THE ALGER FUNDS II
|
ALGER SPECTRA FUND
|
|
Schedule of Investments July 31, 2021 (Unaudited)
|
COMMON STOCKS—106.7%
|
SHARES
|
VALUE
|
||||||
ADVERTISING—0.7%
|
||||||||
Magnite, Inc.*
|
2,050,519
|
$
|
62,130,726
|
|||||
AEROSPACE & DEFENSE—3.5%
|
||||||||
HEICO Corp., Cl. A+
|
1,254,689
|
152,181,229
|
||||||
Teledyne Technologies, Inc.*
|
200,105
|
90,601,541
|
||||||
Textron, Inc.
|
737,793
|
50,915,095
|
||||||
293,697,865
|
||||||||
AIR FREIGHT & LOGISTICS—1.0%
|
||||||||
XPO Logistics, Inc.*
|
614,700
|
85,252,743
|
||||||
APPAREL ACCESSORIES & LUXURY GOODS—1.1%
|
||||||||
Capri Holdings Ltd.*
|
590,789
|
33,267,329
|
||||||
LVMH Moet Hennessy Louis Vuitton SE
|
79,309
|
63,497,449
|
||||||
96,764,778
|
||||||||
APPLICATION SOFTWARE—10.6%
|
||||||||
Adobe, Inc.*,+
|
384,737
|
239,164,061
|
||||||
Avalara, Inc.*
|
350,026
|
58,513,847
|
||||||
Bill.com Holdings, Inc.*
|
327,627
|
67,759,816
|
||||||
Cadence Design Systems, Inc.*
|
239,229
|
35,322,162
|
||||||
Coupa Software, Inc.*
|
119,356
|
25,900,252
|
||||||
Datadog, Inc., Cl. A*
|
766,271
|
84,826,200
|
||||||
Five9, Inc.*
|
373,414
|
75,164,504
|
||||||
HubSpot, Inc.*
|
72,564
|
43,249,595
|
||||||
Intuit, Inc.
|
179,108
|
94,921,867
|
||||||
Paylocity Holding Corp.*
|
410,594
|
85,181,831
|
||||||
The Trade Desk, Inc., Cl. A*
|
1,039,240
|
85,124,148
|
||||||
895,128,283
|
||||||||
AUTOMOBILE MANUFACTURERS—2.3%
|
||||||||
General Motors Co.*
|
983,826
|
55,920,670
|
||||||
Tesla, Inc.*
|
198,459
|
136,381,025
|
||||||
192,301,695
|
||||||||
AUTOMOTIVE RETAIL—0.9%
|
||||||||
Carvana Co., Cl. A*
|
66,260
|
22,366,725
|
||||||
Lithia Motors, Inc., Cl. A
|
136,467
|
51,478,082
|
||||||
73,844,807
|
||||||||
BIOTECHNOLOGY—1.3%
|
||||||||
Natera, Inc.*
|
948,079
|
108,574,007
|
||||||
CASINOS & GAMING—2.2%
|
||||||||
DraftKings, Inc., Cl. A*
|
1,114,688
|
54,062,368
|
||||||
MGM Resorts International
|
2,740,197
|
102,839,594
|
||||||
Penn National Gaming, Inc.*
|
418,764
|
28,635,082
|
||||||
185,537,044
|
||||||||
CONSUMER FINANCE—1.1%
|
||||||||
Upstart Holdings, Inc.*
|
739,063
|
89,249,248
|
||||||
DATA PROCESSING & OUTSOURCED SERVICES—8.6%
|
||||||||
Marqeta, Inc., Cl. A*
|
1,487,040
|
39,897,283
|
||||||
PayPal Holdings, Inc.*,+
|
967,928
|
266,693,202
|
||||||
Square, Inc., Cl. A*
|
687,070
|
169,884,928
|
||||||
Visa, Inc., Cl. A+
|
1,015,197
|
250,134,389
|
||||||
726,609,802
|
THE ALGER FUNDS II
|
ALGER SPECTRA FUND
|
|
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
|
COMMON STOCKS—106.7% (CONT.)
|
SHARES
|
VALUE
|
||||||
DIVERSIFIED BANKS—0.7%
|
||||||||
Wells Fargo & Co.
|
1,266,346
|
$
|
58,175,935
|
|||||
DIVERSIFIED SUPPORT SERVICES—1.9%
|
||||||||
Cintas Corp.+
|
273,976
|
107,995,860
|
||||||
Copart, Inc.*
|
346,925
|
50,997,975
|
||||||
158,993,835
|
||||||||
ELECTRICAL COMPONENTS & EQUIPMENT—0.3%
|
||||||||
Generac Holdings, Inc.*
|
67,839
|
28,448,963
|
||||||
FINANCIAL EXCHANGES & DATA—2.3%
|
||||||||
Coinbase Global, Inc., Cl. A*
|
367,979
|
87,056,472
|
||||||
S&P Global, Inc.
|
254,109
|
108,941,610
|
||||||
195,998,082
|
||||||||
FOOTWEAR—1.1%
|
||||||||
NIKE, Inc., Cl. B+
|
548,321
|
91,849,251
|
||||||
HEALTHCARE EQUIPMENT—6.2%
|
||||||||
Danaher Corp.+
|
473,908
|
140,982,891
|
||||||
Dexcom, Inc.*
|
122,074
|
62,930,368
|
||||||
IDEXX Laboratories, Inc.*
|
33,297
|
22,593,013
|
||||||
Insulet Corp.*
|
453,660
|
126,884,165
|
||||||
Intuitive Surgical, Inc.*
|
174,619
|
173,127,754
|
||||||
526,518,191
|
||||||||
HEALTHCARE SERVICES—0.7%
|
||||||||
Guardant Health, Inc.*
|
577,082
|
63,363,604
|
||||||
HEALTHCARE SUPPLIES—0.9%
|
||||||||
Align Technology, Inc.*
|
111,489
|
77,574,046
|
||||||
HEALTHCARE TECHNOLOGY—1.6%
|
||||||||
Veeva Systems, Inc., Cl. A*
|
407,144
|
135,460,880
|
||||||
HOME IMPROVEMENT RETAIL—0.7%
|
||||||||
Lowe's Cos., Inc.
|
327,849
|
63,173,224
|
||||||
HOTELS RESORTS & CRUISE LINES—0.9%
|
||||||||
Expedia Group, Inc.*
|
477,652
|
76,839,877
|
||||||
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.8%
|
||||||||
Upwork, Inc.*
|
1,313,631
|
68,032,949
|
||||||
INTERACTIVE HOME ENTERTAINMENT—1.4%
|
||||||||
Sea Ltd.#,*
|
165,263
|
45,639,030
|
||||||
Take-Two Interactive Software, Inc.*
|
425,404
|
73,773,562
|
||||||
119,412,592
|
||||||||
INTERACTIVE MEDIA & SERVICES—8.1%
|
||||||||
Alphabet, Inc., Cl. C*,+
|
174,009
|
470,593,420
|
||||||
Genius Sports Ltd.*
|
3,006,480
|
51,470,938
|
||||||
Pinterest, Inc., Cl. A*,+
|
1,685,818
|
99,294,680
|
||||||
Snap, Inc., Cl. A*
|
844,837
|
62,872,769
|
||||||
684,231,807
|
||||||||
INTERNET & DIRECT MARKETING RETAIL—6.6%
|
||||||||
Altaba, Inc.*,@,(a),+
|
606,454
|
7,137,963
|
||||||
Amazon.com, Inc.*,+
|
146,232
|
486,600,141
|
||||||
MercadoLibre, Inc.*
|
40,161
|
63,000,561
|
||||||
556,738,665
|
THE ALGER FUNDS II
|
ALGER SPECTRA FUND
|
|
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
|
COMMON STOCKS—106.7% (CONT.)
|
SHARES
|
VALUE
|
||||||
INTERNET SERVICES & INFRASTRUCTURE—3.1%
|
||||||||
BigCommerce Holdings, Inc.*
|
896,069
|
$
|
58,029,428
|
|||||
Shopify, Inc., Cl. A*
|
108,688
|
163,024,392
|
||||||
Snowflake, Inc., Cl. A*
|
157,764
|
41,921,050
|
||||||
262,974,870
|
||||||||
INVESTMENT BANKING & BROKERAGE—0.4%
|
||||||||
The Goldman Sachs Group, Inc.
|
80,896
|
30,326,292
|
||||||
LIFE SCIENCES TOOLS & SERVICES—1.3%
|
||||||||
Bio-Techne Corp.
|
142,827
|
68,876,892
|
||||||
Repligen Corp.*
|
183,247
|
45,023,788
|
||||||
113,900,680
|
||||||||
MANAGED HEALTHCARE—1.6%
|
||||||||
Progyny, Inc.*
|
357,424
|
19,904,942
|
||||||
UnitedHealth Group, Inc.+
|
274,830
|
113,290,423
|
||||||
133,195,365
|
||||||||
MOVIES & ENTERTAINMENT—2.5%
|
||||||||
Live Nation Entertainment, Inc.*
|
209,060
|
16,492,743
|
||||||
Roku, Inc., Cl. A*
|
449,732
|
192,624,713
|
||||||
209,117,456
|
||||||||
OIL & GAS EQUIPMENT & SERVICES—0.5%
|
||||||||
Core Laboratories NV
|
1,257,269
|
41,942,494
|
||||||
PHARMACEUTICALS—0.7%
|
||||||||
Catalent, Inc.*
|
379,994
|
45,527,081
|
||||||
Green Thumb Industries, Inc.*
|
439,282
|
13,051,362
|
||||||
58,578,443
|
||||||||
RAILROADS—0.4%
|
||||||||
Union Pacific Corp.
|
171,145
|
37,439,680
|
||||||
REAL ESTATE SERVICES—0.3%
|
||||||||
FirstService Corp.
|
119,400
|
22,203,624
|
||||||
RESEARCH & CONSULTING SERVICES—1.5%
|
||||||||
CoStar Group, Inc.*,+
|
1,432,340
|
127,263,409
|
||||||
RESTAURANTS—2.4%
|
||||||||
Chipotle Mexican Grill, Inc., Cl. A*
|
36,581
|
68,166,499
|
||||||
Shake Shack, Inc., Cl. A*,+
|
1,149,703
|
115,591,140
|
||||||
Starbucks Corp.
|
173,310
|
21,045,033
|
||||||
204,802,672
|
||||||||
SEMICONDUCTOR EQUIPMENT—5.0%
|
||||||||
Applied Materials, Inc.
|
1,124,707
|
157,380,250
|
||||||
Enphase Energy, Inc.*
|
200,747
|
38,061,631
|
||||||
Lam Research Corp.+
|
241,424
|
153,886,072
|
||||||
SolarEdge Technologies, Inc.*
|
274,968
|
71,348,697
|
||||||
420,676,650
|
||||||||
SEMICONDUCTORS—5.1%
|
||||||||
Advanced Micro Devices, Inc.*,+
|
878,108
|
93,246,289
|
||||||
NVIDIA Corp.+
|
709,096
|
138,266,629
|
||||||
NXP Semiconductors NV
|
108,732
|
22,441,197
|
||||||
QUALCOMM, Inc.+
|
428,346
|
64,166,231
|
||||||
Taiwan Semiconductor Manufacturing Co., Ltd.# | 684,775 |
79,872,156 |
THE ALGER FUNDS II
|
ALGER SPECTRA FUND
|
|
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
|
COMMON STOCKS—106.7% (CONT.)
|
SHARES |
VALUE |
|||||||
SEMICONDUCTORS—5.1% (CONT.)
