# EDGAR Filing Document

**Accession Number:** 0000092751
**File Stem:** 0001133228-25-014258
**Filing Date:** 2025-12
**Character Count:** 483798
**Document Hash:** 4b0dc67353b1517e1e550c8cfbb2bff4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-014258.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001133228-25-014258

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01743
- **FILM NUMBER:** 251611640

**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           |

### Alger Responsible Investing Fund (Series ID: S000014607)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000039961 | Alger Responsible Investing Fund Class A | SPEGX           |
| C000068369 | Alger Responsible Investing Fund Class C | AGFCX           |
| C000068370 | Alger Responsible Investing Fund Class I | AGIFX           |
| C000174226 | Alger Responsible Investing Fund Class Z | ALGZX           |

### Alger Dynamic Opportunities Fund (Series ID: S000026226)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000078761 | Alger Dynamic Opportunities Fund Class A | SPEDX           |
| C000095104 | Alger Dynamic Opportunities Fund Class Z | ADOZX           |
| C000098121 | Alger Dynamic Opportunities Fund Class C | ADOCX           |

### Alger Emerging Markets Fund (Series ID: S000030688)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000095099 | Alger Emerging Markets Fund Class A | AAEMX           |
| C000095100 | Alger Emerging Markets Fund Class C | ACEMX           |
| C000095101 | Alger Emerging Markets Fund Class I | AIEMX           |
| C000138115 | Alger Emerging Markets Fund Class Z | AZEMX           |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-01743

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

------

100 Pearl Street, New York, New York 10004

#### Registrant's telephone number, including area code:

#### 212-806-8800

#### Date of fiscal year end:

#### 10/31

#### Date of reporting period:

#### October 31, 2025
 **Item 1. Report to Stockholders.**

(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

![TSR - Fund Logo](images_30002.jpg)

### Alger Spectra Fund

### Class A / SPECX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Spectra Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last year?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Spectra Fund<br>(Class A / SPECX) | $190 | 1.53% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Spectra Fund Class A, excluding sales load, returned 48.79% for the fiscal twelve-month period ended October 31, 2025, compared to the 29.59% return of the Russell 3000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Information Technology and the largest sector underweight was Health Care.

#### Contributors to Performance
The Information Technology and Utilities sectors were the largest contributors to relative performance. Regarding individual positions, NVIDIA Corp., AppLovin Corp., Microsoft Corp., Nebius Group N.V., and Amazon.com, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Materials and Real Estate sectors were the largest detractors from relative performance. Regarding individual positions, James Hardie Industries PLC, Coherent Corp., Eli Lilly & Co., Block, Inc., and Micron Technology, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stcoks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class A shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10919839.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Spectra Fund Class A** | 40.99% | 15.63% | 16.17% |
| **Alger Spectra Fund Class A—excluding sales load** | 48.79% | 16.89% | 16.79% |
| **Russell 3000 Growth Index** | 29.59% | 18.59% | 17.71% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4571527517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;51.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$31352077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;109.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;(9.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;100.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.1)% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds and securities sold short.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 15.0% |
| Consumer Discretionary | 14.1% |
| Consumer Staples | (0.3)% |
| Energy | 0.7% |
| Financials | 3.3% |
| Health Care | 6.1% |
| Industrials | 5.3% |
| Information Technology | 55.0% |
| Market Indices | (2.9)% |
| Materials | 0.5% |
| Utilities | 3.3% |
| Short-Term Investments and Other Net Assets | (0.1)% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

 **** 

<br> Availability of Additional Information

![TSR - QR Code](images_30001.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Spectra Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Spectra Fund

### Class C / ASPCX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Spectra Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last year?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Spectra Fund<br>(Class C / ASPCX) | $285 | 2.30% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Spectra Fund Class C, excluding contingent deferred sales charges, returned 47.62% for the fiscal twelve-month period ended October 31, 2025, compared to the 29.59% return of the Russell 3000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Information Technology and the largest sector underweight was Health Care.

#### Contributors to Performance
The Information Technology and Utilities sectors were the largest contributors to relative performance. Regarding individual positions, NVIDIA Corp., AppLovin Corp., Microsoft Corp., Nebius Group N.V., and Amazon.com, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Materials and Real Estate sectors were the largest detractors from relative performance. Regarding individual positions, James Hardie Industries PLC, Coherent Corp., Eli Lilly & Co., Block, Inc., and Micron Technology, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stcoks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class C shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10919875.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Spectra Fund Class C** | 46.62% | 16.00% | 16.08% |
| **Alger Spectra Fund Class C—excluding contingent deferred sales charges** | 47.62% | 16.00% | 16.08% |
| **Russell 3000 Growth Index** | 29.59% | 18.59% | 17.71% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4571527517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;51.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$31352077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;109.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;(9.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;100.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.1)% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds and securities sold short.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 15.0% |
| Consumer Discretionary | 14.1% |
| Consumer Staples | (0.3)% |
| Energy | 0.7% |
| Financials | 3.3% |
| Health Care | 6.1% |
| Industrials | 5.3% |
| Information Technology | 55.0% |
| Market Indices | (2.9)% |
| Materials | 0.5% |
| Utilities | 3.3% |
| Short-Term Investments and Other Net Assets | (0.1)% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_30001.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Spectra Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Spectra Fund

### Class I / ASPIX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Spectra Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last year?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Spectra Fund<br>(Class I / ASPIX) | $192 | 1.54% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Spectra Fund Class I returned 48.79% for the fiscal twelve-month period ended October 31, 2025, compared to the 29.59% return of the Russell 3000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Information Technology and the largest sector underweight was Health Care.

#### Contributors to Performance
The Information Technology and Utilities sectors were the largest contributors to relative performance. Regarding individual positions, NVIDIA Corp., AppLovin Corp., Microsoft Corp., Nebius Group N.V., and Amazon.com, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Materials and Real Estate sectors were the largest detractors from relative performance. Regarding individual positions, James Hardie Industries PLC, Coherent Corp., Eli Lilly & Co., Block, Inc., and Micron Technology, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stcoks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class I shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10919911.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Spectra Fund Class I** | 48.79% | 16.89% | 16.80% |
| **Russell 3000 Growth Index** | 29.59% | 18.59% | 17.71% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4571527517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;51.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$31352077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;109.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;(9.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;100.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.1)% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds and securities sold short.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 15.0% |
| Consumer Discretionary | 14.1% |
| Consumer Staples | (0.3)% |
| Energy | 0.7% |
| Financials | 3.3% |
| Health Care | 6.1% |
| Industrials | 5.3% |
| Information Technology | 55.0% |
| Market Indices | (2.9)% |
| Materials | 0.5% |
| Utilities | 3.3% |
| Short-Term Investments and Other Net Assets | (0.1)% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_30001.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Spectra Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Spectra Fund

### Class Y / ASPYX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Spectra Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last year?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Spectra Fund<br>(Class Y / ASPYX) | $140 | 1.12% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Spectra Fund Class Y returned 49.43% for the fiscal twelve-month period ended October 31, 2025, compared to the 29.59% return of the Russell 3000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Information Technology and the largest sector underweight was Health Care.

#### Contributors to Performance
The Information Technology and Utilities sectors were the largest contributors to relative performance. Regarding individual positions, NVIDIA Corp., AppLovin Corp., Microsoft Corp., Nebius Group N.V., and Amazon.com, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Materials and Real Estate sectors were the largest detractors from relative performance. Regarding individual positions, James Hardie Industries PLC, Coherent Corp., Eli Lilly & Co., Block, Inc., and Micron Technology, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stcoks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed annual periods for the life of Class Y shares of the Fund. The graph assumes a $500,000 initial investment at net asset value at the inception date of the Fund in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_10919947.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **Since Inception**<br>**12/3/18** |
| **Alger Spectra Fund Class Y** | 49.43% | 17.34% | 19.12% |
| **Russell 3000 Growth Index** | 29.59% | 18.59% | 19.43% |
| **S&P 500 Index** | 21.45% | 17.64% | 15.70% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4571527517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;51.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$31352077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;109.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;(9.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;100.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.1)% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds and securities sold short.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 15.0% |
| Consumer Discretionary | 14.1% |
| Consumer Staples | (0.3)% |
| Energy | 0.7% |
| Financials | 3.3% |
| Health Care | 6.1% |
| Industrials | 5.3% |
| Information Technology | 55.0% |
| Market Indices | (2.9)% |
| Materials | 0.5% |
| Utilities | 3.3% |
| Short-Term Investments and Other Net Assets | (0.1)% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_30001.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Spectra Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Spectra Fund

### Class Z / ASPZX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Spectra Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last year?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Spectra Fund<br>(Class Z / ASPZX) | $147 | 1.18% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Spectra Fund Class Z returned 49.30% for the fiscal twelve-month period ended October 31, 2025, compared to the 29.59% return of the Russell 3000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Information Technology and the largest sector underweight was Health Care.

#### Contributors to Performance
The Information Technology and Utilities sectors were the largest contributors to relative performance. Regarding individual positions, NVIDIA Corp., AppLovin Corp., Microsoft Corp., Nebius Group N.V., and Amazon.com, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Materials and Real Estate sectors were the largest detractors from relative performance. Regarding individual positions, James Hardie Industries PLC, Coherent Corp., Eli Lilly & Co., Block, Inc., and Micron Technology, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stcoks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class Z shares of the Fund. The graph assumes a $500,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_10919983.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Spectra Fund Class Z** | 49.30% | 17.27% | 17.17% |
| **Russell 3000 Growth Index** | 29.59% | 18.59% | 17.71% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4571527517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;51.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$31352077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;109.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;(9.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;100.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.1)% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds and securities sold short.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 15.0% |
| Consumer Discretionary | 14.1% |
| Consumer Staples | (0.3)% |
| Energy | 0.7% |
| Financials | 3.3% |
| Health Care | 6.1% |
| Industrials | 5.3% |
| Information Technology | 55.0% |
| Market Indices | (2.9)% |
| Materials | 0.5% |
| Utilities | 3.3% |
| Short-Term Investments and Other Net Assets | (0.1)% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_30001.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Spectra Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Dynamic Opportunities Fund

### Class A / SPEDX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Dynamic Opportunities Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last year?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Dynamic Opportunities Fund<br>(Class A / SPEDX) | $215 | 2.00% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Dynamic Opportunities Fund Class A, excluding sales load, returned 14.99% for the fiscal twelve-month period ended October 31, 2025, compared to the 21.45% return of the S&P 500 Index and the 16.48% return of the HFRI Equity Hedge (Total) Index. During the reporting period, the average allocation to long positions was 81.37% and the average allocation to short positions was -31.46%. The Fund's average cash allocation, which includes short sale proceeds, was 50.10%.

Based on the net exposure of long and short positions, the Information Technology and Industrials sectors were the largest sector weightings for the reporting period. Industrials was the largest sector overweight and the Information Technology sector was the largest underweight. In aggregate, long positions positively contributed to both absolute and relative performance, while short positions detracted from both.

#### Contributors to Performance
Based on the net exposure of long and short positions, the Health Care and Utilities sectors provided the largest contributions to relative performance. Regarding individual positions, AppLovin Corp., Nebius Group N.V., Astera Labs, Inc., NVIDIA Corp., and Talen Energy Corp., were the top five contributors to absolute performance.

#### Detractors from Performance
Based on the net exposure of short and long positions, the Consumer Discretionary and Financials sectors were the largest detractors from relative performance. Regarding long positions, Impulse Dynamics Plc, Marvell Technology, Inc., Tandem Diabetes Care, Inc., UnitedHealth Group Inc., and Semtech Corp., were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class A shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10920163.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Dynamic Opportunities Fund Class A** | 8.94% | 5.32% | 8.28% |
| **Alger Dynamic Opportunities Fund Class A—excluding sales load** | 14.99% | 6.46% | 8.87% |
| **HFRI Equity Hedge (Total) Index** | 16.48% | 10.35% | 7.70% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$228640961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;376.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2509108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;91.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;(35.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;56.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other net assets | &nbsp;&nbsp;&nbsp;&nbsp;43.4% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds, securities sold short, and derivatives.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 16.3% |
| Consumer Discretionary | 0.1% |
| Consumer Staples | (1.8)% |
| Energy | 0.4% |
| Financials | 0.2% |
| Health Care | 14.1% |
| Industrials | 5.3% |
| Information Technology | 12.5% |
| Materials | (0.6)% |
| Real Estate | 0.8% |
| Utilities | 1.2% |
| Short-Term Investments, Derivatives and Other Net Assets | 51.5% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_30001.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Dynamic Opportunities Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Dynamic Opportunities Fund

### Class C / ADOCX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Dynamic Opportunities Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last year?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Dynamic Opportunities Fund<br>(Class C / ADOCX) | $298 | 2.78% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Dynamic Opportunities Fund Class C, excluding contingent deferred sales charges, returned 14.11% for the fiscal twelve-month period ended October 31, 2025, compared to the 21.45% return of the S&P 500 Index and the 16.48% return of the HFRI Equity Hedge (Total) Index. During the reporting period, the average allocation to long positions was 81.37% and the average allocation to short positions was -31.46%. The Fund's average cash allocation, which includes short sale proceeds, was 50.10%.

Based on the net exposure of long and short positions, the Information Technology and Industrials sectors were the largest sector weightings for the reporting period. Industrials was the largest sector overweight and the Information Technology sector was the largest underweight. In aggregate, long positions positively contributed to both absolute and relative performance, while short positions detracted from both.

#### Contributors to Performance
Based on the net exposure of long and short positions, the Health Care and Utilities sectors provided the largest contributions to relative performance. Regarding individual positions, AppLovin Corp., Nebius Group N.V., Astera Labs, Inc., NVIDIA Corp., and Talen Energy Corp., were the top five contributors to absolute performance.

#### Detractors from Performance
Based on the net exposure of short and long positions, the Consumer Discretionary and Financials sectors were the largest detractors from relative performance. Regarding long positions, Impulse Dynamics Plc, Marvell Technology, Inc., Tandem Diabetes Care, Inc., UnitedHealth Group Inc., and Semtech Corp., were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class C shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10920199.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Dynamic Opportunities Fund Class C** | 13.11% | 5.65% | 8.20% |
| **Alger Dynamic Opportunities Fund Class C—excluding contingent deferred sales charge** | 14.11% | 5.65% | 8.20% |
| **HFRI Equity Hedge (Total) Index** | 16.48% | 10.35% | 7.70% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$228640961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;376.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2509108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;91.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;(35.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;56.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other net assets | &nbsp;&nbsp;&nbsp;&nbsp;43.4% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds, securities sold short, and derivatives.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 16.3% |
| Consumer Discretionary | 0.1% |
| Consumer Staples | (1.8)% |
| Energy | 0.4% |
| Financials | 0.2% |
| Health Care | 14.1% |
| Industrials | 5.3% |
| Information Technology | 12.5% |
| Materials | (0.6)% |
| Real Estate | 0.8% |
| Utilities | 1.2% |
| Short-Term Investments, Derivatives and Other Net Assets | 51.5% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_30001.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Dynamic Opportunities Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Dynamic Opportunities Fund

### Class Z / ADOZX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Dynamic Opportunities Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last year?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Dynamic Opportunities Fund<br>(Class Z / ADOZX) | $182 | 1.69% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Dynamic Opportunities Fund Class Z returned 15.34% for the fiscal twelve-month period ended October 31, 2025, compared to the 21.45% return of the S&P 500 Index and the 16.48% return of the HFRI Equity Hedge (Total) Index. During the reporting period, the average allocation to long positions was 81.37% and the average allocation to short positions was -31.46%. The Fund's average cash allocation, which includes short sale proceeds, was 50.10%.

Based on the net exposure of long and short positions, the Information Technology and Industrials sectors were the largest sector weightings for the reporting period. Industrials was the largest sector overweight and the Information Technology sector was the largest underweight. In aggregate, long positions positively contributed to both absolute and relative performance, while short positions detracted from both.

#### Contributors to Performance
Based on the net exposure of long and short positions, the Health Care and Utilities sectors provided the largest contributions to relative performance. Regarding individual positions, AppLovin Corp., Nebius Group N.V., Astera Labs, Inc., NVIDIA Corp., and Talen Energy Corp., were the top five contributors to absolute performance.

#### Detractors from Performance
Based on the net exposure of short and long positions, the Consumer Discretionary and Financials sectors were the largest detractors from relative performance. Regarding long positions, Impulse Dynamics Plc, Marvell Technology, Inc., Tandem Diabetes Care, Inc., UnitedHealth Group Inc., and Semtech Corp., were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class Z shares of the Fund. The graph assumes a $500,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_10920235.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Dynamic Opportunities Fund Class Z** | 15.34% | 6.76% | 9.18% |
| **HFRI Equity Hedge (Total) Index** | 16.48% | 10.35% | 7.70% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$228640961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;376.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2509108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;91.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;(35.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;56.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other net assets | &nbsp;&nbsp;&nbsp;&nbsp;43.4% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds, securities sold short, and derivatives.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 16.3% |
| Consumer Discretionary | 0.1% |
| Consumer Staples | (1.8)% |
| Energy | 0.4% |
| Financials | 0.2% |
| Health Care | 14.1% |
| Industrials | 5.3% |
| Information Technology | 12.5% |
| Materials | (0.6)% |
| Real Estate | 0.8% |
| Utilities | 1.2% |
| Short-Term Investments, Derivatives and Other Net Assets | 51.5% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_30001.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Dynamic Opportunities Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Emerging Markets Fund

### Class A / AAEMX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Emerging Markets Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last year?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Emerging Markets Fund<br>(Class A / AAEMX) | $170 | 1.55% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Emerging Markets Fund Class A, excluding sales load, returned 19.42% for the fiscal twelve-month period ended October 31, 2025, compared to the 28.69% return of the MSCI Emerging Markets Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Industrials and the largest sector underweight was Financials.

#### Contributors to Performance
The Industrials and Consumer Staples sectors were the largest contributors to relative performance. Regarding individual positions, Taiwan Semiconductor Manufacturing Co., Ltd., NAURA Technology Group Co., Ltd., SK hynix Inc., Tencent Holdings Ltd., and Metlen Energy & Metals S.A. were the top five contributors to absolute performance.

#### Detractors from Performance
The Financials and Materials sectors were the largest detractors from relative performance. Regarding individual positions, Meituan, JSW Energy Ltd., Capitec Bank Holdings Ltd., and Proya Cosmetics Co., Ltd. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Monetary Policy Easing Cycle | Positive | Several emerging market central banks resumed easing monetary policy; notably, Mexico reduced its policy rate by an additional 50 basis points in March 2025 to 9%, signaling potential further easing and supporting equity valuations in rate-sensitive industries. |
| Rising AI Semiconductor Demand | Positive | Strong equity market performance in Taiwan and Korea was driven by robust artificial intelligence computing demand. Semiconductor suppliers also benefited from rising AI capital expenditure plans from major U.S. technology companies. |
| Aggressive Reciprocal Tariffs | Negative | Broad reciprocal tariffs introduced by the U.S. in early April 2025 triggered retaliatory threats, elevating concerns over a prolonged trade conflict that could hamper emerging-market exports to the U.S. |
| China's Ongoing Property Sector Weakness | Negative | China's property sector remained weak in early 2025, evidenced by contracting investment and home sales, negatively influencing growth expectations and investor sentiment toward equities with mainland exposure. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class A shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10920271.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Emerging Markets Fund Class A** | 13.18% | 1.73% | 5.18% |
| **Alger Emerging Markets Fund Class A—excluding sales load** | 19.42% | 2.83% | 5.75% |
| **MSCI Emerging Markets Index** | 28.69% | 7.95% | 8.13% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$19435293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$131771 |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Geographical Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Argentina | 1.5% |
| Brazil | 8.9% |
| China | 19.7% |
| Greece | 5.2% |
| Hungary | 2.5% |
| India | 13.2% |
| Indonesia | 1.9% |
| Mexico | 3.8% |
| Peru | 2.0% |
| Philippines | 2.2% |
| Saudi Arabia | 1.2% |
| Singapore | 3.5% |
| South Africa | 1.4% |
| South Korea | 11.4% |
| Taiwan | 14.3% |
| United Arab Emirates | 2.1% |
| United Kingdom | 1.0% |
| United States | 4.6% |
| Short-Term Investments and Net Other Assets | (0.4)% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_30001.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Emerging Markets Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Emerging Markets Fund

### Class C / ACEMX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Emerging Markets Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last year?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Emerging Markets Fund<br>(Class C / ACEMX) | $251 | 2.30% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Emerging Markets Fund Class C, excluding contingent deferred sales charges, returned 18.53% for the fiscal twelve-month period ended October 31, 2025, compared to the 28.69% return of the MSCI Emerging Markets Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Industrials and the largest sector underweight was Financials.

#### Contributors to Performance
The Industrials and Consumer Staples sectors were the largest contributors to relative performance. Regarding individual positions, Taiwan Semiconductor Manufacturing Co., Ltd., NAURA Technology Group Co., Ltd., SK hynix Inc., Tencent Holdings Ltd., and Metlen Energy & Metals S.A. were the top five contributors to absolute performance.

#### Detractors from Performance
The Financials and Materials sectors were the largest detractors from relative performance. Regarding individual positions, Meituan, JSW Energy Ltd., Capitec Bank Holdings Ltd., and Proya Cosmetics Co., Ltd. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Monetary Policy Easing Cycle | Positive | Several emerging market central banks resumed easing monetary policy; notably, Mexico reduced its policy rate by an additional 50 basis points in March 2025 to 9%, signaling potential further easing and supporting equity valuations in rate-sensitive industries. |
| Rising AI Semiconductor Demand | Positive | Strong equity market performance in Taiwan and Korea was driven by robust artificial intelligence computing demand. Semiconductor suppliers also benefited from rising AI capital expenditure plans from major U.S. technology companies. |
| Aggressive Reciprocal Tariffs | Negative | Broad reciprocal tariffs introduced by the U.S. in early April 2025 triggered retaliatory threats, elevating concerns over a prolonged trade conflict that could hamper emerging-market exports to the U.S. |
| China's Ongoing Property Sector Weakness | Negative | China's property sector remained weak in early 2025, evidenced by contracting investment and home sales, negatively influencing growth expectations and investor sentiment toward equities with mainland exposure. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class C shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10920307.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Emerging Markets Fund Class C** | 17.53% | 2.05% | 5.10% |
| **Alger Emerging Markets Fund Class C—excluding contingent deferred sales charges** | 18.53% | 2.05% | 5.10% |
| **MSCI Emerging Markets Index** | 28.69% | 7.95% | 8.13% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$19435293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$131771 |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Geographical Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Argentina | 1.5% |
| Brazil | 8.9% |
| China | 19.7% |
| Greece | 5.2% |
| Hungary | 2.5% |
| India | 13.2% |
| Indonesia | 1.9% |
| Mexico | 3.8% |
| Peru | 2.0% |
| Philippines | 2.2% |
| Saudi Arabia | 1.2% |
| Singapore | 3.5% |
| South Africa | 1.4% |
| South Korea | 11.4% |
| Taiwan | 14.3% |
| United Arab Emirates | 2.1% |
| United Kingdom | 1.0% |
| United States | 4.6% |
| Short-Term Investments and Net Other Assets | (0.4)% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_30001.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Emerging Markets Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Emerging Markets Fund

### Class I / AIEMX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Emerging Markets Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last year?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Emerging Markets Fund<br>(Class I / AIEMX) | $159 | 1.45% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Emerging Markets Fund Class I returned 19.50% for the fiscal twelve-month period ended October 31, 2025, compared to the 28.69% return of the MSCI Emerging Markets Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Industrials and the largest sector underweight was Financials.

#### Contributors to Performance
The Industrials and Consumer Staples sectors were the largest contributors to relative performance. Regarding individual positions, Taiwan Semiconductor Manufacturing Co., Ltd., NAURA Technology Group Co., Ltd., SK hynix Inc., Tencent Holdings Ltd., and Metlen Energy & Metals S.A. were the top five contributors to absolute performance.

#### Detractors from Performance
The Financials and Materials sectors were the largest detractors from relative performance. Regarding individual positions, Meituan, JSW Energy Ltd., Capitec Bank Holdings Ltd., and Proya Cosmetics Co., Ltd. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Monetary Policy Easing Cycle | Positive | Several emerging market central banks resumed easing monetary policy; notably, Mexico reduced its policy rate by an additional 50 basis points in March 2025 to 9%, signaling potential further easing and supporting equity valuations in rate-sensitive industries. |
| Rising AI Semiconductor Demand | Positive | Strong equity market performance in Taiwan and Korea was driven by robust artificial intelligence computing demand. Semiconductor suppliers also benefited from rising AI capital expenditure plans from major U.S. technology companies. |
| Aggressive Reciprocal Tariffs | Negative | Broad reciprocal tariffs introduced by the U.S. in early April 2025 triggered retaliatory threats, elevating concerns over a prolonged trade conflict that could hamper emerging-market exports to the U.S. |
| China's Ongoing Property Sector Weakness | Negative | China's property sector remained weak in early 2025, evidenced by contracting investment and home sales, negatively influencing growth expectations and investor sentiment toward equities with mainland exposure. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class I shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10920343.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Emerging Markets Fund Class I** | 19.50% | 2.93% | 5.81% |
| **MSCI Emerging Markets Index** | 28.69% | 7.95% | 8.13% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$19435293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$131771 |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Geographical Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Argentina | 1.5% |
| Brazil | 8.9% |
| China | 19.7% |
| Greece | 5.2% |
| Hungary | 2.5% |
| India | 13.2% |
| Indonesia | 1.9% |
| Mexico | 3.8% |
| Peru | 2.0% |
| Philippines | 2.2% |
| Saudi Arabia | 1.2% |
| Singapore | 3.5% |
| South Africa | 1.4% |
| South Korea | 11.4% |
| Taiwan | 14.3% |
| United Arab Emirates | 2.1% |
| United Kingdom | 1.0% |
| United States | 4.6% |
| Short-Term Investments and Net Other Assets | (0.4)% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_30001.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Emerging Markets Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Emerging Markets Fund

### Class Z / AZEMX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Emerging Markets Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last year?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Emerging Markets Fund<br>(Class Z / AZEMX) | $109 | 0.99% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Emerging Markets Fund Class Z returned 20.12% for the fiscal twelve-month period ended October 31, 2025, compared to the 28.69% return of the MSCI Emerging Markets Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Industrials and the largest sector underweight was Financials.

#### Contributors to Performance
The Industrials and Consumer Staples sectors were the largest contributors to relative performance. Regarding individual positions, Taiwan Semiconductor Manufacturing Co., Ltd., NAURA Technology Group Co., Ltd., SK hynix Inc., Tencent Holdings Ltd., and Metlen Energy & Metals S.A. were the top five contributors to absolute performance.

#### Detractors from Performance
The Financials and Materials sectors were the largest detractors from relative performance. Regarding individual positions, Meituan, JSW Energy Ltd., Capitec Bank Holdings Ltd., and Proya Cosmetics Co., Ltd. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Monetary Policy Easing Cycle | Positive | Several emerging market central banks resumed easing monetary policy; notably, Mexico reduced its policy rate by an additional 50 basis points in March 2025 to 9%, signaling potential further easing and supporting equity valuations in rate-sensitive industries. |
| Rising AI Semiconductor Demand | Positive | Strong equity market performance in Taiwan and Korea was driven by robust artificial intelligence computing demand. Semiconductor suppliers also benefited from rising AI capital expenditure plans from major U.S. technology companies. |
| Aggressive Reciprocal Tariffs | Negative | Broad reciprocal tariffs introduced by the U.S. in early April 2025 triggered retaliatory threats, elevating concerns over a prolonged trade conflict that could hamper emerging-market exports to the U.S. |
| China's Ongoing Property Sector Weakness | Negative | China's property sector remained weak in early 2025, evidenced by contracting investment and home sales, negatively influencing growth expectations and investor sentiment toward equities with mainland exposure. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class Z shares of the Fund. The graph assumes a $500,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_10920379.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Emerging Markets Fund Class Z** | 20.12% | 3.40% | 6.27% |
| **MSCI Emerging Markets Index** | 28.69% | 7.95% | 8.13% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$19435293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$131771 |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Geographical Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Argentina | 1.5% |
| Brazil | 8.9% |
| China | 19.7% |
| Greece | 5.2% |
| Hungary | 2.5% |
| India | 13.2% |
| Indonesia | 1.9% |
| Mexico | 3.8% |
| Peru | 2.0% |
| Philippines | 2.2% |
| Saudi Arabia | 1.2% |
| Singapore | 3.5% |
| South Africa | 1.4% |
| South Korea | 11.4% |
| Taiwan | 14.3% |
| United Arab Emirates | 2.1% |
| United Kingdom | 1.0% |
| United States | 4.6% |
| Short-Term Investments and Net Other Assets | (0.4)% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_30001.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Emerging Markets Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Responsible Investing Fund

### Class A / SPEGX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Responsible Investing Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last year?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Responsible Investing Fund<br>(Class A / SPEGX) | $127 | 1.10% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Responsible Investing Fund Class A, excluding sales load, returned 30.52% for the fiscal twelve-month period ended October 31, 2025, compared to the 30.53% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Information Technology and the largest sector underweight was Communication Services.

#### Contributors to Performance
The Information Technology and Industrials sectors were the largest contributors to relative performance. Regarding individual positions, NVIDIA Corp., Microsoft Corp., AppLovin Corp., Amazon.com, Inc., and Alphabet Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Health Care and Consumer Discretionary were the largest detractors from relative performance. Regarding individual positions, Adobe Inc., UnitedHealth Group Inc., Vaxcyte, Inc., Tetra Tech, Inc., and James Hardie Industries PLC were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class A shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10920019.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Responsible Investing Fund Class A** | 23.68% | 14.73% | 14.99% |
| **Alger Responsible Investing Fund Class A—excluding sales load** | 30.52% | 15.97% | 15.62% |
| **Russell 1000 Growth Index** | 30.53% | 19.24% | 18.28% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$108144972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$655672 |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 10.7% |
| Consumer Discretionary | 11.9% |
| Consumer Staples | 0.7% |
| Financials | 6.2% |
| Health Care | 3.6% |
| Industrials | 6.2% |
| Information Technology | 53.9% |
| Materials | 0.6% |
| Real Estate | 1.2% |
| Utilities | 1.4% |
| Short-Term Investments and Other Net Assets | 3.6% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_30001.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Responsible Investing Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Responsible Investing Fund

### Class C / AGFCX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Responsible Investing Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last year?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Responsible Investing Fund<br>(Class C / AGFCX) | $233 | 2.03% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Responsible Investing Fund Class C, excluding contingent deferred sales charges, returned 29.27% for the fiscal twelve-month period ended October 31, 2025, compared to the 30.53% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Information Technology and the largest sector underweight was Communication Services.

#### Contributors to Performance
The Information Technology and Industrials sectors were the largest contributors to relative performance. Regarding individual positions, NVIDIA Corp., Microsoft Corp., AppLovin Corp., Amazon.com, Inc., and Alphabet Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Health Care and Consumer Discretionary were the largest detractors from relative performance. Regarding individual positions, Adobe Inc., UnitedHealth Group Inc., Vaxcyte, Inc., Tetra Tech, Inc., and James Hardie Industries PLC were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class C shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10920055.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Responsible Investing Fund Class C** | 28.27% | 15.03% | 14.90% |
| **Alger Responsible Investing Fund Class C—excluding contingent deferred sales charges** | 29.27% | 15.03% | 14.90% |
| **Russell 1000 Growth Index** | 30.53% | 19.24% | 18.28% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$108144972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$655672 |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 10.7% |
| Consumer Discretionary | 11.9% |
| Consumer Staples | 0.7% |
| Financials | 6.2% |
| Health Care | 3.6% |
| Industrials | 6.2% |
| Information Technology | 53.9% |
| Materials | 0.6% |
| Real Estate | 1.2% |
| Utilities | 1.4% |
| Short-Term Investments and Other Net Assets | 3.6% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_30001.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Responsible Investing Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Responsible Investing Fund

### Class I / AGIFX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Responsible Investing Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last year?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Responsible Investing Fund<br>(Class I / AGIFX) | $127 | 1.10% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Responsible Investing Fund Class I returned 30.49% for the fiscal twelve-month period ended October 31, 2025, compared to the 30.53% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Information Technology and the largest sector underweight was Communication Services.

#### Contributors to Performance
The Information Technology and Industrials sectors were the largest contributors to relative performance. Regarding individual positions, NVIDIA Corp., Microsoft Corp., AppLovin Corp., Amazon.com, Inc., and Alphabet Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Health Care and Consumer Discretionary were the largest detractors from relative performance. Regarding individual positions, Adobe Inc., UnitedHealth Group Inc., Vaxcyte, Inc., Tetra Tech, Inc., and James Hardie Industries PLC were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class I shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10920091.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Responsible Investing Fund Class I** | 30.49% | 15.96% | 15.61% |
| **Russell 1000 Growth Index** | 30.53% | 19.24% | 18.28% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$108144972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$655672 |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 10.7% |
| Consumer Discretionary | 11.9% |
| Consumer Staples | 0.7% |
| Financials | 6.2% |
| Health Care | 3.6% |
| Industrials | 6.2% |
| Information Technology | 53.9% |
| Materials | 0.6% |
| Real Estate | 1.2% |
| Utilities | 1.4% |
| Short-Term Investments and Other Net Assets | 3.6% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_30001.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Responsible Investing Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Responsible Investing Fund

### Class Z / ALGZX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Responsible Investing Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last year?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Responsible Investing Fund<br>(Class Z / ALGZX) | $107 | 0.93% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Responsible Investing Fund Class Z returned 30.72% for the fiscal twelve-month period ended October 31, 2025, compared to the 30.53% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Information Technology and the largest sector underweight was Communication Services.

