THE ALGER INSTITUTIONAL FUNDS
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments July 31, 2022 (Unaudited)
| COMMON STOCKS—98.8% | SHARES | VALUE | ||||||
| AEROSPACE & DEFENSE—3.1% | | | ||||||
| HEICO Corp. | 99,930 | $ | 15,759,960 | |||||
| Lockheed Martin Corp. | 44,249 | 18,310,679 | ||||||
| TransDigm Group, Inc.* | 74,338 | 46,263,511 | ||||||
| 80,334,150 | ||||||||
| AGRICULTURAL & FARM MACHINERY—0.4% | | | ||||||
| Deere & Co. | 30,169 | 10,353,397 | ||||||
| APPAREL ACCESSORIES & LUXURY GOODS—1.2% | | | ||||||
| Capri Holdings Ltd.* | 279,697 | 13,615,650 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 27,470 | 19,069,260 | ||||||
| 32,684,910 | ||||||||
| APPLICATION SOFTWARE—6.0% | | | ||||||
| Adobe, Inc.* | 31,908 | 13,086,109 | ||||||
| Avalara, Inc.* | 100,109 | 8,751,529 | ||||||
| Bill.com Holdings, Inc.* | 35,100 | 4,741,308 | ||||||
| Cadence Design Systems, Inc.* | 110,784 | 20,614,687 | ||||||
| Datadog, Inc., Cl. A* | 186,642 | 19,039,350 | ||||||
| Intuit, Inc. | 150,969 | 68,867,529 | ||||||
| Salesforce, Inc.* | 78,012 | 14,355,768 | ||||||
| The Trade Desk, Inc., Cl. A* | 192,410 | 8,658,450 | ||||||
| 158,114,730 | ||||||||
| AUTOMOBILE MANUFACTURERS—3.8% | | | ||||||
| Tesla, Inc.* | 110,900 | 98,861,805 | ||||||
| BIOTECHNOLOGY—3.3% | | | ||||||
| AbbVie, Inc. | 208,179 | 29,875,768 | ||||||
| Horizon Therapeutics PLC* | 62,853 | 5,214,913 | ||||||
| Natera, Inc.* | 426,874 | 20,063,078 | ||||||
| United Therapeutics Corp.* | 18,207 | 4,207,092 | ||||||
| Vertex Pharmaceuticals, Inc.* | 101,661 | 28,506,761 | ||||||
| 87,867,612 | ||||||||
| CASINOS & GAMING—2.5% | | | ||||||
| Las Vegas Sands Corp.* | 162,029 | 6,106,873 | ||||||
| MGM Resorts International | 1,827,566 | 59,816,235 | ||||||
| 65,923,108 | ||||||||
| DATA PROCESSING & OUTSOURCED SERVICES—4.8% | | | ||||||
| Block, Inc., Cl. A* | 157,680 | 11,993,141 | ||||||
| Marqeta, Inc., Cl. A* | 1,462,790 | 14,028,156 | ||||||
| PayPal Holdings, Inc.* | 155,891 | 13,489,248 | ||||||
| Visa, Inc., Cl. A | 404,059 | 85,704,955 | ||||||
| 125,215,500 | ||||||||
| ELECTRIC UTILITIES—0.8% | | | ||||||
| NextEra Energy, Inc. | 248,274 | 20,976,670 | ||||||
| ELECTRICAL COMPONENTS & EQUIPMENT—3.1% | | | ||||||
| AMETEK, Inc. | 115,997 | 14,325,629 | ||||||
| Eaton Corp. PLC | 282,481 | 41,917,356 | ||||||
| Generac Holdings, Inc.* | 98,147 | 26,332,840 | ||||||
| 82,575,825 | ||||||||
| FINANCIAL EXCHANGES & DATA—1.7% | | | ||||||
| S&P Global, Inc. | 120,792 | 45,530,129 | ||||||
THE ALGER INSTITUTIONAL FUNDS
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments July 31, 2022 (Unaudited) (Continued)
| COMMON STOCKS—98.8% (CONT.) | SHARES | VALUE | ||||||
| HEALTHCARE DISTRIBUTORS—1.5% | | | ||||||
| McKesson Corp. | 116,094 | $ | 39,655,389 | |||||
| HEALTHCARE EQUIPMENT—2.1% | | | ||||||
| Edwards Lifesciences Corp.* | 221,113 | 22,230,701 | ||||||
| Intuitive Surgical, Inc.* | 148,445 | 34,167,586 | ||||||
| 56,398,287 | ||||||||
| HEALTHCARE FACILITIES—1.0% | | | ||||||
| Acadia Healthcare Co., Inc.* | 309,122 | 25,629,305 | ||||||
| HYPERMARKETS & SUPER CENTERS—0.9% | | | ||||||
| Costco Wholesale Corp. | 45,897 | 24,844,046 | ||||||
| INTERACTIVE HOME ENTERTAINMENT—0.6% | | | ||||||
| Take-Two Interactive Software, Inc.* | 116,407 | 15,450,701 | ||||||
| INTERACTIVE MEDIA & SERVICES—4.9% | | | ||||||
| Alphabet, Inc., Cl. C* | 1,053,540 | 122,884,906 | ||||||
| Meta Platforms, Inc., Cl. A* | 37,069 | 5,897,678 | ||||||
| 128,782,584 | ||||||||
| INTERNET & DIRECT MARKETING RETAIL—9.5% | | | ||||||
| Alibaba Group Holding Ltd.#,* | 232,041 | 20,737,504 | ||||||
| Altaba, Inc.*,(a) | 342,659 | 589,374 | ||||||
| Amazon.com, Inc.* | 1,525,903 | 205,920,610 | ||||||
| JD.com, Inc.# | 86,215 | 5,129,793 | ||||||
| Meituan, Cl. B* | 239,579 | 5,374,526 | ||||||
| MercadoLibre, Inc.* | 13,654 | 11,110,396 | ||||||
| 248,862,203 | ||||||||
| INTERNET SERVICES & INFRASTRUCTURE—0.5% | | | ||||||
| MongoDB, Inc., Cl. A* | 41,744 | 13,043,748 | ||||||
| INVESTMENT BANKING & BROKERAGE—0.1% | | | ||||||
| Morgan Stanley | 17,239 | 1,453,248 | ||||||
| IT CONSULTING & OTHER SERVICES—0.3% | | | ||||||
| EPAM Systems, Inc.* | 19,350 | 6,757,988 | ||||||
| LEISURE FACILITIES—1.0% | | | ||||||
| Vail Resorts, Inc. | 114,153 | 27,069,101 | ||||||
| LIFE SCIENCES TOOLS & SERVICES—3.2% | | | ||||||
| Danaher Corp. | 283,989 | 82,774,274 | ||||||
| MANAGED HEALTHCARE—4.4% | | | ||||||
| Centene Corp.* | 303,365 | 28,203,844 | ||||||
| Humana, Inc. | 17,570 | 8,468,740 | ||||||
| UnitedHealth Group, Inc. | 148,038 | 80,286,929 | ||||||
| 116,959,513 | ||||||||
| MOVIES & ENTERTAINMENT—2.7% | | | ||||||
| Live Nation Entertainment, Inc.* | 620,996 | 58,367,414 | ||||||
| Netflix, Inc.* | 60,771 | 13,667,398 | ||||||
| 72,034,812 | ||||||||
| OIL & GAS EXPLORATION & PRODUCTION—2.2% | | | ||||||
| Antero Resources Corp.* | 148,355 | 5,880,792 | ||||||
| Devon Energy Corp. | 161,188 | 10,130,666 | ||||||
| Pioneer Natural Resources Co. | 179,281 | 42,480,633 | ||||||
| | 58,492,091 | |||||||
THE ALGER INSTITUTIONAL FUNDS
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments July 31, 2022 (Unaudited) (Continued)
| COMMON STOCKS—98.8% (CONT.) | SHARES | VALUE | ||||||
| OIL & GAS STORAGE & TRANSPORTATION—0.9% | | | ||||||
| Cheniere Energy, Inc. | 165,506 | $ | 24,756,387 | |||||
| PHARMACEUTICALS—2.2% | | | ||||||
| AstraZeneca PLC# | 363,135 | 24,050,431 | ||||||
| Bayer AG | 573,914 | 33,468,359 | ||||||
| 57,518,790 | ||||||||
| REGIONAL BANKS—0.9% | | | ||||||
| Signature Bank | 125,610 | 23,309,448 | ||||||
| RESTAURANTS—1.2% | | | ||||||
| Domino’s Pizza, Inc. | 36,771 | 14,418,277 | ||||||
| Shake Shack, Inc., Cl. A* | 262,795 | 13,523,430 | ||||||
| Starbucks Corp. | 45,833 | 3,885,722 | ||||||
| 31,827,429 | ||||||||
| SEMICONDUCTOR EQUIPMENT—2.8% | | | ||||||
| Applied Materials, Inc. | 231,510 | 24,535,430 | ||||||
| Enphase Energy, Inc.* | 26,367 | 7,492,974 | ||||||
| Lam Research Corp. | 44,358 | 22,201,622 | ||||||
| SolarEdge Technologies, Inc.* | 52,274 | 18,825,436 | ||||||
| 73,055,462 | ||||||||
| SEMICONDUCTORS—3.6% | | | ||||||
| Advanced Micro Devices, Inc.* | 782,922 | 73,962,641 | ||||||
| NVIDIA Corp. | 79,428 | 14,426,508 | ||||||
| NXP Semiconductors NV | 39,041 | 7,178,859 | ||||||
| 95,568,008 | ||||||||
| SPECIALTY CHEMICALS—0.8% | | | ||||||
| Albemarle Corp. | 54,399 | 13,290,220 | ||||||
| The Sherwin-Williams Co. | 27,472 | 6,646,575 | ||||||
| 19,936,795 | ||||||||
| SYSTEMS SOFTWARE—14.4% | | | ||||||
| Crowdstrike Holdings, Inc., Cl. A* | 141,793 | 26,033,195 | ||||||
| Microsoft Corp. | 1,144,315 | 321,254,993 | ||||||
| Palo Alto Networks, Inc.* | 36,001 | 17,968,099 | ||||||
| ServiceNow, Inc.* | 31,293 | 13,977,331 | ||||||
| 379,233,618 | ||||||||
| TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.1% | | | ||||||
| Apple, Inc. | 994,996 | 161,696,800 | ||||||
| TRUCKING—0.3% | | | ||||||
| Uber Technologies, Inc.* | 276,016 | 6,472,575 | ||||||
| TOTAL COMMON STOCKS | ||||||||
|
(Cost $1,789,256,925)
|
2,600,020,438 | |||||||
| PREFERRED STOCKS—0.1% | SHARES | VALUE | ||||||
| DATA PROCESSING & OUTSOURCED SERVICES—0.1% | | | ||||||
| Chime Financial, Inc., Series G*,@,(a) | 38,919 | 1,921,431 | ||||||
|
(Cost $2,688,128)
|
1,921,431 | |||||||
| REAL ESTATE INVESTMENT TRUST—0.7% | SHARES | VALUE | ||||||
| SPECIALIZED—0.7% | | | ||||||
| Crown Castle International Corp. | 95,529 | 17,258,269 | ||||||
|
(Cost $17,179,919)
|
| 17,258,269 | ||||||
THE ALGER INSTITUTIONAL FUNDS
