# EDGAR Filing Document

**Accession Number:** 0000911415
**File Stem:** 0001752724-23-073829
**Filing Date:** 2023-3
**Character Count:** 109200
**Document Hash:** 9aafe401e5709b561d51247ecb6140b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-073829.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001752724-23-073829

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALGER INSTITUTIONAL FUNDS
- **CENTRAL INDEX KEY:** 0000911415
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07986
- **FILM NUMBER:** 23778595

**BUSINESS ADDRESS:**
- **STREET 1:** 100 PEARL STREET
- **STREET 2:** 27TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004
- **BUSINESS PHONE:** 212-806-8800

**MAIL ADDRESS:**
- **STREET 1:** 100 PEARL STREET
- **STREET 2:** 27TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALGER INSTITUTIONAL FUND
- **DATE OF NAME CHANGE:** 20020228

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALGER RETIREMENT FUND
- **DATE OF NAME CHANGE:** 19960515

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALGER DEFINED CONTRIBUTION TRUST
- **DATE OF NAME CHANGE:** 19930830

## Series and Classes Contracts Data

### Alger Mid Cap Growth Institutional Fund (Series ID: S000009203)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000025002 | Alger Mid Cap Growth Institutional Fund Class I   | ALMRX           |
| C000025003 | Alger Mid Cap Growth Institutional Fund Class R   | AGIRX           |
| C000174228 | Alger Mid Cap Growth Institutional Fund Class Z-2 | ALMZX           |

## Nport-Ex

------

## THE ALGER

## INSTITUTIONAL FUNDS

QUARTERLY REPORT

JANUARY 31, 2023

**Alger is a signatory to the PRI and carbon neutral.**<br>

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND**

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—98.4%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**ADVERTISING—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;The Trade Desk, Inc., Cl. A\* | 244040 | $**12372828** |
| &nbsp;&nbsp;&nbsp;**AEROSPACE & DEFENSE—3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | 99930 | 17083033 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 86850 | 62336588 |
|  |  | **79419621** |
| &nbsp;&nbsp;&nbsp;**AGRICULTURAL & FARM MACHINERY—0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 18937 | **8007321** |
| &nbsp;&nbsp;&nbsp;**APPAREL ACCESSORIES & LUXURY GOODS—2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Capri Holdings Ltd.\* | 129547 | 8613580 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.\* | 24649 | 7564285 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 33407 | 29162149 |
|  |  | **45340014** |
| &nbsp;&nbsp;&nbsp;**APPAREL RETAIL—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;The TJX Cos., Inc. | 142852 | **11693865** |
| &nbsp;&nbsp;&nbsp;**APPLICATION SOFTWARE—5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 45765 | 16948610 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 73634 | 13462504 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Cl. A\* | 224445 | 16790730 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 125186 | 52912367 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Cl. A\* | 47737 | 8660924 |
|  |  | **108775135** |
| &nbsp;&nbsp;&nbsp;**AUTO PARTS & EQUIPMENT—0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Mobileye Global, Inc., Cl. A\* | 29491 | **1138353** |
| &nbsp;&nbsp;&nbsp;**AUTOMOBILE MANUFACTURERS—1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 117897 | **20422118** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 210105 | 31043014 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 53308 | 15507297 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.\* | 48507 | 8540142 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.\* | 755574 | 32436792 |
| &nbsp;&nbsp;&nbsp;Prometheus Biosciences, Inc.\* | 142821 | 16233035 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.\* | 34837 | 9168053 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.\* | 166427 | 7547464 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 49995 | 16153385 |
|  |  | **136629182** |
| &nbsp;&nbsp;&nbsp;**CASINOS & GAMING—3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC\* | 92028 | 14294330 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp.\* | 452898 | 26720982 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International | 706216 | 29244405 |
|  |  | **70259717** |
| &nbsp;&nbsp;&nbsp;**CONSTRUCTION MACHINERY & HEAVY TRUCKS—0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Wabtec Corp. | 135755 | **14092727** |
| &nbsp;&nbsp;&nbsp;**CONSTRUCTION MATERIALS—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 26643 | **9581889** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 217986 | 17763679 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Cl. A | 316190 | 72790100 |
|  |  | **90553779** |

---

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND**

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—98.4% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**ELECTRICAL COMPONENTS & EQUIPMENT—2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 25871 | $3749225 |
| &nbsp;&nbsp;&nbsp;Eaton Corp., PLC | 239839 | 38904284 |
|  |  | **42653509** |
| &nbsp;&nbsp;&nbsp;**FINANCIAL EXCHANGES & DATA—1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 97684 | **36625639** |
| &nbsp;&nbsp;&nbsp;**FOOTWEAR—0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Cl. B | 123129 | **15678016** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE DISTRIBUTORS—1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 69393 | **26277741** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE EQUIPMENT—1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.\* | 191817 | 8871536 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.\* | 22626 | 2423019 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.\* | 8400 | 2125704 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 73906 | 18157965 |
|  |  | **31578224** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE FACILITIES—1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.\* | 307430 | **25830269** |
| &nbsp;&nbsp;&nbsp;**HOTELS RESORTS & CRUISE LINES—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc.\* | 5600 | 13630960 |
| &nbsp;&nbsp;&nbsp;Trip.com Group Ltd.<sup>#,\*</sup> | 395892 | 14552990 |
|  |  | **28183950** |
| &nbsp;&nbsp;&nbsp;**HYPERMARKETS & SUPER CENTERS—0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 13344 | **6820652** |
| &nbsp;&nbsp;&nbsp;**INTERACTIVE MEDIA & SERVICES—3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Cl. C\* | 722860 | 72192028 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Cl. A\* | 78503 | 2063844 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Inc., Cl. A\* | 61052 | 1723498 |
|  |  | **75979370** |
| &nbsp;&nbsp;&nbsp;**INTERNET & DIRECT MARKETING RETAIL—8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 1122961 | 115810968 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.\* | 43091 | 50920204 |
| &nbsp;&nbsp;&nbsp;Pinduoduo, Inc.<sup>#,\*</sup> | 81364 | 7972044 |
|  |  | **174703216** |
| &nbsp;&nbsp;&nbsp;**INTERNET SERVICES & INFRASTRUCTURE—0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Cl. A\* | 132434 | 6525023 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Cl. A\* | 84998 | 13297087 |
|  |  | **19822110** |
| &nbsp;&nbsp;&nbsp;**LEISURE FACILITIES—0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | 74921 | **19654775** |
| &nbsp;&nbsp;&nbsp;**LIFE SCIENCES TOOLS & SERVICES—2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.\* | 28967 | 7046223 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 153982 | 40709761 |
|  |  | **47755984** |
| &nbsp;&nbsp;&nbsp;**MANAGED HEALTHCARE—3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 67805 | 34695818 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 72079 | 35981116 |
|  |  | **70676934** |

---

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND**

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—98.4% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**MOVIES & ENTERTAINMENT—3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\* | 251366 | $20232449 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 111061 | 39300046 |
| &nbsp;&nbsp;&nbsp;The Walt Disney Co.\* | 158816 | 17229948 |
|  |  | **76762443** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EQUIPMENT & SERVICES—1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 456178 | **25993022** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EXPLORATION & PRODUCTION—1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;APA Corp. | 112533 | 4988588 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 103275 | 6531111 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 61211 | 8944151 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. | 67623 | 15576958 |
|  |  | **36040808** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS STORAGE & TRANSPORTATION—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 72938 | **11144197** |
| &nbsp;&nbsp;&nbsp;**PHARMACEUTICALS—2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC<sup>#</sup> | 152609 | 9976050 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 78772 | 27109384 |
| &nbsp;&nbsp;&nbsp;Reata Pharmaceuticals, Inc., Cl. A\* | 213961 | 9270930 |
|  |  | **46356364** |
| &nbsp;&nbsp;&nbsp;**REGIONAL BANKS—0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Signature Bank | 53877 | **6947439** |
| &nbsp;&nbsp;&nbsp;**RESTAURANTS—1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc., Cl. A\* | 193590 | 11011399 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 101960 | 11127915 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings, Inc. | 187151 | 11530373 |
|  |  | **33669687** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTOR EQUIPMENT—0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc.\* | 59073 | **18851966** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTORS—8.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 219816 | 16519173 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.\* | 99684 | 17703879 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 1054029 | 45481351 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 356960 | 69739275 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd.# | 198588 | 18415065 |
|  |  | **167858743** |
| &nbsp;&nbsp;&nbsp;**SPECIALTY CHEMICALS—1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 91196 | 25667114 |
| &nbsp;&nbsp;&nbsp;The Sherwin-Williams Co. | 15167 | 3588361 |
|  |  | **29255475** |
| &nbsp;&nbsp;&nbsp;**SYSTEMS SOFTWARE—12.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 873816 | 216540343 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 184669 | 16335820 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.\* | 65515 | 29817842 |
|  |  | **262694005** |
| &nbsp;&nbsp;&nbsp;**TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 736455 | **106263092** |