Universal Display Corp.
|
152,461
|
$
|
35,750,580
|
||||||
433,743,082
|
|||||||||
SYSTEMS SOFTWARE—9.2%
Crowdstrike Holdings, Inc., Cl. A*
|
305,609
|
77,505,499
|
|||||||
Microsoft Corp.+
|
2,455,776
|
699,675,140
|
|||||||
777,180,639
|
|||||||||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.3%
Apple, Inc.+
|
2,519,259
|
367,459,118
|
|||||||
TRADING COMPANIES & DISTRIBUTORS—0.5%
Herc Holdings, Inc.*
|
176,923
|
21,945,529
|
|||||||
SiteOne Landscape Supply, Inc.*
|
112,189
|
19,608,393
|
|||||||
41,553,922
|
|||||||||
TRUCKING—0.4%
Lyft, Inc., Cl. A*
|
672,180
|
37,184,998
|
|||||||
TOTAL COMMON STOCKS
(Cost $5,904,758,789)
|
9,033,446,293
|
||||||||
PREFERRED STOCKS—0.0%
|
SHARES
|
VALUE
|
|||||||
BIOTECHNOLOGY—0.0%
Prosetta Biosciences, Inc., Series D*,@,(a),(b)
|
2,912,012
|
436,802
|
|||||||
(Cost $13,104,054)
|
436,802
|
||||||||
REAL ESTATE INVESTMENT TRUST—0.8%
|
SHARES
|
VALUE
|
|||||||
RETAIL—0.8%
Simon Property Group, Inc.
|
517,806
|
65,512,815
|
|||||||
(Cost $52,453,135)
|
65,512,815
|
||||||||
SPECIAL PURPOSE VEHICLE—0.2%
|
SHARES
|
VALUE
|
|||||||
DATA PROCESSING & OUTSOURCED SERVICES—0.2%
Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b)
|
294
|
11,525,976
|
|||||||
Crosslink Ventures Capital LLC, Cl. B*,@,(a),(b)
|
183
|
7,174,332
|
|||||||
18,700,308
|
|||||||||
TOTAL SPECIAL PURPOSE VEHICLE
(Cost $11,925,000)
|
18,700,308
|
||||||||
Total Investments
(Cost $5,982,240,978)
|
107.7
|
%
|
$
|
9,118,096,218
|
|||||
Affiliated Securities (Cost $25,029,054)
|
19,137,110
|
||||||||
Unaffiliated Securities (Cost $5,957,211,924)
|
9,098,959,108
|
||||||||
Securities Sold Short (Proceeds $669,347,126)
|
(7.8
|
)%
|
(659,769,721
|
)
|
|||||
Other Assets in Excess of Liabilities
|
0.1
|
%
|
9,640,009
|
||||||
NET ASSETS
|
100.0
|
%
|
$
|
8,467,966,506
|
THE ALGER FUNDS II
|
ALGER SPECTRA FUND
|
|
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
|
Acquisition
|
Acquisition
|
% of net assets
(Acquisition
|
Market
|
% of net assets
as of
|
||
Security
|
Date(s)
|
Cost
|
Date)
|
Value
|
7/31/2021
|
|
Altaba, Inc.
|
10/24/18
|
$1,704,939
|
0.03%
|
$1,141,490
|
0.01%
|
|
Altaba, Inc.
|
10/25/18
|
2,562,470
|
0.04%
|
1,707,497
|
0.02%
|
|
Altaba, Inc.
|
10/29/18
|
2,492,386
|
0.04%
|
1,729,378
|
0.02%
|
|
Altaba, Inc.
|
10/30/18
|
1,640,707
|
0.03%
|
1,159,863
|
0.01%
|
|
Altaba, Inc.
|
10/31/18
|
591,342
|
0.01%
|
397,944
|
0.01%
|
|
Altaba, Inc.
|
11/6/18
|
2,386,078
|
0.04%
|
1,001,791
|
0.01%
|
|
Crosslink Ventures Capital LLC, Cl. A
|
10/2/20
|
7,350,000
|
0.10%
|
11,525,976
|
0.14%
|
|
Crosslink Ventures Capital LLC, Cl. B
|
12/16/20
|
4,575,000
|
0.06%
|
7,174,332
|
0.08%
|
|
Prosetta Biosciences, Inc., Series D
|
2/6/15
|
13,104,054
|
0.28%
|
436,802
|
0.01% | |
Total
|
$26,275,073 |
0.31% |
THE ALGER FUNDS II
|
ALGER SPECTRA FUND
|
|
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
|
COMMON STOCKS—(7.6)%
|
SHARES
|
VALUE
|
||||||
AEROSPACE & DEFENSE—(0.1)%
Virgin Galactic Holdings, Inc.
|
(188,491
|
)
|
$
|
(5,652,845
|
)
|
|||
AUTO PARTS & EQUIPMENT—(0.1)%
Luminar Technologies, Inc., Cl. A
|
(319,871
|
)
|
(5,885,626
|
)
|
||||
QuantumScape Corp., Cl. A
|
(274,596
|
)
|
(6,290,994
|
)
|
||||
(12,176,620
|
)
|
|||||||
BIOTECHNOLOGY—(0.1)%
Amgen, Inc.
|
(34,822
|
)
|
(8,410,906
|
)
|
||||
DEPARTMENT STORES—(0.3)%
Nordstrom, Inc.
|
(666,613
|
)
|
(22,064,890
|
)
|
||||
FOOD RETAIL—(0.2)%
The Kroger Co.
|
(489,213
|
)
|
(19,910,969
|
)
|
||||
HOUSEHOLD PRODUCTS—(0.6)%
Church & Dwight Co., Inc.
|
(497,205
|
)
|
(43,048,009
|
)
|
||||
Energizer Holdings, Inc.
|
(176,835
|
)
|
(7,577,380
|
)
|
||||
(50,625,389
|
)
|
|||||||
INDUSTRIAL CONGLOMERATES—(0.8)%
3M Co.
|
(326,376
|
)
|
(64,602,865
|
)
|
||||
INTERACTIVE MEDIA & SERVICES—(0.4)%
Twitter, Inc.
|
(456,616
|
)
|
(31,848,966
|
)
|
||||
INTERNET & DIRECT MARKETING RETAIL—(0.2)%
Wayfair, Inc., Cl. A
|
(62,846
|
)
|
(15,168,511
|
)
|
||||
INTERNET SERVICES & INFRASTRUCTURE—(0.1)%
SolarWinds Corp.
|
(464,545
|
)
|
(5,221,486
|
)
|
||||
IT CONSULTING & OTHER SERVICES—(0.5)%
International Business Machines Corp.
|
(304,238
|
)
|
(42,885,389
|
)
|
||||
MARKET INDICES—(1.5)%
Invesco QQQ Trust Series 1
|
(235,063
|
)
|
(85,696,918
|
)
|
||||
iShares Russell Mid-Cap Growth ETF
|
(374,274
|
)
|
(42,775,776
|
)
|
||||
(128,472,694
|
)
|
|||||||
METAL & GLASS CONTAINERS—0.0%
Silgan Holdings, Inc.
|
(85,872
|
)
|
(3,479,533
|
)
|
||||
MOVIES & ENTERTAINMENT—(0.2)%
Spotify Technology SA
|
(79,069
|
)
|
(18,080,708
|
)
|
||||
OTHER DIVERSIFIED FINANCIAL SERVICES—(0.4)%
iShares 20+ Year Treasury Bond ETF
|
(205,171
|
)
|
(30,677,168
|
)
|
||||
PACKAGED FOODS & MEATS—(0.7)%
Campbell Soup Co.
|
(530,515
|
)
|
(23,194,116
|
)
|
||||
General Mills, Inc.
|
(595,450
|
)
|
(35,048,187
|
)
|
||||
(58,242,303
|
)
|
|||||||
PUBLISHING—(0.3)%
News Corp., Cl. A
|
(1,072,789
|
)
|
(26,422,793
|
)
|
||||
SEMICONDUCTORS—(0.2)%
Intel Corp.
|
(296,860
|
)
|
(15,947,319
|
)
|
THE ALGER FUNDS II
|
ALGER SPECTRA FUND
|
|
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
|
COMMON STOCKS—(7.6)% (CONT.)
|
SHARES |
VALUE
|
||||||
SYSTEMS SOFTWARE—(0.2)%
Teradata Corp.
|
(445,858
|
)
|
$
|
(22,141,308
|
)
|
|||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—(0.3)%
Diebold Nixdorf, Inc.
|
(861,272
|
)
|
(8,965,842
|
)
|
||||
Logitech International SA
|
(178,264
|
)
|
(19,439,689
|
)
|
||||
(28,405,531
|
)
|
|||||||
TRADING COMPANIES & DISTRIBUTORS—(0.4)%
Fastenal Co.
|
(563,681
|
)
|
(30,872,808
|
)
|
||||
TOTAL COMMON STOCKS
|
||||||||
(Proceeds $650,741,566)
|
$
|
(641,311,001
|
)
|
|||||
REAL ESTATE INVESTMENT TRUST—(0.2)%
|
SHARES
|
VALUE
|
||||||
HEALTHCARE—(0.2)%
Omega Healthcare Investors, Inc.
|
(508,785
|
)
|
(18,458,720
|
)
|
||||
(Proceeds $18,605,560)
|
$
|
(18,458,720
|
)
|
|||||
Total Securities Sold Short
|
||||||||
(Proceeds $669,347,126)
|
$
|
(659,769,721
|
)
|
THE ALGER FUNDS II
|
ALGER SPECTRA FUND
|
|
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
|
COMMON STOCKS—98.7%
|
SHARES
|
VALUE
|
||||||
ADVERTISING—0.7%
|
||||||||
Magnite, Inc.*,+
|
171,810
|
$
|
5,205,843
|
|||||
AEROSPACE & DEFENSE—4.8%
|
||||||||
HEICO Corp.+
|
62,927
|
8,510,877
|
||||||
HEICO Corp., Cl. A+
|
53,792
|
6,524,431
|
||||||
Kratos Defense & Security Solutions, Inc.*,+
|
74,319
|
2,021,477
|
||||||
Textron, Inc.
|
42,682
|
2,945,485
|
||||||
TransDigm Group, Inc.*,+
|
28,475
|
18,255,038
|
||||||
38,257,308
|
||||||||
AIR FREIGHT & LOGISTICS—0.6%
|
||||||||
XPO Logistics, Inc.*
|
32,341
|
4,485,373
|
||||||
APPAREL RETAIL—0.8%
|
||||||||
MYT Netherlands Parent BV#,*
|
227,600
|
6,563,984
|
||||||
APPLICATION SOFTWARE—9.9%
|
||||||||
Adobe, Inc.*
|
7,348
|
4,567,737
|
||||||
Altair Engineering, Inc., Cl. A*
|
2,802
|
195,468
|
||||||
Avalara, Inc.*
|
20,451
|
3,418,794
|
||||||
Bill.com Holdings, Inc.*
|
20,337
|
4,206,098
|
||||||
Cerence, Inc.*
|
49,410
|
5,312,069
|
||||||
Coupa Software, Inc.*
|
7,292
|
1,582,364
|
||||||
Datadog, Inc., Cl. A*
|
4,281
|
473,907
|
||||||
Dynatrace, Inc.*
|
62,881
|
4,016,210
|
||||||
Ebix, Inc.+
|
51,175
|
1,546,509
|
||||||
Everbridge, Inc.*,+
|
15,890
|
2,243,986
|
||||||
Five9, Inc.*
|
17,411
|
3,504,660
|
||||||
HubSpot, Inc.*
|
7,720
|
4,601,274
|
||||||
LivePerson, Inc.*
|
28,683
|
1,826,820
|
||||||
Manhattan Associates, Inc.*
|
50,248
|
8,021,088
|
||||||
Paylocity Holding Corp.*,+
|
94,802
|
19,667,623
|
||||||
PTC, Inc.*
|
13,919
|
1,885,329
|
||||||
SEMrush Holdings, Inc., Cl. A*
|
47,972
|
958,960
|
||||||
Sprout Social, Inc., Cl. A*
|
62,473
|
5,550,101
|
||||||
SPS Commerce, Inc.*,+
|
22,937
|
2,498,986
|
||||||
The Trade Desk, Inc., Cl. A*,+
|
5,290
|
433,304
|
||||||
Vertex, Inc., Cl. A*
|
138,927
|
2,625,720
|
||||||
79,137,007
|
||||||||
ASSET MANAGEMENT & CUSTODY BANKS—2.0%
|
||||||||
Hamilton Lane, Inc., Cl. A+
|
75,634
|
7,033,962
|
||||||
StepStone Group, Inc., Cl. A+
|
201,061
|
9,150,286
|
||||||
16,184,248
|
||||||||
AUTOMOBILE MANUFACTURERS—1.2%
|
||||||||
General Motors Co.*
|
94,811
|
5,389,057
|
||||||
Tesla, Inc.*
|
6,083
|
4,180,238
|
||||||
9,569,295
|
||||||||
AUTOMOTIVE RETAIL—1.0%
|
||||||||
Advance Auto Parts, Inc.
