Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)
April 01 2013 - 3:38PM
Edgar (US Regulatory)
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OMB APPROVAL
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OMB Number:
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3235-0578
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Expires:
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January 31, 2016
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UNITED STATES
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Estimated average burden hours per response. . . . . . . . . . . . . 10.5
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SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number
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811-21308
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Alger China-U.S. Growth Fund
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(Exact name of registrant as specified in charter)
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111 Fifth Avenue, New York, New York
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10003
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(Address of principal executive offices)
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(Zip code)
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Mr. Hal Liebes
Fred Alger Management, Inc.
360 Park Avenue South, New York, New York 10010
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(Name and address of agent for service)
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Registrants telephone number, including area code:
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212-806-8800
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Date of fiscal year end:
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October 31
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Date of reporting period:
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January 31, 2013
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ITEM 1. Schedule of Investments.
ALGER CHINA-U.S. GROWTH FUND
Schedule of Investments
(Unaudited) January 31, 2013
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SHARES
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VALUE
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COMMON STOCKS93.8%
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CHINA21.8%
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APPAREL ACCESSORIES & LUXURY GOODS0.6%
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Anta Sports Products Ltd.
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280,000
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$
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261,755
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APPAREL RETAIL0.5%
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Belle International Holdings Ltd.
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107,300
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239,909
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AUTOMOBILE MANUFACTURERS0.8%
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Great Wall Motor Co., Ltd.
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84,854
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346,841
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AUTOMOTIVE RETAIL0.5%
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China ZhengTong Auto Services Holdings Ltd.*
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257,500
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228,768
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COAL & CONSUMABLE FUELS0.9%
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China Shenhua Energy Co.
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90,523
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390,439
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CONSTRUCTION MATERIALS0.5%
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West China Cement Ltd.
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1,194,000
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230,937
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CONSUMER FINANCE1.4%
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Chailease Holding Co., Ltd.
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240,174
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642,524
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DIVERSIFIED BANKS2.8%
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China Construction Bank Corp.
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634,657
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547,474
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Industrial & Commercial Bank of China Ltd.
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974,646
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733,937
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1,281,411
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DIVERSIFIED METALS & MINING2.8%
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Jiangxi Copper Co.
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154,096
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418,255
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Tiangong International Co., Ltd.
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2,720,043
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838,247
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1,256,502
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ELECTRIC UTILITIES0.8%
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China Longyuan Power Group Corp.
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421,000
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352,853
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INDEPENDENT POWER PRODUCERS & ENERGY TRADERS1.8%
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GCL Poly Energy Holdings Ltd.
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1,011,000
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276,367
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Huaneng Power International, Inc.
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492,000
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507,520
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783,887
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INTEGRATED OIL & GAS1.6%
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China Petroleum & Chemical Corp.
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238,000
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287,858
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PetroChina Co., Ltd.
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317,010
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452,092
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739,950
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INTERNET SOFTWARE & SERVICES3.7%
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Baidu, Inc. #*
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3,400
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368,220
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Sina Corp. *
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7,600
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417,468
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Tencent Holdings Ltd.
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25,874
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905,465
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1,691,153
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LIFE & HEALTH INSURANCE0.8%
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Ping An Insurance Group Co., of China Ltd.
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41,733
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374,800
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OIL & GAS EXPLORATION & PRODUCTION1.0%
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CNOOC Ltd.
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223,020
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461,261
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PACKAGED FOODS & MEATS0.5%
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China Foods Ltd.
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241,619
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209,363
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SHARES
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VALUE
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COMMON STOCKS(CONT.)
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CHINA(CONT.)
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REAL ESTATE DEVELOPMENT0.8%
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Evergrande Real Estate Group Ltd.
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680,000
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$
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360,371
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TOTAL CHINA
(Cost $7,243,890)
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9,852,724
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GERMANY1.0%
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APPLICATION SOFTWARE1.0%
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SAP AG#
(Cost $346,781)
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5,600
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459,312
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HONG KONG20.6%
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APPAREL RETAIL0.6%
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Sitoy Group Holdings Ltd.
