NPORT-EX 4 AFUS050ALGER033124.htm FOR VALIDATION PURPOSES ONLY - [830225.TX]
 
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
March 31, 2024 (UNAUDITED)
 
THE ALGER PORTFOLIOS | ALGER CAPITAL APPRECIATION PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)
 
 
SHARES
VALUE
COMMON STOCKS—98.9%
AEROSPACE & DEFENSE—2.5%
HEICO Corp., Cl. A
 32,649
$  5,025,987
TransDigm Group, Inc.
  5,751
  7,082,932
 
 
 
 
 12,108,919
APPAREL RETAIL—0.5%
Burlington Stores, Inc.*
 11,321
  2,628,623
APPLICATION SOFTWARE—2.6%
Adobe, Inc.*
 12,763
  6,440,210
Cadence Design Systems, Inc.*
  8,715
  2,712,805
Intuit, Inc.
  3,862
  2,510,300
Synopsys, Inc.*
  1,714
    979,551
 
 
 
 
 12,642,866
AUTOMOBILE MANUFACTURERS—0.7%
Tesla, Inc.*
 20,149
  3,541,993
AUTOMOTIVE PARTS & EQUIPMENT—0.5%
Mobileye Global, Inc., Cl. A*
 78,665
  2,529,080
BIOTECHNOLOGY—4.7%
Akero Therapeutics, Inc.*
 41,393
  1,045,587
Immunovant, Inc.*
 28,575
    923,258
Madrigal Pharmaceuticals, Inc.*
  2,102
    561,318
Natera, Inc.*
140,987
 12,894,671
Regeneron Pharmaceuticals, Inc.*
  2,408
  2,317,676
Sarepta Therapeutics, Inc.*
  9,895
  1,281,007
Vaxcyte, Inc.*
 41,723
  2,850,098
Viking Therapeutics, Inc.*
  8,843
    725,126
 
 
 
 
 22,598,741
BROADLINE RETAIL—8.6%
Amazon.com, Inc.*
191,982
 34,629,713
MercadoLibre, Inc.*
  4,489
  6,787,189
 
 
 
 
 41,416,902
CARGO GROUND TRANSPORTATION—0.5%
Old Dominion Freight Line, Inc.
 11,150
  2,445,306
CASINOS & GAMING—1.0%
DraftKings, Inc., Cl. A*
 82,355
  3,739,740
Flutter Entertainment PLC*
  5,365
  1,069,425
 
 
 
 
  4,809,165
CONSTRUCTION & ENGINEERING—0.7%
Quanta Services, Inc.
 12,202
  3,170,080
CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.8%
Wabtec Corp.
 26,237
  3,822,206
CONSTRUCTION MATERIALS—1.3%
Martin Marietta Materials, Inc.
 10,295
  6,320,512
See Notes to Financial Statements.
- 2 -
THE ALGER PORTFOLIOS | ALGER CAPITAL APPRECIATION PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)  (Continued)
 
SHARES
VALUE
COMMON STOCKS—98.9% (CONT.)
CONSUMER STAPLES MERCHANDISE RETAIL—0.6%
Walmart Inc.
 45,531
$  2,739,600
DIVERSIFIED BANKS—0.7%
Citigroup, Inc.
 51,285
  3,243,263
ELECTRIC UTILITIES—0.1%
Constellation Energy Corp.
  1,678
    310,178
ELECTRICAL COMPONENTS & EQUIPMENT—1.6%
Eaton Corp., PLC
  3,876
  1,211,947
Vertiv Holdings Co., Cl. A
 77,740
  6,349,026
 
 
 
 
  7,560,973
ENVIRONMENTAL & FACILITIES SERVICES—1.1%
GFL Environmental, Inc.
159,749
  5,511,340
FINANCIAL EXCHANGES & DATA—1.2%
S&P Global, Inc.
 13,312
  5,663,590
FOOTWEAR—0.2%
On Holding AG, Cl. A*
 21,274
    752,674
HEALTHCARE DISTRIBUTORS—0.8%
McKesson Corp.
  7,132
  3,828,814
HEALTHCARE EQUIPMENT—4.3%
Boston Scientific Corp.*
 97,733
  6,693,733
Dexcom, Inc.*
 17,789
  2,467,334
Edwards Lifesciences Corp.*
 16,792
  1,604,644
Intuitive Surgical, Inc.*
 14,996
  5,984,754
Stryker Corp.
 10,444
  3,737,594
 
 
 
 
 20,488,059
HEALTHCARE FACILITIES—0.6%
Acadia Healthcare Co., Inc.*
 35,230
  2,790,921
HOMEFURNISHING RETAIL—0.5%
RH*
  6,929
  2,413,094
INTERACTIVE MEDIA & SERVICES—12.0%
Alphabet, Inc., Cl. C*
123,477
 18,800,608
Meta Platforms, Inc., Cl. A
 66,464
 32,273,589
Pinterest, Inc., Cl. A*
187,878
  6,513,730
 
 
 
 
 57,587,927
INTERNET SERVICES & INFRASTRUCTURE—0.9%
MongoDB, Inc., Cl. A*
  7,112
  2,550,648
Snowflake, Inc., Cl. A*
 11,760
  1,900,416
 
 
 
 
  4,451,064
IT CONSULTING & OTHER SERVICES—0.3%
International Business Machines Corp.
  6,286
  1,200,375
See Notes to Financial Statements.
- 3 -
THE ALGER PORTFOLIOS | ALGER CAPITAL APPRECIATION PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)  (Continued)
 
SHARES
VALUE
COMMON STOCKS—98.9% (CONT.)
LIFE SCIENCES TOOLS & SERVICES—0.6%
Danaher Corp.
 11,464
$  2,862,790
MOVIES & ENTERTAINMENT—3.4%
Liberty Media Corp. Series C Liberty Formula One*
 60,763
  3,986,053
Netflix, Inc.*
 15,265
  9,270,892
Spotify Technology SA*
 10,895
  2,875,191
 
 
 
 
 16,132,136
OIL & GAS EXPLORATION & PRODUCTION—0.7%
Diamondback Energy, Inc.
 18,127
  3,592,228
PASSENGER GROUND TRANSPORTATION—1.1%
Uber Technologies, Inc.*
 68,085
  5,241,864
PHARMACEUTICALS—1.7%
Eli Lilly & Co.
 10,333
  8,038,661
RESTAURANTS—0.2%
Shake Shack, Inc., Cl. A*
  7,254
    754,634
SEMICONDUCTORS—19.0%
Advanced Micro Devices, Inc.*
 48,384
  8,732,828
Astera Labs, Inc.*
 11,374
    843,837
Broadcom, Inc.
  6,149
  8,149,946
Marvell Technology, Inc.
103,245
  7,318,006
Micron Technology, Inc.
 56,389
  6,647,699
NVIDIA Corp.
 56,990
 51,493,885
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
 59,986
  8,161,095
 
 
 
 
 91,347,296
SYSTEMS SOFTWARE—14.8%
Microsoft Corp.
162,146
 68,218,065
ServiceNow, Inc.*
  3,919
  2,987,846
 
 
 
 
 71,205,911
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.2%
Apple, Inc.
146,211
 25,072,262
TRANSACTION & PAYMENT PROCESSING SERVICES—2.9%
Block, Inc., Cl. A*
 10,255
    867,368
Visa, Inc., Cl. A
 46,072
 12,857,774
 
 
 
 
 13,725,142
TOTAL COMMON STOCKS
(Cost $245,505,347)
 
474,549,189
PREFERRED STOCKS—0.0%
DATA PROCESSING & OUTSOURCED SERVICES—0.0%
Chime Financial, Inc., Series G(a),*,@
  6,689
    248,965
(Cost $462,008)
 
    248,965
See Notes to Financial Statements.
- 4 -
THE ALGER PORTFOLIOS | ALGER CAPITAL APPRECIATION PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)  (Continued)
 
SHARES
VALUE
REAL ESTATE INVESTMENT TRUST—0.6%
DATA CENTER—0.6%
Equinix, Inc.
  3,310
$  2,731,842
(Cost $2,854,741)
 
  2,731,842
SPECIAL PURPOSE VEHICLE—0.1%
DATA PROCESSING & OUTSOURCED SERVICES—0.1%
Crosslink Ventures C, LLC, Cl. A(a),(b),*,@
 
    431,661
(Cost $475,000)
 
    431,661
 
 
Total Investments
(Cost $249,297,096)
  99.6%
$477,961,657
Affiliated Securities (Cost $475,000)
 
    431,661
Unaffiliated Securities (Cost $248,822,096)
 
477,529,996
Other Assets in Excess of Liabilities
   0.4%
  1,909,219
NET ASSETS
 100.0%
$479,870,876
 
ADR
American Depositary Receipts
 
(a)
Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures
established by the Valuation Designee (as defined in Note 2).
(b)
Deemed an affiliate of the Portfolio in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See
Note 4 - Affiliated Securities.
*
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
03/31/2024
Chime Financial, Inc., Series G
8/24/21
$462,008
$248,965
0.0%
Crosslink Ventures C, LLC, Cl. A
10/2/20
475,000
431,661
0.1%
Total
 
 
$680,626
0.1%
See Notes to Financial Statements.
- 5 -
THE ALGER PORTFOLIOS | ALGER LARGE CAP GROWTH PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)
 
 
SHARES
VALUE
COMMON STOCKS—94.4%
AEROSPACE & DEFENSE—3.7%
HEICO Corp.
   42,315
$  8,082,165
TransDigm Group, Inc.
    3,399
  4,186,208
 
 
 
 
 12,268,373
APPLICATION SOFTWARE—1.3%
Adobe, Inc.*
    8,284
  4,180,106
AUTOMOBILE MANUFACTURERS—1.2%
Tesla, Inc.*
   22,256
  3,912,382
BIOTECHNOLOGY—5.6%
AbbVie, Inc.
   13,193
  2,402,445
Amgen, Inc.
    1,735
    493,295
Natera, Inc.*
  122,720
 11,223,971
Regeneron Pharmaceuticals, Inc.*
    2,363
  2,274,364
Vertex Pharmaceuticals, Inc.*
      580
    242,446
Viking Therapeutics, Inc.*
   20,945
  1,717,490
 
 
 
