Alger Focus Equity Fund Class I (ALGRX) NPORT-P Alger Focus Equity Fund (Jul 2021 report)

THE ALGER

INSTITUTIONAL FUNDS

QUARTERLY REPORT

JULY 31, 2021

THE ALGER INSTITUTIONAL FUNDS

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND

Schedule of Investments July 31, 2021 (Unaudited)

COMMON STOCKS—98.9%	SHARES		VALUE
AEROSPACE & DEFENSE—1.2%
TransDigm Group, Inc.*		78,478	$	50,311,461
AIR FREIGHT & LOGISTICS—0.6%
XPO Logistics, Inc.*		169,619		23,524,459
APPAREL ACCESSORIES & LUXURY GOODS—1.9%
Capri Holdings Ltd.*		285,953		16,102,013
Lululemon Athletica, Inc.*		59,059		23,633,640
LVMH Moet Hennessy Louis Vuitton SE		48,591		38,903,587
				78,639,240
APPLICATION SOFTWARE—10.4%
Adobe, Inc.*		269,609		167,597,043
Autodesk, Inc.*		47,172		15,148,344
Cadence Design Systems, Inc.*		204,259		30,158,841
Coupa Software, Inc.*		64,137		13,917,729
Five9, Inc.*		193,604		38,970,549
Intuit, Inc.		114,183		60,513,565
RingCentral, Inc., Cl. A*		66,749		17,840,005
salesforce.com, Inc.*		331,323		80,156,973
The Trade Desk, Inc., Cl. A*		32,573		2,668,055
Unity Software, Inc.*		30,940		3,314,293
				430,285,397
AUTOMOBILE MANUFACTURERS—1.6%
General Motors Co.*		510,864		29,037,510
Tesla, Inc.*		54,683		37,578,157
				66,615,667
AUTOMOTIVE RETAIL—1.7%
Carvana Co., Cl. A*		58,452		19,731,057
Lithia Motors, Inc., Cl. A		139,033		52,446,028
				72,177,085
BIOTECHNOLOGY—0.9%
Horizon Therapeutics PLC*		185,222		18,525,904
Natera, Inc.*		156,865		17,964,180
				36,490,084
CASINOS & GAMING—1.4%
DraftKings, Inc., Cl. A*		391,918		19,008,023
Flutter Entertainment PLC*		46,056		7,851,016
MGM Resorts International		885,129		33,218,892
				60,077,931
CONSUMER FINANCE—0.1%
Upstart Holdings, Inc.*		33,978		4,103,183
DATA PROCESSING & OUTSOURCED SERVICES—8.9%
Fiserv, Inc.*		137,685		15,848,920
PayPal Holdings, Inc.*		394,663		108,741,496
Square, Inc., Cl. A*		165,256		40,861,199
Visa, Inc., Cl. A		831,776		204,941,289
				370,392,904
DIVERSIFIED SUPPORT SERVICES—0.6%
Cintas Corp.		61,662		24,305,927

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THE ALGER INSTITUTIONAL FUNDS

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND

Schedule of Investments July 31, 2021 (Unaudited) (Continued)

COMMON STOCKS—98.9% (CONT.)	SHARES		VALUE
ELECTRICAL COMPONENTS & EQUIPMENT—1.1%
AMETEK, Inc.		106,087	$	14,751,397
Eaton Corp. PLC		202,314		31,975,728
				46,727,125
FINANCIAL EXCHANGES & DATA—1.2%
CME Group, Inc., Cl. A		39,620		8,404,590
S&P Global, Inc.		95,215		40,820,575
				49,225,165
FOOD DISTRIBUTORS—0.1%
Sysco Corp.		67,767		5,028,311
FOOTWEAR—1.3%
NIKE, Inc., Cl. B		318,510		53,353,610
GENERAL MERCHANDISE STORES—0.6%
Target Corp.		94,783		24,743,102
HEALTHCARE EQUIPMENT—4.9%
Danaher Corp.		328,081		97,600,817
Dexcom, Inc.*		30,068		15,500,355
Intuitive Surgical, Inc.*		59,609		59,099,939
Medtronic PLC		234,061		30,734,550
				202,935,661
HEALTHCARE SERVICES—0.2%
Guardant Health, Inc.*		93,605		10,277,829
HEALTHCARE SUPPLIES—0.8%
Align Technology, Inc.*		45,719		31,811,280
HEALTHCARE TECHNOLOGY—0.1%
Veeva Systems, Inc., Cl. A*		19,090		6,351,434
HOME IMPROVEMENT RETAIL—0.7%
Lowe’s Cos., Inc.		141,530		27,271,416
HOTELS RESORTS & CRUISE LINES—1.1%
Expedia Group, Inc.*		287,505		46,250,929
INDUSTRIAL GASES—0.2%
Air Products & Chemicals, Inc.		27,777		8,083,940
INTERACTIVE HOME ENTERTAINMENT—0.4%
Sea Ltd.#,*		53,698		14,829,240
INTERACTIVE MEDIA & SERVICES—10.1%
Alphabet, Inc., Cl. C*		78,172		211,409,920
Facebook, Inc., Cl. A*		384,361		136,947,824
Pinterest, Inc., Cl. A*		246,516		14,519,793
Snap, Inc., Cl. A*		762,948		56,778,590
				419,656,127
INTERNET & DIRECT MARKETING RETAIL—7.0%
Altaba, Inc.*,@,(a)		342,659		4,033,096
Amazon.com, Inc.*		86,603		288,179,277
				292,212,373
INTERNET SERVICES & INFRASTRUCTURE—2.9%
Shopify, Inc., Cl. A*		41,671		62,503,583
Snowflake, Inc., Cl. A*		49,319		13,105,045
Twilio, Inc., Cl. A*		118,831		44,394,073
				120,002,701

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THE ALGER INSTITUTIONAL FUNDS

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND

Schedule of Investments July 31, 2021 (Unaudited) (Continued)

COMMON STOCKS—98.9% (CONT.)	SHARES		VALUE
INVESTMENT BANKING & BROKERAGE—0.7%
Morgan Stanley		309,577	$	29,713,201
MANAGED HEALTHCARE—0.8%
UnitedHealth Group, Inc.		78,880		32,515,914
MOVIES & ENTERTAINMENT—2.3%
Live Nation Entertainment, Inc.*		330,859		26,101,467
Netflix, Inc.*		32,693		16,920,916
Roku, Inc., Cl. A*		120,545		51,630,629
				94,653,012
OIL & GAS EQUIPMENT & SERVICES—0.1%
Schlumberger NV		97,292		2,804,928
OIL & GAS EXPLORATION & PRODUCTION—0.1%
Pioneer Natural Resources Co.		18,924		2,750,982
PERSONAL PRODUCTS—0.5%
The Estee Lauder Cos, Inc., Cl. A		64,018		21,371,129
PHARMACEUTICALS—1.0%
Eli Lilly & Co.		47,045		11,455,457
Zoetis, Inc., Cl. A		151,347		30,678,037
				42,133,494
RAILROADS—0.7%
Union Pacific Corp.		125,259		27,401,659
REGIONAL BANKS—0.6%
Signature Bank		107,933		24,497,553
RESEARCH & CONSULTING SERVICES—0.3%
CoStar Group, Inc.*		137,604		12,226,115
RESTAURANTS—2.0%
Chipotle Mexican Grill, Inc., Cl. A*		25,790		48,058,118
Starbucks Corp.		294,696		35,784,935
				83,843,053
SEMICONDUCTOR EQUIPMENT—2.6%
Applied Materials, Inc.		145,527		20,363,593
Enphase Energy, Inc.*		91,622		17,371,531
Lam Research Corp.		89,269		56,900,954
SolarEdge Technologies, Inc.*		43,756		11,353,807
				105,989,885
SEMICONDUCTORS—7.3%
Advanced Micro Devices, Inc.*		501,302		53,233,259
Micron Technology, Inc.*		319,958		24,822,342
NVIDIA Corp.		449,500		87,648,005
NXP Semiconductors NV		208,426		43,017,042
QUALCOMM, Inc.		332,475		49,804,755
Taiwan Semiconductor Manufacturing Co., Ltd.#		366,154		42,708,203
				301,233,606
SPECIALTY CHEMICALS—0.5%
The Sherwin-Williams Co.		75,685		22,026,606
SYSTEMS SOFTWARE—11.2%
Crowdstrike Holdings, Inc., Cl. A*		148,041		37,544,678
Microsoft Corp.		1,405,729		400,506,249
SentinelOne, Inc., Cl. A*		48,537		2,393,359

