# EDGAR Filing Document

**Accession Number:** 0000092751
**File Stem:** 0001133228-26-009583
**Filing Date:** 2026-6
**Character Count:** 342127
**Document Hash:** 88b871776873df13ab0a174c9ef149a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-009583.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0001133228-26-009583

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**EFFECTIVENESS DATE**: 20260625

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01743
- **FILM NUMBER:** 261120561

**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           |

?xml version='1.0' encoding='ASCII'? 6c929969-26d8-487c-b896-b534b3b10f23

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### &nbsp;&nbsp;&nbsp;&nbsp; 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:

#### April 30, 2026
 **Item 1. Report to Stockholders.**

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

![TSR - Fund Logo](images_31318.jpg)

### Alger Spectra Fund

### Class A / SPECX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Spectra Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

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

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Spectra Fund<br>(Class A / SPECX) | $75 1.53%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4294094753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Long portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;110.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;(9.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;100.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.9)% |

---

 **<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>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;11.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;14.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;(0.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;55.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Market Indices | &nbsp;&nbsp;&nbsp;&nbsp;(3.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.5% |
| Short-Term Investments and Other Net Assets | (0.8)% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_31317.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.

Alger Spectra Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Spectra Fund

### Class C / ASPCX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Spectra Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

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

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Spectra Fund<br>(Class C / ASPCX) | $113 2.31%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4294094753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Long portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;110.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;(9.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;100.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.9)% |

---

 **<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>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;11.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;14.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;(0.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;55.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Market Indices | &nbsp;&nbsp;&nbsp;&nbsp;(3.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.5% |
| Short-Term Investments and Other Net Assets | (0.8)% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_31317.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.

Alger Spectra Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Spectra Fund

### Class I / ASPIX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Spectra Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

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

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Spectra Fund<br>(Class I / ASPIX) | $75 1.53%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4294094753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Long portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;110.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;(9.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;100.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.9)% |

---

 **<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>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;11.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;14.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;(0.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;55.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Market Indices | &nbsp;&nbsp;&nbsp;&nbsp;(3.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.5% |
| Short-Term Investments and Other Net Assets | (0.8)% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_31317.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.

Alger Spectra Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Spectra Fund

### Class Y / ASPYX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Spectra Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

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

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Spectra Fund<br>(Class Y / ASPYX) | $55 1.11%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4294094753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Long portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;110.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;(9.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;100.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.9)% |

---

 **<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>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;11.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;14.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;(0.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;55.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Market Indices | &nbsp;&nbsp;&nbsp;&nbsp;(3.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.5% |
| Short-Term Investments and Other Net Assets | (0.8)% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_31317.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.

Alger Spectra Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Spectra Fund

### Class Z / ASPZX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Spectra Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

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

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Spectra Fund<br>(Class Z / ASPZX) | $57 1.17%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4294094753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Long portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;110.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;(9.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;100.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.9)% |

---

 **<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>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;11.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;14.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;(0.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;55.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Market Indices | &nbsp;&nbsp;&nbsp;&nbsp;(3.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.5% |
| Short-Term Investments and Other Net Assets | (0.8)% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_31317.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.

Alger Spectra Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Dynamic Opportunities Fund

### Class A / SPEDX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Dynamic Opportunities Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

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

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Dynamic Opportunities Fund<br>(Class A / SPEDX) | $102 2.06%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$222514660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;216.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Long portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;100.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;(38.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;62.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other net assets | &nbsp;&nbsp;&nbsp;&nbsp;37.7% |

---

 **<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>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;9.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;(0.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;(1.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;10.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;32.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Market Indices | &nbsp;&nbsp;&nbsp;&nbsp;(2.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;(1.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| Short-Term Investments, Derivatives and Other Net Assets | 42.3% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_31317.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.

Alger Dynamic Opportunities Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Dynamic Opportunities Fund

### Class C / ADOCX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Dynamic Opportunities Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

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

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Dynamic Opportunities Fund<br>(Class C / ADOCX) | $139 2.83%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$222514660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;216.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Long portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;100.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;(38.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;62.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other net assets | &nbsp;&nbsp;&nbsp;&nbsp;37.7% |

---

 **<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>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;9.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;(0.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;(1.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;10.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;32.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Market Indices | &nbsp;&nbsp;&nbsp;&nbsp;(2.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;(1.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| Short-Term Investments, Derivatives and Other Net Assets | 42.3% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_31317.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.

Alger Dynamic Opportunities Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Dynamic Opportunities Fund

### Class Z / ADOZX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Dynamic Opportunities Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

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

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Dynamic Opportunities Fund<br>(Class Z / ADOZX) | $86 1.74%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$222514660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;216.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Long portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;100.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;(38.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net portfolio exposure | &nbsp;&nbsp;&nbsp;&nbsp;62.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other net assets | &nbsp;&nbsp;&nbsp;&nbsp;37.7% |

---

 **<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>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;9.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;(0.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;(1.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;10.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;32.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Market Indices | &nbsp;&nbsp;&nbsp;&nbsp;(2.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;(1.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| Short-Term Investments, Derivatives and Other Net Assets | 42.3% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_31317.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.

Alger Dynamic Opportunities Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Emerging Markets Fund

### Class A / AAEMX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Emerging Markets Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

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

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Emerging Markets Fund<br>(Class A / AAEMX) | $83 1.55%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$21647190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28.74% |

---

 **<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 | 7.8% |
| China | 19.0% |
| Greece | 3.4% |
| Hungary | 2.9% |
| India | 8.0% |
| Mexico | 3.8% |
| Peru | 2.1% |
| Philippines | 2.4% |
| Poland | 1.7% |
| Singapore | 0.8% |
| South Africa | 1.7% |
| South Korea | 18.9% |
| Taiwan | 17.0% |
| Turkey | 1.8% |
| United States | 4.0% |
| Short-Term Investments and Net Other Assets | 3.2% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_31317.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.

Alger Emerging Markets Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Emerging Markets Fund

### Class C / ACEMX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Emerging Markets Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

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

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Emerging Markets Fund<br> (Class C / ACEMX) | $122 2.30%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$21647190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28.74% |

---

 **<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 | 7.8% |
| China | 19.0% |
| Greece | 3.4% |
| Hungary | 2.9% |
| India | 8.0% |
| Mexico | 3.8% |
| Peru | 2.1% |
| Philippines | 2.4% |
| Poland | 1.7% |
| Singapore | 0.8% |
| South Africa | 1.7% |
| South Korea | 18.9% |
| Taiwan | 17.0% |
| Turkey | 1.8% |
| United States | 4.0% |
| Short-Term Investments and Net Other Assets | 3.2% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_31317.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.

Alger Emerging Markets Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Emerging Markets Fund

### Class I / AIEMX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Emerging Markets Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

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

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Emerging Markets Fund<br>(Class I / AIEMX) | $77 1.45%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$21647190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28.74% |

---

 **<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 | 7.8% |
| China | 19.0% |
| Greece | 3.4% |
| Hungary | 2.9% |
| India | 8.0% |
| Mexico | 3.8% |
| Peru | 2.1% |
| Philippines | 2.4% |
| Poland | 1.7% |
| Singapore | 0.8% |
| South Africa | 1.7% |
| South Korea | 18.9% |
| Taiwan | 17.0% |
| Turkey | 1.8% |
| United States | 4.0% |
| Short-Term Investments and Net Other Assets | 3.2% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_31317.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.

Alger Emerging Markets Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Emerging Markets Fund

### Class Z / AZEMX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Emerging Markets Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

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

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Emerging Markets Fund<br> (Class Z / AZEMX) | $53 0.99%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$21647190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28.74% |

---

 **<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 | 7.8% |
| China | 19.0% |
| Greece | 3.4% |
| Hungary | 2.9% |
| India | 8.0% |
| Mexico | 3.8% |
| Peru | 2.1% |
| Philippines | 2.4% |
| Poland | 1.7% |
| Singapore | 0.8% |
| South Africa | 1.7% |
| South Korea | 18.9% |
| Taiwan | 17.0% |
| Turkey | 1.8% |
| United States | 4.0% |
| Short-Term Investments and Net Other Assets | 3.2% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_31317.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.

Alger Emerging Markets Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Responsible Investing Fund

### Class A / SPEGX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Responsible Investing Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

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

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Responsible Investing Fund<br>(Class A / SPEGX) | $56 1.11%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$133161771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;3.46% |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;9.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;10.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;7.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;48.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| Short-Term Investments and Other Net Assets | 9.7% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_31317.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.

Alger Responsible Investing Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Responsible Investing Fund

### Class C / AGFCX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Responsible Investing Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

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

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Responsible Investing Fund<br>(Class C / AGFCX) | $102 2.04%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$133161771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;3.46% |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;9.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;10.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;7.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;48.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| Short-Term Investments and Other Net Assets | 9.7% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_31317.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.

Alger Responsible Investing Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Responsible Investing Fund

### Class I / AGIFX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Responsible Investing Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

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

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Responsible Investing Fund<br>(Class I / AGIFX) | $56 1.11%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$133161771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;3.46% |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;9.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;10.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;7.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;48.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| Short-Term Investments and Other Net Assets | 9.7% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_31317.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.

Alger Responsible Investing Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Responsible Investing Fund

### Class Z / ALGZX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Responsible Investing Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

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

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Responsible Investing Fund<br>(Class Z / ALGZX) | $47 0.94%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$133161771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;3.46% |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;9.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;10.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;7.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;48.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| Short-Term Investments and Other Net Assets | 9.7% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_31317.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.

Alger Responsible Investing Fund

------

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

&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**

![](img448f94351.gif)

THE ALGER FUNDS II

**SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION**

**April 30, 2026 (UNAUDITED)**

![](img7e940d8e2.gif)

------

**Table of Contents**

------

**THE ALGER FUNDS II**

------

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_2b5720fa-58f2-4013-b3cc-fe7d71ff8213_SOI1-Continued-4573_1) | 2 |
| [Statements of Assets and Liabilities](#xx_2b5720fa-58f2-4013-b3cc-fe7d71ff8213_SAL1-Continued_1) | 32 |
| [Statements of Operations](#xx_2b5720fa-58f2-4013-b3cc-fe7d71ff8213_SOP1-Continued_1) | 36 |
| [Statements of Changes in Net Assets](#xx_2b5720fa-58f2-4013-b3cc-fe7d71ff8213_SOC1-Continued-4573_1) | 40 |
| [Financial Highlights](#xx_2b5720fa-58f2-4013-b3cc-fe7d71ff8213_FIHI-Continued-4573_1) | 44 |
| [Notes to Financial Statements](#xx_2b5720fa-58f2-4013-b3cc-fe7d71ff8213_NTF-Continued_1) | 60 |
| [Other Information](#xx_2b5720fa-58f2-4013-b3cc-fe7d71ff8213_AI-Continued-4573_1) | 94 |

---

------

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

**Schedule of Investments April 30, 2026 (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—104.5%** | **COMMON STOCKS—104.5%** | **COMMON STOCKS—104.5%** |
| **AEROSPACE & DEFENSE—2.1%** | **AEROSPACE & DEFENSE—2.1%** | **AEROSPACE & DEFENSE—2.1%** |
| Arxis, Inc., Cl. A<sup>\*</sup>  | 45000 | **$** 1575000 |
| HEICO Corp., Cl. A | 343395 | 71776423 |
| Rheinmetall AG | 6369 | 10157350 |
| York Space Systems, Inc.<sup>\*</sup>  | 134781 | 4469338 |
|  |  | **87978111** |
| **APPLICATION SOFTWARE—2.8%** | **APPLICATION SOFTWARE—2.8%** | **APPLICATION SOFTWARE—2.8%** |
| Anthropic PBC, Series G<sup>(a),\*,@</sup>  | 8175 | 2118440 |
| AppLovin Corp., Cl. A<sup>+</sup>,\*  | 230295 | 102792173 |
| Palantir Technologies, Inc., Cl. A<sup>\*</sup>  | 113383 | 15772709 |
|  |  | **120683322** |
| **ASSET MANAGEMENT & CUSTODY BANKS—0.4%** | **ASSET MANAGEMENT & CUSTODY BANKS—0.4%** | **ASSET MANAGEMENT & CUSTODY BANKS—0.4%** |
| Blackstone, Inc. | 139737 | **17548172** |
| **AUTOMOBILE MANUFACTURERS—3.3%** | **AUTOMOBILE MANUFACTURERS—3.3%** | **AUTOMOBILE MANUFACTURERS—3.3%** |
| Tesla, Inc.<sup>+</sup>,\*  | 369093 | **140856962** |
| **AUTOMOTIVE RETAIL—0.6%** | **AUTOMOTIVE RETAIL—0.6%** | **AUTOMOTIVE RETAIL—0.6%** |
| Carvana Co.<sup>\*</sup>  | 70007 | **27708771** |
| **BIOTECHNOLOGY—4.7%** | **BIOTECHNOLOGY—4.7%** | **BIOTECHNOLOGY—4.7%** |
| Abivax SA ADR<sup>\*</sup>  | 280615 | 32938588 |
| Alnylam Pharmaceuticals, Inc.<sup>\*</sup>  | 12597 | 3898646 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 484475 | 35599223 |
| Ascendis Pharma A/S<sup>\*</sup>  | 36753 | 8430403 |
| Biogen, Inc.<sup>\*</sup>  | 105355 | 19941595 |
| Cogent Biosciences, Inc.<sup>\*</sup>  | 339731 | 12158972 |
| Dianthus Therapeutics, Inc.<sup>\*</sup>  | 243368 | 21367710 |
| Natera, Inc.<sup>\*</sup>  | 294154 | 60642789 |
| Revolution Medicines, Inc.<sup>\*</sup>  | 43082 | 6208978 |
|  |  | **201186904** |
| **BROADLINE RETAIL—10.6%** | **BROADLINE RETAIL—10.6%** | **BROADLINE RETAIL—10.6%** |
| Alibaba Group Holding Ltd. ADR | 111518 | 14706994 |
| Amazon.com, Inc.<sup>+</sup>,\*  | 1413001 | 374530045 |
| MercadoLibre, Inc.<sup>\*</sup>  | 10592 | 18987537 |
| Sea Ltd., Cl. A ADR<sup>+</sup>,\*  | 543775 | 46155622 |
|  |  | **454380198** |
| **BUILDING PRODUCTS—0.0%** | **BUILDING PRODUCTS—0.0%** | **BUILDING PRODUCTS—0.0%** |
| Madison Air Solutions Corp., Cl. A<sup>\*</sup>  | 33736 | **1288040** |
| **COAL & CONSUMABLE FUELS—1.0%** | **COAL & CONSUMABLE FUELS—1.0%** | **COAL & CONSUMABLE FUELS—1.0%** |
| Cameco Corp. | 305313 | 37565712 |
| Centrus Energy Corp., Cl. A<sup>\*</sup>  | 32714 | 6901345 |
|  |  | **44467057** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.4%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.4%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.4%** |
| Rocket Cos., Inc., Cl. A<sup>\*</sup>  | 1111813 | **16254706** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—104.5% (CONT.)** | **COMMON STOCKS—104.5% (CONT.)** | **COMMON STOCKS—104.5% (CONT.)** |
| **COMMUNICATIONS EQUIPMENT—0.8%** | **COMMUNICATIONS EQUIPMENT—0.8%** | **COMMUNICATIONS EQUIPMENT—0.8%** |
| Arista Networks, Inc.<sup>\*</sup>  | 209887 | **$36249584** |
| **CONSTRUCTION & ENGINEERING—0.0%** | **CONSTRUCTION & ENGINEERING—0.0%** | **CONSTRUCTION & ENGINEERING—0.0%** |
| SOLV Energy, Inc., Cl. A<sup>\*</sup>  | 538 | **21434** |
| **CONSTRUCTION MATERIALS—0.3%** | **CONSTRUCTION MATERIALS—0.3%** | **CONSTRUCTION MATERIALS—0.3%** |
| Martin Marietta Materials, Inc. | 23093 | **14296183** |
| **CONSUMER FINANCE—0.6%** | **CONSUMER FINANCE—0.6%** | **CONSUMER FINANCE—0.6%** |
| Figure Technology Solutions, Inc., Cl. A<sup>\*</sup>  | 693439 | **24339709** |
| **DIVERSIFIED METALS & MINING—0.4%** | **DIVERSIFIED METALS & MINING—0.4%** | **DIVERSIFIED METALS & MINING—0.4%** |
| MP Materials Corp., Cl. A<sup>\*</sup>  | 285881 | **18879581** |
| **ELECTRIC UTILITIES—1.3%** | **ELECTRIC UTILITIES—1.3%** | **ELECTRIC UTILITIES—1.3%** |
| Constellation Energy Corp. | 124114 | 38847682 |
| NRG Energy, Inc. | 97953 | 15239528 |
|  |  | **54087210** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—0.9%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.9%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.9%** |
| Vertiv Holdings Co., Cl. A | 110826 | **36405233** |
| **ENVIRONMENTAL & FACILITIES SERVICES—1.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.8%** |
| GFL Environmental, Inc.<sup>+</sup>  | 1936651 | **77679072** |
| **HEALTH CARE DISTRIBUTORS—0.5%** | **HEALTH CARE DISTRIBUTORS—0.5%** | **HEALTH CARE DISTRIBUTORS—0.5%** |
| Cardinal Health, Inc. | 112581 | **21714623** |
| **HEALTHCARE EQUIPMENT—1.1%** | **HEALTHCARE EQUIPMENT—1.1%** | **HEALTHCARE EQUIPMENT—1.1%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 101141 | **46283133** |
| **HEALTHCARE FACILITIES—0.2%** | **HEALTHCARE FACILITIES—0.2%** | **HEALTHCARE FACILITIES—0.2%** |
| Tenet Healthcare Corp.<sup>\*</sup>  | 35788 | **6338771** |
| **HEALTHCARE TECHNOLOGY—0.5%** | **HEALTHCARE TECHNOLOGY—0.5%** | **HEALTHCARE TECHNOLOGY—0.5%** |
| Veeva Systems, Inc., Cl. A<sup>\*</sup>  | 143109 | **22320711** |
| **HEAVY ELECTRICAL EQUIPMENT—2.0%** | **HEAVY ELECTRICAL EQUIPMENT—2.0%** | **HEAVY ELECTRICAL EQUIPMENT—2.0%** |
| Forgent Power Solutions, Inc., Cl. A<sup>\*</sup>  | 253600 | 9540432 |
| GE Vernova, Inc. | 66401 | 71942827 |
| X-Energy, Inc., Cl. A<sup>\*</sup>  | 187564 | 5951406 |
|  |  | **87434665** |
| **HOME FURNISHINGS—0.3%** | **HOME FURNISHINGS—0.3%** | **HOME FURNISHINGS—0.3%** |
| Somnigroup International, Inc. | 183967 | **13955737** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.6%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.6%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.6%** |
| Talen Energy Corp.<sup>\*</sup>  | 178987 | **66658339** |
| **INTERACTIVE MEDIA & SERVICES—10.6%** | **INTERACTIVE MEDIA & SERVICES—10.6%** | **INTERACTIVE MEDIA & SERVICES—10.6%** |
| Alphabet, Inc., Cl. C<sup>+</sup>  | 561844 | 214590698 |
| Meta Platforms, Inc., Cl. A<sup>+</sup>  | 394463 | 241375854 |
|  |  | **455966552** |
| **INTERNET SERVICES & INFRASTRUCTURE—1.7%** | **INTERNET SERVICES & INFRASTRUCTURE—1.7%** | **INTERNET SERVICES & INFRASTRUCTURE—1.7%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 131226 | 26897393 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—104.5% (CONT.)** | **COMMON STOCKS—104.5% (CONT.)** | **COMMON STOCKS—104.5% (CONT.)** |
| **INTERNET SERVICES & INFRASTRUCTURE—1.7% (CONT.)** | **INTERNET SERVICES & INFRASTRUCTURE—1.7% (CONT.)** | **INTERNET SERVICES & INFRASTRUCTURE—1.7% (CONT.)** |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 68023 | **$** 17062209 |
| Shopify, Inc., Cl. A<sup>\*</sup>  | 249944 | 30275717 |
|  |  | **74235319** |
| **INVESTMENT BANKING & BROKERAGE—0.3%** | **INVESTMENT BANKING & BROKERAGE—0.3%** | **INVESTMENT BANKING & BROKERAGE—0.3%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 196705 | **14337827** |
| **MOVIES & ENTERTAINMENT—0.8%** | **MOVIES & ENTERTAINMENT—0.8%** | **MOVIES & ENTERTAINMENT—0.8%** |
| Netflix, Inc.<sup>+</sup>,\*  | 213670 | 20001649 |
| Sphere Entertainment Co., Cl. A<sup>\*</sup>  | 64973 | 9255404 |
| Spotify Technology SA<sup>\*</sup>  | 6873 | 3069138 |
|  |  | **32326191** |
| **PHARMACEUTICALS—1.1%** | **PHARMACEUTICALS—1.1%** | **PHARMACEUTICALS—1.1%** |
| AstraZeneca PLC | 47362 | 8874124 |
| Johnson & Johnson | 116318 | 26735692 |
| Merck & Co., Inc. | 92787 | 10130485 |
|  |  | **45740301** |
| **SEMICONDUCTORS—25.8%** | **SEMICONDUCTORS—25.8%** | **SEMICONDUCTORS—25.8%** |
| Astera Labs, Inc.<sup>\*</sup>  | 402576 | 78397650 |
| Broadcom, Inc.<sup>+</sup>  | 397422 | 165895865 |
| Micron Technology, Inc. | 53905 | 27877510 |
| NVIDIA Corp.<sup>+</sup>  | 3354412 | 669440003 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR<sup>+</sup>  | 423382 | 167684675 |
|  |  | **1109295703** |
| **SPECIALTY CHEMICALS—0.6%** | **SPECIALTY CHEMICALS—0.6%** | **SPECIALTY CHEMICALS—0.6%** |
| DuPont de Nemours, Inc. | 577807 | **26382668** |
| **SYSTEMS SOFTWARE—13.7%** | **SYSTEMS SOFTWARE—13.7%** | **SYSTEMS SOFTWARE—13.7%** |
| Microsoft Corp.<sup>+</sup>  | 948074 | 386605615 |
| Nebius Group NV, Cl. A<sup>+</sup>,\*  | 1261495 | 174376454 |
| ServiceNow, Inc.<sup>\*</sup>  | 299348 | 26435422 |
|  |  | **587417491** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—10.0%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—10.0%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—10.0%** |
| Apple, Inc.<sup>+</sup>  | 963992 | 261579229 |
| IonQ, Inc.<sup>\*</sup>  | 106267 | 4794767 |
| Samsung Electronics Co., Ltd. | 155231 | 23375878 |
| Western Digital Corp. | 323939 | 140757974 |
|  |  | **430507848** |
| **TRADING COMPANIES & DISTRIBUTORS—1.7%** | **TRADING COMPANIES & DISTRIBUTORS—1.7%** | **TRADING COMPANIES & DISTRIBUTORS—1.7%** |
| QXO, Inc.<sup>\*</sup>  | 3640977 | **73074408** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $1,768,450,411) |  | **4488300536** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **PREFERRED STOCKS—3.3%** | **PREFERRED STOCKS—3.3%** | **PREFERRED STOCKS—3.3%** |
| **APPLICATION SOFTWARE—2.5%** | **APPLICATION SOFTWARE—2.5%** | **APPLICATION SOFTWARE—2.5%** |
| Databricks, Inc., Series J<sup>(a),\*,@</sup>  | 325466 | **$** 55957369 |
| Open AI Group PBC, Series C<sup>(a),\*,@</sup>  | 14609 | 10046418 |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 1146050 | 41211958 |
|  |  | **107215745** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.8%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.8%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.8%** |
| Apptronik, Inc., Series A-X1<sup>(a),\*,@</sup>  | 348019 | 12852342 |
| Figure AI, Inc., Series C<sup>(a),\*,@</sup>  | 105496 | 20508422 |
|  |  | **33360764** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $93,305,333) |  | **140576509** |
| **REAL ESTATE INVESTMENT TRUSTS—0.6%** | **REAL ESTATE INVESTMENT TRUSTS—0.6%** | **REAL ESTATE INVESTMENT TRUSTS—0.6%** |
| **HEALTH CARE—0.6%** | **HEALTH CARE—0.6%** | **HEALTH CARE—0.6%** |
| Welltower, Inc. | 105112 | **22845042** |
| (Cost $22,154,314) |  | **22845042** |
| **SPECIAL PURPOSE VEHICLES—1.8%** | **SPECIAL PURPOSE VEHICLES—1.8%** | **SPECIAL PURPOSE VEHICLES—1.8%** |
| **APPLICATION SOFTWARE—1.8%** | **APPLICATION SOFTWARE—1.8%** | **APPLICATION SOFTWARE—1.8%** |
| &nbsp;&nbsp;&nbsp; 2026 VDC LP (invested in VAST Data, Inc. ordinary shares, and <br> Series B and Series F preferred shares) <sup>(a),(b),\*,@</sup>  |  | 39704207 |
| &nbsp;&nbsp;&nbsp; Disruptive Technology Solutions LI, LLC (invested in Reflection AI, <br> Inc. Series B-1, B-2, and C preferred shares) <sup>(a),\*,@</sup>  |  | 38940091 |
|  |  | **78644298** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLES** <br>(Cost $64,236,986) |  | **78644298** |
| **SHORT-TERM SECURITIES—0.1%** | **SHORT-TERM SECURITIES—0.1%** | **SHORT-TERM SECURITIES—0.1%** |
| **MONEY MARKET FUNDS—0.1%** | **MONEY MARKET FUNDS—0.1%** | **MONEY MARKET FUNDS—0.1%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.53%<sup>(c)</sup>  | 4285760 | **4285760** |
| (Cost $4,285,760) |  | **4285760** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

