# EDGAR Filing Document

**Accession Number:** 0000911415
**File Stem:** 0001133228-25-006827
**Filing Date:** 2025-6
**Character Count:** 360419
**Document Hash:** 2abc22084ae9e78ba12a8f82c5423ae4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006827.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001133228-25-006827

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**EFFECTIVENESS DATE**: 20250627

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALGER INSTITUTIONAL FUNDS
- **CENTRAL INDEX KEY:** 0000911415

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07986
- **FILM NUMBER:** 251083678

**BUSINESS ADDRESS:**
- **STREET 1:** 100 PEARL STREET
- **STREET 2:** 27TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004
- **BUSINESS PHONE:** 212-806-8800

**MAIL ADDRESS:**
- **STREET 1:** 100 PEARL STREET
- **STREET 2:** 27TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALGER INSTITUTIONAL FUND
- **DATE OF NAME CHANGE:** 20020228

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALGER RETIREMENT FUND
- **DATE OF NAME CHANGE:** 19960515

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALGER DEFINED CONTRIBUTION TRUST
- **DATE OF NAME CHANGE:** 19930830

## Series and Classes Contracts Data

### Alger Focus Equity Fund (Series ID: S000009201)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000024998 | Alger Focus Equity Fund Class I | ALGRX           |
| C000122071 | Alger Focus Equity Fund Class A | ALAFX           |
| C000122072 | Alger Focus Equity Fund Class C | ALCFX           |
| C000122073 | Alger Focus Equity Fund Class Z | ALZFX           |
| C000179522 | Alger Focus Equity Fund Class Y | ALGYX           |

### Alger Small Cap Growth Institutional Fund (Series ID: S000009202)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000025000 | Alger Small Cap Growth Institutional Fund Class I   | ALSRX           |
| C000025001 | Alger Small Cap Growth Institutional Fund Class R   | ASIRX           |
| C000172687 | Alger Small Cap Growth Institutional Fund Class Z-2 | AISZX           |

### Alger Mid Cap Growth Institutional Fund (Series ID: S000009203)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000025002 | Alger Mid Cap Growth Institutional Fund Class I   | ALMRX           |
| C000025003 | Alger Mid Cap Growth Institutional Fund Class R   | AGIRX           |
| C000174228 | Alger Mid Cap Growth Institutional Fund Class Z-2 | ALMZX           |

### Alger Capital Appreciation Institutional Fund (Series ID: S000009204)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000025004 | Alger Capital Appreciation Institutional Fund Class I   | ALARX           |
| C000025005 | Alger Capital Appreciation Institutional Fund Class R   | ACARX           |
| C000174229 | Alger Capital Appreciation Institutional Fund Class Z-2 | ACIZX           |
| C000179523 | Alger Capital Appreciation Institutional Fund Class Y   | ACAYX           |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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#### FORM N-CSR

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#### 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, 2025
 **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](images_28398.jpg)

### Alger Capital Appreciation Institutional Fund

### Class I / ALARX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Alger Capital Appreciation Institutional Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request this information 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** |
| Alger Capital Appreciation Institutional Fund<br>(Class I / ALARX) | $62 1.26%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
Alger Capital Appreciation Institutional Fund Class I returned -0.71% for the fiscal six-month period ended April 30, 2025, compared to the -1.57% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Communication Services. The largest sector overweight was Industrials and the largest sector underweight was Consumer Staples.

#### Contributors to Performance
The Communication Services and Financials sectors were the largest contributors to relative performance. Regarding individual positions, AppLovin Corp., Netflix, Inc., Natera, Inc., Spotify Technology SA, and GFL Environmental Inc were the top five contributors to absolute performance.

#### Detractors from Performance
The Consumer Staples and Consumer Discretionary sectors were the largest detractors from relative performance. Regarding individual positions, NVIDIA Corp., Apple Inc., Meta Platforms Inc, Taiwan Semiconductor Manufacturing Co., Ltd., and United Airlines Holdings, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Resilient Corporate Earnings | Positive | Strong corporate earnings were driven by profit margin improvement and robust consumer spending. Themes such as cloud-based computing growth and artificial intelligence ("AI") proliferation also supported market sentiment. |
| AI-Driven Capital Expenditure Wave | Positive | Major U.S. technology firms announced plans exceeding $300 billion in 2025 capital expenditures—primarily targeting AI-related data centers and infrastructure—indicating a durable investment cycle that reinforced growth expectations. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. |
| Rising Economic Uncertainty | Negative | While U.S. consumer and business spending was strong in the first quarter of 2025, rising economic uncertainty weighed on sentiment. Consumer confidence declined amid elevated inflation expectations, while escalating trade tensions eroded business optimism and reduced international demand for U.S. assets, tempering expectations for future economic growth. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten semi-annual periods of Class I shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first semi-annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_9986342.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of April 30, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Capital Appreciation Institutional Fund Class I** | 20.60% | 14.80% | 13.63% |
| **Russell 1000 Growth Index** | 14.53% | 17.23% | 15.27% |
| **S&P 500 Index** | 12.10% | 15.61% | 12.32% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2005849196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44.37% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

 **<sup>Sector Allocation</sup> <sup>†</sup>** 

---

| | |
|:---|:---|
| Communication Services | 17.0% |
| Consumer Discretionary | 13.3% |
| Energy | 0.2% |
| Financials | 5.8% |
| Health Care | 6.7% |
| Industrials | 6.7% |
| Information Technology | 46.7% |
| Materials | 0.1% |
| Utilities | 3.6% |
| Short-Term Investments and Other Net Assets | (0.1)% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets.** 

Availability of Additional Information

![TSR - QR Code](images_28388.jpg)

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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Capital Appreciation Institutional Fund

![TSR - Fund Logo](images_28398.jpg)

### Alger Capital Appreciation Institutional Fund

### Class R / ACARX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Alger Capital Appreciation Institutional Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request this information 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** |
| Alger Capital Appreciation Institutional Fund<br>(Class R / ACARX) | $84 1.70%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
Alger Capital Appreciation Institutional Fund Class R returned -0.93% for the fiscal six-month period ended April 30, 2025, compared to the -1.57% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Communication Services. The largest sector overweight was Industrials and the largest sector underweight was Consumer Staples.

#### Contributors to Performance
The Communication Services and Financials sectors were the largest contributors to relative performance. Regarding individual positions, AppLovin Corp., Netflix, Inc., Natera, Inc., Spotify Technology SA, and GFL Environmental Inc were the top five contributors to absolute performance.

#### Detractors from Performance
The Consumer Staples and Consumer Discretionary sectors were the largest detractors from relative performance. Regarding individual positions, NVIDIA Corp., Apple Inc., Meta Platforms Inc, Taiwan Semiconductor Manufacturing Co., Ltd., and United Airlines Holdings, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Resilient Corporate Earnings | Positive | Strong corporate earnings were driven by profit margin improvement and robust consumer spending. Themes such as cloud-based computing growth and artificial intelligence ("AI") proliferation also supported market sentiment. |
| AI-Driven Capital Expenditure Wave | Positive | Major U.S. technology firms announced plans exceeding $300 billion in 2025 capital expenditures—primarily targeting AI-related data centers and infrastructure—indicating a durable investment cycle that reinforced growth expectations. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. |
| Rising Economic Uncertainty | Negative | While U.S. consumer and business spending was strong in the first quarter of 2025, rising economic uncertainty weighed on sentiment. Consumer confidence declined amid elevated inflation expectations, while escalating trade tensions eroded business optimism and reduced international demand for U.S. assets, tempering expectations for future economic growth. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten semi-annual periods of Class R shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first semi-annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_9986234.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of April 30, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Capital Appreciation Institutional Fund Class R** | 20.07% | 14.30% | 13.12% |
| **Russell 1000 Growth Index** | 14.53% | 17.23% | 15.27% |
| **S&P 500 Index** | 12.10% | 15.61% | 12.32% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2005849196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44.37% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

 **<sup>Sector Allocation</sup> <sup>†</sup>** 

---

| | |
|:---|:---|
| Communication Services | 17.0% |
| Consumer Discretionary | 13.3% |
| Energy | 0.2% |
| Financials | 5.8% |
| Health Care | 6.7% |
| Industrials | 6.7% |
| Information Technology | 46.7% |
| Materials | 0.1% |
| Utilities | 3.6% |
| Short-Term Investments and Other Net Assets | (0.1)% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets.** 

Availability of Additional Information

![TSR - QR Code](images_28388.jpg)

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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Capital Appreciation Institutional Fund

![TSR - Fund Logo](images_28398.jpg)

### Alger Capital Appreciation Institutional Fund

### Class Y / ACAYX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Alger Capital Appreciation Institutional Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request this information 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** |
| Alger Capital Appreciation Institutional Fund<br>(Class Y / ACAYX) | $44 0.88%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
Alger Capital Appreciation Institutional Fund Class Y returned -0.52% for the fiscal six-month period ended April 30, 2025, compared to the -1.57% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Communication Services. The largest sector overweight was Industrials and the largest sector underweight was Consumer Staples.

#### Contributors to Performance
The Communication Services and Financials sectors were the largest contributors to relative performance. Regarding individual positions, AppLovin Corp., Netflix, Inc., Natera, Inc., Spotify Technology SA, and GFL Environmental Inc were the top five contributors to absolute performance.

#### Detractors from Performance
The Consumer Staples and Consumer Discretionary sectors were the largest detractors from relative performance. Regarding individual positions, NVIDIA Corp., Apple Inc., Meta Platforms Inc, Taiwan Semiconductor Manufacturing Co., Ltd., and United Airlines Holdings, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Resilient Corporate Earnings | Positive | Strong corporate earnings were driven by profit margin improvement and robust consumer spending. Themes such as cloud-based computing growth and artificial intelligence ("AI") proliferation also supported market sentiment. |
| AI-Driven Capital Expenditure Wave | Positive | Major U.S. technology firms announced plans exceeding $300 billion in 2025 capital expenditures—primarily targeting AI-related data centers and infrastructure—indicating a durable investment cycle that reinforced growth expectations. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. |
| Rising Economic Uncertainty | Negative | While U.S. consumer and business spending was strong in the first quarter of 2025, rising economic uncertainty weighed on sentiment. Consumer confidence declined amid elevated inflation expectations, while escalating trade tensions eroded business optimism and reduced international demand for U.S. assets, tempering expectations for future economic growth. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed semi-annual periods for the life of Class Y shares of the Fund. The graph assumes a $500,000 initial investment at net asset value at the inception date of the Fund in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_9986270.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of April 30, 2025)** | **1 Year** | **5 Years** | **Since Inception<br>2/28/17** |
| **Alger Capital Appreciation Institutional Fund Class Y** | 21.07% | 15.25% | 15.80% |
| **Russell 1000 Growth Index** | 14.53% | 17.23% | 16.77% |
| **S&P 500 Index** | 12.10% | 15.61% | 12.97% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2005849196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44.37% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

 **<sup>Sector Allocation</sup> <sup>†</sup>** 

---

| | |
|:---|:---|
| Communication Services | 17.0% |
| Consumer Discretionary | 13.3% |
| Energy | 0.2% |
| Financials | 5.8% |
| Health Care | 6.7% |
| Industrials | 6.7% |
| Information Technology | 46.7% |
| Materials | 0.1% |
| Utilities | 3.6% |
| Short-Term Investments and Other Net Assets | (0.1)% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets.** 

Availability of Additional Information

![TSR - QR Code](images_28388.jpg)

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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Capital Appreciation Institutional Fund

![TSR - Fund Logo](images_28398.jpg)

### Alger Capital Appreciation Institutional Fund

### Class Z-2 / ACIZX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Alger Capital Appreciation Institutional Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request this information 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** |
| Alger Capital Appreciation Institutional Fund<br>(Class Z-2 / ACIZX) | $45 0.90%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
Alger Capital Appreciation Institutional Fund Class Z-2 returned -0.52% for the fiscal six-month period ended April 30, 2025, compared to the -1.57% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Communication Services. The largest sector overweight was Industrials and the largest sector underweight was Consumer Staples.

#### Contributors to Performance
The Communication Services and Financials sectors were the largest contributors to relative performance. Regarding individual positions, AppLovin Corp., Netflix, Inc., Natera, Inc., Spotify Technology SA, and GFL Environmental Inc were the top five contributors to absolute performance.

#### Detractors from Performance
The Consumer Staples and Consumer Discretionary sectors were the largest detractors from relative performance. Regarding individual positions, NVIDIA Corp., Apple Inc., Meta Platforms Inc, Taiwan Semiconductor Manufacturing Co., Ltd., and United Airlines Holdings, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Resilient Corporate Earnings | Positive | Strong corporate earnings were driven by profit margin improvement and robust consumer spending. Themes such as cloud-based computing growth and artificial intelligence ("AI") proliferation also supported market sentiment. |
| AI-Driven Capital Expenditure Wave | Positive | Major U.S. technology firms announced plans exceeding $300 billion in 2025 capital expenditures—primarily targeting AI-related data centers and infrastructure—indicating a durable investment cycle that reinforced growth expectations. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. |
| Rising Economic Uncertainty | Negative | While U.S. consumer and business spending was strong in the first quarter of 2025, rising economic uncertainty weighed on sentiment. Consumer confidence declined amid elevated inflation expectations, while escalating trade tensions eroded business optimism and reduced international demand for U.S. assets, tempering expectations for future economic growth. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed semi-annual periods for the life of Class Z-2 shares of the Fund. The graph assumes a $500,000 initial investment at net asset value at the inception date of the Fund in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_9986306.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of April 30, 2025)** | **1 Year** | **5 Years** | **Since Inception<br>10/14/16** |
| **Alger Capital Appreciation Institutional Fund Class Z-2** | 21.01% | 15.19% | 16.16% |
| **Russell 1000 Growth Index** | 14.53% | 17.23% | 17.37% |
| **S&P 500 Index** | 12.10% | 15.61% | 13.84% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2005849196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44.37% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

 **<sup>Sector Allocation</sup> <sup>†</sup>** 

---

| | |
|:---|:---|
| Communication Services | 17.0% |
| Consumer Discretionary | 13.3% |
| Energy | 0.2% |
| Financials | 5.8% |
| Health Care | 6.7% |
| Industrials | 6.7% |
| Information Technology | 46.7% |
| Materials | 0.1% |
| Utilities | 3.6% |
| Short-Term Investments and Other Net Assets | (0.1)% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets.** 

Availability of Additional Information

![TSR - QR Code](images_28388.jpg)

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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Capital Appreciation Institutional Fund

![TSR - Fund Logo](images_28398.jpg)

### Alger Focus Equity Fund

### Class A / ALAFX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Alger Focus Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request this information 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** |
| Alger Focus Equity Fund<br>(Class A / ALAFX) | $46 0.92%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
Alger Focus Equity Fund Class A returned 0.97%, excluding sales load, for the fiscal six-month period ended April 30, 2025, compared to the -1.57% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Communication Services. The largest sector overweight was Industrials and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Communication Services and Financials sectors were the largest contributors to relative performance. Regarding individual positions, AppLovin Corp., Netflix, Inc., Robinhood Markets, Inc., GFL Environmental Inc, and Spotify Technology SA were the top five contributors to absolute performance.

#### Detractors from Performance
The Industrials and Consumer Staples sectors were the largest detractors from relative performance. Regarding individual positions, NVIDIA Corp., Taiwan Semiconductor Manufacturing Co., Ltd., Core Scientific Inc, Apple Inc., and Coherent Corp. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Resilient Corporate Earnings | Positive | Strong corporate earnings were driven by profit margin improvement and robust consumer spending. Themes such as cloud-based computing growth and artificial intelligence ("AI") proliferation also supported market sentiment. |
| AI-Driven Capital Expenditure Wave | Positive | Major U.S. technology firms announced plans exceeding $300 billion in 2025 capital expenditures—primarily targeting AI-related data centers and infrastructure—indicating a durable investment cycle that reinforced growth expectations. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. |
| Rising Economic Uncertainty | Negative | While U.S. consumer and business spending was strong in the first quarter of 2025, rising economic uncertainty weighed on sentiment. Consumer confidence declined amid elevated inflation expectations, while escalating trade tensions eroded business optimism and reduced international demand for U.S. assets, tempering expectations for future economic growth. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten semi-annual periods of Class A shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first semi-annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_9986054.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of April 30, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Focus Equity Fund Class A** | 17.70% | 15.53% | 14.78% |
| **Alger Focus Equity Fund Class A—excluding sales load** | 24.22% | 16.78% | 15.41% |
| **Russell 1000 Growth Index** | 14.53% | 17.23% | 15.27% |
| **S&P 500 Index** | 12.10% | 15.61% | 12.32% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2031094738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;71.22% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

 **<sup>Sector Allocation</sup> <sup>†</sup>** 

---

| | |
|:---|:---|
| Communication Services | 17.6% |
| Consumer Discretionary | 10.3% |
| Energy | 0.2% |
| Financials | 6.1% |
| Health Care | 6.7% |
| Industrials | 8.9% |
| Information Technology | 41.9% |
| Materials | 0.4% |
| Utilities | 6.0% |
| Short-Term Investments and Other Net Assets | 1.9% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets.** 

Availability of Additional Information

![TSR - QR Code](images_28388.jpg)

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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Focus Equity Fund

![TSR - Fund Logo](images_28398.jpg)

### Alger Focus Equity Fund

### Class C / ALCFX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Alger Focus Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request this information 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** |
| Alger Focus Equity Fund<br>(Class C / ALCFX) | $85 1.70%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
Alger Focus Equity Fund Class C returned 0.64%, excluding contingent deferred sales charge, for the fiscal six-month period ended April 30, 2025, compared to the -1.57% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Communication Services. The largest sector overweight was Industrials and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Communication Services and Financials sectors were the largest contributors to relative performance. Regarding individual positions, AppLovin Corp., Netflix, Inc., Robinhood Markets, Inc., GFL Environmental Inc, and Spotify Technology SA were the top five contributors to absolute performance.

#### Detractors from Performance
The Industrials and Consumer Staples sectors were the largest detractors from relative performance. Regarding individual positions, NVIDIA Corp., Taiwan Semiconductor Manufacturing Co., Ltd., Core Scientific Inc, Apple Inc., and Coherent Corp. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Resilient Corporate Earnings | Positive | Strong corporate earnings were driven by profit margin improvement and robust consumer spending. Themes such as cloud-based computing growth and artificial intelligence ("AI") proliferation also supported market sentiment. |
| AI-Driven Capital Expenditure Wave | Positive | Major U.S. technology firms announced plans exceeding $300 billion in 2025 capital expenditures—primarily targeting AI-related data centers and infrastructure—indicating a durable investment cycle that reinforced growth expectations. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. |
| Rising Economic Uncertainty | Negative | While U.S. consumer and business spending was strong in the first quarter of 2025, rising economic uncertainty weighed on sentiment. Consumer confidence declined amid elevated inflation expectations, while escalating trade tensions eroded business optimism and reduced international demand for U.S. assets, tempering expectations for future economic growth. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten semi-annual periods of Class C shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first semi-annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_9986090.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of April 30, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Focus Equity Fund Class C** | 22.32% | 15.90% | 14.71% |
| **Alger Focus Equity Fund Class C—excluding contingent deferred sales charges** | 23.32% | 15.90% | 14.71% |
| **Russell 1000 Growth Index** | 14.53% | 17.23% | 15.27% |
| **S&P 500 Index** | 12.10% | 15.61% | 12.32% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2031094738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;71.22% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

 **<sup>Sector Allocation</sup> <sup>†</sup>** 

---

| | |
|:---|:---|
| Communication Services | 17.6% |
| Consumer Discretionary | 10.3% |
| Energy | 0.2% |
| Financials | 6.1% |
| Health Care | 6.7% |
| Industrials | 8.9% |
| Information Technology | 41.9% |
| Materials | 0.4% |
| Utilities | 6.0% |
| Short-Term Investments and Other Net Assets | 1.9% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets.** 

Availability of Additional Information

![TSR - QR Code](images_28388.jpg)

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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Focus Equity Fund

![TSR - Fund Logo](images_28398.jpg)

### Alger Focus Equity Fund

### Class I / ALGRX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Alger Focus Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request this information 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** |
| Alger Focus Equity Fund<br>(Class I / ALGRX) | $46 0.93%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
Alger Focus Equity Fund Class I returned 1.00% for the fiscal six-month period ended April 30, 2025, compared to the -1.57% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Communication Services. The largest sector overweight was Industrials and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Communication Services and Financials sectors were the largest contributors to relative performance. Regarding individual positions, AppLovin Corp., Netflix, Inc., Robinhood Markets, Inc., GFL Environmental Inc, and Spotify Technology SA were the top five contributors to absolute performance.

#### Detractors from Performance
The Industrials and Consumer Staples sectors were the largest detractors from relative performance. Regarding individual positions, NVIDIA Corp., Taiwan Semiconductor Manufacturing Co., Ltd., Core Scientific Inc, Apple Inc., and Coherent Corp. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Resilient Corporate Earnings | Positive | Strong corporate earnings were driven by profit margin improvement and robust consumer spending. Themes such as cloud-based computing growth and artificial intelligence ("AI") proliferation also supported market sentiment. |
| AI-Driven Capital Expenditure Wave | Positive | Major U.S. technology firms announced plans exceeding $300 billion in 2025 capital expenditures—primarily targeting AI-related data centers and infrastructure—indicating a durable investment cycle that reinforced growth expectations. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. |
| Rising Economic Uncertainty | Negative | While U.S. consumer and business spending was strong in the first quarter of 2025, rising economic uncertainty weighed on sentiment. Consumer confidence declined amid elevated inflation expectations, while escalating trade tensions eroded business optimism and reduced international demand for U.S. assets, tempering expectations for future economic growth. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten semi-annual periods of Class I shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first semi-annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_9986126.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of April 30, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Focus Equity Fund Class I** | 24.26% | 16.82% | 15.46% |
| **Russell 1000 Growth Index** | 14.53% | 17.23% | 15.27% |
| **S&P 500 Index** | 12.10% | 15.61% | 12.32% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2031094738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;71.22% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

 **<sup>Sector Allocation</sup> <sup>†</sup>** 

---

| | |
|:---|:---|
| Communication Services | 17.6% |
| Consumer Discretionary | 10.3% |
| Energy | 0.2% |
| Financials | 6.1% |
| Health Care | 6.7% |
| Industrials | 8.9% |
| Information Technology | 41.9% |
| Materials | 0.4% |
| Utilities | 6.0% |
| Short-Term Investments and Other Net Assets | 1.9% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets.** 

Availability of Additional Information

![TSR - QR Code](images_28388.jpg)

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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Focus Equity Fund

![TSR - Fund Logo](images_28398.jpg)

### Alger Focus Equity Fund

### Class Y / ALGYX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Alger Focus Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request this information 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** |
| Alger Focus Equity Fund<br>(Class Y / ALGYX) | $30 0.60%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
Alger Focus Equity Fund Class Y returned 1.16% for the fiscal six-month period ended April 30, 2025, compared to the -1.57% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Communication Services. The largest sector overweight was Industrials and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Communication Services and Financials sectors were the largest contributors to relative performance. Regarding individual positions, AppLovin Corp., Netflix, Inc., Robinhood Markets, Inc., GFL Environmental Inc, and Spotify Technology SA were the top five contributors to absolute performance.

#### Detractors from Performance
The Industrials and Consumer Staples sectors were the largest detractors from relative performance. Regarding individual positions, NVIDIA Corp., Taiwan Semiconductor Manufacturing Co., Ltd., Core Scientific Inc, Apple Inc., and Coherent Corp. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Resilient Corporate Earnings | Positive | Strong corporate earnings were driven by profit margin improvement and robust consumer spending. Themes such as cloud-based computing growth and artificial intelligence ("AI") proliferation also supported market sentiment. |
| AI-Driven Capital Expenditure Wave | Positive | Major U.S. technology firms announced plans exceeding $300 billion in 2025 capital expenditures—primarily targeting AI-related data centers and infrastructure—indicating a durable investment cycle that reinforced growth expectations. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. |
| Rising Economic Uncertainty | Negative | While U.S. consumer and business spending was strong in the first quarter of 2025, rising economic uncertainty weighed on sentiment. Consumer confidence declined amid elevated inflation expectations, while escalating trade tensions eroded business optimism and reduced international demand for U.S. assets, tempering expectations for future economic growth. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed semi-annual periods for the life of Class Y shares of the Fund. The graph assumes a $500,000 initial investment at net asset value at the inception date of the Fund in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_9986162.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of April 30, 2025)** | **1 Year** | **5 Years** | **Since Inception<br>2/28/17** |
| **Alger Focus Equity Fund Class Y** | 24.67% | 17.20% | 17.89% |
| **Russell 1000 Growth Index** | 14.53% | 17.23% | 16.77% |
| **S&P 500 Index** | 12.10% | 15.61% | 12.97% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2031094738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;71.22% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

 **<sup>Sector Allocation</sup> <sup>†</sup>** 

---

| | |
|:---|:---|
| Communication Services | 17.6% |
| Consumer Discretionary | 10.3% |
| Energy | 0.2% |
| Financials | 6.1% |
| Health Care | 6.7% |
| Industrials | 8.9% |
| Information Technology | 41.9% |
| Materials | 0.4% |
| Utilities | 6.0% |
| Short-Term Investments and Other Net Assets | 1.9% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets.** 

Availability of Additional Information

![TSR - QR Code](images_28388.jpg)

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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Focus Equity Fund

![TSR - Fund Logo](images_28398.jpg)

### Alger Focus Equity Fund

### Class Z / ALZFX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Alger Focus Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request this information 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** |
| Alger Focus Equity Fund<br>(Class Z / ALZFX) | $31 0.63%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
Alger Focus Equity Fund Class Z returned 1.15% for the fiscal six-month period ended April 30, 2025, compared to the -1.57% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Communication Services. The largest sector overweight was Industrials and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Communication Services and Financials sectors were the largest contributors to relative performance. Regarding individual positions, AppLovin Corp., Netflix, Inc., Robinhood Markets, Inc., GFL Environmental Inc, and Spotify Technology SA were the top five contributors to absolute performance.

