Alger Funds Ii NPORT-P Alger Dynamic Opportunities Fund (Jan 2020 report)

THE ALGER FUNDS II | ALGER SPECTRA FUND

Schedule of Investments January 31, 2020 (Unaudited)

COMMON STOCKS—104.1%	SHARES		VALUE
AEROSPACE & DEFENSE—3.1%
HEICO Corp.		249,429	$	30,537,592
HEICO Corp., Cl. A		267,935		25,761,950
Mercury Systems, Inc.*		511,234		39,237,210
Raytheon Co.		158,013		34,911,392
The Boeing Co.		32,531		10,353,641
TransDigm Group, Inc.		91,142		58,629,827
				199,431,612
APPAREL ACCESSORIES & LUXURY GOODS—1.0%
Lululemon Athletica, Inc.*		76,550		18,325,305
LVMH Moet Hennessy Louis Vuitton SE		100,728		43,864,255
				62,189,560
APPLICATION SOFTWARE—11.3%
Adobe, Inc.*,+		581,570		204,212,490
Aspen Technology, Inc.*		511,906		60,906,576
Avalara, Inc.*		561,432		47,800,320
Cadence Design Systems, Inc.*		448,592		32,347,969
Coupa Software, Inc.*		118,839		19,150,905
Datadog, Inc., Cl. A*		441,644		20,408,369
Everbridge, Inc.*		265,186		24,036,459
Intuit, Inc.		115,037		32,254,074
Palantir Technologies, Inc., Cl. A*,@,(a)		348,292		2,002,679
salesforce.com, Inc.*,+		1,510,952		275,461,659
				718,581,500
AUTO PARTS & EQUIPMENT—0.8%
Aptiv PLC		637,632		54,064,817
AUTOMOTIVE RETAIL—0.4%
O'Reilly Automotive, Inc.*		69,870		28,374,207
BIOTECHNOLOGY—2.4%
Genmab AS*		73,247		16,860,625
Sarepta Therapeutics, Inc.*		278,483		32,292,889
Vertex Pharmaceuticals, Inc.*,+		463,524		105,243,124
				154,396,638
CABLE & SATELLITE—0.6%
Altice USA, Inc., Cl. A*		1,365,564		37,361,831
CASINOS & GAMING—0.2%
Diamond Eagle Acquisition Corp., Cl. A*		860,758		12,506,814
DATA PROCESSING & OUTSOURCED SERVICES—9.9%
Fidelity National Information Services, Inc.+		893,509		128,361,503
Fiserv, Inc.*		288,357		34,202,024
Mastercard, Inc., Cl. A		157,474		49,752,336
PayPal Holdings, Inc.*		932,063		106,152,655
Visa, Inc., Cl. A+		1,611,395		320,619,262
				639,087,780
DIVERSIFIED SUPPORT SERVICES—1.0%
Cintas Corp.+		240,154		66,995,761

1

THE ALGER FUNDS II | ALGER SPECTRA FUND

Schedule of Investments January 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—104.1% (CONT.)	SHARES		VALUE
ELECTRONIC EQUIPMENT & INSTRUMENTS—0.9%
Cognex Corp.		1,145,175	$	58,369,570
ELECTRONIC MANUFACTURING SERVICES—0.7%
Flex Ltd.*		3,304,251		43,450,901
ENVIRONMENTAL & FACILITIES SERVICES—0.8%
Waste Connections, Inc.		555,858		53,534,684
FINANCIAL EXCHANGES & DATA—2.7%
Intercontinental Exchange, Inc.		850,732		84,852,010
S & P Global, Inc.		225,558		66,253,151
Tradeweb Markets, Inc., Cl. A		424,796		19,617,079
				170,722,240
FOOD DISTRIBUTORS—0.5%
US Foods Holding Corp.*		793,644		31,880,679
FOOTWEAR—1.3%
NIKE, Inc., Cl. B		863,330		83,138,679
HEALTHCARE EQUIPMENT—5.9%
Abbott Laboratories		229,390		19,989,045
ABIOMED, Inc.*		74,522		13,882,703
Boston Scientific Corp.*,+		2,971,341		124,410,048
Danaher Corp.+		942,611		151,637,832
DexCom, Inc.*		192,611		46,371,098
Intuitive Surgical, Inc.*		42,640		23,869,019
				380,159,745
HEALTHCARE SERVICES—1.1%
1Life Healthcare, Inc.*		94,225		2,079,546
Cigna Corp.		188,448		36,253,626
Guardant Health, Inc.*		387,693		29,480,176
				67,813,348
HOME IMPROVEMENT RETAIL—0.8%
Lowe's Cos., Inc.		464,801		54,028,468
INDUSTRIAL CONGLOMERATES—0.5%
Honeywell International, Inc.+		196,390		34,018,676
INDUSTRIAL GASES—1.2%
Air Products & Chemicals, Inc.		311,289		74,307,797
INTERACTIVE MEDIA & SERVICES—9.6%
Alphabet, Inc., Cl. C*,+		213,324		305,955,681
Facebook, Inc., Cl. A*,+		1,389,918		280,638,343
Pinterest, Inc., Cl. A*		1,521,174		33,511,463
				620,105,487
INTERNET & DIRECT MARKETING RETAIL—9.5%
Alibaba Group Holding Ltd.#,*,+		1,182,698		244,333,580
Altaba, Inc.*,@,(a)		606,454		12,687,018
Amazon.com, Inc.*,+		176,390		354,318,120
				611,338,718
INTERNET SERVICES & INFRASTRUCTURE—1.7%
Twilio, Inc., Cl. A*		368,840		45,861,566

2

THE ALGER FUNDS II | ALGER SPECTRA FUND

Schedule of Investments January 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—104.1% (CONT.)	SHARES		VALUE
INTERNET SERVICES & INFRASTRUCTURE—1.7% (CONT.)
VeriSign, Inc.*		317,675	$	66,120,874
				111,982,440
INVESTMENT BANKING & BROKERAGE—1.0%
Morgan Stanley		537,867		28,108,929
The Goldman Sachs Group, Inc.		158,951		37,790,601
				65,899,530
LEISURE FACILITIES—0.3%
Vail Resorts, Inc.		69,612		16,324,710
LIFE SCIENCES TOOLS & SERVICES—0.9%
Illumina, Inc.*		44,663		12,955,396
Thermo Fisher Scientific, Inc.		146,444		45,864,797
				58,820,193
MANAGED HEALTHCARE—2.6%
Centene Corp.*		314,216		19,735,907
UnitedHealth Group, Inc.+		543,184		147,990,481
				167,726,388
METAL & GLASS CONTAINERS—1.0%
Ball Corp.		919,128		66,342,659
MOVIES & ENTERTAINMENT—2.0%
Live Nation Entertainment, Inc.*		882,681		60,163,537
Netflix, Inc.*		203,387		70,186,820
				130,350,357
PHARMACEUTICALS—2.0%
Aerie Pharmaceuticals, Inc.*		739,895		15,153,050
Allergan PLC		101,710		18,983,154
GW Pharmaceuticals PLC#,*		342,115		39,524,546
Novartis AG#		585,954		55,378,512
				129,039,262
PROPERTY & CASUALTY INSURANCE—1.3%
The Progressive Corp.		1,011,513		81,618,984
RAILROADS—0.6%
Union Pacific Corp.		228,966		41,081,080
REGIONAL BANKS—0.7%
SVB Financial Group*		178,704		42,947,932
RESEARCH & CONSULTING SERVICES—0.7%
CoStar Group, Inc.*		70,224		45,855,570
RESTAURANTS—0.9%
Luckin Coffee, Inc.#,*		1,232,976		40,059,390
Starbucks Corp.		191,131		16,213,643
				56,273,033
SEMICONDUCTOR EQUIPMENT—0.9%
Lam Research Corp.		191,199		57,017,454
SEMICONDUCTORS—3.0%
Micron Technology, Inc.*		455,259		24,169,700
NVIDIA Corp.		333,497		78,848,696

3

THE ALGER FUNDS II | ALGER SPECTRA FUND

Schedule of Investments January 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—104.1% (CONT.)	SHARES			VALUE
SEMICONDUCTORS—3.0% (CONT.)
NXP Semiconductors NV		517,249		$	65,618,208
QUALCOMM, Inc.		305,632			26,073,466
					194,710,070
SOFT DRINKS—0.6%
The Coca-Cola Co.		632,947			36,964,105
SPECIALTY CHEMICALS—1.0%
The Sherwin-Williams Co.+		111,921			62,338,878
SYSTEMS SOFTWARE—9.0%
Crowdstrike Holdings, Inc., Cl. A*		873,492			53,361,626
Microsoft Corp.+		3,101,241			527,924,256
					581,285,882
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.7%
Apple, Inc.+		1,189,541			368,174,835
Western Digital Corp.		984,786			64,503,483
					432,678,318
TRUCKING—0.4%
Lyft, Inc., Cl. A*		486,713			23,109,133
WIRELESS TELECOMMUNICATION SERVICES—0.6%
T-Mobile US, Inc.*		493,352			39,068,545
TOTAL COMMON STOCKS    (Cost $4,560,328,352)					6,697,294,035
PREFERRED STOCKS—0.2%		SHARES			VALUE
APPLICATION SOFTWARE—0.2%
Palantir Technologies, Inc., Cl. B*,@,(a)		1,420,438			8,167,518
Palantir Technologies, Inc., Cl. D*,@,(a)		185,062			1,064,107
					9,231,625
BIOTECHNOLOGY—0.0%
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		2,912,012			3,086,733
TOTAL PREFERRED STOCKS    (Cost $23,705,752)					12,318,358
REAL ESTATE INVESTMENT TRUST—1.1%		SHARES			VALUE
SPECIALIZED—1.1%
Crown Castle International Corp.		481,719			72,180,775
(Cost $53,873,372)					72,180,775
Total Investments    (Cost $4,637,907,476)		105.4%		$	6,781,793,168
Affiliated Securities (Cost $13,104,054)					3,086,733
Unaffiliated Securities (Cost $4,624,803,422)					6,778,706,435
Securities Sold Short (Proceeds $428,458,846)		(6.6	)%		(425,629,096	)
Other Assets in Excess of Liabilities		1.2%			75,936,426
NET ASSETS		100.0%		$	6,432,100,498

^# American Depositary Receipts.

