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| SECURITIES AND EXCHANGE COMMISSION |
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FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-01743 | |||||||
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The Alger Funds II | ||||||||
(Exact name of registrant as specified in charter) | ||||||||
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111 Fifth Avenue New York, New York |
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(Address of principal executive offices) |
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Mr. Hal Liebes | ||||||||
(Name and address of agent for service) | ||||||||
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Registrant’s telephone number, including area code: | 212-806-8800 |
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Date of fiscal year end: | October 31 |
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Date of reporting period: | April 30, 2011 |
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ITEM 1. REPORT(S) TO STOCKHOLDERS.
The Alger Funds II |
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SEMI-ANNUAL REPORT |
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April 30, 2011 |
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(Unaudited) |
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Table of Contents
THE ALGER FUNDS II
Letter to Our Shareholders | 1 |
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Fund Highlights | 11 |
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Portfolio Summary | 16 |
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Schedules of Investments | 17 |
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Statements of Assets and Liabilities | 52 |
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Statements of Operations | 56 |
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Statements of Changes in Net Assets | 58 |
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Statements of Cash Flows | 61 |
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Financial Highlights | 62 |
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Notes to Financial Statements | 73 |
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Additional Information | 90 |
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Dear Shareholders, |
| May 20, 2011 |
Indications that the economic recovery was gaining traction fueled a strong equity rally during the six-month period ended April 30, 2011, with the S&P 500 posting a 16.36% return. Market volatility was prevalent, however, as many investors feared that political turmoil in the Middle East and North Africa would disrupt global oil production and lead to higher energy prices. Concerns over the economic impact of the earthquake, tsunami and nuclear power plant accident in Japan also weighed heavily on investors. During the period, we maintained our focus on generating strong investment returns by conducting thoughtful, research-driven stock selection, while also assessing macro economic developments and the humanitarian impact of the Japan crisis.
Performance of the S&P 500 was virtually flat in November, but encouraging retail shopping trends and other upbeat news pushed the index into positive territory for December and January. Yet, by mid-February, investors’ fears over rising oil prices strengthened and equity markets started to perform in a manner that we have seen before—market returns became inversely correlated to the price of oil. Market volatility continued as investors focused on the implications of the Japan crisis, although a steady stream of encouraging economic data helped support the ongoing equity rally throughout the remainder of the six-month period.
Broadly speaking, market performance was consistent with our expectations. In our Winter 2010/2011 Market Commentary, we maintained that economic acceleration, strong corporate earnings, healthy balance sheets, job market improvements, and other developments would lead to further gains in U.S. equities this year. Yet, we cautioned that volatility would continue and markets would eventually struggle to maintain gains as weak real estate prices, high unemployment rates, and fears of potential global trade conflicts lingered.
The Recovery Strengthens
The six-month period was highlighted by a variety of encouraging developments. In January, the Department of Labor announced that December unemployment dropped to 9.4%, down from 9.8% in November. The trend continued, with the rate dropping to 9.0% in January and to 8.9% in February—its lowest level since April of 2009. Also encouraging, applications for unemployment insurance declined by 22,000 to 391,000 for the week ended February 19, sparking optimism that job layoffs were slowing. In the corporate world, earnings growth continued with many of our holdings, like Apple, Inc., Oracle Corp., United Parcel Service, Inc., ConocoPhillips, Cliffs Natural Resources, Inc., and Aetna, Inc. contributing to optimism with earnings that outpaced analysts’ forecasts. In Detroit, Chrysler Group LLC’s January U.S. auto sales climbed 23% and General Motors Co. achieved its first annual profit since 2004.
The Conference Board, meanwhile, reported that its Consumer Confidence Index climbed to 70.4 in February, its highest level in three years. Also impressive was Federal Reserve data showing annualized GDP growth of 2.8% for the fourth
quarter, which while below analysts’ expectations, was still encouraging. The Federal Reserve also estimated that 2011 GDP would grow 3.4% to 3.9%, compared to a previous estimate of 3.0% to 3.6%.
Trouble Overseas
Investor optimism eventually waned and the S&P 500 tumbled approximately 6.41% during the three-and-a-half-week period ended March 18. While the end of earnings season may have naturally shifted investor attention from corporate fundamentals, turmoil in the Middle East and in North Africa clearly weighed heavily on markets by creating concerns over the possible economic implications of higher energy prices and the lack of decisive change in U.S. energy consumption and in U.S. energy policy. Rising prices for all types of commodities also continued to be a central issue. Indeed, escalating food prices and the economic challenges they created in many parts of the world were significant triggers to the anti-government protests in Tunisia that sparked rebellion across Bahrain, Yemen, Egypt, Algeria, and eventually Libya. In Egypt, where 40% of the nation lives in poverty, President Hosni Mubarak was forced to resign, which encouraged similar protests in other countries. Protestors in Libya eventually shut down an estimated 50% of the country’s daily oil production of 1.8 million barrels. Concerns over a tightening of oil supply drove prices of West Texas Intermediate Crude from $91.55 a barrel at the beginning of the year to $113.52 on April 29.
Investors became even more skittish in March when Japan was hit by a magnitude 8.9 earthquake—the strongest in the country’s history. The quake and resulting tsunami left a wake of despair, destroying entire towns and communities in a single day. Even more alarming, the earthquake damaged cooling systems at the Fukushima Daiichi nuclear power facility, and a series of explosions damaged the plant’s nuclear reactors, left fuel rods exposed, and released radiation into the atmosphere. U.S. officials urged expatriates to stay at least 50 miles from the facility as Japanese workers frantically struggled to stop the crisis from worsening. Investors, understandably, grew concerned: Japan is the world’s third-largest economy, so disruptions in manufacturing and consumption could have a considerable impact on global growth, at least in the near term. As we watch the disaster unfold, we feel confident that as the Japanese rebuild their nation, they will become stronger as a country, and they will eventually make many positive contributions to society and the global economy. In the meantime, we continue to admire their perseverance.
Investor Psychology and the Road Ahead
We still believe that equity markets have strong potential for generating attractive gains, although fears over oil prices and concerns over Japan’s impact on global economic growth will be significant challenges. Regarding oil, higher energy prices do not necessarily cause economic recession. Rather, it is the rate of change that is important. Oil price spikes must be drastic to cause an “oil shock” to the economy (we recognize that the fundamental strength of the economy at the time oil prices increase also matters, but we currently think the U.S. economy is stronger than most believe). Generally speaking, past global recessions and cyclical bear markets triggered by oil have occurred only after prices increased by more than 100% in a short period,
according to BCA Research, an independent economic research firm. We are not at that point yet. Disruptions in petroleum production, of course, could cause pain at the pump for American motorists, but in some ways, the U.S. is better prepared for price increases than in the past. Americans now spend just slightly more than 5% of their disposable income on energy, down from more than 8% in the 1980s, according to BCA. Oil’s role in America’s energy usage has also declined, accounting for only 37% of energy consumed in 2009, down from 44% in 1980, according to the U.S. Energy Information Administration. We also believe that the run up in oil prices that occurred from 2003 to 2008 succeeded in conditioning, at least partially, American consumers and businesses to potentially higher energy prices over the long term.
We believe that the development of a substantial oil shortage is unlikely. World oil production exceeds demand by an estimated three million to four million barrels per day, and many oil producing countries are capable of boosting output. Demand in the U.S. and developed economies has, in fact, been relatively flat, with emerging markets, especially China, driving recent oil demand growth. Additionally, consumption of oil in Japan, at least for the short term, has been crimped by the country’s crisis. An escalation of political turmoil in the Middle East and North Africa is still possible, but unless it affects oil production in Saudi Arabia, which is the world’s second-largest oil producer, it is unlikely to result in near-term supply shortages.
Regarding Japan, the impact of the country’s crisis on the global economy will be felt in coming months. Japan represents 6% to 8% of global GDP, and power outages have shut down many factories in the country. Supply chain disruptions, especially in the auto and technology industries, will occur as a result. These are short-term events that long-term investors should, and we think will, look beyond. Moreover, the massive rebuilding of Japan should eventually be a source of global economic stimulus. Finally, with an unreliable power supply in Japan, it is currently unknown if the country’s manufacturing capacity is significantly compromised even in the short term; however, much of the country’s industry infrastructure is state-of-the-art technology that minimizes damage from earthquakes, so it’s possible that manufacturing production will resume as soon as dependable electrical energy is restored.
We maintain that market resilience in the first quarter signals investors’ understanding of a vital fact: the U.S. economic recovery is strengthening. This has and will continue to support, we believe, a continuing rally in U.S. equities. Alger’s philosophy of “Investing in Positive Dynamic Change” has never been more appropriate than today. Change, whether from political events such as the uprisings in the Middle East or from the continuing impact of emerging markets across Asia and South America, has never been more evident. While change is almost always unsettling for some investors, we believe that it generates opportunities to buy attractively priced and well-run companies that have superior potential for growth. We continue to believe that research is the cornerstone of superior portfolio management, regardless of economic conditions, and that our proven and disciplined process for identifying
companies experiencing Positive Dynamic Change will continue to produce superior long-term results for our clients.
Portfolio Matters
Alger Spectra Fund
The Alger Spectra Fund returned 19.95% for the fiscal six-month period ended April 30, 2011, compared to the 17.77% return of the Russell 3000 Growth Index.
For the reporting period, the Fund’s average portfolio allocation to long positions, which was increased by leverage, was 104.97% of assets. In aggregate, long positions contributed approximately 21.75% to performance. The Fund had an average -7.52% allocation to short positions. The short positions had an approximately -1.80% contribution to performance.
During the period, the largest sector weightings in the Alger Spectra Fund were in the Information Technology and Consumer Discretionary sectors. The largest sector overweight for the period was in Information Technology and the largest sector underweight for the period was in Consumer Staples. Relative outperformance in the Information Technology and Energy sectors was the most important contributor to performance. Sectors that detracted from performance included Consumer Staples and Telecommunication Services.
Regarding the Fund’s long positions, the most important relative contributors were Focus Media Holding Ltd., SINA Corp., Skyworks Solutions Inc., Hertz Global Holdings Inc., and Blackrock Inc. Among short positions, SunTrust Banks, Inc. had the largest positive contribution to performance. Conversely, detracting from overall results on a relative basis were long positions in International Business Machines Corp., United Continental Holdings Inc., and Expedia Inc. Short positions that detracted from performance were Cablevision Systems Corp., C.R. Bard Inc., and EOG Resources, Inc.
Alger Green Fund
The Alger Green Fund returned 9.95% for the fiscal six-month period ended April 30, 2011, compared with a return of 17.77% for the Russell 3000 Growth Index.
During the period, the largest sector weightings in the Alger Green Fund were in the Information Technology and Industrials sectors. The largest sector overweight for the period was in Industrials and the largest sector underweight for the period was in Energy. Relative outperformance in the Materials and Utilities sectors was the most important contributor to performance. Sectors that detracted from performance included Energy and Information Technology.
Among the most important relative contributors were Rockwood Holdings, Inc., Cummins, Inc., General Cable Corp., Navistar International Corp., and Clean Harbors, Inc. Conversely, detracting from overall results on a relative basis were
Metabolix Inc., American Superconductor Corp., SmartHeat Inc.; EnerNOC, Inc., and International Business Machines Corp.
Alger Analyst Fund
The Alger Analyst Fund returned 15.30% for the fiscal six-month period ended April 30, 2011. The Fund’s benchmark, the Russell 3000 Growth Index, returned 17.77% during the same period.
During the period, the largest sector weightings in the Alger Analyst Fund were in the Information Technology and Consumer Discretionary sectors. The largest sector overweight for the period was in Health Care and the largest sector underweight for the period was in Information Technology. Relative outperformance in the Consumer Discretionary and Information Technology sectors was the most important contributor to performance. Sectors that detracted from performance included Industrials and Energy.
Among the most important relative contributors were Shutterfly, Inc.; Bucyrus International Inc.; Cognizant Technology Solutions Corp.; Optimer Pharmaceuticals, Inc.; and Cisco Systems, Inc. Conversely, detracting from overall results on a relative basis were Apple, Inc.; Oracle Corp.; Qualcomm, Inc.; Metabolix, Inc.; and Cephalon, Inc.
Alger Dynamic Opportunities Fund
The Alger Dynamic Opportunities Fund returned 12.89%, compared to the 8.04% return of the Fund’s benchmark, which is an equally weighted blend of the S&P 500 Index and the 3-Month London Interbank Offered Rate (LIBOR), for the six-month fiscal period ended April 30, 2011.
For the period, the Fund’s average long exposure was 84.94% and the average short exposure was -33.01%, for an average net exposure of 51.93% and average gross exposure of 117.95%. Cash, which is a residual of long exposure and short sale proceeds, averaged 48.07%. For the period, our long positions returned 24.40% as compared to the S&P 500 Index’s 16.37% and contributed approximately 19.33% to Fund performance. Our short hedge positions rose 20.43% and subtracted approximately 6.44% from Fund performance.
During the period, the largest sector weightings in the Alger Dynamic Opportunities Fund were in the Information Technology and Industrials sectors. The largest sector overweight for the period was in Information Technology and the largest sector underweight for the period was in Financials. Relative outperformance in the Information Technology and Materials sectors was the most important contributor to performance. Sectors that detracted from performance included Financials and Consumer Staples.
Among the most important relative contributors were OpenTable, Inc.; Cliffs Natural Resources, Inc.; Flowserve Corp.; Arcos Dorados Holdings Inc.; and Devon Energy Corp. Conversely, detracting from overall results on a relative basis were Metabolix, Inc.; Cablevision Systems Corp.; Ericsson ADR; International Business Machines Corp., and Occidental Petroleum Corp. Among short positions, Cablevision Systems Corp. was a top detractor from performance while Best Buy Co., Inc. contributed to performance.
Alger Emerging Markets Fund
The Alger Emerging Markets Fund returned 2.40% from its December 29, 2010 commencement of operations date to April 30, 2011, compared to the 6.63% return of its benchmark, the MSCI Emerging Markets Index.
During the period, the largest sector weightings in the Alger Emerging Markets Fund were in the Materials and Financials sectors. The largest sector overweight for the period was in Materials and the largest sector underweight for the period was in Telecommunication Services. Relative outperformance in the Materials and Information Technology sectors was the most important contributor to performance. Sectors that detracted from performance included Energy and Industrials.
During the reporting period, the Fund’s largest country weightings were in China and Brazil. The largest country overweight was in Argentina and the largest underweight was in South Africa. Regarding stock selection, holdings in China, Taiwan and Egypt had a positive impact on performance. Among countries where stock selection detracted from performance were Korea, Russia, and Brazil.
Anhui Conch Cement Co., Ltd., Baidu, Inc., Wynn Macau Ltd., KGHM Polska Miedz, and Lukoil OAO were top contributors to relative performance. Conversely, detracting from overall results on a relative basis were Samsung Techwin Co., Ltd.; Doosan Heavy Industries and Construction Co., Ltd.; MTN Group Ltd.; Ranbaxy Labs Gdr Reg S; and Mahindra & Mahindra Gdr Reg S.
As always, we strive to deliver consistently superior investment results for you, our shareholders, and we thank you for your business and your continued confidence in Alger.
Respectfully submitted,
Dan Chung, CFA
Chief Investment Officer
Investors cannot invest directly in an index. Index performance does not reflect the deduction for fees, expenses, or taxes.
This report and the financial statements contained herein are submitted for the general information of shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless proceeded or accompanied by an effective prospectus for the Fund. Fund performance returns represent the fiscal six-month period return of Class A shares prior to the deduction of any sales charges and include the reinvestment of any dividends or distributions.
The performance data quoted represents past performance, which is not an indication or guarantee of future results.
Standardized performance results can be found on the following pages. The investment return and principal value of an investment in a Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, visit us at www.alger.com or call us at (800) 992-3863.
The views and opinions of the Fund’s management in this report are as of the date of the Shareholder Letter and are subject to change at any time subsequent to this date. There is no guarantee that any of the assumptions that formed the basis for the opinions stated herein are accurate or that they will materialize. Moreover, the information forming the basis for such assumptions is from sources believed to be reliable; however, there is no guarantee that such information is accurate. Any securities mentioned, whether owned in a fund or otherwise, are considered in the context of the construction of an overall portfolio of securities and therefore reference to them should not be construed as a recommendation or offer to purchase or sell any such security. Inclusion of such securities in a fund and transactions in such securities, if any, may be for a variety of reasons, including without limitation, in response to cash flows, inclusion in a benchmark, and risk control. The reference to a specific security should also be understood in such context and not viewed as a statement that the security is a significant holding in a portfolio. Please refer to the Schedule of Investments for each fund which is included in this report for a complete list of fund holdings as of April 30, 2011. Securities mentioned in the Shareholders Letter, if not found in the Schedule of Investments, may have been held by the Funds during the six-month fiscal period.
A Word About Risk
Investing in the stock market involves gains and losses and may not be suitable for all investors. Growth stocks tend to be more volatile than other stocks as the price of growth stocks tends to be higher in relation to their companies’ earnings and may be more sensitive to market, political and economic developments. Stocks of small- and mid-sized companies are subject to greater risk than stocks of larger, more established companies owing to such factors as limited liquidity, inexperienced management, and limited financial resources. Investing in foreign securities involves additional risk (including currency risk, risks related to political, social or economic conditions, and risks associated with foreign markets, such as increased volatility, limited liquidity, less stringent regulatory and legal system, and lack of industry and country
diversification), and may not be suitable for all investors. Investing in emerging markets involves higher levels of risk, including increased information, market, and valuation risks, and may not be suitable for all investors.
Funds that participate in leveraging are subject to the risk that borrowing money to leverage will exceed the returns for securities purchased or that the securities purchased may actually go down in value; thus, the Fund’s net asset value can decrease more quickly than if the Fund had not borrowed. Some Alger Funds, such as the Alger Spectra Fund and the Alger Dynamic Opportunities Fund, may engage in short sales, which presents additional risk. To engage in a short sale, a Fund arranges with a broker to borrow the security being sold short. In order to close out its short position, a Fund will replace the security by purchasing the security at the price prevailing at the time of replacement. The Fund will incur a loss if the price of the security sold short has increased since the time of the short sale and may experience a gain if the price has decreased since the short sale.
A small investment in derivatives could have a potentially large impact on the Fund’s performance. When purchasing options, the Fund bears the risk that if the market value of the underlying security does not move to a level that would make exercise of the option profitable, the option will expire unexercised. When a call option written by the Fund is exercised, the Fund will not participate in any increase in the underlying security’s value above the exercise price. When a put option written by the Fund is exercised, the Fund will be required to purchase the underlying security at a price in excess of its market value. Use of options on securities indexes are subject to the risk that trading in the options may be interrupted if trading in certain securities included in the index is interrupted, the risk that price movements in the Fund’s portfolio securities may not correlate precisely with movements in the level of an index, and the risk that Fred Alger Management, Inc. may not predict correctly movements in the direction of a particular market or of the stock market generally. Because certain options may require settlement in cash, the Fund may be forced to liquidate portfolio securities to meet settlement obligations. Forward currency contracts are subject to currency exchange rate risks, the risk of non-performance by the contract counterparty, and the risk that Fred Alger Management, Inc. may not predict accurately future foreign exchange rates. The cost of borrowing money to leverage could exceed the returns for securities purchased or the securities purchased may actually go down in value; thus, the Fund’s net asset value could decrease more quickly than if it had not borrowed.
The Alger Green Fund’s environmental focus may limit the investment options available to the Fund and may result in lower returns than returns of funds not subject to such investment considerations. For a more detailed discussion of the risks associated with a Fund, please see the Fund’s Prospectus.
The Alger Dynamic Opportunities Fund is a non-diversified investment company, which means that it is not required to maintain, as to 75% of its assets, no more than 5% of its assets in any single issuer. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to
risks associated with a single economic, political, or regulatory occurrence than a fund that has a diversified portfolio.
Before investing, carefully consider a fund’s investment objective, risks, charges, and expenses. For a prospectus or a summary prospectus containing this and other information about the Alger Funds call us at (800) 992-3863 or visit us at www.alger.com. Read it carefully before investing.
Fred Alger & Company, Incorporated, Distributor. Member NYSE Euronext, SIPC.
NOT FDIC INSURED. NOT BANK GUARANTEED. MAY LOSE VALUE.
Index Definitions:
· The Russell 3000 Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on the total market capitalization, which represents 98% of the U.S. Equity Market.
· The Morgan Stanley Capital International (MSCI) Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.
· The 3-Month London Interbank Offered Rate (LIBOR) is based on rates that contributor banks in London offer each other for inter-bank deposits.
· The Standard & Poor’s 500 Index is an index of large-company common stocks and is considered to be representative of the U.S. stock market.
· Investors cannot invest directly in any index.
FUND PERFORMANCE AS OF 3/31/11 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS
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| 1 YEAR |
| 5 YEARS |
| 10 YEARS |
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Alger Spectra Class A |
| 12.03 | % | 9.25 | % | 6.12 | % |
Alger Spectra Class C * |
| 16.38 | % | 9.66 | % | 5.93 | % |
Alger Spectra Class I † |
| 18.41 | % | 10.57 | % | 6.76 | % |
Alger Spectra Class Z ‡ |
| 18.31 | % | 10.45 | % | 6.70 | % |
* | Historical performance prior to September 24, 2008, inception of the class, is that of the Fund’s Class A shares, adjusted to reflect Class C share’s higher operating expenses and current maximum sales charge. |
† | Historical performance prior to September 24, 2008, inception of the class, is that of the Fund’s Class A shares, which has been adjusted to remove the front-end sales charge imposed by Class A shares. |
‡ | Historical performance prior to December 29, 2010, inception of the class, is that of the Fund’s Class A shares, which has been adjusted to remove the front-end sales charge imposed by Class A shares |
FUND PERFORMANCE AS OF 3/31/11 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS
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| 1 |
| 5 |
| SINCE |
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Alger Green Class A (Inception 12/4/00)* |
| 4.14 | % | 2.51 | % | (1.78 | )% |
Alger Green Class C (Inception 9/24/08)† |
| 8.18 | % | 2.86 | % | (2.00 | )% |
Alger Green Class I (Inception 9/24/08)‡ |
| 9.93 | % | 3.60 | % | (1.28 | )% |
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Alger Analyst Class A (Inception 3/30/07) |
| 6.51 | % | n/a |
| 1.36 | % |
Alger Analyst Class C (Inception 9/24/08)† |
| 10.54 | % | n/a |
| 1.95 | % |
Alger Analyst Class I (Inception 9/24/08)‡ |
| 12.47 | % | n/a |
| 2.73 | % |
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Alger Dynamic Opportunities Class A (Inception 11/2/09) |
| 3.21 | % | n/a |
| 6.77 | % |
Alger Dynamic Opportunities Class C (Inception 12/29/10)§ |
| 7.15 | % | n/a |
| 10.09 | % |
Alger Dynamic Opportunities Class Z (Inception 12/29/10)** |
| 9.04 | % | n/a |
| 10.98 | % |
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Alger Emerging Markets Class A (Inception 12/29/10) |
| n/a |
| n/a |
| (5.97 | )% |
Alger Emerging Markets Class C (Inception 12/29/10) |
| n/a |
| n/a |
| (2.39 | )% |
Alger Emerging Markets Class I (Inception 12/29/10) |
| n/a |
| n/a |
| (1.30 | )% |
The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s average annual total returns include changes in share price and reinvestment of dividends and capital gains.
* | Historical performance prior to September 24, 2008, inception of the class, is that of the Fund’s Class A shares, adjusted to reflect Class C share’s higher operating expenses and current maximum sales charge. |
† | Historical performance prior to September 24, 2008, inception of the class, is that of the Fund’s Class A shares, which has been adjusted to remove the front-end sales charge imposed by Class A shares. |
‡ | Historical performance prior to December 29, 2010, inception of the class, is that of the Fund’s Class A shares, adjusted to reflect Class C share’s higher operating expenses and current maximum sales charge. |
§ | Historical performance prior to December 29, 2010, inception of the class, is that of the Fund’s Class A shares, which has been adjusted to remove the front-end sales charge imposed by Class A shares. |
** | Performance figures prior to January 12, 2007, are those of the Alger Green Institutional Fund and performance prior to October 19, 2006, represents the performance of the Alger Socially Responsible Growth Institutional Fund Class I, the predecessor fund to the Alger Green Institutional Fund. The predecessor fund followed different investment strategies and had different portfolio manager. As of January 12, 2007, the Alger Green Institutional Fund became the Alger Green Fund. |
ALGER SPECTRA FUND
Fund Highlights Through April 30, 2011 (Unaudited)
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Spectra Fund Class A shares, with an initial 5.25% maximum sales charge, and the Russell 3000 Growth Index (an unmanaged index of common stocks) for the ten years ended April 30, 2011. The figures for the Alger Spectra Fund Class A and the Russell 3000 Growth Index include reinvestment of dividends. Performance for the Alger Spectra Fund Class C, Class I and Class Z shares will vary from the results shown above due to differences in expenses and sales charges those classes bear. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
PERFORMANCE COMPARISON AS OF 4/30/11
AVERAGE ANNUAL TOTAL RETURNS
|
| 1 YEAR |
| 5 YEARS |
| 10 YEARS |
| Since |
|
Class A (Inception 7/28/69)*,† |
| 16.75 | % | 10.15 | % | 5.43 | % | 16.18 | % |
Class C (Inception 9/24/08)†,‡,§ |
| 21.34 | % | 10.57 | % | 5.23 | % | 15.49 | % |
Class I (Inception 9/24/08)†,** |
| 23.38 | % | 11.48 | % | 6.06 | % | 16.37 | % |
Class Z (Inception 12/29/10)†,†† |
| 23.39 | % | 11.38 | % | 6.01 | % | 16.35 | % |
Russell 3000 Growth Index |
| 21.62 | % | 5.05 | % | 2.38 | % | n/a |
|
The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s average annual total returns include changes in share price and reinvestment of dividends and capital gains. The chart and table above do not reflect the deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares. Investment return and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For performance current to the most recent month end, visit us at www.alger.com or call us at (800) 992-3863.
* | Returns reflect the maximum initial sales charges. |
† | Historical performance has been calculated from December 31, 1974, the first full calendar year that Fred Alger Management, Inc. was the Fund’s investment advisor. The Fund operated as a closed-end fund from August 23, 1978 to February 12, 1996. The calculation of total return during that time assumes dividends were reinvested at market value. Had dividends not been reinvested, performance would have been lower. |
‡ | Historical performance prior to September 24, 2008, inception of the class, is that of the Fund’s Class A shares, adjusted to reflect Class C share’s higher operating expenses and current maximum sales charge. |
§ | Returns reflect the applicable contingent deferred sales charge. |
** | Historical performance prior to September 24, 2008, inception of the class, is that of the Fund’s Class A shares, which has been adjusted to remove the front-end sales charge imposed by Class A shares. |
†† | Historical performance prior to December 29, 2010, inception of the class, is that of the Fund’s Class A shares, which has been adjusted to remove the front-end sales charge imposed by Class A shares. |
ALGER GREEN FUND
Fund Highlights Through April 30, 2011 (Unaudited)
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Green Fund Class A shares, with an initial 5.25% maximum sales charge, and the Russell 3000 Growth Index (an unmanaged index of common stocks) for the ten years ended April 30, 2011. The figures for the Alger Green Fund Class A and the Russell 3000 Growth Index include reinvestment of dividends. Performance for the Alger Green Fund Class C and Class I shares will vary from the results shown above due to differences in expenses and sales charges those classes bear. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
PERFORMANCE COMPARISON AS OF 4/30/11
AVERAGE ANNUAL TOTAL RETURNS
|
| 1 YEAR |
| 5 YEARS |
| 10 YEARS |
| Since |
|
Class A (Inception 12/4/00)*,† |
| 3.11 | % | 2.67 | % | 0.77 | % | (1.64 | )% |
Class C (Inception 9/24/08)‡,§ |
| 6.97 | % | 3.00 | % | 0.55 | % | (1.87 | )% |
Class I (Inception 9/24/08)** |
| 8.88 | % | 3.75 | % | 1.30 | % | (1.14 | )% |
Russell 3000 Growth Index |
| 21.62 | % | 5.05 | % | 2.38 | % | 0.86 | % |
The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s average annual total returns include changes in share price and reinvestment of dividends and capital gains. The chart and table above do not reflect the deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares. Investment return and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For performance current to the most recent month end, visit us at www.alger.com or call us at (800) 992-3863.
* | Returns reflect the maximum initial sales charges. |
† | Performance figures prior to January 12, 2007, are those of the Alger Green Institutional Fund and performance prior to October 19, 2006, represents the performance of the Alger Socially Responsible Growth Institutional Fund Class I, the predecessor fund to the Alger Green Institutional Fund. The predecessor fund followed different investment strategies and had a different portfolio manager. As of January 12, 2007, the Alger Green Institutional Fund became the Alger Green Fund. |
‡ | Historical performance prior to 9/24/2008, inception of the class, is that of the Fund’s Class A shares, adjusted to reflect Class C share’s higher operating expenses and current maximum sales charge. |
§ | Returns reflect the applicable contingent deferred sales charge. |
** | Historical performance prior to September 24, 2008, inception of the class, is that of the Fund’s Class A shares, which has been adjusted to remove the front-end sales charge imposed by Class A shares. |
ALGER ANALYST FUND
Fund Highlights Through April 30, 2011 (Unaudited)
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Analyst Fund Class A shares, with an initial 5.25% maximum sales charge, and the Russell 3000 Growth Index (an unmanaged index of common stocks) on March 30, 2007, the inception date of the Alger Analyst Fund Class A, through April 30, 2011. The figures for the Alger Analyst Fund Class A and the Russell 3000 Growth Index include reinvestment of dividends. Performance for the Alger Analyst Fund Class C and Class I shares will vary from the results shown above due to differences in expenses and sales charges those classes bear.
Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
PERFORMANCE COMPARISON AS OF 4/30/11
AVERAGE ANNUAL TOTAL RETURNS
|
| 1 YEAR |
| 5 YEARS |
| 10 YEARS |
| Since |
|
Class A (Inception 3/30/07)* |
| 8.59 | % | n/a |
| n/a |
| 2.16 | % |
Class C (Inception 9/24/08)†,‡ |
| 12.82 | % | n/a |
| n/a |
| 2.74 | % |
Class I (Inception 9/24/08)§ |
| 14.70 | % | n/a |
| n/a |
| 3.51 | % |
Russell 3000 Growth Index |
| 21.62 | % | n/a |
| n/a |
| 4.54 | % |
The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s average annual total returns include changes in share price and reinvestment of dividends and capital gains. The chart and table above do not reflect the deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares. Investment return and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For performance current to the most recent month end, visit us at www.alger.com or call us at (800) 992-3863.
