Alger Global Focus Fund NPX Annual report of proxy voting record


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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM N-PX

          ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT
                               INVESTMENT COMPANY

Investment Company Act file number  811-21308
                                    ---------

THE CHINA-U.S. GROWTH FUND
- --------------------------
(Exact name of registrant as specified in charter)

111 FIFTH AVENUE - 2ND FLOOR, NEW YORK, NY                           10003
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   (Address of principal executive offices)                        (Zip code)


FRED ALGER MANAGEMENT, INC., ATTN: HAL LIEBES, 111 FIFTH AVENUE,
NEW YORK, NY 10003
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                     (Name and address of agent for service)

Registrant's telephone number, including area code: (212) 806-2966
                                                    --------------
Date of fiscal year end:   10/31/06
                           --------

Date of reporting period:  07/01/06 -  06/30/2007
                           ----------------------

    Form N-PX is to be used by a registered management investment company, other
than a small business  investment company registered on Form N-5 (ss.ss.  239.24
and 274.5 of this chapter), to file reports with the Commission,  not later than
August 31 of each year,  containing the registrant's proxy voting record for the
most recent  twelve-month  period  ended June 30,  pursuant to  section30 of the
Investment Company Act of 1940 and rule 30b 1-4 thereunder (17 CFR 270.30b 1-4).
The Commission may use the information  provided on Form N-PX in its regulatory,
disclosure review, inspection, and policymaking roles.

    A registrant is required to disclose the information specified by Form N-PX,
and the  Commission  will make this  information  public.  A  registrant  is not
required to respond to the  collection  of  information  contained  in Form N-PX
unless the Form  displays a  currently  valid  Office of  Management  and Budget
("OMB")  control number.  Please direct comments  concerning the accuracy of the
information  collection  burden  estimate and any  suggestions  for reducing the
burden to the Secretary,  Securities and Exchange Commission,  450 Fifth Street,
NW,  Washington,  DC  20549-0609.  The  OMB  has  reviewed  this  collection  of
information under the clearance requirements of44U.S.C. ss. 3507.




******************************* FORM N-Px REPORT *******************************

ICA File Number: 811-21308
Reporting Period: 07/01/2006 - 06/30/2007
China US Growth Fund

========================== THE CHINA U.S GROWTH FUND ===========================

3M CO

Ticker:       MMM            Security ID:  88579Y101
Meeting Date: MAY 8, 2007    Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Linda G. Alvarado          For       For        Management
1.2   Elect Director George W. Buckley          For       For        Management
1.3   Elect Director Vance D. Coffman           For       For        Management
1.4   Elect Director Michael L. Eskew           For       For        Management
1.5   Elect Director W. James Farrell           For       For        Management
1.6   Elect Director Herbert L. Henkel          For       For        Management
1.7   Elect Director Edward M. Liddy            For       For        Management
1.8   Elect Director Robert S. Morrison         For       For        Management
1.9   Elect Director Aulana L. Peters           For       For        Management
1.10  Elect Director Rozanne L. Ridgway         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Reduce Supermajority Vote Requirement     For       For        Management
4     Rescind Fair Price Provision              For       For        Management
5     Approve Executive Incentive Bonus Plan    For       For        Management
6     Approve Executive Incentive Bonus Plan    For       For        Management
7     Pay For Superior Performance              Against   For        Shareholder

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AGRIUM INC.

Ticker:       AGU            Security ID:  008916108
Meeting Date: MAY 9, 2007    Meeting Type: Annual/Special
Record Date:  MAR 13, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Neil Carragher             For       For        Management
1.2   Elect Director Ralph S. Cunningham        For       For        Management
1.3   Elect Director D. Grant Devine            For       For        Management
1.4   Elect Director Germaine Gibara            For       For        Management
1.5   Elect Director Russell K. Girling         For       For        Management
1.6   Elect Director Susan A. Henry             For       For        Management
1.7   Elect Director Russell J. Horner          For       For        Management
1.8   Elect Director Anne McLellan              For       For        Management
1.9   Elect Director Frank W. Proto             For       For        Management
1.10  Elect Director Michael M. Wilson          For       For        Management
1.11  Elect Director Victor J. Zaleschuk        For       For        Management
2     Approve KPMG LLP as  Auditors and         For       For        Management
      Authorize Board to Fix Remuneration of
      Auditors
3     Amend Stock Option Plan Re Amendment      For       For        Management
      Provisions
4     Amend Stock Option Plan Re Increase Size  For       For        Management
5     Amend Shareholder Rights Plan             For       For        Management

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                                     Page 1


AMERICAN INTERNATIONAL GROUP, INC.

Ticker:       AIG            Security ID:  026874107
Meeting Date: MAY 16, 2007   Meeting Type: Annual
Record Date:  MAR 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Marshall A. Cohen          For       For        Management
1.2   Elect Director Martin S. Feldstein        For       For        Management
1.3   Elect Director Ellen V. Futter            For       For        Management
1.4   Elect Director Stephen L. Hammerman       For       For        Management
1.5   Elect Director Richard C. Holbrooke       For       For        Management
1.6   Elect Director Fred H. Langhammer         For       For        Management
1.7   Elect Director George L. Miles, Jr.       For       For        Management
1.8   Elect Director Morris W. Offit            For       For        Management
1.9   Elect Director James F. Orr, III          For       For        Management
1.10  Elect Director Virginia M. Rometty        For       For        Management
1.11  Elect Director Martin J. Sullivan         For       For        Management
1.12  Elect Director Michael H. Sutton          For       For        Management
1.13  Elect Director Edmund S.W. Tse            For       For        Management
1.14  Elect Director Robert B. Willumstad       For       For        Management
1.15  Elect Director Frank G. Zarb              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Performance-Based and/or Time-Based       Against   For        Shareholder
      Equity Awards

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AMGEN, INC.

Ticker:       AMGN           Security ID:  031162100
Meeting Date: MAY 9, 2007    Meeting Type: Annual
Record Date:  MAR 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Frank J. Biondi, Jr.       For       For        Management
2     Elect Director Jerry D. Choate            For       For        Management
3     Elect Director Frank C. Herringer         For       For        Management
4     Elect Director Gilbert S. Omenn           For       For        Management
5     Ratify Auditors                           For       For        Management
6     Declassify the Board of Directors         For       For        Management
7     Declassify the Board of Directors         For       For        Management
8     Develop an Animal Welfare Policy          Against   Against    Shareholder
9     Prepare a Sustainability Report           Against   Against    Shareholder

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                                     Page 2


ANHEUSER-BUSCH COMPANIES, INC.

Ticker:       BUD            Security ID:  035229103
Meeting Date: APR 25, 2007   Meeting Type: Annual
Record Date:  FEB 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director August A. Busch III        For       For        Management
1.2   Elect Director August A. Busch IV         For       For        Management
1.3   Elect Director Carlos Fernandez G.        For       For        Management
1.4   Elect Director James R. Jones             For       For        Management
1.5   Elect Director Andrew C. Taylor           For       For        Management
1.6   Elect Director Douglas A. Warner III      For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Approve Nonqualified Employee Stock       For       For        Management
      Purchase Plan
4     Ratify Auditors                           For       For        Management
5     Report on Charitable Contributions        Against   Against    Shareholder

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ATHEROS COMMUNICATIONS, INC

Ticker:       ATHR           Security ID:  04743P108
Meeting Date: MAY 22, 2007   Meeting Type: Annual
Record Date:  APR 3, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Craig H. Barratt           For       For        Management
1.2   Elect Director Marshall L. Mohr           For       For        Management
1.3   Elect Director Andrew S. Rappaport        For       For        Management
2     Ratify Auditors                           For       For        Management

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AVON PRODUCTS, INC.

Ticker:       AVP            Security ID:  054303102
Meeting Date: MAY 3, 2007    Meeting Type: Annual
Record Date:  MAR 15, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director W. Don Cornwell            For       For        Management
1.2   Elect Director Edward T. Fogarty          For       For        Management
1.3   Elect Director Fred Hassan                For       For        Management
1.4   Elect Director Andrea Jung                For       For        Management
1.5   Elect Director Maria Elena Lagomasino     For       For        Management
1.6   Elect Director Ann S. Moore               For       For        Management
1.7   Elect Director Paul S. Pressler           For       For        Management
1.8   Elect Director Gary M. Rodkin             For       For        Management
1.9   Elect Director Paula Stern                For       For        Management
1.10  Elect Director Lawrence A. Weinbach       For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Articles/Bylaws/Charter-Adopt       For       For        Management
      Majority Voting
4     Pay For Superior Performance              Against   For        Shareholder

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                                     Page 3


BANK OF AMERICA CORP.

Ticker:       BAC            Security ID:  060505104
Meeting Date: APR 25, 2007   Meeting Type: Annual
Record Date:  MAR 2, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director William Barnet, III        For       For        Management
2     Elect Director Frank P. Bramble, Sr.      For       For        Management
3     Elect Director John T. Collins            For       For        Management
4     Elect Director Gary L. Countryman         For       For        Management
5     Elect Director Tommy R. Franks            For       For        Management
6     Elect Director Charles K. Gifford         For       For        Management
7     Elect Director W. Steven Jones            For       For        Management
8     Elect Director Kenneth D. Lewis           For       For        Management
9     Elect Director Monica C. Lozano           For       For        Management
10    Elect Director Walter E. Massey           For       For        Management
11    Elect Director Thomas J. May              For       For        Management
12    Elect Director Patricia E. Mitchell       For       For        Management
13    Elect Director Thomas M. Ryan             For       For        Management
14    Elect Director O. Temple Sloan, Jr.       For       For        Management
15    Elect Director Meredith R. Spangler       For       For        Management
16    Elect Director Robert L. Tillman          For       For        Management
17    Elect Director Jackie M. Ward             For       For        Management
18    Ratify Auditors                           For       For        Management
19    Prohibit Executive Stock-Based Awards     Against   Against    Shareholder
20    Change Size of Board of Directors         Against   Against    Shareholder
21    Separate Chairman and CEO Positions       Against   Against    Shareholder

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BOEING CO., THE

Ticker:       BA             Security ID:  097023105
Meeting Date: APR 30, 2007   Meeting Type: Annual
Record Date:  MAR 1, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director John H. Biggs              For       For        Management
2     Elect Director John E. Bryson             For       For        Management
3     Elect Director Arthur D. Collins, Jr.     For       For        Management
4     Elect Director Linda Z. Cook              For       For        Management
5     Elect Director William M. Daley           For       For        Management
6     Elect Director Kenneth M. Duberstein      For       For        Management
7     Elect Director John F. McDonnell          For       For        Management
8     Elect Director W. James McNerney, Jr.     For       For        Management
9     Elect Director Richard D. Nanula          For       For        Management
10    Elect Director Rozanne L. Ridgway         For       For        Management
11    Elect Director Mike S. Zafirovski         For       For        Management
12    Ratify Auditors                           For       For        Management
13    Report on Foreign Arms Sales              Against   Against    Shareholder
14    Adopt Human Rights Policy                 Against   For        Shareholder
15    Report on Charitable Contributions        Against   Against    Shareholder
16    Report on Political Contributions         Against   For        Shareholder
17    Separate Chairman and CEO Positions       Against   Against    Shareholder
18    Submit Shareholder Rights Plan (Poison    Against   Against    Shareholder
      Pill) to Shareholder Vote
19    Advisory Vote to Ratify Named Executive   Against   For        Shareholder
      Officers' Compensation
20    Performance-Based and/or Time-Based       Against   For        Shareholder
      Equity Awards
21    Claw-back of Payments under Restatements  Against   Against    Shareholder

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                                     Page 4


CAMECO CORP.

Ticker:       CCO            Security ID:  13321L108
Meeting Date: MAY 16, 2007   Meeting Type: Annual/Special
Record Date:  APR 3, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John S. Auston             For       For        Management
1.2   Elect Director John H. Clappison          For       For        Management
1.3   Elect Director Joe F. Colvin              For       For        Management
1.4   Elect Director Harry D. Cook              For       For        Management
1.5   Elect Director James R. Curtiss           For       For        Management
1.6   Elect Director George S. Dembroski        For       For        Management
1.7   Elect Director Gerald W. Grandey          For       For        Management
1.8   Elect Director Nancy E. Hopkins           For       For        Management
1.9   Elect Director Oyvind Hushovd             For       For        Management
1.10  Elect Director J.W. George Ivany          For       For        Management
1.11  Elect Director A. Anne McLellan           For       For        Management
1.12  Elect Director A. Neil McMillan           For       For        Management
1.13  Elect Director Robert W. Peterson         For       For        Management
1.14  Elect Director Victor J. Zaleschuk        For       For        Management
2     Ratify KPMG LLP as Auditors               For       For        Management
3     Amend Stock Option Plan                   For       For        Management
4     The Undersigned Holder of Record Declares None      Abstain    Management
      that all Shares are Held, Beneficially
      owned or Controlled by One or More
      Canadian Residents (Residents mark the
      FOR Box; One or more Non-Residents mark
      the ABSTAIN box)
5     If you are unable to complete Item #4     None      Abstain    Management
      then please complete this item. The
      Undersigned Holder of Shares Declares
      that the Undersigned is a Canadian
      Resident (Residents mark the FOR Box;
      Non-Residents mark the ABSTAIN Box)

