# EDGAR Filing Document

**Accession Number:** 0000092751
**File Stem:** 0000940400-26-011713
**Filing Date:** 2026-3
**Character Count:** 178702
**Document Hash:** d36313c912891e6d7addedbbec466962
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-011713.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0000940400-26-011713

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20260130

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**PERIOD START**: 20261031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALGER FUNDS II
- **CENTRAL INDEX KEY:** 0000092751

**ORGANIZATION NAME:**
- **EIN:** 042451826
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01743
- **FILM NUMBER:** 26804853

**BUSINESS ADDRESS:**
- **STREET 1:** 100 PEARL STREET
- **STREET 2:** 27TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004
- **BUSINESS PHONE:** 212-806-8833

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SPECTRA FUNDS
- **DATE OF NAME CHANGE:** 20070503

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SPECTRA FUND
- **DATE OF NAME CHANGE:** 20040325

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SPECTRA FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Alger Spectra Fund (Series ID: S000009190)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000024978 | Alger Spectra Fund Class A | SPECX           |
| C000068367 | Alger Spectra Fund Class C | ASPCX           |
| C000068368 | Alger Spectra Fund Class I | ASPIX           |
| C000095102 | Alger Spectra Fund Class Z | ASPZX           |
| C000206605 | Alger Spectra Fund Class Y | ASPYX           |

## Nport-Ex

![](img45f07a241.gif)

THE ALGER FUNDS II

**QUARTERLY REPORT**

**January 31, 2026 (UNAUDITED)**

![](img4c15033a2.gif)

------

**THE ALGER FUNDS II \| ALGER SPECTRA FUND**

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

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—107.1%** | **COMMON STOCKS—107.1%** | **COMMON STOCKS—107.1%** |
| **AEROSPACE & DEFENSE—2.1%** | **AEROSPACE & DEFENSE—2.1%** | **AEROSPACE & DEFENSE—2.1%** |
| HEICO Corp., Cl. A | 343395 | **$87424933** |
| **APPAREL ACCESSORIES & LUXURY GOODS—0.4%** | **APPAREL ACCESSORIES & LUXURY GOODS—0.4%** | **APPAREL ACCESSORIES & LUXURY GOODS—0.4%** |
| lululemon athletica, inc.<sup>\*</sup>  | 87794 | **15320053** |
| **APPLICATION SOFTWARE—3.9%** | **APPLICATION SOFTWARE—3.9%** | **APPLICATION SOFTWARE—3.9%** |
| AppLovin Corp., Cl. A<sup>+</sup>,\*  | 300678 | 142253769 |
| Cadence Design Systems, Inc.<sup>\*</sup>  | 27009 | 8004387 |
| Palantir Technologies, Inc., Cl. A<sup>\*</sup>  | 73258 | 10738890 |
|  |  | **160997046** |
| **AUTOMOBILE MANUFACTURERS—3.9%** | **AUTOMOBILE MANUFACTURERS—3.9%** | **AUTOMOBILE MANUFACTURERS—3.9%** |
| Tesla, Inc.<sup>+</sup>,\*  | 378998 | **163124529** |
| **AUTOMOTIVE RETAIL—0.6%** | **AUTOMOTIVE RETAIL—0.6%** | **AUTOMOTIVE RETAIL—0.6%** |
| Carvana Co.<sup>\*</sup>  | 57545 | **23081875** |
| **BIOTECHNOLOGY—4.1%** | **BIOTECHNOLOGY—4.1%** | **BIOTECHNOLOGY—4.1%** |
| Abivax SA ADR<sup>\*</sup>  | 280615 | 31190357 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 354349 | 24567016 |
| Ascendis Pharma A/S ADR<sup>\*</sup>  | 56455 | 12764476 |
| Biogen, Inc.<sup>\*</sup>  | 126197 | 22701578 |
| Cogent Biosciences, Inc.<sup>\*</sup>  | 339731 | 12199740 |
| Natera, Inc.<sup>\*</sup>  | 294154 | 67990756 |
|  |  | **171413923** |
| **BROADLINE RETAIL—11.2%** | **BROADLINE RETAIL—11.2%** | **BROADLINE RETAIL—11.2%** |
| Alibaba Group Holding Ltd. ADR | 123900 | 21008484 |
| Amazon.com, Inc.<sup>+</sup>,\*  | 1500874 | 359159148 |
| MercadoLibre, Inc.<sup>\*</sup>  | 13353 | 28679440 |
| Sea Ltd., Cl. A ADR<sup>+</sup>,\*  | 471358 | 54908494 |
|  |  | **463755566** |
| **COAL & CONSUMABLE FUELS—1.2%** | **COAL & CONSUMABLE FUELS—1.2%** | **COAL & CONSUMABLE FUELS—1.2%** |
| Cameco Corp. | 370521 | 45718586 |
| Centrus Energy Corp., Cl. A<sup>\*</sup>  | 7000 | 1947960 |
|  |  | **47666546** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.7%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.7%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.7%** |
| Rocket Cos., Inc., Cl. A | 1701765 | **30512646** |
| **CONSTRUCTION MATERIALS—0.5%** | **CONSTRUCTION MATERIALS—0.5%** | **CONSTRUCTION MATERIALS—0.5%** |
| Martin Marietta Materials, Inc. | 32262 | **21033211** |
| **CONSUMER FINANCE—0.4%** | **CONSUMER FINANCE—0.4%** | **CONSUMER FINANCE—0.4%** |
| Figure Technology Solutions, Inc., Cl. A<sup>\*</sup>  | 274241 | **15598828** |
| **DIVERSIFIED METALS & MINING—0.4%** | **DIVERSIFIED METALS & MINING—0.4%** | **DIVERSIFIED METALS & MINING—0.4%** |
| MP Materials Corp., Cl. A<sup>\*</sup>  | 285881 | **16801226** |
| **ELECTRIC UTILITIES—1.2%** | **ELECTRIC UTILITIES—1.2%** | **ELECTRIC UTILITIES—1.2%** |
| Constellation Energy Corp. | 180407 | **50636637** |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER SPECTRA FUND**

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

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—107.1% (CONT.)** | **COMMON STOCKS—107.1% (CONT.)** | **COMMON STOCKS—107.1% (CONT.)** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—0.5%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.5%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.5%** |
| Vertiv Holdings Co., Cl. A | 119026 | **$22160261** |
| **ENVIRONMENTAL & FACILITIES SERVICES—2.0%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.0%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.0%** |
| GFL Environmental, Inc.<sup>+</sup>  | 1936651 | **83179160** |
| **HEALTH CARE DISTRIBUTORS—0.6%** | **HEALTH CARE DISTRIBUTORS—0.6%** | **HEALTH CARE DISTRIBUTORS—0.6%** |
| Cardinal Health, Inc. | 112581 | **24191405** |
| **HEALTHCARE EQUIPMENT—1.2%** | **HEALTHCARE EQUIPMENT—1.2%** | **HEALTHCARE EQUIPMENT—1.2%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 101141 | **50997315** |
| **HEAVY ELECTRICAL EQUIPMENT—1.2%** | **HEAVY ELECTRICAL EQUIPMENT—1.2%** | **HEAVY ELECTRICAL EQUIPMENT—1.2%** |
| GE Vernova, Inc. | 66401 | **48231694** |
| **HOME FURNISHINGS—0.1%** | **HOME FURNISHINGS—0.1%** | **HOME FURNISHINGS—0.1%** |
| Somnigroup International, Inc. | 65000 | **5710250** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.8%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.8%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.8%** |
| Talen Energy Corp.<sup>\*</sup>  | 214396 | **74686991** |
| **INTERACTIVE MEDIA & SERVICES—12.0%** | **INTERACTIVE MEDIA & SERVICES—12.0%** | **INTERACTIVE MEDIA & SERVICES—12.0%** |
| Alphabet, Inc., Cl. C<sup>+</sup>  | 549822 | 186131242 |
| Meta Platforms, Inc., Cl. A<sup>+</sup>  | 435851 | 312287241 |
|  |  | **498418483** |
| **INTERNET SERVICES & INFRASTRUCTURE—2.8%** | **INTERNET SERVICES & INFRASTRUCTURE—2.8%** | **INTERNET SERVICES & INFRASTRUCTURE—2.8%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 143000 | 25361050 |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 89276 | 33150857 |
| Okta, Inc., Cl. A<sup>\*</sup>  | 129291 | 10922504 |
| Shopify, Inc., Cl. A<sup>\*</sup>  | 247869 | 32527849 |
| Snowflake, Inc., Cl. A<sup>\*</sup>  | 83277 | 16047478 |
|  |  | **118009738** |
| **INVESTMENT BANKING & BROKERAGE—0.3%** | **INVESTMENT BANKING & BROKERAGE—0.3%** | **INVESTMENT BANKING & BROKERAGE—0.3%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 103653 | **10311400** |
| **LIFE SCIENCES TOOLS & SERVICES—0.6%** | **LIFE SCIENCES TOOLS & SERVICES—0.6%** | **LIFE SCIENCES TOOLS & SERVICES—0.6%** |
| Repligen Corp.<sup>\*</sup>  | 175993 | **26288074** |
| **MANAGED HEALTHCARE—0.7%** | **MANAGED HEALTHCARE—0.7%** | **MANAGED HEALTHCARE—0.7%** |
| UnitedHealth Group, Inc. | 106689 | **30612275** |
| **MOVIES & ENTERTAINMENT—2.7%** | **MOVIES & ENTERTAINMENT—2.7%** | **MOVIES & ENTERTAINMENT—2.7%** |
| Liberty Media Corp. Series C Liberty Formula One<sup>\*</sup>  | 299756 | 26084767 |
| Netflix, Inc.<sup>+</sup>,\*  | 247721 | 20682226 |
| Roku, Inc., Cl. A<sup>\*</sup>  | 115608 | 11005882 |
| Sphere Entertainment Co., Cl. A<sup>\*</sup>  | 223588 | 21354890 |
| Spotify Technology SA<sup>\*</sup>  | 64588 | 32316606 |
|  |  | **111444371** |
| **PHARMACEUTICALS—0.5%** | **PHARMACEUTICALS—0.5%** | **PHARMACEUTICALS—0.5%** |
| AstraZeneca PLC ADR | 94723 | 8787453 |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER SPECTRA FUND**

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

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—107.1% (CONT.)** | **COMMON STOCKS—107.1% (CONT.)** | **COMMON STOCKS—107.1% (CONT.)** |
| **PHARMACEUTICALS—0.5% (CONT.)** | **PHARMACEUTICALS—0.5% (CONT.)** | **PHARMACEUTICALS—0.5% (CONT.)** |
| Johnson & Johnson | 50000 | **$** 11362500 |
|  |  | **20149953** |
| **SEMICONDUCTORS—23.8%** | **SEMICONDUCTORS—23.8%** | **SEMICONDUCTORS—23.8%** |
| Astera Labs, Inc.<sup>\*</sup>  | 324753 | 48914297 |
| Broadcom, Inc.<sup>+</sup>  | 434309 | 143886572 |
| NVIDIA Corp.<sup>+</sup>  | 3399950 | 649832443 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR<sup>+</sup>  | 433944 | 143444529 |
|  |  | **986077841** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.3%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.3%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.3%** |
| Celsius Holdings, Inc.<sup>\*</sup>  | 212404 | **11146962** |
| **SPECIALTY CHEMICALS—0.5%** | **SPECIALTY CHEMICALS—0.5%** | **SPECIALTY CHEMICALS—0.5%** |
| DuPont de Nemours, Inc. | 489651 | **21505472** |
| **SYSTEMS SOFTWARE—14.2%** | **SYSTEMS SOFTWARE—14.2%** | **SYSTEMS SOFTWARE—14.2%** |
| Microsoft Corp.<sup>+</sup>  | 1075571 | 462807445 |
| Nebius Group NV, Cl. A<sup>+</sup>,\*  | 1498693 | 127673657 |
|  |  | **590481102** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.5%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.5%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.5%** |
| Apple, Inc.<sup>+</sup>  | 963992 | 250136644 |
| Samsung Electronics Co., Ltd. | 213076 | 23539524 |
| Western Digital Corp. | 315093 | 78845722 |
|  |  | **352521890** |
| **TRADING COMPANIES & DISTRIBUTORS—2.2%** | **TRADING COMPANIES & DISTRIBUTORS—2.2%** | **TRADING COMPANIES & DISTRIBUTORS—2.2%** |
| EquipmentShare.com, Inc., Cl. A<sup>\*</sup>  | 418212 | 13006393 |
| QXO, Inc.<sup>\*</sup>  | 3434462 | 76176367 |
|  |  | **89182760** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $1,775,730,348) |  | **4442674416** |
| **PREFERRED STOCKS—2.8%** | **PREFERRED STOCKS—2.8%** | **PREFERRED STOCKS—2.8%** |
| **APPLICATION SOFTWARE—2.0%** | **APPLICATION SOFTWARE—2.0%** | **APPLICATION SOFTWARE—2.0%** |
| Databricks, Inc., Series J<sup>(a),\*,@</sup>  | 325466 | 61838540 |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 1146050 | 19723521 |
|  |  | **81562061** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.8%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.8%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.8%** |
| Apptronik, Inc., Series A-X1<sup>(a),\*,@</sup>  | 348019 | 12865288 |
| Figure AI, Inc., Series C<sup>(a),\*,@</sup>  | 105496 | 20564501 |
|  |  | **33429789** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $83,258,915) |  | **114991850** |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER SPECTRA FUND**

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

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SPECIAL PURPOSE VEHICLE—0.3%** | **SPECIAL PURPOSE VEHICLE—0.3%** | **SPECIAL PURPOSE VEHICLE—0.3%** |
| **APPLICATION SOFTWARE—0.3%** | **APPLICATION SOFTWARE—0.3%** | **APPLICATION SOFTWARE—0.3%** |
| Disruptive Technology Solutions LI, LLC<sup>(a),\*,@</sup>  |  | **$11308000** |
| &nbsp;&nbsp;&nbsp; (Cost $11,675,510) |  | **11308000** |
| **SHORT-TERM SECURITIES—0.0%** | **SHORT-TERM SECURITIES—0.0%** | **SHORT-TERM SECURITIES—0.0%** |
| **MONEY MARKET FUNDS—0.0%** | **MONEY MARKET FUNDS—0.0%** | **MONEY MARKET FUNDS—0.0%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.58%<sup>(b)</sup>  | 67269 | **67269** |
| &nbsp;&nbsp;&nbsp; (Cost $67,269) |  | **67269** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $1,870,732,042)** | 110.2% | **$4569041535** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $1,870,732,042) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4569041535 |
| Securities Sold Short (Proceeds $362,681,013) | (8.6)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (358251665) |
| Liabilities in Excess of Other Assets | (1.5)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63116963) |
| **NET ASSETS** | 100.0% | **$4147672907** |

---

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

*ADR* *American Depositary Receipts*

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

---

| | |
|:---|:---|
| *(a)* | *Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures* <br> *approved by the Board of Trustees.*<br>|
| *(b)* | *Rate shown reflects 7-day effective yield as of January 31, 2026.* |
| *\** | *Non-income producing security.* |
| *+* | *All or a portion of this security is held as collateral for securities sold short.* |
| *@* | *Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the* <br> *investment may be restricted only to qualified buyers.*<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Acquisition* <br>*Date(s)*<br>| *Acquisition* <br>*Cost*<br>| *Market* <br>*Value*<br>| *% of net assets* <br>*as of* <br>*1/31/2026*<br>|
| *Apptronik, Inc., Series A-X1* | *1/29/26* | $*12865288* | $*12865288* | *0.3%* |
| *Databricks, Inc., Series J* | *12/17/24* | *30105605* | *61838540* | *1.5%* |
| *Disruptive Technology Solutions LI, LLC* | *11/4/25* | *11675510* | *11308000* | *0.3%* |
| *Figure AI, Inc., Series C* | *11/18/25* | *20564501* | *20564501* | *0.5%* |
| *SB Technology, Inc., Series E* | *10/23/24-12/18/24* | *19723521* | *19723521* | *0.5%* |
| *Total* |  | *$94934425* | *$126299850* | *3.1%* |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER SPECTRA FUND**