|
8,625
|
1,829,018
|
||||||
Carvana Co., Cl. A*
|
9,493
|
3,204,457
|
||||||
Lithia Motors, Inc., Cl. A
|
8,465
|
3,193,167
|
||||||
8,226,642
|
THE ALGER FUNDS II
|
ALGER SPECTRA FUND
|
|
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
|
COMMON STOCKS—98.7% (CONT.)
|
SHARES
|
VALUE
|
||||||
BIOTECHNOLOGY—6.0%
|
||||||||
ACADIA Pharmaceuticals, Inc.*,+
|
300,054
|
$
|
6,490,168
|
|||||
BioMarin Pharmaceutical, Inc.*
|
27,472
|
2,107,926
|
||||||
Celldex Therapeutics, Inc.*
|
45,852
|
2,006,025
|
||||||
Forte Biosciences, Inc.*
|
183,247
|
5,490,080
|
||||||
Natera, Inc.*,+
|
248,217
|
28,425,811
|
||||||
Puma Biotechnology, Inc.*
|
311,046
|
2,339,066
|
||||||
Ultragenyx Pharmaceutical, Inc.*
|
14,590
|
1,164,720
|
||||||
48,023,796
|
||||||||
CASINOS & GAMING—1.7%
|
||||||||
DraftKings, Inc., Cl. A*
|
73,539
|
3,566,641
|
||||||
Evolution AB
|
23,580
|
4,102,902
|
||||||
Flutter Entertainment PLC*
|
17,056
|
2,907,481
|
||||||
MGM Resorts International+
|
89,575
|
3,361,750
|
||||||
13,938,774
|
||||||||
CONSTRUCTION & ENGINEERING—0.5%
|
||||||||
Ameresco, Inc., Cl. A*
|
58,349
|
3,998,657
|
||||||
CONSUMER FINANCE—4.3%
|
||||||||
LendingTree, Inc.*
|
15,096
|
2,947,041
|
||||||
Upstart Holdings, Inc.*,+
|
256,249
|
30,944,629
|
||||||
33,891,670
|
||||||||
DATA PROCESSING & OUTSOURCED SERVICES—2.1%
|
||||||||
Marqeta, Inc., Cl. A*
|
122,051
|
3,274,628
|
||||||
PayPal Holdings, Inc.*,+
|
21,373
|
5,888,903
|
||||||
Square, Inc., Cl. A*
|
15,868
|
3,923,522
|
||||||
Visa, Inc., Cl. A+
|
16,308
|
4,018,128
|
||||||
17,105,181
|
||||||||
DIVERSIFIED BANKS—1.0%
|
||||||||
Wells Fargo & Co.+
|
172,949
|
7,945,277
|
||||||
EDUCATION SERVICES—4.6%
|
||||||||
Chegg, Inc.*,+
|
412,828
|
36,588,945
|
||||||
Duolingo, Inc., Cl. A*
|
179
|
25,105
|
||||||
36,614,050
|
||||||||
ELECTRICAL COMPONENTS & EQUIPMENT—0.2%
|
||||||||
AMETEK, Inc.
|
14,124
|
1,963,942
|
||||||
ELECTRONIC EQUIPMENT & INSTRUMENTS—0.4%
|
||||||||
908 Devices, Inc.*
|
45,693
|
1,427,906
|
||||||
Trimble, Inc.*
|
17,839
|
1,525,235
|
||||||
2,953,141
|
||||||||
ENVIRONMENTAL & FACILITIES SERVICES—2.4%
|
||||||||
Casella Waste Systems, Inc., Cl. A*,+
|
54,574
|
3,753,600
|
||||||
Montrose Environmental Group, Inc.*,+
|
149,405
|
8,021,554
|
||||||
Waste Connections, Inc.+
|
55,396
|
7,018,119
|
||||||
18,793,273
|
||||||||
FINANCIAL EXCHANGES & DATA—0.7%
|
||||||||
Coinbase Global, Inc., Cl. A*
|
23,665
|
5,598,666
|
||||||
GENERAL MERCHANDISE STORES—2.2%
|
||||||||
Ollie's Bargain Outlet Holdings, Inc.*,+
|
188,632
|
17,561,639
|
THE ALGER FUNDS II
|
ALGER SPECTRA FUND
|
|
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
|
COMMON STOCKS—98.7% (CONT.)
|
SHARES
|
VALUE
|
||||||
HEALTHCARE DISTRIBUTORS—1.9%
|
||||||||
Apria, Inc.*,+
|
324,662
|
$
|
10,236,593
|
|||||
PetIQ, Inc., Cl. A*
|
147,174
|
5,204,072
|
||||||
15,440,665
|
||||||||
HEALTHCARE EQUIPMENT—7.2%
|
||||||||
CryoPort, Inc.*
|
67,304
|
4,154,003
|
||||||
Eargo, Inc.*
|
75,609
|
2,721,924
|
||||||
Glaukos Corp.*,+
|
67,195
|
3,426,945
|
||||||
Inmode Ltd.*
|
70,842
|
8,052,610
|
||||||
Insulet Corp.*,+
|
40,283
|
11,266,752
|
||||||
Intuitive Surgical, Inc.*,+
|
7,468
|
7,404,224
|
||||||
Nevro Corp.*,+
|
129,693
|
20,102,415
|
||||||
57,128,873
|
||||||||
HEALTHCARE FACILITIES—0.4%
|
||||||||
The Joint Corp.*
|
36,606
|
2,891,508
|
||||||
HEALTHCARE SERVICES—0.4%
|
||||||||
Guardant Health, Inc.*,+
|
30,727
|
3,373,825
|
||||||
HEALTHCARE SUPPLIES—0.4%
|
||||||||
Align Technology, Inc.*
|
4,668
|
3,247,994
|
||||||
HEALTHCARE TECHNOLOGY—1.5%
|
||||||||
Inspire Medical Systems, Inc.*
|
7,285
|
1,334,321
|
||||||
Tabula Rasa HealthCare, Inc.*
|
83,298
|
3,578,482
|
||||||
Veeva Systems, Inc., Cl. A*
|
20,666
|
6,875,785
|
||||||
11,788,588
|
||||||||
HOMEFURNISHING RETAIL—0.2%
|
||||||||
Bed Bath & Beyond, Inc.*
|
63,164
|
1,802,701
|
||||||
HOTELS RESORTS & CRUISE LINES—0.5%
|
||||||||
Expedia Group, Inc.*,+
|
22,385
|
3,601,075
|
||||||
HUMAN RESOURCE & EMPLOYMENT SERVICES—1.3%
|
||||||||
Legalzoom.com, Inc.*
|
110,319
|
4,057,533
|
||||||
Upwork, Inc.*,+
|
115,462
|
5,979,777
|
||||||
10,037,310
|
||||||||
INSURANCE BROKERS—0.1%
|
||||||||
Goosehead Insurance, Inc., Cl. A
|
6,755
|
811,883
|
||||||
INTERACTIVE HOME ENTERTAINMENT—1.5%
|
||||||||
Sea Ltd.#,*
|
28,532
|
7,879,397
|
||||||
Take-Two Interactive Software, Inc.*
|
23,293
|
4,039,472
|
||||||
11,918,869
|
||||||||
INTERACTIVE MEDIA & SERVICES—2.5%
|
||||||||
Alphabet, Inc., Cl. C*,+
|
3,029
|
8,191,688
|
||||||
Genius Sports Ltd.*,+
|
223,476
|
3,825,909
|
||||||
Pinterest, Inc., Cl. A*,+
|
100,028
|
5,891,649
|
||||||
Snap, Inc., Cl. A*
|
25,826
|
1,921,971
|
||||||
19,831,217
|
||||||||
INTERNET & DIRECT MARKETING RETAIL—3.7%
|
||||||||
Amazon.com, Inc.*,+
|
6,434
|
21,409,714
|
||||||
Chewy, Inc., Cl. A*
|
20,400
|
1,707,480
|
||||||
Etsy, Inc.*
|
7,399
|
1,357,791
|
THE ALGER FUNDS II
|
ALGER SPECTRA FUND
|
|
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
|
COMMON STOCKS—98.7% (CONT.)
|
SHARES
|
VALUE
|
||||||
INTERNET & DIRECT MARKETING RETAIL—3.7% (CONT.)
Wayfair, Inc., Cl. A*,+
|
21,550
|
$
|
5,201,308
|
|||||
29,676,293
|
||||||||
INTERNET SERVICES & INFRASTRUCTURE—1.1%
BigCommerce Holdings, Inc., Series 1*
|
30,991
|
2,006,977
|
||||||
Shopify, Inc., Cl. A*,+
|
4,471
|
6,706,187
|
||||||
8,713,164
|
||||||||
INVESTMENT BANKING & BROKERAGE—0.5%
The Goldman Sachs Group, Inc.+
|
10,479
|
3,928,368
|
||||||
IT CONSULTING & OTHER SERVICES—0.6%
EPAM Systems, Inc.*,+
|
6,855
|
3,837,429
|
||||||
Globant SA*
|
3,330
|
796,403
|
||||||
4,633,832
|
||||||||
LEISURE FACILITIES—0.2%
Planet Fitness, Inc., Cl. A*
|
23,387
|
1,759,404
|
||||||
LEISURE PRODUCTS—0.2%
Latham Group, Inc.*
|
56,932
|
1,553,105
|
||||||
LIFE SCIENCES TOOLS & SERVICES—1.1%
10X Genomics, Inc., Cl. A*
|
5,043
|
924,029
|
||||||
Bio-Techne Corp.
|
9,299
|
4,484,349
|
||||||
NeoGenomics, Inc.*,+
|
65,438
|
3,016,692
|
||||||
8,425,070
|
||||||||
MANAGED HEALTHCARE—2.1%
Progyny, Inc.*,+
|
302,124
|
16,825,286
|
||||||
METAL & GLASS CONTAINERS—0.9%
Ball Corp.
|
92,960
|
7,518,605
|
||||||
MOVIES & ENTERTAINMENT—0.9%
Lions Gate Entertainment Corp., Cl. B*
|
93,384
|
1,247,610
|
||||||
Roku, Inc., Cl. A*
|
13,948
|
5,974,068
|
||||||
7,221,678
|
||||||||
OIL & GAS EQUIPMENT & SERVICES—1.6%
Baker Hughes Co., Cl. A
|
66,874
|
1,420,404
|
||||||
Core Laboratories NV+
|
329,309
|
10,985,748
|
||||||
12,406,152
|
||||||||
OIL & GAS EXPLORATION & PRODUCTION—0.5%
Diamondback Energy, Inc.
