# EDGAR Filing Document

**Accession Number:** 0000092751
**File Stem:** 0001752724-23-073813
**Filing Date:** 2023-3
**Character Count:** 146067
**Document Hash:** 4f5a05aa3e7cfb5ebad1b51c3b615706
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-073813.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001752724-23-073813

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALGER FUNDS II
- **CENTRAL INDEX KEY:** 0000092751
- **IRS NUMBER:** 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:** 23778579

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

------

THE ALGER FUNDS II

QUARTERLY REPORT<br> JANUARY 31, 2023

**Alger is a signatory to the PRI and carbon neutral.**

------

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

**Schedule of Investments January 31, 2023 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—104.9%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**ADVERTISING—0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;The Trade Desk, Inc., Cl. A\* | 402601 | $**20411871** |
| &nbsp;&nbsp;&nbsp;**AEROSPACE & DEFENSE—6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;HEICO Corp., Cl. A<sup>+</sup> | 697909 | 93296475 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc.<sup>+</sup> | 133122 | 95548316 |
|  |  | **188844791** |
| &nbsp;&nbsp;&nbsp;**APPAREL ACCESSORIES & LUXURY GOODS—1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.\* | 42232 | 12960156 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 41278 | 36033022 |
|  |  | **48993178** |
| &nbsp;&nbsp;&nbsp;**APPAREL RETAIL—1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Aritzia, Inc.\* | 660691 | 23829665 |
| &nbsp;&nbsp;&nbsp;The TJX Cos., Inc. | 292039 | 23906313 |
|  |  | **47735978** |
| &nbsp;&nbsp;&nbsp;**APPLICATION SOFTWARE—5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 45993 | 17033048 |
| &nbsp;&nbsp;&nbsp;Aspen Technology, Inc.\* | 53799 | 10692551 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 149683 | 27366543 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Cl. A\*<sup>,+</sup> | 725481 | 54273234 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc.<sup>+</sup> | 128441 | 54288157 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Cl. A\* | 67929 | 12324358 |
|  |  | **175977891** |
| &nbsp;&nbsp;&nbsp;**AUTO PARTS & EQUIPMENT—0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Mobileye Global, Inc., Cl. A\* | 125677 | **4851132** |
| &nbsp;&nbsp;&nbsp;**AUTOMOBILE MANUFACTURERS—1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\*<sup>,+</sup> | 253829 | **43968259** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 337215 | 49823516 |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals, Inc.\* | 99028 | 5221746 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 51810 | 15071529 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.\* | 153908 | 6781187 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.\* | 65203 | 11479640 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.\*<sup>,+</sup> | 1588064 | 68175588 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.\* | 61627 | 6836283 |
| &nbsp;&nbsp;&nbsp;Prometheus Biosciences, Inc.\* | 244749 | 27818171 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.\* | 24666 | 6491351 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.\* | 141558 | 6419655 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 78185 | 25261574 |
|  |  | **229380240** |
| &nbsp;&nbsp;&nbsp;**CASINOS & GAMING—3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC\* | 168187 | 26123794 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp.\* | 1107759 | 65357781 |
|  |  | **91481575** |
| &nbsp;&nbsp;&nbsp;**COAL & CONSUMABLE FUELS—0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | 390730 | **10944347** |
| &nbsp;&nbsp;&nbsp;**CONSTRUCTION MACHINERY & HEAVY TRUCKS—0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Wabtec Corp. | 255914 | **26566432** |

---

------

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

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—104.9% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 556856 | $45378196 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Cl. A | 259101 | 59647641 |
|  |  | **105025837** |
| &nbsp;&nbsp;&nbsp;**ELECTRIC UTILITIES—0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 239211 | **20419051** |
| &nbsp;&nbsp;&nbsp;**FINANCIAL EXCHANGES & DATA—2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;CME Group, Inc., Cl. A | 92870 | 16406414 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc.<sup>+</sup> | 120185 | 45062164 |
|  |  | **61468578** |
| &nbsp;&nbsp;&nbsp;**FOOTWEAR—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Cl. B | 186269 | **23717632** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE DISTRIBUTORS—1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 116762 | **44215434** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE EQUIPMENT—1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.\* | 36457 | 3904180 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.\* | 12207 | 3089104 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 101774 | 25004854 |
|  |  | **31998138** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE FACILITIES—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.\* | 483206 | **40598968** |
| &nbsp;&nbsp;&nbsp;**HOTELS RESORTS & CRUISE LINES—0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Trip.com Group Ltd.<sup>#,</sup>\* | 563866 | **20727714** |
| &nbsp;&nbsp;&nbsp;**HYPERMARKETS & SUPER CENTERS—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp.<sup>+</sup> | 36625 | **18720503** |
| &nbsp;&nbsp;&nbsp;**INTERACTIVE MEDIA & SERVICES—3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Cl. C\*<sup>,+</sup> | 1069691 | **106830040** |
| &nbsp;&nbsp;&nbsp;**INTERNET & DIRECT MARKETING RETAIL—8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\*<sup>,+</sup> | 1724322 | 177829328 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.\* | 68664 | 81139562 |
|  |  | **258968890** |
| &nbsp;&nbsp;&nbsp;**INTERNET SERVICES & INFRASTRUCTURE—1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Cl. A\* | 156581 | 7714746 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Cl. A\* | 190444 | 29793059 |
|  |  | **37507805** |
| &nbsp;&nbsp;&nbsp;**LEISURE FACILITIES—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | 90461 | **23731539** |
| &nbsp;&nbsp;&nbsp;**LIFE SCIENCES TOOLS & SERVICES—1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.\* | 41337 | 10055225 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 96715 | 25569512 |
|  |  | **35624737** |
| &nbsp;&nbsp;&nbsp;**MANAGED HEALTHCARE—1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 116345 | **58078261** |

---

------

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

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—104.9% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**MOVIES & ENTERTAINMENT—6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp. Series C Liberty Formula One\* | 551987 | $39080680 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\*<sup>,+</sup> | 559545 | 45037777 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 181734 | 64308393 |
| &nbsp;&nbsp;&nbsp;The Walt Disney Co.\* | 358743 | 38920028 |
|  |  | **187346878** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EQUIPMENT & SERVICES—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd.<sup>+</sup> | 425648 | **24253423** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EXPLORATION & PRODUCTION—3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 192982 | 28198530 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 289545 | 38292326 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co.<sup>+</sup> | 217478 | 50096057 |
|  |  | **116586913** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS STORAGE & TRANSPORTATION—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 167762 | **25632356** |
| &nbsp;&nbsp;&nbsp;**PHARMACEUTICALS—1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 120945 | 41623222 |
| &nbsp;&nbsp;&nbsp;Reata Pharmaceuticals, Inc., Cl. A\* | 234193 | 10147582 |
|  |  | **51770804** |
| &nbsp;&nbsp;&nbsp;**PROPERTY & CASUALTY INSURANCE—0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;The Progressive Corp. | 163099 | **22238549** |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE SERVICES—1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;FirstService Corp. | 305966 | **43722541** |
| &nbsp;&nbsp;&nbsp;**RESEARCH & CONSULTING SERVICES—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 291793 | **22730675** |
| &nbsp;&nbsp;&nbsp;**RESTAURANTS—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc., Cl. A\* | 421743 | 23988742 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings, Inc. | 242145 | 14918553 |
|  |  | **38907295** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTOR EQUIPMENT—0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc.\*<sup>,+</sup> | 81275 | **25937291** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTORS—8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\*<sup>,+</sup> | 357890 | 26895433 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.\* | 136220 | 24192672 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 1417204 | 61152353 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp.<sup>+</sup> | 491992 | 96120477 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 128037 | 9404318 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd.<sup>#</sup> | 276286 | 25620001 |
|  |  | **243385254** |
| &nbsp;&nbsp;&nbsp;**SPECIALTY CHEMICALS—2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 191034 | 53766519 |
| &nbsp;&nbsp;&nbsp;The Sherwin-Williams Co. | 34555 | 8175368 |
|  |  | **61941887** |

---

------

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

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—104.9% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**SYSTEMS SOFTWARE—11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Microsoft Corp.<sup>+</sup> | 1114558 | $276198618 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 247781 | 21918707 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.\* | 73771 | 33575395 |
|  |  | **331692720** |
| &nbsp;&nbsp;&nbsp;**TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc.<sup>+</sup> | 991071 | **143001635** |
| &nbsp;&nbsp;&nbsp;**TRUCKING—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 103400 | 34457016 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.\* | 169322 | 5237129 |
|  |  | **39694145** |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,522,663,518) |  | **3155631187** |
| &nbsp;&nbsp;&nbsp;**PREFERRED STOCKS—0.2%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Prosetta Biosciences, Inc., Series D\*<sup>,@,(a),(b)</sup> | 2912012 | **—** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Chime Financial, Inc., Series G\*<sup>,@,(b)</sup> | 188583 | **7190670** |
| &nbsp;&nbsp;&nbsp;**TOTAL PREFERRED STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $26,129,444) |  | **7190670** |
| &nbsp;&nbsp;&nbsp;**SPECIAL PURPOSE VEHICLE—0.4%** |  | **VALUE** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Crosslink Ventures Capital C LLC, Cl. A\*<sup>,@,(a),(b)</sup> |  | 6842850 |
| &nbsp;&nbsp;&nbsp;Crosslink Ventures Capital C LLC, Cl. B\*<sup>,@,(a),(b)</sup> |  | 4259325 |
|  |  | **11102175** |
| &nbsp;&nbsp;&nbsp;**TOTAL SPECIAL PURPOSE VEHICLE** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $11,925,000) |  | **11102175** |
| &nbsp;&nbsp;&nbsp;**Total Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $2,560,717,962)** | 105.5% | $**3173924032** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Securities (Cost $25,029,054) |  | 11102175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Securities (Cost $2,535,688,908) |  | 3162821857 |
| &nbsp;&nbsp;&nbsp;Securities Sold Short (Proceeds $182,106,901) | (5.8)% | (173255822) |
| &nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities | 0.3% | 6515392 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | 100.0% | $**3007183602** |

---

*<sup>+</sup>* *All or a portion of this security is held as collateral for securities sold short.*

*<sup>#</sup>* *American Depositary Receipts.*

*<sup>(a)</sup>* *Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 5 - Affiliated Securities.*

*<sup>(b)</sup>* *Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee (as defined in Note 2).*

*<sup>\*</sup>* *Non-income producing security.*

------

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

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

*<sup>@</sup>* *Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *<u>Security</u>* | *<u>Acquisition<br> Date(s)</u>* | *<u>Acquisition<br> Cost</u>* | *<u>% of net assets<br> (Acquisition<br> Date)</u>* | *<u>Market<br> Value</u>* | *<u>% of net assets<br> as of<br> 1/31/2023</u>* |
| *Chime Financial, Inc., Series G* | *8/24/21* | $*13025390* | *0.15 %* | $*7190670* | *0.24 %* |
| *Crosslink Ventures Capital C LLC, Cl. A* | *10/2/20* | *7350000* | *0.10 %* | *6842850* | *0.23 %* |
| *Crosslink Ventures Capital C LLC, Cl. B* | *12/16/20* | *4575000* | *0.06 %* | *4259325* | *0.14 %* |
| *Prosetta Biosciences, Inc., Series D* | *2/6/15* | *13104054* | *0.28 %* | *0* | *0.00 %* |
| *Total* |  |  |  | $*18292845* | *0.61 %* |

