THE ALGER INSTITUTIONAL FUNDS

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND

 Schedule of Investments January 31, 2020 (Unaudited)

COMMON STOCKS—96.1%	SHARES		VALUE
AEROSPACE & DEFENSE—2.6%
Lockheed Martin Corp.		6,932	$	2,967,728
Raytheon Co.		104,723		23,137,500
The Boeing Co.		52,739		16,785,242
TransDigm Group, Inc.		72,058		46,353,469
United Technologies Corp.		23,581		3,541,866
				92,785,805
APPAREL ACCESSORIES & LUXURY GOODS—0.7%
Lululemon Athletica, Inc.*		56,556		13,538,941
LVMH Moet Hennessy Louis Vuitton SE		24,116		10,501,850
				24,040,791
APPLICATION SOFTWARE—9.0%
Adobe, Inc.*		335,828		117,922,644
Autodesk, Inc.*		138,622		27,287,741
Palantir Technologies, Inc., Cl. A*,@,(a)		239,030		1,374,423
salesforce.com, Inc.*		890,090		162,272,307
Workday, Inc., Cl. A*		55,765		10,295,892
				319,153,007
AUTO PARTS & EQUIPMENT—0.8%
Aptiv PLC		341,762		28,978,000
AUTOMOTIVE RETAIL—0.3%
O'Reilly Automotive, Inc.*		24,663		10,015,644
BIOTECHNOLOGY—2.6%
AbbVie, Inc.		110,756		8,973,451
Biogen, Inc.*		42,001		11,291,969
Sarepta Therapeutics, Inc.*		128,569		14,908,861
Vertex Pharmaceuticals, Inc.*		252,090		57,237,035
				92,411,316
DATA PROCESSING & OUTSOURCED SERVICES—9.3%
Fidelity National Information Services, Inc.		481,850		69,222,571
Fiserv, Inc.*		168,154		19,944,746
PayPal Holdings, Inc.*		580,478		66,110,639
Visa, Inc., Cl. A		867,292		172,565,090
				327,843,046
DIVERSIFIED BANKS—0.7%
Bank of America Corp.		216,129		7,095,515
Citigroup, Inc.		68,287		5,081,236
JPMorgan Chase & Co.		92,814		12,284,861
				24,461,612
DIVERSIFIED SUPPORT SERVICES—0.9%
Cintas Corp.		118,033		32,927,666
ELECTRICAL COMPONENTS & EQUIPMENT—0.1%
Rockwell Automation, Inc.		18,970		3,635,790
ENVIRONMENTAL & FACILITIES SERVICES—0.4%
Waste Management, Inc.		113,411		13,802,119

1 

THE ALGER INSTITUTIONAL FUNDS

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND

Schedule of Investments January 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—96.1% (CONT.)	SHARES		VALUE
FINANCIAL EXCHANGES & DATA—2.5%
Intercontinental Exchange, Inc.		483,091	$	48,183,496
S&P Global, Inc.		141,338		41,515,211
				89,698,707
FOOTWEAR—1.0%
NIKE, Inc., Cl. B		353,734		34,064,584
HEALTHCARE EQUIPMENT—5.8%
Abbott Laboratories		372,539		32,463,048
Boston Scientific Corp.*		1,299,403		54,406,004
Danaher Corp.		572,545		92,105,315
DexCom, Inc.*		81,919		19,721,999
Intuitive Surgical, Inc.*		11,181		6,258,900
				204,955,266
HEALTHCARE SERVICES—0.4%
Cigna Corp.		78,908		15,180,321
HOME IMPROVEMENT RETAIL—0.4%
Lowe's Cos., Inc.		108,588		12,622,269
HYPERMARKETS & SUPER CENTERS—0.2%
Walmart, Inc.		77,173		8,835,537
INDUSTRIAL CONGLOMERATES—0.8%
Honeywell International, Inc.		158,564		27,466,456
INDUSTRIAL GASES—1.1%
Air Products & Chemicals, Inc.		158,799		37,906,909
INTERACTIVE MEDIA & SERVICES—9.6%
Alphabet, Inc., Cl. C*		119,621		171,564,027
Facebook, Inc., Cl. A*		794,273		160,371,661
Pinterest, Inc., Cl. A*		379,456		8,359,416
				340,295,104
INTERNET & DIRECT MARKETING RETAIL—12.2%
Alibaba Group Holding Ltd.#,*		685,773		141,673,844
Altaba, Inc.*,@,(a)		342,659		7,168,426
Amazon.com, Inc.*		130,334		261,804,513
MercadoLibre, Inc.*		28,983		19,215,729
				429,862,512
INTERNET SERVICES & INFRASTRUCTURE—0.7%
Twilio, Inc., Cl. A*		55,078		6,848,399
VeriSign, Inc.*		81,872		17,040,838
				23,889,237
INVESTMENT BANKING & BROKERAGE—0.8%
Morgan Stanley		499,253		26,090,961
The Charles Schwab Corp.		71,581		3,260,515
				29,351,476
LIFE SCIENCES TOOLS & SERVICES—0.7%
Thermo Fisher Scientific, Inc.		76,497		23,958,095

2 

THE ALGER INSTITUTIONAL FUNDS

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND

Schedule of Investments January 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—96.1% (CONT.)	SHARES		VALUE
MANAGED HEALTHCARE—2.0%
UnitedHealth Group, Inc.		265,137	$	72,236,576
METAL & GLASS CONTAINERS—0.9%
Ball Corp.		421,653		30,434,914
MOVIES & ENTERTAINMENT—1.4%
Netflix, Inc.*		90,786		31,329,341
The Walt Disney Co.		131,068		18,128,015
				49,457,356
PHARMACEUTICALS—1.4%
GW Pharmaceuticals PLC#,*		87,915		10,156,820
Novartis AG#		192,958		18,236,461
Zoetis, Inc., Cl. A		159,732		21,437,631
				49,830,912
PROPERTY & CASUALTY INSURANCE—1.2%
The Progressive Corp.		535,415		43,202,636
RAILROADS—0.5%
Union Pacific Corp.		103,049		18,489,052
RESTAURANTS—0.2%
Starbucks Corp.		93,135		7,900,642
SEMICONDUCTOR EQUIPMENT—1.1%
ASML Holding NV		30,121		8,453,760
Lam Research Corp.		105,882		31,575,071
				40,028,831
SEMICONDUCTORS—3.5%
Micron Technology, Inc.*		386,752		20,532,664
NVIDIA Corp.		155,439		36,750,443
NXP Semiconductors NV		420,222		53,309,362
QUALCOMM, Inc.		118,444		10,104,458
Taiwan Semiconductor Manufacturing Co., Ltd.#		62,379		3,364,723
				124,061,650
SOFT DRINKS—0.6%
The Coca-Cola Co.		352,960		20,612,864
SPECIALTY CHEMICALS—1.1%
The Sherwin-Williams Co.		70,081		39,034,416
SYSTEMS SOFTWARE—10.5%
Crowdstrike Holdings, Inc., Cl. A*		332,337		20,302,467
Microsoft Corp.		1,967,891		334,994,086
ServiceNow, Inc.*		46,915		15,868,060
				371,164,613
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.8%
Apple, Inc.		626,409		193,879,849
Samsung Electronics Co., Ltd.		741,257		34,218,924
Western Digital Corp.		183,711		12,033,071
				240,131,844