#### Contributors to Performance
The Information Technology and Industrials sectors were the largest contributors to relative performance. Regarding individual positions, NVIDIA Corp., Microsoft Corp., AppLovin Corp., Amazon.com, Inc., and Alphabet Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Health Care and Consumer Discretionary were the largest detractors from relative performance. Regarding individual positions, Adobe Inc., UnitedHealth Group Inc., Vaxcyte, Inc., Tetra Tech, Inc., and James Hardie Industries PLC were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed annual periods for the life of Class Z shares of the Fund. The graph assumes a $500,000 initial investment at net asset value at the inception date of the Fund in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_10920127.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **Since Inception**<br>**10/14/16** |
| **Alger Responsible Investing Fund Class Z** | 30.72% | 16.32% | 17.86% |
| **Russell 1000 Growth Index** | 30.53% | 19.24% | 20.01% |
| **S&P 500 Index** | 21.45% | 17.64% | 15.70% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$108144972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$655672 |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 10.7% |
| Consumer Discretionary | 11.9% |
| Consumer Staples | 0.7% |
| Financials | 6.2% |
| Health Care | 3.6% |
| Industrials | 6.2% |
| Information Technology | 53.9% |
| Materials | 0.6% |
| Real Estate | 1.2% |
| Utilities | 1.4% |
| Short-Term Investments and Other Net Assets | 3.6% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_30001.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Responsible Investing Fund

------

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code
 of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting
 officer or controller, or persons performing similar functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Registrant has not amended its
 Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Registrant has not granted a
 waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item
 1 hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Registrant's Code of Ethics
 is attached as an Exhibit hereto.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant determined that Jay C. Nadel is an audit committee financial expert (within the meaning of that phrase specified in the instructions to Form N-CSR) on the Registrant's audit committee. Mr. Nadel is an "independent" trustee – i.e., he is not an interested person of the Registrant as defined in the 1940 Act, nor has he accepted directly or indirectly any consulting, advisory or other compensatory fee from the Registrant, other than in his capacity as Trustee

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees:

---

| | |
|:---|:---|
| October 31, 2025 | $107480 |
| October 31, 2024 | $103320 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees: NONE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Tax Fees for tax advice, tax compliance and tax planning:

---

| | |
|:---|:---|
| October 31, 2025 | $23264 |
| October 31, 2024 | $22758 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All Other Fees:

---

| | |
|:---|:---|
| October 31, 2025 | $19727 |
| October 31, 2024 | $26835 |

---

Other fees include a review and consent for Registrants registration statement filing and a review of the semi-annual financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) 1) Audit Committee Pre-Approval Policies And Procedures:

Audit and non-audit services provided by the Registrant's independent registered public accounting firm (the "Auditors") on behalf the Registrant must be pre-approved by the Audit Committee. Non-audit services provided by the Auditors on behalf of the Registrant's Investment Adviser or any entity controlling, controlled by, or under common control with the Investment Adviser must be pre-approved by the Audit Committee if such non-audit services directly relate to the operations or financial reporting of the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;2) All fees in item 4(b) through 4(d) above were approved by the Registrants' Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-Audit Fees:

---

| | | |
|:---|:---|:---|
| October 31, 2025 | $282038, | €103,125 |
| October 31, 2024 | $351512, | €106,362 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The audit committee of the board of trustees has considered whether the provision of the non-audit services that were rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control, with the adviser that provides ongoing services to the registrant that were not approved pursuant to (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not Applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Schedule of Investments in securities of unaffiliated issuers as of the close of the Reporting Period is included as part of the report to shareholders filed under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**

![](img9866104c1.gif)

THE ALGER FUNDS II

**ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION**

**October 31, 2025**![](img33fd5c1a2.gif)

------

**Table of Contents**

------

**THE ALGER FUNDS II**

------

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_998eb9eb-d4bf-4412-8b81-f3d8fc534e94_SOI1-Continued-4573_1) | 2 |
| [Statements of Assets and Liabilities](#xx_998eb9eb-d4bf-4412-8b81-f3d8fc534e94_SAL1-Continued_1) | 31 |
| [Statements of Operations](#xx_998eb9eb-d4bf-4412-8b81-f3d8fc534e94_SOP1-Continued_1) | 35 |
| [Statements of Changes in Net Assets](#xx_998eb9eb-d4bf-4412-8b81-f3d8fc534e94_SOC1-Continued-4573_1) | 39 |
| [Financial Highlights](#xx_998eb9eb-d4bf-4412-8b81-f3d8fc534e94_FIHI-Continued-4573_1) | 43 |
| [Notes to Financial Statements](#xx_998eb9eb-d4bf-4412-8b81-f3d8fc534e94_NTF-Continued_1) | 59 |
| [Report of Independent Registered Public Accounting Firm](#xx_998eb9eb-d4bf-4412-8b81-f3d8fc534e94_AUD-Continued-4573_1) | 95 |
| [Other Information (Unaudited)](#xx_998eb9eb-d4bf-4412-8b81-f3d8fc534e94_AI-Continued-4573_1) | 97 |

---

------

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

**Schedule of Investments October 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—107.9%** | **COMMON STOCKS—107.9%** | **COMMON STOCKS—107.9%** |
| **AEROSPACE & DEFENSE—1.9%** | **AEROSPACE & DEFENSE—1.9%** | **AEROSPACE & DEFENSE—1.9%** |
| HEICO Corp., Cl. A | 343395 | **$85069243** |
| **APPLICATION SOFTWARE—5.1%** | **APPLICATION SOFTWARE—5.1%** | **APPLICATION SOFTWARE—5.1%** |
| AppLovin Corp., Cl. A<sup>+</sup>,\*  | 312205 | 198977613 |
| Atlassian Corp., Cl. A<sup>\*</sup>  | 66000 | 11181720 |
| Cadence Design Systems, Inc.<sup>\*</sup>  | 27009 | 9147678 |
| Palantir Technologies, Inc., Cl. A<sup>\*</sup>  | 73258 | 14686031 |
|  |  | **233993042** |
| **AUTOMOBILE MANUFACTURERS—3.7%** | **AUTOMOBILE MANUFACTURERS—3.7%** | **AUTOMOBILE MANUFACTURERS—3.7%** |
| Tesla, Inc.<sup>+</sup>,\*  | 366271 | **167224688** |
| **AUTOMOTIVE RETAIL—0.3%** | **AUTOMOTIVE RETAIL—0.3%** | **AUTOMOTIVE RETAIL—0.3%** |
| Carvana Co.<sup>\*</sup>  | 49994 | **15325161** |
| **BIOTECHNOLOGY—3.3%** | **BIOTECHNOLOGY—3.3%** | **BIOTECHNOLOGY—3.3%** |
| Abivax SA ADR<sup>\*</sup>  | 258451 | 26470551 |
| Ascendis Pharma A/S ADR<sup>\*</sup>  | 56455 | 11381328 |
| Biogen, Inc.<sup>\*</sup>  | 100348 | 15480686 |
| Cidara Therapeutics, Inc.<sup>\*</sup>  | 150228 | 16410907 |
| Natera, Inc.<sup>\*</sup>  | 304760 | 60625907 |
| uniQure NV<sup>\*</sup>  | 326886 | 22126913 |
|  |  | **152496292** |
| **BROADLINE RETAIL—10.7%** | **BROADLINE RETAIL—10.7%** | **BROADLINE RETAIL—10.7%** |
| Alibaba Group Holding Ltd. ADR | 92900 | 15832947 |
| Amazon.com, Inc.<sup>+</sup>,\*  | 1500874 | 366543448 |
| JD.com, Inc., Cl. A ADR | 436366 | 14417532 |
| MercadoLibre, Inc.<sup>\*</sup>  | 13353 | 31075903 |
| Sea Ltd. , Cl. A ADR<sup>+</sup>,\*  | 408155 | 63774219 |
|  |  | **491644049** |
| **COAL & CONSUMABLE FUELS—1.0%** | **COAL & CONSUMABLE FUELS—1.0%** | **COAL & CONSUMABLE FUELS—1.0%** |
| Cameco Corp. | 445421 | **45526480** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.6%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.6%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.6%** |
| Rocket Cos., Inc., Cl. A | 1606310 | **26761125** |
| **CONSTRUCTION MATERIALS—0.7%** | **CONSTRUCTION MATERIALS—0.7%** | **CONSTRUCTION MATERIALS—0.7%** |
| Martin Marietta Materials, Inc. | 49185 | **30155324** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—0.3%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.3%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.3%** |
| Walmart, Inc. | 131557 | **13310937** |
| **DIVERSIFIED BANKS—0.0%** | **DIVERSIFIED BANKS—0.0%** | **DIVERSIFIED BANKS—0.0%** |
| NU Holdings, Ltd., Cl. A<sup>\*</sup>  | 34891 | **562094** |
| **DIVERSIFIED METALS & MINING—0.2%** | **DIVERSIFIED METALS & MINING—0.2%** | **DIVERSIFIED METALS & MINING—0.2%** |
| MP Materials Corp., Cl. A<sup>\*</sup>  | 120333 | **7591809** |
| **ELECTRIC UTILITIES—1.4%** | **ELECTRIC UTILITIES—1.4%** | **ELECTRIC UTILITIES—1.4%** |
| Constellation Energy Corp. | 168228 | **63421956** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—107.9% (CONT.)** | **COMMON STOCKS—107.9% (CONT.)** | **COMMON STOCKS—107.9% (CONT.)** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—0.8%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.8%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.8%** |
| Vertiv Holdings Co., Cl. A | 180759 | **$34861181** |
| **ENVIRONMENTAL & FACILITIES SERVICES—1.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.8%** |
| GFL Environmental, Inc.<sup>+</sup>  | 1936651 | **84612282** |
| **FINANCIAL EXCHANGES & DATA—0.6%** | **FINANCIAL EXCHANGES & DATA—0.6%** | **FINANCIAL EXCHANGES & DATA—0.6%** |
| S&P Global, Inc. | 56334 | **27446488** |
| **HEALTH CARE DISTRIBUTORS—0.5%** | **HEALTH CARE DISTRIBUTORS—0.5%** | **HEALTH CARE DISTRIBUTORS—0.5%** |
| Cardinal Health, Inc. | 112581 | **21477077** |
| **HEALTHCARE EQUIPMENT—1.2%** | **HEALTHCARE EQUIPMENT—1.2%** | **HEALTHCARE EQUIPMENT—1.2%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 101141 | **54037614** |
| **HEALTHCARE FACILITIES—0.2%** | **HEALTHCARE FACILITIES—0.2%** | **HEALTHCARE FACILITIES—0.2%** |
| Encompass Health Corp. | 100000 | **11385000** |
| **HEAVY ELECTRICAL EQUIPMENT—0.5%** | **HEAVY ELECTRICAL EQUIPMENT—0.5%** | **HEAVY ELECTRICAL EQUIPMENT—0.5%** |
| Bloom Energy Corp., Cl. A<sup>\*</sup>  | 52876 | 6988092 |
| GE Vernova, Inc. | 26235 | 15351148 |
|  |  | **22339240** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.9%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.9%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.9%** |
| Talen Energy Corp.<sup>\*</sup>  | 220110 | **87995576** |
| **INTERACTIVE HOME ENTERTAINMENT—0.9%** | **INTERACTIVE HOME ENTERTAINMENT—0.9%** | **INTERACTIVE HOME ENTERTAINMENT—0.9%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 366407 | **41667804** |
| **INTERACTIVE MEDIA & SERVICES—9.7%** | **INTERACTIVE MEDIA & SERVICES—9.7%** | **INTERACTIVE MEDIA & SERVICES—9.7%** |
| Alphabet, Inc., Cl. C<sup>+</sup>  | 504104 | 142066589 |
| Baidu, Inc., Cl. A ADR<sup>\*</sup>  | 149395 | 18057374 |
| Meta Platforms, Inc., Cl. A<sup>+</sup>  | 435851 | 282583996 |
|  |  | **442707959** |
| **INTERNET SERVICES & INFRASTRUCTURE—3.2%** | **INTERNET SERVICES & INFRASTRUCTURE—3.2%** | **INTERNET SERVICES & INFRASTRUCTURE—3.2%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 163195 | 41337293 |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 138609 | 49874290 |
| Shopify, Inc., Cl. A<sup>\*</sup>  | 149929 | 26066656 |
| Snowflake, Inc., Cl. A<sup>\*</sup>  | 103028 | 28320337 |
|  |  | **145598576** |
| **INVESTMENT BANKING & BROKERAGE—1.1%** | **INVESTMENT BANKING & BROKERAGE—1.1%** | **INVESTMENT BANKING & BROKERAGE—1.1%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 356856 | **52379324** |
| **LIFE & HEALTH INSURANCE—0.5%** | **LIFE & HEALTH INSURANCE—0.5%** | **LIFE & HEALTH INSURANCE—0.5%** |
| Oscar Health, Inc., Cl. A<sup>\*</sup>  | 1197329 | **21551922** |
| **LIFE SCIENCES TOOLS & SERVICES—0.5%** | **LIFE SCIENCES TOOLS & SERVICES—0.5%** | **LIFE SCIENCES TOOLS & SERVICES—0.5%** |
| Repligen Corp.<sup>\*</sup>  | 148853 | **22188028** |
| **MANAGED HEALTHCARE—0.4%** | **MANAGED HEALTHCARE—0.4%** | **MANAGED HEALTHCARE—0.4%** |
| UnitedHealth Group, Inc. | 55455 | **18941210** |
| **MOVIES & ENTERTAINMENT—4.5%** | **MOVIES & ENTERTAINMENT—4.5%** | **MOVIES & ENTERTAINMENT—4.5%** |
| Liberty Media Corp. Series C Liberty Formula One<sup>\*</sup>  | 399579 | 39897963 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—107.9% (CONT.)** | **COMMON STOCKS—107.9% (CONT.)** | **COMMON STOCKS—107.9% (CONT.)** |
| **MOVIES & ENTERTAINMENT—4.5% (CONT.)** | **MOVIES & ENTERTAINMENT—4.5% (CONT.)** | **MOVIES & ENTERTAINMENT—4.5% (CONT.)** |
| Netflix, Inc.<sup>+</sup>,\*  | 71675 | **$** 80194291 |
| Roku Inc., Cl. A<sup>\*</sup>  | 115608 | 12269477 |
| Sphere Entertainment Co., Cl. A<sup>\*</sup>  | 202100 | 13839808 |
| Spotify Technology SA<sup>\*</sup>  | 89054 | 58358867 |
|  |  | **204560406** |
| **RESEARCH & CONSULTING SERVICES—0.1%** | **RESEARCH & CONSULTING SERVICES—0.1%** | **RESEARCH & CONSULTING SERVICES—0.1%** |
| TIC Solutions, Inc.<sup>\*</sup>  | 570038 | **6914561** |
| **SEMICONDUCTORS—23.7%** | **SEMICONDUCTORS—23.7%** | **SEMICONDUCTORS—23.7%** |
| Advanced Micro Devices, Inc.<sup>\*</sup>  | 45584 | 11674974 |
| Astera Labs, Inc.<sup>\*</sup>  | 299764 | 55959944 |
| Broadcom, Inc.<sup>+</sup>  | 461984 | 170763146 |
| First Solar, Inc.<sup>\*</sup>  | 65000 | 17351100 |
| NVIDIA Corp.<sup>+</sup>  | 3471569 | 702958007 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR<sup>+</sup>  | 416743 | 125202099 |
|  |  | **1083909270** |
| **SYSTEMS SOFTWARE—17.7%** | **SYSTEMS SOFTWARE—17.7%** | **SYSTEMS SOFTWARE—17.7%** |
| Microsoft Corp.<sup>+</sup>  | 1091829 | 565359974 |
| Nebius Group NV, Cl. A<sup>+</sup>,\*  | 1532684 | 200505721 |
| Oracle Corp. | 93541 | 24564802 |
| Rubrik, Inc., Cl. A<sup>\*</sup>  | 254025 | 19120462 |
|  |  | **809550959** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.3%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.3%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.3%** |
| Apple, Inc.<sup>+</sup>  | 963992 | 260634517 |
| Dell Technologies, Inc., Cl. C | 71063 | 11512916 |
| Western Digital Corp. | 409384 | 61493571 |
|  |  | **333641004** |
| **TRADING COMPANIES & DISTRIBUTORS—1.1%** | **TRADING COMPANIES & DISTRIBUTORS—1.1%** | **TRADING COMPANIES & DISTRIBUTORS—1.1%** |
| QXO, Inc.<sup>\*</sup>  | 2780781 | **49136400** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—0.5%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.5%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.5%** |
| Visa, Inc., Cl. A<sup>+</sup>  | 63913 | **21777716** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $1,818,084,620) |  | **4931761797** |
| **PREFERRED STOCKS—1.6%** | **PREFERRED STOCKS—1.6%** | **PREFERRED STOCKS—1.6%** |
| **APPLICATION SOFTWARE—1.5%** | **APPLICATION SOFTWARE—1.5%** | **APPLICATION SOFTWARE—1.5%** |
| Databricks, Inc., Series J<sup>(a),\*,@</sup>  | 325466 | 48819900 |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 1146050 | 19723521 |
|  |  | **68543421** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—0.1%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.1%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.1%** |
| Chime Financial, Inc., Series G<sup>\*,@</sup>  | 188583 | **3237970** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $62,854,516) |  | **71781391** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SPECIAL PURPOSE VEHICLE—0.1%** | **SPECIAL PURPOSE VEHICLE—0.1%** | **SPECIAL PURPOSE VEHICLE—0.1%** |
| **DATA PROCESSING & OUTSOURCED SERVICES—0.1%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.1%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.1%** |
| Crosslink Ventures C, LLC, Cl. A<sup>(b),\*,@</sup>  |  | **$** 3078191 |
| Crosslink Ventures C, LLC, Cl. B<sup>(b),\*,@</sup>  |  | 1933104 |
|  |  | **5011295** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLE** <br>(Cost $11,925,000) |  | **5011295** |
| **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, 3.95%<sup>(c)</sup>  | 46473 | **46473** |
| (Cost $46,473) |  | **46473** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $1,892,910,609)** | 109.6% | **$5008600956** |
| Affiliated Securities (Cost $11,925,000) |  | 5011295 |
| Unaffiliated Securities (Cost $1,880,985,609) |  | 5003589661 |
| Securities Sold Short (Proceeds $438,812,870) | (9.5)% | (433704043) |
| Liabilities in Excess of Other Assets | (0.1)% | (3369396) |
| **NET ASSETS** | 100.0% | **$4571527517** |

---

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

ADR American Depositary Receipts

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

---

| | |
|:---|:---|
| (a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures <br> approved by the Board of Trustees.<br>|
| (b) | Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note <br> 12 - Affiliated Securities.<br>|
| (c) | Rate shown reflects 7-day effective yield as of October 31, 2025. |
| \* | 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>10/31/2025<br>|
| Chime Financial, Inc., Series G | 8/24/21 | $13025390 | $3237970 | 0.1% |
| Crosslink Ventures C, LLC, Cl. A | 10/2/20 | 7350000 | 3078191 | 0.1% |
| Crosslink Ventures C, LLC, Cl. B | 12/16/20 | 4575000 | 1933104 | 0.0% |
| Databricks, Inc., Series J | 12/17/24 | 30105605 | 48819900 | 1.1% |
| SB Technology, Inc., Series E | 10/23/24-12/18/24 | 19723521 | 19723521 | 0.4% |
| Total |  | $74779516 | $76792686 | 1.7% |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments - Securities Sold Short October 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(6.4)%** |  |  |
| **ADVERTISING—(0.1)%** |  |  |
| The Interpublic Group of Cos., Inc. | (155534) | **$(3991002)** |
| **AEROSPACE & DEFENSE—(0.2)%** |  |  |
| Lockheed Martin Corp. | (14894) | **(7326061)** |
| **AGRICULTURAL & FARM MACHINERY—(0.1)%** |  |  |
| Toro Co. | (72523) | **(5419644)** |
| **APPLICATION SOFTWARE—(1.5)%** |  |  |
| Adobe, Inc.<sup>\*</sup> <br>| (16188) | (5508938) |
| Figma, Inc., Cl. A<sup>\*</sup> <br>| (63096) | (3144705) |
| Intuit, Inc. | (17055) | (11385065) |
| Klaviyo, Inc., Cl. A<sup>\*</sup> <br>| (93847) | (2440022) |
| RingCentral, Inc., Cl. A<sup>\*</sup> <br>| (145000) | (4367400) |
| Salesforce, Inc. | (21295) | (5545431) |
| Samsara, Inc., Cl. A<sup>\*</sup> <br>| (172977) | (6948486) |
| SAP SE ADR | (17802) | (4628698) |
| Synopsys, Inc.<sup>\*</sup> <br>| (15301) | (6943900) |
| Tyler Technologies, Inc.<sup>\*</sup> <br>| (10106) | (4813083) |
| Zoom Communications, Inc.<sup>\*</sup> <br>| (48404) | (4222281) |
|  |  | **(59948009)** |
| **AUTOMOBILE MANUFACTURERS—(0.2)%** |  |  |
| General Motors Co. | (112008) | **(7738633)** |
| **AUTOMOTIVE RETAIL—(0.2)%** |  |  |
| Advance Auto Parts, Inc. | (178000) | **(8389140)** |
| **BREWERS—(0.2)%** |  |  |
| Anheuser-Busch InBev SA/NV | (105777) | (6441819) |
| Molson Coors Beverage Co., Cl. B | (117042) | (5117076) |
|  |  | **(11558895)** |
| **BUILDING PRODUCTS—(0.1)%** |  |  |
| A.O. Smith Corp. | (40971) | **(2703676)** |
| **COMMUNICATIONS EQUIPMENT—(0.1)%** |  |  |
| Motorola Solutions, Inc. | (10459) | **(4253780)** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION** <br> **EQUIPMENT—0.0%** |  |  |
| Blue Bird Corp.<sup>\*</sup> <br>| (42036) | **(2100118)** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—(0.1)%** |  |  |
| Dollar General Corp. | (62404) | **(6156779)** |
| **DATA PROCESSING & OUTSOURCED SERVICES—(0.1)%** |  |  |
| Genpact, Ltd. | (138098) | **(5268439)** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments - Securities Sold Short October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(6.4)% (CONT.)** |  |  |
| **ELECTRICAL COMPONENTS & EQUIPMENT—(0.1)%** |  |  |
| Fluence Energy, Inc.<sup>\*</sup> <br>| (166009) | **$(3486189)** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—(0.1)%** |  |  |
| Zebra Technologies Corp., Cl.A<sup>\*</sup> <br>| (15000) | **(4038750)** |
| **ELECTRONIC MANUFACTURING SERVICES—(0.2)%** |  |  |
| IPG Photonics Corp.<sup>\*</sup> <br>| (109924) | **(9356731)** |
| **FERTILIZERS & AGRICULTURAL CHEMICALS—(0.1)%** |  |  |
| CF Industries Holdings, Inc. | (72000) | **(5996880)** |
| **HEALTHCARE SERVICES—0.0%** |  |  |
| DaVita, Inc.<sup>\*</sup> <br>| (3644) | **(433709)** |
| **HEALTHCARE SUPPLIES—0.0%** |  |  |
| Align Technology, Inc.<sup>\*</sup> <br>| (4951) | (682644) |
| DENTSPLY SIRONA, Inc. | (174469) | (2200054) |
|  |  | **(2882698)** |
| **HOTELS RESORTS & CRUISE LINES—(0.1)%** |  |  |
| Carnival Corp.<sup>\*</sup> <br>| (111852) | **(3224693)** |
| **HOUSEHOLD PRODUCTS—(0.2)%** |  |  |
| The Clorox Co. | (35507) | (3993117) |
| The Procter & Gamble Co. | (42000) | (6315540) |
|  |  | **(10308657)** |
| **HUMAN RESOURCE & EMPLOYMENT SERVICES—(0.2)%** |  |  |
| Paychex, Inc. | (92498) | **(10825041)** |
| **INSURANCE BROKERS—(0.1)%** |  |  |
| Aon PLC, Cl.A | (10755) | **(3664013)** |
| **INTERNET SERVICES & INFRASTRUCTURE—(0.4)%** |  |  |
| Akamai Technologies, Inc.<sup>\*</sup> <br>| (161000) | (12091100) |
| Wix.com, Ltd.<sup>\*</sup> <br>| (28744) | (4183402) |
|  |  | **(16274502)** |
| **IT CONSULTING & OTHER SERVICES—(0.4)%** |  |  |
| Accenture PLC, Cl. A | (26932) | (6735693) |
| Capgemini SE | (26452) | (4069520) |
| Gartner, Inc.<sup>\*</sup> <br>| (17000) | (4221780) |
| Infosys, Ltd. ADR | (238259) | (3947952) |
|  |  | **(18974945)** |
| **METAL, GLASS & PLASTIC CONTAINERS—(0.1)%** |  |  |
| Ball Corp. | (76372) | **(3589484)** |
| **OTHER SPECIALTY RETAIL—(0.1)%** |  |  |
| Chewy, Inc., Cl.A<sup>\*</sup> <br>| (188530) | **(6357232)** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments - Securities Sold Short October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(6.4)% (CONT.)** |  |  |
| **RESEARCH & CONSULTING SERVICES—(0.1)%** |  |  |
| Science Applications International Corp. | (53425) | **$(5006457)** |
| **RESTAURANTS—(0.1)%** |  |  |
| Cava Group, Inc.<sup>\*</sup> <br>| (42068) | **(2260314)** |
| **SEMICONDUCTORS—(0.4)%** |  |  |
| Intel Corp.<sup>\*</sup> <br>| (114944) | (4596610) |
| ON Semiconductor Corp.<sup>\*</sup> <br>| (65883) | (3299421) |
| QUALCOMM, Inc. | (25489) | (4610960) |
| STMicroelectronics NV | (276621) | (6768916) |
|  |  | **(19275907)** |
| **SPECIALTY CHEMICALS—(0.1)%** |  |  |
| International Flavors & Fragrances, Inc. | (93888) | **(5912127)** |
| **SYSTEMS SOFTWARE—(0.4)%** |  |  |
| Check Point Software Technologies, Ltd.<sup>\*</sup> <br>| (54359) | (10636969) |
| Teradata Corp.<sup>\*</sup> <br>| (426625) | (8895131) |
|  |  | **(19532100)** |
| **TECHNOLOGY DISTRIBUTORS—0.0%** |  |  |
| Insight Enterprises, Inc.<sup>\*</sup> <br>| (15673) | **(1567300)** |
| **TECHNOLOGY HARDWARE STORAGE &** <br> **PERIPHERALS—(0.3)%** |  |  |
| HP, Inc. | (164236) | (4544410) |
| NetApp, Inc. | (58333) | (6870461) |
|  |  | **(11414871)** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Proceeds $299,439,281)<br>|  | **$(289236776)** |

---

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS—(3.1)%** |  |  |
| **ENERGY EQUIPMENT & SERVICES—(0.2)%** |  |  |
| Energy Select Sector SPDR Fund | (128842) | (11354845) |
| **MARKET INDICES—(2.9)%** |  |  |
| ARK Innovation ETF | (121366) | (10799147) |
| Invesco QQQ Trust Series 1 | (10456) | (6577556) |
| iShares MSCI India ETF | (216191) | (11667828) |
| Roundhill Magnificent Seven ETF | (239280) | (16261469) |
| SPDR Dow Jones Industrial Average ETF Trust | (57070) | (27146487) |
| SPDR S&P 500 ETF Trust | (45801) | (31239030) |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments - Securities Sold Short October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS—(3.1)% (CONT.)** |  |  |
| **MARKET INDICES—(2.9)% (CONT.)** |  |  |
| State Street SPDR Portfolio S&P 500 Value ETF | (525561) | **$**(29420905) |
|  |  | **(133112422)** |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>(Proceeds $139,373,589)<br>|  | **$(144467267)** |
| &nbsp;&nbsp;&nbsp; **Total Securities Sold Short** <br>(Proceeds $438,812,870)<br>|  | **$(433704043)** |