---

***See Notes to Financial Statements.***

------

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

**Schedule of Investments - Securities Sold Short January 31, 2023 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—(5.8)%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**AEROSPACE & DEFENSE—(0.3)%** |  |  |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | (43262) | $**(10082642)** |
| &nbsp;&nbsp;&nbsp;**APPLICATION SOFTWARE—(0.1)%** |  |  |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc. | (7034) | **(2440868)** |
| &nbsp;&nbsp;&nbsp;**AUTO PARTS & EQUIPMENT—(0.2)%** |  |  |
| &nbsp;&nbsp;&nbsp;QuantumScape Corp., Cl. A | (652664) | **(5554171)** |
| &nbsp;&nbsp;&nbsp;**AUTOMOBILE MANUFACTURERS—(0.3)%** |  |  |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc. | (81335) | **(7753666)** |
| &nbsp;&nbsp;&nbsp;**AUTOMOTIVE RETAIL—(0.2)%** |  |  |
| &nbsp;&nbsp;&nbsp;CarMax, Inc. | (64566) | (4548675) |
| &nbsp;&nbsp;&nbsp;Carvana Co., Cl. A | (142120) | (1445360) |
|  |  | **(5994035)** |
| &nbsp;&nbsp;&nbsp;**CABLE & SATELLITE—(0.2)%** |  |  |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Cl. A | (15426) | **(5928366)** |
| &nbsp;&nbsp;&nbsp;**COMPUTER & ELECTRONICS RETAIL—(0.3)%** |  |  |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | (110895) | **(9838604)** |
| &nbsp;&nbsp;&nbsp;**ELECTRICAL COMPONENTS & EQUIPMENT—(0.1)%** |  |  |
| &nbsp;&nbsp;&nbsp;Enovix Corp. | (259270) | **(2058604)** |
| &nbsp;&nbsp;&nbsp;**EXCHANGE TRADED FUNDS—(0.7)%** |  |  |
| &nbsp;&nbsp;&nbsp;ARK Innovation ETF | (120229) | (4800744) |
| &nbsp;&nbsp;&nbsp;Direxion NASDAQ-100 Equal Weighted Index Shares | (228978) | (16003272) |
|  |  | **(20804016)** |
| &nbsp;&nbsp;&nbsp;**HOUSEHOLD PRODUCTS—(0.4)%** |  |  |
| &nbsp;&nbsp;&nbsp;The Clorox Co. | (74235) | **(10741062)** |
| &nbsp;&nbsp;&nbsp;**INTERNET & DIRECT MARKETING RETAIL—(0.2)%** |  |  |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | (139804) | **(6920298)** |
| &nbsp;&nbsp;&nbsp;**IT CONSULTING & OTHER SERVICES—(0.4)%** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Cl. A | (26555) | (7410173) |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc. | (21698) | (7217840) |
|  |  | **(14628013)** |
| &nbsp;&nbsp;&nbsp;**MARKET INDICES—(1.7)%** |  |  |
| &nbsp;&nbsp;&nbsp;iShares Russell Mid-Cap Growth ETF | (228277) | (20748096) |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | (74750) | (30384380) |
|  |  | **(51132476)** |
| &nbsp;&nbsp;&nbsp;**PACKAGED FOODS & MEATS—(0.4)%** |  |  |
| &nbsp;&nbsp;&nbsp;Campbell Soup Co. | (92549) | (4806070) |
| &nbsp;&nbsp;&nbsp;Kellogg Co. | (72341) | (4961146) |
|  |  | **(9767216)** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTOR EQUIPMENT—(0.2)%** |  |  |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | (13002) | **(6502300)** |

---

------

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

**Schedule of Investments - Securities Sold Short January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—(5.8)% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTORS—(0.1)%** |  |  |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc. | (19817) | $**(3109485)** |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $182,106,901) |  | $**(173255822)** |
| &nbsp;&nbsp;&nbsp;**Total Securities Sold Short** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $182,106,901) |  | $**(173255822)** |

---

***See Notes to Financial Statements.***

------

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

**Schedule of Investments January 31, 2023 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—81.0%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**ADVERTISING—0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;The Trade Desk, Inc., Cl. A\*<sup>,+</sup> | 4673 | $**236921** |
| &nbsp;&nbsp;&nbsp;**AEROSPACE & DEFENSE—6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;HEICO Corp.<sup>+</sup> | 53537 | 9152150 |
| &nbsp;&nbsp;&nbsp;HEICO Corp., Cl. A | 12029 | 1608037 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc.\*<sup>,+</sup> | 67694 | 775096 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc.<sup>+</sup> | 25903 | 18591878 |
|  |  | **30127161** |
| &nbsp;&nbsp;&nbsp;**APPAREL ACCESSORIES & LUXURY GOODS—0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Moncler SpA | 32634 | **2042391** |
| &nbsp;&nbsp;&nbsp;**APPAREL RETAIL—0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;MYT Netherlands Parent BV<sup>#,</sup>\* | 103360 | 1205178 |
| &nbsp;&nbsp;&nbsp;The TJX Cos., Inc. | 6039 | 494352 |
|  |  | **1699530** |
| &nbsp;&nbsp;&nbsp;**APPLICATION SOFTWARE—6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 4011 | 1485434 |
| &nbsp;&nbsp;&nbsp;Altair Engineering, Inc., Cl. A\* | 2802 | 148786 |
| &nbsp;&nbsp;&nbsp;AppFolio, Inc., Cl. A\* | 19071 | 2142245 |
| &nbsp;&nbsp;&nbsp;Bill.com Holdings, Inc.\* | 4193 | 484795 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Cl. A\* | 33240 | 2486684 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.\*<sup>,+</sup> | 21069 | 809682 |
| &nbsp;&nbsp;&nbsp;Ebix, Inc.<sup>+</sup> | 43809 | 834999 |
| &nbsp;&nbsp;&nbsp;Everbridge, Inc.\* | 2061 | 65870 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.\* | 9364 | 3249402 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.\*<sup>,+</sup> | 31524 | 6566134 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Inc., Cl. A\*<sup>,+</sup> | 46736 | 2989702 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.\*<sup>,+</sup> | 34012 | 4628353 |
| &nbsp;&nbsp;&nbsp;Vertex, Inc., Cl. A\*<sup>,+</sup> | 349808 | 4722408 |
|  |  | **30614494** |
| &nbsp;&nbsp;&nbsp;**ASSET MANAGEMENT & CUSTODY BANKS—2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Cl. A<sup>+</sup> | 57750 | 4496415 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc., Cl. A<sup>+</sup> | 175184 | 5113621 |
| &nbsp;&nbsp;&nbsp;The Carlyle Group, Inc. | 23077 | 830080 |
|  |  | **10440116** |
| &nbsp;&nbsp;&nbsp;**AUTO PARTS & EQUIPMENT—0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Mobileye Global, Inc., Cl. A\* | 44253 | **1708166** |
| &nbsp;&nbsp;&nbsp;**AUTOMOBILE MANUFACTURERS—0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc., Cl. A\* | 212726 | **4126884** |

---

------

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

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—81.0% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.\*<sup>,+</sup> | 162511 | $3092584 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.\* | 847515 | 3127330 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.\* | 45282 | 1073183 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc.\* | 38455 | 4435784 |
| &nbsp;&nbsp;&nbsp;Cabaletta Bio, Inc.\* | 434010 | 5290582 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.\* | 41590 | 1832455 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.\* | 2641 | 464975 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.\*<sup>,+</sup> | 93085 | 3996139 |
| &nbsp;&nbsp;&nbsp;Prometheus Biosciences, Inc.\* | 10351 | 1176495 |
| &nbsp;&nbsp;&nbsp;RAPT Therapeutics, Inc.\* | 99278 | 2884026 |
| &nbsp;&nbsp;&nbsp;Seagen, Inc.\*<sup>,+</sup> | 7432 | 1036615 |
| &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical, Inc.\* | 19669 | 891596 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.\* | 1887 | 496602 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.\* | 15413 | 698980 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 2537 | 819705 |
|  |  | **31317051** |
| &nbsp;&nbsp;&nbsp;**CASINOS & GAMING—1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC\* | 9702 | 1506971 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp.\* | 67571 | 3986689 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International<sup>+</sup> | 24719 | 1023614 |
|  |  | **6517274** |
| &nbsp;&nbsp;&nbsp;**CONSTRUCTION & ENGINEERING—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Ameresco, Inc., Cl. A\*<sup>,+</sup> | 40429 | **2606458** |
| &nbsp;&nbsp;&nbsp;**CONSTRUCTION MACHINERY & HEAVY TRUCKS—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Wabtec Corp. | 27549 | **2859862** |
| &nbsp;&nbsp;&nbsp;**CONSTRUCTION MATERIALS—0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 5541 | **1992765** |
| &nbsp;&nbsp;&nbsp;**CONSUMER FINANCE—0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.\*<sup>,+</sup> | 47913 | **895015** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 18331 | 1493793 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Cl. A | 8634 | 1987633 |
|  |  | **3481426** |
| &nbsp;&nbsp;&nbsp;**DIVERSIFIED BANKS—1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 41833 | 1484235 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 28180 | 3944073 |
|  |  | **5428308** |
| &nbsp;&nbsp;&nbsp;**EDUCATION SERVICES—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Chegg, Inc.\*<sup>,+</sup> | 285224 | 5921250 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc., Cl. A\* | 179 | 17093 |
|  |  | **5938343** |
| &nbsp;&nbsp;&nbsp;**ELECTRONIC EQUIPMENT & INSTRUMENTS—1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;908 Devices, Inc.\* | 336112 | 3132564 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.\* | 13304 | 2148197 |
|  |  | **5280761** |

---

------

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

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—81.0% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**ENVIRONMENTAL & FACILITIES SERVICES—7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Cl. A\*<sup>,+</sup> | 121048 | $9698366 |
| &nbsp;&nbsp;&nbsp;Montrose Environmental Group, Inc.\*<sup>,+</sup> | 220184 | 11925165 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc.<sup>+</sup> | 108904 | 14473342 |
|  |  | **36096873** |
| &nbsp;&nbsp;&nbsp;**FINANCIAL EXCHANGES & DATA—1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 9094 | 3308852 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc., Cl. A | 6494 | 3451951 |
|  |  | **6760803** |
| &nbsp;&nbsp;&nbsp;**FOOTWEAR—0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.\* | 4710 | **2013431** |
| &nbsp;&nbsp;&nbsp;**GENERAL MERCHANDISE STORES—0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.\*<sup>,+</sup> | 31714 | **1736659** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE DISTRIBUTORS—0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;PetIQ, Inc., Cl. A\* | 12184 | **144259** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE EQUIPMENT—5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.\*<sup>,+</sup> | 122841 | 6025351 |
| &nbsp;&nbsp;&nbsp;Impulse Dynamics PLC, Series E\*<sup>,@,(a)</sup> | 1056141 | 3485265 |
| &nbsp;&nbsp;&nbsp;Inogen, Inc.\* | 120023 | 2800137 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.\* | 3519 | 890518 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.\*<sup>,+</sup> | 6918 | 1987680 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 7705 | 1893041 |
| &nbsp;&nbsp;&nbsp;Nevro Corp.\*<sup>,+</sup> | 110053 | 4041146 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.\* | 90576 | 5708100 |
|  |  | **26831238** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE FACILITIES—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.\* | 46708 | **3924406** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE SERVICES—1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Accolade, Inc.\* | 301077 | 3513569 |
| &nbsp;&nbsp;&nbsp;Agiliti, Inc.\* | 254021 | 4686687 |
|  |  | **8200256** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE TECHNOLOGY—0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Definitive Healthcare Corp., Cl. A\* | 86081 | **1065683** |
| &nbsp;&nbsp;&nbsp;**HOTELS RESORTS & CRUISE LINES—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc.\* | 501 | 1219484 |
| &nbsp;&nbsp;&nbsp;Trip.com Group Ltd.<sup>#,</sup>\* | 24911 | 915728 |
|  |  | **2135212** |
| &nbsp;&nbsp;&nbsp;**INSURANCE BROKERS—0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc., Cl. A\* | 2486 | **97078** |
| &nbsp;&nbsp;&nbsp;**INTEGRATED OIL & GAS—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp.<sup>+</sup> | 58845 | **3812568** |
| &nbsp;&nbsp;&nbsp;**INTERACTIVE MEDIA & SERVICES—0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Cl. A\* | 19350 | **508711** |
| &nbsp;&nbsp;&nbsp;**INTERNET & DIRECT MARKETING RETAIL—4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\*<sup>,+</sup> | 79422 | 8190791 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc.<sup>#</sup> | 45338 | 2698971 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.\*<sup>,+</sup> | 8744 | 10332697 |
| &nbsp;&nbsp;&nbsp;Xometry, Inc., Cl. A\* | 44555 | 1560316 |
|  |  | **22782775** |

