Alger Focus Equity Fund (ALZFX) NPORT-P Alger Capital Appreciation Institutional Fund (Jan 2022 report)

THE ALGER

INSTITUTIONAL FUNDS

QUARTERLY REPORT

JANUARY 31, 2022

THE ALGER INSTITUTIONAL FUNDS

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND 

Schedule of Investments January 31, 2022 (Unaudited)

COMMON STOCKS—99.3%	SHARES		VALUE
AEROSPACE & DEFENSE—1.8%
HEICO Corp.	87,473	$	11,930,442
TransDigm Group, Inc.*	82,036		50,549,763
			62,480,205
AIR FREIGHT & LOGISTICS—0.3%
GXO Logistics, Inc.*	109,298		8,876,091
APPAREL ACCESSORIES & LUXURY GOODS—2.3%
Capri Holdings Ltd.*	596,536		35,833,918
Lululemon Athletica, Inc.*	38,189		12,745,961
LVMH Moet Hennessy Louis Vuitton SE	35,653		29,281,963
			77,861,842
APPLICATION SOFTWARE—10.5%
Adobe, Inc.*	169,125		90,363,487
Atlassian Corp., PLC, Cl. A*	53,712		17,420,950
Avalara, Inc.*	116,785		12,801,972
Bill.com Holdings, Inc.*	166,103		31,262,246
Cadence Design Systems, Inc.*	152,306		23,171,835
Confluent, Inc., Cl. A*	437,198		28,588,377
Datadog, Inc., Cl. A*	24,845		3,630,103
Intuit, Inc.	166,205		92,282,002
salesforce.com, Inc.*	150,557		35,024,075
Unity Software, Inc.*	214,095		22,512,089
			357,057,136
AUTOMOBILE MANUFACTURERS—3.7%
General Motors Co.*	639,358		33,713,347
Tesla, Inc.*	98,651		92,408,365
			126,121,712
AUTOMOTIVE RETAIL—0.2%
Carvana Co., Cl. A*	32,731		5,304,386
Lithia Motors, Inc., Cl. A	10,990		3,210,508
			8,514,894
BIOTECHNOLOGY—2.7%
AbbVie, Inc.	364,266		49,864,373
Horizon Therapeutics PLC*	130,888		12,215,777
Natera, Inc.*	188,153		13,293,009
Vertex Pharmaceuticals, Inc.*	75,075		18,246,979
			93,620,138
CASINOS & GAMING—2.0%
Flutter Entertainment PLC*	25,304		3,849,502
MGM Resorts International	1,476,753		63,086,888
			66,936,390
CONSUMER FINANCE—0.0%
Upstart Holdings, Inc.*	14,480		1,578,465

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THE ALGER INSTITUTIONAL FUNDS 

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND 

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—99.3% (CONT.)	SHARES		VALUE
DATA PROCESSING & OUTSOURCED SERVICES—5.8%
Block, Inc., Cl. A*	206,834	$	25,293,730
DLocal Ltd., Cl. A*	326,981		9,783,272
Marqeta, Inc., Cl. A*	1,213,164		14,315,335
PayPal Holdings, Inc.*	342,595		58,905,784
Visa, Inc., Cl. A	393,565		89,012,596
			197,310,717
ELECTRICAL COMPONENTS & EQUIPMENT—2.7%
AMETEK, Inc.	242,782		33,205,294
Eaton Corp., PLC	368,436		58,371,316
			91,576,610
FINANCIAL EXCHANGES & DATA—1.5%
Coinbase Global, Inc., Cl. A*	32,536		6,186,721
S&P Global, Inc.	108,088		44,880,299
			51,067,020
FOOTWEAR—0.4%
NIKE, Inc., Cl. B	97,340		14,413,134
HEALTHCARE EQUIPMENT—2.0%
Abbott Laboratories	28,454		3,626,747
Dexcom, Inc.*	10,111		4,352,583
Edwards Lifesciences Corp.*	138,521		15,126,493
Intuitive Surgical, Inc.*	158,473		45,034,857
			68,140,680
HEALTHCARE FACILITIES—0.4%
Tenet Healthcare Corp.*	180,200		13,356,424
HEALTHCARE SUPPLIES—0.2%
Align Technology, Inc.*	13,369		6,617,120
HOME IMPROVEMENT RETAIL—0.5%
Lowe’s Cos., Inc.	78,567		18,647,877
HOTELS RESORTS & CRUISE LINES—0.7%
Airbnb, Inc., Cl. A*	138,822		21,374,423
Booking Holdings, Inc.*	797		1,957,536
			23,331,959
INTERACTIVE HOME ENTERTAINMENT—1.2%
ROBLOX Corp., Cl. A*	210,216		13,844,826
Sea Ltd.#,*	29,732		4,469,017
Take-Two Interactive Software, Inc.*	132,501		21,642,713
			39,956,556
INTERACTIVE MEDIA & SERVICES—6.4%
Alphabet, Inc., Cl. C*	65,351		177,360,654
Meta Platforms, Inc., Cl. A*	91,524		28,670,808
Snap, Inc., Cl. A*	388,380		12,637,885
			218,669,347
INTERNET & DIRECT MARKETING RETAIL—7.0%
Altaba, Inc.*,@,(a)	342,659		1,271,265
Amazon.com, Inc.*	78,921		236,089,804
Etsy, Inc.*	11,100		1,743,588
			239,104,657

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THE ALGER INSTITUTIONAL FUNDS 

