The Alger Funds II 485BPOS

Available for investment by Institutional Investors

Prospectus March 1, 2019

	Class	Ticker Symbol
Alger Spectra Fund	I	ASPIX
	Y	ASPYX
	Z	ASPZX
Alger Responsible Investing Fund	I	AGIFX
Alger Responsible Investing Fund	Z	ALGZX
Alger Dynamic Opportunities Fund	Z	AD0ZX
Alger Emerging Markets Fund	I	AIEMX
	Y	AYEMX
	Z	AZEMX

Optional Internet Availability of Alger Shareholder Reports

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by signing up for paperless delivery at www.icsdelivery.com/alger. If you own these shares through a financial intermediary, contact your financial intermediary.

You may elect to receive all future reports in paper free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by contacting us at 1-866-345-5954 or fundreports.com. If you own these shares through a financial intermediary, contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Alger Fund Complex or your financial intermediary.

As with all mutual funds, the Securities and Exchange Commission has not determined if the information in this Prospectus is accurate or complete, nor has it approved or disapproved these securities. It is a criminal offense to represent otherwise.

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Summary Sections

Alger Spectra Fund

Investment Objective

Alger Spectra Fund seeks long-term capital appreciation.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

	Alger Spectra Fund
Class	I
Shareholder Fees (fees paid directly from your investment)	None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Advisory Fees*	.76%*
Distribution and/or Service (12b-1) Fees	.25%
Other Expenses**	.24%**
Total Annual Fund Operating Expenses	1.25%

The Fund and Fred Alger Management, Inc. have adopted fee breakpoints for Alger Spectra Fund. The advisory fee for assets up to $2 billion is .90%. The advisory fee for assets between $2 billion and $4 billion is .75%, for assets between $4 billion and $6 billion is .65%, for assets between $6 billion and $8 billion is .55%, and for assets in excess of $8 billion is .45%. The actual rate paid as a percentage of average daily net assets for the year ended October 31, 2018 was .76%.

Other Expenses includes .08% of dividend and interest expense on short sales.

Example

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses whether or not you redeemed your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Class I	$127	$397	$686	$1,511

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 74.19% of the average value of its portfolio.

Principal Investment Strategy

Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, rapidly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from new regulations, a new product innovation or new management.

The Fund invests primarily in the equity securities of companies of any size that Fred Alger Management, Inc. believes demonstrate promising growth potential. Equity securities include common or preferred stocks that are listed on U.S. or foreign exchanges.

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maintaining and closing out the short position. If the price of the security sold short has decreased since the time of the short sale, the Fund will experience a gain to the extent the difference in price is greater than these costs.

The Fund can leverage, that is, borrow money to purchase additional securities. By borrowing money, the Fund has the potential to increase its returns if the increase in the value of the securities purchased exceeds the cost of borrowing, including interest paid on the money borrowed. However, leverage also has the potential to magnify any decrease in the value of the purchased securities.

The Fund’s portfolio manager(s) may sell a stock when it reaches a target price, it fails to perform as expected, or other opportunities appear more attractive. As a result, the Fund may engage in active trading of portfolio securities.

Principal Risks

An investment in the Fund involves risks. The Fund’s share price may go down, which means you could lose money. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Investment Risk – An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.

Market Risk – Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions.

Equity Securities Risk – As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’s investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.

Growth Stocks Risk – Prices of growth stocks tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.

Short Sales Risk – The market price of a security may increase after the Fund borrows the security in order to sell it short, so that the Fund suffers a loss when it replaces the borrowed security at the higher price. The use of short sales could increase the Fund’s exposure to the market, magnifying losses and increasing volatility.

Smaller Cap Securities Risk – Investing in companies of all capitalizations involves the risk that smaller issuers in which the Fund invests may have limited product lines or financial resources, or lack management depth. It may also be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund because of the potentially less frequent trading of stocks of smaller market capitalization.

Leverage Risk – The cost of borrowing money to leverage may exceed the returns for the securities purchased or the securities purchased may actually go down in value; thus, the Fund’s net asset value may decrease more quickly than if the Fund had not borrowed.

Sector Risk – The Fund may have a significant portion of its assets invested in securities of companies conducting business within a single sector. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.

Technology Companies Risk – The Fund may have a significant portion of its assets invested in securities of technology companies. Many technology companies have limited operating histories and prices of these companies’ securities have historically been more volatile than other securities, especially over the short term. Technology companies may also face increased competition, government regulation, and risk of obsolescence due to progress in technological developments.

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Performance

The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. The Fund operated as a closed-end fund from August 23, 1978 to February 12, 1996. In the table, the calculation of total return during that time assumes dividends were reinvested at market value. Had dividends not been reinvested, performance would have been lower. Class I Shares were not offered prior to September 24, 2008. Historical performance prior to September 24, 2008 is that of the Fund’s Class N Shares, which were redesignated as Class A Shares on September 24, 2008. The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund’s website www.alger.com.

Annual Total Return for Class I Shares* as of December 31 (%)

Best Quarter: Q2 2009 22.39%

Worst Quarter: Q4 2018 -16.41%

Average Annual Total Return as of December 31, 2018*

	1 Year	5 Years	10 Years	Since 12/31/74
Class I (Inception 9/24/08)
Return Before Taxes	-0.87%	9.29%	16.41%	15.49%
Return After Taxes on Distributions	-3.36%	7.27%	15.01%	13.22%
Return After Taxes on Distributions and Sale of Shares	1.61%	7.10%	13.73%	12.88%
Russell 3000 Growth Index (reflects no deductions for fees, expenses or taxes)	-2.12%	9.99%	15.15%	—

Performance of the Fund’s Class I Shares prior to September 24, 2008 reflects the performance of the Fund’s Class A Shares, as adjusted with currently applicable sales charges and operating expenses, which differ from historical charges and expenses. The first full calendar year that Fred Alger Management, Inc. was the Fund’s investment manager was 1975. Index information is not available for this period.

In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.

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Management

Investment Manager	Portfolio Managers Jointly and Primarily Responsible for Day-to-Day Management of the Fund’s Portfolio
Fred Alger Management, Inc.	Ankur Crawford, Ph.D. Executive Vice President and Portfolio Manager Since June 2015
Fred Alger Management, Inc.	Patrick Kelly, CFA Executive Vice President, Head of Alger Capital Appreciation and Spectra Strategies and Portfolio Manager Since September 2004

Shareholder Information

Purchasing and Redeeming Fund Shares

The Fund’s Class I Shares are not subject to a minimum initial investment. Class I Shares are an investment vehicle principally for institutional investors such as registered investment advisers, banks, trust companies, and other financial institutions, for investments in employee benefit plans, or for advisory platform investors who pay a separate fee to such institution for the right to invest.

Investors may purchase or redeem Fund shares on any business day through a financial intermediary.

Tax Information

The Fund’s distributions may be taxable as ordinary income or capital gains.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its Manager or Distributor may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary’s website for more information.

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Alger Spectra Fund

Investment Objective

Alger Spectra Fund seeks long-term capital appreciation.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

	Alger Spectra Fund
Class	Y
Shareholder Fees (fees paid directly from your investment)	None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Advisory Fees*	.76%*
Distribution and/or Service (12b-1) Fees	None
Other Expenses**	.24%**
Total Annual Fund Operating Expenses	1.00%
Fee Waiver and/or Expense Reimbursement***	(.11)%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	.89%

*	The Fund and Fred Alger Management, Inc. have adopted fee breakpoints for Alger Spectra Fund. The advisory fee for assets up to $2 billion is .90%. The advisory fee for assets between $2 billion and $4 billion is .75%, for assets between $4 billion and $6 billion is .65%, for assets between $6 billion and $8 billion is .55%, and for assets in excess of $8 billion is .45%. The actual rate paid as a percentage of average daily net assets for the year ended October 31, 2018 was .76%.
**	Other Expenses are based on estimated net assets and includes .10% of dividend and interest expense on short sales.
***	Fred Alger Management, Inc. has contractually agreed to waive fees or to reimburse Fund expenses (excluding acquired fund fees and expenses, dividend expense on short sales, borrowing costs, interest, taxes, brokerage and extraordinary expenses) through February 28, 2021 to the extent necessary to limit the annual operating expenses of Class Y Shares of the Fund to .79% of the class’s average net assets. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between Fred Alger Management, Inc. and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. Fred Alger Management, Inc. may, during the term of the expense reimbursement contract, recoup any expenses waived or reimbursed pursuant to the expense reimbursement contract to the extent that such recoupment would not cause the expense ratio to exceed the lesser of the stated limitation in effect at the time of (i) the waiver or reimbursement and (ii) the recoupment after the expense reimbursement is taken into account.

Example

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The one-year example and the first two years of the three-, five- and ten-years examples are based on net operating expenses, which reflect the contractual expense limitation agreed to by Fred Alger Management, Inc. Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses whether or not you redeemed your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Class Y	$91	$296	$531	$1,204

Portfolio Turnover

Principal Investment Strategy

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The Fund may sell securities short, which is the sale of a security the Fund does not own either to hedge a portfolio position or to seek to profit on the decline in value of the securities sold. The Fund arranges with a broker to borrow the security being sold short, and replaces the security by buying it at the current market price when it closes out the short sale. If the price of the security sold short has increased since the time of the short sale, the Fund will incur a loss in addition to the costs associated with establishing, maintaining and closing out the short position. If the price of the security sold short has decreased since the time of the short sale, the Fund will experience a gain to the extent the difference in price is greater than these costs.

The Fund may invest a significant portion of its assets in securities of companies conducting business within a single sector, including the information technology, consumer discretionary, and health care sectors as these sectors are defined by Fred Alger Management, Inc. and certain third party sources.

Principal Risks

Investment Risk – An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.

Small and Mid Cap Securities Risk – Investing in companies of all capitalizations involves the risk that smaller issuers in which the Fund invests may have limited product lines or financial resources, or lack management depth. It may also be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund owing to the potentially less frequent trading of stocks of smaller market capitalization.

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Performance

The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Class Y Shares were not offered prior to December 3, 2018. Historical performance prior to December 3, 2018 is that of the Fund’s Class Z Shares. Class Y shares would have had substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would have differed only to the extent that Class Y and Class Z Shares do not have the same expenses. The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund’s website www.alger.com.

Annual Total Return for Class Z Shares as of December 31 (%)

Best Quarter: Q1 2012 16.51%

Worst Quarter: Q4 2018 -16.32%

Average Annual Total Return as of December 31, 2018

	1 Year	5 Years	Since Inception
Class Z (Inception 12/29/10)
Return Before Taxes	-0.57%	9.63%	12.36%
Return After Taxes on Distributions	-3.03%	7.62%	10.67%
Return After Taxes on Distributions and Sale of Shares	1.75%	7.37%	9.82%
Russell 3000 Growth Index (reflects no deductions for fees, expenses or taxes)	-2.12%	9.99%	12.32%

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Management

Investment Manager	Portfolio Managers Jointly and Primarily Responsible for Day-to-Day Management of the Fund’s Portfolio
Fred Alger Management, Inc.	Ankur Crawford, Ph.D. Executive Vice President and Portfolio Manager Since June 2015
Fred Alger Management, Inc.	Patrick Kelly, CFA Executive Vice President, Head of Alger Capital Appreciation and Spectra Strategies and Portfolio Manager Since September 2004

Shareholder Information

Purchasing and Redeeming Fund Shares

The Fund’s Class Y Shares are generally subject to a minimum initial investment of $500,000. Class Y Shares are available for purchase by institutional investors such as qualified and non-qualified retirement, deferred compensation, and benefit plans, bank and trust companies, insurance companies, corporations, charitable organizations, endowments and foundations, government entities, and fund-of-funds.

Investors may purchase or redeem Fund shares on any business day through a financial intermediary.

Tax Information

The Fund’s distributions may be taxable as ordinary income or capital gains.

Payments to Broker-Dealers and Other Financial Intermediaries

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Alger Spectra Fund

Investment Objective

Alger Spectra Fund seeks long-term capital appreciation.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

	Alger Spectra Fund
Class	Z
Shareholder Fees (fees paid directly from your investment)	None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Advisory Fees*	.76%*
Distribution and/or Service (12b-1) Fees	None
Other Expenses**	.18%**
Total Annual Fund Operating Expenses	.94%

**	Other Expenses includes .07% of dividend and interest expense on short sales.

Example

	1 Year	3 Years	5 Years	10 Years
Class Z	$96	$300	$520	$1,155

Portfolio Turnover

Principal Investment Strategy

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Principal Risks

Investment Risk – An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.

