THE ALGER INSTITUTIONAL FUNDS
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments July 31, 2023 (Unaudited)
| COMMON STOCKS—100.0% | | SHARES | | | VALUE | |
| ADVERTISING—0.9% | | | | | | | | |
| The Trade Desk, Inc., Cl. A* | | | 214,103 | | | $ | 19,539,040 | |
| AEROSPACE & DEFENSE—2.9% | | | | | | | | |
| HEICO Corp. | | | 99,930 | | | | 17,585,681 | |
| TransDigm Group, Inc. | | | 50,541 | | | | 45,472,749 | |
| | | | | | | | 63,058,430 | |
| AGRICULTURAL & FARM MACHINERY—0.4% | | | | | | | | |
| Deere & Co. | | | 19,515 | | | | 8,383,644 | |
| APPAREL ACCESSORIES & LUXURY GOODS—0.5% | | | | | | | | |
| LVMH Moet Hennessy Louis Vuitton SE | | | 11,894 | | | | 11,046,766 | |
| APPLICATION SOFTWARE—4.3% | | | | | | | | |
| Adobe, Inc.* | | | 56,851 | | | | 31,050,311 | |
| Cadence Design Systems, Inc.* | | | 64,628 | | | | 15,123,598 | |
| Datadog, Inc., Cl. A* | | | 143,962 | | | | 16,803,245 | |
| Intuit, Inc. | | | 37,785 | | | | 19,334,584 | |
| Salesforce, Inc.* | | | 45,919 | | | | 10,332,234 | |
| | | | | | | | 92,643,972 | |
| AUTOMOBILE MANUFACTURERS—1.7% | | | | | | | | |
| Tesla, Inc.* | | | 135,043 | | | | 36,114,549 | |
| AUTOMOTIVE PARTS & EQUIPMENT—0.4% | | | | | | | | |
| Mobileye Global, Inc., Cl. A* | | | 223,725 | | | | 8,541,820 | |
| BIOTECHNOLOGY—2.6% | | | | | | | | |
| Natera, Inc.* | | | 541,535 | | | | 24,488,213 | |
| Vaxcyte, Inc.* | | | 412,593 | | | | 19,829,219 | |
| Vertex Pharmaceuticals, Inc.* | | | 32,961 | | | | 11,613,479 | |
| | | | | | | | 55,930,911 | |
| BROADLINE RETAIL—8.1% | | | | | | | | |
| Amazon.com, Inc.* | | | 1,018,236 | | | | 136,117,789 | |
| MercadoLibre, Inc.* | | | 31,041 | | | | 38,430,310 | |
| | | | | | | | 174,548,099 | |
| CARGO GROUND TRANSPORTATION—0.3% | | | | | | | | |
| Old Dominion Freight Line, Inc. | | | 17,803 | | | | 7,468,180 | |
| CASINOS & GAMING—3.7% | | | | | | | | |
| DraftKings, Inc., Cl. A* | | | 516,986 | | | | 16,429,815 | |
| Flutter Entertainment PLC* | | | 120,028 | | | | 23,873,514 | |
| Las Vegas Sands Corp.* | | | 387,584 | | | | 23,181,399 | |
| MGM Resorts International | | | 315,848 | | | | 16,035,603 | |
| | | | | | | | 79,520,331 | |
| CONSTRUCTION & ENGINEERING—0.4% | | | | | | | | |
| Quanta Services, Inc. | | | 39,826 | | | | 8,029,718 | |
| CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.5% | | | | | | | | |
| Wabtec Corp. | | | 91,275 | | | | 10,810,611 | |
| CONSTRUCTION MATERIALS—1.4% | | | | | | | | |
| Martin Marietta Materials, Inc. | | | 67,225 | | | | 30,013,273 | |
| DIVERSIFIED BANKS—1.1% | | | | | | | | |
| JPMorgan Chase & Co. | | | 142,926 | | | | 22,576,591 | |
| ELECTRICAL COMPONENTS & EQUIPMENT—0.4% | | | | | | | | |
| Eaton Corp. PLC | | | 44,249 | | | | 9,085,205 | |
THE ALGER INSTITUTIONAL FUNDS
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments July 31, 2023 (Unaudited) (Continued)
| COMMON STOCKS—100.0% (CONT.) | | SHARES | | | VALUE | |
| ENVIRONMENTAL & FACILITIES SERVICES—1.1% | | | | | | | | |
| GFL Environmental, Inc. | | | 681,704 | | | $ | 23,273,375 | |
| FINANCIAL EXCHANGES & DATA—2.1% | | | | | | | | |
| CME Group, Inc., Cl. A | | | 62,704 | | | | 12,475,588 | |
| S&P Global, Inc. | | | 79,866 | | | | 31,507,935 | |
| | | | | | | | 43,983,523 | |
| HEALTHCARE DISTRIBUTORS—0.9% | | | | | | | | |
| McKesson Corp. | | | 46,496 | | | | 18,709,990 | |
| HEALTHCARE EQUIPMENT—3.1% | | | | | | | | |
| Boston Scientific Corp.* | | | 439,489 | | | | 22,787,505 | |
| Dexcom, Inc.* | | | 111,485 | | | | 13,886,571 | |
| GE HealthCare Technologies, Inc. | | | 119,034 | | | | 9,284,652 | |
| Intuitive Surgical, Inc.* | | | 65,178 | | | | 21,143,743 | |
| | | | | | | | 67,102,471 | |
| HEALTHCARE FACILITIES—0.8% | | | | | | | | |
| Acadia Healthcare Co., Inc.* | | | 213,022 | | | | 16,835,129 | |
| HOTELS RESORTS & CRUISE LINES—1.7% | | | | | | | | |
| Booking Holdings, Inc.* | | | 3,976 | | | | 11,811,901 | |
| Trip.com Group Ltd.#,* | | | 593,113 | | | | 24,341,357 | |
| | | | | | | | 36,153,258 | |
| INDUSTRIAL GASES—0.5% | | | | | | | | |
| Air Products & Chemicals, Inc. | | | 36,240 | | | | 11,065,159 | |
| INTERACTIVE MEDIA & SERVICES—9.3% | | | | | | | | |
| Alphabet, Inc., Cl. C* | | | 718,171 | | | | 95,595,742 | |
| Meta Platforms, Inc., Cl. A* | | | 306,118 | | | | 97,529,195 | |
| Pinterest, Inc., Cl. A* | | | 194,908 | | | | 5,650,383 | |
| | | | | | | | 198,775,320 | |
| INTERNET SERVICES & INFRASTRUCTURE—0.4% | | | | | | | | |
| MongoDB, Inc., Cl. A* | | | 21,912 | | | | 9,277,541 | |
| LIFE SCIENCES TOOLS & SERVICES—1.1% | | | | | | | | |
| Danaher Corp. | | | 92,589 | | | | 23,615,750 | |
| MANAGED HEALTHCARE—1.2% | | | | | | | | |
| UnitedHealth Group, Inc. | | | 52,593 | | | | 26,631,517 | |
| MOVIES & ENTERTAINMENT—2.3% | | | | | | | | |
| Liberty Media Corp. Series C Liberty Formula One* | | | 179,591 | | | | 13,038,307 | |
| Netflix, Inc.* | | | 80,569 | | | | 35,367,374 | |
| | | | | | | | 48,405,681 | |
| OIL & GAS EQUIPMENT & SERVICES—1.1% | | | | | | | | |
| Schlumberger NV | | | 386,135 | | | | 22,527,116 | |
| OIL & GAS EXPLORATION & PRODUCTION—2.0% | | | | | | | | |
| Diamondback Energy, Inc. | | | 101,559 | | | | 14,961,672 | |
| Hess Corp. | | | 87,095 | | | | 13,214,924 | |
| Pioneer Natural Resources Co. | | | 66,461 | | | | 14,998,254 | |
| | | | | | | | 43,174,850 | |
| OIL & GAS STORAGE & TRANSPORTATION—0.5% | | | | | | | | |
| Cheniere Energy, Inc. | | | 68,938 | | | | 11,158,305 | |
| PASSENGER GROUND TRANSPORTATION—0.5% | | | | | | | | |
| Uber Technologies, Inc.* | | | 235,867 | | | | 11,665,982 | |
THE ALGER INSTITUTIONAL FUNDS
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments July 31, 2023 (Unaudited) (Continued)
| COMMON STOCKS—100.0% (CONT.) | | SHARES | | | VALUE | |
| PHARMACEUTICALS—1.6% | | | | | | | | |
| AstraZeneca PLC# | | | 194,803 | | | $ | 13,967,375 | |
| Eli Lilly & Co. | | | 24,808 | | | | 11,276,476 | |
| Reata Pharmaceuticals, Inc., Cl. A* | | | 49,844 | | | | 8,253,170 | |
