Alger Focus Equity Fund NCSR Certified annual shareholder report (management investment company)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-07986

The Alger Institutional Funds
(Exact name of registrant as specified in charter)

360 Park Avenue South New York, New York 10010
(Address of principal executive offices) (Zip code)

Mr. Hal Liebes

Fred Alger Management, Inc.

360 Park Avenue South

New York, New York 10010
(Name and address of agent for service)

Registrant's telephone number, including area code: 212-806-8800

Date of fiscal year end: October 31

Date of reporting period: April 30, 2015

ITEM 1. REPORT(S) TO STOCKHOLDERS.

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Shareholders' Letter April 30, 2015

Dear Shareholders,

Market Rally Continues as Skeptics Cling to Pessimistic View
Pundits for many years have incorrectly opined that equity markets, both in the United States
and abroad, would collapse, even as stocks have continued to generate strong returns. It’s
puzzling that skeptics and critics on almost any topic seem to be positioned as the smarter
or wiser voices in the room. And yet, those who have been skeptical of equity markets have
been wrong in meaningful ways, unlike optimists, including Alger. Indeed, the equity rally
following the market lows of March of 2009 has continued, with the S&P 500 index gaining
4.40% for the six-month reporting period ended April 30 of this year. International equities
also advanced during the reporting period, with the MSCI ACWI ex USA Index gaining
5.80% and the MSCI Emerging Markets Index returning 4.05%.

Market Volatility
In the U.S., investor sentiment was supported by strong corporate fundamentals, merger and
acquisition activity, low interest rates, a strengthening labor market, and expectations that
consumer spending could increase as low oil and gasoline prices reduce Americans’ energy
bills. Yet, markets were volatile during the reporting period, with the S&P 500 producing 12
declines of more than 1%. In comparison, the six-month period ended October 31, 2014,
generated only eight declines of more than 1%.

Early in the reporting period ended April 30, the potential for declining oil prices to crimp
energy producers’ earnings and cause industrial businesses to cut capital expenditures weighed
upon investor sentiment. At other times, investors grew concerned that a combination of
uneven global economic growth and a strong U.S. dollar could curtail America’s exports.
Expectations that the Federal Reserve would raise interest rates this year also weighed upon
investor sentiment. Rather than react quickly to day-by-day changes in investor sentiment, we
remained focused on our research-driven strategy that seeks attractive companies that have
strong potential to grow their earnings. We held to our belief that equities have potential for
generating attractive returns.

Oil Prices Jar Investors
From September of 2013 to the start of the six-month reporting period, the price of West
Texas Intermediate crude (WTI) dropped abruptly from $109.62 to $78.77 a barrel, a result
of growing oil production in U.S. shale reserves, a strengthening U.S. dollar, and moderating
global energy demand. The price decline continued during the reporting period, with WTI
hitting a low of $43.39 in mid-March. At times, the price declines sparked equity selloffs
as investors grew fearful that the adverse impact of cheap oil on energy company profits
could expand to other industries and hinder U.S. economic growth. Concerns over oil
companies, of course, were warranted, with fourth-quarter earnings for the S&P 500 energy
sector declining 22.1%, according to FactSet Research Systems, Inc. At the end of January,
furthermore, first-quarter energy earnings were forecasted to decline 54%, according to
consensus estimates compiled by FactSet. It appears that fears that the impact of cheap oil
would extend to other industries may have been overblown, with first-quarter ex-energy
earnings having grown 6.8% among S&P 500 companies that had reported results by the
end of the reporting period, according to FactSet.
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Rather than quickly sell energy holdings, we assessed if individual companies could mitigate
the impact of low oil prices on earnings by reducing capital expenditures or reducing other
expenses. While we acknowledged that industries that support energy companies could
experience declining revenues as petroleum companies curtail new projects, we continued
to believe that low oil costs could create growth opportunities for consumer companies and
stimulate the U.S. economy. Indeed, savings at the gasoline pump this year could give U.S.
consumers an additional $100 billion to $200 billion in disposable income and also help keep
U.S. food costs down by decreasing trucking expenses, according to Goldman Sachs and
the Wall Street Journal. Low oil prices are also helping energy-intensive industries, such as
airlines, cut fuel expenses and grow earnings. With that in mind, Goldman Sachs estimates
that lower energy costs could increase U.S. economic growth by 0.2% to 0.5% this year.

Global Economic Growth and a Strengthening U.S. Dollar
Investors also anticipated that uneven global economic growth and a strong U.S. dollar
would hurt the earnings of American exporters and U.S. multinational companies. Indeed,
prior to the first-quarter earnings season, analysts estimated that S&P 500 profits would
decline 5.8% because the strongest U.S. dollar in 12 years would hinder exporting. That
concern appeared to be validated when Monsanto Company, FedEx Corp., Oracle Corp.,
Adobe Systems, Inc., and a handful of other corporations that are usually among the first
to report quarterly results said currency had been a major headwind. The World Bank also
played a role in dampening investors’ outlook for U.S. exports when it forecasted that the
global economy will grow only 3% this year compared to its earlier forecast of 3.4%.

At Alger, our fundamental research-driven investment strategy seeks to understand risks,
including the potential for adverse currency exchange rates that may affect our holdings.
Rather than hastily sell equities of U.S. exporters, we continued to monitor portfolio holdings
while assessing if each individual company could take actions, such as cutting expenses, to
help offset the impact of a strong U.S. dollar. As it turns out, investors’ reactions to the
strong U.S. dollar may have been excessive, with S&P 500 first-quarter ex-energy earnings
climbing 6.8% as previously noted.

Weak economic growth abroad, of course, is challenging for U.S. exporters. While the
eurozone economy is showing signs of improving, its growth is expected to limp along at
1.5% for 2015, according to the International Monetary Fund. Russia’s economy, meanwhile,
is struggling with declining revenues from energy exports and sanctions that seek to punish
the country for its annexation of the Crimea section of Ukraine, and the World Bank
expects Russia’s economy to contract 3.8% this year. In the Pacific, the Bank of Japan has
lowered its forecasted annual GDP rate to 2.0% from 2.1%, and in China, a housing slump
and weakening growth of exports has been causing economic growth to moderate. After
having grown 7.4% in 2014, the country’s economy is estimated to have grown only 7% in
the first quarter.

Yet, we maintain that a strong U.S. dollar, while being a headwind in the near term for American
exporters, is likely to stimulate global economic growth by supporting manufacturing
abroad. A strong dollar makes U.S. goods more expensive in the global marketplace, which
gives exporters in countries with weaker currencies a competitive advantage. At the same
time, consumers in foreign countries will be more likely to purchase locally manufactured
goods as currency exchange rates make U.S. products more expensive. Central banks in
many countries, furthermore, are continuing to roll out monetary stimulus. Among other

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measures, the eurozone is in the midst of a 1 trillion euro ($1.12 trillion) quantitative
easing program that involves purchasing securities to pump cash into the economy and
keep interest rates low. The Bank of Japan, for its part, is plowing 80 trillion yen, or the
equivalent of $668 billion, annually into the economy with quantitative easing. Russia, while
falling short of embracing quantitative easing, remains committed to more traditional forms
of monetary stimulus and China continues to take action to support economic growth. It
has published a definitive plan for the One Belt One Road strategy, which among other
initiatives, seeks to encourage trade by improving infrastructure for global transportation.
China has also launched a coordinated agency response to reduce administrative measures
for the housing sector. The People’s Bank of China, meanwhile, has continued working on
interest rate deregulation and it has lowered policy rates.

From a broader perspective, central banks across emerging markets have generally maintained
accommodative policies. We note that emerging markets’ earnings growth is expected to
hover above 12% this year. In addition, the price-to-earnings discount of emerging markets
to developed markets, while narrowing to less than 30% by the end of the reporting period,
is still excessive in our opinion. We believe a 10% to 12% discount is more appropriate.
Growth of foreign countries’ economies, we maintain, will be an important tailwind for U.S.
corporations. For now, however, it is primarily the U.S. that is serving as a driver of global
economic growth.

Federal Reserve Policies
With the Federal Reserve having concluded its asset purchase program, investors have
been anticipating when the central bank will increase the Fed Funds rate from the current
record low target which is now 0% to 0.25%. Fed officials have emphasized that they will
patiently wait for the economy to be strong enough to withstand a rate increase. Despite
those comments, investors continued to grow cautious and sold U.S. equities when favorable
economic data validated fears that a rate hike was approaching. At Alger, our research-driven
strategy seeks to understand how our portfolio holdings manage risk, including interest
rates. Strong companies with healthy balance sheets and potential to grow their earnings, we
maintain, may be less susceptible to the adverse impacts of higher interest rates, including
increased financing costs. Interest rate increases, furthermore, are likely to be moderate.
With low interest rates in many countries and widening spreads between foreign and U.S.
bonds, investors abroad who are seeking income-producing securities are likely to turn to
America’s fixed-income market. We believe that the flow of assets to U.S. fixed-income
securities is likely to support bond prices and keep interest rates down.

Economic Growth
Investors also reacted to the uneven growth of the U.S. economy. According to preliminary
data, the country’s economy grew at a disappointing 0.2% annualized-growth rate during the
first quarter of this year compared to the 2.2% rate for the last three months of 2014. In
reacting to the news, the Federal Reserve maintained that “transitory factors” were partially
to blame. Indeed, severe winter weather, a strong U.S. dollar, declining oil prices, and labor
issues at West Coast ports are believed to have hurt economic growth. We maintain that the
economic recovery is stronger than commonly believed. So far, shoppers appear to have
had a subdued reaction to lower gasoline prices, with retail spending increasing only 1.9% in
the first quarter. Going forward, a combination of low gasoline prices and a strengthening
labor market is likely to support shoppers’ willingness to spend, which is significant since

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consumer spending represents roughly 70% of U.S. GDP. We are encouraged to have seen
seasonally adjusted unemployment decline from a Great Recession high of 10% to 5.5% as
of February and March, and first quarter wages and salaries increase 0.7% after increasing
0.6% in the fourth quarter.

Reasons for Optimism
We believe that a strengthening U.S. economy will continue to provide fertile ground for
corporations to grow their earnings and that merger and acquisition activity, shareholder
activism, and strong corporate fundamentals are likely to support equities during the
foreseeable future. In the aftermath of the subprime mortgage crisis, U.S. corporations have
been disciplined with their spending as they continue to grow their earnings. As a result,
cash levels held in the U.S. by nonfinancial companies totaled $1.73 trillion at the end of
2014, a 117% increase from 2007, according to estimates from Moody’s and MarketWatch.
With large cash balances, corporations are completing mergers and acquisitions at a rapid
pace. After declining to $78.8 billion as of January, deal volume increased to $190.4 billion
as of March, according to FactSet Research Systems. In addition to supporting valuations,
mergers and acquisitions can potentially help companies grow their earnings by expanding
the lineup of products and services that can be distributed with existing sales networks.

It is our belief that shareholder activism is also a significant factor that will continue to
support equity valuations. Activists force companies to be efficient with operations and
capital, which puts executives under increased pressure to perform and make decisions that
benefit shareholders. Activists have targeted some of the biggest companies, such as Procter
& Gamble Co., Apple, Inc., PepsiCo, Inc., Microsoft Corp., and eBay, Inc. and are likely to
ramp up their efforts—at the end of 2014, activist funds held about $120 billion in assets,
up 269% over the past five years, according to Corporate Compliance Insights.

With strong corporate fundamentals, meanwhile, businesses are providing additional
support to their stock valuations by returning cash to investors through dividends and stock
buybacks. In the first quarter, dividend net increases (or dividend increases minus decreases)
increased $12.6 billion, according to S&P Dow Jones Indices. The growth rate trailed the
$17.9 billion increase during the first quarter of 2014, but S&P Dow Jones Indices still
expects dividend payments to set a new record this year. Stock buybacks are also continuing
at a record pace. In April, U.S. companies announced $141 billion in authorized stock
buyback programs, which was the highest monthly number ever recorded and a 121% year-
over-year increase, according to Birinyi Associates.

Going Forward
We believe that equities, over time, are likely to generate attractive returns, although market
volatility will continue. We maintain that investment managers who use research-driven
strategies can potentially find leading businesses that are well prepared to benefit from large-
scale global trends, such as the rising value of the U.S. dollar, rapidly declining oil prices,
quantitative easing abroad, and other forms of monetary stimulus. At the same time, trends
within industries, such as medical breakthroughs, the rising use of the Internet, and growing
demand for residential and industrial real estate, are creating new opportunities for leading
businesses to grow their earnings. With that in mind, we will remain committed to using our
research-driven investment strategy to produce attractive returns for our clients.

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Portfolio Matters
Alger Capital Appreciation Institutional Fund

The Alger Capital Appreciation Institutional Fund returned 6.97% for the six-month period
ended April 30, 2015, compared to the 6.54% return of its benchmark, the Russell 1000
Growth Index.

During the period, the largest sector weightings were Information Technology and Health
Care. The largest sector overweight was Health Care and the largest sector underweight
was Consumer Staples. Relative outperformance in the Financials and Health Care
sectors was the most important contributor to performance, while Consumer Staples and
Telecommunication Services detracted from results.

Among the most important relative contributors were The Blackstone Group LP.; Actavis
PLC.; NXP Semiconductors NV; CVS Caremark Corp.; and Avago Technologies Ltd. Shares
of Actavis performed strongly during the first quarter of 2015. Actavis develops generic and
branded products for oncology, women’s health, and other medical needs. The company’s
acquisitions of Forest Laboratories, Inc., Furiex Pharmaceuticals, Inc., and Allergan,
Inc. have resulted in increased earnings and revenues estimates, thereby supporting the
performance of Actavis stock. The acquisitions, furthermore, have increased the company's
exposure to higher-margined drugs, especially dermatology products Botox and Juvederm
and eye care product Restasis. Actavis has also received Food and Drug Administration
approvals for several new drugs that have significant market potential.

Conversely, detracting from overall results on a relative basis were Kraft Foods Group,
Inc.; Oracle Corp.; Gilead Sciences, Inc.; and Microsoft Corp. Shares of AbbVie, Inc.
also detracted from performance. The company is developing treatments for rheumatoid
arthritis, psoriasis, hepatitis C, Crohn's disease, and Parkinson's disease. Concerns that the
company’s hepatitis C treatment would lose market share to products from Gilead Sciences,
Inc. hurt the performance of AbbVie stock. In addition, AbbVie announced it will acquire
Pharmacyclics, Inc. for more than $21 billion, a price that many investors believe is too
expensive.

Alger Capital Appreciation Focus Fund
The Alger Capital Appreciation Focus Fund returned 7.97% for the six-month period ended
April 30, 2015, compared to the 6.54% return of its benchmark, the Russell 1000 Growth
Index.

During the reporting period, the largest sector weightings were Information Technology and
Health Care. The largest sector overweight was Financials and the largest sector underweight
was Consumer Staples. Relative outperformance in the Information Technology and
Financials sectors was the most important contributor to performance, while Consumer
Staples and Health Care were among sectors that detracted from results.

Among the most important relative contributors were The Blackstone Group LP.;
GrubHub, Inc.; Actavis PLC.; NXP Semiconductors NV; and Qunar Cayman Islands Ltd.
Shares of Actavis performed strongly in response to reasons described in the Alger Capital
Appreciation Institutional Fund discussion.

Conversely, detracting from overall results on a relative basis were Microsoft Corp.; Biogen,
Inc.; AbbVie, Inc.; Bank of America Corp.; and Halliburton Company. Shares of AbbVie
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performed poorly in response to reasons described in the Alger Capital Appreciation
Institutional Fund discussion.

Alger Mid Cap Growth Institutional Fund
The Alger Mid Cap Growth Institutional Fund returned 7.30% for the six-month period
ended April 30, 2015, compared to the 7.77% return of the Russell Midcap Growth Index.

During the reporting period, the largest sector weightings were Consumer Discretionary
and Information Technology. The largest sector overweight was Information Technology
and the largest sector underweight was Consumer Staples. Relative outperformance in
the Consumer Discretionary and Utilities sectors was the most important contributor to
performance, while Health Care and Energy were among sectors that detracted from results.

Among the most important relative contributors were Rite Aid Corp.; NXP Semiconductors
NV; Pharmacyclics, Inc.; Avago Technologies Ltd.; and Intercept Pharmaceuticals, Inc.
Shares of NXP performed strongly during the first quarter of 2015. The Netherlands-
domiciled company manufactures components for radio frequency, power management,
and digital processing. Its products are used in smartphones, including the iPhone. The
shares performed strongly on expectations that growing sales of the iPhone would support
demand for NXP products that enable the smartphone to provide digital payment services.
Investors also reacted favorably to news that NXP will merge with Freescale Semiconductor
Ltd. because the deal could potentially result in significant revenue and cost-saving synergies.

Conversely, detracting from overall results on a relative basis were Salix Pharmaceuticals
Ltd.; Northern Oil and Gas, Inc.; MGM Resorts International; and Insulet Corp. Shares
of Whiting Petroleum Corp. also detracted from results. Whiting Petroleum is an oil and
natural gas exploration and production company based in Denver. Investors sold shares of
Whiting in anticipation that a decline in oil prices will result in negative earnings revisions
and lower growth of the company’s assets.

Alger Small Cap Growth Institutional Fund
The Alger Small Cap Growth Institutional Fund returned 5.41% for the six-month period
ended April 30, 2015, compared to the 7.25% return of the Russell 2000 Growth Index.

During the period, the largest sector weightings were Information Technology and Health
Care. The largest sector overweight was Information Technology and the largest sector
underweight was Industrials. Relative outperformance in the Consumer Staples and
Consumer Discretionary sectors was the most important contributor to performance, while
Information Technology and Industrials were among sectors that detracted from results.

Among the most important relative contributors were Medidata Solutions, Inc.; Foundation
Medicine, Inc.; Nevro Corp.; and ICON PLC. Shares of Bluebird Bio, Inc. also contributed
to performance. The company is developing gene therapy drugs for rare diseases and severe
genetic disorders. Its LentiGlobin is being developed for beta thalassemia, which is a disease
that interferes with hemoglobin production. Hemoglobin is a blood component that carries
oxygen to cells throughout the body. The product is also being developed for sickle cell
disease, which compromises the ability of hemoglobin to carry oxygen. Bluebird stock
performed strongly after the company announced that a trial of LentiGlobin resulted in
decreased demand for patients to receive blood transfusions.

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Conversely, detracting from overall results on a relative basis were H&E Equipment Services,
Inc.; GenMark Diagnostics, Inc.; Rentrak Corp.; and Saia, Inc. Shares of Rosetta Resources,
Inc. also detracted from results. Rosetta Resources is an independent oil and gas company
with operations in Texas. Expectations that a significant decline in oil prices could cause the
company to curtail its production expansion plans caused investors to sell Rosetta shares.

As always, we strive to deliver consistently superior investment results to you, our
shareholders, and we thank you for your continued confidence in Alger.

Daniel C. Chung, CFA
Chief Investment Officer
Fred Alger Management, Inc.

The following companies represented the stated percentages of Fred Alger Management,
Inc. assets under management as of April 30, 2015: FactSet Research Systems, 0.00%;
Empirical Research Partners, 0.00%; Goldman Sachs Group, 0.00%; Monsanto Co., 0.00%;
FedEx Corp., 0.00%; Oracle Corp, 0.00%; Adobe Systems, Inc., 0.74%; Bloomberg LP,
0.00%; Procter & Gamble Co., 0.00%; Apple, Inc., 5.23%; PepsiCo, Inc., 0.79%; Microsoft
Corp., 1.31%; eBay, Inc., 0.01%; Forest Laboratories, Inc., 0.00%; Furiex Pharmaceuticals,
Inc., 0.00%; Allergan, Inc., 0.00%; Gilead Sciences, Inc., 1.57%; Pharmacyclics, Inc., 0.25%;
China CNR Corporation, 0.00%; Freescale Semiconductor Ltd., 0.06%; Merck & Co., Inc.,
0.00%.

Investors cannot invest directly in an index. Index performance does not reflect the
deduction for fees, expenses or taxes.

This report and the financial statements contained herein are submitted for the general
information of shareholders of the funds. This report is not authorized for distribution to
prospective investors in a fund unless preceded or accompanied by an effective prospectus
for the fund. Fund returns represent the fiscal six-month period return of Class I shares.

The performance data quoted represents past performance, which is not an
indication or guarantee of future results
Standardized performance results can be found on the following pages. The investment
return and principal value of an investment in a fund will fluctuate so that an investor’s shares,
when redeemed, may be worth more or less than their original cost. Current performance
may be lower or higher than the performance quoted. For performance data current to the
most recent month-end, visit us at www.alger.com, or call us at (800) 992-3863.

