================================================================================
THE ALGER
DEFINED MEETING THE CHALLENGE
CONTRIBUTION OF INVESTING
TRUST
Alger Defined Contribution
Growth Portfolio
Alger Defined Contribution
Small Cap Portfolio
Alger Defined Contribution
MidCap Growth Portfolio
Alger Defined Contribution
Leveraged AllCap Portfolio
SEMI-ANNUAL April 30, 1995
REPORT (Unaudited)
================================================================================
<PAGE>
FELLOW SHAREHOLDERS: JUNE 20, 1995
ALGER DCT SMALL CAP PORTFOLIO
For the six month period ended April 30, 1995, the Alger DCT Small Cap
Portfolio's total return was 18.47%, significantly outperforming the Wilshire
Small Company Growth Index, which had a total return of 7.85%, for the same
period. The Portfolio's exceptionally strong performance is particularly
gratifying and is in marked contrast to the under performance of small cap
stocks relative to the general market during this period. Since April 30, 1995,
however, small cap performance has gained momentum, with small cap indices such
as the Russell 2000 repeatedly setting and then exceeding new record highs. This
increase in small cap stocks has been due to the recognition that, on a
fundamental basis, small cap stocks are undervalued and positioned for strong
performance in 1995 due to the slowing economic environment. Given the generally
higher earnings growth potential of small cap stocks, such stocks are
increasingly valued by the market as the economy slows and earnings growth
becomes more scarce. Currently, the Portfolio's weighted average one year
earnings growth estimate is in excess of 50%, and, while the median
price/earnings multiple of the Portfolio has expanded somewhat in the past few
months, it is still well below the level to which growth stock multiples
typically expand during periods of market favor.
ALGER DCT GROWTH PORTFOLIO
The Alger DCT Growth Portfolio had a total return of 9.73% for the six months
ended April 30, 1995 versus a total return of 10.47% for the S&P 500. During
this time period, large cap growth stocks, with the exception of certain
technology stocks, generally lagged the rise in blue chip and certain large
multinational stocks. Growth stock under performance during this period was
primarily driven by economic uncertainty resulting in defensive positioning of
investors and the perceived higher multinational content of certain blue chip
and multinational stock earnings which have benefited from weakness in the
dollar. Since April 30, 1995, however, the performance of large cap growth
stocks has improved giving recognition to the undervaluation of growth stocks
due to their significantly higher earnings growth potential than that offered by
other stock sectors in a slowing economic environment.
ALGER DCT MIDCAP GROWTH PORTFOLIO
The total return of the Alger DCT MidCap Growth Portfolio was 11.58% for the six
months ended April 30, 1995, significantly above the S&P MidCap 400 Index total
return of 6.35% for the same period. This strong performance is gratifying and
notable, given the difficult market for growth stocks, with the exception of
certain technology stocks, during most of the period. As is the case for both
small and large cap growth stocks, the performance of mid cap growth stocks in
general has accelerated since April 30, 1995.
ALGER DCT LEVERAGED ALLCAP PORTFOLIO
For the six months ended April 30, 1995, the Alger Leveraged AllCap Portfolio's
total return was 15.97% compared to a total return of 10.47% for the S&P 500.
Despite the poorer performance of growth stocks relative to other stock sectors
during this period, the Portfolio significantly outperformed the S&P 500, due
largely to the more aggressive nature of the Portfolio's investments.
Respectfully submitted,
/S/David D. Alger
David D. Alger
President
<PAGE>
- --------------------------------------------------------------------------------
THE ALGER DEFINED CONTRIBUTION TRUST
ALGER DEFINED CONTRIBUTION GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 1995
SHARES COMMON STOCKS--94.6% VALUE
------ -----
AUTOMOTIVE--.5%
1,200 Chrysler Corporation.................. $ 51,750
-----------
COMMUNICATIONS--10.7%
2,800 ADC Telecommunications Inc.*.......... 92,400
4,400 AirTouch Communications Inc.*......... 118,250
4,500 Century Telephone Enterprises, Inc.... 133,875
4,000 DSC Communications Corporation*....... 148,000
2,500 Motorola Inc.......................... 142,188
2,250 Telephone and Data Systems, Inc....... 83,813
4,000 Tellabs, Inc.*........................ 276,000
3,500 Vodafone Group ADR ................... 111,562
-----------
1,106,088
COMPUTER RELATED &
BUSINESS EQUIPMENT--9.8%
3,000 Bay Networks Inc.*.................... 109,125
3,600 Cisco Systems Inc.*................... 143,550
2,000 Dell Computer Corp.*.................. 109,500
3,200 Hewlett-Packard Co.................... 211,600
2,000 International Business Machines Corp.. 189,500
4,500 3 Com Corp.*.......................... 252,000
-----------
1,015,275
-----------
COMPUTER SOFTWARE--1.9%
5,000 Informix Corp.*....................... 196,875
-----------
COMPUTER TECHNOLOGY--2.0%
5,500 Silicon Graphics Inc.*................ 206,250
-----------
CONSUMER PRODUCTS--8.1%
2,000 The Coca-Cola Company................. 116,250
10,425 CUC International Inc.*............... 411,788
1,200 Gillette Co........................... 98,400
7,700 Nabisco Holdings Corp. Cl.A*.......... 214,638
-----------
841,076
-----------
DEFENSE--5.9%
4,679 Lockheed Martin Corp.................. 270,212
