UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-07986
The Alger Institutional Funds
(Exact name of registrant as specified in charter)
100 Pearl Street, New York, New York 10004
Registrant's telephone number, including area code:
212-806-8800
Date of fiscal year end:
10/31
Date of reporting period:
April 30, 2026
Item 1. Report to Stockholders.
(a) The registrant’s semi-annual  report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
TSR - Fund Logo
Alger Capital Appreciation Institutional Fund
Class I / ALARX
Semi-Annual SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the Alger Capital Appreciation Institutional Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class/Ticker) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Alger Capital Appreciation Institutional Fund
(Class I / ALARX)		 $60 1.20%(a)
(a)
Annualized.
Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.
Fund net assets $3,290,638,853
Total number of portfolio holdings1 85
Portfolio turnover rate 32.82%
1
Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.
Sector Allocation †
Communication Services 12.1%
Consumer Discretionary 11.8%
Energy 0.7%
Financials 1.8%
Health Care 7.2%
Industrials 5.8%
Information Technology 56.8%
Materials 0.5%
Real Estate 0.7%
Utilities 2.0%
Short-Term Investments and Other Net Assets 0.6%
100.0%
​†
Based on net assets
Availability of Additional Information
TSR - QR Code
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.
Alger Capital Appreciation Institutional Fund
TSR - Fund Logo
Alger Capital Appreciation Institutional Fund
Class R / ACARX
Semi-Annual SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the Alger Capital Appreciation Institutional Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class/Ticker) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Alger Capital Appreciation Institutional Fund
(Class R / ACARX)		 $81 1.64%(a)
(a)
Annualized.
Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.
Fund net assets $3,290,638,853
Total number of portfolio holdings1 85
Portfolio turnover rate 32.82%
1
Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.
Sector Allocation †
Communication Services 12.1%
Consumer Discretionary 11.8%
Energy 0.7%
Financials 1.8%
Health Care 7.2%
Industrials 5.8%
Information Technology 56.8%
Materials 0.5%
Real Estate 0.7%
Utilities 2.0%
Short-Term Investments and Other Net Assets 0.6%
100.0%
​†
Based on net assets
Availability of Additional Information
TSR - QR Code
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.
Alger Capital Appreciation Institutional Fund
TSR - Fund Logo
Alger Capital Appreciation Institutional Fund
Class Y / ACAYX
Semi-Annual SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the Alger Capital Appreciation Institutional Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class/Ticker) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Alger Capital Appreciation Institutional Fund
(Class Y / ACAYX)		 $41 0.82%(a)
(a)
Annualized.
Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.
Fund net assets $3,290,638,853
Total number of portfolio holdings1 85
Portfolio turnover rate 32.82%
1
Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.
Sector Allocation †
Communication Services 12.1%
Consumer Discretionary 11.8%
Energy 0.7%
Financials 1.8%
Health Care 7.2%
Industrials 5.8%
Information Technology 56.8%
Materials 0.5%
Real Estate 0.7%
Utilities 2.0%
Short-Term Investments and Other Net Assets 0.6%
100.0%
​†
Based on net assets
Availability of Additional Information
TSR - QR Code
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.
Alger Capital Appreciation Institutional Fund
TSR - Fund Logo
Alger Capital Appreciation Institutional Fund
Class Z-2 / ACIZX
Semi-Annual SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the Alger Capital Appreciation Institutional Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class/Ticker) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Alger Capital Appreciation Institutional Fund
(Class Z-2 / ACIZX)		 $42 0.84%(a)
(a)
Annualized.
Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.
Fund net assets $3,290,638,853
Total number of portfolio holdings1 85
Portfolio turnover rate 32.82%
1
Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.
Sector Allocation †
Communication Services 12.1%
Consumer Discretionary 11.8%
Energy 0.7%
Financials 1.8%
Health Care 7.2%
Industrials 5.8%
Information Technology 56.8%
Materials 0.5%
Real Estate 0.7%
Utilities 2.0%
Short-Term Investments and Other Net Assets 0.6%
100.0%
​†
Based on net assets
Availability of Additional Information
TSR - QR Code
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.
Alger Capital Appreciation Institutional Fund
TSR - Fund Logo
Alger Focus Equity Fund
Class A / ALAFX
Semi-Annual SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the Alger Focus Equity Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class/Ticker) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Alger Focus Equity Fund
(Class A / ALAFX)		 $46 0.91%(a)
(a)
Annualized.
Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.
Fund net assets $6,123,571,016
Total number of portfolio holdings1 50
Portfolio turnover rate 52.02%
1
Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.
Sector Allocation †
Communication Services 13.0%
Consumer Discretionary 13.3%
Financials 1.4%
Health Care 5.7%
Industrials 6.5%
Information Technology 55.7%
Materials 0.3%
Utilities 2.0%
Short-Term Investments and Other Net Assets 2.1%
100.0%
​†
Based on net assets
Availability of Additional Information
TSR - QR Code
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.
Alger Focus Equity Fund
TSR - Fund Logo
Alger Focus Equity Fund
Class C / ALCFX
Semi-Annual SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the Alger Focus Equity Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class/Ticker) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Alger Focus Equity Fund
(Class C / ALCFX)		 $84 1.68%(a)
(a)
Annualized.
Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.
Fund net assets $6,123,571,016
Total number of portfolio holdings1 50
Portfolio turnover rate 52.02%
1
Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.
Sector Allocation †
Communication Services 13.0%
Consumer Discretionary 13.3%
Financials 1.4%
Health Care 5.7%
Industrials 6.5%
Information Technology 55.7%
Materials 0.3%
Utilities 2.0%
Short-Term Investments and Other Net Assets 2.1%
100.0%
​†
Based on net assets
Availability of Additional Information
TSR - QR Code
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.
Alger Focus Equity Fund
TSR - Fund Logo
Alger Focus Equity Fund
Class I / ALGRX
Semi-Annual SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the Alger Focus Equity Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class/Ticker) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Alger Focus Equity Fund
(Class I / ALGRX)		 $45 0.89%(a)
(a)
Annualized.
Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.
Fund net assets $6,123,571,016
Total number of portfolio holdings1 50
Portfolio turnover rate 52.02%
1
Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.
Sector Allocation †
Communication Services 13.0%
Consumer Discretionary 13.3%
Financials 1.4%
Health Care 5.7%
Industrials 6.5%
Information Technology 55.7%
Materials 0.3%
Utilities 2.0%
Short-Term Investments and Other Net Assets 2.1%
100.0%
​†
Based on net assets
Availability of Additional Information
TSR - QR Code
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.
Alger Focus Equity Fund
TSR - Fund Logo
Alger Focus Equity Fund
Class Y / ALGYX
Semi-Annual SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the Alger Focus Equity Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class/Ticker) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Alger Focus Equity Fund
(Class Y / ALGYX)		 $30 0.60%(a)
(a)
Annualized.
Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.
Fund net assets $6,123,571,016
Total number of portfolio holdings1 50
Portfolio turnover rate 52.02%
1
Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.
Sector Allocation †
Communication Services 13.0%
Consumer Discretionary 13.3%
Financials 1.4%
Health Care 5.7%
Industrials 6.5%
Information Technology 55.7%
Materials 0.3%
Utilities 2.0%
Short-Term Investments and Other Net Assets 2.1%
100.0%
​†
Based on net assets
Availability of Additional Information
TSR - QR Code
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.
Alger Focus Equity Fund
TSR - Fund Logo
Alger Focus Equity Fund
Class Z / ALZFX
Semi-Annual SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the Alger Focus Equity Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class/Ticker) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Alger Focus Equity Fund
(Class Z / ALZFX)		 $31 0.62%(a)
(a)
Annualized.
Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.
Fund net assets $6,123,571,016
Total number of portfolio holdings1 50
Portfolio turnover rate 52.02%
1
Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.
Sector Allocation †
Communication Services 13.0%
Consumer Discretionary 13.3%
Financials 1.4%
Health Care 5.7%
Industrials 6.5%
Information Technology 55.7%
Materials 0.3%
Utilities 2.0%
Short-Term Investments and Other Net Assets 2.1%
100.0%
​†
Based on net assets
Availability of Additional Information
TSR - QR Code
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.
Alger Focus Equity Fund
TSR - Fund Logo
Alger Mid Cap Growth Institutional Fund
Class I / ALMRX
Semi-Annual SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the Alger Mid Cap Growth Institutional Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class/Ticker) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Alger Mid Cap Growth Institutional Fund
(Class I / ALMRX)		 $62 1.26%(a)
(a)
Annualized.
Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.
Fund net assets $54,332,448
Total number of portfolio holdings1 68
Portfolio turnover rate 42.82%
1
Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.
Sector Allocation †
Communication Services 3.8%
Consumer Discretionary 13.0%
Consumer Staples 2.7%
Energy 0.9%
Financials 6.9%
Health Care 13.1%
Industrials 28.8%
Information Technology 22.3%
Materials 1.7%
Real Estate 2.6%
Utilities 2.3%
Short-Term Investments and Other Net Assets 1.9%
100.0%
​†
Based on net assets
Availability of Additional Information
TSR - QR Code
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.
Alger Mid Cap Growth Institutional Fund
TSR - Fund Logo
Alger Mid Cap Growth Institutional Fund
Class R / AGIRX
Semi-Annual SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the Alger Mid Cap Growth Institutional Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class/Ticker) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Alger Mid Cap Growth Institutional Fund
(Class R / AGIRX)		 $92 1.89%(a)
(a)
Annualized.
Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.
Fund net assets $54,332,448
Total number of portfolio holdings1 68
Portfolio turnover rate 42.82%
1
Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.
Sector Allocation †
Communication Services 3.8%
Consumer Discretionary 13.0%
Consumer Staples 2.7%
Energy 0.9%
Financials 6.9%
Health Care 13.1%
Industrials 28.8%
Information Technology 22.3%
Materials 1.7%
Real Estate 2.6%
Utilities 2.3%
Short-Term Investments and Other Net Assets 1.9%
100.0%
​†
Based on net assets
Availability of Additional Information
TSR - QR Code
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.
Alger Mid Cap Growth Institutional Fund
TSR - Fund Logo
Alger Mid Cap Growth Institutional Fund
Class Z-2 / ALMZX
Semi-Annual SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the Alger Mid Cap Growth Institutional Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class/Ticker) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Alger Mid Cap Growth Institutional Fund
(Class Z-2 / ALMZX)		 $49 1.01%(a)
(a)
Annualized.
Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.
Fund net assets $54,332,448
Total number of portfolio holdings1 68
Portfolio turnover rate 42.82%
1
Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.
Sector Allocation †
Communication Services 3.8%
Consumer Discretionary 13.0%
Consumer Staples 2.7%
Energy 0.9%
Financials 6.9%
Health Care 13.1%
Industrials 28.8%
Information Technology 22.3%
Materials 1.7%
Real Estate 2.6%
Utilities 2.3%
Short-Term Investments and Other Net Assets 1.9%
100.0%
​†
Based on net assets
Availability of Additional Information
TSR - QR Code
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.
Alger Mid Cap Growth Institutional Fund
TSR - Fund Logo
Alger Small Cap Growth Institutional Fund
Class I / ALSRX
Semi-Annual SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the Alger Small Cap Growth Institutional Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class/Ticker) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Alger Small Cap Growth Institutional Fund
(Class I / ALSRX)		 $71 1.43%(a)
(a)
Annualized.
Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.
Fund net assets $71,328,354
Total number of portfolio holdings1 106
Portfolio turnover rate 8.33%
1
Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.
Sector Allocation †
Communication Services 0.7%
Consumer Discretionary 6.8%
Consumer Staples 1.5%
Financials 5.9%
Health Care 32.5%
Industrials 28.4%
Information Technology 23.3%
Materials 0.1%
Utilities 0.5%
Short-Term Investments and Other Net Assets 0.3%
100.0%
​†
Based on net assets
Availability of Additional Information
TSR - QR Code
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.
Alger Small Cap Growth Institutional Fund
TSR - Fund Logo
Alger Small Cap Growth Institutional Fund
Class R / ASIRX
Semi-Annual SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the Alger Small Cap Growth Institutional Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class/Ticker) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Alger Small Cap Growth Institutional Fund
(Class R / ASIRX)		 $94 1.89%(a)
(a)
Annualized.
Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.
Fund net assets $71,328,354
Total number of portfolio holdings1 106
Portfolio turnover rate 8.33%
1
Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.
Sector Allocation †
Communication Services 0.7%
Consumer Discretionary 6.8%
Consumer Staples 1.5%
Financials 5.9%
Health Care 32.5%
Industrials 28.4%
Information Technology 23.3%
Materials 0.1%
Utilities 0.5%
Short-Term Investments and Other Net Assets 0.3%
100.0%
​†
Based on net assets
Availability of Additional Information
TSR - QR Code
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.
Alger Small Cap Growth Institutional Fund
TSR - Fund Logo
Alger Small Cap Growth Institutional Fund
Class Z-2 / AISZX
Semi-Annual SHAREHOLDER REPORT | April 30, 2026
This semi-annual shareholder report contains important information about the Alger Small Cap Growth Institutional Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class/Ticker) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Alger Small Cap Growth Institutional Fund
(Class Z-2 / AISZX)		 $50 1.00%(a)
(a)
Annualized.
Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.
Fund net assets $71,328,354
Total number of portfolio holdings1 106
Portfolio turnover rate 8.33%
1
Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.
Sector Allocation †
Communication Services 0.7%
Consumer Discretionary 6.8%
Consumer Staples 1.5%
Financials 5.9%
Health Care 32.5%
Industrials 28.4%
Information Technology 23.3%
Materials 0.1%
Utilities 0.5%
Short-Term Investments and Other Net Assets 0.3%
100.0%
​†
Based on net assets
Availability of Additional Information
TSR - QR Code
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.
Alger Small Cap Growth Institutional Fund

ITEM 2. CODE OF ETHICS.

 

Not applicable.

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

  Not applicable.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

  Not applicable.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

  Not applicable.

 

ITEM 6. INVESTMENTS.

 

(a) A Schedule of Investments in securities of unaffiliated issuers as of the close of the Reporting Period is included as part of the report to shareholders filed under Item 7 of this Form N-CSR.

 

(b) Not applicable.

 

 

 
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
THE ALGER INSTITUTIONAL FUNDS
SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION
April 30, 2026 (UNAUDITED)
 
Table of Contents
THE ALGER INSTITUTIONAL FUNDS
 
2
22
26
30
34
49
80
- 1 -
THE ALGER INSTITUTIONAL FUNDS
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments April 30, 2026 (Unaudited)

 
 
SHARES
VALUE
COMMON STOCKS—93.4%
AEROSPACE & DEFENSE—0.9%
HEICO Corp.
    38,300
$   10,337,936
HEICO Corp., Cl. A
    69,694
   14,567,440
Rheinmetall AG
     2,550
    4,066,768
 
 
 
 
 
 
   28,972,144
APPLICATION SOFTWARE—2.9%
Anthropic PBC, Series G(a),*,@
    36,700
    9,510,306
AppLovin Corp., Cl. A*
   146,796
   65,522,395
IREN Ltd.*
   119,387
    5,433,302
Palantir Technologies, Inc., Cl. A*
   109,875
   15,284,711
 
 
 
 
 
 
   95,750,714
ASSET MANAGEMENT & CUSTODY BANKS—0.1%
Blackstone, Inc.
    24,693
    3,100,947
AUTOMOBILE MANUFACTURERS—2.7%
Tesla, Inc.*
   230,720
   88,049,674
AUTOMOTIVE RETAIL—0.0%
Carvana Co.*
     1,946
      770,227
BIOTECHNOLOGY—4.1%
Abivax SA ADR*
   169,998
   19,954,365
Arrowhead Pharmaceuticals, Inc.*
   324,490
   23,843,525
Ascendis Pharma A/S*
    44,572
   10,223,925
Biogen, Inc.*
    94,204
   17,830,933
Cogent Biosciences, Inc.*
   112,875
    4,039,796
Dianthus Therapeutics, Inc.*
   125,604
   11,028,031
Natera, Inc.*
   169,459
   34,935,668
Revolution Medicines, Inc.*
    43,913
    6,328,742
Roivant Sciences Ltd.*
   242,722
    6,924,859
 
 
 
 
 
 
  135,109,844
BROADLINE RETAIL—8.8%
Amazon.com, Inc.*
   874,951
  231,914,512
MercadoLibre, Inc.*
    12,433
   22,287,769
Sea Ltd., Cl. A ADR*
   434,248
   36,858,970
 
 
 
 
 
 
  291,061,251
COAL & CONSUMABLE FUELS—0.7%
Cameco Corp.
   136,545
   16,800,497
Centrus Energy Corp., Cl. A*
    23,843
    5,029,919
 
 
 
 
 
 
   21,830,416
COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.5%
Rocket Cos., Inc., Cl. A*
 1,024,348
   14,975,968
COMMUNICATIONS EQUIPMENT—0.7%
Arista Networks, Inc.*
   128,898
   22,261,974
See Notes to Financial Statements.
- 2 -
THE ALGER INSTITUTIONAL FUNDS
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments April 30, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
COMMON STOCKS—93.4% (CONT.)
CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.3%
Caterpillar, Inc.
    10,340
$    9,203,737
CONSUMER FINANCE—0.5%
Figure Technology Solutions, Inc., Cl. A*
   469,562
   16,481,626
DIVERSIFIED METALS & MINING—0.1%
MP Materials Corp., Cl. A*
    38,496
    2,542,276
ELECTRIC UTILITIES—0.0%
NRG Energy, Inc.
     9,269
    1,442,071
ELECTRICAL COMPONENTS & EQUIPMENT—0.5%
Vertiv Holdings Co., Cl. A
    51,606
   16,952,055
ENVIRONMENTAL & FACILITIES SERVICES—0.6%
GFL Environmental, Inc.
   514,426
   20,633,627
FINANCIAL EXCHANGES & DATA—0.1%
S&P Global, Inc.
     8,545
    3,684,860
HEALTH CARE DISTRIBUTORS—0.5%
Cardinal Health, Inc.
    84,267
   16,253,419
HEALTHCARE EQUIPMENT—0.6%
Boston Scientific Corp.*
    26,133
    1,505,522
Intuitive Surgical, Inc.*
    39,679
   18,157,507
 
 
 
 
 
 
   19,663,029
HEALTHCARE TECHNOLOGY—0.1%
Veeva Systems, Inc., Cl. A*
    23,580
    3,677,773
HEAVY ELECTRICAL EQUIPMENT—1.2%
GE Vernova, Inc.
    35,088
   38,016,445
X-Energy, Inc., Cl. A*
    46,518
    1,476,016
 
 
 
 
 
 
   39,492,461
HOME FURNISHINGS—0.1%
Somnigroup International, Inc.
    63,917
    4,848,744
HOUSEHOLD APPLIANCES—0.1%
SharkNinja, Inc.*
    39,727
    4,589,660
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.0%
Talen Energy Corp.*
   167,030
   62,205,313
Vistra Corp.
    18,042
    2,847,749
 
 
 
 
 
 
   65,053,062
INTERACTIVE MEDIA & SERVICES—10.1%
Alphabet, Inc., Cl. C
   473,154
  180,716,439
Meta Platforms, Inc., Cl. A
   249,326
  152,565,072
 
 
 
 
 
