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 |
|
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 |
|
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 |
|
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 |
|
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% |
|
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 |
|
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 |
|
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 |
|
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% |
|
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 |
|
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 |
|
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 |
|
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 |
|
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. |
|
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 |
|
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 |
|
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) |
|
— |
|
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. |
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% |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
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% |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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. |
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 |
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 |
$— |
$— |
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 |
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. |
|
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 |
|
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 |
$— |
|
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 |
|
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 |
$— |
|
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. |
|
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. |
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 |
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. |
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