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492,115
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289,354
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BUILDING PRODUCTS0.5%
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Far East Global Group Ltd.*
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738,000
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228,384
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CASINOS & GAMING0.6%
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Galaxy Entertainment Group Ltd.*
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60,000
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270,394
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CONSTRUCTION & ENGINEERING1.7%
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China State Construction International Holdings Ltd.
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572,341
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751,279
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CONSUMER ELECTRONICS0.5%
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Haier Electronics Group Co., Ltd.*
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129,944
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217,150
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DIVERSIFIED BANKS0.8%
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BOC Hong Kong Holdings Ltd.
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102,075
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350,106
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DIVERSIFIED CAPITAL MARKETS1.2%
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Digital China Holdings Ltd.
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336,189
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543,600
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ELECTRIC UTILITIES0.4%
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Power Assets Holdings Ltd.
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23,283
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201,297
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FOOD RETAIL0.7%
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China Resources Enterprise Ltd.
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90,200
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323,333
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INDUSTRIAL CONGLOMERATES1.2%
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Hutchison Whampoa Ltd.
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48,639
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543,754
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INTEGRATED TELECOMMUNICATION SERVICES0.9%
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China Unicom Hong Kong Ltd.
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259,368
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417,378
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LIFE & HEALTH INSURANCE1.8%
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AIA Group Ltd.
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197,511
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785,679
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OIL & GAS EXPLORATION & PRODUCTION1.2%
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Kunlun Energy Co., Ltd.
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266,704
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555,050
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PACKAGED FOODS & MEATS0.8%
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China Mengniu Dairy Co., Ltd.
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112,494
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328,546
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REAL ESTATE DEVELOPMENT0.7%
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China Overseas Land & Investment Ltd.
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106,000
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329,398
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REAL ESTATE MANAGEMENT & DEVELOPMENT4.7%
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Cheung Kong Holdings Ltd.
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35,812
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586,912
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Cheung Kong Infrastructure Holdings Ltd.
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75,510
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476,115
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China Overseas Grand Oceans Group Ltd.
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442,797
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613,208
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SHARES
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VALUE
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COMMON STOCKS(CONT.)
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HONG KONG(CONT.)
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Wharf Holdings Ltd.
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53,943
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$
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476,110
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2,152,345
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SPECIALIZED FINANCE0.8%
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Hong Kong Exchanges and Clearing Ltd.
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18,850
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358,024
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WIRELESS TELECOMMUNICATION SERVICES1.5%
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China Mobile Ltd.
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61,841
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680,180
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TOTAL HONG KONG
(Cost $7,658,907)
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9,325,251
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INDIA0.6%
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CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS0.6%
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Tata Motors Ltd.#
(Cost $291,346)
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11,952
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330,233
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ISRAEL0.5%
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SEMICONDUCTORS0.5%
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EZchip Semiconductor Ltd.*
(Cost $239,454)
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7,450
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229,386
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ITALY0.9%
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APPAREL RETAIL0.9%
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Prada SpA
(Cost $326,828)
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46,746
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420,122
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JAPAN1.3%
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APPAREL RETAIL1.3%
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Fast Retailing Co., Ltd.
(Cost $261,325)
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2,000
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526,656
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LUXEMBOURG0.2%
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SPECIALTY STORES0.2%
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LOccitane International SA
(Cost $112,965)
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35,400
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106,355
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MALAYSIA0.7%
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HEALTH CARE PROVIDERS & SERVICE0.7%
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IHH Healthcare Bhd*
(Cost $293,959)
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292,428
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315,430
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MONGOLIA0.6%
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DIVERSIFIED METALS & MINING0.6%
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Mongolian Mining Corp.*
(Cost $277,264)
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535,500
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265,149
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NETHERLANDS2.6%
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INTEGRATED OIL & GAS1.6%
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Royal Dutch Shell PLC#
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10,350
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729,882
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SHARES
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VALUE
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COMMON STOCKS(CONT.)