Performance

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Annual Total Return for Class Z Shares as of December 31 (%)

Best Quarter: Q1 2012 16.51%

Worst Quarter: Q4 2018 -16.32%

Average Annual Total Return as of December 31, 2018

	1 Year	5 Years	Since Inception
Class Z (Inception 12/29/10)
Return Before Taxes	-0.57%	9.63%	12.36%
Return After Taxes on Distributions	-3.03%	7.62%	10.67%
Return After Taxes on Distributions and Sale of Shares	1.75%	7.37%	9.82%
Russell 3000 Growth Index (reflects no deductions for fees, expenses or taxes)	-2.12%	9.99%	12.32%

Management

Investment Manager	Portfolio Managers Jointly and Primarily Responsible for Day-to-Day Management of the Fund’s Portfolio
Fred Alger Management, Inc.	Ankur Crawford, Ph.D. Executive Vice President and Portfolio Manager Since June 2015
Fred Alger Management, Inc.	Patrick Kelly, CFA Executive Vice President, Head of Alger Capital Appreciation and Spectra Strategies and Portfolio Manager Since September 2004

Shareholder Information

Purchasing and Redeeming Fund Shares

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Alger Responsible Investing Fund

Investment Objective

Alger Responsible Investing Fund seeks long-term capital appreciation.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

	Alger Responsible Investing Fund
Class	I
Shareholder Fees (fees paid directly from your investment)	None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Advisory Fees	.71%
Distribution and/or Service (12b-1) Fees	.25%
Other Expenses	.41%
Total Annual Fund Operating Expenses	1.37%

Example

	1 Year	3 Years	5 Years	10 Years
Class I	$139	$434	$750	$1,646

Portfolio Turnover

Principal Investment Strategy

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies of any size with an environmental, social and governance (“ESG”) rating of BB or above by MSCI (or an equivalent rating by another ESG rating agency) that also demonstrate, in the view of Fred Alger Management, Inc., promising growth potential. Equity securities include common or preferred stocks that are listed on U.S. or foreign exchanges. Fred Alger Management, Inc. employs fundamental analysis to identify innovative and dynamic companies and uses MSCI’s ESG ratings to consider how such stocks rank within an industry or sector based on a company’s conduct in offering products or services that promote positive environmental, social and/or governance policies, or have a positive impact in these areas, addressing concerns such as climate change, resource depletion, health and safety, employee relations and diversity, bribery and corruption, and fostering board diversity and structure. The Fund does not bar companies in any industries.

The Fund may invest a significant portion of its assets in securities of companies conducting business within a single sector, including the information technology, healthcare, consumer discretionary, and industrials sectors.

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The Fund’s portfolio manager(s) may sell a stock when it reaches a target price, it fails to perform as expected, or other opportunities appear more attractive.

Principal Risks

Investment Risk – An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.

Environmental, Social and/or Governance Sustainability-Related Securities Risk – The Fund’s environmental, social and governance investment criteria may limit the number of investment opportunities available to the Fund, and as a result, at times the Fund’s returns may be less than those of funds that are not subject to such special investment considerations. Moreover, companies that promote positive environmental, social and/or governance policies may not perform as well as companies that do not pursue such goals.

Performance

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investment strategies. The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund’s website www.alger.com.

Annual Total Return for Class I Shares as of December 31 (%)

Best Quarter: Q2 2009 18.62%

Worst Quarter: Q4 2018 -16.99%

Average Annual Total Return as of December 31, 2018

	1 Year	5 Years	10 Years	Since Inception
Class I (Inception 9/24/08)
Return Before Taxes	-1.68%	6.54%	11.87%	8.19%
Return After Taxes on Distributions	-3.20%	5.13%	11.03%	7.39%
Return After Taxes on Distributions and Sale of Shares	0.33%	5.08%	9.88%	6.66%
Russell 1000 Growth Index (reflects no deductions for fees, expenses or taxes)	-1.51%	10.40%	15.29%	5.17%

Management

Investment Manager	Portfolio Manager Primarily Responsible for Day-to-Day Management of the Fund’s Portfolio
Fred Alger Management, Inc.	Gregory S. Adams, CFA Senior Vice President, Director of Quantitative & Risk Management and Portfolio Manager Since December 2016

Shareholder Information

Purchasing and Redeeming Fund Shares

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Alger Responsible Investing Fund

Investment Objective

Alger Responsible Investing Fund seeks long-term capital appreciation.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

	Alger Responsible Investing Fund
Class	Z
Shareholder Fees (fees paid directly from your investment)	None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Advisory Fees	.71%
Distribution and/or Service (12b-1) Fees	None
Other Expenses	.42%
Total Annual Fund Operating Expenses	1.13%
Fee Waiver and/or Expense Reimbursement*	(.18)%*
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	.95%

Fred Alger Management, Inc. has contractually agreed to waive fees or to reimburse Fund expenses (excluding acquired fund fees and expenses, dividend expense on short sales, borrowing costs, interest, taxes, brokerage and extraordinary expenses) through February 28, 2021 to the extent necessary to limit the total annual fund operating expenses of the Class Z Shares of the Fund to .95% of the class’s average daily net assets. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between Fred Alger Management, Inc. and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. Fred Alger Management, Inc. may, during the first year of the expense reimbursement contract, recoup any expenses waived or reimbursed pursuant to the expense reimbursement contract to the extent that such recoupment would not cause the expense ratio to exceed the lesser of the stated limitation in effect at the time of (i) the waiver or reimbursement and (ii) the recoupment after the repayment of the recoupment is taken into account.

Example

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The one-year example and the first two years of the three-, five- and ten-years examples are based on net operating expenses, which reflect the contractual expense limitation agreed to by Fred Alger Management, Inc. Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses whether or not you redeemed your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Class Z	$97	$322	$587	$1,342

Portfolio Turnover

Principal Investment Strategy

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growth potential. Equity securities include common or preferred stocks that are listed on U.S. or foreign exchanges. Fred Alger Management, Inc. employs fundamental analysis to identify innovative and dynamic companies and uses MSCI’s ESG ratings to consider how such stocks rank within an industry or sector based on a company’s conduct in offering products or services that promote positive environmental, social and/or governance policies, or have a positive impact in these areas, addressing concerns such as climate change, resource depletion, health and safety, employee relations and diversity, bribery and corruption, and fostering board diversity and structure. The Fund does not bar companies in any industries.

Principal Risks

Investment Risk – An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.

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Performance

The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. From September 24, 2008 through December 29, 2016, the Fund and its predecessor followed different investment strategies under different fund names, and were managed by different portfolio management teams. Performance during that period does not reflect the Fund’s current investment strategies. The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund’s website www.alger.com.

Annual Total Return for Class Z Shares as of December 31 (%)

Best Quarter: Q1 2017 9.88%

Worst Quarter: Q4 2018 -16.89%

Average Annual Total Return as of December 31, 2018

	1 Year	Since Inception
Class Z (Inception 10/14/16)
Return Before Taxes	-1.26%	12.11%
Return After Taxes on Distributions	-2.77%	9.27%
Return After Taxes on Distributions and Sale of Shares	0.56%	9.34%
Russell 1000 Growth Index (reflects no deductions for fees, expenses or taxes)	-1.51%	13.35%

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Management

Investment Manager	Portfolio Manager Primarily Responsible for Day-to-Day Management of the Fund’s Portfolio
Fred Alger Management, Inc.	Gregory S. Adams, CFA Senior Vice President, Director of Quantitative & Risk Management and Portfolio Manager Since December 2016

Shareholder Information

Purchasing and Redeeming Fund Shares

The Fund’s Class Z Shares are generally subject to a minimum initial investment of $500,000, which may be waived for group employer-sponsored 401(k) plans, 457 plans, employer sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans, retiree health benefit plans and non-qualified deferred compensation plans. The waiver is available only for retirement plans that hold omnibus positions, or for aggregate plan participant positions, for each Fund made available for the plan. The waiver is generally not available to non-retirement accounts, traditional and Roth Individual Retirement Accounts, Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs, individual 401(k) plans or individual 403(b) plans.

Investors may purchase or redeem Fund shares on any business day through a financial intermediary.

Tax Information

The Fund’s distributions may be taxable as ordinary income or capital gains.

Payments to Broker-Dealers and Other Financial Intermediaries

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Alger Dynamic Opportunities Fund

Investment Objective

Alger Dynamic Opportunities Fund seeks long-term capital appreciation.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

	Alger Dynamic Opportunities Fund
Class	Z
Shareholder Fees (fees paid directly from your investment)	None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Advisory Fees	1.20%
Distribution and/or Service (12b-1) Fees	None
Other Expenses*	1.13%*
Total Annual Fund Operating Expenses	2.33%
Fee Waiver and/or Expense Reimbursement**	(.07)%**
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	2.26%

Other Expenses includes .81% of dividend and interest expenses on short sales.

Fred Alger Management, Inc. has contractually agreed to waive fees or reimburse Fund expenses (excluding acquired fund fees and expenses, dividend expense on short sales, borrowing costs, interest, taxes, brokerage and extraordinary expenses) through February 28, 2021 to the extent necessary to limit the total annual fund operating expenses of the Class Z Shares of the Fund to 1.45% of the class’s average daily net assets. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between the Manager and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. Fred Alger Management, Inc. may, during the first year of the expense reimbursement contract, recoup any expenses waived or reimbursed pursuant to the expense reimbursement contract to the extent that such recoupment would not cause the expense ratio to exceed the lesser of the stated limitation in effect at the time of (i) the waiver or reimbursement and (ii) the recoupment after the repayment of the recoupment is taken into account.

Example

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The one-year example and the first two years of the three-, five- and ten-years examples are based on net operating expenses, which reflect the contractual expense limitation agreed to by Fred Alger Management, Inc. Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses whether or not you redeemed your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Class Z	$229	$714	$1,232	$2,655

Portfolio Turnover

Principal Investment Strategy

Weatherbie Capital, LLC (“Weatherbie”), an affiliate of Fred Alger Management, Inc., and the Fund’s sub-adviser, invests in smaller cap U. S. growth companies that Weatherbie believes have enduring earnings, reasonable valuations and a distinct competitive

Prospectus 18/58

advantage. Weatherbie invests in Foundation growth stocks and Opportunity growth stocks. Foundation growth stocks are companies led by experienced management teams, with innovative business models and the potential for high sales and earnings growth. Opportunity growth stocks are companies whose earnings may be temporarily depressed, but Weatherbie believes change is underway that can reaccelerate earnings.

The Fund invests in a portfolio of U.S. and foreign equity securities (common stocks, preferred stocks and convertible securities). In addition to purchasing securities (i.e., taking long positions), the Fund’s investment adviser, Fred Alger Management, Inc., will identify securities that it believes will underperform on an absolute or relative basis and will sell these securities short on behalf of the Fund. The Fund will not, however, follow a market neutral strategy and generally will have a net long position. As a result, and as a result of the cash proceeds the Fund will receive from selling securities short, the Fund will generally maintain significant positions in cash and cash equivalents. The Fund may also seek to manage the volatility of either the portfolio, a particular exposure (e.g., sector or industry) of the portfolio or individual securities through short sales, or buying or selling put or call options primarily for hedging purposes. The Fund has no specific guidelines or restrictions governing the concentration of the Fund’s portfolio in specific entities, sectors or market capitalizations. Accordingly, the Fund may invest a portion of its assets in securities issued by small capitalization companies. The Fund may also invest a portion of its assets in equity securities not listed on an exchange.

The Fund can invest in foreign securities.

Principal Risks

Investment Risk – An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.

Cash Position Risk – The Fund’s large cash position may underperform relative to both equity and fixed-income securities.

Options Risk – Price movements in the Fund’s portfolio securities may not correlate precisely with movements of the price of the option selected as a hedge. The Fund may lose money and be forced to liquidate portfolio securities to meet settlement obligations.

Prospectus 19/58

Foreign Securities Risk – The Fund’s performance will be influenced by political, social and economic factors affecting investments in foreign companies. Special risks associated with investments in companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing audit and legal standards.

Convertible Securities Risk – Issuers of convertible securities may not be as strong financially as other companies, and may be more vulnerable to changes in the economy.

Portfolio Turnover (Active Trading) Risk – Because the Fund may engage in active trading of portfolio securities, it may incur increased transaction costs and brokerage commissions, both of which can lower the actual return on an investment. Active trading may also increase short-term gains and losses, which may affect the taxes a shareholder has to pay.

Performance

The Fund compares its performance to the S&P 500 Index, a broad based measure of market performance. The Fund also compares its performance to the HFRI Equity Hedge (Total) Index (the “HFRI Index”). The HFRI Index provides a more complete comparison of Fund performance relative to a broader array of long-short equity strategies. In addition, the HFRI Index utilizes shorting as a component of its construction, unlike the S&P 500 Index.

