,421 | ||
SEMICONDUCTORS—20.1% | ||||
Advanced Micro Devices, Inc.* | 26,467 | 4,342,705 | ||
Astera Labs, Inc.* | 67,428 | 3,532,553 | ||
Broadcom, Inc. | 111,272 | 19,194,420 | ||
Marvell Technology, Inc. | 32,975 | 2,378,157 | ||
Micron Technology, Inc. | 29,798 | 3,090,351 | ||
NVIDIA Corp. | 613,152 | 74,461,179 | ||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 75,423 | 13,098,712 | ||
120,098,077 | ||||
SPECIALTY CHEMICALS—0.2% | ||||
Ecolab, Inc. | 4,738 | 1,209,754 | ||
SYSTEMS SOFTWARE—14.4% | ||||
Microsoft Corp. | 192,563 | 82,859,859 | ||
ServiceNow, Inc.* | 3,200 | 2,862,048 | ||
85,721,907 | ||||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.1% | ||||
Apple, Inc. | 170,247 | 39,667,551 | ||
Dell Technologies, Inc., Cl. C | 22,755 | 2,697,378 | ||
42,364,929 | ||||
TRADING COMPANIES & DISTRIBUTORS—0.1% | ||||
Ferguson Enterprises, Inc. | 4,357 | 865,169 | ||
TRANSACTION & PAYMENT PROCESSING SERVICES—1.9% | ||||
Block, Inc.* | 10,230 | 686,740 | ||
Visa, Inc., Cl. A | 38,211 | 10,506,114 | ||
11,192,854 | ||||
TOTAL COMMON STOCKS (Cost $300,088,226) | 586,352,871 | |||
PREFERRED STOCKS—0.0% | ||||
DIVERSIFIED FINANCIAL SERVICES—0.0% | ||||
Chime Financial, Inc.,Series G(a),*,@ | 6,689 | 238,061 | ||
(Cost $462,008) | 238,061 | |||
See Notes to Financial Statements.
- 4 -
ALGER CAPITAL APPRECIATION PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
REAL ESTATE INVESTMENT TRUST—1.1% | ||||
DATA CENTER—1.1% | ||||
Equinix, Inc. | 7,520 | $ 6,674,978 | ||
(Cost $6,156,460) | 6,674,978 | |||
SPECIAL PURPOSE VEHICLE—0.1% | ||||
DATA PROCESSING & OUTSOURCED SERVICES—0.1% | ||||
Crosslink Ventures C, LLC, Cl. A(a),(b),*,@ | 412,737 | |||
(Cost $475,000) | 412,737 | |||
SHORT-TERM SECURITIES—0.2% | ||||
MONEY MARKET FUNDS—0.2% | ||||
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 4.81%(c) | 1,237,260 | 1,237,260 | ||
(Cost $1,237,260) | 1,237,260 | |||
Total Investments (Cost $308,418,954) | 99.6% | $594,915,907 | ||
Affiliated Securities (Cost $475,000) | 412,737 | |||
Unaffiliated Securities (Cost $307,943,954) | 594,503,170 | |||
Other Assets in Excess of Liabilities | 0.4% | 2,251,263 | ||
NET ASSETS | 100.0% | $597,167,170 | ||
ADR | American Depositary Receipts |
(a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures approved by the Board of Trustees. |
(b) | Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 4 - Affiliated Securities. |
(c) | Rate shown reflects 7-day effective yield as of September 30, 2024. |
* | 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. |
Security | Acquisition Date(s) | Acquisition Cost | Market Value | % of net assets as of 9/30/2024 |
Chime Financial, Inc.,Series G | 8/24/21 | $462,008 | $238,061 | 0.0% |
Crosslink Ventures C, LLC, Cl. A | 10/2/20 | 475,000 | 412,737 | 0.1% |
Total | $650,798 | 0.1% |
See Notes to Financial Statements.
- 5 -
ALGER LARGE CAP GROWTH PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited)
SHARES | VALUE | |||
COMMON STOCKS—93.1% | ||||
AEROSPACE & DEFENSE—4.1% | ||||
HEICO Corp. | 29,587 | $ 7,736,409 | ||
TransDigm Group, Inc. | 4,355 | 6,215,151 | ||
13,951,560 | ||||
APPLICATION SOFTWARE—3.3% | ||||
AppLovin Corp., Cl. A* | 74,922 | 9,781,067 | ||
Cadence Design Systems, Inc.* | 5,624 | 1,524,273 | ||
11,305,340 | ||||
AUTOMOBILE MANUFACTURERS—1.0% | ||||
Tesla, Inc.* | 13,549 | 3,544,825 | ||
BIOTECHNOLOGY—5.1% | ||||
AbbVie, Inc. | 5,537 | 1,093,447 | ||
Amgen, Inc. | 5,328 | 1,716,735 | ||
BioNTech SE ADR* | 16,824 | 1,998,186 | ||
Natera, Inc.* | 72,798 | 9,241,706 | ||
Regeneron Pharmaceuticals, Inc.* | 1,500 | 1,576,860 | ||
Vertex Pharmaceuticals, Inc.* | 1,824 | 848,306 | ||
Viking Therapeutics, Inc.* | 17,423 | 1,103,050 | ||
17,578,290 | ||||
BROADLINE RETAIL—11.7% | ||||
Amazon.com, Inc.* | 123,505 | 23,012,687 | ||
Coupang, Inc., Cl. A* | 96,599 | 2,371,505 | ||
MercadoLibre, Inc.* | 7,042 | 14,449,902 | ||
39,834,094 | ||||
BUILDING PRODUCTS—0.9% | ||||
Builders FirstSource, Inc.* | 16,132 | 3,127,350 | ||
CARGO GROUND TRANSPORTATION—0.9% | ||||
Old Dominion Freight Line, Inc. | 15,876 | 3,153,609 | ||
CASINOS & GAMING—1.1% | ||||
DraftKings, Inc., Cl. A* | 100,167 | 3,926,546 | ||
COAL & CONSUMABLE FUELS—0.3% | ||||
Cameco Corp. | 19,104 | 912,407 | ||
COMMUNICATIONS EQUIPMENT—0.5% | ||||
Arista Networks, Inc.* | 4,281 | 1,643,133 | ||
CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.8% | ||||
Wabtec Corp. | 15,308 | 2,782,535 | ||
ELECTRICAL COMPONENTS & EQUIPMENT—3.1% | ||||
Vertiv Holdings Co., Cl. A | 105,330 | 10,479,282 | ||
ENVIRONMENTAL & FACILITIES SERVICES—1.1% | ||||
Tetra Tech, Inc. | 37,655 | 1,775,810 | ||
See Notes to Financial Statements.
- 6 -
ALGER LARGE CAP GROWTH PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—93.1% (CONT.) | ||||
ENVIRONMENTAL & FACILITIES SERVICES—1.1% (CONT.) | ||||
Veralto Corp. | 16,665 | $ 1,864,147 | ||
3,639,957 | ||||
FINANCIAL EXCHANGES & DATA—0.7% | ||||
S&P Global, Inc. | 4,452 | 2,299,992 | ||
HEALTHCARE EQUIPMENT—1.0% | ||||
Boston Scientific Corp.* | 19,039 | 1,595,468 | ||
Intuitive Surgical, Inc.* | 3,604 | 1,770,537 | ||
3,366,005 | ||||
HEALTHCARE TECHNOLOGY—0.9% | ||||
Veeva Systems, Inc., Cl. A* | 14,358 | 3,013,314 | ||
HOTELS RESORTS & CRUISE LINES—1.1% | ||||
Trip.com Group Ltd. ADR* | 65,760 | 3,908,117 | ||
INTERACTIVE HOME ENTERTAINMENT—1.4% | ||||
Roblox Corp., Cl. A* | 76,023 | 3,364,778 | ||
Take-Two Interactive Software, Inc.* | 10,372 | 1,594,280 | ||
4,959,058 | ||||
INTERACTIVE MEDIA & SERVICES—7.6% | ||||
Alphabet, Inc., Cl. C | 48,408 | 8,093,333 | ||
Meta Platforms, Inc., Cl. A | 27,965 | 16,008,285 | ||
Pinterest, Inc., Cl. A* | 53,317 | 1,725,871 | ||
25,827,489 | ||||
LIFE SCIENCES TOOLS & SERVICES—0.7% | ||||
Agilent Technologies, Inc. | 8,690 | 1,290,291 | ||
Thermo Fisher Scientific, Inc. | 2,058 | 1,273,017 | ||
2,563,308 | ||||
MANAGED HEALTHCARE—1.0% | ||||
UnitedHealth Group, Inc. | 5,898 | 3,448,443 | ||
MOVIES & ENTERTAINMENT—4.0% | ||||
Netflix, Inc.* | 14,335 | 10,167,386 | ||
Spotify Technology SA* | 9,074 | 3,344,041 | ||
13,511,427 | ||||
PASSENGER GROUND TRANSPORTATION—3.1% | ||||
Uber Technologies, Inc.* | 138,757 | 10,428,976 | ||
PHARMACEUTICALS—1.0% | ||||
AstraZeneca PLC ADR | 10,873 | 847,115 | ||
Bristol-Myers Squibb Co. | 21,202 | 1,096,992 | ||
Eli Lilly & Co. | 1,631 | 1,444,968 | ||
3,389,075 | ||||
SEMICONDUCTOR MATERIALS & EQUIPMENT—2.5% | ||||
ASML Holding NV ADR | 4,829 | 4,023,764 | ||
See Notes to Financial Statements.
- 7 -
ALGER LARGE CAP GROWTH PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—93.1% (CONT.) | ||||
SEMICONDUCTOR MATERIALS & EQUIPMENT—2.5% (CONT.) | ||||
Lam Research Corp. | 5,634 | $ 4,597,795 | ||
8,621,559 | ||||
SEMICONDUCTORS—19.2% | ||||
Advanced Micro Devices, Inc.* | 60,548 | 9,934,716 | ||
Astera Labs, Inc.* | 101,961 | 5,341,737 | ||
Broadcom, Inc. | 57,598 | 9,935,655 | ||
NVIDIA Corp. | 253,216 | 30,750,551 | ||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 55,438 | 9,627,917 | ||
65,590,576 | ||||
SYSTEMS SOFTWARE—10.2% | ||||
Crowdstrike Holdings, Inc., Cl. A* | 11,716 | 3,285,987 | ||
Microsoft Corp. | 68,912 | 29,652,834 | ||
ServiceNow, Inc.* | 2,050 | 1,833,499 | ||
34,772,320 | ||||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—3.9% | ||||
Apple, Inc. | 57,342 | 13,360,686 | ||
TRANSACTION & PAYMENT PROCESSING SERVICES—0.9% | ||||
Block, Inc.* | 23,033 | 1,546,205 | ||
Visa, Inc., Cl. A | 5,303 | 1,458,060 | ||
3,004,265 | ||||
TOTAL COMMON STOCKS (Cost $186,578,863) | 317,943,538 | |||
EXCHANGE TRADED FUNDS—2.3% | ||||
Alger 35 ETF(a) | 353,188 | 7,876,092 | ||
(Cost $6,792,657) | 7,876,092 | |||
MUTUAL FUNDS—2.5% | ||||
Alger 35 Fund, Cl. Z(a),* | 559,471 | 8,559,911 | ||
(Cost $7,604,417) | 8,559,911 | |||
REAL ESTATE INVESTMENT TRUST—0.3% | ||||
DATA CENTER—0.3% | ||||
Equinix, Inc. | 888 | 788,216 | ||
(Cost $772,226) | 788,216 | |||
SPECIAL PURPOSE VEHICLE—0.5% | ||||
DATA PROCESSING & OUTSOURCED SERVICES—0.5% | ||||
Crosslink Ventures C, LLC, Cl. A(a),(b),*,@ | 1,650,948 | |||
(Cost $1,900,000) | 1,650,948 | |||
See Notes to Financial Statements.
