THE ALGER INSTITUTIONAL FUNDS

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND 

Schedule of Investments July 31, 2023 (Unaudited)

COMMON STOCKS—100.0%	SHARES		VALUE
ADVERTISING—0.9%		‌		‌
The Trade Desk, Inc., Cl. A*		214,103	$	19,539,040
AEROSPACE & DEFENSE—2.9%		‌		‌
HEICO Corp.		99,930		17,585,681
TransDigm Group, Inc.		50,541		45,472,749
				63,058,430
AGRICULTURAL & FARM MACHINERY—0.4%		‌		‌
Deere & Co.		19,515		8,383,644
APPAREL ACCESSORIES & LUXURY GOODS—0.5%		‌		‌
LVMH Moet Hennessy Louis Vuitton SE		11,894		11,046,766
APPLICATION SOFTWARE—4.3%		‌		‌
Adobe, Inc.*		56,851		31,050,311
Cadence Design Systems, Inc.*		64,628		15,123,598
Datadog, Inc., Cl. A*		143,962		16,803,245
Intuit, Inc.		37,785		19,334,584
Salesforce, Inc.*		45,919		10,332,234
				92,643,972
AUTOMOBILE MANUFACTURERS—1.7%		‌		‌
Tesla, Inc.*		135,043		36,114,549
AUTOMOTIVE PARTS & EQUIPMENT—0.4%		‌		‌
Mobileye Global, Inc., Cl. A*		223,725		8,541,820
BIOTECHNOLOGY—2.6%		‌		‌
Natera, Inc.*		541,535		24,488,213
Vaxcyte, Inc.*		412,593		19,829,219
Vertex Pharmaceuticals, Inc.*		32,961		11,613,479
				55,930,911
BROADLINE RETAIL—8.1%		‌		‌
Amazon.com, Inc.*		1,018,236		136,117,789
MercadoLibre, Inc.*		31,041		38,430,310
				174,548,099
CARGO GROUND TRANSPORTATION—0.3%		‌		‌
Old Dominion Freight Line, Inc.		17,803		7,468,180
CASINOS & GAMING—3.7%		‌		‌
DraftKings, Inc., Cl. A*		516,986		16,429,815
Flutter Entertainment PLC*		120,028		23,873,514
Las Vegas Sands Corp.*		387,584		23,181,399
MGM Resorts International		315,848		16,035,603
				79,520,331
CONSTRUCTION & ENGINEERING—0.4%		‌		‌
Quanta Services, Inc.		39,826		8,029,718
CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.5%				‌
Wabtec Corp.		91,275		10,810,611
CONSTRUCTION MATERIALS—1.4%		‌		‌
Martin Marietta Materials, Inc.		67,225		30,013,273
DIVERSIFIED BANKS—1.1%		‌		‌
JPMorgan Chase & Co.		142,926		22,576,591
ELECTRICAL COMPONENTS & EQUIPMENT—0.4%		‌		‌
Eaton Corp. PLC		44,249		9,085,205

- 2 - 

THE ALGER INSTITUTIONAL FUNDS

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND 

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

COMMON STOCKS—100.0% (CONT.)	SHARES		VALUE
ENVIRONMENTAL & FACILITIES SERVICES—1.1%		‌		‌
GFL Environmental, Inc.		681,704	$	23,273,375
FINANCIAL EXCHANGES & DATA—2.1%		‌		‌
CME Group, Inc., Cl. A		62,704		12,475,588
S&P Global, Inc.		79,866		31,507,935
				43,983,523
HEALTHCARE DISTRIBUTORS—0.9%		‌		‌
McKesson Corp.		46,496		18,709,990
HEALTHCARE EQUIPMENT—3.1%		‌		‌
Boston Scientific Corp.*		439,489		22,787,505
Dexcom, Inc.*		111,485		13,886,571
GE HealthCare Technologies, Inc.		119,034		9,284,652
Intuitive Surgical, Inc.*		65,178		21,143,743
				67,102,471
HEALTHCARE FACILITIES—0.8%		‌		‌
Acadia Healthcare Co., Inc.*		213,022		16,835,129
HOTELS RESORTS & CRUISE LINES—1.7%		‌		‌
Booking Holdings, Inc.*		3,976		11,811,901
Trip.com Group Ltd.#,*		593,113		24,341,357
				36,153,258
INDUSTRIAL GASES—0.5%		‌		‌
Air Products & Chemicals, Inc.		36,240		11,065,159
INTERACTIVE MEDIA & SERVICES—9.3%		‌		‌
Alphabet, Inc., Cl. C*		718,171		95,595,742
Meta Platforms, Inc., Cl. A*		306,118		97,529,195
Pinterest, Inc., Cl. A*		194,908		5,650,383
				198,775,320
INTERNET SERVICES & INFRASTRUCTURE—0.4%		‌		‌
MongoDB, Inc., Cl. A*		21,912		9,277,541
LIFE SCIENCES TOOLS & SERVICES—1.1%		‌		‌
Danaher Corp.		92,589		23,615,750
MANAGED HEALTHCARE—1.2%		‌		‌
UnitedHealth Group, Inc.		52,593		26,631,517
MOVIES & ENTERTAINMENT—2.3%		‌		‌
Liberty Media Corp. Series C Liberty Formula One*		179,591		13,038,307
Netflix, Inc.*		80,569		35,367,374
				48,405,681
OIL & GAS EQUIPMENT & SERVICES—1.1%		‌		‌
Schlumberger NV		386,135		22,527,116
OIL & GAS EXPLORATION & PRODUCTION—2.0%		‌		‌
Diamondback Energy, Inc.		101,559		14,961,672
Hess Corp.		87,095		13,214,924
Pioneer Natural Resources Co.		66,461		14,998,254
				43,174,850
OIL & GAS STORAGE & TRANSPORTATION—0.5%		‌		‌
Cheniere Energy, Inc.		68,938		11,158,305
PASSENGER GROUND TRANSPORTATION—0.5%		‌		‌
Uber Technologies, Inc.*		235,867		11,665,982