---

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

ADR American Depositary Receipts <br> ETF Exchange-Traded Fund <br> 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 October 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—82.3%** | **COMMON STOCKS—82.3%** | **COMMON STOCKS—82.3%** |
| **AEROSPACE & DEFENSE—4.5%** | **AEROSPACE & DEFENSE—4.5%** | **AEROSPACE & DEFENSE—4.5%** |
| AAR Corp.<sup>\*</sup>  | 9843 | **$** 828879 |
| Archer Aviation, Inc., Cl. A<sup>\*</sup>  | 152663 | 1712879 |
| Cadre Holdings, Inc. | 15809 | 671250 |
| HEICO Corp.<sup>+</sup>  | 4529 | 1439180 |
| HEICO Corp., Cl. A | 6816 | 1688528 |
| Kratos Defense & Security Solutions, Inc.<sup>\*,</sup>+  | 1207 | 109354 |
| Loar Holdings, Inc.<sup>\*</sup>  | 3378 | 267301 |
| StandardAero, Inc.<sup>\*</sup>  | 316 | 9129 |
| TransDigm Group, Inc.<sup>+</sup>  | 2434 | 3184914 |
| VSE Corp. | 1600 | 289088 |
|  |  | **10200502** |
| **APPAREL RETAIL—0.4%** | **APPAREL RETAIL—0.4%** | **APPAREL RETAIL—0.4%** |
| Burlington Stores, Inc.<sup>\*</sup>  | 3056 | **836091** |
| **APPLICATION SOFTWARE—3.6%** | **APPLICATION SOFTWARE—3.6%** | **APPLICATION SOFTWARE—3.6%** |
| Agilysys, Inc.<sup>\*</sup>  | 1147 | 143903 |
| AppLovin Corp., Cl. A<sup>\*,</sup>+  | 8960 | 5710477 |
| Cadence Design Systems, Inc.<sup>\*</sup>  | 3842 | 1301247 |
| Confluent, Inc., Cl. A<sup>\*</sup>  | 19546 | 456790 |
| HubSpot, Inc.<sup>\*</sup>  | 253 | 124456 |
| nCino, Inc.<sup>\*</sup>  | 14859 | 396438 |
| SPS Commerce, Inc.<sup>\*,</sup>+  | 898 | 73851 |
| Vertex, Inc., Cl. A<sup>\*,</sup>+  | 5475 | 125377 |
|  |  | **8332539** |
| **ASSET MANAGEMENT & CUSTODY BANKS—1.1%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.1%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.1%** |
| Hamilton Lane, Inc., Cl. A<sup>+</sup>  | 2102 | 239544 |
| StepStone Group, Inc., Cl. A<sup>+</sup>  | 22029 | 1341125 |
| T Rowe Price Group, Inc. | 8501 | 871608 |
|  |  | **2452277** |
| **BIOTECHNOLOGY—7.3%** | **BIOTECHNOLOGY—7.3%** | **BIOTECHNOLOGY—7.3%** |
| AbbVie, Inc. | 3960 | 863438 |
| Abivax SA ADR<sup>\*</sup>  | 8301 | 850188 |
| ACADIA Pharmaceuticals, Inc.<sup>\*,</sup>+  | 45226 | 1026630 |
| BioMarin Pharmaceutical, Inc.<sup>\*,</sup>+  | 3054 | 163603 |
| Cidara Therapeutics, Inc.<sup>\*</sup>  | 5849 | 638945 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 37749 | 488472 |
| Natera, Inc.<sup>\*,</sup>+  | 52929 | 10529166 |
| Palvella Therapeutics, Inc.<sup>\*</sup>  | 10851 | 866344 |
| Ultragenyx Pharmaceutical, Inc.<sup>\*</sup>  | 9517 | 329288 |
| uniQure NV<sup>\*</sup>  | 10276 | 695583 |
| Veracyte, Inc.<sup>\*</sup>  | 5994 | 216264 |
|  |  | **16667921** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—82.3% (CONT.)** | **COMMON STOCKS—82.3% (CONT.)** | **COMMON STOCKS—82.3% (CONT.)** |
| **BROADLINE RETAIL—4.3%** | **BROADLINE RETAIL—4.3%** | **BROADLINE RETAIL—4.3%** |
| Amazon.com, Inc.<sup>\*,</sup>+  | 23422 | **$** 5720121 |
| MercadoLibre, Inc.<sup>\*,</sup>+  | 923 | 2148061 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>\*,</sup>+  | 2143 | 258896 |
| Sea Ltd. , Cl. A ADR<sup>\*,</sup>+  | 11058 | 1727812 |
|  |  | **9854890** |
| **BUILDING PRODUCTS—0.3%** | **BUILDING PRODUCTS—0.3%** | **BUILDING PRODUCTS—0.3%** |
| Builders FirstSource, Inc.<sup>\*</sup>  | 6459 | **750342** |
| **CARGO GROUND TRANSPORTATION—0.2%** | **CARGO GROUND TRANSPORTATION—0.2%** | **CARGO GROUND TRANSPORTATION—0.2%** |
| RXO, Inc.<sup>\*</sup>  | 11236 | 199214 |
| XPO, Inc.<sup>\*</sup>  | 1901 | 273497 |
|  |  | **472711** |
| **COAL & CONSUMABLE FUELS—0.4%** | **COAL & CONSUMABLE FUELS—0.4%** | **COAL & CONSUMABLE FUELS—0.4%** |
| Cameco Corp. | 8379 | **856418** |
| **CONSTRUCTION & ENGINEERING—0.7%** | **CONSTRUCTION & ENGINEERING—0.7%** | **CONSTRUCTION & ENGINEERING—0.7%** |
| Legence Corp., Cl. A<sup>\*</sup>  | 11745 | 485891 |
| Sterling Infrastructure, Inc.<sup>\*</sup>  | 1163 | 439498 |
| Tutor Perini Corp.<sup>\*</sup>  | 8999 | 606172 |
|  |  | **1531561** |
| **CONSUMER FINANCE—0.5%** | **CONSUMER FINANCE—0.5%** | **CONSUMER FINANCE—0.5%** |
| Upstart Holdings, Inc.<sup>\*,</sup>+  | 23216 | **1103224** |
| **DATA PROCESSING & OUTSOURCED SERVICES—0.0%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.0%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.0%** |
| Verra Mobility Corp.<sup>\*</sup>  | 3754 | **87130** |
| **DIVERSIFIED METALS & MINING—0.2%** | **DIVERSIFIED METALS & MINING—0.2%** | **DIVERSIFIED METALS & MINING—0.2%** |
| MP Materials Corp., Cl. A<sup>\*</sup>  | 6784 | **428003** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—1.1%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.1%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.1%** |
| Enovix Corp.<sup>\*</sup>  | 205938 | **2469197** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.2%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.2%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.2%** |
| Novanta, Inc.<sup>\*</sup>  | 3159 | **401225** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.3%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.3%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.3%** |
| Casella Waste Systems, Inc., Cl. A<sup>\*,</sup>+  | 1844 | 163323 |
| Montrose Environmental Group, Inc.<sup>\*,</sup>+  | 14533 | 376114 |
| Waste Connections, Inc.<sup>+</sup>  | 794 | 133138 |
|  |  | **672575** |
| **FINANCIAL EXCHANGES & DATA—0.0%** | **FINANCIAL EXCHANGES & DATA—0.0%** | **FINANCIAL EXCHANGES & DATA—0.0%** |
| Miami International Holdings, Inc.<sup>\*</sup>  | 650 | **28405** |
| **HEALTH CARE DISTRIBUTORS—1.3%** | **HEALTH CARE DISTRIBUTORS—1.3%** | **HEALTH CARE DISTRIBUTORS—1.3%** |
| McKesson Corp.<sup>+</sup>  | 3712 | **3011694** |
| **HEALTHCARE EQUIPMENT—1.7%** | **HEALTHCARE EQUIPMENT—1.7%** | **HEALTHCARE EQUIPMENT—1.7%** |
| Artivion, Inc.<sup>\*</sup>  | 26092 | 1183794 |
| Glaukos Corp.<sup>\*</sup>  | 4541 | 399926 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—82.3% (CONT.)** | **COMMON STOCKS—82.3% (CONT.)** | **COMMON STOCKS—82.3% (CONT.)** |
| **HEALTHCARE EQUIPMENT—1.7% (CONT.)** | **HEALTHCARE EQUIPMENT—1.7% (CONT.)** | **HEALTHCARE EQUIPMENT—1.7% (CONT.)** |
| Impulse Dynamics PLC, Series A<sup>(a),\*,@</sup>  | 3485265 | **$** 125469 |
| Inmode, Ltd.<sup>\*</sup>  | 10666 | 157537 |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 3799 | 2029730 |
|  |  | **3896456** |
| **HEALTHCARE FACILITIES—1.1%** | **HEALTHCARE FACILITIES—1.1%** | **HEALTHCARE FACILITIES—1.1%** |
| Tenet Healthcare Corp.<sup>\*,</sup>+  | 12410 | **2562541** |
| **HEALTHCARE SERVICES—0.9%** | **HEALTHCARE SERVICES—0.9%** | **HEALTHCARE SERVICES—0.9%** |
| Guardant Health, Inc.<sup>\*</sup>  | 13838 | 1287211 |
| RadNet, Inc.<sup>\*</sup>  | 11200 | 851088 |
|  |  | **2138299** |
| **HEALTHCARE SUPPLIES—0.1%** | **HEALTHCARE SUPPLIES—0.1%** | **HEALTHCARE SUPPLIES—0.1%** |
| Neogen Corp.<sup>\*</sup>  | 21609 | **133328** |
| **HEALTHCARE TECHNOLOGY—0.4%** | **HEALTHCARE TECHNOLOGY—0.4%** | **HEALTHCARE TECHNOLOGY—0.4%** |
| Schrodinger, Inc.<sup>\*</sup>  | 41368 | 870383 |
| Waystar Holding Corp.<sup>\*</sup>  | 2929 | 105004 |
|  |  | **975387** |
| **HEAVY ELECTRICAL EQUIPMENT—0.6%** | **HEAVY ELECTRICAL EQUIPMENT—0.6%** | **HEAVY ELECTRICAL EQUIPMENT—0.6%** |
| Bloom Energy Corp., Cl. A<sup>\*</sup>  | 4267 | 563927 |
| GE Vernova, Inc. | 1390 | 813344 |
|  |  | **1377271** |
| **HOME FURNISHINGS—0.8%** | **HOME FURNISHINGS—0.8%** | **HOME FURNISHINGS—0.8%** |
| Somnigroup International, Inc. | 21830 | **1731992** |
| **HUMAN RESOURCE & EMPLOYMENT SERVICES—0.4%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—0.4%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—0.4%** |
| First Advantage Corp.<sup>\*</sup>  | 18765 | 237002 |
| Paylocity Holding Corp.<sup>\*,</sup>+  | 5168 | 730083 |
|  |  | **967085** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.2%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.2%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.2%** |
| Talen Energy Corp.<sup>\*,</sup>+  | 6679 | **2670131** |
| **INSURANCE BROKERS—0.1%** | **INSURANCE BROKERS—0.1%** | **INSURANCE BROKERS—0.1%** |
| Accelerant Holdings, Cl. A<sup>\*</sup>  | 12880 | **149666** |
| **INTERACTIVE HOME ENTERTAINMENT—3.9%** | **INTERACTIVE HOME ENTERTAINMENT—3.9%** | **INTERACTIVE HOME ENTERTAINMENT—3.9%** |
| Roblox Corp., Cl. A<sup>\*,</sup>+  | 39821 | 4528444 |
| Take-Two Interactive Software, Inc.<sup>\*</sup>  | 17359 | 4450327 |
|  |  | **8978771** |
| **INTERACTIVE MEDIA & SERVICES—9.2%** | **INTERACTIVE MEDIA & SERVICES—9.2%** | **INTERACTIVE MEDIA & SERVICES—9.2%** |
| Alphabet, Inc., Cl. A<sup>+</sup>  | 35605 | 10011770 |
| Meta Platforms, Inc., Cl. A<sup>+</sup>  | 16980 | 11008983 |
|  |  | **21020753** |
| **INTERNET SERVICES & INFRASTRUCTURE—2.5%** | **INTERNET SERVICES & INFRASTRUCTURE—2.5%** | **INTERNET SERVICES & INFRASTRUCTURE—2.5%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 5217 | 1321466 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—82.3% (CONT.)** | **COMMON STOCKS—82.3% (CONT.)** | **COMMON STOCKS—82.3% (CONT.)** |
| **INTERNET SERVICES & INFRASTRUCTURE—2.5% (CONT.)** | **INTERNET SERVICES & INFRASTRUCTURE—2.5% (CONT.)** | **INTERNET SERVICES & INFRASTRUCTURE—2.5% (CONT.)** |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 4960 | **$** 1784707 |
| Shopify, Inc., Cl. A<sup>\*</sup>  | 4424 | 769157 |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 12996 | 1752900 |
|  |  | **5628230** |
| **INVESTMENT BANKING & BROKERAGE—0.1%** | **INVESTMENT BANKING & BROKERAGE—0.1%** | **INVESTMENT BANKING & BROKERAGE—0.1%** |
| Piper Sandler Cos. | 867 | **276798** |
| **LEISURE FACILITIES—0.2%** | **LEISURE FACILITIES—0.2%** | **LEISURE FACILITIES—0.2%** |
| Planet Fitness, Inc., Cl. A<sup>\*,</sup>+  | 5535 | **501969** |
| **LIFE SCIENCES TOOLS & SERVICES—2.1%** | **LIFE SCIENCES TOOLS & SERVICES—2.1%** | **LIFE SCIENCES TOOLS & SERVICES—2.1%** |
| Bio-Techne Corp. | 20703 | 1295387 |
| Danaher Corp. | 4008 | 863243 |
| Repligen Corp.<sup>\*</sup>  | 18044 | 2689638 |
|  |  | **4848268** |
| **MANAGED HEALTHCARE—0.4%** | **MANAGED HEALTHCARE—0.4%** | **MANAGED HEALTHCARE—0.4%** |
| Progyny, Inc.<sup>\*,</sup>+  | 53682 | **1004390** |
| **MOVIES & ENTERTAINMENT—5.8%** | **MOVIES & ENTERTAINMENT—5.8%** | **MOVIES & ENTERTAINMENT—5.8%** |
| Netflix, Inc.<sup>\*,</sup>+  | 4635 | 5185916 |
| Roku Inc., Cl. A<sup>\*</sup>  | 19962 | 2118567 |
| Spotify Technology SA<sup>\*,</sup>+  | 6385 | 4184219 |
| TKO Group Holdings, Inc., Cl. A | 9888 | 1862899 |
|  |  | **13351601** |
| **PASSENGER AIRLINES—0.4%** | **PASSENGER AIRLINES—0.4%** | **PASSENGER AIRLINES—0.4%** |
| Joby Aviation, Inc.<sup>\*</sup>  | 54526 | **945481** |
| **PERSONAL CARE PRODUCTS—0.7%** | **PERSONAL CARE PRODUCTS—0.7%** | **PERSONAL CARE PRODUCTS—0.7%** |
| The Estee Lauder Cos, Inc., Cl. A | 17230 | **1665969** |
| **PHARMACEUTICALS—2.6%** | **PHARMACEUTICALS—2.6%** | **PHARMACEUTICALS—2.6%** |
| AstraZeneca PLC ADR | 22443 | 1849303 |
| Eli Lilly & Co. | 1006 | 868037 |
| Johnson & Johnson | 13678 | 2583364 |
| Nektar Therapeutics<sup>\*</sup>  | 9509 | 617420 |
|  |  | **5918124** |
| **PROPERTY & CASUALTY INSURANCE—0.3%** | **PROPERTY & CASUALTY INSURANCE—0.3%** | **PROPERTY & CASUALTY INSURANCE—0.3%** |
| Neptune Insurance Holdings, Inc., Cl. A<sup>\*</sup>  | 1148 | 29481 |
| Palomar Holdings, Inc.<sup>\*</sup>  | 5730 | 653277 |
|  |  | **682758** |
| **REAL ESTATE SERVICES—1.1%** | **REAL ESTATE SERVICES—1.1%** | **REAL ESTATE SERVICES—1.1%** |
| Compass, Inc., Cl. A<sup>\*</sup>  | 24476 | 188710 |
| FirstService Corp.<sup>+</sup>  | 14129 | 2252304 |
|  |  | **2441014** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—82.3% (CONT.)** | **COMMON STOCKS—82.3% (CONT.)** | **COMMON STOCKS—82.3% (CONT.)** |
| **RESTAURANTS—0.2%** | **RESTAURANTS—0.2%** | **RESTAURANTS—0.2%** |
| First Watch Restaurant Group, Inc.<sup>\*</sup>  | 8920 | **$** 147091 |
| Wingstop, Inc. | 1051 | 227678 |
|  |  | **374769** |
| **SEMICONDUCTORS—8.9%** | **SEMICONDUCTORS—8.9%** | **SEMICONDUCTORS—8.9%** |
| Astera Labs, Inc.<sup>\*</sup>  | 15159 | 2829882 |
| First Solar, Inc.<sup>\*</sup>  | 2610 | 696713 |
| Impinj, Inc.<sup>\*</sup>  | 268 | 54179 |
| NVIDIA Corp.<sup>+</sup>  | 56969 | 11535653 |
| Semtech Corp.<sup>\*</sup>  | 18950 | 1285947 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 12985 | 3901084 |
|  |  | **20303458** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.6%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.6%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.6%** |
| Celsius Holdings, Inc.<sup>\*,</sup>+  | 21786 | **1312171** |
| **SYSTEMS SOFTWARE—7.9%** | **SYSTEMS SOFTWARE—7.9%** | **SYSTEMS SOFTWARE—7.9%** |
| Crowdstrike Holdings, Inc., Cl. A<sup>\*</sup>  | 4954 | 2690072 |
| Microsoft Corp.<sup>+</sup>  | 15252 | 7897638 |
| Nebius Group NV, Cl. A<sup>\*,</sup>+  | 49620 | 6491288 |
| Rubrik, Inc., Cl. A<sup>\*</sup>  | 13079 | 984456 |
|  |  | **18063454** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.6%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.6%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.6%** |
| Western Digital Corp. | 9230 | **1386438** |
| **TRADING COMPANIES & DISTRIBUTORS—1.1%** | **TRADING COMPANIES & DISTRIBUTORS—1.1%** | **TRADING COMPANIES & DISTRIBUTORS—1.1%** |
| QXO, Inc.<sup>\*,</sup>+  | 121581 | 2148336 |
| SiteOne Landscape Supply, Inc.<sup>\*,</sup>+  | 2063 | 267716 |
| Transcat, Inc.<sup>\*</sup>  | 1185 | 86090 |
| Xometry, Inc., Cl. A<sup>\*</sup>  | 1931 | 94020 |
|  |  | **2596162** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $144,817,728) |  | **188059439** |
| **PREFERRED STOCKS—1.2%** | **PREFERRED STOCKS—1.2%** | **PREFERRED STOCKS—1.2%** |
| **APPLICATION SOFTWARE—0.9%** | **APPLICATION SOFTWARE—0.9%** | **APPLICATION SOFTWARE—0.9%** |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 114903 | **1977481** |
| **HEALTHCARE EQUIPMENT—0.3%** | **HEALTHCARE EQUIPMENT—0.3%** | **HEALTHCARE EQUIPMENT—0.3%** |
| Impulse Dynamics PLC, Series F-3<sup>(a),\*,@</sup>  | 13695990 | **780671** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $2,694,010) |  | **2758152** |
| **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) |  | **—** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SPECIAL PURPOSE VEHICLE—0.3%** | **SPECIAL PURPOSE VEHICLE—0.3%** | **SPECIAL PURPOSE VEHICLE—0.3%** |
| **DATA PROCESSING & OUTSOURCED SERVICES—0.3%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.3%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.3%** |
| Crosslink Ventures C, LLC, Cl. A<sup>(b),\*,@</sup>  |  | **$** 387391 |
| Crosslink Ventures C, LLC, Cl. B<sup>(b),\*,@</sup>  |  | 232395 |
|  |  | **619786** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLE** <br>(Cost $1,475,000) |  | **619786** |
| **SHORT-TERM SECURITIES—7.7%** | **SHORT-TERM SECURITIES—7.7%** | **SHORT-TERM SECURITIES—7.7%** |
| **MONEY MARKET FUNDS—2.9%** | **MONEY MARKET FUNDS—2.9%** | **MONEY MARKET FUNDS—2.9%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.95%<sup>(c)</sup>  | 6678398 | **6678398** |
| (Cost $6,678,398) |  | **6678398** |
| **U.S. TREASURY OBLIGATIONS—4.8%** | **U.S. TREASURY OBLIGATIONS—4.8%** | **U.S. TREASURY OBLIGATIONS—4.8%** |
| United States Treasury Bill, 0.00%, 11/25/25 | 11000000 | **10971180** |
| (Cost $10,971,180) |  | **10971180** |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM SECURITIES** <br>(Cost $17,649,578) |  | **17649578** |

---

&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—0.4%** | **PURCHASED PUT OPTIONS—0.4%** | **PURCHASED PUT OPTIONS—0.4%** | **PURCHASED PUT OPTIONS—0.4%** | **PURCHASED PUT OPTIONS—0.4%** |
| **EXCHANGE-TRADED OPTIONS PURCHASED—0.4%** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.4%** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.4%** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.4%** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.4%** |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, <br> 12/19/2025, $590<br>| 25477335 | BNP Paribas | 405 | 278640 |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, <br> 12/19/2025, $610<br>| 8681166 | BNP Paribas | 138 | 152766 |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, 12/19/2025, <br> $6,600<br>| 22572660 | BNP Paribas | 33 | 247500 |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, 12/19/2025, <br> $6,700<br>| 7524220 | BNP Paribas | 11 | 106040 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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—0.4% (CONT.)** | **Purchased Put Options—0.4% (CONT.)** | **Purchased Put Options—0.4% (CONT.)** | **Purchased Put Options—0.4% (CONT.)** | **Purchased Put Options—0.4% (CONT.)** |
| **EXCHANGE-TRADED OPTIONS PURCHASED—0.4% (CONT.)** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.4% (CONT.)** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.4% (CONT.)** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.4% (CONT.)** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.4% (CONT.)** |
| &nbsp;&nbsp;&nbsp; Trump Media & Technology <br> Group Corp., 1/15/2027, <br> $30<br>| $183900 | Bank of America | 120 | **$** 168000 |
|  |  |  |  | **952946** |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED PUT OPTIONS** <br>(Cost $1,487,953) | &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED PUT OPTIONS** <br>(Cost $1,487,953) | &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED PUT OPTIONS** <br>(Cost $1,487,953) |  | **952946** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $168,191,908)** | &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $168,191,908)** | &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $168,191,908)** | 91.9% | **$210039901** |
| Affiliated Securities (Cost $1,475,000) | Affiliated Securities (Cost $1,475,000) | Affiliated Securities (Cost $1,475,000) |  | 619786 |
| Unaffiliated Securities (Cost $166,716,908) | Unaffiliated Securities (Cost $166,716,908) | Unaffiliated Securities (Cost $166,716,908) |  | 209420115 |
| Securities Sold Short (Proceeds $83,135,894) | Securities Sold Short (Proceeds $83,135,894) | Securities Sold Short (Proceeds $83,135,894) | (35.3)% | (80640241) |
| Other Assets in Excess of Liabilities | Other Assets in Excess of Liabilities | Other Assets in Excess of Liabilities | 43.4% | 99241301 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | 100.0% | **$228640961** |

---

&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) | Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note <br> 12 - Affiliated Securities.<br>|
| (c) | Rate shown reflects 7-day effective yield as of October 31, 2025. |
| \* | Non-income producing security. |
| + | All or a portion of this security is held as collateral for securities sold short and derivatives. |
| @ | 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>10/31/2025<br>|
| Crosslink Ventures C, LLC, Cl. A | 10/2/20 | $925000 | $387391 | 0.2% |
| Crosslink Ventures C, LLC, Cl. B | 12/2/20 | 550000 | 232395 | 0.1% |
| Impulse Dynamics PLC, Series A | 2/11/22 | 3485265 | 125469 | 0.0% |
| Impulse Dynamics PLC, Series F-3 | 6/2/23 | 716529 | 780671 | 0.3% |
| SB Technology, Inc., Series E | 10/23/24 | 1977481 | 1977481 | 0.9% |
| Tolero CDR | 2/6/17 | 67639 |  | 0.0% |
| Total |  | $7721914 | $3503407 | 1.5% |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

**Over the counter - Contracts for difference outstanding as of October 31, 2025:**

&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>|
| (20689) | Goldman <br> Sachs & Co.<br>| Goldman Sachs <br> U.S. Momentum <br> Short Basket<br>| $(236773)<br>| $— | $(236773)<br>| $(236773)<br>|
| (5949) | BNP Paribas | SES AI Corp. | (5500)<br>|  | (5500)<br>| (5500)<br>|
| **Total** |  |  | **$**(242273**)**<br>| **$**— | **$**(242273**)**<br>| **$**(242273**)**<br>|

---

See Notes to Financial Statements.

------

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

**Schedule of Investments - Securities Sold Short October 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(35.2)%** |  |  |
| **ADVERTISING—(0.5)%** |  |  |
| The Interpublic Group of Cos., Inc. | (47208) | **$(1211357)** |
| **AGRICULTURAL & FARM MACHINERY—(0.2)%** |  |  |
| Toro Co. | (5536) | **(413705)** |
| **APPAREL ACCESSORIES & LUXURY GOODS—(0.2)%** |  |  |
| adidas AG | (3028) | **(572541)** |
| **APPAREL RETAIL—(0.2)%** |  |  |
| Urban Outfitters, Inc.<sup>\*</sup> <br>| (8322) | **(537684)** |
| **APPLICATION SOFTWARE—(6.2)%** |  |  |
| Aurora Innovation, Inc., Cl. A<sup>\*</sup> <br>| (132827) | (696014) |
| Blackbaud, Inc.<sup>\*</sup> <br>| (12869) | (824131) |
| Dynatrace Inc<sup>\*</sup> <br>| (40983) | (2072510) |
| Fair Isaac Corp.<sup>\*</sup> <br>| (542) | (899465) |
| Intuit, Inc. | (1064) | (710273) |
| Klaviyo, Inc., Cl. A<sup>\*</sup> <br>| (28838) | (749788) |
| Procore Technologies, Inc.<sup>\*</sup> <br>| (6825) | (503822) |
| Salesforce, Inc. | (9979) | (2598631) |
| Samsara, Inc., Cl. A<sup>\*</sup> <br>| (39883) | (1602100) |
| SoundHound AI, Inc., Cl. A<sup>\*</sup> <br>| (6005) | (105808) |
| Tyler Technologies, Inc.<sup>\*</sup> <br>| (3371) | (1605472) |
| Workday, Inc., Cl. A<sup>\*</sup> <br>| (8622) | (2068590) |
|  |  | **(14436604)** |
| **AUTOMOBILE MANUFACTURERS—(1.1)%** |  |  |
| Fisker, Inc.<sup>(a),\*</sup> <br>| (55316) |  |
| Ford Motor Co. | (121265) | (1592209) |
| Lucid Group, Inc.<sup>\*</sup> <br>| (5132) | (91093) |
| Rivian Automotive, Inc. , Cl. A<sup>\*</sup> <br>| (76751) | (1041511) |
|  |  | **(2724813)** |
| **AUTOMOTIVE PARTS & EQUIPMENT—(0.1)%** |  |  |
| QuantumScape Corp., Cl. A<sup>\*</sup> <br>| (8498) | **(156703)** |
| **BIOTECHNOLOGY—(1.0)%** |  |  |
| Exact Sciences Corp.<sup>\*</sup> <br>| (19050) | (1232345) |
| Soleno Therapeutics, Inc.<sup>\*</sup> <br>| (16254) | (1091619) |
|  |  | **(2323964)** |
| **BROADLINE RETAIL—(0.2)%** |  |  |
| Etsy, Inc.<sup>\*</sup> <br>| (7177) | **(444974)** |
| **CASINOS & GAMING—(0.3)%** |  |  |
| MGM Resorts International<sup>\*</sup> <br>| (23982) | **(768143)** |
| **COMMODITY CHEMICALS—(0.1)%** |  |  |
| PureCycle Technologies, Inc.<sup>\*</sup> <br>| (26663) | **(308758)** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments - Securities Sold Short October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(35.2)% (CONT.)** |  |  |
| **CONSTRUCTION & ENGINEERING—(0.1)%** |  |  |
| Ameresco, Inc., Cl.A<sup>\*</sup> <br>| (3988) | **$(157606)** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION** <br> **EQUIPMENT—(0.4)%** |  |  |
| Westinghouse Air Brake Technologies Corp. | (4312) | **(881545)** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—(0.8)%** |  |  |
| Target Corp. | (20208) | **(1873686)** |
| **DATA CENTER—0.0%** |  |  |
| Fermi, Inc.<sup>\*</sup> <br>| (3603) | **(94435)** |
| **EDUCATION SERVICES—(0.2)%** |  |  |
| Duolingo, Inc.<sup>\*</sup> <br>| (1630) | **(441143)** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—(0.9)%** |  |  |
| Generac Holdings, Inc.<sup>\*</sup> <br>| (11674) | **(1961466)** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.0%** |  |  |
| SmartRent, Inc.<sup>\*</sup> <br>| (11841) | **(16459)** |
| **FERTILIZERS & AGRICULTURAL CHEMICALS—(0.6)%** |  |  |
| CF Industries Holdings, Inc. | (17186) | **(1431422)** |
| **FOOD RETAIL—(0.6)%** |  |  |
| Maplebear, Inc.<sup>\*</sup> <br>| (37137) | **(1368870)** |
| **FOOTWEAR—(0.4)%** |  |  |
| NIKE, Inc., Cl.B | (14013) | **(905100)** |
| **HEALTHCARE EQUIPMENT—(0.6)%** |  |  |
| ResMed, Inc. | (5532) | **(1365740)** |
| **HEALTHCARE FACILITIES—(0.8)%** |  |  |
| Universal Health Services, Inc., Cl. B | (4347) | (943343) |
| US Physical Therapy, Inc. | (10034) | (865633) |
|  |  | **(1808976)** |
| **HEALTHCARE SERVICES—(0.4)%** |  |  |
| 23andMe Holding Co., Cl. A<sup>\*</sup> <br>| (3023) | (10429) |
| DaVita, Inc.<sup>\*</sup> <br>| (3315) | (394551) |
| DocGo, Inc.<sup>\*</sup> <br>| (4671) | (5091) |
| Quest Diagnostics, Inc. | (2349) | (413307) |
|  |  | **(823378)** |
| **HEALTHCARE TECHNOLOGY—0.0%** |  |  |
| Simulations Plus, Inc.<sup>\*</sup> <br>| (3173) | **(54512)** |
| **HOME IMPROVEMENT RETAIL—(0.4)%** |  |  |
| Floor & Decor Holdings, Inc., Cl.A<sup>\*</sup> <br>| (13086) | **(817613)** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments - Securities Sold Short October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(35.2)% (CONT.)** |  |  |
| **HOUSEHOLD PRODUCTS—(0.2)%** |  |  |
| Church & Dwight Co., Inc. | (6572) | **$(576299)** |
| **HUMAN RESOURCE & EMPLOYMENT SERVICES—(1.4)%** |  |  |
| Paychex, Inc. | (12813) | (1499505) |
| Paycom Software, Inc. | (8045) | (1505139) |
|  |  | **(3004644)** |
| **HYPERMARKETS & SUPER CENTERS—(1.2)%** |  |  |
| Costco Wholesale Corp. | (2907) | **(2649585)** |
| **INDUSTRIAL MACHINERY & SUPPLIES &** <br> **COMPONENTS—(1.6)%** |  |  |
| Desktop Metal Inc., Cl. A<sup>(a),\*</sup> <br>| (737) |  |
| Kadant, Inc. | (10470) | (2896630) |
| Symbotic, Inc.<sup>\*</sup> <br>| (8428) | (682247) |
| Velo3D, Inc.<sup>\*</sup> <br>| (751) | (4168) |
|  |  | **(3583045)** |
| **INTERACTIVE MEDIA & SERVICES—(0.3)%** |  |  |
| Reddit, Inc., Cl. A<sup>\*</sup> <br>| (1983) | (414348) |
| Rumble, Inc.<sup>\*</sup> <br>| (45875) | (314703) |
| Trump Media & Technology Group Corp.<sup>\*</sup> <br>| (2738) | (41960) |
|  |  | **(771011)** |
| **IT CONSULTING & OTHER SERVICES—(4.3)%** |  |  |
| Accenture PLC, Cl. A | (12338) | (3085734) |
| Capgemini SE | (13238) | (2036606) |
| Grid Dynamics Holdings, Inc.<sup>\*</sup> <br>| (17559) | (164001) |
| Infosys, Ltd. ADR | (90672) | (1502435) |
| International Business Machines Corp. | (9735) | (2992636) |
|  |  | **(9781412)** |
| **LIFE SCIENCES TOOLS & SERVICES—(0.6)%** |  |  |
| Illumina, Inc.<sup>\*</sup> <br>| (7218) | (891712) |
| Medpace Holdings, Inc.<sup>\*</sup> <br>| (707) | (413531) |
|  |  | **(1305243)** |
| **MANAGED HEALTHCARE—(0.9)%** |  |  |
| Elevance Health, Inc. | (6374) | **(2021833)** |
| **MOVIES & ENTERTAINMENT—(0.9)%** |  |  |
| The Walt Disney Co. | (17908) | **(2016799)** |
| **OTHER SPECIALTY RETAIL—(0.3)%** |  |  |
| Tractor Supply Co. | (12423) | **(672209)** |
| **PACKAGED FOODS & MEATS—(0.3)%** |  |  |
| Vital Farms, Inc.<sup>\*</sup> <br>| (19731) | **(648163)** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments - Securities Sold Short October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(35.2)% (CONT.)** |  |  |
| **PROPERTY & CASUALTY INSURANCE—(0.2)%** |  |  |
| Lemonade, Inc.<sup>\*</sup> <br>| (7755) | **$(465920)** |
| **REAL ESTATE OPERATING COMPANIES—(0.1)%** |  |  |
| Seritage Growth Properties, Cl.A<sup>\*</sup> <br>| (31596) | **(128280)** |
| **REAL ESTATE SERVICES—0.0%** |  |  |
| Opendoor Technologies, Inc.<sup>\*</sup> <br>| (1450) | **(11267)** |
| **REGIONAL BANKS—(0.5)%** |  |  |
| Atlantic Union Bankshares Corp. | (11093) | (360744) |
| Bank OZK | (2663) | (119808) |
| Eagle Bancorp, Inc. | (26273) | (440073) |
| Primis Financial Corp. | (18675) | (203277) |
|  |  | **(1123902)** |
| **RESTAURANTS—(2.2)%** |  |  |
| Cava Group, Inc.<sup>\*</sup> <br>| (35449) | (1904675) |
| Starbucks Corp. | (18729) | (1514614) |
| Texas Roadhouse, Inc. | (5258) | (860104) |
| Yum! Brands, Inc. | (5734) | (792496) |
|  |  | **(5071889)** |
| **SEMICONDUCTORS—(0.6)%** |  |  |
| indie Semiconductor, Inc., Cl. A<sup>\*</sup> <br>| (83236) | (447810) |
| Power Integrations, Inc. | (19541) | (818573) |
|  |  | **(1266383)** |
| **SYSTEMS SOFTWARE—(0.8)%** |  |  |
| Fortinet, Inc.<sup>\*</sup> <br>| (10126) | (875190) |
| Zscaler, Inc.<sup>\*</sup> <br>| (2478) | (820565) |
|  |  | **(1695755)** |
| **TECHNOLOGY HARDWARE STORAGE &** <br> **PERIPHERALS—(0.4)%** |  |  |
| NetApp, Inc. | (7900) | **(930462)** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—(1.2)%** |  |  |
| Block, Inc.<sup>\*</sup> <br>| (11565) | (878246) |
| PayPal Holdings, Inc.<sup>\*</sup> <br>| (12495) | (865529) |
| Toast, Inc., Cl. A<sup>\*</sup> <br>| (24809) | (896597) |
|  |  | **(2640372)** |
| **WIRELESS TELECOMMUNICATION SERVICES—(0.9)%** |  |  |
| T-Mobile US, Inc. | (9501) | **(1995685)** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Proceeds $82,703,434)<br>|  | **$(80261355)** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments - Securities Sold Short October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **REAL ESTATE INVESTMENT TRUST—(0.1)%** |  |  |
| **OFFICE REITS—(0.1)%** |  |  |
| Easterly Government Properties, Inc. | (12496) | **$**(270164) |
| Empire State Realty Trust, Inc. | (6857) | (50673) |
| Paramount Group, Inc.<sup>\*</sup> <br>| (8876) | (58049) |
|  |  | **(378886)** |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUST** <br>(Proceeds $432,460)<br>|  | **$(378886)** |
| &nbsp;&nbsp;&nbsp; **Total Securities Sold Short** <br>(Proceeds $83,135,894)<br>|  | **$(80640241)** |

---

&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 approved by the Board of Trustees. <br> \* Non-income producing security.