* | Returns reflect the maximum initial sales charges. |
† | Historical performance prior to 9/24/2008, inception of the class, is that of the Fund’s Class A shares, adjusted to reflect Class C share’s higher operating expenses and current maximum sales charge. |
‡ | Returns reflect the applicable contingent deferred sales charge. |
§ | Historical performance prior to September 24, 2008, inception of the class, is that of the Fund’s Class A shares, which has been adjusted to remove the front-end sales charge imposed by Class A shares. |
ALGER DYNAMIC OPPORTUNITIES FUND
Fund Highlights Through April 30, 2011(Unaudited)
The chart above illustrates the change in value of a hypothetical $10,000 investment made in Alger Dynamic Opportunities Fund Class A shares, with an initial 5.25% maximum sales charge, and the Blended S&P 500/3-Month London Interbank Offered Rate (“LIBOR”) on November 2, 2009, the inception date of the Alger Dynamic Opportunities Fund Class A, through April 30, 2011. The figures for the Alger Dynamic Opportunities Fund Class A, and the Blended S&P 500/LIBOR include reinvestment of dividends. Performance for the Alger Dynamic Opportunities Fund Class C and Class Z shares will vary from the results shown above due to differences in expense and sales charges those classes bear.
Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
PERFORMANCE COMPARISON AS OF 4/30/11
AVERAGE ANNUAL TOTAL RETURNS
|
| 1 YEAR |
| 5 YEARS |
| 10 YEARS |
| Since |
|
Class A (Inception 11/2/09)* |
| 7.39 | % | n/a |
| n/a |
| 8.48 | % |
Class C (Inception 12/29/10)†,‡ |
| 11.38 | % | n/a |
| n/a |
| 11.54 | % |
Class Z (Inception 12/29/10)§ |
| 13.32 | % | n/a |
| n/a |
| 12.44 | % |
Blended S&P 500 / LIBOR |
| 8.91 | % | n/a |
| n/a |
| 11.08 | % |
The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s average annual total returns include changes in share price and reinvestment of dividends and capital gains. The chart and table above do not reflect the deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares. Investment return and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For performance current to the most recent month end, visit us at www.alger.com or call us at (800) 992-3863.
* | Returns reflect the maximum initial sales charges. |
† | Historical performance prior to December 29, 2010, inception of the class, is that of the Fund’s Class A shares, adjusted to reflect Class C share’s higher operating expenses and current maximum sales charge. |
‡ | Returns reflect the applicable contingent deferred sales charge. |
§ | Historical performance prior to December 29, 2010, inception of the class, is that of the Fund’s Class A shares, which has been adjusted to remove the front-end sales charge imposed by Class A shares. |
ALGER EMERGING MARKETS FUND
Fund Highlights Through April 30, 2011 (Unaudited)
The chart above illustrates the change in value of a hypothetical $10,000 investment made in Alger Emerging Markets Fund Class A shares, with an initial 5.25% maximum sales charge, and the MSCI Emerging Markets Index (an unmanaged indexes of common stocks) on December 29, 2010, the inception date of the Alger Emerging Markets Fund Class A, through April 30, 2011. The figures for the Alger Emerging Markets Fund Class A, and the MSCI Emerging Markets Index include reinvestment of dividends. Performance for the Alger Emerging Markets Fund Class C and Class I shares will vary from the results shown above due to differences in expense and sales charges those classes bear.
Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
PERFORMANCE COMPARISON AS OF 4/30/11
AVERAGE ANNUAL TOTAL RETURNS
|
| 1 YEAR |
| 5 YEARS |
| 10 YEARS |
| Since |
|
Class A (Inception 12/29/10)* |
| n/a |
| n/a |
| n/a |
| (2.94 | )% |
Class C (Inception 12/29/10)† |
| n/a |
| n/a |
| n/a |
| 0.70 | % |
Class I (Inception 12/29/10) |
| n/a |
| n/a |
| n/a |
| 1.90 | % |
MSCI Emerging Markets Index |
| n/a |
| n/a |
| n/a |
| 6.63 | % |
The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s average annual total returns include changes in share price and reinvestment of dividends and capital gains. The chart and table above do not reflect the deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares. Investment return and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For performance current to the most recent month end, visit us at www.alger.com or call us at (800) 992-3863.
* | Returns reflect the maximum initial sales charges. |
† | Returns reflect the applicable contingent deferred sales charge. |
PORTFOLIO SUMMARY†
April 30, 2011 (Unaudited)
SECTORS |
| Alger Spectra |
| Alger Green |
| Alger Analyst |
| Alger Dynamic |
|
Consumer Discretionary |
| 15.4 | % | 19.4 | % | 18.5 | % | 6.0 | % |
Consumer Staples |
| 3.3 |
| 6.3 |
| 2.3 |
| 1.9 |
|
Energy |
| 10.9 |
| 2.5 |
| 10.0 |
| 10.9 |
|
Financials |
| 6.9 |
| 2.8 |
| 4.5 |
| (2.5 | ) |
Health Care |
| 10.7 |
| 6.4 |
| 9.8 |
| 10.7 |
|
Industrials |
| 15.1 |
| 19.4 |
| 10.1 |
| 8.9 |
|
Information Technology |
| 28.2 |
| 29.5 |
| 23.5 |
| 15.0 |
|
Materials |
| 5.5 |
| 7.4 |
| 4.7 |
| 4.9 |
|
Telecommunication Services |
| 0.2 |
| 0.0 |
| 1.1 |
| 0.0 |
|
Utilities |
| 0.0 |
| 2.1 |
| 0.0 |
| 0.0 |
|
Short-Term Investments and Net Other Assets |
| 3.8 |
| 4.2 |
| 15.5 |
| 44.2 |
|
|
| 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
COUNTRY |
| Alger |
|
Argentina |
| 0.3 | % |
Brazil |
| 14.9 |
|
Cayman Islands |
| 1.6 |
|
Chile |
| 0.3 |
|
China |
| 16.1 |
|
Colombia |
| 0.4 |
|
Columbia |
| 0.9 |
|
Hong Kong |
| 0.7 |
|
Hungary |
| 0.5 |
|
India |
| 6.1 |
|
Indonesia |
| 2.1 |
|
Malaysia |
| 3.3 |
|
Mexico |
| 4.0 |
|
Philippines |
| 0.6 |
|
Poland |
| 1.1 |
|
Russia |
| 7.8 |
|
South Africa |
| 5.9 |
|
South Korea |
| 13.9 |
|
Taiwan |
| 10.3 |
|
Thailand |
| 1.9 |
|
Turkey |
| 1.7 |
|
Cash and Net Other Assets |
| 5.6 |
|
|
| 100.0 | % |
† | Based on net assets for each Fund. |
* | Includes short sales as a reduction of sector exposure. |
THE ALGER FUNDS II | ALGER SPECTRA FUND
Schedule of Investments‡ (Unaudited) April 30, 2011
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—100.2% |
|
|
|
|
| |
ADVERTISING—1.7% |
|
|
|
|
| |
Focus Media Holding Ltd. #* |
| 499,600 |
| $ | 17,560,940 |
|
Interpublic Group of Cos., Inc., /The |
| 74,500 |
| 875,375 |
| |
|
|
|
| 18,436,315 |
| |
AEROSPACE & DEFENSE—1.3% |
|
|
|
|
| |
Goodrich Corp. |
| 110,600 |
| 9,773,722 |
| |
Rockwell Collins, Inc. |
| 76,700 |
| 4,839,770 |
| |
|
|
|
| 14,613,492 |
| |
AIR FREIGHT & LOGISTICS—2.4% |
|
|
|
|
| |
FedEx Corp. |
| 77,700 |
| 7,433,559 |
| |
United Parcel Service, Inc., Cl. B + |
| 257,200 |
| 19,282,284 |
| |
|
|
|
| 26,715,843 |
| |
AIRLINES—0.6% |
|
|
|
|
| |
United Continental Holdings, Inc.* |
| 287,900 |
| 6,569,878 |
| |
|
|
|
|
|
| |
APPAREL RETAIL—0.3% |
|
|
|
|
| |
Abercrombie & Fitch Co., Cl. A |
| 49,100 |
| 3,476,280 |
| |
|
|
|
|
|
| |
APPLICATION SOFTWARE—1.4% |
|
|
|
|
| |
Cadence Design Systems, Inc. * |
| 92,500 |
| 960,150 |
| |
Informatica Corp. * |
| 106,400 |
| 5,959,464 |
| |
Nice Systems Ltd. #* |
| 112,195 |
| 4,277,995 |
| |
Salesforce.com, Inc. * |
| 31,500 |
| 4,365,900 |
| |
|
|
|
| 15,563,509 |
| |
ASSET MANAGEMENT & CUSTODY BANKS—1.3% |
|
|
|
|
| |
BlackRock, Inc. + |
| 48,100 |
| 9,424,714 |
| |
KKR & Co., LP |
| 254,800 |
| 4,831,008 |
| |
|
|
|
| 14,255,722 |
| |
AUTO PARTS & EQUIPMENT—0.8% |
|
|
|
|
| |
Lear Corp. |
| 177,500 |
| 9,077,350 |
| |
|
|
|
|
|
| |
AUTOMOBILE MANUFACTURERS—1.2% |
|
|
|
|
| |
Bayerische Motoren Werke AG# |
| 415,266 |
| 13,018,589 |
| |
|
|
|
|
|
| |
BIOTECHNOLOGY—1.9% |
|
|
|
|
| |
Human Genome Sciences, Inc. * |
| 295,030 |
| 8,694,534 |
| |
InterMune, Inc. * |
| 72,100 |
| 3,218,544 |
| |
Optimer Pharmaceuticals, Inc. * |
| 646,000 |
| 8,158,980 |
| |
|
|
|
| 20,072,058 |
| |
BROADCASTING & CABLE TV—0.5% |
|
|
|
|
| |
CBS Corp., Cl. B |
| 199,500 |
| 5,031,390 |
| |
|
|
|
|
|
| |
COAL & CONSUMABLE FUELS—1.0% |
|
|
|
|
| |
Peabody Energy Corp. |
| 169,900 |
| 11,352,718 |
| |
|
|
|
|
|
| |
COMMODITY CHEMICALS—0.6% |
|
|
|
|
| |
Celanese Corp. |
| 140,000 |
| 6,988,800 |
| |
|
|
|
|
|
| |
COMMUNICATIONS EQUIPMENT—3.1% |
|
|
|
|
| |
Ciena Corp. * |
| 166,400 |
| 4,699,136 |
| |
Cisco Systems, Inc. + |
| 167,092 |
| 2,934,136 |
| |
Corning, Inc. |
| 178,600 |
| 3,739,884 |
| |
Qualcomm, Inc. + |
| 326,717 |
| 18,570,594 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
COMMUNICATIONS EQUIPMENT—(CONT.) |
|
|
|
|
| |
Riverbed Technology, Inc. * |
| 131,200 |
| $ | 4,610,368 |
|
|
|
|
| 34,554,118 |
| |
COMPUTER HARDWARE—6.7% |
|
|
|
|
| |
Apple, Inc. *+ |
| 163,972 |
| 57,099,969 |
| |
Hewlett-Packard Co. + |
| 377,461 |
| 15,238,101 |
| |
|
|
|
| 72,338,070 |
| |
COMPUTER STORAGE & PERIPHERALS—1.9% |
|
|
|
|
| |
EMC Corp. * |
| 468,499 |
| 13,277,262 |
| |
OCZ Technology Group, Inc. * |
| 100,000 |
| 821,000 |
| |
SanDisk Corp. * |
| 73,300 |
| 3,601,962 |
| |
Seagate Technology PLC |
| 199,600 |
| 3,516,952 |
| |
|
|
|
| 21,217,176 |
| |
CONSTRUCTION & ENGINEERING—0.3% |
|
|
|
|
| |
Chicago Bridge & Iron Co., NV# |
| 87,600 |
| 3,551,304 |
| |
|
|
|
|
|
| |
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—4.2% |
|
|
|
|
| |
Caterpillar, Inc. |
| 110,500 |
| 12,752,805 |
| |
Cummins, Inc. |
| 123,300 |
| 14,818,193 |
| |
Deere & Co. |
| 86,300 |
| 8,414,250 |
| |
WABCO Holdings, Inc. * |
| 116,800 |
| 8,625,680 |
| |
|
|
|
| 44,610,928 |
| |
DATA PROCESSING & OUTSOURCED SERVICES—0.8% |
|
|
|
|
| |
Mastercard, Inc.+ |
| 31,665 |
| 8,736,057 |
| |
|
|
|
|
|
| |
DEPARTMENT STORES—0.5% |
|
|
|
|
| |
Kohl’s Corp. |
| 103,300 |
| 5,444,943 |
| |
|
|
|
|
|
| |
DIVERSIFIED BANKS—0.8% |
|
|
|
|
| |
Comerica, Inc. |
| 14,400 |
| 546,192 |
| |
Itau Unibanco Holding SA # |
| 166,900 |
| 3,963,875 |
| |
Wells Fargo & Co. |
| 161,900 |
| 4,712,909 |
| |
|
|
|
| 9,222,976 |
| |
DIVERSIFIED METALS & MINING—2.3% |
|
|
|
|
| |
Cliffs Natural Resources, Inc. |
| 106,243 |
| 9,957,094 |
| |
Freeport-McMoRan Copper & Gold, Inc. |
| 109,000 |
| 5,998,270 |
| |
Molycorp, Inc. * |
| 123,600 |
| 9,059,880 |
| |
|
|
|
| 25,015,244 |
| |
DRUG RETAIL—0.7% |
|
|
|
|
| |
CVS Caremark Corp. |
| 216,600 |
| 7,849,584 |
| |
|
|
|
|
|
| |
EDUCATION SERVICES—0.7% |
|
|
|
|
| |
New Oriental Education & Technology Group#* |
| 58,500 |
| 7,291,440 |
| |
|
|
|
|
|
| |
ELECTRICAL COMPONENTS & EQUIPMENT—0.2% |
|
|
|
|
| |
Hubbell Inc., Cl. B |
| 27,700 |
| 1,938,723 |
| |
|
|
|
|
|
| |
ENVIRONMENTAL & FACILITIES SERVICES—0.6% |
|
|
|
|
| |
Republic Services, Inc. |
| 204,500 |
| 6,466,290 |
| |
|
|
|
|
|
| |
FERTILIZERS & AGRICULTURAL CHEMICALS—0.6% |
|
|
|
|
| |
Mosaic Co., /The |
| 91,593 |
| 6,856,652 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
FOOTWEAR—0.3% |
|
|
|
|
| |
NIKE Inc., Cl. B |
| 33,800 |
| $ | 2,782,416 |
|
|
|
|
|
|
| |
GOLD—0.4% |
|
|
|
|
| |
Yamana Gold, Inc. |
| 352,200 |
| 4,476,462 |
| |
|
|
|
|
|
| |
HEALTH CARE DISTRIBUTORS—0.2% |
|
|
|
|
| |
McKesson Corp. |
| 24,000 |
| 1,992,240 |
| |
|
|
|
|
|
| |
HEALTH CARE EQUIPMENT—1.7% |
|
|
|
|
| |
Covidien PLC + |
| 244,212 |
| 13,600,167 |
| |
Given Imaging Ltd * |
| 141,028 |
| 2,951,716 |
| |
Insulet Corp. * |
| 136,001 |
| 2,922,661 |
| |
|
|
|
| 19,474,544 |
| |
HEALTH CARE FACILITIES—0.7% |
|
|
|
|
| |
Universal Health Services, Inc., Cl. B |
| 131,380 |
| 7,196,996 |
| |
|
|
|
|
|
| |
HEALTH CARE SERVICES—0.8% |
|
|
|
|
| |
Express Scripts, Inc.* |
| 161,900 |
| 9,186,206 |
| |
|
|
|
|
|
| |
HOME FURNISHING RETAIL—0.2% |
|
|
|
|
| |
Williams-Sonoma, Inc. |
| 53,288 |
| 2,313,232 |
| |
|
|
|
|
|
| |
HOME IMPROVEMENT RETAIL—1.5% |
|
|
|
|
| |
Lowe’s Companies, Inc. |
| 622,972 |
| 16,353,015 |
| |
|
|
|
|
|
| |
HOTELS RESORTS & CRUISE LINES—0.9% |
|
|
|
|
| |
Home Inns & Hotels Management, Inc. #* |
| 50,400 |
| 2,178,792 |
| |
Wyndham Worldwide Corporation |
| 223,700 |
| 7,742,257 |
| |
|
|
|
| 9,921,049 |
| |
HOUSEHOLD APPLIANCES—0.3% |
|
|
|
|
| |
Stanley Black & Decker, Inc. |
| 52,200 |
| 3,792,330 |
| |
|
|
|
|
|
| |
HOUSEHOLD PRODUCTS—1.0% |
|
|
|
|
| |
Procter & Gamble Co., /The |
| 174,000 |
| 11,292,601 |
| |
|
|
|
|
|
| |
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.3% |
|
|
|
|
| |
Towers Watson & Co. |
| 63,300 |
| 3,630,888 |
| |
|
|
|
|
|
| |
HYPERMARKETS & SUPER CENTERS—0.5% |
|
|
|
|
| |
Wal-Mart Stores, Inc.+ |
| 90,883 |
| 4,996,747 |
| |
|
|
|
|
|
| |
INDUSTRIAL CONGLOMERATES—1.4% |
|
|
|
|
| |
3M Co. |
| 55,800 |
| 5,424,318 |
| |
Tyco International Ltd. |
| 211,121 |
| 10,290,038 |
| |
|
|
|
| 15,714,356 |
| |
INDUSTRIAL MACHINERY—1.7% |
|
|
|
|
| |
Flowserve Corp. |
| 38,600 |
| 4,887,532 |
| |
Ingersoll-Rand PLC |
| 278,100 |
| 14,044,050 |
| |
|
|
|
| 18,931,582 |
| |
INTEGRATED OIL & GAS—4.1% |
|
|
|
|
| |
Chevron Corp. + |
| 48,561 |
| 5,314,516 |
| |
ConocoPhillips |
| 246,100 |
| 19,424,673 |
| |
Royal Dutch Shell PLC # |
| 258,800 |
| 20,051,824 |
| |
|
|
|
| 44,791,013 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
INTEGRATED TELECOMMUNICATION SERVICES—0.2% |
|
|
|
|
| |
Verizon Communications, Inc. |
| 63,900 |
| $ | 2,414,142 |
|
|
|
|
|
|
| |
INTERNET RETAIL—1.6% |
|
|
|
|
| |
Amazon.com, Inc. * |
| 58,300 |
| 11,455,950 |
| |
Expedia, Inc. + |
| 247,490 |
| 6,194,675 |
| |
|
|
|
| 17,650,625 |
| |
INTERNET SOFTWARE & SERVICES—5.9% |
|
|
|
|
| |
Baidu, Inc. #* |
| 300 |
| 44,556 |
| |
Cornerstone OnDemand, Inc. * |
| 129,100 |
| 2,470,974 |
| |
eBay, Inc. * |
| 165,900 |
| 5,706,960 |
| |
Google, Inc., Cl. A *+ |
| 34,755 |
| 18,910,196 |
| |
GSI Commerce, Inc. *+ |
| 222,217 |
| 6,504,292 |
| |
IAC/InterActiveCorp. *+ |
| 288,446 |
| 10,415,785 |
| |
Sina Corp. * |
| 25,595 |
| 3,448,926 |
| |
VistaPrint Ltd. * |
| 197,845 |
| 10,762,768 |
| |
Yahoo! Inc. *+ |
| 310,135 |
| 5,504,896 |
| |
|
|
|
| 63,769,353 |
| |
INVESTMENT BANKING & BROKERAGE—0.9% |
|
|
|
|
| |
Goldman Sachs Group, Inc., /The |
| 41,200 |
| 6,221,612 |
| |
Lazard Ltd., Cl. A |
| 64,100 |
| 2,628,100 |
| |
LPL Investment Holdings, Inc. * |
| 39,800 |
| 1,459,864 |
| |
|
|
|
| 10,309,576 |
| |
IT CONSULTING & OTHER SERVICES—2.5% |
|
|
|
|
| |
Gartner, Inc. * |
| 108,500 |
| 4,655,735 |
| |
hiSoft Technology International #* |
| 56,500 |
| 1,054,290 |
| |
International Business Machines Corp. + |
| 125,113 |
| 21,341,776 |
| |
|
|
|
| 27,051,801 |
| |
LEISURE FACILITIES—0.3% |
|
|
|
|
| |
Six Flags Entertainment Corp. |
| 50,400 |
| 3,453,912 |
| |
|
|
|
|
|
| |
LEISURE PRODUCTS—2.0% |
|
|
|
|
| |
Hanesbrands, Inc. * |
| 299,600 |
| 9,739,996 |
| |
Phillips-Van Heusen Corp. |
| 162,900 |
| 11,469,789 |
| |
Warnaco Group Inc., /The * |
| 7,300 |
| 469,828 |
| |
|
|
|
| 21,679,613 |
| |
LIFE & HEALTH INSURANCE—0.9% |
|
|
|
|
| |
MetLife, Inc. |
| 210,200 |
| 9,835,258 |
| |
|
|
|
|
|
| |
LIFE SCIENCES TOOLS & SERVICES—1.9% |
|
|
|
|
| |
Thermo Fisher Scientific, Inc.* |
| 353,112 |
| 21,183,189 |
| |
|
|
|
|
|
| |
MANAGED HEALTH CARE—1.8% |
|
|
|
|
| |
Aetna, Inc. |
| 342,300 |
| 14,164,374 |
| |
CIGNA Corp. |
| 124,800 |
| 5,844,384 |
| |
|
|
|
| 20,008,758 |
| |
MOVIES & ENTERTAINMENT—1.5% |
|
|
|
|
| |
Liberty Media Corp., Capital, Cl. A * |
| 139,497 |
| 11,476,418 |
| |
Walt Disney Co., /The |
| 112,700 |
| 4,857,370 |
| |
|
|
|
| 16,333,788 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
OIL & GAS EQUIPMENT & SERVICES—3.0% |
|
|
|
|
| |
Baker Hughes, Inc. |
| 298,300 |
| $ | 23,091,403 |
|
Halliburton Company |
| 115,700 |
| 5,840,536 |
| |
National Oilwell Varco, Inc. |
| 49,800 |
| 3,819,162 |
| |
|
|
|
| 32,751,101 |
| |
OIL & GAS EXPLORATION & PRODUCTION—2.8% |
|
|
|
|
| |
Devon Energy Corp. |
| 33,100 |
| 3,012,100 |
| |
Kodiak Oil & Gas Corp. * |
| 571,400 |
| 4,011,228 |
| |
Newfield Exploration Co. * |
| 106,000 |
| 7,504,800 |
| |
Nexen, Inc. + |
| 378,263 |
| 9,997,491 |
| |
Petrohawk Energy Corp. * |
| 265,600 |
| 7,173,856 |
| |
|
|
|
| 31,699,475 |
| |
OIL, GAS & CONSUMABLE FUELS—0.5% |
|
|
|
|
| |
Williams Cos., Inc., /The |
| 153,500 |
| 5,091,595 |
| |
|
|
|
|
|
| |
OTHER DIVERSIFIED FINANCIAL SERVICES—2.9% |
|
|
|
|
| |
BM&F Bovespa SA |
| 1,357,400 |
| 10,184,812 |
| |
Citigroup, Inc. * |
| 1,451,100 |
| 6,660,549 |
| |
JPMorgan Chase & Co. + |
| 332,643 |
| 15,178,500 |
| |
|
|
|
| 32,023,861 |
| |
PHARMACEUTICALS—2.9% |
|
|
|
|
| |
Allergan, Inc. |
| 128,300 |
| 10,207,548 |
| |
Auxilium Pharmaceuticals, Inc. * |
| 235,100 |
| 5,727,036 |
| |
Bristol-Myers Squibb Co. |
| 54,600 |
| 1,534,260 |
| |
Johnson & Johnson |
| 109,700 |
| 7,209,484 |
| |
Medicis Pharmaceutical Corp., Cl. A |
| 29,000 |
| 1,028,340 |
| |
Pfizer, Inc. + |
| 285,199 |
| 5,977,771 |
| |
|
|
|
| 31,684,439 |
| |
PRECIOUS METALS & MINERALS—1.3% |
|
|
|
|
| |
ETFS Palladium Trust * |
| 20,190 |
| 1,594,001 |
| |
SPDR Gold Trust * |
| 54,971 |
| 8,375,381 |
| |
Stillwater Mining Co. * |
| 184,900 |
| 4,217,569 |
| |
|
|
|
| 14,186,951 |
| |
RAILROADS—1.1% |
|
|
|
|
| |
CSX Corp. |
| 156,500 |
| 12,314,985 |
| |
|
|
|
|
|
| |
RESEARCH & CONSULTING SERVICES—0.1% |
|
|
|
|
| |
Verisk Analytic, Inc., Cl. A* |
| 39,200 |
| 1,289,680 |
| |
|
|
|
|
|
| |
RESIDENTIAL REITS—0.1% |
|
|
|
|
| |
American Campus Communities, Inc. |
| 24,700 |
| 868,205 |
| |
|
|
|
|
|
| |
RESTAURANTS—0.8% |
|
|
|
|
| |
McDonald’s Corp. |
| 109,961 |
| 8,611,046 |
| |
|
|
|
|
|
| |
SEMICONDUCTOR EQUIPMENT—0.5% |
|
|
|
|
| |
Lam Research Corp.*+ |
| 123,300 |
| 5,956,623 |
| |
|
|
|
|
|
| |
SEMICONDUCTORS—3.6% |
|
|
|
|
| |
Altera Corp. |
| 117,180 |
| 5,706,666 |
| |
Avago Technologies Ltd. |
| 199,500 |
| 6,675,270 |
| |
Broadcom Corp., Cl. A * |
| 66,600 |
| 2,342,988 |
| |
NXP Semiconductor NV * |
| 174,200 |
| 5,818,280 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
SEMICONDUCTORS—(CONT.) |
|
|
|
|
| |
ON Semiconductor Corp. * |
| 68,693 |
| $ | 721,963 |
|
Skyworks Solutions, Inc. *+ |
| 336,266 |
| 10,578,929 |
| |
Texas Instruments, Inc. |
| 230,700 |
| 8,196,771 |
| |
|
|
|
| 40,040,867 |
| |
SOFT DRINKS—0.9% |
|
|
|
|
| |
PepsiCo, Inc.+ |
| 136,215 |
| 9,383,851 |
| |
|
|
|
|
|
| |
SPECIALIZED FINANCE—0.7% |
|
|
|
|
| |
CME Group, Inc. |
| 25,400 |
| 7,512,558 |
| |
|
|
|
|
|
| |
SPECIALTY CHEMICALS—0.3% |
|
|
|
|
| |
Cytec Industries, Inc. |
| 55,100 |
| 3,233,268 |
| |
|
|
|
|
|
| |
SYSTEMS SOFTWARE—2.7% |
|
|
|
|
| |
Oracle Corp.+ |
| 813,845 |
| 29,339,112 |
| |
|
|
|
|
|
| |
TOBACCO—0.6% |
|
|
|
|
| |
Philip Morris International, Inc.+ |
| 97,094 |
| 6,742,207 |
| |
|
|
|
|
|
| |
TRUCKING—1.3% |
|
|
|
|
| |
Hertz Global Holdings, Inc.* |
| 785,042 |
| 13,510,573 |
| |
|
|
|
|
|
| |
WIRELESS TELECOMMUNICATION SERVICES—0.2% |
|
|
|
|
| |
SBA Communications Corp.* |
| 77,400 |
| 2,989,962 |
| |
|
|
|
|
|
| |
TOTAL COMMON STOCKS |
|
|
| 1,100,031,500 |
| |
|
|
|
|
|
| |
CONVERTIBLE PREFERRED STOCK—0.5% |
|
|
|
|
| |
HOUSEHOLD APPLIANCES—0.2% |
|
|
|
|
| |
Stanley Black & Decker, Inc.* |
| 18,633 |
| 2,197,762 |
| |
|
|
|
|
|
| |
PHARMACEUTICALS—0.3% |
|
|
|
|
| |
Merrimack Pharmaceuticals, Inc., Series G, %, *,(L3),(a) |
| 406,230 |
| 2,843,610 |
| |
|
|
|
|
|
| |
TOTAL CONVERTIBLE PREFERRED STOCK |
|
|
| 5,041,372 |
| |
|
|
|
|
|
| |
PREFERRED STOCKS—0.5% |
|
|
|
|
| |
OTHER DIVERSIFIED FINANCIAL SERVICES—0.5% |
|
|
|
|
| |
JPMorgan Chase & Co., 8.63%, 09/1/13 |
| 194,990 |
| 5,389,524 |
| |
|
| PRINCIPAL |
|
|
|
CONVERTIBLE CORPORATE BONDS—0.4% |
|
|
|
|
|
CABLE & SATELLITE—0.2% |
|
|
|
|
|
XM Satellite Radio Inc., 7.00%, 12/1/14(L2)(b) |
| 1,500,000 |
| 2,193,750 |
|
|
| PRINCIPAL |
| VALUE |
| ||
CONVERTIBLE CORPORATE BONDS—(CONT.) |
|
|
|
|
| ||
HOMEBUILDING—0.2% |
|
|
|
|
| ||
Lennar Corp., 2.75%, 12/15/20(L2)(b) |
| $ | 1,989,000 |
| $ | 2,207,790 |
|
TOTAL CONVERTIBLE CORPORATE BONDS |
|
|
| 4,401,540 |
| ||
|
|
|
|
|
| ||
Total Investments |
| 101.6 | % | 1,114,863,936 |
| ||
Liabilities in Excess of Other Assets |
| (1.6 | ) | (17,091,298 | ) | ||
|
|
|
|
|
| ||
NET ASSETS |
| 100.0 | % | $ | 1,097,772,638 |
| |
‡ | Securities classified as Level 1 for ASC 820 disclosure purposes based on valuation inputs unless otherwise noted. |
|
|
+ | All or a portion of this security is held as collateral for securities sold short. |
* | Non-income producing security. |
# | American Depository Receipts. |
(a) | Restricted Security - Investment in security not registered under the Securities Act of 1933. The investment is deemed to be illiquid and may be sold only to qualified institutional buyers. Security was acquired on August 25, 2010 for a cost of $2,843,610 and represents 0.3% of the net assets of the Fund. |
(b) | Pursuant to Securities and Exchange Commission Rule 144A, these securities may be sold prior to their maturity only to qualified institutional buyers. These securities are deemed to be liquid and represent 0.4% of the net assets of the Fund. |
(c) | At April 30, 2011, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $983,093,329 amounted to $131,770,607 which consisted of aggregate gross unrealized appreciation of $144,058,422 and aggregate gross unrealized depreciation of $12,287,815. |
(L2) | Security classified as Level 2 for ASC 820 disclosure purposes based on valuation inputs. |
(L3) | Security classified as Level 3 for ASC 820 disclosure purposes based on valuation inputs. |
See Notes to Financial Statements.