**Schedule of Investments - Securities Sold Short January 31, 2026 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(4.9)%** |  |  |
| **ADVERTISING—(0.1)%** |  |  |
| Omnicom Group, Inc. | &nbsp;&nbsp; (53503) | **$(4121871)** |
| **AEROSPACE & DEFENSE—(0.4)%** |  |  |
| Lockheed Martin Corp. | &nbsp;&nbsp; (24158) | **(15321487)** |
| **AGRICULTURAL & FARM MACHINERY—(0.2)%** |  |  |
| Toro Co. | &nbsp;&nbsp; (72523) | **(6635854)** |
| **APPLICATION SOFTWARE—(0.3)%** |  |  |
| Dynatrace Inc<sup>\*</sup> <br>| &nbsp;&nbsp; (45688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1740256) |
| RingCentral, Inc., Cl. A<sup>\*</sup> <br>| (213890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5535473) |
| Salesforce, Inc. | &nbsp;&nbsp; (18500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3927365) |
| SAP SE ADR | &nbsp;&nbsp;&nbsp; (8502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1709242) |
| Tyler Technologies, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (10106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3733156) |
|  |  | **(16645492)** |
| **AUTOMOTIVE RETAIL—(0.1)%** |  |  |
| Advance Auto Parts, Inc. | &nbsp;&nbsp; (64000) | **(3072640)** |
| **BREWERS—(0.1)%** |  |  |
| Molson Coors Beverage Co., Cl.B | (117042) | **(5622698)** |
| **COMMUNICATIONS EQUIPMENT—(0.1)%** |  |  |
| Motorola Solutions, Inc. | &nbsp;&nbsp; (15807) | **(6362950)** |
| **DATA PROCESSING & OUTSOURCED SERVICES—(0.1)%** |  |  |
| Genpact, Ltd. | (138098) | **(6090122)** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—(0.2)%** |  |  |
| Zebra Technologies Corp., Cl.A<sup>\*</sup> <br>| &nbsp;&nbsp; (32591) | **(7658233)** |
| **FERTILIZERS & AGRICULTURAL CHEMICALS—(0.1)%** |  |  |
| CF Industries Holdings, Inc. | &nbsp;&nbsp; (49175) | **(4584585)** |
| **HEALTHCARE EQUIPMENT—(0.4)%** |  |  |
| ResMed, Inc. | &nbsp;&nbsp; (25000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6457750) |
| Stryker Corp | &nbsp;&nbsp; (17500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6467300) |
|  |  | **(12925050)** |
| **HEALTHCARE FACILITIES—(0.1)%** |  |  |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp; (8963) | **(4376364)** |
| **HOUSEHOLD PRODUCTS—(0.1)%** |  |  |
| The Clorox Co. | &nbsp;&nbsp; (35507) | **(4004835)** |
| **HUMAN RESOURCE & EMPLOYMENT SERVICES—(0.2)%** |  |  |
| Paychex, Inc. | &nbsp;&nbsp; (92498) | **(9539319)** |
| **INSURANCE BROKERS—(0.1)%** |  |  |
| Aon PLC, Cl.A | &nbsp;&nbsp; (10755) | **(3760378)** |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER SPECTRA FUND**

**Schedule of Investments - Securities Sold Short January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(4.9)% (CONT.)** |  |  |
| **IT CONSULTING & OTHER SERVICES—(0.3)%** |  |  |
| Accenture PLC, Cl. A | &nbsp;&nbsp; (15552) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$**(4100129) |
| Capgemini SE | &nbsp;&nbsp; (26452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4110065) |
| Infosys, Ltd. ADR | (238259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4188593) |
|  |  | **(12398787)** |
| **OTHER SPECIALTY RETAIL—(0.1)%** |  |  |
| Chewy, Inc., Cl.A<sup>\*</sup> <br>| (131732) | **(3834719)** |
| **PASSENGER GROUND TRANSPORTATION—(0.3)%** |  |  |
| Uber Technologies, Inc.<sup>\*</sup> <br>| (175756) | **(14069268)** |
| **SEMICONDUCTORS—(0.6)%** |  |  |
| Marvell Technology, Inc. | &nbsp;&nbsp; (49289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3889888) |
| NXP Semiconductors NV | &nbsp;&nbsp; (11775) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2662798) |
| ON Semiconductor Corp.<sup>\*</sup> <br>| (100573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6023317) |
| QUALCOMM, Inc. | &nbsp;&nbsp; (25489) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3863877) |
| STMicroelectronics NV | (276621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7714960) |
|  |  | **(24154840)** |
| **SYSTEMS SOFTWARE—(0.6)%** |  |  |
| Check Point Software Technologies, Ltd.<sup>\*</sup> <br>| &nbsp;&nbsp; (31359) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5629254) |
| Fortinet, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (82000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6663320) |
| Teradata Corp.<sup>\*</sup> <br>| (426625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12167345) |
|  |  | **(24459919)** |
| **TECHNOLOGY DISTRIBUTORS—(0.1)%** |  |  |
| CDW Corp. | &nbsp;&nbsp; (31000) | **(3918090)** |
| **TECHNOLOGY HARDWARE STORAGE &** <br> **PERIPHERALS—(0.3)%** |  |  |
| HP, Inc. | (260759) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5069155) |
| Logitech International SA | &nbsp;&nbsp; (54728) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4697851) |
| NetApp, Inc. | &nbsp;&nbsp; (58333) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5620385) |
|  |  | **(15387391)** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Proceeds $216,442,002)<br>|  | **$(208944892)** |

---

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS—(3.7)%** |  |  |
| **MARKET INDICES—(3.4)%** |  |  |
| Invesco QQQ Trust Series 1 | &nbsp;&nbsp; (10456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6502273) |
| iShares Expanded Tech-Software Sector ETF | &nbsp;&nbsp; (56348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5088788) |
| iShares MSCI India ETF | (219644) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11364381) |
| SPDR Dow Jones Industrial Average ETF Trust | &nbsp;&nbsp; (78512) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38394723) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; (51867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35890408) |
| State Street SPDR Portfolio S&P 500 Value ETF | (707705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41167200) |
|  |  | **(138407773)** |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER SPECTRA FUND**

**Schedule of Investments - Securities Sold Short January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS—(3.7)% (CONT.)** |  |  |
| **MULTI-UTILITIES—(0.3)%** |  |  |
| Utilities Select Sector SPDR Fund | (252000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$**(10899000) |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>(Proceeds $146,239,011)<br>|  | **$(149306773)** |
| &nbsp;&nbsp;&nbsp; **Total Securities Sold Short** <br>(Proceeds $362,681,013)<br>|  | **$(358251665)** |

---

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

---

| | |
|:---|:---|
| *ADR* | *American Depositary Receipts* |
| *ETF* | *Exchange-Traded Fund* |
| *SPDR* | *Standard & Poor's Depositary Receipt* |

---

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

*\** *Non-income producing security.*

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER DYNAMIC OPPORTUNITIES FUND**

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

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—83.3%** | **COMMON STOCKS—83.3%** | **COMMON STOCKS—83.3%** |
| **AEROSPACE & DEFENSE—3.5%** | **AEROSPACE & DEFENSE—3.5%** | **AEROSPACE & DEFENSE—3.5%** |
| AAR Corp.<sup>\*</sup>  | 11561 | **$** 1224426 |
| Cadre Holdings, Inc. | 14636 | 585586 |
| HEICO Corp.<sup>+</sup>  | 2826 | 935152 |
| HEICO Corp., Cl. A | 5751 | 1464147 |
| Kratos Defense & Security Solutions, Inc.<sup>+</sup>,\*  | 1149 | 118358 |
| Loar Holdings, Inc.<sup>\*</sup>  | 4208 | 288585 |
| StandardAero, Inc.<sup>\*</sup>  | 316 | 9761 |
| TransDigm Group, Inc.<sup>+</sup>  | 2099 | 2996406 |
| VSE Corp. | 1539 | 336379 |
| York Space Systems, Inc.<sup>\*</sup>  | 1670 | 56697 |
|  |  | **8015497** |
| **APPAREL ACCESSORIES & LUXURY GOODS—1.3%** | **APPAREL ACCESSORIES & LUXURY GOODS—1.3%** | **APPAREL ACCESSORIES & LUXURY GOODS—1.3%** |
| Amer Sports, Inc.<sup>\*</sup>  | 35485 | 1299815 |
| Capri Holdings Ltd.<sup>\*</sup>  | 35296 | 796631 |
| lululemon athletica, inc.<sup>+</sup>,\*  | 4652 | 811774 |
|  |  | **2908220** |
| **APPAREL RETAIL—1.2%** | **APPAREL RETAIL—1.2%** | **APPAREL RETAIL—1.2%** |
| Gap, Inc. | 97934 | **2740193** |
| **APPLICATION SOFTWARE—2.9%** | **APPLICATION SOFTWARE—2.9%** | **APPLICATION SOFTWARE—2.9%** |
| Agilysys, Inc.<sup>\*</sup>  | 1111 | 96379 |
| AppLovin Corp., Cl. A<sup>+</sup>,\*  | 6247 | 2955518 |
| HubSpot, Inc.<sup>\*</sup>  | 27 | 7560 |
| Manhattan Associates, Inc.<sup>\*</sup>  | 6765 | 1021583 |
| nCino, Inc.<sup>\*</sup>  | 21887 | 467288 |
| SPS Commerce, Inc.<sup>+</sup>,\*  | 209 | 18655 |
| Unity Software, Inc.<sup>+</sup>,\*  | 70280 | 2045148 |
| Vertex, Inc., Cl. A<sup>+</sup>,\*  | 3707 | 68765 |
|  |  | **6680896** |
| **ASSET MANAGEMENT & CUSTODY BANKS—2.2%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.2%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.2%** |
| Blackstone, Inc. | 8753 | 1246602 |
| Hamilton Lane, Inc., Cl. A<sup>+</sup>  | 2231 | 315107 |
| KKR & Co., Inc. | 10239 | 1169908 |
| StepStone Group, Inc., Cl. A<sup>+</sup>  | 22473 | 1588616 |
| T. Rowe Price Group, Inc. | 6755 | 713869 |
|  |  | **5034102** |
| **BIOTECHNOLOGY—5.3%** | **BIOTECHNOLOGY—5.3%** | **BIOTECHNOLOGY—5.3%** |
| Abivax SA ADR<sup>\*</sup>  | 7593 | 843962 |
| ACADIA Pharmaceuticals, Inc.<sup>+</sup>,\*  | 39917 | 1003114 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 15969 | 1107131 |
| Ascendis Pharma A/S ADR<sup>\*</sup>  | 4058 | 917514 |
| Biogen, Inc.<sup>\*</sup>  | 7923 | 1425268 |
| BioMarin Pharmaceutical, Inc.<sup>+</sup>,\*  | 411 | 23238 |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER DYNAMIC OPPORTUNITIES FUND**

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

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—83.3% (CONT.)** | **COMMON STOCKS—83.3% (CONT.)** | **COMMON STOCKS—83.3% (CONT.)** |
| **BIOTECHNOLOGY—5.3% (CONT.)** | **BIOTECHNOLOGY—5.3% (CONT.)** | **BIOTECHNOLOGY—5.3% (CONT.)** |
| Forte Biosciences, Inc.<sup>\*</sup>  | 30576 | **$** 894960 |
| Natera, Inc.<sup>+</sup>,\*  | 20429 | 4721959 |
| Palvella Therapeutics, Inc.<sup>\*</sup>  | 10865 | 833237 |
| Ultragenyx Pharmaceutical, Inc.<sup>\*</sup>  | 8373 | 201538 |
| Veracyte, Inc.<sup>\*</sup>  | 5740 | 218579 |
|  |  | **12190500** |
| **BROADLINE RETAIL—6.4%** | **BROADLINE RETAIL—6.4%** | **BROADLINE RETAIL—6.4%** |
| Amazon.com, Inc.<sup>+</sup>,\*  | 36856 | 8819641 |
| MercadoLibre, Inc.<sup>+</sup>,\*  | 894 | 1920124 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>+</sup>,\*  | 4040 | 445653 |
| Sea Ltd., Cl. A ADR<sup>+</sup>,\*  | 28782 | 3352815 |
|  |  | **14538233** |
| **CARGO GROUND TRANSPORTATION—0.2%** | **CARGO GROUND TRANSPORTATION—0.2%** | **CARGO GROUND TRANSPORTATION—0.2%** |
| RXO, Inc.<sup>\*</sup>  | 11236 | 163821 |
| XPO, Inc.<sup>\*</sup>  | 1278 | 189284 |
|  |  | **353105** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.3%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.3%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.3%** |
| Rocket Cos., Inc., Cl. A | 42914 | **769448** |
| **CONSTRUCTION & ENGINEERING—1.0%** | **CONSTRUCTION & ENGINEERING—1.0%** | **CONSTRUCTION & ENGINEERING—1.0%** |
| Cardinal Infrastructure Group, Inc., Cl. A<sup>\*</sup>  | 6780 | 170788 |
| Everus Construction Group, Inc.<sup>\*</sup>  | 2381 | 210695 |
| Legence Corp., Cl. A<sup>\*</sup>  | 11842 | 555508 |
| Sterling Infrastructure, Inc.<sup>\*</sup>  | 850 | 304224 |
| Tutor Perini Corp. | 12005 | 947074 |
|  |  | **2188289** |
| **CONSUMER FINANCE—0.7%** | **CONSUMER FINANCE—0.7%** | **CONSUMER FINANCE—0.7%** |
| Figure Technology Solutions, Inc., Cl. A<sup>\*</sup>  | 13617 | 774535 |
| Upstart Holdings, Inc.<sup>+</sup>,\*  | 22923 | 899728 |
|  |  | **1674263** |
| **DATA PROCESSING & OUTSOURCED SERVICES—0.0%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.0%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.0%** |
| Verra Mobility Corp.<sup>\*</sup>  | 3754 | **72452** |
| **DIVERSIFIED METALS & MINING—0.9%** | **DIVERSIFIED METALS & MINING—0.9%** | **DIVERSIFIED METALS & MINING—0.9%** |
| MP Materials Corp., Cl. A<sup>\*</sup>  | 34831 | **2047018** |
| **EDUCATION SERVICES—0.1%** | **EDUCATION SERVICES—0.1%** | **EDUCATION SERVICES—0.1%** |
| Stride, Inc.<sup>\*</sup>  | 1788 | **151265** |
| **ELECTRIC UTILITIES—0.3%** | **ELECTRIC UTILITIES—0.3%** | **ELECTRIC UTILITIES—0.3%** |
| Constellation Energy Corp. | 2588 | **726400** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.5%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.5%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.5%** |
| Enovix Corp.<sup>+</sup>,\*  | 627348 | 4153044 |
| Vertiv Holdings Co., Cl. A | 8841 | 1646017 |
|  |  | **5799061** |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER DYNAMIC OPPORTUNITIES FUND**