|
41,199
|
3,177,679
|
||||||
Magnolia Oil & Gas Corp., Cl. A*
|
49,535
|
693,490
|
||||||
3,871,169
|
||||||||
PACKAGED FOODS & MEATS—0.5%
Mondelez International, Inc., Cl. A
|
61,715
|
3,904,091
|
||||||
PHARMACEUTICALS—2.0%
Aerie Pharmaceuticals, Inc.*
|
136,222
|
2,149,583
|
||||||
Catalent, Inc.*
|
66,788
|
8,001,870
|
||||||
Green Thumb Industries, Inc.*
|
134,235
|
3,988,212
|
||||||
Royalty Pharma PLC, Cl. A
|
43,026
|
1,643,593
|
||||||
15,783,258
|
||||||||
REAL ESTATE SERVICES—2.5%
FirstService Corp.+
|
106,236
|
19,755,647
|
THE ALGER FUNDS II
|
ALGER SPECTRA FUND
|
|
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
|
COMMON STOCKS—98.7% (CONT.)
|
SHARES
|
VALUE
|
||||||
REGIONAL BANKS—2.5%
Signature Bank+
|
86,558
|
$
|
19,646,069
|
|||||
RESEARCH & CONSULTING SERVICES—0.5%
CoStar Group, Inc.*,+
|
42,160
|
3,745,916
|
||||||
RESTAURANTS—1.3%
Shake Shack, Inc., Cl. A*,+
|
56,051
|
5,635,367
|
||||||
The Cheesecake Factory, Inc.*
|
68,672
|
3,108,095
|
||||||
Wingstop, Inc.
|
10,512
|
1,800,811
|
||||||
10,544,273
|
||||||||
SEMICONDUCTOR EQUIPMENT—2.7%
Applied Materials, Inc.+
|
48,119
|
6,733,292
|
||||||
Lam Research Corp.
|
10,295
|
6,562,136
|
||||||
SolarEdge Technologies, Inc.*
|
30,582
|
7,935,417
|
||||||
21,230,845
|
||||||||
SEMICONDUCTORS—3.0%
Advanced Micro Devices, Inc.*
|
80,370
|
8,534,490
|
||||||
Impinj, Inc.*
|
82,640
|
3,801,440
|
||||||
QUALCOMM, Inc.
|
52,899
|
7,924,270
|
||||||
Taiwan Semiconductor Manufacturing Co., Ltd.#
|
31,373
|
3,659,347
|
||||||
23,919,547
|
||||||||
SYSTEMS SOFTWARE—4.2%
Crowdstrike Holdings, Inc., Cl. A*
|
17,364
|
4,403,684
|
||||||
Microsoft Corp.+
|
98,085
|
27,945,397
|
||||||
Rapid7, Inc.*
|
7,182
|
816,953
|
||||||
33,166,034
|
||||||||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.4%
Apple, Inc.+
|
21,869
|
3,189,812
|
||||||
THRIFTS & MORTGAGE FINANCE—0.1%
Axos Financial, Inc.*,+
|
20,810
|
995,759
|
||||||
TRADING COMPANIES & DISTRIBUTORS—0.6%
SiteOne Landscape Supply, Inc.*
|
27,654
|
4,833,366
|
||||||
TOTAL COMMON STOCKS
(Cost $673,944,730)
|
785,139,017
|
|||||||
PREFERRED STOCKS—0.0%
|
SHARES
|
VALUE
|
||||||
BIOTECHNOLOGY—0.0%
Prosetta Biosciences, Inc., Series D*,@,(a),(b)
|
41,418
|
6,213
|
||||||
(Cost $186,381)
|
6,213
|
|||||||
RIGHTS—0.0%
|
SHARES
|
VALUE
|
||||||
BIOTECHNOLOGY—0.0%
Tolero CDR*,@,(a),(c)
|
126,108
|
97,103
|
||||||
(Cost $67,638)
|
97,103
|
|||||||
REAL ESTATE INVESTMENT TRUST—1.3%
|
SHARES
|
VALUE
|
||||||
INDUSTRIAL—0.5%
Prologis, Inc.
|
30,677
|
3,927,883
|
||||||
RESIDENTIAL—0.5%
AvalonBay Communities, Inc.
|
8,649
|
1,970,502
|
||||||
Essex Property Trust, Inc.
|
5,910
|
1,939,071
|
||||||
3,909,573
|
THE ALGER FUNDS II
|
ALGER SPECTRA FUND
|
|
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
|
REAL ESTATE INVESTMENT TRUST—1.3% (CONT.)
|
SHARES
|
VALUE
|
||||||
RETAIL—0.3%
Simon Property Group, Inc.
|
21,845
|
$
|
2,763,829
|
|||||
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $9,683,603)
|
10,601,285
|
|||||||
SPECIAL PURPOSE VEHICLE—0.3%
|
SHARES
|
VALUE
|
||||||
DATA PROCESSING & OUTSOURCED SERVICES—0.3%
Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b)
|
37
|
1,450,548
|
||||||
Crosslink Ventures Capital LLC, Cl. B*,@,(a),(b)
|
22
|
862,488
|
||||||
2,313,036
|
||||||||
TOTAL SPECIAL PURPOSE VEHICLE
(Cost $1,475,000)
|
2,313,036
|
PURCHASED OPTIONS—0.0%
SECURITY NAME/
EXPIRATION DATE/
STRIKE PRICE
|
NOTIONAL
AMOUNTS
|
COUNTERPARTY
|
NUMBER OF CONTRACTS
|
VALUE
|
||||||||
PUT OPTIONS—0.0%
|
||||||||||||
Lemonade, Inc., 12/17/21, 100.00*
|
$
|
43,530
|
BNP Paribas
|
5
|
$
|
11,775
|
||||||
(Cost $29,161)
|
11,775
|
TOTAL PURCHASED OPTIONS
(Cost $29,161)
|
11,775
|
|||||||
Total Investments
(Cost $685,386,513)
|
100.3
|
%
|
$
|
798,168,429
|
||||
Affiliated Securities (Cost $1,661,381)
|
2,319,249
|
|||||||
Unaffiliated Securities (Cost $683,725,132)
|
795,849,180
|
|||||||
Securities Sold Short (Proceeds $317,800,238)
|
(39.7
|
)%
|
(316,242,845
|
)
|
||||
Swaps
|
0.0
|
%
|
1,960
|
|||||
Other Assets in Excess of Liabilities
|
39.4
|
%
|
313,942,886
|
|||||
NET ASSETS
|
100.0
|
%
|
$
|
795,870,430
|
Security
|
Acquisition
Date(s)
|
Acquisition
Cost
|
% of net assets
(Acquisition
Date)
|
Market
Value
|
% of net assets
as of
1/31/2021
|
|||||||||||||
Crosslink Ventures Capital LLC, Cl. A
|
10/2/20
|
925,000
|
0.24
|
%
|
$ |
1,450,548
|
0.18
|
%
|
||||||||||
Crosslink Ventures Capital LLC, Cl. B
|
12/16/20
|
550,000
|
0.11
|
%
|
862488
|
0.11
|
%
|
|||||||||||
Prosetta Biosciences, Inc., Series D
|
2/6/15
|
186,381
|
0.25
|
%
|
6,213
|
0.00
|
%
|
|||||||||||
Tolero CDR
|
2/6/17
|
67,638
|
0.09
|
%
|
97,103 |
0.01
|
%
|
|||||||||||
Total
|
$
|
2,416,352 |
0.30
|
%
|
Contract
Amount
|
Counterparty
|
Reference Company
|
Market
Value
|
Unrealized
Appreciation
|
Unrealized
(Depreciation)
|
Net Unrealized
Appreciation/
(Depreciation)
|
||||||||||||||
3,914,820
|
Goldman Sachs
|
3M Co. |
$
|
8,121
|
$
|
8,121
|
$
|
–
|
$
|
8,121
|
||||||||||
1,873,266
|
|
Church & Dwight |
(93,448
|
)
|
–
|
(63,955
|
)
|
(63,955
|
)
|
|||||||||||
Goldman Sachs
|
Co., Inc | |||||||||||||||||||
837,436
|
Goldman Sachs
|
The Kroger Co. |
(119,017
|
)
|
(119,017 | ) |
(119,017
|
)
|
||||||||||||
1,831,088
|
Goldman Sachs
|
Omnicom Group, Inc. |
206,304
|
206,304 |
206,304
|
|||||||||||||||
Total |
$ | 1,960 |
$ |
214,495 |
$ |
(182,972) |
$ |
31,453 |
THE ALGER FUNDS II
|
ALGER SPECTRA FUND
|
|
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
|
COMMON STOCKS—(35.7)%
|
SHARES
|
VALUE
|
||||||
AEROSPACE & DEFENSE—(0.1)%
|
||||||||
Virgin Galactic Holdings, Inc.
|
(17,542
|
)
|
$
|
(526,085
|
)
|
|||
AIRLINES—(0.1)%
|
||||||||
Frontier Group Holdings, Inc.
|
(38,109
|
)
|
(561,727
|
)
|
||||
Sun Country Airlines Holdings, Inc.
|
(17,402
|
)
|
(565,391
|
)
|
||||
(1,127,118
|
)
|
|||||||
APPLICATION SOFTWARE—(1.3)%
|
||||||||
C3.ai, Inc., Cl. A
|
(6,977
|
)
|
(351,292
|
)
|
||||
Elastic NV
|
(15,666
|
)
|
(2,319,508
|
)
|
||||
Latch, Inc.
|
(233,838
|
)
|
(3,117,061
|
)
|
||||
Olo, Inc., Cl. A
|
(16,976
|
)
|
(595,348
|
)
|
||||
RingCentral, Inc., Cl. A
|
(6,610
|
)
|
(1,766,655
|
)
|
||||
ShotSpotter, Inc.
|
(40,795
|
)
|
(1,864,332
|
)
|
||||
Tuya, Inc.#
|
(29,572
|
)
|
(587,891
|
)
|
||||
(10,602,087
|
)
|
|||||||
ASSET MANAGEMENT & CUSTODY BANKS—(0.1)%
|
||||||||
Main Street Capital Corp.
|
(11,885
|
)
|
(488,711
|
)
|
||||
BIOTECHNOLOGY—(0.4)%
|
||||||||
Amgen, Inc.
|
(4,765
|
)
|
(1,150,938
|
)
|
||||
Flexion Therapeutics, Inc.
|
(302,122
|
)
|
(1,791,583
|
)
|
||||
(2,942,521
|
)
|
|||||||
BREWERS—(0.2)%
|
||||||||
The Boston Beer Co., Inc., Cl. A
|
(2,520
|
)
|
(1,789,200
|
)
|
||||
BUILDING PRODUCTS—0.0%
|
||||||||
Lennox International, Inc.
|
(1,057
|
)
|
(348,208
|
)
|
||||
CABLE & SATELLITE—0.0%
|
||||||||
Sirius XM Holdings, Inc.
|
(58,865
|
)
|
(380,857
|
)
|
||||
COMMODITY CHEMICALS—(0.8)%
|
||||||||
PureCycle Technologies, Inc.
|
(439,970
|
)
|
(6,515,956
|
)
|
||||
COMPUTER & ELECTRONICS RETAIL—0.0%
|
||||||||
Smart Share Global Ltd.#
|
(16,665
|
)
|
(70,826
|
)
|
||||
CONSUMER ELECTRONICS—(0.1)%
|
||||||||
Vizio Holding Corp., Cl. A
|
(24,697
|
)
|
(544,075
|
)
|
||||
DATA PROCESSING & OUTSOURCED SERVICES—(0.2)%
|
||||||||
Afterpay Ltd.
|
(17,326
|
)
|
(1,231,573
|
)
|
||||
DEPARTMENT STORES—(0.3)%
|
||||||||
Nordstrom, Inc.
|
(61,015
|
)
|
(2,019,596
|
)
|
||||
DISTILLERS & VINTNERS—(0.1)%
|
||||||||
The Duckhorn Portfolio, Inc.