Prospectus 20/58

Annual Total Return for Class Z Shares as of December 31 (%)

Best Quarter: Q1 2012 7.95%

Worst Quarter: Q4 2018 -15.04%

Average Annual Total Return as of December 31, 2018

	1 Year	5 Years	Since Inception
Class Z (Inception 12/29/10)
Return Before Taxes	-2.05%	4.11%	5.33%
Return After Taxes on Distributions	-2.48%	3.24%	4.42%
Return After Taxes on Distributions and Sale of Shares	-0.81%	3.11%	4.00%
S&P 500 Index (reflects no deductions for fees, expenses or taxes)	-4.38%	8.49%	11.28%
HRFI Equity Hedge (Total) Index (reflects no deductions for fees, expenses or taxes)	-6.90%	2.32%	2.94%

Management

Investment Manager	Portfolio Managers Jointly and Primarily Responsible for Day-to-Day Management of the Fund’s Portfolio
Fred Alger Management, Inc.	Dan C. Chung, CFA Chief Executive Officer, Chief Investment Officer and Portfolio Manager Since Inception (11/2/09)
Fred Alger Management, Inc.	Gregory S. Adams, CFA Senior Vice President, Director of Quantitative & Risk Management and Portfolio Manager Since Inception (11/2/09)

Prospectus 21/58

Sub-Adviser
Weatherbie Capital, LLC*	H. George Dai, Ph.D. Senior Managing Director and Co-Chief Investment Officer of Weatherbie Capital, LLC Since March 2017
	Joshua D. Bennett, CFA Senior Managing Director, Director of Research of Weatherbie Capital, LLC Since March 2017
	Daniel J. Brazeau, CFA Managing Director, Investments of Weatherbie Capital, LLC Since March 2017

*	Weatherbie Capital, LLC, an affiliate of Fred Alger Management, Inc., sub-advises the Fund subject to Fred Alger Management, Inc.’s supervision and approval.

Shareholder Information

Purchasing and Redeeming Fund Shares

Investors may purchase or redeem Fund shares on any business day through a financial intermediary.

Tax Information

The Fund’s distributions may be taxable as ordinary income or capital gains.

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus 22/58

Alger Emerging Markets Fund

Investment Objective

Alger Emerging Markets Fund seeks long-term capital appreciation.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

	Alger Emerging Markets Fund
Class	I
Shareholder Fees (fees paid directly from your investment)	None
Annual Fund Operating Expenses* (expenses that you pay each year as a percentage of the value of your investment)
Advisory Fees	.78%
Distribution and/or Service (12b-1) Fees	.25%
Other Expenses	.68%
Total Annual Fund Operating Expenses	1.71%
Fee Waiver and/or Expense Reimbursement**	(.26)%**
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	1.45%

The expense information in the table has been restated to reflect a reduction in advisory fees and an adjustment to the Fee Waiver and/or Expense Reimbursement that were effective on January 1, 2018.

Fred Alger Management, Inc. has contractually agreed to waive fees or to reimburse Fund expenses (excluding acquired fund fees and expenses, dividend expense on short sales, borrowing costs, interest, taxes, brokerage and extraordinary expenses) through February 28, 2021 to the extent necessary to limit the total annual fund operating expenses of the Class I Shares of the Fund to 1.45% of the class’s average daily net assets. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between Fred Alger Management, Inc. and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. Fred Alger Management, Inc. may, during the first year of the expense reimbursement contract, recoup any expenses waived or reimbursed pursuant to the expense reimbursement contract to the extent that such recoupment would not cause the expense ratio to exceed the lesser of the stated limitation in effect at the time of (i) the waiver or reimbursement and (ii) the recoupment after the repayment of the recoupment is taken into account.

Example

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The one-year example and the first two years of the three-, five- and ten-years examples are based on net operating expenses, which reflect the contractual expense limitation agreed to by Fred Alger Management, Inc. Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses whether or not you redeemed your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Class I	$148	$487	$878	$1,975

Portfolio Turnover

Principal Investment Strategy

Prospectus 23/58

issuers. Fred Alger Management, Inc. may consider classifications including those of the World Bank, the International Finance Corporation, or the United Nations (and its agencies) in determining whether a country is an emerging country. Emerging countries include, but are not limited to, the countries that comprise the MSCI Emerging Markets Index. Currently, most Central and South American, African, Asian and Eastern European nations, among others, are considered emerging countries.

For purposes of the Fund’s investment strategies, the issuer of a security is considered to be located in a country if: (i) the company is organized under the laws of, or has a principal office in that country, (ii) the company’s securities are primarily listed in that country, or (iii) a majority of its assets are in, or a majority of its revenue or profits from businesses, investments or sales are from, that country. An emerging country issuer may also include an exchange-traded fund that is principally invested in equity securities of emerging market country issuers.

The Fund generally invests in at least three emerging countries, and, at times, may invest a substantial portion of its assets in a single emerging country. The Fund may invest in companies of any market capitalization, from larger, well-established companies to small, emerging growth companies.

The Fund’s portfolio manager(s) may sell a stock when it reaches a target price, it fails to perform as expected, or other opportunities appear more attractive.

Principal Risks

Investment Risk – An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.

Foreign and Emerging Countries Securities Risk – The Fund’s performance will be influenced by political, social and economic factors affecting investments in emerging country issuers. Special risks associated with investments in emerging country issuers include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. The securities of issuers located in emerging markets can be more volatile, and less liquid, than those of issuers in more mature economies.

The Fund may invest heavily in issuers located in emerging countries such as Brazil, Russia, India and China, and therefore may be particularly exposed to the economies, industries, securities and currency markets of such countries, which may be adversely affected by protectionist trade policies, a slow U.S. economy, political and social instability, regional and global conflicts, terrorism and war, including actions that are contrary to the interests of the U.S.

Prospectus 24/58

Performance

Annual Total Return for Class I Shares as of December 31 (%)

Best Quarter: Q1 2012 13.24%

Worst Quarter: Q3 2011 -24.49%

Average Annual Total Return as of December 31, 2018

	1 Year	5 Years	Since Inception
Class I (Inception 12/29/10)
Return Before Taxes	-21.82%	-0.51%	-0.90%
Return After Taxes on Distributions	-22.60%	-1.02%	-1.30%
Return After Taxes on Distributions and Sale of Shares	-12.35%	-0.60%	-0.83%
MSCI Emerging Markets Index (reflects no deductions for fees, expenses or taxes)	-14.24%	2.03%	0.76%

Management

Investment Manager	Portfolio Manager Primarily Responsible for Day-to-Day Management of the Fund’s Portfolio
Fred Alger Management, Inc.	Deborah Vélez Medenica, CFA Senior Vice President and Portfolio Manager Since Inception (12/29/10)

Prospectus 26/58

Alger Emerging Markets Fund

Investment Objective

Alger Emerging Markets Fund seeks long-term capital appreciation.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

	Alger Emerging Markets Fund
Class	Y
Shareholder Fees (fees paid directly from your investment)	None
Annual Fund Operating Expenses* (expenses that you pay each year as a percentage of the value of your investment)
Advisory Fees	.78%
Distribution and/or Service (12b-1) Fees	None
Other Expenses	.65%
Total Annual Fund Operating Expenses	1.43%
Fee Waiver and/or Expense Reimbursement**	(.48)%**
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	.95%

The expense information in the table has been restated to reflect a reduction in advisory fees and an adjustment to the Fee Waiver and/or Expense Reimbursement that were effective on January 1, 2018.

Fred Alger Management, Inc. has contractually agreed to waive fees or to reimburse Fund expenses (excluding acquired fund fees and expenses, dividend expense on short sales, borrowing costs, interest, taxes, brokerage and extraordinary expenses) through February 28, 2021 to the extent necessary to limit the total annual fund operating expenses of the Fund’s Class Y Shares to .95% of the class’s average daily net assets. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between Fred Alger Management, Inc. and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. Fred Alger Management, Inc. may, during the first year of the expense reimbursement contract, recoup any expenses waived or reimbursed pursuant to the expense reimbursement contract to the extent that such recoupment would not cause the expense ratio to exceed the lesser of the stated limitation in effect at the time of (i) the waiver or reimbursement and (ii) the recoupment after the repayment of the recoupment is taken into account.

Example

The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The one-year example and the first two years of the three-, five- and ten-years examples are based on net operating expenses, which reflect the contractual expense limitation agreed to by Fred Alger Management, Inc. Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses whether or not you redeemed your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Class Y	$97	$355	$688	$1,628

Portfolio Turnover

Principal Investment Strategy

Prospectus 27/58

The Fund’s portfolio manager(s) may sell a stock when it reaches a target price, it fails to perform as expected, or other opportunities appear more attractive.

Principal Risks

Investment Risk – An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.

Prospectus 28/58

Performance

Annual Total Return for Class Y Shares as of December 31 (%)

Best Quarter: Q1 2017 12.56%

Worst Quarter: Q4 2018 -9.80%

Average Annual Total Return as of December 31, 2018

	1 Year	Since Inception
Class Y (Inception 5/9/16)
Return Before Taxes	-21.41%	5.95%
Return After Taxes on Distributions	-22.42%	4.80%
Return After Taxes on Distributions and Sale of Shares	-12.13%	4.10%
MSCI Emerging Markets Index (reflects no deductions for fees, expenses or taxes)	-14.24%	10.42%

Management

Investment Manager	Portfolio Manager Primarily Responsible for Day-to-Day Management of the Fund’s Portfolio
Fred Alger Management, Inc.	Deborah Vélez Medenica, CFA Senior Vice President and Portfolio Manager Since Inception (12/29/10)

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Alger Emerging Markets Fund

Investment Objective

Alger Emerging Markets Fund seeks long-term capital appreciation.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

	Alger Emerging Markets Fund
Class	Z
Shareholder Fees (fees paid directly from your investment)	None
Annual Fund Operating Expenses* (expenses that you pay each year as a percentage of the value of your investment)
Advisory Fees	.78%
Distribution and/or Service (12b-1) Fees	None
Other Expenses	.65%
Total Annual Fund Operating Expenses	1.43%
Fee Waiver and/or Expense Reimbursement**	(.44)%**
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	.99%

The expense information in the table has been restated to reflect a reduction in advisory fees and an adjustment to the Fee Waiver and/or Expense Reimbursement that were effective on January 1, 2018.

Fred Alger Management, Inc. has contractually agreed to waive fees or to reimburse Fund expenses (excluding acquired fund fees and expenses, dividend expense on short sales, borrowing costs, interest, taxes, brokerage and extraordinary expenses) through February 28, 2021 to the extent necessary to limit the total annual fund operating expenses of the Class Z Shares of the Fund to .99% of the class’s average daily net assets. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between Fred Alger Management, Inc. and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. Fred Alger Management, Inc. may, during the first year of the expense reimbursement contract, recoup any expenses waived or reimbursed pursuant to the expense reimbursement contract to the extent that such recoupment would not cause the expense ratio to exceed the lesser of the stated limitation in effect at the time of (i) the waiver or reimbursement and (ii) the recoupment after the repayment of the recoupment is taken into account.

Example

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The one-year example and the first two years of the three-, five- and ten-years examples are based on net operating expenses, which reflect the contractual expense limitation agreed to by Fred Alger Management, Inc. Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses whether or not you redeemed your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Class Z	$101	$363	$695	$1,635

Portfolio Turnover

Principal Investment Strategy

Prospectus 31/58

The Fund’s portfolio manager(s) may sell a stock when it reaches a target price, it fails to perform as expected, or other opportunities appear more attractive.

Principal Risks

Investment Risk – An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.

Prospectus 32/58

Performance

Annual Total Return for Class Z Shares as of December 31 (%)

Best Quarter: Q1 2017 12.35%

Worst Quarter: Q3 2015 -15.50%

Average Annual Total Return as of December 31, 2018

	1 Year	Since Inception
Class Z (Inception 2/28/14)
Return Before Taxes	-21.38%	0.17%
Return After Taxes on Distributions	-22.36%	-0.45%
Return After Taxes on Distributions and Sale of Shares	-12.11%	-0.13%
MSCI Emerging Markets Index (reflects no deductions for fees, expenses or taxes)	-14.24%	2.82%

Management

Investment Manager	Portfolio Manager Primarily Responsible for Day-to-Day Management of the Fund’s Portfolio
Fred Alger Management, Inc.	Deborah Vélez Medenica, CFA Senior Vice President and Portfolio Manager Since Inception (12/29/10)

Prospectus 33/58

Shareholder Information

Purchasing and Redeeming Fund Shares

Investors may purchase or redeem Fund shares on any business day through a financial intermediary.

Tax Information

The Fund’s distributions may be taxable as ordinary income or capital gains.

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus 34/58

Investment Objectives, Principal Investment Strategies and Related Risks

The investment objective, principal strategy and primary risks of each Fund are discussed individually above. Each Fund except Alger Spectra Fund and Alger Dynamic Opportunities Fund, has adopted a policy to invest at least 80% of its assets in specified securities appropriate to its name (as described in the Fund’s Summary Section in this Prospectus) and to provide its shareholders with at least 60 days’ prior notice of any change with respect to this policy. Each Fund’s investment objective may be changed by the Board of Trustees without shareholder approval. A Fund will provide its shareholders with at least 60 days’ prior notice of any change to its investment objective. A Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, economic, political, or other conditions. The Fund may not achieve its investment objective while in a temporary defensive position.