- 3 - 

THE ALGER INSTITUTIONAL FUNDS 

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND 

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

COMMON STOCKS—100.0% (CONT.)	SHARES		VALUE
PHARMACEUTICALS—1.6%		‌		‌
AstraZeneca PLC#		194,803	$	13,967,375
Eli Lilly & Co.		24,808		11,276,476
Reata Pharmaceuticals, Inc., Cl. A*		49,844		8,253,170
				33,497,021
SEMICONDUCTORS—13.2%		‌		‌
Advanced Micro Devices, Inc.*		143,114		16,372,242
Broadcom, Inc.		4,703		4,226,351
First Solar, Inc.*		51,462		10,673,219
Marvell Technology, Inc.		617,287		40,203,902
NVIDIA Corp.		369,643		172,730,477
ON Semiconductor Corp.*		96,205		10,366,089
Taiwan Semiconductor Manufacturing Co., Ltd.#		278,571		27,620,315
				282,192,595
SPECIALTY CHEMICALS—0.9%		‌		‌
Albemarle Corp.		86,207		18,300,022
SYSTEMS SOFTWARE—14.9%		‌		‌
Microsoft Corp.		835,512		280,665,191
Oracle Corp.		151,613		17,773,592
Palo Alto Networks, Inc.*		6,037		1,509,009
ServiceNow, Inc.*		34,249		19,967,167
				319,914,959
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.5%		‌		‌
Apple, Inc.		820,289		161,145,774
TRANSACTION & PAYMENT PROCESSING SERVICES—3.7%		‌		‌
Toast, Inc., Cl. A*		487,088		10,750,032
Visa, Inc., Cl. A		287,306		68,301,256
				79,051,288
TOTAL COMMON STOCKS
(Cost $1,158,486,654)				2,143,767,766

PREFERRED STOCKS—0.1%	SHARES	VALUE
DATA PROCESSING & OUTSOURCED SERVICES—0.1%	‌	‌
Chime Financial, Inc., Series G*,@,(a)	38,919	1,670,014
(Cost $2,688,128)		1,670,014

SPECIAL PURPOSE VEHICLE—0.1%				VALUE
DATA PROCESSING & OUTSOURCED SERVICES—0.1%	‌			‌
Crosslink Ventures Capital C, LLC, Cl. A*,@,(a),(b)				3,203,289
(Cost $3,075,000)				3,203,289
Total Investments
(Cost $1,164,249,782)	100.2	%	$	2,148,641,069
Affiliated Securities (Cost $3,075,000)				3,203,289
Unaffiliated Securities (Cost $1,161,174,782)				2,145,437,780
Liabilities in Excess of Other Assets	(0.2	)%		(4,892,904	)
NET ASSETS	100.0	%	$	2,143,748,165

^# American Depositary Receipts.

- 4 -

THE ALGER INSTITUTIONAL FUNDS 

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND 

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

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

^(b) Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 4 - Affiliated Securities.

^* Non-income producing security.

^@ Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.

Security	Acquisition  Date(s)	Acquisition Cost		% of net assets  (Acquisition  Date)		Market  Value		% of net assets  as of 7/31/2023
Chime Financial, Inc., Series G	8/24/21	$	2,688,128		0.06%	$	1,670,014		0.08	%
Crosslink Ventures Capital C, LLC, Cl. A	10/2/20		3,075,000		0.08%		3,203,289		0.15	%
Total						$	4,873,303		0.23	%

See Notes to Financial Statements.

- 5 -

THE ALGER INSTITUTIONAL FUNDS │ALGER FOCUS EQUITY FUND 

Schedule of Investments July 31, 2023 (Unaudited)

COMMON STOCKS—99.4%	SHARES		VALUE
ADVERTISING—0.9%		‌
The Trade Desk, Inc., Cl. A*		126,173	$	11,514,548
AEROSPACE & DEFENSE—2.6%		‌
TransDigm Group, Inc.		37,807		34,015,714
APPAREL ACCESSORIES & LUXURY GOODS—0.5%		‌
LVMH Moet Hennessy Louis Vuitton SE		7,317		6,795,795
APPLICATION SOFTWARE—4.5%		‌
Adobe, Inc.*		47,332		25,851,318
Datadog, Inc., Cl. A*		123,736		14,442,466
Intuit, Inc.		22,621		11,575,166
Salesforce, Inc.*		35,099		7,897,626
				59,766,576
AUTOMOBILE MANUFACTURERS—1.7%		‌
Tesla, Inc.*		83,944		22,449,144
AUTOMOTIVE PARTS & EQUIPMENT—0.8%		‌
Mobileye Global, Inc., Cl. A*		277,214		10,584,030
BIOTECHNOLOGY—2.2%		‌
Natera, Inc.*		382,877		17,313,698
Vaxcyte, Inc.*		260,149		12,502,761
				29,816,459
BROADLINE RETAIL—7.3%		‌
Amazon.com, Inc.*		545,373		72,905,463
MercadoLibre, Inc.*		19,520		24,166,736
				97,072,199
CASINOS & GAMING—3.6%		‌
DraftKings, Inc., Cl. A*		356,748		11,337,451
Flutter Entertainment PLC*		128,555		25,569,531
MGM Resorts International		220,569		11,198,288
				48,105,270
CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—1.0%				‌
Wabtec Corp.		108,659		12,869,572
CONSTRUCTION MATERIALS—2.0%		‌
Martin Marietta Materials, Inc.		60,418		26,974,220
DIVERSIFIED BANKS—1.1%		‌
JPMorgan Chase & Co.		89,317		14,108,513
ELECTRICAL COMPONENTS & EQUIPMENT—1.0%		‌
Eaton Corp. PLC		24,120		4,952,318
Vertiv Holdings Co., Cl. A		306,054		7,960,465
				12,912,783
ENVIRONMENTAL & FACILITIES SERVICES—2.6%		‌
GFL Environmental, Inc.		1,009,628		34,468,700
FINANCIAL EXCHANGES & DATA—2.8%		‌
CME Group, Inc., Cl. A		68,699		13,668,353
S&P Global, Inc.		58,551		23,098,955
				36,767,308
HEALTHCARE DISTRIBUTORS—1.0%		‌
McKesson Corp.		34,187		13,756,849

