# EDGAR Filing Document

**Accession Number:** 0000092751
**File Stem:** 0000940400-25-002816
**Filing Date:** 2025-9
**Character Count:** 217809
**Document Hash:** 59e80c1559187df07f97cd1d397d0e4f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-002816.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000940400-25-002816

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01743
- **FILM NUMBER:** 251348577

**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 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           |

## Nport-Ex

![](imgf8b8ca391.gif)

THE ALGER FUNDS II

**QUARTERLY REPORT**

**July 31, 2025 (UNAUDITED)**

![](img0146b1202.gif)

------

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

**Schedule of Investments July 31, 2025 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—106.4%** | **COMMON STOCKS—106.4%** | **COMMON STOCKS—106.4%** |
| **AEROSPACE & DEFENSE—2.2%** | **AEROSPACE & DEFENSE—2.2%** | **AEROSPACE & DEFENSE—2.2%** |
| HEICO Corp., Cl. A | 343395 | **$88626816** |
| **APPAREL ACCESSORIES & LUXURY GOODS—0.4%** | **APPAREL ACCESSORIES & LUXURY GOODS—0.4%** | **APPAREL ACCESSORIES & LUXURY GOODS—0.4%** |
| LVMH Moët Hennessy Louis Vuitton SE | 26928 | **14455275** |
| **APPAREL RETAIL—0.7%** | **APPAREL RETAIL—0.7%** | **APPAREL RETAIL—0.7%** |
| Burlington Stores, Inc.<sup>\*</sup>  | 101442 | **27689608** |
| **APPLICATION SOFTWARE—4.9%** | **APPLICATION SOFTWARE—4.9%** | **APPLICATION SOFTWARE—4.9%** |
| AppLovin Corp., Cl. A<sup>+</sup>,\*  | 480438 | 187707127 |
| Circle Internet Group, Inc., Cl. A<sup>\*</sup>  | 15116 | 2774088 |
| Palantir Technologies, Inc., Cl. A<sup>\*</sup>  | 73258 | 11600404 |
|  |  | **202081619** |
| **AUTOMOBILE MANUFACTURERS—3.0%** | **AUTOMOBILE MANUFACTURERS—3.0%** | **AUTOMOBILE MANUFACTURERS—3.0%** |
| Ferrari NV | 36064 | 15990417 |
| Tesla, Inc.<sup>+</sup>,\*  | 346287 | 106749893 |
|  |  | **122740310** |
| **AUTOMOTIVE RETAIL—0.2%** | **AUTOMOTIVE RETAIL—0.2%** | **AUTOMOTIVE RETAIL—0.2%** |
| Carvana Co.<sup>\*</sup>  | 17927 | **6994578** |
| **BIOTECHNOLOGY—1.3%** | **BIOTECHNOLOGY—1.3%** | **BIOTECHNOLOGY—1.3%** |
| Abivax SA ADR<sup>\*</sup>  | 115037 | 8256206 |
| Natera, Inc.<sup>\*</sup>  | 349646 | 46733684 |
|  |  | **54989890** |
| **BROADLINE RETAIL—9.6%** | **BROADLINE RETAIL—9.6%** | **BROADLINE RETAIL—9.6%** |
| Alibaba Group Holding Ltd. ADR | 76294 | 9203345 |
| Amazon.com, Inc.<sup>+</sup>,\*  | 1500874 | 351369612 |
| MercadoLibre, Inc.<sup>\*</sup>  | 13353 | 31698553 |
|  |  | **392271510** |
| **CASINOS & GAMING—0.8%** | **CASINOS & GAMING—0.8%** | **CASINOS & GAMING—0.8%** |
| DraftKings, Inc., Cl. A<sup>\*</sup>  | 685761 | **30886675** |
| **COAL & CONSUMABLE FUELS—0.8%** | **COAL & CONSUMABLE FUELS—0.8%** | **COAL & CONSUMABLE FUELS—0.8%** |
| Cameco Corp. | 445421 | **33375396** |
| **CONSTRUCTION MATERIALS—1.3%** | **CONSTRUCTION MATERIALS—1.3%** | **CONSTRUCTION MATERIALS—1.3%** |
| James Hardie Industries PLC<sup>\*</sup>  | 1041117 | 27006575 |
| Martin Marietta Materials, Inc. | 49185 | 28275473 |
|  |  | **55282048** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—0.3%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.3%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.3%** |
| Walmart, Inc. | 131557 | **12889955** |
| **DIVERSIFIED BANKS—0.1%** | **DIVERSIFIED BANKS—0.1%** | **DIVERSIFIED BANKS—0.1%** |
| NU Holdings, Ltd., Cl. A<sup>\*</sup>  | 303230 | **3705471** |
| **DIVERSIFIED SUPPORT SERVICES—0.1%** | **DIVERSIFIED SUPPORT SERVICES—0.1%** | **DIVERSIFIED SUPPORT SERVICES—0.1%** |
| Cintas Corp. | 25728 | **5725766** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—106.4% (CONT.)** | **COMMON STOCKS—106.4% (CONT.)** | **COMMON STOCKS—106.4% (CONT.)** |
| **ELECTRIC UTILITIES—1.7%** | **ELECTRIC UTILITIES—1.7%** | **ELECTRIC UTILITIES—1.7%** |
| Constellation Energy Corp. | 168228 | **$** 58516427 |
| NRG Energy, Inc. | 63143 | 10557510 |
|  |  | **69073937** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.1%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.1%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.1%** |
| Vertiv Holdings Co., Cl. A | 605034 | **88092950** |
| **ENVIRONMENTAL & FACILITIES SERVICES—2.5%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.5%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.5%** |
| GFL Environmental, Inc.<sup>+</sup>  | 2026331 | **102005503** |
| **FINANCIAL EXCHANGES & DATA—0.8%** | **FINANCIAL EXCHANGES & DATA—0.8%** | **FINANCIAL EXCHANGES & DATA—0.8%** |
| S&P Global, Inc. | 56334 | **31045667** |
| **HEALTH CARE DISTRIBUTORS—0.4%** | **HEALTH CARE DISTRIBUTORS—0.4%** | **HEALTH CARE DISTRIBUTORS—0.4%** |
| Cardinal Health, Inc. | 112581 | **17474823** |
| **HEALTHCARE EQUIPMENT—1.2%** | **HEALTHCARE EQUIPMENT—1.2%** | **HEALTHCARE EQUIPMENT—1.2%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 101141 | **48657924** |
| **HEAVY ELECTRICAL EQUIPMENT—0.1%** | **HEAVY ELECTRICAL EQUIPMENT—0.1%** | **HEAVY ELECTRICAL EQUIPMENT—0.1%** |
| Bloom Energy Corp., Cl. A<sup>\*</sup>  | 105241 | **3934961** |
| **HOTELS RESORTS & CRUISE LINES—0.2%** | **HOTELS RESORTS & CRUISE LINES—0.2%** | **HOTELS RESORTS & CRUISE LINES—0.2%** |
| Trip.com Group Ltd. ADR | 111800 | **6926010** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.5%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.5%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.5%** |
| Talen Energy Corp.<sup>\*</sup>  | 220110 | 83106933 |
| Vistra Corp. | 101699 | 21208309 |
|  |  | **104315242** |
| **INTERACTIVE HOME ENTERTAINMENT—2.6%** | **INTERACTIVE HOME ENTERTAINMENT—2.6%** | **INTERACTIVE HOME ENTERTAINMENT—2.6%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 274488 | 37821701 |
| Sea Ltd. ADR<sup>+</sup>,\*  | 450561 | 70580381 |
|  |  | **108402082** |
| **INTERACTIVE MEDIA & SERVICES—11.5%** | **INTERACTIVE MEDIA & SERVICES—11.5%** | **INTERACTIVE MEDIA & SERVICES—11.5%** |
| Alphabet, Inc., Cl. C<sup>+</sup>  | 515687 | 99455395 |
| Meta Platforms, Inc., Cl. A<sup>+</sup>  | 436863 | 337887319 |
| Pinterest, Inc., Cl. A<sup>\*</sup>  | 863734 | 33340132 |
|  |  | **470682846** |
| **INTERNET SERVICES & INFRASTRUCTURE—3.0%** | **INTERNET SERVICES & INFRASTRUCTURE—3.0%** | **INTERNET SERVICES & INFRASTRUCTURE—3.0%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 148663 | 30874332 |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 81814 | 19462732 |
| Shopify, Inc., Cl. A<sup>\*</sup>  | 169719 | 20741359 |
| Snowflake, Inc., Cl. A<sup>\*</sup>  | 184969 | 41340572 |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 96088 | 12395352 |
|  |  | **124814347** |
| **INVESTMENT BANKING & BROKERAGE—1.1%** | **INVESTMENT BANKING & BROKERAGE—1.1%** | **INVESTMENT BANKING & BROKERAGE—1.1%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 455049 | **46892799** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—106.4% (CONT.)** | **COMMON STOCKS—106.4% (CONT.)** | **COMMON STOCKS—106.4% (CONT.)** |
| **LIFE & HEALTH INSURANCE—0.1%** | **LIFE & HEALTH INSURANCE—0.1%** | **LIFE & HEALTH INSURANCE—0.1%** |
| Oscar Health, Inc., Cl. A<sup>\*</sup>  | 343548 | **$4826849** |
| **MOVIES & ENTERTAINMENT—4.4%** | **MOVIES & ENTERTAINMENT—4.4%** | **MOVIES & ENTERTAINMENT—4.4%** |
| Liberty Media Corp. Series C Liberty Formula One<sup>\*</sup>  | 399579 | 40097753 |
| Netflix, Inc.<sup>+</sup>,\*  | 71675 | 83099995 |
| Spotify Technology SA<sup>\*</sup>  | 89054 | 55795893 |
|  |  | **178993641** |
| **PHARMACEUTICALS—0.6%** | **PHARMACEUTICALS—0.6%** | **PHARMACEUTICALS—0.6%** |
| Eli Lilly & Co. | 30699 | **22719409** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—0.6%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—0.6%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—0.6%** |
| ASML Holding NV ADR | 36729 | **25516004** |
| **SEMICONDUCTORS—21.6%** | **SEMICONDUCTORS—21.6%** | **SEMICONDUCTORS—21.6%** |
| Astera Labs, Inc.<sup>\*</sup>  | 263206 | 35988156 |
| Broadcom, Inc.<sup>+</sup>  | 351687 | 103290472 |
| First Solar, Inc.<sup>\*</sup>  | 55326 | 9667112 |
| Micron Technology, Inc. | 186041 | 20304515 |
| NVIDIA Corp.<sup>+</sup>  | 3471569 | 617487978 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 416743 | 100693444 |
|  |  | **887431677** |
| **SYSTEMS SOFTWARE—16.7%** | **SYSTEMS SOFTWARE—16.7%** | **SYSTEMS SOFTWARE—16.7%** |
| Microsoft Corp.<sup>+</sup>  | 1101135 | 587455522 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 1417491 | 77154035 |
| Oracle Corp. | 80702 | 20479747 |
|  |  | **685089304** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.4%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.4%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.4%** |
| Apple, Inc.<sup>+</sup>  | 963992 | 200095819 |
| Western Digital Corp. | 253382 | 19938630 |
|  |  | **220034449** |
| **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** |
| QXO, Inc.<sup>\*</sup>  | 1255168 | **25178670** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—1.0%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.0%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.0%** |
| Visa, Inc., Cl. A<sup>+</sup>  | 113898 | **39348342** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $1,656,065,901) |  | **4363172353** |
| **EXCHANGE TRADED FUNDS—0.1%** | **EXCHANGE TRADED FUNDS—0.1%** | **EXCHANGE TRADED FUNDS—0.1%** |
| Alger Concentrated Equity ETF<sup>(a),\*</sup>  | 174563 | **5496989** |
| &nbsp;&nbsp;&nbsp; (Cost $4,419,052) |  | **5496989** |
| **PREFERRED STOCKS—1.6%** | **PREFERRED STOCKS—1.6%** | **PREFERRED STOCKS—1.6%** |
| **APPLICATION SOFTWARE—1.5%** | **APPLICATION SOFTWARE—1.5%** | **APPLICATION SOFTWARE—1.5%** |
| Databricks, Inc., Series J<sup>(b),\*,@</sup>  | 325466 | 41064045 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **PREFERRED STOCKS—1.6% (CONT.)** | **PREFERRED STOCKS—1.6% (CONT.)** | **PREFERRED STOCKS—1.6% (CONT.)** |
| **APPLICATION SOFTWARE—1.5% (CONT.)** | **APPLICATION SOFTWARE—1.5% (CONT.)** | **APPLICATION SOFTWARE—1.5% (CONT.)** |
| SB Technology, Inc., Series E<sup>(b),\*,@</sup>  | 1146050 | **$** 19723521 |
|  |  | **60787566** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Prosetta Biosciences, Inc., Series D<sup>(a),(b),\*,@</sup>  | 2912012 | **—** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—0.1%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.1%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.1%** |
| Chime Financial, Inc., Series G<sup>+</sup>,\*,@  | 188583 | **6489141** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $75,958,570) |  | **67276707** |
| **REAL ESTATE INVESTMENT TRUST—0.6%** | **REAL ESTATE INVESTMENT TRUST—0.6%** | **REAL ESTATE INVESTMENT TRUST—0.6%** |
| **DATA CENTER—0.6%** | **DATA CENTER—0.6%** | **DATA CENTER—0.6%** |
| Equinix, Inc. | 30928 | **24283738** |
| &nbsp;&nbsp;&nbsp; (Cost $24,957,210) |  | **24283738** |
| **SPECIAL PURPOSE VEHICLE—0.3%** | **SPECIAL PURPOSE VEHICLE—0.3%** | **SPECIAL PURPOSE VEHICLE—0.3%** |
| **DATA PROCESSING & OUTSOURCED SERVICES—0.3%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.3%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.3%** |
| Crosslink Ventures C, LLC, Cl. A<sup>(a),\*,@</sup>  |  | 6174755 |
| Crosslink Ventures C, LLC, Cl. B<sup>(a),\*,@</sup>  |  | 3877716 |
|  |  | **10052471** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLE** <br>(Cost $11,925,000) |  | **10052471** |
| **SHORT-TERM SECURITIES—0.0%** | **SHORT-TERM SECURITIES—0.0%** | **SHORT-TERM SECURITIES—0.0%** |
| **MONEY MARKET FUNDS—0.0%** | **MONEY MARKET FUNDS—0.0%** | **MONEY MARKET FUNDS—0.0%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.19%<sup>(c)</sup>  | 97835 | **97835** |
| &nbsp;&nbsp;&nbsp; (Cost $97,835) |  | **97835** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

&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%** |
| **EXCHANGE-TRADED OPTIONS PURCHASED—0.0%** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.0%** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.0%** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.0%** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.0%** |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding, Ltd., <br> ADR, 8/29/2025, $125.00<br>| $3920475 | BNP Paribas | 325 | **$** 136500 |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED CALL OPTIONS** <br>(Cost $167,140) | &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED CALL OPTIONS** <br>(Cost $167,140) | &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED CALL OPTIONS** <br>(Cost $167,140) |  | **136500** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $1,773,590,708)** | &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $1,773,590,708)** | &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $1,773,590,708)** | 109.0% | **$4470516593** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Securities (Cost $29,448,106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Securities (Cost $29,448,106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Securities (Cost $29,448,106) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15549460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $1,744,142,602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $1,744,142,602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $1,744,142,602) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4454967133 |
| Securities Sold Short (Proceeds $377,119,156) | Securities Sold Short (Proceeds $377,119,156) | Securities Sold Short (Proceeds $377,119,156) | (9.3)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (382214626) |
| Written Options (Premiums received $(83110)) | Written Options (Premiums received $(83110)) | Written Options (Premiums received $(83110)) | (0.0)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57200) |
| Other Assets in Excess of Liabilities | Other Assets in Excess of Liabilities | Other Assets in Excess of Liabilities | 0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11523464 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | 100.0% | **$4099768231** |

---

&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)* | *Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note* <br> *5 - Affiliated Securities.*<br>|
| *(b)* | *Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures* <br> *approved by the Board of Trustees.*<br>|
| *(c)* | *Rate shown reflects 7-day effective yield as of July 31, 2025.* |
| *\** | *Non-income producing security.* |
| *+* | *All or a portion of this security is held as collateral for securities sold short.* |
| *@* | *Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the* <br> *investment may be restricted only to qualified buyers.*<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Acquisition* <br>*Date(s)*<br>| *Acquisition* <br>*Cost*<br>| *Market* <br>*Value*<br>| *% of net assets* <br>*as of* <br>*7/31/2025*<br>|
| *Chime Financial, Inc., Series G* | *8/24/21* | $*13025390* | $*6489141* | *0.1%* |
| *Crosslink Ventures C, LLC, Cl. A* | *10/2/20* | *7350000* | *6174755* | *0.2%* |
| *Crosslink Ventures C, LLC, Cl. B* | *12/16/20* | *4575000* | *3877716* | *0.1%* |
| *Databricks, Inc., Series J* | *12/17/24* | *30105605* | *41064045* | *1.0%* |
| *Prosetta Biosciences, Inc., Series D* | *2/6/15* | *13104054* | *—* | *0.0%* |
| *SB Technology, Inc., Series E* | *10/23/24-12/18/24* | *19723521* | *19723521* | *0.5%* |
| *Total* |  | *$87883570* | *$77329178* | *1.9%* |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

