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

Alger Focus Equity Fund (ALZFX) N-CSRCertified 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, 2017

ITEM 1. REPORT(S) TO STOCKHOLDERS.

Table of Contents

The Alger Institutional Funds


Shareholders’ Letter	1
Fund Highlights	10
Portfolio Summary	16
Schedules of Investments	17
Statements of Assets and Liabilities	35
Statements of Operations	39
Statements of Changes in Net Assets	41
Financial Highlights	45
Notes to Financial Statements	60
Additional Information	89

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Shareholders' Letter April 30, 2017

Dear Shareholders,

Economic Strength Sustains Bull Market
The strong bull market continued during the six-month period ended April 30, 2017, with the
S&P 500 Index generating a 13.32% return. Growth stocks, broadly speaking, outperformed
with the Russell 3000 Growth Index generating a 15.47% return. Small capitalization growth
equities were even stronger as illustrated by the 18.48% return of the Russell 2000 Growth
Index.

We maintain that expectations for strengthening economic growth worldwide and improving
corporate earnings have been the primary drivers of equity performance. We also believe
that ongoing innovation, including medical breakthroughs and internet-based technology,
is supporting equities.

Yet, some commentators have attributed recent equity gains to the U.S. presidential election.
Others have said it has been momentum trading. If it were either of those factors, we
believe a temporary decline of equities that occurred in March following growing concerns
over Washington’s ability to pass meaningful legislation would have been more severe. In
regard to economic factors, consider the following:

• Consumer and business confidence have risen to at or near their highest
levels in more than a decade.
• Wage growth is also accelerating. In December, hourly wages among private
employers increased 2.9%, the highest rate since the financial crisis. Wages
continued to increase during the first four months of this year.
• Corporate profits, meanwhile, are strengthening. At the end of the reporting
period, Wall Street analysts expected first quarter S&P 500 earnings per share
(EPS) to increase 12% year over year for the first quarter of 2017—the high-
est rate in five years.
• The Conference Board’s Leading Economic Index has been climbing in a
fairly steady manner since 2009 and hit a record high of 126.7 in March of
this year.

Economic Growth Extends Beyond U.S.
Investor sentiment was also supported by expectations for improving economic growth
abroad. Indeed, 2017 may be the first time since 2010 that all G-20 countries simultaneously
experience economic growth and help strengthen corporate fundamentals. The encouraging
outlook helped extend the equity rally beyond the U.S. as illustrated by the MSCI Emerging
Markets Index gaining 9.03% and the MSCI ACWI ex USA Index gaining 10.61%. A
perception that geopolitical risk, including elections in France, was moderating supported
investor sentiment. Upward revisions for earnings for both developed and emerging markets
and strengthening Purchasing Managers’ Index readings in Europe and China were also
encouraging.

Our view has consistently been that the economic recovery would be longer and stronger
than expected, but also slower in pace due to the severity and nature of the 2008/2009 bear
- 1 -

market and recession. While improving economic conditions are likely to make the Federal
Reserve more aggressive in its tightening, we don’t believe that monetary policy changes
will derail the expansion. We note that the U.S. does not typically enter into a recession
until about three years after material Fed tightening, which we maintain is just starting now.
Rising equity valuations concern some investors, but growth sectors such as Information
Technology and Health Care are trading in line or at a discount to their 20-year median
price-to-earnings (P/E) ratios.

It is also reasonable to argue that with extremely low interest rates, equity multiples should
be higher than their current levels.

Skepticism Versus Euphoria
In the face of new market highs for equities, many commentators are calling for a market
correction, with the average analyst rating for S&P 500 companies being approximately one
standard deviation below the average over the past decade. If bull markets begin in despair
and end in euphoria as we believe, then the equity market still has room to run, particularly
given strong fundamentals.

One asset class where we continue to see euphoria, however, is fixed income. Investors’
craving for fixed income exists despite the expensive valuations of bonds. Treasury bond
yields are normally tightly linked to nominal GDP growth (both averaged 6.5% over the past
50 years), but current 10-year yields are more than two percentage points below next year’s
estimated nominal GDP growth rate. Keep in mind that a one percentage point increase
in interest rates should theoretically cause an 8% decline in the price of a 10-year bond. A
historically wide disparity, meanwhile, exists between equity and bond valuations. When
considering the wide disparity, two scenarios are possible: fixed income yields will rise and
bond returns will be very disappointing or equity yields will fall (i.e. P/E ratios will rise) and
stock returns will be strong. Under both scenarios, equities would outperform.

A rotation from bonds and bond-like stocks to equities would also have implications for
active investing. Over the past few years, investors have favored bond-like equities (including
those with weak fundamentals) as an alternative to low-yielding fixed income securities.
This behavior weighed on active managers who focus on identifying strong businesses
rather than pursuing dividend quality. The fact is that rising interest rates have typically been
associated with active investing outperforming passive and we believe that may be the case
going forward. We are optimistic that we have seen the cyclical lows in interest rates and
active investing.

Navigating the Ship Forward
While we think that the economic expansion can continue, we believe that a good captain
does not simply look at calm waters and expect smooth sailing; rather, it is prudent to be
prepared for all weather conditions. As bottom-up focused growth investors, we concentrate
on building a boat or investment portfolio that we believe can sail through whatever
conditions lie ahead. Instead of changing course based on which way economic winds are
blowing (e.g. rotating to cyclical stocks when the economy is strong or to defensive stocks
when it appears to be weakening), we focus on finding companies that can take market share
and grow in both good and bad times.

The best risk management we know of is to understand our companies as well or better
than anyone else, feel confident in their growth under multiple scenarios, and let the strength
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of their management teams and competitive advantages create value for our clients. Our
research and experience shows that there are always areas of the economy that are growing,
irrespective of where we are in market or economic cycles. For example, during the Global
Financial Crisis that occurred from the second quarter of 2008 until the second quarter of
2011, U.S. GDP was somewhat flat, but U.S. internet advertising and e-commerce grew over
30%. Companies that exploited that growth generated strong returns.

Innovation is Strong
We see many areas that seem poised to grow regardless of economic conditions. They range
from established growth industries such as cloud computing and the mobile internet to
emerging technologies such as artificial intelligence (AI).

We believe the following factors will support rapid growth of AI:

• Hardware improvements.
• Algorithm development.
• Storage efficiency.
Those factors are driving a revolution in what computers and robots can do including how
they interact with us. It has long been established that technology is increasing at an ever
faster rate, as popularized by Moore’s Law, but recent advances in the fundamentals that
drive AI are simply astounding. For example, CPU deep learning performance has increased
by 65 times in four years. These types of technological leaps are allowing computers to
actually learn on their own—an AI program named Libratus, developed at Carnegie Mellon,
recently beat some of the world’s best poker players. The truly incredible thing is not that it
won, but that it taught itself and developed its own strategy.

AI will change many industries. In health care, doctors struggle to keep up with technology
given the thousands of medical studies that are published each day. Yet, in one experiment,
not only did IBM’s AI supercomputer, Watson, recommend the same treatments for cancer
patients as oncologists 99% of the time, but incredibly it also found additional treatment
options that physicians had not identified in 30% of the cases, potentially giving patients new
hope. In transportation, cars are learning to drive themselves much more safely with Google,
for instance, achieving an error rate of 2 per 10,000 miles driven in 2016, a huge 75% drop
from the previous year. Some AI applications are already in use. It is estimated that 35%
of Amazon’s current sales are generated with its AI-curated personal recommendations.
According to a UBS survey, nearly 90% of large U.S. companies have a cognitive computing
project underway and 20% expect machine learning to have a business impact within a year.

The huge computing power needed to drive these projects forward will be aided by services
or platforms such as those from Google, Amazon, and Microsoft.

Conclusion
Finding areas of growth and companies that we believe will benefit from them, no matter
what the environment, is our passion and expertise. Regardless of economic conditions,
we believe our time-tested philosophy of focusing on Positive Dynamic Change has strong
potential for producing attractive results for our clients and partners.

- 3 -

Portfolio Matters
Alger Capital Appreciation Institutional Fund
The Alger Capital Appreciation Institutional Fund returned 14.67% for the fiscal six-month
period ended April 30, 2017, compared to the 15.23% return of the Russell 1000 Growth
Index.

During the reporting period, the largest sector weightings were Information Technology and
Consumer Discretionary. The largest sector overweight was Information Technology and
the largest underweight was Consumer Staples. The Information Technology and Financials
sectors provided the largest contributions to relative performance, while Consumer
Discretionary and Consumer Staples were among sectors that detracted from results.

Amazon.com, Inc.; Alphabet, Inc. Cl. C; Microsoft Corporation; and Comcast Corporation,
Cl. A were among top contributors to performance. Shares of Apple, Inc. also contributed
to performance. Apple performed strongly in response to continued strong sales of the
company’s iPhone.

Conversely, QUALCOMM, Inc.; Molson Coors Brewing Co., Cl. B; Palo Alto Networks,
Inc.; and Activision Blizzard, Inc. were among top detractors from performance. Shares of
Anadarko Petroleum Corp. also detracted from results. Anadarko is an independent natural
gas and oil company that engages in exploration and production. Its stock underperformed
in the earlier portion of this year. The company announced encouraging quarterly results
with healthy production growth and solid profitability; however, some investors were
disappointed in the lack of near-term news on a proposed sale of assets in Mozambique.
In addition, softening oil prices hurt the performance of energy company stocks, including
shares of Anadarko.

Alger Capital Appreciation Focus Fund
The Alger Capital Appreciation Focus Fund returned 15.78% for the fiscal six-month
period ended April 30, 2017, compared to the 15.23% return of its benchmark, the Russell
1000 Growth Index.

During the reporting period, the largest sector weightings were Information Technology and
Consumer Discretionary. The largest sector overweight was Information Technology and
the largest underweight was Consumer Staples. The Information Technology and Financials
sectors provided the largest contributions to relative performance, while Consumer
Discretionary and Consumer Staples were among sectors that detracted from results.

Amazon.com, Inc.; Alphabet. Inc., Cl. C; Honeywell International, Inc.; and Comcast
Corporation, Cl. A. were among the most important contributors to performance. Apple,
Inc. also contributed to performance. The performance of Apple shares was supported by
developments identified in the Alger Capital Appreciation Institutional Fund discussion.

Conversely, Molson Coors Brewing Company Cl. B; PVH Corp.; CVS Caremark Corp.;
Prosetta Biosciences Inc. Series D Preferred; and DexCom, Inc. were among top detractors
from results. CVS Caremark operates retail pharmacies and also serves as a third-party
administrator for prescription programs offered by employers and other entities. The shares
detracted from performance in response to CVS losing two large health-plan clients in the
company’s retail pharmacy business. As a result, the company lowered its earnings guidance.

- 4 -

Alger Mid Cap Growth Institutional Fund
The Alger Mid Cap Growth Institutional Fund returned 17.74% for the fiscal six-month
period ended April 30, 2017, compared to the 13.59% return of the Russell Midcap Growth
Index.

During the reporting period, the largest portfolio sector weightings were Information
Technology and Health Care. The largest sector overweight was Information Technology
and the largest underweight was Consumer Discretionary. The Health Care and Information
Technology sectors provided the largest contributions to relative performance, while
Consumer Discretionary and Materials were among sectors that detracted from results.

Tolero Pharmaceuticals Series B Convertible Preferred Stock; Tolero CDR; ARIAD
Pharmaceuticals, Inc.; IDEXX Laboratories, Inc.; and Broadcom Ltd. were among top
contributors to performance. Broadcom merged with Avago in early 2016 and has since
become a formidable competitor in the semiconductor industry. In addition, scale benefits
and synergies have enhanced the company’s profitability, which supported the performance
of the company’s shares during the reporting period.

Conversely, TransDigm Group Inc.; TreeHouse Foods, Inc.; Palo Alto Networks, Inc.;
Advance Auto Parts, Inc.; and WisdomTree Investments, Inc. were among top detractors from
performance. WisdomTree Investments creates and sells exchange traded funds (ETFs) in
a variety of asset classes. Investors’ preference for passive investment strategies has enabled
the company to grow its assets under management meaningfully over the last few years;
however, uneven flows into the company’s products hurt the performance of WisdomTree
shares during the first quarter. In addition, quarterly earnings were disappointing, in part due
to expenses associated with the company increasing its number of employees. Investors also
became concerned over the company’s decision to increase the portion of its compensation
from cash instead of company stock. On the positive side, in the last two years, the company
has been diversifying its products and distribution.

Alger Small Cap Growth Institutional Fund
The Alger Small Cap Growth Institutional Fund returned 20.03% for the fiscal six-month
period ended April 30, 2017, compared to the 18.48% return of the Russell 2000 Growth
Index.

During the reporting period, the largest portfolio sector weightings were Information
Technology and Health Care. The largest sector overweight was Health Care and the
largest underweight was Industrials. The Health Care and Information Technology sectors
provided the largest contributions to relative performance while Consumer Discretionary
and Materials were among sectors that detracted from results.

Tolero Pharmaceuticals Series B Convertible Preferred Stock; Cognex Corp.; TubeMogul,
Inc.; Lions Gate Entertainment Corp., Cl. A; and Medidata Solutions, Inc. were among
top contributors to performance. Cognex is a global market leader in machine-vision
and identification systems used to automate manufacturing and logistics. Scale, reach, a
continued focus on innovation, and a strong balance sheet are allowing the company to
continue to grow faster than the fragmented machine vision and automated ID market by
capturing share, moving into adjacencies, and acquiring competitors. The company also has
attractive opportunities in smartphone manufacturer’ investments in automation, including
demand for Cognex products that are being created by the Apple, Inc. “supercycle.”
- 5 -

Conversely, detracting from overall results on an absolute basis were Lions Gate Entertainment
Corp., Cl. B; TreeHouse Foods, Inc.; U.S. Silica Holdings, Inc.; and Luminex Corp. Different
holdings periods resulted in Lion’s Gate Cl. A contributing to performance and Lions Gate
Class B detracting from results. Also during the reporting period, Endologix, Inc. detracted
from performance. The company is developing the Nellix EndoVascular Aneurysm Sealing
System, which is a minimally invasive technology that addresses abdominal aortic aneurysms.
Performance of Endologix shares weakened after the FDA requested follow up data from
the company’s Nellix clinical study which will delay the potential regulatory approval of the
product. Essentially, Nellix is now a potential earnings catalyst for next year rather than in
2017.

I thank you for putting your trust in Alger.

Sincerely,

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

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 represent 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
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
- 6 -

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, 2017. Securities mentioned in the Shareholders’ Letter, if not found in the
Schedule of Investments, may have been held by the funds during the 12-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.
Definitions:

• S&P 500 index: An index of large company stocks considered representative
of the U.S. stock market.
• Morgan Stanley Capital International (MSCI) All Country World Index
(ACWI) ex USA is an unmanaged, market capitalization-weighted index de-
signed to provide a broad measure of equity market performance throughout
the world, including both developing and emerging markets, but excluding
- 7 -

the United States.
• MSCI Emerging Markets Index: A free float-adjusted market capitalization
index designed to measure equity market performance in the global emerging
markets.
• Russell 3000 Growth Index: An index of common stocks designed to track
performance of companies with greater than average growth orientation in
general.
• Russell 1000 Growth Index: An index of common stocks designed to track
performance of large-capitalization companies with greater than average
growth orientation.
• Russell Midcap Growth Index: An index of common stocks designed to
track performance of medium-capitalization companies with greater than
average growth orientation.
• Russell 2000 Growth Index: An index of common stocks designed to track
performance of small-capitalization companies with greater than average
growth orientation.
• The Conference Board’s Leading Economic Indicator Index is based on a va-
riety of economic data and is part of the Conference Board’s analytic system
that seeks to signal peaks and troughs in the business cycle.
• The Purchasing Managers' Index (PMI) is an indicator of the economic
health of the manufacturing sector. The PMI is based on five major indi-
cators: new orders, inventory levels, production, supplier deliveries and the
employment environment.

- 8 -


FUND PERFORMANCE AS OF 3/31/17 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS
	1		5		10		SINCE
	YEAR		YEARS		YEARS		INCEPTION
Alger Capital Appreciation Class I (Inception 11/8/93)	15.10	%	12.86	%	9.50	%	11.78	%
Alger Capital Appreciation Class R (Inception 1/27/03)^*	14.55	%	12.32	%	8.96	%	11.22	%
Alger Capital Appreciation Class Y (Inception 2/28/17)	n/a		n/a		n/a		1.63	%
Alger Capital Appreciation Class Z-2 (Inception 10/14/16)	n/a		n/a		n/a		10.89	%
Alger Capital Appreciation Focus Class A (Inception
12/31/12)	9.86	%	n/a		n/a		14.20	%
Alger Capital Appreciation Focus Class C (Inception
12/31/12)	14.07	%	n/a		n/a		14.79	%
Alger Capital Appreciation Focus Class I (Inception
11/8/93)	15.92	%	12.15	%	7.02	%	8.50	%
Alger Capital Appreciation Focus Class Y (Inception
2/28/17)	n/a		n/a		n/a		1.97	%
Alger Capital Appreciation Focus Class Z (Inception
12/31/12)	16.21	%	n/a		n/a		16.07	%
Alger Mid Cap Growth Class I (Inception 11/8/93)	17.56	%	10.98	%	5.27	%	11.54	%
Alger Mid Cap Growth Class R (Inception 1/27/03)^*	16.85	%	10.39	%	4.72	%	10.98	%
Alger Mid Cap Growth Class Z-2 (Inception 10/14/16)	n/a		n/a		n/a		14.17	%
Alger Small Cap Growth Class I (Inception 11/8/93)	27.32	%	8.42	%	5.93	%	8.94	%
Alger Small Cap Growth Class R (Inception 1/27/03)^*	26.65	%	7.88	%	5.41	%	8.41	%
Alger Small Cap Growth Class Z-2 (Inception 8/1/16)	n/a		n/a		n/a		14.66	%

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.

