# EDGAR Filing Document

**Accession Number:** 0000911415
**File Stem:** 0000940400-26-011724
**Filing Date:** 2026-3
**Character Count:** 133131
**Document Hash:** a5879c174c8088f7244d9dad1fcb3435
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-011724.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0000940400-26-011724

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20260130

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**PERIOD START**: 20261031

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07986
- **FILM NUMBER:** 26805042

**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 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           |

## Nport-Ex

![](imgcc3fb19a1.gif)

THE ALGER INSTITUTIONAL FUNDS

**QUARTERLY REPORT**

**January 31, 2026 (UNAUDITED)**

![](img4590445e2.gif)

------

**THE ALGER INSTITUTIONAL FUNDS**

**ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND**

**Schedule of Investments January 31, 2026 (Unaudited)** <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.1%** | **COMMON STOCKS—97.1%** | **COMMON STOCKS—97.1%** |
| **AEROSPACE & DEFENSE—1.0%** | **AEROSPACE & DEFENSE—1.0%** | **AEROSPACE & DEFENSE—1.0%** |
| HEICO Corp. | 35141 | **$** 11628508 |
| HEICO Corp., Cl. A | 69694 | 17743396 |
|  |  | **29371904** |
| **APPLICATION SOFTWARE—3.0%** | **APPLICATION SOFTWARE—3.0%** | **APPLICATION SOFTWARE—3.0%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 165176 | 78146417 |
| Cadence Design Systems, Inc.<sup>\*</sup>  | 12161 | 3604034 |
| IREN Ltd.<sup>\*</sup>  | 106175 | 5705844 |
| Unity Software, Inc.<sup>\*</sup>  | 141565 | 4119542 |
|  |  | **91575837** |
| **AUTOMOBILE MANUFACTURERS—3.7%** | **AUTOMOBILE MANUFACTURERS—3.7%** | **AUTOMOBILE MANUFACTURERS—3.7%** |
| Tesla, Inc.<sup>\*</sup>  | 266632 | **114761079** |
| **AUTOMOTIVE RETAIL—0.2%** | **AUTOMOTIVE RETAIL—0.2%** | **AUTOMOTIVE RETAIL—0.2%** |
| Carvana Co.<sup>\*</sup>  | 14394 | **5773577** |
| **BIOTECHNOLOGY—3.5%** | **BIOTECHNOLOGY—3.5%** | **BIOTECHNOLOGY—3.5%** |
| Abivax SA ADR<sup>\*</sup>  | 191511 | 21286448 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 254377 | 17635957 |
| Ascendis Pharma A/S ADR<sup>\*</sup>  | 44572 | 10077729 |
| Biogen, Inc.<sup>\*</sup>  | 82605 | 14859814 |
| Cogent Biosciences, Inc.<sup>\*</sup>  | 109432 | 3929703 |
| Natera, Inc.<sup>\*</sup>  | 164515 | 38025997 |
| Roivant Sciences Ltd.<sup>\*</sup>  | 138524 | 2994889 |
|  |  | **108810537** |
| **BROADLINE RETAIL—9.2%** | **BROADLINE RETAIL—9.2%** | **BROADLINE RETAIL—9.2%** |
| Amazon.com, Inc.<sup>\*</sup>  | 874951 | 209375774 |
| MercadoLibre, Inc.<sup>\*</sup>  | 12376 | 26581049 |
| Sea Ltd., Cl. A ADR<sup>\*</sup>  | 406194 | 47317539 |
|  |  | **283274362** |
| **COAL & CONSUMABLE FUELS—0.4%** | **COAL & CONSUMABLE FUELS—0.4%** | **COAL & CONSUMABLE FUELS—0.4%** |
| Cameco Corp. | 100191 | **12362568** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.8%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.8%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.8%** |
| Rocket Cos., Inc., Cl. A | 1316489 | **23604648** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.3%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.3%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.3%** |
| Caterpillar, Inc. | 14211 | **9341743** |
| **CONSTRUCTION MATERIALS—0.3%** | **CONSTRUCTION MATERIALS—0.3%** | **CONSTRUCTION MATERIALS—0.3%** |
| Martin Marietta Materials, Inc. | 15890 | **10359486** |
| **CONSUMER FINANCE—0.3%** | **CONSUMER FINANCE—0.3%** | **CONSUMER FINANCE—0.3%** |
| Figure Technology Solutions, Inc., Cl. A<sup>\*</sup>  | 153472 | **8729487** |
| **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** |
| Constellation Energy Corp. | 49060 | **13770161** |

---

*See Notes to Financial Statements.*

------

**THE ALGER INSTITUTIONAL FUNDS**

**ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND**

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.1% (CONT.)** | **COMMON STOCKS—97.1% (CONT.)** | **COMMON STOCKS—97.1% (CONT.)** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—0.7%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.7%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.7%** |
| Eaton Corp. PLC | 8937 | **$** 3140641 |
| Vertiv Holdings Co., Cl. A | 101325 | 18864688 |
|  |  | **22005329** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.8%** |
| GFL Environmental, Inc. | 586527 | **25191335** |
| **FINANCIAL EXCHANGES & DATA—0.7%** | **FINANCIAL EXCHANGES & DATA—0.7%** | **FINANCIAL EXCHANGES & DATA—0.7%** |
| S&P Global, Inc. | 41298 | **21796671** |
| **HEALTH CARE DISTRIBUTORS—0.4%** | **HEALTH CARE DISTRIBUTORS—0.4%** | **HEALTH CARE DISTRIBUTORS—0.4%** |
| Cardinal Health, Inc. | 55330 | **11889310** |
| **HEALTHCARE EQUIPMENT—1.2%** | **HEALTHCARE EQUIPMENT—1.2%** | **HEALTHCARE EQUIPMENT—1.2%** |
| Boston Scientific Corp.<sup>\*</sup>  | 161339 | 15090037 |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 41659 | 21005301 |
|  |  | **36095338** |
| **HEAVY ELECTRICAL EQUIPMENT—1.0%** | **HEAVY ELECTRICAL EQUIPMENT—1.0%** | **HEAVY ELECTRICAL EQUIPMENT—1.0%** |
| GE Vernova, Inc. | 42727 | **31035611** |
| **HOME FURNISHINGS—0.4%** | **HOME FURNISHINGS—0.4%** | **HOME FURNISHINGS—0.4%** |
| Somnigroup International, Inc. | 148273 | **13025783** |
| **HOUSEHOLD APPLIANCES—0.2%** | **HOUSEHOLD APPLIANCES—0.2%** | **HOUSEHOLD APPLIANCES—0.2%** |
| SharkNinja, Inc.<sup>\*</sup>  | 63691 | **7528276** |
| **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>  | 222448 | 77491985 |
| Vistra Corp. | 58104 | 9200769 |
|  |  | **86692754** |
| **INTERACTIVE MEDIA & SERVICES—11.3%** | **INTERACTIVE MEDIA & SERVICES—11.3%** | **INTERACTIVE MEDIA & SERVICES—11.3%** |
| Alphabet, Inc., Cl. C | 494611 | 167440662 |
| Meta Platforms, Inc., Cl. A | 249326 | 178642079 |
|  |  | **346082741** |
| **INTERNET SERVICES & INFRASTRUCTURE—2.1%** | **INTERNET SERVICES & INFRASTRUCTURE—2.1%** | **INTERNET SERVICES & INFRASTRUCTURE—2.1%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 38132 | 6762710 |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 66147 | 24562365 |
| Okta, Inc., Cl. A<sup>\*</sup>  | 101922 | 8610371 |
| Shopify, Inc., Cl. A<sup>\*</sup>  | 90403 | 11863586 |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 105665 | 12728406 |
|  |  | **64527438** |
| **INVESTMENT BANKING & BROKERAGE—0.6%** | **INVESTMENT BANKING & BROKERAGE—0.6%** | **INVESTMENT BANKING & BROKERAGE—0.6%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 198476 | **19744392** |
| **LIFE SCIENCES TOOLS & SERVICES—0.4%** | **LIFE SCIENCES TOOLS & SERVICES—0.4%** | **LIFE SCIENCES TOOLS & SERVICES—0.4%** |
| Repligen Corp.<sup>\*</sup>  | 73719 | **11011407** |

---

*See Notes to Financial Statements.*

------

**THE ALGER INSTITUTIONAL FUNDS**

**ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND**

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.1% (CONT.)** | **COMMON STOCKS—97.1% (CONT.)** | **COMMON STOCKS—97.1% (CONT.)** |
| **MANAGED HEALTHCARE—0.5%** | **MANAGED HEALTHCARE—0.5%** | **MANAGED HEALTHCARE—0.5%** |
| UnitedHealth Group, Inc. | 50025 | **$14353673** |
| **MOVIES & ENTERTAINMENT—3.4%** | **MOVIES & ENTERTAINMENT—3.4%** | **MOVIES & ENTERTAINMENT—3.4%** |
| Liberty Media Corp. Series C Liberty Formula One<sup>\*</sup>  | 114290 | 9945516 |
| Netflix, Inc.<sup>\*</sup>  | 420468 | 35104873 |
| Roku, Inc., Cl. A<sup>\*</sup>  | 253058 | 24091122 |
| Sphere Entertainment Co., Cl. A<sup>\*</sup>  | 33710 | 3219642 |
| Spotify Technology SA<sup>\*</sup>  | 61781 | 30912123 |
|  |  | **103273276** |
| **PHARMACEUTICALS—1.4%** | **PHARMACEUTICALS—1.4%** | **PHARMACEUTICALS—1.4%** |
| AstraZeneca PLC ADR | 208596 | 19351451 |
| Eli Lilly & Co. | 21923 | 22737439 |
|  |  | **42088890** |
| **SEMICONDUCTORS—23.0%** | **SEMICONDUCTORS—23.0%** | **SEMICONDUCTORS—23.0%** |
| Astera Labs, Inc.<sup>\*</sup>  | 197651 | 29770194 |
| Broadcom, Inc. | 400302 | 132620053 |
| NVIDIA Corp. | 2051799 | 392160343 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 465276 | 153801634 |
|  |  | **708352224** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.2%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.2%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.2%** |
| Celsius Holdings, Inc.<sup>\*</sup>  | 115817 | **6078076** |
| **SPECIALTY CHEMICALS—0.4%** | **SPECIALTY CHEMICALS—0.4%** | **SPECIALTY CHEMICALS—0.4%** |
| DuPont de Nemours, Inc. | 272964 | **11988579** |
| **SYSTEMS SOFTWARE—12.2%** | **SYSTEMS SOFTWARE—12.2%** | **SYSTEMS SOFTWARE—12.2%** |
| Microsoft Corp. | 654098 | 281451828 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 1110188 | 94576916 |
|  |  | **376028744** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.9%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.9%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.9%** |
| Apple, Inc. | 633694 | 164430919 |
| Seagate Technology Holdings PLC | 23091 | 9413970 |
| Western Digital Corp. | 281379 | 70409467 |
|  |  | **244254356** |
| **TRADING COMPANIES & DISTRIBUTORS—1.8%** | **TRADING COMPANIES & DISTRIBUTORS—1.8%** | **TRADING COMPANIES & DISTRIBUTORS—1.8%** |
| EquipmentShare.com, Inc., Cl. A<sup>\*</sup>  | 244250 | 7596175 |
| QXO, Inc.<sup>\*</sup>  | 2160036 | 47909599 |
|  |  | **55505774** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—0.6%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.6%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.6%** |
| Visa, Inc., Cl. A | 54987 | **17696466** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $1,247,806,980) |  | **2987981832** |