All of a Fund’s share classes invest in the same portfolio of securities. Performance of each share class will vary from the performance of the Fund’s other share classes due to the differences in charges or expenses. A Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.

Each index used in the Summary Sections is a broad-based index designed to track a particular market or market segment. No expenses, fees or taxes are reflected in the returns for the indexes, which are unmanaged. All returns for the indexes assume reinvestment of dividends and interest of the underlying securities that make up the respective index.

•	HFRI Equity Hedge (Total) Index: An equal-weighted, net of all fees, index calculated three times per month of equity hedge strategies contained in the HFR Database, which contains over 2,000 constituents, including both domestic and offshore portfolios, that have at least $50 million under management or have been actively trading for at least 12 months. Equity hedge strategies maintain positions both long and short in primarily equity and equity derivative securities. Equity hedge managers would typically maintain at least 50% exposure to, and may in some cases be entirely invested in, equities, both long and short.
•	Russell 1000 Growth Index: An unmanaged index designed to measure the performance of a subset of the largest 1000 capitalization companies in the Russell 3000 Index with higher price-to-book ratios and higher forecasted growth values.
•	Russell 3000 Growth Index: An unmanaged index of common stocks designed to measure the performance of companies in the Russell 3000 Index with higher price-to-book ratios and higher forecasted growth values.

•	MSCI Emerging Markets Index: A free float-adjusted market capitalization index designed to measure equity market performance in the global emerging markets.
•	S&P 500 Index: An index of large company common stocks considered to be representative of the U.S. stock market.

Additional Information About the Funds’ Investment Strategies and Investments

Investment Objective

Each of the Funds seeks long-term capital appreciation.

Principal Investment Strategies and Related Risks

The following are each Fund’s investment process, and principal investment strategies and related risks. Each Fund may invest in other securities that are not its principal strategy, and such strategies and related risks are described in more detail in the Fund’s Statement of Additional Information.

Each Fund invests primarily in equity securities. Each Fund’s investments in equity securities are primarily in common or preferred stocks, but its equity investments also may include securities convertible into or exchangeable for equity securities (including warrants and rights) and depositary receipts. Each Fund invests primarily in companies whose securities are traded on U.S. or foreign exchanges.

Each of these Funds’ equity investments are primarily in “growth” stocks. The Funds’ investment adviser, Fred Alger Management, Inc. (“Alger Management” or the “Manager”), believes that these companies tend to fall into one of two categories:

•	High Unit Volume Growth Vital, creative companies that offer goods or services to a rapidly expanding marketplace. They include both established and emerging firms, exercising market dominance, offering new or improved products, or simply fulfilling an increased demand for an existing product line.

•	Positive Life Cycle Change Companies experiencing a major change which is expected to produce advantageous results. These changes may be as varied as new management, products or technologies; restructuring or reorganization; regulatory change; or merger and acquisition.

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Alger Spectra Fund

Alger Responsible Investing Fund

Alger Dynamic Opportunities Fund

Alger Emerging Markets Fund

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities, including common stocks, American Depositary Receipts and Global Depositary Receipts, of emerging country issuers. Fred Alger Management, Inc. may consider classifications including those of the World Bank, the International Finance Corporation, or the United Nations (and its agencies) in determining whether a country is an emerging country.

Emerging countries include, but are not limited to, the countries that comprise the MSCI Emerging Markets Index. Currently, most Central and South American, African, Asian and Eastern European nations, among others, are considered emerging countries.

Principal Risks

Investment Risk

An investment in a Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.

Market Risk

Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions.

Equity Securities Risk

As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. Each Fund’s price per share will fluctuate due to changes in the market prices of its investments. Because stock markets tend to move in cycles, stock prices overall may decline. A particular stock’s market value may decline as a result of general market conditions that are not related to the issuing company (e.g., adverse economic conditions or investor sentiment) or due to factors that affect the particular company (e.g., management performance or factors affecting the industry). Also, a Fund’s investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.

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Growth Stocks Risk

Prices of growth stocks tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in a Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value. Expected growth may not be realized.

Small Cap Securities Risk

There may be greater risk investing in small capitalization companies rather than larger, more established companies due to such factors as inexperienced management and limited product lines or financial resources. The share prices of smaller companies tend to be more volatile than those of larger companies. In addition, it may be difficult or impossible to liquidate a security position at a time and price acceptable to a Fund because of the potentially less frequent trading of stocks of smaller market capitalization.

Options Risk

Alger Dynamic Opportunities Fund may purchase put and call options and sell (write) covered put and call options, on securities and securities indexes, to increase gain, to hedge against the risk of unfavorable price movements in the underlying securities or to provide diversification of risk. For example, a Fund may purchase a put option on a portfolio security to seek to protect against a decline in the market value of the security, or, if the Fund contemplates purchasing a security in the future, purchase a call option on the security in anticipation of an increase in the security’s market value. When a Fund writes an option, if the market value of the underlying security does not move to a level that would make exercise of the option profitable to its holder, the option generally will expire unexercised and the Fund will realize as a profit the premium it received.

A call option on a security gives the purchaser of the option the right, in return for a premium paid, to buy from the writer (seller) of the call option the security underlying the option at a specified exercise price during the term of the option. The writer is obligated upon exercise of the option to deliver the underlying security upon payment of the exercise price. A put option on a security gives the holder of the option, in return for the premium paid, the right to sell the underlying security to the writer (seller) at a specified price during the term of the option. The writer, who receives the premium, is obligated upon exercise of the option to buy the underlying security at the exercise price. An option on a stock index gives the holder the right to receive a cash settlement during the term of the option based on the amount, if any, by which the exercise price exceeds (if the option is a put) or is exceeded by (if the option is a call) the current value of the index, which is itself a function of the market values of the securities included in the index. The writer of the option is obligated, in return for the premium received, to make delivery of this amount.

When purchasing options, a Fund bears the risk that if the market value of the underlying security does not move to a level that would make exercise of the option profitable, the option will expire unexercised. When a call option written by a Fund is exercised, the Fund will be required to sell the underlying security to the option holder and will not participate in any increase in the security’s value above that price. When a put option written by the fund is exercised, the Fund will be required to purchase the underlying security at a price in excess of its market value. Use of options on securities indexes entails the risk that trading in the options may be interrupted if trading in certain securities included in the index is interrupted. Price movements in a Fund’s portfolio securities may not correlate precisely with movements in the level of an index and, therefore, the use of options on indexes cannot serve as a complete hedge and would depend in part on the ability of the Manager to predict correctly movements in the direction of a particular market or of the stock market generally. Because options on indexes require settlement in cash, the Fund may be forced to liquidate portfolio securities to meet settlement obligations.

Sector Risk

Each of Alger Spectra Fund, Alger Responsible Investing Fund and Alger Dynamic Opportunities Fund may have a significant portion of its assets invested in securities of companies conducting business within a single sector. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.

The Fund may be more susceptible to particular risks that may affect companies in the information technology sector and technology-related sectors than if it were invested in a wider variety of companies in unrelated sectors. At times, the performance of such companies will lag the performance of other industries or the broader market as a whole. Certain technology related companies may face special risks that their products or services may not prove to be commercially successful. Technology related companies are also strongly affected by worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. These factors may lead to limited earnings and/or failing profit margins. As a result, the value of technology related companies’ securities may fall or fail to rise. In addition, many technology related companies have limited operating histories and prices of these companies’ securities have historically been more volatile than other securities, especially over the short term.

Prospectus 37/58

Leverage Risk

Each Fund can leverage, that is, borrow money to buy additional securities. By borrowing money, the Funds have the potential to increase their returns if the increase in the value of the securities purchased exceeds the cost of borrowing, including interest paid on the money borrowed. There is a risk that the cost of borrowing money to leverage may exceed the returns for the securities purchased or that the securities purchased may actually go down in value; thus the Fund’s net asset value could decrease more quickly than if it had not borrowed.

Environmental, Social and/or Governance Sustainability-Related Securities Risk

Alger Responsible Investing Fund’s environmental, social and governance investment criteria may limit the number of investment opportunities available to the Fund, and as a result, at times the Fund’s returns may be less than those of funds that are not subject to such special investment considerations. Moreover, companies that promote positive environmental, social and/or governance policies may not perform as well as companies that do not pursue such goals.

Foreign Securities Risk

Investing in foreign securities involves risks related to the political, social and economic conditions of foreign countries, particularly emerging market countries. These risks may include political instability, exchange control regulations, expropriation, lack of comprehensive information, national policies restricting foreign investment, currency fluctuations, less liquidity, undiversified and immature economic structures, inflation and rapid fluctuations in inflation, withholding or other taxes, and operational risks. There may be less stringent government supervision and oversight of foreign markets than in the United States. There may be less corporate financial information publicly available, less stringent investor protection and disclosure standards, and differing auditing and legal standards.

Investment in foreign currencies is subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. A decline in the value of foreign currencies relative to the U.S. dollar will reduce the value of securities held by a Fund and denominated in those currencies. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls.

Emerging Market Securities Risk (Alger Emerging Markets Fund only)

Investing in emerging market countries involves higher levels of risk, including increased securities, currency, information, liquidity, industry, market, political and valuation risks. Deficiencies in regulatory oversight, market infrastructure, shareholder protections and company laws could expose the Fund to operational and other risks as well. Some countries may have restrictions that could limit the Fund’s access to attractive opportunities. Emerging markets often face serious economic problems (such as high external debt, inflation and unemployment) that could subject the Fund to increased volatility or substantial declines in value. Additionally, some countries may be adversely affected by protectionist trade policies, a slow U.S. economy, political and social instability, regional and global conflicts, terrorism and war, including actions that are contrary to the interests of the U.S.

Short Sales Risk

Each of Alger Spectra Fund and Alger Dynamic Opportunities Fund may engage in short sales. The market price of a security may increase after the Fund borrows the security in order to sell it short, so that the Fund suffers a loss when it replaces the borrowed security at the higher price. The use of short sales could increase the Fund’s exposure to the market, magnifying losses and increasing volatility.

Cash Position Risk

If Alger Dynamic Opportunities Fund holds a large cash position, the Fund may under-perform relative to both equity and fixed-income securities.

Convertible Securities Risk

Alger Dynamic Opportunities Fund may purchase convertible securities. Issuers of convertible securities may not be as strong financially as other companies, and may be more vulnerable to changes in the economy.

Portfolio Turnover (Active Trading) Risk

If a Fund engages in active trading of portfolio securities, it may incur increased transaction costs and brokerage commissions, both of which can lower the actual return on an investment. Active trading may also increase short-term gains and losses, which may affect the taxes a shareholder has to pay.

Prospectus 38/58

Temporary Defensive Investments

In times of adverse or unstable market, economic or political conditions, each Fund may invest up to 100% of its assets in cash, high-grade bonds, or cash equivalents (such as commercial paper or money market instruments) for temporary defensive reasons. This is to attempt to protect the Fund’s assets from a temporary, unacceptable risk of loss, rather than directly to promote the Fund’s investment objective. A Fund may also hold these types of securities in an amount up to 15% of net assets, pending the investment of proceeds from the sale of Fund shares or portfolio securities or to meet anticipated redemptions of Fund shares. A Fund may not achieve its investment objective while in a temporary defensive position.

Management and Organization

Manager

Fred Alger Management, Inc.
360 Park Avenue South
New York, NY 10010

The Manager has been an investment adviser since 1964, and manages investments totaling (at December 31, 2018) approximately $23.1 billion. The Manager makes investment decisions for the Funds and continuously reviews their investment programs. These management responsibilities are subject to the supervision of the Board of Trustees of The Alger Funds II. A discussion of the Trustees’ basis for approving the advisory contract with respect to each Fund is available in the Funds’ annual report to shareholders for its most recent October 31 fiscal year end. The Funds pay the Manager advisory fees at the following annual rates based on a percentage of average daily net assets: Alger Spectra Fund – .90% for assets up to $2 billion, .75% for assets between $2 billion and $4 billion, .65% for assets between $4 billion and $6 billion, .55% for assets between $6 billion and $8 billion, and .45% for assets in excess of $8 billion; Alger Responsible Investing Fund – .71% for assets up to $1 billion and .65% for assets in excess of $1 billion; Alger Dynamic Opportunities Fund – 1.20% for assets up to $1 billion and 1.00% for assets in excess of $1 billion; and Alger Emerging Markets Fund – .75%.

The actual advisory fee rate paid by Alger Spectra Fund for the period ended October 31, 2018 was .76% of average daily net assets. The actual advisory fee rate paid by Alger Responsible Investing Fund for the period ended October 31, 2018 was .71% of average daily net assets. The actual advisory fee rate paid by Alger Dynamic Opportunities Fund for the period ended October 31, 2018 was 1.20% of average daily net assets. The actual advisory fee rate paid by Alger Emerging Markets Fund for the period ended October 31, 2018 was .78% of average daily net assets.