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND 

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—99.3% (CONT.)	SHARES		VALUE
INTERNET SERVICES & INFRASTRUCTURE—3.3%
MongoDB, Inc., Cl. A*	32,922	$	13,337,032
Shopify, Inc., Cl. A*	53,083		51,184,752
Snowflake, Inc., Cl. A*	41,296		11,393,566
Twilio, Inc., Cl. A*	179,757		37,051,513
			112,966,863
INVESTMENT BANKING & BROKERAGE—0.1%
Morgan Stanley	17,239		1,767,687
LEISURE FACILITIES—1.0%
Vail Resorts, Inc.	119,555		33,128,690
LIFE SCIENCES TOOLS & SERVICES—2.1%
Danaher Corp.	247,645		70,774,464
MANAGED HEALTHCARE—1.7%
UnitedHealth Group, Inc.	119,779		56,603,962
MOVIES & ENTERTAINMENT—2.2%
Live Nation Entertainment, Inc.*	342,660		37,524,697
Netflix, Inc.*	30,194		12,897,065
Roku, Inc., Cl. A*	142,156		23,320,692
			73,742,454
OIL & GAS EXPLORATION & PRODUCTION—0.6%
Pioneer Natural Resources Co.	97,758		21,398,249
RAILROADS—0.1%
Union Pacific Corp.	11,629		2,843,872
REGIONAL BANKS—1.1%
Signature Bank	126,767		38,617,031
RESTAURANTS—1.3%
Chipotle Mexican Grill, Inc., Cl. A*	18,047		26,810,262
Shake Shack, Inc., Cl. A*	284,063		18,768,043
			45,578,305
SEMICONDUCTOR EQUIPMENT—2.1%
Applied Materials, Inc.	286,827		39,633,755
Lam Research Corp.	56,758		33,482,679
			73,116,434
SEMICONDUCTORS—11.2%
Advanced Micro Devices, Inc.*	591,217		67,546,542
Marvell Technology, Inc.	67,528		4,821,499
Micron Technology, Inc.	721,369		59,347,028
NVIDIA Corp.	509,157		124,672,183
QUALCOMM, Inc.	395,169		69,454,903
SiTime Corp.*	21,130		4,925,192
Taiwan Semiconductor Manufacturing Co., Ltd.#	260,283		31,918,504
Xilinx, Inc.	107,498		20,806,238
			383,492,089
SPECIALTY CHEMICALS—0.3%
Albemarle Corp.	45,478		10,038,814

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THE ALGER INSTITUTIONAL FUNDS

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND 

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—99.3% (CONT.)	SHARES		VALUE
SYSTEMS SOFTWARE—12.2%
Crowdstrike Holdings, Inc., Cl. A*	71,375	$	12,893,180
Microsoft Corp.	1,286,459		400,063,020
ServiceNow, Inc.*	6,844		4,009,078
			416,965,278
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.2%
Apple, Inc.	1,201,372		209,975,798
TRUCKING—1.5%
Uber Technologies, Inc.*	948,982		35,491,927
XPO Logistics, Inc.*	224,768		14,872,898
			50,364,825
TOTAL COMMON STOCKS
(Cost $2,193,186,592)			3,386,613,789
PREFERRED STOCKS—0.1%	SHARES		VALUE
DATA PROCESSING & OUTSOURCED SERVICES—0.1%
Chime Financial, Inc., Series G*,@,(a)	38,919		2,688,128
(Cost $2,688,128)			2,688,128
REAL ESTATE INVESTMENT TRUST—0.3%	SHARES		VALUE
RETAIL—0.3%
Simon Property Group, Inc.	67,660		9,959,552
(Cost $6,931,269)			9,959,552
SPECIAL PURPOSE VEHICLE—0.1%	SHARES		VALUE
DATA PROCESSING & OUTSOURCED SERVICES—0.1%
Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b)	123		4,923,444
(Cost $3,075,000)			4,923,444
Total Investments
(Cost $2,205,880,989)	99.8%	$	3,404,184,913
Affiliated Securities (Cost $3,075,000)			4,923,444
Unaffiliated Securities (Cost $2,202,805,989)			3,399,261,469
Other Assets in Excess of Liabilities	0.2%		7,449,395
NET ASSETS	100.0%	$	3,411,634,308

# 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.

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THE ALGER INSTITUTIONAL FUNDS 

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND

Schedule of Investments January 31, 2022 (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.

			% of net assets		% of net assets
	Acquisition		(Acquisition	Market	as of
Security	Date(s)	Acquisition Cost	Date)	Value	1/31/2022
Altaba, Inc.	10/24/18	$622,188	0.02%	$208,112	0.01%
Altaba, Inc.	10/25/18	970,285	0.03%	316,363	0.01%
Altaba, Inc.	10/29/18	772,057	0.02%	319,082	0.01%
Altaba, Inc.	10/30/18	491,094	0.01%	230,573	0.01%
Altaba, Inc.	10/31/18	473,445	0.01%	162,873	0.00%
Altaba, Inc.	11/6/18	114,745	0.01%	34,262	0.00%
Chime Financial, Inc., Series G	8/24/21	2,688,128	0.06%	2,688,128	0.08%
Crosslink Ventures Capital LLC, Cl. A	10/2/20	3,075,000	0.08%	4,923,444	0.14%
Total				$8,882,837	0.26%

See Notes to Financial Statements.

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THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUND
Schedule of Investments January 31, 2022 (Unaudited)

COMMON STOCKS—97.8%	SHARES		VALUE
AEROSPACE & DEFENSE—1.9%
Textron, Inc.	111,273	$	7,573,241
TransDigm Group, Inc.*	31,091		19,157,963
			26,731,204
APPAREL ACCESSORIES & LUXURY GOODS—0.9%
Capri Holdings Ltd.*	203,503		12,224,425
APPLICATION SOFTWARE—10.4%
Adobe, Inc.*	95,978		51,281,045
Bill.com Holdings, Inc.*	78,217		14,721,222
Intuit, Inc.	99,631		55,318,120
salesforce.com, Inc.*	83,956		19,530,684
Unity Software, Inc.*	80,354		8,449,223
			149,300,294
AUTOMOBILE MANUFACTURERS—4.4%
General Motors Co.*	451,111		23,787,083
Tesla, Inc.*	41,502		38,875,753
			62,662,836
AUTOMOTIVE RETAIL—0.2%
Carvana Co., Cl. A*	15,547		2,519,547
CASINOS & GAMING—2.3%
MGM Resorts International	779,182		33,286,655
DATA PROCESSING & OUTSOURCED SERVICES—6.3%
DLocal Ltd., Cl. A*	156,918		4,694,987
Marqeta, Inc., Cl. A*	1,041,949		12,294,998
PayPal Holdings, Inc.*	151,726		26,087,768
Visa, Inc., Cl. A	207,562		46,944,298
			90,022,051
ELECTRICAL COMPONENTS & EQUIPMENT—4.6%
AMETEK, Inc.	114,445		15,652,643
Eaton Corp. PLC	251,522		39,848,630
Vicor Corp.*	111,832		10,549,113
			66,050,386
FINANCIAL EXCHANGES & DATA—2.4%
Coinbase Global, Inc., Cl. A*	12,305		2,339,796
S&P Global, Inc.	78,906		32,763,349
			35,103,145
FOOTWEAR—0.5%
NIKE, Inc., Cl. B	47,983		7,104,843
HEALTHCARE SUPPLIES—0.2%
Align Technology, Inc.*	5,684		2,813,353
HOTELS RESORTS & CRUISE LINES—1.0%
Booking Holdings, Inc.*	5,851		14,370,817
INTERACTIVE HOME ENTERTAINMENT—0.2%
Sea Ltd.#,*	18,657		2,804,334
INTERACTIVE MEDIA & SERVICES—6.8%
Alphabet, Inc., Cl. C*	28,301		76,808,065
Meta Platforms, Inc., Cl. A*	25,883		8,108,109
Snap, Inc., Cl. A*	382,178		12,436,072
			97,352,246