- 8 -
ALGER LARGE CAP GROWTH PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
SHORT-TERM SECURITIES—1.5% | ||||
MONEY MARKET FUNDS—1.5% | ||||
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 4.81%(c) | 5,130,261 | $ 5,130,261 | ||
(Cost $5,130,261) | 5,130,261 | |||
Total Investments (Cost $208,778,424) | 100.2% | $341,948,966 | ||
Affiliated Securities (Cost $16,297,074) | 18,086,951 | |||
Unaffiliated Securities (Cost $192,481,350) | 323,862,015 | |||
Liabilities in Excess of Other Assets | (0.2)% | (512,709) | ||
NET ASSETS | 100.0% | $341,436,257 | ||
ADR | American Depositary Receipts |
ETF | Exchange-Traded Fund |
(a) | Deemed an affiliate of the Fund 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 approved by the Board of Trustees. |
(c) | Rate shown reflects 7-day effective yield as of September 30, 2024. |
* | 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. |
Security | Acquisition Date(s) | Acquisition Cost | Market Value | % of net assets as of 9/30/2024 |
Crosslink Ventures C, LLC, Cl. A | 10/2/20 | $1,900,000 | $1,650,948 | 0.5% |
Total | $1,650,948 | 0.5% |
See Notes to Financial Statements.
- 9 -
ALGER GROWTH & INCOME PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited)
SHARES | VALUE | |||
COMMON STOCKS—96.4% | ||||
AEROSPACE & DEFENSE—1.4% | ||||
General Dynamics Corp. | 575 | $ 173,765 | ||
TransDigm Group, Inc. | 307 | 438,129 | ||
611,894 | ||||
APPLICATION SOFTWARE—0.9% | ||||
Adobe, Inc.* | 708 | 366,588 | ||
ASSET MANAGEMENT & CUSTODY BANKS—3.3% | ||||
BlackRock, Inc. | 689 | 654,212 | ||
Blackstone, Inc. | 3,710 | 568,112 | ||
Blue Owl Capital, Inc., Cl. A | 10,974 | 212,457 | ||
1,434,781 | ||||
BIOTECHNOLOGY—3.2% | ||||
AbbVie, Inc. | 4,970 | 981,476 | ||
Amgen, Inc. | 747 | 240,691 | ||
Gilead Sciences, Inc. | 1,784 | 149,570 | ||
1,371,737 | ||||
BROADLINE RETAIL—2.6% | ||||
Amazon.com, Inc.* | 6,037 | 1,124,874 | ||
BUILDING PRODUCTS—0.6% | ||||
Johnson Controls International PLC | 3,145 | 244,084 | ||
CABLE & SATELLITE—0.8% | ||||
Comcast Corp., Cl. A | 8,545 | 356,925 | ||
COMMODITY CHEMICALS—0.3% | ||||
Dow, Inc. | 2,062 | 112,647 | ||
COMMUNICATIONS EQUIPMENT—0.8% | ||||
Cisco Systems, Inc. | 6,280 | 334,222 | ||
COMPUTER & ELECTRONICS RETAIL—0.5% | ||||
Best Buy Co., Inc. | 2,199 | 227,157 | ||
CONSUMER ELECTRONICS—0.5% | ||||
Garmin, Ltd. | 1,329 | 233,944 | ||
CONSUMER STAPLES MERCHANDISE RETAIL—1.1% | ||||
Walmart, Inc. | 5,627 | 454,380 | ||
COPPER—0.7% | ||||
Southern Copper Corp. | 2,722 | 314,854 | ||
DIVERSIFIED BANKS—4.6% | ||||
Bank of America Corp. | 11,265 | 446,995 | ||
Fifth Third Bancorp | 3,254 | 139,401 | ||
JPMorgan Chase & Co. | 6,537 | 1,378,392 | ||
1,964,788 | ||||
ELECTRIC UTILITIES—0.7% | ||||
NextEra Energy, Inc. | 3,402 | 287,571 | ||
See Notes to Financial Statements.
- 10 -
ALGER GROWTH & INCOME PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—96.4% (CONT.) | ||||
ELECTRICAL COMPONENTS & EQUIPMENT—2.1% | ||||
Eaton Corp. PLC | 2,723 | $ 902,511 | ||
FINANCIAL EXCHANGES & DATA—0.8% | ||||
CME Group, Inc., Cl. A | 1,637 | 361,204 | ||
FOOD DISTRIBUTORS—0.5% | ||||
Sysco Corp. | 2,695 | 210,372 | ||
HEALTHCARE DISTRIBUTORS—0.5% | ||||
Cardinal Health, Inc. | 1,802 | 199,157 | ||
HEALTHCARE EQUIPMENT—0.8% | ||||
Abbott Laboratories | 1,138 | 129,743 | ||
Medtronic PLC | 2,426 | 218,413 | ||
348,156 | ||||
HOME IMPROVEMENT RETAIL—2.2% | ||||
The Home Depot, Inc. | 2,295 | 929,934 | ||
HOUSEHOLD PRODUCTS—1.4% | ||||
The Procter & Gamble Co. | 3,512 | 608,278 | ||
INDUSTRIAL CONGLOMERATES—1.2% | ||||
Honeywell International, Inc. | 2,589 | 535,172 | ||
INDUSTRIAL GASES—1.0% | ||||
Air Products & Chemicals, Inc. | 1,384 | 412,072 | ||
INTEGRATED OIL & GAS—3.7% | ||||
Chevron Corp. | 3,895 | 573,617 | ||
Exxon Mobil Corp. | 6,232 | 730,515 | ||
TotalEnergies SE ADR | 4,622 | 298,673 | ||
1,602,805 | ||||
INTEGRATED TELECOMMUNICATION SERVICES—0.8% | ||||
Verizon Communications, Inc. | 7,543 | 338,756 | ||
INTERACTIVE MEDIA & SERVICES—7.8% | ||||
Alphabet, Inc., Cl. A | 8,315 | 1,379,043 | ||
Alphabet, Inc., Cl. C | 6,748 | 1,128,198 | ||
Meta Platforms, Inc., Cl. A | 1,463 | 837,480 | ||
3,344,721 | ||||
INVESTMENT BANKING & BROKERAGE—2.0% | ||||
Morgan Stanley | 8,283 | 863,420 | ||
IT CONSULTING & OTHER SERVICES—0.3% | ||||
International Business Machines Corp. | 604 | 133,532 | ||
LEISURE FACILITIES—0.3% | ||||
Vail Resorts, Inc. | 745 | 129,846 | ||
MANAGED HEALTHCARE—2.7% | ||||
UnitedHealth Group, Inc. | 2,005 | 1,172,283 | ||
See Notes to Financial Statements.
- 11 -
ALGER GROWTH & INCOME PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—96.4% (CONT.) | ||||
MULTI-UTILITIES—1.1% | ||||
Consolidated Edison, Inc. | 2,203 | $ 229,398 | ||
Sempra | 2,938 | 245,705 | ||
475,103 | ||||
OIL & GAS STORAGE & TRANSPORTATION—0.5% | ||||
ONEOK, Inc. | 2,482 | 226,185 | ||
PHARMACEUTICALS—5.8% | ||||
AstraZeneca PLC ADR | 4,495 | 350,205 | ||
Bristol-Myers Squibb Co. | 2,791 | 144,406 | ||
Eli Lilly & Co. | 892 | 790,259 | ||
GSK PLC ADR | 2,342 | 95,741 | ||
Johnson & Johnson | 2,727 | 441,938 | ||
Merck & Co., Inc. | 2,454 | 278,676 | ||
Novartis AG ADR | 1,701 | 195,649 | ||
Pfizer, Inc. | 6,356 | 183,943 | ||
2,480,817 | ||||
PROPERTY & CASUALTY INSURANCE—0.7% | ||||
The Hartford Financial Services Group, Inc. | 2,413 | 283,793 | ||
RAIL TRANSPORTATION—0.6% | ||||
Union Pacific Corp. | 1,121 | 276,304 | ||
RESTAURANTS—1.4% | ||||
McDonald's Corp. | 1,094 | 333,134 | ||
Starbucks Corp. | 2,588 | 252,304 | ||
585,438 | ||||
SEMICONDUCTOR MATERIALS & EQUIPMENT—3.8% | ||||
KLA Corp. | 2,123 | 1,644,073 | ||
SEMICONDUCTORS—8.1% | ||||
Broadcom, Inc. | 13,377 | 2,307,532 | ||
QUALCOMM, Inc. | 4,030 | 685,302 | ||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 2,710 | 470,646 | ||
3,463,480 | ||||
SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.4% | ||||
PepsiCo, Inc. | 3,141 | 534,127 | ||
The Coca-Cola Co. | 6,700 | 481,462 | ||
1,015,589 | ||||
SYSTEMS SOFTWARE—10.2% | ||||
Microsoft Corp. | 9,574 | 4,119,692 | ||
Oracle Corp. | 1,561 | 265,995 | ||
4,385,687 | ||||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.4% | ||||
Apple, Inc. | 14,339 | 3,340,987 | ||
See Notes to Financial Statements.
- 12 -
ALGER GROWTH & INCOME PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—96.4% (CONT.) | ||||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.4% (CONT.) | ||||
Dell Technologies, Inc., Cl. C | 2,123 | $ 251,660 | ||
3,592,647 | ||||
TOBACCO—1.2% | ||||
Altria Group, Inc. | 5,134 | 262,039 | ||
Philip Morris International, Inc. | 1,906 | 231,389 | ||
493,428 | ||||
TRADING COMPANIES & DISTRIBUTORS—0.6% | ||||
Ferguson Enterprises, Inc. | 1,319 | 261,914 | ||
TRANSACTION & PAYMENT PROCESSING SERVICES—1.5% | ||||
Visa, Inc., Cl. A | 2,299 | 632,110 | ||
TOTAL COMMON STOCKS (Cost $12,354,166) | 41,349,233 | |||
MASTER LIMITED PARTNERSHIP—0.5% | ||||
OIL & GAS STORAGE & TRANSPORTATION—0.5% | ||||
Cheniere Energy Partners LP | 4,055 | 197,560 | ||
(Cost $127,632) | 197,560 | |||
REAL ESTATE INVESTMENT TRUST—3.1% | ||||
HEALTHCARE—0.8% | ||||
Welltower, Inc. | 2,705 | 346,321 | ||
INDUSTRIAL—0.4% | ||||
Prologis, Inc. | 1,199 | 151,410 | ||
RETAIL—0.7% | ||||
Simon Property Group, Inc. | 1,876 | 317,081 | ||
SPECIALIZED—0.6% | ||||
Lamar Advertising Co., Cl. A | 1,911 | 255,310 | ||
TELECOM TOWER—0.6% | ||||
Crown Castle, Inc. | 2,202 | 261,223 | ||
TOTAL REAL ESTATE INVESTMENT TRUST (Cost $785,677) | 1,331,345 | |||
See Notes to Financial Statements.