| | | | | | | | 33,497,021 | |
| SEMICONDUCTORS—13.2% | | | | | | | | |
| Advanced Micro Devices, Inc.* | | | 143,114 | | | | 16,372,242 | |
| Broadcom, Inc. | | | 4,703 | | | | 4,226,351 | |
| First Solar, Inc.* | | | 51,462 | | | | 10,673,219 | |
| Marvell Technology, Inc. | | | 617,287 | | | | 40,203,902 | |
| NVIDIA Corp. | | | 369,643 | | | | 172,730,477 | |
| ON Semiconductor Corp.* | | | 96,205 | | | | 10,366,089 | |
| Taiwan Semiconductor Manufacturing Co., Ltd.# | | | 278,571 | | | | 27,620,315 | |
| | | | | | | | 282,192,595 | |
| SPECIALTY CHEMICALS—0.9% | | | | | | | | |
| Albemarle Corp. | | | 86,207 | | | | 18,300,022 | |
| SYSTEMS SOFTWARE—14.9% | | | | | | | | |
| Microsoft Corp. | | | 835,512 | | | | 280,665,191 | |
| Oracle Corp. | | | 151,613 | | | | 17,773,592 | |
| Palo Alto Networks, Inc.* | | | 6,037 | | | | 1,509,009 | |
| ServiceNow, Inc.* | | | 34,249 | | | | 19,967,167 | |
| | | | | | | | 319,914,959 | |
| TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.5% | | | | | | | | |
| Apple, Inc. | | | 820,289 | | | | 161,145,774 | |
| TRANSACTION & PAYMENT PROCESSING SERVICES—3.7% | | | | | | | | |
| Toast, Inc., Cl. A* | | | 487,088 | | | | 10,750,032 | |
| Visa, Inc., Cl. A | | | 287,306 | | | | 68,301,256 | |
| | | | | | | | 79,051,288 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $1,158,486,654) | | | | | | | 2,143,767,766 | |
| PREFERRED STOCKS—0.1% | | | SHARES | | | | VALUE | |
| DATA PROCESSING & OUTSOURCED SERVICES—0.1% | | | | | | | | |
| Chime Financial, Inc., Series G*,@,(a) | | | 38,919 | | | | 1,670,014 | |
| (Cost $2,688,128) | | | | | | | 1,670,014 | |
| SPECIAL PURPOSE VEHICLE—0.1% | | | | | | | VALUE | |
| DATA PROCESSING & OUTSOURCED SERVICES—0.1% | | | | | | | | |
| Crosslink Ventures Capital C, LLC, Cl. A*,@,(a),(b) | | | | | | | 3,203,289 | |
| (Cost $3,075,000) | | | | | | | 3,203,289 | |
| Total Investments | | | | | | | | |
| (Cost $1,164,249,782) | | | 100.2 | % | | $ | 2,148,641,069 | |
| Affiliated Securities (Cost $3,075,000) | | | | | | | 3,203,289 | |
| Unaffiliated Securities (Cost $1,161,174,782) | | | | | | | 2,145,437,780 | |
| Liabilities in Excess of Other Assets | | | (0.2 | )% | | | (4,892,904 | ) |
| NET ASSETS | | | 100.0 | % | | $ | 2,143,748,165 | |
| # | American Depositary Receipts. |
THE ALGER INSTITUTIONAL FUNDS
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments July 31, 2023 (Unaudited) (Continued)
| (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 4 - Affiliated Securities. |
| * | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers. |
| Security | | Acquisition Date(s) | | Acquisition Cost | | | % of net assets (Acquisition Date) | | Market Value | | | % of net assets as of 7/31/2023 | |
| Chime Financial, Inc., Series G | | 8/24/21 | | $ | 2,688,128 | | | | 0.06% | | | $ | 1,670,014 | | | | 0.08 | % |
| Crosslink Ventures Capital C, LLC, Cl. A | | 10/2/20 | | | 3,075,000 | | | | 0.08% | | | | 3,203,289 | | | | 0.15 | % |
| Total | | | | | | | | | | | | $ | 4,873,303 | | | | 0.23 | % |
See Notes to Financial Statements.
THE ALGER INSTITUTIONAL FUNDS │ALGER FOCUS EQUITY FUND
Schedule of Investments July 31, 2023 (Unaudited)
| COMMON STOCKS—99.4% | | SHARES | | | VALUE | |
| ADVERTISING—0.9% | | | | | | | | |
| The Trade Desk, Inc., Cl. A* | | | 126,173 | | | $ | 11,514,548 | |
| AEROSPACE & DEFENSE—2.6% | | | | | | | | |
| TransDigm Group, Inc. | | | 37,807 | | | | 34,015,714 | |
| APPAREL ACCESSORIES & LUXURY GOODS—0.5% | | | | | | | | |
| LVMH Moet Hennessy Louis Vuitton SE | | | 7,317 | | | | 6,795,795 | |
| APPLICATION SOFTWARE—4.5% | | | | | | | | |
| Adobe, Inc.* | | | 47,332 | | | | 25,851,318 | |
| Datadog, Inc., Cl. A* | | | 123,736 | | | | 14,442,466 | |
| Intuit, Inc. | | | 22,621 | | | | 11,575,166 | |
| Salesforce, Inc.* | | | 35,099 | | | | 7,897,626 | |
| | | | | | | | 59,766,576 | |
| AUTOMOBILE MANUFACTURERS—1.7% | | | | | | | | |
| Tesla, Inc.* | | | 83,944 | | | | 22,449,144 | |
| AUTOMOTIVE PARTS & EQUIPMENT—0.8% | | | | | | | | |
| Mobileye Global, Inc., Cl. A* | | | 277,214 | | | | 10,584,030 | |
| BIOTECHNOLOGY—2.2% | | | | | | | | |
| Natera, Inc.* | | | 382,877 | | | | 17,313,698 | |
| Vaxcyte, Inc.* | | | 260,149 | | | | 12,502,761 | |
| | | | | | | | 29,816,459 | |
| BROADLINE RETAIL—7.3% | | | | | | | | |
| Amazon.com, Inc.* | | | 545,373 | | | | 72,905,463 | |
| MercadoLibre, Inc.* | | | 19,520 | | | | 24,166,736 | |
| | | | | | | | 97,072,199 | |
| CASINOS & GAMING—3.6% | | | | | | | | |
| DraftKings, Inc., Cl. A* | | | 356,748 | | | | 11,337,451 | |
| Flutter Entertainment PLC* | | | 128,555 | | | | 25,569,531 | |
| MGM Resorts International | | | 220,569 | | | | 11,198,288 | |
| | | | | | | | 48,105,270 | |
| CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—1.0% | | | | | | | | |
| Wabtec Corp. | | | 108,659 | | | | 12,869,572 | |
| CONSTRUCTION MATERIALS—2.0% | | | | | | | | |
| Martin Marietta Materials, Inc. | | | 60,418 | | | | 26,974,220 | |
| DIVERSIFIED BANKS—1.1% | | | | | | | | |
| JPMorgan Chase & Co. | | | 89,317 | | | | 14,108,513 | |
| ELECTRICAL COMPONENTS & EQUIPMENT—1.0% | | | | | | | | |
| Eaton Corp. PLC | | | 24,120 | | | | 4,952,318 | |
| Vertiv Holdings Co., Cl. A | | | 306,054 | | | | 7,960,465 | |
| | | | | | | | 12,912,783 | |
| ENVIRONMENTAL & FACILITIES SERVICES—2.6% | | | | | | | | |
| GFL Environmental, Inc. | | | 1,009,628 | | | | 34,468,700 | |
| FINANCIAL EXCHANGES & DATA—2.8% | | | | | | | | |
| CME Group, Inc., Cl. A | | | 68,699 | | | | 13,668,353 | |
| S&P Global, Inc. | | | 58,551 | | | | 23,098,955 | |
| | | | | | | | 36,767,308 | |
| HEALTHCARE DISTRIBUTORS—1.0% | | | | | | | | |
| McKesson Corp. | | | 34,187 | | | | 13,756,849 | |
THE ALGER INSTITUTIONAL FUNDS│ ALGER FOCUS EQUITY FUND
Schedule of Investments July 31, 2023 (Unaudited) (Continued)
| COMMON STOCKS—99.4% (CONT.) | | SHARES | | | VALUE | |
| HEALTHCARE EQUIPMENT—4.1% | | | | | | | | |
| Boston Scientific Corp.* | | | 301,316 | | | $ | 15,623,235 | |