- 9 -

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Fund Highlights Through April 30, 2017 (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, 2017. 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, Class Y and Class Z-2 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 4/30/17
AVERAGE ANNUAL TOTAL RETURNS
							Since
	1 YEAR		5 YEARS		10 YEARS		11/8/1993
Class I (Inception 11/8/93)	19.51	%	13.64	%	9.37	%	11.86	%
Class R (Inception 1/27/03)^*	18.95	%	13.09	%	8.83	%	11.30	%
Russell 1000 Growth Index	19.50	%	13.87	%	8.88	%	8.95	%


							Since
	1 YEAR		5 YEARS		10 YEARS		2/28/2017
Class Y (Inception 2/28/17)	n/a		n/a		n/a		4.33	%
Russell 1000 Growth Index	n/a		n/a		n/a		3.47	%

- 10 -

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Fund Highlights Through April 30, 2017 (Unaudited) (Continued)


				Since
	1 YEAR	5 YEARS	10 YEARS	10/14/2016
Class Z-2 (Inception 10/14/16)	n/a	n/a	n/a	13.87	%
Russell 1000 Growth Index	n/a	n/a	n/a	14.56	%

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, 2017 (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, 2017. 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, Class Y
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.

- 12 -

ALGER CAPITAL APPRECIATION FOCUS FUND
Fund Highlights Through April 30, 2017 (Unaudited) (Continued)


PERFORMANCE COMPARISON AS OF 4/30/17
AVERAGE ANNUAL TOTAL RETURNS
							Since
	1 YEAR		5 YEARS		10 YEARS		11/8/1993
Class I (Inception 11/8/93)	21.45	%	13.12	%	6.95	%	8.60	%
Russell 1000 Growth Index	19.50	%	13.87	%	8.88	%	8.95	%


							Since
	1 YEAR		5 YEARS		10 YEARS		12/31/2012
Class A (Inception 12/31/12)	15.11	%	n/a		n/a		14.66	%
Class C (Inception 12/31/12)	19.52	%	n/a		n/a		15.22	%
Class Z (Inception 12/31/12)	21.74	%	n/a		n/a		16.51	%
Russell 1000 Growth Index	19.50	%	n/a		n/a		16.01	%


							Since
	1 YEAR		5 YEARS		10 YEARS		2/28/2017
Class Y (Inception 2/28/17)	n/a		n/a		n/a		4.91	%
Russell 1000 Growth Index	n/a		n/a		n/a		3.47	%

- 13 -

ALGER MID CAP GROWTH INSTITUTIONAL FUND
Fund Highlights Through April 30, 2017 (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, 2017. 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 and Class Z-2 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 4/30/17
AVERAGE ANNUAL TOTAL RETURNS
							Since
	1 YEAR		5 YEARS		10 YEARS		11/8/1993
Class I (Inception 11/8/93)	20.13	%	11.11	%	5.04	%	11.57	%
Class R (Inception 1/27/03)^*	19.36	%	10.51	%	4.49	%	11.01	%
Russell Midcap Growth Index	15.83	%	12.28	%	7.83	%	9.40	%


							Since
	1 YEAR		5 YEARS		10 YEARS		10/14/2016
Class Z-2 (Inception 10/14/16)	n/a		n/a		n/a		15.95	%
Russell Midcap Growth Index	n/a		n/a		n/a		12.32	%

ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Fund Highlights Through April 30, 2017 (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, 2017. 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 and Class Z-2 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 4/30/17
AVERAGE ANNUAL TOTAL RETURNS
							Since
	1 YEAR		5 YEARS		10 YEARS		11/8/1993
Class I (Inception 11/8/93)	27.69	%	8.83	%	5.76	%	8.96	%
Class R (Inception 1/27/03)^*	26.97	%	8.28	%	5.24	%	8.43	%
Russell 2000 Growth Index	24.06	%	12.89	%	7.97	%	7.31	%


	1 YEAR		5 YEARS		10 YEARS		Since 8/1/2016
Class Z-2 (Inception 8/1/16)	n/a		n/a		n/a		16.22	%
Russell 2000 Growth Index	n/a		n/a		n/a		13.63	%

~~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.

- 15 -

PORTFOLIO SUMMARY†
April 30, 2017 (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	20.1	%	18.7		%	16.0	%	6.6	%
Consumer Staples	3.3			2.5		3.6		1.8
Energy	1.9			2.0		1.4		2.0
Financials	4.9			6.6		6.7		5.3
Health Care	14.7		10.9			20.6		36.8
Industrials	6.6			4.5		12.3		8.1
Information Technology	43.1		48.3			26.7		35.2
Materials	1.9			0.9		4.5		2.5
Real Estate	1.7			1.0		3.4		1.0
Telecommunication Services	1.3			0.0		0.0		0.0
Short-Term Investments and
Net Other Assets	0.5			4.6		4.8		0.7
	100.0	%	100.0		%	100.0	%	100.0	%

† Based on net assets for each Fund.

- 16 -

THE ALGER INSTITUTIONAL FUNDS |
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments (Unaudited) April 30, 2017


COMMON STOCKS—96.4%	SHARES			VALUE
AEROSPACE & DEFENSE—0.3%
General Dynamics Corp.	51,958	$ 10,068,941
ALTERNATIVE CARRIERS—0.6%
Level 3 Communications, Inc.*	308,151		18,723,255
APPAREL ACCESSORIES & LUXURY GOODS—0.6%
PVH Corp.	192,975		19,496,264
APPAREL RETAIL—0.3%
The TJX Cos., Inc.	130,328		10,248,994
APPLICATION SOFTWARE—4.0%
Adobe Systems, Inc.*	283,855			37,962,768
Autodesk, Inc.*	403,110			36,308,118
salesforce.com, Inc.*	700,538			60,330,332
			134,601,218
AUTO PARTS & EQUIPMENT—0.9%
Delphi Automotive PLC.	355,859			28,611,064
AUTOMOTIVE RETAIL—0.0%
Carvana Co.*	141,678			1,572,626
BIOTECHNOLOGY—5.0%
ACADIA Pharmaceuticals, Inc.*	311,630			10,698,258
Alexion Pharmaceuticals, Inc.*	80,015			10,224,317
BioMarin Pharmaceutical, Inc.*	194,780			18,667,715
Celgene Corp.*	538,942			66,855,755
Incyte Corp.*	207,307			25,764,114
TESARO, Inc.*	43,861			6,473,445
Vertex Pharmaceuticals, Inc.*	220,854			26,127,028
			164,810,632
BREWERS—0.9%
Molson Coors Brewing Co., Cl. B	320,092		30,693,622
BROADCASTING—1.7%
CBS Corp., Cl. B	861,290		57,327,462
BUILDING PRODUCTS—0.3%
Johnson Controls International PLC.	267,425			11,116,857
CABLE & SATELLITE—3.2%
Charter Communications, Inc., Cl. A*	60,845			21,001,260
Comcast Corporation, Cl. A	2,216,130			86,850,135
			107,851,395
CONSTRUCTION MATERIALS—0.3%
Vulcan Materials Co.	86,244		10,425,175
DATA PROCESSING & OUTSOURCED SERVICES—3.9%
Visa, Inc., Cl. A	1,436,422		131,030,415
DIVERSIFIED BANKS—0.5%
JPMorgan Chase & Co.	207,199		18,026,313
ELECTRICAL COMPONENTS & EQUIPMENT—0.5%
Rockwell Automation, Inc.	95,605		15,043,447
FERTILIZERS & AGRICULTURAL CHEMICALS—0.5%
Monsanto Co.	146,554		17,089,662
FINANCIAL EXCHANGES & DATA—1.7%
IntercontinentalExchange Group, Inc.	647,969			39,007,734

- 17 -

THE ALGER INSTITUTIONAL FUNDS |
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments (Unaudited) (Continued) April 30, 2017


COMMON STOCKS—(CONT.)	SHARES			VALUE
FINANCIAL EXCHANGES & DATA—(CONT.)
S&P Global, Inc.	128,127	$		17,193,362
			56,201,096
FOOTWEAR—0.4%
NIKE, Inc., Cl. B	240,939		13,350,430
HEALTH CARE EQUIPMENT—3.2%
Boston Scientific Corp.*	586,147			15,462,558
Danaher Corp.	289,053			24,086,787
DexCom, Inc.*	223,252			17,404,726
Edwards Lifesciences Corp.*	221,227			24,261,965
Medtronic PLC.	309,780			25,739,620
			106,955,656
HEALTH CARE SERVICES—0.2%
Envision Healthcare Corp.*	94,780			5,310,523
HOME ENTERTAINMENT SOFTWARE—0.9%
Electronic Arts, Inc.*	310,223		29,415,345
HOME IMPROVEMENT RETAIL—1.8%
The Home Depot, Inc.	373,555			58,311,936
HOTELS RESORTS & CRUISE LINES—0.3%
Marriott International, Inc., Cl. A	122,039			11,522,922
HOUSEWARES & SPECIALTIES—0.8%
Newell Brands, Inc.	575,491		27,473,940
HYPERMARKETS & SUPER CENTERS—0.5%
Costco Wholesale Corp.	96,823		17,188,019
INDUSTRIAL CONGLOMERATES—3.2%
Honeywell International, Inc.	808,713		106,054,623
INDUSTRIAL GASES—0.8%
Air Products & Chemicals, Inc.	181,389		25,485,154
INDUSTRIAL MACHINERY—0.5%
Stanley Black & Decker, Inc.	118,826		16,178,160
INTERNET RETAIL—7.0%
Amazon.com, Inc.*	228,888		211,719,111
NetFlix, Inc.*	131,827			20,064,070
			231,783,181
INTERNET SOFTWARE & SERVICES—13.4%
Alibaba Group Holding Ltd.#*	419,596			48,463,338
Alphabet, Inc., Cl. C*	214,235		194,088,341
eBay, Inc.*	202,681			6,771,572
Facebook, Inc., Cl. A*	1,103,728		165,835,132
Match Group, Inc.*	217,241			4,047,200
Palantir Technologies, Inc., Cl. A*^,@	239,030			1,453,302
Yahoo! Inc.*	556,446			26,826,262
			447,485,147
INVESTMENT BANKING & BROKERAGE—0.8%
Morgan Stanley	583,566		25,309,257
IT CONSULTING & OTHER SERVICES—0.7%
Cognizant Technology Solutions Corp., Cl. A*	367,380		22,127,297

- 18 -

THE ALGER INSTITUTIONAL FUNDS |
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments (Unaudited) (Continued) April 30, 2017


COMMON STOCKS—(CONT.)	SHARES			VALUE
LIFE SCIENCES TOOLS & SERVICES—0.5%
Illumina, Inc.*	91,597	$ 16,932,621
MANAGED HEALTH CARE—4.3%
Aetna, Inc.	330,665			44,662,921
Humana, Inc.	80,365			17,839,423
UnitedHealth Group, Inc.	469,544			82,113,855
			144,616,199
MOVIES & ENTERTAINMENT—2.0%
The Walt Disney Co.	412,444			47,678,526
Time Warner, Inc.	194,847			19,342,462
			67,020,988
OIL & GAS EQUIPMENT & SERVICES—0.5%
Halliburton Company	347,628		15,949,173
OIL & GAS EXPLORATION & PRODUCTION—1.4%
Anadarko Petroleum Corp.	575,569			32,818,944
Pioneer Natural Resources Co.	69,806			12,075,740
			44,894,684
OTHER DIVERSIFIED FINANCIAL SERVICES—0.9%
Bank of America Corp.	1,275,398		29,767,789
PHARMACEUTICALS—1.3%
Allergan PLC.	121,224			29,561,684
Bristol-Myers Squibb Co.	267,296			14,981,941
			44,543,625
RAILROADS—0.8%
Union Pacific Corp.	231,776		25,949,641
RESTAURANTS—1.1%
McDonald's Corp.	116,879			16,354,879
Starbucks Corp.	354,322			21,280,579
			37,635,458
SEMICONDUCTOR EQUIPMENT—0.5%
Applied Materials, Inc.	416,367		16,908,664
SEMICONDUCTORS—4.8%
Broadcom Ltd.	332,559			73,432,353
Microchip Technology, Inc.	463,041			34,996,639
Micron Technology, Inc.*	1,049,514			29,040,052
Microsemi Corp.*	348,963			16,380,323
NVIDIA Corp.	49,029			5,113,725
			158,963,092
SOFT DRINKS—0.7%
PepsiCo, Inc.	216,468		24,521,495
SPECIALTY CHEMICALS—0.3%
The Sherwin-Williams Co.	24,691			8,263,584
SYSTEMS SOFTWARE—7.1%
Choicestream, Inc.*^,@,(a)	124,658			–
Microsoft Corp.	2,811,649		192,485,490
Red Hat, Inc.*	178,208			15,696,561
ServiceNow, Inc.*	306,431			28,951,601
			237,133,652

- 19 -

THE ALGER INSTITUTIONAL FUNDS |
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments (Unaudited) (Continued) April 30, 2017


COMMON STOCKS—(CONT.)	SHARES			VALUE
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.6%
Apple, Inc.	1,506,859	$ 216,460,295
Western Digital Corp.	427,254			38,055,514
			254,515,809
TOBACCO—1.2%
Philip Morris International, Inc.	352,221		39,040,176
TRADING COMPANIES & DISTRIBUTORS—1.0%
HD Supply Holdings, Inc.*	609,802			24,575,020
United Rentals, Inc.*	81,348			8,920,622
			33,495,642
WIRELESS TELECOMMUNICATION SERVICES—0.7%
T-Mobile US, Inc.*	334,130		22,476,925
TOTAL COMMON STOCKS
(Cost $2,491,882,697)			3,209,519,245
PREFERRED STOCKS—0.4%	SHARES			VALUE
INTERNET SOFTWARE & SERVICES—0.2%
Palantir Technologies, Inc., Cl. B*^,@	974,841			5,927,033
Palantir Technologies, Inc., Cl. D*^,@	127,007			772,203
				6,699,236
PHARMACEUTICALS—0.2%
Intarcia Therapeutics, Inc., Series DD*^,@	111,655			6,344,237
SYSTEMS SOFTWARE—0.0%
Choicestream, Inc., Cl. A*^,@,(a)	1,074,935			–
Choicestream, Inc., Cl. B*^,@,(a)	2,500,538			–
				–
TOTAL PREFERRED STOCKS
(Cost $13,252,335)				13,043,473
WARRANTS—0.0%	SHARES			VALUE
SYSTEMS SOFTWARE—0.0%
Choicestream, Inc., 6/22/26*^@,(a)	574,662			–
(Cost $574,087)				–
MASTER LIMITED PARTNERSHIP—1.0%	SHARES			VALUE
ASSET MANAGEMENT & CUSTODY BANKS—1.0%
The Blackstone Group LP.	1,043,306		32,175,557
(Cost $29,617,983)				32,175,557
REAL ESTATE INVESTMENT TRUST—1.7%	SHARES			VALUE
SPECIALIZED—1.7%
Crown Castle International Corp.	340,742			32,234,193
Equinix, Inc.	61,113			25,526,900
			57,761,093
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $53,476,937)				57,761,093

- 20 -

THE ALGER INSTITUTIONAL FUNDS |
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments (Unaudited) (Continued) April 30, 2017


	PRINCIPAL
CORPORATE BONDS—0.0%	AMOUNT				VALUE
SYSTEMS SOFTWARE—0.0%
Choicestream, Inc., 11.00%, 8/05/18^@,(a)	574,662			$	–
(Cost $575)					–
Total Investments
(Cost $2,588,804,614)^(b)	99.5	%		3,312,499,368
Other Assets in Excess of Liabilities	0.5	%		17,828,156
NET ASSETS	100.0	%	$	3,330,327,524

# 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, 2017, the net unrealized appreciation on investments, based on cost for federal income tax purposes
of $2,638,574,490, amounted to $673,924,878 which consisted of aggregate gross unrealized appreciation of
$732,367,529 and aggregate gross unrealized depreciation of $58,442,651.
* 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.


				% of net assets				% of net assets
	Acquisition			(Acquisition			Market	as of
Security	Date(s)		Cost	Date)			Value	4/30/2017
Choicestream, Inc.	03/14/14	$	36,151	0.00	%	$	0	0.00	%
Choicestream, Inc., 11.00%,
8/05/18	08/04/16		575	0.00	%		0	0.00	%
Choicestream, Inc., 6/22/26	08/04/16		574,087	0.02	%		0	0.00	%
Choicestream, Inc., Cl. A	12/17/13		859,605	0.03	%		0	0.00	%
Choicestream, Inc., Cl. B	07/10/14		1,500,323	0.05	%		0	0.00	%
Intarcia Therapeutics, Inc., Series
DD	03/27/14		3,616,505	0.14	%		6,344,237	0.19	%
Palantir Technologies, Inc., Cl. A	10/07/14		1,555,368	0.05	%		1,453,302	0.04	%
Palantir Technologies, Inc., Cl. B	10/07/14		6,437,297	0.22	%		5,927,033	0.18	%
Palantir Technologies, Inc., Cl. D	10/14/14		838,605	0.03	%		772,203	0.02	%
Total						$	14,496,775	0.43	%

See Notes to Financial Statements.