THE ALGER FUNDS II | ALGER SPECTRA FUND
Securities Sold Short‡ (Unaudited) April 30, 2011
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(5.4)% |
|
|
|
|
| |
ASSET MANAGEMENT & CUSTODY BANKS—(0.4)% |
|
|
|
|
| |
Federated Investors Inc., Cl. B |
| 175,000 |
| $ | 4,511,500 |
|
|
|
|
|
|
| |
BIOTECHNOLOGY—(0.6)% |
|
|
|
|
| |
Myriad Genetics, Inc.* |
| 293,800 |
| 6,299,072 |
| |
|
|
|
|
|
| |
COMMUNICATIONS EQUIPMENT—(0.3)% |
|
|
|
|
| |
Telefonaktiebolaget LM Ericsson# |
| 223,200 |
| 3,392,640 |
| |
|
|
|
|
|
| |
COMPUTER HARDWARE—(0.1)% |
|
|
|
|
| |
Dell Inc.* |
| 55,900 |
| 867,009 |
| |
|
|
|
|
|
| |
ELECTRONIC COMPONENTS—(0.1)% |
|
|
|
|
| |
Dolby Laboratories Inc., Cl. A* |
| 20,100 |
| 1,006,206 |
| |
|
|
|
|
|
| |
FOOD RETAIL—(0.2)% |
|
|
|
|
| |
Safeway Inc. |
| 85,800 |
| 2,085,798 |
| |
|
|
|
|
|
| |
HEALTH CARE EQUIPMENT—(0.9)% |
|
|
|
|
| |
CR Bard, Inc. |
| 73,900 |
| 7,888,825 |
| |
Varian Medical Systems, Inc.* |
| 32,200 |
| 2,260,440 |
| |
|
|
|
| 10,149,265 |
| |
HOTELS RESORTS & CRUISE LINES—(0.2)% |
|
|
|
|
| |
Choice Hotels International, Inc. |
| 48,400 |
| 1,809,192 |
| |
|
|
|
|
|
| |
HOUSEHOLD PRODUCTS—(0.2)% |
|
|
|
|
| |
Colgate-Palmolive Co. |
| 21,100 |
| 1,779,785 |
| |
|
|
|
|
|
| |
INTEGRATED TELECOMMUNICATION SERVICES—(0.3)% |
|
|
|
|
| |
Telefonos de Mexico SAB de CV# |
| 157,800 |
| 2,954,016 |
| |
|
|
|
|
|
| |
INTERNET SOFTWARE & SERVICES—(0.2)% |
|
|
|
|
| |
MercadoLibre Inc. |
| 21,600 |
| 1,974,240 |
| |
|
|
|
|
|
| |
IT CONSULTING & OTHER SERVICES—(0.2)% |
|
|
|
|
| |
SAIC Inc.* |
| 94,900 |
| 1,651,260 |
| |
|
|
|
|
|
| |
OIL & GAS EXPLORATION & PRODUCTION—(0.6)% |
|
|
|
|
| |
Ultra Petroleum Corp.* |
| 51,900 |
| 2,636,001 |
| |
EOG Resources, Inc. |
| 29,900 |
| 3,376,009 |
| |
|
|
|
| 6,012,010 |
| |
PROPERTY & CASUALTY INSURANCE—(0.3)% |
|
|
|
|
| |
Chubb Corp. |
| 41,700 |
| 2,718,423 |
| |
|
|
|
|
|
| |
RESTAURANTS—(0.1)% |
|
|
|
|
| |
Brinker International, Inc. |
| 30,400 |
| 732,336 |
| |
|
|
|
|
|
| |
SPECIALIZED REITS—(0.6)% |
|
|
|
|
| |
Host Hotels & Resorts, Inc. |
| 212,000 |
| 3,771,480 |
| |
LaSalle Hotel Properties |
| 114,000 |
| 3,207,960 |
| |
|
|
|
| 6,979,440 |
| |
TRUCKING—(0.4)% |
|
|
|
|
| |
Landstar System, Inc. |
| 85,500 |
| 4,052,700 |
| |
|
|
|
|
|
| |
TOTAL (proceeds $52,257,506) |
|
|
| $ | 58,974,892 |
|
‡ | Securities classified as Level 1 for ASC 820 disclosure purposes based on valuation inputs unless otherwise noted. | |
|
| |
# | American Depository Receipts. | |
* | Non-income producing security. | |
See Notes to Financial Statements.
THE ALGER FUNDS II | ALGER GREEN FUND
Schedule of Investments‡ (Unaudited) April 30, 2011
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—95.6% |
|
|
|
|
| |
AEROSPACE & DEFENSE—0.6% |
|
|
|
|
| |
General Dynamics Corp. |
| 5,030 |
| $ | 366,285 |
|
|
|
|
|
|
| |
AIR FREIGHT & LOGISTICS—2.3% |
|
|
|
|
| |
FedEx Corp. |
| 8,085 |
| 773,492 |
| |
United Parcel Service, Inc., Cl. B |
| 8,585 |
| 643,617 |
| |
|
|
|
| 1,417,109 |
| |
APPLICATION SOFTWARE—1.2% |
|
|
|
|
| |
Adobe Systems, Inc.* |
| 22,305 |
| 748,333 |
| |
|
|
|
|
|
| |
AUTO PARTS & EQUIPMENT—2.7% |
|
|
|
|
| |
Johnson Controls, Inc. |
| 19,905 |
| 816,105 |
| |
Tenneco, Inc. * |
| 17,695 |
| 817,685 |
| |
|
|
|
| 1,633,790 |
| |
AUTOMOBILE MANUFACTURERS—0.9% |
|
|
|
|
| |
General Motors Co. * |
| 9,360 |
| 300,362 |
| |
Tesla Motors, Inc. * |
| 10,000 |
| 276,000 |
| |
|
|
|
| 576,362 |
| |
BROADCASTING & CABLE TV—1.1% |
|
|
|
|
| |
Discovery Communications Inc., Series A* |
| 14,880 |
| 658,589 |
| |
|
|
|
|
|
| |
CHEMICALS—0.8% |
|
|
|
|
| |
Metabolix, Inc.* |
| 59,770 |
| 482,942 |
| |
|
|
|
|
|
| |
COMMODITY CHEMICALS—1.2% |
|
|
|
|
| |
Celanese Corp. |
| 14,940 |
| 745,805 |
| |
|
|
|
|
|
| |
COMMUNICATIONS EQUIPMENT—1.0% |
|
|
|
|
| |
Cisco Systems, Inc. |
| 36,280 |
| 637,077 |
| |
|
|
|
|
|
| |
COMPUTER HARDWARE—5.5% |
|
|
|
|
| |
Apple, Inc. * |
| 6,795 |
| 2,366,223 |
| |
Hewlett-Packard Co. |
| 23,330 |
| 941,832 |
| |
|
|
|
| 3,308,055 |
| |
COMPUTER STORAGE & PERIPHERALS—1.4% |
|
|
|
|
| |
EMC Corp.* |
| 29,430 |
| 834,046 |
| |
|
|
|
|
|
| |
CONSTRUCTION & ENGINEERING—0.8% |
|
|
|
|
| |
Aecom Technology Corp.* |
| 17,030 |
| 464,238 |
| |
|
|
|
|
|
| |
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—5.4% |
|
|
|
|
| |
Cummins, Inc. |
| 10,995 |
| 1,321,379 |
| |
Navistar International Corp. * |
| 12,985 |
| 902,717 |
| |
Wabash National Corp. * |
| 46,830 |
| 516,535 |
| |
Westport Innovations, Inc. * |
| 24,725 |
| 625,543 |
| |
|
|
|
| 3,366,174 |
| |
DATA PROCESSING & OUTSOURCED SERVICES—0.5% |
|
|
|
|
| |
Visa Inc., Cl. A |
| 4,120 |
| 321,854 |
| |
|
|
|
|
|
| |
DEPARTMENT STORES—1.2% |
|
|
|
|
| |
Kohl’s Corp. |
| 14,270 |
| 752,172 |
| |
|
|
|
|
|
| |
DISTRIBUTORS—0.8% |
|
|
|
|
| |
LKQ Corp.* |
| 19,185 |
| 483,846 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
DIVERSIFIED CHEMICALS—1.0% |
|
|
|
|
| |
Solutia, Inc.* |
| 24,445 |
| $ | 644,126 |
|
|
|
|
|
|
| |
DIVERSIFIED SUPPORT SERVICES—0.4% |
|
|
|
|
| |
EnerNOC, Inc.* |
| 12,850 |
| 230,144 |
| |
|
|
|
|
|
| |
ELECTRIC UTILITIES—2.1% |
|
|
|
|
| |
Duke Energy Corp. |
| 31,715 |
| 591,485 |
| |
ITC Holdings Corp. |
| 10,060 |
| 713,556 |
| |
|
|
|
| 1,305,041 |
| |
ELECTRICAL COMPONENTS & EQUIPMENT—2.6% |
|
|
|
|
| |
American Superconductor Corp. * |
| 17,235 |
| 204,235 |
| |
General Cable Corp. * |
| 14,430 |
| 699,855 |
| |
Woodward Governor Co. |
| 18,635 |
| 690,427 |
| |
|
|
|
| 1,594,517 |
| |
ELECTRONIC EQUIPMENT MANUFACTURERS—0.9% |
|
|
|
|
| |
Itron, Inc.* |
| 10,035 |
| 546,205 |
| |
|
|
|
|
|
| |
ELECTRONIC MANUFACTURING SERVICES—1.3% |
|
|
|
|
| |
Trimble Navigation Ltd.* |
| 17,530 |
| 821,105 |
| |
|
|
|
|
|
| |
ENVIRONMENTAL & FACILITIES SERVICES—4.0% |
|
|
|
|
| |
Clean Harbors, Inc. * |
| 9,265 |
| 912,602 |
| |
Covanta Holding Corp. |
| 21,380 |
| 367,095 |
| |
Tetra Tech, Inc. * |
| 24,225 |
| 572,195 |
| |
Waste Management, Inc. |
| 16,780 |
| 662,138 |
| |
|
|
|
| 2,514,030 |
| |
FOOTWEAR—1.6% |
|
|
|
|
| |
Deckers Outdoor Corp. * |
| 6,050 |
| 513,403 |
| |
NIKE Inc., Cl. B |
| 5,880 |
| 484,042 |
| |
|
|
|
| 997,445 |
| |
GENERAL MERCHANDISE STORES—0.9% |
|
|
|
|
| |
Target Corp. |
| 11,600 |
| 569,560 |
| |
|
|
|
|
|
| |
HEALTH CARE DISTRIBUTORS—0.5% |
|
|
|
|
| |
Cardinal Health, Inc. |
| 7,650 |
| 334,229 |
| |
|
|
|
|
|
| |
HEALTH CARE SERVICES—0.8% |
|
|
|
|
| |
Express Scripts, Inc.* |
| 8,540 |
| 484,560 |
| |
|
|
|
|
|
| |
HEAVY ELECTRICAL EQUIPMENT—0.6% |
|
|
|
|
| |
Vestas Wind Systems A/S* |
| 10,030 |
| 356,165 |
| |
|
|
|
|
|
| |
HOME IMPROVEMENT RETAIL—1.2% |
|
|
|
|
| |
Lowe’s Companies, Inc. |
| 29,035 |
| 762,169 |
| |
|
|
|
|
|
| |
HOMEBUILDING—0.5% |
|
|
|
|
| |
KB Home |
| 25,665 |
| 303,104 |
| |
|
|
|
|
|
| |
HOTELS RESORTS & CRUISE LINES—0.9% |
|
|
|
|
| |
Carnival Corp. |
| 13,845 |
| 527,079 |
| |
|
|
|
|
|
| |
HOUSEHOLD APPLIANCES—0.6% |
|
|
|
|
| |
SodaStream International Ltd.* |
| 7,790 |
| 356,315 |
| |
|
|
|
|
|
| |
HOUSEHOLD PRODUCTS—1.2% |
|
|
|
|
| |
Procter & Gamble Co., /The |
| 11,179 |
| 725,517 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
HYPERMARKETS & SUPER CENTERS—2.0% |
|
|
|
|
| |
Wal-Mart Stores, Inc. |
| 22,735 |
| $ | 1,249,970 |
|
|
|
|
|
|
| |
INDUSTRIAL GASES—0.5% |
|
|
|
|
| |
Praxair, Inc. |
| 3,050 |
| 324,581 |
| |
|
|
|
|
|
| |
INTEGRATED OIL & GAS—1.3% |
|
|
|
|
| |
Chevron Corp. |
| 7,095 |
| 776,477 |
| |
|
|
|
|
|
| |
INTERNET RETAIL—2.2% |
|
|
|
|
| |
Amazon.com, Inc. * |
| 4,305 |
| 845,932 |
| |
Expedia, Inc. |
| 19,775 |
| 494,968 |
| |
|
|
|
| 1,340,900 |
| |
INTERNET SOFTWARE & SERVICES—4.2% |
|
|
|
|
| |
eBay, Inc. * |
| 20,455 |
| 703,652 |
| |
Google, Inc., Cl. A * |
| 2,275 |
| 1,237,827 |
| |
Yahoo! Inc. * |
| 36,965 |
| 656,129 |
| |
|
|
|
| 2,597,608 |
| |
INVESTMENT BANKING & BROKERAGE—1.2% |
|
|
|
|
| |
Goldman Sachs Group, Inc., /The |
| 4,650 |
| 702,197 |
| |
|
|
|
|
|
| |
IT CONSULTING & OTHER SERVICES—1.6% |
|
|
|
|
| |
International Business Machines Corp. |
| 5,795 |
| 988,511 |
| |
|
|
|
|
|
| |
LIFE SCIENCES TOOLS & SERVICES—0.5% |
|
|
|
|
| |
Life Technologies Corp.* |
| 5,650 |
| 311,880 |
| |
|
|
|
|
|
| |
MANAGED HEALTH CARE—0.9% |
|
|
|
|
| |
WellPoint, Inc. |
| 7,140 |
| 548,280 |
| |
|
|
|
|
|
| |
METAL & GLASS CONTAINERS—2.4% |
|
|
|
|
| |
Ball Corp. |
| 19,430 |
| 724,933 |
| |
Crown Holdings, Inc. * |
| 18,345 |
| 686,103 |
| |
|
|
|
| 1,411,036 |
| |
MOVIES & ENTERTAINMENT—1.2% |
|
|
|
|
| |
Walt Disney Co., /The |
| 16,585 |
| 714,814 |
| |
|
|
|
|
|
| |
OIL & GAS REFINING & MARKETING—1.2% |
|
|
|
|
| |
Gevo, Inc. * |
| 22,165 |
| 428,893 |
| |
Green Plains Renewable Energy, Inc. * |
| 27,995 |
| 350,497 |
| |
|
|
|
| 779,390 |
| |
OTHER DIVERSIFIED FINANCIAL SERVICES—1.1% |
|
|
|
|
| |
Bank of America Corp. |
| 22,620 |
| 277,774 |
| |
JPMorgan Chase & Co. |
| 8,990 |
| 410,213 |
| |
|
|
|
| 687,987 |
| |
PACKAGED FOODS & MEATS—1.1% |
|
|
|
|
| |
General Mills, Inc. |
| 17,520 |
| 675,922 |
| |
|
|
|
|
|
| |
PHARMACEUTICALS—3.7% |
|
|
|
|
| |
Abbott Laboratories |
| 11,275 |
| 586,751 |
| |
Johnson & Johnson |
| 9,325 |
| 612,839 |
| |
Merck & Co., Inc. |
| 12,805 |
| 460,340 |
| |
Pfizer, Inc. |
| 29,352 |
| 615,217 |
| |
|
|
|
| 2,275,147 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
RAILROADS—1.4% |
|
|
|
|
| |
Norfolk Southern Corp. |
| 11,215 |
| $ | 837,536 |
|
|
|
|
|
|
| |
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.5% |
|
|
|
|
| |
Brookfield Asset Management, Inc. |
| 9,990 |
| 335,864 |
| |
|
|
|
|
|
| |
RESTAURANTS—3.6% |
|
|
|
|
| |
Chipotle Mexican Grill, Inc. * |
| 1,205 |
| 321,482 |
| |
Darden Restaurants, Inc. |
| 8,215 |
| 385,859 |
| |
McDonald’s Corp. |
| 8,960 |
| 701,657 |
| |
Starbucks Corp. |
| 22,890 |
| 828,388 |
| |
|
|
|
| 2,237,386 |
| |
SEMICONDUCTOR EQUIPMENT—0.4% |
|
|
|
|
| |
MEMC Electronic Materials, Inc.* |
| 18,980 |
| 224,533 |
| |
|
|
|
|
|
| |
SEMICONDUCTORS—8.5% |
|
|
|
|
| |
Atheros Communications, Inc. * |
| 17,075 |
| 765,985 |
| |
Broadcom Corp., Cl. A * |
| 13,575 |
| 477,569 |
| |
Cree, Inc. * |
| 11,235 |
| 457,714 |
| |
First Solar, Inc. * |
| 7,060 |
| 985,364 |
| |
Intel Corp. |
| 40,690 |
| 943,601 |
| |
Trina Solar Ltd. #* |
| 32,235 |
| 918,375 |
| |
Yingli Green Energy Holding Co., Ltd. #* |
| 51,240 |
| 642,037 |
| |
|
|
|
| 5,190,645 |
| |
SOFT DRINKS—2.0% |
|
|
|
|
| |
Coca-Cola Co., /The |
| 18,450 |
| 1,244,637 |
| |
|
|
|
|
|
| |
SPECIALTY CHEMICALS—1.5% |
|
|
|
|
| |
Rockwood Holdings, Inc.* |
| 16,310 |
| 925,429 |
| |
|
|
|
|
|
| |
SYSTEMS SOFTWARE—3.0% |
|
|
|
|
| |
Microsoft Corp. |
| 42,495 |
| 1,105,720 |
| |
Oracle Corp. |
| 21,165 |
| 762,998 |
| |
|
|
|
| 1,868,718 |
| |
TRUCKING—1.1% |
|
|
|
|
| |
Hertz Global Holdings, Inc. * |
| 32,035 |
| 551,322 |
| |
Zipcar Inc. * |
| 4,800 |
| 123,792 |
| |
|
|
|
| 675,114 |
| |
TOTAL COMMON STOCKS |
|
|
| 58,792,550 |
| |
|
| PRINCIPAL |
|
|
| |
CONVERTIBLE CORPORATE BONDS—0.2% |
|
|
|
|
| |
ENVIRONMENTAL & FACILITIES SERVICES—0.2% |
|
|
|
|
| |
Covanta Holding Corp., 3.25%, 6/1/14(L2)(a) |
| 110,000 |
| 129,663 |
| |
|
|
|
|
|
| |
Total Investments |
| 95.8 | % | 58,922,213 |
| |
Other Assets in Excess of Liabilities |
| 4.2 |
| 2,612,941 |
| |
|
|
|
|
|
| |
NET ASSETS |
| 100.0 | % | $ | 61,535,154 |
|
‡ | Securities classified as Level 1 for ASC 820 disclosure purposes based on valuation inputs unless otherwise noted. |
* | Non-income producing security. |
# | American Depository Receipts. |
(a) | Pursuant to Securities and Exchange Commission Rule 144A, these securities may be sold prior to their maturity only to qualified institutional buyers. These securities are deemed to be liquid and represent 0.2% of the net assets of the Fund. |
(b) | At April 30, 2011, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $47,412,983 amounted to $11,509,230 which consisted of aggregate gross unrealized appreciation of $13,760,056 and aggregate gross unrealized depreciation of $2,250,826. |
(L2) | Security classified as Level 2 for ASC 820 disclosure purposes based on valuation inputs. |
See Notes to Financial Statements.
THE ALGER FUNDS II | ALGER ANALYST FUND
Schedule of Investments‡ (Unaudited) April 30, 2011
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—84.5% |
|
|
|
|
| |
ADVERTISING—1.5% |
|
|
|
|
| |
Focus Media Holding Ltd. #* |
| 879 |
| $ | 30,896 |
|
Interpublic Group of Cos., Inc., /The |
| 2,110 |
| 24,793 |
| |
|
|
|
| 55,689 |
| |
AEROSPACE & DEFENSE—1.8% |
|
|
|
|
| |
AAR Corp. |
| 818 |
| 21,301 |
| |
Esterline Technologies Corp. * |
| 319 |
| 22,904 |
| |
Goodrich Corp. |
| 249 |
| 22,004 |
| |
|
|
|
| 66,209 |
| |
AIR FREIGHT & LOGISTICS—0.4% |
|
|
|
|
| |
United Parcel Service, Inc., Cl. B |
| 190 |
| 14,244 |
| |
|
|
|
|
|
| |
AIRLINES—0.4% |
|
|
|
|
| |
United Continental Holdings, Inc. * |
| 257 |
| 5,865 |
| |
US Airways Group, Inc. * |
| 930 |
| 8,453 |
| |
|
|
|
| 14,318 |
| |
APPAREL RETAIL—1.0% |
|
|
|
|
| |
Abercrombie & Fitch Co., Cl. A |
| 274 |
| 19,400 |
| |
Childrens Place Retail Stores, Inc., /The * |
| 135 |
| 7,178 |
| |
Urban Outfitters Inc. * |
| 351 |
| 11,042 |
| |
|
|
|
| 37,620 |
| |
APPLICATION SOFTWARE—3.4% |
|
|
|
|
| |
Adobe Systems, Inc. * |
| 517 |
| 17,345 |
| |
Ansys, Inc. * |
| 122 |
| 6,745 |
| |
Cadence Design Systems, Inc. * |
| 1,614 |
| 16,753 |
| |
Informatica Corp. * |
| 678 |
| 37,976 |
| |
Nice Systems Ltd. #* |
| 216 |
| 8,236 |
| |
Salesforce.com, Inc. * |
| 96 |
| 13,306 |
| |
Synchronoss Technologies, Inc. * |
| 461 |
| 14,872 |
| |
Taleo Corp., Cl. A * |
| 312 |
| 11,316 |
| |
|
|
|
| 126,549 |
| |
ASSET MANAGEMENT & CUSTODY BANKS—2.0% |
|
|
|
|
| |
Affiliated Managers Group, Inc. * |
| 111 |
| 12,108 |
| |
BlackRock, Inc. |
| 107 |
| 20,966 |
| |
Fortress Investment Group LLC, Cl. A * |
| 1,870 |
| 11,538 |
| |
KKR & Co., LP |
| 1,375 |
| 26,069 |
| |
|
|
|
| 70,681 |
| |
AUTO PARTS & EQUIPMENT—0.7% |
|
|
|
|
| |
Dana Holding Corp.* |
| 1,376 |
| 25,002 |
| |
|
|
|
|
|
| |
AUTOMOTIVE RETAIL—0.3% |
|
|
|
|
| |
Carmax, Inc.* |
| 322 |
| 11,173 |
| |
|
|
|
|
|
| |
BIOTECHNOLOGY—3.4% |
|
|
|
|
| |
Alexion Pharmaceuticals, Inc. * |
| 190 |
| 18,409 |
| |
Arqule, Inc. * |
| 1,394 |
| 9,842 |
| |
Human Genome Sciences, Inc. * |
| 1,280 |
| 37,721 |
| |
InterMune, Inc. * |
| 462 |
| 20,624 |
| |
Optimer Pharmaceuticals, Inc. * |
| 1,898 |
| 23,972 |
| |
United Therapeutics Corp. * |
| 180 |
| 12,053 |
| |
|
|
|
| 122,621 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
BROADCASTING & CABLE TV—1.6% |
|
|
|
|
| |
CBS Corp., Cl. B |
| 1,450 |
| $ | 36,569 |
|
Discovery Communications, Inc., Series C * |
| 610 |
| 24,071 |
| |
|
|
|
| 60,640 |
| |
CABLE & SATELLITE—2.4% |
|
|
|
|
| |
Comcast Corporation, Cl. A |
| 1,373 |
| 36,027 |
| |
Sirius XM Radio, Inc. * |
| 10,931 |
| 21,753 |
| |
Time Warner Cable, Inc. |
| 418 |
| 32,658 |
| |
|
|
|
| 90,438 |
| |
CASINOS & GAMING—0.5% |
|
|
|
|
| |
Las Vegas Sands Corp. * |
| 118 |
| 5,547 |
| |
Wynn Resorts Ltd. |
| 83 |
| 12,214 |
| |
|
|
|
| 17,761 |
| |
CHEMICALS—0.1% |
|
|
|
|
| |
Metabolix, Inc.* |
| 464 |
| 3,749 |
| |
|
|
|
|
|
| |
COAL & CONSUMABLE FUELS—0.9% |
|
|
|
|
| |
Arch Coal, Inc. |
| 450 |
| 15,435 |
| |
Patriot Coal Corp. * |
| 673 |
| 16,946 |
| |
|
|
|
| 32,381 |
| |
COMMODITY CHEMICALS—0.5% |
|
|
|
|
| |
Celanese Corp. |
| 379 |
| 18,920 |
| |
|
|
|
|
|
| |
COMMUNICATIONS EQUIPMENT—3.2% |
|
|
|
|
| |
Alcatel-Lucent #* |
| 2,587 |
| 16,919 |
| |
Ciena Corp. * |
| 789 |
| 22,281 |
| |
Cisco Systems, Inc. |
| 367 |
| 6,445 |
| |
Corning, Inc. |
| 670 |
| 14,030 |
| |
F5 Networks, Inc. * |
| 89 |
| 9,021 |
| |
Polycom, Inc. * |
| 423 |
| 25,308 |
| |
Qualcomm, Inc. |
| 412 |
| 23,418 |
| |
|
|
|
| 117,422 |
| |
COMPUTER HARDWARE—1.7% |
|
|
|
|
| |
Apple, Inc. * |
| 100 |
| 34,823 |
| |
Hewlett-Packard Co. |
| 706 |
| 28,501 |
| |
|
|
|
| 63,324 |
| |
COMPUTER STORAGE & PERIPHERALS—0.5% |
|
|
|
|
| |
EMC Corp.* |
| 663 |
| 18,789 |
| |
|
|
|
|
|
| |
CONSTRUCTION & ENGINEERING—0.2% |
|
|
|
|
| |
Chicago Bridge & Iron Co., NV# |
| 218 |
| 8,838 |
| |
|
|
|
|
|
| |
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—0.4% |
|
|
|
|
| |
AGCO Corp.* |
| 244 |
| 14,050 |
| |
|
|
|
|
|
| |
DATA PROCESSING & OUTSOURCED SERVICES—0.6% |
|
|
|
|
| |
Mastercard, Inc. |
| 58 |
| 16,002 |
| |
Visa Inc., Cl. A |
| 91 |
| 7,109 |
| |
|
|
|
| 23,111 |
| |
DEPARTMENT STORES—0.4% |
|
|
|
|
| |
Kohl’s Corp. |
| 293 |
| 15,444 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
DIVERSIFIED BANKS—0.3% |
|
|
|
|
| |
Comerica, Inc. |
| 277 |
| $ | 10,507 |
|
|
|
|
|
|
| |
DIVERSIFIED CHEMICALS—0.4% |
|
|
|
|
| |
Dow Chemical Co., /The |
| 182 |
| 7,460 |
| |
Solutia, Inc. * |
| 292 |
| 7,694 |
| |
|
|
|
| 15,154 |
| |
DIVERSIFIED METALS & MINING—1.4% |
|
|
|
|
| |
Cliffs Natural Resources, Inc. |
| 115 |
| 10,778 |
| |
Freeport-McMoRan Copper & Gold, Inc. |
| 230 |
| 12,656 |
| |
Ivanhoe Mines Ltd. * |
| 224 |
| 5,887 |
| |
Molycorp, Inc. * |
| 145 |
| 10,629 |
| |
Walter Energy, Inc. |
| 77 |
| 10,643 |
| |
|
|
|
| 50,593 |
| |
DRUG RETAIL—0.2% |
|
|
|
|
| |
CVS Caremark Corp. |
| 240 |
| 8,698 |
| |
|
|
|
|
|
| |
ELECTRICAL COMPONENTS & EQUIPMENT—0.9% |
|
|
|
|
| |
AMETEK, Inc. |
| 339 |
| 15,608 |
| |
Thomas & Betts Corp. * |
| 285 |
| 16,521 |
| |
|
|
|
| 32,129 |
| |
ELECTRONIC COMPONENTS—0.2% |
|
|
|
|
| |
Amphenol Corp. |
| 100 |
| 5,591 |
| |
|
|
|
|
|
| |
ENVIRONMENTAL & FACILITIES SERVICES—0.2% |
|
|
|
|
| |
Waste Connections, Inc. |
| 252 |
| 7,754 |
| |
|
|
|
|
|
| |
FERTILIZERS & AGRICULTURAL CHEMICALS—0.4% |
|
|
|
|
| |
Mosaic Co., /The |
| 200 |
| 14,972 |
| |
|
|
|
|
|
| |
FOOD DISTRIBUTORS—0.3% |
|
|
|
|
| |
United Natural Foods, Inc.* |
| 272 |
| 11,612 |
| |
|
|
|
|
|
| |
FOOTWEAR—0.3% |
|
|
|
|
| |
NIKE Inc., Cl. B |
| 132 |
| 10,866 |
| |
|
|
|
|
|
| |
GENERAL MERCHANDISE STORES—0.4% |
|
|
|
|
| |
Target Corp. |
| 287 |
| 14,092 |
| |
|
|
|
|
|
| |
GOLD—0.8% |
|
|
|
|
| |
Gammon Gold, Inc. * |
| 1,292 |
| 14,095 |
| |
Goldcorp, Inc. |
| 155 |
| 8,654 |
| |
Yamana Gold, Inc. |
| 559 |
| 7,105 |
| |
|
|
|
| 29,854 |
| |
HEALTH CARE EQUIPMENT—0.5% |
|
|
|
|
| |
Covidien PLC |
| 355 |
| 19,770 |
| |
|
|
|
|
|
| |
HEALTH CARE FACILITIES—0.3% |
|
|
|
|
| |
Universal Health Services, Inc., Cl. B |
| 200 |
| 10,956 |
| |
|
|
|
|
|
| |
HEALTH CARE SERVICES—1.1% |
|
|
|
|
| |
Catalyst Health Solutions, Inc. * |
| 126 |
| 7,505 |
| |
Express Scripts, Inc. * |
| 317 |
| 17,986 |
| |
Gentiva Health Services, Inc. * |
| 273 |
| 7,644 |
| |
Quest Diagnostics, Inc. |
| 156 |
| 8,795 |
| |
|
|
|
| 41,930 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
HEALTH CARE TECHNOLOGY—0.1% |
|
|
|
|
| |
Allscripts Healthcare Solutions, Inc.* |
| 210 |
| $ | 4,523 |
|
|
|
|
|
|
| |
HOME ENTERTAINMENT SOFTWARE—0.6% |
|
|
|
|
| |
Activision Blizzard, Inc. |
| 1,233 |
| 14,044 |
| |
Take-Two Interactive Software, Inc. * |
| 417 |
| 6,747 |
| |
|
|
|
| 20,791 |
| |
HOME FURNISHING RETAIL—0.2% |
|
|
|
|
| |
Williams-Sonoma, Inc. |
| 168 |
| 7,293 |
| |
|
|
|
|
|
| |
HOME IMPROVEMENT RETAIL—0.7% |
|
|
|
|
| |
Lowe’s Companies, Inc. |
| 921 |
| 24,176 |
| |
|
|
|
|
|
| |
HOTELS RESORTS & CRUISE LINES—2.2% |
|
|
|
|
| |
Gaylord Entertainment Co. * |
| 150 |
| 5,381 |
| |
Interval Leisure Group * |