| GE HealthCare Technologies, Inc. | | | 82,197 | | | | 6,411,366 | |
| TransMedics Group, Inc.* | | | 343,041 | | | | 31,964,560 | |
| | | | | | | | 53,999,161 | |
| HEALTHCARE FACILITIES—1.0% | | | | | | | | |
| Acadia Healthcare Co., Inc.* | | | 174,820 | | | | 13,816,025 | |
| HOTELS RESORTS & CRUISE LINES—1.3% | | | | | | | | |
| Trip.com Group Ltd.#,* | | | 423,257 | | | | 17,370,467 | |
| INDUSTRIAL GASES—0.8% | | | | | | | | |
| Air Products & Chemicals, Inc. | | | 37,125 | | | | 11,335,376 | |
| INTERACTIVE MEDIA & SERVICES—9.2% | | | | | | | | |
| Alphabet, Inc., Cl. C* | | | 449,291 | | | | 59,805,125 | |
| Meta Platforms, Inc., Cl. A* | | | 196,833 | | | | 62,710,994 | |
| | | | | | | | 122,516,119 | |
| LIFE SCIENCES TOOLS & SERVICES—0.9% | | | | | | | | |
| Danaher Corp. | | | 45,206 | | | | 11,530,242 | |
| MANAGED HEALTHCARE—1.8% | | | | | | | | |
| UnitedHealth Group, Inc. | | | 46,539 | | | | 23,565,953 | |
| MOVIES & ENTERTAINMENT—3.1% | | | | | | | | |
| Liberty Media Corp. Series C Liberty Formula One* | | | 271,711 | | | | 19,726,219 | |
| Netflix, Inc.* | | | 48,982 | | | | 21,501,628 | |
| | | | | | | | 41,227,847 | |
| OIL & GAS EQUIPMENT & SERVICES—1.2% | | | | | | | | |
| Schlumberger NV | | | 269,837 | | | | 15,742,291 | |
| OIL & GAS EXPLORATION & PRODUCTION—2.6% | | | | | | | | |
| EOG Resources, Inc. | | | 263,105 | | | | 34,869,306 | |
| PHARMACEUTICALS—0.9% | | | | | | | | |
| AstraZeneca PLC# | | | 170,078 | | | | 12,194,593 | |
| SEMICONDUCTORS—13.1% | | | | | | | | |
| Advanced Micro Devices, Inc.* | | | 87,988 | | | | 10,065,827 | |
| First Solar, Inc.* | | | 36,331 | | | | 7,535,049 | |
| Marvell Technology, Inc. | | | 429,874 | | | | 27,997,694 | |
| NVIDIA Corp. | | | 224,233 | | | | 104,781,839 | |
| ON Semiconductor Corp.* | | | 76,309 | | | | 8,222,295 | |
| Taiwan Semiconductor Manufacturing Co., Ltd.# | | | 159,002 | | | | 15,765,048 | |
| | | | | | | | 174,367,752 | |
| SYSTEMS SOFTWARE—13.3% | | | | | | | | |
| Microsoft Corp. | | | 485,324 | | | | 163,030,038 | |
| ServiceNow, Inc.* | | | 23,270 | | | | 13,566,410 | |
| | | | | | | | 176,596,448 | |
| TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.9% | | | | | | | | |
| Apple, Inc. | | | 464,699 | | | | 91,290,118 | |
| TRANSACTION & PAYMENT PROCESSING SERVICES—3.6% | | | | | | | | |
| Visa, Inc., Cl. A | | | 202,234 | | | | 48,077,089 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $899,202,246) | | | | | | | 1,320,476,467 | |
THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUND
Schedule of Investments July 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 $899,547,959) | | | 99.4 | % | | $ | 1,320,476,467 | |
| Affiliated Securities (Cost $345,713) | | | | | | | — | |
| Unaffiliated Securities (Cost $899,202,246) | | | | | | | 1,320,476,467 | |
| Other Assets in Excess of Liabilities | | | 0.6 | % | | | 8,525,341 | |
| NET ASSETS | | | 100.0 | % | | $ | 1,329,001,808 | |
| # | 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 4 - Affiliated Securities. |
| (b) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee (as defined in Note 2). |
| * | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers. |
| Security | | Acquisition Date(s) | | Acquisition Cost | | | % of net assets (Acquisition Date) | | Market Value | | | % of net assets as of 7/31/2023 | |
| Prosetta Biosciences, Inc., Series D | | 2/6/15 | | $ | 345,713 | | | | 0.80% | | | $ | 0 | | | | 0.00 | % |
| Total | | | | | | | | | | | | $ | 0 | | | | 0.00 | % |
See Notes to Financial Statements.
THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2023 (Unaudited)
| COMMON STOCKS—97.4% | | SHARES | | | VALUE | |
| ADVERTISING—2.6% | | | | | | | | |
| The Trade Desk, Inc., Cl. A* | | | 18,176 | | | $ | 1,658,742 | |
| AEROSPACE & DEFENSE—4.6% | | | | | | | | |
| HEICO Corp. | | | 7,999 | | | | 1,407,664 | |
| TransDigm Group, Inc. | | | 1,725 | | | | 1,552,017 | |
| | | | | | | | 2,959,681 | |
| APPAREL ACCESSORIES & LUXURY GOODS—0.5% | | | | | | | | |
| Lululemon Athletica, Inc.* | | | 772 | | | | 292,225 | |
| APPLICATION SOFTWARE—11.8% | | | | | | | | |
| Bill.com Holdings, Inc.* | | | 3,656 | | | | 458,243 | |
| Cadence Design Systems, Inc.* | | | 4,120 | | | | 964,121 | |
| Constellation Software, Inc. | | | 638 | | | | 1,347,722 | |
| Datadog, Inc., Cl. A* | | | 11,813 | | | | 1,378,813 | |
| Guidewire Software, Inc.* | | | 11,973 | | | | 1,015,550 | |
| Manhattan Associates, Inc.* | | | 4,759 | | | | 907,161 | |
| Procore Technologies, Inc.* | | | 7,251 | | | | 549,988 | |
| The Descartes Systems Group, Inc.* | | | 11,763 | | | | 917,333 | |
| | | | | | | | 7,538,931 | |
| ASSET MANAGEMENT & CUSTODY BANKS—1.6% | | | | | | | | |
| Ares Management Corp., Cl. A | | | 10,620 | | | | 1,053,716 | |
| AUTOMOTIVE PARTS & EQUIPMENT—0.8% | | | | | | | | |
| Mobileye Global, Inc., Cl. A* | | | 13,413 | | | | 512,108 | |
| AUTOMOTIVE RETAIL—1.6% | | | | | | | | |
| AutoZone, Inc.* | | | 402 | | | | 997,651 | |
| BIOTECHNOLOGY—3.1% | | | | | | | | |
| Apellis Pharmaceuticals, Inc.* | | | 1,646 | | | | 42,385 | |
| Celldex Therapeutics, Inc.* | | | 9,919 | | | | 350,736 | |
| Natera, Inc.* | | | 26,710 | | | | 1,207,826 | |
| Vaxcyte, Inc.* | | | 8,233 | | | | 395,678 | |
| | | | | | | | 1,996,625 | |
| BUILDING PRODUCTS—0.7% | | | | | | | | |
| Trex Co., Inc.* | | | 6,758 | | | | 467,248 | |
| CARGO GROUND TRANSPORTATION—2.2% | | | | | | | | |
| Old Dominion Freight Line, Inc. | | | 3,383 | | | | 1,419,135 | |
| CONSTRUCTION & ENGINEERING—1.6% | | | | | | | | |
| WillScot Mobile Mini Holdings Corp.* | | | 20,857 | | | | 1,000,093 | |
| CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—1.5% | | | | | | | | |
| Wabtec Corp. | | | 8,278 | | | | 980,446 | |
| CONSTRUCTION MATERIALS—2.2% | | | | | | | | |
| Martin Marietta Materials, Inc. | | | 3,085 | | | | 1,377,329 | |
| CONSUMER STAPLES MERCHANDISE RETAIL—0.8% | | | | | | | | |