&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** |
| **CALL OPTIONS WRITTEN—0.0%** | **CALL OPTIONS WRITTEN—0.0%** | **CALL OPTIONS WRITTEN—0.0%** | **CALL OPTIONS WRITTEN—0.0%** | **CALL OPTIONS WRITTEN—0.0%** |
| **EXCHANGE-TRADED OPTIONS WRITTEN—0.0%** | **EXCHANGE-TRADED OPTIONS WRITTEN—0.0%** | **EXCHANGE-TRADED OPTIONS WRITTEN—0.0%** | **EXCHANGE-TRADED OPTIONS WRITTEN—0.0%** | **EXCHANGE-TRADED OPTIONS WRITTEN—0.0%** |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding, Ltd., <br> ADR, 8/29/2025,$135.00<br>| $(3920475) | BNP Paribas | 325 | $(57200) |
| &nbsp;&nbsp;&nbsp; (Premiums received $(83110)) | &nbsp;&nbsp;&nbsp; (Premiums received $(83110)) | &nbsp;&nbsp;&nbsp; (Premiums received $(83110)) | &nbsp;&nbsp;&nbsp; (Premiums received $(83110)) | **$(57200)** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments - Securities Sold Short July 31, 2025 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(6.0)%** |  |  |
| **ADVERTISING—(0.1)%** |  |  |
| The Interpublic Group of Cos., Inc. | (155534) | **$(3826136)** |
| **AEROSPACE & DEFENSE—(0.1)%** |  |  |
| Lockheed Martin Corp. | &nbsp;&nbsp; (14894) | **(6270076)** |
| **AGRICULTURAL & FARM MACHINERY—(0.1)%** |  |  |
| Toro Co. | &nbsp;&nbsp; (72523) | **(5384833)** |
| **AIR FREIGHT & LOGISTICS—(0.1)%** |  |  |
| United Parcel Service, Inc., Cl.B | &nbsp;&nbsp; (29559) | **(2546803)** |
| **APPLICATION SOFTWARE—(1.0)%** |  |  |
| Atlassian Corp., Cl. A<sup>\*</sup> <br>| &nbsp;&nbsp; (28000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5369840) |
| Clear Secure, Inc., Cl. A | (254185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7475581) |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp; (5751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4515283) |
| Salesforce, Inc. | &nbsp;&nbsp; (24219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6256494) |
| Samsara, Inc., Cl. A<sup>\*</sup> <br>| &nbsp;&nbsp; (92840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3530705) |
| SAP SE ADR | &nbsp;&nbsp; (32103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9203930) |
| Tyler Technologies, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (10106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5907563) |
| Workday, Inc., Cl. A<sup>\*</sup> <br>| &nbsp;&nbsp; (23069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5291567) |
|  |  | **(47550963)** |
| **AUTOMOBILE MANUFACTURERS—(0.2)%** |  |  |
| General Motors Co. | (150094) | **(8006014)** |
| **BIOTECHNOLOGY—(0.1)%** |  |  |
| United Therapeutics Corp.<sup>\*</sup> <br>| &nbsp;&nbsp; (20525) | **(5638218)** |
| **BREWERS—(0.2)%** |  |  |
| Anheuser-Busch InBev SA/NV | &nbsp;&nbsp; (68599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3956104) |
| Molson Coors Beverage Co., Cl. B | &nbsp;&nbsp; (78000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3800160) |
|  |  | **(7756264)** |
| **BUILDING PRODUCTS—(0.2)%** |  |  |
| A.O. Smith Corp. | &nbsp;&nbsp; (40971) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2900337) |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp; (21000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2409750) |
|  |  | **(5310087)** |
| **CARGO GROUND TRANSPORTATION—(0.1)%** |  |  |
| Ryder System, Inc. | &nbsp;&nbsp; (23942) | **(4254733)** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION** <br> **EQUIPMENT—(0.1)%** |  |  |
| Blue Bird Corp.<sup>\*</sup> <br>| &nbsp;&nbsp; (57335) | **(2568035)** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—(0.2)%** |  |  |
| Dollar General Corp. | &nbsp;&nbsp; (94514) | **(9914519)** |
| **DATA PROCESSING & OUTSOURCED SERVICES—(0.1)%** |  |  |
| Genpact, Ltd. | (138098) | **(6083217)** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments - Securities Sold Short July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(6.0)% (CONT.)** |  |  |
| **DIVERSIFIED BANKS—(0.3)%** |  |  |
| Bank of America Corp. | (242511) | **$(11463495)** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—(0.1)%** |  |  |
| Fluence Energy, Inc.<sup>\*</sup> <br>| (421728) | **(3424431)** |
| **ELECTRONIC MANUFACTURING SERVICES—(0.2)%** |  |  |
| IPG Photonics Corp.<sup>\*</sup> <br>| (109924) | **(8232208)** |
| **FINANCIAL EXCHANGES & DATA—(0.1)%** |  |  |
| Morningstar, Inc. | &nbsp;&nbsp;&nbsp; (9311) | **(2574119)** |
| **HEALTHCARE FACILITIES—(0.2)%** |  |  |
| HCA Healthcare, Inc. | &nbsp;&nbsp; (12883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4560453) |
| Universal Health Services, Inc., Cl. B | &nbsp;&nbsp; (34211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5694421) |
|  |  | **(10254874)** |
| **HEALTHCARE SUPPLIES—(0.1)%** |  |  |
| Align Technology, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (4951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (638729) |
| DENTSPLY SIRONA, Inc. | (323335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4626924) |
|  |  | **(5265653)** |
| **HOTELS RESORTS & CRUISE LINES—(0.1)%** |  |  |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; (19606) | **(5255976)** |
| **HOUSEHOLD PRODUCTS—(0.2)%** |  |  |
| The Procter & Gamble Co. | &nbsp;&nbsp; (42000) | **(6319740)** |
| **INDUSTRIAL MACHINERY & SUPPLIES &** <br> **COMPONENTS—(0.1)%** |  |  |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp; (59584) | **(4030858)** |
| **INSURANCE BROKERS—(0.1)%** |  |  |
| Aon PLC, Cl.A | &nbsp;&nbsp; (10755) | **(3825661)** |
| **IT CONSULTING & OTHER SERVICES—(0.2)%** |  |  |
| Capgemini SE | &nbsp;&nbsp; (26452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3938081) |
| Infosys, Ltd. ADR | (238259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3983690) |
|  |  | **(7921771)** |
| **LIFE SCIENCES TOOLS & SERVICES—(0.3)%** |  |  |
| Bruker Corp. | &nbsp;&nbsp; (51000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1959930) |
| Medpace Holdings, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (27516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11754835) |
|  |  | **(13714765)** |
| **MANAGED HEALTHCARE—(0.4)%** |  |  |
| Centene Corp.<sup>\*</sup> <br>| &nbsp;&nbsp; (97040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2529833) |
| Progyny, Inc.<sup>\*</sup> <br>| (267000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6277170) |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; (13796) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3442930) |
|  |  | **(12249933)** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments - Securities Sold Short July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(6.0)% (CONT.)** |  |  |
| **METAL, GLASS & PLASTIC CONTAINERS—(0.2)%** |  |  |
| Ball Corp. | (111991) | **$(6412605)** |
| **OTHER SPECIALTY RETAIL—(0.1)%** |  |  |
| Chewy, Inc., Cl.A<sup>\*</sup> <br>| &nbsp;&nbsp; (91000) | **(3339700)** |
| **PACKAGED FOODS & MEATS—(0.1)%** |  |  |
| WK Kellogg Co. | &nbsp;&nbsp; (97500) | **(2247375)** |
| **RESEARCH & CONSULTING SERVICES—(0.1)%** |  |  |
| Science Applications International Corp. | &nbsp;&nbsp; (53425) | **(5955819)** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—0.0%** |  |  |
| Entegris, Inc. | &nbsp;&nbsp; (25461) | **(1997670)** |
| **SEMICONDUCTORS—0.0%** |  |  |
| Intel Corp. | &nbsp;&nbsp; (14414) | **(285397)** |
| **SPECIALTY CHEMICALS—(0.2)%** |  |  |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp; (93888) | **(6668865)** |
| **SYSTEMS SOFTWARE—(0.1)%** |  |  |
| Teradata Corp.<sup>\*</sup> <br>| (223339) | **(4674485)** |
| **TECHNOLOGY DISTRIBUTORS—(0.1)%** |  |  |
| Insight Enterprises, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (22112) | **(2622041)** |
| **TECHNOLOGY HARDWARE STORAGE &** <br> **PERIPHERALS—(0.1)%** |  |  |
| NetApp, Inc. | &nbsp;&nbsp; (33333) | **(3470965)** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Proceeds $254,993,550)<br>|  | **$(247318304)** |

---

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS—(3.3)%** |  |  |
| **ENERGY EQUIPMENT & SERVICES—(0.3)%** |  |  |
| Energy Select Sector SPDR Fund | (128842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11236311) |
| **MARKET INDICES—(2.8)%** |  |  |
| Direxion NASDAQ-100 Equal Weighted Index Shares | (450515) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44312655) |
| Invesco QQQ Trust Series 1 | &nbsp;&nbsp; (10188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5756322) |
| iShares MSCI India ETF | &nbsp;&nbsp; (51203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2695326) |
| iShares Russell 2000 ETF | &nbsp;&nbsp; (17615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3864555) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; (92798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58655760) |
|  |  | **(115284618)** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments - Securities Sold Short July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS—(3.3)% (CONT.)** |  |  |
| **SYSTEMS SOFTWARE—(0.2)%** |  |  |
| iShares Expanded Tech-Software Sector ETF<sup>\*</sup> <br>| &nbsp;&nbsp; (75008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$**(8375393) |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>(Proceeds $122,125,606)<br>|  | **$(134896322)** |
| &nbsp;&nbsp;&nbsp; **Total Securities Sold Short** <br>(Proceeds $377,119,156)<br>|  | **$(382214626)** |

