ITEM 1. |
(a)
|
The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
|
|
|
The Alger Institutional Funds
|
|
1
|
|
12
|
|
20
|
|
21
|
|
37
|
|
41
|
|
43 | |
Financial Highlights |
47
|
Notes to Financial Statements | 62 |
Additional Information | 89 |
• |
U.S. gross domestic product (“GDP”), which declined 3.4% in 2020 due to the economy shutting down to contain the pandemic, jumped 5.7% in 2021.
|
• |
After climbing to 6.3% at the end of 2020, the seasonally adjusted unemployment rate declined to 4.2% as of the November 2021 start of the fiscal six-month reporting period. It eventually reached 3.6% as of
the end of the six-month period, during which concerns about inflation grew, a result of a tight labor market, among other things.
|
• |
Data appeared to validate inflation concerns. After hitting a 6.8% year-over- year increase (or increase during the past 12-month period) in November 2021 and increasing each subsequent month, the Consumer
Price Index hit 8.5% as of March 2022.
|
• |
The Consumer Price Index is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
|
• |
Price-to-earnings is the ratio for valuing a company that measures its current share price relative to its earnings per share (EPS).
|
• |
The Russell 3000 Growth Index combines the large-cap Russell 1000 Growth, the small-cap Russell 2000 Growth and the Russell Microcap Growth Index. It includes companies that are considered more growth
oriented relative to the overall market as defined by Russell's leading style methodology. The Russell 3000 Growth Index is constructed to provide a comprehensive, un- biased, and stable barometer of the growth opportunities within the
broad market.
|
• |
The Russell 3000 Value Index measures the performance of the broad value segment of the US equity value universe. It includes those Russell 3000 companies with lower price-to-book ratios and lower
forecasted growth values. The Russell 3000 Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market.
|
• |
The MSCI ACWI Index (gross) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI captures
large and mid cap representation across developed markets and emerging markets countries.
|
• |
The MSCI Emerging Markets Index (gross) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The MSCI EAFE Index is
designed to repre- sent the performance of large and mid-cap securities across developed mar- kets, including countries in Europe, Australasia and the Far East, excluding the U.S. and Canada.
|
• |
The MSCI EAFE Index is designed to represent the performance of large and mid-cap securities across developed markets, including countries in Eu- rope, Australasia and the Far East, excluding the U.S. and
Canada.
|
• |
The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher growth earning potential as defined
by Russell's lead- ing style methodology. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment.
|
• |
The Russell Midcap Growth Index measures the performance of the mid- cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher growth earning potential as
defined by Russell's leading style methodology. The Russell Midcap Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market.
|
• |
The S&P 500 Index is an index of large company stocks considered to be representative of the U.S. stock market.
|
• |
The Russell 2000 Growth Index measures the performance of the small- cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher growth earning potential as defined
by Russell's leading style methodology. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment.
|
• |
The Russell 2000 Value Index measures the performance of the small cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower
forecasted growth values. The Russell 2000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment.
|
1
YEAR
|
5
YEARS
|
10
YEARS
|
SINCE
INCEPTION
|
|||||||||||||
Alger Capital Appreciation Institutional Class I (Inception 11/8/93)
|
2.01
|
%
|
17.82
|
%
|
15.31
|
%
|
12.82
|
%
|
||||||||
Alger Capital Appreciation Institutional Class R (Inception 1/27/03)*
|
1.56
|
%
|
17.29
|
%
|
14.78
|
%
|
12.27
|
%
|
||||||||
Alger Capital Appreciation Institutional Class Y (Inception 2/28/17)
|
2.38
|
%
|
18.28
|
%
|
n/a
|
18.33
|
%
|
|||||||||
Alger Capital Appreciation Institutional Class Z-2 (Inception 10/14/16)
|
2.36
|
%
|
18.20
|
%
|
n/a
|
18.79
|
%
|
|||||||||
Alger Focus Equity Class A (Inception 12/31/12)
|
(2.73
|
)%
|
18.74
|
%
|
n/a
|
17.32
|
%
|
|||||||||
Alger Focus Equity Class C (Inception 12/31/12)
|
0.98
|
%
|
19.12
|
%
|
n/a
|
17.11
|
%
|
|||||||||
Alger Focus Equity Class I (Inception 11/8/93)
|
2.69
|
%
|
20.09
|
%
|
16.05
|
%
|
10.46
|
%
|
||||||||
Alger Focus Equity Class Y (Inception 2/28/17)
|
3.02
|
%
|
20.47
|
%
|
n/a
|
20.55
|
%
|
|||||||||
Alger Focus Equity Class Z (Inception 12/31/12)
|
2.99
|
%
|
20.42
|
%
|
n/a
|
18.40
|
%
|
|||||||||
Alger Mid Cap Growth Institutional Class I (Inception 11/8/93)
|
(13.25
|
)%
|
15.39
|
%
|
13.17
|
%
|
12.21
|
%
|
||||||||
Alger Mid Cap Growth Institutional Class R (Inception 1/27/03)*
|
(13.61
|
)%
|
14.85
|
%
|
12.60
|
%
|
11.65
|
%
|
||||||||
Alger Mid Cap Growth Institutional Class Z-2 (Inception 10/14/16)
|
(12.92
|
)%
|
15.75
|
%
|
n/a
|
17.16
|
%
|
|||||||||
Alger Small Cap Growth Institutional Class I (Inception 11/8/93)
|
(20.97
|
)%
|
15.31
|
%
|
11.81
|
%
|
10.03
|
%
|
||||||||
Alger Small Cap Growth Institutional Class R (Inception 1/27/03)*
|
(21.30
|
)%
|
14.78
|
%
|
11.28
|
%
|
9.50
|
%
|
||||||||
Alger Small Cap Growth Institutional Class Z-2 (Inception 8/1/16)
|
(20.68
|
)%
|
15.70
|
%
|
n/a
|
16.52
|
%
|
*
|
Since inception performance is calculated from 11/8/93. Performance ftgures prior to 1/27/03, inception of Class R
shares, are those of the Fund's Class I shares. The performance ftgures prior to 1/27/03 have been reduced to reflect the higher operating expenses of Class R shares.
|
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Fund Highlights Through April 30, 2022 (Unaudited) (Continued)
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since
11/8/1993
|
|||||||||||||
Class I (Inception 11/8/93)
|
(18.11
|
)%
|
13.56
|
%
|
13.60
|
%
|
12.16
|
%
|
||||||||
Class R (Inception 1/27/03)*
|
(18.45
|
)%
|
13.06
|
%
|
13.07
|
%
|
11.61
|
%
|
||||||||
Russell 1000 Growth Index
|
(5.35
|
)%
|
17.28
|
%
|
15.56
|
%
|
10.37
|
%
|
1 YEAR | 5 YEARS | 10 YEARS |
Since
Inception
|
|||||||||||||
Class Y (Inception 2/28/17)
|
(17.80
|
)%
|
14.02
|
%
|
n/a
|
14.48
|
%
|
|||||||||
Russell 1000 Growth Index
|
(5.35
|
)%
|
17.28
|
%
|
n/a
|
17.45
|
%
|
1 YEAR
|
5 YEARS |
10 YEARS
|
Since
Inception
|
|||||||||||||
Class Z-2 (Inception 10/14/16)
|
(17.85
|
)%
|
13.93
|
%
|
n/a
|
15.17
|
%
|
|||||||||
Russell 1000 Growth Index
|
(5.35
|
)%
|
17.28
|
%
|
n/a
|
18.35
|
%
|
*
|
Performance ftgures prior to 1/27/03, inception of Class R shares, are those of the Fund's Class I shares. The
performance ftgures prior to 1/27/03 have been reduced to reflect the higher operating expenses of Class R shares.
|
ALGER FOCUS EQUITY FUND
Fund Highlights Through April 30, 2022 (Unaudited)
ALGER FOCUS EQUITY FUND
Fund Highlights Through April 30, 2022 (Unaudited) (Continued)
1 YEAR | 5 YEARS |
10 YEARS
|
Since
Inception
|
|||||||||||||
Class I (Inception 11/8/93)
|
(17.34
|
)%
|
15.90
|
%
|
14.50
|
%
|
9.85
|
%
|
||||||||
Russell 1000 Growth Index
|
(5.35
|
)%
|
17.28
|
%
|
15.56
|
%
|
10.37
|
%
|
1 YEAR | 5 YEARS |
10 YEARS
|
Since
Inception
|
|||||||||||||
Class A (Inception 12/31/12)
|
(21.71
|
)%
|
14.60
|
%
|
n/a
|
15.29
|
%
|
|||||||||
Class C (Inception 12/31/12)
|
(18.71
|
)%
|
14.97
|
%
|
n/a
|
15.09
|
%
|
|||||||||
Class Z (Inception 12/31/12)
|
(17.10
|
)%
|
16.23
|
%
|
n/a
|
16.36
|
%
|
|||||||||
Russell 1000 Growth Index
|
(5.35
|
)%
|
17.28
|
%
|
n/a
|
16.69
|
%
|
1 YEAR | 5 YEARS |
10 YEARS
|
Since
Inception
|
|||||||||||||
Class Y (Inception 2/28/17)
|
(17.08
|
)%
|
16.27
|
%
|
n/a
|
16.78
|
%
|
|||||||||
Russell 1000 Growth Index
|
(5.35
|
)%
|
17.28
|
%
|
n/a
|
17.45
|
%
|
ALGER MID CAP GROWTH INSTITUTIONAL FUND
Fund Highlights Through April 30, 2022 (Unaudited)
ALGER MID CAP GROWTH INSTITUTIONAL FUND
Fund Highlights Through April 30, 2022 (Unaudited) (Continued)
1 YEAR | 5 YEARS | 10 YEARS |
Since
11/8/1993
|
|||||||||||||
Class I (Inception 11/8/93)
|
(29.09
|
)%
|
11.42
|
%
|
11.26
|
%
|
11.55
|
%
|
||||||||
Class R (Inception 1/27/03)*
|
(29.42
|
)%
|
10.89
|
%
|
10.70
|
%
|
10.99
|
%
|
||||||||
Russell Midcap Growth Index
|
(16.73
|
)%
|
12.06
|
%
|
12.17
|
%
|
9.86
|
%
|
1 YEAR | 5 YEARS | 10 YEARS |
Since
Inception
|
|||||||||||||
Class Z-2 (Inception 10/14/16)
|
(28.82
|
)%
|
11.77
|
%
|
n/a
|
13.57
|
%
|
|||||||||
Russell Midcap Growth Index
|
(16.73
|
)%
|
12.06
|
%
|
n/a
|
13.18
|
%
|
*
|
Performance ftgures prior to 1/27/03, inception of Class R shares, are those of the Fund's Class I shares. The
performance ftgures prior to 1/27/03 have been reduced to reflect the higher operating expenses of Class R shares.
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since
11/8/1993
|
|||||||||||||
Class I (Inception 11/8/93)
|
(34.53
|
)%
|
11.75
|
%
|
10.28
|
%
|
9.45
|
%
|
||||||||
Class R (Inception 1/27/03)*
|
(34.81
|
)%
|
11.24
|
%
|
9.75
|
%
|
8.92
|
%
|
||||||||
Russell 2000 Growth Index
|
(26.44
|
)%
|
7.08
|
%
|
9.95
|
%
|
7.27
|
%
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since
Inception
|
|||||||||||||
Class Z-2 (Inception 8/1/16)
|
(34.34
|
)%
|
12.12
|
%
|
n/a
|
13.40
|
%
|
|||||||||
Russell 2000 Growth Index
|
(26.44
|
)%
|
7.08
|
%
|
n/a
|
8.53
|
%
|
SECTORS
|
Alger Capital
Appreciation
Institutional Fund
|
Alger Focus Equity
Fund
|
Alger Mid Cap Growth
Institutional Fund
|
Alger Small Cap
Growth Institutional
Fund
|
||||||||||||
Communication Services
|
7.3
|
%
|
7.7
|
%
|
4.9
|
%
|
5.7
|
%
|
||||||||
Consumer Discretionary
|
19.7
|
19.9
|
13.9
|
11.8
|
||||||||||||
Consumer Staples
|
0.4
|
0.0
|
0.5
|
5.3
|
||||||||||||
Energy
|
2.4
|
2.2
|
8.1
|
5.9
|
||||||||||||
Financials
|
3.1
|
4.7
|
4.3
|
1.1
|
||||||||||||
Healthcare
|
14.8
|
11.6
|
16.7
|
29.7
|
||||||||||||
Industrials
|
8.2
|
7.1
|
11.5
|
6.0
|
||||||||||||
Information Technology
|
42.3
|
41.2
|
30.1
|
30.4
|
||||||||||||
Materials
|
1.0
|
0.3
|
1.6
|
2.5
|
||||||||||||
Real Estate
|
0.4
|
0.0
|
0.5
|
1.0
|
||||||||||||
Utilities
|
0.3
|
0.0
|
2.6
|
0.0
|
||||||||||||
Short-Term Investments and Net Other Assets
|
0.1
|
5.3
|
5.3
|
0.6
|
||||||||||||
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
COMMON STOCKS—99.3%
|
SHARES
|
VALUE
|
||||||
AEROSPACE & DEFENSE—3.3%
|
||||||||
HEICO Corp.
|
111,366
|
$
|
15,728,220
|
|||||
Lockheed Martin Corp.
|
44,249
|
19,120,878
|
||||||
Raytheon Technologies Corp.
|
79,528
|
7,548,003
|
||||||
TransDigm Group, Inc.*
|
82,036
|
48,795,833
|
||||||
91,192,934
|
||||||||
AGRICULTURAL & FARM MACHINERY—0.5%
|
||||||||
Deere & Co.
|
35,620
|
13,448,331
|
||||||
AIR FREIGHT & LOGISTICS—0.2%
|
||||||||
GXO Logistics, Inc.*
|
77,772
|
4,603,325
|
||||||
ALUMINUM—0.1%
|
||||||||
Alcoa Corp.
|
42,618
|
2,889,500
|
||||||
APPAREL ACCESSORIES & LUXURY GOODS—1.7%
|
||||||||
Capri Holdings Ltd.*
|
324,684
|
15,487,427
|
||||||
Lululemon Athletica, Inc.*
|
20,354
|
7,218,139
|
||||||
LVMH Moet Hennessy Louis Vuitton SE
|
36,892
|
23,870,720
|
||||||
46,576,286
|
||||||||
APPLICATION SOFTWARE—8.5%
|
||||||||
Adobe, Inc.*
|
85,585
|
33,887,381
|
||||||
Atlassian Corp., PLC, Cl. A*
|
66,889
|
15,038,654
|
||||||
Avalara, Inc.*
|
100,109
|
7,615,292
|
||||||
Bill.com Holdings, Inc.*
|
58,797
|
10,037,236
|
||||||
Cadence Design Systems, Inc.*
|
152,306
|
22,975,360
|
||||||
Confuent, Inc , C A*
|
125,337
|
3,915,528
|
||||||
Datadog, Inc., Cl. A*
|
175,390
|
21,183,604
|
||||||
Intuit, Inc.
|
196,343
|
82,218,631
|
||||||
Salesforce, Inc.*
|
113,022
|
19,885,091
|
||||||
Unity Software, Inc.*
|
162,585
|
10,797,270
|
||||||
Zendesk, Inc.*
|
58,263
|
7,110,416
|
||||||
234,664,463
|
||||||||
AUTOMOBILE MANUFACTURERS—3.4%
|
||||||||
General Motors Co.*
|
231,073
|
8,759,978
|
||||||
Tesla, Inc.*
|
96,611
|
84,124,994
|
||||||
92,884,972
|
||||||||
BIOTECHNOLOGY—3.3%
|
||||||||
AbbVie, Inc.
|
269,467
|
39,579,313
|
||||||
Horizon Therapeutics PLC*
|
133,973
|
13,204,379
|
||||||
Natera, Inc.*
|
324,110
|
11,382,743
|
||||||
Vertex Pharmaceuticals, Inc.*
|
96,331
|
26,319,556
|
||||||
90,485,991
|
||||||||
CASINOS & GAMING—2.5%
|
||||||||
MGM Resorts International
|
1,714,315
|
70,355,488
|
||||||
CONSUMER FINANCE—0.4%
|
||||||||
Upstart Holdings, Inc.*
|
155,886
|
11,694,568
|
||||||
COPPER—0.4%
|
||||||||
Freeport-McMoRan, Inc.
|
265,839
|
10,779,772
|
COMMON STOCKS—99.3% (CONT.)
|
SHARES
|
VALUE
|
||||||
DATA PROCESSING & OUTSOURCED SERVICES—4.6%
|
||||||||
Block, Inc., Cl. A*
|
137,735
|
$
|
13,710,142
|
|||||
Marqeta, Inc., Cl. A*
|
1,548,074
|
14,397,088
|
||||||
PayPal Holdings, Inc.*
|
220,857
|
19,419,956
|
||||||
Visa, Inc., Cl. A
|
376,187
|
80,176,735
|
||||||
127,703,921
|
||||||||
ELECTRIC UTILITIES—0.3%
|
||||||||
NextEra Energy, Inc.
|
129,027
|
9,163,498
|
||||||
ELECTRICAL COMPONENTS & EQUIPMENT—2.8%
|
||||||||
AMETEK, Inc.
|
154,529
|
19,510,832
|
||||||
Eaton Corp. PLC
|
309,569
|
44,893,696
|
||||||
Generac Holdings, Inc.*
|
60,748
|
13,326,896
|
||||||
77,731,424
|
||||||||
FINANCIAL EXCHANGES & DATA—1.5%
|
||||||||
S&P Global, Inc.
|
112,051
|
42,187,202
|
||||||
FOOTWEAR—0.7%
|
||||||||
NIKE, Inc., Cl. B
|
154,029
|
19,207,416
|
||||||
HEALTHCARE DISTRIBUTORS—0.9%
|
||||||||
McKesson Corp.
|
83,422
|
25,828,285
|
||||||
HEALTHCARE EQUIPMENT—2.7%
|
||||||||
Dexcom, Inc.*
|
10,441
|
4,265,984
|
||||||
Edwards Lifesciences Corp.*
|
242,623
|
25,664,661
|
||||||
Intuitive Surgical, Inc.*
|
187,135
|
44,781,405
|
||||||
74,712,050
|
||||||||
HEALTHCARE FACILITIES—0.7%
|
||||||||
Acadia Healthcare Co., Inc.*
|
241,935
|
16,422,548
|
||||||
Tenet Healthcare Corp.*
|
41,235
|
2,989,950
|
||||||
19,412,498
|
||||||||
HOTELS RESORTS & CRUISE LINES—1.4%
|
||||||||
Airbnb, Inc., Cl. A*
|
103,819
|
15,906,109
|
||||||
Expedia Group, Inc.*
|
49,885
|
8,717,404
|
||||||
Hilton Worldwide Holdings, Inc.*
|
96,715
|
15,018,872
|
||||||
39,642,385
|
||||||||
HYPERMARKETS & SUPER CENTERS—0.4%
|
||||||||
Costco Wholesale Corp.
|
20,924
|
11,125,709
|
||||||
INTERACTIVE MEDIA & SERVICES—5.8%
|
||||||||
Alphabet, Inc., Cl. C*
|
57,637
|
132,526,483
|
||||||
Meta Platforms, Inc., Cl. A*
|
39,501
|
7,918,766
|
||||||
Snap, Inc., Cl. A*
|
678,807
|
19,318,847
|
||||||
159,764,096
|
||||||||
INTERNET & DIRECT MARKETING RETAIL—7.9%
|
||||||||
Alibaba Group Holding Ltd.#,*
|
288,628
|
28,022,893
|
||||||
Altaba, Inc.*,(a)
|
342,659
|
1,202,733
|
||||||
Amazon.com, Inc.*
|
71,980
|
178,915,647
|
||||||
MercadoLibre, Inc.*
|
11,927
|
11,612,485
|
||||||
219,753,758
|
COMMON STOCKS—99.3% (CONT.)
|
SHARES
|
VALUE
|
||||||
INTERNET SERVICES & INFRASTRUCTURE—2.4%
|
||||||||
MongoDB, Inc., Cl. A*
|
70,131
|
$
|
24,891,596
|
|||||
Shopify, Inc., Cl. A*
|
47,675
|
20,348,643
|
||||||
Snowflake, Inc., Cl. A*
|
128,390
|
22,011,182
|
||||||
67,251,421
|
||||||||
INVESTMENT BANKING & BROKERAGE—0.0%
|
||||||||
Morgan Stanley
|
17,239
|
1,389,291
|
||||||
LEISURE FACILITIES—1.2%
|
||||||||
Vail Resorts, Inc.
|
132,484
|
33,672,133
|
||||||
LIFE SCIENCES TOOLS & SERVICES—1.9%
|
||||||||
Danaher Corp.
|
206,770
|
51,926,150
|
||||||
MANAGED HEALTHCARE—3.0%
|
||||||||
UnitedHealth Group, Inc.
|
161,479
|
82,120,145
|
||||||
MOVIES & ENTERTAINMENT—1.5%
|
||||||||
Live Nation Entertainment, Inc.*
|
389,747
|
40,876,665
|
||||||
OIL & GAS EXPLORATION & PRODUCTION—1.7%
|
||||||||
Pioneer Natural Resources Co.
|
206,051
|
47,900,676
|
||||||
OIL & GAS STORAGE & TRANSPORTATION—0.7%
|
||||||||
Cheniere Energy, Inc.
|
147,421
|
20,021,246
|
||||||
PHARMACEUTICALS—2.3%
|
||||||||
AstraZeneca PLC#
|
307,048
|
20,387,987
|
||||||
Bayer AG*
|
636,798
|
41,940,584
|
||||||
62,328,571
|
||||||||
REGIONAL BANKS—1.2%
|
||||||||
Signature Bank
|
131,384
|
31,827,774
|
||||||
RESTAURANTS—0.9%
|
||||||||
Chipotle Mexican Grill, Inc., Cl. A*
|
3,967
|
5,774,405
|
||||||
Shake Shack, Inc., Cl. A*
|
256,688
|
14,844,267
|
||||||
Yum China Holdings, Inc.