| BJ’s Wholesale Club Holdings, Inc.* | | | 7,985 | | | | 529,485 | |
| ELECTRONIC COMPONENTS—2.0% | | | | | | | | |
| Amphenol Corp., Cl. A | | | 14,128 | | | | 1,247,644 | |
| ELECTRONIC EQUIPMENT & INSTRUMENTS—1.5% | | | | | | | | |
| Novanta, Inc.* | | | 5,536 | | | | 979,318 | |
| ENVIRONMENTAL & FACILITIES SERVICES—3.3% | | | | | | | | |
| GFL Environmental, Inc. | | | 61,325 | | | | 2,093,636 | |
THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2023 (Unaudited) (Continued)
| COMMON STOCKS—97.4% (CONT.) | | SHARES | | VALUE |
| FINANCIAL EXCHANGES & DATA—2.5% | | | | | | | | |
| MSCI, Inc., Cl. A | | | 2,953 | | | $ | 1,618,480 | |
| HEALTHCARE EQUIPMENT—6.9% | | | | | | | | |
| Dexcom, Inc.* | | | 9,974 | | | | 1,242,362 | |
| IDEXX Laboratories, Inc.* | | | 2,784 | | | | 1,544,368 | |
| Insulet Corp.* | | | 2,977 | | | | 823,885 | |
| Teleflex, Inc. | | | 3,143 | | | | 789,427 | |
| | | | | | | | 4,400,042 | |
| HEALTHCARE FACILITIES—1.7% | | | | | | | | |
| Acadia Healthcare Co., Inc.* | | | 13,964 | | | | 1,103,575 | |
| HEALTHCARE TECHNOLOGY—1.7% | | | | | | | | |
| Veeva Systems, Inc., Cl. A* | | | 5,311 | | | | 1,084,612 | |
| HOME IMPROVEMENT RETAIL—2.0% | | | | | | | | |
| Floor & Decor Holdings, Inc., Cl. A* | | | 10,940 | | | | 1,256,459 | |
| HOMEBUILDING—1.8% | | | | | | | | |
| NVR, Inc.* | | | 186 | | | | 1,172,998 | |
| HOTELS RESORTS & CRUISE LINES—1.8% | | | | | | | | |
| Hilton Worldwide Holdings, Inc. | | | 7,364 | | | | 1,145,028 | |
| HUMAN RESOURCE & EMPLOYMENT SERVICES—1.8% | | | | | | | | |
| Paycom Software, Inc. | | | 3,180 | | | | 1,172,657 | |
| INSURANCE BROKERS—0.9% | | | | | | | | |
| Ryan Specialty Holdings, Inc., Cl. A* | | | 13,751 | | | | 595,968 | |
| INTERACTIVE MEDIA & SERVICES—0.7% | | | | | | | | |
| Pinterest, Inc., Cl. A* | | | 16,452 | | | | 476,944 | |
| INTERNET SERVICES & INFRASTRUCTURE—2.2% | | | | | | | | |
| MongoDB, Inc., Cl. A* | | | 3,357 | | | | 1,421,354 | |
| IT CONSULTING & OTHER SERVICES—1.5% | | | | | | | | |
| Globant SA* | | | 5,425 | | | | 947,910 | |
| LIFE SCIENCES TOOLS & SERVICES—5.8% | | | | | | | | |
| Mettler-Toledo International, Inc.* | | | 644 | | | | 809,811 | |
| Repligen Corp.* | | | 7,401 | | | | 1,269,715 | |
| West Pharmaceutical Services, Inc. | | | 4,492 | | | | 1,653,236 | |
| | | | | | | | 3,732,762 | |
| METAL, GLASS & PLASTIC CONTAINERS—0.7% | | | | | | | | |
| Ball Corp. | | | 7,629 | | | | 447,746 | |
| MOVIES & ENTERTAINMENT—1.8% | | | | | | | | |
| Liberty Media Corp. Series C Liberty Formula One* | | | 13,737 | | | | 997,306 | |
| Live Nation Entertainment, Inc.* | | | 1,705 | | | | 149,614 | |
| | | | | | | | 1,146,920 | |
| OIL & GAS EXPLORATION & PRODUCTION—2.7% | | | | | | | | |
| Diamondback Energy, Inc. | | | 11,953 | | | | 1,760,916 | |
| OTHER SPECIALTY RETAIL—0.5% | | | | | | | | |
| Five Below, Inc.* | | | 1,534 | | | | 319,594 | |
| PROPERTY & CASUALTY INSURANCE—1.4% | | | | | | | | |
| Intact Financial Corp. | | | 5,888 | | | | 869,728 | |
| REAL ESTATE SERVICES—4.8% | | | | | | | | |
| CoStar Group, Inc.* | | | 12,810 | | | | 1,075,656 | |
| FirstService Corp. | | | 12,878 | | | | 2,017,081 | |
| | | | | | | | 3,092,737 | |
THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2023 (Unaudited) (Continued)
| COMMON STOCKS—97.4% (CONT.) | | SHARES | | VALUE |
| RESEARCH & CONSULTING SERVICES—2.8% | | | | | | | | |
| TransUnion | | | 9,847 | | | $ | 784,707 | |
| Verisk Analytics, Inc., Cl. A | | | 4,391 | | | | 1,005,276 | |
| | | | | | | | 1,789,983 | |
| RESTAURANTS—3.2% | | | | | | | | |
| Chipotle Mexican Grill, Inc., Cl. A* | | | 499 | | | | 979,178 | |
| Domino’s Pizza, Inc. | | | 2,750 | | | | 1,091,035 | |
| | | | | | | | 2,070,213 | |
| SEMICONDUCTOR MATERIALS & EQUIPMENT—0.5% | | | | | | | | |
| KLA Corp. | | | 641 | | | | 329,442 | |
| SEMICONDUCTORS—5.3% | | | | | | | | |
| Lattice Semiconductor Corp.* | | | 6,103 | | | | 555,007 | |
| Marvell Technology, Inc. | | | 23,443 | | | | 1,526,843 | |
| ON Semiconductor Corp.* | | | 12,434 | | | | 1,339,764 | |
| | | | | | | | 3,421,614 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $52,480,521) | | | | | | | 62,481,695 | |
| | | | | | | | | |
| 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 | | | | 291,820 | |
| (Cost $226,186) | | | | | | | 291,820 | |
| | | | | | | | | |
| SPECIAL PURPOSE VEHICLE—1.3% | | | | | | | VALUE | |
| DATA PROCESSING & OUTSOURCED SERVICES—1.3% | | | | | | | | |
| Crosslink Ventures Capital C, LLC, Cl. A*,@,(a),(b) | | | | | | | 572,946 | |
| Crosslink Ventures Capital C, LLC, Cl. B*,@,(a),(b) | | | | | | | 235,764 | |
| | | | | | | | 808,710 | |
| TOTAL SPECIAL PURPOSE VEHICLE | | | | | | | | |
| (Cost $775,000) | | | | | | | 808,710 | |
| Total Investments | | | | | | | | |
| (Cost $54,228,747) | | | 99.2 | % | | $ | 63,582,225 | |
| Affiliated Securities (Cost $1,522,040) | | | | | | | 808,710 | |
| Unaffiliated Securities (Cost $52,706,707) | | | | | | | 62,773,515 | |
| Other Assets in Excess of Liabilities | | | 0.8 | % | | | 484,125 | |
| NET ASSETS | | | 100.0 | % | | $ | 64,066,350 | |
| (a) | Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 4 - Affiliated Securities. |
| (b) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee (as defined in Note 2). |
| (c) | Contingent Deferred Rights. |
| * | Non-income producing security. |
THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 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 7/31/2023 | |
| Crosslink Ventures Capital C, LLC, Cl. A | | 10/2/20 | | $ | 550,000 | | | | 0.50% | | | $ | 572,946 | | | | 0.89 | % |
| Crosslink Ventures Capital C, LLC, Cl. B | | 12/16/20 | | | 225,000 | | | | 0.19% | | | | 235,764 | | | | 0.37 | % |
| Prosetta Biosciences, Inc., Series D | | 2/6/15 | | | 747,040 | | | | 0.50% | | | | 0 | | | | 0.00 | % |
| Tolero CDR | | 2/6/17 | | | 226,186 | | | | 0.23% | | | | 291,820 | | | | 0.46 | % |
| Total | | | | | | | | | | | | $ | 1,100,530 | | | | 1.72 | % |
See Notes to Financial Statements.