---

&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 July 31, 2025 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—91.0%** | **COMMON STOCKS—91.0%** | **COMMON STOCKS—91.0%** |
| **ADVERTISING—0.5%** | **ADVERTISING—0.5%** | **ADVERTISING—0.5%** |
| The Trade Desk, Inc., Cl. A<sup>\*</sup>  | 11503 | **$1000301** |
| **AEROSPACE & DEFENSE—6.7%** | **AEROSPACE & DEFENSE—6.7%** | **AEROSPACE & DEFENSE—6.7%** |
| AAR Corp.<sup>\*</sup>  | 9690 | 723940 |
| Cadre Holdings, Inc. | 9802 | 324152 |
| HEICO Corp.<sup>+</sup>  | 15325 | 5008210 |
| HEICO Corp., Cl. A | 5635 | 1454337 |
| Kratos Defense & Security Solutions, Inc.<sup>+</sup>,\*  | 3504 | 205685 |
| Loar Holdings, Inc.<sup>\*</sup>  | 2296 | 169697 |
| StandardAero, Inc.<sup>\*</sup>  | 572 | 16331 |
| TransDigm Group, Inc.<sup>+</sup>  | 4094 | 6585035 |
|  |  | **14487387** |
| **APPAREL ACCESSORIES & LUXURY GOODS—0.6%** | **APPAREL ACCESSORIES & LUXURY GOODS—0.6%** | **APPAREL ACCESSORIES & LUXURY GOODS—0.6%** |
| LVMH Moët Hennessy Louis Vuitton SE | 2624 | **1408595** |
| **APPAREL RETAIL—0.8%** | **APPAREL RETAIL—0.8%** | **APPAREL RETAIL—0.8%** |
| Burlington Stores, Inc.<sup>\*</sup>  | 6429 | **1754860** |
| **APPLICATION SOFTWARE—5.7%** | **APPLICATION SOFTWARE—5.7%** | **APPLICATION SOFTWARE—5.7%** |
| Agilysys, Inc.<sup>\*</sup>  | 2837 | 323645 |
| AppLovin Corp., Cl. A<sup>+</sup>,\*  | 19620 | 7665534 |
| Confluent, Inc., Cl. A<sup>\*</sup>  | 27216 | 482403 |
| HubSpot, Inc.<sup>\*</sup>  | 2822 | 1466452 |
| nCino, Inc.<sup>\*</sup>  | 13523 | 377630 |
| PROS Holdings, Inc.<sup>\*</sup>  | 15535 | 243744 |
| SPS Commerce, Inc.<sup>+</sup>,\*  | 11069 | 1205027 |
| Vertex, Inc., Cl. A<sup>+</sup>,\*  | 18376 | 609532 |
|  |  | **12373967** |
| **ASSET MANAGEMENT & CUSTODY BANKS—1.7%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.7%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.7%** |
| Hamilton Lane, Inc., Cl. A<sup>+</sup>  | 2133 | 324856 |
| KKR & Co., Inc. | 8034 | 1177624 |
| StepStone Group, Inc., Cl. A<sup>+</sup>  | 37387 | 2219292 |
|  |  | **3721772** |
| **BIOTECHNOLOGY—4.2%** | **BIOTECHNOLOGY—4.2%** | **BIOTECHNOLOGY—4.2%** |
| ACADIA Pharmaceuticals, Inc.<sup>+</sup>,\*  | 116099 | 2766639 |
| BioMarin Pharmaceutical, Inc.<sup>+</sup>,\*  | 13353 | 772471 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 73399 | 732522 |
| Natera, Inc.<sup>+</sup>,\*  | 27952 | 3736064 |
| Ultragenyx Pharmaceutical, Inc.<sup>\*</sup>  | 15995 | 436984 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup>  | 1595 | 728708 |
|  |  | **9173388** |
| **BROADLINE RETAIL—5.5%** | **BROADLINE RETAIL—5.5%** | **BROADLINE RETAIL—5.5%** |
| Amazon.com, Inc.<sup>+</sup>,\*  | 43603 | 10207898 |
| MercadoLibre, Inc.<sup>+</sup>,\*  | 284 | 674185 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—91.0% (CONT.)** | **COMMON STOCKS—91.0% (CONT.)** | **COMMON STOCKS—91.0% (CONT.)** |
| **BROADLINE RETAIL—5.5% (CONT.)** | **BROADLINE RETAIL—5.5% (CONT.)** | **BROADLINE RETAIL—5.5% (CONT.)** |
| Ollie's Bargain Outlet Holdings, Inc.<sup>+</sup>,\*  | 6993 | **$** 955454 |
|  |  | **11837537** |
| **BUILDING PRODUCTS—0.6%** | **BUILDING PRODUCTS—0.6%** | **BUILDING PRODUCTS—0.6%** |
| Builders FirstSource, Inc.<sup>\*</sup>  | 10733 | **1364486** |
| **CARGO GROUND TRANSPORTATION—0.6%** | **CARGO GROUND TRANSPORTATION—0.6%** | **CARGO GROUND TRANSPORTATION—0.6%** |
| Old Dominion Freight Line, Inc. | 4805 | 717146 |
| RXO, Inc.<sup>\*</sup>  | 18684 | 288668 |
| XPO, Inc.<sup>\*</sup>  | 3332 | 400806 |
|  |  | **1406620** |
| **CONSTRUCTION & ENGINEERING—0.3%** | **CONSTRUCTION & ENGINEERING—0.3%** | **CONSTRUCTION & ENGINEERING—0.3%** |
| Sterling Infrastructure, Inc.<sup>\*</sup>  | 2126 | **568896** |
| **CONSTRUCTION MATERIALS—1.0%** | **CONSTRUCTION MATERIALS—1.0%** | **CONSTRUCTION MATERIALS—1.0%** |
| James Hardie Industries PLC<sup>\*</sup>  | 80154 | **2079195** |
| **CONSUMER FINANCE—1.1%** | **CONSUMER FINANCE—1.1%** | **CONSUMER FINANCE—1.1%** |
| Upstart Holdings, Inc.<sup>+</sup>,\*  | 28843 | **2357627** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—0.4%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.4%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.4%** |
| Dollar Tree, Inc.<sup>\*</sup>  | 8406 | **954501** |
| **DIVERSIFIED SUPPORT SERVICES—0.3%** | **DIVERSIFIED SUPPORT SERVICES—0.3%** | **DIVERSIFIED SUPPORT SERVICES—0.3%** |
| VSE Corp. | 4483 | **701769** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.1%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.1%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.1%** |
| Enovix Corp.<sup>\*</sup>  | 124099 | 1662927 |
| Vertiv Holdings Co., Cl. A<sup>+</sup>  | 19293 | 2809061 |
|  |  | **4471988** |
| **ELECTRONIC COMPONENTS—0.7%** | **ELECTRONIC COMPONENTS—0.7%** | **ELECTRONIC COMPONENTS—0.7%** |
| Coherent Corp.<sup>\*</sup>  | 13957 | **1501773** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.1%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.1%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.1%** |
| Itron, Inc.<sup>\*</sup>  | 15594 | 1942077 |
| Novanta, Inc.<sup>\*</sup>  | 4116 | 506350 |
|  |  | **2448427** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.8%** |
| Casella Waste Systems, Inc., Cl. A<sup>+</sup>,\*  | 6296 | 684564 |
| Montrose Environmental Group, Inc.<sup>+</sup>,\*  | 26765 | 607298 |
| Waste Connections, Inc.<sup>+</sup>  | 2400 | 448008 |
|  |  | **1739870** |
| **FINANCIAL EXCHANGES & DATA—0.3%** | **FINANCIAL EXCHANGES & DATA—0.3%** | **FINANCIAL EXCHANGES & DATA—0.3%** |
| Coinbase Global, Inc., Cl. A<sup>\*</sup>  | 1815 | **685634** |
| **FOOTWEAR—0.3%** | **FOOTWEAR—0.3%** | **FOOTWEAR—0.3%** |
| Birkenstock Holding PLC<sup>\*</sup>  | 13949 | **698706** |
| **HEALTH CARE DISTRIBUTORS—0.8%** | **HEALTH CARE DISTRIBUTORS—0.8%** | **HEALTH CARE DISTRIBUTORS—0.8%** |
| Cencora, Inc. | 2442 | 698607 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—91.0% (CONT.)** | **COMMON STOCKS—91.0% (CONT.)** | **COMMON STOCKS—91.0% (CONT.)** |
| **HEALTH CARE DISTRIBUTORS—0.8% (CONT.)** | **HEALTH CARE DISTRIBUTORS—0.8% (CONT.)** | **HEALTH CARE DISTRIBUTORS—0.8% (CONT.)** |
| McKesson Corp.<sup>+</sup>  | 1476 | **$** 1023665 |
|  |  | **1722272** |
| **HEALTHCARE EQUIPMENT—3.1%** | **HEALTHCARE EQUIPMENT—3.1%** | **HEALTHCARE EQUIPMENT—3.1%** |
| Artivion, Inc.<sup>\*</sup>  | 64412 | 1990975 |
| Glaukos Corp.<sup>\*</sup>  | 8976 | 772744 |
| Impulse Dynamics PLC, Series A<sup>(a),\*,@</sup>  | 3485265 | 125469 |
| Inmode, Ltd.<sup>\*</sup>  | 18580 | 253803 |
| Inspire Medical Systems, Inc.<sup>+</sup>,\*  | 1829 | 227784 |
| Insulet Corp.<sup>+</sup>,\*  | 1135 | 327334 |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 4349 | 2092260 |
| PROCEPT BioRobotics Corp.<sup>\*</sup>  | 13457 | 652799 |
| Tandem Diabetes Care, Inc.<sup>\*</sup>  | 24326 | 378999 |
|  |  | **6822167** |
| **HEALTHCARE FACILITIES—1.0%** | **HEALTHCARE FACILITIES—1.0%** | **HEALTHCARE FACILITIES—1.0%** |
| Tenet Healthcare Corp.<sup>+</sup>,\*  | 13517 | **2180022** |
| **HEALTHCARE SERVICES—0.3%** | **HEALTHCARE SERVICES—0.3%** | **HEALTHCARE SERVICES—0.3%** |
| NeoGenomics, Inc.<sup>\*</sup>  | 6624 | 32060 |
| RadNet, Inc.<sup>\*</sup>  | 9793 | 535971 |
|  |  | **568031** |
| **HEALTHCARE SUPPLIES—0.1%** | **HEALTHCARE SUPPLIES—0.1%** | **HEALTHCARE SUPPLIES—0.1%** |
| Neogen Corp.<sup>\*</sup>  | 51534 | **239633** |
| **HEALTHCARE TECHNOLOGY—0.1%** | **HEALTHCARE TECHNOLOGY—0.1%** | **HEALTHCARE TECHNOLOGY—0.1%** |
| Waystar Holding Corp.<sup>\*</sup>  | 5331 | **197140** |
| **HOME FURNISHINGS—0.5%** | **HOME FURNISHINGS—0.5%** | **HOME FURNISHINGS—0.5%** |
| Somnigroup International, Inc. | 14757 | **1068112** |
| **HUMAN RESOURCE & EMPLOYMENT SERVICES—1.4%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—1.4%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—1.4%** |
| First Advantage Corp.<sup>\*</sup>  | 43578 | 753463 |
| Paylocity Holding Corp.<sup>+</sup>,\*  | 12369 | 2286781 |
|  |  | **3040244** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.6%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.6%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.6%** |
| Talen Energy Corp.<sup>+</sup>,\*  | 14695 | 5548391 |
| Vistra Corp. | 10632 | 2217198 |
|  |  | **7765589** |
| **INSURANCE BROKERS—0.2%** | **INSURANCE BROKERS—0.2%** | **INSURANCE BROKERS—0.2%** |
| Accelerant Holdings, Cl. A<sup>\*</sup>  | 17028 | **468951** |
| **INTERACTIVE HOME ENTERTAINMENT—4.0%** | **INTERACTIVE HOME ENTERTAINMENT—4.0%** | **INTERACTIVE HOME ENTERTAINMENT—4.0%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 37317 | 5141909 |
| Sea Ltd. ADR<sup>+</sup>,\*  | 18695 | 2928572 |
| Take-Two Interactive Software, Inc.<sup>\*</sup>  | 3078 | 685563 |
|  |  | **8756044** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—91.0% (CONT.)** | **COMMON STOCKS—91.0% (CONT.)** | **COMMON STOCKS—91.0% (CONT.)** |
| **INTERACTIVE MEDIA & SERVICES—6.2%** | **INTERACTIVE MEDIA & SERVICES—6.2%** | **INTERACTIVE MEDIA & SERVICES—6.2%** |
| Alphabet, Inc., Cl. A | 22267 | **$** 4273037 |
| Meta Platforms, Inc., Cl. A<sup>+</sup>  | 10477 | 8103331 |
| Pinterest, Inc., Cl. A<sup>\*</sup>  | 28270 | 1091222 |
|  |  | **13467590** |
| **INTERNET SERVICES & INFRASTRUCTURE—3.0%** | **INTERNET SERVICES & INFRASTRUCTURE—3.0%** | **INTERNET SERVICES & INFRASTRUCTURE—3.0%** |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 9351 | 2224509 |
| Shopify, Inc., Cl. A<sup>\*</sup>  | 8607 | 1051861 |
| Snowflake, Inc., Cl. A<sup>\*</sup>  | 5003 | 1118171 |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 17188 | 2217252 |
|  |  | **6611793** |
| **INVESTMENT BANKING & BROKERAGE—0.2%** | **INVESTMENT BANKING & BROKERAGE—0.2%** | **INVESTMENT BANKING & BROKERAGE—0.2%** |
| Piper Sandler Cos. | 1290 | **406763** |
| **LEISURE FACILITIES—0.4%** | **LEISURE FACILITIES—0.4%** | **LEISURE FACILITIES—0.4%** |
| Life Time Group Holdings, Inc.<sup>\*</sup>  | 11083 | 318304 |
| Planet Fitness, Inc., Cl. A<sup>+</sup>,\*  | 4773 | 521164 |
|  |  | **839468** |
| **LIFE SCIENCES TOOLS & SERVICES—0.5%** | **LIFE SCIENCES TOOLS & SERVICES—0.5%** | **LIFE SCIENCES TOOLS & SERVICES—0.5%** |
| Bio-Techne Corp. | 18742 | **1025750** |
| **MANAGED HEALTHCARE—1.0%** | **MANAGED HEALTHCARE—1.0%** | **MANAGED HEALTHCARE—1.0%** |
| Progyny, Inc.<sup>+</sup>,\*  | 93224 | **2191696** |
| **MOVIES & ENTERTAINMENT—2.6%** | **MOVIES & ENTERTAINMENT—2.6%** | **MOVIES & ENTERTAINMENT—2.6%** |
| Netflix, Inc.<sup>+</sup>,\*  | 2632 | 3051541 |
| Spotify Technology SA<sup>+</sup>,\*  | 4189 | 2624576 |
|  |  | **5676117** |
| **PHARMACEUTICALS—1.0%** | **PHARMACEUTICALS—1.0%** | **PHARMACEUTICALS—1.0%** |
| Johnson & Johnson | 12879 | **2121687** |
| **PROPERTY & CASUALTY INSURANCE—0.7%** | **PROPERTY & CASUALTY INSURANCE—0.7%** | **PROPERTY & CASUALTY INSURANCE—0.7%** |
| Palomar Holdings, Inc.<sup>\*</sup>  | 11006 | **1458185** |
| **RAIL TRANSPORTATION—0.5%** | **RAIL TRANSPORTATION—0.5%** | **RAIL TRANSPORTATION—0.5%** |
| Union Pacific Corp. | 4691 | **1041261** |
| **REAL ESTATE SERVICES—2.6%** | **REAL ESTATE SERVICES—2.6%** | **REAL ESTATE SERVICES—2.6%** |
| Compass, Inc., Cl. A<sup>\*</sup>  | 77953 | 618947 |
| FirstService Corp.<sup>+</sup>  | 25106 | 4951405 |
|  |  | **5570352** |
| **RESTAURANTS—1.0%** | **RESTAURANTS—1.0%** | **RESTAURANTS—1.0%** |
| Kura Sushi USA, Inc., Cl. A<sup>\*</sup>  | 5847 | 513016 |
| The Cheesecake Factory, Inc. | 16615 | 1061865 |
| Wingstop, Inc. | 1478 | 557708 |
|  |  | **2132589** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—91.0% (CONT.)** | **COMMON STOCKS—91.0% (CONT.)** | **COMMON STOCKS—91.0% (CONT.)** |
| **SEMICONDUCTORS—10.9%** | **SEMICONDUCTORS—10.9%** | **SEMICONDUCTORS—10.9%** |
| Astera Labs, Inc.<sup>\*</sup>  | 28468 | **$** 3892430 |
| Impinj, Inc.<sup>\*</sup>  | 6034 | 932736 |
| NVIDIA Corp.<sup>+</sup>  | 66174 | 11770369 |
| Semtech Corp.<sup>\*</sup>  | 25621 | 1309233 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 23913 | 5777859 |
|  |  | **23682627** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.5%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.5%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.5%** |
| Celsius Holdings, Inc.<sup>\*</sup>  | 23305 | **1056649** |
| **SYSTEMS SOFTWARE—8.0%** | **SYSTEMS SOFTWARE—8.0%** | **SYSTEMS SOFTWARE—8.0%** |
| Crowdstrike Holdings, Inc., Cl. A<sup>\*</sup>  | 2354 | 1070058 |
| CyberArk Software Ltd.<sup>\*</sup>  | 1702 | 700322 |
| Microsoft Corp.<sup>+</sup>  | 16979 | 9058296 |
| Nebius Group NV, Cl. A<sup>+</sup>,\*  | 109842 | 5978700 |
| ServiceNow, Inc.<sup>\*</sup>  | 488 | 460243 |
|  |  | **17267619** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.8%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.8%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.8%** |
| Western Digital Corp. | 21101 | **1660438** |
| **TRADING COMPANIES & DISTRIBUTORS—0.7%** | **TRADING COMPANIES & DISTRIBUTORS—0.7%** | **TRADING COMPANIES & DISTRIBUTORS—0.7%** |
| SiteOne Landscape Supply, Inc.<sup>+</sup>,\*  | 4366 | 601766 |
| Transcat, Inc.<sup>\*</sup>  | 7591 | 580180 |
| Xometry, Inc., Cl. A<sup>\*</sup>  | 9663 | 312501 |
|  |  | **1494447** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $151,884,462) |  | **197270535** |
| **PREFERRED STOCKS—1.3%** | **PREFERRED STOCKS—1.3%** | **PREFERRED STOCKS—1.3%** |
| **APPLICATION SOFTWARE—0.9%** | **APPLICATION SOFTWARE—0.9%** | **APPLICATION SOFTWARE—0.9%** |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 114903 | **1977481** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Prosetta Biosciences, Inc., Series D<sup>(a),\*,@</sup>  | 41418 | **—** |
| **HEALTHCARE EQUIPMENT—0.4%** | **HEALTHCARE EQUIPMENT—0.4%** | **HEALTHCARE EQUIPMENT—0.4%** |
| Impulse Dynamics PLC, Series F-3<sup>(a),\*,@</sup>  | 13695990 | **780671** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $2,880,391) |  | **2758152** |
| **REAL ESTATE INVESTMENT TRUST—1.3%** | **REAL ESTATE INVESTMENT TRUST—1.3%** | **REAL ESTATE INVESTMENT TRUST—1.3%** |
| **INDUSTRIAL—0.5%** | **INDUSTRIAL—0.5%** | **INDUSTRIAL—0.5%** |
| Rexford Industrial Realty, Inc. | 28963 | **1058018** |
| **TELECOM TOWER—0.8%** | **TELECOM TOWER—0.8%** | **TELECOM TOWER—0.8%** |
| Crown Castle, Inc. | 16708 | **1755844** |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUST** <br>(Cost $2,654,010) |  | **2813862** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **RIGHTS—0.0%** | **RIGHTS—0.0%** | **RIGHTS—0.0%** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Tolero CDR<sup>(a),\*,@</sup>  | 126108 | **$—** |
| &nbsp;&nbsp;&nbsp; (Cost $67,638) |  | **—** |
| **SPECIAL PURPOSE VEHICLE—0.6%** | **SPECIAL PURPOSE VEHICLE—0.6%** | **SPECIAL PURPOSE VEHICLE—0.6%** |
| **DATA PROCESSING & OUTSOURCED SERVICES—0.6%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.6%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.6%** |
| Crosslink Ventures C, LLC, Cl. A<sup>(b),\*,@</sup>  |  | 777095 |
| Crosslink Ventures C, LLC, Cl. B<sup>(b),\*,@</sup>  |  | 466174 |
|  |  | **1243269** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLE** <br>(Cost $1,475,000) |  | **1243269** |
| **SHORT-TERM SECURITIES—1.9%** | **SHORT-TERM SECURITIES—1.9%** | **SHORT-TERM SECURITIES—1.9%** |
| **MONEY MARKET FUNDS—1.9%** | **MONEY MARKET FUNDS—1.9%** | **MONEY MARKET FUNDS—1.9%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.19%<sup>(c)</sup>  | 4148557 | **4148557** |
| &nbsp;&nbsp;&nbsp; (Cost $4,148,557) |  | **4148557** |

---

&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—0.1%** | **PURCHASED PUT OPTIONS—0.1%** | **PURCHASED PUT OPTIONS—0.1%** | **PURCHASED PUT OPTIONS—0.1%** | **PURCHASED PUT OPTIONS—0.1%** |
| **EXCHANGE-TRADED OPTIONS PURCHASED—0.1%** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.1%** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.1%** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.1%** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.1%** |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, <br> 8/15/2025, $515.00<br>| &nbsp;&nbsp;&nbsp; 7627635 | Bank of America | 135 | 7830 |
| &nbsp;&nbsp;&nbsp; Trump Media & Technology <br> Group Corp., 12/19/2025, <br> $50.00<br>| &nbsp;&nbsp;&nbsp; 56288 | Bank of America | 32 | 101120 |
| &nbsp;&nbsp;&nbsp; Trump Media & Technology <br> Group Corp., 12/19/2025, <br> $50.00<br>| &nbsp;&nbsp;&nbsp; 51011 | BNP Paribas | 29 | 91640 |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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—0.1% (CONT.)** | **Purchased Put Options—0.1% (CONT.)** | **Purchased Put Options—0.1% (CONT.)** | **Purchased Put Options—0.1% (CONT.)** | **Purchased Put Options—0.1% (CONT.)** |
| **EXCHANGE-TRADED OPTIONS PURCHASED—0.1% (CONT.)** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.1% (CONT.)** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.1% (CONT.)** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.1% (CONT.)** | **EXCHANGE-TRADED OPTIONS PURCHASED—0.1% (CONT.)** |
| &nbsp;&nbsp;&nbsp; Trump Media & Technology <br> Group Corp., 1/16/2026, <br> $40.00<br>| $26385 | BNP Paribas | 15 | **$** 33600 |
|  |  |  |  | **234190** |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED PUT OPTIONS** <br>(Cost $344,110) | &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED PUT OPTIONS** <br>(Cost $344,110) | &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED PUT OPTIONS** <br>(Cost $344,110) |  | **234190** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $163,454,168)** | &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $163,454,168)** | &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $163,454,168)** | 96.2% | **$208468565** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Securities (Cost $1,475,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Securities (Cost $1,475,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Securities (Cost $1,475,000) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1243269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $161,979,168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $161,979,168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $161,979,168) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207225296 |
| Securities Sold Short (Proceeds $73,766,579) | Securities Sold Short (Proceeds $73,766,579) | Securities Sold Short (Proceeds $73,766,579) | (33.2)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71946351) |
| Other Assets in Excess of Liabilities | Other Assets in Excess of Liabilities | Other Assets in Excess of Liabilities | 37.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80102753 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | 100.0% | **$216624967** |

---

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

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

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

---

| | |
|:---|:---|
| *(a)* | *Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures* <br> *approved by the Board of Trustees.*<br>|
| *(b)* | *Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note* <br> *5 - Affiliated Securities.*<br>|
| *(c)* | *Rate shown reflects 7-day effective yield as of July 31, 2025.* |
| *\** | *Non-income producing security.* |
| *+* | *All or a portion of this security is held as collateral for securities sold short.* |
| *@* | *Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the* <br> *investment may be restricted only to qualified buyers.*<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Acquisition* <br>*Date(s)*<br>| *Acquisition* <br>*Cost*<br>| *Market* <br>*Value*<br>| *% of net assets* <br>*as of* <br>*7/31/2025*<br>|
| *Crosslink Ventures C, LLC, Cl. A* | *10/2/20* | &nbsp;&nbsp; $*925000* | $*777095* | *0.4%* |
| *Crosslink Ventures C, LLC, Cl. B* | *12//20* | *550000* | *466174* | *0.2%* |
| *Impulse Dynamics PLC, Series A* | *2/11/22* | *3485265* | *125469* | *0.1%* |
| *Impulse Dynamics PLC, Series F-3* | *6/2/23* | *716529* | *780671* | *0.4%* |
| *Prosetta Biosciences, Inc., Series D* | *2/6/15* | *186381* | *—* | *0.0%* |
| *SB Technology, Inc., Series E* | *10/23/24* | *1977481* | *1977481* | *0.9%* |
| *Tolero CDR* | *2/6/17* | *67638* | *—* | *0.0%* |
| *Total* |  | *$7908294* | *$4126890* | *2.0%* |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Contract** <br>**Amount**<br>| **Counterparty** | **Reference** <br> **Company**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation**<br>| **Unrealized** <br>**(Depreciation)**<br>| **Net Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| (19427) | Goldman <br> Sachs & Co.<br>| Goldman Sachs <br> U.S. Momentum <br> Short Basket<br>| $(176742)<br>| $— | $(176742)<br>| $(176742)<br>|
| (38856) | BNP Paribas | SES AI Corp. | 5362 | 5362 |  | 5362 |
| **Total** |  |  | **$**(171380**)**<br>| **$**5362 | **$**(176742**)**<br>| **$**(171380**)**<br>|