6,000 Loral Corp............................ 282,000
1,000 McDonnell Douglas Corp................ 62,000
-----------
614,212
-----------
FINANCIAL SERVICES--5.3%
2,500 First Financial Management Corp....... 182,813
7,300 Lehman Brothers Holdings, Inc......... 142,350
5,000 Merrill Lynch & Co. Inc............... 227,500
-----------
552,663
-----------
HEALTH CARE--15.0%
4,000 Amgen Inc.*........................... 290,752
3,000 Cardinal Health Inc................... 138,375
1,500 Columbia/HCA Healthcare Corp.......... 63,000
2,000 Forest Laboratories Inc.*............. 90,000
2,300 Lilly (Eli) & Co...................... 171,925
1,700 Johnson & Johnson..................... 110,500
3,200 Medtronic Inc......................... 238,000
5,700 Merck & Co., Inc...................... 244,388
2,400 Pfizer Inc............................ 207,900
-----------
1,554,840
-----------
LEISURE & ENTERTAINMENT--2.1%
4,000 Disney (Walt) Co...................... 221,500
-----------
MACHINERY--1.0%
1,800 Caterpillar Inc....................... 105,300
-----------
MANUFACTURING--1.1%
2,200 Thermo Electron Corp.*................ 118,525
-----------
PAPER PACKAGING
& FOREST PRODUCTS--2.7%
3,900 Alco Standard Corp.................... 276,412
-----------
RESTAURANTS & LODGING--3.3%
9,000 Cracker Barrel Old Country Stores, Inc. 191,250
5,000 Lone Star Steakhouse and Saloon, Inc.* 153,125
-----------
344,375
-----------
RETAILING--9.2%
7,000 Circuit City Stores Inc............... 181,125
3,300 Home Depot Inc........................ 137,775
5,000 Office Depot Inc.*.................... 113,750
7,500 OfficeMax Inc.*....................... 192,188
4,500 Tandy Corporation..................... 222,750
4,000 Viking Office Products Inc.*.......... 110,000
-----------
957,588
-----------
SEMI-CONDUCTORS--10.1%
5,000 Adaptec Inc.*......................... 160,000
1,800 Altera Corp.*......................... 145,575
3,500 Information Storage Devices Inc.*..... 84,000
3,800 Intel Corp............................ 389,025
4,000 LSI Logic Corp.*...................... 266,500
-----------
1,045,100
-----------
SEMI-CONDUCTORS CAPTIAL
EQUIPMENT--3.3%
3,100 Applied Materials Inc.*............... 191,038
4,000 Integrated Device Technology, Inc.*... 152,500
-----------
343,538
-----------
TOBACCO--1.2%
1,800 Philip Morris Companies Inc........... 121,950
-----------
MISCELLANEOUS--1.4%
5,000 Loewen Group Inc...................... 141,015
-----------
Total Common Stock (Cost $8,100,547).. 9,814,332
-----------
PREFERRED STOCK--1.5%
COMMUNICATIONS
3,800 Nokia Corporation, ADR
(Cost $125,123)..................... 155,800
-----------
PRINCIPAL
AMOUNT SHORT-TERM CORPORATE NOTES--1.0%
- --------
$ 104,000 Pennsylvania Power & Light Co.,
5.95%, 5/08/95 (Cost $103,776)...... 103,776
-----------
Total Investments (Cost $8,329,446)(a). 97.1% 10,073,908
Other Assets in Excess of Liabilities 2.9 295,736
----- -----------
Net Assets............................. 100.0% $10,369,644
===== ===========
*Non-income producing security.
(a)At April 30, 1995, the net unrealized appreciation on investments, based on
cost for federal income tax purposes of $8,329,446, amounted to $1,744,462
which consisted of aggregate gross unrealized appreciation of $1,823,151 and
aggregate gross unrealized depreciation of $78,689.
See Notes to Financial Statements.
2
<PAGE>
- --------------------------------------------------------------------------------
THE ALGER DEFINED CONTRIBUTION TRUST
ALGER DEFINED CONTRIBUTION SMALL CAP PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 1995
SHARES COMMON STOCKS--93.2% VALUE
------ -----
APPAREL--2.0%
5,000 Gymboree Corp.*....................... $ 117,500
6,500 Tommy Hilfiger Corporation*........... 149,500
-----------
267,000
-----------
COMMUNICATIONS--13.8%
10,000 DSC Communications Corporation*....... 370,000
7,250 Glenayre Technologies Inc.*........... 445,875
9,000 Network Equipment Technologies Inc.*.. 196,875
3,000 Premisys Communications Inc.*......... 136,500
8,200 Tellabs, Inc.*........................ 565,800
2,000 U.S. Robotics Inc.*................... 158,500
-----------
1,873,550
-----------
COMPUTER RELATED &
BUSINESS EQUIPMENT--6.3%
7,000 Bay Networks Inc.*.................... 254,625
6,150 Chipcom Corporation*.................. 201,413
2,300 Dell Computer Corp.*.................. 125,925
15,000 Pinnacle Systems Inc.*................ 273,750
-----------
855,713
-----------
COMPUTER SOFTWARE--7.3%
2,000 Cheyenne Software Inc.*............... 29,000
8,300 Informix Corp.*....................... 326,812
4,100 Medic Computer Systems Inc.*.......... 180,400
500 Parametric Technology Corp.*.......... 23,750
11,500 S3 Inc.*.............................. 265,938
7,000 Softkey International Inc.*........... 171,500
-----------
997,400
-----------
COMPUTER TECHNOLOGY--3.8%
11,000 ADFlex Solutions Inc.*................ 266,750
4,800 Merix Corporation*.................... 109,200
3,900 Sanmina Corp.*........................ 133,088
-----------
509,038
-----------
ELECTRONICS--1.3%
4,000 Electronics For Imaging Inc.*......... 182,000
-----------
FINANCIAL SERVICES--.4%
5,000 Olympic Financial Ltd.*............... 60,625
-----------
FREIGHT--1.6%
7,500 Landstar Systems Inc.*................ 217,500
-----------
HEALTH CARE--3.6%
2,000 HBO & Co.............................. 91,500
3,000 MediSense Inc.*....................... 48,375
1,500 Omnicare Inc.......................... 72,938
5,050 PhyCor Inc.*.......................... 160,337
5,100 Surgical Care Afffiliates Inc......... 118,575