3 

THE ALGER INSTITUTIONAL FUNDS

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND

Schedule of Investments January 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—96.1% (CONT.)	SHARES		VALUE
TRUCKING—0.5%
Uber Technologies, Inc.*		495,728	$	17,989,969
WIRELESS TELECOMMUNICATION SERVICES—0.8%
T-Mobile US, Inc.*		352,315		27,899,825
TOTAL COMMON STOCKS    (Cost $2,122,304,307)				3,400,617,369
PREFERRED STOCKS—0.2%		SHARES		VALUE
APPLICATION SOFTWARE—0.2%
Palantir Technologies, Inc., Cl. B*,@,(a)		974,841		5,605,336
Palantir Technologies, Inc., Cl. D*,@,(a)		127,007		730,290
				6,335,626
TOTAL PREFERRED STOCKS    (Cost $7,275,902)				6,335,626
REAL ESTATE INVESTMENT TRUST—1.0%		SHARES		VALUE
SPECIALIZED—1.0%
Crown Castle International Corp.		245,249		36,748,110
(Cost $29,112,910)				36,748,110
Total Investments
(Cost $2,158,693,119)		97.3%	$	3,443,701,105
Unaffiliated Securities (Cost $2,158,693,119)				3,443,701,105
Other Assets in Excess of Liabilities		2.7%		96,401,643
NET ASSETS		100.0%	$	3,540,102,748

^# American Depositary Receipts.

^(a) Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board.

* Non-income producing security.

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

			% of net assets		% of net assets
	Acquisition	Acquisition	(Acquisition	Market	as of
Security	Date(s)	Cost	Date)	Value	1/31/2020
Altaba, Inc.	10/24/18	$986,137	0.03%	$1,173,507	0.03%
Altaba, Inc.	10/25/18	1,506,214	0.04%	1,783,911	0.05%
Altaba, Inc.	10/29/18	1,458,917	0.04%	1,799,245	0.05%
Altaba, Inc.	10/30/18	1,034,749	0.03%	1,300,157	0.04%
Altaba, Inc.	10/31/18	767,835	0.02%	918,410	0.03%
Altaba, Inc.	11/6/18	165,940	0.00%	193,196	0.01%
Palantir Technologies, Inc., Cl. A	10/7/14	1,555,368	0.05%	1,374,423	0.04%
Palantir Technologies, Inc., Cl. B	10/7/14	6,437,297	0.22%	5,605,336	0.16%
Palantir Technologies, Inc., Cl. D	10/14/14	838,605	0.03%	730,290	0.02%
Total				$14,878,475	0.42%

See Notes to Financial Statements.

4 

THE ALGER INSTITUTIONAL FUNDS

ALGER FOCUS EQUITY FUND

Schedule of Investments January 31, 2020 (Unaudited)

COMMON STOCKS—94.9%	SHARES		VALUE
AEROSPACE & DEFENSE—2.6%
The Boeing Co.		7,455	$	2,372,703
TransDigm Group, Inc.		23,166		14,902,224
				17,274,927
APPLICATION SOFTWARE—9.5%
Adobe, Inc.*		68,331		23,993,747
Avalara, Inc.*		77,236		6,575,873
salesforce.com, Inc.*		185,015		33,730,085
				64,299,705
AUTO PARTS & EQUIPMENT—1.1%
Aptiv PLC		85,351		7,236,911
BIOTECHNOLOGY—1.9%
Sarepta Therapeutics, Inc.*		20,703		2,400,720
Vertex Pharmaceuticals, Inc.*		45,177		10,257,438
				12,658,158
DATA PROCESSING & OUTSOURCED SERVICES—10.1%
Fidelity National Information Services, Inc.		92,085		13,228,931
Fiserv, Inc.*		37,981		4,504,927
PayPal Holdings, Inc.*		154,715		17,620,491
Visa, Inc., Cl. A		164,986		32,827,265
				68,181,614
DIVERSIFIED SUPPORT SERVICES—1.0%
Cintas Corp.		23,688		6,608,241
EDUCATION SERVICES—0.6%
Arco Platform Ltd., Cl. A*		77,363		4,013,592
FINANCIAL EXCHANGES & DATA—2.3%
S&P Global, Inc.		53,633		15,753,621
HEALTHCARE EQUIPMENT—5.2%
Abbott Laboratories		40,033		3,488,476
Boston Scientific Corp.*		244,073		10,219,336
Danaher Corp.		106,926		17,201,185
DexCom, Inc.*		17,874		4,303,166
				35,212,163
HEALTHCARE SERVICES—0.5%
1Life Healthcare, Inc.*		9,864		217,698
Guardant Health, Inc.*		43,728		3,325,078
				3,542,776
INDUSTRIAL CONGLOMERATES—0.7%
Honeywell International, Inc.		25,421		4,403,426
INDUSTRIAL GASES—1.1%
Air Products & Chemicals, Inc.		31,163		7,438,920
INTERACTIVE MEDIA & SERVICES—10.1%
Alphabet, Inc., Cl. C*		22,609		32,426,506
Facebook, Inc., Cl. A*		151,750		30,639,843
Pinterest, Inc., Cl. A*		229,235		5,050,047
				68,116,396

