Alger Focus Equity Fund Class I (ALGRX) NPORT-P Alger Mid Cap Growth Institutional Fund (Jul 2020 report)

THE ALGER INSTITUTIONAL FUNDS

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND

Schedule of Investments July 31, 2020 (Unaudited)

COMMON STOCKS—97.2%	SHARES		VALUE
AEROSPACE & DEFENSE—0.4%
Airbus SE		54,466	$	3,987,537
TransDigm Group, Inc.		27,221		11,748,039
				15,735,576
APPAREL ACCESSORIES & LUXURY GOODS—0.3%
LVMH Moet Hennessy Louis Vuitton SE		28,169		12,251,697
APPLICATION SOFTWARE—8.3%
Adobe, Inc.*		272,963		121,282,920
Cadence Design Systems, Inc.*		86,085		9,404,786
Intuit, Inc.		88,521		27,120,179
Palantir Technologies, Inc., Cl. A*,@,(a)		239,030		1,374,423
RingCentral, Inc., Cl. A*		99,016		28,741,374
salesforce.com, Inc.*		645,541		125,783,664
				313,707,346
AUTOMOBILE MANUFACTURERS—0.5%
Tesla, Inc.*		12,416		17,764,316
AUTOMOTIVE RETAIL—0.1%
Carvana Co., Cl. A*		14,190		2,198,741
BIOTECHNOLOGY—2.3%
BioMarin Pharmaceutical, Inc.*		217,112		26,012,189
Sarepta Therapeutics, Inc.*		84,570		12,983,186
Vertex Pharmaceuticals, Inc.*		183,589		49,936,208
				88,931,583
CASINOS & GAMING—0.6%
DraftKings, Inc., Cl. A*		292,698		9,768,796
Las Vegas Sands Corp.		340,495		14,859,202
				24,627,998
DATA PROCESSING & OUTSOURCED SERVICES—11.0%
Fidelity National Information Services, Inc.		856,223		125,273,987
Fiserv, Inc.*		120,600		12,034,674
PayPal Holdings, Inc.*		507,500		99,505,525
Visa, Inc., Cl. A		930,884		177,240,314
				414,054,500
DIVERSIFIED BANKS—0.4%
Bank of America Corp.		472,341		11,751,844
JPMorgan Chase & Co.		41,041		3,966,202
				15,718,046
DIVERSIFIED SUPPORT SERVICES—0.7%
Cintas Corp.		91,572		27,642,840
ENVIRONMENTAL & FACILITIES SERVICES—0.4%
Waste Connections, Inc.		146,842		15,032,216
FINANCIAL EXCHANGES & DATA—2.4%
Intercontinental Exchange, Inc.		449,129		43,466,705
S&P Global, Inc.		131,102		45,918,475
				89,385,180

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THE ALGER INSTITUTIONAL FUNDS

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND

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

COMMON STOCKS—97.2% (CONT.)	SHARES		VALUE
FOOD DISTRIBUTORS—0.3%
Sysco Corp.		214,665	$	11,345,045
FOOTWEAR—0.3%
NIKE, Inc., Cl. B		127,677		12,462,552
HEALTHCARE EQUIPMENT—6.8%
Boston Scientific Corp.*		1,869,417		72,103,414
Danaher Corp.		819,676		167,049,969
DexCom, Inc.*		45,189		19,681,617
				258,835,000
HEALTHCARE SERVICES—0.3%
Guardant Health, Inc.*		134,058		11,419,060
HEALTHCARE SUPPLIES—0.4%
Align Technology, Inc.*		52,362		15,385,003
HOME IMPROVEMENT RETAIL—2.1%
Lowe’s Cos., Inc.		546,158		81,328,388
INDUSTRIAL GASES—0.7%
Air Products & Chemicals, Inc.		96,231		27,582,692
INTERACTIVE MEDIA & SERVICES—9.1%
Alphabet, Inc., Cl. C*		91,124		135,133,247
Baidu, Inc.#,*		27,829		3,322,783
Facebook, Inc., Cl. A*		639,669		162,264,835
Pinterest, Inc., Cl. A*		382,424		13,113,319
Tencent Holdings Ltd.		416,376		28,562,835
				342,397,019
INTERNET & DIRECT MARKETING RETAIL—15.4%
Alibaba Group Holding Ltd.#,*		650,769		163,356,034
Altaba, Inc*,@,(a)		342,659		7,600,177
Amazon.com, Inc.*		122,043		386,227,040
MercadoLibre, Inc.*		21,359		24,020,759
				581,204,010
INTERNET SERVICES & INFRASTRUCTURE—1.1%
Shopify, Inc., Cl. A*		6,083		6,228,992
Twilio, Inc., Cl. A*		91,770		25,458,833
VeriSign, Inc.*		55,170		11,678,386
				43,366,211
INVESTMENT BANKING & BROKERAGE—0.4%
Morgan Stanley		318,236		15,555,376
MANAGED HEALTHCARE—0.9%
UnitedHealth Group, Inc.		111,721		33,826,884
METAL & GLASS CONTAINERS—0.5%
Ball Corp.		244,195		17,980,078
MOVIES & ENTERTAINMENT—1.3%
Live Nation Entertainment, Inc.*		271,427		12,705,498
Netflix, Inc.*		75,362		36,842,974
				49,548,472

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THE ALGER INSTITUTIONAL FUNDS