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments - Securities Sold Short July 31, 2025 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(30.9)%** |  |  |
| **ADVERTISING—(0.3)%** |  |  |
| The Interpublic Group of Cos., Inc. | &nbsp;&nbsp; (28786) | **$(708136)** |
| **AEROSPACE & DEFENSE—(0.5)%** |  |  |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp; (2602) | **(1095390)** |
| **AGRICULTURAL & FARM MACHINERY—(0.3)%** |  |  |
| Toro Co. | &nbsp;&nbsp;&nbsp; (9210) | **(683843)** |
| **APPAREL ACCESSORIES & LUXURY GOODS—(0.4)%** |  |  |
| adidas AG | &nbsp;&nbsp;&nbsp; (4761) | **(909965)** |
| **APPLICATION SOFTWARE—(3.1)%** |  |  |
| Atlassian Corp., Cl. A<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (6707) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1286268) |
| Aurora Innovation, Inc., Cl. A<sup>\*</sup> <br>| (133204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (773915) |
| Clear Secure, Inc., Cl. A | &nbsp;&nbsp; (40929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1203722) |
| Procore Technologies, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (12205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (874244) |
| SoundHound AI, Inc., Cl. A<sup>\*</sup> <br>| &nbsp;&nbsp; (20194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (208604) |
| Tyler Technologies, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (2449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1431587) |
| Unity Software, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (18578) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (619762) |
|  |  | **(6398102)** |
| **AUTOMOBILE MANUFACTURERS—(1.7)%** |  |  |
| Fisker, Inc.<sup>(a),\*</sup> <br>| &nbsp;&nbsp; (55316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Ford Motor Co. | (104495) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1156760) |
| General Motors Co. | &nbsp;&nbsp; (21709) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1157958) |
| Lucid Group, Inc.<sup>\*</sup> <br>| (122207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (300629) |
| Rivian Automotive, Inc. , Cl. A<sup>\*</sup> <br>| &nbsp;&nbsp; (43437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (559034) |
| Thor Industries, Inc. | &nbsp;&nbsp;&nbsp; (7372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (670778) |
|  |  | **(3845159)** |
| **AUTOMOTIVE PARTS & EQUIPMENT—(1.0)%** |  |  |
| QuantumScape Corp., Cl. A<sup>\*</sup> <br>| (248108) | **(2133729)** |
| **BIOTECHNOLOGY—(1.3)%** |  |  |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp; (3806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (719410) |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp; (4842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1428874) |
| Biogen, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (2830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (362240) |
| Soleno Therapeutics, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (1231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (106445) |
| Twist Bioscience Corp.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (1815) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60930) |
|  |  | **(2677899)** |
| **BUILDING PRODUCTS—(0.4)%** |  |  |
| Masterbrand, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (71575) | **(789472)** |
| **CASINOS & GAMING—(0.4)%** |  |  |
| Caesars Entertainment, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (13836) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (369144) |
| MGM Resorts International<sup>\*</sup> <br>| &nbsp;&nbsp; (10505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (382907) |
|  |  | **(752051)** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments - Securities Sold Short July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(30.9)% (CONT.)** |  |  |
| **COMMODITY CHEMICALS—(0.2)%** |  |  |
| PureCycle Technologies, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (36807) | **$(493582)** |
| **CONSTRUCTION & ENGINEERING—(0.3)%** |  |  |
| Ameresco, Inc., Cl.A<sup>\*</sup> <br>| &nbsp;&nbsp; (35858) | **(606717)** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION** <br> **EQUIPMENT—(0.5)%** |  |  |
| Blue Bird Corp.<sup>\*</sup> <br>| &nbsp;&nbsp; (14970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (670506) |
| Federal Signal Corp. | &nbsp;&nbsp;&nbsp; (2964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (375153) |
|  |  | **(1045659)** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—(0.3)%** |  |  |
| Target Corp. | &nbsp;&nbsp;&nbsp; (7495) | **(753247)** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—(0.4)%** |  |  |
| Fluence Energy, Inc.<sup>\*</sup> <br>| (118504) | **(962252)** |
| **ELECTRONIC COMPONENTS—(0.6)%** |  |  |
| Belden, Inc. | &nbsp;&nbsp;&nbsp; (9795) | **(1211152)** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.0%** |  |  |
| SmartRent, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (32203) | **(32525)** |
| **ELECTRONIC MANUFACTURING SERVICES—(0.7)%** |  |  |
| IPG Photonics Corp.<sup>\*</sup> <br>| &nbsp;&nbsp; (21355) | **(1599276)** |
| **FOOTWEAR—(0.3)%** |  |  |
| NIKE, Inc., Cl.B | &nbsp;&nbsp;&nbsp; (8387) | **(626425)** |
| **HEALTHCARE EQUIPMENT—(0.1)%** |  |  |
| TransMedics Group, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (1193) | **(141931)** |
| **HEALTHCARE FACILITIES—(0.7)%** |  |  |
| Universal Health Services, Inc., Cl. B | &nbsp;&nbsp;&nbsp; (4893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (814440) |
| US Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp; (8840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (646646) |
|  |  | **(1461086)** |
| **HEALTHCARE SERVICES—(0.3)%** |  |  |
| 23andMe Holding Co., Cl. A<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (3023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14359) |
| CVS Health Corp. | &nbsp;&nbsp;&nbsp; (9349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (580573) |
| DocGo, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (4671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6353) |
|  |  | **(601285)** |
| **HEALTHCARE SUPPLIES—(0.1)%** |  |  |
| STAAR Surgical Co.<sup>\*</sup> <br>| &nbsp;&nbsp; (12066) | **(216162)** |
| **HEALTHCARE TECHNOLOGY—0.0%** |  |  |
| Simulations Plus, Inc. | &nbsp;&nbsp;&nbsp; (3173) | **(41312)** |
| **HEAVY ELECTRICAL EQUIPMENT—(0.4)%** |  |  |
| NuScale Power Corp.<sup>\*</sup> <br>| &nbsp;&nbsp; (18203) | **(913973)** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments - Securities Sold Short July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(30.9)% (CONT.)** |  |  |
| **HOMEFURNISHING RETAIL—(0.2)%** |  |  |
| RH<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (1630) | **$(335161)** |
| **HOTELS RESORTS & CRUISE LINES—0.0%** |  |  |
| Soho House & Co., Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (4225) | **(26829)** |
| **HOUSEHOLD PRODUCTS—(0.6)%** |  |  |
| Church & Dwight Co., Inc. | &nbsp;&nbsp; (14448) | **(1354789)** |
| **HYPERMARKETS & SUPER CENTERS—(0.6)%** |  |  |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp; (1489) | **(1399124)** |
| **INDUSTRIAL MACHINERY & SUPPLIES &** <br> **COMPONENTS—(0.5)%** |  |  |
| Symbotic, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (21292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1148703) |
| Velo3D, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4957) |
|  |  | **(1153660)** |
| **INTERACTIVE MEDIA & SERVICES—(0.2)%** |  |  |
| Rumble, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (62238) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (525289) |
| Trump Media & Technology Group Corp.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (3648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64168) |
|  |  | **(589457)** |
| **IT CONSULTING & OTHER SERVICES—(1.7)%** |  |  |
| Capgemini SE | &nbsp;&nbsp;&nbsp; (4908) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (730686) |
| Grid Dynamics Holdings, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (68737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (652314) |
| Infosys, Ltd. ADR | &nbsp;&nbsp; (39009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (652230) |
| International Business Machines Corp. | &nbsp;&nbsp;&nbsp; (6660) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1685979) |
|  |  | **(3721209)** |
| **LIFE SCIENCES TOOLS & SERVICES—(1.0)%** |  |  |
| Illumina, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (11406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1171510) |
| Medpace Holdings, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (2486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1062019) |
|  |  | **(2233529)** |
| **MANAGED HEALTHCARE—(1.3)%** |  |  |
| Elevance Health, Inc. | &nbsp;&nbsp;&nbsp; (2572) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (728082) |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp; (8317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2075591) |
|  |  | **(2803673)** |
| **MOVIES & ENTERTAINMENT—(0.3)%** |  |  |
| Sphere Entertainment Co.<sup>\*</sup> <br>| &nbsp;&nbsp; (14406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (620178) |
| Vivid Seats, Inc., Cl. A<sup>\*</sup> <br>| &nbsp;&nbsp; (13669) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21187) |
|  |  | **(641365)** |
| **PACKAGED FOODS & MEATS—(0.4)%** |  |  |
| Vital Farms, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (21847) | **(812708)** |
| **PASSENGER GROUND TRANSPORTATION—(0.3)%** |  |  |
| Lyft, Inc., Cl.A<sup>\*</sup> <br>| &nbsp;&nbsp; (53605) | **(753686)** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments - Securities Sold Short July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—(30.9)% (CONT.)** |  |  |
| **PHARMACEUTICALS—(0.7)%** |  |  |
| Merck & Co., Inc. | &nbsp;&nbsp; (18728) | **$(1463031)** |
| **PROPERTY & CASUALTY INSURANCE—(0.6)%** |  |  |
| Lemonade, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (33337) | **(1256138)** |
| **REAL ESTATE OPERATING COMPANIES—(0.1)%** |  |  |
| Seritage Growth Properties, Cl.A<sup>\*</sup> <br>| &nbsp;&nbsp; (51728) | **(165012)** |
| **REAL ESTATE SERVICES—0.0%** |  |  |
| Opendoor Technologies, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (11548) | **(21248)** |
| **REGIONAL BANKS—(0.6)%** |  |  |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp; (13248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (419962) |
| Bank OZK | &nbsp;&nbsp;&nbsp; (4146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (204398) |
| Eagle Bancorp, Inc. | &nbsp;&nbsp; (33452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (538243) |
| Primis Financial Corp. | &nbsp;&nbsp; (22432) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (251014) |
|  |  | **(1413617)** |
| **RESTAURANTS—(1.0)%** |  |  |
| Cava Group, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (7650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (673277) |
| Starbucks Corp. | &nbsp;&nbsp; (12504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1114857) |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp; (2789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (516328) |
|  |  | **(2304462)** |
| **SEMICONDUCTORS—(1.6)%** |  |  |
| indie Semiconductor, Inc., Cl. A<sup>\*</sup> <br>| (139549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (545637) |
| Power Integrations, Inc. | &nbsp;&nbsp; (14219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (689906) |
| Qorvo, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp; (12670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1059212) |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp; (5717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1035120) |
|  |  | **(3329875)** |
| **SPECIALTY CHEMICALS—(0.5)%** |  |  |
| Aspen Aerogels, Inc.<sup>\*</sup> <br>| (132748) | **(1016850)** |
| **SPECIALTY RETAIL—(0.3)%** |  |  |
| Tractor Supply Co. | &nbsp;&nbsp; (12141) | **(691430)** |
| **SYSTEMS SOFTWARE—(0.4)%** |  |  |
| Palo Alto Networks, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (5558) | **(964869)** |
| **TECHNOLOGY HARDWARE STORAGE &** <br> **PERIPHERALS—(2.0)%** |  |  |
| Apple, Inc. | &nbsp;&nbsp; (13461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2794100) |
| NetApp, Inc. | &nbsp;&nbsp; (13590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1415127) |
|  |  | **(4209227)** |
| **WIRELESS TELECOMMUNICATION SERVICES—(1.7)%** |  |  |
| T-Mobile US, Inc. | &nbsp;&nbsp; (15317) | **(3651726)** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Proceeds $69,284,710)<br>|  | **$(67013005)** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments - Securities Sold Short July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **REAL ESTATE INVESTMENT TRUST—(0.2)%** |  |  |
| **DIVERSIFIED REITS—0.0%** |  |  |
| Empire State Realty Trust, Inc. | &nbsp;&nbsp;&nbsp; (9953) | **$(72060)** |
| **OFFICE REITS—(0.2)%** |  |  |
| Easterly Government Properties, Inc. | &nbsp;&nbsp; (14905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (327906) |
| Paramount Group, Inc.<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; (8876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54321) |
|  |  | **(382227)** |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUST** <br>(Proceeds $504,138)<br>|  | **$(454287)** |

---

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS—(2.1)%** |  |  |
| **MARKET INDICES—(2.1)%** |  |  |
| iShares China Large-Cap ETF | (32369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1211895) |
| iShares Russell 2000 ETF | &nbsp;&nbsp; (5904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1295279) |
| KraneShares CSI China Internet ETF | (28672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1016136) |
| Xtrackers Harvest CSI 300 China A-Shares ETF | (33665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (955749) |
|  |  | **(4479059)** |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>(Proceeds $3,977,731)<br>|  | **$(4479059)** |
| &nbsp;&nbsp;&nbsp; **Total Securities Sold Short** <br>(Proceeds $73,766,579)<br>|  | **$(71946351)** |

---

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

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

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

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—99.0%** | **COMMON STOCKS—99.0%** | **COMMON STOCKS—99.0%** |
| **BRAZIL—7.1%** | **BRAZIL—7.1%** | **BRAZIL—7.1%** |
| **AEROSPACE & DEFENSE—2.0%** | **AEROSPACE & DEFENSE—2.0%** | **AEROSPACE & DEFENSE—2.0%** |
| Embraer SA ADR | 6184 | $356075 |
| **BROADLINE RETAIL—2.7%** | **BROADLINE RETAIL—2.7%** | **BROADLINE RETAIL—2.7%** |
| MercadoLibre, Inc.<sup>\*</sup>  | 196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465282 |
| **DIVERSIFIED BANKS—1.3%** | **DIVERSIFIED BANKS—1.3%** | **DIVERSIFIED BANKS—1.3%** |
| NU Holdings, Ltd., Cl. A<sup>\*</sup>  | 18692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228416 |
| **ENVIRONMENTAL & FACILITIES SERVICES—1.1%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.1%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.1%** |
| Orizon Valorizacao de Residuos SA<sup>\*</sup>  | 21669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185169 |
| &nbsp;&nbsp;&nbsp; **TOTAL BRAZIL** <br>(Cost $709,068) |  | **1234942** |
| **CHINA—26.1%** | **CHINA—26.1%** | **CHINA—26.1%** |
| **APPAREL ACCESSORIES & LUXURY GOODS—3.3%** | **APPAREL ACCESSORIES & LUXURY GOODS—3.3%** | **APPAREL ACCESSORIES & LUXURY GOODS—3.3%** |
| ANTA Sports Products, Ltd. | 50322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 577600 |
| **BIOTECHNOLOGY—2.1%** | **BIOTECHNOLOGY—2.1%** | **BIOTECHNOLOGY—2.1%** |
| BeOne Medicines, Ltd.<sup>\*</sup>  | 16464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374300 |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—3.5%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—3.5%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—3.5%** |
| Weichai Power Co., Ltd., Cl. H | 284221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 602511 |
| **HOTELS RESORTS & CRUISE LINES—1.7%** | **HOTELS RESORTS & CRUISE LINES—1.7%** | **HOTELS RESORTS & CRUISE LINES—1.7%** |
| Trip.com Group Ltd. ADR | 4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291165 |
| **INTERACTIVE MEDIA & SERVICES—8.4%** | **INTERACTIVE MEDIA & SERVICES—8.4%** | **INTERACTIVE MEDIA & SERVICES—8.4%** |
| Tencent Holdings, Ltd. | 20805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1456605 |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—2.9%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—2.9%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—2.9%** |
| NAURA Technology Group Co., Ltd., Cl. A | 10962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509130 |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.2%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.2%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.2%** |
| Xiaomi Corp., Cl. B<sup>\*</sup>  | 107877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725791 |
| &nbsp;&nbsp;&nbsp; **TOTAL CHINA** <br>(Cost $3,770,851) |  | **4537102** |
| **GREECE—6.3%** | **GREECE—6.3%** | **GREECE—6.3%** |
| **CASINOS & GAMING—2.1%** | **CASINOS & GAMING—2.1%** | **CASINOS & GAMING—2.1%** |
| OPAP SA | 16409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367508 |
| **DIVERSIFIED BANKS—2.7%** | **DIVERSIFIED BANKS—2.7%** | **DIVERSIFIED BANKS—2.7%** |
| National Bank of Greece SA | 33278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464180 |
| **INDUSTRIAL CONGLOMERATES—1.5%** | **INDUSTRIAL CONGLOMERATES—1.5%** | **INDUSTRIAL CONGLOMERATES—1.5%** |
| Metlen Energy & Metals SA | 4904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269776 |
| &nbsp;&nbsp;&nbsp; **TOTAL GREECE** <br>(Cost $753,218) |  | **1101464** |
| **HUNGARY—1.3%** | **HUNGARY—1.3%** | **HUNGARY—1.3%** |
| **DIVERSIFIED BANKS—1.3%** | **DIVERSIFIED BANKS—1.3%** | **DIVERSIFIED BANKS—1.3%** |
| OTP Bank Nyrt | 2718 | **220555** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $220,572) |  |  |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—99.0% (CONT.)** | **COMMON STOCKS—99.0% (CONT.)** | **COMMON STOCKS—99.0% (CONT.)** |
| **INDIA—15.0%** | **INDIA—15.0%** | **INDIA—15.0%** |
| **AEROSPACE & DEFENSE—3.0%** | **AEROSPACE & DEFENSE—3.0%** | **AEROSPACE & DEFENSE—3.0%** |
| Bharat Electronics, Ltd. | 120728 | $524478 |
| **CONSUMER FINANCE—1.8%** | **CONSUMER FINANCE—1.8%** | **CONSUMER FINANCE—1.8%** |
| Bajaj Finance, Ltd. | 31670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316933 |
| **DIVERSIFIED BANKS—3.4%** | **DIVERSIFIED BANKS—3.4%** | **DIVERSIFIED BANKS—3.4%** |
| ICICI Bank, Ltd. ADR | 17541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591132 |
| **HEALTHCARE FACILITIES—2.5%** | **HEALTHCARE FACILITIES—2.5%** | **HEALTHCARE FACILITIES—2.5%** |
| Max Healthcare Institute, Ltd. | 30410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431445 |
| **MOTORCYCLE MANUFACTURERS—1.9%** | **MOTORCYCLE MANUFACTURERS—1.9%** | **MOTORCYCLE MANUFACTURERS—1.9%** |
| TVS Motor Co., Ltd. | 10384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330745 |
| **REAL ESTATE DEVELOPMENT—2.4%** | **REAL ESTATE DEVELOPMENT—2.4%** | **REAL ESTATE DEVELOPMENT—2.4%** |
| Godrej Properties, Ltd.<sup>\*</sup>  | 17317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412904 |
| &nbsp;&nbsp;&nbsp; **TOTAL INDIA** <br>(Cost $2,097,269) |  | **2607637** |
| **INDONESIA—1.7%** | **INDONESIA—1.7%** | **INDONESIA—1.7%** |
| **DIVERSIFIED BANKS—1.7%** | **DIVERSIFIED BANKS—1.7%** | **DIVERSIFIED BANKS—1.7%** |
| PT Bank Central Asia Tbk | 601187 | **301312** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $376,734) |  |  |
| **MEXICO—2.5%** | **MEXICO—2.5%** | **MEXICO—2.5%** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.5%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.5%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.5%** |
| Arca Continental SAB de CV | 42172 | **439671** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $471,836) |  |  |
| **PHILIPPINES—2.1%** | **PHILIPPINES—2.1%** | **PHILIPPINES—2.1%** |
| **MARINE PORTS & SERVICES—2.1%** | **MARINE PORTS & SERVICES—2.1%** | **MARINE PORTS & SERVICES—2.1%** |
| International Container Terminal Services, Inc. | 48285 | **370752** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $216,030) |  |  |
| **SAUDI ARABIA—1.3%** | **SAUDI ARABIA—1.3%** | **SAUDI ARABIA—1.3%** |
| **IT CONSULTING & OTHER SERVICES—1.3%** | **IT CONSULTING & OTHER SERVICES—1.3%** | **IT CONSULTING & OTHER SERVICES—1.3%** |
| Elm Co. | 941 | **227982** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $284,070) |  |  |
| **SINGAPORE—1.6%** | **SINGAPORE—1.6%** | **SINGAPORE—1.6%** |
| **INTERACTIVE HOME ENTERTAINMENT—1.6%** | **INTERACTIVE HOME ENTERTAINMENT—1.6%** | **INTERACTIVE HOME ENTERTAINMENT—1.6%** |
| Sea Ltd. ADR<sup>\*</sup>  | 1738 | **272258** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $273,424) |  |  |
| **SOUTH AFRICA—1.3%** | **SOUTH AFRICA—1.3%** | **SOUTH AFRICA—1.3%** |
| **FOOD RETAIL—1.3%** | **FOOD RETAIL—1.3%** | **FOOD RETAIL—1.3%** |
| Shoprite Holdings, Ltd. | 15993 | **233105** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $260,643) |  |  |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—99.0% (CONT.)** | **COMMON STOCKS—99.0% (CONT.)** | **COMMON STOCKS—99.0% (CONT.)** |
| **SOUTH KOREA—8.0%** | **SOUTH KOREA—8.0%** | **SOUTH KOREA—8.0%** |
| **HEALTHCARE EQUIPMENT—1.1%** | **HEALTHCARE EQUIPMENT—1.1%** | **HEALTHCARE EQUIPMENT—1.1%** |
| Classys, Inc. | 4560 | $188674 |
| **INVESTMENT BANKING & BROKERAGE—1.0%** | **INVESTMENT BANKING & BROKERAGE—1.0%** | **INVESTMENT BANKING & BROKERAGE—1.0%** |
| Samsung Securities Co., Ltd. | 3380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171347 |
| **LIFE SCIENCES TOOLS & SERVICES—2.4%** | **LIFE SCIENCES TOOLS & SERVICES—2.4%** | **LIFE SCIENCES TOOLS & SERVICES—2.4%** |
| Samsung Biologics Co., Ltd.<sup>\*</sup>  | 552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421743 |
| **SEMICONDUCTORS—3.5%** | **SEMICONDUCTORS—3.5%** | **SEMICONDUCTORS—3.5%** |
| SK Hynix, Inc. | 3099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600636 |
| &nbsp;&nbsp;&nbsp; **TOTAL SOUTH KOREA** <br>(Cost $1,280,050) |  | **1382400** |
| **TAIWAN—14.8%** | **TAIWAN—14.8%** | **TAIWAN—14.8%** |
| **SEMICONDUCTORS—14.8%** | **SEMICONDUCTORS—14.8%** | **SEMICONDUCTORS—14.8%** |
| MediaTek, Inc. | 8035 | 363862 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 49770 | 1916109 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1238 | 299126 |
| &nbsp;&nbsp;&nbsp; **TOTAL TAIWAN** <br>(Cost $1,381,588) |  | **2579097** |
| **TURKEY—0.8%** | **TURKEY—0.8%** | **TURKEY—0.8%** |
| **FOOD RETAIL—0.8%** | **FOOD RETAIL—0.8%** | **FOOD RETAIL—0.8%** |
| BIM Birlesik Magazalar AS | 10360 | **135311** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $71,297) |  |  |
| **UNITED ARAB EMIRATES—2.5%** | **UNITED ARAB EMIRATES—2.5%** | **UNITED ARAB EMIRATES—2.5%** |
| **DIVERSIFIED REAL ESTATE ACTIVITIES—2.5%** | **DIVERSIFIED REAL ESTATE ACTIVITIES—2.5%** | **DIVERSIFIED REAL ESTATE ACTIVITIES—2.5%** |
| Aldar Properties PJSC | 166075 | **429161** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $228,884) |  |  |
| **UNITED KINGDOM—2.6%** | **UNITED KINGDOM—2.6%** | **UNITED KINGDOM—2.6%** |
| **INTERACTIVE MEDIA & SERVICES—2.6%** | **INTERACTIVE MEDIA & SERVICES—2.6%** | **INTERACTIVE MEDIA & SERVICES—2.6%** |
| Baltic Classifieds Group PLC | 94853 | **448458** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $408,395) |  |  |
| **UNITED STATES—4.0%** | **UNITED STATES—4.0%** | **UNITED STATES—4.0%** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—2.6%** | **CONSUMER STAPLES MERCHANDISE RETAIL—2.6%** | **CONSUMER STAPLES MERCHANDISE RETAIL—2.6%** |
| PriceSmart, Inc. | 4148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445910 |
| **EDUCATION SERVICES—1.4%** | **EDUCATION SERVICES—1.4%** | **EDUCATION SERVICES—1.4%** |
| Laureate Education, Inc.<sup>\*</sup>  | 11147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251922 |
| &nbsp;&nbsp;&nbsp; **TOTAL UNITED STATES** <br>(Cost $627,893) |  | **697832** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $13,431,822) |  | **17219039** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