- 6 - 

THE ALGER INSTITUTIONAL FUNDS│ ALGER FOCUS EQUITY FUND 

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

COMMON STOCKS—99.4% (CONT.)	SHARES		VALUE
HEALTHCARE EQUIPMENT—4.1%		‌		‌
Boston Scientific Corp.*		301,316	$	15,623,235
GE HealthCare Technologies, Inc.		82,197		6,411,366
TransMedics Group, Inc.*		343,041		31,964,560
				53,999,161
HEALTHCARE FACILITIES—1.0%		‌		‌
Acadia Healthcare Co., Inc.*		174,820		13,816,025
HOTELS RESORTS & CRUISE LINES—1.3%		‌		‌
Trip.com Group Ltd.#,*		423,257		17,370,467
INDUSTRIAL GASES—0.8%		‌		‌
Air Products & Chemicals, Inc.		37,125		11,335,376
INTERACTIVE MEDIA & SERVICES—9.2%		‌		‌
Alphabet, Inc., Cl. C*		449,291		59,805,125
Meta Platforms, Inc., Cl. A*		196,833		62,710,994
				122,516,119
LIFE SCIENCES TOOLS & SERVICES—0.9%		‌		‌
Danaher Corp.		45,206		11,530,242
MANAGED HEALTHCARE—1.8%		‌		‌
UnitedHealth Group, Inc.		46,539		23,565,953
MOVIES & ENTERTAINMENT—3.1%		‌		‌
Liberty Media Corp. Series C Liberty Formula One*		271,711		19,726,219
Netflix, Inc.*		48,982		21,501,628
				41,227,847
OIL & GAS EQUIPMENT & SERVICES—1.2%		‌		‌
Schlumberger NV		269,837		15,742,291
OIL & GAS EXPLORATION & PRODUCTION—2.6%		‌		‌
EOG Resources, Inc.		263,105		34,869,306
PHARMACEUTICALS—0.9%		‌		‌
AstraZeneca PLC#		170,078		12,194,593
SEMICONDUCTORS—13.1%		‌		‌
Advanced Micro Devices, Inc.*		87,988		10,065,827
First Solar, Inc.*		36,331		7,535,049
Marvell Technology, Inc.		429,874		27,997,694
NVIDIA Corp.		224,233		104,781,839
ON Semiconductor Corp.*		76,309		8,222,295
Taiwan Semiconductor Manufacturing Co., Ltd.#		159,002		15,765,048
				174,367,752
SYSTEMS SOFTWARE—13.3%		‌		‌
Microsoft Corp.		485,324		163,030,038
ServiceNow, Inc.*		23,270		13,566,410
				176,596,448
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.9%		‌		‌
Apple, Inc.		464,699		91,290,118
TRANSACTION & PAYMENT PROCESSING SERVICES—3.6%		‌		‌
Visa, Inc., Cl. A		202,234		48,077,089
TOTAL COMMON STOCKS
(Cost $899,202,246)		‌		1,320,476,467

- 7 - 

THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUND 

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

PREFERRED STOCKS—0.0%	SHARES			VALUE
BIOTECHNOLOGY—0.0%		‌			‌
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		76,825		$	—
(Cost $345,713)					—
Total Investments
(Cost $899,547,959)		99.4	%	$	1,320,476,467
Affiliated Securities (Cost $345,713)					—
Unaffiliated Securities (Cost $899,202,246)					1,320,476,467
Other Assets in Excess of Liabilities		0.6	%		8,525,341
NET ASSETS		100.0	%	$	1,329,001,808

#	American Depositary Receipts.
(a)	Deemed an affiliate of the Fund in accordance with Section 2(a)(3) ofthe Investment Company Act of 1940. See Note 4 - Affiliated Securities.
(b)	Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee (as defined in Note 2).
*	Non-income producing security.
@	Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.

Security	Acquisition  Date(s)	Acquisition Cost		% of net assets  (Acquisition  Date)		Market  Value		% of net assets  as of 7/31/2023
Prosetta Biosciences, Inc., Series D	2/6/15	$	345,713		0.80%	$	0		0.00	%
Total						$	0		0.00	%

See Notes to Financial Statements.

- 8 - 

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND

Schedule of Investments July 31, 2023 (Unaudited)

COMMON STOCKS—97.4%	SHARES		VALUE
ADVERTISING—2.6%		‌		‌
The Trade Desk, Inc., Cl. A*		18,176	$	1,658,742
AEROSPACE & DEFENSE—4.6%		‌		‌
HEICO Corp.		7,999		1,407,664
TransDigm Group, Inc.		1,725		1,552,017
				2,959,681
APPAREL ACCESSORIES & LUXURY GOODS—0.5%		‌		‌
Lululemon Athletica, Inc.*		772		292,225
APPLICATION SOFTWARE—11.8%		‌		‌
Bill.com Holdings, Inc.*		3,656		458,243
Cadence Design Systems, Inc.*		4,120		964,121
Constellation Software, Inc.		638		1,347,722
Datadog, Inc., Cl. A*		11,813		1,378,813
Guidewire Software, Inc.*		11,973		1,015,550
Manhattan Associates, Inc.*		4,759		907,161
Procore Technologies, Inc.*		7,251		549,988
The Descartes Systems Group, Inc.*		11,763		917,333
				7,538,931
ASSET MANAGEMENT & CUSTODY BANKS—1.6%		‌		‌
Ares Management Corp., Cl. A		10,620		1,053,716
AUTOMOTIVE PARTS & EQUIPMENT—0.8%		‌		‌
Mobileye Global, Inc., Cl. A*		13,413		512,108
AUTOMOTIVE RETAIL—1.6%		‌		‌
AutoZone, Inc.*		402		997,651
BIOTECHNOLOGY—3.1%		‌		‌
Apellis Pharmaceuticals, Inc.*		1,646		42,385
Celldex Therapeutics, Inc.*		9,919		350,736
Natera, Inc.*		26,710		1,207,826
Vaxcyte, Inc.*		8,233		395,678
				1,996,625
BUILDING PRODUCTS—0.7%		‌		‌
Trex Co., Inc.*		6,758		467,248
CARGO GROUND TRANSPORTATION—2.2%		‌		‌
Old Dominion Freight Line, Inc.		3,383		1,419,135
CONSTRUCTION & ENGINEERING—1.6%		‌		‌
WillScot Mobile Mini Holdings Corp.*		20,857		1,000,093
CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—1.5%
Wabtec Corp.		8,278		980,446
CONSTRUCTION MATERIALS—2.2%		‌		‌
Martin Marietta Materials, Inc.		3,085		1,377,329
CONSUMER STAPLES MERCHANDISE RETAIL—0.8%		‌		‌
BJ’s Wholesale Club Holdings, Inc.*		7,985		529,485
ELECTRONIC COMPONENTS—2.0%		‌		‌
Amphenol Corp., Cl. A		14,128		1,247,644
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.5%		‌		‌
Novanta, Inc.*		5,536		979,318
ENVIRONMENTAL & FACILITIES SERVICES—3.3%		‌		‌
GFL Environmental, Inc.		61,325		2,093,636