Sub-Adviser

Weatherbie Capital, LLC
265 Franklin Street, 16th Floor
Boston, Massachusetts 02110

The Manager has engaged Weatherbie Capital, LLC (“Weatherbie” or the “Sub-Adviser”), an affiliate of the Manager, to serve as Alger Dynamic Opportunities Fund’s sub-adviser under a sub-investment advisory agreement between the Manager and the Sub-Adviser. Weatherbie is a registered investment adviser formed in 1995. As of December 31, 2018, Weatherbie had approximately $1.3 billion in assets under management. Weatherbie sub-advises the Fund subject to the Manager’s supervision and approval. The Manager pays a sub-advisory fee to the Sub-Adviser out of its own resources at no additional charge to the Fund.

Portfolio Managers Jointly and Primarily Responsible for Day-to-Day Management of Portfolio Investments

Fund	Portfolio Manager(s)	Since
Alger Spectra Fund	Ankur Crawford, Ph.D. Patrick Kelly, CFA	June 2015 September 2004
Alger Responsible Investing Fund	Gregory S. Adams, CFA	December 2016
Alger Dynamic Opportunities Fund	Dan C. Chung, CFA Gregory S. Adams, CFA H. George Dai, Ph.D. Joshua D. Bennett, CFA Daniel J. Brazeau, CFA	Inception (11/2/09) Inception (11/2/09) March 2017 March 2017 March 2017
Alger Emerging Markets Fund	Deborah Vélez Medenica, CFA	Inception (12/29/10)

•	Mr. Adams has been employed by the Manager since 2006. He became a Senior Vice President and the Director of Quantitative & Risk Management in 2006, and a portfolio manager in 2012. From 2006 through 2012, Mr. Adams was a Senior Analyst.
•	Mr. Bennett is a Senior Managing Director, Director of Research of Weatherbie. He joined Weatherbie in 2007.

Prospectus 39/58

•	Mr. Brazeau is a Managing Director, Investments of Weatherbie. He joined Weatherbie in 2004.

•	Mr. Chung has been employed by the Manager since 1994. He became a portfolio manager in 2000, Chief Investment Officer in 2001, President in 2003, and Chief Executive Officer in 2006.

•	Ms. Crawford has been employed by the Manager since 2004. She became a portfolio manager and a Senior Vice President in 2010 and an Executive Vice President in 2019. She served as a Vice President and an Analyst from 2007 to 2010, and a Senior Analyst from 2010 to 2016.

•	Mr. Dai is a Senior Managing Director and Co-Chief Investment Officer of Weatherbie. He joined Weatherbie in 2001.

•	Mr. Kelly has been employed by the Manager since 1999. He became a portfolio manager in 2004, an Executive Vice President in 2008, and the Head of Alger Capital Appreciation and Spectra Strategies in 2015.

•	Ms. Vélez Medenica has been employed by the Manager since 2010 as a portfolio manager and a Senior Vice President.

The Statement of Additional Information provides additional information about the portfolio managers’ compensation, other accounts that they manage, and their ownership of securities of the Fund(s) that they manage.

Administrator

Pursuant to a separate Fund Administration Agreement, the Manager also provides administrative services to each Fund, including, but not limited to: providing office space, telephone, office equipment and supplies; paying compensation of the Fund’s officers for services rendered as such; authorizing expenditures and approving bills for payment on behalf of the Fund; preparation of the periodic updating of the Fund’s Registration Statement, including Prospectus and Statement of Additional Information, for the purpose of filings with the Securities and Exchange Commission and monitoring and maintaining the effectiveness of such filings, as appropriate; supervising preparation of periodic shareholder reports, notices and other shareholder communications; supervising the daily pricing of the Fund’s investment portfolios and the publication of the net asset value of the Fund’s shares, earnings reports and other financial data; monitoring relationships with organizations providing services to the Fund, including the Fund’s custodian, transfer agent, blue sky agent and printers; providing trading desk facilities for the Fund; supervising compliance by the Fund with recordkeeping and periodic reporting requirements under the Investment Company Act of 1940, as amended.; preparation of materials for meetings of the Fund’s Board of Trustees and preparation of minutes of such meetings; oversight of service providers who file claims for class action lawsuits with respect to securities in the Fund; arranging for the Fund the required fidelity bond and other insurance, if applicable; and providing executive, clerical and secretarial help needed to carry out these responsibilities. Each Fund pays the Manager an administrative fee at the annual rate of 0.0275% of the Fund’s average daily net assets.

Pursuant to a separate Shareholder Administrative Services Agreement, the Manager also supervises the Fund’s transfer agent, DST Asset Manager Solutions, Inc. (the “Transfer Agent”), and provides certain shareholder administrative services to the Fund. The Fund pays the Manager a shareholder administrative services fee at the annual rate of 0.01% of net assets with respect to Class I, Y and Z Shares.

For more information, please see the Shareholder Information section beginning on page 50.

Hypothetical Investment and Expense Information

Hypothetical investment and expense information, which is not required to be included in this Prospectus by the Securities and Exchange Commission, is presented in the chart below. This information is intended to reflect the annual and cumulative effect of a Fund’s expenses, including investment advisory fees and other Fund costs, on each Fund’s total return over a 10-year period. The example assumes the following:

•	You invest $10,000 in the Fund and hold it for the entire 10-year period; and

•	Your investment has a 5% return before expenses each year.

There is no assurance that the annual expense ratio will be the expense ratio for any Fund classes for any of the years shown. To the extent that the Manager and any of its affiliates alter any fee waivers and/or expense reimbursements pursuant to a voluntary or contractual arrangement, your actual expenses may be higher or lower. This is only a hypothetical presentation made to illustrate what expenses and returns would be under the above scenarios. Your actual expenses and returns are likely to differ (higher or lower) from those shown below.

Prospectus 40/58

Alger Spectra Fund

Class I	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
Expense Ratio	1.25%	1.25%	1.25%	1.25%	1.25%	1.25%	1.25%	1.25%	1.25%	1.25%
Cumulative Gross Return	5.00%	10.25%	15.76%	21.55%	27.63%	34.01%	40.71%	47.75%	55.13%	62.89%
Cumulative Net Return	3.75%	7.64%	11.68%	15.87%	20.21%	24.72%	29.39%	34.25%	39.28%	44.50%
End Investment Balance	$10,375	$ 10,764	$ 11,168	$ 11,587	$ 12,021	$ 12,472	$ 12,939	$ 13,425	$ 13,928	$ 14,450
Annual Expense	$ 127	$ 132	$ 137	$ 142	$ 148	$ 153	$ 159	$ 165	$ 171	$ 177

Class Z	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
Expense Ratio	0.94%	0.94%	0.94%	0.94%	0.94%	0.94%	0.94%	0.94%	0.94%	0.94%
Cumulative Gross Return	5.00%	10.25%	15.76%	21.55%	27.63%	34.01%	40.71%	47.75%	55.13%	62.89%
Cumulative Net Return	4.06%	8.28%	12.68%	17.26%	22.02%	26.97%	32.13%	37.49%	43.07%	48.88%
End Investment Balance	$10,406	$ 10,828	$ 11,268	$ 11,726	$ 12,202	$ 12,697	$ 13,213	$ 13,749	$ 14,307	$ 14,888
Annual Expense	$ 96	$ 100	$ 104	$ 108	$ 112	$ 117	$ 122	$ 127	$ 132	$ 137

Class Y	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
Expense Ratio	0.89%	0.89%	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%
Cumulative Gross Return	5.00%	10.25%	15.76%	21.55%	27.63%	34.01%	40.71%	47.75%	55.13%	62.89%
Cumulative Net Return	4.11%	8.39%	12.72%	17.23%	21.92%	26.80%	31.87%	37.15%	42.63%	48.34%
End Investment Balance	$10,411	$ 10,839	$ 11,272	$ 11,723	$ 12,192	$ 12,680	$ 13,187	$ 13,715	$ 14,263	$ 14,834
Annual Expense	$ 91	$ 95	$ 111	$ 115	$ 120	$ 124	$ 129	$ 135	$ 140	$ 145

Alger Responsible Investing Fund

Class I	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
Expense Ratio	1.37%	1.37%	1.37%	1.37%	1.37%	1.37%	1.37%	1.37%	1.37%	1.37%
Cumulative Gross Return	5.00%	10.25%	15.76%	21.55%	27.63%	34.01%	40.71%	47.75%	55.13%	62.89%
Cumulative Net Return	3.63%	7.39%	11.29%	15.33%	19.52%	23.85%	28.35%	33.01%	37.84%	42.84%
End Investment Balance	$10,363	$ 10,739	$ 11,129	$ 11,533	$ 11,952	$ 12,385	$ 12,835	$ 13,301	$ 13,784	$ 14,284
Annual Expense	$ 139	$ 145	$ 150	$ 155	$ 161	$ 167	$ 173	$ 179	$ 186	$ 192

Class Z	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
Expense Ratio	0.95%	0.95%	1.13%	1.13%	1.13%	1.13%	1.13%	1.13%	1.13%	1.13%
Cumulative Gross Return	5.00%	10.25%	15.76%	21.55%	27.63%	34.01%	40.71%	47.75%	55.13%	62.89%
Cumulative Net Return	4.05%	8.26%	12.45%	16.81%	21.33%	26.02%	30.90%	35.96%	41.23%	46.69%
End Investment Balance	$10,405	$ 10,826	$ 11,245	$ 11,681	$ 12,133	$ 12,602	$ 13,090	$ 13,596	$ 14,123	$ 14,669
Annual Expense	$ 97	$ 101	$ 125	$ 130	$ 135	$ 140	$ 145	$ 151	$ 157	$ 163

Alger Dynamic Opportunities Fund

Class Z	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
Expense Ratio	2.26%	2.26%	2.33%	2.33%	2.33%	2.33%	2.33%	2.33%	2.33%	2.33%
Cumulative Gross Return	5.00%	10.25%	15.76%	21.55%	27.63%	34.01%	40.71%	47.75%	55.13%	62.89%
Cumulative Net Return	2.74%	5.56%	8.37%	11.27%	14.24%	17.29%	20.42%	23.63%	26.94%	30.32%
End Investment Balance	$10,274	$ 10,556	$ 10,837	$ 11,127	$ 11,424	$ 11,729	$ 12,042	$ 12,363	$ 12,694	$ 13,032
Annual Expense	$ 229	$ 235	$ 249	$ 256	$ 263	$ 270	$ 277	$ 284	$ 292	$ 300

Alger Emerging Market Fund

Class I	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
Expense Ratio	1.45%	1.45%	1.71%	1.71%	1.71%	1.71%	1.71%	1.71%	1.71%	1.71%
Cumulative Gross Return	5.00%	10.25%	15.76%	21.55%	27.63%	34.01%	40.71%	47.75%	55.13%	62.89%
Cumulative Net Return	3.55%	7.23%	10.75%	14.40%	18.16%	22.05%	26.06%	30.21%	34.50%	38.92%
End Investment Balance	$10,355	$ 10,723	$ 11,075	$ 11,440	$ 11,816	$ 12,205	$ 12,606	$ 13,021	$ 13,450	$ 13,892
Annual Expense	$ 148	$ 153	$ 186	$ 193	$ 199	$ 205	$ 212	$ 219	$ 226	$ 234

Prospectus 41/58

Class Y	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
Expense Ratio	0.95%	0.95%	1.43%	1.43%	1.43%	1.43%	1.43%	1.43%	1.43%	1.43%
Cumulative Gross Return	5.00%	10.25%	15.76%	21.55%	27.63%	34.01%	40.71%	47.75%	55.13%	62.89%
Cumulative Net Return	4.05%	8.26%	12.13%	16.13%	20.28%	24.57%	29.02%	33.63%	38.40%	43.34%
End Investment Balance	$10,405	$ 10,826	$ 11,213	$ 11,613	$ 12,028	$ 12,457	$ 12,902	$ 13,363	$ 13,840	$ 14,334
Annual Expense	$ 97	$ 101	$ 158	$ 163	$ 169	$ 175	$ 181	$ 188	$ 194	$ 201

Class Z	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
Expense Ratio	0.99%	0.99%	1.43%	1.43%	1.43%	1.43%	1.43%	1.43%	1.43%	1.43%
Cumulative Gross Return	5.00%	10.25%	15.76%	21.55%	27.63%	34.01%	40.71%	47.75%	55.13%	62.89%
Cumulative Net Return	4.01%	8.18%	12.04%	16.04%	20.19%	24.48%	28.92%	33.52%	38.29%	43.23%
End Investment Balance	$10,401	$ 10,818	$ 11,204	$ 11,604	$ 12,019	$ 12,448	$ 12,892	$ 13,352	$ 13,829	$ 14,323
Annual Expense	$ 101	$ 105	$ 157	$ 163	$ 169	$ 175	$ 181	$ 188	$ 194	$ 201

Financial Highlights

The financial highlights tables are intended to help you understand each Fund’s financial performance for the periods shown. Certain information reflects financial results for a single Fund share. The total returns in the tables represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). The information in the tables for the fiscal years ended October 31 has been audited by Deloitte & Touche LLP, whose report, along with each Fund’s financial statements, is included in the Annual Report, which is available upon request.

