-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NoNNNgemq7CkVCQN1h+3g/2tLXyFVnflXGqIUCC5yFhuofIzOrOicNM8P5NABYHk nHJ1MweSoXbikHmSlEeSNg== 0001104659-09-056800.txt : 20090929 0001104659-09-056800.hdr.sgml : 20090929 20090929152955 ACCESSION NUMBER: 0001104659-09-056800 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090731 FILED AS OF DATE: 20090929 DATE AS OF CHANGE: 20090929 EFFECTIVENESS DATE: 20090929 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALGER INSTITUTIONAL FUNDS CENTRAL INDEX KEY: 0000911415 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07986 FILM NUMBER: 091092820 BUSINESS ADDRESS: STREET 1: 111 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10003 BUSINESS PHONE: 212-806-8800 MAIL ADDRESS: STREET 1: HARBORSIDE FINANCIAL CENTER STREET 2: 600 PLAZA ONE CITY: JERSEY CITY STATE: NJ ZIP: 07311 FORMER COMPANY: FORMER CONFORMED NAME: ALGER INSTITUTIONAL FUND DATE OF NAME CHANGE: 20020228 FORMER COMPANY: FORMER CONFORMED NAME: ALGER RETIREMENT FUND DATE OF NAME CHANGE: 19960515 FORMER COMPANY: FORMER CONFORMED NAME: ALGER DEFINED CONTRIBUTION TRUST DATE OF NAME CHANGE: 19930830 0000911415 S000009201 Alger LargeCap Growth Institutional Fund C000024998 Alger LargeCap Growth Institutional Fund Class I ALGRX C000024999 Alger LargeCap Growth Institutional Fund Class R ALGIX 0000911415 S000009202 Alger SmallCap Growth Institutional Fund C000025000 Alger SmallCap Growth Institutional Fund Class I ALSRX C000025001 Alger SmallCap Growth Institutional Fund Class R ASIRX 0000911415 S000009203 Alger MidCap Growth Institutional Fund C000025002 Alger MidCap Growth Institutional Fund Class I ALMRX C000025003 Alger MidCap Growth Institutional Fund Class R AGIRX 0000911415 S000009204 Alger Capital Appreciation Institutional Fund C000025004 Alger Capital Appreciation Institutional Fund Class I ALARX C000025005 Alger Capital Appreciation Institutional Fund Class R ACARX N-Q 1 a09-28665_2nq.htm N-Q

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

OMB APPROVAL

 

OMB Number:    3235-0578
Expires:    April 30, 2010
Estimated average burden
hours per response:  10.05

 

 

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number

811-7986

 

 

The Alger Institutional Funds

(Exact name of registrant as specified in charter)

 

111 Fifth Avenue, New York, New York

 

10003

(Address of principal executive offices)

 

(Zip code)

 

Mr. Hal Liebes

Fred Alger Management, Inc.

111 Fifth Avenue

New York, New York 10003

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

212-806-8800

 

 

Date of fiscal year end:

October 31

 

 

 

 

Date of reporting period:

July 31, 2009

 

 


 

ITEM 1.  Schedule on Investments.


 

THE ALGER INSTITUTIONAL FUNDS  |

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND

Schedule of Investments‡ (Unaudited) July 31, 2009

 

 

 

SHARES

 

VALUE

 

COMMON STOCKS—97.9%

 

 

 

 

 

 

 

 

 

 

 

AEROSPACE & DEFENSE—3.3%

 

 

 

 

 

BE Aerospace Inc. *

 

335,600

 

$

5,423,296

 

General Dynamics Corp.

 

137,200

 

7,599,508

 

Goodrich Corp.

 

42,700

 

2,193,072

 

Lockheed Martin Corp.

 

83,000

 

6,205,080

 

 

 

 

 

21,420,956

 

AIR FREIGHT & LOGISTICS—0.7%

 

 

 

 

 

United Parcel Service Inc., Cl. B

 

84,900

 

4,561,677

 

 

 

 

 

 

 

APPLICATION SOFTWARE—1.9%

 

 

 

 

 

Adobe Systems Inc. *

 

144,500

 

4,684,690

 

Nice Systems Ltd. #*

 

87,500

 

2,395,750

 

Solera Holdings Inc. *

 

69,300

 

1,866,249

 

Synopsys Inc. *

 

142,900

 

2,855,142

 

 

 

 

 

11,801,831

 

BIOTECHNOLOGY—3.4%

 

 

 

 

 

Alexion Pharmaceuticals Inc. *

 

42,900

 

1,889,745

 

Amgen Inc. *

 

87,700

 

5,464,587

 

Celgene Corp. *

 

118,200

 

6,732,672

 

Cephalon Inc. *

 

94,400

 

5,536,560

 

Human Genome Sciences Inc. *

 

140,000

 

2,002,000

 

 

 

 

 

21,625,564

 

CASINOS & GAMING—1.2%

 

 

 

 

 

International Game Technology

 

233,600

 

4,613,600

 

Las Vegas Sands Corp. *

 

135,100

 

1,263,185

 

MGM Mirage *

 

215,600

 

1,558,788

 

 

 

 

 

7,435,573

 

COAL & CONSUMABLE FUELS—0.5%

 

 

 

 

 

Patriot Coal Corp.*

 

398,900

 

3,338,793

 

 

 

 

 

 

 

COMMUNICATIONS EQUIPMENT—5.0%

 

 

 

 

 

Brocade Communications Systems Inc. *

 

1,005,100

 

7,900,086

 

Cisco Systems Inc. *

 

352,900

 

7,767,329

 

Qualcomm Inc.

 

219,900

 

10,161,579

 

Research In Motion Ltd. *

 

73,700

 

5,601,200

 

 

 

 

 

31,430,194

 

COMPUTER & ELECTRONICS RETAIL—0.1%

 

 

 

 

 

Best Buy Co., Inc.

 

25,200

 

941,724

 

 

 

 

 

 

 

COMPUTER HARDWARE—6.4%

 

 

 

 

 

Apple Inc. *

 

148,700

 

24,296,093

 

Hewlett-Packard Co.

 

204,500

 

8,854,850

 

International Business Machines Corp.

 

64,700

 

7,630,071

 

 

 

 

 

40,781,014

 

COMPUTER STORAGE & PERIPHERALS—1.9%

 

 

 

 

 

EMC Corp. *

 

338,400

 

5,096,304

 

Seagate Technology

 

555,300

 

6,685,812

 

 

 

 

 

11,782,116

 

CONSTRUCTION & ENGINEERING—0.5%

 

 

 

 

 

Fluor Corp.

 

16,900

 

892,320

 

 


 

 

 

SHARES

 

VALUE

 

COMMON STOCKS—(CONT.)

 

 

 

 

 

 

 

 

 

 

 

CONSTRUCTION & ENGINEERING—(CONT.)

 

 

 

 

 

Foster Wheeler AG *

 

104,393

 

$

2,411,478

 

 

 

 

 

3,303,798

 

CONSUMER ELECTRONICS—0.2%

 

 

 

 

 

Harman International Industries Inc.

 

41,600

 

1,026,688

 

 

 

 

 

 

 

DATA PROCESSING & OUTSOURCED SERVICES—2.2%

 

 

 

 

 

Mastercard Inc.

 

43,500

 

8,440,305

 

Visa Inc., Cl. A

 

85,800

 

5,616,468

 

 

 

 

 

14,056,773

 

DISTILLERS & VINTNERS—0.3%

 

 

 

 

 

Central European Distribution Corp.*

 

74,200

 

2,130,282

 

 

 

 

 

 

 

DIVERSIFIED BANKS—0.5%

 

 

 

 

 

Comerica Inc.

 

144,200

 

3,437,728

 

 

 

 

 

 

 

DIVERSIFIED CHEMICALS—0.1%

 

 

 

 

 

FMC Corporation*

 

19,400

 

943,616

 

 

 

 

 

 

 

DRUG RETAIL—0.2%

 

 

 

 

 

CVS Caremark Corp.

 

43,900

 

1,469,772

 

 

 

 

 

 

 

EDUCATION SERVICES—1.0%

 

 

 

 

 

ITT Educational Services Inc.*

 

65,300

 

6,356,955

 

 

 

 

 

 

 

ELECTRIC UTILITIES—0.6%

 

 

 

 

 

Northeast Utilities

 

148,300

 

3,412,383

 

 

 

 

 

 

 

ELECTRICAL COMPONENTS & EQUIPMENT—0.2%

 

 

 

 

 

General Cable Corp.*

 

26,700

 

1,035,159

 

 

 

 

 

 

 

FERTILIZERS & AGRICULTURAL CHEMICALS—0.9%

 

 

 

 

 

Monsanto Co.

 

19,500

 

1,638,000

 

Mosaic Co., /The

 

72,600

 

3,786,090

 

 

 

 

 

5,424,090

 

FOOD RETAIL—1.7%

 

 

 

 

 

Kroger Co., /The

 

507,200

 

10,843,936

 

 

 

 

 

 

 

HEALTH CARE EQUIPMENT—3.6%

 

 

 

 

 

Baxter International Inc.

 

181,400

 

10,225,518

 

Covidien PLC

 

261,740

 

9,896,389

 

Insulet Corp. *

 

133,500

 

894,450

 

Zimmer Holdings Inc. *

 

34,900

 

1,626,340

 

 

 

 

 

22,642,697

 

HEALTH CARE FACILITIES—0.2%

 

 

 

 

 

Universal Health Services Inc., Cl. B

 

22,800

 

1,267,908

 

 

 

 

 

 

 

HEALTH CARE SERVICES—2.0%

 

 

 

 

 

Express Scripts Inc. *

 

99,600

 

6,975,984

 

Medco Health Solutions Inc. *

 

110,800

 

5,856,888

 

 

 

 

 

12,832,872

 

HEALTH CARE SUPPLIES—1.1%

 

 

 

 

 

Inverness Medical Innovations Inc.*

 

204,700

 

6,888,155

 

 

 

 

 

 

 

HOME ENTERTAINMENT SOFTWARE—0.7%

 

 

 

 

 

Electronic Arts Inc.*

 

219,900

 

4,721,253

 

 


 

 

 

SHARES

 

VALUE

 

COMMON STOCKS—(CONT.)