- 13 -
ALGER GROWTH & INCOME PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
SHORT-TERM SECURITIES—0.1% | ||||
MONEY MARKET FUNDS—0.1% | ||||
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 4.81%(a) | 59,468 | $ 59,468 | ||
(Cost $59,468) | 59,468 | |||
Total Investments (Cost $13,326,943) | 100.1% | $42,937,606 | ||
Unaffiliated Securities (Cost $13,326,943) | 42,937,606 | |||
Liabilities in Excess of Other Assets | (0.1)% | (52,888) | ||
NET ASSETS | 100.0% | $42,884,718 | ||
ADR | American Depositary Receipts |
(a) | Rate shown reflects 7-day effective yield as of September 30, 2024. |
* | Non-income producing security. |
See Notes to Financial Statements.
- 14 -
ALGER MID CAP GROWTH PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited)
SHARES | VALUE | |||
COMMON STOCKS—94.9% | ||||
ADVERTISING—1.7% | ||||
The Trade Desk, Inc., Cl. A* | 22,525 | $ 2,469,866 | ||
AEROSPACE & DEFENSE—3.2% | ||||
HEICO Corp. | 12,102 | 3,164,431 | ||
TransDigm Group, Inc. | 966 | 1,378,608 | ||
4,543,039 | ||||
APPLICATION SOFTWARE—17.0% | ||||
AppLovin Corp., Cl. A* | 28,970 | 3,782,033 | ||
Cadence Design Systems, Inc.* | 1,966 | 532,845 | ||
Clearwater Analytics Holdings, Inc., Cl. A* | 101,764 | 2,569,541 | ||
Constellation Software, Inc. | 1,257 | 4,075,907 | ||
Datadog, Inc., Cl. A* | 17,427 | 2,005,151 | ||
Guidewire Software, Inc.* | 19,349 | 3,539,706 | ||
Manhattan Associates, Inc.* | 7,115 | 2,002,019 | ||
Palantir Technologies, Inc., Cl. A* | 33,791 | 1,257,025 | ||
Procore Technologies, Inc.* | 17,872 | 1,103,060 | ||
The Descartes Systems Group, Inc.* | 31,405 | 3,231,642 | ||
24,098,929 | ||||
ASSET MANAGEMENT & CUSTODY BANKS—4.2% | ||||
Ares Management Corp., Cl. A | 15,384 | 2,397,443 | ||
Blue Owl Capital, Inc., Cl. A | 188,084 | 3,641,306 | ||
6,038,749 | ||||
AUTOMOTIVE RETAIL—0.6% | ||||
AutoZone, Inc.* | 279 | 878,861 | ||
BIOTECHNOLOGY—3.2% | ||||
Natera, Inc.* | 19,363 | 2,458,133 | ||
Vaxcyte, Inc.* | 17,729 | 2,025,893 | ||
4,484,026 | ||||
BUILDING PRODUCTS—1.4% | ||||
Builders FirstSource, Inc.* | 6,517 | 1,263,386 | ||
Trex Co., Inc.* | 11,075 | 737,373 | ||
2,000,759 | ||||
CARGO GROUND TRANSPORTATION—2.6% | ||||
Old Dominion Freight Line, Inc. | 18,415 | 3,657,956 | ||
CONSTRUCTION & ENGINEERING—0.4% | ||||
WillScot Holdings Corp.* | 15,818 | 594,757 | ||
CONSTRUCTION MATERIALS—1.6% | ||||
Martin Marietta Materials, Inc. | 4,149 | 2,233,199 | ||
ELECTRICAL COMPONENTS & EQUIPMENT—4.4% | ||||
Vertiv Holdings Co., Cl. A | 63,102 | 6,278,018 | ||
ELECTRONIC COMPONENTS—1.9% | ||||
Amphenol Corp., Cl. A | 41,509 | 2,704,726 | ||
See Notes to Financial Statements.
- 15 -
ALGER MID CAP GROWTH PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—94.9% (CONT.) | ||||
ENVIRONMENTAL & FACILITIES SERVICES—4.3% | ||||
GFL Environmental, Inc. | 151,939 | $ 6,059,327 | ||
FINANCIAL EXCHANGES & DATA—2.1% | ||||
MSCI, Inc., Cl. A | 5,092 | 2,968,280 | ||
HEALTHCARE EQUIPMENT—2.4% | ||||
Dexcom, Inc.* | 10,556 | 707,674 | ||
IDEXX Laboratories, Inc.* | 5,363 | 2,709,495 | ||
3,417,169 | ||||
HEALTHCARE TECHNOLOGY—1.6% | ||||
Veeva Systems, Inc., Cl. A* | 10,919 | 2,291,570 | ||
HOME IMPROVEMENT RETAIL—0.9% | ||||
Floor & Decor Holdings, Inc., Cl. A* | 10,483 | 1,301,674 | ||
HOMEBUILDING—2.0% | ||||
NVR, Inc.* | 290 | 2,845,422 | ||
HOMEFURNISHING RETAIL—1.0% | ||||
Wayfair, Inc., Cl. A* | 26,041 | 1,462,983 | ||
HOTELS RESORTS & CRUISE LINES—2.0% | ||||
Hilton Worldwide Holdings, Inc. | 12,050 | 2,777,525 | ||
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.7% | ||||
Paylocity Holding Corp.* | 5,692 | 939,009 | ||
INSURANCE BROKERS—0.8% | ||||
Ryan Specialty Holdings, Inc., Cl. A | 17,363 | 1,152,730 | ||
INTERACTIVE HOME ENTERTAINMENT—0.9% | ||||
Roblox Corp., Cl. A* | 30,093 | 1,331,916 | ||
INTERACTIVE MEDIA & SERVICES—2.5% | ||||
Pinterest, Inc., Cl. A* | 109,057 | 3,530,175 | ||
INTERNET SERVICES & INFRASTRUCTURE—1.7% | ||||
Cloudflare, Inc., Cl. A* | 14,284 | 1,155,433 | ||
MongoDB, Inc., Cl. A* | 4,453 | 1,203,868 | ||
2,359,301 | ||||
IT CONSULTING & OTHER SERVICES—1.4% | ||||
Globant SA* | 10,175 | 2,016,074 | ||
LIFE SCIENCES TOOLS & SERVICES—3.7% | ||||
Mettler-Toledo International, Inc.* | 731 | 1,096,281 | ||
Repligen Corp.* | 18,916 | 2,815,079 | ||
West Pharmaceutical Services, Inc. | 4,358 | 1,308,097 | ||
5,219,457 | ||||
MOVIES & ENTERTAINMENT—2.4% | ||||
Spotify Technology SA* | 9,327 | 3,437,279 | ||
OIL & GAS EXPLORATION & PRODUCTION—2.1% | ||||
Diamondback Energy, Inc. | 17,407 | 3,000,967 | ||
See Notes to Financial Statements.
- 16 -
ALGER MID CAP GROWTH PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—94.9% (CONT.) | ||||
PROPERTY & CASUALTY INSURANCE—2.0% | ||||
Intact Financial Corp. | 15,112 | $ 2,901,835 | ||
REAL ESTATE SERVICES—3.9% | ||||
CoStar Group, Inc.* | 26,395 | 1,991,239 | ||
FirstService Corp. | 19,742 | 3,602,125 | ||
5,593,364 | ||||
RESEARCH & CONSULTING SERVICES—2.5% | ||||
TransUnion | 23,572 | 2,467,989 | ||
Verisk Analytics, Inc. | 3,842 | 1,029,502 | ||
3,497,491 | ||||
RESTAURANTS—3.2% | ||||
Chipotle Mexican Grill, Inc.* | 30,790 | 1,774,120 | ||
Domino's Pizza, Inc. | 6,534 | 2,810,535 | ||
4,584,655 | ||||
SEMICONDUCTOR MATERIALS & EQUIPMENT—0.6% | ||||
Onto Innovation, Inc.* | 4,225 | 876,941 | ||
SEMICONDUCTORS—5.0% | ||||
Astera Labs, Inc.* | 27,580 | 1,444,916 | ||
Lattice Semiconductor Corp.* | 32,721 | 1,736,504 | ||
Marvell Technology, Inc. | 27,211 | 1,962,457 | ||
Monolithic Power Systems, Inc. | 2,158 | 1,995,071 | ||
7,138,948 | ||||
SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.4% | ||||
Celsius Holdings, Inc.* | 16,833 | 527,883 | ||
TRADING COMPANIES & DISTRIBUTORS—2.6% | ||||
Ferguson Enterprises, Inc. | 18,708 | 3,714,848 | ||
TOTAL COMMON STOCKS (Cost $100,776,401) | 134,929,708 | |||
EXCHANGE TRADED FUNDS—3.5% | ||||
Alger Mid Cap 40 ETF(a),* | 289,303 | 4,952,376 | ||
(Cost $5,791,537) | 4,952,376 | |||
PREFERRED STOCKS—0.0% | ||||
BIOTECHNOLOGY—0.0% | ||||
Prosetta Biosciences, Inc., Series D(b),*,@ | 170,419 | — | ||
(Cost $766,885) | — | |||
RIGHTS—0.1% | ||||
BIOTECHNOLOGY—0.1% | ||||
Tolero CDR(b),*,@ | 425,098 | 148,784 | ||
(Cost $227,341) | 148,784 | |||
See Notes to Financial Statements.