#### Detractors from Performance
The Industrials and Consumer Staples sectors were the largest detractors from relative performance. Regarding individual positions, NVIDIA Corp., Taiwan Semiconductor Manufacturing Co., Ltd., Core Scientific Inc, Apple Inc., and Coherent Corp. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Resilient Corporate Earnings | Positive | Strong corporate earnings were driven by profit margin improvement and robust consumer spending. Themes such as cloud-based computing growth and artificial intelligence ("AI") proliferation also supported market sentiment. |
| AI-Driven Capital Expenditure Wave | Positive | Major U.S. technology firms announced plans exceeding $300 billion in 2025 capital expenditures—primarily targeting AI-related data centers and infrastructure—indicating a durable investment cycle that reinforced growth expectations. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. |
| Rising Economic Uncertainty | Negative | While U.S. consumer and business spending was strong in the first quarter of 2025, rising economic uncertainty weighed on sentiment. Consumer confidence declined amid elevated inflation expectations, while escalating trade tensions eroded business optimism and reduced international demand for U.S. assets, tempering expectations for future economic growth. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten semi-annual periods of Class Z shares of the Fund. The graph assumes a $500,000 initial investment at the beginning of the first semi-annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_9986198.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of April 30, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Focus Equity Fund Class Z** | 24.63% | 17.16% | 15.78% |
| **Russell 1000 Growth Index** | 14.53% | 17.23% | 15.27% |
| **S&P 500 Index** | 12.10% | 15.61% | 12.32% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2031094738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;71.22% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

 **<sup>Sector Allocation</sup> <sup>†</sup>** 

---

| | |
|:---|:---|
| Communication Services | 17.6% |
| Consumer Discretionary | 10.3% |
| Energy | 0.2% |
| Financials | 6.1% |
| Health Care | 6.7% |
| Industrials | 8.9% |
| Information Technology | 41.9% |
| Materials | 0.4% |
| Utilities | 6.0% |
| Short-Term Investments and Other Net Assets | 1.9% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets.** 

Availability of Additional Information

![TSR - QR Code](images_28388.jpg)

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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Focus Equity Fund

![TSR - Fund Logo](images_28398.jpg)

### Alger Mid Cap Growth Institutional Fund

### Class I / ALMRX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Alger Mid Cap Growth Institutional Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request this information 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** |
| Alger Mid Cap Growth Institutional Fund<br>(Class I / ALMRX) | $62 1.27%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
Alger Mid Cap Growth Institutional Fund Class I returned -2.41% for the fiscal six-month period ended April 30, 2025, compared to the 2.03% return of the Russell Midcap Growth Index. During the reporting period, the largest sector weightings were Information Technology and Industrials. The largest sector overweight was Industrials and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Communication Services and Materials sectors were the largest contributors to relative performance. Regarding individual positions, Palantir Technologies Inc., Spotify Technology SA, AppLovin Corp., GFL Environmental Inc, and Constellation Software Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Industrials and Health Care sectors were the largest detractors from relative performance. Regarding individual positions, Globant SA, e.l.f. Beauty, Inc., Vaxcyte, Inc., Marvell Technology, Inc., and Pinterest, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Resilient Corporate Earnings | Positive | Strong corporate earnings were driven by profit margin improvement and robust consumer spending. Themes such as cloud-based computing growth and artificial intelligence ("AI") proliferation also supported market sentiment. |
| AI-Driven Capital Expenditure Wave | Positive | Major U.S. technology firms announced plans exceeding $300 billion in 2025 capital expenditures—primarily targeting AI-related data centers and infrastructure—indicating a durable investment cycle that reinforced growth expectations. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. |
| Rising Economic Uncertainty | Negative | While U.S. consumer and business spending was strong in the first quarter of 2025, rising economic uncertainty weighed on sentiment. Consumer confidence declined amid elevated inflation expectations, while escalating trade tensions eroded business optimism and reduced international demand for U.S. assets, tempering expectations for future economic growth. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten semi-annual periods of Class I shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first semi-annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_9985946.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of April 30, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Mid Cap Growth Institutional Fund Class I** | 5.93% | 9.28% | 8.45% |
| **Russell Midcap Growth Index** | 13.65% | 12.31% | 10.58% |
| **S&P 500 Index** | 12.10% | 15.61% | 12.32% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$50301988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44.35% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

 **<sup>Sector Allocation</sup> <sup>†</sup>** 

---

| | |
|:---|:---|
| Communication Services | 7.1% |
| Consumer Discretionary | 10.1% |
| Consumer Staples | 0.5% |
| Financials | 11.4% |
| Health Care | 7.9% |
| Industrials | 22.1% |
| Information Technology | 30.9% |
| Materials | 1.4% |
| Real Estate | 4.5% |
| Utilities | 3.4% |
| Short-Term Investments and Other Net Assets | 0.7% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets.** 

Availability of Additional Information

![TSR - QR Code](images_28388.jpg)

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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Mid Cap Growth Institutional Fund

![TSR - Fund Logo](images_28398.jpg)

### Alger Mid Cap Growth Institutional Fund

### Class R / AGIRX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Alger Mid Cap Growth Institutional Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request this information 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** |
| Alger Mid Cap Growth Institutional Fund<br>(Class R / AGIRX) | $89 1.82%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
Alger Mid Cap Growth Institutional Fund Class R returned -2.71% for the fiscal six-month period ended April 30, 2025, compared to the 2.03% return of the Russell Midcap Growth Index. During the reporting period, the largest sector weightings were Information Technology and Industrials. The largest sector overweight was Industrials and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Communication Services and Materials sectors were the largest contributors to relative performance. Regarding individual positions, Palantir Technologies Inc., Spotify Technology SA, AppLovin Corp., GFL Environmental Inc, and Constellation Software Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Industrials and Health Care sectors were the largest detractors from relative performance. Regarding individual positions, Globant SA, e.l.f. Beauty, Inc., Vaxcyte, Inc., Marvell Technology, Inc., and Pinterest, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Resilient Corporate Earnings | Positive | Strong corporate earnings were driven by profit margin improvement and robust consumer spending. Themes such as cloud-based computing growth and artificial intelligence ("AI") proliferation also supported market sentiment. |
| AI-Driven Capital Expenditure Wave | Positive | Major U.S. technology firms announced plans exceeding $300 billion in 2025 capital expenditures—primarily targeting AI-related data centers and infrastructure—indicating a durable investment cycle that reinforced growth expectations. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. |
| Rising Economic Uncertainty | Negative | While U.S. consumer and business spending was strong in the first quarter of 2025, rising economic uncertainty weighed on sentiment. Consumer confidence declined amid elevated inflation expectations, while escalating trade tensions eroded business optimism and reduced international demand for U.S. assets, tempering expectations for future economic growth. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten semi-annual periods of Class R shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first semi-annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_9985982.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of April 30, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Mid Cap Growth Institutional Fund Class R** | 5.32% | 8.74% | 7.89% |
| **Russell Midcap Growth Index** | 13.65% | 12.31% | 10.58% |
| **S&P 500 Index** | 12.10% | 15.61% | 12.32% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$50301988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44.35% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

 **<sup>Sector Allocation</sup> <sup>†</sup>** 

---

| | |
|:---|:---|
| Communication Services | 7.1% |
| Consumer Discretionary | 10.1% |
| Consumer Staples | 0.5% |
| Financials | 11.4% |
| Health Care | 7.9% |
| Industrials | 22.1% |
| Information Technology | 30.9% |
| Materials | 1.4% |
| Real Estate | 4.5% |
| Utilities | 3.4% |
| Short-Term Investments and Other Net Assets | 0.7% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets.** 

Availability of Additional Information

![TSR - QR Code](images_28388.jpg)

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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Mid Cap Growth Institutional Fund

![TSR - Fund Logo](images_28398.jpg)

### Alger Mid Cap Growth Institutional Fund

### Class Z-2 / ALMZX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Alger Mid Cap Growth Institutional Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request this information 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** |
| Alger Mid Cap Growth Institutional Fund<br>(Class Z-2 / ALMZX) | $50 1.02%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
Alger Mid Cap Growth Institutional Fund Class Z-2 returned -2.31% for the fiscal six-month period ended April 30, 2025, compared to the 2.03% return of the Russell Midcap Growth Index. During the reporting period, the largest sector weightings were Information Technology and Industrials. The largest sector overweight was Industrials and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Communication Services and Materials sectors were the largest contributors to relative performance. Regarding individual positions, Palantir Technologies Inc., Spotify Technology SA, AppLovin Corp., GFL Environmental Inc, and Constellation Software Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Industrials and Health Care sectors were the largest detractors from relative performance. Regarding individual positions, Globant SA, e.l.f. Beauty, Inc., Vaxcyte, Inc., Marvell Technology, Inc., and Pinterest, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Resilient Corporate Earnings | Positive | Strong corporate earnings were driven by profit margin improvement and robust consumer spending. Themes such as cloud-based computing growth and artificial intelligence ("AI") proliferation also supported market sentiment. |
| AI-Driven Capital Expenditure Wave | Positive | Major U.S. technology firms announced plans exceeding $300 billion in 2025 capital expenditures—primarily targeting AI-related data centers and infrastructure—indicating a durable investment cycle that reinforced growth expectations. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. |
| Rising Economic Uncertainty | Negative | While U.S. consumer and business spending was strong in the first quarter of 2025, rising economic uncertainty weighed on sentiment. Consumer confidence declined amid elevated inflation expectations, while escalating trade tensions eroded business optimism and reduced international demand for U.S. assets, tempering expectations for future economic growth. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed semi-annual periods for the life of Class Z-2 shares of the Fund. The graph assumes a $500,000 initial investment at net asset value at the inception date of the Fund in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_9986018.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of April 30, 2025)** | **1 Year** | **5 Years** | **Since Inception<br>10/14/16** |
| **Alger Mid Cap Growth Institutional Fund Class Z-2** | 6.18% | 9.66% | 11.36% |
| **Russell Midcap Growth Index** | 13.65% | 12.31% | 12.65% |
| **S&P 500 Index** | 12.10% | 15.61% | 13.84% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$50301988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44.35% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

 **<sup>Sector Allocation</sup> <sup>†</sup>** 

---

| | |
|:---|:---|
| Communication Services | 7.1% |
| Consumer Discretionary | 10.1% |
| Consumer Staples | 0.5% |
| Financials | 11.4% |
| Health Care | 7.9% |
| Industrials | 22.1% |
| Information Technology | 30.9% |
| Materials | 1.4% |
| Real Estate | 4.5% |
| Utilities | 3.4% |
| Short-Term Investments and Other Net Assets | 0.7% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets.** 

Availability of Additional Information

![TSR - QR Code](images_28388.jpg)

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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Mid Cap Growth Institutional Fund

![TSR - Fund Logo](images_28398.jpg)

### Alger Small Cap Growth Institutional Fund

### Class I / ALSRX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Alger Small Cap Growth Institutional Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request this information 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** |
| Alger Small Cap Growth Institutional Fund<br>(Class I / ALSRX) | $63 1.38%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
Alger Small Cap Growth Institutional Fund Class I returned -16.17% for the fiscal six-month period ended April 30, 2025, compared to the -8.97% return of the Russell 2000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Health Care. The largest sector overweight was Information Technology and the largest sector underweight was Industrials.

#### Contributors to Performance
The Industrials and Consumer Staples sectors were the largest contributors to relative performance. Regarding individual positions, Guardant Health, Inc., Aritzia, Inc., ODDITY Tech Ltd., Xometry, Inc., and Duolingo, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Consumer Discretionary and Information Technology sectors were the largest detractors from relative performance. Regarding individual positions, IMPULSE DYNAMICS, Aritzia, Inc., Bio-Techne Corporation, RH, and Shake Shack, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Resilient Corporate Earnings | Positive | Strong corporate earnings were driven by profit margin improvement and robust consumer spending. Themes such as cloud-based computing growth and artificial intelligence ("AI") proliferation also supported market sentiment. |
| AI-Driven Capital Expenditure Wave | Positive | Major U.S. technology firms announced plans exceeding $300 billion in 2025 capital expenditures—primarily targeting AI-related data centers and infrastructure—indicating a durable investment cycle that reinforced growth expectations. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. |
| Rising Economic Uncertainty | Negative | While U.S. consumer and business spending was strong in the first quarter of 2025, rising economic uncertainty weighed on sentiment. Consumer confidence declined amid elevated inflation expectations, while escalating trade tensions eroded business optimism and reduced international demand for U.S. assets, tempering expectations for future economic growth. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten semi-annual periods of Class I shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first semi-annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_9985838.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of April 30, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Small Cap Growth Institutional Fund Class I** | (10.59)% | (1.66)% | 5.01% |
| **Russell 2000 Growth Index** | 2.42% | 7.60% | 6.39% |
| **S&P 500 Index** | 12.10% | 15.61% | 12.32% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$67530468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17.99% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

 **<sup>Sector Allocation</sup> <sup>†</sup>** 

---

| | |
|:---|:---|
| Communication Services | 0.6% |
| Consumer Discretionary | 13.8% |
| Consumer Staples | 3.3% |
| Energy | 0.5% |
| Financials | 2.6% |
| Health Care | 25.9% |
| Industrials | 15.7% |
| Information Technology | 32.3% |
| Materials | 0.1% |
| Utilities | 0.5% |
| Short-Term Investments and Other Net Assets | 4.7% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets.** 

Availability of Additional Information

![TSR - QR Code](images_28388.jpg)

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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Small Cap Growth Institutional Fund

![TSR - Fund Logo](images_28398.jpg)

### Alger Small Cap Growth Institutional Fund

### Class R / ASIRX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Alger Small Cap Growth Institutional Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request this information 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** |
| Alger Small Cap Growth Institutional Fund<br>(Class R / ASIRX) | $84 1.84%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
Alger Small Cap Growth Institutional Fund Class R returned -16.40% for the fiscal six-month period ended April 30, 2025, compared to the -8.97% return of the Russell 2000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Health Care. The largest sector overweight was Information Technology and the largest sector underweight was Industrials.

#### Contributors to Performance
The Industrials and Consumer Staples sectors were the largest contributors to relative performance. Regarding individual positions, Guardant Health, Inc., Aritzia, Inc., ODDITY Tech Ltd., Xometry, Inc., and Duolingo, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Consumer Discretionary and Information Technology sectors were the largest detractors from relative performance. Regarding individual positions, IMPULSE DYNAMICS, Aritzia, Inc., Bio-Techne Corporation, RH, and Shake Shack, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Resilient Corporate Earnings | Positive | Strong corporate earnings were driven by profit margin improvement and robust consumer spending. Themes such as cloud-based computing growth and artificial intelligence ("AI") proliferation also supported market sentiment. |
| AI-Driven Capital Expenditure Wave | Positive | Major U.S. technology firms announced plans exceeding $300 billion in 2025 capital expenditures—primarily targeting AI-related data centers and infrastructure—indicating a durable investment cycle that reinforced growth expectations. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. |
| Rising Economic Uncertainty | Negative | While U.S. consumer and business spending was strong in the first quarter of 2025, rising economic uncertainty weighed on sentiment. Consumer confidence declined amid elevated inflation expectations, while escalating trade tensions eroded business optimism and reduced international demand for U.S. assets, tempering expectations for future economic growth. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten semi-annual periods of Class R shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first semi-annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_9985874.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of April 30, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Small Cap Growth Institutional Fund Class R** | (11.10)% | (2.12)% | 4.50% |
| **Russell 2000 Growth Index** | 2.42% | 7.60% | 6.39% |
| **S&P 500 Index** | 12.10% | 15.61% | 12.32% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$67530468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17.99% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

 **<sup>Sector Allocation</sup> <sup>†</sup>** 

---

| | |
|:---|:---|
| Communication Services | 0.6% |
| Consumer Discretionary | 13.8% |
| Consumer Staples | 3.3% |
| Energy | 0.5% |
| Financials | 2.6% |
| Health Care | 25.9% |
| Industrials | 15.7% |
| Information Technology | 32.3% |
| Materials | 0.1% |
| Utilities | 0.5% |
| Short-Term Investments and Other Net Assets | 4.7% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets.** 

Availability of Additional Information

![TSR - QR Code](images_28388.jpg)

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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Small Cap Growth Institutional Fund

![TSR - Fund Logo](images_28398.jpg)

### Alger Small Cap Growth Institutional Fund

### Class Z-2 / AISZX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Alger Small Cap Growth Institutional Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request this information 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** |
| Alger Small Cap Growth Institutional Fund<br>(Class Z-2 / AISZX) | $46 1.00%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
Alger Small Cap Growth Institutional Fund Class Z-2 returned -16.06% for the fiscal six-month period ended April 30, 2025, compared to the -8.97% return of the Russell 2000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Health Care. The largest sector overweight was Information Technology and the largest sector underweight was Industrials.

#### Contributors to Performance
The Industrials and Consumer Staples sectors were the largest contributors to relative performance. Regarding individual positions, Guardant Health, Inc., Aritzia, Inc., ODDITY Tech Ltd., Xometry, Inc., and Duolingo, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Consumer Discretionary and Information Technology sectors were the largest detractors from relative performance. Regarding individual positions, IMPULSE DYNAMICS, Aritzia, Inc., Bio-Techne Corporation, RH, and Shake Shack, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Resilient Corporate Earnings | Positive | Strong corporate earnings were driven by profit margin improvement and robust consumer spending. Themes such as cloud-based computing growth and artificial intelligence ("AI") proliferation also supported market sentiment. |
| AI-Driven Capital Expenditure Wave | Positive | Major U.S. technology firms announced plans exceeding $300 billion in 2025 capital expenditures—primarily targeting AI-related data centers and infrastructure—indicating a durable investment cycle that reinforced growth expectations. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. |
| Rising Economic Uncertainty | Negative | While U.S. consumer and business spending was strong in the first quarter of 2025, rising economic uncertainty weighed on sentiment. Consumer confidence declined amid elevated inflation expectations, while escalating trade tensions eroded business optimism and reduced international demand for U.S. assets, tempering expectations for future economic growth. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed semi-annual periods for the life of Class Z-2 shares of the Fund. The graph assumes a $500,000 initial investment at net asset value at the inception date of the Fund in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_9985910.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of April 30, 2025)** | **1 Year** | **5 Years** | **Since Inception<br>8/1/16** |
| **Alger Small Cap Growth Institutional Fund Class Z-2** | (10.28)% | (1.31)% | 6.74% |
| **Russell 2000 Growth Index** | 2.42% | 7.60% | 7.32% |
| **S&P 500 Index** | 12.10% | 15.61% | 13.33% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$67530468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17.99% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

 **<sup>Sector Allocation</sup> <sup>†</sup>** 

---

| | |
|:---|:---|
| Communication Services | 0.6% |
| Consumer Discretionary | 13.8% |
| Consumer Staples | 3.3% |
| Energy | 0.5% |
| Financials | 2.6% |
| Health Care | 25.9% |
| Industrials | 15.7% |
| Information Technology | 32.3% |
| Materials | 0.1% |
| Utilities | 0.5% |
| Short-Term Investments and Other Net Assets | 4.7% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets.** 

Availability of Additional Information

![TSR - QR Code](images_28388.jpg)

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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**

![](imgb1bfcc211.gif)

THE ALGER INSTITUTIONAL FUNDS

**SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION**

**April 30, 2025 (UNAUDITED)**

![](img02040d082.gif)

------

**Table of Contents**

------

**THE ALGER INSTITUTIONAL FUNDS**

------

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_5d6034cb-2cc8-4909-9f65-177d8e777426_SOI1-Continued-4572_1) | 2 |
| [Statements of Assets and Liabilities](#xx_5d6034cb-2cc8-4909-9f65-177d8e777426_SAL1-Continued_1) | 19 |
| [Statements of Operations](#xx_5d6034cb-2cc8-4909-9f65-177d8e777426_SOP1-Continued_1) | 23 |
| [Statements of Changes in Net Assets](#xx_5d6034cb-2cc8-4909-9f65-177d8e777426_SOC1-Continued-4572_1) | 27 |
| [Financial Highlights](#xx_5d6034cb-2cc8-4909-9f65-177d8e777426_FIHI-Continued-4572_1) | 31 |
| [Notes to Financial Statements](#xx_5d6034cb-2cc8-4909-9f65-177d8e777426_NTF-Continued-4572_1) | 46 |
| [Other Information](#xx_5d6034cb-2cc8-4909-9f65-177d8e777426_AI-Continued-4572_1) | 74 |

---

------

**THE ALGER INSTITUTIONAL FUNDS**

**ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND**

**Schedule of Investments April 30, 2025 (Unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.6%** | **COMMON STOCKS—98.6%** | **COMMON STOCKS—98.6%** |
| **AEROSPACE & DEFENSE—1.5%** | **AEROSPACE & DEFENSE—1.5%** | **AEROSPACE & DEFENSE—1.5%** |
| HEICO Corp. | 32799 | **$** 8224677 |
| HEICO Corp., Cl. A | 55916 | 11235202 |
| TransDigm Group, Inc. | 7296 | 10309759 |
|  |  | **29769638** |
| **APPAREL ACCESSORIES & LUXURY GOODS—0.0%** | **APPAREL ACCESSORIES & LUXURY GOODS—0.0%** | **APPAREL ACCESSORIES & LUXURY GOODS—0.0%** |
| LVMH Moët Hennessy Louis Vuitton SE | 281 | **155654** |
| **APPAREL RETAIL—0.3%** | **APPAREL RETAIL—0.3%** | **APPAREL RETAIL—0.3%** |
| Burlington Stores, Inc.<sup>\*</sup>  | 27396 | **6165196** |
| **APPLICATION SOFTWARE—5.5%** | **APPLICATION SOFTWARE—5.5%** | **APPLICATION SOFTWARE—5.5%** |
| Adobe, Inc.<sup>\*</sup>  | 4820 | 1807404 |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 301884 | 81300380 |
| Autodesk, Inc.<sup>\*</sup>  | 18910 | 5186068 |
| Cadence Design Systems, Inc.<sup>\*</sup>  | 40807 | 12149876 |
| Core Scientific, Inc.<sup>\*</sup>  | 948142 | 7679950 |
| Fair Isaac Corp.<sup>\*</sup>  | 628 | 1249519 |
| Palantir Technologies, Inc., Cl. A<sup>\*</sup>  | 2566 | 303917 |
|  |  | **109677114** |
| **AUTOMOBILE MANUFACTURERS—2.7%** | **AUTOMOBILE MANUFACTURERS—2.7%** | **AUTOMOBILE MANUFACTURERS—2.7%** |
| Tesla, Inc.<sup>\*</sup>  | 189905 | **53583595** |
| **AUTOMOTIVE RETAIL—0.1%** | **AUTOMOTIVE RETAIL—0.1%** | **AUTOMOTIVE RETAIL—0.1%** |
| Carvana Co.<sup>\*</sup>  | 8688 | **2122913** |
| **BIOTECHNOLOGY—2.0%** | **BIOTECHNOLOGY—2.0%** | **BIOTECHNOLOGY—2.0%** |
| AbbVie, Inc. | 12092 | 2359149 |
| Ascendis Pharma A/S ADR<sup>\*</sup>  | 17549 | 2991052 |
| BioNTech SE ADR<sup>\*</sup>  | 8514 | 886733 |
| Natera, Inc.<sup>\*</sup>  | 220836 | 33330777 |
|  |  | **39567711** |
| **BROADLINE RETAIL—9.7%** | **BROADLINE RETAIL—9.7%** | **BROADLINE RETAIL—9.7%** |
| Amazon.com, Inc.<sup>\*</sup>  | 910130 | 167846175 |
| Global-e Online Ltd.<sup>\*</sup>  | 137666 | 4943586 |
| MercadoLibre, Inc.<sup>\*</sup>  | 9464 | 22059164 |
|  |  | **194848925** |
| **CASINOS & GAMING—0.3%** | **CASINOS & GAMING—0.3%** | **CASINOS & GAMING—0.3%** |
| DraftKings, Inc., Cl. A<sup>\*</sup>  | 170076 | **5661830** |
| **COAL & CONSUMABLE FUELS—0.2%** | **COAL & CONSUMABLE FUELS—0.2%** | **COAL & CONSUMABLE FUELS—0.2%** |
| Cameco Corp. | 80803 | **3648255** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.1%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.1%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.1%** |
| Wabtec Corp. | 5661 | **1045813** |
| **CONSTRUCTION MATERIALS—0.1%** | **CONSTRUCTION MATERIALS—0.1%** | **CONSTRUCTION MATERIALS—0.1%** |
| Martin Marietta Materials, Inc. | 4742 | **2484713** |