|
(25,087
|
)
|
(551,161
|
)
|
||||
DIVERSIFIED SUPPORT SERVICES—(1.0)%
|
||||||||
ACV Auctions, Inc., Cl. A
|
(25,379
|
)
|
(587,778
|
)
|
||||
Healthcare Services Group, Inc.
|
(120,865
|
)
|
(3,154,576
|
)
|
||||
KAR Auction Services, Inc.
|
(237,119
|
)
|
(3,907,721
|
)
|
||||
(7,650,075
|
)
|
|||||||
EDUCATION SERVICES—(0.2)%
|
||||||||
2U, Inc.
|
(26,226
|
)
|
(1,138,208
|
)
|
THE ALGER FUNDS II
|
ALGER SPECTRA FUND
|
|
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
|
COMMON STOCKS—(35.7)% (CONT.) |
SHARES
|
VALUE
|
||||||
EDUCATION SERVICES—(0.2)% (CONT.)
|
||||||||
Coursera, Inc.
|
(16,213
|
)
|
$
|
(577,021
|
)
|
|||
(1,715,229
|
)
|
|||||||
FOOD RETAIL—(0.1)%
|
||||||||
Grocery Outlet Holding Corp.
|
(32,468
|
)
|
(1,075,340
|
)
|
||||
HEALTHCARE EQUIPMENT—(0.5)%
|
||||||||
iRhythm Technologies, Inc.
|
(56,159
|
)
|
(2,870,848
|
)
|
||||
NuVasive, Inc.
|
(17,321
|
)
|
(1,107,678
|
)
|
||||
(3,978,526
|
)
|
|||||||
HEALTHCARE SERVICES—(0.3)%
|
||||||||
Hims & Hers Health, Inc.
|
(281,002
|
)
|
(2,222,726
|
)
|
||||
HEALTHCARE TECHNOLOGY—0.0%
|
||||||||
Castlight Health, Inc., Cl. B
|
(7,950
|
)
|
(18,524
|
)
|
||||
HOME FURNISHINGS—(0.1)%
|
||||||||
Leggett & Platt, Inc.
|
(15,884
|
)
|
(762,909
|
)
|
||||
HOUSEHOLD APPLIANCES—(0.3)%
|
||||||||
Cricut, Inc., Cl. A
|
(17,330
|
)
|
(591,473
|
)
|
||||
iRobot Corp.
|
(22,146
|
)
|
(1,937,775
|
)
|
||||
(2,529,248
|
)
|
|||||||
INDUSTRIAL MACHINERY—(0.1)%
|
||||||||
Proto Labs, Inc.
|
(12,693
|
)
|
(992,466
|
)
|
||||
INTERACTIVE MEDIA & SERVICES—(0.5)%
|
||||||||
Twitter, Inc.
|
(54,713
|
)
|
(3,816,232
|
)
|
||||
INTERNET & DIRECT MARKETING RETAIL—(1.9)%
|
||||||||
1stdibs.com, Inc.
|
(27,827
|
)
|
(452,189
|
)
|
||||
JD.com, Inc.#
|
(27,182
|
)
|
(1,926,660
|
)
|
||||
Porch Group, Inc.
|
(163,116
|
)
|
(3,022,539
|
)
|
||||
Poshmark, Inc., Cl. A
|
(156,230
|
)
|
(6,130,465
|
)
|
||||
The Original BARK Co.
|
(285,000
|
)
|
(2,294,250
|
)
|
||||
ThredUp, Inc., Cl. A
|
(55,679
|
)
|
(1,328,501
|
)
|
||||
(15,154,604
|
)
|
|||||||
INTERNET SERVICES & INFRASTRUCTURE—(1.9)%
|
||||||||
Akamai Technologies, Inc.
|
(6,356
|
)
|
(762,212
|
)
|
||||
Fastly, Inc., Cl. A
|
(34,472
|
)
|
(1,657,069
|
)
|
||||
GTT Communications, Inc.
|
(87,552
|
)
|
(49,029
|
)
|
||||
Rackspace Technology, Inc.
|
(107,440
|
)
|
(1,907,060
|
)
|
||||
Snowflake, Inc., Cl. A
|
(35,979
|
)
|
(9,560,340
|
)
|
||||
Wix.com Ltd.
|
(3,038
|
)
|
(907,268
|
)
|
||||
(14,842,978
|
)
|
|||||||
IT CONSULTING & OTHER SERVICES—(0.5)%
|
||||||||
Cognizant Technology Solutions Corp., Cl. A
|
(50,544
|
)
|
(3,716,500
|
)
|
||||
MARKET INDICES—(18.8)%
|
||||||||
Invesco QQQ Trust Series 1
|
(32,219
|
)
|
(11,746,081
|
)
|
||||
iShares Russell 1000 Growth ETF
|
(69,561
|
)
|
(19,522,990
|
)
|
||||
iShares Russell 2000 Growth ETF
|
(271,812
|
)
|
(81,557,191
|
)
|
THE ALGER FUNDS II
|
ALGER SPECTRA FUND
|
|
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
|
COMMON STOCKS—(35.7)% (CONT.)
|
SHARES
|
VALUE
|
||||||
MARKET INDICES—(18.8)% (CONT.)
iShares Russell Mid-Capital Growth ETF
|
(322,229
|
)
|
$
|
(36,827,552
|
)
|
|||
(149,653,814
|
)
|
|||||||
MOVIES & ENTERTAINMENT—(0.7)%
AMC Entertainment Holdings, Inc., Cl. A
|
(53,903
|
)
|
(1,995,489
|
)
|
||||
Spotify Technology SA
|
(14,449
|
)
|
(3,304,053
|
)
|
||||
(5,299,542
|
)
|
|||||||
OIL & GAS DRILLING—(0.1)%
Transocean Ltd.
|
(217,158
|
)
|
(783,940
|
)
|
||||
OIL & GAS EXPLORATION & PRODUCTION—(0.1)%
Vine Energy, Inc., Cl. A
|
(41,181
|
)
|
(576,946
|
)
|
||||
OTHER DIVERSIFIED FINANCIAL SERVICES—(0.6)%
iShares 20+ Year Treasury Bond ETF
|
(34,352
|
)
|
(5,136,311
|
)
|
||||
PACKAGED FOODS & MEATS—(0.2)%
General Mills, Inc.
|
(30,432
|
)
|
(1,791,228
|
)
|
||||
PERSONAL PRODUCTS—(0.2)%
The Honest Co., Inc.
|
(109,915
|
)
|
(1,579,479
|
)
|
||||
PROPERTY & CASUALTY INSURANCE—(1.5)%
Kinsale Capital Group, Inc.
|
(9,425
|
)
|
(1,683,729
|
)
|
||||
Lemonade, Inc.
|
(84,458
|
)
|
(7,352,913
|
)
|
||||
Palomar Holdings, Inc.
|
(39,702
|
)
|
(3,232,934
|
)
|
||||
(12,269,576
|
)
|
|||||||
REAL ESTATE SERVICES—(0.6)%
Opendoor Technologies, Inc.
|
(341,899
|
)
|
(5,066,943
|
)
|
||||
REGIONAL BANKS—(0.2)%
Great Western Bancorp, Inc.
|
(47,240
|
)
|
(1,454,992
|
)
|
||||
SECURITY & ALARM SERVICES—(0.2)%
The Brink's Co.
|
(25,875
|
)
|
(1,991,340
|
)
|
||||
SPECIALTY CHEMICALS—(0.1)%
Diversey Holdings Ltd.
|
(35,283
|
)
|
(588,520
|
)
|
||||
SYSTEMS SOFTWARE—(0.7)%
Check Point Software Technologies Ltd.
|
(15,684
|
)
|
(1,993,436
|
)
|
||||
Monday.com Ltd.
|
(8,600
|
)
|
(1,903,094
|
)
|
||||
UiPath, Inc., Cl. A
|
(22,021
|
)
|
(1,377,634
|
)
|
||||
(5,274,164
|
)
|
|||||||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—(0.4)%
Diebold Nixdorf, Inc.
|
(84,943
|
)
|
(884,257
|
)
|
||||
Logitech International SA
|
(24,502
|
)
|
(2,671,943
|
)
|
||||
(3,556,200
|
)
|
|||||||
TRUCKING—(0.2)%
Avis Budget Group, Inc.
|
(24,072
|
)
|
(1,992,439
|
)
|
||||
TOTAL COMMON STOCKS
|
||||||||
(Proceeds $287,484,081)
|
$
|
(284,628,765
|
)
|
THE ALGER FUNDS II
|
ALGER SPECTRA FUND
|
|
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
|
REAL ESTATE INVESTMENT TRUST—(4.0)%
|
SHARES
|
VALUE
|
|||||||
DIVERSIFIED—(0.6)%
Empire State Realty Trust, Inc., Cl. A
|
(424,345
|
)
|
$
|
(4,850,263
|
)
|
||||
HEALTHCARE—(1.7)%
Omega Healthcare Investors, Inc.
|
(374,190
|
)
|
(13,575,613
|
)
|
|||||
OFFICE—(1.3)%
Boston Properties, Inc.
|
(8,117
|
)
|
(952,773
|
)
|
|||||
Hudson Pacific Properties, Inc.
|
(41,165
|
)
|
(1,122,158
|
)
|
|||||
Paramount Group, Inc.
|
(349,277
|
)
|
(3,408,944
|
)
|
|||||
SL Green Realty Corp.
|
(26,970
|
)
|
(2,008,186
|
)
|
|||||
Vornado Realty Trust
|
(66,193
|
)
|
(2,879,395
|
)
|
|||||
(10,371,456
|
)
|
||||||||
RETAIL—(0.4)%
CBL & Associates Properties, Inc.
|
(13,748
|
)
|
(1,722
|
)
|
|||||
Pennsylvania Real Estate Investment Trust
|
(6,036
|
)
|
(12,253
|
)
|
|||||
Seritage Growth Properties, Cl. A
|
(176,463
|
)
|
(2,800,468
|
)
|
|||||
Washington Prime Group, Inc.
|
(1,295
|
)
|
(2,305
|
)
|
|||||
(2,816,748
|
)
|
||||||||
TOTAL REAL ESTATE INVESTMENT TRUST
|
|||||||||
(Proceeds $30,316,157)
|
$
|
(31,614,080
|
)
|
||||||
Total Securities Sold Short
|
|||||||||
(Proceeds $317,800,238)
|
$
|
(316,242,845
|
)
|
THE ALGER FUNDS II
|
ALGER EMERGING MARKETS FUND
|
Schedule of Investments July 31, 2021 (Unaudited)
|
COMMON STOCKS—98.4%
|
SHARES
|
VALUE
|
||||||
ARGENTINA—1.8%
|
||||||||
INTERNET & DIRECT MARKETING RETAIL—1.8%
|
||||||||
MercadoLibre, Inc.*
|
460
|
$
|
721,602
|
|||||
(Cost $740,639)
|
||||||||
BRAZIL—10.3%
|
||||||||
ASSET MANAGEMENT & CUSTODY BANKS—1.6%
|
||||||||
Vinci Partners Investments Ltd., Cl. A*
|
48,170
|
624,765
|
||||||
DATA PROCESSING & OUTSOURCED SERVICES—1.7%
|
||||||||
StoneCo Ltd., Cl. A*
|
11,400
|
670,776
|
||||||
EDUCATION SERVICES—1.8%
|
||||||||
Afya Ltd., Cl. A*
|
29,900
|
687,700
|
||||||
HEALTHCARE SERVICES—2.0%
|
||||||||
Diagnosticos da America SA
|
72,500
|
771,032
|
||||||
HEAVY ELECTRICAL EQUIPMENT—1.4%
|
||||||||
Aeris Industria E Comercio de Equipamentos Para Geracao de Energia SA*
|
331,000
|
555,982
|
||||||
RESEARCH & CONSULTING SERVICES—1.8%
|
||||||||
Boa Vista Servicos SA
|
324,000
|
720,864
|
||||||
TOTAL BRAZIL
|
||||||||
(Cost $4,249,853)
|
4,031,119
|
|||||||
CANADA—1.6%
|
||||||||
GOLD—1.6%
|
||||||||
Endeavour Mining PLC
|
25,500
|
607,201
|
||||||
(Cost $640,504)
|
||||||||
CHINA—23.8%
|
||||||||
APPAREL ACCESSORIES & LUXURY GOODS—0.7%
|
||||||||
Li Ning Co., Ltd.