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

4

THE ALGER FUNDS II | ALGER SPECTRA FUND

Schedule of Investments January 31, 2020 (Unaudited) (Continued)

^(b) 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.

* Non-income producing security.

^@ 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.

					% of net assets				% of net assets
	Acquisition		Acquisition		(Acquisition		Market		as of
Security	Date(s)		Cost		Date)		Value		1/31/2020
Altaba, Inc.		10/24/18	$	1,704,939		0.03%	$	2,028,884		0.03%
Altaba, Inc.		10/25/18		2,562,470		0.04%		3,034,906		0.05%
Altaba, Inc.		10/29/18		2,492,386		0.04%		3,073,797		0.05%
Altaba, Inc.		10/30/18		1,640,707		0.03%		2,061,541		0.03%
Altaba, Inc.		10/31/18		591,342		0.01%		707,305		0.01%
Altaba, Inc.		11/6/18		2,386,078		0.04%		1,780,585		0.03%
Palantir Technologies, Inc., Cl. A		10/7/14		2,266,336		0.05%		2,002,679		0.03%
Palantir Technologies, Inc., Cl. B		10/7/14		9,379,767		0.22%		8,167,518		0.13%
Palantir Technologies, Inc., Cl. D		10/14/14		1,221,931		0.03%		1,064,107		0.02%
Prosetta Biosciences, Inc., Series D		2/6/15		13,104,054		0.28%		3,086,733		0.04%
Total							$	27,008,055		0.42%

⁺All or a portion of this security is held as collateral for securities sold short.

See Notes to Financial Statements.

5

THE ALGER FUNDS II | ALGER SPECTRA FUND

Schedule of Investments - Securities Sold Short January 31, 2020 (Unaudited)

COMMON STOCKS—(6.5)%	SHARES			VALUE
AIR FREIGHT & LOGISTICS—(0.4)%
CH Robinson Worldwide, Inc.		(140,195	)	$	(10,124,883	)
United Parcel Service, Inc., Cl. B		(113,495	)		(11,749,002	)
					(21,873,885	)
AIRLINES—(0.2)%
American Airlines Group, Inc.		(596,612	)		(16,013,066	)
APPLICATION SOFTWARE—(0.2)%
SAP SE#		(76,059	)		(9,946,235	)
BIOTECHNOLOGY—0.0%
Regeneron Pharmaceuticals, Inc.		(8,451	)		(2,855,931	)
BUILDING PRODUCTS—(0.2)%
AO Smith Corp.		(264,503	)		(11,291,633	)
CASINOS & GAMING—(0.3)%
Wynn Resorts Ltd.		(147,973	)		(18,668,274	)
CONSTRUCTION MACHINERY & HEAVY TRUCKS—(0.1)%
PACCAR, Inc.		(76,622	)		(5,686,119	)
DATA PROCESSING & OUTSOURCED SERVICES—(0.1)%
Jack Henry & Associates, Inc.		(47,873	)		(7,158,928	)
EXCHANGE TRADED—(0.1)%
Industrial Select Sector SPDR Fund		(80,821	)		(6,555,391	)
FINANCIAL EXCHANGES & DATA—(0.5)%
Cboe Global Markets, Inc.		(258,078	)		(31,800,371	)
HEALTHCARE DISTRIBUTORS—(0.1)%
Henry Schein, Inc.		(139,238	)		(9,599,068	)
HOME FURNISHINGS—(0.1)%
Leggett & Platt, Inc.		(199,188	)		(9,479,357	)
HOMEFURNISHING RETAIL—(0.1)%
Williams-Sonoma, Inc.		(77,835	)		(5,454,677	)
HOTELS RESORTS & CRUISE LINES—(0.1)%
Carnival Corp.		(138,179	)		(6,014,932	)
HOUSEHOLD PRODUCTS—(0.4)%
Energizer Holdings, Inc.		(135,880	)		(6,285,809	)
The Clorox Co.		(103,186	)		(16,232,189	)
					(22,517,998	)
INDUSTRIAL MACHINERY—(0.1)%
Xylem, Inc.		(80,934	)		(6,609,070	)
INTERNET & DIRECT MARKETING RETAIL—(0.6)%
Booking Holdings, Inc.		(6,661	)		(12,193,294	)
eBay, Inc.		(464,990	)		(15,605,064	)
Trip.com Group Ltd.#		(296,864	)		(9,538,240	)
					(37,336,598	)
IT CONSULTING & OTHER SERVICES—(0.2)%
Cognizant Technology Solutions Corp., Cl. A		(214,150	)		(13,144,527	)
LIFE SCIENCES TOOLS & SERVICES—(0.3)%
Waters Corp.		(88,394	)		(19,781,693	)

6

THE ALGER FUNDS II | ALGER SPECTRA FUND

Schedule of Investments - Securities Sold Short January 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—(6.5)% (CONT.)	SHARES			VALUE
PAPER PACKAGING—(0.3)%
Packaging Corp. of America		(181,550	)	$	(17,383,413	)
RESTAURANTS—(0.5)%
Domino's Pizza, Inc.		(73,770	)		(20,784,698	)
Yum China Holdings, Inc.		(74,195	)		(3,195,579	)
YUM! Brands, Inc.		(93,853	)		(9,926,832	)
					(33,907,109	)
SOFT DRINKS—(0.4)%
Monster Beverage Corp.		(363,601	)		(24,215,827	)
SYSTEMS SOFTWARE—(1.0)%
Check Point Software Technologies Ltd.		(170,593	)		(19,500,486	)
iShares Expanded Tech-Software Sector ETF		(60,914	)		(15,151,139	)
Oracle Corp.		(291,877	)		(15,308,949	)
Teradata Corp.		(439,797	)		(10,704,659	)
VMware, Inc., Cl. A		(37,299	)		(5,522,490	)
					(66,187,723	)
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—(0.2)%
NetApp, Inc.		(236,077	)		(12,606,512	)
TOTAL COMMON STOCKS    (Proceeds $418,681,997)				$	(416,088,337	)
REAL ESTATE INVESTMENT TRUST—(0.1)%		SHARES			VALUE
RETAIL—(0.1)%
Regency Centers Corp.		(153,784	)		(9,540,759	)
(Proceeds $9,776,849)				$	(9,540,759	)
Total Securities Sold Short    (Proceeds $428,458,846)				$	(425,629,096)

^#American Depositary Receipts.

See Notes to Financial Statements.