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COMPANHIA VALE DO RIO DOCE

Ticker:       RIO.PR         Security ID:  204412209
Meeting Date: DEC 28, 2006   Meeting Type: Special
Record Date:  DEC 11, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     THE APPROVAL AND JUSTIFICATION FOR        For       For        Management
      CONSOLIDATION OF CAEMI MINERACAO E
      METALURGIA S.A. ( CAEMI ), A WHOLLY OWNED
      SUBSIDIARY OF CVRD, PURSUANT TO ARTICLES
      224 AND 225 OF THE BRAZILIAN CORPORATE
      LAW
2     TO RATIFY THE APPOINTMENT OF THE EXPERTS  For       For        Management
      TO APPRAISE THE VALUE OF THE COMPANY TO
      BE CONSOLIDATED
3     TO DECIDE ON THE APPRAISAL REPORT,        For       For        Management
      PREPARED BY THE EXPERT APPRAISERS
4     THE APPROVAL FOR THE CONSOLIDATION OF     For       For        Management
      CAEMI, WITHOUT A CAPITAL INCREASE OR THE
      ISSUANCE OF NEW SHARES BY THIS COMPANY
5     TO RATIFY THE ACQUISITION OF THE CONTROL  For       For        Management
      OF INCO LTD., PURSUANT TO SECTION 1 OF
      ARTICLE 256 OF THE BRAZILIAN CORPORATE
      LAW
6     TO RATIFY THE APPOINTMENT OF A BOARD      For       For        Management
      MEMBER, DULY NOMINATED DURING THE BOARD
      OF DIRECTORS MEETING HELD ON JUNE 21,
      2006, IN ACCORDANCE WITH SECTION 10 OF
      ARTICLE 11 OF THE COMPANY S BY-LAWS

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                                     Page 5


COMPANHIA VALE DO RIO DOCE

Ticker:       RIO            Security ID:  204412209
Meeting Date: APR 27, 2007   Meeting Type: Annual/Special
Record Date:  APR 4, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     APPRECIATION OF THE MANAGEMENTS  REPORT   For       For        Management
      AND ANALYSIS, DISCUSSION AND VOTE ON THE
      FINANCIAL STATEMENTS FOR THE FISCAL YEAR
      ENDING DECEMBER 31, 2006.
2     PROPOSAL FOR THE DESTINATION OF PROFITS   For       For        Management
      OF THE SAID FISCAL YEAR AND APPROVAL OF
      THE INVESTMENT BUDGET OF THE COMPANY.
3     APPOINTMENT OF THE MEMBERS OF THE BOARD   For       For        Management
      OF DIRECTORS.
4     APPOINTMENT OF THE MEMBERS OF THE FISCAL  For       For        Management
      COUNCIL.
5     ESTABLISHMENT OF THE REMUNERATION OF THE  For       For        Management
      MEMBERS OF THE BOARD OF DIRECTORS, THE
      BOARD OF EXECUTIVE OFFICERS AND THE
      FISCAL COUNCIL.
6     PROPOSAL FOR THE CAPITAL INCREASE,        For       For        Management
      THROUGH CAPITALIZATION OF RESERVES,
      WITHOUT THE ISSUANCE OF SHARES, AND THE
      CONSEQUENT CHANGE OF THE HEAD OF ARTICLE
      5 OF THE COMPANY S BY-LAWS.

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CORNING INC.

Ticker:       GLW            Security ID:  219350105
Meeting Date: APR 26, 2007   Meeting Type: Annual
Record Date:  FEB 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert F. Cummings, Jr.    For       For        Management
1.2   Elect Director Eugene C. Sit              For       Withhold   Management
1.3   Elect Director William D. Smithburg       For       Withhold   Management
1.4   Elect Director Hansel E. Tookes Ii        For       Withhold   Management
1.5   Elect Director Wendell P. Weeks           For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         Against   For        Shareholder

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                                     Page 6


EBAY INC.

Ticker:       EBAY           Security ID:  278642103
Meeting Date: JUN 14, 2007   Meeting Type: Annual
Record Date:  APR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Philippe Bourguignon       For       For        Management
1.2   Elect Director Thomas J. Tierney          For       For        Management
1.3   Elect Director Margaret C. Whitman        For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
4     Ratify Auditors                           For       For        Management

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EMERSON ELECTRIC CO.

Ticker:       EMR            Security ID:  291011104
Meeting Date: FEB 6, 2007    Meeting Type: Annual
Record Date:  NOV 28, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director C. Fernandez G             For       Withhold   Management
1.2   Elect Director W. J. Galvin               For       For        Management
1.3   Elect Director R. L. Ridgway              For       For        Management
1.4   Elect Director R. L. Stephenson           For       For        Management
2     Ratify Auditors                           For       For        Management

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EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

Ticker:       EXPD           Security ID:  302130109
Meeting Date: MAY 2, 2007    Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Peter J. Rose              For       For        Management
1.2   Elect Director James L.K. Wang            For       For        Management
1.3   Elect Director R. Jordan Gates            For       For        Management
1.4   Elect Director James J. Casey             For       For        Management
1.5   Elect Director Dan P. Kourkoumelis        For       For        Management
1.6   Elect Director Michael J. Malone          For       For        Management
1.7   Elect Director John W. Meisenbach         For       For        Management
2     Approve Stock Option Plan                 For       Against    Management
3     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
4     Ratify Auditors                           For       For        Management
5     Amend EEO Policy to Reference             Against   For        Shareholder
      Discrimination based on Sexual
      Orientation

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                                     Page 7



FEDEX CORPORATION

Ticker:       FDX            Security ID:  31428X106
Meeting Date: SEP 25, 2006   Meeting Type: Annual
Record Date:  JUL 31, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director James L. Barksdale         For       For        Management
1.2   Elect Director August A. Busch, IV        For       For        Management
1.3   Elect Director John A. Edwardson          For       For        Management
1.4   Elect Director Judith L. Estrin           For       For        Management
1.5   Elect Director J. Kenneth Glass           For       For        Management
1.6   Elect Director Philip Greer               For       For        Management
1.7   Elect Director J.R. Hyde, III             For       For        Management
1.8   Elect Director Shirley A. Jackson         For       For        Management
1.9   Elect Director Steven R. Loranger         For       For        Management
1.10  Elect Director Charles T. Manatt          For       For        Management
1.11  Elect Director Frederick W. Smith         For       For        Management
1.12  Elect Director Joshua I. Smith            For       For        Management
1.13  Elect Director Paul S. Walsh              For       For        Management
1.14  Elect Director Peter S. Willmott          For       For        Management
2     Reduce Supermajority Vote Requirement     For       For        Management
3     Ratify Auditors                           For       For        Management
4     Report on Environmental Policy            Against   Against    Shareholder
5     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors

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FOCUS MEDIA HLDG LTD

Ticker:       FMCN           Security ID:  34415V109
Meeting Date: OCT 20, 2006   Meeting Type: Annual
Record Date:  AUG 28, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     ELECTION OF THE DIRECTOR: DAVID FENG YU.  For       For        Management
2     ELECTION OF THE DIRECTOR: CHARLES CHAO.   For       For        Management
3     ELECTION OF THE DIRECTOR: DAQING QI.      For       For        Management
4     APPROVAL TO INCREASE THE MAXIMUM NUMBER   For       For        Management
      OF DIRECTORS TO THIRTEEN (13), AS SET
      FORTH IN THE COMPANY S NOTICE OF MEETING
      ENCLOSED HEREWITH.
5     APPROVAL OF THE 2006 EMPLOYEE SHARE       For       For        Management
      OPTION PLAN AND THE AUTHORIZATION OF
      OFFICERS TO ALLOT, ISSUE OR DELIVER
      SHARES PURSUANT TO THE 2006 EMPLOYEE
      SHARE OPTION PLAN, AS SET FORTH IN THE
      COMPANY S NOTICE OF MEETING ENCLOSED
      HEREWITH.
6     Ratify Auditors                           For       For        Management

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FREESCALE SEMICONDUCTOR, INC.

Ticker:       FSL            Security ID:  35687M107
Meeting Date: NOV 13, 2006   Meeting Type: Special
Record Date:  OCT 18, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Adjourn Meeting                           For       For        Management

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                                     Page 8


GOLDMAN SACHS GROUP, INC., THE

Ticker:       GS             Security ID:  38141G104
Meeting Date: APR 11, 2007   Meeting Type: Annual
Record Date:  JAN 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Lloyd C. Blankfein         For       For        Management
2     Elect Director Lord Browne of Madingley   For       For        Management
3     Elect Director John H. Bryan              For       For        Management
4     Elect Director Gary D. Cohn               For       For        Management
5     Elect Director Claes Dahlback             For       For        Management
6     Elect Director Stephen Friedman           For       For        Management
7     Elect Director William W. George          For       For        Management
8     Elect Director Rajat K. Gupta             For       For        Management
9     Elect Director James A. Johnson           For       For        Management
10    Elect Director Lois D. Juliber            For       For        Management
11    Elect Director Edward M. Liddy            For       For        Management
12    Elect Director Ruth J. Simmons            For       For        Management
13    Elect Director Jon Winkelried             For       For        Management
14    Ratify Auditors                           For       For        Management
15    Report on Charitable Contributions        Against   Against    Shareholder
16    Sustainability Report                     Against   Against    Shareholder
17    Prohibit Executive Stock-Based Awards     Against   Against    Shareholder

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INTERCONTINENTALEXCHANGE, INC.

Ticker:       ICE            Security ID:  45865V100
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  MAR 21, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Charles R. Crisp           For       For        Management
1.2   Elect Director Jean-Marc Forneri          For       For        Management
1.3   Elect Director Fred W. Hatfield           For       For        Management
1.4   Elect Director Terrence F. Martell        For       For        Management
1.5   Elect Director Sir Robert Reid            For       For        Management
1.6   Elect Director Frederic V. Salerno        For       For        Management
1.7   Elect Director R.L. Sandor                For       For        Management
1.8   Elect Director Frederick W. Schoenhut     For       For        Management
1.9   Elect Director Jeffrey C. Sprecher        For       For        Management
1.10  Elect Director Judith A. Sprieser         For       For        Management
1.11  Elect Director Vincent Tese               For       For        Management
2     Ratify Auditors                           For       For        Management

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JA SOLAR HLDGS CO LTD

Ticker:       JASO           Security ID:  466090107
Meeting Date: JUN 30, 2007   Meeting Type: Annual
Record Date:  MAY 24, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Amend Article 154 of the Second Amended   For       For        Management
      and Restated Articles of Association of
      the Company

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                                     Page 9


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JOY GLOBAL, INC.

Ticker:       JOYG           Security ID:  481165108
Meeting Date: FEB 22, 2007   Meeting Type: Annual
Record Date:  JAN 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Steven L. Gerard           For       For        Management
1.2   Elect Director John Nils Hanson           For       For        Management
1.3   Elect Director Ken C. Johnsen             For       For        Management
1.4   Elect Director Gale E. Klappa             For       For        Management
1.5   Elect Director Richard B. Loynd           For       For        Management
1.6   Elect Director P. Eric Siegert            For       For        Management
1.7   Elect Director Michael W. Sutherlin       For       For        Management
1.8   Elect Director James H. Tate              For       For        Management
2     Approve Omnibus Stock Plan                For       Against    Management
3     Increase Authorized Common Stock          For       Against    Management

- --------------------------------------------------------------------------------

MANITOWOC COMPANY, INC., THE

Ticker:       MTW            Security ID:  563571108
Meeting Date: MAY 1, 2007    Meeting Type: Annual
Record Date:  FEB 21, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Virgis W. Colbert          For       For        Management
1.2   Elect Director Kenneth W. Krueger         For       For        Management
1.3   Elect Director Robert C. Stift            For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management

- --------------------------------------------------------------------------------

MEMC ELECTRONIC MATERIALS, INC.

Ticker:       WFR            Security ID:  552715104
Meeting Date: APR 25, 2007   Meeting Type: Annual
Record Date:  MAR 1, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John Marren                For       Withhold   Management
1.2   Elect Director William E. Stevens         For       For        Management
1.3   Elect Director James B. Williams          For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management

- --------------------------------------------------------------------------------

NATIONAL OILWELL VARCO, INC.

Ticker:       NOV            Security ID:  637071101
Meeting Date: JUN 5, 2007    Meeting Type: Annual
Record Date:  APR 13, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Ben A. Guill               For       For        Management
1.2   Elect Director Roger L. Jarvis            For       For        Management
1.3   Elect Director Eric L. Mattson            For       For        Management
2     Ratify Auditors                           For       For        Management

- --------------------------------------------------------------------------------


                                    Page 10


NETEASE COM INC

Ticker:       NTES           Security ID:  64110W102
Meeting Date: SEP 7, 2006    Meeting Type: Annual
Record Date:  JUL 21, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     RE-ELECT WILLIAM DING AS A DIRECTOR TO    For       For        Management
      SERVE FOR THE ENSUING YEAR AND UNTIL HIS
      SUCCESSOR IS ELECTED AND DULY QUALIFIED.
2     RE-ELECT DONGHUA DING AS A DIRECTOR TO    For       For        Management
      SERVE FOR THE ENSUING YEAR AND UNTIL HIS
      SUCCESSOR IS ELECTED AND DULY QUALIFIED.
3     RE-ELECT LUN FENG AS A DIRECTOR TO SERVE  For       For        Management
      FOR THE ENSUING YEAR AND UNTIL HIS
      SUCCESSOR IS ELECTED AND DULY QUALIFIED.
4     RE-ELECT DENNY LEE AS A DIRECTOR TO SERVE For       For        Management
      FOR THE ENSUING YEAR AND UNTIL HIS
      SUCCESSOR IS ELECTED AND DULY QUALIFIED.
5     RE-ELECT MICHAEL LEUNG AS A DIRECTOR TO   For       For        Management
      SERVE FOR THE ENSUING YEAR AND UNTIL HIS
      SUCCESSOR IS ELECTED AND DULY QUALIFIED.
6     RE-ELECT JOSEPH TONG AS A DIRECTOR TO     For       For        Management
      SERVE FOR THE ENSUING YEAR AND UNTIL HIS
      SUCCESSOR IS ELECTED AND DULY QUALIFIED.
7     RE-ELECT MICHAEL TONG AS A DIRECTOR TO    For       For        Management
      SERVE FOR THE ENSUING YEAR AND UNTIL HIS
      SUCCESSOR IS ELECTED AND DULY QUALIFIED.
8     Ratify Auditors                           For       For        Management

- --------------------------------------------------------------------------------

NIKE, INC.