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NETHERLANDS(CONT.)
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SEMICONDUCTOR EQUIPMENT1.0%
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ASML Holding NV#
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6,326
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$
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475,019
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TOTAL NETHERLANDS
(Cost $1,100,535)
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1,204,901
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SPAIN0.3%
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APPAREL RETAIL0.3%
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Inditex SA
(Cost $91,749)
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950
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133,138
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SWEDEN0.6%
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CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS0.6%
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Volvo AB#
(Cost $249,857)
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18,250
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268,823
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TAIWAN5.4%
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COMPUTER HARDWARE0.6%
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Wistron Corp.
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223,000
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258,266
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ELECTRONIC COMPONENTS0.6%
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Delta Electronics, Inc.
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69,000
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250,017
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ELECTRONIC EQUIPMENT & INSTRUMENTS1.2%
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|
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TPK Holding Co., Ltd.
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32,000
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550,491
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OTHER DIVERSIFIED FINANCIAL SERVICES0.5%
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|
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Fubon Financial Holding Co., Ltd.
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165,000
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210,930
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PERSONAL PRODUCTS0.8%
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|
|
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Ginko International Co., Ltd.
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28,000
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|
354,622
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SEMICONDUCTORS1.7%
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Career Technology MFG. Co., Ltd.
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211,000
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268,662
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Epistar Corp.
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139,544
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265,101
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Orise Technology Co., Ltd.
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183,000
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245,095
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778,858
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TOTAL TAIWAN
(Cost $2,350,428)
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2,403,184
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UNITED STATES36.7%
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|
|
|
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|
AIR FREIGHT & LOGISTICS1.2%
|
|
|
|
|
|
United Parcel Service, Inc., Cl. B
|
|
6,650
|
|
527,279
|
|
|
|
|
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|
|
AIRLINES0.5%
|
|
|
|
|
|
United Continental Holdings, Inc.*
|
|
9,300
|
|
224,595
|
|
|
|
|
|
|
|
APPAREL ACCESSORIES & LUXURY GOODS1.1%
|
|
|
|
|
|
PVH Corp.
|
|
3,000
|
|
356,610
|
|
Ralph Lauren Corp.
|
|
800
|
|
133,184
|
|
|
|
|
|
489,794
|
|
AUTOMOBILE MANUFACTURERS0.8%
|
|
|
|
|
|
Ford Motor Co.
|
|
30,900
|
|
400,155
|
|
|
|
|
|
|
|
|
|
|
SHARES
|
|
VALUE
|
|
COMMON STOCKS(CONT.)
|
|
|
|
|
|
UNITED STATES(CONT.)
|
|
|
|
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CASINOS & GAMING1.2%
|
|
|
|
|
|
Las Vegas Sands Corp.
|
|
9,950
|
|
$
|
549,737
|
|
|
|
|
|
|
|
COMMUNICATIONS EQUIPMENT2.9%
|
|
|
|
|
|
Cisco Systems, Inc.
|
|
27,150
|
|
558,476
|
|
QUALCOMM, Inc.
|
|
11,100
|
|
732,933
|
|
|
|
|
|
1,291,409
|
|
COMPUTER HARDWARE3.6%
|
|
|
|
|
|
Apple, Inc.
|
|
3,600
|
|
1,639,116
|
|
|
|
|
|
|
|
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS0.9%
|
|
|
|
|
|
Caterpillar, Inc.
|
|
2,750
|
|
270,572
|
|
Cummins, Inc.
|
|
1,000
|
|
114,830
|
|
|
|
|
|
385,402
|
|
DATA PROCESSING & OUTSOURCED SERVICES1.1%
|
|
|
|
|
|
Mastercard, Inc., Cl. A
|
|
950
|
|
492,480
|
|
|
|
|
|
|
|
DISTILLERS & VINTNERS0.6%
|
|
|
|
|
|
Beam, Inc.