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2023 (Unaudited)
| COMMON STOCKS—92.4% | | SHARES | | | VALUE | |
| ADVERTISING—0.6% | | | | | | | | |
| Magnite, Inc.* | | | 58,652 | | | $ | 887,405 | |
| AEROSPACE & DEFENSE—4.4% | | | | | | | | |
| HEICO Corp. | | | 22,096 | | | | 3,888,454 | |
| Hexcel Corp. | | | 10,920 | | | | 771,826 | |
| Mercury Systems, Inc.* | | | 38,152 | | | | 1,449,013 | |
| | | | | | | | 6,109,293 | |
| APPAREL ACCESSORIES & LUXURY GOODS—1.1% | | | | | | | | |
| Capri Holdings Ltd.* | | | 41,136 | | | | 1,518,330 | |
| APPAREL RETAIL—0.5% | | | | | | | | |
| Aritzia, Inc.* | | | 10,957 | | | | 208,448 | |
| Victoria’s Secret & Co.* | | | 21,552 | | | | 441,600 | |
| | | | | | | | 650,048 | |
| APPLICATION SOFTWARE—24.0% | | | | | | | | |
| ACI Worldwide, Inc.* | | | 62,376 | | | | 1,446,500 | |
| AppFolio, Inc., Cl. A* | | | 10,548 | | | | 1,904,863 | |
| Bill.com Holdings, Inc.* | | | 19,264 | | | | 2,414,550 | |
| Blackbaud, Inc.* | | | 21,038 | | | | 1,587,317 | |
| Blackline, Inc.* | | | 29,917 | | | | 1,737,579 | |
| Everbridge, Inc.* | | | 42,067 | | | | 1,297,346 | |
| Guidewire Software, Inc.* | | | 17,034 | | | | 1,444,824 | |
| HubSpot, Inc.* | | | 6,842 | | | | 3,972,123 | |
| Manhattan Associates, Inc.* | | | 27,197 | | | | 5,184,292 | |
| Q2 Holdings, Inc.* | | | 48,569 | | | | 1,722,743 | |
| SEMrush Holdings, Inc., Cl. A* | | | 41,737 | | | | 442,830 | |
| Smartsheet, Inc., Cl. A* | | | 31,943 | | | | 1,418,269 | |
| Sprout Social, Inc., Cl. A* | | | 30,878 | | | | 1,764,369 | |
| SPS Commerce, Inc.* | | | 29,903 | | | | 5,394,202 | |
| Vertex, Inc., Cl. A* | | | 82,416 | | | | 1,710,956 | |
| | | | | | | | 33,442,763 | |
| ASSET MANAGEMENT & CUSTODY BANKS—0.4% | | | | | | | | |
| Affiliated Managers Group, Inc. | | | 4,469 | | | | 619,582 | |
| AUTOMOTIVE PARTS & EQUIPMENT—0.0% | | | | | | | | |
| Atmus Filtration Technologies, Inc.* | | | 1,847 | | | | 44,051 | |
| BIOTECHNOLOGY—6.6% | | | | | | | | |
| ACELYRIN, Inc.* | | | 11,317 | | | | 281,114 | |
| ADMA Biologics, Inc.* | | | 208,870 | | | | 866,810 | |
| Alkermes PLC* | | | 16,590 | | | | 485,755 | |
| Arcus Biosciences, Inc.* | | | 17,175 | | | | 341,783 | |
| Avidity Biosciences, Inc.* | | | 29,546 | | | | 280,982 | |
| Cabaletta Bio, Inc.* | | | 114,375 | | | | 1,557,788 | |
| Celldex Therapeutics, Inc.* | | | 21,328 | | | | 754,158 | |
| Karuna Therapeutics, Inc.* | | | 5,952 | | | | 1,189,031 | |
| MoonLake Immunotherapeutics, Cl. A* | | | 22,403 | | | | 1,362,326 | |
| Morphic Holding, Inc.* | | | 14,724 | | | | 835,293 | |
| RAPT Therapeutics, Inc.* | | | 30,555 | | | | 730,265 | |
| Vaxcyte, Inc.* | | | 10,523 | | | | 505,735 | |
| | | | | | | | 9,191,040 | |
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2023 (Unaudited) (Continued)
| COMMON STOCKS—92.4% (CONT.) | | SHARES | | | VALUE | |
| CONSUMER STAPLES MERCHANDISE RETAIL—2.4% | | | | | | | | |
| BJ’s Wholesale Club Holdings, Inc.* | | | 50,157 | | | $ | 3,325,911 | |
| DIVERSIFIED SUPPORT SERVICES—0.5% | | | | | | | | |
| RB Global, Inc. | | | 9,766 | | | | 629,712 | |
| ELECTRICAL COMPONENTS & EQUIPMENT—0.4% | | | | | | | | |
| Sunrun, Inc.* | | | 32,054 | | | | 608,385 | |
| ELECTRONIC EQUIPMENT & INSTRUMENTS—0.9% | | | | | | | | |
| 908 Devices, Inc.* | | | 187,978 | | | | 1,308,327 | |
| FOOD DISTRIBUTORS—3.2% | | | | | | | | |
| The Chefs’ Warehouse, Inc.* | | | 40,013 | | | | 1,454,072 | |
| US Foods Holding Corp.* | | | 68,800 | | | | 2,939,824 | |
| | | | | | | | 4,393,896 | |
| FOOTWEAR—0.6% | | | | | | | | |
| On Holding AG, Cl. A* | | | 22,379 | | | | 805,644 | |
| HEALTHCARE DISTRIBUTORS—0.3% | | | | | | | | |
| PetIQ, Inc., Cl. A* | | | 25,789 | | | | 431,708 | |
| HEALTHCARE EQUIPMENT—8.2% | | | | | | | | |
| Impulse Dynamics PLC, Class E*,@,(a) | | | 532,406 | | | | 1,756,940 | |
| Inmode Ltd.* | | | 37,353 | | | | 1,602,817 | |
| Insulet Corp.* | | | 10,926 | | | | 3,023,771 | |
| Paragon 28, Inc.* | | | 30,114 | | | | 532,114 | |
| QuidelOrtho Corp.* | | | 32,314 | | | | 2,822,951 | |
| Shockwave Medical, Inc.* | | | 2,483 | | | | 647,070 | |
| Tandem Diabetes Care, Inc.* | | | 30,237 | | | | 1,055,876 | |
| | | | | | | | 11,441,539 | |
| HEALTHCARE SERVICES—0.4% | | | | | | | | |
| Privia Health Group, Inc.* | | | 20,072 | | | | 560,410 | |
| HEALTHCARE SUPPLIES—1.0% | | | | | | | | |
| Neogen Corp.* | | | 61,064 | | | | 1,416,074 | |
| HEALTHCARE TECHNOLOGY—1.9% | | | | | | | | |
| Doximity, Inc., Cl. A* | | | 7,724 | | | | 275,979 | |
| Veeva Systems, Inc., Cl. A* | | | 11,492 | | | | 2,346,896 | |
| | | | | | | | 2,622,875 | |
| HOMEBUILDING—0.5% | | | | | | | | |
| Skyline Champion Corp.* | | | 9,683 | | | | 674,518 | |
| HUMAN RESOURCE & EMPLOYMENT SERVICES—0.7% | | | | | | | | |
| Paycom Software, Inc. | | | 2,624 | | | | 967,626 | |
| INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.7% | | | | | | | | |
| Gates Industrial Corp., PLC* | | | 68,151 | | | | 928,217 | |
| INTERACTIVE HOME ENTERTAINMENT—1.6% | | | | | | | | |
| Take-Two Interactive Software, Inc.* | | | 14,524 | | | | 2,221,301 | |
| INTERACTIVE MEDIA & SERVICES—0.8% | | | | | | | | |
| Bumble, Inc., Cl. A* | | | 28,543 | | | | 528,617 | |
| Tripadvisor, Inc.* | | | 33,825 | | | | 630,836 | |
| | | | | | | | 1,159,453 | |
| LEISURE FACILITIES—1.0% | | | | | | | | |
| Planet Fitness, Inc., Cl. A* | | | 21,217 | | | | 1,432,996 | |
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2023 (Unaudited) (Continued)
| COMMON STOCKS—92.4% (CONT.) | | SHARES | | | VALUE | |
| LIFE SCIENCES TOOLS & SERVICES—7.6% | | | | | | | | |
| Akoya Biosciences, Inc.* | | | 60,048 | | | $ | 414,331 | |