|
27,000
|
285,161
|
||||||
APPLICATION SOFTWARE—1.7%
|
||||||||
Glodon Co., Ltd., Cl. A
|
68,000
|
664,723
|
||||||
AUTOMOBILE MANUFACTURERS—6.2%
|
||||||||
BYD Co., Ltd., Cl. H
|
37,000
|
1,143,635
|
||||||
Geely Automobile Holdings Ltd.
|
382,000
|
1,281,401
|
||||||
|
2,425,036
|
|||||||
FOOTWEAR—1.3%
|
||||||||
ANTA Sports Products Ltd.
|
24,000
|
522,523
|
||||||
INTERACTIVE MEDIA & SERVICES—2.9%
|
||||||||
Tencent Holdings Ltd.
|
18,507
|
1,116,145
|
||||||
INTERNET & DIRECT MARKETING RETAIL—4.0%
|
||||||||
JD.com, Inc.#,*
|
16,000
|
1,134,080
|
||||||
Trip.com Group Ltd.#,*
|
17,400
|
451,182
|
||||||
|
1,585,262
|
|||||||
PACKAGED FOODS & MEATS—1.1%
|
||||||||
China Feihe Ltd.
|
218,000
|
419,115
|
||||||
PERSONAL PRODUCTS—0.5%
|
||||||||
Yatsen Holding Ltd.#,*
|
30,502
|
205,584
|
THE ALGER FUNDS II
|
ALGER EMERGING MARKETS FUND
|
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
|
COMMON STOCKS—98.4% (CONT.)
|
SHARES
|
VALUE
|
||||||
CHINA—23.8% (CONT.)
|
||||||||
REAL ESTATE OPERATING COMPANIES—2.2%
|
||||||||
KWG Living Group Holdings Ltd.
|
910,000
|
$
|
870,429
|
|||||
SEMICONDUCTORS—3.2%
|
||||||||
LONGi Green Energy Technology Co., Ltd., Cl. A
|
93,865
|
1,252,967
|
||||||
TOTAL CHINA
|
||||||||
(Cost $9,215,788)
|
9,346,945
|
|||||||
GREECE—1.5%
|
||||||||
SPECIALTY STORES—1.5%
|
||||||||
JUMBO SA
|
38,000
|
603,678
|
||||||
(Cost $730,268)
|
||||||||
HONG KONG—3.3%
|
||||||||
ADVERTISING—1.6%
|
||||||||
iClick Interactive Asia Group Ltd.#,*
|
109,800
|
621,468
|
||||||
FINANCIAL EXCHANGES & DATA—1.7%
|
||||||||
Hong Kong Exchanges & Clearing Ltd.
|
10,476
|
669,531
|
||||||
TOTAL HONG KONG
|
||||||||
(Cost $1,556,433)
|
1,290,999
|
|||||||
HUNGARY—2.6%
|
||||||||
AIRLINES—2.6%
|
||||||||
Wizz Air Holdings PLC*
|
14,686
|
1,009,329
|
||||||
(Cost $889,698)
|
||||||||
INDIA—14.0%
|
||||||||
APPAREL ACCESSORIES & LUXURY GOODS—1.2%
|
||||||||
Titan Co., Ltd.
|
20,000
|
462,085
|
||||||
APPLICATION SOFTWARE—1.8%
|
||||||||
Route Mobile Ltd.
|
26,000
|
723,054
|
||||||
CONSUMER FINANCE—4.1%
|
||||||||
Manappuram Finance Ltd.
|
447,000
|
1,249,366
|
||||||
Paisalo Digital Ltd.
|
41,000
|
363,054
|
||||||
1,612,420
|
||||||||
ELECTRICAL COMPONENTS & EQUIPMENT—1.1%
|
||||||||
Polycab India Ltd.
|
17,000
|
422,721
|
||||||
HEALTHCARE SERVICES—1.7%
|
||||||||
Metropolis Healthcare Ltd.
|
17,000
|
650,886
|
||||||
HOUSEHOLD APPLIANCES—1.9%
|
||||||||
Amber Enterprises India Ltd.*
|
19,000
|
763,789
|
||||||
RESTAURANTS—1.3%
|
||||||||
Barbeque Nation Hospitality Ltd.*
|
43,000
|
508,873
|
||||||
THRIFTS & MORTGAGE FINANCE—0.9%
|
||||||||
Indiabulls Housing Finance Ltd.
|
100,000
|
371,158
|
||||||
TOTAL INDIA
|
||||||||
(Cost $4,399,482)
|
5,514,986
|
THE ALGER FUNDS II
|
ALGER EMERGING MARKETS FUND
|
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
|
COMMON STOCKS—98.4% (CONT.)
|
SHARES
|
VALUE
|
||||||
INDONESIA—1.0%
|
||||||||
REGIONAL BANKS—1.0%
|
||||||||
Bank BTPN Syariah Tbk PT
|
2,408,570
|
$
|
394,829
|
|||||
(Cost $510,743)
|
||||||||
RUSSIA—1.7%
|
||||||||
APPAREL RETAIL—1.7%
|
||||||||
Detsky Mir PJSC
|
341,940
|
655,914
|
||||||
(Cost $705,092)
|
||||||||
SINGAPORE—2.6%
|
||||||||
INTERACTIVE HOME ENTERTAINMENT—2.6%
|
||||||||
Sea Ltd.#,*
|
3,680
|
1,016,269
|
||||||
(Cost $1,023,583)
|
||||||||
SOUTH AFRICA—1.0%
|
||||||||
APPAREL RETAIL—1.0%
|
||||||||
Mr Price Group Ltd.
|
27,000
|
401,482
|
||||||
(Cost $326,161)
|
||||||||
SOUTH KOREA—16.4%
|
||||||||
HEALTHCARE EQUIPMENT—2.4%
|
||||||||
Ray Co., Ltd.*
|
34,200
|
926,948
|
||||||
INTERACTIVE MEDIA & SERVICES—2.6%
|
||||||||
Kakao Corp.
|
8,100
|
1,034,682
|
||||||
SEMICONDUCTORS—2.6%
|
||||||||
LEENO Industrial, Inc.
|
6,639
|
1,031,133
|
||||||
SPECIALTY CHEMICALS—3.3%
|
||||||||
Chunbo Co., Ltd.
|
6,623
|
1,299,503
|
||||||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.5%
|
||||||||
Samsung Electronics Co., Ltd.
|
31,713
|
2,162,471
|
||||||
TOTAL SOUTH KOREA
|
||||||||
(Cost $4,382,304)
|
6,454,737
|
|||||||
TAIWAN—12.8%
|
||||||||
ELECTRONIC EQUIPMENT & INSTRUMENTS—2.3%
|
||||||||
Chroma ATE, Inc.
|
130,000
|
916,649
|
||||||
INTERNET & DIRECT MARKETING RETAIL—3.0%
|
||||||||
momo.com, Inc.
|
20,800
|
1,162,543
|
||||||
SEMICONDUCTORS—7.5%
|
||||||||
Realtek Semiconductor Corp.
|
62,000
|
1,310,321
|
||||||
Taiwan Semiconductor Manufacturing Co., Ltd.
|
78,000
|
1,631,737
|
||||||
2,942,058
|
||||||||
TOTAL TAIWAN
|
||||||||
(Cost $3,397,148)
|
5,021,250
|
|||||||
UNITED STATES—2.0%
|
||||||||
IT CONSULTING & OTHER SERVICES—2.0%
|
||||||||
EPAM Systems, Inc.*
|
1,400
|
783,720
|
||||||
(Cost $407,461)
|
THE ALGER FUNDS II
|
ALGER EMERGING MARKETS FUND
|
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
|
COMMON STOCKS—98.4% (CONT.)
|
SHARES
|
VALUE
|
||||||
VIETNAM—2.0%
|
||||||||
REAL ESTATE DEVELOPMENT—2.0%
Vinhomes JSC*
|
167,000
|
$
|
788,320
|
|||||
(Cost $735,655)
|
||||||||
TOTAL COMMON STOCKS
(Cost $33,910,812)
|
38,642,380
|
|||||||
Total Investments
(Cost $33,910,812)
|
98.4
|
%
|
$
|
38,642,380
|
||||
Unaffiliated Securities (Cost $33,910,812)
|
38,642,380
|
|||||||
Other Assets in Excess of Liabilities
|
1.6
|
%
|
644,137
|
|||||
NET ASSETS
|
100.0
|
%
|
$
|
39,286,517
|
THE ALGER FUNDS II
|
ALGER RESPONSIBLE INVESTING FUND
|
Schedule of Investments July 31, 2021 (Unaudited)
|
COMMON STOCKS—95.8%
|
SHARES
|
VALUE
|
||||||
APPAREL ACCESSORIES & LUXURY GOODS—1.5%
|
||||||||
Levi Strauss & Co., Cl. A
|
18,358
|
$
|
505,212
|
|||||
Lululemon Athletica, Inc.*
|
2,388
|
955,606
|
||||||
1,460,818
|
||||||||
APPLICATION SOFTWARE—10.7%
|
||||||||
Adobe, Inc.*
|
6,785
|
4,217,760
|
||||||
Autodesk, Inc.*
|
4,433
|
1,423,569
|
||||||
Intuit, Inc.
|
1,417
|
750,968
|
||||||
Paycom Software, Inc.*
|
947
|
378,800
|
||||||
salesforce.com, Inc.*
|
12,073
|
2,920,821
|
||||||
Workday, Inc., Cl. A*
|
1,906
|
446,766
|
||||||
10,138,684
|
||||||||
AUTO PARTS & EQUIPMENT—1.0%
|
||||||||
Aptiv PLC*
|
5,666
|
945,372
|
||||||
AUTOMOBILE MANUFACTURERS—0.7%
|
||||||||
Tesla, Inc.*
|
967
|
664,522
|
||||||
BIOTECHNOLOGY—0.6%
|
||||||||
Vertex Pharmaceuticals, Inc.*
|
2,680
|
540,234
|
||||||
BUILDING PRODUCTS—0.5%
|
||||||||
Allegion PLC
|
3,668
|
501,049
|
||||||
COMMUNICATIONS EQUIPMENT—0.5%
|
||||||||
Cisco Systems, Inc.
|
9,310
|
515,495
|
||||||
DATA PROCESSING & OUTSOURCED SERVICES—7.5%
|
||||||||
PayPal Holdings, Inc.*
|
10,184
|
2,805,998
|
||||||
Visa, Inc., Cl. A
|
17,582
|
4,332,029
|
||||||
7,138,027
|
||||||||
DISTRIBUTORS—0.6%
|
||||||||
Pool Corp.
|
1,157
|
552,838
|
||||||
DIVERSIFIED BANKS—0.4%
|
||||||||
JPMorgan Chase & Co.
|
2,658
|
403,431
|
||||||
ELECTRIC UTILITIES—0.5%
|
||||||||
NextEra Energy, Inc.
|
5,908
|
460,233
|
||||||
ELECTRICAL COMPONENTS & EQUIPMENT—0.5%
|
||||||||
Rockwell Automation, Inc.
|
1,599
|
491,565
|
||||||
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.4%
|
||||||||
Cognex Corp.
|
5,696
|
514,975
|
||||||
Trimble, Inc.*
|
9,100
|
778,050
|
||||||
1,293,025
|
||||||||
ELECTRONIC MANUFACTURING SERVICES—1.0%
|
||||||||
Flex Ltd.*
|
51,570
|
926,713
|
||||||
ENVIRONMENTAL & FACILITIES SERVICES—0.5%
|
||||||||
Tetra Tech, Inc.