-----------
491,725
-----------
LEISURE & ENTERTAINMENT--2.8%
6,000 Arctco Inc............................ 85,500
7,000 Callaway Golf Corp.................... 86,625
10,000 Graff Pay-Per-View*................... 120,000
3,000 Movie Gallery Inc.*................... 93,750
-----------
385,875
-----------
MANUFACTURING--1.1%
3,000 BMC Industries Inc.*.................. $ 54,000
3,000 Wabash National Corp.................. 93,375
-----------
147,375
-----------
POLLUTION CONTROL--2.3%
3,500 United Waste Systems Inc.*............ 98,875
14,500 USA Waste Services Inc.*.............. 217,500
-----------
316,375
-----------
RESTAURANTS & LODGING--9.1%
6,000 Apple South Inc....................... 87,000
5,000 Applebee's International Inc.......... 110,000
5,000 Cracker Barrel Old Country Stores, Inc. 106,250
9,600 Landry's Seafood Restaurants Inc.*.... 332,400
11,900 Lone Star Steakhouse and Saloon, Inc.* 364,438
9,499 Outback Steakhouse Inc.*.............. 239,850
-----------
1,239,938
-----------
RETAILING--6.6%
6,250 Dollar General Corp................... 145,312
5,700 Fabri-Centers of America Inc.*........ 105,450
4,000 Guest Supply Inc.*.................... 84,000
11,000 OfficeMax Inc.*....................... 281,875
10,000 Sports & Recreation Inc.*............. 117,500
5,934 Viking Office Products Inc.*.......... 163,185
-----------
897,322
-----------
SEMI-CONDUCTORS--17.4%
10,700 Adaptec Inc.*......................... 342,400
6,500 Alliance Semiconductor Corp.*......... 264,875
4,600 Altera Corp.*......................... 372,025
2,500 Integrated Silicon Solution Inc.*..... 96,250
6,750 Linear Technology Corporation......... 403,312
20,500 Micro Linear Corporation*............. 246,000
10,000 Microchip Technology Inc.*............ 282,500
5,000 Orbit Semiconductor, Inc.*............ 76,250
25,000 Quality Semiconductor, Inc.*.......... 281,250
-----------
2,364,862
-----------
SEMI-CONDUCTORS CAPITAL
EQUIPMENT--13.8%
8,000 GaSonics International Corp.*......... 184,000
9,000 Integrated Device Technology Inc.*.... 343,125
7,000 Lam Research Corp.*................... 353,500
7,000 PRI Automation Inc.*.................. 183,750
10,000 Semitool Inc.*........................ 237,500
5,700 Silicon Valley Group Inc.*............ 165,300
6,000 Tencor Instruments*................... 406,500
-----------
1,873,675
-----------
Total Common Stock (Cost $10,123,695). 12,679,973
-----------
PRINCIPAL
AMOUNT SHORT-TERM CORPORATE NOTES--6.7%
- ---------
$ 106,000 Country Funding Corp.,
5.97%, 5/09/95........................ 105,859
400,000 Merrill Lynch & Co. Inc.,
5.95%, 5/05/95........................ 399,735
400,000 Progress Funding Corp. (Series B),
5.98%, 5/04/95(a)..................... 399,801
-----------
Total Short-Term Corporate Notes
(Cost $905,395)..................... 905,395
-----------
Total Investments (Cost $11,029,090)(b) 99.9% 13,585,368
Other Assets in Excess of Liabilities.. .1 17,860
----- -----------
Net Assets............................. 100.0% $13,603,228
===== ===========
*Non-income producing security.
(a)Pursuant to Securities and Exchange Commission Rule 144A, these securities
may be sold prior to their maturity only to qualified institutional buyers.
(b)At April 30, 1995, the net unrealized appreciation on investments, based on
cost for federal income tax purposes of $11,029,090, amounted to $2,556,278
which consisted of aggregate gross unrealized appreciation of $2,911,097 and
aggregate gross unrealized depreciation of $354,819.
See Notes to Financial Statements.
3
<PAGE>
- --------------------------------------------------------------------------------
THE ALGER DEFINED CONTRIBUTION TRUST
ALGER DEFINED CONTRIBUTION MIDCAP GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 1995
SHARES COMMON STOCKS--95.4% VALUE
------ -----
APPAREL--3.1%
5,000 AnnTaylor Stores Corporation*......... $ 125,625
5,000 Tommy Hilfiger Corporation*........... 115,000
-----------
240,625
-----------
COMMUNICATIONS--12.9%
2,800 ADC Telecommunications Inc.*.......... 92,400
5,000 Century Telephone Enterprises, Inc.... 148,750
3,400 DSC Communications Corporation*....... 125,800
2,700 Glenayre Technologies Inc.*........... 166,050
4,000 Mobile Telecommunications
Technologies Corp.*................. 94,500
1,700 Telephone and Data Systems, Inc....... 63,325
4,500 Tellabs, Inc.*........................ 310,500
-----------
1,001,325
-----------
COMPUTER RELATED &
BUSINESS EQUIPMENT--14.5%
4,200 Bay Networks Inc.*.................... 152,775
3,000 Chipcom Corporation*.................. 98,250
2,700 Cisco Systems Inc.*................... 107,663
2,400 Dell Computer Corp.*.................. 131,400
1,700 Paychex Inc........................... 80,962
15,000 Pinnacle Systems, Inc.*............... 273,750
5,000 3 Com Corp.*.......................... 280,000
-----------
1,124,800
-----------
COMPUTER SOFTWARE--1.5%
3,000 Informix Corp.*....................... 118,125
-----------
DEFENSE--2.7%
4,400 Loral Corp............................ 206,800
-----------
FINANCIAL SERVICES--4.3%
3,000 Advanta Corp., Class B ............... 96,750
3,600 Lehman Brothers Holdings, Inc......... 70,200
4,800 Charles Schwab Corp................... 164,400
-----------
331,350
-----------
FREIGHT--.7%
2,000 Landstar Systems Inc.*................ 58,000
-----------
HEALTH CARE--8.8%
1,500 Amgen Inc.*........................... 109,031
1,700 Cardinal Health Inc................... 78,413
1,500 Forest Laboratories Inc............... 67,500
3,700 Health Management Associates Inc.