Prospectus 42/58

The Alger Funds II

Alger Spectra Fund Class I	Year ended 10/31/18	Year ended 10/31/17	Year ended 10/31/16	Year ended 10/31/15	Year ended 10/31/14
Net asset value, beginning of period	$ 21.61	$ 17.06	$ 18.60	$ 19.27	$ 17.48
Income from Investment Operations:
Net investment loss (i)	(0.06)	(0.02)	(0.01)	(0.05)	(0.06)
Net realized and unrealized gain (loss) on investments	1.87	4.91	(0.03)	1.76	2.85
Total from investment operations	1.81	4.89	(0.04)	1.71	2.79
Distributions from net realized gains	(1.26)	(0.34)	(1.50)	(2.38)	(1.00)
Net asset value, end of period	$ 22.16	$ 21.61	$ 17.06	$ 18.60	$ 19.27
Total return (ii)	8.76%	29.23%	(0.35)%	9.65%	16.63%
Ratios/Supplemental Data:
Net assets, end of period (000's omitted)	$776,443	$791,060	$1,222,783	$1,251,395	$1,030,304
Ratio of gross expenses to average net assets	1.25%(iii)	1.27%(iv)	1.29%(v)	1.35%(vi)	1.50%(vii)
Ratio of net expenses to average net assets	1.25%	1.27%	1.29%	1.35%	1.50%
Ratio of net investment loss to average net assets	(0.28)%	(0.09)%	(0.05)%	(0.25)%	(0.35)%
Portfolio turnover rate	74.19%	80.08%	108.51%	143.64%	149.01%

(i)	Amount was computed based on average shares outstanding during the period.
(ii)	Does not reflect the effect of sales charges, if applicable.

(iii)	Includes 0.08% related to dividend expense on short positions and interest expense for the period ended 10/31/18.
(iv)	Includes 0.07% related to dividend expense on short positions and interest expense for the period ended 10/31/17.
(v)	Includes 0.10% related to dividend expense on short positions and interest expense for the period ended 10/31/16.
(vi)	Includes 0.15% related to dividend expense on short positions and interest expense for the period ended 10/31/15.
(vii)	Includes 0.28% related to dividend expense on short positions and interest expense for the period ended 10/31/14.

Prospectus 43/58

The Alger Funds II

Alger Spectra Fund Class Z	Year ended 10/31/18	Year ended 10/31/17	Year ended 10/31/16	Year ended 10/31/15	Year ended 10/31/14
Net asset value, beginning of period	$ 21.87	$ 17.21	$ 18.70	$ 19.30	$ 17.46
Income from Investment Operations:
Net investment income (loss) (i)	—(ii)	0.03	0.04	0.01	(0.02)
Net realized and unrealized gain (loss) on investments	1.90	4.97	(0.03)	1.77	2.86
Total from investment operations	1.90	5.00	0.01	1.78	2.84
Distributions from net realized gains	(1.26)	(0.34)	(1.50)	(2.38)	(1.00)
Net asset value, end of period	$ 22.51	$ 21.87	$ 17.21	$ 18.70	$ 19.30
Total return (iii)	9.09%	29.62%	(0.06)%	9.98%	17.01%
Ratios/Supplemental Data:
Net assets, end of period (000's omitted)	$3,241,767	$2,646,438	$1,502,388	$1,193,803	$928,600
Ratio of gross expenses to average net assets	0.94%(iv)	0.96%(v)	0.99%(vi)	1.04%(vii)	1.23%(viii)
Ratio of net expenses to average net assets	0.94%	0.96%	0.99%	1.04%	1.23%
Ratio of net investment income (loss) to average net assets	0.02%	0.17%	0.26%	0.06%	(0.11)%
Portfolio turnover rate	74.19%	80.08%	108.51%	143.64%	149.01%

(i)	Amount was computed based on average shares outstanding during the period.

(ii)	Amount was less than $0.005 per share.
(iii)	Does not reflect the effect of sales charges, if applicable.
(iv)	Includes 0.07% related to dividend expense on short positions and interest expense for the period ended 10/31/18.
(v)	Includes 0.07% related to dividend expense on short positions and interest expense for the period ended 10/31/17.
(vi)	Includes 0.10% related to dividend expense on short positions and interest expense for the period ended 10/31/16.
(vi)	Includes 0.15% related to dividend expense on short positions and interest expense for the period ended 10/31/15.
(vii)	Includes 0.30% related to dividend expense on short positions and interest expense for the period ended 10/31/14.

Prospectus 44/58

The Alger Funds II

Alger Responsible Investing Fund Class I	Year ended 10/31/18	Year ended 10/31/17	Year ended 10/31/16	Year ended 10/31/15	Year ended 10/31/14
Net asset value, beginning of period	$ 11.31	$ 9.13	$ 9.35	$ 9.12	$ 8.77
Income from Investment Operations:
Net investment income (loss) (i)	(0.02)	0.01	0.01	(0.01)	—
Net realized and unrealized gain (loss) on investments	0.83	2.54	(0.10)	0.50	0.68
Total from investment operations	0.81	2.55	(0.09)	0.49	0.68
Dividends from net investment income	—	—	—	—	—(ii)
Distributions from net realized gains	(1.54)	(0.37)	(0.13)	(0.26)	(0.33)
Net asset value, end of period	$ 10.58	$ 11.31	$ 9.13	$ 9.35	$ 9.12
Total return (iii)	7.95%	28.88%	(1.03)%	5.42%	7.91%
Ratios/Supplemental Data:
Net assets, end of period (000's omitted)	$12,258	$13,128	$28,461	$42,860	$41,888
Ratio of gross expenses to average net assets	1.37%	1.37%	1.28%	1.27%	1.30%
Ratio of expense reimbursements to average net assets	(0.02)%	(0.02)%	—	—	—
Ratio of net expenses to average net assets	1.35%	1.35%	1.28%	1.27%	1.30%
Ratio of net investment income (loss) to average net assets	(0.17)%	0.08%	0.16%	(0.05)%	(0.03)%
Portfolio turnover rate	20.20%	30.70%	19.84%	16.85%	24.22%

(i)	Amount was computed based on average shares outstanding during the period.
(ii)	Amount was less than $0.005 per share.
(iii)	Does not reflect the effect of sales charges, if applicable.

Prospectus 45/58

The Alger Funds II

Alger Responsible Investing Fund Class Z	Year ended 10/31/18	Year ended 10/31/17	From 10/14/16 (commencement of operations) to 10/31/16(i)
Net asset value, beginning of period	$ 11.37	$ 9.14	$ 9.20
Income from Investment Operations:
Net investment income (ii)	0.03	0.03	0.01
Net realized and unrealized gain (loss) on investments	0.84	2.57	(0.07)
Total from investment operations	0.87	2.60	(0.06)
Distributions from net realized gains	(1.54)	(0.37)	—
Net asset value, end of period	$ 10.70	$11.37	$ 9.14
Total return (iii)	8.50%	29.41%	(0.65)%
Ratios/Supplemental Data:
Net assets, end of period (000's omitted)	$13,262	$ 9,050	$ 99
Ratio of gross expenses to average net assets	1.13%	1.31%	33.46%
Ratio of expense reimbursements to average net assets	(0.23)%	(0.41)%	(32.56)%
Ratio of net expenses to average net assets	0.90%	0.90%	0.90%
Ratio of net investment income to average net assets	0.27%	0.32%	2.38%
Portfolio turnover rate	20.20%	30.70%	19.84%

(i)	Ratios have been annualized; total return has not been annualized; portfolio turnover is for the twelve months then ended.

(ii)	Amount was computed based on average shares outstanding during the period.

(iii)

Does not reflect the effect of sales charges, if applicable.

Prospectus 46/58

The Alger Funds II

Alger Dynamic Opportunities Fund Class Z	Year ended 10/31/18	Year ended 10/31/17	Year ended 10/31/16	Year ended 10/31/15	Year ended 10/31/14
Net asset value, beginning of period	$ 14.39	$ 11.83	$ 12.64	$ 12.99	$ 12.98
Income from Investment Operations:
Net investment loss (i)	(0.25)	(0.18)	(0.14)	(0.16)	(0.16)
Net realized and unrealized gain (loss) on investments	0.82	2.78	(0.33)	0.55	0.97
Total from investment operations	0.57	2.60	(0.47)	0.39	0.81
Distributions from net realized gains	(0.89)	(0.04)	(0.34)	(0.74)	(0.80)
Net asset value, end of period	$ 14.07	$ 14.39	$ 11.83	$ 12.64	$ 12.99
Total return (ii)	4.27%	22.02%	(3.92)%	3.16%	6.52%
Ratios/Supplemental Data:
Net assets, end of period (000's omitted)	$ 69,002	$ 48,660	$ 44,947	$ 46,966	$ 29,828
Ratio of gross expenses to average net assets	2.33%(iii)	2.21%(iv)	2.07%(v)	1.93%(vi)	2.18%(vii)
Ratio of net expenses to average net assets	2.33%	2.21%	2.07%	1.93%	2.18%
Ratio of net investment loss to average net assets	(1.72)%	(1.34)%	(1.13)%	(1.23)%	(1.29)%
Portfolio turnover rate	181.92%	216.81%	146.73%	178.19%	205.45%

(i)	Amount was computed based on average shares outstanding during the period.

(ii)	Does not reflect the effect of sales charges, if applicable.

(iii)

Includes 0.81% related to dividend expense on short positions and interest expense for the period ended 10/31/18.

(iv)	Includes 0.61% related to dividend expense on short positions and interest expense for the period ended 10/31/17.

(v)	Includes 0.58% related to dividend expense on short positions and interest expense for the period ended 10/31/16.

(vi)	Includes 0.44% related to dividend expense on short positions and interest expense for the period ended 10/31/15.

(vii)

Includes 0.57% related to dividend expense on short positions and interest expense for the period ended 10/31/14.

Prospectus 47/58

The Alger Funds II

Alger Emerging Markets Fund Class I	Year ended 10/31/18	Year ended 10/31/17	Year ended 10/31/16	Year ended 10/31/15	Year ended 10/31/14
Net asset value, beginning of period	$ 11.22	$ 9.04	$ 8.50	$ 9.38	$ 9.51
Income from Investment Operations:
Net investment income (loss) (i)	0.01	—	(0.01)	(0.03)	(0.02)
Net realized and unrealized gain (loss) on investments	(2.11)	2.18	0.55	(0.85)	(0.11)
Total from investment operations	(2.10)	2.18	0.54	(0.88)	(0.13)
Dividends from net investment income	(0.40)	—	—(ii)	—	—
Net asset value, end of period	$ 8.72	$ 11.22	$ 9.04	$ 8.50	$ 9.38
Total return (iii)	(19.40)%	24.12%	6.39%	(9.38)%	(1.37)%
Ratios/Supplemental Data:
Net assets, end of period (000's omitted)	$ 14,516	$22,848	$14,006	$11,814	$11,451
Ratio of gross expenses to average net assets	1.71%	1.96%	2.32%	2.64%	2.92%
Ratio of expense reimbursements to average net assets	(0.24)%	(0.41)%	(0.72)%	(0.94)%	(1.22)%
Ratio of net expenses to average net assets	1.47%	1.55%	1.60%	1.70%	1.70%
Ratio of net investment income (loss) to average net assets	0.06%	0.03%	(0.06)%	(0.35)%	(0.16)%
Portfolio turnover rate	105.23%	71.95%	65.84%	84.93%	98.25%

(i)	Amount was computed based on average shares outstanding during the period.
(ii)	Amount was less than $0.005 per share.
(iii)	Does not reflect the effect of sales charges, if applicable.

Prospectus 49/58

The Alger Funds II

Alger Emerging Markets Fund Class Z	Year ended 10/31/18	Year ended 10/31/17	Year ended 10/31/16	Year ended 10/31/15	From 2/28/14 (commencement of operations) to 10/31/14(i)
Net asset value, beginning of period	$ 11.36	$ 9.12	$ 8.56	$ 9.41	$ 9.24
Income from Investment Operations:
Net investment income (ii)	0.04	0.04	0.02	0.01	0.02
Net realized and unrealized gain (loss) on investments	(2.12)	2.20	0.56	(0.86)	0.15
Total from investment operations	(2.08)	2.24	0.58	(0.85)	0.17
Dividends from net investment income	(0.43)	—	(0.02)	—	—
Net asset value, end of period	$ 8.85	$ 11.36	$ 9.12	$ 8.56	$ 9.41
Total return (iii)	(19.07)%	24.56%	6.78%	(9.03)%	1.84%
Ratios/Supplemental Data:
Net assets, end of period (000's omitted)	$ 19,236	$27,944	$17,568	$ 4,294	$ 3,667
Ratio of gross expenses to average net assets	1.43%	1.71%	2.07%	2.55%	3.35%
Ratio of expense reimbursements to average net assets	(0.39)%	(0.46)%	(0.82)%	(1.30)%	(2.10)%
Ratio of net expenses to average net assets	1.04%	1.25%	1.25%	1.25%	1.25%
Ratio of net investment income to average net assets	0.39%	0.38%	0.29%	0.20%	0.29%
Portfolio turnover rate	105.23%	71.95%	65.84%	84.93%	98.25%

(i)	Ratios have been annualized; total return has not been annualized; portfolio turnover is for the twelve months then ended.