|
|
4,700
|
|
288,298
|
|
|
|
|
|
|
|
DIVERSIFIED METALS & MINING0.8%
|
|
|
|
|
|
Cliffs Natural Resources, Inc.
|
|
9,700
|
|
361,907
|
|
|
|
|
|
|
|
FERTILIZERS & AGRICULTURAL CHEMICALS0.4%
|
|
|
|
|
|
Monsanto Co.
|
|
1,950
|
|
197,633
|
|
|
|
|
|
|
|
FOOTWEAR1.0%
|
|
|
|
|
|
NIKE, Inc., Cl. B
|
|
8,350
|
|
451,318
|
|
|
|
|
|
|
|
HOUSEHOLD PRODUCTS0.5%
|
|
|
|
|
|
Procter & Gamble Co., /The
|
|
3,100
|
|
232,996
|
|
|
|
|
|
|
|
INDUSTRIAL MACHINERY1.5%
|
|
|
|
|
|
SPX Corp.
|
|
9,000
|
|
671,670
|
|
|
|
|
|
|
|
INTERNET SOFTWARE & SERVICES0.2%
|
|
|
|
|
|
Facebook, Inc.*
|
|
2,750
|
|
85,168
|
|
|
|
|
|
|
|
IT CONSULTING & OTHER SERVICES2.3%
|
|
|
|
|
|
International Business Machines Corp.
|
|
5,050
|
|
1,025,504
|
|
|
|
|
|
|
|
MOTORCYCLE MANUFACTURERS1.4%
|
|
|
|
|
|
Harley-Davidson, Inc.
|
|
12,100
|
|
634,282
|
|
|
|
|
|
|
|
MOVIES & ENTERTAINMENT1.3%
|
|
|
|
|
|
News Corp., Cl. A
|
|
20,500
|
|
568,670
|
|
|
|
|
|
|
|
OIL & GAS EQUIPMENT & SERVICES1.3%
|
|
|
|
|
|
Baker Hughes, Inc.
|
|
5,500
|
|
245,960
|
|
National Oilwell Varco, Inc.
|
|
4,700
|
|
348,458
|
|
|
|
|
|
594,418
|
|
OIL & GAS EXPLORATION & PRODUCTION1.2%
|
|
|
|
|
|
Anadarko Petroleum Corp.
|
|
6,650
|
|
532,133
|
|
|
|
|
|
|
|
PHARMACEUTICALS4.1%
|
|
|
|
|
|
Actavis, Inc. *
|
|
4,550
|
|
393,075
|
|
Johnson & Johnson
|
|
15,650
|
|
1,156,847
|
|
|
|
|
|
|
|
|
|
|
SHARES
|
|
VALUE
|
|
COMMON STOCKS(CONT.)
|
|
|
|
|
|
UNITED STATES(CONT.)
|
|
|
|
|
|
Mylan, Inc. *
|
|
11,300
|
|
$
|
319,451
|
|
|
|
|
|
1,869,373
|
|
REAL ESTATE SERVICES0.7%
|
|
|
|
|
|
CBRE Group, Inc.*
|
|
15,350
|
|
331,253
|
|
|
|
|
|
|
|
RESTAURANTS0.8%
|
|
|
|
|
|
McDonalds Corp.
|
|
4,000
|
|
381,160
|
|
|
|
|
|
|
|
SEMICONDUCTORS2.5%
|
|
|
|
|
|
Altera Corp.
|
|
10,250
|
|
342,555
|
|
Inphi Corp. *
|
|
56,800
|
|
456,104
|
|
Skyworks Solutions, Inc. *
|
|
14,650
|
|
350,721
|
|
|
|
|
|
1,149,380
|
|
SOFT DRINKS1.1%
|
|
|
|
|
|
PepsiCo, Inc.
|
|
7,100
|
|
517,235
|
|
|
|
|
|
|
|
SPECIALTY CHEMICALS1.7%
|
|
|
|
|
|
Celanese Corp.
|
|
3,100
|
|
145,328
|
|
Rockwood Holdings, Inc.