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS**

**ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND**

**Schedule of Investments April 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.6% (CONT.)** | **COMMON STOCKS—98.6% (CONT.)** | **COMMON STOCKS—98.6% (CONT.)** |
| **DIVERSIFIED BANKS—0.2%** | **DIVERSIFIED BANKS—0.2%** | **DIVERSIFIED BANKS—0.2%** |
| Wells Fargo & Co. | 42812 | **$3040080** |
| **ELECTRIC UTILITIES—0.8%** | **ELECTRIC UTILITIES—0.8%** | **ELECTRIC UTILITIES—0.8%** |
| NRG Energy, Inc. | 146504 | **16053908** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—1.9%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.9%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.9%** |
| Eaton Corp. PLC | 7299 | 2148607 |
| Vertiv Holdings Co., Cl. A | 418827 | 35759449 |
|  |  | **37908056** |
| **ELECTRONIC COMPONENTS—0.3%** | **ELECTRONIC COMPONENTS—0.3%** | **ELECTRONIC COMPONENTS—0.3%** |
| Coherent Corp.<sup>\*</sup>  | 86172 | **5542583** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.1%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.1%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.1%** |
| Itron, Inc.<sup>\*</sup>  | 27247 | **3032319** |
| **ENVIRONMENTAL & FACILITIES SERVICES—2.5%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.5%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.5%** |
| GFL Environmental, Inc. | 1017325 | **50764517** |
| **FINANCIAL EXCHANGES & DATA—0.9%** | **FINANCIAL EXCHANGES & DATA—0.9%** | **FINANCIAL EXCHANGES & DATA—0.9%** |
| S&P Global, Inc. | 37391 | **18697370** |
| **FOOTWEAR—0.1%** | **FOOTWEAR—0.1%** | **FOOTWEAR—0.1%** |
| On Holding AG, Cl. A<sup>\*</sup>  | 58843 | **2830937** |
| **HEALTHCARE DISTRIBUTORS—0.9%** | **HEALTHCARE DISTRIBUTORS—0.9%** | **HEALTHCARE DISTRIBUTORS—0.9%** |
| Cardinal Health, Inc. | 132762 | **18757943** |
| **HEALTHCARE EQUIPMENT—2.6%** | **HEALTHCARE EQUIPMENT—2.6%** | **HEALTHCARE EQUIPMENT—2.6%** |
| Abbott Laboratories | 17785 | 2325389 |
| Boston Scientific Corp.<sup>\*</sup>  | 175920 | 18096890 |
| Glaukos Corp.<sup>\*</sup>  | 40583 | 3824948 |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 53298 | 27491108 |
|  |  | **51738335** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.8%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.8%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.8%** |
| Talen Energy Corp.<sup>\*</sup>  | 163955 | 35263441 |
| Vistra Corp. | 164669 | 21346043 |
|  |  | **56609484** |
| **INTERACTIVE HOME ENTERTAINMENT—2.4%** | **INTERACTIVE HOME ENTERTAINMENT—2.4%** | **INTERACTIVE HOME ENTERTAINMENT—2.4%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 29466 | 1975695 |
| Sea Ltd. ADR<sup>\*</sup>  | 349819 | 46893237 |
|  |  | **48868932** |
| **INTERACTIVE MEDIA & SERVICES—9.9%** | **INTERACTIVE MEDIA & SERVICES—9.9%** | **INTERACTIVE MEDIA & SERVICES—9.9%** |
| Alphabet, Inc., Cl. C | 277757 | 44688324 |
| Meta Platforms, Inc., Cl. A | 267252 | 146721348 |
| Pinterest, Inc., Cl. A<sup>\*</sup>  | 264787 | 6704407 |
|  |  | **198114079** |

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS**

**ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND**

**Schedule of Investments April 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.6% (CONT.)** | **COMMON STOCKS—98.6% (CONT.)** | **COMMON STOCKS—98.6% (CONT.)** |
| **INTERNET SERVICES & INFRASTRUCTURE—0.9%** | **INTERNET SERVICES & INFRASTRUCTURE—0.9%** | **INTERNET SERVICES & INFRASTRUCTURE—0.9%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 86226 | **$** 10414376 |
| Snowflake, Inc., Cl. A<sup>\*</sup>  | 50614 | 8072427 |
|  |  | **18486803** |
| **INVESTMENT BANKING & BROKERAGE—2.1%** | **INVESTMENT BANKING & BROKERAGE—2.1%** | **INVESTMENT BANKING & BROKERAGE—2.1%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 855816 | **42029124** |
| **LIFE SCIENCES TOOLS & SERVICES—0.1%** | **LIFE SCIENCES TOOLS & SERVICES—0.1%** | **LIFE SCIENCES TOOLS & SERVICES—0.1%** |
| Danaher Corp. | 5381 | **1072595** |
| **MANAGED HEALTHCARE—0.4%** | **MANAGED HEALTHCARE—0.4%** | **MANAGED HEALTHCARE—0.4%** |
| UnitedHealth Group, Inc. | 19031 | **7830115** |
| **MOVIES & ENTERTAINMENT—4.7%** | **MOVIES & ENTERTAINMENT—4.7%** | **MOVIES & ENTERTAINMENT—4.7%** |
| Liberty Media Corp. Series C Liberty Formula One<sup>\*</sup>  | 123215 | 10925474 |
| Netflix, Inc.<sup>\*</sup>  | 53737 | 60815238 |
| Spotify Technology SA<sup>\*</sup>  | 33984 | 20865496 |
| TKO Group Holdings, Inc., Cl. A | 14530 | 2367082 |
|  |  | **94973290** |
| **PASSENGER AIRLINES—0.5%** | **PASSENGER AIRLINES—0.5%** | **PASSENGER AIRLINES—0.5%** |
| Delta Air Lines, Inc. | 56164 | 2338107 |
| United Airlines Holdings, Inc.<sup>\*</sup>  | 104119 | 7165470 |
|  |  | **9503577** |
| **PHARMACEUTICALS—0.8%** | **PHARMACEUTICALS—0.8%** | **PHARMACEUTICALS—0.8%** |
| Eli Lilly & Co. | 18397 | **16537983** |
| **RESEARCH & CONSULTING SERVICES—0.3%** | **RESEARCH & CONSULTING SERVICES—0.3%** | **RESEARCH & CONSULTING SERVICES—0.3%** |
| Equifax, Inc. | 20343 | **5291825** |
| **RESTAURANTS—0.0%** | **RESTAURANTS—0.0%** | **RESTAURANTS—0.0%** |
| DoorDash, Inc., Cl. A<sup>\*</sup>  | 3217 | **620527** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—0.4%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—0.4%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—0.4%** |
| ASML Holding NV ADR | 12286 | **8208031** |
| **SEMICONDUCTORS—17.5%** | **SEMICONDUCTORS—17.5%** | **SEMICONDUCTORS—17.5%** |
| Astera Labs, Inc.<sup>\*</sup>  | 115030 | 7512609 |
| Broadcom, Inc. | 319560 | 61505713 |
| indie Semiconductor, Inc., Cl. A<sup>\*</sup>  | 926418 | 1843572 |
| NVIDIA Corp. | 2086874 | 227302316 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 315865 | 52651537 |
|  |  | **350815747** |
| **SYSTEMS SOFTWARE—13.9%** | **SYSTEMS SOFTWARE—13.9%** | **SYSTEMS SOFTWARE—13.9%** |
| Microsoft Corp. | 654745 | 258794509 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 418228 | 9506322 |
| ServiceNow, Inc.<sup>\*</sup>  | 10009 | 9558695 |
|  |  | **277859526** |

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS**

**ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND**

**Schedule of Investments April 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.6% (CONT.)** | **COMMON STOCKS—98.6% (CONT.)** | **COMMON STOCKS—98.6% (CONT.)** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.5%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.5%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.5%** |
| Apple, Inc. | 615333 | **$130758262** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—2.6%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—2.6%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—2.6%** |
| Visa, Inc., Cl. A | 152471 | **52678730** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $808,760,091) |  | **1977356035** |
| **PREFERRED STOCKS—1.4%** | **PREFERRED STOCKS—1.4%** | **PREFERRED STOCKS—1.4%** |
| **APPLICATION SOFTWARE—1.4%** | **APPLICATION SOFTWARE—1.4%** | **APPLICATION SOFTWARE—1.4%** |
| Databricks, Inc., Series J<sup>(a),\*,@</sup>  | 239567 | 22159947 |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 365046 | 6282442 |
|  |  | **28442389** |
| **DIVERSIFIED FINANCIAL SERVICES—0.0%** | **DIVERSIFIED FINANCIAL SERVICES—0.0%** | **DIVERSIFIED FINANCIAL SERVICES—0.0%** |
| Chime Financial, Inc., Series G<sup>(a),\*,@</sup>  | 38919 | **1041862** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $31,130,516) |  | **29484251** |
| **SPECIAL PURPOSE VEHICLE—0.1%** | **SPECIAL PURPOSE VEHICLE—0.1%** | **SPECIAL PURPOSE VEHICLE—0.1%** |
| **DATA PROCESSING & OUTSOURCED SERVICES—0.1%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.1%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.1%** |
| Crosslink Ventures C, LLC, Cl. A<sup>(a),(b),\*,@</sup>  |  | **2009205** |
| (Cost $3,075,000) |  | **2009205** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $842,965,607)** | 100.1% | **$2008849491** |
| Affiliated Securities (Cost $3,075,000) |  | 2009205 |
| Unaffiliated Securities (Cost $839,890,607) |  | 2006840286 |
| Liabilities in Excess of Other Assets | (0.1)% | (3000295) |
| **NET ASSETS** | 100.0% | **$2005849196** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR American Depositary Receipts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures <br> approved by the Board of Trustees.<br>|
| (b) | Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note <br> 12 - Affiliated Securities.<br>|
| \* | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the <br> investment may be restricted only to qualified buyers.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date(s)<br>| Acquisition <br>Cost<br>| Market <br>Value<br>| % of net assets <br>as of <br>4/30/2025<br>|
| Chime Financial, Inc., Series G | 8/24/21 | $2688128 | $1041862 | 0.0% |
| Crosslink Ventures C, LLC, Cl. A | 10/2/20 | 3075000 | 2009205 | 0.1% |
| Databricks, Inc., Series J | 12/17/24 | 22159947 | 22159947 | 1.1% |
| SB Technology, Inc., Series E | 10/23/24 | 6282441 | 6282442 | 0.3% |
| Total |  | $34205516 | $31493456 | 1.5% |

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER FOCUS EQUITY FUND**

**Schedule of Investments April 30, 2025 (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—94.4%** | **COMMON STOCKS—94.4%** | **COMMON STOCKS—94.4%** |
| **AEROSPACE & DEFENSE—2.0%** | **AEROSPACE & DEFENSE—2.0%** | **AEROSPACE & DEFENSE—2.0%** |
| HEICO Corp., Cl. A | 205211 | **$41233046** |
| **APPAREL RETAIL—0.7%** | **APPAREL RETAIL—0.7%** | **APPAREL RETAIL—0.7%** |
| Burlington Stores, Inc.<sup>\*</sup>  | 60422 | **13597367** |
| **APPLICATION SOFTWARE—5.0%** | **APPLICATION SOFTWARE—5.0%** | **APPLICATION SOFTWARE—5.0%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 289853 | 78060311 |
| Cadence Design Systems, Inc.<sup>\*</sup>  | 59124 | 17603580 |
| Core Scientific, Inc.<sup>\*</sup>  | 779793 | 6316323 |
|  |  | **101980214** |
| **AUTOMOBILE MANUFACTURERS—3.0%** | **AUTOMOBILE MANUFACTURERS—3.0%** | **AUTOMOBILE MANUFACTURERS—3.0%** |
| Tesla, Inc.<sup>\*</sup>  | 216179 | **60997067** |
| **BIOTECHNOLOGY—1.6%** | **BIOTECHNOLOGY—1.6%** | **BIOTECHNOLOGY—1.6%** |
| Natera, Inc.<sup>\*</sup>  | 218786 | **33021371** |
| **BROADLINE RETAIL—6.5%** | **BROADLINE RETAIL—6.5%** | **BROADLINE RETAIL—6.5%** |
| Amazon.com, Inc.<sup>\*</sup>  | 545373 | 100577689 |
| Global-e Online Ltd.<sup>\*</sup>  | 141358 | 5076166 |
| MercadoLibre, Inc.<sup>\*</sup>  | 11304 | 26347928 |
|  |  | **132001783** |
| **COAL & CONSUMABLE FUELS—0.2%** | **COAL & CONSUMABLE FUELS—0.2%** | **COAL & CONSUMABLE FUELS—0.2%** |
| Cameco Corp. | 103254 | **4661918** |
| **CONSTRUCTION MATERIALS—0.4%** | **CONSTRUCTION MATERIALS—0.4%** | **CONSTRUCTION MATERIALS—0.4%** |
| Martin Marietta Materials, Inc. | 13747 | **7203153** |
| **ELECTRIC UTILITIES—1.9%** | **ELECTRIC UTILITIES—1.9%** | **ELECTRIC UTILITIES—1.9%** |
| NRG Energy, Inc. | 358182 | **39249584** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.2%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.2%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.2%** |
| Vertiv Holdings Co., Cl. A | 527707 | **45055624** |
| **ELECTRONIC COMPONENTS—0.3%** | **ELECTRONIC COMPONENTS—0.3%** | **ELECTRONIC COMPONENTS—0.3%** |
| Coherent Corp.<sup>\*</sup>  | 95422 | **6137543** |
| **ENVIRONMENTAL & FACILITIES SERVICES—3.7%** | **ENVIRONMENTAL & FACILITIES SERVICES—3.7%** | **ENVIRONMENTAL & FACILITIES SERVICES—3.7%** |
| GFL Environmental, Inc. | 1491962 | **74448904** |
| **FINANCIAL EXCHANGES & DATA—0.8%** | **FINANCIAL EXCHANGES & DATA—0.8%** | **FINANCIAL EXCHANGES & DATA—0.8%** |
| S&P Global, Inc. | 31666 | **15834583** |
| **HEALTHCARE DISTRIBUTORS—1.3%** | **HEALTHCARE DISTRIBUTORS—1.3%** | **HEALTHCARE DISTRIBUTORS—1.3%** |
| Cardinal Health, Inc. | 190278 | **26884379** |
| **HEALTHCARE EQUIPMENT—3.0%** | **HEALTHCARE EQUIPMENT—3.0%** | **HEALTHCARE EQUIPMENT—3.0%** |
| Boston Scientific Corp.<sup>\*</sup>  | 202703 | 20852058 |
| Glaukos Corp.<sup>\*</sup>  | 94616 | 8917558 |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 58880 | 30370304 |
|  |  | **60139920** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.0%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.0%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.0%** |
| Talen Energy Corp.<sup>\*</sup>  | 233850 | 50296458 |

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER FOCUS EQUITY FUND**

**Schedule of Investments April 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—94.4% (CONT.)** | **COMMON STOCKS—94.4% (CONT.)** | **COMMON STOCKS—94.4% (CONT.)** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.0% (CONT.)** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.0% (CONT.)** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.0% (CONT.)** |
| Vistra Corp. | 241107 | **$** 31254700 |
|  |  | **81551158** |
| **INTERACTIVE HOME ENTERTAINMENT—3.7%** | **INTERACTIVE HOME ENTERTAINMENT—3.7%** | **INTERACTIVE HOME ENTERTAINMENT—3.7%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 110961 | 7439935 |
| Sea Ltd. ADR<sup>\*</sup>  | 498453 | 66817625 |
|  |  | **74257560** |
| **INTERACTIVE MEDIA & SERVICES—8.1%** | **INTERACTIVE MEDIA & SERVICES—8.1%** | **INTERACTIVE MEDIA & SERVICES—8.1%** |
| Alphabet, Inc., Cl. C | 275110 | 44262448 |
| Meta Platforms, Inc., Cl. A | 196357 | 107799993 |
| Pinterest, Inc., Cl. A<sup>\*</sup>  | 456029 | 11546654 |
|  |  | **163609095** |
| **INTERNET SERVICES & INFRASTRUCTURE—1.1%** | **INTERNET SERVICES & INFRASTRUCTURE—1.1%** | **INTERNET SERVICES & INFRASTRUCTURE—1.1%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 92530 | 11175773 |
| Snowflake, Inc., Cl. A<sup>\*</sup>  | 67757 | 10806564 |
|  |  | **21982337** |
| **INVESTMENT BANKING & BROKERAGE—3.0%** | **INVESTMENT BANKING & BROKERAGE—3.0%** | **INVESTMENT BANKING & BROKERAGE—3.0%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 1244049 | **61095246** |
| **MOVIES & ENTERTAINMENT—5.9%** | **MOVIES & ENTERTAINMENT—5.9%** | **MOVIES & ENTERTAINMENT—5.9%** |
| Liberty Media Corp. Series C Liberty Formula One<sup>\*</sup>  | 208493 | 18487074 |
| Netflix, Inc.<sup>\*</sup>  | 57485 | 65056924 |
| Spotify Technology SA<sup>\*</sup>  | 34663 | 21282389 |
| TKO Group Holdings, Inc., Cl. A | 93957 | 15306535 |
|  |  | **120132922** |
| **PASSENGER AIRLINES—0.9%** | **PASSENGER AIRLINES—0.9%** | **PASSENGER AIRLINES—0.9%** |
| Delta Air Lines, Inc. | 217799 | 9066972 |
| United Airlines Holdings, Inc.<sup>\*</sup>  | 146909 | 10110278 |
|  |  | **19177250** |
| **PHARMACEUTICALS—0.8%** | **PHARMACEUTICALS—0.8%** | **PHARMACEUTICALS—0.8%** |
| Eli Lilly & Co. | 18418 | **16556861** |
| **RESTAURANTS—0.1%** | **RESTAURANTS—0.1%** | **RESTAURANTS—0.1%** |
| DoorDash, Inc., Cl. A<sup>\*</sup>  | 16154 | **3115945** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—0.7%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—0.7%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—0.7%** |
| ASML Holding NV ADR | 20312 | **13570041** |
| **SEMICONDUCTORS—17.2%** | **SEMICONDUCTORS—17.2%** | **SEMICONDUCTORS—17.2%** |
| Astera Labs, Inc.<sup>\*</sup>  | 238607 | 15583423 |
| Broadcom, Inc. | 356859 | 68684652 |
| NVIDIA Corp. | 1675535 | 182499272 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 491892 | 81993478 |
|  |  | **348760825** |

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER FOCUS EQUITY FUND**

**Schedule of Investments April 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—94.4% (CONT.)** | **COMMON STOCKS—94.4% (CONT.)** | **COMMON STOCKS—94.4% (CONT.)** |
| **SYSTEMS SOFTWARE—10.1%** | **SYSTEMS SOFTWARE—10.1%** | **SYSTEMS SOFTWARE—10.1%** |
| Microsoft Corp. | 481062 | **$** 190144566 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 655950 | 14909744 |
|  |  | **205054310** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—3.9%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—3.9%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—3.9%** |
| Apple, Inc. | 372992 | **79260800** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—2.3%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—2.3%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—2.3%** |
| Visa, Inc., Cl. A | 136093 | **47020131** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $1,170,074,861) |  | **1917590937** |
| **PREFERRED STOCKS—3.7%** | **PREFERRED STOCKS—3.7%** | **PREFERRED STOCKS—3.7%** |
| **APPLICATION SOFTWARE—3.7%** | **APPLICATION SOFTWARE—3.7%** | **APPLICATION SOFTWARE—3.7%** |
| Databricks, Inc., Series J<sup>(a),\*,@</sup>  | 552095 | 51068787 |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 1317338 | 22671387 |
|  |  | **73740174** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Prosetta Biosciences, Inc., Series D<sup>(a),\*,@</sup>  | 76825 | **—** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $74,085,887) |  | **73740174** |
| **SHORT-TERM SECURITIES—2.0%** | **SHORT-TERM SECURITIES—2.0%** | **SHORT-TERM SECURITIES—2.0%** |
| **MONEY MARKET FUNDS—2.0%** | **MONEY MARKET FUNDS—2.0%** | **MONEY MARKET FUNDS—2.0%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.19%<sup>(b)</sup>  | 41046157 | **41046157** |
| (Cost $41,046,157) |  | **41046157** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $1,285,206,905)** | 100.1% | **$2032377268** |
| Unaffiliated Securities (Cost $1,285,206,905) |  | 2032377268 |
| Liabilities in Excess of Other Assets | (0.1)% | (1282530) |
| **NET ASSETS** | 100.0% | **$2031094738** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR American Depositary Receipts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures <br> approved by the Board of Trustees.<br>|
| (b) | Rate shown reflects 7-day effective yield as of April 30, 2025. |
| \* | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the <br> investment may be restricted only to qualified buyers.<br>|

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER FOCUS EQUITY FUND**

**Schedule of Investments April 30, 2025 (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date(s)<br>| Acquisition <br>Cost<br>| Market <br>Value<br>| % of net assets <br>as of <br>4/30/2025<br>|
| Databricks, Inc., Series J | 12/17/24 | $51068788 | $51068787 | 2.5% |
| Prosetta Biosciences, Inc., Series D | 2/6/15 | 345712 |  | 0.0% |
| SB Technology, Inc., Series E | 10/23/24-12/18/24 | 22671387 | 22671387 | 1.1% |
| Total |  | $74085887 | $73740174 | 3.6% |

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER MID CAP GROWTH INSTITUTIONAL FUND**

**Schedule of Investments April 30, 2025 (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.7%** | **COMMON STOCKS—97.7%** | **COMMON STOCKS—97.7%** |
| **AEROSPACE & DEFENSE—4.5%** | **AEROSPACE & DEFENSE—4.5%** | **AEROSPACE & DEFENSE—4.5%** |
| Axon Enterprise, Inc.<sup>\*</sup>  | 1977 | **$** 1212494 |
| HEICO Corp. | 4198 | 1052691 |
|  |  | **2265185** |
| **APPLICATION SOFTWARE—20.0%** | **APPLICATION SOFTWARE—20.0%** | **APPLICATION SOFTWARE—20.0%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 4043 | 1088820 |
| Clearwater Analytics Holdings, Inc., Cl. A<sup>\*</sup>  | 38495 | 875376 |
| Constellation Software, Inc. | 633 | 2281275 |
| Fair Isaac Corp.<sup>\*</sup>  | 319 | 634708 |
| Guidewire Software, Inc.<sup>\*</sup>  | 5496 | 1125416 |
| Palantir Technologies, Inc., Cl. A<sup>\*</sup>  | 20241 | 2397344 |
| Procore Technologies, Inc.<sup>\*</sup>  | 4175 | 267576 |
| The Descartes Systems Group, Inc.<sup>\*</sup>  | 13255 | 1395881 |
|  |  | **10066396** |
| **ASSET MANAGEMENT & CUSTODY BANKS—4.1%** | **ASSET MANAGEMENT & CUSTODY BANKS—4.1%** | **ASSET MANAGEMENT & CUSTODY BANKS—4.1%** |
| Ares Management Corp., Cl. A | 3698 | 564056 |
| Blue Owl Capital, Inc., Cl. A | 79979 | 1482011 |
|  |  | **2046067** |
| **AUTOMOTIVE RETAIL—2.9%** | **AUTOMOTIVE RETAIL—2.9%** | **AUTOMOTIVE RETAIL—2.9%** |
| Carvana Co.<sup>\*</sup>  | 2959 | 723032 |
| O'Reilly Automotive, Inc.<sup>\*</sup>  | 522 | 738734 |
|  |  | **1461766** |
| **BIOTECHNOLOGY—3.0%** | **BIOTECHNOLOGY—3.0%** | **BIOTECHNOLOGY—3.0%** |
| Natera, Inc.<sup>\*</sup>  | 9473 | 1429760 |
| Vaxcyte, Inc.<sup>\*</sup>  | 2347 | 84116 |
|  |  | **1513876** |
| **BROADLINE RETAIL—0.3%** | **BROADLINE RETAIL—0.3%** | **BROADLINE RETAIL—0.3%** |
| Global-e Online Ltd.<sup>\*</sup>  | 4006 | **143855** |
| **BUILDING PRODUCTS—1.2%** | **BUILDING PRODUCTS—1.2%** | **BUILDING PRODUCTS—1.2%** |
| Builders FirstSource, Inc.<sup>\*</sup>  | 5200 | **622076** |
| **CARGO GROUND TRANSPORTATION—0.4%** | **CARGO GROUND TRANSPORTATION—0.4%** | **CARGO GROUND TRANSPORTATION—0.4%** |
| Old Dominion Freight Line, Inc. | 1301 | **199417** |
| **CONSTRUCTION & ENGINEERING—1.9%** | **CONSTRUCTION & ENGINEERING—1.9%** | **CONSTRUCTION & ENGINEERING—1.9%** |
| Comfort Systems USA, Inc. | 2377 | **944976** |
| **CONSTRUCTION MATERIALS—1.4%** | **CONSTRUCTION MATERIALS—1.4%** | **CONSTRUCTION MATERIALS—1.4%** |
| Martin Marietta Materials, Inc. | 1372 | **718901** |
| **DIVERSIFIED BANKS—1.1%** | **DIVERSIFIED BANKS—1.1%** | **DIVERSIFIED BANKS—1.1%** |
| NU Holdings, Ltd., Cl. A<sup>\*</sup>  | 44109 | **548275** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.6%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.6%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.6%** |
| Vertiv Holdings Co., Cl. A | 15249 | **1301960** |