| 1,012 |
| 16,263 |
| |
Orient-Express Hotels Ltd., Cl. A * |
| 1,691 |
| 20,749 |
| |
Wyndham Worldwide Corporation |
| 1,131 |
| 39,143 |
| |
|
|
|
| 81,536 |
| |
HOUSEHOLD PRODUCTS—0.2% |
|
|
|
|
| |
Church & Dwight Co., Inc. |
| 96 |
| 7,918 |
| |
|
|
|
|
|
| |
HOUSEWARES & SPECIALTIES—0.3% |
|
|
|
|
| |
Tupperware Brands Corp. |
| 201 |
| 12,798 |
| |
|
|
|
|
|
| |
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.5% |
|
|
|
|
| |
Robert Half International, Inc. |
| 359 |
| 10,889 |
| |
Towers Watson & Co. |
| 159 |
| 9,120 |
| |
|
|
|
| 20,009 |
| |
HYPERMARKETS & SUPER CENTERS—0.3% |
|
|
|
|
| |
Wal-Mart Stores, Inc. |
| 180 |
| 9,896 |
| |
|
|
|
|
|
| |
INDUSTRIAL CONGLOMERATES—0.4% |
|
|
|
|
| |
Tyco International Ltd. |
| 314 |
| 15,304 |
| |
|
|
|
|
|
| |
INDUSTRIAL MACHINERY—3.0% |
|
|
|
|
| |
Actuant Corp., Cl. A |
| 651 |
| 18,072 |
| |
Barnes Group, Inc. |
| 697 |
| 17,244 |
| |
Danaher Corp. |
| 216 |
| 11,932 |
| |
Flowserve Corp. |
| 170 |
| 21,525 |
| |
Ingersoll-Rand PLC |
| 310 |
| 15,655 |
| |
SPX Corp. |
| 295 |
| 25,502 |
| |
|
|
|
| 109,930 |
| |
INTEGRATED OIL & GAS—2.4% |
|
|
|
|
| |
Chevron Corp. |
| 225 |
| 24,624 |
| |
ConocoPhillips |
| 480 |
| 37,887 |
| |
Royal Dutch Shell PLC # |
| 332 |
| 25,723 |
| |
|
|
|
| 88,234 |
| |
INTERNET RETAIL—2.5% |
|
|
|
|
| |
Amazon.com, Inc. * |
| 141 |
| 27,707 |
| |
Expedia, Inc. |
| 1,214 |
| 30,386 |
| |
Shutterfly, Inc. * |
| 575 |
| 35,396 |
| |
|
|
|
| 93,489 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
INTERNET SOFTWARE & SERVICES—4.9% |
|
|
|
|
| |
eBay, Inc. * |
| 693 |
| $ | 23,839 |
|
Google, Inc., Cl. A * |
| 22 |
| 11,970 |
| |
GSI Commerce, Inc. * |
| 1,473 |
| 43,114 |
| |
IAC/InterActiveCorp. * |
| 845 |
| 30,513 |
| |
LogMeIn, Inc. * |
| 489 |
| 21,061 |
| |
OpenTable, Inc. * |
| 202 |
| 22,481 |
| |
VistaPrint, Ltd. * |
| 499 |
| 27,146 |
| |
Yahoo! Inc. * |
| 414 |
| 7,349 |
| |
|
|
|
| 187,473 |
| |
INVESTMENT BANKING & BROKERAGE—0.7% |
|
|
|
|
| |
Goldman Sachs Group, Inc., /The |
| 75 |
| 11,326 |
| |
Greenhill & Co., Inc. |
| 95 |
| 5,605 |
| |
Lazard Ltd., Cl. A |
| 249 |
| 10,209 |
| |
|
|
|
| 27,140 |
| |
IT CONSULTING & OTHER SERVICES—1.6% |
|
|
|
|
| |
Cognizant Technology Solutions Corp., Cl. A* |
| 731 |
| 60,600 |
| |
|
|
|
|
|
| |
LEISURE PRODUCTS—0.9% |
|
|
|
|
| |
Coach, Inc. |
| 360 |
| 21,532 |
| |
Phillips-Van Heusen Corp. |
| 183 |
| 12,885 |
| |
|
|
|
| 34,417 |
| |
LIFE & HEALTH INSURANCE—0.3% |
|
|
|
|
| |
MetLife, Inc. |
| 228 |
| 10,668 |
| |
|
|
|
|
|
| |
LIFE SCIENCES TOOLS & SERVICES—0.6% |
|
|
|
|
| |
Illumina, Inc. * |
| 124 |
| 8,802 |
| |
Parexel International Corp. * |
| 170 |
| 4,719 |
| |
Thermo Fisher Scientific, Inc. * |
| 160 |
| 9,598 |
| |
|
|
|
| 23,119 |
| |
MANAGED HEALTH CARE—0.9% |
|
|
|
|
| |
Aetna, Inc. |
| 241 |
| 9,972 |
| |
Amerigroup Corp. * |
| 89 |
| 6,079 |
| |
Healthspring, Inc. * |
| 232 |
| 9,626 |
| |
Humana, Inc. * |
| 126 |
| 9,591 |
| |
|
|
|
| 35,268 |
| |
MOTORCYCLE MANUFACTURERS—0.3% |
|
|
|
|
| |
Harley-Davidson, Inc. |
| 270 |
| 10,060 |
| |
|
|
|
|
|
| |
MOVIES & ENTERTAINMENT—2.0% |
|
|
|
|
| |
Time Warner, Inc. |
| 815 |
| 30,855 |
| |
Viacom, Inc., Cl. B |
| 512 |
| 26,194 |
| |
Walt Disney Co., /The |
| 375 |
| 16,163 |
| |
|
|
|
| 73,212 |
| |
NETWORKING EQUIPMENT—0.9% |
|
|
|
|
| |
Fortinet, Inc.* |
| 710 |
| 34,577 |
| |
|
|
|
|
|
| |
OIL & GAS DRILLING—0.6% |
|
|
|
|
| |
Nabors Industries Ltd.* |
| 706 |
| 21,632 |
| |
|
|
|
|
|
| |
OIL & GAS EQUIPMENT & SERVICES—2.1% |
|
|
|
|
| |
Cal Dive International, Inc. * |
| 401 |
| 3,152 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
OIL & GAS EQUIPMENT & SERVICES—(CONT.) |
|
|
|
|
| |
Cameron International Corp. * |
| 232 |
| $ | 12,231 |
|
Halliburton Company |
| 1,205 |
| 60,828 |
| |
|
|
|
| 76,211 |
| |
OIL & GAS EXPLORATION & PRODUCTION—4.0% |
|
|
|
|
| |
Chesapeake Energy Corp. |
| 477 |
| 16,061 |
| |
Devon Energy Corp. |
| 178 |
| 16,198 |
| |
Kodiak Oil & Gas Corp. * |
| 712 |
| 4,998 |
| |
Nexen, Inc. |
| 2,544 |
| 67,238 |
| |
Petrohawk Energy Corp. * |
| 554 |
| 14,964 |
| |
Plains Exploration & Production Co. * |
| 511 |
| 19,438 |
| |
Quicksilver Resources, Inc. * |
| 867 |
| 12,875 |
| |
|
|
|
| 151,772 |
| |
OTHER DIVERSIFIED FINANCIAL SERVICES—0.2% |
|
|
|
|
| |
JPMorgan Chase & Co. |
| 125 |
| 5,704 |
| |
|
|
|
|
|
| |
PACKAGED FOODS & MEATS—0.2% |
|
|
|
|
| |
Ralcorp Holdings, Inc.* |
| 87 |
| 6,769 |
| |
|
|
|
|
|
| |
PHARMACEUTICALS—2.9% |
|
|
|
|
| |
Allergan, Inc. |
| 241 |
| 19,174 |
| |
Auxilium Pharmaceuticals, Inc. * |
| 446 |
| 10,865 |
| |
Bristol-Myers Squibb Co. |
| 502 |
| 14,106 |
| |
Medicis Pharmaceutical Corp., Cl. A |
| 846 |
| 29,999 |
| |
Pfizer, Inc. |
| 351 |
| 7,357 |
| |
Roche Holding AG |
| 69 |
| 11,192 |
| |
Teva Pharmaceutical Industries Ltd. # |
| 269 |
| 12,301 |
| |
|
|
|
| 104,994 |
| |
PRECIOUS METALS & MINERALS—0.3% |
|
|
|
|
| |
Stillwater Mining Co.* |
| 444 |
| 10,128 |
| |
|
|
|
|
|
| |
RAILROADS—0.8% |
|
|
|
|
| |
CSX Corp. |
| 393 |
| 30,925 |
| |
|
|
|
|
|
| |
REGIONAL BANKS—0.2% |
|
|
|
|
| |
Signature Bank * |
| 37 |
| 2,154 |
| |
Texas Capital Bancshares, Inc. * |
| 219 |
| 5,650 |
| |
|
|
|
| 7,804 |
| |
RESEARCH & CONSULTING SERVICES—0.2% |
|
|
|
|
| |
Resources Connection, Inc. |
| 516 |
| 7,632 |
| |
|
|
|
|
|
| |
RESTAURANTS—0.3% |
|
|
|
|
| |
Starbucks Corp. |
| 356 |
| 12,884 |
| |
|
|
|
|
|
| |
SECURITY & ALARM SERVICES—0.2% |
|
|
|
|
| |
Geo Group Inc., /The* |
| 273 |
| 7,284 |
| |
|
|
|
|
|
| |
SEMICONDUCTOR EQUIPMENT—0.8% |
|
|
|
|
| |
Lam Research Corp. * |
| 319 |
| 15,411 |
| |
Novellus Systems, Inc. * |
| 438 |
| 14,060 |
| |
|
|
|
| 29,471 |
| |
SEMICONDUCTORS—2.8% |
|
|
|
|
| |
Applied Micro Circuits Corporation * |
| 1,852 |
| 19,409 |
| |
Broadcom Corp., Cl. A * |
| 564 |
| 19,842 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
SEMICONDUCTORS—(CONT.) |
|
|
|
|
| |
Marvell Technology Group Ltd. * |
| 1,310 |
| $ | 20,213 |
|
Micron Technology, Inc. * |
| 770 |
| 8,693 |
| |
Netlogic Microsystems, Inc. * |
| 312 |
| 13,457 |
| |
ON Semiconductor Corp. * |
| 380 |
| 3,994 |
| |
RF Micro Devices, Inc. * |
| 2,046 |
| 13,626 |
| |
Skyworks Solutions, Inc. * |
| 109 |
| 3,429 |
| |
|
|
|
| 102,663 |
| |
SOFT DRINKS—0.5% |
|
|
|
|
| |
Coca-Cola Co., /The |
| 139 |
| 9,377 |
| |
PepsiCo, Inc. |
| 128 |
| 8,818 |
| |
|
|
|
| 18,195 |
| |
SPECIALIZED FINANCE—0.4% |
|
|
|
|
| |
CME Group, Inc. |
| 56 |
| 16,563 |
| |
|
|
|
|
|
| |
SPECIALTY CHEMICALS—0.8% |
|
|
|
|
| |
Cytec Industries, Inc. |
| 168 |
| 9,858 |
| |
Kraton Performance Polymers, Inc. * |
| 188 |
| 8,678 |
| |
Rockwood Holdings, Inc. * |
| 215 |
| 12,199 |
| |
|
|
|
| 30,735 |
| |
SYSTEMS SOFTWARE—2.3% |
|
|
|
|
| |
MICROS Systems, Inc. * |
| 627 |
| 32,617 |
| |
Microsoft Corp. |
| 422 |
| 10,980 |
| |
Oracle Corp. |
| 641 |
| 23,108 |
| |
VMware, Inc., Cl. A * |
| 183 |
| 17,464 |
| |
|
|
|
| 84,169 |
| |
THRIFTS & MORTGAGE FINANCE—0.4% |
|
|
|
|
| |
Brookline Bancorp, Inc. |
| 528 |
| 4,868 |
| |
Northwest Bancshares, Inc. |
| 900 |
| 11,331 |
| |
|
|
|
| 16,199 |
| |
TOBACCO—0.6% |
|
|
|
|
| |
Philip Morris International, Inc. |
| 309 |
| 21,456 |
| |
|
|
|
|
|
| |
TRUCKING—0.7% |
|
|
|
|
| |
Hertz Global Holdings, Inc.* |
| 1,596 |
| 27,467 |
| |
|
|
|
|
|
| |
WIRELESS TELECOMMUNICATION SERVICES—1.1% |
|
|
|
|
| |
American Tower Corp., Cl. A * |
| 169 |
| 8,840 |
| |
MetroPCS Communications, Inc. * |
| 504 |
| 8,482 |
| |
SBA Communications Corp. * |
| 634 |
| 24,492 |
| |
|
|
|
| 41,814 |
| |
|
|
|
|
|
| |
TOTAL COMMON STOCKS |
|
|
| 3,138,353 |
| |
|
|
|
|
|
| |
Total Investments |
| 84.5 | % | 3,138,353 |
| |
Other Assets in Excess of Liabilities |
| 15.5 |
| 574,382 |
| |
|
|
|
|
|
|
|
NET ASSETS |
| 100.0 | % | $ | 3,712,735 |
|
‡ | Securities classified as Level 1 for ASC 820 disclosure purposes based on valuation inputs unless otherwise noted. |
|
|
* | Non-income producing security. |
# | American Depository Receipts. |
(a) | At April 30, 2011, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $2,531,909 amounted to $606,444 which consisted of aggregate gross unrealized appreciation of $637,617 and aggregate gross unrealized depreciation of $31,173. |
See Notes to Financial Statements.
THE ALGER FUNDS II | ALGER DYNAMIC OPPORTUNITIES FUND
Schedule of Investments‡ (Unaudited) April 30, 2011
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—83.0% |
|
|
|
|
| |
ADVERTISING—0.5% |
|
|
|
|
| |
Focus Media Holding Ltd.#* |
| 2,285 |
| $ | 80,318 |
|
|
|
|
|
|
| |
AIR FREIGHT & LOGISTICS—1.8% |
|
|
|
|
| |
FedEx Corp. |
| 1,175 |
| 112,412 |
| |
United Parcel Service, Inc., Cl. B |
| 2,320 |
| 173,931 |
| |
|
|
|
| 286,343 |
| |
APPAREL RETAIL—1.0% |
|
|
|
|
| |
Abercrombie & Fitch Co., Cl. A |
| 1,140 |
| 80,712 |
| |
Fast Retailing Co., Ltd. |
| 550 |
| 86,175 |
| |
|
|
|
| 166,887 |
| |
APPLICATION SOFTWARE—2.3% |
|
|
|
|
| |
Informatica Corp. * |
| 2,935 |
| 164,389 |
| |
QLIK Technologies, Inc. * |
| 2,720 |
| 87,203 |
| |
Ultimate Software Group, Inc. * |
| 2,115 |
| 118,440 |
| |
|
|
|
| 370,032 |
| |
ASSET MANAGEMENT & CUSTODY BANKS—0.9% |
|
|
|
|
| |
KKR & Co., LP |
| 7,350 |
| 139,356 |
| |
|
|
|
|
|
| |
AUTO PARTS & EQUIPMENT—0.3% |
|
|
|
|
| |
Lear Corp. |
| 810 |
| 41,423 |
| |
|
|
|
|
|
| |
AUTOMOBILE MANUFACTURERS—1.1% |
|
|
|
|
| |
Bayerische Motoren Werke AG# |
| 5,600 |
| 175,560 |
| |
|
|
|
|
|
| |
BIOTECHNOLOGY—1.9% |
|
|
|
|
| |
Human Genome Sciences, Inc. *+ |
| 7,900 |
| 232,813 |
| |
Optimer Pharmaceuticals, Inc. * |
| 5,930 |
| 74,896 |
| |
|
|
|
| 307,709 |
| |
COAL & CONSUMABLE FUELS—2.8% |
|
|
|
|
| |
Peabody Energy Corp. + |
| 5,035 |
| 336,438 |
| |
SouthGobi Resources Ltd. * |
| 6,600 |
| 82,857 |
| |
|
|
|
| 419,295 |
| |
COMMUNICATIONS EQUIPMENT—3.9% |
|
|
|
|
| |
Corning, Inc. |
| 7,890 |
| 165,217 |
| |
Finisar Corp. * |
| 4,485 |
| 125,984 |
| |
Qualcomm, Inc. + |
| 5,755 |
| 327,114 |
| |
|
|
|
| 618,315 |
| |
COMPUTER HARDWARE—4.2% |
|
|
|
|
| |
Apple, Inc. *+ |
| 1,450 |
| 504,934 |
| |
Hewlett-Packard Co. + |
| 3,795 |
| 153,204 |
| |
|
|
|
| 658,138 |
| |
COMPUTER STORAGE & PERIPHERALS—0.7% |
|
|
|
|
| |
OCZ Technology Group, Inc. * |
| 3,305 |
| 27,134 |
| |
SanDisk Corp. *+ |
| 1,690 |
| 83,047 |
| |
|
|
|
| 110,181 |
| |
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—4.3% |
|
|
|
|
| |
Caterpillar, Inc. + |
| 2,405 |
| 277,560 |
| |
Cummins, Inc. + |
| 2,475 |
| 297,445 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—(CONT.) |
|
|
|
|
| |
Westport Innovations, Inc. * |
| 4,655 |
| $ | 117,772 |
|
|
|
|
| 692,777 |
| |
DISTILLERS & VINTNERS—1.0% |
|
|
|
|
| |
Brown-Forman Corp., Cl. B |
| 2,200 |
| 158,092 |
| |
|
|
|
|
|
| |
DIVERSIFIED BANKS—1.5% |
|
|
|
|
| |
Comerica, Inc. |
| 2,035 |
| 77,188 |
| |
Itau Unibanco Holding SA # |
| 6,625 |
| 157,343 |
| |
|
|
|
| 234,531 |
| |
DIVERSIFIED METALS & MINING—2.8% |
|
|
|
|
| |
Cliffs Natural Resources, Inc. + |
| 1,560 |
| 146,203 |
| |
Freeport-McMoRan Copper & Gold, Inc. |
| 2,690 |
| 148,031 |
| |
Molycorp, Inc. * |
| 2,040 |
| 149,532 |
| |
|
|
|
| 443,766 |
| |
DRUG RETAIL—1.1% |
|
|
|
|
| |
CVS Caremark Corp. |
| 4,890 |
| 177,213 |
| |
|
|
|
|
|
| |
EDUCATION SERVICES—0.5% |
|
|
|
|
| |
New Oriental Education & Technology Group#* |
| 615 |
| 76,654 |
| |
|
|
|
|
|
| |
ELECTRICAL COMPONENTS & EQUIPMENT—0.7% |
|
|
|
|
| |
General Cable Corp.*+ |
| 2,430 |
| 117,855 |
| |
|
|
|
|
|
| |
GENERAL MERCHANDISE STORES—1.0% |
|
|
|
|
| |
Dollar General Corp.*+ |
| 4,870 |
| 158,713 |
| |
|
|
|
|
|
| |
GOLD—1.0% |
|
|
|
|
| |
Yamana Gold, Inc.+ |
| 12,475 |
| 158,557 |
| |
|
|
|
|
|
| |
HEALTH CARE EQUIPMENT—3.1% |
|
|
|
|
| |
Covidien PLC + |
| 4,345 |
| 241,973 |
| |
Hospira, Inc. * |
| 4,330 |
| 245,641 |
| |
|
|
|
| 487,614 |
| |
HEALTH CARE FACILITIES—0.5% |
|
|
|
|
| |
Universal Health Services, Inc., Cl. B |
| 1,560 |
| 85,457 |
| |
|
|
|
|
|
| |
INDUSTRIAL MACHINERY—3.2% |
|
|
|
|
| |
Flowserve Corp. + |
| 1,995 |
| 252,606 |
| |
Ingersoll-Rand PLC + |
| 1,680 |
| 84,840 |
| |
SPX Corp. + |
| 1,910 |
| 165,120 |
| |
|
|
|
| 502,566 |
| |
INTEGRATED OIL & GAS—3.0% |
|
|
|
|
| |
ConocoPhillips |
| 2,000 |
| 157,860 |
| |
Royal Dutch Shell PLC # |
| 4,045 |
| 313,407 |
| |
|
|
|
| 471,267 |
| |
INTERNET SOFTWARE & SERVICES—3.5% |
|
|
|
|
| |
IAC/InterActiveCorp. * |
| 4,605 |
| 166,287 |
| |
OpenTable, Inc. *+ |
| 3,480 |
| 387,289 |
| |
|
|
|
| 553,576 |
| |
INVESTMENT BANKING & BROKERAGE—1.1% |
|
|
|
|
| |
Goldman Sachs Group, Inc., /The |
| 480 |
| 72,485 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
INVESTMENT BANKING & BROKERAGE—(CONT.) |
|
|
|
|
| |
Lazard Ltd., Cl. A + |
| 1,860 |
| $ | 76,260 |
|
LPL Investment Holdings, Inc. * |
| 585 |
| 21,458 |
| |
|
|
|
| 170,203 |
| |
IT CONSULTING & OTHER SERVICES—0.2% |
|
|
|
|
| |
hiSoft Technology International#* |
| 2,000 |
| 37,320 |
| |
|
|
|
|
|
| |
LEISURE PRODUCTS—1.0% |
|
|
|
|
| |
Coach, Inc. |
| 1,355 |
| 81,043 |
| |
Phillips-Van Heusen Corp. + |
| 1,030 |
| 72,522 |
| |
|
|
|
| 153,565 |
| |
LIFE SCIENCES TOOLS & SERVICES—1.8% |
|
|
|
|
| |
Thermo Fisher Scientific, Inc.* |
| 4,755 |
| 285,252 |
| |
|
|
|
|
|
| |
MANAGED HEALTH CARE—3.6% |
|
|
|
|
| |
Aetna, Inc. + |
| 6,080 |
| 251,590 |
| |
CIGNA Corp. |
| 6,530 |
| 305,801 |
| |
|
|
|
| 557,391 |
| |
MOVIES & ENTERTAINMENT—0.5% |
|
|
|
|
| |
Walt Disney Co., /The+ |
| 1,855 |
| 79,951 |
| |
|
|
|
|
|
| |
OIL & GAS DRILLING—0.6% |
|
|
|
|
| |
Nabors Industries Ltd.*+ |
| 3,165 |
| 96,976 |
| |
|
|
|
|
|
| |
OIL & GAS EQUIPMENT & SERVICES—2.5% |
|
|
|
|
| |
Baker Hughes, Inc. |
| 3,090 |
| 239,197 |
| |
Halliburton Company + |
| 3,125 |
| 157,750 |
| |
|
|
|
| 396,947 |
| |
OIL & GAS EXPLORATION & PRODUCTION—6.2% |
|
|
|
|
| |
Devon Energy Corp. + |
| 1,520 |
| 138,320 |
| |
Kodiak Oil & Gas Corp. * |
| 11,540 |
| 81,011 |
| |
Newfield Exploration Co. * |
| 4,395 |
| 311,166 |
| |
Nexen, Inc. + |
| 6,250 |
| 165,188 |
| |
Petrohawk Energy Corp. * |
| 4,750 |
| 128,298 |
| |
Pioneer Natural Resources Co. |
| 1,570 |
| 160,501 |
| |
|
|
|
| 984,484 |
| |
PAPER PRODUCTS—0.4% |
|
|
|
|
| |
International Paper Co. |
| 1,845 |
| 56,974 |
| |
|
|
|
|
|
| |
PHARMACEUTICALS—0.8% |
|
|
|
|
| |
Auxilium Pharmaceuticals, Inc.*+ |
| 5,320 |
| 129,595 |
| |
|
|
|
|
|
| |
PRECIOUS METALS & MINERALS—0.6% |
|
|
|
|
| |
ETFS Palladium Trust * |
| 336 |
| 26,527 |
| |
Stillwater Mining Co. * |
| 3,275 |
| 74,703 |
| |
|
|
|
| 101,230 |
| |
RAILROADS—1.5% |
|
|
|
|
| |
CSX Corp.+ |
| 2,920 |
| 229,775 |
| |
|
|
|
|
|
| |
RESTAURANTS—1.8% |
|
|
|
|
| |
McCormick & Schmick’s Seafood Restaurants, Inc. * |
| 16,475 |
| 150,417 |
| |
Starbucks Corp. |
| 4,295 |
| 155,436 |
| |
|
|
|
| 305,853 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
SEMICONDUCTOR EQUIPMENT—2.7% |
|
|
|
|
| |
Kla-Tencor Corp. |
| 3,700 |
| $ | 162,430 |
|
Lam Research Corp. *+ |
| 5,375 |
| 259,666 |
| |
|
|
|
| 422,096 |
| |
SEMICONDUCTORS—6.0% |
|
|
|
|
| |
Altera Corp. + |
| 3,575 |
| 174,103 |
| |
Avago Technologies Ltd. + |
| 4,730 |
| 158,266 |
| |
Broadcom Corp., Cl. A *+ |
| 3,990 |
| 140,368 |
| |
NXP Semiconductor NV * |
| 4,845 |
| 161,823 |
| |
Skyworks Solutions, Inc. * |
| 5,865 |
| 184,512 |
| |
Texas Instruments, Inc. |
| 3,350 |
| 119,026 |
| |
|
|
|
| 938,098 |
| |
SPECIALTY CHEMICALS—0.5% |
|
|
|
|
| |
Cytec Industries, Inc. |
| 1,415 |
| 83,032 |
| |
|
|
|
|
|
| |
SPECIALTY STORES—1.5% |
|
|
|
|
| |
L’Occitane International SA * |
| 64,010 |
| 153,631 |
| |
Tiffany & Co. |
| 1,240 |
| 86,106 |
| |
|
|
|
| 239,737 |
| |
SYSTEMS SOFTWARE—1.1% |
|
|
|
|
| |
Oracle Corp. |
| 4,625 |
| 166,732 |
| |
|
|
|
|
|
| |
TOTAL COMMON STOCKS |
|
|
| 13,127,406 |
| |
|
|
|
|
|
| |
CONVERTIBLE PREFERRED STOCK—1.3% |
|
|
|
|
| |
BIOTECHNOLOGY—1.3% |
|
|
|
|
| |
Merrimack Pharmaceuticals, Inc., Series B-10, *,(L3),(a) |
| 2,286 |
| 24,643 |
| |
Merrimack Pharmaceuticals, Inc., Series B-3, *,(L3),(b) |
| 229 |
| 2,469 |
| |
Merrimack Pharmaceuticals, Inc., Series B-4, *,(L3),(c) |
| 6,852 |
| 73,865 |
| |
Merrimack Pharmaceuticals, Inc., Series B-7, *,(L3),(d) |
| 2,285 |
| 24,632 |
| |
Merrimack Pharmaceuticals, Inc., Series C-2, *,(L3),(e) |
| 12,149 |
| 85,043 |
| |
|
|
|
| 210,652 |
| |
|
|
|
|
|
| |
TOTAL CONVERTIBLE PREFERRED STOCK |
|
|
| 210,652 |
| |
|
|
|
|
|
| |
PREFERRED STOCKS—0.9% |
|
|
|
|
| |
OTHER DIVERSIFIED FINANCIAL SERVICES—0.9% |
|
|
|
|
| |
JPMorgan Chase & Co., 8.63%, 09/1/13* |
| 5,075 |
| 140,273 |
| |
|
| CONTRACTS |
|
|
|
PURCHASED OPTIONS—0.0% |
|
|
|
|
|
PUT OPTIONS—0.0% |
|
|
|
|
|
iShares Russell 2000 Index Fund/ May/ 84 |
| 65 |
| 4,615 |
|
|
| CONTRACTS |
| VALUE |
| |
PURCHASED OPTIONS—(CONT.) |
|
|
|
|
| |
SPDR S&P 500 ETF Trust/ May/ 132 |
| 60 |
| $ | 2,580 |
|
(Cost $26,407) |
|
|
| 7,195 |
| |
|
|
|
|
|
| |
TOTAL PURCHASED OPTIONS |
|
|
| 7,195 |
| |
|
|
|
|
|
| |
Total Investments |
| 85.2 | % | 13,485,526 |
| |
Other Assets in Excess of Liabilities |
| 14.8 |
| 2,326,566 |
| |
|
|
|
|
|
|
|
NET ASSETS |
| 100.0 | % | $ | 15,812,092 |
|
‡ | Securities classified as Level 1 for ASC 820 disclosure purposes based on valuation inputs unless otherwise noted. |
|
|
* | Non-income producing security. |
# | American Depository Receipts. |
+ | All or a portion of this security is held as collateral for securities sold short. |
(L3) | Security classified as Level 3 for ASC 820 disclosure purposes based on valuation inputs. |
(a) | Restricted Security - Investment in security not registered under the Securities Act of 1933. The investment is deemed to be illiquid and may be sold only to qualified institutional buyers. Security was acquired on August 25, 2010 for a cost of $13,231 and represents 0.2% of the net assets of the Fund. |
(b) | Restricted Security - Investment in security not registered under the Securities Act of 1933. The investment is deemed to be illiquid and may be sold only to qualified institutional buyers. Security was acquired on August 25, 2010 for a cost of $1,325 and represents 0.0% of the net assets of the Fund. |
(c) | Restricted Security - Investment in security not registered under the Securities Act of 1933. The investment is deemed to be illiquid and may be sold only to qualified institutional buyers. Security was acquired on August 25, 2010 for a cost of $39,659 and represents 0.5% of the net assets of the Fund. |
(d) | Restricted Security - Investment in security not registered under the Securities Act of 1933. The investment is deemed to be illiquid and may be sold only to qualified institutional buyers. Security was acquired on August 25, 2010 for a cost of $13,226 and represents 0.2% of the net assets of the Fund. |
(e) | Restricted Security - Investment in security not registered under the Securities Act of 1933. The investment is deemed to be illiquid and may be sold only to qualified institutional buyers. Security was acquired on August 25, 2010 for a cost of $45,560 and represents 0.5% of the net assets of the Fund. |
(f) | At April 30, 2011, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $12,151,274 amounted to $1,334,252 which consisted of aggregate gross unrealized appreciation of $1,542,010 and aggregate gross unrealized depreciation of $207,758. |
See Notes to Financial Statements.