 
  333,281,511
INTERNET SERVICES & INFRASTRUCTURE—1.7%
Cloudflare, Inc., Cl. A*
    56,071
   11,492,873
See Notes to Financial Statements.
- 3 -
THE ALGER INSTITUTIONAL FUNDS
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments April 30, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
COMMON STOCKS—93.4% (CONT.)
INTERNET SERVICES & INFRASTRUCTURE—1.7% (CONT.)
MongoDB, Inc., Cl. A*
    54,497
$   13,669,483
Shopify, Inc., Cl. A*
   139,643
   16,914,957
Twilio, Inc., Cl. A*
    94,425
   13,980,565
 
 
 
 
 
 
   56,057,878
INVESTMENT BANKING & BROKERAGE—0.5%
Robinhood Markets, Inc., Cl. A*
   206,256
   15,034,000
LIFE SCIENCES TOOLS & SERVICES—0.2%
Repligen Corp.*
    60,628
    7,172,899
MANAGED HEALTHCARE—0.5%
UnitedHealth Group, Inc.
    41,682
   15,442,347
MOVIES & ENTERTAINMENT—2.0%
Liberty Media Corp. Series C Liberty Formula One*
    40,272
    3,461,378
Netflix, Inc.*
   319,183
   29,878,721
Roku, Inc., Cl. A*
   234,941
   27,384,723
Sphere Entertainment Co., Cl. A*
     8,304
    1,182,905
Spotify Technology SA*
     6,147
    2,744,943
 
 
 
 
 
 
   64,652,670
OIL & GAS STORAGE & TRANSPORTATION—0.1%
Cheniere Energy, Inc.
     9,635
    2,649,143
PHARMACEUTICALS—1.2%
AstraZeneca PLC
   111,508
   20,893,254
Eli Lilly & Co.
    14,713
   13,750,770
Merck & Co., Inc.
    45,643
    4,983,302
Nektar Therapeutics*
    11,598
      986,294
 
 
 
 
 
 
   40,613,620
SEMICONDUCTORS—24.5%
Astera Labs, Inc.*
   305,734
   59,538,639
Broadcom, Inc.
   351,470
  146,714,122
Micron Technology, Inc.
    23,703
   12,258,243
NVIDIA Corp.
 2,043,630
  407,847,239
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
   455,693
  180,481,770
 
 
 
 
 
 
  806,840,013
SPECIALTY CHEMICALS—0.4%
DuPont de Nemours, Inc.
   272,964
   12,463,536
SYSTEMS SOFTWARE—12.0%
Microsoft Corp.
   636,956
  259,737,918
Nebius Group NV, Cl. A*
   914,137
  126,361,157
ServiceNow, Inc.*
   104,848
    9,259,127
 
 
 
 
 
 
  395,358,202
See Notes to Financial Statements.
- 4 -
THE ALGER INSTITUTIONAL FUNDS
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments April 30, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
COMMON STOCKS—93.4% (CONT.)
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—10.2%
Apple, Inc.
   633,694
$  171,952,867
Samsung Electronics Co., Ltd.
    26,073
    3,926,273
Seagate Technology Holdings PLC
    25,350
   17,076,774
Western Digital Corp.
   330,295
  143,519,783
 
 
 
 
 
 
  336,475,697
TRADING COMPANIES & DISTRIBUTORS—1.7%
EquipmentShare.com, Inc., Cl. A*
   342,764
    7,196,330
QXO, Inc.*
 2,392,956
   48,026,627
 
 
 
 
 
 
   55,222,957
TRANSACTION & PAYMENT PROCESSING SERVICES—0.2%
Visa, Inc., Cl. A
    16,617
    5,480,951
TOTAL COMMON STOCKS
(Cost $1,207,651,744)
 
3,073,146,983
PREFERRED STOCKS—2.7%
APPLICATION SOFTWARE—2.1%
Databricks, Inc., Series J(a),*,@
   239,567
   41,188,754
Databricks, Inc., Series K(a),*,@
     4,447
      764,573
Databricks, Inc., Series L(a),*,@
    41,665
    7,163,464
Open AI Group PBC, Series C(a),*,@
     9,658
    6,641,680
SB Technology, Inc., Series E(a),*,@
   365,046
   13,127,054
 
 
 
 
 
 
   68,885,525
INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.6%
Apptronik, Inc., Series A-X1(a),*,@
   231,892
    8,563,771
Figure AI, Inc., Series C(a),*,@
    69,445
   13,500,108
 
 
 
 
 
 
   22,063,879
TOTAL PREFERRED STOCKS
(Cost $65,776,892)
 
   90,949,404
REAL ESTATE INVESTMENT TRUSTS—0.7%
HEALTH CARE—0.7%
Welltower, Inc.
   105,107
   22,843,955
(Cost $21,925,967)
 
   22,843,955
SPECIAL PURPOSE VEHICLES—2.6%
APPLICATION SOFTWARE—2.6%
2026 VDC LP (invested in VAST Data, Inc. ordinary shares, and
Series B and Series F preferred shares) (a),(b),*,@
 
   29,662,060
Disruptive Technology Solutions LI, LLC (invested in Reflection AI,
Inc. Series B-1, B-2, and C preferred shares) (a),*,@
 
   56,227,849
 
 
 
 
 
 
   85,889,909
TOTAL SPECIAL PURPOSE VEHICLES
(Cost $69,656,916)
 
   85,889,909
See Notes to Financial Statements.
- 5 -
THE ALGER INSTITUTIONAL FUNDS
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments April 30, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
SHORT-TERM SECURITIES—0.9%
MONEY MARKET FUNDS—0.9%
Dreyfus Treasury Obligations Cash Management Fund,
Institutional Shares, 3.53%(c)
29,037,146
$   29,037,146
(Cost $29,037,146)
 
   29,037,146
 
 
Total Investments
(Cost $1,394,048,665)
    100.3%
$3,301,867,397
Affiliated Securities (Cost $30,062,676)
 
   29,662,060
Unaffiliated Securities (Cost $1,363,985,989)
 
3,272,205,337
Liabilities in Excess of Other Assets
     (0.3)%
  (11,228,544)
NET ASSETS
    100.0%
$3,290,638,853
 
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. See Note 9 - Fair Value Measurements.
(b)
Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note
12 - Affiliated Securities.
(c)
Rate shown reflects 7-day effective yield as of April 30, 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.
 
Security
Acquisition
Date(s)
Acquisition
Cost
Market
Value
% of net assets
as of
4/30/2026
2026 VDC LP 
3/2/26, 4/1/26
$30,062,676
$29,662,060
0.9%
Anthropic PBC, Series G
3/31/26
9,510,306
9,510,306
0.3%
Apptronik, Inc., Series A-X1
1/29/26
8,572,398
8,563,771
0.2%
Databricks, Inc., Series J
12/17/24
22,159,947
41,188,754
1.3%
Databricks, Inc., Series K
9/8/25
667,050
764,573
0.0%
Databricks, Inc., Series L
12/16/25
7,916,350
7,163,464
0.2%
Disruptive Technology Solutions LI, LLC 
11/4/25, 4/28/26
39,594,240
56,227,849
1.7%
Figure AI, Inc., Series C
11/18/25
13,537,025
13,500,108
0.4%
Open AI Group PBC, Series C
3/31/26
6,641,680
6,641,680
0.2%
SB Technology, Inc., Series E
10/23/24
6,282,442
13,127,054
0.4%
Total
 
$144,944,114
$186,349,619
5.6%
See Notes to Financial Statements.
- 6 -
THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUND
Schedule of Investments April 30, 2026 (Unaudited)
 
 
SHARES
VALUE
COMMON STOCKS—90.4%
AEROSPACE & DEFENSE—0.8%
HEICO Corp., Cl. A
   227,208
$   47,491,016
APPLICATION SOFTWARE—3.2%
Anthropic PBC, Series G(a),*,@
   170,443
   44,167,985
AppLovin Corp., Cl. A*
   343,059
  153,124,385
 
 
 
 
 
 
  197,292,370
AUTOMOBILE MANUFACTURERS—2.8%
Tesla, Inc.*
   454,142
  173,314,211
BIOTECHNOLOGY—4.0%
Abivax SA ADR*
   257,673
   30,245,657
Arrowhead Pharmaceuticals, Inc.*
   829,155
   60,926,309
Biogen, Inc.*
   205,149
   38,830,603
Dianthus Therapeutics, Inc.*
   372,803
   32,732,103
Natera, Inc.*
   396,479
   81,738,111
 
 
 
 
 
 
  244,472,783
BROADLINE RETAIL—9.8%
Amazon.com, Inc.*
 1,728,934
  458,271,246
MercadoLibre, Inc.*
    27,538
   49,365,445
Sea Ltd., Cl. A ADR*
 1,112,223
   94,405,488
 
 
 
 
 
 
  602,042,179
COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.5%
Rocket Cos., Inc., Cl. A*
 2,112,409
   30,883,420
CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.4%
Caterpillar, Inc.
    29,954
   26,662,355
CONSUMER FINANCE—0.6%
Figure Technology Solutions, Inc., Cl. A*
   967,621
   33,963,497
ELECTRIC UTILITIES—0.6%
NRG Energy, Inc.
   231,560
   36,026,105
ELECTRONIC EQUIPMENT & INSTRUMENTS—0.2%
Mirion Technologies, Inc., Cl. A*
   624,318
   12,330,280
ENVIRONMENTAL & FACILITIES SERVICES—0.9%
GFL Environmental, Inc.
 1,308,111
   52,468,332
HEALTHCARE EQUIPMENT—1.0%
Boston Scientific Corp.*
   247,946
   14,284,169
Intuitive Surgical, Inc.*
    99,477
   45,521,670
 
 
 
 
 
 
   59,805,839
HEAVY ELECTRICAL EQUIPMENT—1.4%
GE Vernova, Inc.
    78,484
   85,034,275
X-Energy, Inc., Cl. A*
    85,721
    2,719,927
 
 
 
 
 
 
   87,754,202
See Notes to Financial Statements.
- 7 -
THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUND
Schedule of Investments April 30, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
COMMON STOCKS—90.4% (CONT.)
HOME FURNISHINGS—0.3%
Somnigroup International, Inc.
   259,153
$   19,659,347
HOUSEHOLD APPLIANCES—0.4%
SharkNinja, Inc.*
   199,344
   23,030,212
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.4%
Talen Energy Corp.*
   234,571
   87,358,932
INTERACTIVE MEDIA & SERVICES—11.3%
Alphabet, Inc., Cl. C
 1,063,478
  406,184,787
Meta Platforms, Inc., Cl. A
   463,401
  283,559,706
 
 
 
 
 
 
  689,744,493
INTERNET SERVICES & INFRASTRUCTURE—0.7%
CoreWeave, Inc., Cl. A*
   214,955
   23,988,978
MongoDB, Inc., Cl. A*
    81,613
   20,470,989
 
 
 
 
 
 
   44,459,967
INVESTMENT BANKING & BROKERAGE—0.4%
Robinhood Markets, Inc., Cl. A*
   286,390
   20,874,967
MOVIES & ENTERTAINMENT—1.7%
Netflix, Inc.*
   337,525
   31,595,715
Roku, Inc., Cl. A*
   541,029
   63,062,340
Spotify Technology SA*
    22,868
   10,211,706
 
 
 
 
 
 
  104,869,761
PHARMACEUTICALS—0.7%
AstraZeneca PLC
   235,253
   44,079,261
SEMICONDUCTORS—24.3%
Astera Labs, Inc.*
   606,062
  118,024,514
Broadcom, Inc.
   642,351
  268,136,578
NVIDIA Corp.
 3,967,272
  791,748,473
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
   782,386
  309,871,799
 
 
 
 
 
 
1,487,781,364
SPECIALTY CHEMICALS—0.3%
DuPont de Nemours, Inc.
   361,861
   16,522,573
SYSTEMS SOFTWARE—11.1%
Microsoft Corp.
 1,013,192
  413,159,434
Nebius Group NV, Cl. A*
 1,718,161
  237,501,395
ServiceNow, Inc.*
   335,671
   29,643,106
 
 
 
 
 
 
  680,303,935
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.9%
Apple, Inc.
   885,610
  240,310,274
Western Digital Corp.
   700,015
  304,170,518
 
 
 
 
 
 
  544,480,792
See Notes to Financial Statements.
- 8 -
THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUND
Schedule of Investments April 30, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
COMMON STOCKS—90.4% (CONT.)
TRADING COMPANIES & DISTRIBUTORS—2.7%
QXO, Inc.*
 8,319,570
$  166,973,770
TOTAL COMMON STOCKS
(Cost $3,701,312,018)
 
5,534,645,963
PREFERRED STOCKS—2.7%
APPLICATION SOFTWARE—2.4%
Databricks, Inc., Series J(a),*,@
   552,095
   94,921,693
Databricks, Inc., Series K(a),*,@
    10,005
    1,720,160
Databricks, Inc., Series L(a),*,@
     9,809
    1,686,461
SB Technology, Inc., Series E(a),*,@
 1,317,338
   47,371,475
 
 
 
 
 
 
  145,699,789
INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.3%
Figure AI, Inc., Series C(a),*,@
    98,079
   19,066,558
TOTAL PREFERRED STOCKS
(Cost $96,223,330)
 
  164,766,347
SPECIAL PURPOSE VEHICLES—4.8%
APPLICATION SOFTWARE—4.8%
2026 VDC LP (invested in VAST Data, Inc. ordinary shares, and
Series B and Series F preferred shares) (a),(b),*,@
 
   98,484,455
Disruptive Technology Solutions LI, LLC (invested in Reflection AI,
Inc. Series B-1, B-2, and C preferred shares) (a),(b),*,@
 
  198,720,918
 
 
 
 
 
 
  297,205,373
TOTAL SPECIAL PURPOSE VEHICLES
(Cost $265,670,929)
 
  297,205,373
SHORT-TERM SECURITIES—1.5%
MONEY MARKET FUNDS—1.5%
Dreyfus Treasury Obligations Cash Management Fund,
Institutional Shares, 3.53%(c)
88,186,357
   88,186,357
(Cost $88,186,357)
 
   88,186,357
 
 
Total Investments
(Cost $4,151,392,634)
     99.4%
$6,084,804,040
Affiliated Securities (Cost $265,670,929)
 
  297,205,373
Unaffiliated Securities (Cost $3,885,721,705)
 
5,787,598,667
Other Assets in Excess of Liabilities
      0.6%
   38,766,976
NET ASSETS
    100.0%
$6,123,571,016
 
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. See Note 9 - Fair Value Measurements.
(b)
Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note
12 - Affiliated Securities.
(c)
Rate shown reflects 7-day effective yield as of April 30, 2026.
*
Non-income producing security.
See Notes to Financial Statements.
- 9 -
THE ALGER INSTITUTIONAL FUNDS | ALGER FOCUS EQUITY FUND
Schedule of Investments April 30, 2026 (Unaudited) (Continued)
@
Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the
investment may be restricted only to qualified buyers.
 
Security
Acquisition
Date(s)
Acquisition
Cost
Market
Value
% of net assets
as of
4/30/2026
2026 VDC LP 
3/2/26, 4/1/26
$99,814,586
$98,484,455
1.6%
Anthropic PBC, Series G
3/31/26
44,167,985
44,167,985
0.7%
Databricks, Inc., Series J
12/17/24
51,068,787
94,921,693
1.6%
Databricks, Inc., Series K
9/8/25
1,500,750
1,720,160
0.0%
Databricks, Inc., Series L
12/16/25
1,863,710
1,686,461
0.0%
Disruptive Technology Solutions LI, LLC
11/4/25, 4/28/26
165,856,343
198,720,918
3.2%
Figure AI, Inc., Series C
11/18/25
19,118,696
19,066,558
0.3%
SB Technology, Inc., Series E
10/23/24, 12/18/24
22,671,387
47,371,475
0.8%
Total
 
$406,062,244
$506,139,705
8.2%
See Notes to Financial Statements.
- 10 -
THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2026 (Unaudited)
 
 
SHARES
VALUE
COMMON STOCKS—93.9%
AEROSPACE & DEFENSE—7.7%
Axon Enterprise, Inc.*
    1,462
$   587,373
FTAI Aviation Ltd.
    4,104
 1,024,646
HEICO Corp.
    2,490
   672,101
Howmet Aerospace, Inc.
    7,740
 1,881,129
 
 
 
 
 
 
 4,165,249
APPAREL RETAIL—2.0%
Burlington Stores, Inc.*
    3,484
 1,114,915
APPLICATION SOFTWARE—2.6%
Guidewire Software, Inc.*
    3,154
   436,482
Procore Technologies, Inc.*
    3,234
   182,980
The Descartes Systems Group, Inc.*
   10,672
   770,024
 
 
 
 
 
 
 1,389,486
ASSET MANAGEMENT & CUSTODY BANKS—1.1%
Ares Management Corp., Cl. A
    4,636
   544,266
Blue Owl Capital, Inc., Cl. A
    3,841
    37,450
 
 
 
 
 
 
   581,716
AUTOMOTIVE RETAIL—4.3%
Carvana Co.*
    2,469
   977,230
O'Reilly Automotive, Inc.*
   13,748
 1,366,551
 
 
 
 
 
 
 2,343,781
BIOTECHNOLOGY—6.1%
Abivax SA ADR*
    4,218
   495,109
Arrowhead Pharmaceuticals, Inc.*
    8,868
   651,621
Cogent Biosciences, Inc.*
    4,056
   145,164
Natera, Inc.*
    6,931
 1,428,895
Revolution Medicines, Inc.*
    1,463
   210,847
Vaxcyte, Inc.*
    6,895
   394,670
 
 
 
 
 
 
 3,326,306
CARGO GROUND TRANSPORTATION—1.2%
Saia, Inc.*
    1,447
   649,443
COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.0%
Rocket Cos., Inc., Cl. A*
   36,135
   528,294
CONSTRUCTION & ENGINEERING—3.7%
Comfort Systems USA, Inc.
    1,098
 2,020,595
CONSTRUCTION MATERIALS—1.7%
Martin Marietta Materials, Inc.
    1,475
   913,128
CONSUMER FINANCE—0.4%
Figure Technology Solutions, Inc., Cl. A*
    5,565
   195,332
ELECTRICAL COMPONENTS & EQUIPMENT—4.0%
Vertiv Holdings Co., Cl. A
    6,570
 2,158,179
See Notes to Financial Statements.
- 11 -
THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
COMMON STOCKS—93.9% (CONT.)
ELECTRONIC COMPONENTS—2.1%
Amphenol Corp., Cl. A
    7,684
$ 1,131,623
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.3%
Novanta, Inc.*
    5,557
   719,798
ENVIRONMENTAL & FACILITIES SERVICES—3.1%
GFL Environmental, Inc.
   42,655
 1,710,892
HEALTHCARE EQUIPMENT—1.4%
IDEXX Laboratories, Inc.*
    1,317
   738,574
HEALTHCARE SERVICES—1.3%
Guardant Health, Inc.*
    7,981
   694,985
HOMEBUILDING—0.9%
NVR, Inc.*
       75
   473,690
HOTELS RESORTS & CRUISE LINES—4.6%
Hilton Worldwide Holdings, Inc.
    4,110
 1,331,927
Viking Holdings Ltd.*
   14,203
 1,163,368
 
 
 
 
 
 
 2,495,295
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.3%
Talen Energy Corp.*
    1,477
   550,064
Vistra Corp.
    4,476
   706,492
 
 
 
 
 