---

*See Notes to Financial Statements.*

------

**THE ALGER INSTITUTIONAL FUNDS**

**ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND**

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **PREFERRED STOCKS—2.7%** | **PREFERRED STOCKS—2.7%** | **PREFERRED STOCKS—2.7%** |
| **APPLICATION SOFTWARE—2.0%** | **APPLICATION SOFTWARE—2.0%** | **APPLICATION SOFTWARE—2.0%** |
| Databricks, Inc., Series J<sup>(a),\*,@</sup>  | 239567 | **$** 45517730 |
| Databricks, Inc., Series K<sup>(a),\*,@</sup>  | 4447 | 844930 |
| Databricks, Inc., Series L<sup>(a),\*,@</sup>  | 41665 | 7916350 |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 365046 | 6282442 |
|  |  | **60561452** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.7%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.7%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.7%** |
| Apptronik, Inc., Series A-X1<sup>(a),\*,@</sup>  | 231892 | 8572398 |
| Figure AI, Inc., Series C<sup>(a),\*,@</sup>  | 69445 | 13537023 |
|  |  | **22109421** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $59,135,212) |  | **82670873** |
| **SPECIAL PURPOSE VEHICLE—0.4%** | **SPECIAL PURPOSE VEHICLE—0.4%** | **SPECIAL PURPOSE VEHICLE—0.4%** |
| **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** |
| Disruptive Technology Solutions LI, LLC<sup>(a),\*,@</sup>  |  | **12879000** |
| &nbsp;&nbsp;&nbsp; (Cost $13,297,567) |  | **12879000** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $1,320,239,759)** | 100.2% | **$3083531705** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $1,320,239,759) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3083531705 |
| Liabilities in Excess of Other Assets | (0.2)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6928031) |
| **NET ASSETS** | 100.0% | **$3076603674** |

---

&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>|
| *\** | *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>*1/31/2026*<br>|
| *Apptronik, Inc., Series A-X1* | *1/29/26* | &nbsp;&nbsp; $*8572398* | $*8572398* | *0.3%* |
| *Databricks, Inc., Series J* | *12/17/24* | *22159947* | *45517730* | *1.5%* |
| *Databricks, Inc., Series K* | *9/8/25* | *667050* | *844930* | *0.0%* |
| *Databricks, Inc., Series L* | *12/16/25* | *7916350* | *7916350* | *0.3%* |
| *Disruptive Technology Solutions LI, LLC* | *11/4/25* | *13297567* | *12879000* | *0.4%* |
| *Figure AI, Inc., Series C* | *11/18/25* | *13537025* | *13537023* | *0.4%* |
| *SB Technology, Inc., Series E* | *10/23/24* | *6282442* | *6282442* | *0.2%* |
| *Total* |  | *$72432779* | *$95549873* | *3.1%* |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—94.9%** | **COMMON STOCKS—94.9%** | **COMMON STOCKS—94.9%** |
| **AEROSPACE & DEFENSE—0.9%** | **AEROSPACE & DEFENSE—0.9%** | **AEROSPACE & DEFENSE—0.9%** |
| HEICO Corp., Cl. A | 183723 | **$46774039** |
| **APPLICATION SOFTWARE—2.4%** | **APPLICATION SOFTWARE—2.4%** | **APPLICATION SOFTWARE—2.4%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 208620 | 98700208 |
| Unity Software, Inc.<sup>\*</sup>  | 663848 | 19317977 |
|  |  | **118018185** |
| **AUTOMOBILE MANUFACTURERS—3.9%** | **AUTOMOBILE MANUFACTURERS—3.9%** | **AUTOMOBILE MANUFACTURERS—3.9%** |
| Tesla, Inc.<sup>\*</sup>  | 448042 | **192841757** |
| **BIOTECHNOLOGY—3.1%** | **BIOTECHNOLOGY—3.1%** | **BIOTECHNOLOGY—3.1%** |
| Abivax SA ADR<sup>\*</sup>  | 328226 | 36482320 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 527231 | 36552925 |
| Biogen, Inc.<sup>\*</sup>  | 161134 | 28986395 |
| Cogent Biosciences, Inc.<sup>\*</sup>  | 204318 | 7337060 |
| Natera, Inc.<sup>\*</sup>  | 187530 | 43345684 |
|  |  | **152704384** |
| **BROADLINE RETAIL—11.5%** | **BROADLINE RETAIL—11.5%** | **BROADLINE RETAIL—11.5%** |
| Amazon.com, Inc.<sup>\*</sup>  | 1719815 | 411551730 |
| MercadoLibre, Inc.<sup>\*</sup>  | 26136 | 56134639 |
| Sea Ltd., Cl. A ADR<sup>\*</sup>  | 888321 | 103480513 |
|  |  | **571166882** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.0%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.0%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.0%** |
| Rocket Cos., Inc., Cl. A | 2715885 | **48695818** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.3%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.3%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.3%** |
| Caterpillar, Inc. | 23648 | **15545249** |
| **CONSTRUCTION MATERIALS—0.3%** | **CONSTRUCTION MATERIALS—0.3%** | **CONSTRUCTION MATERIALS—0.3%** |
| Martin Marietta Materials, Inc. | 22312 | **14546308** |
| **CONSUMER FINANCE—0.3%** | **CONSUMER FINANCE—0.3%** | **CONSUMER FINANCE—0.3%** |
| Figure Technology Solutions, Inc., Cl. A<sup>\*</sup>  | 267998 | **15243726** |
| **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** |
| Constellation Energy Corp. | 75603 | **21220250** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.5%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.5%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.5%** |
| GFL Environmental, Inc. | 637500 | **27380625** |
| **FINANCIAL EXCHANGES & DATA—0.5%** | **FINANCIAL EXCHANGES & DATA—0.5%** | **FINANCIAL EXCHANGES & DATA—0.5%** |
| S&P Global, Inc. | 49059 | **25892850** |
| **HEALTHCARE EQUIPMENT—1.0%** | **HEALTHCARE EQUIPMENT—1.0%** | **HEALTHCARE EQUIPMENT—1.0%** |
| Boston Scientific Corp.<sup>\*</sup>  | 232742 | 21768359 |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 57562 | 29023912 |
|  |  | **50792271** |
| **HEAVY ELECTRICAL EQUIPMENT—1.5%** | **HEAVY ELECTRICAL EQUIPMENT—1.5%** | **HEAVY ELECTRICAL EQUIPMENT—1.5%** |
| GE Vernova, Inc. | 101486 | **73716386** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—94.9% (CONT.)** | **COMMON STOCKS—94.9% (CONT.)** | **COMMON STOCKS—94.9% (CONT.)** |
| **HOME FURNISHINGS—0.6%** | **HOME FURNISHINGS—0.6%** | **HOME FURNISHINGS—0.6%** |
| Somnigroup International, Inc. | 322954 | **$28371509** |
| **HOUSEHOLD APPLIANCES—0.5%** | **HOUSEHOLD APPLIANCES—0.5%** | **HOUSEHOLD APPLIANCES—0.5%** |
| SharkNinja, Inc.<sup>\*</sup>  | 227639 | **26906930** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.7%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.7%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.7%** |
| Talen Energy Corp.<sup>\*</sup>  | 365900 | 127464924 |
| Vistra Corp. | 48641 | 7702302 |
|  |  | **135167226** |
| **INTERACTIVE MEDIA & SERVICES—10.6%** | **INTERACTIVE MEDIA & SERVICES—10.6%** | **INTERACTIVE MEDIA & SERVICES—10.6%** |
| Alphabet, Inc., Cl. C | 870791 | 294788877 |
| Meta Platforms, Inc., Cl. A | 329821 | 236316747 |
|  |  | **531105624** |
| **INTERNET SERVICES & INFRASTRUCTURE—0.6%** | **INTERNET SERVICES & INFRASTRUCTURE—0.6%** | **INTERNET SERVICES & INFRASTRUCTURE—0.6%** |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 80102 | **29744276** |
| **INVESTMENT BANKING & BROKERAGE—0.2%** | **INVESTMENT BANKING & BROKERAGE—0.2%** | **INVESTMENT BANKING & BROKERAGE—0.2%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 104537 | **10399341** |
| **MOVIES & ENTERTAINMENT—3.5%** | **MOVIES & ENTERTAINMENT—3.5%** | **MOVIES & ENTERTAINMENT—3.5%** |
| Liberty Media Corp. Series C Liberty Formula One<sup>\*</sup>  | 281583 | 24503353 |
| Netflix, Inc.<sup>\*</sup>  | 553672 | 46226075 |
| Roku, Inc., Cl. A<sup>\*</sup>  | 622117 | 59225538 |
| Spotify Technology SA<sup>\*</sup>  | 91380 | 45721983 |
|  |  | **175676949** |
| **PHARMACEUTICALS—0.8%** | **PHARMACEUTICALS—0.8%** | **PHARMACEUTICALS—0.8%** |
| AstraZeneca PLC ADR | 432379 | **40111800** |
| **SEMICONDUCTORS—25.1%** | **SEMICONDUCTORS—25.1%** | **SEMICONDUCTORS—25.1%** |
| Astera Labs, Inc.<sup>\*</sup>  | 422488 | 63635142 |
| Broadcom, Inc. | 636577 | 210897960 |
| NVIDIA Corp. | 3677506 | 702881722 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 833659 | 275574319 |
|  |  | **1252989143** |
| **SPECIALTY CHEMICALS—0.4%** | **SPECIALTY CHEMICALS—0.4%** | **SPECIALTY CHEMICALS—0.4%** |
| DuPont de Nemours, Inc. | 399792 | **17558865** |
| **SYSTEMS SOFTWARE—13.0%** | **SYSTEMS SOFTWARE—13.0%** | **SYSTEMS SOFTWARE—13.0%** |
| Microsoft Corp. | 1051870 | 452609142 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 2313894 | 197120630 |
|  |  | **649729772** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.7%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.7%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.7%** |
| Apple, Inc. | 876620 | 227465358 |
| Western Digital Corp. | 421719 | 105526745 |
|  |  | **332992103** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—94.9% (CONT.)** | **COMMON STOCKS—94.9% (CONT.)** | **COMMON STOCKS—94.9% (CONT.)** |
| **TRADING COMPANIES & DISTRIBUTORS—2.6%** | **TRADING COMPANIES & DISTRIBUTORS—2.6%** | **TRADING COMPANIES & DISTRIBUTORS—2.6%** |
| QXO, Inc.<sup>\*</sup>  | 5811486 | **$128898759** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,305,320,800) |  | **4734191027** |
| **PREFERRED STOCKS—3.0%** | **PREFERRED STOCKS—3.0%** | **PREFERRED STOCKS—3.0%** |
| **APPLICATION SOFTWARE—2.6%** | **APPLICATION SOFTWARE—2.6%** | **APPLICATION SOFTWARE—2.6%** |
| Databricks, Inc., Series J<sup>(a),\*,@</sup>  | 552095 | 104898050 |
| Databricks, Inc., Series K<sup>(a),\*,@</sup>  | 10005 | 1900950 |
| Databricks, Inc., Series L<sup>(a),\*,@</sup>  | 9809 | 1863710 |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 1317338 | 22671387 |
|  |  | **131334097** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.4%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.4%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.4%** |
| Figure AI, Inc., Series C<sup>(a),\*,@</sup>  | 98079 | **19118694** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $96,223,330) |  | **150452791** |
| **SPECIAL PURPOSE VEHICLE—0.6%** | **SPECIAL PURPOSE VEHICLE—0.6%** | **SPECIAL PURPOSE VEHICLE—0.6%** |
| **APPLICATION SOFTWARE—0.6%** | **APPLICATION SOFTWARE—0.6%** | **APPLICATION SOFTWARE—0.6%** |
| Disruptive Technology Solutions LI, LLC<sup>(a),(b),\*,@</sup>  |  | **27433000** |
| &nbsp;&nbsp;&nbsp; (Cost $28,324,572) |  | **27433000** |
| **SHORT-TERM SECURITIES—0.7%** | **SHORT-TERM SECURITIES—0.7%** | **SHORT-TERM SECURITIES—0.7%** |
| **MONEY MARKET FUNDS—0.7%** | **MONEY MARKET FUNDS—0.7%** | **MONEY MARKET FUNDS—0.7%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.58%<sup>(c)</sup>  | 37588391 | **37588391** |
| &nbsp;&nbsp;&nbsp; (Cost $37,588,391) |  | **37588391** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $3,467,457,093)** | 99.2% | **$4949665209** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Securities (Cost $28,324,572) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27433000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $3,439,132,521) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4922232209 |
| Other Assets in Excess of Liabilities | 0.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37661056 |
| **NET ASSETS** | 100.0% | **$4987326265** |