&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 CALL OPTIONS—0.0%** | **PURCHASED CALL OPTIONS—0.0%** | **PURCHASED CALL OPTIONS—0.0%** | **PURCHASED CALL OPTIONS—0.0%** | **PURCHASED CALL OPTIONS—0.0%** |
| **COMMON STOCKS—0.0%** | **COMMON STOCKS—0.0%** | **COMMON STOCKS—0.0%** | **COMMON STOCKS—0.0%** | **COMMON STOCKS—0.0%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc., <br> 10/16/2026, <br> $300.00<br>| $8216860 | BNP Paribas | 310 | **$** 393700 |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED CALL OPTIONS** <br>(Cost $418,557) | &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED CALL OPTIONS** <br>(Cost $418,557) | &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED CALL OPTIONS** <br>(Cost $418,557) |  | **393700** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $1,952,851,361)** | &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $1,952,851,361)** | &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $1,952,851,361)** | 110.3% | **$4735045845** |
| Affiliated Securities (Cost $40,240,452) | Affiliated Securities (Cost $40,240,452) | Affiliated Securities (Cost $40,240,452) |  | 39704207 |
| Unaffiliated Securities (Cost $1,912,610,909) | Unaffiliated Securities (Cost $1,912,610,909) | Unaffiliated Securities (Cost $1,912,610,909) |  | 4695341638 |
| Securities Sold Short (Proceeds $392,638,958) | Securities Sold Short (Proceeds $392,638,958) | Securities Sold Short (Proceeds $392,638,958) | (9.4)% | (403361639) |
| Liabilities in Excess of Other Assets | Liabilities in Excess of Other Assets | Liabilities in Excess of Other Assets | (0.9)% | (37589453) |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | 100.0% | **$4294094753** |

---

&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. See Note 9 - Fair Value Measurements.<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 April 30, 2026. |
| \* | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the <br> investment may be restricted only to qualified buyers.<br>|
| + | All or a portion of this security is held as collateral for securities sold short. |

---

&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>4/30/2026<br>|
| 2026 VDC LP  | 3/2/26, 4/1/26 | $40240452 | $39704207 | 0.9% |
| Anthropic PBC, Series G | 3/31/26 | 2118440 | 2118440 | 0.0% |
| Apptronik, Inc., Series A-X1 | 1/29/26 | 12865288 | 12852342 | 0.3% |
| Databricks, Inc., Series J | 12/17/24 | 30105605 | 55957369 | 1.3% |
| Disruptive Technology Solutions LI, LLC  | 11/4/25, 4/28/26 | 23996534 | 38940091 | 0.9% |
| Figure AI, Inc., Series C | 11/18/25 | 20564501 | 20508422 | 0.5% |
| Open AI Group PBC, Series C | 3/31/26 | 10046418 | 10046418 | 0.2% |
| SB Technology, Inc., Series E | 10/23/24, 12/18/24 | 19723521 | 41211958 | 1.0% |
| Total |  | $159660759 | $221339247 | 5.1% |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments - Securities Sold Short April 30, 2026 (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(5.1)%** |  |  |
| **ADVERTISING—(0.2)%** |  |  |
| Omnicom Group, Inc. | (82224) | **$**(6308225) |
| The Trade Desk, Inc., Cl. A<sup>\*</sup> <br>| (185000) | (4364150) |
|  |  | **(10672375)** |
| **AEROSPACE & DEFENSE—(0.1)%** |  |  |
| Lockheed Martin Corp. | (5892) | **(3051879)** |
| **APPLICATION SOFTWARE—(0.1)%** |  |  |
| SAP SE ADR | (24129) | **(4089624)** |
| **BREWERS—(0.2)%** |  |  |
| Molson Coors Beverage Co., Cl. B | (117042) | (5002375) |
| The Boston Beer Co., Inc., Cl. A<sup>\*</sup> <br>| (18280) | (4333091) |
|  |  | **(9335466)** |
| **BUILDING PRODUCTS—(0.3)%** |  |  |
| Advanced Drainage Systems, Inc. | (28830) | (4302878) |
| Carlisle Cos., Inc. | (18653) | (6626665) |
|  |  | **(10929543)** |
| **COMMUNICATIONS EQUIPMENT—(0.2)%** |  |  |
| Motorola Solutions, Inc. | (15807) | **(6939747)** |
| **DATA PROCESSING & OUTSOURCED SERVICES—(0.1)%** |  |  |
| Genpact Ltd. | (138098) | **(4798905)** |
| **DIVERSIFIED CAPITAL MARKETS—(0.1)%** |  |  |
| Deutsche Bank AG | (125977) | **(3911586)** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—(0.1)%** |  |  |
| Zebra Technologies Corp., Cl.A<sup>\*</sup> <br>| (18000) | **(4072680)** |
| **HEALTHCARE EQUIPMENT—(0.1)%** |  |  |
| ResMed, Inc. | (20065) | **(4290098)** |
| **HOME IMPROVEMENT RETAIL—(0.1)%** |  |  |
| The Home Depot, Inc. | (11777) | **(3872278)** |
| **HUMAN RESOURCE & EMPLOYMENT SERVICES—(0.2)%** |  |  |
| Paychex, Inc. | (92498) | **(8568090)** |
| **INTEGRATED TELECOMMUNICATION SERVICES—(0.1)%** |  |  |
| Verizon Communications, Inc. | (123425) | **(5928103)** |
| **IT CONSULTING & OTHER SERVICES—(0.3)%** |  |  |
| Accenture PLC, Cl. A | (33134) | (5921377) |
| Capgemini SE | (26452) | (3216998) |
| DXC Technology Co.<sup>\*</sup> <br>| (324393) | (3672129) |
|  |  | **(12810504)** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments - Securities Sold Short April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(5.1)% (CONT.)** |  |  |
| **METAL, GLASS & PLASTIC CONTAINERS—(0.2)%** |  |  |
| Ball Corp. | (107249) | **$(6550769)** |
| **PASSENGER GROUND TRANSPORTATION—(0.3)%** |  |  |
| Uber Technologies, Inc.<sup>\*</sup> <br>| (175756) | **(13113155)** |
| **SEMICONDUCTORS—(1.4)%** |  |  |
| Allegro MicroSystems, Inc.<sup>\*</sup> <br>| (195898) | (9501053) |
| Infineon Technologies AG | (162740) | (10945129) |
| Marvell Technology, Inc. | (93172) | (15387356) |
| QUALCOMM, Inc. | (79239) | (14229740) |
| Skyworks Solutions, Inc. | (137590) | (9654690) |
|  |  | **(59717968)** |
| **SYSTEMS SOFTWARE—(0.6)%** |  |  |
| Fortinet, Inc.<sup>\*</sup> <br>| (98813) | (8330924) |
| JFrog Ltd.<sup>\*</sup> <br>| (42422) | (1970078) |
| Oracle Corp | (46118) | (7442984) |
| Teradata Corp.<sup>\*</sup> <br>| (278005) | (7325432) |
|  |  | **(25069418)** |
| **TECHNOLOGY DISTRIBUTORS—(0.1)%** |  |  |
| CDW Corp. | (31000) | **(4244210)** |
| **TECHNOLOGY HARDWARE STORAGE &** <br> **PERIPHERALS—(0.3)%** |  |  |
| HP, Inc. | (260759) | (5439433) |
| Logitech International SA | (54728) | (5433396) |
| NetApp, Inc. | (36294) | (4020286) |
|  |  | **(14893115)** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Proceeds $214,701,570)<br>|  | **$(216859513)** |
| **REAL ESTATE INVESTMENT TRUSTS—(0.2)%** |  |  |
| **TELECOM TOWER—(0.2)%** |  |  |
| American Tower Corp. | (47988) | **(8767887)** |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>(Proceeds $8,504,627)<br>|  | **$(8767887)** |

---

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS—(4.1)%** |  |  |
| **MARKET INDICES—(3.5)%** |  |  |
| ARK Innovation ETF<sup>\*</sup> <br>| (27054) | (2051775) |
| iShares Expanded Tech-Software Sector ETF<sup>\*</sup> <br>| (64120) | (5380309) |
| iShares MSCI India ETF<sup>\*</sup> <br>| (179480) | (8869902) |
| Roundhill Magnificent Seven ETF | (145219) | (9619307) |
| SPDR Dow Jones Industrial Average ETF Trust | (78512) | (38992985) |
| SPDR S&P 500 ETF Trust | (51867) | (37274738) |
| State Street Financial Select Sector SPDR ETF | (155387) | (8100324) |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments - Securities Sold Short April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS—(4.1)% (CONT.)** |  |  |
| **MARKET INDICES—(3.5)% (CONT.)** |  |  |
| State Street SPDR Portfolio S&P 500 Value ETF | (707705) | **$**(42377375) |
|  |  | **(152666715)** |
| **MULTI-UTILITIES—(0.3)%** |  |  |
| Utilities Select Sector SPDR Fund | (252000) | **(11806200)** |
| **SEMICONDUCTORS—(0.3)%** |  |  |
| iShares Semiconductor ETF | (28739) | **(13261324)** |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>(Proceeds $169,432,761)<br>|  | **$(177734239)** |
| &nbsp;&nbsp;&nbsp; **Total Securities Sold Short** <br>(Proceeds $392,638,958)<br>|  | **$(403361639)** |

---

&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 April 30, 2026 (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—89.1%** | **COMMON STOCKS—89.1%** | **COMMON STOCKS—89.1%** |
| **AEROSPACE & DEFENSE—3.8%** | **AEROSPACE & DEFENSE—3.8%** | **AEROSPACE & DEFENSE—3.8%** |
| AAR Corp.<sup>\*</sup>  | 6859 | **$** 757028 |
| Arxis, Inc., Cl. A<sup>\*</sup>  | 8545 | 299075 |
| Cadre Holdings, Inc. | 14505 | 430073 |
| HEICO Corp.<sup>+</sup>  | 3268 | 882099 |
| HEICO Corp., Cl. A | 3424 | 715685 |
| Kratos Defense & Security Solutions, Inc.<sup>+</sup>,\*  | 1006 | 63428 |
| L3Harris Technologies, Inc. | 3081 | 987615 |
| Loar Holdings, Inc.<sup>\*</sup>  | 4862 | 272855 |
| Rheinmetall AG | 559 | 891499 |
| StandardAero, Inc.<sup>\*</sup>  | 316 | 7856 |
| TransDigm Group, Inc.<sup>+</sup>  | 2434 | 2823391 |
| VSE Corp. | 1675 | 287564 |
| York Space Systems, Inc.<sup>\*</sup>  | 1469 | 48712 |
|  |  | **8466880** |
| **AIR FREIGHT & LOGISTICS—0.3%** | **AIR FREIGHT & LOGISTICS—0.3%** | **AIR FREIGHT & LOGISTICS—0.3%** |
| C.H. Robinson Worldwide, Inc. | 3832 | **696696** |
| **APPAREL ACCESSORIES & LUXURY GOODS—0.4%** | **APPAREL ACCESSORIES & LUXURY GOODS—0.4%** | **APPAREL ACCESSORIES & LUXURY GOODS—0.4%** |
| Amer Sports, Inc.<sup>\*</sup>  | 23294 | **816921** |
| **APPLICATION SOFTWARE—3.8%** | **APPLICATION SOFTWARE—3.8%** | **APPLICATION SOFTWARE—3.8%** |
| Anthropic PBC, Series G<sup>(a),\*,@</sup>  | 2003 | 519050 |
| AppLovin Corp., Cl. A<sup>+</sup>,\*  | 7538 | 3364586 |
| Datadog, Inc., Cl. A<sup>\*</sup>  | 6527 | 862804 |
| HubSpot, Inc.<sup>+</sup>,\*  | 7436 | 1649007 |
| nCino, Inc.<sup>\*</sup>  | 21739 | 379998 |
| Palantir Technologies, Inc., Cl. A<sup>\*</sup>  | 12142 | 1689074 |
|  |  | **8464519** |
| **ASSET MANAGEMENT & CUSTODY BANKS—0.9%** | **ASSET MANAGEMENT & CUSTODY BANKS—0.9%** | **ASSET MANAGEMENT & CUSTODY BANKS—0.9%** |
| Hamilton Lane, Inc., Cl. A<sup>+</sup>  | 8007 | 736564 |
| StepStone Group, Inc., Cl. A<sup>+</sup>  | 24270 | 1283883 |
|  |  | **2020447** |
| **BIOTECHNOLOGY—5.2%** | **BIOTECHNOLOGY—5.2%** | **BIOTECHNOLOGY—5.2%** |
| Abivax SA ADR<sup>\*</sup>  | 20093 | 2358516 |
| ACADIA Pharmaceuticals, Inc.<sup>+</sup>,\*  | 49154 | 1103507 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 32135 | 2361280 |
| Dianthus Therapeutics, Inc.<sup>\*</sup>  | 9159 | 804160 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 29685 | 791402 |
| Ionis Pharmaceuticals, Inc.<sup>\*</sup>  | 4356 | 325655 |
| Natera, Inc.<sup>+</sup>,\*  | 11065 | 2281160 |
| Palvella Therapeutics, Inc.<sup>\*</sup>  | 9233 | 1184779 |
| Ultragenyx Pharmaceutical, Inc.<sup>\*</sup>  | 9679 | 238975 |
| Veracyte, Inc.<sup>\*</sup>  | 6650 | 218918 |
|  |  | **11668352** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—89.1% (CONT.)** | **COMMON STOCKS—89.1% (CONT.)** | **COMMON STOCKS—89.1% (CONT.)** |
| **BROADLINE RETAIL—5.1%** | **BROADLINE RETAIL—5.1%** | **BROADLINE RETAIL—5.1%** |
| Amazon.com, Inc.<sup>+</sup>,\*  | 35890 | **$** 9513003 |
| MercadoLibre, Inc.<sup>+</sup>,\*  | 819 | 1468164 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>+</sup>,\*  | 5182 | 448295 |
|  |  | **11429462** |
| **CARGO GROUND TRANSPORTATION—0.6%** | **CARGO GROUND TRANSPORTATION—0.6%** | **CARGO GROUND TRANSPORTATION—0.6%** |
| Old Dominion Freight Line, Inc. | 3609 | 766660 |
| RXO, Inc.<sup>\*</sup>  | 12538 | 250384 |
| XPO, Inc.<sup>\*</sup>  | 1484 | 326673 |
|  |  | **1343717** |
| **COMMUNICATIONS EQUIPMENT—5.9%** | **COMMUNICATIONS EQUIPMENT—5.9%** | **COMMUNICATIONS EQUIPMENT—5.9%** |
| Applied Optoelectronics, Inc.<sup>\*</sup>  | 32393 | 5324113 |
| Arista Networks, Inc.<sup>+</sup>,\*  | 30467 | 5261956 |
| F5, Inc.<sup>\*</sup>  | 2659 | 861250 |
| Lumentum Holdings, Inc.<sup>\*</sup>  | 1876 | 1692752 |
|  |  | **13140071** |
| **CONSTRUCTION & ENGINEERING—2.0%** | **CONSTRUCTION & ENGINEERING—2.0%** | **CONSTRUCTION & ENGINEERING—2.0%** |
| Cardinal Infrastructure Group, Inc., Cl. A<sup>\*</sup>  | 32535 | 1725331 |
| Everus Construction Group, Inc.<sup>\*</sup>  | 2749 | 405285 |
| Legence Corp., Cl. A<sup>\*</sup>  | 18963 | 1649022 |
| Sterling Infrastructure, Inc.<sup>\*</sup>  | 643 | 331544 |
| Tutor Perini Corp. | 3876 | 360158 |
|  |  | **4471340** |
| **CONSUMER FINANCE—0.4%** | **CONSUMER FINANCE—0.4%** | **CONSUMER FINANCE—0.4%** |
| Upstart Holdings, Inc.<sup>+</sup>,\*  | 29476 | **930852** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—0.7%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.7%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.7%** |
| Walmart, Inc.<sup>+</sup>  | 12519 | **1651632** |
| **DATA PROCESSING & OUTSOURCED SERVICES—0.0%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.0%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.0%** |
| Verra Mobility Corp.<sup>\*</sup>  | 4228 | **62701** |
| **DIVERSIFIED SUPPORT SERVICES—0.7%** | **DIVERSIFIED SUPPORT SERVICES—0.7%** | **DIVERSIFIED SUPPORT SERVICES—0.7%** |
| Cintas Corp. | 8384 | **1464769** |
| **EDUCATION SERVICES—0.5%** | **EDUCATION SERVICES—0.5%** | **EDUCATION SERVICES—0.5%** |
| Stride, Inc.<sup>\*</sup>  | 10808 | **1050105** |
| **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** |
| NRG Energy, Inc. | 6825 | **1061834** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—0.8%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.8%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.8%** |
| Enovix Corp.<sup>+</sup>,\*  | 95076 | 634157 |
| Vicor Corp<sup>\*</sup>  | 4339 | 1168362 |
|  |  | **1802519** |
| **ELECTRONIC COMPONENTS—0.4%** | **ELECTRONIC COMPONENTS—0.4%** | **ELECTRONIC COMPONENTS—0.4%** |
| Corning, Inc. | 5116 | **840252** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—89.1% (CONT.)** | **COMMON STOCKS—89.1% (CONT.)** | **COMMON STOCKS—89.1% (CONT.)** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.9%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.9%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.9%** |
| Mirion Technologies, Inc., Cl. A<sup>\*</sup>  | 87350 | **$** 1725162 |
| Novanta, Inc.<sup>\*</sup>  | 1960 | 253879 |
|  |  | **1979041** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.3%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.3%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.3%** |
| Casella Waste Systems, Inc., Cl. A<sup>+</sup>,\*  | 3845 | 304716 |
| Montrose Environmental Group, Inc.<sup>+</sup>,\*  | 8666 | 182420 |
| Waste Connections, Inc.<sup>+</sup>  | 707 | 116457 |
|  |  | **603593** |
| **FINANCIAL EXCHANGES & DATA—0.8%** | **FINANCIAL EXCHANGES & DATA—0.8%** | **FINANCIAL EXCHANGES & DATA—0.8%** |
| Miami International Holdings, Inc.<sup>\*</sup>  | 460 | 21386 |
| S&P Global, Inc. | 3888 | 1676622 |
|  |  | **1698008** |
| **HEALTH CARE DISTRIBUTORS—1.3%** | **HEALTH CARE DISTRIBUTORS—1.3%** | **HEALTH CARE DISTRIBUTORS—1.3%** |
| Cardinal Health, Inc. | 8237 | 1588753 |
| McKesson Corp.<sup>+</sup>  | 1537 | 1252962 |
|  |  | **2841715** |
| **HEALTHCARE EQUIPMENT—1.6%** | **HEALTHCARE EQUIPMENT—1.6%** | **HEALTHCARE EQUIPMENT—1.6%** |
| Artivion, Inc.<sup>\*</sup>  | 30590 | 1096040 |
| Glaukos Corp.<sup>\*</sup>  | 1409 | 202431 |
| Impulse Dynamics PLC, Series A<sup>(a),\*,@</sup>  | 3485265 | 132440 |
| Inmode Ltd.<sup>\*</sup>  | 3885 | 56216 |
| Insulet Corp.<sup>\*</sup>  | 4661 | 802345 |
| Intuitive Surgical, Inc.<sup>+</sup>,\*  | 2630 | 1203514 |
|  |  | **3492986** |
| **HEALTHCARE SERVICES—0.2%** | **HEALTHCARE SERVICES—0.2%** | **HEALTHCARE SERVICES—0.2%** |
| RadNet, Inc.<sup>\*</sup>  | 9503 | **537395** |
| **HEALTHCARE SUPPLIES—0.2%** | **HEALTHCARE SUPPLIES—0.2%** | **HEALTHCARE SUPPLIES—0.2%** |
| Neogen Corp.<sup>\*</sup>  | 40684 | **382430** |
| **HEALTHCARE TECHNOLOGY—0.0%** | **HEALTHCARE TECHNOLOGY—0.0%** | **HEALTHCARE TECHNOLOGY—0.0%** |
| Waystar Holding Corp.<sup>\*</sup>  | 1442 | **30823** |
| **HEAVY ELECTRICAL EQUIPMENT—1.9%** | **HEAVY ELECTRICAL EQUIPMENT—1.9%** | **HEAVY ELECTRICAL EQUIPMENT—1.9%** |
| Forgent Power Solutions, Inc., Cl. A<sup>\*</sup>  | 39625 | 1490692 |
| GE Vernova, Inc.<sup>+</sup>  | 2476 | 2682647 |
| X-Energy, Inc., Cl. A<sup>\*</sup>  | 2352 | 74629 |
|  |  | **4247968** |
| **HOTELS RESORTS & CRUISE LINES—0.3%** | **HOTELS RESORTS & CRUISE LINES—0.3%** | **HOTELS RESORTS & CRUISE LINES—0.3%** |
| Airbnb, Inc., Cl. A<sup>\*</sup>  | 4952 | **695063** |
| **HOUSEHOLD APPLIANCES—0.4%** | **HOUSEHOLD APPLIANCES—0.4%** | **HOUSEHOLD APPLIANCES—0.4%** |
| SharkNinja, Inc.<sup>\*</sup>  | 6779 | **783178** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—89.1% (CONT.)** | **COMMON STOCKS—89.1% (CONT.)** | **COMMON STOCKS—89.1% (CONT.)** |
| **HUMAN RESOURCE & EMPLOYMENT SERVICES—0.1%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—0.1%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—0.1%** |
| First Advantage Corp.<sup>\*</sup>  | 16959 | **$** 216397 |
| Paylocity Holding Corp.<sup>\*</sup>  | 491 | 51795 |
|  |  | **268192** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.8%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.8%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.8%** |
| Talen Energy Corp.<sup>+</sup>,\*  | 4826 | **1797299** |
| **INTERACTIVE HOME ENTERTAINMENT—0.4%** | **INTERACTIVE HOME ENTERTAINMENT—0.4%** | **INTERACTIVE HOME ENTERTAINMENT—0.4%** |
| Take-Two Interactive Software, Inc.<sup>+</sup>,\*  | 4076 | **871286** |
| **INTERACTIVE MEDIA & SERVICES—9.4%** | **INTERACTIVE MEDIA & SERVICES—9.4%** | **INTERACTIVE MEDIA & SERVICES—9.4%** |
| Alphabet, Inc., Cl. A<sup>+</sup>  | 49906 | 19203829 |
| Meta Platforms, Inc., Cl. A<sup>+</sup>  | 2761 | 1689483 |
|  |  | **20893312** |
| **INTERNET SERVICES & INFRASTRUCTURE—4.3%** | **INTERNET SERVICES & INFRASTRUCTURE—4.3%** | **INTERNET SERVICES & INFRASTRUCTURE—4.3%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 6891 | 1412448 |
| DigitalOcean Holdings, Inc.<sup>\*</sup>  | 11232 | 1083102 |
| Twilio, Inc., Cl. A<sup>+</sup>,\*  | 25924 | 3838307 |
| VeriSign, Inc.<sup>+</sup>  | 12312 | 3307742 |
|  |  | **9641599** |
| **INVESTMENT BANKING & BROKERAGE—0.1%** | **INVESTMENT BANKING & BROKERAGE—0.1%** | **INVESTMENT BANKING & BROKERAGE—0.1%** |
| Piper Sandler Cos. | 2586 | **225499** |
| **LEISURE FACILITIES—0.1%** | **LEISURE FACILITIES—0.1%** | **LEISURE FACILITIES—0.1%** |
| Planet Fitness, Inc., Cl. A<sup>+</sup>,\*  | 4317 | **287814** |
| **MANAGED HEALTHCARE—0.2%** | **MANAGED HEALTHCARE—0.2%** | **MANAGED HEALTHCARE—0.2%** |
| Progyny, Inc.<sup>+</sup>,\*  | 25947 | **482095** |
| **MOVIES & ENTERTAINMENT—3.7%** | **MOVIES & ENTERTAINMENT—3.7%** | **MOVIES & ENTERTAINMENT—3.7%** |
| Madison Square Garden Sports Corp., Cl. A<sup>+</sup>,\*  | 8993 | 3079743 |
| Netflix, Inc.<sup>+</sup>,\*  | 31181 | 2918853 |
| Roku, Inc., Cl. A<sup>\*</sup>  | 7366 | 858581 |
| Spotify Technology SA<sup>\*</sup>  | 3331 | 1487458 |
|  |  | **8344635** |
| **OIL & GAS EQUIPMENT & SERVICES—1.7%** | **OIL & GAS EQUIPMENT & SERVICES—1.7%** | **OIL & GAS EQUIPMENT & SERVICES—1.7%** |
| Baker Hughes Co., Cl. A | 49115 | 3421842 |
| Solaris Energy Infrastructure, Inc., Cl. A | 3648 | 269368 |
|  |  | **3691210** |
| **PASSENGER AIRLINES—0.4%** | **PASSENGER AIRLINES—0.4%** | **PASSENGER AIRLINES—0.4%** |
| Joby Aviation, Inc.<sup>\*</sup>  | 91892 | **844487** |
| **PHARMACEUTICALS—2.1%** | **PHARMACEUTICALS—2.1%** | **PHARMACEUTICALS—2.1%** |
| Eli Lilly & Co.<sup>+</sup>  | 800 | 747680 |
| Johnson & Johnson<sup>+</sup>  | 8492 | 1951886 |
| Nektar Therapeutics<sup>\*</sup>  | 8583 | 729898 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—89.1% (CONT.)** | **COMMON STOCKS—89.1% (CONT.)** | **COMMON STOCKS—89.1% (CONT.)** |
| **PHARMACEUTICALS—2.1% (CONT.)** | **PHARMACEUTICALS—2.1% (CONT.)** | **PHARMACEUTICALS—2.1% (CONT.)** |
| Teva Pharmaceutical Industries Ltd. ADR<sup>\*</sup>  | 36395 | **$** 1276373 |
|  |  | **4705837** |
| **PROPERTY & CASUALTY INSURANCE—0.1%** | **PROPERTY & CASUALTY INSURANCE—0.1%** | **PROPERTY & CASUALTY INSURANCE—0.1%** |
| Neptune Insurance Holdings, Inc., Cl. A<sup>\*</sup>  | 844 | 21210 |
| Palomar Holdings, Inc.<sup>\*</sup>  | 2093 | 251955 |
|  |  | **273165** |
| **REAL ESTATE SERVICES—1.1%** | **REAL ESTATE SERVICES—1.1%** | **REAL ESTATE SERVICES—1.1%** |
| FirstService Corp.<sup>+</sup>  | 17723 | **2371515** |
| **RESEARCH & CONSULTING SERVICES—0.6%** | **RESEARCH & CONSULTING SERVICES—0.6%** | **RESEARCH & CONSULTING SERVICES—0.6%** |
| Verisk Analytics, Inc. | 6844 | **1262650** |
| **RESTAURANTS—0.6%** | **RESTAURANTS—0.6%** | **RESTAURANTS—0.6%** |
| First Watch Restaurant Group, Inc.<sup>\*</sup>  | 17039 | 223552 |
| McDonald's Corp. | 3468 | 1018170 |
| Wingstop, Inc. | 1107 | 181614 |
|  |  | **1423336** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—1.5%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—1.5%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—1.5%** |
| Lam Research Corp. | 13165 | **3394727** |
| **SEMICONDUCTORS—10.4%** | **SEMICONDUCTORS—10.4%** | **SEMICONDUCTORS—10.4%** |
| Astera Labs, Inc.<sup>+</sup>,\*  | 26215 | 5105109 |
| GlobalFoundries, Inc.<sup>\*</sup>  | 19787 | 1278240 |
| Impinj, Inc.<sup>\*</sup>  | 3942 | 571275 |
| Micron Technology, Inc. | 1741 | 900375 |
| NVIDIA Corp.<sup>+</sup>  | 45780 | 9136315 |
| Renesas Electronics Corp. ADR | 86561 | 889847 |
| Semtech Corp.<sup>\*</sup>  | 9934 | 1043567 |
| Silicon Motion Technology Corp. ADR | 5154 | 1127592 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR<sup>+</sup>  | 8010 | 3172441 |
|  |  | **23224761** |
| **SYSTEMS SOFTWARE—6.6%** | **SYSTEMS SOFTWARE—6.6%** | **SYSTEMS SOFTWARE—6.6%** |
| Crowdstrike Holdings, Inc., Cl. A<sup>+</sup>,\*  | 5573 | 2484165 |
| Microsoft Corp.<sup>+</sup>  | 4190 | 1708598 |
| Nebius Group NV, Cl. A<sup>+</sup>,\*  | 39499 | 5459947 |
| Palo Alto Networks Inc<sup>+</sup>,\*  | 13975 | 2505997 |
| ServiceNow, Inc.<sup>+</sup>,\*  | 28612 | 2526725 |
|  |  | **14685432** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—3.2%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—3.2%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—3.2%** |
| Apple, Inc. | 3157 | 856652 |
| Western Digital Corp.<sup>+</sup>  | 14311 | 6218416 |
|  |  | **7075068** |
| **TRADING COMPANIES & DISTRIBUTORS—1.1%** | **TRADING COMPANIES & DISTRIBUTORS—1.1%** | **TRADING COMPANIES & DISTRIBUTORS—1.1%** |
| QXO, Inc.<sup>+</sup>,\*  | 83289 | 1671610 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—89.1% (CONT.)** | **COMMON STOCKS—89.1% (CONT.)** | **COMMON STOCKS—89.1% (CONT.)** |
| **TRADING COMPANIES & DISTRIBUTORS—1.1% (CONT.)** | **TRADING COMPANIES & DISTRIBUTORS—1.1% (CONT.)** | **TRADING COMPANIES & DISTRIBUTORS—1.1% (CONT.)** |
| SiteOne Landscape Supply, Inc.<sup>+</sup>,\*  | 2386 | **$** 300755 |
| Xometry, Inc., Cl. A<sup>\*</sup>  | 7455 | 382218 |
|  |  | **2354583** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—0.7%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.7%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.7%** |
| Block, Inc., Cl. A<sup>\*</sup>  | 9750 | 687472 |
| Mastercard, Inc., Cl. A | 1578 | 793608 |
|  |  | **1481080** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $159,760,584) |  | **198274851** |
| **PREFERRED STOCKS—3.1%** | **PREFERRED STOCKS—3.1%** | **PREFERRED STOCKS—3.1%** |
| **APPLICATION SOFTWARE—2.2%** | **APPLICATION SOFTWARE—2.2%** | **APPLICATION SOFTWARE—2.2%** |
| Open AI Group PBC, Series C<sup>(a),\*,@</sup>  | 1166 | 801843 |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 114903 | 4131912 |
|  |  | **4933755** |
| **HEALTHCARE EQUIPMENT—0.3%** | **HEALTHCARE EQUIPMENT—0.3%** | **HEALTHCARE EQUIPMENT—0.3%** |
| Impulse Dynamics PLC, Series F-3<sup>(a),\*,@</sup>  | 13695990 | **780671** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.6%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.6%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.6%** |
| Apptronik, Inc., Series A-X1<sup>(a),\*,@</sup>  | 12005 | 443345 |
| Figure AI, Inc., Series C<sup>(a),\*,@</sup>  | 4029 | 783237 |
|  |  | **1226582** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $4,725,023) |  | **6941008** |
| **REAL ESTATE INVESTMENT TRUSTS—1.5%** | **REAL ESTATE INVESTMENT TRUSTS—1.5%** | **REAL ESTATE INVESTMENT TRUSTS—1.5%** |
| **DATA CENTER—0.8%** | **DATA CENTER—0.8%** | **DATA CENTER—0.8%** |
| Equinix, Inc. | 1607 | **1740108** |
| **HEALTH CARE—0.7%** | **HEALTH CARE—0.7%** | **HEALTH CARE—0.7%** |
| Welltower, Inc. | 7291 | **1584626** |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>(Cost $3,087,000) |  | **3324734** |
| **RIGHTS—0.0%** | **RIGHTS—0.0%** | **RIGHTS—0.0%** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Tolero CDR<sup>(a),\*,@</sup>  | 126108 | **—** |
| (Cost $67,639) |  | **—** |
| **SPECIAL PURPOSE VEHICLES—2.3%** | **SPECIAL PURPOSE VEHICLES—2.3%** | **SPECIAL PURPOSE VEHICLES—2.3%** |
| **APPLICATION SOFTWARE—2.3%** | **APPLICATION SOFTWARE—2.3%** | **APPLICATION SOFTWARE—2.3%** |
| &nbsp;&nbsp;&nbsp; 2026 VDC LP (invested in VAST Data, Inc. ordinary shares, and <br> Series B and Series F preferred shares) <sup>(a),(b),\*,@</sup>  |  | 1617095 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SPECIAL PURPOSE VEHICLES—2.3% (CONT.)** | **SPECIAL PURPOSE VEHICLES—2.3% (CONT.)** | **SPECIAL PURPOSE VEHICLES—2.3% (CONT.)** |
| **APPLICATION SOFTWARE—2.3% (CONT.)** | **APPLICATION SOFTWARE—2.3% (CONT.)** | **APPLICATION SOFTWARE—2.3% (CONT.)** |
| &nbsp;&nbsp;&nbsp; Disruptive Technology Solutions LI, LLC (invested in Reflection AI, <br> Inc. Series B-1, B-2, and C preferred shares) <sup>(a),\*,@</sup>  |  | **$** 3522284 |
|  |  | **5139379** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLES** <br>(Cost $4,022,885) |  | **5139379** |
| **SHORT-TERM SECURITIES—4.3%** | **SHORT-TERM SECURITIES—4.3%** | **SHORT-TERM SECURITIES—4.3%** |
| **MONEY MARKET FUNDS—0.7%** | **MONEY MARKET FUNDS—0.7%** | **MONEY MARKET FUNDS—0.7%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.53%<sup>(c)</sup>  | 1586005 | **1586005** |
| (Cost $1,586,005) |  | **1586005** |
| **U.S. TREASURY OBLIGATIONS—3.6%** | **U.S. TREASURY OBLIGATIONS—3.6%** | **U.S. TREASURY OBLIGATIONS—3.6%** |
| United States Treasury Bill, 0.00%, 5/12/26 | 8000000 | **7991225** |
| (Cost $7,991,224) |  | **7991225** |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM SECURITIES** <br>(Cost $9,577,229) |  | **9577230** |