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments July 31, 2022 (Unaudited) (Continued)
| SPECIAL PURPOSE VEHICLE—0.1% | SHARES | VALUE | ||||||
| DATA PROCESSING & OUTSOURCED SERVICES—0.1% | | | ||||||
| Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b) | 123 | $ | 3,627,885 | |||||
|
(Cost $3,075,000)
|
3,627,885 | |||||||
| Total Investments | ||||||||
|
(Cost $1,813,177,673)
|
99.7 | % | $ | 2,622,828,023 | ||||
|
Affiliated Securities (Cost $3,075,000)
|
3,627,885 | |||||||
|
Unaffiliated Securities (Cost $1,810,102,673)
|
2,619,200,138 | |||||||
| Other Assets in Excess of Liabilities | 0.3 | % | 8,703,684 | |||||
| NET ASSETS | 100.0 | % | $ | 2,631,531,707 | ||||
| # |
American Depositary Receipts. |
| (a) |
Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board. |
| (b) |
Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 4 - Affiliated Securities. |
| * |
Non-income producing security. |
| @ |
Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers. |
| % of net assets | % of net assets | |||||||||||||||||||
| Acquisition | Acquisition | (Acquisition | Market | as of | ||||||||||||||||
| Security | Date(s) | Cost | Date) | Value | 7/31/2022 | |||||||||||||||
| Chime Financial, Inc., Series G | 8/24/21 | 2,688,128 | 0.06 | % | 1,921,431 | 0.07 | % | |||||||||||||
| Crosslink Ventures Capital LLC, Cl. A | 10/2/20 | 3,075,000 | 0.08 | % | 3,627,885 | 0.14 | % | |||||||||||||
|
Total
|
$ | 5,549,316 | 0.21 | % | ||||||||||||||||
See Notes to Financial Statements.
THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUND
Schedule of Investments July 31, 2022 (Unaudited)
| COMMON STOCKS—97.5% | SHARES | VALUE | ||||||
| AEROSPACE & DEFENSE—2.1% | | | ||||||
| TransDigm Group, Inc.* | 39,258 | $ | 24,431,824 | |||||
| APPAREL ACCESSORIES & LUXURY GOODS—0.5% | | | ||||||
| Capri Holdings Ltd.* | 113,978 | 5,548,449 | ||||||
| APPLICATION SOFTWARE—5.3% | | | ||||||
| Bill.com Holdings, Inc.* | 20,412 | 2,757,253 | ||||||
| Datadog, Inc., Cl. A* | 121,906 | 12,435,631 | ||||||
| Intuit, Inc. | 92,800 | 42,332,576 | ||||||
| The Trade Desk, Inc., Cl. A* | 84,511 | 3,802,995 | ||||||
| 61,328,455 | ||||||||
| AUTOMOBILE MANUFACTURERS—4.9% | | | ||||||
| General Motors Co.* | 216,790 | 7,860,805 | ||||||
| Tesla, Inc.* | 54,300 | 48,405,735 | ||||||
| 56,266,540 | ||||||||
| BIOTECHNOLOGY—1.3% | | | ||||||
| AbbVie, Inc. | 40,792 | 5,854,060 | ||||||
| Natera, Inc.* | 197,872 | 9,299,984 | ||||||
| 15,154,044 | ||||||||
| CASINOS & GAMING—3.2% | | | ||||||
| MGM Resorts International | 1,125,885 | 36,850,216 | ||||||
| CONSTRUCTION MACHINERY & HEAVY TRUCKS—0.2% | | | ||||||
| Westinghouse Air Brake Technologies Corp. | 30,814 | 2,880,185 | ||||||
| DATA PROCESSING & OUTSOURCED SERVICES—5.5% | | | ||||||
| Marqeta, Inc., Cl. A* | 716,203 | 6,868,387 | ||||||
| PayPal Holdings, Inc.* | 71,985 | 6,228,862 | ||||||
| Visa, Inc., Cl. A | 238,059 | 50,494,694 | ||||||
| 63,591,943 | ||||||||
| ELECTRICAL COMPONENTS & EQUIPMENT—3.4% | | | ||||||
| AMETEK, Inc. | 76,038 | 9,390,693 | ||||||
| Eaton Corp., PLC | 201,894 | 29,959,051 | ||||||
| 39,349,744 | ||||||||
| FINANCIAL EXCHANGES & DATA—2.3% | | | ||||||
| S&P Global, Inc. | 71,358 | 26,896,971 | ||||||
| HEALTHCARE DISTRIBUTORS—2.4% | | | ||||||
| McKesson Corp. | 82,145 | 28,059,089 | ||||||
| HEALTHCARE EQUIPMENT—1.0% | | | ||||||
| Edwards Lifesciences Corp.* | 120,502 | 12,115,271 | ||||||
| HEALTHCARE FACILITIES—1.4% | | | ||||||
| Acadia Healthcare Co., Inc.* | 189,871 | 15,742,205 | ||||||
| HOTELS RESORTS & CRUISE LINES—0.1% | | | ||||||
| Booking Holdings, Inc.* | 599 | 1,159,478 | ||||||
| HYPERMARKETS & SUPER CENTERS—0.7% | | | ||||||
| Costco Wholesale Corp. | 15,688 | 8,491,914 | ||||||
| INTERACTIVE HOME ENTERTAINMENT—0.7% | | | ||||||
| Take-Two Interactive Software, Inc.* | 63,337 | 8,406,720 | ||||||
| INTERACTIVE MEDIA & SERVICES—4.6% | | | ||||||
| Alphabet, Inc., Cl. C* | 457,420 | 53,353,469 | ||||||
THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUND
Schedule of Investments July 31, 2022 (Unaudited) (Continued)
| COMMON STOCKS—97.5% (CONT.) | SHARES | VALUE | ||||||
| INTERNET & DIRECT MARKETING RETAIL—9.6% | | | ||||||
| Alibaba Group Holding Ltd.#,* | 126,847 | $ | 11,336,316 | |||||
| Amazon.com, Inc.* | 689,305 | 93,021,710 | ||||||
| MercadoLibre, Inc.* | 8,508 | 6,923,045 | ||||||
| 111,281,071 | ||||||||
| LEISURE FACILITIES—0.6% | | | ||||||
| Vail Resorts, Inc. | 31,639 | 7,502,556 | ||||||
| LIFE SCIENCES TOOLS & SERVICES—3.7% | | | ||||||
| Danaher Corp. | 146,807 | 42,789,836 | ||||||
| MANAGED HEALTHCARE—5.9% | | | ||||||
| Centene Corp.* | 198,761 | 18,478,810 | ||||||
| UnitedHealth Group, Inc. | 93,002 | 50,438,705 | ||||||
| 68,917,515 | ||||||||
| MOVIES & ENTERTAINMENT—4.3% | | | ||||||
| Live Nation Entertainment, Inc.* | 464,004 | 43,611,736 | ||||||
| Netflix, Inc.* | 27,089 | 6,092,316 | ||||||
| 49,704,052 | ||||||||
| OIL & GAS EXPLORATION & PRODUCTION—2.3% | | | ||||||
| Pioneer Natural Resources Co. | 112,112 | 26,564,938 | ||||||
| PHARMACEUTICALS—1.9% | | | ||||||
| Bayer AG | 306,757 | 17,888,836 | ||||||
| Catalent, Inc.* | 33,848 | 3,828,209 | ||||||
| 21,717,045 | ||||||||
| REGIONAL BANKS—1.4% | | | ||||||
| Signature Bank | 84,852 | 15,745,986 | ||||||
| RESTAURANTS—0.5% | | | ||||||
| Domino’s Pizza, Inc. | 15,189 | 5,955,759 | ||||||
| SEMICONDUCTOR EQUIPMENT—3.7% | | | ||||||
| Applied Materials, Inc. | 201,918 | 21,399,269 | ||||||
| SolarEdge Technologies, Inc.* | 58,836 | 21,188,609 | ||||||
| 42,587,878 | ||||||||
| SEMICONDUCTORS—4.3% | | | ||||||
| Advanced Micro Devices, Inc.* | 433,544 | 40,956,902 | ||||||
| NVIDIA Corp. | 27,984 | 5,082,734 | ||||||
| QUALCOMM, Inc. | 29,321 | 4,253,304 | ||||||
| 50,292,940 | ||||||||
| SYSTEMS SOFTWARE—13.5% | | | ||||||
| Crowdstrike Holdings, Inc., Cl. A* | 83,941 | 15,411,567 | ||||||
| Microsoft Corp. | 503,074 | 141,232,995 | ||||||
| 156,644,562 | ||||||||
| TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.9% | | | ||||||
| Apple, Inc. | 421,952 | 68,571,420 | ||||||
| TRUCKING—0.3% | | | ||||||
| Uber Technologies, Inc.* | 159,661 | 3,744,050 | ||||||
| TOTAL COMMON STOCKS | ||||||||
|
(Cost $947,199,647)
|
1,131,646,125 | |||||||
THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUND
Schedule of Investments July 31, 2022 (Unaudited) (Continued)
|
PREFERRED STOCKS—0.0% |
SHARES | VALUE | ||||||
| BIOTECHNOLOGY—0.0% | | | ||||||
| Prosetta Biosciences, Inc., Series D*,@,(a),(b) | 76,825 | $ | — | |||||
|
(Cost $345,713)
|
— | |||||||
| Total Investments | ||||||||
|
(Cost $947,545,360)
|
97.5 | % | $ | 1,131,646,125 | ||||
|
Affiliated Securities (Cost $345,713)
|
— | |||||||
|
Unaffiliated Securities (Cost $947,199,647)
|
1,131,646,125 | |||||||
| Other Assets in Excess of Liabilities | 2.5 | % | 28,522,062 | |||||
| NET ASSETS | 100.0 | % | $ | 1,160,168,187 | ||||
| # |
American Depositary Receipts. |
| (a) |
Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 4 - Affiliated Securities. |
| (b) |
Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board. |
| * |
Non-income producing security. |
| @ |
Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers. |
| % of net assets | % of net assets | |||||||||||||||||||
| Acquisition | Acquisition | (Acquisition | Market | as of | ||||||||||||||||
| Security | Date(s) | Cost | Date) | Value | 7/31/2022 | |||||||||||||||
| Prosetta Biosciences, Inc., Series D | 2/6/15 | $ | 345,713 | 0.80 | % | $ | 0 | 0.00 | % | |||||||||||
|
Total
|
$ | 0 | 0.00 | % | ||||||||||||||||
See Notes to Financial Statements.
THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2022 (Unaudited)
| COMMON STOCKS—95.6% | SHARES | VALUE | ||||||
| AEROSPACE & DEFENSE—5.7% | | | ||||||
| HEICO Corp. | 14,683 | $ | 2,315,656 | |||||
| TransDigm Group, Inc.* | 2,232 | 1,389,063 | ||||||
| 3,704,719 | ||||||||
| AIR FREIGHT & LOGISTICS—1.1% | | | ||||||
| GXO Logistics, Inc.* | 15,548 | 746,304 | ||||||
| APPAREL ACCESSORIES & LUXURY GOODS—0.9% | | | ||||||
| Lululemon Athletica, Inc.* | 1,826 | 566,991 | ||||||
| APPAREL RETAIL—1.4% | | | ||||||
| Aritzia, Inc.* | 29,158 | 919,832 | ||||||
| APPLICATION SOFTWARE—12.1% | | | ||||||
| Avalara, Inc.* | 8,282 | 724,012 | ||||||
| Bill.com Holdings, Inc.* | 4,747 | 641,225 | ||||||
| Cadence Design Systems, Inc.* | 7,360 | 1,369,549 | ||||||
| Datadog, Inc., Cl. A* | 6,053 | 617,466 | ||||||
| Manhattan Associates, Inc.* | 8,652 | 1,217,077 | ||||||
| Paycom Software, Inc.* | 4,373 | 1,445,233 | ||||||
| Sprout Social, Inc., Cl. A* | 13,529 | 704,861 | ||||||
| The Trade Desk, Inc., Cl. A* | 25,012 | 1,125,540 | ||||||
| 7,844,963 | ||||||||
| AUTOMOTIVE RETAIL—1.1% | | | ||||||
| O’Reilly Automotive, Inc.* | 994 | 699,368 | ||||||
| BIOTECHNOLOGY—3.8% | | | ||||||
| Alkermes PLC* | 14,765 | 377,984 | ||||||
| Apellis Pharmaceuticals, Inc.* | 6,996 | 393,735 | ||||||
| Celldex Therapeutics, Inc.* | 11,173 | 343,235 | ||||||
| Natera, Inc.* | 19,531 | 917,957 | ||||||
| Prometheus Biosciences, Inc.* | 10,778 | 459,897 | ||||||
| 2,492,808 | ||||||||
| BUILDING PRODUCTS—1.1% | | | ||||||
| Trex Co., Inc.* | 10,705 | 690,687 | ||||||
| CASINOS & GAMING—1.9% | | | ||||||
| MGM Resorts International | 38,752 | 1,268,353 | ||||||
| DATA PROCESSING & OUTSOURCED SERVICES—1.0% | | | ||||||
| Marqeta, Inc., Cl. A* | 70,181 | 673,036 | ||||||
| DIVERSIFIED METALS & MINING—1.5% | | | ||||||
| MP Materials Corp.* | 29,209 | 980,546 | ||||||
| ELECTRICAL COMPONENTS & EQUIPMENT—3.0% | | | ||||||
| AMETEK, Inc. | 6,370 | 786,695 | ||||||
| Generac Holdings, Inc.* | 4,226 | 1,133,836 | ||||||
| 1,920,531 | ||||||||
| ELECTRONIC EQUIPMENT & INSTRUMENTS—3.7% | | | ||||||
| 908 Devices, Inc.* | 63,515 | 1,429,088 | ||||||
| Novanta, Inc.* | 2,109 | 325,208 | ||||||
| Trimble, Inc.* | 9,587 | 665,625 | ||||||
| 2,419,921 | ||||||||
| FINANCIAL EXCHANGES & DATA—1.3% | | | ||||||
| MSCI, Inc., Cl. A | 1,751 | 842,826 | ||||||
THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2022 (Unaudited) (Continued)
| COMMON STOCKS—95.6% (CONT.) | SHARES | VALUE | ||||||
| HEALTHCARE DISTRIBUTORS—2.0% | | | ||||||
| McKesson Corp. | 3,867 | $ | 1,320,890 | |||||
| HEALTHCARE EQUIPMENT—1.5% | | | ||||||
| Insulet Corp.* | 4,022 | 996,652 | ||||||
| HEALTHCARE FACILITIES—1.5% | | | ||||||
| Acadia Healthcare Co., Inc.* | 11,751 | 974,275 | ||||||
| HEALTHCARE TECHNOLOGY—2.1% | | | ||||||
| Veeva Systems, Inc., Cl. A* | 5,984 | 1,337,903 | ||||||
| HOTELS RESORTS & CRUISE LINES—1.6% | | | ||||||
| Airbnb, Inc., Cl. A* | 3,223 | 357,688 | ||||||
| Hilton Worldwide Holdings, Inc. | 5,127 | 656,615 | ||||||
| 1,014,303 | ||||||||
| HYPERMARKETS & SUPER CENTERS—2.2% | | | ||||||
| BJ’s Wholesale Club Holdings, Inc.* | 20,749 | 1,404,707 | ||||||
| INTERACTIVE HOME ENTERTAINMENT—1.0% | | | ||||||
| Take-Two Interactive Software, Inc.* | 4,715 | 625,822 | ||||||
| INTERNET & DIRECT MARKETING RETAIL—0.2% | | | ||||||
| The RealReal, Inc.* | 47,134 | 109,822 | ||||||
| IT CONSULTING & OTHER SERVICES—1.0% | | | ||||||
| EPAM Systems, Inc.* | 1,876 | 655,193 | ||||||
| LEISURE FACILITIES—1.0% | | | ||||||
| Vail Resorts, Inc. | 2,644 | 626,972 | ||||||
| LIFE SCIENCES TOOLS & SERVICES—3.7% | | | ||||||
| Azenta, Inc. | 4,920 | 335,839 | ||||||
| Bio-Techne Corp. | 2,856 | 1,100,360 | ||||||
| West Pharmaceutical Services, Inc. | 2,832 | 972,962 | ||||||
| 2,409,161 | ||||||||
| MOVIES & ENTERTAINMENT—4.9% | | | ||||||
| Liberty Media Corp.-Liberty Formula One, Cl. C* | 10,681 | 723,851 | ||||||
| Live Nation Entertainment, Inc.* | 21,213 | 1,993,810 | ||||||
| Roku, Inc., Cl. A* | 6,716 | 440,032 | ||||||
| 3,157,693 | ||||||||
| OIL & GAS EQUIPMENT & SERVICES—2.7% | | | ||||||
| Baker Hughes Co., Cl. A | 52,462 | 1,347,749 | ||||||
| ChampionX Corp. | 19,450 | 406,310 | ||||||
| 1,754,059 | ||||||||
| OIL & GAS EXPLORATION & PRODUCTION—2.9% | | | ||||||
| Diamondback Energy, Inc. | 14,489 | 1,854,882 | ||||||
| PHARMACEUTICALS—2.5% | | | ||||||
| Catalent, Inc.* | 10,229 | 1,156,900 | ||||||
| Jazz Pharmaceuticals PLC* | 2,852 | 445,083 | ||||||
| 1,601,983 | ||||||||
| REGIONAL BANKS—3.1% | | | ||||||
| First Republic Bank | 5,399 | 878,471 | ||||||
| SVB Financial Group* | 2,882 | 1,163,031 | ||||||
| 2,041,502 | ||||||||
| RESEARCH & CONSULTING SERVICES—1.5% | | | ||||||
| CoStar Group, Inc.* | 13,864 | 1,006,388 | ||||||
THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2022 (Unaudited) (Continued)
| COMMON STOCKS—95.6% (CONT.) | SHARES | VALUE | ||||||
| RESTAURANTS—5.2% | | | ||||||
| Shake Shack, Inc., Cl. A* | 43,065 | $ | 2,216,125 | |||||
| The Cheesecake Factory, Inc. | 39,497 | 1,154,497 | ||||||
| 3,370,622 | ||||||||
| SEMICONDUCTOR EQUIPMENT—7.1% | | | ||||||
| Enphase Energy, Inc.* | 1,934 | 549,604 | ||||||
| KLA Corp. | 2,263 | 867,951 | ||||||
| Onto Innovation, Inc.* | 16,686 | 1,389,110 | ||||||
| SolarEdge Technologies, Inc.* | 5,100 | 1,836,663 | ||||||
| 4,643,328 | ||||||||
| SEMICONDUCTORS—2.3% | | | ||||||
| Microchip Technology, Inc. | 11,854 | 816,267 | ||||||
| SiTime Corp.* | 3,686 | 685,522 | ||||||
| 1,501,789 | ||||||||
| SYSTEMS SOFTWARE—3.6% | | | ||||||
| Crowdstrike Holdings, Inc., Cl. A* | 4,581 | 841,072 | ||||||
| Fortinet, Inc.* | 4,923 | 293,657 | ||||||
| Palo Alto Networks, Inc.* | 2,381 | 1,188,357 | ||||||
| 2,323,086 | ||||||||
| TRUCKING—2.4% | | | ||||||
| Old Dominion Freight Line, Inc. | 5,227 | 1,586,447 | ||||||
| TOTAL COMMON STOCKS | ||||||||
|
(Cost $62,156,036)
|
62,088,364 | |||||||
| PREFERRED STOCKS—0.0% | SHARES | VALUE | ||||||
| BIOTECHNOLOGY—0.0% | | | ||||||
| Prosetta Biosciences, Inc., Series D*,@,(a),(b) | 166,009 | — | ||||||
|
(Cost $747,040)
|
— | |||||||
| RIGHTS—0.4% | SHARES | VALUE | ||||||
| BIOTECHNOLOGY—0.4% | | | ||||||
| Tolero CDR*,@,(b),(c) | 422,928 | 249,528 | ||||||
|
(Cost $226,186)
|
249,528 | |||||||
| REAL ESTATE INVESTMENT TRUST—1.0% | SHARES | VALUE | ||||||
| SPECIALIZED—1.0% | | | ||||||
| Crown Castle International Corp. | 3,522 | 636,284 | ||||||
|
(Cost $677,305)
|
636,284 | |||||||
