Alger Funds Ii NPORT-P Alger Responsible Investing Fund (Jul 2020 report)

THE ALGER FUNDS II | ALGER SPECTRA FUND

Schedule of Investments July 31, 2020 (Unaudited)

COMMON STOCKS—105.4%	SHARES		VALUE
AEROSPACE & DEFENSE—1.2%
HEICO Corp., Cl. A		496,818	$	38,031,418
Mercury Systems, Inc.*		591,066		45,766,240
TransDigm Group, Inc.		9,958		4,297,674
				88,095,332
APPAREL ACCESSORIES & LUXURY GOODS—0.5%
LVMH Moet Hennessy Louis Vuitton SE		87,338		37,986,394
APPAREL RETAIL—0.6%
The TJX Cos., Inc.		769,543		40,008,541
APPLICATION SOFTWARE—9.1%
Adobe, Inc.*,+		475,304		211,187,073
Autodesk, Inc.*		131,082		30,991,717
Avalara, Inc.*		275,038		36,978,859
Cadence Design Systems, Inc.*		600,974		65,656,410
Intuit, Inc.		185,738		56,904,551
Palantir Technologies, Inc., Cl. A*,@,(a)		348,292		2,002,679
RingCentral, Inc., Cl. A*		173,571		50,382,454
salesforce.com, Inc.*,+		977,491		190,464,121
Vertex, Inc., Cl. A*		45,294		1,067,127
				645,634,991
AUTOMOBILE MANUFACTURERS—0.4%
Tesla, Inc.*		20,635		29,523,733
BIOTECHNOLOGY—2.9%
BioMarin Pharmaceutical, Inc.*		391,995		46,964,921
Genmab AS*		68,112		23,449,415
Immunomedics, Inc.*		247,508		10,452,263
Sarepta Therapeutics, Inc.*		233,302		35,816,523
Vertex Pharmaceuticals, Inc.*,+		337,682		91,849,503
				208,532,625
CASINOS & GAMING—0.9%
DraftKings, Inc., Cl. A*		1,248,885		41,681,537
Las Vegas Sands Corp.		487,259		21,263,983
				62,945,520
DATA PROCESSING & OUTSOURCED SERVICES—8.9%
Fidelity National Information Services, Inc.+		728,071		106,524,068
Fiserv, Inc.*		538,133		53,700,292
PayPal Holdings, Inc.*		842,710		165,230,150
Visa, Inc., Cl. A+		1,611,395		306,809,608
				632,264,118
DIVERSIFIED SUPPORT SERVICES—1.1%
Cintas Corp.+		248,345		74,967,905
EDUCATION SERVICES—0.7%
Bright Horizons Family Solutions, Inc.*		404,534		43,382,227
Vasta Platform Ltd.*		282,737		5,329,592
				48,711,819
ENVIRONMENTAL & FACILITIES SERVICES—0.9%
Waste Connections, Inc.		613,188		62,772,056

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THE ALGER FUNDS II | ALGER SPECTRA FUND

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

COMMON STOCKS—105.4% (CONT.)	SHARES		VALUE
FINANCIAL EXCHANGES & DATA—2.7%
Intercontinental Exchange, Inc.		1,018,864	$	98,605,658
S&P Global, Inc.		218,284		76,453,971
Tradeweb Markets, Inc., Cl. A		344,574		18,631,116
				193,690,745
FOOD DISTRIBUTORS—0.3%
US Foods Holding Corp.*		1,155,972		23,466,232
FOOTWEAR—1.1%
NIKE, Inc., Cl. B		821,767		80,212,677
HEALTHCARE EQUIPMENT—4.9%
Boston Scientific Corp.*,+		2,821,912		108,841,146
Danaher Corp.+		618,068		125,962,259
DexCom, Inc.*		135,141		58,859,311
Intuitive Surgical, Inc.*		51,919		35,587,359
Masimo Corp.*		72,909		16,048,729
				345,298,804
HEALTHCARE SERVICES—0.4%
Guardant Health, Inc.*		315,583		26,881,360
HEALTHCARE SUPPLIES—0.5%
Align Technology, Inc.*		132,421		38,907,938
HEALTHCARE TECHNOLOGY—0.8%
Schrodinger, Inc.*		86,923		6,291,487
Veeva Systems, Inc., Cl. A*		193,276		51,135,031
				57,426,518
HOME IMPROVEMENT RETAIL—1.3%
Lowe’s Cos., Inc.		630,638		93,908,305
INDUSTRIAL GASES—1.1%
Air Products & Chemicals, Inc.		263,085		75,408,054
INTERACTIVE MEDIA & SERVICES—9.4%
Alphabet, Inc., Cl. C*,+		217,617		322,717,306
Facebook, Inc., Cl. A*,+		1,170,541		296,931,135
Pinterest, Inc., Cl. A*		1,447,836		49,646,296
				669,294,737
INTERNET & DIRECT MARKETING RETAIL—12.5%
Alibaba Group Holding Ltd.#,*,+		1,103,711		277,053,535
Altaba, Inc.*,@,(a),+		606,454		13,451,150
Amazon.com, Inc.*,+		174,313		551,644,864
MercadoLibre, Inc.*		27,194		30,582,916
Wayfair, Inc., Cl. A*		69,525		18,499,907
				891,232,372
INTERNET SERVICES & INFRASTRUCTURE—1.9%
Shopify, Inc., Cl. A*		31,543		32,300,032
Twilio, Inc., Cl. A*		232,148		64,402,498
VeriSign, Inc.*		165,572		35,048,281
				131,750,811

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THE ALGER FUNDS II | ALGER SPECTRA FUND

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

COMMON STOCKS—105.4% (CONT.)	SHARES		VALUE
LEISURE FACILITIES—1.0%
Vail Resorts, Inc.		362,740	$	69,656,962
LIFE SCIENCES TOOLS & SERVICES—1.2%
Lonza Group AG		59,694		37,338,982
Thermo Fisher Scientific, Inc.		122,084		50,536,672
				87,875,654
MANAGED HEALTHCARE—2.3%
UnitedHealth Group, Inc.+		532,695		161,289,392
METAL & GLASS CONTAINERS—1.0%
Ball Corp.		969,278		71,367,939
MOVIES & ENTERTAINMENT—1.8%
Netflix, Inc.*		173,054		84,602,639
Roku, Inc., Cl. A*		258,885		40,098,698
				124,701,337
PHARMACEUTICALS—1.0%
Aerie Pharmaceuticals, Inc.*		599,842		6,934,174
GW Pharmaceuticals PLC#,*		264,566		33,766,559
Zoetis, Inc., Cl. A		190,708		28,926,589
				69,627,322
PROPERTY & CASUALTY INSURANCE—1.2%
The Progressive Corp.		923,188		83,400,804
RAILROADS—0.5%
Union Pacific Corp.		196,659		34,090,838
RESEARCH & CONSULTING SERVICES—1.8%
CoStar Group, Inc.*		92,522		78,621,495
TransUnion		538,812		48,261,391
				126,882,886
RESTAURANTS—1.1%
Chipotle Mexican Grill, Inc., Cl. A*		17,235		19,909,183
Shake Shack, Inc., Cl. A*		589,418		28,616,244
Starbucks Corp.		381,294		29,180,429
				77,705,856
SEMICONDUCTOR EQUIPMENT—1.5%
Lam Research Corp.		291,545		109,959,112
SEMICONDUCTORS—6.3%
Advanced Micro Devices, Inc.*		589,029		45,608,515
Micron Technology, Inc.*		347,094		17,373,790
NVIDIA Corp.		347,571		147,575,172
NXP Semiconductors NV		685,758		80,597,138
QUALCOMM, Inc.		268,713		28,378,780
Taiwan Semiconductor Manufacturing Co., Ltd.#		869,116		68,564,561
Universal Display Corp.		324,658		56,636,588
				444,734,544
SPECIALTY CHEMICALS—1.1%
The Sherwin-Williams Co.+		116,497		75,480,736

