Alger Focus Equity Fund (ALZFX) NPORT-P Alger Capital Appreciation Institutional Fund (Jan 2023 report)

THE ALGER

INSTITUTIONAL FUNDS

QUARTERLY REPORT

JANUARY 31, 2023

Alger is a signatory to the PRI and carbon neutral.

THE ALGER INSTITUTIONAL FUNDS | ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND

Schedule of Investments January 31, 2023 (Unaudited)

COMMON STOCKS—98.4%	SHARES		VALUE
ADVERTISING—0.6%		‌		‌
The Trade Desk, Inc., Cl. A*		244,040	$	12,372,828
AEROSPACE & DEFENSE—3.8%		‌		‌
HEICO Corp.		99,930		17,083,033
TransDigm Group, Inc.		86,850		62,336,588
				79,419,621
AGRICULTURAL & FARM MACHINERY—0.4%		‌		‌
Deere & Co.		18,937		8,007,321
APPAREL ACCESSORIES & LUXURY GOODS—2.2%		‌		‌
Capri Holdings Ltd.*		129,547		8,613,580
Lululemon Athletica, Inc.*		24,649		7,564,285
LVMH Moet Hennessy Louis Vuitton SE		33,407		29,162,149
				45,340,014
APPAREL RETAIL—0.6%		‌		‌
The TJX Cos., Inc.		142,852		11,693,865
APPLICATION SOFTWARE—5.2%		‌		‌
Adobe, Inc.*		45,765		16,948,610
Cadence Design Systems, Inc.*		73,634		13,462,504
Datadog, Inc., Cl. A*		224,445		16,790,730
Intuit, Inc.		125,186		52,912,367
Workday, Inc., Cl. A*		47,737		8,660,924
				108,775,135
AUTO PARTS & EQUIPMENT—0.1%		‌		‌
Mobileye Global, Inc., Cl. A*		29,491		1,138,353
AUTOMOBILE MANUFACTURERS—1.0%		‌		‌
Tesla, Inc.*		117,897		20,422,118
BIOTECHNOLOGY—6.5%		‌		‌
AbbVie, Inc.		210,105		31,043,014
Biogen, Inc.*		53,308		15,507,297
Moderna, Inc.*		48,507		8,540,142
Natera, Inc.*		755,574		32,436,792
Prometheus Biosciences, Inc.*		142,821		16,233,035
United Therapeutics Corp.*		34,837		9,168,053
Vaxcyte, Inc.*		166,427		7,547,464
Vertex Pharmaceuticals, Inc.*		49,995		16,153,385
				136,629,182
CASINOS & GAMING—3.3%		‌		‌
Flutter Entertainment PLC*		92,028		14,294,330
Las Vegas Sands Corp.*		452,898		26,720,982
MGM Resorts International		706,216		29,244,405
				70,259,717
CONSTRUCTION MACHINERY & HEAVY TRUCKS—0.7%		‌		‌
Wabtec Corp.		135,755		14,092,727
CONSTRUCTION MATERIALS—0.5%		‌		‌
Martin Marietta Materials, Inc.		26,643		9,581,889
DATA PROCESSING & OUTSOURCED SERVICES—4.3%		‌		‌
PayPal Holdings, Inc.*		217,986		17,763,679
Visa, Inc., Cl. A		316,190		72,790,100
				90,553,779

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THE ALGER INSTITUTIONAL FUNDS | ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND

Schedule of Investments January 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—98.4% (CONT.)	SHARES		VALUE
ELECTRICAL COMPONENTS & EQUIPMENT—2.0%		‌		‌
AMETEK, Inc.		25,871	$	3,749,225
Eaton Corp., PLC		239,839		38,904,284
				42,653,509
FINANCIAL EXCHANGES & DATA—1.7%		‌		‌
S&P Global, Inc.		97,684		36,625,639
FOOTWEAR—0.7%		‌		‌
NIKE, Inc., Cl. B		123,129		15,678,016
HEALTHCARE DISTRIBUTORS—1.2%		‌		‌
McKesson Corp.		69,393		26,277,741
HEALTHCARE EQUIPMENT—1.5%		‌		‌
Boston Scientific Corp.*		191,817		8,871,536
Dexcom, Inc.*		22,626		2,423,019
Inspire Medical Systems, Inc.*		8,400		2,125,704
Intuitive Surgical, Inc.*		73,906		18,157,965
				31,578,224
HEALTHCARE FACILITIES—1.2%		‌		‌
Acadia Healthcare Co., Inc.*		307,430		25,830,269
HOTELS RESORTS & CRUISE LINES—1.3%		‌		‌
Booking Holdings, Inc.*		5,600		13,630,960
Trip.com Group Ltd.#,*		395,892		14,552,990
				28,183,950
HYPERMARKETS & SUPER CENTERS—0.3%		‌		‌
Costco Wholesale Corp.		13,344		6,820,652
INTERACTIVE MEDIA & SERVICES—3.6%		‌		‌
Alphabet, Inc., Cl. C*		722,860		72,192,028
Pinterest, Inc., Cl. A*		78,503		2,063,844
ZoomInfo Technologies, Inc., Cl. A*		61,052		1,723,498
				75,979,370
INTERNET & DIRECT MARKETING RETAIL—8.3%		‌		‌
Amazon.com, Inc.*		1,122,961		115,810,968
MercadoLibre, Inc.*		43,091		50,920,204
Pinduoduo, Inc.#,*		81,364		7,972,044
				174,703,216
INTERNET SERVICES & INFRASTRUCTURE—0.9%		‌		‌
Shopify, Inc., Cl. A*		132,434		6,525,023
Snowflake, Inc., Cl. A*		84,998		13,297,087
				19,822,110
LEISURE FACILITIES—0.9%		‌		‌
Vail Resorts, Inc.		74,921		19,654,775
LIFE SCIENCES TOOLS & SERVICES—2.3%		‌		‌
Charles River Laboratories International, Inc.*		28,967		7,046,223
Danaher Corp.		153,982		40,709,761
				47,755,984
MANAGED HEALTHCARE—3.4%		‌		‌
Humana, Inc.		67,805		34,695,818
UnitedHealth Group, Inc.		72,079		35,981,116
				70,676,934

- 3 -

THE ALGER INSTITUTIONAL FUNDS | ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND

Schedule of Investments January 31, 2023 (Unaudited) (Continued) 