 
 1,256,556
INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—3.9%
RBC Bearings, Inc.*
    3,546
 2,124,373
INSURANCE BROKERS—0.8%
Ryan Specialty Holdings, Inc., Cl. A
   13,295
   462,267
INTERACTIVE HOME ENTERTAINMENT—0.2%
Roblox Corp., Cl. A*
    2,316
   127,982
INTERNET SERVICES & INFRASTRUCTURE—5.7%
Cloudflare, Inc., Cl. A*
    8,778
 1,799,227
MongoDB, Inc., Cl. A*
    1,913
   479,838
Twilio, Inc., Cl. A*
    5,610
   830,616
 
 
 
 
 
 
 3,109,681
INVESTMENT BANKING & BROKERAGE—1.2%
Robinhood Markets, Inc., Cl. A*
    8,694
   633,706
LIFE & HEALTH INSURANCE—1.0%
Oscar Health, Inc., Cl. A*
   29,283
   540,564
LIFE SCIENCES TOOLS & SERVICES—4.3%
Repligen Corp.*
   10,414
 1,232,081
West Pharmaceutical Services, Inc.
    3,780
 1,124,890
 
 
 
 
 
 
 2,356,971
MOVIES & ENTERTAINMENT—3.6%
Spotify Technology SA*
    1,013
   452,355
See Notes to Financial Statements.
- 12 -
THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
COMMON STOCKS—93.9% (CONT.)
MOVIES & ENTERTAINMENT—3.6% (CONT.)
TKO Group Holdings, Inc., Cl. A
    7,964
$ 1,482,021
 
 
 
 
 
 
 1,934,376
OIL & GAS STORAGE & TRANSPORTATION—0.9%
Cheniere Energy, Inc.
    1,686
   463,566
PERSONAL CARE PRODUCTS—1.0%
e.l.f. Beauty, Inc.*
    8,702
   556,667
PROPERTY & CASUALTY INSURANCE—1.5%
Intact Financial Corp.
    4,326
   833,575
REAL ESTATE SERVICES—1.4%
CBRE Group, Inc., Cl. A*
    5,451
   778,022
RESEARCH & CONSULTING SERVICES—1.4%
Verisk Analytics, Inc.
    4,120
   760,099
RESTAURANTS—1.2%
Chipotle Mexican Grill, Inc.*
   18,840
   640,372
SEMICONDUCTORS—4.8%
Astera Labs, Inc.*
    6,067
 1,181,487
Monolithic Power Systems, Inc.
      880
 1,420,681
 
 
 
 
 
 
 2,602,168
SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.6%
Celsius Holdings, Inc.*
   26,566
   891,821
SYSTEMS SOFTWARE—1.6%
Nebius Group NV, Cl. A*
    5,720
   790,675
Rubrik, Inc., Cl. A*
    1,859
    98,862
 
 
 
 
 
 
   889,537
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.7%
Western Digital Corp.
    2,083
   905,105
TRADING COMPANIES & DISTRIBUTORS—3.3%
EquipmentShare.com, Inc., Cl. A*
   17,957
   377,007
QXO, Inc.*
   70,692
 1,418,789
 
 
 
 
 
 
 1,795,796
TOTAL COMMON STOCKS
(Cost $39,030,440)
 
51,014,485
PREFERRED STOCKS—1.6%
APPLICATION SOFTWARE—1.1%
SB Technology, Inc., Series E(a),*,@
   16,281
   585,465
INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.5%
Apptronik, Inc., Series A-X1(a),*,@
    3,171
   117,105
See Notes to Financial Statements.
- 13 -
THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
PREFERRED STOCKS—1.6% (CONT.)
INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.5% (CONT.)
Figure AI, Inc., Series C(a),*,@
      711
$   138,218
 
 
 
 
 
 
   255,323
TOTAL PREFERRED STOCKS
(Cost $536,014)
 
   840,788
REAL ESTATE INVESTMENT TRUSTS—1.2%
HEALTH CARE—1.2%
American Healthcare REIT, Inc.
   13,001
   660,191
(Cost $670,222)
 
   660,191
RIGHTS—0.0%
BIOTECHNOLOGY—0.0%
Tolero CDR(a),*,@
  422,928
        —
(Cost $226,186)
 
        —
SPECIAL PURPOSE VEHICLES—1.4%
APPLICATION SOFTWARE—1.4%
2026 VDC LP (invested in VAST Data, Inc. ordinary shares, and
Series B and Series F preferred shares) (a),(b),*,@
 
   272,315
Disruptive Technology Solutions LI, LLC (invested in Reflection AI,
Inc. Series B-1, B-2, and C preferred shares) (a),*,@
 
   513,060
 
 
 
 
 
 
   785,375
TOTAL SPECIAL PURPOSE VEHICLES
(Cost $580,681)
 
   785,375
WARRANTS—0.0%
APPLICATION SOFTWARE—0.0%
Constellation Software, Inc., 3/31/40(a),*
      638
        —
(Cost $0)
 
        —
See Notes to Financial Statements.
- 14 -
THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
SHORT-TERM SECURITIES—2.2%
MONEY MARKET FUNDS—2.2%
Dreyfus Treasury Obligations Cash Management Fund,
Institutional Shares, 3.53%(c)
1,192,206
$ 1,192,206
(Cost $1,192,206)
 
 1,192,206
 
 
Total Investments
(Cost $42,235,749)
   100.3%
$54,493,045
Affiliated Securities (Cost $275,993)
 
   272,315
Unaffiliated Securities (Cost $41,959,756)
 
54,220,730
Liabilities in Excess of Other Assets
    (0.3)%
  (160,597)
NET ASSETS
   100.0%
$54,332,448
 
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. See Note 9 - Fair Value Measurements.
(b)
Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note
12 - Affiliated Securities.
(c)
Rate shown reflects 7-day effective yield as of April 30, 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.
 
Security
Acquisition
Date(s)
Acquisition
Cost
Market
Value
% of net assets
as of
4/30/2026
2026 VDC LP 
3/2/26, 4/1/26
$275,993
$272,315
0.5%
Apptronik, Inc., Series A-X1
1/29/26
117,223
117,105
0.2%
Disruptive Technology Solutions LI, LLC 
11/4/25, 4/28/26
304,688
513,060
0.9%
Figure AI, Inc., Series C
11/18/25
138,595
138,218
0.3%
SB Technology, Inc., Series E
10/23/24
280,196
585,465
1.1%
Tolero CDR
2/6/17
226,186
—
0.0%
Total
 
$1,342,881
$1,626,163
3.0%
See Notes to Financial Statements.
- 15 -
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2026 (Unaudited)
 
 
SHARES
VALUE
COMMON STOCKS—98.1%
AEROSPACE & DEFENSE—7.5%
AeroVironment, Inc.*
    2,059
$   401,546
Archer Aviation, Inc., Cl. A*
   33,204
   190,591
Astronics Corp.*
    4,338
   309,733
Bombardier, Inc., Cl. B*
    5,152
 1,094,765
FTAI Aviation Ltd.
    5,462
 1,363,698
Howmet Aerospace, Inc.
    1,925
   467,852
Karman Holdings, Inc.*
    6,087
   413,794
Loar Holdings, Inc.*
    8,650
   485,438
VSE Corp.
    3,521
   604,485
York Space Systems, Inc.*
      308
    10,213
 
 
 
 
 
 
 5,342,115
APPAREL RETAIL—2.9%
Abercrombie & Fitch Co., Cl. A*
    1,654
   141,169
Aritzia, Inc.*
    6,414
   676,979
Victoria's Secret & Co.*
   24,567
 1,273,308
 
 
 
 
 
 
 2,091,456
APPLICATION SOFTWARE—8.2%
BlackLine, Inc.*
   10,883
   340,094
Core Scientific, Inc.*
   10,022
   200,440
Guidewire Software, Inc.*
    4,781
   661,642
InterDigital, Inc.
    4,303
 1,276,098
Manhattan Associates, Inc.*
    3,701
   510,331
nCino, Inc.*
   18,175
   317,699
PAR Technology Corp.*
    2,819
    37,887
Q2 Holdings, Inc.*
   12,716
   645,337
Riot Platforms, Inc.*
   12,657
   218,207
SPS Commerce, Inc.*
    9,577
   537,461
Terawulf, Inc.*
   40,177
   873,046
Vertex, Inc., Cl. A*
   19,459
   240,708
 
 
 
 
 
 
 5,858,950
ASSET MANAGEMENT & CUSTODY BANKS—0.7%
Galaxy Digital, Inc., Cl. A*
   14,660
   402,271
Hamilton Lane, Inc., Cl. A
      961
    88,402
 
 
 
 
 
 
   490,673
BIOTECHNOLOGY—17.2%
Abivax SA ADR*
   10,152
 1,191,642
Absci Corp.*
  186,493
   927,803
Arrowhead Pharmaceuticals, Inc.*
   16,012
 1,176,562
Bridgebio Pharma, Inc.*
    3,982
   283,160
CareDx, Inc.*
   31,392
   653,267
Cogent Biosciences, Inc.*
   11,273
   403,461
Dianthus Therapeutics, Inc.*
      974
    85,517
Erasca, Inc.*
   31,075
   330,949
See Notes to Financial Statements.
- 16 -
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
COMMON STOCKS—98.1% (CONT.)
BIOTECHNOLOGY—17.2% (CONT.)
Forte Biosciences, Inc.*
   56,452
$ 1,505,010
Insmed, Inc.*
   10,372
 1,414,015
Natera, Inc.*
    7,200
 1,484,352
Nuvalent, Inc., Cl. A*
   15,268
 1,531,075
Palvella Therapeutics, Inc.*
    2,998
   384,703
Twist Bioscience Corp.*
   13,784
   805,675
uniQure NV*
    3,649
    72,797
 
 
 
 
 
 
12,249,988
BUILDING PRODUCTS—2.7%
CSW Industrials, Inc.
    4,517
 1,315,350
Modine Manufacturing Co.*
    2,455
   625,117
 
 
 
 
 
 
 1,940,467
CARGO GROUND TRANSPORTATION—0.6%
Saia, Inc.*
      998
   447,922
CONSTRUCTION & ENGINEERING—3.5%
Construction Partners, Inc., Cl. A*
    2,177
   269,208
Tutor Perini Corp.
   24,126
 2,241,788
 
 
 
 
 
 
 2,510,996
CONSUMER STAPLES MERCHANDISE RETAIL—1.2%
BJ's Wholesale Club Holdings, Inc.*
    8,700
   816,843
EDUCATION SERVICES—0.6%
Universal Technical Institute, Inc.*
   11,712
   439,551
ELECTRIC UTILITIES—0.6%
IDACORP, Inc.
    2,646
   390,920
ELECTRICAL COMPONENTS & EQUIPMENT—0.6%
Enovix Corp.*
   65,355
   435,918
ELECTRONIC MANUFACTURING SERVICES—2.2%
Fabrinet*
    2,328
 1,591,118
ENVIRONMENTAL & FACILITIES SERVICES—0.3%
Casella Waste Systems, Inc., Cl. A*
    2,726
   216,035
FINANCIAL EXCHANGES & DATA—0.2%
Gemini Space Station, Inc., Cl. A*
      445
     1,976
MarketAxess Holdings, Inc.
      892
   140,213
 
 
 
 
 
 
   142,189
HEALTHCARE EQUIPMENT—2.6%
Glaukos Corp.*
    2,625
   377,134
Impulse Dynamics PLC, Series A(a),*,@
1,756,939
    66,764
Integer Holdings Corp.*
    2,991
   264,733
iRhythm Technologies, Inc.*
    5,015
   647,737
TransMedics Group, Inc.*
    4,939
   497,802
 
 
 
 
 
 
 1,854,170
See Notes to Financial Statements.
- 17 -
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
COMMON STOCKS—98.1% (CONT.)
HEALTHCARE SERVICES—4.3%
GeneDx Holdings Corp., Cl. A*
   14,587
$   917,376
Guardant Health, Inc.*
   24,496
 2,133,112
 
 
 
 
 
 
 3,050,488
HEALTHCARE SUPPLIES—0.7%
Lantheus Holdings, Inc.*
    4,893
   414,046
Neogen Corp.*
    8,646
    81,272
 
 
 
 
 
 
   495,318
HEALTHCARE TECHNOLOGY—0.5%
HeartFlow, Inc.*
   12,294
   365,869
HEAVY ELECTRICAL EQUIPMENT—2.5%
Bloom Energy Corp., Cl. A*
    6,210
 1,759,666
INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—7.8%
Gates Industrial Corp. PLC*
   84,951
 2,175,595
RBC Bearings, Inc.*
    5,706
 3,418,408
 
 
 
 
 
 
 5,594,003
INTERACTIVE MEDIA & SERVICES—0.7%
Reddit, Inc., Cl. A*
    3,355
   493,957
INTERNET SERVICES & INFRASTRUCTURE—1.2%
DigitalOcean Holdings, Inc.*
    4,540
   437,792
Whitefiber, Inc.*
   13,111
   200,730
Wix.com Ltd.*
    3,012
   224,966
 
 
 
 
 
 
   863,488
INVESTMENT BANKING & BROKERAGE—0.5%
Moelis & Co., Cl. A
    5,797
   377,501
LEISURE FACILITIES—1.6%
Life Time Group Holdings, Inc.*
   12,007
   321,908
Planet Fitness, Inc., Cl. A*
   12,472
   831,508
 
 
 
 
 
 
 1,153,416
LIFE SCIENCES TOOLS & SERVICES—6.4%
10X Genomics, Inc., Cl. A*
   15,467
   341,047
Adaptive Biotechnologies Corp.*
   81,329
 1,146,739
Alamar Biosciences, Inc.*
    2,346
    58,744
Bio-Techne Corp.
   20,182
 1,116,468
CryoPort, Inc.*
   81,567
   836,878
MaxCyte, Inc.*
   60,914
    53,604
Repligen Corp.*
    5,561
   657,922
Tempus AI, Inc., Cl. A*
    6,477
   359,344
 
 
 
 
 
 
 4,570,746
PASSENGER AIRLINES—1.7%
Joby Aviation, Inc.*
  129,617
 1,191,180
See Notes to Financial Statements.
- 18 -
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
COMMON STOCKS—98.1% (CONT.)
PHARMACEUTICALS—0.6%
Belite Bio, Inc. ADR*
      248
$    39,472
Definium Therapeutics, Inc.*
   16,231
   355,134
 
 
 
 
 
 
   394,606
RESEARCH & CONSULTING SERVICES—0.5%
Planet Labs PBC, Cl. A*
    9,013
   333,211
RESTAURANTS—1.6%
Kura Sushi USA, Inc., Cl. A*
    6,650
   366,215
Shake Shack, Inc., Cl. A*
    7,648
   783,614
 
 
 
 
 
 
 1,149,829
SEMICONDUCTORS—7.0%
Astera Labs, Inc.*
    6,121
 1,192,004
Credo Technology Group Holding Ltd.*
    6,526
 1,135,589
Impinj, Inc.*
    2,862
   414,761
Rambus, Inc.*
   10,874
 1,251,706
SiTime Corp.*
      984
   553,156
Universal Display Corp.
    5,057
   440,414
 
 
 
 
 
 
 4,987,630
SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.4%
Celsius Holdings, Inc.*
    7,438
   249,694
SPECIALTY CHEMICALS—0.1%
Balchem Corp.
      579
    93,578
SYSTEMS SOFTWARE—2.6%
Nebius Group NV, Cl. A*
   13,477
 1,862,925
Netskope, Inc., Cl. A*
    1,379
    13,735
 
 
 
 
 
 
 1,876,660
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.7%
IonQ, Inc.*
   10,614
   478,904
TRADING COMPANIES & DISTRIBUTORS—0.6%
Xometry, Inc., Cl. A*
    8,925
   457,586
TRANSACTION & PAYMENT PROCESSING SERVICES—4.5%
Chime Financial, Inc., Cl. A*
  146,623
 3,205,179
TOTAL COMMON STOCKS
(Cost $52,713,168)
 
69,961,820
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
See Notes to Financial Statements.
- 19 -
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2026 (Unaudited) (Continued)
 
SHARES
VALUE
RIGHTS—0.1%
BIOTECHNOLOGY—0.0%
Mirati Therapeutics, Inc. CVR(a),*,@
    5,478
$     6,354
Tolero CDR(a),*,@
  528,559
        —
 
 
 
 
 
 
     6,354
PHARMACEUTICALS—0.1%
Fusion Pharmaceuticals, Inc. CVR(a),*,@
   31,282
    35,662
TOTAL RIGHTS
(Cost $285,726)
 
    42,016
SPECIAL PURPOSE VEHICLES—1.3%
APPLICATION SOFTWARE—1.3%
Disruptive Technology Solutions LI, LLC (invested in Reflection AI,
Inc. Series B-1, B-2, and C preferred shares) (a),*,@
 
   960,097
TOTAL SPECIAL PURPOSE VEHICLES
(Cost $415,065)
 
   960,097
SHORT-TERM SECURITIES—0.6%
MONEY MARKET FUNDS—0.6%
Dreyfus Treasury Obligations Cash Management Fund,
Institutional Shares, 3.53%(b)
  419,189
   419,189
(Cost $419,189)
 
   419,189
 
 
Total Investments
(Cost $53,985,599)
   100.3%
$71,549,220
Unaffiliated Securities (Cost $53,985,599)
 
71,549,220
Liabilities in Excess of Other Assets
    (0.3)%
  (220,866)
NET ASSETS
   100.0%
$71,328,354
 
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. See Note 9 - Fair Value Measurements.
(b)
Rate shown reflects 7-day effective yield as of April 30, 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.
- 20 -
THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2026 (Unaudited) (Continued)
 
Security
Acquisition
Date(s)
Acquisition
Cost
Market
Value
% of net assets
as of
4/30/2026
Disruptive Technology Solutions LI, LLC 
11/4/25
$415,065
$960,097
1.3%
Fusion Pharmaceuticals, Inc. CVR
6/5/24
—
35,662
0.1%
Impulse Dynamics PLC, Series A
2/11/22
1,756,940
66,764
0.1%
Impulse Dynamics PLC, Series F-3
2/5/24
152,451
166,098
0.2%
Mirati Therapeutics, Inc. CVR
1/24/24
—
6,354
0.0%
Tolero CDR
2/6/17
285,726
—
0.0%
Total
 
$2,610,182
$1,234,975
1.7%
See Notes to Financial Statements.
- 21 -
THE ALGER INSTITUTIONAL FUNDS
Statements of Assets and Liabilities April 30, 2026  (Unaudited)
 
 
Alger Capital
Appreciation
Institutional Fund
Alger Focus Equity
Fund
ASSETS:
Investments in unaffiliated securities, at value (Identified
cost below)* see accompanying schedules of
investments
$3,272,205,337
$5,787,598,667
Investments in affiliated securities, at value (Identified
cost below)** see accompanying schedules of
investments
29,662,060
297,205,373
Receivable for investment securities sold
15,518,382
62,537,191
Receivable for shares of beneficial interest sold
2,813,170
18,635,833
Dividends and interest receivable
245,942
459,502
Receivable from Investment Manager
70,965
12,096
Prepaid expenses
157,457
190,343
Total Assets
3,320,673,313
6,166,639,005
LIABILITIES:
Payable for investment securities purchased
14,921,483
35,562,922
Payable for shares of beneficial interest redeemed
11,798,431
4,107,467
Accrued investment advisory fees
1,934,893
2,438,027
Accrued distribution fees — Note 3
181,384
248,027
Accrued shareholder servicing fees
325,941
99,273
Accrued shareholder administrative fees
25,831
50,500
Accrued administrative fees
71,034
128,934
Accrued transfer agent fees
322,797
25,933
Accrued professional fees
204,632
231,498
Accrued printing fees
77,858
25,064
Accrued fund accounting fees
75,600
57,674
Accrued custodian fees
17,764
16,696
Accrued trustee fees
10,547
1,454
Accrued other expenses
66,265
74,520
Total Liabilities
30,034,460
43,067,989
NET ASSETS
$3,290,638,853
$6,123,571,016
NET ASSETS CONSIST OF:
Paid in capital (par value of $.001 per share)
1,221,388,685
4,171,717,331
Distributable earnings
2,069,250,168
1,951,853,685
NET ASSETS
$3,290,638,853
$6,123,571,016
* Identified cost on unaffiliated securities
$1,363,985,989
(a)
$3,885,721,705
(b)
** Identified cost on affiliated securities
$30,062,676
(a)
$265,670,929
(b)
 