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER MID CAP GROWTH INSTITUTIONAL FUND**

**Schedule of Investments April 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.7% (CONT.)** | **COMMON STOCKS—97.7% (CONT.)** | **COMMON STOCKS—97.7% (CONT.)** |
| **ELECTRONIC COMPONENTS—2.3%** | **ELECTRONIC COMPONENTS—2.3%** | **ELECTRONIC COMPONENTS—2.3%** |
| Amphenol Corp., Cl. A | 14920 | **$1148094** |
| **ENVIRONMENTAL & FACILITIES SERVICES—5.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—5.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—5.8%** |
| GFL Environmental, Inc. | 58511 | **2919699** |
| **FINANCIAL EXCHANGES & DATA—0.7%** | **FINANCIAL EXCHANGES & DATA—0.7%** | **FINANCIAL EXCHANGES & DATA—0.7%** |
| MSCI, Inc., Cl. A | 628 | **342329** |
| **HEALTHCARE EQUIPMENT—1.3%** | **HEALTHCARE EQUIPMENT—1.3%** | **HEALTHCARE EQUIPMENT—1.3%** |
| IDEXX Laboratories, Inc.<sup>\*</sup>  | 1507 | **652004** |
| **HEALTHCARE TECHNOLOGY—1.3%** | **HEALTHCARE TECHNOLOGY—1.3%** | **HEALTHCARE TECHNOLOGY—1.3%** |
| Veeva Systems, Inc., Cl. A<sup>\*</sup>  | 2720 | **635637** |
| **HOME IMPROVEMENT RETAIL—0.5%** | **HOME IMPROVEMENT RETAIL—0.5%** | **HOME IMPROVEMENT RETAIL—0.5%** |
| Floor & Decor Holdings, Inc., Cl. A<sup>\*</sup>  | 3619 | **258541** |
| **HOMEBUILDING—2.9%** | **HOMEBUILDING—2.9%** | **HOMEBUILDING—2.9%** |
| NVR, Inc.<sup>\*</sup>  | 203 | **1446527** |
| **HOMEFURNISHING RETAIL—0.3%** | **HOMEFURNISHING RETAIL—0.3%** | **HOMEFURNISHING RETAIL—0.3%** |
| Wayfair, Inc., Cl. A<sup>\*</sup>  | 4729 | **142627** |
| **HOTELS RESORTS & CRUISE LINES—1.7%** | **HOTELS RESORTS & CRUISE LINES—1.7%** | **HOTELS RESORTS & CRUISE LINES—1.7%** |
| Hilton Worldwide Holdings, Inc. | 3919 | **883656** |
| **HUMAN RESOURCE & EMPLOYMENT SERVICES—0.9%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—0.9%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—0.9%** |
| Paylocity Holding Corp.<sup>\*</sup>  | 2269 | **435875** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.4%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.4%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.4%** |
| Talen Energy Corp.<sup>\*</sup>  | 7947 | **1709241** |
| **INSURANCE BROKERS—1.7%** | **INSURANCE BROKERS—1.7%** | **INSURANCE BROKERS—1.7%** |
| Ryan Specialty Holdings, Inc., Cl. A | 13307 | **871742** |
| **INTERACTIVE HOME ENTERTAINMENT—1.4%** | **INTERACTIVE HOME ENTERTAINMENT—1.4%** | **INTERACTIVE HOME ENTERTAINMENT—1.4%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 10870 | **728834** |
| **INTERACTIVE MEDIA & SERVICES—0.8%** | **INTERACTIVE MEDIA & SERVICES—0.8%** | **INTERACTIVE MEDIA & SERVICES—0.8%** |
| Pinterest, Inc., Cl. A<sup>\*</sup>  | 15614 | **395346** |
| **INTERNET SERVICES & INFRASTRUCTURE—2.7%** | **INTERNET SERVICES & INFRASTRUCTURE—2.7%** | **INTERNET SERVICES & INFRASTRUCTURE—2.7%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 11221 | **1355272** |
| **INVESTMENT BANKING & BROKERAGE—1.6%** | **INVESTMENT BANKING & BROKERAGE—1.6%** | **INVESTMENT BANKING & BROKERAGE—1.6%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 16242 | **797645** |
| **IT CONSULTING & OTHER SERVICES—1.4%** | **IT CONSULTING & OTHER SERVICES—1.4%** | **IT CONSULTING & OTHER SERVICES—1.4%** |
| Globant SA<sup>\*</sup>  | 5868 | **689901** |
| **LIFE SCIENCES TOOLS & SERVICES—2.3%** | **LIFE SCIENCES TOOLS & SERVICES—2.3%** | **LIFE SCIENCES TOOLS & SERVICES—2.3%** |
| Repligen Corp.<sup>\*</sup>  | 5316 | 733555 |
| West Pharmaceutical Services, Inc. | 2009 | 424481 |
|  |  | **1158036** |
| **MOVIES & ENTERTAINMENT—4.8%** | **MOVIES & ENTERTAINMENT—4.8%** | **MOVIES & ENTERTAINMENT—4.8%** |
| Spotify Technology SA<sup>\*</sup>  | 1719 | 1055432 |

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER MID CAP GROWTH INSTITUTIONAL FUND**

**Schedule of Investments April 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.7% (CONT.)** | **COMMON STOCKS—97.7% (CONT.)** | **COMMON STOCKS—97.7% (CONT.)** |
| **MOVIES & ENTERTAINMENT—4.8% (CONT.)** | **MOVIES & ENTERTAINMENT—4.8% (CONT.)** | **MOVIES & ENTERTAINMENT—4.8% (CONT.)** |
| TKO Group Holdings, Inc., Cl. A | 8461 | **$** 1378381 |
|  |  | **2433813** |
| **PERSONAL CARE PRODUCTS—0.5%** | **PERSONAL CARE PRODUCTS—0.5%** | **PERSONAL CARE PRODUCTS—0.5%** |
| e.l.f. Beauty, Inc.<sup>\*</sup>  | 4535 | **280580** |
| **PROPERTY & CASUALTY INSURANCE—2.2%** | **PROPERTY & CASUALTY INSURANCE—2.2%** | **PROPERTY & CASUALTY INSURANCE—2.2%** |
| Intact Financial Corp. | 5035 | **1118211** |
| **REAL ESTATE SERVICES—4.5%** | **REAL ESTATE SERVICES—4.5%** | **REAL ESTATE SERVICES—4.5%** |
| CBRE Group, Inc., Cl. A<sup>\*</sup>  | 11719 | 1431827 |
| CoStar Group, Inc.<sup>\*</sup>  | 10957 | 812681 |
|  |  | **2244508** |
| **RESEARCH & CONSULTING SERVICES—1.9%** | **RESEARCH & CONSULTING SERVICES—1.9%** | **RESEARCH & CONSULTING SERVICES—1.9%** |
| Verisk Analytics, Inc. | 3176 | **941462** |
| **RESTAURANTS—1.5%** | **RESTAURANTS—1.5%** | **RESTAURANTS—1.5%** |
| Chipotle Mexican Grill, Inc.<sup>\*</sup>  | 15150 | **765378** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—0.4%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—0.4%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—0.4%** |
| Onto Innovation, Inc.<sup>\*</sup>  | 1589 | **193810** |
| **SEMICONDUCTORS—2.6%** | **SEMICONDUCTORS—2.6%** | **SEMICONDUCTORS—2.6%** |
| Astera Labs, Inc.<sup>\*</sup>  | 4435 | 289650 |
| Marvell Technology, Inc. | 6785 | 396040 |
| Monolithic Power Systems, Inc. | 1048 | 621569 |
|  |  | **1307259** |
| **TRADING COMPANIES & DISTRIBUTORS—2.9%** | **TRADING COMPANIES & DISTRIBUTORS—2.9%** | **TRADING COMPANIES & DISTRIBUTORS—2.9%** |
| FTAI Aviation Ltd. | 10081 | 1079776 |
| United Rentals, Inc. | 641 | 404759 |
|  |  | **1484535** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $38,526,086) |  | **49173312** |
| **PREFERRED STOCKS—0.6%** | **PREFERRED STOCKS—0.6%** | **PREFERRED STOCKS—0.6%** |
| **APPLICATION SOFTWARE—0.6%** | **APPLICATION SOFTWARE—0.6%** | **APPLICATION SOFTWARE—0.6%** |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 16281 | **280196** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Prosetta Biosciences, Inc., Series D<sup>(a),\*,@</sup>  | 166009 | **—** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $1,027,237) |  | **280196** |
| **RIGHTS—0.0%** | **RIGHTS—0.0%** | **RIGHTS—0.0%** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Tolero CDR<sup>(a),\*,@</sup>  | 422928 | **—** |
| (Cost $226,186) |  | **—** |

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER MID CAP GROWTH INSTITUTIONAL FUND**

**Schedule of Investments April 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SPECIAL PURPOSE VEHICLE—1.0%** | **SPECIAL PURPOSE VEHICLE—1.0%** | **SPECIAL PURPOSE VEHICLE—1.0%** |
| **DATA PROCESSING & OUTSOURCED SERVICES—1.0%** | **DATA PROCESSING & OUTSOURCED SERVICES—1.0%** | **DATA PROCESSING & OUTSOURCED SERVICES—1.0%** |
| Crosslink Ventures C, LLC, Cl. A<sup>(a),(b),\*,@</sup>  |  | **$** 359370 |
| Crosslink Ventures C, LLC, Cl. B<sup>(a),(b),\*,@</sup>  |  | 147015 |
|  |  | **506385** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLE** <br>(Cost $775,000) |  | **506385** |
| **WARRANTS—0.0%** | **WARRANTS—0.0%** | **WARRANTS—0.0%** |
| **APPLICATION SOFTWARE—0.0%** | **APPLICATION SOFTWARE—0.0%** | **APPLICATION SOFTWARE—0.0%** |
| Constellation Software, Inc., 3/31/40<sup>(a),\*</sup>  | 638 | **—** |
| (Cost $0) |  | **—** |
| **SHORT-TERM SECURITIES—2.0%** | **SHORT-TERM SECURITIES—2.0%** | **SHORT-TERM SECURITIES—2.0%** |
| **MONEY MARKET FUNDS—2.0%** | **MONEY MARKET FUNDS—2.0%** | **MONEY MARKET FUNDS—2.0%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.19%<sup>(c)</sup>  | 987894 | **987894** |
| (Cost $987,894) |  | **987894** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $41,542,403)** | 101.3% | **$50947787** |
| Affiliated Securities (Cost $775,000) |  | 506385 |
| Unaffiliated Securities (Cost $40,767,403) |  | 50441402 |
| Liabilities in Excess of Other Assets | (1.3)% | (645799) |
| **NET ASSETS** | 100.0% | **$50301988** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CDR Contingent Deferred Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures <br> approved by the Board of Trustees.<br>|
| (b) | Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note <br> 12 - Affiliated Securities.<br>|
| (c) | Rate shown reflects 7-day effective yield as of April 30, 2025. |
| \* | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the <br> investment may be restricted only to qualified buyers.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date(s)<br>| Acquisition <br>Cost<br>| Market <br>Value<br>| % of net assets <br>as of <br>4/30/2025<br>|
| Crosslink Ventures C, LLC, Cl. A | 10/2/20 | $550000 | $359370 | 0.7% |
| Crosslink Ventures C, LLC, Cl. B | 12/16/20 | 225000 | 147015 | 0.3% |
| Prosetta Biosciences, Inc., Series D | 2/6/15 | 747041 |  | 0.0% |
| SB Technology, Inc., Series E | 10/23/24 | 280196 | 280196 | 0.6% |
| Tolero CDR | 2/6/17 | 226186 |  | 0.0% |
| Total |  | $2028423 | $786581 | 1.6% |

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER SMALL CAP GROWTH INSTITUTIONAL FUND**

**Schedule of Investments April 30, 2025 (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—88.9%** | **COMMON STOCKS—88.9%** | **COMMON STOCKS—88.9%** |
| **AEROSPACE & DEFENSE—2.0%** | **AEROSPACE & DEFENSE—2.0%** | **AEROSPACE & DEFENSE—2.0%** |
| Bombardier, Inc., Cl. B<sup>\*</sup>  | 12680 | **$** 838098 |
| Karman Holdings, Inc.<sup>\*</sup>  | 370 | 13227 |
| Loar Holdings, Inc.<sup>\*</sup>  | 5177 | 489641 |
|  |  | **1340966** |
| **APPAREL RETAIL—2.5%** | **APPAREL RETAIL—2.5%** | **APPAREL RETAIL—2.5%** |
| Abercrombie & Fitch Co., Cl. A<sup>\*</sup>  | 3314 | 230058 |
| Aritzia, Inc.<sup>\*</sup>  | 28197 | 991783 |
| Victoria's Secret & Co.<sup>\*</sup>  | 25732 | 483762 |
|  |  | **1705603** |
| **APPLICATION SOFTWARE—18.0%** | **APPLICATION SOFTWARE—18.0%** | **APPLICATION SOFTWARE—18.0%** |
| ACI Worldwide, Inc.<sup>\*</sup>  | 3538 | 188788 |
| Blackbaud, Inc.<sup>\*</sup>  | 11878 | 719094 |
| BlackLine, Inc.<sup>\*</sup>  | 17929 | 846787 |
| Clearwater Analytics Holdings, Inc., Cl. A<sup>\*</sup>  | 24919 | 566658 |
| Guidewire Software, Inc.<sup>\*</sup>  | 9769 | 2000398 |
| InterDigital, Inc. | 5542 | 1113942 |
| Manhattan Associates, Inc.<sup>\*</sup>  | 3876 | 687564 |
| nCino, Inc.<sup>\*</sup>  | 19037 | 441658 |
| Q2 Holdings, Inc.<sup>\*</sup>  | 25852 | 2048771 |
| SPS Commerce, Inc.<sup>\*</sup>  | 11756 | 1687103 |
| Vertex, Inc., Cl. A<sup>\*</sup>  | 41227 | 1650317 |
| Workiva, Inc., Cl. A<sup>\*</sup>  | 2843 | 213993 |
|  |  | **12165073** |
| **ASSET MANAGEMENT & CUSTODY BANKS—0.6%** | **ASSET MANAGEMENT & CUSTODY BANKS—0.6%** | **ASSET MANAGEMENT & CUSTODY BANKS—0.6%** |
| Hamilton Lane, Inc., Cl. A | 2548 | **393641** |
| **AUTOMOTIVE PARTS & EQUIPMENT—0.3%** | **AUTOMOTIVE PARTS & EQUIPMENT—0.3%** | **AUTOMOTIVE PARTS & EQUIPMENT—0.3%** |
| Modine Manufacturing Co.<sup>\*</sup>  | 2571 | **209897** |
| **BIOTECHNOLOGY—12.6%** | **BIOTECHNOLOGY—12.6%** | **BIOTECHNOLOGY—12.6%** |
| Absci Corp.<sup>\*</sup>  | 221679 | 680554 |
| Akero Therapeutics, Inc.<sup>\*</sup>  | 22975 | 1047890 |
| CareDx, Inc.<sup>\*</sup>  | 44662 | 753895 |
| Centessa Pharmaceuticals PLC ADR<sup>\*</sup>  | 18325 | 251236 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 59127 | 431627 |
| Insmed, Inc.<sup>\*</sup>  | 10863 | 782136 |
| MoonLake Immunotherapeutics<sup>\*</sup>  | 14851 | 624930 |
| Natera, Inc.<sup>\*</sup>  | 5140 | 775780 |
| NewAmsterdam Pharma Co. NV<sup>\*</sup>  | 4064 | 77744 |
| Nuvalent, Inc., Cl. A<sup>\*</sup>  | 15992 | 1227386 |
| Revolution Medicines, Inc.<sup>\*</sup>  | 20510 | 828194 |
| Soleno Therapeutics, Inc.<sup>\*</sup>  | 5177 | 387550 |
| Twist Bioscience Corp.<sup>\*</sup>  | 17334 | 664239 |
|  |  | **8533161** |

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER SMALL CAP GROWTH INSTITUTIONAL FUND**

**Schedule of Investments April 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—88.9% (CONT.)** | **COMMON STOCKS—88.9% (CONT.)** | **COMMON STOCKS—88.9% (CONT.)** |
| **BUILDING PRODUCTS—2.3%** | **BUILDING PRODUCTS—2.3%** | **BUILDING PRODUCTS—2.3%** |
| CSW Industrials, Inc. | 5045 | **$1576462** |
| **CONSTRUCTION & ENGINEERING—1.7%** | **CONSTRUCTION & ENGINEERING—1.7%** | **CONSTRUCTION & ENGINEERING—1.7%** |
| Construction Partners, Inc., Cl. A<sup>\*</sup>  | 5607 | 460559 |
| Tutor Perini Corp.<sup>\*</sup>  | 30927 | 663693 |
|  |  | **1124252** |
| **CONSUMER FINANCE—0.2%** | **CONSUMER FINANCE—0.2%** | **CONSUMER FINANCE—0.2%** |
| Upstart Holdings, Inc.<sup>\*</sup>  | 2824 | **134987** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—1.6%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.6%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.6%** |
| BJ's Wholesale Club Holdings, Inc.<sup>\*</sup>  | 9113 | **1071324** |
| **EDUCATION SERVICES—1.9%** | **EDUCATION SERVICES—1.9%** | **EDUCATION SERVICES—1.9%** |
| Duolingo, Inc.<sup>\*</sup>  | 1945 | 757539 |
| KinderCare Learning Cos., Inc.<sup>\*</sup>  | 13485 | 165326 |
| Universal Technical Institute, Inc.<sup>\*</sup>  | 12267 | 344212 |
|  |  | **1267077** |
| **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** |
| IDACORP, Inc. | 2771 | **327227** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—0.8%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.8%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.8%** |
| Enovix Corp.<sup>\*</sup>  | 79807 | **534707** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.3%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.3%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.3%** |
| PAR Technology Corp.<sup>\*</sup>  | 2953 | **172455** |
| **ELECTRONIC MANUFACTURING SERVICES—1.0%** | **ELECTRONIC MANUFACTURING SERVICES—1.0%** | **ELECTRONIC MANUFACTURING SERVICES—1.0%** |
| Fabrinet<sup>\*</sup>  | 3240 | **664394** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.5%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.5%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.5%** |
| Casella Waste Systems, Inc., Cl. A<sup>\*</sup>  | 2856 | **335437** |
| **FINANCIAL EXCHANGES & DATA—0.8%** | **FINANCIAL EXCHANGES & DATA—0.8%** | **FINANCIAL EXCHANGES & DATA—0.8%** |
| MarketAxess Holdings, Inc. | 2377 | **526719** |
| **FOOD RETAIL—0.6%** | **FOOD RETAIL—0.6%** | **FOOD RETAIL—0.6%** |
| Grocery Outlet Holding Corp.<sup>\*</sup>  | 22460 | **377103** |
| **HEALTHCARE EQUIPMENT—2.3%** | **HEALTHCARE EQUIPMENT—2.3%** | **HEALTHCARE EQUIPMENT—2.3%** |
| Beta Bionics, Inc.<sup>\*</sup>  | 1408 | 15559 |
| Ceribell, Inc.<sup>\*</sup>  | 5358 | 86210 |
| Glaukos Corp.<sup>\*</sup>  | 6862 | 646744 |
| Impulse Dynamics PLC, Series A<sup>(a),\*,@</sup>  | 1756939 | 63250 |
| iRhythm Technologies, Inc.<sup>\*</sup>  | 5252 | 561386 |
| Tandem Diabetes Care, Inc.<sup>\*</sup>  | 12791 | 215528 |
|  |  | **1588677** |
| **HEALTHCARE SERVICES—3.6%** | **HEALTHCARE SERVICES—3.6%** | **HEALTHCARE SERVICES—3.6%** |
| GeneDx Holdings Corp.<sup>\*</sup>  | 13478 | 901004 |
| Guardant Health, Inc.<sup>\*</sup>  | 31928 | 1507960 |
|  |  | **2408964** |

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER SMALL CAP GROWTH INSTITUTIONAL FUND**

**Schedule of Investments April 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—88.9% (CONT.)** | **COMMON STOCKS—88.9% (CONT.)** | **COMMON STOCKS—88.9% (CONT.)** |
| **HEALTHCARE SUPPLIES—0.2%** | **HEALTHCARE SUPPLIES—0.2%** | **HEALTHCARE SUPPLIES—0.2%** |
| Neogen Corp.<sup>\*</sup>  | 20895 | **$105520** |
| **HEALTHCARE TECHNOLOGY—0.6%** | **HEALTHCARE TECHNOLOGY—0.6%** | **HEALTHCARE TECHNOLOGY—0.6%** |
| Certara, Inc.<sup>\*</sup>  | 15160 | 210118 |
| Health Catalyst, Inc.<sup>\*</sup>  | 54201 | 214094 |
|  |  | **424212** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—6.0%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—6.0%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—6.0%** |
| Gates Industrial Corp. PLC<sup>\*</sup>  | 112286 | 2124451 |
| RBC Bearings, Inc.<sup>\*</sup>  | 5976 | 1963535 |
|  |  | **4087986** |
| **INTERACTIVE MEDIA & SERVICES—0.6%** | **INTERACTIVE MEDIA & SERVICES—0.6%** | **INTERACTIVE MEDIA & SERVICES—0.6%** |
| Reddit, Inc., Cl. A<sup>\*</sup>  | 3513 | **409510** |
| **INTERNET SERVICES & INFRASTRUCTURE—1.1%** | **INTERNET SERVICES & INFRASTRUCTURE—1.1%** | **INTERNET SERVICES & INFRASTRUCTURE—1.1%** |
| Wix.com Ltd.<sup>\*</sup>  | 4329 | **734155** |
| **INVESTMENT BANKING & BROKERAGE—0.5%** | **INVESTMENT BANKING & BROKERAGE—0.5%** | **INVESTMENT BANKING & BROKERAGE—0.5%** |
| Moelis & Co., Cl. A | 6072 | **325338** |
| **LEISURE FACILITIES—2.8%** | **LEISURE FACILITIES—2.8%** | **LEISURE FACILITIES—2.8%** |
| Life Time Group Holdings, Inc.<sup>\*</sup>  | 12576 | 385580 |
| Planet Fitness, Inc., Cl. A<sup>\*</sup>  | 16002 | 1513629 |
|  |  | **1899209** |
| **LIFE SCIENCES TOOLS & SERVICES—6.3%** | **LIFE SCIENCES TOOLS & SERVICES—6.3%** | **LIFE SCIENCES TOOLS & SERVICES—6.3%** |
| 10X Genomics, Inc., Cl. A<sup>\*</sup>  | 7389 | 61107 |
| Adaptive Biotechnologies Corp.<sup>\*</sup>  | 78256 | 575964 |
| Bio-Techne Corp. | 31126 | 1567194 |
| CryoPort, Inc.<sup>\*</sup>  | 95249 | 531490 |
| MaxCyte, Inc.<sup>\*</sup>  | 63799 | 181189 |
| Repligen Corp.<sup>\*</sup>  | 7021 | 968828 |
| Tempus AI, Inc.<sup>\*</sup>  | 6784 | 350529 |
|  |  | **4236301** |
| **OIL & GAS EQUIPMENT & SERVICES—0.4%** | **OIL & GAS EQUIPMENT & SERVICES—0.4%** | **OIL & GAS EQUIPMENT & SERVICES—0.4%** |
| Weatherford International PLC | 7404 | **306526** |
| **PASSENGER AIRLINES—1.1%** | **PASSENGER AIRLINES—1.1%** | **PASSENGER AIRLINES—1.1%** |
| Joby Aviation, Inc.<sup>\*</sup>  | 120818 | **761153** |
| **PERSONAL CARE PRODUCTS—0.7%** | **PERSONAL CARE PRODUCTS—0.7%** | **PERSONAL CARE PRODUCTS—0.7%** |
| Oddity Tech, Ltd., Cl. A<sup>\*</sup>  | 7936 | **487588** |
| **RESTAURANTS—6.2%** | **RESTAURANTS—6.2%** | **RESTAURANTS—6.2%** |
| Kura Sushi USA, Inc., Cl. A<sup>\*</sup>  | 5367 | 316009 |
| Portillo's, Inc., Cl. A<sup>\*</sup>  | 71360 | 737862 |
| Shake Shack, Inc., Cl. A<sup>\*</sup>  | 13574 | 1190983 |
| The Cheesecake Factory, Inc. | 14552 | 732984 |
| Wingstop, Inc. | 4654 | 1228144 |
|  |  | **4205982** |

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER SMALL CAP GROWTH INSTITUTIONAL FUND**