---

&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—0.3%** | **PURCHASED PUT OPTIONS—0.3%** | **PURCHASED PUT OPTIONS—0.3%** | **PURCHASED PUT OPTIONS—0.3%** | **PURCHASED PUT OPTIONS—0.3%** |
| **EXCHANGE-TRADED OPTIONS PURCHASED—0.3%** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.3%** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.3%** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.3%** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.3%** |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, <br> 6/18/2026, $640<br>| $16693500 | BNP Paribas | 250 | 234250 |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, 6/18/2026, <br> $6,940<br>| $16580723 | BNP Paribas | 23 | 164450 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments April 30, 2026 (Unaudited) (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—0.3% (CONT.)** | **Purchased Put Options—0.3% (CONT.)** | **Purchased Put Options—0.3% (CONT.)** | **Purchased Put Options—0.3% (CONT.)** | **Purchased Put Options—0.3% (CONT.)** |
| **EXCHANGE-TRADED OPTIONS PURCHASED—0.3% (CONT.)** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.3% (CONT.)** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.3% (CONT.)** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.3% (CONT.)** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.3% (CONT.)** |
| &nbsp;&nbsp;&nbsp; Trump Media & Technology <br> Group Corp., 1/15/2027, <br> $30<br>| $109800 | Bank of America | 120 | **$** 243000 |
|  |  |  |  | **641700** |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED PUT OPTIONS** <br>(Cost $724,253) | &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED PUT OPTIONS** <br>(Cost $724,253) | &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED PUT OPTIONS** <br>(Cost $724,253) |  | **641700** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $181,964,613)** | &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $181,964,613)** | &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $181,964,613)** | 100.6% | **$223898902** |
| Affiliated Securities (Cost $1,638,935) | Affiliated Securities (Cost $1,638,935) | Affiliated Securities (Cost $1,638,935) |  | 1617095 |
| Unaffiliated Securities (Cost $180,325,678) | Unaffiliated Securities (Cost $180,325,678) | Unaffiliated Securities (Cost $180,325,678) |  | 222281807 |
| Securities Sold Short (Proceeds $88,827,792) | Securities Sold Short (Proceeds $88,827,792) | Securities Sold Short (Proceeds $88,827,792) | (38.3)% | (85319337) |
| Other Assets in Excess of Liabilities | Other Assets in Excess of Liabilities | Other Assets in Excess of Liabilities | 37.7% | 83935095 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | 100.0% | **$222514660** |

---

&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. See Note 9 - Fair Value Measurements.<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 April 30, 2026. |
| \* | Non-income producing security. |
| + | All or a portion of this security is held as collateral for securities sold short. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the <br> investment may be restricted only to qualified buyers.<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date(s)<br>| Acquisition <br>Cost<br>| Market <br>Value<br>| % of net assets <br>as of <br>4/30/2026<br>|
| 2026 VDC LP  | 3/2/26, 4/1/26 | $1638935 | $1617095 | 0.7% |
| Anthropic PBC, Series G | 3/31/26 | 519050 | 519050 | 0.2% |
| Apptronik, Inc., Series A-X1 | 1/29/26 | 443791 | 443345 | 0.2% |
| Disruptive Technology Solutions LI, LLC | 11/4/25, 4/28/26 | 2383950 | 3522284 | 1.6% |
| Figure AI, Inc., Series C | 11/18/25 | 785380 | 783237 | 0.4% |
| Impulse Dynamics PLC, Series A | 2/11/22 | 3485265 | 132440 | 0.1% |
| Impulse Dynamics PLC, Series F-3 | 6/2/23 | 716529 | 780671 | 0.3% |
| Open AI Group PBC, Series C | 3/31/26 | 801843 | 801843 | 0.4% |
| SB Technology, Inc., Series E | 10/23/24 | 1977480 | 4131912 | 1.8% |
| Tolero CDR | 2/6/17 | 67639 |  | 0.0% |
| Total |  | $12819862 | $12731877 | 5.7% |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

**Over the counter - Contracts for difference outstanding as of April 30, 2026:**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Contract** <br>**Amount**<br>| **Counterparty** | **Reference** <br> **Company**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation**<br>| **Unrealized** <br>**(Depreciation)**<br>| **Net Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| (6900) | Goldman <br> Sachs & Co.<br>| Goldman Sachs <br> Biotech High Cash <br> Percentage of <br> Market Cap Basket<br>| $(186601)<br>| $— | $(186601)<br>| $(186601)<br>|
| (10699) | Goldman <br> Sachs & Co.<br>| Goldman Sachs <br> U.S. Momentum <br> Short Basket<br>| (416827)<br>|  | (416827)<br>| (416827)<br>|
| (5949) | BNP Paribas | SES AI Corp. | 2293 | 2293 |  | 2293 |
| **Total** |  |  | **$**(601135**)**<br>| **$**2293 | **$**(603428**)**<br>| **$**(601135**)**<br>|

---

See Notes to Financial Statements.

------

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

**Schedule of Investments - Securities Sold Short April 30, 2026 (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(34.2)%** |  |  |
| **ADVERTISING—(1.2)%** |  |  |
| The Trade Desk, Inc., Cl.A<sup>\*</sup> <br>| (108689) | **$(2563973)** |
| **AEROSPACE & DEFENSE—0.0%** |  |  |
| General Dynamics Corp. | (178) | **(61285)** |
| **APPLICATION SOFTWARE—(2.7)%** |  |  |
| Aurora Innovation, Inc., Cl. A<sup>\*</sup> <br>| (84923) | (499347) |
| Blackbaud, Inc.<sup>\*</sup> <br>| (24783) | (921184) |
| D-Wave Quantum, Inc.<sup>\*</sup> <br>| (7499) | (152080) |
| Figma, Inc., Cl. A<sup>\*</sup> <br>| (42827) | (758038) |
| Klaviyo, Inc., Cl. A<sup>\*</sup> <br>| (46273) | (929625) |
| PAR Technology Corp.<sup>\*</sup> <br>| (26550) | (356832) |
| Porch Group Inc<sup>\*</sup> <br>| (29322) | (282371) |
| Procore Technologies, Inc.<sup>\*</sup> <br>| (24257) | (1372461) |
| Tyler Technologies, Inc.<sup>\*</sup> <br>| (2819) | (961674) |
|  |  | **(6233612)** |
| **AUTOMOBILE MANUFACTURERS—0.0%** |  |  |
| Fisker, Inc.<sup>(a),\*</sup> <br>| (55316) |  |
| Lucid Group, Inc.<sup>\*</sup> <br>| (5132) | (32691) |
|  |  | **(32691)** |
| **AUTOMOTIVE PARTS & EQUIPMENT—(0.5)%** |  |  |
| Patrick Industries Inc | (11165) | (1038345) |
| QuantumScape Corp., Cl. A<sup>\*</sup> <br>| (5750) | (41917) |
|  |  | **(1080262)** |
| **BREWERS—(1.1)%** |  |  |
| Molson Coors Beverage Co., Cl. B | (36614) | (1564882) |
| The Boston Beer Co., Inc., Cl. A<sup>\*</sup> <br>| (3643) | (863537) |
|  |  | **(2428419)** |
| **BROADLINE RETAIL—(0.4)%** |  |  |
| Coupang, Inc., Cl.A<sup>\*</sup> <br>| (41500) | **(829170)** |
| **BUILDING PRODUCTS—(0.3)%** |  |  |
| A.O. Smith Corp. | (12178) | **(753088)** |
| **CASINOS & GAMING—(0.8)%** |  |  |
| DraftKings, Inc., Cl. A<sup>\*</sup> <br>| (34733) | (809974) |
| Flutter Entertainment PLC<sup>\*</sup> <br>| (7434) | (802352) |
|  |  | **(1612326)** |
| **CONSTRUCTION & ENGINEERING—(0.1)%** |  |  |
| Ameresco, Inc., Cl.A<sup>\*</sup> <br>| (7647) | **(226275)** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—(0.4)%** |  |  |
| Target Corp. | (7463) | **(968324)** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments - Securities Sold Short April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(34.2)% (CONT.)** |  |  |
| **DISTRIBUTORS—(0.3)%** |  |  |
| Pool Corp. | (3672) | **$(783311)** |
| **EDUCATION SERVICES—(0.7)%** |  |  |
| Duolingo, Inc., Cl.A<sup>\*</sup> <br>| (13983) | **(1539528)** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.0%** |  |  |
| SmartRent, Inc.<sup>\*</sup> <br>| (11841) | **(16104)** |
| **FERTILIZERS & AGRICULTURAL CHEMICALS—(0.5)%** |  |  |
| CF Industries Holdings, Inc. | (9871) | **(1225978)** |
| **FOOD RETAIL—(0.5)%** |  |  |
| Maplebear, Inc.<sup>\*</sup> <br>| (24469) | **(1036262)** |
| **FOOTWEAR—(0.7)%** |  |  |
| Birkenstock Holding PLC<sup>\*</sup> <br>| (22445) | (869519) |
| On Holding AG, Cl. A<sup>\*</sup> <br>| (17984) | (640410) |
|  |  | **(1509929)** |
| **HEALTHCARE EQUIPMENT—(2.5)%** |  |  |
| Beta Bionics, Inc.<sup>\*</sup> <br>| (14648) | (149410) |
| Kestra Medical Technologies Ltd.<sup>\*</sup> <br>| (30143) | (624563) |
| ResMed, Inc. | (12305) | (2630932) |
| Stryker Corp. | (6241) | (1966726) |
|  |  | **(5371631)** |
| **HEALTHCARE FACILITIES—(1.4)%** |  |  |
| Encompass Health Corp. | (12389) | (1238900) |
| HCA Healthcare, Inc. | (1760) | (764632) |
| US Physical Therapy, Inc. | (14871) | (1059113) |
|  |  | **(3062645)** |
| **HEALTHCARE SERVICES—0.0%** |  |  |
| Chrome Holding Co., Cl. A<sup>(a),\*</sup> <br>| (3023) |  |
| DocGo, Inc.<sup>\*</sup> <br>| (4671) | (3296) |
|  |  | **(3296)** |
| **HEALTHCARE TECHNOLOGY—0.0%** |  |  |
| Simulations Plus, Inc.<sup>\*</sup> <br>| (3173) | **(44961)** |
| **HOMEFURNISHING RETAIL—(0.4)%** |  |  |
| RH<sup>\*</sup> <br>| (6269) | **(827257)** |
| **HOTELS RESORTS & CRUISE LINES—(1.5)%** |  |  |
| Booking Holdings, Inc. | (7129) | (1200238) |
| Expedia Group, Inc. | (5564) | (1381931) |
| MakeMyTrip Ltd.<sup>\*</sup> <br>| (17370) | (820038) |
|  |  | **(3402207)** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments - Securities Sold Short April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(34.2)% (CONT.)** |  |  |
| **HOUSEHOLD PRODUCTS—(0.3)%** |  |  |
| The Clorox Co. | (5864) | **$(565524)** |
| **HUMAN RESOURCE & EMPLOYMENT SERVICES—(0.3)%** |  |  |
| Robert Half, Inc. | (22315) | **(593802)** |
| **INDUSTRIAL MACHINERY & SUPPLIES &** <br> **COMPONENTS—(0.5)%** |  |  |
| Symbotic, Inc.<sup>\*</sup> <br>| (18516) | (1094296) |
| Velo3D, Inc.<sup>\*</sup> <br>| (751) | (10518) |
|  |  | **(1104814)** |
| **INTEGRATED TELECOMMUNICATION SERVICES—(2.0)%** |  |  |
| AT&T, Inc. | (50306) | (1314496) |
| Comcast Corp., Cl. A | (67403) | (1822577) |
| Verizon Communications, Inc. | (27695) | (1330191) |
|  |  | **(4467264)** |
| **INTERACTIVE MEDIA & SERVICES—(0.5)%** |  |  |
| Reddit, Inc., Cl. A<sup>\*</sup> <br>| (5230) | (770013) |
| Rumble, Inc.<sup>\*</sup> <br>| (45875) | (345439) |
| Trump Media & Technology Group Corp.<sup>\*</sup> <br>| (2738) | (25053) |
|  |  | **(1140505)** |
| **INTERNET SERVICES & INFRASTRUCTURE—(0.9)%** |  |  |
| CoreWeave, Inc., Cl. A<sup>\*</sup> <br>| (9139) | (1019912) |
| Wix.com Ltd.<sup>\*</sup> <br>| (12305) | (919060) |
|  |  | **(1938972)** |
| **IT CONSULTING & OTHER SERVICES—(2.0)%** |  |  |
| Capgemini SE | (13390) | (1628444) |
| Grid Dynamics Holdings, Inc.<sup>\*</sup> <br>| (25767) | (146614) |
| Infosys Ltd. ADR | (168328) | (2097367) |
| International Business Machines Corp. | (251) | (57976) |
| Wipro Ltd. | (313976) | (640511) |
|  |  | **(4570912)** |
| **LIFE SCIENCES TOOLS & SERVICES—(0.1)%** |  |  |
| Medpace Holdings, Inc.<sup>\*</sup> <br>| (344) | **(144019)** |
| **MANAGED HEALTHCARE—(0.8)%** |  |  |
| Clover Health Investments Corp., Cl. A<sup>\*</sup> <br>| (227492) | (625603) |
| Humana, Inc. | (5175) | (1223577) |
|  |  | **(1849180)** |
| **METAL, GLASS & PLASTIC CONTAINERS—(0.6)%** |  |  |
| Ball Corp. | (23552) | **(1438556)** |
| **OTHER SPECIALTY RETAIL—(0.7)%** |  |  |
| Tractor Supply Co. | (34642) | (1215934) |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments - Securities Sold Short April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(34.2)% (CONT.)** |  |  |
| **OTHER SPECIALTY RETAIL—(0.7)% (CONT.)** |  |  |
| Ulta Beauty, Inc.<sup>\*</sup> <br>| (854) | **$**(459008) |
|  |  | **(1674942)** |
| **PACKAGED FOODS & MEATS—0.0%** |  |  |
| Vital Farms, Inc.<sup>\*</sup> <br>| (6185) | **(84425)** |
| **PASSENGER GROUND TRANSPORTATION—(1.4)%** |  |  |
| Grab Holdings Ltd., Cl. A<sup>\*</sup> <br>| (202648) | (774115) |
| Lyft, Inc., Cl. A<sup>\*</sup> <br>| (121078) | (1713254) |
| Uber Technologies, Inc.<sup>\*</sup> <br>| (10493) | (782883) |
|  |  | **(3270252)** |
| **REAL ESTATE OPERATING COMPANIES—0.0%** |  |  |
| Seritage Growth Properties, Cl.A<sup>\*</sup> <br>| (31596) | **(81518)** |
| **REAL ESTATE SERVICES—(0.4)%** |  |  |
| Opendoor Technologies, Inc.<sup>\*</sup> <br>| (1450) | (7801) |
| Zillow Group, Inc., Cl. A<sup>\*</sup> <br>| (19099) | (852006) |
|  |  | **(859807)** |
| **REGIONAL BANKS—(0.5)%** |  |  |
| Atlantic Union Bankshares Corp. | (1921) | (72326) |
| Bank OZK | (11883) | (572285) |
| Eagle Bancorp, Inc. | (14486) | (374463) |
|  |  | **(1019074)** |
| **RESTAURANTS—(2.2)%** |  |  |
| Cava Group, Inc.<sup>\*</sup> <br>| (9357) | (874037) |
| Chipotle Mexican Grill, Inc.<sup>\*</sup> <br>| (25557) | (868682) |
| Domino's Pizza, Inc. | (3161) | (1072907) |
| Dutch Bros, Inc., Cl. A<sup>\*</sup> <br>| (17901) | (1029486) |
| Starbucks Corp. | (8175) | (861073) |
|  |  | **(4706185)** |
| **SEMICONDUCTORS—(0.5)%** |  |  |
| indie Semiconductor, Inc., Cl. A<sup>\*</sup> <br>| (44536) | (200857) |
| ON Semiconductor Corp.<sup>\*</sup> <br>| (8964) | (903661) |
| Rigetti Computing, Inc.<sup>\*</sup> <br>| (6260) | (109237) |
|  |  | **(1213755)** |
| **SYSTEMS SOFTWARE—(2.2)%** |  |  |
| JFrog Ltd.<sup>\*</sup> <br>| (19258) | (894342) |
| Oracle Corp | (13732) | (2216207) |
| Rubrik, Inc., Cl. A<sup>\*</sup> <br>| (16381) | (871142) |
| Zscaler, Inc.<sup>\*</sup> <br>| (7700) | (1006236) |
|  |  | **(4987927)** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments - Securities Sold Short April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(34.2)% (CONT.)** |  |  |
| **TECHNOLOGY HARDWARE STORAGE &** <br> **PERIPHERALS—(1.0)%** |  |  |
| HP, Inc. | (86324) | **$**(1800719) |
| IonQ, Inc.<sup>\*</sup> <br>| (3646) | (164508) |
| Quantum Computing, Inc.<sup>\*</sup> <br>| (15834) | (142823) |
|  |  | **(2108050)** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—(0.7)%** |  |  |
| Chime Financial, Inc., Cl. A<sup>\*</sup> <br>| (35215) | (769800) |
| Toast, Inc., Cl. A<sup>\*</sup> <br>| (29801) | (849925) |
|  |  | **(1619725)** |
| **WIRELESS TELECOMMUNICATION SERVICES—(0.6)%** |  |  |
| T-Mobile US, Inc. | (6725) | **(1314737)** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Proceeds $80,723,052)<br>|  | **$(76366479)** |
| **REAL ESTATE INVESTMENT TRUSTS—(1.2)%** |  |  |
| **HOTEL & RESORT—(0.7)%** |  |  |
| Park Hotels & Resorts, Inc. | (57554) | (660144) |
| Pebblebrook Hotel Trust | (57841) | (812666) |
|  |  | **(1472810)** |
| **OFFICE—(0.1)%** |  |  |
| Easterly Government Properties, Inc. | (8388) | (196363) |
| Empire State Realty Trust, Inc. | (6857) | (38193) |
|  |  | **(234556)** |
| **TELECOM TOWER—(0.4)%** |  |  |
| Crown Castle, Inc. | (9579) | **(850424)** |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>(Proceeds $2,472,949)<br>|  | **$(2557790)** |