- 21 -

THE ALGER INSTITUTIONAL FUNDS | ALGER CAPITAL APPRECIATION FOCUS FUND
Schedule of Investments (Unaudited) April 30, 2017


COMMON STOCKS—92.5%	SHARES			VALUE
APPAREL ACCESSORIES & LUXURY GOODS—0.7%
PVH Corp.	7,272	$		734,690
APPLICATION SOFTWARE—5.3%
Adobe Systems, Inc.*	10,501			1,404,404
Autodesk, Inc.*	22,757			2,049,723
salesforce.com, Inc.*	26,847			2,312,063
				5,766,190
AUTO PARTS & EQUIPMENT—0.9%
Delphi Automotive PLC.	12,744			1,024,618
BIOTECHNOLOGY—4.6%
BioMarin Pharmaceutical, Inc.*	6,536			626,410
Celgene Corp.*	21,368			2,650,701
Incyte Corp.*	6,347			788,805
Vertex Pharmaceuticals, Inc.*	8,258			976,921
				5,042,837
BREWERS—0.6%
Molson Coors Brewing Co., Cl. B	6,849			656,751
BROADCASTING—4.0%
CBS Corp., Cl. B	66,208			4,406,804
CABLE & SATELLITE—3.1%
Comcast Corporation, Cl. A	86,771			3,400,555
DATA PROCESSING & OUTSOURCED SERVICES—5.9%
Visa, Inc., Cl. A	47,257			4,310,783
WNS Holdings Ltd.#*	65,597			2,100,416
				6,411,199
FINANCIAL EXCHANGES & DATA—2.5%
IntercontinentalExchange Group, Inc.	45,584			2,744,157
FOOD DISTRIBUTORS—0.7%
Performance Food Group Co.*	30,460			758,454
HOME ENTERTAINMENT SOFTWARE—1.2%
Electronic Arts, Inc.*	14,108			1,337,721
HOME IMPROVEMENT RETAIL—1.8%
The Home Depot, Inc.	12,317			1,922,684
HOTELS RESORTS & CRUISE LINES—1.0%
Norwegian Cruise Line Holdings Ltd.*	19,898			1,073,099
HOUSEWARES & SPECIALTIES—0.9%
Newell Brands, Inc.	21,355			1,019,488
INDUSTRIAL CONGLOMERATES—3.7%
Honeywell International, Inc.	31,224			4,094,715
INDUSTRIAL GASES—0.9%
Air Products & Chemicals, Inc.	7,022			986,591
INTERNET RETAIL—6.3%
Amazon.com, Inc.*	7,427			6,869,901
INTERNET SOFTWARE & SERVICES—12.8%
Alibaba Group Holding Ltd.#*	20,521			2,370,176
Alphabet, Inc., Cl. C*	6,967			6,311,823
Facebook, Inc., Cl. A*	35,332			5,308,633
			13,990,632

- 22 -

THE ALGER INSTITUTIONAL FUNDS | ALGER CAPITAL APPRECIATION FOCUS FUND
Schedule of Investments (Unaudited) April 30, 2017 (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
INVESTMENT BANKING & BROKERAGE—1.0%
Morgan Stanley	25,009	$		1,084,640
IT CONSULTING & OTHER SERVICES—0.5%
Cognizant Technology Solutions Corp., Cl. A*	9,406			566,523
MANAGED HEALTH CARE—5.0%
Aetna, Inc.	17,579			2,374,396
UnitedHealth Group, Inc.	17,683			3,092,403
				5,466,799
OIL & GAS EQUIPMENT & SERVICES—0.4%
Halliburton Company	9,199			422,050
OIL & GAS EXPLORATION & PRODUCTION—1.6%
Anadarko Petroleum Corp.	30,084			1,715,390
OTHER DIVERSIFIED FINANCIAL SERVICES—1.5%
Bank of America Corp.	68,965			1,609,643
PHARMACEUTICALS—1.0%
Allergan PLC.	4,327			1,055,182
SEMICONDUCTORS—7.8%
Broadcom Ltd.	12,309			2,717,950
Cavium Networks, Inc.*	12,233			842,242
Microchip Technology, Inc.	44,835			3,388,629
Micron Technology, Inc.*	35,622			985,661
Microsemi Corp.*	11,419			536,008
				8,470,490
SYSTEMS SOFTWARE—6.7%
Microsoft Corp.	90,715			6,210,349
ServiceNow, Inc.*	11,795			1,114,392
				7,324,741
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.1%
Apple, Inc.	49,709			7,140,698
Western Digital Corp.	18,748			1,669,884
				8,810,582
TOBACCO—1.2%
Philip Morris International, Inc.	11,446			1,268,675
TRADING COMPANIES & DISTRIBUTORS—0.8%
HD Supply Holdings, Inc.*	22,965			925,490
TOTAL COMMON STOCKS
(Cost $85,367,684)			100,961,291
PREFERRED STOCKS—0.3%	SHARES			VALUE
BIOTECHNOLOGY—0.3%
Prosetta Biosciences, Inc., Series D*^,@,(a)	76,825			259,668
(Cost $345,713)				259,668
MASTER LIMITED PARTNERSHIP—1.6%	SHARES			VALUE
ASSET MANAGEMENT & CUSTODY BANKS—1.6%
The Blackstone Group LP.	57,178			1,763,369
(Cost $1,536,663)				1,763,369

- 23 -

THE ALGER INSTITUTIONAL FUNDS | ALGER CAPITAL APPRECIATION FOCUS FUND
Schedule of Investments (Unaudited) April 30, 2017 (Continued)


REAL ESTATE INVESTMENT TRUST—1.0%	SHARES			VALUE
SPECIALIZED—1.0%
Crown Castle International Corp.	11,741		$	1,110,699
(Cost $1,036,382)				1,110,699
Total Investments
(Cost $88,286,442)^(b)	95.4	%	104,095,027
Other Assets in Excess of Liabilities	4.6	%		5,061,127
NET ASSETS	100.0	%	$	109,156,154

# 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, 2017, the net unrealized appreciation on investments, based on cost for federal income tax purposes
of $90,487,605, amounted to $13,607,422 which consisted of aggregate gross unrealized appreciation of
$15,928,962 and aggregate gross unrealized depreciation of $2,321,540.
* 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.


				% of net assets				% of net assets
	Acquisition			(Acquisition			Market	as of
Security	Date(s)		Cost	Date)			Value	4/30/2017
Prosetta Biosciences, Inc., Series D	02/06/15	$	345,713	0.80	%	$	259,668	0.24	%
Total						$	259,668	0.24	%

See Notes to Financial Statements.

- 24 -

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments (Unaudited) April 30, 2017


COMMON STOCKS—89.3%	SHARES		VALUE
AEROSPACE & DEFENSE—0.7%
Hexcel Corp.	13,397	$	693,295
APPAREL ACCESSORIES & LUXURY GOODS—1.5%
Canada Goose Holdings, Inc.*	4,123		69,390
Lululemon Athletica, Inc.*	7,732		402,064
PVH Corp.	10,483		1,059,098
			1,530,552
APPAREL RETAIL—1.8%
Burlington Stores, Inc.*	6,291		622,306
Ross Stores, Inc.	18,183		1,181,895
			1,804,201
APPLICATION SOFTWARE—2.6%
Autodesk, Inc.*	17,484		1,574,784
Mobileye NV*	16,375		1,013,940
			2,588,724
ASSET MANAGEMENT & CUSTODY BANKS—1.0%
WisdomTree Investments, Inc.	120,912		1,009,615
AUTO PARTS & EQUIPMENT—1.5%
Delphi Automotive PLC.	10,135		814,854
WABCO Holdings, Inc.*	5,851		695,508
			1,510,362
AUTOMOTIVE RETAIL—0.7%
Advance Auto Parts, Inc.	4,638		659,245
Carvana Co.*	4,255		47,231
			706,476
BIOTECHNOLOGY—7.7%
ACADIA Pharmaceuticals, Inc.*	6,928		237,838
Alexion Pharmaceuticals, Inc.*	6,658		850,759
BioMarin Pharmaceutical, Inc.*	8,984		861,026
Bluebird Bio, Inc.*	7,863		699,414
Clovis Oncology, Inc.*	13,131		760,154
Exact Sciences Corp.*	4,195		125,892
Incyte Corp.*	10,486		1,303,200
Neurocrine Biosciences, Inc.*	2,790		148,986
Sarepta Therapeutics, Inc.*	10,451		378,953
Spark Therapeutics, Inc.*	8,236		477,441
TESARO, Inc.*	6,335		934,983
Vertex Pharmaceuticals, Inc.*	7,240		856,492
			7,635,138
BROADCASTING—1.5%
CBS Corp., Cl. B	11,417		759,915
Nexstar Media Group, Inc.	10,047		693,243
			1,453,158
BUILDING PRODUCTS—2.0%
Fortune Brands Home & Security, Inc.	19,517		1,244,014
Johnson Controls International PLC.	17,486		726,893
			1,970,907
COMMUNICATIONS EQUIPMENT—0.5%
Ciena Corp.*	21,071		482,737

- 25 -

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments (Unaudited) April 30, 2017 (Continued)


COMMON STOCKS—(CONT.)	SHARES		VALUE
CONSTRUCTION & FARM MACHINERY & HEAVY
TRUCKS—1.2%
Allison Transmission Holdings, Inc.	30,741	$	1,189,062
CONSTRUCTION MATERIALS—0.9%
Vulcan Materials Co.	7,334		886,534
CONSUMER FINANCE—0.4%
LendingClub Corp.*	75,306		440,540
DATA PROCESSING & OUTSOURCED SERVICES—4.0%
Fiserv, Inc.*	14,030		1,671,534
FleetCor Technologies, Inc.*	3,905		551,152
Total System Services, Inc.	8,192		469,483
WNS Holdings Ltd.#*	40,405		1,293,768
			3,985,937
DIVERSIFIED CHEMICALS—0.5%
FMC Corporation	7,349		538,167
ELECTRICAL COMPONENTS & EQUIPMENT—2.3%
AMETEK, Inc.	18,073		1,033,776
Rockwell Automation, Inc.	7,733		1,216,787
			2,250,563
ELECTRONIC COMPONENTS—0.8%
Universal Display Corp.	8,758		782,527
FINANCIAL EXCHANGES & DATA—3.1%
IntercontinentalExchange Group, Inc.	16,957		1,020,811
MarketAxess Holdings, Inc.	5,228		1,006,495
S&P Global, Inc.	7,842		1,052,318
			3,079,624
FOOD DISTRIBUTORS—1.3%
Performance Food Group Co.*	52,188		1,299,481
GENERAL MERCHANDISE STORES—1.0%
Dollar Tree, Inc.*	11,755		972,961
HEALTH CARE EQUIPMENT—5.7%
ABIOMED, Inc.*	9,317		1,214,191
DexCom, Inc.*	11,226		875,179
Edwards Lifesciences Corp.*	9,788		1,073,450
IDEXX Laboratories, Inc.*	7,956		1,334,460
Masimo Corp.*	11,007		1,130,859
			5,628,139
HEALTH CARE SUPPLIES—0.5%
Align Technology, Inc.*	3,317		446,535
HEALTH CARE TECHNOLOGY—1.6%
Agilent Technologies, Inc.	8,257		454,548
Medidata Solutions, Inc.*	17,840		1,167,271
			1,621,819
HOME ENTERTAINMENT SOFTWARE—1.7%
Electronic Arts, Inc.*	17,458		1,655,368
HOME FURNISHINGS—0.4%
Mohawk Industries, Inc.*	1,723		404,543
HOTELS RESORTS & CRUISE LINES—2.2%
Marriott International, Inc., Cl. A	14,408		1,360,404

- 26 -

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments (Unaudited) April 30, 2017 (Continued)


COMMON STOCKS—(CONT.)	SHARES		VALUE
HOTELS RESORTS & CRUISE LINES—(CONT.)
Norwegian Cruise Line Holdings Ltd.*	14,711	$	793,364
			2,153,768
HOUSEHOLD PRODUCTS—1.0%
Church & Dwight Co., Inc.	19,879		984,607
HOUSEWARES & SPECIALTIES—1.8%
Newell Brands, Inc.	36,323		1,734,060
INDUSTRIAL GASES—1.0%
Air Products & Chemicals, Inc.	6,732		945,846
INDUSTRIAL MACHINERY—1.3%
Fortive Corp.	10,078		637,534
Stanley Black & Decker, Inc.	4,531		616,896
			1,254,430
INTERNET SOFTWARE & SERVICES—1.9%
LogMeIn, Inc.	4,840		546,920
Match Group, Inc.*	53,243		991,917
Palantir Technologies, Inc., Cl. A*^,@	12,426		75,550
Q2 Holdings, Inc.*	6,544		249,654
			1,864,041
IT CONSULTING & OTHER SERVICES—2.9%
EPAM Systems, Inc.*	11,853		912,681
Gartner, Inc.*	8,468		966,114
InterXion Holding NV*	24,924		1,038,334
			2,917,129
LEISURE FACILITIES—1.2%
Vail Resorts, Inc.	6,104		1,206,517
LEISURE PRODUCTS—0.3%
Coach, Inc.	8,057		317,365
LIFE SCIENCES TOOLS & SERVICES—1.2%
Illumina, Inc.*	6,353		1,174,416
MANAGED HEALTH CARE—0.4%
WellCare Health Plans, Inc.*	2,504		384,139
METAL & GLASS CONTAINERS—1.3%
Ball Corp.	16,173		1,243,542
MOVIES & ENTERTAINMENT—1.5%
Viacom, Inc., Cl. B	35,232		1,499,474
OIL & GAS EXPLORATION & PRODUCTION—1.4%
Encana Corp.	43,785		468,500
Parsley Energy, Inc., Cl. A*	10,831		322,655
Pioneer Natural Resources Co.	3,262		564,293
			1,355,448
PACKAGED FOODS & MEATS—1.3%
Conagra Brands, Inc.	15,944		618,308
Pinnacle Foods, Inc.	10,994		639,301
			1,257,609
PHARMACEUTICALS—1.6%
Aerie Pharmaceuticals, Inc.*	18,993		836,642
Zoetis, Inc.	14,041		787,840
			1,624,482

- 27 -

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments (Unaudited) April 30, 2017 (Continued)


COMMON STOCKS—(CONT.)	SHARES		VALUE
REGIONAL BANKS—1.9%
Citizens Financial Group, Inc.	18,409	$	675,794
Regions Financial Corp.	86,858		1,194,298
			1,870,092
RESEARCH & CONSULTING SERVICES—0.9%
Verisk Analytics, Inc., Cl. A*	10,769		891,781
SEMICONDUCTOR EQUIPMENT—1.4%
Lam Research Corp.	9,858		1,427,931
SEMICONDUCTORS—5.3%
Broadcom Ltd.	7,775		1,716,798
Cavium Networks, Inc.*	13,195		908,476
Microchip Technology, Inc.	5,591		422,568
Microsemi Corp.*	8,368		392,794
NVIDIA Corp.	12,274		1,280,178
Skyworks Solutions, Inc.	5,580		556,549
			5,277,363
SPECIALIZED CONSUMER SERVICES—0.6%
Sotheby's*	12,754		604,029
SPECIALTY CHEMICALS—0.8%
WR Grace & Co.	12,043		839,638
SPECIALTY STORES—0.7%
Ulta Beauty, Inc.*	2,508		705,852
SYSTEMS SOFTWARE—3.8%
Choicestream, Inc.*^,@,(a)	8,930		–
Proofpoint, Inc.*	11,976		902,631
Red Hat, Inc.*	14,939		1,315,827
ServiceNow, Inc.*	16,013		1,512,908
			3,731,366
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.5%
Western Digital Corp.	16,667		1,484,530
TRADING COMPANIES & DISTRIBUTORS—2.8%
Fastenal Co.	18,360		820,325
HD Supply Holdings, Inc.*	35,957		1,449,067
United Rentals, Inc.*	4,937		541,391
			2,810,783
TRUCKING—0.4%
Old Dominion Freight Line, Inc.	4,322		382,583
TOTAL COMMON STOCKS
(Cost $76,673,560)			88,509,786
PREFERRED STOCKS—1.3%	SHARES		VALUE
BIOTECHNOLOGY—0.6%
Prosetta Biosciences, Inc., Series D*^,@,(a)	166,009		561,111
INTERNET SOFTWARE & SERVICES—0.3%
Palantir Technologies, Inc., Cl. B*^,@	50,675		308,104
Palantir Technologies, Inc., Cl. D*^,@	6,602		40,140
			348,244
PHARMACEUTICALS—0.4%
Intarcia Therapeutics, Inc., Series DD*^,@	7,588		431,150

- 28 -

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments (Unaudited) April 30, 2017 (Continued)


PREFERRED STOCKS—(CONT.)	SHARES			VALUE
SYSTEMS SOFTWARE—0.0%
Choicestream, Inc., Cl. A*^,@,(a)	77,008		$	–
Choicestream, Inc., Cl. B*^,@,(a)	144,793			–
				–
TOTAL PREFERRED STOCKS
(Cost $1,519,495)				1,340,505
WARRANTS—0.0%	SHARES			VALUE
SYSTEMS SOFTWARE—0.0%
Choicestream, Inc., 6/22/26^@,(a)	17,128			–
(Cost $17,111)				–
RIGHTS—0.9%	SHARES			VALUE
BIOTECHNOLOGY—0.9%
Tolero Pharmaceuticals, Inc., CDR*^@,(a),(i)	422,928			919,488
(Cost $226,186)				919,488
REAL ESTATE INVESTMENT TRUST—3.4%	SHARES			VALUE
HEALTH CARE—0.5%
Omega Healthcare Investors, Inc.	13,610			449,130
SPECIALIZED—2.9%
Crown Castle International Corp.	11,253			1,064,534
CyrusOne, Inc.	15,246			833,041
Lamar Advertising Co., Cl. A	13,925			1,003,575
				2,901,150
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $3,285,441)				3,350,280
	PRINCIPAL
CORPORATE BONDS—0.0%	AMOUNT			VALUE
SYSTEMS SOFTWARE—0.0%
Choicestream, Inc., 11.00%, 8/05/18*^@,(a)	17,128			–
(Cost $17)				–
SPECIAL PURPOSE VEHICLE—0.3%	SHARES			VALUE
CONSUMER FINANCE—0.3%
JS Kred SPV I, LLC.^@	240,362			273,003
(Cost $240,362)				273,003
Total Investments
(Cost $81,962,172)^(b)	95.2	%		94,393,062
Other Assets in Excess of Liabilities	4.8	%		4,749,351
NET ASSETS	100.0	%	$	99,142,413

# 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, 2017, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $81,942,892,
amounted to $12,450,170 which consisted of aggregate gross unrealized appreciation of $14,538,006 and aggregate gross
unrealized depreciation of $2,087,836.
(i) Contingent deferred rights.
* Non-income producing security.

