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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, 2016

 

ITEM 1. REPORT(S) TO STOCKHOLDERS.



 

Table of Contents

The Alger Institutional Funds

Shareholders’ Letter 1
Fund Highlights 11
Portfolio Summary 15
Schedules of Investments 16
Statements of Assets and Liabilities 37
Statements of Operations 41
Statements of Changes in Net Assets 43
Financial Highlights 47
Notes to Financial Statements 57
Additional Information 79

 

Go Paperless With Alger Electronic Delivery Service
Alger is pleased to provide you with the ability to access regulatory materials online.
When documents such as prospectuses and annual and semi-annual reports are
available, we’ll send you an e-mail notification with a convenient link that will take you
directly to the fund information on our website. To sign up for this free service, simply
enroll at www.icsdelivery.com/alger.

 

Shareholders' Letter April 30, 2016

Dear Shareholders,

Investor Stampede Creates Risks and Opportunities
Gary Larson’s quirky cartoon series “The Far Side” draws chuckles by having animals
exhibit human-like behavior. In one popular cartoon, a massive bison stampede extends
to the horizon. One insightful bison quips to a neighboring beast “As if we all knew where
we’re going.” The six-month reporting period ended April 30 was notable as a period filled
with economic uncertainty, diverging global monetary policies, and significant pressure on
interest rates. As with the cartoon, where this takes us as investors is unclear, yet in such
periods of deep uncertainty we are reminded that the best decisions are those that are the
most thoughtful and not based upon emotion. Many investors, in an unquenchable thirst
for income (and a misguided flight to “safety”) have rushed to bond-like equities, that is,
equities that pay steady dividends. The end result was striking. While the S&P 500 index
gained 0.43%, the Telecomm, Utilities, and Consumer Staples sectors climbed 14.68%,
12.90%, and 6.02%, respectively. These sectors have some of the poorest long-term growth
prospects in the current economic environment. On the other hand, higher growth sectors
like Information Technology, Health Care, and Consumer Discretionary each sustained
losses.

We have learned in our 52 years of investing that there is no free lunch. Success in investing is
not achieved by considering one factor, such as dividend yield, but instead by understanding
companies, their management, their industries, and their competitors. It is with this more
complete view that high-quality companies with strong growth potential can be identified.
Such companies, we maintain, can potentially provide investors with wealth creation from
capital appreciation and with protection from the erosion of inflation upon their savings.

Stampedes, of course, can have dire consequences. The recent investor stampede, we believe,
is dangerous, as investors have increased their exposure to the risk of higher interest rates
and, at the same time, the relatively high valuations of stocks with generally poor growth
prospects. We think the opportunities, long term, lie in the opposite direction. In particular,
these investors may miss the attractive investment opportunities that can be found within the
most vibrant industries in the U.S. and the world. America is seen as a leader in innovation
in the Health Care and IT sectors, and has the richest and most diverse consumer market in
the world. We believe it is within these sectors that superior companies and investments for
long-term growth and capital appreciation can be found.

Investing in overseas markets is more challenging with different dynamics at play. The
widely followed MSCI ACWI ex USA and MSCI Emerging Markets indices declined 1.51%
and 0.01%, respectively, during the reporting period with concerns over commodity prices
contributing to weakening investor sentiment. In many overseas markets, this is entirely
logical as the economies of many countries are strongly tied to their roles as commodities
producers. As in the U.S., defensive sectors tended to outperform abroad. Nevertheless,
international markets also have sectors that offer strong potential for long-term growth.
The rising middle class in many international markets is creating increased demand for
goods and services, which in turn is creating opportunities for leading companies. Our
team of international and emerging markets portfolio managers and analysts has a depth of
- 1 -

 

experience in navigating foreign markets and identifying through fundamental research high-
quality growth companies across the globe. In these markets, diversification is paramount,
so our international funds are well diversified, typically owning companies across the globe
and across industries.

Oil and the U.S. Economy
From late 2013 until the start of the reporting period, the price of West Texas Intermediate
(WTI) fell from $110.62 a barrel to $46.12. It then declined to a low of $26.19 a barrel as
of February 11, which was a 43.20% drop. The decline was accompanied by an 11.43%
decline of the S&P 500. In both 2015 and early 2016, many investors misread the decline in
oil as a harbinger of a U.S. recession in 2016. We have consistently argued otherwise, noting
that while cheap oil prices would, not surprisingly, drive down earnings in the energy and
closely related sectors, there were broad benefits to the U.S. economy from lower energy
prices. Cheap oil has bolstered Americans’ finances by slashing energy costs and allowing
Americans to strengthen their personal balance sheets by increasing their savings. It has
also supported retail shopping and spending on homes. The U.S. housing market continues
to improve in a steady fashion. Many indicators of consumer spending like ecommerce,
travel, leisure, automotive, and home durables are quite healthy, despite the weakness
reported in headlines about department store sales and the sales of other “old” economy
retailers. Changing patterns of consumer preferences – largely based, in our view, on both
ecommerce technology and on the rise of younger generations of Americans (the X and Y
generations) as the baby boomers increasingly retire – is a large phenomenon that creates
challenges for companies that have failed to adapt to the “new” marketplace and great
opportunities for those that have helped define it in our time. Amazon.com, Inc., Netflix,
Inc., Alphabet, Inc. (formerly Google), and Apple, Inc. are all doing quite well in this new
American marketplace, while the landscape, especially in retail, is littered with companies,
once good or even great, but today struggling to adapt their business models to the new and
obvious reality.

So despite fears, corporate fundamentals are fine in the U.S. S&P 500 earnings ex-materials
and ex-energy grew a healthy 6.3% in 2015, despite the additional headwind of a strong U.S.
dollar weighing on both exports and foreign earnings. For the first quarter of 2016, overall
results for the S&P 500 slowed from that pace, but we expect continued growth in earnings
in 2016 (again, ex-materials and ex-energy, though these might actually contribute to
earnings growth on a reported basis through declining losses in these sectors). We note that
oil appears to have bottomed in February and has since rebounded to close the reporting
period at $45.98. Investor sentiment remains very cautious in our view, and indeed almost
bearish, but there has been a significant rally in equities of late, with the S&P 500 generating
a 13.39% return from February 12 to April 30.

Global Economy Weakens
Concerns over global economic growth continue. In early 2015, the International Monetary
Fund forecasted that the global economy would grow 3.3% in 2015 and 3.8% in 2016. In
October, it lowered those numbers to 3.1% for 2015 and 3.6% for this year. It maintained
its 2015 estimate in January, but lowered its 2016 estimate to 3.4%. Also during the reporting
period, estimates for global corporate earnings per share for the MSCI World Index were
revised downward each month, declining from $106.72 in November to $101.20 as of April
30.

- 2 -

 

We are encouraged by the actions of many central banks across the globe, including the Bank
of Japan (BOJ), the People’s Bank of China, and the European Central Bank, to provide
additional economic stimulus. The BOJ, for its part, joined a handful of other countries that
have maintained negative interest rates. Many central banks have also expressed a willingness
to provide additional stimulus, and in the U.S., the Federal Reserve is taking a cautious
approach to normalizing monetary policy after raising the fed funds rate in December.
We note, as we did in the fall of 2015 in an Alger market commentary, that monetary
policy is not sufficient to stimulate fundamental, lasting growth in any economy. We hope
to see future governmental actions to improve structural growth in Europe, Asia, and other
foreign markets, and certainly we see that austerity policies are fading globally.

Further, in the significant changes occurring in international markets and economies, we
see many opportunities for investors. Economic and political concerns have dominated
investors’ mindset for a significant time now. But, as in the U.S., there are many companies
forging ahead in their markets and globally, showing both solid earnings growth and strong
fundamentals. We are always on the lookout for companies that are disrupting traditional
business models by exploiting large-scale changes. The internet continues to be an investable
trend but, especially in emerging markets, adoption of Western technology and lifestyles
(whether directly or in copycat fashion) is meeting with notable success in many regions
and sectors.

The U.S. Dollar, Emerging Markets, and Interest Rates
The previous end of the U.S. asset buying program, or quantitative easing, combined with
the Federal Reserve’s start to raising interest rates and anticipation of domestic economic
growth, has supported a strong U.S. dollar, especially relative to countries that have been
increasing monetary stimulus. At the start of the reporting period, the U.S. Dollar Index,
which measures U.S. currency against currencies of trading partners, was at 96.89, up
considerably from 79.14 in early 2014. Later in the reporting period, the Federal Reserve
signaled that it would take a cautious approach to raising interest rates, which caused the
strengthening of the U.S. dollar to moderate slightly, and the U.S. Dollar Index closed the
reporting period at 93.80. As mentioned previously, investors have fretted over the impact
of a strong dollar on U.S. exports and foreign earnings. We think the strong dollar does pose
challenges to U.S. exporters, especially those of undifferentiated commodity-like products
or services. In the end, however, we think U.S. companies with value-added products
and service models that are differentiated from the competition will do fine. Since global
competition is fierce, foreign companies seeking to succeed will invest in superior products
and services that will help them obtain their goals. We think there are many U.S. companies
that offer highly competitive products and services to the global market, even with the
recent disadvantage of a stronger U.S. dollar.

Finally, it’s important to note that the strong U.S. dollar has also driven periods of capital
outflows from countries with weaker currencies, especially emerging markets. We believe
the sensitivity of global markets to the U.S. dollar is likely to cause the Federal Reserve to
exercise extreme caution when normalizing monetary policy. At the same time, an estimated
$8 trillion in debt is trading globally with negative yields. When the Federal Reserve eventually
takes further actions to normalize policy, it’s likely that higher interest rates will attract even
more investors to U.S. debt, which could limit increases in yields here at home.

- 3 -

 

The Appeal of Growth Equities and the Downside of the Investor Stampede
We believe growth stocks are well positioned to outperform the market and especially bond-
like equites that have recently reached extreme valuations. The recent market action has
left traditional growth stocks at attractive valuations, especially when assessing PEG ratios.
PEG ratios are determined by dividing a company’s price-to-earnings ratio, or P/E, by its
expected earnings growth rate. As of April 30 of this year, the 12-month forward earnings
PEG for the Russell 1000 Growth Index was 42% lower than that of the Russell 1000 Value
Index. For most of 2016, the difference in PEGs has exceeded anything that has occurred
since at least 2002. In addition, bond-like sectors such as Utilities and Consumer Staples
are trading at over a 20% premium to their 20-year average P/E ratio while growth sectors
like Information Technology and Health Care are trading at double-digit discounts. From a
historical perspective, low P/E ratios have typically indicated strong potential for stocks to
outperform and we believe the current valuations of growth stocks are no exception.

Over the long term, equity returns are driven by corporate fundamentals, including earnings
and revenue growth. While dividend yields play an important role in the total return an
investor should expect from equities, it is a mistake, in our view, to focus solely, or overly, on
the dividend yield of a stock itself. It is, after all, a company’s fundamental success growing
its sales and profits that ultimately will deliver the cash flow to support dividends and
future dividend growth. The recent stampede into bond-like equities shows many signs of
investors’ failure to discriminate between companies with strong longer term fundamentals
and those that simply happen to pay a relatively higher dividend yield today. Much like
fixed-income securities, these bond-like equities will be very interest-rate sensitive. Even a
small change in interest rates or inflation could hurt the performance of bond-like stocks,
especially those trading at high valuations with poor growth prospects or leveraged balance
sheets.

Reasons for Optimism
Concerns over global growth are likely to drive market volatility, but we maintain that the
U.S. will continue to be an economic leader. April marked the 74th consecutive month of
private-sector job growth in the U.S., which is an unprecedented accomplishment. Over the
last year, the majority of those who have returned to the labor force have been from among
the long-term unemployed, which is a category of Americans that has traditionally faced
substantial challenges with finding work. In addition to steady job creation, the nation’s
5.0% unemployment rate implies that the job market is healthy. We continue to believe that
low oil prices combined with low inflation and the Federal Reserve’s cautious approach to
raising interest rates will continue to support the country’s economy.

Corporate America is also strong. In the fourth quarter, S&P 500 companies ex-financials
held $1.44 trillion in cash, according to FactSet Research Systems, Inc. The figure represents
a 0.5% year-over-year decline, but is still the third-highest level in 10 years. Fixed capital
expenditures during the quarter also declined when compared to the record level of outlays
during the same quarter of 2014. Yet, the $170.4 billion in outlays for the final quarter
of 2015 represented the third-highest level in 10 years, despite a 41% drop in capital
expenditures by energy companies. Corporations are also buying back stock at a rapid pace,
with approximately 30% of S&P 500 constituents having reduced their share count by at
least 4% during the first quarter, according to S&P Capital IQ.

- 4 -

 

We urge investors to carefully assess the appeal of growth equities and to evaluate the role
of bond-like equities in their investment strategies. We are in an era of rapid and dynamic
change. New technologies such as the internet, smartphones, ebooks, and social media have
reached 50% market penetration in a fraction of the time that older innovations such as
washing machines, dishwashers, and landline telephones required. Medical innovation in
orthopedic, cardiac, and cancer treatments (to name only a few) has advanced and will
continue to advance in ways that were unimaginable only a generation or so ago. We think
every prudent, long-term investor should have a portfolio “overweight” in the industries,
companies, and trends that are changing nearly every aspect of modern day life.

Portfolio Matters
Alger Capital Appreciation Institutional Fund
The Alger Capital Appreciation Institutional Fund returned -4.12% for the fiscal six-month
period ended April 30, 2016, compared to the -1.37% return of the Russell 1000 Growth
Index.

During the period, the largest sector weightings were Information Technology and
Consumer Discretionary. The largest sector overweight was Information Technology
and the largest sector underweight was Consumer Staples. Stock selection resulted in the
Consumer Discretionary sector contributing to relative performance, while other sectors
detracted from results.

Among the most important relative contributors were Apple, Inc.; Newell Brands, Inc.;
Honeywell International, Inc.; and Edwards Lifesciences Corp. Shares of social network
provider Facebook, Inc., Cl. A also contributed to performance. Facebook performed
strongly in response to the company’s social network continuing to take advertising market
share from print and television media. We believe investors were also encouraged by the
growth of Instagram, which is the company’s video- and photo-sharing network, and by the
potential for Facebook to further grow advertising revenues.

Conversely, detracting from overall results on a relative basis were Allergan PLC.; Vertex
Pharmaceuticals, Inc.; Norwegian Cruise Line Holdings Ltd.; and Anadarko Petroleum
Corp. Also detracting from performance were shares of LinkedIn Corporation Cl A. The
company operates the world’s largest social network for professionals and provides services
for recruiters and human resource professionals. LinkedIn also offers digital advertising and
premium memberships. During the first quarter, the company disclosed disappointing sales
and it provided weak profit guidance. It said Europe and Asia were weak areas.

Alger Capital Appreciation Focus Fund
The Alger Capital Appreciation Focus Fund returned -4.28% for the fiscal six-month period
ended April 30, 2016, compared to the -1.37% return of its benchmark, the Russell 1000
Growth Index.

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

- 5 -

 

Among the most important relative contributors were Apple, Inc.; Honeywell International,
Inc.; Newell Brands, Inc.; and HD Supply Holdings, Inc. Shares of social network provider
Facebook, Inc., Cl. A also contributed to performance. The stock performed strongly
in response to reasons identified in the Alger Capital Appreciation Institutional Fund
discussion.

Conversely, detracting from overall results on a relative basis were Norwegian Cruise Line
Holdings Ltd.; Vertex Pharmaceuticals, Inc.; Delphi Automotive PLC.; and Shire PLC. Shares
of Allergan PLC. also detracted from results. The company manufactures and distributes
both branded and generic pharmaceuticals globally. With an upcoming presidential
election, investors were concerned that increased government regulatory intervention could
negatively affect the company’s closing of a planned merger with Pfizer, Inc. The deal was
eventually halted by regulators.

Alger Mid Cap Growth Institutional Fund
The Alger Mid Cap Growth Institutional Fund returned -6.12% for the fiscal six-month
period ended April 30, 2016, compared to the -1.54% return of Russell Midcap Growth
Index.

During the reporting period, the largest sector weightings were Consumer Discretionary
and Information Technology. The largest sector overweight was Information Technology
and the largest sector underweight was Consumer Staples. Stock selection in the Consumer
Discretionary, Materials and Energy sectors contributed to relative performance, while
Health Care and Information Technology were among sectors that detracted from results.

Among the most important relative contributors were Newell Brands, Inc.; Broadcom Ltd.;
Coach, Inc.; and CBS Corp., Cl. B. Shares of HD Supply Holdings, Inc. also contributed to
performance. HD Supply Holdings is an industrial distributor of products for infrastructure,
housing, commercial buildings, and other construction applications. During the first quarter,
investors responded favorably to the healthy residential housing market and stronger-than-
expected guidance from the company. Investors also responded favorably to the company
refinancing expensive debt.

Conversely, detracting from overall results on a relative basis were NetScout Systems,
Inc.; Norwegian Cruise Line Holdings Ltd.; Portola Pharmaceuticals, Inc.; and DexCom,
Inc. Shares of Royal Caribbean Cruises Ltd. also detracted from results. Royal Caribbean
is a leading cruise operator. Investor concerns over the impact of a potential economic
slowdown on consumer cyclicals caused shares of Royal Caribbean to underperform.
We believe investors’ outlook for the economy has improved, but performance of Royal
Caribbean stock did not initially bounce back, perhaps because of concerns over terrorism.

Alger Small Cap Growth Institutional Fund
The Alger Small Cap Growth Institutional Fund returned -9.54% for the fiscal six-month
period ended April 30, 2016, compared to the -4.96 % return of the Russell 2000 Growth
Index.

During the period, the largest sector weightings were Information Technology and Health
Care. The largest sector overweight was Information Technology and the largest sector
underweight was Consumer Discretionary. The Energy and Health Care sectors provided

- 6 -

 

the largest contributions to relative performance, while Information Technology and
Consumer Discretionary were among sectors that detracted from results.