---

------

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

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—81.0% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**INTERNET SERVICES & INFRASTRUCTURE—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;BigCommerce Holdings, Inc.\* | 5197 | $63715 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Cl. A\* | 123207 | 6070409 |
|  |  | **6134124** |
| &nbsp;&nbsp;&nbsp;**IT CONSULTING & OTHER SERVICES—0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;CI&T, Inc., Cl. A\* | 73262 | 545069 |
| &nbsp;&nbsp;&nbsp;Globant SA\* | 7971 | 1292737 |
|  |  | **1837806** |
| &nbsp;&nbsp;&nbsp;**LEISURE FACILITIES—0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Cl. A\* | 13578 | **1149378** |
| &nbsp;&nbsp;&nbsp;**LEISURE PRODUCTS—0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Latham Group, Inc.\* | 9271 | **40792** |
| &nbsp;&nbsp;&nbsp;**LIFE SCIENCES TOOLS & SERVICES—0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.\* | 4017 | 977135 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc.\* | 5508 | 65435 |
|  |  | **1042570** |
| &nbsp;&nbsp;&nbsp;**MANAGED HEALTHCARE—1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Progyny, Inc.\* | 230490 | **7926551** |
| &nbsp;&nbsp;&nbsp;**METAL & GLASS CONTAINERS—0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 12246 | **713207** |
| &nbsp;&nbsp;&nbsp;**MOVIES & ENTERTAINMENT—2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp. Series C Liberty Formula One\* | 27539 | 1949761 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 16085 | 5691838 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA\* | 38651 | 4356741 |
|  |  | **11998340** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EQUIPMENT & SERVICES—3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co., Cl. A<sup>+</sup> | 31667 | 1005111 |
| &nbsp;&nbsp;&nbsp;Core Laboratories NV<sup>+</sup> | 291378 | 7459277 |
| &nbsp;&nbsp;&nbsp;Dril-Quip, Inc.\* | 151237 | 4644488 |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd.<sup>+</sup> | 50149 | 2857490 |
|  |  | **15966366** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EXPLORATION & PRODUCTION—0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;APA Corp. | 21405 | **948884** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS STORAGE & TRANSPORTATION—0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 12871 | **1966560** |
| &nbsp;&nbsp;&nbsp;**PACKAGED FOODS & MEATS—0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.\* | 16079 | **1018283** |
| &nbsp;&nbsp;&nbsp;**PHARMACEUTICALS—0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Reata Pharmaceuticals, Inc., Cl. A\* | 29129 | **1262160** |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE SERVICES—2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;FirstService Corp.<sup>+</sup> | 87912 | **12562625** |
| &nbsp;&nbsp;&nbsp;**REGIONAL BANKS—2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | 46848 | 1504289 |
| &nbsp;&nbsp;&nbsp;Signature Bank<sup>+</sup> | 64302 | 8291743 |
|  |  | **9796032** |
| &nbsp;&nbsp;&nbsp;**RESEARCH & CONSULTING SERVICES—0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 18630 | **1451277** |

---

------

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

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—81.0% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**RESTAURANTS—2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc., Cl. A\* | 2136 | $3516668 |
| &nbsp;&nbsp;&nbsp;Kura Sushi USA, Inc., Cl. A\* | 51286 | 3186912 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | 3520 | 557814 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings, Inc. | 48746 | 3003241 |
|  |  | **10264635** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTOR EQUIPMENT—1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 13060 | 1456059 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV<sup>#</sup> | 5058 | 3342529 |
|  |  | **4798588** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTORS—2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.\* | 21180 | 2748741 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 14898 | 2910622 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 15083 | 1107846 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd.<sup>#</sup> | 52588 | 4876485 |
|  |  | **11643694** |
| &nbsp;&nbsp;&nbsp;**SPECIALTY CHEMICALS—1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 17526 | **4932693** |
| &nbsp;&nbsp;&nbsp;**SYSTEMS SOFTWARE—0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 16679 | 1475424 |
| &nbsp;&nbsp;&nbsp;Rapid7, Inc.\* | 2415 | 96286 |
|  |  | **1571710** |
| &nbsp;&nbsp;&nbsp;**THRIFTS & MORTGAGE FINANCE—0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.\*<sup>,+</sup> | 15020 | **722762** |
| &nbsp;&nbsp;&nbsp;**TRADING COMPANIES & DISTRIBUTORS—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.\*<sup>,+</sup> | 19161 | **2903083** |
| &nbsp;&nbsp;&nbsp;**TRUCKING—0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;RXO, Inc.\* | 25459 | 466409 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.\* | 51405 | 1589956 |
| &nbsp;&nbsp;&nbsp;XPO, Inc.\* | 25459 | 1014796 |
|  |  | **3071161** |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $364,117,303) |  | **379146159** |
| &nbsp;&nbsp;&nbsp;**PREFERRED STOCKS—0.0%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Prosetta Biosciences, Inc., Series D\*<sup>,@,(a),(b)</sup> | 41418 | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $186,381) |  | **—** |
| &nbsp;&nbsp;&nbsp;**RIGHTS—0.0%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Tolero CDR\*<sup>,@,(a),(c)</sup> | 126108 | **80709** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $67,638) |  | **80709** |
| &nbsp;&nbsp;&nbsp;**MASTER LIMITED PARTNERSHIP—0.3%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS STORAGE & TRANSPORTATION—0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | 56820 | **1454592** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,362,690) |  | **1454592** |

---

------

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

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**SPECIAL PURPOSE VEHICLE—0.3%** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—0.3%** |  |
| &nbsp;&nbsp;&nbsp;Crosslink Ventures Capital C LLC, Cl. A\*<sup>,@,(a),(b)</sup> | $861175 |
| &nbsp;&nbsp;&nbsp;Crosslink Ventures Capital C LLC, Cl. B\*<sup>,@,(a),(b)</sup> | 512050 |
|  | **1373225** |
| &nbsp;&nbsp;&nbsp;**TOTAL SPECIAL PURPOSE VEHICLE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,475,000) | **1373225** |
| &nbsp;&nbsp;&nbsp;**PURCHASED OPTIONS—0.0%** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**SECURITY NAME/<br> EXPIRATION DATE/<br> STRIKE PRICE** | **NOTIONAL<br> AMOUNT** | **COUNTERPARTY** | **NUMBER OF<br> CONTRACTS** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**PUT OPTIONS—0.0%** | |  | | |
| &nbsp;&nbsp;&nbsp;Carvana Co., 1/19/2024, 5.00 | $518670 | BNP Paribas | 510 | 110160 |
| &nbsp;&nbsp;&nbsp;Carvana Co., 5/19/2023, 5.00 | $711900 | BNP Paribas | 700 | 74900 |
|  |  |  |  | **185060** |
| &nbsp;&nbsp;&nbsp;**TOTAL PURCHASED OPTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $285,544) |  |  |  | **185060** |
| &nbsp;&nbsp;&nbsp;**Total Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $367,494,556)** |  |  | 81.6% | $**382239745** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Securities (Cost $1,661,381) |  |  |  | 1373225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Securities (Cost $365,833,175) |  |  |  | 380866520 |
| &nbsp;&nbsp;&nbsp;Securities Sold Short (Proceeds $214,797,330) |  |  | (38.0)% | (177890057) |
| &nbsp;&nbsp;&nbsp;Swaps |  |  | (0.1)% | (613947) |
| &nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities |  |  | 56.5% | 264595795 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  | 100.0% | $**468331536** |

---

 

*<sup>+</sup>* *All or a portion of this security is held as collateral for securities sold short.*

*<sup>#</sup>* *American Depositary Receipts.*

*<sup>(a)</sup>* *Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee (as defined in Note 2).*

*<sup>(b)</sup>* *Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 5 - Affiliated Securities.*

*<sup>(c)</sup>* *Contingent Deferred Rights.*

*<sup>\*</sup>* *Non-income producing security.*

*<sup>@</sup>* *Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *<u>Security</u>* | *<u>Acquisition<br> Date(s)</u>* | *<u>Acquisition<br> Cost</u>* | *<u>% of net assets<br> (Acquisition<br> Date)</u>* | *<u>Market<br> Value</u>* | *<u>% of net assets<br> as of<br> 1/31/2023</u>* |
| *Crosslink Ventures Capital C LLC, Cl. A* | *10/2/20* | $*925000* | *0.24 %* | $*861175* | *0.18 %* |
| *Crosslink Ventures Capital C LLC, Cl. B* | *12/16/20* | *550000* | *0.11 %* | *512050* | *0.11 %* |
| *Impulse Dynamics PLC, Series E* | *2/11/22* | *3485265* | *0.47 %* | *3485265* | *0.74 %* |
| *Prosetta Biosciences, Inc., Series D* | *2/6/15* | *186381* | *0.25 %* | *0* | *0.00 %* |
| *Tolero CDR* | *2/6/17* | *67638* | *0.09 %* | *80709* | *0.02 %* |
| *Total* |  |  |  | $*4939199* | *1.05 %* |

---

------

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

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

**Swaps outstanding as of January 31, 2023:**

**Over the counter swaps - Contracts for difference**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract<br> Amount** | **Counterparty** | **Reference<br> Company** | **Market<br> Value** | **Unrealized<br> Appreciation** | **Unrealized<br> (Depreciation)** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| (154145) | BNP Paribas | Carvana Co. | $(381496) | $— | $(381496) | $(381496) |
| (428) | Goldman Sachs | S&P Biotechnology<br> Select Industry Index | (232451) |  | (232451) | (232451) |
| **Total** |  |  | $**(613947)** | $**—** | $**(613947)** | $**(613947)** |

---

***See Notes to Financial Statements.***

------

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

**Schedule of Investments - Securities Sold Short January 31, 2023 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—(36.0)%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**ADVERTISING—(0.5)%** |  |  |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | (17422) | $(1498118) |
| &nbsp;&nbsp;&nbsp;WPP PLC<sup>#</sup> | (13593) | (795462) |
|  |  | **(2293580)** |
| &nbsp;&nbsp;&nbsp;**AEROSPACE & DEFENSE—(1.0)%** |  |  |
| &nbsp;&nbsp;&nbsp;Archer Aviation, Inc., Cl. A | (986310) | (2860299) |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | (7880) | (1836513) |
|  |  | **(4696812)** |
| &nbsp;&nbsp;&nbsp;**AIRLINES—(1.4)%** |  |  |
| &nbsp;&nbsp;&nbsp;Blade Air Mobility, Inc. | (193938) | (864963) |
| &nbsp;&nbsp;&nbsp;Joby Aviation, Inc. | (1277673) | (5647315) |
|  |  | **(6512278)** |
| &nbsp;&nbsp;&nbsp;**APPLICATION SOFTWARE—(1.6)%** |  |  |
| &nbsp;&nbsp;&nbsp;Amplitude, Inc., Cl. A | (79110) | (1137602) |
| &nbsp;&nbsp;&nbsp;Braze, Inc., Cl. A | (41240) | (1319680) |
| &nbsp;&nbsp;&nbsp;Confluent, Inc., Cl. A | (46275) | (1068952) |
| &nbsp;&nbsp;&nbsp;Latch, Inc. | (1182565) | (1087369) |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Cl. A | (246776) | (1919917) |
| &nbsp;&nbsp;&nbsp;Unity Software, Inc. | (9547) | (339109) |
| &nbsp;&nbsp;&nbsp;Zoom Video Communications, Inc., Cl. A | (14119) | (1058925) |
|  |  | **(7931554)** |
| &nbsp;&nbsp;&nbsp;**AUTO PARTS & EQUIPMENT—(4.4)%** |  |  |
| &nbsp;&nbsp;&nbsp;LCI Industries | (65840) | (7388565) |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | (127866) | (9074650) |
| &nbsp;&nbsp;&nbsp;QuantumScape Corp., Cl. A | (493909) | (4203166) |
|  |  | **(20666381)** |
| &nbsp;&nbsp;&nbsp;**AUTOMOBILE MANUFACTURERS—(1.4)%** |  |  |
| &nbsp;&nbsp;&nbsp;Fisker, Inc. | (343663) | (2560289) |
| &nbsp;&nbsp;&nbsp;Lucid Group, Inc. | (168584) | (1970747) |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc. | (17543) | (1672374) |
|  |  | **(6203410)** |
| &nbsp;&nbsp;&nbsp;**AUTOMOTIVE RETAIL—(0.7)%** |  |  |
| &nbsp;&nbsp;&nbsp;CarMax, Inc. | (17424) | (1227521) |
| &nbsp;&nbsp;&nbsp;Carvana Co., Cl. A | (199422) | (2028122) |
|  |  | **(3255643)** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—(1.3)%** |  |  |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp. | (217102) | **(6228656)** |
| &nbsp;&nbsp;&nbsp;**CABLE & SATELLITE—(0.6)%** |  |  |
| &nbsp;&nbsp;&nbsp;Altice USA, Inc., Cl. A | (204631) | (1002692) |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Cl. A | (4996) | (1920013) |
|  |  | **(2922705)** |
| &nbsp;&nbsp;&nbsp;**CASINOS & GAMING—(0.2)%** |  |  |
| &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc. | (28229) | **(1000718)** |
| &nbsp;&nbsp;&nbsp;**COMMODITY CHEMICALS—(1.5)%** |  |  |
| &nbsp;&nbsp;&nbsp;PureCycle Technologies, Inc. | (860168) | **(7208208)** |
| &nbsp;&nbsp;&nbsp;**COMPUTER & ELECTRONICS RETAIL—(0.5)%** |  |  |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | (23471) | **(2082347)** |