- 17 -
ALGER MID CAP GROWTH PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
SPECIAL PURPOSE VEHICLE—0.7% | ||||
DATA PROCESSING & OUTSOURCED SERVICES—0.7% | ||||
Crosslink Ventures C, LLC, Cl. A(a),(b),*,@ | $ 760,305 | |||
Crosslink Ventures C, LLC, Cl. B(a),(b),*,@ | 282,399 | |||
1,042,704 | ||||
TOTAL SPECIAL PURPOSE VEHICLE (Cost $1,200,000) | 1,042,704 | |||
WARRANTS—0.0% | ||||
APPLICATION SOFTWARE—0.0% | ||||
Constellation Software, Inc., 3/31/40(b),* | 1,318 | — | ||
(Cost $0) | — | |||
SHORT-TERM SECURITIES—1.4% | ||||
MONEY MARKET FUNDS—1.4% | ||||
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 4.81%(c) | 1,937,166 | 1,937,166 | ||
(Cost $1,937,166) | 1,937,166 | |||
Total Investments (Cost $110,699,330) | 100.6% | $143,010,738 | ||
Affiliated Securities (Cost $6,991,537) | 5,995,080 | |||
Unaffiliated Securities (Cost $103,707,793) | 137,015,658 | |||
Liabilities in Excess of Other Assets | (0.6)% | (815,858) | ||
NET ASSETS | 100.0% | $142,194,880 | ||
CDR | Contingent Deferred Rights |
ETF | Exchange-Traded Fund |
(a) | Deemed an affiliate of the Fund 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 approved by the Board of Trustees. |
(c) | Rate shown reflects 7-day effective yield as of September 30, 2024. |
* | 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. |
Security | Acquisition Date(s) | Acquisition Cost | Market Value | % of net assets as of 9/30/2024 |
Crosslink Ventures C, LLC, Cl. A | 10/2/20 | $875,000 | $760,305 | 0.5% |
Crosslink Ventures C, LLC, Cl. B | 12/16/20 | 325,000 | 282,399 | 0.2% |
Prosetta Biosciences, Inc., Series D | 2/16/15 | 766,885 | — | 0.0% |
Tolero CDR | 2/16/17 | 227,341 | 148,784 | 0.1% |
Total | $1,191,488 | 0.8% |
See Notes to Financial Statements.
- 18 -
ALGER SMALL CAP GROWTH PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited)
SHARES | VALUE | |||
COMMON STOCKS—92.7% | ||||
AEROSPACE & DEFENSE—0.5% | ||||
Bombardier, Inc., Cl. B* | 10,846 | $ 825,289 | ||
APPAREL ACCESSORIES & LUXURY GOODS—0.9% | ||||
Capri Holdings, Ltd.* | 33,946 | 1,440,668 | ||
APPAREL RETAIL—2.8% | ||||
Abercrombie & Fitch Co., Cl. A* | 6,610 | 924,739 | ||
Aritzia, Inc.* | 43,083 | 1,619,216 | ||
Victoria's Secret & Co.* | 69,753 | 1,792,652 | ||
4,336,607 | ||||
APPLICATION SOFTWARE—21.9% | ||||
ACI Worldwide, Inc.* | 8,592 | 437,333 | ||
AppFolio, Inc., Cl. A* | 11,607 | 2,732,288 | ||
BILL Holdings, Inc.* | 7,925 | 418,123 | ||
Blackbaud, Inc.* | 25,201 | 2,134,021 | ||
BlackLine, Inc.* | 31,030 | 1,710,994 | ||
Guidewire Software, Inc.* | 22,123 | 4,047,182 | ||
InterDigital, Inc. | 8,528 | 1,207,821 | ||
Manhattan Associates, Inc.* | 21,871 | 6,154,062 | ||
nCino, Inc.* | 46,315 | 1,463,091 | ||
Q2 Holdings, Inc.* | 57,411 | 4,579,675 | ||
SPS Commerce, Inc.* | 28,850 | 5,601,804 | ||
Vertex, Inc., Cl. A* | 92,716 | 3,570,493 | ||
34,056,887 | ||||
AUTOMOTIVE PARTS & EQUIPMENT—0.1% | ||||
Modine Manufacturing Co.* | 1,544 | 205,028 | ||
BIOTECHNOLOGY—16.9% | ||||
Absci Corp.* | 339,522 | 1,296,974 | ||
Akero Therapeutics, Inc.* | 55,333 | 1,587,504 | ||
Blueprint Medicines Corp.* | 7,126 | 659,155 | ||
Cabaletta Bio, Inc.* | 218,897 | 1,033,194 | ||
CareDx, Inc.* | 58,797 | 1,835,936 | ||
Centessa Pharmaceuticals PLC ADR* | 29,578 | 472,952 | ||
Denali Therapeutics, Inc.* | 26,192 | 762,973 | ||
Insmed, Inc.* | 20,222 | 1,476,206 | ||
Instil Bio, Inc.* | 8,942 | 601,976 | ||
Keros Therapeutics, Inc.* | 13,247 | 769,253 | ||
Larimar Therapeutics, Inc.* | 200,544 | 1,313,563 | ||
Merus NV* | 13,152 | 657,074 | ||
MoonLake Immunotherapeutics* | 30,605 | 1,543,104 | ||
Natera, Inc.* | 8,184 | 1,038,959 | ||
Nurix Therapeutics, Inc.* | 31,132 | 699,536 | ||
Nuvalent, Inc., Cl. A* | 27,129 | 2,775,297 | ||
ORIC Pharmaceuticals, Inc.* | 60,349 | 618,577 | ||
Revolution Medicines, Inc.* | 32,882 | 1,491,199 | ||
See Notes to Financial Statements.
- 19 -
ALGER SMALL CAP GROWTH PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—92.7% (CONT.) | ||||
BIOTECHNOLOGY—16.9% (CONT.) | ||||
Twist Bioscience Corp.* | 26,830 | $ 1,212,179 | ||
Vaxcyte, Inc.* | 22,303 | 2,548,564 | ||
Viking Therapeutics, Inc.* | 30,251 | 1,915,191 | ||
26,309,366 | ||||
BROADLINE RETAIL—0.0% | ||||
Ollie's Bargain Outlet Holdings, Inc.* | 478 | 46,462 | ||
BUILDING PRODUCTS—2.2% | ||||
CSW Industrials, Inc. | 7,801 | 2,858,208 | ||
The AZEK Co., Inc., Cl. A* | 12,683 | 593,565 | ||
3,451,773 | ||||
CONSTRUCTION & ENGINEERING—1.3% | ||||
Construction Partners, Inc., Cl. A* | 9,077 | 633,575 | ||
Tutor Perini Corp.* | 50,447 | 1,370,140 | ||
2,003,715 | ||||
CONSUMER STAPLES MERCHANDISE RETAIL—1.4% | ||||
BJ's Wholesale Club Holdings, Inc.* | 26,037 | 2,147,532 | ||
EDUCATION SERVICES—0.6% | ||||
Duolingo, Inc.* | 3,170 | 894,003 | ||
ELECTRONIC EQUIPMENT & INSTRUMENTS—0.5% | ||||
908 Devices, Inc.* | 207,424 | 719,761 | ||
Novanta, Inc.* | 224 | 40,078 | ||
759,839 | ||||
ELECTRONIC MANUFACTURING SERVICES—0.7% | ||||
Fabrinet* | 4,902 | 1,159,029 | ||
ENVIRONMENTAL & FACILITIES SERVICES—0.0% | ||||
Casella Waste Systems, Inc., Cl. A* | 348 | 34,623 | ||
FOOD RETAIL—0.4% | ||||
Grocery Outlet Holding Corp.* | 36,010 | 631,975 | ||
FOOTWEAR—2.0% | ||||
On Holding AG, Cl. A* | 63,007 | 3,159,801 | ||
HEALTHCARE EQUIPMENT—2.1% | ||||
Glaukos Corp.* | 12,683 | 1,652,341 | ||
Impulse Dynamics PLC, Series A(a),*,@ | 1,596,061 | 1,021,479 | ||
Tandem Diabetes Care, Inc.* | 14,383 | 609,983 | ||
3,283,803 | ||||
HEALTHCARE SERVICES—0.6% | ||||
Guardant Health, Inc.* | 42,329 | 971,027 | ||
HEALTHCARE SUPPLIES—1.5% | ||||
Neogen Corp.* | 140,497 | 2,361,755 | ||
See Notes to Financial Statements.
- 20 -
ALGER SMALL CAP GROWTH PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—92.7% (CONT.) | ||||
HEALTHCARE TECHNOLOGY—0.5% | ||||
Health Catalyst, Inc.* | 88,344 | $ 719,120 | ||
HOMEFURNISHING RETAIL—0.7% | ||||
RH* | 3,389 | 1,133,383 | ||
INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—4.1% | ||||
Gates Industrial Corp. PLC* | 194,978 | 3,421,864 | ||
RBC Bearings, Inc.* | 9,901 | 2,964,161 | ||
6,386,025 | ||||
INTERACTIVE MEDIA & SERVICES—0.2% | ||||
Reddit, Inc., Cl. A* | 5,335 | 351,683 | ||
INTERNET SERVICES & INFRASTRUCTURE—1.0% | ||||
Wix.com Ltd.* | 9,438 | 1,577,750 | ||
INVESTMENT BANKING & BROKERAGE—0.3% | ||||
Piper Sandler Cos. | 1,671 | 474,246 | ||
LEISURE FACILITIES—1.1% | ||||
Planet Fitness, Inc., Cl. A* | 20,418 | 1,658,350 | ||
LIFE SCIENCES TOOLS & SERVICES—5.2% | ||||
10X Genomics, Inc., Cl. A* | 19,365 | 437,262 | ||
Bio-Techne Corp. | 50,714 | 4,053,570 | ||
CryoPort, Inc.* | 151,946 | 1,232,282 | ||
MaxCyte, Inc.* | 135,576 | 527,391 | ||
Repligen Corp.* | 8,101 | 1,205,591 | ||
Tempus AI, Inc.* | 10,839 | 613,487 | ||
8,069,583 | ||||
OIL & GAS EQUIPMENT & SERVICES—0.6% | ||||
Weatherford International PLC | 11,872 | 1,008,170 | ||
OIL & GAS EXPLORATION & PRODUCTION—3.6% | ||||
Magnolia Oil & Gas Corp., Cl. A | 228,390 | 5,577,284 | ||
OTHER SPECIALTY RETAIL—0.7% | ||||
Five Below, Inc.* | 12,173 | 1,075,485 | ||
PERSONAL CARE PRODUCTS—0.4% | ||||
Oddity Tech, Ltd., Cl. A* | 15,144 | 611,515 | ||
PHARMACEUTICALS—0.9% | ||||
Alto Neuroscience, Inc.* | 50,478 | 577,468 | ||
Structure Therapeutics, Inc. ADR* | 17,495 | 767,856 | ||
1,345,324 | ||||
RESTAURANTS—10.6% | ||||
Cava Group, Inc.* | 12,511 | 1,549,487 | ||
Kura Sushi USA, Inc., Cl. A* | 33,216 | 2,675,881 | ||
Shake Shack, Inc., Cl. A* | 27,985 | 2,888,332 | ||
See Notes to Financial Statements.