- 3 -

THE ALGER FUNDS II | ALGER SPECTRA FUND

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

COMMON STOCKS—105.4% (CONT.)	SHARES		VALUE
SYSTEMS SOFTWARE—9.3%
Crowdstrike Holdings, Inc., Cl. A*		371,960	$	42,105,872
Microsoft Corp.+		2,922,849		599,213,273
Proofpoint, Inc.*		147,343		17,043,165
				658,362,310
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.9%
Apple, Inc.+		1,160,117		493,096,130
TRUCKING—0.3%
Lyft, Inc., Cl. A*		646,051		18,884,071
WIRELESS TELECOMMUNICATION SERVICES—3.0%
T-Mobile US, Inc.*		2,010,746		215,913,905
TOTAL COMMON STOCKS (Cost $4,235,161,100)				7,481,951,385

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		2,300,489
TOTAL PREFERRED STOCKS (Cost $23,705,752)				11,532,114

REAL ESTATE INVESTMENT TRUST—1.1%	SHARES			VALUE
SPECIALIZED—1.1%
Crown Castle International Corp.		484,371			80,744,646
(Cost $55,382,026)					80,744,646
Total Investments (Cost $4,314,248,878)		106.7	%	$	7,574,228,145
Affiliated Securities (Cost $13,104,054)					2,300,489
Unaffiliated Securities (Cost $4,301,144,824)					7,571,927,656
Securities Sold Short (Proceeds $461,233,453)		(6.6	)%		(471,464,237	)
Liabilities in Excess of Other Assets		(0.1	)%		(6,003,644	)
NET ASSETS		100.0	%	$	7,096,760,264

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

^# 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.

^* 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.

- 4 -

THE ALGER FUNDS II | ALGER SPECTRA FUND

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

				% of net assets					% of net assets
	Acquisition	Acquisition		(Acquisition			Market		as of
Security	Date(s)	Cost		Date)			Value		7/31/2020
Altaba, Inc.	10/24/18	$	1,704,939		0.03	%	$	2,151,083		0.03	%
Altaba, Inc.	10/25/18		2,562,470		0.04	%		3,217,697		0.05	%
Altaba, Inc.	10/29/18		2,492,386		0.04	%		3,258,930		0.05	%
Altaba, Inc.	10/30/18		1,640,707		0.03	%		2,185,706		0.03	%
Altaba, Inc.	10/31/18		591,342		0.01	%		749,906		0.01	%
Altaba, Inc.	11/6/18		2,386,078		0.04	%		1,887,828		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		0.11	%
Palantir Technologies, Inc., Cl. D	10/14/14		1,221,931		0.03	%		1,064,107		0.01	%
Prosetta Biosciences, Inc., Series D	2/6/15		13,104,054		0.28	%		2,300,489		0.03	%
Total							$	26,985,943		0.38	%

See Notes to Financial Statements.

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THE ALGER FUNDS II | ALGER SPECTRA FUND

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

COMMON STOCKS—(6.6)%	SHARES			VALUE
AEROSPACE & DEFENSE—(0.2)%
Lockheed Martin Corp.		(14,993	)	$	(5,681,897	)
Northrop Grumman Corp.		(34,775	)		(11,302,223	)
					(16,984,120	)
AIRLINES—0.0%
American Airlines Group, Inc.		(301,953	)		(3,357,717	)
APPAREL ACCESSORIES & LUXURY GOODS—(0.1)%
Carter’s, Inc.		(80,697	)		(6,352,468	)
APPAREL RETAIL—(0.1)%
L Brands, Inc.		(155,923	)		(3,806,080	)
APPLICATION SOFTWARE—(0.1)%
SAP SE#		(62,261	)		(9,913,196	)
CABLE & SATELLITE—(0.1)%
Sirius XM Holdings, Inc.		(1,158,446	)		(6,811,662	)
CONSTRUCTION MACHINERY & HEAVY TRUCKS—(0.1)%
Trinity Industries, Inc.		(535,807	)		(10,464,311	)
CONSTRUCTION MATERIALS—(0.1)%
Martin Marietta Materials, Inc.		(30,488	)		(6,316,504	)
ELECTRICAL COMPONENTS & EQUIPMENT—(0.2)%
Hubbell, Inc., Cl. B		(104,420	)		(14,093,567	)
ELECTRONIC MANUFACTURING SERVICES—(0.1)%
IPG Photonics Corp.		(38,730	)		(6,933,057	)
EXCHANGE TRADED FUNDS—(0.8)%
Consumer Staples Select Sector SPDR Fund		(329,288	)		(20,646,358	)
Industrial Select Sector SPDR Fund		(147,273	)		(10,563,892	)
Utilities Select Sector SPDR Fund		(388,665	)		(23,642,492	)
					(54,852,742	)
GENERAL MERCHANDISE STORES—(0.1)%
Target Corp.		(34,708	)		(4,369,043	)
HEALTHCARE EQUIPMENT—(0.5)%
iShares 20+ Year Treasury Bond ETF		(194,678	)		(33,289,939	)
HOUSEHOLD APPLIANCES—0.0%
iRobot Corp.		(40,982	)		(2,978,982	)
INTEGRATED OIL & GAS—(0.2)%
Exxon Mobil Corp.		(306,982	)		(12,917,803	)
INTEGRATED TELECOMMUNICATION SERVICES—(0.4)%
AT&T, Inc.		(551,373	)		(16,309,613	)
Verizon Communications, Inc.		(182,775	)		(10,505,907	)
					(26,815,520	)
IT CONSULTING & OTHER SERVICES—(0.2)%
International Business Machines Corp.		(141,403	)		(17,384,085	)
LIFE SCIENCES TOOLS & SERVICES—(0.2)%
Waters Corp.		(74,754	)		(15,933,815	)
MOVIES & ENTERTAINMENT—(0.1)%
The Walt Disney Co.		(49,370	)		(5,773,328	)

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THE ALGER FUNDS II | ALGER SPECTRA FUND

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

COMMON STOCKS—(6.6)% (CONT.)	SHARES			VALUE
MULTI-SECTOR HOLDINGS—(0.4)%
Berkshire Hathaway, Inc., Cl. B		(127,913	)	$	(25,042,807	)
PACKAGED FOODS & MEATS—(0.8)%
Campbell Soup Co.		(310,518	)		(15,392,377	)
General Mills, Inc.		(271,906	)		(17,203,493	)
McCormick & Co., Inc.		(48,540	)		(9,460,446	)
The Hershey Co.		(106,132	)		(15,432,654	)
					(57,488,970	)
PAPER PACKAGING—(0.2)%
Amcor PLC		(718,015	)		(7,395,555	)
Packaging Corp. of America		(94,552	)		(9,088,338	)
					(16,483,893	)
RAILROADS—(0.3)%
CSX Corp.		(148,041	)		(10,561,245	)
Norfolk Southern Corp.		(39,830	)		(7,655,724	)
					(18,216,969	)
RESTAURANTS—(0.1)%
Restaurant Brands International, Inc.		(182,308	)		(10,304,048	)
SECURITY & ALARM SERVICES—(0.1)%
The Brink’s Co.		(89,628	)		(3,975,002	)
SEMICONDUCTORS—(0.1)%
Intel Corp.		(139,393	)		(6,653,228	)
SPECIALTY CHEMICALS—(0.2)%
International Flavors & Fragrances, Inc.		(140,330	)		(17,674,564	)
SYSTEMS SOFTWARE—(0.4)%
iShares Expanded Tech-Software Sector ETF		(48,736	)		(14,397,589	)
Oracle Corp.		(123,302	)		(6,837,096	)
Teradata Corp.		(265,297	)		(5,571,237	)
					(26,805,922	)
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—(0.3)%
Seagate Technology PLC		(489,369	)		(22,129,266	)
TRUCKING—(0.1)%
Landstar System, Inc.		(60,286	)		(7,341,629	)
TOTAL COMMON STOCKS (Proceeds $461,233,453)				$	(471,464,237	)
Total Securities Sold Short (Proceeds $461,233,453)				$	(471,464,237	)

^# American Depositary Receipts.

See Notes to Financial Statements.