Ticker:       NKE            Security ID:  654106103
Meeting Date: SEP 18, 2006   Meeting Type: Annual
Record Date:  JUL 25, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Jill K. Conway             For       For        Management
1.2   Elect Director Alan B. Graf, Jr.          For       For        Management
1.3   Elect Director Jeanne P. Jackson          For       For        Management
2     Report on Charitable Contributions        Against   Against    Shareholder
3     Ratify Auditors                           For       For        Management

- --------------------------------------------------------------------------------

NVIDIA CORPORATION

Ticker:       NVDA           Security ID:  67066G104
Meeting Date: JUN 21, 2007   Meeting Type: Annual
Record Date:  APR 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director James C. Gaither           For       Withhold   Management
1.2   Elect Director Jen-Hsun Huang             For       For        Management
1.3   Elect Director A. Brooke Seawell          For       For        Management
2     Approve Omnibus Stock Plan                For       Against    Management
3     Ratify Auditors                           For       For        Management

- --------------------------------------------------------------------------------


                                    Page 11


PEPSICO, INC.

Ticker:       PEP            Security ID:  713448108
Meeting Date: MAY 2, 2007    Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Dina Dublon                For       For        Management
2     Elect Director Victor J. Dzau, M.D.       For       For        Management
3     Elect Director Ray L. Hunt                For       For        Management
4     Elect Director Alberto Ibarguen           For       For        Management
5     Elect Director Arthur C. Martinez         For       For        Management
6     Elect Director Indra K. Nooyi             For       For        Management
7     Elect Director Sharon Percy Rockefeller   For       For        Management
8     Elect Director James J. Schiro            For       For        Management
9     Elect Director Daniel Vasella             For       For        Management
10    Elect Director Michael D. White           For       For        Management
11    Ratify Auditors                           For       For        Management
12    Approve Omnibus Stock Plan                For       For        Management
13    Report on Charitable Contributions        Against   Against    Shareholder

- --------------------------------------------------------------------------------

PETROLEO BRASILEIRO

Ticker:       PBR.A          Security ID:  71654V408
Meeting Date: APR 2, 2007    Meeting Type: Annual/Special
Record Date:  MAR 8, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     MANAGEMENT REPORT, FINANCIAL STATEMENTS   For       For        Management
      AND AUDIT COMMITTEE S OPINION FOR THE
      FISCAL YEAR 2006
2     CAPITAL EXPENDITURE BUDGET FOR THE FISCAL For       For        Management
      YEAR 2007
3     DISTRIBUTION OF RESULTS FOR THE FISCAL    For       For        Management
      YEAR 2006
4     ELECTION OF MEMBERS OF THE BOARD OF       For       For        Management
      DIRECTORS
5     ELECTION OF CHAIRMAN OF THE BOARD OF      For       For        Management
      DIRECTORS
6     ELECTION OF MEMBERS OF THE FISCAL COUNCIL For       For        Management
      AND THEIR RESPECTIVE SUBSTITUTES
7     ESTABLISHMENT OF THE MANAGEMENT           For       For        Management
      COMPENSATION, AS WELL AS THEIR
      PARTICIPATION IN THE PROFITS PURSUANT TO
      ARTICLES 41 AND 56 OF THE COMPANY S
      BYLAWS, AS WELL AS OF MEMBERS OF THE
      FISCAL COUNCIL
8     INCREASE IN THE CAPITAL STOCK THROUGH THE For       For        Management
      INCORPORATION OF PART OF THE REVENUE
      RESERVES CONSTITUTED IN PREVIOUS FISCAL
      YEARS AMOUNTING TO R$ 4.380 MILLION,
      INCREASING THE CAPITAL STOCK FROM R$
      48.264 MILLION TO R$ 52.644 MILLION
      WITHOUT ANY CHANGE TO THE

- --------------------------------------------------------------------------------


                                    Page 12


PHELPS DODGE CORP.

Ticker:       PD             Security ID:  717265102
Meeting Date: MAR 14, 2007   Meeting Type: Special
Record Date:  FEB 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Adjourn Meeting                           For       For        Management

- --------------------------------------------------------------------------------

PROCTER & GAMBLE COMPANY, THE

Ticker:       PG             Security ID:  742718109
Meeting Date: OCT 10, 2006   Meeting Type: Annual
Record Date:  AUG 11, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Norman R. Augustine        For       For        Management
1.2   Elect Director A.G. Lafley                For       For        Management
1.3   Elect Director Johnathan A. Rodgers       For       For        Management
1.4   Elect Director John F. Smith, Jr.         For       For        Management
1.5   Elect Director Margaret C. Whitman        For       For        Management
2     Approve Decrease in Size of Board         For       For        Management
3     Ratify Auditors                           For       For        Management
4     Amend Omnibus Stock Plan                  For       For        Management
5     Put Repricing of Stock Options to         Against   Against    Shareholder
      Shareholder Vote

- --------------------------------------------------------------------------------

QUALCOMM INC.

Ticker:       QCOM           Security ID:  747525103
Meeting Date: MAR 13, 2007   Meeting Type: Annual
Record Date:  JAN 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Barbara T. Alexander       For       For        Management
1.2   Elect Director Raymond V. Dittamore       For       For        Management
1.3   Elect Director Irwin Mark Jacobs          For       For        Management
1.4   Elect Director Sherry Lansing             For       For        Management
1.5   Elect Director Peter M. Sacerdote         For       For        Management
1.6   Elect Director Marc I. Stern              For       For        Management
2     Ratify Auditors                           For       For        Management

- --------------------------------------------------------------------------------


                                    Page 13


SCHLUMBERGER LTD.

Ticker:       SLB            Security ID:  806857108
Meeting Date: APR 11, 2007   Meeting Type: Annual
Record Date:  FEB 21, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director P. Camus                   For       For        Management
1.2   Elect Director J.S. Gorelick              For       For        Management
1.3   Elect Director A. Gould                   For       For        Management
1.4   Elect Director T. Isaac                   For       For        Management
1.5   Elect Director N. Kudryavtsev             For       For        Management
1.6   Elect Director A. Lajous                  For       For        Management
1.7   Elect Director M.E. Marks                 For       For        Management
1.8   Elect Director D. Primat                  For       For        Management
1.9   Elect Director L.R. Reif                  For       For        Management
1.10  Elect Director T.I. Sandvold              For       For        Management
1.11  Elect Director N. Seydoux                 For       For        Management
1.12  Elect Director L.G. Stuntz                For       For        Management
1.13  Elect Director R. Talwar                  For       For        Management
2     ADOPTION AND APPROVAL OF FINANCIALS AND   For       For        Management
      DIVIDENDS.
3     APPROVAL OF INDEPENDENT REGISTERED PUBLIC For       For        Management
      ACCOUNTING FIRM.

- --------------------------------------------------------------------------------

SCHNITZER STEEL INDUSTRIES, INC.

Ticker:       SCHN           Security ID:  806882106
Meeting Date: JAN 31, 2007   Meeting Type: Annual
Record Date:  NOV 30, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director William A. Furman          For       Withhold   Management
1.2   Elect Director William D. Larsson         For       For        Management
1.3   Elect Director Scott Lewis                For       Withhold   Management

- --------------------------------------------------------------------------------

SINA CORP. (FORMERLY SINA.COM)

Ticker:       SINA           Security ID:  G81477104
Meeting Date: JUN 29, 2007   Meeting Type: Annual
Record Date:  MAY 14, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Hurst Lin                 For       For        Management
1.2   Elect  Director Ter Fung Tsao             For       For        Management
1.3   Elect  Director Song-Yi Zhang             For       For        Management
2     Ratify Auditors                           For       For        Management
3     APPROVAL OF THE 2007 SHARE INCENTIVE PLAN For       For        Management

- --------------------------------------------------------------------------------

STARBUCKS CORP.

Ticker:       SBUX           Security ID:  855244109
Meeting Date: MAR 21, 2007   Meeting Type: Annual
Record Date:  JAN 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Howard Schultz             For       For        Management
1.2   Elect Director Barbara Bass               For       For        Management
1.3   Elect Director Howard P. Behar            For       For        Management
1.4   Elect Director William W. Bradley         For       For        Management
1.5   Elect Director James L. Donald            For       For        Management
1.6   Elect Director Mellody Hobson             For       For        Management
1.7   Elect Director Olden Lee                  For       For        Management
1.8   Elect Director James G. Shennan, Jr.      For       For        Management
1.9   Elect Director Javier G. Teruel           For       For        Management
1.10  Elect Director Myron E. Ullman, III       For       For        Management
1.11  Elect Director Craig E. Weatherup         For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management

- --------------------------------------------------------------------------------


                                    Page 14


UNITED THERAPEUTICS CORP.

Ticker:       UTHR           Security ID:  91307C102
Meeting Date: JUN 26, 2007   Meeting Type: Annual
Record Date:  MAY 1, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Christopher Causey         For       For        Management
1.2   Elect Director R. Paul Gray               For       For        Management

- --------------------------------------------------------------------------------

VEOLIA ENVIRONNEMENT (FORMERLY VIVENDI ENVIRONMENT)

Ticker:       VE             Security ID:  92334N103
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  APR 3, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     APPROVAL OF REPORTS AND STATUTORY         For       For        Management
      FINANCIAL STATEMENTS FOR THE 2006
      FINANCIAL YEAR
2     APPROVAL OF CONSOLIDATED FINANCIAL        For       For        Management
      STATEMENTS FOR THE 2006 FINANCIAL YEAR
3     APPROVAL OF THE EXPENSES AND CHARGES      For       For        Management
      REFERRED TO IN ARTICLE 39-4 OF THE CODE
      GENERAL DES IMPOTS
4     ALLOCATION OF NET INCOME AND PAYMENT DATE For       For        Management
      OF DIVIDENDS
5     APPROVAL OF REGULATED AGREEMENTS AND      For       Against    Management
      UNDERTAKINGS
6     RATIFICATION OF THE APPOINTMENT OF A      For       For        Management
      DIRECTOR [MR. PAOLO SCARONI]
7     RATIFICATION OF THE APPOINTMENT OF A      For       Against    Management
      DIRECTOR [MR. AUGUSTIN DE ROMANET DE
      BEAUNE]
8     Ratify Auditors                           For       For        Management
9     Ratify Auditors                           For       For        Management
10    AUTHORIZATION FOR THE BOARD OF DIRECTORS  For       Against    Management
      TO TRADE IN THE COMPANY S OWN SHARES
11    AUTHORIZATION FOR THE BOARD OF DIRECTORS  For       For        Management
      TO INCREASE THE SHARE CAPITAL BY ISSUING
      SHARES OR SECURITIES CONVERTIBLE,
      IMMEDIATELY OR OVER TIME, INTO THE
      COMPANY S SHARES, AND RESERVED FOR
      MEMBERS OF SAVINGS PLANS, WITHOUT
      PREFERENTIAL SUBSCRIPTION RIGHTS I
12    AUTHORIZATION FOR THE BOARD OF DIRECTORS  For       For        Management
      TO INCREASE SHARE CAPITAL RESERVED FOR A
      CATEGORY OF BENEFICIARIES, WITHOUT
      PREFERENTIAL RIGHTS IN FAVOR OF SUCH
      BENEFICIARIES
13    AUTHORIZATION FOR THE BOARD OF DIRECTORS  For       Against    Management
      TO AWARD, FOR NO CONSIDERATION, NEWLY
      ISSUED OR EXISTING SHARES TO ALL OR ONLY
      SOME OF THE GROUP S EMPLOYEES OR OFFICERS
14    HARMONIZATION OF THE ARTICLES OF          For       For        Management
      ASSOCIATION WITH THE PROVISIONS OF THE
      DECREE OF DECEMBER 11, 2006
15    AUTHORIZATION FOR THE BOARD OF DIRECTORS  For       Against    Management
      TO DECIDE, DURING A TAKEOVER BID PERIOD,
      TO ISSUE WARRANTS WITH PREFERENTIAL
      RIGHTS TO SUBSCRIBE SHARES OF THE
      COMPANY, INCLUDING THEIR FREE ISSUE TO
      ALL OF THE COMPANY S SHAREHOLDERS
16    AUTHORIZATION FOR THE BOARD OF DIRECTORS  For       Against    Management
      TO ACT DURING A TAKEOVER BID PERIOD
      INITIATED FOR THE SHARES OF THE COMPANY,
      WHERE THE RECIPROCITY RULE APPLIES
17    POWERS TO CARRY OUT FORMALITIES           For       For        Management

- --------------------------------------------------------------------------------


                                    Page 15


YUM BRANDS, INC.