---

&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> *4 - Affiliated Securities.*<br>|
| *(c)* | *Rate shown reflects 7-day effective yield as of January 31, 2026.* |
| *\** | *Non-income producing security.* |
| *@* | *Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the* <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 January 31, 2026 (Unaudited) (Continued)** <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>*1/31/2026*<br>|
| *Databricks, Inc., Series J* | *12/17/24* | &nbsp;&nbsp; $*51068787* | $*104898050* | *2.1%* |
| *Databricks, Inc., Series K* | *9/8/25* | *1500750* | *1900950* | *0.0%* |
| *Databricks, Inc., Series L* | *12/16/25* | *1863710* | *1863710* | *0.0%* |
| *Disruptive Technology Solutions LI, LLC* | *11/4/25* | *28324572* | *27433000* | *0.6%* |
| *Figure AI, Inc., Series C* | *11/18/25* | *19118696* | *19118694* | *0.4%* |
| *SB Technology, Inc., Series E* | *10/23/24 - 12/18/24* | *22671387* | *22671387* | *0.5%* |
| *Total* |  | *$124547902* | *$177885791* | *3.6%* |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.0%** | **COMMON STOCKS—95.0%** | **COMMON STOCKS—95.0%** |
| **AEROSPACE & DEFENSE—5.5%** | **AEROSPACE & DEFENSE—5.5%** | **AEROSPACE & DEFENSE—5.5%** |
| Axon Enterprise, Inc.<sup>\*</sup>  | 1391 | **$** 672660 |
| HEICO Corp. | 2388 | 790213 |
| Howmet Aerospace, Inc. | 7514 | 1563513 |
|  |  | **3026386** |
| **APPAREL ACCESSORIES & LUXURY GOODS—0.6%** | **APPAREL ACCESSORIES & LUXURY GOODS—0.6%** | **APPAREL ACCESSORIES & LUXURY GOODS—0.6%** |
| lululemon athletica, inc.<sup>\*</sup>  | 1973 | **344288** |
| **APPAREL RETAIL—1.7%** | **APPAREL RETAIL—1.7%** | **APPAREL RETAIL—1.7%** |
| Burlington Stores, Inc.<sup>\*</sup>  | 3088 | **913616** |
| **APPLICATION SOFTWARE—4.4%** | **APPLICATION SOFTWARE—4.4%** | **APPLICATION SOFTWARE—4.4%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 1098 | 519475 |
| Fair Isaac Corp.<sup>\*</sup>  | 288 | 421393 |
| Guidewire Software, Inc.<sup>\*</sup>  | 755 | 106274 |
| Procore Technologies, Inc.<sup>\*</sup>  | 3284 | 185513 |
| The Descartes Systems Group, Inc.<sup>\*</sup>  | 10836 | 809248 |
| Unity Software, Inc.<sup>\*</sup>  | 13477 | 392181 |
|  |  | **2434084** |
| **ASSET MANAGEMENT & CUSTODY BANKS—1.4%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.4%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.4%** |
| Ares Management Corp., Cl. A | 2477 | 370732 |
| Blue Owl Capital, Inc., Cl. A | 29337 | 400157 |
|  |  | **770889** |
| **AUTOMOTIVE RETAIL—4.3%** | **AUTOMOTIVE RETAIL—4.3%** | **AUTOMOTIVE RETAIL—4.3%** |
| Carvana Co.<sup>\*</sup>  | 2798 | 1122306 |
| O'Reilly Automotive, Inc.<sup>\*</sup>  | 12591 | 1239080 |
|  |  | **2361386** |
| **BIOTECHNOLOGY—5.6%** | **BIOTECHNOLOGY—5.6%** | **BIOTECHNOLOGY—5.6%** |
| Abivax SA ADR<sup>\*</sup>  | 4283 | 476056 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 5865 | 406620 |
| Cogent Biosciences, Inc.<sup>\*</sup>  | 4119 | 147913 |
| Natera, Inc.<sup>\*</sup>  | 6529 | 1509113 |
| Revolution Medicines, Inc.<sup>\*</sup>  | 1486 | 144068 |
| uniQure NV<sup>\*</sup>  | 2554 | 58027 |
| Vaxcyte, Inc.<sup>\*</sup>  | 6241 | 334330 |
|  |  | **3076127** |
| **CARGO GROUND TRANSPORTATION—0.9%** | **CARGO GROUND TRANSPORTATION—0.9%** | **CARGO GROUND TRANSPORTATION—0.9%** |
| Saia, Inc.<sup>\*</sup>  | 1547 | **518044** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.2%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.2%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.2%** |
| Rocket Cos., Inc., Cl. A | 36688 | **657816** |
| **CONSTRUCTION & ENGINEERING—2.3%** | **CONSTRUCTION & ENGINEERING—2.3%** | **CONSTRUCTION & ENGINEERING—2.3%** |
| Comfort Systems USA, Inc. | 1114 | **1272299** |
| **CONSTRUCTION MATERIALS—1.5%** | **CONSTRUCTION MATERIALS—1.5%** | **CONSTRUCTION MATERIALS—1.5%** |
| Martin Marietta Materials, Inc. | 1237 | **806462** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.0% (CONT.)** | **COMMON STOCKS—95.0% (CONT.)** | **COMMON STOCKS—95.0% (CONT.)** |
| **CONSUMER FINANCE—0.4%** | **CONSUMER FINANCE—0.4%** | **CONSUMER FINANCE—0.4%** |
| Figure Technology Solutions, Inc., Cl. A<sup>\*</sup>  | 4189 | **$238270** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—1.9%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.9%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.9%** |
| Vertiv Holdings Co., Cl. A | 5724 | **1065694** |
| **ELECTRONIC COMPONENTS—2.1%** | **ELECTRONIC COMPONENTS—2.1%** | **ELECTRONIC COMPONENTS—2.1%** |
| Amphenol Corp., Cl. A | 8135 | **1172091** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.8%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.8%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.8%** |
| Novanta, Inc.<sup>\*</sup>  | 3053 | **410751** |
| **ENVIRONMENTAL & FACILITIES SERVICES—2.9%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.9%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.9%** |
| GFL Environmental, Inc. | 36783 | **1579830** |
| **HEALTHCARE EQUIPMENT—1.6%** | **HEALTHCARE EQUIPMENT—1.6%** | **HEALTHCARE EQUIPMENT—1.6%** |
| IDEXX Laboratories, Inc.<sup>\*</sup>  | 1337 | **896405** |
| **HEALTHCARE SERVICES—1.3%** | **HEALTHCARE SERVICES—1.3%** | **HEALTHCARE SERVICES—1.3%** |
| Guardant Health, Inc.<sup>\*</sup>  | 6247 | **712408** |
| **HOME IMPROVEMENT RETAIL—0.2%** | **HOME IMPROVEMENT RETAIL—0.2%** | **HOME IMPROVEMENT RETAIL—0.2%** |
| Floor & Decor Holdings, Inc., Cl. A<sup>\*</sup>  | 1900 | **125324** |
| **HOMEBUILDING—1.6%** | **HOMEBUILDING—1.6%** | **HOMEBUILDING—1.6%** |
| NVR, Inc.<sup>\*</sup>  | 118 | **901016** |
| **HOMEFURNISHING RETAIL—1.0%** | **HOMEFURNISHING RETAIL—1.0%** | **HOMEFURNISHING RETAIL—1.0%** |
| Wayfair, Inc., Cl. A<sup>\*</sup>  | 5021 | **519623** |
| **HOTELS RESORTS & CRUISE LINES—4.3%** | **HOTELS RESORTS & CRUISE LINES—4.3%** | **HOTELS RESORTS & CRUISE LINES—4.3%** |
| Hilton Worldwide Holdings, Inc. | 4188 | 1250160 |
| Viking Holdings Ltd.<sup>\*</sup>  | 15419 | 1112481 |
|  |  | **2362641** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.7%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.7%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.7%** |
| Talen Energy Corp.<sup>\*</sup>  | 2180 | 759425 |
| Vistra Corp. | 4545 | 719701 |
|  |  | **1479126** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—3.3%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—3.3%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—3.3%** |
| RBC Bearings, Inc.<sup>\*</sup>  | 3629 | **1813302** |
| **INSURANCE BROKERS—1.7%** | **INSURANCE BROKERS—1.7%** | **INSURANCE BROKERS—1.7%** |
| Ryan Specialty Holdings, Inc., Cl. A | 19395 | **936391** |
| **INTERACTIVE HOME ENTERTAINMENT—0.7%** | **INTERACTIVE HOME ENTERTAINMENT—0.7%** | **INTERACTIVE HOME ENTERTAINMENT—0.7%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 5671 | **372925** |
| **INTERNET SERVICES & INFRASTRUCTURE—4.9%** | **INTERNET SERVICES & INFRASTRUCTURE—4.9%** | **INTERNET SERVICES & INFRASTRUCTURE—4.9%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 7462 | 1323386 |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 1771 | 657625 |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 5914 | 712401 |
|  |  | **2693412** |
| **INVESTMENT BANKING & BROKERAGE—0.7%** | **INVESTMENT BANKING & BROKERAGE—0.7%** | **INVESTMENT BANKING & BROKERAGE—0.7%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 3960 | **393941** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.0% (CONT.)** | **COMMON STOCKS—95.0% (CONT.)** | **COMMON STOCKS—95.0% (CONT.)** |
| **LIFE & HEALTH INSURANCE—0.6%** | **LIFE & HEALTH INSURANCE—0.6%** | **LIFE & HEALTH INSURANCE—0.6%** |
| Oscar Health, Inc., Cl. A<sup>\*</sup>  | 21372 | **$306688** |
| **LIFE SCIENCES TOOLS & SERVICES—4.4%** | **LIFE SCIENCES TOOLS & SERVICES—4.4%** | **LIFE SCIENCES TOOLS & SERVICES—4.4%** |
| Repligen Corp.<sup>\*</sup>  | 10135 | 1513865 |
| West Pharmaceutical Services, Inc. | 3838 | 887039 |
|  |  | **2400904** |
| **MOVIES & ENTERTAINMENT—3.9%** | **MOVIES & ENTERTAINMENT—3.9%** | **MOVIES & ENTERTAINMENT—3.9%** |
| Spotify Technology SA<sup>\*</sup>  | 1028 | 514360 |
| TKO Group Holdings, Inc., Cl. A | 8096 | 1640087 |
|  |  | **2154447** |
| **PERSONAL CARE PRODUCTS—2.3%** | **PERSONAL CARE PRODUCTS—2.3%** | **PERSONAL CARE PRODUCTS—2.3%** |
| e.l.f. Beauty, Inc.<sup>\*</sup>  | 14672 | **1246973** |
| **PROPERTY & CASUALTY INSURANCE—1.7%** | **PROPERTY & CASUALTY INSURANCE—1.7%** | **PROPERTY & CASUALTY INSURANCE—1.7%** |
| Intact Financial Corp. | 5188 | **944558** |
| **REAL ESTATE SERVICES—3.5%** | **REAL ESTATE SERVICES—3.5%** | **REAL ESTATE SERVICES—3.5%** |
| CBRE Group, Inc., Cl. A<sup>\*</sup>  | 9946 | 1694102 |
| CoStar Group, Inc.<sup>\*</sup>  | 3911 | 240527 |
|  |  | **1934629** |
| **RESEARCH & CONSULTING SERVICES—1.3%** | **RESEARCH & CONSULTING SERVICES—1.3%** | **RESEARCH & CONSULTING SERVICES—1.3%** |
| Verisk Analytics, Inc. | 3295 | **716531** |
| **RESTAURANTS—2.1%** | **RESTAURANTS—2.1%** | **RESTAURANTS—2.1%** |
| Chipotle Mexican Grill, Inc.<sup>\*</sup>  | 19129 | 743544 |
| Wingstop, Inc. | 1547 | 410620 |
|  |  | **1154164** |
| **SEMICONDUCTORS—2.8%** | **SEMICONDUCTORS—2.8%** | **SEMICONDUCTORS—2.8%** |
| Astera Labs, Inc.<sup>\*</sup>  | 3611 | 543889 |
| Monolithic Power Systems, Inc. | 893 | 1003866 |
|  |  | **1547755** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.4%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.4%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.4%** |
| Celsius Holdings, Inc.<sup>\*</sup>  | 25198 | **1322391** |
| **SYSTEMS SOFTWARE—1.2%** | **SYSTEMS SOFTWARE—1.2%** | **SYSTEMS SOFTWARE—1.2%** |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 6177 | 526219 |
| Rubrik, Inc., Cl. A<sup>\*</sup>  | 1888 | 105633 |
|  |  | **631852** |
| **TRADING COMPANIES & DISTRIBUTORS—7.3%** | **TRADING COMPANIES & DISTRIBUTORS—7.3%** | **TRADING COMPANIES & DISTRIBUTORS—7.3%** |
| FTAI Aviation Ltd. | 8284 | 2255899 |
| QXO, Inc.<sup>\*</sup>  | 53741 | 1191975 |
| United Rentals, Inc. | 679 | 531019 |
|  |  | **3978893** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $39,907,217) |  | **52194332** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **PREFERRED STOCKS—1.0%** | **PREFERRED STOCKS—1.0%** | **PREFERRED STOCKS—1.0%** |
| **APPLICATION SOFTWARE—0.5%** | **APPLICATION SOFTWARE—0.5%** | **APPLICATION SOFTWARE—0.5%** |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 16281 | **$280196** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.5%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.5%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.5%** |
| Apptronik, Inc., Series A-X1<sup>\*,@</sup>  | 3171 | 117223 |
| Figure AI, Inc., Series C<sup>\*,@</sup>  | 711 | 138596 |
|  |  | **255819** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $536,015) |  | **536015** |
| **RIGHTS—0.0%** | **RIGHTS—0.0%** | **RIGHTS—0.0%** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Tolero CDR<sup>(a),\*,@</sup>  | 422928 | **—** |
| &nbsp;&nbsp;&nbsp; (Cost $226,186) |  | **—** |
| **SPECIAL PURPOSE VEHICLE—0.3%** | **SPECIAL PURPOSE VEHICLE—0.3%** | **SPECIAL PURPOSE VEHICLE—0.3%** |
| **APPLICATION SOFTWARE—0.3%** | **APPLICATION SOFTWARE—0.3%** | **APPLICATION SOFTWARE—0.3%** |
| Disruptive Technology Solutions LI, LLC<sup>(a),\*,@</sup>  |  | **157000** |
| &nbsp;&nbsp;&nbsp; (Cost $162,103) |  | **157000** |
| **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 | **—** |
| &nbsp;&nbsp;&nbsp; (Cost $0) |  | **—** |
| **SHORT-TERM SECURITIES—3.0%** | **SHORT-TERM SECURITIES—3.0%** | **SHORT-TERM SECURITIES—3.0%** |
| **MONEY MARKET FUNDS—3.0%** | **MONEY MARKET FUNDS—3.0%** | **MONEY MARKET FUNDS—3.0%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.58%<sup>(b)</sup>  | 1652155 | **1652155** |
| &nbsp;&nbsp;&nbsp; (Cost $1,652,155) |  | **1652155** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $42,483,676)** | 99.3% | **$54539502** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $42,483,676) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54539502 |
| Other Assets in Excess of Liabilities | 0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394419 |
| **NET ASSETS** | 100.0% | **$54933921** |

---

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

*ADR* *American Depositary Receipts* <br> *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)* | *Rate shown reflects 7-day effective yield as of January 31, 2026.* |
| *\** | *Non-income producing security.* |
| *@* | *Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the* <br> *investment may be restricted only to qualified buyers.*<br>|