---

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS—(2.9)%** |  |  |
| **MARKET INDICES—(2.9)%** |  |  |
| iShares Russell 2000 Growth ETF | (17770) | **(6395068)** |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>(Proceeds $5,631,791)<br>|  | **$(6395068)** |
| &nbsp;&nbsp;&nbsp; **Total Securities Sold Short** <br>(Proceeds $88,827,792)<br>|  | **$(85319337)** |

---

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

ADR American Depositary Receipts <br> ETF Exchange-Traded Fund

&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. See Note 9 - Fair Value Measurements. <br> \* Non-income producing security.

See Notes to Financial Statements.

------

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

**Schedule of Investments April 30, 2026 (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.8%** | **COMMON STOCKS—96.8%** | **COMMON STOCKS—96.8%** |
| **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 \* | 12757 | **$318287** |
| (Cost $281,182) |  |  |
| **BRAZIL—7.8%** | **BRAZIL—7.8%** | **BRAZIL—7.8%** |
| **AEROSPACE & DEFENSE—1.7%** | **AEROSPACE & DEFENSE—1.7%** | **AEROSPACE & DEFENSE—1.7%** |
| Embraer SA ADR | 5793 | 363221 |
| **BROADLINE RETAIL—1.2%** | **BROADLINE RETAIL—1.2%** | **BROADLINE RETAIL—1.2%** |
| MercadoLibre, Inc. \* | 140 | 250968 |
| **DIVERSIFIED BANKS—2.0%** | **DIVERSIFIED BANKS—2.0%** | **DIVERSIFIED BANKS—2.0%** |
| NU Holdings Ltd., Cl. A \* | 30168 | 436833 |
| **DRUG RETAIL—1.4%** | **DRUG RETAIL—1.4%** | **DRUG RETAIL—1.4%** |
| Raia Drogasil SA | 70269 | 310206 |
| **ENVIRONMENTAL & FACILITIES SERVICES—1.5%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.5%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.5%** |
| Orizon Valorizacao de Residuos SA \* | 20302 | 330618 |
| &nbsp;&nbsp;&nbsp; **TOTAL BRAZIL** <br>(Cost $1,151,523) |  | **1691846** |
| **CHINA—19.0%** | **CHINA—19.0%** | **CHINA—19.0%** |
| **BROADLINE RETAIL—2.1%** | **BROADLINE RETAIL—2.1%** | **BROADLINE RETAIL—2.1%** |
| Alibaba Group Holding Ltd. | 27353 | 450805 |
| **COMMUNICATIONS EQUIPMENT—2.6%** | **COMMUNICATIONS EQUIPMENT—2.6%** | **COMMUNICATIONS EQUIPMENT—2.6%** |
| Zhongji Innolight Co., Ltd., Cl. A | 4400 | 555601 |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—3.8%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—3.8%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—3.8%** |
| Weichai Power Co., Ltd., Cl. H | 168067 | 835442 |
| **ELECTRICAL COMPONENTS & EQUIPMENT—1.8%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.8%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.8%** |
| Contemporary Amperex Technology Co., Ltd., Cl. A | 6243 | 400746 |
| **INTERACTIVE MEDIA & SERVICES—5.5%** | **INTERACTIVE MEDIA & SERVICES—5.5%** | **INTERACTIVE MEDIA & SERVICES—5.5%** |
| Tencent Holdings Ltd. | 19493 | 1183854 |
| **PHARMACEUTICALS—0.9%** | **PHARMACEUTICALS—0.9%** | **PHARMACEUTICALS—0.9%** |
| Jiangsu Hengrui Pharmaceuticals Co., Ltd., Cl. H \* | 23394 | 195066 |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—1.3%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—1.3%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—1.3%** |
| NAURA Technology Group Co., Ltd., Cl. A | 3516 | 278159 |
| **SEMICONDUCTORS—1.0%** | **SEMICONDUCTORS—1.0%** | **SEMICONDUCTORS—1.0%** |
| Cambricon Technologies Corp., Ltd., Cl. A \* | 888 | 223346 |
| &nbsp;&nbsp;&nbsp; **TOTAL CHINA** <br>(Cost $3,442,724) |  | **4123019** |
| **GREECE—3.4%** | **GREECE—3.4%** | **GREECE—3.4%** |
| **DIVERSIFIED BANKS—2.0%** | **DIVERSIFIED BANKS—2.0%** | **DIVERSIFIED BANKS—2.0%** |
| National Bank of Greece SA | 26778 | 424383 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.8% (CONT.)** | **COMMON STOCKS—96.8% (CONT.)** | **COMMON STOCKS—96.8% (CONT.)** |
| **GREECE—3.4% (CONT.)** | **GREECE—3.4% (CONT.)** | **GREECE—3.4% (CONT.)** |
| **INDUSTRIAL CONGLOMERATES—1.4%** | **INDUSTRIAL CONGLOMERATES—1.4%** | **INDUSTRIAL CONGLOMERATES—1.4%** |
| Metlen Energy & Metals PLC \* | 7328 | $301330 |
| &nbsp;&nbsp;&nbsp; **TOTAL GREECE** <br>(Cost $574,462) |  | **725713** |
| **HUNGARY—2.9%** | **HUNGARY—2.9%** | **HUNGARY—2.9%** |
| **DIVERSIFIED BANKS—2.9%** | **DIVERSIFIED BANKS—2.9%** | **DIVERSIFIED BANKS—2.9%** |
| OTP Bank Nyrt | 4698 | **630138** |
| (Cost $401,816) |  |  |
| **INDIA—8.0%** | **INDIA—8.0%** | **INDIA—8.0%** |
| **AEROSPACE & DEFENSE—2.4%** | **AEROSPACE & DEFENSE—2.4%** | **AEROSPACE & DEFENSE—2.4%** |
| Bharat Electronics Ltd. | 112274 | 512555 |
| **CONSUMER FINANCE—1.3%** | **CONSUMER FINANCE—1.3%** | **CONSUMER FINANCE—1.3%** |
| Bajaj Finance Ltd. | 29542 | 293430 |
| **FINANCIAL EXCHANGES & DATA—1.5%** | **FINANCIAL EXCHANGES & DATA—1.5%** | **FINANCIAL EXCHANGES & DATA—1.5%** |
| Multi Commodity Exchange of India Ltd. | 10287 | 324102 |
| **MOTORCYCLE MANUFACTURERS—1.6%** | **MOTORCYCLE MANUFACTURERS—1.6%** | **MOTORCYCLE MANUFACTURERS—1.6%** |
| TVS Motor Co., Ltd. | 9630 | 356617 |
| **REAL ESTATE DEVELOPMENT—1.2%** | **REAL ESTATE DEVELOPMENT—1.2%** | **REAL ESTATE DEVELOPMENT—1.2%** |
| Godrej Properties Ltd. \* | 13057 | 253548 |
| &nbsp;&nbsp;&nbsp; **TOTAL INDIA** <br>(Cost $1,388,872) |  | **1740252** |
| **MEXICO—3.8%** | **MEXICO—3.8%** | **MEXICO—3.8%** |
| **CONSUMER FINANCE—2.0%** | **CONSUMER FINANCE—2.0%** | **CONSUMER FINANCE—2.0%** |
| Gentera SAB de CV | 160244 | 418761 |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.8%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.8%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.8%** |
| Arca Continental SAB de CV | 32790 | 394171 |
| &nbsp;&nbsp;&nbsp; **TOTAL MEXICO** <br>(Cost $758,005) |  | **812932** |
| **PERU—2.1%** | **PERU—2.1%** | **PERU—2.1%** |
| **DIVERSIFIED BANKS—2.1%** | **DIVERSIFIED BANKS—2.1%** | **DIVERSIFIED BANKS—2.1%** |
| Credicorp Ltd. | 1408 | **456431** |
| (Cost $368,088) |  |  |
| **PHILIPPINES—2.4%** | **PHILIPPINES—2.4%** | **PHILIPPINES—2.4%** |
| **MARINE PORTS & SERVICES—2.4%** | **MARINE PORTS & SERVICES—2.4%** | **MARINE PORTS & SERVICES—2.4%** |
| International Container Terminal Services, Inc. | 45242 | **524340** |
| (Cost $202,415) |  |  |
| **POLAND—1.7%** | **POLAND—1.7%** | **POLAND—1.7%** |
| **BROADLINE RETAIL—1.7%** | **BROADLINE RETAIL—1.7%** | **BROADLINE RETAIL—1.7%** |
| Pepco Group NV | 42219 | **376530** |
| (Cost $362,463) |  |  |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.8% (CONT.)** | **COMMON STOCKS—96.8% (CONT.)** | **COMMON STOCKS—96.8% (CONT.)** |
| **SINGAPORE—0.8%** | **SINGAPORE—0.8%** | **SINGAPORE—0.8%** |
| **BROADLINE RETAIL—0.8%** | **BROADLINE RETAIL—0.8%** | **BROADLINE RETAIL—0.8%** |
| Sea Ltd., Cl. A ADR\* | 2103 | **$178503** |
| (Cost $337,732) |  |  |
| **SOUTH AFRICA—1.7%** | **SOUTH AFRICA—1.7%** | **SOUTH AFRICA—1.7%** |
| **DIVERSIFIED BANKS—1.7%** | **DIVERSIFIED BANKS—1.7%** | **DIVERSIFIED BANKS—1.7%** |
| Capitec Bank Holdings Ltd. | 1373 | **356430** |
| (Cost $403,849) |  |  |
| **SOUTH KOREA—18.9%** | **SOUTH KOREA—18.9%** | **SOUTH KOREA—18.9%** |
| **AEROSPACE & DEFENSE—1.7%** | **AEROSPACE & DEFENSE—1.7%** | **AEROSPACE & DEFENSE—1.7%** |
| Hanwha Aerospace Co., Ltd. | 380 | 365009 |
| **HEAVY ELECTRICAL EQUIPMENT—3.1%** | **HEAVY ELECTRICAL EQUIPMENT—3.1%** | **HEAVY ELECTRICAL EQUIPMENT—3.1%** |
| HD Hyundai Electric Co., Ltd. | 774 | 665577 |
| **INDUSTRIAL CONGLOMERATES—2.8%** | **INDUSTRIAL CONGLOMERATES—2.8%** | **INDUSTRIAL CONGLOMERATES—2.8%** |
| SK Square Co., Ltd. \* | 1035 | 602371 |
| **INVESTMENT BANKING & BROKERAGE—2.8%** | **INVESTMENT BANKING & BROKERAGE—2.8%** | **INVESTMENT BANKING & BROKERAGE—2.8%** |
| Samsung Securities Co., Ltd. | 8204 | 601143 |
| **LIFE SCIENCES TOOLS & SERVICES—0.7%** | **LIFE SCIENCES TOOLS & SERVICES—0.7%** | **LIFE SCIENCES TOOLS & SERVICES—0.7%** |
| Samsung Biologics Co., Ltd. \* | 148 | 147562 |
| **SEMICONDUCTORS—3.3%** | **SEMICONDUCTORS—3.3%** | **SEMICONDUCTORS—3.3%** |
| SK hynix, Inc. | 808 | 720549 |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.5%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.5%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.5%** |
| Samsung Electronics Co., Ltd. | 6533 | 983790 |
| &nbsp;&nbsp;&nbsp; **TOTAL SOUTH KOREA** <br>(Cost $2,710,682) |  | **4086001** |
| **TAIWAN—17.0%** | **TAIWAN—17.0%** | **TAIWAN—17.0%** |
| **SEMICONDUCTORS—17.0%** | **SEMICONDUCTORS—17.0%** | **SEMICONDUCTORS—17.0%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 46496 | 3227839 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1159 | 459034 |
| &nbsp;&nbsp;&nbsp; **TOTAL TAIWAN** <br>(Cost $927,840) |  | **3686873** |
| **TURKEY—1.8%** | **TURKEY—1.8%** | **TURKEY—1.8%** |
| **AEROSPACE & DEFENSE—1.8%** | **AEROSPACE & DEFENSE—1.8%** | **AEROSPACE & DEFENSE—1.8%** |
| Aselsan Elektronik Sanayi Ve Ticaret AS, Cl. B | 40779 | **379725** |
| (Cost $322,472) |  |  |
| **UNITED STATES—4.0%** | **UNITED STATES—4.0%** | **UNITED STATES—4.0%** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—2.1%** | **CONSUMER STAPLES MERCHANDISE RETAIL—2.1%** | **CONSUMER STAPLES MERCHANDISE RETAIL—2.1%** |
| PriceSmart, Inc. | 2922 | 458520 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.8% (CONT.)** | **COMMON STOCKS—96.8% (CONT.)** | **COMMON STOCKS—96.8% (CONT.)** |
| **UNITED STATES—4.0% (CONT.)** | **UNITED STATES—4.0% (CONT.)** | **UNITED STATES—4.0% (CONT.)** |
| **EDUCATION SERVICES—1.9%** | **EDUCATION SERVICES—1.9%** | **EDUCATION SERVICES—1.9%** |
| Laureate Education, Inc. \* | 13456 | $404959 |
| &nbsp;&nbsp;&nbsp; **TOTAL UNITED STATES** <br>(Cost $573,805) |  | **863479** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $14,207,930) |  | **20950499** |

---

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

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS—3.8%** | **MONEY MARKET FUNDS—3.8%** | **MONEY MARKET FUNDS—3.8%** |
| **UNITED STATES—3.8%** | **UNITED STATES—3.8%** | **UNITED STATES—3.8%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.53%<sup>(a)</sup>  | 816558 | **816558** |
| (Cost $816,558) |  | **816558** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $15,024,488)** | 100.6% | **$21767057** |
| Unaffiliated Securities (Cost $15,024,488) |  | 21767057 |
| Liabilities in Excess of Other Assets | (0.6)% | (119867) |
| **NET ASSETS** | 100.0% | **$21647190** |

---

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

ADR American Depositary Receipts

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

(a) Rate shown reflects 7-day effective yield as of April 30, 2026. <br> \* Non-income producing security.

See Notes to Financial Statements.

------

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

**Schedule of Investments April 30, 2026 (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—87.8%** | **COMMON STOCKS—87.8%** | **COMMON STOCKS—87.8%** |
| **APPLICATION SOFTWARE—5.2%** | **APPLICATION SOFTWARE—5.2%** | **APPLICATION SOFTWARE—5.2%** |
| Adobe, Inc.<sup>\*</sup>  | 4712 | **$** 1159623 |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 8307 | 3707829 |
| Autodesk, Inc.<sup>\*</sup>  | 2530 | 599610 |
| Intuit, Inc. | 909 | 353147 |
| Salesforce, Inc. | 3770 | 665518 |
| Trimble, Inc.<sup>\*</sup>  | 6007 | 404391 |
|  |  | **6890118** |
| **AUTOMOBILE MANUFACTURERS—2.4%** | **AUTOMOBILE MANUFACTURERS—2.4%** | **AUTOMOBILE MANUFACTURERS—2.4%** |
| Tesla, Inc.<sup>\*</sup>  | 8220 | **3136999** |
| **BIOTECHNOLOGY—2.1%** | **BIOTECHNOLOGY—2.1%** | **BIOTECHNOLOGY—2.1%** |
| AbbVie, Inc. | 3121 | 659530 |
| Biogen, Inc.<sup>\*</sup>  | 4080 | 772262 |
| BioNTech SE ADR<sup>\*</sup>  | 1691 | 174934 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup>  | 2912 | 1244531 |
|  |  | **2851257** |
| **BROADLINE RETAIL—7.2%** | **BROADLINE RETAIL—7.2%** | **BROADLINE RETAIL—7.2%** |
| Amazon.com, Inc.<sup>\*</sup>  | 32123 | 8514522 |
| MercadoLibre, Inc.<sup>\*</sup>  | 636 | 1140113 |
|  |  | **9654635** |
| **DIVERSIFIED SUPPORT SERVICES—0.4%** | **DIVERSIFIED SUPPORT SERVICES—0.4%** | **DIVERSIFIED SUPPORT SERVICES—0.4%** |
| Cintas Corp. | 3438 | **600653** |
| **ELECTRIC UTILITIES—1.4%** | **ELECTRIC UTILITIES—1.4%** | **ELECTRIC UTILITIES—1.4%** |
| Constellation Energy Corp. | 3309 | 1035717 |
| NextEra Energy, Inc. | 7811 | 764541 |
|  |  | **1800258** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.9%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.9%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.9%** |
| Eaton Corp. PLC | 1839 | 796305 |
| Nextpower, Inc., Cl. A<sup>\*</sup>  | 7206 | 858451 |
| Vertiv Holdings Co., Cl. A | 6861 | 2253770 |
|  |  | **3908526** |
| **ELECTRONIC MANUFACTURING SERVICES—2.2%** | **ELECTRONIC MANUFACTURING SERVICES—2.2%** | **ELECTRONIC MANUFACTURING SERVICES—2.2%** |
| Flex Ltd.<sup>\*</sup>  | 32391 | **2965396** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.8%** |
| Tetra Tech, Inc. | 14651 | 473520 |
| Veralto Corp. | 6239 | 550280 |
|  |  | **1023800** |
| **FINANCIAL EXCHANGES & DATA—1.1%** | **FINANCIAL EXCHANGES & DATA—1.1%** | **FINANCIAL EXCHANGES & DATA—1.1%** |
| S&P Global, Inc. | 3277 | **1413141** |
| **HEALTHCARE EQUIPMENT—0.9%** | **HEALTHCARE EQUIPMENT—0.9%** | **HEALTHCARE EQUIPMENT—0.9%** |
| Edwards Lifesciences Corp.<sup>\*</sup>  | 7408 | 618568 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—87.8% (CONT.)** | **COMMON STOCKS—87.8% (CONT.)** | **COMMON STOCKS—87.8% (CONT.)** |
| **HEALTHCARE EQUIPMENT—0.9% (CONT.)** | **HEALTHCARE EQUIPMENT—0.9% (CONT.)** | **HEALTHCARE EQUIPMENT—0.9% (CONT.)** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 1414 | **$** 647060 |
|  |  | **1265628** |
| **HEAVY ELECTRICAL EQUIPMENT—2.1%** | **HEAVY ELECTRICAL EQUIPMENT—2.1%** | **HEAVY ELECTRICAL EQUIPMENT—2.1%** |
| GE Vernova, Inc. | 2548 | **2760656** |
| **HOME IMPROVEMENT RETAIL—1.1%** | **HOME IMPROVEMENT RETAIL—1.1%** | **HOME IMPROVEMENT RETAIL—1.1%** |
| The Home Depot, Inc. | 4307 | **1416142** |
| **HOUSEHOLD PRODUCTS—0.6%** | **HOUSEHOLD PRODUCTS—0.6%** | **HOUSEHOLD PRODUCTS—0.6%** |
| The Procter & Gamble Co. | 5757 | **846797** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.4%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.4%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.4%** |
| Xylem, Inc. | 4122 | **487055** |
| **INTERACTIVE HOME ENTERTAINMENT—0.3%** | **INTERACTIVE HOME ENTERTAINMENT—0.3%** | **INTERACTIVE HOME ENTERTAINMENT—0.3%** |
| Take-Two Interactive Software, Inc.<sup>\*</sup>  | 2047 | **437567** |
| **INTERACTIVE MEDIA & SERVICES—6.7%** | **INTERACTIVE MEDIA & SERVICES—6.7%** | **INTERACTIVE MEDIA & SERVICES—6.7%** |
| Alphabet, Inc., Cl. A | 14840 | 5710432 |
| Alphabet, Inc., Cl. C | 8270 | 3158644 |
|  |  | **8869076** |
| **INTERNET SERVICES & INFRASTRUCTURE—1.1%** | **INTERNET SERVICES & INFRASTRUCTURE—1.1%** | **INTERNET SERVICES & INFRASTRUCTURE—1.1%** |
| GDS Holdings Ltd. ADR<sup>\*</sup>  | 8682 | 367075 |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 1772 | 444471 |
| Okta, Inc., Cl. A<sup>\*</sup>  | 3990 | 293863 |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 2814 | 416641 |
|  |  | **1522050** |
| **INVESTMENT BANKING & BROKERAGE—1.5%** | **INVESTMENT BANKING & BROKERAGE—1.5%** | **INVESTMENT BANKING & BROKERAGE—1.5%** |
| Morgan Stanley | 10677 | **2034929** |
| **IT CONSULTING & OTHER SERVICES—0.3%** | **IT CONSULTING & OTHER SERVICES—0.3%** | **IT CONSULTING & OTHER SERVICES—0.3%** |
| Accenture PLC, Cl. A | 1900 | **339549** |
| **LIFE SCIENCES TOOLS & SERVICES—0.4%** | **LIFE SCIENCES TOOLS & SERVICES—0.4%** | **LIFE SCIENCES TOOLS & SERVICES—0.4%** |
| Agilent Technologies, Inc. | 4585 | **529797** |
| **MOVIES & ENTERTAINMENT—2.2%** | **MOVIES & ENTERTAINMENT—2.2%** | **MOVIES & ENTERTAINMENT—2.2%** |
| Netflix, Inc.<sup>\*</sup>  | 20425 | 1911984 |
| Spotify Technology SA<sup>\*</sup>  | 2302 | 1027958 |
|  |  | **2939942** |
| **PHARMACEUTICALS—1.1%** | **PHARMACEUTICALS—1.1%** | **PHARMACEUTICALS—1.1%** |
| Merck & Co., Inc. | 9056 | 988734 |
| Zoetis, Inc. | 3832 | 440565 |
|  |  | **1429299** |
| **RAIL TRANSPORTATION—0.5%** | **RAIL TRANSPORTATION—0.5%** | **RAIL TRANSPORTATION—0.5%** |
| Union Pacific Corp. | 2395 | **645405** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—4.5%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—4.5%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—4.5%** |
| ASML Holding NV ADR | 1570 | 2259214 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—87.8% (CONT.)** | **COMMON STOCKS—87.8% (CONT.)** | **COMMON STOCKS—87.8% (CONT.)** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—4.5% (CONT.)** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—4.5% (CONT.)** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—4.5% (CONT.)** |
| Lam Research Corp. | 14516 | **$** 3743096 |
|  |  | **6002310** |
| **SEMICONDUCTORS—18.4%** | **SEMICONDUCTORS—18.4%** | **SEMICONDUCTORS—18.4%** |
| Broadcom, Inc. | 9810 | 4094988 |
| First Solar, Inc.<sup>\*</sup>  | 2661 | 537229 |
| NVIDIA Corp. | 75927 | 15152752 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 11783 | 4666775 |
|  |  | **24451744** |
| **SPECIALTY CHEMICALS—0.4%** | **SPECIALTY CHEMICALS—0.4%** | **SPECIALTY CHEMICALS—0.4%** |
| Ecolab, Inc. | 1977 | **515206** |
| **SYSTEMS SOFTWARE—7.8%** | **SYSTEMS SOFTWARE—7.8%** | **SYSTEMS SOFTWARE—7.8%** |
| Microsoft Corp. | 24685 | 10066049 |
| ServiceNow, Inc.<sup>\*</sup>  | 4005 | 353682 |
|  |  | **10419731** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.3%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.3%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.3%** |
| Apple, Inc. | 25223 | 6844261 |
| Western Digital Corp. | 9636 | 4187035 |
|  |  | **11031296** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—3.5%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—3.5%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—3.5%** |
| Visa, Inc., Cl. A | 14265 | **4705168** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $39,832,260) |  | **116894130** |
| **PREFERRED STOCKS—0.5%** | **PREFERRED STOCKS—0.5%** | **PREFERRED STOCKS—0.5%** |
| **APPLICATION SOFTWARE—0.5%** | **APPLICATION SOFTWARE—0.5%** | **APPLICATION SOFTWARE—0.5%** |
| Databricks, Inc., Series K<sup>(a),\*,@</sup>  | 2612 | 449081 |
| Databricks, Inc., Series L<sup>(a),\*,@</sup>  | 1118 | 192218 |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $604,220) |  | **641299** |
| **REAL ESTATE INVESTMENT TRUSTS—1.5%** | **REAL ESTATE INVESTMENT TRUSTS—1.5%** | **REAL ESTATE INVESTMENT TRUSTS—1.5%** |
| **DATA CENTER—0.8%** | **DATA CENTER—0.8%** | **DATA CENTER—0.8%** |
| Equinix, Inc. | 973 | **1053594** |
| **INDUSTRIAL—0.7%** | **INDUSTRIAL—0.7%** | **INDUSTRIAL—0.7%** |
| Prologis, Inc. | 6674 | **947841** |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>(Cost $1,153,538) |  | **2001435** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SPECIAL PURPOSE VEHICLES—0.5%** | **SPECIAL PURPOSE VEHICLES—0.5%** | **SPECIAL PURPOSE VEHICLES—0.5%** |
| **APPLICATION SOFTWARE—0.5%** | **APPLICATION SOFTWARE—0.5%** | **APPLICATION SOFTWARE—0.5%** |
| &nbsp;&nbsp;&nbsp; Disruptive Technology Solutions LI, LLC (invested in Reflection AI, <br> Inc. Series B-1, B-2, and C preferred shares) <sup>(a),\*,@</sup>  |  | **$749926** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLES** <br>(Cost $324,205) |  | **749926** |
| **SHORT-TERM SECURITIES—20.4%** | **SHORT-TERM SECURITIES—20.4%** | **SHORT-TERM SECURITIES—20.4%** |
| **MONEY MARKET FUNDS—20.4%** | **MONEY MARKET FUNDS—20.4%** | **MONEY MARKET FUNDS—20.4%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.53%<sup>(b)</sup>  | 27178217 | **27178217** |
| (Cost $27,178,217) |  | **27178217** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $69,092,440)** | 110.7% | **$147465007** |
| Unaffiliated Securities (Cost $69,092,440) |  | 147465007 |
| Liabilities in Excess of Other Assets | (10.7)% | (14303236) |
| **NET ASSETS** | 100.0% | **$133161771** |