Among the most important relative contributors were CyrusOne, Inc.; PRA Health Sciences,
Inc.; Sun Hydraulics Corp.; and FEI Co. Shares of Burlington Stores, Inc. also contributed
to performance. Burlington Stores is a retailer of branded clothing and other apparel in
the U.S. The company’s off-price retail model has benefitted from a lackluster economic
environment highlighted by wages not keeping pace with increasing clothing prices. As a
result, Burlington reported revenues that were in line with expectations and earnings growth
for 2015 despite weak fourth-quarter margins due in part to mild fall and winter weather
hurting sales of warm clothing.

Conversely, detracting from overall results on a relative basis were WisdomTree Investments,
Inc.; Proofpoint, Inc.; and Incyte Corp. Shares of SPS Commerce, Inc. also detracted from
results. The company offers cloud-based software that enhances how suppliers, retailers,
and distributors manage and fulfill customer orders. The company reported fourth-quarter
earnings that were slightly above expectations, but it issued disappointing guidance for
2016. This past quarter, management said the company faced challenges in hiring additional
salespeople due to the improving labor market; therefore, SPS Commerce expects to ramp
up hiring this year, which could delay re-acceleration in recurring revenue growth.

I thank you for putting your trust in Alger.


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

As of April 30, 2016, the following companies represented the stated percentages of Alger
assets under management: Amazon.com, Inc., 3.56%; Netflix, Inc.; 0.27%; Alphabet, Inc.;
(formerly Google), 05.81%; and Apple, Inc., 4.15%.

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 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

- 7 -

 

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
a statement that the security is a significant holding in a fund. Please refer to the Schedules
of Investments for each fund that is included in this report for a complete list of fund
holdings as of April 30, 2016. Securities mentioned in the Shareholders’ Letter, if not found
in the Schedule of Investments, may have been held by the funds during the six-month
period.

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

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

- 8 -

 

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
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 1000 Value Index: An index designed to track the performance of
large-capitalization stocks that have value characteristics.
• 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 MSCI World Index: An index that captures large and mid cap repre-
sentation across 23 Developed Markets (DM) countries. The index covers
approximately 85% of the free float-adjusted market capitalization in each
country.
• FactSet Research Systems, Inc. is a multinational financial data and software
company.
• S&P Capital IQ provides research, data, and analysis on capital markets and
- 9 -

 

other topics for investment managers, investment banks, private equity funds,
advisory firms, corporations and universities.
• The U.S. Dollar Index measures US currency against currencies of trading
partners.

FUND PERFORMANCE AS OF 3/31/16 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS
    1   5   10   SINCE  
    YEAR   YEARS   YEARS   INCEPTION  
Alger Capital Appreciation Class I (Inception 11/8/93)   (2.10 )% 11.41 % 9.76 % 11.63 %
Alger Capital Appreciation Class R (Inception 1/27/03)*   (2.56 )% 10.86 % 9.21 % 11.07 %
 
Alger Capital Appreciation Focus Class A (Inception                  
12/31/12) (6.53 )% n/a   n/a   13.67 %
Alger Capital Appreciation Focus Class C (Inception                  
12/31/12) (3.03 )% n/a   n/a   14.70 %
Alger Capital Appreciation Focus Class I (Inception                  
11/8/93) (1.22 )% 10.49 % 6.03 % 8.18 %
Alger Capital Appreciation Focus Class Z (Inception                  
12/31/12) (0.96 )% n/a   n/a   16.03 %
 
Alger Mid Cap Growth Class I (Inception 11/8/93)   (12.45 )% 6.51 % 4.30 % 11.28 %
Alger Mid Cap Growth Class R (Inception 1/27/03)*   (12.95 )% 5.95 % 3.76 % 10.72 %
 
Alger Small Cap Growth Class I (Inception 11/8/93)   (17.72 )% 3.23 % 4.20 % 8.18 %
Alger Small Cap Growth Class R (Inception 1/27/03)*   (18.16 )% 2.71 % 3.69 % 7.66 %

 

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.

- 10 -

 

ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Fund Highlights Through April 30, 2016 (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, 2016. Figures for the Alger Capital Appreciation Institutional Fund Class
I shares and the Russell 1000 Growth Index include reinvestment of dividends. Performance for the Alger Capital
Appreciation Institutional Fund Class R shares may vary from the results shown above due to differences in expenses
the class bears. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees,
expenses, or taxes.

PERFORMANCE COMPARISON AS OF 4/30/16
AVERAGE ANNUAL TOTAL RETURNS
              Since  
  1 YEAR 5 YEARS   10 YEARSr   11/8/1993  
Class I (Inception 11/8/93) (2.34 )% 10.34 % 9.60 % 11.53 %
Class R (Inception 1/27/03)* (2.82 )% 9.79 % 9.05 % 10.97 %
Russell 1000 Growth Index 1.07 % 11.44 % 8.20 % 8.51 %

 

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, 2016 (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, 2016. Beginning December 31, 2012 Alger Capital Appreciation Focus
Fund changed its investment strategy to invest a substantial portion of its assets in a small number of issuers. The
figures for the Alger Capital Appreciation Focus Fund Class I shares and the Russell 1000 Growth Index include
reinvestment of dividends. Performance for the Alger Capital Appreciation Focus Fund Class A, Class C and Class Z
shares may vary from the results shown above due to differences in expenses the class bears. Investors cannot invest
directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.

PERFORMANCE COMPARISON AS OF 4/30/16
AVERAGE ANNUAL TOTAL RETURNS
              Since  
  1 YEAR 5 YEARS   10 YEARS   11/8/1993  
Class I (Inception 11/8/93) (2.67 )% 9.42 % 5.71 % 8.06 %
Russell 1000 Growth Index 1.07 % 11.44 % 8.20 % 8.51 %
 
              Since  
  1 YEAR 5 YEARS   10 YEARS   12/31/2012  
Class A (Inception 12/31/12) (7.92 )% n/a   n/a   12.69 %
Class C (Inception 12/31/12) (4.45 )% n/a   n/a   13.68 %
Class Z (Inception 12/31/12) (2.40 )% n/a   n/a   14.98 %
Russell 1000 Growth Index 1.07 % n/a   n/a   14.99 %

 

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.

- 12 -

 

ALGER MID CAP GROWTH INSTITUTIONAL FUND
Fund Highlights Through April 30, 2016 (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, 2016. Figures for the Alger Mid Cap Growth Institutional Fund Class I
shares and the Russell Midcap Growth Index include reinvestment of dividends. Performance for the Alger Mid Cap
Growth Institutional Fund Class R shares may vary from the results shown above due to differences in expenses
the class bears. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees,
expenses, or taxes.

PERFORMANCE COMPARISON AS OF 4/30/16
AVERAGE ANNUAL TOTAL RETURNS
              Since  
  1 YEAR 5 YEARS   10 YEARS   11/8/1993  
Class I (Inception 11/8/93) (11.09 )% 5.53 % 4.23 % 11.21 %
Class R (Inception 1/27/03)* (11.54 )% 4.99 % 3.70 % 10.65 %
Russell Midcap Growth Index (4.13 )% 9.20 % 7.38 % 9.12 %

 

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.

- 13 -

 

ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Fund Highlights Through April 30, 2016 (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, 2016. The figures for the Alger Small Cap Growth Institutional Fund Class
I shares and the Russell 2000 Growth Index include reinvestment of dividends. Performance for the Alger Small
Cap Growth Institutional Fund Class R shares may vary from the results shown above due to differences in expenses
the class bears. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees,
expenses, or taxes.

PERFORMANCE COMPARISON AS OF 4/30/16
AVERAGE ANNUAL TOTAL RETURNS
              Since  
  1 YEAR 5 YEARS   10 YEARS   11/8/1993  
Class I (Inception 11/8/93) (13.72 )% 2.53 % 4.19 % 8.20 %
Class R (Inception 1/27/03)* (14.17 )% 2.03 % 3.68 % 7.68 %
Russell 2000 Growth Index (8.27 )% 7.15 % 6.14 % 6.62 %

 

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.

- 14 -

 

PORTFOLIO SUMMARY†
April 30, 2016 (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 18.4 % 20.1 % 27.1 % 12.0 %
Consumer Staples 8.2     3.7   5.0   1.7  
Energy 1.6     1.4   1.0   1.6  
Financials 3.1     5.0   7.7   8.1  
Health Care 18.3   18.0   15.7   28.7  
Industrials 10.7     8.3   15.9   10.3  
Information Technology 33.1   36.8   22.4   31.7  
Materials 1.2     0.7   4.8   3.0  
Telecommunication Services 1.9     1.5   0.0   0.0  
Short-Term Investments and                          
    Net Other Assets 3.5     4.5   0.4   2.9  
  100.0 % 100.0 % 100.0 % 100.0 %
 
† Based on net assets for each Fund                      

 

- 15 -

 

THE ALGER INSTITUTIONAL FUNDS |
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments April 30, 2016 (Unaudited)

COMMON STOCKS—94.4%   SHARES       VALUE
ADVERTISING—0.0%            
Choicestream, Inc.*,@,(a) 124,658 $ 52,356
AEROSPACE & DEFENSE—5.1%            
Honeywell International, Inc. 1,180,459   134,891,050
Lockheed Martin Corp. 98,571     22,905,929
The Boeing Co. 175,763     23,692,852
TransDigm Group, Inc.* 15,600     3,554,772
        185,044,603
AIRLINES—1.2%            
Delta Air Lines, Inc. 579,700     24,156,099
Southwest Airlines Co 424,500     18,936,945
Spirit Airlines, Inc.* 36,500     1,603,445
        44,696,489
ALTERNATIVE CARRIERS—0.6%            
Level 3 Communications, Inc.* 416,109   21,745,856
APPAREL ACCESSORIES & LUXURY GOODS—0.6%            
Hanesbrands, Inc. 316,500     9,187,995
PVH Corp. 100,500     9,607,800
Under Armour, Inc., Cl. A* 59,500     2,614,430
        21,410,225
APPLICATION SOFTWARE—2.2%            
Adobe Systems, Inc.* 357,554     33,688,738
salesforce.com, inc.* 625,234     47,392,737
        81,081,475
AUTO PARTS & EQUIPMENT—1.4%            
Delphi Automotive PLC. 595,027     43,811,838
WABCO Holdings, Inc.* 60,300     6,763,248
        50,575,086
AUTOMOBILE MANUFACTURERS—0.1%            
Tesla Motors, Inc.* 15,800     3,804,008
BIOTECHNOLOGY—4.7%            
ACADIA Pharmaceuticals, Inc.* 286,100     9,241,030
Biogen, Inc.* 122,045     33,561,155
BioMarin Pharmaceutical, Inc.* 266,130     22,535,888
Celgene Corp.* 420,690     43,503,553
Gilead Sciences, Inc. 363,022     32,022,171
Incyte Corp.* 75,798     5,477,921
Vertex Pharmaceuticals, Inc.* 286,718     24,181,796
        170,523,514
BREWERS—1.5%            
Molson Coors Brewing Co., Cl. B 571,576   54,659,813
BROADCASTING—1.5%            
CBS Corp., Cl. B 1,003,000   56,077,730
BUILDING PRODUCTS—0.3%            
Fortune Brands Home & Security, Inc. 183,497     10,167,569
Lennox International, Inc. 13,684     1,846,656
        12,014,225

 

- 16 -

 

THE ALGER INSTITUTIONAL FUNDS |
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments April 30, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)   SHARES       VALUE
CABLE & SATELLITE—1.7%            
Comcast Corporation, Cl. A 1,022,820 $   62,146,543 
CASINOS & GAMING—0.2%            
Las Vegas Sands Corp. 120,700     5,449,605
COMMUNICATIONS EQUIPMENT—0.3%            
Arista Networks, Inc.* 106,330     7,083,705
Cisco Systems, Inc. 144,400     3,969,556
          11,053,261
CONSUMER FINANCE—0.1%            
LendingClub Corp.* 397,300     3,138,670
DATA PROCESSING & OUTSOURCED SERVICES—4.0%            
Alliance Data Systems Corp.* 18,427     3,746,394
Sabre Corp. 682,740     19,765,323
Visa, Inc., Cl. A 1,562,555   120,691,748
        144,203,465
DIVERSIFIED CHEMICALS—0.2%            
EI Du Pont de Nemours & Co. 118,400     7,803,744
DRUG RETAIL—1.5%            
CVS Caremark Corp. 418,108     42,019,854
Walgreens Boots Alliance, Inc. 170,293     13,500,829
        55,520,683
ELECTRICAL COMPONENTS & EQUIPMENT—0.4%            
Eaton Corp., PLC. 213,500   13,508,145
ENVIRONMENTAL & FACILITIES SERVICES—0.4%            
Stericycle, Inc.* 168,400   16,092,304
FOOD RETAIL—0.6%            
The Kroger Co. 575,252   20,358,168
GENERAL MERCHANDISE STORES—0.9%            
Dollar General Corp. 217,429     17,809,609
Dollar Tree, Inc.* 163,721     13,050,201
        30,859,810
HEALTH CARE EQUIPMENT—3.2%            
Boston Scientific Corp.* 991,300     21,729,296
DexCom, Inc.* 188,100     12,109,878
Edwards Lifesciences Corp.* 273,000     28,995,330
Medtronic PLC. 234,900     18,592,335
STERIS PLC. 335,700     23,723,919
Stryker Corp. 111,300     12,132,813
        117,283,571
HEALTH CARE FACILITIES—0.7%            
Acadia Healthcare Co., Inc.* 47,000     2,969,930
Amsurg Corp.* 120,300     9,741,894
HCA Holdings, Inc.* 170,047     13,709,189
        26,421,013
HOME ENTERTAINMENT SOFTWARE—1.0%            
Activision Blizzard, Inc. 165,954     5,720,434
Electronic Arts, Inc.* 502,800     31,098,180
        36,818,614

 

- 17 -

 

THE ALGER INSTITUTIONAL FUNDS |
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments April 30, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)   SHARES       VALUE
HOME IMPROVEMENT RETAIL—0.8%            
The Home Depot, Inc. 220,807 $    29,563,849
HOTELS RESORTS & CRUISE LINES—1.4%            
Ctrip.com International Ltd.#* 299,894     13,078,377
Norwegian Cruise Line Holdings Ltd.* 486,000     23,760,540
Royal Caribbean Cruises Ltd. 189,300     14,651,820
        51,490,737
HOUSEWARES & SPECIALTIES—1.9%            
Newell Brands, Inc. 1,534,493     69,880,811
HYPERMARKETS & SUPER CENTERS—0.5%            
Costco Wholesale Corp. 123,000   18,219,990
INDUSTRIAL CONGLOMERATES—0.8%            
3M Co. 70,100     11,733,338
General Electric Co. 584,189     17,963,812
        29,697,150
INDUSTRIAL GASES—0.2%            
Air Products & Chemicals, Inc. 39,027     5,693,649
INTEGRATED OIL & GAS—0.3%            
TOTAL SA# 207,400   10,525,550
INTEGRATED TELECOMMUNICATION SERVICES—1.3%            
AT&T, Inc. 661,400     25,675,548
Verizon Communications, Inc. 433,600     22,087,584
        47,763,132
INTERNET RETAIL—4.3%            
Amazon.com, Inc.* 223,571   147,465,196
NetFlix, Inc.* 99,996     9,002,640
The Priceline Group, Inc.* 1,400     1,881,124
        158,348,960
INTERNET SOFTWARE & SERVICES—12.8%            
Alphabet, Inc., Cl. C* 352,219   244,091,289
comScore, Inc.* 225,400     6,901,748
Facebook, Inc., Cl. A* 1,403,932   165,074,325
LinkedIn Corp., Cl. A* 81,036     10,154,621
Palantir Technologies, Inc., Cl. A*,@ 239,030     2,629,330
Twitter, Inc.* 67,900     992,698
Yahoo! Inc.* 1,035,148     37,886,417
        467,730,428
INVESTMENT BANKING & BROKERAGE—0.5%            
Morgan Stanley 543,430     14,705,216
The Goldman Sachs Group, Inc. 29,000     4,759,190
        19,464,406
LEISURE PRODUCTS—0.5%            
Coach, Inc. 471,200   18,975,224
LIFE SCIENCES TOOLS & SERVICES—2.1%            
Thermo Fisher Scientific, Inc. 518,779   74,833,871
MANAGED HEALTH CARE—2.3%            
Aetna, Inc. 116,557     13,085,854
Humana, Inc. 50,200     8,888,914

 

- 18 -

 

THE ALGER INSTITUTIONAL FUNDS |
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments April 30, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)   SHARES       VALUE
MANAGED HEALTH CARE—(CONT.)            
UnitedHealth Group, Inc. 470,204 $   61,916,463
        83,891,231
MOVIES & ENTERTAINMENT—0.5%            
The Walt Disney Co. 67,865     7,007,740
Time Warner, Inc. 127,952     9,614,313
        16,622,053
OIL & GAS EQUIPMENT & SERVICES—0.6%            
Halliburton Company 294,991     12,186,078
Schlumberger Ltd. 41,400     3,326,076
Weatherford International PLC.* 694,900     5,649,537
        21,161,691
OIL & GAS EXPLORATION & PRODUCTION—0.7%            
EOG Resources, Inc. 242,400     20,027,088
Pioneer Natural Resources Co. 35,100     5,830,110
        25,857,198
OTHER DIVERSIFIED FINANCIAL SERVICES—0.5%            
Bank of America Corp. 1,301,243   18,946,098
PACKAGED FOODS & MEATS—0.5%            
Mead Johnson Nutrition Co., Cl. A 21,800     1,899,870
The Kraft Heinz Co. 194,000     15,145,580
TreeHouse Foods, Inc.* 25,500     2,254,200
        19,299,650
PHARMACEUTICALS—5.2%            
Allergan PLC.* 365,010     79,046,566
Bristol-Myers Squibb Co. 837,940     60,482,509
Eli Lilly & Co. 207,900     15,702,687
Pacira Pharmaceuticals, Inc.* 305,694     16,541,102
Pfizer, Inc. 334,300     10,934,953
Shire PLC. 116,632     7,278,817
        189,986,634
RAILROADS—0.3%            
Union Pacific Corp. 136,846     11,937,077
REGIONAL BANKS—0.2%            
Citizens Financial Group, Inc. 350,000     7,997,500
RESEARCH & CONSULTING SERVICES—0.5%            
Verisk Analytics, Inc., Cl. A* 244,800   18,991,584
RESTAURANTS—1.4%            
McDonald's Corp. 166,294     21,034,528
Starbucks Corp. 512,973     28,844,472
        49,879,000
SECURITY & ALARM SERVICES—0.6%            
Tyco International PLC. 523,373   20,160,328
SEMICONDUCTORS—2.5%            
Broadcom Ltd. 274,560     40,017,120
Microsemi Corp.* 636,000     21,490,440
NXP Semiconductors NV* 350,397     29,881,856
        91,389,416