|
3,729
|
497,896
|
||||||
FINANCIAL EXCHANGES & DATA—2.1%
|
||||||||
CME Group, Inc., Cl. A
|
2,074
|
439,957
|
||||||
S&P Global, Inc.
|
3,601
|
1,543,821
|
||||||
1,983,778
|
||||||||
FOOD DISTRIBUTORS—0.6%
|
||||||||
Sysco Corp.
|
7,189
|
533,424
|
THE ALGER FUNDS II
|
ALGER RESPONSIBLE INVESTING FUND
|
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
|
COMMON STOCKS—95.8% (CONT.)
|
SHARES
|
VALUE
|
||||||
FOOTWEAR—1.4%
NIKE, Inc., Cl. B
|
8,142
|
$
|
1,363,866
|
|||||
HEALTHCARE EQUIPMENT—2.0%
Danaher Corp.
|
3,428
|
1,019,796
|
||||||
Dexcom, Inc.*
|
675
|
347,969
|
||||||
Edwards Lifesciences Corp.*
|
4,755
|
533,844
|
||||||
1,901,609
|
||||||||
HEALTHCARE SERVICES—1.4%
Cigna Corp.
|
4,158
|
954,220
|
||||||
Guardant Health, Inc.*
|
3,065
|
336,537
|
||||||
1,290,757
|
||||||||
HEALTHCARE SUPPLIES—0.8%
Align Technology, Inc.*
|
1,128
|
784,862
|
||||||
HOME IMPROVEMENT RETAIL—2.4%
The Home Depot, Inc.
|
6,953
|
2,281,905
|
||||||
HOUSEHOLD PRODUCTS—1.1%
The Procter & Gamble Co.
|
7,270
|
1,034,012
|
||||||
INDUSTRIAL CONGLOMERATES—1.0%
Honeywell International, Inc.
|
4,177
|
976,541
|
||||||
INDUSTRIAL GASES—1.1%
Air Products & Chemicals, Inc.
|
3,624
|
1,054,693
|
||||||
INDUSTRIAL MACHINERY—0.8%
Xylem, Inc.
|
5,737
|
722,002
|
||||||
INTERACTIVE HOME ENTERTAINMENT—0.6%
Electronic Arts, Inc.
|
3,981
|
573,105
|
||||||
INTERACTIVE MEDIA & SERVICES—9.0%
Alphabet, Inc., Cl. A*
|
1,102
|
2,969,372
|
||||||
Alphabet, Inc., Cl. C*
|
927
|
2,506,997
|
||||||
Facebook, Inc., Cl. A*
|
8,550
|
3,046,365
|
||||||
8,522,734
|
||||||||
INTERNET & DIRECT MARKETING RETAIL—6.8%
Amazon.com, Inc.*
|
1,797
|
5,979,679
|
||||||
Etsy, Inc.*
|
2,715
|
498,230
|
||||||
6,477,909
|
||||||||
INTERNET SERVICES & INFRASTRUCTURE—0.2%
Shopify, Inc., Cl. A*
|
154
|
230,989
|
||||||
INVESTMENT BANKING & BROKERAGE—1.6%
Morgan Stanley
|
15,491
|
1,486,826
|
||||||
IT CONSULTING & OTHER SERVICES—0.9%
Accenture PLC, Cl. A
|
2,605
|
827,556
|
||||||
LEISURE FACILITIES—0.5%
Vail Resorts, Inc.*
|
1,567
|
478,248
|
||||||
LIFE SCIENCES TOOLS & SERVICES—0.7%
Agilent Technologies, Inc.
|
4,610
|
706,390
|
||||||
MANAGED HEALTHCARE—0.9%
Humana, Inc.
|
1,990
|
847,461
|
||||||
METAL & GLASS CONTAINERS—0.8%
Ball Corp.
|
9,682
|
783,080
|
THE ALGER FUNDS II
|
ALGER RESPONSIBLE INVESTING FUND
|
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
|
COMMON STOCKS—95.8% (CONT.)
|
SHARES
|
VALUE
|
||||||
MOVIES & ENTERTAINMENT—0.9%
Live Nation Entertainment, Inc.*
|
4,766
|
$
|
375,990
|
|||||
The Walt Disney Co.*
|
2,512
|
442,162
|
||||||
818,152
|
||||||||
PHARMACEUTICALS—2.8%
Bristol-Myers Squibb Co.
|
11,377
|
772,157
|
||||||
Merck & Co., Inc.
|
10,929
|
840,112
|
||||||
Zoetis, Inc., Cl. A
|
4,902
|
993,636
|
||||||
2,605,905
|
||||||||
RAILROADS—0.6%
Union Pacific Corp.
|
2,735
|
598,309
|
||||||
RESTAURANTS—1.0%
Starbucks Corp.
|
7,708
|
935,983
|
||||||
SEMICONDUCTOR EQUIPMENT—4.6%
ASML Holding NV
|
1,580
|
1,211,449
|
||||||
Lam Research Corp.
|
4,234
|
2,698,794
|
||||||
SolarEdge Technologies, Inc.*
|
1,876
|
486,785
|
||||||
4,397,028
|
||||||||
SEMICONDUCTORS—5.0%
NVIDIA Corp.
|
14,076
|
2,744,679
|
||||||
Taiwan Semiconductor Manufacturing Co., Ltd.#
|
11,145
|
1,299,953
|
||||||
Universal Display Corp.
|
2,864
|
671,579
|
||||||
4,716,211
|
||||||||
SOFT DRINKS—1.1%
PepsiCo, Inc.
|
6,849
|
1,074,951
|
||||||
SYSTEMS SOFTWARE—9.9%
Microsoft Corp.
|
33,051
|
9,416,560
|
||||||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.3%
Apple, Inc.
|
34,222
|
4,991,621
|
||||||
TOTAL COMMON STOCKS
(Cost $32,120,443)
|
90,946,369
|
|||||||
REAL ESTATE INVESTMENT TRUST—2.8%
|
SHARES
|
VALUE
|
||||||
INDUSTRIAL—1.0%
Prologis, Inc.
|
7,288
|
933,155
|
||||||
SPECIALIZED—1.8%
Equinix, Inc.
|
1,564
|
1,283,121
|
||||||
SBA Communications Corp., Cl. A
|
1,356
|
462,383
|
||||||
1,745,504
|
||||||||
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $1,467,994)
|
2,678,659
|
|||||||
Total Investments
(Cost $33,588,437)
|
98.6
|
%
|
$
|
93,625,028
|
||||
Unaffiliated Securities (Cost $33,588,437)
|
93,625,028
|
|||||||
Other Assets in Excess of Liabilities
|
1.4
|
%
|
1,319,945
|
|||||
NET ASSETS
|
100.0
|
%
|
$
|
94,944,973
|
• |
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)
|
Alger Spectra Fund
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
||||||||||||
COMMON STOCKS
|
||||||||||||||||
Communication Services
|
$
|
1,074,892,581
|
$
|
1,074,892,581
|
$
|
—
|
$
|
—
|
||||||||
Consumer Discretionary
|
1,541,852,013
|
1,471,216,601
|
63,497,449
|
7,137,963
|
||||||||||||
Energy
|
41,942,494
|
41,942,494
|
—
|
—
|
||||||||||||
Financials
|
373,749,557
|
373,749,557
|
—
|
—
|
||||||||||||
Healthcare
|
1,217,165,216
|
1,217,165,216
|
—
|
—
|
||||||||||||
Industrials
|
877,868,364
|
877,868,364
|
—
|
—
|
||||||||||||
Information Technology
|
3,883,772,444
|
3,883,772,444
|
—
|
—
|
||||||||||||
Real Estate
|
22,203,624
|
22,203,624
|
—
|
—
|
||||||||||||
TOTAL COMMON STOCKS
|
$
|
9,033,446,293
|
$
|
8,962,810,881
|
$
|
63,497,449
|
$
|
7,137,963
|
||||||||
PREFERRED STOCKS
|
||||||||||||||||
Healthcare
|
436,802
|
—
|
—
|
436,802
|
||||||||||||
REAL ESTATE INVESTMENT TRUST
|
||||||||||||||||
Real Estate
|
65,512,815
|
65,512,815
|
—
|
—
|
||||||||||||
SPECIAL PURPOSE VEHICLE
|
||||||||||||||||
Information Technology
|
18,700,308
|
—
|
—
|
18,700,308
|
||||||||||||
TOTAL INVESTMENTS IN SECURITIES
|
$
|
9,118,096,218
|
$
|
9,028,323,696
|
$
|
63,497,449
|
$
|
26,275,073
|
||||||||
SECURITIES SOLD SHORT
|
||||||||||||||||
COMMON STOCKS
|
||||||||||||||||
Communication Services
|
$
|
76,352,467
|
$
|
76,352,467
|
$
|
—
|
$
|
—
|
||||||||
Consumer Discretionary
|
49,410,021
|
49,410,021
|
—
|
—
|
||||||||||||
Consumer Staples
|
128,778,661
|
128,778,661
|
—
|
—
|
||||||||||||
Financials
|
30,677,168
|
30,677,168
|
—
|
—
|
||||||||||||
Healthcare
|
8,410,906
|
8,410,906
|
—
|
—
|
||||||||||||
Industrials
|
101,128,518
|
101,128,518
|
—
|
—
|
||||||||||||
Information Technology
|
114,601,033
|
114,601,033
|
—
|
—
|
||||||||||||
Market Indices
|
128,472,694
|
128,472,694
|
—
|
—
|
||||||||||||
Materials
|
3,479,533
|
3,479,533
|
—
|
—
|
||||||||||||
TOTAL COMMON STOCKS
|
$
|
641,311,001
|
$
|
641,311,001
|
$
|
—
|
$
|
—
|
||||||||
REAL ESTATE INVESTMENT TRUST
|
||||||||||||||||
Real Estate
|
18,458,720
|
18,458,720
|
—
|
—
|
||||||||||||
TOTAL SECURITIES SOLD SHORT
|
$
|
659,769,721
|
$
|
659,769,721
|
$
|
—
|
$
|
—
|
||||||||
Alger Dynamic Opportunities Fund
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
||||||||||||
COMMON STOCKS
|
||||||||||||||||
Communication Services
|
$
|
44,177,607
|
$
|
44,177,607
|
$
|
—
|
$
|
—
|
||||||||
Consumer Discretionary
|
141,411,235
|
134,400,852
|
7,010,383
|
—
|
||||||||||||
Consumer Staples
|
3,904,091
|
3,904,091
|
—
|
—
|
||||||||||||
Energy
|
16,277,321
|
16,277,321
|
—
|
—
|
||||||||||||
Financials
|
89,001,940
|
89,001,940
|
—
|
—
|
||||||||||||
Healthcare
|
182,928,863
|
182,928,863
|
—
|
—
|
||||||||||||
Industrials
|
86,115,145
|
86,115,145
|
—
|
—
|
||||||||||||
Information Technology
|
194,048,563
|
194,048,563
|
—
|
—
|
||||||||||||
Materials
|
7,518,605
|
7,518,605
|
—
|
—
|
||||||||||||
Real Estate
|
19,755,647
|
19,755,647
|
—
|
—
|
||||||||||||
TOTAL COMMON STOCKS
|
$
|
785,139,017
|
$
|
778,128,634
|
$
|
7,010,383
|
$
|
—
|
Alger Dynamic Opportunities Fund
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
||||||||||||
PREFERRED STOCKS
|
||||||||||||||||
Healthcare
|
$
|
6,213
|
$
|
—
|
$
|
—
|
$
|
6,213
|
||||||||
RIGHTS
|
||||||||||||||||
Healthcare
|
97,103
|
—
|
—
|
97,103
|
||||||||||||
REAL ESTATE INVESTMENT TRUST
|
||||||||||||||||
Real Estate
|
10,601,285
|
10,601,285
|
—
|
—
|
||||||||||||
SPECIAL PURPOSE VEHICLE
|
||||||||||||||||
Information Technology
|
2,313,036
|
—
|
—
|
2,313,036
|
||||||||||||
PURCHASED OPTIONS
|
||||||||||||||||
Financials
|
11,775
|
—
|
11,775
|
—
|
||||||||||||
TOTAL INVESTMENTS IN SECURITIES
|
$
|
798,168,429
|
$
|
788,729,919
|
$
|
7,022,158
|
$
|
2,416,352
|
||||||||
FINANCIAL DERIVATIVE INSTRUMENTS - ASSETS
|
||||||||||||||||
Swaps – Contracts for difference
|
1,960
|
—
|
1,960
|
—
|
||||||||||||
SECURITIES SOLD SHORT
|
||||||||||||||||
COMMON STOCKS
|
||||||||||||||||
Communication Services
|
9,496,631
|
9,496,631
|
—
|
—
|
||||||||||||
Consumer Discretionary
|
22,796,487
|
22,725,661
|
70,826
|
—
|
||||||||||||
Consumer Staples
|
6,786,408
|
6,786,408
|
—
|
—
|
||||||||||||
Energy
|
1,360,886
|
1,360,886
|
—
|
—
|
||||||||||||
Financials
|
19,349,590
|
19,349,590
|
—
|
—
|
||||||||||||
Healthcare
|
9,162,297
|
9,162,297
|
—
|
—
|
||||||||||||
Industrials
|
14,627,731
|
14,627,731
|
—
|
—
|
||||||||||||
Information Technology
|
39,223,502
|
37,991,929
|
1,231,573
|
—
|
||||||||||||
Market Indices
|
149,653,814
|
149,653,814
|
—
|
—
|
||||||||||||
Materials
|
7,104,476
|
7,104,476
|
—
|
—
|
||||||||||||
Real Estate
|
5,066,943
|
5,066,943
|
—
|
—
|
||||||||||||
TOTAL COMMON STOCKS
|
$
|
284,628,765
|
$
|
283,326,366
|
$
|
1,302,399
|
$
|
—
|
||||||||
REAL ESTATE INVESTMENT TRUST
|
||||||||||||||||
Real Estate
|
31,614,080
|
31,614,080
|
—
|
—
|
||||||||||||
TOTAL SECURITIES SOLD SHORT
|
$
|
316,242,845
|
$
|
314,940,446
|
$
|
1,302,399
|
$
|
—
|
Alger Emerging Markets Fund
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
||||||||||||
COMMON STOCKS
|
||||||||||||||||
Communication Services
|
$
|
3,788,564
|
$
|
1,637,737
|
$
|
2,150,827
|
$
|
—
|
||||||||
Consumer Discretionary
|
10,785,648
|
3,503,437
|
7,282,211
|
—
|
||||||||||||
Consumer Staples
|
624,699
|
205,584
|
419,115
|
—
|
||||||||||||
Financials
|
3,672,703
|
624,765
|
3,047,938
|
—
|
||||||||||||
Healthcare
|
2,348,866
|
771,032
|
1,577,834
|
—
|
||||||||||||
Industrials
|
2,708,896
|
1,276,846
|
1,432,050
|
—
|
||||||||||||
Information Technology
|
11,147,551
|
1,454,496
|
9,693,055
|
—
|
||||||||||||
Materials
|
1,906,704
|
607,201
|
1,299,503
|
—
|
||||||||||||
Real Estate
|
1,658,749
|
—
|
1,658,749
|
—
|
||||||||||||
TOTAL COMMON STOCKS
|
$
|
38,642,380
|
$
|
10,081,098
|
$
|
28,561,282
|
$
|
—
|
||||||||
TOTAL INVESTMENTS IN SECURITIES
|
$
|
38,642,380
|
$
|
10,081,098
|
$
|
28,561,282
|
$
|
—
|
Alger Responsible Investing Fund
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
||||||||||||
COMMON STOCKS
|
||||||||||||||||
Communication Services
|
$
|
9,913,991
|
$
|
9,913,991
|
$
|
—
|
$
|
—
|
||||||||
Consumer Discretionary
|
15,161,461
|
15,161,461
|
—
|
—
|
||||||||||||
Consumer Staples
|
2,642,387
|
2,642,387
|
—
|
—
|
||||||||||||
Financials
|
3,874,035
|
3,874,035
|
—
|
—
|
||||||||||||
Healthcare
|
8,677,218
|
8,677,218
|
—
|
—
|
||||||||||||
Industrials
|
3,787,362
|
3,787,362
|
—
|
—
|
||||||||||||
Information Technology
|
44,591,909
|
44,591,909
|
—
|
—
|
||||||||||||
Materials
|
1,837,773
|
1,837,773
|
—
|
—
|
||||||||||||
Utilities
|
460,233
|
460,233
|
—
|
—
|
||||||||||||
TOTAL COMMON STOCKS
|
$
|
90,946,369
|
$
|
90,946,369
|
$
|
—
|
$
|
—
|
||||||||
REAL ESTATE INVESTMENT TRUST
|
||||||||||||||||
Real Estate
|
2,678,659
|
2,678,659
|
—
|
—
|
||||||||||||
TOTAL INVESTMENTS IN SECURITIES
|
$
|
93,625,028
|
$
|
93,625,028
|
$
|
—
|
$
|
—
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
||||
Alger Spectra Fund
|
Common Stocks
|
|||
Opening balance at November 1, 2020
|
$
|
13,384,440
|
||
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
|
(6,246,477
|
)
|
||
Purchases and sales
|
||||
Purchases
|
—
|
|||
Sales
|
—
|
|||
Closing balance at July 31, 2021
|
7,137,963
|
|||
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2021
|
$
|
(6,246,477
|
)
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
||||
Alger Spectra Fund
|
Preferred Stocks | |||
Opening balance at November 1, 2020
|
$
|
436,802
|
||
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, 2021
|
436,802
|
|||
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2021
|
$
|
—
|
Alger Spectra Fund
|
Special Purpose
Vehicle
|
|||
Opening balance at November 1, 2020
|
$
|
7,350,000
|
||
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
|
6,775,308
|
|||
Purchases and sales
|
||||
Purchases
|
4,575,000
|
|||
Sales
|
—
|
|||
Closing balance at July 31, 2021
|
18,700,308
|
|||
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2021
|
$
|
6,775,308
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
||||
Alger Dynamic Opportunities Fund
|
Preferred Stocks
|
|||
Opening balance at November 1, 2020
|
$
|
6,213
|
||
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, 2021
|
6,213
|
|||
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2021
|
$
|
—
|
Alger Dynamic Opportunities Fund
|
Rights
|
|||
Opening balance at November 1, 2020
|
$
|
87,015
|
*
|
|
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
|
10,088
|
|||
Purchases and sales
|
||||
Purchases
|
—
|
*
|
||
Sales
|
—
|
|||
Closing balance at July 31, 2021
|
97,103
|
|||
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2021
|
$
|
10,088
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
||||
Alger Dynamic Opportunities Fund
|
Special Purpose
Vehicle
|
|||
Opening balance at November 1, 2020
|
$
|
925,000
|
||
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
|
838,036
|
|||
Purchases and sales
|
||||
Purchases
|
550,000
|
|||
Sales
|
—
|
|||
Closing balance at July 31, 2021
|
2,313,036
|
|||
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2021
|
$
|
838,036
|
Fair Value
July 31, 2021
|
Valuation
Methodology
|
Unobservable
Input
|
Input/Range
|
Weighted
Average Inputs
|
|||||
Alger Spectra Fund
|
|||||||||
Common Stocks
|
7,137,963
|
Income
Approach
|
Discount Rate |
0.00%-3.04%
|
N/A
|
||||
Preferred Stocks
|
436,802
|
Income
Approach
|
Discount Rate |
72.50%-77.50%
|
N/A
|
||||
Special Purpose Vehicle
|
18,700,308
|
Income
Approach
|
Revenue Multiple |
27x – 28x
|
N/A
|
Alger Dynamic Opportunities Fund
|
|||||||||
Preferred Stocks
|
6,213
|
Income
Approach
|
Discount Rate
|
72.50%-77.50%
|
N/A
|
||||
Rights
|
97,103
|
Income
Approach
|
Discount Rate
|
3.26%-3.98%
|
N/A
|
||||
|
|
Probability of
Success
|
0.00%-100.00%
|
N/A
|
|||||
Special Purpose Vehicle
|
2,313,036
|
Income
Approach
|
Revenue Multiple
|
27x – 28x
|
N/A
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
|||||||||||||
Cash, Foreign Cash and Cash Equivalents:
|
||||||||||||||||
Alger Spectra Fund
|
$
|
22,168
|
$
|
– $
|
22,168
|
$
|
–
|
|||||||||
Collateral held for short sales(a)
|
113,288,394
|
113,288,394
|
–
|
–
|
||||||||||||
Due to broker(b)
|
(18,148,619
|
)
|
(18,148,619
|
)
|
–
|
–
|
||||||||||
Alger Dynamic Opportunities Fund
|
67,266,065
|
–
|
67,266,065
|
–
|
||||||||||||
Collateral held for short sales(a)
|
258,696,567
|
258,696,567
|
–
|
–
|
||||||||||||
Alger Emerging Markets Fund
|
741,581
|
260,866
|
480,815
|
–
|
||||||||||||
Alger Responsible Investing Fund
|
1,302,801
|
–
|
1,302,801
|
–
|
Security
|
Value at
October 31,
2020
|
Purchases/
Conversion
|
Sales/
Conversion
|
Dividend/
Interest
Income
|
Realized
Gain (Loss)
|
Net Change
in
Unrealized
App(Dep)
|
Value at
July 31,
2021
|
|||||||||||||||||||||
Alger Spectra Fund
|
||||||||||||||||||||||||||||
Preferred Stocks
|
||||||||||||||||||||||||||||
Prosetta Biosciences, Inc., Series D
|
$
|
436,802
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
436,802
|
||||||||||||||
Special Purpose Vehicle
|
||||||||||||||||||||||||||||
Crosslink Ventures Capital LLC, Cl. A
|
7,350,000
|
–
|
–
|
–
|
–
|
4,175,976
|
11,525,976
|
|||||||||||||||||||||
Crosslink Ventures Capital LLC, Cl. B
|
–
|
4,575,000
|
–
|
–
|
–
|
2,599,332
|
7,174,332
|
|||||||||||||||||||||
Total
|
$
|
7,786,802
|
$
|
4,575,000
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
6,775,308
|
$
|
19,137,110
|
Security
|
Value at
October 31,
2020
|
Purchases/
Conversion
|
Sales/
Conversion
|
Dividend/
Interest
Income
|
Realized
Gain (Loss)
|
Net Change
in
Unrealized
App(Dep)
|
Value at
July 31,
2021
|
|||||||||||||||||||||
Alger Dynamic Opportunities Fund
|
||||||||||||||||||||||||||||
Preferred Stocks
|
||||||||||||||||||||||||||||
Prosetta Biosciences, Inc., Series D
|
$
|
6,213
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
6,213
|
||||||||||||||
Special Purpose Vehicle
|
||||||||||||||||||||||||||||
Crosslink Ventures Capital LLC, Cl. A
|
925,000
|
–
|
–
|
–
|
–
|
525,548
|
1,450,548
|
|||||||||||||||||||||
Crosslink Ventures Capital LLC, Cl. B
|
–
|
550,000
|
–
|
–
|
–
|
312,488
|
862,488
|
|||||||||||||||||||||
Total
|
$
|
931,213
|
$
|
550,000
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
838,036
|
$
|
2,319,249
|