COMMON STOCKS—98.4% (CONT.)	SHARES		VALUE
MOVIES & ENTERTAINMENT—3.6%		‌		‌
Live Nation Entertainment, Inc.*		251,366	$	20,232,449
Netflix, Inc.*		111,061		39,300,046
The Walt Disney Co.*		158,816		17,229,948
				76,762,443
OIL & GAS EQUIPMENT & SERVICES—1.2%		‌		‌
Schlumberger Ltd.		456,178		25,993,022
OIL & GAS EXPLORATION & PRODUCTION—1.7%		‌		‌
APA Corp.		112,533		4,988,588
Devon Energy Corp.		103,275		6,531,111
Diamondback Energy, Inc.		61,211		8,944,151
Pioneer Natural Resources Co.		67,623		15,576,958
				36,040,808
OIL & GAS STORAGE & TRANSPORTATION—0.5%		‌		‌
Cheniere Energy, Inc.		72,938		11,144,197
PHARMACEUTICALS—2.2%		‌		‌
AstraZeneca PLC#		152,609		9,976,050
Eli Lilly & Co.		78,772		27,109,384
Reata Pharmaceuticals, Inc., Cl. A*		213,961		9,270,930
				46,356,364
REGIONAL BANKS—0.3%		‌		‌
Signature Bank		53,877		6,947,439
RESTAURANTS—1.6%		‌		‌
Shake Shack, Inc., Cl. A*		193,590		11,011,399
Starbucks Corp.		101,960		11,127,915
Yum China Holdings, Inc.		187,151		11,530,373
				33,669,687
SEMICONDUCTOR EQUIPMENT—0.9%		‌		‌
SolarEdge Technologies, Inc.*		59,073		18,851,966
SEMICONDUCTORS—8.0%		‌		‌
Advanced Micro Devices, Inc.*		219,816		16,519,173
First Solar, Inc.*		99,684		17,703,879
Marvell Technology, Inc.		1,054,029		45,481,351
NVIDIA Corp.		356,960		69,739,275
Taiwan Semiconductor Manufacturing Co., Ltd.#		198,588		18,415,065
				167,858,743
SPECIALTY CHEMICALS—1.4%		‌		‌
Albemarle Corp.		91,196		25,667,114
The Sherwin-Williams Co.		15,167		3,588,361
				29,255,475
SYSTEMS SOFTWARE—12.5%		‌		‌
Microsoft Corp.		873,816		216,540,343
Oracle Corp.		184,669		16,335,820
ServiceNow, Inc.*		65,515		29,817,842
				262,694,005
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.0%		‌		‌
Apple, Inc.		736,455		106,263,092

- 4 -

THE ALGER INSTITUTIONAL FUNDS | ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments January 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—98.4% (CONT.)	SHARES		VALUE
TRUCKING—1.0%
Old Dominion Freight Line, Inc.		22,907	$	7,633,529
Uber Technologies, Inc.*		422,820		13,077,822
				20,711,351
TOTAL COMMON STOCKS
(Cost $1,418,818,283)				2,073,075,530

PREFERRED STOCKS—0.1%	SHARES		VALUE
DATA PROCESSING & OUTSOURCED SERVICES—0.1%
Chime Financial, Inc., Series G*,@,(a)		38,919		1,483,982
(Cost $2,688,128)				1,483,982

REAL ESTATE INVESTMENT TRUST—0.5%	SHARES		VALUE
SPECIALIZED—0.5%
SBA Communications Corp., Cl. A		39,027		11,611,703
(Cost $10,490,624)				11,611,703

SPECIAL PURPOSE VEHICLE—0.1%			VALUE
DATA PROCESSING & OUTSOURCED SERVICES—0.1%
Crosslink Ventures Capital C LLC, Cl. A*,@,(a),(b)				2,862,825
(Cost $3,075,000)				2,862,825
Total Investments
(Cost $1,435,072,035)	99.1	%	$	2,089,034,040
Affiliated Securities (Cost $3,075,000)				2,862,825
Unaffiliated Securities (Cost $1,431,997,035)				2,086,171,215
Other Assets in Excess of Liabilities	0.9	%		18,091,075
NET ASSETS	100.0	%	$	2,107,125,115

^# American Depositary Receipts.

^(a) Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee (as defined in Note 2).

^(b) Deemed an affiliate of the 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 1/31/2023
Chime Financial, Inc., Series G	8/24/21	$	2,688,128	0.06%	$	1,483,982	0.07%
Crosslink Ventures Capital C LLC, Cl. A	10/2/20		3,075,000	0.08%		2,862,825	0.14%
Total					$	4,346,807	0.21%

See Notes to Financial Statements.

- 5 -

THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUND
Schedule of Investments January 31, 2023 (Unaudited)

COMMON STOCKS—96.8%	SHARES		VALUE
ADVERTISING—0.8%
The Trade Desk, Inc., Cl. A*		167,339	$	8,484,087
AEROSPACE & DEFENSE—4.2%
TransDigm Group, Inc.		64,303		46,153,478
APPAREL ACCESSORIES & LUXURY GOODS—1.6%
LVMH Moet Hennessy Louis Vuitton SE		20,446		17,848,035
APPLICATION SOFTWARE—4.8%
Datadog, Inc., Cl. A*		131,679		9,850,906
Intuit, Inc.		102,809		43,454,280
				53,305,186
AUTOMOBILE MANUFACTURERS—1.6%
Tesla, Inc.*		101,406		17,565,547
BIOTECHNOLOGY—5.3%
AbbVie, Inc.		134,154		19,821,254
Biogen, Inc.*		28,048		8,159,163
Natera, Inc.*		480,071		20,609,448
Prometheus Biosciences, Inc.*		86,271		9,805,562
				58,395,427
CASINOS & GAMING—3.3%
Flutter Entertainment PLC*		120,854		18,771,754
MGM Resorts International		429,407		17,781,744
				36,553,498
CONSTRUCTION MACHINERY & HEAVY TRUCKS—1.7%
Wabtec Corp.		183,509		19,050,069
CONSTRUCTION MATERIALS—1.5%
Martin Marietta Materials, Inc.		47,553		17,101,961
DATA PROCESSING & OUTSOURCED SERVICES—4.9%
PayPal Holdings, Inc.*		125,803		10,251,686
Visa, Inc., Cl. A		188,895		43,485,518
				53,737,204
ELECTRICAL COMPONENTS & EQUIPMENT—3.2%
Eaton Corp., PLC		215,549		34,964,203
FINANCIAL EXCHANGES & DATA—2.4%
S&P Global, Inc.		72,061		27,018,551
HEALTHCARE DISTRIBUTORS—1.8%
McKesson Corp.		51,457		19,485,737
HEALTHCARE EQUIPMENT—0.7%
TransMedics Group, Inc.*		118,946		7,495,977
HEALTHCARE FACILITIES—2.0%
Acadia Healthcare Co., Inc.*		262,438		22,050,041
HYPERMARKETS & SUPER CENTERS—0.5%
Costco Wholesale Corp.		10,031		5,127,245
INTERACTIVE MEDIA & SERVICES—3.3%
Alphabet, Inc., Cl. C*		360,907		36,043,782
INTERNET & DIRECT MARKETING RETAIL—9.0%
Amazon.com, Inc.*		595,988		61,464,243
MercadoLibre, Inc.*		26,889		31,774,462
Pinduoduo, Inc.#,*		58,754		5,756,717
				98,995,422