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THE ALGER FUNDS II | ALGER DYNAMIC OPPORTUNITIES FUND

Schedule of Investments July 31, 2020 (Unaudited)

COMMON STOCKS—72.2%	SHARES		VALUE
AEROSPACE & DEFENSE—3.7%
HEICO Corp.+		27,304	$	2,624,460
HEICO Corp., Cl. A		6,546		501,096
Kratos Defense & Security Solutions, Inc.*,+		59,220		1,066,552
Mercury Systems, Inc.*		15,981		1,237,409
TransDigm Group, Inc.+		12,025		5,189,750
				10,619,267
AIR FREIGHT & LOGISTICS—0.7%
XPO Logistics, Inc.*,+		26,508		1,988,630
ALTERNATIVE CARRIERS—0.1%
Bandwidth, Inc., Cl. A*		2,327		336,903
APPAREL ACCESSORIES & LUXURY GOODS—0.2%
Canada Goose Holdings, Inc.*		3,843		85,622
Lululemon Athletica, Inc.*		1,420		462,338
				547,960
APPLICATION SOFTWARE—8.0%
Altair Engineering, Inc., Cl. A*,+		5,505		221,852
Avalara, Inc.*,+		12,909		1,735,615
Bill.com Holdings, Inc.*		7,107		661,733
Cadence Design Systems, Inc.*		6,166		673,636
Cerence, Inc.*		26,473		1,049,919
Ebix, Inc.+		56,071		1,236,646
Envestnet, Inc.*		5,191		421,509
Everbridge, Inc.*,+		23,849		3,405,636
Globant SA*		787		136,104
HubSpot, Inc.*		8,450		1,982,455
LivePerson, Inc.*		6,847		294,284
Mimecast Ltd.*		6,869		322,362
Palantir Technologies, Inc., Cl. A*,@,(a)		6,606		37,985
Paylocity Holding Corp.*,+		47,147		6,279,979
Pluralsight, Inc., Cl. A*		68,992		1,460,561
RingCentral, Inc., Cl. A*		2,987		867,036
SPS Commerce, Inc.*,+		16,196		1,217,453
The Trade Desk, Inc., Cl. A*,+		251		113,281
Vertex, Inc., Cl. A*		46,844		1,103,645
				23,221,691
ASSET MANAGEMENT & CUSTODY BANKS—0.9%
Hamilton Lane, Inc., Cl. A		34,390		2,484,334
AUTOMOBILE MANUFACTURERS—0.1%
Tesla, Inc.*		212		303,321
AUTOMOTIVE RETAIL—0.3%
Carvana Co., Cl. A*		4,857		752,592
BIOTECHNOLOGY—4.6%
ACADIA Pharmaceuticals, Inc.*,+		101,906		4,236,232
BioMarin Pharmaceutical, Inc.*		11,599		1,389,676
BioNTech SE#,*		11,461		941,063
Forte Biosciences, Inc.*		61,681		1,162,687

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THE ALGER FUNDS II | ALGER DYNAMIC OPPORTUNITIES FUND

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

COMMON STOCKS—72.2% (CONT.)	SHARES		VALUE
BIOTECHNOLOGY—4.6% (CONT.)
Genmab AS#,*		13,594	$	464,779
Moderna, Inc.*		12,212		904,909
Natera, Inc.*		20,285		974,086
Puma Biotechnology, Inc.*		145,212		1,497,136
Ultragenyx Pharmaceutical, Inc.*		15,071		1,177,949
Vertex Pharmaceuticals, Inc.*		1,099		298,928
				13,047,445
CASINOS & GAMING—0.6%
DraftKings, Inc., Cl. A*		23,147		772,531
Penn National Gaming, Inc.*		28,085		950,677
				1,723,208
CONSUMER ELECTRONICS—0.2%
Garmin Ltd.		6,755		665,975
CONSUMER FINANCE—0.2%
LendingTree, Inc.*		1,828		633,018
DATA PROCESSING & OUTSOURCED SERVICES—0.4%
PayPal Holdings, Inc.*		6,204		1,216,418
DISTRIBUTORS—0.4%
Pool Corp.+		3,248		1,028,642
DIVERSIFIED SUPPORT SERVICES—0.5%
Cintas Corp.		2,256		681,019
Copart, Inc.*		7,306		681,284
				1,362,303
EDUCATION SERVICES—5.5%
Chegg, Inc.*,+		193,421		15,661,298
ELECTRONIC EQUIPMENT & INSTRUMENTS—0.2%
Novanta, Inc.*		4,440		460,339
ELECTRONIC MANUFACTURING SERVICES—0.0%
IPG Photonics Corp.*		402		71,962
ENVIRONMENTAL & FACILITIES SERVICES—2.8%
Casella Waste Systems, Inc., Cl. A*,+		45,641		2,528,968
Waste Connections, Inc.+		53,382		5,464,715
				7,993,683
FINANCIAL EXCHANGES & DATA—0.1%
MarketAxess Holdings, Inc.		500		258,350
FOOD DISTRIBUTORS—0.7%
US Foods Holding Corp.*,+		98,686		2,003,326
FOOD RETAIL—0.1%
Grocery Outlet Holding Corp.*		7,729		339,999
GENERAL MERCHANDISE STORES—1.3%
Ollie’s Bargain Outlet Holdings, Inc.*		35,945		3,777,820
HEALTHCARE DISTRIBUTORS—0.3%
PetIQ, Inc., Cl. A*		22,032		803,948

- 9 -

THE ALGER FUNDS II | ALGER DYNAMIC OPPORTUNITIES FUND

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

COMMON STOCKS—72.2% (CONT.)	SHARES		VALUE
HEALTHCARE EQUIPMENT—7.4%
ABIOMED, Inc.*		2,440	$	731,854
DexCom, Inc.*,+		1,722		750,000
Glaukos Corp.*,+		54,664		2,388,817
Hologic, Inc.*		21,718		1,515,482
Insulet Corp.*,+		20,028		4,072,894
Intuitive Surgical, Inc.*		994		681,327
Masimo Corp.*		1,618		356,154
Nevro Corp.*,+		74,482		9,903,126
Tandem Diabetes Care, Inc.*		9,485		990,803
				21,390,457
HEALTHCARE FACILITIES—0.1%
US Physical Therapy, Inc.+		3,936		326,924
HEALTHCARE SERVICES—0.4%
Guardant Health, Inc.*,+		14,242		1,213,134
HEALTHCARE SUPPLIES—0.9%
Align Technology, Inc.*		2,404		706,343
OraSure Technologies, Inc.*		19,255		349,478
Quidel Corp.*,+		4,396		1,241,739
Silk Road Medical, Inc.*		4,741		220,267
				2,517,827
HEALTHCARE TECHNOLOGY—2.0%
Inspire Medical Systems, Inc.*		524		52,065
Livongo Health, Inc.*		6,864		873,444
Phreesia, Inc.*		20,066		603,184
Tabula Rasa HealthCare, Inc.*		45,792		2,573,510
Teladoc Health, Inc.*		4,240		1,007,551
Veeva Systems, Inc., Cl. A*		2,108		557,714
				5,667,468
HOTELS RESORTS & CRUISE LINES—0.5%
Extended Stay America, Inc.		115,828		1,321,597
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.2%
Upwork, Inc.*		33,055		496,486
INSURANCE BROKERS—0.4%
eHealth, Inc.*		5,809		401,634
Goosehead Insurance, Inc., Cl. A*		6,496		671,232
				1,072,866
INTERACTIVE HOME ENTERTAINMENT—0.7%
Activision Blizzard, Inc.+		16,850		1,392,316
Take-Two Interactive Software, Inc.*		3,824		627,212
				2,019,528
INTERNET & DIRECT MARKETING RETAIL—7.1%
Amazon.com, Inc.*,+		1,432		4,531,822
Etsy, Inc.*		8,422		996,996
Farfetch Ltd., Cl. A*		43,336		1,110,702
Fiverr International Ltd.*		15,164		1,416,773
MercadoLibre, Inc.*		1,249		1,404,650