---

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND<br> Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—98.4% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**TRUCKING—1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 22907 | $7633529 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.\* | 422820 | 13077822 |
|  |  | **20711351** |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,418,818,283) |  | **2073075530** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**PREFERRED STOCKS—0.1%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Chime Financial, Inc., Series G<sup>\*,@,(a)</sup> | 38919 | **1483982** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,688,128) |  | **1483982** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUST—0.5%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**SPECIALIZED—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp., Cl. A | 39027 | **11611703** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $10,490,624) |  | **11611703** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**SPECIAL PURPOSE VEHICLE—0.1%** | | **VALUE** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Crosslink Ventures Capital C LLC, Cl. A<sup>\*,@,(a),(b)</sup> |  | **2862825** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,075,000) |  | **2862825** |
| &nbsp;&nbsp;&nbsp;**Total Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $1,435,072,035)** | 99.1% | $**2089034040** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Securities (Cost $3,075,000) |  | 2862825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Securities (Cost $1,431,997,035) |  | 2086171215 |
| &nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities | 0.9% | 18091075 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | 100.0% | $**2107125115** |

---

<sup>#</sup> *American Depositary Receipts.*

*<sup>(a)</sup>* *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).*

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

*<sup>\*</sup>* *Non-income producing security.*

*<sup>@</sup>* *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.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *<u>Security</u>* | *<u>Acquisition<br> Date(s)</u>* | *<u>Acquisition<br> Cost</u>* | *<u>% of net assets<br> (Acquisition<br> Date)</u>* | *<u>Market<br> Value</u>* | *<u>% of net assets<br> as of<br> 1/31/2023</u>* |
| *Chime Financial, Inc., Series G* | *8/24/21* | $*2688128* | *0.06%* | $*1483982* | *0.07%* |
| *Crosslink Ventures Capital C LLC, Cl. A* | *10/2/20* | *3075000* | *0.08%* | *2862825* | *0.14%* |
| &nbsp;&nbsp;&nbsp;*Total* |  |  |  | $*4346807* | *0.21%* |

---

***See Notes to Financial Statements.***

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER FOCUS EQUITY FUND <br> Schedule of Investments January 31, 2023 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—96.8%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**ADVERTISING—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;The Trade Desk, Inc., Cl. A\* | 167339 | $**8484087** |
| &nbsp;&nbsp;&nbsp;**AEROSPACE & DEFENSE—4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 64303 | **46153478** |
| &nbsp;&nbsp;&nbsp;**APPAREL ACCESSORIES & LUXURY GOODS—1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 20446 | **17848035** |
| &nbsp;&nbsp;&nbsp;**APPLICATION SOFTWARE—4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Cl. A\* | 131679 | 9850906 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 102809 | 43454280 |
|  |  | **53305186** |
| &nbsp;&nbsp;&nbsp;**AUTOMOBILE MANUFACTURERS—1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 101406 | **17565547** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 134154 | 19821254 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 28048 | 8159163 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.\* | 480071 | 20609448 |
| &nbsp;&nbsp;&nbsp;Prometheus Biosciences, Inc.\* | 86271 | 9805562 |
|  |  | **58395427** |
| &nbsp;&nbsp;&nbsp;**CASINOS & GAMING—3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC\* | 120854 | 18771754 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International | 429407 | 17781744 |
|  |  | **36553498** |
| &nbsp;&nbsp;&nbsp;**CONSTRUCTION MACHINERY & HEAVY TRUCKS—1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Wabtec Corp. | 183509 | **19050069** |
| &nbsp;&nbsp;&nbsp;**CONSTRUCTION MATERIALS—1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 47553 | **17101961** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 125803 | 10251686 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Cl. A | 188895 | 43485518 |
|  |  | **53737204** |
| &nbsp;&nbsp;&nbsp;**ELECTRICAL COMPONENTS & EQUIPMENT—3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Eaton Corp., PLC | 215549 | **34964203** |
| &nbsp;&nbsp;&nbsp;**FINANCIAL EXCHANGES & DATA—2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 72061 | **27018551** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE DISTRIBUTORS—1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 51457 | **19485737** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE EQUIPMENT—0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.\* | 118946 | **7495977** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE FACILITIES—2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.\* | 262438 | **22050041** |
| &nbsp;&nbsp;&nbsp;**HYPERMARKETS & SUPER CENTERS—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 10031 | **5127245** |
| &nbsp;&nbsp;&nbsp;**INTERACTIVE MEDIA & SERVICES—3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Cl. C\* | 360907 | **36043782** |
| &nbsp;&nbsp;&nbsp;**INTERNET & DIRECT MARKETING RETAIL—9.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 595988 | 61464243 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.\* | 26889 | 31774462 |
| &nbsp;&nbsp;&nbsp;Pinduoduo, Inc.<sup>#,</sup>\* | 58754 | 5756717 |
|  |  | **98995422** |

---

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER FOCUS EQUITY FUND<br> Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—96.8% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**INTERNET SERVICES & INFRASTRUCTURE—0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Cl. A\* | 62044 | $**9706163** |
| &nbsp;&nbsp;&nbsp;**INVESTMENT BANKING & BROKERAGE—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 29499 | **6994803** |
| &nbsp;&nbsp;&nbsp;**LEISURE FACILITIES—1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | 43191 | **11330727** |
| &nbsp;&nbsp;&nbsp;**LIFE SCIENCES TOOLS & SERVICES—2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 81687 | **21596409** |
| &nbsp;&nbsp;&nbsp;**MANAGED HEALTHCARE—2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 57262 | **28584618** |
| &nbsp;&nbsp;&nbsp;**METAL & GLASS CONTAINERS—0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 173088 | **10080645** |
| &nbsp;&nbsp;&nbsp;**MOVIES & ENTERTAINMENT—4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp. Series C Liberty Formula One\* | 254328 | 18006422 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\* | 133436 | 10740264 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 60595 | 21442147 |
|  |  | **50188833** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EQUIPMENT & SERVICES—1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 219208 | **12490472** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EXPLORATION & PRODUCTION—2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 216494 | **28631332** |
| &nbsp;&nbsp;&nbsp;**PHARMACEUTICALS—1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC<sup>#</sup> | 171593 | 11217035 |
| &nbsp;&nbsp;&nbsp;Reata Pharmaceuticals, Inc., Cl. A\* | 110992 | 4809283 |
|  |  | **16026318** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTOR EQUIPMENT—1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc.\* | 35546 | **11343795** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTORS—7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 142155 | 10682948 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.\* | 58995 | 10477512 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 633848 | 27350541 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 195334 | 38162404 |
|  |  | **86673405** |
| &nbsp;&nbsp;&nbsp;**SYSTEMS SOFTWARE—11.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 446617 | 110676159 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.\* | 35895 | 16336891 |
|  |  | **127013050** |
| &nbsp;&nbsp;&nbsp;**TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 387453 | **55905593** |
| &nbsp;&nbsp;&nbsp;**TRUCKING—0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.\* | 338686 | **10475558** |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $881,285,809) |  | **1066417171** |

---

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER FOCUS EQUITY FUND<br> Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**PREFERRED STOCKS—0.0%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—0.0%** | | |
| &nbsp;&nbsp;&nbsp;Prosetta Biosciences, Inc., Series D<sup>\*,@,(a),(b)</sup> | 76825 | $**—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $345,713) |  | **—** |
| &nbsp;&nbsp;&nbsp;**Total Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $881,631,522)** | 96.8% | $**1066417171** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Securities (Cost $345,713) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Securities (Cost $881,285,809) |  | 1066417171 |
| &nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities | 3.2% | 34929150 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | 100.0% | $**1101346321** |