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THE ALGER INSTITUTIONAL FUNDS

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND

Schedule of Investments July 31, 2021 (Unaudited) (Continued)

COMMON STOCKS—98.9% (CONT.)	SHARES			VALUE
SYSTEMS SOFTWARE—11.2% (CONT.)
ServiceNow, Inc.*		43,886		$	25,800,141
					466,244,427
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.0%
Apple, Inc.		1,423,738			207,666,425
TRUCKING—0.5%
Lyft, Inc., Cl. A*		52,538			2,906,402
Uber Technologies, Inc.*		399,233			17,350,666
					20,257,068
WIRELESS TELECOMMUNICATION SERVICES—0.7%
T-Mobile US, Inc.*		199,047			28,666,749
TOTAL COMMON STOCKS
(Cost $2,159,418,585)					4,101,679,387
REAL ESTATE INVESTMENT TRUST—0.2%	SHARES			VALUE
RETAIL—0.2%
Simon Property Group, Inc.		73,457			9,293,780
(Cost $6,588,721)					9,293,780
SPECIAL PURPOSE VEHICLE—0.1%	SHARES			VALUE
DATA PROCESSING & OUTSOURCED SERVICES—0.1%
Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b)		123			4,822,092
(Cost $3,075,000)					4,822,092
Total Investments
(Cost $2,169,082,306)		99.2	%	$	4,115,795,259
Affiliated Securities (Cost $3,075,000)					4,822,092
Unaffiliated Securities (Cost $2,166,007,306)					4,110,973,167
Other Assets in Excess of Liabilities		0.8	%		33,735,796
NET ASSETS		100.0	%	$	4,149,531,055

# American Depositary Receipts.

(a) Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board.

(b) Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 5 - 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		% of net assets (Acquisition Date)			Market Value		% of net assets as of 7/31/2021
Altaba, Inc.	10/24/18	$	986,137		0.03	%	$	660,238		0.02	%
Altaba, Inc.	10/25/18		1,506,214		0.04	%		1,003,663		0.02	%
Altaba, Inc.	10/29/18		1,458,917		0.04	%		1,012,290		0.02	%
Altaba, Inc.	10/30/18		1,034,749		0.03	%		731,494		0.02	%
Altaba, Inc.	10/31/18		767,835		0.02	%		516,715		0.01	%
Altaba, Inc.	11/6/18		165,940		0.00	%		108,696		0.00	%
Crosslink Ventures Capital LLC, Cl. A	10/2/20		3,075,000		0.08	%		4,822,092		0.12	%
Total							$	8,855,188		0.21	%

See Notes to Financial Statements.

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THE ALGER INSTITUTIONAL FUNDS
ALGER FOCUS EQUITY FUND

Schedule of Investments July 31, 2021 (Unaudited)

COMMON STOCKS—95.0%	SHARES		VALUE
AEROSPACE & DEFENSE—2.8%
Textron, Inc.		304,668	$	21,025,139
TransDigm Group, Inc.*		33,632		21,561,139
				42,586,278
APPAREL ACCESSORIES & LUXURY GOODS—0.5%
Moncler SpA		103,716		7,123,197
APPLICATION SOFTWARE—10.9%
Adobe, Inc.*		118,010		73,358,556
Five9, Inc.*		95,017		19,125,972
Intuit, Inc.		49,535		26,252,064
RingCentral, Inc., Cl. A*		28,352		7,577,639
salesforce.com, Inc.*		156,680		37,905,593
				164,219,824
AUTOMOTIVE RETAIL—2.1%
Carvana Co., Cl. A*		31,613		10,671,284
Lithia Motors, Inc., Cl. A		54,271		20,472,107
				31,143,391
CASINOS & GAMING—1.5%
DraftKings, Inc., Cl. A*		156,921		7,610,669
MGM Resorts International		391,942		14,709,583
				22,320,252
DATA PROCESSING & OUTSOURCED SERVICES—8.8%
Fiserv, Inc.*		66,801		7,689,463
PayPal Holdings, Inc.*		183,554		50,574,634
Visa, Inc., Cl. A		304,020		74,907,488
				133,171,585
DIVERSIFIED SUPPORT SERVICES—0.9%
Cintas Corp.		33,206		13,089,141
ELECTRICAL COMPONENTS & EQUIPMENT—1.7%
Eaton Corp. PLC		159,363		25,187,322
FINANCIAL EXCHANGES & DATA—1.5%
S&P Global, Inc.		52,101		22,336,741
FOOD DISTRIBUTORS—0.5%
US Foods Holding Corp.*		216,479		7,433,889
FOOTWEAR—1.5%
NIKE, Inc., Cl. B		138,667		23,228,109
HEALTHCARE EQUIPMENT—4.1%
Danaher Corp.		125,858		37,441,497
Medtronic PLC		183,133		24,047,194
				61,488,691
HEALTHCARE SERVICES—0.2%
Guardant Health, Inc.*		35,082		3,852,004
HEALTHCARE SUPPLIES—0.9%
Align Technology, Inc.*		19,141		13,318,308
HOTELS RESORTS & CRUISE LINES—1.4%
Expedia Group, Inc.*		136,634		21,980,312
INTERACTIVE MEDIA & SERVICES—12.0%
Alphabet, Inc., Cl. C*		29,997		81,124,487
Facebook, Inc., Cl. A*		140,150		49,935,445

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THE ALGER INSTITUTIONAL FUNDS
ALGER FOCUS EQUITY FUND

Schedule of Investments July 31, 2021 (Unaudited) (Continued)