- 6 -

THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUND
Schedule of Investments January 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—96.8% (CONT.)	SHARES		VALUE
INTERNET SERVICES & INFRASTRUCTURE—0.9%		‌		‌
Snowflake, Inc., Cl. A*		62,044	$	9,706,163
INVESTMENT BANKING & BROKERAGE—0.6%		‌		‌
LPL Financial Holdings, Inc.		29,499		6,994,803
LEISURE FACILITIES—1.0%		‌		‌
Vail Resorts, Inc.		43,191		11,330,727
LIFE SCIENCES TOOLS & SERVICES—2.0%		‌		‌
Danaher Corp.		81,687		21,596,409
MANAGED HEALTHCARE—2.6%		‌		‌
UnitedHealth Group, Inc.		57,262		28,584,618
METAL & GLASS CONTAINERS—0.9%		‌		‌
Ball Corp.		173,088		10,080,645
MOVIES & ENTERTAINMENT—4.6%		‌		‌
Liberty Media Corp. Series C Liberty Formula One*		254,328		18,006,422
Live Nation Entertainment, Inc.*		133,436		10,740,264
Netflix, Inc.*		60,595		21,442,147
				50,188,833
OIL & GAS EQUIPMENT & SERVICES—1.1%		‌		‌
Schlumberger Ltd.		219,208		12,490,472
OIL & GAS EXPLORATION & PRODUCTION—2.6%		‌		‌
EOG Resources, Inc.		216,494		28,631,332
PHARMACEUTICALS—1.5%		‌		‌
AstraZeneca PLC#		171,593		11,217,035
Reata Pharmaceuticals, Inc., Cl. A*		110,992		4,809,283
				16,026,318
SEMICONDUCTOR EQUIPMENT—1.0%		‌		‌
SolarEdge Technologies, Inc.*		35,546		11,343,795
SEMICONDUCTORS—7.9%		‌		‌
Advanced Micro Devices, Inc.*		142,155		10,682,948
First Solar, Inc.*		58,995		10,477,512
Marvell Technology, Inc.		633,848		27,350,541
NVIDIA Corp.		195,334		38,162,404
				86,673,405
SYSTEMS SOFTWARE—11.5%		‌		‌
Microsoft Corp.		446,617		110,676,159
ServiceNow, Inc.*		35,895		16,336,891
				127,013,050
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.1%		‌		‌
Apple, Inc.		387,453		55,905,593
TRUCKING—0.9%		‌		‌
Uber Technologies, Inc.*		338,686		10,475,558
TOTAL COMMON STOCKS
(Cost $881,285,809)				1,066,417,171

- 7 -

THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUND
Schedule of Investments January 31, 2023 (Unaudited) (Continued)

PREFERRED STOCKS—0.0%	SHARES			VALUE
BIOTECHNOLOGY—0.0%
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		76,825		$	—
(Cost $345,713)					—
Total Investments
(Cost $881,631,522)		96.8	%	$	1,066,417,171
Affiliated Securities (Cost $345,713)					—
Unaffiliated Securities (Cost $881,285,809)					1,066,417,171
Other Assets in Excess of Liabilities		3.2	%		34,929,150
NET ASSETS		100.0	%	$	1,101,346,321

^# 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 Valuation Designee (as defined in Note 2).

^* 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 1/31/2023
Prosetta Biosciences, Inc., Series D	2/6/15	$	345,713	0.80%	$	0	0.00%
Total					$	0	0.00%

See Notes to Financial Statements.

- 8 -

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND

Schedule of Investments January 31, 2023 (Unaudited)

COMMON STOCKS—95.1%	SHARES		VALUE
ADVERTISING—1.7%
The Trade Desk, Inc., Cl. A*		19,931	$	1,010,502
AEROSPACE & DEFENSE—5.1%
HEICO Corp.		8,926		1,525,900
TransDigm Group, Inc.		2,107		1,512,299
				3,038,199
APPAREL ACCESSORIES & LUXURY GOODS—1.5%
Lululemon Athletica, Inc.*		2,797		858,343
APPAREL RETAIL—2.0%
Aritzia, Inc.*		21,166		763,411
Burlington Stores, Inc.*		1,930		443,572
				1,206,983
APPLICATION SOFTWARE—12.7%
Bill.com Holdings, Inc.*		2,527		292,172
Cadence Design Systems, Inc.*		8,146		1,489,333
Constellation Software, Inc.		1,017		1,796,801
Datadog, Inc., Cl. A*		9,043		676,507
Guidewire Software, Inc.*		8,194		600,128
Manhattan Associates, Inc.*		7,100		925,556
Paycom Software, Inc.*		3,060		991,256
The Descartes Systems Group, Inc.*		10,165		741,815
				7,513,568
AUTOMOTIVE RETAIL—3.1%
AutoZone, Inc.*		744		1,814,504
BIOTECHNOLOGY—4.8%
Apellis Pharmaceuticals, Inc.*		5,609		295,763
Celldex Therapeutics, Inc.*		11,173		492,282
Natera, Inc.*		21,371		917,457
Neurocrine Biosciences, Inc.*		4,856		538,676
Prometheus Biosciences, Inc.*		5,457		620,243
				2,864,421
BUILDING PRODUCTS—0.5%
Trex Co., Inc.*		5,936		312,946
CONSTRUCTION & ENGINEERING—1.5%
WillScot Mobile Mini Holdings Corp.*		18,424		892,827
CONSTRUCTION MACHINERY & HEAVY TRUCKS—1.9%
Wabtec Corp.		11,108		1,153,121
CONSTRUCTION MATERIALS—1.0%
Martin Marietta Materials, Inc.		1,688		607,072
DIVERSIFIED METALS & MINING—1.3%
MP Materials Corp.*		23,412		761,124
ELECTRICAL COMPONENTS & EQUIPMENT—2.0%
AMETEK, Inc.		8,146		1,180,518
ELECTRONIC COMPONENTS—1.7%
Amphenol Corp., Cl. A		12,853		1,025,284
ELECTRONIC EQUIPMENT & INSTRUMENTS—2.1%
Novanta, Inc.*		7,856		1,268,508
ENVIRONMENTAL & FACILITIES SERVICES—1.4%
GFL Environmental, Inc.		26,473		816,957