The views and opinions of the funds’ management in this report are as of the date of the
Shareholders’ Letter and are subject to change at any time subsequent to this date. There
is no guarantee that any of the assumptions that formed the basis for the opinions stated
herein are accurate or that they will materialize. Moreover, the information forming the
basis for such assumptions is from sources believed to be reliable; however, there is no
guarantee that such information is accurate. Any securities mentioned, whether owned in a
- 7 -

fund or otherwise, are considered in the context of the construction of an overall portfolio
of securities and therefore reference to them should not be construed as a recommendation
or offer to purchase or sell any such security. Inclusion of such securities in a fund and
transactions in such securities, if any, may be for a variety of reasons, including, without
limitation, in response to cash flows, inclusion in a benchmark, and risk control. The
reference to a specific security should also be understood in such context and not viewed as
a statement that the security is a significant holding in a fund. Please refer to the Schedule of
Investments for each fund that is included in this report for a complete list of fund holdings
as of April 30, 2015. Securities mentioned in the Shareholders’ Letter, if not found in the
Schedule of Investments, may have been held by the funds during the six-month period.

A Word about Risk
Growth stocks tend to be more volatile than other stocks as the price of growth stocks tends
to be higher in relation to their companies’ earnings and may be more sensitive to market,
political and economic developments. Investing in the stock market involves gains and
losses and may not be suitable for all investors. Stocks of small- and mid-sized companies
are subject to greater risk than stocks of larger, more established companies owing to such
factors as limited liquidity, inexperienced management, and limited financial resources.
Funds that participate in leveraging, such as the Capital Appreciation Institutional Fund, are
subject to the risk that the cost of borrowing money to leverage will exceed the returns for
securities purchased or that the securities purchased may actually go down in value; thus, a
fund’s net asset value can decrease more quickly than if the fund had not borrowed.

A small investment in derivatives could have a potentially large impact on a fund’s
performance. When purchasing options, a fund bears the risk that if the market value of
the underlying security does not move to a level that would make exercise of the option
profitable, the option will expire unexercised. When a call option written by a fund is
exercised, the fund will not participate in any increase in the underlying security’s value
above the exercise price. When a put option written by a fund is exercised, the fund will
be required to purchase the underlying security at a price in excess of its market value. Use
of options on securities indexes is subject to the risk that trading in the options may be
interrupted if trading in certain securities included in the index is interrupted, the risk that
price movements in a fund’s portfolio securities may not correlate precisely with movements
in the level of an index, and the risk that Fred Alger Management, Inc. may not predict
correctly movements in the direction of a particular market or of the stock market generally.
Because certain options may require settlement in cash, a fund may be forced to liquidate
portfolio securities to meet settlement obligations. For a more detailed discussion of the
risks associated with these funds, please see the prospectus.

Before investing, carefully consider a fund’s investment objective, risks, charges,
and expenses. For a prospectus or a summary prospectus containing this and other
information about The Alger Institutional Funds call us at (800) 992-3863 or visit us
at www.alger.com. Read it carefully before investing.
Fred Alger & Company, Incorporated, Distributor. Member NYSE Euronext,
SIPC.
NOT FDIC INSURED. NOT BANK GUARANTEED. MAY LOSE VALUE.

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Definitions:

• The S&P 500 is an unmanaged index generally representative of the U.S.
stock market without regard to company size.
• The MSCI Emerging Markets Index is a free float-adjusted market capital-
ization index that is designed to measure equity market performance in the
global emerging markets.
• The MSCI ACWI ex USA Index is a market capitalization-weighted index de-
signed to provide a broad measure of equity market performance throughout
the world, including both developed and emerging markets, but excluding the
United States.
• The Russell 3000 Index measures the performance of the 3,000 largest U.S.
companies based on the total market capitalization, which represents 98% of
the U.S. Equity Market.
• The Russell 1000 Growth Index is an unmanaged index designed to measure
the performance of the largest 1,000 companies in the Russell 3000 Index
with higher price-to-book ratios and higher forecasted growth values.
• The Russell Midcap Growth Index measures the performance of the mid-
cap segment of the U.S. equity universe. It includes those Russell Midcap
Index companies with higher price-to-book ratios and higher forecasted
growth values.
• The Russell 2000 Growth Index measures the performance of the small-cap
growth segment of the U.S. equity universe. It includes those Russell 2000
companies with higher price-to-book ratios and higher forecasted growth
values.
• Empirical Research Partners LLC is a broker-dealer that provides research on
a range of topics of interest to institutional investors.
• FactSet Research Systems is a multinational financial data and software com-
pany.
• Goldman Sachs is a global investment banking, securities and investment
management firm.
• Bloomberg provides business and financial information, data, news, and in-
sight.
• Moody’s provides credit ratings, financial research, tools and analysis.
• Birinyi Associates, Inc. is a money management and research firm.
• MarketWatch operates a financial information website that provides business
news, analysis, and stock market data.
• S&P Dow Jones Indices provides investable and benchmark indices to the
financial markets.
• Corporate Compliance insights is a professionally designed and managed fo-
rum dedicated to online discussion and analysis of corporate compliance,
risk assessment, ethics, audit, and corporate governance topics.

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FUND PERFORMANCE AS OF 3/31/15 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS
	1	5	10	SINCE
	YEAR	YEARS	YEARS	INCEPTION
Alger Capital Appreciation Class I (Inception 11/8/93)	18.07%	15.33%	12.57%	12.32%
Alger Capital Appreciation Class R (Inception 1/27/03)^*	17.51%	14.75%	12.00%	11.76%

Alger Capital Appreciation Focus Class A (Inception
12/31/12)	12.94%	n/a	n/a	21.09%
Alger Capital Appreciation Focus Class C (Inception
12/31/12)	17.27%	n/a	n/a	23.09%
Alger Capital Appreciation Focus Class I (Inception
11/8/93)	19.37%	13.86%	7.78%	8.64%
Alger Capital Appreciation Focus Class Z (Inception
12/31/12)	19.71%	n/a	n/a	24.53%

Alger Mid Cap Growth Class I (Inception 11/8/93)	15.31%	14.03%	7.89%	12.54%
Alger Mid Cap Growth Class R (Inception 1/27/03)^*	14.76%	13.44%	7.34%	11.98%

Alger Small Cap Growth Class I (Inception 11/8/93)	6.72%	12.44%	9.60%	9.57%
Alger Small Cap Growth Class R (Inception 1/27/03)^*	6.23%	11.89%	9.07%	9.05%

The performance data quoted represents past performance, which is not an indication or a guarantee of future
results. The Fund’s average annual total returns include changes in share price and reinvestment of dividends
and capital gains.
* Since inception performance is calculated from 11/08/93. Performance figures prior to 1/27/03, inception of Class R shares,
are those of the Fund's Class I Shares. The performance figures prior to 1/27/03 have been reduced to reflect the higher
operating expenses of Class R shares.

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ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Fund Highlights Through April 30, 2015 (Unaudited)

The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Capital
Appreciation Institutional Fund Class I shares and the Russell 1000 Growth Index (an unmanaged index of common
stocks) for the ten years ended April 30, 2015. Figures for the Alger Capital Appreciation Institutional Fund Class
I shares and the Russell 1000 Growth Index include reinvestment of dividends. Performance for the Alger Capital
Appreciation Institutional Fund Class R shares may vary from the results shown above due to differences in expenses
the class bears. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees,
expenses, or taxes.


PERFORMANCE COMPARISON AS OF 4/30/15
AVERAGE ANNUAL TOTAL RETURNS
				Since
	1YEAR	5YEARS	10YEARS	11/8/1993
Class I (Inception 11/8/93)	18.25%	15.11%	12.76%	12.22%
Class R (Inception 1/27/03)^*	17.69%	14.53%	12.19%	11.66%
Russell 1000 Growth Index	16.67%	15.49%	9.62%	8.87%

The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s
average annual total returns include changes in share price and reinvestment of dividends and capital gains. The chart and table above
do not reflect the deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares.
Investment return and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost.
Current performance may be higher or lower than the performance quoted. For updated performance, visit us at www.alger.com or call
us at (800) 992-3863.
* Since inception performance is calculated from 11/08/93. Performance figures prior to 1/27/03, inception of Class R
shares, are those of the Fund's Class I Shares. The performance figures prior to 1/27/03 have been reduced to reflect the
higher operating expenses of Class R shares.

- 11 -

ALGER CAPITAL APPRECIATION FOCUS FUND
Fund Highlights Through April 30, 2015 (Unaudited)

The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Capital
Appreciation Focus Fund Class I shares and the Russell 1000 Growth Index (an unmanaged index of common
stocks) for the ten years ended April 30, 2015. Beginning December 31, 2012 Alger Capital Appreciation Focus
Fund changed its investment strategy to invest a substantial portion of its assets in a small number of issuers. The
figures for the Alger Capital Appreciation Focus Fund Class I shares and the Russell 1000 Growth Index include
reinvestment of dividends. Performance for the Alger Capital Appreciation Focus Fund Class A, Class C and Class Z
shares may vary from the results shown above due to differences in expenses the class bears. Investors cannot invest
directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.


PERFORMANCE COMPARISON AS OF 4/30/15
AVERAGE ANNUAL TOTAL RETURNS
				Since
	1 YEAR	5 YEARS	10 YEARS	11/8/1993
Class I (Inception 11/8/93)	19.99%	13.62%	8.03%	8.59%
Russell 1000 Growth Index	16.67%	15.49%	9.62%	8.87%

				Since
	1 YEAR	5 YEARS	10 YEARS	12/31/2012
Class A (Inception 12/31/12)	13.53%	n/a	n/a	20.10%
Class C (Inception 12/31/12)	17.96%	n/a	n/a	21.99%
Class Z (Inception 12/31/12)	20.33%	n/a	n/a	23.39%
Russell 1000 Growth Index	16.67%	n/a	n/a	21.56%

- 12 -

ALGER MID CAP GROWTH INSTITUTIONAL FUND
Fund Highlights Through April 30, 2015 (Unaudited)

The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Mid Cap
Growth Institutional Fund Class I shares and the Russell Midcap Growth Index (an unmanaged index of common
stocks) for the ten years ended April 30, 2015. Figures for the Alger Mid Cap Growth Institutional Fund Class I
shares and the Russell Midcap Growth Index include reinvestment of dividends. Performance for the Alger Mid Cap
Growth Institutional Fund Class R shares may vary from the results shown above due to differences in expenses
the class bears. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees,
expenses, or taxes.


PERFORMANCE COMPARISON AS OF 4/30/15
AVERAGE ANNUAL TOTAL RETURNS
				Since
	1YEAR	5YEARS	10YEARS	11/8/1993
Class I (Inception 11/8/93)	15.42%	13.11%	8.25%	12.37%
Class R (Inception 1/27/03)^*	14.85%	12.52%	7.69%	11.81%
Russell Midcap Growth Index	16.46%	15.59%	10.55%	9.77%

- 13 -

ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Fund Highlights Through April 30, 2015 (Unaudited)

The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Small Cap
Growth Institutional Fund Class I shares and the Russell 2000 Growth Index (an unmanaged index of common
stocks) for the ten years ended April 30, 2015. The figures for the Alger Small Cap Growth Institutional Fund Class
I shares and the Russell 2000 Growth Index include reinvestment of dividends. Performance for the Alger Small
Cap Growth Institutional Fund Class R shares may vary from the results shown above due to differences in expenses
the class bears. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees,
expenses, or taxes.


PERFORMANCE COMPARISON AS OF 4/30/15
AVERAGE ANNUAL TOTAL RETURNS
				Since
	1YEAR	5YEARS	10YEARS	11/8/1993
Class I (Inception 11/8/93)	10.43%	10.79%	9.77%	9.34%
Class R (Inception 1/27/03)^*	9.95%	10.25%	9.24%	8.82%
Russell 2000 Growth Index	14.65%	14.94%	10.41%	7.37%

- 14 -

PORTFOLIO SUMMARY†
April 30, 2015 (Unaudited)


	Alger Capital
	Appreciation Institutional	Alger Capital		Alger Mid Cap Growth	Alger Small Cap Growth
SECTORS	Fund	Appreciation Focus Fund		Institutional Fund	Institutional Fund
Consumer Discretionary	16.0%	14.0%		23.4%	13.4%
Consumer Staples	6.2		1.8	3.2	1.9
Energy	4.7		6.4	3.9	2.9
Financials	7.8	13.5		7.9	6.3
Health Care	18.6	18.5		14.7	26.2
Industrials	9.6		7.2	14.5	9.4
Information Technology	30.7	29.6		23.6	36.2
Materials	2.3		2.7	3.3	3.1
Telecommunication Services	1.4		1.2	2.5	0.0
Utilities	0.7		0.0	0.9	0.7
Short-Term Investments and
Net Other Assets	2.0		5.1	2.1	(0.1)
	100.0%	100.0%		100.0%	100.0%

† Based on net assets for each Fund.

- 15 -

THE ALGER INSTITUTIONAL FUNDS
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments April 30, 2015 (Unaudited)


COMMON STOCKS—95.0%	SHARES			VALUE
ADVERTISING—0.0%
Choicestream, Inc.*^,@,(a)	124,658	$		59,836
AEROSPACE & DEFENSE—3.1%
Honeywell International, Inc.	669,753			67,591,473
Lockheed Martin Corp.	69,927			13,048,378
The Boeing Co.	143,823			20,615,589
United Technologies Corp.	151,300			17,210,375
			118,465,815
AIR FREIGHT & LOGISTICS—0.7%
United Parcel Service, Inc., Cl. B	261,824		26,321,167
AIRLINES—0.9%
United Continental Holdings, Inc.*	581,261		34,724,532
ALTERNATIVE CARRIERS—0.7%
Level 3 Communications, Inc.*	505,897		28,299,878
APPAREL ACCESSORIES & LUXURY GOODS—0.8%
PVH Corp.	130,277			13,464,128
Under Armour, Inc., Cl. A*	245,800			19,061,790
			32,525,918
APPLICATION SOFTWARE—2.4%
Adobe Systems, Inc.*	459,043			34,914,811
Autodesk, Inc.*	142,800			8,115,324
Palantir Technologies, Inc., Cl. A*^,@	239,030			1,699,503
Salesforce.com, inc.*	682,986			49,735,040
			94,464,678
ASSET MANAGEMENT & CUSTODY BANKS—0.2%
AffiliatedManagersGroup,Inc.*	35,720			8,077,364
AUTO PARTS & EQUIPMENT—1.5%
Delphi Automotive PLC.	570,918			47,386,194
WABCO Holdings, Inc.*	91,401			11,374,854
			58,761,048
AUTOMOBILE MANUFACTURERS—0.0%
Tesla Motors, Inc.*	5,791			1,309,056
BIOTECHNOLOGY—6.5%
Amgen, Inc.	43,958			6,941,408
Biogen, Inc.*	147,910			55,307,986
BioMarin Pharmaceutical, Inc.*	149,800			16,785,090
Celgene Corp.*	212,046			22,913,691
Gilead Sciences, Inc.*	663,550			66,693,410
Incyte Corp.*	155,300			15,088,948
Intercept Pharmaceuticals, Inc.*	80,271			20,293,312
Pharmacyclics, Inc.*	75,401			19,317,736
Puma Biotechnology, Inc.*	16,800			3,033,744
United Therapeutics Corp.*	105,700			16,879,233
Vertex Pharmaceuticals, Inc.*	46,709			5,758,286
			249,012,844
BREWERS—0.6%
Anheuser-Busch InBev NV#	37,900			4,549,516

- 16 -

THE ALGER INSTITUTIONAL FUNDS
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments (Continued) April 30, 2015 (Unaudited)


COMMON STOCKS—(CONT.)	SHARES			VALUE
BREWERS—(CONT.)
Molson Coors Brewing Co., Cl. B	240,354	$		17,668,422
			22,217,938
BUILDING PRODUCTS—0.4%
Fortune Brands Home & Security, Inc.	192,188			8,571,585
Lennox International, Inc.	59,407			6,294,765
			14,866,350
CABLE & SATELLITE—1.1%
Comcast Corporation, Cl. A	701,864			40,539,665
DISH Network Corp., Cl. A*	38,411			2,598,888
			43,138,553
COMMUNICATIONS EQUIPMENT—0.8%
Arista Networks, Inc.*	324,260			20,755,883
QUALCOMM, Inc.	154,900			10,533,200
			31,289,083
COMPUTER STORAGE & PERIPHERALS—0.1%
SanDisk Corp.	81,196			5,435,260
CONSTRUCTION MATERIALS—0.7%
Martin Marietta Materials, Inc.	54,022			7,706,238
Vulcan Materials Co.	205,200			17,548,704
			25,254,942
CONSUMER FINANCE—0.3%
Discover Financial Services	205,427			11,908,603
DATA PROCESSING & OUTSOURCED SERVICES—3.7%
Alliance Data Systems Corp.*	113,708			33,806,526
Fiserv, Inc.*	261,140			20,264,464
Visa, Inc., Cl. A	1,316,184			86,933,953
			141,004,943
DRUG RETAIL—2.6%
CVS Caremark Corp.	581,634			57,750,440
Rite Aid Corp.*	688,400			5,307,564
Walgreens Boots Alliance, Inc.	441,113			36,581,501
			99,639,505
FOOD RETAIL—0.8%
The Kroger Co.	277,264			19,106,262
Whole Foods Market, Inc.	243,500			11,629,560
			30,735,822
FOOTWEAR—0.9%
NIKE, Inc., Cl. B	350,960		34,688,886
GENERAL MERCHANDISE STORES—1.3%
Dollar General Corp.	231,821			16,855,705
Dollar Tree, Inc.*	442,436			33,806,535
			50,662,240
HEALTH CARE EQUIPMENT—1.1%
Becton Dickinson and Co.	195,439			27,531,492
Intuitive Surgical, Inc.*	19,800			9,820,404
St. Jude Medical, Inc.	55,833			3,911,102
			41,262,998

- 17 -

THE ALGER INSTITUTIONAL FUNDS
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments (Continued) April 30, 2015 (Unaudited)


COMMON STOCKS—(CONT.)	SHARES			VALUE
HEALTH CARE FACILITIES—1.1%
HCA Holdings, Inc.*	550,255	$ 40,724,373
HEALTH CARE SERVICES—0.5%
Omnicare, Inc.	211,700		18,625,366
HOME ENTERTAINMENT SOFTWARE—0.5%
Activision Blizzard, Inc.	855,965		19,528,841
HOME IMPROVEMENT RETAIL—1.6%
Lowe's Companies, Inc.	579,417			39,898,655
The Home Depot, Inc.	190,872			20,419,486
			60,318,141
HOMEBUILDING—0.3%
Toll Brothers, Inc.*	291,100		10,345,694
HOTELS RESORTS & CRUISE LINES—2.1%
Ctrip.com International Ltd.#*	378,400			24,096,512
Hilton Worldwide Holdings, Inc.*	1,247,232			36,119,839
Royal Caribbean Cruises Ltd.	283,066			19,265,472
			79,481,823
HOUSEWARES & SPECIALTIES—0.4%
Jarden Corp.*	271,005		13,870,036
INDUSTRIAL CONGLOMERATES—0.9%
Danaher Corp.	320,787			26,266,040
General Electric Co.	380,800			10,312,064
			36,578,104
INDUSTRIAL GASES—0.5%
Air Products & Chemicals, Inc.	132,486		19,002,467
INDUSTRIAL MACHINERY—0.6%
Ingersoll-Rand PLC.	365,433		24,060,109
INTERNET RETAIL—2.5%
Amazon.com, Inc.*	136,975			57,773,315
NetFlix, Inc.*	20,900			11,630,850
The Priceline Group, Inc.*	13,300			16,462,873
TripAdvisor, Inc.*	145,675			11,725,381
			97,592,419
INTERNET SOFTWARE & SERVICES—9.1%
Demandware, Inc.*	147,351			9,076,822
Facebook, Inc., Cl. A*	2,027,930		159,740,046
Google, Inc., Cl. C*	210,429		113,071,919
GrubHub, Inc.*	407,699			16,784,968
LinkedIn Corp., Cl. A*	76,573			19,306,350
Yahoo! Inc.*	754,435			32,112,526
			350,092,631
INVESTMENT BANKING & BROKERAGE—0.5%
Morgan Stanley	141,789			5,290,148
The Charles Schwab Corp.	405,300			12,361,650
			17,651,798
IT CONSULTING & OTHER SERVICES—0.5%
Cognizant Technology Solutions Corp., Cl. A*	335,339		19,630,745

- 18 -

THE ALGER INSTITUTIONAL FUNDS
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments (Continued) April 30, 2015 (Unaudited)


