THE ALGER INSTITUTIONAL FUNDSALGER CAPITAL APPRECIATION INSTITUTIONAL FUNDSchedule of Investments January 31, 2024 (Unaudited)
SHARES | VALUE | |||
COMMON STOCKS—99.4% | ||||
AEROSPACE & DEFENSE—2.8% | ||||
HEICO Corp. | 89,575 | $ 16,086,774 | ||
HEICO Corp., Cl. A | 41,901 | 5,927,735 | ||
TransDigm Group, Inc. | 32,949 | 36,002,713 | ||
58,017,222 | ||||
APPAREL RETAIL—0.4% | ||||
Burlington Stores, Inc.* | 41,102 | 7,856,647 | ||
APPLICATION SOFTWARE—3.6% | ||||
Adobe, Inc.* | 56,774 | 35,073,842 | ||
ANSYS, Inc.* | 9,258 | 3,035,050 | ||
Cadence Design Systems, Inc.* | 54,550 | 15,735,493 | ||
Intuit, Inc. | 25,796 | 16,285,789 | ||
Synopsys, Inc.* | 7,950 | 4,240,132 | ||
74,370,306 | ||||
ASSET MANAGEMENT & CUSTODY BANKS—0.2% | ||||
Blackstone, Inc. | 42,590 | 5,300,326 | ||
AUTOMOBILE MANUFACTURERS—0.8% | ||||
Tesla, Inc.* | 93,469 | 17,505,809 | ||
AUTOMOTIVE PARTS & EQUIPMENT—0.5% | ||||
Mobileye Global, Inc., Cl. A* | 366,866 | 9,487,155 | ||
BIOTECHNOLOGY—5.2% | ||||
Amgen, Inc. | 60,813 | 19,111,093 | ||
Immunovant, Inc.* | 110,940 | 4,039,326 | ||
Natera, Inc.* | 633,101 | 41,746,680 | ||
Regeneron Pharmaceuticals, Inc.* | 10,095 | 9,517,364 | ||
Sarepta Therapeutics, Inc.* | 39,603 | 4,712,361 | ||
Vaxcyte, Inc.* | 220,781 | 15,768,179 | ||
Vertex Pharmaceuticals, Inc.* | 27,065 | 11,729,430 | ||
106,624,433 | ||||
BROADLINE RETAIL—9.8% | ||||
Amazon.com, Inc.* | 1,006,637 | 156,230,062 | ||
MercadoLibre, Inc.* | 26,713 | 45,727,581 | ||
201,957,643 | ||||
CARGO GROUND TRANSPORTATION—0.4% | ||||
Old Dominion Freight Line, Inc. | 24,179 | 9,454,473 | ||
CASINOS & GAMING—0.8% | ||||
DraftKings, Inc., Cl. A* | 268,642 | 10,490,470 | ||
Flutter Entertainment PLC* | 25,334 | 5,199,957 | ||
15,690,427 | ||||
CONSTRUCTION & ENGINEERING—0.5% | ||||
Quanta Services, Inc. | 52,212 | 10,131,739 |
See Notes to Financial Statements.
- 2 -
THE ALGER INSTITUTIONAL FUNDSALGER CAPITAL APPRECIATION INSTITUTIONAL FUNDSchedule of Investments January 31, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—99.4% (CONT.) | ||||
CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.8% | ||||
Wabtec Corp. | 120,675 | $ 15,877,210 | ||
CONSTRUCTION MATERIALS—1.4% | ||||
Martin Marietta Materials, Inc. | 55,291 | 28,111,050 | ||
DIVERSIFIED BANKS—0.2% | ||||
Citigroup, Inc. | 91,637 | 5,147,250 | ||
ELECTRICAL COMPONENTS & EQUIPMENT—1.7% | ||||
Eaton Corp. PLC | 31,354 | 7,715,592 | ||
Vertiv Holdings Co., Cl. A | 472,201 | 26,599,083 | ||
34,314,675 | ||||
ENVIRONMENTAL & FACILITIES SERVICES—1.1% | ||||
GFL Environmental, Inc. | 672,907 | 22,858,651 | ||
FINANCIAL EXCHANGES & DATA—1.5% | ||||
S&P Global, Inc. | 67,601 | 30,308,908 | ||
HEALTHCARE DISTRIBUTORS—0.6% | ||||
McKesson Corp. | 26,896 | 13,445,041 | ||
HEALTHCARE EQUIPMENT—4.0% | ||||
Boston Scientific Corp.* | 421,343 | 26,654,158 | ||
Dexcom, Inc.* | 97,914 | 11,881,864 | ||
Intuitive Surgical, Inc.* | 67,560 | 25,552,543 | ||
Stryker Corp. | 37,703 | 12,648,603 | ||
TransMedics Group, Inc.* | 82,065 | 7,038,715 | ||
83,775,883 | ||||
HEALTHCARE FACILITIES—0.8% | ||||
Acadia Healthcare Co., Inc.* | 203,964 | 16,753,603 | ||
HOMEBUILDING—0.2% | ||||
D.R. Horton, Inc. | 33,706 | 4,816,924 | ||
HOMEFURNISHING RETAIL—0.1% | ||||
Wayfair, Inc., Cl. A* | 40,185 | 2,019,296 | ||
HOTELS RESORTS & CRUISE LINES—0.4% | ||||
Booking Holdings, Inc.* | 1,678 | 5,885,535 | ||
Hilton Worldwide Holdings, Inc. | 16,528 | 3,156,187 | ||
9,041,722 | ||||
INTERACTIVE MEDIA & SERVICES—11.6% | ||||
Alphabet, Inc., Cl. C* | 577,632 | 81,908,218 | ||
Meta Platforms, Inc., Cl. A* | 311,058 | 121,356,168 | ||
Pinterest, Inc., Cl. A* | 866,990 | 32,486,115 | ||
Snap, Inc., Cl. A* | 269,735 | 4,286,089 | ||
240,036,590 |
See Notes to Financial Statements.
- 3 -
THE ALGER INSTITUTIONAL FUNDSALGER CAPITAL APPRECIATION INSTITUTIONAL FUNDSchedule of Investments January 31, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—99.4% (CONT.) | ||||
INTERNET SERVICES & INFRASTRUCTURE—0.6% | ||||
MongoDB, Inc.* | 23,815 | $ 9,538,384 | ||
Shopify, Inc., Cl. A* | 41,172 | 3,296,642 | ||
12,835,026 | ||||
IT CONSULTING & OTHER SERVICES—0.3% | ||||
EPAM Systems, Inc.* | 19,896 | 5,533,277 | ||
LIFE SCIENCES TOOLS & SERVICES—0.7% | ||||
Danaher Corp. | 56,742 | 13,612,973 | ||
MANAGED HEALTHCARE—0.5% | ||||
UnitedHealth Group, Inc. | 20,625 | 10,554,637 | ||
MOVIES & ENTERTAINMENT—2.7% | ||||
Liberty Media Corp. Series C Liberty Formula One* | 182,360 | 12,263,710 | ||
Netflix, Inc.* | 63,921 | 36,058,475 | ||
Spotify Technology SA* | 31,054 | 6,687,479 | ||
55,009,664 | ||||
OIL & GAS EQUIPMENT & SERVICES—0.3% | ||||
Schlumberger NV | 148,462 | 7,230,099 | ||
OIL & GAS EXPLORATION & PRODUCTION—0.5% | ||||
Diamondback Energy, Inc. | 66,416 | 10,210,796 | ||
OIL & GAS STORAGE & TRANSPORTATION—0.5% | ||||
Cheniere Energy, Inc. | 58,403 | 9,577,508 | ||
PASSENGER GROUND TRANSPORTATION—0.8% | ||||
Uber Technologies, Inc.* | 247,486 | 16,153,411 | ||
PHARMACEUTICALS—1.2% | ||||
Eli Lilly & Co. | 38,859 | 25,087,759 | ||
SEMICONDUCTORS—15.3% | ||||
Advanced Micro Devices, Inc.* | 215,197 | 36,086,385 | ||
Broadcom, Inc. | 18,412 | 21,726,160 | ||
Marvell Technology, Inc. | 548,373 | 37,124,852 | ||
Micron Technology, Inc. | 225,507 | 19,337,225 | ||
NVIDIA Corp. | 278,079 | 171,093,667 | ||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 269,068 | 30,393,921 | ||
315,762,210 | ||||
SYSTEMS SOFTWARE—16.7% | ||||
Microsoft Corp. | 826,606 | 328,642,014 | ||
ServiceNow, Inc.* | 20,458 | 15,658,553 | ||
344,300,567 |
See Notes to Financial Statements.