| SPECIAL PURPOSE VEHICLE—1.4% | SHARES | VALUE | ||||||
| DATA PROCESSING & OUTSOURCED SERVICES—1.4% | | | ||||||
| Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b) | 22 | 648,890 | ||||||
| Crosslink Ventures Capital LLC, Cl. B*,@,(a),(b) | 9 | 271,278 | ||||||
| 920,168 | ||||||||
| TOTAL SPECIAL PURPOSE VEHICLE | ||||||||
|
(Cost $775,000)
|
920,168 | |||||||
| Total Investments | ||||||||
|
(Cost $64,581,567)
|
98.4 | % | $ | 63,894,344 | ||||
|
Affiliated Securities (Cost $1,522,040)
|
920,168 | |||||||
|
Unaffiliated Securities (Cost $63,059,527)
|
62,974,176 | |||||||
| Other Assets in Excess of Liabilities | 1.6 | % | 1,029,919 | |||||
| NET ASSETS | 100.0 | % | $ | 64,924,263 | ||||
THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2022 (Unaudited) (Continued)
| (a) | Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 4 - Affiliated Securities. |
| (b) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board. |
| (c) | Contingent Deferred Rights. |
| * | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers. |
| % of net assets | % of net assets | |||||||||||||||||||
| Acquisition | Acquisition | (Acquisition | Market | as of | ||||||||||||||||
| Security | Date(s) | Cost | Date) | Value | 7/31/2022 | |||||||||||||||
| Crosslink Ventures Capital LLC, Cl. A | 10/2/20 | $ | 550,000 | 0.50 | % | $ | 648,890 | 1.00 | % | |||||||||||
| Crosslink Ventures Capital LLC, Cl. B | 12/16/20 | 225,000 | 0.19 | % | 271,278 | 0.42 | % | |||||||||||||
| Prosetta Biosciences, Inc., Series D | 2/6/15 | 747,040 | 0.50 | % | 0 | 0.00 | % | |||||||||||||
| Tolero CDR | 2/6/17 | 226,186 | 0.23 | % | 249,528 | 0.38 | % | |||||||||||||
|
Total
|
$ | 1,169,696 | 1.80 | % | ||||||||||||||||
See Notes to Financial Statements.
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2022 (Unaudited)
| COMMON STOCKS—93.5% | SHARES | VALUE | ||||||
| ADVERTISING—0.3% | | | ||||||
| Magnite, Inc.* | 79,050 | $ | 603,942 | |||||
| AEROSPACE & DEFENSE—3.8% | | | ||||||
| HEICO Corp. | 24,445 | 3,855,221 | ||||||
| Hexcel Corp. | 12,082 | 731,082 | ||||||
| Mercury Systems, Inc.* | 42,210 | 2,490,812 | ||||||
| 7,077,115 | ||||||||
| AGRICULTURAL & FARM MACHINERY—0.1% | | | ||||||
| Hydrofarm Holdings Group, Inc.* | 44,472 | 143,645 | ||||||
| APPAREL ACCESSORIES & LUXURY GOODS—1.3% | | | ||||||
| Capri Holdings Ltd.* | 48,779 | 2,374,562 | ||||||
| APPAREL RETAIL—2.0% | | | ||||||
| Aritzia, Inc.* | 55,487 | 1,750,420 | ||||||
| Victoria’s Secret & Co.* | 52,767 | 1,950,268 | ||||||
| 3,700,688 | ||||||||
| APPLICATION SOFTWARE—20.6% | | | ||||||
| ACI Worldwide, Inc.* | 101,092 | 2,884,155 | ||||||
| Avalara, Inc.* | 35,144 | 3,072,288 | ||||||
| Bill.com Holdings, Inc.* | 21,313 | 2,878,960 | ||||||
| Blackbaud, Inc.* | 33,487 | 2,053,423 | ||||||
| Blackline, Inc.* | 33,099 | 2,092,519 | ||||||
| Digital Turbine, Inc.* | 24,873 | 499,201 | ||||||
| Everbridge, Inc.* | 41,398 | 1,040,746 | ||||||
| ForgeRock, Inc., Cl. A* | 13,629 | 276,260 | ||||||
| Guidewire Software, Inc.* | 18,847 | 1,464,789 | ||||||
| HubSpot, Inc.* | 7,568 | 2,330,944 | ||||||
| Manhattan Associates, Inc.* | 30,087 | 4,232,338 | ||||||
| Paycom Software, Inc.* | 11,443 | 3,781,797 | ||||||
| Q2 Holdings, Inc.* | 53,734 | 2,358,922 | ||||||
| SEMrush Holdings, Inc., Cl. A* | 46,175 | 561,488 | ||||||
| Smartsheet, Inc., Cl. A* | 35,340 | 1,062,320 | ||||||
| Sprout Social, Inc., Cl. A* | 42,926 | 2,236,445 | ||||||
| SPS Commerce, Inc.* | 34,047 | 4,077,469 | ||||||
| Vertex, Inc., Cl. A* | 91,180 | 1,025,775 | ||||||
| 37,929,839 | ||||||||
| ASSET MANAGEMENT & CUSTODY BANKS—0.3% | | | ||||||
| Affiliated Managers Group, Inc. | 4,946 | 625,076 | ||||||
| BIOTECHNOLOGY—2.5% | | | ||||||
| Alkermes PLC* | 18,355 | 469,888 | ||||||
| CareDx, Inc.* | 122,787 | 2,921,103 | ||||||
| Celldex Therapeutics, Inc.* | 14,712 | 451,952 | ||||||
| Karuna Therapeutics, Inc.* | 6,583 | 857,436 | ||||||
| 4,700,379 | ||||||||
| DATA PROCESSING & OUTSOURCED SERVICES—1.6% | | | ||||||
| DLocal Ltd., Cl. A* | 78,350 | 2,176,563 | ||||||
| Marqeta, Inc., Cl. A* | 72,116 | 691,592 | ||||||
| 2,868,155 | ||||||||
| DIVERSIFIED SUPPORT SERVICES—0.4% | | | ||||||
| IAA, Inc.* | 20,574 | 776,257 | ||||||
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2022 (Unaudited) (Continued)
| COMMON STOCKS—93.5% (CONT.) | SHARES | VALUE | ||||||
| ELECTRICAL COMPONENTS & EQUIPMENT—0.6% | | | ||||||
| Sunrun, Inc.* | 35,463 | $ | 1,159,285 | |||||
| ELECTRONIC EQUIPMENT & INSTRUMENTS—1.6% | | | ||||||
| 908 Devices, Inc.* | 23,562 | 530,145 | ||||||
| Cognex Corp. | 46,278 | 2,359,252 | ||||||
| 2,889,397 | ||||||||
| FOOD DISTRIBUTORS—2.3% | | | ||||||
| The Chefs’ Warehouse, Inc.* | 44,268 | 1,532,115 | ||||||
| US Foods Holding Corp.* | 84,424 | 2,659,356 | ||||||
| 4,191,471 | ||||||||
| HEALTHCARE DISTRIBUTORS—0.2% | | | ||||||
| PetIQ, Inc., Cl. A* | 28,532 | 467,925 | ||||||
| HEALTHCARE EQUIPMENT—10.3% | | | ||||||
| CryoPort, Inc.* | 56,843 | 2,114,560 | ||||||
| Impulse Dynamics NV, Series E*,@,(a) | 532,406 | 1,756,940 | ||||||
| Inmode Ltd.* | 82,494 | 2,742,101 | ||||||
| Inogen, Inc.* | 7,727 | 214,965 | ||||||
| Insulet Corp.* | 13,408 | 3,322,502 | ||||||
| Mesa Laboratories, Inc. | 10,542 | 2,248,081 | ||||||
| Paragon 28, Inc.* | 33,317 | 633,023 | ||||||
| QuidelOrtho Corp.* | 35,750 | 3,647,930 | ||||||
| Tandem Diabetes Care, Inc.* | 33,453 | 2,214,923 | ||||||
| 18,895,025 | ||||||||
| HEALTHCARE FACILITIES—0.7% | | | ||||||
| The Joint Corp.* | 74,250 | 1,269,675 | ||||||
| HEALTHCARE SERVICES—1.2% | | | ||||||
| Guardant Health, Inc.* | 27,170 | 1,363,119 | ||||||
| Privia Health Group, Inc.* | 22,208 | 816,810 | ||||||
| 2,179,929 | ||||||||
| HEALTHCARE SUPPLIES—2.2% | | | ||||||
| Neogen Corp.* | 173,289 | 4,008,175 | ||||||
| HEALTHCARE TECHNOLOGY—2.5% | | | ||||||
| Convey Health Solutions Holdings, Inc.* | 63,422 | 662,760 | ||||||
| Definitive Healthcare Corp., Cl. A* | 15,084 | 391,882 | ||||||
| Doximity, Inc., Cl. A* | 8,546 | 361,667 | ||||||
| Renalytix PLC#,* | 72,215 | 181,260 | ||||||
| Sophia Genetics SA* | 37,512 | 129,416 | ||||||
| Veeva Systems, Inc., Cl. A* | 12,713 | 2,842,373 | ||||||
| 4,569,358 | ||||||||
| HOMEBUILDING—0.4% | | | ||||||
| Skyline Champion Corp.* | 10,714 | 678,196 | ||||||
| HOMEFURNISHING RETAIL—0.3% | | | ||||||
| Arhaus, Inc., Cl. A* | 22,323 | 123,000 | ||||||
| Bed Bath & Beyond, Inc.* | 97,012 | 487,970 | ||||||
| 610,970 | ||||||||
| HUMAN RESOURCE & EMPLOYMENT SERVICES—1.0% | | | ||||||