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND

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

COMMON STOCKS—97.2% (CONT.)	SHARES		VALUE
PHARMACEUTICALS—0.6%
GW Pharmaceuticals PLC#,*		109,097	$	13,924,050
Novartis AG#		112,925		9,275,660
				23,199,710
PROPERTY & CASUALTY INSURANCE—0.8%
The Progressive Corp.		357,197		32,269,177
RAILROADS—1.2%
Union Pacific Corp.		267,137		46,308,199
RESEARCH & CONSULTING SERVICES—0.7%
CoStar Group, Inc.*		27,971		23,768,637
TransUnion		51,139		4,580,520
				28,349,157
RESTAURANTS—0.5%
Chipotle Mexican Grill, Inc., Cl. A*		16,617		19,195,294
SEMICONDUCTOR EQUIPMENT—1.5%
ASML Holding NV		14,850		5,252,742
Lam Research Corp.		141,076		53,208,224
				58,460,966
SEMICONDUCTORS—4.9%
Advanced Micro Devices, Inc.*		150,513		11,654,222
Micron Technology, Inc.*		134,059		6,710,323
NVIDIA Corp.		188,767		80,148,581
NXP Semiconductors NV		490,968		57,703,469
QUALCOMM, Inc.		102,769		10,853,434
Taiwan Semiconductor Manufacturing Co., Ltd.#		249,854		19,710,982
				186,781,011
SPECIALTY CHEMICALS—1.3%
The Sherwin-Williams Co.		74,694		48,395,736
SYSTEMS SOFTWARE—8.8%
Microsoft Corp.		1,458,015		298,907,654
Palo Alto Networks, Inc.*		89,181		22,823,202
ServiceNow, Inc.*		23,503		10,322,518
				332,053,374
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.7%
Apple, Inc.		603,479		256,502,714
WIRELESS TELECOMMUNICATION SERVICES—3.2%
T-Mobile US, Inc.*		1,128,900		121,221,282
TOTAL COMMON STOCKS (Cost $2,076,888,765)				3,692,022,449

PREFERRED STOCKS—0.2%	SHARES		VALUE
APPLICATION SOFTWARE—0.2%
Palantir Technologies, Inc., Cl. B*,@,(a)		974,841		5,605,336

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THE ALGER INSTITUTIONAL FUNDS

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND

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

PREFERRED STOCKS—0.2% (CONT.)	SHARES		VALUE
APPLICATION SOFTWARE—0.2% (CONT.)
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—1.1%	SHARES			VALUE
SPECIALIZED—1.1%
Crown Castle International Corp.		260,033			43,347,501
(Cost $32,413,882)					43,347,501
Total Investments (Cost $2,116,578,549)		98.5	%	$	3,741,705,576
Unaffiliated Securities (Cost $2,116,578,549)					3,741,705,576
Other Assets in Excess of Liabilities		1.5	%		58,598,774
NET ASSETS		100.0	%	$	3,800,304,350

^# 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		7/31/2020
Altaba, Inc.	10/24/18	$	986,137		0.03	%	$	1,244,187		0.03	%
Altaba, Inc.	10/25/18		1,506,214		0.04	%		1,891,355		0.05	%
Altaba, Inc.	10/29/18		1,458,917		0.04	%		1,907,613		0.05	%
Altaba, Inc.	10/30/18		1,034,749		0.03	%		1,378,465		0.04	%
Altaba, Inc.	10/31/18		767,835		0.02	%		973,724		0.03	%
Altaba, Inc.	11/6/18		165,940		0.00	%		204,833		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		0.15	%
Palantir Technologies, Inc., Cl. D	10/14/14		838,605		0.03	%		730,290		0.02	%
Total							$	15,310,226		0.40	%

See Notes to Financial Statements.

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THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUND

Schedule of Investments July 31, 2020 (Unaudited)

COMMON STOCKS—96.9%	SHARES		VALUE
AEROSPACE & DEFENSE—0.2%
TransDigm Group, Inc.		4,342	$	1,873,920
APPLICATION SOFTWARE—7.2%
Adobe, Inc.*		72,418		32,176,766
Avalara, Inc.*		30,373		4,083,650
Intuit, Inc.		16,303		4,994,750
salesforce.com, Inc.*		166,131		32,370,625
				73,625,791
BIOTECHNOLOGY—1.5%
BioMarin Pharmaceutical, Inc.*		51,287		6,144,695
Vertex Pharmaceuticals, Inc.*		35,504		9,657,088
				15,801,783
CASINOS & GAMING—0.6%
DraftKings, Inc., Cl. A*		191,394		6,387,775
DATA PROCESSING & OUTSOURCED SERVICES—12.1%
Fidelity National Information Services, Inc.		264,156		38,648,664
PayPal Holdings, Inc.*		198,854		38,989,304
Visa, Inc., Cl. A		246,256		46,887,143
				124,525,111
DIVERSIFIED SUPPORT SERVICES—1.1%
Cintas Corp.		36,509		11,020,972
EDUCATION SERVICES—0.2%
Bright Horizons Family Solutions, Inc.*		19,269		2,066,408
FINANCIAL EXCHANGES & DATA—2.1%
S&P Global, Inc.		60,507		21,192,577
FOOD DISTRIBUTORS—0.4%
US Foods Holding Corp.*		178,471		3,622,961
HEALTHCARE EQUIPMENT—7.0%
Boston Scientific Corp.*		569,084		21,949,570
Danaher Corp.		212,414		43,289,973
DexCom, Inc.*		16,165		7,040,504
				72,280,047
HEALTHCARE SERVICES—0.3%
Guardant Health, Inc.*		40,820		3,477,048
HEALTHCARE SUPPLIES—0.4%
Align Technology, Inc.*		13,270		3,898,991
HOME IMPROVEMENT RETAIL—2.1%
Lowe’s Cos., Inc.		143,122		21,312,297
INDUSTRIAL GASES—0.5%
Air Products & Chemicals, Inc.		16,346		4,685,254
INTERACTIVE MEDIA & SERVICES—8.3%
Alphabet, Inc., Cl. C*		24,941		36,986,505
Facebook, Inc., Cl. A*		166,803		42,312,917
Pinterest, Inc., Cl. A*		185,107		6,347,319
				85,646,741

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THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUND

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

COMMON STOCKS—96.9% (CONT.)	SHARES		VALUE
INTERNET & DIRECT MARKETING RETAIL—15.8%
Alibaba Group Holding Ltd.#,*		180,291	$	45,256,647
Amazon.com, Inc.*		32,973		104,348,993
Farfetch Ltd., Cl. A*		120,723		3,094,130
MercadoLibre, Inc.*		8,942		10,056,352
				162,756,122
INVESTMENT BANKING & BROKERAGE—0.4%
Morgan Stanley		83,917		4,101,863
MANAGED HEALTHCARE—2.0%
UnitedHealth Group, Inc.		66,849		20,240,540
MOVIES & ENTERTAINMENT—0.7%
Netflix, Inc.*		14,487		7,082,405
PHARMACEUTICALS—0.5%
GW Pharmaceuticals PLC#,*		38,560		4,921,413
PROPERTY & CASUALTY INSURANCE—1.0%
The Progressive Corp.		118,423		10,698,334
RAILROADS—1.1%
Union Pacific Corp.		64,874		11,245,908
RESEARCH & CONSULTING SERVICES—0.3%
CoStar Group, Inc.*		3,313		2,815,255
RESTAURANTS—0.5%
Starbucks Corp.		66,150		5,062,460
SEMICONDUCTOR EQUIPMENT—2.8%
Applied Materials, Inc.		447,983		28,818,746
SEMICONDUCTORS—6.2%
Advanced Micro Devices, Inc.*		75,497		5,845,733
Microchip Technology, Inc.		40,167		4,086,189
NVIDIA Corp.		55,660		23,632,679
NXP Semiconductors NV		218,482		25,678,189
QUALCOMM, Inc.		40,442		4,271,080
				63,513,870
SPECIALTY CHEMICALS—2.1%
The Sherwin-Williams Co.		32,561		21,096,923
SYSTEMS SOFTWARE—8.8%
Microsoft Corp.		403,265		82,673,358
Palo Alto Networks, Inc.*		28,482		7,289,113
				89,962,471
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.6%
Apple, Inc.		159,948		67,984,298
TRUCKING—0.4%
Uber Technologies, Inc.*		137,707		4,167,014
WIRELESS TELECOMMUNICATION SERVICES—3.7%
T-Mobile US, Inc.*		356,234		38,252,407
TOTAL COMMON STOCKS
(Cost $701,507,346)				994,137,705

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THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUND

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

PREFERRED STOCKS—0.0%	SHARES		VALUE
BIOTECHNOLOGY—0.0%
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		76,825	$	60,692
(Cost $345,713)				60,692

REAL ESTATE INVESTMENT TRUST—1.9%	SHARES			VALUE
SPECIALIZED—1.9%
Crown Castle International Corp.		115,973			19,332,699
(Cost $16,346,923)					19,332,699
Total Investments
(Cost $718,199,982)		98.8	%	$	1,013,531,096
Affiliated Securities (Cost $345,713)					60,692
Unaffiliated Securities (Cost $717,854,269)					1,013,470,404
Other Assets in Excess of Liabilities		1.2	%		12,766,008
NET ASSETS		100.0	%	$	1,026,297,104

^# 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		7/31/2020
Prosetta Biosciences, Inc., Series D		2/6/15	$	345,713		0.80	%	$	60,692		0.01	%
Total								$	60,692		0.01	%

See Notes to Financial Statements.

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THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND

Schedule of Investments July 31, 2020 (Unaudited)

COMMON STOCKS—94.2%	SHARES		VALUE
AEROSPACE & DEFENSE—1.9%
HEICO Corp.		5,067	$	487,040
Mercury Systems, Inc.*		12,410		960,907
TransDigm Group, Inc.		1,128		486,822
				1,934,769
ALTERNATIVE CARRIERS—0.6%
Bandwidth, Inc., Cl. A*		4,060		587,807
APPAREL ACCESSORIES & LUXURY GOODS—1.3%
Lululemon Athletica, Inc.*		3,960		1,289,336
APPAREL RETAIL—0.5%
Burlington Stores, Inc.*		2,627		493,876
APPLICATION SOFTWARE—14.9%
ANSYS, Inc.*		2,376		737,986
Atlassian Corp. PLC, Cl. A*		4,689		828,312
Avalara, Inc.*		10,710		1,439,960
Benefitfocus, Inc.*		44,950		526,365
Bill.com Holdings, Inc.*		6,131		570,857
Cadence Design Systems, Inc.*		14,405		1,573,746
Coupa Software, Inc.*		5,825		1,785,070
DocuSign, Inc., Cl. A*		5,011		1,086,535
Dynatrace, Inc.*		11,629		486,441
Fair Isaac Corp.*		1,669		733,008
Five9, Inc.*		6,287		759,595
Palantir Technologies, Inc., Cl. A*,@,(a)		12,426		71,450
Paycom Software, Inc.*		3,314		942,402
PTC, Inc.*		9,062		775,345
RingCentral, Inc., Cl. A*		4,107		1,192,139
Splunk, Inc.*		2,398		503,148
Vertex, Inc., Cl. A*		640		15,078
Workday, Inc., Cl. A*		1,962		354,965
Zoom Video Communications, Inc., Cl. A*		2,397		608,622
				14,991,024
AUTOMOTIVE RETAIL—0.7%
O’Reilly Automotive, Inc.*		1,547		738,507
BIOTECHNOLOGY—6.4%
BioMarin Pharmaceutical, Inc.*		6,943		831,841
BioNTech SE#,*		2,307		189,428
Forte Biosciences, Inc.*		78,465		1,479,065
Genmab AS#,*		23,076		788,968
Immunomedics, Inc.*		7,785		328,761
Moderna, Inc.*		8,632		639,631
Sarepta Therapeutics, Inc.*		5,715		877,367
Seattle Genetics, Inc.*		5,438		904,176
Twist Bioscience Corp.*		6,205		347,728
				6,386,965
BUILDING PRODUCTS—0.6%
Lennox International, Inc.		2,075		556,391