COMMON STOCKS—95.0% (CONT.)	SHARES		VALUE
INTERACTIVE MEDIA & SERVICES—12.0% (CONT.)
Genius Sports Ltd.*		1,495,177	$	25,597,430
Snap, Inc., Cl. A*		339,553		25,269,534
				181,926,896
INTERNET & DIRECT MARKETING RETAIL—6.9%
Amazon.com, Inc.*		31,536		104,938,878
INTERNET SERVICES & INFRASTRUCTURE—1.8%
Shopify, Inc., Cl. A*		6,385		9,577,053
Twilio, Inc., Cl. A*		47,370		17,696,958
				27,274,011
INVESTMENT BANKING & BROKERAGE—0.7%
Morgan Stanley		111,806		10,731,140
MANAGED HEALTHCARE—2.1%
UnitedHealth Group, Inc.		77,802		32,071,540
MOVIES & ENTERTAINMENT—2.3%
Live Nation Entertainment, Inc.*		111,426		8,790,397
Roku, Inc., Cl. A*		59,893		25,652,771
				34,443,168
RAILROADS—0.7%
Union Pacific Corp.		49,249		10,773,711
REGIONAL BANKS—0.6%
Signature Bank		42,587		9,665,971
RESTAURANTS—1.8%
Starbucks Corp.		225,873		27,427,758
SEMICONDUCTOR EQUIPMENT—3.4%
Applied Materials, Inc.		367,538		51,429,592
SEMICONDUCTORS—5.9%
NVIDIA Corp.		187,616		36,583,244
NXP Semiconductors NV		65,140		13,444,244
QUALCOMM, Inc.		163,635		24,512,523
Taiwan Semiconductor Manufacturing Co., Ltd.#		122,120		14,244,077
				88,784,088
SYSTEMS SOFTWARE—11.1%
Crowdstrike Holdings, Inc., Cl. A*		63,730		16,162,566
Microsoft Corp.		530,609		151,175,810
				167,338,376
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.1%
Apple, Inc.		524,569		76,513,634
TRUCKING—0.4%
Uber Technologies, Inc.*		152,100		6,610,266
WIRELESS TELECOMMUNICATION SERVICES—0.9%
T-Mobile US, Inc.*		96,524		13,901,386
TOTAL COMMON STOCKS
(Cost $964,216,174)				1,436,309,459

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THE ALGER INSTITUTIONAL FUNDS
ALGER FOCUS EQUITY FUND

Schedule of Investments July 31, 2021 (Unaudited) (Continued)

PREFERRED STOCKS—0.0%	SHARES			VALUE
BIOTECHNOLOGY—0.0%
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		76,825		$	11,524
(Cost $345,713)					11,524
Total Investments
(Cost $964,561,887)		95.0	%	$	1,436,320,983
Affiliated Securities (Cost $345,713)					11,524
Unaffiliated Securities (Cost $964,216,174)					1,436,309,459
Other Assets in Excess of Liabilities		5.0	%		75,352,090
NET ASSETS		100.0	%	$	1,511,673,073

# American Depositary Receipts.

(a) Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 5 - Affiliated Securities.

(b) Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board.

* 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		% of net assets (Acquisition Date)			Market Value		% of net assets  as of 7/31/2021
Prosetta Biosciences, Inc., Series D	2/6/15	$	345,713		0.80	%	$	11,524		0.00	%
Total							$	11,524		0.00	%

See Notes to Financial Statements.

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THE ALGER INSTITUTIONAL FUNDS
ALGER MID CAP GROWTH INSTITUTIONAL FUND

Schedule of Investments July 31, 2021 (Unaudited)

COMMON STOCKS—96.3%	SHARES		VALUE
ADVERTISING—1.4%
Magnite, Inc.*		63,502	$	1,924,111
AEROSPACE & DEFENSE—2.0%
HEICO Corp.		14,819		2,004,270
Textron, Inc.		10,333		713,080
				2,717,350
AIR FREIGHT & LOGISTICS—0.7%
XPO Logistics, Inc.*		7,367		1,021,729
APPAREL ACCESSORIES & LUXURY GOODS—3.1%
Capri Holdings Ltd.*		14,334		807,148
Lululemon Athletica, Inc.*		4,996		1,999,249
Moncler SpA		20,497		1,407,730
				4,214,127
APPAREL RETAIL—0.4%
Burlington Stores, Inc.*		1,505		503,874
APPLICATION SOFTWARE—18.8%
ANSYS, Inc.*		3,251		1,197,863
Avalara, Inc.*		8,115		1,356,585
Bill.com Holdings, Inc.*		8,208		1,697,579
Cadence Design Systems, Inc.*		8,649		1,277,025
Coupa Software, Inc.*		3,738		811,146
Datadog, Inc., Cl. A*		12,519		1,385,853
DocuSign, Inc., Cl. A*		8,006		2,386,108
Dynatrace, Inc.*		22,084		1,410,505
Fair Isaac Corp.*		2,350		1,231,188
Five9, Inc.*		11,474		2,309,601
HubSpot, Inc.*		1,538		916,679
Manhattan Associates, Inc.*		12,950		2,067,208
Paycom Software, Inc.*		7,158		2,863,200
PTC, Inc.*		12,873		1,743,648
Sprout Social, Inc., Cl. A*		18,709		1,662,108
The Trade Desk, Inc., Cl. A*		16,360		1,340,048
				25,656,344
AUTOMOTIVE RETAIL—1.8%
Advance Auto Parts, Inc.		1,629		345,446
Carvana Co., Cl. A*		3,789		1,279,015
Lithia Motors, Inc., Cl. A		2,037		768,397
				2,392,858
BIOTECHNOLOGY—6.7%
Alector, Inc.*		6,941		166,827
Celldex Therapeutics, Inc.*		15,231		666,356
DermTech, Inc.*		32,281		1,086,579
Forte Biosciences, Inc.*		71,553		2,143,728
Moderna, Inc.*		2,982		1,054,435
Morphic Holding, Inc.*		8,991		518,061
Natera, Inc.*		25,563		2,927,475
Novavax, Inc.*		3,300		591,789
				9,155,250

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THE ALGER INSTITUTIONAL FUNDS
ALGER MID CAP GROWTH INSTITUTIONAL FUND

Schedule of Investments July 31, 2021 (Unaudited) (Continued)

COMMON STOCKS—96.3% (CONT.)	SHARES		VALUE
BROADCASTING—0.7%
Discovery, Inc., Cl. A*		32,568	$	944,798
CASINOS & GAMING—2.4%
DraftKings, Inc., Cl. A*		13,773		667,990
Evolution AB		8,321		1,447,848
MGM Resorts International		31,218		1,171,612
				3,287,450
CONSUMER FINANCE—1.0%
Upstart Holdings, Inc.*		11,556		1,395,503
DATA PROCESSING & OUTSOURCED SERVICES—1.9%
Marqeta, Inc., Cl. A*		45,993		1,233,992
Square, Inc., Cl. A*		5,460		1,350,040
				2,584,032
DIVERSIFIED SUPPORT SERVICES—2.7%
Cintas Corp.		3,503		1,380,812
Copart, Inc.*		12,487		1,835,589
IAA, Inc.*		8,118		490,977
				3,707,378
ELECTRICAL COMPONENTS & EQUIPMENT—1.8%
AMETEK, Inc.		12,830		1,784,012
Generac Holdings, Inc.*		1,645		689,847
				2,473,859
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.3%
908 Devices, Inc.*		23,519		734,969
Trimble, Inc.*		12,247		1,047,118
				1,782,087
HEALTHCARE DISTRIBUTORS—1.2%
McKesson Corp.		4,711		960,243
PetIQ, Inc., Cl. A*		18,441		652,074
				1,612,317
HEALTHCARE EQUIPMENT—5.4%
CryoPort, Inc.*		17,725		1,093,987
Dexcom, Inc.*		3,022		1,557,871
IDEXX Laboratories, Inc.*		1,099		745,705
Inari Medical, Inc.*		6,137		551,041
Inmode Ltd.*		12,719		1,445,769
Insulet Corp.*		7,065		1,976,010
				7,370,383
HEALTHCARE FACILITIES—0.8%
The Joint Corp.*		13,689		1,081,294
HEALTHCARE SERVICES—1.1%
Guardant Health, Inc.*		14,371		1,577,936
HEALTHCARE SUPPLIES—1.2%
Align Technology, Inc.*		1,682		1,170,336
SmileDirectClub, Inc., Cl. A*		66,519		469,624
				1,639,960
HEALTHCARE TECHNOLOGY—2.4%
Doximity, Inc., Cl. A*		3,725		230,578
Inspire Medical Systems, Inc.*		1,514		277,304