 

 

 

 

 

 

 

 

 

 

 

HOME IMPROVEMENT RETAIL—0.8%

 

 

 

 

 

Lowe’s Companies, Inc.

 

221,100

 

$

4,965,906

 

 

 

 

 

 

 

HOMEFURNISHING RETAIL—0.1%

 

 

 

 

 

Bed Bath & Beyond Inc.*

 

18,000

 

625,500

 

 

 

 

 

 

 

HOTELS RESORTS & CRUISE LINES—0.1%

 

 

 

 

 

Royal Caribbean Cruises Ltd.

 

24,600

 

357,192

 

 

 

 

 

 

 

HOUSEHOLD PRODUCTS—0.8%

 

 

 

 

 

Energizer Holdings Inc.*

 

77,900

 

4,990,274

 

 

 

 

 

 

 

HOUSEWARES & SPECIALTIES—0.5%

 

 

 

 

 

Newell Rubbermaid Inc.

 

227,500

 

2,927,925

 

 

 

 

 

 

 

HYPERMARKETS & SUPER CENTERS—2.3%

 

 

 

 

 

Wal-Mart Stores Inc.

 

278,200

 

13,876,616

 

 

 

 

 

 

 

INDUSTRIAL CONGLOMERATES—1.1%

 

 

 

 

 

Tyco International Ltd.

 

221,000

 

6,678,620

 

 

 

 

 

 

 

INTEGRATED OIL & GAS—2.3%

 

 

 

 

 

Chevron Corp.

 

204,300

 

14,192,721

 

 

 

 

 

 

 

INTEGRATED TELECOMMUNICATION SERVICES—1.1%

 

 

 

 

 

AT&T Inc.

 

260,000

 

6,819,800

 

 

 

 

 

 

 

INTERNET RETAIL—1.4%

 

 

 

 

 

Amazon.com Inc. *

 

27,900

 

2,392,704

 

Expedia Inc. *

 

332,400

 

6,884,004

 

 

 

 

 

9,276,708

 

INTERNET SOFTWARE & SERVICES—6.4%

 

 

 

 

 

eBay Inc. *

 

344,900

 

7,329,125

 

Google Inc., Cl. A *

 

21,100

 

9,348,355

 

IAC/InterActiveCorp. *

 

484,700

 

8,923,327

 

Sina Corp. *

 

145,400

 

4,824,372

 

Yahoo! Inc. *

 

698,600

 

10,003,952

 

 

 

 

 

40,429,131

 

INVESTMENT BANKING & BROKERAGE—1.2%

 

 

 

 

 

Goldman Sachs Group Inc., /The

 

9,100

 

1,486,030

 

Morgan Stanley

 

203,100

 

5,788,350

 

 

 

 

 

7,274,380

 

IT CONSULTING & OTHER SERVICES—0.8%

 

 

 

 

 

Cognizant Technology Solutions Corp., Cl. A*

 

169,800

 

5,024,382

 

 

 

 

 

 

 

LIFE & HEALTH INSURANCE—2.0%

 

 

 

 

 

Lincoln National Corp.

 

148,300

 

3,142,477

 

Prudential Financial Inc.

 

210,300

 

9,309,981

 

 

 

 

 

12,452,458

 

LIFE SCIENCES TOOLS & SERVICES—1.7%

 

 

 

 

 

Life Technologies Corp. *

 

160,300

 

7,298,459

 

Thermo Fisher Scientific Inc. *

 

68,500

 

3,101,680

 

 

 

 

 

10,400,139

 

MANAGED HEALTH CARE—0.7%

 

 

 

 

 

WellPoint Inc.*

 

82,300

 

4,332,272

 

 

 

 

 

 

 

METAL & GLASS CONTAINERS—2.4%

 

 

 

 

 

Crown Holdings Inc. *

 

188,900

 

4,741,390

 

 


 

 

 

SHARES

 

VALUE

 

COMMON STOCKS—(CONT.)

 

 

 

 

 

 

 

 

 

 

 

METAL & GLASS CONTAINERS—(CONT.)

 

 

 

 

 

Owens-Illinois Inc. *

 

294,500

 

$

9,995,330

 

 

 

 

 

14,736,720

 

MOVIES & ENTERTAINMENT—1.1%

 

 

 

 

 

Regal Entertainment Group, Cl. A

 

287,500

 

3,576,500

 

Walt Disney Co., /The

 

124,200

 

3,119,904

 

 

 

 

 

6,696,404

 

MULTI-UTILITIES—0.5%

 

 

 

 

 

Veolia Environnement#

 

93,600

 

3,220,776

 

 

 

 

 

 

 

OFFICE REITS—0.2%

 

 

 

 

 

Boston Properties Inc.

 

26,200

 

1,385,980

 

 

 

 

 

 

 

OIL & GAS DRILLING—0.8%

 

 

 

 

 

Transocean Ltd.*

 

59,600

 

4,749,524

 

 

 

 

 

 

 

OIL & GAS EQUIPMENT & SERVICES—0.7%

 

 

 

 

 

Weatherford International Ltd.*

 

240,600

 

4,513,656

 

 

 

 

 

 

 

OIL & GAS EXPLORATION & PRODUCTION—2.8%

 

 

 

 

 

Chesapeake Energy Corp.

 

425,100

 

9,114,144

 

Nexen Inc.

 

297,400

 

6,188,894

 

Plains Exploration & Production Co. *

 

80,800

 

2,314,920

 

 

 

 

 

17,617,958

 

OIL & GAS REFINING & MARKETING—0.5%

 

 

 

 

 

NuStar Energy LP

 

52,900

 

2,974,567

 

 

 

 

 

 

 

OIL & GAS STORAGE & TRANSPORTATION—0.4%

 

 

 

 

 

Magellan Midstream Holdings LP

 

123,100

 

2,782,060

 

 

 

 

 

 

 

OTHER DIVERSIFIED FINANCIAL SERVICES—2.5%

 

 

 

 

 

Bank of America Corp.

 

404,600

 

5,984,034

 

BM&F Bovespa SA

 

487,800

 

3,134,771

 

JPMorgan Chase & Co.

 

179,000

 

6,918,350

 

 

 

 

 

16,037,155

 

PAPER PRODUCTS—0.2%

 

 

 

 

 

International Paper Co.

 

83,600

 

1,572,516

 

 

 

 

 

 

 

PHARMACEUTICALS—5.2%

 

 

 

 

 

Abbott Laboratories

 

419,700

 

18,882,303

 

Allergan Inc.

 

30,700

 

1,640,301

 

Pfizer Inc.

 

375,400

 

5,980,122

 

Wyeth

 

139,500

 

6,493,725

 

 

 

 

 

32,996,451

 

PROPERTY & CASUALTY INSURANCE—1.1%

 

 

 

 

 

Travelers Cos., Inc., /The

 

157,600

 

6,787,832

 

 

 

 

 

 

 

PUBLISHING—0.9%

 

 

 

 

 

McGraw-Hill Cos., Inc., /The

 

190,200

 

5,962,770

 

 

 

 

 

 

 

RAILROADS—1.0%

 

 

 

 

 

Burlington Northern Santa Fe Corp.

 

81,000

 

6,365,790

 

 

 

 

 

 

 

REGIONAL BANKS—0.2%

 

 

 

 

 

Regions Financial Corp.

 

295,900

 

1,307,878

 

 

 

 

 

 

 

RESTAURANTS—0.8%

 

 

 

 

 

McDonald’s Corp.

 

87,800

 

4,834,268

 

 


 

 

 

SHARES

 

VALUE

 

COMMON STOCKS—(CONT.)

 

 

 

 

 

 

 

 

 

 

 

SEMICONDUCTORS—4.7%

 

 

 

 

 

Broadcom Corp., Cl. A *

 

141,600

 

$

3,997,368

 

Intel Corp.

 

245,600

 

4,727,800

 

Marvell Technology Group Ltd. *

 

428,500

 

5,716,190

 

ON Semiconductor Corp. *

 

1,357,100

 

9,906,830

 

Skyworks Solutions Inc. *

 

392,300

 

4,738,984

 

Taiwan Semiconductor Manufacturing Co., Ltd. #

 

59,999

 

628,190

 

 

 

 

 

29,715,362

 

SOFT DRINKS—1.1%

 

 

 

 

 

Hansen Natural Corp. *

 

30,600

 

948,906

 

PepsiCo Inc.

 

109,600

 

6,219,800

 

 

 

 

 

7,168,706

 

SPECIALIZED FINANCE—0.6%

 

 

 

 

 

Moody’s Corp.

 

60,800

 

1,443,392

 

NYSE Euronext

 

87,800

 

2,366,210

 

 

 

 

 

3,809,602

 

SPECIALTY CHEMICALS—0.0%

 

 

 

 

 

Albemarle Corp.

 

5,900

 

175,289

 

 

 

 

 

 

 

STEEL—0.2%

 

 

 

 

 

Steel Dynamics Inc.

 

75,400

 

1,233,544

 

 

 

 

 

 

 

SYSTEMS SOFTWARE—3.1%

 

 

 

 

 

Microsoft Corp.

 

832,200

 

19,573,344

 

 

 

 

 

 

 

THRIFTS & MORTGAGE FINANCE—0.3%

 

 

 

 

 

TFS Financial Corp.

 

145,300

 

1,612,830

 

 

 

 

 

 

 

TOBACCO—1.9%

 

 

 

 

 

Philip Morris International Inc.