7

THE ALGER FUNDS II | ALGER DYNAMIC OPPORTUNITIES FUND

Schedule of Investments January 31, 2020 (Unaudited)

COMMON STOCKS—85.4%	SHARES		VALUE
AEROSPACE & DEFENSE—7.0%
HEICO Corp.+		8,346	$	1,021,801
HEICO Corp., Cl. A		9,184		883,042
Kratos Defense & Security Solutions, Inc.*,+		57,602		1,056,421
Raytheon Co.		1,906		421,112
TransDigm Group, Inc.+		8,011		5,153,315
				8,535,691
AIR FREIGHT & LOGISTICS—0.3%
XPO Logistics, Inc.*,+		4,075		362,349
APPAREL ACCESSORIES & LUXURY GOODS—1.3%
Canada Goose Holdings, Inc.*,+		10,128		303,840
Lululemon Athletica, Inc.*		3,202		766,527
LVMH Moet Hennessy Louis Vuitton SE		1,253		545,647
				1,616,014
APPAREL RETAIL—0.4%
Burlington Stores, Inc.*,+		2,055		446,901
APPLICATION SOFTWARE—11.8%
Altair Engineering, Inc., Cl. A*,+		17,345		640,898
ANSYS, Inc.*		2,785		764,009
Avalara, Inc.*,+		21,346		1,817,397
Benefitfocus, Inc.*		19,325		357,513
Bill.Com Holdings, Inc.*		3		151
Datadog, Inc., Cl. A*		10,500		485,205
Ebix, Inc.+		26,390		908,608
Everbridge, Inc.*,+		8,585		778,144
Five9, Inc.*		4,033		289,287
Globant SA*		1,357		166,504
HubSpot, Inc.*		5,105		923,699
Intuit, Inc.		2,160		605,621
LivePerson, Inc.*		2,791		114,459
Palantir Technologies, Inc., Cl. A*,@,(a)		6,606		37,985
Paylocity Holding Corp.*,+		20,503		2,909,170
Pluralsight, Inc., Cl. A*		7,848		152,173
RealPage, Inc.*		10,267		599,079
salesforce.com, Inc.*		3,264		595,060
SPS Commerce, Inc.*,+		24,379		1,385,458
The Trade Desk, Inc., Cl. A*,+		3,797		1,022,076
				14,552,496
ASSET MANAGEMENT & CUSTODY BANKS—0.7%
Hamilton Lane, Inc., Cl. A		13,202		857,470
AUTO PARTS & EQUIPMENT—0.2%
Aptiv PLC		3,246		275,228
AUTOMOBILE MANUFACTURERS—0.4%
Thor Industries, Inc.		6,110		491,977
BIOTECHNOLOGY—5.3%
ACADIA Pharmaceuticals, Inc.*,+		38,247		1,527,584
Alexion Pharmaceuticals, Inc.*		2,657		264,079

8

THE ALGER FUNDS II | ALGER DYNAMIC OPPORTUNITIES FUND

Schedule of Investments January 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—85.4% (CONT.)	SHARES		VALUE
BIOTECHNOLOGY—5.3% (CONT.)
Alnylam Pharmaceuticals, Inc.*		1,496	$	171,726
Biogen, Inc.*		1,487		399,780
BioMarin Pharmaceutical, Inc.*		5,757		480,710
CareDx, Inc.*		24,329		587,789
Genmab AS#,*		19,446		451,342
Natera, Inc.*		10,297		360,498
Portola Pharmaceuticals, Inc.*,+		37,636		481,364
Puma Biotechnology, Inc.*		60,758		477,558
Sarepta Therapeutics, Inc.*		2,441		283,058
Ultragenyx Pharmaceutical, Inc.*		10,280		540,214
Vertex Pharmaceuticals, Inc.*		2,076		471,356
				6,497,058
CASINOS & GAMING—1.1%
Diamond Eagle Acquisition Corp., Cl. A*		81,815		1,188,772
Penn National Gaming, Inc.*		4,655		138,859
				1,327,631
CONSUMER ELECTRONICS—0.5%
Garmin Ltd.		5,926		574,526
DATA PROCESSING & OUTSOURCED SERVICES—1.1%
Fiserv, Inc.*		3,708		439,806
PayPal Holdings, Inc.*		7,689		875,700
				1,315,506
EDUCATION SERVICES—3.2%
Chegg, Inc.*,+		95,972		3,956,926
ELECTRICAL COMPONENTS & EQUIPMENT—0.8%
Sunrun, Inc.*		58,725		1,000,087
ELECTRONIC EQUIPMENT & INSTRUMENTS—0.2%
nLight, Inc.*		5,067		89,027
Novanta, Inc.*		2,223		201,693
				290,720
ELECTRONIC MANUFACTURING SERVICES—0.0%
IPG Photonics Corp.*		183		23,364
ENVIRONMENTAL & FACILITIES SERVICES—4.0%
Casella Waste Systems, Inc., Cl. A*,+		29,200		1,494,748
Waste Connections, Inc.+		34,764		3,348,121
				4,842,869
FINANCIAL EXCHANGES & DATA—0.9%
Tradeweb Markets, Inc., Cl. A		24,673		1,139,399
GENERAL MERCHANDISE STORES—0.6%
Ollie's Bargain Outlet Holdings, Inc.*		14,323		759,692
HEALTHCARE DISTRIBUTORS—0.5%
PetIQ, Inc., Cl. A*		21,703		645,664
HEALTHCARE EQUIPMENT—9.6%
ABIOMED, Inc.*		2,789		519,563
DexCom, Inc.*,+		4,211		1,013,798

9

THE ALGER FUNDS II | ALGER DYNAMIC OPPORTUNITIES FUND

Schedule of Investments January 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—85.4% (CONT.)	SHARES		VALUE
HEALTHCARE EQUIPMENT—9.6% (CONT.)
Glaukos Corp.*,+		29,779	$	1,675,069
Insulet Corp.*,+		13,308		2,582,284
Intuitive Surgical, Inc.*,+		803		449,503
Nevro Corp.*,+		37,008		4,918,733
Tandem Diabetes Care, Inc.*		8,782		667,783
				11,826,733
HEALTHCARE FACILITIES—0.2%
US Physical Therapy, Inc.+		1,990		233,109
HEALTHCARE SERVICES—0.6%
1Life Healthcare, Inc.*		3,125		68,969
Guardant Health, Inc.*,+		9,013		685,348
				754,317
HEALTHCARE TECHNOLOGY—1.9%
Phreesia, Inc.*		10,535		326,585
Tabula Rasa HealthCare, Inc.*		10,473		608,167
Teladoc Health, Inc.*		8,415		855,890
Veeva Systems, Inc., Cl. A*		3,268		479,121
				2,269,763
HOMEFURNISHING RETAIL—0.8%
Bed Bath & Beyond, Inc.		64,919		925,096
HOTELS RESORTS & CRUISE LINES—0.1%
Lindblad Expeditions Holdings, Inc.*		4,997		82,401
INDUSTRIAL MACHINERY—0.3%
The Middleby Corp.*,+		3,124		350,388
INSURANCE BROKERS—0.8%
eHealth, Inc.*		6,515		685,117
Goosehead Insurance, Inc., Cl. A		4,839		252,499
				937,616
INTERACTIVE MEDIA & SERVICES—2.4%
Alphabet, Inc., Cl. A*,+		1,323		1,895,568
Pinterest, Inc., Cl. A*,+		46,202		1,017,830
				2,913,398
INTERNET & DIRECT MARKETING RETAIL—3.3%
Amazon.com, Inc.*,+		1,450		2,912,644
MercadoLibre, Inc.*		445		295,035
Wayfair, Inc., Cl. A*,+		8,676		812,941
				4,020,620
INTERNET SERVICES & INFRASTRUCTURE—1.6%
Shopify, Inc., Cl. A*,+		2,305		1,073,346
VeriSign, Inc.*		4,211		876,478
				1,949,824
INVESTMENT BANKING & BROKERAGE—1.2%
Morgan Stanley+		16,671		871,227
The Charles Schwab Corp.		12,224		556,803
				1,428,030

10

THE ALGER FUNDS II | ALGER DYNAMIC OPPORTUNITIES FUND

Schedule of Investments January 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—85.4% (CONT.)	SHARES		VALUE
IT CONSULTING & OTHER SERVICES—1.0%
EPAM Systems, Inc.*		5,460	$	1,245,644
LEISURE FACILITIES—0.5%
Planet Fitness, Inc., Cl. A*		6,966		562,783
LEISURE PRODUCTS—0.5%
Peloton Interactive, Inc., Cl. A*		17,855		577,788
LIFE SCIENCES TOOLS & SERVICES—0.6%
Bio-Rad Laboratories, Inc., Cl. A*		804		290,180
Bio-Techne Corp.+		2,193		460,464
				750,644
MANAGED HEALTHCARE—0.2%
Progyny, Inc.*		7,119		197,908
METAL & GLASS CONTAINERS—0.4%
Ball Corp.		6,347		458,126
MOVIES & ENTERTAINMENT—1.6%
Live Nation Entertainment, Inc.*,+		16,313		1,111,894
Netflix, Inc.*		2,580		890,332
				2,002,226
OIL & GAS EQUIPMENT & SERVICES—0.1%
Solaris Oilfield Infrastructure, Inc., Cl. A		8,931		102,974
PACKAGED FOODS & MEATS—0.5%
Tyson Foods, Inc., Cl. A		6,984		577,088
PHARMACEUTICALS—1.3%
Aerie Pharmaceuticals, Inc.*		4,211		86,241
Canopy Growth Corp.*		9,980		225,049
Dermira, Inc.*		28,774		545,267
GW Pharmaceuticals PLC#,*		6,232		719,984
				1,576,541
REAL ESTATE SERVICES—3.0%
FirstService Corp.+		37,281		3,664,722
REGIONAL BANKS—1.1%
Signature Bank		3,782		536,628
SVB Financial Group*		3,424		822,890
				1,359,518
RESEARCH & CONSULTING SERVICES—1.5%
CoStar Group, Inc.*		2,749		1,795,070
RESTAURANTS—0.5%
Luckin Coffee, Inc.#,*		18,503		601,162
SEMICONDUCTOR EQUIPMENT—1.6%
Applied Materials, Inc.		10,122		586,975
ASML Holding NV		3,391		951,718
SolarEdge Technologies, Inc.*		4,166		407,685
				1,946,378
SEMICONDUCTORS—2.8%
Advanced Micro Devices, Inc.*		8,673		407,631
Impinj, Inc.*		18,675		600,962