Cl. A*.............................. 107,300
1,000 Integrated Health Services Inc.*...... 34,625
1,500 Scherer (R.P.) Corp.*................. 71,625
6,200 Surgical Care Affiliates Inc.......... 144,150
2,000 Sybron International Corp.*........... 74,250
-----------
686,894
-----------
LEISURE & ENTERTAINMENT--6.5%
9,200 Callaway Golf Corp.................... 113,850
7,000 Carnival Corporation Class A.......... 174,125
3,500 Circus Circus Enterprises, Inc.*...... 115,938
3,300 Mirage Resorts Inc.*.................. 99,000
-----------
502,913
-----------
MANUFACTURING--2.6%
1,500 Thermo Electron Corp.*................ 80,813
4,000 Wabash National Corp.................. 124,500
-----------
205,313
-----------
RESTAURANTS & LODGING--6.8%
7,900 Cracker Barrel Old Country Stores, Inc. 167,875
7,100 Lone Star Steakhouse and Saloon, Inc.* 217,437
5,500 Outback Steakhouse Inc.*.............. 138,875
-----------
524,187
-----------
RETAILING--12.6%
5,600 Circuit City Stores Inc............... 144,900
6,250 Dollar General Corp................... 145,312
5,000 Office Depot Inc.*.................... 113,750
9,000 OfficeMax Inc.*....................... 230,625
4,600 Tandy Corporation..................... 227,700
4,132 Viking Office Products Inc.*.......... 113,630
-----------
975,917
-----------
SEMI-CONDUCTORS--10.6%
5,800 Adaptec Inc.*......................... 185,600
2,600 Altera Corp.*......................... 210,275
3,000 LSI Logic Corp.*...................... 199,875
3,750 Linear Technology Corporation......... 224,063
-----------
819,813
-----------
SEMI-CONDUCTORS CAPITAL
EQUIPMENT--6.0%
3,500 Applied Materials Inc.*............... 215,688
2,000 Integrated Device Technology, Inc.*... 76,250
2,000 Lam Research Corp.*................... 101,000
2,500 Silicon Valley Group Inc.*............ 72,500
-----------
465,438
-----------
MISCELLANEOUS--1.8%
5,000 Loewen Group Inc...................... 141,015
-----------
Total Common Stocks (Cost $5,921,617). 7,402,515
-----------
PREFERRED STOCK--1.6%
COMMUNICATIONS
3,000 Nokia Corporation, ADR
(Cost $99,099)........................ 123,000
-----------
PRINCIPAL
AMOUNT SHORT-TERM CORPORATE NOTES--2.9%
- ---------
$ 225,000 Progress Funding Corp. (Series B),
5.98%, 5/04/95(a) (Cost $224,887)... 224,887
-----------
Total Investments (Cost $6,245,603)(b). 99.9% 7,750,402
Other Assets in Excess of Liabilities.. .1 5,004
----- ----------
Net Assets............................. 100.0% $7,755,406
===== ==========
*Non-income producing security.
(a)Pursuant to Securities and Exchange Commission Rule 144A, these securities
may be sold prior to their maturity only to qualified institutional buyers.
(b)At April 30, 1995, the net unrealized appreciation on investments, based on
cost for federal income tax purposes of $6,245,603, amounted to $1,504,799
which consisted of aggregate gross unrealized appreciation of $1,756,011 and
aggregate gross unrealized depreciation of $251,212.
See Notes to Financial Statements.
4
<PAGE>
- --------------------------------------------------------------------------------
THE ALGER DEFINED CONTRIBUTION TRUST
ALGER DEFINED CONTRIBUTION LEVERAGED ALLCAP PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 1995
SHARES COMMON STOCKS--99.1% VALUE
------ -----
APPAREL--.7%
2,000 Tommy Hilfiger Corporation*........... $ 46,000
-----------
AUTOMOTIVE--.6%
800 Chrysler Corporation.................. 34,500
-----------
COMMUNICATIONS--13.8%
4,600 ADC Telecommunications Inc.*.......... 151,800
3,400 Century Telephone Enterprises, Inc.... 101,150
2,900 DSC Communications Corporation*....... 107,300
2,300 General Instrument Corp.*............. 78,488
4,900 Network Equipment Technologies Inc.*.. 107,188
4,000 Tekelec Inc.*......................... 98,000
3,000 Tellabs, Inc.*........................ 207,000
-----------
850,926
-----------
COMPUTER RELATED &
BUSINESS EQUIPMENT--13.3%
3,100 Bay Networks Inc.*+................... 112,762
2,100 Cisco Systems Inc.*................... 83,738
2,000 Dell Computer Corp.*.................. 109,500
2,920 Hewlett-Packard Co.................... 193,085
1,300 International Business Machines Corp.. 123,175
4,500 Pinnacle Systems Inc.*................ 82,125
2,100 3 Com Corp.*.......................... 117,600
-----------
821,985
-----------
COMPUTER SOFTWARE--9.4%
4,000 Informix Corp.*....................... 157,500
2,500 Parametric Technology Corp.*.......... 118,750
7,500 S3 Inc.*.............................. 173,438
4,000 Wonderware Corp.*..................... 132,500
-----------
582,188
-----------
COMPUTER TECHNOLOGY--4.1%
4,000 ADFlex Solutions Inc.*................ 97,000
3,800 Open Environment Corp.*............... 66,500
2,400 Silicon Graphics Corp.*............... 90,000
-----------
253,500
-----------
DEFENSE--2.6%
2,804 Lockheed Martin Corp.................. 161,930
-----------
ELECTRONICS--2.4%
3,200 Electronics For Imaging Inc.*......... 145,600
-----------
FINANCIAL SERVICES--3.1%
3,600 Advanta Corp., Class B................ 116,100
2,500 Lehman Brothers Holdings, Inc......... 48,750
400 Morgan Stanley Group Inc.............. 27,800
-----------
192,650
-----------
HEALTH CARE--7.9%
1,700 Amgen Corp.*.......................... 123,570
1,700 Columbia/HCA Healthcare Corp.......... 71,400
700 Integrated Health Services Inc.*...... 24,238
1,000 Lilly (Eli) Co........................ 74,750
1,400 Medtronic Inc......................... 104,125
1,300 Merck & Co............................ 55,738
1,000 Sybron International Corp.*........... 37,125
-----------
490,946
-----------
LEISURE & ENTERTAINMENT--2.5%
3,200 Carnival Corporation Class A.......... 79,600
2,500 Mirage Resorts Inc.*.................. 75,000
-----------
154,600
-----------
MANUFACTURING--.5%
600 Thermo Electron Corp.*................ 32,325
-----------
PAPER PACKAGING
& FOREST PRODUCTS--.4%