**Schedule of Investments April 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—88.9% (CONT.)** | **COMMON STOCKS—88.9% (CONT.)** | **COMMON STOCKS—88.9% (CONT.)** |
| **SEMICONDUCTORS—3.0%** | **SEMICONDUCTORS—3.0%** | **SEMICONDUCTORS—3.0%** |
| Astera Labs, Inc.<sup>\*</sup>  | 12760 | **$** 833356 |
| Rambus, Inc.<sup>\*</sup>  | 11390 | 555718 |
| Universal Display Corp. | 5297 | 665462 |
|  |  | **2054536** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.4%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.4%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.4%** |
| Celsius Holdings, Inc.<sup>\*</sup>  | 7791 | **272373** |
| **SPECIALTY CHEMICALS—0.1%** | **SPECIALTY CHEMICALS—0.1%** | **SPECIALTY CHEMICALS—0.1%** |
| Balchem Corp. | 606 | **94869** |
| **SYSTEMS SOFTWARE—2.9%** | **SYSTEMS SOFTWARE—2.9%** | **SYSTEMS SOFTWARE—2.9%** |
| CyberArk Software Ltd.<sup>\*</sup>  | 2107 | 742001 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 18666 | 424278 |
| Rapid7, Inc.<sup>\*</sup>  | 9426 | 222642 |
| Varonis Systems, Inc.<sup>\*</sup>  | 13045 | 558848 |
|  |  | **1947769** |
| **TRADING COMPANIES & DISTRIBUTORS—1.3%** | **TRADING COMPANIES & DISTRIBUTORS—1.3%** | **TRADING COMPANIES & DISTRIBUTORS—1.3%** |
| FTAI Aviation Ltd. | 5720 | 612669 |
| Xometry, Inc., Cl. A<sup>\*</sup>  | 10167 | 260682 |
|  |  | **873351** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—0.6%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.6%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.6%** |
| Marqeta, Inc., Cl. A<sup>\*</sup>  | 92020 | **384644** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $51,036,447) |  | **60069148** |
| **PREFERRED STOCKS—4.8%** | **PREFERRED STOCKS—4.8%** | **PREFERRED STOCKS—4.8%** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Prosetta Biosciences, Inc., Series D<sup>(a),\*,@</sup>  | 133263 | **—** |
| **DIVERSIFIED FINANCIAL SERVICES—4.5%** | **DIVERSIFIED FINANCIAL SERVICES—4.5%** | **DIVERSIFIED FINANCIAL SERVICES—4.5%** |
| Chime Financial, Inc., Series G<sup>(a),\*,@</sup>  | 114399 | **3062461** |
| **HEALTHCARE EQUIPMENT—0.3%** | **HEALTHCARE EQUIPMENT—0.3%** | **HEALTHCARE EQUIPMENT—0.3%** |
| Impulse Dynamics PLC, Series F-3<sup>(a),\*,@</sup>  | 2914012 | **166099** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $8,653,651) |  | **3228560** |
| **RIGHTS—0.1%** | **RIGHTS—0.1%** | **RIGHTS—0.1%** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Mirati Therapeutics, Inc. CVR<sup>(a),\*,@</sup>  | 5478 | 6354 |
| Tolero CDR<sup>(a),\*,@</sup>  | 528559 |  |
|  |  | **6354** |
| **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** |
| Fusion Pharmaceuticals, Inc. CVR<sup>(a),\*,@</sup>  | 31282 | **35349** |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>(Cost $285,726) |  | **41703** |

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS \| ALGER SMALL CAP GROWTH INSTITUTIONAL FUND**

**Schedule of Investments April 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SPECIAL PURPOSE VEHICLE—1.5%** | **SPECIAL PURPOSE VEHICLE—1.5%** | **SPECIAL PURPOSE VEHICLE—1.5%** |
| **DATA PROCESSING & OUTSOURCED SERVICES—1.5%** | **DATA PROCESSING & OUTSOURCED SERVICES—1.5%** | **DATA PROCESSING & OUTSOURCED SERVICES—1.5%** |
| Crosslink Ventures C, LLC, Cl. A<sup>(a),(b),\*,@</sup>  |  | **$** 833085 |
| Crosslink Ventures C, LLC, Cl. B<sup>(a),(b),\*,@</sup>  |  | 212355 |
|  |  | **1045440** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLE** <br>(Cost $1,600,000) |  | **1045440** |
| **SHORT-TERM SECURITIES—5.0%** | **SHORT-TERM SECURITIES—5.0%** | **SHORT-TERM SECURITIES—5.0%** |
| **MONEY MARKET FUNDS—5.0%** | **MONEY MARKET FUNDS—5.0%** | **MONEY MARKET FUNDS—5.0%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.19%<sup>(c)</sup>  | 3357768 | **3357768** |
| (Cost $3,357,768) |  | **3357768** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $64,933,592)** | 100.3% | **$67742619** |
| Affiliated Securities (Cost $1,600,000) |  | 1045440 |
| Unaffiliated Securities (Cost $63,333,592) |  | 66697179 |
| Liabilities in Excess of Other Assets | (0.3)% | (212151) |
| **NET ASSETS** | 100.0% | **$67530468** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR American Depositary Receipts <br> CDR Contingent Deferred Rights <br> CVR Contingent Value Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures <br> approved by the Board of Trustees.<br>|
| (b) | Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note <br> 12 - Affiliated Securities.<br>|
| (c) | Rate shown reflects 7-day effective yield as of April 30, 2025. |
| \* | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the <br> investment may be restricted only to qualified buyers.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date(s)<br>| Acquisition <br>Cost<br>| Market <br>Value<br>| % of net assets <br>as of <br>4/30/2025<br>|
| Chime Financial, Inc., Series G | 8/24/21 | $7901516 | $3062461 | 4.5% |
| Crosslink Ventures C, LLC, Cl. A | 10/2/20 | 1275000 | 833085 | 1.2% |
| Crosslink Ventures C, LLC, Cl. B | 12/16/20 | 325000 | 212355 | 0.3% |
| Fusion Pharmaceuticals, Inc. CVR | 6/5/24 |  | 35349 | 0.1% |
| Impulse Dynamics PLC, Series A | 2/11/22 | 1756940 | 63250 | 0.1% |
| Impulse Dynamics PLC, Series F-3 | 2/5/24 | 152451 | 166099 | 0.3% |
| Mirati Therapeutics, Inc. CVR | 1/24/24 |  | 6354 | 0.0% |
| Prosetta Biosciences, Inc., Series D | 2/6/15 | 599684 |  | 0.0% |
| Tolero CDR | 2/6/17 | 285726 |  | 0.0% |
| Total |  | $12296317 | $4378953 | 6.5% |

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Statements of Assets and Liabilities April 30, 2025 (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Capital** <br>**Appreciation** <br>**Institutional Fund**<br>| &nbsp;&nbsp; **Alger Focus Equity** <br>**Fund**<br>|
| **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in unaffiliated securities, at value (Identified <br> cost below)\* see accompanying schedules of <br> investments<br>| $2006840286 | &nbsp;&nbsp; $2032377268 |
| Investments in affiliated securities, at value (Identified <br> cost below)\*\* see accompanying schedules of <br> investments<br>| 2009205 | &nbsp;&nbsp; — |
| Receivable for investment securities sold | 10175925 | &nbsp;&nbsp; 9561934 |
| Receivable for shares of beneficial interest sold | 5147823 | &nbsp;&nbsp; 2307680 |
| Dividends and interest receivable | 267889 | &nbsp;&nbsp; 355988 |
| Receivable from Investment Manager | 35455 | &nbsp;&nbsp; 5329 |
| Prepaid expenses | 103555 | &nbsp;&nbsp; 116787 |
| Total Assets | 2024580138 | &nbsp;&nbsp; 2044724986 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities purchased | 8769785 | &nbsp;&nbsp; 11107934 |
| Payable for shares of beneficial interest redeemed | 6548378 | &nbsp;&nbsp; 1194525 |
| Bank overdraft | 806442 | &nbsp;&nbsp; — |
| Accrued investment advisory fees | 1265361 | &nbsp;&nbsp; 808873 |
| Accrued distribution fees — Note 3  | 137966 | &nbsp;&nbsp; 98260 |
| Accrued shareholder servicing fees | 254633 | &nbsp;&nbsp; 17498 |
| Accrued shareholder administrative fees | 15625 | &nbsp;&nbsp; 16858 |
| Accrued administrative fees | 42969 | &nbsp;&nbsp; 42777 |
| Accrued transfer agent fees | 510070 | &nbsp;&nbsp; 80291 |
| Accrued printing fees | 138547 | &nbsp;&nbsp; 103096 |
| Accrued fund accounting fees | 120747 | &nbsp;&nbsp; 77392 |
| Accrued custodian fees | 23589 | &nbsp;&nbsp; 14645 |
| Accrued professional fees | 14723 | &nbsp;&nbsp; 12694 |
| Accrued trustee fees | 9870 | &nbsp;&nbsp; 1504 |
| Accrued other expenses | 72237 | &nbsp;&nbsp; 53901 |
| Total Liabilities | 18730942 | &nbsp;&nbsp; 13630248 |
| **NET ASSETS** | **$2005849196** | &nbsp;&nbsp; **$2031094738** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 702427767 | &nbsp;&nbsp; 1301103497 |
| Distributable earnings | 1303421429 | &nbsp;&nbsp; 729991241 |
| **NET ASSETS** | **$2005849196** | &nbsp;&nbsp; **$2031094738** |
| \* Identified cost | $839890607 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $1285206905 <br><sup>(b)</sup><br>|
| \*\* Identified cost | $3075000 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— <br><sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Statements of Assets and Liabilities April 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Capital**<br> **Appreciation**<br> **Institutional Fund**<br>| &nbsp;&nbsp; **Alger Focus Equity**<br> **Fund**<br>|
| **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** |
| Class A | $— | &nbsp;&nbsp; $175479416 |
| Class C | $— | &nbsp;&nbsp; $83204782 |
| Class I | $951952769 | &nbsp;&nbsp; $92319397 |
| Class R | $352714377 | &nbsp;&nbsp; $— |
| Class Y | $365025453 | &nbsp;&nbsp; $132955655 |
| Class Z | $— | &nbsp;&nbsp; $1547135488 |
| Class Z-2 | $336156597 | &nbsp;&nbsp; $— |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** |
| Class A |  | &nbsp;&nbsp; 2421169 |
| Class C |  | &nbsp;&nbsp; 1284415 |
| Class I | 24043792 | &nbsp;&nbsp; 1263030 |
| Class R | 12170841 | &nbsp;&nbsp; — |
| Class Y | 8748071 | &nbsp;&nbsp; 1749517 |
| Class Z |  | &nbsp;&nbsp; 20439465 |
| Class Z-2 | 8104714 | &nbsp;&nbsp; — |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class A | $— | &nbsp;&nbsp; $72.48 |
| Class A - Offering Price Per Share (includes a 5.25% <br> sales charge)<br>| $— | &nbsp;&nbsp; $76.50 |
| Class C | $— | &nbsp;&nbsp; $64.78 |
| Class I | $39.59 | &nbsp;&nbsp; $73.09 |
| Class R | $28.98 | &nbsp;&nbsp; $— |
| Class Y | $41.73 | &nbsp;&nbsp; $76.00 |
| Class Z | $— | &nbsp;&nbsp; $75.69 |
| Class Z-2 | $41.48 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 April 30, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $858,472,742,
 amounted to $1,150,376,749, which consisted of aggregate gross unrealized appreciation of $1,184,854,100,
 and aggregate gross unrealized depreciation of $34,477,351.

&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 April 30, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $1,300,073,770,
 amounted to $732,303,498, which consisted of aggregate gross unrealized appreciation of $761,498,062,
 and aggregate gross unrealized depreciation of $29,194,564.

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Statements of Assets and Liabilities April 30, 2025 (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Mid Cap** <br> **Growth** <br>**Institutional Fund**<br>| &nbsp;&nbsp; **Alger Small Cap** <br>**Growth Institutional** <br>**Fund**<br>|
| **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in unaffiliated securities, at value (Identified <br> cost below)\* see accompanying schedules of <br> investments<br>| $50441402 | &nbsp;&nbsp; $66697179 |
| Investments in affiliated securities, at value (Identified <br> cost below)\*\* see accompanying schedules of <br> investments<br>| 506385 | &nbsp;&nbsp; 1045440 |
| Cash |  | &nbsp;&nbsp; 62554 |
| Receivable for investment securities sold |  | &nbsp;&nbsp; 166244 |
| Receivable for shares of beneficial interest sold | 3802 | &nbsp;&nbsp; 6071 |
| Dividends and interest receivable | 9979 | &nbsp;&nbsp; 10696 |
| Receivable from Investment Manager | 6258 | &nbsp;&nbsp; 1156 |
| Prepaid expenses | 25001 | &nbsp;&nbsp; 15854 |
| Total Assets | 50992827 | &nbsp;&nbsp; 68005194 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities purchased | 371338 | &nbsp;&nbsp; 149493 |
| Payable for shares of beneficial interest redeemed | 210720 | &nbsp;&nbsp; 180164 |
| Accrued investment advisory fees | 30645 | &nbsp;&nbsp; 43519 |
| Accrued distribution fees — Note 3  | 1809 | &nbsp;&nbsp; 905 |
| Accrued shareholder servicing fees | 8153 | &nbsp;&nbsp; 8541 |
| Accrued shareholder administrative fees | 403 | &nbsp;&nbsp; 537 |
| Accrued administrative fees | 1109 | &nbsp;&nbsp; 1478 |
| Accrued transfer agent fees | 21562 | &nbsp;&nbsp; 26744 |
| Accrued printing fees | 3244 | &nbsp;&nbsp; 9418 |
| Accrued fund accounting fees | 11660 | &nbsp;&nbsp; 24610 |
| Accrued custodian fees | 3276 | &nbsp;&nbsp; 3863 |
| Accrued professional fees | 23812 | &nbsp;&nbsp; 20815 |
| Accrued trustee fees | 555 | &nbsp;&nbsp; 931 |
| Accrued other expenses | 2553 | &nbsp;&nbsp; 3708 |
| Total Liabilities | 690839 | &nbsp;&nbsp; 474726 |
| **NET ASSETS** | **$50301988** | &nbsp;&nbsp; **$67530468** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 52519543 | &nbsp;&nbsp; 64549150 |
| Distributable earnings (Distributions in excess of <br> earnings)<br>| (2217555)<br>| &nbsp;&nbsp; 2981318 |
| **NET ASSETS** | **$50301988** | &nbsp;&nbsp; **$67530468** |
| \* Identified cost | $40767403 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $63333592 <br><sup>(d)</sup><br>|
| \*\* Identified cost | $775000 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $1600000 <br><sup>(d)</sup><br>|

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Statements of Assets and Liabilities April 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Mid Cap** <br> **Growth**<br> **Institutional Fund**<br>| &nbsp;&nbsp; **Alger Small Cap**<br> **Growth Institutional**<br> **Fund**<br>|
| **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** |
| Class I | $37315783 | &nbsp;&nbsp; $40800397 |
| Class R | $4690018 | &nbsp;&nbsp; $2239843 |
| Class Z-2 | $8296187 | &nbsp;&nbsp; $24490228 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** |
| Class I | 1645517 | &nbsp;&nbsp; 2923650 |
| Class R | 272343 | &nbsp;&nbsp; 234555 |
| Class Z-2 | 350165 | &nbsp;&nbsp; 1696603 |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class I | $22.68 | &nbsp;&nbsp; $13.96 |
| Class R | $17.22 | &nbsp;&nbsp; $9.55 |
| Class Z-2 | $23.69 | &nbsp;&nbsp; $14.43 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(c) At
 April 30, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $42,301,907,
 amounted to $8,645,879, which consisted of aggregate gross unrealized appreciation of $12,983,490, and
 aggregate gross unrealized depreciation of $4,337,611.

&nbsp;&nbsp;&nbsp;&nbsp;(d) At
 April 30, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $65,385,990,
 amounted to $2,356,629, which consisted of aggregate gross unrealized appreciation of $17,208,971, and
 aggregate gross unrealized depreciation of $14,852,342.

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Statements of Operations for the six months ended April 30, 2025 (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Capital** <br>**Appreciation** <br>**Institutional Fund**<br>| &nbsp;&nbsp; **Alger Focus Equity** <br>**Fund**<br>|
| **INCOME:** | **INCOME:** | **INCOME:** |
| Dividends (net of foreign withholding taxes\*) | $3888393 | &nbsp;&nbsp; $3501523 |
| Interest | 89252 | &nbsp;&nbsp; 842536 |
| Total Income | 3977645 | &nbsp;&nbsp; 4344059 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 8705153 | &nbsp;&nbsp; 5261370 |
| Distribution fees — Note 3  |  |  |
| Class A |  | &nbsp;&nbsp; 206307 |
| Class C |  | &nbsp;&nbsp; 425120 |
| Class R | 999703 | &nbsp;&nbsp; — |
| Shareholder servicing fees — Note 3  | 1831263 | &nbsp;&nbsp; 111342 |
| Shareholder administrative fees — Note 3  | 109720 | &nbsp;&nbsp; 109308 |
| Administration fees — Note 3  | 301729 | &nbsp;&nbsp; 278246 |
| Interest expense — Note 3  | 545594 | &nbsp;&nbsp; 140927 |
| Transfer agent fees | 529379 | &nbsp;&nbsp; 186307 |
| Fund accounting fees | 142550 | &nbsp;&nbsp; 111477 |
| Trustee fees — Note 3  | 75929 | &nbsp;&nbsp; 62550 |
| Printing fees | 53669 | &nbsp;&nbsp; 46494 |
| Registration fees | 48708 | &nbsp;&nbsp; 62267 |
| Professional fees | 46906 | &nbsp;&nbsp; 47226 |
| Custodian fees | 29250 | &nbsp;&nbsp; 23653 |
| Other expenses | 125607 | &nbsp;&nbsp; 88922 |
| Total Expenses | 13545160 | &nbsp;&nbsp; 7161516 |
| Less expense reimbursements/waivers — Note 3  | (174328)<br>| &nbsp;&nbsp; (16207)<br>|
| Net Expenses | 13370832 | &nbsp;&nbsp; 7145309 |
| **NET INVESTMENT (LOSS)** | **(9393187)**<br>| &nbsp;&nbsp; **(2801250)**<br>|
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized gain on unaffiliated investments | 137855880 | &nbsp;&nbsp; 23291415 |
| Net realized gain on in-kind transactions | 24970265 | &nbsp;&nbsp; 7886523 |
| Net realized (loss) on foreign currency transactions | (9513)<br>| &nbsp;&nbsp; (315)<br>|
| Net realized gain on investments and foreign currency | 162816632 | &nbsp;&nbsp; 31177623 |

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Statements of Operations for the six months ended April 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Capital**<br> **Appreciation**<br> **Institutional Fund**<br>| &nbsp;&nbsp; **Alger Focus Equity**<br> **Fund**<br>|
| Net change in unrealized (depreciation) on unaffiliated <br> investments<br>| $(162881632)<br>| &nbsp;&nbsp; $(25457944)<br>|
| Net change in unrealized (depreciation) on affiliated <br> investments<br>| (662724)<br>| &nbsp;&nbsp; — |
| Net change in unrealized appreciation on foreign <br> currency<br>| 6617 | &nbsp;&nbsp; 3967 |
| Net change in unrealized (depreciation) on investments <br> and foreign currency<br>| (163537739)<br>| &nbsp;&nbsp; (25453977)<br>|
| Net realized and unrealized gain (loss) on investments and <br> foreign currency<br>| (721107)<br>| &nbsp;&nbsp; 5723646 |
| **NET INCREASE (DECREASE) IN NET ASSETS** <br> **RESULTING FROM OPERATIONS**<br>| **$(10114294)**<br>| &nbsp;&nbsp; **$2922396** |
| \* Foreign withholding taxes | $99396 | &nbsp;&nbsp; $139639 |

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Statements of Operations for the six months ended April 30, 2025 (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Mid Cap** <br> **Growth** <br>**Institutional Fund**<br>| &nbsp;&nbsp; **Alger Small Cap** <br>**Growth Institutional** <br>**Fund**<br>|
| **INCOME:** | **INCOME:** | **INCOME:** |
| Dividends (net of foreign withholding taxes\*) | $105804 | &nbsp;&nbsp; $52668 |
| Interest | 22447 | &nbsp;&nbsp; 29693 |
| Total Income | 128251 | &nbsp;&nbsp; 82361 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 225934 | &nbsp;&nbsp; 336813 |
| Distribution fees — Note 3  |  |  |
| Class R | 12578 | &nbsp;&nbsp; 6982 |
| Shareholder servicing fees — Note 3  | 57786 | &nbsp;&nbsp; 65488 |
| Shareholder administrative fees — Note 3  | 2973 | &nbsp;&nbsp; 4158 |
| Administration fees — Note 3  | 8175 | &nbsp;&nbsp; 11435 |
| Interest expense — Note 3  | 4674 | &nbsp;&nbsp; 343 |
| Transfer agent fees | 21797 | &nbsp;&nbsp; 29698 |
| Fund accounting fees | 13412 | &nbsp;&nbsp; 17644 |
| Trustee fees — Note 3  | 2392 | &nbsp;&nbsp; 3405 |
| Printing fees | 2379 | &nbsp;&nbsp; 9600 |
| Registration fees | 14462 | &nbsp;&nbsp; 12244 |
| Professional fees | 17426 | &nbsp;&nbsp; 17399 |
| Custodian fees | 3693 | &nbsp;&nbsp; 3386 |
| Other expenses | 7339 | &nbsp;&nbsp; 9214 |
| Total Expenses | 395020 | &nbsp;&nbsp; 527809 |
| Less expense reimbursements/waivers — Note 3  | (20625)<br>| &nbsp;&nbsp; (7050)<br>|
| Net Expenses | 374395 | &nbsp;&nbsp; 520759 |
| **NET INVESTMENT (LOSS)** | **(246144)**<br>| &nbsp;&nbsp; **(438398)**<br>|
| **REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized gain on unaffiliated investments | 7357067 | &nbsp;&nbsp; 1880370 |
| Net realized gain (loss) on foreign currency transactions | (947)<br>| &nbsp;&nbsp; 184 |
| Net realized gain on investments and foreign currency | 7356120 | &nbsp;&nbsp; 1880554 |

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Statements of Operations for the six months ended April 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Mid Cap** <br> **Growth**<br> **Institutional Fund**<br>| &nbsp;&nbsp; **Alger Small Cap**<br> **Growth Institutional**<br> **Fund**<br>|
| Net change in unrealized (depreciation) on unaffiliated <br> investments<br>| $(7317161)<br>| &nbsp;&nbsp; $(14277782)<br>|
| Net change in unrealized (depreciation) on affiliated <br> investments<br>| (167028)<br>| &nbsp;&nbsp; (344832)<br>|
| Net change in unrealized appreciation on foreign <br> currency<br>| 32 | &nbsp;&nbsp; — |
| Net change in unrealized (depreciation) on investments <br> and foreign currency<br>| (7484157)<br>| &nbsp;&nbsp; (14622614)<br>|
| Net realized and unrealized (loss) on investments and <br> foreign currency<br>| (128037)<br>| &nbsp;&nbsp; (12742060)<br>|
| **NET (DECREASE) IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| **$(374181)**<br>| &nbsp;&nbsp; **$(13180458)**<br>|
| \* Foreign withholding taxes | $2718 | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Statements of Changes in Net Assets (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Capital Appreciation Institutional Fund** | **Alger Capital Appreciation Institutional Fund** |
|  | For the <br>Six Months Ended <br>April 30, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2024<br>|
| Net investment (loss) | $(9393187)<br>| &nbsp;&nbsp; $(13265501)<br>|
| Net realized gain on investments and foreign currency | 162816632 | &nbsp;&nbsp; 410094083 |
| Net change in unrealized appreciation (depreciation) on <br> investments and foreign currency<br>| (163537739)<br>| &nbsp;&nbsp; 552732548 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| (10114294)<br>| &nbsp;&nbsp; 949561130 |
| Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: |
| Class I | (130312538)<br>| &nbsp;&nbsp; (81843617)<br>|
| Class R | (64726065)<br>| &nbsp;&nbsp; (33615951)<br>|
| Class Y | (44837122)<br>| &nbsp;&nbsp; (27239260)<br>|
| Class Z-2 | (38456096)<br>| &nbsp;&nbsp; (17024215)<br>|
| Total dividends and distributions to shareholders | (278331821)<br>| &nbsp;&nbsp; (159723043)<br>|
| Increase (decrease) from shares of beneficial interest transactions — Note 7: | Increase (decrease) from shares of beneficial interest transactions — Note 7: | Increase (decrease) from shares of beneficial interest transactions — Note 7: |
| Class I | 28763286 | &nbsp;&nbsp; (336446334)<br>|
| Class R | 22545189 | &nbsp;&nbsp; (45673931)<br>|
| Class Y | 48963881 | &nbsp;&nbsp; (105497729)<br>|
| Class Z-2 | 73419175 | &nbsp;&nbsp; (5045588)<br>|
| Net increase (decrease) from shares of beneficial interest <br> transactions<br>| 173691531 | &nbsp;&nbsp; (492663582)<br>|
| Total increase (decrease) | (114754584)<br>| &nbsp;&nbsp; 297174505 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 2120603780 | &nbsp;&nbsp; 1823429275 |
| **END OF PERIOD** | **$2005849196** | &nbsp;&nbsp; **$2120603780** |