(ii)	Amount was computed based on average shares outstanding during the period.

(iii)

Does not reflect the effect of sales charges, if applicable.

Prospectus 50/58

Shareholder Information

Distributor

Fred Alger & Company, Incorporated
360 Park Avenue South
New York, NY 10010

Transfer Agent

DST Asset Manager Solutions, Inc.
Attn: The Alger Funds II
P.O. Box 219432
Kansas City, MO 64121-9432

Net Asset Value

The value of one share is its “net asset value,” or NAV. The NAV for a Fund is calculated as of the close of business (normally 4:00 p.m. Eastern time) every day the New York Stock Exchange (“NYSE”) is open. Generally, the NYSE is closed on weekends and national holidays.

NAV (net asset value) of a class of shares is computed by adding together the value allocable to the class of the Fund’s investments plus cash and other assets, subtracting applicable liabilities and then dividing the result by the number of outstanding shares of the class.

Foreign securities are usually valued on the basis of the most recent closing price of the foreign markets on which such securities principally trade. For each Fund that invests in foreign securities principally listed on foreign exchanges that may trade on days the NYSE is closed, such as Alger Emerging Markets Fund (“Emerging Fund”) the value of the Fund’s assets may be affected on days when shareholders will not be able to purchase or redeem Fund shares.

The assets of each Fund are generally valued on the basis of market quotations. If market quotations are not readily available or do not accurately reflect fair value for a security, or if a security’s value has been materially affected by events occurring after the close of the market on which the security is principally traded, the security may be valued on the basis of fair value as determined by the Manager under procedures adopted by the Trust’s Board of Trustees. A security’s valuation may differ depending on the method used for determining value. Short-term money market instruments held by the Funds are generally valued on the basis of amortized cost.

In determining whether market quotations are reliable and readily available, the Manager monitors information it routinely receives for significant events it believes will affect market prices of portfolio instruments held by a Fund. Significant events may affect a particular company (for example, a trading halt in the company’s securities on an exchange during the day) or may affect securities markets (for example, a natural disaster that causes a market to close). If the Manager is aware of a significant event that has occurred after the close of the market where a portfolio instrument is primarily traded, but before the close of the NYSE, that the Manager believes has affected or is likely to affect the price of the instrument, the Manager will use its best judgment to determine a fair value for that portfolio instrument under procedures adopted by the Board of Trustees.

The Manager believes that under certain circumstances foreign securities values may be affected by volatility that occurs in U.S. markets on a trading day after the close of foreign securities markets. The Manager’s fair valuation procedures therefore include a procedure whereby foreign securities prices may be “fair valued” to take those factors into account.

Dividends and Distributions and Tax Consequences

All Funds declare and pay dividends and distributions annually, and expect these payments to shareholders will consist primarily of capital gains, which may be taxable to you at different rates depending upon how long the Fund held the securities that it sold to create the gains (rather than the length of time you have held shares of the Fund), and that they will also include net investment income, which is taxable as ordinary income. Certain dividend income received by a Fund and paid to you may be subject to a maximum tax rate of 20% (qualified dividends); other income paid to you, such as non-qualifying dividend income or interest earned on debt securities held by the Fund, will continue to be taxed at the higher ordinary income rates. Participants in tax-deferred accounts ordinarily will not be subject to taxation on dividends from net investment income and net realized capital gains until they receive a distribution of the dividends from their individual plan accounts. Dividends and distributions may differ among classes of shares of a Fund.

Prospectus 51/58

Unless you choose to receive cash payments by checking the box on your account application, any dividends and distributions will be reinvested automatically at the NAV on their payment dates. No sales charge will apply to automatically reinvested dividends and distributions. If you have chosen cash payments and a payment is returned to the Fund as undeliverable, that payment will be reinvested upon receipt by the Transfer Agent in Fund shares at the next NAV. All subsequent payments will be reinvested until you reinstate your cash election and provide a valid mailing address.

Regardless of whether you choose to take distributions in cash or reinvest them in the Fund, they may be subject to federal and state taxes. An exchange of Fund shares for shares of another fund will be treated as a sale of the Fund shares, and any gain on the transaction may be subject to federal and state taxes. Because everyone’s tax situation is unique, see a tax advisor about federal, state and local tax consequences of investing in the Funds.

Classes of Fund Shares

Alger Dynamic Opportunities Fund offers three classes of shares (Class A, C and Z Shares). Each of Alger Spectra Fund and Alger Responsible Investing Fund offers four classes of shares (Class A, C, I and Z Shares). Alger Emerging Markets Fund offers five classes of shares (Class A, C, I, Y and Z Shares). Class I, Y and Z Shares are offered by this Prospectus. Class A, B and C Shares, which are offered in a separate prospectus, are each subject to a sales charge. Class I and Z Shares are generally offered only to institutional investors, including, but not limited to, qualified pension and retirement plans. Class I Shares are subject to Distribution and/or Shareholder Servicing Fees of 0.25%. Class Y and Z Shares have no Distribution or Shareholder Servicing Fees.

The Distributor may pay all or a portion of the distribution (12b-1) and/or shareholder servicing fees paid by the Fund to a broker-dealer, investment adviser or other financial institution (“Financial Intermediary”) that has entered into an agreement with the Fund. The Distributor may retain for itself a portion of the distribution (12b-1) and/or shareholder servicing fees to the extent that it provides such services to shareholder accounts.

Class Z Shares have no Distribution or Shareholder Servicing Fees.

The Distributor, in its sole discretion, may waive minimum initial investment requirements. Minimum initial investment and related requirements may be modified at any time, without prior notice.

Purchasing and Redeeming Fund Shares

Class I Shares are generally available to institutional investors, such as corporations, foundations, and trusts managing various types of employee benefit plans, as well as charitable, religious and educational institutions. Class I shares are not subject to a minimum initial investment. Typical institutional investors include banks, insurance companies, broker-dealers, investment advisers, investment companies, qualified pension and profit-sharing plans, non-qualified deferred compensation plans, trusts funding charitable, religious and educational institutions and investors who invest through such institutions (or through an organization that processes investor orders on behalf of such institutions) and do so by paying a management, consulting or other fee to such institutions for the right to invest.

Class Y Shares are generally available for purchase by institutional investors such as qualified and non-qualified retirement, deferred compensation, and benefit plans, bank and trust companies, insurance companies, corporations, charitable organizations, endowments and foundations, government entities, and fund-of-funds. Class Y Shares are generally subject to a minimum initial investment and a minimum account size requirement of $500,000. No remuneration is paid by Class Y Shares to financial intermediaries.

The Distributor may waive the minimum initial investment for Class Y Shares of the Funds for group employer-sponsored 401(k) plans, 457 plans, employer sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans, retiree health benefit plans and non-qualified deferred compensation plans. The waiver is available only in the following instances:

•	Retirement plans that hold omnibus or aggregate plan participant positions, for each Fund made available for the plan;
•	Investors in retirement and deferred compensation plans investing through certain financial intermediaries and third-party recordkeepers and/or administrators who have agreements with the Distributor; and
•	Certain financial intermediaries who have entered into an agreement with the Distributor to offer shares through a wrap and/or asset allocation program.

The Fund’s Class Z Shares, which are generally subject to a minimum initial investment of $500,000, provide an investment vehicle for qualified or non-qualified retirement or employment benefit plans; banks, bank trust departments and trust companies; Section 529 college savings plans; asset-based fee programs; fee-paying clients of a registered investment advisor; corporations; insurance companies; registered investment companies; foundations and endowments; charitable, religious and educational institutions; and individual investors.

Prospectus 52/58

The Distributor may waive the minimum initial investment of $500,000 for Class Z Shares of the Funds for group employer sponsored 401(k) plans, 457 plans, employer sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans, retiree health benefit plans, non-qualified deferred compensation plans and asset-based fee programs and fee-paying clients of a registered investment adviser that hold omnibus positions. The waiver is generally not available to non-retirement accounts, traditional and Roth Individual Retirement Accounts, Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs, individual 401(k) plans or individual 403(b) plans.

In addition, there is no minimum initial investment for the following categories of eligible investors:

•	Any current employee of Fred Alger Management, Inc. or Fred Alger & Company, Incorporated, or their affiliates, and any of their immediate family members who share the same address.
•	Trustees of the Funds and Directors of Alger Associates, Inc., and its affiliates, and any of their immediate family members who share the same address.

Additional Information about Minimum Initial Investments

Shares of a Fund can be purchased or redeemed on any day the NYSE is open. Orders will be processed at the NAV next calculated after the purchase or redemption request is received in good order by the Transfer Agent or other agent appointed by the Distributor. Ordinarily, the Fund will issue a redemption check within seven days after the Transfer Agent receives a redemption request in good order. “In good order” means that all necessary information and documentation related to the redemption request have been provided to the Fund’s transfer agent or authorized intermediary, if applicable. If your request is not in good order, the Fund’s transfer agent may require additional documentation in order to redeem your shares. Payment may be postponed in cases where the SEC declares an emergency or normal trading is halted. The Transfer Agent or the Fund may reject any purchase order. Share certificates are not issued for shares of the Fund.

Under normal circumstances, each Fund expects to meet redemption requests by using cash or cash equivalents in its portfolio and/or by selling portfolio assets to generate cash. A Fund also may pay redemption proceeds using cash obtained through borrowing arrangements that may be available from time to time.

Each Fund may pay all or a portion of your redemption proceeds in securities rather than cash (i.e., “redeem in kind”) if, for example, the redemption request is during stressed market conditions or the Fund believes that a cash redemption may have a substantial impact on the Fund and its remaining shareholders. Securities will generally be selected on a pro rata basis pursuant to the Fund’s procedures. A shareholder who receives a redemption in kind bears the market risk of the securities until they are converted into cash, in transactions conducted at the shareholder’s expense.

Legislation passed by Congress in 2008 requires mutual funds to report both to the shareholder and to the Internal Revenue Service the “cost basis” of shares acquired on or after January 1, 2012 that are subsequently redeemed or exchanged. This reporting is not required for Fund shares held in retirement or other tax-advantaged accounts or for certain other types of entities (such as C corporations).

If you are a direct shareholder, you may request your cost basis reported on Form 1099-B to be calculated using any one of the alternative methods offered by the Fund. Please contact the Fund to make, revoke, or change your election. If you do not affirmatively elect a cost basis method then the Fund will use the average cost basis method. If you hold Fund shares through a broker, please contact that broker with respect to the reporting of cost basis and available elections for your account.

Please note that you will continue to be responsible for calculating and reporting gains and losses on redemptions of shares purchased prior to January 1, 2012. You are encouraged to consult your tax advisor regarding the application of the cost basis reporting rules and, in particular, which cost basis calculation method is best for you.

Exchanges

You can exchange shares of a Fund for shares of another Fund in the Alger Family of Funds, subject to certain restrictions. Shares of the Funds in the Alger Family of Funds can be exchanged or redeemed via telephone under certain circumstances. The Funds and Transfer Agent have reasonable procedures in place to determine that telephone instructions are genuine. They include requesting personal identification and recording calls. If the Funds and Transfer Agent follow these procedures, they are not liable for acting in good faith on telephone instructions. For more information on telephone exchanges and redemptions, contact the Transfer Agent.

Other Purchase and Exchange Limitations

If you are a participant in a retirement plan, such as a 401(k) plan, and you purchase shares in the Funds through an administrator or trustee that maintains a master or “omnibus” account with one or more Funds for trading on behalf of retirement plans and their participants, the Administrator may apply purchase and exchange limitations which are different than the limitations

Prospectus 53/58

discussed herein. These limitations may be more or less restrictive than the limitations imposed by the Funds. Consult with your Administrator to determine what purchase and exchange limitations may be applicable to your transactions in the Funds through your retirement plan.

Limitations on Excessive Trading

Each of the Funds, except for Emerging Fund invests predominantly in U.S.-traded, highly liquid securities for which current New York Stock Exchange closing prices are readily available on a daily basis. Each Fund will determine a fair value for portfolio securities for which current market closing prices are not readily available or otherwise require fair valuation in the circumstances discussed under “Net Asset Value.” As a result, the Manager believes that there is little incentive for investors to engage in frequent and/or short-term trading (often referred to as market-timing) to benefit from “stale” pricing. Nonetheless, the Fund recognizes that the presence of small capitalization and medium capitalization securities and/or foreign securities in the Fund’s portfolio and other circumstances may invite frequent and/or short-term trading by Fund shareholders, for whatever reason implemented. Active trading may be attempted and may, if carried out on a large scale, impose burdens on a Fund’s portfolio managers, interfere with the efficient management of a Fund, increase a Fund’s transaction costs, administrative costs or tax liability or otherwise be detrimental to the interests of a Fund and its other shareholders. The Funds therefore discourage market timing, and to the extent possible monitor for market timing patterns.