COMMON STOCKS—(CONT.)	SHARES			VALUE
LIFE SCIENCES TOOLS & SERVICES—1.1%
Thermo Fisher Scientific, Inc.	323,558	$ 40,664,769
MANAGED HEALTH CARE—2.5%
Aetna, Inc.	20,554			2,196,606
Cigna Corp.	317,333			39,552,385
Humana, Inc.	269,800			44,678,880
UnitedHealth Group, Inc.	106,799			11,897,409
			98,325,280
MOVIES & ENTERTAINMENT—1.3%
The Walt Disney Co.	469,609		51,055,890
MULTI-LINE INSURANCE—1.5%
American International Group, Inc.	276,863			15,584,618
Hartford Financial Services Group, Inc.	1,063,760			43,369,495
				58,954,113
MULTI-UTILITIES—0.3%
Sempra Energy	127,707		13,558,652
OIL & GAS EQUIPMENT & SERVICES—1.8%
Baker Hughes, Inc.	707,972			48,467,763
Schlumberger Ltd.	67,080			6,346,439
Weatherford International PLC.*	1,017,798			14,808,961
			69,623,163
OIL & GAS EXPLORATION & PRODUCTION—2.4%
Anadarko Petroleum Corp.	499,697			47,021,488
Devon Energy Corp.	647,150			44,142,101
			91,163,589
OIL & GAS STORAGE & TRANSPORTATION—0.5%
Cheniere Energy, Inc.*	253,547		19,393,810
OTHER DIVERSIFIED FINANCIAL SERVICES—2.2%
Bank of America Corp.	2,211,059			35,222,170
Citigroup, Inc.	950,345			50,672,395
			85,894,565
PACKAGED FOODS & MEATS—0.5%
Mead Johnson Nutrition Co., Cl. A	203,700		19,538,904
PHARMACEUTICALS—5.7%
Actavis PLC.*	471,021		133,233,000
Bristol-Myers Squibb Co.	403,700			25,727,801
Mallinckrodt PLC.*	50,400			5,704,272
Mylan NV*	109,300			7,898,018
Shire PLC.	494,332			40,495,146
Teva Pharmaceutical Industries Ltd.#	90,341			5,458,403
			218,516,640
RAILROADS—0.8%
Union Pacific Corp.	293,472		31,175,531
RENEWABLE ELECTRICITY—0.4%
TerraForm Power, Inc., Cl. A	361,400		14,286,142
RESEARCH & CONSULTING SERVICES—0.3%
CoStar Group, Inc.*	49,700		10,160,171

- 19 -

THE ALGER INSTITUTIONAL FUNDS
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments (Continued) April 30, 2015 (Unaudited)


COMMON STOCKS—(CONT.)	SHARES			VALUE
RESTAURANTS—1.2%
Darden Restaurants, Inc.	70,357	$		4,486,666
McDonald's Corp.	162,500			15,689,375
Starbucks Corp.	527,908			26,173,678
			46,349,719
SECURITY & ALARM SERVICES—0.7%
Tyco International PLC.	728,331		28,681,675
SEMICONDUCTOR EQUIPMENT—1.1%
SunEdison, Inc.*	1,616,838		40,938,338
SEMICONDUCTORS—3.3%
Altera Corp.	272,100			11,341,128
Avago Technologies Ltd.	229,339			26,805,142
Broadcom Corp., Cl. A	466,700			20,630,473
Micron Technology, Inc.*	1,100,353			30,952,930
NXP Semiconductors NV*	389,464			37,435,280
			127,164,953
SOFT DRINKS—1.0%
PepsiCo, Inc.	409,439		38,945,838
SPECIALIZED FINANCE—0.5%
McGraw Hill Financial, Inc.	204,830		21,363,769
SPECIALTY CHEMICALS—1.1%
PPG Industries, Inc.	197,465		43,750,345
SPECIALTY STORES—0.9%
Signet Jewelers Ltd.	250,874		33,649,730
SYSTEMS SOFTWARE—2.5%
Microsoft Corp.	1,285,912			62,546,760
Oracle Corp.	549,700			23,977,914
ServiceNow, Inc.*	126,300			9,454,818
			95,979,492
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.5%
Apple, Inc.	1,893,936		237,026,090
Western Digital Corp.	143,682			14,043,479
			251,069,569
TOBACCO—0.7%
Altria Group, Inc.	546,300		27,342,315
TRADING COMPANIES & DISTRIBUTORS—1.2%
HD Supply Holdings, Inc.*	1,363,744		45,003,552
WIRELESS TELECOMMUNICATION SERVICES—0.7%
SBA Communications Corp., Cl. A*	227,600		26,360,632
TOTAL COMMON STOCKS
(Cost $3,169,182,810)			3,660,540,952
PREFERRED STOCKS—0.4%	SHARES			VALUE
ADVERTISING—0.1%
Choicestream, Inc., Cl. A*^,@,(a)	1,074,935			515,969
Choicestream, Inc., Cl. B*^,@,(a)	2,500,538			1,200,258
				1,716,227
APPLICATION SOFTWARE—0.2%
Palantir Technologies, Inc., Cl. B*^,@	974,841			6,931,119

- 20 -

THE ALGER INSTITUTIONAL FUNDS
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments (Continued) April 30, 2015 (Unaudited)


PREFERRED STOCKS—(CONT.)	SHARES		VALUE
APPLICATION SOFTWARE—(CONT.)
Palantir Technologies, Inc., Cl. D*^,@	127,007	$	903,020
			7,834,139
PHARMACEUTICALS—0.1%
Intarcia Therapeutics, Inc.*^,@	111,655		4,912,820
TOTAL PREFERRED STOCKS
(Cost $13,252,335)			14,463,186
MASTER LIMITED PARTNERSHIP—2.6%	SHARES		VALUE
ASSET MANAGEMENT & CUSTODY BANKS—2.6%
The Blackstone Group LP.	2,168,359		88,815,985
The Carlyle Group LP.	403,379		12,178,012
		100,993,997
TOTAL MASTER LIMITED PARTNERSHIP
(Cost $85,525,904)		100,993,997
Total Investments
(Cost $3,267,961,049)^(b)	98.0%	3,775,998,135
Other Assets in Excess of Liabilities	2.0%	77,898,458
NET ASSETS	100.0%	$ 3,853,896,593

# American Depositary Receipts.
(a) Deemed an affiliate of the Alger fund complex during the year for purposes of Section 2(a)(3) of the Investment
Company Act of 1940. See Affiliated Securities in Notes to Financial Statements.
(b) At April 30, 2015, the net unrealized appreciation on investments, based on cost for federal income tax purposes
of $3,302,997,858, amounted to $473,000,277 which consisted of aggregate gross unrealized appreciation of
$527,238,328 and aggregate gross unrealized depreciation of $54,238,051.
* Non-income producing security.
@ Restricted security - Investment in security not registered under the Securities Act of 1933. The investment is deemed
to not be liquid and may be sold only to qualified buyers.


Security	Acquisition Date(s)	Cost	Market Value	% of net assets
Choicestream, Inc.	3/14/2014	$36,151	$59,836	0.00%
Choicestream, Inc., Cl. A	12/17/2013	859,605	515,969	0.02%
Choicestream, Inc., Cl. B	7/10/2014	1,500,323	1,200,258	0.03%
Intarcia Therapeutics, Inc.	3/27/2014	3,616,505	4,912,820	0.13%
Palantir Technologies, Inc., Cl. A	10/07/2014	1,555,368	1,699,503	0.04%
Palantir Technologies, Inc., Cl. B	10/07/2014	6,437,297	6,931,119	0.18%
Palantir Technologies, Inc., Cl. D	10/14/2014	838,605	903,020	0.02%
Total			$16,222,525	0.42%



*See Notes to Financial Statements.*

- 21 -

THE ALGER INSTITUTIONAL FUNDS ALGER CAPITAL APPRECIATION FOCUS FUND
Schedule of Investments April 30, 2015 (Unaudited)


COMMON STOCKS—84.7%	SHARES		VALUE
AEROSPACE & DEFENSE—3.5%
Honeywell International, Inc.	15,980	$	1,612,702
AIRLINES—0.9%
United Continental Holdings, Inc.*	7,300		436,102
ALTERNATIVE CARRIERS—1.2%
Zayo Group Holdings, Inc.*	20,580		546,399
APPLICATION SOFTWARE—3.1%
Mobileye NV*	12,180		546,395
Salesforce.com, inc.*	12,140		884,035
			1,430,430
AUTO PARTS & EQUIPMENT—2.5%
Delphi Automotive PLC.	13,600		1,128,800
BIOTECHNOLOGY—4.0%
Biogen, Inc.*	1,760		658,117
Gilead Sciences, Inc.*	8,810		885,493
Intercept Pharmaceuticals, Inc.*	1,170		295,788
			1,839,398
CABLE & SATELLITE—1.2%
Comcast Corporation, Cl. A	9,370		541,211
DATA PROCESSING & OUTSOURCED SERVICES—4.4%
Alliance Data Systems Corp.*	1,700		505,427
Visa, Inc., Cl. A	22,930		1,514,526
			2,019,953
DRUG RETAIL—1.8%
CVS Caremark Corp.	8,270		821,128
FOOTWEAR—1.3%
NIKE, Inc., Cl. B	6,240		616,762
GENERAL MERCHANDISE STORES—1.3%
Dollar Tree, Inc.*	8,070		616,629
HEALTH CARE EQUIPMENT—1.7%
Becton Dickinson and Co.	4,710		663,497
DexCom, Inc.*	1,740		117,572
			781,069
HEALTH CARE FACILITIES—1.3%
HCA Holdings, Inc.*	8,140		602,441
HOTELS RESORTS & CRUISE LINES—2.1%
Ctrip.com International Ltd.#*	6,220		396,090
Hilton Worldwide Holdings, Inc.*	19,250		557,480
			953,570
INTERNET RETAIL—2.1%
Amazon.com, Inc.*	1,630		687,501
Qunar Cayman Islands Ltd.#*	5,680		265,995
			953,496
INTERNET SOFTWARE & SERVICES—11.5%
Demandware, Inc.*	10,660		656,656

- 22 -

THE ALGER INSTITUTIONAL FUNDS ALGER CAPITAL APPRECIATION FOCUS FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES		VALUE
INTERNET SOFTWARE & SERVICES—(CONT.)
Facebook, Inc., Cl. A*	27,510	$	2,166,963
Google, Inc., Cl. C*	2,441		1,311,647
GrubHub, Inc.*	9,980		410,876
LinkedIn Corp., Cl. A*	1,030		259,694
Yahoo! Inc.*	10,390		442,250
			5,248,086
LIFE SCIENCES TOOLS & SERVICES—1.6%
Thermo Fisher Scientific, Inc.	5,820		731,458
MANAGED HEALTH CARE—3.6%
Cigna Corp.	4,770		594,533
Humana, Inc.	3,630		601,128
UnitedHealth Group, Inc.	3,890		433,346
			1,629,007
MULTI-LINE INSURANCE—2.0%
Hartford Financial Services Group, Inc.	22,010		897,348
OIL & GAS EQUIPMENT & SERVICES—2.2%
Baker Hughes, Inc.	10,360		709,246
Weatherford International PLC.*	20,890		303,949
			1,013,195
OIL & GAS EXPLORATION & PRODUCTION—2.0%
Anadarko Petroleum Corp.	9,530		896,773
OTHER DIVERSIFIED FINANCIAL SERVICES—4.3%
Bank of America Corp.	54,110		861,972
Citigroup, Inc.	20,390		1,087,195
			1,949,167
PHARMACEUTICALS—5.5%
Actavis PLC.*	6,050		1,711,303
Shire PLC.#	3,280		798,713
			2,510,016
RESTAURANTS—1.1%
Bloomin' Brands, Inc.	21,670		491,042
SECURITY & ALARM SERVICES—1.3%
Tyco International PLC.	15,740		619,841
SEMICONDUCTOR EQUIPMENT—1.5%
SunEdison, Inc.*	26,910		681,361
SEMICONDUCTORS—2.8%
Avago Technologies Ltd.	3,000		350,640
Micron Technology, Inc.*	15,080		424,200
NXP Semiconductors NV*	5,320		511,359
			1,286,199
SPECIALTY CHEMICALS—2.7%
PPG Industries, Inc.	5,550		1,229,658
SPECIALTY STORES—2.4%
Signet Jewelers Ltd.	8,220		1,102,548

- 23 -

THE ALGER INSTITUTIONAL FUNDS ALGER CAPITAL APPRECIATION FOCUS FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES		VALUE
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.3%
Apple, Inc.	23,151	$	2,897,348
TRADING COMPANIES & DISTRIBUTORS—1.5%
HD Supply Holdings, Inc.*	21,550		711,150
TOTAL COMMON STOCKS
(Cost $37,085,209)			38,794,287
PREFERRED STOCKS—0.8%	SHARES		VALUE
BIOTECHNOLOGY—0.8%
Prosetta Biosciences, Inc.*^,@,(a)	76,825		345,713
(Cost $345,713)			345,713
MASTER LIMITED PARTNERSHIP—7.4%	SHARES		VALUE
ASSET MANAGEMENT & CUSTODY BANKS—5.2%
The Blackstone Group LP.	58,180		2,383,053
OIL & GAS STORAGE & TRANSPORTATION—2.2%
Cheniere Energy Partners LP.	30,730		1,001,490
TOTAL MASTER LIMITED PARTNERSHIP
(Cost $2,999,583)			3,384,543
REAL ESTATE INVESTMENT TRUST—2.0%	SHARES		VALUE
SPECIALIZED—2.0%
Crown Castle International Corp.	11,270		941,383
(Cost $961,992)			941,383
Total Investments
(Cost $41,392,497)^(b)	94.9%		43,465,926
Other Assets in Excess of Liabilities	5.1%		2,357,227
NET ASSETS	100.0%	$	45,823,153

# American Depositary Receipts.
(a) Deemed an affiliate of the Alger fund complex during the year for purposes of Section 2(a)(3) of the Investment
Company Act of 1940. See Affiliated Securities in Notes to Financial Statements.
(b) At April 30, 2015, the net unrealized appreciation on investments, based on cost for federal income tax purposes
of $41,455,414, amounted to $2,010,512 which consisted of aggregate gross unrealized appreciation of
$2,748,084 and aggregate gross unrealized depreciation of $737,572.
* Non-income producing security.
@ Restricted security - Investment in security not registered under the Securities Act of 1933. The investment is deemed
to not be liquid and may be sold only to qualified buyers.


Security	Acquisition Date(s)	Cost	Market Value	% of net assets
Prosetta Biosciences, Inc.	2/06/2015	$345,713	$345,713	0.75%
Total			$345,713	0.75%



*See Notes to Financial Statements.*

- 24 -

THE ALGER INSTITUTIONAL FUNDS ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2015 (Unaudited)


COMMON STOCKS—93.7%	SHARES		VALUE
ADVERTISING—0.0%
Choicestream, Inc.*^,@,(a)	8,930	$	4,286
AEROSPACE & DEFENSE—1.5%
Hexcel Corp.	24,600		1,233,690
TransDigm Group, Inc.	4,800		1,018,224
			2,251,914
AIRLINES—1.9%
Spirit Airlines, Inc.*	19,900		1,362,553
United Continental Holdings, Inc.*	26,900		1,607,006
			2,969,559
ALTERNATIVE CARRIERS—1.7%
Level 3 Communications, Inc.*	26,700		1,493,598
Zayo Group Holdings, Inc.*	40,600		1,077,930
			2,571,528
APPAREL ACCESSORIES & LUXURY GOODS—2.4%
Hanesbrands, Inc.	58,000		1,802,640
PVH Corp.	10,900		1,126,515
Under Armour, Inc., Cl. A*	10,100		783,255
			3,712,410
APPAREL RETAIL—1.0%
L Brands, Inc.	8,400		750,624
Urban Outfitters, Inc.*	19,800		792,792
			1,543,416
APPLICATION SOFTWARE—2.5%
ACI Worldwide, Inc.*	41,200		948,836
Aspen Technology, Inc.*	13,500		599,265
Autodesk, Inc.*	13,600		772,888
Mobileye NV*	9,500		426,170
Palantir Technologies, Inc., Cl. A*^,@	12,426		88,349
Synchronoss Technologies, Inc.*	21,363		980,134
			3,815,642
ASSET MANAGEMENT & CUSTODY BANKS—1.0%
WisdomTree Investments, Inc.	79,500		1,513,680
AUTO PARTS & EQUIPMENT—2.1%
BorgWarner, Inc.	9,200		544,640
Delphi Automotive PLC.	15,250		1,265,750
WABCO Holdings, Inc.*	11,100		1,381,395
			3,191,785
AUTOMOBILE MANUFACTURERS—0.8%
Tesla Motors, Inc.*	5,100		1,152,855
AUTOMOTIVE RETAIL—0.6%
Advance Auto Parts, Inc.	6,900		986,700
BIOTECHNOLOGY—5.9%
Alkermes PLC.*	6,600		365,442
BioMarin Pharmaceutical, Inc.*	6,200		694,710
Bluebird Bio, Inc.*	2,300		306,337

- 25 -

THE ALGER INSTITUTIONAL FUNDS ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES		VALUE
BIOTECHNOLOGY—(CONT.)
Celldex Therapeutics, Inc.*	18,000	$	432,000
Incyte Corp.*	9,300		903,588
Intercept Pharmaceuticals, Inc.*	5,700		1,441,017
Juno Therapeutics, Inc.*	2,600		111,124
Medivation, Inc.*	10,500		1,267,770
Portola Pharmaceuticals, Inc.*	28,400		1,013,596
Receptos, Inc.*	3,900		574,626
United Therapeutics Corp.*	6,000		958,140
Vertex Pharmaceuticals, Inc.*	7,800		961,584
			9,029,934
BUILDING PRODUCTS—3.6%
Allegion PLC.	26,900		1,644,935
AO Smith Corp.	15,800		1,009,620
Fortune Brands Home & Security, Inc.	18,300		816,180
Lennox International, Inc.	12,600		1,335,096
NCI Building Systems, Inc.*	46,900		726,012
			5,531,843
COMMUNICATIONS EQUIPMENT—2.6%
Arista Networks, Inc.*	17,900		1,145,779
ARRIS Group, Inc.*	48,100		1,619,768
F5 Networks, Inc.*	10,400		1,269,008
			4,034,555
COMPUTER STORAGE & PERIPHERALS—0.3%
SanDisk Corp.	7,900		528,826
CONSTRUCTION MATERIALS—1.3%
Eagle Materials, Inc.	3,400		283,526
Martin Marietta Materials, Inc.	4,800		684,720
Vulcan Materials Co.	11,900		1,017,688
			1,985,934
CONSUMER ELECTRONICS—0.2%
Harman International Industries, Inc.	2,514		327,775
DATA PROCESSING & OUTSOURCED SERVICES—3.6%
Alliance Data Systems Corp.*	7,000		2,081,170
Fiserv, Inc.*	16,100		1,249,360
Vantiv, Inc., CL. A*	25,300		989,230
WEX, Inc.*	10,300		1,160,913
			5,480,673
DISTILLERS & VINTNERS—0.2%
Constellation Brands Inc., Cl. A	3,300		382,602
DIVERSIFIED COMMERCIAL & PROFESSIONAL
SERVICES—0.4%
Digital Globe, Inc.*	19,200		617,664
DRUG RETAIL—1.1%
Rite Aid Corp.*	224,400		1,730,124
ELECTRICAL COMPONENTS & EQUIPMENT—1.9%
Acuity Brands, Inc.	11,800		1,970,010

- 26 -

THE ALGER INSTITUTIONAL FUNDS ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES		VALUE
ELECTRICAL COMPONENTS & EQUIPMENT—(CONT.)
Hubbell, Inc., Cl. B	8,200	$	892,406
			2,862,416
ELECTRONIC COMPONENTS—0.2%
Belden, Inc.	3,300		277,035
FOOD RETAIL—1.4%
The Kroger Co.	20,800		1,433,328
Whole Foods Market, Inc.	13,700		654,312
			2,087,640
GENERAL MERCHANDISE STORES—1.9%
Dollar General Corp.	17,200		1,250,612
Dollar Tree, Inc.*	21,800		1,665,738
			2,916,350
HEALTH CARE EQUIPMENT—1.3%
DexCom, Inc.*	14,800		1,000,036
Hologic, Inc.*	28,900		975,086
			1,975,122
HEALTH CARE FACILITIES—2.2%
Acadia Healthcare Co., Inc.*	14,000		959,000
Tenet Healthcare Corporation*	28,600		1,368,796
Universal Health Services, Inc., Cl. B	9,300		1,087,635
			3,415,431
HEALTH CARE SERVICES—0.9%
Omnicare, Inc.	10,600		932,588
Team Health Holdings, Inc.*	6,600		393,162
			1,325,750
HOME FURNISHING RETAIL—0.3%
Williams-Sonoma, Inc.	7,200		529,416
HOMEBUILDING—0.6%
Toll Brothers, Inc.*	25,600		909,824
HOMEFURNISHING RETAIL—0.4%
Restoration Hardware Holdings, Inc.*	7,900		680,743
HOTELS RESORTS & CRUISE LINES—2.9%
La Quinta Holdings, Inc.*	47,300		1,138,984
Norwegian Cruise Line Holdings Ltd.*	33,100		1,605,681
Royal Caribbean Cruises Ltd.	14,100		959,646
Wyndham Worldwide Corporation	9,100		777,140
			4,481,451
HOUSEWARES & SPECIALTIES—1.7%
Jarden Corp.*	36,150		1,850,157
The Clorox Co.	7,300		774,530
			2,624,687
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.5%
Robert Half International, Inc.	13,400		743,030
INDUSTRIAL MACHINERY—1.4%
Graco, Inc.	18,600		1,332,132