|
|
11,250
|
|
615,713
|
|
|
|
|
|
761,041
|
|
TOTAL UNITED STATES
(Cost $12,353,855)
|
|
|
|
16,653,406
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS
(Cost $33,199,143)
|
|
|
|
42,494,070
|
|
|
|
|
|
|
|
EXCHANGE TRADED FUND1.0%
|
|
|
|
|
|
HONG KONG1.0%
|
|
|
|
|
|
MARKET INDICES1.0%
|
|
|
|
|
|
CSOP FTSE China A50 HKD ETF*
(Cost $400,705)
|
|
305,000
|
|
443,616
|
|
|
|
|
|
|
|
Master Limited Partnership1.1%
|
|
|
|
|
|
UNITED STATES1.1%
|
|
|
|
|
|
ASSET MANAGEMENT & CUSTODY BANKS1.1%
|
|
|
|
|
|
KKR & Co., LP
|
|
29,800
|
|
503,024
|
|
|
|
|
|
|
|
REAL ESTATE INVESTMENT TRUST1.1%
|
|
|
|
|
|
HONG KONG1.1%
|
|
|
|
|
|
RETAIL1.1%
|
|
|
|
|
|
Link REIT, /The
(Cost $298,781)
|
|
93,005
|
|
482,093
|
|
|
|
|
|
|
|
Total Investments
(Cost $34,330,004)(a)
|
|
97.0
|
%
|
43,922,803
|
|
Other Assets in Excess of Liabilities
|
|
3.0
|
|
1,356,275
|
|
NET ASSETS
|
|
100.0
|
%
|
$
|
45,279,078
|
|
|
Securities classified as Level 1 for ASC 820 disclosure purposes based on valuation inputs unless otherwise
|
|
noted.
|
|
|
*
|
Non-income producing security.
|
#
|
American Depositary Receipts.
|
(a)
|
At January 31, 2013, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $35,105,322, amounted to $8,817,480 which consisted of aggregate gross unrealized appreciation of $10,095,388 and aggregate gross unrealized depreciation of $1,277,908.
|
See Notes to Schedule of Investments.
ALGER CHINA-U.S. GROWTH FUND
NOTES TO SCHEDULE OF INVESTMENTS
(Unaudited)
NOTE 1 General:
Alger China-U.S. Growth Fund (the Fund) is a diversified, open-end registered investment company organized as a business trust under the laws of the Commonwealth of Massachusetts. The Funds investment objective is long-term capital appreciation. It seeks to achieve its objective by investing in equity securities that are economically tied to China (including Hong Kong and Taiwan) or the United States. The Fund offers Class A shares and Class C shares. Class A shares are generally subject to an initial sales charge while Class C shares are generally subject to a deferred sales charge. Each class has identical rights to assets and earnings except that each share class bears the cost of its plan of distribution and transfer agency and sub-transfer agency services.
NOTE 2 Significant Accounting Policies:
Investment Valuation:
The Fund values its financial instruments at fair value using independent dealers or pricing services under policies approved by the Board of Trustees. Investments are valued on each day the New York Stock Exchange (the NYSE) is open, as of the close of the NYSE (normally 4:00 p.m. Eastern time).
Equity securities for which valuation information is readily available are valued at the last reported sales price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the absence of reported sales, such securities are valued at a price within the bid and ask price or, in the absence of a recent bid or ask price, the equivalent as obtained from one or more of the major market makers for the securities to be valued.
Securities for which market quotations are not readily available are valued at fair value, as determined in good faith pursuant to procedures established by the Board of Trustees.
Securities in which the Fund invests may be traded in foreign markets that close before the close of the NYSE. Developments that occur between the close of the foreign markets and the close of the NYSE may result in adjustments to the foreign closing prices to reflect what the investment adviser, pursuant to policies established by the Board of Trustees, believes to be the fair value of these securities as of the close of the NYSE. The Fund may also fair value securities in other situations, for example, when a particular foreign market is closed but the Fund is open.