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THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—97.8% (CONT.)	SHARES		VALUE
INTERNET & DIRECT MARKETING RETAIL—7.3%
Amazon.com, Inc.*	33,511	$	100,247,151
Etsy, Inc.*	28,831		4,528,774
			104,775,925
INTERNET SERVICES & INFRASTRUCTURE—2.7%
Shopify, Inc., Cl. A*	23,946		23,089,691
Twilio, Inc., Cl. A*	73,500		15,149,820
			38,239,511
LIFE SCIENCES TOOLS & SERVICES—2.3%
Danaher Corp.	113,345		32,392,867
MANAGED HEALTHCARE—3.4%
UnitedHealth Group, Inc.	104,308		49,292,831
MOVIES & ENTERTAINMENT—1.9%
Live Nation Entertainment, Inc.*	136,580		14,956,876
Roku, Inc., Cl. A*	76,898		12,615,117
			27,571,993
PHARMACEUTICALS—1.6%
Catalent, Inc.*	215,336		22,379,870
RAILROADS—0.3%
Union Pacific Corp.	17,069		4,174,224
REGIONAL BANKS—1.7%
Signature Bank	78,973		24,057,545
SEMICONDUCTOR EQUIPMENT—3.1%
Applied Materials, Inc.	324,885		44,892,609
SEMICONDUCTORS—11.7%
Advanced Micro Devices, Inc.*	320,148		36,576,909
Micron Technology, Inc.	375,296		30,875,602
NVIDIA Corp.	235,779		57,732,846
QUALCOMM, Inc.	190,294		33,446,073
Xilinx, Inc.	48,374		9,362,788
			167,994,218
SYSTEMS SOFTWARE—12.3%
Crowdstrike Holdings, Inc., Cl. A*	51,981		9,389,848
Microsoft Corp.	537,161		167,046,328
			176,436,176
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.0%
Apple, Inc.	491,068		85,828,865
TRUCKING—1.4%
Uber Technologies, Inc.*	556,326		20,806,592
TOTAL COMMON STOCKS
(Cost $1,164,715,857)			1,401,189,362
PREFERRED STOCKS—0.0%	SHARES		VALUE
BIOTECHNOLOGY—0.0%
Prosetta Biosciences, Inc., Series D*,@,(a),(b)	76,825		–
(Cost $345,713)			–

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THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

			VALUE
Total Investments
(Cost $1,165,061,570)	97.8	%	$	1,401,189,362
Affiliated Securities (Cost $345,713)				–
Unaffiliated Securities (Cost $1,164,715,857)				1,401,189,362
Other Assets in Excess of Liabilities	2.2	%		31,918,376
NET ASSETS	100.0	%	$	1,433,107,738

^# 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.

					% of net assets			% of net assets
	Acquisition		Acquisition		(Acquisition	Market		as of
Security	Date(s)		Cost		Date)	Value		1/31/2022
Prosetta Biosciences, Inc., Series D		2/6/15		$345,713	0.80%		$0	0.00%
Total							$0	0.00%

See Notes to Financial Statements.

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THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND

Schedule of Investments January 31, 2022 (Unaudited)

COMMON STOCKS—96.2%	SHARES		VALUE
AEROSPACE & DEFENSE—4.9%		‌		‌
HEICO Corp.		16,836	$	2,296,262
TransDigm Group, Inc.*		3,159		1,946,544
				4,242,806
AIR FREIGHT & LOGISTICS—1.5%		‌		‌
GXO Logistics, Inc.*		15,879		1,289,534
APPAREL ACCESSORIES & LUXURY GOODS—3.5%		‌		‌
Capri Holdings Ltd.*		12,763		766,673
Lululemon Athletica, Inc.*		2,789		930,857
Moncler SpA		20,208		1,296,825
				2,994,355
APPAREL RETAIL—2.1%		‌		‌
Aritzia, Inc.*		19,364		898,069
Victoria's Secret & Co.*		15,812		882,784
				1,780,853
APPLICATION SOFTWARE—15.9%		‌		‌
ANSYS, Inc.*		1,939		659,279
Avalara, Inc.*		12,150		1,331,883
Bill.com Holdings, Inc.*		8,003		1,506,245
Cadence Design Systems, Inc.*		6,805		1,035,313
Confluent, Inc., Cl. A*		20,655		1,350,630
Datadog, Inc., Cl. A*		10,144		1,482,140
Five9, Inc.*		3,869		486,333
HubSpot, Inc.*		2,402		1,174,098
Manhattan Associates, Inc.*		5,802		776,714
Paycom Software, Inc.*		3,474		1,164,832
Sprout Social, Inc., Cl. A*		13,202		908,958
The Trade Desk, Inc., Cl. A*		21,053		1,464,026
Unity Software, Inc.*		3,663		385,164
				13,725,615
AUTOMOTIVE RETAIL—1.5%		‌		‌
Advance Auto Parts, Inc.		3,657		846,632
Carvana Co., Cl. A*		2,604		422,004
				1,268,636
BIOTECHNOLOGY—3.5%		‌		‌
BioMarin Pharmaceutical, Inc.*		6,021		533,641
Celldex Therapeutics, Inc.*		17,213		533,775
Natera, Inc.*		28,392		2,005,895
				3,073,311
BUILDING PRODUCTS—0.5%		‌		‌
The AZEK Co., Inc., Cl. A*		12,163		401,744
CASINOS & GAMING—2.4%		‌		‌
MGM Resorts International		47,714		2,038,342
COMMUNICATIONS EQUIPMENT—0.7%		‌		‌
F5 Networks, Inc.*		2,795		580,298
CONSUMER FINANCE—2.1%		‌		‌
Upstart Holdings, Inc.*		16,786		1,829,842