|
102,685
|
4,292,233
|
||||||
24,910,905
|
||||||||
SEMICONDUCTOR EQUIPMENT—2.1%
|
||||||||
Applied Materials, Inc.
|
196,391
|
21,671,747
|
||||||
ASML Holding NV#
|
12,160
|
6,855,443
|
||||||
Enphase Energy, Inc.*
|
32,695
|
5,276,973
|
||||||
Lam Research Corp.
|
30,840
|
14,364,038
|
||||||
SolarEdge Technologies, Inc.*
|
34,243
|
8,574,790
|
||||||
56,742,991
|
||||||||
SEMICONDUCTORS—4.8%
|
||||||||
Advanced Micro Devices, Inc.*
|
725,778
|
62,068,535
|
||||||
NVIDIA Corp.
|
262,324
|
48,653,232
|
||||||
QUALCOMM, Inc.
|
153,044
|
21,378,716
|
||||||
132,100,483
|
||||||||
SPECIALTY CHEMICALS—0.5%
|
||||||||
Albemarle Corp.
|
75,109
|
14,483,269
|
||||||
SYSTEMS SOFTWARE—13.5%
|
||||||||
Crowdstrike Holdings, Inc., Cl. A*
|
133,596
|
26,553,541
|
||||||
Microsoft Corp.
|
1,228,508
|
340,935,540
|
||||||
Palo Alto Networks, Inc.*
|
12,300
|
6,903,744
|
||||||
374,392,825
|
COMMON STOCKS—99.3% (CONT.)
|
SHARES
|
VALUE
|
||||||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.2%
|
||||||||
Apple, Inc. | 1,088,599 | $ | 171,617,632 | |||||
TRUCKING—1.4%
|
||||||||
Uber Technologies, Inc.* | 781,032 | 24,586,887 | ||||||
XPO Logistics, Inc.*
|
268,812
|
14,459,398
|
||||||
39,046,285
|
||||||||
TOTAL COMMON STOCKS
|
|
|||||||
(Cost $2,041,874,296)
|
2,748,416,334 | |||||||
PREFERRED STOCKS—0.1%
|
SHARES
|
VALUE
|
||||||
DATA PROCESSING & OUTSOURCED SERVICES—0.1%
|
||||||||
Chime Financial, Inc., Series G*,@,(a) | 38,919 | 2,315,291 | ||||||
(Cost $2,688,128)
|
2,315,291
|
|||||||
REAL ESTATE INVESTMENT TRUST—0.4%
|
SHARES
|
VALUE
|
||||||
SPECIALIZED—0.4%
|
||||||||
Crown Castle International Corp. | 53,065 | 9,828,169 | ||||||
(Cost $9,624,851)
|
9,828,169
|
|||||||
SPECIAL PURPOSE VEHICLE—0.1%
|
SHARES
|
VALUE
|
||||||
DATA PROCESSING & OUTSOURCED SERVICES—0.1%
|
||||||||
Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b) | 123 | 4,293,561 | ||||||
(Cost $3,075,000)
|
4,293,561
|
|||||||
Total Investments
|
||||||||
(Cost $2,057,262,275)
|
99.9 | % | $ | 2,764,853,355 | ||||
Affiliated Securities (Cost $3,075,000)
|
4,293,561
|
|||||||
Unaffiliated Securities (Cost $2,054,187,275)
|
2,760,559,794
|
|||||||
Other Assets in Excess of Liabilities
|
0.1
|
%
|
1,864,059
|
|||||
NET ASSETS
|
100.0
|
%
|
$
|
2,766,717,414
|
#
|
American Depositary Receipts.
|
(a)
|
Security is valued in good faith at fair value determined using signiftcant unobservable inputs pursuant to procedures
established by the Board.
|
(b)
|
Deemed an afftliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 11 -
Afftliated Securities.
|
*
|
Non-income producing security.
|
@
|
Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the
investment may be restricted only to qualifted buyers.
|
Security
|
Acquisition
Date(s)
|
Acquisition
Cost
|
% of net assets
(Acquisition
Date)
|
Market
Value
|
% of net assets
as of
4/30/2022
|
|||||||||||||
Chime Financial, Inc., Series G
|
8/24/21
|
2,688,128
|
0.06
|
%
|
2,315,291
|
0.08
|
%
|
|||||||||||
Crosslink Ventures Capital LLC, Cl. A
|
10/2/20
|
3,075,000
|
0.08
|
%
|
4,293,561
|
0.15
|
%
|
|||||||||||
Total
|
6,608,852
|
0.23
|
%
|
THE ALGER INSTITUTIONAL FUNDS |
ALGER FOCUS EQUITY FUND |
COMMON STOCKS—94.7%
|
SHARES
|
VALUE
|
||||||
AEROSPACE & DEFENSE—2.0%
|
||||||||
Textron, Inc.
|
37,825
|
$
|
2,619,381
|
|||||
TransDigm Group, Inc.*
|
35,468
|
21,096,721
|
||||||
23,716,102
|
||||||||
APPAREL ACCESSORIES & LUXURY GOODS—0.6%
|
||||||||
Capri Holdings Ltd.*
|
152,397
|
7,269,337
|
||||||
APPLICATION SOFTWARE—6.8%
|
||||||||
Adobe, Inc.*
|
34,081
|
13,494,372
|
||||||
Bill.com Holdings, Inc.*
|
30,445
|
5,197,266
|
||||||
Intuit, Inc.
|
117,949
|
49,391,144
|
||||||
Salesforce, Inc.*
|
49,162
|
8,649,562
|
||||||
Unity Software, Inc.*
|
70,169
|
4,659,923
|
||||||
81,392,267
|
||||||||
AUTOMOBILE MANUFACTURERS—4.0%
|
||||||||
General Motors Co.*
|
319,443
|
12,110,084
|
||||||
Tesla, Inc.*
|
41,439
|
36,083,424
|
||||||
48,193,508
|
||||||||
CASINOS & GAMING—3.8%
|
||||||||
MGM Resorts International
|
1,101,947
|
45,223,905
|
||||||
CONSUMER FINANCE—0.5%
|
||||||||
Upstart Holdings, Inc.*
|
75,957
|
5,698,294
|
||||||
COPPER—0.3%
|
||||||||
Freeport-McMoRan, Inc.
|
92,050
|
3,732,627
|
||||||
DATA PROCESSING & OUTSOURCED SERVICES—5.1%
|
||||||||
Marqeta, Inc., Cl. A*
|
656,572
|
6,106,120
|
||||||
PayPal Holdings, Inc.*
|
65,897
|
5,794,323
|
||||||
Visa, Inc., Cl. A
|
227,983
|
48,590,017
|
||||||
60,490,460
|
||||||||
ELECTRICAL COMPONENTS & EQUIPMENT—3.5%
|
||||||||
AMETEK, Inc.
|
97,954
|
12,367,672
|
||||||
Eaton Corp. PLC
|
207,664
|
30,115,433
|
||||||
42,483,105
|
||||||||
FINANCIAL EXCHANGES & DATA—2.2%
|
||||||||
S&P Global, Inc.
|
70,097
|
26,391,521
|
||||||
FOOTWEAR—0.8%
|
||||||||
NIKE, Inc., Cl. B
|
78,026
|
9,729,842
|
||||||
HEALTHCARE DISTRIBUTORS—1.5%
|
||||||||
McKesson Corp.
|
58,649
|
18,158,317
|
||||||
HEALTHCARE EQUIPMENT—1.1%
|
||||||||
Edwards Lifesciences Corp.*
|
120,711
|
12,768,810
|
||||||
HOTELS RESORTS & CRUISE LINES—1.7%
|
||||||||
Airbnb, Inc., Cl. A*
|
79,109
|
12,120,290
|
||||||
Booking Holdings, Inc.*
|
3,650
|
8,067,631
|
||||||
20,187,921
|
||||||||
INTERACTIVE MEDIA & SERVICES—5.7%
|
||||||||
Alphabet, Inc., Cl. C*
|
24,746
|
56,899,220
|
||||||
Snap, Inc., Cl. A*
|
391,191
|
11,133,296
|
||||||
68,032,516
|
THE ALGER INSTITUTIONAL FUNDS |
ALGER FOCUS EQUITY FUND |
COMMON STOCKS—94.7% (CONT.)
|
SHARES
|
VALUE
|
||||||
INTERNET & DIRECT MARKETING RETAIL—8.5%
|
||||||||
Alibaba Group Holding Ltd.#,*
|
169,757
|
$
|
16,481,707
|
|||||
Amazon.com, Inc.*
|
31,796
|
79,033,091
|
||||||
MercadoLibre, Inc.*
|
6,323
|
6,156,263
|
||||||
101,671,061
|
||||||||
INTERNET SERVICES & INFRASTRUCTURE—2.2%
|
||||||||
Shopify, Inc., Cl. A*
|
21,157
|
9,030,231
|
||||||
Snowflake, Inc., Cl. A*
|
80,491
|
13,799,377
|
||||||
Twilio, Inc., Cl. A*
|
26,684
|
2,983,805
|
||||||
25,813,413
|
||||||||
LEISURE FACILITIES—0.5%
|
||||||||
Vail Resorts, Inc.
|
25,343
|
6,441,177
|
||||||
LIFE SCIENCES TOOLS & SERVICES—2.1%
|
||||||||
Danaher Corp.
|
98,041
|
24,621,036
|
||||||
MANAGED HEALTHCARE—4.7%
|
||||||||
UnitedHealth Group, Inc.
|
111,557
|
56,732,312
|
||||||
MOVIES & ENTERTAINMENT—2.0%
|
||||||||
Live Nation Entertainment, Inc.*
|
228,095
|
23,922,604
|
||||||
OIL & GAS EXPLORATION & PRODUCTION—2.2%
|
||||||||
Pioneer Natural Resources Co.
|
115,177
|
26,775,197
|
||||||
PHARMACEUTICALS—2.2%
|
||||||||
Bayer AG*
|
351,368
|
23,141,685
|
||||||
Catalent, Inc.*
|
35,156
|
3,183,728
|
||||||
26,325,413
|
||||||||
REGIONAL BANKS—2.0%
|
||||||||
Signature Bank
|
99,712
|
24,155,232
|
||||||
SEMICONDUCTOR EQUIPMENT—1.9%
|
||||||||
Applied Materials, Inc.
|
136,243
|
15,034,415
|
||||||
SolarEdge Technologies, Inc.*
|
33,192
|
8,311,609
|
||||||
23,346,024
|
||||||||
SEMICONDUCTORS—5.7%
|
||||||||
Advanced Micro Devices, Inc.*
|
395,137
|
33,792,116
|
||||||
NVIDIA Corp.
|
115,601
|
21,440,518
|
||||||
QUALCOMM, Inc.
|
96,190
|
13,436,781
|
||||||
68,669,415
|
||||||||
SYSTEMS SOFTWARE—13.4%
|
||||||||
Crowdstrike Holdings, Inc., Cl. A*
|
70,482
|
14,009,002
|
||||||
Microsoft Corp.
|
526,984
|
146,248,600
|
||||||
160,257,602
|
||||||||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.1%
|
||||||||
Apple, Inc.
|
466,851
|
73,599,060
|
||||||
TRUCKING—1.6%
|
||||||||
Uber Technologies, Inc.*
|
393,627
|
12,391,378
|
||||||
XPO Logistics, Inc.*
|
117,532
|
6,322,046
|
||||||
18,713,424
|
||||||||
TOTAL COMMON STOCKS
|
||||||||
(Cost $1,034,465,809)
|
1,134,511,502
|
THE ALGER INSTITUTIONAL FUNDS |
ALGER FOCUS EQUITY FUND |
PREFERRED STOCKS—0.0%
|
SHARES
|
VALUE
|
||||||
BIOTECHNOLOGY—0.0%
Prosetta Biosciences, Inc., Series D*,@,(a),(b)
|
76,825
|
$
|
–
|
|||||
(Cost $345,713)
|
–
|
|||||||
Total Investments
|
||||||||
(Cost $1,034,811,522)
|
94.7
|
%
|
$
|
1,134,511,502
|
||||
Affiliated Securities (Cost $345,713)
|
–
|
|||||||
Unaffiliated Securities (Cost $1,034,465,809)
|
1,134,511,502
|
|||||||
Other Assets in Excess of Liabilities
|
5.3
|
%
|
63,364,333
|
|||||
NET ASSETS
|
100.0
|
%
|
$
|
1,197,875,835
|
#
|
American Depositary Receipts.
|
(a)
|
Deemed an afftliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note
11 - Afftliated Securities.
|
(b)
|
Security is valued in good faith at fair value determined using signiftcant 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 qualifted buyers.
|
Security
|
Acquisition
Date(s)
|
Acquisition
Cost
|
% of net assets
(Acquisition
Date)
|
Market
Value
|
% of net assets
as of
4/30/2022
|
|||||||||||||
Prosetta Biosciences, Inc., Series D | 2/6/15 | $ | 345,713 | 0.80 |
%
|
$ | 0 |
0.00 |
%
|
|||||||||
Total
|
0 | 0.00 |
%
|
THE ALGER INSTITUTIONAL FUNDS |
ALGER MID CAP GROWTH INSTITUTIONAL FUND |
COMMON STOCKS—92.2%
|
SHARES
|
VALUE
|
||||||
AEROSPACE & DEFENSE—5.2%
|
||||||||
Axon Enterprise, Inc.*
|
3,095
|
$
|
347,259
|
|||||
HEICO Corp.
|
12,896
|
1,821,302
|
||||||
TransDigm Group, Inc.*
|
2,462
|
1,464,422
|
||||||
3,632,983
|
||||||||
AIR FREIGHT & LOGISTICS—0.4%
|
||||||||
GXO Logistics, Inc.*
|
4,573
|
270,676
|
||||||
APPAREL ACCESSORIES & LUXURY GOODS—2.8%
|
||||||||
Lululemon Athletica, Inc.*
|
4,009
|
1,421,712
|
||||||
Moncler SpA
|
10,927
|
569,147
|
||||||
1,990,859
|
||||||||
APPAREL RETAIL—2.2%
|
||||||||
Aritzia, Inc.*
|
29,284
|
1,042,926
|
||||||
Burlington Stores, Inc.*
|
2,589
|
527,017
|
||||||
1,569,943
|
||||||||
APPLICATION SOFTWARE—10.9%
|
||||||||
Avalara, Inc.*
|
4,159
|
316,375
|
||||||
Bill.com Holdings, Inc.*
|
4,747
|
810,360
|
||||||
Cadence Design Systems, Inc.*
|
7,360
|
1,110,256
|
||||||
Datadog, Inc., Cl. A*
|
6,053
|
731,081
|
||||||
Manhattan Associates, Inc.*
|
8,652
|
1,129,519
|
||||||
Paycom Software, Inc.*
|
4,373
|
1,230,868
|
||||||
Sprout Social, Inc., Cl. A*
|
13,529
|
829,057
|
||||||
Synopsys, Inc.*
|
3,281
|
940,958
|
||||||
The Trade Desk, Inc., Cl. A*
|
10,080
|
593,914
|
||||||
7,692,388
|
||||||||
AUTOMOTIVE RETAIL—1.3%
|
||||||||
O'Reilly Automotive, Inc.*
|
1,507
|
914,071
|
||||||
BIOTECHNOLOGY—3.6%
|
||||||||
Alkermes PLC*
|
9,438
|
272,286
|
||||||
Apellis Pharmaceuticals, Inc.*
|
6,996
|
304,536
|
||||||
BioMarin Pharmaceutical, Inc.*
|
5,065
|
412,038
|
||||||
BioNTech SE#,*
|
1,705
|
236,620
|
||||||
Celldex Therapeutics, Inc.*
|
11,173
|
341,335
|
||||||
Natera, Inc.*
|
19,531
|
685,929
|
||||||
Prometheus Biosciences, Inc.*
|
10,778
|
283,461
|
||||||
2,536,205
|
||||||||
BUILDING PRODUCTS—0.7%
|
||||||||
Trex Co., Inc.*
|
9,089
|
528,889
|
||||||
CASINOS & GAMING—2.0%
|
||||||||
MGM Resorts International
|
33,472
|
1,373,691
|
||||||
CONSUMER FINANCE—1.4%
|
||||||||
Upstart Holdings, Inc.*
|
12,812
|
961,156
|
||||||
DATA PROCESSING & OUTSOURCED SERVICES—1.4%
|
||||||||
Marqeta, Inc., Cl. A*
|
108,492
|
1,008,976
|
||||||
DIVERSIFIED METALS & MINING—1.6%
|
||||||||
MP Materials Corp.*
|
29,209
|
1,111,110
|
||||||
ELECTRIC UTILITIES—1.9%
|
||||||||
NextEra Energy, Inc.
|
19,239
|
1,366,354
|
THE ALGER INSTITUTIONAL FUNDS |
ALGER MID CAP GROWTH INSTITUTIONAL FUND |
COMMON STOCKS—92.2% (CONT.)
|
SHARES
|
VALUE
|
||||||
ELECTRICAL COMPONENTS & EQUIPMENT—2.3%
|
||||||||
AMETEK, Inc.
|
6,370
|
$
|
804,276
|
|||||
Generac Holdings, Inc.*
|
3,709
|
813,681
|
||||||
1,617,957
|
||||||||
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.6%
|
||||||||
908 Devices, Inc.*
|
41,877
|
743,317
|
||||||
Trimble, Inc.*
|
6,077
|
405,336
|
||||||
1,148,653
|
||||||||
FINANCIAL EXCHANGES & DATA—0.7%
|
||||||||
MSCI, Inc., Cl. A
|
1,204
|
507,185
|
||||||
HEALTHCARE DISTRIBUTORS—2.2%
|
||||||||
AmerisourceBergen Corp., Cl. A
|
4,953
|
749,339
|
||||||
McKesson Corp.
|
2,520
|
780,217
|
||||||
1,529,556
|
||||||||
HEALTHCARE EQUIPMENT—2.2%
|
||||||||
Dexcom, Inc.*
|
1,735
|
708,886
|
||||||
Insulet Corp.*
|
3,493
|
834,792
|
||||||
1,543,678
|
||||||||
HEALTHCARE SERVICES—0.3%
|
||||||||
Guardant Health, Inc.*
|
3,358
|
207,189
|
||||||
HEALTHCARE TECHNOLOGY—0.7%
|
||||||||
Veeva Systems, Inc., Cl. A*
|
2,859
|
520,195
|
||||||
HOTELS RESORTS & CRUISE LINES—1.0%
|
||||||||
Airbnb, Inc., Cl. A*
|
2,294
|
351,464
|
||||||
Expedia Group, Inc.*
|
2,056
|
359,286
|
||||||
710,750
|
||||||||
HYPERMARKETS & SUPER CENTERS—0.5%
|
||||||||
BJ's Wholesale Club Holdings, Inc.*
|
5,342
|
343,758
|
||||||
INTERACTIVE HOME ENTERTAINMENT—1.9%
|
||||||||
Take-Two Interactive Software, Inc.*
|
10,922
|
1,305,288
|
||||||
INTERACTIVE MEDIA & SERVICES—0.3%
|
||||||||
Snap, Inc., Cl. A*
|
6,359
|
180,977
|
||||||
INTERNET SERVICES & INFRASTRUCTURE—1.2%
|
||||||||
MongoDB, Inc., Cl. A*
|
2,293
|
813,854
|
||||||
LEISURE FACILITIES—1.1%
|
||||||||
Vail Resorts, Inc.
|
2,930
|
744,689
|
||||||
LIFE SCIENCES TOOLS & SERVICES—4.2%
|
||||||||
10X Genomics, Inc., Cl. A*
|
3,854
|
184,067
|
||||||
Azenta, Inc.
|
7,567
|
567,222
|
||||||
Bio-Techne Corp.
|
4,142
|
1,572,676
|
||||||
Repligen Corp.*
|
2,275
|
357,721
|
||||||
West Pharmaceutical Services, Inc.
|
956
|
301,198
|
||||||
2,982,884
|
||||||||
MOVIES & ENTERTAINMENT—2.7%
|
||||||||
Liberty Media Corp.-Liberty Formula One, Cl. C*
|
11,629
|
724,836
|
||||||
Live Nation Entertainment, Inc.*
|
11,065
|
1,160,497
|
||||||
1,885,333
|
THE ALGER INSTITUTIONAL FUNDS |
ALGER MID CAP GROWTH INSTITUTIONAL FUND |
COMMON STOCKS—92.2% (CONT.)
|
SHARES
|
VALUE
|
||||||
OIL & GAS EQUIPMENT & SERVICES—4.0%
|
||||||||
Baker Hughes Co., Cl. A
|
42,494
|
$
|
1,318,164
|
|||||
ChampionX Corp.
|
52,472
|
1,107,159
|
||||||
ProPetro Holding Corp.*
|
29,573
|
418,162
|
||||||
2,843,485
|
||||||||
OIL & GAS EXPLORATION & PRODUCTION—4.1%
|
||||||||
Diamondback Energy, Inc.
|
12,280
|
1,550,105
|
||||||
Pioneer Natural Resources Co.
|
5,805
|
1,349,488
|
||||||
2,899,593
|
||||||||
PHARMACEUTICALS—3.1%
|
||||||||
Catalent, Inc.*
|
14,318
|
1,296,638
|
||||||
Green Thumb Industries, Inc.*
|
24,239
|
339,829
|
||||||
Jazz Pharmaceuticals PLC*
|
1,693
|
271,252
|
||||||
Pacira BioSciences, Inc.*
|
3,445
|
256,894
|
||||||
2,164,613
|
||||||||
REGIONAL BANKS—2.2%
|
||||||||
Signature Bank
|
6,462
|
1,565,419
|
||||||
RENEWABLE ELECTRICITY—0.7%
|
||||||||
NextEra Energy Partners LP
|
7,142
|
476,086
|
||||||
RESEARCH & CONSULTING SERVICES—0.6%
|
||||||||
CoStar Group, Inc.*
|
6,180
|
393,172
|
||||||
RESTAURANTS—3.5%
|
||||||||
Chipotle Mexican Grill, Inc., Cl. A*
|
539
|
784,574
|
||||||
Shake Shack, Inc., Cl. A*
|
21,886
|
1,265,667
|
||||||
The Cheesecake Factory, Inc.*
|
11,225
|
414,315
|
||||||
2,464,556
|
||||||||
SEMICONDUCTOR EQUIPMENT—5.0%
|
||||||||
Applied Materials, Inc.