- 9 -

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND

Schedule of Investments January 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—95.1% (CONT.)	SHARES		VALUE
FINANCIAL EXCHANGES & DATA—2.9%
MSCI, Inc., Cl. A		3,220	$	1,711,623
HEALTHCARE DISTRIBUTORS—2.3%
McKesson Corp.		3,656		1,384,454
HEALTHCARE EQUIPMENT—2.5%
IDEXX Laboratories, Inc.*		1,200		576,600
Insulet Corp.*		3,227		927,182
				1,503,782
HEALTHCARE FACILITIES—2.1%
Acadia Healthcare Co., Inc.*		14,802		1,243,664
HEALTHCARE TECHNOLOGY—1.7%
Veeva Systems, Inc., Cl. A*		5,984		1,020,571
HOMEBUILDING—0.6%
NVR, Inc.*		65		342,550
HOTELS RESORTS & CRUISE LINES—2.0%
Hilton Worldwide Holdings, Inc.		8,296		1,203,667
HYPERMARKETS & SUPER CENTERS—1.0%
BJ’s Wholesale Club Holdings, Inc.*		8,050		583,383
INSURANCE BROKERS—0.5%
Ryan Specialty Holdings, Inc., Cl. A*		7,269		309,805
INTERNET SERVICES & INFRASTRUCTURE—0.5%
MongoDB, Inc., Cl. A*		1,421		304,392
IT CONSULTING & OTHER SERVICES—0.6%
EPAM Systems, Inc.*		1,003		333,648
LIFE SCIENCES TOOLS & SERVICES—3.7%
Mettler-Toledo International, Inc.*		646		990,266
Repligen Corp.*		3,226		597,778
West Pharmaceutical Services, Inc.		2,166		575,290
				2,163,334
METAL & GLASS CONTAINERS—1.4%
Ball Corp.		14,188		826,309
MOVIES & ENTERTAINMENT—2.6%
Liberty Media Corp. Series C Liberty Formula One*		15,472		1,095,418
Live Nation Entertainment, Inc.*		5,739		461,932
				1,557,350
OIL & GAS EQUIPMENT & SERVICES—1.3%
Baker Hughes Co., Cl. A		24,661		782,740
OIL & GAS EXPLORATION & PRODUCTION—3.0%
Diamondback Energy, Inc.		12,154		1,775,942
PROPERTY & CASUALTY INSURANCE—1.1%
Intact Financial Corp.		4,649		674,455
REAL ESTATE SERVICES—2.8%
FirstService Corp.		11,435		1,634,062
REGIONAL BANKS—0.8%
First Republic Bank		3,384		476,738
RESEARCH & CONSULTING SERVICES—3.0%
CoStar Group, Inc.*		18,651		1,452,913
Verisk Analytics, Inc., Cl. A		1,632		296,681
				1,749,594

- 10 -

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND

Schedule of Investments January 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—95.1% (CONT.)	SHARES		VALUE
RESTAURANTS—3.4%
Chipotle Mexican Grill, Inc., Cl. A*		875	$	1,440,583
Domino’s Pizza, Inc.		1,635		577,155
				2,017,738
SEMICONDUCTOR EQUIPMENT—2.5%
KLA Corp.		2,102		824,993
SolarEdge Technologies, Inc.*		1,981		632,196
				1,457,189
SEMICONDUCTORS—4.5%
Marvell Technology, Inc.		12,094		521,856
Microchip Technology, Inc.		13,950		1,082,799
ON Semiconductor Corp.*		14,237		1,045,708
				2,650,363
SYSTEMS SOFTWARE—1.7%
Palo Alto Networks, Inc.*		6,423		1,018,945
TRUCKING—2.3%
Old Dominion Freight Line, Inc.		4,015		1,337,959
TOTAL COMMON STOCKS
(Cost $52,143,112)				56,389,134

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

RIGHTS—0.5%	SHARES			VALUE
BIOTECHNOLOGY—0.5%
Tolero CDR*,@,(b),(c)	422,928			270,674
(Cost $226,186)				270,674
SPECIAL PURPOSE VEHICLE—1.2%				VALUE
DATA PROCESSING & OUTSOURCED SERVICES—1.2%
Crosslink Ventures Capital C LLC, Cl. A*,@,(a),(b)				512,050
Crosslink Ventures Capital C LLC, Cl. B*,@,(a),(b)				209,475
				721,525
TOTAL SPECIAL PURPOSE VEHICLE
(Cost $775,000)				721,525
Total Investments
(Cost $53,891,338)	96.8	%	$	57,381,333
Affiliated Securities (Cost $1,522,040)				721,525
Unaffiliated Securities (Cost $52,369,298)				56,659,808
Other Assets in Excess of Liabilities	3.2	%		1,916,607
NET ASSETS	100.0	%	$	59,297,940

^(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 Valuation Designee (as defined in Note 2).

^(c) Contingent Deferred Rights.

* Non-income producing security.

- 11 - 

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND

Schedule of Investments January 31, 2023 (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		(Acquisition	Market		as of
Security	Date(s)	Cost		Date)	Value		1/31/2023
Crosslink Ventures Capital C LLC, Cl. A	10/2/20	$	550,000	0.50%	$	512,050		0.86	%
Crosslink Ventures Capital C LLC, Cl. B	12/16/20		225,000	0.19%		209,475		0.35	%
Prosetta Biosciences, Inc., Series D	2/6/15		747,040	0.50%		0		0.00	%
Tolero CDR	2/6/17		226,186	0.23%		270,674		0.46	%
Total					$	992,199		1.67	%

See Notes to Financial Statements.