THE ALGER FUNDS II | ALGER DYNAMIC OPPORTUNITIES FUND
Securities Sold Short‡ (Unaudited) April 30, 2011
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(29.5)% |
|
|
|
|
| |
APPAREL RETAIL—(2.1)% |
|
|
|
|
| |
Gap Inc., /The |
| 3,460 |
| $ | 80,410 |
|
Ross Stores, Inc. |
| 1,055 |
| 77,743 |
| |
TJX Cos., Inc. |
| 3,265 |
| 175,070 |
| |
|
|
|
| 333,223 |
| |
APPLICATION SOFTWARE—(1.3)% |
|
|
|
|
| |
SAP AG# |
| 740 |
| 47,752 |
| |
Blackboard, Inc.* |
| 3,365 |
| 161,890 |
| |
|
|
|
| 209,642 |
| |
ASSET MANAGEMENT & CUSTODY BANKS—(0.5)% |
|
|
|
|
| |
Northern Trust Corp. |
| 1,445 |
| 72,236 |
| |
|
|
|
|
|
| |
AUTOMOTIVE RETAIL—(0.4)% |
|
|
|
|
| |
O’Reilly Automotive, Inc.* |
| 1,170 |
| 69,100 |
| |
|
|
|
|
|
| |
BIOTECHNOLOGY—(0.6)% |
|
|
|
|
| |
Myriad Genetics, Inc.* |
| 4,420 |
| 94,765 |
| |
|
|
|
|
|
| |
COMMUNICATIONS EQUIPMENT—(1.6)% |
|
|
|
|
| |
Mitel Networks Corp.* |
| 5,975 |
| 31,608 |
| |
Telefonaktiebolaget LM Ericsson# |
| 5,565 |
| 84,588 |
| |
Motorola Mobility Holdings, Inc.* |
| 5,275 |
| 137,467 |
| |
|
|
|
| 253,663 |
| |
COMPUTER HARDWARE—(1.1)% |
|
|
|
|
| |
Dell Inc.* |
| 10,905 |
| 169,137 |
| |
|
|
|
|
|
| |
CONSTRUCTION MATERIALS—(0.5)% |
|
|
|
|
| |
Martin Marietta Materials, Inc. |
| 780 |
| 71,128 |
| |
|
|
|
|
|
| |
DATA PROCESSING & OUTSOURCED SERVICES—(3.2)% |
|
|
|
|
| |
Genpact Ltd.* |
| 11,790 |
| 189,701 |
| |
Broadridge Financial Solutions |
| 4,425 |
| 102,837 |
| |
Computer Sciences Corp. |
| 4,060 |
| 206,979 |
| |
|
|
|
| 499,517 |
| |
DEPARTMENT STORES—(0.5)% |
|
|
|
|
| |
JC Penney Co., Inc. |
| 2,155 |
| 82,860 |
| |
|
|
|
|
|
| |
DIVERSIFIED COMMERCIAL & PROFESSIONAL SERVICES—(0.2)% |
|
|
|
|
| |
Digital Globe, Inc.* |
| 1,330 |
| 38,570 |
| |
|
|
|
|
|
| |
ELECTRONIC COMPONENTS—(0.6)% |
|
|
|
|
| |
Dolby Laboratories Inc., Cl. A* |
| 1,860 |
| 93,112 |
| |
|
|
|
|
|
| |
FINANCIALS—(4.3)% |
|
|
|
|
| |
iShares Russell 2000 Index Fund |
| 3,550 |
| 306,614 |
| |
SPDR S&P 500 ETF Trust |
| 2,730 |
| 372,753 |
| |
|
|
|
| 679,367 |
| |
FOOD RETAIL—(0.2)% |
|
|
|
|
| |
Safeway Inc. |
| 1,265 |
| 30,752 |
| |
|
|
|
|
|
| |
HEALTH CARE EQUIPMENT—(1.7)% |
|
|
|
|
| |
CR Bard, Inc. |
| 740 |
| 78,995 |
| |
Becton Dickinson and Co. |
| 1,200 |
| 103,128 |
| |
Varian Medical Systems, Inc.* |
| 1,180 |
| 82,836 |
| |
|
|
|
| 264,959 |
| |
HOTELS RESORTS & CRUISE LINES—0.0% |
|
|
|
|
| |
Choice Hotels International, Inc. |
| 175 |
| 6,542 |
| |
|
|
|
|
|
| |
INTEGRATED OIL & GAS—(0.6)% |
|
|
|
|
| |
Occidental Petroleum Corp. |
| 795 |
| 90,861 |
| |
|
|
|
|
|
| |
OIL & GAS EXPLORATION & PRODUCTION—(3.6)% |
|
|
|
|
| |
Ultra Petroleum Corp.* |
| 4,900 |
| 248,871 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS (CONT.)—(29.5)% |
|
|
|
|
| |
EOG Resources, Inc. |
| 1,805 |
| $ | 203,803 |
|
Penn Virginia Corp. |
| 7,660 |
| 118,424 |
| |
|
|
|
| 571,098 |
| |
PROPERTY & CASUALTY INSURANCE—(1.0)% |
|
|
|
|
| |
Axis Capital Holdings Ltd. |
| 2,460 |
| 86,986 |
| |
Chubb Corp. |
| 1,200 |
| 78,228 |
| |
|
|
|
| 165,214 |
| |
PUBLISHING—(0.2)% |
|
|
|
|
| |
The New York Times Company, Cl. A* |
| 4,025 |
| 32,723 |
| |
|
|
|
|
|
| |
SEMICONDUCTORS—(1.1)% |
|
|
|
|
| |
Analog Devices, Inc. |
| 2,075 |
| 83,643 |
| |
Intersil Corp. |
| 5,520 |
| 81,530 |
| |
|
|
|
| 165,173 |
| |
SPECIALIZED REITS—(1.0)% |
|
|
|
|
| |
Host Hotels & Resorts, Inc. |
| 4,280 |
| 76,141 |
| |
LaSalle Hotel Properties |
| 3,120 |
| 87,797 |
| |
|
|
|
| 163,938 |
| |
SYSTEMS SOFTWARE—(0.8)% |
|
|
|
|
| |
Ariba, Inc.* |
| 3,650 |
| 126,911 |
| |
|
|
|
|
|
| |
TRUCKING—(2.4)% |
|
|
|
|
| |
Landstar System, Inc. |
| 3,890 |
| 184,386 |
| |
Werner Enterprises Inc. |
| 7,685 |
| 201,116 |
| |
|
|
|
| 385,502 |
| |
TOTAL (proceeds $4,199,911) |
|
|
| $ | 4,669,993 |
|
‡ | Securities classified as Level 1 for ASC 820 disclosure purposes based on valuation inputs unless otherwise noted. |
|
|
# | American Depository Receipts. |
* | Non-income producing security. |
See Notes to Financial Statements.
THE ALGER FUNDS II | ALGER EMERGING MARKETS FUND
Schedule of Investments‡ (Unaudited) April 30, 2011
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.)—94.4% |
|
|
|
|
| |
ARGENTINA—0.3% |
|
|
|
|
| |
DIVERSIFIED BANKS—0.3% |
|
|
|
|
| |
Banco Macro SA# |
| 926 |
| $ | 34,253 |
|
|
|
|
|
|
| |
BRAZIL—14.9% |
|
|
|
|
| |
AEROSPACE & DEFENSE—0.6% |
|
|
|
|
| |
Embraer SA# |
| 1,909 |
| 62,004 |
| |
|
|
|
|
|
| |
AGRICULTURAL PRODUCTS—0.7% |
|
|
|
|
| |
Cosan SA Industria e Comercio |
| 5,264 |
| 80,933 |
| |
|
|
|
|
|
| |
APPAREL RETAIL—1.1% |
|
|
|
|
| |
Cia Hering |
| 5,800 |
| 125,470 |
| |
|
|
|
|
|
| |
DIVERSIFIED BANKS—2.7% |
|
|
|
|
| |
Banco do Estado do Rio Grande do Sul SA |
| 7,300 |
| 87,656 |
| |
Itau Unibanco Holding SA # |
| 8,788 |
| 208,715 |
| |
|
|
|
| 296,371 |
| |
DIVERSIFIED METALS & MINING—2.4% |
|
|
|
|
| |
Vale SA# |
| 8,250 |
| 275,550 |
| |
|
|
|
|
|
| |
HOMEBUILDING—0.9% |
|
|
|
|
| |
Brookfield Incorporacoes SA |
| 18,100 |
| 100,619 |
| |
|
|
|
|
|
| |
INTEGRATED OIL & GAS—2.1% |
|
|
|
|
| |
Petroleo Brasileiro SA |
| 12,900 |
| 236,773 |
| |
|
|
|
|
|
| |
OIL & GAS EXPLORATION & PRODUCTION—1.4% |
|
|
|
|
| |
OGX Petroleo e Gas Participacoes SA* |
| 14,506 |
| 155,658 |
| |
|
|
|
|
|
| |
PERSONAL PRODUCTS—0.8% |
|
|
|
|
| |
Hypermarcas SA |
| 6,400 |
| 85,794 |
| |
|
|
|
|
|
| |
REAL ESTATE MANAGEMENT & DEVELOPMENT—1.2% |
|
|
|
|
| |
BR Malls Participacoes SA |
| 6,130 |
| 64,494 |
| |
BR Properties SA |
| 6,204 |
| 74,495 |
| |
|
|
|
| 138,989 |
| |
TRUCKING—1.0% |
|
|
|
|
| |
Localiza Rent a Car SA |
| 6,400 |
| 109,784 |
| |
|
|
|
|
|
| |
TOTAL BRAZIL |
|
|
| 1,667,945 |
| |
|
|
|
|
|
| |
CHILE—0.3% |
|
|
|
|
| |
HYPERMARKETS & SUPER CENTERS—0.3% |
|
|
|
|
| |
Cencosud SA |
| 4,294 |
| 33,805 |
| |
|
|
|
|
|
| |
CHINA—18.4% |
|
|
|
|
| |
APPAREL RETAIL—0.6% |
|
|
|
|
| |
Belle International Holdings Ltd. |
| 36,000 |
| 70,458 |
| |
|
|
|
|
|
| |
AUTOMOBILE MANUFACTURERS—0.7% |
|
|
|
|
| |
Great Wall Motor Co., Ltd. |
| 47,000 |
| 84,725 |
| |
|
|
|
|
|
| |
CASINOS & GAMING—0.7% |
|
|
|
|
| |
Wynn Macau Ltd. |
| 23,600 |
| 84,478 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
CHINA—(CONT.) |
|
|
|
|
| |
COAL & CONSUMABLE FUELS—0.7% |
|
|
|
|
| |
Yanzhou Coal Mining Co., Ltd. |
| 21,000 |
| $ | 81,660 |
|
|
|
|
|
|
| |
COMMUNICATIONS EQUIPMENT—0.8% |
|
|
|
|
| |
ZTE Corp. |
| 26,238 |
| 94,259 |
| |
|
|
|
|
|
| |
CONSTRUCTION MATERIALS—1.9% |
|
|
|
|
| |
Anhui Conch Cement Co., Ltd. |
| 23,472 |
| 110,465 |
| |
West China Cement Ltd. |
| 240,000 |
| 98,580 |
| |
|
|
|
| 209,045 |
| |
DEPARTMENT STORES—0.8% |
|
|
|
|
| |
Parkson Retail Group Ltd. |
| 57,000 |
| 87,926 |
| |
|
|
|
|
|
| |
DIVERSIFIED BANKS—2.2% |
|
|
|
|
| |
Agricultural Bank of China Ltd. * |
| 175,000 |
| 103,653 |
| |
Industrial & Commercial Bank of China |
| 168,000 |
| 142,122 |
| |
|
|
|
| 245,775 |
| |
DIVERSIFIED METALS & MINING—0.8% |
|
|
|
|
| |
Jiangxi Copper Co. |
| 27,000 |
| 91,607 |
| |
|
|
|
|
|
| |
EDUCATION SERVICES—0.8% |
|
|
|
|
| |
New Oriental Education & Technology Group#* |
| 700 |
| 87,248 |
| |
|
|
|
|
|
| |
HEAVY ELECTRICAL EQUIPMENT—0.4% |
|
|
|
|
| |
Dongfang Electric Corp., Ltd. |
| 15,200 |
| 49,908 |
| |
|
|
|
|
|
| |
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.7% |
|
|
|
|
| |
GCL Poly Energy Holdings Ltd.* |
| 114,000 |
| 81,614 |
| |
|
|
|
|
|
| |
INTEGRATED OIL & GAS—0.8% |
|
|
|
|
| |
PetroChina Co., Ltd.# |
| 600 |
| 87,348 |
| |
|
|
|
|
|
| |
INTEGRATED TELECOMMUNICATION SERVICES—0.7% |
|
|
|
|
| |
China Telecom Corp., Ltd. |
| 132,000 |
| 76,314 |
| |
|
|
|
|
|
| |
INTERNET SOFTWARE & SERVICES—1.9% |
|
|
|
|
| |
Baidu, Inc. #* |
| 860 |
| 127,727 |
| |
SouFun Holdings Ltd. # |
| 3,884 |
| 89,526 |
| |
|
|
|
| 217,253 |
| |
LIFE & HEALTH INSURANCE—1.2% |
|
|
|
|
| |
Ping An Insurance Group Co., of China Ltd. |
| 12,500 |
| 136,728 |
| |
|
|
|
|
|
| |
OIL & GAS EXPLORATION & PRODUCTION—1.1% |
|
|
|
|
| |
CNOOC Ltd. |
| 51,000 |
| 125,821 |
| |
|
|
|
|
|
| |
PERSONAL PRODUCTS—0.7% |
|
|
|
|
| |
Hengan International Group Co., Ltd. |
| 11,000 |
| 85,408 |
| |
|
|
|
|
|
| |
SPECIALTY STORES—0.9% |
|
|
|
|
| |
Hengdeli Holdings Ltd. |
| 168,000 |
| 100,805 |
| |
|
|
|
|
|
| |
TOTAL CHINA |
|
|
| 2,098,380 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
COLOMBIA—0.4% |
|
|
|
|
| |
OIL & GAS EXPLORATION & PRODUCTION—0.4% |
|
|
|
|
| |
Petrominerales Ltd. |
| 1,200 |
| $ | 45,918 |
|
|
|
|
|
|
| |
COLUMBIA—0.9% |
|
|
|
|
| |
INTEGRATED OIL & GAS—0.9% |
|
|
|
|
| |
Pacific Rubiales Energy Corp. |
| 3,613 |
| 109,082 |
| |
|
|
|
|
|
| |
HUNGARY—0.5% |
|
|
|
|
| |
ELECTRIC UTILITIES—0.5% |
|
|
|
|
| |
PannErgy* |
| 11,735 |
| 57,792 |
| |
|
|
|
|
|
| |
INDIA—6.1% |
|
|
|
|
| |
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—1.7% |
|
|
|
|
| |
Larsen & Toubro Ltd. # |
| 2,085 |
| 77,791 |
| |
Tata Motors Ltd. # |
| 4,095 |
| 112,367 |
| |
|
|
|
| 190,158 |
| |
DIVERSIFIED BANKS—1.2% |
|
|
|
|
| |
ICICI Bank Ltd.# |
| 2,759 |
| 139,053 |
| |
|
|
|
|
|
| |
GAS UTILITIES—1.0% |
|
|
|
|
| |
GAIL India Ltd. |
| 10,192 |
| 109,393 |
| |
|
|
|
|
|
| |
OIL & GAS REFINING & MARKETING—1.2% |
|
|
|
|
| |
Reliance Industries Ltd.(a),(b) |
| 3,025 |
| 133,070 |
| |
|
|
|
|
|
| |
WIRELESS TELECOMMUNICATION SERVICES—1.0% |
|
|
|
|
| |
Bharti Airtel Ltd. |
| 13,096 |
| 112,421 |
| |
|
|
|
|
|
| |
TOTAL INDIA |
|
|
| 684,095 |
| |
|
|
|
|
|
| |
INDONESIA—2.1% |
|
|
|
|
| |
COAL & CONSUMABLE FUELS—1.0% |
|
|
|
|
| |
Adaro Energy Tbk., PT |
| 442,500 |
| 113,674 |
| |
|
|
|
|
|
| |
DIVERSIFIED BANKS—1.1% |
|
|
|
|
| |
Bank Rakyat Indonesia Persero Tbk., PT |
| 170,000 |
| 128,036 |
| |
|
|
|
|
|
| |
TOTAL INDONESIA |
|
|
| 241,710 |
| |
|
|
|
|
|
| |
MALAYSIA—3.3% |
|
|
|
|
| |
COMMODITY CHEMICALS—0.9% |
|
|
|
|
| |
Petronas Chemicals Group Bhd* |
| 39,600 |
| 96,644 |
| |
|
|
|
|
|
| |
DIVERSIFIED BANKS—1.1% |
|
|
|
|
| |
CIMB Group Holdings Berhad |
| 43,700 |
| 120,811 |
| |
|
|
|
|
|
| |
REAL ESTATE DEVELOPMENT—0.6% |
|
|
|
|
| |
UEM Land Holdings Bhd.* |
| 74,800 |
| 67,920 |
| |
|
|
|
|
|
| |
WIRELESS TELECOMMUNICATION SERVICES—0.7% |
|
|
|
|
| |
Axiata Group Bhd.* |
| 46,000 |
| 76,084 |
| |
|
|
|
|
|
| |
TOTAL MALAYSIA |
|
|
| 361,459 |
| |
|
| SHARES |
| VALUE |
| |
MEXICO—4.0% |
|
|
|
|
| |
COMMODITY CHEMICALS—1.0% |
|
|
|
|
| |
Mexichem SAB de CV |
| 28,417 |
| $ | 107,998 |
|
|
|
|
|
|
| |
DEPARTMENT STORES—0.7% |
|
|
|
|
| |
El Puerto de Liverpool SAB de |
| 10,200 |
| 77,087 |
| |
|
|
|
|
|
| |
HOMEBUILDING—1.0% |
|
|
|
|
| |
Urbi Desarrollos Urbanos SAB de* |
| 46,100 |
| 110,127 |
| |
|
|
|
|
|
| |
WIRELESS TELECOMMUNICATION SERVICES—1.3% |
|
|
|
|
| |
America Movil SAB de CV# |
| 2,700 |
| 154,440 |
| |
|
|
|
|
|
| |
TOTAL MEXICO |
|
|
| 449,652 |
| |
|
|
|
|
|
| |
PHILIPPINES—0.6% |
|
|
|
|
| |
MARINE PORTS & SERVICES—0.6% |
|
|
|
|
| |
International Container Terminal Services, Inc. |
| 60,300 |
| 69,097 |
| |
|
|
|
|
|
| |
POLAND—1.1% |
|
|
|
|
| |
DIVERSIFIED METALS & MINING—1.1% |
|
|
|
|
| |
KGHM Polska Miedz SA |
| 1,718 |
| 126,387 |
| |
|
|
|
|
|
| |
RUSSIA—7.8% |
|
|
|
|
| |
CONSTRUCTION MATERIALS—0.8% |
|
|
|
|
| |
LSR Group OJSC(b) |
| 10,089 |
| 94,332 |
| |
|
|
|
|
|
| |
DIVERSIFIED BANKS—1.0% |
|
|
|
|
| |
Sberbank of Russia(b) |
| 280 |
| 111,668 |
| |
|
|
|
|
|
| |
FOOD RETAIL—0.5% |
|
|
|
|
| |
X5 Retail Group NV*,(b) |
| 1,638 |
| 57,739 |
| |
|
|
|
|
|
| |
INTEGRATED OIL & GAS—1.3% |
|
|
|
|
| |
Lukoil OAO# |
| 2,069 |
| 143,175 |
| |
|
|
|
|
|
| |
INTERNET SOFTWARE & SERVICES—0.5% |
|
|
|
|
| |
Mail.ru Group Ltd. *(a),(b) |
| 1,748 |
| 53,333 |
| |
|
|
|
| 53,333 |
| |
OIL & GAS EXPLORATION & PRODUCTION—2.8% |
|
|
|
|
| |
Gazprom OAO # |
| 6,470 |
| 109,149 |
| |
NovaTek OAO (b) |
| 738 |
| 103,689 |
| |
Rosneft Oil Co. (b) |
| 11,254 |
| 100,442 |
| |
|
|
|
| 313,280 |
| |
STEEL—0.9% |
|
|
|
|
| |
Mechel# |
| 3,726 |
| 106,452 |
| |
|
|
|
|
|
| |
TOTAL RUSSIA |
|
|
| 879,979 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
SOUTH AFRICA—5.9% |
|
|
|
|
| |
APPAREL RETAIL—0.9% |
|
|
|
|
| |
Foschini Group Ltd., /The |
| 7,424 |
| $ | 102,396 |
|
|
|
|
|
|
| |
FOOD RETAIL—0.7% |
|
|
|
|
| |
Shoprite Holdings Ltd. |
| 4,870 |
| 76,734 |
| |
|
|
|
|
|
| |
GOLD—0.8% |
|
|
|
|
| |
AngloGold Ashanti Ltd. |
| 1,750 |
| 88,657 |
| |
|
|
|
|
|
| |
OTHER DIVERSIFIED FINANCIAL SERVICES—1.9% |
|
|
|
|
| |
African Bank Investments Ltd. |
| 17,405 |
| 101,482 |
| |
FirstRand Ltd. |
| 34,620 |
| 108,887 |
| |
|
|
|
| 210,369 |
| |
PHARMACEUTICALS—0.7% |
|
|
|
|
| |
Aspen Pharmacare Holdings Ltd.* |
| 6,342 |
| 78,204 |
| |
|
|
|
|
|
| |
PRECIOUS METALS & MINERALS—0.9% |
|
|
|
|
| |
Anglo Platinum Ltd. |
| 978 |
| 99,307 |
| |
|
|
|
|
|
| |
TOTAL SOUTH AFRICA |
|
|
| 655,667 |
| |
|
|
|
|
|
| |
SOUTH KOREA—13.9% |
|
|
|
|
| |
AUTO PARTS & EQUIPMENT—1.2% |
|
|
|
|
| |
Hyundai Mobis |
| 397 |
| 133,386 |
| |
|
|
|
|
|
| |
AUTOMOBILE MANUFACTURERS—0.9% |
|
|
|
|
| |
Hyundai Motor Co. |
| 440 |
| 101,507 |
| |
|
|
|
|
|
| |
COMMODITY CHEMICALS—0.9% |
|
|
|
|
| |
LG Chem Ltd. |
| 217 |
| 107,637 |
| |
|
|
|
|
|
| |
CONSTRUCTION & ENGINEERING—0.8% |
|
|
|
|
| |
Doosan Heavy Industries and Construction Co., Ltd. |
| 1,676 |
| 93,800 |
| |
|
|
|
|
|
| |
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—0.5% |
|
|
|
|
| |
Samsung Heavy Industries Co., Ltd. |
| 1,300 |
| 59,008 |
| |
|
|
|
|
|
| |
CONSUMER ELECTRONICS—0.6% |
|
|
|
|
| |
LG Electronics, Inc. |
| 725 |
| 69,888 |
| |
|
|
|
|
|
| |
DIVERSIFIED BANKS—1.8% |
|
|
|
|
| |
KB Financial Group, Inc. # |
| 2,426 |
| 129,281 |
| |
Woori Finance Holdings Co., Ltd. |
| 5,640 |
| 77,065 |
| |
|
|
|
| 206,346 |
| |
HOME ENTERTAINMENT SOFTWARE—1.1% |
|
|
|
|
| |
NCSoft Corp. |
| 486 |
| 128,948 |
| |
|
|
|
|
|
| |
HOUSEHOLD PRODUCTS—1.4% |
|
|
|
|
| |
LG Household & Health Care Ltd. |
| 384 |
| 154,894 |
| |
|
|
|
|
|
| |
METAL & GLASS CONTAINERS—0.9% |
|
|
|
|
| |
Lock & Lock Co., Ltd. |
| 2,740 |
| 100,394 |
| |
|
|
|
|
|
| |
PHARMACEUTICALS—0.6% |
|
|
|
|
| |
Celltrion Inc. |
| 1,811 |
| 62,203 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
SOUTH KOREA—(CONT.) |
|
|
|
|
| |
SEMICONDUCTORS—2.6% |
|
|
|
|
| |
Samsung Electronics Co., Ltd. |
| 356 |
| $ | 297,527 |
|
|
|
|
|
|
| |
STEEL—0.6% |
|
|
|
|
| |
Hyundai Steel Co. |
| 517 |
| 65,804 |
| |
|
|
|
|
|
| |
TOTAL SOUTH KOREA |
|
|
| 1,581,342 |
| |
|
|
|
|
|
| |
TAIWAN—10.3% |
|
|
|
|
| |
COMMODITY CHEMICALS—0.6% |
|
|
|
|
| |
Formosa Plastics Corp. |
| 18,000 |
| 73,418 |
| |
|
|
|
|
|
| |
COMPUTER HARDWARE—0.8% |
|
|
|
|
| |
HTC Corp. |
| 2,000 |
| 90,640 |
| |
|
|
|
|
|
| |
COMPUTER STORAGE & PERIPHERALS—1.0% |
|
|
|
|
| |
Catcher Technology Co., Ltd. |
| 17,000 |
| 106,676 |
| |
|
|
|
|
|
| |
CONSTRUCTION MATERIALS—1.2% |
|
|
|
|
| |
Taiwan Cement Corp. |
| 92,000 |
| 134,544 |
| |
|
|
|
|
|
| |
DIVERSIFIED BANKS—1.1% |
|
|
|
|
| |
Chinatrust Financial Holding Co., Ltd. |
| 135,000 |
| 123,540 |
| |
|
|
|
|
|
| |
ELECTRONIC COMPONENTS—1.3% |
|
|
|
|
| |
AU Optronics Corp. #* |
| 9,690 |
| 78,489 |
| |
Delta Electronics, Inc. |
| 15,000 |
| 66,934 |
| |
|
|
|
| 145,423 |
| |
ELECTRONIC MANUFACTURING SERVICES—1.2% |
|
|
|
|
| |
Hon Hai Precision Industry Co., Ltd. |
| 36,000 |
| 136,169 |
| |
|
|
|
|
|
| |
FERTILIZERS & AGRICULTURAL CHEMICALS—0.8% |
|
|
|
|
| |
Taiwan Fertilizer Co., Ltd. |
| 26,000 |
| 87,558 |
| |
|
|
|
|
|
| |
HOTELS RESORTS & CRUISE LINES—0.7% |
|
|
|
|
| |
Ambassador Hotel, /The |
| 46,000 |
| 76,012 |
| |
|
|
|
|
|
| |
SEMICONDUCTORS—1.6% |
|
|
|
|
| |
Epistar Corp. |
| 24,000 |
| 79,400 |
| |
Orise Technology Co., Ltd. |
| 43,000 |
| 97,288 |
| |
|
|
|
| 176,688 |
| |
|
|
|
|
|
| |
TOTAL TAIWAN |
|
|
| 1,150,668 |
| |
|
|
|
|
|
| |
THAILAND—1.9% |
|
|
|
|
| |
DIVERSIFIED BANKS—1.0% |
|
|
|
|
| |
Siam Commercial Bank PCL |
| 28,400 |
| 110,310 |
| |
|
|
|
|
|
| |
DIVERSIFIED METALS & MINING—0.9% |
|
|
|
|
| |
Banpu PCL |
| 3,850 |
| 96,170 |
| |
|
|
|
|
|
| |
TOTAL THAILAND |
|
|
| 206,480 |
| |
|
|
|
|
|
| |
TURKEY—1.7% |
|
|
|
|
| |
DIVERSIFIED BANKS—0.5% |
|
|
|
|
| |
Turkiye Garanti Bankasi AS# |
| 11,224 |
| 58,589 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
TURKEY—(CONT.) |
|
|
|
|
| |
GOLD—1.2% |
|
|
|
|
| |
Koza Altin Isletmeleri AS |
| 8,466 |
| $ | 132,751 |
|
|
|
|
|
|
| |
TOTAL TURKEY |
|
|
| 191,340 |
| |
|
|
|
|
|
| |
TOTAL COMMON STOCKS |
|
|
| 10,645,051 |
| |
|
|
|
|
|
| |
Total Investments |
| 94.4 | % | 10,645,051 |
| |
Other Assets in Excess of Liabilities |
| 5.6 |
| 631,996 |
| |
|
|
|
|
|
| |
NET ASSETS |
| 100.0 | % | $ | 11,277,047 |
|
‡ | Securities classified as Level 1 for ASC 820 disclosure purposes based on valuation inputs unless otherwise noted. |
|
|
# | American Depositary Receipts. |
* | Non-income producing security. |
(a) | Pursuant to Securities and Exchange Commission Rule 144A, these securities may be sold prior to their maturity only to qualified institutional buyers. These securities are deemed to be liquid and represent 1.6%, of the net assets of the Fund. |
(b) | GDR - Global Depository Receipt |
(c) | At April 30, 2011, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $10,036,297 amounted to $610,796 which consisted of aggregate gross unrealized appreciation of $918,296 and aggregate gross unrealized depreciation of $307,500. |
See Notes to Financial Statements.