|
5,086
|
561,240
|
||||||
Enphase Energy, Inc.*
|
2,332
|
376,385
|
||||||
KLA Corp.
|
2,356
|
752,176
|
||||||
Lam Research Corp.
|
798
|
371,676
|
||||||
Onto Innovation, Inc.*
|
2,769
|
196,987
|
||||||
SolarEdge Technologies, Inc.*
|
5,100
|
1,277,091
|
||||||
3,535,555
|
||||||||
SEMICONDUCTORS—3.4%
|
||||||||
Advanced Micro Devices, Inc.*
|
11,908
|
1,018,372
|
||||||
Microchip Technology, Inc.
|
11,854
|
772,881
|
||||||
SiTime Corp.*
|
3,686
|
621,349
|
||||||
2,412,602
|
||||||||
SYSTEMS SOFTWARE—5.0%
|
||||||||
Crowdstrike Holdings, Inc., Cl. A*
|
5,969
|
1,186,398
|
||||||
Fortinet, Inc.*
|
2,947
|
851,713
|
||||||
Palo Alto Networks, Inc.*
|
2,615
|
1,467,747
|
||||||
3,505,858
|
||||||||
TRUCKING—2.3%
|
||||||||
Old Dominion Freight Line, Inc.
|
4,468
|
1,251,576
|
THE ALGER INSTITUTIONAL FUNDS |
ALGER MID CAP GROWTH INSTITUTIONAL FUND |
COMMON STOCKS—92.2% (CONT.)
|
SHARES
|
VALUE
|
||||||
TRUCKING—2.3% (CONT.)
|
||||||||
Uber Technologies, Inc.*
|
11,977 |
$ | 377,036 | |||||
1,628,612
|
||||||||
TOTAL COMMON STOCKS
|
||||||||
(Cost $71,464,617)
|
64,888,798
|
|||||||
PREFERRED STOCKS—0.0%
|
SHARES
|
VALUE
|
||||||
BIOTECHNOLOGY—0.0%
|
|
|||||||
Prosetta Biosciences, Inc., Series D*,@,(a),(b)
|
166,009
|
–
|
||||||
(Cost $747,040)
|
–
|
|||||||
RIGHTS—0.4%
|
SHARES
|
VALUE
|
||||||
BIOTECHNOLOGY—0.4%
|
||||||||
Tolero CDR*,@,(b),(c)
|
422,928
|
304,508
|
||||||
(Cost $226,186)
|
304,508
|
|||||||
REAL ESTATE INVESTMENT TRUST—0.5%
|
SHARES
|
VALUE
|
||||||
SPECIALIZED—0.5%
|
||||||||
Crown Castle International Corp.
|
2,003
|
370,976
|
||||||
(Cost $396,604)
|
370,976
|
|||||||
SPECIAL PURPOSE VEHICLE—1.6%
|
SHARES
|
VALUE
|
||||||
DATA PROCESSING & OUTSOURCED SERVICES—1.6%
|
||||||||
Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b)
|
22
|
767,954
|
||||||
Crosslink Ventures Capital LLC, Cl. B*,@,(a),(b)
|
9
|
326,925
|
||||||
1,094,879
|
||||||||
TOTAL SPECIAL PURPOSE VEHICLE
|
||||||||
(Cost $775,000)
|
1,094,879
|
|||||||
Total Investments
|
||||||||
(Cost $73,609,447)
|
94.7
|
%
|
$
|
66,659,161
|
||||
Affiliated Securities (Cost $1,522,040)
|
1,094,879
|
|||||||
Unaffiliated Securities (Cost $72,087,407)
|
65,564,282
|
|||||||
Other Assets in Excess of Liabilities
|
5.3
|
%
|
3,740,845
|
|||||
NET ASSETS
|
100.0
|
%
|
$
|
70,400,006
|
#
|
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 11 - 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.
|
Security
|
Acquisition
Date(s)
|
Acquisition
Cost
|
% of net assets
(Acquisition Date)
|
Market
Value
|
% of net assets
as of
4/30/2022
|
||||||||||||
Crosslink Ventures Capital LLC, Cl. A
|
10/2/20
|
$
|
550,000
|
0.50
|
%
|
$
|
767,954
|
1.09
|
%
|
||||||||
Crosslink Ventures Capital LLC, Cl. B
|
12/16/20
|
225,000
|
0.19
|
%
|
326,925
|
0.47
|
%
|
||||||||||
Prosetta Biosciences, Inc., Series D
|
2/6/15
|
747,040
|
0.50
|
%
|
0 |
0.00
|
%
|
||||||||||
Tolero CDR
|
2/6/17
|
226,186
|
0.23
|
%
|
304,508
|
0.43
|
%
|
||||||||||
Total
|
1,399,387
|
1.99
|
%
|
THE ALGER INSTITUTIONAL FUNDS |
ALGER SMALL CAP GROWTH INSTITUTIONAL FUND |
COMMON STOCKS—93.7%
|
SHARES
|
VALUE
|
||||||
ADVERTISING—0.4%
|
||||||||
Magnite, Inc.*
|
81,700
|
$
|
788,405
|
|||||
AEROSPACE & DEFENSE—3.3%
|
||||||||
HEICO Corp.
|
25,263
|
3,567,893
|
||||||
Hexcel Corp.
|
12,486
|
678,739
|
||||||
Mercury Systems, Inc.*
|
43,625
|
2,433,839
|
||||||
6,680,471
|
||||||||
AGRICULTURAL & FARM MACHINERY—0.2%
|
||||||||
Hydrofarm Holdings Group, Inc.*
|
45,962
|
438,937
|
||||||
APPAREL ACCESSORIES & LUXURY GOODS—1.2%
|
||||||||
Capri Holdings Ltd.*
|
50,413
|
2,404,700
|
||||||
APPAREL RETAIL—2.1%
|
||||||||
Aritzia, Inc.*
|
50,073
|
1,783,310
|
||||||
Victoria's Secret & Co.*
|
54,535
|
2,569,689
|
||||||
4,352,999
|
||||||||
APPLICATION SOFTWARE—20.9%
|
||||||||
ACI Worldwide, Inc.*
|
104,482
|
2,885,793
|
||||||
Avalara, Inc.*
|
36,322
|
2,763,015
|
||||||
Bill.com Holdings, Inc.*
|
22,027
|
3,760,229
|
||||||
Blackbaud, Inc.*
|
34,609
|
2,007,668
|
||||||
Blackline, Inc.*
|
34,208
|
2,293,646
|
||||||
Digital Turbine, Inc.*
|
25,706
|
813,595
|
||||||
Everbridge, Inc.*
|
42,785
|
1,844,033
|
||||||
ForgeRock, Inc., Cl. A*
|
14,085
|
287,757
|
||||||
Guidewire Software, Inc.*
|
19,478
|
1,693,417
|
||||||
HubSpot, Inc.*
|
7,818
|
2,966,384
|
||||||
Manhattan Associates, Inc.*
|
31,095
|
4,059,452
|
||||||
Paycom Software, Inc.*
|
11,823
|
3,327,820
|
||||||
Paycor HCM, Inc.*
|
4,766
|
117,387
|
||||||
Q2 Holdings, Inc.*
|
55,535
|
2,872,826
|
||||||
SEMrush Holdings, Inc., Cl. A*
|
47,723
|
465,776
|
||||||
Smartsheet, Inc., Cl. A*
|
36,524
|
1,765,205
|
||||||
Sprout Social, Inc., Cl. A*
|
44,365
|
2,718,687
|
||||||
SPS Commerce, Inc.*
|
35,187
|
4,209,421
|
||||||
Vertex, Inc., Cl. A*
|
94,237
|
1,340,992
|
||||||
42,193,103
|
||||||||
ASSET MANAGEMENT & CUSTODY BANKS—0.3%
|
||||||||
Affiliated Managers Group, Inc
|
5,109
|
641,537
|
||||||
BIOTECHNOLOGY—2.9%
|
||||||||
Alkermes PLC*
|
18,970
|
547,284
|
||||||
CareDx, Inc.*
|
126,904
|
3,862,958
|
||||||
Celldex Therapeutics, Inc.*
|
15,204
|
464,482
|
||||||
Karuna Therapeutics, Inc.*
|
6,802
|
758,151
|
||||||
Turning Point Therapeutics, Inc.*
|
8,458
|
249,004
|
||||||
5,881,879
|
||||||||
DATA PROCESSING & OUTSOURCED SERVICES—1.2%
|
||||||||
DLocal Ltd., Cl. A*
|
80,976
|
1,835,726
|
||||||
Marqeta, Inc., Cl. A*
|
74,534
|
693,166
|
||||||
2,528,892
|
THE ALGER INSTITUTIONAL FUNDS |
ALGER SMALL CAP GROWTH INSTITUTIONAL FUND |
COMMON STOCKS—93.7% (CONT.)
|
SHARES
|
VALUE
|
||||||
DIVERSIFIED SUPPORT SERVICES—0.4%
|
||||||||
IAA, Inc.*
|
21,263
|
$
|
779,289
|
|||||
ELECTRICAL COMPONENTS & EQUIPMENT—0.4%
|
||||||||
Sunrun, Inc.*
|
36,651
|
732,287
|
||||||
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.8%
|
||||||||
908 Devices, Inc.*
|
24,351
|
432,230
|
||||||
Cognex Corp.
|
47,829
|
3,234,676
|
||||||
3,666,906
|
||||||||
FOOD DISTRIBUTORS—2.4%
|
||||||||
The Chefs' Warehouse, Inc.*
|
45,752
|
1,674,523
|
||||||
US Foods Holding Corp.*
|
87,254
|
3,282,496
|
||||||
4,957,019
|
||||||||
HEALTHCARE DISTRIBUTORS—0.3%
|
||||||||
PetIQ, Inc., Cl. A*
|
29,488
|
586,811
|
||||||
HEALTHCARE EQUIPMENT—8.3%
|
||||||||
CryoPort, Inc.*
|
58,749
|
1,325,377
|
||||||
Impulse Dynamics NV, Series E*,@,(a)
|
532,406
|
1,756,940
|
||||||
Inmode Ltd.*
|
85,260
|
2,140,879
|
||||||
Inogen, Inc.*
|
7,985
|
201,861
|
||||||
Insulet Corp.*
|
20,977
|
5,013,293
|
||||||
Mesa Laboratories, Inc.
|
10,892
|
2,326,858
|
||||||
Paragon 28, Inc.*
|
34,433
|
618,761
|
||||||
Tandem Diabetes Care, Inc.*
|
34,574
|
3,335,699
|
||||||
16,719,668
|
||||||||
HEALTHCARE FACILITIES—1.2%
|
||||||||
The Joint Corp.*
|
76,739
|
2,342,074
|
||||||
HEALTHCARE SERVICES—1.1%
|
||||||||
Biodesix, Inc.*
|
34,078
|
54,866
|
||||||
Guardant Health, Inc.*
|
28,081
|
1,732,598
|
||||||
Privia Health Group, Inc.*
|
22,951
|
504,692
|
||||||
2,292,156
|
||||||||
HEALTHCARE SUPPLIES—4.2%
|
||||||||
Neogen Corp.*
|
179,100
|
4,728,240
|
||||||
Quidel Corp.*
|
36,948
|
3,717,708
|
||||||
8,445,948
|
||||||||
HEALTHCARE TECHNOLOGY—2.0%
|
||||||||
Convey Health Solutions Holdings, Inc.*
|
65,548
|
333,639
|
||||||
Definitive Healthcare Corp , Cl. A*
|
15,589
|
368,680
|
||||||
Doximity, Inc., Cl. A*
|
8,832
|
352,132
|
||||||
Renalytix PLC#,*
|
74,636
|
378,404
|
||||||
Sophia Genetics SA*
|
38,769
|
249,285
|
||||||
Veeva Systems, Inc., Cl. A*
|
13,137
|
2,390,277
|
||||||
4,072,417
|
||||||||
HOMEBUILDING—0.3%
|
||||||||
Skyline Champion Corp.*
|
11,072
|
565,115
|
||||||
HOMEFURNISHING RETAIL—0.8%
|
||||||||
Arhaus, Inc., Cl. A*
|
23,071
|
165,419
|
||||||
Bed Bath & Beyond, Inc.*
|
100,265
|
1,364,607
|
||||||
1,530,026
|
THE ALGER INSTITUTIONAL FUNDS |
ALGER SMALL CAP GROWTH INSTITUTIONAL FUND |
COMMON STOCKS—93.7% (CONT.)
|
SHARES
|
VALUE
|
||||||
HUMAN RESOURCE & EMPLOYMENT SERVICES—1.2%
|
||||||||
LegalZoom.com, Inc.*
|
69,733
|
$
|
1,000,669
|
|||||
Upwork, Inc.*
|
64,856
|
1,360,030
|
||||||
2,360,699
|
||||||||
HYPERMARKETS & SUPER CENTERS—2.5%
|
||||||||
BJ's Wholesale Club Holdings, Inc.*
|
79,417
|
5,110,484
|
||||||
INDUSTRIAL MACHINERY—0.5%
|
||||||||
Gates Industrial Corp., PLC*
|
77,926
|
993,557
|
||||||
INTERACTIVE HOME ENTERTAINMENT—1.0%
|
||||||||
Take-Two Interactive Software, Inc.*
|
16,608
|
1,984,822
|
||||||
INTERACTIVE MEDIA & SERVICES—1.9%
|
||||||||
Bumble, Inc., Cl. A*
|
21,939
|
526,316
|
||||||
Eventbrite, Inc., Cl. A*
|
65,017
|
687,880
|
||||||
Genius Sports Ltd.*
|
285,006
|
1,088,723
|
||||||
Tripadvisor, Inc.*
|
60,697
|
1,558,092
|
||||||
3,861,011
|
||||||||
INTERNET & DIRECT MARKETING RETAIL—0.7%
|
||||||||
Farfetch Ltd., Cl. A*
|
65,054
|
728,605
|
||||||
The RealReal, Inc.*
|
129,405
|
701,375
|
||||||
1,429,980
|
||||||||
INTERNET SERVICES & INFRASTRUCTURE—0.6%
|
||||||||
BigCommerce Holdings, Inc.*
|
68,228
|
1,219,234
|
||||||
LEISURE FACILITIES—1.0%
|
||||||||
Planet Fitness, Inc., Cl. A*
|
24,261
|
1,941,608
|
||||||
LIFE SCIENCES TOOLS & SERVICES—7.9%
|
||||||||
Akoya Biosciences, Inc.*
|
66,342
|
624,278
|
||||||
Alpha Teknova, Inc.*
|
15,421
|
173,178
|
||||||
Bio-Techne Corp.
|
16,685
|
6,335,128
|
||||||
Codex DNA, Inc.*
|
38,575
|
142,727
|
||||||
Cytek Biosciences, Inc.*
|
27,150
|
256,567
|
||||||
ICON PLC*
|
8,908
|
2,015,079
|
||||||
Maravai LifeSciences Holdings, Inc., Cl. A*
|
21,044
|
646,682
|
||||||
MaxCyte, Inc.*
|
23,465
|
129,996
|
||||||
NanoString Technologies, Inc.*
|
102,524
|
1,925,401
|
||||||
NeoGenomics, Inc.*
|
71,563
|
676,270
|
||||||
Personalis, Inc.*
|
52,152
|
292,051
|
||||||
Rapid Micro Biosystems, Inc., Cl. A*
|
31,307
|
182,520
|
||||||
Repligen Corp.*
|
16,361
|
2,572,604
|
||||||
15,972,481
|
||||||||
MANAGED HEALTHCARE—1.6%
|
||||||||
HealthEquity, Inc.*
|
50,812
|
3,166,604
|
||||||
MOVIES & ENTERTAINMENT—2.4%
|
||||||||
Live Nation Entertainment, Inc.*
|
45,775
|
4,800,882
|
||||||
OIL & GAS EQUIPMENT & SERVICES—0.9%
|
||||||||
ChampionX Corp.
|
37,585
|
793,043
|
||||||
ProPetro Holding Corp.*
|
77,048
|
1,089,459
|
||||||
1,882,502
|
THE ALGER INSTITUTIONAL FUNDS |
ALGER SMALL CAP GROWTH INSTITUTIONAL FUND |
COMMON STOCKS—93.7% (CONT.)
|
SHARES
|
VALUE
|
||||||
OIL & GAS EXPLORATION & PRODUCTION—5.0%
|
||||||||
Coterra Energy, Inc.
|
39,757
|
$
|
1,144,604
|
|||||
Magnolia Oil & Gas Corp., Cl. A
|
389,969
|
9,062,880
|
||||||
10,207,484
|
||||||||
PERSONAL PRODUCTS—0.4%
|
||||||||
The Beauty Health Co.*
|
55,593
|
728,268
|
||||||
PRECIOUS METALS & MINERALS—0.5%
|
||||||||
Xometry, Inc., Cl. A*
|
30,049
|
986,208
|
||||||
REGIONAL BANKS—0.8%
|
||||||||
Webster Financial Corp.
|
31,770
|
1,588,182
|
||||||
RESTAURANTS—4.8%
|
||||||||
Shake Shack, Inc., Cl. A*
|
67,142
|
3,882,822
|
||||||
Sweetgreen, Inc., Cl. A*
|
18,023
|
486,621
|
||||||
The Cheesecake Factory, Inc.*
|
84,459
|
3,117,382
|
||||||
Wingstop, Inc.
|
23,609
|
2,166,362
|
||||||
9,653,187
|
||||||||
SEMICONDUCTOR EQUIPMENT—0.6%
|
||||||||
SolarEdge Technologies, Inc.*
|
5,080
|
1,272,083
|
||||||
SEMICONDUCTORS—0.8%
|
||||||||
Universal Display Corp.
|
13,240
|
1,691,145
|
||||||
SPECIALTY CHEMICALS—2.0%
|
||||||||
Balchem Corp.
|
32,965
|
4,061,288
|
||||||
SPECIALTY STORES—0.9%
|
||||||||
Brilliant Earth Group, Inc., Cl. A*
|
10,779
|
82,998
|
||||||
Five Below, Inc.*
|
11,556
|
1,815,448
|
||||||
1,898,446
|
||||||||
TOTAL COMMON STOCKS
|
||||||||
(Cost $178,332,231)
|
189,410,794
|
|||||||
PREFERRED STOCKS—3.4%
|
SHARES
|
VALUE
|
||||||
BIOTECHNOLOGY—0.0%
|
||||||||
Prosetta Biosciences, Inc., Series D*,@,(a),(b)
|
133,263
|
–
|
||||||
DATA PROCESSING & OUTSOURCED SERVICES—3.4%
|
||||||||
Chime Financial, Inc., Series G*,@,(a)
|
114,399
|
6,805,597
|
||||||
TOTAL PREFERRED STOCKS
|
||||||||
(Cost $8,501,200)
|
6,805,597
|
|||||||
RIGHTS—0.2%
|
SHARES
|
VALUE
|
||||||
BIOTECHNOLOGY—0.2%
|
||||||||
Tolero CDR*,@,(a),(c)
|
528,559
|
380,562
|
||||||
(Cost $285,725)
|
380,562
|
|||||||
REAL ESTATE INVESTMENT TRUST—1.0%
|
SHARES
|
VALUE
|
||||||
RETAIL—1.0%
|
||||||||
Tanger Factory Outlet Centers, Inc.
|
125,834
|
2,029,702
|
||||||
(Cost $2,071,500)
|
2,029,702
|
THE ALGER INSTITUTIONAL FUNDS |
ALGER SMALL CAP GROWTH INSTITUTIONAL FUND |
SPECIAL PURPOSE VEHICLE—1.1%
|
SHARES
|
VALUE
|
||||||
DATA PROCESSING & OUTSOURCED SERVICES—1.1%
|
||||||||
Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b)
|
51
|
$
|
1,780,257
|
|||||
Crosslink Ventures Capital LLC, Cl. B*,@,(a),(b)
|
13
|
472,225
|
||||||
2,252,482
|
||||||||
TOTAL SPECIAL PURPOSE VEHICLE
|
||||||||
(Cost $1,600,000)
|
2,252,482
|
|||||||
Total Investments
|
||||||||
(Cost $190,790,656)
|
99.4
|
%
|
$
|
200,879,137
|
||||
Affiliated Securities (Cost $2,199,684)
|
2,252,482
|
|||||||
Unaffiliated Securities (Cost $188,590,972)
|
198,626,655
|
|||||||
Other Assets in Excess of Liabilities
|
0.6
|
%
|
1,171,735
|
|||||
NET ASSETS
|
100.0
|
%
|
$
|
202,050,872
|
#
|
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 11 - 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.