 

- 19 -

 

THE ALGER INSTITUTIONAL FUNDS |
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments April 30, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)   SHARES         VALUE
SOFT DRINKS—2.1%              
Monster Beverage Corp.* 59,900 $   8,638,778
PepsiCo, Inc. 648,547       66,774,399
The Coca-Cola Co. 39,400       1,765,120
        77,178,297
SPECIALIZED CONSUMER SERVICES—0.6%              
ServiceMaster Global Holdings, Inc.* 531,000   20,347,920
SPECIALIZED FINANCE—0.2%              
S&P Global, Inc. 68,566       7,326,277
SPECIALTY CHEMICALS—0.8%              
PPG Industries, Inc. 131,869       14,557,019
The Sherwin-Williams Co. 55,800       16,031,898
        30,588,917
SPECIALTY STORES—0.7%              
Signet Jewelers Ltd. 218,293   23,697,888
SYSTEMS SOFTWARE—5.4%              
Microsoft Corp. 3,252,219   162,188,162
Oracle Corp. 181,900       7,250,534
Red Hat, Inc.* 180,400       13,235,948
ServiceNow, Inc.* 224,834       16,071,134
        198,745,778
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.6%              
Apple, Inc. 1,791,321   167,918,431
TOBACCO—1.5%              
Altria Group, Inc. 532,194       33,373,886
Philip Morris International, Inc. 220,900       21,674,708
        55,048,594
TRADING COMPANIES & DISTRIBUTORS—0.9%              
HD Supply Holdings, Inc.* 997,656   34,199,648
TOTAL COMMON STOCKS              
    (Cost $3,152,285,223)         3,445,701,943
PREFERRED STOCKS—0.5%   SHARES         VALUE
ADVERTISING—0.1%              
Choicestream, Inc., Cl. A*,@,(a) 1,074,935       451,473
Choicestream, Inc., Cl. B*,@,(a) 2,500,538       1,050,226
            1,501,699
INTERNET SOFTWARE & SERVICES—0.3%              
Palantir Technologies, Inc., Cl. B*,@ 974,841       10,723,251
Palantir Technologies, Inc., Cl. D*,@ 127,007       1,397,077
        12,120,328
PHARMACEUTICALS—0.1%              
Intarcia Therapeutics, Inc.*,@ 111,655       3,690,198
TOTAL PREFERRED STOCKS              
    (Cost $13,252,335)             17,312,225
MASTER LIMITED PARTNERSHIP—0.7%   SHARES         VALUE
ASSET MANAGEMENT & CUSTODY BANKS—0.7%              
The Blackstone Group LP. 953,062   26,152,021
    (Cost $30,055,316)             26,152,021

 

- 20 -

 

THE ALGER INSTITUTIONAL FUNDS |
ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND
Schedule of Investments April 30, 2016 (Unaudited) (Continued)

REAL ESTATE INVESTMENT TRUST—0.9%   SHARES     VALUE
MORTGAGE—0.6%          
Blackstone Mortgage Trust, Inc., Cl. A 833,840   $ 22,913,923
SPECIALIZED—0.3%          
Crown Castle International Corp. 144,700     12,571,536
TOTAL REAL ESTATE INVESTMENT TRUST          
(Cost $36,699,515)         35,485,459
Total Investments          
(Cost $3,232,292,389)(b) 96.5 %   3,524,651,648
Other Assets in Excess of Liabilities 3.5 %   126,528,597
NET ASSETS 100.0 % $ 3,651,180,245

 

# 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, 2016, the net unrealized appreciation on investments, based on cost for federal income tax purposes
of $3,293,870,885, amounted to $230,780,763 which consisted of aggregate gross unrealized appreciation of
$368,002,684 and aggregate gross unrealized depreciation of $137,221,921.
* 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 4/30/2016  
Choicestream, Inc. 03/14/14 $ 36,151 0.00 % $ 52,356 0.00 %
Choicestream, Inc., Cl. A 12/17/13   859,605 0.03 %   451,473 0.01 %
Choicestream, Inc., Cl. B 07/10/14   1,500,323 0.05 %   1,050,226 0.03 %
Intarcia Therapeutics, Inc. 03/27/14   3,616,506 0.14 %   3,690,198 0.10 %
Palantir Technologies, Inc., Cl. A 10/07/14   1,555,368 0.05 %   2,629,330 0.07 %
Palantir Technologies, Inc., Cl. B 10/07/14   6,437,297 0.22 %   10,723,251 0.29 %
Palantir Technologies, Inc., Cl. D 10/14/14   838,605 0.03 %   1,397,077 0.04 %
Total           $ 19,993,911 0.54 %
                   
See Notes to Financial Statements.                  

 

- 21 -

 

THE ALGER INSTITUTIONAL FUNDS | ALGER CAPITAL APPRECIATION FOCUS FUND
Schedule of Investments April 30, 2016 (Unaudited)

COMMON STOCKS—91.6%   SHARES     VALUE
AEROSPACE & DEFENSE—5.2%          
Honeywell International, Inc. 32,190 $ 3,678,351
AIRLINES—1.1%          
Delta Air Lines, Inc. 18,060   752,560
ALTERNATIVE CARRIERS—1.5%          
Level 3 Communications, Inc.* 20,060   1,048,336
APPAREL ACCESSORIES & LUXURY GOODS—1.2%          
PVH Corp. 9,080   868,048
APPLICATION SOFTWARE—2.6%          
Adobe Systems, Inc.* 8,550   805,581
salesforce.com, inc.* 13,960   1,058,168
        1,863,749
AUTO PARTS & EQUIPMENT—1.5%          
Delphi Automotive PLC. 14,000   1,030,820
BIOTECHNOLOGY—5.0%          
Biogen, Inc.* 3,100   852,469
BioMarin Pharmaceutical, Inc.* 6,350   537,718
Celgene Corp.* 10,260   1,060,987
Gilead Sciences, Inc. 6,830   602,474
Vertex Pharmaceuticals, Inc.* 5,310   447,845
        3,501,493
BREWERS—1.5%          
Molson Coors Brewing Co., Cl. B 10,840   1,036,629
BROADCASTING—4.8%          
CBS Corp., Cl. B 60,690   3,393,178
CABLE & SATELLITE—2.3%          
Comcast Corporation, Cl. A 26,630   1,618,039
CASINOS & GAMING—0.9%          
Red Rock Resorts, Inc., Cl. A* 32,700   609,528
DATA PROCESSING & OUTSOURCED SERVICES—3.9%          
Visa, Inc., Cl. A 35,490   2,741,248
DRUG RETAIL—1.2%          
CVS Caremark Corp. 8,400   844,200
HEALTH CARE EQUIPMENT—2.1%          
DexCom, Inc.* 7,080   455,810
Edwards Lifesciences Corp.* 4,660   494,939
STERIS PLC. 7,390   522,251
        1,473,000
HOME ENTERTAINMENT SOFTWARE—2.3%          
Electronic Arts, Inc.* 25,880   1,600,678
HOTELS RESORTS & CRUISE LINES—2.5%          
Norwegian Cruise Line Holdings Ltd.* 35,767   1,748,649
HOUSEWARES & SPECIALTIES—1.8%          
Newell Brands, Inc. 27,825   1,267,151

 

- 22 -

 

THE ALGER INSTITUTIONAL FUNDS | ALGER CAPITAL APPRECIATION FOCUS FUND
Schedule of Investments April 30, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)   SHARES       VALUE
INTERNET RETAIL—4.1%            
Amazon.com, Inc.* 4,430 $ 2,921,984
INTERNET SOFTWARE & SERVICES—14.9%            
Alphabet, Inc., Cl. C* 6,851     4,747,812
comScore, Inc.* 10,190     312,018
Facebook, Inc., Cl. A* 27,530     3,236,977
Match Group, Inc.* 29,580     337,212
Stamps.com, Inc.* 11,620     957,023
Yahoo! Inc.* 26,230     960,018
        10,551,060
INVESTMENT BANKING & BROKERAGE—0.6%            
Morgan Stanley 16,790     454,337
LIFE SCIENCES TOOLS & SERVICES—2.3%            
Thermo Fisher Scientific, Inc. 11,280     1,627,140
MANAGED HEALTH CARE—2.7%            
UnitedHealth Group, Inc. 14,710     1,937,013
OIL & GAS EQUIPMENT & SERVICES—0.3%            
Weatherford International PLC.* 28,810     234,225
OIL & GAS EXPLORATION & PRODUCTION—1.1%            
Anadarko Petroleum Corp. 15,129     798,206
OTHER DIVERSIFIED FINANCIAL SERVICES—1.0%            
Bank of America Corp. 49,010     713,586
PACKAGED FOODS & MEATS—1.0%            
Pinnacle Foods, Inc. 16,310     694,643
PHARMACEUTICALS—5.4%            
Allergan PLC.* 8,760     1,897,066
Bristol-Myers Squibb Co. 22,380     1,615,388
Pacira Pharmaceuticals, Inc.* 6,020     325,742
          3,838,196
SECURITY & ALARM SERVICES—0.7%            
Tyco International PLC. 12,030     463,396
SEMICONDUCTORS—3.1%            
Broadcom Ltd. 7,350     1,071,262
Microsemi Corp.* 13,460     454,813
NXP Semiconductors NV* 7,870     671,154
          2,197,229
SPECIALTY CHEMICALS—0.7%            
The Sherwin-Williams Co. 1,640     471,188
SPECIALTY STORES—1.0%            
Signet Jewelers Ltd. 6,450     700,212
SYSTEMS SOFTWARE—5.3%            
Microsoft Corp. 66,990     3,340,791
TubeMogul, Inc.* 32,630     422,885
          3,763,676

 

- 23 -

 

THE ALGER INSTITUTIONAL FUNDS | ALGER CAPITAL APPRECIATION FOCUS FUND
Schedule of Investments April 30, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)   SHARES       VALUE
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.7%            
Apple, Inc. 35,711   $   3,347,549
TRADING COMPANIES & DISTRIBUTORS—1.3%            
HD Supply Holdings, Inc.* 27,130       930,016
TOTAL COMMON STOCKS            
(Cost $61,854,144)           64,719,313
PREFERRED STOCKS—0.5%   SHARES       VALUE
BIOTECHNOLOGY—0.5%            
Prosetta Biosciences, Inc.*,@,(a) 76,825       347,249
(Cost $345,713)           347,249
MASTER LIMITED PARTNERSHIP—1.2%   SHARES       VALUE
ASSET MANAGEMENT & CUSTODY BANKS—1.2%            
The Blackstone Group LP. 31,770       871,769
(Cost $945,997)           871,769
REAL ESTATE INVESTMENT TRUST—2.2%   SHARES       VALUE
SPECIALIZED—2.2%            
Crown Castle International Corp. 17,970       1,561,234
(Cost $1,521,597)           1,561,234
Total Investments            
(Cost $64,667,451)(b) 95.5 %     67,499,565
Other Assets in Excess of Liabilities 4.5 %     3,151,188
NET ASSETS 100.0 % $   70,650,753

 

(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, 2016, the net unrealized appreciation on investments, based on cost for federal income tax purposes
of $65,845,255, amounted to $1,654,310 which consisted of aggregate gross unrealized appreciation of
$4,623,399 and aggregate gross unrealized depreciation of $2,969,089.
* 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 4/30/2016  
Prosetta Biosciences, Inc. 02/06/15 $ 345,713 0.80 % $ 347,249 0.49 %
Total           $ 347,249 0.49 %
                   
 
 
See Notes to Financial Statements.                  

 

- 24 -

 

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2016 (Unaudited)

COMMON STOCKS—94.2%   SHARES     VALUE
ADVERTISING—0.0%          
Choicestream, Inc.*,@,(a) 8,930 $ 3,750
AEROSPACE & DEFENSE—2.4%          
Hexcel Corp. 26,800   1,213,236
TransDigm Group, Inc.* 6,800   1,549,516
        2,762,752
AIRLINES—1.9%          
Southwest Airlines Co 24,400   1,088,484
Spirit Airlines, Inc.* 7,800   342,654
United Continental Holdings, Inc.* 15,100   691,731
        2,122,869
APPAREL ACCESSORIES & LUXURY GOODS—3.4%          
Hanesbrands, Inc. 48,900   1,419,567
lululemon athletica, Inc.* 8,000   524,400
PVH Corp. 10,500   1,003,800
Under Armour, Inc., Cl. A* 11,800   518,492
Under Armour, Inc., Cl. C* 10,600   432,480
        3,898,739
APPAREL RETAIL—1.8%          
Burlington Stores, Inc.* 11,800   672,246
Ross Stores, Inc. 24,500   1,391,110
        2,063,356
APPLICATION SOFTWARE—0.5%          
Guidewire Software, Inc.* 3,300   188,001
Intuit, Inc. 3,700   373,293
        561,294
AUTO PARTS & EQUIPMENT—2.4%          
Delphi Automotive PLC. 20,950   1,542,548
WABCO Holdings, Inc.* 10,000   1,121,600
        2,664,148
AUTOMOBILE MANUFACTURERS—0.2%          
Tesla Motors, Inc.* 800   192,608
AUTOMOTIVE RETAIL—0.9%          
O'Reilly Automotive, Inc.* 3,900   1,024,452
BIOTECHNOLOGY—3.4%          
Anacor Pharmaceuticals, Inc.* 5,600   351,344
BioMarin Pharmaceutical, Inc.* 8,000   677,440
Bluebird Bio, Inc.* 5,100   226,185
Incyte Corp.* 8,500   614,295
Juno Therapeutics, Inc.* 2,500   105,225
Portola Pharmaceuticals, Inc.* 11,600   275,616
Ultragenyx Pharmaceutical, Inc.* 6,400   432,768
United Therapeutics Corp.* 5,700   599,640
Vertex Pharmaceuticals, Inc.* 6,300   531,342
        3,813,855
BROADCASTING—1.2%          
CBS Corp., Cl. B 23,900   1,336,249

 

- 25 -

 

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)   SHARES     VALUE
BROADCASTING & CABLE TV—0.7%          
Discovery Communications, Inc., Series A* 30,200 $ 824,762
BUILDING PRODUCTS—3.0%          
Allegion PLC. 25,000   1,636,250
AO Smith Corp. 8,600   664,092
Fortune Brands Home & Security, Inc. 20,300   1,124,823
        3,425,165
CASINOS & GAMING—1.1%          
Penn National Gaming, Inc.* 44,200   712,946
Red Rock Resorts, Inc., Cl. A* 30,100   561,064
        1,274,010
COMMUNICATIONS EQUIPMENT—2.7%          
Arista Networks, Inc.* 9,200   612,904
Ciena Corp.* 20,000   336,600
F5 Networks, Inc.* 9,500   995,125
Finisar Corp.* 20,800   342,368
Lumentum Holdings, Inc.* 13,700   346,610
Palo Alto Networks, Inc.* 3,200   482,784
        3,116,391
CONSTRUCTION & FARM MACHINERY & HEAVY          
    TRUCKS—0.6%          
Wabtec Corp. 8,300   688,319
CONSUMER FINANCE—0.1%          
LendingClub Corp.* 18,900   149,310
DATA PROCESSING & OUTSOURCED SERVICES—4.4%          
Alliance Data Systems Corp.* 3,800   772,578
Fiserv, Inc.* 14,900   1,456,028
MAXIMUS, Inc. 18,300   968,070
Sabre Corp. 34,400   995,880
Vantiv, Inc., CL. A* 14,500   790,830
        4,983,386
DISTILLERS & VINTNERS—0.4%          
Constellation Brands Inc., Cl. A 2,700   421,362
ENVIRONMENTAL & FACILITIES SERVICES—0.9%          
Stericycle, Inc.* 10,400   993,824
FOOD RETAIL—0.8%          
The Kroger Co. 26,500   937,835
GENERAL MERCHANDISE STORES—2.0%          
Dollar General Corp. 16,200   1,326,942
Dollar Tree, Inc.* 12,500   996,375
        2,323,317
HEALTH CARE EQUIPMENT—5.0%          
ABIOMED, Inc.* 11,800   1,146,252
DexCom, Inc.* 21,600   1,390,608
Edwards Lifesciences Corp.* 14,200   1,508,182
Hologic, Inc.* 15,100   507,209

 

- 26 -

 