- 29 -

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments (Unaudited) April 30, 2017 (Continued)

@ 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.


				% of net assets				% of net assets
	Acquisition			(Acquisition			Market	as of
Security	Date(s)		Cost	Date)			Value	4/30/2017
Choicestream, Inc.	03/14/14	$	2,590	0.00	%	$	0	0.00	%
Choicestream, Inc., 11.00%,
8/05/18	08/04/16		17	0.00	%		0	0.00	%
Choicestream, Inc., 6/22/26	08/04/16		17,111	0.02	%		0	0.00	%
Choicestream, Inc., Cl. A	12/17/13		61,582	0.03	%		0	0.00	%
Choicestream, Inc., Cl. B	07/10/14		86,876	0.05	%		0	0.00	%
Intarcia Therapeutics, Inc., Series
DD	03/27/14		245,775	0.14	%		431,150	0.43	%
JS Kred SPV I, LLC.	06/26/15		240,362	0.15	%		273,003	0.28	%
Palantir Technologies, Inc., Cl. A	10/07/14		80,856	0.05	%		75,550	0.08	%
Palantir Technologies, Inc., Cl. B	10/07/14		334,629	0.22	%		308,104	0.31	%
Palantir Technologies, Inc., Cl. D	10/14/14		43,592	0.03	%		40,140	0.04	%
Prosetta Biosciences, Inc., Series D	02/06/15		747,041	0.50	%		561,111	0.57	%
Tolero Pharmaceuticals, Inc., CDR	01/11/17		149,093	0.10	%		606,089	0.61	%
Tolero Pharmaceuticals, Inc., CDR	01/11/17		77,093	0.05	%		313,399	0.32	%
Total						$	2,608,546	2.63	%

See Notes to Financial Statements.

- 30 -

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments (Unaudited) April 30, 2017


COMMON STOCKS—95.4%	SHARES			VALUE
AEROSPACE & DEFENSE—1.7%
Hexcel Corp.	57,970	$		2,999,948
APPAREL ACCESSORIES & LUXURY GOODS—0.5%
Kate Spade & Co.*	49,246			856,880
APPAREL RETAIL—1.5%
American Eagle Outfitters, Inc.	80,478			1,133,935
Burlington Stores, Inc.*	15,733			1,556,308
				2,690,243
APPLICATION SOFTWARE—13.7%
ACI Worldwide, Inc.*	143,347			3,080,527
American Software, Inc., Cl. A	68,218			748,351
Blackbaud, Inc.	61,370			4,934,762
Ellie Mae, Inc.*	17,475			1,778,256
Everbridge, Inc.*	39,082			907,093
Guidewire Software, Inc.*	37,316			2,294,561
HubSpot, Inc.*	32,224			2,160,619
Manhattan Associates, Inc.*	58,017			2,708,814
Paycom Software, Inc.*	16,421			989,365
Tyler Technologies, Inc.*	31,584			5,166,827
			24,769,175
ASSET MANAGEMENT & CUSTODY BANKS—2.0%
WisdomTree Investments, Inc.	427,526			3,569,842
AUTOMOTIVE RETAIL—0.6%
Lithia Motors, Inc., Cl. A	11,001			1,051,146
BIOTECHNOLOGY—5.6%
ACADIA Pharmaceuticals, Inc.*	67,672			2,323,180
Bluebird Bio, Inc.*	6,104			542,951
Clovis Oncology, Inc.*	13,466			779,547
Halozyme Therapeutics, Inc.*	93,553			1,304,129
Incyte Corp.*	5,229			649,860
Ironwood Pharmaceuticals, Inc.*	25,470			415,670
Sarepta Therapeutics, Inc.*	19,705			714,503
TESARO, Inc.*	13,672			2,017,851
Ultragenyx Pharmaceutical, Inc.*	20,398			1,313,427
				10,061,118
BREWERS—0.3%
Craft Brew Alliance, Inc.*	44,524			605,526
BUILDING PRODUCTS—2.2%
Masonite International Corp.*	48,526			4,037,363
COMMUNICATIONS EQUIPMENT—1.6%
NetScout Systems, Inc.*	77,943			2,934,554
CONSUMER FINANCE—2.2%
LendingClub Corp.*	685,775			4,011,784
DATA PROCESSING & OUTSOURCED SERVICES—1.1%
Euronet Worldwide, Inc.*	24,688			2,039,723
ELECTRONIC COMPONENTS—1.8%
Dolby Laboratories Inc., Cl. A	30,638			1,615,542
Universal Display Corp.	18,536			1,656,191
				3,271,733

- 31 -

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments (Unaudited) April 30, 2017 (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
ELECTRONIC EQUIPMENT & INSTRUMENTS—5.1%
Cognex Corp.	84,044	$		7,172,315
FLIR Systems, Inc.	52,243			1,918,885
				9,091,200
FINANCIAL EXCHANGES & DATA—0.6%
MarketAxess Holdings, Inc.	6,015			1,158,008
FOOD DISTRIBUTORS—1.5%
Performance Food Group Co.*	104,996			2,614,400
HEALTH CARE EQUIPMENT—8.6%
Abaxis, Inc.	65,618			2,954,779
ABIOMED, Inc.*	29,158			3,799,871
Cantel Medical Corp.	68,652			5,108,395
DexCom, Inc.*	13,844			1,079,278
Inogen, Inc.*	14,087			1,167,671
Insulet Corp.*	31,029			1,346,969
			15,456,963
HEALTH CARE SUPPLIES—5.7%
Meridian Bioscience, Inc.	91,394			1,352,631
Neogen Corp.*	87,068			5,426,948
Quidel Corp.*	143,998			3,480,432
				10,260,011
HEALTH CARE TECHNOLOGY—6.7%
Medidata Solutions, Inc.*	59,800			3,912,714
Veeva Systems, Inc., Cl. A*	85,658			4,592,982
Vocera Communications, Inc.*	140,039			3,551,389
			12,057,085
HOME ENTERTAINMENT SOFTWARE—2.3%
Take-Two Interactive Software, Inc.*	65,126			4,093,169
HUMAN RESOURCE & EMPLOYMENT SERVICES—2.1%
WageWorks, Inc.*	50,525			3,728,745
INDUSTRIAL MACHINERY—2.1%
DMC Global, Inc.	43,254			661,786
Sun Hydraulics Corp.	79,507			3,088,052
				3,749,838
INTERNET SOFTWARE & SERVICES—3.8%
Cornerstone OnDemand, Inc.*	20,287			796,873
NIC, Inc.	86,959			1,856,575
Q2 Holdings, Inc.*	52,453			2,001,082
Shopify, Inc., Cl. A*	11,876			901,982
SPS Commerce, Inc.*	24,817			1,371,388
				6,927,900
IT CONSULTING & OTHER SERVICES—1.2%
InterXion Holding NV*	50,144			2,088,999
LEISURE FACILITIES—1.0%
Planet Fitness, Inc., Cl. A	83,861			1,744,309
LIFE SCIENCES TOOLS & SERVICES—4.8%
Bio-Techne Corp.	45,480			4,869,999
Luminex Corp.	87,457			1,646,815

- 32 -

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments (Unaudited) April 30, 2017 (Continued)


COMMON STOCKS—(CONT.)	SHARES			VALUE
LIFE SCIENCES TOOLS & SERVICES—(CONT.)
PRA Health Sciences, Inc.*	33,418	$		2,137,415
				8,654,229
MANAGED HEALTH CARE—0.7%
HealthEquity, Inc.*	26,832			1,221,393
MOVIES & ENTERTAINMENT—0.9%
Lions Gate Entertainment Corp., Cl. A	33,692			881,720
Lions Gate Entertainment Corp., Cl. B*	33,692			803,554
				1,685,274
OIL & GAS EQUIPMENT & SERVICES—1.5%
RPC, Inc.	69,636			1,265,286
US Silica Holdings, Inc.	35,542			1,474,993
				2,740,279
OIL & GAS EXPLORATION & PRODUCTION—0.5%
Parsley Energy, Inc., Cl. A*	31,031			924,414
PHARMACEUTICALS—2.3%
Aerie Pharmaceuticals, Inc.*	37,457			1,649,981
Pacira Pharmaceuticals, Inc.*	52,331			2,540,670
				4,190,651
RESTAURANTS—1.6%
Shake Shack, Inc., Cl. A*	41,598			1,411,836
Wingstop, Inc.	52,186			1,535,834
				2,947,670
SEMICONDUCTORS—2.5%
Cavium Networks, Inc.*	33,896			2,333,739
Microsemi Corp.*	47,503			2,229,791
				4,563,530
SPECIALTY CHEMICALS—2.5%
Balchem Corp.	40,399			3,278,783
Flotek Industries, Inc.*	94,739			1,137,815
				4,416,598
SPECIALTY STORES—0.5%
Five Below, Inc.*	18,802			923,554
SYSTEMS SOFTWARE—2.1%
Proofpoint, Inc.*	50,878			3,834,675
TOTAL COMMON STOCKS
(Cost $134,568,531)			171,971,929
PREFERRED STOCKS—1.6%	SHARES			VALUE
BIOTECHNOLOGY—0.3%
Prosetta Biosciences, Inc., Series D*^,@,(a)	133,263			450,429
PHARMACEUTICALS—1.3%
Intarcia Therapeutics, Inc., Series DD*^,@	41,238			2,343,143
TOTAL PREFERRED STOCKS
(Cost $1,935,382)				2,793,572
RIGHTS—0.6%	SHARES			VALUE
BIOTECHNOLOGY—0.6%
Dyax Corp.*^,@	21,650			–
Neuralstem, Inc., 1/8/2019*^,@	19,260			–

- 33 -

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments (Unaudited) April 30, 2017 (Continued)


RIGHTS—(CONT.)	SHARES			VALUE
BIOTECHNOLOGY—(CONT.)
Tolero Pharmaceuticals, Inc., CDR*^@,(a),(i)	528,559		$	1,149,140
				1,149,140
TOTAL RIGHTS
(Cost $285,727)				1,149,140
REAL ESTATE INVESTMENT TRUST—1.0%	SHARES			VALUE
SPECIALIZED—1.0%
CyrusOne, Inc.	32,622			1,782,466
(Cost $1,090,753)				1,782,466
SPECIAL PURPOSE VEHICLE—0.5%	SHARES			VALUE
CONSUMER FINANCE—0.5%
JS Kred SPV I, LLC.^@	775,134			880,398
(Cost $775,134)				880,398
Total Investments
(Cost $138,655,527)^(b)	99.1	%	178,577,505
Other Assets in Excess of Liabilities	0.9	%		1,670,062
NET ASSETS	100.0	%	$	180,247,567

(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, 2017, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $142,935,916,
amounted to $35,641,589 which consisted of aggregate gross unrealized appreciation of $43,948,217 and aggregate gross
unrealized depreciation of $8,306,628.
⁽ⁱ⁾Deferred contingent rights.
* 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.


				% of net assets				% of net assets
	Acquisition			(Acquisition			Market	as of
Security	Date(s)		Cost	Date)			Value	4/30/2017
Dyax Corp.	05/01/15	$	0	0.00	%	$	0	0.00	%
Dyax Corp.	08/14/15		0	0.00	%		0	0.00	%
Intarcia Therapeutics, Inc., Series
DD	03/27/14		1,335,699	0.15	%		2,343,143	1.30	%
JS Kred SPV I, LLC.	06/26/15		775,134	0.15	%		880,397	0.49	%
Neuralstem, Inc.	01/03/14		0	0.00	%		0	0.00	%
Prosetta Biosciences, Inc., Series D	02/06/15		599,683	0.10	%		450,429	0.25	%
Tolero Pharmaceuticals, Inc., CDR	01/11/17		285,726	0.04	%		1,149,140	0.63	%
Total						$	4,823,110	2.67	%

See Notes to Financial Statements.

- 34 -

THE ALGER INSTITUTIONAL FUNDS
Statement of Assets and Liabilities April 30, 2017 (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	$	3,312,499,368		$	103,835,359
Investments in affiliated securities, at value (Identified cost
below)** see accompanying schedules of investments		—			259,668
Cash and cash equivalents		23,031,944			4,167,471
Foreign cash †		520			10
Receivable for investment securities sold		71,376,928			2,304,981
Receivable for shares of beneficial interest sold		7,765,432			1,483,027
Dividends and interest receivable		1,443,494			60,422
Receivable from Investment Manager		302			—
Prepaid expenses		338,387			43,374
Total Assets		3,416,456,375			112,154,312

LIABILITIES:
Payable for investment securities purchased		66,674,344			2,834,669
Payable for shares of beneficial interest redeemed		15,324,967			34,877
Accrued investment advisory fees		1,997,220			46,150
Due to investment advisor		—			1,526
Accrued transfer agent fees		889,007			21,135
Accrued distribution fees		242,561			17,639
Accrued administrative fees		73,834			2,308
Accrued shareholder servicing fees		605,799			4,189
Accrued shareholder administrative fees		26,849			1,033
Accrued other expenses		294,270			34,632
Total Liabilities		86,128,851			2,998,158
NET ASSETS	$	3,330,327,524		$	109,156,154

NET ASSETS CONSIST OF:
Paid in capital (par value of $.001 per share)		2,498,965,357			94,672,389
Undistributed net investment income (accumulated loss)		(2,307,051	)		(199,892	)
Undistributed net realized gain (accumulated realized loss)		109,974,463			(1,124,929	)
Net unrealized appreciation on investments		723,694,755			15,808,586
NET ASSETS	$	3,330,327,524		$	109,156,154
* Identified cost	$	2,585,833,873		$	87,940,729
** Identified cost	$	2,970,741		$	345,713
† Cost of foreign cash	$	519		$	10
*See Notes to Financial Statements.*

- 35 -

THE ALGER INSTITUTIONAL FUNDS
Statement of Assets and Liabilities April 30, 2017 (Unaudited) (Continued)


		Alger Capital		Alger Capital
		Appreciation	Appreciation Focus
	Institutional Fund			Fund

NET ASSETS BY CLASS:
Class A	$	—	$	21,486,175
Class C	$	—	$	16,927,517
Class I	$	2,388,199,369	$	21,704,568
Class R	$	604,074,702	$	—
Class Y	$	8,845,206	$	10,491
Class Z	$	—	$	49,027,403
Class Z-2	$	329,208,247	$	—

SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6:
Class A		—		774,807
Class C		—		630,684
Class I		79,361,867		779,178
Class R		22,156,262		—
Class Y		293,789		372
Class Z		—		1,740,436
Class Z-2		10,920,791		—

NET ASSET VALUE PER SHARE:
Class A — Net Asset Value Per Share Class A	$	—	$	27.73
Class A — Offering Price Per Share
(includes a 5.25% sales charge)	$	—	$	29.27
Class C — Net Asset Value Per Share Class C	$	—	$	26.84
Class I — Net Asset Value Per Share Class I	$	30.09	$	27.86
Class R — Net Asset Value Per Share Class R	$	27.26	$	—
Class Y — Net Asset Value Per Share Class Y	$	30.11	$	28.18
Class Z — Net Asset Value Per Share Class Z	$	—	$	28.17
Class Z-2 — Net Asset Value Per Share Class Z-2	$	30.15	$	—
*See Notes to Financial Statements.*

- 36 -

THE ALGER INSTITUTIONAL FUNDS
Statement of Assets and Liabilities April 30, 2017 (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	$	92,597,806		$	176,584,688
Investments in affiliated securities, at value (Identified cost
below)** see accompanying schedules of investments		1,795,256			1,992,817
Cash and cash equivalents		4,808,667			2,089,795
Foreign cash †		16			33
Receivable for investment securities sold		2,550,465			399,108
Receivable for shares of beneficial interest sold		110,719			100,736
Dividends and interest receivable		27,150			6,377
Receivable from Investment Manager		670			1,291
Receivable for escrow***		314,658			393,248
Prepaid expenses		30,289			62,682
Total Assets		102,235,696			181,630,775

LIABILITIES:
Payable for investment securities purchased		1,434,615			166,344
Payable for shares of beneficial interest redeemed		1,482,676			894,549
Accrued investment advisory fees		61,453			118,978
Accrued transfer agent fees		45,684			88,934
Accrued distribution fees		5,426			4,685
Accrued administrative fees		2,224			4,039
Accrued shareholder servicing fees		19,272			26,127
Accrued shareholder administrative fees		809			1,469
Accrued other expenses		41,124			78,083
Total Liabilities		3,093,283			1,383,208
NET ASSETS	$	99,142,413		$	180,247,567