- 4 -
THE ALGER INSTITUTIONAL FUNDSALGER CAPITAL APPRECIATION INSTITUTIONAL FUNDSchedule of Investments January 31, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—99.4% (CONT.) | ||||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.8% | ||||
Apple, Inc. | 719,340 | $ 132,646,296 | ||
Dell Technologies, Inc., Cl. C | 106,399 | 8,818,349 | ||
141,464,645 | ||||
TRANSACTION & PAYMENT PROCESSING SERVICES—3.1% | ||||
Visa, Inc., Cl. A | 232,328 | 63,485,949 | ||
TOTAL COMMON STOCKS (Cost $976,609,380) | 2,053,721,504 | |||
PREFERRED STOCKS—0.1% | ||||
DATA PROCESSING & OUTSOURCED SERVICES—0.1% | ||||
Chime Financial, Inc.,Series G(a),*,@ | 38,919 | 1,430,273 | ||
(Cost $2,688,128) | 1,430,273 | |||
REAL ESTATE INVESTMENT TRUST—0.4% | ||||
DATA CENTER—0.4% | ||||
Equinix, Inc. | 10,833 | 8,988,899 | ||
(Cost $8,797,430) | 8,988,899 | |||
SPECIAL PURPOSE VEHICLE—0.1% | ||||
DATA PROCESSING & OUTSOURCED SERVICES—0.1% | ||||
Crosslink Ventures C, LLC, Cl. A(a),(b),*,@ | 2,759,136 | |||
(Cost $3,075,000) | 2,759,136 | |||
TOTAL SPECIAL PURPOSE VEHICLE (Cost $3,075,000) | 2,759,136 | |||
Total Investments (Cost $991,169,938) | 100.0% | $2,066,899,812 | ||
Affiliated Securities (Cost $3,075,000) | 2,759,136 | |||
Unaffiliated Securities (Cost $988,094,938) | 2,064,140,676 | |||
Liabilities in Excess of Other Assets | (0.0)% | (389,213) | ||
NET ASSETS | 100.0% | $2,066,510,599 |
ADR | 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 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. |
See Notes to Financial Statements.
- 5 -
THE ALGER INSTITUTIONAL FUNDSALGER CAPITAL APPRECIATION INSTITUTIONAL FUNDSchedule of Investments January 31, 2024 (Unaudited) (Continued)
Security | Acquisition Date(s) | Acquisition Cost | Market Value | % of net assets as of 01/31/2024 |
Chime Financial, Inc.,Series G | 8/24/21 | $2,688,128 | $1,430,273 | 0.1% |
Crosslink Ventures C, LLC, Cl. A | 10/2/20 | 3,075,000 | 2,759,136 | 0.1% |
Total | $4,189,409 | 0.2% |
See Notes to Financial Statements.
- 6 -
THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUNDSchedule of Investments January 31, 2024 (Unaudited)
SHARES | VALUE | |||
COMMON STOCKS—96.6% | ||||
AEROSPACE & DEFENSE—3.0% | ||||
HEICO Corp., Cl. A | 121,633 | $ 17,207,421 | ||
TransDigm Group, Inc. | 20,315 | 22,197,794 | ||
39,405,215 | ||||
APPAREL RETAIL—0.5% | ||||
Burlington Stores, Inc.* | 36,636 | 7,002,971 | ||
APPLICATION SOFTWARE—2.8% | ||||
Adobe, Inc.* | 34,890 | 21,554,344 | ||
Cadence Design Systems, Inc.* | 15,894 | 4,584,784 | ||
Intuit, Inc. | 15,861 | 10,013,525 | ||
36,152,653 | ||||
ASSET MANAGEMENT & CUSTODY BANKS—0.3% | ||||
Ares Management Corp., Cl. A | 33,274 | 4,042,125 | ||
AUTOMOBILE MANUFACTURERS—0.9% | ||||
Tesla, Inc.* | 61,359 | 11,491,927 | ||
AUTOMOTIVE PARTS & EQUIPMENT—0.5% | ||||
Mobileye Global, Inc., Cl. A* | 280,653 | 7,257,687 | ||
BIOTECHNOLOGY—4.7% | ||||
Amgen, Inc. | 42,627 | 13,395,961 | ||
Natera, Inc.* | 503,845 | 33,223,539 | ||
Nuvalent, Inc., Cl. A* | 58,300 | 4,382,411 | ||
Vaxcyte, Inc.* | 143,007 | 10,213,560 | ||
61,215,471 | ||||
BROADLINE RETAIL—9.3% | ||||
Amazon.com, Inc.* | 545,373 | 84,641,890 | ||
MercadoLibre, Inc.* | 21,435 | 36,692,647 | ||
121,334,537 | ||||
CASINOS & GAMING—0.4% | ||||
DraftKings, Inc., Cl. A* | 126,022 | 4,921,159 | ||
CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—1.1% | ||||
Wabtec Corp. | 106,103 | 13,959,972 | ||
CONSTRUCTION MATERIALS—1.9% | ||||
Martin Marietta Materials, Inc. | 49,326 | 25,078,325 | ||
ELECTRICAL COMPONENTS & EQUIPMENT—1.7% | ||||
Eaton Corp. PLC | 18,192 | 4,476,687 | ||
Vertiv Holdings Co., Cl. A | 320,975 | 18,080,522 | ||
22,557,209 | ||||
ENVIRONMENTAL & FACILITIES SERVICES—2.2% | ||||
GFL Environmental, Inc. | 830,018 | 28,195,711 |
See Notes to Financial Statements.