- 9 - 

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND

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

COMMON STOCKS—97.4% (CONT.)	SHARES		VALUE
FINANCIAL EXCHANGES & DATA—2.5%		‌		‌
MSCI, Inc., Cl. A		2,953	$	1,618,480
HEALTHCARE EQUIPMENT—6.9%		‌		‌
Dexcom, Inc.*		9,974		1,242,362
IDEXX Laboratories, Inc.*		2,784		1,544,368
Insulet Corp.*		2,977		823,885
Teleflex, Inc.		3,143		789,427
				4,400,042
HEALTHCARE FACILITIES—1.7%		‌		‌
Acadia Healthcare Co., Inc.*		13,964		1,103,575
HEALTHCARE TECHNOLOGY—1.7%		‌		‌
Veeva Systems, Inc., Cl. A*		5,311		1,084,612
HOME IMPROVEMENT RETAIL—2.0%		‌		‌
Floor & Decor Holdings, Inc., Cl. A*		10,940		1,256,459
HOMEBUILDING—1.8%		‌		‌
NVR, Inc.*		186		1,172,998
HOTELS RESORTS & CRUISE LINES—1.8%		‌		‌
Hilton Worldwide Holdings, Inc.		7,364		1,145,028
HUMAN RESOURCE & EMPLOYMENT SERVICES—1.8%		‌		‌
Paycom Software, Inc.		3,180		1,172,657
INSURANCE BROKERS—0.9%		‌		‌
Ryan Specialty Holdings, Inc., Cl. A*		13,751		595,968
INTERACTIVE MEDIA & SERVICES—0.7%		‌		‌
Pinterest, Inc., Cl. A*		16,452		476,944
INTERNET SERVICES & INFRASTRUCTURE—2.2%		‌		‌
MongoDB, Inc., Cl. A*		3,357		1,421,354
IT CONSULTING & OTHER SERVICES—1.5%		‌		‌
Globant SA*		5,425		947,910
LIFE SCIENCES TOOLS & SERVICES—5.8%		‌		‌
Mettler-Toledo International, Inc.*		644		809,811
Repligen Corp.*		7,401		1,269,715
West Pharmaceutical Services, Inc.		4,492		1,653,236
				3,732,762
METAL, GLASS & PLASTIC CONTAINERS—0.7%		‌		‌
Ball Corp.		7,629		447,746
MOVIES & ENTERTAINMENT—1.8%		‌		‌
Liberty Media Corp. Series C Liberty Formula One*		13,737		997,306
Live Nation Entertainment, Inc.*		1,705		149,614
				1,146,920
OIL & GAS EXPLORATION & PRODUCTION—2.7%		‌		‌
Diamondback Energy, Inc.		11,953		1,760,916
OTHER SPECIALTY RETAIL—0.5%		‌		‌
Five Below, Inc.*		1,534		319,594
PROPERTY & CASUALTY INSURANCE—1.4%		‌		‌
Intact Financial Corp.		5,888		869,728
REAL ESTATE SERVICES—4.8%		‌		‌
CoStar Group, Inc.*		12,810		1,075,656
FirstService Corp.		12,878		2,017,081
				3,092,737

- 10 - 

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND

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

COMMON STOCKS—97.4% (CONT.)	SHARES			VALUE
RESEARCH & CONSULTING SERVICES—2.8%		‌			‌
TransUnion		9,847		$	784,707
Verisk Analytics, Inc., Cl. A		4,391			1,005,276
					1,789,983
RESTAURANTS—3.2%		‌			‌
Chipotle Mexican Grill, Inc., Cl. A*		499			979,178
Domino’s Pizza, Inc.		2,750			1,091,035
					2,070,213
SEMICONDUCTOR MATERIALS & EQUIPMENT—0.5%		‌			‌
KLA Corp.		641			329,442
SEMICONDUCTORS—5.3%		‌			‌
Lattice Semiconductor Corp.*		6,103			555,007
Marvell Technology, Inc.		23,443			1,526,843
ON Semiconductor Corp.*		12,434			1,339,764
					3,421,614
TOTAL COMMON STOCKS
(Cost $52,480,521)					62,481,695
PREFERRED STOCKS—0.0%		SHARES			VALUE
BIOTECHNOLOGY—0.0%		‌			‌
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		166,009			—
(Cost $747,040)					—
RIGHTS—0.5%		SHARES			VALUE
BIOTECHNOLOGY—0.5%		‌			‌
Tolero CDR*,@,(b),(c)		422,928			291,820
(Cost $226,186)					291,820
SPECIAL PURPOSE VEHICLE—1.3%					VALUE
DATA PROCESSING & OUTSOURCED SERVICES—1.3%		‌			‌
Crosslink Ventures Capital C, LLC, Cl. A*,@,(a),(b)					572,946
Crosslink Ventures Capital C, LLC, Cl. B*,@,(a),(b)					235,764
					808,710
TOTAL SPECIAL PURPOSE VEHICLE
(Cost $775,000)					808,710
Total Investments
(Cost $54,228,747)		99.2	%	$	63,582,225
Affiliated Securities (Cost $1,522,040)					808,710
Unaffiliated Securities (Cost $52,706,707)					62,773,515
Other Assets in Excess of Liabilities		0.8	%		484,125
NET ASSETS		100.0	%	$	64,066,350

^(a) Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 4 - Affiliated Securities.