See Notes to Financial Statements.
- 22 -
THE ALGER INSTITUTIONAL FUNDS
Statements of Assets and Liabilities April 30, 2026  (Unaudited) (Continued)
 
Alger Capital
Appreciation
Institutional Fund
Alger Focus Equity
Fund
NET ASSETS BY CLASS:
Class A
$—
$528,591,209
Class C
$—
$186,734,199
Class I
$1,191,122,261
$514,919,948
Class R
$456,319,574
$—
Class Y
$634,319,257
$653,238,260
Class Z
$—
$4,240,087,400
Class Z-2
$1,008,877,761
$—
SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:
Class A
—
4,901,136
Class C
—
1,972,273
Class I
21,111,952
4,729,031
Class R
11,398,132
—
Class Y
10,591,784
5,733,845
Class Z
—
37,392,010
Class Z-2
16,958,968
—
NET ASSET VALUE PER SHARE:
Class A
$—
$107.85
Class A - Offering Price Per Share (includes a 5.25%
sales charge)
$—
$113.83
Class C
$—
$94.68
Class I
$56.42
$108.88
Class R
$40.03
$—
Class Y
$59.89
$113.93
Class Z
$—
$113.40
Class Z-2
$59.49
$—
 
(a)
At April 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
$1,426,834,566, amounted to $1,875,032,831, which consisted of aggregate gross unrealized appreciation of
$1,934,230,930, and aggregate gross unrealized depreciation of $59,198,099.
(b)
At April 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
$4,220,853,405, amounted to $1,863,950,635, which consisted of aggregate gross unrealized appreciation of
$1,992,065,305, and aggregate gross unrealized depreciation of $128,114,670.
See Notes to Financial Statements.
- 23 -
THE ALGER INSTITUTIONAL FUNDS
Statements of Assets and Liabilities April 30, 2026  (Unaudited) (Continued)
 
 
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
$54,220,730
$71,549,220
Investments in affiliated securities, at value (Identified
cost below)** see accompanying schedules of
investments
272,315
—
Cash
—
7
Receivable for shares of beneficial interest sold
6,501
3,975
Dividends and interest receivable
3,885
2,880
Receivable from Investment Manager
7,595
1,919
Prepaid expenses
18,729
7,588
Total Assets
54,529,755
71,565,589
LIABILITIES:
Payable for shares of beneficial interest redeemed
87,219
94,048
Accrued investment advisory fees
33,119
46,415
Accrued distribution fees — Note 3
1,813
1,136
Accrued shareholder servicing fees
8,863
8,929
Accrued shareholder administrative fees
436
573
Accrued administrative fees
1,198
1,576
Accrued transfer agent fees
12,113
16,445
Accrued professional fees
37,890
39,490
Accrued printing fees
3,319
15,387
Accrued fund accounting fees
9,595
10,181
Accrued custodian fees
1,123
1,402
Accrued trustee fees
382
437
Accrued other expenses
237
1,216
Total Liabilities
197,307
237,235
NET ASSETS
$54,332,448
$71,328,354
NET ASSETS CONSIST OF:
Paid in capital (par value of $.001 per share)
44,055,008
51,336,632
Distributable earnings
10,277,440
19,991,722
NET ASSETS
$54,332,448
$71,328,354
* Identified cost on unaffiliated securities
$41,959,756
(c)
$53,985,599
(d)
** Identified cost on affiliated securities
$275,993
(c)
$—
(d)
 
See Notes to Financial Statements.
- 24 -
THE ALGER INSTITUTIONAL FUNDS
Statements of Assets and Liabilities April 30, 2026  (Unaudited) (Continued)
 
Alger Mid Cap
Growth
Institutional Fund
Alger Small Cap
Growth Institutional
Fund
NET ASSETS BY CLASS:
Class I
$39,518,201
$41,647,548
Class R
$4,536,530
$2,855,980
Class Z-2
$10,277,717
$26,824,826
SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:
Class I
1,396,396
2,353,273
Class R
212,439
240,119
Class Z-2
346,748
1,457,676
NET ASSET VALUE PER SHARE:
Class I
$28.30
$17.70
Class R
$21.35
$11.89
Class Z-2
$29.64
$18.40
 
(c)
At April 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
$43,298,586, amounted to $11,194,459, which consisted of aggregate gross unrealized appreciation of $14,662,303,
and aggregate gross unrealized depreciation of $3,467,844.
(d)
At April 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
$54,299,634, amounted to $17,249,586, which consisted of aggregate gross unrealized appreciation of $29,486,934,
and aggregate gross unrealized depreciation of $12,237,348.
See Notes to Financial Statements.
- 25 -
THE ALGER INSTITUTIONAL FUNDS
Statements of Operations for the six months ended April 30, 2026 (Unaudited)
 
 
Alger Capital
Appreciation
Institutional Fund
Alger Focus Equity
Fund
INCOME:
Dividends (net of foreign withholding taxes*)
$4,321,310
$6,411,002
Interest
160,920
1,530,440
Total Income
4,482,230
7,941,442
EXPENSES:
Investment advisory fees — Note 3
11,550,865
12,752,620
Distribution fees — Note 3
Class A
—
582,386
Class C
—
797,253
Class R
1,118,761
—
Shareholder servicing fees — Note 3
2,020,542
545,847
Shareholder administrative fees — Note 3
153,760
265,567
Administration fees  — Note 3
422,839
674,417
Transfer agent fees — Note 3
566,945
341,345
Interest expense — Note 3
296,080
276,198
Fund accounting fees — Note 3
175,690
218,056
Professional fees
149,850
191,260
Registration fees
119,729
182,203
Trustee fees — Note 3
84,049
113,016
Printing fees
77,813
107,960
Custodian fees
34,304
44,827
Other expenses
248,835
145,728
Total Expenses
17,020,062
17,238,683
Less, expense reimbursements/waivers — Note 3
(321,722
)
(43,651
)
Net Expenses
16,698,340
17,195,032
NET INVESTMENT (LOSS)
(12,216,110
)
(9,253,590
)
REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain on unaffiliated investments
120,102,220
93,923,714
Net realized gain on in-kind transactions
91,708,028
9,746,023
Net realized (loss) on foreign currency transactions
(17,117
)
—
Net realized gain on investments and foreign currency
211,793,131
103,669,737
See Notes to Financial Statements.
- 26 -
THE ALGER INSTITUTIONAL FUNDS
Statements of Operations for the six months ended April 30, 2026 (Unaudited) (Continued)
 
Alger Capital
Appreciation
Institutional Fund
Alger Focus Equity
Fund
Net change in unrealized appreciation (depreciation) on
unaffiliated investments
$(187,617,083
)
$84,073,304
Net change in unrealized appreciation on affiliated
investments
1,386,570
31,534,444
Net change in unrealized appreciation on foreign
currency
3,042
1,848
Net change in unrealized appreciation (depreciation) on
investments and foreign currency
(186,227,471
)
115,609,596
Net realized and unrealized gain on investments and foreign
currency
25,565,660
219,279,333
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS
$13,349,550
$210,025,743
* Foreign withholding taxes
$172,137
$280,012
See Notes to Financial Statements.
- 27 -
THE ALGER INSTITUTIONAL FUNDS
Statements of Operations for the six months ended April 30, 2026 (Unaudited) (Continued)
 
 
Alger Mid Cap
Growth
Institutional Fund
Alger Small Cap
Growth Institutional
Fund
INCOME:
Dividends (net of foreign withholding taxes*)
$4,720
$36,929
Interest
16,617
15,655
Total Income
21,337
52,584
EXPENSES:
Investment advisory fees — Note 3
208,921
302,993
Distribution fees — Note 3
Class R
11,807
6,839
Shareholder servicing fees — Note 3
56,410
56,317
Shareholder administrative fees — Note 3
2,749
3,741
Administration fees  — Note 3
7,560
10,287
Transfer agent fees — Note 3
19,885
23,904
Interest expense — Note 3
752
334
Fund accounting fees — Note 3
14,463
15,536
Professional fees
24,087
25,009
Registration fees
22,356
26,893
Trustee fees — Note 3
1,688
2,224
Printing fees
3,959
10,624
Custodian fees
4,575
2,131
Other expenses
6,943
5,159
Total Expenses
386,155
491,991
Less, expense reimbursements/waivers — Note 3
(37,416
)
(15,201
)
Net Expenses
348,739
476,790
NET INVESTMENT (LOSS)
(327,402
)
(424,206
)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain on unaffiliated investments
3,025,335
3,812,409
Net realized (loss) on foreign currency transactions
(440
)
(1,759
)
Net realized gain on investments and foreign currency
3,024,895
3,810,650
See Notes to Financial Statements.
- 28 -
THE ALGER INSTITUTIONAL FUNDS
Statements of Operations for the six months ended April 30, 2026 (Unaudited) (Continued)
 
Alger Mid Cap
Growth
Institutional Fund
Alger Small Cap
Growth Institutional
Fund
Net change in unrealized (depreciation) on unaffiliated
investments
$(4,770,183
)
$(4,197,690
)
Net change in unrealized appreciation on affiliated
investments
445,910
928,704
Net change in unrealized appreciation on foreign
currency
21
—
Net change in unrealized (depreciation) on investments
and foreign currency
(4,324,252
)
(3,268,986
)
Net realized and unrealized gain (loss) on investments and
foreign currency
(1,299,357
)
541,664
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS
$(1,626,759
)
$117,458
* Foreign withholding taxes
$1,816
$—
See Notes to Financial Statements.
- 29 -
THE ALGER INSTITUTIONAL FUNDS
Statements of Changes in Net Assets (Unaudited)
 
 
Alger Capital Appreciation Institutional Fund
 
For the
Six Months Ended
April 30, 2026
For the
Year Ended
October 31, 2025
Net investment (loss)
$(12,216,110
)
$(21,987,911
)
Net realized gain on investments and foreign currency
211,793,131
318,817,940
Net change in unrealized appreciation (depreciation) on
investments and foreign currency
(186,227,471
)
764,630,406
Net increase in net assets resulting from operations
13,349,550
1,061,460,435
Dividends and distributions to shareholders:
Class I
(81,270,190
)
(130,312,538
)
Class R
(41,563,081
)
(64,726,065
)
Class Y
(33,112,918
)
(44,837,122
)
Class Z-2
(58,549,440
)
(38,456,096
)
Total dividends and distributions to shareholders
(214,495,629
)
(278,331,821
)
Increase (decrease) from shares of beneficial interest transactions:
Class I
(46,633,338
)
(80,727,477
)
Class R
(3,117,664
)
(7,304,135
)
Class Y
111,372,252
37,788,611
Class Z-2
85,057,080
491,617,209
Net increase from shares of beneficial interest
transactions — Note 7
146,678,330
441,374,208
Total increase (decrease)
(54,467,749
)
1,224,502,822
Net Assets:
Beginning of period
3,345,106,602
2,120,603,780
END OF PERIOD
$3,290,638,853
$3,345,106,602
See Notes to Financial Statements.
- 30 -
THE ALGER INSTITUTIONAL FUNDS
Statements of Changes in Net Assets (Unaudited) (Continued)
 
 
Alger Focus Equity Fund
 
For the
Six Months Ended
April 30, 2026
For the
Year Ended
October 31, 2025
Net investment (loss)
$(9,253,590
)
$(11,025,277
)
Net realized gain on investments and foreign currency
103,669,737
328,104,691
Net change in unrealized appreciation on investments and
foreign currency
115,609,596
1,045,181,060
Net increase in net assets resulting from operations
210,025,743
1,362,260,474
Dividends and distributions to shareholders:
Class A
(33,578,146
)
—
Class C
(12,813,962
)
—
Class I
(29,823,644
)
—
Class Y
(29,078,405
)
—
Class Z
(219,352,453
)
—
Total dividends and distributions to shareholders
(324,646,610
)
—
Increase from shares of beneficial interest transactions:
Class A
101,253,070
194,746,682
Class C
38,116,158
27,021,256
Class I
133,993,488
208,209,686
Class Y
241,497,342
176,785,471
Class Z
1,191,670,832
771,284,585
Net increase from shares of beneficial interest
transactions — Note 7
1,706,530,890
1,378,047,680
Total increase
1,591,910,023
2,740,308,154
Net Assets:
Beginning of period
4,531,660,993
1,791,352,839
END OF PERIOD
$6,123,571,016
$4,531,660,993
See Notes to Financial Statements.
- 31 -
THE ALGER INSTITUTIONAL FUNDS
Statements of Changes in Net Assets (Unaudited) (Continued)
 
 
Alger Mid Cap Growth Institutional Fund
 
For the
Six Months Ended
April 30, 2026
For the
Year Ended
October 31, 2025
Net investment (loss)
$(327,402
)
$(603,392
)
Net realized gain on investments and foreign currency
3,024,895
14,264,209
Net change in unrealized (depreciation) on investments and
foreign currency
(4,324,252
)
(307,953
)
Net increase (decrease) in net assets resulting from
operations
(1,626,759
)
13,352,864
Dividends and distributions to shareholders:
Class I
—
—
Class R
—
—
Class Z-2
—
—
Total dividends and distributions to shareholders
—
—
Increase (decrease) from shares of beneficial interest transactions:
Class I
(5,411,369
)
(5,055,807
)
Class R
(594,677
)
(868,210
)
Class Z-2
371,998
(11,572,976
)
Net decrease from shares of beneficial interest
transactions — Note 7
(5,634,048
)
(17,496,993
)
Total decrease
(7,260,807
)
(4,144,129
)
Net Assets:
Beginning of period
61,593,255
65,737,384
END OF PERIOD
$54,332,448
$61,593,255
See Notes to Financial Statements.
- 32 -
THE ALGER INSTITUTIONAL FUNDS
Statements of Changes in Net Assets (Unaudited) (Continued)
 
 
Alger Small Cap Growth Institutional Fund
 
For the
Six Months Ended
April 30, 2026
For the
Year Ended
October 31, 2025
Net investment (loss)
$(424,206
)
$(842,704
)
Net realized gain on investments and foreign currency
3,810,650
3,417,179
Net change in unrealized appreciation (depreciation) on
investments and foreign currency
(3,268,986
)
3,400,966
Net increase in net assets resulting from operations
117,458
5,975,441
Dividends and distributions to shareholders:
Class I
(1,200,233
)
(527,793
)
Class R
(110,516
)
(42,245
)
Class Z-2
(839,069
)
(319,641
)
Total dividends and distributions to shareholders
(2,149,818
)
(889,679
)
Increase (decrease) from shares of beneficial interest transactions:
Class I
(2,959,126
)
(10,202,347
)
Class R
84,375
(217,484
)
Class Z-2
(3,366,674
)
(4,738,948
)
Net decrease from shares of beneficial interest
transactions — Note 7
(6,241,425
)
(15,158,779
)
Total decrease
(8,273,785
)
(10,073,017
)
Net Assets:
Beginning of period
79,602,139
89,675,156
END OF PERIOD
$71,328,354
$79,602,139
See Notes to Financial Statements.
- 33 -
THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
 
Alger Capital Appreciation Institutional
Fund
Class I
 
Six Months
Ended
4/30/2026(a)
Year Ended
10/31/2025
Year Ended
10/31/2024
Year Ended
10/31/2023
Year Ended
10/31/2022
Year Ended
10/31/2021
Net asset value, beginning of period
$60.29
$44.93
$30.80
$27.32
$50.16
$43.16
INCOME FROM INVESTMENT OPERATIONS:
Net investment (loss)(b)
(0.24)
(0.45)
(0.25)
(0.18)
(0.15)
(0.29)
Net realized and unrealized gain (loss)
on investments
0.15
21.55
17.06
4.64
(14.69)
14.23
Total from investment operations
(0.09)
21.10
16.81
4.46
(14.84)
13.94
Dividends from net investment income
(0.04)
—
—
—
—
—
Distributions from net realized gains
(3.74)
(5.74)
(2.68)
(0.98)
(8.00)
(6.94)
Net asset value, end of period
$56.42
$60.29
$44.93
$30.80
$27.32
$50.16
Total return(c)
0.34
%
51.23
%
57.90
%
17.01
%
(34.91)
%
35.72
%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)
$1,191,122
$1,321,584
$1,054,783
$976,912
$1,213,736
$2,313,493
Ratio of net expenses to average net
assets
1.20
%
1.25
%
1.24
%
1.25
%
1.16
%
1.12
%
Ratio of net investment loss to average
net assets
(0.90)
%
(0.95)
%
(0.65)
%
(0.61)
%
(0.45)
%
(0.63)
%
Portfolio turnover rate
32.82
%(d)
77.42
%(d)
59.80
%(d)
86.08
%
106.51
%
78.70
%
 
(a)
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(b)
Amount was computed based on average shares outstanding during the period.
(c)
Does not reflect the effect of sales charges, if applicable.
(d)
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share
transactions.
See Notes to Financial Statements.
- 34 -
THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
 
Alger Capital Appreciation Institutional
Fund
Class R
 
Six Months
Ended
4/30/2026(a)
Year Ended
10/31/2025
Year Ended
10/31/2024
Year Ended
10/31/2023
Year Ended
10/31/2022
Year Ended
10/31/2021
Net asset value, beginning of period
$44.03
$34.31
$24.17
$21.74
$41.74
$37.10
INCOME FROM INVESTMENT OPERATIONS:
Net investment (loss)(b)
(0.26)
(0.49)
(0.33)
(0.24)
(0.24)
(0.41)
Net realized and unrealized gain (loss)
on investments
0.02
15.95
13.15
3.65
(11.76)
11.99
Total from investment operations
(0.24)
15.46
12.82
3.41
(12.00)
11.58
Dividends from net investment income
(0.02)
—
—
—
—
—
Distributions from net realized gains
(3.74)
(5.74)
(2.68)
(0.98)
(8.00)
(6.94)
Net asset value, end of period
$40.03
$44.03
$34.31
$24.17
$21.74
$41.74
Total return(c)
0.13
%
50.52
%
57.21
%
16.53
%
(35.20)
%
35.10
%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)
$456,320
$502,394
$395,539
$310,296
$314,106
$553,283
Ratio of net expenses to average net
assets
1.64
%
1.70
%
1.69
%
1.68
%
1.59
%
1.56
%
Ratio of net investment loss to average
net assets
(1.35)
%
(1.41)
%
(1.11)
%
(1.05)
%
(0.88)
%
(1.07)
%
Portfolio turnover rate
32.82
%(d)
77.42
%(d)
59.80
%(d)
86.08
%
106.51
%
78.70
%
 