3,000 Grupo Industrial Durango
S.A. de C.V., ADR* ................. 24,000
-----------
POLLUTION CONTROL--.9%
3,500 USA Waste Services Inc.*.............. 52,500
-----------
RESTAURANTS & LODGING--5.2%
5,200 Cracker Barrel Old Country Stores, Inc. 110,500
5,400 Lone Star Steakhouse and Saloon, Inc.* 165,375
1,800 Outback Steakhouse Inc.*.............. 45,450
-----------
321,325
-----------
RETAILING--6.4%
2,400 Circuit City Stores Inc............... 62,100
2,900 Dollar General Corp................... 67,425
2,000 Home Depot Inc........................ 83,500
3,000 OfficeMax Inc.*....................... 76,875
3,600 Sports & Recreation Inc.*............. 42,300
1,300 Tandy Corporation..................... 64,350
-----------
396,550
-----------
SEMI-CONDUCTORS--19.1%
2,900 Adaptec Inc.* ........................ 92,800
2,200 Altera Corp.*......................... 177,925
1,000 Information Storage Devices Inc.*..... 24,000
900 Intel Corp............................ 92,138
1,500 LSI Logic Corp.*...................... 99,937
2,400 Linear Technology Corporation......... 143,400
4,500 Micrel Inc.*.......................... 79,875
16,500 Micro Linear Corporation*............. 198,000
900 Microchip Technology Inc.*............ 25,425
12,000 Orbit Semiconductor, Inc.*............ 183,000
5,500 Quality Semiconductor Inc.*........... 61,875
-----------
1,178,375
-----------
SEMI-CONDUCTORS
CAPITAL EQUIPMENT--6.0%
1,800 Applied Materials Inc.* .............. 110,925
3,200 Integrated Device Technology Inc.*.... 122,000
5,700 Semitool Inc.*+....................... 135,375
-----------
368,300
-----------
TRUCKING--.2%
1,000 Covenant Transport Inc. Cl. A.*....... 15,250
-----------
Total Common Stocks (Cost $5,079,066). 6,123,450
-----------
5
<PAGE>
- --------------------------------------------------------------------------------
THE ALGER DEFINED CONTRIBUTION TRUST
ALGER DEFINED CONTRIBUTION LEVERAGED ALLCAP PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
April 30, 1995
SHARES VALUE
------ -----
PREFERRED STOCK--1.3%
COMMUNICATIONS
2,000 Nokia Corporation, ADR
(Cost $73,991)...................... $ 82,000
-----------
WARRANTS--.7%
SEMI-CONDUCTORS
1,100 Intel Corp. Warrants,
expires 3/14/98
(Cost $33,137)...................... 39,944
-----------
Total Investments (Cost $5,186,194)(a). 101.1% 6,245,394
Liabilities in Excess of Other Assets.. (1.1) (68,980)
----- ----------
Net Assets............................. 100.0% $6,176,414
===== ==========
+Securities partially or fully pledged (see note 5).
*Non-income producing security.
(a)At April 30, 1995, the net unrealized appreciation on investments, based on
cost for federal income tax purposes of $5,186,194, amounted to $1,059,200
which consisted of aggregate gross unrealized appreciation of $1,234,544 and
aggregate gross unrealized depreciation of $175,344.
See Notes to Financial Statements.
6
<PAGE>
- --------------------------------------------------------------------------------
THE ALGER DEFINED CONTRIBUTION TRUST
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)
April 30, 1995
<TABLE>
<CAPTION>
MIDCAP LEVERAGED
GROWTH SMALL CAP GROWTH ALLCAP
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
ASSETS:
Investments in securities, at value (identified cost*)-
see accompanying schedules of investments............. $10,073,908 $13,585,368 $7,750,402 $6,245,394
Cash.................................................... 13,555 797 36,852 5,350
Receivable for investment securities sold............... 397,274 70,023 83,011 77,964
Receivable for shares of beneficial interest sold....... -- 71,333 -- --
Dividends receivable.................................... 1,681 473 704 417
Organizational expenses, net............................ 2,467 2,467 2,467 2,467
Prepaid expenses........................................ 973 931 846 845
----------- ----------- ---------- ----------
Total Assets........................................ 10,489,858 13,731,392 7,874,282 6,332,437
----------- ----------- ---------- ----------
LIABILITIES:
Payable for investment securities purchased............. 107,250 111,625 107,250 81,563
Demand loan payable to bank............................. -- -- -- 61,600
Interest payable........................................ -- -- -- 1,637
Accrued investment management fees...................... 6,196 9,017 4,915 4,134
Accrued expenses........................................ 6,768 7,522 6,711 7,089
----------- ----------- ---------- ----------
Total Liabilities................................... 120,214 128,164 118,876 156,023
----------- ----------- ---------- ----------
NET ASSETS.............................................. $10,369,644 $13,603,228 $7,755,406 $6,176,414
=========== =========== ========== ==========
Net Assets Consists of:
Paid-in capital....................................... $ 5,479,461 $10,505,211 $5,287,054 $3,607,332
Undistributed net investment income
(accumulated loss).................................. (23,373) (96,972) (72,986) (175,061)
Undistributed net realized gain....................... 3,169,094 638,711 1,036,539 1,684,943
Net unrealized appreciation........................... 1,744,462 2,556,278 1,504,799 1,059,200
----------- ----------- ---------- ----------
NET ASSETS.............................................. $10,369,644 $13,603,228 $7,755,406 $6,176,414
=========== =========== ========== ==========
Shares of beneficial interest outstanding--Note 6........ 910,745 1,059,884 596,082 528,293
=========== =========== ========== ==========
NET ASSET VALUE PER SHARE............................... $ 11.39 $ 12.83 $ 13.01 $ 11.69
=========== =========== ========== ==========
*Identified cost........................................ $ 8,329,446 $11,029,090 $6,245,603 $5,186,194
=========== =========== ========== ==========
</TABLE>
See Notes to Financial Statements.