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <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>*1/31/2026*<br>|
| *Apptronik, Inc., Series A-X1* | *1/29/26* | $*117223* | $*117223* | *0.2%* |
| *Disruptive Technology Solutions LI, LLC* | *11/04/25* | *162103* | *157000* | *0.3%* |
| *Figure AI, Inc., Series C* | *11/18/25* | *138596* | *138596* | *0.3%* |
| *SB Technology, Inc., Series E* | *10/23/24* | *280196* | *280196* | *0.5%* |
| *Tolero CDR* | *2/6/17* | *226186* | *—* | *0.0%* |
| *Total* |  | *$924304* | *$693015* | *1.3%* |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.5%** | **COMMON STOCKS—97.5%** | **COMMON STOCKS—97.5%** |
| **AEROSPACE & DEFENSE—6.9%** | **AEROSPACE & DEFENSE—6.9%** | **AEROSPACE & DEFENSE—6.9%** |
| AeroVironment, Inc.<sup>\*</sup>  | 2786 | **$** 775594 |
| Archer Aviation, Inc., Cl. A<sup>\*</sup>  | 34778 | 250054 |
| Astronics Corp.<sup>\*</sup>  | 4544 | 344208 |
| Bombardier, Inc., Cl. B<sup>\*</sup>  | 8935 | 1526362 |
| Howmet Aerospace, Inc. | 2016 | 419489 |
| Karman Holdings, Inc.<sup>\*</sup>  | 6376 | 661829 |
| Loar Holdings, Inc.<sup>\*</sup>  | 9060 | 621335 |
| VSE Corp. | 3687 | 805867 |
| York Space Systems, Inc.<sup>\*</sup>  | 323 | 10966 |
|  |  | **5415704** |
| **APPAREL RETAIL—3.5%** | **APPAREL RETAIL—3.5%** | **APPAREL RETAIL—3.5%** |
| Abercrombie & Fitch Co., Cl. A<sup>\*</sup>  | 1733 | 169193 |
| Aritzia, Inc.<sup>\*</sup>  | 14858 | 1171160 |
| Victoria's Secret & Co.<sup>\*</sup>  | 25732 | 1402651 |
|  |  | **2743004** |
| **APPLICATION SOFTWARE—9.0%** | **APPLICATION SOFTWARE—9.0%** | **APPLICATION SOFTWARE—9.0%** |
| BlackLine, Inc.<sup>\*</sup>  | 11399 | 529711 |
| Core Scientific, Inc.<sup>\*</sup>  | 10497 | 188841 |
| Guidewire Software, Inc.<sup>\*</sup>  | 6751 | 950271 |
| InterDigital, Inc. | 4506 | 1470939 |
| Manhattan Associates, Inc.<sup>\*</sup>  | 3876 | 585315 |
| nCino, Inc.<sup>\*</sup>  | 19037 | 406440 |
| PAR Technology Corp.<sup>\*</sup>  | 2953 | 77398 |
| Q2 Holdings, Inc.<sup>\*</sup>  | 13319 | 815789 |
| Riot Platforms, Inc.<sup>\*</sup>  | 13257 | 205086 |
| SPS Commerce, Inc.<sup>\*</sup>  | 10031 | 895367 |
| Terawulf, Inc.<sup>\*</sup>  | 42081 | 562623 |
| Vertex, Inc., Cl. A<sup>\*</sup>  | 20381 | 378067 |
|  |  | **7065847** |
| **ASSET MANAGEMENT & CUSTODY BANKS—1.3%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.3%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.3%** |
| Galaxy Digital, Inc., Cl. A<sup>\*</sup>  | 30653 | 866254 |
| Hamilton Lane, Inc., Cl. A | 1007 | 142228 |
|  |  | **1008482** |
| **BIOTECHNOLOGY—17.0%** | **BIOTECHNOLOGY—17.0%** | **BIOTECHNOLOGY—17.0%** |
| Abivax SA ADR<sup>\*</sup>  | 10634 | 1181969 |
| Absci Corp.<sup>\*</sup>  | 195330 | 584037 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 16771 | 1162733 |
| Bridgebio Pharma, Inc.<sup>\*</sup>  | 5691 | 439744 |
| CareDx, Inc.<sup>\*</sup>  | 32880 | 675684 |
| Centessa Pharmaceuticals PLC ADR<sup>\*</sup>  | 18325 | 450245 |
| Cogent Biosciences, Inc.<sup>\*</sup>  | 11808 | 424025 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 59127 | 1730647 |
| Insmed, Inc.<sup>\*</sup>  | 10863 | 1704079 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.5% (CONT.)** | **COMMON STOCKS—97.5% (CONT.)** | **COMMON STOCKS—97.5% (CONT.)** |
| **BIOTECHNOLOGY—17.0% (CONT.)** | **BIOTECHNOLOGY—17.0% (CONT.)** | **BIOTECHNOLOGY—17.0% (CONT.)** |
| Ionis Pharmaceuticals, Inc.<sup>\*</sup>  | 5560 | **$** 459645 |
| Natera, Inc.<sup>\*</sup>  | 7541 | 1743027 |
| Nuvalent, Inc., Cl. A<sup>\*</sup>  | 15992 | 1645417 |
| Palvella Therapeutics, Inc.<sup>\*</sup>  | 3141 | 240883 |
| Soleno Therapeutics, Inc.<sup>\*</sup>  | 5177 | 199625 |
| Twist Bioscience Corp.<sup>\*</sup>  | 14438 | 592969 |
| uniQure NV<sup>\*</sup>  | 3822 | 86836 |
|  |  | **13321565** |
| **BUILDING PRODUCTS—2.3%** | **BUILDING PRODUCTS—2.3%** | **BUILDING PRODUCTS—2.3%** |
| CSW Industrials, Inc. | 4731 | 1277275 |
| Modine Manufacturing Co.<sup>\*</sup>  | 2571 | 474761 |
|  |  | **1752036** |
| **CONSTRUCTION & ENGINEERING—3.4%** | **CONSTRUCTION & ENGINEERING—3.4%** | **CONSTRUCTION & ENGINEERING—3.4%** |
| Construction Partners, Inc., Cl. A<sup>\*</sup>  | 5607 | 616097 |
| Tutor Perini Corp. | 26114 | 2060134 |
|  |  | **2676231** |
| **CONSUMER FINANCE—0.2%** | **CONSUMER FINANCE—0.2%** | **CONSUMER FINANCE—0.2%** |
| Upstart Holdings, Inc.<sup>\*</sup>  | 3580 | **140515** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—1.1%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.1%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.1%** |
| BJ's Wholesale Club Holdings, Inc.<sup>\*</sup>  | 9113 | **842406** |
| **EDUCATION SERVICES—0.4%** | **EDUCATION SERVICES—0.4%** | **EDUCATION SERVICES—0.4%** |
| Universal Technical Institute, Inc.<sup>\*</sup>  | 12267 | **341391** |
| **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** |
| IDACORP, Inc. | 2771 | **367961** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—0.6%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.6%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.6%** |
| Enovix Corp.<sup>\*</sup>  | 68452 | **453152** |
| **ELECTRONIC MANUFACTURING SERVICES—1.5%** | **ELECTRONIC MANUFACTURING SERVICES—1.5%** | **ELECTRONIC MANUFACTURING SERVICES—1.5%** |
| Fabrinet<sup>\*</sup>  | 2438 | **1193255** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.4%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.4%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.4%** |
| Casella Waste Systems, Inc., Cl. A<sup>\*</sup>  | 2856 | **288113** |
| **FINANCIAL EXCHANGES & DATA—0.2%** | **FINANCIAL EXCHANGES & DATA—0.2%** | **FINANCIAL EXCHANGES & DATA—0.2%** |
| Gemini Space Station, Inc., Cl. A<sup>\*</sup>  | 467 | 3895 |
| MarketAxess Holdings, Inc. | 934 | 158061 |
|  |  | **161956** |
| **HEALTHCARE EQUIPMENT—3.7%** | **HEALTHCARE EQUIPMENT—3.7%** | **HEALTHCARE EQUIPMENT—3.7%** |
| Glaukos Corp.<sup>\*</sup>  | 2750 | 328295 |
| Impulse Dynamics PLC, Series A<sup>(a),\*,@</sup>  | 1756939 | 65007 |
| Integer Holdings Corp.<sup>\*</sup>  | 3133 | 272132 |
| iRhythm Technologies, Inc.<sup>\*</sup>  | 5252 | 811487 |
| Penumbra, Inc.<sup>\*</sup>  | 2044 | 732099 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.5% (CONT.)** | **COMMON STOCKS—97.5% (CONT.)** | **COMMON STOCKS—97.5% (CONT.)** |
| **HEALTHCARE EQUIPMENT—3.7% (CONT.)** | **HEALTHCARE EQUIPMENT—3.7% (CONT.)** | **HEALTHCARE EQUIPMENT—3.7% (CONT.)** |
| TransMedics Group, Inc.<sup>\*</sup>  | 5174 | **$** 693187 |
|  |  | **2902207** |
| **HEALTHCARE SERVICES—5.6%** | **HEALTHCARE SERVICES—5.6%** | **HEALTHCARE SERVICES—5.6%** |
| GeneDx Holdings Corp., Cl. A<sup>\*</sup>  | 15279 | 1470757 |