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THE ALGER INSTITUTIONAL FUNDS
ALGER MID CAP GROWTH INSTITUTIONAL FUND

Schedule of Investments July 31, 2021 (Unaudited) (Continued)

COMMON STOCKS—96.3% (CONT.)	SHARES		VALUE
HEALTHCARE TECHNOLOGY—2.4% (CONT.)
Veeva Systems, Inc., Cl. A*		8,361	$	2,781,788
				3,289,670
HOMEFURNISHING RETAIL—0.6%		��
Williams-Sonoma, Inc.		5,139		779,586
HOTELS RESORTS & CRUISE LINES—0.7%
Expedia Group, Inc.*		6,237		1,003,346
HUMAN RESOURCE & EMPLOYMENT SERVICES—2.4%
Legalzoom.com, Inc.*		29,210		1,074,344
Upwork, Inc.*		42,046		2,177,562
				3,251,906
INTERACTIVE HOME ENTERTAINMENT—0.9%
Take-Two Interactive Software, Inc.*		7,383		1,280,360
INTERACTIVE MEDIA & SERVICES—2.8%
Genius Sports Ltd.*		97,705		1,672,710
Pinterest, Inc., Cl. A*		35,674		2,101,198
				3,773,908
INTERNET & DIRECT MARKETING RETAIL—1.1%
Etsy, Inc.*		8,190		1,502,947
INTERNET SERVICES & INFRASTRUCTURE—2.1%
BigCommerce Holdings, Inc.*		21,592		1,398,298
Okta, Inc., Cl. A*		5,987		1,483,519
				2,881,817
LIFE SCIENCES TOOLS & SERVICES—4.5%
10X Genomics, Inc., Cl. A*		5,452		998,970
Bio-Techne Corp.		5,480		2,642,675
Repligen Corp.*		9,993		2,455,280
				6,096,925
METAL & GLASS CONTAINERS—1.0%
Ball Corp.		16,551		1,338,645
MOVIES & ENTERTAINMENT—2.6%
Lions Gate Entertainment Corp., Cl. B*		19,822		264,822
Live Nation Entertainment, Inc.*		6,629		522,962
Roku, Inc., Cl. A*		6,450		2,762,599
				3,550,383
OIL & GAS EXPLORATION & PRODUCTION—0.5%
Diamondback Energy, Inc.		8,360		644,807
PHARMACEUTICALS—3.2%
Catalent, Inc.*		23,261		2,786,900
Green Thumb Industries, Inc.*		55,457		1,647,665
				4,434,565
REGIONAL BANKS—0.9%
Signature Bank		2,968		673,647
SVB Financial Group*		1,013		557,109
				1,230,756
RESEARCH & CONSULTING SERVICES—1.3%
CoStar Group, Inc.*		19,549		1,736,929
RESTAURANTS—3.2%
Chipotle Mexican Grill, Inc., Cl. A*		702		1,308,135

- 11 -

COMMON STOCKS—96.3% (CONT.)	SHARES		VALUE
RESTAURANTS—3.2% (CONT.)
Shake Shack, Inc., Cl. A*		19,071	$	1,917,398
The Cheesecake Factory, Inc.*		24,708		1,118,284
				4,343,817
SEMICONDUCTOR EQUIPMENT—5.9%
Enphase Energy, Inc.*		3,780		716,688
KLA Corp.		6,247		2,174,955
Lam Research Corp.		3,282		2,091,980
MKS Instruments, Inc.		6,800		1,063,792
SolarEdge Technologies, Inc.*		7,588		1,968,934
				8,016,349
SEMICONDUCTORS—0.8%
Universal Display Corp.		4,855		1,138,449
SYSTEMS SOFTWARE—2.0%
Crowdstrike Holdings, Inc., Cl. A*		11,004		2,790,724
TRUCKING—1.0%
Old Dominion Freight Line, Inc.		5,319		1,431,609
TOTAL COMMON STOCKS
(Cost $104,207,881)				131,560,138

PREFERRED STOCKS—0.0%	SHARES		VALUE
BIOTECHNOLOGY—0.0%
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		166,009		24,901
(Cost $747,040)				24,901

RIGHTS—0.2%	SHARES		VALUE
BIOTECHNOLOGY—0.2%
Tolero CDR*,@,(b),(c)		422,928		325,655
(Cost $226,186)				325,655

REAL ESTATE INVESTMENT TRUST—2.5%	SHARES		VALUE
RETAIL—0.7%
Simon Property Group, Inc.		7,906		1,000,267
SPECIALIZED—1.8%
Crown Castle International Corp.		12,678		2,447,995
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $2,755,016)				3,448,262

SPECIAL PURPOSE VEHICLE—0.9%	SHARES			VALUE
DATA PROCESSING & OUTSOURCED SERVICES—0.9%
Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b)		22			862,488
Crosslink Ventures Capital LLC, Cl. B*,@,(a),(b)		9			352,836
					1,215,324
TOTAL SPECIAL PURPOSE VEHICLE
(Cost $775,000)					1,215,324
Total Investments
(Cost $108,711,123)		99.9	%	$	136,574,280
Affiliated Securities (Cost $1,522,040)					1,240,225
Unaffiliated Securities (Cost $107,189,083)					135,334,055
Other Assets in Excess of Liabilities		0.1	%		155,939
NET ASSETS		100.0	%	$	136,730,219

(a) Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 5 - Affiliated Securities.

- 12 -

(b) Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board.

(c) Contingent Deferred Rights.

* 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		% of net assets (Acquisition Date)			Market Value		% of net assets as of 7/31/2021
Crosslink Ventures Capital LLC, Cl. A	10/2/20	$	550,000		0.50	%	$	862,488		0.63	%
Crosslink Ventures Capital LLC, Cl. B	12/16/20		225,000		0.19	%		352,836		0.26	%
Prosetta Biosciences, Inc., Series D	2/6/15		747,040		0.50	%		24,901		0.02	%
Tolero CDR	2/6/17		226,186		0.23	%		325,655		0.24	%
Total							$	1,565,880		1.15	%

See Notes to Financial Statements.