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Focus Equity Fund** | **Alger Focus Equity Fund** |
|  | For the <br>Six Months Ended <br>April 30, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2024<br>|
| Net investment (loss) | $(2801250)<br>| &nbsp;&nbsp; $(691940)<br>|
| Net realized gain on investments and foreign currency | 31177623 | &nbsp;&nbsp; 174046468 |
| Net change in unrealized appreciation (depreciation) on <br> investments and foreign currency<br>| (25453977)<br>| &nbsp;&nbsp; 485138816 |
| Net increase in net assets resulting from operations | 2922396 | &nbsp;&nbsp; 658493344 |
| Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: |
| Class A |  | &nbsp;&nbsp; (88145)<br>|
| Class C |  | &nbsp;&nbsp; (22979)<br>|
| Class I |  | &nbsp;&nbsp; (76549)<br>|
| Class Y |  | &nbsp;&nbsp; (93277)<br>|
| Class Z |  | &nbsp;&nbsp; (1143838)<br>|
| Total dividends and distributions to shareholders |  | &nbsp;&nbsp; (1424788)<br>|
| Increase (decrease) from shares of beneficial interest transactions — Note 7: | Increase (decrease) from shares of beneficial interest transactions — Note 7: | Increase (decrease) from shares of beneficial interest transactions — Note 7: |
| Class A | 43804954 | &nbsp;&nbsp; (3914579)<br>|
| Class C | 5048492 | &nbsp;&nbsp; (2758038)<br>|
| Class I | (9947623)<br>| &nbsp;&nbsp; 21490284 |
| Class Y | 15270488 | &nbsp;&nbsp; (67924953)<br>|
| Class Z | 182643192 | &nbsp;&nbsp; 71898962 |
| Net increase from shares of beneficial interest transactions | 236819503 | &nbsp;&nbsp; 18791676 |
| Total increase | 239741899 | &nbsp;&nbsp; 675860232 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 1791352839 | &nbsp;&nbsp; 1115492607 |
| **END OF PERIOD** | **$2031094738** | &nbsp;&nbsp; **$1791352839** |

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Mid Cap Growth Institutional Fund** | **Alger Mid Cap Growth Institutional Fund** |
|  | For the <br>Six Months Ended <br>April 30, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2024<br>|
| Net investment (loss) | $(246144)<br>| &nbsp;&nbsp; $(377697)<br>|
| Net realized gain on investments and foreign currency | 7356120 | &nbsp;&nbsp; 3670600 |
| Net change in unrealized appreciation (depreciation) on <br> investments and foreign currency<br>| (7484157)<br>| &nbsp;&nbsp; 15351404 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| (374181)<br>| &nbsp;&nbsp; 18644307 |
| Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: |
| Class I |  | &nbsp;&nbsp; — |
| Class R |  | &nbsp;&nbsp; — |
| Class Z-2 |  | &nbsp;&nbsp; — |
| Total dividends and distributions to shareholders |  | &nbsp;&nbsp; — |
| Increase (decrease) from shares of beneficial interest transactions — Note 7: | Increase (decrease) from shares of beneficial interest transactions — Note 7: | Increase (decrease) from shares of beneficial interest transactions — Note 7: |
| Class I | (3728339)<br>| &nbsp;&nbsp; (10391995)<br>|
| Class R | (191167)<br>| &nbsp;&nbsp; (510051)<br>|
| Class Z-2 | (11141709)<br>| &nbsp;&nbsp; 3923891 |
| Net decrease from shares of beneficial interest transactions | (15061215)<br>| &nbsp;&nbsp; (6978155)<br>|
| Total increase (decrease) | (15435396)<br>| &nbsp;&nbsp; 11666152 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 65737384 | &nbsp;&nbsp; 54071232 |
| **END OF PERIOD** | **$50301988** | &nbsp;&nbsp; **$65737384** |

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Small Cap Growth Institutional Fund** | **Alger Small Cap Growth Institutional Fund** |
|  | For the <br>Six Months Ended <br>April 30, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2024<br>|
| Net investment (loss) | $(438398)<br>| &nbsp;&nbsp; $(1202287)<br>|
| Net realized gain on investments and foreign currency | 1880554 | &nbsp;&nbsp; 20238845 |
| Net change in unrealized appreciation (depreciation) on <br> investments and foreign currency<br>| (14622614)<br>| &nbsp;&nbsp; 7269226 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| (13180458)<br>| &nbsp;&nbsp; 26305784 |
| Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: |
| Class I | (527793)<br>| &nbsp;&nbsp; — |
| Class R | (42245)<br>| &nbsp;&nbsp; — |
| Class Z-2 | (319641)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions to shareholders | (889679)<br>| &nbsp;&nbsp; — |
| Decrease from shares of beneficial interest transactions — Note 7: | Decrease from shares of beneficial interest transactions — Note 7: | Decrease from shares of beneficial interest transactions — Note 7: |
| Class I | (3703229)<br>| &nbsp;&nbsp; (16715775)<br>|
| Class R | (191301)<br>| &nbsp;&nbsp; (1377926)<br>|
| Class Z-2 | (4180021)<br>| &nbsp;&nbsp; (23987489)<br>|
| Net decrease from shares of beneficial interest transactions | (8074551)<br>| &nbsp;&nbsp; (42081190)<br>|
| Total decrease | (22144688)<br>| &nbsp;&nbsp; (15775406)<br>|
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 89675156 | &nbsp;&nbsp; 105450562 |
| **END OF PERIOD** | **$67530468** | &nbsp;&nbsp; **$89675156** |

---

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation Institutional** <br> **Fund**<br>| Class I | Class I | Class I | Class I | Class I | Class I |
|  | Six Months <br>Ended <br>4/30/2025<sup>(a)</sup> <br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>| Year Ended <br>10/31/2020<br>|
| Net asset value, beginning of period | $44.93 | $30.80 | $27.32 | $50.16 | $43.16 | $35.43 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.20) | (0.25) | (0.18) | (0.15) | (0.29) | (0.14) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.60 | 17.06 | 4.64 | (14.69) | 14.23 | 11.44 |
| Total from investment operations | 0.40 | 16.81 | 4.46 | (14.84) | 13.94 | 11.30 |
| Distributions from net realized gains | (5.74) | (2.68) | (0.98) | (8.00) | (6.94) | (3.57) |
| Net asset value, end of period | $39.59 | $44.93 | $30.80 | $27.32 | $50.16 | $43.16 |
| Total return<sup>(c)</sup> <br>| (0.71)<br> %<br>| 57.90<br> %<br>| 17.01<br> %<br>| (34.91)<br> %<br>| 35.72<br> %<br>| 34.58<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $951953 | $1054783 | $976912 | $1213736 | $2313493 | $2105435 |
| Ratio of net expenses to average net <br> assets<br>| 1.26<br> %<br>| 1.24<br> %<br>| 1.25<br> %<br>| 1.16<br> %<br>| 1.12<br> %<br>| 1.13<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (0.90)<br> %<br>| (0.65)<br> %<br>| (0.61)<br> %<br>| (0.45)<br> %<br>| (0.63)<br> %<br>| (0.36)<br> %<br>|
| Portfolio turnover rate | 44.37 %<sup>(d)</sup><br>| 59.80 %<sup>(d)</sup><br>| 86.08<br> %<br>| 106.51<br> %<br>| 78.70<br> %<br>| 83.95<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation Institutional** <br> **Fund**<br>| Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months <br> Ended <br>4/30/2025<sup>(a)</sup> <br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>| Year Ended <br>10/31/2020<br>|
| Net asset value, beginning of period | $34.31 | $24.17 | $21.74 | $41.74 | $37.10 | $31.05 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.22) | (0.33) | (0.24) | (0.24) | (0.41) | (0.26) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.63 | 13.15 | 3.65 | (11.76) | 11.99 | 9.88 |
| Total from investment operations | 0.41 | 12.82 | 3.41 | (12.00) | 11.58 | 9.62 |
| Distributions from net realized gains | (5.74) | (2.68) | (0.98) | (8.00) | (6.94) | (3.57) |
| Net asset value, end of period | $28.98 | $34.31 | $24.17 | $21.74 | $41.74 | $37.10 |
| Total return<sup>(c)</sup> <br>| (0.93)<br> %<br>| 57.21<br> %<br>| 16.53<br> %<br>| (35.20)<br> %<br>| 35.10<br> %<br>| 33.99<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $352714 | $395539 | $310296 | $314106 | $553283 | $520172 |
| Ratio of net expenses to average net <br> assets<br>| 1.70<br> %<br>| 1.69<br> %<br>| 1.68<br> %<br>| 1.59<br> %<br>| 1.56<br> %<br>| 1.58<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (1.34)<br> %<br>| (1.11)<br> %<br>| (1.05)<br> %<br>| (0.88)<br> %<br>| (1.07)<br> %<br>| (0.80)<br> %<br>|
| Portfolio turnover rate | 44.37 %<sup>(d)</sup><br>| 59.80 %<sup>(d)</sup><br>| 86.08<br> %<br>| 106.51<br> %<br>| 78.70<br> %<br>| 83.95<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation Institutional** <br> **Fund**<br>| Class Y | Class Y | Class Y | Class Y | Class Y | Class Y |
|  | Six Months <br>Ended <br>4/30/2025<sup>(a)</sup> <br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>| Year Ended <br>10/31/2020<br>|
| Net asset value, beginning of period | $47.00 | $32.00 | $28.22 | $51.36 | $43.91 | $35.86 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.12) | (0.11) | (0.06) | (0.01) | (0.13) | — <br><sup>(c)</sup><br>|
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.59 | 17.79 | 4.82 | (15.13) | 14.52 | 11.62 |
| Total from investment operations | 0.47 | 17.68 | 4.76 | (15.14) | 14.39 | 11.62 |
| Distributions from net realized gains | (5.74) | (2.68) | (0.98) | (8.00) | (6.94) | (3.57) |
| Net asset value, end of period | $41.73 | $47.00 | $32.00 | $28.22 | $51.36 | $43.91 |
| Total return<sup>(d)</sup> <br>| (0.52)<br> %<br>| 58.48<br> %<br>| 17.55<br> %<br>| (34.65)<br> %<br>| 36.19<br> %<br>| 35.10<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $365025 | $365062 | $327807 | $375693 | $678853 | $484362 |
| Ratio of gross expenses to average net <br> assets<br>| 0.94<br> %<br>| 0.93<br> %<br>| 0.91<br> %<br>| 0.84<br> %<br>| 0.79<br> %<br>| 0.82<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>| (0.06)<br> %<br>| (0.07)<br> %<br>| (0.10)<br> %<br>| (0.09)<br> %<br>| (0.04)<br> %<br>| (0.07)<br> %<br>|
| Ratio of net expenses to average net <br> assets<br>| 0.88<br> %<br>| 0.86<br> %<br>| 0.81<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (0.52)<br> %<br>| (0.28)<br> %<br>| (0.18)<br> %<br>| (0.04)<br> %<br>| (0.27)<br> %<br>| (0.01)<br> %<br>|
| Portfolio turnover rate | 44.37 %<sup>(e)</sup><br>| 59.80 %<sup>(e)</sup><br>| 86.08<br> %<br>| 106.51<br> %<br>| 78.70<br> %<br>| 83.95<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount
 was less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation Institutional** <br> **Fund**<br>| Class Z-2 | Class Z-2 | Class Z-2 | Class Z-2 | Class Z-2 | Class Z-2 |
|  | Six Months <br> Ended <br>4/30/2025<sup>(a)</sup> <br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>| Year Ended <br>10/31/2020<br>|
| Net asset value, beginning of period | $46.75 | $31.85 | $28.11 | $51.23 | $43.83 | $35.82 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.12) | (0.13) | (0.06) | (0.05) | (0.14) | (0.02) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.59 | 17.71 | 4.78 | (15.07) | 14.48 | 11.60 |
| Total from investment operations | 0.47 | 17.58 | 4.72 | (15.12) | 14.34 | 11.58 |
| Distributions from net realized gains | (5.74) | (2.68) | (0.98) | (8.00) | (6.94) | (3.57) |
| Net asset value, end of period | $41.48 | $46.75 | $31.85 | $28.11 | $51.23 | $43.83 |
| Total return<sup>(c)</sup> <br>| (0.52)<br> %<br>| 58.44<br> %<br>| 17.48<br> %<br>| (34.70)<br> %<br>| 36.13<br> %<br>| 35.02<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $336157 | $305220 | $208415 | $289885 | $640412 | $539253 |
| Ratio of gross expenses to average net <br> assets<br>| 0.94<br> %<br>| 0.94<br> %<br>| 0.92<br> %<br>| 0.84<br> %<br>| 0.79<br> %<br>| 0.82<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>| (0.04)<br> %<br>| (0.06)<br> %<br>| (0.05)<br> %<br>|  |  |  |
| Ratio of net expenses to average net <br> assets<br>| 0.90<br> %<br>| 0.88<br> %<br>| 0.87<br> %<br>| 0.84<br> %<br>| 0.79<br> %<br>| 0.82<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (0.54)<br> %<br>| (0.31)<br> %<br>| (0.22)<br> %<br>| (0.13)<br> %<br>| (0.31)<br> %<br>| (0.05)<br> %<br>|
| Portfolio turnover rate | 44.37 %<sup>(d)</sup><br>| 59.80 %<sup>(d)</sup><br>| 86.08<br> %<br>| 106.51<br> %<br>| 78.70<br> %<br>| 83.95<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Focus Equity Fund** | Class A | Class A | Class A | Class A | Class A | Class A |
|  | Six Months <br>Ended <br>4/30/2025<sup>(a)</sup> <br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>| Year Ended <br>10/31/2020<br>|
| Net asset value, beginning of period | $71.78 | $44.69 | $38.02 | $65.10 | $50.77 | $37.33 |
| INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  |
| Net investment (loss)<sup>(b)</sup> <br>| (0.19) | (0.17) | (0.10) | (0.10) | (0.25) | (0.07) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.89 | 27.31 | 6.79 | (19.02) | 17.97 | 14.29 |
| Total from investment operations | 0.70 | 27.14 | 6.69 | (19.12) | 17.72 | 14.22 |
| Dividends from net investment income |  | (0.05) | (0.02) |  |  | (0.02) |
| Distributions from net realized gains |  |  |  | (7.96) | (3.39) | (0.76) |
| Net asset value, end of period | $72.48 | $71.78 | $44.69 | $38.02 | $65.10 | $50.77 |
| Total return<sup>(c)</sup> <br>| 0.97<br> %<br>| 60.77<br> %<br>| 17.62<br> %<br>| (33.34)<br> %<br>| 36.37<br> %<br>| 38.75<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $175479 | $133839 | $88975 | $70778 | $118641 | $89028 |
| Ratio of net expenses to average net <br> assets<br>| 0.92<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>| 0.92<br> %<br>| 0.95<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (0.50)<br> %<br>| (0.28)<br> %<br>| (0.24)<br> %<br>| (0.21)<br> %<br>| (0.43)<br> %<br>| (0.16)<br> %<br>|
| Portfolio turnover rate | 71.22 %<sup>(d)</sup><br>| 92.43<br> %<br>| 99.51<br> %<br>| 126.01 %<sup>(d)</sup><br>| 107.82<br> %<br>| 99.52<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Focus Equity Fund** | Class C | Class C | Class C | Class C | Class C | Class C |
|  | Six Months <br>Ended <br>4/30/2025<sup>(a)</sup> <br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>| Year Ended <br>10/31/2020<br>|
| Net asset value, beginning of period | $64.36 | $40.36 | $34.58 | $60.35 | $47.63 | $35.30 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.43) | (0.58) | (0.39) | (0.41) | (0.65) | (0.38) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.85 | 24.60 | 6.17 | (17.40) | 16.76 | 13.47 |
| Total from investment operations | 0.42 | 24.02 | 5.78 | (17.81) | 16.11 | 13.09 |
| Dividends from net investment income |  | (0.02) |  |  |  |  |
| Distributions from net realized gains |  |  |  | (7.96) | (3.39) | (0.76) |
| Net asset value, end of period | $64.78 | $64.36 | $40.36 | $34.58 | $60.35 | $47.63 |
| Total return<sup>(c)</sup> <br>| 0.64<br> %<br>| 59.55<br> %<br>| 16.71<br> %<br>| (33.85)<br> %<br>| 35.33<br> %<br>| 37.73<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $83205 | $78031 | $51040 | $45186 | $70664 | $57067 |
| Ratio of net expenses to average net <br> assets<br>| 1.70<br> %<br>| 1.72<br> %<br>| 1.72<br> %<br>| 1.70<br> %<br>| 1.68<br> %<br>| 1.71<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (1.27)<br> %<br>| (1.05)<br> %<br>| (1.01)<br> %<br>| (0.96)<br> %<br>| (1.19)<br> %<br>| (0.91)<br> %<br>|
| Portfolio turnover rate | 71.22 %<sup>(d)</sup><br>| 92.43<br> %<br>| 99.51<br> %<br>| 126.01 %<sup>(d)</sup><br>| 107.82<br> %<br>| 99.52<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Focus Equity Fund** | Class I | Class I | Class I | Class I | Class I | Class I |
|  | Six Months <br>Ended <br>4/30/2025<sup>(a)</sup> <br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>| Year Ended <br>10/31/2020<br>|
| Net asset value, beginning of period | $72.37 | $45.06 | $38.32 | $65.54 | $51.07 | $37.56 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.19) | (0.15) | (0.09) | (0.07) | (0.23) | (0.03) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.91 | 27.51 | 6.85 | (19.19) | 18.09 | 14.37 |
| Total from investment operations | 0.72 | 27.36 | 6.76 | (19.26) | 17.86 | 14.34 |
| Dividends from net investment income |  | (0.05) | (0.02) |  | — <br><sup>(c)</sup><br>| (0.07) |
| Distributions from net realized gains |  |  |  | (7.96) | (3.39) | (0.76) |
| Net asset value, end of period | $73.09 | $72.37 | $45.06 | $38.32 | $65.54 | $51.07 |
| Total return<sup>(d)</sup> <br>| 1.00<br> %<br>| 60.84<br> %<br>| 17.64<br> %<br>| (33.33)<br> %<br>| 36.44<br> %<br>| 38.81<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $92319 | $101116 | $46035 | $44607 | $77895 | $63658 |
| Ratio of gross expenses to average net <br> assets<br>| 0.93<br> %<br>| 0.94<br> %<br>| 0.93<br> %<br>| 0.91<br> %<br>| 0.89<br> %<br>| 0.93<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>|  |  |  |  | (0.01)<br> %<br>| (0.04)<br> %<br>|
| Ratio of net expenses to average net <br> assets<br>| 0.93<br> %<br>| 0.94<br> %<br>| 0.93<br> %<br>| 0.91<br> %<br>| 0.88<br> %<br>| 0.89<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (0.50)<br> %<br>| (0.25)<br> %<br>| (0.21)<br> %<br>| (0.15)<br> %<br>| (0.39)<br> %<br>| (0.06)<br> %<br>|
| Portfolio turnover rate | 71.22 %<sup>(e)</sup><br>| 92.43<br> %<br>| 99.51<br> %<br>| 126.01 %<sup>(e)</sup><br>| 107.82<br> %<br>| 99.52<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount
 was less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Focus Equity Fund** | Class Y | Class Y | Class Y | Class Y | Class Y | Class Y |
|  | Six Months <br>Ended <br>4/30/2025<sup>(a)</sup> <br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>| Year Ended <br>10/31/2020<br>|
| Net asset value, beginning of period | $75.12 | $46.62 | $39.53 | $67.15 | $52.12 | $38.29 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income (loss)<sup>(b)</sup> <br>| (0.07) | 0.10 | 0.06 | 0.08 | (0.06) | 0.07 |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.95 | 28.47 | 7.07 | (19.74) | 18.50 | 14.65 |
| Total from investment operations | 0.88 | 28.57 | 7.13 | (19.66) | 18.44 | 14.72 |
| Dividends from net investment income |  | (0.07) | (0.04) |  | (0.02) | (0.13) |
| Distributions from net realized gains |  |  |  | (7.96) | (3.39) | (0.76) |
| Net asset value, end of period | $76.00 | $75.12 | $46.62 | $39.53 | $67.15 | $52.12 |
| Total return<sup>(c)</sup> <br>| 1.16<br> %<br>| 61.36<br> %<br>| 18.05<br> %<br>| (33.10)<br> %<br>| 36.84<br> %<br>| 39.17<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $132956 | $116474 | $136409 | $126406 | $194908 | $121688 |
| Ratio of gross expenses to average net <br> assets<br>| 0.62<br> %<br>| 0.63<br> %<br>| 0.64<br> %<br>| 0.62<br> %<br>| 0.61<br> %<br>| 0.63<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>| (0.02)<br> %<br>| (0.05)<br> %<br>| (0.05)<br> %<br>| (0.04)<br> %<br>| (0.03)<br> %<br>|  |
| Ratio of net expenses to average net <br> assets<br>| 0.60<br> %<br>| 0.58<br> %<br>| 0.59<br> %<br>| 0.58<br> %<br>| 0.58<br> %<br>| 0.63<br> %<br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| (0.17)<br> %<br>| 0.15<br> %<br>| 0.13<br> %<br>| 0.16<br> %<br>| (0.10)<br> %<br>| 0.16<br> %<br>|
| Portfolio turnover rate | 71.22 %<sup>(d)</sup><br>| 92.43<br> %<br>| 99.51<br> %<br>| 126.01 %<sup>(d)</sup><br>| 107.82<br> %<br>| 99.52<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Focus Equity Fund** | Class Z | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | Six Months <br>Ended <br>4/30/2025<sup>(a)</sup> <br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>| Year Ended <br>10/31/2020<br>|
| Net asset value, beginning of period | $74.83 | $46.46 | $39.41 | $67.00 | $52.02 | $38.21 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income (loss)<sup>(b)</sup> <br>| (0.08) | 0.02 | 0.04 | 0.06 | (0.08) | 0.06 |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.94 | 28.42 | 7.05 | (19.69) | 18.47 | 14.64 |
| Total from investment operations | 0.86 | 28.44 | 7.09 | (19.63) | 18.39 | 14.70 |
| Dividends from net investment income |  | (0.07) | (0.04) |  | (0.02) | (0.13) |
| Distributions from net realized gains |  |  |  | (7.96) | (3.39) | (0.76) |
| Net asset value, end of period | $75.69 | $74.83 | $46.46 | $39.41 | $67.00 | $52.02 |
| Total return<sup>(c)</sup> <br>| 1.15<br> %<br>| 61.29<br> %<br>| 18.00<br> %<br>| (33.13)<br> %<br>| 36.81<br> %<br>| 39.20<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $1547135 | $1361893 | $793033 | $763788 | $1167256 | $746122 |
| Ratio of gross expenses to average net <br> assets<br>| 0.63<br> %<br>| 0.64<br> %<br>| 0.63<br> %<br>| 0.62<br> %<br>| 0.61<br> %<br>| 0.63<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>|  | (0.01)<br> %<br>|  |  |  |  |
| Ratio of net expenses to average net <br> assets<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.62<br> %<br>| 0.61<br> %<br>| 0.63<br> %<br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| (0.20)<br> %<br>| 0.03<br> %<br>| 0.09<br> %<br>| 0.12<br> %<br>| (0.13)<br> %<br>| 0.13<br> %<br>|
| Portfolio turnover rate | 71.22 %<sup>(d)</sup><br>| 92.43<br> %<br>| 99.51<br> %<br>| 126.01 %<sup>(d)</sup><br>| 107.82<br> %<br>| 99.52<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Institutional** <br> **Fund**<br>| Class I | Class I | Class I | Class I | Class I | Class I |
|  | Six Months <br>Ended <br>4/30/2025<sup>(a)</sup> <br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>| Year Ended <br>10/31/2020<br>|
| Net asset value, beginning of period | $23.24 | $17.11 | $17.14 | $50.80 | $40.47 | $31.04 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.10) | (0.13) | (0.16) | (0.19) | (0.45) | (0.27) |
| Net realized and unrealized gain (loss) <br> on investments<br>| (0.46) | 6.26 | 0.13 | (13.62) | 16.11 | 12.27 |
| Total from investment operations | (0.56) | 6.13 | (0.03) | (13.81) | 15.66 | 12.00 |
| Distributions from net realized gains |  |  |  | (19.85) | (5.33) | (2.57) |
| Net asset value, end of period | $22.68 | $23.24 | $17.11 | $17.14 | $50.80 | $40.47 |
| Total return<sup>(c)</sup> <br>| (2.41)<br> %<br>| 35.83<br> %<br>| (0.17)<br> %<br>| (39.51)<br> %<br>| 41.08<br> %<br>| 41.71<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $37316 | $41818 | $39102 | $42477 | $85297 | $86228 |
| Ratio of gross expenses to average net <br> assets<br>| 1.37<br> %<br>| 1.39<br> %<br>| 1.45<br> %<br>| 1.43<br> %<br>| 1.27<br> %<br>| 1.35<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>| (0.10)<br> %<br>| (0.08)<br> %<br>|  |  |  |  |
| Ratio of net expenses to average net <br> assets<br>| 1.27<br> %<br>| 1.31<br> %<br>| 1.45<br> %<br>| 1.43<br> %<br>| 1.27<br> %<br>| 1.35<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (0.84)<br> %<br>| (0.61)<br> %<br>| (0.88)<br> %<br>| (0.89)<br> %<br>| (0.97)<br> %<br>| (0.80)<br> %<br>|
| Portfolio turnover rate | 44.35<br> %<br>| 56.01<br> %<br>| 79.60<br> %<br>| 199.22<br> %<br>| 171.43<br> %<br>| 180.30<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Institutional** <br> **Fund**<br>| Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months <br> Ended <br>4/30/2025<sup>(a)</sup> <br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>| Year Ended <br>10/31/2020<br>|
| Net asset value, beginning of period | $17.70 | $13.10 | $13.19 | $44.37 | $36.07 | $28.06 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.13) | (0.19) | (0.19) | (0.22) | (0.59) | (0.36) |
| Net realized and unrealized gain (loss) <br> on investments<br>| (0.35) | 4.79 | 0.10 | (11.11) | 14.22 | 10.94 |
| Total from investment operations | (0.48) | 4.60 | (0.09) | (11.33) | 13.63 | 10.58 |
| Distributions from net realized gains |  |  |  | (19.85) | (5.33) | (2.57) |
| Net asset value, end of period | $17.22 | $17.70 | $13.10 | $13.19 | $44.37 | $36.07 |
| Total return<sup>(c)</sup> <br>| (2.71)<br> %<br>| 35.12<br> %<br>| (0.68)<br> %<br>| (39.77)<br> %<br>| 40.42<br> %<br>| 41.03<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $4690 | $4999 | $4099 | $4282 | $7426 | $6093 |
| Ratio of net expenses to average net <br> assets<br>| 1.82<br> %<br>| 1.85<br> %<br>| 1.91<br> %<br>| 1.88<br> %<br>| 1.75<br> %<br>| 1.83<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (1.39)<br> %<br>| (1.16)<br> %<br>| (1.34)<br> %<br>| (1.33)<br> %<br>| (1.46)<br> %<br>| (1.22)<br> %<br>|
| Portfolio turnover rate | 44.35<br> %<br>| 56.01<br> %<br>| 79.60<br> %<br>| 199.22<br> %<br>| 171.43<br> %<br>| 180.30<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Institutional** <br> **Fund**<br>| Class Z-2 | Class Z-2 | Class Z-2 | Class Z-2 | Class Z-2 | Class Z-2 |
|  | Six Months <br> Ended <br>4/30/2025<sup>(a)</sup> <br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>| Year Ended <br>10/31/2020<br>|
| Net asset value, beginning of period | $24.26 | $17.81 | $17.76 | $51.68 | $40.99 | $31.31 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.07) | (0.07) | (0.08) | (0.10) | (0.32) | (0.16) |
| Net realized and unrealized gain (loss) <br> on investments<br>| (0.50) | 6.52 | 0.13 | (13.97) | 16.34 | 12.41 |
| Total from investment operations | (0.57) | 6.45 | 0.05 | (14.07) | 16.02 | 12.25 |
| Distributions from net realized gains |  |  |  | (19.85) | (5.33) | (2.57) |
| Net asset value, end of period | $23.69 | $24.26 | $17.81 | $17.76 | $51.68 | $40.99 |
| Total return<sup>(c)</sup> <br>| (2.31)<br> %<br>| 36.22<br> %<br>| 0.28<br> %<br>| (39.24)<br> %<br>| 41.50<br> %<br>| 42.18<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $8296 | $18920 | $10870 | $10696 | $25469 | $17452 |
| Ratio of gross expenses to average net <br> assets<br>| 1.03<br> %<br>| 1.06<br> %<br>| 1.12<br> %<br>| 1.09<br> %<br>| 0.97<br> %<br>| 1.05<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>| (0.01)<br> %<br>| (0.06)<br> %<br>| (0.11)<br> %<br>| (0.10)<br> %<br>|  | (0.01)<br> %<br>|
| Ratio of net expenses to average net <br> assets<br>| 1.02<br> %<br>| 1.00<br> %<br>| 1.01<br> %<br>| 0.99<br> %<br>| 0.97<br> %<br>| 1.04<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (0.58)<br> %<br>| (0.32)<br> %<br>| (0.45)<br> %<br>| (0.46)<br> %<br>| (0.68)<br> %<br>| (0.48)<br> %<br>|
| Portfolio turnover rate | 44.35<br> %<br>| 56.01<br> %<br>| 79.60<br> %<br>| 199.22<br> %<br>| 171.43<br> %<br>| 180.30<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Institutional** <br> **Fund**<br>| Class I | Class I | Class I | Class I | Class I | Class I |
|  | Six Months <br>Ended <br>4/30/2025<sup>(a)</sup> <br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>| Year Ended <br>10/31/2020<br>|
| Net asset value, beginning of period | $16.82 | $13.36 | $15.10 | $31.70 | $25.77 | $21.49 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.10) | (0.20) | (0.15) | (0.19) | (0.32) | (0.24) |
| Net realized and unrealized gain (loss) <br> on investments<br>| (2.59) | 3.66 | (1.59) | (11.05) | 7.80 | 8.32 |
| Total from investment operations | (2.69) | 3.46 | (1.74) | (11.24) | 7.48 | 8.08 |
| Dividends from net investment income |  |  |  |  |  | (0.03) |
| Distributions from net realized gains | (0.17) |  |  | (5.36) | (1.55) | (3.77) |
| Net asset value, end of period | $13.96 | $16.82 | $13.36 | $15.10 | $31.70 | $25.77 |
| Total return<sup>(c)</sup> <br>| (16.17)<br> %<br>| 25.82<br> %<br>| (11.52)<br> %<br>| (40.86)<br> %<br>| 29.64<br> %<br>| 44.12<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $40800 | $52983 | $55483 | $80965 | $180795 | $152183 |
| Ratio of net expenses to average net <br> assets<br>| 1.38<br> %<br>| 1.41<br> %<br>| 1.38<br> %<br>| 1.30<br> %<br>| 1.24<br> %<br>| 1.30<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (1.18)<br> %<br>| (1.26)<br> %<br>| (0.99)<br> %<br>| (1.04)<br> %<br>| (1.04)<br> %<br>| (1.10)<br> %<br>|
| Portfolio turnover rate | 17.99<br> %<br>| 48.95<br> %<br>| 29.53<br> %<br>| 14.95<br> %<br>| 41.10<br> %<br>| 23.78<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Institutional** <br> **Fund**<br>| Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months <br> Ended <br>4/30/2025<sup>(a)</sup> <br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>| Year Ended <br>10/31/2020<br>|
| Net asset value, beginning of period | $11.58 | $9.24 | $10.50 | $24.00 | $19.92 | $17.48 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.09) | (0.19) | (0.15) | (0.19) | (0.35) | (0.27) |
| Net realized and unrealized gain (loss) <br> on investments<br>| (1.77) | 2.53 | (1.11) | (7.95) | 5.98 | 6.48 |
| Total from investment operations | (1.86) | 2.34 | (1.26) | (8.14) | 5.63 | 6.21 |
| Distributions from net realized gains | (0.17) |  |  | (5.36) | (1.55) | (3.77) |
| Net asset value, end of period | $9.55 | $11.58 | $9.24 | $10.50 | $24.00 | $19.92 |
| Total return<sup>(c)</sup> <br>| (16.40)<br> %<br>| 25.33<br> %<br>| (12.00)<br> %<br>| (41.11)<br> %<br>| 29.02<br> %<br>| 43.38<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $2240 | $2940 | $3459 | $4791 | $9751 | $9940 |
| Ratio of net expenses to average net <br> assets<br>| 1.84<br> %<br>| 1.88<br> %<br>| 1.84<br> %<br>| 1.73<br> %<br>| 1.73<br> %<br>| 1.80<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (1.64)<br> %<br>| (1.73)<br> %<br>| (1.46)<br> %<br>| (1.47)<br> %<br>| (1.51)<br> %<br>| (1.58)<br> %<br>|
| Portfolio turnover rate | 17.99<br> %<br>| 48.95<br> %<br>| 29.53<br> %<br>| 14.95<br> %<br>| 41.10<br> %<br>| 23.78<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Institutional** <br> **Fund**<br>| Class Z-2 | Class Z-2 | Class Z-2 | Class Z-2 | Class Z-2 | Class Z-2 |
|  | Six Months <br> Ended <br>4/30/2025<sup>(a)</sup> <br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>| Year Ended <br>10/31/2020<br>|
| Net asset value, beginning of period | $17.36 | $13.73 | $15.47 | $32.23 | $26.10 | $21.76 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.07) | (0.14) | (0.09) | (0.14) | (0.24) | (0.18) |
| Net realized and unrealized gain (loss) <br> on investments<br>| (2.69) | 3.77 | (1.65) | (11.26) | 7.92 | 8.42 |
| Total from investment operations | (2.76) | 3.63 | (1.74) | (11.40) | 7.68 | 8.24 |
| Dividends from net investment income |  |  |  |  |  | (0.13) |
| Distributions from net realized gains | (0.17) |  |  | (5.36) | (1.55) | (3.77) |
| Net asset value, end of period | $14.43 | $17.36 | $13.73 | $15.47 | $32.23 | $26.10 |
| Total return<sup>(c)</sup> <br>| (16.06)<br> %<br>| 26.44<br> %<br>| (11.25)<br> %<br>| (40.65)<br> %<br>| 30.05<br> %<br>| 44.55<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $24490 | $33752 | $46508 | $86007 | $169918 | $98954 |
| Ratio of gross expenses to average net <br> assets<br>| 1.04<br> %<br>| 1.11<br> %<br>| 1.05<br> %<br>| 0.98<br> %<br>| 0.94<br> %<br>| 0.99<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>| (0.04)<br> %<br>| (0.10)<br> %<br>| (0.05)<br> %<br>|  |  | (0.01)<br> %<br>|
| Ratio of net expenses to average net <br> assets<br>| 1.00<br> %<br>| 1.01<br> %<br>| 1.00<br> %<br>| 0.98<br> %<br>| 0.94<br> %<br>| 0.98<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (0.80)<br> %<br>| (0.86)<br> %<br>| (0.60)<br> %<br>| (0.71)<br> %<br>| (0.76)<br> %<br>| (0.79)<br> %<br>|
| Portfolio turnover rate | 17.99<br> %<br>| 48.95<br> %<br>| 29.53<br> %<br>| 14.95<br> %<br>| 41.10<br> %<br>| 23.78<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

