THE ALGER INSTITUTIONAL FUNDS
QUARTERLY REPORT
January 31, 2026 (UNAUDITED)
 
THE ALGER INSTITUTIONAL FUNDS
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments January 31, 2026 (Unaudited)

 
 
SHARES
VALUE
COMMON STOCKS—97.1%
AEROSPACE & DEFENSE—1.0%
HEICO Corp.
   35,141
$   11,628,508
HEICO Corp., Cl. A
   69,694
   17,743,396
 
 
 
 
 
 
   29,371,904
APPLICATION SOFTWARE—3.0%
AppLovin Corp., Cl. A*
  165,176
   78,146,417
Cadence Design Systems, Inc.*
   12,161
    3,604,034
IREN Ltd.*
  106,175
    5,705,844
Unity Software, Inc.*
  141,565
    4,119,542
 
 
 
 
 
 
   91,575,837
AUTOMOBILE MANUFACTURERS—3.7%
Tesla, Inc.*
  266,632
  114,761,079
AUTOMOTIVE RETAIL—0.2%
Carvana Co.*
   14,394
    5,773,577
BIOTECHNOLOGY—3.5%
Abivax SA ADR*
  191,511
   21,286,448
Arrowhead Pharmaceuticals, Inc.*
  254,377
   17,635,957
Ascendis Pharma A/S ADR*
   44,572
   10,077,729
Biogen, Inc.*
   82,605
   14,859,814
Cogent Biosciences, Inc.*
  109,432
    3,929,703
Natera, Inc.*
  164,515
   38,025,997
Roivant Sciences Ltd.*
  138,524
    2,994,889
 
 
 
 
 
 
  108,810,537
BROADLINE RETAIL—9.2%
Amazon.com, Inc.*
  874,951
  209,375,774
MercadoLibre, Inc.*
   12,376
   26,581,049
Sea Ltd., Cl. A ADR*
  406,194
   47,317,539
 
 
 
 
 
 
  283,274,362
COAL & CONSUMABLE FUELS—0.4%
Cameco Corp.
  100,191
   12,362,568
COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.8%
Rocket Cos., Inc., Cl. A
1,316,489
   23,604,648
CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.3%
Caterpillar, Inc.
   14,211
    9,341,743
CONSTRUCTION MATERIALS—0.3%
Martin Marietta Materials, Inc.
   15,890
   10,359,486
CONSUMER FINANCE—0.3%
Figure Technology Solutions, Inc., Cl. A*
  153,472
    8,729,487
ELECTRIC UTILITIES—0.4%
Constellation Energy Corp.
   49,060
   13,770,161
See Notes to Financial Statements.
- 2 -
THE ALGER INSTITUTIONAL FUNDS
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments January 31, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
COMMON STOCKS—97.1% (CONT.)
ELECTRICAL COMPONENTS & EQUIPMENT—0.7%
Eaton Corp. PLC
    8,937
$    3,140,641
Vertiv Holdings Co., Cl. A
  101,325
   18,864,688
 
 
 
 
 
 
   22,005,329
ENVIRONMENTAL & FACILITIES SERVICES—0.8%
GFL Environmental, Inc.
  586,527
   25,191,335
FINANCIAL EXCHANGES & DATA—0.7%
S&P Global, Inc.
   41,298
   21,796,671
HEALTH CARE DISTRIBUTORS—0.4%
Cardinal Health, Inc.
   55,330
   11,889,310
HEALTHCARE EQUIPMENT—1.2%
Boston Scientific Corp.*
  161,339
   15,090,037
Intuitive Surgical, Inc.*
   41,659
   21,005,301
 
 
 
 
 
 
   36,095,338
HEAVY ELECTRICAL EQUIPMENT—1.0%
GE Vernova, Inc.
   42,727
   31,035,611
HOME FURNISHINGS—0.4%
Somnigroup International, Inc.
  148,273
   13,025,783
HOUSEHOLD APPLIANCES—0.2%
SharkNinja, Inc.*
   63,691
    7,528,276
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.8%
Talen Energy Corp.*
  222,448
   77,491,985
Vistra Corp.
   58,104
    9,200,769
 
 
 
 
 
 
   86,692,754
INTERACTIVE MEDIA & SERVICES—11.3%
Alphabet, Inc., Cl. C
  494,611
  167,440,662
Meta Platforms, Inc., Cl. A
  249,326
  178,642,079
 
 
 
 
 
 
  346,082,741
INTERNET SERVICES & INFRASTRUCTURE—2.1%
Cloudflare, Inc., Cl. A*
   38,132
    6,762,710
MongoDB, Inc., Cl. A*
   66,147
   24,562,365
Okta, Inc., Cl. A*
  101,922
    8,610,371
Shopify, Inc., Cl. A*
   90,403
   11,863,586
Twilio, Inc., Cl. A*
  105,665
   12,728,406
 
 
 
 
 
 
   64,527,438
INVESTMENT BANKING & BROKERAGE—0.6%
Robinhood Markets, Inc., Cl. A*
  198,476
   19,744,392
LIFE SCIENCES TOOLS & SERVICES—0.4%
Repligen Corp.*
   73,719
   11,011,407
See Notes to Financial Statements.
- 3 -
THE ALGER INSTITUTIONAL FUNDS
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments January 31, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
COMMON STOCKS—97.1% (CONT.)
MANAGED HEALTHCARE—0.5%
UnitedHealth Group, Inc.
   50,025
$   14,353,673
MOVIES & ENTERTAINMENT—3.4%
Liberty Media Corp. Series C Liberty Formula One*
  114,290
    9,945,516
Netflix, Inc.*
  420,468
   35,104,873
Roku, Inc., Cl. A*
  253,058
   24,091,122
Sphere Entertainment Co., Cl. A*
   33,710
    3,219,642
Spotify Technology SA*
   61,781
   30,912,123
 
 
 
 
 
 
  103,273,276
PHARMACEUTICALS—1.4%
AstraZeneca PLC ADR
  208,596
   19,351,451
Eli Lilly & Co.
   21,923
   22,737,439
 
 
 
 
 
 
   42,088,890
SEMICONDUCTORS—23.0%
Astera Labs, Inc.*
  197,651
   29,770,194
Broadcom, Inc.
  400,302
  132,620,053
NVIDIA Corp.
2,051,799
  392,160,343
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
  465,276
  153,801,634
 
 
 
 
 
 
  708,352,224
SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.2%
Celsius Holdings, Inc.*
  115,817
    6,078,076
SPECIALTY CHEMICALS—0.4%
DuPont de Nemours, Inc.
  272,964
   11,988,579
SYSTEMS SOFTWARE—12.2%
Microsoft Corp.
  654,098
  281,451,828
Nebius Group NV, Cl. A*
1,110,188
   94,576,916
 
 
 
 
 
 
  376,028,744
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.9%
Apple, Inc.
  633,694
  164,430,919
Seagate Technology Holdings PLC
   23,091
    9,413,970
Western Digital Corp.
  281,379
   70,409,467
 
 
 
 
 
 
  244,254,356
TRADING COMPANIES & DISTRIBUTORS—1.8%
EquipmentShare.com, Inc., Cl. A*
  244,250
    7,596,175
QXO, Inc.*
2,160,036
   47,909,599
 
 
 
 
 
 
   55,505,774
TRANSACTION & PAYMENT PROCESSING SERVICES—0.6%
Visa, Inc., Cl. A
   54,987
   17,696,466
TOTAL COMMON STOCKS
(Cost $1,247,806,980)
 
2,987,981,832
See Notes to Financial Statements.
- 4 -
THE ALGER INSTITUTIONAL FUNDS
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments January 31, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
PREFERRED STOCKS—2.7%
APPLICATION SOFTWARE—2.0%
Databricks, Inc., Series J(a),*,@
  239,567
$   45,517,730
Databricks, Inc., Series K(a),*,@
    4,447
      844,930
Databricks, Inc., Series L(a),*,@
   41,665
    7,916,350
SB Technology, Inc., Series E(a),*,@
  365,046
    6,282,442
 