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)   SHARES     VALUE
HEALTH CARE EQUIPMENT—(CONT.)          
IDEXX Laboratories, Inc.* 10,100 $ 851,935
STERIS PLC. 3,300   233,211
        5,637,397
HEALTH CARE FACILITIES—3.9%          
Acadia Healthcare Co., Inc.* 16,400   1,036,316
Amsurg Corp.* 11,700   947,466
Universal Health Services, Inc., Cl. B 9,800   1,310,064
VCA Antech, Inc.* 18,100   1,139,757
        4,433,603
HEALTH CARE SERVICES—0.8%          
Adeptus Health, Inc., Cl. A* 8,700   592,644
Diplomat Pharmacy, Inc.* 10,500   318,045
        910,689
HOME ENTERTAINMENT SOFTWARE—0.7%          
Electronic Arts, Inc.* 13,500   834,975
HOMEBUILDING—0.3%          
Toll Brothers, Inc.* 10,900   297,570
HOTELS RESORTS & CRUISE LINES—5.9%          
Ctrip.com International Ltd.#* 6,400   279,104
Diamond Resorts International, Inc.* 72,100   1,529,241
Norwegian Cruise Line Holdings Ltd.* 54,300   2,654,727
Royal Caribbean Cruises Ltd. 29,500   2,283,300
        6,746,372
HOUSEHOLD PRODUCTS—1.1%          
Church & Dwight Co., Inc. 12,900   1,195,830
HOUSEWARES & SPECIALTIES—2.4%          
Newell Brands, Inc. 59,096   2,691,232
INDUSTRIAL GASES—0.5%          
Air Products & Chemicals, Inc. 4,000   583,560
INDUSTRIAL MACHINERY—1.5%          
Colfax Corp.* 17,300   561,039
Donaldson Co., Inc. 23,300   761,444
Graco, Inc. 5,300   415,467
        1,737,950
INTERNET SOFTWARE & SERVICES—2.9%          
comScore, Inc.* 21,300   652,206
Cornerstone OnDemand, Inc.* 14,139   485,675
Criteo SA#* 10,400   433,576
LinkedIn Corp., Cl. A* 3,300   413,523
Palantir Technologies, Inc., Cl. A*,@ 12,426   136,686
SPS Commerce, Inc.* 10,500   534,765
Stamps.com, Inc.* 6,200   510,632
Twitter, Inc.* 9,300   135,966
        3,303,029

 

- 27 -

 

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)   SHARES     VALUE
INVESTMENT BANKING & BROKERAGE—0.6%          
TD Ameritrade Holding Corp. 24,600 $ 733,818
LEISURE PRODUCTS—1.0%          
Coach, Inc. 26,700   1,075,209
LIFE SCIENCES TOOLS & SERVICES—0.3%          
Quintiles Transnational Holdings, Inc.* 5,400   372,978
OIL & GAS DRILLING—0.3%          
Patterson-UTI Energy, Inc. 16,900   333,775
OIL & GAS EXPLORATION & PRODUCTION—0.7%          
Devon Energy Corp. 7,500   260,100
Newfield Exploration Co.* 6,300   228,375
PDC Energy, Inc.* 4,400   276,276
        764,751
PACKAGED FOODS & MEATS—2.1%          
ConAgra Foods, Inc. 4,000   178,240
Mead Johnson Nutrition Co., Cl. A 4,100   357,315
The WhiteWave Foods Co.* 20,600   828,326
TreeHouse Foods, Inc.* 12,000   1,060,800
        2,424,681
PHARMACEUTICALS—1.0%          
Akorn, Inc.* 4,000   101,800
Jazz Pharmaceuticals PLC.* 2,400   361,680
Pacira Pharmaceuticals, Inc.* 11,300   611,443
        1,074,923
REAL ESTATE SERVICES—0.4%          
Jones Lang LaSalle, Inc. 4,000   460,680
REGIONAL BANKS—1.7%          
Citizens Financial Group, Inc. 36,000   822,600
Signature Bank* 8,400   1,157,772
        1,980,372
RESEARCH & CONSULTING SERVICES—2.4%          
CoStar Group, Inc.* 3,700   730,047
Verisk Analytics, Inc., Cl. A* 25,100   1,947,258
        2,677,305
SECURITY & ALARM SERVICES—0.8%          
Tyco International PLC. 24,900   959,148
SEMICONDUCTOR EQUIPMENT—0.9%          
Lam Research Corp. 12,700   970,280
SEMICONDUCTORS—4.6%          
Broadcom Ltd. 13,600   1,982,200
Cavium Networks, Inc.* 8,100   399,897
Microsemi Corp.* 22,900   773,791
NXP Semiconductors NV* 10,900   929,552
Skyworks Solutions, Inc. 16,800   1,122,576
        5,208,016

 

- 28 -

 

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)   SHARES       VALUE
SOFT DRINKS—0.6%            
Monster Beverage Corp.* 4,700 $ 677,834
SPECIALIZED CONSUMER SERVICES—1.3%            
ServiceMaster Global Holdings, Inc.* 38,200     1,463,824
SPECIALIZED FINANCE—1.4%            
Moody's Corp. 2,900     277,588
S&P Global, Inc. 11,900     1,271,515
          1,549,103
SPECIALTY CHEMICALS—4.3%            
Axalta Coating Systems Ltd.* 34,000     967,980
Balchem Corp. 7,300     447,928
Celanese Corp. 11,800     834,260
PPG Industries, Inc. 11,300     1,247,407
The Sherwin-Williams Co. 4,900     1,407,819
          4,905,394
SPECIALTY STORES—3.4%            
Signet Jewelers Ltd. 10,300     1,118,168
The Michaels Cos, Inc.* 26,400     750,552
Tractor Supply Co. 10,900     1,031,794
Ulta Salon, Cosmetics & Fragrance, Inc.* 4,800     999,744
          3,900,258
SYSTEMS SOFTWARE—4.5%            
Fortinet, Inc.* 41,800     1,358,918
Proofpoint, Inc.* 9,900     576,774
Red Hat, Inc.* 6,400     469,568
ServiceNow, Inc.* 26,800     1,915,664
Tableau Software, Inc., Cl. A* 4,900     253,330
TubeMogul, Inc.* 43,100     558,576
          5,132,830
TRADING COMPANIES & DISTRIBUTORS—1.7%            
HD Supply Holdings, Inc.* 56,200     1,926,536
TRUCKING—0.4%            
Old Dominion Freight Line, Inc.* 6,000     396,300
TOTAL COMMON STOCKS            
     (Cost $104,408,492)         106,941,975
PREFERRED STOCKS—1.9%   SHARES       VALUE
ADVERTISING—0.1%            
Choicestream, Inc., Cl. A*,@,(a) 77,008     32,344
Choicestream, Inc., Cl. B*,@,(a) 144,793     60,813
          93,157
BIOTECHNOLOGY—1.1%            
Prosetta Biosciences, Inc.*,@,(a) 166,009     750,361
Tolero Pharmaceuticals, Inc.*,@,(a) 354,870     468,428
          1,218,789
INTERNET SOFTWARE & SERVICES—0.5%            
Palantir Technologies, Inc., Cl. B*,@ 50,675     557,425

 

- 29 -

 

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2016 (Unaudited) (Continued)

PREFERRED STOCKS—(CONT.)   SHARES         VALUE
INTERNET SOFTWARE & SERVICES—(CONT.)              
Palantir Technologies, Inc., Cl. D*,@ 6,602     $   72,622
              630,047
PHARMACEUTICALS—0.2%              
Intarcia Therapeutics, Inc.*,@ 7,588         250,783
TOTAL PREFERRED STOCKS              
(Cost $2,589,818)             2,192,776
REAL ESTATE INVESTMENT TRUST—3.3%   SHARES         VALUE
HEALTH CARE—0.5%              
Omega Healthcare Investors, Inc. 15,900         536,943
MORTGAGE—0.5%              
Blackstone Mortgage Trust, Inc., Cl. A 22,200         610,056
OFFICE—0.7%              
Digital Realty Trust, Inc. 8,700         765,426
SPECIALIZED—1.6%              
Crown Castle International Corp. 14,300         1,242,384
Lamar Advertising Co., Cl. A 9,300         576,972
              1,819,356
TOTAL REAL ESTATE INVESTMENT TRUST              
(Cost $3,847,331)             3,731,781
SPECIAL PURPOSE VEHICLE—0.2%   SHARES         VALUE
CONSUMER FINANCE—0.2%              
JS Kred SPV I, LLC.@ 240,362         240,362
(Cost $240,362)             240,362
Total Investments              
(Cost $111,086,003)(b) 99.6 %   113,106,894
Other Assets in Excess of Liabilities 0.4 %       401,472
NET ASSETS 100.0 %   $   113,508,366

 

# 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, 2016, the net unrealized appreciation on investments, based on cost for federal income tax purposes
of $111,151,232, amounted to $1,955,662 which consisted of aggregate gross unrealized appreciation of
$9,720,231 and aggregate gross unrealized depreciation of $7,764,569.
* Non-income producing security.

- 30 -

 

THE ALGER INSTITUTIONAL FUNDS | ALGER MID CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2016 (Unaudited) (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 4/30/2016  
Choicestream, Inc. 03/14/14 $ 2,590 0.00 % $ 3,750 0.00 %
Choicestream, Inc., Cl. A 12/17/13   61,582 0.03 %   32,344 0.03 %
Choicestream, Inc., Cl. B 07/10/14   86,876 0.05 %   60,813 0.05 %
Intarcia Therapeutics, Inc. 03/27/14   245,775 0.14 %   250,783 0.22 %
JS Kred SPV I, LLC. 06/26/15   240,362 0.15 %   240,362 0.21 %
Palantir Technologies, Inc., Cl. A 10/07/14   80,856 0.05 %   136,686 0.12 %
Palantir Technologies, Inc., Cl. B 10/07/14   334,629 0.22 %   557,425 0.49 %
Palantir Technologies, Inc., Cl. D 10/14/14   43,592 0.03 %   72,622 0.07 %
Prosetta Biosciences, Inc. 02/06/15   747,041 0.50 %   750,361 0.66 %
Tolero Pharmaceuticals, Inc. 08/01/14   705,514 0.45 %   308,769 0.27 %
Tolero Pharmaceuticals, Inc. 10/31/14   364,809 0.23 %   159,659 0.14 %
Total           $ 2,573,574 2.26 %
                   
See Notes to Financial Statements.                  

 

- 31 -

 

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2016 (Unaudited)

COMMON STOCKS—92.7%   SHARES       VALUE
AEROSPACE & DEFENSE—0.8%            
Hexcel Corp. 40,650 $ 1,840,225
AIR FREIGHT & LOGISTICS—0.5%            
Forward Air Corp. 26,303     1,198,891
APPAREL ACCESSORIES & LUXURY GOODS—0.6%            
G-III Apparel Group Ltd.* 31,800     1,438,950
APPAREL RETAIL—1.7%            
American Eagle Outfitters, Inc. 114,300     1,635,633
Burlington Stores, Inc.* 43,400     2,472,498
          4,108,131
APPLICATION SOFTWARE—13.9%            
American Software, Inc., Cl. A 381,602     3,487,842
ANSYS, Inc.* 13,200     1,198,164
Blackbaud, Inc. 69,650     4,302,280
Ellie Mae, Inc.* 19,000     1,588,400
Fair Isaac Corp. 14,350     1,531,288
Guidewire Software, Inc.* 34,350     1,956,920
HubSpot, Inc.* 27,750     1,229,048
Manhattan Associates, Inc.* 81,050     4,906,767
Monotype Imaging Holdings, Inc. 39,500     870,185
Paycom Software, Inc.* 98,550     3,765,596
Textura Corp.* 76,000     2,005,640
Tyler Technologies, Inc.* 42,100     6,163,861
        33,005,991
ASSET MANAGEMENT & CUSTODY BANKS—0.9%            
WisdomTree Investments, Inc. 202,277     2,202,797
AUTO PARTS & EQUIPMENT—0.9%            
Tenneco, Inc.* 42,300     2,254,590
AUTOMOTIVE RETAIL—0.8%            
Lithia Motors, Inc., Cl. A 21,800     1,809,836
BIOTECHNOLOGY—3.9%            
ACADIA Pharmaceuticals, Inc.* 57,550     1,858,865
Anacor Pharmaceuticals, Inc.* 15,750     988,155
Halozyme Therapeutics, Inc.* 66,850     705,267
Heron Therapeutics, Inc.* 34,750     745,040
Juno Therapeutics, Inc.* 15,100     635,559
Neurocrine Biosciences, Inc.* 18,350     836,393
Portola Pharmaceuticals, Inc.* 39,450     937,332
TESARO, Inc.* 35,400     1,466,976
Ultragenyx Pharmaceutical, Inc.* 16,100     1,088,682
          9,262,269
BUILDING PRODUCTS—1.7%            
Masonite International Corp.* 61,050     4,130,643
CASINOS & GAMING—1.0%            
Penn National Gaming, Inc.* 142,850     2,304,171

 

- 32 -

 

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)   SHARES       VALUE
COMMODITY CHEMICALS—0.6%            
Calgon Carbon Corp. 80,000 $   1,311,200
CONSUMER FINANCE—1.1%            
LendingClub Corp.* 330,500     2,610,950
DATA PROCESSING & OUTSOURCED SERVICES—2.1%            
Euronet Worldwide, Inc.* 41,450     3,195,795
MAXIMUS, Inc. 35,050     1,854,145
          5,049,940
EDUCATION SERVICES—0.5%            
Strayer Education, Inc.* 25,850     1,283,194
ELECTRONIC COMPONENTS—1.1%            
DTS, Inc.* 117,950     2,573,669
ELECTRONIC EQUIPMENT MANUFACTURERS—3.8%            
Cognex Corp. 95,997     3,410,773
FEI Co. 44,550     3,965,841
FLIR Systems, Inc. 57,300     1,731,033
          9,107,647
FOOD DISTRIBUTORS—1.1%            
Performance Food Group Co.* 104,650     2,708,342
HEALTH CARE EQUIPMENT—5.8%            
Abaxis, Inc. 85,000     3,852,200
ABIOMED, Inc.* 36,700     3,565,038
Cantel Medical Corp. 74,600     4,997,454
STERIS PLC. 20,550     1,452,268
        13,866,960
HEALTH CARE FACILITIES—3.3%            
Amsurg Corp.* 34,350     2,781,663
Surgery Partners, Inc.* 92,300     1,503,567
VCA Antech, Inc.* 55,150     3,472,795
          7,758,025
HEALTH CARE SUPPLIES—4.4%            
Meridian Bioscience, Inc. 68,950     1,317,635
Neogen Corp.* 121,350     5,732,574
Quidel Corp.* 196,901     3,406,387
        10,456,596
HEALTH CARE TECHNOLOGY—3.8%            
Medidata Solutions, Inc.* 93,800     4,092,494
Veeva Systems, Inc., Cl. A* 95,150     2,617,577
Vocera Communications, Inc.* 193,200     2,264,304
          8,974,375
HOME ENTERTAINMENT SOFTWARE—0.5%            
Take-Two Interactive Software, Inc.* 32,150     1,098,887
HOME FURNISHING RETAIL—0.3%            
Williams-Sonoma, Inc. 14,000     822,920

 

- 33 -

 

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)   SHARES       VALUE
HOTELS RESORTS & CRUISE LINES—0.9%            
Diamond Resorts International, Inc.* 103,550 $   2,196,295
HUMAN RESOURCE & EMPLOYMENT SERVICES—2.9%            
On Assignment, Inc.* 84,850     3,059,691
WageWorks, Inc.* 69,850     3,762,121
          6,821,812
INDUSTRIAL MACHINERY—3.3%            
Proto Labs, Inc.* 60,950     3,646,639
Sun Hydraulics Corp. 119,600     4,231,448
          7,878,087
INTERNET SOFTWARE & SERVICES—4.3%            
comScore, Inc.* 48,450     1,483,539
NIC, Inc. 109,450     1,938,360
SPS Commerce, Inc.* 50,700     2,582,151
Stamps.com, Inc.* 50,254     4,138,919
        10,142,969
INVESTMENT BANKING & BROKERAGE—0.5%            
Evercore Partners, Inc., Cl. A 24,750     1,278,090
LEISURE FACILITIES—0.5%            
Planet Fitness, Inc., Cl. A* 77,800     1,195,008
LIFE SCIENCES TOOLS & SERVICES—4.1%            
Bio-Techne Corp. 55,400     5,162,172
Luminex Corp.* 163,700     3,290,370
PRA Health Sciences, Inc.* 24,900     1,181,505
          9,634,047
MANAGED HEALTH CARE—0.6%            
Molina Healthcare, Inc.* 29,500     1,526,920
MOVIES & ENTERTAINMENT—0.6%            
Lions Gate Entertainment Corp. 61,750     1,370,850
OIL & GAS EQUIPMENT & SERVICES—0.6%            
RPC, Inc. 87,650     1,325,268
OIL & GAS EXPLORATION & PRODUCTION—1.0%            
Parsley Energy, Inc., Cl. A* 39,050     914,551
QEP Resources, Inc. 83,600     1,498,948
          2,413,499
PACKAGED FOODS & MEATS—0.6%            
TreeHouse Foods, Inc.* 17,350     1,533,740
PAPER PACKAGING—0.5%            
Graphic Packaging Holding Co. 94,600     1,256,288
PHARMACEUTICALS—1.7%            
Impax Laboratories, Inc.* 33,550     1,118,892
Pacira Pharmaceuticals, Inc.* 28,850     1,561,074
Revance Therapeutics, Inc.* 35,800     658,004
The Medicines Co.* 21,250     756,287
          4,094,257

 

- 34 -

 

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2016 (Unaudited) (Continued)

COMMON STOCKS—(CONT.)   SHARES         VALUE
REGIONAL BANKS—2.3%              
Bank of the Ozarks, Inc. 42,600 $   1,759,380
Boston Private Financial Holdings, Inc. 172,750       2,111,005
Investors Bancorp, Inc. 138,100       1,595,055
            5,465,440
RESTAURANTS—3.3%              
Dave & Buster's Entertainment, Inc.* 50,300       1,946,610
Fiesta Restaurant Group, Inc.* 33,700       1,082,107
Shake Shack, Inc., Cl. A* 61,600       2,249,632
Wingstop, Inc.* 102,050       2,545,127
            7,823,476
SEMICONDUCTORS—2.8%              
Cavium Networks, Inc.* 35,050       1,730,418
Microsemi Corp.* 77,550       2,620,415
Monolithic Power Systems, Inc. 38,650       2,412,533
            6,763,366
SPECIALTY CHEMICALS—1.9%              
Balchem Corp. 74,530       4,573,161
SPECIALTY STORES—0.9%              
Five Below, Inc.* 48,390       2,017,863
SYSTEMS SOFTWARE—3.2%              
Fleetmatics Group PLC.* 51,500       1,866,875
Proofpoint, Inc.* 57,546       3,352,630
TubeMogul, Inc.* 188,900       2,448,144
            7,667,649
TRADING COMPANIES & DISTRIBUTORS—1.1%              
Watsco, Inc. 18,700       2,514,589
TOTAL COMMON STOCKS              
     (Cost $214,642,880)         220,671,873
PREFERRED STOCKS—1.1%   SHARES         VALUE
BIOTECHNOLOGY—0.5%              
Prosetta Biosciences, Inc.*,@,(a) 133,263       602,349
Tolero Pharmaceuticals, Inc.*,@,(a) 448,284       591,735
            1,194,084
PHARMACEUTICALS—0.6%              
Intarcia Therapeutics, Inc.*,@ 41,238       1,362,916
TOTAL PREFERRED STOCKS              
    (Cost $3,287,452)             2,557,000
RIGHTS—–%   SHARES         VALUE
BIOTECHNOLOGY—–%              
Dyax Corp.* 21,650       –
Neuralstem, Inc., 1/8/2019* 250,375       –
            –
TOTAL RIGHTS              
     (Cost $0)              –

 

- 35 -

 

THE ALGER INSTITUTIONAL FUNDS | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND
Schedule of Investments April 30, 2016 (Unaudited) (Continued)

REAL ESTATE INVESTMENT TRUST—3.0%   SHARES         VALUE
SPECIALIZED—3.0%              
CyrusOne, Inc. 86,500     $   3,817,245
Sovran Self Storage, Inc. 31,300         3,324,686
              7,141,931
TOTAL REAL ESTATE INVESTMENT TRUST              
(Cost $5,188,034)             7,141,931
SPECIAL PURPOSE VEHICLE—0.3%   SHARES         VALUE
CONSUMER FINANCE—0.3%              
JS Kred SPV I, LLC.@ 775,134         775,134
(Cost $775,134)             775,134
Total Investments              
(Cost $223,893,500)(b) 97.1 %   231,145,938
Other Assets in Excess of Liabilities 2.9 %       6,877,432
NET ASSETS 100.0 %   $   238,023,370

 

(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, 2016, the net unrealized appreciation on investments, based on cost for federal income tax purposes
of $229,762,922, amounted to $1,383,016 which consisted of aggregate gross unrealized appreciation of
$21,938,309 and aggregate gross unrealized depreciation of $20,555,293.
* 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 4/30/2016  
Intarcia Therapeutics, Inc. 03/27/14 $ 1,335,699 0.15 % $ 1,362,916 0.57 %
JS Kred SPV I, LLC. 06/26/15   775,134 0.15 %   775,134 0.33 %
Prosetta Biosciences, Inc. 02/06/15   599,684 0.10 %   602,349 0.25 %
Tolero Pharmaceuticals, Inc. 10/31/14   1,352,069 0.20 %   591,735 0.25 %
Total           $ 3,332,134 1.40 %
                   
See Notes to Financial Statements.                  