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

^(c) Contingent Deferred Rights.

^* Non-income producing security.

- 11 - 

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND

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

^@ Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.

Security	Acquisition  Date(s)	Acquisition Cost		% of net assets  (Acquisition  Date)		Market  Value		% of net assets  as of 7/31/2023
Crosslink Ventures Capital C, LLC, Cl. A	10/2/20	$	550,000		0.50%	$	572,946		0.89	%
Crosslink Ventures Capital C, LLC, Cl. B	12/16/20		225,000		0.19%		235,764		0.37	%
Prosetta Biosciences, Inc., Series D	2/6/15		747,040		0.50%		0		0.00	%
Tolero CDR	2/6/17		226,186		0.23%		291,820		0.46	%
Total						$	1,100,530		1.72	%

See Notes to Financial Statements.

- 12 - 

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2023 (Unaudited)

COMMON STOCKS—92.4%	SHARES		VALUE
ADVERTISING—0.6%
Magnite, Inc.*		58,652	$	887,405
AEROSPACE & DEFENSE—4.4%
HEICO Corp.		22,096		3,888,454
Hexcel Corp.		10,920		771,826
Mercury Systems, Inc.*		38,152		1,449,013
				6,109,293
APPAREL ACCESSORIES & LUXURY GOODS—1.1%
Capri Holdings Ltd.*		41,136		1,518,330
APPAREL RETAIL—0.5%
Aritzia, Inc.*		10,957		208,448
Victoria’s Secret & Co.*		21,552		441,600
				650,048
APPLICATION SOFTWARE—24.0%
ACI Worldwide, Inc.*		62,376		1,446,500
AppFolio, Inc., Cl. A*		10,548		1,904,863
Bill.com Holdings, Inc.*		19,264		2,414,550
Blackbaud, Inc.*		21,038		1,587,317
Blackline, Inc.*		29,917		1,737,579
Everbridge, Inc.*		42,067		1,297,346
Guidewire Software, Inc.*		17,034		1,444,824
HubSpot, Inc.*		6,842		3,972,123
Manhattan Associates, Inc.*		27,197		5,184,292
Q2 Holdings, Inc.*		48,569		1,722,743
SEMrush Holdings, Inc., Cl. A*		41,737		442,830
Smartsheet, Inc., Cl. A*		31,943		1,418,269
Sprout Social, Inc., Cl. A*		30,878		1,764,369
SPS Commerce, Inc.*		29,903		5,394,202
Vertex, Inc., Cl. A*		82,416		1,710,956
				33,442,763
ASSET MANAGEMENT & CUSTODY BANKS—0.4%
Affiliated Managers Group, Inc.		4,469		619,582
AUTOMOTIVE PARTS & EQUIPMENT—0.0%
Atmus Filtration Technologies, Inc.*		1,847		44,051
BIOTECHNOLOGY—6.6%
ACELYRIN, Inc.*		11,317		281,114
ADMA Biologics, Inc.*		208,870		866,810
Alkermes PLC*		16,590		485,755
Arcus Biosciences, Inc.*		17,175		341,783
Avidity Biosciences, Inc.*		29,546		280,982
Cabaletta Bio, Inc.*		114,375		1,557,788
Celldex Therapeutics, Inc.*		21,328		754,158
Karuna Therapeutics, Inc.*		5,952		1,189,031
MoonLake Immunotherapeutics, Cl. A*		22,403		1,362,326
Morphic Holding, Inc.*		14,724		835,293
RAPT Therapeutics, Inc.*		30,555		730,265
Vaxcyte, Inc.*		10,523		505,735
				9,191,040

- 13 -

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—92.4% (CONT.)	SHARES		VALUE
CONSUMER STAPLES MERCHANDISE RETAIL—2.4%
BJ’s Wholesale Club Holdings, Inc.*		50,157	$	3,325,911
DIVERSIFIED SUPPORT SERVICES—0.5%
RB Global, Inc.		9,766		629,712
ELECTRICAL COMPONENTS & EQUIPMENT—0.4%
Sunrun, Inc.*		32,054		608,385
ELECTRONIC EQUIPMENT & INSTRUMENTS—0.9%
908 Devices, Inc.*		187,978		1,308,327
FOOD DISTRIBUTORS—3.2%
The Chefs’ Warehouse, Inc.*		40,013		1,454,072
US Foods Holding Corp.*		68,800		2,939,824
				4,393,896
FOOTWEAR—0.6%
On Holding AG, Cl. A*		22,379		805,644
HEALTHCARE DISTRIBUTORS—0.3%
PetIQ, Inc., Cl. A*		25,789		431,708
HEALTHCARE EQUIPMENT—8.2%
Impulse Dynamics PLC, Class E*,@,(a)		532,406		1,756,940
Inmode Ltd.*		37,353		1,602,817
Insulet Corp.*		10,926		3,023,771
Paragon 28, Inc.*		30,114		532,114
QuidelOrtho Corp.*		32,314		2,822,951
Shockwave Medical, Inc.*		2,483		647,070
Tandem Diabetes Care, Inc.*		30,237		1,055,876
				11,441,539
HEALTHCARE SERVICES—0.4%
Privia Health Group, Inc.*		20,072		560,410
HEALTHCARE SUPPLIES—1.0%
Neogen Corp.*		61,064		1,416,074
HEALTHCARE TECHNOLOGY—1.9%
Doximity, Inc., Cl. A*		7,724		275,979
Veeva Systems, Inc., Cl. A*		11,492		2,346,896
				2,622,875
HOMEBUILDING—0.5%
Skyline Champion Corp.*		9,683		674,518
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.7%
Paycom Software, Inc.		2,624		967,626
INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.7%
Gates Industrial Corp., PLC*		68,151		928,217
INTERACTIVE HOME ENTERTAINMENT—1.6%
Take-Two Interactive Software, Inc.*		14,524		2,221,301
INTERACTIVE MEDIA & SERVICES—0.8%
Bumble, Inc., Cl. A*		28,543		528,617
Tripadvisor, Inc.*		33,825		630,836
				1,159,453
LEISURE FACILITIES—1.0%
Planet Fitness, Inc., Cl. A*		21,217		1,432,996