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

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—83.3% (CONT.)** | **COMMON STOCKS—83.3% (CONT.)** | **COMMON STOCKS—83.3% (CONT.)** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.7%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.7%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.7%** |
| Keysight Technologies, Inc.<sup>\*</sup>  | 5173 | **$** 1119075 |
| Novanta, Inc.<sup>\*</sup>  | 3159 | 425012 |
|  |  | **1544087** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.3%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.3%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.3%** |
| Casella Waste Systems, Inc., Cl. A<sup>+</sup>,\*  | 1844 | 186022 |
| Montrose Environmental Group, Inc.<sup>+</sup>,\*  | 14032 | 312633 |
| Waste Connections, Inc.<sup>+</sup>  | 638 | 106929 |
|  |  | **605584** |
| **FINANCIAL EXCHANGES & DATA—0.0%** | **FINANCIAL EXCHANGES & DATA—0.0%** | **FINANCIAL EXCHANGES & DATA—0.0%** |
| Miami International Holdings, Inc.<sup>\*</sup>  | 460 | **19196** |
| **HEALTH CARE DISTRIBUTORS—1.6%** | **HEALTH CARE DISTRIBUTORS—1.6%** | **HEALTH CARE DISTRIBUTORS—1.6%** |
| Cardinal Health, Inc. | 8255 | 1773835 |
| McKesson Corp.<sup>+</sup>  | 2125 | 1766321 |
|  |  | **3540156** |
| **HEALTHCARE EQUIPMENT—1.7%** | **HEALTHCARE EQUIPMENT—1.7%** | **HEALTHCARE EQUIPMENT—1.7%** |
| Artivion, Inc.<sup>\*</sup>  | 26760 | 1091005 |
| Glaukos Corp.<sup>\*</sup>  | 1620 | 193395 |
| Impulse Dynamics PLC, Series A<sup>(a),\*,@</sup>  | 3485265 | 128955 |
| Inmode, Ltd.<sup>\*</sup>  | 10163 | 159661 |
| Intuitive Surgical, Inc.<sup>+</sup>,\*  | 4553 | 2295714 |
|  |  | **3868730** |
| **HEALTHCARE FACILITIES—1.5%** | **HEALTHCARE FACILITIES—1.5%** | **HEALTHCARE FACILITIES—1.5%** |
| Tenet Healthcare Corp.<sup>+</sup>,\*  | 18449 | **3492027** |
| **HEALTHCARE SERVICES—1.2%** | **HEALTHCARE SERVICES—1.2%** | **HEALTHCARE SERVICES—1.2%** |
| CVS Health Corp. | 10548 | 786037 |
| Guardant Health, Inc.<sup>\*</sup>  | 9630 | 1098205 |
| RadNet, Inc.<sup>\*</sup>  | 11586 | 812179 |
|  |  | **2696421** |
| **HEALTHCARE SUPPLIES—0.1%** | **HEALTHCARE SUPPLIES—0.1%** | **HEALTHCARE SUPPLIES—0.1%** |
| Neogen Corp.<sup>\*</sup>  | 30566 | **312384** |
| **HEALTHCARE TECHNOLOGY—0.4%** | **HEALTHCARE TECHNOLOGY—0.4%** | **HEALTHCARE TECHNOLOGY—0.4%** |
| Schrodinger, Inc.<sup>\*</sup>  | 60583 | 846344 |
| Waystar Holding Corp.<sup>\*</sup>  | 1442 | 38300 |
|  |  | **884644** |
| **HEAVY ELECTRICAL EQUIPMENT—2.0%** | **HEAVY ELECTRICAL EQUIPMENT—2.0%** | **HEAVY ELECTRICAL EQUIPMENT—2.0%** |
| GE Vernova, Inc.<sup>+</sup>  | 6268 | **4552887** |
| **HOME FURNISHINGS—0.5%** | **HOME FURNISHINGS—0.5%** | **HOME FURNISHINGS—0.5%** |
| Somnigroup International, Inc. | 14301 | **1256343** |
| **HOTELS RESORTS & CRUISE LINES—0.9%** | **HOTELS RESORTS & CRUISE LINES—0.9%** | **HOTELS RESORTS & CRUISE LINES—0.9%** |
| Airbnb, Inc., Cl. A<sup>\*</sup>  | 13052 | 1688537 |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER DYNAMIC OPPORTUNITIES FUND**

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

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—83.3% (CONT.)** | **COMMON STOCKS—83.3% (CONT.)** | **COMMON STOCKS—83.3% (CONT.)** |
| **HOTELS RESORTS & CRUISE LINES—0.9% (CONT.)** | **HOTELS RESORTS & CRUISE LINES—0.9% (CONT.)** | **HOTELS RESORTS & CRUISE LINES—0.9% (CONT.)** |
| Lindblad Expeditions Holdings, Inc.<sup>\*</sup>  | 26490 | **$** 441589 |
|  |  | **2130126** |
| **HOUSEHOLD APPLIANCES—0.6%** | **HOUSEHOLD APPLIANCES—0.6%** | **HOUSEHOLD APPLIANCES—0.6%** |
| SharkNinja, Inc.<sup>\*</sup>  | 11713 | **1384477** |
| **HUMAN RESOURCE & EMPLOYMENT SERVICES—0.3%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—0.3%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—0.3%** |
| First Advantage Corp.<sup>\*</sup>  | 13317 | 179779 |
| Paylocity Holding Corp.<sup>+</sup>,\*  | 4116 | 555578 |
|  |  | **735357** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.6%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.6%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.6%** |
| Talen Energy Corp.<sup>+</sup>,\*  | 10282 | **3581837** |
| **INSURANCE BROKERS—0.1%** | **INSURANCE BROKERS—0.1%** | **INSURANCE BROKERS—0.1%** |
| Accelerant Holdings, Cl. A<sup>\*</sup>  | 8896 | **121519** |
| **INTERACTIVE HOME ENTERTAINMENT—0.4%** | **INTERACTIVE HOME ENTERTAINMENT—0.4%** | **INTERACTIVE HOME ENTERTAINMENT—0.4%** |
| Take-Two Interactive Software, Inc.<sup>+</sup>,\*  | 3914 | **862254** |
| **INTERACTIVE MEDIA & SERVICES—5.3%** | **INTERACTIVE MEDIA & SERVICES—5.3%** | **INTERACTIVE MEDIA & SERVICES—5.3%** |
| Alphabet, Inc., Cl. A<sup>+</sup>  | 22327 | 7546526 |
| Meta Platforms, Inc., Cl. A<sup>+</sup>  | 6476 | 4640054 |
|  |  | **12186580** |
| **INTERNET SERVICES & INFRASTRUCTURE—5.0%** | **INTERNET SERVICES & INFRASTRUCTURE—5.0%** | **INTERNET SERVICES & INFRASTRUCTURE—5.0%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 16312 | 2892933 |
| DigitalOcean Holdings, Inc.<sup>\*</sup>  | 2626 | 145087 |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 6602 | 2451521 |
| Okta, Inc., Cl. A<sup>\*</sup>  | 23980 | 2025830 |
| Shopify, Inc., Cl. A<sup>\*</sup>  | 15215 | 1996664 |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 15456 | 1861830 |
|  |  | **11373865** |
| **INVESTMENT BANKING & BROKERAGE—0.8%** | **INVESTMENT BANKING & BROKERAGE—0.8%** | **INVESTMENT BANKING & BROKERAGE—0.8%** |
| Goldman Sachs Group, Inc. | 1683 | 1574295 |
| Piper Sandler Cos. | 843 | 291973 |
|  |  | **1866268** |
| **LEISURE FACILITIES—0.2%** | **LEISURE FACILITIES—0.2%** | **LEISURE FACILITIES—0.2%** |
| Planet Fitness, Inc., Cl. A<sup>+</sup>,\*  | 5478 | **498717** |
| **LIFE SCIENCES TOOLS & SERVICES—0.2%** | **LIFE SCIENCES TOOLS & SERVICES—0.2%** | **LIFE SCIENCES TOOLS & SERVICES—0.2%** |
| Repligen Corp.<sup>+</sup>,\*  | 3668 | **547889** |
| **MANAGED HEALTHCARE—0.4%** | **MANAGED HEALTHCARE—0.4%** | **MANAGED HEALTHCARE—0.4%** |
| Progyny, Inc.<sup>+</sup>,\*  | 41031 | **979410** |
| **MOVIES & ENTERTAINMENT—1.6%** | **MOVIES & ENTERTAINMENT—1.6%** | **MOVIES & ENTERTAINMENT—1.6%** |
| Netflix, Inc.<sup>+</sup>,\*  | 2460 | 205385 |
| Roku, Inc., Cl. A<sup>\*</sup>  | 20142 | 1917518 |
| Sphere Entertainment Co., Cl. A<sup>\*</sup>  | 7142 | 682133 |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER DYNAMIC OPPORTUNITIES FUND**

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

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—83.3% (CONT.)** | **COMMON STOCKS—83.3% (CONT.)** | **COMMON STOCKS—83.3% (CONT.)** |
| **MOVIES & ENTERTAINMENT—1.6% (CONT.)** | **MOVIES & ENTERTAINMENT—1.6% (CONT.)** | **MOVIES & ENTERTAINMENT—1.6% (CONT.)** |
| Spotify Technology SA<sup>+</sup>,\*  | 1732 | **$** 866606 |
|  |  | **3671642** |
| **OTHER SPECIALTY RETAIL—0.4%** | **OTHER SPECIALTY RETAIL—0.4%** | **OTHER SPECIALTY RETAIL—0.4%** |
| National Vision Holdings, Inc.<sup>\*</sup>  | 32775 | **863621** |
| **PASSENGER AIRLINES—0.4%** | **PASSENGER AIRLINES—0.4%** | **PASSENGER AIRLINES—0.4%** |
| Joby Aviation, Inc.<sup>\*</sup>  | 85353 | **902181** |
| **PERSONAL CARE PRODUCTS—1.6%** | **PERSONAL CARE PRODUCTS—1.6%** | **PERSONAL CARE PRODUCTS—1.6%** |
| e.l.f. Beauty, Inc.<sup>\*</sup>  | 15126 | 1285559 |
| The Estee Lauder Cos, Inc., Cl. A<sup>+</sup>  | 19993 | 2304793 |
|  |  | **3590352** |
| **PHARMACEUTICALS—5.4%** | **PHARMACEUTICALS—5.4%** | **PHARMACEUTICALS—5.4%** |
| AstraZeneca PLC ADR | 15990 | 1483392 |
| Eli Lilly & Co.<sup>+</sup>  | 3538 | 3669437 |
| Johnson & Johnson<sup>+</sup>  | 31589 | 7178600 |
|  |  | **12331429** |
| **PROPERTY & CASUALTY INSURANCE—0.2%** | **PROPERTY & CASUALTY INSURANCE—0.2%** | **PROPERTY & CASUALTY INSURANCE—0.2%** |
| Neptune Insurance Holdings, Inc., Cl. A<sup>\*</sup>  | 844 | 21522 |
| Palomar Holdings, Inc.<sup>\*</sup>  | 4269 | 527606 |
|  |  | **549128** |
| **REAL ESTATE SERVICES—1.1%** | **REAL ESTATE SERVICES—1.1%** | **REAL ESTATE SERVICES—1.1%** |
| Compass, Inc., Cl. A<sup>\*</sup>  | 11167 | 139811 |
| FirstService Corp.<sup>+</sup>  | 14676 | 2278596 |
|  |  | **2418407** |
| **REGIONAL BANKS—0.2%** | **REGIONAL BANKS—0.2%** | **REGIONAL BANKS—0.2%** |
| M&T Bank Corp. | 2090 | **463081** |
| **RESTAURANTS—1.6%** | **RESTAURANTS—1.6%** | **RESTAURANTS—1.6%** |
| Brinker International, Inc.<sup>\*</sup>  | 5293 | 834812 |
| DoorDash, Inc., Cl. A<sup>\*</sup>  | 6078 | 1243680 |
| First Watch Restaurant Group, Inc.<sup>\*</sup>  | 14730 | 235533 |
| Shake Shack, Inc., Cl. A<sup>\*</sup>  | 11495 | 1018112 |
| Wingstop, Inc. | 1028 | 272862 |
|  |  | **3604999** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—1.2%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—1.2%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—1.2%** |
| Applied Materials, Inc. | 2721 | 877033 |
| ASML Holding NV ADR | 660 | 939180 |
| Lam Research Corp. | 4022 | 938976 |
|  |  | **2755189** |
| **SEMICONDUCTORS—7.8%** | **SEMICONDUCTORS—7.8%** | **SEMICONDUCTORS—7.8%** |
| Astera Labs, Inc.<sup>+</sup>,\*  | 13661 | 2057620 |
| Impinj, Inc.<sup>\*</sup>  | 2675 | 369418 |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER DYNAMIC OPPORTUNITIES FUND**

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

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—83.3% (CONT.)** | **COMMON STOCKS—83.3% (CONT.)** | **COMMON STOCKS—83.3% (CONT.)** |
| **SEMICONDUCTORS—7.8% (CONT.)** | **SEMICONDUCTORS—7.8% (CONT.)** | **SEMICONDUCTORS—7.8% (CONT.)** |
| NVIDIA Corp.<sup>+</sup>  | 40532 | **$** 7746881 |
| Semtech Corp.<sup>\*</sup>  | 15094 | 1203746 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR<sup>+</sup>  | 19578 | 6471704 |
|  |  | **17849369** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.6%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.6%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.6%** |
| Celsius Holdings, Inc.<sup>+</sup>,\*  | 68168 | **3577457** |
| **SYSTEMS SOFTWARE—2.0%** | **SYSTEMS SOFTWARE—2.0%** | **SYSTEMS SOFTWARE—2.0%** |
| Nebius Group NV, Cl. A<sup>+</sup>,\*  | 52911 | **4507488** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.4%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.4%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.4%** |
| Western Digital Corp.<sup>+</sup>  | 12647 | **3164659** |
| **TRADING COMPANIES & DISTRIBUTORS—1.9%** | **TRADING COMPANIES & DISTRIBUTORS—1.9%** | **TRADING COMPANIES & DISTRIBUTORS—1.9%** |
| EquipmentShare.com, Inc., Cl. A<sup>\*</sup>  | 24883 | 773861 |
| QXO, Inc.<sup>+</sup>,\*  | 137804 | 3056493 |
| SiteOne Landscape Supply, Inc.<sup>+</sup>,\*  | 2063 | 296123 |
| Xometry, Inc., Cl. A<sup>\*</sup>  | 1931 | 110318 |
|  |  | **4236795** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—0.3%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.3%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.3%** |
| Toast, Inc., Cl. A<sup>\*</sup>  | 25111 | **781203** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $161,137,377) |  | **190196700** |
| **PREFERRED STOCKS—1.8%** | **PREFERRED STOCKS—1.8%** | **PREFERRED STOCKS—1.8%** |
| **APPLICATION SOFTWARE—0.9%** | **APPLICATION SOFTWARE—0.9%** | **APPLICATION SOFTWARE—0.9%** |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 114903 | **1977481** |
| **HEALTHCARE EQUIPMENT—0.4%** | **HEALTHCARE EQUIPMENT—0.4%** | **HEALTHCARE EQUIPMENT—0.4%** |
| Impulse Dynamics PLC, Series F-3<sup>(a),\*,@</sup>  | 13695990 | **780671** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.5%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.5%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.5%** |
| Apptronik, Inc., Series A-X1<sup>(a),\*,@</sup>  | 12005 | 443791 |
| Figure AI, Inc., Series C<sup>(a),\*,@</sup>  | 4029 | 785380 |
|  |  | **1229171** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $3,923,181) |  | **3987323** |
| **RIGHTS—0.0%** | **RIGHTS—0.0%** | **RIGHTS—0.0%** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Tolero CDR<sup>(a),\*,@</sup>  | 126108 | **—** |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>(Cost $67,639) |  | **—** |
| **SPECIAL PURPOSE VEHICLE—0.4%** | **SPECIAL PURPOSE VEHICLE—0.4%** | **SPECIAL PURPOSE VEHICLE—0.4%** |
| **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** |
| Disruptive Technology Solutions LI, LLC<sup>(a),\*,@</sup>  |  | **874000** |
| &nbsp;&nbsp;&nbsp; (Cost $902,405) |  | **874000** |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER DYNAMIC OPPORTUNITIES FUND**