- 21 -
ALGER SMALL CAP GROWTH PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—92.7% (CONT.) | ||||
RESTAURANTS—10.6% (CONT.) | ||||
Wingstop, Inc. | 22,481 | $ 9,353,895 | ||
16,467,595 | ||||
SEMICONDUCTORS—2.3% | ||||
Astera Labs, Inc.* | 11,655 | 610,606 | ||
Impinj, Inc.* | 316 | 68,420 | ||
Rambus, Inc.* | 7,673 | 323,954 | ||
Universal Display Corp. | 12,336 | 2,589,326 | ||
3,592,306 | ||||
SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.3% | ||||
Celsius Holdings, Inc.* | 12,320 | 386,355 | ||
SPECIALIZED CONSUMER SERVICES—0.2% | ||||
European Wax Center, Inc., Cl. A* | 54,982 | 373,878 | ||
SPECIALTY CHEMICALS—0.8% | ||||
Balchem Corp. | 6,949 | 1,223,024 | ||
SYSTEMS SOFTWARE—1.7% | ||||
CyberArk Software Ltd.* | 3,216 | 937,818 | ||
Rapid7, Inc.* | 12,630 | 503,811 | ||
Varonis Systems, Inc.* | 20,029 | 1,131,638 | ||
2,573,267 | ||||
TRADING COMPANIES & DISTRIBUTORS—0.7% | ||||
SiteOne Landscape Supply, Inc.* | 129 | 19,467 | ||
Xometry, Inc., Cl. A* | 54,573 | 1,002,506 | ||
1,021,973 | ||||
TRANSACTION & PAYMENT PROCESSING SERVICES—0.4% | ||||
Marqeta, Inc., Cl. A* | 126,785 | 623,782 | ||
TOTAL COMMON STOCKS (Cost $101,007,319) | 144,329,280 | |||
PREFERRED STOCKS—0.1% | ||||
BIOTECHNOLOGY—0.0% | ||||
Prosetta Biosciences, Inc., Series D(a),*,@ | 85,998 | — | ||
(Cost $386,992) | — | |||
HEALTHCARE EQUIPMENT—0.1% | ||||
Impulse Dynamics PLC, Series F-1(a),*,@ | 195,376 | 197,330 | ||
(Cost $194,849) | 197,330 | |||
TOTAL PREFERRED STOCKS (Cost $581,841) | 197,330 | |||
RIGHTS—0.1% | ||||
BIOTECHNOLOGY—0.1% | ||||
Mirati Therapeutics, Inc. CVR*,@ | 6,941 | 7,774 | ||
See Notes to Financial Statements.
- 22 -
ALGER SMALL CAP GROWTH PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
RIGHTS—0.1% (CONT.) | ||||
BIOTECHNOLOGY—0.1% (CONT.) | ||||
Tolero CDR*,@ | 287,830 | $ 100,740 | ||
108,514 | ||||
PHARMACEUTICALS—0.0% | ||||
Fusion Pharmaceuticals, Inc. CVR(a),*,@ | 45,185 | 49,704 | ||
(Cost $0) | 49,704 | |||
TOTAL RIGHTS (Cost $155,594) | 158,218 | |||
SPECIAL PURPOSE VEHICLE—1.0% | ||||
DATA PROCESSING & OUTSOURCED SERVICES—1.0% | ||||
Crosslink Ventures C, LLC, Cl. A(a),(b),*,@ | 1,216,488 | |||
Crosslink Ventures C, LLC, Cl. B(a),(b),*,@ | 260,676 | |||
1,477,164 | ||||
TOTAL SPECIAL PURPOSE VEHICLE (Cost $1,700,000) | 1,477,164 | |||
SHORT-TERM SECURITIES—6.3% | ||||
MONEY MARKET FUNDS—6.3% | ||||
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 4.81%(c) | 9,754,064 | 9,754,064 | ||
(Cost $9,754,064) | 9,754,064 | |||
Total Investments (Cost $113,198,818) | 100.2% | $155,916,056 | ||
Affiliated Securities (Cost $1,700,000) | 1,477,164 | |||
Unaffiliated Securities (Cost $111,498,818) | 154,438,892 | |||
Liabilities in Excess of Other Assets | (0.2)% | (274,050) | ||
NET ASSETS | 100.0% | $155,642,006 | ||
ADR | American Depositary Receipts |
CDR | Contingent Deferred Rights |
CVR | Contingent Value Rights |
(a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures approved by the Board of Trustees. |
(b) | Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 4 - Affiliated Securities. |
(c) | Rate shown reflects 7-day effective yield as of September 30, 2024. |
* | 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. |
See Notes to Financial Statements.
- 23 -
ALGER SMALL CAP GROWTH PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited) (Continued)
Security | Acquisition Date(s) | Acquisition Cost | Market Value | % of net assets as of 9/30/2024 |
Crosslink Ventures C, LLC, Cl. A | 10/2/20 | $1,400,000 | $1,216,488 | 0.8% |
Crosslink Ventures C, LLC, Cl. B | 12/16/20 | 300,000 | 260,676 | 0.2% |
Fusion Pharmaceuticals, Inc. CVR | 6/5/24 | — | 49,704 | 0.0% |
Impulse Dynamics PLC, Series A | 2/11/22 | 1,596,061 | 1,021,479 | 0.6% |
Impulse Dynamics PLC, Series F-1 | 2/5/24 | 194,849 | 197,330 | 0.1% |
Mirati Therapeutics, Inc. CVR | 1/24/24 | — | 7,774 | 0.0% |
Prosetta Biosciences, Inc., Series D | 2/6/15-10/2/23 | 386,992 | — | 0.0% |
Tolero CDR | 2/6/17 | 155,594 | 100,740 | 0.1% |
Total | $2,854,191 | 1.8% |
See Notes to Financial Statements.
- 24 -
ALGER BALANCED PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited)
SHARES | VALUE | |||
COMMON STOCKS—72.6% | ||||
AEROSPACE & DEFENSE—1.1% | ||||
General Dynamics Corp. | 607 | $ 183,435 | ||
TransDigm Group, Inc. | 331 | 472,380 | ||
655,815 | ||||
APPLICATION SOFTWARE—0.6% | ||||
Adobe, Inc.* | 757 | 391,959 | ||
ASSET MANAGEMENT & CUSTODY BANKS—2.5% | ||||
BlackRock, Inc. | 765 | 726,375 | ||
Blackstone, Inc. | 4,076 | 624,158 | ||
Blue Owl Capital, Inc., Cl. A | 11,677 | 226,067 | ||
1,576,600 | ||||
BIOTECHNOLOGY—2.4% | ||||
AbbVie, Inc. | 5,394 | 1,065,207 | ||
Amgen, Inc. | 731 | 235,535 | ||
Gilead Sciences, Inc. | 1,909 | 160,051 | ||
1,460,793 | ||||
BROADLINE RETAIL—2.0% | ||||
Amazon.com, Inc.* | 6,524 | 1,215,617 | ||
BUILDING PRODUCTS—0.4% | ||||
Johnson Controls International PLC | 3,333 | 258,674 | ||
CABLE & SATELLITE—0.6% | ||||
Comcast Corp., Cl. A | 9,516 | 397,483 | ||
COMMODITY CHEMICALS—0.2% | ||||
Dow, Inc. | 2,203 | 120,350 | ||
COMMUNICATIONS EQUIPMENT—0.6% | ||||
Cisco Systems, Inc. | 6,934 | 369,027 | ||
COMPUTER & ELECTRONICS RETAIL—0.4% | ||||
Best Buy Co., Inc. | 2,346 | 242,342 | ||
CONSUMER ELECTRONICS—0.4% | ||||
Garmin, Ltd. | 1,555 | 273,727 | ||
CONSUMER STAPLES MERCHANDISE RETAIL—0.8% | ||||
Walmart, Inc. | 6,186 | 499,520 | ||
COPPER—0.6% | ||||
Southern Copper Corp. | 3,094 | 357,883 | ||
DIVERSIFIED BANKS—3.5% | ||||
Bank of America Corp. | 12,245 | 485,882 | ||
Fifth Third Bancorp | 3,473 | 148,783 | ||
JPMorgan Chase & Co. | 7,163 | 1,510,390 | ||
2,145,055 | ||||
ELECTRIC UTILITIES—0.5% | ||||
NextEra Energy, Inc. | 3,710 | 313,606 | ||
See Notes to Financial Statements.
- 25 -
ALGER BALANCED PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—72.6% (CONT.) | ||||
ELECTRICAL COMPONENTS & EQUIPMENT—1.6% | ||||
Eaton Corp. PLC | 2,963 | $ 982,057 | ||
FINANCIAL EXCHANGES & DATA—0.6% | ||||
CME Group, Inc., Cl. A | 1,780 | 392,757 | ||
FOOD DISTRIBUTORS—0.4% | ||||
Sysco Corp. | 2,852 | 222,627 | ||
HEALTHCARE DISTRIBUTORS—0.4% | ||||
Cardinal Health, Inc. | 2,215 | 244,802 | ||
HEALTHCARE EQUIPMENT—0.6% | ||||
Abbott Laboratories | 1,226 | 139,776 | ||
Medtronic PLC | 2,597 | 233,808 | ||
373,584 | ||||
HOME IMPROVEMENT RETAIL—1.6% | ||||
The Home Depot, Inc. | 2,507 | 1,015,836 | ||
HOUSEHOLD PRODUCTS—1.1% | ||||
The Procter & Gamble Co. | 3,862 | 668,898 | ||
INDUSTRIAL CONGLOMERATES—0.9% | ||||
Honeywell International, Inc. | 2,822 | 583,336 | ||
INDUSTRIAL GASES—0.7% | ||||
Air Products & Chemicals, Inc. | 1,507 | 448,694 | ||
INTEGRATED OIL & GAS—2.8% | ||||
Chevron Corp. | 4,198 | 618,239 | ||
Exxon Mobil Corp. | 6,773 | 793,931 | ||
TotalEnergies SE ADR | 4,927 | 318,383 | ||
1,730,553 | ||||
INTEGRATED TELECOMMUNICATION SERVICES—0.6% | ||||
Verizon Communications, Inc. | 8,155 | 366,241 | ||
INTERACTIVE MEDIA & SERVICES—5.9% | ||||
Alphabet, Inc., Cl. A | 9,074 | 1,504,923 | ||
Alphabet, Inc., Cl. C | 7,323 | 1,224,333 | ||
Meta Platforms, Inc., Cl. A | 1,578 | 903,310 | ||
3,632,566 | ||||
INVESTMENT BANKING & BROKERAGE—1.5% | ||||
Morgan Stanley | 9,056 | 943,997 | ||
IT CONSULTING & OTHER SERVICES—0.2% | ||||
International Business Machines Corp. | 645 | 142,597 | ||
LEISURE FACILITIES—0.2% | ||||
Vail Resorts, Inc. | 783 | 136,469 | ||
MANAGED HEALTHCARE—2.1% | ||||
UnitedHealth Group, Inc. | 2,176 | 1,272,264 | ||
See Notes to Financial Statements.