 

- 36 -

 

THE ALGER INSTITUTIONAL FUNDS
Statement of Assets and Liabilities April 30, 2016 (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 $ 3,523,097,593   $ 67,152,316  
Investments in affiliated securities, at value (Identified cost            
       below)** see accompanying schedules of investments 1,554,055   347,249  
Cash and cash equivalents 133,799,720   3,324,233  
Receivable for investment securities sold 67,626,289   2,132,282  
Receivable for shares of beneficial interest sold 8,612,380   90,551  
Dividends and interest receivable 1,858,062   28,022  
Receivable from Investment Manager —   23,320  
Prepaid expenses 277,828   50,642  
Total Assets 3,736,825,927   73,148,615  
 
LIABILITIES:            
Payable for investment securities purchased 68,228,750   2,275,479  
Payable for shares of beneficial interest redeemed 12,879,887   101,390  
Accrued investment advisory fees 2,249,498   41,604  
Accrued transfer agent fees 920,611   20,826  
Accrued distribution fees 247,758   12,740  
Accrued administrative fees 84,074   1,611  
Accrued shareholder servicing fees 764,309   5,168  
Accrued shareholder administrative fees 30,572   774  
Accrued other expenses 240,223   38,270  
Total Liabilities 85,645,682   2,497,862  
NET ASSETS $ 3,651,180,245   $ 70,650,753  
 
NET ASSETS CONSIST OF:            
Paid in capital (par value of $.001 per share) 3,456,961,176   72,038,511  
Undistributed net investment income (accumulated loss) (14,405,430 ) (324,641 )
Undistributed net realized gain (accumulated realized loss) (83,734,760 ) (3,895,230 )
Net unrealized appreciation on investments 292,359,259   2,832,113  
NET ASSETS $ 3,651,180,245   $ 70,650,753  
* Identified cost $ 3,229,896,310   $ 64,321,738  
** Identified cost $ 2,396,079   $ 345,713  
See Notes to Financial Statements.            

 

- 37 -

 

THE ALGER INSTITUTIONAL FUNDS
Statement of Assets and Liabilities April 30, 2016 (Unaudited) (Continued)

    Alger Capital   Alger Capital
    Appreciation Appreciation Focus
  Institutional Fund   Fund
 
NET ASSETS BY CLASS:        
Class A $ — $ 25,889,187
Class C $ — $ 8,847,645
Class I $ 3,056,715,906 $ 24,535,130
Class R $ 594,464,339 $ —
Class Z $ — $ 11,378,791
 
SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6:      
Class A — 1,133,755
Class C — 397,327
Class I 120,505,848 1,069,481
Class R 25,721,849 —
Class Z — 491,690
 
NET ASSET VALUE PER SHARE:        
Class A — Net Asset Value Per Share $ — $ 22.83
Class A — Offering Price Per Share        
        (includes a 5.25% sales charge) $ — $ 24.10
Class C — Net Asset Value Per Share $ — $ 22.27
Class I — Net Asset Value Per Share $ 25.37 $ 22.94
Class R — Net Asset Value Per Share $ 23.11 $ —
Class Z — Net Asset Value Per Share $ — $ 23.14
See Notes to Financial Statements.        

 

- 38 -

 

THE ALGER INSTITUTIONAL FUNDS
Statement of Assets and Liabilities April 30, 2016 (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 $ 111,791,198   $ 229,951,854  
Investments in affiliated securities, at value (Identified cost            
         below)** see accompanying schedules of investments 1,315,696   1,194,084  
Cash and cash equivalents 569,694   7,319,034  
Receivable for investment securities sold 3,258,957   4,058,643  
Receivable for shares of beneficial interest sold 56,857   212,857  
Dividends and interest receivable 33,918   5,180  
Prepaid expenses 21,615   68,056  
Total Assets 117,047,935   242,809,708  
 
LIABILITIES:            
Payable for investment securities purchased 3,000,589   2,995,183  
Payable for shares of beneficial interest redeemed 331,451   1,315,461  
Accrued investment advisory fees 72,337   165,141  
Accrued transfer agent fees 49,803   148,424  
Accrued distribution fees 6,162   6,003  
Accrued administrative fees 2,617   5,607  
Accrued shareholder servicing fees 23,795   50,970  
Accrued shareholder administrative fees 952   2,039  
Accrued other expenses 51,863   97,510  
Total Liabilities 3,539,569   4,786,338  
NET ASSETS $ 113,508,366   $ 238,023,370  
 
NET ASSETS CONSIST OF:            
Paid in capital (par value of $.001 per share) 396,339,370   245,371,105  
Undistributed net investment income (accumulated loss) (670,068 ) 2,000,206  
Undistributed net realized gain (accumulated realized loss) (284,181,558 ) (16,600,379 )
Net unrealized appreciation on investments 2,020,892   7,252,438  
NET ASSETS $ 113,508,636   $ 238,023,370  
* Identified cost $ 109,117,591   $ 221,941,747  
** Identified cost $ 1,968,412   $ 1,951,753  
See Notes to Financial Statements.            

 

- 39 -

 

THE ALGER INSTITUTIONAL FUNDS
Statement of Assets and Liabilities April 30, 2016 (Unaudited) (Continued)

        Alger Small Cap
  Alger Mid Cap Growth Growth Institutional
  Institutional Fund   Fund
 
NET ASSETS BY CLASS:        
Class I $ 98,716,014 $ 223,723,062
Class R $ 14,792,352 $ 14,300,308
 
SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6:      
Class I 4,664,719 16,048,309
Class R 753,768 1,197,983
 
NET ASSET VALUE PER SHARE:        
Class I — Net Asset Value Per Share $ 21.16 $ 13.94
Class R — Net Asset Value Per Share $ 19.62 $ 11.94
See Notes to Financial Statements.        

 

- 40 -

 

THE ALGER INSTITUTIONAL FUNDS
Statement of Operations For the six months ended April 30, 2016 (Unaudited)

    Alger Capital     Alger Capital  
    Appreciation   Appreciation Focus  
  Institutional Fund     Fund  
 
INCOME:            
Dividends (net of foreign withholding taxes*) $ 20,809,885   $ 334,732  
Interest 91,907   2,119  
Total Income 20,901,792   336,851  
 
EXPENSES:            
Advisory fees — Note 3(a) 13,521,916   240,512  
Distribution fees — Note 3(c)            
Class A —   32,170  
Class C —   38,878  
Class R 1,512,799   —  
Shareholder servicing fees — Note 3(k) 4,588,715   30,507  
Shareholder administrative fees — Note 3(f) 183,549   4,477  
Administration fees — Note 3(b) 504,758   9,316  
Custodian fees 108,925   30,162  
Transfer agent fees and expenses — Note 3(f) 1,085,732   31,901  
Printing fees 134,852   5,094  
Professional fees 106,338   14,221  
Registration fees 75,276   35,659  
Trustee fees — Note 3(g) 73,378   1,461  
Fund accounting fees 233,223   6,682  
Miscellaneous 53,615   3,622  
Total Expenses 22,183,076   484,662  
Less, expense reimbursements/waivers — Note 3(a) —   (64,428 )
Net Expenses 22,183,076   420,234  
NET INVESTMENT LOSS (1,281,284 ) (83,383 )
 
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, OPTIONS AND FOREIGN CURRENCY:  
Net realized gain (loss) on investments 21,543,170   (2,832,818 )
Net realized (loss) on foreign currency transactions (14,707 ) —  
Net change in unrealized (depreciation) on investments,            
options  and foreign currency (180,558,304 ) (588,307 )
Net realized and unrealized (loss) on investments, options,            
and foreign currency (159,029,841 ) (3,421,125 )
NET DECREASE IN NET ASSETS RESULTING FROM            
OPERATIONS $ (160,311,125 ) $ (3,504,508 )
* Foreign withholding taxes $ 92,083   $ —  
See Notes to Financial Statements.            

 

- 41 -

 

THE ALGER INSTITUTIONAL FUNDS
Statement of Operations For the six months ended April 30, 2016 (Unaudited) (Continued)

          Alger Small Cap  
  Alger Mid Cap Growth   Growth Institutional  
  Institutional Fund     Fund  
 
INCOME:            
Dividends $ 425,699   $ 721,683  
Interest 1,968   1,370  
Total Income 427,667   723,053  
 
EXPENSES:            
Advisory fees — Note 3(a) 450,655   1,196,112  
Distribution fees — Note 3(c)            
         Class R 38,716   38,684  
Shareholder servicing fees — Note 3(k) 148,242   369,170  
Shareholder administrative fees — Note 3(f) 5,929   14,767  
Administration fees — Note 3(b) 16,306   40,609  
Custodian fees 23,845   29,946  
Interest expenses —   5,757  
Transfer agent fees and expenses — Note 3(f) 52,946   99,344  
Printing fees 1,700   17,480  
Professional fees 22,879   24,975  
Registration fees 2,352   38,815  
Trustee fees — Note 3(g) 2,484   5,557  
Fund accounting fees 8,035   17,781  
Miscellaneous 5,347   7,870  
Total Expenses 779,436   1,906,867  
NET INVESTMENT LOSS (351,769 ) (1,183,814 )
 
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, OPTIONS AND FOREIGN CURRENCY:  
Net realized (loss) on investments (4,050,057 ) (11,100,828 )
Net change in unrealized (depreciation) on investments,            
options  and foreign currency (3,790,954 ) (22,576,081 )
Net realized and unrealized (loss) on investments, options,            
           and foreign currency (7,841,011 ) (33,676,909 )
NET DECREASE IN NET ASSETS RESULTING FROM            
OPERATIONS $ (8,192,780 ) $ (34,860,723 )
See Notes to Financial Statements.            

 

- 42 -

 

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, 2016     October 31, 2015  
 
Net investment loss $ (1,281,284 ) $ (5,661,878 )
Net realized gain on investments, options and foreign currency 21,528,463   293,239,703  
Net change in unrealized appreciation (depreciation) on              
investments, options and foreign currency (180,558,304 ) 25,070,288  
Net increase (decrease) in net assets resulting from operations (160,311,125 ) 312,648,113  
 
Dividends and distributions to shareholders from:              
Net realized gains:              
Class I (229,560,756 ) (321,833,735 )
Class R (50,476,174 ) (64,146,416 )
Total dividends and distributions to shareholders (280,036,930 ) (385,980,151 )
 
Increase (decrease) from shares of beneficial interest transactions:            
Class I 223,058,987   693,918,464  
Class R 17,739,614   144,649,699  
Net increase from shares of beneficial interest transactions —              
Note 6(a) 240,798,601   838,568,163  
Total increase (decrease) (199,549,454 ) 765,236,125  
 
Net Assets:              
Beginning of period 3,850,729,699   3,085,493,574  
END OF PERIOD $ 3,651,180,245   $ 3,850,729,699  
Undistributed net investment income (accumulated loss) $ (14,405,430 ) $ (9,105,013 )
See Notes to Financial Statements.              

 

- 43 -

 

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, 2016     October 31, 2015  
 
Net investment loss $ (83,383 ) $ (42,037 )
Net realized gain (loss) on investments, options and foreign              
currency (2,832,818 ) 2,309,907  
Net change in unrealized appreciation (depreciation) on              
investments, options and foreign currency (588,307 ) 1,268,548  
Net increase (decrease) in net assets resulting from operations (3,504,508 ) 3,536,418  
 
Dividends and distributions to shareholders from:              
Net realized gains:              
Class A (316,453 ) —  
Class C (87,313 ) —  
Class I (274,831 ) —  
Class Z (120,412 ) —  
Total dividends and distributions to shareholders (799,009 ) —  
 
Increase (decrease) from shares of beneficial interest transactions:            
Class A 3,609,012   16,877,719  
Class C 2,783,922   3,632,471  
Class I 1,511,803   10,433,186  
Class Z 8,376,754   2,241,175  
Net increase from shares of beneficial interest transactions —              
Note 6(a) 16,281,491   33,184,551  
 
Redemption Fees:              
Class A —   180  
Total Redemption Fees — Note 6(b) —   180  
Total increase 11,977,974   36,721,149  
 
Net Assets:              
Beginning of period 58,672,779   21,951,630  
END OF PERIOD $ 70,650,753   $ 58,672,779  
Undistributed net investment income (accumulated loss) $ (324,641 ) $ (164,935 )
See Notes to Financial Statements.              

 

- 44 -

 

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, 2016       October 31, 2015  
 
Net investment loss $ (351,769 ) $ (930,358 )
Net realized gain (loss) on investments, options and foreign                
currency (4,050,057 ) 6,256,111  
Net realized loss on written options —   (85,147 )
Net change in unrealized depreciation on investments, options                
and foreign currency (3,790,954 ) (2,097,299 )
Net change in unrealized depreciation on investments, written                
options —   (48,165 )
Net increase (decrease) in net assets resulting from operations (8,192,780 ) 3,095,142  
 
Increase (decrease) from shares of beneficial interest transactions:              
Class I (9,186,123 ) (20,175,331 )
Class R (1,891,284 ) (4,520,619 )
Net decrease from shares of beneficial interest transactions                
— Note 6(a) (11,077,407 ) (24,695,950 )
Total decrease (19,270,187 ) (21,600,808 )
 
Net Assets:                
Beginning of period 132,778,553   154,379,361  
END OF PERIOD $ 113,508,366   $ 132,778,553  
Undistributed net investment income (accumulated loss) $ (670,068 ) $ (1,080,394 )
See Notes to Financial Statements.                

 

- 45 -

 

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, 2016     October 31, 2015  
 
Net investment loss $ (1,183,814 ) $ (4,446,611 )
Net realized gain (loss) on investments, options and foreign              
currency (11,100,828 ) 116,168,863  
Net change in unrealized depreciation on investments, options              
and foreign currency (22,576,081 ) (95,572,078 )
Net increase (decrease) in net assets resulting from operations (34,860,723 ) 16,150,174  
 
Dividends and distributions to shareholders from:              
Net realized gains:              
Class I (112,158,310 ) (115,227,005 )
Class R (6,331,284 ) (5,978,217 )
Total dividends and distributions to shareholders (118,489,594 ) (121,205,222 )
 
Increase (decrease) from shares of beneficial interest transactions:            
Class I 11,857,459   (202,968,640 )
Class R 3,750,286   (6,964,356 )
Net increase (decrease) from shares of beneficial interest              
transactions — Note 6(a) 15,607,745   (209,932,996 )
Total decrease (137,742,572 ) (314,988,044 )
 
Net Assets:              
Beginning of period 375,765,942   690,753,986  
END OF PERIOD $ 238,023,370   $ 375,765,942  
Undistributed net investment income (accumulated loss) $ 2,000,206   $ (3,790,706 )
See Notes to Financial Statements.              