| Legalzoom.com, Inc.* | 67,471 | 707,096 | ||||||
| Upwork, Inc.* | 62,753 | 1,164,696 | ||||||
| | 1,871,792 | |||||||
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2022 (Unaudited) (Continued)
| COMMON STOCKS—93.5% (CONT.) | SHARES | VALUE | ||||||
| HYPERMARKETS & SUPER CENTERS—2.8% | | | ||||||
| BJ’s Wholesale Club Holdings, Inc.* | 76,841 | $ | 5,202,136 | |||||
| INDUSTRIAL MACHINERY—0.5% | | | ||||||
| Gates Industrial Corp., PLC* | 75,398 | 927,395 | ||||||
| INTERACTIVE HOME ENTERTAINMENT—1.2% | | | ||||||
| Take-Two Interactive Software, Inc.* | 16,070 | 2,132,971 | ||||||
| INTERACTIVE MEDIA & SERVICES—1.3% | | | ||||||
| Bumble, Inc., Cl. A* | 31,578 | 1,197,438 | ||||||
| TripAdvisor, Inc.* | 58,728 | 1,116,419 | ||||||
| 2,313,857 | ||||||||
| INTERNET & DIRECT MARKETING RETAIL—0.4% | | | ||||||
| Farfetch Ltd., Cl. A* | 62,944 | 499,776 | ||||||
| The RealReal, Inc.* | 125,207 | 291,732 | ||||||
| 791,508 | ||||||||
| INTERNET SERVICES & INFRASTRUCTURE—0.6% | | | ||||||
| BigCommerce Holdings, Inc.* | 66,015 | 1,033,135 | ||||||
| LEISURE FACILITIES—1.0% | | | ||||||
| Planet Fitness, Inc., Cl. A* | 23,474 | 1,849,986 | ||||||
| LIFE SCIENCES TOOLS & SERVICES—8.7% | | | ||||||
| Akoya Biosciences, Inc.* | 64,191 | 903,809 | ||||||
| Alpha Teknova, Inc.* | 14,922 | 96,844 | ||||||
| Bio-Techne Corp. | 16,146 | 6,220,731 | ||||||
| Cytek Biosciences, Inc.* | 26,270 | 336,256 | ||||||
| ICON PLC* | 8,621 | 2,079,816 | ||||||
| Maravai LifeSciences Holdings, Inc., Cl. A* | 20,363 | 531,271 | ||||||
| MaxCyte, Inc.* | 22,704 | 123,737 | ||||||
| NanoString Technologies, Inc.* | 99,198 | 1,269,734 | ||||||
| NeoGenomics, Inc.* | 69,242 | 700,729 | ||||||
| Personalis, Inc.* | 50,460 | 186,197 | ||||||
| Rapid Micro Biosystems, Inc., Cl. A* | 30,292 | 138,434 | ||||||
| Repligen Corp.* | 15,832 | 3,377,916 | ||||||
| 15,965,474 | ||||||||
| MANAGED HEALTHCARE—1.5% | | | ||||||
| HealthEquity, Inc.* | 49,165 | 2,859,928 | ||||||
| MOVIES & ENTERTAINMENT—2.3% | | | ||||||
| Live Nation Entertainment, Inc.* | 44,292 | 4,163,005 | ||||||
| OIL & GAS EQUIPMENT & SERVICES—0.8% | | | ||||||
| ChampionX Corp. | 36,367 | 759,707 | ||||||
| ProPetro Holding Corp.* | 74,549 | 784,255 | ||||||
| 1,543,962 | ||||||||
| OIL & GAS EXPLORATION & PRODUCTION—5.6% | | | ||||||
| Coterra Energy, Inc. | 38,468 | 1,176,736 | ||||||
| Magnolia Oil & Gas Corp., Cl. A | 377,316 | 9,104,635 | ||||||
| 10,281,371 | ||||||||
| PERSONAL PRODUCTS—0.4% | | | ||||||
| The Beauty Health Co.* | 53,791 | 716,496 | ||||||
| PRECIOUS METALS & MINERALS—0.6% | | | ||||||
| Xometry, Inc., Cl. A* | 29,075 | 1,104,850 | ||||||
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2022 (Unaudited) (Continued)
| COMMON STOCKS—93.5% (CONT.) | SHARES | VALUE | ||||||
| REGIONAL BANKS—0.8% | | | ||||||
| Webster Financial Corp. | 30,740 | $ | 1,427,873 | |||||
| RESTAURANTS—4.7% | | | ||||||
| Shake Shack, Inc., Cl. A* | 64,965 | 3,343,099 | ||||||
| The Cheesecake Factory, Inc. | 81,719 | 2,388,646 | ||||||
| Wingstop, Inc. | 22,844 | 2,882,456 | ||||||
| 8,614,201 | ||||||||
| SEMICONDUCTOR EQUIPMENT—1.0% | | | ||||||
| SolarEdge Technologies, Inc.* | 4,918 | 1,771,119 | ||||||
| SEMICONDUCTORS—0.8% | | | ||||||
| Universal Display Corp. | 12,812 | 1,479,274 | ||||||
| SPECIALTY CHEMICALS—2.3% | | | ||||||
| Balchem Corp. | 31,897 | 4,330,337 | ||||||
| TOTAL COMMON STOCKS | ||||||||
|
(Cost $163,035,174)
|
172,099,734 | |||||||
| PREFERRED STOCKS—3.0% | SHARES | VALUE | ||||||
| BIOTECHNOLOGY—0.0% | | | ||||||
| Prosetta Biosciences, Inc., Series D*,@,(a),(b) | 133,263 | — | ||||||
| DATA PROCESSING & OUTSOURCED SERVICES—3.0% | | | ||||||
| Chime Financial, Inc., Series G*,@,(a) | 114,399 | 5,647,879 | ||||||
| TOTAL PREFERRED STOCKS | ||||||||
|
(Cost $8,501,200)
|
5,647,879 | |||||||
| RIGHTS—0.2% | SHARES | VALUE | ||||||
| BIOTECHNOLOGY—0.2% | | | ||||||
| Tolero CDR*,@,(a),(c) | 528,559 | 311,850 | ||||||
|
(Cost $285,725)
|
311,850 | |||||||
| REAL ESTATE INVESTMENT TRUST—1.1% | SHARES | VALUE | ||||||
| RETAIL—1.1% | | | ||||||
| Tanger Factory Outlet Centers, Inc. | 121,752 | 1,980,905 | ||||||
|
(Cost $2,004,109)
|
1,980,905 | |||||||
| SPECIAL PURPOSE VEHICLE—1.0% | SHARES | VALUE | ||||||
| DATA PROCESSING & OUTSOURCED SERVICES—1.0% | | | ||||||
| Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b) | 51 | 1,504,245 | ||||||
| Crosslink Ventures Capital LLC, Cl. B*,@,(a),(b) | 13 | 391,846 | ||||||
| 1,896,091 | ||||||||
| TOTAL SPECIAL PURPOSE VEHICLE | ||||||||
|
(Cost $1,600,000)
|
1,896,091 | |||||||
| Total Investments | ||||||||
|
(Cost $175,426,208)
|
98.8 | % | $ | 181,936,459 | ||||
|
Affiliated Securities (Cost $2,199,684)
|
1,896,091 | |||||||
|
Unaffiliated Securities (Cost $173,226,524)
|
180,040,368 | |||||||
| Other Assets in Excess of Liabilities | 1.2 | % | 2,148,425 | |||||
| NET ASSETS | 100.0 | % | $ | 184,084,884 | ||||
| # | American Depositary Receipts. |
| (a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board. |
| (b) | Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 4 - Affiliated Securities. |
| (c) | Contingent Deferred Rights. |
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2022 (Unaudited) (Continued)
| * | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers. |
| % of net assets | % of net assets | |||||||||||||||||||
| Acquisition | Acquisition | (Acquisition | Market | as of | ||||||||||||||||
| Security | Date(s) | Cost | Date) | Value | 7/31/2022 | |||||||||||||||
| Chime Financial, Inc., Series G | 8/24/21 | $ | 7,901,516 | 2.12 | % | $ | 5,647,879 | 3.07 | % | |||||||||||
| Crosslink Ventures Capital LLC, Cl. A | 10/2/20 | 1,275,000 | 0.49 | % | 1,504,245 | 0.82 | % | |||||||||||||
| Crosslink Ventures Capital LLC, Cl. B | 12/16/20 | 325,000 | 0.11 | % | 391,846 | 0.21 | % | |||||||||||||
| Impulse Dynamics NV, Series E | 2/11/22 | 1,756,940 | 0.71 | % | 1,756,940 | 0.95 | % | |||||||||||||
| Prosetta Biosciences, Inc., Series D | 2/6/15 | 599,684 | 0.10 | % | 0 | 0.00 | % | |||||||||||||
| Tolero CDR | 2/6/17 | 285,725 | 0.16 | % | 311,850 | 0.17 | % | |||||||||||||
|
Total
|
$ | 9,612,760 | 5.22 | % | ||||||||||||||||
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. Each class has identical rights to assets and earnings, except that each share class bears the pro rata allocation of the Fund’s expenses other than a class expense (not including advisory or custodial fees or other expenses related to the management of the Fund’s assets).