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

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS—1.5%** | **MONEY MARKET FUNDS—1.5%** | **MONEY MARKET FUNDS—1.5%** |
| **UNITED STATES—1.5%** | **UNITED STATES—1.5%** | **UNITED STATES—1.5%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.19%<sup>(a)</sup>  | 262840 | **$262840** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $262,840) |  |  |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $13,694,662)** | 100.5% | **$17481879** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $13,694,662) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17481879 |
| Liabilities in Excess of Other Assets | (0.5)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89280) |
| **NET ASSETS** | 100.0% | **$17392599** |

---

&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 July 31, 2025.* <br> *\** *Non-income producing security.*

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited)** <br>

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.5%** | **COMMON STOCKS—98.5%** | **COMMON STOCKS—98.5%** |
| **APPLICATION SOFTWARE—6.7%** | **APPLICATION SOFTWARE—6.7%** | **APPLICATION SOFTWARE—6.7%** |
| Adobe, Inc.<sup>\*</sup>  | 3921 | **$** 1402502 |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 7061 | 2758733 |
| Autodesk, Inc.<sup>\*</sup>  | 2105 | 638047 |
| Intuit, Inc. | 757 | 594343 |
| Salesforce, Inc. | 3137 | 810381 |
|  |  | **6204006** |
| **AUTOMOBILE MANUFACTURERS—1.4%** | **AUTOMOBILE MANUFACTURERS—1.4%** | **AUTOMOBILE MANUFACTURERS—1.4%** |
| Tesla, Inc.<sup>\*</sup>  | 4377 | **1349298** |
| **BIOTECHNOLOGY—1.8%** | **BIOTECHNOLOGY—1.8%** | **BIOTECHNOLOGY—1.8%** |
| AbbVie, Inc. | 2597 | 490885 |
| BioNTech SE ADR<sup>\*</sup>  | 1407 | 151253 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup>  | 2299 | 1050344 |
|  |  | **1692482** |
| **BROADLINE RETAIL—9.8%** | **BROADLINE RETAIL—9.8%** | **BROADLINE RETAIL—9.8%** |
| Amazon.com, Inc.<sup>\*</sup>  | 33082 | 7744827 |
| MercadoLibre, Inc.<sup>\*</sup>  | 554 | 1315135 |
|  |  | **9059962** |
| **CONSTRUCTION MATERIALS—0.7%** | **CONSTRUCTION MATERIALS—0.7%** | **CONSTRUCTION MATERIALS—0.7%** |
| James Hardie Industries PLC<sup>\*</sup>  | 24655 | **639551** |
| **DIVERSIFIED SUPPORT SERVICES—0.6%** | **DIVERSIFIED SUPPORT SERVICES—0.6%** | **DIVERSIFIED SUPPORT SERVICES—0.6%** |
| Cintas Corp. | 2418 | **538126** |
| **ELECTRIC UTILITIES—1.5%** | **ELECTRIC UTILITIES—1.5%** | **ELECTRIC UTILITIES—1.5%** |
| Constellation Energy Corp. | 2754 | 957951 |
| NextEra Energy, Inc. | 6003 | 426573 |
|  |  | **1384524** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—3.1%** | **ELECTRICAL COMPONENTS & EQUIPMENT—3.1%** | **ELECTRICAL COMPONENTS & EQUIPMENT—3.1%** |
| Eaton Corp. PLC | 1531 | 589006 |
| NEXTracker, Inc., Cl. A<sup>\*</sup>  | 5997 | 349385 |
| Vertiv Holdings Co., Cl. A | 13415 | 1953224 |
|  |  | **2891615** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.4%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.4%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.4%** |
| Itron, Inc.<sup>\*</sup>  | 6774 | 843634 |
| Trimble, Inc.<sup>\*</sup>  | 4998 | 419282 |
|  |  | **1262916** |
| **ELECTRONIC MANUFACTURING SERVICES—1.6%** | **ELECTRONIC MANUFACTURING SERVICES—1.6%** | **ELECTRONIC MANUFACTURING SERVICES—1.6%** |
| Flex, Ltd.<sup>\*</sup>  | 30549 | **1523479** |
| **ENVIRONMENTAL & FACILITIES SERVICES—1.1%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.1%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.1%** |
| Tetra Tech, Inc. | 12192 | 447934 |
| Veralto Corp. | 5192 | 544277 |
|  |  | **992211** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.5% (CONT.)** | **COMMON STOCKS—98.5% (CONT.)** | **COMMON STOCKS—98.5% (CONT.)** |
| **FINANCIAL EXCHANGES & DATA—1.6%** | **FINANCIAL EXCHANGES & DATA—1.6%** | **FINANCIAL EXCHANGES & DATA—1.6%** |
| S&P Global, Inc. | 2620 | **$1443882** |
| **HEALTHCARE EQUIPMENT—0.6%** | **HEALTHCARE EQUIPMENT—0.6%** | **HEALTHCARE EQUIPMENT—0.6%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 1106 | **532085** |
| **HEAVY ELECTRICAL EQUIPMENT—0.9%** | **HEAVY ELECTRICAL EQUIPMENT—0.9%** | **HEAVY ELECTRICAL EQUIPMENT—0.9%** |
| GE Vernova, Inc. | 1294 | **854415** |
| **HOME IMPROVEMENT RETAIL—1.3%** | **HOME IMPROVEMENT RETAIL—1.3%** | **HOME IMPROVEMENT RETAIL—1.3%** |
| The Home Depot, Inc. | 3315 | **1218296** |
| **HOUSEHOLD PRODUCTS—0.7%** | **HOUSEHOLD PRODUCTS—0.7%** | **HOUSEHOLD PRODUCTS—0.7%** |
| The Procter & Gamble Co. | 4265 | **641754** |
| **INDUSTRIAL GASES—0.3%** | **INDUSTRIAL GASES—0.3%** | **INDUSTRIAL GASES—0.3%** |
| Air Products & Chemicals, Inc. | 950 | **273486** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.5%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.5%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.5%** |
| Xylem, Inc. | 3430 | **496047** |
| **INTERACTIVE HOME ENTERTAINMENT—0.4%** | **INTERACTIVE HOME ENTERTAINMENT—0.4%** | **INTERACTIVE HOME ENTERTAINMENT—0.4%** |
| Take-Two Interactive Software, Inc.<sup>\*</sup>  | 1703 | **379309** |
| **INTERACTIVE MEDIA & SERVICES—6.0%** | **INTERACTIVE MEDIA & SERVICES—6.0%** | **INTERACTIVE MEDIA & SERVICES—6.0%** |
| Alphabet, Inc., Cl. A | 15133 | 2904023 |
| Alphabet, Inc., Cl. C | 8270 | 1594952 |
| Pinterest, Inc., Cl. A<sup>\*</sup>  | 27087 | 1045558 |
|  |  | **5544533** |
| **INVESTMENT BANKING & BROKERAGE—1.2%** | **INVESTMENT BANKING & BROKERAGE—1.2%** | **INVESTMENT BANKING & BROKERAGE—1.2%** |
| Morgan Stanley | 8147 | **1160622** |
| **IT CONSULTING & OTHER SERVICES—0.5%** | **IT CONSULTING & OTHER SERVICES—0.5%** | **IT CONSULTING & OTHER SERVICES—0.5%** |
| Accenture PLC, Cl. A | 1581 | **422285** |
| **LIFE SCIENCES TOOLS & SERVICES—0.5%** | **LIFE SCIENCES TOOLS & SERVICES—0.5%** | **LIFE SCIENCES TOOLS & SERVICES—0.5%** |
| Agilent Technologies, Inc. | 3816 | **438115** |
| **MOVIES & ENTERTAINMENT—4.0%** | **MOVIES & ENTERTAINMENT—4.0%** | **MOVIES & ENTERTAINMENT—4.0%** |
| Netflix, Inc.<sup>\*</sup>  | 2150 | 2492710 |
| Spotify Technology SA<sup>\*</sup>  | 1927 | 1207343 |
|  |  | **3700053** |
| **PHARMACEUTICALS—0.8%** | **PHARMACEUTICALS—0.8%** | **PHARMACEUTICALS—0.8%** |
| Merck & Co., Inc. | 4802 | 375132 |
| Zoetis, Inc. | 2855 | 416231 |
|  |  | **791363** |
| **RAIL TRANSPORTATION—0.5%** | **RAIL TRANSPORTATION—0.5%** | **RAIL TRANSPORTATION—0.5%** |
| Union Pacific Corp. | 2012 | **446604** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—2.8%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—2.8%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—2.8%** |
| ASML Holding NV ADR | 1358 | 943416 |
| Lam Research Corp. | 17593 | 1668520 |
|  |  | **2611936** |

---

*See Notes to Financial Statements.*

------

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

**Schedule of Investments July 31, 2025 (Unaudited) (Continued)** <br>

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.5% (CONT.)** | **COMMON STOCKS—98.5% (CONT.)** | **COMMON STOCKS—98.5% (CONT.)** |
| **SEMICONDUCTORS—20.0%** | **SEMICONDUCTORS—20.0%** | **SEMICONDUCTORS—20.0%** |
| Broadcom, Inc. | 3866 | **$** 1135444 |
| First Solar, Inc.<sup>\*</sup>  | 2214 | 386852 |
| Marvell Technology, Inc. | 6177 | 496446 |
| NVIDIA Corp. | 83909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14924894 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 6783 | 1638908 |
|  |  | **18582544** |
| **SPECIALTY CHEMICALS—0.5%** | **SPECIALTY CHEMICALS—0.5%** | **SPECIALTY CHEMICALS—0.5%** |
| Ecolab, Inc. | 1645 | **430595** |
| **SYSTEMS SOFTWARE—15.5%** | **SYSTEMS SOFTWARE—15.5%** | **SYSTEMS SOFTWARE—15.5%** |
| Microsoft Corp. | 25762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13744027 |
| Oracle Corp. | 2667 | 676805 |
|  |  | **14420832** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.8%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.8%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.8%** |
| Apple, Inc. | 26017 | **5400349** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—4.4%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—4.4%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—4.4%** |
| Visa, Inc., Cl. A | 11797 | **4075510** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $21,777,555) |  | **91402785** |
| **REAL ESTATE INVESTMENT TRUST—1.3%** | **REAL ESTATE INVESTMENT TRUST—1.3%** | **REAL ESTATE INVESTMENT TRUST—1.3%** |
| **DATA CENTER—0.7%** | **DATA CENTER—0.7%** | **DATA CENTER—0.7%** |
| Equinix, Inc. | 818 | **642269** |
| **INDUSTRIAL—0.6%** | **INDUSTRIAL—0.6%** | **INDUSTRIAL—0.6%** |
| Prologis, Inc. | 5206 | **555896** |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUST** <br>(Cost $755,672) |  | **1198165** |
| **SHORT-TERM SECURITIES—0.4%** | **SHORT-TERM SECURITIES—0.4%** | **SHORT-TERM SECURITIES—0.4%** |
| **MONEY MARKET FUNDS—0.4%** | **MONEY MARKET FUNDS—0.4%** | **MONEY MARKET FUNDS—0.4%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 4.19%<sup>(a)</sup>  | 354330 | **354330** |
| &nbsp;&nbsp;&nbsp; (Cost $354,330) |  | **354330** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $22,887,557)** | 100.2% | **$92955280** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Securities (Cost $22,887,557) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92955280 |
| Liabilities in Excess of Other Assets | (0.2)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (149863) |
| **NET ASSETS** | 100.0% | **$92805417** |

---

&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 July 31, 2025.* <br> *\** *Non-income producing security.*

*See Notes to Financial Statements.*

------

**THE ALGER FUNDS II**

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

------

**NOTE 1 — General:**

------

The Alger Funds II (the "Trust") is an open-end registered investment company organized as a business trust under the laws of the Commonwealth of Massachusetts. The Trust qualifies as an investment company as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Codification 946 – Financial Services – Investment Companies. The Trust operates as a series company currently offering an unlimited number of shares of beneficial interest in four series – Alger Spectra Fund, Alger Dynamic Opportunities Fund, Alger Emerging Markets Fund and Alger Responsible Investing Fund (collectively, the "Funds" or individually, each a "Fund"). The Funds normally invest primarily in equity securities and each has an investment objective of long-term capital appreciation.

Each Fund offers one or more of the following share classes: Class A, C, I, Y and Z. Class A shares are generally subject to an initial sales charge while Class C shares are generally subject to a deferred sales charge. Class C shares will automatically convert to Class A shares on the fifth business day of the month following the eighth anniversary of the purchase date of a shareholder's Class C shares, without the imposition of any sales load, fee or other charge. Class C shares held at certain dealers may not convert to Class A shares or may be converted on a different schedule. At conversion, a proportionate amount of shares representing reinvested dividends and distributions will also be converted into Class A shares. Effective August 27, 2019, Class C shares were closed to direct shareholders and are only available for purchase through certain financial intermediaries and group retirement plan recordkeeping platforms. Class I shares, Class Z shares and Class Y shares are generally sold to institutional investors and are sold without an initial or deferred sales charge and Class Z shares and Class Y shares are generally subject to a minimum initial investment of $500,000. Each class has identical rights to assets and earnings, except that each share class bears the pro rata allocation of the Fund's expenses other than a class expense (not including advisory or custodial fees or other expenses related to the management of the Fund's assets).