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THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—96.2% (CONT.)	SHARES		VALUE
DATA PROCESSING & OUTSOURCED SERVICES—1.9%		‌		‌
DLocal Ltd., Cl. A*		30,900	$	924,528
Marqeta, Inc., Cl. A*		63,485		749,123
				1,673,651
DIVERSIFIED METALS & MINING—1.8%		‌		‌
MP Materials Corp.*		39,351		1,571,679
DIVERSIFIED SUPPORT SERVICES—0.5%		‌		‌
Cintas Corp.		1,195		467,878
ELECTRICAL COMPONENTS & EQUIPMENT—3.2%		‌		‌
AMETEK, Inc.		13,623		1,863,218
Generac Holdings, Inc.*		2,109		595,539
Vicor Corp.*		2,982		281,292
				2,740,049
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.5%		‌		‌
908 Devices, Inc.*		43,705		691,413
Trimble, Inc.*		8,960		646,554
				1,337,967
HEALTHCARE EQUIPMENT—5.7%		‌		‌
CryoPort, Inc.*		21,433		895,256
Dexcom, Inc.*		3,247		1,397,769
IDEXX Laboratories, Inc.*		2,506		1,271,294
Inmode Ltd.*		7,493		361,387
Insulet Corp.*		3,943		977,864
				4,903,570
HEALTHCARE FACILITIES—0.6%		‌		‌
The Joint Corp.*		10,244		553,586
HEALTHCARE SERVICES—1.3%		‌		‌
Guardant Health, Inc.*		16,244		1,129,770
HEALTHCARE TECHNOLOGY—1.1%		‌		‌
Veeva Systems, Inc., Cl. A*		3,893		920,850
HOMEFURNISHING RETAIL—1.0%		‌		‌
Williams-Sonoma, Inc.		5,391		865,471
HOTELS RESORTS & CRUISE LINES—1.6%		‌		‌
Airbnb, Inc., Cl. A*		4,677		720,118
Expedia Group, Inc.*		3,590		658,011
				1,378,129
INTERACTIVE HOME ENTERTAINMENT—0.8%		‌		‌
ROBLOX Corp., Cl. A*		4,607		303,417
Take-Two Interactive Software, Inc.*		2,606		425,664
				729,081
INTERACTIVE MEDIA & SERVICES—0.9%		‌		‌
Pinterest, Inc., Cl. A*		27,741		820,024
INTERNET & DIRECT MARKETING RETAIL—0.8%		‌		‌
Etsy, Inc.*		4,277		671,831
INTERNET SERVICES & INFRASTRUCTURE—2.4%		‌		‌
BigCommerce Holdings, Inc.*		39,447		1,289,522
MongoDB, Inc., Cl. A*		2,005		812,246
				2,101,768

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THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—96.2% (CONT.)	SHARES		VALUE
LEISURE FACILITIES—0.3%		‌		‌
Vail Resorts, Inc.		1,083	$	300,099
LIFE SCIENCES TOOLS & SERVICES—5.4%		‌		‌
10X Genomics, Inc., Cl. A*		9,516		916,105
Agilent Technologies, Inc.		3,027		421,722
Bio-Techne Corp.		4,718		1,775,903
Repligen Corp.*		5,598		1,110,307
West Pharmaceutical Services, Inc.		1,182		464,786
				4,688,823
MOVIES & ENTERTAINMENT—2.0%		‌		‌
Live Nation Entertainment, Inc.*		9,215		1,009,135
Roku, Inc., Cl. A*		4,477		734,452
				1,743,587
OIL & GAS EQUIPMENT & SERVICES—0.9%		‌		‌
ChampionX Corp.*		34,761		778,646
OIL & GAS EXPLORATION & PRODUCTION—2.5%		‌		‌
Diamondback Energy, Inc.		17,494		2,207,043
PHARMACEUTICALS—2.0%		‌		‌
Catalent, Inc.*		12,422		1,291,019
Green Thumb Industries, Inc.*		24,239		427,971
				1,718,990
REGIONAL BANKS—2.4%		‌		‌
Signature Bank		6,764		2,060,517
RESEARCH & CONSULTING SERVICES—1.0%		‌		‌
CoStar Group, Inc.*		12,134		851,321
RESTAURANTS—3.5%		‌		‌
Shake Shack, Inc., Cl. A*		23,139		1,528,794
The Cheesecake Factory, Inc.*		41,357		1,475,618
				3,004,412
SEMICONDUCTOR EQUIPMENT—4.1%		‌		‌
Azenta, Inc.		8,396		708,119
KLA Corp.		6,549		2,549,329
SolarEdge Technologies, Inc.*		1,322		314,927
				3,572,375
SEMICONDUCTORS—3.2%		‌		‌
Microchip Technology, Inc.		12,017		931,077
SiTime Corp.*		3,714		865,696
Xilinx, Inc.		4,927		953,621
				2,750,394
SYSTEMS SOFTWARE—3.5%		‌		‌
Crowdstrike Holdings, Inc., Cl. A*		5,969		1,078,240
Fortinet, Inc.*		2,163		642,930
Palo Alto Networks, Inc.*		2,565		1,327,131
				3,048,301

- 12 - 

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—96.2% (CONT.)	SHARES		VALUE
TRUCKING—1.7%		‌		‌
Old Dominion Freight Line, Inc.		2,644	$	798,303
Uber Technologies, Inc.*		18,034		674,472
				1,472,775
TOTAL COMMON STOCKS
(Cost $86,092,415)				83,287,923
PREFERRED STOCKS—0.0%		SHARES	VALUE
BIOTECHNOLOGY—0.0%		‌		‌
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		166,009		–
(Cost $747,040)				–
RIGHTS—0.4%		SHARES	VALUE
BIOTECHNOLOGY—0.4%		‌		‌
Tolero CDR*,@,(b),(c)		422,928		312,967
(Cost $226,186)				312,967
REAL ESTATE INVESTMENT TRUST—1.9%		SHARES	VALUE
RETAIL—1.9%		‌		‌
Simon Property Group, Inc.		11,045		1,625,824
(Cost $1,769,928)				1,625,824
SPECIAL PURPOSE VEHICLE—1.5%		SHARES	VALUE
DATA PROCESSING & OUTSOURCED SERVICES—1.5%		‌		‌
Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b)		22		880,616
Crosslink Ventures Capital LLC, Cl. B*,@,(a),(b)		9		379,593
				1,260,209
TOTAL SPECIAL PURPOSE VEHICLE
(Cost $775,000)				1,260,209
Total Investments
(Cost $89,610,569)		100.0%	$	86,486,923
Affiliated Securities (Cost $1,522,040)				1,260,209
Unaffiliated Securities (Cost $88,088,529)				85,226,714
Other Assets in Excess of Liabilities		0.0%		6,686
NET ASSETS		100.0%	$	86,493,609

^(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.