7
<PAGE>
- --------------------------------------------------------------------------------
THE ALGER DEFINED CONTRIBUTION TRUST
STATEMENTS OF OPERATIONS (Unaudited)
For the Six Months ended April 30, 1995
<TABLE>
<CAPTION>
MIDCAP LEVERAGED
GROWTH SMALL CAP GROWTH ALLCAP
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Income:
Dividends............................................. $ 40,050 $ 5,532 $ 10,342 $ 12,345
Interest.............................................. 15,449 25,478 13,854 --
--------- ---------- --------- ---------
Total Income........................................ 55,499 31,010 24,196 12,345
--------- ---------- --------- ---------
Expenses:
Management fees--Note 3(a)............................. 35,078 46,011 27,534 22,357
Interest expense...................................... -- -- -- 23,345
Custodian fees........................................ 2,652 4,007 2,328 4,138
Transfer agent fees--Note 3(c)......................... 1,240 1,240 1,240 1,240
Professional fees..................................... 4,259 4,259 4,259 4,259
Trustees' fees........................................ 2,976 2,976 2,976 2,976
Registration fees..................................... 5,485 6,474 5,378 5,314
Miscellaneous......................................... 2,080 2,099 1,979 1,938
--------- ---------- --------- ---------
Total Expenses...................................... 53,770 67,066 45,694 65,567
--------- ---------- --------- ---------
NET INVESTMENT INCOME (LOSS)............................ 1,729 (36,056) (21,498) (53,222)
--------- ---------- --------- ---------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain on investments...................... 1,051,949 565,649 197,556 310,828
Net change in unrealized appreciation (depreciation)
on investments...................................... (134,456) 1,488,322 626,289 592,806
--------- ---------- --------- ---------
Net realized and unrealized gain
on investments...................................... 917,493 2,053,971 823,845 903,634
--------- ---------- --------- ---------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS..................................... $ 919,222 $2,017,915 $ 802,347 $ 850,412
========= ========== ========= =========
</TABLE>
See Notes to Financial Statements.
8
<PAGE>
- --------------------------------------------------------------------------------
THE ALGER DEFINED CONTRIBUTION TRUST
ALGER DEFINED LEVERAGED ALLCAP PORTFOLIO
STATEMENT OF CASH FLOWS (Unaudited)
For the Six Months ended April 30, 1995
- --------------------------------------------------------------------------------
INCREASE (DECREASE) IN CASH:
Cash flows from operating activities:
Dividends received............................................. $ 12,681
Interest paid.................................................. (23,762)
Operating expenses paid........................................ (47,237)
Proceeds from disposition of short-term securities, net........ 370,701
Purchase of portfolio securities............................... (4,795,842)
Proceeds from disposition of portfolio securities.............. 5,296,559
Other.......................................................... 6,020
-----------
Net cash provided by operating activities.................... 819,120
-----------
Cash flows from financing activities:
Proceeds from shares sold...................................... 96,604
Payments on shares redeemed.................................... (17,007)
Repayment of bank borrowings................................... (894,000)
-----------
Net cash (used) for financing activities..................... (814,403)
-----------
Net increase in cash............................................. 4,717
Cash--beginning of period........................................ 633
-----------
Cash--end of period............................................... $ 5,350
===========
Reconciliation of net increase in net assets
to net cash provided by operations:
Net increase in net assets resulting from operations........... $ 850,412
Decrease in investments........................................ 1,262,093
Increase in receivable for investment securities sold.......... (64,964)
Decrease in dividends receivable............................... 336
Decrease in payable for investment securities purchased........ (325,711)
Net realized gain............................................... (310,828)
Net increase in unrealized appreciation........................ (592,806)
Decrease in accrued expenses................................... (5,780)
Net decrease in other assets................................... 6,368
-----------
Net cash provided by operating activities.................... $ 819,120
-----------
See Notes to Financial Statements.
9
<PAGE>
- --------------------------------------------------------------------------------
THE ALGER DEFINED CONTRIBUTION TRUST
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
For the Six Months ended April 30, 1995
<TABLE>
<CAPTION>
MIDCAP LEVERAGED
GROWTH SMALL CAP GROWTH ALLCAP
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ------------ -------------
<S> <C> <C> <C> <C>
Net investment income (loss) ................................... $ 1,729 $ (36,056) $ (21,498) $ (53,222)
Net realized gain on investments ............................... 1,051,949 565,649 197,556 310,828
Net change in unrealized appreciation (depreciation)
on investments ............................................... (134,456) 1,488,322 626,289 592,806
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations ......... 919,222 2,017,915 802,347 850,412
Net increase from shares of beneficial
interest transactions--Note 6 ................................ 85,807 2,072,771 179,051 75,495
------------ ------------ ------------ ------------
Total increase ............................................. 1,005,029 4,090,686 981,398 925,907
Net Assets:
Beginning of period .......................................... 9,364,615 9,512,542 6,774,008 5,250,507
------------ ------------ ------------ ------------
End of period ................................................ $ 10,369,644 $ 13,603,228 $ 7,755,406 $ 6,176,414
============ ============ ============ ============
Undistributed net investment income (accumulated loss) ......... $ (23,373) $ (96,972) $ (72,986) $ (175,061)
============ ============ ============ ============
</TABLE>
- --------------------------------------------------------------------------------
THE ALGER DEFINED CONTRIBUTION TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
For the period November 8, 1993 (commencement of operations) through October 31, 1994
<CAPTION>
MIDCAP LEVERAGED
GROWTH SMALL CAP GROWTH ALLCAP
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
Net investment (loss) .......................................... $ (25,102) $ (60,916) $ (51,488) $ (121,839)
Net realized gain on investments ............................... 2,117,145 73,062 838,983 1,374,115
Net change in unrealized appreciation on investments ........... 1,878,918 1,067,956 878,510 466,394
----------- ----------- ----------- -----------
Net increase in net assets resulting from operations ......... 3,970,961 1,080,102 1,666,005 1,718,670
Net increase from shares of beneficial
interest transactions--Note 6 ................................ 5,360,654 8,431,440 5,075,003 3,498,837
----------- ----------- ----------- -----------
Total increase ............................................. 9,331,615 9,511,542 6,741,008 5,217,507
Net Assets:
Beginning of period .......................................... 33,000 1,000 33,000 33,000
----------- ----------- ----------- -----------
End of period ................................................ $ 9,364,615 $ 9,512,542 $ 6,774,008 $ 5,250,507
=========== =========== =========== ===========
Undistributed net investment income (accumulated loss) ......... $ (25,102) $ (60,916) $ (51,488) $ (121,839)
=========== =========== =========== ===========
</TABLE>
See Notes to Financial Statements.