NOTE 2 — Significant Accounting Policies:
(a) Investment Valuation: The Funds value their financial instruments at fair value using independent dealers or pricing services under policies approved by the Trust’s Board of Trustees (the “Board”). Investments held by the Funds are valued on each day the New York Stock Exchange (the “NYSE”) is open, as of the close of the NYSE (normally 4:00 p.m. Eastern Time).
Investments in money market funds and short-term securities held by the Funds having a remaining maturity of sixty days or less are valued at amortized cost which approximates market value.
Equity securities, including traded rights, warrants and option contracts for which valuation information is readily available, are valued at the last quoted sales price or official closing price on the primary market or exchange on which they are traded as reported by an independent pricing service. In the absence of quoted sales, such securities are valued at the bid price or, in the absence of a recent bid price, the equivalent as obtained from one or more of the major market makers for the securities to be valued.
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Securities for which market quotations are not readily available are valued at fair value, as determined in good faith pursuant to procedures established by the Board and described further herein.
Securities in which the Funds invest may be traded in foreign markets that close before the close of the NYSE. Developments that occur between the close of the foreign markets and the close of the NYSE may result in adjustments to the closing prices to reflect what the Trust’s investment adviser, pursuant to policies established by the Board, believes to be the fair value of these securities as of the close of the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but the Funds are open.
FASB Accounting Standards Codification 820 – Fair Value Measurements and Disclosures (“ASC 820”) defines fair value as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability and may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Funds. Unobservable inputs are inputs that reflect the Funds’ own assumptions based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
| ● | Level 1 – quoted prices in active markets for identical investments |
| ● | Level 2 – significant other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| ● | Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments) |
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.
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Valuation processes are determined by a Valuation Committee (“Committee”) authorized by the Board and comprised of representatives of the Trust’s investment adviser and officers of the Trust. The Committee reports its fair value determinations and related valuation information to the Board. The Board is responsible for approving the valuation policy and procedures.
While Committee meetings are held on an as-needed basis, the Committee generally meets quarterly to review and evaluate the effectiveness of the procedures for making fair value determinations. The Committee considers, among other things, the results of quarterly back testing of the fair value model for foreign securities, pricing comparisons between primary and secondary price sources, the outcome of price challenges put to the Funds’ pricing vendor, and variances between transactional prices and the previous day’s prices.
In December 2020, the Securities and Exchange Commission (the “SEC”) adopted Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”), which is intended to address valuation practices and the role of the board of directors with respect to the fair value of the investments of a registered investment company. Among other things, Rule 2a-5 will permit the Board to designate the Funds’ investment adviser, Fred Alger Management, LLC (“Alger Management” or the “Investment Manager”), to perform the Funds’ fair value determinations, which will be subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the Investment Manager’s fair value determinations. Compliance with Rule 2a-5 will not be required until September 2022. The Funds, the Board, and the Investment Manager are currently in the process of implementing the requirements of Rule 2a-5 for compliance with these requirements by the September 2022 compliance deadline.
(b) Cash and Cash Equivalents: Cash and cash equivalents include U.S. dollars, foreign cash and overnight time deposits.
NOTE 3 — Fair Value Measurements:
The following is a summary of the inputs used as of July 31, 2022, in valuing the Funds’ investments carried at fair value on a recurring basis. Based upon the nature, characteristics, and risks associated with their investments, the Funds have determined that presenting them by security type and sector is appropriate.
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
| Alger Capital Appreciation | ||||||||||||||||
| Institutional Fund | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | ||||||||||||
|
COMMON STOCKS
|
||||||||||||||||
|
Communication Services
|
$ | 216,268,097 | $ | 216,268,097 | $ | — | $ | — | ||||||||
|
Consumer Discretionary
|
505,228,556 | 480,195,396 | 24,443,786 | 589,374 | ||||||||||||
|
Consumer Staples
|
24,844,046 | 24,844,046 | — | — | ||||||||||||
|
Energy
|
83,248,478 | 83,248,478 | — | — | ||||||||||||
|
Financials
|
70,292,825 | 70,292,825 | — | — | ||||||||||||
|
Healthcare
|
466,803,170 | 433,334,811 | 33,468,359 | — | ||||||||||||
|
Industrials
|
179,735,947 | 179,735,947 | — | — | ||||||||||||
|
Information Technology
|
1,012,685,854 | 1,012,685,854 | — | — | ||||||||||||
|
Materials
|
19,936,795 | 19,936,795 | — | — | ||||||||||||
|
Utilities
|
20,976,670 | 20,976,670 | — | — | ||||||||||||
|
TOTAL COMMON STOCKS
|
$ | 2,600,020,438 | $ | 2,541,518,919 | $ | 57,912,145 | $ | 589,374 | ||||||||
|
PREFERRED STOCKS
|
||||||||||||||||
|
Information Technology
|
1,921,431 | — | — | 1,921,431 | ||||||||||||
|
REAL ESTATE INVESTMENT TRUST
|
||||||||||||||||
|
Real Estate
|
17,258,269 | 17,258,269 | — | — | ||||||||||||
|
SPECIAL PURPOSE VEHICLE
|
||||||||||||||||
|
Information Technology
|
3,627,885 | — | — | 3,627,885 | ||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES
|
$ | 2,622,828,023 | $ | 2,558,777,188 | $ | 57,912,145 | $ | 6,138,690 | ||||||||
| Alger Focus Equity Fund | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | ||||||||||||
|
COMMON STOCKS
|
||||||||||||||||
|
Communication Services
|
111,464,241 | 111,464,241 | — | — | ||||||||||||
|
Consumer Discretionary
|
224,564,069 | 224,564,069 | — | — | ||||||||||||
|
Consumer Staples
|
8,491,914 | 8,491,914 | — | — | ||||||||||||
|
Energy
|
26,564,938 | 26,564,938 | — | — | ||||||||||||
|
Financials
|
42,642,957 | 42,642,957 | — | — | ||||||||||||
|
Healthcare
|
204,495,005 | 186,606,169 | 17,888,836 | — | ||||||||||||
|
Industrials
|
70,405,803 | 70,405,803 | — | — | ||||||||||||
|
Information Technology
|
443,017,198 | 443,017,198 | — | — | ||||||||||||
|
TOTAL COMMON STOCKS
|
$ | 1,131,646,125 | $ | 1,113,757,289 | $ | 17,888,836 | $ | — | ||||||||
|
PREFERRED STOCKS
|
||||||||||||||||
|
Healthcare
|
— | * | — | — | — | * | ||||||||||
|
TOTAL INVESTMENTS IN SECURITIES
|
$ | 1,131,646,125 | $ | 1,113,757,289 | $ | 17,888,836 | $ | — | ||||||||
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
| Alger Mid Cap Growth Institutional Fund | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | ||||||||||||
|
COMMON STOCKS
|
||||||||||||||||
|
Communication Services
|
$ | 3,783,515 | $ | 3,783,515 | $ | — | $ | — | ||||||||
|
Consumer Discretionary
|
8,576,263 | 8,576,263 | — | — | ||||||||||||
|
Consumer Staples
|
1,404,707 | 1,404,707 | — | — | ||||||||||||
|
Energy
|
3,608,941 | 3,608,941 | — | — | ||||||||||||
|
Financials
|
2,884,328 | 2,884,328 | — | — | ||||||||||||
|
Healthcare
|
11,133,672 | 11,133,672 | — | — | ||||||||||||
|
Industrials
|
9,655,076 | 9,655,076 | — | — | ||||||||||||
|
Information Technology
|
20,061,316 | 20,061,316 | — | — | ||||||||||||
|
Materials
|
980,546 | 980,546 | — | — | ||||||||||||
|
TOTAL COMMON STOCKS
|
$ | 62,088,364 | $ | 62,088,364 | $ | — | $ | — | ||||||||
|
PREFERRED STOCKS
|
||||||||||||||||
|
Healthcare
|
— | * | — | — | — | * | ||||||||||
|
RIGHTS
|
||||||||||||||||
|
Healthcare
|
249,528 | — | — | 249,528 | ||||||||||||
|
REAL ESTATE INVESTMENT TRUST
|
||||||||||||||||
|
Real Estate
|
636,284 | 636,284 | — | — | ||||||||||||
|
SPECIAL PURPOSE VEHICLE
|
||||||||||||||||
|
Information Technology
|
920,168 | — | — | 920,168 | ||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES
|
$ | 63,894,344 | $ | 62,724,648 | $ | — | $ | 1,169,696 | ||||||||
| Alger Small Cap Growth Institutional Fund | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | ||||||||||||
|
COMMON STOCKS
|
||||||||||||||||
|
Communication Services
|
9,213,775 | 9,213,775 | — | — | ||||||||||||
|
Consumer Discretionary
|
18,620,111 | 18,620,111 | — | — | ||||||||||||
|
Consumer Staples
|
10,110,103 | 10,110,103 | — | — | ||||||||||||
|
Energy
|
11,825,333 | 11,825,333 | — | — | ||||||||||||
|
Financials
|
2,052,949 | 2,052,949 | — | — | ||||||||||||
|
Healthcare
|
54,915,868 | 53,158,928 | — | 1,756,940 | ||||||||||||
|
Industrials
|
11,955,489 | 11,955,489 | — | — | ||||||||||||
|
Information Technology
|
47,970,919 | 47,970,919 | — | — | ||||||||||||
|
Materials
|
5,435,187 | 5,435,187 | — | — | ||||||||||||
|
TOTAL COMMON STOCKS
|
$ | 172,099,734 | $ | 170,342,794 | $ | — | $ | 1,756,940 | ||||||||
|
PREFERRED STOCKS
|
||||||||||||||||
|
Healthcare
|
— | * | — | — | — | * | ||||||||||
|
Information Technology
|
5,647,879 | — | — | 5,647,879 | ||||||||||||
|
TOTAL PREFERRED STOCKS
|
$ | 5,647,879 | $ | — | $ | — | $ | 5,647,879 | ||||||||
|
RIGHTS
|
||||||||||||||||
|
Healthcare
|
311,850 | — | — | 311,850 | ||||||||||||
|
REAL ESTATE INVESTMENT TRUST
|
||||||||||||||||
|
Real Estate
|
1,980,905 | 1,980,905 | — | — | ||||||||||||
|
SPECIAL PURPOSE VEHICLE
|
||||||||||||||||
|
Information Technology
|
1,896,091 | — | — | 1,896,091 | ||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES
|
$ | 181,936,459 | $ | 172,323,699 | $ | — | $ | 9,612,760 | ||||||||
* Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of July 31, 2022.