---

<sup>#</sup> *American Depositary Receipts.*

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

*<sup>(b)</sup>* *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).*

*<sup>\*</sup>* *Non-income producing security.*

*<sup>@</sup>* *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.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *<u>Security</u>* | *<u>Acquisition<br> Date(s)</u>* | *<u>Acquisition<br> Cost</u>* | *<u>% of net assets<br> (Acquisition<br> Date)</u>* | *<u>Market<br> Value</u>* |  | *<u>% of net assets<br> as of<br> 1/31/2023</u>* |
| *Prosetta Biosciences, Inc., Series D* | *2/6/15* | $*345713* | *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 January 31, 2023 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—95.1%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**ADVERTISING—1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;The Trade Desk, Inc., Cl. A\* | 19931 | $**1010502** |
| &nbsp;&nbsp;&nbsp;**AEROSPACE & DEFENSE—5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | 8926 | 1525900 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 2107 | 1512299 |
|  |  | **3038199** |
| &nbsp;&nbsp;&nbsp;**APPAREL ACCESSORIES & LUXURY GOODS—1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.\* | 2797 | **858343** |
| &nbsp;&nbsp;&nbsp;**APPAREL RETAIL—2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Aritzia, Inc.\* | 21166 | 763411 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.\* | 1930 | 443572 |
|  |  | **1206983** |
| &nbsp;&nbsp;&nbsp;**APPLICATION SOFTWARE—12.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Bill.com Holdings, Inc.\* | 2527 | 292172 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 8146 | 1489333 |
| &nbsp;&nbsp;&nbsp;Constellation Software, Inc. | 1017 | 1796801 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Cl. A\* | 9043 | 676507 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.\* | 8194 | 600128 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.\* | 7100 | 925556 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc.\* | 3060 | 991256 |
| &nbsp;&nbsp;&nbsp;The Descartes Systems Group, Inc.\* | 10165 | 741815 |
|  |  | **7513568** |
| &nbsp;&nbsp;&nbsp;**AUTOMOTIVE RETAIL—3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.\* | 744 | **1814504** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals, Inc.\* | 5609 | 295763 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.\* | 11173 | 492282 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.\* | 21371 | 917457 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.\* | 4856 | 538676 |
| &nbsp;&nbsp;&nbsp;Prometheus Biosciences, Inc.\* | 5457 | 620243 |
|  |  | **2864421** |
| &nbsp;&nbsp;&nbsp;**BUILDING PRODUCTS—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc.\* | 5936 | **312946** |
| &nbsp;&nbsp;&nbsp;**CONSTRUCTION & ENGINEERING—1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;WillScot Mobile Mini Holdings Corp.\* | 18424 | **892827** |
| &nbsp;&nbsp;&nbsp;**CONSTRUCTION MACHINERY & HEAVY TRUCKS—1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Wabtec Corp. | 11108 | **1153121** |
| &nbsp;&nbsp;&nbsp;**CONSTRUCTION MATERIALS—1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 1688 | **607072** |
| &nbsp;&nbsp;&nbsp;**DIVERSIFIED METALS & MINING—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;MP Materials Corp.\* | 23412 | **761124** |
| &nbsp;&nbsp;&nbsp;**ELECTRICAL COMPONENTS & EQUIPMENT—2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 8146 | **1180518** |
| &nbsp;&nbsp;&nbsp;**ELECTRONIC COMPONENTS—1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Cl. A | 12853 | **1025284** |
| &nbsp;&nbsp;&nbsp;**ELECTRONIC EQUIPMENT & INSTRUMENTS—2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.\* | 7856 | **1268508** |
| &nbsp;&nbsp;&nbsp;**ENVIRONMENTAL & FACILITIES SERVICES—1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;GFL Environmental, Inc. | 26473 | **816957** |

---

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER MID CAP GROWTH INSTITUTIONAL FUND**

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—95.1% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**FINANCIAL EXCHANGES & DATA—2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;MSCI, Inc., Cl. A | 3220 | $**1711623** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE DISTRIBUTORS—2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 3656 | **1384454** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE EQUIPMENT—2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.\* | 1200 | 576600 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.\* | 3227 | 927182 |
|  |  | **1503782** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE FACILITIES—2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.\* | 14802 | **1243664** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE TECHNOLOGY—1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Cl. A\* | 5984 | **1020571** |
| &nbsp;&nbsp;&nbsp;**HOMEBUILDING—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;NVR, Inc.\* | 65 | **342550** |
| &nbsp;&nbsp;&nbsp;**HOTELS RESORTS & CRUISE LINES—2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 8296 | **1203667** |
| &nbsp;&nbsp;&nbsp;**HYPERMARKETS & SUPER CENTERS—1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.\* | 8050 | **583383** |
| &nbsp;&nbsp;&nbsp;**INSURANCE BROKERS—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc., Cl. A\* | 7269 | **309805** |
| &nbsp;&nbsp;&nbsp;**INTERNET SERVICES & INFRASTRUCTURE—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc., Cl. A\* | 1421 | **304392** |
| &nbsp;&nbsp;&nbsp;**IT CONSULTING & OTHER SERVICES—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.\* | 1003 | **333648** |
| &nbsp;&nbsp;&nbsp;**LIFE SCIENCES TOOLS & SERVICES—3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.\* | 646 | 990266 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.\* | 3226 | 597778 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 2166 | 575290 |
|  |  | **2163334** |
| &nbsp;&nbsp;&nbsp;**METAL & GLASS CONTAINERS—1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 14188 | **826309** |
| &nbsp;&nbsp;&nbsp;**MOVIES & ENTERTAINMENT—2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp. Series C Liberty Formula One\* | 15472 | 1095418 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\* | 5739 | 461932 |
|  |  | **1557350** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EQUIPMENT & SERVICES—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co., Cl. A | 24661 | **782740** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EXPLORATION & PRODUCTION—3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 12154 | **1775942** |
| &nbsp;&nbsp;&nbsp;**PROPERTY & CASUALTY INSURANCE—1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Intact Financial Corp. | 4649 | **674455** |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE SERVICES—2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;FirstService Corp. | 11435 | **1634062** |
| &nbsp;&nbsp;&nbsp;**REGIONAL BANKS—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;First Republic Bank | 3384 | **476738** |
| &nbsp;&nbsp;&nbsp;**RESEARCH & CONSULTING SERVICES—3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 18651 | 1452913 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc., Cl. A | 1632 | 296681 |
|  |  | **1749594** |

---

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER MID CAP GROWTH INSTITUTIONAL FUND**

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—95.1% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**RESTAURANTS—3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc., Cl. A\* | 875 | $1440583 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 1635 | 577155 |
|  |  | **2017738** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTOR EQUIPMENT—2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 2102 | 824993 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc.\* | 1981 | 632196 |
|  |  | **1457189** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTORS—4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 12094 | 521856 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 13950 | 1082799 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 14237 | 1045708 |
|  |  | **2650363** |
| &nbsp;&nbsp;&nbsp;**SYSTEMS SOFTWARE—1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.\* | 6423 | **1018945** |
| &nbsp;&nbsp;&nbsp;**TRUCKING—2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 4015 | **1337959** |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $52,143,112) |  | **56389134** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**PREFERRED STOCKS—0.0%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Prosetta Biosciences, Inc., Series D\*<sup>,@,(a),(b)</sup> | 166009 | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $747,040) |  | **—** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**RIGHTS—0.5%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Tolero CDR\*<sup>,@,(b),(c)</sup> | 422928 | **270674** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $226,186) |  | **270674** |
| &nbsp;&nbsp;&nbsp;**SPECIAL PURPOSE VEHICLE—1.2%** |  | **VALUE** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Crosslink Ventures Capital C LLC, Cl. A\*<sup>,@,(a),(b)</sup> |  | 512050 |
| &nbsp;&nbsp;&nbsp;Crosslink Ventures Capital C LLC, Cl. B\*<sup>,@,(a),(b)</sup> |  | 209475 |
|  |  | **721525** |
| &nbsp;&nbsp;&nbsp;**TOTAL SPECIAL PURPOSE VEHICLE** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $775,000) |  | **721525** |
| &nbsp;&nbsp;&nbsp;**Total Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $53,891,338)** | 96.8% | $**57381333** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Securities (Cost $1,522,040) |  | 721525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Securities (Cost $52,369,298) |  | 56659808 |
| &nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities | 3.2% | 1916607 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | 100.0% | $**59297940** |

---

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

*<sup>(b)</sup>* *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).*

*<sup>(c)</sup>* *Contingent Deferred Rights.*

*\** *Non-income producing security.*

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER MID CAP GROWTH INSTITUTIONAL FUND**