Ticker:       YUM            Security ID:  988498101
Meeting Date: MAY 17, 2007   Meeting Type: Annual
Record Date:  MAR 19, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director David W. Dorman            For       For        Management
1.2   Elect Director Massimo Ferragamo          For       For        Management
1.3   Elect Director J. David Grissom           For       For        Management
1.4   Elect Director Bonnie G. Hill             For       For        Management
1.5   Elect Director Robert Holland, Jr.        For       For        Management
1.6   Elect Director Kenneth G. Langone         For       For        Management
1.7   Elect Director Jonathan S. Linen          For       For        Management
1.8   Elect Director Thomas C. Nelson           For       For        Management
1.9   Elect Director David C. Novak             For       For        Management
1.10  Elect Director Thomas M. Ryan             For       For        Management
1.11  Elect Director Jackie Trujillo            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Adopt MacBride Principles                 Against   Against    Shareholder
4     Advisory Vote to Ratify Named Executive   Against   For        Shareholder
      Officers' Compensation
5     Pay For Superior Performance              Against   For        Shareholder
6     Submit Severance Agreement (Change in     Against   For        Shareholder
      Control) to shareholder Vote
7     Report on Sustainable Fish/Seafood        Against   Against    Shareholder
      Sourcing Policies
8     Report on Animal Welfare Policies         Against   Against    Shareholder
========== END NPX REPORT


                                    Page 16

The China-US Growth Fund

Proxy Voting Jul - Sep'06

Management or

Shareholder Proposal

Meeting Date /

Record

Security ID

Company

(identify MGMT or

Management

Type

Date

(Sedol)

/ Agenda items #

Description

Sharehold)

Recommendation

Fund Vote

08/22/06 EGM

07/21/06

B04KNF1

AIR CHINA LTD

Approve Sale of Dragonair Shares by CNAC Ltd to Cathay in

Consideration of Cathay Issuing New Cathay Shares and Cash; and

Purchase of 40.1 Million and 359.2 Million Cathay Shares by the

Company from SPAC and CITIC Pacific at HK$13.5 Per Share

MGMT

For

Approve Issuance of 1.2 Billion H Shares by the Company to Cathay at

an Aggregate Subscription Price of HK$4.07 Billion, Representing

HK$3.45 Per Share, or Issuance of Such Other Securities to Cathay

Which may be Convertible to 1.2 Billion H Shares

MGMT

For

08/22/06 EGM

07/21/06

B04KNF1

AIR CHINA LTD

Approve Issuance of 1.2 Billion H Shares or Such Other Securities by

the Company to Cathay which may be Convertible into 1.2 Billion H

MGMT

For

07/12/06 EGM

06/30/06

6192150

China Overseas Land & Investment Ltd.

Authorize Issuance of Warrants at the Initial Subscription Price of

HK$4.5 Per Share by Way of a Bonus Issue to Shareholders in the

Proportion of One Warrant for Every Eight Shares Held

MGMT

For

Abstain

07/12/06 EGM

06/30/06

6192150

China Overseas Land & Investment Ltd.

Approve CSCEC Group Engagement Agreement and Annual Caps

MGMT

For

Abstain

08/25/06 AGM

08/22/06

6331555

Far East Consortium International Ltd

Accept Financial Statements and Statutory Reports

MGMT

For

Abstain

Approve Final Dividend

MGMT

For

Abstain

3a1

Reelect Deacon Te Ken Chiu as Executive Director

MGMT

For

Abstain

3a2

Reelect Dick Tat Sang Chiu as Non-Executive Director

MGMT

For

Abstain

3a3

Reelect Daniel Tat Jung Chiu as Non-Executive Director

MGMT

For

Abstain

3a4

Reelect Kwok Wai Chan as Independent Non-Executive Director

MGMT

For

Abstain

Authorize Board to Fix Remuneration of Directors

MGMT

For

Abstain

Reappoint Auditors and Authorize Board to Fix Their Remuneration

MGMT

For

Abstain

Approve Issuance of Equity or Equity-Linked Securities without

Preemptive Rights

MGMT

For

Abstain

Authorize Repurchase of Up to 10 Percent of Issued Share Capital

MGMT

For

Abstain

Authorize Reissuance of Repurchased Shares

MGMT

For

Abstain

09/25/06 EGM

08/26/06

B0ZSH52

HUNAN NONFERROUS METALS CORP LTD

Approve Grant of Stock Appreciation Rights Under the Company's

Stock Appreciation Rights Plan

MGMT

For

Abstain

Adopt Rules of Procedure for General Meeting of the Company

MGMT

For

Abstain

09/08/06 AGM

1/9/2006

B0LMJW9

ONE MEDIA GROUP LTD

Accept Financial Statements and Statutory Reports

MGMT

For

Abstain

Approve Final Dividend

MGMT

For

Abstain

3a1

Reelect TIONG Kiu King as Director

MGMT

For

Abstain

3a2

Reelect TIONG Kiew Chiong as Director

MGMT

For

Abstain

3a3

Reelect Peter Bush BRACK as Director

MGMT

For

Abstain

Page 1 of 2

The China-US Growth Fund

Proxy Voting Jul - Sep'06

Management or

Shareholder Proposal

Meeting Date /

Record

Security ID

Company

(identify MGMT or

Management

Type

Date

(Sedol)

/ Agenda items #

Description

Sharehold)

Recommendation

Fund Vote

3a4

Reelect TUNG Siu Ho, Terence as Director

MGMT

For

Abstain

3a5

Reelect Robert William Hong-San YUNG as Director

MGMT

For

Abstain

3a6

Reelect YU Hon To, David as Director

MGMT

For

Abstain

3a7

Reelect SIT Kien Ping, Peter as Director

MGMT

For

Abstain

3a8

Reelect TAN Hock Seng, Peter as Director

MGMT

For

Abstain

Authorize Board to Fix the Remuneration of Directors

MGMT

For

Abstain

Reappoint Auditors and Authorize Board to Fix Their Remuneration

MGMT

For

Abstain

Authorize Repurchase of Up to 10 Percent of Issued Share Capital

MGMT

For

Abstain

Approve Issuance of Equity or Equity-Linked Securities without

Preemptive Rights

MGMT

For

Abstain

Authorize Reissuance of Repurchased Shares

MGMT

For

Abstain

Amend Articles Re: Voting at Meetings and Retirement by Rotation of

Directors

MGMT

For

Abstain

09/29/06 EGM

09/29/06

B01FLR7

PING AN INSURANCE (GROUP) CO. OF CHINA, LTD.

Approve Acquisition of 1 Billion Shares, Representing 63 Percent of the

Entire Issued Capital of Shenzhen Commercial Bank Co. Ltd. from

Shenzhen Investment Hldgs. Co. Ltd., Shenzhen Financial Bureau,

Shum Yip Hldg. Co. Ltd. and Other Vendors

MGMT

For

Abstain

Approve Share Subscription Agreement with Shenzhen Commercial

Bank Co. Ltd. in Relation to the Subscription of a Further 3.9 Billion New

Shares, Representing 70.9 Percent of the Enlarged Issued Share

Capital of Shenzhen Commercial Bank Co. Ltd.

MGMT

For

Abstain

09/01/06 EGM

08/29/06

6771032

Shangri-la Asia Ltd.

Reelect Wong Kai Man as Director

MGMT

For

Abstain

Approve Connected Transactions Among the Company, Kerry

Properties Ltd., and Allgreen Properties Ltd., Relating to Share Transfer

Agreement and Joint Venture Contract

MGMT

For

Abstain

Page 2 of 2

Vote Summary Report (Short)

06/30/06 to 06/30/07

Sorted by Meeting Date.

In All Markets, for all statuses, for Fred Alger, Fred Alger.

Show all notes.

Show vote results.

Mtg Date

Company

Security/

Mgmt

ISS

Vote

With/

Record

Shares

Meeting

Vote Results Information

/Type

/Ballot Issues

Proponent

Rec

Cast

Against ISS

Date

Available

Voted

Status

Vote Result

For #

Against #

Abstain #

Non-Broker #

11/01/06 EGM

Petrochina Company Limited

Y6883Q104

With

3/10/2006

1,112,000

Voted

Approve Continuing Connected Transactions Arising from the

Acquisition of a 67 Percent Interest in PetroKazakhstan Inc. by

PetroChina Co. Ltd. through CNPC Exploration and Development

Co. Ltd. within the Scope of the Amended Comprehensive

Agreement

Mgmt

For

With

Approve Revision of Existing Annual Caps of Each of the

Continuing Connected Transaction Under the Amended

Comprehensive Agreement as a Result of the Acquisition of

Petrokazakhstan Inc.

Mgmt

For

With

Approve Revision of Existing Annual Caps of Each of the

Continuing Connected Transaction Under the Amended

Comprehensive Agreement as a Result of Changes to Production

and Operational Environment of PetroChina Co. Ltd.

Mgmt

For

With

Approve Revision of Existing Annual Caps in Respect of the

Products and Services to be Provided by PetroChina Co. Ltd. and

its Subsidiaries to China Railway Materials and Suppliers Corp.

Mgmt

For

With

Amend Articles Re: Scope of Business

Mgmt

For

With

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

1,112,000

Total:

1,112,000

12/07/06 AGM

Sun Hung Kai Properties Ltd.

Y82594121

11/29/06

18,000

Voted

Accept Financial Statements and Statutory Reports

Mgmt

For

With

Approve Final Dividend

Mgmt

For

With

3a1

Reelect Sze-yuen Chung as Director

Mgmt

For

With

3a2

Reelect Po-shing Woo as Director

Mgmt

For

With

3a3

Reelect Kwan Cheuk-yin, William as Director

Mgmt

For

With

3a4

Reelect Lo Chiu-chun, Clement as Director

Mgmt

For

With

3a5

Reelect Kwok Ping-kwong, Thomas as Director

Mgmt

For

With

Approve Remuneration of HK$100,000 to Each Director,

HK$110,000 to Each Vice-Chairman and HK$120,000 to the

Chairman for the Year Ending June 30, 2007

Mgmt

For

With

Reappoint Auditors and Authorize Board to Fix Their Remuneration Mgmt

For

With

Authorize Repurchase of Up to 10 Percent of Issued Share Capital

Mgmt

For

With

Approve Issuance of Equity or Equity-Linked Securities without

Preemptive Rights

Mgmt

For

Against

With

Research Notes:

As the share issuance amount is subject to abuse by Hong Kong companies, in the absence of language restricting both discounts and the

number of times the authority may be refreshed, a vote against is recommended.

Authorize Reissuance of Repurchased Shares

Mgmt

For

With

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

18,000

Total:

18,000

12/18/06 EGM

HOLTEK SEMICONDUCTOR INC

Y3272F104

With

11/18/06

337,000

Voted

Amend Articles of Association

Mgmt

For

With

Research Notes:

In this item, the board is proposing to amend certain articles of the company’s Articles of Incorporation:

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

337,000

Total:

337,000

12/22/06 EGM

PEACE MARK (HOLDINGS) LIMITED

G6957A167

With

N/A

1,190,000

Voted

Approve Grant of Options to Chau Cham Wong, Patrick to

Subscribe for an Aggregate of 19.8 Million Shares at HK$5.37 Per

Share Under the Company's Share Option Scheme

Mgmt

For

With

Approve Grant of Options to Leung Yung to Subscribe for an

Aggregate of 19.8 Million Shares at HK$5.37 Per Share Under the

Company's Share Option Scheme

Mgmt

For

With

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

1,190,000

Total:

1,190,000

12/29/06 EGM

CHINA LIFE INSURANCE CO LTD

Y1477R204

11/29/06

686,000

Voted

Approve Employee Share Incentive Plan

Mgmt

For

Against

With

Research Notes:

We note, however, that the company would be allocating up to 10 percent of its net profits for the incentive fund and an equivalent of 10 percent

of the company's issued capital for share awards without providing clear performance targets and vesting periods on which to base share

awards. Given the cost to the company of funding the incentive awards and in the absence of performance targets and vesting periods, we

recommend shareholders vote against this resolution.

Elect Ngai Wai Fung as Independent Non-Executive Director

Mgmt

For

With

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

686,000

Total:

686,000

01/10/07 EGM

Qualipak International Holdings Ltd

G7311M145

N/A

13,205,000

Voted

Change Company Name to C C Land Hldgs. Ltd. and Adopt New

Chinese Name

Mgmt

For

With

Research Notes:

This item seeks shareholder approval to change the company’s name from Qualipak International Hldgs. Ltd. to C C Land Hldgs. Ltd.

and to adopt the new Chinese name of the company. The proposed change is believed to more appropriately reflect the change in the

company’s principal activities which now includes property development and investment in the People’s Republic of China. ISS

recommends supporting this proposal because it is not expected to have any demonstrable impact on the company’s shareholders.

Approve Consolidation of Every Ten Shares of HK$0.01 Each into

One Share of HK$0.10 Each

Mgmt

For

With

Research Notes:

This item seeks to approve the consolidation of every ten issued and unissued shares of HK$0.01 ($0.001) each into one consolidated share of

HK$0.10 ($0.01) each (Share Consolidation) in the share capital of the company. As at Dec. 12, 2006, the company’s authorized share

capital consisted of 50 billion shares, of which 18.1 billion have been issued. Upon completion of the Share Consolidation, the company's

authorized share capital would consist 5 billion shares, of which 1.8 billion would be in issue. Aside from increasing the nominal value of the

shares and reducing the total number of shares in issue, the board believes that the Share Consolidation would reduce the transaction and

handling costs of the company. A vote supporting this proposal is recommended.

Approve New Mandate for the Issuance of Equity or Equity-Linked

Securities without Preemptive Rights

Mgmt

For

Against

With

Research Notes:

This item seeks to refresh the company’s mandate to issue shares without preemptive rights by revoking the mandate given at the

company’s annual general meeting on May 29, 2006. As the share issuance authority is subject to abuse by Hong Kong companies, in

the absence of language restricting both discounts and the number of times the authority may be refreshed, a vote against is recommended.

Approve Refreshment for the Issuance of Shares Pursuant to

Share Option Scheme

Mgmt

For

Against

With

Research Notes:

The share option scheme under whose terms this request is made allows for an excessive level of dilution at 10 percent and provides for a total

dilution with all existing or later proposed plans at a higher rate of 30 percent. Given the potential dilution to shareholders, we recommend a vote

opposing this request.

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

13,205,000

Total:

13,205,000

01/22/07 EGM

China Petroleum & Chemical Corp.