 
 18,354,011
BROADLINE RETAIL—10.2%
Amazon.com, Inc.*
  126,111
 22,747,902
MercadoLibre, Inc.*
    7,189
 10,869,481
 
 
 
 
 33,617,383
CASINOS & GAMING—1.0%
DraftKings, Inc., Cl. A*
   69,633
  3,162,035
CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.7%
Wabtec Corp.
   15,631
  2,277,124
CONSTRUCTION MATERIALS—0.8%
Martin Marietta Materials, Inc.
    4,082
  2,506,103
DIVERSIFIED BANKS—1.0%
JPMorgan Chase & Co.
   16,095
  3,223,829
ELECTRICAL COMPONENTS & EQUIPMENT—2.9%
Vertiv Holdings Co., Cl. A
  117,495
  9,595,817
HEALTHCARE DISTRIBUTORS—0.9%
McKesson Corp.
    5,437
  2,918,854
HEALTHCARE EQUIPMENT—2.0%
Boston Scientific Corp.*
   31,704
  2,171,407
Intuitive Surgical, Inc.*
    5,049
  2,015,005
Stryker Corp.
    6,301
  2,254,939
 
 
 
 
  6,441,351
HEALTHCARE TECHNOLOGY—1.5%
Veeva Systems, Inc., Cl. A*
   21,602
  5,004,967
HOTELS RESORTS & CRUISE LINES—0.9%
Trip.com Group Ltd. ADR*
   68,883
  3,023,275
See Notes to Financial Statements.
- 6 -
THE ALGER PORTFOLIOS | ALGER LARGE CAP GROWTH PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)  (Continued)
 
SHARES
VALUE
COMMON STOCKS—94.4% (CONT.)
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.5%
Paycom Software, Inc.
    8,619
$  1,715,267
INTERACTIVE HOME ENTERTAINMENT—0.8%
Roblox Corp., Cl. A*
   69,995
  2,672,409
INTERACTIVE MEDIA & SERVICES—10.5%
Alphabet, Inc., Cl. C*
   91,629
 13,951,432
Meta Platforms, Inc., Cl. A
   31,652
 15,369,578
Pinterest, Inc., Cl. A*
  149,361
  5,178,346
 
 
 
 
 34,499,356
INTERNET SERVICES & INFRASTRUCTURE—2.4%
MongoDB, Inc., Cl. A*
    6,847
  2,455,608
Shopify, Inc., Cl. A*
   54,224
  4,184,466
Snowflake, Inc., Cl. A*
    7,227
  1,167,883
 
 
 
 
  7,807,957
LIFE SCIENCES TOOLS & SERVICES—0.4%
Danaher Corp.
    5,840
  1,458,365
MANAGED HEALTHCARE—0.6%
Molina Healthcare, Inc.*
    4,880
  2,004,850
MOVIES & ENTERTAINMENT—3.7%
Live Nation Entertainment, Inc.*
   14,315
  1,514,097
Netflix, Inc.*
   17,739
 10,773,427
 
 
 
 
 12,287,524
OIL & GAS EXPLORATION & PRODUCTION—0.9%
Diamondback Energy, Inc.
   14,510
  2,875,447
PASSENGER GROUND TRANSPORTATION—3.8%
Uber Technologies, Inc.*
  164,078
 12,632,365
PHARMACEUTICALS—1.2%
Eli Lilly & Co.
    4,124
  3,208,307
Merck & Co., Inc.
    5,811
    766,762
 
 
 
 
  3,975,069
REAL ESTATE SERVICES—2.3%
CoStar Group, Inc.*
   43,174
  4,170,609
FirstService Corp.
   20,038
  3,322,300
 
 
 
 
  7,492,909
SEMICONDUCTOR MATERIALS & EQUIPMENT—1.1%
Lam Research Corp.
    3,567
  3,465,590
SEMICONDUCTORS—15.2%
Advanced Micro Devices, Inc.*
   72,909
 13,159,345
Broadcom, Inc.
    1,935
  2,564,668
Marvell Technology, Inc.
   32,005
  2,268,514
See Notes to Financial Statements.
- 7 -
THE ALGER PORTFOLIOS | ALGER LARGE CAP GROWTH PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)  (Continued)
 
SHARES
VALUE
COMMON STOCKS—94.4% (CONT.)
SEMICONDUCTORS—15.2% (CONT.)
NVIDIA Corp.
   27,842
$ 25,156,918
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
   49,033
  6,670,940
 
 
 
 
 49,820,385
SYSTEMS SOFTWARE—11.3%
Crowdstrike Holdings, Inc., Cl. A*
    7,029
  2,253,427
Microsoft Corp.
   70,366
 29,604,384
Palo Alto Networks Inc*
    8,201
  2,330,150
ServiceNow, Inc.*
    2,070
  1,578,168
Zscaler, Inc.*
    6,743
  1,298,904
 
 
 
 
 37,065,033
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—3.8%
Apple, Inc.
   73,054
 12,527,300
TRANSACTION & PAYMENT PROCESSING SERVICES—2.2%
Block, Inc., Cl. A*
   21,061
  1,781,339
Visa, Inc., Cl. A
   20,156
  5,625,137
 
 
 
 
  7,406,476
TOTAL COMMON STOCKS
(Cost $197,058,336)
 
310,191,912
EXCHANGE TRADED FUNDS—2.2%
Alger 35 ETF(a)
  355,688
  7,188,454
(Cost $6,841,858)
 
  7,188,454
MUTUAL FUNDS—2.3%
Alger 35 Fund, Cl. Z(a),*
  559,471
  7,743,083
(Cost $7,604,417)
 
  7,743,083
SPECIAL PURPOSE VEHICLE—0.5%
DATA PROCESSING & OUTSOURCED SERVICES—0.5%
Crosslink Ventures C, LLC, Cl. A(a),(b),*,@
 
  1,726,644
(Cost $1,900,000)
 
  1,726,644
See Notes to Financial Statements.
- 8 -
THE ALGER PORTFOLIOS | ALGER LARGE CAP GROWTH PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)  (Continued)
 
SHARES
VALUE
SHORT-TERM SECURITIES—0.6%
MONEY MARKET FUNDS—0.6%
Dreyfus Treasury Obligations Cash Management Fund,
Institutional Shares, 5.20%(c)
1,853,859
$  1,853,859
(Cost $1,853,859)
 
  1,853,859
 
 
Total Investments
(Cost $215,258,470)
   100.0%
$328,703,952
Affiliated Securities (Cost $16,346,275)
 
 16,658,181
Unaffiliated Securities (Cost $198,912,195)
 
312,045,771
Liabilities in Excess of Other Assets
    (0.0)%
    (68,480)
NET ASSETS
   100.0%
$328,635,472
 
ADR
American Depositary Receipts
ETF
Exchange-Traded Fund
 
(a)
Deemed an affiliate of the Portfolio in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See
Note 4 - Affiliated Securities.
(b)
Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures
established by the Valuation Designee (as defined in Note 2).
(c)
Rate shown reflects 7-day effective yield as of March 31, 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
03/31/2024
Crosslink Ventures C, LLC, Cl. A
10/2/20
$1,900,000
$1,726,644
0.5%
Total
 
 
$1,726,644
0.5%
See Notes to Financial Statements.
- 9 -
THE ALGER PORTFOLIOS | ALGER GROWTH & INCOME PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)
 
 
SHARES
VALUE
COMMON STOCKS—96.4%
AEROSPACE & DEFENSE—1.3%
General Dynamics Corp.
   575
$   162,432
TransDigm Group, Inc.
   307
   378,101
 
 
 
 
   540,533
APPLICATION SOFTWARE—1.0%
Adobe, Inc.*
   761
   384,001
ASSET MANAGEMENT & CUSTODY BANKS—3.6%
BlackRock, Inc.
   717
   597,763
Blackstone, Inc.
 3,822
   502,096
Blue Owl Capital, Inc., Cl. A
10,974
   206,970
The Carlyle Group, Inc.
 3,055
   143,310
 
 
 
 
 1,450,139
BIOTECHNOLOGY—3.1%
AbbVie, Inc.
 5,070
   923,247
Amgen, Inc.
   747
   212,387
Gilead Sciences, Inc.
 1,784
   130,678
 
 
 
 
 1,266,312
BROADLINE RETAIL—2.7%
Amazon.com, Inc.*
 6,125
 1,104,827
BUILDING PRODUCTS—0.5%
Johnson Controls International PLC
 3,145
   205,431
CABLE & SATELLITE—1.0%
Comcast Corp., Cl. A
 9,574
   415,033
COMMODITY CHEMICALS—0.3%
Dow, Inc.
 2,062
   119,452
COMMUNICATIONS EQUIPMENT—0.8%
Cisco Systems, Inc.
 6,515
   325,164
COMPUTER & ELECTRONICS RETAIL—0.5%
Best Buy Co., Inc.
 2,199
   180,384
CONSUMER ELECTRONICS—0.6%
Garmin, Ltd.
 1,593
   237,150
CONSUMER STAPLES MERCHANDISE RETAIL—0.9%
Walmart Inc.
 5,838
   351,272
COPPER—0.7%
Southern Copper Corp.
 2,680
   285,474
DIVERSIFIED BANKS—4.8%
Bank of America Corp.
12,030
   456,178
Fifth Third Bancorp
 3,254
   121,081
JPMorgan Chase & Co.
 6,806
 1,363,242
 
 
 
 
 1,940,501
See Notes to Financial Statements.
- 10 -
THE ALGER PORTFOLIOS | ALGER GROWTH & INCOME PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)  (Continued)
 
SHARES
VALUE
COMMON STOCKS—96.4% (CONT.)
ELECTRIC UTILITIES—0.6%
NextEra Energy, Inc.
 3,539
$   226,177
ELECTRICAL COMPONENTS & EQUIPMENT—2.2%
Eaton Corp., PLC
 2,794
   873,628
FINANCIAL EXCHANGES & DATA—1.0%
CME Group, Inc., Cl. A
 1,821
   392,043
FOOD DISTRIBUTORS—0.5%
Sysco Corp.
 2,695
   218,780
HEALTHCARE DISTRIBUTORS—0.6%
Cardinal Health, Inc.
 2,190
   245,061
HEALTHCARE EQUIPMENT—0.5%
Medtronic PLC
 2,426
   211,426
HOME IMPROVEMENT RETAIL—2.3%
The Home Depot, Inc.
 2,447
   938,669
HOUSEHOLD PRODUCTS—1.4%
The Procter & Gamble Co.
 3,596
   583,451
INDUSTRIAL CONGLOMERATES—1.4%
Honeywell International, Inc.
 2,830
   580,857
INDUSTRIAL GASES—0.9%
Air Products & Chemicals, Inc.
 1,426
   345,477
INTEGRATED OIL & GAS—3.7%
Chevron Corp.
 3,895
   614,398
Exxon Mobil Corp.
 4,771
   554,581
TotalEnergies SE ADR
 4,622
   318,132
 