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

*<sup>@</sup>* *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.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | *<u>% of net assets</u>* |  | *<u>% of net assets</u>* |
|  | *<u>Acquisition</u>* | *<u>Acquisition</u>* | *<u>(Acquisition</u>* | *<u>Market</u>* | *<u>as of</u>* |
| *<u>Security</u>* | *<u>Date(s)</u>* | *<u>Cost</u>* | *<u>Date)</u>* | *<u>Value</u>* | *<u>1/31/2023</u>* |
| *Crosslink Ventures Capital C LLC, Cl. A* | *10/2/20* | $*550000* | *0.50%* | $*512050* | *0.86 %* |
| *Crosslink Ventures Capital C LLC, Cl. B* | *12/16/20* | *225000* | *0.19%* | *209475* | *0.35 %* |
| *Prosetta Biosciences, Inc., Series D* | *2/6/15* | *747040* | *0.50%* | *0* | *0.00 %* |
| *Tolero CDR* | *2/6/17* | *226186* | *0.23%* | *270674* | *0.46 %* |
| *Total* |  |  |  | $*992199* | *1.67 %* |

---

***See Notes to Financial Statements.***

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER SMALL CAP GROWTH INSTITUTIONAL FUND**

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—95.4%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**ADVERTISING—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.\* | 79050 | $**954924** |
| &nbsp;&nbsp;&nbsp;**AEROSPACE & DEFENSE—4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | 24445 | 4178873 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | 12082 | 852747 |
| &nbsp;&nbsp;&nbsp;Mercury Systems, Inc.\* | 42210 | 2109867 |
|  |  | **7141487** |
| &nbsp;&nbsp;&nbsp;**APPAREL ACCESSORIES & LUXURY GOODS—1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Capri Holdings Ltd.\* | 48779 | **3243316** |
| &nbsp;&nbsp;&nbsp;**APPAREL RETAIL—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Aritzia, Inc.\* | 12123 | 437250 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.\* | 23844 | 1005024 |
|  |  | **1442274** |
| &nbsp;&nbsp;&nbsp;**APPLICATION SOFTWARE—23.7%** |  |  |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.\* | 101092 | 2823500 |
| &nbsp;&nbsp;&nbsp;AppFolio, Inc., Cl. A\* | 6841 | 768450 |
| &nbsp;&nbsp;&nbsp;Bill.com Holdings, Inc.\* | 21313 | 2464209 |
| &nbsp;&nbsp;&nbsp;Blackbaud, Inc.\* | 33487 | 2083226 |
| &nbsp;&nbsp;&nbsp;Blackline, Inc.\* | 33099 | 2376508 |
| &nbsp;&nbsp;&nbsp;Coupa Software, Inc.\* | 36543 | 2920517 |
| &nbsp;&nbsp;&nbsp;Digital Turbine, Inc.\* | 24873 | 431795 |
| &nbsp;&nbsp;&nbsp;Everbridge, Inc.\* | 41398 | 1323080 |
| &nbsp;&nbsp;&nbsp;ForgeRock, Inc., Cl. A\* | 13629 | 270672 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.\* | 18847 | 1380354 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.\* | 7568 | 2626172 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.\* | 30087 | 3922141 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc.\* | 11443 | 3706845 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.\* | 53734 | 1758176 |
| &nbsp;&nbsp;&nbsp;SEMrush Holdings, Inc., Cl. A\* | 46175 | 451130 |
| &nbsp;&nbsp;&nbsp;Smartsheet, Inc., Cl. A\* | 35340 | 1527041 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Inc., Cl. A\* | 42926 | 2745976 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.\* | 34047 | 4633116 |
| &nbsp;&nbsp;&nbsp;Sumo Logic, Inc.\* | 58055 | 686791 |
| &nbsp;&nbsp;&nbsp;Vertex, Inc., Cl. A\* | 91180 | 1230930 |
|  |  | **40130629** |
| &nbsp;&nbsp;&nbsp;**ASSET MANAGEMENT & CUSTODY BANKS—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 4946 | **854372** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alkermes PLC\* | 18355 | 525687 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc.\* | 19002 | 411013 |
| &nbsp;&nbsp;&nbsp;Cabaletta Bio, Inc.\* | 45919 | 559753 |
| &nbsp;&nbsp;&nbsp;CareDx, Inc.\* | 122787 | 1834438 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.\* | 14712 | 648211 |
| &nbsp;&nbsp;&nbsp;Karuna Therapeutics, Inc.\* | 6583 | 1312584 |
| &nbsp;&nbsp;&nbsp;Prometheus Biosciences, Inc.\* | 6725 | 764363 |
|  |  | **6056049** |

---

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER SMALL CAP GROWTH INSTITUTIONAL FUND**

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—95.4% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;DLocal Ltd., Cl. A\* | 78350 | $1299827 |
| &nbsp;&nbsp;&nbsp;Marqeta, Inc., Cl. A\* | 72116 | 478129 |
|  |  | **1777956** |
| &nbsp;&nbsp;&nbsp;**DIVERSIFIED SUPPORT SERVICES—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;IAA, Inc.\* | 20574 | **858553** |
| &nbsp;&nbsp;&nbsp;**ELECTRICAL COMPONENTS & EQUIPMENT—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.\* | 35463 | **931968** |
| &nbsp;&nbsp;&nbsp;**ELECTRONIC EQUIPMENT & INSTRUMENTS—1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;908 Devices, Inc.\* | 47107 | 439037 |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | 46278 | 2533258 |
|  |  | **2972295** |
| &nbsp;&nbsp;&nbsp;**FOOD DISTRIBUTORS—2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;The Chefs' Warehouse, Inc.\* | 44268 | 1692366 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.\* | 84424 | 3219087 |
|  |  | **4911453** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE DISTRIBUTORS—0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;PetIQ, Inc., Cl. A\* | 28532 | **337819** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE EQUIPMENT—8.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Impulse Dynamics PLC, Series E\*<sup>,@,(a)</sup> | 532406 | 1756940 |
| &nbsp;&nbsp;&nbsp;Inmode Ltd.\* | 67365 | 2361143 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.\* | 13408 | 3852387 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories, Inc. | 10542 | 2050841 |
| &nbsp;&nbsp;&nbsp;Paragon 28, Inc.\* | 33317 | 561391 |
| &nbsp;&nbsp;&nbsp;QuidelOrtho Corp.\* | 35750 | 3060558 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc.\* | 33453 | 1362875 |
|  |  | **15006135** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE SERVICES—0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Guardant Health, Inc.\* | 2408 | 75684 |
| &nbsp;&nbsp;&nbsp;Privia Health Group, Inc.\* | 22208 | 600504 |
|  |  | **676188** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE SUPPLIES—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Neogen Corp.\* | 67557 | **1446395** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE TECHNOLOGY—1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Definitive Healthcare Corp., Cl. A\* | 15084 | 186740 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Cl. A\* | 8546 | 301418 |
| &nbsp;&nbsp;&nbsp;Sophia Genetics SA\* | 37512 | 112536 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Cl. A\* | 12713 | 2168202 |
|  |  | **2768896** |
| &nbsp;&nbsp;&nbsp;**HOMEBUILDING—0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Skyline Champion Corp.\* | 10714 | **631590** |
| &nbsp;&nbsp;&nbsp;**HOMEFURNISHING RETAIL—0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Arhaus, Inc., Cl. A\* | 22323 | **315871** |
| &nbsp;&nbsp;&nbsp;**HUMAN RESOURCE & EMPLOYMENT SERVICES—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Upwork, Inc.\* | 62753 | **813279** |
| &nbsp;&nbsp;&nbsp;**HYPERMARKETS & SUPER CENTERS—3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.\* | 76841 | **5568667** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIAL MACHINERY—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Gates Industrial Corp., PLC\* | 75398 | **996008** |

---

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER SMALL CAP GROWTH INSTITUTIONAL FUND**