 
 
 
 
 
   60,561,452
INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.7%
Apptronik, Inc., Series A-X1(a),*,@
  231,892
    8,572,398
Figure AI, Inc., Series C(a),*,@
   69,445
   13,537,023
 
 
 
 
 
 
   22,109,421
TOTAL PREFERRED STOCKS
(Cost $59,135,212)
 
   82,670,873
SPECIAL PURPOSE VEHICLE—0.4%
APPLICATION SOFTWARE—0.4%
Disruptive Technology Solutions LI, LLC(a),*,@
 
   12,879,000
(Cost $13,297,567)
 
   12,879,000
 
 
Total Investments
(Cost $1,320,239,759)
   100.2%
$3,083,531,705
Unaffiliated Securities (Cost $1,320,239,759)
 
3,083,531,705
Liabilities in Excess of Other Assets
    (0.2)%
   (6,928,031)
NET ASSETS
   100.0%
$3,076,603,674
 
ADR
American Depositary Receipts
 
(a)
Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures
approved by the Board of Trustees.
*
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
Market
Value
% of net assets
as of
1/31/2026
Apptronik, Inc., Series A-X1
1/29/26
$8,572,398
$8,572,398
0.3%
Databricks, Inc., Series J
12/17/24
22,159,947
45,517,730
1.5%
Databricks, Inc., Series K
9/8/25
667,050
844,930
0.0%
Databricks, Inc., Series L
12/16/25
7,916,350
7,916,350
0.3%
Disruptive Technology Solutions LI, LLC
11/4/25
13,297,567
12,879,000
0.4%
Figure AI, Inc., Series C
11/18/25
13,537,025
13,537,023
0.4%
SB Technology, Inc., Series E
10/23/24
6,282,442
6,282,442
0.2%
Total
 
$72,432,779
$95,549,873
3.1%
See Notes to Financial Statements.
- 5 -
THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUND
Schedule of Investments January 31, 2026 (Unaudited)
 
 
SHARES
VALUE
COMMON STOCKS—94.9%
AEROSPACE & DEFENSE—0.9%
HEICO Corp., Cl. A
   183,723
$   46,774,039
APPLICATION SOFTWARE—2.4%
AppLovin Corp., Cl. A*
   208,620
   98,700,208
Unity Software, Inc.*
   663,848
   19,317,977
 
 
 
 
 
 
  118,018,185
AUTOMOBILE MANUFACTURERS—3.9%
Tesla, Inc.*
   448,042
  192,841,757
BIOTECHNOLOGY—3.1%
Abivax SA ADR*
   328,226
   36,482,320
Arrowhead Pharmaceuticals, Inc.*
   527,231
   36,552,925
Biogen, Inc.*
   161,134
   28,986,395
Cogent Biosciences, Inc.*
   204,318
    7,337,060
Natera, Inc.*
   187,530
   43,345,684
 
 
 
 
 
 
  152,704,384
BROADLINE RETAIL—11.5%
Amazon.com, Inc.*
 1,719,815
  411,551,730
MercadoLibre, Inc.*
    26,136
   56,134,639
Sea Ltd., Cl. A ADR*
   888,321
  103,480,513
 
 
 
 
 
 
  571,166,882
COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.0%
Rocket Cos., Inc., Cl. A
 2,715,885
   48,695,818
CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.3%
Caterpillar, Inc.
    23,648
   15,545,249
CONSTRUCTION MATERIALS—0.3%
Martin Marietta Materials, Inc.
    22,312
   14,546,308
CONSUMER FINANCE—0.3%
Figure Technology Solutions, Inc., Cl. A*
   267,998
   15,243,726
ELECTRIC UTILITIES—0.4%
Constellation Energy Corp.
    75,603
   21,220,250
ENVIRONMENTAL & FACILITIES SERVICES—0.5%
GFL Environmental, Inc.
   637,500
   27,380,625
FINANCIAL EXCHANGES & DATA—0.5%
S&P Global, Inc.
    49,059
   25,892,850
HEALTHCARE EQUIPMENT—1.0%
Boston Scientific Corp.*
   232,742
   21,768,359
Intuitive Surgical, Inc.*
    57,562
   29,023,912
 
 
 
 
 
 
   50,792,271
HEAVY ELECTRICAL EQUIPMENT—1.5%
GE Vernova, Inc.
   101,486
   73,716,386
See Notes to Financial Statements.
- 6 -
THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUND
Schedule of Investments January 31, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
COMMON STOCKS—94.9% (CONT.)
HOME FURNISHINGS—0.6%
Somnigroup International, Inc.
   322,954
$   28,371,509
HOUSEHOLD APPLIANCES—0.5%
SharkNinja, Inc.*
   227,639
   26,906,930
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.7%
Talen Energy Corp.*
   365,900
  127,464,924
Vistra Corp.
    48,641
    7,702,302
 
 
 
 
 
 
  135,167,226
INTERACTIVE MEDIA & SERVICES—10.6%
Alphabet, Inc., Cl. C
   870,791
  294,788,877
Meta Platforms, Inc., Cl. A
   329,821
  236,316,747
 
 
 
 
 
 
  531,105,624
INTERNET SERVICES & INFRASTRUCTURE—0.6%
MongoDB, Inc., Cl. A*
    80,102
   29,744,276
INVESTMENT BANKING & BROKERAGE—0.2%
Robinhood Markets, Inc., Cl. A*
   104,537
   10,399,341
MOVIES & ENTERTAINMENT—3.5%
Liberty Media Corp. Series C Liberty Formula One*
   281,583
   24,503,353
Netflix, Inc.*
   553,672
   46,226,075
Roku, Inc., Cl. A*
   622,117
   59,225,538
Spotify Technology SA*
    91,380
   45,721,983
 
 
 
 
 
 
  175,676,949
PHARMACEUTICALS—0.8%
AstraZeneca PLC ADR
   432,379
   40,111,800
SEMICONDUCTORS—25.1%
Astera Labs, Inc.*
   422,488
   63,635,142
Broadcom, Inc.
   636,577
  210,897,960
NVIDIA Corp.
 3,677,506
  702,881,722
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
   833,659
  275,574,319
 
 
 
 
 
 
1,252,989,143
SPECIALTY CHEMICALS—0.4%
DuPont de Nemours, Inc.
   399,792
   17,558,865
SYSTEMS SOFTWARE—13.0%
Microsoft Corp.
 1,051,870
  452,609,142
Nebius Group NV, Cl. A*
 2,313,894
  197,120,630
 
 
 
 
 
 
  649,729,772
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.7%
Apple, Inc.
   876,620
  227,465,358
Western Digital Corp.
   421,719
  105,526,745
 
 
 
 
 
 
  332,992,103
See Notes to Financial Statements.
- 7 -
THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUND
Schedule of Investments January 31, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
COMMON STOCKS—94.9% (CONT.)
TRADING COMPANIES & DISTRIBUTORS—2.6%
QXO, Inc.*
 5,811,486
$  128,898,759
TOTAL COMMON STOCKS
(Cost $3,305,320,800)
 
4,734,191,027
PREFERRED STOCKS—3.0%
APPLICATION SOFTWARE—2.6%
Databricks, Inc., Series J(a),*,@
   552,095
  104,898,050
Databricks, Inc., Series K(a),*,@
    10,005
    1,900,950
Databricks, Inc., Series L(a),*,@
     9,809
    1,863,710
SB Technology, Inc., Series E(a),*,@
 1,317,338
   22,671,387
 
 
 
 
 
 
  131,334,097
INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.4%
Figure AI, Inc., Series C(a),*,@
    98,079
   19,118,694
TOTAL PREFERRED STOCKS
(Cost $96,223,330)
 