(a)
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(b)
Amount was computed based on average shares outstanding during the period.
(c)
Does not reflect the effect of sales charges, if applicable.
(d)
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share
transactions.
See Notes to Financial Statements.
- 35 -
THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
 
Alger Capital Appreciation Institutional
Fund
Class Y
 
Six Months
Ended
4/30/2026(a)
Year Ended
10/31/2025
Year Ended
10/31/2024
Year Ended
10/31/2023
Year Ended
10/31/2022
Year Ended
10/31/2021
Net asset value, beginning of period
$63.66
$47.00
$32.00
$28.22
$51.36
$43.91
INCOME FROM INVESTMENT OPERATIONS:
Net investment (loss)(b)
(0.15)
(0.29)
(0.11)
(0.06)
(0.01)
(0.13)
Net realized and unrealized gain (loss)
on investments
0.19
22.69
17.79
4.82
(15.13)
14.52
Total from investment operations
0.04
22.40
17.68
4.76
(15.14)
14.39
Dividends from net investment income
(0.07)
—
—
—
—
—
Distributions from net realized gains
(3.74)
(5.74)
(2.68)
(0.98)
(8.00)
(6.94)
Net asset value, end of period
$59.89
$63.66
$47.00
$32.00
$28.22
$51.36
Total return(c)
0.53
%
51.79
%
58.48
%
17.55
%
(34.65)
%
36.19
%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)
$634,319
$545,177
$365,062
$327,807
$375,693
$678,853
Ratio of gross expenses to average net
assets
0.87
%
0.93
%
0.93
%
0.91
%
0.84
%
0.79
%
Ratio of expense reimbursements to
average net assets
(0.05)
%
(0.06)
%
(0.07)
%
(0.10)
%
(0.09)
%
(0.04)
%
Ratio of net expenses to average net
assets
0.82
%
0.87
%
0.86
%
0.81
%
0.75
%
0.75
%
Ratio of net investment loss to average
net assets
(0.53)
%
(0.58)
%
(0.28)
%
(0.18)
%
(0.04)
%
(0.27)
%
Portfolio turnover rate
32.82
%(d)
77.42
%(d)
59.80
%(d)
86.08
%
106.51
%
78.70
%
 
(a)
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(b)
Amount was computed based on average shares outstanding during the period.
(c)
Does not reflect the effect of sales charges, if applicable.
(d)
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share
transactions.
See Notes to Financial Statements.
- 36 -
THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
 
Alger Capital Appreciation Institutional
Fund
Class Z-2
 
Six Months
Ended
4/30/2026(a)
Year Ended
10/31/2025
Year Ended
10/31/2024
Year Ended
10/31/2023
Year Ended
10/31/2022
Year Ended
10/31/2021
Net asset value, beginning of period
$63.27
$46.75
$31.85
$28.11
$51.23
$43.83
INCOME FROM INVESTMENT OPERATIONS:
Net investment (loss)(b)
(0.15)
(0.31)
(0.13)
(0.06)
(0.05)
(0.14)
Net realized and unrealized gain (loss)
on investments
0.18
22.57
17.71
4.78
(15.07)
14.48
Total from investment operations
0.03
22.26
17.58
4.72
(15.12)
14.34
Dividends from net investment income
(0.07)
—
—
—
—
—
Distributions from net realized gains
(3.74)
(5.74)
(2.68)
(0.98)
(8.00)
(6.94)
Net asset value, end of period
$59.49
$63.27
$46.75
$31.85
$28.11
$51.23
Total return(c)
0.52
%
51.76
%
58.44
%
17.48
%
(34.70)
%
36.13
%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)
$1,008,878
$975,951
$305,220
$208,415
$289,885
$640,412
Ratio of gross expenses to average net
assets
0.87
%
0.93
%
0.94
%
0.92
%
0.84
%
0.79
%
Ratio of expense reimbursements to
average net assets
(0.03)
%
(0.05)
%
(0.06)
%
(0.05)
%
—
—
Ratio of net expenses to average net
assets
0.84
%
0.88
%
0.88
%
0.87
%
0.84
%
0.79
%
Ratio of net investment loss to average
net assets
(0.55)
%
(0.61)
%
(0.31)
%
(0.22)
%
(0.13)
%
(0.31)
%
Portfolio turnover rate
32.82
%(d)
77.42
%(d)
59.80
%(d)
86.08
%
106.51
%
78.70
%
 
(a)
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(b)
Amount was computed based on average shares outstanding during the period.
(c)
Does not reflect the effect of sales charges, if applicable.
(d)
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share
transactions.
See Notes to Financial Statements.
- 37 -
THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
 
Alger Focus Equity Fund
Class A
 
Six Months
Ended
4/30/2026(a)
Year Ended
10/31/2025
Year Ended
10/31/2024
Year Ended
10/31/2023
Year Ended
10/31/2022
Year Ended
10/31/2021
Net asset value, beginning of period
$114.17
$71.78
$44.69
$38.02
$65.10
$50.77
INCOME FROM INVESTMENT OPERATIONS:
Net investment (loss)(b)
(0.30)
(0.60)
(0.17)
(0.10)
(0.10)
(0.25)
Net realized and unrealized gain (loss)
on investments
2.07
42.99
27.31
6.79
(19.02)
17.97
Total from investment operations
1.77
42.39
27.14
6.69
(19.12)
17.72
Dividends from net investment income
—
—
(0.05)
(0.02)
—
—
Distributions from net realized gains
(8.09)
—
—
—
(7.96)
(3.39)
Net asset value, end of period
$107.85
$114.17
$71.78
$44.69
$38.02
$65.10
Total return(c)
2.21
%
59.12
%
60.77
%
17.62
%
(33.34)
%
36.37
%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)
$528,591
$447,729
$133,839
$88,975
$70,778
$118,641
Ratio of net expenses to average net
assets
0.91
%
0.99
%
0.95
%
0.95
%
0.95
%
0.92
%
Ratio of net investment loss to average
net assets
(0.58)
%
(0.67)
%
(0.28)
%
(0.24)
%
(0.21)
%
(0.43)
%
Portfolio turnover rate
52.02
%(d)
134.46
%(d)
92.43
%
99.51
%
126.01
%(d)
107.82
%
 
(a)
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(b)
Amount was computed based on average shares outstanding during the period.
(c)
Does not reflect the effect of sales charges, if applicable.
(d)
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share
transactions.
See Notes to Financial Statements.
- 38 -
THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
 
Alger Focus Equity Fund
Class C
 
Six Months
Ended
4/30/2026(a)
Year Ended
10/31/2025
Year Ended
10/31/2024
Year Ended
10/31/2023
Year Ended
10/31/2022
Year Ended
10/31/2021
Net asset value, beginning of period
$101.75
$64.36
$40.36
$34.58
$60.35
$47.63
INCOME FROM INVESTMENT OPERATIONS:
Net investment (loss)(b)
(0.61)
(1.10)
(0.58)
(0.39)
(0.41)
(0.65)
Net realized and unrealized gain (loss)
on investments
1.63
38.49
24.60
6.17
(17.40)
16.76
Total from investment operations
1.02
37.39
24.02
5.78
(17.81)
16.11
Dividends from net investment income
—
—
(0.02)
—
—
—
Distributions from net realized gains
(8.09)
—
—
—
(7.96)
(3.39)
Net asset value, end of period
$94.68
$101.75
$64.36
$40.36
$34.58
$60.35
Total return(c)
1.80
%
57.99
%
59.55
%
16.71
%
(33.85)
%
35.33
%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)
$186,734
$156,700
$78,031
$51,040
$45,186
$70,664
Ratio of net expenses to average net
assets
1.68
%
1.74
%
1.72
%
1.72
%
1.70
%
1.68
%
Ratio of net investment loss to average
net assets
(1.36)
%
(1.40)
%
(1.05)
%
(1.01)
%
(0.96)
%
(1.19)
%
Portfolio turnover rate
52.02
%(d)
134.46
%(d)
92.43
%
99.51
%
126.01
%(d)
107.82
%
 
(a)
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(b)
Amount was computed based on average shares outstanding during the period.
(c)
Does not reflect the effect of sales charges, if applicable.
(d)
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share
transactions.
See Notes to Financial Statements.
- 39 -
THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
 
Alger Focus Equity Fund
Class I
 
Six Months
Ended
4/30/2026(a)
Year Ended
10/31/2025
Year Ended
10/31/2024
Year Ended
10/31/2023
Year Ended
10/31/2022
Year Ended
10/31/2021
Net asset value, beginning of period
$115.20
$72.37
$45.06
$38.32
$65.54
$51.07
INCOME FROM INVESTMENT OPERATIONS:
Net investment (loss)(b)
(0.29)
(0.61)
(0.15)
(0.09)
(0.07)
(0.23)
Net realized and unrealized gain (loss)
on investments
2.06
43.44
27.51
6.85
(19.19)
18.09
Total from investment operations
1.77
42.83
27.36
6.76
(19.26)
17.86
Dividends from net investment income
—
—
(0.05)
(0.02)
—
—
(c)
Distributions from net realized gains
(8.09)
—
—
—
(7.96)
(3.39)
Net asset value, end of period
$108.88
$115.20
$72.37
$45.06
$38.32
$65.54
Total return(d)
2.21
%
59.19
%
60.84
%
17.64
%
(33.33)
%
36.44
%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)
$514,920
$397,227
$101,116
$46,035
$44,607
$77,895
Ratio of gross expenses to average net
assets
0.89
%
0.95
%
0.94
%
0.93
%
0.91
%
0.89
%
Ratio of expense reimbursements to
average net assets
—
—
—
—
—
(0.01)
%
Ratio of net expenses to average net
assets
0.89
%
0.95
%
0.94
%
0.93
%
0.91
%
0.88
%
Ratio of net investment loss to average
net assets
(0.56)
%
(0.65)
%
(0.25)
%
(0.21)
%
(0.15)
%
(0.39)
%
Portfolio turnover rate
52.02
%(e)
134.46
%(e)
92.43
%
99.51
%
126.01
%(e)
107.82
%
 
(a)
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(b)
Amount was computed based on average shares outstanding during the period.
(c)
Amount was less than $0.005 per share.
(d)
Does not reflect the effect of sales charges, if applicable.
(e)
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share
transactions.
See Notes to Financial Statements.
- 40 -
THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
 
Alger Focus Equity Fund
Class Y
 
Six Months
Ended
4/30/2026(a)
Year Ended
10/31/2025
Year Ended
10/31/2024
Year Ended
10/31/2023
Year Ended
10/31/2022
Year Ended
10/31/2021
Net asset value, beginning of period
$119.97
$75.12
$46.62
$39.53
$67.15
$52.12
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss)(b)
(0.15)
(0.29)
0.10
0.06
0.08
(0.06)
Net realized and unrealized gain (loss)
on investments
2.20
45.14
28.47
7.07
(19.74)
18.50
Total from investment operations
2.05
44.85
28.57
7.13
(19.66)
18.44
Dividends from net investment income
—
—
(0.07)
(0.04)
—
(0.02)
Distributions from net realized gains
(8.09)
—
—
—
(7.96)
(3.39)
Net asset value, end of period
$113.93
$119.97
$75.12
$46.62
$39.53
$67.15
Total return(c)
2.35
%
59.71
%
61.36
%
18.05
%
(33.10)
%
36.84
%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)
$653,238
$409,157
$116,474
$136,409
$126,406
$194,908
Ratio of gross expenses to average net
assets
0.62
%
0.66
%
0.63
%
0.64
%
0.62
%
0.61
%
Ratio of expense reimbursements to
average net assets
(0.02)
%
(0.05)
%
(0.05)
%
(0.05)
%
(0.04)
%
(0.03)
%
Ratio of net expenses to average net
assets
0.60
%
0.61
%
0.58
%
0.59
%
0.58
%
0.58
%
Ratio of net investment income (loss) to
average net assets
(0.28)
%
(0.31)
%
0.15
%
0.13
%
0.16
%
(0.10)
%
Portfolio turnover rate
52.02
%(d)
134.46
%(d)
92.43
%
99.51
%
126.01
%(d)
107.82
%
 
(a)
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(b)
Amount was computed based on average shares outstanding during the period.
(c)
Does not reflect the effect of sales charges, if applicable.
(d)
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share
transactions.
See Notes to Financial Statements.
- 41 -
THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
 
Alger Focus Equity Fund
Class Z
 
Six Months
Ended
4/30/2026(a)
Year Ended
10/31/2025
Year Ended
10/31/2024
Year Ended
10/31/2023
Year Ended
10/31/2022
Year Ended
10/31/2021
Net asset value, beginning of period
$119.47
$74.83
$46.46
$39.41
$67.00
$52.02
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss)(b)
(0.16)
(0.30)
0.02
0.04
0.06
(0.08)
Net realized and unrealized gain (loss)
on investments
2.18
44.94
28.42
7.05
(19.69)
18.47
Total from investment operations
2.02
44.64
28.44
7.09
(19.63)
18.39
Dividends from net investment income
—
—
(0.07)
(0.04)
—
(0.02)
Distributions from net realized gains
(8.09)
—
—
—
(7.96)
(3.39)
Net asset value, end of period
$113.40
$119.47
$74.83
$46.46
$39.41
$67.00
Total return(c)
2.35
%
59.65
%
61.29
%
18.00
%
(33.13)
%
36.81
%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)
$4,240,087
$3,120,847
$1,361,893
$793,033
$763,788
$1,167,256
Ratio of gross expenses to average net
assets
0.62
%
0.66
%
0.64
%
0.63
%
0.62
%
0.61
%
Ratio of expense reimbursements to
average net assets
—
—
(0.01)
%
—
—
—
Ratio of net expenses to average net
assets
0.62
%
0.66
%
0.63
%
0.63
%
0.62
%
0.61
%
Ratio of net investment income (loss) to
average net assets
(0.29)
%
(0.33)
%
0.03
%
0.09
%
0.12
%
(0.13)
%
Portfolio turnover rate
52.02
%(d)
134.46
%(d)
92.43
%
99.51
%
126.01
%(d)
107.82
%
 
(a)
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(b)
Amount was computed based on average shares outstanding during the period.
(c)
Does not reflect the effect of sales charges, if applicable.
(d)
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share
transactions.
See Notes to Financial Statements.
- 42 -
THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
 
Alger Mid Cap Growth Institutional
Fund
Class I
 
Six Months
Ended
4/30/2026(a)
Year Ended
10/31/2025
Year Ended
10/31/2024
Year Ended
10/31/2023
Year Ended
10/31/2022
Year Ended
10/31/2021
Net asset value, beginning of period
$29.07
$23.24
$17.11
$17.14
$50.80
$40.47
INCOME FROM INVESTMENT OPERATIONS:
Net investment (loss)(b)
(0.16)
(0.26)
(0.13)
(0.16)
(0.19)
(0.45)
Net realized and unrealized gain (loss)
on investments
(0.61)
6.09
6.26
0.13
(13.62)
16.11
Total from investment operations
(0.77)
5.83
6.13
(0.03)
(13.81)
15.66
Distributions from net realized gains
—
—
—
—
(19.85)
(5.33)
Net asset value, end of period
$28.30
$29.07
$23.24
$17.11
$17.14
$50.80
Total return(c)
(2.68)
%
25.13
%
35.83
%
(0.17)
%
(39.51)
%
41.08
%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)
$39,518
$46,115
$41,818
$39,102
$42,477
$85,297
Ratio of gross expenses to average net
assets
1.42
%
1.40
%
1.39
%
1.45
%
1.43
%
1.27
%
Ratio of expense reimbursements to
average net assets
(0.16)
%
(0.13)
%
(0.08)
%
—
—
—
Ratio of net expenses to average net
assets
1.26
%
1.27
%
1.31
%
1.45
%
1.43
%
1.27
%
Ratio of net investment loss to average
net assets
(1.18)
%
(1.03)
%
(0.61)
%
(0.88)
%
(0.89)
%
(0.97)
%
Portfolio turnover rate
42.82
%
91.15
%
56.01
%
79.60
%
199.22
%
171.43
%
 
(a)
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(b)
Amount was computed based on average shares outstanding during the period.
(c)
Does not reflect the effect of sales charges, if applicable.
See Notes to Financial Statements.
- 43 -
THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
 
Alger Mid Cap Growth Institutional
Fund
Class R
 
Six Months
Ended
4/30/2026(a)
Year Ended
10/31/2025
Year Ended
10/31/2024
Year Ended
10/31/2023
Year Ended
10/31/2022
Year Ended
10/31/2021
Net asset value, beginning of period
$22.01
$17.70
$13.10
$13.19
$44.37
$36.07
INCOME FROM INVESTMENT OPERATIONS:
Net investment (loss)(b)
(0.19)
(0.32)
(0.19)
(0.19)
(0.22)
(0.59)
Net realized and unrealized gain (loss)
on investments
(0.47)
4.63
4.79
0.10
(11.11)
14.22
Total from investment operations
(0.66)
4.31
4.60
(0.09)
(11.33)
13.63
Distributions from net realized gains
—
—
—
—
(19.85)
(5.33)
Net asset value, end of period
$21.35
$22.01
$17.70
$13.10
$13.19
$44.37
Total return(c)
(3.00)
%
24.35
%
35.12
%
(0.68)
%
(39.77)
%
40.42
%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)
$4,537
$5,290
$4,999
$4,099
$4,282
$7,426
Ratio of net expenses to average net
assets
1.89
%
1.87
%
1.85
%
1.91
%
1.88
%
1.75
%
Ratio of net investment loss to average
net assets
(1.80)
%
(1.64)
%
(1.16)
%
(1.34)
%
(1.33)
%
(1.46)
%
Portfolio turnover rate
42.82
%
91.15
%
56.01
%
79.60
%
199.22
%
171.43
%
 
(a)
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(b)
Amount was computed based on average shares outstanding during the period.
(c)
Does not reflect the effect of sales charges, if applicable.
See Notes to Financial Statements.
- 44 -
THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
 
Alger Mid Cap Growth Institutional
Fund
Class Z-2
 
Six Months
Ended
4/30/2026(a)
Year Ended
10/31/2025
Year Ended
10/31/2024
Year Ended
10/31/2023
Year Ended
10/31/2022
Year Ended
10/31/2021
Net asset value, beginning of period
$30.41
$24.26
$17.81
$17.76
$51.68
$40.99
INCOME FROM INVESTMENT OPERATIONS:
Net investment (loss)(b)
(0.14)
(0.20)
(0.07)
(0.08)
(0.10)
(0.32)
Net realized and unrealized gain (loss)
on investments
(0.63)
6.35
6.52
0.13
(13.97)
16.34
Total from investment operations
(0.77)
6.15
6.45
0.05
(14.07)
16.02
Distributions from net realized gains
—
—
—
—
(19.85)
(5.33)
Net asset value, end of period
$29.64
$30.41
$24.26
$17.81
$17.76
$51.68
Total return(c)
(2.56)
%
25.39
%
36.22
%
0.28
%
(39.24)
%
41.50
%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)
$10,278
$10,188
$18,920
$10,870
$10,696
$25,469
Ratio of gross expenses to average net
assets
1.09
%
1.06
%
1.06
%
1.12
%
1.09
%
0.97
%
Ratio of expense reimbursements to
average net assets
(0.08)
%
(0.05)
%
(0.06)
%
(0.11)
%
(0.10)
%
—
Ratio of net expenses to average net
assets
1.01
%
1.01
%
1.00
%
1.01
%
0.99
%
0.97
%
Ratio of net investment loss to average
net assets
(0.95)
%
(0.75)
%
(0.32)
%
(0.45)
%
(0.46)
%
(0.68)
%
Portfolio turnover rate
42.82
%
91.15
%
56.01
%
79.60
%
199.22
%
171.43
%
 