---

------

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

**Schedule of Investments - Securities Sold Short January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—(36.0)% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—(0.6)%** |  |  |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc., Cl. A | (175868) | $**(2847303)** |
| &nbsp;&nbsp;&nbsp;**DIVERSIFIED SUPPORT SERVICES—(0.3)%** |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc. | (117576) | **(1583749)** |
| &nbsp;&nbsp;&nbsp;**ELECTRICAL COMPONENTS & EQUIPMENT—(1.1)%** |  |  |
| &nbsp;&nbsp;&nbsp;Enovix Corp. | (60944) | (483895) |
| &nbsp;&nbsp;&nbsp;FREYR Battery SA | (193574) | (1705387) |
| &nbsp;&nbsp;&nbsp;Plug Power, Inc. | (133036) | (2264273) |
| &nbsp;&nbsp;&nbsp;SES AI Corp. | (121791) | (401910) |
|  |  | **(4855465)** |
| &nbsp;&nbsp;&nbsp;**ELECTRONIC EQUIPMENT & INSTRUMENTS—(1.2)%** |  |  |
| &nbsp;&nbsp;&nbsp;SmartRent, Inc., Cl. A | (1943076) | **(5673782)** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE EQUIPMENT—(0.4)%** |  |  |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | (15302) | **(1948557)** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE SERVICES—(1.9)%** |  |  |
| &nbsp;&nbsp;&nbsp;23andMe Holding Co., Cl. A | (974690) | (2436725) |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | (22795) | (2010975) |
| &nbsp;&nbsp;&nbsp;DocGo, Inc. | (445787) | (4457870) |
|  |  | **(8905570)** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE TECHNOLOGY—(1.4)%** |  |  |
| &nbsp;&nbsp;&nbsp;Simulations Plus, Inc. | (163666) | **(6733219)** |
| &nbsp;&nbsp;&nbsp;**HOTELS RESORTS & CRUISE LINES—(1.4)%** |  |  |
| &nbsp;&nbsp;&nbsp;Membership Collective Group, Inc., Cl. A | (1192822) | **(6321957)** |
| &nbsp;&nbsp;&nbsp;**HOUSEHOLD PRODUCTS—(0.5)%** |  |  |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | (29785) | **(2408415)** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIAL MACHINERY—(1.1)%** |  |  |
| &nbsp;&nbsp;&nbsp;Desktop Metal, Inc. Cl. A | (1387686) | (2331312) |
| &nbsp;&nbsp;&nbsp;Velo3D, Inc. | (1148254) | (2755810) |
|  |  | **(5087122)** |
| &nbsp;&nbsp;&nbsp;**INTERNET & DIRECT MARKETING RETAIL—(0.5)%** |  |  |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Cl. A | (30166) | (1747215) |
| &nbsp;&nbsp;&nbsp;Porch Group, Inc. | (830) | (2448) |
| &nbsp;&nbsp;&nbsp;Vivid Seats, Inc., Cl. A | (24046) | (204631) |
|  |  | **(1954294)** |
| &nbsp;&nbsp;&nbsp;**INTERNET SERVICES & INFRASTRUCTURE—(0.3)%** |  |  |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc. | (14456) | (424284) |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Cl. A | (7282) | (1139196) |
|  |  | **(1563480)** |
| &nbsp;&nbsp;&nbsp;**IT CONSULTING & OTHER SERVICES—(0.6)%** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Cl. A | (10565) | **(2948163)** |
| &nbsp;&nbsp;&nbsp;**LIFE & HEALTH INSURANCE—(0.5)%** |  |  |
| &nbsp;&nbsp;&nbsp;Trupanion, Inc. | (37353) | **(2204574)** |
| &nbsp;&nbsp;&nbsp;**LIFE SCIENCES TOOLS & SERVICES—(0.6)%** |  |  |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., Cl. A | (2154) | (1006909) |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | (7470) | (1984032) |
|  |  | **(2990941)** |

---

------

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

**Schedule of Investments - Securities Sold Short January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—(36.0)% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**METAL & GLASS CONTAINERS—0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc. | (10297) | $**(198217)** |
| &nbsp;&nbsp;&nbsp;**MOVIES & ENTERTAINMENT—(0.2)%** |  |  |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc. | (66908) | **(991577)** |
| &nbsp;&nbsp;&nbsp;**OIL & GAS EXPLORATION & PRODUCTION—(0.4)%** |  |  |
| &nbsp;&nbsp;&nbsp;Southwestern Energy Co. | (303642) | **(1676104)** |
| &nbsp;&nbsp;&nbsp;**PACKAGED FOODS & MEATS—(1.3)%** |  |  |
| &nbsp;&nbsp;&nbsp;Campbell Soup Co. | (56233) | (2920180) |
| &nbsp;&nbsp;&nbsp;Kellogg Co. | (29020) | (1990192) |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc., Cl. VTG | (16523) | (1241208) |
|  |  | **(6151580)** |
| &nbsp;&nbsp;&nbsp;**PAPER PACKAGING—(1.5)%** |  |  |
| &nbsp;&nbsp;&nbsp;Ranpak Holdings Corp., Cl. A | (908304) | **(6957609)** |
| &nbsp;&nbsp;&nbsp;**PROPERTY & CASUALTY INSURANCE—(0.3)%** |  |  |
| &nbsp;&nbsp;&nbsp;Lemonade, Inc. | (95129) | **(1548700)** |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE SERVICES—(1.3)%** |  |  |
| &nbsp;&nbsp;&nbsp;Offerpad Solutions, Inc. | (1081786) | (992539) |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies, Inc. | (825101) | (1806971) |
| &nbsp;&nbsp;&nbsp;Redfin Corp. | (406735) | (3042378) |
|  |  | **(5841888)** |
| &nbsp;&nbsp;&nbsp;**REGIONAL BANKS—(0.2)%** |  |  |
| &nbsp;&nbsp;&nbsp;Silvergate Capital Corp., Cl. A | (73692) | **(1049374)** |
| &nbsp;&nbsp;&nbsp;**RESEARCH & CONSULTING SERVICES—(0.5)%** |  |  |
| &nbsp;&nbsp;&nbsp;Franklin Covey Co. | (52962) | **(2457437)** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTORS—(1.2)%** |  |  |
| &nbsp;&nbsp;&nbsp;Intel Corp. | (98240) | (2776262) |
| &nbsp;&nbsp;&nbsp;SiTime Corp. | (24851) | (2863581) |
|  |  | **(5639843)** |
| &nbsp;&nbsp;&nbsp;**SPECIALTY STORES—(0.4)%** |  |  |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | (14177) | **(1853784)** |
| &nbsp;&nbsp;&nbsp;**SYSTEMS SOFTWARE—(0.3)%** |  |  |
| &nbsp;&nbsp;&nbsp;UiPath, Inc., Cl. A | (20805) | (319565) |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc. | (6648) | (825415) |
|  |  | **(1144980)** |
| &nbsp;&nbsp;&nbsp;**TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—(0.2)%** |  |  |
| &nbsp;&nbsp;&nbsp;HP, Inc. | (35096) | **(1022697)** |
| &nbsp;&nbsp;&nbsp;**TRUCKING—(0.3)%** |  |  |
| &nbsp;&nbsp;&nbsp;Lyft, Inc., Cl. A | (96404) | **(1566565)** |
| &nbsp;&nbsp;&nbsp;**WIRELESS TELECOMMUNICATION SERVICES—(0.4)%** |  |  |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | (11283) | **(1684665)** |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $204,749,505) |  | $**(168813903)** |

---

------

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

**Schedule of Investments - Securities Sold Short January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUST—(2.0)%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**DIVERSIFIED—(1.3)%** |  |  |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc., Cl. A | (725892) | $**(6053939)** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE—(0.2)%** |  |  |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | (31241) | **(919735)** |
| &nbsp;&nbsp;&nbsp;**OFFICE—(0.1)%** |  |  |
| &nbsp;&nbsp;&nbsp;Paramount Group, Inc. | (33430) | **(215623)** |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE OPERATING COMPANIES—(0.4)%** |  |  |
| &nbsp;&nbsp;&nbsp;Seritage Growth Properties, Cl. A | (155089) | **(1884331)** |
| &nbsp;&nbsp;&nbsp;**RETAIL—0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;CBL & Associates Properties, Inc. | (75) | (1999) |
| &nbsp;&nbsp;&nbsp;Pennsylvania Real Estate Investment Trust | (402) | (527) |
|  |  | **(2526)** |
| &nbsp;&nbsp;&nbsp;**TOTAL REAL ESTATE INVESTMENT TRUST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $10,047,825) |  | $**(9076154)** |
| &nbsp;&nbsp;&nbsp;**Total Securities Sold Short** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $214,797,330) |  | $**(177890057)** |

---

*<sup>#</sup>* *American Depositary Receipts.*

***See Notes to Financial Statements.***

------

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

**Schedule of Investments January 31, 2023 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—97.1%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**ARGENTINA—6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**INTERNET & DIRECT MARKETING RETAIL—3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc.\* | 840 | $992620 |
| &nbsp;&nbsp;&nbsp;**IT CONSULTING & OTHER SERVICES—2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Globant SA\* | 4775 | 774409 |
| &nbsp;&nbsp;&nbsp;**TOTAL ARGENTINA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,763,891) |  | **1767029** |
| &nbsp;&nbsp;&nbsp;**BRAZIL—8.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**DIVERSIFIED BANKS—1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NU Holdings Ltd., Cl. A\* | 71500 | 332475 |
| &nbsp;&nbsp;&nbsp;**DIVERSIFIED CAPITAL MARKETS—1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco BTG Pactual SA | 91000 | 387512 |
| &nbsp;&nbsp;&nbsp;**FOOTWEAR—4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arezzo Industria e Comercio SA | 66800 | 1152575 |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE FACILITIES—1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz SA | 82000 | 515221 |
| &nbsp;&nbsp;&nbsp;**TOTAL BRAZIL** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,050,985) |  | **2387783** |
| &nbsp;&nbsp;&nbsp;**CHINA—36.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**APPLICATION SOFTWARE—4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glodon Co., Ltd., Cl. A | 77000 | 747179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thunder Software Technology Co., Ltd., Cl. A | 27933 | 456157 |
|  |  | **1203336** |
| &nbsp;&nbsp;&nbsp;**AUTOMOBILE MANUFACTURERS—6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BYD Co., Ltd., Cl. H | 54522 | 1726732 |
| &nbsp;&nbsp;&nbsp;**BREWERS—2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Budweiser Brewing Co. APAC Ltd. | 258000 | 814145 |
| &nbsp;&nbsp;&nbsp;**DISTILLERS & VINTNERS—2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kweichow Moutai Co., Ltd., Cl. A | 2500 | 685649 |
| &nbsp;&nbsp;&nbsp;**EDUCATION SERVICES—2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Oriental Education & Technology Group, Inc.<sup>#,</sup>\* | 14000 | 596960 |
| &nbsp;&nbsp;&nbsp;**FINANCIAL EXCHANGES & DATA—2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East Money Information Co., Ltd., Cl. A | 210782 | 706542 |
| &nbsp;&nbsp;&nbsp;**HOTELS RESORTS & CRUISE LINES—2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group Ltd.<sup>#,</sup>\* | 16300 | 599188 |
| &nbsp;&nbsp;&nbsp;**INTERACTIVE MEDIA & SERVICES—4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 24000 | 1169598 |
| &nbsp;&nbsp;&nbsp;**INTERNET & DIRECT MARKETING RETAIL—6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JD.com, Inc., Cl. A | 30119 | 894415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meituan, Cl. B\* | 42300 | 945738 |
|  |  | **1840153** |
| &nbsp;&nbsp;&nbsp;**LIFE SCIENCES TOOLS & SERVICES—2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hangzhou Tigermed Consulting Co., Ltd., Cl. H | 49000 | 642824 |