  150,452,791
SPECIAL PURPOSE VEHICLE—0.6%
APPLICATION SOFTWARE—0.6%
Disruptive Technology Solutions LI, LLC(a),(b),*,@
 
   27,433,000
(Cost $28,324,572)
 
   27,433,000
SHORT-TERM SECURITIES—0.7%
MONEY MARKET FUNDS—0.7%
Dreyfus Treasury Obligations Cash Management Fund,
Institutional Shares, 3.58%(c)
37,588,391
   37,588,391
(Cost $37,588,391)
 
   37,588,391
 
 
Total Investments
(Cost $3,467,457,093)
     99.2%
$4,949,665,209
Affiliated Securities (Cost $28,324,572)
 
   27,433,000
Unaffiliated Securities (Cost $3,439,132,521)
 
4,922,232,209
Other Assets in Excess of Liabilities
      0.8%
   37,661,056
NET ASSETS
    100.0%
$4,987,326,265
 
ADR
American Depositary Receipts
 
(a)
Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures
approved by the Board of Trustees.
(b)
Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note
4 - Affiliated Securities.
(c)
Rate shown reflects 7-day effective yield as of January 31, 2026.
*
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.
See Notes to Financial Statements.
- 8 -
THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUND
Schedule of Investments January 31, 2026 (Unaudited) (Continued)
 
Security
Acquisition
Date(s)
Acquisition
Cost
Market
Value
% of net assets
as of
1/31/2026
Databricks, Inc., Series J
12/17/24
$51,068,787
$104,898,050
2.1%
Databricks, Inc., Series K
9/8/25
1,500,750
1,900,950
0.0%
Databricks, Inc., Series L
12/16/25
1,863,710
1,863,710
0.0%
Disruptive Technology Solutions LI, LLC
11/4/25
28,324,572
27,433,000
0.6%
Figure AI, Inc., Series C
11/18/25
19,118,696
19,118,694
0.4%
SB Technology, Inc., Series E
10/23/24 - 12/18/24
22,671,387
22,671,387
0.5%
Total
 
$124,547,902
$177,885,791
3.6%
See Notes to Financial Statements.
- 9 -
THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments January 31, 2026 (Unaudited)
 
 
SHARES
VALUE
COMMON STOCKS—95.0%
AEROSPACE & DEFENSE—5.5%
Axon Enterprise, Inc.*
    1,391
$   672,660
HEICO Corp.
    2,388
   790,213
Howmet Aerospace, Inc.
    7,514
 1,563,513
 
 
 
 
 
 
 3,026,386
APPAREL ACCESSORIES & LUXURY GOODS—0.6%
lululemon athletica, inc.*
    1,973
   344,288
APPAREL RETAIL—1.7%
Burlington Stores, Inc.*
    3,088
   913,616
APPLICATION SOFTWARE—4.4%
AppLovin Corp., Cl. A*
    1,098
   519,475
Fair Isaac Corp.*
      288
   421,393
Guidewire Software, Inc.*
      755
   106,274
Procore Technologies, Inc.*
    3,284
   185,513
The Descartes Systems Group, Inc.*
   10,836
   809,248
Unity Software, Inc.*
   13,477
   392,181
 
 
 
 
 
 
 2,434,084
ASSET MANAGEMENT & CUSTODY BANKS—1.4%
Ares Management Corp., Cl. A
    2,477
   370,732
Blue Owl Capital, Inc., Cl. A
   29,337
   400,157
 
 
 
 
 
 
   770,889
AUTOMOTIVE RETAIL—4.3%
Carvana Co.*
    2,798
 1,122,306
O'Reilly Automotive, Inc.*
   12,591
 1,239,080
 
 
 
 
 
 
 2,361,386
BIOTECHNOLOGY—5.6%
Abivax SA ADR*
    4,283
   476,056
Arrowhead Pharmaceuticals, Inc.*
    5,865
   406,620
Cogent Biosciences, Inc.*
    4,119
   147,913
Natera, Inc.*
    6,529
 1,509,113
Revolution Medicines, Inc.*
    1,486
   144,068
uniQure NV*
    2,554
    58,027
Vaxcyte, Inc.*
    6,241
   334,330
 
 
 
 
 
 
 3,076,127
CARGO GROUND TRANSPORTATION—0.9%
Saia, Inc.*
    1,547
   518,044
COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.2%
Rocket Cos., Inc., Cl. A
   36,688
   657,816
CONSTRUCTION & ENGINEERING—2.3%
Comfort Systems USA, Inc.
    1,114
 1,272,299
CONSTRUCTION MATERIALS—1.5%
Martin Marietta Materials, Inc.
    1,237
   806,462
See Notes to Financial Statements.
- 10 -
THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments January 31, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
COMMON STOCKS—95.0% (CONT.)
CONSUMER FINANCE—0.4%
Figure Technology Solutions, Inc., Cl. A*
    4,189
$   238,270
ELECTRICAL COMPONENTS & EQUIPMENT—1.9%
Vertiv Holdings Co., Cl. A
    5,724
 1,065,694
ELECTRONIC COMPONENTS—2.1%
Amphenol Corp., Cl. A
    8,135
 1,172,091
ELECTRONIC EQUIPMENT & INSTRUMENTS—0.8%
Novanta, Inc.*
    3,053
   410,751
ENVIRONMENTAL & FACILITIES SERVICES—2.9%
GFL Environmental, Inc.
   36,783
 1,579,830
HEALTHCARE EQUIPMENT—1.6%
IDEXX Laboratories, Inc.*
    1,337
   896,405
HEALTHCARE SERVICES—1.3%
Guardant Health, Inc.*
    6,247
   712,408
HOME IMPROVEMENT RETAIL—0.2%
Floor & Decor Holdings, Inc., Cl. A*
    1,900
   125,324
HOMEBUILDING—1.6%
NVR, Inc.*
      118
   901,016
HOMEFURNISHING RETAIL—1.0%
Wayfair, Inc., Cl. A*
    5,021
   519,623
HOTELS RESORTS & CRUISE LINES—4.3%
Hilton Worldwide Holdings, Inc.
    4,188
 1,250,160
Viking Holdings Ltd.*
   15,419
 1,112,481
 
 
 
 
 
 
 2,362,641
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.7%
Talen Energy Corp.*
    2,180
   759,425
Vistra Corp.
    4,545
   719,701
 
 
 
 
 
 
 1,479,126
INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—3.3%
RBC Bearings, Inc.*
    3,629
 1,813,302
INSURANCE BROKERS—1.7%
Ryan Specialty Holdings, Inc., Cl. A
   19,395
   936,391
INTERACTIVE HOME ENTERTAINMENT—0.7%
Roblox Corp., Cl. A*
    5,671
   372,925
INTERNET SERVICES & INFRASTRUCTURE—4.9%
Cloudflare, Inc., Cl. A*
    7,462
 1,323,386
MongoDB, Inc., Cl. A*
    1,771
   657,625
Twilio, Inc., Cl. A*
    5,914
   712,401
 
 
 
 
 
 
 2,693,412
INVESTMENT BANKING & BROKERAGE—0.7%
Robinhood Markets, Inc., Cl. A*
    3,960
   393,941
See Notes to Financial Statements.
- 11 -
THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments January 31, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
COMMON STOCKS—95.0% (CONT.)
LIFE & HEALTH INSURANCE—0.6%
Oscar Health, Inc., Cl. A*
   21,372
$   306,688
LIFE SCIENCES TOOLS & SERVICES—4.4%
Repligen Corp.*
   10,135
 1,513,865
West Pharmaceutical Services, Inc.
    3,838
   887,039
 
 
 
 
 
 
 2,400,904
MOVIES & ENTERTAINMENT—3.9%
Spotify Technology SA*
    1,028
   514,360
TKO Group Holdings, Inc., Cl. A
    8,096
 1,640,087
 
 
 
 
 