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—95.4% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**INTERACTIVE HOME ENTERTAINMENT—1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 16070 | $**1819606** |
| &nbsp;&nbsp;&nbsp;**INTERACTIVE MEDIA & SERVICES—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Bumble, Inc., Cl. A\* | 31578 | 813134 |
| &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.\* | 58728 | 1368362 |
|  |  | **2181496** |
| &nbsp;&nbsp;&nbsp;**INTERNET & DIRECT MARKETING RETAIL—1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Farfetch Ltd., Cl. A\* | 62944 | 429278 |
| &nbsp;&nbsp;&nbsp;The RealReal, Inc.\* | 125207 | 229129 |
| &nbsp;&nbsp;&nbsp;Xometry, Inc., Cl. A\* | 29075 | 1018206 |
|  |  | **1676613** |
| &nbsp;&nbsp;&nbsp;**LEISURE FACILITIES—1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Cl. A\* | 23474 | **1987074** |
| &nbsp;&nbsp;&nbsp;**LIFE SCIENCES TOOLS & SERVICES—9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Akoya Biosciences, Inc.\* | 64191 | 722149 |
| &nbsp;&nbsp;&nbsp;Alpha Teknova, Inc.\* | 14922 | 88935 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 62409 | 4971501 |
| &nbsp;&nbsp;&nbsp;CryoPort, Inc.\* | 56843 | 1297726 |
| &nbsp;&nbsp;&nbsp;Cytek Biosciences, Inc.\* | 26270 | 316553 |
| &nbsp;&nbsp;&nbsp;ICON PLC\* | 8621 | 1988951 |
| &nbsp;&nbsp;&nbsp;Maravai LifeSciences Holdings, Inc., Cl. A\* | 20363 | 298521 |
| &nbsp;&nbsp;&nbsp;MaxCyte, Inc.\* | 22704 | 132591 |
| &nbsp;&nbsp;&nbsp;NanoString Technologies, Inc.\* | 99198 | 1049515 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc.\* | 176420 | 2095870 |
| &nbsp;&nbsp;&nbsp;Personalis, Inc.\* | 50460 | 118581 |
| &nbsp;&nbsp;&nbsp;Rapid Micro Biosystems, Inc., Cl. A\* | 30292 | 45438 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.\* | 12796 | 2371099 |
|  |  | **15497430** |
| &nbsp;&nbsp;&nbsp;**MANAGED HEALTHCARE—1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.\* | 49165 | **2991690** |
| &nbsp;&nbsp;&nbsp;**MOVIES & ENTERTAINMENT—2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\* | 44292 | **3565063** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EQUIPMENT & SERVICES—1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;ChampionX Corp. | 36367 | 1200838 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.\* | 74549 | 741763 |
|  |  | **1942601** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EXPLORATION & PRODUCTION—5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 38468 | 962854 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Cl. A | 377316 | 8908431 |
|  |  | **9871285** |
| &nbsp;&nbsp;&nbsp;**PHARMACEUTICALS—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Pliant Therapeutics, Inc.\* | 24704 | **865628** |
| &nbsp;&nbsp;&nbsp;**REGIONAL BANKS—1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 30740 | **1618461** |
| &nbsp;&nbsp;&nbsp;**RESEARCH & CONSULTING SERVICES—0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;LegalZoom.com, Inc.\* | 67471 | **572154** |

---

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER SMALL CAP GROWTH INSTITUTIONAL FUND**

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—95.4% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**RESTAURANTS—5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc., Cl. A\* | 50857 | $2892746 |
| &nbsp;&nbsp;&nbsp;The Cheesecake Factory, Inc. | 81719 | 3207471 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | 22844 | 3620089 |
|  |  | **9720306** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTOR EQUIPMENT—0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc.\* | 4918 | **1569481** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTORS—1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | 12812 | **1697974** |
| &nbsp;&nbsp;&nbsp;**SPECIALTY CHEMICALS—2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | 31897 | **4166705** |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $142,333,535) |  | **161579691** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**PREFERRED STOCKS—2.6%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Prosetta Biosciences, Inc., Series D\*<sup>,@,(a),(b)</sup> | 133263 | **—** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Chime Financial, Inc., Series G\*<sup>,@,(a)</sup> | 114399 | **4362034** |
| &nbsp;&nbsp;&nbsp;**TOTAL PREFERRED STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,501,200) |  | **4362034** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**RIGHTS—0.2%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Tolero CDR\*<sup>,@,(a),(c)</sup> | 528559 | **338278** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $285,725) |  | **338278** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUST—1.4%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**RETAIL—1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Tanger Factory Outlet Centers, Inc. | 121752 | **2326680** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,004,109) |  | **2326680** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**SPECIAL PURPOSE VEHICLE—0.9%** | | **VALUE** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Crosslink Ventures Capital C LLC, Cl. A\*<sup>,@,(a),(b)</sup> |  | 1187025 |
| &nbsp;&nbsp;&nbsp;Crosslink Ventures Capital C LLC, Cl. B\*<sup>,@,(a),(b)</sup> |  | 302575 |
|  |  | **1489600** |
| &nbsp;&nbsp;&nbsp;**TOTAL SPECIAL PURPOSE VEHICLE** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,600,000) |  | **1489600** |
| &nbsp;&nbsp;&nbsp;**Total Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $154,724,569)** | 100.5% | $**170096283** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Securities (Cost $2,199,684) |  | 1489600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Securities (Cost $152,524,885) |  | 168606683 |
| &nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets | (0.5)% | (846623) |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | 100.0% | $**169249660** |

---

*<sup>(a)</sup>* *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).*

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

*<sup>(c)</sup>* *Contingent Deferred Rights.*

*\** *Non-income producing security.*

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER SMALL CAP GROWTH INSTITUTIONAL FUND**

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

*<sup>@</sup>* *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.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *<u>Security</u>* | *<u>Acquisition<br> Date(s)</u>* | *<u>Acquisition<br> Cost</u>* | *<u>% of net assets<br> (Acquisition<br> Date)</u>* | *<u>Market<br> Value</u>* | *<u>% of net assets<br> as of<br> 1/31/2023</u>* |
| *Chime Financial, Inc., Series G* | *8/24/21* | $*7901516* | *2.12 %* | $*4362034* | *2.58 %* |
| *Crosslink Ventures Capital C LLC, Cl.A* | *10/2/20* | *1275000* | *0.49 %* | *1187025* | *0.70 %* |
| *Crosslink Ventures Capital C LLC, Cl. B* | *12/16/20* | *325000* | *0.11 %* | *302575* | *0.18 %* |
| *Impulse Dynamics PLC, Series E* | *2/11/22* | *1756940* | *0.71 %* | *1756940* | *1.04 %* |
| *Prosetta Biosciences, Inc., Series D* | *2/6/15* | *599684* | *0.10 %* | *0* | *0.00 %* |
| *Tolero CDR* | *2/6/17* | *285725* | *0.16 %* | 338278 | *0.20 %* |
| *Total* |  |  |  | $7946852 | *4.70 %* |

---

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

**NOTE 2 — Significant Accounting Policies:** 

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

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

------

**THE ALGER INSTITUTIONAL FUNDS** 

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

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

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

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

Securities in which the Funds invest may be traded in foreign markets that close before the close of the NYSE. Developments that occur between the close of the foreign markets and the close of the NYSE may result in adjustments to the closing foreign prices to reflect what the Valuation Designee, through their Committee, believes to be the fair value of these securities as of the close of the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but the Funds are open.

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

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

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

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

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

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

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

**NOTE 3 — Fair Value Measurements:**

The following is a summary of the inputs used as of January 31, 2023, in valuing the Funds' investments carried at fair value on a recurring basis. Based upon the nature, characteristics, and risks associated with their investments, the Funds have determined that presenting them by security type and sector is appropriate.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation Institutional Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $165114641 | $165114641 | $— | $— |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 420743711 | 377287232 | 43456479 |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 6820652 | 6820652 |  |  |
| &nbsp;&nbsp;&nbsp;Energy | 73178027 | 73178027 |  |  |
| &nbsp;&nbsp;&nbsp;Financials | 43573078 | 43573078 |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 385104698 | 385104698 |  |  |
| &nbsp;&nbsp;&nbsp;Industrials | 164884529 | 164884529 |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 774818830 | 774818830 |  |  |
| &nbsp;&nbsp;&nbsp;Materials | 38837364 | 38837364 |  |  |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** | $**2073075530** | $**2029619051** | $**43456479** | $**—** |

---

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation Institutional Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | $1483982 | $— | $— | $1483982 |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUST** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 11611703 | 11611703 |  |  |
| &nbsp;&nbsp;&nbsp;**SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 2862825 |  |  | 2862825 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN SECURITIES** | $**2089034040** | $**2041230754** | $**43456479** | $**4346807** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Focus Equity Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 94716702 | 94716702 |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 182293229 | 145673440 | 36619789 |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 5127245 | 5127245 |  |  |
| &nbsp;&nbsp;&nbsp;Energy | 41121804 | 41121804 |  |  |
| &nbsp;&nbsp;&nbsp;Financials | 34013354 | 34013354 |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 173634527 | 173634527 |  |  |
| &nbsp;&nbsp;&nbsp;Industrials | 110643308 | 110643308 |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 397684396 | 397684396 |  |  |
| &nbsp;&nbsp;&nbsp;Materials | 27182606 | 27182606 |  |  |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** | $**1066417171** | $**1029797382** | $**36619789** | $**—** |
| &nbsp;&nbsp;&nbsp;**PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | — \* |  |  | — \* |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS IN SECURITIES** | $**1066417171** | $**1029797382** | $**36619789** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Institutional Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 2567852 | 2567852 |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 7443785 | 7443785 |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 583383 | 583383 |  |  |
| &nbsp;&nbsp;&nbsp;Energy | 2558682 | 2558682 |  |  |
| &nbsp;&nbsp;&nbsp;Financials | 3172621 | 3172621 |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 10180226 | 10180226 |  |  |
| &nbsp;&nbsp;&nbsp;Industrials | 10482121 | 10482121 |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 15571897 | 15571897 |  |  |
| &nbsp;&nbsp;&nbsp;Materials | 2194505 | 2194505 |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 1634062 | 1634062 |  |  |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** | $**56389134** | $**56389134** | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;**PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | — \* |  |  | — \* |
| &nbsp;&nbsp;&nbsp;**RIGHTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 270674 |  |  | 270674 |
| &nbsp;&nbsp;&nbsp;**SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 721525 |  |  | 721525 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN SECURITIES** | $**57381333** | $**56389134** | $**—** | $**992199** |