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—100.4%** | **COMMON STOCKS—100.4%** | **COMMON STOCKS—100.4%** |
| **ARGENTINA—1.5%** | **ARGENTINA—1.5%** | **ARGENTINA—1.5%** |
| **AIRPORT SERVICES—1.5%** | **AIRPORT SERVICES—1.5%** | **AIRPORT SERVICES—1.5%** |
| Corp. America Airports SA \* | 13616 | **$301731** |
| (Cost $300,116) |  |  |
| **BRAZIL—8.9%** | **BRAZIL—8.9%** | **BRAZIL—8.9%** |
| **AEROSPACE & DEFENSE—2.1%** | **AEROSPACE & DEFENSE—2.1%** | **AEROSPACE & DEFENSE—2.1%** |
| Embraer SA ADR | 6184 | 398744 |
| **BROADLINE RETAIL—3.0%** | **BROADLINE RETAIL—3.0%** | **BROADLINE RETAIL—3.0%** |
| MercadoLibre, Inc. \* | 251 | 584142 |
| **DIVERSIFIED BANKS—2.7%** | **DIVERSIFIED BANKS—2.7%** | **DIVERSIFIED BANKS—2.7%** |
| NU Holdings, Ltd., Cl. A \* | 32198 | 518710 |
| **ENVIRONMENTAL & FACILITIES SERVICES—1.1%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.1%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.1%** |
| Orizon Valorizacao de Residuos SA \* | 21669 | 223378 |
| &nbsp;&nbsp;&nbsp; **TOTAL BRAZIL** <br>(Cost $1,040,004) |  | **1724974** |
| **CHINA—19.7%** | **CHINA—19.7%** | **CHINA—19.7%** |
| **BIOTECHNOLOGY—2.0%** | **BIOTECHNOLOGY—2.0%** | **BIOTECHNOLOGY—2.0%** |
| BeOne Medicines, Ltd., Cl. H \* | 16464 | 395833 |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—1.7%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—1.7%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—1.7%** |
| Weichai Power Co., Ltd., Cl. H | 154138 | 318495 |
| **INTERACTIVE MEDIA & SERVICES—8.7%** | **INTERACTIVE MEDIA & SERVICES—8.7%** | **INTERACTIVE MEDIA & SERVICES—8.7%** |
| Tencent Holdings, Ltd. | 20805 | 1689944 |
| **PHARMACEUTICALS—1.3%** | **PHARMACEUTICALS—1.3%** | **PHARMACEUTICALS—1.3%** |
| Jiangsu Hengrui Pharmaceuticals Co., Ltd., Cl. H \* | 25395 | 246122 |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—3.2%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—3.2%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—3.2%** |
| NAURA Technology Group Co., Ltd., Cl. A | 10962 | 627186 |
| **SEMICONDUCTORS—0.9%** | **SEMICONDUCTORS—0.9%** | **SEMICONDUCTORS—0.9%** |
| Cambricon Technologies Corp., Ltd., Cl. A \* | 922 | 178199 |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.9%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.9%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.9%** |
| Xiaomi Corp., Cl. B \* | 65814 | 365130 |
| &nbsp;&nbsp;&nbsp; **TOTAL CHINA** <br>(Cost $2,989,861) |  | **3820909** |
| **GREECE—5.2%** | **GREECE—5.2%** | **GREECE—5.2%** |
| **CASINOS & GAMING—1.8%** | **CASINOS & GAMING—1.8%** | **CASINOS & GAMING—1.8%** |
| OPAP SA | 16409 | 339243 |
| **DIVERSIFIED BANKS—2.5%** | **DIVERSIFIED BANKS—2.5%** | **DIVERSIFIED BANKS—2.5%** |
| National Bank of Greece SA | 33278 | 489138 |
| **INDUSTRIAL CONGLOMERATES—0.9%** | **INDUSTRIAL CONGLOMERATES—0.9%** | **INDUSTRIAL CONGLOMERATES—0.9%** |
| Metlen Energy & Metals PLC \* | 3413 | 173096 |
| &nbsp;&nbsp;&nbsp; **TOTAL GREECE** <br>(Cost $712,847) |  | **1001477** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—100.4% (CONT.)** | **COMMON STOCKS—100.4% (CONT.)** | **COMMON STOCKS—100.4% (CONT.)** |
| **HUNGARY—2.5%** | **HUNGARY—2.5%** | **HUNGARY—2.5%** |
| **DIVERSIFIED BANKS—2.5%** | **DIVERSIFIED BANKS—2.5%** | **DIVERSIFIED BANKS—2.5%** |
| OTP Bank Nyrt | 5015 | **$478709** |
| (Cost $431,911) |  |  |
| **INDIA—13.2%** | **INDIA—13.2%** | **INDIA—13.2%** |
| **AEROSPACE & DEFENSE—3.0%** | **AEROSPACE & DEFENSE—3.0%** | **AEROSPACE & DEFENSE—3.0%** |
| Bharat Electronics, Ltd. | 120728 | 578917 |
| **CONSUMER FINANCE—1.9%** | **CONSUMER FINANCE—1.9%** | **CONSUMER FINANCE—1.9%** |
| Bajaj Finance, Ltd. | 31670 | 371952 |
| **DIVERSIFIED BANKS—2.3%** | **DIVERSIFIED BANKS—2.3%** | **DIVERSIFIED BANKS—2.3%** |
| ICICI Bank, Ltd. ADR | 14604 | 442501 |
| **HEALTHCARE FACILITIES—2.0%** | **HEALTHCARE FACILITIES—2.0%** | **HEALTHCARE FACILITIES—2.0%** |
| Max Healthcare Institute, Ltd. | 30410 | 393197 |
| **MOTORCYCLE MANUFACTURERS—2.1%** | **MOTORCYCLE MANUFACTURERS—2.1%** | **MOTORCYCLE MANUFACTURERS—2.1%** |
| TVS Motor Co., Ltd. | 10384 | 410114 |
| **REAL ESTATE DEVELOPMENT—1.9%** | **REAL ESTATE DEVELOPMENT—1.9%** | **REAL ESTATE DEVELOPMENT—1.9%** |
| Godrej Properties, Ltd. \* | 13997 | 360396 |
| &nbsp;&nbsp;&nbsp; **TOTAL INDIA** <br>(Cost $1,929,215) |  | **2557077** |
| **INDONESIA—1.9%** | **INDONESIA—1.9%** | **INDONESIA—1.9%** |
| **DIVERSIFIED BANKS—1.9%** | **DIVERSIFIED BANKS—1.9%** | **DIVERSIFIED BANKS—1.9%** |
| PT Bank Central Asia Tbk | 736002 | **376827** |
| (Cost $450,916) |  |  |
| **MEXICO—3.8%** | **MEXICO—3.8%** | **MEXICO—3.8%** |
| **CONSUMER FINANCE—2.1%** | **CONSUMER FINANCE—2.1%** | **CONSUMER FINANCE—2.1%** |
| Gentera SAB de CV | 171019 | 405674 |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.7%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.7%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.7%** |
| Arca Continental SAB de CV | 35135 | 339993 |
| &nbsp;&nbsp;&nbsp; **TOTAL MEXICO** <br>(Cost $812,225) |  | **745667** |
| **PERU—2.0%** | **PERU—2.0%** | **PERU—2.0%** |
| **DIVERSIFIED BANKS—2.0%** | **DIVERSIFIED BANKS—2.0%** | **DIVERSIFIED BANKS—2.0%** |
| Credicorp Ltd. | 1504 | **392544** |
| (Cost $393,184) |  |  |
| **PHILIPPINES—2.2%** | **PHILIPPINES—2.2%** | **PHILIPPINES—2.2%** |
| **MARINE PORTS & SERVICES—2.2%** | **MARINE PORTS & SERVICES—2.2%** | **MARINE PORTS & SERVICES—2.2%** |
| International Container Terminal Services, Inc. | 48285 | **435501** |
| (Cost $216,030) |  |  |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—100.4% (CONT.)** | **COMMON STOCKS—100.4% (CONT.)** | **COMMON STOCKS—100.4% (CONT.)** |
| **SAUDI ARABIA—1.2%** | **SAUDI ARABIA—1.2%** | **SAUDI ARABIA—1.2%** |
| **IT CONSULTING & OTHER SERVICES—1.2%** | **IT CONSULTING & OTHER SERVICES—1.2%** | **IT CONSULTING & OTHER SERVICES—1.2%** |
| Elm Co. | 941 | **$238053** |
| (Cost $284,070) |  |  |
| **SINGAPORE—3.5%** | **SINGAPORE—3.5%** | **SINGAPORE—3.5%** |
| **BROADLINE RETAIL—1.8%** | **BROADLINE RETAIL—1.8%** | **BROADLINE RETAIL—1.8%** |
| Sea Ltd. , Cl. A ADR\* | 2245 | 350781 |
| **HOTELS RESORTS & CRUISE LINES—1.7%** | **HOTELS RESORTS & CRUISE LINES—1.7%** | **HOTELS RESORTS & CRUISE LINES—1.7%** |
| Trip.com Group Ltd. ADR | 4700 | 332055 |
| &nbsp;&nbsp;&nbsp; **TOTAL SINGAPORE** <br>(Cost $535,986) |  | **682836** |
| **SOUTH AFRICA—1.4%** | **SOUTH AFRICA—1.4%** | **SOUTH AFRICA—1.4%** |
| **FOOD RETAIL—1.4%** | **FOOD RETAIL—1.4%** | **FOOD RETAIL—1.4%** |
| Shoprite Holdings, Ltd. | 15993 | **267510** |
| (Cost $260,643) |  |  |
| **SOUTH KOREA—11.4%** | **SOUTH KOREA—11.4%** | **SOUTH KOREA—11.4%** |
| **HEAVY ELECTRICAL EQUIPMENT—2.6%** | **HEAVY ELECTRICAL EQUIPMENT—2.6%** | **HEAVY ELECTRICAL EQUIPMENT—2.6%** |
| HD Hyundai Electric Co., Ltd. | 837 | 508516 |
| **INVESTMENT BANKING & BROKERAGE—1.5%** | **INVESTMENT BANKING & BROKERAGE—1.5%** | **INVESTMENT BANKING & BROKERAGE—1.5%** |
| Samsung Securities Co., Ltd. | 5397 | 292095 |
| **LIFE SCIENCES TOOLS & SERVICES—1.1%** | **LIFE SCIENCES TOOLS & SERVICES—1.1%** | **LIFE SCIENCES TOOLS & SERVICES—1.1%** |
| Samsung Biologics Co., Ltd. \* | 249 | 212881 |
| **SEMICONDUCTORS—6.2%** | **SEMICONDUCTORS—6.2%** | **SEMICONDUCTORS—6.2%** |
| SK hynix, Inc. | 3099 | 1205801 |
| &nbsp;&nbsp;&nbsp; **TOTAL SOUTH KOREA** <br>(Cost $1,334,021) |  | **2219293** |
| **TAIWAN—14.3%** | **TAIWAN—14.3%** | **TAIWAN—14.3%** |
| **SEMICONDUCTORS—14.3%** | **SEMICONDUCTORS—14.3%** | **SEMICONDUCTORS—14.3%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 49770 | 2406862 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1238 | 371932 |
| &nbsp;&nbsp;&nbsp; **TOTAL TAIWAN** <br>(Cost $1,004,338) |  | **2778794** |
| **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 | **406903** |
| (Cost $228,884) |  |  |
| **UNITED KINGDOM—1.0%** | **UNITED KINGDOM—1.0%** | **UNITED KINGDOM—1.0%** |
| **INTERACTIVE MEDIA & SERVICES—1.0%** | **INTERACTIVE MEDIA & SERVICES—1.0%** | **INTERACTIVE MEDIA & SERVICES—1.0%** |
| Baltic Classifieds Group PLC | 49214 | **190725** |
| (Cost $211,043) |  |  |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—100.4% (CONT.)** | **COMMON STOCKS—100.4% (CONT.)** | **COMMON STOCKS—100.4% (CONT.)** |
| **UNITED STATES—4.6%** | **UNITED STATES—4.6%** | **UNITED STATES—4.6%** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—2.5%** | **CONSUMER STAPLES MERCHANDISE RETAIL—2.5%** | **CONSUMER STAPLES MERCHANDISE RETAIL—2.5%** |
| PriceSmart, Inc. | 4148 | $476771 |
| **EDUCATION SERVICES—2.1%** | **EDUCATION SERVICES—2.1%** | **EDUCATION SERVICES—2.1%** |
| Laureate Education, Inc. \* | 14362 | 416929 |
| &nbsp;&nbsp;&nbsp; **TOTAL UNITED STATES** <br>(Cost $713,540) |  | **893700** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $13,848,834) |  | **19513230** |
| **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 | 4679 |
| (Cost $0) |  | 4679 |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $13,848,834)** | 100.4% | **$19517909** |
| Unaffiliated Securities (Cost $13,848,834) |  | 19517909 |
| Liabilities in Excess of Other Assets | (0.4)% | (82616) |
| **NET ASSETS** | 100.0% | **$19435293** |

---

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

ADR American Depositary Receipts

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

\* Non-income producing security.

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—94.8%** | **COMMON STOCKS—94.8%** | **COMMON STOCKS—94.8%** |
| **APPLICATION SOFTWARE—7.6%** | **APPLICATION SOFTWARE—7.6%** | **APPLICATION SOFTWARE—7.6%** |
| Adobe, Inc.<sup>\*</sup>  | 3921 | **$** 1334356 |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 7785 | 4961614 |
| Autodesk, Inc.<sup>\*</sup>  | 2105 | 634321 |
| Intuit, Inc. | 757 | 505335 |
| Salesforce, Inc. | 3137 | 816906 |
|  |  | **8252532** |
| **AUTOMOBILE MANUFACTURERS—2.2%** | **AUTOMOBILE MANUFACTURERS—2.2%** | **AUTOMOBILE MANUFACTURERS—2.2%** |
| Tesla, Inc.<sup>\*</sup>  | 5192 | **2370460** |
| **BIOTECHNOLOGY—1.6%** | **BIOTECHNOLOGY—1.6%** | **BIOTECHNOLOGY—1.6%** |
| AbbVie, Inc. | 2597 | 566250 |
| BioNTech SE ADR<sup>\*</sup>  | 1407 | 146201 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup>  | 2424 | 1031582 |
|  |  | **1744033** |
| **BROADLINE RETAIL—8.5%** | **BROADLINE RETAIL—8.5%** | **BROADLINE RETAIL—8.5%** |
| Amazon.com, Inc.<sup>\*</sup>  | 32573 | 7954978 |
| MercadoLibre, Inc.<sup>\*</sup>  | 530 | 1233448 |
|  |  | **9188426** |
| **DIVERSIFIED SUPPORT SERVICES—0.4%** | **DIVERSIFIED SUPPORT SERVICES—0.4%** | **DIVERSIFIED SUPPORT SERVICES—0.4%** |
| Cintas Corp. | 2418 | **443147** |
| **ELECTRIC UTILITIES—1.4%** | **ELECTRIC UTILITIES—1.4%** | **ELECTRIC UTILITIES—1.4%** |
| Constellation Energy Corp. | 2754 | 1038258 |
| NextEra Energy, Inc. | 6003 | 488644 |
|  |  | **1526902** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—3.2%** | **ELECTRICAL COMPONENTS & EQUIPMENT—3.2%** | **ELECTRICAL COMPONENTS & EQUIPMENT—3.2%** |
| Eaton Corp. PLC | 1531 | 584168 |
| NEXTracker, Inc., Cl. A<sup>\*</sup>  | 5997 | 607016 |
| Vertiv Holdings Co., Cl. A | 11811 | 2277870 |
|  |  | **3469054** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.0%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.0%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.0%** |
| Itron, Inc.<sup>\*</sup>  | 6774 | 679635 |
| Trimble, Inc.<sup>\*</sup>  | 4998 | 398591 |
|  |  | **1078226** |
| **ELECTRONIC MANUFACTURING SERVICES—1.8%** | **ELECTRONIC MANUFACTURING SERVICES—1.8%** | **ELECTRONIC MANUFACTURING SERVICES—1.8%** |
| Flex, Ltd.<sup>\*</sup>  | 30759 | **1923053** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.8%** |
| Tetra Tech, Inc. | 12192 | 389900 |
| Veralto Corp. | 5192 | 512347 |
|  |  | **902247** |
| **FINANCIAL EXCHANGES & DATA—1.2%** | **FINANCIAL EXCHANGES & DATA—1.2%** | **FINANCIAL EXCHANGES & DATA—1.2%** |
| S&P Global, Inc. | 2728 | **1329109** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—94.8% (CONT.)** | **COMMON STOCKS—94.8% (CONT.)** | **COMMON STOCKS—94.8% (CONT.)** |
| **HEALTHCARE EQUIPMENT—0.5%** | **HEALTHCARE EQUIPMENT—0.5%** | **HEALTHCARE EQUIPMENT—0.5%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 1042 | **$556720** |
| **HEAVY ELECTRICAL EQUIPMENT—0.9%** | **HEAVY ELECTRICAL EQUIPMENT—0.9%** | **HEAVY ELECTRICAL EQUIPMENT—0.9%** |
| GE Vernova, Inc. | 1667 | **975428** |
| **HOME IMPROVEMENT RETAIL—1.2%** | **HOME IMPROVEMENT RETAIL—1.2%** | **HOME IMPROVEMENT RETAIL—1.2%** |
| The Home Depot, Inc. | 3499 | **1328185** |
| **HOUSEHOLD PRODUCTS—0.7%** | **HOUSEHOLD PRODUCTS—0.7%** | **HOUSEHOLD PRODUCTS—0.7%** |
| The Procter & Gamble Co. | 4791 | **720423** |
| **INDUSTRIAL GASES—0.2%** | **INDUSTRIAL GASES—0.2%** | **INDUSTRIAL GASES—0.2%** |
| Air Products & Chemicals, Inc. | 950 | **230460** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.5%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.5%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.5%** |
| Xylem, Inc. | 3430 | **517415** |
| **INTERACTIVE HOME ENTERTAINMENT—0.4%** | **INTERACTIVE HOME ENTERTAINMENT—0.4%** | **INTERACTIVE HOME ENTERTAINMENT—0.4%** |
| Take-Two Interactive Software, Inc.<sup>\*</sup>  | 1703 | **436598** |
| **INTERACTIVE MEDIA & SERVICES—6.9%** | **INTERACTIVE MEDIA & SERVICES—6.9%** | **INTERACTIVE MEDIA & SERVICES—6.9%** |
| Alphabet, Inc., Cl. A | 15133 | 4255248 |
| Alphabet, Inc., Cl. C | 8270 | 2330651 |
| Pinterest, Inc., Cl. A<sup>\*</sup>  | 27087 | 896580 |
|  |  | **7482479** |
| **INVESTMENT BANKING & BROKERAGE—1.3%** | **INVESTMENT BANKING & BROKERAGE—1.3%** | **INVESTMENT BANKING & BROKERAGE—1.3%** |
| Morgan Stanley | 8707 | **1427948** |
| **IT CONSULTING & OTHER SERVICES—0.4%** | **IT CONSULTING & OTHER SERVICES—0.4%** | **IT CONSULTING & OTHER SERVICES—0.4%** |
| Accenture PLC, Cl. A | 1581 | **395408** |
| **LIFE SCIENCES TOOLS & SERVICES—0.5%** | **LIFE SCIENCES TOOLS & SERVICES—0.5%** | **LIFE SCIENCES TOOLS & SERVICES—0.5%** |
| Agilent Technologies, Inc. | 3816 | **558510** |
| **MOVIES & ENTERTAINMENT—3.4%** | **MOVIES & ENTERTAINMENT—3.4%** | **MOVIES & ENTERTAINMENT—3.4%** |
| Netflix, Inc.<sup>\*</sup>  | 2150 | 2405549 |
| Spotify Technology SA<sup>\*</sup>  | 1927 | 1262802 |
|  |  | **3668351** |
| **PHARMACEUTICALS—0.9%** | **PHARMACEUTICALS—0.9%** | **PHARMACEUTICALS—0.9%** |
| Merck & Co., Inc. | 5862 | 504015 |
| Zoetis, Inc. | 3189 | 459503 |
|  |  | **963518** |
| **RAIL TRANSPORTATION—0.4%** | **RAIL TRANSPORTATION—0.4%** | **RAIL TRANSPORTATION—0.4%** |
| Union Pacific Corp. | 1785 | **393360** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—3.8%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—3.8%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—3.8%** |
| ASML Holding NV ADR | 1358 | 1438434 |
| Lam Research Corp. | 16927 | 2665326 |
|  |  | **4103760** |
| **SEMICONDUCTORS—19.0%** | **SEMICONDUCTORS—19.0%** | **SEMICONDUCTORS—19.0%** |
| Broadcom, Inc. | 3866 | 1428989 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—94.8% (CONT.)** | **COMMON STOCKS—94.8% (CONT.)** | **COMMON STOCKS—94.8% (CONT.)** |
| **SEMICONDUCTORS—19.0% (CONT.)** | **SEMICONDUCTORS—19.0% (CONT.)** | **SEMICONDUCTORS—19.0% (CONT.)** |
| First Solar, Inc.<sup>\*</sup>  | 2214 | **$** 591005 |
| NVIDIA Corp. | 80269 | 16253670 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 7602 | 2283869 |
|  |  | **20557533** |
| **SPECIALTY CHEMICALS—0.4%** | **SPECIALTY CHEMICALS—0.4%** | **SPECIALTY CHEMICALS—0.4%** |
| Ecolab, Inc. | 1645 | **421778** |
| **SYSTEMS SOFTWARE—12.8%** | **SYSTEMS SOFTWARE—12.8%** | **SYSTEMS SOFTWARE—12.8%** |
| Microsoft Corp. | 25353 | 13128037 |
| Oracle Corp. | 2667 | 700381 |
|  |  | **13828418** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.2%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.2%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.2%** |
| Apple, Inc. | 25563 | 6911468 |
| Western Digital Corp. | 5537 | 831713 |
|  |  | **7743181** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—3.7%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—3.7%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—3.7%** |
| Visa, Inc., Cl. A | 11635 | **3964510** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $22,815,983) |  | **102501172** |
| **PREFERRED STOCKS—0.4%** | **PREFERRED STOCKS—0.4%** | **PREFERRED STOCKS—0.4%** |
| **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** |
| Databricks, Inc., Series K<sup>(a),\*,@</sup>  | 2612 | **391800** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $391,800) |  | **391800** |
| **REAL ESTATE INVESTMENT TRUST—1.2%** | **REAL ESTATE INVESTMENT TRUST—1.2%** | **REAL ESTATE INVESTMENT TRUST—1.2%** |
| **DATA CENTER—0.6%** | **DATA CENTER—0.6%** | **DATA CENTER—0.6%** |
| Equinix, Inc. | 810 | **685268** |
| **INDUSTRIAL—0.6%** | **INDUSTRIAL—0.6%** | **INDUSTRIAL—0.6%** |
| Prologis, Inc. | 5206 | **646012** |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUST** <br>(Cost $779,907) |  | **1331280** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SHORT-TERM SECURITIES—4.0%** | **SHORT-TERM SECURITIES—4.0%** | **SHORT-TERM SECURITIES—4.0%** |
| **MONEY MARKET FUNDS—4.0%** | **MONEY MARKET FUNDS—4.0%** | **MONEY MARKET FUNDS—4.0%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.95%<sup>(b)</sup>  | 4317544 | **$4317544** |
| (Cost $4,317,544) |  | **4317544** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $28,305,234)** | 100.4% | **$108541796** |
| Unaffiliated Securities (Cost $28,305,234) |  | 108541796 |
| Liabilities in Excess of Other Assets | (0.4)% | (396824) |
| **NET ASSETS** | 100.0% | **$108144972** |

---

&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 October 31, 2025. |
| \* | 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>10/31/2025<br>|
| Databricks, Inc., Series K | 9/8/25 | $391800 | $391800 | 0.4% |
| Total |  | $391800 | $391800 | 0.4% |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Statements of Assets and Liabilities October 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Spectra Fund** | &nbsp;&nbsp; **Alger Dynamic** <br>**Opportunities Fund**<br>|
| **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in unaffiliated securities, at value (Identified <br> cost below)\* see accompanying schedules of <br> investments<br>| $5003589661 | &nbsp;&nbsp; $209420115 |
| Investments in affiliated securities, at value (Identified <br> cost below)\*\* see accompanying schedules of <br> investments<br>| 5011295 | &nbsp;&nbsp; 619786 |
| Cash | 81 | &nbsp;&nbsp; — |
| Cash collateral held for short sales and derivatives | 110112120 | &nbsp;&nbsp; 89600827 |
| Receivable for investment securities sold | 86590670 | &nbsp;&nbsp; 19338665 |
| Receivable for shares of beneficial interest sold | 1798311 | &nbsp;&nbsp; 18034 |
| Dividends and interest receivable | 183900 | &nbsp;&nbsp; 154877 |
| Receivable from Investment Manager | 354109 | &nbsp;&nbsp; — |
| Prepaid expenses | 172 | &nbsp;&nbsp; 224 |
| Total Assets | 5207640319 | &nbsp;&nbsp; 319152528 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities purchased | 45421932 | &nbsp;&nbsp; 2603954 |
| Payable for shares of beneficial interest redeemed | 5629926 | &nbsp;&nbsp; 284507 |
| Securities sold short, at value‡ | 433704043 | &nbsp;&nbsp; 80640241 |
| Unrealized loss on OTC contracts for difference |  | &nbsp;&nbsp; 242273 |
| Due to broker | 146375654 | &nbsp;&nbsp; — |
| Bank overdraft |  | &nbsp;&nbsp; 6353326 |
| Accrued investment advisory fees | 3051161 | &nbsp;&nbsp; 232407 |
| Accrued distribution fees — Note 3  | 538182 | &nbsp;&nbsp; 14198 |
| Accrued shareholder administrative fees | 48024 | &nbsp;&nbsp; 2176 |
| Accrued administrative fees | 103935 | &nbsp;&nbsp; 5326 |
| Accrued transfer agent fees | 348066 | &nbsp;&nbsp; 11454 |
| Accrued professional fees | 265221 | &nbsp;&nbsp; 43255 |
| Dividends payable | 245809 | &nbsp;&nbsp; 48175 |
| Accrued fund accounting fees | 148389 | &nbsp;&nbsp; 6769 |
| Accrued printing fees | 102970 | &nbsp;&nbsp; 13468 |
| Accrued custodian fees | 28822 | &nbsp;&nbsp; 6815 |
| Accrued trustee fees | 21064 | &nbsp;&nbsp; 1096 |
| Accrued other expenses | 79604 | &nbsp;&nbsp; 2127 |
| Total Liabilities | 636112802 | &nbsp;&nbsp; 90511567 |
| **NET ASSETS** | **$4571527517** | &nbsp;&nbsp; **$228640961** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 1242793862 | &nbsp;&nbsp; 207645641 |
| Distributable earnings | 3328733655 | &nbsp;&nbsp; 20995320 |
| **NET ASSETS** | **$4571527517** | &nbsp;&nbsp; **$228640961** |
| \* Identified cost | $1880985609 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $166716908 <br><sup>(b)</sup><br>|
| \*\* Identified cost | $11925000 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $1475000 <br><sup>(b)</sup><br>|
| ‡ Proceeds received on short sales | $438812870 | &nbsp;&nbsp; $83135894 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Statements of Assets and Liabilities October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Spectra Fund** | &nbsp;&nbsp; **Alger Dynamic**<br> **Opportunities Fund**<br>|
| **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** |
| Class A | $1718315269 | &nbsp;&nbsp; $35355935 |
| Class C | $184864017 | &nbsp;&nbsp; $7804283 |
| Class I | $139485492 | &nbsp;&nbsp; $— |
| Class Y | $42248214 | &nbsp;&nbsp; $— |
| Class Z | $2486614525 | &nbsp;&nbsp; $185480743 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** |
| Class A | 44672830 | &nbsp;&nbsp; 1569048 |
| Class C | 6188353 | &nbsp;&nbsp; 397415 |
| Class I | 3555478 | &nbsp;&nbsp; — |
| Class Y | 1011062 | &nbsp;&nbsp; — |
| Class Z | 59792157 | &nbsp;&nbsp; 7834575 |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class A | $38.46 | &nbsp;&nbsp; $22.53 |
| Class A - Offering Price Per Share (includes a 5.25% <br> sales charge)<br>| $40.59 | &nbsp;&nbsp; $23.78 |
| Class C | $29.87 | &nbsp;&nbsp; $19.64 |
| Class I | $39.23 | &nbsp;&nbsp; $— |
| Class Y | $41.79 | &nbsp;&nbsp; $— |
| Class Z | $41.59 | &nbsp;&nbsp; $23.67 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 October 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
 $1,951,022,208, amounted to $3,062,536,227, which consisted of aggregate gross unrealized appreciation of $3,164,655,134,
 and aggregate gross unrealized depreciation of $102,118,907.

&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 October 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
 $173,551,175, amounted to $38,932,345, which consisted of aggregate gross unrealized appreciation of $50,909,193,
 and aggregate gross unrealized depreciation of $11,976,848.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Statements of Assets and Liabilities October 31, 2025 (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Emerging** <br>**Markets Fund**<br>| &nbsp;&nbsp; **Alger Responsible** <br>**Investing Fund**<br>|
| **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in unaffiliated securities, at value (Identified <br> cost below)\* see accompanying schedules of <br> investments<br>| $19517909 | &nbsp;&nbsp; $108541796 |
| Cash |  | &nbsp;&nbsp; 6 |
| Receivable for investment securities sold | 472427 | &nbsp;&nbsp; — |
| Receivable for shares of beneficial interest sold | 30157 | &nbsp;&nbsp; 15282 |
| Dividends and interest receivable | 1411 | &nbsp;&nbsp; 38387 |
| Prepaid expenses | 22 | &nbsp;&nbsp; 108 |
| Total Assets | 20021926 | &nbsp;&nbsp; 108595579 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities purchased | 131696 | &nbsp;&nbsp; — |
| Payable for shares of beneficial interest redeemed | 891 | &nbsp;&nbsp; 304214 |
| Bank overdraft | 308675 | &nbsp;&nbsp; — |
| Accrued investment advisory fees | 28280 | &nbsp;&nbsp; 64682 |
| Accrued distribution fees — Note 3  | 1611 | &nbsp;&nbsp; 14553 |
| Accrued shareholder administrative fees | 194 | &nbsp;&nbsp; 1206 |
| Accrued administrative fees | 447 | &nbsp;&nbsp; 2426 |
| Accrued transfer agent fees | 1975 | &nbsp;&nbsp; 14281 |
| Accrued professional fees | 30659 | &nbsp;&nbsp; 31595 |
| Accrued fund accounting fees | 13315 | &nbsp;&nbsp; 11660 |
| Accrued printing fees | 2556 | &nbsp;&nbsp; 3191 |
| Accrued custodian fees | 3015 | &nbsp;&nbsp; 1055 |
| Accrued trustee fees | 91 | &nbsp;&nbsp; 475 |
| Foreign capital gain tax payable | 62540 | &nbsp;&nbsp; — |
| Accrued other expenses | 688 | &nbsp;&nbsp; 1269 |
| Total Liabilities | 586633 | &nbsp;&nbsp; 450607 |
| **NET ASSETS** | **$19435293** | &nbsp;&nbsp; **$108144972** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 25935339 | &nbsp;&nbsp; 20348756 |
| Distributable earnings (Distributions in excess of <br> earnings)<br>| (6500046)<br>| &nbsp;&nbsp; 87796216 |
| **NET ASSETS** | **$19435293** | &nbsp;&nbsp; **$108144972** |
| \* Identified cost | $13848834 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $28305234 <br><sup>(d)</sup><br>|

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Statements of Assets and Liabilities October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Emerging**<br> **Markets Fund**<br>| &nbsp;&nbsp; **Alger Responsible**<br> **Investing Fund**<br>|
| **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** |
| Class A | $5365218 | &nbsp;&nbsp; $59698045 |
| Class C | $551520 | &nbsp;&nbsp; $1479274 |
| Class I | $281500 | &nbsp;&nbsp; $5985625 |
| Class Z | $13237055 | &nbsp;&nbsp; $40982028 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** |
| Class A | 408424 | &nbsp;&nbsp; 2636960 |
| Class C | 45628 | &nbsp;&nbsp; 80607 |
| Class I | 21543 | &nbsp;&nbsp; 265160 |
| Class Z | 981506 | &nbsp;&nbsp; 1737360 |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class A | $13.14 | &nbsp;&nbsp; $22.64 |
| Class A - Offering Price Per Share (includes a 5.25% <br> sales charge)<br>| $13.87 | &nbsp;&nbsp; $23.89 |
| Class C | $12.09 | &nbsp;&nbsp; $18.35 |
| Class I | $13.07 | &nbsp;&nbsp; $22.57 |
| Class Z | $13.49 | &nbsp;&nbsp; $23.59 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) At
 October 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
 $13,924,957, amounted to $5,544,121, which consisted of aggregate gross unrealized appreciation of $6,053,423, and
 aggregate gross unrealized depreciation of $509,302.