- 13 -

THE ALGER INSTITUTIONAL FUNDS	ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2021 (Unaudited)

COMMON STOCKS—95.9%	SHARES		VALUE
ADVERTISING—3.0%
Cardlytics, Inc.*		29,321	$	3,693,273
Magnite, Inc.*		255,225		7,733,318
				11,426,591
AEROSPACE & DEFENSE—1.6%
HEICO Corp.		22,108		2,990,107
Hexcel Corp.*		14,484		788,219
Mercury Systems, Inc.*		39,079		2,579,214
				6,357,540
AGRICULTURAL & FARM MACHINERY—0.7%
Hydrofarm Holdings Group, Inc.*		53,309		2,630,266
ALTERNATIVE CARRIERS—1.4%
Bandwidth, Inc., Cl. A*		40,300		5,225,298
APPAREL ACCESSORIES & LUXURY GOODS—0.8%
Capri Holdings Ltd.*		55,913		3,148,461
APPLICATION SOFTWARE—21.6%
ACI Worldwide, Inc.*		202,474		6,944,858
Avalara, Inc.*		44,164		7,382,896
Bill.com Holdings, Inc.*		31,925		6,602,728
Blackbaud, Inc.*		40,144		2,863,472
Blackline, Inc.*		39,681		4,539,110
Digital Turbine, Inc.*		20,820		1,310,619
Everbridge, Inc.*		41,328		5,836,340
Guidewire Software, Inc.*		22,593		2,602,714
HubSpot, Inc.*		14,052		8,375,273
Manhattan Associates, Inc.*		36,068		5,757,535
Medallia, Inc.*		45,923		1,555,412
Paycom Software, Inc.*		13,714		5,485,600
Paycor HCM, Inc.*		5,529		152,047
Q2 Holdings, Inc.*		64,415		6,654,714
SEMrush Holdings, Inc., Cl. A*		55,354		1,106,526
Smartsheet, Inc., Cl. A*		47,654		3,457,298
Sophia Genetics SA*		44,968		703,749
Sprout Social, Inc., Cl. A*		51,461		4,571,795
SPS Commerce, Inc.*		42,902		4,674,173
Vertex, Inc., Cl. A*		109,304		2,065,846
Viant Technology, Inc., Cl. A*		29,805		515,328
				83,158,033
ASSET MANAGEMENT & CUSTODY BANKS—1.2%
Affiliated Managers Group, Inc.		29,079		4,607,277
BIOTECHNOLOGY—4.2%
CareDx, Inc.*		142,958		12,014,190
Cytek Biosciences, Inc.*		31,493		698,515
Forte Biosciences, Inc.*		51,024		1,528,679
Karuna Therapeutics, Inc.*		7,889		901,082
MaxCyte, Inc.*		27,219		462,723
Turning Point Therapeutics, Inc.*		9,812		626,202
				16,231,391

- 14 -

THE ALGER INSTITUTIONAL FUNDS	ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2021 (Unaudited) (Continued)

COMMON STOCKS—95.9% (CONT.)	SHARES		VALUE
CASINOS & GAMING—2.2%
DraftKings, Inc., Cl. A*		80,481	$	3,903,328
Penn National Gaming, Inc.*		65,513		4,479,779
				8,383,107
DIVERSIFIED SUPPORT SERVICES—0.4%
IAA, Inc.*		24,663		1,491,618
ELECTRICAL COMPONENTS & EQUIPMENT—0.9%
Sunrun, Inc.*		65,956		3,493,689
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.3%
Cognex Corp.		55,477		5,015,676
FOOD DISTRIBUTORS—1.3%
The Chefs’ Warehouse, Inc.*		53,068		1,534,727
US Foods Holding Corp.*		101,206		3,475,414
				5,010,141
HEALTHCARE DISTRIBUTORS—0.3%
PetIQ, Inc., Cl. A*		34,205		1,209,489
HEALTHCARE EQUIPMENT—8.5%
CryoPort, Inc.*		68,144		4,205,848
Inmode Ltd.*		49,446		5,620,527
Inogen, Inc.*		65,764		5,245,994
Insulet Corp.*		25,575		7,153,072
Mesa Laboratories, Inc.		12,633		3,720,545
Tandem Diabetes Care, Inc.*		61,196		6,650,169
				32,596,155
HEALTHCARE FACILITIES—1.7%
The Joint Corp.*		81,470		6,435,315
HEALTHCARE SERVICES—1.6%
1Life Healthcare, Inc.*		43,118		1,165,911
Biodesix, Inc.*		39,526		371,149
Guardant Health, Inc.*		32,574		3,576,625
Privia Health Group, Inc.*		26,621		1,104,772
				6,218,457
HEALTHCARE SUPPLIES—4.1%
Neogen Corp.*		227,396		9,905,370
Quidel Corp.*		42,856		6,062,838
				15,968,208
HEALTHCARE TECHNOLOGY—4.6%
Convey Holding Parent, Inc.*		76,030		682,749
Doximity, Inc., Cl. A*		10,244		634,104
Veeva Systems, Inc., Cl. A*		27,682		9,210,078
Vocera Communications, Inc.*		171,671		7,203,315
				17,730,246
HOMEFURNISHING RETAIL—0.7%
Bed Bath & Beyond, Inc.*		99,076		2,827,629
HUMAN RESOURCE & EMPLOYMENT SERVICES—1.6%
Legalzoom.com, Inc.*		80,883		2,974,877
Upwork, Inc.*		60,877		3,152,820
				6,127,697

- 15 -

THE ALGER INSTITUTIONAL FUNDS	ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2021 (Unaudited) (Continued)

COMMON STOCKS—95.9% (CONT.)	SHARES		VALUE
HYPERMARKETS & SUPER CENTERS—1.0%
BJ’s Wholesale Club Holdings, Inc.*		73,502	$	3,722,141
INTERACTIVE HOME ENTERTAINMENT—0.5%
Take-Two Interactive Software, Inc.*		10,107		1,752,756
INTERACTIVE MEDIA & SERVICES—2.9%
Bumble, Inc., Cl. A*		25,448		1,294,794
Eventbrite, Inc., Cl. A*		75,413		1,340,089
Genius Sports Ltd.*		330,572		5,659,393
TripAdvisor, Inc.*		70,404		2,671,832
VTEX, Cl. A*		3,174		77,763
				11,043,871
INTERNET & DIRECT MARKETING RETAIL—3.3%
Farfetch Ltd., Cl. A*		75,456		3,781,855
Fiverr International Ltd.*		20,262		5,043,415
Quotient Technology, Inc.*		211,357		2,295,337
The RealReal, Inc.*		98,283		1,622,652
				12,743,259
INTERNET SERVICES & INFRASTRUCTURE—1.3%
BigCommerce Holdings, Inc.*		76,858		4,977,324
LEISURE FACILITIES—0.6%
Planet Fitness, Inc., Cl. A*		30,731		2,311,893
LIFE SCIENCES TOOLS & SERVICES—9.6%
10X Genomics, Inc., Cl. A*		19,661		3,602,485
Akoya Biosciences, Inc.*		76,947		1,334,261
Alpha Teknova, Inc.*		17,888		397,471
Bio-Techne Corp.		20,776		10,019,018
Codex DNA, Inc.*		44,744		706,508
ICON PLC*		10,333		2,513,709
Maravai LifeSciences Holdings, Inc., Cl. A*		24,410		1,073,308
NanoString Technologies, Inc.*		118,917		7,365,719
NeoGenomics, Inc.*		83,007		3,826,623
Personalis, Inc.*		41,237		865,565
Rapid Micro Biosystems, Inc., Cl. A*		36,314		805,808
Repligen Corp.*		18,568		4,562,157
				37,072,632
MANAGED HEALTHCARE—1.1%
HealthEquity, Inc.*		58,937		4,360,159
MOVIES & ENTERTAINMENT—0.5%
Live Nation Entertainment, Inc.*		26,506		2,091,058
OIL & GAS EXPLORATION & PRODUCTION—1.4%
Magnolia Oil & Gas Corp., Cl. A*		377,791		5,289,074
PHARMACEUTICALS—0.1%
Aerie Pharmaceuticals, Inc.*		32,450		512,061
PRECIOUS METALS & MINERALS—0.0%
Xometry, Inc., Cl. A*		1,794		142,031
REGIONAL BANKS—0.5%
Webster Financial Corp.		36,852		1,772,581
RESTAURANTS—3.7%
Shake Shack, Inc., Cl. A*		67,989		6,835,614