NET ASSETS CONSIST OF:
Paid in capital (par value of $.001 per share)		363,165,843			140,656,089
Undistributed net investment income (accumulated loss)		(663,802	)		(1,869,817	)
Undistributed net realized gain (accumulated realized loss)		(276,027,773	)		1,243,849
Net unrealized appreciation on investments		12,668,145			40,217,446
NET ASSETS	$	99,142,413		$	180,247,567
* Identified cost	$	80,820,769		$	137,770,118
** Identified cost	$	1,141,403		$	885,409
*** Identified cost escrow receivable	$	77,403		$	97,779
† Cost of foreign cash	$	16		$	33
*See Notes to Financial Statements.*

- 37 -

THE ALGER INSTITUTIONAL FUNDS
Statement of Assets and Liabilities April 30, 2017 (Unaudited) (Continued)


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

NET ASSETS BY CLASS:
Class I	$	81,203,062	$	116,722,153
Class R	$	12,913,616	$	11,262,669
Class Z-2	$	5,025,735	$	52,262,745

SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6:
Class I		3,195,306		6,558,898
Class R		551,256		742,865
Class Z-2		197,507		2,929,779

NET ASSET VALUE PER SHARE:
Class I — Net Asset Value Per Share Class I	$	25.41	$	17.80
Class R — Net Asset Value Per Share Class R	$	23.43	$	15.16
Class Z-2 — Net Asset Value Per Share Class Z-2	$	25.45	$	17.84
*See Notes to Financial Statements.*

- 38 -

THE ALGER INSTITUTIONAL FUNDS
Statement of Operations For the six months ended April 30, 2017 (Unaudited)


			Alger Capital			Alger Capital
			Appreciation		Appreciation Focus
		Institutional Fund				Fund

INCOME:
Dividends (net of foreign withholding taxes*)	$		19,722,479		$	476,840
Interest			15,552			4,847
Total Income			19,738,031			481,687

EXPENSES:
Advisory fees — Note 3(a)			12,335,731			223,723
Distribution fees — Note 3(c)
Class A			—			25,430
Class C			—			74,130
Class R			1,466,590			—
Shareholder servicing fees — Note 3(k)			3,898,300			24,817
Shareholder administrative fees — Note 3(f)			166,751			5,210
Administration fees — Note 3(b)			458,565			11,187
Custodian fees			93,404			17,847
Interest expenses			620			239
Transfer agent fees and expenses — Note 3(f)			968,906			25,412
Printing fees			130,160			5,727
Professional fees			100,390			22,148
Registration fees			50,487			29,526
Trustee fees — Note 3(g)			73,073			1,716
Fund accounting fees			214,126			7,802
Miscellaneous			94,701			7,103
Total Expenses			20,051,804			482,017
Less, expense reimbursements/waivers — Note 3(a)			(2,312	)		(2,022	)
Net Expenses			20,049,492			479,995
NET INVESTMENT INCOME (LOSS)			(311,461	)		1,692

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain on investments			159,088,626			2,921,487
Net realized gain on foreign currency transactions			37			—
Net change in unrealized appreciation on investments, and
foreign currency			295,111,132			9,371,545
Net realized and unrealized gain on investments and foreign
currency			454,199,795			12,293,032
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS	$		453,888,334		$	12,294,724
* Foreign withholding taxes	$		(68,292	)	$	—
*See Notes to Financial Statements.*

- 39 -

THE ALGER INSTITUTIONAL FUNDS
Statement of Operations For the six months ended April 30, 2017 (Unaudited) (Continued)


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

INCOME:
Dividends (net of foreign withholding taxes*)	$	394,546		$	702,718
Interest		4,515			4,248
Total Income		399,061			706,966

EXPENSES:
Advisory fees — Note 3(a)		367,225			743,675
Distribution fees — Note 3(c)
Class R		32,662			31,364
Shareholder servicing fees — Note 3(k)		116,547			165,777
Shareholder administrative fees — Note 3(f)		4,832			9,181
Administration fees — Note 3(b)		13,288			25,248
Custodian fees		20,945			14,284
Interest expenses		371			1,508
Transfer agent fees and expenses — Note 3(f)		37,566			52,611
Printing fees		9,051			20,815
Professional fees		21,787			32,365
Registration fees		2,145			43,424
Trustee fees — Note 3(g)		2,089			4,028
Fund accounting fees		7,662			13,072
Miscellaneous		15,631			17,790
Total Expenses		651,801			1,175,142
Less, expense reimbursements/waivers — Note 3(a)		(3,593	)		(12,695	)
Net Expenses		648,208			1,162,447
NET INVESTMENT LOSS		(249,147	)		(455,481	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, ESCROW RECEIVABLE AND FOREIGN
CURRENCY:
Net realized gain on investments		5,160,562			12,015,552
Net realized gain on foreign currency transactions		—			2
Net change in unrealized appreciation on investments, escrow
receivable and foreign currency		10,842,269			22,307,132
Net realized and unrealized gain on investments, escrow
receivable and foreign currency		16,002,831			34,322,686
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS	$	15,753,684		$	33,867,205
* Foreign withholding taxes	$	192		$	—
*See Notes to Financial Statements.*

- 40 -

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


	Alger Capital Appreciation Institutional Fund
		For the			For the
		Six Months Ended			Year Ended
		April 30, 2017			October 31, 2016

Net investment loss	$	(311,461	)	$	(201,055	)
Net realized gain on investments and foreign currency		159,088,663			37,343,440
Net change in unrealized appreciation (depreciation) on
investments and foreign currency		295,111,132			(44,333,940	)
Net increase (decrease) in net assets resulting from operations		453,888,334			(7,191,555	)

Dividends and distributions to shareholders from:
Net realized gains:
Class I		(19,820,400	)		(229,560,756	)
Class R		(4,624,888	)		(50,476,174	)
Class Z-2		(1,189,368	)		—
Total dividends and distributions to shareholders		(25,634,656	)		(280,036,930	)

Increase (decrease) from shares of beneficial interest transactions:
Class I		(897,370,698	)		2,523,291
Class R		(49,026,814	)		(22,254,736	)
Class Y		8,616,833			—
Class Z-2		293,842,953			2,241,803
Net decrease from shares of beneficial interest transactions
— Note 6(a)		(643,937,726	)		(17,489,642	)
Total decrease		(215,684,048	)		(304,718,127	)

Net Assets:
Beginning of period		3,546,011,572			3,850,729,699
END OF PERIOD	$	3,330,327,524		$	3,546,011,572
Undistributed net investment income (accumulated loss)	$	(2,307,051	)	$	(1,995,590	)
*See Notes to Financial Statements.*

- 41 -

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


		Alger Capital Appreciation Focus Fund
		For the			For the
		Six Months Ended			Year Ended
		April 30, 2017			October 31, 2016

Net investment income (loss)	$	1,692		$	(126,586	)
Net realized gain (loss) on investments and foreign currency		2,921,487			(2,931,971	)
Net change in unrealized appreciation on investments and
foreign currency		9,371,545			3,016,621
Net increase (decrease) in net assets resulting from operations		12,294,724			(41,936	)

Dividends and distributions to shareholders from:
Net realized gains:
Class A		—			(316,452	)
Class C		—			(87,313	)
Class I		—			(274,831	)
Class Z		—			(120,412	)
Total dividends and distributions to shareholders		—			(799,008	)

Increase (decrease) from shares of beneficial interest transactions:
Class A		(7,009,692	)		1,889,920
Class C		2,709,759			5,527,847
Class I		(3,792,738	)		(1,671,101	)
Class Y		10,000			—
Class Z		29,179,051			12,186,549
Net increase from shares of beneficial interest transactions —
Note 6(a)		21,096,380			17,933,215
Total increase		33,391,104			17,092,271

Net Assets:
Beginning of period		75,765,050			58,672,779
END OF PERIOD	$	109,156,154		$	75,765,050
Undistributed net investment income (accumulated loss)	$	(199,892	)	$	(201,584	)
*See Notes to Financial Statements.*

- 42 -

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


		Alger Mid Cap Growth Institutional Fund
			For the			For the
			Six Months Ended			Year Ended
			April 30, 2017			October 31, 2016

Net investment loss	$		(249,147	)	$	(358,218	)
Net realized gain (loss) on investments and foreign currency			5,160,562			(1,167,951	)
Net change in unrealized appreciation (depreciation) on
investments, escrow receivable and foreign currency			10,842,269			(3,985,970	)
Net increase (decrease) in net assets resulting from operations			15,753,684			(5,512,139	)

Increase (decrease) from shares of beneficial interest transactions:
Class I			(13,734,423	)		(28,525,268	)
Class R			(2,271,317	)		(3,868,604	)
Class Z-2			4,406,927			115,000
Net decrease from shares of beneficial interest transactions
— Note 6(a)			(11,598,813	)		(32,278,872	)
Total increase (decrease)			4,154,871			(37,791,011	)

Net Assets:
Beginning of period			94,987,542			132,778,553
END OF PERIOD	$		99,142,413		$	94,987,542
Undistributed net investment income (accumulated loss)	$		(663,802	)	$	(414,655	)
*See Notes to Financial Statements.*

- 43 -

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


		Alger Small Cap Growth Institutional Fund
			For the			For the
			Six Months Ended			Year Ended
			April 30, 2017			October 31, 2016

Net investment loss	$		(455,481	)	$	(1,823,495	)
Net realized gain (loss) on investments and foreign currency			12,015,554			(4,997,816	)
Net change in unrealized appreciation (depreciation) on
investments, escrow receivable and foreign currency			22,307,132			(11,918,205	)
Net increase (decrease) in net assets resulting from operations			33,867,205			(18,739,516	)

Dividends and distributions to shareholders from:
Net realized gains:
Class I			—			(112,158,310	)
Class R			—			(6,331,284	)
Total dividends and distributions to shareholders			—			(118,489,594	)

Increase (decrease) from shares of beneficial interest transactions:
Class I			(35,158,480	)		(100,429,539	)
Class R			(3,681,052	)		1,229,629
Class Z-2			1,569,492			44,313,480
Net decrease from shares of beneficial interest transactions
— Note 6(a)			(37,270,040	)		(54,886,430	)
Total decrease			(3,402,835	)		(192,115,540	)

Net Assets:
Beginning of period			183,650,402			375,765,942
END OF PERIOD	$		180,247,567		$	183,650,402
Undistributed net investment income (accumulated loss)	$		(1,869,817	)	$	(1,414,336	)
*See Notes to Financial Statements.*

- 44 -

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
		4/30/2017		⁽ⁱ⁾		10/31/2016				10/31/2015				10/31/2014				10/31/2013				10/31/2012
Net asset value, beginning of period		$	26.44			$	28.48			$	29.34			$	28.21			$	22.85			$	20.88
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income (loss)⁽ⁱⁱ⁾			0.01				0.02				(0.02	)			(0.02	)			0.16				0.09
Net realized and unrealized gain (loss)
on investments			3.83				(0.02	)			2.46				4.57				6.21				2.64
Total from investment operations			3.84				–				2.44				4.55				6.37				2.73
Dividends from net investment income			–				–				–				(0.01	)			(0.17	)			–
Distributions from net realized gains			(0.19	)			(2.04	)			(3.30	)			(3.41	)			(0.84	)			(0.76	)
Net asset value, end of period		$	30.09			$	26.44			$	28.48			$	29.34			$	28.21			$	22.85
Total return			14.67	%			(0.08	)%			8.96	%			17.63	%			29.02	%			13.70	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	2,388,200			$	2,965,503			$	3,194,261			$	2,555,737			$	1,958,405			$	1,470,078
Ratio of gross expenses to average
net assets			1.13	%			1.12	%			1.12	%			1.16	%			1.19	%			1.19	%
Ratio of net expenses to average net
assets			1.13	%			1.12	%			1.12	%			1.16	%			1.19	%			1.19	%
Ratio of net investment income (loss) to
average net assets			0.07	%			0.07	%			(0.07	)%			(0.07	)%			0.65	%			0.41	%

Portfolio turnover rate			36.53	%			94.56	%		136.03%(iii)				136.20		%(iv)			124.43	%			137.16	%
*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 $294,638,130. Please see note 6 to the financial statements.
(iv) Amount excludes redemption in kind transaction of $71,436,408.
- 45 -

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
		4/30/2017		⁽ⁱ⁾		10/31/2016				10/31/2015					10/31/2014				10/31/2013				10/31/2012
Net asset value, beginning of period		$	24.03			$	26.19			$	27.35			$		26.63			$	21.76			$	20.01
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income (loss)⁽ⁱⁱ⁾			(0.06	)			(0.10	)			(0.15	)				(0.14	)			0.04				(0.02	)
Net realized and unrealized gain (loss)
on investments			3.48				(0.02	)			2.29					4.27				5.87				2.53
Total from investment operations			3.42				(0.12	)			2.14					4.13				5.91				2.51
Dividends from net investment income			–				–				–					–				(0.20	)			–
Distributions from net realized gains			(0.19	)			(2.04	)			(3.30	)				(3.41	)			(0.84	)			(0.76	)
Net asset value, end of period		$	27.26			$	24.03			$	26.19			$		27.35			$	26.63			$	21.76
Total return			14.39	%			(0.57	)%			8.46	%				17.04	%			28.35	%			13.20	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	604,075			$	578,297			$	656,469			$	529,757				$	442,449			$	347,634
Ratio of gross expenses to average
net assets			1.63	%			1.61	%			1.61	%				1.64	%			1.69	%			1.69	%
Ratio of net expenses to average net
assets			1.63	%			1.61	%			1.61	%				1.64	%			1.69	%			1.69	%
Ratio of net investment income (loss) to
average net assets			(0.46	)%			(0.41	)%			(0.57	)%				(0.55	)%			0.17	%			(0.09	)%

Portfolio turnover rate			36.53	%			94.56	%		136.03%(iii)				136.20			%(iv)			124.43	%			137.16	%
*See Notes to Financial Statements.*

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


Alger Capital Appreciation
Institutional Fund		Class Y
	From 2/28/2017
	(commencement
	of operations) to
	4/30/2017		⁽ⁱ⁾
Net asset value, beginning of period	$	28.85
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income⁽ⁱⁱ⁾		–
Net realized and unrealized gain on
investments		1.26
Total from investment operations		1.26
Net asset value, end of period	$	30.11
Total return		4.33	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	8,845
Ratio of gross expenses to average
net assets		1.32	%
Ratio of expense reimbursements to
average net assets		(0.57	)%
Ratio of net expenses to average net
assets		0.75	%
Ratio of net investment income (loss) to
average net assets		(0.09	)%
Portfolio turnover rate		36.53	%
*See Notes to Financial Statements.*

(i) Ratios have been annualized; total return has not been annualized; portfolio turnover is for the six months then ended.
(ii) Amount was computed based on average shares outstanding during the period.
- 47 -

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


Alger Capital Appreciation
Institutional Fund				Class Z-2
			Six months			From 10/14/2016
				ended		(commencement of operations) to
			4/30/2017		⁽ⁱ⁾		10/31/2016		⁽ⁱⁱ⁾
Net asset value, beginning of period		$		26.44		$		26.67
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income⁽ⁱⁱⁱ⁾				0.02				0.01
Net realized and unrealized gain (loss)
on investments				3.88				(0.24	)
Total from investment operations				3.90				(0.23	)
Distributions from net realized gains				(0.19	)			–
Net asset value, end of period		$		30.15		$		26.44
Total return				14.86	%			(0.86	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	329,208				$		2,212
Ratio of gross expenses to average
net assets				0.84	%			3.11	%
Ratio of expense reimbursements to
average net assets				–				(2.16	)%
Ratio of net expenses to average net
assets				0.84	%			0.95	%
Ratio of net investment income (loss) to
average net assets				0.17	%			1.29	%
Portfolio turnover rate				36.53	%			94.56	%
*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.
- 48 -