&nbsp;&nbsp;&nbsp;&nbsp;(d) At
 October 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
 $28,315,233, amounted to $80,225,296, which consisted of aggregate gross unrealized appreciation of $80,414,084,
 and aggregate gross unrealized depreciation of $188,788.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Statements of Operations for the year ended October 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Spectra Fund** | &nbsp;&nbsp; **Alger Dynamic** <br>**Opportunities Fund**<br>|
| **INCOME:** | **INCOME:** | **INCOME:** |
| Dividends (net of foreign withholding taxes\*) | $10427145 | &nbsp;&nbsp; $611680 |
| Interest | 65382 | &nbsp;&nbsp; 1293852 |
| Borrowing income on short sales |  | &nbsp;&nbsp; 2185634 |
| Total Income | 10492527 | &nbsp;&nbsp; 4091166 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 31352077 | &nbsp;&nbsp; 2509108 |
| Distribution fees — Note 3  |  |  |
| Class A | 3549586 | &nbsp;&nbsp; 88354 |
| Class C | 1685944 | &nbsp;&nbsp; 78908 |
| Class I | 304795 | &nbsp;&nbsp; — |
| Shareholder administrative fees — Note 3  | 482269 | &nbsp;&nbsp; 23719 |
| Administration fees — Note 3  | 1042307 | &nbsp;&nbsp; 57500 |
| Borrowing fees on short sales — Note 2  | 6885119 | &nbsp;&nbsp; — |
| Dividends on securities sold short — Note 2  | 4075338 | &nbsp;&nbsp; 693045 |
| Transfer agent fees — Note 3  | 1361429 | &nbsp;&nbsp; 51435 |
| Professional fees | 585473 | &nbsp;&nbsp; 62155 |
| Fund accounting fees — Note 3  | 464814 | &nbsp;&nbsp; 31722 |
| Registration fees | 297910 | &nbsp;&nbsp; 52415 |
| Trustee fees — Note 3  | 256155 | &nbsp;&nbsp; 14328 |
| Printing fees | 200674 | &nbsp;&nbsp; 26451 |
| Custodian fees | 109417 | &nbsp;&nbsp; 20620 |
| Interest expense — Note 3  | 4481 | &nbsp;&nbsp; 6605 |
| Other expenses | 367114 | &nbsp;&nbsp; 14401 |
| Total Expenses | 53024902 | &nbsp;&nbsp; 3730766 |
| Less, expense reimbursements/waivers — Note 3  | (983608)<br>| &nbsp;&nbsp; — |
| Net Expenses | 52041294 | &nbsp;&nbsp; 3730766 |
| **NET INVESTMENT INCOME (LOSS)** | **(41548767)**<br>| &nbsp;&nbsp; **360400** |
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized gain on unaffiliated investments | 371938564 | &nbsp;&nbsp; 41018687 |
| Net realized gain on affiliated investments | 1552381 | &nbsp;&nbsp; — |
| Net realized gain on in-kind transactions | 122428088 | &nbsp;&nbsp; — |
| Net realized (loss) on foreign currency transactions | (66479)<br>| &nbsp;&nbsp; (21522)<br>|
| Net realized (loss) on short sales | (33650150)<br>| &nbsp;&nbsp; (10609181)<br>|
| Net realized (loss) on OTC contracts for difference |  | &nbsp;&nbsp; (1954017)<br>|
| Net realized gain on written options | 100264 | &nbsp;&nbsp; 309263 |
| Net realized gain on investments and foreign currency | 462302668 | &nbsp;&nbsp; 28743230 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Statements of Operations for the year ended October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Spectra Fund** | &nbsp;&nbsp; **Alger Dynamic**<br> **Opportunities Fund**<br>|
| Net change in unrealized appreciation on unaffiliated <br> investments<br>| $1143003850 | &nbsp;&nbsp; $6526803 |
| Net change in unrealized (depreciation) on affiliated <br> investments<br>| (5350576)<br>| &nbsp;&nbsp; (661871)<br>|
| Net change in unrealized appreciation on foreign <br> currency<br>| 3308 | &nbsp;&nbsp; 2625 |
| Net change in unrealized appreciation (depreciation) on <br> short sales<br>| 8237886 | &nbsp;&nbsp; (4570032)<br>|
| Net change in unrealized (depreciation) on OTC <br> contracts for difference<br>|  | &nbsp;&nbsp; (822421)<br>|
| Net change in unrealized appreciation on investments <br> and foreign currency<br>| 1145894468 | &nbsp;&nbsp; 475104 |
| Net realized and unrealized gain on investments and foreign <br> currency<br>| 1608197136 | &nbsp;&nbsp; 29218334 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| **$1566648369** | &nbsp;&nbsp; **$29578734** |
| \* Foreign withholding taxes | $437902 | &nbsp;&nbsp; $12113 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Statements of Operations for the year ended October 31, 2025 (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Emerging** <br>**Markets Fund**<br>| &nbsp;&nbsp; **Alger Responsible** <br>**Investing Fund**<br>|
| **INCOME:** | **INCOME:** | **INCOME:** |
| Dividends (net of foreign withholding taxes\*) | $240873 | &nbsp;&nbsp; $551806 |
| Interest | 12525 | &nbsp;&nbsp; 20627 |
| Total Income | 253398 | &nbsp;&nbsp; 572433 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 131772 | &nbsp;&nbsp; 655672 |
| Distribution fees — Note 3  |  |  |
| Class A | 11363 | &nbsp;&nbsp; 123893 |
| Class C | 5312 | &nbsp;&nbsp; 14940 |
| Class I | 682 | &nbsp;&nbsp; 12963 |
| Shareholder administrative fees — Note 3  | 2087 | &nbsp;&nbsp; 12553 |
| Administration fees — Note 3  | 4832 | &nbsp;&nbsp; 25396 |
| Transfer agent fees — Note 3  | 7778 | &nbsp;&nbsp; 50853 |
| Professional fees | 36217 | &nbsp;&nbsp; 45188 |
| Fund accounting fees — Note 3  | 34800 | &nbsp;&nbsp; 33446 |
| Registration fees | 54934 | &nbsp;&nbsp; 46544 |
| Trustee fees — Note 3  | 1192 | &nbsp;&nbsp; 6268 |
| Printing fees | 7073 | &nbsp;&nbsp; 7448 |
| Custodian fees | 13947 | &nbsp;&nbsp; 3554 |
| Interest expense — Note 3  | 148 | &nbsp;&nbsp; 3935 |
| Other expenses | 10566 | &nbsp;&nbsp; 10428 |
| Total Expenses | 322703 | &nbsp;&nbsp; 1053081 |
| Less, expense reimbursements/waivers — Note 3  | (114949)<br>| &nbsp;&nbsp; (82915)<br>|
| Net Expenses | 207754 | &nbsp;&nbsp; 970166 |
| **NET INVESTMENT INCOME (LOSS)** | **45644** | &nbsp;&nbsp; **(397733)**<br>|
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized gain on unaffiliated investments | 817277 | &nbsp;&nbsp; 8807276 |
| Net realized gain on in-kind transactions |  | &nbsp;&nbsp; 3060473 |
| Net realized (loss) on foreign currency transactions | (20697)<br>| &nbsp;&nbsp; — |
| Net realized gain on investments and foreign currency | 796580 | &nbsp;&nbsp; 11867749 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Statements of Operations for the year ended October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Emerging**<br> **Markets Fund**<br>| &nbsp;&nbsp; **Alger Responsible**<br> **Investing Fund**<br>|
| Net change in unrealized appreciation on unaffiliated <br> investments<br>| $2308875 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $12987033 |
| Net change in unrealized (depreciation) on foreign <br> currency<br>| (109)<br>| &nbsp;&nbsp; — |
| Net change in unrealized appreciation on investments <br> and foreign currency<br>| 2308766 | &nbsp;&nbsp; 12987033 |
| Net realized and unrealized gain on investments and foreign <br> currency<br>| 3105346 | &nbsp;&nbsp; 24854782 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| **$3150990** | &nbsp;&nbsp; **$24457049** |
| \* Foreign withholding taxes | $27674 | &nbsp;&nbsp; $5604 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes
 net change in unrealized depreciation of net foreign capital gains taxes of $39,783.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Statements of Changes in Net Assets** 

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Spectra Fund** | **Alger Spectra Fund** |
|  | For the <br>Year Ended <br>October 31, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2024<br>|
| Net investment (loss) | $(41548767)<br>| &nbsp;&nbsp; $(25128561)<br>|
| Net realized gain on investments and foreign currency | 462302668 | &nbsp;&nbsp; 326799755 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 1145894468 | &nbsp;&nbsp; 1084868877 |
| Net increase in net assets resulting from operations | 1566648369 | &nbsp;&nbsp; 1386540071 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A | (85464142)<br>| &nbsp;&nbsp; — |
| Class C | (13611000)<br>| &nbsp;&nbsp; — |
| Class I | (8081615)<br>| &nbsp;&nbsp; — |
| Class Y | (1260346)<br>| &nbsp;&nbsp; — |
| Class Z | (114308799)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions to shareholders | (222725902)<br>| &nbsp;&nbsp; — |
| Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: |
| Class A | (60551831)<br>| &nbsp;&nbsp; (135492604)<br>|
| Class C | (35733120)<br>| &nbsp;&nbsp; (85085682)<br>|
| Class I | (25865909)<br>| &nbsp;&nbsp; (35227656)<br>|
| Class Y | 9285835 | &nbsp;&nbsp; (40361702)<br>|
| Class Z | (118291764)<br>| &nbsp;&nbsp; (325849376)<br>|
| Net decrease from shares of beneficial interest <br> transactions — Note 7 <br>| (231156789)<br>| &nbsp;&nbsp; (622017020)<br>|
| Total increase | 1112765678 | &nbsp;&nbsp; 764523051 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 3458761839 | &nbsp;&nbsp; 2694238788 |
| **END OF PERIOD** | **$4571527517** | &nbsp;&nbsp; **$3458761839** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Statements of Changes in Net Assets (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** |
|  | For the <br>Year Ended <br>October 31, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2024<br>|
| Net investment income | $360400 | &nbsp;&nbsp; $446757 |
| Net realized gain on investments and foreign currency | 28743230 | &nbsp;&nbsp; 37308512 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 475104 | &nbsp;&nbsp; 22750155 |
| Net increase in net assets resulting from operations | 29578734 | &nbsp;&nbsp; 60505424 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A |  | &nbsp;&nbsp; — |
| Class C |  | &nbsp;&nbsp; — |
| Class Z |  | &nbsp;&nbsp; — |
| Total dividends and distributions to shareholders |  | &nbsp;&nbsp; — |
| Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: |
| Class A | (5031730)<br>| &nbsp;&nbsp; (11924315)<br>|
| Class C | (965554)<br>| &nbsp;&nbsp; (3399967)<br>|
| Class Z | 4302301 | &nbsp;&nbsp; (99190171)<br>|
| Net decrease from shares of beneficial interest <br> transactions — Note 7 <br>| (1694983)<br>| &nbsp;&nbsp; (114514453)<br>|
| Total increase (decrease) | 27883751 | &nbsp;&nbsp; (54009029)<br>|
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 200757210 | &nbsp;&nbsp; 254766239 |
| **END OF PERIOD** | **$228640961** | &nbsp;&nbsp; **$200757210** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Statements of Changes in Net Assets (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Emerging Markets Fund** | **Alger Emerging Markets Fund** |
|  | For the <br>Year Ended <br>October 31, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2024<br>|
| Net investment income | $45644 | &nbsp;&nbsp; $166565 |
| Net realized gain on investments and foreign currency | 796580 | &nbsp;&nbsp; 1702982 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 2308766 | &nbsp;&nbsp; 2558870 |
| Net increase in net assets resulting from operations | 3150990 | &nbsp;&nbsp; 4428417 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A | (18784)<br>| &nbsp;&nbsp; — |
| Class C |  | &nbsp;&nbsp; — |
| Class I | (886)<br>| &nbsp;&nbsp; — |
| Class Z | (78641)<br>| &nbsp;&nbsp; (25975)<br>|
| Total dividends and distributions to shareholders | (98311)<br>| &nbsp;&nbsp; (25975)<br>|
| Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: |
| Class A | 252088 | &nbsp;&nbsp; 378847 |
| Class C | (111424)<br>| &nbsp;&nbsp; (774955)<br>|
| Class I | (86197)<br>| &nbsp;&nbsp; (853436)<br>|
| Class Z | (2524742)<br>| &nbsp;&nbsp; (3719484)<br>|
| Net decrease from shares of beneficial interest <br> transactions — Note 7 <br>| (2470275)<br>| &nbsp;&nbsp; (4969028)<br>|
| Total increase (decrease) | 582404 | &nbsp;&nbsp; (566586)<br>|
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 18852889 | &nbsp;&nbsp; 19419475 |
| **END OF PERIOD** | **$19435293** | &nbsp;&nbsp; **$18852889** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Statements of Changes in Net Assets (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Responsible Investing Fund** | **Alger Responsible Investing Fund** |
|  | For the <br>Year Ended <br>October 31, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2024<br>|
| Net investment (loss) | $(397733)<br>| &nbsp;&nbsp; $(274539)<br>|
| Net realized gain on investments and foreign currency | 11867749 | &nbsp;&nbsp; 4300688 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 12987033 | &nbsp;&nbsp; 24377437 |
| Net increase in net assets resulting from operations | 24457049 | &nbsp;&nbsp; 28403586 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A | (2159537)<br>| &nbsp;&nbsp; (1279377)<br>|
| Class C | (86378)<br>| &nbsp;&nbsp; (68558)<br>|
| Class I | (232716)<br>| &nbsp;&nbsp; (137615)<br>|
| Class Z | (1533008)<br>| &nbsp;&nbsp; (951113)<br>|
| Total dividends and distributions to shareholders | (4011639)<br>| &nbsp;&nbsp; (2436663)<br>|
| Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: |
| Class A | (716135)<br>| &nbsp;&nbsp; (4200273)<br>|
| Class C | (462280)<br>| &nbsp;&nbsp; (745673)<br>|
| Class I | (275489)<br>| &nbsp;&nbsp; (750991)<br>|
| Class Z | (5921599)<br>| &nbsp;&nbsp; 170988 |
| Net decrease from shares of beneficial interest <br> transactions — Note 7 <br>| (7375503)<br>| &nbsp;&nbsp; (5525949)<br>|
| Total increase | 13069907 | &nbsp;&nbsp; 20440974 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 95075065 | &nbsp;&nbsp; 74634091 |
| **END OF PERIOD** | **$108144972** | &nbsp;&nbsp; **$95075065** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Spectra Fund** | Class A | Class A | Class A | Class A | Class A |
|  | Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $27.48 | $17.67 | $15.83 | $35.36 | $28.24 |
| INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  |
| Net investment (loss)<sup>(a)</sup> <br>| (0.38) | (0.22) | (0.14) | (0.17) | (0.31) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 13.21 | 10.03 | 2.37 | (10.93) | 10.14 |
| Total from investment operations | 12.83 | 9.81 | 2.23 | (11.10) | 9.83 |
| Distributions from net realized gains | (1.85) |  | (0.39) | (8.43) | (2.71) |
| Net asset value, end of period | $38.46 | $27.48 | $17.67 | $15.83 | $35.36 |
| Total return<sup>(b)</sup> <br>| 48.79<br> %<br>| 55.61<br> %<br>| 14.56<br> %<br>| (39.87)<br> %<br>| 36.80<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $1718315 | $1283587 | $923332 | $957092 | $1985099 |
| Ratio of net expenses to average net assets | 1.53 %<sup>(c)</sup><br>| 1.52 %<sup>(d)</sup><br>| 1.50 %<sup>(e)</sup><br>| 1.51 %<sup>(f)</sup><br>| 1.39 %<sup>(g)</sup><br>|
| Ratio of net investment loss to average net assets | (1.26)<br> %<br>| (0.92)<br> %<br>| (0.83)<br> %<br>| (0.82)<br> %<br>| (0.98)<br> %<br>|
| Portfolio turnover rate | 51.13<br> %<br>| 49.26<br> %<br>| 59.63<br> %<br>| 216.84<br> %<br>| 108.48<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes
 0.29% related to dividend expense on short positions and interest expense for the period ended 10/31/25.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 0.27% related to dividend expense on short positions and interest expense for the period ended 10/31/24.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes
 0.22% related to dividend expense on short positions and interest expense for the period ended 10/31/23.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes
 0.34% related to dividend expense on short positions and interest expense for the period ended 10/31/22.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes
 0.30% related to dividend expense on short positions and interest expense for the period ended 10/31/21.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Spectra Fund** | Class C | Class C | Class C | Class C | Class C |
|  | Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $21.86 | $14.15 | $12.86 | $30.60 | $24.94 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(a)</sup> <br>| (0.48) | (0.31) | (0.22) | (0.27) | (0.47) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 10.34 | 8.02 | 1.90 | (9.04) | 8.84 |
| Total from investment operations | 9.86 | 7.71 | 1.68 | (9.31) | 8.37 |
| Distributions from net realized gains | (1.85) |  | (0.39) | (8.43) | (2.71) |
| Net asset value, end of period | $29.87 | $21.86 | $14.15 | $12.86 | $30.60 |
| Total return<sup>(b)</sup> <br>| 47.62<br> %<br>| 54.49<br> %<br>| 13.61<br> %<br>| (40.30)<br> %<br>| 35.79<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $184864 | $168020 | $175043 | $243462 | $656004 |
| Ratio of net expenses to average net assets | 2.30 %<sup>(c)</sup><br>| 2.25 %<sup>(d)</sup><br>| 2.29 %<sup>(e)</sup><br>| 2.27 %<sup>(f)</sup><br>| 2.16 %<sup>(g)</sup><br>|
| Ratio of net investment loss to average net assets | (2.02)<br> %<br>| (1.63)<br> %<br>| (1.60)<br> %<br>| (1.59)<br> %<br>| (1.73)<br> %<br>|
| Portfolio turnover rate | 51.13<br> %<br>| 49.26<br> %<br>| 59.63<br> %<br>| 216.84<br> %<br>| 108.48<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes
 0.29% related to dividend expense on short positions and interest expense for the period ended 10/31/25.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 0.27% related to dividend expense on short positions and interest expense for the period ended 10/31/24.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes
 0.21% related to dividend expense on short positions and interest expense for the period ended 10/31/23.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes
 0.34% related to dividend expense on short positions and interest expense for the period ended 10/31/22.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes
 0.30% related to dividend expense on short positions and interest expense for the period ended 10/31/21.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Spectra Fund** | Class I | Class I | Class I | Class I | Class I |
|  | Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $27.99 | $17.99 | $16.11 | $35.83 | $28.59 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(a)</sup> <br>| (0.39) | (0.21) | (0.14) | (0.17) | (0.30) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 13.48 | 10.21 | 2.41 | (11.12) | 10.25 |
| Total from investment operations | 13.09 | 10.00 | 2.27 | (11.29) | 9.95 |
| Distributions from net realized gains | (1.85) |  | (0.39) | (8.43) | (2.71) |
| Net asset value, end of period | $39.23 | $27.99 | $17.99 | $16.11 | $35.83 |
| Total return<sup>(b)</sup> <br>| 48.79<br> %<br>| 55.59<br> %<br>| 14.55<br> %<br>| (39.84)<br> %<br>| 36.82<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $139485 | $123754 | $107308 | $156048 | $378367 |
| Ratio of net expenses to average net assets | 1.54 %<sup>(c)</sup><br>| 1.50 %<sup>(d)</sup><br>| 1.50 %<sup>(e)</sup><br>| 1.49 %<sup>(f)</sup><br>| 1.40 %<sup>(g)</sup><br>|
| Ratio of net investment loss to average net assets | (1.25)<br> %<br>| (0.89)<br> %<br>| (0.80)<br> %<br>| (0.83)<br> %<br>| (0.96)<br> %<br>|
| Portfolio turnover rate | 51.13<br> %<br>| 49.26<br> %<br>| 59.63<br> %<br>| 216.84<br> %<br>| 108.48<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes
 0.29% related to dividend expense on short positions and interest expense for the period ended 10/31/25.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 0.27% related to dividend expense on short positions and interest expense for the period ended 10/31/24.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes
 0.21% related to dividend expense on short positions and interest expense for the period ended 10/31/23.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes
 0.33% related to dividend expense on short positions and interest expense for the period ended 10/31/22.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes
 0.30% related to dividend expense on short positions and interest expense for the period ended 10/31/21.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Spectra Fund** | Class Y | Class Y | Class Y | Class Y | Class Y |
|  | Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $29.59 | $18.95 | $16.88 | $36.99 | $29.36 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(a)</sup> <br>| (0.29) | (0.11) | (0.05) | (0.09) | (0.23) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 14.34 | 10.75 | 2.51 | (11.59) | 10.57 |
| Total from investment operations | 14.05 | 10.64 | 2.46 | (11.68) | 10.34 |
| Distributions from net realized gains | (1.85) |  | (0.39) | (8.43) | (2.71) |
| Net asset value, end of period | $41.79 | $29.59 | $18.95 | $16.88 | $36.99 |
| Total return<sup>(b)</sup> <br>| 49.43<br> %<br>| 56.15<br> %<br>| 15.02<br> %<br>| (39.60)<br> %<br>| 37.21<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $42248 | $22869 | $46214 | $144286 | $252167 |
| Ratio of gross expenses to average net assets | 1.22 %<sup>(c)</sup><br>| 1.20 %<sup>(d)</sup><br>| 1.18 %<sup>(e)</sup><br>| 1.20 %<sup>(f)</sup><br>| 1.09 %<sup>(g)</sup><br>|
| Ratio of expense reimbursements to average net <br> assets<br>| (0.10)<br> %<br>| (0.07)<br> %<br>| (0.12)<br> %<br>| (0.07)<br> %<br>|  |
| Ratio of net expenses to average net assets | 1.12<br> %<br>| 1.13<br> %<br>| 1.06<br> %<br>| 1.13<br> %<br>| 1.09<br> %<br>|
| Ratio of net investment loss to average net assets | (0.85)<br> %<br>| (0.46)<br> %<br>| (0.31)<br> %<br>| (0.43)<br> %<br>| (0.70)<br> %<br>|
| Portfolio turnover rate | 51.13<br> %<br>| 49.26<br> %<br>| 59.63<br> %<br>| 216.84<br> %<br>| 108.48<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes
 0.29% related to dividend expense on short positions and interest expense for the period ended 10/31/25.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 0.27% related to dividend expense on short positions and interest expense for the period ended 10/31/24.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes
 0.21% related to dividend expense on short positions and interest expense for the period ended 10/31/23.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes
 0.34% related to dividend expense on short positions and interest expense for the period ended 10/31/22.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes
 0.31% related to dividend expense on short positions and interest expense for the period ended 10/31/21.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Spectra Fund** | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $29.48 | $18.89 | $16.84 | $36.95 | $29.32 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(a)</sup> <br>| (0.30) | (0.15) | (0.08) | (0.12) | (0.22) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 14.26 | 10.74 | 2.52 | (11.56) | 10.56 |
| Total from investment operations | 13.96 | 10.59 | 2.44 | (11.68) | 10.34 |
| Distributions from net realized gains | (1.85) |  | (0.39) | (8.43) | (2.71) |
| Net asset value, end of period | $41.59 | $29.48 | $18.89 | $16.84 | $36.95 |
| Total return<sup>(b)</sup> <br>| 49.30<br> %<br>| 56.06<br> %<br>| 14.94<br> %<br>| (39.65)<br> %<br>| 37.22<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $2486615 | $1860533 | $1442342 | $1987024 | $5723880 |
| Ratio of gross expenses to average net assets | 1.23 %<sup>(c)</sup><br>| 1.22 %<sup>(d)</sup><br>| 1.17 %<sup>(e)</sup><br>| 1.19 %<sup>(f)</sup><br>| 1.09 %<sup>(g)</sup><br>|
| Ratio of expense reimbursements to average net <br> assets<br>| (0.05)<br> %<br>| (0.03)<br> %<br>| (0.01)<br> %<br>|  |  |
| Ratio of net expenses to average net assets | 1.18<br> %<br>| 1.19<br> %<br>| 1.16<br> %<br>| 1.19<br> %<br>| 1.09<br> %<br>|
| Ratio of net investment loss to average net assets | (0.90)<br> %<br>| (0.58)<br> %<br>| (0.47)<br> %<br>| (0.53)<br> %<br>| (0.67)<br> %<br>|
| Portfolio turnover rate | 51.13<br> %<br>| 49.26<br> %<br>| 59.63<br> %<br>| 216.84<br> %<br>| 108.48<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes
 0.29% related to dividend expense on short positions and interest expense for the period ended 10/31/25.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 0.27% related to dividend expense on short positions and interest expense for the period ended 10/31/24.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes
 0.21% related to dividend expense on short positions and interest expense for the period ended 10/31/23.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes
 0.34% related to dividend expense on short positions and interest expense for the period ended 10/31/22.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes
 0.31% related to dividend expense on short positions and interest expense for the period ended 10/31/21.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Dynamic Opportunities Fund** | Class A | Class A | Class A | Class A | Class A |
|  | Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $19.61 | $15.31 | $16.19 | $22.29 | $18.32 |
| INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  |
| Net investment (loss)<sup>(a)</sup> <br>| (0.01) | — <br><sup>(b)</sup><br>| (0.11) | (0.25) | (0.36) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 2.93 | 4.30 | (0.77) | (4.77) | 5.28 |
| Total from investment operations | 2.92 | 4.30 | (0.88) | (5.02) | 4.92 |
| Distributions from net realized gains |  |  |  | (1.08) | (0.95) |
| Net asset value, end of period | $22.53 | $19.61 | $15.31 | $16.19 | $22.29 |
| Total return<sup>(c)</sup> <br>| 14.99<br> %<br>| 28.09<br> %<br>| (5.44)<br> %<br>| (23.17)<br> %<br>| 27.82<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $35356 | $35437 | $37893 | $60116 | $103684 |
| Ratio of gross expenses to average net assets | 2.00 %<sup>(d)</sup><br>| 2.07 %<sup>(e)</sup><br>| 2.05 %<sup>(f)</sup><br>| 2.77 %<sup>(g)</sup><br>| 2.52 %<sup>(h)</sup><br>|
| Ratio of expense reimbursements to average net <br> assets<br>|  |  |  | (0.77)<br> %<br>| (0.52)<br> %<br>|
| Ratio of net expenses to average net assets | 2.00<br> %<br>| 2.07<br> %<br>| 2.05<br> %<br>| 2.00<br> %<br>| 2.00<br> %<br>|
| Ratio of net investment loss to average net assets | (0.05)<br> %<br>| (0.01)<br> %<br>| (0.69)<br> %<br>| (1.45)<br> %<br>| (1.77)<br> %<br>|
| Portfolio turnover rate | 376.53<br> %<br>| 373.89<br> %<br>| 350.56<br> %<br>| 334.12<br> %<br>| 161.76<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 0.33% related to dividend expense on short positions and excludes 1.05% related to interest income on short positions
 for the period ended 10/31/25.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes
 0.32% related to dividend expense on short positions and excludes 0.70% related to interest income on short positions
 for the period ended 10/31/24.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes
 0.36% related to dividend expense on short positions and excludes 0.44% related to interest income on short positions
 for the period ended 10/31/23.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes
 1.09% related to dividend expense on short positions and interest expense for the period ended 10/31/22.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Includes
 0.89% related to dividend expense on short positions and interest expense for the period ended 10/31/21.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Dynamic Opportunities Fund** | Class C | Class C | Class C | Class C | Class C |
|  | Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $17.22 | $13.55 | $14.44 | $20.15 | $16.77 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(a)</sup> <br>| (0.15) | (0.12) | (0.21) | (0.34) | (0.47) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 2.57 | 3.79 | (0.68) | (4.29) | 4.80 |
| Total from investment operations | 2.42 | 3.67 | (0.89) | (4.63) | 4.33 |
| Distributions from net realized gains |  |  |  | (1.08) | (0.95) |
| Net asset value, end of period | $19.64 | $17.22 | $13.55 | $14.44 | $20.15 |
| Total return<sup>(b)</sup> <br>| 14.11<br> %<br>| 27.09<br> %<br>| (6.16)<br> %<br>| (23.73)<br> %<br>| 26.83<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $7804 | $7674 | $9030 | $12462 | $17998 |
| Ratio of gross expenses to average net assets | 2.78 %<sup>(c)</sup><br>| 2.83 %<sup>(d)</sup><br>| 2.82 %<sup>(e)</sup><br>| 3.53 %<sup>(f)</sup><br>| 3.27 %<sup>(g)</sup><br>|
| Ratio of expense reimbursements to average net <br> assets<br>|  |  |  | (0.78)<br> %<br>| (0.52)<br> %<br>|
| Ratio of net expenses to average net assets | 2.78<br> %<br>| 2.83<br> %<br>| 2.82<br> %<br>| 2.75<br> %<br>| 2.75<br> %<br>|
| Ratio of net investment loss to average net assets | (0.81)<br> %<br>| (0.76)<br> %<br>| (1.45)<br> %<br>| (2.20)<br> %<br>| (2.52)<br> %<br>|
| Portfolio turnover rate | 376.53<br> %<br>| 373.89<br> %<br>| 350.56<br> %<br>| 334.12<br> %<br>| 161.76<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes
 0.33% related to dividend expense on short positions and excludes 1.05% related to interest income on short positions
 for the period ended 10/31/25.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 0.32% related to dividend expense on short positions and excludes 0.70% related to interest income on short positions
 for the period ended 10/31/24.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes
 0.36% related to dividend expense on short positions and excludes 0.44% related to interest income on short positions
 for the period ended 10/31/23.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes
 1.09% related to dividend expense on short positions and interest expense for the period ended 10/31/22.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes
 0.89% related to dividend expense on short positions and interest expense for the period ended 10/31/21.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Dynamic Opportunities Fund** | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $20.54 | $15.99 | $16.85 | $23.09 | $18.91 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income (loss)<sup>(a)</sup> <br>| 0.06 | 0.05 | (0.07) | (0.22) | (0.33) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 3.07 | 4.50 | (0.79) | (4.94) | 5.46 |
| Total from investment operations | 3.13 | 4.55 | (0.86) | (5.16) | 5.13 |
| Distributions from net realized gains |  |  |  | (1.08) | (0.95) |
| Net asset value, end of period | $23.67 | $20.54 | $15.99 | $16.85 | $23.09 |
| Total return<sup>(b)</sup> <br>| 15.34<br> %<br>| 28.54<br> %<br>| (5.16)<br> %<br>| (22.97)<br> %<br>| 28.07<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $185481 | $157646 | $207844 | $403338 | $852387 |
| Ratio of gross expenses to average net assets | 1.69 %<sup>(c)</sup><br>| 1.75 %<sup>(d)</sup><br>| 1.73 %<sup>(e)</sup><br>| 2.45 %<sup>(f)</sup><br>| 2.20 %<sup>(g)</sup><br>|
| Ratio of expense reimbursements to average net <br> assets<br>|  |  |  | (0.70)<br> %<br>| (0.45)<br> %<br>|
| Ratio of net expenses to average net assets | 1.69<br> %<br>| 1.75<br> %<br>| 1.73<br> %<br>| 1.75<br> %<br>| 1.75<br> %<br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 0.27<br> %<br>| 0.28<br> %<br>| (0.39)<br> %<br>| (1.22)<br> %<br>| (1.52)<br> %<br>|
| Portfolio turnover rate | 376.53<br> %<br>| 373.89<br> %<br>| 350.56<br> %<br>| 334.12<br> %<br>| 161.76<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes
 0.33% related to dividend expense on short positions and excludes 1.05% related to interest income on short positions
 for the period ended 10/31/25.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 0.32% related to dividend expense on short positions and excludes 0.66% related to interest income on short positions
 for the period ended 10/31/24.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes
 0.36% related to dividend expense on short positions and excludes 0.42% related to interest income on short positions
 for the period ended 10/31/23.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes
 1.11% related to dividend expense on short positions and interest expense for the period ended 10/31/22.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes
 0.88% related to dividend expense on short positions and interest expense for the period ended 10/31/21.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Emerging Markets Fund** | Class A | Class A | Class A | Class A | Class A |
|  | Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $11.05 | $8.94 | $8.41 | $14.13 | $11.71 |
| INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  |
| Net investment income (loss)<sup>(a)</sup> <br>| (0.01) | 0.04 | (0.01) | (0.03) | (0.09) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 2.15 | 2.07 | 0.54 | (5.42) | 2.51 |
| Total from investment operations | 2.14 | 2.11 | 0.53 | (5.45) | 2.42 |
| Dividends from net investment income | (0.05) |  |  | — <br><sup>(b)</sup><br>|  |
| Distributions from net realized gains |  |  |  | (0.27) |  |
| Net asset value, end of period | $13.14 | $11.05 | $8.94 | $8.41 | $14.13 |
| Total return<sup>(c)</sup> <br>| 19.42<br> %<br>| 23.60<br> %<br>| 6.30<br> %<br>| (39.27)<br> %<br>| 20.67<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $5365 | $4289 | $3154 | $3375 | $6331 |
| Ratio of gross expenses to average net assets | 2.05<br> %<br>| 2.35<br> %<br>| 2.11<br> %<br>| 1.80<br> %<br>| 1.65<br> %<br>|
| Ratio of expense reimbursements to average net <br> assets<br>| (0.50)<br> %<br>| (0.77)<br> %<br>| (0.54)<br> %<br>| (0.25)<br> %<br>| (0.10)<br> %<br>|
| Ratio of net expenses to average net assets | 1.55<br> %<br>| 1.58<br> %<br>| 1.57<br> %<br>| 1.55<br> %<br>| 1.55<br> %<br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| (0.10)<br> %<br>| 0.42<br> %<br>| (0.11)<br> %<br>| (0.30)<br> %<br>| (0.60)<br> %<br>|
| Portfolio turnover rate | 52.39<br> %<br>| 111.97<br> %<br>| 109.60<br> %<br>| 112.35<br> %<br>| 83.30<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Emerging Markets Fund** | Class C | Class C | Class C | Class C | Class C |
|  | Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $10.20 | $8.32 | $7.89 | $13.36 | $11.16 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(a)</sup> <br>| (0.09) | (0.04) | (0.07) | (0.11) | (0.18) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 1.98 | 1.92 | 0.50 | (5.09) | 2.38 |
| Total from investment operations | 1.89 | 1.88 | 0.43 | (5.20) | 2.20 |
| Distributions from net realized gains |  |  |  | (0.27) |  |
| Net asset value, end of period | $12.09 | $10.20 | $8.32 | $7.89 | $13.36 |
| Total return<sup>(b)</sup> <br>| 18.53<br> %<br>| 22.60<br> %<br>| 5.45<br> %<br>| (39.68)<br> %<br>| 19.71<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $552 | $587 | $1145 | $1369 | $3016 |
| Ratio of gross expenses to average net assets | 2.85<br> %<br>| 2.98<br> %<br>| 2.90<br> %<br>| 2.57<br> %<br>| 2.45<br> %<br>|
| Ratio of expense reimbursements to average net <br> assets<br>| (0.55)<br> %<br>| (0.65)<br> %<br>| (0.58)<br> %<br>| (0.27)<br> %<br>| (0.15)<br> %<br>|
| Ratio of net expenses to average net assets | 2.30<br> %<br>| 2.33<br> %<br>| 2.32<br> %<br>| 2.30<br> %<br>| 2.30<br> %<br>|
| Ratio of net investment loss to average net assets | (0.89)<br> %<br>| (0.38)<br> %<br>| (0.86)<br> %<br>| (1.05)<br> %<br>| (1.35)<br> %<br>|
| Portfolio turnover rate | 52.39<br> %<br>| 111.97<br> %<br>| 109.60<br> %<br>| 112.35<br> %<br>| 83.30<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Emerging Markets Fund** | Class I | Class I | Class I | Class I | Class I |
|  | Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $10.97 | $8.87 | $8.33 | $14.00 | $11.59 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income (loss)<sup>(a)</sup> <br>| — <br><sup>(b)</sup><br>| 0.05 | — <br><sup>(b)</sup><br>| (0.02) | (0.07) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 2.13 | 2.05 | 0.54 | (5.37) | 2.48 |
| Total from investment operations | 2.13 | 2.10 | 0.54 | (5.39) | 2.41 |
| Dividends from net investment income | (0.03) |  |  | (0.01) |  |
| Distributions from net realized gains |  |  |  | (0.27) |  |
| Net asset value, end of period | $13.07 | $10.97 | $8.87 | $8.33 | $14.00 |
| Total return<sup>(c)</sup> <br>| 19.50<br> %<br>| 23.68<br> %<br>| 6.48<br> %<br>| (39.22)<br> %<br>| 20.79<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $282 | $322 | $1048 | $1538 | $1968 |
| Ratio of gross expenses to average net assets | 2.09<br> %<br>| 2.18<br> %<br>| 2.05<br> %<br>| 1.77<br> %<br>| 1.66<br> %<br>|
| Ratio of expense reimbursements to average net <br> assets<br>| (0.64)<br> %<br>| (0.69)<br> %<br>| (0.58)<br> %<br>| (0.32)<br> %<br>| (0.22)<br> %<br>|
| Ratio of net expenses to average net assets | 1.45<br> %<br>| 1.49<br> %<br>| 1.47<br> %<br>| 1.45<br> %<br>| 1.44<br> %<br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| (0.03)<br> %<br>| 0.47<br> %<br>| (0.01)<br> %<br>| (0.14)<br> %<br>| (0.53)<br> %<br>|
| Portfolio turnover rate | 52.39<br> %<br>| 111.97<br> %<br>| 109.60<br> %<br>| 112.35<br> %<br>| 83.30<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Emerging Markets Fund** | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $11.30 | $9.11 | $8.52 | $14.29 | $11.78 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income (loss)<sup>(a)</sup> <br>| 0.05 | 0.11 | 0.04 | 0.03 | (0.01) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 2.21 | 2.10 | 0.55 | (5.47) | 2.52 |
| Total from investment operations | 2.26 | 2.21 | 0.59 | (5.44) | 2.51 |
| Dividends from net investment income | (0.07) | (0.02) |  | (0.06) |  |
| Distributions from net realized gains |  |  |  | (0.27) |  |
| Net asset value, end of period | $13.49 | $11.30 | $9.11 | $8.52 | $14.29 |
| Total return<sup>(b)</sup> <br>| 20.12<br> %<br>| 24.23<br> %<br>| 6.92<br> %<br>| (38.93)<br> %<br>| 21.31<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $13237 | $13654 | $14072 | $20200 | $35357 |
| Ratio of gross expenses to average net assets | 1.71<br> %<br>| 1.97<br> %<br>| 1.72<br> %<br>| 1.44<br> %<br>| 1.34<br> %<br>|
| Ratio of expense reimbursements to average net <br> assets<br>| (0.72)<br> %<br>| (0.96)<br> %<br>| (0.71)<br> %<br>| (0.45)<br> %<br>| (0.35)<br> %<br>|
| Ratio of net expenses to average net assets | 0.99<br> %<br>| 1.01<br> %<br>| 1.01<br> %<br>| 0.99<br> %<br>| 0.99<br> %<br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 0.45<br> %<br>| 1.00<br> %<br>| 0.46<br> %<br>| 0.26<br> %<br>| (0.05)<br> %<br>|
| Portfolio turnover rate | 52.39<br> %<br>| 111.97<br> %<br>| 109.60<br> %<br>| 112.35<br> %<br>| 83.30<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Responsible Investing Fund** | Class A | Class A | Class A | Class A | Class A |
|  | Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $18.09 | $13.50 | $11.55 | $17.71 | $13.60 |
| INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  |
| Net investment (loss)<sup>(a)</sup> <br>| (0.09) | (0.06) | (0.04) | (0.07) | (0.08) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 5.44 | 5.09 | 2.08 | (4.71) | 5.23 |
| Total from investment operations | 5.35 | 5.03 | 2.04 | (4.78) | 5.15 |
| Distributions from net realized gains | (0.80) | (0.44) | (0.09) | (1.38) | (1.04) |
| Net asset value, end of period | $22.64 | $18.09 | $13.50 | $11.55 | $17.71 |
| Total return<sup>(b)</sup> <br>| 30.52<br> %<br>| 37.96<br> %<br>| 17.80<br> %<br>| (29.27)<br> %<br>| 39.80<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $59698 | $49113 | $39957 | $35237 | $51634 |
| Ratio of gross expenses to average net assets | 1.25<br> %<br>| 1.31<br> %<br>| 1.34<br> %<br>| 1.36<br> %<br>| 1.27<br> %<br>|
| Ratio of expense reimbursements to average net <br> assets<br>| (0.15)<br> %<br>| (0.16)<br> %<br>|  |  |  |
| Ratio of net expenses to average net assets | 1.10<br> %<br>| 1.15<br> %<br>| 1.34<br> %<br>| 1.36<br> %<br>| 1.27<br> %<br>|
| Ratio of net investment loss to average net assets | (0.49)<br> %<br>| (0.35)<br> %<br>| (0.34)<br> %<br>| (0.53)<br> %<br>| (0.52)<br> %<br>|
| Portfolio turnover rate | 8.97<br> %<br>| 9.02<br> %<br>| 7.98<br> %<br>| 14.55<br> %<br>| 11.07<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Responsible Investing Fund** | Class C | Class C | Class C | Class C | Class C |
|  | Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $14.94 | $11.31 | $9.76 | $15.30 | $11.95 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(a)</sup> <br>| (0.21) | (0.17) | (0.12) | (0.15) | (0.17) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 4.42 | 4.24 | 1.76 | (4.01) | 4.56 |
| Total from investment operations | 4.21 | 4.07 | 1.64 | (4.16) | 4.39 |
| Distributions from net realized gains | (0.80) | (0.44) | (0.09) | (1.38) | (1.04) |
| Net asset value, end of period | $18.35 | $14.94 | $11.31 | $9.76 | $15.30 |
| Total return<sup>(b)</sup> <br>| 29.27<br> %<br>| 36.79<br> %<br>| 16.96<br> %<br>| (29.87)<br> %<br>| 38.87<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $1479 | $1659 | $1868 | $2709 | $5150 |
| Ratio of net expenses to average net assets | 2.03<br> %<br>| 2.03<br> %<br>| 2.12<br> %<br>| 2.09<br> %<br>| 2.03<br> %<br>|
| Ratio of net investment loss to average net assets | (1.40)<br> %<br>| (1.22)<br> %<br>| (1.11)<br> %<br>| (1.27)<br> %<br>| (1.27)<br> %<br>|
| Portfolio turnover rate | 8.97<br> %<br>| 9.02<br> %<br>| 7.98<br> %<br>| 14.55<br> %<br>| 11.07<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Responsible Investing Fund** | Class I | Class I | Class I | Class I | Class I |
|  | Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $18.04 | $13.46 | $11.52 | $17.67 | $13.57 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(a)</sup> <br>| (0.09) | (0.06) | (0.04) | (0.07) | (0.08) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 5.42 | 5.08 | 2.07 | (4.70) | 5.22 |
| Total from investment operations | 5.33 | 5.02 | 2.03 | (4.77) | 5.14 |
| Distributions from net realized gains | (0.80) | (0.44) | (0.09) | (1.38) | (1.04) |
| Net asset value, end of period | $22.57 | $18.04 | $13.46 | $11.52 | $17.67 |
| Total return<sup>(b)</sup> <br>| 30.49<br> %<br>| 38.00<br> %<br>| 17.76<br> %<br>| (29.28)<br> %<br>| 39.82<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $5986 | $5154 | $4464 | $4538 | $6884 |
| Ratio of gross expenses to average net assets | 1.26<br> %<br>| 1.32<br> %<br>| 1.35<br> %<br>| 1.35<br> %<br>| 1.28<br> %<br>|
| Ratio of expense reimbursements to average net <br> assets<br>| (0.16)<br> %<br>| (0.17)<br> %<br>|  |  |  |
| Ratio of net expenses to average net assets | 1.10<br> %<br>| 1.15<br> %<br>| 1.35<br> %<br>| 1.35<br> %<br>| 1.28<br> %<br>|
| Ratio of net investment loss to average net assets | (0.48)<br> %<br>| (0.36)<br> %<br>| (0.35)<br> %<br>| (0.53)<br> %<br>| (0.52)<br> %<br>|
| Portfolio turnover rate | 8.97<br> %<br>| 9.02<br> %<br>| 7.98<br> %<br>| 14.55<br> %<br>| 11.07<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Responsible Investing Fund** | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $18.79 | $13.98 | $11.91 | $18.16 | $13.87 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income (loss)<sup>(a)</sup> <br>| (0.06) | (0.03) | 0.01 | (0.02) | (0.03) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 5.66 | 5.28 | 2.15 | (4.85) | 5.36 |
| Total from investment operations | 5.60 | 5.25 | 2.16 | (4.87) | 5.33 |
| Distributions from net realized gains | (0.80) | (0.44) | (0.09) | (1.38) | (1.04) |
| Net asset value, end of period | $23.59 | $18.79 | $13.98 | $11.91 | $18.16 |
| Total return<sup>(b)</sup> <br>| 30.72<br> %<br>| 38.24<br> %<br>| 18.28<br> %<br>| (29.02)<br> %<br>| 40.35<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $40982 | $39149 | $28345 | $23001 | $36053 |
| Ratio of gross expenses to average net assets | 0.93<br> %<br>| 0.99<br> %<br>| 1.01<br> %<br>| 1.02<br> %<br>| 0.96<br> %<br>|
| Ratio of expense reimbursements to average net <br> assets<br>|  | (0.03)<br> %<br>| (0.06)<br> %<br>| (0.07)<br> %<br>| (0.02)<br> %<br>|
| Ratio of net expenses to average net assets | 0.93<br> %<br>| 0.96<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>| 0.94<br> %<br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| (0.31)<br> %<br>| (0.17)<br> %<br>| 0.04<br> %<br>| (0.13)<br> %<br>| (0.20)<br> %<br>|
| Portfolio turnover rate | 8.97<br> %<br>| 9.02<br> %<br>| 7.98<br> %<br>| 14.55<br> %<br>| 11.07<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS** 