---

------

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

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—97.1% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**CHINA—36.6% (CONT.)** |  |  |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTORS—1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StarPower Semiconductor Ltd., Cl. A | 9421 | $442723 |
| &nbsp;&nbsp;&nbsp;**TOTAL CHINA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $10,145,270) |  | **10427850** |
| &nbsp;&nbsp;&nbsp;**GREECE—3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**SPECIALTY STORES—3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JUMBO SA | 48500 | 870908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $816,482) |  |  |
| &nbsp;&nbsp;&nbsp;**HONG KONG—2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**FINANCIAL EXCHANGES & DATA—2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 16176 | 727622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $866,358) |  |  |
| &nbsp;&nbsp;&nbsp;**INDIA—17.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**ADVERTISING—1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affle India Ltd.\* | 30000 | 408807 |
| &nbsp;&nbsp;&nbsp;**APPAREL ACCESSORIES & LUXURY GOODS—1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kalyan Jewellers India Ltd.\* | 286030 | 414901 |
| &nbsp;&nbsp;&nbsp;**APPLICATION SOFTWARE—1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Route Mobile Ltd. | 23500 | 355771 |
| &nbsp;&nbsp;&nbsp;**DIVERSIFIED BANKS—3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 45500 | 897281 |
| &nbsp;&nbsp;&nbsp;**HOTELS RESORTS & CRUISE LINES—5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lemon Tree Hotels Ltd.\* | 458000 | 430775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MakeMyTrip Ltd.\* | 37100 | 1075158 |
|  |  | **1505933** |
| &nbsp;&nbsp;&nbsp;**INVESTMENT BANKING & BROKERAGE—1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angel One Ltd. | 35500 | 536887 |
| &nbsp;&nbsp;&nbsp;**LIFE SCIENCES TOOLS & SERVICES—2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syngene International Ltd. | 107000 | 739003 |
| &nbsp;&nbsp;&nbsp;**TOTAL INDIA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,429,236) |  | **4858583** |
| &nbsp;&nbsp;&nbsp;**MEXICO—0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**AIRPORT SERVICES—0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | 1981 | 18064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $17,853) |  |  |
| &nbsp;&nbsp;&nbsp;**POLAND—1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**FOOD RETAIL—1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dino Polska SA\* | 5000 | 453115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $433,437) |  |  |
| &nbsp;&nbsp;&nbsp;**SOUTH KOREA—9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE EQUIPMENT—1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Osstem Implant Co., Ltd. | 3200 | 486196 |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTORS—3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEENO Industrial, Inc. | 7289 | 1016319 |

---

------

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

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—97.1% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**SOUTH KOREA—9.1% (CONT.)** |  |  |
| &nbsp;&nbsp;&nbsp;**SPECIALTY CHEMICALS—3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chunbo Co., Ltd. | 5623 | $1094183 |
| &nbsp;&nbsp;&nbsp;**TOTAL SOUTH KOREA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,663,622) |  | **2596698** |
| &nbsp;&nbsp;&nbsp;**TAIWAN—8.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**ELECTRONIC EQUIPMENT & INSTRUMENTS—3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chroma ATE, Inc. | 139000 | 861876 |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTORS—5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 92500 | 1630971 |
| &nbsp;&nbsp;&nbsp;**TOTAL TAIWAN** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,781,408) |  | **2492847** |
| &nbsp;&nbsp;&nbsp;**UNITED ARAB EMIRATES—1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**RESTAURANTS—1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americana Restaurants International PLC\* | 520000 | 484169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $407,834) |  |  |
| &nbsp;&nbsp;&nbsp;**VIETNAM—2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE DEVELOPMENT—2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vinhomes JSC | 266500 | 580025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $923,854) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $27,300,230) |  | **27664693** |
| &nbsp;&nbsp;&nbsp;**Total Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $27,300,230)** | 97.1% | $**27664693** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Securities (Cost $27,300,230) |  | 27664693 |
| &nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities | 2.9% | 837981 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | 100.0% | $**28502674** |

---

*<sup>#</sup>* *American Depositary Receipts.*

*<sup>\*</sup>* *Non-income producing security.*

***See Notes to Financial Statements.***

------

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

**Schedule of Investments January 31, 2023 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—96.4%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**AGRICULTURAL & FARM MACHINERY—0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 1527 | $**645677** |
| &nbsp;&nbsp;&nbsp;**APPAREL ACCESSORIES & LUXURY GOODS—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.\* | 1863 | **571717** |
| &nbsp;&nbsp;&nbsp;**APPLICATION SOFTWARE—7.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 5429 | 2010576 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.\* | 3176 | 683348 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 1846 | 780249 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc.\* | 1172 | 379657 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc.\* | 7440 | 1249697 |
|  |  | **5103527** |
| &nbsp;&nbsp;&nbsp;**AUTO PARTS & EQUIPMENT—0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Aptiv PLC\* | 5666 | **640768** |
| &nbsp;&nbsp;&nbsp;**AUTOMOBILE MANUFACTURERS—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 5019 | **869391** |
| &nbsp;&nbsp;&nbsp;**BIOTECHNOLOGY—2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 3323 | 490973 |
| &nbsp;&nbsp;&nbsp;Prometheus Biosciences, Inc.\* | 1705 | 193791 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 3183 | 1028427 |
|  |  | **1713191** |
| &nbsp;&nbsp;&nbsp;**BUILDING PRODUCTS—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Allegion PLC | 3268 | **384153** |
| &nbsp;&nbsp;&nbsp;**DATA PROCESSING & OUTSOURCED SERVICES—6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 6788 | 553154 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Cl. A | 15505 | 3569406 |
|  |  | **4122560** |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTORS—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 929 | **358232** |
| &nbsp;&nbsp;&nbsp;**ELECTRIC UTILITIES—0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 7782 | **580771** |
| &nbsp;&nbsp;&nbsp;**ELECTRICAL COMPONENTS & EQUIPMENT—1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Eaton Corp., PLC | 2199 | 356700 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 1599 | 450966 |
|  |  | **807666** |
| &nbsp;&nbsp;&nbsp;**ELECTRONIC EQUIPMENT & INSTRUMENTS—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.\* | 5902 | **342670** |
| &nbsp;&nbsp;&nbsp;**ELECTRONIC MANUFACTURING SERVICES—1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Flex Ltd.\* | 52614 | **1228537** |
| &nbsp;&nbsp;&nbsp;**ENVIRONMENTAL & FACILITIES SERVICES—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 3425 | **532656** |
| &nbsp;&nbsp;&nbsp;**FINANCIAL EXCHANGES & DATA—2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 3601 | **1350159** |
| &nbsp;&nbsp;&nbsp;**FOOD DISTRIBUTORS—0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 3415 | **264526** |
| &nbsp;&nbsp;&nbsp;**FOOTWEAR—1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Cl. B | 8142 | **1036721** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE DISTRIBUTORS—1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 2176 | **824008** |

---

------

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

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—96.4% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**HEALTHCARE EQUIPMENT—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.\* | 2700 | $289143 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.\* | 3588 | 275200 |
|  |  | **564343** |
| &nbsp;&nbsp;&nbsp;**HOME IMPROVEMENT RETAIL—2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;The Home Depot, Inc. | 6091 | **1974519** |
| &nbsp;&nbsp;&nbsp;**HOUSEHOLD PRODUCTS—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;The Procter & Gamble Co. | 6221 | **885746** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIAL CONGLOMERATES—1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 4177 | **870821** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIAL GASES—1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | 3376 | **1082042** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIAL MACHINERY—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 5375 | **559054** |
| &nbsp;&nbsp;&nbsp;**INTERACTIVE HOME ENTERTAINMENT—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 2537 | **326461** |
| &nbsp;&nbsp;&nbsp;**INTERACTIVE MEDIA & SERVICES—4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Cl. A\* | 16160 | 1597254 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Cl. C\* | 13940 | 1392188 |
|  |  | **2989442** |
| &nbsp;&nbsp;&nbsp;**INTERNET & DIRECT MARKETING RETAIL—6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 35940 | 3706492 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.\* | 369 | 436044 |
|  |  | **4142536** |
| &nbsp;&nbsp;&nbsp;**INVESTMENT BANKING & BROKERAGE—1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 11732 | **1141876** |
| &nbsp;&nbsp;&nbsp;**IT CONSULTING & OTHER SERVICES—1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Cl. A | 2401 | **669999** |
| &nbsp;&nbsp;&nbsp;**LEISURE FACILITIES—0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | 2419 | **634600** |
| &nbsp;&nbsp;&nbsp;**LIFE SCIENCES TOOLS & SERVICES—2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 4610 | 701089 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 4742 | 1253690 |
|  |  | **1954779** |
| &nbsp;&nbsp;&nbsp;**MANAGED HEALTHCARE—2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 1867 | 955344 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 2043 | 1019845 |
|  |  | **1975189** |
| &nbsp;&nbsp;&nbsp;**METAL & GLASS CONTAINERS—0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 8031 | **467725** |
| &nbsp;&nbsp;&nbsp;**MOVIES & ENTERTAINMENT—1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\* | 8120 | 653579 |
| &nbsp;&nbsp;&nbsp;The Walt Disney Co.\* | 3132 | 339791 |
|  |  | **993370** |

---

------

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

**Schedule of Investments January 31, 2023 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS—96.4% (CONT.)** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**PHARMACEUTICALS—3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 8904 | $646876 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 8311 | 892684 |
| &nbsp;&nbsp;&nbsp;Reata Pharmaceuticals, Inc., Cl. A\* | 5033 | 218080 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc., Cl. A | 4472 | 740071 |
|  |  | **2497711** |
| &nbsp;&nbsp;&nbsp;**RAILROADS—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 2735 | **558460** |
| &nbsp;&nbsp;&nbsp;**RESTAURANTS—1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 7708 | **841251** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTOR EQUIPMENT—3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;ASML Holding NV<sup>#</sup> | 1874 | 1238414 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 2569 | 1284757 |
|  |  | **2523171** |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTORS—5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.\* | 2848 | 505805 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 6987 | 301489 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 10375 | 2026964 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd.<sup>#</sup> | 6081 | 563891 |
|  |  | **3398149** |
| &nbsp;&nbsp;&nbsp;**SOFT DRINKS—1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 5552 | **949503** |
| &nbsp;&nbsp;&nbsp;**SYSTEMS SOFTWARE—11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 30224 | **7489809** |
| &nbsp;&nbsp;&nbsp;**TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 32436 | **4680190** |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $28,714,041) |  | **65547676** |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUST—3.5%** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIAL—1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | 7288 | **942192** |
| &nbsp;&nbsp;&nbsp;**SPECIALIZED—2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 1513 | 1116791 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp., Cl. A | 1119 | 332936 |
|  |  | **1449727** |
| &nbsp;&nbsp;&nbsp;**TOTAL REAL ESTATE INVESTMENT TRUST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,412,758) |  | **2391919** |
| &nbsp;&nbsp;&nbsp;**Total Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $30,126,799)** | 99.9% | $**67939595** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Securities (Cost $30,126,799) |  | 67939595 |
| &nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities | 0.1% | 93423 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | 100.0% | $**68033018** |

---

*<sup>#</sup>* *American Depositary Receipts.*

*<sup>\*</sup>* *Non-income producing security.*

***See Notes to Financial Statements.***

------

**THE ALGER FUNDS II** 

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**NOTE 1 — General:**

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

Each Fund offers one or more of the following share classes: Class A,C, I, Y and Z. Class A shares are generally subject to an initial sales charge while Class C shares are generally subject to a deferred sales charge. Class C shares will automatically convert to Class A shares on the fifth business day of the month following the eighth anniversary of the purchase date of a shareholder's Class C shares, without the imposition of any sales load, fee or other charge. Class C shares held at certain dealers may not convert to Class A shares or may be converted on a different schedule. At conversion, a proportionate amount of shares representing reinvested dividends and distributions will also be converted into Class A shares. Effective August 27, 2019, Class C shares were closed to direct shareholders and are only available for purchase through certain financial intermediaries and group retirement plan recordkeeping platforms, Class I shares, Class Z shares and Class Y shares are sold to institutional investors 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 Funds' Board of Trustees (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"), the Funds' investment adviser, Fred Alger Management, LLC ("Alger Management" or the "Investment Manager") as their valuation designee (the "Valuation Designee") to make fair 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 ALGER FUNDS II** 

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

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

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 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.

Swap contracts are privately negotiated in the over-the-counter market ("OTC swaps") or may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange ("Centrally Cleared Swaps"). Centrally Cleared Swaps are valued at the last reported sale on the clearing exchange.

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 their 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 Funds are open.

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 the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

● Level 1 – quoted prices in active markets for identical investments

------

**THE ALGER FUNDS II**

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

● Level 2 – significant other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

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

The Funds' valuation techniques are generally consistent with either the market or the income approach to fair value. The market approach considers prices and other relevant information generated by market transactions involving identical or comparable assets to measure fair value. The income approach converts future amounts to a current, or discounted, single amount. These fair value measurements are determined on the basis of the value indicated by current market expectations about such future events. Inputs for Level 1 include exchange-listed prices and broker quotes in an active market. Inputs for Level 2 include the last trade price in the case of a halted security, an exchange-listed price which has been adjusted for fair value factors, and prices of closely related securities. Additional Level 2 inputs include an evaluated price which is based upon a compilation of observable market information such as spreads for fixed income and preferred securities. Inputs for Level 3 include, but are not limited to, revenue multiples, earnings before interest, taxes, depreciation and amortization ("EBITDA") multiples, 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.