|
Security
|
Acquisition
Date(s)
|
Acquisition
Cost
|
% of net assets
(Acquisition
Date)
|
Market
Value
|
% of net assets
as of
4/30/2022
|
||||||||||||
Chime Financial, Inc., Series G
|
8/24/21
|
$
|
7,901,516
|
2.12
|
%
|
$
|
6,805,597
|
3.37
|
%
|
||||||||
Crosslink Ventures Capital LLC, Cl. A
|
10/2/20
|
1,275,000
|
0.49
|
%
|
1,780,257
|
0.88
|
%
|
||||||||||
Crosslink Ventures Capital LLC, Cl. B
|
12/16/20
|
325,000
|
0.11
|
%
|
472,225
|
0.23
|
%
|
||||||||||
Impulse Dynamics NV, Series E
|
2/11/22
|
1,756,940
|
0.71
|
%
|
1,756,940
|
0.87
|
%
|
||||||||||
Prosetta Biosciences, Inc., Series D
|
2/6/15
|
599,684
|
0.10
|
%
|
0
|
0.00
|
%
|
||||||||||
Tolero CDR
|
2/6/17
|
285,725
|
0.16
|
% |
380,562
|
0.19 | % | ||||||||||
Total
|
11,195,581
|
5.54 | % |
Alger Capital
Appreciation
Institutional Fund
|
Alger Focus Equity
Fund
|
|||||||
ASSETS: | ||||||||
Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedules of investments
|
2,760,559,794
|
1,134,511,502
|
||||||
Investments in affiliated securities, at value (Identified cost below)** see accompanying schedules of investments
|
$
|
4,293,561
|
$
|
—
|
||||
Cash and cash equivalents
|
34,654,700
|
76,515,826
|
||||||
Foreign cash †
|
319,381
|
—
|
||||||
Receivable for investment securities sold
|
10,334,742
|
5,756,155
|
||||||
Receivable for shares of beneficial interest sold
|
10,074,147
|
1,156,481
|
||||||
Dividends and interest receivable
|
821,323
|
78,132
|
||||||
Receivable from Investment Manager
|
30,242
|
5,900
|
||||||
Prepaid expenses
|
197,433
|
164,420
|
||||||
Total Assets
|
2,821,285,323
|
1,218,188,416
|
||||||
LIABILITIES:
|
||||||||
Payable for investment securities purchased
|
43,091,765
|
17,729,839
|
||||||
Payable for shares of beneficial interest redeemed
|
6,706,112
|
1,624,208
|
||||||
Accrued investment advisory fees
|
1,894,224
|
562,215
|
||||||
Accrued distribution fees
|
169,243
|
65,194
|
||||||
Accrued shareholder servicing fees
|
442,359
|
11,287
|
||||||
Accrued shareholder administrative fees
|
25,159
|
11,602
|
||||||
Accrued administrative fees
|
69,187
|
29,733
|
||||||
Accrued custodian fees
|
29,906
|
15,259
|
||||||
Accrued transfer agent fees
|
1,935,545
|
137,467
|
||||||
Accrued printing fees
|
33,744
|
34,363
|
||||||
Accrued professional fees
|
35,724
|
26,307
|
||||||
Accrued trustee fees
|
7,924
|
3,126
|
||||||
Accrued fund accounting fees
|
120,964
|
58,365
|
||||||
Accrued tax payable
|
863
|
1,249
|
||||||
Accrued other expenses
|
5,190
|
2,367
|
||||||
Total Liabilities
|
54,567,909
|
20,312,581
|
||||||
NET ASSETS
|
$
|
2,766,717,414
|
$
|
1,197,875,835
|
||||
NET ASSETS CONSIST OF:
|
||||||||
Paid in capital (par value of $.001 per share)
|
1,820,251,461
|
1,115,774,220
|
||||||
Distributable earnings
|
946,465,953
|
82,101,615
|
||||||
NET ASSETS
|
$
|
2,766,717,414
|
$
|
1,197,875,835
|
||||
* Identified cost
|
$
|
2,054,187,275(a
|
)
|
$
|
1,034,465,809(b
|
)
|
||
** Identified cost
|
$
|
3,075,000(a
|
)
|
$
|
345,713(b
|
)
|
||
† Cost of foreign cash
|
$
|
318,064
|
$
|
—
|
Alger Capital
Appreciation
Institutional Fund
|
Alger Focus Equity
Fund
|
|||||||
NET ASSETS BY CLASS:
|
||||||||
Class A
|
$
|
—
|
$
|
83,219,101
|
||||
Class C
|
$
|
—
|
$
|
51,623,896
|
||||
Class I
|
$
|
1,568,925,242
|
$
|
50,391,658
|
||||
Class R
|
$
|
373,031,308
|
$
|
—
|
||||
Class Y
|
$
|
415,714,368
|
$
|
150,907,642
|
||||
Class Z
|
$
|
—
|
$
|
861,733,538
|
||||
Class Z-2
|
$
|
409,046,496
|
$
|
—
|
||||
SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6:
|
||||||||
Class A
|
—
|
1,949,877
|
||||||
Class C
|
—
|
1,324,732
|
||||||
Class I
|
50,962,407
|
1,171,643
|
||||||
Class R
|
15,189,302
|
—
|
||||||
Class Y
|
13,098,631
|
3,406,882
|
||||||
Class Z
|
—
|
19,509,195
|
||||||
Class Z-2
|
12,932,976
|
—
|
||||||
NET ASSET VALUE PER SHARE:
|
||||||||
Class A — Net Asset Value Per Share Class A
|
$
|
—
|
$
|
42.68
|
||||
Class A — Offering Price Per Share (includes a 5.25% sales charge)
|
$
|
—
|
$
|
45.04 |
||||
Class C — Net Asset Value Per Share Class C
|
$
|
—
|
$
|
38.97
|
||||
Class I — Net Asset Value Per Share Class I
|
$
|
30.79
|
$
|
43.01
|
||||
Class R — Net Asset Value Per Share Class R
|
$
|
24.56
|
$
|
—
|
||||
Class Y — Net Asset Value Per Share Class Y
|
$
|
31.74
|
$
|
44.29
|
||||
Class Z — Net Asset Value Per Share Class Z
|
$
|
—
|
$
|
44.17
|
||||
Class Z-2 — Net Asset Value Per Share Class Z-2
|
$
|
31.63
|
$
|
—
|
(a)
|
At April 30, 2022, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
2,078,819,136, amounted to 686,034,219 which consisted of aggregate gross unrealized appreciation of 921,015,137 and aggregate gross unrealized depreciation of 234,980,918.
|
(b)
|
At April 30, 2022, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
1,045,744,960, amounted to 88,766,542 which consisted of aggregate gross unrealized appreciation of 187,143,905 and aggregate gross unrealized depreciation of 98,377,363.
|
Alger Mid Cap
Growth Institutional
Fund
|
Alger Small Cap
Growth Institutional
Fund
|
|||||||
ASSETS: | ||||||||
Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedules of investments
|
$
|
65,564,282
|
$
|
198,626,655
|
||||
Investments in affiliated securities, at value (Identified cost below)** see accompanying schedules of investments
|
1,094,879
|
2,252,482
|
||||||
Cash and cash equivalents
|
1,517,870
|
2,510,277
|
||||||
Receivable for investment securities sold
|
2,864,219
|
315,336
|
||||||
Receivable for shares of beneficial interest sold
|
22,103
|
134,898
|
||||||
Dividends and interest receivable
|
5,013
|
25,167
|
||||||
Receivable from Investment Manager
|
2,258
|
—
|
||||||
Prepaid expenses
|
11,491
|
65,166
|
||||||
Total Assets
|
71,082,115
|
203,929,981
|
||||||
LIABILITIES:
|
||||||||
Payable for shares of beneficial interest redeemed
|
485,742
|
1,500,698
|
||||||
Accrued investment advisory fees
|
48,648
|
149,802
|
||||||
Accrued distribution fees
|
2,131
|
2,724
|
||||||
Accrued shareholder servicing fees
|
12,507
|
23,259
|
||||||
Accrued shareholder administrative fees
|
640
|
1,849
|
||||||
Accrued administrative fees
|
1,760
|
5,086
|
||||||
Accrued custodian fees
|
4,550
|
3,323
|
||||||
Accrued transfer agent fees
|
70,777
|
125,989
|
||||||
Accrued printing fees
|
5,827
|
21,234
|
||||||
Accrued professional fees
|
30,350
|
29,130
|
||||||
Accrued trustee fees
|
220
|
661
|
||||||
Accrued fund accounting fees
|
15,557
|
12,958
|
||||||
Accrued tax payable
|
1,178
|
1,295
|
||||||
Accrued other expenses
|
2,222
|
1,101
|
||||||
Total Liabilities
|
682,109
|
1,879,109
|
||||||
NET ASSETS
|
$
|
70,400,006
|
$
|
202,050,872
|
||||
NET ASSETS CONSIST OF:
|
||||||||
Paid in capital (par value of $.001 per share)
|
86,892,987
|
183,712,151
|
||||||
Distributable earnings (Distributions in excess of earnings)
|
(16,492,981
|
)
|
18,338,721
|
|||||
NET ASSETS
|
$
|
70,400,006
|
$
|
202,050,872
|
||||
* Identified cost
|
$
|
72,087,407(a
|
)
|
$
|
188,590,972(b
|
)
|
||
** Identified cost
|
$
|
1,522,040(a
|
)
|
$
|
2,199,684(b
|
)
|
Alger Mid Cap Growth Institutional Fund
|
Alger Small Cap Growth Institutional
Fund
|
|||||||
NET ASSETS BY CLASS:
|
||||||||
Class I
|
$
|
50,081,434
|
$
|
94,510,378
|
||||
Class R
|
$
|
4,728,958
|
$
|
6,008,171
|
||||
Class Z-2
|
$
|
15,589,614
|
$
|
101,532,323
|
||||
SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6:
|
||||||||
Class I
|
2,707,293
|
5,694,890
|
||||||
Class R
|
331,450
|
519,475
|
||||||
Class Z-2
|
815,009
|
5,982,706
|
||||||
NET ASSET VALUE PER SHARE:
|
||||||||
Class I — Net Asset Value Per Share Class I
|
$
|
18.50
|
$
|
16.60
|
||||
Class R — Net Asset Value Per Share Class R
|
$
|
14.27
|
$
|
11.57
|
||||
Class Z-2 — Net Asset Value Per Share Class Z-2
|
$
|
19.13
|
$
|
16.97
|
(a)
|
At April 30, 2022, the net unrealized depreciation on investments, based on cost for federal income tax purposes of 74,518,252, amounted to 7,859,091
which consisted of aggregate gross unrealized appreciation of 2,603,909 and aggregate gross unrealized depreciation of 10,463,000.
|
(b)
|
At April 30, 2022, the net unrealized appreciation on investments, based on cost for federal income tax purposes of 191,248,095, amounted to 9,631,042
which consisted of aggregate gross unrealized appreciation of 53,300,534 and aggregate gross unrealized depreciation of 43,669,492.
|
Alger Capital
Appreciation
Institutional
Fund
|
Alger Focus Equity
Fund
|
|||||||
INCOME:
|
||||||||
Dividends (net of foreign withholding taxes*)
|
$
|
8,202,313
|
$
|
3,020,395
|
||||
Interest
|
2,909
|
10,353
|
||||||
Total Income
|
8,205,222
|
3,030,748
|
||||||
EXPENSES:
|
||||||||
Investment advisory fees — Note 3(a)
|
12,920,759
|
3,814,327
|
||||||
Distribution fees — Note 3(c)
|
||||||||
Class A
|
—
|
130,076
|
||||||
Class C
|
—
|
313,906
|
||||||
Class R
|
1,180,585
|
—
|
||||||
Shareholder servicing fees — Note 3(f)
|
3,070,630
|
88,229
|
||||||
Shareholder administrative fees — Note 3(f)
|
176,744
|
78,775
|
||||||
Administration fees — Note 3(b)
|
486,047
|
201,719
|
||||||
Custodian fees
|
63,220
|
32,155
|
||||||
Interest expenses
|
36,920
|
110
|
||||||
Transfer agent fees — Note 3(f)
|
1,019,194
|
133,370
|
||||||
Printing fees
|
36,365
|
41,475
|
||||||
Professional fees
|
76,405
|
34,780
|
||||||
Registration fees
|
98,321
|
64,070
|
||||||
Trustee fees — Note 3(g)
|
52,026
|
21,881
|
||||||
Fund accounting fees
|
254,017
|
125,325
|
||||||
Accrued taxes
|
297
|
297
|
||||||
Other expenses
|
43,906
|
18,488
|
||||||
Total Expenses
|
19,515,436
|
5,098,983
|
||||||
Less, expense reimbursements/waivers — Note 3(a)
|
(161,648
|
)
|
(27,327
|
)
|
||||
Net Expenses
|
19,353,788
|
5,071,656
|
||||||
NET INVESTMENT LOSS
|
(11,148,566
|
)
|
(2,040,908
|
)
|
||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
|
||||||||
Net realized gain ( loss on unaffi ated nvestments
|
271,653,042
|
(81,693,609
|
)
|
|||||
Net realized gain on redemption-in-kind
|
—
|
77,070,975
|
||||||
Net realized gain on foreign currency transactions
|
9,489
|
2,472
|
||||||
Net change n unrea zed (deprec at on) on unaffi ated
|
||||||||
investments
|
(1,297,950,419
|
)
|
(399,094,141
|
)
|
||||
Net change unrealized (deprec at on) on affi ated
|
||||||||
investments
|
(629,883
|
)
|
—
|
|||||
Net change in unrealized (depreciation) on foreign currency
|
(6,611
|
)
|
(2,927
|
)
|
||||
Net realized and unrealized (loss) on investments and foreign currency
|
(1,026,924,382
|
)
|
(403,717,230
|
)
|
||||
NET DECREASE IN NET ASSETS RESULTING FROM
|
||||||||
OPERATIONS
|
$
|
(1,038,072,948
|
)
|
$
|
(405,758,138
|
)
|
||
* Foreign withholding taxes
|
$
|
115,273
|
$
|
—
|
Alger Mid Cap Growth
Institutional Fund
|
Alger Small Cap
Growth Institutional
Fund
|
|||||||
INCOME:
|
||||||||
Dividends
|
$
|
130,306
|
$
|
317,738
|
||||
Interest
|
280
|
995
|
||||||
Total Income
|
130,586
|
318,733
|
||||||
EXPENSES:
|
||||||||
Investment advisory fees — Note 3(a)
|
350,308
|
1,080,912
|
||||||
Distribution fees — Note 3(c)
|
||||||||
Class R
|
14,836
|
19,146
|
||||||
Shareholder servicing fees — Note 3(f)
|
90,135
|
173,566
|
||||||
Shareholder administrative fees — Note 3(f)
|
4,609
|
13,345
|
||||||
Administration fees — Note 3(b)
|
12,676
|
36,698
|
||||||
Custodian fees
|
9,109
|
11,239
|
||||||
Interest expenses
|
952
|
656
|
||||||
Transfer agent fees — Note 3(f)
|
39,756
|
78,994
|
||||||
Printing fees
|
3,726
|
15,480
|
||||||
Professional fees
|
16,816
|
21,135
|
||||||
Registration fees
|
55,747
|
26,830
|
||||||
Trustee fees — Note 3(g)
|
1,314
|
3,978
|
||||||
Fund accounting fees
|
33,706
|
42,101
|
||||||
Accrued taxes
|
297
|
297
|
||||||
Other expenses
|
8,832
|
8,184
|
||||||
Total Expenses
|
642,819
|
1,532,561
|
||||||
Less, expense reimbursements/waivers — Note 3(a)
|
(9,637
|
)
|
—
|
|||||
Net Expenses
|
633,182
|
1,532,561
|
||||||
NET INVESTMENT LOSS
|
(502,596
|
)
|
(1,213,828
|
)
|
||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
|
||||||||
Net rea zed ga n ( loss) on unaffi ated nvestments
|
(8,128,705
|
)
|
13,278,565
|
|||||
Net realized gain (loss) on foreign currency transactions
|
(197
|
)
|
7,124
|
|||||
Net change n unrealized (deprec at on) on unaffi ated investments
|
(30,702,431
|
)
|
(128,855,100
|
)
|
||||
Net change n unrea zed (deprec at on) on affi ated investments
|
(165,330
|
)
|
(337,247
|
)
|
||||
Net change in unrealized (depreciation) on foreign currency
|
(113
|
)
|
—
|
|||||
Net realized and unrealized (loss) on investments and foreign currency
|
(38,996,776
|
)
|
(115,906,658
|
)
|
||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
(39,499,372
|
)
|
$
|
(117,120,486
|
)
|
Alger Capital Appreciation Institutional Fund |
||||||||
For the
Six Months Ended
|
For the
Year Ended
|
|||||||
April 30, 2022
|
October 31, 2021
|
|||||||
Net investment loss
|
$
|
(11,148,566
|
)
|
$
|
(23,737,965
|
)
|
||
Net realized gain on investments and foreign currency
|
271,662,531
|
791,432,568
|
||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency
|
(1,298,586,913
|
)
|
440,334,204
|
|||||
Net increase (decrease) in net assets resulting from operations
|
(1,038,072,948
|
)
|
1,208,028,807
|
|||||
Dividends and distributions to shareholders:
|
||||||||
Class I
|
(363,087,549
|
)
|
(334,101,515
|
)
|
||||
Class R
|
(104,193,164
|
)
|
(93,628,884
|
)
|
||||
Class Y
|
(107,008,462
|
)
|
(77,891,544
|
)
|
||||
Class Z-2
|
(98,406,277
|
)
|
(83,783,950
|
)
|
||||
Total dividends and distributions to shareholders
|
(672,695,452
|
)
|
(589,405,893
|
)
|
||||
Increase (decrease) from shares of benefic a nterest transact ons:
|
||||||||
Class I
|
205,807,159
|
(139,462,617
|
)
|
|||||
Class R
|
64,797,103
|
(38,173,960
|
)
|
|||||
Class Y
|
(4,335,899
|
)
|
92,435,215
|
|||||
Class Z-2
|
25,175,798
|
3,399,124
|
||||||
Net ncrease (decrease) from shares of benefic a nterest transactions — Note 6
|
291,444,161
|
(81,802,238
|
)
|
|||||
Total increase (decrease)
|
(1,419,324,239
|
)
|
536,820,676
|
|||||
Net Assets:
|
||||||||
Beginning of period
|
4,186,041,653
|
3,649,220,977
|
||||||
END OF PERIOD
|
$
|
2,766,717,414
|
$
|
4,186,041,653
|
Alger Focus Equity Fund | ||||||||
For the
Six Months Ended
April 30, 2022
|
For the
Year Ended
October 31, 2021
|
|||||||
Net investment loss
|
$
|
(2,040,908
|
)
|
$
|
(2,905,833
|
)
|
||
Net realized gain (loss) on investments, redemption-in-kind and
|
||||||||
foreign currency
|
(4,620,162
|
)
|
203,135,590
|
|||||
Net change in unrealized appreciation (depreciation) on
|
||||||||
investments and foreign currency
|
(399,097,068
|
)
|
212,034,428
|
|||||
Net increase (decrease) in net assets resulting from operations
|
(405,758,138
|
)
|
412,264,185
|
|||||
Dividends and distributions to shareholders:
|
||||||||
Class A
|
(14,410,192
|
)
|
(5,562,411
|
)
|
||||
Class C
|
(9,232,177
|
)
|
(4,078,168
|
)
|
||||
Class I
|
(9,193,544
|
)
|
(4,326,616
|
)
|
||||
Class Y
|
(23,615,638
|
)
|
(8,557,155
|
)
|
||||
Class Z
|
(141,604,729
|
)
|
(50,310,167
|
)
|
||||
Total dividends and distributions to shareholders
|
(198,056,280
|
)
|
(72,834,517
|
)
|
||||
Increase (decrease) from shares of benefic a interest transact ons:
|
||||||||
Class A
|
7,702,060
|
4,333,928
|
||||||
Class C
|
7,983,691
|
(1,734,591
|
)
|
|||||
Class I
|
(1,055,714
|
)
|
(2,647,367
|
)
|
||||
Class Y
|
29,337,347
|
31,724,594
|
||||||
Class Z
|
128,358,363
|
180,694,073
|
||||||
Net increase from shares of benefic a interest transact ons - Note 6
|
172,325,747
|
212,370,637
|
||||||
Total increase (decrease)
|
(431,488,671
|
)
|
551,800,305
|
|||||
Net Assets:
|
||||||||
Beginning of period
|
1,629,364,506
|
1,077,564,201
|
||||||
END OF PERIOD
|
$
|
1,197,875,835
|
$
|
1,629,364,506
|
Alger Mid Cap Growth Institutional Fund | ||||||||
For the
Six Months Ended
|
For the
Year Ended
|
|||||||
April 30, 2022
|
October 31, 2021
|
|||||||
Net investment loss
|
$
|
(502,596
|
)
|
$
|
(1,265,616
|
)
|
||
Net realized gain (loss) on investments and foreign currency
|
(8,128,902
|
)
|
48,753,268
|
|||||
Net change in unrealized depreciation on investments and foreign currency
|
(30,867,874
|
)
|
(5,046,399
|
)
|
||||
Net increase (decrease) in net assets resulting from operations
|
(39,499,372
|
)
|
42,441,253
|
|||||
Dividends and distributions to shareholders:
|
||||||||
Class I
|
(33,226,128
|
)
|
(11,492,230
|
)
|
||||
Class R
|
(3,288,321
|
)
|
(841,887
|
)
|
||||
Class Z-2
|
(10,135,108
|
)
|
(2,277,430
|
)
|
||||
Total dividends and distributions to shareholders
|
(46,649,557
|
)
|
(14,611,547
|
)
|
||||
Increase (decrease) from shares of benefic a interest transact ons:
|
||||||||
Class I
|
26,305,443
|
(22,600,674
|
)
|
|||||
Class R
|
3,144,826
|
(94,668
|
)
|
|||||
Class Z-2
|
8,906,742
|
3,284,423
|
||||||
Net increase (decrease) from shares of benefic a interest transactions — Note 6
|
38,357,011
|
(19,410,919
|
)
|
|||||
Total increase (decrease)
|
(47,791,918
|
)
|
8,418,787
|
|||||
Net Assets:
|
||||||||
Beginning of period
|
118,191,924
|
109,773,137
|
||||||
END OF PERIOD
|
$
|
70,400,006
|
$
|
118,191,924
|
Alger Small Cap Growth Institutional Fund | ||||||||
For the
Six Months Ended
|
For the
Year Ended
|
|||||||
April 30, 2022
|
October 31, 2021
|
|||||||
Net investment loss
|
$
|
(1,213,828
|
)
|
$
|
(3,289,096
|
)
|
||
Net realized gain on investments and foreign currency
|
13,285,689
|
59,633,392
|
||||||
Net change in unrealized appreciation (depreciation) on investments
|
(129,192,347
|
)
|
22,048,878
|
|||||
Net increase (decrease) in net assets resulting from operations
|
(117,120,486
|
)
|
78,393,174
|
|||||
Dividends and distributions to shareholders:
|
||||||||
Class I
|
(28,859,482
|
)
|
(9,442,561
|
)
|
||||
Class R
|
(2,153,880
|
)
|
(741,154
|
)
|
||||
Class Z-2
|
(26,627,936
|
)
|
(6,376,030
|
)
|
||||
Total dividends and distributions to shareholders
|
(57,641,298
|
)
|
(16,559,745
|
)
|
||||
Increase (decrease) from shares of benefic a interest transact ons:
|
||||||||
Class I
|
(82,888
|
)
|
(6,833,467
|
)
|
||||
Class R
|
1,757,338
|
(2,219,896
|
)
|
|||||
Class Z-2
|
14,674,156
|
46,607,240
|
||||||
Net increase from shares of benefic a interest transact ons - Note 6
|
16,348,606
|
37,553,877
|
||||||
Total increase (decrease)
|
(158,413,178
|
)
|
99,387,306
|
|||||
Net Assets:
|
||||||||
Beginning of period
|
360,464,050
|
261,076,744
|
||||||
END OF PERIOD
|
$
|
202,050,872
|
$
|
360,464,050
|
Alger Capital Appreciation
Institutional Fund
|
Class I | |||||||||||||||||||||||
Six months
ended 4/30/2022(i)
|
Year ended 10/31/2021 | Year ended 10/31/2020 | Year ended 10/31/2019 | Year ended 10/31/2018 | Year ended 10/31/2017 | |||||||||||||||||||
Net asset value, beginning of period
|
$
|
50.16
|
$
|
43.16
|
$
|
35.43
|
$
|
34.51
|
$
|
33.96
|
$
|
26.44
|
||||||||||||
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
Net investment loss(ii)
|
(0.13
|
)
|
(0.29
|
)
|
(0.14
|
)
|
(0.07
|
)
|
(0.05
|
)
|
–
|
|||||||||||||
Net realized and unrealized gain (loss) on investments
|
(11.24
|
)
|
14.23
|
11.44
|
4.54
|
2.79
|
7.71
|
|||||||||||||||||
Total from investment operations
|
(11.37
|
)
|
13.94
|
11.30
|
4.47
|
2.74
|
7.71
|
|||||||||||||||||
Distributions from net realized gains
|
(8.00
|
)
|
(6.94
|
)
|
(3.57
|
)
|
(3.55
|
)
|
(2.19
|
)
|
(0.19
|
)
|
||||||||||||
Net asset value, end of period
|
$
|
30.79
|
$
|
50.16
|
$
|
43.16
|
$
|
35.43
|
$
|
34.51
|
$
|
33.96
|
||||||||||||
Total return
|
(26.65
|
)%
|
35.72
|
%
|
34.58
|
%
|
15.20
|
%
|
8.46
|
%
|
29.38
|
%
|
||||||||||||
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$ | 1,568,925 | $ | 2,313,493 | $ | 2,105,435 | $ | 2,028,574 | $ | 2,259,000 | $ | 2,451,822 | ||||||||||||
Ratio of gross expenses to average net assets
|
1.15
|
%
|
1.12
|
%
|
1.13
|
%
|
1.16
|
%
|
1.15
|
%
|
1.14
|
%
|
||||||||||||
Ratio of expense reimbursements to average net assets
|
–
|
–
|
–
|
–
|
–(iii)
|
–
|
||||||||||||||||||
Ratio of net expenses to average net assets
|
1.15
|
%
|
1.12
|
%
|
1.13
|
%
|
1.16
|
%
|
1.15
|
%
|
1.14
|
%
|
||||||||||||
Ratio of net investment income (loss) to average net assets
|
(0.69
|
)%
|
(0.63
|
)%
|
(0.36
|
)%
|
(0.21
|
)%
|
(0.16
|
)%
|
0.01
|
%
|
||||||||||||
Portfolio turnover rate
|
59.42
|
%
|
78.70
|
%
|
83.95
|
%
|
80.36
|
%
|
64.77
|
%
|
66.72
|
%
|
(i)
|
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
|
(ii)
|
Amount was computed based on average shares outstanding during the period.