------

**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 (Continued)**

------

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 (Continued)**

------

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 9.

&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, 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 significantly differ from the

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

(b) Cash: Cash includes U.S. dollars, if applicable.

(c) Securities Transactions and Investment Income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income is recognized on the accrual basis.

Premiums and discounts on debt securities purchased are amortized or accreted over the lives of the respective securities.

(d) Foreign Currency Transactions: The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at the prevailing rates of exchange on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of such transactions.

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

(e) Forward Foreign Exchange Contracts: Certain Funds may enter into forward foreign currency contracts to hedge against foreign currency exchange rate risk on their non-U.S. dollar denominated securities or to facilitate settlement of foreign currency denominated portfolio transactions. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The contract is marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are recorded upon delivery or receipt of the currency.

These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statements of Assets and Liabilities. In addition, the Funds could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the base currency.

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

(f) Short Sales: Securities sold short represent an obligation to deliver the securities at a future date. A Fund may sell a security it does not own in anticipation of a decline in the value of that security before the delivery date. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale.

A Fund pledges securities and/or other assets, which may include cash collateral from borrowing a security, to the broker-dealer as collateral. Proceeds received from short sales may be maintained by the broker-dealer as collateral or may be released to a Fund to purchase additional securities or for any other purpose. Proceeds maintained by the lender are included in Cash collateral held for short sales on the Statements of Assets and Liabilities. The net cost or income of selling securities short includes dividends paid on securities sold short, interest expense associated with borrowing securities, and interest income earned on collateral held by the broker-dealer. The net cost or income of selling securities short is disclosed on the Statements of Operations.

(g) Contracts for difference: OTC CFDs are derivative instruments that allow a Fund to take a position on the change in the market price of an underlying asset, such as an equity security, a basket of equity securities, or the value of an index. With a short OTC CFD, a Fund is seeking to profit from falls in the market price of an asset. Changes in the fair value of OTC CFDs are recorded as unrealized gains and losses on the Statements of Assets and Liabilities. A Fund generally records a realized gain or loss on the expiration, termination or settlement of an OTC CFD.

(h) Option Contracts: When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to reflect the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

Certain Funds may also purchase put and call options. Such Funds pay a premium which is included in each Fund's accompanying Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire unexercised are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying security to determine the realized gain or loss.

(i) Dividends to Shareholders: Dividends and distributions payable to shareholders are recorded by the Funds on the ex-dividend date. Dividends from net investment income, if available, and distributions from net realized gains, offset by any loss carryforward, are declared and paid annually after the end of the fiscal year in which earned. Each share class is treated separately in determining the amount of dividends from net investment income payable to holders of its shares.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with U.S. federal income tax rules. Therefore, the source of a Fund's distributions may be shown in the accompanying financial statements as either from, or in excess of, net investment income, net realized gain on investment transactions, or return of capital, depending on the type of book/tax differences that may exist. Capital accounts within the financial statements are adjusted for permanent book/tax differences. Reclassifications result primarily from the differences in tax treatment of net operating losses, passive foreign investment companies, and foreign currency transactions. The reclassifications are done annually at year-end and have no impact on the net asset values of the Funds and are designed to present each Fund's capital accounts on a tax basis.

(j) Federal Income Taxes: It is each Fund's policy to comply with the requirements of the U.S. Internal Revenue Code Subchapter M applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Provided that the Funds maintain such compliance, no U.S. federal income tax provision is required. Each Fund is treated as a separate entity for the purpose of determining such compliance.

FASB Accounting Standards Codification 740 – Income Taxes ("ASC 740") requires the Funds to measure and recognize in their financial statements the benefit of a tax position taken (or expected to be taken) on an income tax return if such position will more likely than not be sustained upon examination based on the technical merits of the position. No tax years are currently under investigation. The Funds file income tax returns in the U.S. Federal jurisdiction, as well as the New York State and New York City jurisdictions. The statute of limitations on the Funds' tax returns remains open for the tax years 2021-2024.

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

Alger Management does not believe there are any uncertain tax positions that require recognition of a tax liability.

(k) Allocation Methods: The Trust accounts separately for the assets, liabilities and operations of each Fund. Expenses directly attributable to each Fund are charged to that Fund's operations; expenses which are applicable to all Funds are allocated among them based on net assets. Income, realized and unrealized gains and losses, and expenses of each Fund are allocated among the Fund's classes based on relative net assets, with the exception of distribution fees, transfer agency fees, and shareholder servicing and related fees.

(l) Segment Reporting: During the year ended October 31, 2025, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses and, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance. The Principal Executive Officer of the Funds acts as the Funds' CODM. Each Fund represents a single operating segment. The CODM monitors the operating results of each Fund, including each Fund's portfolio composition, total return, expense ratio, and changes in net assets. Each Fund's long-term strategic asset allocation is determined in accordance with the terms of each Fund's prospectus, based on a defined investment strategy which is executed by the Investment Manager.

(m) Estimates: These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which require using estimates and assumptions that affect the reported amounts therein. Actual results may differ from those estimates. All such estimates are of a normal recurring nature.

(n) Recent Accounting Pronouncement: In December 2023, FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Improvements to Income Tax Disclosures, to enhance income tax disclosures. The main provisions are the categorization and disclosure of income tax rates and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. At this time, Alger Management is currently evaluating the amendment's impact to the Funds' financial statements.

**NOTE 3 — Investment Advisory Fees and Other Transactions with Affiliates:**

------

(a) Investment Advisory Fees: Fees incurred by each Fund, pursuant to the provisions of the Trust's Investment Advisory Agreement with the Investment Manager, are payable monthly and computed based on the following annual

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

rates. The actual rate paid as a percentage of average daily net assets, for the year ended October 31, 2025, is set forth below under the heading "Actual Rate":

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Tier 1** | **Tier 2** | **Tier 3** | **Tier 4** | **Tier 5** | **Actual Rate** |
| Alger Spectra Fund<sup>(a),(b)</sup> <br>| 0.90<br> %<br>| 0.75<br> %<br>| 0.65<br> %<br>| 0.55<br> %<br>| 0.45<br> %<br>| 0.83<br> %<br>|
| Alger Dynamic <br> Opportunities Fund<sup>(c)</sup> <br>| 1.20 | 1.00 |  |  |  | 1.20 |
| Alger Emerging <br> Markets Fund<sup>(d)</sup> <br>| 0.75 |  |  |  |  | 0.75 |
| Alger Responsible <br> Investing Fund<sup>(c)</sup> <br>| 0.71 | 0.65 |  |  |  | 0.71 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Tier
 1 rate is paid on assets up to $2 billion, Tier 2 rate is paid on assets between $2 billion and $4 billion, Tier 3 rate is
 paid on assets between $4 billion and $6 billion, Tier 4 rate is paid on assets between $6 billion and $8 billion, and Tier
 5 rate is paid on assets in excess of $8 billion.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Alger
 Management has agreed to waive fees owed to it by, or to reimburse expenses of, the Fund in an amount corresponding
 to the total expense ratio borne by the Fund as an investor in any underlying Alger Management- sponsored
 fund. This agreement will remain in effect for the life of any investment by the Fund in any Alger Management-sponsored
 fund. For the year ended October 31, 2025, Alger Management waived $9,778 of such advisory
 fees. The "Actual Rate" shown above includes the impact of such waiver.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Tier
 1 rate is paid on assets up to $1 billion and Tier 2 rate is paid on assets in excess of $1 billion.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Tier
 1 rate is paid on all assets.

The sub-adviser to the Alger Dynamic Opportunities Fund, Weatherbie Capital, LLC ("Weatherbie"), an affiliate of Alger Management, is paid a sub-advisory fee from the advisory fee that Alger Management receives at no additional cost to the Alger Dynamic Opportunities Fund. The sub-advisory fee is equal to 70% of the net advisory fee paid by the Alger Dynamic Opportunities Fund to Alger Management with respect to the assets sub-advised by Weatherbie. For the year ended October 31, 2025, Alger Management paid a sub-advisory fee of $452,827 to Weatherbie.

The sub-adviser to the Alger Emerging Markets Fund, Redwood Investments, LLC ("Redwood"), an affiliate of Alger Management, is paid a sub-advisory fee from the advisory fee that Alger Management receives at no additional cost to the Alger Emerging Markets Fund. The sub-advisory fee is equal to 100% of the net advisory fee paid by the Alger Emerging Markets Fund to Alger Management with respect to the assets sub-advised by Redwood. For the year ended October 31, 2025, Alger Management paid a sub-advisory fee of $16,283 to Redwood.

Alger Management has contractually agreed to waive and/or reimburse other expenses and any applicable share class-specific expenses (excluding (i) for all Funds, acquired fund fees and expenses, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program ("ReFlow", see Note 6), extraordinary expenses, and certain proxy expenses, (ii) for all Funds except Alger Emerging Markets Fund, custody fees, and (iii) for Alger Emerging Markets Fund and Alger Responsible Investing Fund, dividend expense on short sales and net borrowing costs, each to the extent applicable) through October 31, 2027 to the extent necessary to limit such expenses to the rates

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

listed in the table below, based on average daily net assets. For the avoidance of doubt, this contractual agreement does not include advisory fees. On October 22, 2024, the Board approved exclusion of all costs related to the August 16, 2024 special meeting of shareholders from the expense reimbursement with Alger Management. Costs associated with this special meeting of shareholders can be found in Other expenses in the Statements of Operations.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS** | **CLASS** | **CLASS** | **CLASS** | **CLASS** | **FEES WAIVED /** <br>**REIMBURSED FOR THE** <br>**YEAR ENDED** <br>**OCTOBER 31,** <br>**2025** |
|  | A | C | I | Y | Z | **FEES WAIVED /** <br>**REIMBURSED FOR THE** <br>**YEAR ENDED** <br>**OCTOBER 31,** <br>**2025** |
| Alger Spectra Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.28<br> %<br>| 0.34<br> %<br>| &nbsp;&nbsp; $983608 |
| Alger Dynamic Opportunities Fund | 0.80 | 1.55 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.55 | &nbsp;&nbsp; 0 |
| Alger Emerging Markets Fund | 0.80 | 1.55 | 0.70 | &nbsp;&nbsp; — | 0.24 | &nbsp;&nbsp; 114949 |
| Alger Responsible Investing Fund | 0.38 | &nbsp;&nbsp; — | 0.38 | &nbsp;&nbsp; — | 0.24 | &nbsp;&nbsp; 82915 |

---

Alger Management may recoup any fees waived or expenses reimbursed pursuant to the contract; however, a Fund will only make repayments to the Investment Manager if such repayment does not cause a Fund's expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) a Fund's current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. For the year ended October 31, 2025, there were no recoupments made by any Fund.

In addition, effective April 3, 2025, Alger Management began voluntarily waiving fees owed to it by, or reimbursing expenses of, Alger Spectra Fund in an amount corresponding to the total expense ratio borne by the Alger Spectra Fund as an investor in any underlying Alger Management-sponsored fund. For the year ended October 31, 2025, Alger Management voluntarily waived $9,778 of such fees.

(b) Administration Fees: Fees incurred by each Fund, pursuant to the provisions of the Trust's Fund Administration Agreement with the Investment Manager, are payable monthly and computed based on the average daily net assets of each Fund at the annual rate of 0.0275%.

(c) Distribution/Shareholder Servicing Fees:

Class A Shares: The Trust has adopted a Plan of Distribution pursuant to which Class A shares of each Fund pays Fred Alger & Company, LLC, each Fund's distributor (the "Distributor" or "Alger LLC"), a fee at the annual rate of 0.25% of the respective average daily net assets of the Class A shares of the designated Fund to compensate Alger LLC for its activities and expenses incurred in

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

distributing and/or administering the Class A shares and/or shareholder servicing. The fees paid may be more or less than the expenses incurred by Alger LLC.

Class C Shares: The Trust has adopted a Distribution Plan pursuant to which Class C shares of each Fund pays Alger LLC a fee at the annual rate of 1% of the respective average daily net assets of the Class C shares of the designated Fund to compensate Alger LLC for its activities and expenses incurred in distributing the Class C shares and/or shareholder servicing. Fees paid may be more or less than the expenses incurred by Alger LLC.

Class I Shares: The Trust has adopted a Distribution Plan pursuant to which Class I shares of each Fund issuing such shares pays Alger LLC a fee at the annual rate of 0.25% of the average daily net assets of the Fund's Class I shares to compensate Alger LLC for its activities and expenses incurred in distributing the Class I shares and/or shareholder servicing. Fees paid may be more or less than the expenses incurred by Alger LLC.

(d) Sales Charges: Sales of shares of the Funds may be subject to contingent deferred sales charges. The contingent deferred sales charges are used by Alger LLC to offset distribution expenses previously incurred. Sales charges do not represent expenses of a Fund. For the year ended October 31, 2025, contingent deferred sales charges imposed, all of which were retained by Alger LLC, were as follows:

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

---

| | |
|:---|:---|
|  | **CONTINGENT** <br>**DEFERRED SALES** <br>**CHARGES**<br>|
| Alger Spectra Fund | $6894 |
| Alger Dynamic Opportunities Fund |  |
| Alger Emerging Markets Fund |  |
| Alger Responsible Investing Fund | 307 |

---

(e) Brokerage Commissions: During the year ended October 31, 2025, Alger Spectra Fund, Alger Dynamic Opportunities Fund, and Alger Responsible Investing Fund paid Alger LLC $423,447, $107,619, and $1,294, respectively, in connection with securities transactions. For the year ended October 31, 2025, there were no brokerage commissions paid by Alger Emerging Markets Fund to Alger LLC.

(f) Shareholder Administrative Fees: The Trust has entered into a Shareholder Administrative Services Agreement with Alger Management to compensate Alger Management for liaising with, and providing administrative oversight of, the Trust's transfer agent, and for other related services. The Funds compensate Alger Management at the annual rate of 0.0165% of their respective average

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

daily net assets for the Class A and Class C shares and 0.01% of their respective average daily net assets for the Class I, Class Y and Class Z shares for these services.

Alger Management makes payments to intermediaries that provide sub-accounting services to omnibus accounts invested in the Funds. A portion of the fees paid by Alger Management to intermediaries that provide sub-accounting services are charged back to the appropriate Fund, subject to certain limitations, as approved by the Board. For the year ended October 31, 2025, Alger Management charged back to Alger Spectra Fund, Alger Dynamic Opportunities Fund, Alger Emerging Markets Fund and Alger Responsible Investing Fund, $804,308, $22,722, $3,823 and $34,274, respectively, for these services, which are included in transfer agent fees in the accompanying Statements of Operations.

(g) Trustee Fees: Effective January 1, 2025, each trustee who is not an "interested person" of the Trust, as defined in the 1940 Act ("Independent Trustee"), receives a fee of $170,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex, plus travel expenses incurred for attending board meetings. The term "Alger Fund Complex" refers to the Trust, The Alger Institutional Funds, The Alger Funds, The Alger Portfolios, Alger Global Equity Fund and The Alger ETF Trust, each of which is a registered investment company managed by Alger Management. The Independent Trustee appointed as Chairman of the Board receives additional compensation of $26,000 per annum paid pro rata based on net assets by each fund in the Alger Fund Complex. Additionally, each member of the Audit Committee receives a fee of $10,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex. Independent Trustees who are not members of the Audit Committee but attend Audit Committee meetings will receive a stipend of $10,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex.

Prior to January 1, 2025, each Independent Trustee received a fee of $165,400 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex, plus travel expenses incurred for attending board meetings, the Chair of the Board received additional compensation of $22,000 per annum paid pro rata based on net assets by each fund in the Alger Fund Complex; and each member of the Audit Committee received a fee of $13,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex.

The Board has adopted a policy requiring Independent Trustees to receive a minimum of 10% of their annual compensation in shares of one or more of the funds in the Alger Fund Complex.

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

(h) Interfund Trades: The Funds may engage in purchase and sale transactions with other funds advised by Alger Management or sub-advised by Weatherbie or Redwood. For the year ended October 31, 2025, there were no interfund trades.

(i) Interfund Loans: The Funds, along with other funds in the Alger Fund Complex, may borrow money from and lend money to each other for temporary or emergency purposes. To the extent permitted under its investment restrictions, each Fund may lend uninvested cash in an amount up to 15% of its net assets to other funds in the Alger Fund Complex. If a Fund has borrowed from other funds in the Alger Fund Complex and has aggregate borrowings from all sources that exceed 10% of the Fund's total assets, such Fund will secure all of its loans from other funds in the Alger Fund Complex. The interest rate charged on interfund loans is equal to the average of the overnight U.S. Treasury money market rate and bank loan rate available to the Funds. There were no interfund loans outstanding as of the year ended October 31, 2025.

For the year ended October 31, 2025, Alger Dynamic Opportunities Fund earned interfund loan interest income of $38,918, and Alger Dynamic Opportunities Fund and Alger Responsible Investing Fund incurred interfund loan expenses of $860 and $2,997, respectively, which are included as interest income and interest expense, respectively, in the accompanying Statements of Operations.

(j) Other Transactions with Affiliates: Certain officers and one Trustee of the Trust are directors and/or officers of Alger Management, the Distributor, or their affiliates. At October 31, 2025, Alger Management and its affiliated entities owned the following shares:

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | SHARE CLASS | SHARE CLASS | SHARE CLASS | SHARE CLASS | SHARE CLASS |
|  | A | C | I | Y | Z |
| Alger Spectra Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 469339 |
| Alger Dynamic Opportunities Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 948440 |
| Alger Emerging Markets Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Alger Responsible Investing Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 123857 |

---

**NOTE 4 — Securities Transactions:**

------

The following summarizes the securities transactions by each Fund, other than U.S. Government securities, money market securities, redemptions in-kind, purchased options, OTC CFDs and short sales, for the year ended October 31, 2025:

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

---

| | | |
|:---|:---|:---|
|  | **PURCHASES** | **SALES** |
| Alger Spectra Fund | $2116432021 | &nbsp;&nbsp; $2316681959 |
| Alger Dynamic Opportunities Fund | 637529662 | &nbsp;&nbsp; 660121092 |
| Alger Emerging Markets Fund | 9109974 | &nbsp;&nbsp; 11396042 |
| Alger Responsible Investing Fund | 8287565 | &nbsp;&nbsp; 20104871 |

---

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

**NOTE 5 — Borrowings:**

------

The Funds may borrow from Bank of New York (the "Custodian") on an uncommitted basis. Each Fund pays the Custodian a market rate of interest, generally based upon a rate of return with respect to each respective currency borrowed, taking into consideration relevant overnight and short-term reference rates. Borrowings from the Custodian at October 31, 2025, if any, are included in Bank overdraft in the Statements of Assets and Liabilities. The Funds may also borrow from other funds in the Alger Fund Complex, as discussed in Note 3(i). For the year ended October 31, 2025, the Funds had the following borrowings from the Custodian and other funds in the Alger Fund Complex:

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

---

| | | |
|:---|:---|:---|
|  | **AVERAGE DAILY** <br>**BORROWING**<br>| **WEIGHTED AVERAGE** <br>**INTEREST RATE**<br>|
| Alger Spectra Fund | $71764 | 6.24<br> %<br>|
| Alger Dynamic Opportunities Fund | 105847 | 6.24 |
| Alger Emerging Markets Fund | 2173 | 6.81 |
| Alger Responsible Investing Fund | 72512 | 5.43 |

---

The highest amount borrowed from the Custodian and other funds in the Alger Fund Complex during the year ended October 31, 2025 by each Fund was as follows:

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

---

| | |
|:---|:---|
|  | **HIGHEST BORROWING** |
| Alger Spectra Fund | $8457148 |
| Alger Dynamic Opportunities Fund | 9553974 |
| Alger Emerging Markets Fund | 345179 |
| Alger Responsible Investing Fund | 2078000 |

---

**NOTE 6 — Liquidity:**

------

The Funds may participate in the ReFlow liquidity program. Pursuant to the program and subject to certain conditions, ReFlow provides participating Funds with a source of cash to meet net shareholder redemptions by purchasing fund shares at NAV in an amount up to the value of the net shares redeemed from a Fund. Following the purchase of fund shares, ReFlow then generally redeems those shares when a Fund experiences net sales, or at the end of a maximum holding period determined by ReFlow (currently at eight days), or at other times at a Fund's or ReFlow's discretion.

While ReFlow holds a Fund's shares, it has the same rights and privileges with respect to those shares as any other shareholder. However, investments in a Fund by ReFlow in connection with the ReFlow program are not subject to the Funds' purchase and sale limitations. In the event a Fund uses the ReFlow liquidity program, the Fund will pay a fee to ReFlow each time ReFlow purchases fund shares. The fee is calculated by multiplying the value of shares ReFlow purchases by a rate determined through an automated daily auction. The current

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

minimum fee rate is 0.14% of the value of the Fund shares purchased by ReFlow. ReFlow's purchases of a Fund's shares through the liquidity program are made on an investment-blind basis without regard to a Fund's investment objective, policies or anticipated performance. In accordance with U.S. federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a Fund. ReFlow purchases a Fund's lowest-cost share class at NAV and will not be subject to any investment minimum applicable to such shares. ReFlow will periodically redeem its entire share position in a Fund. When ReFlow redeems all or part of a position in a Fund, the Fund may pay all or a portion of such redemption in kind, as discussed in Note 7. ReFlow fees that were incurred by the Funds during the period ended October 31, 2025 are recorded within the Statements of Operations as other expenses. ReFlow fees for the year ended October 31, 2025, were $274,897 for Alger Spectra Fund, and $5,464 for Alger Responsible Investing Fund. No other Fund participated in the ReFlow liquidity program during the year ended October 31, 2025.