5 

THE ALGER INSTITUTIONAL FUNDS

ALGER FOCUS EQUITY FUND

Schedule of Investments January 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—94.9% (CONT.)	SHARES		VALUE
INTERNET & DIRECT MARKETING RETAIL—12.3%
Alibaba Group Holding Ltd.#,*		147,503	$	30,472,645
Amazon.com, Inc.*		26,647		53,526,363
				83,999,008
INVESTMENT BANKING & BROKERAGE—1.6%
Morgan Stanley		203,515		10,635,694
LIFE SCIENCES TOOLS & SERVICES—0.5%
Thermo Fisher Scientific, Inc.		10,344		3,239,637
MANAGED HEALTHCARE—2.1%
UnitedHealth Group, Inc.		53,185		14,490,253
METAL & GLASS CONTAINERS—0.8%
Ball Corp.		73,152		5,280,111
MOVIES & ENTERTAINMENT—3.1%
Live Nation Entertainment, Inc.*		228,899		15,601,756
Netflix, Inc.*		14,712		5,076,964
				20,678,720
PHARMACEUTICALS—0.5%
GW Pharmaceuticals PLC#,*		27,184		3,140,568
PROPERTY & CASUALTY INSURANCE—1.6%
The Progressive Corp.		136,735		11,033,147
RAILROADS—0.6%
Union Pacific Corp.		22,696		4,072,116
RESTAURANTS—0.6%
Luckin Coffee, Inc.#,*		116,209		3,775,630
SEMICONDUCTOR EQUIPMENT—1.5%
Applied Materials, Inc.		162,704		9,435,205
ASML Holding NV		3,140		881,272
				10,316,477
SEMICONDUCTORS—3.9%
NVIDIA Corp.		31,261		7,391,038
NXP Semiconductors NV		126,599		16,060,349
QUALCOMM, Inc.		32,331		2,758,158
				26,209,545
SPECIALTY CHEMICALS—1.9%
The Sherwin-Williams Co.		23,297		12,976,196
SYSTEMS SOFTWARE—10.2%
Crowdstrike Holdings, Inc., Cl. A*		92,744		5,665,731
Microsoft Corp.		372,537		63,416,974
				69,082,705
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.0%
Apple, Inc.		119,684		37,043,394
Samsung Electronics Co., Ltd.		219,157		10,117,027
				47,160,421
TOTAL COMMON STOCKS    (Cost $505,935,056)				640,830,678

6 

THE ALGER INSTITUTIONAL FUNDS
ALGER FOCUS EQUITY FUND
Schedule of Investments January 31, 2020 (Unaudited) (Continued)

PREFERRED STOCKS—0.0%	SHARES		VALUE
BIOTECHNOLOGY—0.0%
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		76,825	$	81,434
(Cost $345,713)				81,434
REAL ESTATE INVESTMENT TRUST—1.4%		SHARES		VALUE
SPECIALIZED—1.4%
Crown Castle International Corp.		64,318		9,637,409
(Cost $8,446,539)				9,637,409
Total Investments    (Cost $514,727,308)		96.3%	$	650,549,521
Affiliated Securities (Cost $345,713)				81,434
Unaffiliated Securities (Cost $514,381,595)				650,468,087
Other Assets in Excess of Liabilities		3.7%		24,992,157
NET ASSETS		100.0%	$	675,541,678

^# American Depositary Receipts.

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

^(b) Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board.

* Non-income producing security.

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

				% of net assets				% of net assets
	Acquisition	Acquisition		(Acquisition		Market		as of
Security	Date(s)	Cost		Date)		Value		1/31/2020
Prosetta Biosciences, Inc., Series D	2/6/15	$	345,713		0.80%	$	81,434		0.01%
Total						$	81,434		0.01%

See Notes to Financial Statements.

7 

THE ALGER INSTITUTIONAL FUNDS
ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments January 31, 2020 (Unaudited)

COMMON STOCKS—95.1%	SHARES		VALUE
AEROSPACE & DEFENSE—5.2%
HEICO Corp.		4,966	$	607,987
HEICO Corp., Cl. A		9,721		934,674
Hexcel Corp.		6,362		472,188
L3Harris Technologies, Inc.		2,081		460,588
Mercury Systems, Inc.*		7,810		599,418
TransDigm Group, Inc.		2,680		1,723,990
				4,798,845
APPAREL ACCESSORIES & LUXURY GOODS—1.5%
Lululemon Athletica, Inc.*		5,810		1,390,856
APPAREL RETAIL—1.0%
Burlington Stores, Inc.*		4,279		930,554
APPLICATION SOFTWARE—15.0%
Anaplan, Inc.*		14,135		814,035
ANSYS, Inc.*		5,195		1,425,144
Aspen Technology, Inc.*		4,326		514,707
Atlassian Corp., PLC, Cl. A*		6,796		999,012
Avalara, Inc.*,(a)		21,164		1,801,902
Benefitfocus, Inc.*		36,998		684,463
Cadence Design Systems, Inc.*		12,843		926,109
Coupa Software, Inc.*		2,094		337,448
Datadog, Inc., Cl. A*		16,694		771,430
Fair Isaac Corp.*		3,597		1,447,361
Five9, Inc.*		6,414		460,076
Palantir Technologies, Inc., Cl. A*,@,(b)		12,426		71,450
Paycom Software, Inc.*		4,161		1,323,864
PTC, Inc.*		11,766		977,990
RealPage, Inc.*		8,262		482,088
Splunk, Inc.*		2,965		460,346
The Trade Desk, Inc., Cl. A*		1,014		272,949
				13,770,374
ASSET MANAGEMENT & CUSTODY BANKS—0.5%
The Carlyle Group, Inc.		14,421		468,394
AUTO PARTS & EQUIPMENT—0.7%
Aptiv PLC		7,852		665,771
AUTOMOBILE MANUFACTURERS—0.6%
Thor Industries, Inc.		6,625		533,445
AUTOMOTIVE RETAIL—0.8%
O'Reilly Automotive, Inc.*		1,816		737,478
BIOTECHNOLOGY—3.8%
ACADIA Pharmaceuticals, Inc.*		5,953		237,763
Alexion Pharmaceuticals, Inc.*		1,694		168,367
Alnylam Pharmaceuticals, Inc.*		3,116		357,686
Bluebird Bio, Inc.*		2,720		216,757
Genmab AS#,*		23,264		539,957
Neurocrine Biosciences, Inc.*		5,296		530,024
Sarepta Therapeutics, Inc.*		7,275		843,608