 

- 46 -

 

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  
    4/30/2016 (i)   10/31/2015     10/31/2014     10/31/2013     10/31/2012     10/31/2011  
Net asset value, beginning of period   $ 28.48    $     29.34   $     28.21   $     22.85   $   20.88   $   19.28  
INCOME FROM INVESTMENT                                                      
OPERATIONS:                                                      
Net investment income (loss)(ii)   –       (0.02 )     (0.02 )     0.16     0.09     (0.01 )
Net realized and unrealized gain (loss)                                                      
on investments   (1.07 )     2.46       4.57       6.21     2.64     1.61  
Total from investment operations   (1.07 )     2.44       4.55       6.37     2.73     1.60  
Dividends from net investment income –       –       (0.01 )     (0.17 )   –     –  
Distributions from net realized gains   (2.04 )     (3.30 )     (3.41 )     (0.84 )   (0.76 )   –  
Net asset value, end of period   $ 25.37    $     28.48   $     29.34   $     28.21   $ 22.85   $   20.88  
Total return   (4.12 )%       8.96 %     17.63 %     29.02 %   13.70 %   8.30 %
RATIOS/SUPPLEMENTAL DATA:                                                      
Net assets, end of period (000's                                                      
omitted) $ 3,056,716   $ 3,194,261   $ 2,555,737   $ 1,958,405   $ 1,470,078   $ 1,041,609  
Ratio of gross expenses to average                                                      
net assets   1.13 %     1.12 %     1.16 %     1.19 %   1.19 %   1.17 %
Ratio of expense reimbursements to                                                      
average net assets   –       –       –       –     –     –  
Ratio of net expenses to average net                                                      
assets   1.13 %     1.12 %     1.16 %     1.19 %   1.19 %   1.17 %
Ratio of net investment income (loss) to                                                      
average net assets   0.01 %     (0.07 )%     (0.07 )%     0.65 %   0.41 %   (0.04 )%
                                                     
Portfolio turnover rate   60.02 %   136.03%(iii)       136.20%(iv)         124.43 %   137.16 %   153.30 %
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.
- 47 -

 

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  
    4/30/2016 (i)   10/31/2015     10/31/2014         10/31/2013     10/31/2012     10/31/2011  
Net asset value, beginning of period   $ 26.19     $   27.35     $   26.63     $ 21.76     $ 20.01     $   18.57  
INCOME FROM INVESTMENT                                                          
OPERATIONS:                                                          
Net investment income (loss)(ii)   (0.06 )     (0.15 )     (0.14 )     0.04     (0.02 )     (0.11 )
Net realized and unrealized gain (loss)                                                          
on investments   (0.98 )     2.29       4.27       5.87     2.53       1.55  
Total from investment operations   (1.04 )     2.14       4.13       5.91     2.51       1.44  
Dividends from net investment income –       –       –       (0.20 )   –       –  
Distributions from net realized gains   (2.04 )     (3.30 )     (3.41 )     (0.84 )   (0.76 )     –  
Net asset value, end of period   $ 23.11     $   26.19     $   27.35     $ 26.63     $ 21.76     $   20.01  
Total return   (4.38 )%       8.46 %     17.04 %       28.35 %   13.20 %     7.80 %
RATIOS/SUPPLEMENTAL DATA:                                                          
Net assets, end of period (000's                                                          
omitted) $ 594,464   $ 656,469   $ 529,757   $ 442,449   $ 347,634   $ 227,260  
Ratio of gross expenses to average                                                          
net assets   1.61 %     1.61 %     1.64 %       1.69 %   1.69 %     1.68 %
Ratio of expense reimbursements to                                                          
average net assets   –       –       –         –     –       –  
Ratio of net expenses to average net                                                          
assets   1.61 %     1.61 %     1.64 %       1.69 %   1.69 %     1.68 %
Ratio of net investment income (loss) to                                                          
average net assets   (0.47 )%     (0.57 )%     (0.55 )%       0.17 %   (0.09 )%     (0.56 )%
                                                         
Portfolio turnover rate   60.02 %   136.03%(iii)       136.20%(iv)           124.43 %   137.16 %     153.30 %
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.

- 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 4/30/2016(i)          Year ended 10/31/2015          Year ended 10/31/2014        

(commencement of operations) to 10/31/2013 (ii)

 
Net asset value, beginning of period   $ 24.13     $   22.01   $ 18.69   $ 14.70  
INCOME FROM INVESTMENT                                      
OPERATIONS:                                      
Net investment loss(iii)   (0.03 )     (0.02 )   (0.04 )   (0.01 )
Net realized and unrealized gain (loss)                                      
on investments   (1.00 )     2.14     3.36     4.00  
Total from investment operations   (1.03 )     2.12     3.32     3.99  
Distributions from net realized gains   (0.27 )     –     –     –  
Net asset value, end of period   $ 22.83     $   24.13   $ 22.01   $ 18.69  
Total return(iv)   (4.33 )%     9.63 %     17.76 %     27.14 %
RATIOS/SUPPLEMENTAL DATA:                                      
Net assets, end of period (000's                                      
omitted) $ 25,889   $ 23,961   $ 5,158   $ 3,496  
Ratio of gross expenses to average                                      
net assets   1.36 %     1.48 %     2.38 %     2.49 %
Ratio of expense reimbursements to                                      
average net assets   (0.12 )%     (0.18 )%     (1.08 )%     (1.19 )%
Ratio of net expenses to average net                                      
assets   1.24 %     1.30 %     1.30 %     1.30 %
Ratio of net investment income (loss) to                                      
average net assets   (0.23 )%     (0.08 )%     (0.19 )%     (0.09 )%
Portfolio turnover rate   76.60 %     182.58 %     153.69 %     166.61 %
See Notes to Financial Statements.                                  

 

(i) Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(ii) Ratios have been annualized; total return has not been annualized; portfolio turnover is for the twelve months then ended.
(iii) Amount was computed based on average shares outstanding during the period.
(iv) Does not reflect the effect of sales charges, if applicable.
- 49 -

 

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    4/30/2016(i)         Year ended 10/31/2015        

 

 Year ended 10/31/2014

         (commencement of operations) to 10/31/2013(ii)  
Net asset value, beginning of period $ 23.62   $   21.71   $ 18.58   $ 14.70  
INCOME FROM INVESTMENT                                  
OPERATIONS:                                  
Net investment loss(iii) (0.11 )   (0.20 )   (0.19 )   (0.11 )
Net realized and unrealized gain (loss)                                  
on investments (0.97 )   2.11     3.32     3.99  
Total from investment operations (1.08 )   1.91     3.13     3.88  
Distributions from net realized gains (0.27 )   –     –     –  
Net asset value, end of period $ 22.27   $   23.62   $ 21.71   $ 18.58  
Total return(iv) (4.64 )%       8.80 %     16.85 %     26.39 %
RATIOS/SUPPLEMENTAL DATA:                                  
Net assets, end of period (000's                                  
omitted) $ 8,848   $   6,542   $ 2,635   $ 1,913  
Ratio of gross expenses to average                                  
net assets 2.17 %   2.25 %     3.14 %     3.27 %
Ratio of expense reimbursements to                                  
average net assets (0.20 )%     (0.20 )%     (1.09 )%     (1.22 )%
Ratio of net expenses to average net                                  
assets 1.97 %   2.05 %     2.05 %     2.05 %
Ratio of net investment income (loss) to                                  
average net assets (0.99 )%     (0.85 )%     (0.94 )%     (0.83 )%
Portfolio turnover rate 76.60 %   182.58 %     153.69 %     166.61 %
See Notes to Financial Statements.                                

 

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

- 50 -

 

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

Alger Capital Appreciation Focus                                                        
Fund                         Class I                      
    Six months                                                  
      ended     Year ended     Year ended   Year ended     Year ended     Year ended  
    4/30/2016 (i)   10/31/2015     10/31/2014   10/31/2013     10/31/2012     10/31/2011  
Net asset value, beginning of period   $ 24.23     $   22.07     $   18.72   $   14.53     $   13.75     $   13.03  
INCOME FROM INVESTMENT                                                        
OPERATIONS:                                                        
Net investment income (loss)(ii)   (0.02 )     0.01       (0.01 )   0.15       (0.03 )     (0.04 )
Net realized and unrealized gain (loss)                                                        
on investments   (1.00 )     2.15       3.36     4.04       0.81       0.86  
Total from investment operations   (1.02 )     2.16       3.35     4.19       0.78       0.82  
Dividends from net investment income –       –       –     –       –       (0.10 )
Distributions from net realized gains   (0.27 )     –       –     –       –       –  
Net asset value, end of period   $ 22.94     $   24.23     $   22.07   $   18.72     $   14.53     $   13.75  
Total return(iii)   (4.28 )%     9.79 %     17.90 %   28.84 %     5.70 %     6.30 %
RATIOS/SUPPLEMENTAL DATA:                                                        
Net assets, end of period (000's                                                        
omitted) $ 24,535   $ 24,487   $ 12,897   $   8,684   $ 15,101   $ 16,294  
Ratio of gross expenses to average                                                        
net assets   1.39 %     1.49 %     2.36 %   2.32 %     1.83 %     1.69 %
Ratio of expense reimbursements to                                                        
average net assets   (0.24 )%     (0.34 )%     (1.21 )%   (0.94 )%     –       –  
Ratio of net expenses to average net                                                        
assets   1.15 %     1.15 %     1.15 %   1.38 %     1.83 %     1.69 %
Ratio of net investment income (loss) to                                                        
average net assets   (0.14 )%     0.03 %     (0.04 )%   0.95 %     (0.22 )%       (0.27 )%
Portfolio turnover rate   76.60 %     182.58 %     153.69 %   166.61 %     153.72 %     57.74 %
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) Does not reflect the effect of sales charges, if applicable.
- 51 -

 

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 4/30/2016 (i)        Year ended 10/31/2015         Year ended 10/31/2014        

(commencement of operations) to   10/31/2013 (ii)

  
Net asset value, beginning of period   $ 24.41   $   22.17   $ 18.75   $ 14.70  
INCOME FROM INVESTMENT                                    
OPERATIONS:                                    
Net investment income(iii)   0.01     0.07     0.05     0.04  
Net realized and unrealized gain (loss)                                    
on investments   (1.01 )   2.17     3.37     4.01  
Total from investment operations   (1.00 )   2.24     3.42     4.05  
Distributions from net realized gains   (0.27 )   –     –     –  
Net asset value, end of period   $ 23.14   $   24.41   $ 22.17   $ 18.75  
Total return(iv)   (4.16     )% 10.10 %     18.24 %     27.55 %
RATIOS/SUPPLEMENTAL DATA:                                    
Net assets, end of period (000's                                    
omitted) $ 11,379   $   3,683   $ 1,262   $ 128  
Ratio of gross expenses to average                                    
net assets   1.16 %   1.50 %     4.78 %     10.11 %
Ratio of expense reimbursements to                                    
average net assets   (0.26 )%   (0.61 )%     (3.89 )%     (9.22 )%
Ratio of net expenses to average net                                    
assets   0.90 %   0.89 %     0.89 %     0.89 %
Ratio of net investment income (loss) to                                    
average net assets   0.06 %   0.30 %     0.23 %     0.32 %
Portfolio turnover rate   76.60 %   182.58 %     153.69 %     166.61 %
See Notes to Financial Statements.                                

 

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

- 52 -

 

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  
    4/30/2016 (i)   10/31/2015     10/31/2014     10/31/2013     10/31/2012     10/31/2011  
Net asset value, beginning of period   $ 22.54     $   22.18     $   19.43     $   14.59     $   13.50     $ 13.11  
INCOME FROM INVESTMENT                                                        
OPERATIONS:                                                        
Net investment loss(ii)   (0.05 )     (0.13 )     (0.07 )     (0.03 )     –     (0.10 )
Net realized and unrealized gain (loss)                                                        
on investments   (1.33 )     0.49       2.82       4.91       1.09     0.52  
Total from investment operations   (1.38 )     0.36       2.75       4.88       1.09     0.42  
Dividends from net investment income –       –       –       (0.04 )     –     (0.03 )
Net asset value, end of period   $ 21.16     $   22.54     $   22.18     $   19.43     $   14.59     $ 13.50  
Total return   (6.12 )%       1.62 %     14.15 %     33.41 %     8.10 %   3.30 %
RATIOS/SUPPLEMENTAL DATA:                                                        
Net assets, end of period (000's                                                        
omitted) $ 98,716   $ 114,984   $ 132,426   $ 157,391   $ 182,087   $ 317,893  
Ratio of gross expenses to average                                                        
net assets   1.24 %     1.20 %     1.30 %     1.29 %     1.23 %   1.18 %
Ratio of expense reimbursements to                                                        
average net assets   –       –       –       –       –     –  
Ratio of net expenses to average net                                                        
assets   1.24 %     1.20 %     1.30 %     1.29 %     1.23 %   1.18 %
Ratio of net investment income (loss) to                                                        
average net assets   (0.52 )%     (0.55 )%     (0.32 )%     (0.19 )%     0.02 %   (0.69 )%
Portfolio turnover rate   45.00 %     120.97 %     192.15 %     153.89 %     232.99 %   233.50 %
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.
- 53 -

 

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  
    4/30/2016 (i)   10/31/2015     10/31/2014         10/31/2013     10/31/2012     10/31/2011  
Net asset value, beginning of period   $ 20.96     $   20.74     $   18.26     $ 13.81     $   12.85     $   12.51  
INCOME FROM INVESTMENT                                                            
OPERATIONS:                                                            
Net investment loss(ii)   (0.11 )     (0.23 )     (0.16 )     (0.11 )     (0.07 )     (0.17 )
Net realized and unrealized gain (loss)                                                            
on investments   (1.23 )     0.45       2.64       4.63       1.03       0.51  
Total from investment operations   (1.34 )     0.22       2.48       4.52       0.96       0.34  
Dividends from net investment income –       –       –       (0.07 )     –       –  
Net asset value, end of period   $ 19.62     $   20.96     $   20.74     $ 18.26     $   13.81     $   12.85  
Total return   (6.39 )%     1.11 %     13.58 %       32.83 %     7.50 %     2.70 %
RATIOS/SUPPLEMENTAL DATA:                                                            
Net assets, end of period (000's                                                            
omitted) $ 14,792   $ 17,795   $ 21,953   $ 23,599   $ 26,661   $ 34,795  
Ratio of gross expenses to average                                                            
net assets   1.80 %     1.74 %     1.80 %       1.79 %     1.76 %     1.74 %
Ratio of expense reimbursements to                                                            
average net assets   –       –       –         –       –       –  
Ratio of net expenses to average net                                                            
assets   1.80 %     1.74 %     1.80 %       1.79 %     1.76 %     1.74 %
Ratio of net investment income (loss) to                                                            
average net assets   (1.09 )%     (1.08 )%     (0.82 )%       (0.69 )%     (0.50 )%     (1.24 )%
Portfolio turnover rate   45.00 %     120.97 %     192.15 %       153.89 %     232.99 %     233.50 %
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 Small Cap Growth                                                          
Institutional Fund                         Class I                          
    Six months                                                    
      ended     Year ended     Year ended     Year ended     Year ended     Year ended  
    4/30/2016 (i)   10/31/2015     10/31/2014     10/31/2013     10/31/2012     10/31/2011  
Net asset value, beginning of period   $ 23.10     $   28.14     $   33.48     $   28.16     $   26.99     $   25.28  
INCOME FROM INVESTMENT                                                          
OPERATIONS:                                                          
Net investment loss(ii)   (0.06 )     (0.20 )     (0.20 )     (0.11 )     (0.15 )     (0.26 )
Net realized and unrealized gain (loss)                                                          
on investments   (1.47 )     0.42       0.60       8.66       2.45       1.97  
Total from investment operations   (1.53 )     0.22       0.40       8.55       2.30       1.71  
Distributions from net realized gains   (7.63 )     (5.26 )     (5.74 )     (3.23 )     (1.13 )     –  
Net asset value, end of period   $ 13.94     $   23.10     $   28.14     $   33.48     $   28.16     $   26.99  
Total return   (9.54 )%     0.53 %     1.21 %     33.71 %     8.93 %     6.80 %
RATIOS/SUPPLEMENTAL DATA:                                                          
Net assets, end of period (000's                                                          
omitted) $ 223,723   $ 357,189   $ 659,692   $ 936,554   $ 929,237   $ 1,119,966  
Ratio of gross expenses to average                                                          
net assets   1.26 %     1.25 %     1.24 %     1.25 %     1.23 %     1.18 %
Ratio of expense reimbursements to                                                          
average net assets   –       –       –       –       –       –  
Ratio of net expenses to average net                                                          
assets   1.26 %     1.25 %     1.24 %     1.25 %     1.23 %     1.18 %
Ratio of net investment income (loss) to                                                          
average net assets   (0.78 )%     (0.80 )%     (0.70 )%     (0.38 )%     (0.54 )%     (0.94 )%
Portfolio turnover rate   32.75 %     125.72 %     84.10 %     77.38 %     72.43 %     70.57 %
See Notes to Financial Statements.                                                      

 

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

 

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

Alger Small Cap Growth                                                            
Institutional Fund                         Class R                        
    Six months                                                      
      ended     Year ended     Year ended     Year ended     Year ended     Year ended  
    4/30/2016 (i)   10/31/2015     10/31/2014         10/31/2013     10/31/2012     10/31/2011  
Net asset value, beginning of period   $ 20.92     $   26.08     $   31.58     $ 26.85     $   25.91     $   24.39  
INCOME FROM INVESTMENT                                                            
OPERATIONS:                                                            
Net investment loss(ii)   (0.09 )     (0.29 )     (0.32 )     (0.23 )     (0.28 )     (0.40 )
Net realized and unrealized gain (loss)                                                            
on investments   (1.26 )     0.39       0.56       8.19       2.35       1.92  
Total from investment operations   (1.35 )     0.10       0.24       7.96       2.07       1.52  
Distributions from net realized gains   (7.63 )     (5.26 )     (5.74 )     (3.23 )     (1.13 )     –  
Net asset value, end of period   $ 11.94     $   20.92     $   26.08     $ 31.58     $   26.85     $   25.91  
Total return   (9.74 )%     0.02 %     0.74 %       33.05 %     8.40 %     6.20 %
RATIOS/SUPPLEMENTAL DATA:                                                            
Net assets, end of period (000's                                                            
omitted) $ 14,300   $ 18,577   $ 31,062   $ 41,022   $ 47,507   $ 62,211  
Ratio of gross expenses to average                                                            
net assets   1.78 %     1.74 %     1.72 %       1.73 %     1.73 %     1.71 %
Ratio of expense reimbursements to                                                            
average net assets   –       –       –         –       –       –  
Ratio of net expenses to average net                                                            
assets   1.78 %     1.74 %     1.72 %       1.73 %     1.73 %     1.71 %
Ratio of net investment income (loss) to                                                            
average net assets   (1.30 )%     (1.30 )%   (1.18 )%       (0.83 )%     (1.05 )%     (1.47 )%
Portfolio turnover rate   32.75 %     125.72 %     84.10 %       77.38 %     72.43 %     70.57 %
See Notes to Financial Statements.                                                        

 

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

- 56 -

 

THE ALGER INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1 — General:
The Alger Institutional Funds (the “Trust”) is a diversified, open-end registered investment
company organized as a business trust under the laws of the Commonwealth of
Massachusetts. The Trust qualifies as an investment company as defined in the Financial
Accounting Standards Board Accounting Standards Codification 946-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 and Z. Class
A shares are generally subject to an initial sales charge while Class C shares are generally
subject to a deferred sales charge. Class I, R and Z shares are sold to institutional investors
without an initial or deferred sales charge. Each class has identical rights to assets and
earnings except that each share class bears the cost of its transfer agency and sub-transfer
agency services, and each of Classes A, C and R bears the cost of its plan of distribution.