- 12 - 

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND 

Schedule of Investments January 31, 2023 (Unaudited)

COMMON STOCKS—95.4%	SHARES		VALUE
ADVERTISING—0.6%
Magnite, Inc.*		79,050	$	954,924
AEROSPACE & DEFENSE—4.2%
HEICO Corp.		24,445		4,178,873
Hexcel Corp.		12,082		852,747
Mercury Systems, Inc.*		42,210		2,109,867
				7,141,487
APPAREL ACCESSORIES & LUXURY GOODS—1.9%
Capri Holdings Ltd.*		48,779		3,243,316
APPAREL RETAIL—0.8%
Aritzia, Inc.*		12,123		437,250
Victoria’s Secret & Co.*		23,844		1,005,024
				1,442,274
APPLICATION SOFTWARE—23.7%
ACI Worldwide, Inc.*		101,092		2,823,500
AppFolio, Inc., Cl. A*		6,841		768,450
Bill.com Holdings, Inc.*		21,313		2,464,209
Blackbaud, Inc.*		33,487		2,083,226
Blackline, Inc.*		33,099		2,376,508
Coupa Software, Inc.*		36,543		2,920,517
Digital Turbine, Inc.*		24,873		431,795
Everbridge, Inc.*		41,398		1,323,080
ForgeRock, Inc., Cl. A*		13,629		270,672
Guidewire Software, Inc.*		18,847		1,380,354
HubSpot, Inc.*		7,568		2,626,172
Manhattan Associates, Inc.*		30,087		3,922,141
Paycom Software, Inc.*		11,443		3,706,845
Q2 Holdings, Inc.*		53,734		1,758,176
SEMrush Holdings, Inc., Cl. A*		46,175		451,130
Smartsheet, Inc., Cl. A*		35,340		1,527,041
Sprout Social, Inc., Cl. A*		42,926		2,745,976
SPS Commerce, Inc.*		34,047		4,633,116
Sumo Logic, Inc.*		58,055		686,791
Vertex, Inc., Cl. A*		91,180		1,230,930
				40,130,629
ASSET MANAGEMENT & CUSTODY BANKS—0.5%
Affiliated Managers Group, Inc.		4,946		854,372
BIOTECHNOLOGY—3.6%
Alkermes PLC*		18,355		525,687
Arcus Biosciences, Inc.*		19,002		411,013
Cabaletta Bio, Inc.*		45,919		559,753
CareDx, Inc.*		122,787		1,834,438
Celldex Therapeutics, Inc.*		14,712		648,211
Karuna Therapeutics, Inc.*		6,583		1,312,584
Prometheus Biosciences, Inc.*		6,725		764,363
				6,056,049

- 13 -

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND 

Schedule of Investments January 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—95.4% (CONT.)	SHARES		VALUE
DATA PROCESSING & OUTSOURCED SERVICES—1.0%
DLocal Ltd., Cl. A*		78,350	$	1,299,827
Marqeta, Inc., Cl. A*		72,116		478,129
				1,777,956
DIVERSIFIED SUPPORT SERVICES—0.5%
IAA, Inc.*		20,574		858,553
ELECTRICAL COMPONENTS & EQUIPMENT—0.5%
Sunrun, Inc.*		35,463		931,968
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.8%
908 Devices, Inc.*		47,107		439,037
Cognex Corp.		46,278		2,533,258
				2,972,295
FOOD DISTRIBUTORS—2.9%
The Chefs’ Warehouse, Inc.*		44,268		1,692,366
US Foods Holding Corp.*		84,424		3,219,087
				4,911,453
HEALTHCARE DISTRIBUTORS—0.2%
PetIQ, Inc., Cl. A*		28,532		337,819
HEALTHCARE EQUIPMENT—8.9%
Impulse Dynamics PLC, Series E*,@,(a)		532,406		1,756,940
Inmode Ltd.*		67,365		2,361,143
Insulet Corp.*		13,408		3,852,387
Mesa Laboratories, Inc.		10,542		2,050,841
Paragon 28, Inc.*		33,317		561,391
QuidelOrtho Corp.*		35,750		3,060,558
Tandem Diabetes Care, Inc.*		33,453		1,362,875
				15,006,135
HEALTHCARE SERVICES—0.4%
Guardant Health, Inc.*		2,408		75,684
Privia Health Group, Inc.*		22,208		600,504
				676,188
HEALTHCARE SUPPLIES—0.8%
Neogen Corp.*		67,557		1,446,395
HEALTHCARE TECHNOLOGY—1.6%
Definitive Healthcare Corp., Cl. A*		15,084		186,740
Doximity, Inc., Cl. A*		8,546		301,418
Sophia Genetics SA*		37,512		112,536
Veeva Systems, Inc., Cl. A*		12,713		2,168,202
				2,768,896
HOMEBUILDING—0.4%
Skyline Champion Corp.*		10,714		631,590
HOMEFURNISHING RETAIL—0.2%
Arhaus, Inc., Cl. A*		22,323		315,871
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.5%
Upwork, Inc.*		62,753		813,279
HYPERMARKETS & SUPER CENTERS—3.3%
BJ’s Wholesale Club Holdings, Inc.*		76,841		5,568,667
INDUSTRIAL MACHINERY—0.6%
Gates Industrial Corp., PLC*		75,398		996,008