11

THE ALGER FUNDS II | ALGER DYNAMIC OPPORTUNITIES FUND

Schedule of Investments January 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—85.4% (CONT.)	SHARES		VALUE
SEMICONDUCTORS—2.8% (CONT.)
Intel Corp.		14,217	$	908,893
Micron Technology, Inc.*		5,227		277,501
NVIDIA Corp.		1,169		276,387
QUALCOMM, Inc.		6,655		567,738
Xilinx, Inc.		4,507		380,751
				3,419,863
SYSTEMS SOFTWARE—2.3%
Crowdstrike Holdings, Inc., Cl. A*		14,532		887,760
Microsoft Corp.+		3,737		636,150
Rapid7, Inc.*		17,849		1,059,873
Zuora, Inc., Cl. A*		11,470		169,183
				2,752,966
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.1%
Apple, Inc.+		3,730		1,154,472
Samsung Electronics Co., Ltd.		12,269		566,378
Western Digital Corp.		13,283		870,037
				2,590,887
THRIFTS & MORTGAGE FINANCE—0.0%
Axos Financial, Inc.*,+		1,755		49,438
TRADING COMPANIES & DISTRIBUTORS—0.4%
SiteOne Landscape Supply, Inc.*		4,510		435,441
TRUCKING—0.3%
Uber Technologies, Inc.*		8,478		307,667
TOTAL COMMON STOCKS    (Cost $86,545,102)				104,177,697
PREFERRED STOCKS—0.2%		SHARES		VALUE
APPLICATION SOFTWARE—0.2%
Palantir Technologies, Inc., Cl. B*,@,(a)		26,941		154,911
BIOTECHNOLOGY—0.0%
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		41,418		43,903
TOTAL PREFERRED STOCKS    (Cost $364,284)				198,814
RIGHTS—0.3%		SHARES		VALUE
BIOTECHNOLOGY—0.3%
Adolor Corp., CPR*,@,(a),(c)		49,870		—
Tolero CDR*,@,(a),(d)		126,108		407,329
				407,329
TOTAL RIGHTS    (Cost $67,638)				407,329
REAL ESTATE INVESTMENT TRUST—1.5%		SHARES		VALUE
SPECIALIZED—1.5%
Crown Castle International Corp.+		12,213		1,829,996
(Cost $1,557,499)				1,829,996

12

THE ALGER FUNDS II | ALGER DYNAMIC OPPORTUNITIES FUND

Schedule of Investments January 31, 2020 (Unaudited) (Continued)

PURCHASED OPTIONS—0.0%

SECURITY NAME/
EXPIRATION DATE/	NOTIONAL			NUMBER OF
STRIKE PRICE	AMOUNTS		COUNTERPARTY	CONTRACTS			VALUE
PUT OPTIONS—0.0%
GTT Communications, Inc.,
02/21/20, 7.5*	$	48,585	BNP Paribas		41		$	492
(Cost $7,064)								492
TOTAL PURCHASED OPTIONS    (Cost $7,064)								492
Total Investments    (Cost $88,541,587)					87.4%		$	106,614,328
Affiliated Securities (Cost $186,381)								43,903
Unaffiliated Securities (Cost $88,355,206)								106,570,425
Securities Sold Short (Proceeds $41,728,598)					(32.6	)%		(39,752,568	)
Other Assets in Excess of Liabilities					45.2%			55,182,999
NET ASSETS					100.0%		$	122,044,759

^# American Depositary Receipts.

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

^(b) 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.

^(c) Right - Contingent Payment Right granted December 13, 2011 and may not be sold. Right is deemed to be illiquid and represents 0.0% of the net assets of the Fund.

^(d) Contingent Deferred Rights.

* Non-income producing security.

^@ 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.

					% of net assets				% of net assets
	Acquisition		Acquisition		(Acquisition		Market		as of
Security	Date(s)		Cost		Date)		Value		1/31/2020
Adolor Corp., CPR		10/24/11	$	0		0.00%	$	0		0.00%
Palantir Technologies, Inc., Cl. A		10/7/14		42,985		0.05%		37,985		0.03%
Palantir Technologies, Inc., Cl. B		10/7/14		177,903		0.22%		154,911		0.12%
Prosetta Biosciences, Inc., Series D		2/6/15		186,381		0.25%		43,903		0.04%
Tolero CDR		2/6/17		67,638		0.09%		407,329		0.33%
Total							$	644,128		0.52%

⁺    All or a portion of this security is held as collateral for securities sold short.

See Notes to Financial Statements.

13

THE ALGER FUNDS II | ALGER DYNAMIC OPPORTUNITIES FUND

Schedule of Investments - Securities Sold Short January 31, 2020 (Unaudited)

COMMON STOCKS—(27.9)%	SHARES			VALUE
ADVERTISING—(0.5)%
Omnicom Group, Inc.		(7,661	)	$	(576,950	)
AIR FREIGHT & LOGISTICS—(1.3)%
CH Robinson Worldwide, Inc.		(3,870	)		(279,491	)
FedEx Corp.		(5,233	)		(756,901	)
Forward Air Corp.		(6,582	)		(430,792	)
United Parcel Service, Inc., Cl. B		(1,244	)		(128,779	)
					(1,595,963	)
APPAREL ACCESSORIES & LUXURY GOODS—(0.2)%
Ralph Lauren Corp., Cl. A		(2,389	)		(271,152	)
APPLICATION SOFTWARE—(0.3)%
Box, Inc., Cl. A		(1,082	)		(16,262	)
SS & C Technologies Holdings, Inc.		(6,036	)		(380,328	)
					(396,590	)
ASSET MANAGEMENT & CUSTODY BANKS—0.0%
Sculptor Capital Management, Inc., Cl. A		(81	)		(1,858	)
AUTO PARTS & EQUIPMENT—(0.2)%
BorgWarner, Inc.		(6,478	)		(222,131	)
BIOTECHNOLOGY—(0.8)%
Intercept Pharmaceuticals, Inc.		(5,250	)		(485,153	)
Regeneron Pharmaceuticals, Inc.		(1,481	)		(500,489	)
					(985,642	)
BUILDING PRODUCTS—(1.6)%
AO Smith Corp.		(6,104	)		(260,580	)
Patrick Industries, Inc.		(32,131	)		(1,666,956	)
					(1,927,536	)
COMMUNICATIONS EQUIPMENT—(0.6)%
Arista Networks, Inc.		(1,561	)		(348,634	)
F5 Networks, Inc.		(3,457	)		(422,169	)
					(770,803	)
CONSUMER ELECTRONICS—(0.3)%
Sonos, Inc.		(30,222	)		(414,646	)
DEPARTMENT STORES—(0.4)%
Nordstrom, Inc.		(14,141	)		(521,237	)
Sears Holdings Corp.		(4	)		(1	)
					(521,238	)
ELECTRONIC COMPONENTS—(0.2)%
Amphenol Corp., Cl. A		(2,755	)		(274,040	)
ELECTRONIC EQUIPMENT & INSTRUMENTS—0.0%
Arlo Technologies, Inc.		(23	)		(98	)
FERTILIZERS & AGRICULTURAL CHEMICALS—(0.3)%
The Scotts Miracle-Gro Co.		(2,922	)		(358,646	)
HEALTHCARE DISTRIBUTORS—(0.1)%
Henry Schein, Inc.		(2,098	)		(144,636	)
HEALTHCARE EQUIPMENT—(0.5)%
Globus Medical, Inc., Cl. A		(11,177	)		(584,334	)

14

THE ALGER FUNDS II | ALGER DYNAMIC OPPORTUNITIES FUND

Schedule of Investments - Securities Sold Short January 31, 2020 (Unaudited)(Continued)