10
<PAGE>
- --------------------------------------------------------------------------------
THE ALGER DEFINED CONTRIBUTION TRUST
FINANCIAL HIGHLIGHTS (Unaudited)
For a share outstanding throughout the period
Six Months ended April 30, 1995*
<TABLE>
<CAPTION>
MIDCAP LEVERAGED
GROWTH SMALL CAP GROWTH ALLCAP
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------- --------- --------- ---------
<S> <C> <C> <C> <C>
Net asset value, beginning of period.................... $ 10.38 $ 10.83 $ 11.66 $ 10.08
-------- -------- ------- ---------
Net investment (loss) ............................................... -- (0.02) (0.03) (0.10)
Net realized and unrealized gain on investments ..................... 1.01 2.02 1.38 1.71
---- ---- ---- ----
Total from investment operations ................................ 1.01 2.00 1.35 1.61
---- ---- ---- ----
Net asset value, end of period ...................................... $ 11.39 $ 12.83 $ 13.01 $ 11.69
======== ======== ======= =========
Total Return ........................................................ 9.7% 18.5% 11.6% 16.0%
======== ======== ======= =========
Ratios and Supplemental Data:
Net assets, end of period (000's omitted) ......................... $ 10,370 $ 13,603 $ 7,755 $ 6,176
======== ======== ======= =========
Ratio of expenses excluding interest
to average net assets ........................................... 1.15% 1.24% 1.33% 1.60%
======== ======== ======= =========
Ratio of expenses including interest
to average net assets ........................................... 1.15% 1.24% 1.33% 2.49%
======== ======== ======= =========
Ratio of net investment income (loss)
to average net assets ........................................... .04% (.67%) (.62%) (2.02%)
======== ======== ======= =========
Portfolio Turnover Rate ............................................. 65.39% 60.47% 56.93% 75.43%
======== ======== ======= =========
Debt outstanding at end of period.................................................................................. $ 61,600
=========
Average amount of debt outstanding during the period............................................................... $ 547,000
=========
Average daily number of shares outstanding during the period....................................................... 524,650
=======
Average amount of debt per share during the period................................................................. $ 1.04
=========
</TABLE>
- --------------------------------------------------------------------------------
THE ALGER DEFINED CONTRIBUTION TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout the period
November 8, 1993 (commencement of operations) through October 31, 1994*
<TABLE>
<CAPTION>
MIDCAP LEVERAGED
GROWTH SMALL CAP GROWTH ALLCAP
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Net asset value, beginning of period.................... $ 10.00 $ 10.00 $ 10.00 $ 10.00
------- -------- -------- ---------
Net investment (loss) .............................................. (0.03) (0.07) (0.09) (0.23)
Net realized and unrealized gain on investments .................... .41 .90 1.75 0.31
------- -------- -------- ---------
Total from investment operations ............................... .38 .83 1.66 .08
------- -------- -------- ---------
Net asset value, end of period ..................................... $ 10.38 $ 10.83 $ 11.66 $ 10.08
======= ======== ======== =========
Total Return ....................................................... 3.8% 8.3% 16.6% .8%
======= ======== ======== =========
Ratios and Supplemental Data:
Net assets, end of period (000's omitted)............. $ 9,365 $ 9,513 $ 6,774 $ 5,251
======= ======== ======== =========
Ratio of expenses excluding interest
to average net assets .......................................... 1.26% 1.47% 1.53% 1.78%
======= ======== ======== =========
Ratio of expenses including interest
to average net assets .......................................... 1.26% 1.47% 1.53% 2.87%
======= ======== ======== =========
Ratio of net investment income (loss)
to average net assets .......................................... (.29%) (.80%) (.89%) (2.53%)
======= ======== ======== =========
Portfolio Turnover Rate ............................................ 103.79% 186.76% 134.06% 229.11%
======= ======== ======== =========
Debt outstanding at end of period.................................................................................. $955,600
========
Average amount of debt outstanding during the period............................................................... $826,076
========
Average daily number of shares outstanding during the period....................................................... 515,270
=======
Average amount of debt per share during the period................................................................. $ 1.60
========
</TABLE>
- --------------
* Ratios have been annualized; total return has not been annualized.
See Notes to Financial Statements.
11
<PAGE>
- --------------------------------------------------------------------------------
THE ALGER DEFINED CONTRIBUTION TRUST
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--General:
The Alger Defined Contribution Trust (the "Fund") is a diversified, open-end
registered investment company organized as an unincorporated business trust
under the laws of the Commonwealth of Massachusetts. The Fund operates as a
series company and currently issues four classes of shares of beneficial
interest --Growth Portfolio, Small Cap Portfolio, MidCap Growth Portfolio and
Leveraged AllCap Portfolio (the "Portfolios").
NOTE 2--Significant Accounting Policies:
(a) INVESTMENT VALUATION: Investments of the Portfolios are valued on each
day the New York Stock Exchange (the "NYSE") is open as of the close of the NYSE
(currently 4:00 p.m. Eastern time). Listed and unlisted securities for which
such information is regularly reported are valued at the last reported sales
price or, in the absence of reported sales, at the mean between the bid and
asked price or, in the absence of a recent bid or asked price, the equivalent as
obtained from one or more of the major market makers for the securities to be
valued.
Securities for which market quotations are not readily available are valued
at fair value, as determined in good faith pursuant to procedures established by
the Board of Trustees.
Short-term securities having a remaining maturity of sixty days or less are
valued at amortized cost which approximates market value.