- 14 -

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—92.4% (CONT.)	SHARES		VALUE
LIFE SCIENCES TOOLS & SERVICES—7.6%
Akoya Biosciences, Inc.*		60,048	$	414,331
Bio-Techne Corp.		51,271		4,276,001
CryoPort, Inc.*		51,379		825,661
ICON PLC*		7,793		1,959,238
MaxCyte, Inc.*		80,083		357,971
Mesa Laboratories, Inc.		3,769		484,920
NanoString Technologies, Inc.*		63,851		303,931
Personalis, Inc.*		126,736		299,097
Repligen Corp.*		9,649		1,655,382
				10,576,532
MANAGED HEALTHCARE—1.8%
HealthEquity, Inc.*		37,533		2,549,992
MOVIES & ENTERTAINMENT—1.8%
Live Nation Entertainment, Inc.*		29,285		2,569,759
OIL & GAS EQUIPMENT & SERVICES—1.3%
ChampionX Corp.		32,871		1,170,208
ProPetro Holding Corp.*		67,383		703,478
				1,873,686
OIL & GAS EXPLORATION & PRODUCTION—3.3%
Coterra Energy, Inc.		34,770		957,566
Magnolia Oil & Gas Corp., Cl. A		162,878		3,607,747
				4,565,313
PERSONAL CARE PRODUCTS—0.5%
Oddity Tech Ltd., Cl. A*		13,730		731,672
PHARMACEUTICALS—1.4%
Pliant Therapeutics, Inc.*		22,329		398,349
Reata Pharmaceuticals, Inc., Cl. A*		6,984		1,156,411
Ventyx Biosciences, Inc.*		10,465		387,728
				1,942,488
REGIONAL BANKS—0.9%
Webster Financial Corp.		27,785		1,314,786
RESEARCH & CONSULTING SERVICES—0.7%
LegalZoom.com, Inc.*		60,985		931,851
RESTAURANTS—6.6%
Cava Group, Inc.*		5,545		316,675
Kura Sushi USA, Inc., Cl. A*		21,124		2,102,049
Shake Shack, Inc., Cl. A*		29,210		2,268,448
The Cheesecake Factory, Inc.		33,851		1,245,040
Wingstop, Inc.		19,374		3,266,069
				9,198,281
SEMICONDUCTOR MATERIALS & EQUIPMENT—0.8%
SolarEdge Technologies, Inc.*		4,446		1,073,531
SEMICONDUCTORS—0.7%
Universal Display Corp.		6,648		969,810
SPECIALTY CHEMICALS—0.3%
Balchem Corp.		2,834		381,853
SYSTEMS SOFTWARE—0.4%
Rapid7, Inc.*		11,833		543,253

- 15 -

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments July 31, 2023 (Unaudited) (Continued)

COMMON STOCKS—92.4% (CONT.)	SHARES		VALUE
TRADING COMPANIES & DISTRIBUTORS—0.4%
Xometry, Inc., Cl. A*		27,198	$	564,630
TRANSACTION & PAYMENT PROCESSING SERVICES—1.2%
DLocal Ltd., Cl. A*		70,819		1,074,324
Marqeta, Inc., Cl. A*		115,506		644,524
				1,718,848
TOTAL COMMON STOCKS
(Cost $96,188,422)				128,897,389

PREFERRED STOCKS—3.5%	SHARES		VALUE
BIOTECHNOLOGY—0.0%
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		133,263	—
DATA PROCESSING & OUTSOURCED SERVICES—3.5%
Chime Financial, Inc., Series G*,@,(a)		114,399	4,908,861
TOTAL PREFERRED STOCKS			4,908,861
(Cost $8,501,200)

RIGHTS—0.3%	SHARES		VALUE
BIOTECHNOLOGY—0.3%
Tolero CDR*,@,(a),(c)		528,559		364,706
(Cost $285,725)				364,706

REAL ESTATE INVESTMENT TRUST—1.8%	SHARES		VALUE
RETAIL—1.8%
Tanger Factory Outlet Centers, Inc.		110,050		2,576,270
(Cost $1,810,916)				2,576,270

SPECIAL PURPOSE VEHICLE—1.2%			VALUE
DATA PROCESSING & OUTSOURCED SERVICES—1.2%
Crosslink Ventures Capital C, LLC, Cl. A*,@,(a),(b)				1,328,193
Crosslink Ventures Capital C, LLC, Cl. B*,@,(a),(b)				340,548
				1,668,741
TOTAL SPECIAL PURPOSE VEHICLE				1,668,741
(Cost $1,600,000)
Total Investments
(Cost $108,386,263)	99.2	%	$	138,415,967
Affiliated Securities (Cost $2,199,684)				1,668,741
Unaffiliated Securities (Cost $106,186,579)				136,747,226
Other Assets in Excess of Liabilities	0.8	%		1,101,587
NET ASSETS	100.0	%	$	139,517,554

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

^(b) Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 4 - Affiliated Securities.

^(c) Contingent Deferred Rights.

^* Non-income producing security.

- 16 -

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND

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

^@ Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.

Security	Acquisition  Date(s)	Acquisition Cost		% of net assets  (Acquisition  Date)		Market  Value		% of net assets  as of 7/31/2023
Chime Financial, Inc., Series G	8/24/21	$	7,901,516		2.12%	$	4,908,861		3.52	%
Crosslink Ventures Capital C, LLC, Cl. A	10/2/20		1,275,000		0.49%		1,328,193		0.95	%
Crosslink Ventures Capital C, LLC, Cl. B	12/16/20		325,000		0.11%		340,548		0.25	%
Impulse Dynamics PLC, Class E	2/11/22		1,756,940		0.71%		1,756,940		1.26	%
Prosetta Biosciences, Inc., Series D	2/6/15		599,684		0.10%		0		0.00	%
Tolero CDR	2/6/17		285,725		0.16%		364,706		0.26	%
Total						$	8,699,248		6.24	%

See Notes to Financial Statements.