- 10 -

THE ALGER FUNDS II | ALGER DYNAMIC OPPORTUNITIES FUND

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

COMMON STOCKS—72.2% (CONT.)	SHARES		VALUE
INTERNET & DIRECT MARKETING RETAIL—7.1% (CONT.)
Wayfair, Inc., Cl. A*,+		42,294	$	11,254,010
				20,714,953
INTERNET SERVICES & INFRASTRUCTURE—0.4%
Akamai Technologies, Inc.*		5,130		576,817
Shopify, Inc., Cl. A*		227		232,448
VeriSign, Inc.*		1,434		303,549
				1,112,814
IT CONSULTING & OTHER SERVICES—1.0%
EPAM Systems, Inc.*,+		9,714		2,817,837
LEISURE FACILITIES—1.2%
Planet Fitness, Inc., Cl. A*,+		28,280		1,476,216
Vail Resorts, Inc.+		10,722		2,058,946
				3,535,162
LEISURE PRODUCTS—0.2%
Peloton Interactive, Inc., Cl. A*		9,877		673,809
LIFE SCIENCES TOOLS & SERVICES—1.2%
Bio-Techne Corp.+		1,707		469,698
NeoGenomics, Inc.*		74,447		2,846,109
				3,315,807
MANAGED HEALTHCARE—2.2%
Progyny, Inc.*,+		232,154		6,181,100
MOVIES & ENTERTAINMENT—1.7%
Liberty Media Corp.-Liberty Formula One, Cl. C*		27,176		963,117
Netflix, Inc.*,+		5,314		2,597,909
Roku, Inc., Cl. A*		8,697		1,347,078
				4,908,104
OIL & GAS EQUIPMENT & SERVICES—0.4%
Core Laboratories NV		51,097		1,089,899
PHARMACEUTICALS—0.3%
Aerie Pharmaceuticals, Inc.*		66,369		767,226
REAL ESTATE SERVICES—2.7%
FirstService Corp.+		65,950		7,884,323
REGIONAL BANKS—1.0%
Signature Bank		27,949		2,865,611
RESEARCH & CONSULTING SERVICES—0.4%
CoStar Group, Inc.*		1,287		1,093,641
RESTAURANTS—0.2%
Wingstop, Inc.		3,079		481,094
SEMICONDUCTOR EQUIPMENT—0.7%
Applied Materials, Inc.		10,683		687,237
Lam Research Corp.		1,927		726,788
SolarEdge Technologies, Inc.*		3,802		665,730
				2,079,755
SEMICONDUCTORS—2.8%
Advanced Micro Devices, Inc.*		61,601		4,769,765

- 11 -

THE ALGER FUNDS II | ALGER DYNAMIC OPPORTUNITIES FUND

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

COMMON STOCKS—72.2% (CONT.)	SHARES		VALUE
SEMICONDUCTORS—2.8% (CONT.)
Impinj, Inc.*		48,610	$	1,147,196
Inphi Corp.*		7,607		993,931
QUALCOMM, Inc.		10,844		1,145,235
				8,056,127
SPECIALTY STORES—0.1%
Sportsman’s Warehouse Holdings, Inc.*		20,795		334,592
SYSTEMS SOFTWARE—1.4%
Crowdstrike Holdings, Inc., Cl. A*		7,752		877,526
Microsoft Corp.+		10,109		2,072,446
Palo Alto Networks, Inc.*		1,590		406,913
Rapid7, Inc.*		11,616		691,965
				4,048,850
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.0%
Apple, Inc.+		13,473		5,726,564
THRIFTS & MORTGAGE FINANCE—0.0%
Axos Financial, Inc.*,+		3,653		81,864
TRADING COMPANIES & DISTRIBUTORS—0.2%
SiteOne Landscape Supply, Inc.*		4,397		562,948
TRUCKING—0.1%
Old Dominion Freight Line, Inc.		1,712		312,988
WIRELESS TELECOMMUNICATION SERVICES—0.4%
T-Mobile US, Inc.*		9,764		1,048,458
TOTAL COMMON STOCKS (Cost $158,964,898)				207,022,245

PREFERRED STOCKS—0.1%	SHARES		VALUE
APPLICATION SOFTWARE—0.1%
Palantir Technologies, Inc., Cl. B*,@,(a)		26,941		154,911
BIOTECHNOLOGY—0.0%
Prosetta Biosciences, Inc., Series D*,@,(a),(b)		41,418		32,720
TOTAL PREFERRED STOCKS (Cost $364,284)				187,631

WARRANTS—0.2%	SHARES		VALUE
BIOTECHNOLOGY—0.2%
Forte Biosciences, Inc., 2/20/21*,@		61,681		511,089
(Cost $0)				511,089

RIGHTS—0.1%	SHARES		VALUE
BIOTECHNOLOGY—0.1%
Adolor Corp., CPR*,(a),(c)		49,870		—
BioNTech Pharmaceuticals Ltd.*		14,455		—
Tolero CDR*,@,(a),(d)		126,108		390,935
				390,935
TOTAL RIGHTS (Cost $67,638)				390,935

- 12 -

THE ALGER FUNDS II | ALGER DYNAMIC OPPORTUNITIES FUND

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

REAL ESTATE INVESTMENT TRUST—0.8%	SHARES			VALUE
SPECIALIZED—0.8%
Crown Castle International Corp.+		13,864		$	2,311,129
(Cost $1,922,381)					2,311,129
Total Investments (Cost $161,319,201)		73.4	%	$	210,423,029
Affiliated Securities (Cost $186,381)					32,720
Unaffiliated Securities (Cost $161,132,820)					210,390,309
Securities Sold Short (Proceeds $62,290,998)		(21.7	)%		(62,137,323	)
Other Assets in Excess of Liabilities		48.3	%		138,431,426
NET ASSETS		100.0	%	$	286,717,132

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

^# 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		7/31/2020
Adolor Corp., CPR	10/24/11	$	0		0.00	%	$	0		0.00	%
Forte Biosciences, Inc. Warrants	2/19/20		0		0.00	%		511,089		0.18	%
Palantir Technologies, Inc., Cl. A	10/7/14		42,985		0.05	%		37,985		0.01	%
Palantir Technologies, Inc., Cl. B	10/7/14		177,903		0.22	%		154,911		0.05	%
Prosetta Biosciences, Inc., Series D	2/6/15		186,381		0.25	%		32,720		0.01	%
Tolero CDR	2/6/17		67,638		0.09	%		390,935		0.14	%
Total							$	1,127,640		0.39	%

See Notes to Financial Statements.

- 13 -

THE ALGER FUNDS II | ALGER DYNAMIC OPPORTUNITIES FUND

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

COMMON STOCKS—(19.6)%	SHARES			VALUE
ADVERTISING—(0.5)%
Cardlytics, Inc.		(5,911	)	$	(392,609	)
Omnicom Group, Inc.		(19,867	)		(1,067,454	)
					(1,460,063	)
AIR FREIGHT & LOGISTICS—(0.2)%
Forward Air Corp.		(11,139	)		(579,117	)
APPAREL ACCESSORIES & LUXURY GOODS—(0.3)%
Carter’s, Inc.		(9,338	)		(735,087	)
APPLICATION SOFTWARE—(1.9)%
ShotSpotter, Inc.		(142,262	)		(3,277,715	)
SS&C Technologies Holdings, Inc.		(12,897	)		(741,578	)
Yext, Inc.		(58,246	)		(979,698	)
Zendesk, Inc.		(3,486	)		(317,749	)
					(5,316,740	)
ASSET MANAGEMENT & CUSTODY BANKS—(0.1)%
Main Street Capital Corp.		(9,054	)		(274,427	)
Sculptor Capital Management, Inc., Cl. A		(81	)		(1,007	)
					(275,434	)
AUTOMOBILE MANUFACTURERS—(0.2)%
Ford Motor Co.		(94,834	)		(626,853	)
AUTOMOTIVE RETAIL—(0.1)%
Monro, Inc.		(4,272	)		(240,514	)
BIOTECHNOLOGY—(0.6)%
Flexion Therapeutics, Inc.		(126,712	)		(1,719,482	)
CABLE & SATELLITE—(0.2)%
Sirius XM Holdings, Inc.		(76,539	)		(450,049	)
CASINOS & GAMING—(0.6)%
Caesars Entertainment, Inc.		(13,475	)		(418,399	)
Las Vegas Sands Corp.		(14,384	)		(627,718	)
Red Rock Resorts, Inc., Cl. A		(41,419	)		(453,952	)
Twin River Worldwide Holdings, Inc.		(700	)		(15,092	)
Wynn Resorts Ltd.		(705	)		(51,063	)
					(1,566,224	)
COMMUNICATIONS EQUIPMENT—(0.5)%
Arista Networks, Inc.		(3,127	)		(812,301	)
F5 Networks, Inc.		(4,242	)		(576,488	)
					(1,388,789	)
CONSTRUCTION MACHINERY & HEAVY TRUCKS—(0.2)%
Trinity Industries, Inc.		(29,589	)		(577,873	)
DATA PROCESSING & OUTSOURCED SERVICES—(1.1)%
MAXIMUS, Inc.		(30,885	)		(2,291,975	)
NIC, Inc.		(42,908	)		(940,543	)
					(3,232,518	)
DEPARTMENT STORES—0.0%
Sears Holdings Corp.		(4	)		(1	)