COMMON STOCKS—(27.9)% (CONT.)	SHARES			VALUE
HEALTHCARE TECHNOLOGY—(0.5)%
Castlight Health, Inc., Cl. B		(7,950	)	$	(9,858	)
Cerner Corp.		(7,764	)		(557,688	)
					(567,546	)
HOME FURNISHINGS—(1.8)%
La-Z-Boy, Inc.		(14,045	)		(430,339	)
Leggett & Platt, Inc.		(37,659	)		(1,792,191	)
					(2,222,530	)
HOMEFURNISHING RETAIL—(0.4)%
Williams-Sonoma, Inc.		(6,106	)		(427,908	)
HOTELS RESORTS & CRUISE LINES—(0.1)%
Hyatt Hotels Corp., Cl. A		(1,744	)		(147,438	)
HOUSEHOLD APPLIANCES—(0.1)%
iRobot Corp.		(2,690	)		(126,565	)
HOUSEHOLD PRODUCTS—(0.6)%
Energizer Holdings, Inc.		(2,988	)		(138,225	)
The Clorox Co.		(3,876	)		(609,733	)
					(747,958	)
INDUSTRIAL MACHINERY—(0.7)%
Enerpac Tool Group Corp., Cl. A		(38,562	)		(891,168	)
INTERACTIVE MEDIA & SERVICES—(0.5)%
Baidu, Inc.#		(1,198	)		(148,025	)
Snap, Inc., Cl. A		(24,886	)		(457,404	)
Zillow Group, Inc., Cl. C		(109	)		(5,037	)
					(610,466	)
INTERNET & DIRECT MARKETING RETAIL—(1.0)%
Blue Apron Holdings, Inc., Cl. A		(14	)		(54	)
eBay, Inc.		(8,268	)		(277,474	)
PetMed Express, Inc.		(592	)		(14,925	)
Shutterstock, Inc.		(16,546	)		(716,938	)
Stamps.com, Inc.		(1,740	)		(129,613	)
Stitch Fix, Inc., Cl. A		(1,618	)		(37,052	)
The RealReal, Inc.		(1,392	)		(20,142	)
					(1,196,198	)
INTERNET SERVICES & INFRASTRUCTURE—(1.1)%
GTT Communications, Inc.		(108,523	)		(1,285,997	)
IT CONSULTING & OTHER SERVICES—(1.5)%
Cognizant Technology Solutions Corp., Cl. A		(7,139	)		(438,192	)
Infosys Ltd.#		(30,866	)		(338,291	)
International Business Machines Corp.		(6,382	)		(917,285	)
LiveRamp Holdings, Inc.		(3,227	)		(129,854	)
					(1,823,622	)
LIFE SCIENCES TOOLS & SERVICES—(0.9)%
Accelerate Diagnostics, Inc.		(22	)		(370	)
Bruker Corp.		(10,851	)		(536,799	)
Waters Corp.		(2,552	)		(571,112	)
					(1,108,281	)

15

THE ALGER FUNDS II | ALGER DYNAMIC OPPORTUNITIES FUND

Schedule of Investments - Securities Sold Short January 31, 2020 (Unaudited)(Continued)

COMMON STOCKS—(27.9)% (CONT.)	SHARES			VALUE
MOVIES & ENTERTAINMENT—(0.2)%
Cinemark Holdings, Inc.		(3,678	)	$	(115,894	)
Cineworld Group PLC		(54,888	)		(128,109	)
					(244,003	)
PACKAGED FOODS & MEATS—(0.7)%
Beyond Meat, Inc.		(2,425	)		(267,769	)
McCormick & Co., Inc.		(2,452	)		(400,583	)
The Hershey Co.		(967	)		(150,049	)
					(818,401	)
PAPER PACKAGING—(0.2)%
Packaging Corp. of America		(2,702	)		(258,717	)
PHARMACEUTICALS—(1.6)%
Bausch Health Cos., Inc.		(46,307	)		(1,270,201	)
Jazz Pharmaceuticals PLC		(980	)		(140,483	)
Mylan NV		(27,163	)		(581,831	)
					(1,992,515	)
PROPERTY & CASUALTY INSURANCE—(1.3)%
HCI Group, Inc.		(17,473	)		(773,530	)
Kinsale Capital Group, Inc.		(3,765	)		(430,038	)
Universal Insurance Holdings, Inc.		(15,137	)		(368,435	)
					(1,572,003	)
REAL ESTATE SERVICES—(0.3)%
Redfin Corp.		(16,141	)		(392,711	)
REGIONAL BANKS—(1.9)%
Great Western Bancorp, Inc.		(36,033	)		(1,064,775	)
Howard Bancorp, Inc.		(6,373	)		(107,640	)
Southside Bancshares, Inc.		(23,640	)		(829,291	)
Webster Financial Corp.		(5,460	)		(244,936	)
					(2,246,642	)
RESTAURANTS—(1.0)%
Domino's Pizza, Inc.		(1,022	)		(287,948	)
Papa John's International, Inc.		(2,919	)		(189,093	)
Texas Roadhouse, Inc., Cl. A		(3,772	)		(235,750	)
YUM! Brands, Inc.		(4,558	)		(482,100	)
					(1,194,891	)
SEMICONDUCTOR EQUIPMENT—(0.5)%
Entegris, Inc.		(12,229	)		(632,973	)
SEMICONDUCTORS—(0.3)%
Semtech Corp.		(2,681	)		(129,197	)
Texas Instruments, Inc.		(2,194	)		(264,706	)
					(393,903	)
SOFT DRINKS—(0.2)%
Monster Beverage Corp.		(2,949	)		(196,403	)
SPECIALTY STORES—0.0%
Ulta Beauty, Inc.		(3	)		(804	)

16

THE ALGER FUNDS II | ALGER DYNAMIC OPPORTUNITIES FUND

Schedule of Investments - Securities Sold Short January 31, 2020 (Unaudited)(Continued)

COMMON STOCKS—(27.9)% (CONT.)	SHARES			VALUE
SYSTEMS SOFTWARE—(1.6)%
Check Point Software Technologies Ltd.		(1,277	)	$	(145,974	)
Oracle Corp.		(10,567	)		(554,239	)
Palo Alto Networks, Inc.		(1,225	)		(287,606	)
SailPoint Technologies Holding, Inc.		(5,739	)		(143,992	)
Talend SA#		(3,412	)		(125,903	)
Teradata Corp.		(10,966	)		(266,912	)
VMware, Inc., Cl. A		(2,656	)		(393,247	)
					(1,917,873	)
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—(0.5)%
NetApp, Inc.		(7,778	)		(415,345	)
Seagate Technology PLC		(3,968	)		(226,136	)
					(641,481	)
TRADING COMPANIES & DISTRIBUTORS—(0.8)%
Fastenal Co.		(13,679	)		(477,124	)
WW Grainger, Inc.		(1,694	)		(512,723	)
					(989,847	)
TRUCKING—(0.3)%
Landstar System, Inc.		(2,954	)		(327,156	)
TOTAL COMMON STOCKS    (Proceeds $34,495,866)					(34,022,263	)
REAL ESTATE INVESTMENT TRUST—(4.7)%		SHARES			VALUE
RETAIL—(4.2)%
CBL & Associates Properties, Inc.		(13,748	)		(11,548	)
Pennsylvania Real Estate Investment Trust		(91,518	)		(360,581	)
Seritage Growth Properties, Cl. A		(76,365	)		(2,804,123	)
Tanger Factory Outlet Centers, Inc.		(52,622	)		(769,860	)
Washington Prime Group, Inc.		(399,325	)		(1,201,968	)
					(5,148,080	)
SPECIALIZED—(0.5)%
Iron Mountain, Inc.		(18,419	)		(582,225	)
TOTAL REAL ESTATE INVESTMENT TRUST    Proceeds ($7,232,732)					(5,730,305	)
Total Securities Sold Short    (Proceeds $41,728,598)				$	(39,752,568	)

^#  American Depositary Receipts.

See Notes to Financial Statements.

17

THE ALGER FUNDS II ALGER EMERGING MARKETS FUND

Schedule of Investments January 31, 2020 (Unaudited)

COMMON STOCKS—98.7%	SHARES		VALUE
BRAZIL—6.9%
AIRLINES—1.6%
Azul SA#,*		9,300	$	385,950
DEPARTMENT STORES—1.0%
Lojas Renner SA		17,150		230,044
EDUCATION SERVICES—4.3%
Afya Ltd., Cl.A*		14,953		446,497
Arco Platform Ltd., Cl. A*		10,677		553,923
				1,000,420
TOTAL BRAZIL    (Cost $1,344,874)				1,616,414
CHILE—1.7%
OIL & GAS EXPLORATION & PRODUCTION—1.7%
Geopark Ltd.		21,040		389,240
(Cost $395,397)
CHINA—40.8%
APPAREL ACCESSORIES & LUXURY GOODS—1.5%
Shenzhou International Group Holdings Ltd.		25,900		342,400
APPLICATION SOFTWARE—2.1%
Beijing Thunisoft Corp., Ltd., Cl. A		124,943		490,449
DISTILLERS & VINTNERS—2.3%
Wuliangye Yibin Co., Ltd., Cl. A		31,294		541,877
DIVERSIFIED BANKS—2.0%
China Merchants Bank Co., Ltd., Cl. H		96,000		462,879
EDUCATION SERVICES—2.7%
New Oriental Education & Technology Group, Inc.#,*		5,100		619,905
ELECTRONIC COMPONENTS—1.9%
Sunny Optical Technology Group Co., Ltd.		28,100		446,529
FOOTWEAR—2.1%
ANTA Sports Products Ltd.		55,700		484,944
GAS UTILITIES—1.5%
ENN Energy Holdings Ltd.		30,600		355,729
HEALTHCARE EQUIPMENT—2.3%
Lepu Medical Technology Beijing Co., Ltd., Cl. A		121,993		547,387
HOUSEHOLD APPLIANCES—1.5%
Midea Group Co., Ltd., Cl. A		45,859		344,672
INTERACTIVE MEDIA & SERVICES—6.6%
Tencent Holdings Ltd.		32,507		1,550,296
INTERNET & DIRECT MARKETING RETAIL—8.9%
Alibaba Group Holding Ltd.#,*		8,008		1,654,373
Meituan Dianping Cl. B*		33,100		419,049
				2,073,422
LIFE & HEALTH INSURANCE—2.2%
Ping An Insurance Group Co., of China Ltd., Cl. H		44,532		503,571