- 17 - 

THE ALGER INSTITUTIONAL FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1 — General:

The Alger Institutional Funds (the “Trust”) is an open-end registered investment company organized as a business trust under the laws of the Commonwealth of Massachusetts. The Trust qualifies as an investment company as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946 – Financial Services – Investment Companies. The Trust operates as a series company currently offering an unlimited number of shares of beneficial interest in four series – Alger Capital Appreciation Institutional Fund, Alger Focus Equity Fund, Alger Mid Cap Growth Institutional Fund and Alger Small Cap Growth Institutional Fund (collectively, the “Funds” or individually, each a “Fund”). The Funds normally invest primarily in equity securities and each has an investment objective of long-term capital appreciation.

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

On May 23, 2023, the Board of Trustees (the “Board”) approved the transition of the Fund’s custodian and administrator from Brown Brothers Harriman & Company (the “Custodian”) to The Bank of New York Mellon. This change is anticipated to become effective in early 2024.

NOTE 2 — Significant Accounting Policies:

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

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

- 18 - 

THE ALGER INSTITUTIONAL FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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

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

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

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

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

- 19 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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

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

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

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

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

NOTE 3 — Fair Value Measurements:

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

- 20 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger Capital Appreciation
Institutional Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	266,720,041	$	266,720,041	$	—	$	—
Consumer Discretionary		345,924,823		334,878,057		11,046,766		—
Energy		76,860,271		76,860,271		—		—
Financials		145,611,402		145,611,402		—		—
Healthcare		242,322,789		242,322,789		—		—
Industrials		141,775,145		141,775,145		—		—
Information Technology		865,174,841		865,174,841		—		—
Materials		59,378,454		59,378,454		—		—
TOTAL COMMON STOCKS	$	2,143,767,766	$	2,132,721,000	$	11,046,766	$	—
PREFERRED STOCKS
Information Technology		1,670,014		—		—		1,670,014
SPECIAL PURPOSE VEHICLE
Information Technology		3,203,289		—		—		3,203,289
TOTAL INVESTMENTS IN SECURITIES	$	2,148,641,069	$	2,132,721,000	$	11,046,766	$	4,873,303

Alger Focus Equity Fund	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services		175,258,514			175,258,514		—		—
Consumer Discretionary		202,376,905			195,581,110		6,795,795		—
Energy		50,611,597			50,611,597		—		—
Financials		98,952,910			98,952,910		—		—
Healthcare		158,679,282			158,679,282		—		—
Industrials		94,266,769			94,266,769		—		—
Information Technology		502,020,894			502,020,894		—		—
Materials		38,309,596			38,309,596		—		—
TOTAL COMMON STOCKS	$	1,320,476,467		$	1,313,680,672	$	6,795,795	$	—
PREFERRED STOCKS
Healthcare		—	*		—		—		—	*
TOTAL INVESTMENTS IN SECURITIES	$	1,320,476,467		$	1,313,680,672	$	6,795,795	$	—

- 21 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger Mid Cap Growth Institutional
Fund	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	3,282,606		$	3,282,606	$	—	$	—
Consumer Discretionary		7,766,276			7,766,276		—		—
Consumer Staples		529,485			529,485		—		—
Energy		1,760,916			1,760,916		—		—
Financials		4,137,892			4,137,892		—		—
Healthcare		12,317,616			12,317,616		—		—
Industrials		11,882,879			11,882,879		—		—
Information Technology		15,886,213			15,886,213		—		—
Materials		1,825,075			1,825,075		—		—
Real Estate		3,092,737			3,092,737		—		—
TOTAL COMMON STOCKS	$	62,481,695		$	62,481,695	$	—	$	—
PREFERRED STOCKS
Healthcare		—	*		—		—		—	*
RIGHTS
Healthcare		291,820			—		—		291,820
SPECIAL PURPOSE VEHICLE
Information Technology		808,710			—		—		808,710
TOTAL INVESTMENTS IN SECURITIES	$	63,582,225		$	62,481,695	$	—	$	1,100,530

Alger Small Cap Growth
Institutional Fund		TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services		6,837,918			6,837,918		—		—
Consumer Discretionary		14,323,868			14,323,868		—		—
Consumer Staples		8,451,479			8,451,479		—		—
Energy		6,438,999			6,438,999		—		—
Financials		3,653,216			3,653,216		—		—
Healthcare		40,732,658			38,975,718		—		1,756,940
Industrials		10,739,714			10,739,714		—		—
Information Technology		37,337,684			37,337,684		—		—
Materials		381,853			381,853		—		—
TOTAL COMMON STOCKS	$	128,897,389		$	127,140,449	$	—	$	1,756,940
PREFERRED STOCKS
Healthcare		—	*		—		—		—	*
Information Technology		4,908,861			—		—		4,908,861
TOTAL PREFERRED STOCKS	$	4,908,861		$	—	$	—	$	4,908,861
RIGHTS
Healthcare		364,706			—		—		364,706
REAL ESTATE INVESTMENT TRUST
Real Estate		2,576,270			2,576,270		—		—
SPECIAL PURPOSE VEHICLE
Information Technology		1,668,741			—		—		1,668,741
TOTAL INVESTMENTS IN SECURITIES	$	138,415,967		$	129,716,719	$	—	$	8,699,248

* Alger Focus Equity Fund’s, Alger Mid Cap Growth Institutional Fund’s and Alger Small Cap Growth Institutional Fund’s holdings of Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of July 31, 2023.