8 

THE ALGER INSTITUTIONAL FUNDS
ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments January 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—95.1% (CONT.)	SHARES		VALUE
BIOTECHNOLOGY—3.8% (CONT.)
Seattle Genetics, Inc.*		5,810	$	629,746
				3,523,908
CASINOS & GAMING—1.0%
Diamond Eagle Acquisition Corp., Cl. A*		65,401		950,277
COMMUNICATIONS EQUIPMENT—1.0%
Motorola Solutions, Inc.		5,083		899,691
CONSTRUCTION MATERIALS—0.4%
Vulcan Materials Co.		2,644		374,470
CONSUMER ELECTRONICS—0.8%
Garmin Ltd.		7,442		721,502
DATA PROCESSING & OUTSOURCED SERVICES—4.3%
Fiserv, Inc.*		15,648		1,856,010
Global Payments, Inc.		8,176		1,597,999
Square, Inc., Cl. A*		6,848		511,477
				3,965,486
DIVERSIFIED SUPPORT SERVICES—2.1%
Cintas Corp.		5,237		1,460,966
IAA, Inc.*		9,942		469,859
				1,930,825
EDUCATION SERVICES—1.0%
Bright Horizons Family Solutions, Inc.*		5,714		935,553
ELECTRICAL COMPONENTS & EQUIPMENT—2.2%
AMETEK, Inc.		5,204		505,569
Rockwell Automation, Inc.		2,579		494,291
Sunrun, Inc.*		60,152		1,024,388
				2,024,248
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.9%
Cognex Corp.		17,901		912,414
Trimble, Inc.*		19,091		811,749
				1,724,163
ELECTRONIC MANUFACTURING SERVICES—0.5%
Flex Ltd.*		36,521		480,251
ENVIRONMENTAL & FACILITIES SERVICES—1.5%
Waste Connections, Inc.		14,522		1,398,614
FINANCIAL EXCHANGES & DATA—1.5%
MarketAxess Holdings, Inc.		1,264		447,684
Tradeweb Markets, Inc., Cl. A		19,939		920,783
				1,368,467
FOOD DISTRIBUTORS—0.9%
US Foods Holding Corp.*		21,497		863,534
HEALTHCARE EQUIPMENT—5.5%
ABIOMED, Inc.*		1,628		303,280
DexCom, Inc.*		8,904		2,143,638
Insulet Corp.*		6,450		1,251,558
Masimo Corp.*		3,610		615,866

9 

THE ALGER INSTITUTIONAL FUNDS
ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments January 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—95.1% (CONT.)	SHARES		VALUE
HEALTHCARE EQUIPMENT—5.5% (CONT.)
Nevro Corp.*		5,149	$	684,354
				4,998,696
HEALTHCARE FACILITIES—0.6%
HCA Healthcare, Inc.		3,770		523,276
HEALTHCARE SERVICES—1.4%
1Life Healthcare, Inc.*		5,096		112,469
Amedisys, Inc.*		1,040		183,550
Guardant Health, Inc.*		12,616		959,320
				1,255,339
HEALTHCARE SUPPLIES—0.6%
Align Technology, Inc.*		2,269		583,360
HEALTHCARE TECHNOLOGY—2.4%
Phreesia, Inc.*		18,296		567,176
Teladoc Health, Inc.*		5,898		599,886
Veeva Systems, Inc., Cl. A*		7,207		1,056,618
				2,223,680
HOMEFURNISHING RETAIL—1.2%
Bed Bath & Beyond, Inc.		80,734		1,150,460
INDUSTRIAL MACHINERY—1.3%
Lincoln Electric Holdings, Inc.		8,131		725,122
The Middleby Corp.*		4,130		463,221
				1,188,343
INSURANCE BROKERS—1.0%
eHealth, Inc.*		8,853		930,981
INTERACTIVE HOME ENTERTAINMENT—0.4%
Take-Two Interactive Software, Inc.*		2,624		327,055
INTERACTIVE MEDIA & SERVICES—1.5%
IAC/InterActiveCorp.*		1,822		443,821
Pinterest, Inc., Cl. A*		41,149		906,512
				1,350,333
INTERNET & DIRECT MARKETING RETAIL—1.2%
Grubhub, Inc.*		5,104		276,382
MercadoLibre, Inc.*		1,214		804,882
				1,081,264
INTERNET SERVICES & INFRASTRUCTURE—2.5%
Akamai Technologies, Inc.*		4,117		384,322
Shopify, Inc., Cl. A*		1,609		749,247
VeriSign, Inc.*		5,815		1,210,334
				2,343,903
LEISURE FACILITIES—0.4%
Planet Fitness, Inc., Cl. A*		4,794		387,307
LEISURE PRODUCTS—0.7%
Peloton Interactive, Inc., Cl. A*		20,677		669,108
LIFE SCIENCES TOOLS & SERVICES—2.6%
10X Genomics, Inc., Cl. A*		3,083		281,755

10 

THE ALGER INSTITUTIONAL FUNDS
ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments January 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—95.1% (CONT.)	SHARES		VALUE
LIFE SCIENCES TOOLS & SERVICES—2.6% (CONT.)
Bio-Rad Laboratories, Inc., Cl. A*		710	$	256,253
Bio-Techne Corp.		4,261		894,683
Lonza Group AG*		537		220,563
Repligen Corp.*		7,334		736,260
				2,389,514
METAL & GLASS CONTAINERS—1.0%
Ball Corp.		12,345		891,062
MOVIES & ENTERTAINMENT—1.6%
Live Nation Entertainment, Inc.*		19,560		1,333,209
Roku, Inc., Cl. A*		1,303		157,598
				1,490,807
PHARMACEUTICALS—2.9%
Aerie Pharmaceuticals, Inc.*		23,747		486,339
Canopy Growth Corp.*		19,270		434,539
GW Pharmaceuticals PLC#,*		8,280		956,588
Zoetis, Inc., Cl. A		5,820		781,102
				2,658,568
PROPERTY & CASUALTY INSURANCE—1.1%
The Progressive Corp.		12,205		984,821
REGIONAL BANKS—1.2%
SVB Financial Group*		4,507		1,083,167
RESEARCH & CONSULTING SERVICES—4.7%
CoStar Group, Inc.*		2,889		1,886,488
IHS Markit Ltd.*		12,489		984,883
Verisk Analytics, Inc., Cl. A		8,792		1,428,436
				4,299,807
RESTAURANTS—1.2%
Chipotle Mexican Grill, Inc., Cl. A*		761		659,605
Luckin Coffee, Inc.#,*		14,578		473,639
				1,133,244
SEMICONDUCTOR EQUIPMENT—2.0%
KLA Corp.		4,636		768,370
Lam Research Corp.		1,500		447,315
MKS Instruments, Inc.		1,983		207,858
SolarEdge Technologies, Inc.*		4,488		439,196
				1,862,739
SEMICONDUCTORS—3.3%
Advanced Micro Devices, Inc.*,(a)		37,092		1,743,323
Micron Technology, Inc.*		12,406		658,635
Xilinx, Inc.		8,056		680,571
				3,082,529
SYSTEMS SOFTWARE—2.2%
Crowdstrike Holdings, Inc., Cl. A*		22,313		1,363,102
Proofpoint, Inc.*		5,503		675,823
				2,038,925