 

251,850

 

11,736,210

 

 

 

 

 

 

 

TRUCKING—1.0%

 

 

 

 

 

Hertz Global Holdings Inc.*

 

643,900

 

 6,078,416

 

 

 

 

 

 

 

TOTAL COMMON STOCKS
(Cost $592,420,374)

 

 

 

617,183,139

 

 

 

 

 

 

 

CONVERTIBLE PREFERRED STOCK—0.7%

 

 

 

 

 

 

 

 

 

 

 

DIVERSIFIED METALS & MINING—0.7%

 

 

 

 

 

Vale Capital II, 6.75%, 6/15/2012
(Cost $3,578,916)

 

69,313

 

4,222,548

 

 

 

 

 

 

 

 

 

PRINCIPAL
AMOUNT

 

 

 

SHORT-TERM INVESTMENTS—2.1%

 

 

 

 

 

 

 

 

 

 

 

TIME DEPOSITS—2.1%

 

 

 

 

 

Wells Fargo Grand Cayman, 0.03%, 8/03/09
(Cost $13,171,355)

 

13,171,355

 

13,171,355

 

 

 

 

 

 

 

Total Investments
(Cost $609,170,645)(a)

 

100.7

%

634,577,042

 

Liabilities in Excess of Other Assets

 

(0.7

)

(4,601,580

)

 

 

 

 

 

 

NET ASSETS

 

100.0

%

$

629,975,462

 

 


 

‡

Securities classified as Level 1 for FAS 157 disclosure purposes based on valuation inputs unless otherwise noted.

 

 

*

Non-income producing security.

#

American Depositary Receipts.

(a)

At July 31, 2009, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $637,832,534 amounted to $3,255,492 which consisted of aggregate gross unrealized appreciation of $59,721,342 and aggregate gross unrealized depreciation of $62,976,834.

 

See Notes to Financial Statements.

 


 

THE ALGER INSTITUTIONAL FUNDS  |  ALGER LARGECAP GROWTH INSTITUTIONAL FUND

Schedule of Investments‡ (Unaudited) July 31, 2009

 

 

 

SHARES

 

VALUE

 

COMMON STOCKS—98.5%

 

 

 

 

 

 

 

 

 

 

 

AEROSPACE & DEFENSE—3.4%

 

 

 

 

 

Boeing Co., /The

 

8,500

 

$

364,735

 

General Dynamics Corp.

 

7,500

 

415,425

 

Lockheed Martin Corp.

 

9,800

 

732,648

 

 

 

 

 

1,512,808

 

AIR FREIGHT & LOGISTICS—1.0%

 

 

 

 

 

United Parcel Service Inc., Cl. B

 

8,100

 

435,213

 

 

 

 

 

 

 

APPAREL RETAIL—0.8%

 

 

 

 

 

Gap Inc., /The

 

20,400

 

332,928

 

 

 

 

 

 

 

ASSET MANAGEMENT & CUSTODY BANKS—0.6%

 

 

 

 

 

Invesco Ltd.

 

12,500

 

246,875

 

 

 

 

 

 

 

BIOTECHNOLOGY—3.5%

 

 

 

 

 

Amgen Inc. *

 

4,350

 

271,049

 

Biogen Idec Inc. *

 

4,800

 

228,240

 

Celgene Corp. *

 

11,300

 

643,647

 

Gilead Sciences Inc. *

 

8,350

 

408,566

 

 

 

 

 

1,551,502

 

COAL & CONSUMABLE FUELS—0.5%

 

 

 

 

 

Consol Energy Inc.

 

5,800

 

206,074

 

 

 

 

 

 

 

COMMUNICATIONS EQUIPMENT—5.3%

 

 

 

 

 

Cisco Systems Inc. *

 

51,500

 

1,133,515

 

Qualcomm Inc.

 

17,300

 

799,433

 

Research In Motion Ltd. *

 

5,650

 

429,400

 

 

 

 

 

2,362,348

 

COMPUTER & ELECTRONICS RETAIL—1.2%

 

 

 

 

 

Best Buy Co., Inc.

 

9,550

 

356,884

 

GameStop Corp., Cl. A *

 

7,900

 

172,931

 

 

 

 

 

529,815

 

COMPUTER HARDWARE—7.2%

 

 

 

 

 

Apple Inc. *

 

9,300

 

1,519,526

 

Hewlett-Packard Co.

 

19,950

 

863,835

 

International Business Machines Corp.

 

6,900

 

813,717

 

 

 

 

 

3,197,078

 

COMPUTER STORAGE & PERIPHERALS—1.0%

 

 

 

 

 

EMC Corp.*

 

29,650

 

446,529

 

 

 

 

 

 

 

CONSTRUCTION & ENGINEERING—0.5%

 

 

 

 

 

Jacobs Engineering Group Inc.*

 

5,200

 

213,096

 

 

 

 

 

 

 

CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—1.6%

 

 

 

 

 

Caterpillar Inc.

 

6,350

 

279,781

 

Deere & Co.

 

9,350

 

408,969

 

 

 

 

 

688,750

 

DATA PROCESSING & OUTSOURCED SERVICES—3.2%

 

 

 

 

 

Affiliated Computer Services Inc., Cl. A *

 

3,750

 

177,788

 

Mastercard Inc.

 

3,400

 

659,702

 

Visa Inc., Cl. A

 

5,300

 

346,938

 

Western Union Co., /The

 

11,550

 

201,894

 

 

 

 

 

1,386,322

 

 


 

 

 

SHARES

 

VALUE

 

COMMON STOCKS—(CONT.)

 

 

 

 

 

 

 

 

 

 

 

DIVERSIFIED BANKS—0.6%

 

 

 

 

 

Wells Fargo & Co.

 

10,700

 

$

261,722

 

 

 

 

 

 

 

DIVERSIFIED CHEMICALS—0.7%

 

 

 

 

 

EI Du Pont de Nemours & Co.

 

9,250

 

286,103

 

 

 

 

 

 

 

DRUG RETAIL—2.3%

 

 

 

 

 

CVS Caremark Corp.

 

13,850

 

463,698

 

Walgreen Co.

 

18,100

 

562,005

 

 

 

 

 

1,025,703

 

ELECTRICAL COMPONENTS & EQUIPMENT—0.5%

 

 

 

 

 

First Solar Inc.*

 

1,300

 

200,707

 

 

 

 

 

 

 

FERTILIZERS & AGRICULTURAL CHEMICALS—1.8%

 

 

 

 

 

Monsanto Co.

 

6,800

 

571,199

 

Potash Corporation of Saskatchewan Inc.

 

2,650

 

246,477

 

 

 

 

 

817,676

 

FOOD RETAIL—1.1%

 

 

 

 

 

Kroger Co., /The

 

22,550

 

482,119

 

 

 

 

 

 

 

FOOTWEAR—0.9%

 

 

 

 

 

NIKE Inc., Cl. B

 

7,250

 

410,640

 

 

 

 

 

 

 

GENERAL MERCHANDISE STORES—0.6%

 

 

 

 

 

Target Corp.

 

6,100

 

266,082

 

 

 

 

 

 

 

GOLD—0.8%

 

 

 

 

 

Goldcorp Inc.

 

8,800

 

331,672

 

 

 

 

 

 

 

HEALTH CARE EQUIPMENT—4.1%

 

 

 

 

 

Baxter International Inc.

 

7,550

 

425,594

 

Boston Scientific Corp. *

 

20,600

 

221,244

 

Covidien PLC

 

11,450

 

432,924

 

St. Jude Medical Inc. *

 

2,950

 

111,245

 

Stryker Corp.

 

6,350

 

246,888

 

Zimmer Holdings Inc. *

 

7,550

 

351,830

 

 

 

 

 

1,789,725

 

HEALTH CARE SERVICES—1.0%

 

 

 

 

 

Express Scripts Inc.*

 

6,300

 

441,252

 

 

 

 

 

 

 

HOME ENTERTAINMENT SOFTWARE—2.5%

 

 

 

 

 

Activision Blizzard Inc. *

 

25,850

 

295,983

 

Electronic Arts Inc. *

 

19,550

 

419,738

 

Nintendo Co., Ltd. #

 

11,350

 

375,912

 

 

 

 

 

1,091,633

 

HOME IMPROVEMENT RETAIL—0.8%

 

 

 

 

 

Lowe’s Companies, Inc.

 

15,600

 

350,376

 

 

 

 

 

 

 

HOTELS RESORTS & CRUISE LINES—1.2%

 

 

 

 

 

Carnival Corp.

 

10,850

 

303,691

 

Marriott International Inc., Cl. A

 

9,474

 

204,070

 

 

 

 

 

507,761

 

HOUSEHOLD PRODUCTS—1.6%

 

 

 

 

 

Procter & Gamble Co., /The

 

12,350

 

685,549

 

 

 

 

 

 

 

HYPERMARKETS & SUPER CENTERS—2.7%

 

 

 

 

 

Costco Wholesale Corp.

 

5,100

 

252,450

 

 


 

 

 

SHARES

 

VALUE

 

COMMON STOCKS—(CONT.)

 

 

 

 

 

 

 

 

 

 

 

HYPERMARKETS & SUPER CENTERS—(CONT.)

 

 

 

 

 

Wal-Mart Stores Inc.

 

18,850

 

$

940,238

 

 

 

 

 

1,192,688

 

INDUSTRIAL CONGLOMERATES—1.3%

 

 

 

 

 

Tyco International Ltd.

 

18,300

 

553,026

 

 

 

 

 

 

 

INTEGRATED OIL & GAS—2.3%

 

 

 

 

 

Chevron Corp.

 

6,900

 

479,343

 

Exxon Mobil Corp.

 

7,600

 

534,964

 

 

 

 

 

1,014,307

 

INTEGRATED TELECOMMUNICATION SERVICES—0.7%

 

 

 

 

 

AT&T Inc.