|
(iii)
|
Amount was less than 0.005% per share.
|
Alger Capital Appreciation
Institutional Fund
|
Class R |
|||||||||||||||||||||||
Six months
ended 4/30/2022(i)
|
Year ended 10/31/2021
|
Year ended 10/31/2020
|
Year ended 10/31/2019
|
Year ended 10/31/2018
|
Year ended 10/31/2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
41.74
|
$
|
37.10
|
$
|
31.05
|
$
|
30.83
|
$
|
30.70
|
$
|
24.03
|
||||||||||||
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
Net investment loss(ii)
|
(0.17
|
)
|
(0.41
|
)
|
(0.26
|
)
|
(0.20
|
)
|
(0.19
|
)
|
(0.13
|
)
|
||||||||||||
Net realized and unrealized gain (loss) on investments
|
(9.01
|
)
|
11.99
|
9.88
|
3.97
|
2.51
|
6.99
|
|||||||||||||||||
Total from investment operations
|
(9.18
|
)
|
11.58
|
9.62
|
3.77
|
2.32
|
6.86
|
|||||||||||||||||
Distributions from net realized gains
|
(8.00
|
)
|
(6.94
|
)
|
(3.57
|
)
|
(3.55
|
)
|
(2.19
|
)
|
(0.19
|
)
|
||||||||||||
Net asset value, end of period
|
$
|
24.56
|
$
|
41.74
|
$
|
37.10
|
$
|
31.05
|
$
|
30.83
|
$
|
30.70
|
||||||||||||
Total return
|
(26.80
|
)%
|
35.10
|
%
|
33.99
|
%
|
14.69
|
%
|
7.96
|
%
|
28.78
|
%
|
RATIOS/SUPPLEMENTAL DATA:
|
|
Net assets, end of period (000's omitted)
|
$
|
373,031
|
$
|
553,283
|
$
|
520,172
|
$
|
525,018
|
$
|
595,010
|
$
|
654,966
|
||||||||||||
Ratio of gross expenses to average net assets
|
1.57
|
%
|
1.56
|
%
|
1.58
|
%
|
1.61
|
%
|
1.59
|
%
|
1.62
|
%
|
||||||||||||
Ratio of expense reimbursements to average net assets
|
–
|
–
|
–
|
–
|
–(iii)
|
–
|
||||||||||||||||||
Ratio of net expenses to average net assets
|
1.57
|
%
|
1.56
|
%
|
1.58
|
%
|
1.61
|
%
|
1.59
|
%
|
1.62
|
%
|
||||||||||||
Ratio of net investment loss to average net assets
|
(1.11 | )% |
(1.07
|
)%
|
(0.80
|
)%
|
(0.67
|
)%
|
(0.60
|
)%
|
(0.48
|
)%
|
||||||||||||
Portfolio turnover rate
|
59.42 | % |
78.70
|
%
|
83.95
|
%
|
80.36
|
%
|
64.77
|
%
|
66.72
|
%
|
(i)
|
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
|
(ii)
|
Amount was computed based on average shares outstanding during the period.
|
(iii)
|
Amount was less than 0.005% per share.
|
Alger Capital Appreciation
Institutional Fund
|
Class Y | |||||||||||||||||||||||
|
Six months ended 4/30/2022(i)
|
Year ended 10/31/2021 | Year ended 10/31/2020 | Year ended 10/31/2019 | Year ended 10/31/2018 |
From 2/28/2017 (commencement of operations) to 10/31/2017(ii)
|
||||||||||||||||||
Net asset value, beginning of period
|
$
|
51.36
|
$
|
43.91
|
$
|
35.86
|
$
|
34.75
|
$
|
34.05
|
$
|
28.85
|
||||||||||||
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
Net investment income (loss)(iii)
|
(0.06 | ) | (0.13 | ) | –(iv) | 0.05 | 0.08 | 0.02 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments
|
(11.56 | ) | 14.52 | 11.62 | 4.61 | 2.81 | 5.18 | |||||||||||||||||
Total from investment operations
|
(11.62 | ) | 14.39 | 11.62 | 4.66 | 2.89 | 5.20 | |||||||||||||||||
Distributions from net realized gains
|
(8.00 | ) | (6.94 | ) | (3.57 | ) | (3.55 | ) | (2.19 | ) | – | |||||||||||||
Net asset value, end of period
|
$ | 31.74 | $ | 51.36 | $ | 43.91 | $ | 35.86 | $ | 34.75 | $ | 34.05 | ||||||||||||
Total return
|
(26.49 | )% |
36.19
|
%
|
35.10
|
%
|
15.69
|
%
|
8.90
|
%
|
18.02
|
%
|
||||||||||||
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$ | 415,714 |
$
|
678,853
|
$
|
484,362
|
$
|
337,299
|
$
|
166,778
|
$
|
97,889
|
||||||||||||
Ratio of gross expenses to average net assets
|
0.81 | % | 0.79 | % | 0.82 | % | 0.84 | % | 0.83 | % | 0.85 | % | ||||||||||||
Ratio of expense reimbursements to average net assets
|
(0.06 | )% | (0.04 | )% | (0.07 | )% | (0.09 | )% | (0.10 | )% | (0.10 | )% | ||||||||||||
Ratio of net expenses to average net assets
|
0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.73 | % | 0.75 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets
|
(0.29 | )% | (0.27 | )% |
(0.01
|
)%
|
0.14
|
%
|
0.22
|
%
|
0.10
|
%
|
||||||||||||
Portfolio turnover rate
|
59.42 | % |
78.70
|
%
|
83.95
|
%
|
80.36
|
%
|
64.77
|
%
|
66.72
|
%
|
(i)
|
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
|
(ii)
|
Ratios have been annualized; total return has not been annualized; portfolio turnover is for the twelve months then ended.
|
(iii)
|
Amount was computed based on average shares outstanding during the period.
|
(iv)
|
Amount was less than 0.005 per share.
|
Alger Capital Appreciation
Institutional Fund
|
Class Z-2 |
|||||||||||||||||||||||
Six months
ended 4/30/2022(i)
|
Year ended 10/31/2021 |
Year ended 10/31/2020 |
Year ended 10/31/2019
|
Year ended 10/31/2018 |
Year ended 10/31/2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
51.23
|
$
|
43.83
|
$
|
35.82
|
$
|
34.74
|
$
|
34.08
|
$
|
26.44
|
||||||||||||
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
Net investment income (loss)(ii)
|
(0.07
|
)
|
(0.14 | ) |
(0.02
|
)
|
0.03
|
0.06 |
0.07
|
|||||||||||||||
Net realized and unrealized gain (loss) on investments
|
(11.53
|
)
|
14.48
|
11.60
|
4.60
|
2.79
|
7.76
|
|||||||||||||||||
Total from investment operations
|
(11.60
|
)
|
14.34
|
11.58
|
4.63
|
2.85
|
7.83
|
|||||||||||||||||
Distributions from net realized gains
|
(8.00
|
)
|
(6.94
|
)
|
(3.57
|
)
|
(3.55
|
)
|
(2.19
|
)
|
(0.19
|
)
|
||||||||||||
Net asset value, end of period
|
$ | 31.63 | $ | 51.23 | $ | 43.83 | $ | 35.82 | $ | 34.74 | $ | 34.08 | ||||||||||||
Total return
|
(26.53
|
)
|
36.13
|
%
|
35.02
|
%
|
15.56
|
%
|
8.80
|
%
|
29.83
|
%
|
||||||||||||
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$
|
409,046
|
$
|
640,412
|
$
|
539,253
|
$
|
464,636
|
$
|
463,046
|
$
|
436,145
|
||||||||||||
Ratio of gross expenses to average net assets
|
0.81
|
%
|
0.79
|
%
|
0.82
|
%
|
0.83
|
%
|
0.82
|
%
|
0.84
|
%
|
||||||||||||
Ratio of expense reimbursements to average net assets
|
–
|
–
|
–
|
–
|
–(iii)
|
–
|
||||||||||||||||||
Ratio of net expenses to average net assets
|
0.81
|
%
|
0.79
|
%
|
0.82
|
%
|
0.83
|
%
|
0.82
|
%
|
0.84
|
%
|
||||||||||||
Ratio of net investment income (loss) to average net assets
|
(0.35
|
)%
|
(0.31
|
)%
|
(0.05
|
)%
|
0.10
|
%
|
0.16
|
%
|
0.22
|
%
|
||||||||||||
Portfolio turnover rate
|
59.42
|
%
|
78.70
|
%
|
83.95
|
%
|
80.36
|
%
|
64.77
|
%
|
66.72
|
%
|
(i)
|
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
|
(ii)
|
Amount was computed based on average shares outstanding during the period.
|
(iii)
|
Amount was less than 0.005% per share.
|
Alger Focus Equity Fund | Class A | |||||||||||||||||||||||
Six months
ended 4/30/2022(i)
|
Year ended 10/31/2021
|
|
Year ended 10/31/2020 | |
Year ended 10/31/2019 | |
Year ended 10/31/2018 | |
Year ended 10/31/2017
|
|
||||||||||||||
Net asset value, beginning of period
|
$
|
65.10
|
$
|
50.77
|
$
|
37.33
|
$ | 34.00 | $ | 31.74 |
$
|
23.95
|
||||||||||||
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
Net investment income (loss)(ii)
|
(0.14
|
)
|
(0.25
|
)
|
(0.07
|
)
|
–(iii)
|
(0.06
|
)
|
0.01 | ||||||||||||||
Net realized and unrealized gain (loss) on investments
|
(14.32
|
)
|
17.97
|
14.29
|
4.95
|
3.55
|
7.78
|
|||||||||||||||||
Total from investment operations
|
(14.46
|
)
|
17.72
|
14.22
|
4.95
|
3.49
|
7.79
|
|||||||||||||||||
Dividends from net investment income
|
–
|
–
|
(0.02
|
)
|
–
|
–
|
– |
|||||||||||||||||
Distributions from net realized gains
|
(7.96
|
)
|
(3.39
|
)
|
(0.76
|
)
|
(1.62
|
)
|
(1.23
|
)
|
– |
|||||||||||||
Net asset value, end of period
|
$ | 42.68 |
$
|
65.10
|
$
|
50.77
|
$
|
37.33
|
$
|
34.00
|
$ | 31.74 | ||||||||||||
Total return(iv)
|
(25.17 | )% | 36.37 | % |
38.75
|
%
|
15.56
|
%
|
11.33
|
%
|
32.53
|
%
|
||||||||||||
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$ | 83,219 $ | $ | 118,641 |
$
|
89,028
|
53,533 | $ | 43,621 |
$
|
23,693
|
|||||||||||||
Ratio of gross expenses to average net assets
|
0.94 | % | 0.92 | % | 0.95 | % | 1.00 | % | 1.03 | % | 1.11 | % | ||||||||||||
Ratio of net expenses to average net assets
|
0.94 | % | 0.92 | % | 0.95 | % | 1.00 | % | 1.03 | % | 1.11 | % |
Ratio of net investment income (loss) to average net assets
|
(0.53 | )% |
(0.43
|
)%
|
(0.16
|
)%
|
(0.01
|
)%
|
(0.17
|
)%
|
0.03
|
%
|
||||||||||||
Portfolio turnover rate(v)
|
65.40
|
%
|
107.82
|
%
|
99.52
|
%
|
134.50
|
%
|
135.54
|
%
|
98.57
|
%
|
(i)
|
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
|
(ii)
|
Amount was computed based on average shares outstanding during the period.
|
(iii)
|
Amount was less than 0.005 per share.
|
(iv)
|
Does not reflect the effect of sales charges, if applicable.
|
(v)
|
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share
transactions.
|
Alger Focus Equity Fund |
Class C |
|||||||||||||||||||||||
Six months
ended 4/30/2022(i)
|
Year ended 10/31/2021 |
Year ended 10/31/2020 |
Year ended 10/31/2019 |
Year ended 10/31/2018 |
Year ended 10/31/2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
60.35
|
$
|
47.63
|
$
|
35.30
|
$
|
32.47
|
$
|
30.59
|
$
|
23.27
|
||||||||||||
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
Net investment loss(ii)
|
(0.31
|
)
|
(0.65
|
)
|
(0.38
|
)
|
(0.26
|
)
|
(0.31
|
)
|
(0.21
|
)
|
||||||||||||
Net realized and unrealized gain (loss) on investments
|
(13.11
|
)
|
16.76
|
13.47
|
4.71
|
3.42
|
7.53
|
|||||||||||||||||
Total from investment operations
|
(13.42
|
)
|
16.11
|
13.09
|
4.45
|
3.11
|
7.32
|
|||||||||||||||||
Distributions from net realized gains
|
(7.96
|
)
|
(3.39
|
)
|
(0.76
|
)
|
(1.62
|
)
|
(1.23
|
)
|
–
|
|||||||||||||
Net asset value, end of period
|
$
|
38.97
|
$
|
60.35
|
$
|
47.63
|
$
|
35.30
|
$
|
32.47
|
$
|
30.59
|
Total return(iii)
|
(25.46 | )% |
35.33
|
%
|
37.73
|
%
|
14.68
|
%
|
10.51
|
%
|
31.46
|
%
|
||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$ | 51,624 |
$
|
70,664
|
$
|
57,067
|
$
|
37,169
|
$
|
26,366
|
$
|
18,660
|
||||||||||||
Ratio of gross expenses to average net assets
|
1.70 | % |
1.68
|
%
|
1.71
|
%
|
1.75
|
%
|
1.80
|
%
|
1.90
|
%
|
||||||||||||
Ratio of net expenses to average net assets
|
1.70 | % | 1.68 | % | 1.71 | % | 1.75 | % | 1.80 | % | 1.90 | % | ||||||||||||
Ratio of net investment loss to average net assets
|
(1.29 | )% |
(1.19
|
)%
|
(0.91
|
)%
|
(0.77
|
)%
|
(0.93
|
)%
|
(0.79
|
)%
|
||||||||||||
Portfolio turnover rate(iv)
|
65.40
|
%
|
107.82
|
%
|
99.52
|
%
|
134.50
|
%
|
135.54
|
%
|
98.57
|
%
|
(i)
|
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
|
(ii)
|
Amount was computed based on average shares outstanding during the period.
|
(iii)
|
Does not reflect the effect of sales charges, if applicable.
|
(iv)
|
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share
transactions
|
Alger Focus Equity Fund |
Class I |
|||||||||||||||||||||||
Six months
ended 4/30/2022(i)
|
Year ended 10/31/2021 | Year ended 10/31/2020 |
Year ended 10/31/2019
|
Year ended 10/31/2018 | Year ended 10/31/2017 | |||||||||||||||||||
Net asset value, beginning of period
|
$
|
65.54
|
$
|
51.07
|
$
|
37.56
|
$
|
34.17
|
$
|
31.88
|
$
|
24.06
|
||||||||||||
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
Net investment income (loss)(ii)
|
(0.12
|
)
|
(0.23
|
)
|
(0.03
|
)
|
0.01
|
(0.05
|
)
|
0.01
|
||||||||||||||
Net realized and unrealized gain (loss) on investments
|
(14.45
|
)
|
18.09
|
14.37
|
5.00
|
3.57
|
7.81
|
|||||||||||||||||
Total from investment operations
|
(14.57
|
)
|
17.86
|
14.34
|
5.01
|
3.52
|
7.82
|
|||||||||||||||||
Dividends from net investment income
|
–
|
–(iii)
|
(0.07
|
)
|
–
|
–
|
–
|
|||||||||||||||||
Distributions from net realized gains
|
(7.96
|
)
|
(3.39
|
)
|
(0.76
|
)
|
(1.62
|
)
|
(1.23
|
)
|
–
|
|||||||||||||
Net asset value, end of period
|
$
|
43.01
|
$
|
65.54
|
$
|
51.07
|
$
|
37.56
|
$
|
34.17
|
$
|
31.88
|
||||||||||||
Total return(iv)
|
(25.17 | )% |
36.44
|
%
|
38.81
|
%
|
15.66
|
%
|
11.40
|
%
|
32.50
|
%
|
||||||||||||
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$ | 50,392 |
$
|
77,895
|
$
|
63,658
|
$
|
68,705
|
$
|
37,070
|
$
|
23,952
|
||||||||||||
Ratio of gross expenses to average net assets
|
0.91 | % | 0.89 | % | 0.93 | % | 0.96 | % | 1.02 | % | 1.12 | % | ||||||||||||
Ratio of expense reimbursements to average net assets
|
– |
(0.01 | )% | (0.04 | )% | (0.04 | )% | (0.02 | )% | – | ||||||||||||||
Ratio of net expenses to average net assets
|
0.91 | % | 0.88 | % | 0.89 | % | 0.92 | % | 1.00 | % | 1.12 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets
|
(0.43 | )% |
(0.39
|
)%
|
(0.06
|
)%
|
0.04
|
%
|
(0.13
|
)%
|
0.02
|
%
|
||||||||||||
Portfolio turnover rate(v)
|
65.40
|
%
|
99.52
|
%
|
134.50
|
%
|
135.54
|
%
|
98.57
|
%
|
(i)
|
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
|
(ii)
|
Amount was computed based on average shares outstanding during the period.
|
(iii)
|
Amount was less than 0.005 per share.
|
(iv)
|
Does not reflect the effect of sales charges, if applicable.
|
(v)
|
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share
transactions.