---

&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. See Note 9 - Fair Value Measurements.<br>|
| (b) | Rate shown reflects 7-day effective yield as of April 30, 2026. |
| \* | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the <br> investment may be restricted only to qualified buyers.<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date(s)<br>| Acquisition <br>Cost<br>| Market <br>Value<br>| % of net assets <br>as of <br>4/30/2026<br>|
| Databricks, Inc., Series K | 9/8/25 | $391800 | $449081 | 0.3% |
| Databricks, Inc., Series L | 12/16/25 | 212420 | 192218 | 0.2% |
| Disruptive Technology Solutions LI, LLC  | 11/4/25 | 324205 | 749926 | 0.5% |
| Total |  | $928425 | $1391225 | 1.0% |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Statements of Assets and Liabilities April 30, 2026 (Unaudited)**

------

&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>| $4695341638 | &nbsp;&nbsp; $222281807 |
| Investments in affiliated securities, at value (Identified <br> cost below)\*\* see accompanying schedules of <br> investments<br>| 39704207 | &nbsp;&nbsp; 1617095 |
| Cash collateral held for short sales and derivatives | 196041180 | &nbsp;&nbsp; 94933159 |
| Unrealized gain on OTC contracts for difference |  | &nbsp;&nbsp; 2293 |
| Receivable for investment securities sold | 50274691 | &nbsp;&nbsp; 16950177 |
| Receivable for shares of beneficial interest sold | 2536326 | &nbsp;&nbsp; 180338 |
| Dividends and interest receivable | 218305 | &nbsp;&nbsp; 119812 |
| Prepaid expenses | 78702 | &nbsp;&nbsp; 18870 |
| Total Assets | 4984195049 | &nbsp;&nbsp; 336103551 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities purchased | 43069831 | &nbsp;&nbsp; 27018987 |
| Payable for shares of beneficial interest redeemed | 2555760 | &nbsp;&nbsp; 282072 |
| Securities sold short, at value‡ | 403361639 | &nbsp;&nbsp; 85319337 |
| Unrealized loss on OTC contracts for difference |  | &nbsp;&nbsp; 603428 |
| Due to broker | 235001895 | &nbsp;&nbsp; — |
| Bank overdraft | 1262736 | &nbsp;&nbsp; — |
| Accrued investment advisory fees | 2904543 | &nbsp;&nbsp; 215733 |
| Accrued distribution fees — Note 3  | 454713 | &nbsp;&nbsp; 12426 |
| Accrued shareholder administrative fees | 42875 | &nbsp;&nbsp; 2007 |
| Accrued administrative fees | 93323 | &nbsp;&nbsp; 4944 |
| Accrued professional fees | 368477 | &nbsp;&nbsp; 49424 |
| Accrued transfer agent fees | 343585 | &nbsp;&nbsp; 12223 |
| Accrued printing fees | 200264 | &nbsp;&nbsp; 22338 |
| Dividends payable | 194164 | &nbsp;&nbsp; 29546 |
| Accrued fund accounting fees | 121565 | &nbsp;&nbsp; 8024 |
| Accrued custodian fees | 26063 | &nbsp;&nbsp; 6839 |
| Accrued trustee fees | 25795 | &nbsp;&nbsp; 1136 |
| Accrued other expenses | 73068 | &nbsp;&nbsp; 427 |
| Total Liabilities | 690100296 | &nbsp;&nbsp; 113588891 |
| **NET ASSETS** | **$4294094753** | &nbsp;&nbsp; **$222514660** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 1358030369 | &nbsp;&nbsp; 204652866 |
| Distributable earnings | 2936064384 | &nbsp;&nbsp; 17861794 |
| **NET ASSETS** | **$4294094753** | &nbsp;&nbsp; **$222514660** |
| \* Identified cost on unaffiliated securities | $1912610909 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $180325678 <br><sup>(b)</sup><br>|
| \*\* Identified cost on affiliated securities | $40240452 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $1638935 <br><sup>(b)</sup><br>|
| ‡ Proceeds received on short sales | $392638958 | &nbsp;&nbsp; $88827792 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Statements of Assets and Liabilities April 30, 2026 (Unaudited) (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 | $1584505949 | &nbsp;&nbsp; $32622853 |
| Class C | $142997671 | &nbsp;&nbsp; $7185441 |
| Class I | $129263668 | &nbsp;&nbsp; $— |
| Class Y | $35136172 | &nbsp;&nbsp; $— |
| Class Z | $2402191293 | &nbsp;&nbsp; $182706366 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** |
| Class A | 45379799 | &nbsp;&nbsp; 1461475 |
| Class C | 5415357 | &nbsp;&nbsp; 370455 |
| Class I | 3624279 | &nbsp;&nbsp; — |
| Class Y | 918552 | &nbsp;&nbsp; — |
| Class Z | 63146949 | &nbsp;&nbsp; 7806434 |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class A | $34.92 | &nbsp;&nbsp; $22.32 |
| Class A - Offering Price Per Share (includes a 5.25% <br> sales charge)<br>| $36.85 | &nbsp;&nbsp; $23.56 |
| Class C | $26.41 | &nbsp;&nbsp; $19.40 |
| Class I | $35.67 | &nbsp;&nbsp; $— |
| Class Y | $38.25 | &nbsp;&nbsp; $— |
| Class Z | $38.04 | &nbsp;&nbsp; $23.40 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 April 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $1,613,670,452,
 amounted to $2,718,013,754, which consisted of aggregate gross unrealized appreciation of $2,826,527,816,
 and aggregate gross unrealized depreciation of $108,514,062.

&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 April 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $98,338,872,
 amounted to $39,639,558, which consisted of aggregate gross unrealized appreciation of $54,247,416, and
 aggregate gross unrealized depreciation of $14,607,858.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Statements of Assets and Liabilities April 30, 2026 (Unaudited) (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>| $21767057 | &nbsp;&nbsp; $147465007 |
| Foreign cash † | 597 | &nbsp;&nbsp; — |
| Receivable for shares of beneficial interest sold | 13678 | &nbsp;&nbsp; 75927 |
| Dividends and interest receivable | 7020 | &nbsp;&nbsp; 42390 |
| Receivable from Investment Manager | 13057 | &nbsp;&nbsp; 8065 |
| Prepaid expenses | 24872 | &nbsp;&nbsp; 9705 |
| Total Assets | 21826281 | &nbsp;&nbsp; 147601094 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities purchased |  | &nbsp;&nbsp; 14131428 |
| Payable for shares of beneficial interest redeemed | 56641 | &nbsp;&nbsp; 160676 |
| Accrued investment advisory fees | 12583 | &nbsp;&nbsp; 61442 |
| Accrued distribution fees — Note 3  | 1699 | &nbsp;&nbsp; 14665 |
| Accrued shareholder administrative fees | 202 | &nbsp;&nbsp; 1195 |
| Accrued administrative fees | 461 | &nbsp;&nbsp; 2380 |
| Accrued professional fees | 30333 | &nbsp;&nbsp; 34108 |
| Accrued transfer agent fees | 2039 | &nbsp;&nbsp; 13641 |
| Accrued printing fees | 2879 | &nbsp;&nbsp; 4459 |
| Accrued fund accounting fees | 13315 | &nbsp;&nbsp; 11284 |
| Accrued custodian fees | 3099 | &nbsp;&nbsp; 1016 |
| Accrued trustee fees | 91 | &nbsp;&nbsp; 474 |
| Foreign capital gain tax payable | 55466 | &nbsp;&nbsp; — |
| Accrued other expenses | 283 | &nbsp;&nbsp; 2555 |
| Total Liabilities | 179091 | &nbsp;&nbsp; 14439323 |
| **NET ASSETS** | **$21647190** | &nbsp;&nbsp; **$133161771** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 25440666 | &nbsp;&nbsp; 51078745 |
| Distributable earnings (Distributions in excess of <br> earnings)<br>| (3793476)<br>| &nbsp;&nbsp; 82083026 |
| **NET ASSETS** | **$21647190** | &nbsp;&nbsp; **$133161771** |
| \* Identified cost on unaffiliated securities | $15024488 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $69092440 <br><sup>(d)</sup><br>|
| † Cost of foreign cash | $597 | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Statements of Assets and Liabilities April 30, 2026 (Unaudited) (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 | $6109463 | &nbsp;&nbsp; $63481429 |
| Class C | $518756 | &nbsp;&nbsp; $1428518 |
| Class I | $390065 | &nbsp;&nbsp; $5764241 |
| Class Z | $14628906 | &nbsp;&nbsp; $62487583 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** |
| Class A | 405356 | &nbsp;&nbsp; 2996584 |
| Class C | 37526 | &nbsp;&nbsp; 85342 |
| Class I | 26003 | &nbsp;&nbsp; 272957 |
| Class Z | 945605 | &nbsp;&nbsp; 2818598 |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class A | $15.07 | &nbsp;&nbsp; $21.18 |
| Class A - Offering Price Per Share (includes a 5.25% <br> sales charge)<br>| $15.91 | &nbsp;&nbsp; $22.35 |
| Class C | $13.82 | &nbsp;&nbsp; $16.74 |
| Class I | $15.00 | &nbsp;&nbsp; $21.12 |
| Class Z | $15.47 | &nbsp;&nbsp; $22.17 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) At
 April 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $15,041,474,
 amounted to $6,725,583, which consisted of aggregate gross unrealized appreciation of $7,280,201, and
 aggregate gross unrealized depreciation of $554,618.

&nbsp;&nbsp;&nbsp;&nbsp;(d) At
 April 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $69,102,439,
 amounted to $78,362,568, which consisted of aggregate gross unrealized appreciation of $78,856,583, and
 aggregate gross unrealized depreciation of $494,015.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Statements of Operations for the six months ended April 30, 2026 (Unaudited)**

------

&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\*) | $5803817 | &nbsp;&nbsp; $274733 |
| Interest | 25389 | &nbsp;&nbsp; 648801 |
| Borrowing income on short sales |  | &nbsp;&nbsp; 752488 |
| Total Income | 5829206 | &nbsp;&nbsp; 1676022 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 16857906 | &nbsp;&nbsp; 1351150 |
| Distribution fees — Note 3  |  |  |
| Class A | 1937508 | &nbsp;&nbsp; 41261 |
| Class C | 753458 | &nbsp;&nbsp; 37398 |
| Class I | 156334 | &nbsp;&nbsp; — |
| Shareholder administrative fees — Note 3  | 261475 | &nbsp;&nbsp; 12576 |
| Administration fees — Note 3  | 567057 | &nbsp;&nbsp; 30964 |
| Borrowing fees on short sales — Note 2  | 3439574 | &nbsp;&nbsp; — |
| Dividends on securities sold short — Note 2  | 2700403 | &nbsp;&nbsp; 416614 |
| Transfer agent fees — Note 3  | 670740 | &nbsp;&nbsp; 23872 |
| Fund accounting fees — Note 3  | 250951 | &nbsp;&nbsp; 26038 |
| Professional fees | 239934 | &nbsp;&nbsp; 30762 |
| Printing fees | 174119 | &nbsp;&nbsp; 17033 |
| Registration fees | 156574 | &nbsp;&nbsp; 22459 |
| Trustee fees — Note 3  | 122621 | &nbsp;&nbsp; 6420 |
| Custodian fees | 46960 | &nbsp;&nbsp; 10480 |
| Interest expense — Note 3  | 18060 | &nbsp;&nbsp; 12964 |
| Other expenses | 205235 | &nbsp;&nbsp; 8331 |
| Total Expenses | 28558909 | &nbsp;&nbsp; 2048322 |
| Less, expense reimbursements/waivers — Note 3  | (613731)<br>| &nbsp;&nbsp; — |
| Net Expenses | 27945178 | &nbsp;&nbsp; 2048322 |
| **NET INVESTMENT (LOSS)** | **(22115972)**<br>| &nbsp;&nbsp; **(372300)**<br>|
| **REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized gain on unaffiliated investments | 190627210 | &nbsp;&nbsp; 989224 |
| Net realized gain on in-kind transactions | 86805242 | &nbsp;&nbsp; — |
| Net realized gain (loss) on foreign currency transactions | (51984)<br>| &nbsp;&nbsp; 10843 |
| Net realized (loss) on short sales | (8696226)<br>| &nbsp;&nbsp; (2035695)<br>|
| Net realized (loss) on OTC contracts for difference |  | &nbsp;&nbsp; (1555519)<br>|
| Net realized gain (loss) on investments and foreign <br> currency<br>| 268684242 | &nbsp;&nbsp; (2591147)<br>|

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Statements of Operations for the six months ended April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Spectra Fund** | &nbsp;&nbsp; **Alger Dynamic**<br> **Opportunities Fund**<br>|
| Net change in unrealized (depreciation) on unaffiliated <br> investments<br>| $(339873323)<br>| &nbsp;&nbsp; $(747078)<br>|
| Net change in unrealized appreciation on affiliated <br> investments<br>| 6377460 | &nbsp;&nbsp; 833374 |
| Net change in unrealized appreciation on foreign <br> currency<br>| 3937 | &nbsp;&nbsp; 503 |
| Net change in unrealized appreciation (depreciation) on <br> short sales<br>| (15831508)<br>| &nbsp;&nbsp; 1012802 |
| Net change in unrealized (depreciation) on OTC <br> contracts for difference<br>|  | &nbsp;&nbsp; (358862)<br>|
| Net change in unrealized appreciation (depreciation) on <br> investments and foreign currency<br>| (349323434)<br>| &nbsp;&nbsp; 740739 |
| Net realized and unrealized (loss) on investments and <br> foreign currency<br>| (80639192)<br>| &nbsp;&nbsp; (1850408)<br>|
| **NET (DECREASE) IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| **$(102755164)**<br>| &nbsp;&nbsp; **$(2222708)**<br>|
| \* Foreign withholding taxes | $185686 | &nbsp;&nbsp; $8001 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Statements of Operations for the six months ended April 30, 2026 (Unaudited) (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\*) | $148186 | &nbsp;&nbsp; $246346 |
| Interest | 6928 | &nbsp;&nbsp; 50927 |
| Total Income | 155114 | &nbsp;&nbsp; 297273 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 73520 | &nbsp;&nbsp; 358626 |
| Distribution fees — Note 3  |  |  |
| Class A | 7028 | &nbsp;&nbsp; 70504 |
| Class C | 2479 | &nbsp;&nbsp; 6781 |
| Class I | 435 | &nbsp;&nbsp; 6769 |
| Shareholder administrative fees — Note 3  | 1179 | &nbsp;&nbsp; 6928 |
| Administration fees — Note 3  | 2696 | &nbsp;&nbsp; 13891 |
| Transfer agent fees — Note 3  | 3574 | &nbsp;&nbsp; 24188 |
| Fund accounting fees — Note 3  | 19155 | &nbsp;&nbsp; 17813 |
| Professional fees | 18821 | &nbsp;&nbsp; 20835 |
| Printing fees | 3753 | &nbsp;&nbsp; 5730 |
| Registration fees | 20452 | &nbsp;&nbsp; 29747 |
| Trustee fees — Note 3  | 536 | &nbsp;&nbsp; 2860 |
| Custodian fees | 4699 | &nbsp;&nbsp; 1512 |
| Interest expense — Note 3  | 349 | &nbsp;&nbsp; — |
| Other expenses | 15505 | &nbsp;&nbsp; 13218 |
| Total Expenses | 174181 | &nbsp;&nbsp; 579402 |
| Less, expense reimbursements/waivers — Note 3  | (56995)<br>| &nbsp;&nbsp; (45301)<br>|
| Net Expenses | 117186 | &nbsp;&nbsp; 534101 |
| **NET INVESTMENT INCOME (LOSS)** | **37928** | &nbsp;&nbsp; **(236828)**<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 | 1641585 | &nbsp;&nbsp; 593456 |
| Net realized gain on in-kind transactions |  | &nbsp;&nbsp; 3951322 |
| Net realized (loss) on foreign currency transactions | (6798)<br>| &nbsp;&nbsp; — |
| Net realized gain on investments and foreign currency | 1634787 | &nbsp;&nbsp; 4544778 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Statements of Operations for the six months ended April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Emerging**<br> **Markets Fund**<br>| &nbsp;&nbsp; **Alger Responsible**<br> **Investing Fund**<br>|
| Net change in unrealized appreciation (depreciation) on <br> unaffiliated investments<br>| $1080568 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $(1863995)<br>|
| Net change in unrealized appreciation on foreign <br> currency<br>| 320 | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on <br> investments and foreign currency<br>| 1080888 | &nbsp;&nbsp; (1863995)<br>|
| Net realized and unrealized gain on investments and foreign <br> currency<br>| 2715675 | &nbsp;&nbsp; 2680783 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| **$2753603** | &nbsp;&nbsp; **$2443955** |
| \* Foreign withholding taxes | $18654 | &nbsp;&nbsp; $3792 |

---

&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 $7,074.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

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

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Spectra Fund** | **Alger Spectra Fund** |
|  | For the <br>Six Months Ended <br>April 30, 2026<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2025<br>|
| Net investment (loss) | $(22115972)<br>| &nbsp;&nbsp; $(41548767)<br>|
| Net realized gain on investments and foreign currency | 268684242 | &nbsp;&nbsp; 462302668 |
| Net change in unrealized appreciation (depreciation) on <br> investments and foreign currency<br>| (349323434)<br>| &nbsp;&nbsp; 1145894468 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| (102755164)<br>| &nbsp;&nbsp; 1566648369 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A | (112875986)<br>| &nbsp;&nbsp; (85464142)<br>|
| Class C | (14929023)<br>| &nbsp;&nbsp; (13611000)<br>|
| Class I | (8894461)<br>| &nbsp;&nbsp; (8081615)<br>|
| Class Y | (2311973)<br>| &nbsp;&nbsp; (1260346)<br>|
| Class Z | (150902664)<br>| &nbsp;&nbsp; (114308799)<br>|
| Total dividends and distributions to shareholders | (289914107)<br>| &nbsp;&nbsp; (222725902)<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 | 20809614 | &nbsp;&nbsp; (60551831)<br>|
| Class C | (20840313)<br>| &nbsp;&nbsp; (35733120)<br>|
| Class I | 1930121 | &nbsp;&nbsp; (25865909)<br>|
| Class Y | (3900518)<br>| &nbsp;&nbsp; 9285835 |
| Class Z | 117237603 | &nbsp;&nbsp; (118291764)<br>|
| Net increase (decrease) from shares of beneficial interest <br> transactions — Note 7 <br>| 115236507 | &nbsp;&nbsp; (231156789)<br>|
| Total increase (decrease) | (277432764)<br>| &nbsp;&nbsp; 1112765678 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 4571527517 | &nbsp;&nbsp; 3458761839 |
| **END OF PERIOD** | **$4294094753** | &nbsp;&nbsp; **$4571527517** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

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

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** |
|  | For the <br>Six Months Ended <br>April 30, 2026<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2025<br>|
| Net investment income (loss) | $(372300)<br>| &nbsp;&nbsp; $360400 |
| Net realized gain (loss) on investments and foreign currency | (2591147)<br>| &nbsp;&nbsp; 28743230 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 740739 | &nbsp;&nbsp; 475104 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| (2222708)<br>| &nbsp;&nbsp; 29578734 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A | (30901)<br>| &nbsp;&nbsp; — |
| Class C |  | &nbsp;&nbsp; — |
| Class Z | (879917)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions to shareholders | (910818)<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 | (2350022)<br>| &nbsp;&nbsp; (5031730)<br>|
| Class C | (495411)<br>| &nbsp;&nbsp; (965554)<br>|
| Class Z | (147342)<br>| &nbsp;&nbsp; 4302301 |
| Net decrease from shares of beneficial interest <br> transactions — Note 7 <br>| (2992775)<br>| &nbsp;&nbsp; (1694983)<br>|
| Total increase (decrease) | (6126301)<br>| &nbsp;&nbsp; 27883751 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 228640961 | &nbsp;&nbsp; 200757210 |
| **END OF PERIOD** | **$222514660** | &nbsp;&nbsp; **$228640961** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