Y15010104

12/22/06

1,230,000

Voted

Special Business

Approve Issuance of Equity or Equity-Linked Securities without

Preemptive Rights

Mgmt

For

With

Approve Issuance of Up to $1.5 Billion Convertible Bonds within 12

Months from the Date of Approval

Mgmt

For

With

Authorize Board to Deal with All Matters in Connection with the

Issuance of Convertible Bonds

Mgmt

For

With

Approve Issuance of Up to RMB 10 Billion Domestic Corporate

Bonds within 12 Months from the Date of Approval

Mgmt

For

With

Authorize Board to Deal with All Matters in Connection with the

Issuance of Domestic Corporate Bonds

Mgmt

For

With

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

1,230,000

Total:

1,230,000

01/26/07 EGM

China Grand Forestry Resources Grp Ltd. (formerly GOOD FELLO

G210A0106

With

N/A

5,728,000

Voted

Appoint Horwath Hong Kong CPA Ltd as Auditors and Authorize

Board to Fix Their Remuneration

Mgmt

For

With

Research Notes:

This item seeks to appoint Horwath Hong Kong CPA Ltd. as the company’s auditors in place of Johnny Chan & Co. Ltd. (JCC), who

resigned as auditors of the company as JCC ceased its business.

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

5,728,000

Total:

5,728,000

02/09/07 EGM

Citic Int'l Financial Hldgs (formerly CITIC Ka Wah)

Y1636Y108

With

N/A

1,089,920

Voted

Approve Increase in Authorized Share Capital from HK$6.0 Billion

to HK$8.0 Billion through the Creation of Additional 2.0 Billion

Shares of HK$1.0 Each

Mgmt

For

With

Approve Subscription by Banco Bilbao Vizcaya Argentaria S.A.

(BBVA) of 668.6 Million Shares in the Company (Subscription

Agreement) and the Exercise of Anti-Dilution Rights by BBVA

Pursuant to the Subscription Agreement

Mgmt

For

With

Approve Subscription of Shares in China CITIC Bank (CNCB) Such

that the Equity Interest Held by the Company in CNCB, or Its

Successor, Would Be No Less than 15 Percent; and Approve

Memorandum of Understanding Among Citic Group, the Company

and CNCB

Mgmt

For

With

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

1,089,920

Total:

1,089,920

02/28/07 EGM

China National Building Material Co Ltd

Y15045100

02/28/07

1,414,000

Voted

Special Business

Authorize Issuance of Domestic Corporate Bonds

Mgmt

For

With

Research Notes:

This item seeks shareholder approval for the proposed issuance by the company of domestic corporate bonds with an aggregate principal

amount of RMB 1.0 billion ($123.9 million) to be issued only once. The bonds would have a term of not more than 15 years and is intended to be

issued to People’s Republic of China (PRC) citizens holding valid and legal proof of their identity, PRC legal persons and unincorporated

bodies, except for those who are prohibited by PRC laws or regulations to subscribe. The coupon rate for the bonds: (a) should not exceed 90

percent of the benchmark interest rate of domestic loans published by the People's Bank of China for the same period as the issuance of

bonds (Bond Issue); (b) would be determined based on the bond market conditions in the PRC at the time of the Bond Issue; and (c) would be

subject to the final approval of relevant regulatory authorities in the PRC. The bonds would have a fixed rate with interest to be payable on an

annual basis and the principal amount would be repaid with the last installment of interest.

Authorize Board to Deal with All Matters in Connection with the

Issuance of Domestic Corporate Bonds

Mgmt

For

With

Research Notes:

This item seeks to grant board authority to deal with all matters in connection with the issuance of domestic corporate bonds. Given ISS’

support for the proposed issuance of domestic corporate bonds, a vote in favor of this resolution is recommended.

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

1,414,000

Total:

1,414,000

ZTE Corporation (formerly SHENZHEN ZHONGXING TELECOM CO

03/13/07 EGM

LTD)

Y0004F105

With

11/27/06

226,000

Submitted

Approve Connected Transaction Framework Agreement for 2007

and Annual Caps

For

With

Approve Renewal of Continuing Connected Transactions for 2007

to 2009 and Annual Caps

For

With

Approve Adoption of the Phase I of the Share Incentive Scheme

Mgmt

For

With

Approve Grant and Issue of 10,000 Subject Shares to Each of Xie

Weiliang and Dong Lianbo, Respectively, Pursuant to the Phase I

of the Share Incentive Scheme

Mgmt

For

With

Approve Grant and Issue of 10,000 Subject Shares to Zhang

Junchao Pursuant to the Phase I of the Share Incentive Scheme

Mgmt

For

With

Approve Grant and Issue of Subject Shares to Directors and Senior

Management Other than Xie Weiliang, Dong Lianbo, and Zhang

Junchao Pursuant to the Phase I of the Share Incentive Scheme

Mgmt

For

With

Authorize Board to Deal with Certain Matters Regarding the Phase

I of the Share Incentive Scheme

Mgmt

For

With

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

226,000

Total:

226,000

03/14/07 EGM

WIN HANVERKY HOLDINGS LTD

G9716W108

With

N/A

2,262,000

Voted

Approve Subscription Agreement among Frankton International

Ltd., TSG BVI Ltd., and Win Sports Ltd. in Relation to the

Subscription of Additional Shares By Each of Frankton International

Ltd. and TSG BVI Ltd. in Win Sports Ltd.

Mgmt

For

With

Research Notes:

This item seeks approval for the subscription agreements between Frankton Int’l Ltd. (Frankton), a wholly-owned subsidiary of the

company; TSG (BVI) Ltd. (TSG BVI); and Win Sports Ltd. (Win Sports), a company owned as to 50 percent each by Frankton and TSG BVI,

respectively.

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

2,262,000

Total:

2,262,000

04/10/07 EGM

Shanghai Zhenhua Port Machinery Group

Y7699F100

03/29/07

374,900

Voted

Meeting for B Shareholders

Approve Qualification for the Public Offer of Ordinary A Shares

Mgmt

For

With

Research Notes:

Items 1 to 4 seek shareholder approval for the issuance of ordinary A shares to qualified institutional and public investors in China (A Share

Issue); the terms and conditions relating to the A Share Issue such as number of shares to be issued, target subscribers, issue price, and

procedure of listing; the intended use of proceeds raised from this issuance; the distribution of accumulated undistributed profits to all

shareholders; and the authorization given to the board to handle the A Share Issue.

Approve Public Offer of Ordinary A Shares (A Share Issue)

Research Notes:

This is a non-voting item.

2.1

Approve Issue Type of Ordinary A Shares

Mgmt

For

With

Research Notes:

Refer to Item 1.

2.2

Approve Face Value of Ordinary A Shares

Mgmt

For

With

Research Notes:

Refer to Item 1.

2.3

Approve Issuance of Not More Than 200 Million Ordinary A Shares

Mgmt

For

With

Research Notes:

Refer to Item 1.

2.4

Approve Target Subscribers of Ordinary A Shares

Mgmt

For

With

Research Notes:

Refer to Item 1.

2.5

Approve Issuing Method of Ordinary A Shares

Mgmt

For

With

Research Notes:

Refer to Item 1.

2.6

Approve Issue Price and Pricing Method of Ordinary A Shares

Mgmt

For

With

Research Notes:

Refer to Item 1.

Approve Listing of the Ordinary A Shares in the Shanghai Stock

2.7

Exchange

Mgmt

For

With

Research Notes:

Refer to Item 1.

2.8

Approve Use of Proceeds from the A Share Issue

Mgmt

For

With

Research Notes:

Refer to Item 1.

Approve Effectivity of A Share Issue for a Period of 12 Months from

2.9

the Date of Approval

Mgmt

For

With

Research Notes:

Refer to Item 1.

Approve Allocation of Income Gained Prior to the A Share Issue to

All Shareholders Based on Their Shareholdings After the A Share

2.1

Issue

Mgmt

For

With

Research Notes:

Refer to Item 1.

Authorize Board to Determine All Matters in Relation to the A Share

Issue

Mgmt

For

With

Research Notes:

Refer to Item 1.

Approve Feasibility Report on the Use of Proceeds from the A

Share Issue

Mgmt

For

With

Research Notes:

Refer to Item 1.

Approve Use of Proceeds from Previous Share Placement

Mgmt

For

With

Research Notes:

The proposal seeks to acknowledge the use of proceeds from the previous share placement undertaken by SZP. The company usually provides a

detailed explanation of where the proceeds were allocated and how much of the proceeds have been used up as of the latest financial year.

Approve Guidelines on the Usage and Management of Raised

Proceeds

Mgmt

For

With

Research Notes:

Approval of this proposal will allow the board to formulate a set of rules regarding the usage and management of raised proceeds. Such rules will

be patterned after the Company Law of the People’s Republic of China, the Securities and Exchange Law of China, and the Stock

Listing Rules, and in accordance with the company’s business needs. This will provide the company with proper guidelines for utilizing

the funds and prevent improper allocation or abuse the usage of funds. ISS has no objections to this resolution.

Elect Directors Other Than Independent Directors

Mgmt

For

With

Elect Independent Directors and Fix Their Remuneration

Mgmt

For

With

Elect Supervisors

Mgmt

For

With

Amend Incentive Plan for Outstanding Staff and Senior Executives Mgmt

For

With

Research Notes:

This resolution seeks to revise the incentive plan created for SZP’s outstanding staff and senior executives. Approved by shareholders in

SZP’s 2006 AGM held on May 15, 2006, the plan allows SZP to allocate a portion of its net income as bonuses to qualified participants,

subject to certain performance hurdles. Changes to the plan include the following:

Amend Articles of Association

Mgmt

For

With

Research Notes:

The proposal seeks to revise Article 110 of SZP’s Articles of Association regarding transaction limit for external investments, acquisition

or disposal of assets, pledging of assets, external guarantees, and related party transactions. The amendment includes limiting the amount of

single or accumulated related party transaction(s) for the past 12 months to not more than 5 percent of SZP’s latest net worth. Currently,

amount of related party transactions must be within 0.5-5 percent of SZP’s latest net worth or within RMB 3-30 million ($383,730-$3.84

million). Aside from this, new clauses will be added specifying that total acquisitions or disposals for the past 12 months must not exceed 50

percent of SZP’s latest net worth. The same rule applies for assets pledged by the company. Any transaction exceeding the amount

specified above must be subject to approval of the shareholders.

Amend Rules and Procedures Regarding Shareholder Meeting

Mgmt

For

With

Research Notes:

Items 12 to 14 seek to allow SZP to amend its rules and procedures regarding shareholder, board and supervisory committee meetings to comply

with the latest changes in the regulations of the China Securities and Regulatory Commission and the listing rules of the Shanghai Stock

Exchange. These revisions require companies to provide more detailed information regarding existing clauses and conform with the latest rules

specified by the regulatory authorities. Considering that the proposal will enable the company to comply with prevailing corporate laws and result

in better transparency when conducting shareholder, board and supervisory committee meetings, ISS recommends a vote in favor of these

resolutions.

Amend Rules and Procedures Regarding Board Meeting

Mgmt

For

With

Research Notes:

Refer to Item 12.

Amend Rules and Procedures Regarding Supervisory Committee

Meeting

Mgmt

For

With

Research Notes:

Refer to Item 12.

Approve Related Party Transaction

Mgmt

For

With

Research Notes:

The company seeks shareholder approval of a mandate for the company, its subsidiaries, and target associated companies to enter into related

party transactions in 2007 for recurrent transactions of a revenue or trading nature or those necessary for its day-to-day operations. This includes

the provision of supplies and materials, which may be carried out with the listed company's interested parties, but not for the purchase or

sale of assets, undertakings, or businesses. Such mandates are intended to facilitate transactions that occur from time to time in the normal

course of the company's business. Total amount of related party transactions for 2007 will be not more than RMB 2.5 billion ($319.77

million).

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

374,900

Total:

374,900

04/12/07 AGM

Bank Of East Asia, Limited

Y06942109

10/4/2007

206,600

Voted

Accept Financial Statements and Statutory Reports

Mgmt

For

With

Approve Final Dividend of HK$1.03 Per Share (With Scrip Option)

Mgmt

For

With

Reelect Stephen Charles Li Kwok-sze as Director

Mgmt

For

With

Reelect Allan Wong Chi-yun as Director

Mgmt

For

With

Reelect Aubrey Li Kwok-sing as Director

Mgmt

For

With

Reelect Winston Lo Yau-lai as Director

Mgmt

For

With

Reelect Khoo Kay-peng as Director

Mgmt

For

With

Reelect David Li Kwok-po as Director

Mgmt

For

With

Reaapoint KPMG as Auditors and Authorize Board to Fix Their

Remuneration

Mgmt

For

With

Approve and Adopt Staff Share Option Scheme 2007

Mgmt

For

With

Amend Articles Re: Claims in Respect of Shares, Postponement of

General Meeting, Sending Instruments of Proxy, Allowing Proxy to

Demand Poll and Vote and Signing of Minutes

Mgmt

For

With

Approve Issuance of Equity or Equity-Linked Securities without

Preemptive Rights

Mgmt

For

Against

With

Research Notes:

In this case, the company did not provide discount restrictions on the issue price of shares under this mandate. Given this and considering that

the mandate may be refreshed several times within a period of one year, we recommend shareholders oppose this resolution.

Authorize Repurchase of Up to 10 Percent of Issued Share Capital

Mgmt

For

With

Authorize Reissuance of Repurchased Shares

Mgmt

For

Against

With

Research Notes:

In this case, the company has not specified discount limits for the issuance of shares without preemptive rights. As such, it is recommended that

shareholders vote against this resolution.

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

206,600

Total:

206,600

04/24/07 AGM

China LotSynergy Holdings Ltd (frmerly. Worldmetal Hold.)

G2155D129

N/A

3,129,956

Voted

Accept Financial Statements and Statutory Reports

Mgmt

For

With

Relect Hoong Cheong Thard as Director

Mgmt

For

With

Relect Wang Taoguang as Director

Mgmt

For

With

Relect Ng Man Fai, Matthew as Director

Mgmt

For

With

Relect Chan Ming Fai as Director

Mgmt

For

With

Relect Li Xiaojun as Director

Mgmt

For

With

Authorize Board to Fix the Remuneration of Directors

Mgmt

For

With

Reappoint HLB Hodgson Impey Cheng as Auditors and Authorize

Board to Fix Their Remuneration

Mgmt

For

With

Fix Maximum Number of Directors at 12 and Authorize Board to

Appoint Additional Directors Up to Such Maximum Number

Mgmt

For

With

Research Notes:

This item seeks to approve a proposal to set the maximum board size at 12. The company’s board currently has nine directors

composed of six executive directors and three independent non-executive directors.