| Bio-Techne Corp. | | | 51,271 | | | | 4,276,001 | |
| CryoPort, Inc.* | | | 51,379 | | | | 825,661 | |
| ICON PLC* | | | 7,793 | | | | 1,959,238 | |
| MaxCyte, Inc.* | | | 80,083 | | | | 357,971 | |
| Mesa Laboratories, Inc. | | | 3,769 | | | | 484,920 | |
| NanoString Technologies, Inc.* | | | 63,851 | | | | 303,931 | |
| Personalis, Inc.* | | | 126,736 | | | | 299,097 | |
| Repligen Corp.* | | | 9,649 | | | | 1,655,382 | |
| | | | | | | | 10,576,532 | |
| MANAGED HEALTHCARE—1.8% | | | | | | | | |
| HealthEquity, Inc.* | | | 37,533 | | | | 2,549,992 | |
| MOVIES & ENTERTAINMENT—1.8% | | | | | | | | |
| Live Nation Entertainment, Inc.* | | | 29,285 | | | | 2,569,759 | |
| OIL & GAS EQUIPMENT & SERVICES—1.3% | | | | | | | | |
| ChampionX Corp. | | | 32,871 | | | | 1,170,208 | |
| ProPetro Holding Corp.* | | | 67,383 | | | | 703,478 | |
| | | | | | | | 1,873,686 | |
| OIL & GAS EXPLORATION & PRODUCTION—3.3% | | | | | | | | |
| Coterra Energy, Inc. | | | 34,770 | | | | 957,566 | |
| Magnolia Oil & Gas Corp., Cl. A | | | 162,878 | | | | 3,607,747 | |
| | | | | | | | 4,565,313 | |
| PERSONAL CARE PRODUCTS—0.5% | | | | | | | | |
| Oddity Tech Ltd., Cl. A* | | | 13,730 | | | | 731,672 | |
| PHARMACEUTICALS—1.4% | | | | | | | | |
| Pliant Therapeutics, Inc.* | | | 22,329 | | | | 398,349 | |
| Reata Pharmaceuticals, Inc., Cl. A* | | | 6,984 | | | | 1,156,411 | |
| Ventyx Biosciences, Inc.* | | | 10,465 | | | | 387,728 | |
| | | | | | | | 1,942,488 | |
| REGIONAL BANKS—0.9% | | | | | | | | |
| Webster Financial Corp. | | | 27,785 | | | | 1,314,786 | |
| RESEARCH & CONSULTING SERVICES—0.7% | | | | | | | | |
| LegalZoom.com, Inc.* | | | 60,985 | | | | 931,851 | |
| RESTAURANTS—6.6% | | | | | | | | |
| Cava Group, Inc.* | | | 5,545 | | | | 316,675 | |
| Kura Sushi USA, Inc., Cl. A* | | | 21,124 | | | | 2,102,049 | |
| Shake Shack, Inc., Cl. A* | | | 29,210 | | | | 2,268,448 | |
| The Cheesecake Factory, Inc. | | | 33,851 | | | | 1,245,040 | |
| Wingstop, Inc. | | | 19,374 | | | | 3,266,069 | |
| | | | | | | | 9,198,281 | |
| SEMICONDUCTOR MATERIALS & EQUIPMENT—0.8% | | | | | | | | |
| SolarEdge Technologies, Inc.* | | | 4,446 | | | | 1,073,531 | |
| SEMICONDUCTORS—0.7% | | | | | | | | |
| Universal Display Corp. | | | 6,648 | | | | 969,810 | |
| SPECIALTY CHEMICALS—0.3% | | | | | | | | |
| Balchem Corp. | | | 2,834 | | | | 381,853 | |
| SYSTEMS SOFTWARE—0.4% | | | | | | | | |
| Rapid7, Inc.* | | | 11,833 | | | | 543,253 | |
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2023 (Unaudited) (Continued)
| COMMON STOCKS—92.4% (CONT.) | | SHARES | | | VALUE | |
| TRADING COMPANIES & DISTRIBUTORS—0.4% | | | | | | | | |
| Xometry, Inc., Cl. A* | | | 27,198 | | | $ | 564,630 | |
| TRANSACTION & PAYMENT PROCESSING SERVICES—1.2% | | | | | | | | |
| DLocal Ltd., Cl. A* | | | 70,819 | | | | 1,074,324 | |
| Marqeta, Inc., Cl. A* | | | 115,506 | | | | 644,524 | |
| | | | | | | | 1,718,848 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $96,188,422) | | | | | | | 128,897,389 | |
| PREFERRED STOCKS—3.5% | | SHARES | | | | VALUE |
| BIOTECHNOLOGY—0.0% | | | | | | | | |
| Prosetta Biosciences, Inc., Series D*,@,(a),(b) | | | 133,263 | | | | — | |
| DATA PROCESSING & OUTSOURCED SERVICES—3.5% | | | | | | | | |
| Chime Financial, Inc., Series G*,@,(a) | | | 114,399 | | | | 4,908,861 | |
| TOTAL PREFERRED STOCKS | | | | | | | 4,908,861 | |
| (Cost $8,501,200) | | | | | | | | |
| RIGHTS—0.3% | | SHARES | | | VALUE | |
| BIOTECHNOLOGY—0.3% | | | | | | | | |
| Tolero CDR*,@,(a),(c) | | | 528,559 | | | | 364,706 | |
| (Cost $285,725) | | | | | | | 364,706 | |
| REAL ESTATE INVESTMENT TRUST—1.8% | | SHARES | | | VALUE | |
| RETAIL—1.8% | | | | | | | | |
| Tanger Factory Outlet Centers, Inc. | | | 110,050 | | | | 2,576,270 | |
| (Cost $1,810,916) | | | | | | | 2,576,270 | |
| SPECIAL PURPOSE VEHICLE—1.2% | | | | | | VALUE | |
| DATA PROCESSING & OUTSOURCED SERVICES—1.2% | | | | | | | | |
| Crosslink Ventures Capital C, LLC, Cl. A*,@,(a),(b) | | | | | | | 1,328,193 | |
| Crosslink Ventures Capital C, LLC, Cl. B*,@,(a),(b) | | | | | | | 340,548 | |
| | | | | | | | 1,668,741 | |
| TOTAL SPECIAL PURPOSE VEHICLE | | | | | | | 1,668,741 | |
| (Cost $1,600,000) | | | | | | | | |
| Total Investments | | | | | | | | |
| (Cost $108,386,263) | | | 99.2 | % | | $ | 138,415,967 | |
| Affiliated Securities (Cost $2,199,684) | | | | | | | 1,668,741 | |
| Unaffiliated Securities (Cost $106,186,579) | | | | | | | 136,747,226 | |
| Other Assets in Excess of Liabilities | | | 0.8 | % | | | 1,101,587 | |
| NET ASSETS | | | 100.0 | % | | $ | 139,517,554 | |
| (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 4 - Affiliated Securities. |
| (c) | Contingent Deferred Rights. |
| * | Non-income producing security. |
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 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 7/31/2023 | |
| Chime Financial, Inc., Series G | | 8/24/21 | | $ | 7,901,516 | | | | 2.12% | | | $ | 4,908,861 | | | | 3.52 | % |
| Crosslink Ventures Capital C, LLC, Cl. A | | 10/2/20 | | | 1,275,000 | | | | 0.49% | | | | 1,328,193 | | | | 0.95 | % |
| Crosslink Ventures Capital C, LLC, Cl. B | | 12/16/20 | | | 325,000 | | | | 0.11% | | | | 340,548 | | | | 0.25 | % |
| Impulse Dynamics PLC, Class E | | 2/11/22 | | | 1,756,940 | | | | 0.71% | | | | 1,756,940 | | | | 1.26 | % |
| Prosetta Biosciences, Inc., Series D | | 2/6/15 | | | 599,684 | | | | 0.10% | | | | 0 | | | | 0.00 | % |
| Tolero CDR | | 2/6/17 | | | 285,725 | | | | 0.16% | | | | 364,706 | | | | 0.26 | % |
| Total | | | | | | | | | | | | $ | 8,699,248 | | | | 6.24 | % |
See Notes to Financial Statements.