THE ALGER FUNDS II
Statements of Assets and Liabilities (Unaudited) April 30, 2011
|
| Alger Spectra |
| Alger Green Fund |
| ||
ASSETS: |
|
|
|
|
| ||
Investments in securities, at value (Identified cost)* |
| $ | 1,114,863,936 |
| $ | 58,922,213 |
|
Cash and cash equivalents |
| 34,838,674 |
| 2,443,118 |
| ||
Foreign cash*** |
| — |
| — |
| ||
Receivable for investment securities sold |
| 12,784,566 |
| 97,234 |
| ||
Receivable foreign currency contracts |
| — |
| — |
| ||
Receivable for shares of beneficial interest sold |
| 15,461,276 |
| 248,890 |
| ||
Dividends and interest receivable |
| 837,901 |
| 31,231 |
| ||
Receivable from Investment Manager |
| 1,657 |
| 7,547 |
| ||
Prepaid expenses |
| 86,502 |
| 34,712 |
| ||
Total Assets |
| 1,178,874,512 |
| 61,784,945 |
| ||
LIABILITIES: |
|
|
|
|
| ||
Securities sold short, at value** |
| 58,974,892 |
| — |
| ||
Payable for investment securities purchased |
| 19,542,633 |
| — |
| ||
Payable for shares of beneficial interest redeemed |
| 1,146,058 |
| 158,041 |
| ||
Accrued investment advisory fees |
| 759,491 |
| 35,545 |
| ||
Accrued transfer agent fees |
| 149,766 |
| 11,837 |
| ||
Accrued distribution fees |
| 270,632 |
| 14,275 |
| ||
Accrued administrative fees |
| 23,207 |
| 1,377 |
| ||
Accrued shareholder servicing fees |
| 12,821 |
| 714 |
| ||
Dividends payable |
| 132,423 |
| — |
| ||
Accrued other expenses |
| 89,951 |
| 28,002 |
| ||
Total Liabilities |
| 81,101,874 |
| 249,791 |
| ||
NET ASSETS |
| $ | 1,097,772,638 |
| $ | 61,535,154 |
|
Net Assets Consist of: |
|
|
|
|
| ||
Paid in capital (par value of $.001 per share) |
| 949,741,961 |
| 57,515,588 |
| ||
Undistributed net investment income (accumulated loss) |
| (2,306,845 | ) | (73,273 | ) | ||
Undistributed net realized gain (accumulated realized loss) |
| 21,819,146 |
| (7,526,097 | ) | ||
Net unrealized appreciation on investments |
| 128,518,376 |
| 11,618,936 |
| ||
NET ASSETS |
| $ | 1,097,772,638 |
| $ | 61,535,154 |
|
*Identified cost |
| $ | 979,628,173 |
| $ | 47,303,277 |
|
**Proceeds received on short sales |
| $ | 52,257,506 |
| $ | — |
|
***Cost of foreign cash |
| $ | — |
| $ | — |
|
See Notes to Financial Statements.
|
| Alger Analyst |
| Alger Dynamic |
| Alger Emerging |
| |||
ASSETS: |
|
|
|
|
|
|
| |||
Investments in securities, at value (Identified cost)* |
| $ | 3,138,353 |
| $ | 13,485,526 |
| $ | 10,645,051 |
|
Cash and cash equivalents |
| 515,617 |
| 6,042,809 |
| 373,751 |
| |||
Foreign cash*** |
| — |
| — |
| 208,792 |
| |||
Receivable for investment securities sold |
| 78,007 |
| 1,069,379 |
| 66,076 |
| |||
Receivable foreign currency contracts |
| — |
| 1 |
| 345 |
| |||
Receivable for shares of beneficial interest sold |
| — |
| 38,092 |
| 53,775 |
| |||
Dividends and interest receivable |
| 1,420 |
| 7,265 |
| 14,976 |
| |||
Receivable from Investment Manager |
| 11,451 |
| 9,067 |
| 31,242 |
| |||
Prepaid expenses |
| 31,034 |
| 34,052 |
| 45,536 |
| |||
Total Assets |
| 3,775,882 |
| 20,686,191 |
| 11,439,544 |
| |||
LIABILITIES: |
|
|
|
|
|
|
| |||
Securities sold short, at value** |
| — |
| 4,669,993 |
| — |
| |||
Payable for investment securities purchased |
| 34,971 |
| 132,943 |
| 110,337 |
| |||
Payable for shares of beneficial interest redeemed |
| — |
| 18,195 |
| — |
| |||
Accrued investment advisory fees |
| 2,521 |
| 15,281 |
| 9,537 |
| |||
Accrued transfer agent fees |
| 2,310 |
| 3,041 |
| 2,222 |
| |||
Accrued distribution fees |
| 852 |
| 3,304 |
| 2,225 |
| |||
Accrued administrative fees |
| 81 |
| 350 |
| 238 |
| |||
Accrued shareholder servicing fees |
| 44 |
| 210 |
| 90 |
| |||
Dividends payable |
| — |
| 6,752 |
| — |
| |||
Accrued other expenses |
| 22,368 |
| 24,030 |
| 37,848 |
| |||
Total Liabilities |
| 63,147 |
| 4,874,099 |
| 162,497 |
| |||
NET ASSETS |
| $ | 3,712,735 |
| $ | 15,812,092 |
| $ | 11,277,047 |
|
Net Assets Consist of: |
|
|
|
|
|
|
| |||
Paid in capital (par value of $.001 per share) |
| 3,302,872 |
| 13,822,498 |
| 11,035,475 |
| |||
Undistributed net investment income (accumulated loss) |
| (9,233 | ) | (143,157 | ) | (30,126 | ) | |||
Undistributed net realized gain (accumulated realized loss) |
| (190,701 | ) | 1,152,986 |
| (338,825 | ) | |||
Net unrealized appreciation on investments |
| 609,797 |
| 979,765 |
| 610,523 |
| |||
NET ASSETS |
| $ | 3,712,735 |
| $ | 15,812,092 |
| $ | 11,277,047 |
|
*Identified cost |
| $ | 2,528,625 |
| $ | 12,035,674 |
| $ | 10,036,297 |
|
**Proceeds received on short sales |
| $ | — |
| $ | 4,199,911 |
| $ | — |
|
***Cost of foreign cash |
| $ | — |
| $ | — |
| $ | 206,750 |
|
THE ALGER FUNDS II
Statements of Assets and Liabilities (Continued) (Unaudited) April 30, 2011
|
| Alger Spectra |
| Alger Green Fund |
| ||
NET ASSETS BY CLASS |
|
|
|
|
| ||
Class A |
| $ | 752,948,684 |
| $ | 37,252,885 |
|
Class C |
| $ | 106,991,640 |
| $ | 2,916,924 |
|
Class I |
| $ | 237,469,451 |
| $ | 21,365,345 |
|
Class Z |
| $ | 362,863 |
| $ | — |
|
SHARES OF BENEFICIAL INTEREST OUTSTANDING—NOTE 6 |
|
|
|
|
| ||
Class A |
| 55,385,484 |
| 5,622,594 |
| ||
Class C |
| 8,007,216 |
| 448,729 |
| ||
Class I |
| 17,371,517 |
| 3,228,471 |
| ||
Class Z |
| 26,664 |
| — |
| ||
|
|
|
|
|
| ||
NET ASSET VALUE AND OFFERING PRICE PER SHARE |
|
|
|
|
| ||
Class A — Net Asset Value Per Share |
| $ | 13.59 |
| $ | 6.63 |
|
|
|
|
|
|
|
|
|
Class A — Offering Price Per Share (includes 5.25% sales charge) |
| $ | 14.35 |
| $ | 6.99 |
|
Class C — Net Asset Value Per Share |
| $ | 13.36 |
| $ | 6.50 |
|
Class I — Net Asset Value Per Share |
| $ | 13.67 |
| $ | 6.62 |
|
Class Z — Net Asset Value Per Share |
| $ | 13.61 |
| — |
|
See Notes to Financial Statements.
|
| Alger Analyst |
| Alger Dynamic |
| Alger Emerging |
| |||
NET ASSETS BY CLASS |
|
|
|
|
|
|
| |||
Class A |
| $ | 2,540,998 |
| $ | 15,585,133 |
| $ | 800,749 |
|
Class C |
| $ | 185,410 |
| $ | 225,872 |
| $ | 119,266 |
|
Class I |
| $ | 986,327 |
| $ | — |
| $ | 10,357,032 |
|
Class Z |
| $ | — |
| $ | 1,087 |
| $ | — |
|
SHARES OF BENEFICIAL INTEREST OUTSTANDING—NOTE 6 |
|
|
|
|
|
|
| |||
Class A |
| 230,919 |
| 1,309,027 |
| 78,202 |
| |||
Class C |
| 17,183 |
| 19,025 |
| 11,733 |
| |||
Class I |
| 89,699 |
| — |
| 1,016,412 |
| |||
Class Z |
| — |
| 91 |
| — |
| |||
|
|
|
|
|
|
|
| |||
NET ASSET VALUE AND OFFERING PRICE PER SHARE |
| $ | 11.00 |
| $ | 11.91 |
| $ | 10.24 |
|
Class A — Net Asset Value Per Share |
| $ | 11.61 |
| $ | 12.57 |
| $ | 10.81 |
|
|
|
|
|
|
|
|
|
|
|
|
Class A — Offering Price Per Share (includes 5.25% sales charge) |
| $ | 10.79 |
| $ | 11.87 |
| $ | 10.17 |
|
Class C — Net Asset Value Per Share |
| $ | 11.00 |
| — |
| $ | 10.19 |
| |
Class I — Net Asset Value Per Share |
| — |
| $ | 11.91 |
| — |
| ||
Class Z — Net Asset Value Per Share |
|
|
|
|
|
|
|
THE ALGER FUNDS II
Statements of Operations (Unaudited)
For the six months ended April 30, 2011
|
| Alger Spectra |
| Alger Green Fund |
| ||
INCOME |
|
|
|
|
| ||
Dividends (net of foreign withholding taxes*) |
| $ | 4,408,749 |
| $ | 301,490 |
|
Interest |
| 79,368 |
| 2,179 |
| ||
Other |
| 26 |
| — |
| ||
Total Income |
| 4,488,143 |
| 303,669 |
| ||
EXPENSES |
|
|
|
|
| ||
Advisory fees—Note 3(a) |
| 3,798,715 |
| 207,430 |
| ||
Distribution fees—Note3(f): |
|
|
|
|
| ||
Class A |
| 754,673 |
| 46,448 |
| ||
Class C |
| 356,173 |
| 13,544 |
| ||
Class I |
| 211,310 |
| 23,205 |
| ||
Administrative fees—Note 3(a) |
| 116,072 |
| 8,034 |
| ||
Dividends on securities sold short |
| 452,550 |
| — |
| ||
Custodian fees |
| 57,345 |
| 10,716 |
| ||
Interest expenses |
| 2,895 |
| — |
| ||
Borrowing fees on short sales |
| 509,635 |
| — |
| ||
Transfer agent fees and expenses—Note 3(b) |
| 429,992 |
| 36,518 |
| ||
Printing fees |
| 79,775 |
| 10,420 |
| ||
Professional fees |
| 59,610 |
| 14,285 |
| ||
Registration fees |
| 77,238 |
| 26,285 |
| ||
Trustee fees—Note 3(e) |
| 8,974 |
| 8,628 |
| ||
Miscellaneous |
| 86,476 |
| 8,160 |
| ||
Total Expenses |
| 7,001,433 |
| 413,673 |
| ||
Less, expense reimbursements Note 3(a) |
| (4,703 | ) | (36,731 | ) | ||
Net Expenses |
| 6,996,730 |
| 376,942 |
| ||
NET INVESTMENT LOSS |
| (2,508,587 | ) | (73,273 | ) | ||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, OPTIONS AND FOREIGN CURRENCY |
|
|
|
|
| ||
Net realized gain (loss) on investments and purchased options |
| 58,397,532 |
| (152,384 | ) | ||
Net realized gain (loss) on foreign currency transactions |
| (217,511 | ) | — |
| ||
Net change in unrealized appreciation (depreciation) on investments, options and foreign currency |
| 98,067,721 |
| 5,759,768 |
| ||
Net realized and unrealized gain on investments, options and foreign currency |
| 156,247,742 |
| 5,607,384 |
| ||
|
|
|
|
|
| ||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
| $ | 153,739,155 |
| $ | 5,534,111 |
|
*Foreign withholding taxes |
| $ | 5,293 |
| $ | 390 |
|
See Notes to Financial Statements.
|
| Alger Analyst |
| Alger Dynamic |
| Alger Emerging |
| |||
INCOME |
|
|
|
|
|
|
| |||
Dividends (net of foreign withholding taxes*) |
| $ | 10,360 |
| $ | 38,888 |
| $ | 27,252 |
|
Interest |
| 81 |
| 602 |
| 61 |
| |||
Other |
| 26 |
| — |
| — |
| |||
Total Income |
| 10,467 |
| 39,490 |
| 27,313 |
| |||
EXPENSES |
|
|
|
|
|
|
| |||
Advisory fees—Note 3(a) |
| 13,486 |
| 84,445 |
| 36,969 |
| |||
Distribution fees—Note3(f): |
|
|
|
|
|
|
| |||
Class A |
| 2,954 |
| 17,529 |
| 220 |
| |||
Class C |
| 870 |
| 250 |
| 194 |
| |||
Class I |
| 795 |
| — |
| 8,134 |
| |||
Administrative fees—Note 3(a) |
| 436 |
| 1,935 |
| 924 |
| |||
Dividends on securities sold short |
| — |
| 27,773 |
| — |
| |||
Custodian fees |
| 9,040 |
| 21,417 |
| 22,150 |
| |||
Interest expenses |
| — |
| 382 |
| 47 |
| |||
Borrowing fees on short sales |
| — |
| 14,449 |
| — |
| |||
Transfer agent fees and expenses—Note 3(b) |
| 8,537 |
| 10,538 |
| 6,603 |
| |||
Printing fees |
| 2,198 |
| 11,315 |
| 20,825 |
| |||
Professional fees |
| 11,832 |
| 13,683 |
| 17,984 |
| |||
Registration fees |
| 23,585 |
| 26,835 |
| 16,805 |
| |||
Trustee fees—Note 3(e) |
| 8,592 |
| 8,598 |
| 6,292 |
| |||
Miscellaneous |
| 2,191 |
| 3,581 |
| 3,956 |
| |||
Total Expenses |
| 84,516 |
| 242,730 |
| 141,103 |
| |||
Less, expense reimbursements Note 3(a) |
| (64,816 | ) | (59,198 | ) | (83,664 | ) | |||
Net Expenses |
| 19,700 |
| 183,532 |
| 57,439 |
| |||
NET INVESTMENT LOSS |
| (9,233 | ) | (144,042 | ) | (30,126 | ) | |||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, OPTIONS AND FOREIGN CURRENCY |
|
|
|
|
|
|
| |||
Net realized gain (loss) on investments and purchased options |
| 229,786 |
| 1,269,291 |
| (298,085 | ) | |||
Net realized gain (loss) on foreign currency transactions |
| 105 |
| 180 |
| (40,740 | ) | |||
Net change in unrealized appreciation (depreciation) on investments, options and foreign currency |
| 240,457 |
| 536,089 |
| 610,523 |
| |||
Net realized and unrealized gain on investments, options and foreign currency |
| 470,348 |
| 1,805,560 |
| 271,698 |
| |||
|
|
|
|
|
|
|
| |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
| $ | 461,115 |
| $ | 1,661,518 |
| $ | 241,572 |
|
*Foreign withholding taxes |
| $ | 130 |
| $ | 207 |
| $ | 3,124 |
|
* Commenced operations December 29, 2010.
THE ALGER FUNDS II
Statements of Changes in Net Assets
|
| Alger Spectra Fund |
| ||||
|
| For the |
| For the |
| ||
Net investment loss |
| $ | (2,508,587 | ) | $ | (2,982,005 | ) |
Net realized gain (loss) on investments, options and foreign currency |
| 58,180,021 |
| 57,143,492 |
| ||
Net change in unrealized appreciation on investments, options and foreign currency |
| 98,067,721 |
| 33,751,275 |
| ||
Net increase in net assets resulting from operations |
| 153,739,155 |
| 87,912,762 |
| ||
Increase (decrease) from shares of beneficial interest transactions: |
|
|
|
|
| ||
Class A |
| 154,052,846 |
| 140,678,299 |
| ||
Class C |
| 46,744,199 |
| 38,954,190 |
| ||
Class I |
| 90,328,678 |
| 36,476,386 |
| ||
Class Z |
| 342,027 |
| — |
| ||
Net increase (decrease) from shares of beneficial interest transactions—Note 6 |
| 291,467,750 |
| 216,108,875 |
| ||
Total increase |
| 445,206,905 |
| 304,021,637 |
| ||
Net Assets: |
|
|
|
|
| ||
Beginning of period |
| 652,565,733 |
| 348,544,096 |
| ||
END OF PERIOD |
| $ | 1,097,772,638 |
| $ | 652,565,733 |
|
Undistributed net investment income (accumulated loss) |
| $ | (2,306,845 | ) | $ | 201,742 |
|
See Notes to Financial Statements.
|
| Alger Green Fund |
| Alger Analyst Fund |
| Alger Dynamic Opportunities Fund* |
| ||||||||||||
|
| For the |
| For the |
| For the |
| For the |
| For the |
| For the |
| ||||||
Net investment loss |
| $ | (73,273 | ) | $ | (115,011 | ) | $ | (9,233 | ) | $ | (15,057 | ) | $ | (144,042 | ) | $ | (225,142 | ) |
Net realized gain (loss) on investments, options and foreign currency |
| (152,384 | ) | 1,363,975 |
| 229,891 |
| 208,752 |
| 1,269,471 |
| 35,098 |
| ||||||
Net change in unrealized appreciation on investments, options and foreign currency |
| 5,759,768 |
| 4,469,308 |
| 240,457 |
| 203,097 |
| 536,089 |
| 443,676 |
| ||||||
Net increase in net assets resulting from operations |
| 5,534,111 |
| 5,718,272 |
| 461,115 |
| 396,792 |
| 1,661,518 |
| 253,632 |
| ||||||
Increase (decrease) from shares of beneficial interest transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Class A |
| (3,810,665 | ) | 5,903,836 |
| (37,683 | ) | 169,317 |
| (596,229 | ) | 14,273,844 |
| ||||||
Class C |
| 238,589 |
| 1,184,245 |
| (5,098 | ) | 15,479 |
| 218,327 |
| — |
| ||||||
Class I |
| 6,131,521 |
| 5,646,888 |
| 709,670 |
| 103 |
| — |
| — |
| ||||||
Class Z |
| — |
| — |
| — |
| — |
| 1,000 |
| — |
| ||||||
Net increase (decrease) from shares of beneficial interest transactions—Note 6 |
| 2,559,445 |
| 12,734,969 |
| 666,889 |
| 184,899 |
| (376,902 | ) | 14,273,844 |
| ||||||
Total increase |
| 8,093,556 |
| 18,453,241 |
| 1,128,004 |
| 581,691 |
| 1,284,616 |
| 14,527,476 |
| ||||||
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Beginning of period |
| 53,441,598 |
| 34,988,357 |
| 2,584,731 |
| 2,003,040 |
| 14,527,476 |
| — |
| ||||||
END OF PERIOD |
| $ | 61,535,154 |
| $ | 53,441,598 |
| $ | 3,712,735 |
| $ | 2,584,731 |
| $ | 15,812,092 |
| $ | 14,527,476 |
|
Undistributed net investment income (accumulated loss) |
| $ | (73,273 | ) | $ | — |
| $ | (9,233 | ) | $ | — |
| $ | (143,157 | ) | $ | 885 |
|
* Commenced operations November 2, 2009
THE ALGER FUNDS II
Statements of Changes in Net Assets
|
| Alger Emerging |
| |
|
| For the |
| |
Net investment loss |
| $ | (30,126 | ) |
Net realized loss on investments, options and foreign currency |
| (338,825 | ) | |
Net change in unrealized appreciation on investments, options and foreign currency |
| 610,523 |
| |
Net increase in net assets resulting from operations |
| 241,572 |
| |
Increase (decrease) from shares of beneficial interest transactions: |
|
|
| |
Class A |
| 762,373 |
| |
Class C |
| 114,102 |
| |
Class I |
| 10,159,000 |
| |
Net increase from shares of beneficial interest transactions—Note 6 |
| 11,035,475 |
| |
Total increase |
| 11,277,047 |
| |
Net Assets: |
|
|
| |
Beginning of period |
| — |
| |
END OF PERIOD |
| $ | 11,277,047 |
|
Undistributed net investment income (accumulated loss) |
| $ | (30,126 | ) |
* Commenced operations December 29, 2010.
THE ALGER FUNDS II
Statements of Cash Flows (Unaudited)
For the six months ended April 30, 2011
|
| Alger Spectra |
| Alger Dynamic |
| ||
INCREASE (DECREASE) IN CASH |
|
|
|
|
| ||
Cash flows from operating activities: |
|
|
|
|
| ||
Net increase in net assets resulting from operations |
| $ | 153,739,155 |
| $ | 1,661,518 |
|
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: |
|
|
|
|
| ||
Purchases of investment securities |
| (952,957,985 | ) | (21,422,096 | ) | ||
Proceeds from disposition of investment securities |
| 702,991,453 |
| 21,200,073 |
| ||
Increase in securities sold short |
| (11,251,812 | ) | (59,713 | ) | ||
Bond amortization |
| 9,880 |
| 1,100 |
| ||
Net options premium |
| — |
| (84,216 | ) | ||
Increase in interest and dividends receivable |
| (325,010 | ) | (1,500 | ) | ||
Decrease in receivable for securities sold |
| 19,012,332 |
| 57,262 |
| ||
Increase in payable for securities purchased |
| (21,876,564 | ) | (947,810 | ) | ||
Increase in prepaid expenses |
| (3,425 | ) | (17,027 | ) | ||
Decrease (increase) in receivable from Investment Advisor |
| (1,657 | ) | (3,697 | ) | ||
Decrease in accrued expenses |
| 571,300 |
| 5,512 |
| ||
Unrealized appreciation on investments |
| (98,067,721 | ) | (536,089 | ) | ||
Realized gain on investments |
| (58,180,021 | ) | (1,273,471 | ) | ||
Net use of cash in operating activities |
| (266,340,075 | ) | (1,420,154 | ) | ||
Cash flows from financing activities: |
|
|
|
|
| ||
Proceeds from shares sold |
| 382,696,796 |
| 4,826,903 |
| ||
Payments on shares redeemed |
| (102,735,441 | ) | (4,904,914 | ) | ||
Net cash provided by/(used in) financing activities |
| 279,961,355 |
| (78,011 | ) | ||
Net increase(decrease) in cash |
| 13,621,280 |
| (1,498,165 | ) | ||
|
|
|
|
|
| ||
Unrestricted Cash: |
|
|
|
|
| ||
Beginning balance |
| 21,217,394 |
| 7,540,974 |
| ||
Ending balance |
| $ | 34,838,674 |
| $ | 6,042,809 |
|
See Notes to Financial Statements.
THE ALGER FUNDS II
Financial Highlights for a share outstanding throughout the period
Alger Spectra Fund
|
| Class A |
| ||||||||||||||||
|
| Six months |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| ||||||
Net asset value, beginning of period |
| $ | 11.33 |
| $ | 9.28 |
| $ | 7.07 |
| $ | 12.00 |
| $ | 8.49 |
| $ | 6.94 |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net investment loss(ii) |
| (0.03 | ) | (0.06 | ) | (0.02 | ) | (0.07 | ) | (0.08 | ) | (0.10 | ) | ||||||
Net realized and unrealized gain (loss) on investments |
| 2.29 |
| 2.11 |
| 2.23 |
| (4.86 | ) | 3.59 |
| 1.65 |
| ||||||
Total from investment operations |
| 2.26 |
| 2.05 |
| 2.21 |
| (4.93 | ) | 3.51 |
| 1.55 |
| ||||||
Net asset value, end of period |
| $ | 13.59 |
| $ | 11.33 |
| $ | 9.28 |
| $ | 7.07 |
| $ | 12.00 |
| $ | 8.49 |
|
Total return(iii) |
| 19.9 | % | 22.0 | % | 31.4 | % | (41.1 | )% | 41.3 | % | 22.3 | % | ||||||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net assets, end of period (000’s omitted) |
| $ | 752,949 |
| $ | 488,872 |
| $ | 280,139 |
| $ | 170,147 |
| $ | 329,830 |
| $ | 191,387 |
|
Ratio of gross expenses to average net assets |
| 1.61 | %(iv) | 1.74 | %(v) | 1.90 | %(vi) | 2.01 | % | 2.07 | % | 2.01 | % | ||||||
Ratio of expense reimbursements to average net assets |
| 0.00 | % | 0.00 | % | 0.00 | % | (0.48 | )% | (0.48 | )% | 0.00 | % | ||||||
Ratio of net expenses to average net assets |
| 1.61 | % | 1.74 | % | 1.90 | % | 1.53 | % | 1.59 | % | 2.01 | % | ||||||
Ratio of net investment income (loss) to average net assets |
| (0.55 | )% | (0.57 | )% | (0.29 | )% | (0.65 | )% | (0.79 | )% | (1.20 | )% | ||||||
Portfolio turnover rate |
| 94.49 | % | 252.68 | % | 362.48 | % | 313.46 | % | 282.13 | % | 232.20 | % |
(i) Unaudited. Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(ii) Amount was computed based on average shares outstanding during the period.
(iii) Does not reflect the effect of sales charges, if applicable.
(iv) Includes 0.23% related to dividend expense on short positions and interest expense for the period ended 4/30/2010.
(v) Includes 0.32% related to dividend expense on short positions and interest expense for the period ended 10/31/2010.
(vi) Includes 0.29% related to dividend expense on short positions and interest expense for the period ended 10/31/2009.
See Notes to Financial Statements.
Alger Spectra Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class C |
| ||||||||||
|
| Six months |
| Year ended |
| Year ended |
| From |
| ||||
Net asset value, beginning of period |
| $ | 11.18 |
| $ | 9.23 |
| $ | 7.07 |
| $ | 8.78 |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
| ||||
Net investment loss(iii) |
| (0.08 | ) | (0.14 | ) | (0.12 | ) | (0.01 | ) | ||||
Net realized and unrealized gain (loss) on investments |
| 2.26 |
| 2.09 |
| 2.28 |
| (1.70 | ) | ||||
Total from investment operations |
| 2.18 |
| 1.95 |
| 2.16 |
| (1.71 | ) | ||||
Net asset value, end of period |
| $ | 13.36 |
| $ | 11.18 |
| $ | 9.23 |
| $ | 7.07 |
|
Total return(iv) |
| 19.6 | % | 21.0 | % | 30.6 | % | (19.5 | )% | ||||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
| ||||
Net assets, end of period (000’s omitted) |
| $ | 106,992 |
| $ | 47,351 |
| $ | 4,685 |
| $ | 90 |
|
Ratio of gross expenses to average net assets |
| 2.38 | %(v) | 2.52 | %(vi) | 2.48 | %(vii) | 2.27 | % | ||||
Ratio of expense reimbursements to average net assets |
| 0.00 | % | 0.00 | % | 0.00 | % | (0.02 | )% | ||||
Ratio of net expenses to average net assets |
| 2.38 | % | 2.52 | % | 2.48 | % | 2.25 | % | ||||
Ratio of net investment income (loss) to average net assets |
| (1.32 | )% | (1.38 | )% | (1.35 | )% | (0.92 | )% | ||||
Portfolio turnover rate |
| 94.49 | % | 252.68 | % | 362.48 | % | 313.46 | % |
(i) Unaudited. Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(ii) Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(iii) Amount was computed based on average shares outstanding during the period.
(iv) Does not reflect the effect of sales charges, if applicable.
(v) Includes 0.23% related to dividend expense on short positions and interest expense for the period ended 4/30/2010.
(vi) Includes 0.31% related to dividend expense on short positions and interest expense for the period ended 10/31/10.
(vii) Includes 0.25% related to dividend expense on short positions and interest expense for the period ended 10/31/2009.
See Notes to Financial Statements.
Alger Spectra Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class I |
| Class Z |
| |||||||||||
|
| Six months |
| Year ended |
| Year ended |
| From |
| From |
| |||||
Net asset value, beginning of period |
| $ | 11.39 |
| $ | 9.32 |
| $ | 7.08 |
| $ | 8.78 |
| $ | 12.20 |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
| |||||
Net investment loss(iii) |
| (0.03 | ) | (0.05 | ) | (0.07 | ) | — |
| (0.01 | ) | |||||
Net realized and unrealized gain (loss) on investments |
| 2.31 |
| 2.12 |
| 2.31 |
| (1.70 | ) | 1.42 |
| |||||
Total from investment operations |
| 2.28 |
| 2.07 |
| 2.24 |
| (1.70 | ) | 1.41 |
| |||||
Net asset value, end of period |
| $ | 13.67 |
| $ | 11.39 |
| $ | 9.32 |
| $ | 7.08 |
| $ | 13.61 |
|
Total return(iv) |
| 20.1 | % | 22.1 | % | 31.8 | % | (19.4 | )% | 11.6 | % | |||||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
|
|
| |||||
Net assets, end of period (000’s omitted) |
| $ | 237,469 |
| $ | 116,343 |
| $ | 63,719 |
| $ | 81 |
| $ | 363 |
|
Ratio of gross expenses to average net assets |
| 1.53 | %(v) | 1.64 | %(vi) | 1.50 | %(vii) | 1.53 | % | 8.27 | %(v) | |||||
Ratio of expense reimbursements to average net assets |
| 0.00 | % | (0.01 | )% | (0.05 | )% | (0.28 | )% | (6.91 | )% | |||||
Ratio of net expenses to average net assets |
| 1.53 | % | 1.63 | % | 1.45 | % | 1.25 | % | 1.36 | % | |||||
Ratio of net investment income (loss) to average net assets |
| (0.47 | )% | (0.46 | )% | (0.77 | )% | 0.09 | % | (0.27 | )% | |||||
Portfolio turnover rate |
| 94.49 | % | 252.68 | % | 362.48 | % | 313.46 | % | 94.49 | % |
(i) Unaudited. Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(ii) Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(iii) Amount was computed based on average shares outstanding during the period.