Authorize Repurchase of Up to 10 Percent of Issued Share Capital

Mgmt

For

With

Research Notes:

This authority is limited to 10 percent of the outstanding share capital of the company on the date the resolution is passed and operates under

strict regulatory guidelines of the SEHK. We believe that when timed correctly, corporate stock repurchases are a legitimate use of corporate

funds and can add to long-term shareholder returns.

Approve Issuance of Equity or Equity-Linked Securities without

Preemptive Rights

Mgmt

For

Against

With

Research Notes:

This item seeks shareholder approval for the granting of a new mandate to issue shares, representing up to 20 percent of current issued capital,

without preemptive rights.

Authorize Reissuance of Repurchased Shares

Mgmt

For

Against

With

Research Notes:

This mandate effectively increases the number of shares that may be issued without preemptive rights to 30 percent from the original limit of 20

percent under the general mandate to issue shares sought by most Hong Kong companies. Given that the general mandate to issue shares is

subject to abuse by companies that issue shares at discounts to the market price, such extension of the general share issuance mandate may

increase the scope of non-preemmptive placements, putting minority shareholders at a disadvantage as repurchased shares may also be

reissued at a discount to the market price. In view of this, shareholders are advised to vote against this item unless a minimal discount of 5

percent or less is specified for share issuances under a general mandate.

Amend Bylaws Re: Voting by Poll and Appointment and Removal

of Directors

Mgmt

For

With

Research Notes:

This item seeks to amend the company's bylaws in order to align them with amendments made to the Listing Rules. The amended bylaws

provide that voting at meetings should be done on a show of hands unless voting by poll is required and that a poll may be demanded by the

chairman of the meeting, by at least three shareholders present in person, and the director or directors who hold proxies representing 5 percent

or more of the total voting rights at the meeting. The amendments also provide that directors may appoint any person at any time to fill a casual

vacancy or as an addition to the board so long as the number of directors does not exceed the maximum number determined in a general

meeting. Moreover, any director appointed to fill a casual vacancy should hold office only until the next general meeting of the company, while a

director appointed as an addition to the board should hold office until, and be subject to reelection at, the next annual general meeting of the

company. The proposed amendments also allow directors to be removed before the expiration of their terms of office by an ordinary resolution at

a general meeting and require every director, including those appointed for a specific term, to retire by rotation.

Approve Reduction of Share Premium Account from HK$1.35

Billion to HK$1.26 Billion and Application of Credit Arising from

Such Reduction to Offset Against Accumulated Losses of the

Company

Mgmt

For

With

Research Notes:

This item concerns a proposed reduction in the company’s share premium account by approximately HK$87.3 million ($11.2 million) to

offset accumulated losses of the company of approximately HK$87.3 million ($11.2 million) as at Dec. 31, 2006. This move would enable the

company to eliminate accumulated losses as well as facilitate possible dividend declarations from earnings in the future. In view of the benefits of

this proposal, a vote supporting this request is recommended.

Approve Issuance of Shares and Grant of Options Pursuant to the

Share Option Scheme

Mgmt

For

Against

With

Research Notes:

The share option scheme under whose terms this request is made allows for an excessive level of dilution at 10 percent and provides for a total

dilution with all existing or latter proposed plans at an even higher rate of 30 percent. Given the potential dilution to shareholders and the absence

of performance targets and vesting periods, we recommend a vore opposing this request.

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

3,129,956

Total:

3,129,956

04/26/07 AGM

CHINA INFRASTRUCTURE MACHINERY HOLDINGS LTD

G2111M106

N/A

776,000

Voted

Accept Financial Statements and Statutory Reports

Mgmt

For

With

Approve Final Dividend of HK$0.22 Per Share

Mgmt

For

With

Reelect Lee San Yim as Director

Mgmt

For

With

Reelect Qiu Debo as Director

Mgmt

For

With

Reelect Luo Jianru as Director

Mgmt

For

With

Reelect Mou Yan Qun as Director

Mgmt

For

With

Reelect Chen Chao as Director

Mgmt

For

With

Reelect Lin Zhong Ming as Director

Mgmt

For

With

Reelect Zhang Hong as Director

Mgmt

For

With

Reelect Ngai Ngan Ying as Director

Mgmt

For

With

Reelect Fang Deqin as Director

Mgmt

For

With

Reelect Yang Hongqi as Director

Mgmt

For

With

Reelect Qian Shizheng as Director

Mgmt

For

With

Reelect Lo Peter as Director

Mgmt

For

With

Authorize Board to Fix Remuneration of Directors

Mgmt

For

With

Approve Deloitte Touche Tohmatsu as Auditors and Authorize

Board to Fix Their Remuneration

Mgmt

For

With

Approve Issuance of Equity or Equity-Linked Securities without

Preemptive Rights

Mgmt

For

Against

With

Research Notes:

This item seeks to refresh the company's mandate to issue shares, representing up to 20 percent of current issued capital, without

preemptive rights.

Authorize Repurchase of Up to 10 Percent of Issued Share Capital

Mgmt

For

With

Research Notes:

This authority is limited to 10 percent of the outstanding share capital of the company on the date of the resolution is passed and operates under

strict regulatory guidelines of the SEHK. We believe that when timed correctly, corporate stock repurchases are a legitimate use of corporate

funds and can add to long-term shareholder returns.

Authorize Reissuance of Repurchased Shares

Mgmt

For

Against

With

Research Notes:

This mandate effectively increases the number of shares that may be issued without preemptive rights to 30 percent of issued capital from the

original limit of 20 percent under the general mandate to issue shares sought by most Hong Kong companies. Given that the general mandate to

issue shares is subject to abuse by companies that issue shares at discounts to the market price, such extension of the general share issuance

mandate may increase the scope of non-preemptive placements, putting minority shareholders at a disadvantage as repurchased shares may

also be reissued at a discount to the market price. In view of this, shareholders are recommended to oppose this item unless a minimal discount

of 5 percent or less is specified for share issuances under a general mandate.

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

776,000

Total:

776,000

04/26/07 AGM

HONGGUO INTERNATIONAL HOLDINGS LTD

G45840108

N/A

1,554,000

Voted

Adopt Financial Statements and Directors' and Auditors' Reports

Mgmt

For

With

Declare First and Final Dividend of $0.0073 Per Share

Mgmt

For

With

Reelect Chen Yixi as Director

Mgmt

For

Against

With

Research Notes:

Chen Yixi is an executive director who serves on the board's Nominating Committee. We prefer that all key board committees comprise

only independent directors. We believe that executives -- particularly on such key board committees as the audit, remuneration and nominating

committees -- threaten to undermine the purpose of these committees in providing independent oversight and preventing conflicts of interest.

Reelect Chen Seow Phun John as Director

Mgmt

For

With

Approve Directors' Fees of SGD 170,000 for the Year Ended Dec.

31, 2006 (2005: SGD 120,000)

Mgmt

For

With

Reappoint Deloitte & Touche as Auditors and Authorize Board to

Fix Their Remuneration

Mgmt

For

With

Approve Issuance of Shares without Preemptive Rights

Mgmt

For

With

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

1,554,000

Total:

1,554,000

04/26/07 AGM

SINO-ENVIRONMENT TECHNOLOGY GROUP LTD

Y7999R101

With

N/A

324,000

Voted

Adopt Financial Statements and Directors' and Auditors' Reports

Mgmt

For

With

Reelect Sun Jiangrong as Director

Mgmt

For

With

Reelect Goh Chee Wee as Director

Mgmt

For

With

Reelect Pan Jinquan as Director

Mgmt

For

With

Approve Directors' Fees of SGD 206,000 for the Year Ended Dec.

31, 2006

Mgmt

For

With

Appoint PricewaterhouseCoopers as Auditors and Authorize Board

to Fix Their Remuneration

Mgmt

For

With

Approve Issuance of Shares without Preemptive Rights

Mgmt

For

With

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

324,000

Total:

324,000

04/30/07 AGM

CENTURY SUNSHINE ECOLOGICAL TECHNOLOGY HOLDINGS LTD

G2091K120

04/25/07

5,465,000

Voted

Accept Financial Statements and Statutory Reports

Mgmt

For

With

Approve Final Dividend of HK$0.01 Per Share

Mgmt

For

With

3a1

Reelect Chi Wen Fu as an Executive Director

Mgmt

For

With

3a2

Reelect Shum Sai Chit as an Executive Director

Mgmt

For

With

3a3

Reelect Zhou Xing Dun as an Executive Director

Mgmt

For

With

3a4

Reelect Shen Yi Min as an Independent Non-Executive Director

Mgmt

For

With

Authorize Board to Fix the Remuneration of Directors

Mgmt

For

With

Reappoint Auditors and Authorize Board to Fix Their Remuneration

Mgmt

For

With

Research Notes:

This item seeks approval for the reappointment of PricewaterhouseCoopers as the company's auditors for the year.

Approve Issuance of Equity or Equity-Linked Securities without

Preemptive Rights

Mgmt

For

Against

With

Research Notes:

This item seeks to refresh the company's mandate to issue shares, up to 20 percent of current issued capital, without preemptive rights.

Authorize Repurchase of Up to 10 Percent of Issued Share Capital

Mgmt

For

With

Research Notes:

This authority is limited to 10 percent of the outstanding share capital of the company on the date of resolution is passed and operates under strict

regulatory guidelines of SEHK. We believe that when timed corrrectly, corporate stock repurchases are a legitimate use of corporate funds and

can add to long-term shareholder returns.

Authorize Reissuance of Repurchased Shares

Mgmt

For

Against

With

Research Notes:

This mandate effectively increases the number of shares that may be issued without preemptive rights to 30 percent of issued capital from the

original limit of 20 percent under the general mandate to issue shares sought by most Hong Kong companies. Given that the general mandate to

issue shares is subject to abuse by companies that issue shares at discounts to the market price, such extension of the general share issuance

mandate may increase the scope of non-preemptive placements, putting minority shareholders at a disadvantage as repurchased shares may

also be reissued at a discount to the market price. In view of this, shareholders are recommended to oppose this item unless a minimal discount

of 5 percent or less is specified for share issuances under a general mandate.

Approve Issuance of Shares Pursuant to Share Option Scheme

Mgmt

For

Against

With

Research Notes:

The share option scheme under whose terms this request is made allows for an excessive level of dilution at 10 percent without providing

performance conditions and vesting periods and provides for a total dilution with all existing or later proposed plans at an even higher rate of 30

percent. Given the high level of dilution of the proposed plan, we recommend a vote opposing this request.

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

5,465,000

Total:

5,465,000

05/07/07 EGM

China Grand Forestry Resources Grp Ltd. (formerly GOOD FELLO

G210A0106

N/A

3,662,000

Voted

Approve Increase in Authorized Share Capital from HK$650 to

HK$2 Billion by the Creation of Additional 13.5 Billion Shares

Mgmt

For

Against

With

Research Notes:

This item proposes to increase the authorized share capital of the company from HK$650.0 million ($83.7 million) to HK$2.0 billion ($257.5

million) by the creation of an additional 13.5 billion new shares of HK$0.1 ($0.01) each. The company’s issued share capital as at April

18, 2007 consisted of approximately 5.1 billion shares, or approximately 77.9 percent of the company’s authorization.

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

3,662,000

Total:

3,662,000

05/08/07 AGM

MINTH GROUP LTD

G6145U109

2/5/2007

754,000

Voted

Accept Financial Statements and Statutory Reports

Mgmt

For

With

Approve Final Dividend

Mgmt

For

With

Research Notes:

The board is proposing a first and final dividend of HK$0.097 ($0.01) per share, an amount that has increased from HK$0.033 ($0.004) per share

the year before. This gives the company a payout ratio of 28.6 percent, up from 10 percent th previous year.

Reelect Zhao Feng as Director and Authorize Board to Fix His

Remuneration

Mgmt

For

With

Reelect Heng Kwoo Seng as Director and Authorize Board to Fix

His Remuneration

Mgmt

For

With

Reelect Wang Ching as Director and Authorize Board to Fix His

Remuneration

Mgmt

For

With

Reelect Zhang Liren as Director Authorize Board to Fix His

Remuneration

Mgmt

For

With

Reappoint Auditors and Authorize Board to Fix Their Remuneration

Mgmt

For

With

Research Notes:

This item seeks to reappoint Deloitte Touche Tohmatsu as the company's auditors for the coming year.

Approve Issuance of Equity or Equity-Linked Securities without

Preemptive Rights

Mgmt

For

Against

With

Research Notes:

This item seeks to refresh the company's mandate to issue shares, representing up to 20 percent of current issued capital, without

preemptive rights.

Authorize Repurchase of Up to 10 Percent of Issued Share Capital

Mgmt

For

With

Research Notes:

This authority is limited to 10 percent of the outstanding share capital of the company on the date the resolution is passed and operates under

strict regulatory guidelines of the SEHK. We believe that when timed correctly, corporate stock repurchases are a legitimate use of corporate

funds and can add to long-term shareholder returns.

Authorize Reissuance of Repurchased Shares

Mgmt

For

Against

With

Research Notes:

This mandate effectively increases the number of shares that may be issued without preemptive rights to 30 percent of issued capital from the

original limit of 20 percent under the general mandate to issue shares sought by most Hong Kong companies. Given that the general mandate to

issue shares is subject to abuse by companies that issue shares at discounts to the market price, such extension of the general share issuance

mandate may increase the scope of non-preemptive placements, putting minority shareholders at a disadvantage as repurchased shares may

also be reissued at a discount to the market price. In view of this, shareholders are recommended to oppose this item unless a minimal discount

of 5 percent or less is specified for share issuances under a general mandate.