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

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SHORT-TERM SECURITIES—9.7%** | **SHORT-TERM SECURITIES—9.7%** | **SHORT-TERM SECURITIES—9.7%** |
| **MONEY MARKET FUNDS—3.1%** | **MONEY MARKET FUNDS—3.1%** | **MONEY MARKET FUNDS—3.1%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.58%<sup>(b)</sup>  | 7226970 | **$7226970** |
| &nbsp;&nbsp;&nbsp; (Cost $7,226,970) |  | **7226970** |
| **U.S. TREASURY OBLIGATIONS—6.6%** | **U.S. TREASURY OBLIGATIONS—6.6%** | **U.S. TREASURY OBLIGATIONS—6.6%** |
| United States Treasury Bill, 0.00%, 2/3/26 | 15000000 | **14995700** |
| &nbsp;&nbsp;&nbsp; (Cost $14,995,700) |  | **14995700** |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM SECURITIES** <br>(Cost $22,222,670) |  | **22222670** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **SECURITY NAME/** <br>**EXPIRATION DATE/** <br>**STRIKE PRICE**<br>| **NOTIONAL** <br>**AMOUNT**<br>| **COUNTERPARTY** | **NUMBER OF** <br>**CONTRACTS**<br>| **VALUE** |
| **PURCHASED PUT OPTIONS—0.2%** | **PURCHASED PUT OPTIONS—0.2%** | **PURCHASED PUT OPTIONS—0.2%** | **PURCHASED PUT OPTIONS—0.2%** | **PURCHASED PUT OPTIONS—0.2%** |
| **EXCHANGE-TRADED OPTIONS PURCHASED—0.2%** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.2%** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.2%** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.2%** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.2%** |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, <br> 2/20/2026, $605<br>| 18345165 | BNP Paribas | 295 | 185555 |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, 2/20/2026, <br> $6,700<br>| 18041478 | BNP Paribas | 26 | 83720 |
| &nbsp;&nbsp;&nbsp; Trump Media & Technology <br> Group Corp., 1/15/2027, <br> $30<br>| 153360 | Bank of America | 120 | 198600 |
|  |  |  |  | **467875** |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED PUT OPTIONS** <br>(Cost $905,638) | &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED PUT OPTIONS** <br>(Cost $905,638) | &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED PUT OPTIONS** <br>(Cost $905,638) |  | **467875** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $189,158,910)** | &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $189,158,910)** | &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $189,158,910)** | 95.4% | **$217748568** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $189,158,910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $189,158,910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $189,158,910) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217748568 |
| Securities Sold Short (Proceeds $65,396,525) | Securities Sold Short (Proceeds $65,396,525) | Securities Sold Short (Proceeds $65,396,525) | (25.9)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59002274) |
| Other Assets in Excess of Liabilities | Other Assets in Excess of Liabilities | Other Assets in Excess of Liabilities | 30.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69474799 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | 100.0% | **$228221093** |

---

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

*ADR* *American Depositary Receipts* <br> *CDR* *Contingent Deferred Rights*

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

---

| | |
|:---|:---|
| *(a)* | *Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures* <br> *approved by the Board of Trustees.*<br>|
| *(b)* | *Rate shown reflects 7-day effective yield as of January 31, 2026.* |
| *\** | *Non-income producing security.* |
| *+* | *All or a portion of this security is held as collateral for securities sold short.* |
| *@* | *Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the* <br> *investment may be restricted only to qualified buyers.*<br>|

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER DYNAMIC OPPORTUNITIES FUND**

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Acquisition* <br>*Date(s)*<br>| *Acquisition* <br>*Cost*<br>| *Market* <br>*Value*<br>| *% of net assets* <br>*as of* <br>*1/31/2026*<br>|
| *Apptronik, Inc., Series A-X1* | *1/29/26* | &nbsp;&nbsp; $*443791* | $*443791* | *0.2%* |
| *Disruptive Technology Solutions LI, LLC* | *11/4/25* | *902405* | *874000* | *0.4%* |
| *Figure AI, Inc., Series C* | *11/18/25* | *785380* | *785380* | *0.3%* |
| *Impulse Dynamics PLC, Series A* | *2/11/22* | *3485265* | *128955* | *0.0%* |
| *Impulse Dynamics PLC, Series F-3* | *6/2/2023* | *716529* | *780671* | *0.4%* |
| *SB Technology, Inc., Series E* | *10/23/24* | *1977481* | *1977481* | *0.9%* |
| *Tolero CDR* | *2/6/17* | *67639* | *—* | *0.0%* |
| *Total* |  | *$8378490* | *$4990278* | *2.2%* |

---

**Over the counter - Contracts for difference outstanding as of January 31, 2026:**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Contract** <br>**Amount**<br>| **Counterparty** | **Reference** <br> **Company**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation**<br>| **Unrealized** <br>**(Depreciation)**<br>| **Net Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| (6900) | Goldman <br> Sachs & Co.<br>| Goldman Sachs <br> Biotech High Cash <br> Percentage of <br> Market Cap Basket<br>| $46481 | $46481 | $— | $46481 |
| (20689) | Goldman <br> Sachs & Co.<br>| Goldman Sachs <br> U.S. Momentum <br> Short Basket<br>| 106396 | 106396 |  | 106396 |
| (5949) | BNP Paribas | SES AI Corp. | (3537)<br>|  | (3537)<br>| (3537)<br>|
| **Total** |  |  | **$**149340 | **$**152877 | **$**(3537**)**<br>| **$**149340 |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER DYNAMIC OPPORTUNITIES FUND**

**Schedule of Investments - Securities Sold Short January 31, 2026 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(25.8)%** |  |  |
| **ADVERTISING—(0.4)%** |  |  |
| Omnicom Group, Inc. | &nbsp;&nbsp; (10477) | **$(807148)** |
| **APPLICATION SOFTWARE—(3.5)%** |  |  |
| Aurora Innovation, Inc., Cl. A<sup>\*</sup> <br>| (316372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1328762) |
| Blackbaud, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (12701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (682044) |
| Circle Internet Group, Inc., Cl. A<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (6752) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (431655) |
| Datadog, Inc., Cl. A<sup>\*</sup> <br>| &nbsp;&nbsp; (14874) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1923506) |
| Figma, Inc., Cl. A<sup>\*</sup> <br>| &nbsp;&nbsp; (12945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (335534) |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp; (1598) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (797274) |
| Klaviyo, Inc., Cl. A<sup>\*</sup> <br>| &nbsp;&nbsp; (36481) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (810243) |
| PAR Technology Corp.<sup>\*</sup> <br>| &nbsp;&nbsp; (19124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (501240) |
| Porch Group Inc<sup>\*</sup> <br>| &nbsp;&nbsp; (41762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (329502) |
| Procore Technologies, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (6825) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (385544) |
| SoundHound AI, Inc., Cl. A<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (3111) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26319) |
| Tyler Technologies, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (1793) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (662334) |
|  |  | **(8213957)** |
| **AUTOMOBILE MANUFACTURERS—0.0%** |  |  |
| Fisker, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; (55316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Lucid Group, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (5132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56811) |
|  |  | **(56811)** |
| **AUTOMOTIVE PARTS & EQUIPMENT—0.0%** |  |  |
| QuantumScape Corp., Cl. A<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (7018) | **(62109)** |
| **BIOTECHNOLOGY—(0.5)%** |  |  |
| Soleno Therapeutics, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (30760) | **(1186106)** |
| **BROADLINE RETAIL—(0.4)%** |  |  |
| Macy's, Inc. | &nbsp;&nbsp; (41139) | **(823603)** |
| **BUILDING PRODUCTS—(0.6)%** |  |  |
| A.O. Smith Corp. | &nbsp;&nbsp;&nbsp; (5551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (407943) |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp; (2831) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (430425) |
| Allegion PLC | &nbsp;&nbsp;&nbsp; (2372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (392305) |
|  |  | **(1230673)** |
| **CONSTRUCTION & ENGINEERING—(0.1)%** |  |  |
| Ameresco, Inc., Cl.A<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (3988) | **(124984)** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—(3.2)%** |  |  |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp; (4864) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4573376) |
| Dollar General Corp. | &nbsp;&nbsp;&nbsp; (5832) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (836484) |
| Target Corp. | &nbsp;&nbsp; (18047) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1903417) |
|  |  | **(7313277)** |
| **DATA CENTER—(0.4)%** |  |  |
| Fermi, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (95707) | **(834565)** |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER DYNAMIC OPPORTUNITIES FUND**

**Schedule of Investments - Securities Sold Short January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(25.8)% (CONT.)** |  |  |
| **EDUCATION SERVICES—(0.4)%** |  |  |
| McGraw Hill, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (57299) | **$(845160)** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.0%** |  |  |
| SmartRent, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (11841) | **(19182)** |
| **ELECTRONIC MANUFACTURING SERVICES—(0.7)%** |  |  |
| IPG Photonics Corp.<sup>\*</sup> <br>| &nbsp;&nbsp; (16437) | **(1518943)** |
| **FERTILIZERS & AGRICULTURAL CHEMICALS—(0.6)%** |  |  |
| CF Industries Holdings, Inc. | &nbsp;&nbsp; (14542) | **(1355751)** |
| **FOOD RETAIL—(0.4)%** |  |  |
| Maplebear, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (27491) | **(1021566)** |
| **FOOTWEAR—(0.4)%** |  |  |
| NIKE, Inc., Cl.B | &nbsp;&nbsp; (13720) | **(848033)** |
| **HEALTHCARE EQUIPMENT—(1.6)%** |  |  |
| Beta Bionics, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (28824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (398636) |
| Masimo Corp.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (6705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (920798) |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp; (5042) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1302399) |
| Stryker Corp | &nbsp;&nbsp;&nbsp; (2606) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (963073) |
|  |  | **(3584906)** |
| **HEALTHCARE FACILITIES—(1.4)%** |  |  |
| Encompass Health Corp. | &nbsp;&nbsp; (12270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1159883) |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp; (2403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1173313) |
| US Physical Therapy, Inc. | &nbsp;&nbsp; (11292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (947060) |
|  |  | **(3280256)** |
| **HEALTHCARE SERVICES—(0.7)%** |  |  |
| Chrome Holding Co., Cl. A | &nbsp;&nbsp;&nbsp; (3023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| DaVita, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (9720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1062785) |
| DocGo, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (4671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3581) |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp; (2331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (435967) |
|  |  | **(1502333)** |
| **HEALTHCARE TECHNOLOGY—0.0%** |  |  |
| Simulations Plus, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (3173) | **(53592)** |
| **HOME IMPROVEMENT RETAIL—(0.2)%** |  |  |
| Floor & Decor Holdings, Inc., Cl.A<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (5820) | **(383887)** |
| **HOTELS RESORTS & CRUISE LINES—(0.8)%** |  |  |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (372) | **(1860685)** |
| **HOUSEHOLD PRODUCTS—(0.8)%** |  |  |
| Church & Dwight Co., Inc. | &nbsp;&nbsp; (17844) | **(1717485)** |
| **HUMAN RESOURCE & EMPLOYMENT SERVICES—(0.4)%** |  |  |
| Paychex, Inc. | &nbsp;&nbsp;&nbsp; (6433) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (663435) |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER DYNAMIC OPPORTUNITIES FUND**

**Schedule of Investments - Securities Sold Short January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(25.8)% (CONT.)** |  |  |
| &nbsp;&nbsp;&nbsp; **HUMAN RESOURCE & EMPLOYMENT SERVICES—(0.4)%** <br> **(CONT.)**<br>|  |  |
| Paycom Software, Inc. | &nbsp;&nbsp;&nbsp; (1144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$**(154154) |
|  |  | **(817589)** |
| **INDUSTRIAL MACHINERY & SUPPLIES &** <br> **COMPONENTS—(0.3)%** |  |  |
| Kadant, Inc. | &nbsp;&nbsp;&nbsp; (1409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (452345) |
| Symbotic, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (3794) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (206280) |
| Velo3D, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9891) |
|  |  | **(668516)** |
| **INTERACTIVE MEDIA & SERVICES—(0.4)%** |  |  |
| Reddit, Inc., Cl. A<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (3672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (661952) |
| Rumble, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (45875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (261029) |
| Trump Media & Technology Group Corp.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (2738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34992) |
|  |  | **(957973)** |
| **INTERNET SERVICES & INFRASTRUCTURE—(0.5)%** |  |  |
| Snowflake, Inc., Cl.A<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (6260) | **(1206302)** |
| **IT CONSULTING & OTHER SERVICES—(0.1)%** |  |  |
| Grid Dynamics Holdings, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (15112) | **(124976)** |
| **LEISURE FACILITIES—(0.6)%** |  |  |
| Vail Resorts, Inc. | &nbsp;&nbsp; (10178) | **(1354387)** |
| **LIFE SCIENCES TOOLS & SERVICES—(0.1)%** |  |  |
| Medpace Holdings, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (324) | **(188724)** |
| **MANAGED HEALTHCARE—(0.9)%** |  |  |
| Clover Health Investments Corp., Cl. A<sup>\*</sup> <br>| (238488) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (534213) |
| Elevance Health, Inc. | &nbsp;&nbsp;&nbsp; (4684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1619446) |
|  |  | **(2153659)** |
| **MOVIES & ENTERTAINMENT—(0.4)%** |  |  |
| The Walt Disney Co. | &nbsp;&nbsp;&nbsp; (8068) | **(910070)** |
| **OTHER SPECIALTY RETAIL—0.0%** |  |  |
| Ulta Beauty, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (140) | **(90630)** |
| **PACKAGED FOODS & MEATS—(0.1)%** |  |  |
| Vital Farms, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (6185) | **(175963)** |
| **PASSENGER GROUND TRANSPORTATION—(1.0)%** |  |  |
| Lyft, Inc., Cl. A<sup>\*</sup> <br>| &nbsp;&nbsp; (64031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1080203) |
| Uber Technologies, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (15680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1255184) |
|  |  | **(2335387)** |
| **PROPERTY & CASUALTY INSURANCE—0.0%** |  |  |
| Lemonade, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (958) | **(83087)** |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER DYNAMIC OPPORTUNITIES FUND**

**Schedule of Investments - Securities Sold Short January 31, 2026 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(25.8)% (CONT.)** |  |  |
| **REAL ESTATE OPERATING COMPANIES—0.0%** |  |  |
| Seritage Growth Properties, Cl.A<sup>\*</sup> <br>| &nbsp;&nbsp; (31596) | **$(104267)** |
| **REAL ESTATE SERVICES—0.0%** |  |  |
| Opendoor Technologies, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (1450) | **(7468)** |
| **REGIONAL BANKS—(0.3)%** |  |  |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp; (2686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (104324) |
| Bank OZK | &nbsp;&nbsp;&nbsp; (2663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (126652) |
| Eagle Bancorp, Inc. | &nbsp;&nbsp; (17284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (462520) |
|  |  | **(693496)** |
| **RESTAURANTS—(1.5)%** |  |  |
| Cava Group, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (26022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1577454) |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp; (9135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (839963) |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp; (4910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (883113) |
|  |  | **(3300530)** |
| **SEMICONDUCTORS—(0.8)%** |  |  |
| indie Semiconductor, Inc., Cl. A<sup>\*</sup> <br>| &nbsp;&nbsp; (64442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (264212) |
| Power Integrations, Inc. | &nbsp;&nbsp; (10762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (494406) |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp; (8206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1243948) |
|  |  | **(2002566)** |
| **SYSTEMS SOFTWARE—(0.6)%** |  |  |
| Crowdstrike Holdings, Inc., Cl.A<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (2880) | **(1271246)** |
| **TECHNOLOGY HARDWARE STORAGE &** <br> **PERIPHERALS—(0.7)%** |  |  |
| HP, Inc. | &nbsp;&nbsp; (85842) | **(1668769)** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Proceeds $65,140,722)<br>|  | **$(58760617)** |
| **REAL ESTATE INVESTMENT TRUSTS—(0.1)%** |  |  |
| **OFFICE REITS—(0.1)%** |  |  |
| Easterly Government Properties, Inc. | &nbsp;&nbsp;&nbsp; (8388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (196195) |
| Empire State Realty Trust, Inc. | &nbsp;&nbsp;&nbsp; (6857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45462) |
|  |  | **(241657)** |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>(Proceeds $255,803)<br>|  | **$(241657)** |
| &nbsp;&nbsp;&nbsp; **Total Securities Sold Short** <br>(Proceeds $65,396,525)<br>|  | **$(59002274)** |