- 14 -

THE ALGER FUNDS II | ALGER DYNAMIC OPPORTUNITIES FUND

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

COMMON STOCKS—(19.6)% (CONT.)	SHARES			VALUE
DIVERSIFIED SUPPORT SERVICES—(0.5)%
Healthcare Services Group, Inc.		(48,431	)	$	(1,268,408	)
Viad Corp.		(1,012	)		(14,634	)
					(1,283,042	)
ELECTRICAL COMPONENTS & EQUIPMENT—(0.3)%
Hubbell, Inc., Cl. B		(7,208	)		(972,864	)
ELECTRONIC EQUIPMENT & INSTRUMENTS—0.0%
Arlo Technologies, Inc.		(23	)		(97	)
HEALTHCARE EQUIPMENT—(0.4)%
LivaNova PLC		(7,130	)		(331,830	)
Penumbra, Inc.		(1,613	)		(357,941	)
Zimmer Biomet Holdings, Inc.		(2,426	)		(327,170	)
					(1,016,941	)
HEALTHCARE TECHNOLOGY—(0.1)%
Castlight Health, Inc., Cl. B		(7,950	)		(8,745	)
Cerner Corp.		(4,611	)		(320,234	)
					(328,979	)
HOME FURNISHINGS—(0.8)%
La-Z-Boy, Inc.		(22,881	)		(651,193	)
Leggett & Platt, Inc.		(40,488	)		(1,623,164	)
					(2,274,357	)
HOUSEHOLD APPLIANCES—(0.1)%
iRobot Corp.		(4,540	)		(330,013	)
INDUSTRIAL MACHINERY—(1.3)%
Enerpac Tool Group Corp., Cl. A		(191,152	)		(3,612,772	)
INTEGRATED OIL & GAS—(0.1)%
Occidental Petroleum Corp.		(16,162	)		(254,390	)
INTEGRATED TELECOMMUNICATION SERVICES—(0.1)%
AT&T, Inc.		(10,985	)		(324,936	)
INTERACTIVE MEDIA & SERVICES—(0.6)%
Snap, Inc., Cl. A		(3	)		(67	)
Twitter, Inc.		(24,700	)		(899,080	)
Yelp, Inc., Cl. A		(29,543	)		(737,984	)
					(1,637,131	)
INTERNET & DIRECT MARKETING RETAIL—(0.8)%
PetMed Express, Inc.		(1,015	)		(31,668	)
Shutterstock, Inc.		(6,719	)		(365,110	)
Stitch Fix, Inc., Cl. A		(813	)		(18,008	)
The RealReal, Inc.		(130,834	)		(1,784,575	)
					(2,199,361	)
INTERNET SERVICES & INFRASTRUCTURE—(0.3)%
GTT Communications, Inc.		(144,349	)		(909,399	)
IT CONSULTING & OTHER SERVICES—(0.1)%
Infosys Ltd.#		(28,506	)		(366,302	)
LIFE SCIENCES TOOLS & SERVICES—(0.2)%
Bruker Corp.		(7,759	)		(346,207	)

- 15 -

THE ALGER FUNDS II | ALGER DYNAMIC OPPORTUNITIES FUND

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

COMMON STOCKS—(19.6)% (CONT.)	SHARES			VALUE
LIFE SCIENCES TOOLS & SERVICES—(0.2)% (CONT.)
Waters Corp.		(1,737	)	$	(370,242	)
					(716,449	)
MARKET INDICES—(1.2)%
iShares Russell Mid-Cap ETF		(35,844	)		(2,034,863	)
iShares Russell Mid-Cap Growth ETF		(7,728	)		(1,320,715	)
					(3,355,578	)
MOVIES & ENTERTAINMENT—(0.1)%
Cinemark Holdings, Inc.		(28,902	)		(341,911	)
PACKAGED FOODS & MEATS—(1.7)%
Beyond Meat, Inc.		(361	)		(45,450	)
Campbell Soup Co.		(35,426	)		(1,756,067	)
General Mills, Inc.		(28,917	)		(1,829,578	)
The Hershey Co.		(8,785	)		(1,277,427	)
					(4,908,522	)
PAPER PACKAGING—(0.1)%
Packaging Corp. of America		(4,089	)		(393,035	)
PHARMACEUTICALS—(0.2)%
Bausch Health Cos., Inc.		(35,229	)		(643,634	)
PROPERTY & CASUALTY INSURANCE—(1.0)%
HCI Group, Inc.		(65,224	)		(2,910,294	)
Universal Insurance Holdings, Inc.		(4,811	)		(84,241	)
					(2,994,535	)
REGIONAL BANKS—(0.7)%
Great Western Bancorp, Inc.		(69,698	)		(906,074	)
Southside Bancshares, Inc.		(44,649	)		(1,236,777	)
					(2,142,851	)
RESTAURANTS—(0.4)%
Aramark		(30,235	)		(638,564	)
Papa John’s International, Inc.		(163	)		(15,431	)
Shake Shack, Inc., Cl. A		(12,162	)		(590,465	)
					(1,244,460	)
SECURITY & ALARM SERVICES—(0.1)%
The Brink’s Co.		(5,936	)		(263,262	)
SPECIALIZED CONSUMER SERVICES—(0.2)%
OneSpaWorld Holdings Ltd.		(112,241	)		(624,060	)
SPECIALTY STORES—0.0%
Ulta Beauty, Inc.		(3	)		(579	)
SYSTEMS SOFTWARE—(1.0)%
Fortinet, Inc.		(4,863	)		(672,553	)
Oracle Corp.		(24,591	)		(1,363,571	)
Teradata Corp.		(22,320	)		(468,720	)
Zscaler, Inc.		(2,543	)		(330,209	)
					(2,835,053	)
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—(0.2)%
NetApp, Inc.		(7,044	)		(312,049	)

- 16 -

THE ALGER FUNDS II | ALGER DYNAMIC OPPORTUNITIES FUND

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

COMMON STOCKS—(19.6)% (CONT.)	SHARES			VALUE
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—(0.2)% (CONT.)
Seagate Technology PLC		(6,762	)	$	(305,778	)
					(617,827	)
TOBACCO—(0.2)%
Philip Morris International, Inc.		(8,359	)		(642,055	)
TRADING COMPANIES & DISTRIBUTORS—(0.1)%
WW Grainger, Inc.		(659	)		(225,068	)
TRUCKING—(0.2)%
Landstar System, Inc.		(4,193	)		(510,624	)
TOTAL COMMON STOCKS (Proceeds $55,661,077)				$	(56,138,831	)

REAL ESTATE INVESTMENT TRUST—(2.1)%	SHARES			VALUE
DIVERSIFIED—(0.5)%
Empire State Realty Trust, Inc., Cl. A		(209,641	)		(1,383,631	)
HEALTHCARE—(0.6)%
Omega Healthcare Investors, Inc.		(50,087	)		(1,621,817	)
OFFICE—(0.9)%
Hudson Pacific Properties, Inc.		(29,538	)		(696,211	)
Paramount Group, Inc.		(100,268	)		(714,911	)
SL Green Realty Corp.		(15,029	)		(698,848	)
Vornado Realty Trust		(20,085	)		(693,334	)
					(2,803,304	)
RETAIL—(0.1)%
CBL & Associates Properties, Inc.		(13,748	)		(2,513	)
Pennsylvania Real Estate Investment Trust		(29,569	)		(34,891	)
Seritage Growth Properties, Cl. A		(15,444	)		(143,784	)
Washington Prime Group, Inc.		(11,653	)		(8,552	)
					(189,740	)
TOTAL REAL ESTATE INVESTMENT TRUST (Proceeds $6,629,921)				$	(5,998,492	)
Total Securities Sold Short (Proceeds $62,290,998)				$	(62,137,323	)

^# American Depositary Receipts.