(b) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions
are recorded on a trade date basis. Realized gains and losses from securities
transactions are recorded on the identified cost basis. Dividend income is
recognized on the ex-dividend date and interest income is recognized on the
accrual basis.
(c) DIVIDENDS TO SHAREHOLDERS: Dividends payable to shareholders are recorded
on the ex-dividend date. With respect to all Portfolios, dividends from net
investment income and dividends from net realized gains, offset by any loss
carry forward, are declared and paid annually after the end of the fiscal year
in which earned.
(d) FEDERAL INCOME TAXES: It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of its taxable income to its shareholders.
Therefore, no federal income tax provision is required. Each Portfolio is
treated as a separate entity for the purpose of determining such compliance.
(e) EXPENSES: The Fund accounts separately for the assets, liabilities and
operations of each Portfolio. Expenses directly attributable to each Portfolio
are charged to that Portfolio's operations; expenses which are applicable to all
Portfolios are allocated among them. Organizational expenses are being amortized
from the date operations commenced over a five year period.
NOTE 3--Investment Management Fees and Other Transactions with Affiliates:
(a) INVESTMENT MANAGEMENT FEES: Fees incurred by each Portfolio, pursuant to
the provisions of Investment Management Agreements (the "Agreements") with Fred
Alger Management, Inc. ("Alger Management"), are payable monthly and computed
based on the value of the average daily net assets of each Portfolio at the
following annual rates:
Growth Portfolio............................. .75%
Small Cap Portfolio.......................... .85
MidCap Growth Portfolio...................... .80
Leveraged AllCap Portfolio................... .85
The Agreements further provide that if in any fiscal year the aggregate
expenses of any Portfolio, excluding interest, taxes, brokerage commissions,
distribution fees and extraordinary expenses, exceed the expense limitation of
any state securities laws having jurisdiction over a Portfolio, Alger Management
will reimburse that Portfolio for the excess expense to the extent required by
such state laws.
(b) BROKERAGE COMMISSIONS: During the six months ended April 30, 1995, the
Growth Portfolio, the Small Cap Portfolio, the MidCap Growth Portfolio and the
Leveraged AllCap Portfolio paid Fred Alger & Company, Incorporated ("Alger,
Inc."), the Fund's distributor, commissions of $14,082, $8,250, $10,238 and
$5,733, respectively, in connection with securities transactions.
(c) TRANSFER AGENT FEES: Alger Shareholder Services, Inc. ("Alger Services"),
an affiliate of Alger Management, serves as transfer agent for the Fund. During
the six months ended April 30, 1995, each Portfolio incurred fees of $1,240, for
services provided by Alger Services.
(d) OTHER TRANSACTIONS WITH AFFILIATES: Certain trustees and officers of the
Fund are directors and officers of Alger Management, Alger, Inc. and Alger
Services. At April 30, 1995, Alger Management and its affiliates owned 910,745
shares, 656,191 shares, 596,082 shares and 528,293 shares of the Growth
Portfolio, the Small Cap Portfolio, the MidCap Growth Portfolio and the
Leveraged AllCap Portfolio, respectively.
NOTE 4--Securities Transactions:
The following summarizes the securities transactions by the Fund, other than
short-term securities, for the six months ended April 30, 1995:
PURCHASES SALES
--------- -----
Growth Portfolio.................. $5,911,571 $5,853,072
Small Cap Portfolio............... 8,665,096 6,099,665
MidCap Growth Portfolio........... 4,302,489 3,710,014
Leveraged AllCap Portfolio........ 4,470,130 5,361,529
12
<PAGE>
- --------------------------------------------------------------------------------
THE ALGER DEFINED CONTRIBUTION TRUST
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 5--Short-Term Borrowings:
The Leveraged AllCap Portfolio has a line of credit with a bank whereby it
may borrow up to 1/3 of its assets, as defined, up to a maximum of $25,000,000.
Such borrowings are collateralized by securities owned by the Portfolio, have a
variable interest rate and are payable on demand. For the six months ended April
30, 1995, the Portfolio had borrowings which averaged $547,000 at a weighted
average interest rate of 8.49%.
NOTE 6--Share Capital:
The Fund has an unlimited number of authorized shares of beneficial interest
of $.001 par value which are presently divided into four classes of shares.
During the six months ended April 30, 1995, transactions of shares of
beneficial interest were as follows:
SHARES AMOUNT
------ ------
Growth Portfolio
Shares sold 8,334 $ 86,019
Shares redeemed (19) (212)
--- ----
Net increase 8,315 $ 85,807
===== ===========
Small Cap Portfolio
Shares sold 191,370 $ 2,175,908
Shares redeemed (9,461) (103,137)
------ --------
Net increase 181,909 $ 2,072,771
======= ===========
MidCap Growth Portfolio
Shares sold 15,104 $ 181,474
Shares redeemed (196) (2,423)
---- ------
Net increase 14,908 $ 179,051
====== ===========
Leveraged AllCap Portfolio
Shares sold 9,284 $ 92,503
Shares redeemed (1,771) (17,008)
------ -------
Net increase 7,513 $ 75,495
===== ===========
During the period November 8, 1993 through October 31, 1994, transactions of
shares of beneficial interest were as follows:
SHARES AMOUNT
------ ------
Growth Portfolio
Shares sold 900,251 $ 5,372,304
Shares redeemed (1,121) (11,650)
------ -------
Net increase 899,130 $ 5,360,654
======= ============
Small Cap Portfolio
Shares sold 889,510 $ 8,542,594
Shares redeemed (11,635) (111,154)
------- --------
Net increase 877,875 $ 8,431,440
======= ============
MidCap Growth Portfolio
Shares sold 579,888 $ 5,095,040
Shares redeemed (2,014) (20,037)
------ -------
Net increase 577,874 $ 5,075,003
======= ============
Leveraged AllCap Portfolio
Shares sold 520,548 $ 3,527,824
Shares redeemed (3,068) (28,987)
------ -------
Net increase 517,480 $ 3,498,837
======= ============
The dollar amounts received for shares sold do not include the amounts
credited to net unrealized appreciation related to marketable securities
received in exchange for shares of beneficial interest.
13
<PAGE>