---

------

**THE ALGER INSTITUTIONAL FUNDS** 

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Institutional Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $8521089 | $8521089 | $— | $— |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 19017044 | 19017044 |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 10480120 | 10480120 |  |  |
| &nbsp;&nbsp;&nbsp;Energy | 11813886 | 11813886 |  |  |
| &nbsp;&nbsp;&nbsp;Financials | 2472833 | 2472833 |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 45646230 | 43889290 |  | 1756940 |
| &nbsp;&nbsp;&nbsp;Industrials | 11313449 | 11313449 |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 48148335 | 48148335 |  |  |
| &nbsp;&nbsp;&nbsp;Materials | 4166705 | 4166705 |  |  |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** | $**161579691** | $**159822751** | $**—** | $**1756940** |
| &nbsp;&nbsp;&nbsp;**PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | — \* |  |  | — \* |
| &nbsp;&nbsp;&nbsp;Information Technology | 4362034 |  |  | 4362034 |
| &nbsp;&nbsp;&nbsp;**TOTAL PREFERRED STOCKS** | $**4362034** | $**—** | $**—** | $**4362034** |
| &nbsp;&nbsp;&nbsp;**RIGHTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 338278 |  |  | 338278 |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUST** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 2326680 | 2326680 |  |  |
| &nbsp;&nbsp;&nbsp;**SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 1489600 |  |  | 1489600 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN SECURITIES** | $**170096283** | $**162149431** | $**—** | $**7946852** |

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE<br> MEASUREMENTS<br> USING SIGNIFICANT<br> UNOBSERVABLE<br> INPUTS (LEVEL 3)** |
| **Alger Capital Appreciation Institutional Fund** | **Common Stocks** |
| Opening balance at November 1, 2022 | $585947 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments | (1232569) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments | 1880166 |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | (1233544) |
| Closing balance at January 31, 2023 |  |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $— |

---

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

---

| | |
|:---|:---|
| | **FAIR VALUE**<br> **MEASUREMENTS**<br> **USING SIGNIFICANT**<br> **UNOBSERVABLE**<br> **INPUTS (LEVEL 3)** |
| **Alger Capital Appreciation Institutional Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2022 | $1699204 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments | (215222) |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | 1483982 |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $(215222) |

---

---

| | |
|:---|:---|
| | **FAIR VALUE**<br> **MEASUREMENTS**<br> **USING SIGNIFICANT**<br> **UNOBSERVABLE**<br> **INPUTS (LEVEL 3)** |
| **Alger Capital Appreciation Institutional Fund** | **Special Purpose**<br> **Vehicle** |
| Opening balance at November 1, 2022 | $3252120 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments | (389295) |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | 2862825 |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $(389295) |

---

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

---

| | |
|:---|:---|
| | **FAIR VALUE**<br> **MEASUREMENTS**<br> **USING SIGNIFICANT**<br> **UNOBSERVABLE**<br> **INPUTS (LEVEL 3)** |
| **Alger Focus Equity Fund** | <br> **Preferred Stocks** |
| Opening balance at November 1, 2022 | $— \* |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments |  |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | — \* |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $— |

---

---

| | |
|:---|:---|
| | **FAIR VALUE** <br> **MEASUREMENTS** <br> **USING SIGNIFICANT** <br> **UNOBSERVABLE**  |
| **Alger Mid Cap Growth Institutional Fund** | <br> **Preferred Stocks** |
| Opening balance at November 1, 2022 | $— \* |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments |  |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | — \* |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $— |

---

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

---

| | |
|:---|:---|
| | **FAIR VALUE** <br> **MEASUREMENTS** <br> **USING SIGNIFICANT** <br> **UNOBSERVABLE**<br> **INPUTS (LEVEL 3)** |
| **Alger Mid Cap Growth Institutional Fund** | <br> **Rights**  |
| Opening balance at November 1, 2022 | $253757 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments | 16917 |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | 270674 |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $16917 |

---

---

| | |
|:---|:---|
| | **FAIR VALUE** <br> **MEASUREMENTS** <br> **USING SIGNIFICANT** <br> **UNOBSERVABLE** <br> **INPUTS (LEVEL 3)**  |
| **Alger Mid Cap Growth Institutional Fund** | **Special Purpose** <br> **Vehicle** |
| Opening balance at November 1, 2022 | $821566 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments | (100041) |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | 721525 |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $(100041) |

---

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

---

| | |
|:---|:---|
| | **FAIR VALUE** <br> **MEASUREMENTS** <br> **USING SIGNIFICANT** <br> **UNOBSERVABLE** <br> **INPUTS (LEVEL 3)**  |
| **Alger Small Cap Growth Institutional Fund** | **Common Stocks** |
| Opening balance at November 1, 2022 | $1756940 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments |  |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | 1756940 |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $— |

---

---

| | |
|:---|:---|
| | **FAIR VALUE** <br> **MEASUREMENTS** <br> **USING SIGNIFICANT** <br> **UNOBSERVABLE** <br> **INPUTS (LEVEL 3)**  |
| **Alger Small Cap Growth Institutional Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2022 | $4994660 \* |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments | (632626) |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | 4362034 \* |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $(632626) |

---

------

**THE ALGER INSTITUTIONAL FUNDS** 

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

---

| | |
|:---|:---|
| | **FAIR VALUE** <br> **MEASUREMENTS** <br> **USING SIGNIFICANT** <br> **UNOBSERVABLE** <br> **INPUTS (LEVEL 3)**  |
| **Alger Small Cap Growth Institutional Fund** | **Rights** |
| Opening balance at November 1, 2022 | $317135 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments | 21143 |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | 338278 |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $21143 |

---

---

| | |
|:---|:---|
| | **FAIR VALUE** <br> **MEASUREMENTS** <br> **USING SIGNIFICANT** <br> **UNOBSERVABLE** <br> **INPUTS (LEVEL 3)**  |
| **Alger Small Cap Growth Institutional Fund** | **Special Purpose** <br> **Vehicle**  |
| Opening balance at November 1, 2022 | $1694942 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments | (205342) |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | 1489600 |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $(205342) |

---

<sup>(a)</sup> *Represents the sale of Level 3 common stock, Altaba, Inc., for the period ended January 31, 2023.* 

\* *Includes securities that are fair valued at zero.*

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

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Fair Value <br> January 31, 2023 | Valuation <br> Methodology | Unobservable <br> Input | Input/Range | Weighted Average <br> Inputs |
| **Alger Capital Appreciation Institutional Fund** | **Alger Capital Appreciation Institutional Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | $1483982 | Market Approach | Transaction Price<br> Revenue Multiple | N/A<br> 14.00x-16.00x | N/A<br> N/A |
| &nbsp;&nbsp;&nbsp;Special Purpose Vehicle | 2862825 | Market Approach | Transaction Price<br> Revenue Multiple | N/A<br> 14.00x-16.00x | N/A<br> N/A |
| **Alger Focus Equity Fund** | **Alger Focus Equity Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | $— \* | Income Approach | Discount Rate | 100.00% | N/A |
| **Alger Mid Cap Growth Institutional Fund** | **Alger Mid Cap Growth Institutional Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | $— \* | Income Approach | Discount Rate | 100.00% | N/A |
| &nbsp;&nbsp;&nbsp;Rights | 270674 | Income Approach | Discount Rate<br> Probability of Success | 8.71%-9.47%<br> 0.00%-60.00% | N/A<br> N/A |
| &nbsp;&nbsp;&nbsp;Special Purpose Vehicle | 721525 | Market Approach | Transaction Price<br> Revenue Multiple | N/A<br> 14.00x-16.00x | N/A<br> N/A |
| **Alger Small Cap Growth Institutional Fund** | **Alger Small Cap Growth Institutional Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $1756940 | Market Approach | Priced at Cost | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | — \* | Income Approach | Discount Rate | 100.00% | N/A |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | 4362034 | Market Approach | Transaction Price<br> Revenue Multiple | N/A<br> 14.00x-16.00x | N/A <br> N/A |
| &nbsp;&nbsp;&nbsp;Rights | 338278 | Income Approach | Discount Rate<br> Probability of Success | 8.71%-9.47%<br> 0.00%-60.00% | N/A<br> N/A |
| &nbsp;&nbsp;&nbsp;Special Purpose Vehicle | 1489600 | Market Approach | Transaction Price<br> Revenue Multiple | N/A <br> 14.00x-16.00x | N/A<br> N/A |