- 26 -
ALGER BALANCED PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—72.6% (CONT.) | ||||
MULTI-UTILITIES—0.8% | ||||
Consolidated Edison, Inc. | 2,316 | $ 241,165 | ||
Sempra | 2,872 | 240,185 | ||
481,350 | ||||
OIL & GAS STORAGE & TRANSPORTATION—0.4% | ||||
ONEOK, Inc. | 2,628 | 239,490 | ||
PHARMACEUTICALS—4.4% | ||||
AstraZeneca PLC ADR | 5,015 | 390,719 | ||
Bristol-Myers Squibb Co. | 2,952 | 152,736 | ||
Eli Lilly & Co. | 979 | 867,335 | ||
GSK PLC ADR | 2,968 | 121,332 | ||
Johnson & Johnson | 3,053 | 494,769 | ||
Merck & Co., Inc. | 2,724 | 309,337 | ||
Novartis AG ADR | 1,792 | 206,116 | ||
Pfizer, Inc. | 6,956 | 201,307 | ||
2,743,651 | ||||
PROPERTY & CASUALTY INSURANCE—0.5% | ||||
The Hartford Financial Services Group, Inc. | 2,582 | 303,669 | ||
RAIL TRANSPORTATION—0.5% | ||||
Union Pacific Corp. | 1,184 | 291,832 | ||
RESTAURANTS—1.0% | ||||
McDonald's Corp. | 1,186 | 361,149 | ||
Starbucks Corp. | 2,764 | 269,462 | ||
630,611 | ||||
SEMICONDUCTOR MATERIALS & EQUIPMENT—2.9% | ||||
KLA Corp. | 2,332 | 1,805,924 | ||
SEMICONDUCTORS—6.1% | ||||
Broadcom, Inc. | 14,550 | 2,509,875 | ||
QUALCOMM, Inc. | 4,377 | 744,309 | ||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 2,951 | 512,500 | ||
3,766,684 | ||||
SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.8% | ||||
PepsiCo, Inc. | 3,379 | 574,599 | ||
The Coca-Cola Co. | 7,258 | 521,560 | ||
1,096,159 | ||||
SYSTEMS SOFTWARE—7.7% | ||||
Microsoft Corp. | 10,393 | 4,472,108 | ||
Oracle Corp. | 1,703 | 290,191 | ||
4,762,299 | ||||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.3% | ||||
Apple, Inc. | 15,587 | 3,631,771 | ||
See Notes to Financial Statements.
- 27 -
ALGER BALANCED PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—72.6% (CONT.) | ||||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.3% (CONT.) | ||||
Dell Technologies, Inc., Cl. C | 2,262 | $ 268,138 | ||
3,899,909 | ||||
TOBACCO—0.9% | ||||
Altria Group, Inc. | 5,538 | 282,660 | ||
Philip Morris International, Inc. | 2,015 | 244,621 | ||
527,281 | ||||
TRADING COMPANIES & DISTRIBUTORS—0.4% | ||||
Ferguson Enterprises, Inc. | 1,403 | 278,594 | ||
TRANSACTION & PAYMENT PROCESSING SERVICES—1.1% | ||||
Visa, Inc., Cl. A | 2,530 | 695,624 | ||
TOTAL COMMON STOCKS (Cost $15,065,416) | 44,958,806 | |||
MASTER LIMITED PARTNERSHIP—0.3% | ||||
OIL & GAS STORAGE & TRANSPORTATION—0.3% | ||||
Cheniere Energy Partners LP | 4,434 | 216,025 | ||
(Cost $139,841) | 216,025 | |||
REAL ESTATE INVESTMENT TRUST—2.3% | ||||
HEALTHCARE—0.6% | ||||
Welltower, Inc. | 2,974 | 380,761 | ||
INDUSTRIAL—0.3% | ||||
Prologis, Inc. | 1,262 | 159,365 | ||
RETAIL—0.6% | ||||
Simon Property Group, Inc. | 2,074 | 350,548 | ||
SPECIALIZED—0.4% | ||||
Lamar Advertising Co., Cl. A | 2,052 | 274,147 | ||
TELECOM TOWER—0.4% | ||||
Crown Castle, Inc. | 2,371 | 281,272 | ||
TOTAL REAL ESTATE INVESTMENT TRUST (Cost $885,720) | 1,446,093 | |||
PRINCIPAL AMOUNT | VALUE | |||
CORPORATE BONDS—23.9% | ||||
AGRICULTURAL & FARM MACHINERY—1.6% | ||||
John Deere Capital Corp., 2.125%, 3/7/25 | 1,000,000 | 989,502 | ||
APPLICATION SOFTWARE—0.8% | ||||
Cadence Design Systems, Inc., 4.3%, 9/10/29 | 500,000 | 502,109 | ||
AUTOMOBILE MANUFACTURERS—0.8% | ||||
General Motors Financial Co., Inc., 1.5%, 6/10/26 | 500,000 | 475,846 | ||
BIOTECHNOLOGY—1.6% | ||||
AbbVie, Inc., 3.6%, 5/14/25 | 1,000,000 | 993,781 | ||
See Notes to Financial Statements.
- 28 -
ALGER BALANCED PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited) (Continued)
PRINCIPAL AMOUNT | VALUE | |||
CORPORATE BONDS—23.9% (CONT.) | ||||
BROADLINE RETAIL—0.8% | ||||
Amazon.com, Inc., 4.55%, 12/1/27 | 500,000 | $ 510,541 | ||
CONSUMER FINANCE—0.9% | ||||
American Express Co., 5.85%, 11/5/27 | 500,000 | 525,645 | ||
CONSUMER STAPLES MERCHANDISE RETAIL—0.8% | ||||
Walmart, Inc., 3.9%, 9/9/25 | 500,000 | 499,174 | ||
DIVERSIFIED BANKS—1.7% | ||||
Citibank N.A., 4.929%, 8/6/26 | 500,000 | 507,612 | ||
JPMorgan Chase Bank N.A., 5.11%, 12/8/26 | 500,000 | 511,394 | ||
1,019,006 | ||||
HEALTHCARE SERVICES—0.8% | ||||
Haleon UK Capital PLC, 3.125%, 3/24/25(a) | 500,000 | 495,638 | ||
HOME IMPROVEMENT RETAIL—0.8% | ||||
The Home Depot, Inc., 2.7%, 4/15/25 | 500,000 | 494,778 | ||
INDUSTRIAL CONGLOMERATES—0.8% | ||||
Honeywell International, Inc., 4.7%, 2/1/30 | 500,000 | 513,959 | ||
MANAGED HEALTHCARE—1.6% | ||||
UnitedHealth Group, Inc., 3.7%, 5/15/27 | 1,000,000 | 995,528 | ||
MULTI-UTILITIES—0.8% | ||||
Sempra, 5.4%, 8/1/26 | 500,000 | 509,561 | ||
PHARMACEUTICALS—2.5% | ||||
AstraZeneca Finance LLC, 4.85%, 2/26/29 | 500,000 | 515,792 | ||
Johnson & Johnson, 4.8%, 6/1/29 | 500,000 | 520,517 | ||
Novartis Capital Corp., 3.8%, 9/18/29 | 500,000 | 496,894 | ||
1,533,203 | ||||
RESTAURANTS—0.8% | ||||
McDonald's Corp., 4.8%, 8/14/28 | 500,000 | 513,530 | ||
SEMICONDUCTOR MATERIALS & EQUIPMENT—0.8% | ||||
KLA Corp., 4.65%, 11/1/24 | 500,000 | 499,515 | ||
SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.8% | ||||
PepsiCo, Inc., 4.45%, 5/15/28 | 500,000 | 510,862 | ||
SPECIALTY CHEMICALS—0.9% | ||||
Ecolab, Inc., 5.25%, 1/15/28 | 500,000 | 520,457 | ||
SYSTEMS SOFTWARE—0.8% | ||||
Oracle Corp., 5.8%, 11/10/25 | 500,000 | 507,978 | ||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.9% | ||||
Apple, Inc., 1.125%, 5/11/25 | 1,200,000 | 1,175,965 | ||
TRANSACTION & PAYMENT PROCESSING SERVICES—0.8% | ||||
Mastercard, Inc., 4.35%, 1/15/32 | 500,000 | 502,613 | ||
See Notes to Financial Statements.
- 29 -
ALGER BALANCED PORTFOLIOSchedule of Investments September 30, 2024 (Unaudited) (Continued)
PRINCIPAL AMOUNT | VALUE | |||
CORPORATE BONDS—23.9% (CONT.) | ||||
WIRELESS TELECOMMUNICATION SERVICES—0.8% | ||||
T-Mobile USA, Inc., 4.2%, 10/1/29 | 500,000 | $ 497,943 | ||
TOTAL CORPORATE BONDS (Cost $14,723,315) | 14,787,134 | |||
U.S. GOVERNMENT BONDS—0.9% | ||||
U.S. Treasury Note, 3.5%, 9/30/26 | 550,000 | 548,485 | ||
(Cost $548,969) | 548,485 | |||
SHARES | VALUE | |||
SHORT-TERM SECURITIES—0.9% | ||||
MONEY MARKET FUNDS—0.9% | ||||
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 4.81%(b) | 590,671 | 590,671 | ||
(Cost $590,671) | 590,671 | |||
Total Investments (Cost $31,953,932) | 100.9% | $62,547,214 | ||
Unaffiliated Securities (Cost $31,953,932) | 62,547,214 | |||
Liabilities in Excess of Other Assets | (0.9)% | (585,368) | ||
NET ASSETS | 100.0% | $61,961,846 | ||
ADR | American Depositary Receipts |
(a) | Pursuant to Securities and Exchange Commission Rule 144A, these securities may be sold prior to their maturity only to qualified institutional buyers. These securities represent 0.8% of the net assets of the Fund. |
(b) | Rate shown reflects 7-day effective yield as of September 30, 2024. |
* | Non-income producing security. |
See Notes to Financial Statements.
- 30 -
THE ALGER PORTFOLIOSNOTES 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 six series of shares of beneficial interest: Alger Capital Appreciation Portfolio, Alger Large Cap Growth Portfolio, Alger Growth & Income Portfolio, Alger Mid Cap Growth Portfolio, Alger Small Cap Growth Portfolio and Alger Balanced Portfolio (collectively the “Portfolios” and individually a “Portfolio”). Alger Capital Appreciation Portfolio, Alger Large Cap Growth Portfolio, Alger Mid Cap Growth Portfolio and Alger Small Cap Growth Portfolio invest primarily in equity securities and each has an investment objective of long-term capital appreciation. Alger Growth & Income Portfolio’s investment objectives are capital appreciation and current income; and it also invests primarily in equity securities. Alger Balanced Portfolio’s investment objectives are current income and long-term capital appreciation which it seeks to achieve through investing in equity and fixed-income securities. Shares of the Portfolios are available to investment vehicles for variable annuity contracts and variable life insurance policies offered by separate accounts of life insurance companies, as well as qualified pension and retirement plans.
Alger Capital Appreciation Portfolio offers Class I-2 shares and Class S shares; each class has identical rights to assets and earnings except that only Class S shares have a plan of distribution and bear the related expenses. Alger Large Cap Growth Portfolio, Alger Growth & Income Portfolio, Alger Mid Cap Growth Portfolio, Alger Small Cap Growth Portfolio and Alger Balanced Portfolio offer only Class I-2 shares.
On May 23, 2023, the Board of Trustees of the Trust (the "Board") approved the transition of the Funds' custodian and administrator from Brown Brothers Harriman & Company to The Bank of New York (collectively, the "Custodian"). This change became effective March 18, 2024.
NOTE 2 — Significant Accounting Policies:
(a) Investment Valuation: The Portfolios value their financial instruments at fair value using independent dealers or pricing services under policies approved by the Board. Investments held by the Portfolios are valued on each day the New York Stock Exchange (the “NYSE”) is open, as of the close of the NYSE (normally 4:00 p.m. Eastern Time).