18

THE ALGER FUNDS II ALGER EMERGING MARKETS FUND

Schedule of Investments January 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—98.7% (CONT.)	SHARES		VALUE
CHINA—40.8% (CONT.)
LIFE SCIENCES TOOLS & SERVICES—1.4%
Wuxi Biologics Cayman, Inc.*		26,000	$	328,851
PACKAGED FOODS & MEATS—1.8%
China Feihe Ltd.*,(a)		350,000		421,814
TOTAL CHINA    (Cost $7,740,442)				9,514,725
CYPRUS—2.2%
DIVERSIFIED BANKS—2.2%
TCS Group Holding PLC(b)		21,500		511,689
(Cost $404,881)
GREECE—2.4%
SPECIALTY STORES—2.4%    JUMBO SA		27,000		549,131
(Cost $522,415)
INDIA—7.8%
ASSET MANAGEMENT & CUSTODY BANKS—1.4%
HDFC Asset Management Co., Ltd.(a)		7,300		322,776
CONSUMER FINANCE—2.8%
Manappuram Finance Ltd.		253,000		661,680
DIVERSIFIED BANKS—1.5%
HDFC Bank Ltd.		20,566		350,719
RESTAURANTS—2.1%
Jubilant Foodworks Ltd.		18,096		478,085
TOTAL INDIA    (Cost $1,409,457)				1,813,260
INDONESIA—1.9%
DIVERSIFIED BANKS—1.9%
Bank Central Asia Tbk PT		189,300		447,320
(Cost $297,940)
RUSSIA—5.3%
APPAREL RETAIL—2.7%
Detsky Mir PJSC(a)		342,008		615,146
INTERACTIVE MEDIA & SERVICES—2.6%
Yandex NV, Cl. A*		13,650		611,657
TOTAL RUSSIA    (Cost $969,806)				1,226,803
SOUTH KOREA—19.4%
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.8%
Suprema, Inc.*		11,400		423,495
HEALTHCARE EQUIPMENT—1.5%
Ray Co., Ltd.*		9,000		355,203
INTERACTIVE MEDIA & SERVICES—2.2%
Kakao Corp.		3,970		521,407
PACKAGED FOODS & MEATS—2.3%
Orion Corp.*		6,197		527,365

19

THE ALGER FUNDS II ALGER EMERGING MARKETS FUND

Schedule of Investments January 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—98.7% (CONT.)	SHARES		VALUE
SOUTH KOREA—19.4% (CONT.)
SEMICONDUCTORS—2.2%
LEENO Industrial, Inc.		7,700	$	519,073
SPECIALTY CHEMICALS—1.5%
Chunbo Co., Ltd.		6,000		346,087
SYSTEMS SOFTWARE—2.0%
Douzone Bizon Co., Ltd.*		6,200		462,963
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.9%
Samsung Electronics Co., Ltd.		29,613		1,367,036
TOTAL SOUTH KOREA    (Cost $4,018,267)				4,522,629
TAIWAN—5.5%
ELECTRONIC COMPONENTS—2.2%
Largan Precision Co., Ltd.		3,300		509,780
HEALTHCARE SUPPLIES—1.6%
Ginko International Co., Ltd.		60,000		362,450
SEMICONDUCTORS—1.7%
MediaTek, Inc.		32,000		402,663
TOTAL TAIWAN    (Cost $1,319,885)				1,274,893
TURKEY—2.6%
APPAREL ACCESSORIES & LUXURY GOODS—1.1%
Mavi Giyim Sanayi Ve Ticaret AS, Cl. B*,(a)		27,004		256,224
PACKAGED FOODS & MEATS—1.5%
Ulker Biskuvi Sanayi AS*		89,200		347,501
TOTAL TURKEY    (Cost $596,674)				603,725
UNITED STATES—2.2%
IT CONSULTING & OTHER SERVICES—2.2%
EPAM Systems, Inc.*		2,300		524,722
(Cost $454,154)
TOTAL COMMON STOCKS    (Cost $19,474,192)				22,994,551
Total Investments     (Cost $19,474,192)		98.7%	$	22,994,551
Unaffiliated Securities (Cost $19,474,192)				22,994,551
Other Assets in Excess of Liabilities		1.3%		298,047
NET ASSETS		100.0%	$	23,292,598

^# American Depositary Receipts.

^(a) Pursuant to Securities and Exchange Commission Rule 144A, these securities may be sold prior to their maturity only to qualified institutional buyers. These securities represent 6.9% of the net assets of the Fund.

^(b) Global Depositary Receipts.

* Non-income producing security.

See Notes to Financial Statements.

20

THE ALGER FUNDS II ALGER RESPONSIBLE INVESTING FUND

Schedule of Investments January 31, 2020 (Unaudited)

COMMON STOCKS—94.5%	SHARES		VALUE
AEROSPACE & DEFENSE—1.0%
Hexcel Corp.		4,284	$	317,958
The Boeing Co.		1,184		376,832
				694,790
APPAREL ACCESSORIES & LUXURY GOODS—2.3%
Levi Strauss & Co., Cl. A		24,919		489,409
Lululemon Athletica, Inc.*		3,139		751,446
PVH Corp.		3,243		282,692
				1,523,547
APPLICATION SOFTWARE—10.0%
Adobe, Inc.*		6,511		2,286,273
Autodesk, Inc.*		4,433		872,636
salesforce.com, Inc.*		17,208		3,137,190
Workday, Inc., Cl. A*		1,906		351,905
				6,648,004
AUTO PARTS & EQUIPMENT—0.9%
Aptiv PLC		7,044		597,261
BIOTECHNOLOGY—2.7%
Sarepta Therapeutics, Inc.*		3,487		404,353
Vertex Pharmaceuticals, Inc.*		6,148		1,395,903
				1,800,256
BUILDING PRODUCTS—1.1%
Allegion PLC		5,588		722,640
COMMUNICATIONS EQUIPMENT—0.9%
Cisco Systems, Inc.		12,929		594,346
DATA PROCESSING & OUTSOURCED SERVICES—6.6%
PayPal Holdings, Inc.*		9,508		1,082,866
Visa, Inc., Cl. A		16,705		3,323,794
				4,406,660
DIVERSIFIED BANKS—1.2%
Citigroup, Inc.		4,521		336,408
JPMorgan Chase & Co.		3,626		479,937
				816,345
EDUCATION SERVICES—0.5%
Bright Horizons Family Solutions, Inc.*		1,994		326,478
ELECTRIC UTILITIES—0.6%
NextEra Energy, Inc.		1,477		396,131
ELECTRICAL COMPONENTS & EQUIPMENT—0.6%
Rockwell Automation, Inc.		1,902		364,537
ELECTRONIC EQUIPMENT & INSTRUMENTS—0.9%
Cognex Corp.		5,696		290,325
Trimble, Inc.*		7,671		326,171
				616,496
ELECTRONIC MANUFACTURING SERVICES—0.5%
Flex Ltd.*		26,095		343,149

21

THE ALGER FUNDS II ALGER RESPONSIBLE INVESTING FUND

Schedule of Investments January 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—94.5% (CONT.)	SHARES		VALUE
ENVIRONMENTAL & FACILITIES SERVICES—0.5%
Tetra Tech, Inc.		3,729	$	319,202
FINANCIAL EXCHANGES & DATA—2.1%
Intercontinental Exchange, Inc.		3,430		342,108
S & P Global, Inc.		3,557		1,044,798
				1,386,906
FOOD RETAIL—0.5%
The Kroger Co.		11,850		318,291
FOOTWEAR—1.4%
NIKE, Inc., Cl. B		9,691		933,243
HEALTHCARE EQUIPMENT—0.5%
Edwards Lifesciences Corp.*		1,585		348,478
HEALTHCARE SERVICES—1.2%
Cigna Corp.		4,158		799,916
HOME IMPROVEMENT RETAIL—2.6%
The Home Depot, Inc.		7,586		1,730,366
HOUSEHOLD PRODUCTS—1.9%
The Procter & Gamble Co.		10,255		1,277,978
INDUSTRIAL CONGLOMERATES—1.6%
Honeywell International, Inc.		6,123		1,060,626
INDUSTRIAL GASES—1.5%
Air Products & Chemicals, Inc.		4,187		999,479
INDUSTRIAL MACHINERY—1.4%
Woodward, Inc.		4,027		468,380
Xylem, Inc.		5,737		468,484
				936,864
INTERACTIVE HOME ENTERTAINMENT—0.5%
Electronic Arts, Inc.*		3,336		360,021
INTERACTIVE MEDIA & SERVICES—7.8%
Alphabet, Inc., Cl. A*		1,482		2,123,380
Alphabet, Inc., Cl. C*		927		1,329,531
Facebook, Inc., Cl. A*		8,550		1,726,331
				5,179,242
INTERNET & DIRECT MARKETING RETAIL—7.6%
Amazon.com, Inc.*		2,341		4,702,414
Etsy, Inc.*		7,229		352,847
				5,055,261
INVESTMENT BANKING & BROKERAGE—1.2%
Morgan Stanley		15,491		809,560
IT CONSULTING & OTHER SERVICES—0.8%
Accenture PLC, Cl. A		2,605		534,572
LEISURE FACILITIES—0.4%
Vail Resorts, Inc.		1,224		287,040
LIFE SCIENCES TOOLS & SERVICES—1.0%
Agilent Technologies, Inc.		4,610		380,602