 
 
 
 1,487,111
INTEGRATED TELECOMMUNICATION SERVICES—0.9%
Verizon Communications, Inc.
 8,450
   354,562
INTERACTIVE MEDIA & SERVICES—7.6%
Alphabet, Inc., Cl. A*
 8,502
 1,283,207
Alphabet, Inc., Cl. C*
 6,893
 1,049,528
Meta Platforms, Inc., Cl. A
 1,488
   722,543
 
 
 
 
 3,055,278
INVESTMENT BANKING & BROKERAGE—2.0%
Morgan Stanley
 8,575
   807,422
IT CONSULTING & OTHER SERVICES—0.3%
International Business Machines Corp.
   604
   115,340
LEISURE FACILITIES—0.4%
Vail Resorts, Inc.
   745
   166,008
MANAGED HEALTHCARE—2.5%
UnitedHealth Group, Inc.
 2,053
 1,015,619
See Notes to Financial Statements.
- 11 -
THE ALGER PORTFOLIOS | ALGER GROWTH & INCOME PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)  (Continued)
 
SHARES
VALUE
COMMON STOCKS—96.4% (CONT.)
MULTI-UTILITIES—1.0%
Consolidated Edison, Inc.
 2,203
$   200,054
Sempra
 2,938
   211,037
 
 
 
 
   411,091
OIL & GAS EXPLORATION & PRODUCTION—0.5%
Pioneer Natural Resources Co.
   688
   180,600
OIL & GAS STORAGE & TRANSPORTATION—0.5%
ONEOK, Inc.
 2,482
   198,982
PERSONAL CARE PRODUCTS—0.2%
Kenvue, Inc.
 4,100
    87,986
PHARMACEUTICALS—6.0%
AstraZeneca PLC ADR
 4,694
   318,018
Bristol-Myers Squibb Co.
 2,791
   151,356
Eli Lilly & Co.
   917
   713,389
GSK PLC ADR
 2,342
   100,402
Johnson & Johnson
 2,904
   459,384
Merck & Co., Inc.
 2,454
   323,805
Novartis AG ADR
 1,701
   164,538
Pfizer, Inc.
 6,356
   176,379
 
 
 
 
 2,407,271
PROPERTY & CASUALTY INSURANCE—0.6%
The Hartford Financial Services Group, Inc.
 2,413
   248,660
RAIL TRANSPORTATION—0.7%
Union Pacific Corp.
 1,121
   275,688
RESTAURANTS—1.4%
McDonald's Corp.
 1,094
   308,453
Starbucks Corp.
 2,588
   236,518
 
 
 
 
   544,971
SEMICONDUCTOR MATERIALS & EQUIPMENT—3.8%
KLA Corp.
 2,218
 1,549,428
SEMICONDUCTORS—7.2%
Broadcom, Inc.
 1,382
 1,831,716
QUALCOMM, Inc.
 4,133
   699,717
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
 2,795
   380,260
 
 
 
 
 2,911,693
SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.4%
PepsiCo, Inc.
 3,203
   560,557
The Coca-Cola Co.
 6,867
   420,123
 
 
 
 
   980,680
See Notes to Financial Statements.
- 12 -
THE ALGER PORTFOLIOS | ALGER GROWTH & INCOME PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)  (Continued)
 
SHARES
VALUE
COMMON STOCKS—96.4% (CONT.)
SYSTEMS SOFTWARE—10.8%
Microsoft Corp.
 9,866
$ 4,150,824
Oracle Corp.
 1,561
   196,077
 
 
 
 
 4,346,901
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.3%
Apple, Inc.
15,078
 2,585,575
Dell Technologies, Inc., Cl. C
 3,044
   347,351
 
 
 
 
 2,932,926
TOBACCO—1.0%
Altria Group, Inc.
 5,257
   229,310
Philip Morris International, Inc.
 1,906
   174,628
 
 
 
 
   403,938
TRADING COMPANIES & DISTRIBUTORS—0.7%
Ferguson PLC
 1,319
   288,109
TRANSACTION & PAYMENT PROCESSING SERVICES—1.7%
Visa, Inc., Cl. A
 2,403
   670,629
TOTAL COMMON STOCKS
(Cost $12,810,393)
 
38,862,135
MASTER LIMITED PARTNERSHIP—0.5%
OIL & GAS STORAGE & TRANSPORTATION—0.5%
Cheniere Energy Partners LP
 4,055
   200,276
(Cost $134,201)
 
   200,276
REAL ESTATE INVESTMENT TRUST—3.0%
HEALTHCARE—0.6%
Welltower, Inc.
 2,809
   262,473
INDUSTRIAL—0.4%
Prologis, Inc.
 1,199
   156,134
RETAIL—0.8%
Simon Property Group, Inc.
 2,084
   326,125
SPECIALIZED—0.6%
Lamar Advertising Co., Cl. A
 2,090
   249,567
See Notes to Financial Statements.
- 13 -
THE ALGER PORTFOLIOS | ALGER GROWTH & INCOME PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)  (Continued)
 
SHARES
VALUE
REAL ESTATE INVESTMENT TRUST—3.0% (CONT.)
TELECOM TOWER—0.6%
Crown Castle, Inc.
 2,202
$   233,038
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $824,754)
 
 1,227,337
 
 
Total Investments
(Cost $13,769,348)
 99.9%
$40,289,748
Unaffiliated Securities (Cost $13,769,348)
 
40,289,748
Other Assets in Excess of Liabilities
  0.1%
    24,115
NET ASSETS
100.0%
$40,313,863
 
ADR
American Depositary Receipts
 
*
Non-income producing security.
See Notes to Financial Statements.
- 14 -
THE ALGER PORTFOLIOS | ALGER MID CAP GROWTH PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)
 
 
SHARES
VALUE
COMMON STOCKS—95.6%
ADVERTISING—1.2%
The Trade Desk, Inc., Cl. A*
 20,774
$  1,816,063
AEROSPACE & DEFENSE—3.7%
HEICO Corp.
 18,849
  3,600,159
TransDigm Group, Inc.
  1,389
  1,710,692
 
 
 
 
  5,310,851
APPLICATION SOFTWARE—13.5%
Cadence Design Systems, Inc.*
 10,780
  3,355,598
Clearwater Analytics Holdings, Inc., Cl. A*
 94,526
  1,672,165
Constellation Software, Inc.
  1,405
  3,837,806
Datadog, Inc., Cl. A*
 17,262
  2,133,583
Guidewire Software, Inc.*
 20,007
  2,335,017
Manhattan Associates, Inc.*
  7,657
  1,916,011
Procore Technologies, Inc.*
 21,945
  1,803,221
The Descartes Systems Group, Inc.*
 28,824
  2,636,517
 
 
 
 
 19,689,918
ASSET MANAGEMENT & CUSTODY BANKS—3.3%
Ares Management Corp., Cl. A
 16,551
  2,200,952
Blue Owl Capital, Inc., Cl. A
140,763
  2,654,790
 
 
 
 
  4,855,742
AUTOMOTIVE PARTS & EQUIPMENT—1.3%
Mobileye Global, Inc., Cl. A*
 57,628
  1,852,740
AUTOMOTIVE RETAIL—0.7%
AutoZone, Inc.*
    325
  1,024,286
BIOTECHNOLOGY—3.1%
Natera, Inc.*
 36,114
  3,302,986
Vaxcyte, Inc.*
 17,632
  1,204,442
 
 
 
 
  4,507,428
BUILDING PRODUCTS—0.7%
Trex Co., Inc.*
  9,741
    971,665
CARGO GROUND TRANSPORTATION—2.0%
Old Dominion Freight Line, Inc.
 13,222
  2,899,717
CONSTRUCTION & ENGINEERING—1.0%
WillScot Mobile Mini Holdings Corp.*
 32,546
  1,513,389
CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.5%
Wabtec Corp.
  4,704
    685,279
CONSTRUCTION MATERIALS—1.5%
Martin Marietta Materials, Inc.
  3,641
  2,235,356
DIVERSIFIED FINANCIAL SERVICES—0.8%
Apollo Global Management, Inc.
  9,931
  1,116,741
See Notes to Financial Statements.
- 15 -
THE ALGER PORTFOLIOS | ALGER MID CAP GROWTH PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)  (Continued)
 
SHARES
VALUE
COMMON STOCKS—95.6% (CONT.)
ELECTRICAL COMPONENTS & EQUIPMENT—3.0%
Vertiv Holdings Co., Cl. A
 53,594
$  4,377,022
ELECTRONIC COMPONENTS—2.1%
Amphenol Corp., Cl. A
 26,746
  3,085,151
ENVIRONMENTAL & FACILITIES SERVICES—2.7%
GFL Environmental, Inc.
113,782
  3,925,479
FINANCIAL EXCHANGES & DATA—1.4%
MSCI, Inc.
  3,639
  2,039,478
HEALTHCARE EQUIPMENT—3.8%
Dexcom, Inc.*
 17,076
  2,368,441
IDEXX Laboratories, Inc.*
  5,772
  3,116,476
 
 
 