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 months ended 4/30/2017 (i)				Year ended 10/31/2016				Year ended 10/31/2015			Year ended 10/31/2014			(commencement of operations) to 10/31/2013 (ii)
Net asset value, beginning of period		$	23.95			$	24.13			$	22.01		$	18.69		$	14.70
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income (loss)⁽ⁱⁱⁱ⁾			0.01				(0.03	)			(0.02	)		(0.04	)		(0.01	)
Net realized and unrealized gain on
investments			3.77				0.12				2.14			3.36			4.00
Total from investment operations			3.78				0.09				2.12			3.32			3.99
Distributions from net realized gains			–				(0.27	)			–			–			–
Net asset value, end of period		$	27.73			$	23.95			$	24.13		$	22.01		$	18.69
Total return^(iv)			15.78	%			0.36	%			9.63	%		17.76	%		27.14	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	21,486			$	25,524			$	23,961			$	5,158		$	3,496
Ratio of gross expenses to average
net assets			1.12	%			1.26	%			1.48	%		2.38	%		2.49	%
Ratio of expense reimbursements to
average net assets			–				(0.07	)%			(0.18	)%		(1.08	)%		(1.19	)%
Ratio of net expenses to average net
assets			1.12	%			1.19	%			1.30	%		1.30	%		1.30	%
Ratio of net investment income (loss) to
average net assets			0.11	%			(0.13	)%			(0.08	)%		(0.19	)%		(0.09	)%
Portfolio turnover rate			61.65	%			127.40	%			182.58	%		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 C
															From 12/31/2012
			Six months ended 4/30/2017 (i)				Year ended 10/31/2016			Year ended 10/31/2015			Year ended 10/31/2014			(commencement of operations) to 10/31/2013 (ii)
Net asset value, beginning of period		$	23.27			$	23.62		$	21.71		$	18.58		$	14.70
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱⁱ⁾			(0.09	)			(0.20	)		(0.20	)		(0.19	)		(0.11	)
Net realized and unrealized gain on
investments			3.66				0.12			2.11			3.32			3.99
Total from investment operations			3.57				(0.08	)		1.91			3.13			3.88
Distributions from net realized gains			–				(0.27	)		–			–			–
Net asset value, end of period		$	26.84			$	23.27		$	23.62		$	21.71		$	18.58
Total return^(iv)			15.34	%			(0.36	)%		8.80	%		16.85	%		26.39	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	16,928			$	12,021			$	6,542		$	2,635		$	1,913
Ratio of gross expenses to average
net assets			1.88	%			2.03	%		2.25	%		3.14	%		3.27	%
Ratio of expense reimbursements to
average net assets			–				(0.10	)%		(0.20	)%		(1.09	)%		(1.22	)%
Ratio of net expenses to average net
assets			1.88	%			1.93	%		2.05	%		2.05	%		2.05	%
Ratio of net investment income (loss) to
average net assets			(0.72	)%			(0.87	)%		(0.85	)%		(0.94	)%		(0.83	)%
Portfolio turnover rate			61.65	%			127.40	%		182.58	%		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
		4/30/2017		⁽ⁱ⁾		10/31/2016				10/31/2015				10/31/2014			10/31/2013				10/31/2012
Net asset value, beginning of period		$	24.06			$	24.23			$	22.07			$	18.72		$	14.53			$	13.75
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income (loss)⁽ⁱⁱ⁾			0.01				(0.02	)			0.01				(0.01	)		0.15				(0.03	)
Net realized and unrealized gain on
investments			3.79				0.12				2.15				3.36			4.04				0.81
Total from investment operations			3.80				0.10				2.16				3.35			4.19				0.78
Distributions from net realized gains			–				(0.27	)			–				–			–				–
Net asset value, end of period		$	27.86			$	24.06			$	24.23			$	22.07		$	18.72			$	14.53
Total return⁽ⁱⁱⁱ⁾			15.79	%			0.40	%			9.79	%			17.90	%		28.84	%			5.70	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	21,705			$	22,527			$	24,487			$	12,897			$	8,684		$	15,101
Ratio of gross expenses to average
net assets			1.15	%			1.30	%			1.49	%			2.36	%		2.32	%			1.83	%
Ratio of expense reimbursements to
average net assets			–				(0.15	)%			(0.34	)%			(1.21	)%		(0.94	)%			–
Ratio of net expenses to average net
assets			1.15	%			1.15	%			1.15	%			1.15	%		1.38	%			1.83	%
Ratio of net investment income (loss) to
average net assets			0.06	%			(0.09	)%			0.03	%			(0.04	)%		0.95	%			(0.22	)%
Portfolio turnover rate			61.65	%			127.40	%			182.58	%			153.69	%		166.61	%			153.72	%
*See Notes to Financial Statements.*

- 51 -

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


Alger Capital Appreciation Focus
Fund		Class Y
	From 2/28/2017
	(commencement
	of operations) to
	4/30/2017		⁽ⁱ⁾
Net asset value, beginning of period	$	26.86
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income⁽ⁱⁱ⁾		0.02
Net realized and unrealized gain on
investments		1.30
Total from investment operations		1.32
Net asset value, end of period	$	28.18
Total return⁽ⁱⁱⁱ⁾		4.91	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	10
Ratio of gross expenses to average
net assets		119.59	%
Ratio of expense reimbursements to
average net assets	(118.94		)%
Ratio of net expenses to average net
assets		0.65	%
Ratio of net investment income (loss) to
average net assets		0.40	%
Portfolio turnover rate		61.65	%
*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 Z
															From 12/31/2012
			Six months ended 4/30/2017 (i)				Year ended 10/31/2016			Year ended 10/31/2015			Year ended 10/31/2014			(commencement of operations) to 10/31/2013 (ii)
Net asset value, beginning of period		$	24.30			$	24.41		$	22.17		$	18.75		$	14.70
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income⁽ⁱⁱⁱ⁾			0.04				0.03			0.07			0.05			0.04
Net realized and unrealized gain on
investments			3.83				0.13			2.17			3.37			4.01
Total from investment operations			3.87				0.16			2.24			3.42			4.05
Distributions from net realized gains			–				(0.27	)		–			–			–
Net asset value, end of period		$	28.17			$	24.30		$	24.41		$	22.17		$	18.75
Total return^(iv)			15.93	%			0.64	%		10.10	%		18.24	%		27.55	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	49,027			$	15,693			$	3,683		$	1,262		$	128
Ratio of gross expenses to average
net assets			0.86	%			1.05	%		1.50	%		4.78	%		10.11	%
Ratio of expense reimbursements to
average net assets			–				(0.12	)%		(0.61	)%		(3.89	)%		(9.22	)%
Ratio of net expenses to average net
assets			0.86	%			0.93	%		0.89	%		0.89	%		0.89	%
Ratio of net investment income (loss) to
average net assets			0.28	%			0.12	%		0.30	%		0.23	%		0.32	%
Portfolio turnover rate			61.65	%			127.40	%		182.58	%		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
		4/30/2017		⁽ⁱ⁾		10/31/2016				10/31/2015				10/31/2014				10/31/2013				10/31/2012
Net asset value, beginning of period		$	21.59			$	22.54			$	22.18			$	19.43			$	14.59			$	13.50
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾			(0.05	)			(0.05	)			(0.13	)			(0.07	)			(0.03	)			–
Net realized and unrealized gain (loss)
on investments			3.87				(0.90	)			0.49				2.82				4.91				1.09
Total from investment operations			3.82				(0.95	)			0.36				2.75				4.88				1.09
Dividends from net investment income			–				–				–				–				(0.04	)			–
Net asset value, end of period		$	25.41			$	21.59			$	22.54			$	22.18			$	19.43			$	14.59
Total return			17.74	%			(4.21	)%			1.62	%			14.15	%			33.41	%			8.10	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	81,203			$	81,782			$	114,984			$	132,426			$	157,391			$	182,087
Ratio of gross expenses to average
net assets			1.27	%			1.25	%			1.20	%			1.30	%			1.29	%			1.23	%
Ratio of net expenses to average net
assets			1.27	%			1.25	%			1.20	%			1.30	%			1.29	%			1.23	%
Ratio of net investment income (loss) to
average net assets			(0.44	)%			(0.24	)%			(0.55	)%			(0.32	)%			(0.19	)%			0.02	%
Portfolio turnover rate			65.31	%			95.75	%			120.97	%			192.15	%			153.89	%			232.99	%
*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
		4/30/2017		⁽ⁱ⁾		10/31/2016				10/31/2015					10/31/2014				10/31/2013				10/31/2012
Net asset value, beginning of period		$	19.96			$	20.96			$	20.74			$		18.26			$	13.81			$	12.85
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾			(0.11	)			(0.16	)			(0.23	)				(0.16	)			(0.11	)			(0.07	)
Net realized and unrealized gain (loss)
on investments			3.58				(0.84	)			0.45					2.64				4.63				1.03
Total from investment operations			3.47				(1.00	)			0.22					2.48				4.52				0.96
Dividends from net investment income			–				–				–					–				(0.07	)			–
Net asset value, end of period		$	23.43			$	19.96			$	20.96			$		20.74			$	18.26			$	13.81
Total return			17.38	%			(4.82	)%			1.11	%				13.58	%			32.83	%			7.50	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	12,913			$	13,093			$	17,795			$	21,953				$	23,599			$	26,661
Ratio of gross expenses to average
net assets			1.87	%			1.82	%			1.74	%				1.80	%			1.79	%			1.76	%
Ratio of net expenses to average net
assets			1.87	%			1.82	%			1.74	%				1.80	%			1.79	%			1.76	%
Ratio of net investment income (loss) to
average net assets			(1.05	)%			(0.81	)%			(1.08	)%				(0.82	)%			(0.69	)%			(0.50	)%
Portfolio turnover rate			65.31	%			95.75	%			120.97	%				192.15	%			153.89	%			232.99	%
*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 Mid Cap Growth Institutional
Fund			Class Z-2
		Six months			From 10/14/2016
			ended		(commencement of operations) to
		4/30/2017		⁽ⁱ⁾		10/31/2016		⁽ⁱⁱ⁾
Net asset value, beginning of period	$		21.59		$		21.95
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income (loss)⁽ⁱⁱⁱ⁾			(0.03	)			0.04
Net realized and unrealized gain (loss)
on investments			3.89				(0.40	)
Total from investment operations			3.86				(0.36	)
Net asset value, end of period	$		25.45		$		21.59
Total return			17.88	%			(1.64	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$		5,026		$		113
Ratio of gross expenses to average
net assets			1.25	%			32.21	%
Ratio of expense reimbursements to
average net assets			(0.20	)%			(31.16	)%
Ratio of net expenses to average net
assets			1.05	%			1.05	%
Ratio of net investment income (loss) to
average net assets			(0.24	)%			4.35	%
Portfolio turnover rate			65.31	%			95.75	%
*See Notes to Financial Statements.*

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
		4/30/2017		⁽ⁱ⁾		10/31/2016				10/31/2015				10/31/2014				10/31/2013				10/31/2012
Net asset value, beginning of period		$	14.83			$	23.10			$	28.14			$	33.48			$	28.16			$	26.99
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾			(0.04	)			(0.10	)			(0.20	)			(0.20	)			(0.11	)			(0.15	)
Net realized and unrealized gain (loss)
on investments			3.01				(0.54	)			0.42				0.60				8.66				2.45
Total from investment operations			2.97				(0.64	)			0.22				0.40				8.55				2.30
Distributions from net realized gains			–				(7.63	)			(5.26	)			(5.74	)			(3.23	)			(1.13	)
Net asset value, end of period		$	17.80			$	14.83			$	23.10			$	28.14			$	33.48			$	28.16
Total return			20.03	%			(3.76	)%			0.53	%			1.21	%			33.71	%			8.93	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	116,722			$	129,188			$	357,189			$	659,692			$	936,554			$	929,237
Ratio of gross expenses to average
net assets			1.32	%			1.28	%			1.25	%			1.24	%			1.25	%			1.23	%
Ratio of net expenses to average net
assets			1.32	%			1.28	%			1.25	%			1.24	%			1.25	%			1.23	%
Ratio of net investment income (loss) to
average net assets			(0.52	)%			(0.67				(0.80	)%			(0.70	)%			(0.38	)%			(0.54	)%
Portfolio turnover rate			18.95	%			55.08	%			125.72	%			84.10	%			77.38	%			72.43	%
*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
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
		4/30/2017		⁽ⁱ⁾		10/31/2016				10/31/2015					10/31/2014				10/31/2013				10/31/2012
Net asset value, beginning of period		$	12.67			$	20.92			$	26.08			$		31.58			$	26.85			$	25.91
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾			(0.08	)			(0.16	)			(0.29	)				(0.32	)			(0.23	)			(0.28	)
Net realized and unrealized gain (loss)
on investments			2.57				(0.46	)			0.39					0.56				8.19				2.35
Total from investment operations			2.49				(0.62	)			0.10					0.24				7.96				2.07
Distributions from net realized gains			–				(7.63	)			(5.26	)				(5.74	)			(3.23	)			(1.13	)
Net asset value, end of period		$	15.16			$	12.67			$	20.92			$		26.08			$	31.58			$	26.85
Total return			19.65	%			(4.22	)%			0.02	%				0.74	%			33.05	%			8.40	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	11,263			$	12,675			$	18,577			$	31,062				$	41,022			$	47,507
Ratio of gross expenses to average
net assets			1.84	%			1.80	%			1.74	%				1.72	%			1.73	%			1.73	%
Ratio of net expenses to average net
assets			1.84	%			1.80	%			1.74	%				1.72	%			1.73	%			1.73	%
Ratio of net investment income (loss) to
average net assets			(1.07	)%			(1.20	)%			(1.30	)%				(1.18	)%			(0.83	)%			(1.05	)%
Portfolio turnover rate			18.95	%			55.08	%			125.72	%				84.10	%			77.38	%			72.43	%
*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.
- 58 -

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


Alger Small Cap Growth
Institutional Fund				Class Z-2

			Six months			From 8/1/2016
				ended		(commencement of operations) to
			4/30/2017		⁽ⁱ⁾		10/31/2016		⁽ⁱⁱ⁾
Net asset value, beginning of period		$		14.84		$		15.35
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱⁱ⁾				(0.02	)			(0.03	)
Net realized and unrealized gain (loss)
on investments				3.02				(0.48	)
Total from investment operations				3.00				(0.51	)
Net asset value, end of period		$		17.84		$		14.84
Total return				20.22	%			(3.32	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	52,263					$	41,787
Ratio of gross expenses to average
net assets				1.04	%			1.07	%
Ratio of expense reimbursements to
average net assets				(0.05	)%			(0.08	)%
Ratio of net expenses to average net
assets				0.99	%			0.99	%
Ratio of net investment income (loss) to
average net assets				(0.29	)%			(0.76	)%
Portfolio turnover rate				18.95	%			55.08	%
*See Notes to Financial Statements.*

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 Financial
Accounting Standards Board Accounting Standards Codification 946-Financial 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, C, I, R, Y, Z and
Z-2. Class A shares are generally subject to an initial sales charge while Class C shares are
generally subject to a deferred sales charge. Class I, R, Y, Z and Z-2 shares are 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 pro rata allocation of the
Fund’s expense other than a Class Expense (not including advisory or custodial fees or other
expenses related to the management of the Fund’s assets) to a share class.

Alger Capital Appreciation Institutional Fund and Alger Capital Appreciation Focus Fund
started offering Class Y shares on February 28, 2017.

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 Trust’s Board of
Trustees (“Board”). 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.

The industry classifications of the Funds’ investments, as presented in the accompanying
Schedules of Investments, represent management’s belief as to the most meaningful
presentation of the classification of such investments. For Fund compliance purposes, the
Funds’ industry classifications refer to any one or more of the industry sub-classifications
used by one or more widely recognized market indexes or rating group indexes, with the
primary source being Global Industry Classification Standard (GICS).

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
- 60 -

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

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.

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.

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, 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
Funds are 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
- 61 -

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

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 company’s
financial statements and from industry studies, market data, and market indicators such as
benchmarks and indexes. Because of the inherent uncertainty and often limited markets for
restricted securities, the values may significantly differ from the values if there was an active
market.

Valuation processes are determined by a Valuation Committee (“Committee”) established
by the Board and comprised of representatives of the Trust’s investment adviser. 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 generally 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, 2 and 3 are recognized at the end of 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.
Premiums and discounts on debt securities purchased are amortized or accreted over the
lives of the respective securities.

(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.

- 62 -

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

Net realized gains and losses on foreign currency transactions represent net gains and losses
from the disposition of foreign currencies, currency gains and losses realized between the
trade dates and settlement dates of security transactions, and the difference between the
amount of net investment income accrued and the U.S. dollar amount actually received.
The effects of changes in foreign currency exchange rates on investments in securities
are included in realized and unrealized gain or loss on investments in the accompanying
Statements of Operations.

(e) 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 a 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, 2017.
(f) 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
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.

- 63 -

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

(g) 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 2013-2016.
Management does not believe there are any uncertain tax positions that require recognition
of a tax liability.

(h) 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.
(i) Estimates: These financial statements have been prepared in accordance with accounting
principles generally accepted in the United States of America, which require using estimates
and assumptions that affect the reported amounts therein. These unaudited 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. Actual results may differ from
those estimates. All such estimates 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, 2017, is set forth below under the heading “Actual Rate.”


	Tier 1		Tier 2		Tier 3		Tier 4		Tier 5		Actual Rate
Alger Capital
Appreciation
Institutional
Fund^(a)	0.810	%	0.650	%	0.600	%	0.550	%	0.450	%	0.740	%
Alger Capital
Appreciation
Focus Fund^(c)	0.550		—		—		—		—		0.550

- 64 -

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


	Tier 1	Tier 2	Tier 3	Tier 4	Tier 5	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
$3 billion, Tier 3 rate is paid on assets in between $3 to $4 billion, Tier 4 rate is paid on
assets between $4 to $5 billion, and Tier 5 rate is paid on assets in excess of $5 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.
(c) Tier 1 rate is paid on all assets.
Alger Management has established expense caps for several shares classes, effective through
February 28, 2018, 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.

Also, Alger Management has contractually agreed to reimburse Alger Capital Appreciation
Institutional Fund Class Y shares expenses (excluding interest, taxes, brokerage, dividend
expenses and extraordinary expenses) through February 28, 2018 to the extent necessary
to limit the total annual fund operating expenses to the actual investment advisory fee plus
incurred custody fee. This expense reimbursement cannot be terminated.

FEES WAIVED /

REIMBURSED

FOR THE YEAR

CLASS

ENDED

OCTOBER 31,

Z-2

2017

Alger Capital Appreciation Institutional Fund

–

0.75

–

0.95

2,312

Alger Capital Appreciation Focus Fund

1.15%

1.90%

1.15%

–

0.65

0.95

–

2,022

Alger Mid Cap Growth Institutional Fund

–

1.05

3,593

Alger Small Cap Growth Institutional Fund

–

0.99

12,695

Fred Alger Management, Inc. may recoup reimbursed expenses during the one-year term of
the expense reimbursement contract if the expense ratio falls below the stated limitation.