---

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

*(a)* *Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures* *approved by the Board of Trustees.* 

*\** *Non-income producing security.*

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER EMERGING MARKETS FUND**

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

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—99.3%** | **COMMON STOCKS—99.3%** | **COMMON STOCKS—99.3%** |
| **ARGENTINA—1.9%** | **ARGENTINA—1.9%** | **ARGENTINA—1.9%** |
| **AIRPORT SERVICES—1.9%** | **AIRPORT SERVICES—1.9%** | **AIRPORT SERVICES—1.9%** |
| Corp. America Airports SA \* | 13258 | **$392967** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $292,225) |  |  |
| **BRAZIL—7.9%** | **BRAZIL—7.9%** | **BRAZIL—7.9%** |
| **AEROSPACE & DEFENSE—2.2%** | **AEROSPACE & DEFENSE—2.2%** | **AEROSPACE & DEFENSE—2.2%** |
| Embraer SA ADR | 6021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 442303 |
| **BROADLINE RETAIL—1.5%** | **BROADLINE RETAIL—1.5%** | **BROADLINE RETAIL—1.5%** |
| MercadoLibre, Inc. \* | 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311429 |
| **DIVERSIFIED BANKS—2.7%** | **DIVERSIFIED BANKS—2.7%** | **DIVERSIFIED BANKS—2.7%** |
| NU Holdings, Ltd., Cl. A \* | 31352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 556498 |
| **ENVIRONMENTAL & FACILITIES SERVICES—1.5%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.5%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.5%** |
| Orizon Valorizacao de Residuos SA \* | 21099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298800 |
| &nbsp;&nbsp;&nbsp; **TOTAL BRAZIL** <br>(Cost $840,420) |  | **1609030** |
| **CHINA—21.9%** | **CHINA—21.9%** | **CHINA—21.9%** |
| **BIOTECHNOLOGY—2.1%** | **BIOTECHNOLOGY—2.1%** | **BIOTECHNOLOGY—2.1%** |
| BeOne Medicines, Ltd., Cl. H \* | 15911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419620 |
| **BROADLINE RETAIL—3.0%** | **BROADLINE RETAIL—3.0%** | **BROADLINE RETAIL—3.0%** |
| Alibaba Group Holding Ltd. | 28426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 604723 |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—3.7%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—3.7%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—3.7%** |
| Weichai Power Co., Ltd., Cl. H | 225290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763650 |
| **INTERACTIVE MEDIA & SERVICES—7.6%** | **INTERACTIVE MEDIA & SERVICES—7.6%** | **INTERACTIVE MEDIA & SERVICES—7.6%** |
| Tencent Holdings, Ltd. | 20258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1557066 |
| **PHARMACEUTICALS—1.0%** | **PHARMACEUTICALS—1.0%** | **PHARMACEUTICALS—1.0%** |
| Jiangsu Hengrui Pharmaceuticals Co., Ltd., Cl. H \* | 24312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213124 |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—2.3%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—2.3%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—2.3%** |
| NAURA Technology Group Co., Ltd., Cl. A | 6828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466220 |
| **SEMICONDUCTORS—0.8%** | **SEMICONDUCTORS—0.8%** | **SEMICONDUCTORS—0.8%** |
| Cambricon Technologies Corp., Ltd., Cl. A \* | 922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166855 |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.4%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.4%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.4%** |
| Xiaomi Corp., Cl. B \* | 63232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286224 |
| &nbsp;&nbsp;&nbsp; **TOTAL CHINA** <br>(Cost $3,530,849) |  | **4477482** |
| **GREECE—4.8%** | **GREECE—4.8%** | **GREECE—4.8%** |
| **DIVERSIFIED BANKS—2.8%** | **DIVERSIFIED BANKS—2.8%** | **DIVERSIFIED BANKS—2.8%** |
| National Bank of Greece SA | 32403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 572057 |
| **INDUSTRIAL CONGLOMERATES—2.0%** | **INDUSTRIAL CONGLOMERATES—2.0%** | **INDUSTRIAL CONGLOMERATES—2.0%** |
| Metlen Energy & Metals PLC \* | 7615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414510 |
| &nbsp;&nbsp;&nbsp; **TOTAL GREECE** <br>(Cost $646,530) |  | **986567** |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER EMERGING MARKETS FUND**

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

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—99.3% (CONT.)** | **COMMON STOCKS—99.3% (CONT.)** | **COMMON STOCKS—99.3% (CONT.)** |
| **HUNGARY—3.0%** | **HUNGARY—3.0%** | **HUNGARY—3.0%** |
| **DIVERSIFIED BANKS—3.0%** | **DIVERSIFIED BANKS—3.0%** | **DIVERSIFIED BANKS—3.0%** |
| OTP Bank Nyrt | 4883 | **$614438** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $419,379) |  |  |
| **INDIA—11.0%** | **INDIA—11.0%** | **INDIA—11.0%** |
| **AEROSPACE & DEFENSE—2.8%** | **AEROSPACE & DEFENSE—2.8%** | **AEROSPACE & DEFENSE—2.8%** |
| Bharat Electronics, Ltd. | 116678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570027 |
| **CONSUMER FINANCE—1.5%** | **CONSUMER FINANCE—1.5%** | **CONSUMER FINANCE—1.5%** |
| Bajaj Finance, Ltd. | 30700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310603 |
| **DIVERSIFIED BANKS—2.0%** | **DIVERSIFIED BANKS—2.0%** | **DIVERSIFIED BANKS—2.0%** |
| ICICI Bank, Ltd. ADR | 14219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416475 |
| **FINANCIAL EXCHANGES & DATA—0.8%** | **FINANCIAL EXCHANGES & DATA—0.8%** | **FINANCIAL EXCHANGES & DATA—0.8%** |
| Multi Commodity Exchange of India Ltd. | 5946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163778 |
| **HEALTHCARE FACILITIES—0.7%** | **HEALTHCARE FACILITIES—0.7%** | **HEALTHCARE FACILITIES—0.7%** |
| Max Healthcare Institute, Ltd. | 13777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143462 |
| **MOTORCYCLE MANUFACTURERS—2.0%** | **MOTORCYCLE MANUFACTURERS—2.0%** | **MOTORCYCLE MANUFACTURERS—2.0%** |
| TVS Motor Co., Ltd. | 10008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400614 |
| **REAL ESTATE DEVELOPMENT—1.2%** | **REAL ESTATE DEVELOPMENT—1.2%** | **REAL ESTATE DEVELOPMENT—1.2%** |
| Godrej Properties, Ltd. \* | 13570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232939 |
| &nbsp;&nbsp;&nbsp; **TOTAL INDIA** <br>(Cost $1,819,185) |  | **2237898** |
| **MEXICO—4.1%** | **MEXICO—4.1%** | **MEXICO—4.1%** |
| **CONSUMER FINANCE—2.2%** | **CONSUMER FINANCE—2.2%** | **CONSUMER FINANCE—2.2%** |
| Gentera SAB de CV | 166529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462824 |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.9%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.9%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.9%** |
| Arca Continental SAB de CV | 34077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383844 |
| &nbsp;&nbsp;&nbsp; **TOTAL MEXICO** <br>(Cost $788,683) |  | **846668** |
| **PERU—2.6%** | **PERU—2.6%** | **PERU—2.6%** |
| **DIVERSIFIED BANKS—2.6%** | **DIVERSIFIED BANKS—2.6%** | **DIVERSIFIED BANKS—2.6%** |
| Credicorp Ltd. | 1464 | **522399** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $382,727) |  |  |
| **PHILIPPINES—2.5%** | **PHILIPPINES—2.5%** | **PHILIPPINES—2.5%** |
| **MARINE PORTS & SERVICES—2.5%** | **MARINE PORTS & SERVICES—2.5%** | **MARINE PORTS & SERVICES—2.5%** |
| International Container Terminal Services, Inc. | 47017 | **514975** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $210,357) |  |  |
| **SINGAPORE—1.3%** | **SINGAPORE—1.3%** | **SINGAPORE—1.3%** |
| **BROADLINE RETAIL—1.3%** | **BROADLINE RETAIL—1.3%** | **BROADLINE RETAIL—1.3%** |
| Sea Ltd., Cl. A ADR\* | 2186 | **254647** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $352,356) |  |  |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER EMERGING MARKETS FUND**

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

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—99.3% (CONT.)** | **COMMON STOCKS—99.3% (CONT.)** | **COMMON STOCKS—99.3% (CONT.)** |
| **SOUTH AFRICA—1.3%** | **SOUTH AFRICA—1.3%** | **SOUTH AFRICA—1.3%** |
| **FOOD RETAIL—1.3%** | **FOOD RETAIL—1.3%** | **FOOD RETAIL—1.3%** |
| Shoprite Holdings, Ltd. | 15572 | **$256922** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $253,782) |  |  |
| **SOUTH KOREA—14.7%** | **SOUTH KOREA—14.7%** | **SOUTH KOREA—14.7%** |
| **AEROSPACE & DEFENSE—1.8%** | **AEROSPACE & DEFENSE—1.8%** | **AEROSPACE & DEFENSE—1.8%** |
| Hanwha Aerospace Co., Ltd. | 395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355572 |
| **HEAVY ELECTRICAL EQUIPMENT—2.4%** | **HEAVY ELECTRICAL EQUIPMENT—2.4%** | **HEAVY ELECTRICAL EQUIPMENT—2.4%** |
| HD Hyundai Electric Co., Ltd. | 805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493179 |
| **INVESTMENT BANKING & BROKERAGE—2.6%** | **INVESTMENT BANKING & BROKERAGE—2.6%** | **INVESTMENT BANKING & BROKERAGE—2.6%** |
| Samsung Securities Co., Ltd. | 8526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535161 |
| **LIFE SCIENCES TOOLS & SERVICES—0.9%** | **LIFE SCIENCES TOOLS & SERVICES—0.9%** | **LIFE SCIENCES TOOLS & SERVICES—0.9%** |
| Samsung Biologics Co., Ltd. \* | 153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184902 |
| **SEMICONDUCTORS—4.5%** | **SEMICONDUCTORS—4.5%** | **SEMICONDUCTORS—4.5%** |
| SK hynix, Inc. | 1474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 920332 |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.5%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.5%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.5%** |
| Samsung Electronics Co., Ltd. | 4622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510615 |
| &nbsp;&nbsp;&nbsp; **TOTAL SOUTH KOREA** <br>(Cost $2,101,471) |  | **2999761** |
| **TAIWAN—15.0%** | **TAIWAN—15.0%** | **TAIWAN—15.0%** |
| **SEMICONDUCTORS—15.0%** | **SEMICONDUCTORS—15.0%** | **SEMICONDUCTORS—15.0%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 48320 | 2671900 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1205 | 398325 |
| &nbsp;&nbsp;&nbsp; **TOTAL TAIWAN** <br>(Cost $970,637) |  | **3070225** |
| **UNITED ARAB EMIRATES—2.1%** | **UNITED ARAB EMIRATES—2.1%** | **UNITED ARAB EMIRATES—2.1%** |
| **DIVERSIFIED REAL ESTATE ACTIVITIES—2.1%** | **DIVERSIFIED REAL ESTATE ACTIVITIES—2.1%** | **DIVERSIFIED REAL ESTATE ACTIVITIES—2.1%** |
| Aldar Properties PJSC | 166075 | **434155** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $228,884) |  |  |
| **UNITED STATES—5.2%** | **UNITED STATES—5.2%** | **UNITED STATES—5.2%** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—2.8%** | **CONSUMER STAPLES MERCHANDISE RETAIL—2.8%** | **CONSUMER STAPLES MERCHANDISE RETAIL—2.8%** |
| PriceSmart, Inc. | 4039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 574386 |
| **EDUCATION SERVICES—2.4%** | **EDUCATION SERVICES—2.4%** | **EDUCATION SERVICES—2.4%** |
| Laureate Education, Inc. \* | 13984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479651 |
| &nbsp;&nbsp;&nbsp; **TOTAL UNITED STATES** <br>(Cost $693,722) |  | **1054037** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $13,531,207) |  | **20272171** |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER EMERGING MARKETS FUND**

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

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **PREFERRED STOCKS—0.0%** | **PREFERRED STOCKS—0.0%** | **PREFERRED STOCKS—0.0%** |
| **INDIA—0.0%** | **INDIA—0.0%** | **INDIA—0.0%** |
| **MOTORCYCLE MANUFACTURERS—0.0%** | **MOTORCYCLE MANUFACTURERS—0.0%** | **MOTORCYCLE MANUFACTURERS—0.0%** |
| TVS Motor Co., Ltd.<sup>\*</sup>  | 41536 | **$** 4515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $0) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4515 |

---

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

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS—0.9%** | **MONEY MARKET FUNDS—0.9%** | **MONEY MARKET FUNDS—0.9%** |
| **UNITED STATES—0.9%** | **UNITED STATES—0.9%** | **UNITED STATES—0.9%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.58%<sup>(a)</sup>  | 176979 | **$176979** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $176,979) |  |  |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $13,708,186)** | 100.2% | **$20453665** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $13,708,186) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20453665 |
| Liabilities in Excess of Other Assets | (0.2)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33236) |
| **NET ASSETS** | 100.0% | **$20420429** |

---

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

*ADR* *American Depositary Receipts*

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

*(a)* *Rate shown reflects 7-day effective yield as of January 31, 2026.* <br> *\** *Non-income producing security.*

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER RESPONSIBLE INVESTING FUND**