NOTE 2 — Significant Accounting Policies:
(a) Investment Valuation: The Funds value their financial instruments at fair value using
independent dealers or pricing services under policies approved by the 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.

Debt securities generally trade in the over-the-counter market. Debt securities with
remaining maturities of more than sixty days at the time of acquisition are valued on
the basis of last available bid prices or current market quotations provided by dealers
or pricing services. In determining the value of a particular investment, pricing services
may use certain information with respect to transactions in such investments, quotations
from dealers, pricing matrixes, market transactions in comparable investments, various
relationships observed in the market between investments and calculated yield measures
based on valuation technology commonly employed in the market for such investments.
Asset-backed and mortgage-backed securities are valued by independent pricing services
using models that consider estimated cash flows of each tranche of the security, establish a
benchmark yield and develop an estimated tranche-specific spread to the benchmark yield
based on the unique attributes of the tranche. Debt securities with a remaining maturity of
sixty days or less are valued at amortized cost which approximates market value.
- 57 -

 

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

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

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
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

- 58 -

 

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

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

Valuation processes are determined by a Valuation Committee (“Committee”) established
by the 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.
(d) Foreign Currency Translations: The books and records of the Funds are maintained in U.S.
dollars. Foreign currencies, investments and other assets and liabilities are translated into
U.S. dollars at the prevailing rates of exchange on the valuation date. Purchases and sales
of investment securities and income and expenses are translated into U.S. dollars at the
prevailing exchange rates on the respective dates of such transactions.
Net realized gains and losses on foreign currency transactions represent net gains and losses
from the disposition of foreign currencies, currency gains and losses realized between the
trade dates and settlement dates of security transactions, and the difference between the
amount of net investment income accrued and the U.S. dollar amount actually received.
The effects of changes in foreign currency exchange rates on investments in securities
are included in realized and unrealized gain or loss on investments in the accompanying
Statements of Operations.

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

- 59 -

 

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

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

(f) Lending of Fund Securities: The Funds may lend their securities to financial institutions,
provided that the market value of the securities loaned will not at any time exceed one
third of 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, 2016.
(g) Dividends to Shareholders: Dividends and distributions payable to shareholders are
recorded by the Funds on the ex-dividend date. Dividends from net investment income and
distributions from net realized gains are declared and paid annually after the end of the fiscal
year in which earned.
Each class is treated separately in determining the amounts of dividends from net investment
income payable to holders of its shares.

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

- 60 -

 

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

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

(h) Federal Income Taxes: It is each Fund’s policy to comply with the requirements of the
Internal Revenue Code Subchapter M applicable to regulated investment companies and
to distribute all of its taxable income to its shareholders. Provided that the Funds maintain
such compliance, no federal income tax provision is required. Each Fund is treated as a
separate entity for the purpose of determining such compliance.
Financial Accounting Standards Board Accounting Standards Codification 740 – Income
Taxes (“ASC 740”) requires the Funds to measure and recognize in their financial statements
the benefit of a tax position taken (or expected to be taken) on an income tax return
if such position will more likely than not be sustained upon examination based on the
technical merits of the position. No tax years are currently under investigation. The Funds
file income tax returns in the U.S., as well as New York State and New York City. The
statute of limitations on the Funds’ tax returns remains open for the tax years 2012-2015.
Management does not believe there are any uncertain tax positions that require recognition
of a tax liability.

(i) Allocation Methods: The Trust accounts separately for the assets, liabilities and operations
of each Fund. Expenses directly attributable to each Fund are charged to that Fund’s
operations; expenses which are applicable to all Funds are allocated among them based on
net assets. Income, realized and unrealized gains and losses, and expenses of each Fund
are allocated among the Fund’s classes based on relative net assets, with the exception of
distribution fees, transfer agency fees, and shareholder servicing and related fees.
(j) Estimates: These financial statements have been prepared in accordance with accounting
principles generally accepted in the United States of America, which require using estimates
and assumptions that affect the reported amounts therein. 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 adjustments are of normal recurring nature.
NOTE 3 — Investment Advisory Fees and Other Transactions with Affiliates:
(a) Investment Advisory Fees: Fees incurred by each Fund, pursuant to the provisions of
the Trust’s Investment Advisory Agreement with Fred Alger Management, Inc. (“Alger
Management” or the “Manager”), are payable monthly and computed based on the following
rates. The actual rate paid as a percentage of average daily net assets, for the six months
ended April 30, 2016, is set forth below under the heading “Actual Rate.”

      Tier 1     Tier 2       Tier 3     Actual Rate  
  Alger Capital Appreciation Institutional Fund(a) 0.810 % 0.650 % 0.600 % 0.740 %
  Alger Capital Appreciation Focus Fund(b) 0.710   0.600   —   0.710  
- 61 -                          

 

 

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

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

 

(a) Tier 1 rate is paid on assets up to $2 billion, Tier 2 rate is paid on assets between $2 to $4 billion, and Tier 3
rate is paid on assets in excess of $4 billion.
(b) Tier 1 rate is paid on assets up to $1 billion and Tier 2 rate is paid on assets in excess of $1 billion.
Alger Management has established expense caps for the Alger Capital Appreciation Focus
Fund Class A, Class C, Class I and Class Z shares, effective through February 28, 2017,
whereby it reimburses the share classes if annualized operating expenses (excluding interest,
taxes, brokerage, dividend expenses and extraordinary expenses) exceed the rates, based on
average daily net assets, listed below:

                  FEES WAIVED /
                  REIMBURSED FOR
                  THE SIX MONTHS
      CLASS       ENDED
  A   C   I   Z   APRIL 30, 2016
Alger Capital Appreciation Focus Fund* 1.15 % 1.90 % 1.15 % 0.95 % $ 64,428

 

*Prior to March 1, 2016, the expense cap for the Alger Capital Appreciation Focus Fund
Class A was 1.30%, Class C was 2.05% Class I was 1.15% and Class Z was 0.89%.

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
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
- 62 -

 

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

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, 2016, the initial sales charges and contingent deferred sales charges imposed, all of
which were retained by Alger Inc., were as follows:

        CONTINGENT  
  INITIAL SALES DEFERRED SALES  
    CHARGES   CHARGES  
Alger Capital Appreciation Focus Fund $ – $ 235

 

(e) Brokerage Commissions: During the six months ended April 30, 2016, the Alger Capital
Appreciation Institutional Fund, Alger Capital Appreciation Focus Fund, Alger Mid Cap
Growth Institutional Fund and Alger Small Cap Growth Institutional Fund paid Alger Inc.
commissions of $744,434, $10,992, $13,935 and $46,366, 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 and Class Z shares
for these services.
Alger Management makes payments to intermediaries that provide sub-accounting services
to omnibus accounts invested in the Funds. A portion of the fees paid by Alger Management
to intermediaries that provide sub-accounting services are charged back to the appropriate
Fund, subject to certain limitations, as approved by the Trust’s Board of Trustees. For the
six months ended April 30, 2016, Alger Management charged back to the Alger Capital
Appreciation Institutional Fund, Alger Capital Appreciation Focus Fund, Alger Mid Cap
Growth Institutional Fund, and Alger Small Cap Growth Institutional Fund, $688,349,
$11,424, $38,154 and $104,400, respectively, for these services, which are included in the
transfer agent fees and expenses in the accompanying Statements of Operations.

(g) Trustee Fees: From November 1, 2015 through February 29, 2016, each trustee who is not
affiliated with Alger Management or its affiliates each, an “Independent Trustee” received
a fee of $25,875 for each board meeting attended, to a maximum of $103,500 per annum,
paid pro rata by each fund in the Alger Fund Complex, plus travel expenses incurred for
attending the meeting. The Independent Trustee appointed as Chairman of the Board of
Trustees received additional compensation of $24,300 per annum paid pro rata by each fund
in the Alger Fund Complex. Additionally, each member of the Audit Committee received
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.
- 63 -

 

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

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
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 engaged in purchase and sale transactions with funds
that have a common investment adviser. For the six months ended April 30, 2016, these
purchases and sales were as follows:

      Purchases     Sales
Alger Capital Appreciation Institutional Fund $ 899,850   –
Alger Small Cap Growth Institutional Fund   – $ 608,470

 

(i) Interfund Loans: The Funds, along with other funds advised by Alger Management, may
borrow money from and lend money to each other for temporary or emergency purposes.
To the extent permitted under its investment restrictions, each fund may lend uninvested
cash in an amount up to 15% of its net assets to other funds. If a fund has borrowed from
other funds and has aggregate borrowings from all sources that exceed 10% of the fund’s
total assets, such fund will secure all of its loans from other funds. The interest rate charged
on interfund loans is equal to the average of the overnight time deposit rate and bank loan
rate available to the funds. There were no interfund loans outstanding as of April 30, 2016.
During the six months ended April 30, 2016, Alger Small Cap Growth Institutional Fund
incurred interest expense of $5,561 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, 2016, Alger Management and its
affiliated entities owned the following shares:

        SHARE CLASS
    A   C   Z
Alger Capital Appreciation Focus Fund 6,878 6,880 35,366

 

(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 U.S.
Government securities, short-term securities, purchased options and short sales, for the six
months ended April 30, 2016:

- 64 -

 

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

      PURCHASES     SALES
Alger Capital Appreciation Institutional Fund $ 4,444,944,081 $ 2,134,408,637
Alger Capital Appreciation Focus Fund   63,938,245   49,447,338
Alger Mid Cap Growth Institutional Fund   52,660,446   57,096,754
Alger Small Cap Growth Institutional Fund   98,117,706   204,137,030

 

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, 2016, the Funds had the
following borrowings:

  AVERAGE DAILY WEIGHTED AVERAGE  
    BORROWING   INTEREST RATE  
Alger Small Cap Growth Institutional Fund $ 902,796 1.28 %

 

The highest amount borrowed during the six months ended April 30, 2016 for each Fund
was as follows:

  HIGHEST BORROWING
Alger Small Cap Growth Institutional Fund $  13,450,000

 

- 65 -

 

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

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

  FOR THE SIX MONTHS ENDED     FOR THE YEAR ENDED  
    APRIL 30, 2016     OCTOBER 31, 2015  
    SHARES       AMOUNT     SHARES       AMOUNT  
Alger Capital Appreciation Institutional Fund                        
Class I:                            
Shares sold 19,836,293     $ 510,259,367   50,542,053   $ 1,431,830,828  
Dividends reinvested 8,328,490     222,703,812   11,586,846     312,381,372  
Shares redeemed (19,801,968 ) (509,904,191 ) (37,104,435 ) (1,050,293,736 )
Net increase 8,362,815     $ 223,058,988   25,024,464     $ 693,918,464  
Class R:                            
Shares sold 3,136,557     $ 74,082,545   9,057,734     $ 233,025,489  
Dividends reinvested 1,958,801     47,814,339   2,422,309     60,291,275  
Shares redeemed (4,438,054 ) (104,157,270 ) (5,783,826 ) (148,667,065 )
Net increase 657,304     $ 17,739,614   5,696,217     $ 144,649,699  
 
Alger Capital Appreciation Focus Fund                          
Class A:                            
Shares sold 548,914     $ 12,972,801   1,183,661     $ 26,976,396  
Dividends reinvested 12,944     312,984   —     —  
Shares redeemed (421,088 )   (9,676,773 ) (425,035 )   (10,098,497 )
Net increase 140,770     $ 3,609,012   758,626     $ 16,877,899  
Class C:                            
Shares sold 136,413     $ 3,132,590   178,046     $ 4,152,257  
Dividends reinvested 3,659     86,523   —     —  
Shares redeemed (19,660 )   (435,191 ) (22,530 )   (519,786 )
Net increase 120,412     $ 2,783,922   155,516     $ 3,632,471  
Class I:                            
Shares sold 294,002     $ 6,949,053   827,893     $ 19,755,163  
Dividends reinvested 9,363     227,418   —     —  
Shares redeemed (244,417 )   (5,664,668 ) (401,861 )   (9,321,977 )
Net increase 58,948     $ 1,511,803   426,032     $ 10,433,186  
Class Z:                            
Shares sold 514,212     $ 12,301,091   119,545     $ 2,843,126  
Dividends reinvested 4,919     120,412   —     —  
Shares redeemed (178,321 )   (4,044,749 ) (25,582 )   (601,951 )
Net increase 340,810     $ 8,376,754   93,963     $ 2,241,175  

 

- 66 -

 

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

  FOR THE SIX MONTHS ENDED       FOR THE YEAR ENDED  
    APRIL 30, 2016       OCTOBER 31, 2015  
    SHARES         AMOUNT       SHARES         AMOUNT  
Alger Mid Cap Growth Institutional Fund                                
Class I:                                  
Shares sold 296,545     $   6,295,942     902,649     $   21,241,975  
Shares redeemed (732,896 )     (15,482,065 )   (1,770,784 )     (41,417,306 )
Net decrease (436,351 )    $   (9,186,123 )   (868,135 )   $ (20,175,331 )
Class R:                                  
Shares sold 71,305     $   1,419,481     203,467     $   4,468,737  
Shares redeemed (166,418 )     (3,310,765 )   (412,966 )     (8,989,356 )
Net decrease (95,113 )   $   (1,891,284 )   (209,499 )    $ (4,520,619 )
 
Alger Small Cap Growth Institutional Fund                              
Class I:                                  
Shares sold 2,047,516     $   32,789,211     2,831,473     $   69,667,841  
Dividends reinvested 7,154,149       109,458,479     4,775,991       111,758,197  
Shares redeemed (8,614,942 ) (130,390,231 )   (15,587,700 ) (384,394,678 )
Net increase (decrease) 586,723     $   11,857,459     (7,980,236 )   $    (202,968,640  )
Class R:                                  
Shares sold 123,639     $   1,648,887     227,162     $   5,071,784  
Dividends reinvested 449,925       5,907,509     259,849       5,532,180  
Shares redeemed (263,419 )     (3,806,110 )   (790,204 )     (17,568,320 )
Net increase (decrease) 310,145     $   3,750,286     (303,193 )   $   (6,964,356 )

 

(b) Redemption Fee: Prior to March 1, 2015, the Alger Capital Appreciation Focus Fund
imposed a 2.00% redemption fee on certain Class A and Class C Fund shares redeemed
(including shares redeemed by exchange) within 30 days after such shares were acquired.
Since March 1, 2015, the redemption fee is no longer imposed.
During the year ended October 31, 2015, shares redeemed for the Class I shares of Alger
Capital Appreciation Institutional Fund include redemption-in-kind transactions of
10,621,246 shares valued at $307,755,100. The Fund had realized gains on these transactions
of $47,725,674.

NOTE 7 — Income Tax Information:
At October 31, 2015, 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
2017 — — $ 280,123,926 —
Total — — 280,123,926 —

 

- 67 -

 

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

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

During the year ended October 31, 2015 the Alger Capital Appreciation Focus Fund, and
Alger Mid Cap Growth Institutional Fund utilized $2,828,765, and $5,674,132 of their
capital loss carryforwards, respectively.

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is
determined annually and is attributable primarily to the tax deferral of losses on wash sales,
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.