 
  5,484,917
HEALTHCARE FACILITIES—0.7%
Acadia Healthcare Co., Inc.*
 12,306
    974,881
HEALTHCARE TECHNOLOGY—1.9%
Veeva Systems, Inc., Cl. A*
 11,748
  2,721,894
HOME IMPROVEMENT RETAIL—1.1%
Floor & Decor Holdings, Inc., Cl. A*
 12,336
  1,598,992
HOMEBUILDING—1.4%
NVR, Inc.*
    249
  2,016,890
HOMEFURNISHING RETAIL—1.1%
Wayfair, Inc., Cl. A*
 23,857
  1,619,413
HOTELS RESORTS & CRUISE LINES—1.9%
Hilton Worldwide Holdings, Inc.
 12,967
  2,765,991
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.7%
Paylocity Holding Corp.*
  6,126
  1,052,814
INSURANCE BROKERS—0.6%
Ryan Specialty Holdings, Inc., Cl. A
 16,472
    914,196
INTERACTIVE MEDIA & SERVICES—2.4%
Pinterest, Inc., Cl. A*
101,847
  3,531,035
INTERNET SERVICES & INFRASTRUCTURE—2.1%
Cloudflare, Inc., Cl. A*
 11,572
  1,120,517
MongoDB, Inc., Cl. A*
  5,463
  1,959,250
 
 
 
 
  3,079,767
IT CONSULTING & OTHER SERVICES—1.8%
Globant SA*
 12,831
  2,590,579
LIFE SCIENCES TOOLS & SERVICES—6.2%
Mettler-Toledo International, Inc.*
  1,609
  2,142,046
Repligen Corp.*
 17,435
  3,206,645
West Pharmaceutical Services, Inc.
  9,287
  3,674,959
 
 
 
 
  9,023,650
See Notes to Financial Statements.
- 16 -
THE ALGER PORTFOLIOS | ALGER MID CAP GROWTH PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)  (Continued)
 
SHARES
VALUE
COMMON STOCKS—95.6% (CONT.)
MOVIES & ENTERTAINMENT—2.6%
Liberty Media Corp. Series C Liberty Formula One*
  7,921
$    519,618
Spotify Technology SA*
 12,368
  3,263,915
 
 
 
 
  3,783,533
OIL & GAS EXPLORATION & PRODUCTION—2.6%
Diamondback Energy, Inc.
 18,729
  3,711,526
OTHER SPECIALTY RETAIL—0.9%
Five Below, Inc.*
  7,205
  1,306,843
PROPERTY & CASUALTY INSURANCE—0.9%
Intact Financial Corp.
  8,314
  1,350,569
REAL ESTATE SERVICES—4.7%
CoStar Group, Inc.*
 34,742
  3,356,077
FirstService Corp.
 21,172
  3,510,318
 
 
 
 
  6,866,395
RESEARCH & CONSULTING SERVICES—0.9%
TransUnion
 16,009
  1,277,518
RESTAURANTS—4.3%
Chipotle Mexican Grill, Inc.*
    927
  2,694,576
Domino's Pizza, Inc.
  7,050
  3,503,004
 
 
 
 
  6,197,580
SEMICONDUCTORS—6.2%
Lattice Semiconductor Corp.*
 34,364
  2,688,296
Marvell Technology, Inc.
 47,815
  3,389,127
Monolithic Power Systems, Inc.
  1,850
  1,253,227
ON Semiconductor Corp.*
 23,109
  1,699,667
 
 
 
 
  9,030,317
SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.8%
Celsius Holdings, Inc.*
 31,048
  2,574,500
TRADING COMPANIES & DISTRIBUTORS—2.5%
Ferguson PLC
 16,675
  3,642,320
TOTAL COMMON STOCKS
(Cost $104,425,631)
 
139,022,425
EXCHANGE TRADED FUNDS—3.3%
Alger Mid Cap 40 ETF(a),*
298,046
  4,729,990
(Cost $5,972,615)
 
  4,729,990
PREFERRED STOCKS—0.0%
BIOTECHNOLOGY—0.0%
Prosetta Biosciences, Inc., Series D(a),(b),*,@
170,419
          —
(Cost $766,885)
 
          —
See Notes to Financial Statements.
- 17 -
THE ALGER PORTFOLIOS | ALGER MID CAP GROWTH PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)  (Continued)
 
SHARES
VALUE
RIGHTS—0.2%
BIOTECHNOLOGY—0.2%
Tolero CDR(b),*,@
425,098
$    272,063
(Cost $227,341)
 
    272,063
SPECIAL PURPOSE VEHICLE—0.7%
DATA PROCESSING & OUTSOURCED SERVICES—0.7%
Crosslink Ventures C, LLC, Cl. A(a),(b),*,@
 
    795,165
Crosslink Ventures C, LLC, Cl. B(a),(b),*,@
 
    295,347
 
 
 
 
  1,090,512
TOTAL SPECIAL PURPOSE VEHICLE
(Cost $1,200,000)
 
  1,090,512
WARRANTS—0.0%
APPLICATION SOFTWARE—0.0%
Constellation Software, Inc., 3/31/40(b),*
  1,318
          —
(Cost $0)
 
          —
SHORT-TERM SECURITIES—0.3%
MONEY MARKET FUNDS—0.3%
Dreyfus Treasury Obligations Cash Management Fund,
Institutional Shares, 5.20%(c)
430,757
    430,757
(Cost $430,757)
 
    430,757
 
 
Total Investments
(Cost $113,023,229)
 100.1%
$145,545,747
Affiliated Securities (Cost $7,939,500)
 
  5,820,502
Unaffiliated Securities (Cost $105,083,729)
 
139,725,245
Liabilities in Excess of Other Assets
  (0.1)%
    (96,004)
NET ASSETS
 100.0%
$145,449,743
 
CDR
Contingent Deferred Rights
ETF
Exchange-Traded Fund
 
(a)
Deemed an affiliate of the Portfolio in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See
Note 4 - Affiliated Securities.
(b)
Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures
established by the Valuation Designee (as defined in Note 2).
(c)
Rate shown reflects 7-day effective yield as of March 31, 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.
- 18 -
THE ALGER PORTFOLIOS | ALGER MID CAP GROWTH PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)  (Continued)
 
Security
Acquisition
Date(s)
Acquisition
Cost
Market
Value
% of net assets
as of
03/31/2024
Crosslink Ventures C, LLC, Cl. A
10/2/20
$875,000
$795,165
0.5%
Crosslink Ventures C, LLC, Cl. B
12/16/20
325,000
295,347
0.2%
Prosetta Biosciences, Inc., Series D
2/6/15
766,885
—
0.0%
Tolero CDR
2/6/17
227,341
272,063
0.2%
Total
 
 
$1,362,575
0.9%
See Notes to Financial Statements.
- 19 -
THE ALGER PORTFOLIOS | ALGER SMALL CAP GROWTH PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)
 
 
SHARES
VALUE
COMMON STOCKS—98.1%
AEROSPACE & DEFENSE—2.2%
HEICO Corp.
   12,891
$  2,462,181
Hexcel Corp.
   13,942
  1,015,675
 
 
 
 
  3,477,856
APPAREL ACCESSORIES & LUXURY GOODS—1.0%
Capri Holdings, Ltd.*
   33,946
  1,537,754
APPAREL RETAIL—1.3%
Aritzia, Inc.*
   29,422
    812,361
Victoria's Secret & Co.*
   69,753
  1,351,813
 
 
 
 
  2,164,174
APPLICATION SOFTWARE—22.5%
ACI Worldwide, Inc.*
    1,537
     51,044
AppFolio, Inc., Cl. A*
   11,607
  2,863,911
BILL Holdings, Inc.*
    7,925
    544,606
Blackbaud, Inc.*
   23,210
  1,720,789
BlackLine, Inc.*
   31,030
  2,003,917
DoubleVerify Holdings, Inc.*
   14,987
    526,943
Guidewire Software, Inc.*
   23,126
  2,699,036
HubSpot, Inc.*
    2,980
  1,867,149
InterDigital, Inc.
    7,290
    776,093
Manhattan Associates, Inc.*
   28,702
  7,182,102
MicroStrategy, Inc., Cl. A*
    1,202
  2,048,881
Q2 Holdings, Inc.*
   57,411
  3,017,522
Smartsheet, Inc., Cl. A*
   25,678
    988,603
Sprout Social, Inc., Cl. A*
   32,486
  1,939,739
SPS Commerce, Inc.*
   28,850
  5,334,365
Vertex, Inc., Cl. A*
   92,716
  2,944,660
 
 
 
 
 36,509,360
ASSET MANAGEMENT & CUSTODY BANKS—0.4%
Affiliated Managers Group, Inc.
    3,678
    615,955
BIOTECHNOLOGY—14.2%
Absci Corp.*
  232,996
  1,323,417
Akero Therapeutics, Inc.*
   28,472
    719,203
Altimmune, Inc.*
   35,437
    360,749
Arcus Biosciences, Inc.*
   17,511
    330,608
Autolus Therapeutics PLC ADR*
  159,816
  1,019,626
Cabaletta Bio, Inc.*
  123,044
  2,099,131
CareDx, Inc.*
   49,528
    524,501
Fusion Pharmaceuticals, Inc.*
   45,185
    963,344
Immunovant, Inc.*
   35,207
  1,137,538
Iovance Biotherapeutics, Inc.*
   45,196
    669,805
Keros Therapeutics, Inc.*
   13,247
    876,951
Larimar Therapeutics, Inc.*
  200,544
  1,522,129
MoonLake Immunotherapeutics*
   30,605
  1,537,289
See Notes to Financial Statements.
- 20 -
THE ALGER PORTFOLIOS | ALGER SMALL CAP GROWTH PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)  (Continued)
 
SHARES
VALUE
COMMON STOCKS—98.1% (CONT.)
BIOTECHNOLOGY—14.2% (CONT.)
Morphic Holding, Inc.*
   15,920
$    560,384
Natera, Inc.*
    8,184
    748,509
Nuvalent, Inc., Cl. A*
   21,441
  1,610,005
ORIC Pharmaceuticals, Inc.*
   42,179
    579,961
Praxis Precision Medicines, Inc.*
    8,051
    491,272
Prothena Corp. PLC*
    8,718
    215,945
Scholar Rock Holding Corp.*
   39,498
    701,484
Twist Bioscience Corp.*
   21,400
    734,234
Vaxcyte, Inc.*
   25,961
  1,773,396
Viking Therapeutics, Inc.*
   30,251
  2,480,582
 
 
 
 
 22,980,063
BROADLINE RETAIL—0.0%
Ollie's Bargain Outlet Holdings, Inc.*
      478
     38,034
BUILDING PRODUCTS—1.0%
CSW Industrials, Inc.
    3,639
    853,709
The AZEK Co., Inc., Cl. A*
   15,562
    781,524
 
 
 