- 27 -

THE ALGER INSTITUTIONAL FUNDS ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES		VALUE
INDUSTRIAL MACHINERY—(CONT.)
Ingersoll-Rand PLC.	11,800	$	776,912
			2,109,044
INTERNET RETAIL—1.2%
NetFlix, Inc.*	2,000		1,113,000
TripAdvisor, Inc.*	9,000		724,410
			1,837,410
INTERNET SOFTWARE & SERVICES—5.7%
Cornerstone OnDemand, Inc.*	29,400		841,722
Criteo SA#*	19,000		787,740
DealerTrack Holdings, Inc.*	24,500		963,095
Demandware, Inc.*	12,900		794,640
GrubHub, Inc.*	33,000		1,358,610
Hortonworks, Inc.*	18,400		371,128
LendingClub Corp.*	79,500		1,387,275
LinkedIn Corp., Cl. A*	6,600		1,664,058
Shutterstock, Inc.*	9,700		654,653
			8,822,921
INVESTMENT BANKING & BROKERAGE—0.8%
TD Ameritrade Holding Corp.	34,300		1,243,375
LEISURE PRODUCTS—0.5%
Coach, Inc.	18,600		710,706
MANAGED HEALTH CARE—0.8%
Centene Corp.*	20,400		1,264,596
MOVIES & ENTERTAINMENT—0.3%
Live Nation Entertainment, Inc.*	20,200		506,212
MULTI-LINE INSURANCE—0.5%
Hartford Financial Services Group, Inc.	19,800		807,246
OIL & GAS DRILLING—0.5%
Patterson-UTI Energy, Inc.	31,300		699,555
OIL & GAS EQUIPMENT & SERVICES—0.4%
Weatherford International PLC.*	46,000		669,300
OIL & GAS EXPLORATION & PRODUCTION—2.6%
PDC Energy, Inc.*	19,600		1,112,104
QEP Resources, Inc.	21,600		486,000
Range Resources Corp.	24,100		1,531,796
RSP Permian, Inc.*	14,300		414,986
Viper Energy Partners LP	19,100		393,651
			3,938,537
OIL & GAS REFINING & MARKETING—0.4%
HollyFrontier Corp.	14,800		573,944
PAPER PACKAGING—0.5%
Packaging Corp., of America	10,100		698,819
PHARMACEUTICALS—2.2%
Jazz Pharmaceuticals PLC.*	6,300		1,125,810

- 28 -

THE ALGER INSTITUTIONAL FUNDS ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES		VALUE
PHARMACEUTICALS—(CONT.)
Lannett Co., Inc.*	11,300	$	649,750
Mallinckrodt PLC.*	8,600		973,348
Pacira Pharmaceuticals, Inc.*	8,100		554,688
			3,303,596
REAL ESTATE SERVICES—0.6%
Jones Lang LaSalle, Inc.	5,400		896,724
REGIONAL BANKS—0.6%
Signature Bank*	7,200		965,448
RENEWABLE ELECTRICITY—0.9%
TerraForm Power, Inc., Cl. A	33,400		1,320,302
RESEARCH & CONSULTING SERVICES—1.8%
CoStar Group, Inc.*	6,900		1,410,567
Verisk Analytics, Inc., Cl. A*	17,300		1,298,192
			2,708,759
RESTAURANTS—3.1%
Bloomin' Brands, Inc.	53,200		1,205,512
Diamond Resorts International, Inc.*	50,500		1,616,505
Jack in the Box, Inc.	14,000		1,214,780
Restaurant Brands International, Inc.	19,100		778,898
			4,815,695
SECURITY & ALARM SERVICES—0.3%
Tyco International PLC.	10,200		401,676
SEMICONDUCTOR EQUIPMENT—1.2%
Lam Research Corp.	13,300		1,005,214
SunEdison, Inc.*	34,900		883,668
			1,888,882
SEMICONDUCTORS—5.4%
Altera Corp.	7,600		316,768
Avago Technologies Ltd.	23,000		2,688,240
Micron Technology, Inc.*	36,800		1,035,184
Microsemi Corp.*	47,300		1,577,928
NXP Semiconductors NV*	18,800		1,807,056
Qorvo, Inc.*	6,800		448,188
Skyworks Solutions, Inc.	4,100		378,225
			8,251,589
SPECIALIZED FINANCE—1.9%
McGraw Hill Financial, Inc.	15,000		1,564,500
Moody's Corp.	12,400		1,333,248
			2,897,748
SPECIALTY CHEMICALS—1.5%
Axalta Coating Systems Ltd.*	25,700		788,476
The Sherwin-Williams Co.	5,600		1,556,800
			2,345,276
SPECIALTY STORES—3.8%
Cabela's, Inc.*	13,900		733,086
Party City Holdco, Inc.*	4,900		101,871

- 29 -

THE ALGER INSTITUTIONAL FUNDS ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
SPECIALTY STORES—(CONT.)
Signet Jewelers Ltd.	11,400	$		1,529,082
The Michaels Cos, Inc.*	40,600			1,049,916
Tractor Supply Co.	12,800			1,101,568
Ulta Salon, Cosmetics & Fragrance, Inc.*	9,100			1,374,919
				5,890,442
SYSTEMS SOFTWARE—1.1%
ServiceNow, Inc.*	23,100			1,729,266
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.8%
Nimble Storage, Inc.*	17,700			432,942
Western Digital Corp.	8,800			860,112
				1,293,054
TRADING COMPANIES & DISTRIBUTORS—1.2%
HD Supply Holdings, Inc.*	57,500			1,897,500
WIRELESS TELECOMMUNICATION SERVICES—0.8%
SBA Communications Corp., Cl. A*	10,200			1,181,364
TOTAL COMMON STOCKS
(Cost $127,906,695)			143,861,586
PREFERRED STOCKS—1.7%	SHARES			VALUE
ADVERTISING—0.1%
Choicestream, Inc., Cl. A*^,@,(a)	77,008			36,964
Choicestream, Inc., Cl. B*^,@,(a)	144,793			69,501
				106,465
APPLICATION SOFTWARE—0.2%
Palantir Technologies, Inc., Cl. B*^,@	50,675			360,299
Palantir Technologies, Inc., Cl. D*^,@	6,602			46,940
				407,239
BIOTECHNOLOGY—0.5%
Prosetta Biosciences, Inc.*^,@,(a)	166,009			747,041
PHARMACEUTICALS—0.9%
Intarcia Therapeutics, Inc.*^,@	7,588			333,872
Tolero Pharmaceuticals, Inc.*^,@,(a)	354,870			1,070,323
				1,404,195
TOTAL PREFERRED STOCKS
(Cost $2,589,818)				2,664,940
REAL ESTATE INVESTMENT TRUST—2.5%	SHARES			VALUE
HEALTH CARE—0.4%
Omega Healthcare Investors, Inc.	16,600			599,094
OFFICE—0.6%
CyrusOne, Inc.	30,300			984,144
SPECIALIZED—1.5%
Crown Castle International Corp.	18,200			1,520,246

- 30 -

THE ALGER INSTITUTIONAL FUNDS ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


REAL ESTATE INVESTMENT TRUST—(CONT.)	SHARES		VALUE
SPECIALIZED—(CONT.)
Extra Space Storage, Inc.	11,300	$	745,009
			2,265,255
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $3,956,252)			3,848,493
Total Investments
(Cost $134,452,765)^(b)	97.9%	150,375,019
Other Assets in Excess of Liabilities	2.1%		3,240,731
NET ASSETS	100.0%	$	153,615,750

# American Depositary Receipts.
(a) Deemed an affiliate of the Alger fund complex during the year for purposes of Section 2(a)(3) of the Investment
Company Act of 1940. See Affiliated Securities in Notes to Financial Statements.
^(b)At April 30, 2015, the net unrealized appreciation on investments, based on cost for federal income tax purposes
of $135,360,674, amounted to $15,014,345 which consisted of aggregate gross unrealized appreciation of
$19,287,568 and aggregate gross unrealized depreciation of $4,273,223.
* Non-income producing security.
@ Restricted security - Investment in security not registered under the Securities Act of 1933. The investment is deemed
to not be liquid and may be sold only to qualified buyers.


Security	Acquisition Date(s)	Cost	Market Value	% of net assets
Choicestream, Inc.	3/14/2014	$2,590	$4,286	0.00%
Choicestream, Inc., Cl. A	3/31/2014	61,582	36,964	0.02%
Choicestream, Inc., Cl. B	7/10/2014	86,876	69,501	0.05%
Intarcia Therapeutics, Inc.	3/27/2014	245,775	333,872	0.21%
Palantir Technologies, Inc., Cl. A	10/07/2014	80,856	88,349	0.06%
Palantir Technologies, Inc., Cl. B	10/04/2014	334,629	360,299	0.23%
Palantir Technologies, Inc., Cl. D	10/14/2014	43,592	46,940	0.03%
Prosetta Biosciences, Inc.	2/06/2014	747,041	747,041	0.49%
Tolero Pharmaceuticals, Inc.	8/01/2014	1,070,323	1,070,323	0.70%
Total			$2,757,575	1.79%

*See Notes to Financial Statements.*

- 31 -

THE ALGER INSTITUTIONAL FUNDS ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2015 (Unaudited)


COMMON STOCKS—97.2%	SHARES			VALUE
AEROSPACE & DEFENSE—1.6%
Esterline Technologies Corp.*	31,525	$		3,508,417
Hexcel Corp.	97,100			4,869,565
				8,377,982
AIRLINES—0.7%
Spirit Airlines, Inc.*	52,700			3,608,369
APPAREL ACCESSORIES & LUXURY GOODS—1.1%
G-III Apparel Group Ltd.*	50,100			5,570,118
APPLICATION SOFTWARE—14.5%
ACI Worldwide, Inc.*	383,450			8,830,853
American Software, Inc., Cl. A	704,019			6,836,024
ANSYS, Inc.*	41,450			3,558,068
Blackbaud, Inc.	114,450			5,783,159
Fair Isaac Corp.	30,100			2,662,646
Guidewire Software, Inc.*	136,000			6,793,200
Manhattan Associates, Inc.*	149,000			7,831,440
NetScout Systems, Inc.*	81,650			3,355,815
PROS Holdings, Inc.*	355,923			7,912,168
SolarWinds, Inc.*	131,200			6,399,936
Synchronoss Technologies, Inc.*	122,650			5,627,182
Tyler Technologies, Inc.*	86,050			10,493,798
			76,084,289
ASSET MANAGEMENT & CUSTODY BANKS—1.1%
WisdomTree Investments, Inc.	300,652			5,724,414
AUTO PARTS & EQUIPMENT—1.7%
American Axle & Manufacturing Holdings, Inc.*	176,000			4,387,680
Tenneco, Inc.*	73,850			4,316,532
				8,704,212
AUTOMOTIVE RETAIL—0.7%
Lithia Motors, Inc., Cl. A	37,750			3,764,808
BIOTECHNOLOGY—8.8%
Bluebird Bio, Inc.*	28,550			3,802,574
Celldex Therapeutics, Inc.*	105,750			2,538,000
Cepheid, Inc.*	101,300			5,682,930
Clovis Oncology, Inc.*	39,850			3,202,346
Dyax Corp.*	49,600			1,185,936
Incyte Corp.*	45,250			4,396,490
Intercept Pharmaceuticals, Inc.*	10,574			2,673,213
Ironwood Pharmaceuticals, Inc.*	276,100			3,771,526
Isis Pharmaceuticals, Inc.*	50,900			2,887,048
Juno Therapeutics, Inc.*	29,300			1,252,282
Neurocrine Biosciences, Inc.*	85,950			2,930,035
Portola Pharmaceuticals, Inc.*	91,350			3,260,282
Receptos, Inc.*	22,950			3,381,453
TESARO, Inc.*	53,350			2,905,975
Ultragenyx Pharmaceutical, Inc.*	40,200			2,268,486
			46,138,576

- 32 -

THE ALGER INSTITUTIONAL FUNDS ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
BUILDING PRODUCTS—1.8%
AO Smith Corp.	82,449	$		5,268,491
NCI Building Systems, Inc.*	256,000			3,962,880
				9,231,371
COMMODITY CHEMICALS—0.9%
Calgon Carbon Corp.	225,300			4,999,407
COMMUNICATIONS EQUIPMENT—0.7%
ARRIS Group, Inc.*	103,949			3,500,483
CONSUMER FINANCE—0.5%
PRA Group, Inc.*	49,700			2,722,318
DATA PROCESSING & OUTSOURCED SERVICES—2.2%
Euronet Worldwide, Inc.*	38,800			2,269,024
MAXIMUS, Inc.	69,750			4,464,698
WEX, Inc.*	40,885			4,608,148
				11,341,870
DRUG RETAIL—0.3%
Diplomat Pharmacy, Inc.*	40,850			1,463,247
EDUCATION SERVICES—0.8%
Grand Canyon Education, Inc.*	92,350			4,181,608
ELECTRONIC COMPONENTS—2.2%
Belden, Inc.	23,800			1,998,010
Dolby Laboratories Inc., Cl. A	64,800			2,608,848
DTS, Inc.*	194,050			6,956,692
				11,563,550
ELECTRONIC EQUIPMENT MANUFACTURERS—5.2%
Cognex Corp.*	131,200			5,889,568
FEI Co.	189,500			14,299,670
FLIR Systems, Inc.	228,100			7,046,009
			27,235,247
FOOD DISTRIBUTORS—0.8%
United Natural Foods, Inc.*	65,614			4,426,320
FOOD RETAIL—0.8%
Smart & Final Stores, Inc.*	252,900			4,380,228
FOOTWEAR—0.9%
Skechers U.S.A. Inc., Cl. A*	52,600			4,729,792
GENERAL MERCHANDISE STORES—1.4%
Burlington Stores, Inc.*	84,600			4,362,822
Tuesday Morning Corp.*	176,650			2,794,603
				7,157,425
HEALTH CARE EQUIPMENT—5.4%
Abaxis, Inc.	136,000			8,704,000
Cantel Medical Corp.	172,350			7,719,556
Cyberonics, Inc.*	50,400			3,069,864
DexCom, Inc.*	40,600			2,743,342

- 33 -

THE ALGER INSTITUTIONAL FUNDS ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
HEALTH CARE EQUIPMENT—(CONT.)
GenMark Diagnostics, Inc.*	652,200	$		6,261,120
			28,497,882
HEALTH CARE FACILITIES—1.1%
Acadia Healthcare Co., Inc.*	42,900			2,938,650
Healthsouth Corp.	59,150			2,674,763
				5,613,413
HEALTH CARE SERVICES—0.9%
Team Health Holdings, Inc.*	75,200			4,479,664
HEALTH CARE SUPPLIES—2.4%
Neogen Corp.*	167,400			7,455,996
Quidel Corp.*	231,200			5,386,960
			12,842,956
HEALTH CARE TECHNOLOGY—3.2%
MedAssets, Inc.*	276,600			5,598,384
Medidata Solutions, Inc.*	213,100			11,385,933
			16,984,317
HOMEFURNISHING RETAIL—0.5%
Restoration Hardware Holdings, Inc.*	32,050			2,761,749
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.4%
On Assignment, Inc.*	68,800			2,315,120
INDUSTRIAL MACHINERY—2.8%
Proto Labs, Inc.*	118,150			8,270,500
Sun Hydraulics Corp.	168,700			6,564,117
			14,834,617
INTERNET SOFTWARE & SERVICES—6.5%
Criteo SA#*	130,912			5,427,611
Demandware, Inc.*	140,465			8,652,644
GrubHub, Inc.*	36,333			1,495,830
NIC, Inc.	225,900			3,840,300
Shutterstock, Inc.*	94,900			6,404,801
SPS Commerce, Inc.*	129,650			8,460,959
			34,282,145
INVESTMENT BANKING & BROKERAGE—0.5%
Evercore Partners, Inc., Cl. A	55,050			2,655,612
Virtu Financial, Inc., Cl. A*	5,750			122,992
				2,778,604
LEISURE PRODUCTS—0.8%
Brunswick Corp.	80,400			4,023,216
LIFE & HEALTH INSURANCE—0.4%
American Equity Investment Life Holding Co.	74,450			2,006,427
LIFE SCIENCES TOOLS & SERVICES—2.3%
Bio-Techne Corp.	88,750			8,516,450
PRA Health Sciences, Inc.*	127,650			3,635,472
			12,151,922

- 34 -

THE ALGER INSTITUTIONAL FUNDS ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
MANAGED HEALTH CARE—0.7%
Molina Healthcare, Inc.*	65,550	$		3,882,527
MOVIES & ENTERTAINMENT—0.7%
Rentrak Corp.*	77,740			3,684,876
OIL & GAS EQUIPMENT & SERVICES—0.5%
US Silica Holdings, Inc.	72,950			2,724,683
OIL & GAS EXPLORATION & PRODUCTION—2.0%
Diamondback Energy, Inc.*	49,400			4,078,958
Oasis Petroleum, Inc.*	152,900			2,743,026
QEP Resources, Inc.	170,100			3,827,250
			10,649,234
OIL & GAS REFINING & MARKETING—0.4%
Delek US Holdings, Inc.	50,250			1,855,230
PAPER PACKAGING—0.7%
Graphic Packaging Holding Co.	270,950			3,820,395
PHARMACEUTICALS—0.7%
Aerie Pharmaceuticals, Inc.*	89,200			859,888
Lannett Co., Inc.*	20,750			1,193,125
Pacira Pharmaceuticals, Inc.*	27,550			1,886,624
				3,939,637
REGIONAL BANKS—1.6%
Bank of the Ozarks, Inc.	93,400			3,620,184
Investors Bancorp, Inc.	407,400			4,823,616
				8,443,800
RENEWABLE ELECTRICITY—0.7%
TerraForm Power, Inc., Cl. A	97,350			3,848,246
RESTAURANTS—4.0%
Bloomin' Brands, Inc.	180,550			4,091,263
Diamond Resorts International, Inc.*	78,800			2,522,388
Fiesta Restaurant Group, Inc.*	107,468			5,432,507
Jack in the Box, Inc.	43,000			3,731,110
Papa John's International, Inc.	83,800			5,142,806
			20,920,074
SEMICONDUCTORS—2.8%
Cavium Networks, Inc.*	43,700			2,831,323
Diodes, Inc.*	58,200			1,555,104
Microsemi Corp.*	134,600			4,490,256
Monolithic Power Systems, Inc.	50,150			2,599,274
Qorvo, Inc.*	52,525			3,461,923
			14,937,880
SPECIALTY CHEMICALS—1.5%
Balchem Corp.	154,700			8,109,374
SPECIALTY STORES—0.8%
Five Below, Inc.*	117,340			3,956,705

- 35 -

THE ALGER INSTITUTIONAL FUNDS ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
SYSTEMS SOFTWARE—2.1%
Proofpoint, Inc.*	37,050	$		1,999,959
Rovi Corp.*	215,100			3,981,501
TubeMogul, Inc.*	353,650			5,092,560
				11,074,020
TRADING COMPANIES & DISTRIBUTORS—0.8%
Watsco, Inc.	34,600			4,162,034
TRUCKING—1.3%
Saia, Inc.*	98,500			4,013,875
Swift Transportation Co.*	107,750			2,607,550
				6,621,425
TOTAL COMMON STOCKS
(Cost $452,182,485)			511,107,806
PREFERRED STOCKS—0.7%	SHARES			VALUE
BIOTECHNOLOGY—0.1%
Prosetta Biosciences, Inc.*^,@,(a)	133,263			599,684
PHARMACEUTICALS—0.6%
Intarcia Therapeutics, Inc.*^,@	41,238			1,814,472
Tolero Pharmaceuticals, Inc.*^,@,(a)	448,284			1,352,069
				3,166,541
TOTAL PREFERRED STOCKS
(Cost $3,287,452)				3,766,225
RIGHTS—–%	SHARES			VALUE
BIOTECHNOLOGY—–%
Neuralstem, Inc., 1/8/2019*	250,375			–
(Cost $0)				–
REAL ESTATE INVESTMENT TRUST—2.2%	SHARES			VALUE
HOTELS & RESORTS—0.7%
Pebblebrook Hotel Trust	90,947			3,905,264
OFFICE—0.6%
Dupont Fabros Technology, Inc.	103,150			3,213,123
SPECIALIZED—0.9%
Sovran Self Storage, Inc.	52,100			4,550,414
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $9,914,820)				11,668,801
Total Investments
(Cost $465,384,757)^(b)	100.1%		526,542,832
Liabilities in Excess of Other Assets	(0.1)%			(334,863)
NET ASSETS	100.0%	$		526,207,969

- 36 -

THE ALGER INSTITUTIONAL FUNDS ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2015 (Unaudited) (Continued)

(b) At April 30, 2015, the net unrealized appreciation on investments, based on cost for federal income tax purposes
of $469,499,655, amounted to $57,043,177 which consisted of aggregate gross unrealized appreciation of
$75,670,907 and aggregate gross unrealized depreciation of $18,627,730.
* Non-income producing security.
@ Restricted security - Investment in security not registered under the Securities Act of 1933. The investment is deemed
to not be liquid and may be sold only to qualified buyers.