NOTE 8 — Fair Value Measurements
The following is a summary of the inputs used as of April 30, 2016 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 $ 662,418,557 $ 662,366,201   —   $ 52,356
Consumer Staples     300,285,195   300,285,195   —   —
Energy     57,544,439   57,544,439   —   —
Financials     56,872,951   56,872,951   —   —
Health Care     662,939,834   655,661,017   7,278,817   —
Industrials     393,104,801   393,104,801   —   —
Information Technology     1,198,940,868   1,196,311,538     —     2,629,330
Materials     44,086,310   44,086,310   —   —
Telecommunication Services     69,508,988   69,508,988   —   —
TOTAL COMMON STOCKS $ 3,445,701,943 $ 3,435,741,440 $     7,278,817   $   2,681,686
MASTER LIMITED PARTNERSHIP                                  
Financials     26,152,021   26,152,021   —   —
PREFERRED STOCKS                                  
Consumer Discretionary       1,501,699   —   —     1,501,699
Health Care       3,690,198   —   —     3,690,198
Information Technology     12,120,328   —   —   12,120,328
TOTAL PREFERRED STOCKS  $   17,312,225     —     —   $   17,312,225
REAL ESTATE INVESTMENT TRUST                              
Financials     35,485,459   35,485,459   —   —
TOTAL INVESTMENTS IN                                  
        SECURITIES $ 3,524,651,648 $ 3,497,378,920 $     7,278,817   $   19,993,911

 

- 68 -

 

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   $ 14,157,609 $ 14,157,609   — —
Consumer Staples     2,575,472     2,575,472   — —
Energy     1,032,431     1,032,431   — —
Financials     1,167,923     1,167,923   — —
Health Care   12,376,842   12,376,842   — —
Industrials     5,824,323     5,824,323   — —
Information Technology   26,065,189   26,065,189   — —
Materials     471,188     471,188   — —
Telecommunication Services     1,048,336     1,048,336   — —
TOTAL COMMON STOCKS $ 64,719,313   $   64,719,313     —   —
MASTER LIMITED PARTNERSHIP                              
Financials     871,769     871,769   — —
PREFERRED STOCKS                              
Health Care     347,249   —   —   347,249
REAL ESTATE INVESTMENT TRUST                        
Financials     1,561,234     1,561,234   — —
TOTAL INVESTMENTS IN                              
SECURITIES $ 67,499,565   $   67,152,316     — $   347,249
 
 
Alger Mid Cap Growth Institutional                              
Fund     TOTAL FUND       LEVEL 1     LEVEL 2     LEVEL 3
COMMON STOCKS                              
Consumer Discretionary $ 30,658,256 $ 30,654,506   — $ 3,750
Consumer Staples     5,657,542     5,657,542   — —
Energy     1,098,526     1,098,526   — —
Financials     4,873,283     4,873,283   — —
Health Care   16,243,445   16,243,445   — —
Industrials   18,081,721   18,081,721   — —
Information Technology   24,840,248   24,703,562   —   136,686
Materials     5,488,954     5,488,954   — —
TOTAL COMMON STOCKS $ 106,941,975   $   106,801,539     — $   140,436
PREFERRED STOCKS                              
Consumer Discretionary     93,157   —   —   93,157
Health Care     1,469,572   —   —   1,469,572
Information Technology     630,047   —   —   630,047
TOTAL PREFERRED STOCKS $ 2,192,776     —     — $   2,192,776
REAL ESTATE INVESTMENT TRUST                            
Financials     3,731,781     3,731,781   — —
SPECIAL PURPOSE VEHICLE                              
Financials     240,362   —   —   240,362
TOTAL INVESTMENTS IN                              
SECURITIES $ 113,106,894   $   110,533,320     — $   2,573,574

 

- 69 -

 

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

Alger Small Cap Growth Institutional                            
Fund     TOTAL FUND       LEVEL 1     LEVEL 2     LEVEL 3
COMMON STOCKS                            
Consumer Discretionary $    28,625,284 $ 28,625,284 — —
Consumer Staples     4,242,082     4,242,082 — —
Energy     3,738,767     3,738,767 — —
Financials   11,557,277   11,557,277 — —
Health Care   65,573,449   65,573,449 — —
Industrials   24,384,247   24,384,247 — —
Information Technology   75,410,118   75,410,118 — —
Materials     7,140,649     7,140,649 — —
TOTAL COMMON STOCKS $ 220,671,873 $ 220,671,873   —   —
PREFERRED STOCKS                            
Health Care     2,557,000   — —   2,557,000
REAL ESTATE INVESTMENT TRUST                          
Financials     7,141,931     7,141,931 — —
RIGHTS                            
Health Care   —   — —* —*
SPECIAL PURPOSE VEHICLE                            
Financials     775,134   — —   775,134
TOTAL INVESTMENTS IN                            
       SECURITIES $ 231,145,938 $ 227,813,804   — $   3,332,134
*Small Cap Growth Institutional Fund Rights are fair valued at zero as of April 30, 2016.            

 

    FAIR VALUE
  MEASUREMENTS
  USING SIGNIFICANT
  UNOBSERVABLE
  INPUTS (LEVEL 3)
Alger Capital Appreciation Institutional Fund Common Stocks
Opening balance at November 1, 2015 $ 2,203,626
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 478,060
Purchases and sales –
Purchases –
Sales –
Closing balance at April 30, 2016 2,681,686
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 April 30,2016 $ 478,060

 

- 70 -

 

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, 2015 $ 15,625,491
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 1,686,734
Purchases and sales –
Purchases –
Sales –
Closing balance at April 30, 2016 17,312,225
The amount of total gains or losses for the period included in net realized      
and unrealized gain (loss) attributable to change in unrealized appreciation      
(depreciation) relating to investments still held at April 30,2016 $ 1,686,734
 
    FAIR VALUE
  MEASUREMENTS
  USING SIGNIFICANT
  UNOBSERVABLE
  INPUTS (LEVEL 3)
Alger Capital Appreciation Focus Fund Preferred Stocks
Opening balance at November 1, 2015 $ 345,713
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 1,536
Purchases and sales –
Purchases –
Sales –
Closing balance at April 30, 2016 347,249
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 April 30,2016 $ 1,536

 

- 71 -

 

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 Common Stocks  
Opening balance at November 1, 2015 $ 115,585  
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 24,851  
Purchases and sales –  
Purchases –  
Sales –  
Closing balance at April 30, 2016 140,436  
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 April 30,2016 $ 24,851  
 
Alger Mid Cap Growth Institutional Fund Preferred Stocks  
Opening balance at November 1, 2015 $ 2,711,929  
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 (519,153 )
Purchases and sales –  
Purchases –  
Sales –  
Closing balance at April 30, 2016 2,192,776  
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 April 30,2016 $ (519,153 )
 
  Special Purpose  
Alger Mid Cap Growth Institutional Fund     Vehicle  
Opening balance at November 1, 2015 $ 240,362  
Transfers into Level 3 —  
Transfers out of Level 3 —  
Total gains or losses        
Included in net realized gain (loss) on investments –  
Included in net unrealized gain (loss) on investments –  
Purchases and sales –  
Purchases –  
Sales –  
Closing balance at April 30, 2016 240,362  
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 April 30,2016 $ –  

 

- 72 -

 

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

    FAIR VALUE  
  MEASUREMENTS  
  USING SIGNIFICANT  
  UNOBSERVABLE  
  INPUTS (LEVEL 3)  
 
    FAIR VALUE  
  MEASUREMENTS  
  USING SIGNIFICANT  
  UNOBSERVABLE  
  INPUTS (LEVEL 3)  
Alger Small Cap Growth Institutional Fund Preferred Stocks  
Opening balance at November 1, 2015 $ 3,505,601  
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 (948,601 )
Purchases and sales –  
Purchases –  
Sales –  
Closing balance at April 30, 2016 2,557,000  
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 April 30,2016 $ (948,601 )
 
Alger Small Cap Growth Institutional Fund     Rights  
Opening balance at November 1, 2015 $ —  
Transfers into Level 3 —  
Transfers out of Level 3 —  
Total gains or losses        
Included in net realized gain (loss) on investments –  
Included in net unrealized gain (loss) on investments –  
Purchases and sales –  
Purchases –  
Sales –  
Closing balance at April 30, 2016 —  
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 April 30,2016 $ —  

 

- 73 -

 

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

    FAIR VALUE
  MEASUREMENTS
  USING SIGNIFICANT
  UNOBSERVABLE
  INPUTS (LEVEL 3)
  Special Purpose
Alger Small Cap Growth Institutional Fund     Vehicle
Opening balance at November 1, 2015 $ 775,134
Transfers into Level 3 —
Transfers out of Level 3 —
Total gains or losses      
Included in net realized gain (loss) on investments –
Included in net unrealized gain (loss) on investments –
Purchases and sales –
Purchases –
Sales –
Closing balance at April 30, 2016 775,134
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 April 30,2016 $ –

 

The following table provides quantitative information about our Level 3 fair value
measurements of our investments as of April 30, 2016. 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    
    April 30, 2016 Methodology Input Input/Range  
Alger Capital Appreciation Institutional Fund        
Common Stocks $ 52,356 Income Discount Rate 40 %
      Approach      
Common Stocks   2,629,330 Performance Market Multiple 11.5x-12.3x  
      Multiple      
      Methodology      
      (xRevenue)      
Preferred Stocks   1,501,699 Income Discount Rate 40 %
      Approach      
Preferred Stocks   3,690,198 Discounted Discount Rate 20 %
      Cash Flow      
Preferred Stocks   12,120,328 Performance Market Multiple 11.5x-12.3x  
      Multiple      
      Methodology      
      (xRevenue)      
Alger Capital Appreciation Focus Fund        
Preferred Stocks $ 347,249 Discounted Discount Rate 28 %
      Cash Flow      

 

- 74 -

 

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

Alger Mid Cap Growth Institutional Fund        
Common Stocks $ 3,751 Income Discount Rate 40 %
      Approach      
Common Stocks   136,686 Performance Market Multiple 11.5x-12.3x  
      Multiple      
      Methodology      
      (xRevenue)      
Preferred Stocks   93,156 Income Discount Rate 40 %
      Approach      
Preferred Stocks   250,783 Discounted Discount Rate 20 %
      Cash Flow      
Preferred Stocks   557,425 Performance Market Multiple 11.5x-12.3x  
      Multiple      
      Methodology      
      (xRevenue)      
Special Purpose Vehicle   240,362 Performance Market Multiple 4.38x-4.88x  
      Multiple      
      Methodology      
      (xRevenue)      
 
Alger Small Cap Growth Institutional Fund        
Preferred Stocks   1,965,265 Discounted Discount Rate 20-28 %
      Cash Flow      
Preferred Stocks   591,735 Discounted Discount Rate 20.7 %
      Cash Flow Weight 40 %
      Liquidation Estimated Recover NA  
      Analysis Levels    
        Weight 60 %
Special Purpose Vehicle   775,134 Performance Market Multiple 4.38x-4.88x  
      Multiple      
      Methodology      
      (xRevenue)      

 

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

On April 30, 2016, 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, 2016, such assets
are categorized within the disclosure hierarchy as follows:

- 75 -

 

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

    TOTAL FUND LEVEL 1   LEVEL 2   LEVEL 3
Cash, Foreign cash and Cash equivalents:                    
                   
Alger Capital Appreciation Institutional Fund $ 133,799,720 $ — $ 133,799,720 —
Alger Capital Appreciation Focus Fund     3,324,233 — 3,324,233 —
Alger Mid Cap Growth Institutional Fund     569,694   — 569,694 —
Alger Small Cap Growth Institutional Fund     7,319,034   — 7,319,034 —

 

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

Options— The Funds seek to capture the majority of the returns associated with equity
market investments. To meet this investment goal, the Funds invest in a broadly diversified
portfolio of common stocks, while also buying and selling call and put options on equities
and equity indices. The Funds purchase call options to increase their exposure to the stock
market and also provide diversification of risk. The Funds purchase put options in order
to protect from significant market declines that may occur over a short period of time. The
Funds will write covered call and cash secured put options to generate cash flows while
reducing the volatility of the Funds’ portfolios. The cash flows may be an important source
of the Funds’ returns, although written call options may reduce the Funds’ ability to profit
from increases in the value of the underlying security or equity portfolio. The value of a
call option generally increases as the price of the underlying stock increases and decreases
as the stock decreases in price. Conversely, the value of a put option generally increases
as the price of the underlying stock decreases and decreases as the stock increases in price.
The combination of the diversified stock portfolio and the purchase and sale of options
is intended to provide the Funds with the majority of the returns associated with equity
market investments but with reduced volatility and returns that are augmented with the cash
flows from the sale of options. During the six months ended April 30, 2016, 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, 2016.

NOTE 10 — Principal Risks:
As of April 30, 2016, the Funds invested a significant portion of its assets in securities in
the consumer discretionary, health care and information technology sectors. Changes in

- 76 -

 

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

economic conditions affecting such sectors would have a greater 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
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.

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, 2016. Purchase and sale transactions and dividend
income earned during the period were as follows:

  Shares/Par     Shares/Par        
  at     at   Realized   Value at
  October 31, Purchases/ Sales/ April Dividend Gain   April
Security 2015 Conversion Conversion 30, 2016 Income (Loss)   30, 2016
 
Alger Capital Appreciation Institutional Fund            
Common Stocks                
Choicestream, Inc.* 124,658 – – 124,658 – – $ 52,356
Preferred Stocks                
Choicestream, Inc.* 3,575,473 – – 3,575,473 – –   1,501,699
 
Alger Capital Appreciation Focus Fund            
Preferred Stocks                
Prosetta Biosciences,                
Inc.* 76,825 – – 76,825 – –   347,249

 

- 77 -

 

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

  Shares/Par     Shares/Par        
  at     at   Realized   Value at
  October 31, Purchases/ Sales/ April Dividend Gain   April
Security 2015 Conversion  Conversion 30, 2016 Income (Loss)   30, 2016
 
Alger Mid Cap Growth Institutional Fund            
Common Stocks                
Choicestream, Inc.* 8,930 – – 8,930 – – $ 3,750
Preferred Stocks                
Choicestream, Inc.* 221,801 – – 221,801 – –   93,157
Prosetta Biosciences,                
Inc.* 166,009 – – 166,009 – –   750,361
Tolero                
Pharmaceuticals, Inc.* 354,870 – – 354,870 – –   468,428
 
Alger Small Cap Growth Institutional Fund            
Preferred Stocks                
Prosetta Biosciences,                
Inc.* 133,263 – – 133,263 – –   602,349
Tolero                
Pharmaceuticals, Inc.* 448,284 – – 448,284 – –   591,735
*     Non-income producing security.            
 
NOTE 12 — Subsequent Events:            

 

Management of each Fund has evaluated events that have occurred subsequent to April
30, 2016 through the issuance date of the Financial Statements. No such events have been
identified which require recognition and/or disclosure.

- 78 -

 

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, 2015 and ending April 30, 2016.

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

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

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

- 79 -

 

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, 2015   April 30, 2016 April 30, 2016(a) April 30, 2016(b)  
Alger Capital Appreciation Institutional Fund                  
Class I Actual $ 1,000.00   $ 958.80 $ 5.50 1.13 %
  Hypothetical(c) 1,000.00 1,019.24 5.67 1.13  
Class R Actual 1,000.00   956.19 7.83 1.61  
  Hypothetical(c) 1,000.00 1,016.86 8.07 1.61  
                       
Alger Capital Appreciation Focus Fund                    
Class A Actual $ 1,000.00   $ 956.65 $ 5.98 1.24 %
  Hypothetical(c) 1,000.00 1,018.75 6.17 1.24  
Class C Actual 1,000.00   953.57 9.52 1.97  
  Hypothetical(c) 1,000.00 1,015.12 9.82 1.97  
Class I Actual 1,000.00   957.25 5.60 1.15  
  Hypothetical(c) 1,000.00 1,019.14 5.77 1.15  
Class Z Actual 1,000.00   958.39 4.33 0.90  
  Hypothetical(c) 1,000.00 1,020.44 4.47 0.90  
                       
Alger Mid Cap Growth Institutional Fund                    
Class I Actual $ 1,000.00   $ 938.78 $ 5.98 1.24 %
  Hypothetical(c) 1,000.00 1,018.70 6.22 1.24  
Class R Actual 1,000.00   936.10 8.71 1.80  
  Hypothetical(c) 1,000.00 1,015.86 9.07 1.80  
                       
Alger Small Cap Growth Institutional Fund                    
Class I Actual $ 1,000.00   $ 904.60 $ 6.01 1.26 %
  Hypothetical(c) 1,000.00 1,018.55 6.37 1.26  
Class R Actual 1,000.00   902.62 8.47 1.78  
  Hypothetical(c) 1,000.00 1,015.96 8.97 1.78  
                       

 

(a) Expenses are equal to the annualized expense ratio of the respective share class, multiplied by the average account value over
the period, multiple by 182/366 (to reflect the one-half year period).
(b) Annualized.
(c) 5% annual return before expenses.

- 80 -

 

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

Privacy Policy
U.S. Consumer Privacy Notice Rev. 01/2015 3/30/15

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

 

- 81 -

 

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 example,
collect my personal when you:
information? • Open an account or
  • Make deposits or withdrawals from your account or
  • Provide account information or
  • Pay us by check.
 
 
Why can’t I limit all sharing? Federal law gives you the right to limit only
  • sharing for affiliates’ everyday business purposes
  information about your credit worthiness
  • affiliates from using your information to market to you
  • sharing for nonaffiliates to market to you
  State laws and individual companies may give you
  additional rights to limit sharing.
 
 
Definitions  
Affiliates Companies related by common ownership or control.
  They can be financial and nonfinancial companies.
  • Our affiliates include Fred Alger Management, Inc.
  and Fred Alger & Company, Incorporated as well as the
  following funds: The Alger Funds, The Alger Funds II,
  The Alger Institutional Funds, The Alger Portfolios, and
  Alger Global Growth Fund.
Nonaffiliates Companies not related by common ownership or
  control. They can be financial and nonfinancial
  companies.
Joint marketing A formal agreement between nonaffiliated financial
  companies that together market financial products or
  services to you.
Other important information  

 

- 82 -

 

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

- 83 -

 

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

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

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

- 84 -

 

THE ALGER INSTITUTIONAL FUNDS

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

Investment Manager

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

Distributor

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

Transfer Agent and Dividend Disbursing Agent

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

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.

- 85 -

 



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 24, 2016

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 24, 2016

By: /s/Michael D. Martins

 

Michael D. Martins

Treasurer

Date: June 24, 2016

 EX-99.CERT 2 algerinstlfundsex99cert.htm algerinstlfundsex99cert.htm - Generated by SEC Publisher for SEC Filing

Rule 30a-2(a) CERTIFICATIONS

I, Hal Liebes, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: June 24, 2016

/s/ Hal Liebes

Hal Liebes

President

 

Rule 30a-2(a) CERTIFICATIONS

I, Michael D. Martins, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: June 24, 2016

/s/ Michael D. Martins

Michael D. Martins

Treasurer

 EX-99.906 CERT 3 algerinstlfundsex99_906cert.htm algerinstlfundsex99_906cert.htm - Generated by SEC Publisher for SEC Filing

Rule 30a-2(b) CERTIFICATIONS

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b)
of section 1350, chapter 63 of title 18, United States Code), each of the undersigned
officers of The Alger Institutional Funds, do hereby certify, to such officer's
knowledge, that:

(1) The semi-annual report on Form N-CSR of the Registrant for the period
ended April 30, 2015 (the "Form N-CSR") fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of
1934;
and
(2) the information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of The
Alger Institutional Funds.

Dated: June 24, 2016

/s/Hal Liebes

Hal Liebes
President
The Alger Institutional Funds

Dated: June 24, 2016

/s/ Michael D. Martins

Michael D. Martins
Treasurer
The Alger Institutional Funds

Dated: June 24, 2016

This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not
being filed as part of the Report or as a separate disclosure document.

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