 
  1,635,233
CONSUMER STAPLES MERCHANDISE RETAIL—1.2%
BJ's Wholesale Club Holdings, Inc.*
   26,037
  1,969,699
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.0%
908 Devices, Inc.*
  207,424
  1,566,051
Novanta, Inc.*
      224
     39,149
 
 
 
 
  1,605,200
ELECTRONIC MANUFACTURING SERVICES—0.6%
Fabrinet*
    5,506
  1,040,744
ENVIRONMENTAL & FACILITIES SERVICES—0.0%
Casella Waste Systems, Inc., Cl. A*
      348
     34,407
FOOTWEAR—0.8%
On Holding AG, Cl. A*
   34,735
  1,228,924
HEALTHCARE DISTRIBUTORS—0.3%
PetIQ, Inc.*
   27,367
    500,269
HEALTHCARE EQUIPMENT—2.6%
Glaukos Corp.*
    6,133
    578,281
Impulse Dynamics PLC, Cl. A(a),*,@
1,596,061
  1,021,479
Impulse Dynamics PLC, Cl. F-1(a),*,@
  195,376
    195,376
Inmode, Ltd.*
   32,583
    704,119
Shockwave Medical, Inc.*
    2,710
    882,457
Tandem Diabetes Care, Inc.*
   20,983
    743,008
 
 
 
 
  4,124,720
HEALTHCARE SERVICES—0.4%
Guardant Health, Inc.*
   34,932
    720,647
See Notes to Financial Statements.
- 21 -
THE ALGER PORTFOLIOS | ALGER SMALL CAP GROWTH PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)  (Continued)
 
SHARES
VALUE
COMMON STOCKS—98.1% (CONT.)
HEALTHCARE SUPPLIES—1.0%
Neogen Corp.*
  105,748
$  1,668,703
HEALTHCARE TECHNOLOGY—1.7%
Veeva Systems, Inc., Cl. A*
   11,809
  2,736,027
HOMEBUILDING—1.1%
Skyline Champion Corp.*
   21,375
  1,817,089
HOMEFURNISHING RETAIL—0.7%
RH*
    3,389
  1,180,253
HOTELS RESORTS & CRUISE LINES—0.7%
MakeMyTrip, Ltd.*
   14,853
  1,055,306
INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—4.7%
Gates Industrial Corp. PLC*
  182,482
  3,231,756
RBC Bearings, Inc.*
    9,901
  2,676,735
The Middleby Corp.*
   10,420
  1,675,432
 
 
 
 
  7,583,923
INTERACTIVE HOME ENTERTAINMENT—1.2%
Take-Two Interactive Software, Inc.*
   12,862
  1,909,878
INTERACTIVE MEDIA & SERVICES—0.2%
Reddit, Inc., Cl. A*
    5,335
    263,122
LEISURE FACILITIES—0.8%
Planet Fitness, Inc., Cl. A*
   20,418
  1,278,779
LIFE SCIENCES TOOLS & SERVICES—6.9%
10X Genomics, Inc., Cl. A*
   19,365
    726,768
Bio-Techne Corp.
   50,714
  3,569,759
CryoPort, Inc.*
   64,866
  1,148,128
ICON PLC*
    7,574
  2,544,485
MaxCyte, Inc.*
  135,576
    568,063
Mesa Laboratories, Inc.
    4,378
    480,398
Quanterix Corp.*
   10,803
    254,519
Repligen Corp.*
    9,906
  1,821,912
 
 
 
 
 11,114,032
MANAGED HEALTHCARE—1.0%
HealthEquity, Inc.*
   19,357
  1,580,112
MOVIES & ENTERTAINMENT—1.6%
Live Nation Entertainment, Inc.*
   24,337
  2,574,125
OIL & GAS EQUIPMENT & SERVICES—0.9%
ChampionX Corp.
   42,335
  1,519,403
OIL & GAS EXPLORATION & PRODUCTION—3.7%
Magnolia Oil & Gas Corp., Cl. A
  228,390
  5,926,721
See Notes to Financial Statements.
- 22 -
THE ALGER PORTFOLIOS | ALGER SMALL CAP GROWTH PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)  (Continued)
 
SHARES
VALUE
COMMON STOCKS—98.1% (CONT.)
PERSONAL CARE PRODUCTS—1.5%
e.l.f. Beauty, Inc.*
    7,287
$  1,428,471
Oddity Tech, Ltd., Cl. A*
   22,105
    960,462
 
 
 
 
  2,388,933
PHARMACEUTICALS—1.2%
Alto Neuroscience, Inc.*
   31,738
    487,178
Pliant Therapeutics, Inc.*
   23,511
    350,314
Structure Therapeutics, Inc., ADR*
   24,995
  1,071,286
 
 
 
 
  1,908,778
REGIONAL BANKS—0.0%
Webster Financial Corp.
    1,356
     68,844
RESTAURANTS—10.5%
Cava Group, Inc.*
   12,511
    876,396
Kura Sushi USA, Inc., Cl. A*
   25,064
  2,886,370
Shake Shack, Inc., Cl. A*
   48,566
  5,052,321
Wingstop, Inc.
   22,481
  8,237,038
 
 
 
 
 17,052,125
SEMICONDUCTORS—2.1%
Astera Labs, Inc.*
    5,403
    400,849
Impinj, Inc.*
      316
     40,577
Rambus, Inc.*
   14,073
    869,852
Universal Display Corp.
   12,336
  2,077,999
 
 
 
 
  3,389,277
SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.7%
Celsius Holdings, Inc.*
   32,709
  2,712,230
SPECIALIZED CONSUMER SERVICES—0.4%
European Wax Center, Inc., Cl. A*
   54,982
    713,666
SPECIALTY CHEMICALS—1.4%
Balchem Corp.
   14,762
  2,287,372
SYSTEMS SOFTWARE—1.4%
CyberArk Software Ltd.*
    3,216
    854,266
Rapid7, Inc.*
   12,630
    619,375
Varonis Systems, Inc.*
   16,950
    799,532
 
 
 
 
  2,273,173
TRADING COMPANIES & DISTRIBUTORS—0.5%
SiteOne Landscape Supply, Inc.*
      129
     22,517
Xometry, Inc., Cl. A*
   48,384
    817,206
 
 
 
 
    839,723
TRANSACTION & PAYMENT PROCESSING SERVICES—1.7%
DLocal Ltd.*
   74,427
  1,094,077
See Notes to Financial Statements.
- 23 -
THE ALGER PORTFOLIOS | ALGER SMALL CAP GROWTH PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)  (Continued)
 
SHARES
VALUE
COMMON STOCKS—98.1% (CONT.)
TRANSACTION & PAYMENT PROCESSING SERVICES—1.7% (CONT.)
Marqeta, Inc., Cl. A*
  126,785
$    755,639
Shift4 Payments, Inc., Cl. A*
   14,374
    949,690
 
 
 
 
  2,799,406
TOTAL COMMON STOCKS
(Cost $107,448,973)
 
158,824,039
PREFERRED STOCKS—0.0%
BIOTECHNOLOGY—0.0%
Prosetta Biosciences, Inc., Series D(a),(b),*,@
   85,998
          —
(Cost $386,992)
 
          —
RIGHTS—0.1%
BIOTECHNOLOGY—0.1%
Mirati Therapeutics, Inc. CVR(a),*,@
    6,941
     14,298
Tolero CDR(a),*,@
  287,830
    184,211
 
 
 
 
    198,509
TOTAL RIGHTS
(Cost $155,594)
 
    198,509
SPECIAL PURPOSE VEHICLE—1.0%
DATA PROCESSING & OUTSOURCED SERVICES—1.0%
Crosslink Ventures C, LLC, Cl. A(a),(b),*,@
 
  1,272,264
Crosslink Ventures C, LLC, Cl. B(a),(b),*,@
 
    272,628
 
 
 
 
  1,544,892
TOTAL SPECIAL PURPOSE VEHICLE
(Cost $1,700,000)
 
  1,544,892
SHORT-TERM SECURITIES—0.4%
MONEY MARKET FUNDS—0.4%
Dreyfus Treasury Obligations Cash Management Fund,
Institutional Shares, 5.20%(c)
  670,318
    670,318
(Cost $670,318)
 
    670,318
 
 
Total Investments
(Cost $110,361,877)
    99.6%
$161,237,758
Affiliated Securities (Cost $2,086,992)
 
  1,544,892
Unaffiliated Securities (Cost $108,274,885)
 
159,692,866
Other Assets in Excess of Liabilities
     0.4%
    704,201
NET ASSETS
   100.0%
$161,941,959
 
ADR
American Depositary Receipts
CDR
Contingent Deferred Rights
See Notes to Financial Statements.
- 24 -
THE ALGER PORTFOLIOS | ALGER SMALL CAP GROWTH PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)  (Continued)
CVR
Contingent Value Rights
 
(a)
Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures
established by the Valuation Designee (as defined in Note 2).
(b)
Deemed an affiliate of the Portfolio in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See
Note 4 - Affiliated Securities.
(c)
Rate shown reflects 7-day effective yield as of March 31, 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
03/31/2024
Crosslink Ventures C, LLC, Cl. A
10/2/20
$1,400,000
$1,272,264
0.8%
Crosslink Ventures C, LLC, Cl. B
12/16/20
300,000
272,628
0.2%
Impulse Dynamics PLC, Cl. A
2/11/22
1,596,061
1,021,479
0.6%
Impulse Dynamics PLC, Cl. F-1
2/5/24
194,850
195,376
0.1%
Mirati Therapeutics, Inc. CVR
1/24/24
—
14,298
0.0%
Prosetta Biosciences, Inc., Series D
2/6/15-10/2/23
386,992
—
0.0%
Tolero CDR
2/6/17
155,594
184,211
0.1%
Total
 
 
$2,960,256
1.8%
See Notes to Financial Statements.
- 25 -
THE ALGER PORTFOLIOS | ALGER BALANCED PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)
 
 
SHARES
VALUE
COMMON STOCKS—70.5%
AEROSPACE & DEFENSE—1.0%
General Dynamics Corp.
      607
$   171,471
TransDigm Group, Inc.
      331
   407,660
 
 
 