22

THE ALGER FUNDS II ALGER RESPONSIBLE INVESTING FUND

Schedule of Investments January 31, 2020 (Unaudited) (Continued)

COMMON STOCKS—94.5% (CONT.)	SHARES		VALUE
LIFE SCIENCES TOOLS & SERVICES—1.0% (CONT.)
Illumina, Inc.*		886	$	257,002
				637,604
MANAGED HEALTHCARE—1.0%
Humana, Inc.		1,990		669,118
METAL & GLASS CONTAINERS—0.9%
Ball Corp.		8,031		579,678
MOVIES & ENTERTAINMENT—2.2%
Live Nation Entertainment, Inc.*		10,657		726,381
The Walt Disney Co.		5,406		747,704
				1,474,085
PHARMACEUTICALS—3.3%
Bristol-Myers Squibb Co.		9,637		606,649
Merck & Co., Inc.		10,929		933,774
Zoetis, Inc., Cl. A		4,902		657,897
				2,198,320
PROPERTY & CASUALTY INSURANCE—1.1%
The Progressive Corp.		8,642		697,323
SEMICONDUCTOR EQUIPMENT—2.6%
ASML Holding NV		1,580		443,443
Lam Research Corp.		4,234		1,262,621
				1,706,064
SEMICONDUCTORS—1.4%
NVIDIA Corp.		2,456		580,672
Taiwan Semiconductor Manufacturing Co., Ltd.#		6,081		328,009
				908,681
SOFT DRINKS—1.5%
PepsiCo, Inc.		6,849		972,695
SYSTEMS SOFTWARE—10.1%
Microsoft Corp.		39,276		6,685,953
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.1%
Apple, Inc.		13,024		4,031,058
TOTAL COMMON STOCKS    (Cost $29,903,141)				62,748,264
REAL ESTATE INVESTMENT TRUST—2.9%		SHARES		VALUE
INDUSTRIAL—1.0%
Prologis, Inc.		7,288		676,909
SPECIALIZED—1.9%
Equinix, Inc.		1,564		922,338
SBA Communications Corp., Cl. A		1,356		338,404
				1,260,742
TOTAL REAL ESTATE INVESTMENT TRUST    (Cost $1,467,994)				1,937,651

23

THE ALGER FUNDS II ALGER RESPONSIBLE INVESTING FUND

Schedule of Investments January 31, 2020 (Unaudited) (Continued)

			VALUE
Total Investments    (Cost $31,371,135)	97.4%	$	64,685,915
Unaffiliated Securities (Cost $31,371,135)			64,685,915
Other Assets in Excess of Liabilities	2.6%		1,740,722
NET ASSETS	100.0%	$	66,426,637

^#  American Depositary Receipts.

^*   Non-income producing security.

See Notes to Financial Statements.

24

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 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 funds—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 shares, Class C shares, Class I shares, Class Y shares and Class Z shares. 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 tenth 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 convert to Class A shares earlier. At conversion, a proportionate amount of shares representing reinvested dividends and distributions will also be converted into Class A shares. Class I shares, Class Y shares and Class Z shares are sold to institutional investors without an initial or deferred sales charge. 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 Trust’s Board of Trustees (“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 Standard Time).

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.

Debt securities generally trade in the over-the-counter market. Debt securities with remaining maturities of more than sixty days at the time of acquisition are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various

25

THE ALGER FUNDS II

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

relationships observed in the market between investments and calculated yield measures based on valuation technology commonly employed in the market for such investments. Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche. Debt securities with a remaining maturity of sixty days or less are valued at amortized cost which approximates market value.

Securities for which market quotations are not readily available are valued at fair value, as determined in good faith pursuant to procedures established by the Board.

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 Trust’s investment adviser, pursuant to policies established by the Board, 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.

Financial Accounting Standards Board 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

• 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

26

THE ALGER FUNDS II

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

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, 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 values may significantly differ from the values if there was an active market.

Valuation processes are determined by a Valuation Committee (“Committee”) established by the Board and comprised of representatives of the Trust’s investment adviser and officers of the Trust. The Committee reports its fair valuation determinations and related valuation information to the Board. The Board is responsible for approving valuation policy and procedures.

While the Committee meets on an as-needed basis, the Committee generally meets quarterly to review and evaluate the effectiveness of the procedures for making fair value determinations. The Committee considers, among other things, the results of quarterly back testing of the fair value model for foreign securities, pricing comparisons between primary and secondary price sources, the outcome of price challenges put to the Funds’ pricing vendor, and variances between transactional prices and the previous day’s price.

The Funds will record a change to a security’s fair value level if new inputs are available or it becomes evident that inputs previously considered for leveling have changed or are no longer relevant. Transfers between Levels 1, 2 and 3 are recognized at the end of the reporting period.

(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, 2020 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.

27

THE ALGER FUNDS II

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

Alger Spectra Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	826,886,220	$	826,886,220	$	—	$	—
Consumer Discretionary		978,239,006		921,687,733		43,864,255		12,687,018
Consumer Staples		68,844,784		68,844,784		—		—
Financials		361,188,686		361,188,686		—		—
Healthcare		957,955,574		941,094,949		16,860,625		—
Industrials		464,026,516		464,026,516		—		—
Information Technology		2,837,163,915		2,835,161,236		—		2,002,679
Materials		202,989,334		202,989,334		—		—
TOTAL COMMON STOCKS	$	6,697,294,035	$	6,621,879,458	$	60,724,880	$	14,689,697
PREFERRED STOCKS
Healthcare		3,086,733		—		—		3,086,733
Information Technology		9,231,625		—		—		9,231,625
TOTAL PREFERRED STOCKS	$	12,318,358	$	—	$	—	$	12,318,358
REAL ESTATE INVESTMENT TRUST
Real Estate		72,180,775		72,180,775		—		—
TOTAL INVESTMENTS IN SECURITIES	$	6,781,793,168	$	6,694,060,233	$	60,724,880	$	27,008,055
SECURITIES SOLD SHORT
COMMON STOCKS
Consumer Discretionary		110,860,947		110,860,947		—		—
Consumer Staples		46,733,825		46,733,825		—		—
Exchange Traded Funds		6,555,391		6,555,391		—		—
Financials		31,800,371		31,800,371		—		—
Healthcare		32,236,692		32,236,692		—		—
Industrials		61,473,773		61,473,773		—		—
Information Technology		109,043,925		109,043,925		—		—
Materials		17,383,413		17,383,413		—		—
TOTAL COMMON STOCKS $	$	416,088,337	$	416,088,337	$	—	$	—
REAL ESTATE INVESTMENT TRUST
Real Estate		9,540,759		9,540,759		—		—
TOTAL SECURITIES SOLD SHORT $	$	425,629,096	$	425,629,096	$	—	$	—

Alger Dynamic Opportunities Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	4,915,624	$	4,915,624	$	—	$	—
Consumer Discretionary		16,218,745		15,673,098		545,647		—
Consumer Staples		577,088		577,088		—		—
Energy		102,974		102,974		—		—
Financials		5,771,471		5,771,471		—		—
Healthcare		24,751,737		24,751,737		—		—
Industrials		17,629,562		17,629,562		—		—
Information Technology		30,087,648		29,483,285		566,378		37,985
Materials		458,126		458,126		—		—
Real Estate		3,664,722		3,664,722		—		—
TOTAL COMMON STOCKS	$	104,177,697	$	103,027,687	$	1,112,025	$	37,985

28

THE ALGER FUNDS II

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

Alger Dynamic Opportunities Fund	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
PREFERRED STOCKS
Healthcare $		43,903		$	—	$	—	$	43,903
Information Technology		154,911			—		—		154,911
TOTAL PREFERRED STOCKS	$	198,814		$	—	$	—	$	198,814
RIGHTS
Healthcare		407,329	*		—		—		407,329	*
REAL ESTATE INVESTMENT TRUST
Real Estate		1,829,996			1,829,996		—		—
PURCHASED OPTIONS
Information Technology		492			492		—		—
TOTAL INVESTMENTS IN SECURITIES	$	106,614,328		$	104,858,175	$	1,112,025	$	644,128
SECURITIES SOLD SHORT
COMMON STOCKS
Communication Services		1,431,419			1,303,310		128,109		—
Consumer Discretionary		6,745,501			6,745,501		—		—
Consumer Staples		1,762,762			1,762,762		—		—
Financials		3,820,503			3,820,503		—		—
Healthcare		5,382,954			5,382,954		—		—
Industrials		5,731,670			5,731,670		—		—
Information Technology		8,137,380			8,137,380		—		—
Materials		617,363			617,363		—		—
Real Estate		392,711			392,711		—		—
TOTAL COMMON STOCKS	$	34,022,263		$	33,894,154	$	128,109	$	—
REAL ESTATE INVESTMENT TRUST
Real Estate		5,730,305			5,730,305		—		—
TOTAL SECURITIES SOLD SHORT	$	39,752,568		$	39,624,459	$	128,109	$	—