11 

THE ALGER INSTITUTIONAL FUNDS
ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments January 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—95.1% (CONT.)	SHARES		VALUE
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.5%
Western Digital Corp.		21,164	$	1,386,242
TRADING COMPANIES & DISTRIBUTORS—0.4%
MSC Industrial Direct Co., Inc., Cl. A		6,073		413,389
TRUCKING—0.5%
Old Dominion Freight Line, Inc.		2,207		433,080
TOTAL COMMON STOCKS    (Cost $75,256,492)				87,617,705
PREFERRED STOCKS—0.5%		SHARES		VALUE
APPLICATION SOFTWARE—0.3%
Palantir Technologies, Inc., Cl. B*,@,(b)		50,675		291,381
BIOTECHNOLOGY—0.2%
Prosetta Biosciences, Inc., Series D*,@,(b),(c)		166,009		175,970
TOTAL PREFERRED STOCKS    (Cost $1,081,669)				467,351
RIGHTS—1.5%		SHARES		VALUE
BIOTECHNOLOGY—1.5%
Tolero CDR*,@,(b),(d)		422,928		1,366,057
(Cost $226,186)				1,366,057
REAL ESTATE INVESTMENT TRUST—2.7%		SHARES		VALUE
INDUSTRIAL—0.2%
Innovative Industrial Properties, Inc., Cl. A		2,539		227,241
RESIDENTIAL—0.4%
Equity LifeStyle Properties, Inc.		5,063		368,333
SPECIALIZED—2.1%
Crown Castle International Corp.		12,772		1,913,756
TOTAL REAL ESTATE INVESTMENT TRUST    (Cost $2,070,984)				2,509,330
Total Investments    (Cost $78,635,331)		99.8%	$	91,960,443
Affiliated Securities (Cost $747,040)				175,970
Unaffiliated Securities (Cost $77,888,291)				91,784,473
Other Assets in Excess of Liabilities		0.2%		170,022
NET ASSETS		100.0%	$	92,130,465

^# American Depositary Receipts.

^(a) All or a portion of this security is segregated as collateral for repayment of the payable for interfund loans in accordance with the terms and conditions of the application and order of exemption that was granted by the Securities and Exchange Commission dated August 11, 2009.

^(b) Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board.

^(c) Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 5 - Affiliated Securities.

^(d) Contingent Deferred Rights.

* Non-income producing security.

12 

THE ALGER INSTITUTIONAL FUNDS
ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments January 31, 2020 (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.

				% of net assets				% of net assets
	Acquisition	Acquisition		(Acquisition		Market		as of
Security	Date(s)	Cost		Date)		Value		1/31/2020
Palantir Technologies, Inc., Cl. A	10/7/14	$	80,856		0.05%	$	71,450		0.08%
Palantir Technologies, Inc., Cl. B	10/7/14		334,629		0.22%		291,381		0.32%
Prosetta Biosciences, Inc., Series D	2/6/15		747,040		0.50%		175,970		0.19%
Tolero CDR	2/6/17		226,186		0.23%		1,366,057		1.48%
Total						$	1,904,858		2.07%

See Notes to Financial Statements.

13 

THE ALGER INSTITUTIONAL FUNDS
ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments January 31, 2020 (Unaudited)

COMMON STOCKS—98.3%	SHARES		VALUE
AEROSPACE & DEFENSE—2.1%
Hexcel Corp.		10,889	$	808,182
Mercury Systems, Inc.*		33,573		2,576,727
				3,384,909
APPAREL ACCESSORIES & LUXURY GOODS—0.5%
Canada Goose Holdings, Inc.*		28,243		847,290
APPAREL RETAIL—2.0%
Burlington Stores, Inc.*		14,864		3,232,474
APPLICATION SOFTWARE—22.6%
ACI Worldwide, Inc.*		97,206		3,348,747
Avalara, Inc.*		61,549		5,240,283
Blackbaud, Inc.		30,182		2,364,156
Blackline, Inc.*		17,698		1,082,587
Coupa Software, Inc.*		10,182		1,640,829
Everbridge, Inc.*		26,836		2,432,415
Guidewire Software, Inc.*		18,362		2,065,725
HubSpot, Inc.*		19,849		3,591,479
Manhattan Associates, Inc.*		20,283		1,733,385
Medallia, Inc.*		1,999		56,412
Paycom Software, Inc.*		11,146		3,546,211
Q2 Holdings, Inc.*		33,968		2,961,670
Smartsheet, Inc., Cl. A*		27,051		1,311,432
SPS Commerce, Inc.*		28,186		1,601,810
Tyler Technologies, Inc.*		8,580		2,777,174
				35,754,315
ASSET MANAGEMENT & CUSTODY BANKS—1.4%
Affiliated Managers Group, Inc.		9,404		750,909
Ares Management Corp., Cl. A		11,347		409,173
WisdomTree Investments, Inc.		263,481		1,109,255
				2,269,337
BIOTECHNOLOGY—2.5%
CareDx, Inc.*		99,820		2,411,652
Exact Sciences Corp.*		14,114		1,316,554
Portola Pharmaceuticals, Inc.*		22,736		290,793
				4,018,999
CASINOS & GAMING—0.5%
Diamond Eagle Acquisition Corp., Cl. A*		54,625		793,701
DIVERSIFIED SUPPORT SERVICES—0.6%
IAA, Inc.*		18,543		876,342
ELECTRICAL COMPONENTS & EQUIPMENT—0.3%
Sunrun, Inc.*		27,131		462,041
ELECTRONIC COMPONENTS—0.9%
Dolby Laboratories, Inc., Cl. A		19,841		1,375,775
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.7%
Cognex Corp.		52,792		2,690,808