- 7 -
THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUNDSchedule of Investments January 31, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—96.6% (CONT.) | ||||
FINANCIAL EXCHANGES & DATA—2.3% | ||||
CME Group, Inc., Cl. A | 45,400 | $ 9,345,136 | ||
S&P Global, Inc. | 47,609 | 21,345,495 | ||
30,690,631 | ||||
HEALTHCARE DISTRIBUTORS—0.9% | ||||
McKesson Corp. | 23,124 | 11,559,456 | ||
HEALTHCARE EQUIPMENT—2.9% | ||||
Boston Scientific Corp.* | 373,046 | 23,598,890 | ||
Stryker Corp. | 27,184 | 9,119,688 | ||
TransMedics Group, Inc.* | 55,302 | 4,743,253 | ||
37,461,831 | ||||
HEALTHCARE FACILITIES—1.0% | ||||
Acadia Healthcare Co., Inc.* | 154,112 | 12,658,760 | ||
INTERACTIVE MEDIA & SERVICES—11.8% | ||||
Alphabet, Inc., Cl. C* | 371,339 | 52,655,870 | ||
Meta Platforms, Inc., Cl. A* | 196,357 | 76,606,720 | ||
Pinterest, Inc., Cl. A* | 674,908 | 25,288,803 | ||
154,551,393 | ||||
INTERNET SERVICES & INFRASTRUCTURE—0.5% | ||||
MongoDB, Inc.* | 16,371 | 6,556,913 | ||
LIFE SCIENCES TOOLS & SERVICES—0.5% | ||||
Danaher Corp. | 28,041 | 6,727,316 | ||
MANAGED HEALTHCARE—0.7% | ||||
UnitedHealth Group, Inc. | 18,231 | 9,329,532 | ||
MOVIES & ENTERTAINMENT—2.9% | ||||
Liberty Media Corp. Series C Liberty Formula One* | 200,381 | 13,475,622 | ||
Netflix, Inc.* | 44,530 | 25,119,819 | ||
38,595,441 | ||||
OIL & GAS EQUIPMENT & SERVICES—0.5% | ||||
Schlumberger NV | 129,870 | 6,324,669 | ||
OIL & GAS EXPLORATION & PRODUCTION—0.4% | ||||
EOG Resources, Inc. | 46,363 | 5,275,646 | ||
PASSENGER GROUND TRANSPORTATION—1.0% | ||||
Uber Technologies, Inc.* | 193,568 | 12,634,183 | ||
PHARMACEUTICALS—1.3% | ||||
Eli Lilly & Co. | 26,493 | 17,104,146 | ||
SEMICONDUCTORS—15.5% | ||||
Advanced Micro Devices, Inc.* | 136,453 | 22,881,804 | ||
Broadcom, Inc. | 12,268 | 14,476,240 | ||
Marvell Technology, Inc. | 369,551 | 25,018,603 | ||
Micron Technology, Inc. | 156,643 | 13,432,137 |
See Notes to Financial Statements.
- 8 -
THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUNDSchedule of Investments January 31, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—96.6% (CONT.) | ||||
SEMICONDUCTORS—15.5% (CONT.) | ||||
NVIDIA Corp. | 174,675 | $ 107,472,287 | ||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 171,267 | 19,346,320 | ||
202,627,391 | ||||
SYSTEMS SOFTWARE—15.6% | ||||
Microsoft Corp. | 485,324 | 192,955,116 | ||
ServiceNow, Inc.* | 13,490 | 10,325,246 | ||
203,280,362 | ||||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.4% | ||||
Apple, Inc. | 451,051 | 83,173,804 | ||
TRANSACTION & PAYMENT PROCESSING SERVICES—3.1% | ||||
Visa, Inc., Cl. A | 146,412 | 40,008,543 | ||
TOTAL COMMON STOCKS (Cost $767,992,639) | 1,261,174,979 | |||
PREFERRED STOCKS—0.0% | ||||
BIOTECHNOLOGY—0.0% | ||||
Prosetta Biosciences, Inc., Series D(a),(b),*,@ | 76,825 | — | ||
(Cost $345,713) | — | |||
SHORT-TERM SECURITIES—2.7% | ||||
MONEY MARKET FUNDS—2.7% | ||||
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 5.19%, (c) | 35,000,000 | 35,000,000 | ||
(Cost $35,000,000) | 35,000,000 | |||
Total Investments (Cost $803,338,352) | 99.3% | $1,296,174,979 | ||
Affiliated Securities (Cost $345,713) | 0 | |||
Unaffiliated Securities (Cost $802,992,639) | 1,296,174,979 | |||
Other Assets in Excess of Liabilities | 0.7% | 9,219,610 | ||
NET ASSETS | 100.0% | $1,305,394,589 |
ADR | 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). |
(c) | Rate shown reflects 7-day effective yield as of January 31, 2024. |
* | 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. |
See Notes to Financial Statements.
- 9 -
THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUNDSchedule of Investments January 31, 2024 (Unaudited) (Continued)
Security | Acquisition Date(s) | Acquisition Cost | Market Value | % of net assets as of 01/31/2024 |
Prosetta Biosciences, Inc., Series D | 2/6/15 | $345,713 | $— | 0.0% |
Total | $— | 0.0% |
See Notes to Financial Statements.
- 10 -
THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUNDSchedule of Investments January 31, 2024 (Unaudited)
SHARES | VALUE | |||
COMMON STOCKS—98.6% | ||||
ADVERTISING—1.3% | ||||
The Trade Desk, Inc., Cl. A* | 12,034 | $ 823,487 | ||
AEROSPACE & DEFENSE—4.2% | ||||
HEICO Corp. | 9,341 | 1,677,550 | ||
TransDigm Group, Inc. | 862 | 941,890 | ||
2,619,440 | ||||
APPLICATION SOFTWARE—14.5% | ||||
Cadence Design Systems, Inc.* | 5,498 | 1,585,953 | ||
Clearwater Analytics Holdings, Inc.* | 26,255 | 494,907 | ||
Constellation Software, Inc. | 697 | 1,926,404 | ||
Datadog, Inc., Cl. A* | 8,523 | 1,060,602 | ||
Guidewire Software, Inc.* | 9,980 | 1,114,566 | ||
Manhattan Associates, Inc.* | 3,974 | 963,934 | ||
Procore Technologies, Inc.* | 9,811 | 700,407 | ||
The Descartes Systems Group, Inc.* | 12,995 | 1,137,842 | ||
8,984,615 | ||||
ASSET MANAGEMENT & CUSTODY BANKS—2.6% | ||||
Ares Management Corp., Cl. A | 8,306 | 1,009,013 | ||
Blue Owl Capital, Inc., Cl. A | 39,209 | 609,308 | ||
1,618,321 | ||||
AUTOMOTIVE PARTS & EQUIPMENT—0.5% | ||||
Mobileye Global, Inc., Cl. A* | 13,103 | 338,844 | ||
AUTOMOTIVE RETAIL—1.0% | ||||
AutoZone, Inc.* | 232 | 640,814 | ||
BIOTECHNOLOGY—3.7% | ||||
Natera, Inc.* | 26,587 | 1,753,147 | ||
Vaxcyte, Inc.* | 7,576 | 541,078 | ||
2,294,225 | ||||
BUILDING PRODUCTS—0.6% | ||||
Trex Co., Inc.* | 4,684 | 381,652 | ||
CARGO GROUND TRANSPORTATION—2.1% | ||||
Old Dominion Freight Line, Inc. | 3,256 | 1,273,161 | ||
CONSTRUCTION & ENGINEERING—1.1% | ||||
WillScot Mobile Mini Holdings Corp.* | 14,858 | 702,783 | ||
CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—1.0% | ||||
Wabtec Corp. | 4,636 | 609,958 | ||
CONSTRUCTION MATERIALS—1.5% | ||||
Martin Marietta Materials, Inc. | 1,818 | 924,308 | ||
DIVERSIFIED FINANCIAL SERVICES—0.8% | ||||
Apollo Global Management, Inc. | 4,913 | 493,265 |
See Notes to Financial Statements.