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

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Emerging Markets Fund** | **Alger Emerging Markets Fund** |
|  | For the <br>Six Months Ended <br>April 30, 2026<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2025<br>|
| Net investment income | $37928 | &nbsp;&nbsp; $45644 |
| Net realized gain on investments and foreign currency | 1634787 | &nbsp;&nbsp; 796580 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 1080888 | &nbsp;&nbsp; 2308766 |
| Net increase in net assets resulting from operations | 2753603 | &nbsp;&nbsp; 3150990 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A | (2837)<br>| &nbsp;&nbsp; (18784)<br>|
| Class C |  | &nbsp;&nbsp; — |
| Class I | (159)<br>| &nbsp;&nbsp; (886)<br>|
| Class Z | (44037)<br>| &nbsp;&nbsp; (78641)<br>|
| Total dividends and distributions to shareholders | (47033)<br>| &nbsp;&nbsp; (98311)<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 | (32633)<br>| &nbsp;&nbsp; 252088 |
| Class C | (104286)<br>| &nbsp;&nbsp; (111424)<br>|
| Class I | 56175 | &nbsp;&nbsp; (86197)<br>|
| Class Z | (413929)<br>| &nbsp;&nbsp; (2524742)<br>|
| Net decrease from shares of beneficial interest <br> transactions — Note 7 <br>| (494673)<br>| &nbsp;&nbsp; (2470275)<br>|
| Total increase | 2211897 | &nbsp;&nbsp; 582404 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 19435293 | &nbsp;&nbsp; 18852889 |
| **END OF PERIOD** | **$21647190** | &nbsp;&nbsp; **$19435293** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

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

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Responsible Investing Fund** | **Alger Responsible Investing Fund** |
|  | For the <br>Six Months Ended <br>April 30, 2026<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2025<br>|
| Net investment (loss) | $(236828)<br>| &nbsp;&nbsp; $(397733)<br>|
| Net realized gain on investments and foreign currency | 4544778 | &nbsp;&nbsp; 11867749 |
| Net change in unrealized appreciation (depreciation) on <br> investments and foreign currency<br>| (1863995)<br>| &nbsp;&nbsp; 12987033 |
| Net increase in net assets resulting from operations | 2443955 | &nbsp;&nbsp; 24457049 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A | (4565688)<br>| &nbsp;&nbsp; (2159537)<br>|
| Class C | (137945)<br>| &nbsp;&nbsp; (86378)<br>|
| Class I | (442125)<br>| &nbsp;&nbsp; (232716)<br>|
| Class Z | (3011387)<br>| &nbsp;&nbsp; (1533008)<br>|
| Total dividends and distributions to shareholders | (8157145)<br>| &nbsp;&nbsp; (4011639)<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 | 6838875 | &nbsp;&nbsp; (716135)<br>|
| Class C | 69535 | &nbsp;&nbsp; (462280)<br>|
| Class I | 127539 | &nbsp;&nbsp; (275489)<br>|
| Class Z | 23694040 | &nbsp;&nbsp; (5921599)<br>|
| Net increase (decrease) from shares of beneficial interest <br> transactions — Note 7 <br>| 30729989 | &nbsp;&nbsp; (7375503)<br>|
| Total increase | 25016799 | &nbsp;&nbsp; 13069907 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 108144972 | &nbsp;&nbsp; 95075065 |
| **END OF PERIOD** | **$133161771** | &nbsp;&nbsp; **$108144972** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Spectra Fund** | Class A | Class A | Class A | Class A | Class A | Class A |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| 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 | $38.46 | $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>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  |
| Net investment (loss)<sup>(b)</sup> <br>| (0.21) | (0.38) | (0.22) | (0.14) | (0.17) | (0.31) |
| Net realized and unrealized gain (loss) <br> on investments<br>| (0.78) | 13.21 | 10.03 | 2.37 | (10.93) | 10.14 |
| Total from investment operations | (0.99) | 12.83 | 9.81 | 2.23 | (11.10) | 9.83 |
| Distributions from net realized gains | (2.55) | (1.85) |  | (0.39) | (8.43) | (2.71) |
| Net asset value, end of period | $34.92 | $38.46 | $27.48 | $17.67 | $15.83 | $35.36 |
| Total return<sup>(c)</sup> <br>| (2.21)<br> %<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: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $1584506 | $1718315 | $1283587 | $923332 | $957092 | $1985099 |
| Ratio of net expenses to average net <br> assets<br>| 1.53 %<sup>(d)</sup><br>| 1.53 %<sup>(e)</sup><br>| 1.52 %<sup>(f)</sup><br>| 1.50 %<sup>(g)</sup><br>| 1.51 %<sup>(h)</sup><br>| 1.39 %<sup>(i)</sup><br>|
| Ratio of net investment loss to average <br> net assets<br>| (1.24)<br> %<br>| (1.26)<br> %<br>| (0.92)<br> %<br>| (0.83)<br> %<br>| (0.82)<br> %<br>| (0.98)<br> %<br>|
| Portfolio turnover rate | 21.01 %<sup>(j)</sup><br>| 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) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 0.30% related to dividend expense on short positions and interest expense for the period ended 4/30/26.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(j) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Spectra Fund** | Class C | Class C | Class C | Class C | Class C | Class C |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| 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 | $29.87 | $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: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.26) | (0.48) | (0.31) | (0.22) | (0.27) | (0.47) |
| Net realized and unrealized gain (loss) <br> on investments<br>| (0.65) | 10.34 | 8.02 | 1.90 | (9.04) | 8.84 |
| Total from investment operations | (0.91) | 9.86 | 7.71 | 1.68 | (9.31) | 8.37 |
| Distributions from net realized gains | (2.55) | (1.85) |  | (0.39) | (8.43) | (2.71) |
| Net asset value, end of period | $26.41 | $29.87 | $21.86 | $14.15 | $12.86 | $30.60 |
| Total return<sup>(c)</sup> <br>| (2.57)<br> %<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: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $142998 | $184864 | $168020 | $175043 | $243462 | $656004 |
| Ratio of net expenses to average net <br> assets<br>| 2.31 %<sup>(d)</sup><br>| 2.30 %<sup>(e)</sup><br>| 2.25 %<sup>(f)</sup><br>| 2.29 %<sup>(g)</sup><br>| 2.27 %<sup>(h)</sup><br>| 2.16 %<sup>(i)</sup><br>|
| Ratio of net investment loss to average <br> net assets<br>| (2.02)<br> %<br>| (2.02)<br> %<br>| (1.63)<br> %<br>| (1.60)<br> %<br>| (1.59)<br> %<br>| (1.73)<br> %<br>|
| Portfolio turnover rate | 21.01 %<sup>(j)</sup><br>| 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) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 0.30% related to dividend expense on short positions and interest expense for the period ended 4/30/26.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(j) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Spectra Fund** | Class I | Class I | Class I | Class I | Class I | Class I |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| 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 | $39.23 | $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: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.21) | (0.39) | (0.21) | (0.14) | (0.17) | (0.30) |
| Net realized and unrealized gain (loss) <br> on investments<br>| (0.80) | 13.48 | 10.21 | 2.41 | (11.12) | 10.25 |
| Total from investment operations | (1.01) | 13.09 | 10.00 | 2.27 | (11.29) | 9.95 |
| Distributions from net realized gains | (2.55) | (1.85) |  | (0.39) | (8.43) | (2.71) |
| Net asset value, end of period | $35.67 | $39.23 | $27.99 | $17.99 | $16.11 | $35.83 |
| Total return<sup>(c)</sup> <br>| (2.19)<br> %<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: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $129264 | $139485 | $123754 | $107308 | $156048 | $378367 |
| Ratio of net expenses to average net <br> assets<br>| 1.53 %<sup>(d)</sup><br>| 1.54 %<sup>(e)</sup><br>| 1.50 %<sup>(f)</sup><br>| 1.50 %<sup>(g)</sup><br>| 1.49 %<sup>(h)</sup><br>| 1.40 %<sup>(i)</sup><br>|
| Ratio of net investment loss to average <br> net assets<br>| (1.24)<br> %<br>| (1.25)<br> %<br>| (0.89)<br> %<br>| (0.80)<br> %<br>| (0.83)<br> %<br>| (0.96)<br> %<br>|
| Portfolio turnover rate | 21.01 %<sup>(j)</sup><br>| 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) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 0.30% related to dividend expense on short positions and interest expense for the period ended 4/30/26.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(j) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Spectra Fund** | Class Y | Class Y | Class Y | Class Y | Class Y | Class Y |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| 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 | $41.79 | $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: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.15) | (0.29) | (0.11) | (0.05) | (0.09) | (0.23) |
| Net realized and unrealized gain (loss) <br> on investments<br>| (0.84) | 14.34 | 10.75 | 2.51 | (11.59) | 10.57 |
| Total from investment operations | (0.99) | 14.05 | 10.64 | 2.46 | (11.68) | 10.34 |
| Distributions from net realized gains | (2.55) | (1.85) |  | (0.39) | (8.43) | (2.71) |
| Net asset value, end of period | $38.25 | $41.79 | $29.59 | $18.95 | $16.88 | $36.99 |
| Total return<sup>(c)</sup> <br>| (1.97)<br> %<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: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $35136 | $42248 | $22869 | $46214 | $144286 | $252167 |
| Ratio of gross expenses to average net <br> assets<br>| 1.22 %<sup>(d)</sup><br>| 1.22 %<sup>(e)</sup><br>| 1.20 %<sup>(f)</sup><br>| 1.18 %<sup>(g)</sup><br>| 1.20 %<sup>(h)</sup><br>| 1.09 %<sup>(i)</sup><br>|
| Ratio of expense reimbursements to <br> average net assets<br>| (0.11)<br> %<br>| (0.10)<br> %<br>| (0.07)<br> %<br>| (0.12)<br> %<br>| (0.07)<br> %<br>|  |
| Ratio of net expenses to average net <br> assets<br>| 1.11<br> %<br>| 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 <br> net assets<br>| (0.82)<br> %<br>| (0.85)<br> %<br>| (0.46)<br> %<br>| (0.31)<br> %<br>| (0.43)<br> %<br>| (0.70)<br> %<br>|
| Portfolio turnover rate | 21.01 %<sup>(j)</sup><br>| 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) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 0.30% related to dividend expense on short positions and interest expense for the period ended 4/30/26.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(j) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Spectra Fund** | Class Z | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| 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 | $41.59 | $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: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.16) | (0.30) | (0.15) | (0.08) | (0.12) | (0.22) |
| Net realized and unrealized gain (loss) <br> on investments<br>| (0.84) | 14.26 | 10.74 | 2.52 | (11.56) | 10.56 |
| Total from investment operations | (1.00) | 13.96 | 10.59 | 2.44 | (11.68) | 10.34 |
| Distributions from net realized gains | (2.55) | (1.85) |  | (0.39) | (8.43) | (2.71) |
| Net asset value, end of period | $38.04 | $41.59 | $29.48 | $18.89 | $16.84 | $36.95 |
| Total return<sup>(c)</sup> <br>| (2.01)<br> %<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: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $2402191 | $2486615 | $1860533 | $1442342 | $1987024 | $5723880 |
| Ratio of gross expenses to average net <br> assets<br>| 1.22 %<sup>(d)</sup><br>| 1.23 %<sup>(e)</sup><br>| 1.22 %<sup>(f)</sup><br>| 1.17 %<sup>(g)</sup><br>| 1.19 %<sup>(h)</sup><br>| 1.09 %<sup>(i)</sup><br>|
| Ratio of expense reimbursements to <br> average net assets<br>| (0.05)<br> %<br>| (0.05)<br> %<br>| (0.03)<br> %<br>| (0.01)<br> %<br>|  |  |
| Ratio of net expenses to average net <br> assets<br>| 1.17<br> %<br>| 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 <br> net assets<br>| (0.89)<br> %<br>| (0.90)<br> %<br>| (0.58)<br> %<br>| (0.47)<br> %<br>| (0.53)<br> %<br>| (0.67)<br> %<br>|
| Portfolio turnover rate | 21.01 %<sup>(j)</sup><br>| 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) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 0.30% related to dividend expense on short positions and interest expense for the period ended 4/30/26.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(j) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Dynamic Opportunities Fund** | Class A | Class A | Class A | Class A | Class A | Class A |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| 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 | $22.53 | $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>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  |
| Net investment (loss)<sup>(b)</sup> <br>| (0.06) | (0.01) | — <br><sup>(c)</sup><br>| (0.11) | (0.25) | (0.36) |
| Net realized and unrealized gain (loss) <br> on investments<br>| (0.13) | 2.93 | 4.30 | (0.77) | (4.77) | 5.28 |
| Total from investment operations | (0.19) | 2.92 | 4.30 | (0.88) | (5.02) | 4.92 |
| Dividends from net investment income | (0.02) |  |  |  |  |  |
| Distributions from net realized gains |  |  |  |  | (1.08) | (0.95) |
| Net asset value, end of period | $22.32 | $22.53 | $19.61 | $15.31 | $16.19 | $22.29 |
| Total return<sup>(d)</sup> <br>| (0.88)<br> %<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: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $32623 | $35356 | $35437 | $37893 | $60116 | $103684 |
| Ratio of gross expenses to average net <br> assets<br>| 2.06 %<sup>(e)</sup><br>| 2.00 %<sup>(f)</sup><br>| 2.07 %<sup>(g)</sup><br>| 2.05 %<sup>(h)</sup><br>| 2.77 %<sup>(i)</sup><br>| 2.52 %<sup>(j)</sup><br>|
| Ratio of expense reimbursements to <br> average net assets<br>|  |  |  |  | (0.77)<br> %<br>| (0.52)<br> %<br>|
| Ratio of net expenses to average net <br> assets<br>| 2.06<br> %<br>| 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 <br> net assets<br>| (0.57)<br> %<br>| (0.05)<br> %<br>| (0.01)<br> %<br>| (0.69)<br> %<br>| (1.45)<br> %<br>| (1.77)<br> %<br>|
| Portfolio turnover rate | 216.73<br> %<br>| 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) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes
 0.37% related to dividend expense on short positions and excludes 0.67% related to interest income on short positions for
 the period ended 4/30/26.

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

&nbsp;&nbsp;&nbsp;&nbsp;(j) 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 (Unaudited)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Dynamic Opportunities Fund** | Class C | Class C | Class C | Class C | Class C | Class C |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| 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 | $19.64 | $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: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.13) | (0.15) | (0.12) | (0.21) | (0.34) | (0.47) |
| Net realized and unrealized gain (loss) <br> on investments<br>| (0.11) | 2.57 | 3.79 | (0.68) | (4.29) | 4.80 |
| Total from investment operations | (0.24) | 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 | $19.40 | $19.64 | $17.22 | $13.55 | $14.44 | $20.15 |
| Total return<sup>(c)</sup> <br>| (1.27)<br> %<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: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $7185 | $7804 | $7674 | $9030 | $12462 | $17998 |
| Ratio of gross expenses to average net <br> assets<br>| 2.83 %<sup>(d)</sup><br>| 2.78 %<sup>(e)</sup><br>| 2.83 %<sup>(f)</sup><br>| 2.82 %<sup>(g)</sup><br>| 3.53 %<sup>(h)</sup><br>| 3.27 %<sup>(i)</sup><br>|
| Ratio of expense reimbursements to <br> average net assets<br>|  |  |  |  | (0.78)<br> %<br>| (0.52)<br> %<br>|
| Ratio of net expenses to average net <br> assets<br>| 2.83<br> %<br>| 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 <br> net assets<br>| (1.33)<br> %<br>| (0.81)<br> %<br>| (0.76)<br> %<br>| (1.45)<br> %<br>| (2.20)<br> %<br>| (2.52)<br> %<br>|
| Portfolio turnover rate | 216.73<br> %<br>| 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) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 0.37% related to dividend expense on short positions and excludes 0.67% related to interest income on short positions for
 the period ended 4/30/26.

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 (Unaudited)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Dynamic Opportunities Fund** | Class Z | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| 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 | $23.67 | $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: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income (loss)<sup>(b)</sup> <br>| (0.03) | 0.06 | 0.05 | (0.07) | (0.22) | (0.33) |
| Net realized and unrealized gain (loss) <br> on investments<br>| (0.14) | 3.07 | 4.50 | (0.79) | (4.94) | 5.46 |
| Total from investment operations | (0.17) | 3.13 | 4.55 | (0.86) | (5.16) | 5.13 |
| Dividends from net investment income | (0.10) |  |  |  |  |  |
| Distributions from net realized gains |  |  |  |  | (1.08) | (0.95) |
| Net asset value, end of period | $23.40 | $23.67 | $20.54 | $15.99 | $16.85 | $23.09 |
| Total return<sup>(c)</sup> <br>| (0.69)<br> %<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: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $182706 | $185481 | $157646 | $207844 | $403338 | $852387 |
| Ratio of gross expenses to average net <br> assets<br>| 1.74 %<sup>(d)</sup><br>| 1.69 %<sup>(e)</sup><br>| 1.75 %<sup>(f)</sup><br>| 1.73 %<sup>(g)</sup><br>| 2.45 %<sup>(h)</sup><br>| 2.20 %<sup>(i)</sup><br>|
| Ratio of expense reimbursements to <br> average net assets<br>|  |  |  |  | (0.70)<br> %<br>| (0.45)<br> %<br>|
| Ratio of net expenses to average net <br> assets<br>| 1.74<br> %<br>| 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 <br> average net assets<br>| (0.25)<br> %<br>| 0.27<br> %<br>| 0.28<br> %<br>| (0.39)<br> %<br>| (1.22)<br> %<br>| (1.52)<br> %<br>|
| Portfolio turnover rate | 216.73<br> %<br>| 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) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 0.37% related to dividend expense on short positions and excludes 0.67% related to interest income on short positions for
 the period ended 4/30/26.

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 (Unaudited)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Emerging Markets Fund** | Class A | Class A | Class A | Class A | Class A | Class A |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| 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 | $13.14 | $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>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  |
| Net investment income (loss)<sup>(b)</sup> <br>| — <br><sup>(c)</sup><br>| (0.01) | 0.04 | (0.01) | (0.03) | (0.09) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 1.94 | 2.15 | 2.07 | 0.54 | (5.42) | 2.51 |
| Total from investment operations | 1.94 | 2.14 | 2.11 | 0.53 | (5.45) | 2.42 |
| Dividends from net investment income | (0.01) | (0.05) |  |  | — <br><sup>(c)</sup><br>|  |
| Distributions from net realized gains |  |  |  |  | (0.27) |  |
| Net asset value, end of period | $15.07 | $13.14 | $11.05 | $8.94 | $8.41 | $14.13 |
| Total return<sup>(d)</sup> <br>| 14.75<br> %<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: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $6109 | $5365 | $4289 | $3154 | $3375 | $6331 |
| Ratio of gross expenses to average net <br> assets<br>| 1.97<br> %<br>| 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 <br> average net assets<br>| (0.42)<br> %<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 <br> assets<br>| 1.55<br> %<br>| 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 <br> average net assets<br>| 0.01<br> %<br>| (0.10)<br> %<br>| 0.42<br> %<br>| (0.11)<br> %<br>| (0.30)<br> %<br>| (0.60)<br> %<br>|
| Portfolio turnover rate | 28.74<br> %<br>| 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) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 (Unaudited)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Emerging Markets Fund** | Class C | Class C | Class C | Class C | Class C | Class C |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| 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 | $12.09 | $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: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.04) | (0.09) | (0.04) | (0.07) | (0.11) | (0.18) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 1.77 | 1.98 | 1.92 | 0.50 | (5.09) | 2.38 |
| Total from investment operations | 1.73 | 1.89 | 1.88 | 0.43 | (5.20) | 2.20 |
| Distributions from net realized gains |  |  |  |  | (0.27) |  |
| Net asset value, end of period | $13.82 | $12.09 | $10.20 | $8.32 | $7.89 | $13.36 |
| Total return<sup>(c)</sup> <br>| 14.31<br> %<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: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $519 | $552 | $587 | $1145 | $1369 | $3016 |
| Ratio of gross expenses to average net <br> assets<br>| 2.78<br> %<br>| 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 <br> average net assets<br>| (0.48)<br> %<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 <br> assets<br>| 2.30<br> %<br>| 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 <br> net assets<br>| (0.70)<br> %<br>| (0.89)<br> %<br>| (0.38)<br> %<br>| (0.86)<br> %<br>| (1.05)<br> %<br>| (1.35)<br> %<br>|
| Portfolio turnover rate | 28.74<br> %<br>| 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) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

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

&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 (Unaudited)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Emerging Markets Fund** | Class I | Class I | Class I | Class I | Class I | Class I |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| 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 | $13.07 | $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: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income (loss)<sup>(b)</sup> <br>| 0.01 | — <br><sup>(c)</sup><br>| 0.05 | — <br><sup>(c)</sup><br>| (0.02) | (0.07) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 1.93 | 2.13 | 2.05 | 0.54 | (5.37) | 2.48 |
| Total from investment operations | 1.94 | 2.13 | 2.10 | 0.54 | (5.39) | 2.41 |
| Dividends from net investment income | (0.01) | (0.03) |  |  | (0.01) |  |
| Distributions from net realized gains |  |  |  |  | (0.27) |  |
| Net asset value, end of period | $15.00 | $13.07 | $10.97 | $8.87 | $8.33 | $14.00 |
| Total return<sup>(d)</sup> <br>| 14.82<br> %<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: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $390 | $282 | $322 | $1048 | $1538 | $1968 |
| Ratio of gross expenses to average net <br> assets<br>| 2.00<br> %<br>| 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 <br> average net assets<br>| (0.55)<br> %<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 <br> assets<br>| 1.45<br> %<br>| 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 <br> average net assets<br>| 0.10<br> %<br>| (0.03)<br> %<br>| 0.47<br> %<br>| (0.01)<br> %<br>| (0.14)<br> %<br>| (0.53)<br> %<br>|
| Portfolio turnover rate | 28.74<br> %<br>| 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) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 (Unaudited)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Emerging Markets Fund** | Class Z | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| 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 | $13.49 | $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: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income (loss)<sup>(b)</sup> <br>| 0.04 | 0.05 | 0.11 | 0.04 | 0.03 | (0.01) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 1.99 | 2.21 | 2.10 | 0.55 | (5.47) | 2.52 |
| Total from investment operations | 2.03 | 2.26 | 2.21 | 0.59 | (5.44) | 2.51 |
| Dividends from net investment income | (0.05) | (0.07) | (0.02) |  | (0.06) |  |
| Distributions from net realized gains |  |  |  |  | (0.27) |  |
| Net asset value, end of period | $15.47 | $13.49 | $11.30 | $9.11 | $8.52 | $14.29 |
| Total return<sup>(c)</sup> <br>| 15.08<br> %<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: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $14629 | $13237 | $13654 | $14072 | $20200 | $35357 |
| Ratio of gross expenses to average net <br> assets<br>| 1.65<br> %<br>| 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 <br> average net assets<br>| (0.66)<br> %<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 <br> assets<br>| 0.99<br> %<br>| 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 <br> average net assets<br>| 0.60<br> %<br>| 0.45<br> %<br>| 1.00<br> %<br>| 0.46<br> %<br>| 0.26<br> %<br>| (0.05)<br> %<br>|
| Portfolio turnover rate | 28.74<br> %<br>| 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) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

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

&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 (Unaudited)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Responsible Investing Fund** | Class A | Class A | Class A | Class A | Class A | Class A |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| 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 | $22.64 | $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>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  |
| Net investment (loss)<sup>(b)</sup> <br>| (0.05) | (0.09) | (0.06) | (0.04) | (0.07) | (0.08) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.33 | 5.44 | 5.09 | 2.08 | (4.71) | 5.23 |
| Total from investment operations | 0.28 | 5.35 | 5.03 | 2.04 | (4.78) | 5.15 |
| Distributions from net realized gains | (1.74) | (0.80) | (0.44) | (0.09) | (1.38) | (1.04) |
| Net asset value, end of period | $21.18 | $22.64 | $18.09 | $13.50 | $11.55 | $17.71 |
| Total return<sup>(c)</sup> <br>| 1.71<br> %<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: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $63481 | $59698 | $49113 | $39957 | $35237 | $51634 |
| Ratio of gross expenses to average net <br> assets<br>| 1.26<br> %<br>| 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 <br> average net assets<br>| (0.15)<br> %<br>| (0.15)<br> %<br>| (0.16)<br> %<br>|  |  |  |
| Ratio of net expenses to average net <br> assets<br>| 1.11<br> %<br>| 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 <br> net assets<br>| (0.52)<br> %<br>| (0.49)<br> %<br>| (0.35)<br> %<br>| (0.34)<br> %<br>| (0.53)<br> %<br>| (0.52)<br> %<br>|
| Portfolio turnover rate | 3.46 %<sup>(d)</sup><br>| 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) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Responsible Investing Fund** | Class C | Class C | Class C | Class C | Class C | Class C |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| 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 | $18.35 | $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: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.12) | (0.21) | (0.17) | (0.12) | (0.15) | (0.17) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.25 | 4.42 | 4.24 | 1.76 | (4.01) | 4.56 |
| Total from investment operations | 0.13 | 4.21 | 4.07 | 1.64 | (4.16) | 4.39 |
| Distributions from net realized gains | (1.74) | (0.80) | (0.44) | (0.09) | (1.38) | (1.04) |
| Net asset value, end of period | $16.74 | $18.35 | $14.94 | $11.31 | $9.76 | $15.30 |
| Total return<sup>(c)</sup> <br>| 1.26<br> %<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: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $1429 | $1479 | $1659 | $1868 | $2709 | $5150 |
| Ratio of net expenses to average net <br> assets<br>| 2.04<br> %<br>| 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 <br> net assets<br>| (1.45)<br> %<br>| (1.40)<br> %<br>| (1.22)<br> %<br>| (1.11)<br> %<br>| (1.27)<br> %<br>| (1.27)<br> %<br>|
| Portfolio turnover rate | 3.46 %<sup>(d)</sup><br>| 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) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Responsible Investing Fund** | Class I | Class I | Class I | Class I | Class I | Class I |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| 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 | $22.57 | $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: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.05) | (0.09) | (0.06) | (0.04) | (0.07) | (0.08) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.34 | 5.42 | 5.08 | 2.07 | (4.70) | 5.22 |
| Total from investment operations | 0.29 | 5.33 | 5.02 | 2.03 | (4.77) | 5.14 |
| Distributions from net realized gains | (1.74) | (0.80) | (0.44) | (0.09) | (1.38) | (1.04) |
| Net asset value, end of period | $21.12 | $22.57 | $18.04 | $13.46 | $11.52 | $17.67 |
| Total return<sup>(c)</sup> <br>| 1.72<br> %<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: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $5764 | $5986 | $5154 | $4464 | $4538 | $6884 |
| Ratio of gross expenses to average net <br> assets<br>| 1.27<br> %<br>| 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 <br> average net assets<br>| (0.16)<br> %<br>| (0.16)<br> %<br>| (0.17)<br> %<br>|  |  |  |
| Ratio of net expenses to average net <br> assets<br>| 1.11<br> %<br>| 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 <br> net assets<br>| (0.52)<br> %<br>| (0.48)<br> %<br>| (0.36)<br> %<br>| (0.35)<br> %<br>| (0.53)<br> %<br>| (0.52)<br> %<br>|
| Portfolio turnover rate | 3.46 %<sup>(d)</sup><br>| 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) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Responsible Investing Fund** | Class Z | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| 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 | $23.59 | $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: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income (loss)<sup>(b)</sup> <br>| (0.04) | (0.06) | (0.03) | 0.01 | (0.02) | (0.03) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.36 | 5.66 | 5.28 | 2.15 | (4.85) | 5.36 |
| Total from investment operations | 0.32 | 5.60 | 5.25 | 2.16 | (4.87) | 5.33 |
| Distributions from net realized gains | (1.74) | (0.80) | (0.44) | (0.09) | (1.38) | (1.04) |
| Net asset value, end of period | $22.17 | $23.59 | $18.79 | $13.98 | $11.91 | $18.16 |
| Total return<sup>(c)</sup> <br>| 1.82<br> %<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: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $62488 | $40982 | $39149 | $28345 | $23001 | $36053 |
| Ratio of gross expenses to average net <br> assets<br>| 0.94<br> %<br>| 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 <br> average net 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 <br> assets<br>| 0.94<br> %<br>| 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 <br> average net assets<br>| (0.34)<br> %<br>| (0.31)<br> %<br>| (0.17)<br> %<br>| 0.04<br> %<br>| (0.13)<br> %<br>| (0.20)<br> %<br>|
| Portfolio turnover rate | 3.46 %<sup>(d)</sup><br>| 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) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

------

**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.

**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 value determinations subject to the Board's oversight. The Valuation Designee

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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 reports its fair valuation determinations and related valuation information to the Board, at least quarterly. The Committee generally meets quarterly and on an as-needed basis to review and evaluate the effectiveness of the valuation policies and procedures in accordance with the requirements of Rule 2a-5.