*(b) Cash and Cash Equivalents:* Cash and cash equivalents include U.S. dollars, foreign cash and overnight time deposits.

**NOTE 3 — Fair Value Measurements:**

The following is a summary of the inputs used as of January 31, 2023 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.

------

**THE ALGER FUNDS II**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Spectra Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $314588789 | $314588789 | $— | $— |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 603083192 | 540926376 | 62156816 |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 18720503 | 18720503 |  |  |
| &nbsp;&nbsp;&nbsp;Energy | 177417039 | 177417039 |  |  |
| &nbsp;&nbsp;&nbsp;Financials | 83707127 | 83707127 |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 491666582 | 491666582 |  |  |
| &nbsp;&nbsp;&nbsp;Industrials | 277836043 | 277836043 |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 1062528433 | 1062528433 |  |  |
| &nbsp;&nbsp;&nbsp;Materials | 61941887 | 61941887 |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 43722541 | 43722541 |  |  |
| &nbsp;&nbsp;&nbsp;Utilities | 20419051 | 20419051 |  |  |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** | $**3155631187** | $**3093474371** | $**62156816** | $**—** |
| &nbsp;&nbsp;&nbsp;**PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Health Care | — \* |  |  | — \* |
| &nbsp;&nbsp;&nbsp;Information Technology | 7190670 |  |  | 7190670 |
| &nbsp;&nbsp;&nbsp;**TOTAL PREFERRED STOCKS** | $**7190670** | $**—** | $**—** | $**7190670** |
| &nbsp;&nbsp;&nbsp;**SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 11102175 |  |  | 11102175 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN SECURITIES** | $**3173924032** | $**3093474371** | $**62156816** | $**18292845** |
| &nbsp;&nbsp;&nbsp;**SECURITIES SOLD SHORT** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 5928366 | 5928366 |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 36060774 | 36060774 |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 20508278 | 20508278 |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | 20804016 | 20804016 |  |  |
| &nbsp;&nbsp;&nbsp;Industrials | 12141246 | 12141246 |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 26680666 | 26680666 |  |  |
| &nbsp;&nbsp;&nbsp;Market Indices | 51132476 | 51132476 |  |  |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** | $**173255822** | $**173255822** | $**—** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Dynamic Opportunities Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 12743972 | 12743972 |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 62155470 | 58606108 | 3549362 |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 1018283 | 1018283 |  |  |
| &nbsp;&nbsp;&nbsp;Energy | 22694378 | 22694378 |  |  |
| &nbsp;&nbsp;&nbsp;Financials | 34140114 | 34140114 |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 81714174 | 78228909 |  | 3485265 |
| &nbsp;&nbsp;&nbsp;Industrials | 79115875 | 79115875 |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 65362603 | 65362603 |  |  |
| &nbsp;&nbsp;&nbsp;Materials | 7638665 | 7638665 |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 12562625 | 12562625 |  |  |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** | $**379146159** | $**372111532** | $**3549362** | $**3485265** |

---

------

**THE ALGER FUNDS II**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Dynamic Opportunities Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**PREFERRED STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | $— \* | $— | $— | $— \* |
| &nbsp;&nbsp;&nbsp;**RIGHTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 80709 |  |  | 80709 |
| &nbsp;&nbsp;&nbsp;**MASTER LIMITED PARTNERSHIP** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Energy | 1454592 | 1454592 |  |  |
| &nbsp;&nbsp;&nbsp;**SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 1373225 |  |  | 1373225 |
| &nbsp;&nbsp;&nbsp;**PURCHASED OPTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 185060 | 185060 |  |  |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN SECURITIES** | $**382239745** | $**373751184** | $**3549362** | $**4939199** |
| &nbsp;&nbsp;&nbsp;**SECURITIES SOLD SHORT** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 7892527 | 7892527 |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 43338534 | 43338534 |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 8559995 | 8559995 |  |  |
| &nbsp;&nbsp;&nbsp;Energy | 1676104 | 1676104 |  |  |
| &nbsp;&nbsp;&nbsp;Financials | 4802648 | 4802648 |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 26806943 | 26806943 |  |  |
| &nbsp;&nbsp;&nbsp;Industrials | 26759428 | 26759428 |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 28771802 | 28771802 |  |  |
| &nbsp;&nbsp;&nbsp;Materials | 14364034 | 14364034 |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 5841888 | 5841888 |  |  |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** | $**168813903** | $**168813903** | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUST** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 9076154 | 9076154 |  |  |
| &nbsp;&nbsp;&nbsp;**TOTAL SECURITIES SOLD SHORT** | $**177890057** | $**177890057** | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;**FINANCIAL DERIVATIVE INSTRUMENTS - LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swaps - Contracts for difference | $(613947) | $— | $(613947) | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Emerging Markets Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 1578405 |  | 1578405 |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 10184139 | 4900670 | 5283469 |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 1952909 |  | 1952909 |  |
| &nbsp;&nbsp;&nbsp;Financials | 3588319 | 719987 | 2868332 |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 2383244 | 515221 | 1868023 |  |
| &nbsp;&nbsp;&nbsp;Industrials | 18064 | 18064 |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 6285405 | 774409 | 5510996 |  |
| &nbsp;&nbsp;&nbsp;Materials | 1094183 |  | 1094183 |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 580025 |  | 580025 |  |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** | $**27664693** | $**6928351** | $**20736342** | $**—** |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS IN SECURITIES**  | $**27664693** | $**6928351** | $**20736342** | $**—** |

---

------

**THE ALGER FUNDS II**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Responsible Investing Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $4309273 | $4309273 | $— | $— |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 11069735 | 11069735 |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 2099775 | 2099775 |  |  |
| &nbsp;&nbsp;&nbsp;Financials | 2492035 | 2492035 |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | 9529221 | 9529221 |  |  |
| &nbsp;&nbsp;&nbsp;Industrials | 4358487 | 4358487 |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 29558612 | 29558612 |  |  |
| &nbsp;&nbsp;&nbsp;Materials | 1549767 | 1549767 |  |  |
| &nbsp;&nbsp;&nbsp;Utilities | 580771 | 580771 |  |  |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** | $**65547676** | $**65547676** | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUST** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 2391919 | 2391919 |  |  |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN SECURITIES** | $**67939595** | $**67939595** | $**—** | $**—** |

---

*\* 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 January 31, 2023.*

---

| | |
|:---|:---|
| | **FAIR VALUE** <br> **MEASUREMENTS** <br> **USING SIGNIFICANT** <br> **UNOBSERVABLE** <br> **INPUTS (LEVEL 3)**  |
| **Alger Spectra Fund** | **Common Stocks** |
| Opening balance at November 1, 2022 | $1037036 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments | (2338305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments | 3484453 |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales/Distributions | (2183184) |
| Closing balance at January 31, 2023 |  |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $— |

---

------

**THE ALGER FUNDS II**

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

---

| | |
|:---|:---|
| | **FAIR VALUE** <br> **MEASUREMENTS** <br> **USING SIGNIFICANT** <br> **UNOBSERVABLE** <br> **INPUTS (LEVEL 3)**  |
| **Alger Spectra Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2022 | $8233534 \* |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments | (1042864) |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | 7190670 \* |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $(1042864) |

---

---

| | |
|:---|:---|
| **Alger Spectra Fund** | **Special Purpose** <br> **Vehicle** |
| Opening balance at November 1, 2022 | $12651042 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments | (1548867) |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | 11102175 |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $(1548867) |

---

------

**THE ALGER FUNDS II**

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

---

| | |
|:---|:---|
| | **FAIR VALUE** <br> **MEASUREMENTS** <br> **USING SIGNIFICANT** <br> **UNOBSERVABLE** <br> **INPUTS (LEVEL 3)**  |
| **Alger Dynamic Opportunities Fund** | **Common Stocks** |
| Opening balance at November 1, 2022 | $3485265 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments |  |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | 3485265 |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $— |

---

---

| | |
|:---|:---|
| **Alger Dynamic Opportunities Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2022 | $— \* |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments |  |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | — \* |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $— |

---

---

| | |
|:---|:---|
| **Alger Dynamic Opportunities Fund** | **Rights** |
| Opening balance at November 1, 2022 | $75665 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments | 5044 |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | 80709 |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $5044 |

---

------

**THE ALGER FUNDS II**

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

---

| | |
|:---|:---|
| | **FAIR VALUE** <br> **MEASUREMENTS** <br> **USING SIGNIFICANT** <br> **UNOBSERVABLE** <br> **INPUTS (LEVEL 3)**  |
| **Alger Dynamic Opportunities Fund** | **Special Purpose** <br> **Vehicle**  |
| Opening balance at November 1, 2022 | $1564668 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net realized gain (loss) on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net change in unrealized appreciation (depreciation) on investments | (191443) |
| &nbsp;&nbsp;&nbsp;Purchases and sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| Closing balance at January 31, 2023 | 1373225 |
| **Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2023** | $(191443) |

---

*<sup>(a)</sup> Represents the sale of Level 3 common stock, Altaba, Inc., for the period ended January 31, 2023.*

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

The following table provides quantitative information about each Fund's Level 3 fair value measurements of the Funds' investments as of January 31, 2023. The table below is not intended to be all-inclusive, but rather provides information on the Level 3 inputs as they relate to the Funds' fair value measurements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value**<br> **January 31,**<br> **2023** | **Valuation**<br> **Methodology** | **Unobservable**<br> **Input** | **Input/Range** | **Weighted**<br> **Average Inputs** |
| **Alger Spectra Fund** | | | | | |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | $— \* | Income Approach | Discount Rate | 100.00% | N/A |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | 7190670 | Market Approach | Transaction Price <br> Revenue Multiple | N/A <br> 14.00x-16.00x  | N/A<br> N/A |
| &nbsp;&nbsp;&nbsp;Special Purpose Vehicle | 11102175 | Market Approach | Transaction Price<br> Revenue Multiple | N/A <br> 14.00x-16.00x  | N/A<br> N/A |

---

------

**THE ALGER FUNDS II**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value**<br> **January 31,**<br> **2023** | **Valuation**<br> **Methodology** | **Unobservable**<br> **Input** | **Input/Range** | **Weighted**<br> **Average Inputs** |
| **Alger Dynamic Opportunities Fund** | | | | | |
| &nbsp;&nbsp;&nbsp;Common Stocks | $3485265 | Market Approach | Priced at Cost | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | — \* | Income Approach | Discount Rate | 100.00% | N/A |
| &nbsp;&nbsp;&nbsp;Rights | 80709 | Income Approach | Discount Rate <br> Probability of Success | 8.71%-9.47% <br> 0.00-60.00%  | N/A <br> N/A |
| &nbsp;&nbsp;&nbsp;Special Purpose Vehicle | 1373225 | Market Approach | Transaction Price <br> Revenue Multiple | N/A <br> 14.00x-16.00x  | N/A<br> N/A |

---

*\* Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of January 31, 2023.*

The significant unobservable inputs used in the fair value measurement of each Fund's securities are revenue and EBITDA multiples, 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.

Certain of the Funds' assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes. As of January 31, 2023, such assets were categorized within the ASC 820 disclosure hierarchy as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Cash, foreign cash and cash equivalents** | | | | |
| Alger Spectra Fund | $65426 | $5 | $65421 | $— |
| &nbsp;&nbsp;&nbsp;Collateral held for short sales<sup>(a)</sup> | 926343 | 926343 |  |  |
| &nbsp;&nbsp;&nbsp;Due to broker<sup>(b)</sup> | (17489961) | (17489961) |  |  |
| Alger Dynamic Opportunities Fund | 51132505 | 49 | 51132456 |  |
| &nbsp;&nbsp;&nbsp;Collateral held for short sales<sup>(a)</sup> | 193576527 | 193576527 |  |  |
| &nbsp;&nbsp;&nbsp;Collateral pledged for OTC swaps<sup>(c)</sup> | 5092589 | 5092589 |  |  |
| Alger Emerging Markets Fund | 780620 | 294479 | 486141 |  |
| Alger Responsible Investing Fund | 74983 |  | 74983 |  |

---

*<sup>(a)</sup> The collateral held for short sales balance represents restricted cash held at prime brokers as of January 31, 2023.*

*<sup>(b)</sup> The due to broker balance represents a margin payable related to short sales due to prime brokers as of January 31, 2023.*

*<sup>(c)</sup> The collateral held for OTC swaps balance represents restricted cash held at prime brokers as of January 31, 2023.*

 

*-* 35 *-* 

------

**THE ALGER FUNDS II**

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

**NOTE 4 — Derivatives:**

------

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

Options — The Funds seek to capture the majority of the returns associated with equity market investments. To meet this investment goal, the Funds invest in a broadly diversified portfolio of common stocks, the Funds may also buy and sell call and put options on equities and equity indexes. The Funds may also purchase call options to increase their exposure to the stock market and also provide diversification of risk. The Funds may also purchase put options in order to protect from significant market declines that may occur over a short period of time. The Funds may also write covered call and cash secured put options to generate cash flows while reducing the volatility of the Funds' portfolios. The cash flows may be an important source of the Funds' returns, although written call options may reduce the Funds' ability to profit from increases in the value of the underlying security or equity portfolio. The value of a call option generally increases as the price of the underlying stock increases and decreases as the stock decreases in price. Conversely, the value of a put option generally increases as the price of the underlying stock decreases and decreases as the stock increases in price. The combination of the diversified stock portfolio and the purchase and sale of options is intended to provide the Funds with the majority of the returns associated with equity market investments but with reduced volatility and returns that are augmented with the cash flows from the sale of options. During the period ended January 31, 2023, 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.