^@ 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.

					% of net assets			% of net assets
	Acquisition		Acquisition		(Acquisition	Market		as of
Security	Date(s)		Cost		Date)	Value		1/31/2022
Crosslink Ventures Capital LLC, Cl. A		10/2/20		$550,000	0.50%		$880,616	1.02%
Crosslink Ventures Capital LLC, Cl. B		12/16/20		225,000	0.19%		379,593	0.44%
Prosetta Biosciences, Inc., Series D		2/6/15		747,040	0.50%		0	0.00%
Tolero CDR		2/6/17		226,186	0.23%		312,967	0.36%
Total							$1,573,176	1.82%

See Notes to Financial Statements.

- 13 - 

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND

Schedule of Investments January 31, 2022 (Unaudited)

COMMON STOCKS—92.9%	SHARES		VALUE
ADVERTISING—0.6%		‌		‌
Magnite, Inc.*		105,754	$	1,435,082
AEROSPACE & DEFENSE—2.7%		‌		‌
HEICO Corp.		25,729		3,509,178
Hexcel Corp.*		12,718		663,498
Mercury Systems, Inc.*		44,430		2,528,956
				6,701,632
AGRICULTURAL & FARM MACHINERY—0.4%		‌		‌
Hydrofarm Holdings Group, Inc.*		46,810		917,944
APPAREL ACCESSORIES & LUXURY GOODS—1.3%		‌		‌
Capri Holdings Ltd.*		51,343		3,084,174
APPAREL RETAIL—1.6%		‌		‌
Aritzia, Inc.*		19,581		908,133
Victoria's Secret & Co.*		55,541		3,100,854
				4,008,987
APPLICATION SOFTWARE—21.5%		‌		‌
ACI Worldwide, Inc.*		106,408		3,657,243
Avalara, Inc.*		36,992		4,055,063
Bill.com Holdings, Inc.*		22,433		4,222,115
Blackbaud, Inc.*		35,248		2,401,799
Blackline, Inc.*		34,840		3,200,751
Digital Turbine, Inc.*		26,181		1,155,891
Everbridge, Inc.*		43,575		2,227,554
ForgeRock, Inc., Cl. A*		14,346		204,287
Guidewire Software, Inc.*		19,837		2,000,363
HubSpot, Inc.*		10,972		5,363,113
Manhattan Associates, Inc.*		31,668		4,239,395
Paycom Software, Inc.*		12,041		4,037,347
Paycor HCM, Inc.*		4,855		125,939
Q2 Holdings, Inc.*		56,559		3,690,475
SEMrush Holdings, Inc., Cl. A*		48,604		882,649
Smartsheet, Inc., Cl. A*		41,841		2,603,347
Sprout Social, Inc., Cl. A*		45,184		3,110,918
SPS Commerce, Inc.*		35,836		4,438,289
Vertex, Inc., Cl. A*		95,974		1,392,583
				53,009,121
ASSET MANAGEMENT & CUSTODY BANKS—1.5%		‌		‌
Affiliated Managers Group, Inc.		25,531		3,732,887
BIOTECHNOLOGY—2.6%		‌		‌
CareDx, Inc.*		129,243		5,402,357
Karuna Therapeutics, Inc.*		6,928		769,424
Turning Point Therapeutics, Inc.*		8,615		320,737
				6,492,518
DATA PROCESSING & OUTSOURCED SERVICES—0.4%		‌		‌
DLocal Ltd., Cl. A*		19,912		595,767
Marqeta, Inc., Cl. A*		32,172		379,630
				975,397
DIVERSIFIED SUPPORT SERVICES—0.4%		‌		‌
IAA, Inc.*		21,656		994,660

- 14 - 

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—92.9% (CONT.)	SHARES		VALUE
ELECTRICAL COMPONENTS & EQUIPMENT—0.5%		‌		‌
Sunrun, Inc.*		44,107	$	1,143,694
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.3%		‌		‌
Cognex Corp.		48,711		3,237,333
FOOD DISTRIBUTORS—1.8%		‌		‌
The Chefs' Warehouse, Inc.*		46,596		1,390,425
US Foods Holding Corp.*		88,863		3,133,309
				4,523,734
HEALTHCARE DISTRIBUTORS—0.3%		‌		‌
PetIQ, Inc., Cl. A*		30,033		613,875
HEALTHCARE EQUIPMENT—8.1%		‌		‌
CryoPort, Inc.*		59,833		2,499,224
Inmode Ltd.*		86,832		4,187,907
Inogen, Inc.*		8,134		241,824
Insulet Corp.*		21,364		5,298,272
Mesa Laboratories, Inc.		11,093		3,154,073
Paragon 28, Inc.*		35,069		527,789
Tandem Diabetes Care, Inc.*		35,211		4,158,771
				20,067,860
HEALTHCARE FACILITIES—1.7%		‌		‌
The Joint Corp.*		78,154		4,223,442
HEALTHCARE SERVICES—1.1%		‌		‌
Biodesix, Inc.*		34,708		138,485
Guardant Health, Inc.*		28,600		1,989,130
Privia Health Group, Inc.*		23,375		497,420
				2,625,035
HEALTHCARE SUPPLIES—4.3%		‌		‌
Neogen Corp.*		182,400		6,652,128
Quidel Corp.*		37,629		3,889,333
				10,541,461
HEALTHCARE TECHNOLOGY—4.5%		‌		‌
Convey Health Solutions Holdings, Inc.*		66,757		520,037
Definitive Healthcare Corp., Cl. A*		15,878		347,411
Doximity, Inc., Cl. A*		8,996		409,948
Renalytix PLC#,*		76,013		961,564
Sophia Genetics SA*		39,485		461,974
Veeva Systems, Inc., Cl. A*		13,379		3,164,669
Vocera Communications, Inc.*		65,526		5,177,209
				11,042,812
HOMEFURNISHING RETAIL—0.7%		‌		‌
Arhaus, Inc., Cl. A*		23,497		208,653
Bed Bath & Beyond, Inc.*		88,773		1,441,674
				1,650,327
HUMAN RESOURCE & EMPLOYMENT SERVICES—1.2%		‌		‌
LegalZoom.com, Inc.*		71,019		1,127,782
Upwork, Inc.*		66,052		1,796,614
				2,924,396
HYPERMARKETS & SUPER CENTERS—1.6%		‌		‌
BJ's Wholesale Club Holdings, Inc.*		64,537		3,967,089