 
 2,154,447
PERSONAL CARE PRODUCTS—2.3%
e.l.f. Beauty, Inc.*
   14,672
 1,246,973
PROPERTY & CASUALTY INSURANCE—1.7%
Intact Financial Corp.
    5,188
   944,558
REAL ESTATE SERVICES—3.5%
CBRE Group, Inc., Cl. A*
    9,946
 1,694,102
CoStar Group, Inc.*
    3,911
   240,527
 
 
 
 
 
 
 1,934,629
RESEARCH & CONSULTING SERVICES—1.3%
Verisk Analytics, Inc.
    3,295
   716,531
RESTAURANTS—2.1%
Chipotle Mexican Grill, Inc.*
   19,129
   743,544
Wingstop, Inc.
    1,547
   410,620
 
 
 
 
 
 
 1,154,164
SEMICONDUCTORS—2.8%
Astera Labs, Inc.*
    3,611
   543,889
Monolithic Power Systems, Inc.
      893
 1,003,866
 
 
 
 
 
 
 1,547,755
SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.4%
Celsius Holdings, Inc.*
   25,198
 1,322,391
SYSTEMS SOFTWARE—1.2%
Nebius Group NV, Cl. A*
    6,177
   526,219
Rubrik, Inc., Cl. A*
    1,888
   105,633
 
 
 
 
 
 
   631,852
TRADING COMPANIES & DISTRIBUTORS—7.3%
FTAI Aviation Ltd.
    8,284
 2,255,899
QXO, Inc.*
   53,741
 1,191,975
United Rentals, Inc.
      679
   531,019
 
 
 
 
 
 
 3,978,893
TOTAL COMMON STOCKS
(Cost $39,907,217)
 
52,194,332
See Notes to Financial Statements.
- 12 -
THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments January 31, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
PREFERRED STOCKS—1.0%
APPLICATION SOFTWARE—0.5%
SB Technology, Inc., Series E(a),*,@
   16,281
$   280,196
INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.5%
Apptronik, Inc., Series A-X1*,@
    3,171
   117,223
Figure AI, Inc., Series C*,@
      711
   138,596
 
 
 
 
 
 
   255,819
TOTAL PREFERRED STOCKS
(Cost $536,015)
 
   536,015
RIGHTS—0.0%
BIOTECHNOLOGY—0.0%
Tolero CDR(a),*,@
  422,928
        —
(Cost $226,186)
 
        —
SPECIAL PURPOSE VEHICLE—0.3%
APPLICATION SOFTWARE—0.3%
Disruptive Technology Solutions LI, LLC(a),*,@
 
   157,000
(Cost $162,103)
 
   157,000
WARRANTS—0.0%
APPLICATION SOFTWARE—0.0%
Constellation Software, Inc., 3/31/40(a),*
      638
        —
(Cost $0)
 
        —
SHORT-TERM SECURITIES—3.0%
MONEY MARKET FUNDS—3.0%
Dreyfus Treasury Obligations Cash Management Fund,
Institutional Shares, 3.58%(b)
1,652,155
 1,652,155
(Cost $1,652,155)
 
 1,652,155
 
 
Total Investments
(Cost $42,483,676)
    99.3%
$54,539,502
Unaffiliated Securities (Cost $42,483,676)
 
54,539,502
Other Assets in Excess of Liabilities
     0.7%
   394,419
NET ASSETS
   100.0%
$54,933,921
 
ADR
American Depositary Receipts
CDR
Contingent Deferred Rights
 
(a)
Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures
approved by the Board of Trustees.
(b)
Rate shown reflects 7-day effective yield as of January 31, 2026.
*
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.
See Notes to Financial Statements.
- 13 -
THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments January 31, 2026 (Unaudited) (Continued)
 
Security
Acquisition
Date(s)
Acquisition
Cost
Market
Value
% of net assets
as of
1/31/2026
Apptronik, Inc., Series A-X1
1/29/26
$117,223
$117,223
0.2%
Disruptive Technology Solutions LI, LLC
11/04/25
162,103
157,000
0.3%
Figure AI, Inc., Series C
11/18/25
138,596
138,596
0.3%
SB Technology, Inc., Series E
10/23/24
280,196
280,196
0.5%
Tolero CDR
2/6/17
226,186
—
0.0%
Total
 
$924,304
$693,015
1.3%
See Notes to Financial Statements.
- 14 -
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments January 31, 2026 (Unaudited)
 
 
SHARES
VALUE
COMMON STOCKS—97.5%
AEROSPACE & DEFENSE—6.9%
AeroVironment, Inc.*
    2,786
$   775,594
Archer Aviation, Inc., Cl. A*
   34,778
   250,054
Astronics Corp.*
    4,544
   344,208
Bombardier, Inc., Cl. B*
    8,935
 1,526,362
Howmet Aerospace, Inc.
    2,016
   419,489
Karman Holdings, Inc.*
    6,376
   661,829
Loar Holdings, Inc.*
    9,060
   621,335
VSE Corp.
    3,687
   805,867
York Space Systems, Inc.*
      323
    10,966
 
 
 
 
 
 
 5,415,704
APPAREL RETAIL—3.5%
Abercrombie & Fitch Co., Cl. A*
    1,733
   169,193
Aritzia, Inc.*
   14,858
 1,171,160
Victoria's Secret & Co.*
   25,732
 1,402,651
 
 
 
 
 
 
 2,743,004
APPLICATION SOFTWARE—9.0%
BlackLine, Inc.*
   11,399
   529,711
Core Scientific, Inc.*
   10,497
   188,841
Guidewire Software, Inc.*
    6,751
   950,271
InterDigital, Inc.
    4,506
 1,470,939
Manhattan Associates, Inc.*
    3,876
   585,315
nCino, Inc.*
   19,037
   406,440
PAR Technology Corp.*
    2,953
    77,398
Q2 Holdings, Inc.*
   13,319
   815,789
Riot Platforms, Inc.*
   13,257
   205,086
SPS Commerce, Inc.*
   10,031
   895,367
Terawulf, Inc.*
   42,081
   562,623
Vertex, Inc., Cl. A*
   20,381
   378,067
 
 
 
 
 
 
 7,065,847
ASSET MANAGEMENT & CUSTODY BANKS—1.3%
Galaxy Digital, Inc., Cl. A*
   30,653
   866,254
Hamilton Lane, Inc., Cl. A
    1,007
   142,228
 
 
 
 
 
 
 1,008,482
BIOTECHNOLOGY—17.0%
Abivax SA ADR*
   10,634
 1,181,969
Absci Corp.*
  195,330
   584,037
Arrowhead Pharmaceuticals, Inc.*
   16,771
 1,162,733
Bridgebio Pharma, Inc.*
    5,691
   439,744
CareDx, Inc.*
   32,880
   675,684
Centessa Pharmaceuticals PLC ADR*
   18,325
   450,245
Cogent Biosciences, Inc.*
   11,808
   424,025
Forte Biosciences, Inc.*
   59,127
 1,730,647
Insmed, Inc.*
   10,863
 1,704,079
See Notes to Financial Statements.
- 15 -
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments January 31, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
COMMON STOCKS—97.5% (CONT.)
BIOTECHNOLOGY—17.0% (CONT.)
Ionis Pharmaceuticals, Inc.*
    5,560
$   459,645
Natera, Inc.*
    7,541
 1,743,027
Nuvalent, Inc., Cl. A*
   15,992
 1,645,417
Palvella Therapeutics, Inc.*
    3,141
   240,883
Soleno Therapeutics, Inc.*
    5,177
   199,625
Twist Bioscience Corp.*
   14,438
   592,969
uniQure NV*
    3,822
    86,836
 
 
 
 
 
 
13,321,565
BUILDING PRODUCTS—2.3%
CSW Industrials, Inc.
    4,731
 1,277,275
Modine Manufacturing Co.*
    2,571
   474,761
 
 
 
 
 