Forward foreign currency contracts — In connection with portfolio purchases and sales of securities denominated in foreign currencies, the Funds may enter into forward foreign currency contracts. Additionally, the Funds may enter into such contracts to economically hedge certain other foreign currency denominated investments. These contracts are valued at the current cost of covering or offsetting such contracts. In the event that counterparties fail to settle these currency contracts or the related foreign security trades, the Funds could be exposed to foreign currency fluctuation.

Swaps — Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount," i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of swaps or securities representing a particular index. The "notional amount" of the swap agreement is only used as a basis upon which to calculate the obligations that the parties to a swap agreement have agreed to exchange.

------

**THE ALGER FUNDS II**

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

The use of swap agreements is a highly specialized activity which involves strategies and risks different from those associated with ordinary portfolio security transactions. If Alger Management is incorrect in its forecasts of applicable market factors, or a counterparty defaults, the investment performance of the Fund would diminish compared with what it would have been if these techniques were not used. In addition, it is possible that developments in the swap market, including potential government regulation, could adversely affect the Fund's ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

Contracts for Differences — The Fund may enter into Contracts for Differences ("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, 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 at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss for which a Fund is liable. The potential for margin calls and large losses are much greater in CFDs than in other leveraged products. Most CFDs are traded OTC. CFDs are not registered with the SEC or any U.S. regulator, and are not subject to U.S. regulation. In a short position, a Fund will receive or pay an amount based upon the amount, if any, by which the notional amount of the CFD would have decreased or increased in value had it sold the particular stocks short, less the dividends that would have been paid on those stocks, plus a floating rate of interest on the notional amount of the CFD. All of these components are reflected in the market value of the CFD.

**NOTE 5 — Affiliated Securities:**

During the three-month period ended January 31, 2023, as disclosed in the following table, certain 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 Funds for purposes of the 1940 Act. Transactions during the three-month period ended January 31, 2023 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%.

------

**THE ALGER FUNDS II**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares**<br> **Held at**<br> **October 31,**<br> **2022** | **Shares**<br> **Purchased** | **Shares**<br> **Sold** | **Shares**<br> **Held at**<br> **January 31,**<br> **2023** | **Dividend**<br> **Income** | **Realized**<br> **Gain (Loss)** | **Net Change**<br> **in**<br> **Unrealized**<br> **App(Dep)** | **Value at**<br> **January 31,**<br> **2023** |
| **Alger Spectra Fund Preferred Stocks** |  |  |  |  |  |  |  |  |
| Prosetta Biosciences, Inc., Series D\*\* | 2912012 |  |  | 2912012 | $— | $— | $— | $— \* |
| **Special Purpose Vehicle** |  |  |  |  |  |  |  |  |
| Crosslink Ventures Capital C LLC, Cl. A\*\*\* |  |  |  |  |  |  | (930510) | 6842850 |
| Crosslink Ventures Capital C LLC, Cl. B\*\*\* |  |  |  |  |  |  | (618357) | 4259325 |
| **Total** |  |  |  |  | $— | $— | $(1548867) | $11102175 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares**<br> **Held at**<br> **October 31,**<br> **2022** | **Shares**<br> **Purchased** | **Shares**<br> **Sold** | **Shares**<br> **Held at**<br> **January 31,** <br> **2023**  | **Dividend**<br> **Income** | **Realized**<br> **Gain (Loss)** | **Net Change**<br> **in**<br> **Unrealized**<br> **App(Dep)** | **Value at**<br> **January 31,**<br> **2023** |
| **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | **Alger Dynamic Opportunities Fund** | | | | | | |
| **Preferred Stocks** |  |  |  |  |  |  |  |  |
| Prosetta Biosciences, Inc., Series D\*\* | 41418 |  |  | 41418 |  |  |  | — \* |
| **Special Purpose Vehicle** |  |  |  |  |  |  |  |  |
| Crosslink Ventures Capital C LLC, Cl. A\*\*\* |  |  |  |  |  |  | (117105) | 861175 |
| Crosslink Ventures Capital C LLC, Cl. B\*\*\* |  |  |  |  |  |  | (74338) | 512050 |
| **Total** |  |  |  |  | $— | $— | $(191443) | $1373225 |

---

\* *Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of January 31, 2023.*

\*\* *Prosetta Biosciences, Inc., Series D is deemed to be an affiliate of the Funds because the Funds and Prosetta Biosciences, Inc., Series D are under common control.*

\*\*\* *The Alger Fund Complex and other entities managed by Alger Management fully own Crosslink Ventures Capital C LLC, Class A and Crosslink Ventures Capital C LLC, Class B. There were no capital increases or decreases for the period ended January 31, 2023.*

------

## 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

  - **Telephone number:** 212-806-8833

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

- **a. Name of Series:** Alger Spectra Fund

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

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

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $3222471904.13

**Total Liabilities:** $212362391.48

**Net Assets:** $3010109512.65

**Cash Not Reported:** $3210135.52

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000206605 | 0.02%                | -0.08%               | 0.10%                |
| Class ID C000095102 | 0.02%                | -0.08%               | 0.10%                |
| Class ID C000068367 | 0.01%                | -0.09%               | 0.08%                |
| Class ID C000024978 | -0.03%               | -0.13%               | 0.04%                |
| Class ID C000068368 | 0.02%                | -0.08%               | 0.10%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-41127688.52            | $99731344.47                               |
| Month 2  | $-34504621.72            | $-218218861.85                             |
| Month 3  | $-11947620.04            | $282526829.72                              |