| Guardant Health, Inc.<sup>\*</sup>  | 25657 | 2925924 |
|  |  | **4396681** |
| **HEALTHCARE SUPPLIES—0.1%** | **HEALTHCARE SUPPLIES—0.1%** | **HEALTHCARE SUPPLIES—0.1%** |
| Neogen Corp.<sup>\*</sup>  | 9055 | **92542** |
| **HEALTHCARE TECHNOLOGY—0.7%** | **HEALTHCARE TECHNOLOGY—0.7%** | **HEALTHCARE TECHNOLOGY—0.7%** |
| Certara, Inc.<sup>\*</sup>  | 15160 | 133256 |
| HeartFlow, Inc.<sup>\*</sup>  | 12877 | 384636 |
|  |  | **517892** |
| **HEAVY ELECTRICAL EQUIPMENT—1.3%** | **HEAVY ELECTRICAL EQUIPMENT—1.3%** | **HEAVY ELECTRICAL EQUIPMENT—1.3%** |
| Bloom Energy Corp., Cl. A<sup>\*</sup>  | 6504 | **984511** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—6.4%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—6.4%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—6.4%** |
| Gates Industrial Corp. PLC<sup>\*</sup>  | 88977 | 2048250 |
| RBC Bearings, Inc.<sup>\*</sup>  | 5976 | 2986028 |
|  |  | **5034278** |
| **INTERACTIVE MEDIA & SERVICES—0.8%** | **INTERACTIVE MEDIA & SERVICES—0.8%** | **INTERACTIVE MEDIA & SERVICES—0.8%** |
| Reddit, Inc., Cl. A<sup>\*</sup>  | 3513 | **633289** |
| **INTERNET SERVICES & INFRASTRUCTURE—0.7%** | **INTERNET SERVICES & INFRASTRUCTURE—0.7%** | **INTERNET SERVICES & INFRASTRUCTURE—0.7%** |
| Whitefiber, Inc.<sup>\*</sup>  | 13733 | 267931 |
| Wix.com Ltd.<sup>\*</sup>  | 3155 | 273980 |
|  |  | **541911** |
| **INVESTMENT BANKING & BROKERAGE—0.6%** | **INVESTMENT BANKING & BROKERAGE—0.6%** | **INVESTMENT BANKING & BROKERAGE—0.6%** |
| Moelis & Co., Cl. A | 6072 | **435180** |
| **LEISURE FACILITIES—2.0%** | **LEISURE FACILITIES—2.0%** | **LEISURE FACILITIES—2.0%** |
| Life Time Group Holdings, Inc.<sup>\*</sup>  | 12576 | 366842 |
| Planet Fitness, Inc., Cl. A<sup>\*</sup>  | 13063 | 1189255 |
|  |  | **1556097** |
| **LIFE SCIENCES TOOLS & SERVICES—6.9%** | **LIFE SCIENCES TOOLS & SERVICES—6.9%** | **LIFE SCIENCES TOOLS & SERVICES—6.9%** |
| 10X Genomics, Inc., Cl. A<sup>\*</sup>  | 16200 | 327240 |
| Adaptive Biotechnologies Corp.<sup>\*</sup>  | 85183 | 1575885 |
| Bio-Techne Corp. | 21139 | 1354799 |
| CryoPort, Inc.<sup>\*</sup>  | 85432 | 812458 |
| MaxCyte, Inc.<sup>\*</sup>  | 63799 | 57853 |
| Repligen Corp.<sup>\*</sup>  | 5825 | 870080 |
| Tempus AI, Inc.<sup>\*</sup>  | 6784 | 405819 |
|  |  | **5404134** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.5% (CONT.)** | **COMMON STOCKS—97.5% (CONT.)** | **COMMON STOCKS—97.5% (CONT.)** |
| **PASSENGER AIRLINES—1.6%** | **PASSENGER AIRLINES—1.6%** | **PASSENGER AIRLINES—1.6%** |
| Joby Aviation, Inc.<sup>\*</sup>  | 120818 | **$1277046** |
| **PERSONAL CARE PRODUCTS—0.3%** | **PERSONAL CARE PRODUCTS—0.3%** | **PERSONAL CARE PRODUCTS—0.3%** |
| Oddity Tech, Ltd., Cl. A<sup>\*</sup>  | 7936 | **260618** |
| **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** |
| Belite Bio, Inc. ADR<sup>\*</sup>  | 259 | 43771 |
| Terns Pharmaceuticals, Inc.<sup>\*</sup>  | 1552 | 53699 |
|  |  | **97470** |
| **RESTAURANTS—2.7%** | **RESTAURANTS—2.7%** | **RESTAURANTS—2.7%** |
| Kura Sushi USA, Inc., Cl. A<sup>\*</sup>  | 5478 | 365985 |
| Shake Shack, Inc., Cl. A<sup>\*</sup>  | 8011 | 709534 |
| Wingstop, Inc. | 3755 | 996690 |
|  |  | **2072209** |
| **SEMICONDUCTORS—5.1%** | **SEMICONDUCTORS—5.1%** | **SEMICONDUCTORS—5.1%** |
| Astera Labs, Inc.<sup>\*</sup>  | 8330 | 1254665 |
| Credo Technology Group Holding, Ltd.<sup>\*</sup>  | 6836 | 856414 |
| Rambus, Inc.<sup>\*</sup>  | 11390 | 1296524 |
| Universal Display Corp. | 5297 | 608201 |
|  |  | **4015804** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.5%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.5%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.5%** |
| Celsius Holdings, Inc.<sup>\*</sup>  | 7791 | **408872** |
| **SPECIALTY CHEMICALS—0.1%** | **SPECIALTY CHEMICALS—0.1%** | **SPECIALTY CHEMICALS—0.1%** |
| Balchem Corp. | 606 | **103123** |
| **SYSTEMS SOFTWARE—1.7%** | **SYSTEMS SOFTWARE—1.7%** | **SYSTEMS SOFTWARE—1.7%** |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 14116 | 1202542 |
| Netskope, Inc., Cl. A<sup>\*</sup>  | 1445 | 21458 |
| Varonis Systems, Inc.<sup>\*</sup>  | 3759 | 112169 |
|  |  | **1336169** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.6%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.6%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.6%** |
| IonQ, Inc.<sup>\*</sup>  | &nbsp;&nbsp; 11117 | **444458** |
| **TRADING COMPANIES & DISTRIBUTORS—2.7%** | **TRADING COMPANIES & DISTRIBUTORS—2.7%** | **TRADING COMPANIES & DISTRIBUTORS—2.7%** |
| FTAI Aviation Ltd. | 5720 | 1557671 |
| Xometry, Inc., Cl. A<sup>\*</sup>  | 9348 | 534051 |
|  |  | **2091722** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—5.0%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—5.0%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—5.0%** |
| Chime Financial, Inc., Cl. A<sup>\*</sup>  | 153570 | **3903749** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $56,421,076) |  | **76281580** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **PREFERRED STOCKS—0.2%** | **PREFERRED STOCKS—0.2%** | **PREFERRED STOCKS—0.2%** |
| **HEALTHCARE EQUIPMENT—0.2%** | **HEALTHCARE EQUIPMENT—0.2%** | **HEALTHCARE EQUIPMENT—0.2%** |
| Impulse Dynamics PLC, Series F-3<sup>(a),\*,@</sup>  | 2914012 | **$166098** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $152,451) |  | **166098** |
| **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 | 6409 |
| Tolero CDR<sup>(a),\*,@</sup>  | 528559 |  |
|  |  | **6409** |
| **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** |
| Fusion Pharmaceuticals, Inc. CVR<sup>(a),\*,@</sup>  | 31282 | **35975** |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>(Cost $285,726) |  | **42384** |
| **SPECIAL PURPOSE VEHICLE—0.5%** | **SPECIAL PURPOSE VEHICLE—0.5%** | **SPECIAL PURPOSE VEHICLE—0.5%** |
| **APPLICATION SOFTWARE—0.5%** | **APPLICATION SOFTWARE—0.5%** | **APPLICATION SOFTWARE—0.5%** |
| Disruptive Technology Solutions LI, LLC<sup>(a),\*,@</sup>  |  | **402001** |
| &nbsp;&nbsp;&nbsp; (Cost $415,065) |  | **402001** |
| **SHORT-TERM SECURITIES—1.8%** | **SHORT-TERM SECURITIES—1.8%** | **SHORT-TERM SECURITIES—1.8%** |
| **MONEY MARKET FUNDS—1.8%** | **MONEY MARKET FUNDS—1.8%** | **MONEY MARKET FUNDS—1.8%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.58%<sup>(b)</sup>  | 1374974 | **1374974** |
| &nbsp;&nbsp;&nbsp; (Cost $1,374,974) |  | **1374974** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $58,649,292)** | 100.1% | **$78267037** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $58,649,292) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78267037 |
| Liabilities in Excess of Other Assets | (0.1)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72862) |
| **NET ASSETS** | 100.0% | **$78194175** |