 
 1,752,036
CONSTRUCTION & ENGINEERING—3.4%
Construction Partners, Inc., Cl. A*
    5,607
   616,097
Tutor Perini Corp.
   26,114
 2,060,134
 
 
 
 
 
 
 2,676,231
CONSUMER FINANCE—0.2%
Upstart Holdings, Inc.*
    3,580
   140,515
CONSUMER STAPLES MERCHANDISE RETAIL—1.1%
BJ's Wholesale Club Holdings, Inc.*
    9,113
   842,406
EDUCATION SERVICES—0.4%
Universal Technical Institute, Inc.*
   12,267
   341,391
ELECTRIC UTILITIES—0.5%
IDACORP, Inc.
    2,771
   367,961
ELECTRICAL COMPONENTS & EQUIPMENT—0.6%
Enovix Corp.*
   68,452
   453,152
ELECTRONIC MANUFACTURING SERVICES—1.5%
Fabrinet*
    2,438
 1,193,255
ENVIRONMENTAL & FACILITIES SERVICES—0.4%
Casella Waste Systems, Inc., Cl. A*
    2,856
   288,113
FINANCIAL EXCHANGES & DATA—0.2%
Gemini Space Station, Inc., Cl. A*
      467
     3,895
MarketAxess Holdings, Inc.
      934
   158,061
 
 
 
 
 
 
   161,956
HEALTHCARE EQUIPMENT—3.7%
Glaukos Corp.*
    2,750
   328,295
Impulse Dynamics PLC, Series A(a),*,@
1,756,939
    65,007
Integer Holdings Corp.*
    3,133
   272,132
iRhythm Technologies, Inc.*
    5,252
   811,487
Penumbra, Inc.*
    2,044
   732,099
See Notes to Financial Statements.
- 16 -
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments January 31, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
COMMON STOCKS—97.5% (CONT.)
HEALTHCARE EQUIPMENT—3.7% (CONT.)
TransMedics Group, Inc.*
    5,174
$   693,187
 
 
 
 
 
 
 2,902,207
HEALTHCARE SERVICES—5.6%
GeneDx Holdings Corp., Cl. A*
   15,279
 1,470,757
Guardant Health, Inc.*
   25,657
 2,925,924
 
 
 
 
 
 
 4,396,681
HEALTHCARE SUPPLIES—0.1%
Neogen Corp.*
    9,055
    92,542
HEALTHCARE TECHNOLOGY—0.7%
Certara, Inc.*
   15,160
   133,256
HeartFlow, Inc.*
   12,877
   384,636
 
 
 
 
 
 
   517,892
HEAVY ELECTRICAL EQUIPMENT—1.3%
Bloom Energy Corp., Cl. A*
    6,504
   984,511
INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—6.4%
Gates Industrial Corp. PLC*
   88,977
 2,048,250
RBC Bearings, Inc.*
    5,976
 2,986,028
 
 
 
 
 
 
 5,034,278
INTERACTIVE MEDIA & SERVICES—0.8%
Reddit, Inc., Cl. A*
    3,513
   633,289
INTERNET SERVICES & INFRASTRUCTURE—0.7%
Whitefiber, Inc.*
   13,733
   267,931
Wix.com Ltd.*
    3,155
   273,980
 
 
 
 
 
 
   541,911
INVESTMENT BANKING & BROKERAGE—0.6%
Moelis & Co., Cl. A
    6,072
   435,180
LEISURE FACILITIES—2.0%
Life Time Group Holdings, Inc.*
   12,576
   366,842
Planet Fitness, Inc., Cl. A*
   13,063
 1,189,255
 
 
 
 
 
 
 1,556,097
LIFE SCIENCES TOOLS & SERVICES—6.9%
10X Genomics, Inc., Cl. A*
   16,200
   327,240
Adaptive Biotechnologies Corp.*
   85,183
 1,575,885
Bio-Techne Corp.
   21,139
 1,354,799
CryoPort, Inc.*
   85,432
   812,458
MaxCyte, Inc.*
   63,799
    57,853
Repligen Corp.*
    5,825
   870,080
Tempus AI, Inc.*
    6,784
   405,819
 
 
 
 
 
 
 5,404,134
See Notes to Financial Statements.
- 17 -
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments January 31, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
COMMON STOCKS—97.5% (CONT.)
PASSENGER AIRLINES—1.6%
Joby Aviation, Inc.*
  120,818
$ 1,277,046
PERSONAL CARE PRODUCTS—0.3%
Oddity Tech, Ltd., Cl. A*
    7,936
   260,618
PHARMACEUTICALS—0.1%
Belite Bio, Inc. ADR*
      259
    43,771
Terns Pharmaceuticals, Inc.*
    1,552
    53,699
 
 
 
 
 
 
    97,470
RESTAURANTS—2.7%
Kura Sushi USA, Inc., Cl. A*
    5,478
   365,985
Shake Shack, Inc., Cl. A*
    8,011
   709,534
Wingstop, Inc.
    3,755
   996,690
 
 
 
 
 
 
 2,072,209
SEMICONDUCTORS—5.1%
Astera Labs, Inc.*
    8,330
 1,254,665
Credo Technology Group Holding, Ltd.*
    6,836
   856,414
Rambus, Inc.*
   11,390
 1,296,524
Universal Display Corp.
    5,297
   608,201
 
 
 
 
 
 
 4,015,804
SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.5%
Celsius Holdings, Inc.*
    7,791
   408,872
SPECIALTY CHEMICALS—0.1%
Balchem Corp.
      606
   103,123
SYSTEMS SOFTWARE—1.7%
Nebius Group NV, Cl. A*
   14,116
 1,202,542
Netskope, Inc., Cl. A*
    1,445
    21,458
Varonis Systems, Inc.*
    3,759
   112,169
 
 
 
 
 
 
 1,336,169
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.6%
IonQ, Inc.*
   11,117
   444,458
TRADING COMPANIES & DISTRIBUTORS—2.7%
FTAI Aviation Ltd.
    5,720
 1,557,671
Xometry, Inc., Cl. A*
    9,348
   534,051
 
 
 
 
 
 
 2,091,722
TRANSACTION & PAYMENT PROCESSING SERVICES—5.0%
Chime Financial, Inc., Cl. A*
  153,570
 3,903,749
TOTAL COMMON STOCKS
(Cost $56,421,076)
 
76,281,580
See Notes to Financial Statements.
- 18 -
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments January 31, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
PREFERRED STOCKS—0.2%
HEALTHCARE EQUIPMENT—0.2%
Impulse Dynamics PLC, Series F-3(a),*,@
2,914,012
$   166,098
TOTAL PREFERRED STOCKS
(Cost $152,451)
 
   166,098
RIGHTS—0.1%
BIOTECHNOLOGY—0.0%
Mirati Therapeutics, Inc. CVR(a),*,@
    5,478
     6,409
Tolero CDR(a),*,@
  528,559
        —
 
 
 
 
 
 
     6,409
PHARMACEUTICALS—0.1%
Fusion Pharmaceuticals, Inc. CVR(a),*,@
   31,282
    35,975
TOTAL RIGHTS
(Cost $285,726)
 
    42,384
SPECIAL PURPOSE VEHICLE—0.5%
APPLICATION SOFTWARE—0.5%
Disruptive Technology Solutions LI, LLC(a),*,@
 
   402,001
(Cost $415,065)
 
   402,001
SHORT-TERM SECURITIES—1.8%
MONEY MARKET FUNDS—1.8%
Dreyfus Treasury Obligations Cash Management Fund,
Institutional Shares, 3.58%(b)
1,374,974
 1,374,974
(Cost $1,374,974)
 
 1,374,974
 
 
Total Investments
(Cost $58,649,292)
   100.1%
$78,267,037
Unaffiliated Securities (Cost $58,649,292)
 
78,267,037
Liabilities in Excess of Other Assets
    (0.1)%
   (72,862)
NET ASSETS
   100.0%
$78,194,175
 