Financial Accounting Standards Board Accounting Standards Codification 820 Fair Value Measurements and Disclosures (ASC 820) defines fair value as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability and may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Fund. Unobservable inputs are inputs that reflect the Funds own
ALGER CHINA-U.S. GROWTH FUND
NOTES TO SCHEDULE OF INVESTMENTS (Continued)
(Unaudited)
assumptions based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
·
Level 1 quoted prices in active markets for identical investments
·
Level 2 significant other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
·
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The Funds valuation techniques are generally consistent with the market approach whereby prices and other relevant information generated by market transactions involving identical or comparable assets are used to measure fair value. Inputs for Level 1 include exchange-listed prices and broker quotes in an active market. Inputs for Level 2 include the last trade price in the case of a halted security, an exchange-listed price which has been adjusted for fair value factors, and prices of closely related securities. Additional Level 2 inputs include an evaluated price which is based upon on a compilation of observable market information such as spreads for fixed income and preferred securities. Valuation techniques for Level 3 securities include using the income approach whereby future amounts are converted, or discounted, to a current single amount. These fair value measurements are determined on the basis of the value indicated by current market expectations about such future events. Inputs for Level 3 include unobservable market information which can include cash flows, income and expenses, and other information obtained from a companys financial statements, or from market indicators such as benchmarks and indices.
Valuation processes are determined by a Valuation Committee (Committee) established by the Funds Board of Trustees (Board) and comprised of representatives of the Funds investment advisor. The Committee reports its valuation determinations to the Board which is responsible for approving valuation policy and procedures.
The Committee meets quarterly to review and evaluate the effectiveness of the procedures for making fair value determinations. The Committee considers, among other things, the results of quarterly back testing of the fair value model for foreign securities, pricing comparisons between primary and secondary price sources, the outcome of price challenges put to the Funds pricing vendor, and variances between transactional prices and previous mark-to-markets.
The Fund will record a change to a securitys fair value level if new inputs are available or it becomes evident that inputs previously considered for leveling have changed or are no longer relevant. Transfers between Levels 1 and 2 are recognized at the end of the reporting period, and transfers into and out of Level 3 are recognized during the reporting period.
NOTE 3 Fair Value Measurements:
The major categories of securities and their respective fair value inputs are detailed in the Funds Schedule of Investments. The following is a summary of the inputs used as of
ALGER CHINA-U.S. GROWTH FUND
NOTES TO SCHEDULE OF INVESTMENTS (Continued)
(Unaudited)
October 31, 2012 in valuing the Funds investments carried at fair value on a recurring basis. Based upon the nature, characteristics, and risks associated with its investments, the Fund has determined that presenting them by security type and sector is appropriate.
Alger China-U.S. Growth Fund
|
|
TOTAL FUND
|
|
LEVEL 1
|
|
LEVEL 2
|
|
LEVEL 3
|
|
COMMON STOCKS
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary
|
|
$
|
6,515,558
|
|
$
|
6,515,558
|
|
|
|
|
|
Consumer Staples
|
|
2,254,393
|
|
2,254,393
|
|
|
|
|
|
Energy
|
|
4,003,133
|
|
4,003,133
|
|
|
|
|
|
Financials
|
|
7,720,441
|
|
7,720,441
|
|
|
|
|
|
Health Care
|
|
2,184,803
|
|
2,184,803
|
|
|
|
|
|
Industrials
|
|
3,931,419
|
|
3,931,419
|
|
|
|
|
|
Information Technology
|
|
10,375,559
|
|
10,375,559
|
|
|
|
|
|
Materials
|
|
3,073,169
|
|
3,073,169
|
|
|
|
|
|
Telecommunication Services
|
|
1,097,558
|
|
1,097,558
|
|
|
|
|
|
Utilities
|
|
1,338,037
|
|
1,338,037
|
|
|
|
|
|
TOTAL COMMON STOCKS
|
|
$
|
42,494,070
|
|
$
|
42,494,070
|
|
|
|
|
|
EXCHANGE TRADED FUND
|
|
|
|
|
|
|
|
|
|
Market Indices
|
|
$
|
443,616
|
|
$
|
443,616
|
|
|
|
|
|
MASTER LIMITED PARTNERSHIP
|
|
|
|
|
|
|
|
|
|
Financials
|
|
$
|
503,024
|
|
$
|
503,024
|
|
|
|
|
|
REAL ESTATE INVESTMENT TRUST
|
|
|
|
|
|
|
|
|
|
Financials
|
|
$
|
482,093
|
|
$
|
482,093
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES
|
|
$
|
43,922,803
|
|
$
|
43,922,803
|
|
|
|
|
|
On January 31, 2013 there were no transfers of securities between Level 1 and Level 2.
NOTE 4 Derivatives:
Financial Accounting Standards Board Accounting Standards Codification 815 Derivatives and Hedging (ASC 815) requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements.
Forward currency contractsIn connection with portfolio purchases and sales of securities denominated in foreign currencies, the Fund may enter into forward currency contracts. Additionally, the Fund may enter into such contracts to economically hedge certain other foreign currency denominated investments. These contracts are valued at the current cost of covering or offsetting such contracts, and the related realized and unrealized foreign exchange gains and losses are included in the Statement of Operations. In the event that counterparties fail to settle these currency contracts or the related foreign security trades, the Fund could be exposed to foreign currency fluctuations.
OptionsThe Fund seeks to capture the majority of the returns associated with equity market investments. To meet this investment goal, the Fund invests in a broadly
ALGER CHINA-U.S. GROWTH FUND
NOTES TO SCHEDULE OF INVESTMENTS (Continued)
(Unaudited)
diversified portfolio of common stocks, while also buying and selling call and put options on equities and equity indices. The Fund purchases call options to increase its exposure to stock market risk and also provide diversification of risk. The Fund purchases put options in order to protect from significant market declines that may occur over a short period of time. The Fund can write covered call and cash secured put options to generate cash flows while reducing the volatility of the Funds portfolio. The cash flows may be an important source of the Funds return, although written call options may reduce the Funds ability to profit from increases in the value of the underlying security or equity portfolio. The value of a call option generally increases as the price of the underlying stock increases and decreases as the stock decreases in price. Conversely, the value of a put option generally increases as the price of the underlying stock decreases and decreases as the stock increases in price. The combination of the diversified stock portfolio and the purchase and sale of options is intended to provide the Fund with the majority of the returns associated with equity market investments but with reduced volatility and returns that are augmented with the cash flows from the sale of options.
There were no derivative transactions for the period ended January 31, 2013.
NOTE 5 Recent Accounting Pronouncements:
In December 2011, the Financial Accounting Standard Board issued ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (ASU 2011-11), which provides guidance regarding balance sheet offsetting disclosures. The amendments in ASU 2011-11 require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effects of those arrangements on its financial position. Entities are required to disclose gross information and net information about both instruments and transactions eligible for offset in the statement of assets and liabilities and transactions subject to an agreement similar to a master netting arrangement. The objective of ASU 2011-11 is to facilitate comparison between those entities that prepare their financial statements on the basis of GAAP and those entities that prepare their financial statements on the basis of IFRS. The new guidance is effective for annual reporting periods beginning on or after January 1, 2013. The Fund does not believe that this will have a material impact on the financial statements.
ITEM 2. Controls and Procedures.
(a) Based on their evaluation of Registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) as of a date within 90 days of the filing of this document, Registrants principal executive officer and principal financial officer found Registrants disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by Registrant in the reports it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to Registrants management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.
(b) No changes in the registrants internal control over financial reporting occurred during the registrants last fiscal quarter that materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
ITEM 3. Exhibits.
Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Alger China-U.S. Growth Fund
Hal Liebes
President
Date: April 1, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Hal Liebes
President
Date: April 1, 2013
By
|
/s/ Michael D. Martins
|
|
Michael D. Martins
Treasurer
Date: April 1, 2013
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