Security	Acquisition Date(s)	Cost	Market Value	% of net assets
Intarcia Therapeutics, Inc.	3/27/2014	$1,335,699	$1,814,472	0.34%
Prosetta Biosciences, Inc.	2/06/2015	599,684	599,684	0.11%
Tolero Pharmaceuticals, Inc.	10/31/2014	1,352,069	1,352,069	0.26%
Total			$3,766,225	0.71%



*See Notes to Financial Statements.*

- 37 -

THE ALGER INSTITUTIONAL FUNDS
Statement of Assets and Liabilities April 30, 2015 (Unaudited)


		Alger Capital		Alger Capital
		Appreciation	Appreciation Focus
	Institutional Fund			Fund

ASSETS:
Investments in securities, at value (Identified cost below)*
see accompanying schedules of investments	$	3,774,222,072	$	43,120,213
Investments in affiliated securities, at value (Identified cost
below)** see accompanying schedules of investments		1,776,063		345,713
Cash and cash equivalents		50,336,250		1,846,563
Receivable for investment securities sold		80,325,529		1,382,892
Receivable for shares of beneficial interest sold		11,454,010		264,446
Dividends and interest receivable		3,012,896		68,056
Receivable from Investment Manager		—		9,999
Prepaid expenses		217,949		60,742
Total Assets		3,921,344,769		47,098,624

LIABILITIES:
Payable for investment securities purchased		56,277,123		932,102
Payable for shares of beneficial interest redeemed		6,650,738		256,379
Accrued investment advisory fees		2,352,156		27,054
Accrued transfer agent fees		736,886		8,169
Accrued distribution fees		259,427		7,912
Accrued administrative fees		88,387		1,048
Accrued shareholder servicing fees		803,516		3,484
Accrued shareholder administrative fees		32,141		527
Accrued other expenses		247,802		38,796
Total Liabilities		67,448,176		1,275,471
NET ASSETS	$	3,853,896,593	$	45,823,153

NET ASSETS CONSIST OF:
Paid in capital (par value of $.001 per share)		3,210,609,816		43,600,191
Undistributed net investment income		2,912,344		6,948
Undistributed net realized gain		132,338,322		142,587
Net unrealized appreciation on investments		508,036,111		2,073,427
NET ASSETS	$	3,853,896,593	$	45,823,153
* Identified cost	$	3,265,564,970	$	41,046,784
** Identified cost	$	2,396,079	$	345,713
*See Notes to Financial Statements.*

- 38 -

THE ALGER INSTITUTIONAL FUNDS
Statement of Assets and Liabilities April 30, 2015 (Unaudited) (Continued)


		Alger Capital		Alger Capital
		Appreciation	Appreciation Focus
	Institutional Fund			Fund

NET ASSETS BY CLASS:
Class A	$	—	$	22,874,431
Class C	$	—	$	3,797,031
Class I	$	3,233,044,112	$	17,041,690
Class R	$	620,852,481	$	—
Class Z	$	—	$	2,110,001

SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6:
Class A		—		963,190
Class C		—		162,693
Class I		115,613,284		715,116
Class R		24,088,281		—
Class Z		—		88,015

NET ASSET VALUE PER SHARE:
Class A — Net Asset Value Per Share Class A	$	—	$	23.75
Class A — Offering Price Per Share
(includes a 5.25% sales charge)	$	—	$	25.06
Class C — Net Asset Value Per Share Class C	$	—	$	23.34
Class I — Net Asset Value Per Share Class I and Class I	$	27.96	$	23.83
Class R — Net Asset Value Per Share Class R and Class R	$	25.77	$	—
Class Z — Net Asset Value Per Share Class Z	$	—	$	23.97
*See Notes to Financial Statements.*

- 39 -

THE ALGER INSTITUTIONAL FUNDS
Statement of Assets and Liabilities April 30, 2015 (Unaudited) (Continued)


				Alger Small Cap
	Alger Mid Cap Growth		Growth Institutional
	Institutional Fund			Fund

ASSETS:
Investments in securities, at value (Identified cost below)*
see accompanying schedules of investments	$	148,446,904	$	524,591,079
Investments in affiliated securities, at value (Identified cost
below)** see accompanying schedules of investments		1,928,115		1,951,753
Cash and cash equivalents		2,574,410		9,423,298
Receivable for investment securities sold		6,331,209		821,467
Receivable for shares of beneficial interest sold		383,702		980,144
Dividends and interest receivable		36,692		31,855
Prepaid expenses		18,997		64,838
Total Assets		159,720,029		537,864,434

LIABILITIES:
Payable for investment securities purchased		5,594,157		9,285,818
Payable for shares of beneficial interest redeemed		217,874		1,439,510
Accrued investment advisory fees		98,419		381,994
Accrued transfer agent fees		61,724		262,139
Accrued distribution fees		8,632		10,457
Accrued administrative fees		3,561		12,969
Accrued shareholder servicing fees		32,375		117,900
Accrued shareholder administrative fees		1,295		4,716
Accrued other expenses		86,242		140,962
Total Liabilities		6,104,279		11,656,465
NET ASSETS	$	153,615,750	$	526,207,969

NET ASSETS CONSIST OF:
Paid in capital (par value of $.001 per share)		421,576,311		375,668,262
Undistributed net investment income (accumulated loss)		(916,744)		(8,976,369)
Undistributed net realized gain (accumulated realized loss)		(282,966,072)		98,358,002
Net unrealized appreciation on investments		15,922,255		61,158,074
NET ASSETS	$	153,615,750	$	526,207,969
* Identified cost	$	132,484,353	$	463,433,004
** Identified cost	$	1,968,412	$	1,951,753
*See Notes to Financial Statements.*

- 40 -

THE ALGER INSTITUTIONAL FUNDS
Statement of Assets and Liabilities April 30, 2015 (Unaudited) (Continued)


				Alger Small Cap
	Alger Mid Cap Growth		Growth Institutional
	Institutional Fund			Fund

NET ASSETS BY CLASS:
Class I	$	133,062,269	$	502,344,228
Class R	$	20,553,481	$	23,863,741

SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6:
Class I		5,592,197		20,740,026
Class R		926,291		1,085,043

NET ASSET VALUE PER SHARE:
Class I — Net Asset Value Per Share Class I and Class I	$	23.79	$	24.22
Class R — Net Asset Value Per Share Class R and Class R	$	22.19	$	21.99
*See Notes to Financial Statements.*

- 41 -

THE ALGER INSTITUTIONAL FUNDS
Statement of Operations For the six months ended April 30, 2015 (Unaudited)


		Alger Capital		Alger Capital
		Appreciation	Appreciation Focus
	Institutional Fund			Fund

INCOME:
Dividends (net of foreign withholding taxes*)	$	19,491,856	$	286,527
Interest		18,367		357
Total Income		19,510,223		286,884

EXPENSES:
Advisory fees — Note 3(a)		13,266,616		147,051
Distribution fees — Note 3(c)
Class A		—		26,616
Class C		—		16,348
Class R		1,414,905		—
Shareholder servicing fees — Note 3(j)		4,492,217		18,748
Shareholder administrative fees — Note 3(f)		179,689		2,870
Administration fees — Note 3(b)		494,145		5,696
Custodian fees		129,046		26,118
Interest expenses		—		15
Transfer agent fees and expenses — Note 3(f)		834,157		11,731
Printing fees		127,704		2,520
Professional fees		63,829		17,147
Registration fees		73,275		45,027
Trustee fees — Note 3(g)		54,239		4,525
Fund accounting fees		242,233		4,657
Miscellaneous		84,541		2,959
Total Expenses		21,456,596		332,028
Less, expense reimbursements/waivers — Note 3(a)		—		(65,493)
Net Expenses		21,456,596		266,535
NET INVESTMENT INCOME (LOSS)		(1,946,373)		20,349

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, OPTIONS AND FOREIGN CURRENCY:
Net realized gain on investments and purchased options		173,678,389		3,019,021
Net realized gain on redemption-in-kind		8,394,724		—
Net realized (loss) on foreign currency transactions		(39,391)		—
Net change in unrealized appreciation (depreciation) on
investments, options and foreign currency		60,188,836		(78,445)
Net realized and unrealized gain on investments, options, and
foreign currency		242,222,558		2,940,576
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS	$	240,276,185	$	2,960,925
* Foreign withholding taxes	$	57,768	$	15
*See Notes to Financial Statements.*

- 42 -

THE ALGER INSTITUTIONAL FUNDS
Statement of Operations For the six months ended April 30, 2015 (Unaudited) (Continued)


				Alger Small Cap
	Alger Mid Cap Growth		Growth Institutional
	Institutional Fund			Fund

INCOME:
Dividends (net of foreign withholding taxes*)	$	605,020	$	1,369,065
Interest		487		1,145
Total Income		605,507		1,370,210

EXPENSES:
Advisory fees — Note 3(a)		581,349		2,489,133
Distribution fees — Note 3(c)
Class R		52,514		68,737
Shareholder servicing fees — Note 3(j)		191,233		768,251
Shareholder administrative fees — Note 3(f)		7,649		30,730
Administration fees — Note 3(b)		21,035		84,507
Custodian fees		40,102		39,820
Interest expenses		22		6,507
Transfer agent fees and expenses — Note 3(f)		43,711		191,555
Printing fees		9,050		30,875
Professional fees		28,786		32,265
Registration fees		2,145		55,772
Trustee fees — Note 3(g)		5,946		11,735
Fund accounting fees		7,074		39,395
Miscellaneous		8,223		37,430
Total Expenses		998,839		3,886,712
NET INVESTMENT LOSS		(393,332)		(2,516,502)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, OPTIONS AND FOREIGN CURRENCY:
Net realized gain on investments and purchased options		3,107,030		101,072,223
Net realized (loss) on foreign currency transactions		(2,896)		—
Net realized (loss) on options written		(85,144)		—
Net change in unrealized appreciation (depreciation) on
investments, options and foreign currency		8,013,110		(64,242,523)
Net change in unrealized (depreciation) on written options		(48,165)		—
Net realized and unrealized gain on investments, options, and
foreign currency		10,983,935		36,829,700
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS	$	10,590,603	$	34,313,198
* Foreign withholding taxes	$	295	$	—
*See Notes to Financial Statements.*

- 43 -

THE ALGER INSTITUTIONAL FUNDS
Statement of Changes in Net Assets(Unaudited)


	Alger Capital Appreciation Institutional Fund
		For the		For the
		Six Months Ended		Year Ended
		April 30, 2015		October 31, 2014

Net investment loss	$	(1,946,373)	$	(4,324,715)
Net realized gain on investments, options and foreign currency		182,033,722		378,982,949
Net change in unrealized appreciation on investments, options
and foreign currency		60,188,836		56,693,910
Net increase in net assets resulting from operations		240,276,185		431,352,144

Dividends and distributions to shareholders from:
Net investment income:
Class I		—		(596,123)
Net realized gains:
Class I		(321,833,735)		(238,827,929)
Class R		(64,146,416)		(56,924,364)
Total dividends and distributions to shareholders		(385,980,151)		(296,348,416)

Increase (decrease) from shares of beneficial interest transactions:
Class I		794,611,730		481,567,857
Class R		119,495,255		68,067,671
Net increase from shares of beneficial interest transactions —
Note 6(a)		914,106,985		549,635,528
Total increase		768,403,019		684,639,256

Net Assets:
Beginning of period		3,085,493,574		2,400,854,318
END OF PERIOD	$	3,853,896,593	$	3,085,493,574
Undistributed net investment income	$	2,912,344	$	575,998
*See Notes to Financial Statements.*

- 44 -

THE ALGER INSTITUTIONAL FUNDS
Statement of Changes in Net Assets(Unaudited) (Continued)


		Alger Capital Appreciation Focus Fund
		For the		For the
		Six Months Ended		Year Ended
		April 30, 2015		October 31, 2014

Net investment income (loss)	$	20,349	$	(36,669)
Net realized gain on investments, options and foreign currency		3,019,021		3,227,165
Net change in unrealized depreciation on investments, options
and foreign currency		(78,445)		(90,443)
Net increase in net assets resulting from operations		2,960,925		3,100,053

Increase (decrease) from shares of beneficial interest transactions:
Class A		16,159,234		915,255
Class C		933,177		385,874
Class I		3,112,966		2,291,590
Class R		—		(2,761,004)
Class Z		705,041		1,078,955
Net increase from shares of beneficial interest transactions —
Note 6(a)		20,910,418		1,910,670

Redemption Fees:
Class A		180		48
Total Redemption Fees — Note 6(b)		180		48
Total increase		23,871,523		5,010,771

Net Assets:
Beginning of period		21,951,630		16,940,859
END OF PERIOD	$	45,823,153	$	21,951,630
Undistributed net investment income (accumulated loss)	$	6,948	$	(46,575)
*See Notes to Financial Statements.*

- 45 -

THE ALGER INSTITUTIONAL FUNDS
Statement of Changes in Net Assets(Unaudited) (Continued)


		Alger Mid Cap Growth Institutional Fund
			For the		For the
			Six Months Ended		Year Ended
			April 30, 2015		October 31, 2014

Net investment loss	$		(393,332)	$	(637,854)
Net realized gain on investments, options and foreign currency			3,018,990		36,829,927
Net change in unrealized appreciation (depreciation) on
investments, options and foreign currency			7,964,945		(13,661,402)
Net increase in net assets resulting from operations			10,590,603		22,530,671

Increase (decrease) from shares of beneficial interest transactions:
Class I			(8,523,175)		(44,620,979)
Class R			(2,831,039)		(4,520,341)
Net decrease from shares of beneficial interest transactions —
Note 6(a)			(11,354,214)		(49,141,320)
Total decrease			(763,611)		(26,610,649)

Net Assets:
Beginning of period			154,379,361		180,990,010
END OF PERIOD	$		153,615,750	$	154,379,361
Undistributed net investment income (accumulated loss)	$		(916,744)	$	(912,131)
*See Notes to Financial Statements.*

- 46 -

THE ALGER INSTITUTIONAL FUNDS
Statement of Changes in Net Assets(Unaudited) (Continued)


		Alger Small Cap Growth Institutional Fund
			For the		For the
			Six Months Ended		Year Ended
			April 30, 2015		October 31, 2014

Net investment loss	$		(2,516,502)	$	(6,185,122)
Net realized gain on investments, options and foreign currency			101,072,223		121,181,367
Net change in unrealized depreciation on investments, options
and foreign currency			(64,242,523)		(105,676,663)
Net increase in net assets resulting from operations			34,313,198		9,319,582

Dividends and distributions to shareholders from:
Net realized gains:
Class I			(115,227,005)		(156,034,057)
Class R			(5,978,217)		(7,135,001)
Total dividends and distributions to shareholders			(121,205,222)		(163,169,058)

Increase (decrease) from shares of beneficial interest transactions:
Class I			(75,042,930)		(129,906,734)
Class R			(2,611,063)		(3,065,410)
Net decrease from shares of beneficial interest transactions —
Note 6(a)			(77,653,993)		(132,972,144)
Total decrease			(164,546,017)		(286,821,620)

Net Assets:
Beginning of period			690,753,986		977,575,606
END OF PERIOD	$		526,207,969	$	690,753,986
Undistributed net investment income (accumulated loss)	$		(8,976,369)	$	(6,318,821)
*See Notes to Financial Statements.*

- 47 -

THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Capital Appreciation
Institutional Fund						Class I
	Six months
		ended	Year ended		Year ended		Year ended		Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013		10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	29.34	$	28.21	$	22.85	$	20.88	$	19.28	$	16.41
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income (loss)⁽ⁱⁱ⁾		–		(0.02)		0.16		0.09		(0.01)		–
Net realized and unrealized gain on
investments		1.92		4.57		6.21		2.64		1.61		2.90
Total from investment operations		1.92		4.55		6.37		2.73		1.60		2.90
Dividends from net investment income		–		(0.01)		(0.17)		–		–		(0.03)
Distributions from net realized gains		(3.30)		(3.41)		(0.84)		(0.76)		–		–
Net asset value, end of period	$	27.96	$	29.34	$	28.21	$	22.85	$	20.88	$	19.28
Total return		6.97%		17.63%		29.02%		13.70%		8.30%		17.70%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$3,233,044		$2,555,737		$1,958,405		$1,470,078		$1,041,609		$ 809,468
Ratio of gross expenses to average
net assets		1.11%		1.16%		1.19%		1.19%		1.17%		1.17%
Ratio of expense reimbursements to
average net assets		–		–		–		–		–		–
Ratio of net expenses to average net
assets		1.11%		1.16%		1.19%		1.19%		1.17%		1.17%
Ratio of net investment income (loss) to
average net assets		(0.03)%		(0.07)%		0.65%		0.41%		(0.04)%		(0.02)%

Portfolio turnover rate	62.75%(iii)			136.20%(iv)		124.43%		137.16%		153.30%		209.52%
*See Notes to Financial Statements.*

(i) Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(ii) Amount was computed based on average shares outstanding during the period.
(iii) Amount excludes redemption in kind transaction of $57,904,959. Please see note 6 to the financial statements.
(iv) Amount excludes redemption in kind transaction of $71,436,408. Please see note 6 to the financial statements.

- 48 -

THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Capital Appreciation
Institutional Fund						Class R
	Six months
		ended	Year ended		Year ended		Year ended			Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013			10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	27.35	$	26.63	$	21.76	$		20.01	$	18.57	$	15.86
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income (loss)⁽ⁱⁱ⁾		(0.07)		(0.14)		0.04			(0.02)		(0.11)		(0.10)
Net realized and unrealized gain on
investments		1.79		4.27		5.87			2.53		1.55		2.81
Total from investment operations		1.72		4.13		5.91			2.51		1.44		2.71
Dividends from net investment income		–		–		(0.20)			–		–		–
Distributions from net realized gains		(3.30)		(3.41)		(0.84)			(0.76)		–		–
Net asset value, end of period	$	25.77	$	27.35	$	26.63	$		21.76	$	20.01	$	18.57
Total return		6.72%		17.04%		28.35%			13.20%		7.80%		17.10%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 620,853		$ 529,757		$ 442,449		$ 347,634			$ 227,260		$ 171,344
Ratio of gross expenses to average
net assets		1.61%		1.64%		1.69%			1.69%		1.68%		1.67%
Ratio of expense reimbursements to
average net assets		–		–		–			–		–		–
Ratio of net expenses to average net
assets		1.61%		1.64%		1.69%			1.69%		1.68%		1.67%
Ratio of net investment income (loss) to
average net assets		(0.53)%		(0.55)%		0.17%			(0.09)%		(0.56)%		(0.55)%

Portfolio turnover rate	62.75%(iii)			136.20%(iv)		124.43%			137.16%		153.30%		209.52%
*See Notes to Financial Statements.*

THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Capital Appreciation Focus
Fund				Class A
					From 12/31/2012
	Six ended months		Year ended		(commencement of operations) to
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013⁽ⁱⁱ⁾
Net asset value, beginning of period	$	22.01	$	18.69	$	14.70
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income (loss)⁽ⁱⁱⁱ⁾		0.01		(0.04)		(0.01)
Net realized and unrealized gain on
investments		1.73		3.36		4.00
Total from investment operations		1.74		3.32		3.99
Net asset value, end of period	$	23.75	$	22.01	$	18.69
Total return^(iv)		7.91%		17.76%		27.14%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 22,874		$	5,158	$	3,496
Ratio of gross expenses to average
net assets		1.52%		2.38%		2.49%
Ratio of expense reimbursements to
average net assets		(0.22)%		(1.08)%		(1.19)%
Ratio of net expenses to average net
assets		1.30%		1.30%		1.30%
Ratio of net investment income (loss) to
average net assets		0.11%		(0.19)%		(0.09)%
Portfolio turnover rate		90.15%		153.69%		166.61%
*See Notes to Financial Statements.*

(i) Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(ii) Ratios have been annualized; total return has not been annualized; portfolio turnover is for the twelve months then ended.
(iii) Amount was computed based on average shares outstanding during the period.
(iv) Does not reflect the effect of sales charges, if applicable.