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 generally sold to institutional investors and are sold 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).
On May 23, 2023, the Board of Trustees (the “Board”) approved the transition of the Fund’s custodian and administrator from Brown Brothers Harriman & Company (the “Custodian”) to The Bank of New York Mellon. This change is anticipated to become effective in early 2024.
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 Board of Trustees of the Trust (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 its 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.
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 regularly reports its fair valuation determinations and related valuation information to the Board. The Committee generally meets quarterly and on an 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 generally 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 its 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 NYSE is 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.
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
| ● | Level 1 – quoted prices in active markets for identical investments |
| ● | Level 2 – significant other observable inputs (including quoted prices for similar investments, amortized cost, interest rates, prepayment speeds, credit risk, etc.) |
| ● | Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments) |
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 July 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.
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
| Alger Capital Appreciation | | | | | | | | |
| Institutional Fund | | TOTAL | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 |
| COMMON STOCKS | | | | | | | | | | | | | | | | |
| Communication Services | | $ | 266,720,041 | | | $ | 266,720,041 | | | $ | — | | | $ | — | |
| Consumer Discretionary | | | 345,924,823 | | | | 334,878,057 | | | | 11,046,766 | | | | — | |
| Energy | | | 76,860,271 | | | | 76,860,271 | | | | — | | | | — | |
| Financials | | | 145,611,402 | | | | 145,611,402 | | | | — | | | | — | |
| Healthcare | | | 242,322,789 | | | | 242,322,789 | | | | — | | | | — | |
| Industrials | | | 141,775,145 | | | | 141,775,145 | | | | — | | | | — | |
| Information Technology | | | 865,174,841 | | | | 865,174,841 | | | | — | | | | — | |
| Materials | | | 59,378,454 | | | | 59,378,454 | | | | — | | | | — | |
| TOTAL COMMON STOCKS | | $ | 2,143,767,766 | | | $ | 2,132,721,000 | | | $ | 11,046,766 | | | $ | — | |
| PREFERRED STOCKS | | | | | | | | | | | | | | | | |
| Information Technology | | | 1,670,014 | | | | — | | | | — | | | | 1,670,014 | |
| SPECIAL PURPOSE VEHICLE | | | | | | | | | | | | | | | | |
| Information Technology | | | 3,203,289 | | | | — | | | | — | | | | 3,203,289 | |
| TOTAL INVESTMENTS IN SECURITIES | | $ | 2,148,641,069 | | | $ | 2,132,721,000 | | | $ | 11,046,766 | | | $ | 4,873,303 | |
| Alger Focus Equity Fund | | TOTAL | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 |
| COMMON STOCKS | | | | | | | | | | | | | | | | |
| Communication Services | | | 175,258,514 | | | | 175,258,514 | | | | — | | | | — | |
| Consumer Discretionary | | | 202,376,905 | | | | 195,581,110 | | | | 6,795,795 | | | | — | |
| Energy | | | 50,611,597 | | | | 50,611,597 | | | | — | | | | — | |
| Financials | | | 98,952,910 | | | | 98,952,910 | | | | — | | | | — | |
| Healthcare | | | 158,679,282 | | | | 158,679,282 | | | | — | | | | — | |
| Industrials | | | 94,266,769 | | | | 94,266,769 | | | | — | | | | — | |
| Information Technology | | | 502,020,894 | | | | 502,020,894 | | | | — | | | | — | |
| Materials | | | 38,309,596 | | | | 38,309,596 | | | | — | | | | — | |
| TOTAL COMMON STOCKS | | $ | 1,320,476,467 | | | $ | 1,313,680,672 | | | $ | 6,795,795 | | | $ | — | |
| PREFERRED STOCKS | | | | | | | | | | | | | | | | |
| Healthcare | | | — | * | | | — | | | | — | | | | — | * |
| TOTAL INVESTMENTS IN SECURITIES | | $ | 1,320,476,467 | | | $ | 1,313,680,672 | | | $ | 6,795,795 | | | $ | — | |
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 | | $ | 3,282,606 | | | $ | 3,282,606 | | | $ | — | | | $ | — | |
| Consumer Discretionary | | | 7,766,276 | | | | 7,766,276 | | | | — | | | | — | |
| Consumer Staples | | | 529,485 | | | | 529,485 | | | | — | | | | — | |
| Energy | | | 1,760,916 | | | | 1,760,916 | | | | — | | | | — | |
| Financials | | | 4,137,892 | | | | 4,137,892 | | | | — | | | | — | |
| Healthcare | | | 12,317,616 | | | | 12,317,616 | | | | — | | | | — | |
| Industrials | | | 11,882,879 | | | | 11,882,879 | | | | — | | | | — | |
| Information Technology | | | 15,886,213 | | | | 15,886,213 | | | | — | | | | — | |
| Materials | | | 1,825,075 | | | | 1,825,075 | | | | — | | | | — | |
| Real Estate | | | 3,092,737 | | | | 3,092,737 | | | | — | | | | — | |
| TOTAL COMMON STOCKS | | $ | 62,481,695 | | | $ | 62,481,695 | | | $ | — | | | $ | — | |
| PREFERRED STOCKS | | | | | | | | | | | | | | | | |
| Healthcare | | | — | * | | | — | | | | — | | | | — | * |
| RIGHTS | | | | | | | | | | | | | | | | |
| Healthcare | | | 291,820 | | | | — | | | | — | | | | 291,820 | |
| SPECIAL PURPOSE VEHICLE | | | | | | | | | | | | | | | | |
| Information Technology | | | 808,710 | | | | — | | | | — | | | | 808,710 | |
| TOTAL INVESTMENTS IN SECURITIES | | $ | 63,582,225 | | | $ | 62,481,695 | | | $ | — | | | $ | 1,100,530 | |
| Alger Small Cap Growth | | | | | | | | | | | | | | | | |
| Institutional Fund | | | TOTAL | | | | LEVEL 1 | | | | LEVEL 2 | | | | LEVEL 3 | |
| COMMON STOCKS | | | | | | | | | | | | | | | | |
| Communication Services | | | 6,837,918 | | | | 6,837,918 | | | | — | | | | — | |
| Consumer Discretionary | | | 14,323,868 | | | | 14,323,868 | | | | — | | | | — | |
| Consumer Staples | | | 8,451,479 | | | | 8,451,479 | | | | — | | | | — | |
| Energy | | | 6,438,999 | | | | 6,438,999 | | | | — | | | | — | |
| Financials | | | 3,653,216 | | | | 3,653,216 | | | | — | | | | — | |
| Healthcare | | | 40,732,658 | | | | 38,975,718 | | | | — | | | | 1,756,940 | |
| Industrials | | | 10,739,714 | | | | 10,739,714 | | | | — | | | | — | |
| Information Technology | | | 37,337,684 | | | | 37,337,684 | | | | — | | | | — | |
| Materials | | | 381,853 | | | | 381,853 | | | | — | | | | — | |
| TOTAL COMMON STOCKS | | $ | 128,897,389 | | | $ | 127,140,449 | | | $ | — | | | $ | 1,756,940 | |
| PREFERRED STOCKS | | | | | | | | | | | | | | | | |
| Healthcare | | | — | * | | | — | | | | — | | | | — | * |
| Information Technology | | | 4,908,861 | | | | — | | | | — | | | | 4,908,861 | |
| TOTAL PREFERRED STOCKS | | $ | 4,908,861 | | | $ | — | | | $ | — | �� | | $ | 4,908,861 | |
| RIGHTS | | | | | | | | | | | | | | | | |
| Healthcare | | | 364,706 | | | | — | | | | — | | | | 364,706 | |
| REAL ESTATE INVESTMENT TRUST | | | | | | | | | | | | | | | | |
| Real Estate | | | 2,576,270 | | | | 2,576,270 | | | | — | | | | — | |
| SPECIAL PURPOSE VEHICLE | | | | | | | | | | | | | | | | |
| Information Technology | | | 1,668,741 | | | | — | | | | — | | | | 1,668,741 | |
| TOTAL INVESTMENTS IN SECURITIES | | $ | 138,415,967 | | | $ | 129,716,719 | | | $ | — | | | $ | 8,699,248 | |
* Alger Focus Equity Fund’s, Alger Mid Cap Growth Institutional Fund’s and Alger Small Cap Growth Institutional Fund’s holdings of Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of July 31, 2023.