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

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.4%** | **COMMON STOCKS—96.4%** | **COMMON STOCKS—96.4%** |
| **APPLICATION SOFTWARE—6.6%** | **APPLICATION SOFTWARE—6.6%** | **APPLICATION SOFTWARE—6.6%** |
| Adobe, Inc.<sup>\*</sup>  | 3921 | **$** 1149834 |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 7785 | 3683161 |
| Autodesk, Inc.<sup>\*</sup>  | 2105 | 532291 |
| Intuit, Inc. | 757 | 377683 |
| Salesforce, Inc. | 3137 | 665954 |
| Trimble, Inc.<sup>\*</sup>  | 4998 | 337865 |
|  |  | **6746788** |
| **AUTOMOBILE MANUFACTURERS—2.7%** | **AUTOMOBILE MANUFACTURERS—2.7%** | **AUTOMOBILE MANUFACTURERS—2.7%** |
| Tesla, Inc.<sup>\*</sup>  | 6430 | **2767536** |
| **BIOTECHNOLOGY—2.4%** | **BIOTECHNOLOGY—2.4%** | **BIOTECHNOLOGY—2.4%** |
| AbbVie, Inc. | 2597 | 579157 |
| Biogen, Inc.<sup>\*</sup>  | 3110 | 559458 |
| BioNTech SE ADR<sup>\*</sup>  | 1407 | 160046 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup>  | 2424 | 1139038 |
|  |  | **2437699** |
| **BROADLINE RETAIL—8.7%** | **BROADLINE RETAIL—8.7%** | **BROADLINE RETAIL—8.7%** |
| Amazon.com, Inc.<sup>\*</sup>  | 32573 | 7794719 |
| MercadoLibre, Inc.<sup>\*</sup>  | 530 | 1138329 |
|  |  | **8933048** |
| **DIVERSIFIED SUPPORT SERVICES—0.4%** | **DIVERSIFIED SUPPORT SERVICES—0.4%** | **DIVERSIFIED SUPPORT SERVICES—0.4%** |
| Cintas Corp. | 2418 | **462781** |
| **ELECTRIC UTILITIES—1.3%** | **ELECTRIC UTILITIES—1.3%** | **ELECTRIC UTILITIES—1.3%** |
| Constellation Energy Corp. | 2754 | 772993 |
| NextEra Energy, Inc. | 6003 | 527663 |
|  |  | **1300656** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.7%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.7%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.7%** |
| Eaton Corp. PLC | 1531 | 538024 |
| Nextpower, Inc., Cl. A<sup>\*</sup>  | 5997 | 702189 |
| Vertiv Holdings Co., Cl. A | 8169 | 1520904 |
|  |  | **2761117** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.5%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.5%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.5%** |
| Itron, Inc.<sup>\*</sup>  | 4717 | **467360** |
| **ELECTRONIC MANUFACTURING SERVICES—1.8%** | **ELECTRONIC MANUFACTURING SERVICES—1.8%** | **ELECTRONIC MANUFACTURING SERVICES—1.8%** |
| Flex, Ltd.<sup>\*</sup>  | 28867 | **1819776** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.9%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.9%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.9%** |
| Tetra Tech, Inc. | 12192 | 459151 |
| Veralto Corp. | 5192 | 513904 |
|  |  | **973055** |
| **FINANCIAL EXCHANGES & DATA—1.4%** | **FINANCIAL EXCHANGES & DATA—1.4%** | **FINANCIAL EXCHANGES & DATA—1.4%** |
| S&P Global, Inc. | 2728 | **1439811** |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER RESPONSIBLE INVESTING FUND**

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

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.4% (CONT.)** | **COMMON STOCKS—96.4% (CONT.)** | **COMMON STOCKS—96.4% (CONT.)** |
| **HEALTHCARE EQUIPMENT—0.5%** | **HEALTHCARE EQUIPMENT—0.5%** | **HEALTHCARE EQUIPMENT—0.5%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 1042 | **$525397** |
| **HEAVY ELECTRICAL EQUIPMENT—1.5%** | **HEAVY ELECTRICAL EQUIPMENT—1.5%** | **HEAVY ELECTRICAL EQUIPMENT—1.5%** |
| GE Vernova, Inc. | 2121 | **1540631** |
| **HOME IMPROVEMENT RETAIL—1.3%** | **HOME IMPROVEMENT RETAIL—1.3%** | **HOME IMPROVEMENT RETAIL—1.3%** |
| The Home Depot, Inc. | 3499 | **1310690** |
| **HOUSEHOLD PRODUCTS—0.7%** | **HOUSEHOLD PRODUCTS—0.7%** | **HOUSEHOLD PRODUCTS—0.7%** |
| The Procter & Gamble Co. | 4791 | **727130** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.5%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.5%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.5%** |
| Xylem, Inc. | 3430 | **472894** |
| **INTERACTIVE HOME ENTERTAINMENT—0.4%** | **INTERACTIVE HOME ENTERTAINMENT—0.4%** | **INTERACTIVE HOME ENTERTAINMENT—0.4%** |
| Take-Two Interactive Software, Inc.<sup>\*</sup>  | 1703 | **375171** |
| **INTERACTIVE MEDIA & SERVICES—8.2%** | **INTERACTIVE MEDIA & SERVICES—8.2%** | **INTERACTIVE MEDIA & SERVICES—8.2%** |
| Alphabet, Inc., Cl. A | 15133 | 5114954 |
| Alphabet, Inc., Cl. C | 8270 | 2799643 |
| Pinterest, Inc., Cl. A<sup>\*</sup>  | 22790 | 504343 |
|  |  | **8418940** |
| **INTERNET SERVICES & INFRASTRUCTURE—0.7%** | **INTERNET SERVICES & INFRASTRUCTURE—0.7%** | **INTERNET SERVICES & INFRASTRUCTURE—0.7%** |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 1230 | 456736 |
| Okta, Inc., Cl. A<sup>\*</sup>  | 3320 | 280473 |
|  |  | **737209** |
| **INVESTMENT BANKING & BROKERAGE—1.6%** | **INVESTMENT BANKING & BROKERAGE—1.6%** | **INVESTMENT BANKING & BROKERAGE—1.6%** |
| Morgan Stanley | 8707 | **1591640** |
| **IT CONSULTING & OTHER SERVICES—0.4%** | **IT CONSULTING & OTHER SERVICES—0.4%** | **IT CONSULTING & OTHER SERVICES—0.4%** |
| Accenture PLC, Cl. A | 1581 | **416815** |
| **LIFE SCIENCES TOOLS & SERVICES—0.5%** | **LIFE SCIENCES TOOLS & SERVICES—0.5%** | **LIFE SCIENCES TOOLS & SERVICES—0.5%** |
| Agilent Technologies, Inc. | 3816 | **510772** |
| **MOVIES & ENTERTAINMENT—2.3%** | **MOVIES & ENTERTAINMENT—2.3%** | **MOVIES & ENTERTAINMENT—2.3%** |
| Netflix, Inc.<sup>\*</sup>  | 16053 | 1340265 |
| Spotify Technology SA<sup>\*</sup>  | 1927 | 964174 |
|  |  | **2304439** |
| **PHARMACEUTICALS—1.0%** | **PHARMACEUTICALS—1.0%** | **PHARMACEUTICALS—1.0%** |
| Merck & Co., Inc. | 5862 | 646403 |
| Zoetis, Inc. | 3189 | 398051 |
|  |  | **1044454** |
| **RAIL TRANSPORTATION—0.4%** | **RAIL TRANSPORTATION—0.4%** | **RAIL TRANSPORTATION—0.4%** |
| Union Pacific Corp. | 1785 | **419653** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—5.6%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—5.6%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—5.6%** |
| ASML Holding NV ADR | 1358 | 1932434 |
| Lam Research Corp. | 16490 | 3849755 |
|  |  | **5782189** |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER RESPONSIBLE INVESTING FUND**

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

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.4% (CONT.)** | **COMMON STOCKS—96.4% (CONT.)** | **COMMON STOCKS—96.4% (CONT.)** |
| **SEMICONDUCTORS—18.9%** | **SEMICONDUCTORS—18.9%** | **SEMICONDUCTORS—18.9%** |
| Broadcom, Inc. | 3866 | **$** 1280806 |
| First Solar, Inc.<sup>\*</sup>  | 2214 | 499301 |
| NVIDIA Corp. | 78941 | 15087993 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 7602 | 2512917 |
|  |  | **19381017** |
| **SPECIALTY CHEMICALS—0.5%** | **SPECIALTY CHEMICALS—0.5%** | **SPECIALTY CHEMICALS—0.5%** |
| Ecolab, Inc. | 1645 | **463874** |
| **SYSTEMS SOFTWARE—10.5%** | **SYSTEMS SOFTWARE—10.5%** | **SYSTEMS SOFTWARE—10.5%** |
| Microsoft Corp. | 24920 | **10722827** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.8%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.8%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.8%** |
| Apple, Inc. | 25563 | 6633087 |
| Western Digital Corp. | 5537 | 1385524 |
|  |  | **8018611** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—3.7%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—3.7%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—3.7%** |
| Visa, Inc., Cl. A | 11635 | **3744492** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $23,543,181) |  | **98618472** |
| **PREFERRED STOCKS—0.7%** | **PREFERRED STOCKS—0.7%** | **PREFERRED STOCKS—0.7%** |
| **APPLICATION SOFTWARE—0.7%** | **APPLICATION SOFTWARE—0.7%** | **APPLICATION SOFTWARE—0.7%** |
| Databricks, Inc., Series K<sup>(a),\*,@</sup>  | 2612 | 496280 |
| Databricks, Inc., Series L<sup>(a),\*,@</sup>  | 1118 | 212420 |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $604,220) |  | **708700** |
| **REAL ESTATE INVESTMENT TRUSTS—1.3%** | **REAL ESTATE INVESTMENT TRUSTS—1.3%** | **REAL ESTATE INVESTMENT TRUSTS—1.3%** |
| **DATA CENTER—0.6%** | **DATA CENTER—0.6%** | **DATA CENTER—0.6%** |
| Equinix, Inc. | 810 | **664953** |
| **INDUSTRIAL—0.7%** | **INDUSTRIAL—0.7%** | **INDUSTRIAL—0.7%** |
| Prologis, Inc. | 5206 | **679696** |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>(Cost $779,907) |  | **1344649** |
| **SPECIAL PURPOSE VEHICLE—0.3%** | **SPECIAL PURPOSE VEHICLE—0.3%** | **SPECIAL PURPOSE VEHICLE—0.3%** |
| **APPLICATION SOFTWARE—0.3%** | **APPLICATION SOFTWARE—0.3%** | **APPLICATION SOFTWARE—0.3%** |
| Disruptive Technology Solutions LI, LLC<sup>(a),\*,@</sup>  |  | **314000** |
| &nbsp;&nbsp;&nbsp; (Cost $324,205) |  | **314000** |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II \| ALGER RESPONSIBLE INVESTING FUND**

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

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SHORT-TERM SECURITIES—1.4%** | **SHORT-TERM SECURITIES—1.4%** | **SHORT-TERM SECURITIES—1.4%** |
| **MONEY MARKET FUNDS—1.4%** | **MONEY MARKET FUNDS—1.4%** | **MONEY MARKET FUNDS—1.4%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.58%<sup>(b)</sup>  | 1457676 | **$1457676** |
| &nbsp;&nbsp;&nbsp; (Cost $1,457,676) |  | **1457676** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $26,709,189)** | 100.1% | **$102443497** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $26,709,189) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102443497 |
| Liabilities in Excess of Other Assets | (0.1)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (135136) |
| **NET ASSETS** | 100.0% | **$102308361** |

---

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

*ADR* *American Depositary Receipts*

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

---

| | |
|:---|:---|
| *(a)* | *Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures* <br> *approved by the Board of Trustees.*<br>|
| *(b)* | *Rate shown reflects 7-day effective yield as of January 31, 2026.* |
| *\** | *Non-income producing security.* |
| *@* | *Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the* <br> *investment may be restricted only to qualified buyers.*<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Acquisition* <br>*Date(s)*<br>| *Acquisition* <br>*Cost*<br>| *Market* <br>*Value*<br>| *% of net assets* <br>*as of* <br>*1/31/2026*<br>|
| *Databricks, Inc., Series K* | *9/8/25* | $*391800* | $*496280* | *0.5%* |
| *Databricks, Inc., Series L* | *12/16/25* | *212420* | *212420* | *0.2%* |
| *Disruptive Technology Solutions LI, LLC* | *11/4/25* | *324205* | *314000* | *0.3%* |
| *Total* |  | *$928425* | *$1022700* | *1.0%* |

---

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II**

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

------

**NOTE 1 — General:**

------

The Alger Funds II (the "Trust") is an open-end registered investment company organized as a business trust under the laws of the Commonwealth of Massachusetts. The Trust qualifies as an investment company as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Codification 946 – Financial Services – Investment Companies. The Trust operates as a series company currently offering an unlimited number of shares of beneficial interest in four series – Alger Spectra Fund, Alger Dynamic Opportunities Fund, Alger Emerging Markets Fund and Alger Responsible Investing 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, Y 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 C shares will automatically convert to Class A shares on the fifth business day of the month following the eighth anniversary of the purchase date of a shareholder's Class C shares, without the imposition of any sales load, fee or other charge. Class C shares held at certain dealers may not convert to Class A shares or may be converted on a different schedule. At conversion, a proportionate amount of shares representing reinvested dividends and distributions will also be converted into Class A shares. Effective August 27, 2019, Class C shares were closed to direct shareholders and are only available for purchase through certain financial intermediaries and group retirement plan recordkeeping platforms. Class I shares, Class Z shares and Class Y shares are generally sold to institutional investors and are sold without an initial or deferred sales charge and Class Z shares and Class Y shares are generally subject to a minimum initial investment of $500,000. Each class has identical rights to assets and earnings, except that each share class bears the pro rata allocation of the Fund's expenses other than a class expense (not including advisory or custodial fees or other expenses related to the management of the Fund's assets).

**NOTE 2 — Significant Accounting Policies:**

------

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

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

------

**THE ALGER FUNDS II**

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

------

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

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

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

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

Contracts for difference ("CFDs") are privately negotiated in the over-the-counter market ("OTC CFDs"). OTC CFDs are valued at the last reported sale or official closing price on the primary market or exchange of the underlying asset or liability. In the absence of quoted sales, such securities are generally valued at the bid price, or, in the absence of a recent bid price, the equivalent as obtained from one or more of the major market makers for the securities to be valued.

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

------

**THE ALGER FUNDS II**

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

------

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)

The Funds' valuation techniques are generally consistent with either the market or the income approach to fair value. The market approach considers prices and other relevant information generated by market transactions involving identical or comparable assets to measure fair value. The income approach converts future amounts to a current, or discounted, single amount. These fair value measurements are determined on the basis of the value indicated by current market expectations about such future events. Inputs for Level 1 include exchange-listed prices and broker quotes in an active market. Inputs for Level 2 include the last trade price in the case of a halted security, an exchange-listed price which has been adjusted for fair value factors, and prices of closely related securities. Additional Level 2 inputs include an evaluated price which is based upon a compilation of observable market information such as spreads for fixed income and preferred securities. Inputs for Level 3 include, but are not limited to, revenue multiples, bookings multiples, earnings before interest, taxes, depreciation and amortization ("EBITDA") multiples, transaction pricing, performance of comparable publicly traded securities, discount rates, time to exit and the probabilities of success of certain outcomes. Such unobservable market information may be obtained from a company's financial statements and from industry studies, market data, and market indicators such as benchmarks and indexes. Because of the inherent uncertainty and often limited markets for restricted securities, the valuations assigned to such securities by the Funds may

------

**THE ALGER FUNDS II**

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

------

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

**NOTE 3 — Fair Value Measurements:**

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Spectra Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $609862854 | &nbsp;&nbsp; $609862854 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 670992273 | &nbsp;&nbsp; 670992273 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 11146962 | &nbsp;&nbsp; 11146962 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 47666546 | &nbsp;&nbsp; 47666546 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 56422874 | &nbsp;&nbsp; 56422874 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 323652945 | &nbsp;&nbsp; 323652945 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 330178808 | &nbsp;&nbsp; 330178808 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 2208087617 | &nbsp;&nbsp; 2184548093 | &nbsp;&nbsp; 23539524 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 59339909 | &nbsp;&nbsp; 59339909 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 125323628 | &nbsp;&nbsp; 125323628 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$4442674416** | &nbsp;&nbsp; **$4419134892** | &nbsp;&nbsp; **$23539524** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 33429789 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33429789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 81562061 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 81562061 |
| **TOTAL PREFERRED STOCKS** | **$114991850** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$114991850** |
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 11308000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11308000 |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 67269 | &nbsp;&nbsp; 67269 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$4569041535** | &nbsp;&nbsp; **$4419202161** | &nbsp;&nbsp; **$23539524** | &nbsp;&nbsp; **$126299850** |
| **SECURITIES SOLD SHORT** |  |  |  |  |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | (4121871)<br>| &nbsp;&nbsp; (4121871)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | (6907359)<br>| &nbsp;&nbsp; (6907359)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | (9627533)<br>| &nbsp;&nbsp; (9627533)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | (3760378)<br>| &nbsp;&nbsp; (3760378)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | (17301414)<br>| &nbsp;&nbsp; (17301414)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | (51656050)<br>| &nbsp;&nbsp; (51656050)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | (110985702)<br>| &nbsp;&nbsp; (106875637)<br>| &nbsp;&nbsp; (4110065)<br>| &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | (4584585)<br>| &nbsp;&nbsp; (4584585)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$(208944892)**<br>| &nbsp;&nbsp; **$(204834827)**<br>| &nbsp;&nbsp; **$(4110065)**<br>| &nbsp;&nbsp; **$—** |