---

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

---

| | |
|:---|:---|
| *ADR* | *American Depositary Receipts* |
| *CDR* | *Contingent Deferred Rights* |
| *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)* | *Rate shown reflects 7-day effective yield as of January 31, 2026.* |
| *\** | *Non-income producing security.* |
| *@* | *Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the* <br> *investment may be restricted only to qualified buyers.*<br>|

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments January 31, 2026 (Unaudited) (Continued)** <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>*1/31/2026*<br>|
| *Disruptive Technology Solutions LI, LLC* | *11/4/25* | &nbsp;&nbsp; $*415065* | $*402001* | *0.5%* |
| *Fusion Pharmaceuticals, Inc. CVR* | *6/5/24* | *—* | *35975* | *0.1%* |
| *Impulse Dynamics PLC, Series A* | *2/11/22* | *1756940* | *65007* | *0.1%* |
| *Impulse Dynamics PLC, Series F-3* | *2/5/24* | *152451* | *166098* | *0.2%* |
| *Mirati Therapeutics, Inc. CVR* | *1/24/24* | *—* | *6409* | *0.0%* |
| *Tolero CDR* | *2/6/17* | *285726* | *—* | *0.0%* |
| *Total* |  | *$2610182* | *$675490* | *0.9%* |

---

*See Notes to Financial Statements.*

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)** <br>

------

**NOTE 1 — General:**

------

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

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

**NOTE 2 — Significant Accounting Policies:**

------

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

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

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <br>

------

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

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

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

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

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

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <br>

------

FASB Accounting Standards Codification 820 – Fair Value Measurements and Disclosures ("ASC 820") defines fair value as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability and may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Funds. Unobservable inputs are inputs that reflect the Funds' own assumptions based on the best information available in these circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. Each Fund's quantitative summary by Level can be found in Note 3.

&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, bookings multiples, earnings before interest, taxes, depreciation and amortization ("EBITDA") multiples, transaction pricing, performance of comparable publicly traded securities, discount rates, time to exit and the probabilities of success of certain outcomes. Such unobservable market information may be obtained from a company's financial statements and from industry studies, market data, and market indicators such as benchmarks and indexes. Because of the inherent uncertainty and often limited markets for restricted securities, the valuations assigned to such securities by the Funds may

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <br>

------

significantly differ from the valuations that would have been assigned by the Funds had there been an active market for such securities.

**NOTE 3 — Fair Value Measurements:**

------

The following is a summary of the inputs used as of January 31, 2026 in valuing the Funds' investments carried at fair value on a recurring basis. Based upon the nature, characteristics, and risks associated with their investments, the Funds have determined that presenting them by security type and sector is appropriate.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation** <br> **Institutional Fund**<br>| **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $449356017 | &nbsp;&nbsp; $449356017 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 424363077 | &nbsp;&nbsp; 424363077 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 6078076 | &nbsp;&nbsp; 6078076 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 12362568 | &nbsp;&nbsp; 12362568 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 91571664 | &nbsp;&nbsp; 91571664 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 224249155 | &nbsp;&nbsp; 224249155 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 172451696 | &nbsp;&nbsp; 172451696 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 1484738599 | &nbsp;&nbsp; 1484738599 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 22348065 | &nbsp;&nbsp; 22348065 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 100462915 | &nbsp;&nbsp; 100462915 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$2987981832** | &nbsp;&nbsp; **$2987981832** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 22109421 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22109421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 60561452 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60561452 |
| **TOTAL PREFERRED STOCKS** | **$82670873** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$82670873** |
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 12879000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12879000 |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$3083531705** | &nbsp;&nbsp; **$2987981832** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$95549873** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Focus Equity Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $706782573 | &nbsp;&nbsp; $706782573 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 819287078 | &nbsp;&nbsp; 819287078 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 100231735 | &nbsp;&nbsp; 100231735 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 243608455 | &nbsp;&nbsp; 243608455 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 292315058 | &nbsp;&nbsp; 292315058 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 2383473479 | &nbsp;&nbsp; 2383473479 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 32105173 | &nbsp;&nbsp; 32105173 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 156387476 | &nbsp;&nbsp; 156387476 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$4734191027** | &nbsp;&nbsp; **$4734191027** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 19118694 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19118694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 131334097 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 131334097 |
| **TOTAL PREFERRED STOCKS** | **$150452791** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$150452791** |

---

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Focus Equity Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | $27433000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27433000 |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 37588391 | &nbsp;&nbsp; 37588391 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$4949665209** | &nbsp;&nbsp; **$4771779418** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$177885791** |

---

&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** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $2527372 | &nbsp;&nbsp; $2527372 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 8682058 | &nbsp;&nbsp; 8682058 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 2569364 | &nbsp;&nbsp; 2569364 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 4248553 | &nbsp;&nbsp; 4248553 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 7085844 | &nbsp;&nbsp; 7085844 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 13970979 | &nbsp;&nbsp; 13970979 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 8889945 | &nbsp;&nbsp; 8889945 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 806462 | &nbsp;&nbsp; 806462 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 1934629 | &nbsp;&nbsp; 1934629 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 1479126 | &nbsp;&nbsp; 1479126 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$52194332** | &nbsp;&nbsp; **$52194332** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 255819 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 255819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 280196 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 280196 |
| **TOTAL PREFERRED STOCKS** | **$536015** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$536015** |
| **RIGHTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | — <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>1</sup><br>|
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 157000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 157000 |
| **WARRANTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | — <br><sup>2</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1652155 | &nbsp;&nbsp; 1652155 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$54539502** | &nbsp;&nbsp; **$53846487** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$693015** |

---

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <br>

------

&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** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $633289 | &nbsp;&nbsp; $633289 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 6712701 | &nbsp;&nbsp; 6712701 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 1511896 | &nbsp;&nbsp; 1511896 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 5649882 | &nbsp;&nbsp; 5649882 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 26732491 | &nbsp;&nbsp; 26667484 | &nbsp;&nbsp; — | &nbsp;&nbsp; 65007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 19972793 | &nbsp;&nbsp; 19972793 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 14597444 | &nbsp;&nbsp; 14597444 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 103123 | &nbsp;&nbsp; 103123 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 367961 | &nbsp;&nbsp; 367961 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$76281580** | &nbsp;&nbsp; **$76216573** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$65007** |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 166098 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 166098 |
| **RIGHTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 42384 <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42384 <br><sup>1</sup><br>|
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 402001 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 402001 |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1374974 | &nbsp;&nbsp; 1374974 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$78267037** | &nbsp;&nbsp; **$77591547** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$675490** |

---

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

<sup>1</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 January 31, 2026.* 

<sup>2</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 January 31, 2026.* 

&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, 2025 | &nbsp;&nbsp; $42884542 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 9760558 |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 30025773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 82670873 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$9760558** |

---

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <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, 2025 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (418567)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 13297567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 12879000 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$(418567)** <br>|

---

&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, 2025 | &nbsp;&nbsp; $106986387 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 22573998 |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 20892406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 150452791 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$22573998** |

---

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <br>

------

&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** | **Special Purpose** <br> **Vehicle**<br>|
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (891572)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 28324572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 27433000 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$(891572)** <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** | **Preferred Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $280196 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 255819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 536015 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$—**  |

---

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <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** | **Rights** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $—\* |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; —\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$—**<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, 2025 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (5103)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 162103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 157000 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$(5103)** <br>|

---

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <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** | **Common Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $63250 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 1757 |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 65007 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$1757** |

---

&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, 2025 | &nbsp;&nbsp; $166098 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 166098 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$—**  |

---

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <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** | **Rights** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $42,384\* |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 42,384\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$—**  |

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Small Cap Growth Institutional Fund** | **Special Purpose** <br> **Vehicle**<br>|
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (13064)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 415065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 402001 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$(13064)** <br>|

---

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

<sup>\*</sup> *Includes securities that are fair valued at zero during the period ended January 31, 2026.*

The following table provides quantitative information about each Fund's Level 3 fair value measurements of its investments as of January 31, 2026. The table below is not intended to be all-inclusive, but rather provides information on the Level 3 inputs as they relate to each Fund's fair value measurements.

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <br>

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** <br>**January 31,** <br>**2026**<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** | $54279010 | Market <br>Approach<br>| Revenue Multiple | 22.00x | N/A\* |
|  | 6282442 | Market <br>Approach<br>| Bookings Multiple | 28.62x | N/A\* |
|  | 8572398 | Market <br>Approach<br>| Transaction Price <sup>(a)</sup> <br>| N/A | N/A\* |
|  | 13537023 | Market <br>Approach<br>| Transaction Price <sup>(b)</sup> <br>| N/A | N/A\* |
| **Special Purpose** <br>**Vehicle**<br>| 12879000 | Market <br>Approach<br>| Transaction Price <sup>(c)</sup> <br>| N/A | 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** | 108662710 | Market <br>Approach<br>| Revenue Multiple | 22.00x | N/A\* |
|  | 22671387 | Market <br>Approach<br>| Bookings Multiple | 28.62x | N/A\* |
|  | 19118684 | Market <br>Approach<br>| Transaction Price <sup>(b)</sup> <br>| N/A | N/A\* |
| **Special Purpose** <br>**Vehicle**<br>| 27433000 | Market <br>Approach<br>| Transaction Price <sup>(c)</sup> <br>| N/A | 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>| Bookings Multiple | 28.62x | N/A\* |
|  | 117223 | Market <br>Approach<br>| Transaction Price <sup>(a)</sup> <br>| N/A | N/A\* |
|  | 138596 | Market <br>Approach<br>| Transaction Price <sup>(b)</sup> <br>| N/A | N/A\* |
| **Rights** |  | Income <br>Approach<br>| Discount Rate <br>Probability of Success <sup>(d)</sup> <br>| 100% <br>0.00%<br>| N/A\* <br>N/A\*<br>|
| **Special Purpose** <br>**Vehicle**<br>| 157000 | Market <br>Approach<br>| Transaction Price <sup>(c)</sup> <br>| N/A | 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** | 65007 | Market <br>Approach<br>| Revenue Multiple | 2.26x | N/A\* |
| **Preferred Stocks** | 166098 | Market <br>Approach<br>| Revenue Multiple | 2.26x | N/A\* |
| **Rights** | 42384 | Income <br>Approach<br>| Discount Rate <br>Probability of Success <sup>(d)</sup> <br>| 4.65%-100.00% <br>0.00%-44.00%<br>| 4.71% <br>39.16%<br>|
| **Special Purpose** <br>**Vehicle**<br>| 402001 | Market <br>Approach<br>| Transaction Price <sup>(c)</sup> <br>| N/A | 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* *investment.* 

<sup>(a)</sup> *Fair value was determined based on the recent acquisition price (transaction price) as a best measure of fair value* *with no material changes in valuation assumptions since the acquisition date of January 29, 2026.* 

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <br>

------

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

<sup>(b)</sup> *Fair value was determined based on the recent acquisition price (transaction price) as a best measure of fair value* *with no material changes in valuation assumptions since the acquisition date of November 18, 2025.* 

<sup>(c)</sup> *Fair value was determined based on the recent acquisition price (transaction price) as a best measure of fair value* *with no material changes in valuation assumptions since the acquisition date of November 4, 2025.* 

<sup>(d)</sup> *Tolero CDRs are classified as a Level 3 investment and are fair valued at zero as of January 31, 2026.*

The significant unobservable inputs used in the fair value measurement of each Fund's securities are revenue, bookings, and EBITDA multiples, publicly traded comparable securities' market value and revenue multiples, transaction pricing, discount rates, and the probability of success of certain outcomes. Significant increases and decreases in these inputs in isolation and interrelationships between these inputs would have resulted in significantly higher or lower fair value measurements than those noted in the table above. Generally, all other things being equal, increases in revenue and EBITDA multiples, decreases in discount rates, and increases in the probability of success result in higher fair value measurements, whereas decreases in revenues and EBITDA multiples, increases in discount rates, and decreases in the probability of success result in lower fair value measurements. For the period ended January 31, 2026, there were no changes in valuation methodology on Level 3 investments.

**NOTE 4 — Affiliated Securities:**

------

During the period ended January 31, 2026, as disclosed in the following table, certain Funds held 5% or more of the outstanding voting securities of the issuers listed below. As such, these issuers were "affiliated persons" of the applicable Fund(s) for purposes of the 1940 Act. Transactions during the period ended January 31, 2026 with such affiliated persons are summarized below. During this period, other Funds in the Trust may also have held voting shares of the issuers at levels below 5%.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**January 31,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**January 31,** <br>**2026**<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** |
| &nbsp;&nbsp;&nbsp; Crosslink <br>Ventures C, <br>LLC, Cl. A<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1787186 | &nbsp;&nbsp; $— |
| **Total** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1787186 | &nbsp;&nbsp; $— |

---

------

**THE ALGER INSTITUTIONAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** <br>

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**January 31,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**January 31,** <br>**2026**<br>|
| **Alger Focus Equity Fund** | **Alger Focus Equity Fund** | **Alger Focus Equity Fund** | **Alger Focus Equity Fund** | **Alger Focus Equity Fund** | **Alger Focus Equity Fund** | **Alger Focus Equity Fund** | **Alger Focus Equity Fund** | **Alger Focus Equity 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** |
| &nbsp;&nbsp;&nbsp; Disruptive <br> Technology <br> Solutions LI, <br> LLC<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(891572)<br>| &nbsp;&nbsp; $27433000 |
| **Total** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(891572)<br>| &nbsp;&nbsp; $27433000 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**January 31,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**January 31,** <br>**2026**<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** |
| &nbsp;&nbsp;&nbsp; Crosslink <br>Ventures C, <br>LLC, Cl. A<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $319659 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Crosslink <br>Ventures C, <br>LLC, Cl. B<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 129929 | &nbsp;&nbsp; — |
| **Total** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $449588 | &nbsp;&nbsp; $— |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**January 31,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**January 31,** <br>**2026**<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** |
| &nbsp;&nbsp;&nbsp; Crosslink Ventures C, LLC, <br> CI. A<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $741028 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Crosslink Ventures C, LLC, <br> CI. B<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 187676 | &nbsp;&nbsp; — |
| **Total** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $928704 | &nbsp;&nbsp; $— |

---

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

<sup>1</sup> *Crosslink Ventures C, LLC liquidated and distributed shares of Chime Financial, Inc. Class A during the period, and is no* *longer deemed an affiliate of the Fund.* 

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ALGER INSTITUTIONAL FUNDS

- **b. Investment Company Act file number:** 811-07986

- **c. CIK number of Registrant:** 0000911415

- **d. LEI of Registrant:** 549300YADKM68VK1G468

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Pearl Street

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10004-6030

  - **Telephone number:** 212-806-8800

**Item A.2. Information about the Series.**

- **a. Name of Series:** ALGER MID CAP GROWTH INSTITUTIONAL FUND

- **b. EDGAR series identifier (if any):** S000009203

- **c. LEI of Series:** 549300SU7CUV2THSKW55

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $55105135.65

**Total Liabilities:** $112519.91

**Net Assets:** $54992615.74

**Cash Not Reported:** $312867.42

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000025002 | -1.69%               | -0.63%               | -1.06%               |
| Class ID C000025003 | -1.73%               | -0.69%               | -1.12%               |
| Class ID C000174228 | -1.64%               | -0.64%               | -1.04%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $451873.47               | $-1453568.53                               |
| Month 2  | $1267451.13              | $-1563790.74                               |
| Month 3  | $1032820.53              | $-1559890.32                               |

### Schedule of Portfolio Investments

| Name                                              | Title                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Astera Labs Inc                                   | Astera Labs Inc                                   | CUSIP: 04626A103<br>LEI: 529900LJL8TUEGF7HG20 | Long             | EC               | CORP              | US        |      3611 | NS      | $543888.82    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc                             | Burlington Stores Inc                             | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |      2637 | NS      | $780182.82    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                                       | MongoDB Inc                                       | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |      2480 | NS      | $920898.40    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Software Inc                                | Unity Software Inc                                | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |     21115 | NS      | $614446.50    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                                 | FTAI Aviation Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8284 | NS      | $2255898.88   | 4.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryan Specialty Holdings Inc                       | Ryan Specialty Holdings Inc                       | CUSIP: 78351F107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19395 | NS      | $936390.60    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                                        | Natera Inc                                        | CUSIP: 632307104<br>LEI: 529900CQ3OZ0A0VYVU59 | Long             | EC               | CORP              | US        |      6529 | NS      | $1509113.06   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                                       | Vistra Corp                                       | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      4545 | NS      | $719700.75    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| DISRUPTIVE TECHNOLOGY SOL                         | DISRUPTIVE TECHNOLOGY SOL                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1570 | NS      | $157000.00    | 0.29%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AppLovin Corp                                     | AppLovin Corp                                     | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |      1282 | NS      | $606527.02    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TKO Group Holdings Inc                            | TKO Group Holdings Inc                            | CUSIP: 87256C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6997 | NS      | $1417452.26   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Oscar Health Inc                                  | Oscar Health Inc                                  | CUSIP: 687793109<br>LEI: 254900AE8KDLFDOPKZ19 | Long             | EC               | CORP              | US        |     21372 | NS      | $306688.20    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                                      | Wingstop Inc                                      | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |      1547 | NS      | $410620.21    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                                | Vertiv Holdings Co                                | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      5724 | NS      | $1065694.32   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Holdings Ltd                               | Viking Holdings Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     15419 | NS      | $1112480.85   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines Inc                          | Revolution Medicines Inc                          | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |      1486 | NS      | $144067.70    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc                     | Hilton Worldwide Holdings Inc                     | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      4188 | NS      | $1250159.88   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc                        | Floor & Decor Holdings Inc                        | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |      1900 | NS      | $125324.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Wayfair Inc                                       | Wayfair Inc                                       | CUSIP: 94419L101<br>LEI: 54930027N9ZAVYFDHK53 | Long             | EC               | CORP              | US        |      5021 | NS      | $519623.29    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc                           | Comfort Systems USA Inc                           | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      1114 | NS      | $1272299.40   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc                          | Procore Technologies Inc                          | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |      3284 | NS      | $185513.16    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                                           | NVR Inc                                           | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |       118 | NS      | $901016.14    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| SB TECHNOLOGY CORP                                | SB Technology, Inc. Series E Preferred Stock      | CUSIP: 805991551<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     16281 | NS      | $280196.01    | 0.51%             |  |  |  | Yes           |                  3 | On Loan: No      |
| IDEXX Laboratories Inc                            | IDEXX Laboratories Inc                            | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |      1337 | NS      | $896405.02    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Celsius Holdings Inc                              | Celsius Holdings Inc                              | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25198 | NS      | $1322391.04   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Inc                              | Blue Owl Capital Inc                              | CUSIP: 09581B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43443 | NS      | $592562.52    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                                       | ROBLOX Corp                                       | CUSIP: 771049103<br>LEI: 529900ANZDBDFU91SO19 | Long             | EC               | CORP              | US        |      5671 | NS      | $372924.96    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                                     | Amphenol Corp                                     | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      8135 | NS      | $1172090.80   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc                             | Robinhood Markets Inc                             | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |      3960 | NS      | $393940.80    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| uniQure NV                                        | uniQure NV                                        | CUSIP: 000000000<br>LEI: 724500RPCTZLFYJZ3S98 | Long             | EC               | CORP              | NL        |      2554 | NS      | $58026.88     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                                    | CBRE Group Inc                                    | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      9946 | NS      | $1694102.18   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Co                                        | Carvana Co                                        | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |      2798 | NS      | $1122305.78   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc                               | Axon Enterprise Inc                               | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |      1550 | NS      | $749549.00    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Cos Inc                                    | Rocket Cos Inc                                    | CUSIP: 77311W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36688 | NS      | $657815.84    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc                                  | RBC Bearings Inc                                  | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3629 | NS      | $1813302.43   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Talen Energy Corp                                 | Talen Energy Corp                                 | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2601 | NS      | $906084.36    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc                            | Guidewire Software Inc                            | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |       755 | NS      | $106273.80    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Nebius Group NV                                   | Nebius Group NV                                   | CUSIP: 000000000<br>LEI: 549300GGZHJ5Q1B18P93 | Long             | EC               | CORP              | NL        |      6177 | NS      | $526218.63    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                                     | Repligen Corp                                     | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |     10135 | NS      | $1513864.95   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                                        | HEICO Corp                                        | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |      2388 | NS      | $790213.08    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Figure Technology Solutions In                    | Figure Technology Solutions Inc                   | CUSIP: 349381103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4189 | NS      | $238270.32    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Howmet Aerospace Inc                              | Howmet Aerospace Inc                              | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |      7514 | NS      | $1563513.12   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Apptronik Series A-X1                             | Apptronik Series A-X1                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3171 | NS      | $117222.99    | 0.21%             |  |  |  | Yes           |                  3 | On Loan: No      |
| QXO Inc                                           | QXO Inc                                           | CUSIP: 82846H405<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53741 | NS      | $1191975.38   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA                             | Spotify Technology SA                             | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | SE        |      1028 | NS      | $514359.80    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc                                | United Rentals Inc                                | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       679 | NS      | $531018.74    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc                              | Verisk Analytics Inc                              | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      3295 | NS      | $716530.70    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Saia Inc                                          | Saia Inc                                          | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      1547 | NS      | $518043.89    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Abivax SA                                         | Abivax SA                                         | CUSIP: 00370M103<br>LEI: 969500D8TMNB184OJU95 | Long             | EC               | CORP              | FR        |      4283 | NS      | $476055.45    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                                       | Novanta Inc                                       | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3053 | NS      | $410750.62    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION SOFTWARE INC                        | Constellation Software Inc/Canada                 | CUSIP: 21037X134<br>LEI: 549300B6PYHMCTDWQV29 | N/A              | DE               | CORP              | CA        |       638 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ares Management Corp                              | Ares Management Corp                              | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |      2477 | NS      | $370732.59    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental Inc                             | GFL Environmental Inc                             | CUSIP: 36168Q104<br>LEI: 894500E7NLBY9VZRT696 | Long             | EC               | CORP              | CA        |     36783 | NS      | $1579829.85   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                                    | Cloudflare Inc                                    | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |      7462 | NS      | $1323385.70   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrowhead Pharmaceuticals Inc                     | Arrowhead Pharmaceuticals Inc                     | CUSIP: 04280A100<br>LEI: 549300O3CSB8T7OZ3D66 | Long             | EC               | CORP              | US        |      5865 | NS      | $406620.45    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Twilio Inc                                        | Twilio Inc                                        | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |      5914 | NS      | $712400.44    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc                               | Guardant Health Inc                               | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |      6247 | NS      | $712407.88    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Biosciences Inc                            | Cogent Biosciences Inc                            | CUSIP: 19240Q201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4119 | NS      | $147913.29    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp                                   | Fair Isaac Corp                                   | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |       288 | NS      | $421392.96    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Descartes Systems Group Inc/Th                    | Descartes Systems Group Inc/The                   | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |     10836 | NS      | $809248.22    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc                     | Martin Marietta Materials Inc                     | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |      1237 | NS      | $806462.15    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc                      | Monolithic Power Systems Inc                      | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |       893 | NS      | $1003865.95   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Treasury Obligations Cash Management Fund | Dreyfus Treasury Obligations Cash Management Fund | CUSIP: 261908107<br>LEI: 549300MKKM9KT7BF6329 | Long             | STIV             | RF                | US        |   1339327 | NS      | $1339326.53   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc                        | Chipotle Mexican Grill Inc                        | CUSIP: 169656105<br>LEI: 529900REP5VGTPCP1J71 | Long             | EC               | CORP              | US        |     17365 | NS      | $674977.55    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Intact Financial Corp                             | Intact Financial Corp                             | CUSIP: 45823T106<br>LEI: 5493009LXGE7Y4U9OY43 | Long             | EC               | CORP              | CA        |      5188 | NS      | $944557.76    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc                           | O'Reilly Automotive Inc                           | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     12591 | NS      | $1239080.31   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                                  | CoStar Group Inc                                  | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |      3911 | NS      | $240526.50    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| TOLERO DCR                                        | TOLERO DCR                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    422928 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| elf Beauty Inc                                    | elf Beauty Inc                                    | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |     14672 | NS      | $1246973.28   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services I                    | West Pharmaceutical Services Inc                  | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |      3838 | NS      | $887038.56    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Rubrik Inc                                        | Rubrik Inc                                        | CUSIP: 781154109<br>LEI: 254900TRGK2WTBYMYU27 | Long             | EC               | CORP              | US        |      1888 | NS      | $105633.60    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Figure AI Inc Class C                             | Figure AI Inc Class C                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       711 | NS      | $138596.35    | 0.25%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Lululemon Athletica Inc                           | Lululemon Athletica Inc                           | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | CA        |      1973 | NS      | $344288.50    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte Inc                                       | Vaxcyte Inc                                       | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |      6241 | NS      | $334330.37    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-27

**Name of Applicant:** ALGER INSTITUTIONAL FUNDS

**Signature:** Michael D. Martins

**Name of Signer:** Michael D. Martins

**Title:** Treasurer