------

**NOTE 1 — General:**

------

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

Each Fund offers one or more of the following share classes: Class A, C, I, R, Y, Z and Z-2. Class A shares are generally subject to an initial sales charge while Class C shares are generally subject to a deferred sales charge. Class I, R, Y, Z and Z-2 shares are generally sold to institutional investors and are sold without an initial or deferred sales charge and Class Y, Z and Z-2 shares are generally subject to a minimum initial investment of $500,000. Class C shares will automatically convert to Class A shares on the fifth business day of the month following the eighth anniversary of the purchase date of a shareholder's Class C shares, without the imposition of any sales load, fee or other charge. Class C shares held at certain dealers may not convert to Class A shares or may be converted on a different schedule. At conversion, a proportionate amount of shares representing reinvested dividends and distributions will also be converted into Class A shares. Effective August 27, 2019, Class C shares were closed to direct shareholders and are only available for purchase through certain financial intermediaries and group retirement plan recordkeeping platforms. Each class has identical rights to assets and earnings, except that each share class bears the pro rata allocation of the Fund's expenses other than a class expense (not including advisory or custodial fees or other expenses related to the management of the Fund's assets).

**NOTE 2 — Significant Accounting Policies:**

------

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

The Board has designated, pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act"), the Funds' investment adviser, Fred Alger Management, LLC ("Alger Management" or the "Investment Manager") as its valuation designee (the "Valuation Designee") to make fair value

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

determinations subject to the Board's review and oversight. The Valuation Designee has established a Valuation Committee ("Committee") comprised of representatives of the Investment Manager and officers of the Funds to assist in performing the duties and responsibilities of the Valuation Designee.

The Valuation Designee has established valuation processes including but not limited to: (i) making fair value determinations when market quotations for financial instruments are not readily available in accordance with valuation policies and procedures adopted by the Board; (ii) assessing and managing material risks associated with fair valuation determinations; (iii) selecting, applying and testing fair valuation methodologies; and (iv) overseeing and evaluating pricing services used by the Funds. The Valuation Designee regularly reports its fair valuation determinations and related valuation information to the Board. The Committee generally meets quarterly and on an as-needed basis to review and evaluate the effectiveness of the valuation policies and procedures in accordance with the requirements of Rule 2a-5.

Investments in short-term securities held by the Funds having a remaining maturity of sixty days or less are valued at amortized cost which approximates market value. Investments in other open-end investment companies registered under the 1940 Act, including money market funds, are valued at such investment companies' net asset value per share.

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

Securities in which the Funds invest may be traded in foreign markets that close before the close of the NYSE. Developments that occur between the close of the foreign markets and the close of the NYSE may result in adjustments to the closing foreign prices to reflect what the Valuation Designee, through its Committee, believes to be the fair value of these securities as of the close of the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but the NYSE is open.

------

**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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – significant other observable inputs (including quoted prices for similar or identical investments, amortized cost, interest rates, prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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, earnings before interest, taxes, depreciation and amortization ("EBITDA") multiples, discount rates, time to exit and the probabilities of success of certain outcomes. Such unobservable market information may be obtained from a company's financial statements and from industry studies, market data, and market indicators such as benchmarks and indexes. Because of the inherent uncertainty and often limited markets for restricted securities, the valuations assigned to such securities by the Funds may significantly differ from the valuations that would have been assigned by the Funds had there been an active market for such securities.

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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 the 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.

(f) Federal Income Taxes: It is each Fund's policy to comply with the requirements of the U.S. Internal Revenue Code Subchapter M applicable to

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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 2021-2024. Alger Management does not believe there are any uncertain tax positions that require recognition of a tax liability.

(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: During the six months ended April 30, 2025, the Funds adopted 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 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 management, necessary to present a fair statement of results of

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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 annual rates. The actual rate paid as a percentage of average daily net assets, for the six months ended April 30, 2025, is set forth below under the heading "Actual Rate":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Tier 1** | **Tier 2** | **Tier 3** | **Tier 4** | **Tier 5** | **Actual Rate** |
| Alger Capital <br> Appreciation <br> Institutional Fund<sup>(a)</sup> <br>| 0.81<br> %<br>| 0.65<br> %<br>| 0.60<br> %<br>| 0.55<br> %<br>| 0.45<br> %<br>| 0.79<br> %<br>|
| Alger Focus Equity <br> Fund<sup>(b)</sup> <br>| 0.52 |  |  |  |  | 0.52 |
| Alger Mid Cap Growth <br> Institutional Fund<sup>(c)</sup> <br>| 0.76 | 0.70 |  |  |  | 0.76 |
| Alger Small Cap <br> Growth Institutional <br> Fund<sup>(c)</sup> <br>| 0.81 | 0.75 |  |  |  | 0.81 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Tier
 1 rate is paid on all assets.

&nbsp;&nbsp;&nbsp;&nbsp;(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 exenses (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 liquidity program ("ReFlow"), extraordinary expenses, and certain proxy expenses, to the extent applicable) through October 31, 2026 to the extent necessary to limit such expenses to the rates listed in the table below, based on average daily net assets. For the avoidance of doubt, this contractual agreement does not include advisory fees. On October 22, 2024, the Board approved exclusion of all cost related to the August 16, 2024 joint special meeting of shareholders from the expense reimbursement with Alger Management. On February 18, 2025, the Board approved exclusion of all costs related to the

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

June 16, 2025 joint special meeting of shareholders in the Alger Focus Equity Fund, from the expense reimbursement with Alger Management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS** | **CLASS** | **CLASS** | **CLASS** | **CLASS** | **CLASS** | **CLASS** | **FEES WAIVED /** <br>**REIMBURSED** <br>**FOR THE SIX** <br>**MONTHS ENDED** <br>**APRIL 30,** <br>**2025** |
|  | A | C | I | R | Y | Z | Z-2 | **FEES WAIVED /** <br>**REIMBURSED** <br>**FOR THE SIX** <br>**MONTHS ENDED** <br>**APRIL 30,** <br>**2025** |
| Alger Capital Appreciation <br> Institutional Fund<br>| —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.03<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.05<br> %<br>| &nbsp;&nbsp; $174328 |
| Alger Focus Equity Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.06 | 0.11 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16207 |
| Alger Mid Cap Growth Institutional <br> Fund<br>|  | &nbsp;&nbsp; — | 0.48 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.23 | &nbsp;&nbsp; 20625 |
| Alger Small Cap Growth Institutional <br> Fund<br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.18 | &nbsp;&nbsp; 7050 |

---

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, 2025, the recoupments made by the Alger Mid Cap Growth Institutional Fund to the Investment Manager was $6. There were no recoupments made by the Alger Capital Appreciation Institutional Fund, Alger Focus Equity Fund or Alger Small Cap Institutional Fund to the Investment Manager.

(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 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 administering Class A shares and/or shareholder servicing. The fees paid may be more or less than the expenses incurred by Alger LLC.

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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.

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, 2025, contingent deferred sales charges imposed, all of which were retained by Alger LLC, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **CONTINGENT** <br>**DEFERRED SALES** <br>**CHARGES**<br>|
| Alger Focus Equity Fund | $25928 |

---

(e) Brokerage Commissions: During the six months ended April 30, 2025, 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 $103,100, $130,377, $4,486 and $6,553, 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, 2025, Alger

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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, $425,965, $71,963, $16,837 and $19,593, respectively, for these services, which are included in transfer agent fees in the accompanying Statements of Operations.

(g) Trustee Fees: Effective January 1, 2025, each trustee who is not an "interested person" of the Trust, as defined in the 1940 Act ("Independent Trustee"), receives 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 term "Alger Fund Complex" refers to the Trust, The Alger Funds, The Alger Funds II, The Alger Portfolios, Alger Global Equity Fund (formerly Alger Global Focus Fund) and The Alger ETF Trust, each of which is a registered investment company managed by Alger Management. The Independent Trustee appointed as Chairman of the Board receives additional compensation of $26,000 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. Independent Trustees who are not members of the Audit Committee but attend Audit Committee meetings will receive a stipend of $10,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex.

Prior to January 1, 2025, each Independent Trustee received a fee of $165,400 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 an additional compensation of $22,000 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 $13,000 per annum, paid pro rata based on 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, 2025, these purchases and sales were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **PURCHASES** | **SALES** | **REALIZED GAIN** |
| Alger Small Cap Growth Institutional Fund | $194225 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

(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,

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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 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, 2025.

For the six months ended April 30, 2025, Alger Capital Appreciation Institutional Fund, Alger Mid Cap Growth Institutional Fund and Alger Small Cap Growth Institutional Fund incurred interfund loan interest expenses of $99,329, $4,391 and $208, respectively, which are included in interest expense in the accompanying Statements of Operations.

(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, 2025, Alger Management and its affiliated entities owned the following shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | SHARE CLASS | SHARE CLASS | SHARE CLASS | SHARE CLASS | SHARE CLASS | SHARE CLASS |
|  | A | C | I | Y | Z | Z-2 |
| Alger Capital Appreciation Institutional Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4935 |
| Alger Focus Equity Fund | 14604 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38752 | &nbsp;&nbsp; — |
| Alger Mid Cap Growth Institutional Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Alger Small Cap Growth Institutional Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7733 |

---

(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, in-kind transactions, and short-term securities, for the six months ended April 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **PURCHASES** | **SALES** |
| Alger Capital Appreciation Institutional Fund | $966376117 | &nbsp;&nbsp; $1045920194 |
| Alger Focus Equity Fund | 1686322512 | &nbsp;&nbsp; 1402351215 |
| Alger Mid Cap Growth Institutional Fund | 26232591 | &nbsp;&nbsp; 42309823 |
| Alger Small Cap Growth Institutional Fund | 14687279 | &nbsp;&nbsp; 26751298 |

---

------

**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, 2025, 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, 2025, the Funds had the following borrowings from the Custodian and other funds in the Alger Fund Complex:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **AVERAGE DAILY** <br>**BORROWING**<br>| **WEIGHTED AVERAGE** <br>**INTEREST RATE**<br>|
| Alger Capital Appreciation Institutional Fund | $16725315 | 6.25<br> %<br>|
| Alger Focus Equity Fund | 1498332 | 6.35 |
| Alger Mid Cap Growth Institutional Fund | 170737 | 5.58 |
| Alger Small Cap Growth Institutional Fund | 11750 | 5.88 |

---

The highest amount borrowed from the Custodian and other funds in the Alger Fund Complex during the six months ended April 30, 2025 by each Fund was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **HIGHEST BORROWING** |
| Alger Capital Appreciation Institutional Fund | $53193802 |
| Alger Focus Equity Fund | 32500003 |
| Alger Mid Cap Growth Institutional Fund | 8209000 |
| Alger Small Cap Growth Institutional Fund | 870193 |

---

**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. The current

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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, 2025 are recorded within the Statements of Operations as other expenses.

------

**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, 2025 and the year ended October 31, 2024, transactions of shares of beneficial interest were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2025** | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2024** | **FOR THE YEAR ENDED** <br>**October 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Capital Appreciation Institutional Fund** | **Alger Capital Appreciation Institutional Fund** | **Alger Capital Appreciation Institutional Fund** | **Alger Capital Appreciation Institutional Fund** | **Alger Capital Appreciation Institutional Fund** |
| **Class I**: |  |  |  |  |
| Shares sold | 2037986 | &nbsp;&nbsp; $88898186 | &nbsp;&nbsp; 3330508 | &nbsp;&nbsp; $129818928 |
| Dividends reinvested | 2843863 | &nbsp;&nbsp; 128770123 | &nbsp;&nbsp; 2481391 | &nbsp;&nbsp; 80719652 |
| Redemptions in kind\* |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (1977751)<br>| &nbsp;&nbsp; (84101911)<br>|
| Shares redeemed | (4313013)<br>| &nbsp;&nbsp; (188905023)<br>| &nbsp;&nbsp; (12074096)<br>| &nbsp;&nbsp; (462883003)<br>|
| **Net increase (decrease)** | **568836** | &nbsp;&nbsp; **$28763286** | &nbsp;&nbsp; **(8239948)**<br>| &nbsp;&nbsp; **$(336446334)**<br>|
| **Class R**: |  |  |  |  |
| Shares sold | 735041 | &nbsp;&nbsp; $23319713 | &nbsp;&nbsp; 1142131 | &nbsp;&nbsp; $34127985 |
| Dividends reinvested | 1945844 | &nbsp;&nbsp; 64602007 | &nbsp;&nbsp; 1345119 | &nbsp;&nbsp; 33547262 |
| Shares redeemed | (2039295)<br>| &nbsp;&nbsp; (65376531)<br>| &nbsp;&nbsp; (3794292)<br>| &nbsp;&nbsp; (113349178)<br>|
| **Net increase (decrease)** | **641590** | &nbsp;&nbsp; **$22545189** | &nbsp;&nbsp; **(1307042)**<br>| &nbsp;&nbsp; **$(45673931)**<br>|
| **Class Y**: |  |  |  |  |
| Shares sold | 2365483 | &nbsp;&nbsp; $106569575 | &nbsp;&nbsp; 1626854 | &nbsp;&nbsp; $65373750 |
| Dividends reinvested | 837090 | &nbsp;&nbsp; 39887347 | &nbsp;&nbsp; 738572 | &nbsp;&nbsp; 25044963 |
| Redemptions in kind\* | (742988)<br>| &nbsp;&nbsp; (31086822)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (1479045)<br>| &nbsp;&nbsp; (66406219)<br>| &nbsp;&nbsp; (4842192)<br>| &nbsp;&nbsp; (195916442)<br>|
| **Net increase (decrease)** | **980540** | &nbsp;&nbsp; **$48963881** | &nbsp;&nbsp; **(2476766)**<br>| &nbsp;&nbsp; **$(105497729)**<br>|
| **Class Z-2**: |  |  |  |  |
| Shares sold | 1874154 | &nbsp;&nbsp; $84842225 | &nbsp;&nbsp; 1636325 | &nbsp;&nbsp; $63407207 |
| Dividends reinvested | 811084 | &nbsp;&nbsp; 38421025 | &nbsp;&nbsp; 503986 | &nbsp;&nbsp; 17004499 |
| Shares redeemed | (1108978)<br>| &nbsp;&nbsp; (49844075)<br>| &nbsp;&nbsp; (2155523)<br>| &nbsp;&nbsp; (85457294)<br>|
| **Net increase (decrease)** | **1576260** | &nbsp;&nbsp; **$73419175** | &nbsp;&nbsp; **(15212)**<br>| &nbsp;&nbsp; **$(5045588)**<br>|