|
Alger Focus Equity Fund | Class Y | |||||||||||||||||||||||
Six months ended 4/30/2022(i) | Year ended 10/31/2021 | Year ended 10/31/2020 | Year ended 10/31/2019 | Year ended 10/31/2018 |
From 2/28/2017 (commencement of operations) to 10/31/2017(ii)
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
67.15
|
$
|
52.12
|
$
|
38.29
|
$
|
34.79
|
$
|
32.33
|
$
|
26.86
|
||||||||||||
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
Net investment income (loss)(iii)
|
(0.05
|
)
|
(0.06
|
)
|
0.07
|
0.12
|
0.04
|
(0.01
|
)
|
|||||||||||||||
Net realized and unrealized gain (loss) on investments
|
(14.85
|
)
|
18.50
|
14.65
|
5.08
|
3.65
|
5.48
|
|||||||||||||||||
Total from investment operations
|
(14.90
|
)
|
18.44
|
14.72
|
5.20
|
3.69
|
5.47
|
|||||||||||||||||
Dividends from net investment income
|
–
|
(0.02
|
)
|
(0.13
|
)
|
(0.08
|
)
|
–
|
–
|
|||||||||||||||
Distributions from net realized gains
|
(7.96
|
)
|
(3.39
|
)
|
(0.76
|
)
|
(1.62
|
)
|
(1.23
|
)
|
–
|
|||||||||||||
Net asset value, end of period
|
$
|
44.29
|
$
|
67.15
|
$
|
52.12
|
$
|
38.29
|
$
|
34.79
|
$
|
32.33
|
||||||||||||
Total return(iv)
|
(25.04
|
)%
|
36.84
|
%
|
39.17
|
%
|
15.97
|
%
|
11.78
|
%
|
20.36
|
%
|
||||||||||||
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$
|
150,908
|
$
|
194,908
|
$
|
121,688
|
$
|
69,175
|
$
|
57,880
|
$
|
4,319
|
||||||||||||
Ratio of gross expenses to average net assets
|
0.61
|
%
|
0.61
|
%
|
0.63
|
%
|
0.66
|
%
|
0.70
|
%
|
1.51
|
%
|
||||||||||||
Ratio of expense reimbursements to average net assets
|
(0.03
|
)%
|
(0.03
|
)%
|
–
|
(0.01
|
)%
|
(0.05
|
)%
|
(0.86
|
)%
|
|||||||||||||
Ratio of net expenses to average net assets
|
0.58
|
%
|
0.58
|
%
|
0.63
|
%
|
0.65
|
%
|
0.65
|
%
|
0.65
|
%
|
||||||||||||
Ratio of net investment income (loss) to average net assets
|
(0.17
|
)%
|
(0.10
|
)%
|
0.16
|
%
|
0.34
|
%
|
0.11
|
%
|
(0.05
|
)%
|
||||||||||||
Portfolio turnover rate(v)
|
65.40
|
%
|
107.82
|
%
|
99.52
|
%
|
134.50
|
%
|
135.54
|
%
|
98.57
|
%
|
(i)
|
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
|
(ii)
|
Ratios have been annualized; total return has not been annualized; portfolio turnover is for the twelve months
then ended.
|
(iii)
|
Amount was computed based on average shares outstanding during the period.
|
(iv)
|
Does not reflect the effect of sales charges, if applicable.
|
(v)
|
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund
share transactions.
|
Alger Focus Equity Fund |
Class Z |
|||||||||||||||||||||||
Six months
ended
4/30/2022(i)
|
Year ended 10/31/2021 | Year ended 10/31/2020 | Year ended 10/31/2019 | Year ended 10/31/2018 | Year ended 10/31/2017 | |||||||||||||||||||
Net asset value, beginning of period
|
$
|
67.00
|
$
|
52.02
|
$
|
38.21
|
$
|
34.73
|
$
|
32.28
|
$
|
24.30
|
||||||||||||
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
Net investment income (loss)(ii)
|
(0.06
|
)
|
(0.08
|
)
|
0.06
|
0.11
|
0.05
|
0.07
|
||||||||||||||||
Net realized and unrealized gain (loss) on investments
|
(14.81
|
)
|
18.47
|
14.64
|
5.07
|
3.63
|
7.91
|
|||||||||||||||||
Total from investment operations
|
(14.87
|
)
|
18.39
|
14.70
|
5.18
|
3.68
|
7.98
|
|||||||||||||||||
Dividends from net investment income
|
–
|
(0.02
|
)
|
(0.13
|
)
|
(0.08
|
)
|
–
|
–
|
|||||||||||||||
Distributions from net realized gains
|
(7.96
|
)
|
(3.39
|
)
|
(0.76
|
)
|
(1.62
|
)
|
(1.23
|
)
|
–
|
|||||||||||||
Net asset value, end of period
|
$
|
44.17
|
$
|
67.00
|
$
|
52.02
|
38.21
|
$
|
34.73
|
$
|
32.28
|
|||||||||||||
Total return(iii)
|
(25.06
|
)%
|
36.81
|
%
|
39.20
|
%
|
15.93
|
%
|
11.74
|
%
|
32.84
|
%
|
||||||||||||
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$
|
861,734 $
|
1,167,256 |
$
|
746,122
|
$
|
351,530
|
$
|
172,900
|
$
|
61,721
|
|||||||||||||
Ratio of gross expenses to average net assets
|
0.61
|
%
|
0.61
|
%
|
0.63
|
%
|
0.66
|
%
|
0.71
|
%
|
0.84
|
%
|
||||||||||||
Ratio of expense reimbursements to average net assets
|
–
|
–
|
–
|
–
|
(0.02
|
)%
|
–
|
|||||||||||||||||
Ratio of net expenses to average net assets
|
0.61
|
%
|
0.61
|
%
|
0.63
|
%
|
0.66
|
%
|
0.69
|
%
|
0.84
|
%
|
||||||||||||
Ratio of net investment income (loss) to average net assets
|
(0.20
|
)%
|
(0.13
|
)%
|
0.13
|
%
|
0.29
|
%
|
0.15
|
%
|
0.25
|
%
|
||||||||||||
Portfolio turnover rate(iv)
|
65.40
|
%
|
107.82
|
%
|
99.52
|
%
|
134.50
|
%
|
135.54
|
%
|
98.57
|
%
|
(i)
|
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
|
(ii)
|
Amount was computed based on average shares outstanding during the period.
|
(iii)
|
Does not reflect the effect of sales charges, if applicable.
|
(iv)
|
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund
share transactions.
|
Alger Mid Cap Growth Institutional Fund
|
Class I |
|||||||||||||||||||||||
Six months
ended
4/30/2022(i)
|
Year ended 10/31/2021
|
|
Year ended 10/31/2020
|
Year ended 10/31/2019
|
Year ended 10/31/2018
|
|
Year ended 10/31/2017
|
|||||||||||||||||
Net asset value, beginning of period
|
$
|
50.80
|
$
|
40.47
|
$
|
31.04
|
$
|
30.20
|
$
|
28.65
|
$
|
21.59
|
||||||||||||
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
Net investment loss(ii)
|
(0.15
|
)
|
(0.45
|
)
|
(0.27
|
)
|
(0.21
|
)
|
(0.25
|
)
|
(0.13
|
)
|
||||||||||||
Net realized and unrealized gain (loss) on investments
|
(12.30
|
)
|
16.11
|
12.27
|
3.03
|
1.80
|
7.19
|
|||||||||||||||||
Total from investment operations
|
(12.45
|
)
|
15.66
|
12.00
|
2.82
|
1.55
|
7.06
|
|||||||||||||||||
Distributions from net realized gains
|
(19.85
|
)
|
(5.33
|
)
|
(2.57
|
)
|
(1.98
|
)
|
–
|
–
|
||||||||||||||
Net asset value, end of period
|
$
|
18.50
|
$
|
50.80
|
$
|
40.47
|
$
|
31.04
|
$
|
30.20
|
$
|
28.65
|
||||||||||||
Total return | (34.74 | )% | 41.08 | % | 41.71 | % | 10.76 | % | 5.44 | % | 32.70 | % |
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$ | 50,081 |
$
|
85,297
|
$
|
86,228
|
$
|
73,274
|
$
|
79,954
|
$
|
85,890
|
||||||||||||
Ratio of gross expenses to average net assets
|
1.44 | % |
1.27
|
%
|
1.35
|
%
|
1.35
|
%
|
1.34
|
%
|
1.28
|
%
|
||||||||||||
Ratio of net expenses to average net assets
|
1.44 | % | 1.27 | % | 1.35 | % | 1.35 | % | 1.34 | % | 1.28 | % | ||||||||||||
Ratio of net investment loss to average net assets
|
(1.16
|
)%
|
(0.97
|
)%
|
(0.80
|
)%
|
(0.70
|
)%
|
(0.80
|
)%
|
(0.50
|
)%
|
||||||||||||
Portfolio turnover rate
|
126.78
|
%
|
171.43
|
%
|
180.30
|
%
|
182.64
|
%
|
127.57
|
%
|
157.49
|
%
|
(i)
|
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
|
(ii)
|
Amount was computed based on average shares outstanding during the period.
|
Alger Mid Cap Growth Institutional Fund
|
Class R |
|||||||||||||||||||||||
Six months
ended
4/30/2022(i)
|
Year ended 10/31/2021
|
Year ended 10/31/2020
|
Year ended 10/31/2019
|
Year ended 10/31/2018
|
Year ended 10/31/2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
44.37
|
$
|
36.07
|
$
|
28.06
|
$
|
27.64
|
$
|
26.35
|
$
|
19.96
|
||||||||||||
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
Net investment loss(ii)
|
(0.16
|
)
|
(0.59
|
)
|
(0.36
|
)
|
(0.32
|
)
|
(0.36
|
)
|
(0.24
|
)
|
||||||||||||
Net realized and unrealized gain (loss) on investments
|
(10.09
|
)
|
14.22
|
10.94
|
2.72
|
1.65
|
6.63
|
|||||||||||||||||
Total from investment operations
|
(10.25
|
)
|
13.63
|
10.58
|
2.40
|
1.29
|
6.39
|
|||||||||||||||||
Distributions from net realized gains
|
(19.85
|
)
|
(5.33
|
)
|
(2.57
|
)
|
(1.98
|
)
|
–
|
–
|
||||||||||||||
Net asset value, end of period
|
$
|
14.27
|
$
|
44.37
|
$
|
36.07
|
$
|
28.06
|
$
|
27.64
|
$
|
26.35
|
Total return
|
(34.89 | )% |
40.42
|
%
|
41.03
|
%
|
10.24
|
%
|
4.90
|
%
|
32.01
|
%
|
||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$ | 4,729 |
$
|
7,426
|
$
|
6,093
|
$
|
7,952
|
$
|
10,672
|
$
|
12,943
|
||||||||||||
Ratio of gross expenses to average net assets
|
1.87 | % |
1.75
|
%
|
1.83
|
%
|
1.85
|
%
|
1.82
|
%
|
1.81
|
%
|
||||||||||||
Ratio of net expenses to average net assets
|
1.87 | % | 1.75 | % | 1.83 | % | 1.85 | % | 1.82 | % | 1.81 | % | ||||||||||||
Ratio of net investment loss to average net assets
|
(1.59
|
)%
|
(1.46
|
)%
|
(1.22
|
)%
|
(1.18
|
)%
|
(1.28
|
)%
|
(1.04
|
)%
|
||||||||||||
Portfolio turnover rate
|
126.78
|
%
|
171.43
|
%
|
180.30
|
%
|
182.64
|
%
|
127.57
|
%
|
157.49
|
%
|
(i)
|
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
|
(ii)
|
Amount was computed based on average shares outstanding during the period.
|
Alger Mid Cap Growth Institutional Fund
|
Class Z-2 |
|||||||||||||||||||||||
Six months
ended
4/30/2022(i)
|
Year ended 10/31/2021
|
Year ended 10/31/2020
|
Year ended 10/31/2019
|
Year ended 10/31/2018
|
Year ended 10/31/2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
51.68
|
$
|
40.99
|
$
|
31.31
|
$
|
30.36
|
$
|
28.72
|
$
|
21.59
|
||||||||||||
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
Net investment loss(ii)
|
(0.10
|
)
|
(0.32
|
)
|
(0.16
|
)
|
(0.12
|
)
|
(0.17
|
)
|
(0.08
|
)
|
||||||||||||
Net realized and unrealized gain (loss) on investments
|
(12.60
|
)
|
16.34
|
12.41
|
3.05
|
1.81
|
7.21
|
|||||||||||||||||
Total from investment operations
|
(12.70
|
)
|
16.02
|
12.25
|
2.93
|
1.64
|
7.13
|
|||||||||||||||||
Distributions from net realized gains
|
(19.85
|
)
|
(5.33
|
)
|
(2.57
|
)
|
(1.98
|
)
|
–
|
–
|
||||||||||||||
Net asset value, end of period
|
$
|
19.13
|
$
|
51.68
|
$
|
40.99
|
$
|
31.31
|
$
|
30.36
|
$
|
28.72
|
||||||||||||
Total return
|
(34.59
|
)%
|
41.50
|
%
|
42.18
|
%
|
11.08
|
%
|
5.74
|
%
|
33.02
|
%
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$
|
15,590 $
|
25,469
|
$
|
17,452
|
$
|
12,409
|
$
|
11,316
|
$
|
8,810
|
|||||||||||||
Ratio of gross expenses to average net assets
|
1.09
|
%
|
0.97
|
%
|
1.05
|
%
|
1.09
|
%
|
1.08
|
%
|
1.14
|
%
|
||||||||||||
Ratio of expense reimbursements to average net assets
|
(0.10
|
)%
|
–
|
(0.01
|
)%
|
(0.04
|
)%
|
(0.03
|
)%
|
(0.09
|
)%
|
|||||||||||||
Ratio of net expenses to average net assets
|
0.99
|
%
|
0.97
|
%
|
1.04
|
%
|
1.05
|
%
|
1.05
|
%
|
1.05
|
%
|
||||||||||||
Ratio of net investment loss to average net assets
|
(0.71
|
)%
|
(0.68
|
)%
|
(0.48
|
)%
|
(0.40
|
)%
|
(0.53
|
)%
|
(0.31
|
)%
|
||||||||||||
Portfolio turnover rate
|
126.78
|
%
|
171.43
|
%
|
180.30
|
%
|
182.64
|
%
|
127.57
|
%
|
157.49
|
%
|
(i)
|
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
|
(ii)
|
Amount was computed based on average shares outstanding during the period.
|
Alger Mid Cap Growth Institutional Fund |
Class I
|
|||||||||||||||||||||||
Six months
ended
4/30/2022(i)
|
Year ended 10/31/2021
|
Year ended 10/31/2020
|
Year ended 10/31/2019
|
Year ended 10/31/2018
|
Year ended 10/31/2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
31.70
|
$
|
25.77
|
$
|
21.49
|
$
|
22.53
|
$
|
20.52
|
$
|
14.83
|
||||||||||||
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
Net investment loss(ii)
|
(0.12
|
)
|
(0.32
|
)
|
(0.24
|
)
|
(0.25
|
)
|
(0.22
|
)
|
(0.14
|
)
|
||||||||||||
Net realized and unrealized gain (loss) on investments
|
(9.62
|
)
|
7.80
|
8.32
|
1.95
|
2.81
|
5.83
|
|||||||||||||||||
Total from investment operations
|
(9.74
|
)
|
7.48
|
8.08
|
1.70
|
2.59
|
5.69
|
|||||||||||||||||
Dividends from net investment income
|
–
|
–
|
(0.03
|
)
|
–
|
–
|
–
|
|||||||||||||||||
Distributions from net realized gains
|
(5.36
|
)
|
(1.55
|
)
|
(3.77
|
)
|
(2.74
|
)
|
(0.58
|
)
|
–
|
|||||||||||||
Net asset value, end of period
|
$
|
16.60
|
$
|
31.70
|
$
|
25.77
|
$
|
21.49
|
$
|
22.53
|
$
|
20.52
|
||||||||||||
Total return
|
(34.99
|
)%
|
29.64
|
%
|
44.12
|
%
|
10.20
|
%
|
12.96
|
%
|
38.37
|
%
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$
|
94,510
|
$
|
180,795
|
$
|
152,183
|
$
|
95,853
|
$
|
132,526
|
$
|
130,527
|
||||||||||||
Ratio of gross expenses to average net assets
|
1.30
|
%
|
1.24
|
%
|
1.30
|
%
|
1.35
|
%
|
1.32
|
%
|
1.32
|
%
|
||||||||||||
Ratio of net expenses to average net assets
|
1.30
|
%
|
1.24
|
%
|
1.30
|
%
|
1.35
|
%
|
1.32
|
%
|
1.32
|
%
|
||||||||||||
Ratio of net investment loss to average net assets
|
(1.07
|
)%
|
(1.04
|
)%
|
(1.10
|
)%
|
(1.16
|
)%
|
(1.00
|
)%
|
(0.77
|
)%
|
||||||||||||
Portfolio turnover rate
|
11.38
|
%
|
41.10
|
%
|
23.78
|
%
|
14.93
|
%
|
28.20
|
%
|
29.70
|
%
|
(i)
|
Ratios have been annualized; total return and portfolio turnover rate have not been annualized
|
(ii)
|
Amount was computed based on average shares outstanding during the period.
|
Alger Mid Cap Growth Institutional Fund |
Class R
|
|||||||||||||||||||||||
Six months
ended
4/30/2022(i)
|
Year ended 10/31/2021
|
Year ended 10/31/2020
|
Year ended 10/31/2019
|
Year ended 10/31/2018
|
Year ended 10/31/2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
24.00
|
$
|
19.92
|
$
|
17.48
|
$
|
18.97
|
$
|
17.44
|
$
|
12.67
|
||||||||||||
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
Net investment loss(ii)
|
(0.11
|
)
|
(0.35
|
)
|
(0.27
|
)
|
(0.28
|
)
|
(0.27
|
)
|
(0.19
|
)
|
||||||||||||
Net realized and unrealized gain (loss) on investments
|
(6.96
|
)
|
5.98
|
6.48
|
1.53
|
2.38
|
4.96
|
|||||||||||||||||
Total from investment operations
|
(7.07
|
)
|
5.63
|
6.21
|
1.25
|
2.11
|
4.77
|
|||||||||||||||||
Distributions from net realized gains
|
(5.36
|
)
|
(1.55
|
)
|
(3.77
|
)
|
(2.74
|
)
|
(0.58
|
)
|
–
|
|||||||||||||
Net asset value, end of period
|
$
|
11.57
|
$
|
24.00
|
$
|
19.92
|
$
|
17.48
|
$
|
18.97
|
$
|
17.44
|
Total return
|
(35.11 | )% |
29.02
|
%
|
43.38
|
%
|
9.67
|
%
|
12.48
|
%
|
37.65
|
%
|
||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$ | 6,008 $ |
9,751
|
$
|
9,940
|
$
|
8,690
|
$
|
9,238
|
$
|
11,253
|
|||||||||||||
Ratio of gross expenses to average net assets
|
1.71 | % |
1.73
|
%
|
1.80
|
%
|
1.81
|
%
|
1.77
|
%
|
1.82
|
%
|
||||||||||||
Ratio of net expenses to average net assets
|
1.71 | % | 1.73 | % | 1.80 | % | 1.81 | % | 1.77 | % | 1.82 | % | ||||||||||||
Ratio of net investment loss to average net assets
|
(1.47)% |
(1.51
|
)%
|
(1.58
|
)%
|
(1.63
|
)%
|
(1.44
|
)%
|
(1.27
|
)%
|
|||||||||||||
Portfolio turnover rate
|
11.38
|
%
|
41.10
|
%
|
23.78
|
%
|
14.93
|
%
|
28.20
|
%
|
29.70
|
%
|
(i)
|
Ratios have been annualized; total return and portfolio turnover rate have
not been annualized.
|
(ii)
|
Amount was computed based on average shares outstanding during the period.
|
Alger Mid Cap Growth Institutional Fund |
Class Z-2
|
|||||||||||||||||||||||
Six months
ended
4/30/2022(i)
|
Year ended 10/31/2021
|
Year ended 10/31/2020
|
Year ended 10/31/2019
|
Year ended 10/31/2018
|
Year ended 10/31/2017
|
|||||||||||||||||||
$
|
32.23
|
$
|
26.10
|
$
|
21.76
|
$
|
22.70
|
$
|
20.60
|
$
|
14.84
|
|||||||||||||
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
Net investment loss(ii)
|
(0.08
|
)
|
(0.24
|
)
|
(0.18
|
)
|
(0.17
|
)
|
(0.15
|
)
|
(0.09
|
)
|
||||||||||||
Net realized and unrealized gain (loss) on investments
|
(9.82
|
)
|
7.92
|
8.42
|
1.97
|
2.83
|
5.85
|
|||||||||||||||||
Total from investment operations
|
(9.90
|
)
|
7.68
|
8.24
|
1.80
|
2.68
|
5.76
|
|||||||||||||||||
Dividends from net investment income
|
–
|
–
|
(0.13
|
)
|
–
|
–
|
–
|
|||||||||||||||||
Distributions from net realized gains
|
(5.36
|
)
|
(1.55
|
)
|
(3.77
|
)
|
(2.74
|
)
|
(0.58
|
)
|
–
|
|||||||||||||
Net asset value, end of period
|
$
|
16.97
|
$
|
32.23
|
$
|
26.10
|
$
|
21.76
|
$
|
22.70
|
$
|
20.60
|
Total return
|
(34.89 | )% |
30.05
|
%
|
44.55
|
%
|
10.61
|
%
|
13.35
|
%
|
38.81
|
%
|
||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$ | 101,532 |
$
|
169,918
|
$
|
98,954
|
$
|
47,863
|
$
|
49,552
|
$
|
67,268
|
||||||||||||
Ratio of gross expenses to average net assets
|
0.95 | % | 0.94 | % | 0.99 | % | 1.02 | % | 1.00 | % | 1.03 | % | ||||||||||||
Ratio of expense reimbursements to average net assets
|
– |
– | (0.01 | )% | (0.03 | )% | (0.01 | )% | (0.04 | )% | ||||||||||||||
Ratio of net expenses to average net assets |
0.95 | % | 0.94 | % | 0.98 | % | 0.99 | % | 0.99 | % | 0.99 | % |
Ratio of net investment loss to average net assets
|
(0.71 | )% |
(0.76
|
)%
|
(0.79)%`
|
(0.81
|
)%
|
(0.66
|
)%
|
(0.51
|
)%
|
|||||||||||||
Portfolio turnover rate
|
11.38
|
%
|
41.10
|
%
|
23.78
|
%
|
14.93
|
%
|
28.20
|
%
|
29.70
|
%
|
(i)
|
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
|
(ii)
|
Amount was computed based on average shares outstanding during the period.