(a)
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(b)
Amount was computed based on average shares outstanding during the period.
(c)
Does not reflect the effect of sales charges, if applicable.
See Notes to Financial Statements.
- 45 -
THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
 
Alger Small Cap Growth Institutional
Fund
Class I
 
Six Months
Ended
4/30/2026(a)
Year Ended
10/31/2025
Year Ended
10/31/2024
Year Ended
10/31/2023
Year Ended
10/31/2022
Year Ended
10/31/2021
Net asset value, beginning of period
$18.07
$16.82
$13.36
$15.10
$31.70
$25.77
INCOME FROM INVESTMENT OPERATIONS:
Net investment (loss)(b)
(0.11)
(0.19)
(0.20)
(0.15)
(0.19)
(0.32)
Net realized and unrealized gain (loss)
on investments
0.23
1.61
3.66
(1.59)
(11.05)
7.80
Total from investment operations
0.12
1.42
3.46
(1.74)
(11.24)
7.48
Distributions from net realized gains
(0.49)
(0.17)
—
—
(5.36)
(1.55)
Net asset value, end of period
$17.70
$18.07
$16.82
$13.36
$15.10
$31.70
Total return(c)
0.75
%
8.51
%
25.82
%
(11.52)
%
(40.86)
%
29.64
%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)
$41,648
$45,547
$52,983
$55,483
$80,965
$180,795
Ratio of net expenses to average net
assets
1.43
%
1.39
%
1.41
%
1.38
%
1.30
%
1.24
%
Ratio of net investment loss to average
net assets
(1.29)
%
(1.19)
%
(1.26)
%
(0.99)
%
(1.04)
%
(1.04)
%
Portfolio turnover rate
8.33
%
38.55
%
48.95
%
29.53
%
14.95
%
41.10
%
 
(a)
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(b)
Amount was computed based on average shares outstanding during the period.
(c)
Does not reflect the effect of sales charges, if applicable.
See Notes to Financial Statements.
- 46 -
THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
 
Alger Small Cap Growth Institutional
Fund
Class R
 
Six Months
Ended
4/30/2026(a)
Year Ended
10/31/2025
Year Ended
10/31/2024
Year Ended
10/31/2023
Year Ended
10/31/2022
Year Ended
10/31/2021
Net asset value, beginning of period
$12.34
$11.58
$9.24
$10.50
$24.00
$19.92
INCOME FROM INVESTMENT OPERATIONS:
Net investment (loss)(b)
(0.10)
(0.19)
(0.19)
(0.15)
(0.19)
(0.35)
Net realized and unrealized gain (loss)
on investments
0.14
1.12
2.53
(1.11)
(7.95)
5.98
Total from investment operations
0.04
0.93
2.34
(1.26)
(8.14)
5.63
Distributions from net realized gains
(0.49)
(0.17)
—
—
(5.36)
(1.55)
Net asset value, end of period
$11.89
$12.34
$11.58
$9.24
$10.50
$24.00
Total return(c)
0.44
%
8.02
%
25.33
%
(12.00)
%
(41.11)
%
29.02
%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)
$2,856
$2,866
$2,940
$3,459
$4,791
$9,751
Ratio of net expenses to average net
assets
1.89
%
1.86
%
1.88
%
1.84
%
1.73
%
1.73
%
Ratio of net investment loss to average
net assets
(1.75)
%
(1.66)
%
(1.73)
%
(1.46)
%
(1.47)
%
(1.51)
%
Portfolio turnover rate
8.33
%
38.55
%
48.95
%
29.53
%
14.95
%
41.10
%
 
(a)
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(b)
Amount was computed based on average shares outstanding during the period.
(c)
Does not reflect the effect of sales charges, if applicable.
See Notes to Financial Statements.
- 47 -
THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
 
Alger Small Cap Growth Institutional
Fund
Class Z-2
 
Six Months
Ended
4/30/2026(a)
Year Ended
10/31/2025
Year Ended
10/31/2024
Year Ended
10/31/2023
Year Ended
10/31/2022
Year Ended
10/31/2021
Net asset value, beginning of period
$18.73
$17.36
$13.73
$15.47
$32.23
$26.10
INCOME FROM INVESTMENT OPERATIONS:
Net investment (loss)(b)
(0.08)
(0.14)
(0.14)
(0.09)
(0.14)
(0.24)
Net realized and unrealized gain (loss)
on investments
0.24
1.68
3.77
(1.65)
(11.26)
7.92
Total from investment operations
0.16
1.54
3.63
(1.74)
(11.40)
7.68
Distributions from net realized gains
(0.49)
(0.17)
—
—
(5.36)
(1.55)
Net asset value, end of period
$18.40
$18.73
$17.36
$13.73
$15.47
$32.23
Total return(c)
0.94
%
8.87
%
26.44
%
(11.25)
%
(40.65)
%
30.05
%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)
$26,825
$31,189
$33,752
$46,508
$86,007
$169,918
Ratio of gross expenses to average net
assets
1.10
%
1.06
%
1.11
%
1.05
%
0.98
%
0.94
%
Ratio of expense reimbursements to
average net assets
(0.10)
%
(0.06)
%
(0.10)
%
(0.05)
%
—
—
Ratio of net expenses to average net
assets
1.00
%
1.00
%
1.01
%
1.00
%
0.98
%
0.94
%
Ratio of net investment loss to average
net assets
(0.85)
%
(0.80)
%
(0.86)
%
(0.60)
%
(0.71)
%
(0.76)
%
Portfolio turnover rate
8.33
%
38.55
%
48.95
%
29.53
%
14.95
%
41.10
%
 
(a)
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(b)
Amount was computed based on average shares outstanding during the period.
(c)
Does not reflect the effect of sales charges, if applicable.
See Notes to Financial Statements.
- 48 -
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.
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 value determinations subject to the Board’s oversight. The Valuation Designee
- 49 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
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 reports its fair valuation determinations and related valuation information to the Board, at least quarterly. 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.
- 50 -
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 9.
• 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
- 51 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
securities by the Funds may significantly differ from the valuations that would have been assigned by the Funds had there been an active market for such securities.
(b) Cash: Cash includes U.S. dollars, if applicable.
(c) Securities Transactions and Investment Income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income is recognized on the accrual basis.
(d) Foreign Currency Transactions: The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at the prevailing rates of exchange on each valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of such transactions.
Net realized gains and losses on foreign currency transactions represent net gains and losses from the disposition of foreign currencies, currency gains and losses realized between the trade dates and settlement dates of security transactions, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received.  The effects of changes in foreign currency exchange rates on investments in securities are included in realized and unrealized gain or loss on investments in the accompanying Statements of Operations.
(e) Dividends to Shareholders: Dividends and distributions payable to shareholders are recorded by the Funds on the ex-dividend date. Dividends from net investment income, if available, and distributions from net realized gains, offset by any loss carryforward, are declared and paid annually after the end of the fiscal year in which earned. Each share class is treated separately in determining the amount of dividends from net investment income payable to holders of its shares.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with U.S. federal income tax rules. Therefore, the source of a Fund’s distributions may be shown in the accompanying financial statements as either from, or in excess of, net investment income, net realized gain on investment transactions, or return of capital, depending on the type of book/tax differences that may exist. Capital accounts within the financial statements are adjusted for permanent book/tax differences. Reclassifications result primarily from the differences in tax treatment of net operating losses, passive foreign investment companies, and foreign currency transactions. The reclassifications are done annually at year-end and have no impact on the net asset values of the Funds and are designed to present each Fund’s capital accounts on a tax basis.
- 52 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(f) Federal Income Taxes and Disclosures: It is each Fund’s policy to comply with the requirements of the U.S. Internal Revenue Code Subchapter M applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Provided that the Funds maintain such compliance, no U.S. federal income tax provision is required. Each Fund is treated as a separate entity for the purpose of determining such compliance.
FASB Accounting Standards Codification 740 – Income Taxes (“ASC 740”) requires the Funds to measure and recognize in their financial statements the benefit of a tax position taken (or expected to be taken) on an income tax return if such position will more likely than not be sustained upon examination based on the technical merits of the position. No tax years are currently under investigation. The Funds file income tax returns in the U.S. Federal jurisdiction, as well as the New York State and New York City jurisdictions. The statute of limitations on the Funds' tax returns remains open for the tax years 2022-2025. Alger Management does not believe there are any uncertain tax positions that require recognition of a tax liability.
The Funds adhere to FASB Accounting Standards Update 2023-09 ("ASU 2023-09"), Improvements to Income Tax Disclosures. The purpose of ASU 2023-09 is to enhance income tax disclosures by categorizing and disclosing income tax rates and income taxes paid. Alger Management has evaluated the amendment's impact to the Funds' financial statements and determined no disclosure is required.
(g) Allocation Methods: The Trust accounts separately for the assets, liabilities and operations of each Fund. Expenses directly attributable to each Fund are charged to that Fund’s operations; expenses which are applicable to all Funds are allocated among them based on net assets. Income, realized and unrealized gains and losses, and expenses of each Fund are allocated among the Fund’s classes based on relative net assets, with the exception of distribution fees, transfer agency fees, and shareholder servicing and related fees.
(h) Segment Reporting: The Funds adhere to FASB Accounting Standards Update 2023-07, Segment Reporting (“Topic 280”) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”). An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses and, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance. The Principal Executive Officer of the Funds acts as the Funds' CODM. Each Fund represents a single operating segment. The CODM monitors the operating results of each Fund, including each Fund's portfolio composition, total return, expense ratio, and changes in net assets. Each Fund's long-term strategic asset allocation is
- 53 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
determined in accordance with the terms of each Fund's prospectus, based on a defined investment strategy which is executed by the Investment Manager.
(i) Estimates: These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which require using estimates and assumptions that affect the reported amounts therein. These unaudited financial statements reflect all adjustments that are, in the opinion of Alger Management, necessary to present a fair statement of results of the semi-annual period. Actual results may differ from those estimates. All such estimates are of a normal recurring nature.
NOTE 3 — Investment Advisory Fees and Other Transactions with Affiliates:
(a) Investment Advisory Fees: Fees incurred by each Fund, pursuant to the provisions of the Trust's Investment Advisory Agreement with the Investment Manager, are payable monthly and computed based on the following actual rates. The actual rate paid as a percentage of average daily net assets, for the six months ended April 30, 2026, is set forth below under the heading “Actual Rate”:
 
 
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
%
0.75
%
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
%
 
(a)
Tier 1 rate is paid on assets up to $2 billion, Tier 2 rate is paid on assets between $2 billion and $3 billion, Tier 3 rate
is paid on assets between $3 billion and $4 billion, Tier 4 rate is paid on assets between $4 billion and $5 billion, and
Tier 5 rate is paid on assets in excess of $5 billion.
(b)
Tier 1 rate is paid on all assets.
(c)
Tier 1 rate is paid on assets up to $1 billion and Tier 2 rate is paid on assets in excess of $1 billion.
Alger Management has contractually agreed to waive and/or reimburse other expenses and any applicable share class-specific expenses (excluding custody fees, acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program ("ReFlow"), extraordinary expenses, and certain proxy expenses, to the extent applicable) through October 31, 2027 to the extent necessary to limit such expenses to the rates listed in the table
- 54 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
below, based on average daily net assets. For the avoidance of doubt, this contractual agreement does not include advisory fees.
 
 
CLASS
FEES WAIVED /
REIMBURSED
FOR THE SIX
MONTHS ENDED
APRIL 30,
2026
 
A
C
I
R
Y
Z
Z-2
Alger Capital Appreciation
Institutional Fund
—
%
—
%
—
%
—
%
0.03
%
—
%
0.05
%
$321,722
Alger Focus Equity Fund
—
—
—
—
0.06
0.11
—
43,651
Alger Mid Cap Growth Institutional
Fund
—
—
0.48
—
—
—
0.23
37,416
Alger Small Cap Growth Institutional
Fund
—
—
—
—
—
—
0.18
15,201
Alger Management may recoup any fees waived or expenses reimbursed pursuant to the contract; however, a Fund will only make repayments to the Investment Manager if such repayment does not cause a Fund’s expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) a Fund’s current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. For the six months ended April 30, 2026, there were no recoupments made by any Fund.
(b) Administration Fees: Fees incurred by each Fund, pursuant to the provisions of the Trust's Fund Administration Agreement with the Investment Manager, are payable monthly and computed based on the average daily net assets of each Fund at the annual rate of 0.0275%.
(c) Distribution/Shareholder Servicing Fees:
Class A Shares: The Trust has adopted a Distribution Plan pursuant to which Class A shares of  Alger Focus Equity Fund pay Fred Alger & Company, LLC, the Trust’s distributor and an affiliate of  the Investment Manager (the “Distributor” or “Alger LLC”), a fee at the annual rate of  0.25% of  the respective average daily net assets of  the Class A shares of  the Fund to compensate Alger LLC for its activities and expenses incurred in distributing and/or shareholder servicing Class A shares. The fees paid may be more or less than the expenses incurred by Alger LLC.
Class C Shares: The Trust has adopted a Distribution Plan pursuant to which Class C shares of  Alger Focus Equity Fund pays Alger LLC a fee at the annual rate of  1% of  the average daily net assets of  the Class C shares of  the Fund to compensate Alger LLC for its activities and expenses incurred in distributing and/or servicing the Class C shares. The fees paid may be more or less than the expenses incurred by Alger LLC.
- 55 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Class R Shares: The Trust has adopted a Distribution Plan pursuant to which Class R shares of  each Fund issuing such shares pays Alger LLC a fee at the annual rate of  0.50% of  the respective average daily net assets of  the Class R shares of  the designated Fund to compensate Alger LLC for its activities and expenses incurred in distributing the Class R shares. The fees paid may be more or less than the expenses incurred by Alger LLC.
(d) Sales Charges: Sales of shares of the Funds may be subject to contingent deferred sales charges. The contingent deferred sales charges are used by Alger LLC to offset distribution expenses previously incurred. Sales charges do not represent expenses of a Fund. For the six months ended April 30, 2026, contingent deferred sales charges imposed, all of which were retained by Alger LLC, were as follows:
 
 
CONTINGENT
DEFERRED SALES
CHARGES
Alger Focus Equity Fund
$17,391
(e) Brokerage Commissions: During the six months ended April 30, 2026, Alger Capital Appreciation Institutional Fund, Alger Focus Equity Fund, Alger Mid Cap Growth Institutional Fund and Alger Small Cap Growth Institutional Fund paid Alger LLC commissions of  $102,754, $283,786, $6,863, and $754, respectively, in connection with securities transactions.
(f) Shareholder Administrative Fees: The Trust has entered into a Shareholder Administrative Services Agreement with Alger Management to compensate Alger Management for its liaising with, and providing administrative oversight of, the Trust’s transfer agent, and for other related services. The Funds compensate Alger Management at the annual rate of  0.0165% of  their respective average daily net assets for the Class A and Class C shares and 0.01% of  their respective average daily net assets for the Class I, Class R, Class Y, Class Z and Class Z-2 shares for these services.
Alger Management makes payments to intermediaries that provide sub-accounting services to omnibus accounts invested in the Funds. A portion of  the fees paid by Alger Management to intermediaries that provide sub-accounting services are charged back to the appropriate Fund, subject to certain limitations, as approved by the Board. For the six months ended April 30, 2026, Alger Management charged back to Alger Capital Appreciation Institutional Fund, Alger Focus Equity Fund, Alger Mid Cap Growth Institutional Fund, and Alger Small Cap Growth Institutional Fund, $438,784, $206,932, $16,377 and $16,994, respectively, for these services, which are included in transfer agent fees in the accompanying Statements of Operations.
- 56 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(g) Trustee Fees: Effective January 1, 2026, each trustee who is not an “interested person” of the Trust, as defined in the 1940 Act (“Independent Trustee”), receives a fee of $183,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex, plus travel expenses incurred for attending board meetings. The term “Alger Fund Complex” refers to the Trust, The Alger Funds, The Alger Funds II, The Alger Portfolios, Alger Global Equity Fund, The Alger ETF Trust, and Alger Next Gen Growth Fund, each of which is a registered investment company managed by Alger Management. The Alger Next Gen Growth Fund has not commenced operations and, accordingly, has not paid any trustee fees. The Independent Trustee appointed as Chairman of the Board receives additional compensation of $27,000 per annum paid pro rata based on net assets by each fund in the Alger Fund Complex. Additionally, each member of the Audit Committee receives a fee of $10,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex. Certain Independent Trustees who are members of the Nominating and Governance Committee and perform certain tasks on behalf of the Nominating and Governance Committee receive $5,000 per annum, paid pro rata based on the net assets by each fund in the Alger Fund Complex.
Prior to January 1, 2026, each Independent Trustee received a fee of $170,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex, plus travel expenses incurred for attending board meetings, the Chair of the Board received additional compensation of $26,000 per annum paid pro rata based on net assets by each fund in the Alger Fund Complex; and each member of the Audit Committee received a fee of $10,000 per annum, paid pro rata based on the net assets by each fund in the Alger Fund Complex; and Independent Trustees who were not members of the Audit Committee but attended Audit Committee meetings received a stipend of $10,000 per annum, paid pro rata based on the net assets by each fund in the Alger Fund Complex.
The Board has adopted a policy requiring Independent Trustees to receive a minimum of 10% of their annual compensation in shares of one or more of the funds in the Alger Fund Complex.
(h) Interfund Trades: The Funds may engage in purchase and sale transactions with other funds advised by Alger Management or sub-advised by Weatherbie Capital, LLC or Redwood Investments, LLC, affiliates of Alger Management. For the six months ended April 30, 2026, there were no interfund trades.
(i) Interfund Loans: The Funds, along with other funds in the Alger Fund Complex, may borrow money from and lend money to each other for temporary or emergency purposes. To the extent permitted under its investment restrictions, each Fund may lend uninvested cash in an amount up to 15% of its net assets to other funds in the Alger Fund Complex. If a Fund has borrowed from other funds in the Alger Fund Complex and has aggregate borrowings from all sources that exceed 10% of the Fund’s total assets, such Fund will
- 57 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
secure all of its loans from other funds in the Alger Fund Complex. The interest rate charged on interfund loans is equal to the average of the overnight U.S. Treasury money market rate and bank loan rate available to the Funds. There were no interfund loans outstanding as of April 30, 2026.
For the six months ended April 30, 2026, Alger Capital Appreciation Institutional Fund, Alger Mid Cap Growth Institutional Fund, and Alger Small Cap Growth Institutional Fund incurred interfund loan interest expenses of $17,664, $631, and $326 respectively, which are included in interest expense in the accompanying Statements of Operations. Alger Focus Equity Fund did not incur any interfund loan interest income or expense.
(j) Other Transactions with Affiliates: Certain officers and one Trustee of the Trust are directors and/or officers of Alger Management, the Distributor, or their affiliates. At April 30, 2026, Alger Management and its affiliated entities owned the following shares:
 