---

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2025** | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2024** | **FOR THE YEAR ENDED** <br>**October 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Focus Equity Fund** | **Alger Focus Equity Fund** | **Alger Focus Equity Fund** | **Alger Focus Equity Fund** | **Alger Focus Equity Fund** |
| **Class A**: |  |  |  |  |
| Shares sold | 997841 | &nbsp;&nbsp; $77195136 | &nbsp;&nbsp; 511907 | &nbsp;&nbsp; $32600974 |
| Shares converted from Class C | 5447 | &nbsp;&nbsp; 411756 | &nbsp;&nbsp; 26638 | &nbsp;&nbsp; 1630530 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1694 | &nbsp;&nbsp; 86580 |
| Shares redeemed | (446813)<br>| &nbsp;&nbsp; (33801938)<br>| &nbsp;&nbsp; (666423)<br>| &nbsp;&nbsp; (38232663)<br>|
| **Net increase (decrease)** | **556475** | &nbsp;&nbsp; **$43804954** | &nbsp;&nbsp; **(126184)**<br>| &nbsp;&nbsp; **$(3914579)**<br>|
| **Class C**: |  |  |  |  |
| Shares sold | 167220 | &nbsp;&nbsp; $11578678 | &nbsp;&nbsp; 205763 | &nbsp;&nbsp; $11007092 |
| Shares converted to Class A | (6075)<br>| &nbsp;&nbsp; (411756)<br>| &nbsp;&nbsp; (29584)<br>| &nbsp;&nbsp; (1630530)<br>|
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 489 | &nbsp;&nbsp; 22583 |
| Shares redeemed | (89061)<br>| &nbsp;&nbsp; (6118430)<br>| &nbsp;&nbsp; (228837)<br>| &nbsp;&nbsp; (12157183)<br>|
| **Net increase (decrease)** | **72084** | &nbsp;&nbsp; **$5048492** | &nbsp;&nbsp; **(52169)**<br>| &nbsp;&nbsp; **$(2758038)**<br>|
| **Class I**: |  |  |  |  |
| Shares sold | 668824 | &nbsp;&nbsp; $52899316 | &nbsp;&nbsp; 1027414 | &nbsp;&nbsp; $60030528 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1420 | &nbsp;&nbsp; 73150 |
| Shares redeemed | (802943)<br>| &nbsp;&nbsp; (62846939)<br>| &nbsp;&nbsp; (653403)<br>| &nbsp;&nbsp; (38613394)<br>|
| **Net (decrease) increase**  | **(134119)**<br>| &nbsp;&nbsp; **$(9947623)**<br>| &nbsp;&nbsp; **375431** | &nbsp;&nbsp; **$21490284** |
| **Class Y**: |  |  |  |  |
| Shares sold | 951310 | &nbsp;&nbsp; $72147937 | &nbsp;&nbsp; 611312 | &nbsp;&nbsp; $40157317 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1398 | &nbsp;&nbsp; 74525 |
| Redemptions in kind\* | (152036)<br>| &nbsp;&nbsp; (11538352)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (600178)<br>| &nbsp;&nbsp; (45339097)<br>| &nbsp;&nbsp; (1988000)<br>| &nbsp;&nbsp; (108156795)<br>|
| **Net increase (decrease)** | **199096** | &nbsp;&nbsp; **$15270488** | &nbsp;&nbsp; **(1375290)**<br>| &nbsp;&nbsp; **$(67924953)**<br>|
| **Class Z**: |  |  |  |  |
| Shares sold | 5281639 | &nbsp;&nbsp; $423246107 | &nbsp;&nbsp; 4509911 | &nbsp;&nbsp; $285193504 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 21479 | &nbsp;&nbsp; 1141181 |
| Shares redeemed | (3041223)<br>| &nbsp;&nbsp; (240602915)<br>| &nbsp;&nbsp; (3400873)<br>| &nbsp;&nbsp; (214435723)<br>|
| **Net increase** | **2240416** | &nbsp;&nbsp; **$182643192** | &nbsp;&nbsp; **1130517** | &nbsp;&nbsp; **$71898962** |

---

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2025** | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2024** | **FOR THE YEAR ENDED** <br>**October 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Mid Cap Growth Institutional Fund** | **Alger Mid Cap Growth Institutional Fund** | **Alger Mid Cap Growth Institutional Fund** | **Alger Mid Cap Growth Institutional Fund** | **Alger Mid Cap Growth Institutional Fund** |
| **Class I**: |  |  |  |  |
| Shares sold | 120856 | &nbsp;&nbsp; $2977763 | &nbsp;&nbsp; 180618 | &nbsp;&nbsp; $3872510 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (274564)<br>| &nbsp;&nbsp; (6706102)<br>| &nbsp;&nbsp; (666699)<br>| &nbsp;&nbsp; (14264505)<br>|
| **Net decrease** | **(153708)**<br>| &nbsp;&nbsp; **$(3728339)**<br>| &nbsp;&nbsp; **(486081)**<br>| &nbsp;&nbsp; **$(10391995)**<br>|
| **Class R**: |  |  |  |  |
| Shares sold | 37726 | &nbsp;&nbsp; $677494 | &nbsp;&nbsp; 53885 | &nbsp;&nbsp; $891438 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (47781)<br>| &nbsp;&nbsp; (868661)<br>| &nbsp;&nbsp; (84348)<br>| &nbsp;&nbsp; (1401489)<br>|
| **Net decrease** | **(10055)**<br>| &nbsp;&nbsp; **$(191167)**<br>| &nbsp;&nbsp; **(30463)**<br>| &nbsp;&nbsp; **$(510051)**<br>|
| **Class Z-2**: |  |  |  |  |
| Shares sold | 43380 | &nbsp;&nbsp; $1124739 | &nbsp;&nbsp; 315553 | &nbsp;&nbsp; $7232068 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (473058)<br>| &nbsp;&nbsp; (12266448)<br>| &nbsp;&nbsp; (146128)<br>| &nbsp;&nbsp; (3308177)<br>|
| **Net (decrease) increase**  | **(429678)**<br>| &nbsp;&nbsp; **$(11141709)**<br>| &nbsp;&nbsp; **169425** | &nbsp;&nbsp; **$3923891** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Institutional Fund** | **Alger Small Cap Growth Institutional Fund** | **Alger Small Cap Growth Institutional Fund** | **Alger Small Cap Growth Institutional Fund** | **Alger Small Cap Growth Institutional Fund** |
| **Class I**: |  |  |  |  |
| Shares sold | 117774 | &nbsp;&nbsp; $1865640 | &nbsp;&nbsp; 470533 | &nbsp;&nbsp; $7387595 |
| Dividends reinvested | 28597 | &nbsp;&nbsp; 520472 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (373407)<br>| &nbsp;&nbsp; (6089341)<br>| &nbsp;&nbsp; (1473606)<br>| &nbsp;&nbsp; (24103370)<br>|
| **Net decrease** | **(227036)**<br>| &nbsp;&nbsp; **$(3703229)**<br>| &nbsp;&nbsp; **(1003073)**<br>| &nbsp;&nbsp; **$(16715775)**<br>|
| **Class R**: |  |  |  |  |
| Shares sold | 18896 | &nbsp;&nbsp; $207212 | &nbsp;&nbsp; 34164 | &nbsp;&nbsp; $371540 |
| Dividends reinvested | 3300 | &nbsp;&nbsp; 41182 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (41454)<br>| &nbsp;&nbsp; (439695)<br>| &nbsp;&nbsp; (154559)<br>| &nbsp;&nbsp; (1749466)<br>|
| **Net decrease** | **(19258)**<br>| &nbsp;&nbsp; **$(191301)**<br>| &nbsp;&nbsp; **(120395)**<br>| &nbsp;&nbsp; **$(1377926)**<br>|
| **Class Z-2**: |  |  |  |  |
| Shares sold | 112703 | &nbsp;&nbsp; $1895762 | &nbsp;&nbsp; 397102 | &nbsp;&nbsp; $6466397 |
| Dividends reinvested | 16883 | &nbsp;&nbsp; 317409 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (377637)<br>| &nbsp;&nbsp; (6393192)<br>| &nbsp;&nbsp; (1839402)<br>| &nbsp;&nbsp; (30453886)<br>|
| **Net decrease** | **(248051)**<br>| &nbsp;&nbsp; **$(4180021)**<br>| &nbsp;&nbsp; **(1442300)**<br>| &nbsp;&nbsp; **$(23987489)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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, 2025, the Alger Capital Appreciation Institutional Fund and Alger Focus Equity Fund had redemptions in-kind with total proceeds in the amount of $31,086,822 and $11,538,352, respectively. The net realized gains on

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

these redemptions in-kind amounted to $24,970,265 and $7,886,523, respectively, which are not considered taxable for federal income tax purposes.

**NOTE 8 — Income Tax Information:**

------

At October 31, 2024, the Alger Focus Equity Fund and the Alger Mid Cap Growth Institutional Fund, for federal income tax purposes, had capital loss carryforwards of $28,637,842 and $17,598,729, respectively. These amounts will not be subject to expiration under the Regulated Investment Company Modernization Act of 2010, and these amounts may be applied against future net realized gains until their 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, 2025 in valuing the Funds' investments carried at fair value on a recurring basis. Based upon the nature, characteristics, and risks associated with their investments, the Funds have determined that presenting them by security type and sector is appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation** <br> **Institutional Fund**<br>| **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $341956301 | &nbsp;&nbsp; $341956301 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 265989577 | &nbsp;&nbsp; 265833923 | &nbsp;&nbsp; 155654 | &nbsp;&nbsp; — |
| Energy | 3648255 | &nbsp;&nbsp; 3648255 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 116445304 | &nbsp;&nbsp; 116445304 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 135504682 | &nbsp;&nbsp; 135504682 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 134283426 | &nbsp;&nbsp; 134283426 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 904380385 | &nbsp;&nbsp; 904380385 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 2484713 | &nbsp;&nbsp; 2484713 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 72663392 | &nbsp;&nbsp; 72663392 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$1977356035** | &nbsp;&nbsp; **$1977200381** | &nbsp;&nbsp; **$155654** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| Information Technology | 29484251 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29484251 |
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| Information Technology | 2009205 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2009205 |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$2008849491** | &nbsp;&nbsp; **$1977200381** | &nbsp;&nbsp; **$155654** | &nbsp;&nbsp; **$31493456** |

---

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Focus Equity Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $357999577 | &nbsp;&nbsp; $357999577 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 209712162 | &nbsp;&nbsp; 209712162 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Energy | 4661918 | &nbsp;&nbsp; 4661918 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 123949960 | &nbsp;&nbsp; 123949960 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 136602531 | &nbsp;&nbsp; 136602531 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 179914824 | &nbsp;&nbsp; 179914824 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 776746070 | &nbsp;&nbsp; 776746070 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 7203153 | &nbsp;&nbsp; 7203153 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 120800742 | &nbsp;&nbsp; 120800742 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$1917590937** | &nbsp;&nbsp; **$1917590937** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| Health Care | — <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>1</sup><br>|
| Information Technology | 73740174 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 73740174 |
| **TOTAL PREFERRED STOCKS** | **$73740174** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$73740174** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 41046157 | &nbsp;&nbsp; 41046157 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$2032377268** | &nbsp;&nbsp; **$1958637094** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$73740174** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Institutional** <br> **Fund**<br>| **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $3557993 | &nbsp;&nbsp; $3557993 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 5102350 | &nbsp;&nbsp; 5102350 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 280580 | &nbsp;&nbsp; 280580 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 5724269 | &nbsp;&nbsp; 5724269 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 3959553 | &nbsp;&nbsp; 3959553 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 11115185 | &nbsp;&nbsp; 11115185 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 14760732 | &nbsp;&nbsp; 14760732 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 718901 | &nbsp;&nbsp; 718901 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Real Estate | 2244508 | &nbsp;&nbsp; 2244508 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 1709241 | &nbsp;&nbsp; 1709241 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$49173312** | &nbsp;&nbsp; **$49173312** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| Health Care | — <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>1</sup><br>|
| Information Technology | 280196 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 280196 |
| **TOTAL PREFERRED STOCKS** | **$280196** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$280196** |
| **RIGHTS** |  |  |  |  |
| Health Care | — <br><sup>2</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>2</sup><br>|
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| Information Technology | 506385 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 506385 |
| **WARRANTS** |  |  |  |  |
| Information Technology | — <br><sup>3</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>3</sup><br>| &nbsp;&nbsp; — |

---

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Institutional** <br> **Fund**<br>| **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | $987894 | &nbsp;&nbsp; $987894 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$50947787** | &nbsp;&nbsp; **$50161206** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$786581** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Institutional** <br> **Fund**<br>| **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $409510 | &nbsp;&nbsp; $409510 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 9287768 | &nbsp;&nbsp; 9287768 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 2208388 | &nbsp;&nbsp; 2208388 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Energy | 306526 | &nbsp;&nbsp; 306526 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 1765329 | &nbsp;&nbsp; 1765329 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 17296835 | &nbsp;&nbsp; 17233585 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63250 |
| Industrials | 10634314 | &nbsp;&nbsp; 10634314 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 17738382 | &nbsp;&nbsp; 17738382 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 94869 | &nbsp;&nbsp; 94869 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 327227 | &nbsp;&nbsp; 327227 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$60069148** | &nbsp;&nbsp; **$60005898** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$63250** |
| **PREFERRED STOCKS** |  |  |  |  |
| Health Care | 166099 <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 166099 <br><sup>1</sup><br>|
| Information Technology | 3062461 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3062461 |
| **TOTAL PREFERRED STOCKS** | **$3228560** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$3228560** |
| **RIGHTS** |  |  |  |  |
| Health Care | 41703 <br><sup>2</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41703 <br><sup>2</sup><br>|
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| Information Technology | 1045440 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1045440 |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 3357768 | &nbsp;&nbsp; 3357768 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$67742619** | &nbsp;&nbsp; **$63363666** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$4378953** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Each of Alger Focus Equity Fund's, Alger Mid Cap Growth Institutional Fund's and Alger Small Cap Growth Institutional Fund's holdings of Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of April 30, 2025. 

<sup>2</sup> 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, 2025. 

<sup>3</sup> 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, 2025. 

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Capital Appreciation Institutional Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $7667569 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (343265)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 22159947 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2025 | &nbsp;&nbsp; 29484251 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2025\*\***<br>| &nbsp;&nbsp; **$(343265)** <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Capital Appreciation Institutional Fund** | **Special Purpose** <br> **Vehicle**<br>|
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $2671929 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (662724)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2025 | &nbsp;&nbsp; 2009205 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2025\*\***<br>| &nbsp;&nbsp; **$(662724)** <br>|

---

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Focus Equity Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $14,839,477\* |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 58900697 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2025 | &nbsp;&nbsp; 73,740,174\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2025\*\***<br>| &nbsp;&nbsp; **$—**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Mid Cap Growth Institutional Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $280,196\* |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2025 | &nbsp;&nbsp; 280,196\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2025\*\***<br>| &nbsp;&nbsp; **$—** |

---

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Mid Cap Growth Institutional Fund** | **Rights** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $131108 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (131108)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2025 | &nbsp;&nbsp; —\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2025\*\***<br>| &nbsp;&nbsp; **$(131108)** <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Mid Cap Growth Institutional Fund** | **Special Purpose** <br> **Vehicle**<br>|
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $673413 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (167028)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2025 | &nbsp;&nbsp; 506385 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2025\*\***<br>| &nbsp;&nbsp; **$(167028)** <br>|

---

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Small Cap Growth Institutional Fund** | **Common Stocks** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $1546106 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (1482856)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2025 | &nbsp;&nbsp; 63250 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2025\*\***<br>| &nbsp;&nbsp; **$(1482856)** <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Small Cap Growth Institutional Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $4,283,941\* |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (1055381)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2025 | &nbsp;&nbsp; 3,228,560\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2025\*\***<br>| &nbsp;&nbsp; **$(1055381)** <br>|

---

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Small Cap Growth Institutional Fund** | **Rights** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $203664 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (161961)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2025 | &nbsp;&nbsp; 41703 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2025\*\***<br>| &nbsp;&nbsp; **$(161961)** <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Small Cap Growth Institutional Fund** | **Special Purpose** <br> **Vehicle**<br>|
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $1390272 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (344832)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2025 | &nbsp;&nbsp; 1045440 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2025\*\***<br>| &nbsp;&nbsp; **$(344832)** <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes securities that are fair valued at zero. <br> \*\* 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, 2025. 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.

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** <br>**April 30,** <br>**2025**<br>| **Valuation** <br>**Methodology**<br>| **Unobservable** <br>**Inputs**<br>| **Inputs/Range** | **Weighted** <br>**Average Inputs**<br>|
| Alger Capital Appreciation Institutional Fund | Alger Capital Appreciation Institutional Fund | Alger Capital Appreciation Institutional Fund | Alger Capital Appreciation Institutional Fund | Alger Capital Appreciation Institutional Fund | Alger Capital Appreciation Institutional Fund |
| **Preferred Stocks** | $29484251 | Market <br>Approach<br>| Revenue Multiple | 7.00x-22.88x | 14.25x |
| **Special Purpose** <br> **Vehicle**<br>| 2009205 | Market <br>Approach<br>| Revenue Multiple | 7.00x | N/A\* |
| Alger Focus Equity Fund | Alger Focus Equity Fund | Alger Focus Equity Fund | Alger Focus Equity Fund | Alger Focus Equity Fund | Alger Focus Equity Fund |
| **Preferred Stocks** | 73740174 | Market <br>Approach<br>| Revenue Multiple | 10.15x-22.88x | 15.45x |
|  | —\*\* | Income <br>Approach<br>| Discount Rate | 100% | N/A\* |
| Alger Mid Cap Growth Institutional Fund | Alger Mid Cap Growth Institutional Fund | Alger Mid Cap Growth Institutional Fund | Alger Mid Cap Growth Institutional Fund | Alger Mid Cap Growth Institutional Fund | Alger Mid Cap Growth Institutional Fund |
| **Preferred Stocks** | 280196 | Market <br>Approach<br>| Revenue Multiple | 22.88x | N/A\* |
|  | —\*\* | Income <br>Approach<br>| Discount Rate | 100% | N/A |
| **Rights** | —\*\*\* | Income <br>Approach<br>| Discount Rate <br>Probability of Success<br>| 100% <br>0.00%<br>| N/A\* <br>N/A\*<br>|
| **Special Purpose** <br> **Vehicle**<br>| 506385 | Market <br>Approach<br>| Revenue Multiple | 7.00x | N/A\* |
| Alger Small Cap Growth Institutional Fund | Alger Small Cap Growth Institutional Fund | Alger Small Cap Growth Institutional Fund | Alger Small Cap Growth Institutional Fund | Alger Small Cap Growth Institutional Fund | Alger Small Cap Growth Institutional Fund |
| **Common Stocks** | 63250 | Market <br>Approach<br>| Revenue Multiple | 1.33x | N/A\* |
| **Preferred Stocks** | —\*\* | Income <br>Approach<br>| Discount Rate | 100% | N/A\* |
|  | 3228560 | Market <br>Approach<br>| Revenue Multiple | 1.33x-7.00x | 6.68 |
| **Rights** | —\*\*\* | Income <br>Approach<br>| Discount Rate <br>Probability of Success<br>| 100% <br>0.00%<br>| N/A\* <br>N/A\*<br>|
|  | 41703 | Income <br>Approach<br>| Discount Rate <br>Probability of Success<br>| 5.09% <br>12.00%-44.00%<br>| 5.09% <br>39.12%<br>|
| **Special Purpose** <br> **Vehicle**<br>| 1045440 | Market <br>Approach<br>| Revenue Multiple | 7.00x | N/A\* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>\*</sup> | Security type listed and respective valuation methodology and unobservable input, represents only one <br>investment.<br>|
| <sup>\*\*</sup> <br>| Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of <br> April 30, 2025.<br>|
| <sup>\*\*\*</sup> | Tolero CDRs are classified as a Level 3 investment and are fair valued at zero as of April 30, 2025. |

---

The significant unobservable inputs used in the fair value measurement of each Fund's securities are revenue 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

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

revenue and EBITDA multiples, decreases in discount rates, and increases in the probability of success result in higher fair value measurements, whereas decreases in revenues and EBITDA multiples, increases in discount rates, and decreases in the probability of success result in lower fair value measurements. For the period ended April 30, 2025, there were no changes in valuation methodology on Level 3 investments.

**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 period or as of April 30, 2025.

**NOTE 11 — Principal Risks:**

------

**<u>Alger Capital Appreciation Institutional Fund</u>** — 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. 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.

**<u>Alger Focus Equity Fund</u>** — 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. Foreign securities involve

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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.

**<u>Alger Mid Cap Growth Institutional Fund</u>** — 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.

**<u>Alger Small Cap Growth Institutional Fund</u>** — 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 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. 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

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

illiquid. 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, 2025, 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, 2025 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%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2024**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**April 30,** <br>**2025**<br>|
| **Alger Capital Appreciation Institutional Fund** | **Alger Capital Appreciation Institutional Fund** | **Alger Capital Appreciation Institutional Fund** | **Alger Capital Appreciation Institutional Fund** | **Alger Capital Appreciation Institutional Fund** | **Alger Capital Appreciation Institutional Fund** | **Alger Capital Appreciation Institutional Fund** | **Alger Capital Appreciation Institutional Fund** | **Alger Capital Appreciation Institutional Fund** |
| **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** |
| Crosslink Ventures C, <br> LLC, Cl. A<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(662724)<br>| &nbsp;&nbsp; $2009205 |
| **Total** |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(662724)<br>| &nbsp;&nbsp; $2009205 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2024**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**April 30,** <br>**2025**<br>|
| **Alger Mid Cap Growth Institutional Fund** | **Alger Mid Cap Growth Institutional Fund** | **Alger Mid Cap Growth Institutional Fund** | **Alger Mid Cap Growth Institutional Fund** | **Alger Mid Cap Growth Institutional Fund** | **Alger Mid Cap Growth Institutional Fund** | **Alger Mid Cap Growth Institutional Fund** | **Alger Mid Cap Growth Institutional Fund** | **Alger Mid Cap Growth Institutional Fund** |
| **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** |
| Crosslink Ventures C, <br> LLC, Cl. A<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(118536)<br>| &nbsp;&nbsp; $359370 |
| Crosslink Ventures C, <br> LLC, Cl. B<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (48492)<br>| &nbsp;&nbsp; 147015 |
| **Total** |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(167028)<br>| &nbsp;&nbsp; $506385 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2024**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**April 30,** <br>**2025**<br>|
| **Alger Small Cap Growth Institutional Fund** | **Alger Small Cap Growth Institutional Fund** | **Alger Small Cap Growth Institutional Fund** | **Alger Small Cap Growth Institutional Fund** | **Alger Small Cap Growth Institutional Fund** | **Alger Small Cap Growth Institutional Fund** | **Alger Small Cap Growth Institutional Fund** | **Alger Small Cap Growth Institutional Fund** | **Alger Small Cap Growth Institutional Fund** |
| **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** |
| Crosslink Ventures C, <br> LLC, Cl. A<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(274788)<br>| &nbsp;&nbsp; $833085 |
| Crosslink Ventures C, <br> LLC, Cl. B<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (70044)<br>| &nbsp;&nbsp; 212355 |
| **Total** |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(344832)<br>| &nbsp;&nbsp; $1045440 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> The Alger Fund Complex and other entities managed by Alger Management fully own Crosslink Ventures C, LLC, Class A and Crosslink Ventures C, LLC, Class B. There were no capital increases or decreases for the period ended April 30, 2025.

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

**NOTE 13 — Subsequent Events:**

------

Management of each Fund has evaluated events that have occurred subsequent to April 30, 2025, through the issuance date of the Financial Statements. No material events, with the exception of the below, have been identified which require recognition and/or disclosure.

The Board approved, subject to shareholder approval, a proposal to change the Alger Focus Equity Fund from a "diversified company" to a "non-diversified company" and to eliminate the Fund's related fundamental investment policy on diversification (the "Proposal"). A meeting of shareholders of the Fund was scheduled for May 5, 2025, to vote on the Proposal, but was first adjourned until June 16, 2025 and then until August 1, 2025 because there was not a quorum of shareholders to hold a vote.

------

**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

------

**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 provides 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 the 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.

------

**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.

------

![](img1e1b502b3.gif)

Inspired by Change, Driven by Growth.

![](imgdf4f7a0f4.gif)

**AIFSAR**

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

Not Applicable.

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies

------

Not Applicable.

------

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 Statement 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.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

Not Applicable.

------

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION

&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

ITEM 19. EXHIBITS.

(a)(1) Not applicable.

(a)(2) Not applicable. <br>(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.](taif-efp16484_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;**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 23, 2025 |

---

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 23, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Michael D. Martins |
| Name: | Michael D. Martins |
| Title: | Principal Financial Officer |
| Date: | June 23, 2025 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**Rule 30a-2(a) CERTIFICATIONS**

I, Hal Liebes, certify that:

1. I have reviewed this report on Form N-CSR of The Alger Institutional Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Hal Liebes |
| Name: | Hal Liebes |
| Title: | Principal Executive Officer |
| Date: | June 23, 2025 |

---

**Rule 30a-2(a) CERTIFICATIONS**

I, Michael D. Martins, certify that:

1. I have reviewed this report on Form N-CSR of The Alger Institutional Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| By: | /s/ Michael D. Martins |
| Name: | Michael D. Martins |
| Title: | Principal Financial Officer |
| Date: | June 23, 2025 |

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