- 16 -

THE ALGER INSTITUTIONAL FUNDS	ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2021 (Unaudited) (Continued)

COMMON STOCKS—95.9% (CONT.)	SHARES		VALUE
RESTAURANTS—3.7% (CONT.)
The Cheesecake Factory, Inc.*		63,394	$	2,869,213
Wingstop, Inc.		27,385		4,691,324
				14,396,151
SEMICONDUCTOR EQUIPMENT—0.5%
SolarEdge Technologies, Inc.*		7,100		1,842,308
SEMICONDUCTORS—0.9%
Universal Display Corp.		15,358		3,601,297
SPECIALTY CHEMICALS—2.1%
Balchem Corp.		60,415		8,149,379
SPECIALTY STORES—0.7%
Five Below, Inc.*		13,404		2,606,006
SYSTEMS SOFTWARE—1.5%
Proofpoint, Inc.*		32,296		5,640,819
TOTAL COMMON STOCKS
(Cost $224,731,963)				369,319,084

PREFERRED STOCKS—0.0%	SHARES		VALUE
BIOTECHNOLOGY—0.0%
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		133,263		19,989
(Cost $599,684)				19,989

RIGHTS—0.1%	SHARES		VALUE
BIOTECHNOLOGY—0.1%
Tolero CDR*,@,(b),(c)		528,559		406,990
(Cost $285,725)				406,990

REAL ESTATE INVESTMENT TRUST—0.7%	SHARES		VALUE
RETAIL—0.7%
Tanger Factory Outlet Centers, Inc.		160,964		2,763,752
(Cost $2,652,712)				2,763,752

SPECIAL PURPOSE VEHICLE—0.7%	SHARES			VALUE
DATA PROCESSING & OUTSOURCED SERVICES—0.7%
Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b)		51			1,999,404
Crosslink Ventures Capital LLC, Cl. B*,@,(a),(b)		13			509,652
					2,509,056
TOTAL SPECIAL PURPOSE VEHICLE
(Cost $1,600,000)					2,509,056
Total Investments
(Cost $229,870,084)		97.4	%	$	375,018,871
Affiliated Securities (Cost $2,199,684)					2,529,045
Unaffiliated Securities (Cost $227,670,400)					372,489,826
Other Assets in Excess of Liabilities		2.6	%		10,129,688
NET ASSETS		100.0	%	$	385,148,559

(a) Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 5 - Affiliated Securities.

(b) Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board.

(c) Contingent Deferred Rights.

*    Non-income producing security.

- 17 -

THE ALGER INSTITUTIONAL FUNDS	ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2021 (Unaudited) (Continued)

@ 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		% of net assets (Acquisition Date)			Market Value		% of net assets as of 7/31/2021
Crosslink Ventures Capital LLC, Cl. A	10/2/20	$	1,275,000		0.49	%	$	1,999,404		0.52	%
Crosslink Ventures Capital LLC, Cl. B	12/16/20		325,000		0.11	%		509,652		0.13	%
Prosetta Biosciences, Inc., Series D	2/6/15		599,684		0.10	%		19,989		0.00	%
Tolero CDR	2/6/17		285,725		0.16	%		406,990		0.11	%
Total							$	2,936,035		0.76	%

See Notes to Financial Statements.

- 18 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

NOTE 1 — General:

The Alger Institutional Funds (the “Trust”) is an open-end registered investment company organized as a business trust under the laws of the Commonwealth of Massachusetts. The Trust qualifies as an investment company as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946-Financial Services – Investment Companies. The Trust operates as a series company currently offering an unlimited number of shares of beneficial interest in four series — Alger Capital Appreciation Institutional Fund, Alger Focus Equity Fund, Alger Mid Cap Growth Institutional Fund and Alger Small Cap Growth Institutional Fund (collectively, the “Funds” or individually, each a “Fund”). The Funds normally invest primarily in equity securities and each has an investment objective of long-term capital appreciation.

Each Fund offers one or more of the following share classes: Class A, C, I, R, Y and Z-2. Class A shares are generally subject to an initial sales charge while Class C shares are generally subject to a deferred sales charge. Class I, R, Y, Z and Z-2 shares are sold to institutional investors without an initial or deferred sales charge and Class Z Shares are generally subject to a minimum initial investment of $500,000. Class C shares will automatically convert to Class A shares on the fifth business day of the month following the tenth anniversary of the purchase date of a shareholder’s Class C shares, without the imposition of any sales load, fee or other charge. Class C shares held at certain dealers may not convert to Class A shares or may be converted on a different schedule. At conversion, a proportionate amount of shares representing reinvested dividends and distributions will also be converted into Class A shares. Effective August 27, 2019, Class C shares were closed to direct shareholders and are only available for purchase through certain financial intermediaries and group retirement plan recordkeeping platforms. Each class has identical rights to assets and earnings, except that each share class bears the pro rata allocation of a Fund’s expenses other than a class expense (not including advisory or custodial fees or other expenses related to the management of the Fund’s assets).

NOTE 2 — Significant Accounting Policies:

(a) Investment Valuation: The Funds value their financial instruments at fair value using independent dealers or pricing services under policies approved by the Trust’s Board of Trustees (the “Board”). Investments held by the Funds are valued on each day the New York Stock Exchange (the “NYSE”) is open, as of the close of the NYSE (normally 4:00 p.m. Eastern Time).

Investments in money market funds and short-term securities held by the Funds having a remaining maturity of sixty days or less are valued at amortized cost which approximates market value.

Equity securities, including traded rights, warrants and option contracts for which valuation information is readily available, are valued at the last quoted sales price or official closing price on the primary market or exchange on which they are traded as reported by an independent pricing service. In the absence of quoted sales, such securities are valued at the bid price or, in the absence of a recent bid price, the equivalent as obtained from one or more of the major market makers for the securities to be valued.

- 19 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Debt securities generally trade in the over-the-counter market. Debt securities with remaining maturities of more than sixty days at the time of acquisition are valued on the basis of the last available bid prices or current market quotations provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures based on valuation technology commonly employed in the market for such investments. Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche. Debt securities with a remaining maturity of sixty days or less are valued at amortized cost which approximates market value.

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 and described further herein.

Securities in which the Funds invest may be traded in foreign markets that close before the close of the NYSE. Developments that occur between the close of the foreign markets and the close of the NYSE may result in adjustments to the closing foreign prices to reflect what the Trust’s investment adviser, pursuant to policies established by the Board, believes to be the fair value of these securities as of the close of the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but the Funds are open.

FASB Accounting Standards Codification 820 – Fair Value Measurements and Disclosures (“ASC 820”) defines fair value as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability and may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Funds. Unobservable inputs are inputs that reflect the Funds’ own assumptions based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – significant other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

- 20 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

The Funds’ valuation techniques are generally consistent with either the market or the income approach to fair value. The market approach considers prices and other relevant information generated by market transactions involving identical or comparable assets to measure fair value. The income approach converts future amounts to a current, or discounted, single amount. These fair value measurements are determined on the basis of the value indicated by current market expectations about such future events. Inputs for Level 1 include exchange-listed prices and broker quotes in an active market. Inputs for Level 2 include the last trade price in the case of a halted security, an exchange-listed price which has been adjusted for fair value factors, and prices of closely related securities. Additional Level 2 inputs include an evaluated price which is based upon a compilation of observable market information such as spreads for fixed income and preferred securities. Inputs for Level 3 include, but are not limited to, revenue multiples, earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples, discount rates, time to exit and the probabilities of success of certain outcomes. Such unobservable market information may be obtained from a company’s financial statements and from industry studies, market data, and market indicators such as benchmarks and indexes. Because of the inherent uncertainty and often limited markets for restricted securities, the valuations assigned to such securities by the Funds may significantly differ from the valuations that would have been assigned by the Funds had there been an active market for such securities.