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, 2022 | | $ | 585,947 | |
| 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 July 31, 2023 | | | — | |
| Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023 | | $ | — | |
| | | 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 | | | (29,190 | ) |
| Purchases and sales | | | | |
| Purchases | | | — | |
| Sales | | | — | |
| Closing balance at July 31, 2023 | | | 1,670,014 | |
| Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023 | | $ | (29,190 | ) |
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, 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 | | | (48,831 | ) |
| Purchases and sales | | | | |
| Purchases | | | — | |
| Sales | | | — | |
| Closing balance at July 31, 2023 | | | 3,203,289 | |
| Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023 | | $ | (48,831 | ) |
| | | 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 July 31, 2023 | | | — | * |
| Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023 | | $ | — | |
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, 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 July 31, 2023 | | | — | * |
| Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023 | | $ | — | |
| | | 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 | | | 38,063 | |
| Purchases and sales | | | | |
| Purchases | | | — | |
| Sales | | | — | |
| Closing balance at July 31, 2023 | | | 291,820 | |
| Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023 | | $ | 38,063 | |
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, 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 | | | (12,856 | ) |
| Purchases and sales | | | | |
| Purchases | | | — | |
| Sales | | | — | |
| Closing balance at July 31, 2023 | | | 808,710 | |
| Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023 | | $ | (12,856 | ) |
| | | 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 July 31, 2023 | | | 1,756,940 | |
| Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023 | | $ | — | |
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
| | | FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
| Alger Small Cap Growth Institutional Fund | | Preferred Stocks | |
| Opening balance at November 1, 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 | | | (85,799 | ) |
| Purchases and sales | | | | |
| Purchases | | | — | |
| Sales | | | — | |
| Closing balance at July 31, 2023 | | | 4,908,861 | * |
| Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023 | | $ | (85,799 | ) |
| | | 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 | | | 47,571 | |
| Purchases and sales | | | | |
| Purchases | | | — | |
| Sales | | | — | |
| Closing balance at July 31, 2023 | | | 364,706 | |
| Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023 | | $ | 47,571 | |
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
| | | FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3) | |
| Alger Small Cap Growth Institutional Fund | | Special Purpose Vehicle | |
| Opening balance at November 1, 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 | | | (26,201 | ) |
| Purchases and sales | | | | |
| Purchases | | | — | |
| Sales | | | — | |
| Closing balance at July 31, 2023 | | | 1,668,741 | |
| Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023 | | $ | (26,201 | ) |
* 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 July 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.
| | | Fair Value | Valuation | Unobservable | | Weighted Average |
| | | July 31, 2023 | Methodology | Input | Input/Range | Inputs |
| Alger Capital Appreciation Institutional Fund | | | |
| Preferred Stocks | $ | 1,670,014 | Market Approach | Revenue Multiple | 14.0x-16.0x | N/A |
| Special Purpose Vehicle | | 3,203,289 | Market Approach | Revenue Multiple | 14.0x-16.0x | 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 | | 291,820 | Income Approach | Discount Rate
Probability of Success | 7.94%-9.43%
0.00%-60.00% | N/A |
| Special Purpose Vehicle | | 808,710 | Market Approach | Revenue Multiple | 14.0x-16.0x | N/A |
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
| | | Fair Value July 31, 2023 | Valuation Methodology | Unobservable Input | Input/Range | Weighted Average Inputs |
| Alger Small Cap Growth Institutional Fund | | | | | |
| Common Stocks | $ | 1,756,940 | Market Approach | Recent
Transaction Price | N/A | N/A |
| Preferred Stocks | | —* | Income Approach | Discount Rate | 100.00 % | N/A |
| Preferred Stocks | | 4,908,861 | Market Approach | Revenue Multiple | 14.0x-16.0x | N/A |
| Rights | | 364,706 | Income Approach | Discount Rate
Probability of Success | 7.94%-9.43%
0.00%-60.00% | N/A |
| Special Purpose Vehicle | | 1,668,741 | Market Approach | Revenue Multiple | 14.0x-16.0x | N/A |
* Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of July 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.
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 July 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 | | $ | 913,721 | | | $ | 47 | | | $ | 913,674 | | | $ | — | |
| Alger Focus Equity Fund | | | 7,046,942 | | | | — | | | | 7,046,942 | | | | — | |
| Alger Mid Cap Growth Institutional Fund | | | 1,010,738 | | | | — | | | | 1,010,738 | | | | — | |
| Alger Small Cap Growth Institutional Fund | | | 276,716 | | | | — | | | | 276,716 | | | | — | |
NOTE 4 — Affiliated Securities:
During the nine-month period ended July 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 Fund(s) for purposes of the 1940 Act. Transactions during the nine-month period ended July 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%.
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
| Security | | Shares
Held at
October 31,
2022 | | Shares
Purchased | | Shares
Sold | | Shares
Held at
July 31,
2023 | | | Dividend
Income | | Realized
Gain (Loss) | | Net Change
in
Unrealized
App(Dep) | | Value at
July 31,
2023 |
| Alger Capital Appreciation Institutional Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| Special Purpose Vehicle | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Crosslink Ventures Capital C, LLC, Cl. A*** | | | | | | | | | | | | | | | | | | $ | — | | | $ | — | | | $ | (48,831 | ) | | $ | 3,203,289 | |
| Total | | | | | | | | | | | $ | — | | | $ | — | | | $ | (48,831 | ) | | $ | 3,203,289 | |
| Security | | Shares
Held at
October 31,
2022 | | | Shares
Purchased | | | Shares
Sold | | | Shares
Held at
July 31,
2023 | | | Dividend
Income | | | Realized
Gain (Loss) | | | Net Change
in
Unrealized
App(Dep) | | | Value at
July 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
July 31,
2023 | | | Dividend
Income | | | Realized
Gain (Loss) | | | Net Change
in
Unrealized
App(Dep) | | | Value at
July 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*** | | | | | | | | | | | | | | | | | | | — | | | | — | | | | (8,734 | ) | | | 572,946 | |
| Crosslink Ventures Capital C, LLC, Cl. B*** | | | | | | | | | | | | | | | | | | | — | | | | — | | | | (4,122 | ) | | | 235,764 | |
| Total | | | | | | | | | | | | | | | | | | $ | — | | | $ | — | | | $ | (12,856 | ) | | $ | 808,710 | |
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
| Security | | Shares
Held at
October 31,
2022 | | | Shares
Purchased | | | Shares
Sold | | | Shares
Held at
July 31,
2023 | | | Dividend
Income | | | Realized
Gain (Loss) | | | Net Change
in
Unrealized
App(Dep) | | | Value at
July 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*** | | | | | | | | | | | | | | | | | | | — | | | | — | | | | (20,247 | ) | | | 1,328,193 | |
| Crosslink Ventures Capital C, LLC, Cl. B*** | | | | | | | | | | | | | | | | | | | — | | | | — | | | | (5,954 | ) | | | 340,548 | |
| Total | | | | | | | | | | | | | | | | | | $ | — | | | $ | — | | | $ | (26,201 | ) | | $ | 1,668,741 | |
* Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of July 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 July 31, 2023.