14 

THE ALGER INSTITUTIONAL FUNDS
ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments January 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—98.3% (CONT.)	SHARES		VALUE
FINANCIAL EXCHANGES & DATA—1.1%
Tradeweb Markets, Inc., Cl. A		36,923	$	1,705,104
GENERAL MERCHANDISE STORES—0.3%
Ollie's Bargain Outlet Holdings, Inc.*		10,163		539,046
HEALTHCARE EQUIPMENT—14.8%
ABIOMED, Inc.*		11,292		2,103,587
Cantel Medical Corp.		47,137		3,066,733
CryoPort, Inc.*		51,235		917,619
DexCom, Inc.*		16,556		3,985,857
Inmode Ltd.*		13,071		566,366
Inogen, Inc.*		19,406		859,104
Insulet Corp.*		42,979		8,339,646
Tandem Diabetes Care, Inc.*		46,011		3,498,676
				23,337,588
HEALTHCARE SERVICES—0.7%
1Life Healthcare, Inc.*		8,507		187,749
Guardant Health, Inc.*		11,266		856,667
				1,044,416
HEALTHCARE SUPPLIES—7.5%
Neogen Corp.*		66,075		4,444,865
Quidel Corp.*		92,794		7,126,579
SmileDirectClub, Inc., Cl. A*		23,566		315,549
				11,886,993
HEALTHCARE TECHNOLOGY—6.7%
Teladoc Health, Inc.*		17,855		1,816,032
Veeva Systems, Inc., Cl. A*		45,649		6,692,600
Vocera Communications, Inc.*		90,679		1,997,658
				10,506,290
HOMEFURNISHING RETAIL—0.5%
Bed Bath & Beyond, Inc.		55,981		797,729
HYPERMARKETS & SUPER CENTERS—0.8%
BJ's Wholesale Club Holdings, Inc.*		62,064		1,273,553
INSURANCE BROKERS—0.7%
eHealth, Inc.*		10,124		1,064,640
INTERACTIVE HOME ENTERTAINMENT—0.4%
Take-Two Interactive Software, Inc.*		4,484		558,886
INTERACTIVE MEDIA & SERVICES—1.1%
Pinterest, Inc., Cl. A*		81,861		1,803,398
INTERNET & DIRECT MARKETING RETAIL—0.5%
Grubhub, Inc.*		14,173		767,468
INTERNET SERVICES & INFRASTRUCTURE—2.9%
Shopify, Inc., Cl. A*		9,843		4,583,491
INVESTMENT BANKING & BROKERAGE—0.3%
Moelis & Co., Cl. A		11,669		420,084
IT CONSULTING & OTHER SERVICES—3.0%
InterXion Holding NV*		53,583		4,663,328

15 

THE ALGER INSTITUTIONAL FUNDS
ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments January 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—98.3% (CONT.)	SHARES		VALUE
LEISURE FACILITIES—1.0%
Planet Fitness, Inc., Cl. A*		19,538	$	1,578,475
LIFE SCIENCES TOOLS & SERVICES—8.9%
Bio-Techne Corp.		30,506		6,405,346
NanoString Technologies, Inc.*		72,710		1,975,531
NeoGenomics, Inc.*		62,410		2,011,474
Personalis, Inc.*		19,544		213,420
PRA Health Sciences, Inc.*		18,835		1,908,174
Repligen Corp.*		15,441		1,550,122
				14,064,067
MANAGED HEALTHCARE—1.1%
HealthEquity, Inc.*		25,085		1,657,115
MOVIES & ENTERTAINMENT—1.9%
Live Nation Entertainment, Inc.*		44,575		3,038,232
OIL & GAS EQUIPMENT & SERVICES—0.7%
DMC Global, Inc.		26,178		1,095,026
OIL & GAS EXPLORATION & PRODUCTION—0.7%
Magnolia Oil & Gas Corp., Cl. A*		105,333		1,108,103
PHARMACEUTICALS—0.3%
Aerie Pharmaceuticals, Inc.*		24,398		499,671
RESTAURANTS—1.4%
Shake Shack, Inc., Cl. A*		11,366		766,637
Wingstop, Inc.		15,586		1,445,913
				2,212,550
SEMICONDUCTOR EQUIPMENT—0.3%
SolarEdge Technologies, Inc.*		4,104		401,617
SEMICONDUCTORS—0.7%
Universal Display Corp.		6,402		1,127,840
SPECIALTY CHEMICALS—1.9%
Balchem Corp.		27,741		2,996,583
SPECIALTY STORES—0.8%
Five Below, Inc.*		10,837		1,226,965
SYSTEMS SOFTWARE—2.2%
Proofpoint, Inc.*		27,683		3,399,749
TOTAL COMMON STOCKS    (Cost $79,097,924)				155,063,998
PREFERRED STOCKS—0.1%		SHARES		VALUE
BIOTECHNOLOGY—0.1%
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		133,263		141,259
(Cost $599,684)				141,259
RIGHTS—1.1%		SHARES		VALUE
BIOTECHNOLOGY—1.1%
Tolero CDR*,@,(b),(c)		528,559		1,707,246
(Cost $285,725)				1,707,246

16 

THE ALGER INSTITUTIONAL FUNDS
ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments January 31, 2020 (Unaudited) (Continued)

		VALUE
Total Investments    (Cost $79,983,333)	99.5%	$	156,912,503
Affiliated Securities (Cost $599,684)			141,259
Unaffiliated Securities (Cost $79,383,649)			156,771,244
Other Assets in Excess of Liabilities	0.5%		810,072
NET ASSETS	100.0%	$	157,722,575

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

^(b) Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board.

^(c) Contingent Deferred Rights.

* Non-income producing security.

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

					% of net assets				% of net assets
	Acquisition		Acquisition		(Acquisition		Market		as of
Security	Date(s)		Cost		Date)		Value		1/31/2020
Prosetta Biosciences, Inc., Series D		2/6/15	$	599,684		0.10%	$	141,259		0.09%
Tolero CDR		2/6/17		285,725		0.16%		1,707,246		1.08%
Total							$	1,848,505		1.17%

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 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 funds — Alger Capital Appreciation Institutional Fund, Alger Focus Equity Fund, Alger Mid Cap Growth Institutional Fund and Alger Small Cap Growth Institutional Fund (collectively, the “Funds” or individually, each a “Fund”). The Funds normally invest primarily in equity securities and each has an investment objective of long-term capital appreciation.

Each Fund offers one or more of the following share classes: Class A, C, I, R, Y, Z and Z-2. Class A shares are generally subject to an initial sales charge while Class C shares are generally subject to a deferred sales charge. Class I, R, Y, Z and Z-2 shares are sold to institutional investors without an initial or deferred sales charge. Class C shares will automatically convert to Class A shares on the fifth business day of the month following the tenth 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 convert to Class A shares earlier. At conversion, a proportionate amount of shares representing reinvested dividends and distributions will also be converted into Class A shares. Each class has identical rights to assets and earnings, except that each share class bears the pro rata allocation of the Fund’s expenses other than a class expense (not including advisory or custodial fees or other expenses related to the management of the Fund’s assets).

NOTE 2 — Significant Accounting Policies:

(a) Investment Valuation: The Funds value their financial instruments at fair value using independent dealers or pricing services under policies approved by the Trust’s Board of Trustees (“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 Standard Time).

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

Debt securities generally trade in the over-the-counter market. Debt securities with remaining maturities of more than sixty days at the time of acquisition are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various

18 

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

relationships observed in the market between investments and calculated yield measures based on valuation technology commonly employed in the market for such investments. Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche. Debt securities with a remaining maturity of sixty days or less are valued at amortized cost which approximates market value.

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.