Valuation processes are determined by a Valuation Committee (“Committee”) authorized by the Board and comprised of representatives of the Trust’s investment adviser and officers of the Trust. The Committee reports its fair valuation determinations and related valuation information to the Board. The Board is responsible for approving the valuation policy and procedures.

While the Committee meets on an as-needed basis, the Committee generally meets quarterly to review and evaluate the effectiveness of the procedures for making fair value determinations. The Committee considers, among other things, the results of quarterly back testing of the fair value model for foreign securities, pricing comparisons between primary and secondary price sources, the outcome of price challenges put to the Funds’ pricing vendor, and variances between transactional prices and the previous day’s price.

(b) Cash and Cash Equivalents: Cash and cash equivalents include U.S. dollars, foreign cash and overnight time deposits.

NOTE 3 — Fair Value Measurements:

The following is a summary of the inputs used as of July 31, 2021 in valuing the Funds’ investments carried at fair value on a recurring basis. Based upon the nature, characteristics, and risks associated with their investments, the Funds have determined that presenting them by security type and sector is appropriate.

- 21 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger Capital Appreciation Institutional Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	557,805,128	$	557,805,128	$	—	$	—
Consumer Discretionary		805,184,406		754,396,707		46,754,603		4,033,096
Consumer Staples		26,399,440		26,399,440		—		—
Energy		5,555,910		5,555,910		—		—
Financials		107,539,102		107,539,102		—		—
Healthcare		362,515,696		362,515,696		—		—
Industrials		204,753,814		204,753,814		—		—
Information Technology		2,001,815,345		2,001,815,345		—		—
Materials		30,110,546		30,110,546		—		—
TOTAL COMMON STOCKS	$	4,101,679,387	$	4,050,891,688	$	46,754,603	$	4,033,096
REAL ESTATE INVESTMENT TRUST
Real Estate		9,293,780		9,293,780		—		—
SPECIAL PURPOSE VEHICLE
Information Technology		4,822,092		—		—		4,822,092
TOTAL INVESTMENTS IN SECURITIES	$	4,115,795,259	$	4,060,185,468	$	46,754,603	$	8,855,188

Alger Focus Equity Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	230,271,450	$	230,271,450	$	—	$	—
Consumer Discretionary		238,161,897		231,038,700		7,123,197		—
Consumer Staples		7,433,889		7,433,889		—		—
Financials		42,733,852		42,733,852		—		—
Healthcare		110,730,543		110,730,543		—		—
Industrials		98,246,718		98,246,718		—		—
Information Technology		708,731,110		708,731,110		—		—
TOTAL COMMON STOCKS	$	1,436,309,459	$	1,429,186,262	$	7,123,197	$	—
PREFERRED STOCKS
Healthcare		11,524		—		—		11,524
TOTAL INVESTMENTS IN SECURITIES	$	1,436,320,983	$	1,429,186,262	$	7,123,197	$	11,524

Alger Mid Cap Growth Institutional Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	11,473,560	$	11,473,560	$	—	$	—
Consumer Discretionary		18,028,005		15,172,427		2,855,578		—
Energy		644,807		644,807		—		—
Financials		2,626,259		2,626,259		—		—
Healthcare		36,258,300		36,258,300		—		—
Industrials		16,340,760		16,340,760		—		—
Information Technology		44,849,802		44,849,802		—		—
Materials		1,338,645		1,338,645		—		—
TOTAL COMMON STOCKS	$	131,560,138	$	128,704,560	$	2,855,578	$	—

- 22 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger Mid Cap Growth Institutional Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
PREFERRED STOCKS
Healthcare	$	24,901	$	—	$	—	$	24,901
RIGHTS
Healthcare		325,655		—		—		325,655
REAL ESTATE INVESTMENT TRUST
Real Estate		3,448,262		3,448,262		—		—
SPECIAL PURPOSE VEHICLE
Information Technology		1,215,324		—		—		1,215,324
TOTAL INVESTMENTS IN SECURITIES	$	136,574,280	$	132,152,822	$	2,855,578	$	1,565,880

Alger Small Cap Growth Institutional Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	31,539,574	$	31,539,574	$	—	$	—
Consumer Discretionary		46,416,506		46,416,506		—		—
Consumer Staples		8,732,282		8,732,282		—		—
Energy		5,289,074		5,289,074		—		—
Financials		6,379,858		6,379,858		—		—
Healthcare		138,334,113		137,871,390		462,723		—
Industrials		20,100,810	��	20,100,810		—		—
Information Technology		104,235,457		104,235,457		—		—
Materials		8,291,410		8,291,410		—		—
TOTAL COMMON STOCKS	$	369,319,084	$	368,856,361	$	462,723	$	—
PREFERRED STOCKS
Healthcare		19,989		—		—		19,989
RIGHTS
Healthcare		406,990		—		—		406,990
REAL ESTATE INVESTMENT TRUST
Real Estate		2,763,752		2,763,752		—		—
SPECIAL PURPOSE VEHICLE
Information Technology		2,509,056		—		—		2,509,056
TOTAL INVESTMENTS IN SECURITIES	$	375,018,871	$	371,620,113	$	462,723	$	2,936,035

- 23 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Capital Appreciation Institutional Fund	Common Stocks
Opening balance at November 1, 2020	$	7,562,484
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		(3,529,388	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2021		4,033,096
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2021	$	(3,529,388	)

Alger Capital Appreciation Institutional Fund	Special Purpose Vehicle
Opening balance at November 1, 2020	$	3,075,000
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		1,747,092
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2021		4,822,092
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2021	$	1,747,092

- 24 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Focus Equity Fund	Preferred Stocks
Opening balance at November 1, 2020	$	11,524
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		—
Closing balance at July 31, 2021		11,524
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2021	$	—

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Mid Cap Growth Institutional Fund	Preferred Stocks
Opening balance at November 1, 2020	$	24,901
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		—
Closing balance at July 31, 2021		—
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2021	$	24,901

- 25 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Mid Cap Growth Institutional Fund	Rights
Opening balance at November 1, 2020	$	291,820
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		33,835
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2021		325,655
Net change in unrealized appreciation (depreciation) attributable to investments  still held at July 31, 2021	$	33,835

Alger Mid Cap Growth Institutional Fund	Special Purpose Vehicle
Opening balance at November 1, 2020	$	550,000
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		440,324
Purchases and sales
Purchases		225,000
Sales		—
Closing balance at July 31, 2021		1,215,324
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2021	$	440,324

- 26 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Small Cap Growth Institutional Fund	Preferred Stocks
Opening balance at November 1, 2020	$	19,989
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		—
Closing balance at July 31, 2021		—
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2021	$	19,989

Alger Small Cap Growth Institutional Fund	Rights
Opening balance at November 1, 2020	$	364,706
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		42,284
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2021		406,990
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2021	$	42,284

- 27 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Small Cap Growth Institutional Fund	Special Purpose Vehicle
Opening balance at November 1, 2020	$	1,275,000
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		909,056
Purchases and sales
Purchases		325,000
Sales		—
Closing balance at July 31, 2021		2,509,056
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2021	$	909,056

The following table provides quantitative information about each Fund’s Level 3 fair value measurements of the Funds’ investments as of July 31, 2021. The table below is not intended to be all-inclusive, but rather provides information on the Level 3 inputs as they relate to the Funds’ fair value measurements.