Amend Articles of Association

Mgmt

For

With

Research Notes:

This item seeks to amend the company's articles of association to require new directors appointed to fill a casual vacancy or as an addition

to the board to retire and be eligible for reelection at the first general meeting of the company after their appointment or the next following annual

general meeting of the company after their appointment, respectively.

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

754,000

Total:

754,000

05/09/07 AGM

SHANDONG WEIGAO GROUP MEDICAL POLYMER CO LTD

Y76810103

4/4/2007

608,000

Voted

Accept Financial Statements and Statutory Reports

Mgmt

For

With

Approve Report of the Board of Directors

Mgmt

For

With

Approve Report of the Supervisory Committee

Mgmt

For

With

Approve Profit Distribution Plan, Final Distribution Plan and Final

Dividend

Mgmt

For

With

Research Notes:

The board recommends the payment of a final dividend of RMB 0.033 ($0.004) per share. Together with the interim dividend of RMB0.02

($0.003), the company has a payout ratio of 29.4 percent. We use a minimum 30 percent and a maximum 100 percent ratio as triggers for further

analysis.

Reappoint Deloitte Touche Tohmatsu as Auditors and Authorize

Board to Fix Their Remuneration

Mgmt

For

With

Reelect Chen Xue Li as Non-Executive Director

Mgmt

For

With

Reelect Zhou Shu Hua as Non-Executive Director

Mgmt

For

With

Reelect Zhang Hua Wei as Director

Mgmt

For

With

Reelect Wang Yi as Director

Mgmt

For

With

Reelect Miao Yan Guo as Director

Mgmt

For

With

Reelect Wang Zhi Fan as Director

Mgmt

For

With

Reelect Wu Chuan Ming as Director

Mgmt

For

With

Reelect Shi Huan as Independent Non-Executive Director

Mgmt

For

With

Reelect Luan Jian Ping as Independent Non-Executive Director

Mgmt

For

With

Reelect Bi Hong Mei as Supervisor

Mgmt

For

With

Reelect Miao Hai Sheng as Supervisor

Mgmt

For

With

Authorize Board to Fix the Remuneration of Directors and

Supervisors

Mgmt

For

With

Approve Issuance of Equity or Equity-Linked Securities without

Preemptive Rights

Mgmt

For

Against

With

Research Notes:

This item seeks to refresh the company's mandate to issue shares, representing up to 20 percent of current issued capital, without

preemptive rights.

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

608,000

Total:

608,000

05/16/07 AGM

China Mobile (Hong Kong) Limited

Y14965100

11/5/2007

396,000

Voted

Accept Financial Statements and Statutory Reports

Mgmt

For

With

Approve Final Dividend

Mgmt

For

With

Approve Special Dividend

Mgmt

For

With

Reelect Wang Jianzhou as Director

Mgmt

For

With

Reelect Li Yue as Director

Mgmt

For

With

Reelect Zhang Chenshuang as Director

Mgmt

For

With

Reelect Frank Wong Kwong Shing as Director

Mgmt

For

With

Reelect Paul Michael Donovan as Director

Mgmt

For

With

Reappoint KPMG as Auditors and Authorize Board to Fix Their

Remuneration

Mgmt

For

With

Authorize Repurchase of Up to 10 Percent of Issued Share Capital

Mgmt

For

With

Approve Issuance of Equity or Equity-Linked Securities without

Preemptive Rights

Mgmt

For

Against

With

Research Notes:

In this case, the company did not provide discount restrictions on the issue price of shares under this mandate. Given this and considering that

the mandate may be refreshed several times within a period of one year, we recommend shareholders oppose this resolution.

Authorize Reissuance of Repurchased Shares

Mgmt

For

Against

With

Research Notes:

In this case, the company has not specified discount limits for the issuance of shares without preemptive rights. As such, we recommend

shareholders vote against this resolution.

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

396,000

Total:

396,000

05/17/07 AGM

Cheung Kong Holdings

Y13213106

9/5/2007

60,000

Voted

Accept Financial Statements and Statutory Reports

Mgmt

For

With

Declare Final Dividend

Mgmt

For

With

Elect Ip Tak Chuen, Edmond as Director

Mgmt

For

With

Elect Woo Chia Ching, Grace as Director

Mgmt

For

With

Elect Chiu Kwok Hung, Justin as Director

Mgmt

For

With

Elect Chow Kun Chee, Roland as Director

Mgmt

For

With

Elect Yeh Yuan Chang, Anthony as Director

Mgmt

For

With

Elect Chow Nin Mow, Albert as Director

Mgmt

For

With

Elect Wong Yick-ming, Rosanna as Director

Mgmt

For

With

Elect Kwan Chiu Yin, Robert as Director

Mgmt

For

With

Appoint Deloitte Touche Tohmatsu as Auditors and Authorize

Board to Fix Their Remuneration

Mgmt

For

With

Approve Issuance of Equity or Equity-Linked Securities without

Preemptive Rights

Mgmt

For

Against

With

Research Notes:

In this case, the company did not provide discount restrictions on the issue price of shares under this mandate. Given this and considering that

the mandate may be refreshed several times within a period of one year, we recommend shareholders oppose this resolution.

Authorize Repurchase of Up to 10 Percent of Issued Share Capital

Mgmt

For

With

Authorize Reissuance of Repurchased Shares

Mgmt

For

Against

With

Research Notes:

In this case, the company has not specified discount limits for the issuance of shares without preemptive rights. As such, we recommend

shareholders vote against this resolution.

Amend Articles Re: Appointment of Directors

Mgmt

For

With

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

60,000

Total:

60,000

05/18/07 AGM

Shanghai Zhenhua Port Machinery Co. Ltd.

Y7699F100

05/14/07

374,900

Voted

Meeting For B Shareholders

Accept Directors' Report

Mgmt

For

With

Accept Supervisors' Report

Mgmt

For

With

Accept Report on the Job Description of Independent Directors

Mgmt

For

With

Accept 2006 Report on the Performance of the President and 2007

Work Plan

Mgmt

For

With

Accept 2006 Financial Statements

Mgmt

For

With

Approve Allocation of Income and Dividend

Mgmt

For

Against

With

Research Notes:

The board is proposing an annual cash dividend of RMB 1.5 ($0.19) for every 10 shares held, or RMB 0.15 ($0.02) per share. This gives the

company a payout ratio of 28.8 percent, slightly up from the 26 percent and 25 percent achieved in 2005 and 2004, respectively. We use a

minimum of 30 percent and a maximum of 100 percent as benchmarks to trigger further analysis.

Amend Articles of Association

Mgmt

For

With

Research Notes:

The board is proposing to revise the company's Articles of Association regarding its registered capital and shareholding structure. Articles

6 and 19 will be amended to increase the company's registered capital to RMB 3.08 billion ($393.96 million), equivalent to 3.08 billion

ordinary shares, to accommodate the distribution of 2005 stock dividends and bonus issuance of shares. On the other hand, Article 18 will be

amended to reflect China Communications Construction Co. Ltd. as the new majority shareholder of the company following completion of the

transfer by China Construction Communication Group of a 24.2 percent stake in the latter in October 2006.

Authorize Issuance of Short-Term Financing Bonds

Mgmt

For

With

Research Notes:

This item seeks to issue short-term financing bonds with a total value of not more than RMB 2.34 billion ($299.31 million), which is equivalent to

39.9 percent of the company's net asset value of RMB 5.87 billion ($750.83 million) as of Dec. 31, 2006. The company's

management will be authorized to handle all matters related to this issuance.

Amend Accounting Policy and Estimate

Mgmt

For

With

Research Notes:

The proposal seeks shareholder approval to change the company's existing accounting policies and estimates. This will be patterned after

the accounting system of its controlling shareholder, CCC, and the revised Accounting Standards for Business Enterprises (ASBE), which was

issued by the Ministry of Finance on Feb. 15, 2006 and came into effect on January this year. The updated ASBE includes the integration of

principles from the International Financial Reporting Standards and the modifications of existing standards to encourage more transparent

financial reporting. In addition, an interpretive guidance has been provided to tackle the accounting system for special transactions and industry

accounting issues. It now has one basic standard and 38 specific standards, an increase of 22 specific standards from the original ASBE.

Approve Auditors and Authorize Board to Fix Their Remuneration

Mgmt

For

With

Approve Status on the Use of Proceeds from Previous Share

Placement

Mgmt

For

With

Research Notes:

The proposal seeks to acknowledge the use of proceeds from the previous share placement undertaken by Shanghai Zhenhua. The company

usually provides a detailed explanation of where the proceeds were allocated and how much of the proceeds have been used up as of the latest

financial year.

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

374,900

Total:

374,900

05/21/07 AGM

Hong Kong And China Gas Co. Ltd.

Y33370100

9/5/2007

206,000

Voted

Accept Financial Statements and Statutory Reports

Mgmt

For

With

Approve Final Dividend

Mgmt

For

With

Reelect Colin Lam Ko Yin as Director

Mgmt

For

With

Reelect Lee Ka Kit as Director

Mgmt

For

With

Reelect Lee Ka Shing as Director

Mgmt

For

With

Reelect Alfred Chan Wing Kin as Director

Mgmt

For

With

Reappoint PricewaterhouseCoopers as Auditors and Authorize

Board to Fix Their Remuneration

Mgmt

For

With

Authorize Capitalization of an Amount Standing to the Credit of the

Share Premium Amount and Application of Such Amount for

Payment in Full of New Shares of HK$0.25 Each on the Basis of

One Bonus Share for Every Ten Existing Shares Held

Mgmt

For

With

Authorize Repurchase of Up to 10 Percent of Issued Share Capital

Mgmt

For

With

Approve Issuance of Equity or Equity-Linked Securities without

Preemptive Rights

Mgmt

For

Against

With

Research Notes:

In this case, the company did not provide discount restrictions on the issue price of shares under this mandate. Given this and considering that

the mandate may be refreshed several times within a period of one year, we recommend shareholders oppose this resolution.

Authorize Reissuance of Repurchased Shares

Mgmt

For

Against

With

Research Notes:

In this case, the company has not specified discount limits for the issuance of shares without preemptive rights. As such, we recommend

shareholders vote against this resolution.

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

206,000

Total:

206,000

05/22/07 AGM

Huaneng Power International Inc.

Y3744A105

04/20/07

826,000

Voted

Accept Working Report of the Directors

Mgmt

For

With

Accept Working Report of the Supervisory Committee

Mgmt

For

With

Accept Financial Statements

Mgmt

For

With

Approve Profit Distribution Plan

Mgmt

For

With

Reappoint Auditors and Authorize Board to Fix Their Remuneration Mgmt

For

With

Approve Liability Insurance for Directors and Senior Management

Mgmt

For

Against

With

Research Notes:

Given the absence of the disclosure of any concrete provisions prohibiting the company to provide such protection in exception to the above

conditions, ISS recommends shareholders to vote against this resolution.

Approve Issuance of Short-Term Debentures with a Principal

Amount of Up to RMB 5.0 Billion within the PRC

Mgmt

For

Against

With

Research Notes:

We note, however, that the company did not provide further details regarding the terms and the use of proceeds for the Proposed Short-Term

Bond Issue, which is not usual market practice. As such, we are unable to ascertain whether approval of this item would have any negative

impact on shareholder rights or shareholder value. In view of this, we recommend a vote against this resolution.

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

826,000

Total:

826,000

05/22/07 AGM

China Insurance International Holdings Co. Ltd.

Y1456Z102 Y1456Z128

05/16/07

1,604,000

Voted

Accept Financial Statements and Statutory Reports

Mgmt

For

With

Reelect Lin Fan as Director

Mgmt

For

With

Reelect Song Shuguang as Director

Mgmt

For

With

Reelect Xie Yiqun as Director

Mgmt

For

With

Reelect Wu Jiesi as Director

Mgmt

For

With

Authorize the Board to Fix the Remuneration of Directors

Mgmt

For

With

Reappoint KPMG as Auditors and Authorize Board to Fix Their

Remuneration

Mgmt

For

With

Approve Issuance of Equity or Equity-Linked Securities without

Preemptive Rights

Mgmt

For

Against

With

Research Notes:

In this case, the company did not provide discount restrictions on the issue price of shares under this mandate. Given this and considering that

the mandate may be refreshed several times within a period of one year, we recommend shareholders oppose this resolution.

Authorize Repurchase of Up to 10 Percent of Issued Share Capital

Mgmt

For

With

Authorize Reissuance of Repurchased Shares

Mgmt

For

Against

With

Research Notes:

In this case, the company has not specified discount limits for the issuance of shares without preemptive rights. As such, we recommend

shareholders vote against this resolution.

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

802,000

WK1U Fred Alger

802,000

Total:

1,604,000

05/25/07 AGM

CNOOC LTD

Y1662W117

05/17/07

1,166,000

Voted

Ordinary Business

Accept Financial Statements and Statutory Reports

Mgmt

For

With

Approve Final Dividend

Mgmt

For

With

Reelect Luo Han as Non-Executive Director

Mgmt

For

With

Reelect Wu Guangqi as Executive Director

Mgmt

For

With

Reelect Chiu Sung Hong as Independent Non-Executive Director

Mgmt

For

Against

With

Research Notes:

Given the issues surrounding the company and the independent directors’ failure to voice concerns on proposals detrimental to minority

shareholders, we recommend that shareholders vote against the reelection of Chiu and Tse to express their disapproval over how the

company’s independent directors have performed their functions in acting independently in the interest of minority shareholders.