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

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

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

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

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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, bookings multiples, earnings before interest, taxes, depreciation and amortization ("EBITDA") multiples, transaction pricing, performance of comparable publicly traded securities, discount rates, time to exit and the probabilities of success of certain outcomes. Such unobservable market information may be obtained from a company's financial statements and from industry studies, market data, and market indicators such as benchmarks and indexes. Because of the inherent uncertainty and often limited markets for restricted securities, the valuations assigned to such

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

securities by the Funds may significantly differ from the 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 each 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 (Unaudited) (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 and derivatives 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 (Unaudited) (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 received 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 and Disclosures: 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 2022-2025.

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

The Funds adhere to FASB Accounting Standards Update 2023-09 ("ASU 2023-09"), Improvements to Income Tax Disclosures. The purpose of ASU 2023-09 is to enhance income tax disclosures by categorizing and disclosing income tax rates and income taxes paid. Alger Management has evaluated the amendment's impact to the Funds' financial statements and determined no disclosure is required.

(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: The Funds adhere to 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. These unaudited financial statements reflect all adjustments that are, in the opinion of Alger Management, necessary to present a fair statement of results of the semi-annual period. Actual results may differ from those estimates. All such estimates are of a normal recurring nature.

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

------

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

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

rates. The actual rate paid as a percentage of average daily net assets, for the six months ended April 30, 2026, 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)</sup> <br>| 0.90<br> %<br>| 0.75<br> %<br>| 0.65<br> %<br>| 0.55<br> %<br>| 0.45<br> %<br>| 0.82<br> %<br>|
| Alger Dynamic <br> Opportunities Fund<sup>(b)</sup> <br>| 1.20<br> %<br>| 1.00<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| 1.20<br> %<br>|
| Alger Emerging <br> Markets Fund<sup>(c)</sup> <br>| 0.75<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| 0.75<br> %<br>|
| Alger Responsible <br> Investing Fund<sup>(b)</sup> <br>| 0.71<br> %<br>| 0.65<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| 0.71<br> %<br>|

---

&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) 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;(c) 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 six months ended April 30, 2026, Alger Management paid a sub-advisory fee of $188,776 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 six months ended April 30, 2026, Alger Management paid a sub-advisory fee of $16,525 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 listed in the table below, based on average daily net assets. For the avoidance of doubt, this contractual agreement does not include advisory fees.

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**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS** | **CLASS** | **CLASS** | **CLASS** | **CLASS** | **FEES WAIVED /** <br>**REIMBURSED** <br>**FOR THE SIX** <br>**MONTHS ENDED** <br>**APRIL 30,** <br>**2026** |
|  | A | C | I | Y | Z | **FEES WAIVED /** <br>**REIMBURSED** <br>**FOR THE SIX** <br>**MONTHS ENDED** <br>**APRIL 30,** <br>**2026** |
| Alger Spectra Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.28<br> %<br>| 0.34<br> %<br>| &nbsp;&nbsp; $613731 |
| 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; 56995 |
| Alger Responsible Investing Fund | 0.38 | &nbsp;&nbsp; — | 0.38 | &nbsp;&nbsp; — | 0.24 | &nbsp;&nbsp; 45301 |

---

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 six months ended April 30, 2026, there were no recoupments made by any Fund.

(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 distributing and/or shareholder servicing Class A Shares. 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

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**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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 six months ended April 30, 2026, 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 | $4002 |
| Alger Dynamic Opportunities Fund | 2674 |
| Alger Emerging Markets Fund | 213 |
| Alger Responsible Investing Fund |  |

---

(e) Brokerage Commissions: During the six months ended April 30, 2026, Alger Spectra Fund, Alger Dynamic Opportunities Fund, and Alger Responsible Investing Fund paid Alger LLC $162,616, $107,642, and $305, respectively, in connection with securities transactions. For the six months ended April 30, 2026, 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 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 six months ended April 30, 2026, Alger Management charged back to Alger Spectra Fund, Alger Dynamic Opportunities Fund, Alger Emerging Markets Fund and Alger Responsible Investing Fund, $437,563, $10,735, $1,947 and $19,029, respectively, for these services, which are included in transfer agent fees in the accompanying Statements of Operations.

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**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

(g) Trustee Fees: Effective January 1, 2026, each trustee who is not an "interested person" of the Trust, as defined in the 1940 Act ("Independent Trustee"), receives a fee of $183,000 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, The Alger ETF Trust, and Alger Next Gen Growth Fund, each of which is a registered investment company managed by Alger Management. The Alger Next Gen Growth Fund has not commenced operations and, accordingly, has not paid any trustee fees. The Independent Trustee appointed as Chairman of the Board receives additional compensation of $27,000 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. Certain Independent Trustees who are members of the Nominating and Governance Committee and perform certain tasks on behalf of the Nominating and Governance Committee receive $5,000 per annum, paid pro rata based on the net assets by each fund in the Alger Fund Complex.

Prior to January 1, 2026, each Independent Trustee received 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 Chair of the Board received additional compensation of $26,000 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 $10,000 per annum, paid pro rata based on the net assets by each fund in the Alger Fund Complex; and Independent Trustees who were not members of the Audit Committee but attended Audit Committee meetings received a stipend of $10,000 per annum, paid pro rata based on the 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.

(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 six months ended April 30, 2026, 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.

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

Treasury money market rate and bank loan rate available to the Funds. There were no interfund loans outstanding as of April 30, 2026.

For the six months ended April 30, 2026, Alger Dynamic Opportunities Fund earned interfund loan interest income of $17,832, and incurred interfund loan expenses of $1,458, which are included as interest income and interest expense, respectively, in the accompanying Statements of Operations. Alger Spectra Fund, Alger Emerging Markets Fund and Alger Responsible Investing Fund did not incur any interfund loan interest income or expense.

(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 April 30, 2026, 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; 475374 |
| Alger Dynamic Opportunities Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 953038 |
| 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 six months ended April 30, 2026:

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

---

| | | |
|:---|:---|:---|
|  | **PURCHASES** | **SALES** |
| Alger Spectra Fund | $964681421 | &nbsp;&nbsp; $1077712195 |
| Alger Dynamic Opportunities Fund | 432545261 | &nbsp;&nbsp; 412541351 |
| Alger Emerging Markets Fund | 5610953 | &nbsp;&nbsp; 6893188 |
| Alger Responsible Investing Fund | 21399634 | &nbsp;&nbsp; 3528568 |

---

**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 April 30, 2026, 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 six months ended April 30, 2026, the Funds had the following borrowings from the Custodian and other funds in the Alger Fund Complex:

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **AVERAGE DAILY** <br>**BORROWING**<br>| **WEIGHTED AVERAGE** <br>**INTEREST RATE**<br>|
| Alger Spectra Fund | $424034 | 5.69<br> %<br>|
| Alger Dynamic Opportunities Fund | 227132 | 5.42 |
| Alger Emerging Markets Fund | 7054 | 7.27 |
| Alger Responsible Investing Fund |  | &nbsp;&nbsp; — |

---

The highest amount borrowed from the Custodian and other funds in the Alger Fund Complex during the six months ended April 30, 2026 by each Fund was as follows:

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

---

| | |
|:---|:---|
|  | **HIGHEST BORROWING** |
| Alger Spectra Fund | $19192355 |
| Alger Dynamic Opportunities Fund | 8386663 |
| Alger Emerging Markets Fund | 6678067 |
| Alger Responsible Investing Fund |  |

---

**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 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

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

kind, as discussed in Note 7. ReFlow fees that were incurred by the Funds during the period ended April 30, 2026 are recorded within the Statements of Operations as other expenses. ReFlow fees for the six-month period ended April 30, 2026, were $159,596 for Alger Spectra Fund, and $7,959 for Alger Responsible Investing Fund. No other Fund participated in the ReFlow liquidity program during the six month period ended April 30, 2026.

**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 six months ended April 30, 2026 and the year ended October 31, 2025, transactions of shares of beneficial interest were as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** |
| **Class A**: |  |  |  |  |
| Shares sold | 1517498 | &nbsp;&nbsp; $51731767 | &nbsp;&nbsp; 2963745 | &nbsp;&nbsp; $89669548 |
| Shares converted from Class C | 29316 | &nbsp;&nbsp; 648662 | &nbsp;&nbsp; 43324 | &nbsp;&nbsp; 1252402 |
| Dividends reinvested | 3112956 | &nbsp;&nbsp; 102198362 | &nbsp;&nbsp; 2623308 | &nbsp;&nbsp; 77098456 |
| Shares redeemed | (3952801)<br>| &nbsp;&nbsp; (133769177)<br>| &nbsp;&nbsp; (7671501)<br>| &nbsp;&nbsp; (228572237)<br>|
| **Net increase (decrease)** | **706969** | &nbsp;&nbsp; **$20809614** | &nbsp;&nbsp; **(2041124)**<br>| &nbsp;&nbsp; **$(60551831)**<br>|
| **Class C**: |  |  |  |  |
| Shares sold | 203694 | &nbsp;&nbsp; $5234609 | &nbsp;&nbsp; 487675 | &nbsp;&nbsp; $11493536 |
| Shares converted to Class A | (37795)<br>| &nbsp;&nbsp; (648662)<br>| &nbsp;&nbsp; (55335)<br>| &nbsp;&nbsp; (1252402)<br>|
| Dividends reinvested | 580197 | &nbsp;&nbsp; 14446896 | &nbsp;&nbsp; 574507 | &nbsp;&nbsp; 13201473 |
| Shares redeemed | (1519092)<br>| &nbsp;&nbsp; (39873156)<br>| &nbsp;&nbsp; (2505698)<br>| &nbsp;&nbsp; (59175727)<br>|
| **Net decrease** | **(772996)**<br>| &nbsp;&nbsp; **$(20840313)**<br>| &nbsp;&nbsp; **(1498851)**<br>| &nbsp;&nbsp; **$(35733120)**<br>|
| **Class I**: |  |  |  |  |
| Shares sold | 157405 | &nbsp;&nbsp; $5422055 | &nbsp;&nbsp; 290419 | &nbsp;&nbsp; $9409500 |
| Dividends reinvested | 251435 | &nbsp;&nbsp; 8430629 | &nbsp;&nbsp; 258239 | &nbsp;&nbsp; 7742015 |
| Shares redeemed | (340039)<br>| &nbsp;&nbsp; (11922563)<br>| &nbsp;&nbsp; (1413914)<br>| &nbsp;&nbsp; (43017424)<br>|
| **Net increase (decrease)** | **68801** | &nbsp;&nbsp; **$1930121** | &nbsp;&nbsp; **(865256)**<br>| &nbsp;&nbsp; **$(25865909)**<br>|
| **Class Y**: |  |  |  |  |
| Shares sold | 3208364 | &nbsp;&nbsp; $118758968 | &nbsp;&nbsp; 6262135 | &nbsp;&nbsp; $209226180 |
| Dividends reinvested | 42349 | &nbsp;&nbsp; 1520339 | &nbsp;&nbsp; 21441 | &nbsp;&nbsp; 681809 |
| Redemptions in kind\* | (2853433)<br>| &nbsp;&nbsp; (106127466)<br>| &nbsp;&nbsp; (4831779)<br>| &nbsp;&nbsp; (162510153)<br>|
| Shares redeemed | (489790)<br>| &nbsp;&nbsp; (18052359)<br>| &nbsp;&nbsp; (1213481)<br>| &nbsp;&nbsp; (38112001)<br>|
| **Net (decrease) increase**  | **(92510)**<br>| &nbsp;&nbsp; **$(3900518)**<br>| &nbsp;&nbsp; **238316** | &nbsp;&nbsp; **$9285835** |
| **Class Z**: |  |  |  |  |
| Shares sold | 5346144 | &nbsp;&nbsp; $195265524 | &nbsp;&nbsp; 7009323 | &nbsp;&nbsp; $224978206 |
| Dividends reinvested | 3820119 | &nbsp;&nbsp; 136454658 | &nbsp;&nbsp; 3257440 | &nbsp;&nbsp; 103195710 |
| Shares redeemed | (5811471)<br>| &nbsp;&nbsp; (214482579)<br>| &nbsp;&nbsp; (13592183)<br>| &nbsp;&nbsp; (446465680)<br>|
| **Net increase (decrease)** | **3354792** | &nbsp;&nbsp; **$117237603** | &nbsp;&nbsp; **(3325420)**<br>| &nbsp;&nbsp; **$(118291764)**<br>|

---

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** |
|  | **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 | 27122 | &nbsp;&nbsp; $594104 | &nbsp;&nbsp; 122039 | &nbsp;&nbsp; $2565725 |
| Dividends reinvested | 1421 | &nbsp;&nbsp; 30799 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (136116)<br>| &nbsp;&nbsp; (2974925)<br>| &nbsp;&nbsp; (359952)<br>| &nbsp;&nbsp; (7597455)<br>|
| **Net decrease** | **(107573)**<br>| &nbsp;&nbsp; **$(2350022)**<br>| &nbsp;&nbsp; **(237913)**<br>| &nbsp;&nbsp; **$(5031730)**<br>|
| **Class C**: |  |  |  |  |
| Shares sold | 26269 | &nbsp;&nbsp; $509097 | &nbsp;&nbsp; 51444 | &nbsp;&nbsp; $902863 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (53229)<br>| &nbsp;&nbsp; (1004508)<br>| &nbsp;&nbsp; (99579)<br>| &nbsp;&nbsp; (1868417)<br>|
| **Net decrease** | **(26960)**<br>| &nbsp;&nbsp; **$(495411)**<br>| &nbsp;&nbsp; **(48135)**<br>| &nbsp;&nbsp; **$(965554)**<br>|
| **Class Z**: |  |  |  |  |
| Shares sold | 1187070 | &nbsp;&nbsp; $27589805 | &nbsp;&nbsp; 1959804 | &nbsp;&nbsp; $43978285 |
| Dividends reinvested | 35314 | &nbsp;&nbsp; 801271 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (1250525)<br>| &nbsp;&nbsp; (28538418)<br>| &nbsp;&nbsp; (1800121)<br>| &nbsp;&nbsp; (39675984)<br>|
| **Net (decrease) increase**  | **(28141)**<br>| &nbsp;&nbsp; **$(147342)**<br>| &nbsp;&nbsp; **159683** | &nbsp;&nbsp; **$4302301** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** |
|  | **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 | 28957 | &nbsp;&nbsp; $404262 | &nbsp;&nbsp; 83849 | &nbsp;&nbsp; $961917 |
| Dividends reinvested | 221 | &nbsp;&nbsp; 2835 | &nbsp;&nbsp; 1702 | &nbsp;&nbsp; 18753 |
| Shares redeemed | (32246)<br>| &nbsp;&nbsp; (439730)<br>| &nbsp;&nbsp; (65181)<br>| &nbsp;&nbsp; (728582)<br>|
| **Net (decrease) increase**  | **(3068)**<br>| &nbsp;&nbsp; **$(32633)**<br>| &nbsp;&nbsp; **20370** | &nbsp;&nbsp; **$252088** |
| **Class C**: |  |  |  |  |
| Shares sold | 6141 | &nbsp;&nbsp; $79896 | &nbsp;&nbsp; 17421 | &nbsp;&nbsp; $189157 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (14243)<br>| &nbsp;&nbsp; (184182)<br>| &nbsp;&nbsp; (29305)<br>| &nbsp;&nbsp; (300581)<br>|
| **Net decrease** | **(8102)**<br>| &nbsp;&nbsp; **$(104286)**<br>| &nbsp;&nbsp; **(11884)**<br>| &nbsp;&nbsp; **$(111424)**<br>|
| **Class I**: |  |  |  |  |
| Shares sold | 5556 | &nbsp;&nbsp; $70000 | &nbsp;&nbsp; 5492 | &nbsp;&nbsp; $58148 |
| Dividends reinvested | 12 | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 671 |
| Shares redeemed | (1108)<br>| &nbsp;&nbsp; (13984)<br>| &nbsp;&nbsp; (13394)<br>| &nbsp;&nbsp; (145016)<br>|
| **Net increase (decrease)** | **4460** | &nbsp;&nbsp; **$56175** | &nbsp;&nbsp; **(7841)**<br>| &nbsp;&nbsp; **$(86197)**<br>|
| **Class Z**: |  |  |  |  |
| Shares sold | 117215 | &nbsp;&nbsp; $1716825 | &nbsp;&nbsp; 146356 | &nbsp;&nbsp; $1724362 |
| Dividends reinvested | 3348 | &nbsp;&nbsp; 43962 | &nbsp;&nbsp; 6953 | &nbsp;&nbsp; 78222 |
| Shares redeemed | (156464)<br>| &nbsp;&nbsp; (2174716)<br>| &nbsp;&nbsp; (379659)<br>| &nbsp;&nbsp; (4327326)<br>|
| **Net decrease** | **(35901)**<br>| &nbsp;&nbsp; **$(413929)**<br>| &nbsp;&nbsp; **(226350)**<br>| &nbsp;&nbsp; **$(2524742)**<br>|

---

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** |
|  | **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 | 367588 | &nbsp;&nbsp; $7122617 | &nbsp;&nbsp; 332136 | &nbsp;&nbsp; $6741680 |
| Dividends reinvested | 223663 | &nbsp;&nbsp; 4406151 | &nbsp;&nbsp; 110965 | &nbsp;&nbsp; 2081708 |
| Shares redeemed | (231627)<br>| &nbsp;&nbsp; (4689893)<br>| &nbsp;&nbsp; (521128)<br>| &nbsp;&nbsp; (9539523)<br>|
| **Net increase (decrease)** | **359624** | &nbsp;&nbsp; **$6838875** | &nbsp;&nbsp; **(78027)**<br>| &nbsp;&nbsp; **$(716135)**<br>|
| **Class C**: |  |  |  |  |
| Shares sold | 3142 | &nbsp;&nbsp; $51343 | &nbsp;&nbsp; 9060 | &nbsp;&nbsp; $138766 |
| Dividends reinvested | 8777 | &nbsp;&nbsp; 137103 | &nbsp;&nbsp; 5395 | &nbsp;&nbsp; 82711 |
| Shares redeemed | (7184)<br>| &nbsp;&nbsp; (118911)<br>| &nbsp;&nbsp; (44940)<br>| &nbsp;&nbsp; (683757)<br>|
| **Net increase (decrease)** | **4735** | &nbsp;&nbsp; **$69535** | &nbsp;&nbsp; **(30485)**<br>| &nbsp;&nbsp; **$(462280)**<br>|
| **Class I**: |  |  |  |  |
| Shares sold | 7437 | &nbsp;&nbsp; $150979 | &nbsp;&nbsp; 25845 | &nbsp;&nbsp; $505742 |
| Dividends reinvested | 22083 | &nbsp;&nbsp; 433698 | &nbsp;&nbsp; 12236 | &nbsp;&nbsp; 228820 |
| Shares redeemed | (21723)<br>| &nbsp;&nbsp; (457138)<br>| &nbsp;&nbsp; (58630)<br>| &nbsp;&nbsp; (1010051)<br>|
| **Net increase (decrease)** | **7797** | &nbsp;&nbsp; **$127539** | &nbsp;&nbsp; **(20549)**<br>| &nbsp;&nbsp; **$(275489)**<br>|
| **Class Z**: |  |  |  |  |
| Shares sold | 1511569 | &nbsp;&nbsp; $32853861 | &nbsp;&nbsp; 537431 | &nbsp;&nbsp; $11058515 |
| Dividends reinvested | 143712 | &nbsp;&nbsp; 2960457 | &nbsp;&nbsp; 77242 | &nbsp;&nbsp; 1507759 |
| Redemptions in kind\* | (210058)<br>| &nbsp;&nbsp; (4438878)<br>| &nbsp;&nbsp; (163852)<br>| &nbsp;&nbsp; (3354876)<br>|
| Shares redeemed | (363985)<br>| &nbsp;&nbsp; (7681400)<br>| &nbsp;&nbsp; (797384)<br>| &nbsp;&nbsp; (15132997)<br>|
| **Net increase (decrease)** | **1081238** | &nbsp;&nbsp; **$23694040** | &nbsp;&nbsp; **(346563)**<br>| &nbsp;&nbsp; **$(5921599)**<br>|

---

&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 six months ended April 30, 2026, the Alger Spectra Fund and Alger Responsible Investing Fund had redemptions in-kind with total proceeds in the amount of $106,127,466 and $4,438,878, respectively. The net realized gains on these redemptions in-kind amounted to $86,805,242 and $3,951,322, respectively, which are not considered taxable for federal income tax purposes. 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. For the six months ended April 30, 2026, and for the year ended October 31, 2025, all redemptions in-kind were related to the Funds participation in the ReFlow liquidity program.

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

**NOTE 8 — Income Tax Information:**

------

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.