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
| FAIR VALUE | ||||
| MEASUREMENTS | ||||
| USING SIGNIFICANT | ||||
| UNOBSERVABLE | ||||
| INPUTS (LEVEL 3) | ||||
| Alger Capital Appreciation Institutional Fund | Common Stocks | |||
| Opening balance at November 1, 2021 | $ | 1,339,796 | ||
|
Transfers into Level 3
|
— | |||
|
Transfers out of Level 3
|
— | |||
|
Total gains or losses
|
||||
|
Included in net realized gain (loss) on investments
|
— | |||
|
Included in net change in unrealized appreciation (depreciation) on investments
|
(750,422 | ) | ||
|
Purchases and sales
|
||||
|
Purchases
|
— | |||
|
Sales
|
— | |||
| Closing balance at July 31, 2022 | 589,374 | |||
| Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022 | $ | (750,422 | ) | |
| FAIR VALUE | ||||
| MEASUREMENTS | ||||
| USING SIGNIFICANT | ||||
| UNOBSERVABLE | ||||
| INPUTS (LEVEL 3) | ||||
| Alger Capital Appreciation Institutional Fund | Preferred Stocks | |||
| Opening balance at November 1, 2021 | $ | 2,688,128 | ||
|
Transfers into Level 3
|
— | |||
|
Transfers out of Level 3
|
— | |||
|
Total gains or losses
|
||||
|
Included in net realized gain (loss) on investments
|
— | |||
|
Included in net change in unrealized appreciation (depreciation) on investments
|
(766,697 | ) | ||
|
Purchases and sales
|
||||
|
Purchases
|
— | |||
|
Sales
|
— | |||
| Closing balance at July 31, 2022 | 1,921,431 | |||
| Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022 | $ | (766,697 | ) | |
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
| FAIR VALUE | ||||
| MEASUREMENTS | ||||
| USING SIGNIFICANT | ||||
| UNOBSERVABLE | ||||
| INPUTS (LEVEL 3) | ||||
| Special Purpose | ||||
| Alger Capital Appreciation Institutional Fund | Vehicle | |||
| Opening balance at November 1, 2021 | $ | 4,923,444 | ||
|
Transfers into Level 3
|
— | |||
|
Transfers out of Level 3
|
— | |||
|
Total gains or losses
|
||||
|
Included in net realized gain (loss) on investments
|
— | |||
|
Included in net change in unrealized appreciation (depreciation) on investments
|
(1,295,559 | ) | ||
|
Purchases and sales
|
||||
|
Purchases
|
— | |||
|
Sales
|
— | |||
| Closing balance at July 31, 2022 | 3,627,885 | |||
| Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022 | $ | (1,295,559 | ) | |
| FAIR VALUE | ||||
| MEASUREMENTS | ||||
| USING SIGNIFICANT | ||||
| UNOBSERVABLE | ||||
| INPUTS (LEVEL 3) | ||||
| Alger Focus Equity Fund | Preferred Stocks | |||
| Opening balance at November 1, 2021 | $ | 0 | * | |
|
Transfers into Level 3
|
— | |||
|
Transfers out of Level 3
|
— | |||
|
Total gains or losses
|
||||
|
Included in net realized gain (loss) on investments
|
— | |||
|
Included in net change in unrealized appreciation (depreciation) on investments
|
— | |||
|
Purchases and sales
|
||||
|
Purchases
|
— | |||
|
Sales
|
— | |||
| Closing balance at July 31, 2022 | 0 | * | ||
| Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022 | $ | — | ||
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
| FAIR VALUE | ||||
| MEASUREMENTS | ||||
| USING SIGNIFICANT | ||||
| UNOBSERVABLE | ||||
| INPUTS (LEVEL 3) | ||||
| Alger Mid Cap Growth Institutional Fund | Preferred Stocks | |||
| Opening balance at November 1, 2021 | $ | 0 | * | |
|
Transfers into Level 3
|
— | |||
|
Transfers out of Level 3
|
— | |||
|
Total gains or losses
|
||||
|
Included in net realized gain (loss) on investments
|
— | |||
|
Included in net change in unrealized appreciation (depreciation) on investments
|
— | |||
|
Purchases and sales
|
||||
|
Purchases
|
— | |||
|
Sales
|
— | |||
| Closing balance at July 31, 2022 | 0 | * | ||
| Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022 | $ | — | ||
| FAIR VALUE | ||||
| MEASUREMENTS | ||||
| USING SIGNIFICANT | ||||
| UNOBSERVABLE | ||||
| INPUTS (LEVEL 3) | ||||
| Alger Mid Cap Growth Institutional Fund | Rights | |||
| Opening balance at November 1, 2021 | $ | 317,196 | ||
|
Transfers into Level 3
|
— | |||
|
Transfers out of Level 3
|
— | |||
|
Total gains or losses
|
||||
|
Included in net realized gain (loss) on investments
|
— | |||
|
Included in net change in unrealized appreciation (depreciation) on investments
|
(67,668 | ) | ||
|
Purchases and sales
|
||||
|
Purchases
|
— | |||
|
Sales
|
— | |||
| Closing balance at July 31, 2022 | 249,528 | |||
| Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022 | $ | (67,668 | ) | |
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
| FAIR VALUE | ||||
| MEASUREMENTS | ||||
| USING SIGNIFICANT | ||||
| UNOBSERVABLE | ||||
| INPUTS (LEVEL 3) | ||||
| Special Purpose | ||||
| Alger Mid Cap Growth Institutional Fund | Vehicle | |||
| Opening balance at November 1, 2021 | $ | 1,260,209 | ||
|
Transfers into Level 3
|
— | |||
|
Transfers out of Level 3
|
— | |||
|
Total gains or losses
|
||||
|
Included in net realized gain (loss) on investments
|
— | |||
|
Included in net change in unrealized appreciation (depreciation) on investments
|
(340,041 | ) | ||
|
Purchases and sales
|
||||
|
Purchases
|
— | |||
|
Sales
|
— | |||
| Closing balance at July 31, 2022 | 920,168 | |||
| Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022 | $ | (340,041 | ) | |
| FAIR VALUE | ||||
| MEASUREMENTS | ||||
| USING SIGNIFICANT | ||||
| UNOBSERVABLE | ||||
| INPUTS (LEVEL 3) | ||||
| Alger Small Cap Growth Institutional Fund | Common Stocks | |||
| Opening balance at November 1, 2021 | $ | — | ||
|
Transfers into Level 3
|
— | |||
|
Transfers out of Level 3
|
— | |||
|
Total gains or losses
|
||||
|
Included in net realized gain (loss) on investments
|
— | |||
|
Included in net change in unrealized appreciation (depreciation) on investments
|
— | |||
|
Purchases and sales
|
||||
|
Purchases
|
1,756,940 | |||
|
Sales
|
— | |||
| Closing balance at July 31, 2022 | 1,756,940 | |||
| Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022 | $ | — | ||
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
| FAIR VALUE | ||||
| MEASUREMENTS | ||||
| USING SIGNIFICANT | ||||
| UNOBSERVABLE | ||||
| INPUTS (LEVEL 3) | ||||
| Alger Small Cap Growth Institutional Fund | Preferred Stocks | |||
| Opening balance at November 1, 2021 | $ | 7,901,516 | * | |
|
Transfers into Level 3
|
— | |||
|
Transfers out of Level 3
|
— | |||
|
Total gains or losses
|
||||
|
Included in net realized gain (loss) on investments
|
— | |||
|
Included in net change in unrealized appreciation (depreciation) on investments
|
(2,253,637 | ) | ||
|
Purchases and sales
|
||||
|
Purchases
|
— | |||
|
Sales
|
— | |||
| Closing balance at July 31, 2022 | 5,647,879 | * | ||
| Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022 | $ | (2,253,637 | ) | |
| FAIR VALUE | ||||
| MEASUREMENTS | ||||
| USING SIGNIFICANT | ||||
| UNOBSERVABLE | ||||
| INPUTS (LEVEL 3) | ||||
| Alger Small Cap Growth Institutional Fund | Rights | |||
| Opening balance at November 1, 2021 | $ | 396,419 | ||
|
Transfers into Level 3
|
— | |||
|
Transfers out of Level 3
|
— | |||
|
Total gains or losses
|
||||
|
Included in net realized gain (loss) on investments
|
— | |||
|
Included in net change in unrealized appreciation (depreciation) on investments
|
(84,569 | ) | ||
|
Purchases and sales
|
||||
|
Purchases
|
— | |||
|
Sales
|
— | |||
| Closing balance at July 31, 2022 | 311,850 | |||
| Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022 | $ | (84,569 | ) | |
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
| FAIR VALUE | ||||
| MEASUREMENTS | ||||
| USING SIGNIFICANT | ||||
| UNOBSERVABLE | ||||
| INPUTS (LEVEL 3) | ||||
| Special Purpose | ||||
| Alger Small Cap Growth Institutional Fund | Vehicle | |||
| Opening balance at November 1, 2021 | $ | 2,589,729 | ||
|
Transfers into Level 3
|
— | |||
|
Transfers out of Level 3
|
— | |||
|
Total gains or losses
|
||||
|
Included in net realized gain (loss) on investments
|
— | |||
|
Included in net change in unrealized appreciation (depreciation) on investments
|
(693,638 | ) | ||
|
Purchases and sales
|
||||
|
Purchases
|
— | |||
|
Sales
|
— | |||
| Closing balance at July 31, 2022 | 1,896,091 | |||
| Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2022 | $ | (693,638 | ) | |
* Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of July 31, 2022.