**NOTE 2 — Significant Accounting Policies:**

------

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

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

------

**THE ALGER FUNDS II**

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

------

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

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

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

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

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

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

------

**THE ALGER FUNDS II**

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

------

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

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

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

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

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

------

**THE ALGER FUNDS II**

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

------

**NOTE 3 — Fair Value Measurements:**

------

The following is a summary of the inputs used as of July 31, 2025 in valuing the Funds' investments carried at fair value on a recurring basis. Based upon the nature, characteristics, and risks associated with their investments, the Funds have determined that presenting them by security type and sector is appropriate.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Spectra Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $758078569 | &nbsp;&nbsp; $758078569 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 601963966 | &nbsp;&nbsp; 587508691 | &nbsp;&nbsp; 14455275 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 12889955 | &nbsp;&nbsp; 12889955 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 33375396 | &nbsp;&nbsp; 33375396 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 125819128 | &nbsp;&nbsp; 125819128 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 143842046 | &nbsp;&nbsp; 143842046 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 313564666 | &nbsp;&nbsp; 313564666 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 2144967400 | &nbsp;&nbsp; 2144967400 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 55282048 | &nbsp;&nbsp; 55282048 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 173389179 | &nbsp;&nbsp; 173389179 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$4363172353** | &nbsp;&nbsp; **$4348717078** | &nbsp;&nbsp; **$14455275** | &nbsp;&nbsp; **$—** |
| **EXCHANGE TRADED FUNDS** | 5496989 | &nbsp;&nbsp; 5496989 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | — <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>1</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 67276707 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6489141 | &nbsp;&nbsp; 60787566 |
| **TOTAL PREFERRED STOCKS** | **$67276707** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$6489141** | &nbsp;&nbsp; **$60787566** |
| **REAL ESTATE INVESTMENT** <br> **TRUST**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 24283738 | &nbsp;&nbsp; 24283738 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 10052471 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10052471 | &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 97835 | &nbsp;&nbsp; 97835 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **PURCHASED OPTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 136500 | &nbsp;&nbsp; 136500 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$4470516593** | &nbsp;&nbsp; **$4378732140** | &nbsp;&nbsp; **$30996887** | &nbsp;&nbsp; **$60787566** |
| **SECURITIES SOLD SHORT** |  |  |  |  |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | (3826136)<br>| &nbsp;&nbsp; (3826136)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | (16601690)<br>| &nbsp;&nbsp; (16601690)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | (26237898)<br>| &nbsp;&nbsp; (26237898)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | (17863275)<br>| &nbsp;&nbsp; (17863275)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | (47123443)<br>| &nbsp;&nbsp; (47123443)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | (45828892)<br>| &nbsp;&nbsp; (45828892)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | (76755500)<br>| &nbsp;&nbsp; (72817419)<br>| &nbsp;&nbsp; (3938081)<br>| &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | (13081470)<br>| &nbsp;&nbsp; (13081470)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$(247318304)**<br>| &nbsp;&nbsp; **$(243380223)**<br>| &nbsp;&nbsp; **$(3938081)**<br>| &nbsp;&nbsp; **$—** |

---

------

**THE ALGER FUNDS II**

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Spectra Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **EXCHANGE TRADED FUNDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | $(11236311)<br>| &nbsp;&nbsp; $(11236311)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Indices | (115284618)<br>| &nbsp;&nbsp; (115284618)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | (8375393)<br>| &nbsp;&nbsp; (8375393)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL EXCHANGE TRADED** <br> **FUNDS**<br>| **$(134896322)**<br>| &nbsp;&nbsp; **$(134896322)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **TOTAL SECURITIES SOLD** <br> **SHORT**<br>| **$(382214626)**<br>| &nbsp;&nbsp; **$(378276545)**<br>| &nbsp;&nbsp; **$(3938081)**<br>| &nbsp;&nbsp; **$—** |
| **FINANCIAL DERIVATIVE** <br> **INSTRUMENTS - LIABILITIES**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Options Written | (57200)<br>| &nbsp;&nbsp; (57200)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Dynamic Opportunities Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $28900052 | &nbsp;&nbsp; $28900052 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 19739867 | &nbsp;&nbsp; 18331272 | &nbsp;&nbsp; 1408595 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 2011150 | &nbsp;&nbsp; 2011150 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 9098932 | &nbsp;&nbsp; 9098932 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 26241786 | &nbsp;&nbsp; 26116317 | &nbsp;&nbsp; — | &nbsp;&nbsp; 125469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 30316968 | &nbsp;&nbsp; 30316968 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 65546644 | &nbsp;&nbsp; 65546644 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 2079195 | &nbsp;&nbsp; 2079195 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 5570352 | &nbsp;&nbsp; 5570352 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 7765589 | &nbsp;&nbsp; 7765589 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$197270535** | &nbsp;&nbsp; **$195736471** | &nbsp;&nbsp; **$1408595** | &nbsp;&nbsp; **$125469** |
| **PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 780671 <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 780671 <br><sup>1</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 1977481 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1977481 |
| **TOTAL PREFERRED STOCKS** | **$2758152** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2758152** |
| **REAL ESTATE INVESTMENT** <br> **TRUST**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 2813862 | &nbsp;&nbsp; 2813862 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **RIGHTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | — <br><sup>2</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>2</sup><br>|
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 1243269 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1243269 | &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 4148557 | &nbsp;&nbsp; 4148557 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **PURCHASED OPTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 226360 | &nbsp;&nbsp; 226360 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange Traded Fund | 7830 | &nbsp;&nbsp; 7830 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL PURCHASED OPTIONS** | **$234190** | &nbsp;&nbsp; **$234190** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$208468565** | &nbsp;&nbsp; **$202933080** | &nbsp;&nbsp; **$2651864** | &nbsp;&nbsp; **$2883621** |

---

------

**THE ALGER FUNDS II**

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Dynamic Opportunities Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **FINANCIAL DERIVATIVE** <br> **INSTRUMENTS - ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC Contracts for difference | $5362 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5362 | &nbsp;&nbsp; $— |
| **SECURITIES SOLD SHORT** |  |  |  |  |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | (5590684)<br>| &nbsp;&nbsp; (5590684)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | (11625211)<br>| &nbsp;&nbsp; (10715246)<br>| &nbsp;&nbsp; (909965)<br>| &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | (4319868)<br>| &nbsp;&nbsp; (4319868)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | (2669755)<br>| &nbsp;&nbsp; (2669755)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | (11639908)<br>| &nbsp;&nbsp; (11639908)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | (8004652)<br>| &nbsp;&nbsp; (8004652)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | (21466235)<br>| &nbsp;&nbsp; (20735549)<br>| &nbsp;&nbsp; (730686)<br>| &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | (1510432)<br>| &nbsp;&nbsp; (1510432)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | (186260)<br>| &nbsp;&nbsp; (186260)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$(67013005)**<br>| &nbsp;&nbsp; **$(65372354)**<br>| &nbsp;&nbsp; **$(1640651)**<br>| &nbsp;&nbsp; **$—** |
| **REAL ESTATE INVESTMENT** <br> **TRUST**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | (454287)<br>| &nbsp;&nbsp; (454287)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **EXCHANGE TRADED FUNDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Indices | (4479059)<br>| &nbsp;&nbsp; (4479059)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL SECURITIES SOLD** <br> **SHORT**<br>| **$(71946351)**<br>| &nbsp;&nbsp; **$(70305700)**<br>| &nbsp;&nbsp; **$(1640651)**<br>| &nbsp;&nbsp; **$—** |
| **FINANCIAL DERIVATIVE** <br> **INSTRUMENTS - LIABILITIES**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC Contracts for difference | (176742)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (176742)<br>| &nbsp;&nbsp; — |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Emerging Markets Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $2177321 | &nbsp;&nbsp; $720716 | &nbsp;&nbsp; $1456605 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 2284222 | &nbsp;&nbsp; 1008369 | &nbsp;&nbsp; 1275853 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 1253997 | &nbsp;&nbsp; 1118686 | &nbsp;&nbsp; 135311 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 2293875 | &nbsp;&nbsp; 819548 | &nbsp;&nbsp; 1474327 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 1416162 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1416162 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 2308761 | &nbsp;&nbsp; 541244 | &nbsp;&nbsp; 1767517 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 4642636 | &nbsp;&nbsp; 299126 | &nbsp;&nbsp; 4343510 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 842065 | &nbsp;&nbsp; — | &nbsp;&nbsp; 842065 | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$17219039** | &nbsp;&nbsp; **$4507689** | &nbsp;&nbsp; **$12711350** | &nbsp;&nbsp; **$—** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 262840 | &nbsp;&nbsp; 262840 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$17481879** | &nbsp;&nbsp; **$4770529** | &nbsp;&nbsp; **$12711350** | &nbsp;&nbsp; **$—** |

---

------

**THE ALGER FUNDS II**

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Responsible Investing Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $9623895 | &nbsp;&nbsp; $9623895 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 11627556 | &nbsp;&nbsp; 11627556 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 641754 | &nbsp;&nbsp; 641754 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 6680014 | &nbsp;&nbsp; 6680014 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 3454045 | &nbsp;&nbsp; 3454045 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 6219018 | &nbsp;&nbsp; 6219018 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 50428347 | &nbsp;&nbsp; 50428347 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 1343632 | &nbsp;&nbsp; 1343632 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 1384524 | &nbsp;&nbsp; 1384524 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$91402785** | &nbsp;&nbsp; **$91402785** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **REAL ESTATE INVESTMENT** <br> **TRUST**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 1198165 | &nbsp;&nbsp; 1198165 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 354330 | &nbsp;&nbsp; 354330 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$92955280** | &nbsp;&nbsp; **$92955280** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |

---

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

<sup>1</sup> *Each of Alger Spectra Fund's and Alger Dynamic Opportunities Fund's holdings of Prosetta Biosciences, Inc., Series D* *shares are classified as a Level 3 investment and are fair valued at zero as of July 31, 2025.* 

<sup>2</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 July 31, 2025.* 

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Spectra Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $16,953,271\* |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; (6489141)<br>|
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 10735913 |
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 39587523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; 60,787,566\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$10735913** |

---

------

**THE ALGER FUNDS II**

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

------

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Spectra Fund** | **Special Purpose** <br> **Vehicle**<br>|
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $10361871 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; (10052471)<br>|
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (309400)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; — |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$—**  |

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Dynamic Opportunities Fund** | **Common Stocks** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $3067033 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (2941564)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; 125469 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$(2941564)** <br>|

---

------

**THE ALGER FUNDS II**

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

------

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Dynamic Opportunities Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $2,976,151\* |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (217999)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; 2,758,152\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$(217999)** <br>|

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Dynamic Opportunities Fund** | **Rights** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $39094 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (39094)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; —\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$(39094)** <br>|

---

------

**THE ALGER FUNDS II**

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

------

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Dynamic Opportunities Fund** | **Special Purpose** <br> **Vehicle**<br>|
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $1281657 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; (1243269)<br>|
| &nbsp;&nbsp;&nbsp; Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (38388)<br>|
| &nbsp;&nbsp;&nbsp; Purchases and Sales/Distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at July 31, 2025 | &nbsp;&nbsp; — |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at July 31, 2025**<br>| &nbsp;&nbsp; **$—**  |

---

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

*\** *Includes securities that are fair valued at zero.*

The following table provides quantitative information about each Fund's Level 3 fair value measurements of its investments as of July 31, 2025. The table below is not intended to be all-inclusive, but rather provides information on the Level 3 inputs as they relate to each Fund's fair value measurements.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** <br>**July 31,** <br>**2025**<br>| **Valuation** <br>**Methodology**<br>| **Unobservable** <br>**Inputs**<br>| **Inputs/Range** | **Weighted** <br>**Average Inputs**<br>|
| Alger Spectra Fund | Alger Spectra Fund | Alger Spectra Fund | Alger Spectra Fund | Alger Spectra Fund | Alger Spectra Fund |
| **Preferred Stocks** | $60787566 | Market <br>Approach<br>| Revenue Multiple | 22.99x-23.24x | 23.16x |
|  | —\*\* | Income <br>Approach<br>| Discount Rate | 100% | N/A\* |
| Alger Dynamic Opportunities Fund | Alger Dynamic Opportunities Fund | Alger Dynamic Opportunities Fund | Alger Dynamic Opportunities Fund | Alger Dynamic Opportunities Fund | Alger Dynamic Opportunities Fund |
| **Common Stocks** | 125469 | Market <br>Approach<br>| Revenue Multiple | 1.33x | N/A\* |
| **Preferred Stocks** | —\*\* | Income <br>Approach<br>| Discount Rate | 100% | N/A\* |
|  | 2758152 | Market <br>Approach<br>| Revenue Multiple | 1.33x-22.99x | 16.85x |

---

------

**THE ALGER FUNDS II**

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value**<br> **July 31,**<br> **2025**<br>| **Valuation**<br> **Methodology**<br>| **Unobservable**<br> **Inputs**<br>| **Inputs/Range** | **Weighted**<br> **Average Inputs**<br>|
| **Rights** | $—\*\*\* | Income <br>Approach<br>| Discount Rate <br>Probability of Success<br>| 100% <br>0.00%<br>| N/A\* <br>N/A\*<br>|

---

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

---

| | |
|:---|:---|
| <sup>\*</sup> <br>| *Each security type listed and respective valuation methodology and unobservable input, represents only one* <br>*investment.*<br>|
| <sup>\*\*</sup> <br>| *Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of* <br> *July 31, 2025.*<br>|
| <sup>\*\*\*</sup> <br>| *Tolero CDRs are classified as a Level 3 investment and are fair valued at zero as of July 31, 2025.* |

---

The significant unobservable inputs used in the fair value measurement of each Fund's securities are revenue and EBITDA multiples, publicly traded comparable securities' market value and revenue multiples, transaction pricing, discount rates, and the probability of success of certain outcomes. Significant increases and decreases in these inputs in isolation and interrelationships between these inputs would have resulted in significantly higher or lower fair value measurements than those noted in the table above. Generally, all other things being equal, increases in revenue and EBITDA multiples, decreases in discount rates, and increases in the probability of success result in higher fair value measurements, whereas decreases in revenues and EBITDA multiples, increases in discount rates, and decreases in the probability of success result in lower fair value measurements. For the period ended July 31, 2025, there were no changes in valuation methodology on Level 3 investments.

**NOTE 4 — Derivatives:**

------

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

Options — The Funds seek to capture the majority of the returns associated with equity market investments. To meet this investment goal, the Funds invest in a broadly diversified portfolio of common stocks, the Funds may also buy and sell call and put options on equities and equity indexes. The Funds may also purchase call options to increase their exposure to the stock market and also provide diversification of risk. The Funds may also purchase put options in order to protect from significant market declines that may occur over a short period of time. The Funds may also write covered call and cash secured put options to generate cash flows while reducing the volatility of the Funds' portfolios. The cash flows may be an important source of the Funds' returns, although written call options may reduce the Funds' ability to profit from increases in the value of the underlying security or equity portfolio. The value of a call option generally increases as the price of the underlying stock increases and decreases as the

------

**THE ALGER FUNDS II**

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

------

stock decreases in price. Conversely, the value of a put option generally increases as the price of the underlying stock decreases and decreases as the stock increases in price. The combination of the diversified stock portfolio and the purchase and sale of options is intended to provide the Funds with the majority of the returns associated with equity market investments but with reduced volatility and returns that are augmented with the cash flows from the sale of options. During the period ended July 31, 2025, options were used in accordance with these objectives.

The Funds' option contracts were not subject to any rights of offset with any counterparty. All of the Funds' options were exchange traded which utilize a clearinghouse that acts as an intermediary between buyer and seller, receiving initial and maintenance margin from both, and guaranteeing performance of the option contract.

Contracts for Difference — The Funds may enter into CFDs. CFDs are leveraged derivative instruments that allow a Fund to take a position on the change in the market price of an underlying asset, such as a stock, a basket of stocks, or the value of an index or currency exchange rate. With a short CFD, a Fund is seeking to profit from a decrease in the market price of the asset. CFDs are subject to liquidity risk because the liquidity of CFDs is based on the liquidity of the underlying instrument, and are subject to counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. It is also possible that the market price of the CFD will move between the time the order is placed by a Fund and when it is executed by the issuer, which can result in the trade being executed at a less favorable price. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require a Fund to deposit additional sums to cover this decline in value, and the margin call may be made at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss which a Fund is liable. The potential for margin calls and large losses are much greater in CFDs than in other leveraged products. Most CFDs are traded OTC. CFDs are not registered with the SEC or any U.S. regulator, and are not subject to U.S. regulation. In a short position, a Fund will receive or pay an amount based upon the amount, if any, by which the notional amount of the CFD would have decreased or increased in value had it sold the particular stocks short, less the dividends that would have been paid on those stocks, plus a floating rate of interest on the notional amount of the CFD. All of these components are reflected in the market value of the CFD.