 
   579,131
APPLICATION SOFTWARE—0.7%
Adobe, Inc.*
      803
   405,194
ASSET MANAGEMENT & CUSTODY BANKS—2.6%
BlackRock, Inc.
      765
   637,781
Blackstone, Inc.
    4,076
   535,464
Blue Owl Capital, Inc., Cl. A
   11,677
   220,228
The Carlyle Group, Inc.
    3,254
   152,645
 
 
 
 
 1,546,118
BIOTECHNOLOGY—2.3%
AbbVie, Inc.
    5,394
   982,248
Amgen, Inc.
      731
   207,838
Gilead Sciences, Inc.
    1,909
   139,834
 
 
 
 
 1,329,920
BROADLINE RETAIL—2.0%
Amazon.com, Inc.*
    6,524
 1,176,799
BUILDING PRODUCTS—0.4%
Johnson Controls International PLC
    3,333
   217,712
CABLE & SATELLITE—0.8%
Comcast Corp., Cl. A
   10,272
   445,291
COMMODITY CHEMICALS—0.2%
Dow, Inc.
    2,203
   127,620
COMMUNICATIONS EQUIPMENT—0.6%
Cisco Systems, Inc.
    6,934
   346,076
COMPUTER & ELECTRONICS RETAIL—0.3%
Best Buy Co., Inc.
    2,346
   192,442
CONSUMER ELECTRONICS—0.4%
Garmin, Ltd.
    1,685
   250,846
CONSUMER STAPLES MERCHANDISE RETAIL—0.6%
Walmart Inc.
    6,186
   372,212
COPPER—0.5%
Southern Copper Corp.
    3,046
   324,460
DIVERSIFIED BANKS—3.5%
Bank of America Corp.
   12,837
   486,779
Fifth Third Bancorp
    3,473
   129,231
JPMorgan Chase & Co.
    7,234
 1,448,970
 
 
 
 
 2,064,980
See Notes to Financial Statements.
- 26 -
THE ALGER PORTFOLIOS | ALGER BALANCED PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)  (Continued)
 
SHARES
VALUE
COMMON STOCKS—70.5% (CONT.)
ELECTRIC UTILITIES—0.4%
NextEra Energy, Inc.
    3,710
$   237,106
ELECTRICAL COMPONENTS & EQUIPMENT—1.6%
Eaton Corp., PLC
    2,963
   926,471
FINANCIAL EXCHANGES & DATA—0.7%
CME Group, Inc., Cl. A
    1,948
   419,385
FOOD DISTRIBUTORS—0.4%
Sysco Corp.
    2,852
   231,525
HEALTHCARE DISTRIBUTORS—0.5%
Cardinal Health, Inc.
    2,440
   273,036
HEALTHCARE EQUIPMENT—0.4%
Medtronic PLC
    2,597
   226,328
HOME IMPROVEMENT RETAIL—1.7%
The Home Depot, Inc.
    2,586
   991,990
HOUSEHOLD PRODUCTS—1.1%
The Procter & Gamble Co.
    3,862
   626,609
INDUSTRIAL CONGLOMERATES—1.0%
Honeywell International, Inc.
    3,009
   617,597
INDUSTRIAL GASES—0.6%
Air Products & Chemicals, Inc.
    1,507
   365,101
INTEGRATED OIL & GAS—2.7%
Chevron Corp.
    4,198
   662,193
Exxon Mobil Corp.
    5,063
   588,523
TotalEnergies SE ADR
    4,927
   339,125
 
 
 
 
 1,589,841
INTEGRATED TELECOMMUNICATION SERVICES—0.6%
Verizon Communications, Inc.
    9,043
   379,444
INTERACTIVE MEDIA & SERVICES—5.5%
Alphabet, Inc., Cl. A*
    9,074
 1,369,539
Alphabet, Inc., Cl. C*
    7,323
 1,115,000
Meta Platforms, Inc., Cl. A
    1,578
   766,245
 
 
 
 
 3,250,784
INVESTMENT BANKING & BROKERAGE—1.4%
Morgan Stanley
    9,056
   852,713
IT CONSULTING & OTHER SERVICES—0.2%
International Business Machines Corp.
      645
   123,169
LEISURE FACILITIES—0.3%
Vail Resorts, Inc.
      783
   174,476
MANAGED HEALTHCARE—1.8%
UnitedHealth Group, Inc.
    2,176
 1,076,467
See Notes to Financial Statements.
- 27 -
THE ALGER PORTFOLIOS | ALGER BALANCED PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)  (Continued)
 
SHARES
VALUE
COMMON STOCKS—70.5% (CONT.)
MULTI-UTILITIES—0.7%
Consolidated Edison, Inc.
    2,316
$   210,316
Sempra
    2,872
   206,296
 
 
 
 
   416,612
OIL & GAS EXPLORATION & PRODUCTION—0.3%
Pioneer Natural Resources Co.
      736
   193,200
OIL & GAS STORAGE & TRANSPORTATION—0.4%
ONEOK, Inc.
    2,628
   210,687
PERSONAL CARE PRODUCTS—0.2%
Kenvue, Inc.
    4,341
    93,158
PHARMACEUTICALS—4.5%
AstraZeneca PLC ADR
    5,015
   339,766
Bristol-Myers Squibb Co.
    2,952
   160,087
Eli Lilly & Co.
    1,010
   785,740
GSK PLC ADR
    2,968
   127,238
Johnson & Johnson
    3,053
   482,954
Merck & Co., Inc.
    2,724
   359,432
Novartis AG ADR
    1,792
   173,340
Pfizer, Inc.
    6,956
   193,029
 
 
 
 
 2,621,586
PROPERTY & CASUALTY INSURANCE—0.5%
The Hartford Financial Services Group, Inc.
    2,582
   266,075
RAIL TRANSPORTATION—0.5%
Union Pacific Corp.
    1,184
   291,181
RESTAURANTS—1.0%
McDonald's Corp.
    1,186
   334,393
Starbucks Corp.
    2,764
   252,602
 
 
 
 
   586,995
SEMICONDUCTOR MATERIALS & EQUIPMENT—2.8%
KLA Corp.
    2,356
 1,645,831
SEMICONDUCTORS—5.3%
Broadcom, Inc.
    1,484
 1,966,908
QUALCOMM, Inc.
    4,377
   741,026
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
    2,951
   401,484
 
 
 
 
 3,109,418
SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.8%
PepsiCo, Inc.
    3,379
   591,359
The Coca-Cola Co.
    7,258
   444,044
 
 
 
 
 1,035,403
See Notes to Financial Statements.
- 28 -
THE ALGER PORTFOLIOS | ALGER BALANCED PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)  (Continued)
 
SHARES
VALUE
COMMON STOCKS—70.5% (CONT.)
SYSTEMS SOFTWARE—7.9%
Microsoft Corp.
   10,531
$ 4,430,602
Oracle Corp.
    1,703
   213,914
 
 
 
 
 4,644,516
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.4%
Apple, Inc.
   16,355
 2,804,556
Dell Technologies, Inc., Cl. C
    3,275
   373,710
 
 
 
 
 3,178,266
TOBACCO—0.7%
Altria Group, Inc.
    5,538
   241,568
Philip Morris International, Inc.
    2,015
   184,614
 
 
 
 
   426,182
TRADING COMPANIES & DISTRIBUTORS—0.5%
Ferguson PLC
    1,403
   306,457
TRANSACTION & PAYMENT PROCESSING SERVICES—1.2%
Visa, Inc., Cl. A
    2,579
   719,747
TOTAL COMMON STOCKS
(Cost $15,386,699)
 
41,486,157
MASTER LIMITED PARTNERSHIP—0.4%
OIL & GAS STORAGE & TRANSPORTATION—0.4%
Cheniere Energy Partners LP
    4,434
   218,995
(Cost $147,024)
 
   218,995
REAL ESTATE INVESTMENT TRUST—2.2%
HEALTHCARE—0.5%
Welltower, Inc.
    2,974
   277,890
INDUSTRIAL—0.3%
Prologis, Inc.
    1,262
   164,338
RETAIL—0.6%
Simon Property Group, Inc.
    2,230
   348,973
SPECIALIZED—0.4%
Lamar Advertising Co., Cl. A
    2,052
   245,029
TELECOM TOWER—0.4%
Crown Castle, Inc.
    2,371
   250,923
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $904,672)
 
 1,287,153
 
 
PRINCIPAL
AMOUNT
VALUE
CORPORATE BONDS—25.0%
AGRICULTURAL & FARM MACHINERY—1.6%
John Deere Capital Corp., 2.125%, 3/7/25
1,000,000
   972,385
See Notes to Financial Statements.
- 29 -
THE ALGER PORTFOLIOS | ALGER BALANCED PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)  (Continued)
 
PRINCIPAL
AMOUNT
VALUE
CORPORATE BONDS—25.0% (CONT.)
APPLICATION SOFTWARE—1.7%
Salesforce, Inc., 0.625%, 7/15/24
1,000,000
$   986,220
AUTOMOBILE MANUFACTURERS—0.8%
General Motors Financial Co., Inc., 1.5%, 6/10/26
  500,000
   460,086
BIOTECHNOLOGY—1.7%
AbbVie, Inc., 3.6%, 5/14/25
1,000,000
   981,778
BROADLINE RETAIL—0.8%
Amazon.com, Inc., 4.55%, 12/1/27
  500,000
   499,982
CONSUMER FINANCE—0.9%
American Express Co., 5.85%, 11/5/27
  500,000
   515,040
CONSUMER STAPLES MERCHANDISE RETAIL—0.8%
Walmart, Inc., 3.9%, 9/9/25
  500,000
   493,003
DIVERSIFIED BANKS—2.5%
JPMorgan Chase Bank NA, 5.11%, 12/8/26
  500,000
   501,564
Wells Fargo & Co., 3.3%, 9/9/24
1,000,000
   990,628
 
 
 