The following table provides quantitative information about each Fund’s Level 3 fair value measurements of its investments as of July 31, 2022. The table below is not intended to be all-inclusive, but rather provides information on the Level 3 inputs as they relate to each Fund’s fair value measurements.
| Fair Value | Valuation | Unobservable | Weighted Average | |||||||||
| July 31, 2022 | Methodology | Input | Input/Range | Inputs | ||||||||
| Alger Capital Appreciation Institutional Fund | ||||||||||||
| Common Stocks | $ | 589,374 | Income | Discount Rate | 6.80% | N/A | ||||||
| Approach |
Probability of
Success
|
15.00%-50.00% | ||||||||||
| Preferred Stocks | 1,921,431 | Market | Transaction Price | N/A | N/A | |||||||
| Approach | Revenue Multiple | 20.00x-22.00x | ||||||||||
| Special Purpose Vehicle | 3,627,885 | Market | Transaction Price | N/A | N/A | |||||||
| Approach | Revenue Multiple | 20.00x-22.00x | ||||||||||
| Alger Focus Equity Fund | ||||||||||||
| Preferred Stocks | $ | — | * | Income Approach |
Discount Rate | 100.00% | N/A | |||||
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
| Fair Value | Valuation | Unobservable | Weighted Average | |||||||||
| July 31, 2022 | Methodology | Input | Input/Range | Inputs | ||||||||
| Alger Mid Cap Growth Institutional Fund | ||||||||||||
| Preferred Stocks | $ | — | * | Income Approach |
Discount Rate | 100.00% | N/A | |||||
| Rights | 249,528 | Income | Discount Rate | 9.06%-9.20% | N/A | |||||||
| Approach | Probability of Success |
0.00%-60.00% | ||||||||||
| Special Purpose Vehicle | 920,168 | Market | Transaction Price | N/A | N/A | |||||||
| Approach | Revenue Multiple | 20.00x-22.00x | ||||||||||
| Alger Small Cap Growth Institutional Fund | ||||||||||||
| Common Stocks | $ | 1,756,940 | Market Approach |
Priced at Cost | N/A | N/A | ||||||
| Preferred Stocks | — | * | Income Approach |
Discount Rate | 100.00% | N/A | ||||||
| Preferred Stocks | 5,647,879 | Market | Transaction Price | N/A | N/A | |||||||
| Approach | Revenue Multiple | 20.00x-22.00x | ||||||||||
| Rights | 311,850 | Income | Discount Rate | 9.06%-9.20% | N/A | |||||||
| Approach | Probability of Success |
0.00%-60.00% | ||||||||||
| Special Purpose Vehicle | 1,896,091 | Market | Transaction Price | N/A | N/A | |||||||
| Approach | Revenue Multiple | 20.00x-22.00x | ||||||||||
* Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of July 31, 2022.
The significant unobservable inputs used in the fair value measurement of each Fund’s securities are revenue and EBITDA multiples, discount rates, and the probability of success of certain outcomes. Significant increases and decreases in these inputs in isolation and interrelationships between these inputs would have resulted in significantly higher or lower fair value measurements than those noted in the table above. Generally, all other things being equal, increases in revenue and EBITDA multiples, decreases in discount rates, and increases in the probability of success result in higher fair value measurements, whereas decreases in revenues and EBITDA multiples, increases in discount rates, and decreases in the probability of success result in lower fair value measurements.
Certain of the Funds’ assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes. As of July 31, 2022, 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 | $ | 31,945,607 | $ | 111,452 | $ | 31,834,155 | $ | — | ||||||||
| Alger Focus Equity Fund | 33,173,166 | — | 33,173,166 | — | ||||||||||||
| Alger Mid Cap Growth Institutional Fund | ||||||||||||||||
| Bank overdraft | (34,710 | ) | — | (34,710 | ) | — | ||||||||||
| Alger Small Cap Growth Institutional Fund | 2,866,679 | — | 2,866,679 | — | ||||||||||||
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
NOTE 4 — Affiliated Securities:
| Shares | Shares | Net Change | ||||||||||||||||||||||||||||||
| Held at | Held at | in | Value at | |||||||||||||||||||||||||||||
| October 31, | Shares | Shares | July 31, | Dividend | Realized | Unrealized | July 31, | |||||||||||||||||||||||||
| Security | 2021 | Purchased | Sold | 2022 | Income | Gain (Loss) | App(Dep) | 2022 | ||||||||||||||||||||||||
|
Alger Capital Appreciation
Institutional Fund
Special Purpose
Vehicle
|
||||||||||||||||||||||||||||||||
|
Crosslink Ventures Capital LLC, Cl. A
|
123 | — | — | 123 | $ | — | $ | — | $ | (1,295,559 | ) | $ | 3,627,885 | |||||||||||||||||||
| Total | $ | — | $ | — | $ | (1,295,559 | ) | $ | 3,627,885 | |||||||||||||||||||||||
| Shares | Shares | Net Change | ||||||||||||||||||||||||||||||
| Held at | Held at | in | Value at | |||||||||||||||||||||||||||||
| October 31, | Shares | Shares | July 31, | Dividend | Realized | Unrealized | July 31, | |||||||||||||||||||||||||
| Security | 2021 | Purchased | Sold | 2022 | Income | Gain (Loss) | App(Dep) | 2022 | ||||||||||||||||||||||||
|
Alger Focus
Equity Fund
|
||||||||||||||||||||||||||||||||
| Preferred Stocks | ||||||||||||||||||||||||||||||||
|
Prosetta Biosciences, Inc., Series D**
|
76,825 | — | — | 76,825 | $ | — | $ | — | $ | — | $ | — | * | |||||||||||||||||||
| Total | $ | — | $ | — | $ | — | $ | — | * | |||||||||||||||||||||||
| Shares | Shares | Net Change | ||||||||||||||||||||||||||||||
| Held at | Held at | in | Value at | |||||||||||||||||||||||||||||
| October 31, | Shares | Shares | July 31, | Dividend | Realized | Unrealized | July 31, | |||||||||||||||||||||||||
| Security | 2021 | Purchased | Sold | 2022 | Income | Gain (Loss) | App(Dep) | 2022 | ||||||||||||||||||||||||
|
Alger Mid Cap
Growth Institutional Fund
|
||||||||||||||||||||||||||||||||
| Preferred Stocks | ||||||||||||||||||||||||||||||||
|
Prosetta Biosciences, Inc., Series D**
|
166,009 | — | — | 166,009 | $ | — | $ | — | $ | — | $ | — | * | |||||||||||||||||||
|
Special Purpose Vehicle
|
||||||||||||||||||||||||||||||||
|
Crosslink Ventures Capital LLC, Cl. A
|
22 | — | — | 22 | — | — | (231,726 | ) | 648,890 | |||||||||||||||||||||||
|
Crosslink Ventures Capital LLC, Cl. B
|
9 | — | — | 9 | — | — | (108,315 | ) | 271,278 | |||||||||||||||||||||||
| Total | $ | — | $ | — | $ | (340,041 | ) | $ | 920,168 | |||||||||||||||||||||||
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
| Shares | Shares | Net Change | ||||||||||||||||||||||||||||||
| Held at | Held at | in | Value at | |||||||||||||||||||||||||||||
| October 31, | Shares | Shares | July 31, | Dividend | Realized | Unrealized | July 31, | |||||||||||||||||||||||||
| Security | 2021 | Purchased | Sold | 2022 | Income | Gain (Loss) | App(Dep) | 2022 | ||||||||||||||||||||||||
|
Alger Small Cap
Growth Institutional Fund
|
||||||||||||||||||||||||||||||||
| Preferred Stocks | ||||||||||||||||||||||||||||||||
|
Prosetta Biosciences, Inc., Series D**
|
133,263 | — | — | 133,263 | $ | — | $ | — | $ | — | $ | — | * | |||||||||||||||||||
|
Special Purpose Vehicle
|
||||||||||||||||||||||||||||||||
|
Crosslink Ventures Capital LLC, Cl. A
|
51 | — | — | 51 | — | — | (537,183 | ) | 1,504,245 | |||||||||||||||||||||||
|
Crosslink Ventures Capital LLC, Cl. B
|
13 | — | — | 13 | — | — | (156,455 | ) | 391,846 | |||||||||||||||||||||||
| Total | $ | — | $ | — | $ | (693,638 | ) | $ | 1,896,091 | |||||||||||||||||||||||
* Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of July 31, 2022.
** 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.
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