(iv) Does not reflect the effect of sales charges, if applicable.
(v) Includes 0.23% related to dividend expense on short positions and interest expense for the period ended 4/30/2010.
(vi) Includes 0.32% related to dividend expense on short positions and interest expense for the period ended 10/31/10.
(vii) Includes 0.20% related to dividend expense of short positions and interest expense for the period ended 10/31/2009.
See Notes to Financial Statements.
Alger Green Fund
|
| Class A(i) |
| ||||||||||||||||
|
| Six months |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| ||||||
Net asset value, beginning of period |
| $ | 6.03 |
| $ | 5.24 |
| $ | 4.52 |
| $ | 7.90 |
| $ | 6.61 |
| $ | 6.17 |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net investment loss(iii) |
| (0.01 | ) | (0.01 | ) | 0.00 |
| (0.01 | ) | (0.03 | ) | (0.03 | ) | ||||||
Net realized and unrealized gain (loss) on investments |
| 0.61 |
| 0.80 |
| 0.72 |
| (3.19 | ) | 2.09 |
| 1.13 |
| ||||||
Total from investment operations |
| 0.60 |
| 0.79 |
| 0.72 |
| (3.20 | ) | 2.06 |
| 1.10 |
| ||||||
Distributions from net realized gains |
| — |
| — |
| — |
| (0.18 | ) | (0.77 | ) | (0.66 | ) | ||||||
Net asset value, end of period |
| $ | 6.63 |
| $ | 6.03 |
| $ | 5.24 |
| $ | 4.52 |
| $ | 7.90 |
| $ | 6.61 |
|
Total return(iv) |
| 10.0 | % | 15.1 | % | 15.9 | % | (41.4 | )% | 34.4 | % | 19.1 | % | ||||||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net assets, end of period (000’s omitted) |
| $ | 37,253 |
| $ | 37,545 |
| $ | 27,335 |
| $ | 22,307 |
| $ | 13,744 |
| $ | 2,446 |
|
Ratio of gross expenses to average net assets |
| 1.39 | % | 1.44 | % | 1.87 | % | 1.49 | % | 2.15 | % | 7.04 | % | ||||||
Ratio of expense reimbursements to average net assets |
| (0.14 | )% | (0.19 | )% | (0.62 | )% | (0.24 | )% | (0.90 | )% | (5.79 | )% | ||||||
Ratio of net expenses to average net assets |
| 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | ||||||
Ratio of net investment income (loss) to average net assets |
| (0.20 | )% | (0.21 | )% | (0.10 | )% | (0.21 | )% | (0.42 | )% | (0.53 | )% | ||||||
Portfolio turnover rate |
| 5.42 | % | 29.44 | % | 79.75 | % | 106.34 | % | 131.66 | % | 209.65 | % |
(i) Commenced operations January 12, 2007 after the reorganization of the Class I and R shares of the Alger Green Institutional Fund into the Class N shares of the Alger Green Fund. Class N shares were redesiginated as Class A shares on September 24, 2008. The Financial Highlights prior to January 11, 2007 is that of its predecessor fund, Alger Green Institutional Fund.
(ii) Unaudited. Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(iii) Amount was computed based on average shares outstanding during the period.
(iv) Does not reflect the effect of sales charges, if applicable.
See Notes to Financial Statements.
Alger Green Fund
|
| Class C |
| ||||||||||
|
| Six months |
| Year ended |
| Year ended |
| From |
| ||||
Net asset value, beginning of period |
| $ | 5.94 |
| $ | 5.20 |
| $ | 4.51 |
| $ | 5.65 |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
| ||||
Net investment loss(iii) |
| (0.03 | ) | (0.05 | ) | (0.05 | ) | — |
| ||||
Net realized and unrealized gain (loss) on investments |
| 0.59 |
| 0.79 |
| 0.74 |
| (1.14 | ) | ||||
Total from investment operations |
| 0.56 |
| 0.74 |
| 0.69 |
| (1.14 | ) | ||||
Net asset value, end of period |
| $ | 6.50 |
| $ | 5.94 |
| $ | 5.20 |
| $ | 4.51 |
|
Total return(iv) |
| 9.4 | % | 14.2 | % | 15.3 | % | (20.2 | )% | ||||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
| ||||
Net assets, end of period (000’s omitted) |
| $ | 2,917 |
| $ | 2,436 |
| $ | 1,041 |
| $ | 90 |
|
Ratio of gross expenses to average net assets |
| 2.20 | % | 2.26 | % | 2.49 | % | 2.17 | % | ||||
Ratio of expense reimbursements to average net assets |
| (0.20 | )% | (0.26 | )% | (0.49 | )% | (0.17 | )% | ||||
Ratio of net expenses to average net assets |
| 2.00 | % | 2.00 | % | 2.00 | % | 2.00 | % | ||||
Ratio of net investment income (loss) to average net assets |
| (0.97 | )% | (0.97 | )% | (1.05 | )% | (1.01 | )% | ||||
Portfolio turnover rate |
| 5.42 | % | 29.44 | % | 79.75 | % | 106.34 | % |
(i) Unaudited. Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(ii) Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(iii) Amount was computed based on average shares outstanding during the period.
(iv) Does not reflect the effect of sales charges, if applicable.
See Notes to Financial Statements.
Alger Green Fund
|
| Class I |
| ||||||||||
|
| Six months |
| Year ended |
| Year ended |
| From |
| ||||
Net asset value, beginning of period |
| $ | 6.02 |
| $ | 5.24 |
| $ | 4.52 |
| $ | 5.65 |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
| ||||
Net investment loss(iii) |
| (0.01 | ) | (0.01 | ) | (0.01 | ) | — |
| ||||
Net realized and unrealized gain (loss) on investments |
| 0.61 |
| 0.79 |
| 0.73 |
| (1.13 | ) | ||||
Total from investment operations |
| 0.60 |
| 0.78 |
| 0.72 |
| (1.13 | ) | ||||
Net asset value, end of period |
| $ | 6.62 |
| $ | 6.02 |
| $ | 5.24 |
| $ | 4.52 |
|
Total return(iv) |
| 10.0 | % | 14.9 | % | 15.9 | % | (20.0 | )% | ||||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
| ||||
Net assets, end of period (000’s omitted) |
| $ | 21,365 |
| $ | 13,461 |
| $ | 6,612 |
| $ | 80 |
|
Ratio of gross expenses to average net assets |
| 1.35 | % | 1.47 | % | 1.63 | % | 1.42 | % | ||||
Ratio of expense reimbursements to average net assets |
| (0.10 | )% | (0.22 | )% | (0.38 | )% | (0.17 | )% | ||||
Ratio of net expenses to average net assets |
| 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | ||||
Ratio of net investment income (loss) to average net assets |
| (0.24 | )% | (0.22 | )% | (0.28 | )% | (0.26 | )% | ||||
Portfolio turnover rate |
| 5.42 | % | 29.44 | % | 79.75 | % | 106.34 | % |
(i) Unaudited. Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(ii) Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(iii) Amount was computed based on average shares outstanding during the period.
(iv) Does not reflect the effect of sales charges, if applicable.
See Notes to Financial Statements.
Alger Analyst Fund
|
| Class A |
| |||||||||||||
|
| Six months |
| Year ended |
| Year ended |
| Year ended |
| From |
| |||||
Net asset value, beginning of period |
| $ | 9.54 |
| $ | 8.02 |
| $ | 6.57 |
| $ | 12.07 |
| $ | 10.00 |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
| |||||
Net investment loss(iii) |
| (0.03 | ) | (0.05 | ) | (0.04 | ) | (0.06 | ) | (0.04 | ) | |||||
Net realized and unrealized gain (loss) on investments |
| 1.49 |
| 1.57 |
| 1.49 |
| (4.93 | ) | 2.11 |
| |||||
Total from investment operations |
| 1.46 |
| 1.52 |
| 1.45 |
| (4.99 | ) | 2.07 |
| |||||
Distributions from net realized gains |
| — |
| — |
| — |
| (0.51 | ) | — |
| |||||
Net asset value, end of period |
| $ | 11.00 |
| $ | 9.54 |
| $ | 8.02 |
| $ | 6.57 |
| $ | 12.07 |
|
Total return(iv) |
| 15.3 | % | 19.0 | % | 22.1 | % | (43.0 | )% | 20.7 | % | |||||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
|
|
| |||||
Net assets, end of period (000’s omitted) |
| $ | 2,541 |
| $ | 2,236 |
| $ | 1,722 |
| $ | 1,360 |
| $ | 2,675 |
|
Ratio of gross expenses to average net assets |
| 4.87 | % | 5.68 | % | 7.62 | % | 3.04 | % | 2.50 | % | |||||
Ratio of expense reimbursements to average net assets |
| (3.67 | )% | (4.48 | )% | (6.42 | )% | (1.84 | )% | (1.30 | )% | |||||
Ratio of net expenses to average net assets |
| 1.20 | % | 1.20 | % | 1.20 | % | 1.20 | % | 1.20 | % | |||||
Ratio of net investment income (loss) to average net assets |
| (0.54 | )% | (0.60 | )% | (0.53 | )% | (0.60 | )% | (0.66 | )% | |||||
Portfolio turnover rate |
| 61.64 | % | 73.54 | % | 144.99 | % | 124.91 | % | 67.44 | % |
(i) Unaudited. Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(ii) Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(iii) Amount was computed based on average shares outstanding during the period.
(iv) Does not reflect the effect of sales charges, if applicable.
See Notes to Financial Statements.
Alger Analyst Fund
|
| Class C |
| ||||||||||
|
| Six months |
| Year ended |
| Year ended |
| From |
| ||||
Net asset value, beginning of period |
| $ | 9.39 |
| $ | 7.95 |
| $ | 6.56 |
| $ | 8.55 |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
| ||||
Net investment loss(iii) |
| (0.06 | ) | (0.12 | ) | (0.09 | ) | (0.01 | ) | ||||
Net realized and unrealized gain (loss) on investments |
| 1.46 |
| 1.56 |
| 1.48 |
| (1.98 | ) | ||||
Total from investment operations |
| 1.40 |
| 1.44 |
| 1.39 |
| (1.99 | ) | ||||
Net asset value, end of period |
| $ | 10.79 |
| $ | 9.39 |
| $ | 7.95 |
| $ | 6.56 |
|
Total return(iv) |
| 14.9 | % | 18.1 | % | 21.2 | % | (23.3 | )% | ||||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
| ||||
Net assets, end of period (000’s omitted) |
| $ | 185 |
| $ | 166 |
| $ | 126 |
| $ | 77 |
|
Ratio of gross expenses to average net assets |
| 6.30 | % | 6.54 | % | 8.49 | % | 6.60 | % | ||||
Ratio of expense reimbursements to average net assets |
| (4.35 | )% | (4.59 | )% | (6.54 | )% | (4.65 | )% | ||||
Ratio of net expenses to average net assets |
| 1.95 | % | 1.95 | % | 1.95 | % | 1.95 | % | ||||
Ratio of net investment income (loss) to average net assets |
| (1.28 | )% | (1.35 | )% | (1.29 | )% | (1.31 | )% | ||||
Portfolio turnover rate |
| 61.64 | % | 73.54 | % | 144.99 | % | 124.91 | % |
(i) Unaudited. Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(ii) Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(iii) Amount was computed based on average shares outstanding during the period.
(iv) Does not reflect the effect of sales charges, if applicable.
See Notes to Financial Statements.
Alger Analyst Fund
|
| Class I |
| ||||||||||
|
| Six months |
| Year ended |
| Year ended |
| From |
| ||||
Net asset value, beginning of period |
| $ | 9.53 |
| $ | 8.01 |
| $ | 6.56 |
| $ | 8.55 |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
| ||||
Net investment loss(iii) |
| (0.03 | ) | (0.05 | ) | (0.04 | ) | — |
| ||||
Net realized and unrealized gain (loss) on investments |
| 1.50 |
| 1.57 |
| 1.49 |
| (1.99 | ) | ||||
Total from investment operations |
| 1.47 |
| 1.52 |
| 1.45 |
| (1.99 | ) | ||||
Net asset value, end of period |
| $ | 11.00 |
| $ | 9.53 |
| $ | 8.01 |
| $ | 6.56 |
|
Total return(iv) |
| 15.4 | % | 19.0 | % | 22.1 | % | (23.3 | )% | ||||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
| ||||
Net assets, end of period (000’s omitted) |
| $ | 986 |
| $ | 183 |
| $ | 155 |
| $ | 77 |
|
Ratio of gross expenses to average net assets |
| 6.77 | % | 14.02 | % | 7.75 | % | 5.85 | % | ||||
Ratio of expense reimbursements to average net assets |
| (5.57 | )% | (12.82 | )% | (6.55 | )% | (4.65 | )% | ||||
Ratio of net expenses to average net assets |
| 1.20 | % | 1.20 | % | 1.20 | % | 1.20 | % | ||||
Ratio of net investment income (loss) to average net assets |
| (0.56 | )% | (0.60 | )% | (0.56 | )% | (0.56 | )% | ||||
Portfolio turnover rate |
| 61.64 | % | 73.54 | % | 144.99 | % | 124.91 | % |
(i) Unaudited. Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(ii) Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(iii) Amount was computed based on average shares outstanding during the period.
(iv) Does not reflect the effect of sales charges, if applicable.
See Notes to Financial Statements.
Alger Dynamic Opportunities Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
| Class C |
| Class Z |
| ||||||
|
| Six months |
| From |
| From |
| From |
| ||||
Net asset value, beginning of period |
| $ | 10.55 |
| $ | 10.00 |
| $ | — |
| $ | — |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
| ||||
Net investment loss(iii) |
| (0.11 | ) | (0.19 | ) | (0.10 | ) | (0.07 | ) | ||||
Net realized and unrealized gain (loss) on investments |
| 1.47 |
| 0.74 |
| 11.97 |
| 11.98 |
| ||||
Total from investment operations |
| 1.36 |
| 0.55 |
| 11.87 |
| 11.91 |
| ||||
Net asset value, end of period |
| $ | 11.91 |
| $ | 10.55 |
| $ | 11.87 |
| $ | 11.91 |
|
Total return(iv) |
| 12.9 | % | 5.5 | % | 8.3 | % | 8.7 | % | ||||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
| ||||
Net assets, end of period (000’s omitted) |
| $ | 15,585 |
| $ | 14,527 |
| $ | 226 |
| $ | 1 |
|
Ratio of gross expenses to average net assets |
| 3.38 | %(v) | 3.15 | %(vi) | 6.66 | %(vii) | 1307.96 | %(viii) | ||||
Ratio of expense reimbursements to average net assets |
| (0.77 | )% | (0.78 | )% | (3.23 | )% | (1305.54 | )% | ||||
Ratio of net expenses to average net assets |
| 2.61 | % | 2.37 | % | 3.43 | % | 2.42 | % | ||||
Ratio of net investment income (loss) to average net assets |
| (2.04 | )% | (1.86 | )% | (2.80 | )% | (1.89 | )% | ||||
Portfolio turnover rate |
| 370.54 | % | 438.65 | % | 370.54 | % | 370.54 | % |
(i) Unaudited. Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(ii) Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(iii) Amount was computed based on average shares outstanding during the period.
(iv) Does not reflect the effect of sales charges, if applicable.
(v) Includes 0.61% related to dividend expense on short positions and interest expense for the period ended 4/30/2010.
(vi) Includes 0.45% related to dividend expense on short positions and interest expense for the period ended 10/31/2010.
(vii) Includes 0.68% related to dividend on short positions and interest expense for the period ended 4/30/2011.
(viii) Includes 0.67% related to dividend on short positions and interest expense for the period ended 4/30/2011.
See Notes to Financial Statements.
Alger Emerging Markets Fund
|
| Class A |
| Class C |
| Class I |
| |||
|
| From |
| From |
| From |
| |||
Net asset value, beginning of period |
| $ | 10.00 |
| $ | 10.00 |
| $ | 10.00 |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
| |||
Net investment loss(ii) |
| (0.01 | ) | (0.05 | ) | (0.03 | ) | |||
Net realized and unrealized gain (loss) on investments |
| 0.25 |
| 0.22 |
| 0.22 |
| |||
Total from investment operations |
| 0.24 |
| 0.17 |
| 0.19 |
| |||
Net asset value, end of period |
| $ | 10.24 |
| $ | 10.17 |
| $ | 10.19 |
|
Total return(iii) |
| 2.4 | % | 1.7 | % | 1.9 | % | |||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
| |||
Net assets, end of period (000’s omitted) |
| $ | 801 |
| $ | 119 |
| $ | 10,357 |
|
Ratio of gross expenses to average net assets |
| 5.54 | % | 8.60 | % | 4.13 | % | |||
Ratio of expense reimbursements to average net assets |
| (3.84 | )% | (6.15 | )% | (2.43 | )% | |||
Ratio of net expenses to average net assets |
| 1.70 | % | 2.45 | % | 1.70 | % | |||
Ratio of net investment income (loss) to average net assets |
| (0.39 | )% | (1.42 | )% | (0.91 | )% | |||
Portfolio turnover rate |
| 58.65 | % | 58.65 | % | 58.65 | % |
(i) Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(ii) Amount was computed based on average shares outstanding during the period.
(iii) Does not reflect the effect of sales charges, if applicable.
See Notes to Financial Statements.
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1 — General:
The Alger Funds II (the “Trust”) is a diversified open-end registered investment company organized as a business trust under the laws of the Commonwealth of Massachusetts. The Trust operates as a series company currently issuing an unlimited number of shares of beneficial interest in five funds—Alger Spectra Fund, Alger Green Fund, Alger Analyst Fund, Alger Dynamic Opportunities Fund and Alger Emerging Markets Fund (collectively, the “Funds” or individually, each a “Fund”). The Funds normally invest primarily in equity securities and each has an investment objective of long-term capital appreciation. On December 14, 2010, the Board of Trustees approved the liquidation of the Alger International Opportunities Fund effective January 24, 2011.
Each Fund offers one or more of the following share classes: Class A shares, Class C shares, Class I shares and Class Z shares. Class A shares are generally subject to an initial sales charge while Class C shares are generally subject to a deferred sales charge. Class I shares and Class Z shares are sold to institutional investors without an initial or deferred sales charge. Each class has identical rights to assets and earnings, except that each share class bears the cost of its plan of distribution and transfer agency and sub-transfer agency services.
NOTE 2 — Summary of Significant Accounting Policies:
(a) Investment Valuation: The Funds value their financial instruments at fair value using independent dealers or pricing services under policies approved by the Board. Investments are valued on each day the New York Stock Exchange (the “NYSE”) is open, as of the close of the NYSE (normally 4:00 p.m. Eastern time).
Equity securities and option contracts for which valuation information is readily available are valued at the last reported sales price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the absence of reported sales, such securities are valued at a price within the bid and ask price or, in the absence of a recent bid or ask price, the equivalent as obtained from one or more of the major market makers for the securities to be valued.
Debt securities generally trade in the over-the-counter market. Debt securities with remaining maturities of more than sixty days at the time of acquisition are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures based on valuation technology commonly employed in the market for such investments. Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche.
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Securities for which market quotations are not readily available are valued at fair value, as determined in good faith pursuant to procedures established by the Board of Trustees.
Securities in which the Funds invest may be traded in foreign markets that close before the close of the NYSE. Developments that occur between the close of the foreign markets and the close of the NYSE may result in adjustments to the closing prices to reflect what the investment adviser, pursuant to policies established by the Board of Trustees, believes to be the fair value of these securities as of the close of the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but the Fund is open.
Financial Accounting Standards Board Accounting Standards Codification 820 — Fair Value Measurements and Disclosures (“ASC 820”) defines fair value as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability and may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Funds. Unobservable inputs are inputs that reflect the Funds’ own assumptions based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
· Level 1 — quoted prices in active markets for identical investments
· Level 2 — significant other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
· Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)
The Funds’ valuation techniques are consistent with the market approach whereby prices and other relevant information generated by market transactions involving identical or comparable assets are used to measure fair value. Inputs for Level 1 include exchange listed prices and broker quotes in an active market. Inputs for Level 2 include the last trade price in the case of a halted security, a broker quote in an inactive market, an exchange listed price which has been adjusted for fair value factors, and prices of closely related securities. Additional Level 2 inputs include an evaluated price which is based upon a compilation of observable market information such as spreads for fixed income and preferred securities. Inputs for Level 3 include derived prices from unobservable market information which can include cash flows and other information obtained from a company’s financial statements, or from market indicators such as benchmarks and indices.
(b) Cash and Cash Equivalents: Cash and cash equivalents include U.S. dollars and short-term securities maturing in sixty days or less. Such short-term securities are valued at amortized cost which approximates market value.
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(c) Securities Transactions and Investment Income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income is recognized on the accrual basis.
(d) Foreign Currency Translations: The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the prevailing rates of exchange on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of such transactions.
Net realized gains and losses on foreign currency transactions represent net gains and losses from the disposition of foreign currencies, currency gains and losses realized between the trade dates and settlement dates of security transactions, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The effects of changes in foreign currency exchange rates on investments in securities are included in realized and unrealized gain or loss on investments in the Statement of Operations.
(e) Short Sales: Securities sold short represent an obligation to deliver the securities at a future date. A Fund may sell a security it does not own in anticipation of a decline in the value of that security before the delivery date. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. Dividends paid on securities sold short are disclosed as an expense on the Statement of Operations. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale.
To secure its obligation to deliver to the broker-dealer the securities sold short, the Fund must segregate an amount of cash or liquid securities with its custodian equal to any excess of the current market value of the securities sold short over any cash or liquid securities deposited as collateral with the broker in connection with the short sale (not including the proceeds of the short sale). As a result of that requirement, the Fund will not gain any leverage merely by selling short, except to the extent that it earns interest or other income or gains on the segregated cash or liquid securities while also being subject to gain or loss from the securities sold short.
(f) Option Contracts: When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
The Funds may also purchase put and call options. Each Fund pays a premium which is included in the Fund’s Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying security to determine the realized gain or loss.
(g) Dividends to Shareholders: Dividends and distributions payable to shareholders are recorded by the Funds on the ex-dividend date. Dividends from net investment income and distributions from net realized gains are declared and paid annually after the end of the fiscal year in which earned.
Each class is treated separately in determining the amounts of dividends from net investment income payable to holders of its shares.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules. Therefore, the source of a Fund’s distributions may be shown in the accompanying financial statements as either from, or in excess of net investment income, net realized gain on investment transactions or return of capital, depending on the type of book/tax differences that may exist. Capital accounts within the financial statements are adjusted for permanent book/tax differences. Reclassifications result primarily from the difference in tax treatment of net operating losses, passive foreign investment companies, and foreign currency transactions. The reclassifications are done annually at fiscal year end and have no impact on the net asset value of the Fund and are designed to present the Fund’s capital accounts on a tax basis.
(h) Federal Income Taxes: It is each Fund’s policy to comply with the requirements of the Internal Revenue Code Subchapter M applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Provided the Funds maintain such compliance, no federal income tax provision is required. Each Fund is treated as a separate entity for the purpose of determining such compliance.
Financial Accounting Standards Board Accounting Standards Codification 740 — Income Taxes (“ASC 740”) requires the Funds to measure and recognize in their financial statements the benefit of a tax position taken (or expected to be taken) on an income tax return if such position will more likely than not be sustained upon examination based on the technical merits of the position. No tax years are currently under investigation. The Funds file income tax returns in the U.S. Federal jurisdiction, as well as the New York State and New York City jurisdictions. The statute of limitations on the tax returns for the Alger Spectra Fund, Alger Green Fund and Alger Analyst Fund remains open for the tax years 2007-2010. Management does not believe there are any uncertain tax positions that require recognition of a tax liability.
(i) Allocation Methods: The Trust accounts separately for the assets, liabilities and operations of each Fund. Expenses directly attributable to each Fund are charged to that Fund’s operations; expenses which are applicable to all Funds are allocated among them based on net assets. Income, realized and unrealized gains and losses, and expenses of each Fund
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
are allocated among the Fund’s classes based on relative net assets, with the exception of distribution fees and transfer agency fees.
(j) Estimates: These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which require using estimates and assumptions that affect the reported amounts therein. Actual results may differ from those estimates. These unaudited interim financial statements reflect all adjustments which are, in the opinion of management, necessary to a present a fair statement of results for the interim period. All such adjustments are of a normal recurring nature.
NOTE 3 — Investment Advisory Fees and Other Transactions with Affiliates:
(a) Investment Advisory and Administration Fees: Fees incurred by each Fund, pursuant to the provisions of its Investment Advisory Agreement and its Administration Agreement with Fred Alger Management, Inc. (Alger Management or the Manager), are payable monthly and computed based on the value of the average daily net assets of each Fund, at the following rates:
|
| Advisory |
| Administration |
|
Alger Spectra Fund |
| 0.90 | % | .0275 | % |
Alger Green Fund |
| 0.71 |
| .0275 |
|
Alger Analyst Fund |
| 0.85 |
| .0275 |
|
Alger Dynamic Opportunities Fund |
| 1.20 |
| .0275 |
|
Alger Emerging Markets Fund |
| 1.10 |
| .0275 |
|
Alger Management has established an expense cap for several share classes, effective through February 28, 2012, whereby it reimburses the share classes if annualized operating expenses (excluding interest, taxes, brokerage, and extraordinary expenses) exceed the rates, based on average daily net assets, listed below:
|
| Class |
| Fees Waived / |
| |||||||
|
| A |
| C |
| I |
| Z |
| 2011 |
| |
Alger Spectra Fund |
| N/A |
| N/A |
| N/A |
| 1.10 | % | $ | 4,703 |
|
Alger Green Fund |
| 1.25 | % | 2.00 | % | 1.25 | % | N/A |
| 36,731 |
| |
Alger Analyst Fund |
| 1.20 |
| 1.95 |
| 1.20 |
| N/A |
| 64,816 |
| |
Alger Dynamic Opportunities Fund |
| 2.00 |
| 2.75 |
| N/A |
| 1.75 |
| 59,198 |
| |
Alger Emerging Markets Fund |
| 1.70 |
| 2.45 |
| 1.70 |
| N/A |
| 83,664 |
| |
(b) Shareholder Administrative Fees: The Trust has entered into a shareholder administrative services agreement with Alger Management, to compensate Alger Management for its liaison and administrative oversight of Boston Financial Data Services, Inc., the transfer agent, and other related services. The Funds compensate Alger Management at the annual rate of 0.0165% of their respective average daily net assets for the Class A and C
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
shares and 0.01% of the daily net assets of the Class I shares and Class Z shares for these services. From November 1, 2010 through April 30, 2011, Alger Spectra Fund, Alger Green Fund, Alger Analyst Fund, Alger Dynamic Opportunities Fund and Alger Emerging Markets Fund incurred fees of $64,145, $4,217, $241, $1,161 and $343, respectively, for these services provided by Alger Management, which are included in the transfer agent fees and expenses in the Statement of Operations.
Alger Management makes payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services with respect to the Funds. Fees paid by Alger Management to intermediaries that provide omnibus account services or sub-accounting are charged back to the appropriate Fund, subject to certain limitations, as approved by the Trust’s Board of Trustees. For the six months ended April 30, 2011, Alger Management charged back to Alger Spectra Fund, Alger Green Fund, Alger Analyst Fund, Alger Dynamic Opportunities Fund and Alger Emerging Markets Fund $95,033, $18,557, $96, $2,584 and $66, respectively, for these services, which are included in the transfer agent fees and expenses in the Statements of Operations.
(c) Sales Charges: Purchases and sales of shares of the Funds may be subject to initial sales charges or contingent deferred sales charges. The contingent deferred sales charges are used by Alger Inc. to offset distribution expenses previously incurred. Sales charges do not represent expenses of the Trust. For the six months ended April 30, 2011, the initial sales charges and contingent deferred sales charges imposed, all of which were retained by Fred Alger & Company, Incorporated the distributor (the “Distributor” or “Alger Inc.”), were as follows:
|
| Initial Sales Charges |
| Contingent Deferred |
| ||
Alger Spectra Fund |
| $ | 2,197 |
| $ | 14,196 |
|
Alger Green Fund |
| 352 |
| 386 |
| ||
Alger Analyst Fund |
| — |
| — |
| ||
Alger Dynamic Opportunities Fund |
| 120 |
| — |
| ||
Alger Emerging Markets Fund |
| 60 |
| — |
| ||
(d) Brokerage Commissions: During the six months ended April 30, 2011, Alger Spectra Fund, Alger Green Fund, Alger Analyst Fund, Alger Dynamic Opportunities Fund and Alger Emerging Markets Fund paid Alger Inc., an affiliate of Alger Management, $564,299, $2,359, $2,318, $336 and $2,155, respectively, in connection with securities transactions.
(e) Trustees’ Fees: Each Fund pays each trustee who is not affiliated with Alger Management or its affiliates $750 for each meeting attended, to a maximum of $3,000 per annum, plus travel expenses incurred for attending the meeting. The Chairman of the Board of Trustees receives an additional annual fee of $15,000 which is paid, pro rata, by all funds managed by Alger Management. Additionally, each member a Fund’s audit committee receives an additional $75 from the Fund for each audit committee meeting attended, to a maximum of $300 per annum.