- 11 -
THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUNDSchedule of Investments January 31, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—98.6% (CONT.) | ||||
ELECTRICAL COMPONENTS & EQUIPMENT—2.9% | ||||
Vertiv Holdings Co., Cl. A | 32,063 | $ 1,806,109 | ||
ELECTRONIC COMPONENTS—2.1% | ||||
Amphenol Corp., Cl. A | 12,646 | 1,278,511 | ||
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.0% | ||||
Novanta, Inc.* | 3,821 | 590,535 | ||
ENVIRONMENTAL & FACILITIES SERVICES—2.8% | ||||
GFL Environmental, Inc. | 51,056 | 1,734,372 | ||
FINANCIAL EXCHANGES & DATA—2.1% | ||||
MarketAxess Holdings, Inc. | 1,210 | 272,867 | ||
MSCI, Inc., Cl. A | 1,689 | 1,011,069 | ||
1,283,936 | ||||
HEALTHCARE EQUIPMENT—4.3% | ||||
Dexcom, Inc.* | 8,465 | 1,027,228 | ||
IDEXX Laboratories, Inc.* | 2,909 | 1,498,367 | ||
Insulet Corp.* | 794 | 151,551 | ||
2,677,146 | ||||
HEALTHCARE FACILITIES—1.0% | ||||
Acadia Healthcare Co., Inc.* | 7,511 | 616,953 | ||
HEALTHCARE TECHNOLOGY—2.0% | ||||
Veeva Systems, Inc., Cl. A* | 5,981 | 1,240,519 | ||
HOME IMPROVEMENT RETAIL—0.9% | ||||
Floor & Decor Holdings, Inc., Cl. A* | 5,780 | 581,237 | ||
HOMEBUILDING—2.3% | ||||
NVR, Inc.* | 202 | 1,429,209 | ||
HOMEFURNISHING RETAIL—0.4% | ||||
Wayfair, Inc., Cl. A* | 4,980 | 250,245 | ||
HOTELS RESORTS & CRUISE LINES—2.0% | ||||
Hilton Worldwide Holdings, Inc. | 6,360 | 1,214,506 | ||
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.8% | ||||
Paylocity Holding Corp.* | 3,009 | 476,656 | ||
INSURANCE BROKERS—0.7% | ||||
Ryan Specialty Holdings, Inc., Cl. A* | 10,337 | 447,799 | ||
INTERACTIVE MEDIA & SERVICES—2.4% | ||||
Pinterest, Inc., Cl. A* | 39,130 | 1,466,201 | ||
INTERNET SERVICES & INFRASTRUCTURE—2.3% | ||||
Cloudflare, Inc., Cl. A* | 3,507 | 277,228 | ||
MongoDB, Inc.* | 2,915 | 1,167,516 | ||
1,444,744 | ||||
IT CONSULTING & OTHER SERVICES—2.4% | ||||
Globant SA* | 6,325 | 1,491,498 |
See Notes to Financial Statements.
- 12 -
THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUNDSchedule of Investments January 31, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—98.6% (CONT.) | ||||
LIFE SCIENCES TOOLS & SERVICES—5.8% | ||||
Mettler-Toledo International, Inc.* | 493 | $ 590,215 | ||
Repligen Corp.* | 8,253 | 1,563,118 | ||
West Pharmaceutical Services, Inc. | 3,946 | 1,471,976 | ||
3,625,309 | ||||
MOVIES & ENTERTAINMENT—2.6% | ||||
Liberty Media Corp. Series C Liberty Formula One* | 5,126 | 344,724 | ||
Spotify Technology SA* | 5,764 | 1,241,277 | ||
1,586,001 | ||||
OIL & GAS EXPLORATION & PRODUCTION—2.5% | ||||
Diamondback Energy, Inc. | 9,993 | 1,536,324 | ||
OTHER SPECIALTY RETAIL—1.0% | ||||
Five Below, Inc.* | 3,573 | 641,211 | ||
PROPERTY & CASUALTY INSURANCE—1.1% | ||||
Intact Financial Corp. | 4,178 | 653,371 | ||
REAL ESTATE SERVICES—4.7% | ||||
CoStar Group, Inc.* | 13,375 | 1,116,545 | ||
FirstService Corp. | 10,724 | 1,797,664 | ||
2,914,209 | ||||
RESEARCH & CONSULTING SERVICES—1.1% | ||||
TransUnion | 4,729 | 327,200 | ||
Verisk Analytics, Inc., Cl. A | 1,555 | 375,579 | ||
702,779 | ||||
RESTAURANTS—4.1% | ||||
Chipotle Mexican Grill, Inc.* | 497 | 1,197,159 | ||
Domino's Pizza, Inc. | 3,206 | 1,366,461 | ||
2,563,620 | ||||
SEMICONDUCTORS—5.4% | ||||
Lattice Semiconductor Corp.* | 15,054 | 916,186 | ||
Marvell Technology, Inc. | 22,617 | 1,531,171 | ||
ON Semiconductor Corp.* | 12,360 | 879,167 | ||
3,326,524 | ||||
SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.6% | ||||
Celsius Holdings, Inc.* | 20,422 | 1,019,058 | ||
TRADING COMPANIES & DISTRIBUTORS—1.4% | ||||
Ferguson PLC | 4,649 | 873,361 | ||
TOTAL COMMON STOCKS (Cost $49,591,264) | 61,176,816 |
See Notes to Financial Statements.
- 13 -
THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUNDSchedule of Investments January 31, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
PREFERRED STOCKS—0.0% | ||||
BIOTECHNOLOGY—0.0% | ||||
Prosetta Biosciences, Inc., Series D(a),(b),*,@ | 166,009 | $ — | ||
(Cost $747,040) | — | |||
RIGHTS—0.5% | ||||
BIOTECHNOLOGY—0.5% | ||||
Tolero CDR(b),*,@ | 422,928 | 312,967 | ||
(Cost $226,186) | 312,967 | |||
SPECIAL PURPOSE VEHICLE—1.1% | ||||
DATA PROCESSING & OUTSOURCED SERVICES—1.1% | ||||
Crosslink Ventures C, LLC, Cl. A(a),(b),*,@ | 493,504 | |||
Crosslink Ventures C, LLC, Cl. B(a),(b),*,@ | 201,888 | |||
695,392 | ||||
TOTAL SPECIAL PURPOSE VEHICLE (Cost $775,000) | 695,392 | |||
WARRANTS—0.0% | ||||
APPLICATION SOFTWARE—0.0% | ||||
Constellation Software, Inc., 3/31/40(b),* | 638 | — | ||
(Cost $0) | — | |||
Total Investments (Cost $51,339,490) | 100.2% | $62,185,175 | ||
Affiliated Securities (Cost $1,522,040) | 695,392 | |||
Unaffiliated Securities (Cost $49,817,450) | 61,489,783 | |||
Liabilities in Excess of Other Assets | (0.2)% | (150,771) | ||
NET ASSETS | 100.0% | $62,034,404 |
CDR | Contingent Deferred Rights |
(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 | Market Value | % of net assets as of 01/31/2024 |
Crosslink Ventures C, LLC, Cl. A | 10/2/20 | $550,000 | $493,504 | 0.8% |
Crosslink Ventures C, LLC, Cl. B | 12/16/20 | 225,000 | 201,888 | 0.3% |
Prosetta Biosciences, Inc., Series D | 2/6/15 | 747,040 | — | 0.0% |
Tolero CDR | 2/6/17 | 226,186 | 312,967 | 0.5% |
Total | $1,008,359 | 1.6% |
See Notes to Financial Statements.
- 14 -
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUNDSchedule of Investments January 31, 2024 (Unaudited)
SHARES | VALUE | |||
COMMON STOCKS—92.2% | ||||
AEROSPACE & DEFENSE—3.3% | ||||
HEICO Corp. | 16,680 | $ 2,995,561 | ||
Hexcel Corp. | 10,419 | 691,717 | ||
Mercury Systems, Inc.* | 8,228 | 244,043 | ||
3,931,321 | ||||
APPAREL ACCESSORIES & LUXURY GOODS—0.8% | ||||
Capri Holdings, Ltd.* | 18,756 | 914,167 | ||
APPAREL RETAIL—1.3% | ||||
Victoria's Secret & Co.* | 59,084 | 1,539,138 | ||
APPLICATION SOFTWARE—23.6% | ||||
ACI Worldwide, Inc.* | 10,346 | 311,104 | ||
AppFolio, Inc., Cl. A* | 10,065 | 2,206,852 | ||
BILL Holdings, Inc.* | 9,493 | 740,929 | ||
Blackbaud, Inc.* | 16,864 | 1,364,635 | ||
BlackLine, Inc.* | 26,519 | 1,556,135 | ||
Everbridge, Inc.* | 29,481 | 659,195 | ||
Guidewire Software, Inc.* | 16,253 | 1,815,135 | ||
HubSpot, Inc.* | 2,420 | 1,478,620 | ||
InterDigital, Inc. | 5,714 | 600,256 | ||
Manhattan Associates, Inc.* | 22,669 | 5,498,593 | ||
Q2 Holdings, Inc.* | 46,342 | 1,971,852 | ||
Smartsheet, Inc., Cl. A* | 30,478 | 1,370,596 | ||
Sprout Social, Inc., Cl. A* | 29,462 | 1,806,904 | ||
SPS Commerce, Inc.* | 26,513 | 4,873,089 | ||
Vertex, Inc., Cl. A* | 78,638 | 1,907,758 | ||
28,161,653 | ||||
ASSET MANAGEMENT & CUSTODY BANKS—0.5% | ||||
Affiliated Managers Group, Inc. | 4,090 | 608,756 | ||
AUTOMOTIVE PARTS & EQUIPMENT—0.0% | ||||
Atmus Filtration Technologies, Inc.* | 1,762 | 39,345 | ||
BIOTECHNOLOGY—14.4% | ||||
Absci Corp.* | 182,199 | 721,508 | ||
Akero Therapeutics, Inc.* | 10,493 | 226,754 | ||
Altimmune, Inc.* | 53,139 | 501,632 | ||
Arcus Biosciences, Inc.* | 16,387 | 248,099 | ||
Autolus Therapeutics PLC ADR* | 126,568 | 761,939 | ||
Bridgebio Pharma, Inc.* | 20,438 | 700,819 | ||
Cabaletta Bio, Inc.* | 109,132 | 2,235,023 | ||
Fusion Pharmaceuticals, Inc.* | 64,415 | 748,502 | ||
ImmunoGen, Inc.* | 22,344 | 655,126 | ||
Immunovant, Inc.* | 38,620 | 1,406,154 | ||
Iovance Biotherapeutics, Inc.* | 72,204 | 558,137 | ||
Karuna Therapeutics, Inc.* | 579 | 181,470 | ||
Krystal Biotech, Inc.* | 4,836 | 538,005 |
See Notes to Financial Statements.
- 15 -
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUNDSchedule of Investments January 31, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—92.2% (CONT.) | ||||
BIOTECHNOLOGY—14.4% (CONT.) | ||||
MoonLake Immunotherapeutics* | 28,120 | $ 1,571,346 | ||
Morphic Holding, Inc.* | 14,049 | 445,213 | ||
Natera, Inc.* | 6,156 | 405,927 | ||
Nuvalent, Inc., Cl. A* | 14,359 | 1,079,366 | ||
Prothena Corp. PLC* | 6,845 | 194,330 | ||
RAPT Therapeutics, Inc.* | 26,154 | 647,312 | ||
Scholar Rock Holding Corp.* | 30,919 | 431,320 | ||
Twist Bioscience Corp.* | 16,704 | 541,210 | ||
Vaxcyte, Inc.* | 24,474 | 1,747,933 | ||
Viking Therapeutics, Inc.* | 27,430 | 662,160 | ||
17,209,285 | ||||
BUILDING PRODUCTS—0.9% | ||||
CSW Industrials, Inc. | 2,852 | 603,398 | ||
The AZEK Co., Inc.* | 12,825 | 494,532 | ||
1,097,930 | ||||
CONSTRUCTION MATERIALS—0.5% | ||||
Summit Materials, Inc., Cl. A* | 16,997 | 614,951 | ||
CONSUMER STAPLES MERCHANDISE RETAIL—0.8% | ||||
BJ's Wholesale Club Holdings, Inc.* | 14,011 | 901,468 | ||
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.1% | ||||
908 Devices, Inc.* | 179,361 | 1,269,876 | ||
FOOTWEAR—0.6% | ||||
On Holding AG, Cl. A* | 27,618 | 733,534 | ||
HEALTHCARE DISTRIBUTORS—0.4% | ||||
PetIQ, Inc., Cl. A* | 24,606 | 442,170 | ||
HEALTHCARE EQUIPMENT—3.0% | ||||
Glaukos Corp.* | 4,836 | 430,549 | ||
Impulse Dynamics PLC, Cl. E(a),*,@ | 532,406 | 1,144,673 | ||
Inmode, Ltd.* | 19,801 | 469,086 | ||
QuidelOrtho Corp.* | 8,342 | 571,510 | ||
Shockwave Medical, Inc.* | 2,370 | 536,213 | ||
Tandem Diabetes Care, Inc.* | 20,218 | 460,970 | ||
3,613,001 | ||||
HEALTHCARE SERVICES—0.5% | ||||
Guardant Health, Inc.* | 10,661 | 233,796 | ||
Privia Health Group, Inc.* | 19,151 | 386,084 | ||
619,880 | ||||
HEALTHCARE SUPPLIES—0.4% | ||||
Neogen Corp.* | 27,072 | 419,616 |
See Notes to Financial Statements.
- 16 -
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUNDSchedule of Investments January 31, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—92.2% (CONT.) | ||||
HEALTHCARE TECHNOLOGY—1.8% | ||||
Doximity, Inc., Cl. A* | 7,369 | $ 198,594 | ||
Veeva Systems, Inc., Cl. A* | 9,277 | 1,924,143 | ||
2,122,737 | ||||
HOMEBUILDING—1.1% | ||||
Skyline Champion Corp.* | 18,355 | 1,256,950 | ||
HOMEFURNISHING RETAIL—0.6% | ||||
RH* | 2,749 | 696,816 | ||
HOTELS RESORTS & CRUISE LINES—0.5% | ||||
MakeMyTrip, Ltd.* | 11,668 | 646,291 | ||
INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—3.4% | ||||
Gates Industrial Corp. PLC* | 80,650 | 1,038,772 | ||
RBC Bearings, Inc.* | 6,617 | 1,776,929 | ||
The Middleby Corp.* | 8,550 | 1,206,149 | ||
4,021,850 | ||||
INTERACTIVE HOME ENTERTAINMENT—1.9% | ||||
Take-Two Interactive Software, Inc.* | 13,859 | 2,285,765 | ||
INTERACTIVE MEDIA & SERVICES—0.5% | ||||
Bumble, Inc., Cl. A* | 45,169 | 619,719 | ||
LEISURE FACILITIES—1.1% | ||||
Planet Fitness, Inc., Cl. A* | 20,244 | 1,371,733 | ||
LIFE SCIENCES TOOLS & SERVICES—6.9% | ||||
10X Genomics, Inc., Cl. A* | 8,852 | 368,863 | ||
Bio-Techne Corp. | 40,813 | 2,869,970 | ||
CryoPort, Inc.* | 49,023 | 711,324 | ||
ICON PLC* | 6,537 | 1,705,307 | ||
MaxCyte, Inc.* | 76,412 | 388,937 | ||
Mesa Laboratories, Inc. | 2,407 | 220,529 | ||
Quanterix Corp.* | 8,534 | 188,516 | ||
Repligen Corp.* | 9,206 | 1,743,617 | ||
8,197,063 | ||||
MANAGED HEALTHCARE—0.5% | ||||
HealthEquity, Inc.* | 8,419 | 636,308 | ||
MOVIES & ENTERTAINMENT—2.1% | ||||
Live Nation Entertainment, Inc.* | 27,942 | 2,482,647 | ||
OIL & GAS EQUIPMENT & SERVICES—0.9% | ||||
ChampionX Corp. | 37,900 | 1,038,839 | ||
OIL & GAS EXPLORATION & PRODUCTION—0.4% | ||||
Magnolia Oil & Gas Corp., Cl. A | 20,775 | 428,380 |
See Notes to Financial Statements.
- 17 -
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUNDSchedule of Investments January 31, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
COMMON STOCKS—92.2% (CONT.) | ||||
PERSONAL CARE PRODUCTS—1.4% | ||||
e.l.f. Beauty, Inc.* | 5,954 | $ 949,842 | ||
Oddity Tech, Ltd., Cl. A* | 18,151 | 749,636 | ||
1,699,478 | ||||
PHARMACEUTICALS—2.3% | ||||
Cymabay Therapeutics, Inc.* | 61,525 | 1,446,453 | ||
Pliant Therapeutics, Inc.* | 21,305 | 381,786 | ||
Structure Therapeutics, Inc., ADR* | 20,217 | 881,865 | ||
2,710,104 | ||||
REGIONAL BANKS—0.9% | ||||
Webster Financial Corp. | 21,902 | 1,083,711 | ||
RESTAURANTS—8.3% | ||||
Cava Group, Inc.* | 7,795 | 364,806 | ||
Kura Sushi USA, Inc., Cl. A* | 22,813 | 2,238,640 | ||
Shake Shack, Inc., Cl. A* | 38,445 | 2,904,904 | ||
Wingstop, Inc. | 15,712 | 4,416,800 | ||
9,925,150 | ||||
SEMICONDUCTORS—1.6% | ||||
Rambus, Inc.* | 11,412 | 782,064 | ||
Universal Display Corp. | 6,344 | 1,077,021 | ||
1,859,085 | ||||
SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.1% | ||||
Celsius Holdings, Inc.* | 27,027 | 1,348,647 | ||
SPECIALTY CHEMICALS—0.1% | ||||
Balchem Corp. | 726 | 101,756 | ||
SYSTEMS SOFTWARE—0.5% | ||||
Rapid7, Inc.* | 11,290 | 621,289 | ||
TRADING COMPANIES & DISTRIBUTORS—0.7% | ||||
Xometry, Inc., Cl. A* | 25,951 | 835,103 | ||
TRANSACTION & PAYMENT PROCESSING SERVICES—1.5% | ||||
DLocal Ltd.* | 67,572 | 1,088,585 | ||
Marqeta, Inc., Cl. A* | 110,211 | 662,368 | ||
1,750,953 | ||||
TOTAL COMMON STOCKS (Cost $81,405,533) | 109,856,465 | |||
PREFERRED STOCKS—3.6% | ||||
BIOTECHNOLOGY—0.0% | ||||
Prosetta Biosciences, Inc., Series D(a),(b),*,@ | 133,263 | — |
See Notes to Financial Statements.
- 18 -
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUNDSchedule of Investments January 31, 2024 (Unaudited) (Continued)
SHARES | VALUE | |||
PREFERRED STOCKS—3.6% (CONT.) | ||||
DATA PROCESSING & OUTSOURCED SERVICES—3.6% | ||||
Chime Financial, Inc.,Series G(a),*,@ | 114,399 | $ 4,204,163 | ||
TOTAL PREFERRED STOCKS (Cost $8,501,200) | 4,204,163 | |||
RIGHTS—0.3% | ||||
BIOTECHNOLOGY—0.3% | ||||
Mirati Therapeutics, Inc. CVR(a),*,@ | 5,478 | — | ||
Tolero CDR(a),*,@ | 528,559 | 391,134 | ||
391,134 | ||||
TOTAL RIGHTS (Cost $285,725) | 391,134 | |||
SPECIAL PURPOSE VEHICLE—1.2% | ||||
DATA PROCESSING & OUTSOURCED SERVICES—1.2% | ||||
Crosslink Ventures C, LLC, Cl. A(a),(b),*,@ | 1,144,032 | |||
Crosslink Ventures C, LLC, Cl. B(a),(b),*,@ | 291,616 | |||
1,435,648 | ||||
TOTAL SPECIAL PURPOSE VEHICLE (Cost $1,600,000) | 1,435,648 | |||
SHORT-TERM SECURITIES—2.5% | ||||
MONEY MARKET FUNDS—2.5% | ||||
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 5.19%, (c) | 3,000,000 | 3,000,000 | ||
(Cost $3,000,000) | 3,000,000 | |||
Total Investments (Cost $94,792,458) | 99.8% | $118,887,410 | ||
Affiliated Securities (Cost $2,199,684) | 1,435,648 | |||
Unaffiliated Securities (Cost $92,592,774) | 117,451,762 | |||
Other Assets in Excess of Liabilities | 0.2% | 254,784 | ||
NET ASSETS | 100.0% | $119,142,194 |
ADR | American Depositary Receipts |
CDR | Contingent Deferred Rights |
CVR | Contingent Value Rights |
(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) | Rate shown reflects 7-day effective yield as of January 31, 2024. |
* | 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. |
See Notes to Financial Statements.
- 19 -
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUNDSchedule of Investments January 31, 2024 (Unaudited) (Continued)
Security | Acquisition Date(s) | Acquisition Cost | Market Value | % of net assets as of 01/31/2024 |
Chime Financial, Inc.,Series G | 8/24/21 | $7,901,516 | $4,204,163 | 3.6% |
Crosslink Ventures C, LLC, Cl. A | 10/2/20 | 1,275,000 | 1,144,032 | 1.0% |
Crosslink Ventures C, LLC, Cl. B | 12/16/20 | 325,000 | 291,616 | 0.2% |
Impulse Dynamics PLC, Cl. E | 2/11/22 | 1,756,940 | 1,144,673 | 0.9% |
Mirati Therapeutics, Inc. CVR | 1/24/24 | — | — | 0.0% |
Prosetta Biosciences, Inc., Series D | 2/6/15 | 599,684 | — | 0.0% |
Tolero CDR | 2/6/17 | 285,725 | 391,134 | 0.3% |
Total | $7,175,618 | 6.0% |
See Notes to Financial Statements.
- 20 -
THE ALGER INSTITUTIONAL FUNDSNOTES 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 of the Trust (the “Board”) approved the transition of the Funds' custodian and administrator from Brown Brothers Harriman & Company (the “Custodian”) to The Bank of New York Mellon. This change became effective January 29, 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. 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).
- 21 -
THE ALGER INSTITUTIONAL FUNDSNOTES TO FINANCIAL STATEMENTS (Continued)
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 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 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. Investments in other open-end investment companies registered under the 1940 Act are valued at such investment companies' net asset value per share.
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.
- 22 -
THE ALGER INSTITUTIONAL FUNDSNOTES TO FINANCIAL STATEMENTS (Continued)
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, 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.
- 23 -
THE ALGER INSTITUTIONAL FUNDSNOTES TO FINANCIAL STATEMENTS (Continued)
NOTE 3 — Fair Value Measurements:
The following is a summary of the inputs used as of January 31, 2024 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 | $295,046,254 | $295,046,254 | $— | $— |
Consumer Discretionary | 268,375,623 | 263,175,666 | 5,199,957 | — |
Energy | 27,018,403 | 27,018,403 | — | — |
Financials | 104,242,433 | 104,242,433 | — | — |
Health Care | 269,854,329 | 269,854,329 | — | — |
Industrials | 166,807,381 | 166,807,381 | — | — |
Information Technology | 894,266,031 | 894,266,031 | — | — |
Materials | 28,111,050 | 28,111,050 | — | — |
TOTAL COMMON STOCKS | $2,053,721,504 | $2,048,521,547 | $5,199,957 | $— |
PREFERRED STOCKS | ||||
Information Technology | 1,430,273 | — | — | 1,430,273 |
REAL ESTATE INVESTMENT TRUST | ||||
Real Estate | 8,988,899 | 8,988,899 | — | — |
SPECIAL PURPOSE VEHICLE | ||||
Information Technology | 2,759,136 | — | — | 2,759,136 |
TOTAL INVESTMENTS IN SECURITIES | $2,066,899,812 | $2,057,510,446 | $5,199,957 | $4,189,409 |
Alger Focus Equity Fund | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
COMMON STOCKS | ||||
Communication Services | $193,146,834 | $193,146,834 | $— | $— |
Consumer Discretionary | 152,008,281 | 152,008,281 | — | — |
Energy | 11,600,315 | 11,600,315 | — | — |
Financials | 74,741,299 | 74,741,299 | — | — |
Health Care | 156,056,512 | 156,056,512 | — | — |
Industrials | 116,752,290 | 116,752,290 | — | — |
Information Technology | 531,791,123 | 531,791,123 | — | — |
Materials | 25,078,325 | 25,078,325 | — | — |
TOTAL COMMON STOCKS | $1,261,174,979 | $1,261,174,979 | $— | $— |
PREFERRED STOCKS | ||||
Health Care | — 1 | — | — | — 1 |
SHORT-TERM INVESTMENTS | ||||
Money Market Funds | 35,000,000 | 35,000,000 | — | — |
TOTAL INVESTMENTS IN SECURITIES | $1,296,174,979 | $1,296,174,979 | $— | $— |
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THE ALGER INSTITUTIONAL FUNDSNOTES TO FINANCIAL STATEMENTS (Continued)
Alger Mid Cap Growth Institutional Fund | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
COMMON STOCKS | ||||
Communication Services | $3,875,689 | $3,875,689 | $— | $— |
Consumer Discretionary | 7,659,686 | 7,659,686 | — | — |
Consumer Staples | 1,019,058 | 1,019,058 | — | — |
Energy | 1,536,324 | 1,536,324 | — | — |
Financials | 4,496,692 | 4,496,692 | — | — |
Health Care | 10,454,152 | 10,454,152 | — | — |
Industrials | 11,180,271 | 11,180,271 | — | — |
Information Technology | 17,116,427 | 17,116,427 | — | — |
Materials | 924,308 | 924,308 | — | — |
Real Estate | 2,914,209 | 2,914,209 | — | — |
TOTAL COMMON STOCKS | $61,176,816 | $61,176,816 | $— | $— |
PREFERRED STOCKS | ||||
Health Care | — 1 | — | — | — 1 |
RIGHTS | ||||
Health Care | 312,967 | — | — | 312,967 |
SPECIAL PURPOSE VEHICLE | ||||
Information Technology | 695,392 | — | — | 695,392 |
WARRANTS | ||||
Information Technology | — 2 | — | — 2 | — |
TOTAL INVESTMENTS IN SECURITIES | $62,185,175 | $61,176,816 | $— | $1,008,359 |
Alger Small Cap Growth Institutional Fund | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
COMMON STOCKS | ||||
Communication Services | $5,388,131 | $5,388,131 | $— | $— |
Consumer Discretionary | 17,123,124 | 17,123,124 | — | — |
Consumer Staples | 3,949,593 | 3,949,593 | — | — |
Energy | 1,467,219 | 1,467,219 | — | — |
Financials | 2,354,835 | 2,354,835 | — | — |
Health Care | 35,970,164 | 34,825,491 | — | 1,144,673 |
Industrials | 9,886,204 | 9,886,204 | — | — |
Information Technology | 33,000,488 | 33,000,488 | — | — |
Materials | 716,707 | 716,707 | — | — |
TOTAL COMMON STOCKS | $109,856,465 | $108,711,792 | $— | $1,144,673 |
PREFERRED STOCKS | ||||
Health Care | — 1 | — | — | — 1 |
Information Technology | 4,204,163 | — | — | 4,204,163 |
TOTAL PREFERRED STOCKS | $4,204,163 | $— | $— | $4,204,163 |
RIGHTS | ||||
Health Care | 391,134 | — | — | 391,134 |
SPECIAL PURPOSE VEHICLE | ||||
Information Technology | 1,435,648 | — | — | 1,435,648 |
- 25 -
THE ALGER INSTITUTIONAL FUNDSNOTES TO FINANCIAL STATEMENTS (Continued)
Alger Small Cap Growth Institutional Fund | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
SHORT-TERM INVESTMENTS | ||||
Money Market Funds | $3,000,000 | $3,000,000 | $— | $— |
TOTAL INVESTMENTS IN SECURITIES | $118,887,410 | $111,711,792 | $— | $7,175,618 |
1 | 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 January 31, 2024. |
2 | Alger Mid Cap Growth Institutional Fund's holdings of Constellation Software, Inc. warrants expiring March 31, 2040, are classified as a Level 2 investment and are fair valued at zero as of January 31, 2024. |
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Capital Appreciation Institutional Fund | Preferred Stocks |
Opening balance at November 1, 2023 | $1,467,635 |
Transfers into Level 3 | — |
Transfers out of Level 3 | — |
Total gains or losses | |
Included in net realized gain (loss) on investments | (37,362 ) |
Included in net change in unrealized appreciation (depreciation) on investments | — |
Purchases and sales | |
Purchases | — |
Sales/Distributions | — |
Closing balance at January 31, 2024 | 1,430,273 |
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2024 | $(37,362 ) |
- 26 -
THE ALGER INSTITUTIONAL FUNDSNOTES TO FINANCIAL STATEMENTS (Continued)
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Capital Appreciation Institutional Fund | Special Purpose Vehicle |
Opening balance at November 1, 2023 | $2,831,337 |
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 | (72,201 ) |
Purchases and sales | |
Purchases | — |
Sales/Distributions | — |
Closing balance at January 31, 2024 | 2,759,136 |
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2024 | $(72,201 ) |
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Focus Equity Fund | Preferred Stocks |
Opening balance at November 1, 2023 | $—* |
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/Distributions | — |
Closing balance at January 31, 2024 | —* |
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2024 | $— |
- 27 -
THE ALGER INSTITUTIONAL FUNDSNOTES TO FINANCIAL STATEMENTS (Continued)
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Mid Cap Institutional Fund | Preferred Stocks |
Opening balance at November 1, 2023 | $—* |
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/Distributions | — |
Closing balance at January 31, 2024 | —* |
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2024 | $— |
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Mid Cap Institutional Fund | Rights |
Opening balance at November 1, 2023 | $287,591 |
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 | 25,376 |
Purchases and sales | |
Purchases | — |
Sales/Distributions | — |
Closing balance at January 31, 2024 | 312,967 |
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2024 | $25,376 |
- 28 -
THE ALGER INSTITUTIONAL FUNDSNOTES TO FINANCIAL STATEMENTS (Continued)
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Mid Cap Institutional Fund | Special Purpose Vehicle |
Opening balance at November 1, 2023 | $713,589 |
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 | (18,197 ) |
Purchases and sales | |
Purchases | — |
Sales/Distributions | — |
Closing balance at January 31, 2024 | 695,392 |
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2024 | $(18,197 ) |
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Small Cap Institutional Fund | Common Stocks |
Opening balance at November 1, 2023 | $1,517,357 |
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 | (372,684 ) |
Purchases and sales | |
Purchases | — |
Sales/Distributions | — |
Closing balance at January 31, 2024 | 1,144,673 |
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2024 | $(372,684 ) |
- 29 -
THE ALGER INSTITUTIONAL FUNDSNOTES TO FINANCIAL STATEMENTS (Continued)
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Small Cap Institutional Fund | Preferred Stocks |
Opening balance at November 1, 2023 | $4,313,986* |
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 | (109,823 ) |
Purchases and sales | |
Purchases | — |
Sales/Distributions | — |
Closing balance at January 31, 2024 | 4,204,163* |
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2024 | $(109,823 ) |
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Small Cap Institutional Fund | Rights |
Opening balance at November 1, 2023 | $359,420 |
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 | 31,714 |
Purchases and sales | |
Purchases | — |
Sales/Distributions | — |
Closing balance at January 31, 2024 | 391,134 |
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2024 | $31,714 |
- 30 -
THE ALGER INSTITUTIONAL FUNDSNOTES TO FINANCIAL STATEMENTS (Continued)
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Small Cap Institutional Fund | Special Purpose Vehicle |
Opening balance at November 1, 2023 | $1,473,216 |
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 | (37,568 ) |
Purchases and sales | |
Purchases | — |
Sales/Distributions | — |
Closing balance at January 31, 2024 | 1,435,648 |
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2024 | $(37,568 ) |
* | 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, 2024. 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 January 31, 2024 | Valuation Methodology | Unobservable Input | Input/Range | Weighted Average Inputs | |
Alger Capital Appreciation Institutional Fund | |||||
Preferred Stocks | $1,430,273 | Market Approach | Revenue Multiple | 10.50x-12.50x | N/A |
Special Purpose Vehicle | 2,759,136 | Market Approach | Revenue Multiple | 10.50x-12.50x | N/A |
Alger Focus Equity Fund | |||||
Preferred Stocks | —* | Income Approach | Discount Rate | 100% | N/A |
Alger Mid Cap Growth Institutional Fund | |||||
Preferred Stocks | —* | Income Approach | Discount Rate | 100% | N/A |
Rights | 312,967 | Income Approach | Discount Rate Probability of Success | 7.18%-8.11% 0.00%-55.00% | N/A N/A |
Special Purpose Vehicle | 695,392 | Market Approach | Revenue Multiple | 10.50x-12.50x | N/A |
- 31 -
THE ALGER INSTITUTIONAL FUNDSNOTES TO FINANCIAL STATEMENTS (Continued)
Fair Value January 31, 2024 | Valuation Methodology | Unobservable Input | Input/Range | Weighted Average Inputs | |
Alger Small Cap Growth Institutional Fund | |||||
Common Stocks | $1,144,673 | Market Approach | Revenue Multiple Transaction Price | 6.00x-7.00x N/A | N/A N/A |
Preferred Stocks | —* | Income Approach | Discount Rate | 100% | N/A |
Preferred Stocks | 4,204,163 | Market Approach | Revenue Multiple | 10.50x-12.50x | N/A |
Rights | —** | Market Approach | Transaction Price | N/A | N/A |
Rights | 391,134 | Income Approach | Discount Rate Probability of Success | 7.18%-8.11% 0.00%-55.00% | N/A N/A |
Special Purpose Vehicle | 1,435,648 | Market Approach | Revenue Multiple | 10.50x-12.50x | 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, 2024. |
** | Mirati Therapeutics, Inc. shares are classified as a Level 3 investment and are fair valued at zero as of January 31, 2024. |
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.
NOTE 4 — Affiliated Securities:
During the three-month period ended January 31, 2024, 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 period ended January 31, 2024 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%.
- 32 -
THE ALGER INSTITUTIONAL FUNDSNOTES TO FINANCIAL STATEMENTS (Continued)
Security | Shares Held at October 31, 2023 | Shares Purchased | Shares Sold | Shares Held at January 31, 2024 | Dividend Income | Realized Gain (Loss) | Net Change in Unrealized App(Dep) | Value at January 31, 2024 |
Alger Capital Appreciation Institutional Fund | ||||||||
Special Purpose Vehicle | ||||||||
Crosslink Ventures C, LLC, Cl. A1 | — | — | — | — | $— | $— | $(72,201 ) | $2,759,136 |
Total | $— | $— | $(72,201 ) | $2,759,136 |
Security | Shares Held at October 31, 2023 | Shares Purchased | Shares Sold | Shares Held at January 31, 2024 | Dividend Income | Realized Gain (Loss) | Net Change in Unrealized App(Dep) | Value at January 31, 2024 |
Alger Focus Equity Fund | ||||||||
Preferred Stocks | ||||||||
Prosetta Biosciences, Inc., Series D2 | 76,825 | — | — | 76,825 | $— | $— | $— | $— 3 |
Total | $— | $— | $— | $— |
Security | Shares Held at October 31, 2023 | Shares Purchased | Shares Sold | Shares Held at January 31, 2024 | Dividend Income | Realized Gain (Loss) | Net Change in Unrealized App(Dep) | Value at January 31, 2024 |
Alger Mid Cap Growth Institutional Fund | ||||||||
Preferred Stocks | ||||||||
Prosetta Biosciences, Inc., Series D2 | 166,009 | — | — | 166,009 | $— | $— | $— | $— 3 |
Special Purpose Vehicle | ||||||||
Crosslink Ventures C, LLC, Cl. A1 | — | — | — | — | — | — | (12,914 ) | 493,504 |
Crosslink Ventures C, LLC, Cl. B1 | — | — | — | — | — | — | (5,283 ) | 201,888 |
Total | $— | $— | $(18,197 ) | $695,392 |
- 33 -
THE ALGER INSTITUTIONAL FUNDSNOTES TO FINANCIAL STATEMENTS (Continued)
Security | Shares Held at October 31, 2023 | Shares Purchased | Shares Sold | Shares Held at January 31, 2024 | Dividend Income | Realized Gain (Loss) | Net Change in Unrealized App(Dep) | Value at January 31, 2024 |
Alger Small Cap Growth Institutional Fund | ||||||||
Preferred Stocks | ||||||||
Prosetta Biosciences, Inc., Series D2 | 133,263 | — | — | 133,263 | $— | $— | $— | $— 3 |
Special Purpose Vehicle | ||||||||
Crosslink Ventures C, LLC, Cl. A1 | — | — | — | — | — | — | (29,937 ) | 1,144,032 |
Crosslink Ventures C, LLC, Cl. B1 | — | — | — | — | — | — | (7,631 ) | 291,616 |
Total | $— | $— | $(37,568 ) | $1,435,648 |
1 | The Alger Fund Complex and other entities managed by Alger Management fully own Crosslink Ventures C, LLC, Class A and Crosslink Ventures C, LLC, Class B. There were no capital increases or decreases for the period ended January 31, 2024. |
2 | 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. |
3 | Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of January 31, 2024 |
- 34 -