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THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND

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

COMMON STOCKS—94.2% (CONT.)	SHARES		VALUE
CASINOS & GAMING—1.0%
DraftKings, Inc., Cl. A*		22,573	$	753,374
Penn National Gaming, Inc.*		8,021		271,511
				1,024,885
DATA PROCESSING & OUTSOURCED SERVICES—1.6%
Global Payments, Inc.		5,601		997,090
Square, Inc., Cl. A*		4,547		590,428
				1,587,518
DISTRIBUTORS—1.4%
Pool Corp.		4,383		1,388,096
DIVERSIFIED SUPPORT SERVICES—2.5%
Cintas Corp.		4,007		1,209,593
Copart, Inc.*		13,548		1,263,351
				2,472,944
EDUCATION SERVICES—1.0%
Chegg, Inc.*		12,736		1,031,234
ELECTRICAL COMPONENTS & EQUIPMENT—0.7%
AMETEK, Inc.		7,375		687,719
ELECTRONIC EQUIPMENT & INSTRUMENTS—2.0%
Cognex Corp.		11,580		774,354
Keysight Technologies, Inc.*		4,692		468,684
Trimble, Inc.*		16,500		734,415
				1,977,453
FINANCIAL EXCHANGES & DATA—0.9%
MarketAxess Holdings, Inc.		1,039		536,852
Tradeweb Markets, Inc., Cl. A		7,507		405,903
				942,755
FOOD DISTRIBUTORS—1.9%
US Foods Holding Corp.*		95,261		1,933,798
GENERAL MERCHANDISE STORES—0.3%
Ollie’s Bargain Outlet Holdings, Inc.*		2,872		301,847
HEALTHCARE EQUIPMENT—7.5%
ABIOMED, Inc.*		1,671		501,200
DexCom, Inc.*		5,899		2,569,251
Hologic, Inc.*		9,639		672,609
IDEXX Laboratories, Inc.*		595		236,661
Insulet Corp.*		4,040		821,574
Masimo Corp.*		4,162		916,139
Nevro Corp.*		1,789		237,865
ResMed, Inc.		3,866		782,904
Sartorius AG		1,410		542,629
Tandem Diabetes Care, Inc.*		2,349		245,377
				7,526,209
HEALTHCARE SERVICES—1.3%
1Life Healthcare, Inc.*		5,985		177,216
Guardant Health, Inc.*		13,527		1,152,230
				1,329,446

- 9 -

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND

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

COMMON STOCKS—94.2% (CONT.)	SHARES		VALUE
HEALTHCARE SUPPLIES—0.8%
Align Technology, Inc.*		1,415	$	415,755
Quidel Corp.*		1,551		438,111
				853,866
HEALTHCARE TECHNOLOGY—4.3%
Livongo Health, Inc.*		6,664		847,994
Phreesia, Inc.*		9,115		273,997
Teladoc Health, Inc.*		6,891		1,637,508
Veeva Systems, Inc., Cl. A*		5,856		1,549,322
				4,308,821
HOTELS RESORTS & CRUISE LINES—0.5%
Extended Stay America, Inc.		41,975		478,935
INDUSTRIAL MACHINERY—1.9%
Donaldson Co., Inc.		21,050		1,017,557
Lincoln Electric Holdings, Inc.		5,877		531,222
Woodward, Inc.		4,175		312,875
				1,861,654
INTERACTIVE HOME ENTERTAINMENT—1.5%
Activision Blizzard, Inc.		9,131		754,494
Take-Two Interactive Software, Inc.*		4,437		727,757
				1,482,251
INTERACTIVE MEDIA & SERVICES—1.2%
Pinterest, Inc., Cl. A*		34,100		1,169,289
INTERNET & DIRECT MARKETING RETAIL—6.0%
Etsy, Inc.*		8,887		1,052,043
Farfetch Ltd., Cl. A*		35,530		910,634
Fiverr International Ltd.*		11,359		1,061,271
Magnite, Inc.*		49,011		294,311
MercadoLibre, Inc.*		1,010		1,135,866
Wayfair, Inc., Cl. A*		6,047		1,609,047
				6,063,172
INTERNET SERVICES & INFRASTRUCTURE—3.4%
Akamai Technologies, Inc.*		9,271		1,042,431
Shopify, Inc., Cl. A*		533		545,792
Twilio, Inc., Cl. A*		4,058		1,125,770
VeriSign, Inc.*		3,538		748,924
				3,462,917
LEISURE FACILITIES—1.4%
Vail Resorts, Inc.		7,509		1,441,953
LEISURE PRODUCTS—0.7%
Peloton Interactive, Inc., Cl. A*		10,265		700,278
LIFE SCIENCES TOOLS & SERVICES—2.4%
Bio-Rad Laboratories, Inc., Cl. A*		671		352,201
Bio-Techne Corp.		2,438		670,840
Lonza Group AG		739		462,249
Repligen Corp.*		6,031		910,139
				2,395,429