(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
- 65 -

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

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 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, 2017, the initial sales charges and contingent deferred sales charges imposed, all of
which were retained by Alger Inc., were as follows:

(e) Brokerage Commissions: During the six months ended April 30, 2017, 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 $218,817, $15,508, $13,865 and $7,453, 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 their respective average daily net assets of the Class I, Class R, Class Z and Class
Z-2 shares for these services.
Alger Management makes payments to intermediaries that provide sub-accounting services
to omnibus accounts invested in the Funds. A portion of the fees paid by Alger Management
to intermediaries that provide sub-accounting services are charged back to the appropriate
- 66 -

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

Fund, subject to certain limitations, as approved by the Trust’s Board of Trustees. For
the six months ended April 30, 2017, Alger Management charged back to Alger Capital
Appreciation Institutional Fund, Alger Capital Appreciation Focus Fund, Alger Mid Cap
Growth Institutional Fund, and Alger Small Cap Growth Institutional Fund, $655,671,
$12,343, $30,811 and $63,956, respectively, for these services, which are included in the
transfer agent fees and expenses in the accompanying Statements of Operations.

(g) Trustees’ Fees: Effective March 1, 2016, each Independent Trustee receives a fee of
$27,250 for each board meeting attended, to a maximum of $109,000 per annum, paid pro
rata by each fund in the Alger Fund Complex, plus travel expenses incurred for attending
the meeting. The term “Alger Fund Complex” refers to the Fund, The Alger Institutional
Funds, The Alger Funds II, The Alger Portfolios and Alger Global Fund, each of which is a
registered investment company managed by Fred Alger Management, Inc. The Independent
Trustee appointed as Chairman of the Board of Trustees receives additional compensation
of $26,000 per annum paid pro rata by each fund in the Alger Fund Complex. Additionally,
each member of the Audit Committee receives a fee of $2,500 for each Audit Committee
meeting attended to a maximum of $10,000 per annum, paid pro rata by each fund in the
Alger Fund Complex.
(h) Interfund Trades: The Funds engage in purchase and sale transactions with other funds
advised by Alger Management. For the six months ended April 30, 2017, these purchases
and sales were as follows:

(i) Interfund Loans: The Fund, may borrow money from other funds advised by Alger
Management for temporary or emergency purposes. 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, 2017.
During the six months ended April 30, 2017, Alger Capital Appreciation Institutional Fund,
Alger Capital Appreciation Focus Fund, Alger Mid Cap Growth Institutional Fund and
Alger Small Cap Growth Institutional Fund incurred interest expense of $535, $190, $72
and $963, respectively, in connection with interfund loans.

(j) Other Transactions With Affiliates: Certain officers of the Trust are directors and officers
of Alger Management and the Distributor. At April 30, 2017, Alger Management and its
affiliated entities owned the following shares:


		SHARE CLASS
	A	C	Y	Z	Z-2
Alger Capital Appreciation Institutional Fund	—	—	347	—	3,777
Alger Capital Appreciation Focus Fund	6,878	6,880	372	35,366	—

- 67 -

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


				SHARE CLASS
	A		C		Y	Z		Z-2
Alger Mid Cap Growth Institutional Fund		—		—	—		—	4,556
Alger Small Cap Growth Institutional Fund		—		—	—		—	6,515

(k) 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 short-term
securities for the six months ended April 30, 2017:


		PURCHASES		SALES
Alger Capital Appreciation Institutional Fund	$	1,208,408,517	$	1,739,679,250
Alger Capital Appreciation Focus Fund		68,599,963		48,936,228
Alger Mid Cap Growth Institutional Fund		61,444,883		68,402,105
Alger Small Cap Growth Institutional Fund		34,671,216		70,699,262

Transactions in foreign securities may involve certain considerations and risks not typically
associated with those of U.S. companies because of, among other factors, the level of
governmental supervision and regulation of foreign security markets, and the possibility
of political or economic instability. Additional risks associated with investing in emerging
markets include increased volatility, limited liquidity, and less stringent regulatory and legal
system.

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(i). For the six months ended April 30, 2017, the Funds had the
following borrowings:


	AVERAGE DAILY		WEIGHTED AVERAGE
		BORROWING		INTEREST RATE
Alger Capital Appreciation Institutional Fund	$	38,825		1.69	%
Alger Capital Appreciation Focus Fund		14,863		1.61
Alger Mid Cap Growth Institutional Fund		14,125		2.29
Alger Small Cap Growth Institutional Fund		88,389		1.81

The highest amount borrowed during the year ended April 30, 2017 for each Fund was as
follows:


	HIGHEST BORROWING
Alger Capital Appreciation Institutional Fund	$ 6,130,350

- 68 -

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


	HIGHEST BORROWING
Alger Capital Appreciation Focus Fund		304,256
Alger Mid Cap Growth Institutional Fund		512,233
Alger Small Cap Growth Institutional Fund		3,147,295

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 separate
classes. The transactions of shares of beneficial interest were as follows:


	FOR THE SIX MONTHS ENDED						FOR THE YEAR ENDED
		APRIL 30, 2017					OCTOBER 31, 2016
		SHARES			AMOUNT		SHARES			AMOUNT
Alger Capital Appreciation Institutional Fund
Class I:
Shares sold		8,950,827		$	248,453,671		31,404,149		$	813,769,276
Dividends reinvested		718,981			19,268,689		8,328,490			222,703,812
Shares redeemed		(42,472,960	)		(1,165,093,058	)	(39,710,653	)	(1,033,949,797		)
Net increase (decrease)		(32,803,152)		$	(897,370,698)		21,986		$	2,523,291
Class R:
Shares sold		1,998,776		$	50,638,237		4,897,737		$	116,200,047
Dividends reinvested		178,580			4,344,841		1,958,801			47,814,339
Shares redeemed		(4,086,869	)	(104,009,892		)	(7,855,308	)	(186,269,122		)
Net decrease		(1,909,513	)	$	(49,026,814	)	(998,770	)	$	(22,254,736	)
Class Y:
Shares sold		293,789		$	8,616,833		—		$	—
Net increase		293,789		$	8,616,833		—		$	—
Class Z-2:
Shares sold		12,566,665		$	342,715,066		83,652		$	2,241,803
Dividends reinvested		44,346			1,189,367		—			—
Shares redeemed		(1,773,872	)		(50,061,480	)	—			—
Net increase		10,837,139		$	293,842,953		83,652		$	2,241,803

- 69 -

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


	FOR THE SIX MONTHS ENDED						FOR THE YEAR ENDED
		APRIL 30, 2017					OCTOBER 31, 2016
		SHARES			AMOUNT		SHARES			AMOUNT
Alger Capital Appreciation Focus Fund
Class A:
Shares sold		157,291		$	4,007,411		739,124		$	17,427,842
Dividends reinvested		—			—		12,944			312,984
Shares redeemed		(448,085	)		(11,017,103	)	(679,452	)		(15,850,906	)
Net increase (decrease)		(290,794	)	$	(7,009,692	)	72,616		$	1,889,920
Class C:
Shares sold		198,335		$	4,801,177		319,341		$	7,354,428
Dividends reinvested		—			—		3,659			86,524
Shares redeemed		(84,234	)		(2,091,418	)	(83,332	)		(1,913,105	)
Net increase		114,101		$	2,709,759		239,668		$	5,527,847
Class I:
Shares sold		232,261		$	6,130,645		477,738		$	11,361,669
Dividends reinvested		—			—		9,363			227,418
Shares redeemed		(389,251	)		(9,923,383	)	(561,466	)		(13,260,188	)
Net decrease		(156,990	)	$	(3,792,738	)	(74,365	)	$	(1,671,101	)
Class Y:
Shares sold		372		$	10,000		—		$	—
Net increase		372		$	10,000		—		$	—
Class Z:
Shares sold		1,241,518		$	32,988,434		787,965		$	19,023,071
Dividends reinvested		—			—		4,919			120,412
Shares redeemed		(146,833	)		(3,809,383	)	(298,013	)		(6,956,934	)
Net increase		1,094,685		$	29,179,051		494,871		$	12,186,549

Alger Mid Cap Growth Institutional Fund
Class I:
Shares sold		207,801		$	4,959,148		468,253		$	10,046,363
Shares redeemed		(800,877	)		(18,693,571	)	(1,780,941	)		(38,571,631	)
Net decrease		(593,076	)	$	(13,734,423	)	(1,312,688	)	$	(28,525,268	)
Class R:
Shares sold		56,881		$	1,242,615		134,848		$	2,706,730
Shares redeemed		(161,576	)		(3,513,932	)	(327,778	)		(6,575,334	)
Net decrease		(104,695	)	$	(2,271,317	)	(192,930	)	$	(3,868,604	)
Class Z-2:
Shares sold		205,644		$	4,724,477		5,241		$	115,000
Shares redeemed		(13,378	)		(317,550	)	—			—
Net increase		192,266		$	4,406,927		5,241		$	115,000

- 70 -

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


	FOR THE SIX MONTHS ENDED						FOR THE YEAR ENDED
		APRIL 30, 2017					OCTOBER 31, 2016
		SHARES			AMOUNT		SHARES			AMOUNT
Alger Small Cap Growth Institutional Fund
Class I:
Shares sold		460,713		$	7,700,868		2,557,038		$	40,363,890
Dividends reinvested		—			—		7,154,149			109,458,479
Shares redeemed		(2,614,218	)		(42,859,348	)	(16,460,370	)	(250,251,908		)
Net decrease		(2,153,505	)	$	(35,158,480	)	(6,749,183)		$	(100,429,539)
Class R:
Shares sold		127,388		$	1,857,205		182,259		$	2,391,486
Dividends reinvested		—			—		449,925			5,907,509
Shares redeemed		(385,269	)		(5,538,257	)	(519,276	)		(7,069,366	)
Net increase (decrease)		(257,881	)	$	(3,681,052	)	112,908		$	1,229,629
Class Z-2:
Shares sold		755,258		$	12,317,122		2,959,159		$	46,531,746
Shares redeemed		(641,488	)		(10,747,630	)	(143,150	)		(2,218,266	)
Net increase		113,770		$	1,569,492		2,816,009		$	44,313,480

NOTE 7 — Income Tax Information:
At October 31, 2016, 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.


	Alger Capital		Alger Capital			Alger Mid		Alger Small
	Appreciation		Appreciation Focus			Cap Growth		Cap Growth
Expiration Dates	Institutional Fund			Fund	Institutional Fund		Institutional Fund
POST ACT		—	$	1,858,285	$	1,083,689	$	6,331,009
2017		—		—		280,123,926		—
Total		—		1,858,285		281,207,615		6,331,009

Under the Regulated Investment Company Modernization Act of 2010, capital losses
incurred by the Funds on or after January 1, 2011 (Post Act) will not be subject to expiration.
In addition, losses incurred on or after January 1, 2011 must be utilized prior to the utilization
of capital loss carryforwards above.

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is
determined annually and is attributable primarily to the tax deferral of losses on wash sales,
U.S. Internal Revenue Code Section 988 currency transactions, 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.

The Funds accrue tax on unrealized gains in foreign jurisdictions that impose a foreign
capital tax.

- 71 -

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

NOTE 8 — Fair Value Measurements
The following is a summary of the inputs used as of April 30, 2017 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	$	672,206,660			$	672,206,660			—		—
Consumer Staples			111,443,312			111,443,312			—		—
Energy			60,843,857			60,843,857			—		—
Financials			129,304,455			129,304,455			—		—
Health Care			483,169,256			483,169,256			—		—
Industrials			217,907,311			217,907,311			—		—
Information Technology			1,432,180,639				1,430,727,337		—		1,453,302	*
Materials			61,263,575			61,263,575			—		—
Telecommunication Services			41,200,180			41,200,180			—		—
TOTAL COMMON STOCKS	$	3,209,519,245			$	3,208,065,943			—	$	1,453,302
CORPORATE BONDS
Information Technology				—			—		—		—*
MASTER LIMITED PARTNERSHIP
Financials			32,175,557			32,175,557			—		—
PREFERRED STOCKS
Health Care				6,344,237			—		—		6,344,237
Information Technology				6,699,236			—		—		6,699,236	*
TOTAL PREFERRED STOCKS		$		13,043,473			—		—	$	13,043,473
REAL ESTATE INVESTMENT TRUST
Real Estate			57,761,093			57,761,093			—		—
WARRANTS
Information Technology				—			—		—		—*
TOTAL INVESTMENTS IN
SECURITIES	$	3,312,499,368			$	3,298,002,593			—	$	14,496,775

*Alger Capital Appreciation Institutional Fund’s shares of Choicestream Inc. common
stock, preferred stock, corporate bonds and warrants are classified as a Level 3 investment
and are fair valued at zero as of April 30, 2017.

- 72 -

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


Alger Capital Appreciation Focus
Fund		TOTAL FUND				LEVEL 1	LEVEL 2			LEVEL 3
COMMON STOCKS
Consumer Discretionary	$ 20,451,839			$	20,451,839			—		—
Consumer Staples			2,683,880			2,683,880		—		—
Energy			2,137,440			2,137,440		—		—
Financials			5,438,440			5,438,440		—		—
Health Care		11,564,818			11,564,818			—		—
Industrials			5,020,205			5,020,205		—		—
Information Technology		52,678,078			52,678,078			—		—
Materials			986,591			986,591		—		—
TOTAL COMMON STOCKS	$		100,961,291		$	100,961,291		—		—
MASTER LIMITED PARTNERSHIP
Financials			1,763,369			1,763,369		—		—
PREFERRED STOCKS
Health Care			259,668			—		—		259,668
REAL ESTATE INVESTMENT TRUST
Real Estate			1,110,699			1,110,699		—		—
TOTAL INVESTMENTS IN
SECURITIES	$		104,095,027		$	103,835,359		—	$	259,668


Alger Mid Cap Growth Institutional
Fund		TOTAL FUND				LEVEL 1	LEVEL 2			LEVEL 3
COMMON STOCKS
Consumer Discretionary	$ 15,907,810			$	15,907,810			—		—
Consumer Staples			3,541,697			3,541,697		—		—
Energy			1,355,448			1,355,448		—		—
Financials			6,399,871			6,399,871		—		—
Health Care		18,514,668			18,514,668			—		—
Industrials		12,138,912			12,138,912			—		—
Information Technology		26,197,653			26,122,103			—		75,550	*
Materials			4,453,727			4,453,727		—		—
TOTAL COMMON STOCKS	$		88,509,786		$	88,434,236		—	$	75,550
CORPORATE BONDS
Information Technology			—			—		—		—*
PREFERRED STOCKS
Health Care			992,261			—		—		992,261
Information Technology			348,244			—		—		348,244	*
TOTAL PREFERRED STOCKS	$		1,340,505			—		—	$	1,340,505
REAL ESTATE INVESTMENT TRUST
Real Estate			3,350,280			3,350,280		—		—
SPECIAL PURPOSE VEHICLE
Financials			273,003			—		—		273,003
RIGHTS
Health Care			919,488			—		—		919,488
WARRANTS
Information Technology			—			—		—		—*
TOTAL INVESTMENTS IN
SECURITIES	$		94,393,062		$	91,784,516		—	$	2,608,546

- 73 -

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

* Alger Mid Cap Growth Institutional Fund’s shares of Choicestream Inc. common stock
preferred stock, corporate bonds and warrants are classified as a Level 3 investment and are
fair valued at zero as of April 30, 2017.


Alger Small Cap Growth Institutional
Fund		TOTAL FUND				LEVEL 1	LEVEL 2		LEVEL 3
COMMON STOCKS
Consumer Discretionary	$ 11,899,076			$	11,899,076		—		—
Consumer Staples			3,219,926			3,219,926	—		—
Energy			3,664,693			3,664,693	—		—
Financials			8,739,634			8,739,634	—		—
Health Care		61,901,450			61,901,450		—		—
Industrials		14,515,894			14,515,894		—		—
Information Technology		63,614,658			63,614,658		—		—
Materials			4,416,598			4,416,598	—		—
TOTAL COMMON STOCKS	$		171,971,929		$	171,971,929	—		—
PREFERRED STOCKS
Health Care			2,793,572			—	—		2,793,572
REAL ESTATE INVESTMENT TRUST
Real Estate			1,782,466			1,782,466	—		—
RIGHTS
Health Care			1,149,140			—	—*		1,149,140	**
SPECIAL PURPOSE VEHICLE
Financials			880,398			—	—		880,398
TOTAL INVESTMENTS IN
SECURITIES	$		178,577,505		$	173,754,395	—	$	4,823,110

*Alger Small Cap Growth Institutional Fund’s holdings of Neuralstern, Inc. rights are
classified as a Level 2 investment and are fair valued at zero as of April 30, 2017.

**Alger Small Cap Growth Institutional Fund’s holdings of Dyax Corp.’s Inc. rights are
classified as a Level 3 investment and fair valued at zero as of April 30, 2017.