ADR
American Depositary Receipts
CDR
Contingent Deferred Rights
CVR
Contingent Value Rights
 
(a)
Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures
approved by the Board of Trustees.
(b)
Rate shown reflects 7-day effective yield as of January 31, 2026.
*
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.
See Notes to Financial Statements.
- 19 -
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments January 31, 2026 (Unaudited) (Continued)
 
Security
Acquisition
Date(s)
Acquisition
Cost
Market
Value
% of net assets
as of
1/31/2026
Disruptive Technology Solutions LI, LLC
11/4/25
$415,065
$402,001
0.5%
Fusion Pharmaceuticals, Inc. CVR
6/5/24
—
35,975
0.1%
Impulse Dynamics PLC, Series A
2/11/22
1,756,940
65,007
0.1%
Impulse Dynamics PLC, Series F-3
2/5/24
152,451
166,098
0.2%
Mirati Therapeutics, Inc. CVR
1/24/24
—
6,409
0.0%
Tolero CDR
2/6/17
285,726
—
0.0%
Total
 
$2,610,182
$675,490
0.9%
See Notes to Financial Statements.
- 20 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1 — General:
The Alger Institutional Funds (the “Trust”) is an open-end registered investment company organized as a business trust under the laws of  the Commonwealth of Massachusetts. The Trust qualifies as an investment company as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946 – Financial Services – Investment Companies. The Trust operates as a series company currently offering an unlimited number of  shares of  beneficial interest in four series – Alger Capital Appreciation Institutional Fund, Alger Focus Equity Fund, Alger Mid Cap Growth Institutional Fund and Alger Small Cap Growth Institutional Fund (collectively, the “Funds” or individually, each a “Fund”). The Funds normally invest primarily in equity securities and each has an investment objective of  long-term capital appreciation.
Each Fund offers one or more of  the following share classes: Class A, C, I, R, Y, Z and Z-2. Class A shares are generally subject to an initial sales charge while Class C shares are generally subject to a deferred sales charge. Class I, R, Y, Z and Z-2 shares are generally sold to institutional investors and are sold without an initial or deferred sales charge and Class Y, Z and Z-2 shares are generally subject to a minimum initial investment of $500,000. Class C shares will automatically convert to Class A shares on the fifth business day of  the month following the eighth anniversary of  the purchase date of  a shareholder’s Class C shares, without the imposition of  any sales load, fee or other charge. Class C shares held at certain dealers may not convert to Class A shares or may be converted on a different schedule. At conversion, a proportionate amount of shares representing reinvested dividends and distributions will also be converted into Class A shares. Effective August 27, 2019, Class C shares were closed to direct shareholders and are only available for purchase through certain financial intermediaries and group retirement plan recordkeeping platforms. Each class has identical rights to assets and earnings, except that each share class bears the pro rata allocation of  the Fund’s expenses other than a class expense (not including advisory or custodial fees or other expenses related to the management of  the Fund’s assets).
NOTE 2 — Significant Accounting Policies:
(a) Investment Valuation: The Funds value their financial instruments at fair value using independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the "Board"). Investments held by the Funds are valued on each day the New York Stock Exchange (the “NYSE”) is open, as of the close of the NYSE (normally 4:00 p.m. Eastern Time).
The Board has designated, pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”), Fred Alger Management, LLC, the Funds' investment adviser (“Alger Management” or the “Investment Manager”), as its valuation designee (the “Valuation Designee”) to make fair
- 21 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
value determinations subject to the Board’s review and oversight. The Valuation Designee has established a Valuation Committee (“Committee”) comprised of representatives of the Investment Manager and officers of the Funds to assist in performing the duties and responsibilities of the Valuation Designee.
The Valuation Designee has established valuation processes including but not limited to: (i) making fair value determinations when market quotations for financial instruments are not readily available in accordance with valuation policies and procedures adopted by the Board; (ii) assessing and managing material risks associated with fair valuation determinations; (iii) selecting, applying and testing fair valuation methodologies; and (iv) overseeing and evaluating pricing services used by the Funds. The Valuation Designee regularly reports its fair valuation determinations and related valuation information to the Board. The Committee generally meets quarterly and on an as-needed basis to review and evaluate the effectiveness of  the valuation policies and procedures in accordance with the requirements of  Rule 2a-5.
Investments in short-term securities held by the Funds having a remaining maturity of sixty days or less are valued at amortized cost which approximates market value. Investments in other open-end investment companies registered under the 1940 Act, including money market funds, are valued at such investment companies' net asset value per share.
Equity securities, including traded rights, warrants and option contracts for which valuation information is readily available, are valued at the last quoted sales price or official closing price on the primary market or exchange on which they are traded as reported by an independent pricing service. In the absence of quoted sales, such securities are generally valued at the bid price or, in the absence of a recent bid price, the equivalent as obtained from one or more of the major market makers for the securities to be valued.
Securities in which the Funds invest may be traded in foreign markets that close before the close of the NYSE. Developments that occur between the close of the foreign markets and the close of the NYSE may result in adjustments to the closing foreign prices to reflect what the Valuation Designee, through its Committee, believes to be the fair value of these securities as of the close of the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but the NYSE is open.
- 22 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
FASB Accounting Standards Codification 820 – Fair Value Measurements and Disclosures (“ASC 820”) defines fair value as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability and may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Funds. Unobservable inputs are inputs that reflect the Funds' own assumptions based on the best information available in these circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. Each Fund's quantitative summary by Level can be found in Note 3.
• Level 1 – quoted prices in active markets for identical investments
• Level 2 – significant other observable inputs (including quoted prices for similar or identical investments, amortized cost, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 – significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)
The Funds' valuation techniques are generally consistent with either the market or the income approach to fair value. The market approach considers prices and other relevant information generated by market transactions involving identical or comparable assets to measure fair value. The income approach converts future amounts to a current, or discounted, single amount. These fair value measurements are determined on the basis of the value indicated by current market expectations about such future events. Inputs for Level 1 include exchange-listed prices and broker quotes in an active market. Inputs for Level 2 include the last trade price in the case of a halted security, an exchange-listed price which has been adjusted for fair value factors, and prices of closely related securities. Additional Level 2 inputs include an evaluated price which is based upon a compilation of observable market information such as spreads for fixed income and preferred securities. Inputs for Level 3 include, but are not limited to, revenue multiples, bookings multiples, earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples, transaction pricing, performance of comparable publicly traded securities, discount rates, time to exit and the probabilities of success of certain outcomes. Such unobservable market information may be obtained from a company’s financial statements and from industry studies, market data, and market indicators such as benchmarks and indexes. Because of the inherent uncertainty and often limited markets for restricted securities, the valuations assigned to such securities by the Funds may
- 23 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
significantly differ from the valuations that would have been assigned by the Funds had there been an active market for such securities.
NOTE 3 — Fair Value Measurements:
The following is a summary of the inputs used as of January 31, 2026 in valuing the Funds' investments carried at fair value on a recurring basis. Based upon the nature, characteristics, and risks associated with their investments, the Funds have determined that presenting them by security type and sector is appropriate.
 