 
 1,492,192
HEALTHCARE SERVICES—0.8%
Haleon UK Capital PLC, 3.125%, 3/24/25(a)
  500,000
   488,296
HOME IMPROVEMENT RETAIL—0.8%
The Home Depot, Inc., 2.7%, 4/15/25
  500,000
   487,652
MANAGED HEALTHCARE—1.6%
UnitedHealth Group, Inc., 3.7%, 5/15/27
1,000,000
   969,873
MULTI-UTILITIES—0.9%
Sempra, 5.4%, 8/1/26
  500,000
   501,648
PACKAGED FOODS & MEATS—0.9%
Nestle Holdings, Inc., 0.606%, 9/14/24(a)
  550,000
   537,859
PHARMACEUTICALS—0.9%
Astrazeneca Finance LLC, 4.85%, 2/26/29
  500,000
   501,689
RESTAURANTS—0.9%
McDonald's Corp., 4.8%, 8/14/28
  500,000
   501,701
SEMICONDUCTOR MATERIALS & EQUIPMENT—0.8%
KLA Corp., 4.65%, 11/1/24
  500,000
   497,661
SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.8%
PepsiCo, Inc., 4.45%, 5/15/28
  500,000
   500,115
SPECIALIZED—2.0%
Crown Castle, Inc., 3.2%, 9/1/24
1,200,000
 1,187,921
SPECIALTY CHEMICALS—0.9%
Ecolab, Inc., 5.25%, 1/15/28
  500,000
   509,708
SYSTEMS SOFTWARE—0.9%
Oracle Corp., 5.8%, 11/10/25
  500,000
   504,313
See Notes to Financial Statements.
- 30 -
THE ALGER PORTFOLIOS | ALGER BALANCED PORTFOLIO
Schedule of Investments March 31, 2024  (Unaudited)  (Continued)
 
PRINCIPAL
AMOUNT
VALUE
CORPORATE BONDS—25.0% (CONT.)
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.0%
Apple, Inc., 1.125%, 5/11/25
1,200,000
$ 1,149,380
TOTAL CORPORATE BONDS
(Cost $14,984,837)
 
14,738,502
 
 
SHARES
VALUE
SHORT-TERM SECURITIES—1.7%
MONEY MARKET FUNDS—1.7%
Dreyfus Treasury Obligations Cash Management Fund,
Institutional Shares, 5.20%(b)
  990,979
$   990,979
(Cost $990,979)
 
   990,979
 
 
Total Investments
(Cost $32,414,211)
    99.8%
$58,721,786
Unaffiliated Securities (Cost $32,414,211)
 
58,721,786
Other Assets in Excess of Liabilities
     0.2%
   146,218
NET ASSETS
   100.0%
$58,868,004
 
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 1.7% of the net assets of the Portfolio.
(b)
Rate shown reflects 7-day effective yield as of March 31, 2024.
*
Non-income producing security.
See Notes to Financial Statements.
- 31 -
THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1 — General:
The Alger Portfolios (the “Fund”) is an open-end registered investment company organized as a business trust under the laws of  the Commonwealth of Massachusetts. The Fund qualifies as an investment company as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946 – Financial Services – Investment Companies. The Fund operates as a series company currently offering 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 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 (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 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
- 32 -
THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
value determinations subject to the Board’s review and oversight. The Valuation Designee has established a Valuation Committee (“Committee”) comprised of representatives of the Investment Manager and officers of the Portfolios to assist in performing the duties and responsibilities of the Valuation Designee.
The Valuation Designee has established valuation processes, including but not limited to: (i) making fair value determinations when market quotations for financial instruments are not readily available in accordance with valuation policies and procedures adopted by the Board; (ii) assessing and managing material risks associated with fair valuation determinations; (iii) selecting, applying and testing fair valuation methodologies; and (iv) overseeing and evaluating pricing services used by the Portfolios. The Valuation Designee regularly reports its fair valuation determinations and related valuation information to the Board. The Committee generally meets quarterly and on an as-needed basis to review and evaluate the effectiveness of  the valuation policies and procedures in accordance with the requirements of  Rule 2a-5.
Investments in short-term securities held by the Portfolios having a remaining maturity of sixty days or less are valued at amortized cost which approximates market value.  Investments in other open-end investment companies registered under the 1940 Act 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. Debt securities with a remaining maturity of sixty days or less are valued at amortized cost which approximates market value.
- 33 -
THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (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
- 34 -
THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
and the probabilities of success of certain outcomes. Such unobservable market information may be obtained from a company’s financial statements and from industry studies, market data, and market indicators such as benchmarks and indexes. Because of the inherent uncertainty and often limited markets for restricted securities, the valuations assigned to such securities by the Portfolios may significantly differ from the valuations that would have been assigned by the Portfolios had there been an active market for such securities.
NOTE 3 — Fair Value Measurements:
The following is a summary of the inputs used as of March 31, 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
$73,720,063
$73,720,063
$—
$—
Consumer Discretionary
58,846,165
57,776,740
1,069,425
—
Consumer Staples
2,739,600
2,739,600
—
—
Energy
3,592,228
3,592,228
—
—
Financials
22,631,995
22,631,995
—
—
Health Care
60,607,986
60,607,986
—
—
Industrials
39,860,688
39,860,688
—
—
Information Technology
205,919,774
205,919,774
—
—
Materials
6,320,512
6,320,512
—
—
Utilities
310,178
310,178
—
—
TOTAL COMMON STOCKS
$474,549,189
$473,479,764
$1,069,425
$—
PREFERRED STOCKS
 
 
 
 
Information Technology
248,965
—
—
248,965
REAL ESTATE INVESTMENT
TRUST
 
 
 
 
Real Estate
2,731,842
2,731,842
—
—
SPECIAL PURPOSE VEHICLE
 
 
 
 
Information Technology
431,661
—
—
431,661
TOTAL INVESTMENTS IN
SECURITIES
$477,961,657
$476,211,606
$1,069,425
$680,626
- 35 -
THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
 
Alger Large Cap Growth Portfolio
TOTAL
LEVEL 1
LEVEL 2
LEVEL 3
COMMON STOCKS
 
 
 
 
Communication Services
$49,459,289
$49,459,289
$—
$—
Consumer Discretionary
43,715,075
43,715,075
—
—
Energy
2,875,447
2,875,447
—
—
Financials
10,630,305
10,630,305
—
—
Health Care
40,157,467
40,157,467
—
—
Industrials
38,488,946
38,488,946
—
—
Information Technology
114,866,371
114,866,371
—
—
Materials
2,506,103
2,506,103
—
—
Real Estate
7,492,909
7,492,909
—
—
TOTAL COMMON STOCKS
$310,191,912
$310,191,912
$—
$—
Exchange Traded Funds
7,188,454
7,188,454
—
—
Mutual Funds
7,743,083
7,743,083
—
—
SPECIAL PURPOSE VEHICLE
 
 
 
 
Information Technology
1,726,644
—
—
1,726,644
SHORT-TERM INVESTMENTS
 
 
 
 
Money Market Funds
1,853,859
1,853,859
—
—
TOTAL INVESTMENTS IN
SECURITIES
$328,703,952
$326,977,308
$—
$1,726,644
 
Alger Growth & Income Portfolio
TOTAL
LEVEL 1
LEVEL 2
LEVEL 3
COMMON STOCKS
 
 
 
 
Communication Services
$3,824,873
$3,824,873
$—
$—
Consumer Discretionary
3,172,009
3,172,009
—
—
Consumer Staples
2,626,107
2,626,107
—
—
Energy
1,866,693
1,866,693
—
—
Financials
5,509,394
5,509,394
—
—
Health Care
5,145,689
5,145,689
—
—
Industrials
2,764,246
2,764,246
—
—
Information Technology
12,565,453
12,565,453
—
—
Materials
750,403
750,403
—
—
Utilities
637,268
637,268
—
—
TOTAL COMMON STOCKS
$38,862,135
$38,862,135
$—
$—
MASTER LIMITED
PARTNERSHIP
 
 
 
 
Energy
200,276
200,276
—
—
REAL ESTATE INVESTMENT
TRUST
 
 
 
 
Real Estate
1,227,337
1,227,337
—
—
TOTAL INVESTMENTS IN
SECURITIES
$40,289,748
$40,289,748
$—
$—
- 36 -
THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
 
Alger Mid Cap Growth Portfolio
TOTAL
LEVEL 1
LEVEL 2
LEVEL 3
COMMON STOCKS
 
 
 
 
Communication Services
$9,130,631
$9,130,631
$—
$—
Consumer Discretionary
18,382,735
18,382,735
—
—
Consumer Staples
2,574,500
2,574,500
—
—
Energy
3,711,526
3,711,526
—
—
Financials
10,276,726
10,276,726
—
—
Health Care
22,712,770
22,712,770
—
—
Industrials
25,656,054
25,656,054
—
—
Information Technology
37,475,732
37,475,732
—
—
Materials
2,235,356
2,235,356
—
—
Real Estate
6,866,395
6,866,395
—
—
TOTAL COMMON STOCKS
$139,022,425
$139,022,425
$—
$—
Exchange Traded Funds
4,729,990
4,729,990
—
—
PREFERRED STOCKS
 
 
 
 
Health Care
—
1
—
—
—
1
RIGHTS
 
 
 
 
Health Care
272,063
—
—
272,063
SPECIAL PURPOSE VEHICLE
 
 
 
 
Information Technology
1,090,512
—
—
1,090,512
WARRANTS
 
 
 
 
Information Technology
—
2
—
—
2
—
SHORT-TERM INVESTMENTS
 
 
 
 
Money Market Funds
430,757
430,757
—
—
TOTAL INVESTMENTS IN
SECURITIES
$145,545,747
$144,183,172
$—
$1,362,575
 
Alger Small Cap Growth Portfolio
TOTAL
LEVEL 1
LEVEL 2
LEVEL 3
COMMON STOCKS
 
 
 
 
Communication Services
$4,747,125
$4,747,125
$—
$—
Consumer Discretionary
28,066,104
28,066,104
—
—
Consumer Staples
7,070,862
7,070,862
—
—
Energy
7,446,124
7,446,124
—
—
Financials
2,390,128
2,390,128
—
—
Health Care
47,333,351
46,116,496
—
1,216,855
Industrials
13,571,142
13,571,142
—
—
Information Technology
45,911,831
45,911,831
—
—
Materials
2,287,372
2,287,372
—
—
TOTAL COMMON STOCKS
$158,824,039
$157,607,184
$—
$1,216,855
PREFERRED STOCKS
 
 
 
 
Health Care
—
1
—
—
—
1
RIGHTS
 
 
 
 
Health Care
198,509
—
—
198,509
SPECIAL PURPOSE VEHICLE
 
 
 