---

------

**THE ALGER FUNDS II**

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Spectra Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **EXCHANGE TRADED FUNDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Indices | $(138407773)<br>| &nbsp;&nbsp; $(138407773)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | (10899000)<br>| &nbsp;&nbsp; (10899000)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL EXCHANGE TRADED** <br> **FUNDS**<br>| **$(149306773)**<br>| &nbsp;&nbsp; **$(149306773)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **TOTAL SECURITIES SOLD** <br> **SHORT**<br>| **$(358251665)**<br>| &nbsp;&nbsp; **$(354141600)**<br>| &nbsp;&nbsp; **$(4110065)**<br>| &nbsp;&nbsp; **$—** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Dynamic Opportunities Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $16720476 | &nbsp;&nbsp; $16720476 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 30076194 | &nbsp;&nbsp; 30076194 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 7167809 | &nbsp;&nbsp; 7167809 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 11278208 | &nbsp;&nbsp; 11278208 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 40843590 | &nbsp;&nbsp; 40714635 | &nbsp;&nbsp; — | &nbsp;&nbsp; 128955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 27461208 | &nbsp;&nbsp; 27461208 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 47875553 | &nbsp;&nbsp; 47875553 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 2047018 | &nbsp;&nbsp; 2047018 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 2418407 | &nbsp;&nbsp; 2418407 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 4308237 | &nbsp;&nbsp; 4308237 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$190196700** | &nbsp;&nbsp; **$190067745** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$128955** |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 780671 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 780671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1229171 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1229171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 1977481 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1977481 |
| **TOTAL PREFERRED STOCKS** | **$3987323** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$3987323** |
| **RIGHTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | — <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>1</sup><br>|
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 874000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 874000 |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 7226970 | &nbsp;&nbsp; 7226970 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 14995700 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14995700 | &nbsp;&nbsp; — |
| **TOTAL SHORT-TERM** <br> **INVESTMENTS**<br>| **$22222670** | &nbsp;&nbsp; **$7226970** | &nbsp;&nbsp; **$14995700** | &nbsp;&nbsp; **$—** |
| **PURCHASED OPTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 198600 | &nbsp;&nbsp; 198600 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Indices | 269275 | &nbsp;&nbsp; 269275 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL PURCHASED OPTIONS** | **$467875** | &nbsp;&nbsp; **$467875** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$217748568** | &nbsp;&nbsp; **$197762590** | &nbsp;&nbsp; **$14995700** | &nbsp;&nbsp; **$4990278** |
| **FINANCIAL DERIVATIVE** <br> **INSTRUMENTS - ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over the counter - Contracts for <br> difference<br>| 152877 | &nbsp;&nbsp; — | &nbsp;&nbsp; 152877 | &nbsp;&nbsp; — |

---

------

**THE ALGER FUNDS II**

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Dynamic Opportunities Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **SECURITIES SOLD SHORT** |  |  |  |  |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $(2675191)<br>| &nbsp;&nbsp; $(2675191)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | (9625835)<br>| &nbsp;&nbsp; (9625835)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | (10228291)<br>| &nbsp;&nbsp; (10228291)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | (776583)<br>| &nbsp;&nbsp; (776583)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | (11949576)<br>| &nbsp;&nbsp; (11949576)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | (5177149)<br>| &nbsp;&nbsp; (5177149)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | (16025941)<br>| &nbsp;&nbsp; (16025941)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | (1355751)<br>| &nbsp;&nbsp; (1355751)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | (946300)<br>| &nbsp;&nbsp; (946300)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$(58760617)**<br>| &nbsp;&nbsp; **$(58760617)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **REAL ESTATE INVESTMENT** <br> **TRUSTS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | (241657)<br>| &nbsp;&nbsp; (241657)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL SECURITIES SOLD** <br> **SHORT**<br>| **$(59002274)**<br>| &nbsp;&nbsp; **$(59002274)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **FINANCIAL DERIVATIVE** <br> **INSTRUMENTS - LIABILITIES**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over the counter - Contracts for <br> difference<br>| (3537)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3537)<br>| &nbsp;&nbsp; — |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Emerging Markets Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $1557066 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1557066 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 2051064 | &nbsp;&nbsp; 1045727 | &nbsp;&nbsp; 1005337 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 1215152 | &nbsp;&nbsp; 958230 | &nbsp;&nbsp; 256922 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 4154233 | &nbsp;&nbsp; 1958196 | &nbsp;&nbsp; 2196037 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 961108 | &nbsp;&nbsp; — | &nbsp;&nbsp; 961108 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 4245983 | &nbsp;&nbsp; 1134070 | &nbsp;&nbsp; 3111913 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 5420471 | &nbsp;&nbsp; 398325 | &nbsp;&nbsp; 5022146 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 667094 | &nbsp;&nbsp; — | &nbsp;&nbsp; 667094 | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$20272171** | &nbsp;&nbsp; **$5494548** | &nbsp;&nbsp; **$14777623** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 4515 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4515 | &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 176979 | &nbsp;&nbsp; 176979 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$20453665** | &nbsp;&nbsp; **$5671527** | &nbsp;&nbsp; **$14782138** | &nbsp;&nbsp; **$—** |

---

------

**THE ALGER FUNDS II**

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Responsible Investing Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $11098550 | &nbsp;&nbsp; $11098550 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 13011274 | &nbsp;&nbsp; 13011274 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 727130 | &nbsp;&nbsp; 727130 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 6775943 | &nbsp;&nbsp; 6775943 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 4518322 | &nbsp;&nbsp; 4518322 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 6630131 | &nbsp;&nbsp; 6630131 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 54092592 | &nbsp;&nbsp; 54092592 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 463874 | &nbsp;&nbsp; 463874 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 1300656 | &nbsp;&nbsp; 1300656 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$98618472** | &nbsp;&nbsp; **$98618472** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 708700 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 708700 |
| **REAL ESTATE INVESTMENT** <br> **TRUSTS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 1344649 | &nbsp;&nbsp; 1344649 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 314000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 314000 |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1457676 | &nbsp;&nbsp; 1457676 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$102443497** | &nbsp;&nbsp; **$101420797** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1022700** |

---

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

<sup>1</sup> *Alger Dynamic Opportunities Fund's holdings of Tolero CDRs are classified as a Level 3 investment and are fair valued* *at zero as of January 31, 2026.*

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Spectra Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $68543421 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 13018640 |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 33429789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 114991850 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$13018640** |

---

------

**THE ALGER FUNDS II**

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

------

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Spectra Fund** | **Special Purpose** <br> **Vehicle**<br>|
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (367510)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 11675510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 11308000 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$(367510)** <br>|

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Dynamic Opportunities Fund** | **Common Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $125469 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 3486 |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 128955 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$3486** |

---

------

**THE ALGER FUNDS II**

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

------

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Dynamic Opportunities Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $2758152 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 1229171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 3987323 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$—**  |

---

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

---

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

---

------

**THE ALGER FUNDS II**

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

------

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Dynamic Opportunities Fund** | **Special Purpose** <br> **Vehicle**<br>|
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (28405)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 902405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 874000 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$(28405)** <br>|

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Responsible Investing Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $391800 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 104480 |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 212420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 708700 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$104480** |

---

------

**THE ALGER FUNDS II**

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

------

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Responsible Investing Fund** | **Special Purpose** <br> **Vehicle**<br>|
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (10000)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 324000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at January 31, 2026 | &nbsp;&nbsp; 314000 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at January 31, 2026**<br>| &nbsp;&nbsp; **$(10000)** <br>|

---

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

*\** *Includes securities that have been fair valued at zero.*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** <br>**January 31,** <br>**2026**<br>| **Valuation** <br>**Methodology**<br>| **Unobservable** <br>**Inputs**<br>| **Inputs/Range** | **Weighted** <br>**Average Inputs**<br>|
| Alger Spectra Fund | Alger Spectra Fund | Alger Spectra Fund | Alger Spectra Fund | Alger Spectra Fund | Alger Spectra Fund |
| **Preferred Stocks** | $61838540 | Market <br>Approach<br>| Revenue Multiple | 22.00 | N/A\* |
|  | 19723521 | Market <br>Approach<br>| Bookings Multiple | 28.62x | N/A\* |
|  | 12865288 | Market <br>Approach<br>| Transaction Price <sup>(a)</sup> <br>| N/A | N/A\* |
|  | 20564501 | Market <br>Approach<br>| Transaction Price <sup>(b)</sup> <br>| N/A | N/A\* |
| **Special Purpose Vehicle** | 11308000 | Market <br>Approach<br>| Transaction Price <sup>(c)</sup> <br>| N/A | N/A\* |

---

------

**THE ALGER FUNDS II**

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value**<br> **January 31,**<br> **2026**<br>| **Valuation**<br> **Methodology**<br>| **Unobservable**<br> **Inputs**<br>| **Inputs/Range** | **Weighted**<br> **Average Inputs**<br>|
| Alger Dynamic Opportunities Fund | Alger Dynamic Opportunities Fund | Alger Dynamic Opportunities Fund | Alger Dynamic Opportunities Fund | Alger Dynamic Opportunities Fund | Alger Dynamic Opportunities Fund |
| **Common Stocks** | $128955 | Market <br>Approach<br>| Revenue Multiple | 2.26x | N/A\* |
| **Preferred Stocks** | 1197481 | Market <br>Approach<br>| Bookings Multiple | 28.62x | N/A\* |
|  | 780671 | Market <br>Approach<br>| Revenue Multiple | 2.26x | N/A\* |
|  | 443791 | Market <br>Approach<br>| Transaction Price <sup>(a)</sup> <br>| N/A | N/A\* |
|  | 785380 | Market <br>Approach<br>| Transaction Price <sup>(b)</sup> <br>| N/A | N/A\* |
| **Rights** |  | Income <br>Approach<br>| Discount Rate <br>Probability of <br> Success <sup>(d)</sup> <br>| 100% <br>0.00%<br>| N/A\* <br>N/A\*<br>|
| **Special Purpose Vehicle** | 874000 | Market <br>Approach<br>| Transaction Price <sup>(c)</sup> <br>| N/A | N/A\* |
| Alger Responsible Investing Fund | Alger Responsible Investing Fund | Alger Responsible Investing Fund | Alger Responsible Investing Fund | Alger Responsible Investing Fund | Alger Responsible Investing Fund |
| **Preferred Stocks** | 708700 | Market <br>Approach<br>| Revenue Multiple | 22.00x | N/A\* |
| **Special Purpose Vehicle** | 314000 | Market <br>Approach<br>| Transaction Price <sup>(c)</sup> <br>| N/A | N/A\* |

---

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

<sup>\*</sup> *Each security type listed and respective valuation methodology and unobservable input, represents only one* *investment.* 

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

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

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

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

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

------

**THE ALGER FUNDS II**

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

------

**NOTE 4 — Derivatives:**

------

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

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, the Funds may also buy and sell call and put options on equities and equity indexes. The Funds may also purchase call options to increase their exposure to the stock market and also provide diversification of risk. The Funds may also purchase put options in order to protect from significant market declines that may occur over a short period of time. The Funds may also 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 period ended January 31, 2026, 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 clearinghouse that acts as an intermediary between buyer and seller, receiving initial and maintenance margin from both, and guaranteeing performance of the option contract.

Contracts for Difference — The Funds may enter into CFDs. CFDs are leveraged derivative instruments that allow a Fund to take a position on the change in the market price of an underlying asset, such as a stock, a basket of stocks, or the value of an index or currency exchange rate. With a short CFD, a Fund is seeking to profit from a decrease in the market price of the asset. CFDs are subject to liquidity risk because the liquidity of CFDs is based on the liquidity of the underlying instrument, and are subject to counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. It is also possible that the market price of the CFD will move between

------

**THE ALGER FUNDS II**

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

------

the time the order is placed by a Fund and when it is executed by the issuer, which can result in the trade being executed at a less favorable price. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require a Fund to deposit additional sums to cover this decline in value, and the margin call may be made at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss which a Fund is liable. The potential for margin calls and large losses are much greater in CFDs than in other leveraged products. Most CFDs are traded OTC. CFDs are not registered with the SEC or any U.S. regulator, and are not subject to U.S. regulation. In a short position, a Fund will receive or pay an amount based upon the amount, if any, by which the notional amount of the CFD would have decreased or increased in value had it sold the particular stocks short, less the dividends that would have been paid on those stocks, plus a floating rate of interest on the notional amount of the CFD. All of these components are reflected in the market value of the CFD.

**NOTE 5 — Affiliated Securities:**

------

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**January 31,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**January 31,** <br>**2026**<br>|
| **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** |
| **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** |
| &nbsp;&nbsp;&nbsp; Crosslink <br>Ventures C, <br>LLC, Cl. A<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4271809 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Crosslink <br>Ventures C, <br>LLC, Cl. B<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2641896 | &nbsp;&nbsp; — |
| **Total** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6913705 | &nbsp;&nbsp; $— |

---

------

**THE ALGER FUNDS II**

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

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**January 31,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**January 31,** <br>**2026**<br>|
| **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** |
| **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** |
| &nbsp;&nbsp;&nbsp; Crosslink <br> Ventures C, LLC, <br> Cl. A<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $537609 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Crosslink Ventures C, LLC, <br> Cl. B<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 317605 | &nbsp;&nbsp; — |
| **Total** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $855214 | &nbsp;&nbsp; $— |

---

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

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-01743

- **c. CIK number of Registrant:** 0000092751

- **d. LEI of Registrant:** 5493000SDHVJHP1Z8450

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** ALGER SPECTRA FUND

- **b. EDGAR series identifier (if any):** S000009190

- **c. LEI of Series:** 549300CD0R22M1E4GK83

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $4756822924.02

**Total Liabilities:** $608986410.82

**Net Assets:** $4147836513.20

**Cash Not Reported:** $187485457.57

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000024978 | -4.16%               | -0.18%               | -1.81%               |
| Class ID C000068367 | -4.22%               | -0.24%               | -1.85%               |
| Class ID C000068368 | -4.15%               | -0.18%               | -1.81%               |
| Class ID C000095102 | -4.14%               | -0.14%               | -1.78%               |
| Class ID C000206605 | -4.14%               | -0.14%               | -1.77%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $28894817.43             | $-215853057.31                             |
| Month 2  | $47362817.56             | $-51868943.74                              |
| Month 3  | $82290789.53             | $-152815434.34                             |