|
NOTE 2 - Significant Accounting Policies:
|
• |
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)
|
NOTE 3 - Investment Advisory Fees and Other Transactions with Afffiliates:
|
Tier 1 | Tier 2 |
Tier 3 |
Tier 4 | Tier 5 | Actual Rate | |
Alger Capital Appreciation Institutional Fund(a)
|
0.81%
|
0.65%
|
0.60%
|
0.55%
|
0.45%
|
0.73%
|
Alger Focus Equity
Fund(b)
|
0.52%
|
—
|
—
|
—
|
—
|
0.52%
|
Alger Mid Cap
Growth Institutional Fund(c)
|
0.76%
|
0.70%
|
—
|
—
|
—
|
0.76%
|
Alger Small Cap Growth Institutional
Fund(c)
|
0.81%
|
0.75%
|
—
|
—
|
—
|
0.81%
|
CLASS |
FEES WAIVED
/ REIMBURSED
FOR THE SIX
MONTHS ENDED |
|||||||||||||||||||||||||||||||
A |
|
C |
|
I |
|
R |
|
Y |
|
Z |
|
Z-2
|
APRIL 30, 2022 | |||||||||||||||||||
Alger Capital Appreciation
Institutional Fund
|
– |
–
|
–
|
–
|
0.75%
|
–
|
0.85%
|
$ | 161,648 | |||||||||||||||||||||||
Alger Focus Equity Fund
|
– |
–
|
–
|
–
|
0.58%
|
0.63%
|
|
–
|
27,327 | |||||||||||||||||||||||
Alger Mid Cap Growth
Institutional Fund
|
– |
–
|
–
|
–
|
–
|
–
|
0.99%
|
9,637 | ||||||||||||||||||||||||
Alger Small Cap Growth
Institutional Fund
|
– |
–
|
–
|
–
|
–
|
–
|
0.99%
|
– |
CONTINGENT
DEFERRED SALES
CHARGES
|
||||
Alger Focus Equity Fund
|
$
|
2,355
|
|
PURCHASES
|
SALES | REALIZED GAIN/LOSS |
|||||||||
Alger Small Cap Growth Institutional Fund
|
$
|
1,695,466
|
$ | — | $ | — |
SHARE CLASS
|
||||||||||||||||
A
|
|
Y
|
|
Z
|
|
Z-2
|
||||||||||
Alger Capital Appreciation Institutional Fund
|
–
|
414
|
–
|
4,518
|
||||||||||||
Alger Focus Equity Fund
|
14,581
|
408
|
38,745
|
–
|
||||||||||||
Alger Mid Cap Growth Institutional Fund
|
–
|
–
|
–
|
4,909
|
||||||||||||
Alger Small Cap Growth Institutional Fund
|
–
|
–
|
–
|
7,733
|
NOTE 4 — Securities Transactions:
|
PURCHASES
|
SALES
|
|||||||
Alger Capital Appreciation Institutional Fund
|
$
|
2,117,298,448
|
$
|
2,486,856,847
|
||||
Alger Focus Equity Fund
|
932,749,374
|
979,898,387
|
||||||
Alger Mid Cap Growth Institutional Fund
|
117,347,022
|
128,298,666
|
||||||
Alger Small Cap Growth Institutional Fund
|
30,410,991
|
58,832,619
|
NOTE 5 — Borrowing:
|
AVERAGE DAILY
BORROWING
|
WEIGHTED AVERAGE
INTEREST RATE
|
|||||||
Alger Capital Appreciation Institutional Fund
|
$
|
5,452,561
|
1.30
|
%
|
||||
Alger Focus Equity Fund
|
18,809
|
1.17
|
||||||
Alger Mid Cap Growth Institutional Fund
|
111,593
|
1.72
|
||||||
Alger Small Cap Growth Institutional Fund
|
125,559
|
1.05
|
HIGHEST BORROWING | ||||
Alger Capital Appreciation Institutional Fund
|
$
|
124,304,000
|
||
Alger Focus Equity Fund
|
2,974,000
|
|||
Alger Mid Cap Growth Institutional Fund
|
3,294,539
|
|||
Alger Small Cap Growth Institutional Fund
|
2,759,858
|
NOTE 6 — Share Capital:
|
FOR THE SIX MONTHS ENDED APRIL 30, 2022
|
FOR THE YEAR ENDED
OCTOBER 31, 2021
|
|||||||||||||||
SHARES
|
AMOUNT
|
SHARES |
AMOUNT
|
|||||||||||||
Alger Capital Appreciation Institutional Fund | ||||||||||||||||
Class I:
|
||||||||||||||||
Shares sold
|
3,324,189
|
$
|
125,842,317
|
6,932,849 |
$ | 308,319,220 | ||||||||||
Dividends reinvested
|
8,729,064
|
357,978,918
|
7,958,967 | 329,262,481 | ||||||||||||
Shares redeemed
|
(7,216,445
|
)
|
(278,014,076
|
)
|
(17,543,284 | ) | (777,044,318 | ) | ||||||||
Net increase (decrease)
|
4,836,808
|
$
|
205,807,159
|
(2,651,468 | ) | $ | (139,462,617 | ) | ||||||||
Class R:
|
||||||||||||||||
Shares sold
|
755,718
|
$
|
22,604,378
|
1,177,042 |
$ | 44,215,802 | ||||||||||
Dividends reinvested
|
3,173,301
|
103,957,327
|
2,698,455 | 93,258,631 | ||||||||||||
Shares redeemed
|
(1,994,895
|
)
|
(61,764,602
|
)
|
(4,640,710 | ) | (175,648,393 | ) | ||||||||
Net increase (decrease)
|
1,934,124
|
$
|
64,797,103
|
(765,213 | ) | $ | (38,173,960 | ) | ||||||||
Class Y:
|
||||||||||||||||
Shares sold
|
2,224,452
|
$
|
92,072,069
|
3,730,299
|
$
|
170,087,788
|
||||||||||
Dividends reinvested
|
2,290,601
|
96,686,254
|
1,699,103
|
71,753,136
|
||||||||||||
Shares redeemed
|
(4,633,243
|
)
|
(193,094,222
|
)
|
(3,243,335
|
)
|
(149,405,709
|
)
|
||||||||
Net increase (decrease)
|
(118,190
|
)
|
$
|
(4,335,899
|
)
|
2,186,067
|
$
|
92,435,215
|
||||||||
Class Z-2:
|
||||||||||||||||
Shares sold
|
1,076,963
|
$
|
41,898,762
|
1,841,479
|
$ | 84,954,469 | ||||||||||
Dividends reinvested
|
2,335,207
|
98,265,521
|
1,986,371
|
83,705,657 | ||||||||||||
Shares redeemed
|
(2,980,284
|
)
|
(114,988,485
|
)
|
(3,630,137
|
)
|
(165,261,002 | ) | ||||||||
Net increase
|
431,886
|
$
|
25,175,798
|
197,713
|
$ | 3,399,124 |
FOR THE SIX MONTHS ENDED APRIL 30, 2022
|
FOR THE YEAR ENDED OCTOBER 31, 2021
|
|||||||||||||||
SHARES
|
AMOUNT
|
SHARES
|
AMOUNT
|
|||||||||||||
Alger Capital Appreciation Institutional Fund | ||||||||||||||||
Class A:
|
||||||||||||||||
Shares sold
|
189,464
|
$
|
10,154,612
|
525,001
|
$
|
30,364,913
|
||||||||||
Shares converted from Class C
|
28,053
|
1,470,808
|
43,235
|
2,591,544
|
||||||||||||
Dividends reinvested
|
250,005
|
14,062,788
|
101,841
|
5,447,453
|
||||||||||||
Shares redeemed
|
(339,969
|
)
|
(17,986,148
|
)
|
(601,268
|
)
|
(34,069,982
|
)
|
||||||||
Net increase
|
127,553
|
$
|
7,702,060
|
68,809
|
$
|
4,333,928
|
||||||||||
Class C:
|
||||||||||||||||
Shares sold
|
156,042
|
$
|
7,491,383
|
190,103
|
$
|
10,358,874
|
||||||||||
Shares converted to Class A
|
(30,581
|
)
|
(1,470,808
|
)
|
(46,498
|
)
|
(2,591,544
|
)
|
||||||||
Dividends reinvested
|
174,899
|
9,009,061
|
79,104
|
3,948,864
|
||||||||||||
Shares redeemed
|
(146,488
|
)
|
(7,045,945
|
)
|
(250,063
|
)
|
(13,450,785
|
)
|
||||||||
Net increase (decrease)
|
153,872
|
$
|
7,983,691
|
(27,354
|
)
|
$
|
(1,734,591
|
)
|
||||||||
Class I:
|
||||||||||||||||
Shares sold
|
139,131
|
$
|
7,536,383
|
389,234
|
$
|
22,473,460
|
||||||||||
Subscriptions in-kind*
|
2,177,233
|
147,434,796
|
—
|
—
|
||||||||||||
Dividends reinvested
|
152,486
|
8,642,907
|
75,865
|
4,083,795
|
||||||||||||
Redemptions in-kind**
|
(2,223,483
|
)
|
(150,943,812
|
)
|
—
|
—
|
||||||||||
Shares redeemed
|
(262,249
|
)
|
(13,725,988
|
)
|
(522,965
|
)
|
(29,204,622
|
)
|
||||||||
Net decrease
|
(16,882
|
)
|
$
|
(1,055,714
|
)
|
(57,866
|
)
|
$
|
(2,647,367
|
)
|
||||||
Class Y:
|
||||||||||||||||
Shares sold
|
392,300
|
$
|
21,949,839
|
824,636
|
$
|
47,977,736
|
||||||||||
Dividends reinvested
|
379,807
|
22,142,762
|
145,885
|
8,025,161
|
||||||||||||
Shares redeemed
|
(267,637
|
)
|
(14,755,254
|
)
|
(402,682
|
)
|
(24,278,303
|
)
|
||||||||
Net increase
|
504,470
|
$
|
29,337,347
|
567,839
|
$
|
31,724,594
|
||||||||||
Class Z:
|
||||||||||||||||
Shares sold
|
3,083,321
|
$
|
168,992,289
|
5,731,504
|
$
|
340,685,196
|
||||||||||
Dividends reinvested
|
2,426,793
|
141,093,762
|
914,460
|
50,203,839
|
||||||||||||
Shares redeemed
|
(3,423,014
|
)
|
(181,727,688
|
)
|
(3,566,328
|
)
|
(210,194,962
|
)
|
||||||||
Net increase
|
2,087,100
|
$
|
128,358,363
|
3,079,636
|
$
|
180,694,073
|
FOR THE SIX MONTHS ENDED APRIL 30, 2022
|
FOR THE YEAR ENDED OCTOBER 31, 2021
|
|||||||||||||||
SHARES
|
AMOUNT
|
SHARES
|
AMOUNT
|
|||||||||||||
Alger Mid Cap Growth Institutional Fund
|
||||||||||||||||
Class I:
|
||||||||||||||||
Shares sold
|
185,412
|
$
|
5,008,415
|
482,262
|
$
|
22,388,935
|
||||||||||
Dividends reinvested
|
1,306,957
|
32,739,262
|
265,104
|
11,365,021
|
||||||||||||
Shares redeemed
|
(464,297
|
)
|
(11,442,234
|
)
|
(1,198,853
|
)
|
(56,354,630
|
)
|
||||||||
Net increase (decrease)
|
1,028,072
|
$
|
26,305,443
|
(451,487
|
)
|
$
|
(22,600,674
|
)
|
||||||||
Class R:
|
||||||||||||||||
Shares sold
|
30,929
|
$
|
555,920
|
45,297
|
$
|
1,843,906
|
||||||||||
Dividends reinvested
|
166,142
|
3,214,840
|
21,723
|
816,986
|
||||||||||||
Shares redeemed
|
(32,973
|
)
|
(625,934
|
)
|
(68,568
|
)
|
(2,755,560
|
)
|
||||||||
Net increase (decrease)
|
164,098
|
$
|
3,144,826
|
(1,548
|
)
|
$
|
(94,668
|
)
|
||||||||
Class Z-2:
|
||||||||||||||||
Shares sold
|
259,648
|
$
|
6,751,583
|
129,431
|
$
|
6,238,420
|
||||||||||
Dividends reinvested
|
353,527
|
9,138,654
|
45,688
|
1,987,879
|
||||||||||||
Shares redeemed
|
(290,957
|
)
|
(6,983,495
|
)
|
(108,129
|
)
|
(4,941,876
|
)
|
||||||||
Net increase
|
322,218
|
$
|
8,906,742
|
66,990
|
$
|
3,284,423
|
Alger Small Cap Growth Institutional Fund
|
||||||||||||||||
Class I:
|
||||||||||||||||
Shares sold
|
568,479
|
$
|
12,467,446
|
2,648,139
|
$
|
81,047,723
|
||||||||||
Dividends reinvested
|
1,270,807
|
28,224,632
|
314,052
|
9,029,003
|
||||||||||||
Shares redeemed
|
(1,847,780
|
)
|
(40,774,966
|
)
|
(3,165,178
|
)
|
(96,910,193
|
)
|
||||||||
Net decrease
|
(8,494
|
)
|
$
|
(82,888
|
)
|
(202,987
|
)
|
$
|
(6,833,467
|
)
|
||||||
Class R:
|
||||||||||||||||
Shares sold
|
46,270
|
$
|
693,792
|
110,776
|
$
|
2,554,915
|
||||||||||
Dividends reinvested
|
136,909
|
2,122,088
|
33,491
|
732,104
|
||||||||||||
Shares redeemed
|
(70,023
|
)
|
(1,058,542
|
)
|
(236,982
|
)
|
(5,506,915
|
)
|
||||||||
Net increase (decrease)
|
113,156
|
$
|
1,757,338
|
(92,715
|
)
|
$
|
(2,219,896
|
)
|
||||||||
Class Z-2:
|
||||||||||||||||
Shares sold
|
2,061,901
|
$
|
44,729,050
|
3,681,090
|
$
|
115,278,838
|
||||||||||
Dividends reinvested
|
1,144,418
|
25,955,396
|
213,917
|
6,235,667
|
||||||||||||
Shares redeemed
|
(2,496,003
|
)
|
(56,010,290
|
)
|
(2,414,400
|
)
|
(74,907,265
|
)
|
||||||||
Net increase
|
710,316
|
$
|
14,674,156
|
1,480,607
|
$
|
46,607,240
|
NOTE 7 — Income Tax Information
|
NOTE 8 — Fair Value Measurements:
|
Alger Capital Appreciation Institutional Fund
|
TOTAL |
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
||||||||||||
COMMON STOCKS
|
||||||||||||||||
Communication Services
|
$ | 200,640,761 |
$
|
200,640,761
|
$
|
—
|
$
|
—
|
||||||||
Consumer Discretionary
|
547,003,343 |
521,929,890
|
23,870,720
|
1,202,733
|
||||||||||||
Consumer Staples
|
11,125,709 |
11,125,709
|
—
|
—
|
||||||||||||
Energy
|
67,921,922 |
67,921,922
|
—
|
—
|
||||||||||||
Financials
|
87,098,835 |
87,098,835
|
—
|
—
|
||||||||||||
Healthcare
|
406,813,690 |
364,873,106
|
41,940,584
|
—
|
||||||||||||
Industrials
|
226,022,299 |
226,022,299
|
—
|
—
|
||||||||||||
Information Technology
|
1,164,473,736 |
1,164,473,736
|
—
|
—
|
||||||||||||
Materials
|
28,152,541 |
28,152,541
|
—
|
—
|
||||||||||||
Utilities
|
9,163,498 |
9,163,498
|
—
|
—
|
||||||||||||
TOTAL COMMON STOCKS
|
$ | 2,748,416,334 |
$
|
2,681,402,297
|
$
|
65,811,304
|
$
|
1,202,733
|
||||||||
PREFERRED STOCKS
|
||||||||||||||||
Information Technology
|
2,315,291 |
—
|
—
|
2,315,291
|
||||||||||||
REAL ESTATE INVESTMENT TRUST
|
||||||||||||||||
Real Estate
|
9,828,169 |
9,828,169
|
—
|
—
|
||||||||||||
SPECIAL PURPOSE VEHICLE
|
||||||||||||||||
Information Technology
|
4,293,561 |
—
|
—
|
4,293,561
|
||||||||||||
TOTAL INVESTMENTS IN SECURITIES
|
$ | 2,764,853,355 |
$
|
2,691,230,466
|
$
|
65,811,304
|
$
|
7,811,585
|
Alger Focus Equity Fund
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
||||||||||||
COMMON STOCKS
|
||||||||||||||||
Communication Services
|
$
|
91,955,120
|
$
|
91,955,120
|
$
|
—
|
$
|
—
|
||||||||
Consumer Discretionary
|
238,716,751
|
238,716,751
|
—
|
—
|
||||||||||||
Energy
|
26,775,197
|
26,775,197
|
—
|
—
|
||||||||||||
Financials
|
56,245,047
|
56,245,047
|
—
|
—
|
||||||||||||
Healthcare
|
138,605,888
|
115,464,203
|
23,141,685
|
—
|
||||||||||||
Industrials
|
84,912,631
|
84,912,631
|
—
|
—
|
||||||||||||
Information Technology
|
493,568,241
|
493,568,241
|
—
|
—
|
||||||||||||
Materials
|
3,732,627
|
3,732,627
|
—
|
—
|
||||||||||||
TOTAL COMMON STOCKS
|
$
|
1,134,511,502
|
$
|
1,111,369,817
|
$
|
23,141,685
|
$
|
—
|
||||||||
PREFERRED STOCKS
|
||||||||||||||||
Healthcare
|
—
|
*
|
—
|
—
|
—
|
*
|
||||||||||
TOTAL INVESTMENTS IN SECURITIES
|
$
|
1,134,511,502
|
$
|
1,111,369,817
|
$
|
23,141,685
|
$
|
—
|
Alger Mid Cap Growth Institutional Fund
|
TOTAL |
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
||||||||||||
COMMON STOCKS
|
||||||||||||||||
Communication Services
|
3,371,598 |
3,371,598
|
—
|
—
|
||||||||||||
Consumer Discretionary
|
9,768,559 |
9,199,412
|
569,147
|
—
|
||||||||||||
Consumer Staples
|
343,758 |
343,758
|
—
|
—
|
||||||||||||
Energy
|
5,743,078 |
5,743,078
|
—
|
—
|
||||||||||||
Financials
|
3,033,760 |
3,033,760
|
—
|
—
|
||||||||||||
Healthcare
|
11,484,320 |
11,484,320
|
—
|
—
|
||||||||||||
Industrials
|
8,072,289 |
8,072,289
|
—
|
—
|
||||||||||||
Information Technology
|
20,117,886 |
20,117,886
|
—
|
—
|
||||||||||||
Materials
|
1,111,110 |
1,111,110
|
—
|
—
|
||||||||||||
Utilities
|
1,842,440 |
1,842,440
|
—
|
—
|
||||||||||||
TOTAL COMMON STOCKS
|
$ | 64,888,798 |
$
|
64,319,651
|
$
|
569,147
|
$
|
—
|
||||||||
PREFERRED STOCKS
|
||||||||||||||||
Healthcare
RIGHTS
|
— | * |
—
|
—
|
—
|
*
|
||||||||||
Healthcare
|
304,508 |
—
|
—
|
304,508
|
||||||||||||
REAL ESTATE INVESTMENT TRUST
|
||||||||||||||||
Real Estate
|
370,976 |
370,976
|
—
|
—
|
||||||||||||
SPECIAL PURPOSE VEHICLE
|
||||||||||||||||
Information Technology
|
1,094,879 |
—
|
—
|
1,094,879
|
||||||||||||
TOTAL INVESTMENTS IN SECURITIES
|
$ | 66,659,161 |
$
|
64,690,627
|
$
|
569,147
|
$
|
1,399,387
|
Alger Small Cap Growth Institutional Fund
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
||||||||||||
COMMON STOCKS
|
||||||||||||||||
Communication Services
|
$ | 11,435,120 |
$
|
11,435,120
|
$
|
—
|
$ | — | ||||||||
Consumer Discretionary
|
23,776,061 |
23,776,061
|
—
|
— | ||||||||||||
Consumer Staples
|
10,795,771 |
10,795,771
|
—
|
— | ||||||||||||
Energy
|
12,089,986 |
12,089,986
|
—
|
— | ||||||||||||
Financials
|
2,229,719 |
2,229,719
|
—
|
— | ||||||||||||
Healthcare
|
59,480,038 |
57,723,098
|
—
|
1,756,940 | ||||||||||||
Industrials
|
11,985,240 |
11,985,240
|
—
|
— | ||||||||||||
Information Technology
|
52,571,363 |
52,571,363
|
—
|
— | ||||||||||||
Materials
|
5,047,496 |
5,047,496
|
—
|
— | ||||||||||||
TOTAL COMMON STOCKS
|
$ | 189,410,794 |
$
|
187,653,854
|
$
|
—
|
$ | 1,756,940 | ||||||||
PREFERRED STOCKS
|
||||||||||||||||
Healthcare
|
— | * |
—
|
—
|
— | * | ||||||||||
Information Technology
|
6,805,597 |
—
|
—
|
6,805,597 | ||||||||||||
TOTAL PREFERRED STOCKS
|
$ | 6,805,597 |
$
|
—
|
$
|
—
|
$ | 6,805,597 | ||||||||
RIGHTS
|
||||||||||||||||
Healthcare
|
380,562 |
—
|
—
|
380,562 | ||||||||||||
REAL ESTATE INVESTMENT TRUST
|
||||||||||||||||
Real Estate
|
2,029,702 |
2,029,702
|
—
|
— | ||||||||||||
SPECIAL PURPOSE VEHICLE
|
||||||||||||||||
Information Technology
|
2,252,482 |
—
|
—
|
2,252,482 | ||||||||||||
TOTAL INVESTMENTS IN SECURITIES
|
$ | 200,879,137 |
$
|
189,683,556
|
$
|
—
|
$ | 11,195,581 |
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
||||
Alger Capital Appreciation Institutional Fund
|
Common Stocks
|
|||
|
||||
Opening balance at November 1, 2021
|
$
|
1,339,796
|
||
Transfers into Level 3
|
—
|
|||
Transfers out of Level 3
|
—
|
|||
Total gains or losses
|
||||
Included in net realized gain (loss) on investments
|
—
|
|||
Included in net change in unrealized appreciation (depreciation) on investments
|
(137,063
|
)
|
||
Purchases and sales
|
||||
Purchases
|
—
|
|||
Sales
|
—
|
|||
Closing balance at April 30, 2022
|
1,202,733
|
|||
Net change in unrealized appreciation (depreciation) attributable to investments
still held at April 30, 2022*
|
$
|
(137,063
|
)
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
||||
Alger Capital Appreciation Institutional Fund
|
Preferred Stocks
|
|||
Opening balance at November 1, 2021
|
$
|
2,688,128
|
||
Transfers into Level 3
|
—
|
|||
Transfers out of Level 3
|
—
|
|||
Total gains or losses
|
||||
Included in net realized gain (loss) on investments
|
—
|
|||
Included in net change in unrealized appreciation (depreciation) on investments
|
(372,837
|
)
|
||
Purchases and sales
|
||||
Purchases
|
—
|
|||
Sales
|
—
|
|||
Closing balance at April 30, 2022
|
2,315,291
|
|||
Net change in unrealized appreciation (depreciation) attributable to investments
still held at April 30, 2022*
|
$
|
(372,837
|
)
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
||||
Alger Capital Appreciation Institutional Fund
|
Special Purpose Vehicle
|
|||
Opening balance at November 1, 2021
|
$
|
4,923,444
|
||
Transfers into Level 3
|
—
|
|||
Transfers out of Level 3
|
—
|
|||
Total gains or losses
|
||||
Included in net realized gain (loss) on investments
|
—
|
|||
Included in net change in unrealized appreciation (depreciation) on investments
|
(629,883
|
)
|
||
Purchases and sales
|
||||
Purchases
|
—
|
|||
Sales
|
—
|
|||
Closing balance at April 30, 2022
|
4,293,561
|
|||
Net change in unrealized appreciation (depreciation) attributable to investments
still held at April 30, 2022*
|
$
|
(629,883
|
)
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
||||
Alger Focus Equity Fund
|
Preferred Stocks
|
|||
Opening balance at November 1, 2021
|
$
|
0
|
**
|
|
Transfers into Level 3
|
—
|
|||
Transfers out of Level 3
|
—
|
|||
Total gains or losses
|
||||
Included in net realized gain (loss) on investments
|
—
|
|||
Included in net change in unrealized appreciation