The Board has designated, pursuant to Rule 2a-5 under the 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 its valuation designee (the “Valuation Designee”) to make fair value
- 31 -
THE ALGER PORTFOLIOSNOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
determinations subject to the Board’s review and oversight. The Valuation Designee has established a Valuation Committee (“Committee”) comprised of representatives of the Investment Manager and officers of the Portfolios to assist in performing the duties and responsibilities of the Valuation Designee.
The Valuation Designee has established valuation processes including but not limited to: (i) making fair value determinations when market quotations for financial instruments are not readily available in accordance with valuation policies and procedures adopted by the Board; (ii) assessing and managing material risks associated with fair valuation determinations; (iii) selecting, applying and testing fair valuation methodologies; and (iv) overseeing and evaluating pricing services used by the Portfolios. The Valuation Designee regularly reports its fair valuation determinations and related valuation information to the Board. The Committee generally meets quarterly and on an as-needed basis to review and evaluate the effectiveness of the valuation policies and procedures in accordance with the requirements of Rule 2a-5.
Investments in short-term securities held by the Portfolios having a remaining maturity of sixty days or less are valued at amortized cost which approximates market value. Investments in other open-end investment companies registered under the 1940 Act are valued at such investment companies' net asset value per share.
Equity securities, including traded rights, warrants and option contracts for which valuation information is readily available, are valued at the last quoted sales price or official closing price on the primary market or exchange on which they are traded as reported by an independent pricing service. In the absence of quoted sales, such securities are generally valued at the bid price or, in the absence of a recent bid price, the equivalent as obtained from one or more of the major market makers for the securities to be valued.
Debt securities generally trade in the over-the counter market. Debt securities with remaining maturities of more than sixty days at the time of acquisition are valued on the basis of the last available bid prices or current market quotations provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures based on valuation technology commonly employed in the market for such investments. 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.
- 32 -
THE ALGER PORTFOLIOSNOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Securities in which the Portfolios invest may be traded in foreign markets that close before the close of the NYSE. Developments that occur between the close of the foreign markets and the close of the NYSE may result in adjustments to the closing foreign prices to reflect what the Valuation Designee, through its Committee, believes to be the fair value of these securities as of the close of the NYSE. The Portfolios may also fair value securities in other situations, for example, when a particular foreign market is closed but the NYSE is open.
FASB Accounting Standards Codification 820 – Fair Value Measurements and Disclosures (“ASC 820”) defines fair value as the price that the Portfolios would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability and may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Portfolios. Unobservable inputs are inputs that reflect the Portfolios' own assumptions based on the best information available in 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 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
- 33 -
THE ALGER PORTFOLIOSNOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
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.
NOTE 3 — Fair Value Measurements:
The following is a summary of the inputs used as of September 30, 2024 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.
Alger Capital Appreciation Portfolio | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
COMMON STOCKS | ||||
Communication Services | $86,115,152 | $86,115,152 | $— | $— |
Consumer Discretionary | 70,087,642 | 70,087,642 | — | — |
Energy | 3,198,630 | 3,198,630 | — | — |
Financials | 21,691,369 | 21,691,369 | — | — |
Healthcare | 62,284,763 | 62,284,763 | — | — |
Industrials | 52,534,509 | 52,534,509 | — | — |
Information Technology | 277,173,502 | 277,173,502 | — | — |
Materials | 3,845,722 | 3,845,722 | — | — |
Utilities | 9,421,582 | 9,421,582 | — | — |
TOTAL COMMON STOCKS | $586,352,871 | $586,352,871 | $— | $— |
PREFERRED STOCKS | ||||
Financials | 238,061 | — | — | 238,061 |
REAL ESTATE INVESTMENT TRUST | ||||
Real Estate | 6,674,978 | 6,674,978 | — | — |
SPECIAL PURPOSE VEHICLE | ||||
Information Technology | 412,737 | — | — | 412,737 |
SHORT-TERM INVESTMENTS | ||||
Money Market Funds | 1,237,260 | 1,237,260 | — | — |
TOTAL INVESTMENTS IN SECURITIES | $594,915,907 | $594,265,109 | $— | $650,798 |
- 34 -
THE ALGER PORTFOLIOSNOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Alger Large Cap Growth Portfolio | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
COMMON STOCKS | ||||
Communication Services | $44,297,974 | $44,297,974 | $— | $— |
Consumer Discretionary | 51,213,582 | 51,213,582 | — | — |
Energy | 912,407 | 912,407 | — | — |
Financials | 5,304,257 | 5,304,257 | — | — |
Healthcare | 33,358,435 | 33,358,435 | — | — |
Industrials | 47,563,269 | 47,563,269 | — | — |
Information Technology | 135,293,614 | 135,293,614 | — | — |
TOTAL COMMON STOCKS | $317,943,538 | $317,943,538 | $— | $— |
EXCHANGE TRADED FUNDS | 7,876,092 | 7,876,092 | — | — |
MUTUAL FUNDS | 8,559,911 | 8,559,911 | — | — |
REAL ESTATE INVESTMENT TRUST | ||||
Real Estate | 788,216 | 788,216 | — | — |
SPECIAL PURPOSE VEHICLE | ||||
Information Technology | 1,650,948 | — | — | 1,650,948 |
SHORT-TERM INVESTMENTS | ||||
Money Market Funds | 5,130,261 | 5,130,261 | — | — |
TOTAL INVESTMENTS IN SECURITIES | $341,948,966 | $340,298,018 | $— | $1,650,948 |
Alger Growth & Income Portfolio | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
COMMON STOCKS | ||||
Communication Services | $4,040,402 | $4,040,402 | $— | $— |
Consumer Discretionary | 3,231,193 | 3,231,193 | — | — |
Consumer Staples | 2,782,047 | 2,782,047 | — | — |
Energy | 1,828,990 | 1,828,990 | — | — |
Financials | 5,540,096 | 5,540,096 | — | — |
Healthcare | 5,572,150 | 5,572,150 | — | — |
Industrials | 2,831,879 | 2,831,879 | — | — |
Information Technology | 13,920,229 | 13,920,229 | — | — |
Materials | 839,573 | 839,573 | — | — |
Utilities | 762,674 | 762,674 | — | — |
TOTAL COMMON STOCKS | $41,349,233 | $41,349,233 | $— | $— |
MASTER LIMITED PARTNERSHIP | ||||
Energy | 197,560 | 197,560 | — | — |
REAL ESTATE INVESTMENT TRUST | ||||
Real Estate | 1,331,345 | 1,331,345 | — | — |
SHORT-TERM INVESTMENTS | ||||
Money Market Funds | 59,468 | 59,468 | — | — |
TOTAL INVESTMENTS IN SECURITIES | $42,937,606 | $42,937,606 | $— | $— |
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THE ALGER PORTFOLIOSNOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Alger Mid Cap Growth Portfolio | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
COMMON STOCKS | ||||
Communication Services | $10,769,236 | $10,769,236 | $— | $— |
Consumer Discretionary | 13,851,120 | 13,851,120 | — | — |
Consumer Staples | 527,883 | 527,883 | — | — |
Energy | 3,000,967 | 3,000,967 | — | — |
Financials | 13,061,594 | 13,061,594 | — | — |
Healthcare | 15,412,222 | 15,412,222 | — | — |
Industrials | 31,285,204 | 31,285,204 | — | — |
Information Technology | 39,194,919 | 39,194,919 | — | — |
Materials | 2,233,199 | 2,233,199 | — | — |
Real Estate | 5,593,364 | 5,593,364 | — | — |
TOTAL COMMON STOCKS | $134,929,708 | $134,929,708 | $— | $— |
EXCHANGE TRADED FUNDS | 4,952,376 | 4,952,376 | — | — |
PREFERRED STOCKS | ||||
Healthcare | — 1 | — | — | — 1 |
RIGHTS | ||||
Healthcare | 148,784 | — | — | 148,784 |
SPECIAL PURPOSE VEHICLE | ||||
Information Technology | 1,042,704 | — | — | 1,042,704 |
WARRANTS | ||||
Information Technology | — 2 | — | — 2 | — |
SHORT-TERM INVESTMENTS | ||||
Money Market Funds | 1,937,166 | 1,937,166 | — | — |
TOTAL INVESTMENTS IN SECURITIES | $143,010,738 | $141,819,250 | $— | $1,191,488 |
Alger Small Cap Growth Portfolio | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
COMMON STOCKS | ||||
Communication Services | $351,683 | $351,683 | $— | $— |
Consumer Discretionary | 30,791,260 | 30,791,260 | — | — |
Consumer Staples | 3,777,377 | 3,777,377 | — | — |
Energy | 6,585,454 | 6,585,454 | — | — |
Financials | 1,098,028 | 1,098,028 | — | — |
Healthcare | 43,059,978 | 42,038,499 | — | 1,021,479 |
Industrials | 13,723,398 | 13,723,398 | — | — |
Information Technology | 43,719,078 | 43,719,078 | — | — |
Materials | 1,223,024 | 1,223,024 | — | — |
TOTAL COMMON STOCKS | $144,329,280 | $143,307,801 | $— | $1,021,479 |
PREFERRED STOCKS | ||||
Healthcare | 197,330 1 | — | — | 197,330 1 |
RIGHTS | ||||
Healthcare | 158,218 | — | — | 158,218 |
SPECIAL PURPOSE VEHICLE | ||||
Information Technology | 1,477,164 | — | — | 1,477,164 |
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THE ALGER PORTFOLIOSNOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Alger Small Cap Growth Portfolio | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
SHORT-TERM INVESTMENTS | ||||
Money Market Funds | $9,754,064 | $9,754,064 | $— | $— |
TOTAL INVESTMENTS IN SECURITIES | $155,916,056 | $153,061,865 | $— | $2,854,191 |
Alger Balanced Portfolio | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
COMMON STOCKS | ||||
Communication Services | $4,396,290 | $4,396,290 | $— | $— |
Consumer Discretionary | 3,514,602 | 3,514,602 | — | — |
Consumer Staples | 3,014,485 | 3,014,485 | — | — |
Energy | 1,970,043 | 1,970,043 | — | — |
Financials | 6,057,702 | 6,057,702 | — | — |
Healthcare | 6,095,094 | 6,095,094 | — | — |
Industrials | 3,050,308 | 3,050,308 | — | — |
Information Technology | 15,138,399 | 15,138,399 | — | — |
Materials | 926,927 | 926,927 | — | — |
Utilities | 794,956 | 794,956 | — | — |
TOTAL COMMON STOCKS | $44,958,806 | $44,958,806 | $— | $— |
CORPORATE BONDS | ||||
Communication Services | 497,943 | — | 497,943 | — |
Consumer Discretionary | 1,994,695 | — | 1,994,695 | — |
Consumer Staples | 1,010,036 | — | 1,010,036 | — |
Financials | 2,047,264 | — | 2,047,264 | — |
Healthcare | 4,018,150 | — | 4,018,150 | — |
Industrials | 1,503,461 | — | 1,503,461 | — |
Information Technology | 2,685,567 | — | 2,685,567 | — |
Materials | 520,457 | — | 520,457 | — |