---

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

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

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

Certain of the Funds' assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes. As of January 31, 2023, such assets were categorized within the ASC 820 disclosure hierarchy as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Cash, foreign cash and cash equivalents** |  |  |  |  |
| Alger Capital Appreciation Institutional Fund | $2392473 | $831 | $2391642 | $— |
| Alger Focus Equity Fund | 24293716 | 103 | 24293613 |  |
| Alger Mid Cap Growth Institutional Fund | 2183435 |  | 2183435 |  |
| Alger Small Cap Growth Institutional Fund | 600722 |  | 600722 |  |

---

**NOTE 4 — Derivatives:**

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

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

**NOTE 5 — Affiliated Securities:**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares**<br> **Held at** <br> **October 31,** <br> **2022** | **Shares** <br> **Purchased**  | **Shares**<br> **Sold**  | **Shares** <br> **Held at** <br> **January 31,** <br> **2023**  | **Dividend** <br> **Income**  | **Realized** <br> **Gain (Loss)**  | **Net Change** <br> **in** <br> **Unrealized** <br> **App(Dep)**  | **Value at** <br> **January 31,** <br> **2023** |
| **Alger Capital Appreciation Institutional Fund<br> Special Purpose Vehicle**  |  |  |  |  |  |  |  |  |
| Crosslink Ventures Capital C LLC, Cl. A\*\*\* |  |  |  |  | $— | $— | $(389295) | $2862825 |
| **Total** |  |  |  |  | $— | $— | $(389295) | $2862825 |

---

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares**<br> **Held at**<br> **October 31,**<br> **2022** | **Shares**<br> **Purchased** | **Shares** <br> **Sold**  | **Shares**<br> **Held at**<br> **January 31,**<br> **2023**  | **Dividend** <br> **Income**  | **Realized** <br> **Gain (Loss)**  | **Net Change** <br> **in** <br> **Unrealized** <br> **App(Dep)**  | **Value at** <br> **January 31,** <br> **2023** |
| **Alger Focus Equity Fund<br> Preferred Stocks**  |  |  |  |  |  |  |  |  |
| Prosetta Biosciences, Inc., Series D\*\* | 76825 |  |  | 76825 | $— | $— | $— | $— \* |
| **Total** |  |  |  |  | $— | $— | $— | $— \* |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares**<br> **Held at**<br> **October 31,**<br> **2022**  | **Shares** <br> **Purchased**  | **Shares** <br> **Sold**  | **Shares** <br> **Held at** <br> **January 31,** <br> **2023**  | **Dividend** <br> **Income**  | **Realized** <br> **Gain (Loss)**  | **Net Change** <br> **in** <br> **Unrealized** <br> **App(Dep)**  | **Value at** <br> **January 31,** <br> **2023**  |
| **Alger Mid Cap Growth Institutional Fund<br> Preferred Stocks**  |  |  |  |  |  |  |  |  |
| Prosetta Biosciences, Inc., Series D\*\* | 166009 |  |  | 166009 | $— | $— | $— | $— \* |
| **Special Purpose Vehicle** |  |  |  |  |  |  |  |  |
| Crosslink Ventures Capital C LLC, Cl. A\*\*\* |  |  |  |  |  |  | (69630) | 512050 |
| Crosslink Ventures Capital C LLC, Cl. B\*\*\* |  |  |  |  |  |  | (30411) | 209475 |
| **Total** |  |  |  |  | $— | $— | $(100041) | $721525 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares**<br> **Held at**<br> **October 31,**<br> **2022** | **Shares** <br> **Purchased**  | **Shares** <br> **Sold**  | **Shares** <br> **Held at** <br> **January 31,** <br> **2023**  | **Dividend** <br> **Income**  | **Realized** <br> **Gain (Loss)**  | **Net Change** <br> **in** <br> **Unrealized** <br> **App(Dep)**  | **Value at** <br> **January 31,** <br> **2023**  |
| **Alger Small Cap Growth Institutional Fund<br> Preferred Stocks**  |  |  |  |  |  |  |  |  |
| Prosetta Biosciences, Inc., Series D\*\* | 133263 |  |  | 133263 | $— | $— | $— | $— \* |
| **Special Purpose Vehicle** |  |  |  |  |  |  |  |  |
| Crosslink Ventures Capital C LLC, Cl. A\*\*\* |  |  |  |  |  |  | (161415) | 1187025 |
| Crosslink Ventures Capital C LLC, Cl. B\*\*\* |  |  |  |  |  |  | (43927) | 302575 |
| **Total** |  |  |  |  | $— | $— | $(205342) | $1489600 |

---

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

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

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ALGER INSTITUTIONAL FUNDS

- **b. Investment Company Act file number:** 811-07986

- **c. CIK number of Registrant:** 0000911415

- **d. LEI of Registrant:** 549300YADKM68VK1G468

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Pearl Street

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10004

  - **Telephone number:** 212-806-8833

**Item A.2. Information about the Series.**

- **a. Name of Series:** Alger Mid Cap Growth Institutional Fund

- **b. EDGAR series identifier (if any):** S000009203

- **c. LEI of Series:** 549300SU7CUV2THSKW55

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $59876025.71

**Total Liabilities:** $419622.90

**Net Assets:** $59456402.81

**Cash Not Reported:** $2004016.34

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000025003 | 0.03%                | -0.06%               | 0.07%                |
| Class ID C000025002 | 0.03%                | -0.06%               | 0.08%                |
| Class ID C000174228 | 0.03%                | -0.06%               | 0.08%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1219596.47             | $2693908.69                                |
| Month 2  | $-656861.41              | $-2949612.35                               |
| Month 3  | $-964533.60              | $5220353.68                                |