 

11,100

 

291,153

 

 

 

 

 

 

 

INTERNET RETAIL—0.8%

 

 

 

 

 

Amazon.com Inc.*

 

3,900

 

334,464

 

 

 

 

 

 

 

INTERNET SOFTWARE & SERVICES—4.6%

 

 

 

 

 

eBay Inc. *

 

24,350

 

517,438

 

Google Inc., Cl. A *

 

2,413

 

1,069,079

 

Yahoo! Inc. *

 

29,150

 

417,428

 

 

 

 

 

2,003,945

 

INVESTMENT BANKING & BROKERAGE—0.8%

 

 

 

 

 

Morgan Stanley

 

12,050

 

343,425

 

 

 

 

 

 

 

IT CONSULTING & OTHER SERVICES—1.0%

 

 

 

 

 

Cognizant Technology Solutions Corp., Cl. A*

 

14,150

 

418,699

 

 

 

 

 

 

 

LIFE & HEALTH INSURANCE—0.7%

 

 

 

 

 

Prudential Financial Inc.

 

6,550

 

289,969

 

 

 

 

 

 

 

LIFE SCIENCES TOOLS & SERVICES—1.0%

 

 

 

 

 

Thermo Fisher Scientific Inc.*

 

9,350

 

423,368

 

 

 

 

 

 

 

MANAGED HEALTH CARE—0.6%

 

 

 

 

 

UnitedHealth Group Inc.

 

9,250

 

259,555

 

 

 

 

 

 

 

MOVIES & ENTERTAINMENT—0.7%

 

 

 

 

 

Viacom Inc., Cl. B*

 

13,850

 

320,766

 

 

 

 

 

 

 

OIL & GAS DRILLING—1.0%

 

 

 

 

 

Transocean Ltd.*

 

5,547

 

442,040

 

 

 

 

 

 

 

OIL & GAS EQUIPMENT & SERVICES—0.5%

 

 

 

 

 

Weatherford International Ltd.*

 

11,950

 

224,182

 

 

 

 

 

 

 

OIL & GAS EXPLORATION & PRODUCTION—2.7%

 

 

 

 

 

Anadarko Petroleum Corp.

 

8,600

 

414,520

 

Chesapeake Energy Corp.

 

20,800

 

445,952

 

Nexen Inc.

 

15,200

 

316,312

 

 

 

 

 

1,176,784

 

OTHER DIVERSIFIED FINANCIAL SERVICES—1.9%

 

 

 

 

 

Bank of America Corp.

 

13,900

 

205,581

 

JPMorgan Chase & Co.

 

17,150

 

662,847

 

 

 

 

 

868,428

 

PACKAGED FOODS & MEATS—1.2%

 

 

 

 

 

General Mills Inc.

 

3,500

 

206,185

 

Kraft Foods Inc., Cl. A

 

11,600

 

328,744

 

 

 

 

 

534,929

 

 


 

 

 

SHARES

 

VALUE

 

COMMON STOCKS—(CONT.)

 

 

 

 

 

 

 

 

 

 

 

PHARMACEUTICALS—6.5%

 

 

 

 

 

Abbott Laboratories

 

22,200

 

$

998,777

 

Allergan Inc.

 

6,900

 

368,667

 

Johnson & Johnson

 

11,850

 

721,547

 

Pfizer Inc.

 

15,100

 

240,543

 

Wyeth

 

11,250

 

523,688

 

 

 

 

 

2,853,222

 

PROPERTY & CASUALTY INSURANCE—0.6%

 

 

 

 

 

Travelers Cos., Inc., /The

 

5,600

 

241,192

 

 

 

 

 

 

 

RAILROADS—1.5%

 

 

 

 

 

Burlington Northern Santa Fe Corp.

 

8,500

 

668,015

 

 

 

 

 

 

 

RESTAURANTS—2.1%

 

 

 

 

 

McDonald’s Corp.

 

10,150

 

558,859

 

Starbucks Corp. *

 

19,900

 

352,230

 

 

 

 

 

911,089

 

SEMICONDUCTORS—2.7%

 

 

 

 

 

Broadcom Corp., Cl. A *

 

12,700

 

358,521

 

Intel Corp.

 

22,850

 

439,863

 

Taiwan Semiconductor Manufacturing Co., Ltd. #

 

34,422

 

360,398

 

 

 

 

 

1,158,782

 

SOFT DRINKS—3.2%

 

 

 

 

 

Coca-Cola Co., /The

 

13,400

 

667,856

 

PepsiCo Inc.

 

12,500

 

709,375

 

 

 

 

 

1,377,231

 

SPECIALIZED FINANCE—1.1%

 

 

 

 

 

CME Group Inc.

 

662

 

184,585

 

NYSE Euronext

 

12,150

 

327,443

 

 

 

 

 

512,028

 

SYSTEMS SOFTWARE—3.1%

 

 

 

 

 

Microsoft Corp.

 

57,400

 

1,350,048

 

 

 

 

 

 

 

TOBACCO—2.9%

 

 

 

 

 

Altria Group Inc.

 

23,300

 

408,449

 

Philip Morris International Inc.

 

18,400

 

857,440

 

 

 

 

 

1,265,889

 

TOTAL COMMON STOCKS
(Cost $44,893,570)

 

 

 

43,087,282

 

 

 

 

PRINCIPAL
AMOUNT

 

 

 

SHORT-TERM INVESTMENTS—1.3%

 

 

 

 

 

 

 

 

 

 

 

TIME DEPOSITS—1.3%

 

 

 

 

 

Wells Fargo Grand Cayman, 0.03%, 8/03/09
(Cost $547,590)

 

547,590

 

547,590

 

 

 

 

 

 

 

Total Investments
(Cost $45,441,160)(a)

 

99.8

%

43,634,872

 

Other Assets in Excess of Liabilities

 

0.2

 

91,941

 

 

 

 

 

 

 

NET ASSETS

 

100.0

%

$

43,726,813

 

 


 

‡

Securities classified as Level 1 for FAS 157 disclosure purposes based on valuation inputs unless otherwise noted.

 

 

*

Non-income producing security.

#

American Depositary Receipts.

(a)

At July 31, 2009, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $46,417,359 amounted to $2,782,487 which consisted of aggregate gross unrealized appreciation of $3,266,064 and aggregate gross unrealized depreciation of $6,048,551.

 

See Notes to Financial Statements.

 


 

THE ALGER INSTITUTIONAL FUNDS  |  ALGER MIDCAP GROWTH INSTITUTIONAL FUND

Schedule of Investments (Unaudited) July 31, 2009

 

 

 

SHARES

 

VALUE

 

COMMON STOCKS—95.4%

 

 

 

 

 

 

 

 

 

 

 

AEROSPACE & DEFENSE—0.8%

 

 

 

 

 

BE Aerospace Inc.*

 

440,890

 

$

7,124,782

 

 

 

 

 

 

 

APPAREL RETAIL—0.7%

 

 

 

 

 

Chico’s FAS Inc.*

 

571,300

 

6,552,811

 

 

 

 

 

 

 

APPLICATION SOFTWARE—3.4%

 

 

 

 

 

Informatica Corp. *

 

468,800

 

8,621,232

 

SolarWinds Inc. *

 

437,400

 

8,748,000

 

TIBCO Software Inc. *

 

1,088,990

 

9,506,883

 

VanceInfo Technologies Inc. #*

 

240,700

 

3,646,605

 

 

 

 

 

30,522,720

 

ASSET MANAGEMENT & CUSTODY BANKS—3.3%

 

 

 

 

 

Affiliated Managers Group Inc. *

 

212,600

 

14,035,852

 

Cohen & Steers Inc.

 

285,300

 

5,212,431

 

Invesco Ltd.

 

589,800

 

11,648,550

 

 

 

 

 

30,896,833

 

BIOTECHNOLOGY—2.9%

 

 

 

 

 

Alexion Pharmaceuticals Inc. *

 

123,000

 

5,418,150

 

Cephalon Inc. *

 

91,300

 

5,354,745

 

Human Genome Sciences Inc. *

 

86,100

 

1,231,230

 

Metabolix Inc. *

 

1,108,660

 

10,266,192

 

OSI Pharmaceuticals Inc. *

 

129,800

 

4,385,942

 

 

 

 

 

26,656,259

 

CASINOS & GAMING—2.2%

 

 

 

 

 

International Game Technology

 

503,400

 

9,942,150

 

Las Vegas Sands Corp. *

 

1,103,100

 

10,313,985

 

 

 

 

 

20,256,135

 

COAL & CONSUMABLE FUELS—0.6%

 

 

 

 

 

Patriot Coal Corp.*

 

682,800

 

5,715,036

 

 

 

 

 

 

 

COMMUNICATIONS EQUIPMENT—3.5%

 

 

 

 

 

Brocade Communications Systems Inc. *

 

1,524,700

 

11,984,142

 

Research In Motion Ltd. *

 

106,200

 

8,071,200

 

Riverbed Technology Inc. *

 

368,600

 

7,375,686

 

Starent Networks Corp. *

 

194,300

 

4,659,314

 

 

 

 

 

32,090,342

 

COMPUTER & ELECTRONICS RETAIL—1.7%

 

 

 

 

 

Best Buy Co., Inc.

 

78,100

 

2,918,597

 

GameStop Corp., Cl. A *

 

551,200

 

12,065,768

 

 

 

 

 

14,984,365

 

COMPUTER HARDWARE—1.9%

 

 

 

 

 

Apple Inc.*

 

104,400

 

17,057,916

 

 

 

 

 

 

 

COMPUTER STORAGE & PERIPHERALS—2.1%

 

 

 

 

 

NetApp Inc. *

 

612,200

 

13,750,012

 

Seagate Technology

 

414,800

 

4,994,192

 

 

 

 

 

18,744,204

 

CONSUMER ELECTRONICS—1.1%

 

 

 

 

 

Harman International Industries Inc.