The Board of Trustees has adopted policies and procedures to discourage frequent and/or short-term trading of Fund shares and will generally not accommodate such practices. These policies and procedures allow a Fund to reject purchase or exchange orders, on a temporary or permanent basis, or redeem all Fund shares from investors that the Manager believes, in its reasonable business judgment, are engaging in frequent and/or short-term trading in Fund shares or shares of other funds sponsored by the Manager that is detrimental to the Fund involved. If the Fund rejects your purchase or exchange order, you will not be able to execute that transaction, and neither the Fund nor the Manager will be responsible for any losses you may suffer as a result.

In order to detect significant market timing, the Manager, in accordance with policies and procedures approved by the Trustees, will, among other things, seek to monitor overall subscription, redemption and exchange activity, and isolate significant daily activity to determine if there appears to be market timing activity in an individual portfolio. The Funds might not be able to detect frequent or short-term trading conducted by the underlying owners of shares held in omnibus accounts (in which shares are held in the name of an intermediary on behalf of multiple beneficial owners, a common form of holding shares among retirement plans and financial intermediaries such as brokers, advisers and third-party administrators) or placed through market intermediaries other than on a fully-disclosed basis, and therefore might not be able to effectively prevent frequent or short-term trading in those accounts. The Manager attempts to monitor these activities in omnibus accounts and will contract with broker-dealers that sell shares of the Funds and entities that hold omnibus accounts with its mutual funds to seek to discourage, detect and prevent market timing and active trading. For these and other reasons, there is no guarantee that the Fund’s efforts to identify investors who engage in excessive trading activity or to curtail that activity will be successful.

Disclosure of Portfolio Holdings

The Board of Trustees has adopted policies and procedures relating to disclosure of the Funds’ portfolio securities. These policies and procedures recognize that there may be legitimate business reasons for holdings to be disclosed and seek to balance those interests to protect the proprietary nature of the trading strategies and implementation thereof by the Funds.

Generally, the policies prohibit the release of information concerning portfolio holdings which have not previously been made public to individual investors, institutional investors, intermediaries that distribute the Funds’ shares and other parties which are not employed by the Manager or its affiliates except when the legitimate business purposes for selective disclosure and other conditions (designed to protect the Funds) are acceptable.

The Funds make their full holdings available semi-annually in shareholder reports filed on Form N-CSR and after the first and third fiscal quarters in regulatory filings on Form N-Q. These shareholder reports and regulatory filings are filed with the SEC, as required by federal securities laws, and are generally available within sixty (60) days of the end of the Funds’ fiscal quarter.

In addition, the Funds make publicly available their respective month-end top 10 holdings with a 10 day lag and their month-end full portfolios with a 60 day lag on their website www.alger.com and through other marketing communications (including printed advertising/sales literature and/or shareholder telephone customer service centers). No compensation or other consideration is received for the non-public disclosure of portfolio holdings information.

In accordance with the foregoing, the Funds provide portfolio holdings information to third parties including financial intermediaries and service providers who need access to this information in the performance of their services and are subject to duties of confidentiality (1) imposed by law, including a duty not to trade on non-public information, and/or (2) pursuant to an agreement that confidential information is not to be disclosed or used (including trading on such information) other than as required by law. This agreement must be approved by the Funds’ Chief Compliance Officer, President, Secretary or Assistant Secretary.

Prospectus 54/58

The Board of Trustees periodically reviews a report disclosing the third parties to whom each Fund’s holdings information has been disclosed and the purpose for such disclosure, and it considers whether or not the release of information to such third parties is in the best interest of the Fund and its shareholders.

In addition to material the Fund routinely provides to shareholders, the Manager may make additional statistical information available regarding the Alger Family of Funds. Such information may include, but not be limited to, relative weightings and characteristics of the Fund portfolio versus an index (such as P/E (or price to book) ratio, EPS forecasts, alpha, beta, capture ratio, maximum drawdown, standard deviation, Sharpe ratio, information ratio, and market cap analysis), security specific impact on overall portfolio performance, return on equity statistics, geographic analysis, number of holdings, month-end top ten contributors to and detractors from performance, portfolio turnover, and other similar information. Shareholders should visit www.alger.com or may also contact the Funds at (800) 992-3863 to obtain such information.

Other Information

In Kind Redemptions. A Fund may redeem some of your shares “in kind,” which means that some of the proceeds will be paid with securities the Fund owns instead of cash. The Fund has elected to be governed by rule 18f-1 under the 1940 Act, pursuant to which the Fund is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1% of the net assets of the Fund during any 90-day period for any one shareholder. If you receive securities, you should expect to incur brokerage or other charges in converting the securities to cash. If a Fund pays large redemptions in cash, these transactions may increase the Fund’s transaction costs and detract from the Fund’s performance. Large purchases pose similar risks.

Shares may be worth more or less when you redeem them than they were at the time you bought them. For tax purposes, this means that when you redeem them you may realize a short- or long-term capital gain or loss, depending upon how long you have held the shares.

Each Fund may pay the Distributor, Fred Alger & Company, Incorporated, or other entities, a fee of up to 0.25% of the value of the Fund’s average daily net assets for ongoing service and/or maintenance of shareholder accounts with respect to Class I Shares. This fee is included in the Fund’s shareholder servicing fee. The Distributor may pay some or all of this fee to a broker-dealer, investment adviser or other financial institution (“Financial Intermediary”) that also provides servicing and/or maintenance of shareholder accounts.

Other Payments by the Funds. In addition to fees that the Funds may pay to a Financial Intermediary for distribution (12b-1) and shareholder servicing, and fees the Funds pay to their transfer agent, DST Asset Manager Solutions, Inc., the Distributor, on behalf of a Fund, may enter into agreements with Financial Intermediaries pursuant to which a Fund will pay a Financial Intermediary for networking, sub-transfer agency and/or sub-accounting services. These payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial.

Additional Compensation. From time to time the Distributor, at its expense from its own resources, may compensate Financial Intermediaries who are instrumental in effecting investments by their clients or customers in a Fund, in an amount up to 1% of the value of those investments. The Distributor may also from time to time, at its expense from its own resources, make payments to Financial Intermediaries that provide shareholder servicing, or transaction processing, with such payments structured as a percentage of gross sales, a percentage of net assets, and/or as a fixed dollar amount (the latter as a per account fee or as reimbursement for transactions processing and transmission charges). The Distributor determines whether to make any additional cash payments and the amount of any such payments in response to requests from Financial Intermediaries, based on factors the Distributor deems relevant. Factors considered by the Distributor generally include the Financial Intermediary’s reputation, ability to attract and retain assets for the Fund, expertise in distributing a particular class of shares of the Fund, entry into target markets, and/or quality of service. In addition, the Distributor may make payments to dealer firms in the form of payments for marketing support, seminar support, training meetings, or comparable expenses in the discretion of the Distributor. Please contact your Financial Intermediary for details about revenue sharing payments it may receive. Any payments described above will not change the price paid by investors for the purchase of shares of a Fund or the amount of proceeds received by a Fund on the sale of shares.

Redemptions by the Funds. If your account has been open at least one year, you have not made an additional purchase in the account during the past six calendar months, and the value of your account falls below the minimum initial investment amount for three consecutive months as a result of redemptions or exchanges (excluding Trust-sponsored retirement accounts), a Fund may redeem all your Fund shares within your account after giving you 60 days’ prior written notice. You may avoid having your account redeemed during the notice period by bringing the account value up to the minimum initial investment amount.

The Funds and their agents reserve the right at any time to reject or cancel all or any part of any purchase or exchange order and to redeem all Fund shares if it suspects the shareholder is engaged in, or has engaged in, abusive trading practices and/or violations of any applicable securities laws. When an exchange request in respect of Fund shares is rejected, such shares may be redeemed from the Fund on request of the shareholder. In addition, the Fund reserves the right to modify any terms or conditions of purchase of shares of the Fund or suspend, change or withdraw all or any part of the offering made by this prospectus. If the

Prospectus 55/58

Fund rejects your purchase or exchange order, you may not be able to execute that transaction, and the Funds and their agents will not be responsible for any losses you may suffer as a result.

Lost Shareholders, Inactive Accounts and Unclaimed Property. It is important that each Fund maintain a correct address for each shareholder. An incorrect address may cause a shareholder’s account statements and other mailings to be returned to a Fund. Based upon statutory requirements for returned mail, the Fund will attempt to locate the shareholder or rightful owner of the account. If the Fund is unable to locate the shareholder, then it will determine whether the shareholder’s account can legally be considered abandoned. Your mutual fund account may be transferred to the state government of your state of residence if no activity occurs within your account during the “inactivity period” specified in your state’s abandoned property laws. Each Fund is legally obligated to escheat (or transfer) abandoned property to the appropriate state’s unclaimed property administrator in accordance with statutory requirements. The shareholder’s last known address of record determines which state has jurisdiction. If you hold your account directly at the Transfer Agent, please proactively contact the Transfer Agent toll-free at (800) 992-3863 at least annually to ensure your account remains in active status.

If you are a resident of the state of Texas, you may designate a representative to receive notifications that, due to inactivity, your mutual fund account assets may be delivered to the Texas Comptroller. Please contact the Transfer Agent if you wish to complete a Texas Designation of Representative form.

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For Fund Information:

By Telephone:	(800) 992-3863
By Mail:	DST Asset Manager Solutions, Inc. Attn: The Alger Funds II P.O. Box 219432 Kansas City, MO 64121-9432
By Internet:	Text versions of Fund documents can be downloaded from the following sources:
•	The Fund: http://www.alger.com
•	SEC (EDGAR data base): www.sec.gov

Statement of Additional Information

For more detailed information about each Fund and its policies, please read the Fund’s Statement of Additional Information, which is incorporated by reference into (is legally made a part of) its Prospectus. You can get a free copy of the Statement of Additional Information by calling the Funds’ toll-free number, at the Funds’ website at http://www.alger.com or by writing to the address above. The Statement of Additional Information is on file with the SEC.

Annual and Semi-Annual Reports

Additional information about a Fund’s investments is available in the Fund’s annual and semi-annual reports to shareholders. In each Fund’s annual report you will find a discussion of the market conditions and investment strategies that significantly affected the Funds’ performance during the period covered by the report. You can receive free copies of these reports by calling the Funds’ toll-free number, at the Fund’s website at http://www.alger.com or by writing to the address above. Copies can also be obtained, for a duplicating fee, by E-mail request to [email protected]. Fund documents are also available on the EDGAR database on the SEC’s Internet site at http://www.sec.gov.

Quarterly Fund Holdings

Each Fund’s most recent month end portfolio holdings are available approximately sixty days after month-end on the Funds’ website at www.alger.com. Each Fund also files its complete schedule of portfolio holdings with the SEC for the first and third quarter of each fiscal year on Form N-Q. Forms N-Q are available online on the SEC’s website at http://www.sec.gov. Each Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling (202) 551-8090. A copy of the most recent quarterly holdings may also be obtained from the Funds by calling (800) 992-3863.

Alger Electronic Delivery Service

The Funds provide you with an enhancement of your ability to access Fund documents online. When Fund documents such as prospectuses and annual and semi-annual reports are available, you will be sent an e-mail notification with a link that will take you directly to the Fund information on the Funds’ website. To sign up for this free service, enroll at www.icsdelivery.com/alger.

Distributor: Fred Alger & Company, Incorporated

The Alger Funds II SEC File #811-01743

Alger Emerging Markets Fund Class Y	Year ended 10/31/18	Year ended 10/31/17	From 5/9/16 (commencement of operations) to 10/31/16(i)
Net asset value, beginning of period	$ 11.31	$ 9.06	$ 7.94
Income from Investment Operations:
Net investment income (ii)	0.06	0.07	0.03
Net realized and unrealized gain (loss) on investments	(2.13)	2.18	1.09
Total from investment operations	(2.07)	2.25	1.12
Dividends from net investment income	(0.42)	—	—
Net asset value, end of period	$ 8.82	$11.31	$ 9.06
Total return (iii)	(19.04)%	24.83%	14.11%
Ratios/Supplemental Data:
Net assets, end of period (000's omitted)	$ 4,202	$ 5,187	$ 114
Ratio of gross expenses to average net assets	1.43%	2.30%	4.86%
Ratio of expense reimbursements to average net assets	(0.46)%	(1.25)%	(3.81)%
Ratio of net expenses to average net assets	0.97%	1.05%	1.05%
Ratio of net investment income to average net assets	0.54%	0.64%	0.73%
Portfolio turnover rate	105.23%	71.95%	65.84%