(depreciation) on investments
|
—
|
|||
Purchases and sales
|
||||
Purchases
|
—
|
|||
Sales
|
—
|
|||
Closing balance at April 30, 2022
|
0
|
**
|
||
Net change in unrealized appreciation (depreciation) attributable to investments
still held at April 30, 2022*
|
$
|
—
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
||||
Alger Mid Cap Growth Institutional Fund
|
Preferred Stocks
|
|||
|
||||
Opening balance at November 1, 2021
|
$
|
0
|
**
|
|
Transfers into Level 3
|
—
|
|||
Transfers out of Level 3
|
—
|
|||
Total gains or losses
|
||||
Included in net realized gain (loss) on investments
|
—
|
|||
Included in net change in unrealized appreciation
(depreciation) on investments
|
—
|
|||
Purchases and sales
|
||||
Purchases
|
—
|
|||
Sales
|
—
|
|||
Closing balance at April 30, 2022
|
0
|
**
|
||
Net change in unrealized appreciation (depreciation) attributable to investments
still held at April 30, 2022*
|
$
|
—
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
||||
Alger Mid Cap Growth Institutional Fund
|
Rights
|
|||
Opening balance at November 1, 2021
|
$
|
317,196
|
||
Transfers into Level 3
|
—
|
|||
Transfers out of Level 3
|
—
|
|||
Total gains or losses
|
||||
Included in net realized gain (loss) on investments
|
—
|
|||
Included in net change in unrealized appreciation (depreciation) on investments
|
(12,688
|
)
|
||
Purchases and sales
|
||||
Purchases
|
—
|
|||
Sales
|
—
|
|||
Closing balance at April 30, 2022
|
304,508
|
|||
Net change in unrealized appreciation (depreciation) attributable to
investments still held at April 30, 2022*
|
$
|
(12,688
|
)
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
||||
Alger Mid Cap Growth Institutional Fund
|
Special Purpose Vehicle
|
|||
Opening balance at November 1, 2021
|
$ | |||
Transfers into Level 3
|
1,260,209
|
|||
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
|
(165,330
|
)
|
||
Purchases and sales
|
||||
Purchases
|
—
|
|||
Sales
|
—
|
|||
Closing balance at April 30, 2022
|
1,094,879
|
|||
Net change in unrealized appreciation (depreciation) attributable to
investments still held at April 30, 2022*
|
$
|
(165,330
|
)
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
||||
Alger Small Cap Growth Institutional Fund
|
Common Stocks
|
|||
Opening balance at November 1, 2021
|
$
|
—
|
||
Transfers into Level 3
|
—
|
|||
Transfers out of Level 3
|
—
|
|||
Total gains or losses
|
||||
Included in net realized gain (loss) on investments
|
—
|
|||
Included in net change in unrealized appreciation (depreciation) on investments
|
—
|
|||
Purchases and sales
|
||||
Purchases
|
1,756,940
|
|||
Sales
|
—
|
|||
Closing balance at April 30, 2022
|
1,756,940
|
|||
Net change in unrealized appreciation (depreciation) attributable to investments still held at
April 30, 2022*
|
$ | — |
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
||||
Alger Small Cap Growth Institutional Fund
|
Preferred Stocks
|
|||
Opening balance at November 1, 2021
|
$
|
7,901,516
|
** | |
Transfers into Level 3
|
—
|
|||
Transfers out of Level 3
|
—
|
|||
Total gains or losses
|
||||
Included in net realized gain (loss) on investments
|
—
|
|||
Included in net change in unrealized appreciation (depreciation) on investments
|
(1,095,919
|
)
|
||
Purchases and sales
|
||||
Purchases
|
—
|
|||
Sales
|
—
|
|||
Closing balance at April 30, 2022
|
6,805,597
|
**
|
||
Net change in unrealized appreciation (depreciation) attributable to investments still held at
April 30, 2022*
|
$
|
(1,095,919
|
)
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
||||
Alger Small Cap Growth Institutional Fund
|
Rights
|
|||
Opening balance at November 1, 2021
|
$
|
396,419
|
||
Transfers into Level 3
|
—
|
|||
Transfers out of Level 3
|
—
|
|||
Total gains or losses
|
||||
Included in net realized gain (loss) on investments
|
—
|
|||
Included in net change in unrealized appreciation (depreciation) on investments
|
(15,857
|
)
|
||
Purchases and sales
|
||||
Purchases
|
—
|
|||
Sales
|
—
|
|||
Closing balance at April 30, 2022
|
380,562
|
|||
Net change in unrealized appreciation (depreciation) attributable to investments still held at
April 30, 2022*
|
$
|
(15,857
|
)
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
||||
Alger Small Cap Growth Institutional Fund
|
Special Purpose
Vehicle
|
|||
Opening balance at November 1, 2021
|
$
|
2,589,729
|
||
Transfers into Level 3
|
—
|
|||
Transfers out of Level 3
|
—
|
|||
Total gains or losses
|
||||
Included in net realized gain (loss) on investments
|
—
|
|||
Included in net change in unrealized appreciation (depreciation) on investments
|
(337,247
|
)
|
||
Purchases and sales
|
||||
Purchases
|
—
|
|||
Sales
|
—
|
|||
Closing balance at April 30, 2022
|
2,252,482
|
|||
Net change in unrealized appreciation (depreciation) attributable to investments still held at
April 30, 2022*
|
$
|
(337,247
|
)
|
Fair Value
April 30, 2022
|
Valuation
Methodology
|
Unobservable
Input
|
Input/Range
|
Weighted Average
Inputs
|
||||||||||
Alger Small Cap Growth Institutional Fund |
||||||||||||||
Common Stocks
|
$
|
1,202,733
|
Income
Approach
|
Discount Rate
Probability of Success
|
0.00%-4.70
15.00%-50.00
|
%
%
|
N/A
|
|||||||
Preferred Stocks
|
2,315,291
|
Market
Approach
|
Transaction Price
Revenue Multiple
|
N/A
26.0x-30.57
|
x
|
N/A |
||||||||
Special Purpose Vehicle
|
4,293,561
|
Market
Approach
|
Transaction Price
Revenue Multiple
|
N/A
26.0x-30.57
|
x
|
N/A |
||||||||
Alger Focus Equity Fund
|
||||||||||||||
Preferred Stocks
|
$
|
—
|
* |
Income
Approach |
Discount Rate
|
100.00 |
%
|
N/A
|
||||||
Alger Mid Cap Growth Institutional Fund
|
||||||||||||||
Preferred Stocks
|
$
|
—
|
* |
Income
Approach
|
Discount Rate
|
100.00
|
%
|
N/A
|
||||||
Rights
|
304,508
|
Income
Approach
|
Discount Rate
Probability of Success
|
5.67%-6.01
0.00%-60.00
|
%
%
|
N/A
|
||||||||
Special Purpose Vehicle
|
1,094,879
|
Market
Approach
|
Transaction Price
Revenue Multiple
|
N/A
26.0x-30.57
|
x
|
N/A
|
||||||||
Alger Small Cap Growth Institutional Fund
|
||||||||||||||
Common Stocks
|
$
|
1,756,940
|
Market
Approach
|
Priced at Cost
|
N/A
|
|||||||||
Preferred Stocks
|
—
|
* |
Income
Approach
|
Discount Rate
|
100.00
|
%
|
N/A
|
|||||||
Preferred Stocks
|
6,805,597
|
Market
Approach
|
Transaction Price
Revenue Multiple
|
N/A
26.0x-30.57
|
x
|
|||||||||
Rights
|
380,562
|
Income
Approach
|
Discount Rate Probability of Success
|
5.67%-6.01
0.00%-60.00
|
%
%
|
N/A
|
||||||||
Special Purpose Vehicle
|
2,252,482
|
Market
Approach
|
Transaction Price
Revenue Multiple
|
N/A
26.0x-30.57
|
x
|
N/A
|
*
|
Prosetta Biosciences, Inc., Series
D shares are classifted as a Level 3 investment and are fair valued at zero as of April 30, 2022.
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
|||||||||||||
Cash, Foreign Cash and Cash Equivalents:
|
||||||||||||||||
Alger Capital Appreciation Institutional Fund
|
$
|
34,974,081
|
$
|
319,381
|
$
|
34,654,700
|
$
|
–
|
||||||||
Alger Focus Equity Fund
|
76,515,826
|
–
|
76,515,826
|
–
|
||||||||||||
Alger Mid Cap Growth Institutional Fund
|
1,517,870
|
–
|
1,517,870
|
–
|
||||||||||||
Alger Small Cap Growth Institutional Fund
|
2,510,277
|
–
|
2,510,277
|
–
|
Security |
Value at
October 31,
2021
|
Purchases/
Conversion
|
Sales/
Conversion
|
Dividend/
Interest
Income
|
Realized
Gain (Loss)
|
Net Increase (Decrease)
in
Unrealized
App(Dep)
|
Value at
April 30,
2022
|
|||||||||||||||||||||
Alger Capital Appreciation Institutional Fund Special Purpose Vehicle
|
||||||||||||||||||||||||||||
Crosslink Ventures Capital LLC,
|
||||||||||||||||||||||||||||
Cl. A
|
$
|
4,923,444
|
$ | - |
$
|
-
|
$ | - | $ | - | $ | (629,883 | ) |
$
|
4,293,561
|
|||||||||||||
Total
|
$
|
4,923,444
|
$ | - |
$
|
-
|
$ | - | $ | - | $ | (629,883 | ) |
$
|
4,293,561
|
Security
|
Value at
October 31,
2021
|
Purchases/
Conversion
|
Sales/
Conversion
|
Dividend/
Interest
Income
|
Realized
Gain (Loss)
|
Net Increase (Decrease)
in
Unrealized
App(Dep)
|
Value at
April 30,
2022
|
|||||||||||||||||||||
Alger Focus Equity Fund
|
||||||||||||||||||||||||||||
Preferred Stocks
|
||||||||||||||||||||||||||||
Prosetta Biosciences, Inc., Series D
|
$
|
-
|
*
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
-
|
*
|
||||||||||||
Total
|
$
|
-
|
*
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
-
|
*
|
Security
|
Value at
October 31,
2021
|
Purchases/
Conversion
|
Sales/
Conversion
|
Dividend/
Interest
Income
|
Realized
Gain (Loss)
|
Net Increase (Decrease)
in
Unrealized
App(Dep)
|
Value at
April 30,
2022
|
|||||||||||||||||||||
Alger Mid Cap Growth Institutional Fund
|
||||||||||||||||||||||||||||
Preferred Stocks
|
||||||||||||||||||||||||||||
Prosetta Biosciences, Inc., Series D
|
$
|
-
|
*
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
-
|
*
|
||||||||||||
Special Purpose Vehicle
|
||||||||||||||||||||||||||||
Crosslink Ventures Capital LLC, Cl. A
|
880,616
|
–
|
–
|
–
|
–
|
(112,662
|
)
|
767,954
|
||||||||||||||||||||
Crosslink Ventures Capital LLC, Cl. B
|
379,593
|
–
|
–
|
–
|
–
|
(52,668
|
)
|
326,925
|
||||||||||||||||||||
Total
|
$
|
1,260,209
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
(165,330
|
)
|
$
|
1,094,879
|
Security
|
Value at
October 31,
2021
|
Purchases/
Conversion
|
Sales/
Conversion
|
Dividend/
Interest
Income
|
Realized
Gain (Loss)
|
Net Increase (Decrease)
in
Unrealized
App(Dep)
|
Value at
April 30,
2022
|
|||||||||||||||||||||
Alger Small Cap Growth Institutional Fund
|
||||||||||||||||||||||||||||
Preferred Stocks
|
||||||||||||||||||||||||||||
Prosetta Biosciences, Inc., Series D
|
$
|
–
|
*
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
-
|
*
|
||||||||||||
Special Purpose Vehicle
|
||||||||||||||||||||||||||||
Crosslink Ventures Capital LLC, Cl. A
|
2,041,428
|
–
|
–
|
–
|
–
|
(261,171
|
)
|
1,780,257
|
||||||||||||||||||||
Crosslink Ventures Capital LLC, Cl. B
|
548,301
|
–
|
–
|
–
|
–
|
(76,076
|
)
|
472,225
|
||||||||||||||||||||
Total
|
$
|
2,589,729
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
(337,247
|
)
|
$
|
2,252,482
|
*
|
Prosetta Biosciences, Inc., Series
D shares are classifted as a Level 3 investment and are fair valued at zero as of April 30, 2022.
|
Beginning
Account
Value
November 1, 2021
|
Ending
Account
Value
April 30, 2022
|
Expenses
Paid During
the Six Months
Ended
April 30, 2022(a)
|
Annualized Expense Ratio For
the
Six Months Ended
April 30, 2022(b)
|
||
Alger Capital Appreciation Institutional Fund | |||||
Class I
|
Actual
|
$ 1,000.00
|
$ 733.50
|
$ 4.94
|
1.15%
|
Hypothetical(c)
|
1,000.00
|
1,019.09
|
5.76
|
1.15
|
|
Class R
|
Actual
|
1,000.00
|
732.00
|
6.74
|
1.57
|
|
Hypothetical(c)
|
1,000.00
|
1,017.01
|
7.85
|
1.57
|
Class Y
|
Actual
|
1,000.00
|
735.10
|
3.23
|
0.75
|
|
Hypothetical(c)
|
1,000.00
|
1,021.08
|
3.76
|
0.75
|
Class Z-2
|
Actual
|
1,000.00
|
734.70
|
3.48
|
0.81
|
Hypothetical(c)
|
1,000.00
|
1,020.78
|
4.06
|
0.81
|
|
Alger Focus Equity Fund
|
|||||
Class A
|
Actual
|
$ 1,000.00
|
$ 709.00
|
$ 3.98
|
0.94%
|
|
Hypothetical(c)
|
1,000.00
|
1,020.13
|
4.71
|
0.94
|
Class C
|
Actual
|
1,000.00
|
739.00
|
7.33
|
1.70
|
|
Hypothetical(c)
|
1,000.00
|
1,016.36
|
8.50
|
1.70
|
Class I
|
Actual
|
1,000.00
|
748.30
|
3.94
|
0.91
|
|
Hypothetical(c)
|
1,000.00
|
1,020.28
|
4.56
|
0.91
|
Class Y
|
Actual
|
1,000.00
|
749.60
|
2.52
|
0.58
|
|
Hypothetical(c)
|
1,000.00
|
1,021.92
|
2.91
|
0.58
|
Class Z
|
Actual
|
1,000.00
|
749.40
|
2.65
|
0.61
|
Hypothetical(c)
|
1,000.00
|
1,021.77
|
3.06
|
0.61
|
|
Alger Mid Cap Growth Institutional Fund
|
|||||
Class I
|
Actual |
$ 1,000.00
|
$ 652.60
|
$ 5.90
|
1.44%
|
|
Hypothetical(c) |
1,000.00
|
1,017.65
|
7.20
|
1.44
|
Class R
|
Actual |
1,000.00
|
651.10
|
7.66
|
1.87
|
|
Hypothetical(c) |
1,000.00
|
1,015.52
|
9.35
|
1.87
|
Class Z-2
|
Actual |
1,000.00
|
654.10
|
4.06
|
0.99
|
Hypothetical(c) |
1,000.00
|
1,019.89
|
4.96
|
0.99
|
|
Alger Small Cap Growth Institutional Fund
|
|||||
Class I
|
Actual
|
$ 1,000.00
|
$ 650.10
|
$ 5.32
|
1.30%
|
|
Hypothetical(c)
|
1,000.00
|
1,018.35
|
6.51
|
1.30
|
Class R
|
Actual
|
1,000.00
|
648.90
|
6.99
|
1.71
|
|
Hypothetical(c)
|
1,000.00
|
1,016.31
|
8.55
|
1.71
|
Class Z-2
|
Actual
|
1,000.00
|
651.10
|
3.89
|
0.95
|
Hypothetical(c)
|
1,000.00
|
1,020.08
|
4.76
|
0.95
|
(a) |
Expenses are equal to the annualized expense ratio of the respective
share class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year
period).
|
(b) |
Annualized.
|
(c) |
5% annual return before expenses.
|
Privacy Policy |
U.S. Consumer Privacy Notice | Rev. 6/22/21 |
||
FACTS
|
WHAT DOES ALGER DO WITH YOUR PERSONAL INFORMATION?
|
||
Why?
|
Financial companies choose how they share your personal information. Federal law gives
consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and
protect your personal information. Please read this notice carefully to understand what we do.
|
||
What?
|
The types of personal information we collect and share depend on the product or service
you have with us. This information can include:
• Social Security number and
• Account balances and
• Transaction history and
• Purchase history and
• Assets
When you are no longer our customer, we continue to share your information as described
in this notice.
|
||
How?
|
All financial companies need to share personal information to run their everyday
business. In the section below, we list the reasons financial companies can share personal information; the reasons Alger
chooses to share; and whether you can limit this sharing.
|
Reasons we can share your personal
information
|
Does
Alger share?
|
Can you limit
this sharing? |
|||
For
our everyday business purposes — such as to process your transactions, maintain your account(s), respond
to court orders and legal investigations, or report to credit bureaus
|
Yes
|
No
|
|||
For our marketing purposes — to offer our
products and services to you
|
Yes
|
No
|
|||
For joint marketing with other financial
companies
|
No
|
We don’t share
|
|||
For our affiliates' everyday business purposes — information
about your transactions and experiences
|
Yes
|
No
|
|||
For our affiliates' everyday business purposes — information
about your creditworthiness
|
No
|
We don’t share
|
|||
For nonafffiliates to market to you
|
No
|
We don’t share
|
|||
Questions? Call 1-800-223-3810
|
Who we are
|
|||
Who is providing this notice?
|
Alger includes Fred Alger Management, LLC and Fred Alger & Company, LLC as well
as the following funds: The Alger Funds, The Alger Funds II, The Alger Institutional Funds, The Alger Portfolios, Alger
Global Focus Fund, and The Alger ETF Trust.
|
What we do
|
|||
How does Alger protect my personal information?
|
To
protect your personal information from unauthorized access and use, we use
security measures that comply with federal law. These measures include computer safeguards and secured files and
buildings
|
||
How does Alger collect my personal information?
|
We collect your personal information, for example, when you:
• Open an account or
• Make deposits or withdrawals from your account or
• Give us your contact information or
• Provide account information or
• Pay us by check.
|
||
Why can’t I limit all sharing?
|
Federal law gives you the right to limit some but not all sharing related to:
• sharing for affiliates' everyday business purposes -
information about your credit worthiness
• affiliates from using your information to market to you
• sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing.
|
Definitions
|
|||
Affiliates
|
Companies related by common ownership or control.
They
can be financial and nonfinancial companies
• Our affiliates include Fred
Alger Management, LLC, Weatherbie Capital, LLC and Fred Alger & Company, LLC as well as the following funds: The
Alger Funds, The Alger Funds II, The Alger Institutional Funds, The Alger Portfolios, Alger Global Focus Fund, and The
Alger ETF Trust.
|
||
Nonaffiliates
|
Companies not related by common ownership or control They can be financial and
nonfinancial companies.
|
||
Joint marketing
|
A formal agreement between nonaffiliated financial companies that together market
financial products or services to you.
|
(b)
|
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
|
ITEM 2. |
CODE OF ETHICS.
|
ITEM 3. |
AUDIT COMMITTEE FINANCIAL EXPERT.
|
ITEM 4. |
PRINCIPAL ACCOUNTANT FEES AND SERVICES.
|
ITEM 5. |
AUDIT COMMITTEE OF LISTED REGISTRANTS.
|
ITEM 6. |
INVESTMENTS.
|
ITEM 7. |
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
|
ITEM 8. |
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
|
ITEM 9. |
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
|
ITEM 10. |
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
|
ITEM 11. |
CONTROLS AND PROCEDURES.
|
ITEM 12. |
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
|
ITEM 13. |
EXHIBITS.
|
By:
|
/s/ Hal Liebes
|
Hal Liebes
|
|
President
|
By:
|
/s/ Hal Liebes
|
Hal Liebes
|
|
President
|
By:
|
/s/ Michael D. Martins
|
Michael D. Martins
|
|
Treasurer
|