 

417,100

 

10,294,028

 

 

 

 

 

 

 

DATA PROCESSING & OUTSOURCED SERVICES—1.3%

 

 

 

 

 

Affiliated Computer Services Inc., Cl. A*

 

247,400

 

11,729,234

 

 


 

 

 

SHARES

 

VALUE

 

COMMON STOCKS—(CONT.)

 

 

 

 

 

 

 

 

 

 

 

DIVERSIFIED METALS & MINING—0.3%

 

 

 

 

 

Thompson Creek Metals Co., Inc.*

 

171,700

 

$

2,498,235

 

 

 

 

 

 

 

EDUCATION SERVICES—2.3%

 

 

 

 

 

Corinthian Colleges Inc. *

 

630,400

 

9,733,376

 

ITT Educational Services Inc. *

 

111,800

 

10,883,730

 

 

 

 

 

20,617,106

 

ELECTRICAL COMPONENTS & EQUIPMENT—3.1%

 

 

 

 

 

AMETEK Inc.

 

348,600

 

11,280,697

 

First Solar Inc. *

 

62,200

 

9,603,058

 

General Cable Corp. *

 

162,400

 

6,296,248

 

 

 

 

 

27,180,003

 

FERTILIZERS & AGRICULTURAL CHEMICALS—1.0%

 

 

 

 

 

Monsanto Co.

 

57,500

 

4,830,000

 

Mosaic Co., /The

 

79,000

 

4,119,850

 

 

 

 

 

8,949,850

 

FOOD RETAIL—1.4%

 

 

 

 

 

Whole Foods Market Inc.*

 

541,900

 

13,108,561

 

 

 

 

 

 

 

FOOTWEAR—1.0%

 

 

 

 

 

Iconix Brand Group Inc.*

 

504,500

 

8,838,840

 

 

 

 

 

 

 

GENERAL MERCHANDISE STORES—1.5%

 

 

 

 

 

Dollar Tree Inc.*

 

291,200

 

13,430,144

 

 

 

 

 

 

 

GOLD—0.4%

 

 

 

 

 

Yamana Gold Inc.

 

345,800

 

3,281,642

 

 

 

 

 

 

 

HEALTH CARE EQUIPMENT—1.8%

 

 

 

 

 

Covidien PLC

 

178,100

 

6,733,961

 

Insulet Corp. *

 

793,700

 

5,317,790

 

St. Jude Medical Inc. *

 

100,600

 

3,793,626

 

 

 

 

 

15,845,377

 

HEALTH CARE FACILITIES—2.3%

 

 

 

 

 

Community Health Systems Inc. *

 

151,500

 

4,290,480

 

Universal Health Services Inc., Cl. B

 

168,600

 

9,375,846

 

VCA Antech Inc. *

 

262,600

 

6,717,308

 

 

 

 

 

20,383,634

 

HEALTH CARE SERVICES—2.1%

 

 

 

 

 

Express Scripts Inc. *

 

162,900

 

11,409,516

 

Laboratory Corporation of America Holdings *

 

116,600

 

7,834,354

 

 

 

 

 

19,243,870

 

HEALTH CARE SUPPLIES—0.5%

 

 

 

 

 

Inverness Medical Innovations Inc.*

 

130,100

 

4,377,865

 

 

 

 

 

 

 

HEAVY ELECTRICAL EQUIPMENT—0.8%

 

 

 

 

 

Vestas Wind Systems A/S*

 

106,800

 

7,483,534

 

 

 

 

 

 

 

HOME ENTERTAINMENT SOFTWARE—2.9%

 

 

 

 

 

Activision Blizzard Inc. *

 

659,000

 

7,545,550

 

Nintendo Co., Ltd. #

 

475,030

 

15,732,994

 

Rosetta Stone Inc. *

 

82,500

 

2,531,925

 

 

 

 

 

25,810,469

 

HOMEBUILDING—0.6%

 

 

 

 

 

KB Home

 

314,200

 

5,243,998

 

 


 

 

 

SHARES

 

VALUE

 

COMMON STOCKS—(CONT.)

 

 

 

 

 

 

 

 

 

 

 

INDUSTRIAL GASES—1.5%

 

 

 

 

 

Praxair Inc.

 

182,300

 

$

14,252,214

 

 

 

 

 

 

 

INDUSTRIAL MACHINERY—2.6%

 

 

 

 

 

Clarcor Inc.

 

350,700

 

11,611,677

 

SPX Corp.

 

225,500

 

11,910,910

 

 

 

 

 

23,522,587

 

INTERNET RETAIL—2.5%

 

 

 

 

 

Expedia Inc. *

 

868,200

 

17,980,422

 

Shutterfly Inc. *

 

308,300

 

4,951,298

 

 

 

 

 

22,931,720

 

INTERNET SOFTWARE & SERVICES—2.7%

 

 

 

 

 

eBay Inc. *

 

770,700

 

16,377,375

 

OpenTable Inc. *

 

86,800

 

2,577,960

 

Yahoo! Inc. *

 

385,300

 

5,517,496

 

 

 

 

 

24,472,831

 

INVESTMENT BANKING & BROKERAGE—0.9%

 

 

 

 

 

Lazard Ltd., Cl. A

 

220,100

 

8,141,499

 

 

 

 

 

 

 

IT CONSULTING & OTHER SERVICES—1.9%

 

 

 

 

 

Cognizant Technology Solutions Corp., Cl. A*

 

568,100

 

16,810,079

 

 

 

 

 

 

 

LEISURE PRODUCTS—0.5%

 

 

 

 

 

Coach Inc.

 

160,700

 

4,755,113

 

 

 

 

 

 

 

LIFE & HEALTH INSURANCE—1.1%

 

 

 

 

 

Prudential Financial Inc.

 

223,600

 

9,898,772

 

 

 

 

 

 

 

LIFE SCIENCES TOOLS & SERVICES—2.3%

 

 

 

 

 

Charles River Laboratories International Inc. *

 

339,000

 

11,210,730

 

Icon PLC #*

 

402,798

 

9,465,753

 

 

 

 

 

20,676,483

 

MANAGED HEALTH CARE—0.4%

 

 

 

 

 

Amerigroup Corp.*

 

158,700

 

3,916,716

 

 

 

 

 

 

 

MOVIES & ENTERTAINMENT—0.1%

 

 

 

 

 

Regal Entertainment Group, Cl. A

 

62,800

 

781,232

 

 

 

 

 

 

 

MULTI-UTILITIES—0.8%

 

 

 

 

 

Veolia Environnement#

 

205,200

 

7,060,932

 

 

 

 

 

 

 

OIL & GAS DRILLING—1.0%

 

 

 

 

 

Transocean Ltd.*

 

111,100

 

8,853,559

 

 

 

 

 

 

 

OIL & GAS EQUIPMENT & SERVICES—0.3%

 

 

 

 

 

Smith International Inc.

 

112,500

 

2,827,125

 

 

 

 

 

 

 

OIL & GAS EXPLORATION & PRODUCTION—5.0%

 

 

 

 

 

Concho Resources Inc. *

 

228,300

 

7,008,810

 

Linc Energy Ltd. *

 

1,526,235

 

1,983,820

 

Nexen Inc.

 

490,600

 

10,209,386

 

Plains Exploration & Production Co. *

 

529,300

 

15,164,445

 

Quicksilver Resources Inc. *

 

935,500

 

10,720,830

 

 

 

 

 

45,087,291

 

OTHER DIVERSIFIED FINANCIAL SERVICES—0.9%

 

 

 

 

 

BM&F Bovespa SA

 

1,226,587

 

7,882,471

 

 

 

 

 

 

 

PACKAGED FOODS & MEATS—1.5%

 

 

 

 

 

General Mills Inc.

 

74,100

 

4,365,231

 

 


 

 

 

SHARES

 

VALUE

 

COMMON STOCKS—(CONT.)

 

 

 

 

 

 

 

 

 

 

 

PACKAGED FOODS & MEATS—(CONT.)

 

 

 

 

 

Ralcorp Holdings Inc. *

 

141,400

 

$

8,980,314

 

 

 

 

 

13,345,545

 

PHARMACEUTICALS—3.8%

 

 

 

 

 

Auxilium Pharmaceuticals Inc. *

 

185,700

 

5,743,701

 

Medicis Pharmaceutical Corp., Cl. A

 

481,169

 

8,237,613

 

Optimer Pharmaceuticals Inc. *

 

703,774

 

9,916,176

 

Shire PLC #

 

80,300

 

3,598,243

 

Teva Pharmaceutical Industries Ltd. #

 

141,100

 

7,526,274

 

 

 

 

 

35,022,007

 

REGIONAL BANKS—0.6%

 

 

 

 

 

Regions Financial Corp.

 

1,278,700

 

5,651,854

 

 

 

 

 

 

 

RESEARCH & CONSULTING SERVICES—1.3%

 

 

 

 

 

FTI Consulting Inc.*

 

221,100

 

12,034,473

 

 

 

 

 

 

 

RESTAURANTS—1.8%

 

 

 

 

 

McCormick & Schmick’s Seafood Restaurants Inc. *

 

564,153

 

4,366,544

 

Starbucks Corp. *

 

660,800

 

11,696,160

 

 

 

 

 

16,062,704

 

RETAIL REITS—0.3%

 

 

 

 

 

Simon Property Group Inc.

 

51,024

 

2,843,057

 

 

 

 

 

 

 

SECURITY & ALARM SERVICES—0.9%

 

 

 

 

 

Geo Group Inc., /The*

 

472,500

 

8,495,550

 

 

 

 

 

 

 

SEMICONDUCTORS—6.7%

 

 

 

 

 

Altera Corp.