See Notes to Financial Statements.

- 17 -

THE ALGER FUNDS II | ALGER EMERGING MARKETS FUND

Schedule of Investments July 31, 2020 (Unaudited)

COMMON STOCKS—97.0%	SHARES		VALUE
BRAZIL—5.4%
DRUG RETAIL—1.6%
Dimed SA Distribuidora da Medicamentos		64,000	$	330,137
EDUCATION SERVICES—1.9%
Afya Ltd., Cl. A*		3,299		86,269
Arco Platform Ltd., Cl. A*		1,877		81,743
Vasta Platform Ltd.*		10,812		203,806
				371,818
GENERAL MERCHANDISE STORES—1.9%
Magazine Luiza SA		24,000		371,312
TOTAL BRAZIL (Cost $986,795)				1,073,267
CHINA—42.4%
APPAREL ACCESSORIES & LUXURY GOODS—2.2%
Li Ning Co., Ltd.		135,000		435,136
APPLICATION SOFTWARE—1.5%
Beijing Thunisoft Corp., Ltd., Cl. A		79,974		303,817
AUTOMOBILE MANUFACTURERS—3.2%
Geely Automobile Holdings Ltd.		302,000		633,535
CASINOS & GAMING—1.4%
Galaxy Entertainment Group Ltd.		41,000		279,611
CONSTRUCTION MACHINERY & HEAVY TRUCKS—3.3%
Sany Heavy Industry Co., Ltd., Cl. A		214,997		649,343
DISTILLERS & VINTNERS—1.6%
Wuliangye Yibin Co., Ltd., Cl. A		10,000		311,242
EDUCATION SERVICES—1.3%
New Oriental Education & Technology Group, Inc.#,*		1,800		252,360
HEALTHCARE EQUIPMENT—2.0%
Lepu Medical Technology Beijing Co., Ltd., Cl. A		63,985		392,997
INTERACTIVE MEDIA & SERVICES—11.5%
Baidu, Inc.#,*		4,500		537,300
Tencent Holdings Ltd.		25,607		1,756,606
				2,293,906
INTERNET & DIRECT MARKETING RETAIL—13.1%
Alibaba Group Holding Ltd.#,*		5,208		1,307,312
JD.com, Inc.#,*		7,700		491,183
Meituan Dianping Cl. B*		16,100		398,421
Vipshop Holdings Ltd.#,*		18,000		409,860
				2,606,776
PACKAGED FOODS & MEATS—1.3%
China Feihe Ltd.(a)		136,000		261,756
TOTAL CHINA (Cost $6,572,049)				8,420,479

- 18 -

THE ALGER FUNDS II | ALGER EMERGING MARKETS FUND

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

COMMON STOCKS—97.0% (CONT.)	SHARES		VALUE
GREECE—2.6%
SPECIALTY STORES—2.6%
JUMBO SA		26,500	$	517,150
(Cost $513,321)
HONG KONG—3.2%
FINANCIAL EXCHANGES & DATA—3.2%
Hong Kong Exchanges & Clearing Ltd.		13,500		642,782
(Cost $459,135)
INDIA—6.7%
APPAREL ACCESSORIES & LUXURY GOODS—1.4%
Titan Co., Ltd.*		20,000		279,157
CONSUMER FINANCE—2.4%
Manappuram Finance Ltd.		229,000		486,140
OIL & GAS REFINING & MARKETING—2.9%
Reliance Industries Ltd.		20,663		571,428
TOTAL INDIA (Cost $1,270,918)				1,336,725
INDONESIA—3.4%
BROADCASTING—1.3%
Media Nusantara Citra Tbk PT*		4,700,000		264,327
REGIONAL BANKS—2.1%
Bank BTPN Syariah Tbk PT		1,728,570		409,915
TOTAL INDONESIA (Cost $694,358)				674,242
NEW ZEALAND—2.8%
PACKAGED FOODS & MEATS—2.8%
a2 Milk Co., Ltd.*		40,000		548,989
(Cost $362,209)
RUSSIA—1.7%
APPAREL RETAIL—1.7%
Detsky Mir PJSC(a)		208,579		328,522
(Cost $305,145)
SOUTH KOREA—20.1%
DATA PROCESSING & OUTSOURCED SERVICES—1.1%
Settle Bank, Inc.		10,000		228,273
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.4%
Suprema, Inc.*		10,400		279,595
HEALTHCARE EQUIPMENT—2.4%
Ray Co., Ltd.*		11,800		473,911
INTERACTIVE MEDIA & SERVICES—2.3%
Kakao Corp.		1,570		453,783
PACKAGED FOODS & MEATS—2.6%
Orion Corp.		4,600		515,466
SEMICONDUCTOR EQUIPMENT—2.2%
Tokai Carbon Korea Co., Ltd.		5,500		429,149

- 19 -

THE ALGER FUNDS II | ALGER EMERGING MARKETS FUND

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

COMMON STOCKS—97.0% (CONT.)	SHARES			VALUE
SOUTH KOREA—20.1% (CONT.)
SEMICONDUCTORS—2.2%
LEENO Industrial, Inc.		3,739		$	430,828
SPECIALTY CHEMICALS—2.8%
Chunbo Co., Ltd.		5,500			568,216
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—3.1%
Samsung Electronics Co., Ltd.		12,713			619,016
TOTAL SOUTH KOREA (Cost $3,138,953)					3,998,237
TAIWAN—2.4%
SEMICONDUCTORS—2.4%
Realtek Semiconductor Corp.		38,000			483,680
(Cost $300,975)
TURKEY—2.8%
APPAREL ACCESSORIES & LUXURY GOODS—1.3%
Mavi Giyim Sanayi Ve Ticaret AS, Cl. B*,(a)		42,012			248,729
PACKAGED FOODS & MEATS—1.5%
Ulker Biskuvi Sanayi AS*		81,688			303,832
TOTAL TURKEY (Cost $630,832)					552,561
UNITED STATES—3.5%
IT CONSULTING & OTHER SERVICES—3.5%
EPAM Systems, Inc.*		2,400			696,192
(Cost $473,828)
TOTAL COMMON STOCKS (Cost $15,708,518)					19,272,826
Total Investments (Cost $15,708,518)		97.0	%	$	19,272,826
Unaffiliated Securities (Cost $15,708,518)					19,272,826
Other Assets in Excess of Liabilities		3.0	%		603,122
NET ASSETS		100.0	%	$	19,875,948

^# 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 4.2% of the net assets of the Fund.

^* Non-income producing security.

See Notes to Financial Statements.

- 20 -

THE ALGER FUNDS II | ALGER RESPONSIBLE INVESTING FUND

Schedule of Investments July 31, 2020 (Unaudited)

COMMON STOCKS—95.8%	SHARES		VALUE
APPAREL ACCESSORIES & LUXURY GOODS—2.0%
Levi Strauss & Co., Cl. A		31,597	$	384,220
Lululemon Athletica, Inc.*		3,462		1,127,192
				1,511,412
APPLICATION SOFTWARE—10.1%
Adobe, Inc.*		6,511		2,892,968
Autodesk, Inc.*		4,433		1,048,094
Intuit, Inc.		594		181,984
Paycom Software, Inc.*		947		269,298
salesforce.com, Inc.*		14,859		2,895,275
Workday, Inc., Cl. A*		1,906		344,834
				7,632,453
AUTO PARTS & EQUIPMENT—0.6%
Aptiv PLC		5,666		440,532
BIOTECHNOLOGY—3.0%
Sarepta Therapeutics, Inc.*		3,487		535,324
Vertex Pharmaceuticals, Inc.*		6,148		1,672,256
				2,207,580
BUILDING PRODUCTS—0.7%
Allegion PLC		5,588		555,782
COMMUNICATIONS EQUIPMENT—0.8%
Cisco Systems, Inc.		12,929		608,956
DATA PROCESSING & OUTSOURCED SERVICES—7.0%
PayPal Holdings, Inc.*		10,184		1,996,777
Visa, Inc., Cl. A		16,703		3,180,251
				5,177,028
DISTRIBUTORS—0.5%
Pool Corp.		1,157		366,422
DIVERSIFIED BANKS—0.5%
JPMorgan Chase & Co.		3,626		350,417
EDUCATION SERVICES—0.3%
Bright Horizons Family Solutions, Inc.*		2,367		253,837
ELECTRIC UTILITIES—0.6%
NextEra Energy, Inc.		1,477		414,594
ELECTRICAL COMPONENTS & EQUIPMENT—0.5%
Rockwell Automation, Inc.		1,599		348,806
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.1%
Cognex Corp.		5,696		380,892
Trimble, Inc.*		9,100		405,041
				785,933
ELECTRONIC MANUFACTURING SERVICES—0.5%
Flex Ltd.*		32,516		373,609
ENVIRONMENTAL & FACILITIES SERVICES—0.4%
Tetra Tech, Inc.		3,729		330,576
FINANCIAL EXCHANGES & DATA—2.3%
Intercontinental Exchange, Inc.		3,430		331,955