Alger Capital Appreciation
Institutional Fund
TOTAL
LEVEL 1
LEVEL 2
LEVEL 3
COMMON STOCKS
Communication Services
$449,356,017
$449,356,017
$—
$—
Consumer Discretionary
424,363,077
424,363,077
—
—
Consumer Staples
6,078,076
6,078,076
—
—
Energy
12,362,568
12,362,568
—
—
Financials
91,571,664
91,571,664
—
—
Health Care
224,249,155
224,249,155
—
—
Industrials
172,451,696
172,451,696
—
—
Information Technology
1,484,738,599
1,484,738,599
—
—
Materials
22,348,065
22,348,065
—
—
Utilities
100,462,915
100,462,915
—
—
TOTAL COMMON STOCKS
$2,987,981,832
$2,987,981,832
$—
$—
PREFERRED STOCKS
Industrials
22,109,421
—
—
22,109,421
Information Technology
60,561,452
—
—
60,561,452
TOTAL PREFERRED STOCKS
$82,670,873
$—
$—
$82,670,873
SPECIAL PURPOSE VEHICLE
Information Technology
12,879,000
—
—
12,879,000
TOTAL INVESTMENTS IN
SECURITIES
$3,083,531,705
$2,987,981,832
$—
$95,549,873
 
Alger Focus Equity Fund
TOTAL
LEVEL 1
LEVEL 2
LEVEL 3
COMMON STOCKS
Communication Services
$706,782,573
$706,782,573
$—
$—
Consumer Discretionary
819,287,078
819,287,078
—
—
Financials
100,231,735
100,231,735
—
—
Health Care
243,608,455
243,608,455
—
—
Industrials
292,315,058
292,315,058
—
—
Information Technology
2,383,473,479
2,383,473,479
—
—
Materials
32,105,173
32,105,173
—
—
Utilities
156,387,476
156,387,476
—
—
TOTAL COMMON STOCKS
$4,734,191,027
$4,734,191,027
$—
$—
PREFERRED STOCKS
Industrials
19,118,694
—
—
19,118,694
Information Technology
131,334,097
—
—
131,334,097
TOTAL PREFERRED STOCKS
$150,452,791
$—
$—
$150,452,791
- 24 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Alger Focus Equity Fund
TOTAL
LEVEL 1
LEVEL 2
LEVEL 3
SPECIAL PURPOSE VEHICLE
Information Technology
$27,433,000
$—
$—
$27,433,000
SHORT-TERM INVESTMENTS
Money Market Funds
37,588,391
37,588,391
—
—
TOTAL INVESTMENTS IN
SECURITIES
$4,949,665,209
$4,771,779,418
$—
$177,885,791
 
Alger Mid Cap Growth Institutional
Fund
TOTAL
LEVEL 1
LEVEL 2
LEVEL 3
COMMON STOCKS
Communication Services
$2,527,372
$2,527,372
$—
$—
Consumer Discretionary
8,682,058
8,682,058
—
—
Consumer Staples
2,569,364
2,569,364
—
—
Financials
4,248,553
4,248,553
—
—
Health Care
7,085,844
7,085,844
—
—
Industrials
13,970,979
13,970,979
—
—
Information Technology
8,889,945
8,889,945
—
—
Materials
806,462
806,462
—
—
Real Estate
1,934,629
1,934,629
—
—
Utilities
1,479,126
1,479,126
—
—
TOTAL COMMON STOCKS
$52,194,332
$52,194,332
$—
$—
PREFERRED STOCKS
Industrials
255,819
—
—
255,819
Information Technology
280,196
—
—
280,196
TOTAL PREFERRED STOCKS
$536,015
$—
$—
$536,015
RIGHTS
Health Care
—
1
—
—
—
1
SPECIAL PURPOSE VEHICLE
Information Technology
157,000
—
—
157,000
WARRANTS
Information Technology
—
2
—
—
2
—
SHORT-TERM INVESTMENTS
Money Market Funds
1,652,155
1,652,155
—
—
TOTAL INVESTMENTS IN
SECURITIES
$54,539,502
$53,846,487
$—
$693,015
- 25 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
 
Alger Small Cap Growth Institutional
Fund
TOTAL
LEVEL 1
LEVEL 2
LEVEL 3
COMMON STOCKS
Communication Services
$633,289
$633,289
$—
$—
Consumer Discretionary
6,712,701
6,712,701
—
—
Consumer Staples
1,511,896
1,511,896
—
—
Financials
5,649,882
5,649,882
—
—
Health Care
26,732,491
26,667,484
—
65,007
Industrials
19,972,793
19,972,793
—
—
Information Technology
14,597,444
14,597,444
—
—
Materials
103,123
103,123
—
—
Utilities
367,961
367,961
—
—
TOTAL COMMON STOCKS
$76,281,580
$76,216,573
$—
$65,007
PREFERRED STOCKS
Health Care
166,098
—
—
166,098
RIGHTS
Health Care
42,384
1
—
—
42,384
1
SPECIAL PURPOSE VEHICLE
Information Technology
402,001
—
—
402,001
SHORT-TERM INVESTMENTS
Money Market Funds
1,374,974
1,374,974
—
—
TOTAL INVESTMENTS IN
SECURITIES
$78,267,037
$77,591,547
$—
$675,490
 
1
Each of Alger Mid Cap Growth Institutional Fund's and Alger Small Cap Growth Institutional Fund's holdings of Tolero
CDRs are classified as a Level 3 investment and are fair valued at zero as of January 31, 2026.
2
Alger Mid Cap Growth Institutional Fund's holdings of Constellation Software, Inc. warrants expiring March 31, 2040,
are classified as a Level 2 investment and are fair valued at zero as of January 31, 2026.
 
 
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
Alger Capital Appreciation Institutional Fund
Preferred Stocks
Opening balance at November 1, 2025
$42,884,542
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
9,760,558
Purchases and Sales/Distributions
Purchases
30,025,773
Sales/Distributions
—
Closing balance at January 31, 2026
82,670,873
Net change in unrealized appreciation (depreciation) attributable to investments
still held at January 31, 2026
$9,760,558
- 26 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
 
 
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
Alger Capital Appreciation Institutional Fund
Special Purpose
Vehicle
Opening balance at November 1, 2025
$—
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
(418,567
)
Purchases and Sales/Distributions
Purchases
13,297,567
Sales/Distributions
—
Closing balance at January 31, 2026
12,879,000
Net change in unrealized appreciation (depreciation) attributable to investments
still held at January 31, 2026
$(418,567
)
 
 
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
Alger Focus Equity Fund
Preferred Stocks
Opening balance at November 1, 2025
$106,986,387
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
22,573,998
Purchases and Sales/Distributions
Purchases
20,892,406
Sales/Distributions
—
Closing balance at January 31, 2026
150,452,791
Net change in unrealized appreciation (depreciation) attributable to investments
still held at January 31, 2026
$22,573,998
- 27 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
 
 
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
Alger Focus Equity Fund
Special Purpose
Vehicle
Opening balance at November 1, 2025
$—
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
(891,572
)
Purchases and Sales/Distributions
Purchases
28,324,572
Sales/Distributions
—
Closing balance at January 31, 2026
27,433,000
Net change in unrealized appreciation (depreciation) attributable to investments
still held at January 31, 2026
$(891,572
)
 
 
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
Alger Mid Cap Growth Institutional Fund
Preferred Stocks
Opening balance at November 1, 2025
$280,196
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
—
Purchases and Sales/Distributions
Purchases
255,819
Sales/Distributions
—
Closing balance at January 31, 2026
536,015
Net change in unrealized appreciation (depreciation) attributable to investments
still held at January 31, 2026
$— 
- 28 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
 
 
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
Alger Mid Cap Growth Institutional Fund
Rights
Opening balance at November 1, 2025
$—*
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/Distributions
Purchases
—
Sales/Distributions
—
Closing balance at January 31, 2026
—*
Net change in unrealized appreciation (depreciation) attributable to investments
still held at January 31, 2026
$—
 
 
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
Alger Mid Cap Growth Institutional Fund
Special Purpose
Vehicle
Opening balance at November 1, 2025
$—
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
(5,103
)
Purchases and Sales/Distributions
Purchases
162,103
Sales/Distributions
—
Closing balance at January 31, 2026
157,000
Net change in unrealized appreciation (depreciation) attributable to investments
still held at January 31, 2026
$(5,103
)
- 29 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
 
 
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
Alger Small Cap Growth Institutional Fund
Common Stocks
Opening balance at November 1, 2025
$63,250
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
1,757
Purchases and Sales/Distributions
Purchases
—
Sales/Distributions
—
Closing balance at January 31, 2026
65,007
Net change in unrealized appreciation (depreciation) attributable to investments
still held at January 31, 2026
$1,757
 