- 50 -

THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Capital Appreciation Focus
Fund				Class C
					From 12/31/2012
	Six ended months		Year ended		(commencement of operations) to
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013⁽ⁱⁱ⁾
Net asset value, beginning of period	$	21.71	$	18.58	$	14.70
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱⁱ⁾		(0.07)		(0.19)		(0.11)
Net realized and unrealized gain on
investments		1.70		3.32		3.99
Total from investment operations		1.63		3.13		3.88
Net asset value, end of period	$	23.34	$	21.71	$	18.58
Total return^(iv)		7.51%		16.85%		26.39%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	3,797	$	2,635	$	1,913
Ratio of gross expenses to average
net assets		2.31%		3.14%		3.27%
Ratio of expense reimbursements to
average net assets		(0.26)%		(1.09)%		(1.22)%
Ratio of net expenses to average net
assets		2.05%		2.05%		2.05%
Ratio of net investment income (loss) to
average net assets		(0.64)%		(0.94)%		(0.83)%
Portfolio turnover rate		90.15%		153.69%		166.61%
*See Notes to Financial Statements.*

THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Capital Appreciation Focus
Fund						Class I
	Six months
		ended	Year ended		Year ended		Year ended		Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013		10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	22.07	$	18.72	$	14.53	$	13.75	$	13.03	$	11.17
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income (loss)⁽ⁱⁱ⁾		0.02		(0.01)		0.15		(0.03)		(0.04)		0.07
Net realized and unrealized gain on
investments		1.74		3.36		4.04		0.81		0.86		1.83
Total from investment operations		1.76		3.35		4.19		0.78		0.82		1.90
Dividends from net investment income		–		–		–		–		(0.10)		(0.04)
Net asset value, end of period	$	23.83	$	22.07	$	18.72	$	14.53	$	13.75	$	13.03
Total return⁽ⁱⁱⁱ⁾		7.97%		17.90%		28.84%		5.70%		6.30%		17.10%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 17,042		$ 12,897		$	8,684	$ 15,101		$ 16,294		$ 22,961
Ratio of gross expenses to average
net assets		1.55%		2.36%		2.32%		1.83%		1.69%		1.36%
Ratio of expense reimbursements to
average net assets		(0.40)%		(1.21)%		(0.94)%		–		–		–
Ratio of net expenses to average net
assets		1.15%		1.15%		1.38%		1.83%		1.69%		1.36%
Ratio of net investment income (loss) to
average net assets		0.20%		(0.04)%		0.95%		(0.22)%		(0.27)%		0.56%
Portfolio turnover rate		90.15%		153.69%		166.61%		153.72%		57.74%		58.73%
*See Notes to Financial Statements.*

- 52 -

THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Capital Appreciation Focus
Fund				Class Z
					From 12/31/2012
	Six ended months		Year ended		(commencement of operations) to
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013⁽ⁱⁱ⁾
Net asset value, beginning of period	$	22.17	$	18.75	$	14.70
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income⁽ⁱⁱⁱ⁾		0.06		0.05		0.04
Net realized and unrealized gain on
investments		1.74		3.37		4.01
Total from investment operations		1.80		3.42		4.05
Net asset value, end of period	$	23.97	$	22.17	$	18.75
Total return^(iv)		8.12%		18.24%		27.55%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	2,110	$	1,262	$	128
Ratio of gross expenses to average
net assets		1.64%		4.78%		10.11%
Ratio of expense reimbursements to
average net assets		(0.75)%		(3.89)%		(9.22)%
Ratio of net expenses to average net
assets		0.89%		0.89%		0.89%
Ratio of net investment income (loss) to
average net assets		0.50%		0.23%		0.32%
Portfolio turnover rate		90.15%		153.69%		166.61%
*See Notes to Financial Statements.*

THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Mid Cap Growth Institutional
Fund						Class I
	Six months
		ended	Year ended		Year ended		Year ended		Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013		10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	22.18	$	19.43	$	14.59	$	13.50	$	13.11	$	10.68
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income (loss)⁽ⁱⁱ⁾		(0.05)		(0.07)		(0.03)		–		(0.10)		0.01
Net realized and unrealized gain on
investments		1.66		2.82		4.91		1.09		0.52		2.42
Total from investment operations		1.61		2.75		4.88		1.09		0.42		2.43
Dividends from net investment income		–		–		(0.04)		–		(0.03)		–
Net asset value, end of period	$	23.79	$	22.18	$	19.43	$	14.59	$	13.50	$	13.11
Total return		7.30%		14.15%		33.41%		8.10%		3.30%		22.80%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 133,062		$ 132,426		$ 157,391		$ 182,087		$ 317,893		$ 737,099
Ratio of gross expenses to average
net assets		1.23%		1.30%		1.29%		1.23%		1.18%		1.12%
Ratio of expense reimbursements to
average net assets		–		–		–		–		–		–
Ratio of net expenses to average net
assets		1.23%		1.30%		1.29%		1.23%		1.18%		1.12%
Ratio of net investment income (loss) to
average net assets		(0.44)%		(0.32)%		(0.19)%		0.02%		(0.69)%		0.07%
Portfolio turnover rate		67.50%		192.15%		153.89%		232.99%		233.50%		193.69%
*See Notes to Financial Statements.*

(i) Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(ii) Amount was computed based on average shares outstanding during the period.

- 54 -

THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Mid Cap Growth Institutional
Fund						Class R
	Six months
		ended	Year ended		Year ended		Year ended			Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013			10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	20.74	$	18.26	$	13.81	$		12.85	$	12.51	$	10.24
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾		(0.10)		(0.16)		(0.11)			(0.07)		(0.17)		(0.05)
Net realized and unrealized gain on
investments		1.55		2.64		4.63			1.03		0.51		2.32
Total from investment operations		1.45		2.48		4.52			0.96		0.34		2.27
Dividends from net investment income		–		–		(0.07)			–		–		–
Net asset value, end of period	$	22.19	$	20.74	$	18.26	$		13.81	$	12.85	$	12.51
Total return		6.99%		13.58%		32.83%			7.50%		2.70%		22.20%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 20,554		$ 21,953		$ 23,599		$ 26,661			$ 34,795		$ 50,016
Ratio of gross expenses to average
net assets		1.76%		1.80%		1.79%			1.76%		1.74%		1.65%
Ratio of expense reimbursements to
average net assets		–		–		–			–		–		–
Ratio of net expenses to average net
assets		1.76%		1.80%		1.79%			1.76%		1.74%		1.65%
Ratio of net investment income (loss) to
average net assets		(0.97)%		(0.82)%		(0.69)%			(0.50)%		(1.24)%		(0.46)%
Portfolio turnover rate		67.50%		192.15%		153.89%			232.99%		233.50%		193.69%
*See Notes to Financial Statements.*

(i) Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(ii) Amount was computed based on average shares outstanding during the period.
- 55 -

THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Small Cap Growth
Institutional Fund						Class I
	Six months
		ended	Year ended		Year ended		Year ended		Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013		10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	28.14	$	33.48	$	28.16	$	26.99	$	25.28	$	19.90
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾		(0.10)		(0.20)		(0.11)		(0.15)		(0.26)		(0.22)
Net realized and unrealized gain on
investments		1.44		0.60		8.66		2.45		1.97		5.60
Total from investment operations		1.34		0.40		8.55		2.30		1.71		5.38
Distributions from net realized gains		(5.26)		(5.74)		(3.23)		(1.13)		–		–
Net asset value, end of period	$	24.22	$	28.14	$	33.48	$	28.16	$	26.99	$	25.28
Total return		5.41%		1.21%		33.71%		8.93%		6.80%		27.00%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 502,344		$ 659,692		$ 936,554		$ 929,237		$1,119,966		$1,104,866
Ratio of gross expenses to average
net assets		1.24%		1.24%		1.25%		1.23%		1.18%		1.23%
Ratio of expense reimbursements to
average net assets		–		–		–		–		–		–
Ratio of net expenses to average net
assets		1.24%		1.24%		1.25%		1.23%		1.18%		1.23%
Ratio of net investment income (loss) to
average net assets		(0.80)%		(0.70)%		(0.38)%		(0.54)%		(0.94)%		(0.94)%
Portfolio turnover rate		69.31%		84.10%		77.38%		72.43%		70.57%		61.40%
*See Notes to Financial Statements.*

(i) Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(ii) Amount was computed based on average shares outstanding during the period.

- 56 -

THE ALGER INSTITUTIONAL FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Small Cap Growth
Institutional Fund						Class R
	Six months
		ended	Year ended		Year ended		Year ended			Year ended		Year ended
	4/30/2015⁽ⁱ⁾		10/31/2014		10/31/2013			10/31/2012		10/31/2011		10/31/2010
Net asset value, beginning of period	$	26.08	$	31.58	$	26.85	$		25.91	$	24.39	$	19.30
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾		(0.15)		(0.32)		(0.23)			(0.28)		(0.40)		(0.31)
Net realized and unrealized gain on
investments		1.32		0.56		8.19			2.35		1.92		5.40
Total from investment operations		1.17		0.24		7.96			2.07		1.52		5.09
Distributions from net realized gains		(5.26)		(5.74)		(3.23)			(1.13)		–		–
Net asset value, end of period	$	21.99	$	26.08	$	31.58	$		26.85	$	25.91	$	24.39
Total return		5.19%		0.74%		33.05%			8.40%		6.20%		26.40%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$ 23,864		$ 31,062		$ 41,022		$ 47,507			$ 62,211		$ 68,071
Ratio of gross expenses to average
net assets		1.72%		1.72%		1.73%			1.73%		1.71%		1.69%
Ratio of expense reimbursements to
average net assets		–		–		–			–		–		–
Ratio of net expenses to average net
assets		1.72%		1.72%		1.73%			1.73%		1.71%		1.69%
Ratio of net investment income (loss) to
average net assets		(1.28)%		(1.18)%		(0.83)%			(1.05)%		(1.47)%		(1.40)%
Portfolio turnover rate		69.31%		84.10%		77.38%			72.43%		70.57%		61.40%
*See Notes to Financial Statements.*

(i) Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(ii) Amount was computed based on average shares outstanding during the period.
- 57 -

THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1 — General:
The Alger Institutional Funds (the “Trust”) is a diversified, 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 the Financial
Accounting Standards Board Accounting Standards Codification 946-Financia Services
– Investment Companies. The Trust operates as a series company and currently offers
an unlimited number of shares of beneficial interest in four funds — Alger Capital
Appreciation Institutional Fund, Alger Capital Appreciation Focus 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 shares are generally
subject to an initial sales charge while Class C shares are generally subject to a deferred
sales charge. Class I, R and Z shares are sold to institutional investors without an initial or
deferred sales charge. Each class has identical rights to assets and earnings except that each
share class bears the cost of its transfer agency and sub-transfer agency services, and each
of Classes A, C and R bears the cost of its plan of distribution.

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.
Investments 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 Standard Time).
Equity securities and option contracts for which valuation information is readily available are
valued at the last quoted sales price or official closing price as reported by an independent
pricing service on the primary market or exchange on which they are traded. In the absence
of quoted sales, such securities are 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.

Debt securities generally trade in the over-the-counter market. Debt securities with
remaining maturities of more than sixty days at the time of acquisition are valued on
the basis of last available bid prices or current market quotations provided by dealers
or pricing services. In determining the value of a particular investment, pricing services
may use certain information with respect to transactions in such investments, quotations
from dealers, pricing matrixes, market transactions in comparable investments, various
relationships observed in the market between investments and calculated yield measures
based on valuation technology commonly employed in the market for such investments.
Asset-backed and mortgage-backed securities are valued by independent pricing services
using models that consider estimated cash flows of each tranche of the security, establish a
benchmark yield and develop an estimated tranche-specific spread to the benchmark yield
based on the unique attributes of the tranche. Debt securities with a remaining maturity of
sixty days or less are valued at amortized cost which approximates market value.

- 58 -

THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Securities for which market quotations are not readily available are valued at fair value, as
determined in good faith pursuant to procedures established by the Board of Trustees.

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 foreign closing prices to reflect what
the investment adviser, pursuant to policies established by the Board of Trustees, 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 Fund is open.

Financial Accounting Standards Board 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 the circumstances. The three-tier hierarchy of inputs is summarized in the three
broad Levels listed below.

• Level 1 – quoted prices in active markets for identical investments
• Level 2 – significant other observable inputs (including quoted prices for similar
investments, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 – significant unobservable inputs (including the Funds’ own assumptions in
determining the fair value of investments)
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 revenue multiples, earnings before interest, taxes, depreciation
and amortization (“EBITDA”) multiples, discount rates, and the probabilities of success
of certain outcomes. Such unobservable market information may be obtained from a

- 59 -

THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

company’s financial statements, from industry studies, market data, and market indicators
such as benchmarks and indices.

Valuation processes are determined by a Valuation Committee (“Committee”) established
by the Trust’s Board of Trustees (“Board”) and comprised of representatives of the Trust’s
investment advisor. The Committee reports its fair valuation determinations to the Board
which is responsible for approving valuation policy and procedures.

While the Committee meets on an as-needed basis, the Committee formally meets
quarterly to review and evaluate the effectiveness of the procedures for making fair value
determinations. The Committee considers, among other things, the results of quarterly
back testing of the fair value model for foreign securities, pricing comparisons between
primary and secondary price sources, the outcome of price challenges put to the Funds’
pricing vendor, and variances between transactional prices and previous mark-to-markets.

The Funds will record a change to a security’s fair value level if new inputs are available or
it becomes evident that inputs previously considered for leveling have changed or are no
longer relevant. Transfers between Levels 1 and 2 are recognized at the end of the reporting
period, and transfers into and out of Level 3 are recognized during the reporting period.

(b) Cash and Cash Equivalents: Cash and cash equivalents include U.S. dollars and overnight
time deposits.
(c) Securities Transactions and Investment Income: Securities transactions are recorded on a
trade date basis. Realized gains and losses from securities transactions are recorded on the
identified cost basis. Dividend income is recognized on the ex-dividend date and interest
income is recognized on the accrual basis.
(d) Foreign Currency Translations: The books and records of the Funds are maintained in U.S.
dollars. Foreign currencies, investments and other assets and liabilities are translated into
U.S. dollars at the prevailing rates of exchange on the valuation date. Purchases and sales
of investment securities and income and expenses are translated into U.S. dollars at the
prevailing exchange rates on the respective dates of such transactions.
Net realized gains and losses on foreign currency transactions represent net gains and losses
from the disposition of foreign currencies, currency gains and losses realized between the
trade dates and settlement dates of security transactions, and the difference between the
amount of net investment income accrued and the U.S. dollar amount actually received.
The effects of changes in foreign currency exchange rates on investments in securities
are included in realized and unrealized gain or loss on investments in the accompanying
Statement of Operations.

(e) Option Contracts: When a Fund writes an option, an amount equal to the premium received
by the Fund is recorded as a liability and is subsequently adjusted to the current fair value
of the option written. Premiums received from writing options that expire unexercised are
treated by the Fund on the expiration date as realized gains from investments. The difference
between the premium and the amount paid on effecting a closing purchase transaction,
including brokerage commissions, is also treated as a realized gain, or, if the premium is less

- 60 -

THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

than the amount paid for the closing purchase transaction, as a realized loss. If a call option
is exercised, the premium is added to the proceeds from the sale of the underlying security
in determining whether the Fund has realized a gain or loss. If a put option is exercised, the
premium reduces the cost basis of the securities purchased by the Fund. The Fund as writer
of an option bears the market risk of an unfavorable change in the price of the security
underlying the written option.
The Funds may also purchase put and call options. Each Fund pays a premium which is
included in the Fund’s accompanying Statement of Assets and Liabilities as an investment
and subsequently marked to market to reflect the current value of the option. Premiums
paid for purchasing options which expire are treated as realized losses. The risk associated
with purchasing put and call options is limited to the premium paid. Premiums paid for
purchasing options which are exercised or closed are added to the amounts paid or offset
against the proceeds on the underlying security to determine the realized gain or loss.

(f) Lending of Fund Securities: The Funds may lend their securities to financial institutions,
provided that the market value of the securities loaned will not at any time exceed one
third of the Fund’s total assets, as defined in its prospectuses. The Funds earn fees on the
securities loaned, which are included in interest income in the accompanying Statements
of Operations. In order to protect against the risk of failure by the borrower to return the
securities loaned or any delay in the delivery of such securities, the loan is collateralized by
cash or securities that are maintained with the Custodian in an amount equal to at least 102
percent of the current market value of U.S. loaned securities or 105 percent for non-U.S.
loaned securities. The market value of the loaned securities is determined at the close of
business of the Fund. Any required additional collateral is delivered to the Custodian and
any excess collateral is returned to the borrower on the next business day. In the event the
borrower fails to return the loaned securities when due, the Funds may take the collateral
to replace the securities. If the value of the collateral is less than the purchase cost of
replacement securities, the Custodian shall be responsible for any shortfall, but only to
the extent that the shortfall is not due to any diminution in collateral value, as defined in
the securities lending agreement. The Funds are required to maintain the collateral in a
segregated account and determine its value each day until the loaned securities are returned.
Cash collateral may be invested as determined by the Funds. Collateral is returned to the
borrower upon settlement of the loan. There were no securities loaned as of April 30, 2015.
(g) Dividends to Shareholders: Dividends and distributions payable to shareholders are
recorded by the Funds on the ex-dividend date. Dividends from net investment income and
distributions from net realized gains are declared and paid annually after the end of the fiscal
year in which earned.
Each class is treated separately in determining the amounts of dividends from net investment
income payable to holders of its shares.

The characterization of distributions to shareholders for financial reporting purposes is
determined in accordance with federal income tax rules. Therefore, the source of a Fund’s
distributions may be shown in the accompanying financial statements as either from, or in
excess of, net investment income, net realized gain on investment transactions or return of
- 61 -

THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

capital, depending on the type of book/tax differences that may exist. Capital accounts within
the financial statements are adjusted for permanent book/tax differences. Reclassifications
result primarily from the difference in tax treatment of net operating losses, passive foreign
investment companies, and foreign currency transactions. The reclassifications are done
annually at fiscal year end and have no impact on the net asset values of the Funds and are
designed to present each Fund’s capital accounts on a tax basis.

(h) Federal Income Taxes: It is each Fund’s policy to comply with the requirements of the
Internal Revenue Code Subchapter M applicable to regulated investment companies and
to distribute all of its taxable income to its shareholders. Provided that the Funds maintain
such compliance, no federal income tax provision is required. Each Fund is treated as a
separate entity for the purpose of determining such compliance.
Financial Accounting Standards Board Accounting Standards Codification 740 – Income
Taxes (“ASC 740”) requires the Funds to measure and recognize in their financial statements
the benefit of a tax position taken (or expected to be taken) on an income tax return if such
position will more likely than not be sustained upon examination based on the technical
merits of the position. No tax years are currently under investigation. The Funds file
income tax returns in the U.S., as well as New York State and New York City. The statute
of limitations on the Funds’ tax returns remains open for the tax years 2011-2014 and the
intermediary period through April 30, 2015. Management does not believe there are any
uncertain tax positions that require recognition of a tax liability.

(i) Allocation Methods: The Trust accounts separately for the assets, liabilities and operations
of each Fund. Expenses directly attributable to each Fund are charged to that Fund’s
operations; expenses which are applicable to all Funds are allocated among them based on
net assets. Income, realized and unrealized gains and losses, and expenses of each Fund
are allocated among the Fund’s classes based on relative net assets, with the exception of
distribution fees, transfer agency fees, and shareholder servicing and related fees.
(j) Estimates: These financial statements have been prepared in accordance with accounting
principles generally accepted in the United States of America, which require using estimates
and assumptions that affect the reported amounts therein. Actual results may differ from
those estimates. These unaudited interim financial statements reflect all adjustments which
are, in the opinion of management, necessary to present a fair statement of results for the
interim period. All such adjustments are of normal recurring nature.
NOTE 3 — Investment Advisory Fees and Other Transactions with Affiliates:
(a) Investment Advisory Fees: Fees incurred by each Fund, pursuant to the provisions of
the Trust’s Investment Advisory Agreement with Fred Alger Management, Inc. (“Alger
Management” or the “Manager”), are payable monthly and computed based on the following
rates. The actual rate paid as a percentage of average daily net assets, for the six months
ended April 30, 2015, is set forth below under the heading “Actual Rate.”


	Tier 1	Tier 2	Tier 3	Actual Rate
Alger Capital Appreciation Institutional Fund^(a)	0.810%	0.650%	0.600%	0.740%
Alger Capital Appreciation Focus Fund^(b)	0.710	0.600	—	0.710

- 62 -

THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)


	Tier 1	Tier 2	Tier 3	Actual Rate
Alger Mid Cap Growth Institutional Fund^(b)	0.760	0.700	—	0.760
Alger Small Cap Growth Institutional Fund^(b)	0.810	0.750	—	0.810

(a) Tier 1 rate is paid on assets up to $2 billion, Tier 2 rate is paid on assets between $2 to $4 billion, and Tier 3
rate is paid on assets in excess of $4 billion.
(b) Tier 1 rate is paid on assets up to $1 billion and Tier 2 rate is paid on assets in excess of $1 billion.
Alger Management has established expense caps for the Alger Capital Appreciation Focus
Fund Class A, Class C, Class I and Class Z shares, effective through February 28, 2016,
whereby it reimburses the share classes if annualized operating expenses (excluding interest,
taxes, brokerage, dividend expenses and extraordinary expenses) exceed the rates, based on
average daily net assets, listed below:


					FEES WAIVED /
					REIMBURSED FOR
					THE SIX MONTHS
		CLASS			ENDED
	A	C	I	Z	APRIL 30, 2015
Alger Capital Appreciation Focus Fund	1.30%	2.05%	1.15%	0.89%	$	65,493

(b) Administration Fees: Fees incurred by each Fund, pursuant to the provisions of the Trust’s
Administration Agreement with Fred Alger Management, Inc., are payable monthly and
computed based on the average daily net assets of each Fund at the annual rate of 0.0275%.
(c) Distribution Fees:
Class A Shares: The Trust has adopted a Distribution Plan pursuant to which Class A shares
of Alger Capital Appreciation Focus Fund pay Fred Alger & Company, Incorporated, the
Fund’s distributor (the “Distributor” or “Alger Inc.”) and an affiliate of Alger Management,
a fee at the annual rate of 0.25% of the respective average daily net assets of the Class A
shares of the Fund to compensate Alger Inc. for its activities and expenses incurred in
distributing and servicing the Class A shares. The fees paid may be more or less than the
expenses incurred by Alger Inc.

Class C Shares: The Trust has adopted a Distribution Plan pursuant to which Class C shares
of Alger Capital Appreciation Focus Fund pay Alger Inc. a fee at the annual rate of 1% of
the average daily net assets of the Class C shares of the Fund to compensate Alger Inc. for
its activities and expenses incurred in distributing and servicing the Class C shares. The fees
paid may be more or less than the expenses incurred by Alger Inc.