- 15 - 

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—92.9% (CONT.)	SHARES		VALUE
INDUSTRIAL MACHINERY—0.5%		‌		‌
Gates Industrial Corp. PLC*		79,363	$	1,227,746
INTERACTIVE HOME ENTERTAINMENT—0.8%		‌		‌
Take-Two Interactive Software, Inc.*		12,786		2,088,465
INTERACTIVE MEDIA & SERVICES—2.1%		‌		‌
Bumble, Inc., Cl. A*		22,345		659,401
Eventbrite, Inc., Cl. A*		66,216		948,875
Genius Sports Ltd.*		290,258		1,880,872
TripAdvisor, Inc.*		61,817		1,678,332
				5,167,480
INTERNET & DIRECT MARKETING RETAIL—1.1%		‌		‌
Farfetch Ltd., Cl. A*		66,254		1,438,374
The RealReal, Inc.*		131,790		1,245,416
				2,683,790
INTERNET SERVICES & INFRASTRUCTURE—1.1%		‌		‌
BigCommerce Holdings, Inc.*		83,971		2,745,012
LEISURE FACILITIES—1.0%		‌		‌
Planet Fitness, Inc., Cl. A*		26,983		2,391,773
LIFE SCIENCES TOOLS & SERVICES—9.2%		‌		‌
10X Genomics, Inc., Cl. A*		17,263		1,661,909
Akoya Biosciences, Inc.*		67,565		767,538
Alpha Teknova, Inc.*		15,707		247,857
Bio-Techne Corp.		16,993		6,396,335
Codex DNA, Inc.*		39,288		308,018
Cytek Biosciences, Inc.*		27,652		402,613
ICON PLC*		9,073		2,410,878
Maravai LifeSciences Holdings, Inc., Cl. A*		21,433		619,842
MaxCyte, Inc.*		23,900		154,394
NanoString Technologies, Inc.*		104,414		3,625,254
NeoGenomics, Inc.*		72,883		1,642,783
Personalis, Inc.*		53,114		604,968
Rapid Micro Biosystems, Inc., Cl. A*		31,886		227,347
Repligen Corp.*		18,744		3,717,685
				22,787,421
MANAGED HEALTHCARE—1.1%		‌		‌
HealthEquity, Inc.*		51,749		2,765,467
MOVIES & ENTERTAINMENT—2.1%		‌		‌
Live Nation Entertainment, Inc.*		46,619		5,105,247
OIL & GAS EXPLORATION & PRODUCTION—3.5%		‌		‌
Magnolia Oil & Gas Corp., Cl. A		397,153		8,590,419
PERSONAL PRODUCTS—0.3%		‌		‌
The Beauty Health Co.*		56,618		803,976
PRECIOUS METALS & MINERALS—0.6%		‌		‌
Xometry, Inc., Cl. A*		30,604		1,579,166
REGIONAL BANKS—0.7%		‌		‌
Webster Financial Corp.		32,357		1,838,201

- 16 - 

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—92.9% (CONT.)	SHARES		VALUE
RESTAURANTS—4.6%		‌		‌
Shake Shack, Inc., Cl. A*		59,696	$	3,944,115
Sweetgreen, Inc., Cl. A*		18,356		555,269
The Cheesecake Factory, Inc.*		86,016		3,069,051
Wingstop, Inc.		24,044		3,684,743
				11,253,178
SEMICONDUCTOR EQUIPMENT—0.5%		‌		‌
SolarEdge Technologies, Inc.*		5,174		1,232,550
SEMICONDUCTORS—0.8%		‌		‌
Universal Display Corp.		13,484		2,069,929
SPECIALTY CHEMICALS—2.0%		‌		‌
Balchem Corp.		33,573		4,933,217
SPECIALTY STORES—0.8%		‌		‌
Brilliant Earth Group, Inc., Cl. A*		10,979		145,362
Five Below, Inc.*		11,769		1,930,116
				2,075,478
TOTAL COMMON STOCKS
(Cost $179,156,503)				229,251,975
PREFERRED STOCKS—3.2%		SHARES		VALUE
BIOTECHNOLOGY—0.0%		‌		‌
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		133,263		–
DATA PROCESSING & OUTSOURCED SERVICES—3.2%		‌		‌
Chime Financial, Inc., Series G*,@,(b)		114,399		7,901,516
TOTAL PREFERRED STOCKS
(Cost $8,501,200)				7,901,516
RIGHTS—0.2%		SHARES		VALUE
BIOTECHNOLOGY—0.2%		‌		‌
Tolero CDR*,@,(b),(c)		528,559		391,134
(Cost $285,725)				391,134
REAL ESTATE INVESTMENT TRUST—1.0%		SHARES		VALUE
RETAIL—1.0%		‌		‌
Tanger Factory Outlet Centers, Inc.		141,334		2,404,091
(Cost $2,327,396)				2,404,091
SPECIAL PURPOSE VEHICLE—1.0%		SHARES		VALUE
DATA PROCESSING & OUTSOURCED SERVICES—1.0%		‌		‌
Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b)		51		2,041,428
Crosslink Ventures Capital LLC, Cl. B*,@,(a),(b)		13		548,301
				2,589,729
TOTAL SPECIAL PURPOSE VEHICLE
(Cost $1,600,000)				2,589,729
Total Investments
(Cost $191,870,824)		98.3%	$	242,538,445
Affiliated Securities (Cost $2,199,684)				2,589,729
Unaffiliated Securities (Cost $189,671,140)				239,948,716
Other Assets in Excess of Liabilities		1.7%		4,268,572
NET ASSETS		100.0%	$	246,807,017

^# 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.

- 17 - 

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

^(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.

					% of net assets			% of net assets
	Acquisition		Acquisition		(Acquisition	Market		as of
Security	Date(s)		Cost		Date)	Value		1/31/2022
Chime Financial, Inc., Series G		8/24/21		$7,901,516	2.12%		$7,901,516	3.20%
Crosslink Ventures Capital LLC, Cl. A		10/2/20		1,275,000	0.49%		2,041,428	0.82%
Crosslink Ventures Capital LLC, Cl. B		12/16/20		325,000	0.11%		548,301	0.22%
Prosetta Biosciences, Inc., Series D		2/6/15		599,684	0.10%		0	0.00%
Tolero CDR		2/6/17		285,725	0.16%		391,134	0.16%
Total							$10,882,379	4.40%

See Notes to Financial Statements.