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 Trust’s investment adviser, pursuant to policies established by the Board, believes to be the fair value of these securities as of the close of the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but the Funds are open.

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

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

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

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

The Funds’ valuation techniques are generally consistent with either the market or the income approach to fair value. The market approach considers prices and other relevant information generated by market transactions involving identical or comparable assets to measure fair value. The income approach converts future amounts to a current, or discounted, single amount. These fair value measurements are determined on the basis of the value indicated by current market expectations about such future events. Inputs for Level 1 include exchange-listed prices and broker quotes in an active market. Inputs for Level 2 include the last trade price in the case of a halted security, an exchange-listed price which

19 

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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, 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 values may significantly differ from the values if there was an active market.

Valuation processes are determined by a Valuation Committee (“Committee”) established by the Board and comprised of representatives of the Trust’s investment adviser and officers of the Trust. The Committee reports its fair valuation determinations and related valuation information to the Board. The Board is responsible for approving valuation policy and procedures.

While the Committee meets on an as-needed basis, the Committee generally meets quarterly to review and evaluate the effectiveness of the procedures for making fair value determinations. The Committee considers, among other things, the results of quarterly back testing of the fair value model for foreign securities, pricing comparisons between primary and secondary price sources, the outcome of price challenges put to the Funds’ pricing vendor, and variances between transactional prices and the previous day’s price.

The Funds will record a change to a security’s fair value level if new inputs are available or it becomes evident that inputs previously considered for leveling have changed or are no longer relevant. Transfers between Levels 1, 2 and 3 are recognized at the end of the reporting period.

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

NOTE 3 — Fair Value Measurements:

The following is a summary of the inputs used as of January 31, 2020 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	$	417,652,285	$	417,652,285	$	—	$	—
Consumer Discretionary		547,484,442		529,814,166		10,501,850		7,168,426
Consumer Staples		29,448,401		29,448,401		—		—
Financials		186,714,431		186,714,431		—		—
Healthcare		458,572,486		458,572,486		—		—
Industrials		207,096,857		207,096,857		—		—
Information Technology		1,446,272,228		1,410,678,881		34,218,924		1,374,423
Materials		107,376,239		107,376,239		—		—
TOTAL COMMON STOCKS	$	3,400,617,369	$	3,347,353,746	$	44,720,774	$	8,542,849
PREFERRED STOCKS
Information Technology		6,335,626		—		—		6,335,626
REAL ESTATE INVESTMENT TRUST
Real Estate		36,748,110		36,748,110		—		—
TOTAL INVESTMENTS IN SECURITIES	$	3,443,701,105	$	3,384,101,856	$	44,720,774	$	14,878,475

Alger Focus Equity Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	88,795,116	$	88,795,116	$	—	$	—
Consumer Discretionary		99,025,141		99,025,141		—		—
Financials		37,422,462		37,422,462		—		—
Healthcare		72,283,555		72,283,555		—		—
Industrials		32,358,710		32,358,710		—		—
Information Technology		285,250,467		275,133,440		10,117,027		—
Materials		25,695,227		25,695,227		—		—
TOTAL COMMON STOCKS	$	640,830,678	$	630,713,651	$	10,117,027	$	—
PREFERRED STOCKS
Healthcare		81,434		—		—		81,434
REAL ESTATE INVESTMENT TRUST
Real Estate		9,637,409		9,637,409		—		—
TOTAL INVESTMENTS IN SECURITIES	$	650,549,521	$	640,351,060	$	10,117,027	$	81,434

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	$	3,168,195	$	3,168,195	$	—	$	—
Consumer Discretionary		11,286,819		11,286,819		—		—
Consumer Staples		863,534		863,534		—		—
Financials		4,835,830		4,835,830		—		—
Healthcare		18,156,341		17,935,778		220,563		—
Industrials		16,487,151		16,487,151		—		—
Information Technology		31,554,303		31,482,853		—		71,450
Materials		1,265,532		1,265,532		—		—
TOTAL COMMON STOCKS	$	87,617,705	$	87,325,692	$	220,563	$	71,450
PREFERRED STOCKS
Healthcare		175,970		—		—		175,970
Information Technology		291,381		—		—		291,381
TOTAL PREFERRED STOCKS	$	467,351	$	—	$	—	$	467,351
REAL ESTATE INVESTMENT TRUST
Real Estate		2,509,330		2,509,330		—		—
RIGHTS
Healthcare		1,366,057		—		—		1,366,057
TOTAL INVESTMENTS IN SECURITIES	$	91,960,443	$	89,835,022	$	220,563	$	1,904,858

Alger Small Cap Growth Institutional Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	5,400,516	$	5,400,516	$	—	$	—
Consumer Discretionary		11,995,698		11,995,698		—		—
Consumer Staples		1,273,553		1,273,553		—		—
Energy		2,203,129		2,203,129		—		—
Financials		5,459,165		5,459,165		—		—
Healthcare		67,015,139		67,015,139		—		—
Industrials		4,723,292		4,723,292		—		—
Information Technology		53,996,923		53,996,923		—		—
Materials		2,996,583		2,996,583		—		—
TOTAL COMMON STOCKS	$	155,063,998	$	155,063,998	$	—	$	—
PREFERRED STOCKS
Healthcare		141,259		—		—		141,259
RIGHTS
Healthcare		1,707,246		—		—		1,707,246
TOTAL INVESTMENTS IN SECURITIES	$	156,912,503	$	155,063,998	$	—	$	1,848,505

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, 2019	$	8,128,232
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		414,617
Purchases and sales
Purchases		—
Sales		—
Closing balance at January 31, 2020		8,542,849
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2020	$	414,617
Alger Capital Appreciation Institutional Fund		Preferred Stocks
Opening balance at November 1, 2019	$	6,335,626
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 January 31, 2020		6,335,626
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2020	$	—

23 

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Focus Equity Fund	Preferred Stocks
Opening balance at November 1, 2019	$	81,434
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 January 31, 2020		81,434
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2020	$	—

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Mid Cap Growth Institutional Fund	Common Stocks
Opening balance at November 1, 2019	$	71,450
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 January 31, 2020		71,450
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2020	$	—

24 

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	INPUTS (LEVEL 3)UNOBSERVABLE
Alger Mid Cap Growth Institutional Fund	Preferred Stocks
Opening balance at November 1, 2019	$	467,351
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 January 31, 2020		467,351
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2020	$	—
Alger Mid Cap Growth Institutional Fund		Rights
Opening balance at November 1, 2019	$	1,366,057
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 January 31, 2020		1,366,057
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2020	$	—

25 

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, 2019	$	141,259
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 January 31, 2020		141,259
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2020	$	—
Alger Small Cap Growth Institutional Fund		Rights
Opening balance at November 1, 2019	$	1,707,246
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 January 31, 2020		1,707,246
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2020	$	—

The following table provides quantitative information about our Level 3 fair value measurements of our investments as of January 31, 2020. In addition to the methodologies and inputs noted in the table below, according to our valuation policy we may also use other valuation methodologies and inputs when determining our fair value measurements. The table below is not intended to be all-inclusive, but rather provides information on the Level 3 inputs as they relate to our fair value measurements.