- 22 -

THE ALGER INSTITUTIONAL FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Capital Appreciation Institutional Fund	Preferred Stocks
Opening balance at November 1, 2022	$	1,699,204
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		(29,190	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2023		1,670,014
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	(29,190	)

- 23 -

THE ALGER INSTITUTIONAL FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Capital Appreciation Institutional Fund	Special Purpose Vehicle
Opening balance at November 1, 2022	$	3,252,120
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		(48,831	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2023		3,203,289
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	(48,831	)

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

- 24 -

THE ALGER INSTITUTIONAL FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Mid Cap Growth Institutional Fund	Rights
Opening balance at November 1, 2022	$	253,757
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		38,063
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2023		291,820
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	38,063

- 25 -

THE ALGER INSTITUTIONAL FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE  MEASUREMENTS  USING SIGNIFICANT  UNOBSERVABLE  INPUTS (LEVEL 3)
	Special Purpose
Alger Mid Cap Growth Institutional Fund	Vehicle
Opening balance at November 1, 2022	$	821,566
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		(12,856	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2023		808,710
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	(12,856	)

	FAIR VALUE  MEASUREMENTS  USING SIGNIFICANT  UNOBSERVABLE  INPUTS (LEVEL 3)
Alger Small Cap Growth Institutional Fund	Common Stocks
Opening balance at November 1, 2022	$	1,756,940
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		—
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2023		1,756,940
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	—

- 26 -

THE ALGER INSTITUTIONAL FUNDS 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE  MEASUREMENTS  USING SIGNIFICANT  UNOBSERVABLE  INPUTS (LEVEL 3)
Alger Small Cap Growth Institutional Fund	Preferred Stocks
Opening balance at November 1, 2022	$	4,994,660	*
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		(85,799	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2023		4,908,861	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	(85,799	)

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Small Cap Growth Institutional Fund	Rights
Opening balance at November 1, 2022	$	317,135
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		47,571
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2023		364,706
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	47,571

- 27 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Small Cap Growth Institutional Fund	Special Purpose Vehicle
Opening balance at November 1, 2022	$	1,694,942
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		(26,201	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2023		1,668,741
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2023	$	(26,201	)

^* Includes securities that are fair valued at zero.

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

		Fair Value	Valuation	Unobservable		Weighted Average
		July 31, 2023	Methodology	Input	Input/Range	Inputs
Alger Capital Appreciation Institutional Fund
Preferred Stocks	$	1,670,014	Market Approach	Revenue Multiple	14.0x-16.0x	N/A
Special Purpose Vehicle		3,203,289	Market Approach	Revenue Multiple	14.0x-16.0x	N/A
Alger Focus Equity Fund
Preferred Stocks		—*	Income Approach	Discount Rate	100.00%	N/A
Alger Mid Cap Growth Institutional Fund
Preferred Stocks		—*	Income Approach	Discount Rate	100.00%	N/A
Rights		291,820	Income Approach	Discount Rate Probability of Success	7.94%-9.43% 0.00%-60.00%	N/A
Special Purpose Vehicle		808,710	Market Approach	Revenue Multiple	14.0x-16.0x	N/A

- 28 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

		Fair Value July 31, 2023	Valuation Methodology	Unobservable Input	Input/Range	Weighted Average Inputs
Alger Small Cap Growth Institutional Fund
Common Stocks	$	1,756,940	Market Approach	Recent Transaction Price	N/A	N/A
Preferred Stocks		—*	Income Approach	Discount Rate	100.00 %	N/A
Preferred Stocks		4,908,861	Market Approach	Revenue Multiple	14.0x-16.0x	N/A
Rights		364,706	Income Approach	Discount Rate Probability of Success	7.94%-9.43% 0.00%-60.00%	N/A
Special Purpose Vehicle		1,668,741	Market Approach	Revenue Multiple	14.0x-16.0x	N/A

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

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

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

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Cash, foreign cash and cash equivalents
Alger Capital Appreciation Institutional Fund	$	913,721	$	47	$	913,674	$	—
Alger Focus Equity Fund		7,046,942		—		7,046,942		—
Alger Mid Cap Growth Institutional Fund		1,010,738		—		1,010,738		—
Alger Small Cap Growth Institutional Fund		276,716		—		276,716		—

NOTE 4 — Affiliated Securities:

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

- 29 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Security	Shares Held at October 31, 2022	Shares Purchased	Shares Sold	Shares Held at July 31, 2023	Dividend Income		Realized Gain (Loss)		Net Change in Unrealized App(Dep)			Value at July 31, 2023
Alger Capital Appreciation Institutional Fund
Special Purpose Vehicle
Crosslink Ventures Capital C, LLC, Cl. A***					$	—	$	—	$	(48,831	)	$	3,203,289
Total					$	—	$	—	$	(48,831	)	$	3,203,289

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

Security	Shares Held at October 31, 2022		Shares Purchased		Shares Sold		Shares Held at July 31, 2023		Dividend Income		Realized Gain (Loss)		Net Change in Unrealized App(Dep)			Value at July 31, 2023
Alger Mid Cap Growth Institutional Fund
Preferred Stocks
Prosetta Biosciences, Inc., Series D**		166,009		—		—		166,009	$	—	$	—	$	—		$	—	*
Special Purpose Vehicle
Crosslink Ventures Capital C, LLC, Cl. A***										—		—		(8,734	)		572,946
Crosslink Ventures Capital C, LLC, Cl. B***										—		—		(4,122	)		235,764
Total									$	—	$	—	$	(12,856	)	$	808,710

- 30 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Security	Shares Held at October 31, 2022		Shares Purchased		Shares Sold		Shares Held at July 31, 2023		Dividend Income		Realized Gain (Loss)		Net Change in Unrealized App(Dep)			Value at July 31, 2023
Alger Small Cap Growth Institutional Fund
Preferred Stocks
Prosetta Biosciences, Inc., Series D**		133,263		—		—		133,263	$	—	$	—	$	—		$	—	*
Special Purpose Vehicle
Crosslink Ventures Capital C, LLC, Cl. A***										—		—		(20,247	)		1,328,193
Crosslink Ventures Capital C, LLC, Cl. B***										—		—		(5,954	)		340,548
Total									$	—	$	—	$	(26,201	)	$	1,668,741

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

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

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

- 31 -