- 14 -

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND

Schedule of Investments January 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—95.4% (CONT.)	SHARES		VALUE
INTERACTIVE HOME ENTERTAINMENT—1.1%
Take-Two Interactive Software, Inc.*		16,070	$	1,819,606
INTERACTIVE MEDIA & SERVICES—1.3%
Bumble, Inc., Cl. A*		31,578		813,134
TripAdvisor, Inc.*		58,728		1,368,362
				2,181,496
INTERNET & DIRECT MARKETING RETAIL—1.0%
Farfetch Ltd., Cl. A*		62,944		429,278
The RealReal, Inc.*		125,207		229,129
Xometry, Inc., Cl. A*		29,075		1,018,206
				1,676,613
LEISURE FACILITIES—1.2%
Planet Fitness, Inc., Cl. A*		23,474		1,987,074
LIFE SCIENCES TOOLS & SERVICES—9.2%
Akoya Biosciences, Inc.*		64,191		722,149
Alpha Teknova, Inc.*		14,922		88,935
Bio-Techne Corp.		62,409		4,971,501
CryoPort, Inc.*		56,843		1,297,726
Cytek Biosciences, Inc.*		26,270		316,553
ICON PLC*		8,621		1,988,951
Maravai LifeSciences Holdings, Inc., Cl. A*		20,363		298,521
MaxCyte, Inc.*		22,704		132,591
NanoString Technologies, Inc.*		99,198		1,049,515
NeoGenomics, Inc.*		176,420		2,095,870
Personalis, Inc.*		50,460		118,581
Rapid Micro Biosystems, Inc., Cl. A*		30,292		45,438
Repligen Corp.*		12,796		2,371,099
				15,497,430
MANAGED HEALTHCARE—1.8%
HealthEquity, Inc.*		49,165		2,991,690
MOVIES & ENTERTAINMENT—2.1%
Live Nation Entertainment, Inc.*		44,292		3,565,063
OIL & GAS EQUIPMENT & SERVICES—1.1%
ChampionX Corp.		36,367		1,200,838
ProPetro Holding Corp.*		74,549		741,763
				1,942,601
OIL & GAS EXPLORATION & PRODUCTION—5.8%
Coterra Energy, Inc.		38,468		962,854
Magnolia Oil & Gas Corp., Cl. A		377,316		8,908,431
				9,871,285
PHARMACEUTICALS—0.5%
Pliant Therapeutics, Inc.*		24,704		865,628
REGIONAL BANKS—1.0%
Webster Financial Corp.		30,740		1,618,461
RESEARCH & CONSULTING SERVICES—0.3%
LegalZoom.com, Inc.*		67,471		572,154

- 15 -

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND 

Schedule of Investments January 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—95.4% (CONT.)	SHARES		VALUE
RESTAURANTS—5.7%
Shake Shack, Inc., Cl. A*		50,857	$	2,892,746
The Cheesecake Factory, Inc.		81,719		3,207,471
Wingstop, Inc.		22,844		3,620,089
				9,720,306
SEMICONDUCTOR EQUIPMENT—0.9%
SolarEdge Technologies, Inc.*		4,918		1,569,481
SEMICONDUCTORS—1.0%
Universal Display Corp.		12,812		1,697,974
SPECIALTY CHEMICALS—2.5%
Balchem Corp.		31,897		4,166,705
TOTAL COMMON STOCKS
(Cost $142,333,535)				161,579,691

PREFERRED STOCKS—2.6%	SHARES		VALUE
BIOTECHNOLOGY—0.0%
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		133,263		—
DATA PROCESSING & OUTSOURCED SERVICES—2.6%
Chime Financial, Inc., Series G*,@,(a)		114,399		4,362,034
TOTAL PREFERRED STOCKS
(Cost $8,501,200)				4,362,034

RIGHTS—0.2%	SHARES		VALUE
BIOTECHNOLOGY—0.2%
Tolero CDR*,@,(a),(c)		528,559		338,278
(Cost $285,725)				338,278

REAL ESTATE INVESTMENT TRUST—1.4%	SHARES		VALUE
RETAIL—1.4%
Tanger Factory Outlet Centers, Inc.		121,752		2,326,680
(Cost $2,004,109)				2,326,680

SPECIAL PURPOSE VEHICLE—0.9%			VALUE
DATA PROCESSING & OUTSOURCED SERVICES—0.9%
Crosslink Ventures Capital C LLC, Cl. A*,@,(a),(b)				1,187,025
Crosslink Ventures Capital C LLC, Cl. B*,@,(a),(b)				302,575
				1,489,600
TOTAL SPECIAL PURPOSE VEHICLE
(Cost $1,600,000)				1,489,600
Total Investments
(Cost $154,724,569)	100.5	%	$	170,096,283
Affiliated Securities (Cost $2,199,684)				1,489,600
Unaffiliated Securities (Cost $152,524,885)				168,606,683
Liabilities in Excess of Other Assets	(0.5	)%		(846,623	)
NET ASSETS	100.0	%	$	169,249,660

^(a)  Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee (as defined in Note 2).

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

^(c)  Contingent Deferred Rights.

* Non-income producing security.

- 16 -

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND 

Schedule of Investments January 31, 2023 (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 1/31/2023
Chime Financial, Inc., Series G	8/24/21	$	7,901,516		2.12	%	$	4,362,034		2.58	%
Crosslink Ventures Capital C LLC, Cl.A	10/2/20		1,275,000		0.49	%		1,187,025		0.70	%
Crosslink Ventures Capital C LLC, Cl. B	12/16/20		325,000		0.11	%		302,575		0.18	%
Impulse Dynamics PLC, Series E	2/11/22		1,756,940		0.71	%		1,756,940		1.04	%
Prosetta Biosciences, Inc., Series D	2/6/15		599,684		0.10	%		0		0.00	%
Tolero CDR	2/6/17		285,725		0.16	%		338,278		0.20	%
Total							$	7,946,852		4.70	%

See Notes to Financial Statements.

- 17 -

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. 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 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 Funds’ 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).

The Board has designated, pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”), the Funds’ investment adviser, Fred Alger Management, LLC (“Alger Management” or the “Investment Manager”) as their valuation designee (the “Valuation Designee”) to make fair value determinations subject to the Board’s review and oversight. The Valuation Designee has established a Valuation Committee (“Committee”) comprised of representatives of the Investment Manager and officers of the Funds to assist in performing the duties and responsibilities of the Valuation Designee.

- 18 -

THE ALGER INSTITUTIONAL FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

The Valuation Designee has established valuation processes including but not limited to: (i) making fair value determinations when market quotations for financial instruments are not readily available in accordance with valuation policies and procedures adopted by the Board; (ii) assessing and managing material risks associated with fair valuation determinations; (iii) selecting, applying and testing fair valuation methodologies; and (iv) overseeing and evaluating pricing services used by the Funds. The Valuation Designee reports their fair valuation determinations and related valuation information to the Board. The Committee generally meets quarterly and on a as-needed basis to review and evaluate the effectiveness of the valuation policies and procedures in accordance with the requirements of Rule 2a-5.

Investments in 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.

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 Valuation Designee, through their Committee, 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)

- 19 -

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.