 

358,700

 

6,704,103

 

Atheros Communications Inc. *

 

474,335

 

11,858,375

 

Broadcom Corp., Cl. A *

 

316,400

 

8,931,972

 

Marvell Technology Group Ltd. *

 

831,800

 

11,096,212

 

Mellanox Technologies Ltd. *

 

477,680

 

7,561,674

 

Monolithic Power Systems Inc. *

 

106,700

 

2,367,673

 

ON Semiconductor Corp. *

 

855,300

 

6,243,690

 

Skyworks Solutions Inc. *

 

566,000

 

6,837,280

 

 

 

 

 

61,600,979

 

SOFT DRINKS—0.5%

 

 

 

 

 

Hansen Natural Corp.*

 

147,100

 

4,561,571

 

 

 

 

 

 

 

SPECIALIZED FINANCE—2.0%

 

 

 

 

 

IntercontinentalExchange Inc. *

 

90,700

 

8,531,242

 

NYSE Euronext

 

347,100

 

9,354,345

 

 

 

 

 

17,885,587

 

SPECIALIZED REITS—0.7%

 

 

 

 

 

Host Hotels & Resorts Inc.

 

665,100

 

6,039,108

 

 

 

 

 

 

 

SPECIALTY CHEMICALS—0.5%

 

 

 

 

 

Nalco Holding Co.

 

249,900

 

4,420,731

 

 

 

 

 

 

 

SPECIALTY STORES—0.9%

 

 

 

 

 

PetSmart Inc.

 

382,000

 

8,545,340

 

 

 

 

 

 

 

SYSTEMS SOFTWARE—1.0%

 

 

 

 

 

Red Hat Inc.*

 

389,800

 

8,899,134

 

 

 

 

 

 

 

THRIFTS & MORTGAGE FINANCE—0.5%

 

 

 

 

 

People’s United Financial Inc.

 

259,800

 

4,221,750

 

 


 

 

 

SHARES

 

VALUE

 

COMMON STOCKS—(CONT.)

 

 

 

 

 

 

 

 

 

 

 

WIRELESS TELECOMMUNICATION SERVICES—0.4%

 

 

 

 

 

SBA Communications Corp.*

 

152,965

 

$

 3,990,857

 

 

 

 

 

 

 

TOTAL COMMON STOCKS
(Cost $840,928,526)

 

 

 

864,408,664

 

 

 

 

 

 

 

 

 

PRINCIPAL AMOUNT

 

 

 

CORPORATE BONDS—0.3%

 

 

 

 

 

 

 

 

 

 

 

CASINOS & GAMING—0.3%

 

 

 

 

 

Wynn Las Vegas, LLC / Wynn Las Vegas Capital Corp., 6.63%, 12/1/14(L2)
(Cost $2,101,826)

 

2,429,000

 

 2,265,043

 

 

 

 

 

 

 

CONVERTIBLE CORPORATE BONDS—1.1%

 

 

 

 

 

 

 

 

 

 

 

OIL & GAS DRILLING—0.4%

 

 

 

 

 

Transocean Inc., 1.50%, 12/15/37(L2)

 

3,929,000

 

3,609,769

 

 

 

 

 

 

 

WIRELESS TELECOMMUNICATION SERVICES—0.7%

 

 

 

 

 

SBA Communications Corp., 4.00%, 10/1/14(L2)(a)

 

5,922,000

 

6,403,162

 

 

 

 

 

 

 

TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $9,951,535)

 

 

 

10,012,931

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—3.3%

 

 

 

 

 

 

 

 

 

 

 

TIME DEPOSITS—3.3%

 

 

 

 

 

Citibank London, 0.03%, 8/03/09
(Cost $29,883,732)

 

29,883,732

 

29,883,732

 

 

 

 

 

 

 

Total Investments
(Cost $882,865,619)(b)

 

100.1

%

906,570,370

 

Liabilities in Excess of Other Assets

 

(0.1

)

(1,350,947

)

 

 

 

 

 

 

 

NET ASSETS

 

100.0

%

$

905,219,423

 

 

‡

Securities classified as Level 1 for FAS 157 disclosure purposes based on valuation inputs unless otherwise noted.

 

 

*

Non-income producing security.

#

American Depositary Receipts.

(a)

Pursuant to Securities and Exchange Commission Rule 144A, these securities may be sold prior to their maturity only to qualified institutional buyers.  These securities are deemed to be liquid and represent 0.7%, of the net assets of the Fund.

(b)

At July 31, 2009, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $964,851,794 amounted to $58,281,424 which consisted of aggregate gross unrealized appreciation of $88,159,560 and aggregate gross unrealized depreciation of $146,440,984.

(L2)

Security classified as Level 2 for FAS 157 disclosure purposes based on valuation inputs.

 

See Notes to Financial Statements.

 


 

THE ALGER INSTITUTIONAL FUNDS ½ ALGER SMALLCAP GROWTH INSTITUTIONAL FUND

Schedule of Investments (Unaudited) July 31, 2009

 

 

 

SHARES

 

VALUE

 

COMMON STOCKS—93.4%

 

 

 

 

 

 

 

 

 

 

 

AEROSPACE & DEFENSE—1.8%

 

 

 

 

 

BE Aerospace Inc. *

 

445,555

 

$

7,200,169

 

Esterline Technologies Corp. *

 

200,875

 

5,710,876

 

Orbital Sciences Corp. *

 

327,900

 

4,439,766

 

 

 

 

 

17,350,811

 

AIRLINES—0.8%

 

 

 

 

 

Airtran Holdings Inc.*

 

1,084,990

 

7,855,328

 

 

 

 

 

 

 

APPAREL RETAIL—3.2%

 

 

 

 

 

Aeropostale Inc. *

 

236,850

 

8,621,339

 

Chico’s FAS Inc. *

 

587,800

 

6,742,066

 

Childrens Place Retail Stores Inc., /The *

 

162,500

 

5,325,125

 

Coldwater Creek Inc. *

 

558,050

 

4,096,087

 

J Crew Group Inc. *

 

205,450

 

5,785,472

 

 

 

 

 

30,570,089

 

APPLICATION SOFTWARE—8.9%

 

 

 

 

 

Ansys Inc. *

 

246,086

 

7,692,648

 

Concur Technologies Inc. *

 

217,550

 

7,503,300

 

Informatica Corp. *

 

499,550

 

9,186,725

 

Nice Systems Ltd. #*

 

307,505

 

8,419,487

 

Pegasystems Inc.

 

394,750

 

11,171,424

 

SolarWinds Inc. *

 

420,350

 

8,407,000

 

Solera Holdings Inc. *

 

370,100

 

9,966,792

 

Taleo Corp., Cl. A *

 

487,150

 

8,525,125

 

TIBCO Software Inc. *

 

834,430

 

7,284,574

 

VanceInfo Technologies Inc. #*

 

337,000

 

5,105,550

 

 

 

 

 

83,262,625

 

BIOTECHNOLOGY—5.3%

 

 

 

 

 

Alexion Pharmaceuticals Inc. *

 

278,350

 

12,261,317

 

Allos Therapeutics Inc. *

 

740,550

 

5,976,239

 

Cubist Pharmaceuticals Inc. *

 

189,350

 

3,762,385

 

Human Genome Sciences Inc. *

 

393,350

 

5,624,905

 

OSI Pharmaceuticals Inc. *

 

202,300

 

6,835,716

 

Savient Pharmaceuticals Inc. *

 

406,600

 

6,338,894

 

Seattle Genetics Inc. *

 

409,500

 

4,934,475

 

United Therapeutics Corp. *

 

50,015

 

4,632,389

 

 

 

 

 

50,366,320

 

CASINOS & GAMING—1.6%

 

 

 

 

 

Penn National Gaming Inc. *

 

246,050

 

7,802,245

 

WMS Industries Inc. *

 

203,300

 

7,351,328

 

 

 

 

 

15,153,573

 

COAL & CONSUMABLE FUELS—0.4%

 

 

 

 

 

Patriot Coal Corp.*

 

447,600

 

3,746,412

 

 

 

 

 

 

 

COMMUNICATIONS EQUIPMENT—3.7%

 

 

 

 

 

Brocade Communications Systems Inc. *

 

1,107,950

 

8,708,486

 

Ciena Corp. *

 

162,250

 

1,810,710

 

F5 Networks Inc. *

 

175,200

 

6,503,424

 

Polycom Inc. *

 

258,405

 

6,137,119

 

Riverbed Technology Inc. *

 

161,650

 

3,234,617

 

Starent Networks Corp. *

 

356,850

 

8,557,263

 

 

 

 

 

34,951,619

 

 


 

 

 

SHARES

 

VALUE

 

COMMON STOCKS—(CONT.)

 

 

 

 

 

 

 

 

 

 

 

COMPUTER STORAGE & PERIPHERALS—0.2%

 

 

 

 

 

Synaptics Inc.*

 

78,225

 

$

1,875,053

 

 

 

 

 

 

 

CONSTRUCTION & ENGINEERING—1.3%

 

 

 

 

 

Aecom Technology Corp. *

 

282,350

 

9,148,140

 

URS Corp. *

 

68,805

 

3,481,533

 

 

 

 

 

12,629,673

 

CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—0.4%

 

 

 

 

 

Bucyrus International Inc.

 

127,350

 

3,754,278

 

 

 

 

 

 

 

CONSUMER ELECTRONICS—0.5%

 

 

 

 

 

Harman International Industries Inc.

 

172,050

 

4,246,194

 

 

 

 

 

 

 

DATA PROCESSING & OUTSOURCED SERVICES—2.5%

 

 

 

 

 

TeleTech Holdings Inc. *

 

562,270

 

9,401,154

 

VeriFone Holdings Inc. *

 

534,145

 

4,812,646

 

Wright Express Corp. *

 

341,385

 

9,654,369

 

 

 

 

 

23,868,169

 

DISTILLERS & VINTNERS—0.8%

 

 

 

 

 

Central European Distribution Corp.*

 

268,400

 

7,705,764

 

 

 

 

 

 

 

DISTRIBUTORS—1.1%

 

 

 

 

 

LKQ Corp.*

 

573,890

 

10,295,587

 

 

 

 

 

 

 

EDUCATION SERVICES—1.3%

 

 

 

 

 

American Public Education Inc. *

 

165,200

 

5,843,124

 

Corinthian Colleges Inc. *

 

407,750

 

6,295,660

 

 

 

 

 

12,138,784

 

ELECTRIC UTILITIES—1.2%

 

 

 

 

 

ITC Holdings Corp.

 

229,385

 

10,941,665

 

 

 

 

 

 

 

ELECTRICAL COMPONENTS & EQUIPMENT—1.3%

 

 

 

 

 

SunPower Corp., Cl. B *

 

118,450

 

3,233,685

 

Woodward Governor Co.

 

471,350

 

9,257,314

 

 

 

 

 

12,490,999

 

ENVIRONMENTAL & FACILITIES SERVICES—1.1%

 

 

 

 

 

Waste Connections Inc.*

 

381,500

 

10,762,115

 

 

 

 

 

 

 

FOOD RETAIL—0.7%

 

 

 

 

 

Whole Foods Market Inc.*

 

268,500

 

6,495,015

 

 

 

 

 

 

 

FOOTWEAR—1.0%

 

 

 

 

 

Iconix Brand Group Inc.*

 

541,205

 

9,481,912

 

 

 

 

 

 

 

HEALTH CARE DISTRIBUTORS—1.9%

 

 

 

 

 

Owens & Minor Inc.

 

187,300

 

8,297,390

 

PharMerica Corp. *

 

470,145

 

9,854,239

 

 

 

 

 

18,151,629

 

HEALTH CARE EQUIPMENT—3.7%

 

 

 

 

 

Cyberonics Inc. *

 

226,500

 

3,762,165

 

Insulet Corp. *

 

569,200

 

3,813,640

 

Masimo Corp. *

 

172,000

 

4,205,400

 

NuVasive Inc. *

 

239,450

 

9,910,836

 

Thoratec Corp. *

 

371,000

 

9,326,940

 

Wright Medical Group Inc. *

 

263,100

 

3,662,352

 

 

 

 

 

34,681,333

 

 


 

 

 

SHARES

 

VALUE

 

COMMON STOCKS—(CONT.)

 

 

 

 

 

 

 

 

 

 

 

HEALTH CARE FACILITIES—1.2%

 

 

 

 

 

Community Health Systems Inc.*

 

389,850

 

$

11,040,552

 

 

 

 

 

 

 

HEALTH CARE SERVICES—1.1%

 

 

 

 

 

Gentiva Health Services Inc.*

 

471,700

 

10,037,776

 

 

 

 

 

 

 

HEALTH CARE SUPPLIES—1.1%

 

 

 

 

 

Inverness Medical Innovations Inc.*

 

310,900

 

10,461,785

 

 

 

 

 

 

 

HEALTH CARE TECHNOLOGY—0.7%

 

 

 

 

 

Medidata Solutions Inc.*

 

351,700

 

6,488,865

 

 

 

 

 

 

 

HOTELS RESORTS & CRUISE LINES—1.1%

 

 

 

 

 

Interval Leisure Group *

 

321,550

 

3,392,353

 

Orient-Express Hotels Ltd., Cl. A

 

752,350

 

6,658,297

 

 

 

 

 

10,050,650

 

HOUSEWARES & SPECIALTIES—0.9%

 

 

 

 

 

Tupperware Brands Corp.

 

236,350

 

8,052,445

 

 

 

 

 

 

 

INDUSTRIAL MACHINERY—2.6%

 

 

 

 

 

Actuant Corp., Cl. A

 

420,260

 

5,396,138

 

Clarcor Inc.

 

240,050

 

7,948,056

 

RBC Bearings Inc. *

 

416,640

 

9,874,368

 

 

 

 

 

23,218,562

 

INTERNET RETAIL—0.7%

 

 

 

 

 

NetFlix Inc. *

 

79,250

 

3,482,245

 

Shutterfly Inc. *

 

194,500

 

3,123,670

 

 

 

 

 

6,605,915

 

INTERNET SOFTWARE & SERVICES—3.8%

 

 

 

 

 

GSI Commerce Inc. *

 

685,322

 

12,500,273

 

LogMein Inc. *

 

51,600

 

1,006,716

 

OpenTable Inc. *

 

77,200

 

2,292,840

 

SkillSoft PLC #*

 

1,097,760

 

9,396,826

 

VistaPrint Ltd. *

 

261,040

 

10,767,900

 

 

 

 

 

35,964,555

 

INVESTMENT BANKING & BROKERAGE—1.5%

 

 

 

 

 

Investment Technology Group Inc. *

 

355,300

 

7,940,955

 

Lazard Ltd., Cl. A

 

178,150

 

6,589,769

 

 

 

 

 

14,530,724

 

IT CONSULTING & OTHER SERVICES—0.9%

 

 

 

 

 

Mantech International Corp., Cl. A*

 

168,000

 

8,954,400

 

 

 

 

 

 

 

LEISURE FACILITIES—0.9%

 

 

 

 

 

Life Time Fitness Inc.*

 

347,495

 

8,843,748

 

 

 

 

 

 

 

LEISURE PRODUCTS—0.2%

 

 

 

 

 

Phillips-Van Heusen Corp.

 

54,650

 

1,933,517

 

 

 

 

 

 

 

LIFE SCIENCES TOOLS & SERVICES—2.5%

 

 

 

 

 

Bruker Corp. *

 

412,000

 

4,144,720

 

Icon PLC #*

 

418,952

 

9,845,372

 

Parexel International Corp. *

 

634,512

 

9,815,901

 

 

 

 

 

23,805,993

 

MANAGED HEALTH CARE—1.1%

 

 

 

 

 

Amerigroup Corp.*

 

416,550

 

10,280,454

 

 


 

 

 

SHARES

 

VALUE

 

COMMON STOCKS—(CONT.)

 

 

 

 

 

 

 

 

 

 

 

MARINE—0.3%

 

 

 

 

 

Genco Shipping & Trading Ltd.

 

121,870

 

$

2,913,912

 

 

 

 

 

 

 

METAL & GLASS CONTAINERS—0.7%

 

 

 

 

 

Silgan Holdings Inc.

 

140,650

 

7,069,069

 

 

 

 

 

 

 

MOVIES & ENTERTAINMENT—0.9%

 

 

 

 

 

Regal Entertainment Group, Cl. A

 

687,250

 

8,549,390

 

 

 

 

 

 

 

MULTI-LINE INSURANCE—0.7%

 

 

 

 

 

Genworth Financial Inc., Cl. A

 

935,500

 

6,454,950

 

 

 

 

 

 

 

OIL & GAS EQUIPMENT & SERVICES—1.1%

 

 

 

 

 

Acergy SA #

 

426,300

 

4,557,147

 

Dril-Quip Inc. *

 

140,820

 

5,955,278

 

 

 

 

 

10,512,425

 

OIL & GAS EXPLORATION & PRODUCTION—2.2%

 

 

 

 

 

Concho Resources Inc. *

 

265,310

 

8,145,016

 

Mariner Energy Inc. *

 

618,550

 

7,416,415

 

Quicksilver Resources Inc. *

 

449,200

 

5,147,832

 

 

 

 

 

20,709,263

 

PACKAGED FOODS & MEATS—1.8%

 

 

 

 

 

Flowers Foods Inc.

 

393,250

 

9,292,498

 

Hain Celestial Group Inc. *

 

467,415

 

7,763,763

 

 

 

 

 

17,056,261

 

PHARMACEUTICALS—3.1%

 

 

 

 

 

Auxilium Pharmaceuticals Inc. *

 

329,080

 

10,178,444

 

Medicis Pharmaceutical Corp., Cl. A

 

487,000

 

8,337,440

 

Optimer Pharmaceuticals Inc. *

 

777,112

 

10,949,508

 

 

 

 

 

29,465,392

 

PROPERTY & CASUALTY INSURANCE—0.6%

 

 

 

 

 

First Mercury Financial Corp.

 

379,301

 

5,480,899

 

 

 

 

 

 

 

RAILROADS—0.7%

 

 

 

 

 

Genesee & Wyoming Inc., Cl. A*

 

238,300

 

6,503,207

 

 

 

 

 

 

 

REGIONAL BANKS—1.0%

 

 

 

 

 

Boston Private Financial Holdings Inc.

 

390,450

 

1,788,261

 

First Commonwealth Financial Corp.

 

606,550

 

4,045,688

 

Western Alliance Bancorp *

 

518,950

 

3,596,324

 

 

 

 

 

9,430,273

 

REINSURANCE—0.5%

 

 

 

 

 

Platinum Underwriters Holdings Ltd.

 

139,600

 

4,711,500

 

 

 

 

 

 

 

RESEARCH & CONSULTING SERVICES—2.2%

 

 

 

 

 

FTI Consulting Inc. *

 

160,810

 

8,752,888

 

IHS Inc., Cl. A *

 

154,450

 

7,713,233

 

Resources Connection Inc. *

 

299,650

 

4,524,715

 

 

 

 

 

20,990,836

 

RESTAURANTS—1.2%

 

 

 

 

 

Cheesecake Factory Inc., /The *

 

174,450

 

3,379,097

 

Jack in the Box Inc. *

 

165,550

 

3,493,105

 

McCormick & Schmick’s Seafood Restaurants Inc. *

 

579,185

 

4,482,891

 

 

 

 

 

11,355,093

 

 


 

 

 

SHARES

 

VALUE

 

COMMON STOCKS—(CONT.)