**NOTE 9 — Fair Value Measurements:**

------

The following is a summary of the inputs used as of April 30, 2026 in valuing the Funds' investments carried at fair value on a recurring basis. Based upon the nature, characteristics, and risks associated with their investments, Alger Management has determined that presenting them by security type and sector is appropriate.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Spectra Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $488292743 | &nbsp;&nbsp; $488292743 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 636901668 | &nbsp;&nbsp; 636901668 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Energy | 44467057 | &nbsp;&nbsp; 44467057 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 72480414 | &nbsp;&nbsp; 72480414 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 343584443 | &nbsp;&nbsp; 343584443 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 363880963 | &nbsp;&nbsp; 353723613 | &nbsp;&nbsp; 10157350 | &nbsp;&nbsp; — |
| Information Technology | 2358389267 | &nbsp;&nbsp; 2332894949 | &nbsp;&nbsp; 23375878 | &nbsp;&nbsp; 2118440 |
| Materials | 59558432 | &nbsp;&nbsp; 59558432 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 120745549 | &nbsp;&nbsp; 120745549 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$4488300536** | &nbsp;&nbsp; **$4452648868** | &nbsp;&nbsp; **$33533228** | &nbsp;&nbsp; **$2118440** |
| **PREFERRED STOCKS** |  |  |  |  |
| Industrials | 33360764 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33360764 |
| Information Technology | 107215745 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 107215745 |
| **TOTAL PREFERRED STOCKS** | **$140576509** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$140576509** |
| **REAL ESTATE INVESTMENT** <br> **TRUSTS**<br>|  |  |  |  |
| Real Estate | 22845042 | &nbsp;&nbsp; 22845042 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **SPECIAL PURPOSE VEHICLES** |  |  |  |  |
| Information Technology | 78644298 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 78644298 |

---

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Spectra Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | $4285760 | &nbsp;&nbsp; $4285760 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **PURCHASED OPTIONS** |  |  |  |  |
| Consumer Discretionary | 393700 | &nbsp;&nbsp; 393700 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$4735045845** | &nbsp;&nbsp; **$4480173370** | &nbsp;&nbsp; **$33533228** | &nbsp;&nbsp; **$221339247** |
| **SECURITIES SOLD SHORT** |  |  |  |  |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | (16600478)<br>| &nbsp;&nbsp; (16600478)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Discretionary | (3872278)<br>| &nbsp;&nbsp; (3872278)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | (9335466)<br>| &nbsp;&nbsp; (9335466)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | (3911586)<br>| &nbsp;&nbsp; (3911586)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | (4290098)<br>| &nbsp;&nbsp; (4290098)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | (40461572)<br>| &nbsp;&nbsp; (40461572)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | (131837266)<br>| &nbsp;&nbsp; (117675139)<br>| &nbsp;&nbsp; (14162127)<br>| &nbsp;&nbsp; — |
| Materials | (6550769)<br>| &nbsp;&nbsp; (6550769)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$(216859513)**<br>| &nbsp;&nbsp; **$(202697386)**<br>| &nbsp;&nbsp; **$(14162127)**<br>| &nbsp;&nbsp; **$—** |
| **REAL ESTATE INVESTMENT** <br> **TRUSTS**<br>|  |  |  |  |
| Real Estate | (8767887)<br>| &nbsp;&nbsp; (8767887)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **EXCHANGE TRADED FUNDS** |  |  |  |  |
| Market Indices | (152666715)<br>| &nbsp;&nbsp; (152666715)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | (11806200)<br>| &nbsp;&nbsp; (11806200)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | (13261324)<br>| &nbsp;&nbsp; (13261324)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL EXCHANGE TRADED** <br> **FUNDS**<br>| **$(177734239)**<br>| &nbsp;&nbsp; **$(177734239)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **TOTAL SECURITIES SOLD** <br> **SHORT**<br>| **$(403361639)**<br>| &nbsp;&nbsp; **$(389199512)**<br>| &nbsp;&nbsp; **$(14162127)**<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 | $30109233 | &nbsp;&nbsp; $30109233 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 16485879 | &nbsp;&nbsp; 16485879 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 1651632 | &nbsp;&nbsp; 1651632 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Energy | 3691210 | &nbsp;&nbsp; 3691210 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 6629051 | &nbsp;&nbsp; 6629051 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 24141633 | &nbsp;&nbsp; 24009193 | &nbsp;&nbsp; — | &nbsp;&nbsp; 132440 |
| Industrials | 27890095 | &nbsp;&nbsp; 26998596 | &nbsp;&nbsp; 891499 | &nbsp;&nbsp; — |
| Information Technology | 82445470 | &nbsp;&nbsp; 81926420 | &nbsp;&nbsp; — | &nbsp;&nbsp; 519050 |
| Real Estate | 2371515 | &nbsp;&nbsp; 2371515 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 2859133 | &nbsp;&nbsp; 2859133 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$198274851** | &nbsp;&nbsp; **$196731862** | &nbsp;&nbsp; **$891499** | &nbsp;&nbsp; **$651490** |
| **PREFERRED STOCKS** |  |  |  |  |
| Health Care | 780671 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 780671 |
| Industrials | 1226582 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1226582 |

---

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Dynamic Opportunities Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| Information Technology | $4933755 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4933755 |
| **TOTAL PREFERRED STOCKS** | **$6941008** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$6941008** |
| **REAL ESTATE INVESTMENT** <br> **TRUSTS**<br>|  |  |  |  |
| Real Estate | 3324734 | &nbsp;&nbsp; 3324734 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **RIGHTS** |  |  |  |  |
| Health Care | — <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>1</sup><br>|
| **SPECIAL PURPOSE VEHICLES** |  |  |  |  |
| Information Technology | 5139379 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5139379 |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 1586005 | &nbsp;&nbsp; 1586005 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Treasury Obligations | 7991225 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7991225 | &nbsp;&nbsp; — |
| **TOTAL SHORT-TERM** <br> **INVESTMENTS**<br>| **$9577230** | &nbsp;&nbsp; **$1586005** | &nbsp;&nbsp; **$7991225** | &nbsp;&nbsp; **$—** |
| **PURCHASED OPTIONS** |  |  |  |  |
| Communication Services | 243000 | &nbsp;&nbsp; 243000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Market Indices | 398700 | &nbsp;&nbsp; 398700 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL PURCHASED OPTIONS** | **$641700** | &nbsp;&nbsp; **$641700** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$223898902** | &nbsp;&nbsp; **$202284301** | &nbsp;&nbsp; **$8882724** | &nbsp;&nbsp; **$12731877** |
| **FINANCIAL DERIVATIVE** <br> **INSTRUMENTS - ASSETS**<br>|  |  |  |  |
| Over the counter - Contracts for <br> difference<br>| 2293 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2293 | &nbsp;&nbsp; — |
| **SECURITIES SOLD SHORT** |  |  |  |  |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | (9486479)<br>| &nbsp;&nbsp; (9486479)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Discretionary | (17997808)<br>| &nbsp;&nbsp; (17997808)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | (5082954)<br>| &nbsp;&nbsp; (5082954)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | (2638799)<br>| &nbsp;&nbsp; (2638799)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | (10475732)<br>| &nbsp;&nbsp; (10475732)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | (6009516)<br>| &nbsp;&nbsp; (6009516)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | (21069332)<br>| &nbsp;&nbsp; (19440888)<br>| &nbsp;&nbsp; (1628444)<br>| &nbsp;&nbsp; — |
| Materials | (2664534)<br>| &nbsp;&nbsp; (2664534)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Real Estate | (941325)<br>| &nbsp;&nbsp; (941325)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$(76366479)**<br>| &nbsp;&nbsp; **$(74738035)**<br>| &nbsp;&nbsp; **$(1628444)**<br>| &nbsp;&nbsp; **$—** |
| **REAL ESTATE INVESTMENT** <br> **TRUSTS**<br>|  |  |  |  |
| Real Estate | (2557790)<br>| &nbsp;&nbsp; (2557790)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **EXCHANGE TRADED FUNDS** |  |  |  |  |
| Market Indices | (6395068)<br>| &nbsp;&nbsp; (6395068)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL SECURITIES SOLD** <br> **SHORT**<br>| **$(85319337)**<br>| &nbsp;&nbsp; **$(83690893)**<br>| &nbsp;&nbsp; **$(1628444)**<br>| &nbsp;&nbsp; **$—** |

---

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Dynamic Opportunities Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **FINANCIAL DERIVATIVE** <br> **INSTRUMENTS - LIABILITIES**<br>|  |  |  |  |
| Over the counter - Contracts for <br> difference<br>| $(603428)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(603428)<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 | $1183854 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1183854 | &nbsp;&nbsp; $— |
| Consumer Discretionary | 2018382 | &nbsp;&nbsp; 834430 | &nbsp;&nbsp; 1183952 | &nbsp;&nbsp; — |
| Consumer Staples | 1162897 | &nbsp;&nbsp; 1162897 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 3941651 | &nbsp;&nbsp; 1312025 | &nbsp;&nbsp; 2629626 | &nbsp;&nbsp; — |
| Health Care | 342628 | &nbsp;&nbsp; — | &nbsp;&nbsp; 342628 | &nbsp;&nbsp; — |
| Industrials | 5599221 | &nbsp;&nbsp; 1012126 | &nbsp;&nbsp; 4587095 | &nbsp;&nbsp; — |
| Information Technology | 6448318 | &nbsp;&nbsp; 459034 | &nbsp;&nbsp; 5989284 | &nbsp;&nbsp; — |
| Real Estate | 253548 | &nbsp;&nbsp; — | &nbsp;&nbsp; 253548 | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$20950499** | &nbsp;&nbsp; **$4780512** | &nbsp;&nbsp; **$16169987** | &nbsp;&nbsp; **$—** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 816558 | &nbsp;&nbsp; 816558 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$21767057** | &nbsp;&nbsp; **$5597070** | &nbsp;&nbsp; **$16169987** | &nbsp;&nbsp; **$—** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Responsible Investing Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $12246585 | &nbsp;&nbsp; $12246585 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 14207776 | &nbsp;&nbsp; 14207776 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 846797 | &nbsp;&nbsp; 846797 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 8153238 | &nbsp;&nbsp; 8153238 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 6075981 | &nbsp;&nbsp; 6075981 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 9426095 | &nbsp;&nbsp; 9426095 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 63622194 | &nbsp;&nbsp; 63622194 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 515206 | &nbsp;&nbsp; 515206 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 1800258 | &nbsp;&nbsp; 1800258 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$116894130** | &nbsp;&nbsp; **$116894130** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| Information Technology | 641299 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 641299 |
| **REAL ESTATE INVESTMENT** <br> **TRUSTS**<br>|  |  |  |  |
| Real Estate | 2001435 | &nbsp;&nbsp; 2001435 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **SPECIAL PURPOSE VEHICLES** |  |  |  |  |
| Information Technology | 749926 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 749926 |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 27178217 | &nbsp;&nbsp; 27178217 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$147465007** | &nbsp;&nbsp; **$146073782** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1391225** |

---

&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 April 30, 2026.

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (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** | **Common Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $— |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 2118440 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 2118440 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$**—<br>|

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Spectra Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $68543421 |
| 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; 28556881 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 43476207 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 140576509 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$28556881** |

---

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (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> **Vehicles**<br>|
| Opening balance at November 1, 2025 | &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; 14407312 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 64236986 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 78644298 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$14407312** |

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Dynamic Opportunities Fund** | **Common Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $125469 |
| 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; 6971 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 519050 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 651490 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$6971** |

---

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (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, 2025 | &nbsp;&nbsp; $2758152 |
| 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; 2151842 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 2031014 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 6941008 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$2151842** |

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Dynamic Opportunities Fund** | **Rights** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $—\* |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; —\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$—**  |

---

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (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> **Vehicles**<br>|
| Opening balance at November 1, 2025 | &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; 1116494 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 4022885 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 5139379 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$1116494** |

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Responsible Investing Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $391800 |
| 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; 37079 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 212420 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 641299 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$37079** |

---

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Responsible Investing Fund** | **Special Purpose** <br> **Vehicles**<br>|
| Opening balance at November 1, 2025 | &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; 425721 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 324205 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 749926 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$425721** |

---

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

---

| | |
|:---|:---|
| <sup>\*</sup> | Includes securities that have been fair valued at zero. |
| <sup>\*\*</sup> | Net change in unrealized appreciation (depreciation) is included in the net change in unrealized appreciation <br>(depreciation) on investments in the accompanying Statement of Operations.<br>|

---

The following table provides quantitative information about each Fund's Level 3 fair value measurements of its investments as of April 30, 2026. The table below is not intended to be all-inclusive, but rather provides information on the Level 3 inputs as they relate to each Fund's fair value measurements at April 30, 2026.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** <br>**April 30,** <br>**2026**<br>| **Valuation** <br>**Methodology**<br>| **Unobservable** <br>**Inputs**<br>| **Inputs/Range** | **Weighted** <br>**Average Inputs**<br>|
| Alger Spectra Fund | Alger Spectra Fund | Alger Spectra Fund | Alger Spectra Fund | Alger Spectra Fund | Alger Spectra Fund |
| **Common** <br> **Stocks**<br>| &nbsp;&nbsp; $2118440 | Market <br>Approach<br>| Transaction Price <sup>(b)</sup> <br>| 0% | N/A <sup>(a)</sup> <br>|
| **Preferred** <br> **Stocks**<br>| 55957369 | Market <br>Approach<br>| Revenue Multiple | 24.0x | 24.0x |
|  | &nbsp;&nbsp; 10046418 | Market <br>Approach<br>| Transaction Price <sup>(b)</sup> <br>| 0% | N/A <sup>(a)</sup> <br>|
|  | &nbsp;&nbsp; 74572722 | Market Approach <br>Option Pricing Method<br>| Transaction Price <br>Term <br>Volatility <br>Risk-Free Rate<br>| 0% <br>5 years <br>80.00%-90.00% <br>4.02%<br>| 0% <br>5 years <br>85.53% <br>4.02%<br>|
| **Special** <br> **Purpose** <br> **Vehicles**<br>| 39704207 | Market <br>Approach<br>| Transaction Price <sup>(c)</sup> <br>| 0% | N/A <sup>(a)</sup> <br>|

---

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value**<br> **April 30,**<br> **2026**<br>| **Valuation**<br> **Methodology**<br>| **Unobservable**<br> **Inputs**<br>| **Inputs/Range** | **Weighted**<br> **Average Inputs**<br>|
|  | &nbsp;&nbsp; $38940091 | Market Approach <br>Option Pricing Method<br>| Transaction Price <br>Term <br>Volatility <br>Risk-Free Rate<br>| 0% <br>5 years <br>90.00% <br>4.02%<br>| N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>|
| Alger Dynamic Opportunities Fund | Alger Dynamic Opportunities Fund | Alger Dynamic Opportunities Fund | Alger Dynamic Opportunities Fund | Alger Dynamic Opportunities Fund | Alger Dynamic Opportunities Fund |
| **Common** <br> **Stocks**<br>| &nbsp;&nbsp; 519050 | Market <br>Approach<br>| Transaction Price <sup>(b)</sup> <br>| 0% | N/A <sup>(a)</sup> <br>|
|  | &nbsp;&nbsp; 132440 | Market Approach <br>Option Pricing Method<br>| Transaction Price <br>Term <br>Volatility <br>Risk-Free Rate<br>| 0% <br>1 year <br>80.00% <br>3.72%<br>| N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>|
| **Preferred** <br> **Stocks**<br>| 801843 | Market <br>Approach<br>| Transaction Price <sup>(b)</sup> <br>| 0% | N/A <sup>(a)</sup> <br>|
|  | &nbsp;&nbsp; 6139165 | Market Approach <br>Option Pricing Method<br>| Transaction Price <br>Term <br>Volatility <br>Risk-Free Rate<br>| 0% <br>1-5 years <br>80.00%-90.00% <br>3.72%-4.02%<br>| 0% <br>4.49 years <br>86.73% <br>3.98%<br>|
| **Rights** | —\* | Income <br>Approach<br>| Discount Rate <br>Probability of Success<br>| 100% <br>0.00%<br>| N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>|
| **Special** <br> **Purpose** <br> **Vehicles**<br>| 1617095 | Market <br>Approach<br>| Transaction Price <sup>(c)</sup> <br>| 0% | N/A <sup>(a)</sup> <br>|
|  | &nbsp;&nbsp; 3522284 | Market Approach <br>Option Pricing Method<br>| Transaction Price <br>Term <br>Volatility <br>Risk-Free Rate<br>| 0% <br>5 years <br>90.00% <br>4.02%<br>| 0% <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <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** <br> **Stocks**<br>| 641299 | Market <br>Approach<br>| Revenue Multiple | 24.0x | 24.0x |
| **Special** <br> **Purpose** <br> **Vehicles**<br>| 749926 | Market Approach <br>Option Pricing Method<br>| Transaction Price <br>Term <br>Volatility <br>Risk-Free Rate<br>| 0% <br>5 years <br>90.00% <br>4.02%<br>| 0% <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>|

---

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

\* Tolero CDRs are classified as a Level 3 investment and are fair valued at zero as of April 30, 2026.

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

<sup>(b)</sup> Fair value was determined based on the recent acquisition price (transaction price) as a best measure of fair value with no material changes in valuation assumptions since the acquisition date of March 31, 2026. 

<sup>(c)</sup> Fair value was determined based on the recent acquisition price (transaction price) as a best measure of fair value with no material changes in valuation assumptions since the acquisition date of March 2, 2026 and April 1, 2026. 

The significant unobservable inputs used in the fair value measurement of each Fund's securities include revenue multiples, bookings multiples, EBITDA multiples, publicly traded comparable securities' market value and revenue multiples, transaction pricing, discount rates, and the probability of success of

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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, bookings, and EBITDA multiples, decreases in discount rates, and increases in the probability of success result in higher fair value measurements, whereas decreases in revenue, bookings, and EBITDA multiples, increases in discount rates, and decreases in the probability of success result in lower fair value measurements. For the six months ended April 30, 2026, Alger Management updated the valuation methodology used to value Impulse Dynamics PLC, Series A, Impulse Dynamics PLC, Series F-3, and SB Technology Inc., Series E to include the option pricing method which considers a wide range of exit values to calculate the valuation of these investments. There were no other changes in valuation methodology for any other 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.

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 six months ended April 30, 2026, options were used in accordance with these objectives.

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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 are included in investments in unaffiliated securities on the Statements of Assets and Liabilities, and are exchange traded and not subject to offsetting.

For the six months ended April 30, 2026, Alger Spectra Fund had option purchases of $418,557 and option sales of $0. The average notional volume of contracts for purchased options and written options for the six months ended April 30, 2026 was $1,173,837 and $0, respectively. Options were held during one month of the period. For the six months ended April 30, 2026, Alger Dynamic Opportunities Fund had option purchases of $1,951,879 and option sales of $681,529. The average notional volume of contracts for purchased options and written options for the six months ended April 30, 2026 was $47,027,357 and $0, respectively. Options were held during six months of the period.

The effect of options on the accompanying Statements of Operations for the six months ended April 30, 2026, is as follows:

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

---

| | |
|:---|:---|
| **NET REALIZED GAIN/(LOSS) ON OPTIONS** | **NET REALIZED GAIN/(LOSS) ON OPTIONS** |
| **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** |
| Purchased Options<sup>(a)</sup> <br>| $(2034051)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $(2034051)<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 Spectra Fund** | **Alger Spectra Fund** |
| Purchased Options<sup>(a)</sup> <br>| $(24857)<br>|
| Total | $(24857)<br>|
| **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** |
| Purchased Options<sup>(a)</sup> <br>| $452453 |
| Total | $452453 |

---

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

<sup>(a)</sup> Equity priced contracts

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

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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.

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

---

| | | |
|:---|:---|:---|
|  | **ASSET DERIVATIVES April 30,** <br> **2026** | &nbsp;&nbsp; **LIABILITY DERIVATIVES** <br> **April 30, 2026** |
| **Alger Dynamic Opportunities Fund** |  |  |
|  | Assets <br>Fair Value | Liabilities <br>Fair Value |
| OTC CFDs<sup>(a)</sup> <br>| &nbsp;&nbsp; $2293 | &nbsp;&nbsp; $(603428)<br>|
| Total | &nbsp;&nbsp; $2293 | &nbsp;&nbsp; $(603428)<br>|
| <sup>(a)</sup> Equity priced contracts |  |  |

---

For the six months ended April 30, 2026, the average monthly notional amount of OTC CFDs for Alger Dynamic Opportunities Fund was $3,542,376. OTC CFDs were held during six-months of the period. The effect of OTC CFDs on the accompanying Statements of Operations for the April 30, 2026 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>| $(1555519)<br>|
| Total | $(1555519)<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>| $(358862)<br>|
| Total | $(358862)<br>|

---

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

1 Equity priced contracts

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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 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 included in the Statements of Assets and Liabilities as Cash collateral held for short sales and derivatives. 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 April 30, 2026 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 April 30, 2026:

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&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 | $2293 | &nbsp;&nbsp; $(603428)<br>|
| Total | $2293 | &nbsp;&nbsp; $(603428)<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 April 30, 2026:

&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 Assets and** <br>**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>(**Received)** <br>**Pledged**<sup>(b)</sup> <br>| **Net Amount**<sup>(c)</sup> <br>**(Not Less than $0)**<br>|
| Goldman Sachs & Co. | $(603428)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $603428 | &nbsp;&nbsp; $— |
| BNP Paribas | $2293 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2293 ) <sup>(d)</sup><br>| &nbsp;&nbsp; $— |
| Total | $(601135)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $601135 | &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. Private placements are offerings of a company's securities not registered with

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

the SEC and not offered to the public, for which limited information may be available. Such investments are generally considered to be illiquid. 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. At times, cash may be a larger position in the portfolio and may underperform relative to equity securities. The Fund is classified as diversified within the meaning of the 1940 Act, as amended. The diversification of the Fund's holdings is measured at the time the Fund purchases a security. Because of its long-term approach, the Fund could have a significant percentage of its assets invested in securities that have appreciated beyond their market capitalizations at the time of the Fund's investment.

**<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 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,

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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. At times, cash may be a larger position in the portfolio and may underperform relative to equity securities. The Fund is classified as diversified within the meaning of the 1940 Act, as amended. The diversification of the Fund's holdings is measured at the time the Fund purchases a security. Because of its long-term approach, the Fund could have a significant percentage of its assets invested in securities that have appreciated beyond their market capitalizations at the time of the Fund's investment.

**<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 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. The Fund is classified as diversified within the meaning of the 1940 Act, as amended. The diversification of the Fund's holdings is measured at the time the Fund purchases a security. Because of its long-term approach, the Fund could have a significant percentage of its assets invested in securities that have appreciated beyond their market capitalizations at the time of the Fund's investment.

------

**THE ALGER FUNDS II**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

**NOTE 12 — Affiliated Securities:**

------

During the six months ended April 30, 2026, as disclosed in the following table, certain Funds held 5% or more of the outstanding voting securities of the issuers listed below. As such, these issuers were "affiliated persons" of the applicable Fund(s) for purposes of the 1940 Act. Transactions during the six months ended April 30, 2026 with such affiliated persons are summarized below. During this period, other Funds in the Trust may also have held voting shares of the issuers at levels below 5%.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**April 30,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**April 30,** <br>**2026**<br>|
| **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** |
| **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** |
| 2026 VDC LP<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(536245)<br>| &nbsp;&nbsp; $39704207 |
| Crosslink <br> Ventures C, LLC, Cl. <br> A<sup>2</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4271809 | &nbsp;&nbsp; — |
| Crosslink <br> Ventures C, LLC, Cl. <br> B<sup>2</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2641896 | &nbsp;&nbsp; — |
| **Total** |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6377460 | &nbsp;&nbsp; $39704207 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**April 30,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**April 30,** <br>**2026**<br>|
| **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** |
| **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** |
| 2026 VDC LP<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(21840)<br>| &nbsp;&nbsp; $1617095 |
| Crosslink <br> Ventures C, LLC, Cl. A<sup>2</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 537609 | &nbsp;&nbsp; — |
| Crosslink <br> Ventures C, LLC, Cl. <br> B<sup>2</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 317605 | &nbsp;&nbsp; — |
| **Total** |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $833374 | &nbsp;&nbsp; $1617095 |

---

<sup>1</sup>The Alger Fund Complex and other entities managed by Alger Management owned greater than 25% of 2026 VDC LP.

<sup>2</sup> Crosslink Ventures C, LLC liquidated and distributed shares of Chime Financial, Inc. Class A during the period, and is no longer deemed an affiliate of the Fund. Prior to the distribution of shares, the Alger Fund Complex and other entities managed by Alger Management fully owned Crosslink Ventures C, LLC, Class A and Crosslink Ventures C, LLC, Class B.

**NOTE 13 — Subsequent Events:**

------

Alger Management has evaluated events that have occurred subsequent to April 30, 2026, through the issuance date of the Financial Statements. No material events have been identified which require recognition and/or disclosure.

------

**THE ALGER FUNDS II**

**OTHER INFORMATION (Unaudited)**

------

**Proxy Voting Policies**

------

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**

------

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

------

**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.

------

**THE ALGER FUNDS II**

------

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**

------

UMB Fund Services, Inc.

235 W. Galena Street

Milwaukee, WI 53212

**Custodian**

------

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.

------

![](img09c9575b3.gif)

**AFIISAR**

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

Not Applicable.

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies

------

Not Applicable.

------

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.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

Not Applicable.

------

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;&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.

(a)(1) Not applicable. <br> (a)(2) Not applicable. <br> (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.](afii-efp25653_ex99cert.htm)

**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: | June 18, 2026 |

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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: | June 18, 2026 |

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| | |
|:---|:---|
| By: | /s/ Michael D. Martins |
| Name: | Michael D. Martins |
| Title: | Principal Financial Officer |
| Date: | June 18, 2026 |

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## 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 Executive Officer |
| Date: | June 18, 2026 |

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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: | June 18, 2026 |

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