**Designated Index Information**

- **Index Name:** Russell 3000 Growth

- **Index Identifier:** 3000_GROWTH

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LIBERTY MEDIA CORP-LIBERTY-C    | LIBERTY MEDIA CORP-LIBERTY-C 0.00000000                                              | CUSIP: 531229854<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    551987 | NS      | $39080679.60  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PLC-CL A              | ACCENTURE PLC-CL A 0.00000000                                                        | CUSIP: G1151C101<br>LEI: N/A                  | Short            | EC               | CORP              | IE        |    -26555 | NS      | $-7410172.75  | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| DIREXION NASDAQ-100 EQ WEIGH    | DIREXION NASDAQ-100 EQUAL WEIGHTED INDEX SHARES 0.00000000                           | CUSIP: 25459Y207<br>LEI: N/A                  | Short            | EC               | PF                | US        |   -228978 | NS      | $-16003272.42 | -0.53%            |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORP           | COSTCO WHOLESALE CORP 0.00000000                                                     | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     36625 | NS      | $18720502.50  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECHNOLOGIES INC           | UBER TECHNOLOGIES INC 0.00000000                                                     | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    169322 | NS      | $5237129.46   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CROSSLINK VENTURES C LLC        | CROSSLINK VENTURES C LLC CALSS A SHARES 0.00000000                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       294 | NS      | $6842850.00   | 0.23%             |  |  |  | Yes           |                  3 | On Loan: No      |
| S&P GLOBAL INC                  | S&P GLOBAL INC 0.00000000                                                            | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |    120185 | NS      | $45062163.90  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| WABTEC CORP                     | WABTEC CORP 0.00000000                                                               | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |    255914 | NS      | $26566432.34  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| CELLDEX THERAPEUTICS INC        | CELLDEX THERAPEUTICS INC 0.00000000                                                  | CUSIP: 15117B202<br>LEI: 529900F018DMYWH38923 | Long             | EC               | CORP              | US        |    153908 | NS      | $6781186.48   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED THERAPEUTICS CORP        | UNITED THERAPEUTICS CORP 0.00000000                                                  | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |     24666 | NS      | $6491351.22   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC                      | ABBVIE INC 0.00000000                                                                | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    337215 | NS      | $49823516.25  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD DOMINION FREIGHT LINE       | OLD DOMINION FREIGHT LINE 0.00000000                                                 | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |    108003 | NS      | $35990919.72  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                       | APPLE INC 0.00000000                                                                 | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    991071 | NS      | $143001634.59 | 4.75%             |  |  |  | No            |                  1 | On Loan: No      |
| SNOWFLAKE INC-CLASS A           | SNOWFLAKE INC-CLASS A 0.00000000                                                     | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |    190444 | NS      | $29793059.36  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| LULULEMON ATHLETICA INC         | LULULEMON ATHLETICA INC 0.00000000                                                   | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | CA        |     42232 | NS      | $12960156.16  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED MICRO DEVICES          | ADVANCED MICRO DEVICES 0.00000000                                                    | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |    330126 | NS      | $24808968.90  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC                  | AMAZON.COM INC 0.00000000                                                            | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |   1724322 | NS      | $177829327.86 | 5.91%             |  |  |  | No            |                  1 | On Loan: No      |
| SOLAREDGE TECHNOLOGIES INC      | SOLAREDGE TECHNOLOGIES INC 0.00000000                                                | CUSIP: 83417M104<br>LEI: 5493000K6Y58XXPDF853 | Long             | EC               | CORP              | IL        |     81275 | NS      | $25937290.75  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| REATA PHARMACEUTICALS INC-A     | REATA PHARMACEUTICALS INC-A 0.00000000                                               | CUSIP: 75615P103<br>LEI: 5299005F094GH9QDDD80 | Long             | EC               | CORP              | US        |    234193 | NS      | $10147582.69  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                  | MICROSOFT CORP 0.00000000                                                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |   1114558 | NS      | $276198617.98 | 9.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW INC                  | SERVICENOW INC 0.00000000                                                            | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     73771 | NS      | $33575395.23  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| EBAY INC                        | EBAY INC 0.00000000                                                                  | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Short            | EC               | CORP              | US        |   -139804 | NS      | $-6920298.00  | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY            | CONSTELLATION ENERGY 0.00000000                                                      | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |    239211 | NS      | $20419050.96  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC-CL C               | ALPHABET INC-CL C 0.00000000                                                         | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |   1069691 | NS      | $106830040.17 | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| PROGRESSIVE CORP                | PROGRESSIVE CORP 0.00000000                                                          | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    163099 | NS      | $22238548.65  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC-CLASS A SHARES         | VISA INC-CLASS A SHARES 0.00000000                                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    259101 | NS      | $59647641.21  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC                       | ADOBE INC 0.00000000                                                                 | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     45993 | NS      | $17033047.62  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ON SEMICONDUCTOR                | ON SEMICONDUCTOR 0.00000000                                                          | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |    128037 | NS      | $9404317.65   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CLOROX COMPANY                  | CLOROX COMPANY 0.00000000                                                            | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Short            | EC               | CORP              | US        |    -74235 | NS      | $-10741062.15 | -0.36%            |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC                      | INTUIT INC 0.00000000                                                                | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |    128441 | NS      | $54288157.47  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| CME GROUP INC                   | CME GROUP INC 0.00000000                                                             | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     92870 | NS      | $16406414.20  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEN TECHNOLOGY INC            | ASPEN TECHNOLOGY INC 0.00000000                                                      | CUSIP: 29109X106<br>LEI: 254900545H80W6GA2J08 | Long             | EC               | CORP              | US        |     53799 | NS      | $10692551.25  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARTER COMMUNICATIONS INC - A  | CHARTER COMMUNICATIONS INC - CLASS A 0.00000000                                      | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Short            | EC               | CORP              | US        |    -15426 | NS      | $-5928366.06  | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| SCHLUMBERGER LTD                | SCHLUMBERGER LTD 0.00000000                                                          | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |    425648 | NS      | $24253423.04  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| MARVELL TECHNOLOGY INC          | MARVELL TECHNOLOGY INC 0.00000000                                                    | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1417204 | NS      | $61152352.60  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOGEN INC                      | BIOGEN INC 0.00000000                                                                | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |     51810 | NS      | $15071529.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM CHINA HOLDINGS INC          | YUM CHINA HOLDINGS INC 0.00000000                                                    | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | CN        |    242145 | NS      | $14918553.45  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORP                     | ORACLE CORP 0.00000000                                                               | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |    247781 | NS      | $21918707.26  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| ISHARES RUSSELL MID-CAP GROW    | ISHARES RUSSELL MID-CAP GROWTH ETF 0.00000000                                        | CUSIP: 464287481<br>LEI: N/A                  | Short            | EC               | PF                | US        |   -228277 | NS      | $-20748096.53 | -0.69%            |  |  |  | No            |                  1 | On Loan: No      |
| ARK INNOVATION ETF              | ARK INNOVATION ETF 0.00000000                                                        | CUSIP: 00214Q104<br>LEI: N/A                  | Short            | EC               | PF                | US        |   -120229 | NS      | $-4800743.97  | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| CHARLES RIVER LABORATORIES      | CHARLES RIVER LABORATORIES 0.00000000                                                | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |     41337 | NS      | $10055225.25  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| PIONEER NATURAL RESOURCES CO    | PIONEER NATURAL RESOURCES CO 0.00000000                                              | CUSIP: 723787107<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | EC               | CORP              | US        |    217478 | NS      | $50096057.30  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| PROSETTA BIOSCIENCES INC. /PFD  | PROSETTA BIOSCIENCES INC.     SERIES D PREFERRED 0.00000000                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |   2912012 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| INSPIRE MEDICAL SYSTEMS INC     | INSPIRE MEDICAL SYSTEMS INC 0.00000000                                               | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |     12207 | NS      | $3089103.42   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ARITZIA INC-SUBORDINATE  /CAD/  | ARITZIA INC-SUBORDINATE VOTI /CAD/ 0.00000000                                        | CUSIP: 04045U102<br>LEI: 549300U83HKFRL1EX527 | Long             | EC               | CORP              | CA        |    660691 | NS      | $23829665.24  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX COMPANIES INC               | TJX COMPANIES INC 0.00000000                                                         | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |    292039 | NS      | $23906312.54  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| SHAKE SHACK INC - CLASS A       | SHAKE SHACK INC - CLASS A 0.00000000                                                 | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               | CORP              | US        |    421743 | NS      | $23988741.84  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA INC                       | TESLA INC 0.00000000                                                                 | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    253829 | NS      | $43968259.38  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| DATADOG INC - CLASS A           | DATADOG INC - CLASS A 0.00000000                                                     | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |    725481 | NS      | $54273233.61  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| CHIME FINANCIAL INC /PFD/       | CHIME FINANCIAL INC F/K/A     1DEBIT INC SERIES G /PREFERRED/ RESTRICTED/ 0.00000000 | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |    188583 | NS      | $7190669.79   | 0.24%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LIVE NATIONAL ENTERTAINMENT INC | LIVE NATIONAL ENTERTAINMENT INC 0.00000000                                           | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |    623146 | NS      | $50157021.54  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| TRADE DESK INC/THE -CLASS A     | TRADE DESK INC/THE -CLASS A 0.00000000                                               | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |    402601 | NS      | $20411870.70  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE INC -CL B                  | NIKE INC -CL B 0.00000000                                                            | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |    186269 | NS      | $23717631.77  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYPAL HOLDINGS INC             | PAYPAL HOLDINGS INC 0.00000000                                                       | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |    556856 | NS      | $45378195.44  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF TRUST          | SPDR S&P 500 ETF TRUST 0.00000000                                                    | CUSIP: 78462F103<br>LEI: N/A                  | Short            | EC               | PF                | US        |    -74750 | NS      | $-30384380.00 | -1.01%            |  |  |  | No            |                  1 | On Loan: No      |
| MOBILEYE GLOBAL INC-A           | MOBILEYE GLOBAL INC-A 0.00000000                                                     | CUSIP: 60741F104<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     83731 | NS      | $3232016.60   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CADENCE DESIGN SYS INC          | CADENCE DESIGN SYS INC 0.00000000                                                    | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |    149683 | NS      | $27366542.89  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| VAIL RESORTS INC                | VAIL RESORTS INC 0.00000000                                                          | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |    101967 | NS      | $26750022.78  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| NEUROCRINE BIOSCIENCES INC      | NEUROCRINE BIOSCIENCES INC 0.00000000                                                | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     61627 | NS      | $6836283.11   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY & CO                  | ELI LILLY & CO 0.00000000                                                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |    120945 | NS      | $41623221.75  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO CORP-CLASS A              | HEICO CORP-CLASS A 0.00000000                                                        | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |    697909 | NS      | $93296475.12  | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CARVANA CO                      | CARVANA CO 0.00000000                                                                | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Short            | EC               | CORP              | US        |   -142120 | NS      | $-1445360.40  | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM GROUP INC             | TRANSDIGM GROUP INC 0.00000000                                                       | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    133122 | NS      | $95548315.50  | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH MOET HENNESSY LOUIS /EUR/  | LVMH MOET HENNESSY LOUIS VUI /EUR/ 0.00000000                                        | CUSIP: F58485115<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |     41278 | NS      | $36033022.07  | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| GENERAL DYNAMICS CORP           | GENERAL DYNAMICS CORP 0.00000000                                                     | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Short            | EC               | CORP              | US        |    -43262 | NS      | $-10082641.72 | -0.33%            |  |  |  | No            |                  1 | On Loan: No      |
| SHERWIN-WILLIAMS CO/THE         | SHERWIN-WILLIAMS CO/THE 0.00000000                                                   | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     34555 | NS      | $8175367.45   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL INC          | INTUITIVE SURGICAL INC 0.00000000                                                    | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |    101774 | NS      | $25004854.06  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM INC                      | DEXCOM INC 0.00000000                                                                | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     36457 | NS      | $3904180.13   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMPBELL SOUP CO                | CAMPBELL SOUP CO 0.00000000                                                          | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Short            | EC               | CORP              | US        |    -92549 | NS      | $-4806069.57  | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| CARMAX INC                      | CARMAX INC 0.00000000                                                                | CUSIP: 143130102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -64566 | NS      | $-4548674.70  | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| ALBEMARLE CORP                  | ALBEMARLE CORP 0.00000000                                                            | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |    191034 | NS      | $53766519.30  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| PROMETHEUS BIOSCIENCES INC      | PROMETHEUS BIOSCIENCES INC 0.00000000                                                | CUSIP: 74349U108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    244749 | NS      | $27818171.34  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY INC          | DIAMONDBACK ENERGY INC 0.00000000                                                    | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |    192982 | NS      | $28198529.84  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTSERVICE CORP               | FIRSTSERVICE CORP 0.00000000                                                         | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |    305966 | NS      | $43722541.40  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORP                   | MCKESSON CORP 0.00000000                                                             | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |    116762 | NS      | $44215434.16  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM SYSTEMS INC                | EPAM SYSTEMS INC 0.00000000                                                          | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Short            | EC               | CORP              | US        |    -21698 | NS      | $-7217839.70  | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| COSTAR GROUP INC                | COSTAR GROUP INC 0.00000000                                                          | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    291793 | NS      | $22730674.70  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| TAIWAN SEMICONDUCTOR-SP ADR     | TAIWAN SEMICONDUCTOR SPONSORED ADR /1 ADR REPS 5 ORD SHS/ 0.00000000                 | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    276286 | NS      | $25620000.78  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARMACEUTICALS INC      | VERTEX PHARMACEUTICALS INC 0.00000000                                                | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     78185 | NS      | $25261573.50  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORP                    | DANAHER CORP 0.00000000                                                              | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     96715 | NS      | $25569511.70  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| NATERA INC                      | NATERA INC 0.00000000                                                                | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1588064 | NS      | $68175587.52  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SILICON LABORATORIES INC        | SILICON LABORATORIES INC 0.00000000                                                  | CUSIP: 826919102<br>LEI: 4PRDF8Q9TDHRVZKZSZ47 | Short            | EC               | CORP              | US        |    -19817 | NS      | $-3109485.47  | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| MERCADOLIBRE INC                | MERCADOLIBRE INC 0.00000000                                                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |     68664 | NS      | $81139562.16  | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA HEALTHCARE CO INC        | ACADIA HEALTHCARE CO INC 0.00000000                                                  | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |    483206 | NS      | $40598968.12  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| APELLIS PHARMACEUTICALS INC     | APELLIS PHARMACEUTICALS INC 0.00000000                                               | CUSIP: 03753U106<br>LEI: 254900HS0ZFRXXSB9D42 | Long             | EC               | CORP              | US        |     99028 | NS      | $5221746.44   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SHOPIFY INC - CLASS A           | SHOPIFY INC - CLASS A 0.00000000                                                     | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    156581 | NS      | $7714745.87   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX INC                     | NETFLIX INC 0.00000000                                                               | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |    181734 | NS      | $64308393.24  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTUMSCAPE CORP               | QUANTUMSCAPE CORP 0.00000000                                                         | CUSIP: 74767V109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -652664 | NS      | $-5554170.64  | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| HUBSPOT INC                     | HUBSPOT INC 0.00000000                                                               | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Short            | EC               | CORP              | US        |     -7034 | NS      | $-2440868.34  | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORP               | LAM RESEARCH CORP 0.00000000                                                         | CUSIP: 512807108<br>LEI: 549300I4GMO6D34U1T02 | Short            | EC               | CORP              | US        |    -19484 | NS      | $-9743948.40  | -0.32%            |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES INC               | EOG RESOURCES INC 0.00000000                                                         | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    289545 | NS      | $38292326.25  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| VAXCYTE INC                     | VAXCYTE INC 0.00000000                                                               | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |    141558 | NS      | $6419655.30   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BEST BUY CO INC                 | BEST BUY CO INC 0.00000000                                                           | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Short            | EC               | CORP              | US        |   -110895 | NS      | $-9838604.40  | -0.33%            |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORP                     | NVIDIA CORP 0.00000000                                                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    491992 | NS      | $96120477.04  | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| MODERNA INC                     | MODERNA INC 0.00000000                                                               | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |     65203 | NS      | $11479640.18  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKDAY INC-CLASS A             | WORKDAY INC-CLASS A 0.00000000                                                       | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |     67929 | NS      | $12324358.47  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| THOR INDUSTRIES INC             | THOR INDUSTRIES INC 0.00000000                                                       | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Short            | EC               | CORP              | US        |    -81335 | NS      | $-7753665.55  | -0.26%            |  |  |  | No            |                  1 | On Loan: No      |
| FIRST SOLAR INC                 | FIRST SOLAR INC 0.00000000                                                           | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |    136220 | NS      | $24192672.00  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMECO CORP                     | CAMECO CORP 0.00000000                                                               | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |    390730 | NS      | $10944347.30  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC          | UNITEDHEALTH GROUP INC 0.00000000                                                    | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    116345 | NS      | $58078260.55  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ENOVIX CORP                     | ENOVIX CORP 0.00000000                                                               | CUSIP: 293594107<br>LEI: 549300EC7NZGWORHYJ53 | Short            | EC               | CORP              | US        |   -259270 | NS      | $-2058603.80  | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| TRIP.COM GROUP LTD-ADR          | TRIP.COM GROUP LTD-ADR 0.00000000                                                    | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | CN        |    563866 | NS      | $20727714.16  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| FLUTTER ENTERTAINMENT PLC/EUR/  | FLUTTER ENTERTAINMENT PLC/EUR/ 0.00000000                                            | CUSIP: G3643J108<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | IE        |    168187 | NS      | $26123793.75  | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| KELLOGG CO                      | KELLOGG CO 0.00000000                                                                | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Short            | EC               | CORP              | US        |    -72341 | NS      | $-4961145.78  | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| LAS VEGAS SANDS CORP            | LAS VEGAS SANDS CORP 0.00000000                                                      | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |   1107759 | NS      | $65357781.00  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CROSSLINK VENTURES C LLC        | CROSSLINK VENTURES C LLC       CLASS B SHARES 0.00000000                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       183 | NS      | $4259325.00   | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CHENIERE ENERGY INC             | CHENIERE ENERGY INC 0.00000000                                                       | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |    167762 | NS      | $25632355.98  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| WALT DISNEY CO/THE              | WALT DISNEY CO/THE 0.00000000                                                        | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    358743 | NS      | $38920028.07  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-02

**Name of Applicant:** Alger Funds II

**Signature:** Anthony Caputo

**Name of Signer:** Anthony Caputo

**Title:** Assistant Treasurer