- 10 -

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND

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

COMMON STOCKS—94.2% (CONT.)	SHARES		VALUE
METAL & GLASS CONTAINERS—0.9%
Ball Corp.		11,841	$	871,853
MOVIES & ENTERTAINMENT—1.7%
Liberty Media Corp.-Liberty Formula One, Cl. C*		14,812		524,937
Roku, Inc., Cl. A*		7,533		1,166,787
				1,691,724
PHARMACEUTICALS—1.1%
GW Pharmaceuticals PLC#,*		5,145		656,657
Horizon Therapeutics PLC*		6,986		427,473
				1,084,130
PROPERTY & CASUALTY INSURANCE—0.5%
The Progressive Corp.		5,941		536,710
REAL ESTATE SERVICES—0.9%
FirstService Corp.		7,187		859,206
REGIONAL BANKS—0.4%
SVB Financial Group*		1,984		444,952
RESEARCH & CONSULTING SERVICES—2.1%
CoStar Group, Inc.*		1,005		854,009
Verisk Analytics, Inc., Cl. A		6,849		1,292,475
				2,146,484
RESTAURANTS—1.8%
Chipotle Mexican Grill, Inc., Cl. A*		1,145		1,322,658
Shake Shack, Inc., Cl. A*		9,444		458,506
				1,781,164
SEMICONDUCTOR EQUIPMENT—2.8%
Lam Research Corp.		4,459		1,681,756
SolarEdge Technologies, Inc.*		6,225		1,089,998
				2,771,754
SEMICONDUCTORS—5.4%
Advanced Micro Devices, Inc.*		45,273		3,505,488
Inphi Corp.*		5,821		760,572
Universal Display Corp.		6,919		1,207,020
				5,473,080
SYSTEMS SOFTWARE—3.0%
Crowdstrike Holdings, Inc., Cl. A*		15,042		1,702,755
Palo Alto Networks, Inc.*		5,145		1,316,708
				3,019,463
TRUCKING—0.5%
Old Dominion Freight Line, Inc.		2,944		538,222
TOTAL COMMON STOCKS (Cost $65,883,622)				94,619,886

PREFERRED STOCKS—0.4%	SHARES		VALUE
APPLICATION SOFTWARE—0.3%
Palantir Technologies, Inc., Cl. B*,@,(a)		50,675		291,381

- 11 -

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND

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

PREFERRED STOCKS—0.4% (CONT.)	SHARES		VALUE
BIOTECHNOLOGY—0.1%
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		166,009	$	131,147
TOTAL PREFERRED STOCKS (Cost $1,081,669)				422,528

WARRANTS—0.8%	SHARES		VALUE
BIOTECHNOLOGY—0.8%
Forte Biosciences, Inc., 2/20/21*,@		95,530		791,562
(Cost $0)				791,562

RIGHTS—1.3%	SHARES		VALUE
BIOTECHNOLOGY—1.3%
BioNTech Pharmaceuticals Ltd.*		2,307		–
Tolero CDR*,@,(a),(c)		422,928		1,311,077
				1,311,077
TOTAL RIGHTS (Cost $226,186)				1,311,077

REAL ESTATE INVESTMENT TRUST—2.6%	SHARES			VALUE
INDUSTRIAL—0.7%
Rexford Industrial Realty, Inc.		14,547			682,691
RESIDENTIAL—0.7%
Equity LifeStyle Properties, Inc.		9,785			668,511
SPECIALIZED—1.2%
Crown Castle International Corp.		7,697			1,283,090
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $2,040,858)					2,634,292
Total Investments
(Cost $69,232,335)		99.3	%	$	99,779,345
Affiliated Securities (Cost $747,040)					131,147
Unaffiliated Securities (Cost $68,485,295)					99,648,198
Other Assets in Excess of Liabilities		0.7	%		685,760
NET ASSETS		100.0	%	$	100,465,105

^# American Depositary Receipts.

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

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

^(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.

- 12 -

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND

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

					% of net assets					% of net assets
	Acquisition		Acquisition		(Acquisition			Market		as of
Security	Date(s)		Cost		Date)			Value		7/31/2020
Forte Biosciences, Inc., Warrants		2/19/20	$	0		0.00	%	$	791,562		0.79	%
Palantir Technologies, Inc., Cl. A		10/7/14		80,856		0.05	%		71,450		0.07	%
Palantir Technologies, Inc., Cl. B		10/7/14		334,629		0.22	%		291,381		0.29	%
Prosetta Biosciences, Inc., Series D		2/6/15		747,040		0.50	%		131,147		0.13	%
Tolero CDR		2/6/17		226,186		0.23	%		1,311,077		1.31	%
Total								$	2,596,617		2.59	%

See Notes to Financial Statements.

- 13 -

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND

Schedule of Investments July 31, 2020 (Unaudited)

COMMON STOCKS—93.0%	SHARES		VALUE
AEROSPACE & DEFENSE—1.4%
Hexcel Corp.		13,217	$	492,994
Mercury Systems, Inc.*		35,662		2,761,309
				3,254,303
ALTERNATIVE CARRIERS—1.2%
Bandwidth, Inc., Cl. A*		19,255		2,787,739
APPAREL RETAIL—1.0%
Burlington Stores, Inc.*		12,592		2,367,296
APPLICATION SOFTWARE—21.5%
ACI Worldwide, Inc.*		117,982		3,160,738
Avalara, Inc.*		56,021		7,532,024
Benefitfocus, Inc.*		61,531		720,528
Bill.com Holdings, Inc.*		18,468		1,719,555
Blackbaud, Inc.		36,633		2,291,028
Blackline, Inc.*		21,481		1,909,876
Coupa Software, Inc.*		12,358		3,787,109
Everbridge, Inc.*		32,572		4,651,283
Guidewire Software, Inc.*		22,287		2,622,288
HubSpot, Inc.*		20,986		4,923,526
Manhattan Associates, Inc.*		24,618		2,358,158
Medallia, Inc.*		19,199		589,985
Paycom Software, Inc.*		13,528		3,846,957
Q2 Holdings, Inc.*		42,423		3,989,883
Smartsheet, Inc., Cl. A*		32,833		1,567,447
SPS Commerce, Inc.*		34,210		2,571,566
Tyler Technologies, Inc.*		8,580		3,065,205
Vertex, Inc., Cl. A*		21,568		508,142
				51,815,298
ASSET MANAGEMENT & CUSTODY BANKS—0.7%
Affiliated Managers Group, Inc.		8,682		597,235
WisdomTree Investments, Inc.		319,797		1,151,269
				1,748,504
BIOTECHNOLOGY—3.7%
BioNTech SE#,*		8,577		704,257
CareDx, Inc.*		121,156		4,040,554
Exact Sciences Corp.*		17,131		1,623,162
Moderna, Inc.*		26,741		1,981,508
Turning Point Therapeutics, Inc.*		8,954		530,345
				8,879,826
CASINOS & GAMING—2.2%
DraftKings, Inc., Cl. A*		108,975		3,637,040
Penn National Gaming, Inc.*		46,315		1,567,763
				5,204,803
DIVERSIFIED SUPPORT SERVICES—0.4%
IAA, Inc.*		22,506		975,635
ELECTRICAL COMPONENTS & EQUIPMENT—1.2%
Sunrun, Inc.*		75,312		2,763,197

- 14 -

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND

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

COMMON STOCKS—93.0% (CONT.)	SHARES		VALUE
ELECTRONIC COMPONENTS—0.7%
Dolby Laboratories, Inc., Cl. A		24,082	$	1,676,107
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.5%
Cognex Corp.		54,725		3,659,461
FINANCIAL EXCHANGES & DATA—0.8%
Tradeweb Markets, Inc., Cl. A		33,414		1,806,695
FOOD DISTRIBUTORS—0.5%
The Chefs’ Warehouse, Inc.*		30,855		355,758
US Foods Holding Corp.*		39,179		795,334
				1,151,092
GENERAL MERCHANDISE STORES—0.7%
Ollie’s Bargain Outlet Holdings, Inc.*		16,724		1,757,692
HEALTHCARE EQUIPMENT—13.3%
ABIOMED, Inc.*		13,706		4,110,978
Cantel Medical Corp.		67,713		3,199,439
CryoPort, Inc.*		62,185		2,060,811
DexCom, Inc.*		16,556		7,210,800
Inmode Ltd.*		15,865		513,391
Inogen, Inc.*		23,554		723,108
Insulet Corp.*		35,418		7,202,604
Mesa Laboratories, Inc.		4,857		1,150,818
Tandem Diabetes Care, Inc.*		55,845		5,833,569
				32,005,518
HEALTHCARE SERVICES—1.8%
1Life Healthcare, Inc.*		10,326		305,753
Guardant Health, Inc.*		32,133		2,737,088
Progenity, Inc.*		127,824		1,164,477
				4,207,318
HEALTHCARE SUPPLIES—6.9%
Neogen Corp.*		66,840		5,131,307
Quidel Corp.*,(a)		40,395		11,410,375
				16,541,682
HEALTHCARE TECHNOLOGY—8.2%
Livongo Health, Inc.*		9,768		1,242,978
Teladoc Health, Inc.*		21,671		5,149,680
Veeva Systems, Inc., Cl. A*		36,927		9,769,776
Vocera Communications, Inc.*		110,061		3,386,577
				19,549,011
HOMEFURNISHING RETAIL—0.4%
Bed Bath & Beyond, Inc.		84,961		919,278
HYPERMARKETS & SUPER CENTERS—1.3%
BJ’s Wholesale Club Holdings, Inc.*		76,363		3,058,338
INSURANCE BROKERS—0.4%
eHealth, Inc.*		12,288		849,592
INTERACTIVE HOME ENTERTAINMENT—0.6%
Take-Two Interactive Software, Inc.*		8,644		1,417,789

- 15 -

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND

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

COMMON STOCKS—93.0% (CONT.)	SHARES		VALUE
INTERACTIVE MEDIA & SERVICES—0.2%
Eventbrite, Inc., Cl. A*		45,856	$	390,693
INTERNET & DIRECT MARKETING RETAIL—1.7%
Farfetch Ltd., Cl. A*		41,752		1,070,104
Fiverr International Ltd.*		31,458		2,939,121
				4,009,225
INTERNET SERVICES & INFRASTRUCTURE—3.1%
Shopify, Inc., Cl. A*		7,220		7,393,280
LEISURE FACILITIES—0.6%
Planet Fitness, Inc., Cl. A*		28,044		1,463,897
LIFE SCIENCES TOOLS & SERVICES—7.6%
Bio-Techne Corp.		25,728		7,079,317
NanoString Technologies, Inc.*		88,251		3,186,744
NeoGenomics, Inc.*		75,749		2,895,884
PRA Health Sciences, Inc.*		22,861		2,436,068
Repligen Corp.*		16,944		2,557,019
				18,155,032
MANAGED HEALTHCARE—0.7%
HealthEquity, Inc.*		30,447		1,569,847
MOVIES & ENTERTAINMENT—0.7%
Live Nation Entertainment, Inc.*		37,079		1,735,668
OIL & GAS EXPLORATION & PRODUCTION—0.6%
Magnolia Oil & Gas Corp., Cl. A*		244,764		1,463,689
PHARMACEUTICALS—0.1%
Aerie Pharmaceuticals, Inc.*		29,613		342,326
REGIONAL BANKS—0.4%
Webster Financial Corp.		33,629		917,063
RESTAURANTS—1.7%
Shake Shack, Inc., Cl. A*		24,917		1,209,720
Wingstop, Inc.		18,917		2,955,782
				4,165,502
SEMICONDUCTOR EQUIPMENT—0.5%
SolarEdge Technologies, Inc.*		7,004		1,226,400
SEMICONDUCTORS—1.1%
Universal Display Corp.		15,150		2,642,918
SPECIALTY CHEMICALS—1.4%
Balchem Corp.		33,670		3,375,754
SPECIALTY STORES—0.8%
Five Below, Inc.*		8,857		964,616
Sportsman’s Warehouse Holdings, Inc.*		65,887		1,060,122
				2,024,738
SYSTEMS SOFTWARE—1.4%
Proofpoint, Inc.*		29,472		3,409,026
TOTAL COMMON STOCKS (Cost $108,869,482)				222,681,232

- 16 -

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND

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

PREFERRED STOCKS—0.0%	SHARES		VALUE
BIOTECHNOLOGY—0.0%
Prosetta Biosciences, Inc., Series D*,@,(b),(c)		133,263	$	105,278
(Cost $599,684)				105,278

RIGHTS—0.7%	SHARES		VALUE
BIOTECHNOLOGY—0.7%
BioNTech Pharmaceuticals Ltd.*		8,577		–
Tolero CDR*,@,(c),(d)		528,559		1,638,533
				1,638,533
TOTAL RIGHTS (Cost $285,725)				1,638,533

REAL ESTATE INVESTMENT TRUST—2.5%	SHARES			VALUE
SPECIALIZED—2.5%
Digital Realty Trust, Inc.		37,867			6,079,168
(Cost $4,834,480)					6,079,168
Total Investments (Cost $114,589,371)		96.2	%	$	230,504,211
Affiliated Securities (Cost $599,684)					105,278
Unaffiliated Securities (Cost $113,989,687)					230,398,933
Other Assets in Excess of Liabilities		3.8	%		9,097,630
NET ASSETS		100.0	%	$	239,601,841

^# 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) 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.

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

^(d) Contingent Deferred Rights.

^* Non-income producing security.

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

					% of net assets					% of net assets
	Acquisition		Acquisition		(Acquisition			Market		as of
Security	Date(s)		Cost		Date)			Value		7/31/2020
Prosetta Biosciences, Inc., Series D		2/6/15	$	599,684		0.10	%	$	105,278		0.04	%
Tolero CDR		2/6/17		285,725		0.16	%		1,638,533		0.68	%
Total								$	1,743,811		0.72	%

See Notes to Financial Statements.

- 17 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1 — General:

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

Each Fund offers one or more of the following share classes: Class A, C, I, R, Y, Z and Z-2. Class A shares are generally subject to an initial sales charge while Class C shares are generally subject to a deferred sales charge. Class I, R, Y, Z and Z-2 shares are 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 not convert to Class A shares or may be converted on a different schedule. At conversion, a proportionate amount of shares representing reinvested dividends and distributions will also be converted into Class A shares. Each class has identical rights to assets and earnings, except that each share class bears the pro rata allocation of the Fund’s expenses other than a class expense (not including advisory or custodial fees or other expenses related to the management of the Fund’s assets).

NOTE 2 — Significant Accounting Policies:

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

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

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

- 18 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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 the 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 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 and described further herein.

Securities in which the Funds invest may be traded in foreign markets that close before the close of the NYSE. Developments that occur between the close of the foreign markets and the close of the NYSE may result in adjustments to the closing 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.

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

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

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

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

- 19 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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

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

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

NOTE 3 — Fair Value Measurements:

The following is a summary of the inputs used as of July 31, 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	$	513,166,773	$	484,603,938	$	28,562,835	$	—
Consumer Discretionary		751,032,996		731,181,122		12,251,697		7,600,177
Consumer Staples		11,345,045		11,345,045		—		—
Financials		152,927,779		152,927,779		—		—
Healthcare		431,597,240		431,597,240		—		—
Industrials		133,067,988		129,080,451		3,987,537		—
Information Technology		1,604,926,122		1,603,551,699		—		1,374,423
Materials		93,958,506		93,958,506		—		—
TOTAL COMMON STOCKS	$	3,692,022,449	$	3,638,245,780	$	44,802,069	$	8,974,600
PREFERRED STOCKS
Information Technology		6,335,626		—		—		6,335,626
REAL ESTATE INVESTMENT TRUST
Real Estate		43,347,501		43,347,501		—		—
TOTAL INVESTMENTS IN SECURITIES	$	3,741,705,576	$	3,681,593,281	$	44,802,069	$	15,310,226

Alger Focus Equity Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	130,981,553	$	130,981,553	$	—	$	—
Consumer Discretionary		197,585,062		197,585,062		—		—
Consumer Staples		3,622,961		3,622,961		—		—
Financials		35,992,774		35,992,774		—		—
Healthcare		120,619,822		120,619,822		—		—
Industrials		31,123,069		31,123,069		—		—
Information Technology		448,430,287		448,430,287		—		—
Materials		25,782,177		25,782,177		—		—
TOTAL COMMON STOCKS	$	994,137,705	$	994,137,705	$	—	$	—
PREFERRED STOCKS
Healthcare		60,692		—		—		60,692
REAL ESTATE INVESTMENT TRUST
Real Estate		19,332,699		19,332,699		—		—
TOTAL INVESTMENTS IN SECURITIES	$	1,013,531,096	$	1,013,470,404	$	—	$	60,692

Alger Mid Cap Growth Institutional Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	4,931,071	$	4,931,071	$	—	$	—
Consumer Discretionary		16,733,283		16,733,283		—		—
Consumer Staples		1,933,798		1,933,798		—		—
Financials		1,924,417		1,924,417		—		—
Healthcare		23,884,866		22,879,988		1,004,878		—
Industrials		10,198,183		10,198,183		—		—
Information Technology		33,283,209		33,211,759		—		71,450
Materials		871,853		871,853		—		—
Real Estate		859,206		859,206		—		—
TOTAL COMMON STOCKS	$	94,619,886	$	93,543,558	$	1,004,878	$	71,450

- 21 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger Mid Cap Growth Institutional Fund	TOTAL		LEVEL 1		LEVEL 2			LEVEL 3
PREFERRED STOCKS
Healthcare	$	131,147	$	—	$	—		$	131,147
Information Technology		291,381		—		—			291,381
TOTAL PREFERRED STOCKS	$	422,528	$	—	$	—		$	422,528
WARRANTS
Healthcare		791,562		—		791,562			—
RIGHTS
Healthcare		1,311,077		—		—	*		1,311,077
REAL ESTATE INVESTMENT TRUST
Real Estate		2,634,292		2,634,292		—			—
TOTAL INVESTMENTS IN SECURITIES	$	99,779,345	$	96,177,850	$	1,796,440		$	1,805,055

Alger Small Cap Growth Institutional Fund	TOTAL		LEVEL 1		LEVEL 2			LEVEL 3
COMMON STOCKS
Communication Services	$	6,331,889	$	6,331,889	$	—		$	—
Consumer Discretionary		21,912,431		21,912,431		—			—
Consumer Staples		4,209,430		4,209,430		—			—
Energy	��	1,463,689		1,463,689		—			—
Financials		5,321,854		5,321,854		—			—
Healthcare		101,250,560		101,250,560		—			—
Industrials		6,993,135		6,993,135		—			—
Information Technology		71,822,490		71,822,490		—			—
Materials		3,375,754		3,375,754		—			—
TOTAL COMMON STOCKS	$	222,681,232	$	222,681,232	$	—		$	—
PREFERRED STOCKS
Healthcare		105,278		—		—			105,278
RIGHTS
Healthcare		1,638,533		—		—	*		1,638,533
REAL ESTATE INVESTMENT TRUST
Real Estate		6,079,168		6,079,168		—			—
TOTAL INVESTMENTS IN SECURITIES	$	230,504,211	$	228,760,400	$	—		$	1,743,811

* Alger Mid Cap Growth Institutional Fund’s and Alger Small Cap Growth Institutional Fund’s holdings of BioNTech Pharmaceuticals, Ltd.’s rights are classified as a Level 2 investment and fair valued at zero as of July 31, 2020.

- 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		846,368
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2020		8,974,600
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2020		846,368

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 July 31, 2020		6,335,626
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 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		(20,742	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2020		60,692
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2020		(20,742	)

	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 July 31, 2020		71,450
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2020		—

- 24 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Mid Cap Growth Institutional Fund	Preferred Stocks
Opening balance at November 1, 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		(44,823	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2020		422,528
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2020		(44,823	)

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		(54,980	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2020		1,311,077
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2020		(54,980	)

- 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		(35,981	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2020		105,278
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2020		(35,981	)

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		(68,713	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2020		1,638,533
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2020		(68,713	)

The following table provides quantitative information about each Funds’ Level 3 fair value measurements of the Funds’ investments as of July 31, 2020. The table below is not intended to be all-inclusive, but rather provides information on the Level 3 inputs as they relate to the Funds’ fair value measurements.

- 26 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Fair Value		Valuation	Unobservable		Weighted Average
	July 31, 2020		Methodology	Input	Input/Range	Inputs
Alger Capital Appreciation Institutional Fund
Common Stocks	$	7,600,177	Income	Discount Rate	1.0%-5.0%	N/A
			Approach
Common Stocks		1,374,423	Market	Transaction Price	N/A	N/A
			Approach
Preferred Stocks		6,335,626	Market	Transaction Price	N/A	N/A
			Approach
Alger Focus Equity Fund
Preferred Stocks	$	60,692	Income	Discount Rate	55.00%-60.00%	N/A
			Approach
Alger Mid Cap Growth Institutional Fund
Common Stocks	$	71,450	Market	Transaction Price	N/A	N/A
			Approach
Preferred Stocks		131,147	Income	Discount Rate	55.00%-60.00%	N/A
			Approach
Preferred Stocks		291,381	Market	Transaction Price	N/A	N/A
			Approach
Rights		1,311,077	Income	Discount Rate	4.24%-5.10%	N/A
			Approach
Alger Small Cap Growth Institutional Fund
Preferred Stocks	$	105,278	Income	Discount Rate	55.00%-60.00%	N/A
			Approach
Rights		1,638,533	Income	Discount Rate	4.24%-5.10%	N/A
			Approach

The significant unobservable inputs used in the fair value measurement of the Funds’ 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 these inputs could result in significantly higher or lower fair value measurements than those noted in the table above. Generally, all other things being equal, increases in revenue and EBITDA multiples, decreases in discount rates, and increases in the probabilities of success result in higher fair value measurements, whereas decreases in revenues and EBITDA multiples, increases in discount rates, and decreases in the probabilities of success result in lower fair value measurements.

- 27 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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

	TOTAL			LEVEL 1		LEVEL 2			LEVEL 3
Cash, Foreign Cash and Cash Equivalents:
Alger Capital Appreciation Institutional Fund	$	1,520,369		$	–	$	1,520,369		$	–
Alger Focus Equity Fund		–			–		–			–
Bank overdraft		(432,446	)		–		(432,446	)		–
Alger Mid Cap Growth Institutional Fund		801,454			–		801,454			–
Alger Small Cap Growth Institutional Fund		9,805,005			–		9,805,005			–

NOTE 4 — Derivatives:

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

Options — Certain Funds seek to capture the majority of the returns associated with equity market investments. To meet this investment goal, these 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.

- 28 -

THE ALGER INSTITUTIONAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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 July 31, 2020. Purchase and sale transactions, interest income and dividend income earned during the period were as follows:

Net Increase

Shares/

Shares/

(Decrease)

Par at

Par at

Dividend/

in

Value at

October 31,

Purchases/

Sales/

July 31,

Interest

Realized

Unrealized

July 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

$

–

$

–

$

(20,742

)

$

60,692

Total

$

–

$

–

$

(20,742

)

$

60,692

Net Increase

Shares/

Shares/

(Decrease)

Par at

Par at

Dividend/

in

Value at

October 31,

Purchases/

Sales/

July 31,

Interest

Realized

Unrealized

July 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

$

–

$

–

$

(44,823

)

$

131,147

Total

$

–

$

–

$

(44,823

)

$

131,147

Net Increase

Shares/

Shares/

(Decrease)

Par at

Par at

Dividend/

in

Value at

October 31,

Purchases/

Sales/

July 31,

Interest

Realized

Unrealized

July 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

$

–

$

–

$

(35,981

)

$

105,278

Total

$

–

$

–

$

(35,981

)

$

105,278

- 29 -