- 74 -

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, 2016	$		1,828,579
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			(375,277	)
Purchases and sales
Purchases			–
Sales			–
Closing balance at April 30, 2017			1,453,302
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 4/30/2017	$		(375,277	)

Alger Capital Appreciation Institutional Fund	Corporate Bonds
Opening balance at November 1, 2016	$		574,662
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			(574,662	)
Purchases and sales
Purchases			–
Sales			–
Closing balance at April 30, 2017			0
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 4/30/2017	$		(574,662	)

- 75 -

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


		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Capital Appreciation Institutional Fund	Preferred Stocks
Opening balance at November 1, 2016	$		16,273,256
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			(3,229,7836	)
Purchases and sales
Purchases			–
Sales			–
Closing balance at April 30, 2017			13,043,473
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 4/30/2017	$		(3,229,7836	)

Alger Capital Appreciation Institutional Fund			Warrants
Opening balance at November 1, 2016	$		563,169
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			(563,169	)
Purchases and sales
Purchases			–
Sales			–
Closing balance at April 30, 2017			0
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 4/30/2017	$		(563,169	)

- 76 -

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, 2016	$		310,373
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			(50,705	)
Purchases and sales
Purchases			–
Sales			–
Closing balance at April 30, 2017			259,668
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 4/30/2017	$		(50,705	)

		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Mid Cap Growth Institutional Fund	Common Stocks
Opening balance at November 1, 2016	$		95,059
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			(19,509	)
Purchases and sales
Purchases			–
Sales			–
Closing balance at April 30, 2017			75,550
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 4/30/2017	$		(19,509	)

- 77 -

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


		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Mid Cap Growth Institutional Fund	Corporate Bonds
Opening balance at November 1, 2016	$		17,128
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			(17,128	)
Purchases and sales
Purchases			–
Sales			–
Closing balance at April 30, 2017			0
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 4/30/2017	$		(17,128	)

Alger Mid Cap Growth Institutional Fund	Preferred Stocks
Opening balance at November 1, 2016	$		2,084,875
Transfers into Level 3			–
Transfers out of Level 3			–
Total gains or losses
Included in net realized gain (loss) on investments			2,359,646
Included in net unrealized gain (loss) on investments			22,364
Purchases and sales
Purchases			–
Sales			(3,126,380	)
Closing balance at April 30, 2017			1,340,505
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 4/30/2017	$		2,382,010

- 78 -

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


		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
	Special Purpose
Alger Mid Cap Growth Institutional Fund			Vehicle
Opening balance at November 1, 2016	$		249,760
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			23,243
Purchases and sales
Purchases			–
Sales			–
Closing balance at April 30, 2017			273,003
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 4/30/2017	$		23,243

Alger Mid Cap Growth Institutional Fund			Rights
Opening balance at November 1, 2016	$		–
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			693,302
Purchases and sales
Purchases			226,186
Sales			–
Closing balance at April 30, 2017			919,488
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 4/30/2017	$		693,302

- 79 -

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


		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Mid Cap Growth Institutional Fund			Warrants
Opening balance at November 1, 2016	$		16,785
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			(16,785	)
Purchases and sales
Purchases			–
Sales			–
Closing balance at April 30, 2017			0
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 4/30/2017	$		(16,785	)


Alger Mid Cap Growth Institutional Fund	Escrow Receivable
Opening balance at November 1, 2016	$		–
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			237,255
Purchases and sales
Purchases			77,403
Sales			–
Closing balance at April 30, 2017			314,658
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 4/30/2017	$		237,255

- 80 -

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


		FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Small Cap Growth Institutional Fund	Preferred Stocks
Opening balance at November 1, 2016	$		3,468,884
Transfers into Level 3			–
Transfers out of Level 3			–
Total gains or losses
Included in net realized gain (loss) on investments			2,938,664
Included in net unrealized gain (loss) on investments			293,253
Purchases and sales
Purchases			–
Sales			(3,907,229	)
Closing balance at April 30, 2017			2,793,572
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 4/30/2017	$		3,231,917

Alger Small Cap Growth Institutional Fund			Rights
Opening balance at November 1, 2016	$		–
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			863,414
Purchases and sales
Purchases			285,726
Sales			–
Closing balance at April 30, 2017			1,149,140
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 4/30/2017	$		863,414
*Alger Small Cap Growth Fund’s Level 3 rights are fair valued at zero at the beginning and ending of
the period.

- 81 -

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


	Special Purpose
Alger Small Cap Growth Institutional Fund		Vehicle
Opening balance at November 1, 2016	$	805,442
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		74,955
Purchases and sales
Purchases		–
Sales		–
Closing balance at April 30, 2017		880,397
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 4/30/2017	$	74,955

Alger Small Cap Growth Institutional Fund	Escrow Receivable
Opening balance at November 1, 2016	$	–
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		295,469
Purchases and sales
Purchases		97,779
Sales		–
Closing balance at April 30, 2017		393,248
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 4/30/2017	$	295,469

The following table provides quantitative information about our Level 3 fair value
measurements of our investments as of April 30, 2017. 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.


		Fair Value	Valuation	Unobservable			Weighted Average
		April 30, 2017	Methodology	Input	Input/Range		Inputs
Alger Capital Appreciation Institutional Fund
Common Stocks	$	0	Income	Discount Rate	40	%	N/A
			Approach
Common Stocks		1,453,302	Income	Revenue Multiple	10x	-18x	N/A
			Approach	Discount Rate	20	%

- 82 -

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


				Scenario	10-50	%
				Probability
				Time to Exit	0.8-2.8 Years
Preferred Stocks		0	Income	Discount Rate	40	%	N/A
			Approach
Preferred Stocks		6,344,237	Market	Scenario	80 to 100%		N/A
			Approach	Probability
				Time to Exit	0.5-2.0 Years
				Volatility	67.8	%
Preferred Stocks		6,699,236	Income	Revenue Multiple	10x	-18x	N/A
			Approach	Discount Rate	20	%
				Scenario	10-50	%
				Probability
				Time to Exit	0.8-2.8 Years
Warrants		0	Income	Discount Rate	40	%	N/A
			Approach
Corporate Bonds		0	Income	Discount Rate	40	%	N/A
			Approach
Alger Capital Appreciation Focus Fund
Preferred Stocks	$	259,668	Income	Discount Rate	35.5-39.5%		N/A
			Approach

Alger Mid Cap Growth Institutional Fund
Common Stocks	$	-	Income	Discount Rate	40	%	N/A
			Approach
Common Stocks		75,550	Income	Revenue Multiple	10x	-18x	N/A
			Approach	Discount Rate	20	%
				Scenario	10-50	%
				Probability
				Time to Exit	0.8-2.8 Years
Preferred Stocks		0	Income	Discount Rate	40	%
			Approach
Preferred Stocks		561,111	Income	Discount Rate	35.5-39.5%		N/A
			Approach
Preferred Stocks		348,244	Income	Revenue Multiple	10x	-18x	N/A
			Approach	Discount Rate	20	%
				Scenario	10-50	%
				Probability
				Time to Exit	0.8-2.8 Years
Preferred Stocks		431,150	Market	Scenario	80 to 100%		N/A
			Approach	Probability
				Time to Exit	0.5-2.0 Years
				Volatility	67.8	%
Special Purpose Vehicle		273,003	Market	Revenue Multiple	2.6x-3.1x		N/A
			Approach
Warrants		0	Income	Discount Rate	40	%	N/A
			Approach
Corporate Bonds		0	Income	Discount Rate	40	%	N/A
			Approach

- 83 -

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


Rights	919,488	Income	Discount Rate	20.5-21.5%		N/A
		Approach
Escrow Receivable	314,658	Income	Discount Rate	20.5-21.5%		N/A
		Approach
Alger Small Cap Growth Institutional Fund

Preferred Stocks	450,429	Income	Discount Rate	38.5-39.5%		N/A
		Approach
Preferred Stocks	2,343,143	Market	Scenario	80 to 100%		N/A
		Approach	Probability
			Time to Exit	0.5-2.0 Years
			Volatility	67.8	%
Special Purpose Vehicle	880,397	Market	Revenue Multiple	2.6x-3.1x		N/A
		Approach
Rights	1,149,140	Income	Discount Rate	20.5-21.5%		22	%
		Approach
Escrow Receivable	393,248	Income	Discount Rate	20.5-21.5%		N/A
		Approach

The significant unobservable inputs used in the fair value measurement of the Fund’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 than those noted in the table above. Generally, increases in revenue and
EBITDA multiples, decreases in discount rates, and increases in the probabilities of success
results in higher fair value measurements, whereas decreases in revenues and EBITDA
multiples, increases in discount rates, and decreases in the probabilities of success results in
lower fair value measurements.

On April 30, 2017, there were no transfers of securities between Level 1 and Level 2.

Certain of the Funds’ assets and liabilities are held at carrying amount or face value, which
approximates fair value for financial statement purposes. As of April 30, 2017, such assets
are categorized within the disclosure hierarchy as follows:


	TOTAL FUND		LEVEL 1			LEVEL 2	LEVEL 3
Cash, Foreign cash and Cash equivalents:
Alger Capital Appreciation Institutional Fund	$ 23,032,463		$	520	$	23,021,944		—
Alger Capital Appreciation Focus Fund		4,167,481		10		4,167,471		—
Alger Mid Cap Growth Institutional Fund		4,808,683		16		4,808,667		—
Alger Small Cap Growth Institutional Fund		2,089,828		33		2,089,795		—

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

- 84 -

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

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 indexes. 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, 2017, 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, 2017.

NOTE 10 — Principal Risks:
As of April 30, 2017, the Funds invested a significant portion of their assets in securities
in the health care and information technology sectors. Changes in economic conditions
affecting such sectors would have an impact on the Funds and could affect the value, income
and/or liquidity of positions in such securities.

In the normal course of business, the Funds invest in securities and enter into transactions
where risks exist due to fluctuations in the market (market risk) or failure of the issuer
of a security to meet all its obligations (issuer credit risk). The value of securities held by
the Funds may decline in response to certain events, including those directly involving the
issuers whose securities are owned by the Funds; conditions affecting the general economy;
overall market changes; local, regional or global political, social or economic instability; and
currency and interest rate and price fluctuations. Similar to issuer credit risk, the Funds may
be exposed to counterparty credit risk, or the risk that an entity with which the Funds have
unsettled or open transactions may fail to or be unable to perform on its commitments. The
Funds manage counterparty credit risk by entering into transactions only with counterparties
that they believe have the financial resources to honor their obligations and by monitoring
- 85 -

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

the financial stability of those counterparties. Financial assets, which potentially expose
the Funds to market, issuer and counterparty credit risks, consist principally of financial
instruments and receivables due from counterparties. The extent of the Funds’ exposure to
market, issuer and counterparty credit risks with respect to these financial assets is generally
approximated by its value recorded in the Statement of Assets and Liabilities, less any
collateral held by the Funds.

The Funds invest in companies that are not yet available in the public markets and that are
accessible only through private equity investments. The Funds may also invest in venture
capital or private equity funds, direct private equity investments and other investments that
may have limited liquidity. There may be no trading market for these securities, and their
sale or transfer may be limited or prohibited by contract or legal requirements, or may be
dependent on an exit strategy, such as an initial public offering or the sale of a business,
which may not occur, or may be dependent on managerial assistance provided by other
investors and their willingness to provide additional financial support. The securities may
be able to be liquidated, if at all, at disadvantageous prices. As a result, the Funds may be
required to hold these positions for several years, if not longer, regardless of adverse price
movements. Such positions may cause the Funds to be less liquid than would otherwise be
the case.

NOTE 11 — Affiliated Securities:
The issuers of the securities listed below are deemed to be affiliates of the Funds because
the Funds or their affiliates owned 5% or more of the issuer’s voting securities during all or
part of the six months ended April 30, 2017. Purchase and sale transactions and dividend
income earned during the period were as follows:

- 86 -

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


	Shares/Par			Shares/Par
	at			at		Realized		Value at
	October 31,	Purchases/	Sales/	April 30,		Gain		April 30,
Security	2016	Conversion	Conversion	2017	Interest Income	(Loss)		2017

Alger Capital Appreciation Institutional Fund
Common Stocks
Choicestream, Inc.*	124,658	–	–	124,658	–	–	$	0
Preferred Stocks
Choicestream, Inc.
Series A and B*	3,575,473	–	–	3,575,473	–	–		0
Corporate Bonds
Choicestream, Inc.,
11.0%, 8/05/18	574,662	–	–	574,662	–	–		0
Warrants
Choicestream, Inc.,
6/22/26 *	574,662	–	–	574,662	–	–		0

Alger Capital Appreciation Focus Fund
Preferred Stocks
Prosetta
Biosciences, Inc.,
Series D*	76,825	–	–	76,825	–	–		259,669


	Shares/Par			Shares/Par
	at			at		Realized		Value at
	October 31,	Purchases/	Sales/	April 30,	Interest	Gain		April 30,
Security	2016	Conversion	Conversion	2017	Income	(Loss)		2017

Alger Mid Cap Growth Institutional Fund
Common Stocks
Choicestream, Inc.*	8,930	–	–	8,930	–	–	$	0
Preferred Stocks
Choicestream, Inc.
Series A and B*	221,801	–	–	221,801	–	–		0
Prosetta Biosciences,
Inc., Series D*	166,009	–	–	166,009	–	–		561,110
Tolero
Pharmaceuticals, Inc.
Series B*	354,870	–	354,870	0	–	2,359,646		0
Corporate Bonds
Choicestream, Inc.,
11.0%, 8/05/18	17,128	–	–	17,128	–	–		0
Warrants
Choicestream, Inc.,
6/22/26 *	17,128	–	–	17,128	–	–		0

- 87 -

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


Alger Small Cap Growth Institutional Fund
Preferred Stocks
Prosetta Biosciences,
Inc., Series D*	133,263	–	–	133,263	–	–	450,429
Tolero
Pharmaceuticals, Inc.
Series B*	448,284	–	448,284	–	–	2,938,664	–
* Non-income producing security.

NOTE 12 — Subsequent Events:
Management of each Fund has evaluated events that have occurred subsequent to April
30, 2017 through the issuance date of the Financial Statements. No such events have been
identified which require recognition and/or disclosure.

- 88 -

THE ALGER INSTITUTIONAL FUNDS
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, 2016 and ending April 30, 2017.

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.

- 89 -

THE ALGER INSTITUTIONAL FUNDS
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, 2016			April 30, 2017	April 30, 2017^(a)		April 30, 2017^(b)
Alger Capital Appreciation Institutional Fund
Class I	Actual	$	1,000.00	$	1,146.70	$	6.07		1.13	%
	Hypothetical^(c)		1,000.00		1,019.14		5.71		1.13
Class R	Actual		1,000.00		1,143.91		8.66		1.63
	Hypothetical^(c)		1,000.00		1,016.71		8.15		1.63
Class Y	Actual		1,000.00		1,043.33		3.80		0.75
	Hypothetical^(c)		1,000.00		1,021.08		3.76		0.75
Class Z-2	Actual		1,000.00		1,148.60		4.47		0.84
	Hypothetical^(c)		1,000.00		1,020.63		4.21		0.84

Alger Capital Appreciation Focus Fund
Class A	Actual	$	1,000.00	$	1,157.83	$	5.99		1.12	%
	Hypothetical^(c)		1,000.00		1,019.24		5.61		1.12
Class C	Actual		1,000.00		1,153.42	10.04			1.88
	Hypothetical^(c)		1,000.00		1,015.47		9.39		1.88
Class I	Actual		1,000.00		1,157.94		6.15		1.15
	Hypothetical^(c)		1,000.00		1,019.09		5.76		1.15
Class Y	Actual		1,000.00		1,049.14		3.30		0.65
	Hypothetical^(c)		1,000.00		1,021.57		3.26		0.65
Class Z	Actual		1,000.00		1,159.26		4.50		0.86
	Hypothetical^(c)		1,000.00		1,020.63		4.21		0.86

Alger Mid Cap Growth Institutional Fund
Class I	Actual	$	1,000.00	$	1,177.40	$	6.86		1.27	%
	Hypothetical^(c)		1,000.00		1,018.50		6.36		1.27
Class R	Actual		1,000.00		1,173.85	10.08			1.87
	Hypothetical^(c)		1,000.00		1,015.52		9.35		1.87
Class Z-2	Actual		1,000.00		1,178.79		5.62		1.05
	Hypothetical^(c)		1,000.00		1,019.64		5.21		1.05

Alger Small Cap Growth Institutional Fund
Class I	Actual	$	1,000.00	$	1,200.27	$	7.20		1.32	%
	Hypothetical^(c)		1,000.00		1,018.25		6.61		1.32
Class R	Actual		1,000.00		1,196.53	10.02			1.84
	Hypothetical^(c)		1,000.00		1,015.67		9.20		1.84
Class Z-2	Actual		1,000.00		1,202.16		5.41		0.99
	Hypothetical^(c)		1,000.00		1,019.89		4.96		0.99

(a) Expenses are equal to the annualized expense ratio of the respective share class, multiplied by the average account
value over the period, multiplied by 181/365 (to reflect the one-half year period).
(b) Annualized.
(c) 5% annual return before expenses.
- 90 -

THE ALGER INSTITUTIONAL FUNDS
ADDITIONAL INFORMATION (Unaudited) (Continued)

Privacy Policy
U.S. Consumer Privacy Notice Rev. 12/20/16


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 personal
	information; the reasons Alger 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

- 91 -

THE ALGER INSTITUTIONAL FUNDS
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
collect my personal	example, when you:
information?
	• Open an account or
	• Make deposits or withdrawals from your account or
	• Give us your contact information 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 information

- 92 -

THE ALGER INSTITUTIONAL FUNDS
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

- 93 -

THE ALGER INSTITUTIONAL FUNDS
ADDITIONAL INFORMATION (Unaudited) (Continued)

agreement must be approved by the Funds’ Chief Compliance Officer, President, Secretary
or Assistant Secretary.

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’s portfolio versus its peers or an index (such as P/E ratio, alpha, beta, capture
ratio, maximum drawdown, standard deviation, EPS forecasts, Sharpe ratio, information
ratio, R-squared, and market cap analysis), security specific impact on overall portfolio
performance, month-end top ten contributors to and detractors from performance,
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.

- 94 -

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

Custodian

Brown Brothers Harriman & Company
50 Post Office Square
Boston, MA 02110

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.

- 95 -

(This page has been intentionally left blank.)

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 27, 2017

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 27, 2017

By: /s/Michael D. Martins

Michael D. Martins

Treasurer

Date: June 27, 2017

CONTINGENT

INITIAL SALES

DEFERRED SALES

CHARGES

CHARGES

Alger Capital Appreciation Focus Fund