(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 January 31, 2023, 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	$	165,114,641	$	165,114,641	$	—	$	—
Consumer Discretionary		420,743,711		377,287,232		43,456,479		—
Consumer Staples		6,820,652		6,820,652		—		—
Energy		73,178,027		73,178,027		—		—
Financials		43,573,078		43,573,078		—		—
Healthcare		385,104,698		385,104,698		—		—
Industrials		164,884,529		164,884,529		—		—
Information Technology		774,818,830		774,818,830		—		—
Materials		38,837,364		38,837,364		—		—
TOTAL COMMON STOCKS	$	2,073,075,530	$	2,029,619,051	$	43,456,479	$	—

- 20 -

THE ALGER INSTITUTIONAL FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger Capital Appreciation Institutional Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
PREFERRED STOCKS
Information Technology	$	1,483,982	$	—	$	—	$	1,483,982
REAL ESTATE INVESTMENT TRUST
Real Estate		11,611,703		11,611,703		—		—
SPECIAL PURPOSE VEHICLE
Information Technology		2,862,825		—		—		2,862,825
TOTAL INVESTMENTS IN SECURITIES	$	2,089,034,040	$	2,041,230,754	$	43,456,479	$	4,346,807

Alger Focus Equity Fund	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services		94,716,702			94,716,702		—		—
Consumer Discretionary		182,293,229			145,673,440		36,619,789		—
Consumer Staples		5,127,245			5,127,245		—		—
Energy		41,121,804			41,121,804		—		—
Financials		34,013,354			34,013,354		—		—
Healthcare		173,634,527			173,634,527		—		—
Industrials		110,643,308			110,643,308		—		—
Information Technology		397,684,396			397,684,396		—		—
Materials		27,182,606			27,182,606		—		—
TOTAL COMMON STOCKS	$	1,066,417,171		$	1,029,797,382	$	36,619,789	$	—
PREFERRED STOCKS
Healthcare		—	*		—		—		—	*
TOTAL INVESTMENTS IN SECURITIES	$	1,066,417,171		$	1,029,797,382	$	36,619,789	$	—

Alger Mid Cap Growth Institutional Fund	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services		2,567,852			2,567,852		—		—
Consumer Discretionary		7,443,785			7,443,785		—		—
Consumer Staples		583,383			583,383		—		—
Energy		2,558,682			2,558,682		—		—
Financials		3,172,621			3,172,621		—		—
Healthcare		10,180,226			10,180,226		—		—
Industrials		10,482,121			10,482,121		—		—
Information Technology		15,571,897			15,571,897		—		—
Materials		2,194,505			2,194,505		—		—
Real Estate		1,634,062			1,634,062		—		—
TOTAL COMMON STOCKS	$	56,389,134		$	56,389,134	$	—	$	—
PREFERRED STOCKS
Healthcare		—	*		—		—		—	*
RIGHTS
Healthcare		270,674			—		—		270,674
SPECIAL PURPOSE VEHICLE
Information Technology		721,525			—		—		721,525
TOTAL INVESTMENTS IN SECURITIES	$	57,381,333		$	56,389,134	$	—	$	992,199

- 21 -

THE ALGER INSTITUTIONAL FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger Small Cap Growth Institutional Fund	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	8,521,089		$	8,521,089	$	—	$	—
Consumer Discretionary		19,017,044			19,017,044		—		—
Consumer Staples		10,480,120			10,480,120		—		—
Energy		11,813,886			11,813,886		—		—
Financials		2,472,833			2,472,833		—		—
Healthcare		45,646,230			43,889,290		—		1,756,940
Industrials		11,313,449			11,313,449		—		—
Information Technology		48,148,335			48,148,335		—		—
Materials		4,166,705			4,166,705		—		—
TOTAL COMMON STOCKS	$	161,579,691		$	159,822,751	$	—	$	1,756,940
PREFERRED STOCKS
Healthcare		—	*		—		—		—	*
Information Technology		4,362,034			—		—		4,362,034
TOTAL PREFERRED STOCKS	$	4,362,034		$	—	$	—	$	4,362,034
RIGHTS
Healthcare		338,278			—		—		338,278
REAL ESTATE INVESTMENT TRUST
Real Estate		2,326,680			2,326,680		—		—
SPECIAL PURPOSE VEHICLE
Information Technology		1,489,600			—		—		1,489,600
TOTAL INVESTMENTS IN SECURITIES	$	170,096,283		$	162,149,431	$	—	$	7,946,852

* Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of January 31, 2023.

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Capital Appreciation Institutional Fund	Common Stocks
Opening balance at November 1, 2022	$	585,947	(a)
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		(1,232,569	)
Included in net change in unrealized appreciation (depreciation) on investments		1,880,166
Purchases and sales
Purchases		—
Sales		(1,233,544	)
Closing balance at January 31, 2023		—
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023	$	—

- 22 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Capital Appreciation Institutional Fund	Preferred Stocks
Opening balance at November 1, 2022	$	1,699,204
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		(215,222	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at January 31, 2023		1,483,982
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023	$	(215,222	)

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Capital Appreciation Institutional Fund	Special Purpose Vehicle
Opening balance at November 1, 2022	$	3,252,120
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		(389,295	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at January 31, 2023		2,862,825
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023	$	(389,295	)

- 23 -

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, 2022	$	—	*
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, 2023		—	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023	$	—

	FAIR VALUE  MEASUREMENTS  USING SIGNIFICANT  UNOBSERVABLE
Alger Mid Cap Growth Institutional Fund	Preferred Stocks
Opening balance at November 1, 2022	$	—	*
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, 2023		—	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023	$	—

- 24 -

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, 2022	$	253,757
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		16,917
Purchases and sales
Purchases		—
Sales		—
Closing balance at January 31, 2023		270,674
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023	$	16,917

	FAIR VALUE  MEASUREMENTS  USING SIGNIFICANT  UNOBSERVABLE  INPUTS (LEVEL 3)
Alger Mid Cap Growth Institutional Fund	Special Purpose  Vehicle
Opening balance at November 1, 2022	$	821,566
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		(100,041	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at January 31, 2023		721,525
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023	$	(100,041	)

- 25 -

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	Common Stocks
Opening balance at November 1, 2022	$	1,756,940
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, 2023		1,756,940
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023	$	—

	FAIR VALUE  MEASUREMENTS  USING SIGNIFICANT  UNOBSERVABLE  INPUTS (LEVEL 3)
Alger Small Cap Growth Institutional Fund	Preferred Stocks
Opening balance at November 1, 2022	$	4,994,660	*
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		(632,626	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at January 31, 2023		4,362,034	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023	$	(632,626	)

- 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	Rights
Opening balance at November 1, 2022	$	317,135
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		21,143
Purchases and sales
Purchases		—
Sales		—
Closing balance at January 31, 2023		338,278
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023	$	21,143

	FAIR VALUE  MEASUREMENTS  USING SIGNIFICANT  UNOBSERVABLE  INPUTS (LEVEL 3)
Alger Small Cap Growth Institutional Fund	Special Purpose  Vehicle
Opening balance at November 1, 2022	$	1,694,942
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		(205,342	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at January 31, 2023		1,489,600
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023	$	(205,342	)

^(a) Represents the sale of Level 3 common stock, Altaba, Inc., for the period ended January 31, 2023.