Alger Emerging Markets Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	2,683,360	$	611,657	$	2,071,703	$	—
Consumer Discretionary		6,994,393		4,119,888		2,874,505		—
Consumer Staples		1,838,557		421,814		1,416,743		—
Energy		389,240		389,240		—		—
Financials		3,260,634		—		3,260,634		—
Healthcare		1,593,891		—		1,593,891		—
Industrials		385,950		385,950		—		—
Information Technology		5,146,710		524,722		4,621,988		—
Materials		346,087		346,087		—		—
Utilities		355,729		—		355,729		—
TOTAL COMMON STOCKS	$	22,994,551	$	6,799,358	$	16,195,193	$	—
TOTAL INVESTMENTS IN SECURITIES	$	22,994,551	$	6,799,358	$	16,195,193	$	—

29

THE ALGER FUNDS II

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

Alger Responsible Investing Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	7,013,348	$	7,013,348	$	—	$	—
Consumer Discretionary		10,453,196		10,453,196		—		—
Consumer Staples		2,568,964		2,568,964		—		—
Financials		3,710,134		3,710,134		—		—
Healthcare		6,453,692		6,453,692		—		—
Industrials		4,098,659		4,098,659		—		—
Information Technology		26,474,983		26,474,983		—		—
Materials		1,579,157		1,579,157		—		—
Utilities		396,131		396,131		—		—
TOTAL COMMON STOCKS	$	62,748,264	$	62,748,264	$	—	$	—
REAL ESTATE INVESTMENT TRUST
Real Estate		1,937,651		1,937,651		—		—
TOTAL INVESTMENTS IN SECURITIES	$	64,685,915	$	64,685,915	$	—	$	—

*Alger Dynamic Opportunities Fund’s holdings of Adolor Corp.’s rights are classified as a Level 3 investment and fair valued at zero as of January 31, 2020.

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Spectra Fund	Common Stocks
Opening balance at November 1, 2019	$	13,955,887
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		733,810
Purchases and sales
Purchases		—
Sales		—
Closing balance at January 31, 2020		14,689,697
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2020	$	733,810

30

THE ALGER FUNDS II

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE INPUTS (LEVEL 3)
Alger Spectra Fund	Preferred Stocks
Opening balance at November 1, 2019	$	12,318,358
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		—
Purchases and sales
Purchases		—
Sales		—
Closing balance at January 31, 2020		12,318,358
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2020	$	—

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Dynamic Opportunities Fund	Common Stocks
Opening balance at November 1, 2019	$	37,985
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		—
Purchases and sales
Purchases		—
Sales		—
Closing balance at January 31, 2020		37,985
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2020	$	—

31

THE ALGER FUNDS II

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE INPUTS (LEVEL 3)
Alger Dynamic Opportunities Fund	Preferred Stocks
Opening balance at November 1, 2019	$	198,814
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		—
Purchases and sales
Purchases		—
Sales		—
Closing balance at January 31, 2020		198,814
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2020	$	—
Alger Dynamic Opportunities Fund		Rights
Opening balance at November 1, 2019	$	407,329	*
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		—
Purchases and sales
Purchases		—
Sales		—
Closing balance at January 31, 2020		407,329	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2020	$	—

*Includes securities that are fair valued at zero.

The following table provides quantitative information about our Level 3 fair value measurements of our investments as of January 31, 2020. In addition to the methodologies and inputs noted in the table below, according to our valuation policy we may also use other valuation methodologies and inputs when determining our fair value measurements. The table below is not intended to be all-inclusive, but rather provides information on the Level 3 inputs as they relate to our fair value measurements.

32

THE ALGER FUNDS II

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

	Fair Value
	January 31,		Valuation		Unobservable			Weighted
	2020		Methodology		Input	Input/Range		Average Inputs
Alger Spectra Fund
Common Stocks	$	2,002,679		Market Approach	Transaction Price		N/A		N/A
Common Stocks		12,687,018		Income Approach	Discount Rate		2.40%-11.30%		N/A
Preferred Stocks		3,086,733		Income Approach	Discount Rate		55.00%-60.00%		N/A
Preferred Stocks		9,231,625		Market Approach	Transaction Price		N/A		N/A
Alger Dynamic Opportunities Fund
Common Stocks	$	37,985		Market Approach	Transaction Price		N/A		N/A
Preferred Stocks		154,911		Market Approach	Transaction Price		N/A		N/A
Preferred Stocks		43,903		Income Approach	Discount Rate		55.00%-60.00%		N/A
Rights		407,329		Income Approach	Discount Rate		4.82%-5.22%		N/A
					Probability of Success		0.00%		N/A

The significant unobservable inputs used in the fair value measurement of the Fund’s securities are revenue and EBITDA multiples, discount rates, and the probabilities of success of certain outcomes. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurements than those noted in the table above. Generally, increases in revenue and EBITDA multiples, decreases in discount rates, and increases in the probabilities of success result in higher fair value measurements, whereas decreases in revenues and EBITDA multiples, increases in discount rates, and decreases in the probabilities of success result in lower fair value measurements.

As of January 31, 2020, there were no transfers of securities between Level 1 and Level 2.

Certain of the Funds’ assets and liabilities are held at carrying amount or face value, which approximates fair value for financial statements purposes. As of January 31, 2020, such assets were categorized within the ASC 820 disclosure hierarchy as follows:

33

THE ALGER FUNDS II

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

	TOTAL			LEVEL 1			LEVEL 2		LEVEL 3
Cash, Foreign Cash and Cash Equivalents:
Alger Spectra Fund	$	39,687,555		$	—		$	39,687,555	$	—
Due to broker(a)		(893,461	)		(893,461	)		—		—
Alger Dynamic Opportunities Fund		56,877,516			—			56,877,516		—
Collateral held for short sales(b)		42,998,816			42,998,816			—		—
Alger Emerging Markets Fund		380,616			380,616			—		—
Bank overdraft		(67,645	)		(67,645	)		—		—
Alger Responsible Investing Fund		1,459,244			—			1,459,244		—

^(a)The due to broker balance represents a margin payable related to short sales due to prime brokers as of January 31, 2020.

^(b)The collateral held for short sales balance represents restricted cash held at prime brokers as of January 31, 2020.

NOTE 4 — Derivatives:

Financial Accounting Standards Board 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, while also buying and selling call and put options on equities and equity indexes. The Funds purchase call options to increase their exposure to the stock market and also provide diversification of risk. The Funds purchase put options in order to protect from significant market declines that may occur over a short period of time. The Funds will 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, 2020, options were used in accordance with these objectives.

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

34

THE ALGER FUNDS II

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

NOTE 5 — Affiliated Securities:

The issuers of the securities listed below are deemed to be affiliates of the Funds because the Funds or their affiliates owned 5% or more of the issuer’s voting securities during all or part of the period ended January 31, 2020. Purchase and sale transactions, interest income and dividend income earned during the period were as follows:

Net Increase

Shares/

Shares/

(Decrease)

Par at

Par at

Dividend/

in

Value at

October 31,

Purchases/

Sales/

January 31,

Interest

Realized

Unrealized

January 31,

Security

2019

Conversion

Conversion

2020

Income

Gain (Loss)

App(Dep)

2020

Alger Spectra Fund

Preferred Stocks

Prosetta Biosciences, Inc., Series D

2,912,012

—

—

2,912,012

—

—

—

$

3,086,733

Total

—

—

—

$

3,086,733

Net Increase

Shares/

Shares/

(Decrease)

Par at

Par at

Dividend/

in

Value at

October 31,

Purchases/

Sales/

January 31,

Interest

Realized

Unrealized

January 31,

Security

2019

Conversion

Conversion

2020

Income

Gain (Loss)

App(Dep)

2020

Alger Dynamic Opportunities Fund

Preferred Stocks

Prosetta Biosciences, Inc., Series D

41,418

—

—

41,418

—

—

—

$

43,903

Total

—

—

—

$

43,903

NOTE 6 — Subsequent Events:

An outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019, and has now been detected globally. The General Partner continues to closely monitor the impact of the COVID-19 outbreak on the Fund, however the duration and severity of the outbreak and its effects on the Fund cannot be determined with certainty. The effect of the impact of COVID-19 has not been reflected in these financial statements; such impact may affect the future results of the Fund.

35