 
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
Alger Small Cap Growth Institutional Fund
Preferred Stocks
Opening balance at November 1, 2025
$166,098
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/Distributions
Purchases
—
Sales/Distributions
—
Closing balance at January 31, 2026
166,098
Net change in unrealized appreciation (depreciation) attributable to investments
still held at January 31, 2026
$— 
- 30 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
 
 
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
Alger Small Cap Growth Institutional Fund
Rights
Opening balance at November 1, 2025
$42,384*
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/Distributions
Purchases
—
Sales/Distributions
—
Closing balance at January 31, 2026
42,384*
Net change in unrealized appreciation (depreciation) attributable to investments
still held at January 31, 2026
$— 
 
 
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
Alger Small Cap Growth Institutional Fund
Special Purpose
Vehicle
Opening balance at November 1, 2025
$—
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
(13,064
)
Purchases and Sales/Distributions
Purchases
415,065
Sales/Distributions
—
Closing balance at January 31, 2026
402,001
Net change in unrealized appreciation (depreciation) attributable to investments
still held at January 31, 2026
$(13,064
)
 
*
Includes securities that are fair valued at zero during the period ended January  31, 2026.
The following table provides quantitative information about each Fund's Level 3 fair value measurements of its investments as of January 31, 2026. The table below is not intended to be all-inclusive, but rather provides information on the Level 3 inputs as they relate to each Fund's fair value measurements.
- 31 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
 
 
Fair Value
January 31,
2026
Valuation
Methodology
Unobservable
Inputs
Inputs/Range
Weighted
Average Inputs
Alger Capital Appreciation Institutional Fund
Preferred Stocks
$54,279,010
Market
Approach
Revenue Multiple
22.00x
N/A*
 
6,282,442
Market
Approach
Bookings Multiple
28.62x
N/A*
 
8,572,398
Market
Approach
Transaction Price (a)
N/A
N/A*
 
13,537,023
Market
Approach
Transaction Price (b)
N/A
N/A*
Special Purpose
Vehicle
12,879,000
Market
Approach
Transaction Price (c)
N/A
N/A*
Alger Focus Equity Fund
Preferred Stocks
108,662,710
Market
Approach
Revenue Multiple
22.00x
N/A*
 
22,671,387
Market
Approach
Bookings Multiple
28.62x
N/A*
 
19,118,684
Market
Approach
Transaction Price (b)
N/A
N/A*
Special Purpose
Vehicle
27,433,000
Market
Approach
Transaction Price (c)
N/A
N/A*
Alger Mid Cap Growth Institutional Fund
Preferred Stocks
280,196
Market
Approach
Bookings Multiple
28.62x
N/A*
 
117,223
Market
Approach
Transaction Price (a)
N/A
N/A*
 
138,596
Market
Approach
Transaction Price (b)
N/A
N/A*
Rights
—
Income
Approach
Discount Rate
Probability of Success (d)
100%
0.00%
N/A*
N/A*
Special Purpose
Vehicle
157,000
Market
Approach
Transaction Price (c)
N/A
N/A*
Alger Small Cap Growth Institutional Fund
Common Stocks
65,007
Market
Approach
Revenue Multiple
2.26x
N/A*
Preferred Stocks
166,098
Market
Approach
Revenue Multiple
2.26x
N/A*
Rights
42,384
Income
Approach
Discount Rate
Probability of Success (d)
4.65%-100.00%
0.00%-44.00%
4.71%
39.16%
Special Purpose
Vehicle
402,001
Market
Approach
Transaction Price (c)
N/A
N/A*
 
*
Security type listed and respective valuation methodology and unobservable input, represents only one
investment.
(a)
Fair value was determined based on the recent acquisition price (transaction price) as a best measure of fair value
with no material changes in valuation assumptions since the acquisition date of January 29, 2026.
- 32 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(b)
Fair value was determined based on the recent acquisition price (transaction price) as a best measure of fair value
with no material changes in valuation assumptions since the acquisition date of November 18, 2025.
(c)
Fair value was determined based on the recent acquisition price (transaction price) as a best measure of fair value
with no material changes in valuation assumptions since the acquisition date of November 4, 2025.
(d)
Tolero CDRs are classified as a Level 3 investment and are fair valued at zero as of January 31, 2026.
The significant unobservable inputs used in the fair value measurement of each Fund's securities are revenue, bookings, and EBITDA multiples, publicly traded comparable securities’ market value and revenue multiples, transaction pricing, discount rates, and the probability of success of certain outcomes. Significant increases and decreases in these inputs in isolation and interrelationships between these inputs would have resulted in significantly higher or lower fair value measurements than those noted in the table above. Generally, all other things being equal, increases in revenue and EBITDA multiples, decreases in discount rates, and increases in the probability of success result in higher fair value measurements, whereas decreases in revenues and EBITDA multiples, increases in discount rates, and decreases in the probability of success result in lower fair value measurements.  For the period ended January 31, 2026, there were no changes in valuation methodology on Level 3 investments.
NOTE 4 — Affiliated Securities:
During the period ended January 31, 2026, as disclosed in the following table, certain Funds held 5% or more of the outstanding voting securities of the issuers listed below. As such, these issuers were “affiliated persons” of the applicable Fund(s) for purposes of the 1940 Act. Transactions during the period ended January 31, 2026 with such affiliated persons are summarized below. During this period, other Funds in the Trust may also have held voting shares of the issuers at levels below 5%.  
 
Security
Shares
Held at
October 31,
2025
Shares
Purchased
Shares
Sold
Shares
Held at
January 31,
2026
Dividend
Income
Realized
Gain (Loss)
Net Change
in
Unrealized
App (Dep)
Value at
January 31,
2026
Alger Capital Appreciation Institutional Fund
Special Purpose Vehicle
Crosslink
Ventures C,
LLC, Cl. A1
—
—
—
—
$—
$—
$1,787,186
$—
Total
—
—
—
—
$—
$—
$1,787,186
$—
- 33 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
 
Security
Shares
Held at
October 31,
2025
Shares
Purchased
Shares
Sold
Shares
Held at
January 31,
2026
Dividend
Income
Realized
Gain (Loss)
Net Change
in
Unrealized
App (Dep)
Value at
January 31,
2026
Alger Focus Equity Fund
Special Purpose Vehicle
Disruptive
Technology
Solutions LI,
LLC
—
—
—
—
$—
$—
$(891,572
)
$27,433,000
Total
—
—
—
—
$—
$—
$(891,572
)
$27,433,000
 
Security
Shares
Held at
October 31,
2025
Shares
Purchased
Shares
Sold
Shares
Held at
January 31,
2026
Dividend
Income
Realized
Gain (Loss)
Net Change
in
Unrealized
App (Dep)
Value at
January 31,
2026
Alger Mid Cap Growth Institutional Fund
Special Purpose Vehicle
Crosslink
Ventures C,
LLC, Cl. A1
—
—
—
—
$—
$—
$319,659
$—
Crosslink
Ventures C,
LLC, Cl. B1
—
—
—
—
—
—
129,929
—
Total
—
—
—
—
$—
$—
$449,588
$—
 
Security
Shares
Held at
October 31,
2025
Shares
Purchased
Shares
Sold
Shares
Held at
January 31,
2026
Dividend
Income
Realized
Gain (Loss)
Net Change
in
Unrealized
App (Dep)
Value at
January 31,
2026
Alger Small Cap Growth Institutional Fund
Special Purpose Vehicle
Crosslink Ventures C, LLC,
CI. A1
—
—
—
—
$—
$—
$741,028
$—
Crosslink Ventures C, LLC,
CI. B1
—
—
—
—
—
—
187,676
—
Total
—
—
—
—
$—
$—
$928,704
$—
 
1
Crosslink Ventures C, LLC liquidated and distributed shares of Chime Financial, Inc. Class A during the period, and is no
longer deemed an affiliate of the Fund.
- 34 -