* Includes securities that are fair valued at zero.

The following table provides quantitative information about each Fund’s Level 3 fair value measurements of its investments as of January 31, 2023. The table below is not intended to be all-inclusive, but rather provides information on the Level 3 inputs as they relate to each Fund’s fair value measurements.

- 27 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Fair Value  January 31, 2023			Valuation  Methodology	Unobservable  Input	Input/Range	Weighted Average  Inputs
Alger Capital Appreciation Institutional Fund
Preferred Stocks	$	1,483,982		Market Approach	Transaction Price Revenue Multiple	N/A 14.00x-16.00x	N/A N/A
Special Purpose Vehicle		2,862,825		Market Approach	Transaction Price Revenue Multiple	N/A 14.00x-16.00x	N/A N/A
Alger Focus Equity Fund
Preferred Stocks	$	—	*	Income Approach	Discount Rate	100.00%	N/A
Alger Mid Cap Growth Institutional Fund
Preferred Stocks	$	—	*	Income Approach	Discount Rate	100.00%	N/A
Rights		270,674		Income Approach	Discount Rate Probability of Success	8.71%-9.47% 0.00%-60.00%	N/A N/A
Special Purpose Vehicle		721,525		Market Approach	Transaction Price Revenue Multiple	N/A 14.00x-16.00x	N/A N/A
Alger Small Cap Growth Institutional Fund
Common Stocks	$	1,756,940		Market Approach	Priced at Cost	N/A	N/A
Preferred Stocks		—	*	Income Approach	Discount Rate	100.00%	N/A
Preferred Stocks		4,362,034		Market Approach	Transaction Price Revenue Multiple	N/A 14.00x-16.00x	N/A N/A
Rights		338,278		Income Approach	Discount Rate Probability of Success	8.71%-9.47%  0.00%-60.00%	N/A N/A
Special Purpose Vehicle		1,489,600		Market Approach	Transaction Price Revenue Multiple	N/A 14.00x-16.00x	N/A N/A

^* Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of January 31, 2023.

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

- 28 -

THE ALGER INSTITUTIONAL FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Certain of the Funds’ assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes. As of January 31, 2023, 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	$	2,392,473	$	831	$	2,391,642	$	—
Alger Focus Equity Fund		24,293,716		103		24,293,613		—
Alger Mid Cap Growth Institutional Fund		2,183,435		—		2,183,435		—
Alger Small Cap Growth Institutional Fund		600,722		—		600,722		—

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.

There were no derivative instruments held by the Funds throughout the period or as of January 31, 2023.

NOTE 5 — Affiliated Securities:

During the three-month period ended January 31, 2023, as disclosed in the following table, certain Funds held 5% or more of the outstanding voting securities of the issuers listed below. As such, these issuers were “affiliated persons” of the applicable Funds for purposes of the 1940 Act. Transactions during the three-month period ended January 31, 2023 with such affiliated persons are summarized below. During this period, other Funds in the Trust may also have held voting shares of the issuers at levels below 5%.

Security	Shares  Held at  October 31,  2022	Shares  Purchased	Shares  Sold	Shares  Held at  January 31,  2023	Dividend  Income		Realized  Gain (Loss)		Net Change  in  Unrealized  App(Dep)			Value at  January 31,  2023
Alger Capital Appreciation Institutional Fund Special Purpose Vehicle
Crosslink Ventures Capital C LLC, Cl. A***					$	—	$	—	$	(389,295	)	$	2,862,825
Total					$	—	$	—	$	(389,295	)	$	2,862,825

- 29 -

THE ALGER INSTITUTIONAL FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Security	Shares Held at October 31, 2022		Shares Purchased		Shares  Sold		Shares Held at January 31,  2023		Dividend  Income		Realized  Gain (Loss)		Net Change  in  Unrealized  App(Dep)		Value at  January 31,  2023
Alger Focus Equity Fund Preferred Stocks
Prosetta Biosciences, Inc., Series D**		76,825		—		—		76,825	$	—	$	—	$	—	$	—	*
Total									$	—	$	—	$	—	$	—	*

Security	Shares Held at October 31, 2022		Shares  Purchased		Shares  Sold		Shares  Held at  January 31,  2023		Dividend  Income		Realized  Gain (Loss)		Net Change  in  Unrealized  App(Dep)			Value at  January 31,  2023
Alger Mid Cap Growth Institutional Fund Preferred Stocks
Prosetta Biosciences, Inc., Series D**		166,009		—		—		166,009	$	—	$	—	$	—		$	—	*
Special Purpose Vehicle
Crosslink Ventures Capital C LLC, Cl. A***										—		—		(69,630	)		512,050
Crosslink Ventures Capital C LLC, Cl. B***										—		—		(30,411	)		209,475
Total									$	—	$	—	$	(100,041	)	$	721,525

Security	Shares Held at October 31, 2022		Shares  Purchased		Shares  Sold		Shares  Held at  January 31,  2023		Dividend  Income		Realized  Gain (Loss)		Net Change  in  Unrealized  App(Dep)			Value at  January 31,  2023
Alger Small Cap Growth Institutional Fund Preferred Stocks
Prosetta Biosciences, Inc., Series D**		133,263		—		—		133,263	$	—	$	—	$	—		$	—	*
Special Purpose Vehicle
Crosslink Ventures Capital C LLC, Cl. A***										—		—		(161,415	)		1,187,025
Crosslink Ventures Capital C LLC, Cl. B***										—		—		(43,927	)		302,575
Total									$	—	$	—	$	(205,342	)	$	1,489,600

* Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of January 31, 2023.

** Prosetta Biosciences, Inc., Series D is deemed to be an affiliate of the Funds because the Funds and Prosetta Biosciences, Inc., Series D are under common control. 

*** The Alger Fund Complex and other entities managed by Alger Management fully own Crosslink Ventures Capital C LLC, Class A and Crosslink Ventures Capital C LLC, Class B. There were no capital increases or decreases for the period ended January 31, 2023.

- 30 -