 
SHARE CLASS
 
A
C
I
R
Y
Z
Z-2
Alger Capital Appreciation Institutional Fund
—
—
4,935
—
—
—
—
Alger Focus Equity Fund
14,604
—
—
—
—
41,681
—
Alger Mid Cap Growth Institutional Fund
—
—
—
—
—
—
—
Alger Small Cap Growth Institutional Fund
—
—
—
—
—
—
—
(k) Shareholder Servicing Fees:  The Trust has entered into a shareholder servicing agreement  with Alger LLC whereby Alger LLC provides Class I and Class R shares of  the applicable Funds with ongoing servicing of  shareholder accounts. As compensation for such services, the Class I and Class R shares of  each applicable Fund pay Alger LLC a fee at an annual rate of 0.25% of the value of the average daily net assets of those classes. The fees paid may be more or less than the expenses incurred by Alger LLC.
NOTE 4 — Securities Transactions:
The following summarizes the securities transactions by each Fund, other than U.S. Government securities, money market securities, and redemptions in-kind, for the six months ended April 30, 2026:
 
 
PURCHASES
SALES
Alger Capital Appreciation Institutional Fund
$1,052,246,868
$1,024,771,721
Alger Focus Equity Fund
3,819,524,580
2,555,568,261
Alger Mid Cap Growth Institutional Fund
23,585,531
29,972,719
Alger Small Cap Growth Institutional Fund
6,218,291
15,157,834
- 58 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
NOTE 5 — Borrowings:
The Funds may borrow from Bank of New York (the "Custodian") on an uncommitted basis. Each Fund pays the Custodian a market rate of interest, generally based upon a rate of return with respect to each respective currency borrowed, taking into consideration relevant overnight and short-term reference rates. Borrowings from the Custodian at April 30, 2026, if any, are included in Bank overdraft in the Statements of Assets and Liabilities. The Funds may also borrow from other funds in the Alger Fund Complex, as discussed in Note 3(i). For the six months ended April 30, 2026, the Funds had the following borrowings from the Custodian and other funds in the Alger Fund Complex:
 
 
AVERAGE DAILY
BORROWING
WEIGHTED AVERAGE
INTEREST RATE
Alger Capital Appreciation Institutional Fund
$7,068,667
5.46
%
Alger Focus Equity Fund
6,402,891
5.80
Alger Mid Cap Growth Institutional Fund
23,211
5.34
Alger Small Cap Growth Institutional Fund
14,590
5.64
The highest amount borrowed from the Custodian and other funds in the Alger Fund Complex during the six months ended April 30, 2026 by each Fund was as follows:
 
 
HIGHEST BORROWING
Alger Capital Appreciation Institutional Fund
$49,527,599
Alger Focus Equity Fund
82,860,561
Alger Mid Cap Growth Institutional Fund
3,289,000
Alger Small Cap Growth Institutional Fund
2,390,000
NOTE 6 — Liquidity:
The Funds may participate in the ReFlow liquidity program. Pursuant to the program and subject to certain conditions, ReFlow provides participating Funds with a source of cash to meet net shareholder redemptions by purchasing fund shares at NAV in an amount up to the value of the net shares redeemed from a Fund. Following the purchase of fund shares, ReFlow then generally redeems those shares when a Fund experiences net sales, or at the end of a maximum holding period determined by ReFlow (currently at eight days), or at other times at a Fund's or ReFlow’s discretion.
While ReFlow holds a Fund’s shares, it has the same rights and privileges with respect to those shares as any other shareholder. However, investments in a Fund by ReFlow in connection with the ReFlow program are not subject to the Funds’ purchase and sale limitations. In the event a Fund uses the ReFlow liquidity program, the Fund will pay a fee to ReFlow each time ReFlow purchases fund shares. The fee is calculated by multiplying the value of shares ReFlow purchases by a rate determined through an automated daily auction.
- 59 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
The current minimum fee rate is 0.14% of the value of the Fund shares purchased by ReFlow. ReFlow's purchases of a Fund's shares through the liquidity program are made on an investment-blind basis without regard to a Fund's investment objective, policies or anticipated performance. In accordance with U.S. federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a Fund. ReFlow purchases a Fund’s lowest-cost share class at NAV and will not be subject to any investment minimum applicable to such shares. ReFlow will periodically redeem its entire share position in a Fund. When ReFlow redeems all or part of a position in a Fund, the Fund may pay all or a portion of such redemption in kind, as discussed in Note 7. ReFlow fees that were incurred by the Funds during the period ended April 30, 2026 are recorded within the Statements of Operations as other expenses. ReFlow fees for the six-month period ended April 30, 2026, were $211,813 for Alger Capital Appreciation Institutional Fund and $104,526 for Alger Focus Equity Fund. No other Fund participated in the ReFlow liquidity program during the six month period ended April 30, 2026.
- 60 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
NOTE 7 — Share Capital: 
The Trust has an unlimited number of authorized shares of beneficial interest of $.001 par value which are presently divided into four series. Each series is divided into separate classes. During the six months ended April 30, 2026 and the year ended October 31, 2025, transactions of shares of beneficial interest were as follows:
 
 
FOR THE SIX MONTHS ENDED
April 30, 2026
FOR THE YEAR ENDED
October 31, 2025
 
SHARES
AMOUNT
SHARES
AMOUNT
Alger Capital Appreciation Institutional Fund
Class I:
Shares sold
1,648,013
$88,380,449
3,584,498
$168,544,760
Dividends reinvested
1,541,238
80,329,335
2,843,863
128,770,122
Shares redeemed
(3,997,310
)
(215,343,122
)
(7,983,306
)
(378,042,359
)
Net decrease
(808,059
)
$(46,633,338
)
(1,554,945
)
$(80,727,477
)
Class R:
Shares sold
688,936
$26,213,812
1,434,774
$49,399,010
Dividends reinvested
1,119,109
41,463,006
1,945,844
64,602,008
Shares redeemed
(1,820,677
)
(70,794,482
)
(3,499,105
)
(121,305,153
)
Net decrease
(12,632
)
$(3,117,664
)
(118,487
)
$(7,304,135
)
Class Y:
Shares sold
5,569,692
$314,315,246
5,212,273
$258,867,930
Dividends reinvested
522,351
28,859,878
837,090
39,887,347
Redemptions in kind*
(2,014,128
)
(115,760,424
)
(2,211,963
)
(108,820,754
)
Shares redeemed
(2,049,684
)
(116,042,448
)
(3,041,378
)
(152,145,912
)
Net increase
2,028,231
$111,372,252
796,022
$37,788,611
Class Z-2:
Shares sold
2,463,705
$139,808,803
10,467,354
$573,218,691
Dividends reinvested
1,066,133
58,520,065
811,084
38,421,025
Shares redeemed
(1,994,932
)
(113,271,788
)
(2,382,830
)
(120,022,507
)
Net increase
1,534,906
$85,057,080
8,895,608
$491,617,209
- 61 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
 
 
FOR THE SIX MONTHS ENDED
April 30, 2026
FOR THE YEAR ENDED
October 31, 2025
 
SHARES
AMOUNT
SHARES
AMOUNT
Alger Focus Equity Fund
Class A:
Shares sold
1,624,592
$168,427,392
2,926,655
$269,947,565
Shares converted from Class C
39,463
3,432,395
30,801
2,551,859
Dividends reinvested
334,481
32,906,267
—
—
Shares redeemed
(1,018,951
)
(103,512,984
)
(900,598
)
(77,752,742
)
Net increase
979,585
$101,253,070
2,056,858
$194,746,682
Class C:
Shares sold
473,170
$41,813,635
564,172
$46,289,404
Shares converted to Class A
(44,273
)
(3,432,395
)
(34,442
)
(2,551,859
)
Dividends reinvested
143,942
12,466,815
—
—
Shares redeemed
(140,549
)
(12,731,897
)
(202,078
)
(16,716,289
)
Net increase
432,290
$38,116,158
327,652
$27,021,256
Class I:
Shares sold
2,670,536
$278,881,170
3,700,006
$358,359,032
Dividends reinvested
289,400
28,743,179
—
—
Shares redeemed
(1,678,951
)
(173,630,861
)
(1,649,109
)
(150,149,346
)
Net increase
1,280,985
$133,993,488
2,050,897
$208,209,686
Class Y:
Shares sold
3,345,278
$353,608,508
2,988,788
$273,126,745
Dividends reinvested
255,670
26,541,126
—
—
Redemptions in kind*
(142,340
)
(15,649,331
)
(152,036
)
(11,538,352
)
Shares redeemed
(1,135,173
)
(123,002,961
)
(976,763
)
(84,802,922
)
Net increase
2,323,435
$241,497,342
1,859,989
$176,785,471
Class Z:
Shares sold
15,142,688
$1,616,111,444
14,495,958
$1,365,287,552
Dividends reinvested
2,111,037
218,133,412
—
—
Shares redeemed
(5,985,173
)
(642,574,024
)
(6,571,549
)
(594,002,967
)
Net increase
11,268,552
$1,191,670,832
7,924,409
$771,284,585
- 62 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
 
 
FOR THE SIX MONTHS ENDED
April 30, 2026
FOR THE YEAR ENDED
October 31, 2025
 
SHARES
AMOUNT
SHARES
AMOUNT
Alger Mid Cap Growth Institutional Fund
Class I:
Shares sold
65,800
$1,846,509
317,752
$8,518,322
Dividends reinvested
—
—
—
—
Shares redeemed
(255,490
)
(7,257,878
)
(530,891
)
(13,574,129
)
Net decrease
(189,690
)
$(5,411,369
)
(213,139
)
$(5,055,807
)
Class R:
Shares sold
19,040
$403,781
57,108
$1,072,217
Dividends reinvested
—
—
—
—
Shares redeemed
(46,978
)
(998,458
)
(99,129
)
(1,940,427
)
Net decrease
(27,938
)
$(594,677
)
(42,021
)
$(868,210
)
Class Z-2:
Shares sold
39,108
$1,159,624
61,023
$1,625,414
Dividends reinvested
—
—
—
—
Shares redeemed
(27,338
)
(787,626
)
(505,888
)
(13,198,390
)
Net increase (decrease)
11,770
$371,998
(444,865
)
$(11,572,976
)
 
Alger Small Cap Growth Institutional Fund
Class I:
Shares sold
76,820
$1,335,411
217,037
$3,509,282
Dividends reinvested
68,648
1,180,751
28,597
520,472
Shares redeemed
(312,826
)
(5,475,288
)
(875,689
)
(14,232,101
)
Net decrease
(167,358
)
$(2,959,126
)
(630,055
)
$(10,202,347
)
Class R:
Shares sold
9,947
$114,519
36,883
$410,959
Dividends reinvested
9,260
107,226
3,300
41,182
Shares redeemed
(11,455
)
(137,370
)
(61,629
)
(669,625
)
Net increase (decrease)
7,752
$84,375
(21,446
)
$(217,484
)
Class Z-2:
Shares sold
166,543
$3,156,735
358,347
$6,128,138
Dividends reinvested
46,771
834,864
16,883
317,409
Shares redeemed
(420,893
)
(7,358,273
)
(654,629
)
(11,184,495
)
Net decrease
(207,579
)
$(3,366,674
)
(279,399
)
$(4,738,948
)
 
*
Certain shareholders of the Fund redeemed shares in-kind.
Redemptions In-Kind: A Fund may make payment for Fund shares redeemed wholly or in part by transferring portfolio securities to shareholders. For the six months ended April 30, 2026, the Alger Capital Appreciation Institutional Fund and Alger Focus Equity Fund had redemptions in-kind with total proceeds in the amount of $115,760,424 and $15,649,331, respectively. The net realized gains
- 63 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
on these redemptions in-kind amounted to $91,708,028 and $9,746,023, respectively, which are not considered taxable for federal income tax purposes. For the year ended October 31, 2025, the Alger Capital Appreciation Institutional Fund and Alger Focus Equity Fund had redemptions in-kind with total proceeds in the amount of $108,820,754 and $11,538,352, respectively. The net realized gains on these redemptions in-kind amounted to $83,289,003 and $7,886,523, respectively, which are not considered taxable for federal income tax purposes. For the six months ended April 30, 2026, and for the year ended October 31, 2025, all redemptions in-kind were related to the Funds participation in the ReFlow liquidity program.
NOTE 8 — Income Tax Information:
At October 31, 2025, the Alger Mid Cap Growth Institutional Fund, for federal income tax purposes, had capital loss carryforwards of $3,030,103. This amount will not be subject to expiration under the Regulated Investment Company Modernization Act of 2010, and this amount may be applied against future net realized gains until its utilization.
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is determined annually and is attributable primarily to the tax deferral of losses on wash sales, U.S. Internal Revenue Code Section 988 currency transactions, tax treatment of partnership investments, the realization of unrealized appreciation of passive foreign investment companies, and the return of capital from real estate investment trust investments.
The Funds accrue tax on unrealized gains in foreign jurisdictions that impose a foreign capital tax, if applicable.
NOTE 9 — Fair Value Measurements:
The following is a summary of the inputs used as of April 30, 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, Alger Management has determined that presenting them by security type and sector is appropriate.
- 64 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
 
Alger Capital Appreciation
Institutional Fund
TOTAL
LEVEL 1
LEVEL 2
LEVEL 3
COMMON STOCKS
Communication Services
$397,934,181
$397,934,181
$—
$—
Consumer Discretionary
389,319,556
389,319,556
—
—
Energy
24,479,559
24,479,559
—
—
Financials
58,758,352
58,758,352
—
—
Health Care
237,932,931
237,932,931
—
—
Industrials
170,476,981
166,410,213
4,066,768
—
Information Technology
1,712,744,478
1,699,307,899
3,926,273
9,510,306
Materials
15,005,812
15,005,812
—
—
Utilities
66,495,133
66,495,133
—
—
TOTAL COMMON STOCKS
$3,073,146,983
$3,055,643,636
$7,993,041
$9,510,306
PREFERRED STOCKS
Industrials
22,063,879
—
—
22,063,879
Information Technology
68,885,525
—
—
68,885,525
TOTAL PREFERRED STOCKS
$90,949,404
$—
$—
$90,949,404
REAL ESTATE INVESTMENT
TRUSTS
Real Estate
22,843,955
22,843,955
—
—
SPECIAL PURPOSE VEHICLES
Information Technology
85,889,909
—
—
85,889,909
SHORT-TERM INVESTMENTS
Money Market Funds
29,037,146
29,037,146
—
—
TOTAL INVESTMENTS IN
SECURITIES
$3,301,867,397
$3,107,524,737
$7,993,041
$186,349,619
 
Alger Focus Equity Fund
TOTAL
LEVEL 1
LEVEL 2
LEVEL 3
COMMON STOCKS
Communication Services
$794,614,254
$794,614,254
$—
$—
Consumer Discretionary
818,045,949
818,045,949
—
—
Financials
85,721,884
85,721,884
—
—
Health Care
348,357,883
348,357,883
—
—
Industrials
381,349,675
381,349,675
—
—
Information Technology
2,966,648,708
2,922,480,723
—
44,167,985
Materials
16,522,573
16,522,573
—
—
Utilities
123,385,037
123,385,037
—
—
TOTAL COMMON STOCKS
$5,534,645,963
$5,490,477,978
$—
$44,167,985
PREFERRED STOCKS
Industrials
19,066,558
—
—
19,066,558
Information Technology
145,699,789
—
—
145,699,789
TOTAL PREFERRED STOCKS
$164,766,347
$—
$—
$164,766,347
SPECIAL PURPOSE VEHICLES
Information Technology
297,205,373
—
—
297,205,373
- 65 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Alger Focus Equity Fund
TOTAL
LEVEL 1
LEVEL 2
LEVEL 3
SHORT-TERM INVESTMENTS
Money Market Funds
$88,186,357
$88,186,357
$—
$—
TOTAL INVESTMENTS IN
SECURITIES
$6,084,804,040
$5,578,664,335
$—
$506,139,705
 
Alger Mid Cap Growth Institutional
Fund
TOTAL
LEVEL 1
LEVEL 2
LEVEL 3
COMMON STOCKS
Communication Services
$2,062,358
$2,062,358
$—
$—
Consumer Discretionary
7,068,053
7,068,053
—
—
Consumer Staples
1,448,488
1,448,488
—
—
Energy
463,566
463,566
—
—
Financials
3,775,454
3,775,454
—
—
Health Care
7,116,836
7,116,836
—
—
Industrials
15,384,626
15,384,626
—
—
Information Technology
10,747,398
10,747,398
—
—
Materials
913,128
913,128
—
—
Real Estate
778,022
778,022
—
—
Utilities
1,256,556
1,256,556
—
—
TOTAL COMMON STOCKS
$51,014,485
$51,014,485
$—
$—
PREFERRED STOCKS
Industrials
255,323
—
—
255,323
Information Technology
585,465
—
—
585,465
TOTAL PREFERRED STOCKS
$840,788
$—
$—
$840,788
REAL ESTATE INVESTMENT
TRUSTS
Real Estate
660,191
660,191
—
—
RIGHTS
Health Care
—
1
—
—
—
1
SPECIAL PURPOSE VEHICLES
Information Technology
785,375
—
—
785,375
WARRANTS
Information Technology
—
2
—
—
2
—
SHORT-TERM INVESTMENTS
Money Market Funds
1,192,206
1,192,206
—
—
TOTAL INVESTMENTS IN
SECURITIES
$54,493,045
$52,866,882
$—
$1,626,163
- 66 -
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
$493,957
$493,957
$—
$—
Consumer Discretionary
4,834,252
4,834,252
—
—
Consumer Staples
1,066,537
1,066,537
—
—
Financials
4,215,542
4,215,542
—
—
Health Care
22,981,185
22,914,421
—
66,764
Industrials
20,229,099
20,229,099
—
—
Information Technology
15,656,750
15,656,750
—
—
Materials
93,578
93,578
—
—
Utilities
390,920
390,920
—
—
TOTAL COMMON STOCKS
$69,961,820
$69,895,056
$—
$66,764
PREFERRED STOCKS
Health Care
166,098
—
—
166,098
RIGHTS
Health Care
42,016
1
—
—
42,016
1
SPECIAL PURPOSE VEHICLES
Information Technology
960,097
—
—
960,097
SHORT-TERM INVESTMENTS
Money Market Funds
419,189
419,189
—
—
TOTAL INVESTMENTS IN
SECURITIES
$71,549,220
$70,314,245
$—
$1,234,975
 
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 April 30, 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 April 30, 2026.
 
 
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
Alger Capital Appreciation Institutional Fund
Common Stocks
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
9,510,306
Sales/Distributions
—
Closing balance at April 30, 2026
9,510,306
Net change in unrealized appreciation (depreciation) attributable to investments
still held at April 30, 2026**
$—
- 67 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
 
 
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
11,397,409
Purchases and Sales/Distributions
Purchases
36,667,453
Sales/Distributions
—
Closing balance at April 30, 2026
90,949,404
Net change in unrealized appreciation (depreciation) attributable to investments
still held at April 30, 2026**
$11,397,409
 
 
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
Alger Capital Appreciation Institutional Fund
Special Purpose
Vehicles
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
16,232,993
Purchases and Sales/Distributions
Purchases
69,656,916
Sales/Distributions
—
Closing balance at April 30, 2026
85,889,909
Net change in unrealized appreciation (depreciation) attributable to investments
still held at April 30, 2026**
$16,232,993
- 68 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
 
 
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
Alger Focus Equity Fund
Common Stocks
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
44,167,985
Sales/Distributions
—
Closing balance at April 30, 2026
44,167,985
Net change in unrealized appreciation (depreciation) attributable to investments
still held at April 30, 2026**
$—
 
 
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
36,797,554
Purchases and Sales/Distributions
Purchases
20,982,406
Sales/Distributions
—
Closing balance at April 30, 2026
164,766,347
Net change in unrealized appreciation (depreciation) attributable to investments
still held at April 30, 2026**
$36,797,554
- 69 -
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
Vehicles
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
31,534,444
Purchases and Sales/Distributions
Purchases
265,670,929
Sales/Distributions
—
Closing balance at April 30, 2026
297,205,373
Net change in unrealized appreciation (depreciation) attributable to investments
still held at April 30, 2026**
$31,534,444
 
 
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
304,774
Purchases and Sales/Distributions
Purchases
255,818
Sales/Distributions
—
Closing balance at April 30, 2026
840,788
Net change in unrealized appreciation (depreciation) attributable to investments
still held at April 30, 2026**
$304,774
- 70 -
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 April 30, 2026
—*
Net change in unrealized appreciation (depreciation) attributable to investments
still held at April 30, 2026**
$— 
 
 
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
Alger Mid Cap Growth Institutional Fund
Special Purpose
Vehicles
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
204,694
Purchases and Sales/Distributions
Purchases
580,681
Sales/Distributions
—
Closing balance at April 30, 2026
785,375
Net change in unrealized appreciation (depreciation) attributable to investments
still held at April 30, 2026**
$204,694
- 71 -
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
3,514
Purchases and Sales/Distributions
Purchases
—
Sales/Distributions
—
Closing balance at April 30, 2026
66,764
Net change in unrealized appreciation (depreciation) attributable to investments
still held at April 30, 2026**
$3,514
 
 
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 April 30, 2026
166,098
Net change in unrealized appreciation (depreciation) attributable to investments
still held at April 30, 2026**
$— 
- 72 -
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
(368
)
Purchases and Sales/Distributions
Purchases
—
Sales/Distributions
—
Closing balance at April 30, 2026
42,016*
Net change in unrealized appreciation (depreciation) attributable to investments
still held at April 30, 2026**
$(368
)
 
 
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
Alger Small Cap Growth Institutional Fund
Special Purpose
Vehicles
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
545,032
Purchases and Sales/Distributions
Purchases
415,065
Sales/Distributions
—
Closing balance at April 30, 2026
960,097
Net change in unrealized appreciation (depreciation) attributable to investments
still held at April 30, 2026**
$545,032
 
*
Includes securities that are fair valued at zero during the period ended April 30, 2026.
**
Net change in unrealized appreciation (depreciation) is included in the net change in unrealized appreciation
(depreciation) on investments in the accompanying Statements of Operations.
The following table provides quantitative information about each Fund's Level 3 fair value measurements of its investments as of April 30, 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 at April 30, 2026.
- 73 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
 
 
Fair Value
April 30,
2026
Valuation
Methodology
Unobservable
Inputs
Inputs/Range
Weighted
Average Inputs
Alger Capital Appreciation Institutional Fund
Common
Stocks
$9,510,306
Market
Approach
Transaction Price (b)
0%
N/A (a)
Preferred
Stocks
49,116,791
Market
Approach
Revenue Multiple
24.0x
24.0x
 
6,641,680
Market
Approach
Transaction Price (b)
0%
N/A (a)
 
35,190,933
Market Approach
Option Pricing Method
Transaction Price
Term
Volatility
Risk-Free Rate
0%
5 Years
80.00%-90.00%
4.02%
0%
5 Years
83.73%
4.02%
Special
Purpose
Vehicles
29,662,060
Market
Approach
Transaction Price (c)
0%
N/A (a)
 
56,227,849
Market Approach
Option Pricing Method
Transaction Price
Term
Volatility
Risk-Free Rate
0%
5 Years
90.00%
4.02%
N/A (a)
N/A (a)
N/A (a)
N/A (a)
Alger Focus Equity Fund
Common
Stocks
44,167,985
Market
Approach
Transaction Price (b)
0%
N/A (a)
Preferred
Stocks
98,328,314
Market
Approach
Revenue Multiple
24.0x
24.0x
 
66,438,033
Market Approach
Option Pricing Method
Transaction Price
Term
Volatility
Risk-Free Rate
0%
5 Years
80.00%-90.00%
4.02%
0%
5 Years
87.13%
4.02%
Special
Purpose
Vehicles
98,484,455
Market
Approach
Transaction Price (c)
0%
N/A (a)
 
198,720,918
Market Approach
Option Pricing Method
Transaction Price
Term
Volatility
Risk-Free Rate
0%
5 Years
90.00%
4.02%
N/A (a)
N/A (a)
N/A (a)
N/A (a)
Alger Mid Cap Growth Institutional Fund
Preferred
Stocks
840,788
Market Approach
Option Pricing Method
Transaction Price
Term
Volatility
Risk-Free Rate
0%
5 Years
80.00%-90.00%
4.02%
0%
5 Years
86.96%
4.02%
Rights
—*
Income
Approach
Discount Rate
Probability of Success
100%
0.00%
N/A (a)
N/A (a)
Special
Purpose
Vehicles
272,315
Market
Approach
Transaction Price (c)
0%
N/A (a)
- 74 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
 
Fair Value
April 30,
2026
Valuation
Methodology
Unobservable
Inputs
Inputs/Range
Weighted
Average Inputs
 
$513,060
Market Approach
Option Pricing Method
Transaction Price
Term
Volatility
Risk-Free Rate
0%
5 Years
90.00%
4.02%
N/A (a)
N/A (a)
N/A (a)
N/A (a)
Alger Small Cap Growth Institutional Fund
Common
Stocks
66,764
Market Approach
Option Pricing Method
Transaction Price
Term
Volatility
Risk-Free Rate
0%
1 Year
80.00%
3.72%
N/A (a)
N/A (a)
N/A (a)
N/A (a)
Preferred
Stocks
166,098
Market Approach
Option Pricing Method
Transaction Price
Term
Volatility
Risk-Free Rate
0%
1 Year
80.00%
3.72%
N/A (a)
N/A (a)
N/A (a)
N/A (a)
Rights
42,016*
Income
Approach
Discount Rate
Probability of Success
0.00%-4.84%
0.00%-40.00%
4.84%
39.16%
Special
Purpose
Vehicles
960,097
Market Approach
Option Pricing Method
Transaction Price
Term
Volatility
Risk-Free Rate
0%
5 Years
90.00%
4.02%
N/A (a)
N/A (a)
N/A (a)
N/A (a)
 
*
Tolero CDRs are classified as a Level 3 investment and are fair valued at zero as of April 30, 2026.
(a)
Each security type listed and respective valuation methodology and unobservable input, represents only one
investment.
(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 March 31, 2026.
(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 March 2, 2026 and April 1, 2026.
The significant unobservable inputs used in the fair value measurement of each Fund's securities include revenue multiples, bookings multiples, and EBITDA multiples, 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, bookings, and EBITDA multiples, decreases in discount rates, and increases in the probability of success result in higher fair value measurements, whereas decreases in revenue, bookings, and EBITDA multiples, increases in discount rates, and decreases in the probability of success result in lower fair value measurements. For the six months ended April 30, 2026, Alger Management updated the valuation methodology used to value Impulse Dynamics PLC, Series A, Impulse Dynamics PLC, Series F-3, and SB Technology Inc., Series E to include the option pricing method which considers a wide range of exit values to calculate the valuation of these investments. There were no other changes in valuation methodology for any other Level 3 investments.
- 75 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
NOTE 10 — Derivatives:
FASB Accounting Standards Codification 815 – Derivatives and Hedging (“ASC 815”) requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements.
There were no derivative instruments held by the Funds throughout the six months or as of April 30, 2026.
NOTE 11 — Principal Risks:
Alger Capital Appreciation Institutional Fund — Investing in the stock market involves risks, including the potential loss of  principal. The value of  these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Fund shares at any point in time may be worth less than what was invested, even after taking into account the reinvestment of  Fund dividends and distributions.  Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. A significant portion of  assets may be invested in securities of  companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Private placements are offerings of a company’s securities not registered with the SEC and not offered to the public, for which limited information may be available. Such investments are generally considered to be illiquid. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. At times, the Fund may hold a large cash or cash equivalent position, which may underperform relative to equity securities. The Fund is classified as diversified within the meaning of the 1940 Act, as amended. The diversification of the Fund’s holdings is measured at the time the Fund purchases a security. Because of its long-term approach, the Fund could have a significant percentage of its assets invested in securities that have appreciated beyond their market capitalizations at the time of the Fund’s investment.
Alger Focus Equity Fund — Investing in the stock market involves risks, including the potential loss of  principal. The value of  these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Fund shares at any point in time may be worth less than what was invested, even after taking into account the reinvestment of  Fund dividends and distributions. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. A significant portion of  assets may be invested in securities of  companies in
- 76 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Private placements are offerings of a company’s securities not registered with the SEC and not offered to the public, for which limited information may be available. Such investments are generally considered to be illiquid. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Assets may be focused in a small number of  holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment. At times, the Fund may hold a large cash or cash equivalent position, which may underperform relative to equity securities. The Fund is classified as a “non-diversified fund” under federal securities laws because it can invest in fewer individual companies than a diversified fund.
Alger Mid Cap Growth Institutional Fund — Investing in the stock market involves risks, including the potential loss of  principal. The value of  these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Fund shares at any point in time may be worth less than what was invested, even after taking into account the reinvestment of  Fund dividends and distributions. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. A significant portion of  assets may be invested in securities of  companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Investing in companies of medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. At times, the Fund may hold a large cash or cash equivalent position, which may underperform relative to equity securities.
Alger Small Cap Growth Institutional Fund — Investing in the stock market involves risks, including the potential loss of  principal. The value of  these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Fund shares at any point in time may be worth less than what was invested, even after taking into account the reinvestment of  Fund dividends and distributions. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. A significant portion of  assets may be invested in securities of  companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Investing in companies of  small and medium capitalizations
- 77 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. At times, the Fund may hold a large cash or cash equivalent position, which may underperform relative to equity securities.
NOTE 12 — Affiliated Securities:
During the six months ended April 30, 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 six months ended April 30, 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
April 30,
2026
Dividend
Income
Realized
Gain (Loss)
Net Change
in
Unrealized
App (Dep)
Value at
April 30,
2026
Alger Capital Appreciation Institutional Fund
Special Purpose Vehicles
2026 VDC LP1
—
—
—
—
$—
$—
$(400,616
)
$29,662,060
Crosslink Ventures C, LLC,
CI. A2
—
—
—
—
—
—
1,787,186
—
Total
—
—
—
—
$—
$—
$1,386,570
$29,662,060
 
Security
Shares
Held at
October 31,
2025
Shares
Purchased
Shares
Sold
Shares
Held at
April 30,
2026
Dividend
Income
Realized
Gain (Loss)
Net Change
in
Unrealized
App (Dep)
Value at
April 30,
2026
Alger Focus Equity Fund
Special Purpose Vehicles
2026 VDC LP1
—
—
—
—
$—
$—
$(1,330,131
)
$98,484,455
Disruptive
Technology
Solutions LI, LLC
—
—
—
—
—
—
32,864,575
198,720,918
Total
—
—
—
—
$—
$—
$31,534,444
$297,205,373
 
Security
Shares
Held at
October 31,
2025
Shares
Purchased
Shares
Sold
Shares
Held at
April 30,
2026
Dividend
Income
Realized
Gain (Loss)
Net Change
in
Unrealized
App (Dep)
Value at
April 30,
2026
Alger Mid Cap Growth Institutional Fund
Special Purpose Vehicles
2026 VDC LP1
—
—
—
—
$—
$—
$(3,678
)
$272,315
Crosslink Ventures C, LLC,
CI. A2
—
—
—
—
—
—
319,659
—
Crosslink Ventures C, LLC,
CI. B2
—
—
—
—
—
129,929
—
Total
—
—
—
—
$—
$—
$445,910
$272,315
- 78 -
THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
 
Security
Shares
Held at
October 31,
2025
Shares
Purchased
Shares
Sold
Shares
Held at
April 30,
2026
Dividend
Income
Realized
Gain (Loss)
Net Change
in
Unrealized
App (Dep)
Value at
April 30,
2026
Alger Small Cap Growth Institutional Fund
Special Purpose Vehicles
Crosslink
Ventures C, LLC,
Cl. A2
—
—
—
—
$—
$—
$741,028
$—
Crosslink
Ventures C, LLC,
Cl. B2
—
—
—
—
—
—
187,676
—
Total
—
—
—
—
$—
$—
$928,704
$—
1The Alger Fund Complex and other entities managed by Alger Management owned greater than 25% of 2026 VDC LP.
2 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. Prior to the distribution of shares, the Alger Fund Complex and other entities managed by Alger Management fully owned Crosslink Ventures C, LLC, Class A and Crosslink Ventures C, LLC, Class B.
NOTE 13 — Subsequent Events:
Alger Management has evaluated events that have occurred subsequent to April 30, 2026, through the issuance date of the Financial Statements.
Effective May 20, 2026, Alger Management has contractually agreed to waive fees or to reimburse Fund expenses (excluding custody fees, acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program, extraordinary expenses, and certain proxy expenses, to the extent applicable) through October 31, 2027 to the extent necessary to limit other expenses and any other applicable share class-specific expenses of the Class Z-2 Shares of the Alger Mid Cap Growth Institutional Fund to 0.01% of the class’s average daily net assets. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between Alger Management and the Board, and will terminate automatically in the event of termination of the Fund's Investment Advisory Agreement. Alger Management may recoup any fees waived or expenses reimbursed pursuant to the contract; however, Alger Mid Cap Growth Institutional Fund will only make repayments to Alger Management if such repayment does not cause the expense ratio for Alger Mid Cap Growth Institutional Fund Class Z-2, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) the current expense cap of Alger Mid Cap Growth Institutional Fund Class Z-2. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed.
No other material events have been identified which require recognition and/or disclosure.
- 79 -
THE ALGER INSTITUTIONAL FUNDS
OTHER INFORMATION (Unaudited)
Proxy Voting Policies
A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities and the proxy voting record is available, without charge, by calling (800) 992-3863 or online on the Funds' website at http://www.alger.com or on the SEC’s website at http://www.sec.gov.
Fund Holdings
The Board has adopted policies and procedures relating to disclosure of the Funds' portfolio securities. These policies and procedures recognize that there may be legitimate business reasons for holdings to be disclosed and seek to balance those interests to protect the proprietary nature of the trading strategies and implementation thereof by the Funds.
Generally, the policies prohibit the release of information concerning portfolio holdings, which have not previously been made public, to individual investors, institutional investors, intermediaries that distribute the Funds' shares and other parties which are not employed by the Investment Manager or its affiliates except when the legitimate business purposes for selective disclosure and other conditions (designed to protect the Funds) are acceptable.
The Funds file their complete schedules of portfolio holdings with the SEC semi-annually in financial statements on Form N-CSR and after the first and third fiscal quarters as an exhibit to its reports on Form N-PORT. The Funds' Forms N-CSR and N-PORT are available online on the SEC’s website at www.sec.gov.
In addition, the Funds make publicly available their month-end top 10 holdings with a 10 day lag and their month-end full portfolio with a 60 day lag on their website www.alger.com and through other marketing communications (including printed advertising/sales literature and/or shareholder telephone customer service centers). No compensation or other consideration is received for the non-public disclosure of portfolio holdings information.
In accordance with the foregoing, the Funds provide portfolio holdings information to third parties including financial intermediaries and service providers who need access to this information in the performance of their services and are subject to duties of confidentiality (1) imposed by law, including a duty not to trade on non-public information, and/or (2) pursuant to an agreement that confidential information is not to be disclosed or used (including trading on such information) other than as required by law. From time to time, the Funds will communicate with these third parties to confirm that they understand the Funds' policies and procedures regarding such disclosure. These agreements must be approved by the Trust's Chief Compliance Officer.
The Board periodically reviews a report disclosing the third parties to whom each Fund's holdings information has been disclosed and the purpose for such
- 80 -
THE ALGER INSTITUTIONAL FUNDS
OTHER INFORMATION (Unaudited) (Continued)
disclosure, and it considers whether or not the release of information to such third parties is in the best interest of the Funds and its shareholders.
In addition to material the Funds routinely provide to shareholders, the Investment Manager may make additional statistical information available regarding the Alger Family of Funds.
Such information may include, but not be limited to, relative weightings and characteristics of a Fund versus an index (such as P/E ratio, alpha, beta, capture ratio, maximum drawdown, standard deviation, EPS forecasts, Sharpe ratio, information ratio, R-squared, and market cap analysis), security specific impact on overall portfolio performance, month-end top ten contributors to and detractors from performance, portfolio turnover, and other similar information. Shareholders should visit www.alger.com or may also contact the Funds at (800) 992-3863 to obtain such information.
- 81 -
THE ALGER INSTITUTIONAL FUNDS
100 Pearl Street, 27th Floor
New York, NY 10004
(800) 992-3863
www.alger.com
Investment Manager
Fred Alger Management, LLC
100 Pearl Street, 27th Floor
New York, NY 10004
Distributor
Fred Alger & Company, LLC
100 Pearl Street, 27th Floor
New York, NY 10004
Transfer Agent and Dividend Disbursing Agent
UMB Fund Services, Inc.
235 W. Galena Street
Milwaukee, WI 53212
Custodian
The Bank of New York
240 Greenwich Street
New York, NY 10286
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
30 Rockefeller Plaza
New York, NY 10112
This report is submitted for the general information of the shareholders of the series of The Alger Institutional Funds. It is not authorized for distribution to prospective investors unless accompanied by an effective Prospectus for the Fund, which contains information concerning the Fund’s investment policies, fees and expenses as well as other pertinent information.
- 82 -
 
AIFSAR
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not Applicable.
- 84 -
Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not Applicable.
- 85 -
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Remuneration paid to directors, officers and others is included in the Statements of Operations under the line items “Trustee fees” and “Investment advisory fees” as part of the financial statements filed under Item 7 of this Form N-CSR.
- 86 -
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Not Applicable.
- 87 -

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

  Not applicable.

 

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

  Not applicable.

 

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

  Not applicable.

 

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

  There have been no material changes to these procedures.

 

ITEM 16. CONTROLS AND PROCEDURES.

 

  (a)

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing date of this document.

 

  (b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this Form N-CSR, that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

 

Not applicable.

 

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION

 

 

Not applicable.

 

ITEM 19. EXHIBITS.

 

  (a)(1)

Not applicable.

 

  (a)(2)

Not applicable.

 

  (a)(3)

Certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are filed as Exhibit 19(a)(3) to this Form N-CSR.

 

 

SIGNATURES

 

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

 

 

The Alger Institutional Funds

 

By: /s/ Hal Liebes  
Name: Hal Liebes  
Title: Principal Executive Officer  
Date: June 18, 2026  

 

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

 

By: /s/ Hal Liebes  
Name: Hal Liebes  
Title: Principal Executive Officer  
Date: June 18, 2026  

 

By: /s/ Michael D. Martins  
Name: Michael D. Martins  
Title: Principal Financial Officer  
Date: June 18, 2026  
 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATIONS REQUIRED BY RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

XBRL SCHEMA FILE

IDEA: R1.htm

IDEA: R2.htm

IDEA: R3.htm

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: aif-efp25654_ncsrs_htm.xml