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

**NOTE 7 — Share Capital:** 

------

The Trust has an unlimited number of authorized shares of beneficial interest of $.001 par value which are presently divided into four series. Each series is divided into separate classes. During the year ended October 31, 2025, and the year ended October 31, 2024, transactions of shares of beneficial interest were as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2024** | **FOR THE YEAR ENDED** <br>**October 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** |
| **Class A**: |  |  |  |  |
| Shares sold | 2963745 | &nbsp;&nbsp; $89669548 | &nbsp;&nbsp; 4658297 | &nbsp;&nbsp; $107560313 |
| Shares converted from Class C | 43324 | &nbsp;&nbsp; 1252402 | &nbsp;&nbsp; 197030 | &nbsp;&nbsp; 4569570 |
| Dividends reinvested | 2623308 | &nbsp;&nbsp; 77098456 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (7671501)<br>| &nbsp;&nbsp; (228572237)<br>| &nbsp;&nbsp; (10410203)<br>| &nbsp;&nbsp; (247622487)<br>|
| **Net decrease** | **(2041124)**<br>| &nbsp;&nbsp; **$(60551831)**<br>| &nbsp;&nbsp; **(5554876)**<br>| &nbsp;&nbsp; **$(135492604)**<br>|
| **Class C**: |  |  |  |  |
| Shares sold | 487675 | &nbsp;&nbsp; $11493536 | &nbsp;&nbsp; 467990 | &nbsp;&nbsp; $8666476 |
| Shares converted to Class A | (55335)<br>| &nbsp;&nbsp; (1252402)<br>| &nbsp;&nbsp; (246709)<br>| &nbsp;&nbsp; (4569570)<br>|
| Dividends reinvested | 574507 | &nbsp;&nbsp; 13201473 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (2505698)<br>| &nbsp;&nbsp; (59175727)<br>| &nbsp;&nbsp; (4901306)<br>| &nbsp;&nbsp; (89182588)<br>|
| **Net decrease** | **(1498851)**<br>| &nbsp;&nbsp; **$(35733120)**<br>| &nbsp;&nbsp; **(4680025)**<br>| &nbsp;&nbsp; **$(85085682)**<br>|
| **Class I**: |  |  |  |  |
| Shares sold | 290419 | &nbsp;&nbsp; $9409500 | &nbsp;&nbsp; 380734 | &nbsp;&nbsp; $9213928 |
| Dividends reinvested | 258239 | &nbsp;&nbsp; 7742015 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (1413914)<br>| &nbsp;&nbsp; (43017424)<br>| &nbsp;&nbsp; (1923673)<br>| &nbsp;&nbsp; (44441584)<br>|
| **Net decrease** | **(865256)**<br>| &nbsp;&nbsp; **$(25865909)**<br>| &nbsp;&nbsp; **(1542939)**<br>| &nbsp;&nbsp; **$(35227656)**<br>|
| **Class Y**: |  |  |  |  |
| Shares sold | 6262135 | &nbsp;&nbsp; $209226180 | &nbsp;&nbsp; 501639 | &nbsp;&nbsp; $12020250 |
| Dividends reinvested | 21441 | &nbsp;&nbsp; 681809 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Redemptions in kind\* | (4831779)<br>| &nbsp;&nbsp; (162510153)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (1213481)<br>| &nbsp;&nbsp; (38112001)<br>| &nbsp;&nbsp; (2167598)<br>| &nbsp;&nbsp; (52381952)<br>|
| **Net increase (decrease)** | **238316** | &nbsp;&nbsp; **$9285835** | &nbsp;&nbsp; **(1665959)**<br>| &nbsp;&nbsp; **$(40361702)**<br>|
| **Class Z**: |  |  |  |  |
| Shares sold | 7009323 | &nbsp;&nbsp; $224978206 | &nbsp;&nbsp; 6118254 | &nbsp;&nbsp; $154272653 |
| Dividends reinvested | 3257440 | &nbsp;&nbsp; 103195710 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (13592183)<br>| &nbsp;&nbsp; (446465680)<br>| &nbsp;&nbsp; (19363446)<br>| &nbsp;&nbsp; (480122029)<br>|
| **Net decrease** | **(3325420)**<br>| &nbsp;&nbsp; **$(118291764)**<br>| &nbsp;&nbsp; **(13245192)**<br>| &nbsp;&nbsp; **$(325849376)**<br>|

---

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2024** | **FOR THE YEAR ENDED** <br>**October 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** |
| **Class A**: |  |  |  |  |
| Shares sold | 122039 | &nbsp;&nbsp; $2565725 | &nbsp;&nbsp; 155591 | &nbsp;&nbsp; $2831457 |
| Shares converted from Class C |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 902 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (359952)<br>| &nbsp;&nbsp; (7597455)<br>| &nbsp;&nbsp; (823858)<br>| &nbsp;&nbsp; (14756674)<br>|
| **Net decrease** | **(237913)**<br>| &nbsp;&nbsp; **$(5031730)**<br>| &nbsp;&nbsp; **(668210)**<br>| &nbsp;&nbsp; **$(11924315)**<br>|
| **Class C**: |  |  |  |  |
| Shares sold | 51444 | &nbsp;&nbsp; $902863 | &nbsp;&nbsp; 58789 | &nbsp;&nbsp; $983799 |
| Shares converted to Class A |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (65)<br>| &nbsp;&nbsp; (902)<br>|
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (99579)<br>| &nbsp;&nbsp; (1868417)<br>| &nbsp;&nbsp; (279614)<br>| &nbsp;&nbsp; (4382864)<br>|
| **Net decrease** | **(48135)**<br>| &nbsp;&nbsp; **$(965554)**<br>| &nbsp;&nbsp; **(220890)**<br>| &nbsp;&nbsp; **$(3399967)**<br>|
| **Class Z**: |  |  |  |  |
| Shares sold | 1959804 | &nbsp;&nbsp; $43978285 | &nbsp;&nbsp; 2084122 | &nbsp;&nbsp; $39194601 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (1800121)<br>| &nbsp;&nbsp; (39675984)<br>| &nbsp;&nbsp; (7410806)<br>| &nbsp;&nbsp; (138384772)<br>|
| **Net increase (decrease)** | **159683** | &nbsp;&nbsp; **$4302301** | &nbsp;&nbsp; **(5326684)**<br>| &nbsp;&nbsp; **$(99190171)**<br>|

---

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2024** | **FOR THE YEAR ENDED** <br>**October 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Emerging Markets Fund** | **Alger Emerging Markets Fund** | **Alger Emerging Markets Fund** | **Alger Emerging Markets Fund** | **Alger Emerging Markets Fund** |
| **Class A**: |  |  |  |  |
| Shares sold | 83849 | &nbsp;&nbsp; $961917 | &nbsp;&nbsp; 104460 | &nbsp;&nbsp; $1109300 |
| Shares converted from Class C |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 1548 |
| Dividends reinvested | 1702 | &nbsp;&nbsp; 18753 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (65181)<br>| &nbsp;&nbsp; (728582)<br>| &nbsp;&nbsp; (69328)<br>| &nbsp;&nbsp; (732001)<br>|
| **Net increase** | **20370** | &nbsp;&nbsp; **$252088** | &nbsp;&nbsp; **35284** | &nbsp;&nbsp; **$378847** |
| **Class C**: |  |  |  |  |
| Shares sold | 17421 | &nbsp;&nbsp; $189157 | &nbsp;&nbsp; 673 | &nbsp;&nbsp; $6299 |
| Shares converted to Class A |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (164)<br>| &nbsp;&nbsp; (1548)<br>|
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (29305)<br>| &nbsp;&nbsp; (300581)<br>| &nbsp;&nbsp; (80683)<br>| &nbsp;&nbsp; (779706)<br>|
| **Net decrease** | **(11884)**<br>| &nbsp;&nbsp; **$(111424)**<br>| &nbsp;&nbsp; **(80174)**<br>| &nbsp;&nbsp; **$(774955)**<br>|
| **Class I**: |  |  |  |  |
| Shares sold | 5492 | &nbsp;&nbsp; $58148 | &nbsp;&nbsp; 597 | &nbsp;&nbsp; $5900 |
| Dividends reinvested | 61 | &nbsp;&nbsp; 671 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (13394)<br>| &nbsp;&nbsp; (145016)<br>| &nbsp;&nbsp; (89424)<br>| &nbsp;&nbsp; (859336)<br>|
| **Net decrease** | **(7841)**<br>| &nbsp;&nbsp; **$(86197)**<br>| &nbsp;&nbsp; **(88827)**<br>| &nbsp;&nbsp; **$(853436)**<br>|
| **Class Z**: |  |  |  |  |
| Shares sold | 146356 | &nbsp;&nbsp; $1724362 | &nbsp;&nbsp; 234974 | &nbsp;&nbsp; $2446459 |
| Dividends reinvested | 6953 | &nbsp;&nbsp; 78222 | &nbsp;&nbsp; 2533 | &nbsp;&nbsp; 25858 |
| Shares redeemed | (379659)<br>| &nbsp;&nbsp; (4327326)<br>| &nbsp;&nbsp; (574900)<br>| &nbsp;&nbsp; (6191801)<br>|
| **Net decrease** | **(226350)**<br>| &nbsp;&nbsp; **$(2524742)**<br>| &nbsp;&nbsp; **(337393)**<br>| &nbsp;&nbsp; **$(3719484)**<br>|

---

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2024** | **FOR THE YEAR ENDED** <br>**October 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Responsible Investing Fund** | **Alger Responsible Investing Fund** | **Alger Responsible Investing Fund** | **Alger Responsible Investing Fund** | **Alger Responsible Investing Fund** |
| **Class A**: |  |  |  |  |
| Shares sold | 332136 | &nbsp;&nbsp; $6741680 | &nbsp;&nbsp; 215995 | &nbsp;&nbsp; $3488961 |
| Shares converted from Class C |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 6866 | &nbsp;&nbsp; 113288 |
| Dividends reinvested | 110965 | &nbsp;&nbsp; 2081708 | &nbsp;&nbsp; 83732 | &nbsp;&nbsp; 1238390 |
| Shares redeemed | (521128)<br>| &nbsp;&nbsp; (9539523)<br>| &nbsp;&nbsp; (551832)<br>| &nbsp;&nbsp; (9040912)<br>|
| **Net decrease** | **(78027)**<br>| &nbsp;&nbsp; **$(716135)**<br>| &nbsp;&nbsp; **(245239)**<br>| &nbsp;&nbsp; **$(4200273)**<br>|
| **Class C**: |  |  |  |  |
| Shares sold | 9060 | &nbsp;&nbsp; $138766 | &nbsp;&nbsp; 9265 | &nbsp;&nbsp; $122559 |
| Shares converted to Class A |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (8279)<br>| &nbsp;&nbsp; (113288)<br>|
| Dividends reinvested | 5395 | &nbsp;&nbsp; 82711 | &nbsp;&nbsp; 5407 | &nbsp;&nbsp; 66562 |
| Shares redeemed | (44940)<br>| &nbsp;&nbsp; (683757)<br>| &nbsp;&nbsp; (60469)<br>| &nbsp;&nbsp; (821506)<br>|
| **Net decrease** | **(30485)**<br>| &nbsp;&nbsp; **$(462280)**<br>| &nbsp;&nbsp; **(54076)**<br>| &nbsp;&nbsp; **$(745673)**<br>|
| **Class I**: |  |  |  |  |
| Shares sold | 25845 | &nbsp;&nbsp; $505742 | &nbsp;&nbsp; 5691 | &nbsp;&nbsp; $98507 |
| Dividends reinvested | 12236 | &nbsp;&nbsp; 228820 | &nbsp;&nbsp; 9186 | &nbsp;&nbsp; 135494 |
| Shares redeemed | (58630)<br>| &nbsp;&nbsp; (1010051)<br>| &nbsp;&nbsp; (60769)<br>| &nbsp;&nbsp; (984992)<br>|
| **Net decrease** | **(20549)**<br>| &nbsp;&nbsp; **$(275489)**<br>| &nbsp;&nbsp; **(45892)**<br>| &nbsp;&nbsp; **$(750991)**<br>|
| **Class Z**: |  |  |  |  |
| Shares sold | 537431 | &nbsp;&nbsp; $11058515 | &nbsp;&nbsp; 506696 | &nbsp;&nbsp; $8332723 |
| Dividends reinvested | 77242 | &nbsp;&nbsp; 1507759 | &nbsp;&nbsp; 61174 | &nbsp;&nbsp; 938406 |
| Redemptions in kind\* | (163852)<br>| &nbsp;&nbsp; (3354876)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (797384)<br>| &nbsp;&nbsp; (15132997)<br>| &nbsp;&nbsp; (512012)<br>| &nbsp;&nbsp; (9100141)<br>|
| **Net (decrease) increase**  | **(346563)**<br>| &nbsp;&nbsp; **$(5921599)**<br>| &nbsp;&nbsp; **55858** | &nbsp;&nbsp; **$170988** |

---

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

\* Certain shareholders of the Fund redeemed shares in-kind.

Redemptions In-Kind: A Fund may make payment for Fund shares redeemed wholly or in part by transferring portfolio securities to shareholders. For the year ended October 31, 2025, the Alger Spectra Fund and Alger Responsible Investing Fund had redemptions in-kind with total proceeds in the amount of $162,510,153 and $3,354,876, respectively. The net realized gains on these redemptions in-kind amounted to $122,428,088 and $3,060,473, respectively, which are not considered taxable for federal income tax purposes.

**NOTE 8 — Income Tax Information:**

------

The tax character of distributions paid during the year ended October 31, 2025, and the year ended October 31, 2024 was as follows:

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**October 31, 2025**<br>| **FOR THE YEAR ENDED** <br>**October 31, 2024**<br>|
| **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** |
| Distributions paid from: |  |  |
| Ordinary Income | $— | &nbsp;&nbsp; $— |
| Long-term capital gains | 222725902 | &nbsp;&nbsp; — |
| **Total distributions paid** | **$222725902** | &nbsp;&nbsp; **$—** |
| **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** |
| Distributions paid from: |  |  |
| Ordinary Income |  | &nbsp;&nbsp; — |
| Long-term capital gains |  | &nbsp;&nbsp; — |
| **Total distributions paid** | **$—** | &nbsp;&nbsp; **$—** |
| **Alger Emerging Markets Fund** | **Alger Emerging Markets Fund** | **Alger Emerging Markets Fund** |
| Distributions paid from: |  |  |
| Ordinary Income | 98311 | &nbsp;&nbsp; 25975 |
| Long-term capital gains |  | &nbsp;&nbsp; — |
| **Total distributions paid** | **$98311** | &nbsp;&nbsp; **$25975** |
| **Alger Responsible Investing Fund** | **Alger Responsible Investing Fund** | **Alger Responsible Investing Fund** |
| Distributions paid from: |  |  |
| Ordinary Income |  | &nbsp;&nbsp; — |
| Long-term capital gains | 4011639 | &nbsp;&nbsp; 2436663 |
| **Total distributions paid** | **$4011639** | &nbsp;&nbsp; **$2436663** |

---

As of October 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

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

---

| | |
|:---|:---|
| **Alger Spectra Fund** |  |
| Undistributed ordinary income | $— |
| Undistributed long-term gains | 287763739 |
| Net accumulated earnings | 287763739 |
| Capital loss carryforwards |  |
| Late year ordinary income losses | (21566311)<br>|
| Net unrealized appreciation | 3062536227 |
| Total accumulated earnings | $3328733655 |

---

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

---

| | |
|:---|:---|
| **Alger Dynamic Opportunities Fund** |  |
| Undistributed ordinary income | $910692 |
| Undistributed long-term gains |  |
| Net accumulated earnings | 910692 |
| Capital loss carryforwards | (18847717)<br>|
| Late year ordinary income losses |  |
| Net unrealized appreciation | 38932345 |
| Total accumulated earnings | $20995320 |

---

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | |
|:---|:---|
| **Alger Emerging Markets Fund** |  |
| Undistributed ordinary income | $46942 |
| Undistributed long-term gains |  |
| Net accumulated earnings | 46942 |
| Capital loss carryforwards | (12091109)<br>|
| Late year ordinary income losses |  |
| Net unrealized appreciation | 5544121 |
| Total accumulated earnings | $(6500046)<br>|

---

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

---

| | |
|:---|:---|
| **Alger Responsible Investing Fund** |  |
| Undistributed ordinary income | $— |
| Undistributed long-term gains | 7925509 |
| Net accumulated earnings | 7925509 |
| Capital loss carryforwards |  |
| Late year ordinary income losses | (354589)<br>|
| Net unrealized appreciation | 80225296 |
| Total accumulated earnings | $87796216 |

---

During the year ended October 31, 2025, Alger Dynamic Opportunities Fund and Alger Emerging Markets Fund utilized capital loss carryforwards of $27,344,247 and $787,647, respectively.

At October 31, 2025, the Dynamic Opportunities Fund and the Alger Emerging Markets Fund, for federal income tax purposes, had capital loss carryforwards of $18,847,717 and $12,091,109, respectively. These amounts will not be subject to expiration under the Regulated Investment Company Modernization Act of 2010, and these amounts may be applied against future net realized gains until its utilization.

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is determined annually and is attributable primarily to the tax deferral of losses on wash sales, U.S. Internal Revenue Code Section 988 currency transactions, tax treatment of partnership investments, the realization of unrealized appreciation of passive foreign investment companies, and the return of capital from real estate investment trust investments.

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

Permanent differences, primarily from net operating losses, real estate investment trusts and partnership investments sold by the Funds, redemptions in-kind, and equalization, resulted in the following reclassifications among the Funds' components of net assets at October 31, 2025:

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

---

| | |
|:---|:---|
| **Alger Spectra Fund** |  |
| Distributable earnings | $(129400719)<br>|

---

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

---

| | |
|:---|:---|
| **Alger Spectra Fund** |  |
| Paid-in Capital | $129400719 |

---

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

---

| | |
|:---|:---|
| **Alger Dynamic Opportunities Fund** |  |
| Distributable earnings | $(787224)<br>|
| Paid-in Capital | $787224 |

---

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

---

| | |
|:---|:---|
| **Alger Emerging Markets Fund** |  |
| Distributable earnings | $0 |
| Paid-in Capital | $0 |

---

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

---

| | |
|:---|:---|
| **Alger Responsible Investing Fund** |  |
| Distributable earnings | $(3334862)<br>|
| Paid-in Capital | $3334862 |

---

**NOTE 9 — Fair Value Measurements:**

------

The following is a summary of the inputs used as of October 31, 2025 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** |  |  |  |  |
| Communication Services | $688936169 | &nbsp;&nbsp; $688936169 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 674193898 | &nbsp;&nbsp; 674193898 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 13310937 | &nbsp;&nbsp; 13310937 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Energy | 45526480 | &nbsp;&nbsp; 45526480 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 150478669 | &nbsp;&nbsp; 150478669 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 280525221 | &nbsp;&nbsp; 280525221 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 282932907 | &nbsp;&nbsp; 282932907 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 2606692851 | &nbsp;&nbsp; 2606692851 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 37747133 | &nbsp;&nbsp; 37747133 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 151417532 | &nbsp;&nbsp; 151417532 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$4931761797** | &nbsp;&nbsp; **$4931761797** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| Financials | 3237970 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3237970 | &nbsp;&nbsp; — |
| Information Technology | 68543421 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 68543421 |
| **TOTAL PREFERRED STOCKS** | **$71781391** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$3237970** | &nbsp;&nbsp; **$68543421** |
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| Information Technology | 5011295 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5011295 | &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 46473 | &nbsp;&nbsp; 46473 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$5008600956** | &nbsp;&nbsp; **$4931808270** | &nbsp;&nbsp; **$8249265** | &nbsp;&nbsp; **$68543421** |

---

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Spectra Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **SECURITIES SOLD SHORT** |  |  |  |  |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $(3991002)<br>| &nbsp;&nbsp; $(3991002)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | (27970012)<br>| &nbsp;&nbsp; (27970012)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | (28024331)<br>| &nbsp;&nbsp; (28024331)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | (3664013)<br>| &nbsp;&nbsp; (3664013)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | (3316407)<br>| &nbsp;&nbsp; (3316407)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | (42135625)<br>| &nbsp;&nbsp; (42135625)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | (164636895)<br>| &nbsp;&nbsp; (160567375)<br>| &nbsp;&nbsp; (4069520)<br>| &nbsp;&nbsp; — |
| Materials | (15498491)<br>| &nbsp;&nbsp; (15498491)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$(289236776)**<br>| &nbsp;&nbsp; **$(285167256)**<br>| &nbsp;&nbsp; **$(4069520)**<br>| &nbsp;&nbsp; **$—** |
| **EXCHANGE TRADED FUNDS** |  |  |  |  |
| Energy | (11354845)<br>| &nbsp;&nbsp; (11354845)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Market Indices | (133112422)<br>| &nbsp;&nbsp; (133112422)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL EXCHANGE TRADED** <br> **FUNDS**<br>| **$(144467267)**<br>| &nbsp;&nbsp; **$(144467267)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **TOTAL SECURITIES SOLD** <br> **SHORT**<br>| **$(433704043)**<br>| &nbsp;&nbsp; **$(429634523)**<br>| &nbsp;&nbsp; **$(4069520)**<br>| &nbsp;&nbsp; **$—** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Dynamic Opportunities Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $43351125 | &nbsp;&nbsp; $43351125 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 13299711 | &nbsp;&nbsp; 13299711 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 2978140 | &nbsp;&nbsp; 2978140 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Energy | 856418 | &nbsp;&nbsp; 856418 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 4693128 | &nbsp;&nbsp; 4693128 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 41156408 | &nbsp;&nbsp; 41030939 | &nbsp;&nbsp; — | &nbsp;&nbsp; 125469 |
| Industrials | 22070017 | &nbsp;&nbsp; 22070017 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 54115344 | &nbsp;&nbsp; 54115344 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 428003 | &nbsp;&nbsp; 428003 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Real Estate | 2441014 | &nbsp;&nbsp; 2441014 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 2670131 | &nbsp;&nbsp; 2670131 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$188059439** | &nbsp;&nbsp; **$187933970** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$125469** |
| **PREFERRED STOCKS** |  |  |  |  |
| Health Care | 780671 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 780671 |
| Information Technology | 1977481 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1977481 |
| **TOTAL PREFERRED STOCKS** | **$2758152** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2758152** |
| **RIGHTS** |  |  |  |  |
| Health Care | — <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>1</sup><br>|
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| Information Technology | 619786 | &nbsp;&nbsp; — | &nbsp;&nbsp; 619786 | &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 6678398 | &nbsp;&nbsp; 6678398 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Treasury Obligations | 10971180 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10971180 | &nbsp;&nbsp; — |
| **TOTAL SHORT-TERM** <br> **INVESTMENTS**<br>| **$17649578** | &nbsp;&nbsp; **$6678398** | &nbsp;&nbsp; **$10971180** | &nbsp;&nbsp; **$—** |

---

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Dynamic Opportunities Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **PURCHASED OPTIONS** |  |  |  |  |
| Communication Services | $168000 | &nbsp;&nbsp; $168000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Exchange Traded Funds | 784946 | &nbsp;&nbsp; 784946 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL PURCHASED OPTIONS** | **$952946** | &nbsp;&nbsp; **$952946** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$210039901** | &nbsp;&nbsp; **$195565314** | &nbsp;&nbsp; **$11590966** | &nbsp;&nbsp; **$2883621** |
| **SECURITIES SOLD SHORT** |  |  |  |  |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | (5994852)<br>| &nbsp;&nbsp; (5994852)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Discretionary | (13112812)<br>| &nbsp;&nbsp; (12540271)<br>| &nbsp;&nbsp; (572541)<br>| &nbsp;&nbsp; — |
| Consumer Staples | (7116603)<br>| &nbsp;&nbsp; (7116603)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | (4230194)<br>| &nbsp;&nbsp; (4230194)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | (9703646)<br>| &nbsp;&nbsp; (9703646)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | (10002011)<br>| &nbsp;&nbsp; (10002011)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | (28127075)<br>| &nbsp;&nbsp; (26090469)<br>| &nbsp;&nbsp; (2036606)<br>| &nbsp;&nbsp; — |
| Materials | (1740180)<br>| &nbsp;&nbsp; (1740180)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Real Estate | (233982)<br>| &nbsp;&nbsp; (233982)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$(80261355)**<br>| &nbsp;&nbsp; **$(77652208)**<br>| &nbsp;&nbsp; **$(2609147)**<br>| &nbsp;&nbsp; **$—** |
| **REAL ESTATE INVESTMENT** <br> **TRUST**<br>|  |  |  |  |
| Real Estate | (378886)<br>| &nbsp;&nbsp; (378886)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL SECURITIES SOLD** <br> **SHORT**<br>| **$(80640241)**<br>| &nbsp;&nbsp; **$(78031094)**<br>| &nbsp;&nbsp; **$(2609147)**<br>| &nbsp;&nbsp; **$—** |
| **FINANCIAL DERIVATIVE** <br> **INSTRUMENTS - LIABILITIES**<br>|  |  |  |  |
| OTC Contracts for difference | (242273)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (242273)<br>| &nbsp;&nbsp; — |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Emerging Markets Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $1880669 | &nbsp;&nbsp; $190725 | &nbsp;&nbsp; $1689944 | &nbsp;&nbsp; $— |
| Consumer Discretionary | 2433264 | &nbsp;&nbsp; 1683907 | &nbsp;&nbsp; 749357 | &nbsp;&nbsp; — |
| Consumer Staples | 1084274 | &nbsp;&nbsp; 816764 | &nbsp;&nbsp; 267510 | &nbsp;&nbsp; — |
| Financials | 3768150 | &nbsp;&nbsp; 1759429 | &nbsp;&nbsp; 2008721 | &nbsp;&nbsp; — |
| Health Care | 1248033 | &nbsp;&nbsp; 393197 | &nbsp;&nbsp; 854836 | &nbsp;&nbsp; — |
| Industrials | 2938378 | &nbsp;&nbsp; 1096949 | &nbsp;&nbsp; 1841429 | &nbsp;&nbsp; — |
| Information Technology | 5393163 | &nbsp;&nbsp; 371932 | &nbsp;&nbsp; 5021231 | &nbsp;&nbsp; — |
| Real Estate | 767299 | &nbsp;&nbsp; — | &nbsp;&nbsp; 767299 | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$19513230** | &nbsp;&nbsp; **$6312903** | &nbsp;&nbsp; **$13200327** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| Consumer Discretionary | 4679 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4679 | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$19517909** | &nbsp;&nbsp; **$6312903** | &nbsp;&nbsp; **$13205006** | &nbsp;&nbsp; **$—** |

---

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Responsible Investing Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $11587428 | &nbsp;&nbsp; $11587428 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 12887071 | &nbsp;&nbsp; 12887071 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 720423 | &nbsp;&nbsp; 720423 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 6721567 | &nbsp;&nbsp; 6721567 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 3822781 | &nbsp;&nbsp; 3822781 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 6700651 | &nbsp;&nbsp; 6700651 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 57882111 | &nbsp;&nbsp; 57882111 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 652238 | &nbsp;&nbsp; 652238 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 1526902 | &nbsp;&nbsp; 1526902 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$102501172** | &nbsp;&nbsp; **$102501172** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| Information Technology | 391800 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 391800 |
| **REAL ESTATE INVESTMENT** <br> **TRUST**<br>|  |  |  |  |
| Real Estate | 1331280 | &nbsp;&nbsp; 1331280 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 4317544 | &nbsp;&nbsp; 4317544 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$108541796** | &nbsp;&nbsp; **$108149996** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$391800** |

---

&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 October 31, 2025.

&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, 2024 | &nbsp;&nbsp; $16,953,271\* |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; (3,237,970)\*\*\*<br>|
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; (13103998)<br>|
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 28344651 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 39587523 |
| Sales/Distributions | &nbsp;&nbsp; (56)<br>|
| Closing balance at October 31, 2025 | &nbsp;&nbsp; 68543421 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$18714295** |

---

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

&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, 2024 | &nbsp;&nbsp; $10361871 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; (5,011,295)\*\*\*<br>|
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (5350576)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at October 31, 2025 | &nbsp;&nbsp; — |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$—**<br>|

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Dynamic Opportunities Fund** | **Common Stocks** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $3067033 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (2941564)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at October 31, 2025 | &nbsp;&nbsp; 125469 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$(2941564)** <br>|

---

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

&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, 2024 | &nbsp;&nbsp; $2,976,151\* |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; (186380)<br>|
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (31618)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; (1)<br>|
| Closing balance at October 31, 2025 | &nbsp;&nbsp; 2758152 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$(217999)** <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** | **Rights** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $39094 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (39094)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at October 31, 2025 | &nbsp;&nbsp; —\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$(39094)** <br>|

---

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

&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, 2024 | &nbsp;&nbsp; $1281657 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; (619,786)\*\*\*<br>|
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (661871)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at October 31, 2025 | &nbsp;&nbsp; — |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$—**<br>|

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Responsible Investing Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $— |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 391800 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at October 31, 2025 | &nbsp;&nbsp; 391800 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$—**  |

---

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

\* Includes securities that were fair valued at zero during the year ended October 31, 2025 .

\*\* Net change in unrealized appreciation (depreciation) is included in the net change in unrealized appreciation (depreciation) on investments in the accompanying Statement of Operations. 

\*\*\* Effective June 12, 2025, Chime Financial, Inc. filed for an initial public offering and shares began publicly trading on the NASDAQ Stock Market. It is the Alger Management's policy to recognize Level 3 transfers at the end of each reporting period, October 31, 2025. 

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

The following table provides quantitative information about each Fund's Level 3 fair value measurements of its investments as of October 31, 2025. 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>**October 31,** <br>**2025**<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** | $68543421 | Market <br>Approach<br>| Revenue Multiple | 21.00x-23.02x | 21.58x |
| 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** | 125469 | Market <br>Approach<br>| Revenue Multiple | 1.99x | N/A\* |
| **Preferred Stocks** | 2758152 | Market <br>Approach<br>| Revenue Multiple | 1.99x-23.02x | 17.07x |
| **Rights** | —\*\* | Income <br>Approach<br>| Discount Rate <br>Probability of Success<br>| 100% <br>0.00%<br>| N/A\* <br>N/A\*<br>|
| 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** | 391800 | Market <br>Approach<br>| Revenue Multiple | 21.00x | N/A\* |

---

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

---

| | |
|:---|:---|
| <sup>\*</sup> <br>| Each security type listed and respective valuation methodology and unobservable input, represents only one <br>investment.<br>|
| <sup>\*\*</sup> <br>| Tolero CDRs are classified as a Level 3 investment and are fair valued at zero as of October 31, 2025. |

---

The significant unobservable inputs used in the fair value measurement of each Fund's securities are revenue 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 year ended October 31, 2025, there were no changes in valuation methodology on Level 3 investments.

**NOTE 10 — 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.

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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 year ended October 31, 2025, 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. The purchased options included on the Statements of Assets and Liabilities are exchange traded and not subject to offsetting.

For the year ended October 31, 2025, Alger Spectra Fund had option purchases of $17,979 and option sales of $139,992. The average notional volume of contracts for purchased options and written options for the year ended October 31, 2025 was $620,282 and $560,068, respectively. Options were held during two months of the period. For the year ended October 31, 2025, Alger Dynamic Opportunities Fund had option purchases of $3,140,233 and option sales of $894,466. The average notional volume of contracts for purchased options and written options for the year ended October 31, 2025 was $36,714,718 and $6,578,278, respectively. Options were held during twelve months of the period.

The effect of derivative instruments on the accompanying Statements of Operations for the year ended October 31, 2025, is as follows:

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | |
|:---|:---|
| **NET REALIZED GAIN/(LOSS) ON OPTIONS** | **NET REALIZED GAIN/(LOSS) ON OPTIONS** |
| **Alger Spectra Fund** | **Alger Spectra Fund** |
| Purchased Options<sup>(a)</sup> <br>| $21748 |
| Written Options<sup>(a)</sup> <br>| $100264 |
| Total | $122012 |
| **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** |
| Purchased Options<sup>(a)</sup> <br>| $(1067077)<br>|
| Written Options<sup>(a)</sup> <br>| $309263 |
| Total | $(757814)<br>|

---

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

---

| | |
|:---|:---|
| **NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON OPTIONS** | **NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON OPTIONS** |
| **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** |
| Purchased Options<sup>(a)</sup> <br>| $(535007)<br>|
| Total | $(535007)<br>|

---

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

<sup>(a)</sup> Equity price

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 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.

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **ASSET DERIVATIVES 2025** | **LIABILITY DERIVATIVES 2025** | **LIABILITY DERIVATIVES 2025** |
| **Alger Dynamic Opportunities Fund** |  |  |  |
|  | Assets <br> Fair Value | Assets <br> Fair Value | Liabilities Fair <br> Value<br>|
| OTC CFDs<sup>(a)</sup> <br>| &nbsp;&nbsp; $— |  | &nbsp;&nbsp; $242273 |
| Total | &nbsp;&nbsp; $— |  | &nbsp;&nbsp; $242273 |
| <sup>(a)</sup> Equity priced contracts |  |  |  |

---

For the year ended October 31, 2025, the average monthly notional amount of OTC CFDs for Alger Dynamic Opportunities Fund was $2,353,191. OTC CFDs were held during twelve months of the period. The effect of OTC CFDs on the accompanying Statement of Operations for the October 31, 2025 was as follows:

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

---

| | |
|:---|:---|
| **NET REALIZED GAIN/(LOSS) ON CFDs** | **NET REALIZED GAIN/(LOSS) ON CFDs** |
| **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** |
| OTC CFDs<sup>1</sup> <br>| $(1954017)<br>|
| Total | $(1954017)<br>|

---

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

---

| | |
|:---|:---|
| **NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON CFDs** | **NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON CFDs** |
| **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** |
| OTC CFDs<sup>1</sup> <br>| $(822421)<br>|
| Total | $(822421)<br>|

---

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

1 Equity priced contracts

Disclosure about Offsetting Assets and Liabilities — In order to better define contractual rights under derivative contracts and to secure rights that will help the Funds mitigate their counterparty risk, the Investment Manager may, on behalf of the Funds, enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The ISDA Master Agreement may give a Fund the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. Absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statements of Assets and Liabilities across the transactions between a Fund and the applicable counterparty. The right to offset and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of a Fund's credit risk to such counterparty equal to any

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

amounts payable by a Fund under the applicable transactions, if any. The enforceability of the right to offset may vary by jurisdiction.

Cash collateral that has been received or pledged to cover obligations under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of a Fund and/or counterparty is held in segregated accounts by the Fund's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits with counterparties and, in the case of cash pledged by a counterparty for the benefit of a Fund, as a corresponding liability in the Statements of Assets and Liabilities. Securities pledged by a Fund as collateral, if any, are identified as such in the Schedule of Investments. The carrying amount of such deposits due to brokers at October 31, 2025 approximated their fair value. If measured at fair value, such deposits would have been considered as Level 2 in the fair value hierarchy.

The following table presents the Funds' gross and net amounts of assets and liabilities, by derivative type, available for offset under a master netting agreement, or similar agreement as of October 31, 2025:

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

---

| | | |
|:---|:---|:---|
| **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** |
|  | **Assets** | **Liabilities** |
|  | **Gross Amounts of** <br>**Recognized Assets** <br>**Presented in the** <br>**Statements of Assets** <br>**and Liabilities**<br>| **Gross Amounts of** <br>**Recognized Liabilities** <br>**Presented in the** <br>**Statements of Assets** <br>**and Liabilities**<br>|
| OTC CFDs | $— | &nbsp;&nbsp; $(242273)<br>|
| Total | $— | &nbsp;&nbsp; $(242273)<br>|

---

The following table presents the Funds' derivative assets and liabilities by counterparty net of amounts available for offset under master netting or similar agreements, and net of related collateral received or pledged as of October 31, 2025:

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** |
| **Counterparty** | **Gross Amounts of** <br>**Recognized Liabilities** <br>**Presented in the** <br>**Statements of Assets** <br>**and Liabilities**<sup>(a)</sup> <br>| **Financial** <br>**Instruments** <br>**Available** <br>**for Offset**<br>| **Collateral** <br>**Pledged**<sup>(b)</sup> <br>| **Net Amount**<sup>(c)</sup> <br>**(Not Less than $0)**<br>|
| Goldman Sachs & Co. | $236773 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(236773)<br>| &nbsp;&nbsp; $— |
| BNP Paribas | $5500 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5500 )<sup>(d)</sup><br>| &nbsp;&nbsp; $— |
| Total | $242273 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(242273)<br>| &nbsp;&nbsp; $— |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents
 the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar
 agreements that are not offset on the Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net
 amount represents the net amount payable to the counterparty in the event of default.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All
 or a portion of this balance includes securities as collateral pledged.