### Schedule of Portfolio Investments

| Name                            | Title                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LIBERTY MEDIA CORP-LIBERTY-C    | LIBERTY MEDIA CORP-LIBERTY-C 0.00000000                     | CUSIP: 531229854<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15472 | NS      | $1095417.60   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON WORLDWIDE HLDGS          | HILTON WORLDWIDE HLDGS 0.00000000                           | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      8296 | NS      | $1203666.64   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CROSSLINK VENTURES C LLC        | CROSSLINK VENTURES C LLC CALSS A SHARES 0.00000000          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        22 | NS      | $512050.00    | 0.86%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MONGODB INC                     | MONGODB INC 0.00000000                                      | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |      1421 | NS      | $304392.41    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| WABTEC CORP                     | WABTEC CORP 0.00000000                                      | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |     11108 | NS      | $1153121.48   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CELLDEX THERAPEUTICS INC        | CELLDEX THERAPEUTICS INC 0.00000000                         | CUSIP: 15117B202<br>LEI: 529900F018DMYWH38923 | Long             | EC               | CORP              | US        |     11173 | NS      | $492282.38    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD DOMINION FREIGHT LINE       | OLD DOMINION FREIGHT LINE 0.00000000                        | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |      4015 | NS      | $1337958.60   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| LULULEMON ATHLETICA INC         | LULULEMON ATHLETICA INC 0.00000000                          | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | CA        |      2797 | NS      | $858343.36    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| SOLAREDGE TECHNOLOGIES INC      | SOLAREDGE TECHNOLOGIES INC 0.00000000                       | CUSIP: 83417M104<br>LEI: 5493000K6Y58XXPDF853 | Long             | EC               | CORP              | IL        |      1981 | NS      | $632196.53    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AMPHENOL CORP-CL A              | AMPHENOL CORP-CL A 0.00000000                               | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     11757 | NS      | $937855.89    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM SYSTEMS INC                | EPAM SYSTEMS INC 0.00000000                                 | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |      1003 | NS      | $333647.95    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL ENVIRONMENTAL INC-SUB VT    | GFL ENVIRONMENTAL INC-SUB VT 0.00000000                     | CUSIP: 36168Q104<br>LEI: 549300FYK4MBXWIVZU26 | Long             | EC               | CORP              | CA        |     24390 | NS      | $752675.40    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOZONE INC                    | AUTOZONE INC 0.00000000                                     | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       744 | NS      | $1814504.40   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ON SEMICONDUCTOR                | ON SEMICONDUCTOR 0.00000000                                 | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |     14237 | NS      | $1045707.65   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| MARVELL TECHNOLOGY INC          | MARVELL TECHNOLOGY INC 0.00000000                           | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12094 | NS      | $521856.10    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO CORP                      | HEICO CORP 0.00000000                                       | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |      8926 | NS      | $1525899.70   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| BALL CORP                       | BALL CORP 0.00000000                                        | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |     14188 | NS      | $826309.12    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION SOFTWARE I /CAD/  | CONSTELLATION SOFTWARE INC /CAD/ 0.00000000                 | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |      1017 | NS      | $1796800.64   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TREX COMPANY INC                | TREX COMPANY INC 0.00000000                                 | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5936 | NS      | $312945.92    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| PROSETTA BIOSCIENCES INC. /PFD  | PROSETTA BIOSCIENCES INC.     SERIES D PREFERRED 0.00000000 | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |    166009 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ARITZIA INC-SUBORDINATE  /CAD/  | ARITZIA INC-SUBORDINATE VOTI /CAD/ 0.00000000               | CUSIP: 04045U102<br>LEI: 549300U83HKFRL1EX527 | Long             | EC               | CORP              | CA        |     21166 | NS      | $763410.88    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| MANHATTAN ASSOCIATES INC        | MANHATTAN ASSOCIATES INC 0.00000000                         | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |      7100 | NS      | $925556.00    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| INTACT FINANCIAL CORP /CAD/     | INTACT FINANCIAL CORP /CAD/ 0.00000000                      | CUSIP: 45823T106<br>LEI: 5493009LXGE7Y4U9OY43 | Long             | EC               | CORP              | CA        |      4649 | NS      | $674455.28    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| DATADOG INC - CLASS A           | DATADOG INC - CLASS A 0.00000000                            | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |      9043 | NS      | $676506.83    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC        | MICROCHIP TECHNOLOGY INC 0.00000000                         | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |     13950 | NS      | $1082799.00   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVE NATIONAL ENTERTAINMENT INC | LIVE NATIONAL ENTERTAINMENT INC 0.00000000                  | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |      5739 | NS      | $461932.11    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLSCOT MOBILE MINI HOLDING    | WILLSCOT MOBILE MINI HOLDING 0.00000000                     | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |     15409 | NS      | $746720.14    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| TRADE DESK INC/THE -CLASS A     | TRADE DESK INC/THE -CLASS A 0.00000000                      | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |     19931 | NS      | $1010501.70   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CADENCE DESIGN SYS INC          | CADENCE DESIGN SYS INC 0.00000000                           | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      8146 | NS      | $1489333.18   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST REPUBLIC BANK/CA          | FIRST REPUBLIC BANK/CA 0.00000000                           | CUSIP: 33616C100<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EC               | CORP              | US        |      3384 | NS      | $476737.92    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINO'S PIZZA INC              | DOMINO'S PIZZA INC 0.00000000                               | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |      1635 | NS      | $577155.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| NEUROCRINE BIOSCIENCES INC      | NEUROCRINE BIOSCIENCES INC 0.00000000                       | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |      4856 | NS      | $538676.08    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| MP MATERIALS CORP               | MP MATERIALS CORP 0.00000000                                | CUSIP: 553368101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29209 | NS      | $949584.59    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISK ANALYTICS INC            | VERISK ANALYTICS INC 0.00000000                             | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      1632 | NS      | $296681.28    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM GROUP INC             | TRANSDIGM GROUP INC 0.00000000                              | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2107 | NS      | $1512299.25   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR INC                         | NVR INC 0.00000000                                          | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |        65 | NS      | $342550.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVANTA INC                     | NOVANTA INC 0.00000000                                      | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7856 | NS      | $1268508.32   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| RYAN SPECIALTY HOLDINGS INC     | RYAN SPECIALTY HOLDINGS INC 0.00000000                      | CUSIP: 78351F107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7269 | NS      | $309804.78    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| BILL.COM HOLDINGS INC           | BILL.COM HOLDINGS INC 0.00000000                            | CUSIP: 090043100<br>LEI: 549300IBF9VZZIGOZW63 | Long             | EC               | CORP              | US        |      4818 | NS      | $557057.16    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| PROMETHEUS BIOSCIENCES INC      | PROMETHEUS BIOSCIENCES INC 0.00000000                       | CUSIP: 74349U108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5457 | NS      | $620242.62    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY INC          | DIAMONDBACK ENERGY INC 0.00000000                           | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     12154 | NS      | $1775942.48   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| BURLINGTON STORES INC           | BURLINGTON STORES INC 0.00000000                            | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |      1930 | NS      | $443571.90    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| WEST PHARMACEUTICAL SERVICES    | WEST PHARMACEUTICAL SERVICES 0.00000000                     | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |      2166 | NS      | $575289.60    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTSERVICE CORP               | FIRSTSERVICE CORP 0.00000000                                | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |     11435 | NS      | $1634061.50   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORP                   | MCKESSON CORP 0.00000000                                    | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      3656 | NS      | $1384454.08   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTAR GROUP INC                | COSTAR GROUP INC 0.00000000                                 | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18651 | NS      | $1452912.90   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| BAKER HUGHES CO                 | BAKER HUGHES CO 0.00000000                                  | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24661 | NS      | $782740.14    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| PALO ALTO NETWORKS INC          | PALO ALTO NETWORKS INC 0.00000000                           | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      6791 | NS      | $1077324.24   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| NATERA INC                      | NATERA INC 0.00000000                                       | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24127 | NS      | $1035772.11   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYCOM SOFTWARE INC             | PAYCOM SOFTWARE INC 0.00000000                              | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |      3060 | NS      | $991256.40    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| MARTIN MARIETTA MATERIALS       | MARTIN MARIETTA MATERIALS 0.00000000                        | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |      1274 | NS      | $458181.36    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORP                        | KLA CORP 0.00000000                                         | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      2102 | NS      | $824992.96    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA HEALTHCARE CO INC        | ACADIA HEALTHCARE CO INC 0.00000000                         | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |     14802 | NS      | $1243664.04   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| APELLIS PHARMACEUTICALS INC     | APELLIS PHARMACEUTICALS INC 0.00000000                      | CUSIP: 03753U106<br>LEI: 254900HS0ZFRXXSB9D42 | Long             | EC               | CORP              | US        |      5609 | NS      | $295762.57    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX LABORATORIES INC          | IDEXX LABORATORIES INC 0.00000000                           | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |      1200 | NS      | $576600.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| DESCARTES SYSTEMS GRP/TH /CAD/  | DESCARTES SYSTEMS GRP/THE /CAD/ 0.00000000                  | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |     10165 | NS      | $741814.66    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI INC                        | MSCI INC 0.00000000                                         | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |      3220 | NS      | $1711623.20   | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| CHIPOTLE MEXICAN GRILL INC      | CHIPOTLE MEXICAN GRILL INC 0.00000000                       | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       875 | NS      | $1440582.50   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| VEEVA SYSTEMS INC-CLASS A       | VEEVA SYSTEMS INC-CLASS A 0.00000000                        | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |      5984 | NS      | $1020571.20   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| METTLER-TOLEDO INTERNATIONAL    | METTLER-TOLEDO INTERNATIONAL 0.00000000                     | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |       646 | NS      | $990266.32    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK INC                      | AMETEK INC 0.00000000                                       | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |      8146 | NS      | $1180518.32   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| REPLIGEN CORP                   | REPLIGEN CORP 0.00000000                                    | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |      3226 | NS      | $597777.80    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ'S WHOLESALE CLUB HOLDINGS    | BJ'S WHOLESALE CLUB HOLDINGS 0.00000000                     | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |      8050 | NS      | $583383.50    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| INSULET CORP                    | INSULET CORP 0.00000000                                     | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |      3227 | NS      | $927181.64    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| TOLERO DCR                      | TOLERO DCR 0.00000000                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    422928 | NS      | $270673.92    | 0.46%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GUIDEWIRE SOFTWARE INC          | GUIDEWIRE SOFTWARE INC 0.00000000                           | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |      6914 | NS      | $506381.36    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| CROSSLINK VENTURES C LLC        | CROSSLINK VENTURES C LLC       CLASS B SHARES 0.00000000    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         9 | NS      | $209475.00    | 0.35%             |  |  |  | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-02

**Name of Applicant:** Alger Institutional Funds

**Signature:** Anthony Caputo

**Name of Signer:** Anthony Caputo

**Title:** Assistant Treasurer