Class R Shares: The Trust has adopted a Distribution Plan pursuant to which Class R
shares of each Fund issuing such shares pay Alger Inc. a fee at the annual rate of 0.50%
of the respective average daily net assets of the Class R shares of the designated Fund to
compensate Alger Inc. for its activities and expenses incurred in distributing and servicing
the Class R shares. The fees paid may be more or less than the expenses incurred by the
Distributor.

(d) Sales Charges: Purchases and sales of shares of the Alger Capital Appreciation Focus
Fund may be subject to initial sales charges or contingent deferred sales charges. The

- 63 -

THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

contingent deferred sales charges are used by Alger Inc. to offset distribution expenses
previously incurred. Sales charges do not represent expenses of the Trust. For the six
months ended April 30, 2015, there were no initial sales charges or contingent deferred sales
charges imposed.
(e) Brokerage Commissions: During the six months ended April 30, 2015, the Alger Capital
Appreciation Institutional Fund, Alger Capital Appreciation Focus Fund, Alger Mid Cap
Growth Institutional Fund and Alger Small Cap Growth Institutional Fund paid Alger Inc.
commissions of $725,249, $10,650, $33,829 and $152,834, respectively, in connection with
securities transactions.
(f) Shareholder Administrative Fees: The Trust has entered into a shareholder administrative
services agreement with Alger Management to compensate Alger Management for its liaison
and administrative oversight of Boston Financial Data Services, Inc., the transfer agent, and
other related services. The Funds compensate Alger Management at the annual rate of
0.0165% of their respective average daily net assets for the Class A and Class C shares and
0.01% of the daily net assets of the Class I, Class R and Class Z shares for these services.
Alger Management makes payments to intermediaries that provide sub-accounting services
to omnibus accounts invested in the Funds. A portion of the fees paid by Alger Management
to intermediaries that provide sub-accounting services are charged back to the appropriate
Fund, subject to certain limitations, as approved by the Trust’s Board of Trustees. For the
six months ended April 30, 2015, Alger Management charged back to the Alger Capital
Appreciation Institutional Fund, Alger Capital Appreciation Focus Fund, Alger Mid Cap
Growth Institutional Fund, and Alger Small Cap Growth Institutional Fund, $490,943,
$3,266, $31,719 and $143,034, respectively, for these services, which are included in the
transfer agent fees and expenses in the accompanying Statements of Operations.

(g) Trustee Fees: From November 1, 2014 through February 28, 2015, the Fund paid each
trustee who is not affiliated with Alger Management or its affiliates $950 for each meeting
attended, to a maximum of $3,800 per annum, plus travel expenses incurred for attending
the meeting. The Chairman of the Board received an additional annual fee of $24,300 which
was paid, pro rata, by all U.S.-registered funds managed by Alger Management. Additionally,
each member of the Fund’s audit committee received $81 from the Fund for each audit
committee meeting attended, to a maximum of $324 per annum.
Effective March 1, 2015, each Independent Trustee receives a fee of $25,875 for each
meeting attended, to a maximum of $103,500 per annum, paid pro rata by each Fund in
the Alger Fund Complex, plus travel expenses incurred for attending the meeting. The
Independent Trustee appointed as Chairman of the Board of Trustees receives an additional
compensation of $24,300 per annum paid pro rata by each fund in the Alger Fund Complex.
Additional, each member of the Audit Committee receives a fee of $2,500 for each meeting
attended to a maximum of $10,000 per annum, paid pro rata by each Fund in the Alger
Fund Complex.

(h) Interfund Loans: The Funds, along with other funds advised by Alger Management, may
borrow money from and lend money to each other for temporary or emergency purposes.

- 64 -

THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

To the extent permitted under its investment restrictions, each fund may lend uninvested
cash in an amount up to 15% of its net assets to other funds. If a fund has borrowed from
other funds and has aggregate borrowings from all sources that exceed 10% of the fund’s
total assets, such fund will secure all of its loans from other funds. The interest rate charged
on interfund loans is equal to the average of the overnight time deposit rate and bank loan
rate available to the funds. There were no interfund loans outstanding as of April 30, 2015.
During the six months ended April 30, 2015, Alger Small Cap Institutional Fund incurred
interest expense of $6,326 in connection with interfund loans.

(i) Other Transactions With Affiliates: Certain officers of the Trust are directors and officers
of Alger Management and the Distributor. At April 30, 2015, Alger Management and its
affiliates owned the following shares:


			SHARE CLASS
	A	C		I	R	Z
Alger Capital Appreciation Focus Fund	35,327	6,803		—	—	6,803

(j) Shareholder Servicing Fees: The Trust has entered into a shareholder servicing agreement
with Alger Inc. whereby Alger Inc. provides Class I shares and Class R shares of the Trust
with ongoing servicing of shareholder accounts. As compensation for such services, the
Class I shares and Class R shares of each Fund pay Alger Inc. a monthly fee at an annual
rate of 0.25% of the value of the average daily net assets of those classes. The fees paid
may be more or less than the expenses incurred by the Distributor.
NOTE 4 — Securities Transactions:
The following summarizes the securities transactions by the Funds, other than U.S.
Government securities, short-term securities, purchased options and short sales, for the six
months ended April 30, 2015:


	PURCHASES	SALES
Alger Capital Appreciation Institutional Fund	$2,727,392,066	$2,172,248,527
Alger Capital Appreciation Focus Fund	54,443,420	34,550,759
Alger Mid Cap Growth Institutional Fund	101,403,328	112,525,070
Alger Small Cap Growth Institutional Fund	425,199,356	613,232,994

Written call and put options activity for the six months ended April 30, 2015, was as follows:


	NUMBER OF		PREMIUMS
	CONTRACTS		RECEIVED
Alger Mid Cap Growth Institutional Fund
Put Options outstanding at
October 31, 2014	620	$	210,252
Put Options written	1,526		289,886
Put Options closed	(1,156)		(332,797)
Put Options expired	(808)		(107,051)
Put Options exercised	(182)		(60,290)
Put Options outstanding at
April 30, 2015	—	$	—

- 65 -

THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)


	NUMBER OF		PREMIUMS
	CONTRACTS		RECEIVED
Alger Mid Cap Growth Institutional Fund
Call Options outstanding at
October 31, 2014	1,334	$	242,484
Call Options written	1,075		274,383
Call Options closed	(966)		(180,638)
Call Options expired	(1,079)		(200,436)
Call Options exercised	(364)		(135,793)
Call Options outstanding at
April 30, 2015	—	$	—

NOTE 5 — Borrowing:
The Funds may borrow from their custodian on an uncommitted basis. Each Fund pays the
custodian a market rate of interest, generally based upon the London Interbank Offered
Rate. The Funds may also borrow from other funds advised by Alger Management, as
discussed in Note 3(h). For the six months ended April 30, 2015, the Funds had the
following borrowings:


	AVERAGE DAILY		WEIGHTED AVERAGE
		BORROWING		INTEREST RATE
Alger Capital Appreciation Focus Fund	$	1,361		2.20%
Alger Mid Cap Growth Institutional Fund		1,975		2.19
Alger Small Cap Growth Institutional Fund		1,177,734		1.11

The highest amount borrowed during the six months ended April 30, 2015 for each Fund was as follows:


	HIGHEST BORROWING
Alger Capital Appreciation Focus Fund	$	246,413
Alger Mid Cap Growth Institutional Fund		357,459
Alger Small Cap Growth Institutional Fund		15,673,000

- 66 -

THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

NOTE 6 — Share Capital:
(a) The Trust has an unlimited number of authorized shares of beneficial interest of $.001
par value which are presently divided into four series. Each series is divided into two sep-
arate classes, except that the shares of Alger Capital Appreciation Focus Fund are divided
into five separate classes. The transactions of shares of beneficial interest were as follows:


	FOR THE SIX MONTHS ENDED				FOR THE YEAR ENDED
		APRIL 30, 2015			OCTOBER 31, 2014
		SHARES		AMOUNT	SHARES		AMOUNT
Alger Capital Appreciation Institutional Fund
Class I:
Shares sold		31,319,369	$	889,018,460	30,411,968	$	844,102,786
Dividends reinvested		11,586,846		312,381,372	8,865,721		231,040,701
Shares redeemed		(14,411,500)	(406,788,102)		(21,579,341)	(593,575,630)
Net increase		28,494,715	$	794,611,730	17,698,348	$	481,567,857
Class R:
Shares sold		4,571,887	$	118,442,211	4,691,349	$	121,232,838
Dividends reinvested		2,422,309		60,291,275	2,185,790		53,333,271
Shares redeemed		(2,274,243)		(59,238,231)	(4,123,182)	(106,498,438)
Net increase		4,719,953	$	119,495,255	2,753,957	$	68,067,671

Alger Capital Appreciation Focus Fund
Class A:
Shares sold		875,558	$	19,621,470	129,078	$	2,642,832
Shares redeemed		(146,727)		(3,462,056)	(81,754)		(1,727,529)
Net increase		728,831	$	16,159,414	47,324	$	915,303
Class C:
Shares sold		55,952	$	1,265,669	33,451	$	669,390
Shares redeemed		(14,658)		(332,492)	(15,025)		(283,516)
Net increase		41,294	$	933,177	18,426	$	385,874
Class I:
Shares sold		363,953	$	8,464,221	285,493	$	5,688,164
Shares redeemed		(233,338)		(5,351,255)	(165,006)		(3,396,574)
Net increase		130,615	$	3,112,966	120,487	$	2,291,590
Class R:
Shares redeemed		—		—	(154,099)		(2,761,004)
Net decrease		—	$	—	(154,099)	$	(2,761,004)
Class Z:
Shares sold		34,845	$	791,773	52,938	$	1,141,459
Shares redeemed		(3,747)		(86,732)	(2,824)		(62,504)
Net increase		31,098	$	705,041	50,114	$	1,078,955

- 67 -

THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)


	FOR THE SIX MONTHS ENDED				FOR THE YEAR ENDED
		APRIL 30, 2015			OCTOBER 31, 2014
		SHARES		AMOUNT	SHARES		AMOUNT
Alger Mid Cap Growth Institutional Fund
Class I:
Shares sold		460,644	$	10,706,945	795,975	$	16,728,049
Shares redeemed		(837,652)		(19,230,120)	(2,927,005)		(61,349,028)
Net decrease		(377,008)	$	(8,523,175)	(2,131,030)	$	(44,620,979)
Class R:
Shares sold		94,180	$	2,040,793	284,243	$	5,613,397
Shares redeemed		(226,269)		(4,871,832)	(518,496)		(10,133,738)
Net decrease		(132,089)	$	(2,831,039)	(234,253)	$	(4,520,341)

Alger Small Cap Growth Institutional Fund
Class I:
Shares sold		1,776,939	$	43,928,312	5,445,065	$	157,182,309
Dividends reinvested		4,775,991		111,758,196	5,276,199		148,050,151
Shares redeemed		(9,254,726)	(230,729,438)		(15,248,951)	(435,139,194)
Net decrease		(2,701,796)	$	(75,042,930)	(4,527,687)	$	(129,906,734)
Class R:
Shares sold		110,696	$	2,479,663	239,833	$	6,379,542
Dividends reinvested		259,849		5,532,180	249,059		6,502,925
Shares redeemed		(476,533)		(10,622,906)	(597,008)		(15,947,877)
Net decrease		(105,988)	$	(2,611,063)	(108,116)	$	(3,065,410)

(b) Redemption Fee: Prior to March 1, 2015, the Alger Capital Appreciation Focus Fund
imposed a 2.00% redemption fee on certain Class A and Class C Fund shares redeemed
(including shares redeemed by exchange) within 30 days after such shares were acquired.
The fees retained by the Fund are included as paid-in capital on the accompanying Statement
of Assets and Liabilities.
During the six months ended April 30, 2015, redeemed Class I shares of Alger Capital
Appreciation Institutional Fund include redemption-in-kind transactions of 1,939,685
valued at $57,904,959. The Fund had realized gains on these transactions of $8,394,724.

During the year ended October 31, 2014, shares redeemed for the Class I shares of Alger
Capital Appreciation Institutional Fund include redemption-in-kind transactions of
2,746,498 valued at $71,436,408. The Fund had realized gains on these transactions of
$9,337,851.

NOTE 7 — Income Tax Information:
At October 31, 2014, the Funds, for federal income tax purposes, had capital loss
carryforwards as set forth in the table below. These amounts may be applied against future
net realized gains until the earlier of their utilization or expiration.

- 68 -

THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)


	Alger Capital		Alger Capital			Alger Mid		Alger Small
	Appreciation		Appreciation Focus			Cap Growth		Cap Growth
Expiration Dates	Institutional Fund			Fund	Institutional Fund		Institutional Fund
2017		—	$	2,828,765	$	285,798,058		—
Total		—		2,828,765		285,798,058		—

Under the Regulated Investment Company Modernization Act of 2010, capital losses
incurred by the Funds after October 31, 2011 will not be subject to expiration. In addition,
losses incurred after October 31, 2011 must be utilized prior to the utilization of capital loss
carryforwards above.

During the year ended October 31, 2014 the Alger Capital Appreciation Focus Fund, and
Alger Mid Cap Growth Institutional Fund utilized $3,328,106, and $37,291,592 of their
capital loss carryforwards, respectively.

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is
determined annually and is attributable primarily to the tax deferral of losses on wash sales,
988 currency transactions, nondeductible expenses on dividends sold short, the tax treatment
of partnerships investments, the realization of unrealized appreciation of passive foreign
investment companies, and return of capital from real estate investment trust investments.

NOTE 8 — Fair Value Measurements
The following is a summary of the inputs used as of April 30, 2015 in valuing the Funds’
investments carried at fair value on a recurring basis. Based upon the nature, characteristics,
and risks associated with their investments, the Funds have determined that presenting them
by security type and sector is appropriate.


Alger Capital Appreciation
Institutional Fund	TOTAL FUND	LEVEL 1	LEVEL 2			LEVEL 3
COMMON STOCKS
Consumer Discretionary	$ 613,808,989	$ 613,749,153		—	$	59,836
Consumer Staples	238,420,322	238,420,322		—		—
Energy	180,180,562	180,180,562		—		—
Financials	203,850,212	203,850,212		—		—
Health Care	707,132,270	707,132,270		—		—
Industrials	370,037,006	370,037,006		—		—
Information Technology	1,176,598,533 1,174,899,030			—		1,699,503
Materials	88,007,754	88,007,754		—		—
Telecommunication Services	54,660,510	54,660,510		—		—
Utilities	27,844,794	27,844,794		—		—
TOTAL COMMON STOCKS	$ 3,660,540,952	$ 3,658,781,613		—	$	1,759,339

- 69 -

THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)


Alger Capital Appreciation
Institutional Fund		TOTAL FUND			LEVEL 1	LEVEL 2			LEVEL 3
MASTER LIMITED PARTNERSHIP
Financials		100,993,997		100,993,997			—		—
PREFERRED STOCKS
Consumer Discretionary			1,716,227		—		—		1,716,227
Health Care			4,912,820		—		—		4,912,820
Information Technology			7,834,139		—		—		7,834,139
TOTAL PREFERRED STOCKS	$		14,463,186		—		—	$	14,463,186
TOTAL INVESTMENTS IN
SECURITIES	$ 3,775,998,135			$ 3,759,775,610			—	$	16,222,525


Alger Capital Appreciation Focus
Fund		TOTAL FUND			LEVEL 1	LEVEL 2			LEVEL 3
COMMON STOCKS
Consumer Discretionary	$		6,404,058	$	6,404,058		—		—
Consumer Staples			821,128		821,128		—		—
Energy			1,909,968		1,909,968		—		—
Financials			2,846,515		2,846,515		—		—
Health Care			8,093,389		8,093,389		—		—
Industrials			3,379,795		3,379,795		—		—
Information Technology		13,563,377		13,563,377			—		—
Materials			1,229,658		1,229,658		—		—
Telecommunication Services			546,399		546,399		—		—
TOTAL COMMON STOCKS	$		38,794,287	$	38,794,287		—		—
MASTER LIMITED PARTNERSHIP
Energy			1,001,490		1,001,490		—		—
Financials			2,383,053		2,383,053		—		—
TOTAL MASTER LIMITED
PARTNERSHIP	$		3,384,543	$	3,384,543		—		—
PREFERRED STOCKS
Health Care			345,713		—		—		345,713
REAL ESTATE INVESTMENT TRUST
Financials			941,383		941,383		—		—
TOTAL INVESTMENTS IN
SECURITIES	$		43,465,926	$	43,120,213		—	$	345,713

- 70 -

THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)


Alger Mid Cap Growth Institutional
Fund		TOTAL FUND			LEVEL 1	LEVEL 2			LEVEL 3
COMMON STOCKS
Consumer Discretionary	$ 36,047,633			$ 36,043,347			—	$	4,286
Consumer Staples			4,974,896		4,974,896		—		—
Energy			5,881,336		5,881,336		—		—
Financials			8,324,221		8,324,221		—		—
Health Care		20,314,429		20,314,429			—		—
Industrials		22,093,405		22,093,405			—		—
Information Technology		36,122,443		36,034,094			—		88,349
Materials			5,030,029		5,030,029		—		—
Telecommunication Services			3,752,892		3,752,892		—		—
Utilities			1,320,302		1,320,302		—		—
TOTAL COMMON STOCKS	$		143,861,586	$	143,768,951		—	$	92,635
PREFERRED STOCKS
Consumer Discretionary			106,465		—		—		106,465
Health Care			2,151,236		—		—		2,151,236
Information Technology			407,239		—		—		407,239
TOTAL PREFERRED STOCKS	$		2,664,940		—		—	$	2,664,940
REAL ESTATE INVESTMENT TRUST
Financials			3,848,493		3,848,493		—		—
TOTAL INVESTMENTS IN
SECURITIES	$		150,375,019	$	147,617,444		—	$	2,757,575


Alger Small Cap Growth Institutional
Fund		TOTAL FUND			LEVEL 1	LEVEL 2			LEVEL 3
COMMON STOCKS
Consumer Discretionary	$ 69,454,583			$ 69,454,583			—		—
Consumer Staples		10,269,795		10,269,795			—		—
Energy		15,229,147		15,229,147			—		—
Financials		21,675,563		21,675,563			—		—
Health Care		134,530,894		134,530,894			—		—
Industrials		49,150,918		49,150,918			—		—
Information Technology		190,019,484		190,019,484			—		—
Materials		16,929,176		16,929,176			—		—
Utilities			3,848,246		3,848,246		—		—
TOTAL COMMON STOCKS	$		511,107,806	$	511,107,806		—		—
PREFERRED STOCKS
Health Care			3,766,225		—		—		3,766,225
REAL ESTATE INVESTMENT TRUST
Financials			11,668,801		11,668,801		—		—
RIGHTS
Health Care			—		—		—		—
TOTAL INVESTMENTS IN
SECURITIES	$		526,542,832	$	522,776,607		—	$	3,766,225

- 71 -

THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)


		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Capital Appreciation Institutional Fund	Common Stocks
Opening balance at November 1, 2014	$		1,517,186
Transfers into Level 3			—
Transfers out of Level 3			—
Total gains or losses
Included in net realized gain (loss) on investments			–
Included in net unrealized gain (loss) on investments			242,153
Purchases and sales			–
Purchases			–
Sales			–
Closing balance at April 30, 2015			1,759,339
The amount of total gains or losses for the period included in net realized
and unrealized gain (loss) attributable to change in unrealized appreciation
(depreciation) relating to investments still held at 4/30/2015	$		242,153

Alger Capital Appreciation Institutional Fund	Preferred Stocks
Opening balance at November 1, 2014	$		13,596,053
Transfers into Level 3			—
Transfers out of Level 3			—
Total gains or losses
Included in net realized gain (loss) on investments			–
Included in net unrealized gain (loss) on investments			867,133
Purchases and sales			–
Purchases			–
Sales			–
Closing balance at April 30, 2015			14,463,186
The amount of total gains or losses for the period included in net realized
and unrealized gain (loss) attributable to change in unrealized appreciation
(depreciation) relating to investments still held at 4/30/2015	$		867,133

- 72 -

THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)


		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Capital Appreciation Focus Fund	Preferred Stocks
Opening balance at November 1, 2014	$		—
Transfers into Level 3			—
Transfers out of Level 3			—
Total gains or losses
Included in net realized gain (loss) on investments			–
Included in net unrealized gain (loss) on investments			–
Purchases and sales			–
Purchases			345,713
Sales			–
Closing balance at April 30, 2015			345,713
The amount of total gains or losses for the period included in net realized
and unrealized gain (loss) attributable to change in unrealized appreciation
(depreciation) relating to investments still held at 4/30/2015	$		–

		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Mid Cap Growth Institutional Fund	Common Stocks
Opening balance at November 1, 2014	$		80,267
Transfers into Level 3			—
Transfers out of Level 3			—
Total gains or losses
Included in net realized gain (loss) on investments			–
Included in net unrealized gain (loss) on investments			12,368
Purchases and sales			–
Purchases			–
Sales			–
Closing balance at April 30, 2015			92,635
The amount of total gains or losses for the period included in net realized
and unrealized gain (loss) attributable to change in unrealized appreciation
(depreciation) relating to investments still held at 4/30/2015	$		12,368

- 73 -

THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)


Alger Mid Cap Growth Institutional Fund	Preferred Stocks
Opening balance at November 1, 2014	$		803,951
Transfers into Level 3			1,070,323
Transfers out of Level 3			—
Total gains or losses
Included in net realized gain (loss) on investments			–
Included in net unrealized gain (loss) on investments			43,625
Purchases and sales			–
Purchases			747,041
Sales			–
Closing balance at April 30, 2015			2,664,940
The amount of total gains or losses for the period included in net realized
and unrealized gain (loss) attributable to change in unrealized appreciation
(depreciation) relating to investments still held at 4/30/2015	$		43,625

		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Small Cap Growth Institutional Fund	Preferred Stocks
Opening balance at November 1, 2014	$		1,773,234
Transfers into Level 3			1,352,069
Transfers out of Level 3			—
Total gains or losses
Included in net realized gain (loss) on investments			–
Included in net unrealized gain (loss) on investments			41,238
Purchases and sales			–
Purchases			599,684
Sales			–
Closing balance at April 30, 2015			3,766,225
The amount of total gains or losses for the period included in net realized
and unrealized gain (loss) attributable to change in unrealized appreciation
(depreciation) relating to investments still held at 4/30/2015	$		41,238

The following table provides quantitative information about our Level 3 fair value
measurements of our investments as of April 30, 2015. In addition to the techniques and
inputs noted in the table below, according to our valuation policy we may also use other
valuation techniques and methodologies when determining our fair value measurements.
The table below is not intended to be all-inclusive, but rather provides information on the
Level 3 inputs as they relate to our fair value measurements.