- 21 -

THE ALGER FUNDS II | ALGER RESPONSIBLE INVESTING FUND

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

COMMON STOCKS—95.8% (CONT.)	SHARES		VALUE
FINANCIAL EXCHANGES & DATA—2.3% (CONT.)
S&P Global, Inc.		3,891	$	1,362,823
				1,694,778
FOOD DISTRIBUTORS—0.4%
Sysco Corp.		5,900		311,815
FOOD RETAIL—0.6%
The Kroger Co.		11,850		412,262
FOOTWEAR—1.3%
NIKE, Inc., Cl. B		9,691		945,939
HEALTHCARE EQUIPMENT—0.8%
DexCom, Inc.*		452		196,864
Edwards Lifesciences Corp.*		4,755		372,840
				569,704
HEALTHCARE SERVICES—1.0%
Cigna Corp.		4,158		718,045
HOME IMPROVEMENT RETAIL—2.7%
The Home Depot, Inc.		7,586		2,014,007
HOUSEHOLD PRODUCTS—1.6%
The Procter & Gamble Co.		9,138		1,198,175
INDUSTRIAL CONGLOMERATES—1.0%
Honeywell International, Inc.		4,985		744,609
INDUSTRIAL GASES—1.6%
Air Products & Chemicals, Inc.		4,187		1,200,120
INDUSTRIAL MACHINERY—1.0%
Woodward, Inc.		4,027		301,783
Xylem, Inc.		5,737		418,687
				720,470
INTERACTIVE HOME ENTERTAINMENT—0.8%
Electronic Arts, Inc.*		3,981		563,789
INTERACTIVE MEDIA & SERVICES—7.2%
Alphabet, Inc., Cl. A*		1,240		1,845,058
Alphabet, Inc., Cl. C*		927		1,374,704
Facebook, Inc., Cl. A*		8,550		2,168,878
				5,388,640
INTERNET & DIRECT MARKETING RETAIL—9.7%
Amazon.com, Inc.*		2,042		6,462,276
Etsy, Inc.*		7,229		855,769
				7,318,045
INVESTMENT BANKING & BROKERAGE—1.0%
Morgan Stanley		15,491		757,200
IT CONSULTING & OTHER SERVICES—0.8%
Accenture PLC, Cl. A		2,605		585,552
LEISURE FACILITIES—0.4%
Vail Resorts, Inc.		1,567		300,911

- 22 -

THE ALGER FUNDS II | ALGER RESPONSIBLE INVESTING FUND

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

COMMON STOCKS—95.8% (CONT.)	SHARES		VALUE
LIFE SCIENCES TOOLS & SERVICES—1.1%
Agilent Technologies, Inc.		4,610	$	444,081
Illumina, Inc.*		886		338,594
				782,675
MANAGED HEALTHCARE—1.0%
Humana, Inc.		1,990		780,976
METAL & GLASS CONTAINERS—0.8%
Ball Corp.		8,031		591,323
MOVIES & ENTERTAINMENT—1.2%
Live Nation Entertainment, Inc.*		7,667		358,892
The Walt Disney Co.		4,273		499,685
				858,577
PHARMACEUTICALS—3.1%
Bristol-Myers Squibb Co.		11,377		667,375
Merck & Co., Inc.		10,929		876,943
Zoetis, Inc., Cl. A		4,902		743,535
				2,287,853
PROPERTY & CASUALTY INSURANCE—1.0%
The Progressive Corp.		8,642		780,718
RAILROADS—0.5%
Union Pacific Corp.		2,098		363,688
RESTAURANTS—0.4%
Starbucks Corp.		3,492		267,243
SEMICONDUCTOR EQUIPMENT—2.9%
ASML Holding NV		1,580		558,878
Lam Research Corp.		4,234		1,596,895
				2,155,773
SEMICONDUCTORS—2.7%
NVIDIA Corp.		3,519		1,494,132
Taiwan Semiconductor Manufacturing Co., Ltd.#		6,081		479,730
				1,973,862
SOFT DRINKS—1.3%
PepsiCo, Inc.		6,849		942,833
SYSTEMS SOFTWARE—9.6%
Microsoft Corp.		35,163		7,208,766
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.4%
Apple, Inc.		12,929		5,495,342
TOTAL COMMON STOCKS
(Cost $30,278,967)				71,291,627

REAL ESTATE INVESTMENT TRUST—3.2%	SHARES		VALUE
INDUSTRIAL—1.0%
Prologis, Inc.		7,288		768,301
SPECIALIZED—2.2%
Equinix, Inc.		1,564		1,228,491

- 23 -

THE ALGER FUNDS II | ALGER RESPONSIBLE INVESTING FUND

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

REAL ESTATE INVESTMENT TRUST—3.2% (CONT.)	SHARES			VALUE
SPECIALIZED—2.2% (CONT.)
SBA Communications Corp., Cl. A		1,356		$	422,448
					1,650,939
TOTAL REAL ESTATE INVESTMENT TRUST (Cost $1,467,994)					2,419,240
Total Investments (Cost $31,746,961)		99.0	%	$	73,710,867
Unaffiliated Securities (Cost $31,746,961)					73,710,867
Other Assets in Excess of Liabilities		1.0	%		752,361
NET ASSETS		100.0	%	$	74,463,228

^# 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 (“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 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 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 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 (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).

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.

- 25 -

THE ALGER FUNDS II

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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 the 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 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 and described further herein.

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.

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

· 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)

- 26 -

THE ALGER FUNDS II

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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.

Valuation processes are determined by a Valuation Committee (“Committee”) authorized 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 the 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.

(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 July 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	$	1,009,909,979	$	1,009,909,979	$	—	$	—
Consumer Discretionary		1,431,892,179		1,380,454,635		37,986,394		13,451,150
Consumer Staples		23,466,232		23,466,232		—		—
Financials		277,091,549		277,091,549		—		—
Healthcare		995,839,613		935,051,216		60,788,397		—
Industrials		405,693,088		405,693,088		—		—
Information Technology		3,115,802,016		3,113,799,337		—		2,002,679
Materials		222,256,729		222,256,729		—		—
TOTAL COMMON STOCKS	$	7,481,951,385	$	7,367,722,765	$	98,774,791	$	15,453,829
PREFERRED STOCKS
Healthcare		2,300,489		—		—		2,300,489
Information Technology		9,231,625		—		—		9,231,625
TOTAL PREFERRED STOCKS	$	11,532,114	$	—	$	—	$	11,532,114
REAL ESTATE INVESTMENT TRUST
Real Estate		80,744,646		80,744,646		—		—
TOTAL INVESTMENTS IN SECURITIES	$	7,574,228,145	$	7,448,467,411	$	98,774,791	$	26,985,943
SECURITIES SOLD SHORT
COMMON STOCKS
Communication Services		39,400,510		39,400,510		—		—
Consumer Discretionary		27,810,621		27,810,621		—		—
Consumer Staples		57,488,970		57,488,970		—		—
Energy		12,917,803		12,917,803		—		—
Exchange Traded Funds		54,852,742		54,852,742		—		—
Financials		25,042,807		25,042,807		—		—
Healthcare		49,223,754		49,223,754		—		—
Industrials		74,433,315		74,433,315		—		—
Information Technology		89,818,754		89,818,754		—		—
Materials		40,474,961		40,474,961		—		—
TOTAL COMMON STOCKS	$	471,464,237	$	471,464,237	$	—	$	—

Alger Dynamic Opportunities Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	8,312,993	$	8,312,993	$	—	$	—
Consumer Discretionary		51,522,023		51,522,023		—		—
Consumer Staples		2,343,325		2,343,325		—		—
Energy		1,089,899		1,089,899		—		—
Financials		7,396,043		7,396,043		—		—
Healthcare		55,231,336		55,231,336		—		—
Industrials		24,429,946		24,429,946		—		—
Information Technology		48,812,357		48,774,372		—		37,985
Real Estate		7,884,323		7,884,323		—		—
TOTAL COMMON STOCKS	$	207,022,245	$	206,984,260	$	—	$	37,985
PREFERRED STOCKS
Healthcare		32,720		—		—		32,720
Information Technology		154,911		—		—		154,911
TOTAL PREFERRED STOCKS	$	187,631	$	—	$	—	$	187,631

- 28 -

THE ALGER FUNDS II

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger Dynamic Opportunities Fund	TOTAL			LEVEL 1		LEVEL 2			LEVEL 3
WARRANTS
Healthcare	$	511,089		$	—	$	511,089		$	—
RIGHTS
Healthcare		390,935	*,**		—		—	*		390,935	**
REAL ESTATE INVESTMENT TRUST
Real Estate		2,311,129			2,311,129		—			—
TOTAL INVESTMENTS IN SECURITIES	$	210,423,029		$	209,295,389	$	511,089		$	616,551
SECURITIES SOLD SHORT
COMMON STOCKS
Communication Services		4,214,090			4,214,090		—			—
Consumer Discretionary		9,841,509			9,841,509		—			—
Consumer Staples		5,550,577			5,550,577		—			—
Energy		254,390			254,390		—			—
Financials		5,412,820			5,412,820		—			—
Healthcare		4,425,485			4,425,485		—			—
Industrials		8,024,622			8,024,622		—			—
Information Technology		14,666,725			14,666,725		—			—
Market Indices		3,355,578			3,355,578		—			—
Materials		393,035			393,035		—			—
TOTAL COMMON STOCKS	$	56,138,831		$	56,138,831	$	—		$	—
REAL ESTATE INVESTMENT TRUST
Real Estate		5,998,492			5,998,492		—			—
TOTAL SECURITIES SOLD SHORT	$	62,137,323		$	62,137,323	$	—		$	—
Alger Emerging Markets Fund	TOTAL			LEVEL 1		LEVEL 2			LEVEL 3
COMMON STOCKS
Communication Services	$	3,012,016		$	537,300	$	2,474,716		$	—
Consumer Discretionary		6,324,106			3,203,845		3,120,261			—
Consumer Staples		2,271,422			330,137		1,941,285			—
Energy		571,428			—		571,428			—
Financials		1,538,837			—		1,538,837			—
Healthcare		866,908			—		866,908			—
Industrials		649,343			—		649,343			—
Information Technology		3,470,550			696,192		2,774,358			—
Materials		568,216			—		568,216			—
TOTAL COMMON STOCKS	$	19,272,826		$	4,767,474	$	14,505,352		$	—
TOTAL INVESTMENTS IN SECURITIES	$	19,272,826		$	4,767,474	$	14,505,352		$	—

- 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	$	6,811,006	$	6,811,006	$	—	$	—
Consumer Discretionary		13,418,348		13,418,348		—		—
Consumer Staples		2,865,085		2,865,085		—		—
Financials		3,583,113		3,583,113		—		—
Healthcare		7,346,833		7,346,833		—		—
Industrials		3,063,931		3,063,931		—		—
Information Technology		31,997,274		31,997,274		—		—
Materials		1,791,443		1,791,443		—		—
Utilities		414,594		414,594		—		—
TOTAL COMMON STOCKS	$	71,291,627	$	71,291,627	$	—	$	—
REAL ESTATE INVESTMENT TRUST
Real Estate		2,419,240		2,419,240		—		—
TOTAL INVESTMENTS IN SECURITIES	$	73,710,867	$	73,710,867	$	—	$	—

^* Alger Dynamic Opportunities Fund’s holdings of BioNTech Pharmaceuticals, Ltd.’s rights are classified as a Level 2 investment and fair valued at zero as of July 31, 2020.

^** 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 July 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		1,497,942
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2020		15,453,829
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2020	$	1,497,942

- 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		(786,244	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2020		11,532,114
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2020	$	(786,244	)

	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 July 31, 2020		37,985
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 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		(11,183	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2020		187,631
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2020	$	(11,183	)

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		(16,394	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at July 31, 2020		390,935	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2020	$	(16,394	)

^* Includes securities that are fair valued at zero.

The following table provides quantitative information about each Funds’ Level 3 fair value measurements of the Funds’ investments as of July 31, 2020. 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.

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THE ALGER FUNDS II

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Fair Value		Valuation	Unobservable		Weighted
	July 31, 2020		Methodology	Input	Input/Range	Average Inputs
Alger Spectra Fund
Common Stocks	$	2,002,679	Market	Transaction Price	N/A	N/A
			Approach
Common Stocks		13,451,150	Income	Discount Rate	1.00%-5.00%	N/A
			Approach
Preferred Stocks		2,300,489	Income	Discount Rate	55.00%-60.00%	N/A
			Approach
Preferred Stocks		9,231,625	Market	Transaction Price	N/A	N/A
			Approach
Alger Dynamic Opportunities Fund
Common Stocks	$	37,985	Market	Transaction Price	N/A	N/A
			Approach
Preferred Stocks		154,911	Market	Transaction Price	N/A	N/A
			Approach
Preferred Stocks		32,720	Income	Discount Rate	55.00%-60.00%	N/A
			Approach
Rights		390,935	Income	Discount Rate	4.24%-5.10%	N/A
			Approach	Probability of	0.00%	N/A
				Success

The significant unobservable inputs used in the fair value measurement of the Funds’ 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 these inputs could result 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 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.

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 July 31, 2020, 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	$	1,217,049		$	–		$	1,217,049	$	–
Collateral held for short sales(a)		167,204,978			167,204,978			–		–
Due to broker(b)		(184,437,797	)		(184,437,797	)		–		–
Alger Dynamic Opportunities Fund		76,898,175			–			76,898,175		–
Collateral held for short sales(a)		58,958,370			58,958,370			–		–
Alger Emerging Markets Fund		770,629			154,641			615,988		–
Alger Responsible Investing Fund		861,077			–			861,077		–

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

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

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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—Certain Funds seek to capture the majority of the returns associated with equity market investments. To meet this investment goal, these 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 July 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.

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, each Fund 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, a Fund could be exposed to foreign currency fluctuations.

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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 July 31, 2020. Purchase and sale transactions, interest income and dividend income earned during the period were as follows:

Net Increase

Shares/

(Decrease)

Par at

Shares/

Dividend/

in

October 31,

Purchases/

Sales/

Par at

Interest

Realized

Unrealized

Value at

Security

2019

Conversion

Conversion

July 31, 2020

Income

Gain (Loss)

App(Dep)

July 31, 2020

Alger Spectra Fund

Preferred Stocks

Prosetta Biosciences,

Inc., Series D

2,912,012

–

–

2,912,012

–

–

$

(786,244

)

$

2,300,489

Total

–

–

$

(786,244

)

$

2,300,489

Net Increase

Shares/

(Decrease)

Par at

Shares/

Dividend/

in

October 31,

Purchases/

Sales/

Par at

Interest

Realized

Unrealized

Value at

Security

2019

Conversion

Conversion

July 31, 2020

Income

Gain (Loss)

App(Dep)

July 31, 2020

Alger Dynamic Opportunities Fund

Preferred Stocks

Prosetta Biosciences,

Inc., Series D

41,418

–

–

41,418

–

–

$

(11,183

)

$

32,720

Total

–

–

$

(11,183

)

$

32,720

- 35 -