### Schedule of Portfolio Investments

| Name                                              | Title                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ON Semiconductor Corp                             | ON Semiconductor Corp                             | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Short            | EC               | CORP              | US        |   -100573 | NS      | $-6023316.97  | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| RingCentral Inc                                   | RingCentral Inc                                   | CUSIP: 76680R206<br>LEI: 549300C8EH0H1614VE84 | Short            | EC               | CORP              | US        |   -213890 | NS      | $-5535473.20  | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| EquipmentShare.com Inc                            | EquipmentShare.com Inc                            | CUSIP: 29445S100<br>LEI: 254900PWJK48CGPKPI80 | Long             | EC               | CORP              | US        |    418212 | NS      | $13006393.20  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                                     | Snowflake Inc                                     | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |     83277 | NS      | $16047477.90  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                              | Lockheed Martin Corp                              | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Short            | EC               | CORP              | US        |    -24158 | NS      | $-15321486.76 | -0.37%            |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental Inc                             | GFL Environmental Inc                             | CUSIP: 36168Q104<br>LEI: 894500E7NLBY9VZRT696 | Long             | EC               | CORP              | CA        |   1936651 | NS      | $83179160.45  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                         | Alibaba Group Holding Ltd                         | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | HK        |    123900 | NS      | $21008484.00  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrowhead Pharmaceuticals Inc                     | Arrowhead Pharmaceuticals Inc                     | CUSIP: 04280A100<br>LEI: 549300O3CSB8T7OZ3D66 | Long             | EC               | CORP              | US        |    354349 | NS      | $24567016.17  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                 | Johnson & Johnson                                 | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     50000 | NS      | $11362500.00  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                           | Aon PLC                                           | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Short            | EC               | CORP              | GB        |    -10755 | NS      | $-3760378.20  | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                        | Samsung Electronics Co Ltd                        | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    213076 | NS      | $23539524.07  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Dreyfus Treasury Obligations Cash Management Fund | Dreyfus Treasury Obligations Cash Management Fund | CUSIP: 261908107<br>LEI: 549300MKKM9KT7BF6329 | Long             | STIV             | RF                | US        |     61270 | NS      | $61269.61     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco QQQ Trust Series 1                        | Invesco QQQ Trust Series 1                        | CUSIP: 46090E103<br>LEI: 549300VY6FEJBCIMET58 | Short            | EC               | RF                | US        |    -10456 | NS      | $-6502272.72  | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co                          | Molson Coors Beverage Co                          | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Short            | EC               | CORP              | US        |   -117042 | NS      | $-5622697.68  | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Figure AI Inc Class C                             | Figure AI Inc Class C                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    105496 | NS      | $20564501.33  | 0.50%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Uber Technologies Inc                             | Uber Technologies Inc                             | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Short            | EC               | CORP              | US        |   -175756 | NS      | $-14069267.80 | -0.34%            |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc                           | Lululemon Athletica Inc                           | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | CA        |     87794 | NS      | $15320053.00  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                                        | HEICO Corp                                        | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |    343395 | NS      | $87424933.05  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S                               | Ascendis Pharma A/S                               | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |     56455 | NS      | $12764475.50  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Dow Jones Industrial Average ETF Trust       | SPDR Dow Jones Industrial Average ETF Trust       | CUSIP: 78467X109<br>LEI: 54930039F2SG3UG2OZ18 | Short            | EC               | RF                | US        |    -78512 | NS      | $-38394723.36 | -0.93%            |  |  |  | No            |                  1 | On Loan: No      |
| DISRUPTIVE TECHNOLOGY SOL                         | DISRUPTIVE TECHNOLOGY SOL                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    113080 | NS      | $11308000.00  | 0.27%             |  |  |  | Yes           |                  3 | On Loan: No      |
| State Street SPDR S&P 500 ETF Trust               | State Street SPDR S&P 500 ETF Trust               | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Short            | EC               | RF                | US        |    -51867 | NS      | $-35890407.99 | -0.87%            |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                                              | Taiwan Semiconductor Manufacturing Co Ltd         | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    433944 | NS      | $143444528.64 | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Astera Labs Inc                                   | Astera Labs Inc                                   | CUSIP: 04626A103<br>LEI: 529900LJL8TUEGF7HG20 | Long             | EC               | CORP              | US        |    324753 | NS      | $48914296.86  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                                       | Netflix Inc                                       | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |    247721 | NS      | $20682226.29  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Databricks, Inc. Series J                         | Databricks, Inc. Series J                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    325466 | NS      | $61838540.00  | 1.49%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Infosys Ltd                                       | Infosys Ltd                                       | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Short            | EC               | CORP              | IN        |   -238259 | NS      | $-4188593.22  | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Capgemini SE                                      | Capgemini SE                                      | CUSIP: 000000000<br>LEI: 96950077L0TN7BAROX36 | Short            | EC               | CORP              | FR        |    -26452 | NS      | $-4110065.44  | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Western Digital Corp                              | Western Digital Corp                              | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |    315093 | NS      | $78845721.39  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Toro Co/The                                       | Toro Co/The                                       | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Short            | EC               | CORP              | US        |    -72523 | NS      | $-6635854.50  | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| MP Materials Corp                                 | MP Materials Corp                                 | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |    285881 | NS      | $16801226.37  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Utilities Select Sector SPDR ETF     | State Street Utilities Select Sector SPDR ETF     | CUSIP: 81369Y886<br>LEI: 549300ERQDM80PRYUH21 | Short            | EC               | RF                | US        |   -252000 | NS      | $-10899000.00 | -0.26%            |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                                       | Shopify Inc                                       | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    247869 | NS      | $32527848.87  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc                        | Cadence Design Systems Inc                        | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |     27009 | NS      | $8004387.24   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc                               | Cardinal Health Inc                               | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |    112581 | NS      | $24191405.28  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc                            | Advance Auto Parts Inc                            | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Short            | EC               | CORP              | US        |    -64000 | NS      | $-3072640.00  | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Co                                        | Carvana Co                                        | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |     57545 | NS      | $23081874.95  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                    | Amazon.com Inc                                    | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |   1500874 | NS      | $359159148.20 | 8.66%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                            | UnitedHealth Group Inc                            | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    106689 | NS      | $30612274.77  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Chewy Inc                                         | Chewy Inc                                         | CUSIP: 16679L109<br>LEI: 254900NPQSTG9I422879 | Short            | EC               | CORP              | US        |   -131732 | NS      | $-3834718.52  | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp                         | Constellation Energy Corp                         | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |    180407 | NS      | $50636636.76  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Genpact Ltd                                       | Genpact Ltd                                       | CUSIP: 000000000<br>LEI: 529900OSEC6Q0L4L5B35 | Short            | EC               | CORP              | US        |   -138098 | NS      | $-6090121.80  | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Nebius Group NV                                   | Nebius Group NV                                   | CUSIP: 000000000<br>LEI: 549300GGZHJ5Q1B18P93 | Long             | EC               | CORP              | NL        |   1498693 | NS      | $127673656.67 | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                                     | Repligen Corp                                     | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |    175993 | NS      | $26288074.41  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                   | AstraZeneca PLC                                   | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     94723 | NS      | $8787452.71   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                                           | Sea Ltd                                           | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |    471358 | NS      | $54908493.42  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| QXO Inc                                           | QXO Inc                                           | CUSIP: 82846H405<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3434462 | NS      | $76176367.16  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                                        | NetApp Inc                                        | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Short            | EC               | CORP              | US        |    -58333 | NS      | $-5620384.55  | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Abivax SA                                         | Abivax SA                                         | CUSIP: 00370M103<br>LEI: 969500D8TMNB184OJU95 | Long             | EC               | CORP              | FR        |    280615 | NS      | $31190357.25  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                            | Motorola Solutions Inc                            | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Short            | EC               | CORP              | US        |    -15807 | NS      | $-6362949.78  | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Sphere Entertainment Co                           | Sphere Entertainment Co                           | CUSIP: 55826T102<br>LEI: 254900ZW4JWKYRZZ9A91 | Long             | EC               | CORP              | US        |    223588 | NS      | $21354889.88  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                      | Fortinet Inc                                      | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Short            | EC               | CORP              | US        |    -82000 | NS      | $-6663320.00  | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                       | NVIDIA Corp                                       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   3399950 | NS      | $649832443.50 | 15.67%            |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                                  | MercadoLibre Inc                                  | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |     13353 | NS      | $28679439.87  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                                    | Cloudflare Inc                                    | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |    143000 | NS      | $25361050.00  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrus Energy Corp                               | Centrus Energy Corp                               | CUSIP: 15643U104<br>LEI: 549300G6VDK9G8276661 | Long             | EC               | CORP              | US        |      7000 | NS      | $1947960.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Cos Inc                                    | Rocket Cos Inc                                    | CUSIP: 77311W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1701765 | NS      | $30512646.45  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                | Meta Platforms Inc                                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    435851 | NS      | $312287241.50 | 7.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                                        | Biogen Inc                                        | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |    126197 | NS      | $22701578.33  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                         | Apple Inc                                         | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    963992 | NS      | $250136644.16 | 6.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                                       | CDW Corp/DE                                       | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Short            | EC               | CORP              | US        |    -31000 | NS      | $-3918090.00  | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Biosciences Inc                            | Cogent Biosciences Inc                            | CUSIP: 19240Q201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    339731 | NS      | $12199740.21  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc                     | Martin Marietta Materials Inc                     | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |     32262 | NS      | $21033210.90  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI India ETF                            | iShares MSCI India ETF                            | CUSIP: 46429B598<br>LEI: 549300282VMCFH7S5848 | Short            | EC               | RF                | US        |   -219644 | NS      | $-11364380.56 | -0.27%            |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc                             | DuPont de Nemours Inc                             | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |    489651 | NS      | $21505471.92  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                                 | Omnicom Group Inc                                 | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Short            | EC               | CORP              | US        |    -53503 | NS      | $-4121871.12  | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                            | SAP SE                                            | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Short            | EC               | CORP              | DE        |     -8502 | NS      | $-1709242.08  | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| SB TECHNOLOGY CORP                                | SB Technology, Inc. Series E Preferred Stock      | CUSIP: 805991551<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1146050 | NS      | $19723520.50  | 0.48%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cameco Corp                                       | Cameco Corp                                       | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |    370521 | NS      | $45718586.19  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                      | Alphabet Inc                                      | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    549822 | NS      | $186131241.66 | 4.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                       | Paychex Inc                                       | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Short            | EC               | CORP              | US        |    -92498 | NS      | $-9539318.74  | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc                         | Palantir Technologies Inc                         | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     73258 | NS      | $10738890.22  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| STMicroelectronics NV                             | STMicroelectronics NV                             | CUSIP: 861012102<br>LEI: 213800Z8NOHIKRI42W10 | Short            | EC               | CORP              | CH        |   -276621 | NS      | $-7714959.69  | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Expanded Tech-Software Sector ETF         | iShares Expanded Tech-Software Sector ETF         | CUSIP: 464287515<br>LEI: 54930072GM1ADLZJ5373 | Short            | EC               | RF                | US        |    -56348 | NS      | $-5088787.88  | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                     | Accenture PLC                                     | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Short            | EC               | CORP              | IE        |    -15552 | NS      | $-4100129.28  | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                                       | MongoDB Inc                                       | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |     89276 | NS      | $33150857.08  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                                        | Natera Inc                                        | CUSIP: 632307104<br>LEI: 529900CQ3OZ0A0VYVU59 | Long             | EC               | CORP              | US        |    294154 | NS      | $67990755.56  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Roku Inc                                          | Roku Inc                                          | CUSIP: 77543R102<br>LEI: 549300KR6ITU0YIR1T71 | Long             | EC               | CORP              | US        |    115608 | NS      | $11005881.60  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                                      | QUALCOMM Inc                                      | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Short            | EC               | CORP              | US        |    -25489 | NS      | $-3863877.51  | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                                     | AppLovin Corp                                     | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |    300678 | NS      | $142253768.58 | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Logitech International SA                         | Logitech International SA                         | CUSIP: 000000000<br>LEI: 549300SN6PRK6IJJC215 | Short            | EC               | CORP              | CH        |    -54728 | NS      | $-4697851.52  | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technolog                    | Check Point Software Technologies Ltd             | CUSIP: 000000000<br>LEI: 2549003ZVBH73EPNS513 | Short            | EC               | CORP              | IL        |    -31359 | NS      | $-5629254.09  | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                                | Vertiv Holdings Co                                | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |    119026 | NS      | $22160260.68  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Okta Inc                                          | Okta Inc                                          | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |    129291 | NS      | $10922503.68  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                                    | Salesforce Inc                                    | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Short            | EC               | CORP              | US        |    -18500 | NS      | $-3927365.00  | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                            | HP Inc                                            | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Short            | EC               | CORP              | US        |   -260759 | NS      | $-5069154.96  | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Teradata Corp                                     | Teradata Corp                                     | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Short            | EC               | CORP              | US        |   -426625 | NS      | $-12167345.00 | -0.29%            |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                         | Tesla Inc                                         | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    378998 | NS      | $163124529.18 | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Celsius Holdings Inc                              | Celsius Holdings Inc                              | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    212404 | NS      | $11146961.92  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA                             | Spotify Technology SA                             | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | SE        |     64588 | NS      | $32316605.80  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc                        | CF Industries Holdings Inc                        | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Short            | EC               | CORP              | US        |    -49175 | NS      | $-4584585.25  | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                                     | Clorox Co/The                                     | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Short            | EC               | CORP              | US        |    -35507 | NS      | $-4004834.53  | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc                                        | ResMed Inc                                        | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Short            | EC               | CORP              | US        |    -25000 | NS      | $-6457750.00  | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc                             | Robinhood Markets Inc                             | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |    103653 | NS      | $10311400.44  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                                     | Dynatrace Inc                                     | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Short            | EC               | CORP              | US        |    -45688 | NS      | $-1740255.92  | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc                            | Tyler Technologies Inc                            | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Short            | EC               | CORP              | US        |    -10106 | NS      | $-3733156.40  | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Somnigroup International Inc                      | Somnigroup International Inc                      | CUSIP: 88023U101<br>LEI: 549300HFEKVR3US71V91 | Long             | EC               | CORP              | US        |     65000 | NS      | $5710250.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corp                           | Zebra Technologies Corp                           | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Short            | EC               | CORP              | US        |    -32591 | NS      | $-7658233.18  | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                    | Microsoft Corp                                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |   1075571 | NS      | $462807445.59 | 11.16%            |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                                    | GE Vernova Inc                                    | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |     66401 | NS      | $48231694.37  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                             | NXP Semiconductors NV                             | CUSIP: 000000000<br>LEI: 724500M9BY5293JDF951 | Short            | EC               | CORP              | NL        |    -11775 | NS      | $-2662798.50  | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                                | HCA Healthcare Inc                                | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Short            | EC               | CORP              | US        |     -8963 | NS      | $-4376364.01  | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc                            | Marvell Technology Inc                            | CUSIP: 573874104<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -49289 | NS      | $-3889887.88  | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                      | Broadcom Inc                                      | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    434309 | NS      | $143886571.70 | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Talen Energy Corp                                 | Talen Energy Corp                                 | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    214396 | NS      | $74686990.56  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc                            | Intuitive Surgical Inc                            | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |    101141 | NS      | $50997315.02  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty For                    | Liberty Media Corp-Liberty Formula One            | CUSIP: 531229755<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    299756 | NS      | $26084767.12  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Figure Technology Solutions In                    | Figure Technology Solutions Inc                   | CUSIP: 349381103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    274241 | NS      | $15598828.08  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Apptronik Series A-X1                             | Apptronik Series A-X1                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    348019 | NS      | $12865287.98  | 0.31%             |  |  |  | Yes           |                  3 | On Loan: No      |
| State Street SPDR Portfolio S&P 500 Value ETF     | State Street SPDR Portfolio S&P 500 Value ETF     | CUSIP: 78464A508<br>LEI: 549300Q000TDS51V8H46 | Short            | EC               | RF                | US        |   -707705 | NS      | $-41167199.85 | -0.99%            |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                                      | Stryker Corp                                      | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Short            | EC               | CORP              | US        |    -17500 | NS      | $-6467300.00  | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** ALGER FUNDS II

**Signature:** Michael D. Martins

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

**Title:** Treasurer