 
Information Technology
1,544,892
—
—
1,544,892
- 37 -
THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
Alger Small Cap Growth Portfolio
TOTAL
LEVEL 1
LEVEL 2
LEVEL 3
SHORT-TERM INVESTMENTS
 
 
 
 
Money Market Funds
$670,318
$670,318
$—
$—
TOTAL INVESTMENTS IN
SECURITIES
$161,237,758
$158,277,502
$—
$2,960,256
 
Alger Balanced Portfolio
TOTAL
LEVEL 1
LEVEL 2
LEVEL 3
COMMON STOCKS
 
 
 
 
Communication Services
$4,075,519
$4,075,519
$—
$—
Consumer Discretionary
3,373,548
3,373,548
—
—
Consumer Staples
2,785,089
2,785,089
—
—
Energy
1,993,728
1,993,728
—
—
Financials
5,869,018
5,869,018
—
—
Health Care
5,527,337
5,527,337
—
—
Industrials
2,938,549
2,938,549
—
—
Information Technology
13,452,470
13,452,470
—
—
Materials
817,181
817,181
—
—
Utilities
653,718
653,718
—
—
TOTAL COMMON STOCKS
$41,486,157
$41,486,157
$—
$—
CORPORATE BONDS
 
 
 
 
Consumer Discretionary
1,949,421
—
1,949,421
—
Consumer Staples
1,530,977
—
1,530,977
—
Financials
2,007,232
—
2,007,232
—
Health Care
2,941,636
—
2,941,636
—
Industrials
972,385
—
972,385
—
Information Technology
3,137,574
—
3,137,574
—
Materials
509,708
—
509,708
—
Real Estate
1,187,921
—
1,187,921
—
Utilities
501,648
—
501,648
—
TOTAL CORPORATE BONDS
$14,738,502
$—
$14,738,502
$—
MASTER LIMITED
PARTNERSHIP
 
 
 
 
Energy
218,995
218,995
—
—
REAL ESTATE INVESTMENT
TRUST
 
 
 
 
Real Estate
1,287,153
1,287,153
—
—
SHORT-TERM INVESTMENTS
 
 
 
 
Money Market Funds
990,979
990,979
—
—
TOTAL INVESTMENTS IN
SECURITIES
$58,721,786
$43,983,284
$14,738,502
$—
 
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 March 31, 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 March 31, 2024.
- 38 -
THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (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
3,144
Purchases and sales
 
Purchases
—
Sales/Distributions
—
Closing balance at March 31, 2024
248,965
Net change in unrealized appreciation (depreciation) attributable to investments
still held at March 31, 2024
$3,144
 
 
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
5,453
Purchases and sales
 
Purchases
—
Sales/Distributions
—
Closing balance at March 31, 2024
431,661
Net change in unrealized appreciation (depreciation) attributable to investments
still held at March 31, 2024
$5,453
- 39 -
THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (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
21,812
Purchases and sales
 
Purchases
—
Sales/Distributions
—
Closing balance at March 31, 2024
1,726,644
Net change in unrealized appreciation (depreciation) attributable to investments
still held at March 31, 2024
$21,812
 
 
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 March 31, 2024
—*
Net change in unrealized appreciation (depreciation) attributable to investments
still held at March 31, 2024
$—
- 40 -
THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (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
(29,757
)
Purchases and sales
 
Purchases
—
Sales/Distributions
—
Closing balance at March 31, 2024
272,063
Net change in unrealized appreciation (depreciation) attributable to investments
still held at March 31, 2024
$(29,757
)
 
 
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
13,776
Purchases and sales
 
Purchases
—
Sales/Distributions
—
Closing balance at March 31, 2024
1,090,512
Net change in unrealized appreciation (depreciation) attributable to investments
still held at March 31, 2024
$13,776
- 41 -
THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (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
(356,382
)
Included in net change in unrealized appreciation (depreciation) on investments
—
Purchases and sales
 
Purchases
194,850
Sales/Distributions
—
Closing balance at March 31, 2024
1,216,855
Net change in unrealized appreciation (depreciation) attributable to investments
still held at March 31, 2024
$(356,382
)
 
 
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
—
Purchases and sales
 
Purchases
—
Sales/Distributions
—
Closing balance at March 31, 2024
—*
Net change in unrealized appreciation (depreciation) attributable to investments
still held at March 31, 2024
$—
- 42 -
THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (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
(5,850
)
Purchases and sales
 
Purchases
—
Sales/Distributions
—
Closing balance at March 31, 2024
198,509
Net change in unrealized appreciation (depreciation) attributable to investments
still held at March 31, 2024
$(5,850
)
 
 
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
19,516
Purchases and sales
 
Purchases
—
Sales/Distributions
—
Closing balance at March 31, 2024
1,544,892
Net change in unrealized appreciation (depreciation) attributable to investments
still held at March 31, 2024
$19,516
 
*
Includes securities that are fair valued at zero.
The following table provides quantitative information about each Portfolios’ Level 3 fair value measurements of each Portfolios’ investments as of March 31, 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. 
- 43 -
THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
 
 
Fair Value
March 31,
2024
Valuation
Methodology
Unobservable
Input
Input/Range
Weighted
Average Inputs
Alger Capital Appreciation Portfolio
Preferred Stocks
$248,965
Market
Approach
Revenue Multiple
10.50X-12.50X
N/A
Special Purpose
Vehicle
431,661
Market
Approach
Revenue Multiple
10.50X-12.50X
N/A
Alger Large Cap Growth Portfolio
Special Purpose
Vehicle
1,726,644
Market
Approach
Revenue Multiple
10.50X-12.50X
N/A
Alger Mid Cap Growth Portfolio
Preferred Stocks
—*
Income
Approach
Discount Rate
100%
N/A
Rights
272,063
Income
Approach
Discount Rate
Probability of Success
6.96%-8.00%
0.00%-45.00%
N/A
N/A
Special Purpose
Vehicle
1,090,512
Market
Approach
Revenue Multiple
10.50X-12.50X
N/A
Alger Small Cap Growth Portfolio
Common Stocks
1,216,855
Market
Approach
Revenue Multiple
6.00X-7.00X
N/A
Preferred Stocks
—*
Income
Approach
Discount Rate
100%
N/A
Rights1
14,298
Income
Approach
Discount Rate
Probability of Success
5.24%
22.00%
N/A
N/A
Rights2
184,211
Income
Approach
Discount Rate
Probability of Success
6.96%-8.00%
0.00%-45.00%
N/A
N/A
Special Purpose
Vehicle
1,544,892
Market
Approach
Revenue Multiple
10.50X-12.50X
N/A
 
1
Mirati Therapeutics, Inc. CVR
2
Tolero CDR
*
Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of
March 31, 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.
- 44 -
THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
NOTE 4 — Affiliated Securities:
During the three months ended March 31, 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 applicable Portfolios for purposes of the 1940 Act. Transactions during the period ended March 31, 2024 with such affiliated persons are summarized below. During this period, other Portfolios in the Trust may also have held voting shares of the issuers at levels below 5%.
 
Security
Shares
Held at
December 31,
2023
Shares
Purchased
Shares
Sold
Shares
Held at
March 31,
2024
Dividend
Income
Realized
Gain (Loss)
Net Change
in
Unrealized
App(Dep)
Value at
March 31,
2024
Alger Capital Appreciation Portfolio
Special Purpose Vehicle
Crosslink
Ventures C, LLC,
Cl. A1
 
 
 
 
$—
$—
$5,453
$431,661
Total
 
 
 
 
$—
$—
$5,453
$431,661
 
Security
Shares
Held at
December 31,
2023
Shares
Purchased
Shares
Sold
Shares
Held at
March 31,
2024
Dividend
Income
Realized
Gain (Loss)
Net Change
in
Unrealized
App(Dep)
Value at
March 31,
2024
Alger Large Cap Growth Portfolio
Exchange Traded Funds
Alger 35 ETF
355,688
—
—
355,688
$—
$—
$1,024,594
$7,188,454
Mutual Funds
Alger 35 Fund
559,471
—
—
559,471
—
—
1,118,943
7,743,083
Special Purpose Vehicle
Crosslink
Ventures C,
LLC, Cl. A1
 
 
 
 
—
—
21,812
1,726,644
Total
 
 
 
 
$—
$—
$2,165,349
$16,658,181
- 45 -
THE ALGER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (Continued)
 
Security
Shares
Held at
December 31,
2023
Shares
Purchased
Shares
Sold
Shares
Held at
March 31,
2024
Dividend
Income
Realized
Gain (Loss)
Net Change
in
Unrealized
App(Dep)
Value at
March 31,
2024
Alger Mid Cap Growth Portfolio
Exchange Traded Funds
Alger Mid Cap
40 ETF
313,018
—
(14,972
)
298,046
$—
$21,214
$765,799
$4,729,990
Preferred Stocks
Prosetta
Biosciences,
Inc., Series D2
170,419
—
—
170,419
—
—
—
—
3
Special Purpose Vehicle
Crosslink
Ventures C,
LLC, Cl. A1
 
 
 
 
—
—
10,045
795,165
Crosslink
Ventures C,
LLC, Cl. B1
 
 
 
 
—
—
3,731
295,347
Total
 
 
 
 
$—
$21,214
$779,575
$5,820,502
 
Security
Shares
Held at
December 31,
2023
Shares
Purchased
Shares
Sold
Shares
Held at
March 31,
2024
Dividend
Income
Realized
Gain (Loss)
Net Change
in
Unrealized
App(Dep)
Value at
March 31,
2024
Alger Small Cap Growth Portfolio
Preferred Stocks
Prosetta
Biosciences,
Inc., Series D2
85,998
—
—
85,998
$—
$—
$—
$—
3
Special Purpose Vehicle
Crosslink
Ventures C,
LLC, Cl. A1
 
 
 
 
—
—
—
1,272,264
Crosslink
Ventures C,
LLC, Cl. B1
 
 
 
 
—
—
—
272,628
Total
 
 
 
 
$—
$—
$—
$1,544,892
 
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
March 31, 2024.
2
Prosetta Biosciences, Inc., Series D is deemed to be an affiliate of the Funds because the Funds and Prosetta
Biosciences, Inc., Series D are under common control. 
3
Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of
March 31, 2024.
- 46 -