------

**THE ALGER FUNDS II**

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

------

**NOTE 5 — Affiliated Securities:**

------

During the period ended July 31, 2025, as disclosed in the following table, certain Funds held 5% or more of the outstanding voting securities of the issuers listed below. As such, these issuers were "affiliated persons" of the applicable Fund(s) for purposes of the 1940 Act. Transactions during the period ended July 31, 2025 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>**2024**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**July 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**July 31,** <br>**2025**<br>|
| **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** | **Alger Spectra Fund** |
| **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** |
| &nbsp;&nbsp;&nbsp; Alger Concentrated <br> Equity ETF<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 174563 | &nbsp;&nbsp; — | &nbsp;&nbsp; 174563 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1077937 | &nbsp;&nbsp; $5496989 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| &nbsp;&nbsp;&nbsp; Prosetta <br> Biosciences, Inc., <br> Series D<br>| &nbsp;&nbsp; 2912012 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2912012 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** |
| &nbsp;&nbsp;&nbsp; Crosslink <br> Ventures C, LLC, <br> Cl. A<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (211807)<br>| &nbsp;&nbsp; 6174755 |
| &nbsp;&nbsp;&nbsp; Crosslink <br> Ventures C, LLC, <br> Cl. B<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (97593)<br>| &nbsp;&nbsp; 3877716 |
| **Total** | &nbsp;&nbsp; 2912012 | &nbsp;&nbsp; 174563 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3086575 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $768537 | &nbsp;&nbsp; $15549460 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2024**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**July 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**July 31,** <br>**2025**<br>|
| **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** |
| **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** |
| &nbsp;&nbsp;&nbsp; Crosslink Ventures C, <br> LLC, Cl. A<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(26656)<br>| &nbsp;&nbsp; $777095 |
| &nbsp;&nbsp;&nbsp; Crosslink Ventures C, <br> LLC, Cl. B<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (11732)<br>| &nbsp;&nbsp; 466174 |
| **Total** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(38388)<br>| &nbsp;&nbsp; $1243269 |

---

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

<sup>1</sup> *The Alger Fund Complex and other entities managed by Alger Management fully own Crosslink Ventures C, LLC,* *Class A and Crosslink Ventures C, LLC, Class B. There were no capital increases or decreases for the period ended* *July 31, 2025.* 

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Alger Dynamic Opportunities Fund

- **b. EDGAR series identifier (if any):** S000026226

- **c. LEI of Series:** 549300EEP2NZIG7ZPS25

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $288158674.15

**Total Liabilities:** $73026006.00

**Net Assets:** $215132668.15

**Cash Not Reported:** $79156690.61

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000078761 | 6.28%                | 2.48%                | 2.38%                |
| Class ID C000098121 | 6.20%                | 2.41%                | 2.30%                |
| Class ID C000095104 | 6.31%                | 2.50%                | 2.40%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3766531.72              | $9322493.01                                |
| Month 2  | $3922679.81              | $1311321.29                                |
| Month 3  | $3481168.12              | $1771974.78                                |