- 74 -

THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)


	Fair Value	Valuation	Unobservable
	April 30, 2015	Methodology	Input	Input
Alger Capital Appreciation Institutional Fund
Common Stocks	$ 1,699,503	Income	Discount Rate	10%
		Approach
Common Stocks	59,836	Income	Discount Rate	40%
		Approach
Preferred Stocks	12,716,959	Income	Discount Rate	10%
		Approach
Preferred Stocks	1,716,227	Income	Discount Rate	40%
		Approach
Alger Capital Appreciation Focus Fund
Common Stocks	$ 345,713	Income	Discount Rate	12%
		Approach
Alger Mid Cap Growth Institutional Fund
Common Stocks	$ 88,349	Income	DiscountRate	10%
		Approach
Common Stocks	4,286	Income	Discount Rate	40%
		Approach
Preferred Stocks	741,111	Income	Discount Rate	10%
		Approach
Preferred Stocks	747,041	Income	Discount Rate	12%
		Approach
Preferred Stocks	1,070,323	Income	Discount Rate	15%
		Approach
Preferred Stocks	106,464	Income	Discount Rate	40%
		Approach

	Fair Value	Valuation	Unobservable
	April 30, 2015	Methodology	Input	Input
Alger Small Cap Growth Institutional Fund
Preferred Stocks	$ 1,814,472	Income	Discount Rate	10%
		Approach
Preferred Stocks	599,684	Income	Discount Rate	12%
		Approach
Preferred Stocks	1,352,069	Income	Discount Rate	15%
		Approach

The significant unobservable inputs used in the fair value measurement of the company’s
securities are revenue and EBITDA multiples, discount rates, and the probabilities of
success of certain outcomes. Significant increases and decreases in these inputs in isolation
and interrelationships between those inputs could result in significantly higher or lower fair
value measurements as noted in the table above.

On April 30, 2015 there were no transfers of securities between Level 1 and Level 2.

Certain of the Fund’s assets and liabilities are held at carrying amount or face value, which
approximates fair value for financial statement purposes. As of April 30, 2015, such assets
are categorized within the disclosure hierarchy as follows:

- 75 -

THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)


	TOTAL FUND		LEVEL 1	LEVEL 2		LEVEL 3
Cash and Cash equivalents:
Alger Capital Appreciation Institutional Fund	$ 50,336,250		$ 50,336,250		—		—
Alger Capital Appreciation Focus Fund		1,846,563	1,846,563		—		—
Alger Mid Cap Growth Institutional Fund		2,574,410	2,574,410		—		—
Alger Small Cap Growth Institutional Fund		9,423,298	9,423,298		—		—
Total	$ 64,180,521		$ 64,180,521		—		—

NOTE 9 — Derivatives:
Financial Accounting Standards Board Accounting Standards Codification 815 – Derivatives
and Hedging (“ASC 815”) requires qualitative disclosures about objectives and strategies for
using derivatives, quantitative disclosures about fair value amounts of and gains and losses
on derivative instruments, and disclosures about credit-risk-related contingent features in
derivative agreements.

Options— The Funds seek to capture the majority of the returns associated with equity
market investments. To meet this investment goal, the Funds invest in a broadly diversified
portfolio of common stocks, while also buying and selling call and put options on equities
and equity indices. The Funds purchase call options to increase their exposure to the stock
market and also provide diversification of risk. The Funds purchase put options in order
to protect from significant market declines that may occur over a short period of time. The
Funds will write covered call and cash secured put options to generate cash flows while
reducing the volatility of the Funds’ portfolios. The cash flows may be an important source
of the Funds’ returns, although written call options may reduce the Funds’ ability to profit
from increases in the value of the underlying security or equity portfolio. The value of a
call option generally increases as the price of the underlying stock increases and decreases
as the stock decreases in price. Conversely, the value of a put option generally increases
as the price of the underlying stock decreases and decreases as the stock increases in price.
The combination of the diversified stock portfolio and the purchase and sale of options
is intended to provide the Funds with the majority of the returns associated with equity
market investments but with reduced volatility and returns that are augmented with the cash
flows from the sale of options. During the six months ended April 30, 2015, options were
used in accordance with these objectives.

The Funds’ option contracts were not subject to any rights of offset with any counterparty.
All of the Funds’ options were exchange traded which utilize a clearing house that acts as an
intermediary between buyer and seller, receiving initial and maintenance margin from both,
and guaranteeing performance of the option contract.

There were no open derivative instruments as of April 30, 2015.

For the six months ended April 30, 2015, Alger Mid Cap Growth Institutional Fund had
option purchases of $1,276,338 and option sales of $918,270. The effect of derivative
instruments on the accompanying Statement of Operations for the six months ended April
30, 2015 is as follows:

- 76 -

THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)


NET REALIZED GAIN ON INVESTMENTS, OPTIONS
Alger Mid Cap Growth Institutional Fund
Derivatives not accounted for as hedging instruments		Options
Purchased Options	$	96,674
Written Options		(85,144)
Total	$	11,530


NET CHANGE IN UNREALIZED APPRECIATION ON INVESTMENTS, OPTIONS
Alger Mid Cap Growth Institutional Fund
Derivatives not accounted for as hedging instruments		Options
Purchased Options	$	48,587
Written Options		(48,165)
Total	$	422

NOTE 10 — Affiliated Securities:
The securities listed below are deemed to be affiliate’s of the Funds because the Funds or
their affiliates owned 5% or more of the company’s voting securities during all or part of
the six months ended April 30, 2015. Purchase and sale transactions and dividend income
earned during the period were as follows:


	Shares/Par			Shares/Par
	at			at		Realized
	October 31, Purchases/		Sales/	April	Dividend	Gain	Value at
Security	2014	Conversion Conversion		30, 2015	Income	(Loss)	April

Alger Capital Appreciation Institutional Fund
Common Stocks
Choicestream, Inc.*	124,658	–	–	124,658	–	–	$59,836
Preferred Stocks
Choicestream, Inc.*	3,575,473	–	–	3,575,473	–	–	1,716,227

Alger Capital Appreciation Focus Fund
Preferred Stocks
Prosetta Biosciences,
Inc.*	–	76,825	–	76,825	–	–	345,713

- 77 -

THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)


	Shares/Par			Shares/Par
	at			at		Realized	Valueat
	October 31, Purchases/		Sales/	April	Dividend	Gain	April
Security	2014	Conversion Conversion		30, 2015	Income	(Loss)	30, 2015

Alger Mid Cap Growth Institutional Fund
Common Stocks
Choicestream, Inc.*	8,930	–	–	8,930	–	–	4,286
Preferred Stocks
Choicestream, Inc.*	221,801	–	–	221,801	–	–	106,465
Prosetta Biosciences,
Inc.*	–	166,009	–	166,009	–	–	747,041
Tolero
Pharmaceuticals, Inc.*	354,870	–	–	354,870	–	–	1,070,323

Alger Small Cap Growth Institutional Fund
Preferred Stocks
Prosetta Biosciences,
Inc.*	–	133,263	–	133,263	–	–	599,684
Tolero
Pharmaceuticals, Inc.*	448,284	–	–	448,284	–	–	1,352,069
* Non-income producing security.

NOTE 11 — Subsequent Events:
Management of each Fund has evaluated events that have occurred subsequent to April
30, 2015 through the issuance date of the Financial Statements. No such events have been
identified which require recognition and/or disclosure.

- 78 -

ADDITIONAL INFORMATION (Unaudited)

Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: transaction costs, if applicable,
including sales charges (loads) and redemption fees; and ongoing costs, including
management fees, distribution (12b-1) fees, if applicable, and other fund expenses. This
example is intended to help you understand your ongoing costs (in dollars) of investing in
the Fund and to compare these costs with the ongoing costs of investing in other mutual
funds.

The example below is based on an investment of $1,000 invested at the beginning of the
six-month period starting November 1, 2014 and ending April 30, 2015.

Actual Expenses
The first line for each class of shares in the table below provides information about actual
account values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you would have paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.6), then multiply the result by the number in the first line under the
heading entitled “Expenses Paid during the Period” to estimate the expenses you paid on
your account during this period.

Hypothetical Example for Comparison Purposes
The second line for each class of shares in the table below provides information about
hypothetical account values and hypothetical expenses based on the Fund’s actual expense
ratios for each class of shares and an assumed rate of return of 5% per year before expenses,
which is not the Fund’s actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the Fund and
other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical
examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs
only and do not reflect any transaction costs, such as sales charges (loads) and redemption
fees. Therefore, the second line under each class of shares in the table is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of owning
different funds. In addition, if these transactional costs were included, your costs would
have been higher.

- 79 -

ADDITIONAL INFORMATION (Unaudited) (Continued)


							Annualized
					Expenses		Expense Ratio
		Beginning		Ending	Paid During			For the
			Account	Account	the Six Months		Six Months
			Value	Value		Ended		Ended
		November 1, 2014		April 30, 2015	April 30, 2015^(a)		April 30, 2015^(b)
Alger Capital Appreciation Institutional Fund
Class I	Actual	$	1,000.00	$ 1,069.67	$	5.70		1.11%
	Hypothetical^(c)		1,000.00	1,019.29		5.56		1.11
Class R	Actual		1,000.00	1,067.21		8.25		1.61
	Hypothetical^(c)		1,000.00	1,016.81		8.05		1.61

Alger Capital Appreciation Focus Fund
Class A	Actual	$	1,000.00	$ 1,079.06	$	6.70		1.30%
	Hypothetical^(c)		1,000.00	1,018.35		6.51		1.30
Class C	Actual		1,000.00	1,075.08	10.55			2.05
	Hypothetical^(c)		1,000.00	1,014.63	10.24			2.05
Class I	Actual		1,000.00	1,079.75		5.93		1.15
	Hypothetical^(c)		1,000.00	1,019.09		5.76		1.15
Class Z	Actual		1,000.00	1,081.19		4.59		0.89
	Hypothetical^(c)		1,000.00	1,020.38		4.46		0.89

Alger Mid Cap Growth Institutional Fund
Class I	Actual	$	1,000.00	$ 1,073.04	$	6.32		1.23%
	Hypothetical^(c)		1,000.00	1,018.70		6.16		1.23
Class R	Actual		1,000.00	1,069.91		9.03		1.76
	Hypothetical^(c)		1,000.00	1,016.07		8.80		1.76

Alger Small Cap Growth Institutional Fund
Class I	Actual	$	1,000.00	$ 1,054.06	$	6.37		1.24%
	Hypothetical^(c)		1,000.00	1,018.60		6.26		1.24
Class R	Actual		1,000.00	1,051.85		8.80		1.72
	Hypothetical^(c)		1,000.00	1,016.22		8.65		1.72

(a) Expenses are equal to the annualized expense ratio of the respective share class, multiplied by the average account value over
the period, multiple by 181/365 (to reflect the one-half year period).
(b) Annualized.
(c) 5% annual return before expenses.

- 80 -

ADDITIONAL INFORMATION (Unaudited) (Continued)


Privacy Policy

U.S. Consumer Privacy Notice Rev. 01/2015		3/30/15
FACTS	WHAT DOES ALGER DO WITH YOUR PERSONAL INFORMATION?


Why?	Financial companies choose how they share your personal information. Federal law
	gives consumers the right to limit some but not all sharing. Federal law also requires us
	to tell you how we collect, share, and protect your personal information. Please read this
	notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service
	you have with us. This information can include:
	• Social Security number and
	• Account balances and
	• Transaction history and
	• Purchase history and
	• Assets
	When you are no longer our customer, we continue to share your information as
	described in this notice.
How?	All financial companies need to share personal information to run their everyday business.
	In the section below, we list the reasons financial companies can share their personal
	information; the reasons chooses to share; and whether you can limit this sharing.


Reasons we can share your personal	Does	Can you limit
information	Alger share?	this sharing?
For our everyday business purposes —	Yes	No
such as to process your transactions, maintain
your account(s), respond to court orders and
legal investigations, or report to credit bureaus
For our marketing purposes — to offer our	Yes	No
products and services to you
For joint marketing with other financial	No	We don’t share
companies
For our affiliates’ everyday business	Yes	No
purposes — information about your
transactions and experiences
For our affiliates’ everyday business	No	We don’t share
purposes — information about your
creditworthiness
For nonaffiliates to market to you	No	We don’t share
Questions? Call 1-800-342-2186

- 81 -

ADDITIONAL INFORMATION (Unaudited) (Continued)


Who we are

Who is providing this notice?	Alger includes Fred Alger Management, Inc. and Fred
	Alger & Company, Incorporated as well as the following
	funds: The Alger Funds, The Alger Funds II, The Alger
	Institutional Funds, The Alger Portfolios, and Alger
	Global Growth Fund.


What we do
How does Alger	To protect your personal information from unauthorized
protect my personal	access and use, we use security measures that comply
information?	with federal law. These measures include computer
	safeguards and secured files and buildings.
How does Alger	We collect your personal information, for example,
Collect my personal	when you:
information?	• Open an account or
	• Make deposits or withdrawals from your account or
	• Provide account information or
	• Pay us by check.


Why can’t I limit all sharing?	Federal law gives you the right to limit only
	• sharing for affiliates’ everyday business purposes
	information about your credit worthiness
	• affiliates from using your information to market to you
	• sharing for nonaffiliates to market to you
	State laws and individual companies may give you
	additional rights to limit sharing.


Definitions
Affiliates	Companies related by common ownership or control.
	They can be financial and nonfinancial companies.
	• Our affiliates include Fred Alger Management, Inc.
	and Fred Alger & Company, Incorporated as well as the
	following funds: The Alger Funds, The Alger Funds II,
	The Alger Institutional Funds, The Alger Portfolios, and
	Alger Global Growth Fund.
Nonaffiliates	Companies not related by common ownership or
	control. They can be financial and nonfinancial
	companies.
Joint marketing	A formal agreement between nonaffiliated financial
	companies that together market financial products or
	services to you.
Other important inforamtion

- 82 -

ADDITIONAL INFORMATION (Unaudited) (Continued)

Proxy Voting Policies
A description of the policies and procedures the Trust uses to determine how to vote
proxies relating to portfolio securities and information regarding how the Fund voted
proxies relating to portfolio securities during the most recent 12-month period ended June
30 are available, without charge, by calling (800) 992-3863 or online on the Funds’ website
at www.alger.com or on the SEC’s website at www.sec.gov.

Fund Holdings
The Board of Trustees has adopted policies and procedures relating to disclosure of the
Funds’ portfolio securities. These policies and procedures recognize that there may be
legitimate business reasons for holdings to be disclosed and seek to balance those interests
to protect the proprietary nature of the trading strategies and implementation thereof by
the Funds.

Generally, the policies prohibit the release of information concerning portfolio holdings
which have not previously been made public to individual investors, institutional investors,
intermediaries that distribute the Funds’ shares and other parties which are not employed
by the Manager or its affiliates except when the legitimate business purposes for selective
disclosure and other conditions (designed to protect the Funds) are acceptable.

The Funds make their full holdings available semi-annually in shareholder reports filed on
Form N-CSR and after the first and third fiscal quarters in regulatory filings on Form N-Q.
These shareholder reports and regulatory filings are filed with the SEC, as required by federal
securities laws, and are generally available within sixty (60) days of the end of the Funds’
fiscal quarter. The Funds’ Forms N-Q are available online on the SEC’s website at www.
sec.gov or may be reviewed and copied at the SEC’s Public Reference Room in Washington,
D.C. Information regarding the operation of the SEC’s Public Reference Room may be
obtained by calling 1-800-SEC-0330.

In addition, the Funds make publicly available their respective month-end top 10 holdings
with a 15 day lag and their month-end full portfolios with a 60 day lag on their website www.
alger.com and through other marketing communications (including printed advertising/
sales literature and/or shareholder telephone customer service centers). No compensation
or other consideration is received for the non-public disclosure of portfolio holdings
information.

In accordance with the foregoing, the Funds provide portfolio holdings information to
service providers who provide necessary or beneficial services when such service providers
need access to this information in the performance of their services and are subject to
duties of confidentiality (1) imposed by law, including a duty not to trade on non-public
information, and/or (2) pursuant to an agreement that confidential information is not to be
disclosed or used (including trading on such information) other than as required by law. From
time to time, the Funds will communicate with these service providers to confirm that they
understand the Funds’ policies and procedures regarding such disclosure. This agreement
must be approved by the Funds’ Chief Compliance Officer, President or Secretary.

- 83 -

ADDITIONAL INFORMATION (Unaudited) (Continued)

The Board of Trustees periodically reviews a report disclosing the third parties to whom
each Fund’s holdings information has been disclosed and the purpose for such disclosure,
and it considers whether or not the release of information to such third parties is in the best
interest of the Fund and its shareholders.

In addition to material the Funds routinely provide to shareholders, the Manager may,
upon request, make additional statistical information available regarding the Funds. Such
information will include, but not be limited to, relative weightings and characteristics of a
Fund portfolios versus its peers or an index (such as P/E ratio, alpha, beta, capture ratio,
standard deviation, EPS forecasts, Sharpe ratio, information ratio, R-squared, and market
cap analysis), security specific impact on overall portfolio performance month-end top
ten contributors to and detractors from performance, breakdown of High Unit Volume
Growth holdings vs. Positive Lifecycle Change holdings, portfolio turnover, and requests
of a similar nature. Please contact the Funds at (800) 992-3863 to obtain such information.

- 84 -

THE ALGER INSTITUTIONAL FUNDS

360 Park Avenue South
New York, NY 10010
(800) 992-3863
www.alger.com

Investment Manager

Fred Alger Management, Inc.
360 Park Avenue South
New York, NY 10010

Distributor

Fred Alger & Company, Incorporated
360 Park Avenue South
New York, NY 10010

Transfer Agent and Dividend Disbursing Agent

State Street Bank and Trust Company
c/o Boston Financial Data Services, Inc.
P.O. Box 8480
Boston, MA 02266-8480

This report is submitted for the general information of the shareholders of The Alger
Institutional Funds. It is not authorized for distribution to prospective investors unless
accompanied by an effective Prospectus for the Trust, which contains information
concerning the Trust’s investment policies, fees and expenses as well as other pertinent
information.

- 85 -

AIFSAR

ITEM 2. CODE OF ETHICS.
Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.

ITEM 6. INVESTMENTS.

Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT
INVESTMENT COMPANIES.
Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY
AND AFFILIATED PURCHASERS.
Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable.

ITEM 11. CONTROLS AND PROCEDURES.
(a) The Registrant’s principal executive officer and principal financial officer have concluded that
the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940, as amended) are effective based on their evaluation of the
disclosure controls and procedures as of a date within 90 days of the filing date of this document.

(b) No changes in the Registrant’s internal control over financial reporting occurred during the
Registrant’s second fiscal quarter of the period covered by this report that materially affected, or
are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)	(1) Not applicable

(a) (2) Certifications of principal executive officer and principal financial officer as required by rule 30a-
2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT

(a)	(3) Not applicable
(b)	Certifications of principal executive officer and principal financial officer as required by rule 30a-2(b)

under the Investment Company Act of 1940 are attached as Exhibit 99.906CERT

SIGNATURES

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

The Alger Institutional Funds

By: /s/Hal Liebes

Hal Liebes

President

Date: June 29, 2015

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

By: /s/Hal Liebes

Hal Liebes

President

Date: June 29, 2015

By: /s/Michael D. Martins

Michael D. Martins

Treasurer

Date: June 29, 2015

Alger Focus Equity Fund (ALZFX) N-CSRCertified annual shareholder report (management investment company)