- 18 - 

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)

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, Z 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 Y, Z and Z-2 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 eighth 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. Each class has identical rights to assets and earnings, except that each share class bears the pro rata allocation of the 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 meetings are held 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.

In December 2020, the Securities and Exchange Commission adopted Rule 2a-5, Good Faith Determinations of Fair Value, under the 1940 Act, which is intended to address valuation practices and the role of the board of directors with respect to the fair value of the investments of a registered investment company. Among other things, Rule 2a-5 will permit the Funds’ Board to designate the Funds’ primary investment adviser to perform the Funds’ fair value determinations, which will be subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the investment adviser’s fair value determinations. Compliance with Rule 2a-5 will not be required until September 2022. The Adviser continues to review Rule 2a-5 and its impact on the Adviser’s and the Funds’ valuation policies and related practices.

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

- 21 - 

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

NOTE 3 — Fair Value Measurements:

The following is a summary of the inputs used as of January 31, 2022 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.

Alger Capital Appreciation Institutional Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	332,368,357	$	332,368,357	$	–	$	–
Consumer Discretionary		653,639,460		619,236,730		33,131,465		1,271,265
Energy		21,398,249		21,398,249		–		–
Financials		93,030,203		93,030,203		–		–
Healthcare		309,112,788		309,112,788		–		–
Industrials		216,141,603		216,141,603		–		–
Information Technology		1,750,884,315		1,750,884,315		–		–
Materials		10,038,814		10,038,814		–		–
TOTAL COMMON STOCKS	$	3,386,613,789	$	3,352,211,059	$	33,131,465	$	1,271,265
PREFERRED STOCKS
Information Technology		2,688,128		–		–		2,688,128
REAL ESTATE INVESTMENT TRUST
Real Estate		9,959,552		9,959,552		–		–
SPECIAL PURPOSE VEHICLE
Information Technology		4,923,444		–		–		4,923,444
TOTAL INVESTMENTS IN SECURITIES	$	3,404,184,913	$	3,362,170,611	$	33,131,465	$	8,882,837

Alger Focus Equity Fund	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services		127,728,573			127,728,573		–		–
Consumer Discretionary		236,945,048			236,945,048		–		–
Financials		59,160,690			59,160,690		–		–
Healthcare		106,878,921			106,878,921		–		–
Industrials		117,762,406			117,762,406		–		–
Information Technology		752,713,724			752,713,724		–		–
TOTAL COMMON STOCKS	$	1,401,189,362		$	1,401,189,362	$	–	$	–
PREFERRED STOCKS
Healthcare		–	*		–		–		–	*
TOTAL INVESTMENTS IN SECURITIES	$	1,401,189,362		$	1,401,189,362	$	–	$	–

- 22 - 

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger Mid Cap Growth Institutional Fund	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	3,292,692		$	3,292,692	$	–	$	–
Consumer Discretionary		14,302,128			13,005,303		1,296,825		–
Energy		2,985,689			2,985,689		–		–
Financials		3,890,359			3,890,359		–		–
Healthcare		16,988,900			16,988,900		–		–
Industrials		11,466,107			11,466,107		–		–
Information Technology		28,790,369			28,790,369		–		–
Materials		1,571,679			1,571,679		–		–
TOTAL COMMON STOCKS	$	83,287,923		$	81,991,098	$	1,296,825	$	–
PREFERRED STOCKS
Healthcare		–	*		–		–		–	*
RIGHTS
Healthcare		312,967			–		–		312,967
REAL ESTATE INVESTMENT TRUST
Real Estate		1,625,824			1,625,824		–		–
SPECIAL PURPOSE VEHICLE
Information Technology		1,260,209			–		–		1,260,209
TOTAL INVESTMENTS IN SECURITIES	$	86,486,923		$	83,616,922	$	1,296,825	$	1,573,176

Alger Small Cap Growth Institutional Fund	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services		13,796,274			13,796,274		–		–
Consumer Discretionary		27,147,707			27,147,707		–		–
Consumer Staples		9,294,799			9,294,799		–		–
Energy		8,590,419			8,590,419		–		–
Financials		5,571,088			5,571,088		–		–
Healthcare		81,159,891			81,159,891		–		–
Industrials		13,910,072			13,910,072		–		–
Information Technology		63,269,342			63,269,342		–		–
Materials		6,512,383			6,512,383		–		–
TOTAL COMMON STOCKS	$	229,251,975		$	229,251,975	$	–	$	–
PREFERRED STOCKS
Healthcare		–	*		–		–		–	*
Information Technology		7,901,516			–		–		7,901,516
TOTAL PREFERRED STOCKS	$	7,901,516		$	–	$	–	$	7,901,516
RIGHTS
Healthcare		391,134			–		–		391,134
REAL ESTATE INVESTMENT TRUST
Real Estate		2,404,091			2,404,091		–		–
SPECIAL PURPOSE VEHICLE
Information Technology		2,589,729			–		–		2,589,729
TOTAL INVESTMENTS IN SECURITIES	$	242,538,445		$	231,656,066	$	–	$	10,882,379

* Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of January 31, 2022.

- 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, 2021	$	1,339,796
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		(68,531	)
Purchases and sales
Purchases		–
Sales		–
Closing balance at January 31, 2022		1,271,265
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2022	$	(68,531	)

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Capital Appreciation Institutional Fund	Preferred Stocks
Opening balance at November 1, 2021	$	2,688,128
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 January 31, 2022		2,688,128
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2022	$	–

- 24 - 

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Capital Appreciation Institutional Fund	Special Purpose Vehicle
Opening balance at November 1, 2021	$	4,923,444
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 January 31, 2022		4,923,444
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2022	$	–

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Focus Equity Fund	Preferred Stocks
Opening balance at November 1, 2021	$	–	*
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 January 31, 2022		–	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2022	$	–

- 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	Preferred Stocks
Opening balance at November 1, 2021	$	–	*
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 January 31, 2022		–	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2022	$	–

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Mid Cap Growth Institutional Fund	Rights
Opening balance at November 1, 2021	$	317,196
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		(4,229	)
Purchases and sales
Purchases		–
Sales		–
Closing balance at January 31, 2022		312,967
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2022	$	(4,229	)

- 26 - 

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
	Special Purpose
Alger Mid Cap Growth Institutional Fund	Vehicle
Opening balance at November 1, 2021	$	1,260,209
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 January 31, 2022		1,260,209
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2022	$	–

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Small Cap Growth Institutional Fund	Preferred Stocks
Opening balance at November 1, 2021	$	7,901,516	*
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 January 31, 2022		7,901,516	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2022	$	–

- 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	Rights
Opening balance at November 1, 2021	$	396,419
Transfers into Level 3		–
Transfers out of Level 3		–
Total gains or losses
Included in net realized gain (loss) on investments		–
Included in net change in unrealized appreciation (depreciation) on investments		(5,285	)
Purchases and sales
Purchases		–
Sales		–
Closing balance at January 31, 2022		391,134
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2022	$	(5,285	)

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
	Special Purpose
Alger Small Cap Growth Institutional Fund	Vehicle
Opening balance at November 1, 2021	$	2,589,729
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 January 31, 2022		2,589,729
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2022	$	–

* Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of January 31, 2022.