26 

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Fair Value January 31, 2020		Valuation Methodology	Unobservable Input	Input/Range	Weighted Average Inputs
Alger Capital Appreciation Institutional Fund
Common Stocks	$	7,168,426	Income Approach	Discount Rate	2.40%-11.30%	N/A
Common Stocks		1,374,423	Market Approach	Transaction Price	N/A	N/A
Preferred Stocks		6,335,626	Market Approach	Transaction Price	N/A	N/A
Alger Focus Equity Fund
Preferred Stocks	$	81,434	Income Approach	Discount Rate	55.00%-60.00%	N/A
Alger Mid Cap Growth Institutional Fund
Common Stocks	$	71,450	Market Approach	Transaction Price	N/A	N/A
Preferred Stocks		175,970	Income Approach	Discount Rate	55.00%-60.00%	N/A
Preferred Stocks		291,381	Market Approach	Transaction Price	N/A	N/A
Rights		1,366,057	Income Approach	Discount Rate	4.82%-5.22%	N/A
Alger Small Cap Growth Institutional Fund
Preferred Stocks	$	141,259	Income Approach	Discount Rate	55.00%-60.00%	N/A
Rights		1,707,246	Income Approach	Discount Rate	4.82%-5.22%	N/A

The significant unobservable inputs used in the fair value measurement of the Fund’s securities are revenue and EBITDA multiples, discount rates, and the probabilities of success of certain outcomes. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurements than those noted in the table above. Generally, increases in revenue and EBITA multiples, decreases in discount rates, and increases in the probabilities of success result in higher fair value measurements, whereas decreases in revenues and EBITA multiples, increases in discount rates, and decreases in the probabilities of success result in lower fair value measurements.

As of January 31, 2020, there were no transfers of securities between Level 1 and Level 2.

Certain of the Funds’ assets and liabilities are held at carrying amount or face value, which approximates fair value for financial statements purposes. As of January 31, 2020, such assets were categorized within the ASC 820 disclosure hierarchy as follows:

27 

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	TOTAL			LEVEL 1			LEVEL 2		LEVEL 3
Cash, foreign cash and cash equivalents:
Alger Capital Appreciation Institutional Fund	$	86,492,912		$	—		$	86,492,912	$	—
Bank overdraft		(141	)		(141	)		—		—
Alger Focus Equity Fund		19,140,067			—			19,140,067		—
Alger Mid Cap Growth Institutional Fund		1,058			—			1,058		—
Alger Small Cap Growth Institutional Fund		107,275			—			107,275		—

NOTE 4 — Derivatives:

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

Options — The Funds seek to capture the majority of the returns associated with equity market investments. To meet this investment goal, the Funds invest in a broadly diversified portfolio of common stocks, while also buying and selling call and put options on equities and equity indexes. The Funds purchase call options to increase their exposure to the stock market and also provide diversification of risk. The Funds purchase put options in order to protect from significant market declines that may occur over a short period of time. The Funds will write covered call and cash secured put options to generate cash flows while reducing the volatility of the Funds’ portfolios. The cash flows may be an important source of the Funds’ returns, although written call options may reduce the Funds’ ability to profit from increases in the value of the underlying security or equity portfolio. The value of a call option generally increases as the price of the underlying stock increases and decreases as the stock decreases in price. Conversely, the value of a put option generally increases as the price of the underlying stock decreases and decreases as the stock increases in price. The combination of the diversified stock portfolio and the purchase and sale of options is intended to provide the Funds with the majority of the returns associated with equity market investments but with reduced volatility and returns that are augmented with the cash flows from the sale of options.

The Funds’ option contracts were not subject to any rights of offset with any counterparty. All of the Funds’ options were exchange traded which utilize a clearinghouse that acts as an intermediary between buyer and seller, receiving initial and maintenance margin from both, and guaranteeing performance of the option contract.

NOTE 5 — Affiliated Securities:

The issuers of the securities listed below are deemed to be affiliates of the Funds because the Funds or their affiliates owned 5% or more of the issuer’s voting securities during all or part of the period ended January 31, 2020. Purchase and sale transactions, interest income and dividend income earned during the period were as follows:

28 

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

													Net Increase
	Shares/						Shares/						(Decrease)
	Par at						Par at		Dividend/				in		Value at
	October 31,		Purchases/		Sales/		January 31,		Interest		Realized		Unrealized		January 31,
Security	2019		Conversion		Conversion		2020		Income		Gain (Loss)		App(Dep)		2020
Alger Focus Equity Fund
Preferred Stocks
Prosetta Biosciences, Inc., Series D		76,825		—		—		76,825	$	—	$	—	$	—	$	81,434
Total									$	—	$	—	$	—	$	81,434

													Net Increase
	Shares/						Shares/						(Decrease)
	Par at						Par at		Dividend/				in		Value at
	October 31,		Purchases/		Sales/		January 31,		Interest		Realized		Unrealized		January 31,
Security	2019		Conversion		Conversion		2020		Income		Gain (Loss)		App(Dep)		2020
Alger Mid Cap Growth Institutional Fund
Preferred Stocks
Prosetta Biosciences, Inc., Series D		166,009		—		—		166,009	$	—	$	—	$	—	$	175,970
Total									$	—	$	—	$	—	$	175,970

													Net Increase
	Shares/						Shares/						(Decrease)
	Par at						Par at		Dividend/				in		Value at
	October 31,		Purchases/		Sales/		January 31,		Interest		Realized		Unrealized		January 31,
Security	2019		Conversion		Conversion		2020		Income		Gain (Loss)		App(Dep)		2020
Alger Small Cap Growth Institutional Fund
Preferred Stocks
Prosetta Biosciences, Inc., Series D		133,263		—		—		133,263	$	—	$	—	$	—	$	141,259
Total									$	—	$	—	$	—	$	141,259

NOTE 6 — Subsequent Events:

An outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019, and has now been detected globally. The General Partner continues to closely monitor the impact of the COVID-19 outbreak on the Fund, however the duration and severity of the outbreak and its effects on the Fund cannot be determined with certainty. The effect of the impact of COVID-19 has not been reflected in these financial statements; such impact may affect the future results of the Fund.

29