	Fair Value July 31, 2021		Valuation Methodology	Unobservable Input	Input/Range			Weighted Average Inputs
Alger Capital Appreciation Institutional Fund
Common Stocks	$	4,033,096	Income Approach	Discount Rate		0.00%-3.04	%		N/A
Special Purpose Vehicle		4,822,092	Income	Revenue Multiple		27x-28	x		N/A
			Approach

Alger Focus Equity Fund
Preferred Stocks	$	11,524	Income	Discount Rate	72.50%-77.50	%	N/A
			Approach

Alger Mid Cap Growth Institutional Fund
Preferred Stocks	$	24,901	Income Approach	Discount Rate	72.50%-77.50	%	N/A
Rights		325,655	Income	Discount Rate	3.26%-3.98	%	N/A
			Approach	Probability of	0.00%-100.00	%
				Success
Special Purpose Vehicle		1,215,324	Income	Revenue Multiple	27x-28	x	N/A
			Approach

- 28 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

		Fair Value July 31, 2021	Valuation Methodology	Unobservable Input	Input/Range			Weighted Average Inputs
Alger Small Cap Growth Institutional Fund
Preferred Stocks	$	19,989	Income	Discount Rate		72.50%-77.50	%		N/A
			Approach
Rights		406,990	Income	Discount Rate		3.26%-3.98	%		N/A
			Approach	Probability of		0.00%-100.00	%
				Success
Special Purpose Vehicle		2,509,056	Income	Revenue Multiple		27x-28	x		N/A
			Approach

The significant unobservable inputs used in the fair value measurement of the Fund’s securities are revenue and EBITDA multiples, discount rates, and the probabilities of success of certain outcomes. Significant increases and decreases in these inputs in isolation and interrelationships between these inputs would have resulted in significantly higher or lower fair value measurements than those noted in the table above. Generally, all other things being equal, increases in revenue and EBITDA multiples, decreases in discount rates, and increases in the probabilities of success result in higher fair value measurements, whereas decreases in revenues and EBITDA multiples, increases in discount rates, and decreases in the probabilities of success result in lower fair value measurements.

Certain of the Funds’ assets and liabilities are held at carrying amount or face value, which approximates fair value for financial statements purposes. As of July 31, 2021, such assets were categorized within the ASC 820 disclosure hierarchy as follows:

	TOTAL		LEVEL 1			LEVEL 2		LEVEL 3
Cash, Foreign Cash and Cash Equivalents:
Alger Capital Appreciation Institutional Fund	$	29,487,467	$	(162,354	)	$	29,649,821	$	–
Alger Focus Equity Fund		69,935,514		–			69,935,514		–
Alger Mid Cap Growth Institutional Fund		763,171		–			763,171		–
Alger Small Cap Growth Institutional Fund		12,132,137		–			12,132,137		–

NOTE 4 — Derivatives:

FASB Accounting Standards Codification 815 – Derivatives and Hedging (“ASC 815”) requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements.

Options — The Funds seek to capture the majority of the returns associated with equity market investments. To meet this investment goal, the Funds invest in a broadly diversified portfolio of common stocks, the Funds may also buy and sell call and put options on equities and equity indexes. The Funds may also purchase call options to increase their exposure to the stock market and also provide diversification of risk. The Funds may purchase put options in order to protect from significant market declines that may occur over a short period of time. The Funds may write covered call and cash secured put options to generate cash flows while reducing the volatility of the Funds’ portfolios. The cash flows may be an important source of the Funds’ returns, although written call options may reduce the Funds’ ability to profit from increases in the value of the underlying security or equity portfolio. The value of a call option generally increases as the price of the underlying stock increases and decreases as the stock decreases in price. Conversely, the value of a put option generally increases as the price of the underlying stock decreases and decreases as the stock increases in price. The combination of the diversified stock portfolio and the purchase and sale of options is intended to provide the Funds with the majority of the returns associated with equity market investments but with reduced volatility and returns that are augmented with the cash flows from the sale of options.

- 29 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

The Funds’ option contracts were not subject to any rights of offset with any counterparty. All of the Funds’ options were exchange traded which utilize a clearinghouse that acts as an intermediary between buyer and seller, receiving initial and maintenance margin from both, and guaranteeing performance of the option contract.

NOTE 5 — Affiliated Securities:

The issuers of the securities listed below are deemed to be affiliates of the Funds because the Funds or their affiliates owned 5% or more of the issuer’s voting securities during all or part of the period ended July 31, 2021. Information regarding the Funds’ holdings of such securities is set forth in the following table:

Security	Value at October 31, 2020		Purchases/ Conversion		Sales/ Conversion		Dividend/ Interest Income		Realized Gain (Loss)		Net Change in Unrealized App(Dep)		Value at July 31, 2021
Alger Capital Appreciation Institutional Fund Special Purpose Vehicle
Crosslink Ventures Capital LLC, Cl. A	$	3,075,000	$	–	$	–	$	–	$	–	$	1,747,092	$	4,822,092
Total	$	3,075,000	$	–	$	–	$	–	$	–	$	1,747,092	$	4,822,092

Security	Value at October 31, 2020		Purchases/ Conversion		Sales/ Conversion		Dividend/ Interest Income		Realized Gain (Loss)		Net Change in Unrealized App(Dep)		Value at July 31, 2021
Alger Focus Equity Fund Preferred Stocks
Prosetta Biosciences, Inc., Series D	$	11,524	$	–	$	–	$	–	$	–	$	–	$	11,524
Total	$	11,524	$	–	$	–	$	–	$	–	$	–	$	11,524

- 30 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Security	Value at October 31, 2020		Purchases/ Conversion		Sales/ Conversion		Dividend/ Interest Income		Realized Gain (Loss)		Net Change in Unrealized App(Dep)		Value at July 31, 2021
Alger Mid Cap Growth Institutional Fund Preferred Stocks
Prosetta Biosciences, Inc., Series D	$	24,901	$	–	$	–	$	–	$	–	$	–	$	24,901
Special Purpose Vehicle
Crosslink Ventures Capital LLC, Cl. A		550,000		–		–		–		–		312,488		862,488
Crosslink Ventures Capital LLC, Cl. B		–		225,000		–		–		–		127,836		352,836
	$	574,901	$	225,000	$	–	$	–	$	–	$	440,324	$	1,240,225

Security	Value at October 31, 2020		Purchases/ Conversion		Sales/ Conversion		Dividend/ Interest Income		Realized Gain (Loss)		Net Change in Unrealized App(Dep)		Value at July 31, 2021
Alger Small Cap Growth Institutional Fund Preferred Stocks
Prosetta Biosciences, Inc., Series D	$	19,989	$	–	$	–	$	–	$	–	$	–	$	19,989
Special Purpose Vehicle
Crosslink Ventures Capital LLC, Cl. A		1,275,000		–		–		–		–		724,404		1,999,404
Crosslink Ventures Capital LLC, Cl. B		–		325,000		–		–		–		184,652		509,652
	$	1,294,989	$	325,000	$	–	$	–	$	–	$	909,056	$	2,529,045

- 31 -