 

 

 

 

 

 

 

 

 

 

 

SECURITY & ALARM SERVICES—1.0%

 

 

 

 

 

Geo Group Inc., /The*

 

503,900

 

$

9,060,122

 

 

 

 

 

 

 

SEMICONDUCTORS—6.6%

 

 

 

 

 

Atheros Communications Inc. *

 

432,285

 

10,807,125

 

Mellanox Technologies Ltd. *

 

700,200

 

11,084,166

 

Microsemi Corp. *

 

419,850

 

5,730,953

 

Monolithic Power Systems Inc. *

 

348,600

 

7,735,434

 

Netlogic Microsystems Inc. *

 

253,000

 

10,054,220

 

ON Semiconductor Corp. *

 

1,060,700

 

7,743,110

 

Skyworks Solutions Inc. *

 

774,813

 

9,359,741

 

 

 

 

 

62,514,749

 

SPECIALTY CHEMICALS—0.7%

 

 

 

 

 

Nalco Holding Co.

 

349,250

 

6,178,233

 

 

 

 

 

 

 

THRIFTS & MORTGAGE FINANCE—1.1%

 

 

 

 

 

Brookline Bancorp Inc.

 

891,800

 

10,389,470

 

 

 

 

 

 

 

WIRELESS TELECOMMUNICATION SERVICES—2.0%

 

 

 

 

 

SBA Communications Corp. *

 

396,975

 

10,357,078

 

Syniverse Holdings Inc. *

 

479,500

 

8,405,635

 

 

 

 

 

18,762,713

 

 

 

 

 

 

 

TOTAL COMMON STOCKS
(Cost $904,658,805)

 

 

 

881,152,645

 

 

 

 

PRINCIPAL
AMOUNT

 

 

 

SHORT-TERM INVESTMENTS—5.8%

 

 

 

 

 

 

 

 

 

 

 

TIME DEPOSITS—5.8%

 

 

 

 

 

Citibank London, 0.03%, 8/3/09

 

35,600,000

 

35,600,000

 

Wells Fargo Grand Cayman, 0.03%, 8/3/09

 

18,722,369

 

18,722,369

 

 

 

 

 

 

 

TOTAL TIME DEPOSITS
(Cost $54,322,369)

 

 

 

54,322,369

 

 

 

 

 

 

 

Total Investments
(Cost $958,981,174)(a)

 

99.2

%

935,475,014

 

Other Assets in Excess of Liabilities

 

0.8

 

7,488,812

 

 

 

 

 

 

 

NET ASSETS

 

100.0

%

$

942,963,826

 

 

‡

Securities classified as Level 1 for FAS 157 disclosure purposes based on valuation inputs unless otherwise noted.

 

 

*

Non-income producing security.

#

American Depositary Receipts.

(a)

At July 31, 2009, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $959,786,684 amounted to $24,311,670 which consisted of aggregate gross unrealized appreciation of $83,905,272 and aggregate gross unrealized depreciation of $108,216,942.

 

See Notes to Financial Statements.

 


 

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALLCAP GROWTH INSTITUTIONAL FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited)

 

NOTE 1 — General:

 

The Alger Institutional Funds (the “Trust”), is a diversified, open-end registered investment company organized as a business trust under the laws of the Commonwealth of Massachusetts. The Trust operates as a series company and currently issues an unlimited number of shares of beneficial interest in four funds— Capital Appreciation Fund, LargeCap Growth Fund, MidCap Growth Fund and SmallCap Growth 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 Class I and Class R shares. Each class has identical rights to assets and earnings except that only Class R shares have a plan of distribution and bear the related expenses.

 

NOTE 2 — Significant Accounting Policies:

 

(a) Investment Valuation: Investments of the Funds are valued on each day the New York Stock Exchange (the “NYSE”) is open as of the close of the NYSE (currently 4:00 p.m. Eastern time). Securities for which such information is readily available are valued at the last reported sales price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the absence of reported sales, securities are valued at a price within the bid and asked price or, in the absence of a recent bid or asked price, the equivalent as obtained from one or more of the major market makers for the securities to be valued.

 

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 of Trustees.

 

Securities in which the Funds invest may be traded in 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 (normally 4:00 p.m. Eastern time) may result in adjustments to the closing prices to reflect what the investment manager, pursuant to policies established by the Board of Trustees, believes to be the fair values 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.

 

Short-term securities having a remaining maturity of sixty days or less are valued at amortized cost which approximates market value. Shares of mutual funds are valued at the net asset value of the underlying mutual fund.

 

NOTE 3 — Fair Value Measurements:

 

The Funds have adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). In accordance with FAS 157, fair value is defined 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. FAS 157 established a three-tier hierarchy to

 


 

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALLCAP GROWTH INSTITUTIONAL FUND

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

 

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 consistent with the market approach whereby prices and other relevant information generated by market transactions involving identical or comparable assets are used to measure fair value.  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, a broker quote in an inactive market, 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 on a compilation of observable market information such as spreads for fixed income and preferred securities.  Inputs for Level 3 include derived prices from unobservable market information which can include cash flows and other information obtained from a company’s financial statements, or from market indicators such as benchmarks and indices.

 

The major categories of securities and their respective fair value inputs are detailed in each Fund’s Schedule of Investments.  The following is a summary of the inputs used as of June 30, 2009 in valuing the Funds’ investments carried at fair value:

 

DESCRIPTION

 

TOTAL FUND

 

LEVEL 1

 

LEVEL 2

 

LEVEL 3

 

Alger Capital Appreciation Institutional Fund

 

 

 

 

 

 

 

 

 

Investments in securities

 

$

 627,963,267

 

$

 627,963,267

 

$

 —

 

$

 —

 

Total

 

$

 627,963,267

 

$

 627,963,267

 

$

 —

 

$

 —

 

Alger LargeCap Growth Institutional Fund

 

 

 

 

 

 

 

 

 

Investments in securities

 

$

 43,634,872

 

$

 43,634,872

 

$

 —

 

$

 —

 

Total

 

$

 43,634,872

 

$

 43,634,872

 

$

 —

 

$

 —

 

Alger MidCap Growth Institutional Fund

 

 

 

 

 

 

 

 

 

Investments in securities

 

$

 906,570,370

 

$

 894,292,396

 

$

 12,277,974

 

$

 —

 

Total

 

$

 906,570,370

 

$

 894,292,396

 

$

 12,277,974

 

$

—

 

Alger SmallCap Growth Institutional Fund

 

 

 

 

 

 

 

 

 

Investments in securities

 

$

 935,475,014

 

$

 935,475,014

 

$

 —

 

$

 —

 

Total

 

$

 935,475,014

 

$

 935,475,014

 

$

 —

 

$

 —

 

 


 

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALLCAP GROWTH INSTITUTIONAL FUND

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

 

NOTE 4 — Derivatives:

 

On March 19, 2008, the FASB released Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“FAS 161”). FAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. The application of FAS 161 is required for fiscal years and interim periods beginning after November 15, 2008.

 

Forward currency contracts—In connection with portfolio purchases and sales of securities denominated in foreign currencies, the Funds may enter into forward currency contracts. Additionally, each Fund may enter into such contracts to economically hedge certain other foreign currency denominated investments. These contracts are valued at the current cost of covering or offsetting such contracts, and the related realized and unrealized foreign exchange gains and losses are included in the statement of operations. In the event that counterparties fail to settle these currency contracts or the related foreign security trades, a Fund could be exposed to foreign currency fluctuations.

 

Options—In order to produce incremental earnings or protect against changes in the value of portfolio securities, the Funds may buy and sell put and call options, write covered call options on portfolio securities and write cash-secured put options.

 

The Funds purchase put options or writes covered call options for speculative purposes or to economically hedge against adverse movements in the value of portfolio holdings. The Funds will segregate assets to cover its obligations under option contracts.

 

When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

 

The Funds may also purchase put and call options. Purchasing put and call options tends to decrease the Fund’s exposure to the underlying instrument. The Fund pays a premium which is included in the Funds’ Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying security to determine the realized gain or loss.

 


 

ITEM 2.  Controls and Procedures.

 

(a) Based on their evaluation of Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) as of a date within 90 days of the filing of this document, Registrant’s principal executive officer and principal financial officer found Registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by Registrant in the reports it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to Registrant’s management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

 

(b) No changes in the registrant’s internal control over financial reporting occurred during the registrant’s last fiscal quarter that materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

ITEM 3. Exhibits.

 

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT.

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

The Alger Institutional Funds

 

 

By

/s/Daniel C. Chung

 

 

 

Daniel C. Chung

 

 

 

President

 

 

 

Date: September 29, 2009

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By

/s/Daniel C. Chung

 

 

 

Daniel C. Chung

 

 

 

President

 

 

 

Date: September 29, 2009

 

 

 

 

 

By

/s/ Michael D. Martins

 

 

 

Michael D. Martins

 

 

 

Treasurer

 

 

 

Date: September 29, 2009

 

 

 EX-99.CERT 2 a09-28665_2ex99dcert.htm EX-99.CERT

Exhibit 99.CERT

 

Rule 30a-2(a) CERTIFICATIONS

 

I, Daniel C. Chung, certify that:

 

1. I have reviewed this report on Form N-Q of The Alger Institutional Funds;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: September 29, 2009

 

 

By

/s/Daniel C. Chung

 

Daniel C. Chung

 

President

 

The Alger Institutional Funds

 

 


 

Rule 30a-2(a) CERTIFICATIONS

 

I, Michael D. Martins, certify that:

 

1. I have reviewed this report on Form N-Q of The Alger Institutional Funds;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: September 29, 2009

 

 

By

/s/ Michael D. Martins

 

Michael D. Martins

 

Treasurer

 

The Alger Institutional Funds

 

 

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