Reelect Tse Hau Yin, Aloysius as Independent Non-Executive

Director

Mgmt

For

Against

With

Authorize Board to Fix the Remuneration of Directors

Mgmt

For

With

Reappoint Auditors and Authorize Board to Fix Their Remuneration

Mgmt

For

With

Special Business

Authorize Repurchase of Up to 10 Percent of Issued Share Capital

Mgmt

For

With

Approve Issuance of Equity or Equity-Linked Securities without

Preemptive Rights

Mgmt

For

Against

With

Research Notes:

In this case, the company did not provide discount restrictions on the issue price of shares under this mandate. Given this and considering that

the mandate may be refreshed several times within a period of one year, we recommend shareholders oppose this resolution.

Authorize Reissuance of Repurchased Shares

Mgmt

For

Against

With

Research Notes:

In this case, the company has not specified discount limits for the issuance of shares without preemptive rights. As such, we recommend

shareholders vote against this resolution.

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

1,166,000

Total:

1,166,000

05/29/07 AGM

China Petroleum & Chemical Corp.

Y15010104

04/30/07

1,328,000

Voted

Accept the Report of the Board of Directors

Mgmt

For

With

Accept the Report of the Supervisory Committee

Mgmt

For

With

Accept Financial Statements and Statutory Reports

Mgmt

For

With

Approve Profit Distribution Plan and Final Dividend

Mgmt

For

With

Approve KPMG Huazhen and KPMG as Domestic and Overseas

Auditors and Authorize Board to Fix Their Remuneration

Mgmt

For

With

Approve Sichuan-to-East China Gas Project

Mgmt

For

With

Approve Issuance of Equity or Equity-Linked Securities without

Preemptive Rights

Mgmt

For

Against

With

Research Notes:

In this case, the company did not provide discount restrictions on the issue price of shares under this mandate. Given this and considering that

the mandate may be refreshed several times within a period of one year, we recommend shareholders oppose this resolution.

Approve Issuance of Corporate Bonds

Mgmt

For

With

Authorize Board to Deal with All Matters in Connection with the

Issuance of Corporate Bonds and Formulation and Execution of All

Necessary Legal Documents for Such Purpose

Mgmt

For

With

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

1,328,000

Total:

1,328,000

06/06/07 AGM

CHINA COMMUNICATIONS CONSTRUCTION GROUP LTD, BEIJING

Y14369105

4/5/2007

1,105,000

Voted

Accept Report of the Board of Directors

Mgmt

For

With

Accept Report of the Supervisory Committee

Mgmt

For

With

Accept Financial Statements and Statutory Reports

Mgmt

For

With

Approve Profit Distribution Plan for 2006

Mgmt

For

With

Research Notes:

This item seeks shareholder approval for the profit appropriation proposal for the year 2006. Relevant regulations in the People’s

Republic of China and the articles of association of the Group (the company and its subsidiaries) require 10 percent of profits to be transferred to

the statutory surplus reserve account and the transfer to this reserve must be made before the distribution of dividends to shareholders.

Reappoint PricewaterhouseCoopers as the International Auditors

and PricewaterhouseCoopers Zhong Tian CPAs Ltd. Company as

the Domestic Auditors and Authorize Board to Fix Their

Remuneration

Mgmt

For

With

Approve Issuance of Equity or Equity-Linked Securities without

Preemptive Rights

Mgmt

For

Against

With

Research Notes:

This item seeks shareholder approval for a new mandate to issue shares, representing up to 20 percent of current issued capital, without

preemptive rights.

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

1,105,000

Total:

1,105,000

06/08/07 AGM

China Shipping Development Co.(Formerly Shanghai Hai Xing)

Y1503Y108

With

8/5/2007

446,000

Voted

Approve Twelve Construction Agreements

Mgmt

For

With

Approve Two Tanker Construction Agreements

Mgmt

For

With

Approve Report of the Board of Directors

Mgmt

For

With

Approve Report of the Supervisory Committee

Mgmt

For

With

Approve Financial Statements and Statutory Reports

Mgmt

For

With

	6	Approve Dividend Distribution Plan	Mgmt		For	For		For	With					0	0	0	0
		Approve Remuneration of Directors and Supervisors and
	7	Reimbursements for Independent Non-Executive Directors	Mgmt		For	For		For	With					0	0	0	0
		Reappoint Shanghai Zhonghua Huyin CPA and Ernst & Young as
		Domestic and International Auditors, Respectively, and Authorize
	8	Board to Fix Their Remuneration	Mgmt		For	For		For	With					0	0	0	0
		Approve Report on Use of Proceeds from the Issuance of 350
	9	Million New Shares on May 23, 2002	Mgmt		For	For		For	With					0	0	0	0
	10	Elect Yan Zhi Chung as Supervisor	Mgmt		For	For		For	With					0	0	0	0
		Amend Articles Re: Change the Number of Supervisors from 3
	11	Persons to 3-5 Persons	Mgmt		For	For		For	With					0	0	0	0

		Fund Name	Shares Available			Shares Voted
		WK1U Fred Alger		446,000
446,000
		Total:		446,000			446,000

06/08/07 AGM	Hon Hai Precision Industry Co. Ltd.		Y36861105							9/4/2007	287,000	287,000	Voted
	1	Accept Financial Statements and Statutory Reports	Mgmt		For	For		For	With					0	0	0	0
	2	Approve Allocation of Income and Dividends	Mgmt		For	For		For	With					0	0	0	0
		Approve Capitalization of 2006 Dividends and Employee Profit
	3	Sharing	Mgmt		For	For		For	With					0	0	0	0
		Approve Increase of Registered Capital and Issuance of Ordinary
	4	Shares to Participate in the Issuance of Global Depository Receipt	Mgmt		For	For		For	With					0	0	0	0
	5	Amend Articles of Association	Mgmt		For	For		For	With					0	0	0	0
Research Notes:
At the time of the delivery of this analysis, the company had not disclosed adequate information. Therefore, a vote against the resolution must be
advised due to poor disclosure.
	6	Amend Election Rules of Directors and Supervisors	Mgmt		For	For		For	With					0	0	0	0
Research Notes:
At the time of the delivery of this analysis, the company had not disclosed adequate information. Therefore, a vote against the resolution must be
advised due to poor disclosure.
		Amend Procedures Governing the Acquisition or Disposal of
	7	Assets	Mgmt		For	For		For	With					0	0	0	0
	8	Elect Directors and Supervisors	Mgmt		For	For			Against					0	0	0	0
		Approve Release of Restrictions of Competitive Activities of
	9	Directors	Mgmt		For	For		For	With					0	0	0	0
Research Notes:
In the absence of any significant concerns regarding the proposed nominees, ISS recommends that shareholders distribute their cumulative votes
equally to the two independent director nominees, Hwu Tsong-Min and Liu Cheng-Yu.
	10	Other Business												0	0	0	0

		Fund Name	Shares Available			Shares Voted
		WK1U Fred Alger		287,000
287,000
		Total:		287,000			287,000

06/08/07 AGM	Foxconn Technology Co. Ltd (Frmly Q-RUN TECHNOLOGY CO LTD)		Y3002R105							9/4/2007	90,000	90,000	Voted
	1	Accept Financial Statements and Statutory Reports	Mgmt		For	For		For	With					0	0	0	0
	2	Approve Allocation of Income and Dividends	Mgmt		For	For		For	With					0	0	0	0
		Approve Capitalization of 2006 Dividends and Employee Profit
	3	Sharing	Mgmt		For	For		For	With					0	0	0	0
	4	Amend Articles of Association	Mgmt		For	For		For	With					0	0	0	0
Research Notes:
At the time of the delivery of this analysis, the company had not disclosed adequate information. Therefore, a vote against the resolution must be
advised due to poor disclosure.
	5	Amend Election Rules of Directors and Supervisors	Mgmt		For	For		For	With					0	0	0	0
Research Notes:
At the time of the delivery of this analysis, the company had not disclosed adequate information. Therefore, a vote against the resolution must be
advised due to poor disclosure.
		Amend Procedures Governing the Acquisition or Disposal of
	6	Assets	Mgmt		For	For		For	With					0	0	0	0
	7	Elect Directors and Supervisors	Mgmt		For	For		For	With					0	0	0	0
		Approve Release of Restrictions of Competitive Activities of
	8	Directors	Mgmt		For	For		For	With					0	0	0	0
	9	Other Business												0	0	0	0

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

90,000

Total:

90,000

06/11/07 AGM

Guangdong Investment Ltd.

Y2929L100

6/6/2007

1,152,000

Voted

Accept Financial Statements and Statutory Reports

Mgmt

For

With

Approve Final Dividend

Mgmt

For

With

Reelect Li Wai Keung as Director

Mgmt

For

With

Reelect Chan Cho Chak, John as Director

Mgmt

For

With

Reelect Li Kwok Po, David as Director

Mgmt

For

With

Reelect Jiang Jin as Director

Mgmt

For

With

Reelect Sun Yingming as Director

Mgmt

For

With

Authorize Board to Fix the Remuneration of Directors

Mgmt

For

With

Reappoint Auditors and Authorize Board to Fix Their Remuneration

Mgmt

For

With

Approve Issuance of Equity or Equity-Linked Securities without

Preemptive Rights

Mgmt

For

Against

With

Research Notes:

In this case, the company did not provide discount restrictions on the issue price of shares under this mandate. Given this and considering that

the mandate may be refreshed several times within a period of one year, we recommend shareholders oppose this resolution.

Authorize Repurchase of Up to 10 Percent of Issued Share Capital

Mgmt

For

With

Authorize Reissuance of Repurchased Shares

Mgmt

For

Against

With

Research Notes:

In this case, the company has not specified discount limits for the issuance of shares without preemptive rights. As such, we recommend

shareholders vote against this resolution.

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

1,152,000

Total:

1,152,000

06/11/07 AGM

MediaTek Inc.

Y5945U103

12/4/2007

82,000

Voted

Accept 2006 Operating Results and Financial Statements

Mgmt

For

With

Approve 2006 Profit Distribution Plan

Mgmt

For

With

Approve Capitalization of 2006 Dividends and Employee Profit

Sharing

Mgmt

For

With

Amend Articles of Association

Mgmt

For

With

Amend Procedures Governing the Acquisition or Disposal of

Assets

Mgmt

For

With

Approve Increase of Registered Capital and Issuance of Ordinary

Shares to Participate in the Issuance of Global Depository Receipt

Mgmt

For

With

Other Business

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

82,000

Total:

82,000

06/11/07 AGM

Awea Mechantronic Co Ltd

Y0486W105

12/4/2007

292,000

Voted

Accept 2006 Financial Statements

Mgmt

For

With

Approve Allocation of Income and Dividends

Mgmt

For

With

Research Notes:

The board is proposing a cash dividend of NTD 3 ($0.09) per share and a stock dividend of 100 shares for every 1,000 shares held, or NTD 1

($0.03) each. This gives the company a payout ratio of 58.9 percent. We use a minimum of 30 percent and a maximum of 100 percent as

benchmarks to trigger further analysis.

Approve Capitalization of 2006 Dividends and Employee Profit

Sharing

Mgmt

For

With

Research Notes:

Taiwanese companies routinely capitalize dividends and distribute new fully paid shares to shareholders free of charge; there is no cost to

shareholders to maintain their stakes and no risk of dilution. This procedure transfers wealth to shareholders and does not significantly impact

share value. The only impact on shareholders is that by increasing the number of shares on issue, the company could increase liquidity, enhance

marketability, and ultimately expand its shareholder base. This item is pursuant to the stock dividends discussed in Item 2.

Amend Procedures Governing the Acquisition or Disposal of

Assets

Mgmt

For

With

Research Notes:

The proposal seeks to revise the company's procedures governing the acquisition or disposal of assets in accordance with the newly

revised Guidelines for Handling Acquisition or Disposal of Assets by Public Companies issued by the Financial Supervisory Commission,

Executive Yuan (FSC) on Jan. 19, 2007. Major revisions are as follows: to change the governing body to the FSC instead of the Securities &

Futures Commission, Ministry of Finance, Taiwan; to include the fund underlying securities as part of the assets to be handled by the company; to

add that if special prices are required to be used as reference for the transaction price, there is no need to obtain an appraisal report and an

accountant opinion regarding the transaction; to use the latest audited financial statements of a company to be acquired or disposed (Target

Company) as the reference in appraising the transaction price, and to request for an accountant’s opinion regarding the reasonableness

of the transaction price should the dollar amount of the transaction be equivalent to 20 percent of the Target Company’s paid-in capital

or at least NTD 300 million ($9.21 million), except if: the Target Company’s securities have a publicly offered price from an active market,

Elect One Director

Mgmt

For

With

Other Business

Research Notes:

This is a non-voting item.

Fund Name

Shares Available

Shares Voted

WK1U Fred Alger

292,000

Total:

292,000

06/11/07 AGM

HOLTEK SEMICONDUCTOR INC

Y3272F104

12/4/2007

334,000

Voted

Accept 2006 Operating Results and Financial Statements

Mgmt

For

With

Approve Allocation of Income and Dividends

Mgmt

For

With

Research Notes:

The board is proposing a cash dividend of NTD 3.707 ($0.11) per share and a stock dividend of 10 shares for every 1,000 shares held, or NTD

0.1 ($0.003) each. This gives the company a payout ratio of 76 percent. We use a minimum of 30 percent and a maximum of 100 percent as

benchmarks to trigger further analysis.

Approve Capitalization of 2006 Dividends and Employee Profit

Sharing

Mgmt

For

With

Research Notes:

Taiwanese companies routinely capitalize dividends and distribute new fully paid shares to shareholders free of charge; there is no cost to

shareholders to maintain their stakes and no risk of dilution. This procedure transfers wealth to shareholders and does not significantly impact

share value. The only impact on shareholders is that by increasing the number of shares on issue, the company could increase liquidity, enhance

marketability, and ultimately expand its shareholder base. This item is pursuant to the stock dividends discussed in Item 2.

Amend Articles of Association

Mgmt

For

With

Research Notes:

Approval of this item will allow the company to incorporate the following changes to its Articles of Association: