NPORT-EX 2 brhc10029159_algerfundsii.htm SOI
THE ALGER FUNDS II

QUARTERLY REPORT
JULY 31, 2021

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
  

- 2 -
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
  

- 3 -
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
  

- 4 -
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
  
 
+ 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.

- 5 -
THE ALGER FUNDS II
  
ALGER SPECTRA FUND
Schedule of Investments July 31, 2021 (Unaudited) (Continued)

@ 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.
 
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%
 
See Notes to Financial Statements.

- 6 -
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
)

- 7 -
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
)
 
See Notes to Financial Statements.
- 8 -
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
  

- 9 -
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
  

- 10 -
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
  

- 11 -
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
  

- 12 -
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
  

- 13 -
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
  

- 14 -
+  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) 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.

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
%
 
Swaps outstanding as of July 31, 2021:
 
Centrally cleared swaps - Contracts for difference
 
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
 

See Notes to Financial Statements.

- 15 -
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
)

- 16 -
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
)

- 17 -
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
)

- 18 -
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
)

# American Depositary Receipts.
 
See Notes to Financial Statements.

- 19 -
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
  

- 20 -
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
  

- 21 -
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)
                

- 22 -
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
  

# American Depositary Receipts.
* Non-income producing security.

See Notes to Financial Statements.

- 23 -
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
  

- 24 -
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
  

- 25 -
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
  

# American Depositary Receipts.
 
* Non-income producing security.
 
See Notes to Financial Statements.

- 26 -
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 eighth anniversary of the purchase date of a shareholder’s Class C shares, without the imposition of any sales load, fee or other charge. Class C shares held at certain dealers may not convert to Class A shares or may be converted on a different schedule. At conversion, a proportionate amount of shares representing reinvested dividends and distributions will also be converted into Class A shares. Effective August 27, 2019, Class C shares were closed to direct shareholders and are only available for purchase through certain financial intermediaries and group retirement plan recordkeeping platforms, Class I shares and Class Y shares are sold to institutional investors without an initial or deferred sales charge and Class Z shares are generally subject to a minimum initial investment of $500,000. Each class has identical rights to assets and earnings, except that each share class bears the pro rata allocation of a 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.

- 27 -
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)

- 28 -
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, 2021 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.

- 29 -
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger Spectra Fund
  
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
COMMON STOCKS
                        
Communication Services
  
$
1,074,892,581
    
$
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
    
$
—
  

- 30 -
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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
    
$
—
  

- 31 -
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
  
$
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
)

- 32 -
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, 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
  

- 33 -
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, 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
  

- 34 -
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)


  
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
  

* Includes securities that are fair valued at zero.

The following table provides quantitative information about each Fund's Level 3 fair value measurements of the Funds' investments as of July 31, 2021. The table below is not intended to be all-inclusive, but rather provides information on the Level 3 inputs as they relate to the Funds' fair value measurements.

 
Fair Value
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

- 35 -
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

The significant unobservable inputs used in the fair value measurement of the Fund's securities are revenue and EBITDA multiples, discount rates, and the probabilities of success of certain outcomes. Significant increases and decreases in these inputs in isolation and interrelationships between these inputs would have resulted in significantly higher or lower fair value measurements than those noted in the table above. Generally, all other things being equal, increases in revenue and EBITDA multiples, decreases in discount rates, and increases in the 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, 2021, 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
  
$
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
      
–
  
 
(a) The collateral held for short sales balance represents restricted cash held at prime brokers as of July 31, 2021.
 
(b) The due to broker balance represents a margin payable related to short sales due to prime brokers as of July 31, 2021.
 
NOTE 4 — Derivatives:
FASB Accounting Standards Codification 815 – Derivatives and Hedging (“ASC 815”) requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements.
 
Options — The Funds seek to capture the majority of the returns associated with equity market investments. To meet this investment goal, the Funds invest in a broadly diversified portfolio of common stocks, the Funds may also buy and sell call and put options on equities and equity indexes. The Funds may also purchase call options to increase their exposure to the stock market and also provide diversification of risk. The Funds may also purchase put options in order to protect from significant market declines that may occur over a short period of time. The Funds may also write covered call and cash secured put options to generate cash flows while reducing the volatility of the Funds’ portfolios. The cash flows may be an important source of the Funds’ returns, although written call options may reduce the Funds’ ability to profit from increases in the value of the underlying security or equity portfolio. The value of a call option generally increases as the price of the underlying stock increases and decreases as the stock decreases in price. Conversely, the value of a put option generally increases as the price of the underlying stock decreases and decreases as the stock increases in price. The combination of the diversified stock portfolio and the purchase and sale of options is intended to provide the Funds with the majority of the returns associated with equity market investments but with reduced volatility and returns that are augmented with the cash flows from the sale of options. During the period ended July 31, 2021, options were used in accordance with these objectives.

- 36 -
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

The Funds’ option contracts were not subject to any rights of offset with any counterparty. All of the Funds’ options were exchange traded which utilize a clearinghouse that acts as an intermediary between buyer and seller, receiving initial and maintenance margin from both, and guaranteeing performance of the option contract.
 
Forward foreign currency contracts − In connection with portfolio purchases and sales of securities denominated in foreign currencies, the Funds may enter into forward foreign currency contracts. Additionally, the Funds may enter into such contracts to economically hedge certain other foreign currency denominated investments. These contracts are valued at the current cost of covering or offsetting such contracts. In the event that counterparties fail to settle these currency contracts or the related foreign security trades, the Funds could be exposed to foreign currency fluctuation.
 
Swaps—Certain Funds may engage in swap transactions, including currency swaps, index swaps and interest rate swaps. A Fund may enter into swaps for both hedging purposes and to seek to increase total return. A Fund also may enter into options on swap agreements, sometimes called “swaptions.”
 
Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount,” i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a “basket” of swaps or securities representing a particular index. The “notional amount” of the swap agreement is only used as a basis upon which to calculate the obligations that the parties to a swap agreement have agreed to exchange.
 
The use of swap agreements is a highly specialized activity which involves strategies and risks different from those associated with ordinary portfolio security transactions. If Alger Management is incorrect in its forecasts of applicable market factors, or a counterparty defaults, the investment performance of the Fund would diminish compared with what it would have been if these techniques were not used. In addition, it is possible that developments in the swap market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

- 37 -
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, 2021. Information regarding the Funds’ holdings of such securities is set forth in the following table:

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
  


- 38 -