The following table provides quantitative information about each Fund’s Level 3 fair value measurements of the Funds’ investments as of January 31, 2022. 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.

- 28 - 

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Fair Value			Valuation	Unobservable			Weighted Average
	January 31, 2022			Methodology	Input	Input/Range		Inputs
Alger Capital Appreciation Institutional Fund
Common Stocks	$	1,271,265		Income	Discount Rate		3.66%		N/A
				Approach	Probability of		15.00%-50.00%
					Success
Preferred Stocks		2,688,128		Cost Approach	Priced at Cost		N/A		N/A
Special Purpose Vehicle		4,923,444		Market	Transaction Price		N/A		N/A
				Approach	Revenue Multiple		29.25x-30.25x
Alger Focus Equity Fund
Preferred Stocks	$	–	*	Income	Discount Rate		100.00		N/A
				Approach
Alger Mid Cap Growth Institutional Fund
Preferred Stocks	$	–	*	Income	Discount Rate		100.00%		N/A
				Approach
Rights		312,967		Income	Discount Rate		4.11%-4.91%		N/A
				Approach	Probability of		0.00%-100.00%
					Success
Special Purpose Vehicle		1,260,209		Market	Transaction Price		N/A		N/A
				Approach	Revenue Multiple		29.25x-30.25x
Alger Small Cap Growth Institutional Fund
Preferred Stocks	$	7,901,516	*	Income	Discount Rate		100.00%		N/A
				Approach
				Cost Approach	Priced at Cost		N/A		N/A
Rights		391,134		Income	Discount Rate		4.11%-4.91%		N/A
				Approach	Probability of		0.00%-100.00%
					Success
Special Purpose Vehicle		2,589,729		Market	Transaction Price		N/A		N/A
				Approach	Revenue Multiple		29.25x-30.25x

* Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of January 31, 2022.

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 January 31, 2022, such assets were categorized within the ASC 820 disclosure hierarchy as follows:

- 29 - 

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Cash, Foreign Cash and Cash Equivalents:
Alger Capital Appreciation Institutional Fund	$	16,602,143	$	–	$	16,602,143	$	–
Alger Focus Equity Fund		41,751,872		–		41,751,872		–
Alger Mid Cap Growth Institutional Fund		442,315		–		442,315		–
Alger Small Cap Growth Institutional Fund		8,810,374		–		8,810,374		–

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 also purchase put options in order to protect from significant market declines that may occur over a short period of time. The Funds may also 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.

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.

There were no derivative instruments held by the Funds throughout the period or as of January 31, 2022.

- 30 - 

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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 January 31, 2022. Information regarding the Funds’ holdings of such securities is set forth in the following table:

Net Increase

(Decrease)

Value at

Dividend/

in

Value at

October 31,

Purchases/

Sales/

Interest

Realized

Unrealized

January 31,

Security

2021

Conversion

Conversion

Income

Gain (Loss)

App(Dep)

2022

Alger Capital Appreciation Institutional Fund

Special Purpose Vehicle

Crosslink Ventures Capital LLC,

Cl. A

$

4,923,444

$

–

$

–

$

–

$

–

$

–

$

4,923,444

Total

$

4,923,444

$

–

$

–

$

–

$

–

$

–

$

4,923,444

Net Increase

(Decrease)

Value at

Dividend/

in

Value at

October 31,

Purchases/

Sales/

Interest

Realized

Unrealized

January 31,

Security

2021

Conversion

Conversion

Income

Gain (Loss)

App(Dep)

2022

Alger Focus Equity Fund

Preferred Stocks

Prosetta Biosciences, Inc.,

Series D

$

–

*

$

–

$

–

$

–

$

–

$

–

$

–

*

Total

$

–

*

$

–

$

–

$

–

$

–

$

–

$

–

*

												Net Increase
												(Decrease)
	Value at							Dividend/				in		Value at
	October 31,			Purchases/		Sales/		Interest		Realized		Unrealized		January 31,
Security	2021			Conversion		Conversion		Income		Gain (Loss)		App(Dep)		2022
Alger Mid Cap Growth Institutional Fund
Preferred Stocks
Prosetta Biosciences, Inc.,
Series D	$	–	*	$	–	$	–	$	–	$	–	$	–	$	–	*
Special Purpose Vehicle
Crosslink Ventures Capital LLC,
Cl. A	$	880,616		$	–	$	–	$	–	$	–	$	–	$	880,616
Crosslink Ventures Capital LLC,
Cl. B	$	379,593		$	–	$	–	$	–	$	–	$	–	$	379,593
Total	$	1,260,209		$	–	$	–	$	–	$	–	$	–	$	1,260,209

- 31 - 

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

												Net Increase
												(Decrease)
	Value at							Dividend/				in		Value at
	October 31,			Purchases/		Sales/		Interest		Realized		Unrealized		January 31,
Security	2021			Conversion		Conversion		Income		Gain (Loss)		App(Dep)		2022
Alger Small Cap Growth Institutional Fund
Preferred Stocks
Prosetta Biosciences, Inc.,
Series D	$	–	*	$	–	$	–	$	–	$	–	$	–	$	–	*
Special Purpose Vehicle
Crosslink Ventures Capital LLC,
Cl. A	$	2,041,428		$	–	$	–	$	–	$	–	$	–	$	2,041,428
Crosslink Ventures Capital LLC,
Cl. B	$	548,301		$	–	$	–	$	–	$	–	$	–	$	548,301
Total	$	2,589,729		$	–	$	–	$	–	$	–	$	–	$	2,589,729

* Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of January 31, 2022.

- 32 -