**NOTE 11 — Principal Risks:**

------

**<u>Alger Spectra Fund</u>** - Investing in the stock market involves risks, including the potential loss of principal. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Fund shares at any point in time may be worth less than what was invested, even after taking into account the reinvestment of Fund dividends and distributions. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Short sales could increase market exposure, magnifying losses and increasing volatility. Leverage increases volatility in both up and down markets and its costs may exceed the returns of borrowed securities. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment. At times, cash may be a larger position in the portfolio and may underperform relative to equity securities.

**<u>Alger Dynamic Opportunities Fund</u>** - Investing in the stock market involves risks, including the potential loss of principal. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Fund shares at any point in time may be worth less than what was invested, even after taking into account the reinvestment of Fund dividends and distributions. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Options and short sales could increase market exposure, magnifying losses and increasing volatility. Assets may be invested in Financial Derivatives Instruments (FDIs) such as CFDs or options, which involve risks including possible counterparty default, illiquidity, and the risk of losses greater than if they had not been used. Issuers of convertible securities may be more sensitive to economic changes. Investing in companies of small capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Leverage increases volatility in both up and down markets and its costs may exceed the returns of borrowed securities. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment. At times, cash may be a larger position in the portfolio and may underperform relative to equity securities.

**<u>Alger Emerging Markets Fund</u>** - Investing in the stock market involves risks, including the potential loss of principal. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Fund shares at any point in time may be worth less than what was invested, even after taking into account the reinvestment of Fund dividends and distributions. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Foreign securities, Frontier Markets, and Emerging Markets involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Investing in companies of small capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment. At times, cash may be a larger position in the portfolio and may underperform relative to equity securities.

**<u>Alger Responsible Investing Fund</u>** - Investing in the stock market involves risks, including the potential loss of principal. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Fund shares at any point in time may be worth less than what was invested, even

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

after taking into account the reinvestment of Fund dividends and distributions. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. The environmental, social and governance investment criteria may limit the number of investment opportunities available, and as a result, returns may be lower than vehicles not subject to such considerations. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. At times, cash may be a larger position in the portfolio and may underperform relative to equity securities.

**NOTE 12 — Affiliated Securities:**

------

During the year ended October 31, 2025, 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 year ended October 31, 2025 with such affiliated persons are summarized below. During this year, 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>**2024**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**October 31,** <br>**2025**<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** |
| **Exchange** <br> **Traded** <br> **Funds**<br>|  |  |  |  |  |  |  |  |
| Alger <br> Concentrated <br> Equity ETF<br>|  | &nbsp;&nbsp; 174563 | &nbsp;&nbsp; (174563)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1552381 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **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** |
| Crosslink <br> Ventures C, <br> LLC, Cl. A<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3308371)<br>| &nbsp;&nbsp; $3078191 |
| Crosslink <br> Ventures C, <br>LLC, Cl. B<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2042205)<br>| &nbsp;&nbsp; 1933104 |
| **Total** |  | &nbsp;&nbsp; 174563 | &nbsp;&nbsp; (174563)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1552381 | &nbsp;&nbsp; $(5350576)<br>| &nbsp;&nbsp; $5011295 |

---

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2024**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**October 31,** <br>**2025**<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** |
| Crosslink <br> Ventures C, <br> LLC, Cl. A<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(416360)<br>| &nbsp;&nbsp; $387391 |
| Crosslink <br> Ventures C, <br> LLC, Cl. B<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (245511)<br>| &nbsp;&nbsp; 232395 |
| **Total** |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(661871)<br>| &nbsp;&nbsp; $619786 |

---

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

<sup>1</sup> The Alger Fund Complex and other entities managed by Alger Management fully own Crosslink Ventures C, LLC, Class A and Crosslink Ventures C, LLC, Class B. There were no capital increases or decreases for the year ended October 31, 2025.

**NOTE 13 — Subsequent Events:**

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Alger Management has evaluated events that have occurred subsequent to October 31, 2025, through the issuance date of the Financial Statements. No material events have been identified which require recognition and/or disclosure.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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To the shareholders and the Board of Trustees of The Alger Funds II:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of The Alger Funds II comprising the Alger Spectra Fund, Alger Dynamic Opportunities Fund, Alger Emerging Markets Fund, and Alger Responsible Investing Fund (collectively, the "Funds"), including the schedules of investments, as of October 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds constituting The Alger Funds II as of October 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

------

made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

December 18, 2025

We have served as the auditor of one or more investment companies within the Alger group of investment companies since 2009.

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**THE ALGER FUNDS II**

**OTHER INFORMATION (Unaudited)**

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**Tax Information**

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Alger Spectra Fund and Alger Responsible Investing Fund designate $296,965,203 and $8,792,383, respectively, as approximate amounts of capital gain dividend for the purpose of the dividends paid deduction. Per Section 853 of the Internal Revenue Code, Alger Emerging Markets Fund paid $27,674 in foreign taxes on $263,214 of recognized foreign source income. For the year ended October 31, 2025, certain dividends paid by the Funds may be subject to a maximum rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Of the distributions paid during the fiscal year, 49.77% of Alger Dynamic Opportunities Fund's and 100% of Alger Emerging Markets Fund's dividends may be considered qualified dividend income, respectively.

In accordance with subchapter M of the Internal Revenue Code of 1986, as amended, for the year ended October 31, 2025, 44.31% of Alger Dynamic Opportunities Fund's and 7.33% of Alger Emerging Markets Fund's dividends qualified for the dividends deduction for corporations, respectively.

Shareholders should not use the above information to prepare their tax returns. Since the Funds' fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2025. Such notification, which will reflect the amount to be used by taxpayers on their federal income tax returns, will be made in conjunction with Form 1099 DIV and will be mailed in January 2026. Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in a Fund.

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**THE ALGER FUNDS II**

**OTHER INFORMATION (Unaudited) (Continued)**

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**Proxy Voting Policies**

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A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities and the proxy voting record is available, without charge, by calling (800) 992-3863 or online on the Funds' website at http://www.alger.com or on the SEC's website at http://www.sec.gov.

**Fund Holdings**

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

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

The Funds file their complete schedules of portfolio holdings with the SEC semi-annually in financial statements on Form N-CSR and after the first and third fiscal quarters as an exhibit to its reports on Form N-PORT. The Funds' Forms N-CSR and N-PORT are available online on the SEC's website at www.sec.gov.

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

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

The Board periodically reviews a report disclosing the third parties to whom each Fund's holdings information has been disclosed and the purpose for such

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**THE ALGER FUNDS II**

**OTHER INFORMATION (Unaudited) (Continued)**

------

disclosure, and it considers whether or not the release of information to such third parties is in the best interest of the Funds and its shareholders.

In addition to material the Funds routinely provide to shareholders, the Investment Manager may make additional statistical information available regarding the Alger Family of Funds.

Such information may include, but not be limited to, relative weightings and characteristics of a Fund versus an index (such as P/E ratio, alpha, beta, capture ratio, maximum drawdown, standard deviation, EPS forecasts, Sharpe ratio, information ratio, R-squared, and market cap analysis), security specific impact on overall portfolio performance, month-end top ten contributors to and detractors from performance, portfolio turnover, and other similar information. Shareholders should visit www.alger.com or may also contact the Funds at (800) 992-3863 to obtain such information.

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**THE ALGER FUNDS II**

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100 Pearl Street, 27th Floor

New York, NY 10004

(800) 992-3863

www.alger.com

**Investment Manager**

------

Fred Alger Management, LLC

100 Pearl Street, 27th Floor

New York, NY 10004

**Sub-Advisers**

------

Weatherbie Capital, LLC

265 Franklin Street, Suite 1603

Boston, MA 02110Redwood Investments, LLC

265 Franklin Street, Suite 1603

Boston, MA 02110

**Distributor**

------

Fred Alger & Company, LLC

100 Pearl Street, 27th Floor

New York, NY 10004

**Transfer Agent and Dividend Disbursing Agent**

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UMB Fund Services, Inc.

235 W. Galena Street

Milwaukee, WI 53212

**Custodian**

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The Bank of New York

240 Greenwich Street

New York, NY 10286

**Independent Registered Public Accounting Firm**

------

Deloitte & Touche LLP

30 Rockefeller Plaza

New York, NY 10112

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

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![](img1973421b3.gif)

**AFIIAR**

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Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

Not Applicable.

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Item 9. Proxy Disclosures for Open-End Management Investment Companies

------

Not Applicable.

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Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

------

Remuneration paid to directors, officers and others is included in the Statements of Operations under the line items "Trustee fees" and "Investment advisory fees" as part of the financial statements filed under Item 7 of this Form N-CSR.

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

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At a meeting held on September 18, 2025 (the "Meeting"), the Board of Trustees (the "Board") of The Alger Funds II (the "Trust"), including a majority of the trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the Trust (the "Independent Trustees"), reviewed and approved the continuation of (i) the investment advisory agreement between Fred Alger Management, LLC ("Alger") and the Trust, on behalf of Alger Spectra Fund, Alger Dynamic Opportunities Fund, Alger Emerging Markets Fund and Alger Responsible Investing Fund (each, a "Fund"), (the "Investment Advisory Agreement"), (ii) the investment sub-advisory agreement between Alger and Weatherbie Capital, LLC ("Weatherbie"), an affiliate of Alger, on behalf of Alger Dynamic Opportunities Fund (the "Weatherbie Sub-Advisory Agreement") and (iii) the investment sub-advisory agreement between Alger and Redwood Investments, LLC ("Redwood"), an affiliate of Alger, on behalf of Alger Emerging Markets Fund (the "Redwood Sub-Advisory Agreement", and together with the Investment Advisory Agreement and the Weatherbie Sub-Advisory Agreement, the "Management Agreements," and each, a "Management Agreement") for an additional one-year period. Alger, Weatherbie and Redwood are collectively referred to herein as the "Manager."

In considering the continuation of each Management Agreement, the Board reviewed and considered information provided by the Manager and its representatives at the Meeting and throughout the year at meetings of the Board and its committees. The Board also reviewed and considered information the Manager provided in response to a request for information Independent Trustee counsel submitted to the Manager on behalf of the Independent Trustees in connection with the Board's annual contract consideration, as well as information provided in response to a supplemental request from Independent Trustee counsel on behalf of the Independent Trustees. The materials for the Meeting included reports from FUSE Research Network LLC ("FUSE"), an independent consulting firm, that contained extensive analyses of the Funds and the Manager's services to the Funds. The Board also received a presentation from FUSE representatives at the Meeting, and, among other things, received a description of the methodology FUSE used to select the mutual funds included in each Fund's Peer Universe and Peer Group (as described below). Moreover, at a meeting held on September 17, 2025, prior to the Meeting, the Independent Trustees met with representatives from FUSE to receive an overview of, and to discuss the methodology by which FUSE prepared, its reports.

The Independent Trustees received advice from, and met separately with, their Independent Trustee counsel in considering whether to approve the continuation of each Management Agreement. The Independent Trustees also received a memorandum from Independent Trustee counsel discussing the legal standards and their duties in considering the continuation of the Management Agreements, and counsel reviewed those standards with the Independent Trustees during their separate meeting. The Independent Trustees also met separately with

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

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senior management of Alger, during which time the Independent Trustees discussed various matters related to proposed continuation of the Management Agreements.

The Board reviewed the materials provided and considered all of the factors it deemed relevant in approving the continuance of each Management Agreement, including, but not limited to: (i) the nature, extent and quality of the services provided by the Manager; (ii) the short- and long-term investment performance of each Fund; (iii) the costs of the services the Manager provided and profits it realized; (iv) the extent to which the Manager realizes economies of scale as a Fund grows; and (v) whether fee levels reflect these economies of scale for the benefit of Fund shareholders. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered. The Board considered the information provided to it about the Funds together, and with respect to each Fund separately, as the Board deemed appropriate.

In the discussions that follow, reference is made to the "median" in the Peer Group and Peer Universe categories. With respect to performance, below median performance represents performance that is worse relative to the median, and above median performance represents performance that is better relative to the median of the funds in the relevant Performance Universe. With respect to expenses, below median fees or expenses represent fees or expenses that are lower relative to the median, and above median fees or expenses represent fees or expenses that are higher relative to the median of the funds in the relevant Expense Group (as described below). FUSE information is calculated on a share class basis. References appearing below with regard to a Fund's performance results and comparative fees and expenses relate to Class Z shares of the Fund.

In particular, in approving the continuance of each Management Agreement, the Board considered the following factors:

Nature, Extent and Quality of Services

------

The Board reviewed and considered information regarding the nature, extent and quality of investment management services provided by the Manager to the Funds. This information included, among other things, the qualifications, background and experience of the professional personnel who perform services for the Funds; the structure of investment professional compensation; oversight of third-party service providers, including a Fund's sub-adviser; short- and long-term investment performance, fee and expense information; fees and payments to affiliates and intermediaries for fund administration, transfer agency and shareholder services; legal and compliance matters; risk controls; pricing and other services provided by the Manager; and the range of advisory fees the Manager charges to other funds and accounts under its management, including

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

the Manager's explanation of differences among such funds and accounts and the Funds, where relevant. The Board noted that it received information at regular meetings throughout the year regarding the services rendered by the Manager concerning the management of each Fund's affairs, including certain portfolio manager presentations, and Alger's role in coordinating and overseeing providers of other services to the Funds. The Board also noted the work undertaken by the Manager with respect to implementing various regulatory requirements applicable to the Funds.

The Board noted Alger's history and expertise in the "growth" style of investment management, as well as Alger's consistency in applying its "growth" style investment philosophy and process. With respect to the Alger Emerging Markets Fund and the Alger Dynamic Opportunities Fund, the Board also considered the investment approach of each Fund's sub-adviser. The Board noted the length of time the Manager has provided services as an investment adviser (or sub-adviser, as applicable) to a Fund. The Board also reviewed and considered the benefits provided to Fund shareholders of investing in a fund that is part of the Alger Family of Funds. The Board noted the continuing strong financial position of the Manager and the Manager's commitment to its fund, and overall, business.

Following consideration of such information, the Trustees determined that they remain satisfied with the nature, extent and quality of services provided by the Manager to the Funds under the Management Agreements.

Fund Performance

------

The Board reviewed and considered the performance results of each Fund over various time periods ended June 30, 2025. The Board considered the performance returns for each Fund in comparison to the performance returns of a universe of mutual funds deemed comparable to the Fund based on various investment, operational, and pricing characteristics ("Peer Universe"), and a group of mutual funds from within such Peer Universe deemed comparable to the Fund based primarily on investment strategy similarity ("Peer Group"), each as selected by FUSE, as well as to the Fund's benchmark index. The Board noted the Manager's statement that long-term performance could be impacted by one period of significant outperformance or underperformance.

The Board also reviewed and considered Fund performance reports provided by management and discussions that occurred with investment personnel and Alger senior management at Board meetings throughout the year. The Board further noted that representatives of Alger review with the Trustees the recent and longer-term performance of each Fund, including contributors to, and detractors from, Fund performance at every quarterly meeting of the Board throughout the year. In considering the Funds' performance generally, the Board observed the Manager's consistency in implementing its growth style investment process and philosophy for the Funds and considered how a strategy's "growthiness" as

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

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compared to peers can impact relative performance results, even among comparisons that either FUSE or the Manager already have identified as having growth characteristics. In this regard, the Board considered information provided by FUSE on a Fund's "style factor," reflecting a three-year average of Morningstar's Raw Growth-Value score to indicate a value or growth bias as compared to the Fund's Peer Group and benchmark.

The Trustees concluded that each Fund's performance was acceptable. Further discussion of the Board's considerations with respect to each Fund's performance is set forth below.

Alger Spectra Fund. The Board noted that the Fund's annualized total return for the one-, three-, five-, and 10-year periods outperformed the median of its Peer Group. The Board also noted that the Fund's annualized total return for the one- and three-year periods was in the first quartile of its Peer Universe, and for the five- and 10-year periods was in the second quartile of its Peer Universe.

Alger Dynamic Opportunities Fund. The Board noted that the Fund's annualized total return for the one-, three-, and 10-year periods outperformed the median of its Peer Group, and for the five-year period underperformed the median of its Peer Group. The Board also noted that the Fund's annualized total return for the one- and 10-year periods was in the first quartile of its Peer Universe, for the three-year period was in the second quartile of its Peer Universe, and for the five-year period was in the third quartile of its Peer Universe.

Alger Emerging Markets Fund. The Board noted that the Fund's annualized total return for the one-, three-, five-, and 10-year periods underperformed the median of its Peer Group. The Board also noted that the Fund's annualized total return for the one-, three-, and 10-year periods was in the third quartile of its Peer Universe, for the five-year period was in the fourth quartile of its Peer Universe. The Board considered FUSE's commentary that the Fund was among the "growthiest" funds in its Peer Universe and that there was a direct correlation to underperformance among emerging market strategies for funds with a growth bias. The Board noted that as of February 1, 2024, Redwood became the sub-adviser to the Fund and that the Fund's performance reflects that of Redwood for periods on and after February 1, 2024.

Alger Responsible Investing Fund. The Board noted that the Fund's annualized total return for the one- and three-year periods underperformed the median of its Peer Group, and for the five-year and since inception (October 2016) periods was equal to or outperformed the median of its Peer Group. The Board also noted that the Fund's annualized total return for the one-, three-, and five-year, and since inception periods was in the third quartile of its Peer Universe. In this regard, the Board considered FUSE's commentary that the Fund's growth style factor and overweight position in the technology sector contributed to a relative

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

performance drag in the short term. The Board further considered FUSE's commentary that the Fund's strategy is highly distinctive.

Comparative Fees and Expenses

------

For each Fund, the Board reviewed and considered the contractual management fee (the "Contractual Management Fee") payable by the Fund to Alger in light of the nature, extent and quality of the services provided by Alger pursuant to the Investment Advisory Agreement, and considered the actual fee rate (after taking any waivers and reimbursements into account) payable by the Fund (the "Actual Management Fee"). For the Alger Dynamic Opportunities Fund and the Alger Emerging Markets Fund, the Board also reviewed and considered the sub-advisory fee payable to Weatherbie and Redwood, respectively, by Alger out of the management fee Alger receives from each Fund in light of the nature, extent and quality of the services provided by Weatherbie and Redwood pursuant to the applicable Sub-Advisory Agreement. The Board also reviewed and considered fee waiver and/or expense reimbursement arrangements for each Fund, and specific share classes thereof, as applicable, including representations from Alger that any such waivers and/or reimbursements do not, and are not currently expected to, result in cross-subsidization by one share class of another share class of a Fund. Additionally, the Board received and considered information comparing each Fund's Contractual Management Fee, Actual Management Fee and overall expenses, including administrative fees payable to Alger, with those of the funds in the Peer Group provided by FUSE. The Board reviewed the methodology used by FUSE in calculating expense information, including that, for purposes of the comparisons below, the Contractual Management Fee used by FUSE for the Fund and peers includes the advisory fee and administrative fee (if a fund reports both). The Board considered limitations with respect to the comparative fee and expense information included in the reports prepared by FUSE, including that the reports reflected information for a specific period and that historical asset levels and expenses may differ from current levels.

The Board discussed the factors that could contribute to each Fund's Contractual Management Fee, Actual Management Fee or total expenses being above or below the median of the Fund's Peer Group, including, for example, the specialized nature of a Fund's strategy. The Board concluded that the Contractual Management Fee charged to each Fund, and the sub-advisory fee payable to Weatherbie for the Alger Dynamic Opportunities Fund and the sub-advisory fee payable to Redwood for the Alger Emerging Markets Fund, each are reasonable in relation to the services rendered by the Manager and is the product of arm's length negotiations. Further discussion of the Board's considerations with respect to each Fund's comparative fees and expenses is set forth below.

Alger Spectra Fund. The Board noted that the Fund's Contractual Management Fee and total expenses were above the median and in the fourth (most expensive) quartile of its Peer Group. In this regard, the Board noted FUSE's

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

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remarks about the specialized nature of the strategy as well as the Fund's track record of outperformance, including first quartile performance compared to its Peer Universe during the one- and three-year periods. The Board also noted FUSE's remarks that Alger has contractually agreed to limit other expenses of the Fund, inclusive of dividend expense on securities sold short, while funds in the Peer Group generally exclude short sale costs from their expense caps, if any. The Board noted FUSE's explanation that FUSE excludes non-operating expenses (if any) from total expense comparisons for such funds, which would generally result in the Fund comparing worse against its Peer Group.

Alger Dynamic Opportunities Fund. The Board noted that the Fund's Contractual Management Fee was below the median and in the first (least expensive) quartile of its Peer Group, and that total expenses were above the median and in the fourth (most expensive) quartile of its Peer Group. The Board noted FUSE's remarks that Alger has contractually agreed to limit other expenses of the Fund, inclusive of dividend expense on securities sold short, while funds in the Peer Group generally exclude short sale costs from their expense caps, if any. The Board noted FUSE's explanation that FUSE excludes non-operating expenses (if any) from total expense comparisons for such funds, which would generally result in the Fund comparing worse against its Peer Group. The Board also noted that, with respect to the portion of the Fund's portfolio managed by Weatherbie, Weatherbie is paid by Alger out of the management fee Alger receives from the Fund.

Alger Emerging Markets Fund. The Board noted that the Fund's Contractual Management Fee was below the median and in the first (least expensive) quartile of its Peer Group, and that total expenses were at the median of its Peer Group. The Board also noted that, with respect to the Fund, Redwood is paid by Alger out of the management fee Alger receives from the Fund.

Alger Responsible Investing Fund. The Board noted that the Fund's Contractual Management Fee was below the median and in the second quartile of its Peer Group, and that total expenses were above the median and in the third quartile of its Peer Group. The Board also noted that the Fund's total expenses were 0.04% above the median of its Peer Group.

In connection with its consideration of each Fund's fees payable under the Management Agreement, the Board also received information on the range of fees charged by the Manager for funds and accounts of a similar investment strategy to each Fund that are under its management. The Board noted management's explanation that comparisons with such accounts may be of limited relevance given the different structures and regulatory requirements of mutual funds, such as the Funds, versus those accounts and the differences in the levels of services required by the Funds as compared to those accounts.

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

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Profitability

------

The Board reviewed and considered information regarding the profits realized by Alger in connection with the operation of each Fund. In this respect, the Board considered overall profitability as well as the profits of Alger in providing investment management and other services to each Fund during the year ended June 30, 2025. The Board also noted management's representations that the Manager is not profitable with respect to certain Funds. The Board reviewed the methodology by which Alger's profitability is calculated, and any changes that were made since last year, noting that management maintains a generally consistent methodology year to year. The Board considered FUSE's view that Alger's expense allocation policies are reasonable and align with accepted industry practices. The Board also reviewed Alger's profitability in comparison to certain investment advisory peers, noting limitations with respect to such comparison. The Board noted that Alger compensates Weatherbie and Redwood from its fee and that Alger provided information on Alger's profitability with respect to Alger Dynamic Opportunities Fund and Alger Emerging Markets Fund.

The Board also considered the extent to which the Manager might derive ancillary benefits from Fund operations, including, for example, through soft dollar arrangements. Based upon its consideration of all these factors, the Trustees concluded that the level of profits realized by Alger and its affiliates from providing services to each Fund was not excessive in view of the nature, extent and quality of services provided to each Fund.

Economies of Scale

------

For each Fund, the Board reviewed and considered the extent to which the Manager may realize economies of scale, if any, as the Fund grows larger and whether the Fund's management fee structure reflects any economies of scale for the benefit of Fund shareholders. The Board noted the existence of management fee breakpoints for Alger Spectra Fund, Alger Responsible Investing Fund, and Alger Dynamic Opportunities Fund, which are designed to share economies of scale with a Fund's shareholders by reducing the Fund's effective management fees as the Fund grows in size. The Board considered the Manager's view that the overall size of Alger allows it to realize other economies of scale, such as with office space, purchases of technology, and other general business expenses, including with respect to Funds that did not have management fee breakpoints.

The Trustees concluded that for each Fund, to the extent economies of scale may be realized by Alger, the benefits of such economies of scale would be shared with the Fund and its shareholders as the Fund grows, including through the management fee breakpoints in place for applicable Funds.

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

Conclusion

------

The Board's consideration of the Investment Advisory Agreement and the Weatherbie Sub-Advisory Agreement also benefitted from the number of years the Board had considered the continuation of the Management Agreements, during which lengthy discussions took place between the Board and representatives of the Manager. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board's conclusions may be based, in part, on its consideration of the Fund's arrangements in prior years.

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including the Independent Trustees voting separately, unanimously approved the continuation of each Management Agreement for an additional one-year period.

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ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to these procedures.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer
 and principal financial officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
 under the 1940 Act) are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the
 filing date of this document.

(b) There
 were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that
 occurred during the period covered by this Form N-CSR, that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION

Not applicable.

ITEM 19. EXHIBITS.

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| | |
|:---|:---|
| (a)(1) | [Code of Ethics](tafii-efp21606_ex99code.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are filed as Exhibit 19(a)(3) to this Form N-CSR.](tafii-efp21606_ex99cert.htm) |

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**SIGNATURES**

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

The Alger Funds II

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| | |
|:---|:---|
| By: | /s/ Hal Liebes |
| Name: | Hal Liebes |
| Title: | Principal Executive Officer |
| Date: | December 18, 2025 |

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

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| | |
|:---|:---|
| By: | /s/ Hal Liebes |
| Name: | Hal Liebes |
| Title: | Principal Executive Officer |
| Date: | December 18, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Michael D. Martins |
| Name: | Michael D. Martins |
| Title: | Principal Financial Officer |
| Date: | December 18, 2025 |

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## Ex-99.Code

**Exhibit 99.CODE ETH**

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**THE ALGER FUNDS**

**THE ALGER FUNDS II**

**THE ALGER INSTITUTIONAL FUNDS**

**THE ALGER PORTFOLIOS**

**ALGER GLOBAL EQUITY FUND**

**THE ALGER ETF TRUST**

**(Each a "Fund" and collectively, the "Funds")**

**CODE OF ETHICS FOR**

**PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS**

**August 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Covered Officers/Purpose of the Code** 

This Code of Ethics (the "Code") applies to the Principal Executive Officer and Principal Financial Officer of the Funds ("Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest
 and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
 between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full,
 fair, accurate, timely and understandable disclosure in reports, documents and other public
 communications that the Funds file with, or submit to, the Securities and Exchange Commission
 ("SEC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance
 with applicable federal securities laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 prompt internal reporting of violations of this Code to an appropriate person or persons
 identified in this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability
 for adherence to this Code.

Each Covered Officer (listed in Exhibit A) should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Covered Officers Should Ethically Handle Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his/her service to, a Fund. A conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("Investment Company Act"), and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated

persons" of the Fund. The compliance program, and policies and procedures of the Funds and the Funds' investment adviser or sub-adviser(s) (collectively, the "Adviser") are designed to reasonably prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace such program, and policies and procedures, and, therefore, certain conflicts may fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or are a result of, the contractual relationship between the Funds and the Adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Funds and the Adviser. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, the Funds' Boards of Trustees (the "Boards") recognize that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes of ethics.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund<sup>1</sup>.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 use personal influence or personal relationships improperly to influence investment decisions
 or financial reporting by a Fund whereby the Covered Officer would benefit personally to
 the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 cause a Fund to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 use material non-public information of portfolio transactions nor financial data to his or
 her personal benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report
 at least annually all affiliations or other relationships related to conflicts of interest
 on the Funds' Trustee and Officer Questionnaire; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclose
 any material ownership interest in, or any consulting or employment relationship with, any
 of the Funds' service providers, other than the Adviser or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Disclosure and Compliance** 

Each Covered Officer should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• familiarize
 himself or herself with the disclosure requirements generally applicable to the Funds;

<sup>1</sup> Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer's family engages in such an activity or has such a relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others,
 whether within or outside the Funds, including to the Funds' trustees and auditors,
 and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to
 the extent appropriate within his or her area of responsibility, consult with other officers
 and employees of the Funds and the Adviser with the goal of promoting full, fair, accurate,
 timely and understandable disclosure in the reports and documents the Funds file with, or
 submit to, the SEC and in other public communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promote
 compliance with the standards and restrictions imposed by laws, rules and regulations applicable
 to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon
 adoption of this Code, or as soon thereafter as applicable, upon becoming a Covered Officer,
 affirm in writing to the Boards that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at
 least annually thereafter affirm to the Boards that he or she has complied with the requirements
 of this Code (see sample affirmations in Exhibits B and C);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 retaliate against any other Covered Officer or any employee of the Funds or their affiliated
 persons for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify
 the General Counsel promptly if he or she knows of any violation of this Code. Failure to
 do so is itself a violation of this Code.

The General Counsel other designated senior legal officer of the Adviser is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.<sup>2</sup> However, any approvals or waivers<sup>3</sup> also will be considered by the Audit Committee of the relevant Board (the "Committee").

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 General Counsel or other designated senior legal officer will take all appropriate action
 to investigate any potential violations reported;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if,
 after such investigation, the General Counsel believes that no violation has occurred, the
 General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 matter that the General Counsel believes is a violation will be reported to the Committee;

<sup>2</sup> The General Counsel or other designated senior legal officer is authorized to consult, as appropriate, with the chair of the Audit Committee, counsel to the Funds and counsel to the independent Board members and is encouraged to do so.

<sup>3</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by [a Fund] of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "[a Fund's] failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the [Fund].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if
 the Committee concurs that a violation has occurred, it will inform and make a recommendation
 to the Board, which will consider appropriate action, which may include review of, and appropriate
 modifications to, applicable policies and procedures; notification to appropriate personnel
 of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 changes to or waivers of this Code will, to the extent required, be disclosed as provided
 by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Other Policies and Procedures** 

This Code shall be the sole Code of Ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code of Ethics to the extent that they overlap or conflict with the provisions of this Code of Ethics. The Funds' and the Adviser's codes of ethics under Rule 17j-1 under the Investment Company Act and Rule 204A-1 under the Investment Advisers Act contain separate requirements applying to the Covered Officers and are not part of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments** 

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Fund and its Board, the Adviser, and each of their respective counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Internal Use** 

This Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

**EXHIBIT A**

**Covered Officers**

Principal Executive Officer Hal Liebes <br>Principal Financial Officer Michael D. Martins

**EXHIBIT B**

**Sample Principal Executive Officer Certification**

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| | |
|:---|:---|
| **To:** | The Audit Committees of The Alger Funds, The Alger Institutional Funds, The Alger Portfolios, The Alger Funds II, Alger Global Equity Fund and The Alger ETF Trust. |
| **Date:** | December 17, 2024 |

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I, Hal Liebes, Principal Executive Officer of each of The Alger Funds, The Alger Institutional Funds, The Alger Portfolios, The Alger Funds II, Alger Global Equity Fund and The Alger ETF Trust (the "Trusts") hereby certify with respect to each Trust that I am not aware of any (a) significant deficiencies or material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Trust's ability to record, process, summarize, and report financial information, or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Trust's internal control over financial reporting.

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| | |
|:---|:---|
| By: |  |
|  | Hal Liebes, Principal Executive Officer of: |
|  | The Alger Funds |
|  | The Alger Institutional Funds |
|  | The Alger Portfolios |
|  | The Alger Funds II |
|  | Alger Global Equity Fund |
|  | The Alger ETF Trust |

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**The Alger Family of Funds**

100 Pearl Street, 27th Floor • New York, NY 10004 • <u>www.alger.com</u>

**EXHIBIT C**

**Sample Principal Financial Officer Certification**

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| | |
|:---|:---|
| **To:** | The Audit Committees of The Alger Funds, The Alger Institutional Funds, The Alger Portfolios, The Alger Funds II, Alger Global Equity Fund and The Alger ETF Trust. |
| **Date:** | December 17, 2024 |

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I, Michael D. Martins, Principal Financial Officer of each of The Alger Funds, The Alger Institutional Funds, The Alger Portfolios, The Alger Funds II, Alger Global Equity Fund and The Alger ETF Trust (the "Trusts") hereby certify with respect to each Trust that I am not aware of any (a) significant deficiencies or material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Trust's ability to record, process, summarize, and report financial information, or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Trust's internal control over financial reporting.

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| | |
|:---|:---|
| By: |  |
|  | Michael D. Martins, Principal Financial Officer of: |
|  | The Alger Funds |
|  | The Alger Institutional Funds |
|  | The Alger Portfolios |
|  | The Alger Funds II |
|  | Alger Global Equity Fund |
|  | The Alger ETF Trust |

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**The Alger Family of Funds**

100 Pearl Street, 27th Floor • New York, NY 10004 • <u>www.alger.com</u>

## Ex-99.Cert

**Exhibit 99.CERT**

**Rule 30a-2(a) CERTIFICATIONS**

I, Hal Liebes, certify that:

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

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

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

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

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

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

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

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

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

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

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

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| | |
|:---|:---|
| By: | /s/ Hal Liebes |
| Name: | Hal Liebes |
| Title: | Principal Financial Officer |
| Date: | December 18, 2025 |

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**Rule 30a-2(a) CERTIFICATIONS**

I, Michael D. Martins, certify that:

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

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

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

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

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

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

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

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

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

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

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

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| | |
|:---|:---|
| By: | /s/ Michael D. Martins |
| Name: | Michael D. Martins |
| Title: | Principal Financial Officer |
| Date: | December 18, 2025 |

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