**Designated Index Information**

- **Index Name:** 50 R1000G R2000G

- **Index Identifier:** 50_R1000G_50_R2000G

### Schedule of Portfolio Investments

| Name                                              | Title                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Shopify Inc                                       | Shopify Inc                                       | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |      8607 | NS      | $1051861.47   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| US Physical Therapy Inc                           | US Physical Therapy Inc                           | CUSIP: 90337L108<br>LEI: 529900KL1UXQYFIOMY96 | Short            | EC               | CORP              | US        |     -8840 | NS      | $-646646.00   | -0.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Thor Industries Inc                               | Thor Industries Inc                               | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Short            | EC               | CORP              | US        |     -7372 | NS      | $-670778.28   | -0.31%            |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc                         | Casella Waste Systems Inc                         | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |      6296 | NS      | $684564.08    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                                        | HEICO Corp                                        | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |      5635 | NS      | $1454337.15   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Xtrackers Harvest CSI 300 China A-Shares ETF      | Xtrackers Harvest CSI 300 China A-Shares ETF      | CUSIP: 233051879<br>LEI: 549300KGVW9YY7MPVQ67 | Short            | EC               | RF                | US        |    -33665 | NS      | $-955749.35   | -0.44%            |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corp                            | Paylocity Holding Corp                            | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |     12369 | NS      | $2286780.72   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Montrose Environmental Group I                    | Montrose Environmental Group Inc                  | CUSIP: 615111101<br>LEI: 254900ASI8K3LUB8Q958 | Long             | EC               | CORP              | US        |     26765 | NS      | $607297.85    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| RH                                                | RH                                                | CUSIP: 74967X103<br>LEI: 5493008MTS3OGGMHGK69 | Short            | EC               | CORP              | US        |     -1630 | NS      | $-335160.60   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Primis Financial Corp                             | Primis Financial Corp                             | CUSIP: 74167B109<br>LEI: 549300JNX3M2EENG1F11 | Short            | EC               | CORP              | US        |    -22432 | NS      | $-251014.08   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                                              | Taiwan Semiconductor Manufacturing Co Ltd         | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     23913 | NS      | $5777859.06   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPULSE DYNAMICS IRELAND                          | IMPULSE DYNAMICS IRELAND                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3485265 | NS      | $125469.54    | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Builders FirstSource Inc                          | Builders FirstSource Inc                          | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |     10733 | NS      | $1364486.29   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc                          | Procore Technologies Inc                          | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Short            | EC               | CORP              | US        |    -18024 | NS      | $-1291059.12  | -0.60%            |  |  |  | No            |                  1 | On Loan: No      |
| 23andMe Holding Co                                | 23andMe Holding Co                                | CUSIP: 90138Q306<br>LEI: 529900FU5IIBCXYHHX25 | Short            | EC               | CORP              | US        |     -3023 | NS      | $-14359.25    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Neogen Corp                                       | Neogen Corp                                       | CUSIP: 640491106<br>LEI: 549300HJT9FC36N4UW43 | Long             | EC               | CORP              | US        |     51534 | NS      | $239633.10    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Itron Inc                                         | Itron Inc                                         | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |     15594 | NS      | $1942076.76   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| StandardAero Inc                                  | StandardAero Inc                                  | CUSIP: 85423L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       572 | NS      | $16330.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc                             | Burlington Stores Inc                             | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |      6429 | NS      | $1754859.84   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CROSSLINK VENTURES C LLC CALSS A SHARES           | CROSSLINK VENTURES C LLC CALSS A SHARES           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        37 | NS      | $777095.07    | 0.36%             |  |  |  | Yes           |                  2 | On Loan: No      |
| IPG Photonics Corp                                | IPG Photonics Corp                                | CUSIP: 44980X109<br>LEI: 5493002KZ51CADQ94G15 | Short            | EC               | CORP              | US        |    -21355 | NS      | $-1599275.95  | -0.74%            |  |  |  | No            |                  1 | On Loan: No      |
| Soho House & Co Inc                               | Soho House & Co Inc                               | CUSIP: 586001109<br>LEI: 213800XNSPPBRF2E5A41 | Short            | EC               | CORP              | GB        |     -4225 | NS      | $-26828.75    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitt                    | LVMH Moet Hennessy Louis Vuitton SE               | CUSIP: 000000000<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |      2624 | NS      | $1408594.87   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Dollar Tree Inc                                   | Dollar Tree Inc                                   | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |      8406 | NS      | $954501.30    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Rumble Inc                                        | Rumble Inc                                        | CUSIP: 78137L105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -62238 | NS      | $-525288.72   | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc                     | Universal Health Services Inc                     | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Short            | EC               | CORP              | US        |     -4893 | NS      | $-814439.85   | -0.38%            |  |  |  | No            |                  1 | On Loan: No      |
| Fluence Energy Inc                                | Fluence Energy Inc                                | CUSIP: 34379V103<br>LEI: 25490043LHZ97BT5PP29 | Short            | EC               | CORP              | US        |   -118504 | NS      | $-962252.48   | -0.45%            |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                                  | Crown Castle Inc                                  | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |     16708 | NS      | $1755843.72   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                                  | MercadoLibre Inc                                  | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |       284 | NS      | $674184.76    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Seritage Growth Properties                        | Seritage Growth Properties                        | CUSIP: 81752R100<br>LEI: 5493003CJFC2MM82WB25 | Short            | EC               | CORP              | US        |    -51728 | NS      | $-165012.32   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                    | Merck & Co Inc                                    | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Short            | EC               | CORP              | US        |    -18728 | NS      | $-1463031.36  | -0.68%            |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc                       | Sterling Infrastructure Inc                       | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |      2126 | NS      | $568896.34    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurora Innovation Inc                             | Aurora Innovation Inc                             | CUSIP: 051774107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -133204 | NS      | $-773915.24   | -0.36%            |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Inc                                        | Vertex Inc                                        | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |     18376 | NS      | $609531.92    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                                     | McKesson Corp                                     | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      1476 | NS      | $1023665.04   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                         | Amgen Inc                                         | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Short            | EC               | CORP              | US        |     -4842 | NS      | $-1428874.20  | -0.66%            |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                                        | Biogen Inc                                        | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Short            | EC               | CORP              | US        |     -2830 | NS      | $-362240.00   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Tandem Diabetes Care Inc                          | Tandem Diabetes Care Inc                          | CUSIP: 875372203<br>LEI: 549300JEPFOD0K4D3I05 | Long             | EC               | CORP              | US        |     24326 | NS      | $378999.08    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| VSE Corp                                          | VSE Corp                                          | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Long             | EC               | CORP              | US        |      4483 | NS      | $701768.82    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solu                    | Kratos Defense & Security Solutions Inc           | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |      3504 | NS      | $205684.80    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Semtech Corp                                      | Semtech Corp                                      | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |     25621 | NS      | $1309233.10   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corp                                    | Atlassian Corp                                    | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Short            | EC               | CORP              | AU        |     -6707 | NS      | $-1286268.46  | -0.60%            |  |  |  | No            |                  1 | On Loan: No      |
| Vital Farms Inc                                   | Vital Farms Inc                                   | CUSIP: 92847W103<br>LEI: 549300S6NYY7ER3XOT61 | Short            | EC               | CORP              | US        |    -21847 | NS      | $-812708.40   | -0.38%            |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc                     | Rexford Industrial Realty Inc                     | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     28963 | NS      | $1058018.39   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Toro Co/The                                       | Toro Co/The                                       | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Short            | EC               | CORP              | US        |     -9210 | NS      | $-683842.50   | -0.32%            |  |  |  | No            |                  1 | On Loan: No      |
| Unity Software Inc                                | Unity Software Inc                                | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Short            | EC               | CORP              | US        |    -18578 | NS      | $-619762.08   | -0.29%            |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                                      | Wingstop Inc                                      | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |      1478 | NS      | $557708.52    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp                                      | Glaukos Corp                                      | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |      7727 | NS      | $665217.43    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                      | Alphabet Inc                                      | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     22267 | NS      | $4273037.30   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Celsius Holdings Inc                              | Celsius Holdings Inc                              | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23305 | NS      | $1056648.70   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc                               | Texas Roadhouse Inc                               | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Short            | EC               | CORP              | US        |     -2789 | NS      | $-516327.57   | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Co                                     | Ford Motor Co                                     | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Short            | EC               | CORP              | US        |   -104495 | NS      | $-1156759.65  | -0.54%            |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                                     | Snowflake Inc                                     | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |      5003 | NS      | $1118170.50   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                   | CVS Health Corp                                   | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Short            | EC               | CORP              | US        |    -15935 | NS      | $-989563.50   | -0.46%            |  |  |  | No            |                  1 | On Loan: No      |
| Soleno Therapeutics Inc                           | Soleno Therapeutics Inc                           | CUSIP: 834203309<br>LEI: 5493003LCY77N7FXK844 | Short            | EC               | CORP              | US        |     -1231 | NS      | $-106444.57   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                                       | MongoDB Inc                                       | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |      9351 | NS      | $2224509.39   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kura Sushi USA Inc                                | Kura Sushi USA Inc                                | CUSIP: 501270102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5847 | NS      | $513015.78    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Lemonade Inc                                      | Lemonade Inc                                      | CUSIP: 52567D107<br>LEI: 5493009BKR06OXXU6853 | Short            | EC               | CORP              | US        |    -33337 | NS      | $-1256138.16  | -0.58%            |  |  |  | No            |                  1 | On Loan: No      |
| SmartRent Inc                                     | SmartRent Inc                                     | CUSIP: 83193G107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -32203 | NS      | $-32525.03    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp                    | Atlantic Union Bankshares Corp                    | CUSIP: 04911A107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -13248 | NS      | $-419961.60   | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holding                    | Ollie's Bargain Outlet Holdings Inc               | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |      6993 | NS      | $955453.59    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheesecake Factory Inc/The                        | Cheesecake Factory Inc/The                        | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |     16615 | NS      | $1061864.65   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Easterly Government Properties                    | Easterly Government Properties Inc                | CUSIP: 27616P301<br>LEI: 549300ERMCEFC6S8HL77 | Short            | EC               | CORP              | US        |    -14905 | NS      | $-327905.60   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| James Hardie Industries PLC                       | James Hardie Industries PLC                       | CUSIP: 000000000<br>LEI: 635400NSGXKTVOO7JU45 | Long             | EC               | CORP              | IE        |     80154 | NS      | $2079194.76   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| First Advantage Corp                              | First Advantage Corp                              | CUSIP: 31846B108<br>LEI: 549300RNJ0PXU8FP7D06 | Long             | EC               | CORP              | US        |     43578 | NS      | $753463.62    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Interpublic Group of Cos Inc/T                    | Interpublic Group of Cos Inc/The                  | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Short            | EC               | CORP              | US        |    -28786 | NS      | $-708135.60   | -0.33%            |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                                 | Hamilton Lane Inc                                 | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |      2133 | NS      | $324855.90    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                           | TRS US MARQUEE MOMENTUM LONG                      | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-162791.84   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| nCino Inc                                         | nCino Inc                                         | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Long             | EC               | CORP              | US        |     13523 | NS      | $377629.78    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd                                       | Infosys Ltd                                       | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Short            | EC               | CORP              | IN        |    -39009 | NS      | $-652230.48   | -0.30%            |  |  |  | No            |                  1 | On Loan: No      |
| SB TECHNOLOGY CORP                                | SB Technology, Inc. Series E Preferred Stock      | CUSIP: 805991551<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    114903 | NS      | $1977480.63   | 0.92%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Velo3D Inc                                        | Velo3D Inc                                        | CUSIP: 92259N302<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -750 | NS      | $-4956.51     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                       | NVIDIA Corp                                       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     66174 | NS      | $11770369.38  | 5.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                             | Costco Wholesale Corp                             | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Short            | EC               | CORP              | US        |     -1489 | NS      | $-1399123.96  | -0.65%            |  |  |  | No            |                  1 | On Loan: No      |
| Simulations Plus Inc                              | Simulations Plus Inc                              | CUSIP: 829214105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -3173 | NS      | $-41312.46    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                               | Elevance Health Inc                               | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Short            | EC               | CORP              | US        |      -947 | NS      | $-268076.76   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc                       | BioMarin Pharmaceutical Inc                       | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |     13353 | NS      | $772471.05    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc                            | Intuitive Surgical Inc                            | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      4349 | NS      | $2092260.41   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                                    | Starbucks Corp                                    | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Short            | EC               | CORP              | US        |    -12504 | NS      | $-1114856.64  | -0.52%            |  |  |  | No            |                  1 | On Loan: No      |
| Loar Holdings Inc                                 | Loar Holdings Inc                                 | CUSIP: 53947R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2296 | NS      | $169697.36    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys Inc                                      | Agilysys Inc                                      | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |      2837 | NS      | $323644.96    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PROSETTA BIOSCIENCES INC. /PFD                    | PROSETTA BIOSCIENCES INC. /PFD                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     41418 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Church & Dwight Co Inc                            | Church & Dwight Co Inc                            | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Short            | EC               | CORP              | US        |    -14448 | NS      | $-1354788.96  | -0.63%            |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Inc                                | Planet Fitness Inc                                | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |      4773 | NS      | $521163.87    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Trump Media & Technology Group                    | Trump Media & Technology Group Corp               | CUSIP: 25400Q105<br>LEI: 6488S3A83U2SRQ48O215 | Short            | EC               | CORP              | US        |     -3648 | NS      | $-64168.32    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| KraneShares CSI China Internet ETF                | KraneShares CSI China Internet ETF                | CUSIP: 500767306<br>LEI: 549300URDNVSGEWBN526 | Short            | EC               | RF                | US        |    -28672 | NS      | $-1016135.68  | -0.47%            |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc                             | Waste Connections Inc                             | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |      2400 | NS      | $448008.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Opendoor Technologies Inc                         | Opendoor Technologies Inc                         | CUSIP: 683712103<br>LEI: 254900KX11YZ4HV5BQ47 | Short            | EC               | CORP              | US        |    -11548 | NS      | $-21248.32    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                        | AbbVie Inc                                        | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Short            | EC               | CORP              | US        |     -3806 | NS      | $-719410.12   | -0.33%            |  |  |  | No            |                  1 | On Loan: No      |
| PROCEPT BioRobotics Corp                          | PROCEPT BioRobotics Corp                          | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13457 | NS      | $652799.07    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                                     | AppLovin Corp                                     | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     19620 | NS      | $7665534.00   | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Masterbrand Inc                                   | Masterbrand Inc                                   | CUSIP: 57638P104<br>LEI: 549300E0Y4BR5Z9RDZ64 | Short            | EC               | CORP              | US        |    -71575 | NS      | $-789472.25   | -0.37%            |  |  |  | No            |                  1 | On Loan: No      |
| Clear Secure Inc                                  | Clear Secure Inc                                  | CUSIP: 18467V109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -40929 | NS      | $-1203721.89  | -0.56%            |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc                         | Caesars Entertainment Inc                         | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Short            | EC               | CORP              | US        |    -13836 | NS      | $-369144.48   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Grid Dynamics Holdings Inc                        | Grid Dynamics Holdings Inc                        | CUSIP: 39813G109<br>LEI: 9845007E77EEC65AZE29 | Short            | EC               | CORP              | US        |    -68737 | NS      | $-652314.13   | -0.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc                            | Power Integrations Inc                            | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Short            | EC               | CORP              | US        |    -14219 | NS      | $-689905.88   | -0.32%            |  |  |  | No            |                  1 | On Loan: No      |
| Symbotic Inc                                      | Symbotic Inc                                      | CUSIP: 87151X101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -21292 | NS      | $-1148703.40  | -0.53%            |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp                             | Tenet Healthcare Corp                             | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |     13517 | NS      | $2180021.76   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Rivian Automotive Inc                             | Rivian Automotive Inc                             | CUSIP: 76954A103<br>LEI: 25490004LNKJ84MFYY24 | Short            | EC               | CORP              | US        |    -43437 | NS      | $-559034.19   | -0.26%            |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                                          | NIKE Inc                                          | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Short            | EC               | CORP              | US        |     -8387 | NS      | $-626425.03   | -0.29%            |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                                      | KKR & Co Inc                                      | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |      8034 | NS      | $1177623.72   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Sphere Entertainment Co                           | Sphere Entertainment Co                           | CUSIP: 55826T102<br>LEI: 254900ZW4JWKYRZZ9A91 | Short            | EC               | CORP              | US        |    -14406 | NS      | $-620178.30   | -0.29%            |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                                   | Bio-Techne Corp                                   | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |     18742 | NS      | $1025749.66   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software                     | Take-Two Interactive Software Inc                 | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |      3078 | NS      | $685562.94    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                              | Lockheed Martin Corp                              | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Short            | EC               | CORP              | US        |     -2602 | NS      | $-1095389.96  | -0.51%            |  |  |  | No            |                  1 | On Loan: No      |
| CyberArk Software Ltd                             | CyberArk Software Ltd                             | CUSIP: 000000000<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |      1702 | NS      | $700321.94    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| TOLERO DCR                                        | TOLERO DCR                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    126108 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Waystar Holding Corp                              | Waystar Holding Corp                              | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5331 | NS      | $197140.38    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                    | Microsoft Corp                                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     16979 | NS      | $9058296.50   | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Inc                                       | Compass Inc                                       | CUSIP: 20464U100<br>LEI: 254900DMGQSTC3I2IM78 | Long             | EC               | CORP              | US        |     60496 | NS      | $480338.24    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc                             | TransMedics Group Inc                             | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Short            | EC               | CORP              | US        |     -1193 | NS      | $-141931.21   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Talen Energy Corp                                 | Talen Energy Corp                                 | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14695 | NS      | $5548391.15   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CROSSLINK VENTURES C LLC CLASS B SHARES           | CROSSLINK VENTURES C LLC CLASS B SHARES           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        22 | NS      | $466173.48    | 0.22%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Novanta Inc                                       | Novanta Inc                                       | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4116 | NS      | $506350.32    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS                                       | TRS SES AI CORP                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               | CORP              | FR        |         1 | NC      | $5484.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Apple Inc                                         | Apple Inc                                         | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Short            | EC               | CORP              | US        |    -13461 | NS      | $-2794099.77  | -1.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                    | Amazon.com Inc                                    | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     43603 | NS      | $10207898.33  | 4.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Progyny Inc                                       | Progyny Inc                                       | CUSIP: 74340E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     93224 | NS      | $2191696.24   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc                       | Inspire Medical Systems Inc                       | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |      1829 | NS      | $227783.66    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA                             | Spotify Technology SA                             | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | SE        |      4189 | NS      | $2624576.06   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Transcat Inc                                      | Transcat Inc                                      | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |      7591 | NS      | $580180.13    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| NeoGenomics Inc                                   | NeoGenomics Inc                                   | CUSIP: 64049M209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6624 | NS      | $32060.16     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc                              | Medpace Holdings Inc                              | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Short            | EC               | CORP              | US        |     -2486 | NS      | $-1062019.20  | -0.49%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 2000 ETF                          | iShares Russell 2000 ETF                          | CUSIP: 464287655<br>LEI: 549300O80OAR5VTWR172 | Short            | EC               | RF                | US        |     -5904 | NS      | $-1295278.56  | -0.60%            |  |  |  | No            |                  1 | On Loan: No      |
| XPO Inc                                           | XPO Inc                                           | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |      3332 | NS      | $400806.28    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc                                  | SPS Commerce Inc                                  | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |     14566 | NS      | $1585727.59   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The                                | Trade Desk Inc/The                                | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |     11503 | NS      | $1000300.88   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc                      | SiteOne Landscape Supply Inc                      | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |      4366 | NS      | $601765.78    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest Inc                                     | Pinterest Inc                                     | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28270 | NS      | $1091222.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Capgemini SE                                      | Capgemini SE                                      | CUSIP: 000000000<br>LEI: 96950077L0TN7BAROX36 | Short            | EC               | CORP              | FR        |     -4908 | NS      | $-730685.75   | -0.34%            |  |  |  | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc                            | UnitedHealth Group Inc                            | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Short            | EC               | CORP              | US        |     -8317 | NS      | $-2075590.52  | -0.96%            |  |  |  | No            |                  1 | On Loan: No      |
| PROS Holdings Inc                                 | PROS Holdings Inc                                 | CUSIP: 74346Y103<br>LEI: 549300LPE1KNL5RWKQ48 | Long             | EC               | CORP              | US        |     15535 | NS      | $243744.15    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc                        | Vertex Pharmaceuticals Inc                        | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      1595 | NS      | $728707.65    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovix Corp                                       | Enovix Corp                                       | CUSIP: 293594107<br>LEI: 549300EC7NZGWORHYJ53 | Long             | EC               | CORP              | US        |    124099 | NS      | $1662926.60   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| RadNet Inc                                        | RadNet Inc                                        | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |      9793 | NS      | $535970.89    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                                       | HubSpot Inc                                       | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |      2822 | NS      | $1466452.30   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| STAAR Surgical Co                                 | STAAR Surgical Co                                 | CUSIP: 852312305<br>LEI: 5299006LRHI7OJ8BY308 | Short            | EC               | CORP              | US        |    -12066 | NS      | $-216162.39   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Inmode Ltd                                        | Inmode Ltd                                        | CUSIP: 000000000<br>LEI: 984500DD95A35E9BD358 | Long             | EC               | CORP              | IL        |     18580 | NS      | $253802.80    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PureCycle Technologies Inc                        | PureCycle Technologies Inc                        | CUSIP: 74623V103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -36807 | NS      | $-493581.87   | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc                              | Palomar Holdings Inc                              | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |     11006 | NS      | $1458184.94   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstService Corp                                 | FirstService Corp                                 | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |     25106 | NS      | $4951405.32   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                                       | Vistra Corp                                       | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     10632 | NS      | $2217197.28   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NASDAQ, INC.                                      | TRUMP MEDIA & TECHNOLOGY GROUP CORP               | CUSIP: 000000000<br>LEI: 549300L8X1Q78ERXFD06 | N/A              | DE               | CORP              | US        |        15 | NC      | $33600.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                                      | Insulet Corp                                      | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |      1135 | NS      | $327334.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Lucid Group Inc                                   | Lucid Group Inc                                   | CUSIP: 549498103<br>LEI: 529900MRL9Z13ZCRVD74 | Short            | EC               | CORP              | US        |   -122207 | NS      | $-300629.22   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                                        | NetApp Inc                                        | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Short            | EC               | CORP              | US        |    -13590 | NS      | $-1415126.70  | -0.66%            |  |  |  | No            |                  1 | On Loan: No      |
| Astera Labs Inc                                   | Astera Labs Inc                                   | CUSIP: 04626A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28468 | NS      | $3892429.64   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Group Inc                               | Paramount Group Inc                               | CUSIP: 69924R108<br>LEI: 5493006GJU1CFI7Z5J17 | Short            | EC               | CORP              | US        |     -8876 | NS      | $-54321.12    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Artivion Inc                                      | Artivion Inc                                      | CUSIP: 228903100<br>LEI: 549300YTKV8DMSMG6K81 | Long             | EC               | CORP              | US        |     64412 | NS      | $1990974.92   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Nebius Group NV                                   | Nebius Group NV                                   | CUSIP: 000000000<br>LEI: 549300GGZHJ5Q1B18P93 | Long             | EC               | CORP              | NL        |    109842 | NS      | $5978700.06   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp                              | Western Digital Corp                              | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |     21101 | NS      | $1660437.69   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares China Large-Cap ETF                       | iShares China Large-Cap ETF                       | CUSIP: 464287184<br>LEI: 5493001YVWPO25CNKN94 | Short            | EC               | RF                | US        |    -32369 | NS      | $-1211895.36  | -0.56%            |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc                             | Texas Instruments Inc                             | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Short            | EC               | CORP              | US        |     -5717 | NS      | $-1035120.02  | -0.48%            |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                                 | Tractor Supply Co                                 | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Short            | EC               | CORP              | US        |    -12141 | NS      | $-691429.95   | -0.32%            |  |  |  | No            |                  1 | On Loan: No      |
| AAR Corp                                          | AAR Corp                                          | CUSIP: 000361105<br>LEI: MP76T5YQX3YK5VVAQ802 | Long             | EC               | CORP              | US        |      9690 | NS      | $723939.90    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                | Meta Platforms Inc                                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     10477 | NS      | $8103330.88   | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                                       | ROBLOX Corp                                       | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37317 | NS      | $5141909.43   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| NASDAQ, INC.                                      | TRUMP MEDIA & TECHNOLOGY GROUP CORP               | CUSIP: 000000000<br>LEI: 549300L8X1Q78ERXFD06 | N/A              | DE               | CORP              | US        |        32 | NC      | $101120.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group Inc                               | StepStone Group Inc                               | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37387 | NS      | $2219292.32   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                                       | Netflix Inc                                       | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      2632 | NS      | $3051540.80   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Bancorp Inc                                 | Eagle Bancorp Inc                                 | CUSIP: 268948106<br>LEI: 549300B47NZODRMG3D47 | Short            | EC               | CORP              | US        |    -33452 | NS      | $-538242.68   | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| Accelerant Holdings                               | Accelerant Holdings                               | CUSIP: 000000000<br>LEI: 213800VS4CX9ZONTD965 | Long             | EC               | CORP              | KY        |     17028 | NS      | $468951.12    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SoundHound AI Inc                                 | SoundHound AI Inc                                 | CUSIP: 836100107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -20194 | NS      | $-208604.02   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Upstart Holdings Inc                              | Upstart Holdings Inc                              | CUSIP: 91680M107<br>LEI: 549300WNB47JRNENIC75 | Long             | EC               | CORP              | US        |     28843 | NS      | $2357626.82   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp                               | Federal Signal Corp                               | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Short            | EC               | CORP              | US        |     -2964 | NS      | $-375153.48   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Twist Bioscience Corp                             | Twist Bioscience Corp                             | CUSIP: 90184D100<br>LEI: 549300T23BL59LCOH584 | Short            | EC               | CORP              | US        |     -1815 | NS      | $-60929.55    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| RXO Inc                                           | RXO Inc                                           | CUSIP: 74982T103<br>LEI: 549300KL8CA6GP8XPM30 | Long             | EC               | CORP              | US        |     18684 | NS      | $288667.80    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Time Group Holdings Inc                      | Life Time Group Holdings Inc                      | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11083 | NS      | $318303.76    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                                     | Coherent Corp                                     | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |     13957 | NS      | $1501773.20   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPULSE DYNAMICS IRELAND                          | IMPULSE DYNAMICS IRELAND                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  13695990 | NS      | $780671.43    | 0.36%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Johnson & Johnson                                 | Johnson & Johnson                                 | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     12879 | NS      | $2121686.46   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                                      | Illumina Inc                                      | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Short            | EC               | CORP              | US        |    -11406 | NS      | $-1171510.26  | -0.54%            |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA Pharmaceuticals Inc                        | ACADIA Pharmaceuticals Inc                        | CUSIP: 004225108<br>LEI: 529900O3044NO0PEA039 | Long             | EC               | CORP              | US        |    116099 | NS      | $2766639.17   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Forte Biosciences Inc                             | Forte Biosciences Inc                             | CUSIP: 34962G208<br>LEI: 529900Z84WFDHPS3JP76 | Long             | EC               | CORP              | US        |     73399 | NS      | $732522.02    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Birkenstock Holding Plc                           | Birkenstock Holding Plc                           | CUSIP: 000000000<br>LEI: 529900CQ8LQKQ7LIT631 | Long             | EC               | CORP              | GB        |     13949 | NS      | $698705.41    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                                               | International Business Machines Corp              | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Short            | EC               | CORP              | US        |     -6660 | NS      | $-1685979.00  | -0.78%            |  |  |  | No            |                  1 | On Loan: No      |
| Ameresco Inc                                      | Ameresco Inc                                      | CUSIP: 02361E108<br>LEI: 529900NZXZGBCBXYY327 | Short            | EC               | CORP              | US        |    -35858 | NS      | $-606717.36   | -0.28%            |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                       | Cencora Inc                                       | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      2442 | NS      | $698607.36    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc                               | TransDigm Group Inc                               | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4094 | NS      | $6585035.24   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Belden Inc                                        | Belden Inc                                        | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Short            | EC               | CORP              | US        |     -9795 | NS      | $-1211151.75  | -0.56%            |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                                    | ServiceNow Inc                                    | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       488 | NS      | $460242.56    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc                          | Crowdstrike Holdings Inc                          | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      2354 | NS      | $1070057.78   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NuScale Power Corp                                | NuScale Power Corp                                | CUSIP: 67079K100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -18203 | NS      | $-913972.63   | -0.42%            |  |  |  | No            |                  1 | On Loan: No      |
| DocGo Inc                                         | DocGo Inc                                         | CUSIP: 256086109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -4671 | NS      | $-6352.56     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Cos                                 | Piper Sandler Cos                                 | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |      1290 | NS      | $406762.80    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                                | Union Pacific Corp                                | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      4691 | NS      | $1041261.27   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Cava Group Inc                                    | Cava Group Inc                                    | CUSIP: 148929102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -7650 | NS      | $-673276.50   | -0.31%            |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                                | Vertiv Holdings Co                                | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |     19293 | NS      | $2809060.80   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Bird Corp                                    | Blue Bird Corp                                    | CUSIP: 095306106<br>LEI: 5493004ZXJUUWQ65ER59 | Short            | EC               | CORP              | US        |    -14970 | NS      | $-670506.30   | -0.31%            |  |  |  | No            |                  1 | On Loan: No      |
| Lyft Inc                                          | Lyft Inc                                          | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Short            | EC               | CORP              | US        |    -53605 | NS      | $-753686.30   | -0.35%            |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                                           | Sea Ltd                                           | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |     18695 | NS      | $2928571.75   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Impinj Inc                                        | Impinj Inc                                        | CUSIP: 453204109<br>LEI: 549300M26VGKSMMWWN17 | Long             | EC               | CORP              | US        |      7621 | NS      | $1178054.18   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                                       | Target Corp                                       | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Short            | EC               | CORP              | US        |     -7495 | NS      | $-753247.50   | -0.35%            |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc                     | Old Dominion Freight Line Inc                     | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |      4805 | NS      | $717146.25    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| indie Semiconductor Inc                           | indie Semiconductor Inc                           | CUSIP: 45569U101<br>LEI: 254900L1MFXFYGB1PV53 | Short            | EC               | CORP              | US        |   -139549 | NS      | $-545636.59   | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                                        | Natera Inc                                        | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27952 | NS      | $3736064.32   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Aerogels Inc                                | Aspen Aerogels Inc                                | CUSIP: 04523Y105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -132748 | NS      | $-1016849.68  | -0.47%            |  |  |  | No            |                  1 | On Loan: No      |
| Vivid Seats Inc                                   | Vivid Seats Inc                                   | CUSIP: 92854T100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -13669 | NS      | $-21186.95    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Cadre Holdings Inc                                | Cadre Holdings Inc                                | CUSIP: 12763L105<br>LEI: 2549006IKQEWJ8M7CB97 | Long             | EC               | CORP              | US        |      9802 | NS      | $324152.14    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Twilio Inc                                        | Twilio Inc                                        | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |     17188 | NS      | $2217252.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc                               | Coinbase Global Inc                               | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |      1815 | NS      | $685634.40    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                         | Qorvo Inc                                         | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Short            | EC               | CORP              | US        |    -12670 | NS      | $-1059212.00  | -0.49%            |  |  |  | No            |                  1 | On Loan: No      |
| NASDAQ, INC.                                      | TRUMP MEDIA & TECHNOLOGY GROUP CORP               | CUSIP: 000000000<br>LEI: 549300L8X1Q78ERXFD06 | N/A              | DE               | CORP              | US        |        29 | NC      | $91640.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                                   | T-Mobile US Inc                                   | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Short            | EC               | CORP              | US        |    -15317 | NS      | $-3651725.97  | -1.70%            |  |  |  | No            |                  1 | On Loan: No      |
| QuantumScape Corp                                 | QuantumScape Corp                                 | CUSIP: 74767V109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -248108 | NS      | $-2133728.80  | -0.99%            |  |  |  | No            |                  1 | On Loan: No      |
| Empire State Realty Trust Inc                     | Empire State Realty Trust Inc                     | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Short            | EC               | CORP              | US        |     -9953 | NS      | $-72059.72    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Fisker Inc                                        | Fisker Inc                                        | CUSIP: 33813J106<br>LEI: 549300UUN5RWU44MBX79 | Short            | EC               | CORP              | US        |    -55316 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc                     | Ultragenyx Pharmaceutical Inc                     | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |     15995 | NS      | $436983.40    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Confluent Inc                                     | Confluent Inc                                     | CUSIP: 20717M103<br>LEI: 254900MRZ83YWUV7SN74 | Long             | EC               | CORP              | US        |     27216 | NS      | $482403.60    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co                                 | General Motors Co                                 | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Short            | EC               | CORP              | US        |    -21709 | NS      | $-1157958.06  | -0.54%            |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                                          | Bank OZK                                          | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Short            | EC               | CORP              | US        |     -4146 | NS      | $-204397.80   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Treasury Obligations Cash Management Fund | Dreyfus Treasury Obligations Cash Management Fund | CUSIP: 261908107<br>LEI: 549300MKKM9KT7BF6329 | Long             | STIV             | RF                | US        |   4214951 | NS      | $4214950.71   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc                            | Tyler Technologies Inc                            | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Short            | EC               | CORP              | US        |     -2449 | NS      | $-1431587.44  | -0.67%            |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                   | INVESCO QQQ TRUST SERIES 1                        | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DE               | CORP              | US        |       135 | NC      | $7830.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                            | Palo Alto Networks Inc                            | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Short            | EC               | CORP              | US        |     -5558 | NS      | $-964868.80   | -0.45%            |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                                        | HEICO Corp                                        | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |     15325 | NS      | $5008210.00   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Xometry Inc                                       | Xometry Inc                                       | CUSIP: 98423F109<br>LEI: 5493006JFRGU7YRRXE44 | Long             | EC               | CORP              | US        |      9663 | NS      | $312501.42    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Somnigroup International Inc                      | Somnigroup International Inc                      | CUSIP: 88023U101<br>LEI: 549300HFEKVR3US71V91 | Long             | EC               | CORP              | US        |     14757 | NS      | $1068111.66   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-26

**Name of Applicant:** ALGER FUNDS II

**Signature:** Sergio Pavone

**Name of Signer:** Sergio Pavone

**Title:** Assistant Treasuer