Utilities | 509,561 | — | 509,561 | — |
TOTAL CORPORATE BONDS | $14,787,134 | $— | $14,787,134 | $— |
MASTER LIMITED PARTNERSHIP | ||||
Energy | 216,025 | 216,025 | — | — |
REAL ESTATE INVESTMENT TRUST | ||||
Real Estate | 1,446,093 | 1,446,093 | — | — |
U.S. GOVERNMENT BONDS | 548,485 | — | 548,485 | — |
SHORT-TERM INVESTMENTS | ||||
Money Market Funds | 590,671 | 590,671 | — | — |
TOTAL INVESTMENTS IN SECURITIES | $62,547,214 | $47,211,595 | $15,335,619 | $— |
1 | Alger Mid Cap Growth Portfolio's and Alger Small Cap Growth Portfolio's holdings of Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of September 30, 2024. |
2 | Alger Mid Cap Growth Portfolio's holdings of Constellation Software, Inc. warrants expiring March 31, 2040, are classified as a Level 2 investment and are fair valued at zero as of September 30, 2024. |
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THE ALGER PORTFOLIOSNOTES 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, 2024 | $245,821 |
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 | (7,760 ) |
Purchases and sales | |
Purchases | — |
Sales/Distributions | — |
Closing balance at September 30, 2024 | 238,061 |
Net change in unrealized appreciation (depreciation) attributable to investments still held at September 30, 2024 | $(7,760 ) |
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Capital Appreciation Portfolio | Special Purpose Vehicle |
Opening balance at January 1, 2024 | $426,208 |
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 | (13,471 ) |
Purchases and sales | |
Purchases | — |
Sales/Distributions | — |
Closing balance at September 30, 2024 | 412,737 |
Net change in unrealized appreciation (depreciation) attributable to investments still held at September 30, 2024 | $(13,471 ) |
- 38 -
THE ALGER PORTFOLIOSNOTES 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, 2024 | $1,704,832 |
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 | (53,884 ) |
Purchases and sales | |
Purchases | — |
Sales/Distributions | — |
Closing balance at September 30, 2024 | 1,650,948 |
Net change in unrealized appreciation (depreciation) attributable to investments still held at September 30, 2024 | $(53,884 ) |
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Mid Cap Growth Portfolio | Preferred Stocks |
Opening balance at January 1, 2024 | $—* |
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/Distributions | — |
Closing balance at September 30, 2024 | —* |
Net change in unrealized appreciation (depreciation) attributable to investments still held at September 30, 2024 | $— |
- 39 -
THE ALGER PORTFOLIOSNOTES 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, 2024 | $301,820 |
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 | (153,036 ) |
Purchases and sales | |
Purchases | — |
Sales/Distributions | — |
Closing balance at September 30, 2024 | 148,784 |
Net change in unrealized appreciation (depreciation) attributable to investments still held at September 30, 2024 | $(153,036 ) |
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Mid Cap Growth Portfolio | Special Purpose Vehicle |
Opening balance at January 1, 2024 | $1,076,736 |
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 | (34,032 ) |
Purchases and sales | |
Purchases | — |
Sales/Distributions | — |
Closing balance at September 30, 2024 | 1,042,704 |
Net change in unrealized appreciation (depreciation) attributable to investments still held at September 30, 2024 | $(34,032 ) |
- 40 -
THE ALGER PORTFOLIOSNOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Small Cap Growth Portfolio | Common Stocks |
Opening balance at January 1, 2024 | $1,378,417 |
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 | (356,938 ) |
Purchases and sales | |
Purchases | — |
Sales/Distributions | — |
Closing balance at September 30, 2024 | 1,021,479 |
Net change in unrealized appreciation (depreciation) attributable to investments still held at September 30, 2024 | $(356,938 ) |
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Small Cap Growth Portfolio | Preferred Stocks |
Opening balance at January 1, 2024 | $—* |
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 | 2,481 |
Purchases and sales | |
Purchases | 194,849 |
Sales/Distributions | — |
Closing balance at September 30, 2024 | 197,330* |
Net change in unrealized appreciation (depreciation) attributable to investments still held at September 30, 2024 | $2,481 |
- 41 -
THE ALGER PORTFOLIOSNOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Small Cap Growth Portfolio | Rights |
Opening balance at January 1, 2024 | $204,359 |
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 | (46,141 ) |
Purchases and sales | |
Purchases | —* |
Sales/Distributions | — |
Closing balance at September 30, 2024 | 158,218 |
Net change in unrealized appreciation (depreciation) attributable to investments still held at September 30, 2024 | $(46,141 ) |
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Small Cap Growth Portfolio | Special Purpose Vehicle |
Opening balance at January 1, 2024 | $1,525,376 |
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 | (48,212 ) |
Purchases and sales | |
Purchases | — |
Sales/Distributions | — |
Closing balance at September 30, 2024 | 1,477,164 |
Net change in unrealized appreciation (depreciation) attributable to investments still held at September 30, 2024 | $(48,212 ) |
* | Includes securities that are fair valued at zero. |
The following table provides quantitative information about each Portfolio's Level 3 fair value measurements of each Portfolio's investments as of September 30, 2024. The table below is not intended to be all-inclusive, but rather provides information on the Level 3 inputs as they relate to each Portfolio’s fair value measurements.
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THE ALGER PORTFOLIOSNOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Fair Value September 30, 2024 | Valuation Methodology | Unobservable Input | Input/Range | Weighted Average Inputs | |
Alger Capital Appreciation Portfolio | |||||
Preferred Stocks | $238,061 | Market Approach | Revenue Multiple | 8.50X-10.50X | N/A* |
Special Purpose Vehicle | 412,737 | Market Approach | Revenue Multiple | 8.50X-10.50X | N/A* |
Alger Large Cap Growth Portfolio | |||||
Special Purpose Vehicle | 1,650,948 | Market Approach | Revenue Multiple | 8.50X-10.50X | N/A* |
Alger Mid Cap Growth Portfolio | |||||
Preferred Stocks | —** | Income Approach | Discount Rate | 100% | N/A* |
Rights | 148,784 | Income Approach | Discount Rate Probability of Success | 6.47%-7.56% 0.00%-17.50% | N/A* N/A* |
Special Purpose Vehicle | 1,042,704 | Market Approach | Revenue Multiple | 8.50X-10.50X | N/A* |
Alger Small Cap Portfolio | |||||
Common Stocks | 1,021,479 | Market Approach | Revenue Multiple | 17.37X-20.63X | N/A* |
Preferred Stocks | 197,330 | Income Approach Market Approach | Discount Rate Revenue Multiple | 100% 17.37X-20.63X | N/A* N/A* |
Rights | 158,218 | Income Approach | Discount Rate Probability of Success | 4.57%-7.56% 0%-44% | 6.75% 16.38% |
Special Purpose Vehicle | 1,477,164 | Market Approach | Revenue Multiple | 8.50X-10.50X | N/A* |
* | Each security type listed represents only one investment. |
** | Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of September 30, 2024. |
The significant unobservable inputs used in the fair value measurement of each Portfolio's 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. For the period ended September 30, 2024, there were no changes in valuation methodology on Level 3 investments.
- 43 -
THE ALGER PORTFOLIOSNOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
NOTE 4 — Affiliated Securities:
During the period ended September 30, 2024, as disclosed in the following table, certain Portfolios held 5% or more of the outstanding voting securities of the issuers listed below. As such, these issuers were “affiliated persons” of the Portfolio(s) for purposes of the 1940 Act. Transactions during the period ended September 30, 2024 with such affiliated persons are summarized below. During this period, other Portfolios in the Fund may also have held voting shares of the issuers at levels below 5%.
Security | Shares Held at December 31, 2023 | Shares Purchased | Shares Sold | Shares Held at September 30, 2024 | Dividend Income | Realized Gain (Loss) | Net Change in Unrealized App(Dep) | Value at September 30, 2024 |
Alger Capital Appreciation Portfolio | ||||||||
Special Purpose Vehicle | ||||||||
Crosslink Ventures C, LLC, Cl. A1 | $— | $— | $(13,471 ) | $412,737 | ||||
Total | $— | $— | $(13,471 ) | $412,737 | ||||
Security | Shares Held at December 31, 2023 | Shares Purchased | Shares Sold | Shares Held at September 30, 2024 | Dividend Income | Realized Gain (Loss) | Net Change in Unrealized App(Dep) | Value at September 30, 2024 |
Alger Large Cap Growth Portfolio | ||||||||
EXCHANGE TRADED FUNDS | ||||||||
Alger 35 ETF | 355,688 | — | (2,500 ) | 353,188 | $— | $(737 ) | $1,761,434 | $7,876,092 |
MUTUAL FUNDS | ||||||||
Alger 35 Fund | 559,471 | — | — | 559,471 | — | — | 1,935,771 | 8,559,911 |
Special Purpose Vehicle | ||||||||
Crosslink Ventures C, LLC, Cl. A1 | — | — | (53,884 ) | 1,650,948 | ||||
Total | $— | $(737 ) | $3,643,321 | $18,086,951 | ||||
- 44 -
THE ALGER PORTFOLIOSNOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Security | Shares Held at December 31, 2023 | Shares Purchased | Shares Sold | Shares Held at September 30, 2024 | Dividend Income | Realized Gain (Loss) | Net Change in Unrealized App(Dep) | Value at September 30, 2024 |
Alger Mid Cap Growth Portfolio | ||||||||
EXCHANGE TRADED FUNDS | ||||||||
Alger Mid Cap 40 ETF | 313,018 | — | (23,715 ) | 289,303 | $— | $(20,576 ) | $1,169,262 | $4,952,376 |
Special Purpose Vehicle | ||||||||
Crosslink Ventures C, LLC, Cl. A1 | — | — | (24,815 ) | 760,305 | ||||
Crosslink Ventures C, LLC, Cl. B1 | — | — | (9,217 ) | 282,399 | ||||
Total | $— | $(20,576 ) | $1,135,230 | $5,995,080 | ||||
Security | Shares Held at December 31, 2023 | Shares Purchased | Shares Sold | Shares Held at September 30, 2024 | Dividend Income | Realized Gain (Loss) | Net Change in Unrealized App(Dep) | Value at September 30, 2024 |
Alger Small Cap Growth Portfolio | ||||||||
Special Purpose Vehicle | ||||||||
Crosslink Ventures C, LLC, Cl. A1 | $— | $— | $(39,704 ) | $1,216,488 | ||||
Crosslink Ventures C, LLC, Cl. B1 | — | — | (8,508 ) | 260,676 | ||||
Total | $— | $— | $(48,212 ) | $1,477,164 | ||||
1 | The Alger Fund Complex and other entities managed by Alger Management fully own Crosslink Ventures C, LLC, Class A and Crosslink Ventures C, LLC, Class B. There were no capital increases or decreases for the period ended September 30, 2024. |
- 45 -