(f) Distribution/Shareholder Servicing Fees: The Trust has adopted a distribution plan pursuant to which each share class of each Fund pays Alger Inc. a fee at the annual rate listed
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
below of the respective average daily net assets of the share class of the designated Fund to compensate Alger Inc. for its activities and expenses incurred in distributing the share class and shareholder servicing. Fees charged may be more or less than the expenses incurred by Alger Inc.
|
| Fee |
|
Share Class |
| Rate |
|
A |
| 0.25 | % |
C |
| 1.00 |
|
I |
| 0.25 |
|
(g) Interfund Loans: The Funds, along with other funds advised by Alger Management, may borrow money from and lend money to each other for temporary or emergency purposes. To the extent permitted under its investment restrictions, each fund may lend uninvested cash in an amount up to 15% of its net assets to other funds, and each fund may borrow in an amount up to 10% of its net assets from other funds. If a fund has borrowed from other funds and has aggregate borrowings from all sources that exceed 10% of the fund’s total assets, such fund will secure all of its loans from other funds. The interest rate charged on interfund loans is equal to the average of the overnight time deposit rate and bank loan rate available to the funds. There were no interfund loans outstanding during the six months ended April 30, 2011.
During the six months ended April 30, 2011, Alger Spectra Fund incurred interfund loan interest expenses of $1,691.
(h) Other Transactions with Affiliates: Certain officers of the Trust are directors and officers of Alger Management and Alger Inc. At April 30, 2011, Alger Management and its affiliates owned the following shares:
|
| Share Class |
| ||||||
|
| A |
| C |
| I |
| Z |
|
Alger Spectra Fund |
| 1,197,006 |
| 11,390 |
| 11,390 |
| 82 |
|
Alger Green Fund |
| 438,941 |
| 17,699 |
| 82 |
| N/A |
|
Alger Analyst Fund |
| 195,435 |
| 11,696 |
| 75,251 |
| N/A |
|
Alger Dynamic Opportunities Fund |
| 623,255 |
| 91 |
| — |
| 91 |
|
Alger Emerging Markets Fund |
| 100 |
| 100 |
| 999,800 |
| N/A |
|
NOTE 4 — Securities Transactions:
The following summarizes the securities transactions by the Trust, other than short-term securities, for the six months ended April 30, 2011:
|
| PURCHASES |
| SALES |
| ||
Alger Spectra Fund |
| $ | 952,957,985 |
| $ | 703,109,735 |
|
Alger Green Fund |
| 5,921,317 |
| 3,025,044 |
| ||
Alger Analyst Fund |
| 2,146,195 |
| 1,656,427 |
| ||
Alger Dynamic Opportunities Fund |
| 21,422,096 |
| 21,198,718 |
| ||
Alger Emerging Markets Fund |
| 15,761,481 |
| 5,427,099 |
| ||
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Written call and put options activity for the year ended April 30, 2011, was as follows:
|
| NUMBER OF |
| PREMIUMS |
| |
Alger Dynamic Opportunities Fund |
|
|
|
|
| |
Call Options outstanding at October 31, 2010 |
| 10 |
| $ | 3,620 |
|
Call Options written |
| — |
| — |
| |
Call Options closed |
| 10 |
| 3,620 |
| |
Call Options expired |
| — |
| — |
| |
Call Options exercised |
| — |
| — |
| |
Call Options outstanding at April 30, 2011 |
| — |
| $ | — |
|
|
| NUMBER OF |
| PREMIUMS |
| |
Alger Dynamic Opportunities Fund |
|
|
|
|
| |
Put Options outstanding at October 31, 2010 |
| 10 |
| $ | 4,620 |
|
Put Options written |
| — |
| — |
| |
Put Options closed |
| 10 |
| 4,620 |
| |
Put Options expired |
| — |
| — |
| |
Put Options exercised |
| — |
| — |
| |
Put Options outstanding at April 30, 2011 |
| — |
| $ | — |
|
NOTE 5 — Borrowings:
The Funds may borrow from their custodian on an uncommitted basis. Each Fund pays the custodian a market rate of interest, generally based upon the London Inter-Bank Offer Rate. The Funds may also borrow from other funds advised by Alger Management, as discussed in Note 3 (g). For the six months ended April 30, 2011, the Funds had the following borrowings:
|
| AVERAGE DAILY |
| WEIGHTED AVERAGE |
| |
Alger Spectra Fund |
| $ | 396,898 |
| 1.41 | % |
Alger Dynamic Opportunities Fund |
| 33,629 |
| 2.26 |
| |
Alger Emerging Markets Fund |
| 1,832 |
| 7.58 |
| |
The highest amount borrowed during the six month ended April 30, 2011, for each Fund was as follows:
|
| Highest Borrowing |
| |
Alger Spectra Fund |
| $ | 4,169,213 |
|
Alger Dynamic Opportunities Fund |
| 1,795,146 |
| |
Alger Emerging Markets Fund |
| 122,462 |
| |
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
NOTE 6 — Share Capital:
(a) The Trust has an unlimited number of authorized shares of beneficial interest of $.001 par value which are presently divided into five series. Each series is divided into separate classes. The transactions of shares of beneficial interest were as follows:
|
| FOR THE SIX MONTHS ENDED |
| FOR THE YEAR ENDED |
| ||||||
|
| SHARES |
| AMOUNT |
| SHARES |
| AMOUNT |
| ||
Alger Spectra Fund |
|
|
|
|
|
|
|
|
| ||
Class A: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 19,220,083 |
| $ | 242,670,136 |
| 25,833,980 |
| $ | 271,840,532 |
|
Shares redeemed |
| (6,993,283 | ) | (88,617,290 | ) | (12,853,111 | ) | (131,162,233 | ) | ||
Net increase |
| 12,226,800 |
| $ | 154,052,846 |
| 12,980,869 |
| $ | 140,678,299 |
|
Class C: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 4,052,221 |
| $ | 50,253,205 |
| 3,907,921 |
| $ | 40,781,300 |
|
Shares redeemed |
| (282,133 | ) | (3,509,006 | ) | (178,613 | ) | (1,827,110 | ) | ||
Net increase |
| 3,770,088 |
| $ | 46,744,199 |
| 3,729,308 |
| $ | 38,954,190 |
|
Class I: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 8,046,200 |
| $ | 101,595,278 |
| 4,414,404 |
| $ | 47,157,775 |
|
Shares redeemed |
| (892,799 | ) | (11,266,600 | ) | (1,032,258 | ) | (10,681,389 | ) | ||
Net increase |
| 7,153,401 |
| $ | 90,328,678 |
| 3,382,146 |
| $ | 36,476,386 |
|
Class Z: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 26,664 |
| $ | 342,027 |
| — |
| $ | — |
|
Net increase |
| 26,664 |
| $ | 342,027 |
| — |
| $ | — |
|
|
|
|
|
|
|
|
|
|
| ||
Alger Green Fund |
|
|
|
|
|
|
|
|
| ||
Class A: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 511,969 |
| $ | 3,240,533 |
| 2,505,937 |
| $ | 14,445,528 |
|
Shares redeemed |
| (1,117,276 | ) | (7,051,198 | ) | (1,493,275 | ) | (8,541,692 | ) | ||
Net increase (decrease) |
| (605,307 | ) | $ | (3,810,665 | ) | 1,012,662 |
| $ | 5,903,836 |
|
Class C: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 63,994 |
| $ | 400,965 |
| 251,608 |
| $ | 1,418,764 |
|
Shares redeemed |
| (25,692 | ) | (162,376 | ) | (41,521 | ) | (234,519 | ) | ||
Net increase |
| 38,302 |
| $ | 238,589 |
| 210,087 |
| $ | 1,184,245 |
|
Class I: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 1,386,068 |
| $ | 8,633,800 |
| 1,483,747 |
| $ | 8,496,680 |
|
Shares redeemed |
| (393,299 | ) | (2,502,279 | ) | (511,099 | ) | (2,849,792 | ) | ||
Net increase |
| 992,769 |
| $ | 6,131,521 |
| 972,648 |
| $ | 5,646,888 |
|
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
| FOR THE SIX MONTHS ENDED |
| FOR THE YEAR ENDED |
| ||||||
|
| SHARES |
| AMOUNT |
| SHARES |
| AMOUNT |
| ||
Alger Analyst Fund |
|
|
|
|
|
|
|
|
| ||
Class A: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 7,001 |
| $ | 68,800 |
| 25,949 |
| $ | 226,361 |
|
Shares redeemed |
| (10,503 | ) | (106,483 | ) | (6,224 | ) | (57,044 | ) | ||
Net increase (decrease) |
| (3,502 | ) | $ | (37,683 | ) | 19,725 |
| $ | 169,317 |
|
Class C: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| — |
| $ | — |
| 4,457 |
| $ | 38,989 |
|
Shares redeemed |
| (506 | ) | (5,098 | ) | (2,617 | ) | (23,510 | ) | ||
Net increase (decrease) |
| (506 | ) | $ | (5,098 | ) | 1,840 |
| $ | 15,479 |
|
Class I: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 72,177 |
| $ | 726,932 |
| 5,785 |
| $ | 52,944 |
|
Shares redeemed |
| (1,659 | ) | (17,262 | ) | (5,994 | ) | (52,841 | ) | ||
Net increase (decrease) |
| 70,518 |
| $ | 709,670 |
| (209 | ) | $ | 103 |
|
|
|
|
|
|
|
|
|
|
| ||
Alger Dynamic Opportunities Fund |
|
|
|
|
|
|
|
|
| ||
Class A: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 377,741 |
| $ | 4,317,667 |
| 1,838,021 |
| $ | 18,981,601 |
|
Shares redeemed |
| (445,623 | ) | (4,913,896 | ) | (461,112 | ) | (4,707,757 | ) | ||
Net increase (decrease) |
| (67,882 | ) | $ | (596,229 | ) | 1,376,909 |
| $ | 14,273,844 |
|
Class C: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 19,025 |
| $ | 218,327 |
| — |
| $ | — |
|
Net increase |
| 19,025 |
| $ | 218,327 |
| — |
| $ | — |
|
Class Z: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 91 |
| $ | 1,000 |
| — |
| $ | — |
|
Net increase |
| 91 |
| $ | 1,000 |
| — |
| $ | — |
|
|
|
|
|
|
|
|
|
|
| ||
Alger Emerging Markets Fund |
|
|
|
|
|
|
|
|
| ||
Class A: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 79,918 |
| $ | 779,036 |
| — |
| $ | — |
|
Shares redeemed |
| (1,716 | ) | (16,663 | ) | — |
| — |
| ||
Net increase |
| 78,202 |
| $ | 762,373 |
| — |
| $ | — |
|
Class C: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 11,733 |
| $ | 114,102 |
| — |
| $ | — |
|
Net increase |
| 11,733 |
| $ | 114,102 |
| — |
| $ | — |
|
Class I: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 1,016,412 |
| $ | 10,159,000 |
| — |
| $ | — |
|
Net increase |
| 1,016,412 |
| $ | 10,159,000 |
| — |
| $ | — |
|
During the year ended October 31, 2009, shares sold for the Alger Spectra Fund included a subscription-in-kind of 54,355 Class I shares valued at $57,789,822.
(b) Redemption Fee: The Funds may impose a 2.00% redemption fee on Fund shares redeemed (including shares redeemed by exchange) within 30 days after such shares were acquired. The fees retained by the Funds are included as paid-in capital on the Statement of Assets and Liabilities and were as follows:
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
| FOR THE SIX MONTHS |
| FOR THE YEAR ENDED |
| ||
Alger Spectra Fund |
| $ | 17,962 |
| $ | 29,243 |
|
Alger Green Fund |
| 81 |
| 1,500 |
| ||
Alger Analyst Fund |
| — |
| — |
| ||
Alger Dynamic Opportunities Fund |
| 34 |
| 1,364 |
| ||
Alger Emerging Markets Fund |
| — |
| — |
| ||
NOTE 7 — Income Tax Information:
At October 31, 2010, the Funds, for federal income tax purposes, had capital loss carryforwards which expire as set forth in the table below. These amounts may be applied against future net realized gains until the earlier of their utilization or expiration.
Expiration Dates |
| Alger Spectra |
| Alger Green Fund |
| Alger Analyst Fund |
| Alger Dynamic |
| |||
2016 |
| $ | 31,478,777 |
| $ | 2,221,606 |
| $ | 26,250 |
| — |
|
2017 |
| 1,215,198 |
| 5,042,397 |
| 391,053 |
| — |
| |||
Total |
| 32,693,975 |
| 7,264,003 |
| 417,303 |
| — |
| |||
Expiration Dates |
| Alger Emerging |
|
Total |
| — |
|
Under the recently enacted Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Funds after October 31, 2011 will not be subject to expiration. In addition, losses incurred after October 31, 2011 must be utilized prior to the utilization of capital loss carryforwards above.
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is determined annually and is attributable primarily to the tax deferral of losses on wash sales, the tax treatment of premium/discount on debt securities, the tax treatment of partnerships investments, the realization of unrealized appreciation of Passive Foreign Investment Companies, and return of capital from Real Estate Investment Trust investments.
NOTE 8 — Fair Value Measurements:
The major categories of securities and their respective fair value inputs are detailed in each Fund’s Schedule of Investments. The following is a summary of the inputs used as of April 30, 2011 in valuing the Funds’ investments and securities sold short carried at fair value:
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Alger Spectra Fund |
| TOTAL FUND |
| LEVEL 1 |
| LEVEL 2 |
| LEVEL 3 |
| ||||
COMMON STOCKS |
|
|
|
|
|
|
|
|
| ||||
Consumer Discretionary |
| $ | 164,667,333 |
| $ | 164,667,333 |
| — |
| — |
| ||
Consumer Staples |
| 40,264,990 |
| 40,264,990 |
| — |
| — |
| ||||
Energy |
| 125,685,902 |
| 125,685,902 |
| — |
| — |
| ||||
Financials |
| 84,028,156 |
| 84,028,156 |
| — |
| — |
| ||||
Health Care |
| 130,798,430 |
| 130,798,430 |
| — |
| — |
| ||||
Industrials |
| 169,858,522 |
| 169,858,522 |
| — |
| — |
| ||||
Information Technology |
| 318,566,686 |
| 318,566,686 |
| — |
| — |
| ||||
Materials |
| 60,757,377 |
| 60,757,377 |
| — |
| — |
| ||||
Telecommunication Services |
| 5,404,104 |
| 5,404,104 |
| — |
| — |
| ||||
TOTAL COMMON STOCKS |
| $ | 1,100,031,500 |
| $ | 1,100,031,500 |
| — |
| — |
| ||
CONVERTIBLE CORPORATE BONDS |
|
|
|
|
|
|
|
|
| ||||
Consumer Discretionary |
| $ | 4,401,540 |
| — |
| $ | 4,401,540 |
| — |
| ||
CONVERTIBLE PREFERRED STOCK |
|
|
|
|
|
|
|
|
| ||||
Health Care |
| $ | 2,843,610 |
| — |
| — |
| $ | 2,843,610 |
| ||
PREFERRED STOCKS |
|
|
|
|
|
|
|
|
| ||||
Financials |
| $ | 5,389,524 |
| $ | 5,389,524 |
| — |
| — |
| ||
TOTAL INVESTMENTS IN SECURITIES |
| $ | 1,112,666,174 |
| $ | 1,105,421,024 |
| $ | 4,401,540 |
| $ | 2,843,610 |
|
SECURITIES SOLD SHORT |
|
|
|
|
|
|
|
|
| ||||
COMMON STOCKS |
|
|
|
|
|
|
|
|
| ||||
Consumer Discretionary |
| $ | 2,541,528 |
| $ | 2,541,528 |
| — |
| — |
| ||
Consumer Staples |
| $ | 3,865,583 |
| $ | 3,865,583 |
| — |
| — |
| ||
Energy |
| 6,012,010 |
| 6,012,010 |
| — |
| — |
| ||||
Financials |
| 14,209,363 |
| 14,209,363 |
| — |
| — |
| ||||
Health Care |
| 16,448,337 |
| 16,448,337 |
| — |
| — |
| ||||
Industrials |
| 4,052,700 |
| 4,052,700 |
| — |
| — |
| ||||
Information Technology |
| 8,891,355 |
| 8,891,355 |
| — |
| — |
| ||||
Telecommunication Services |
| 2,954,016 |
| 2,954,016 |
| — |
| — |
| ||||
TOTAL SECURITIES SOLD SHORT |
| $ | 58,974,892 |
| $ | 58,974,892 |
| — |
| — |
| ||
|
|
|
|
|
|
|
|
|
| ||||
Alger Green Fund |
| TOTAL FUND |
| LEVEL 1 |
| LEVEL 2 |
| LEVEL 3 |
| ||||
COMMON STOCKS |
|
|
|
|
|
|
|
|
| ||||
Consumer Discretionary |
| $ | 11,913,531 |
| $ | 11,913,531 |
| — |
| — |
| ||
Consumer Staples |
| 3,896,046 |
| 3,896,046 |
| — |
| — |
| ||||
Energy |
| 1,555,867 |
| 1,555,867 |
| — |
| — |
| ||||
Financials |
| 1,726,048 |
| 1,726,048 |
| — |
| — |
| ||||
Health Care |
| 3,954,096 |
| 3,954,096 |
| — |
| — |
| ||||
Industrials |
| 11,821,312 |
| 11,821,312 |
| — |
| — |
| ||||
Information Technology |
| 18,086,690 |
| 18,086,690 |
| — |
| — |
| ||||
Materials |
| 4,533,919 |
| 4,533,919 |
| — |
| — |
| ||||
Utilities |
| 1,305,041 |
| 1,305,041 |
| — |
| — |
| ||||
TOTAL COMMON STOCKS |
| $ | 58,792,550 |
| $ | 58,792,550 |
| — |
| — |
| ||
CONVERTIBLE CORPORATE BONDS |
|
|
|
|
|
|
|
|
| ||||
Industrials |
| $ | 129,663 |
| — |
| $ | 129,663 |
| — |
| ||
TOTAL INVESTMENTS IN SECURITIES |
| $ | 58,922,213 |
| $ | 58,792,550 |
| $ | 129,663 |
| — |
|
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Alger Analyst Fund |
| TOTAL FUND |
| LEVEL 1 |
| LEVEL 2 |
| LEVEL 3 |
| |||
COMMON STOCKS |
|
|
|
|
|
|
|
|
| |||
Consumer Discretionary |
| $ | 688,590 |
| $ | 688,590 |
| — |
| — |
| |
Consumer Staples |
| 84,544 |
| 84,544 |
| — |
| — |
| |||
Energy |
| 370,230 |
| 370,230 |
| — |
| — |
| |||
Financials |
| 165,266 |
| 165,266 |
| — |
| — |
| |||
Health Care |
| 363,181 |
| 363,181 |
| — |
| — |
| |||
Industrials |
| 376,093 |
| 376,093 |
| — |
| — |
| |||
Information Technology |
| 874,530 |
| 874,530 |
| — |
| — |
| |||
Materials |
| 174,105 |
| 174,105 |
| — |
| — |
| |||
Telecommunication Services |
| 41,814 |
| 41,814 |
| — |
| — |
| |||
TOTAL COMMON STOCKS |
| $ | 3,138,353 |
| $ | 3,138,353 |
| — |
| — |
| |
TOTAL INVESTMENTS IN SECURITIES |
| $ | 3,138,353 |
| $ | 3,138,353 |
| — |
| — |
| |
|
|
|
|
|
|
|
|
|
| |||
Alger Dynamic Opportunities Fund |
| TOTAL FUND |
| LEVEL 1 |
| LEVEL 2 |
| LEVEL 3 |
| |||
COMMON STOCKS |
|
|
|
|
|
|
|
|
| |||
Consumer Discretionary |
| $ | 1,478,661 |
| $ | 1,478,661 |
| — |
| — |
| |
Consumer Staples |
| 335,305 |
| 335,305 |
| — |
| — |
| |||
Energy |
| 2,368,969 |
| 2,368,969 |
| — |
| — |
| |||
Financials |
| 544,090 |
| 544,090 |
| — |
| — |
| |||
Health Care |
| 1,853,018 |
| 1,853,018 |
| — |
| — |
| |||
Industrials |
| 1,829,316 |
| 1,829,316 |
| — |
| — |
| |||
Information Technology |
| 3,874,488 |
| 3,874,488 |
| — |
| — |
| |||
Materials |
| 843,559 |
| 843,559 |
| — |
| — |
| |||
TOTAL COMMON STOCKS |
| $ | 13,127,406 |
| $ | 13,127,406 |
| — |
| — |
| |
CONVERTIBLE PREFERRED STOCK |
|
|
|
|
|
|
|
|
| |||
Health Care |
| $ | 210,652 |
| — |
| — |
| $ | 210,652 |
| |
PREFERRED STOCKS |
|
|
|
|
|
|
|
|
| |||
Financials |
| $ | 140,273 |
| $ | 140,273 |
| — |
| — |
| |
PURCHASED OPTIONS |
|
|
|
|
|
|
|
|
| |||
|
| $ | 7,195 |
| $ | 7,195 |
| — |
| — |
| |
TOTAL INVESTMENTS IN SECURITIES |
| $ | 13,485,526 |
| $ | 13,274,874 |
| — |
| $ | 210,652 |
|
SECURITIES SOLD SHORT |
|
|
|
|
|
|
|
|
| |||
COMMON STOCKS |
|
|
|
|
|
|
|
|
| |||
Consumer Discretionary |
| $ | 524,448 |
| $ | 524,448 |
| — |
| — |
| |
Consumer Staples |
| $ | 30,752 |
| $ | 30,752 |
| — |
| — |
| |
Energy |
| 661,959 |
| 661,959 |
| — |
| — |
| |||
Financials |
| 1,080,755 |
| 1,080,755 |
| — |
| — |
| |||
Health Care |
| 359,724 |
| 359,724 |
| — |
| — |
| |||
Industrials |
| 424,072 |
| 424,072 |
| — |
| — |
| |||
Information Technology |
| 1,517,155 |
| 1,517,155 |
| — |
| — |
| |||
Materials |
| 71,128 |
| 71,128 |
| — |
| — |
| |||
TOTAL SECURITIES SOLD SHORT |
| $ | 4,669,993 |
| $ | 4,669,993 |
| — |
| — |
|
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Alger Emerging Markets Fund |
| TOTAL FUND |
| LEVEL 1 |
| LEVEL 2 |
| LEVEL 3 |
| ||
COMMON STOCKS |
|
|
|
|
|
|
|
|
| ||
Consumer Discretionary |
| $ | 1,412,132 |
| $ | 1,412,132 |
| — |
| — |
|
Consumer Staples |
| 575,307 |
| 575,307 |
| — |
| — |
| ||
Energy |
| 1,545,459 |
| 1,545,459 |
| — |
| — |
| ||
Financials |
| 2,128,758 |
| 2,128,758 |
| — |
| — |
| ||
Health Care |
| 140,407 |
| 140,407 |
| — |
| — |
| ||
Industrials |
| 633,759 |
| 633,759 |
| — |
| — |
| ||
Information Technology |
| 1,446,916 |
| 1,446,916 |
| — |
| — |
| ||
Materials |
| 2,094,255 |
| 2,094,255 |
| — |
| — |
| ||
Telecommunication Services |
| 419,259 |
| 419,259 |
| — |
| — |
| ||
Utilities |
| 248,799 |
| 248,799 |
| — |
| — |
| ||
TOTAL COMMON STOCKS |
| $ | 10,645,051 |
| $ | 10,645,051 |
| — |
| — |
|
TOTAL INVESTMENTS IN SECURITIES |
| $ | 10,645,051 |
| $ | 10,645,051 |
| — |
| — |
|
|
| FAIR VALUE |
| |
Alger Spectra Fund |
| Convertible |
| |
Opening balance at November 1, 2010 |
| $ | — |
|
Transfers into Level 3 |
| — |
| |
Transfers out of Level 3 |
| — |
| |
Total gains or losses |
|
|
| |
Included in net realized gain (loss) on investments |
| — |
| |
Included in net unrealized gain (loss) on investments |
| 2,843,610 |
| |
Purchases, issuances, sales, and settlements |
|
|
| |
Purchases |
| — |
| |
Issuances |
| — |
| |
Sales |
| — |
| |
Settlements |
| — |
| |
Closing balance at April 30, 2011 |
| 2,843,610 |
| |
The amount of total gains or losses for the period included in net realized and unrealized gain (loss) attributable to change in unrealized appreciation (depreciation) relating to investments still held at April 30, 2011 |
| $ | �� |
|
|
| FAIR VALUE |
| |
Alger Dynamic Opportunities Fund |
| Convertible |
| |
Opening balance at November 1, 2010 |
| $ | 113,001 |
|
Transfers into Level 3 |
| — |
| |
Transfers out of Level 3 |
| — |
| |
Total gains or losses |
|
|
| |
Included in net realized gain (loss) on investments |
| — |
| |
Included in net unrealized gain (loss) on investments |
| 97,651 |
| |
Purchases, issuances, sales, and settlements |
|
|
| |
Purchases |
| $ | — |
|
Issuances |
| — |
| |
Sales |
| — |
| |
Settlements |
| — |
| |
Closing balance at April 30, 2011 |
| 210,652 |
| |
The amount of total gains or losses for the period included in net realized and unrealized gain (loss) attributable to change in unrealized appreciation (depreciation) relating to investments still held at April 30, 2011 |
| $ | 97,651 |
|
For the 6 months ended April 30, 2011, Alger Spectra Fund transferred securities totaling $6,215,336 from Level 2 to Level 1, utilizing exchange listed prices rather than fair value adjusted prices.
NOTE 9 — Derivatives:
Financial Accounting Standards Board Accounting Standards Codification 815 — Derivatives and Hedging (“ASC 815”) requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements.
Forward currency contracts—In connection with portfolio purchases and sales of securities denominated in foreign currencies, the Funds may enter into forward currency contracts. Additionally, each Fund may enter into such contracts to economically hedge certain other foreign currency denominated investments. These contracts are valued at the current cost of covering or offsetting such contracts, and the related realized and unrealized foreign exchange gains and losses are included in the statement of operations. In the event that counterparties fail to settle these currency contracts or the related foreign security trades, a Fund could be exposed to foreign currency fluctuations.
Options—The Funds seek to capture the majority of the returns associated with equity market investments. To meet this investment goal, the Funds invest in a broadly diversified portfolio of common stocks, while also buying and selling call and put options on equities and equity indices. The Funds purchase call options to increase their exposure to stock market risk and also provide diversification of risk. The Funds purchase put options in order to protect from significant market declines that may occur over a short
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
period of time. The Funds will write covered call and cash secured put options to generate cash flows while reducing the volatility of the Funds’ portfolios. The cash flows may be an important source of the Funds’ return, although written call options may reduce the Funds’ ability to profit from increases in the value of the underlying security or equity portfolio. The value of a call option generally increases as the price of the underlying stock increases and decreases as the stock decreases in price. Conversely, the value of a put option generally increases as the price of the underlying stock decreases and decreases as the stock increases in price. The combination of the diversified stock portfolio and the purchase and sale of options is intended to provide the Funds with the majority of the returns associated with equity market investments but with reduced volatility and returns that are augmented with the cash flows from the sale of options. During the six months ended April 30, 2011, options were used in accordance with these objectives.
The fair values of derivative instruments as of April 30, 2011 are as follows:
Alger Dynamic Opportunities Fund
|
| ASSET DERIVATIVES |
| LIABILITY DERIVATIVES 2010 |
| |||||
Derivatives not accounted for as hedging |
| Balance Sheet |
| Fair |
| Balance Sheet |
| Fair |
| |
Purchased Put Options |
| Investments in securities, at value |
| $ | 7,195 |
| — |
| — |
|
Total |
|
|
| $ | 7,195 |
| — |
| — |
|
For the six months ended April 30, 2011, Alger Dynamic Opportunities Fund had option purchases of $147,230 and option sales of $60,570. The effect of derivative instruments on the Statement of Operations for the six months ended April 30, 2011 is as follows:
Net realized gain on investments and options
Alger Dynamic Opportunities Fund
Derivatives not accounted for as hedging instruments |
| Options |
| |
Purchased Options |
| $ | (62,673 | ) |
Written Options |
| $ | 2,829 |
|
Total |
| $ | (59,844 | ) |
Net change in unrealized appreciation (depreciation) on investments, options
Alger Dynamic Opportunities Fund
Derivatives not accounted for as hedging instruments |
| Options |
| |
Purchased Options |
| $ | (19,212 | ) |
Written Options |
| — |
| |
Total |
| $ | (19,212 | ) |
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
NOTE 10 — Litigation:
On August 31, 2005, the West Virginia Securities Commissioner (the “WVSC”), in an ex parte Summary Order to Cease and Desist and Notice of Right to Hearing, concluded that the Manager and the Distributor had violated the West Virginia Uniform Securities Act (the “WVUSA”), and ordered the Manager and the Distributor to cease and desist from further violations of the WVUSA by engaging in the market-timing-related conduct described in the order. The ex parte order provided notice of their right to a hearing with respect to the violations of law asserted by the WVSC. Other firms unaffiliated with the Manager were served with similar orders. The Manager and the Distributor intend to request a hearing for the purpose of seeking to vacate or modify the order.
In addition, in 2003 and 2004 several purported class actions and shareholder derivative suits were filed against various parties in the mutual fund industry, including the Manager, certain mutual funds managed by the Manager (the “Alger Mutual Funds”), and certain current and former Alger Mutual Fund trustees and officers, alleging wrongful conduct related to market-timing and late-trading by mutual fund shareholders. These cases were transferred to the U.S. District Court of Maryland by the Judicial Panel on Multidistrict Litigation for consolidated pre-trial proceedings under the caption number 1:04-MD-15863 (JFM). After a number of the claims in the Alger lawsuits, including all claims against Alger Mutual Funds and their independent trustees, were dismissed by the court, the Alger-related class and derivative suits were settled. A Final Judgment and Order approving the settlement was entered on October 25, 2010. No appeals from the Final Judgment and Order were filed within the allotted time limit. The settlement was paid by insurance, and had no financial impact on the Alger Mutual Funds.
NOTE 11 — Recent Accounting Pronouncements:
The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (International Financial Reporting Standards). The ASU converge fair value measurement and disclosure guidance in U.S. GAAP with the guidance in the International Accounting Standards Board’s concurrently issued IFRS 13, Fair Value Measurement. These amendments do not modify the requirements for when fair value measurements apply; rather, they generally represent clarifications on how to measure and disclose fair value under ASC 820, Fair Value Measurement. The application of ASU 2011-04 is required for fiscal years and interim periods beginning after Dec. 15, 2011. At this time, management is evaluation the implications of ASU 2011-04.
NOTE 12 — Subsequent Events:
Management of each Fund has evaluated events that have occurred subsequent to April 30, 2011. No such events have been identified which require recognition and disclosure.
THE ALGER FUNDS II
ADDITIONAL INFORMATION (Unaudited)
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: transaction costs, if applicable, including sales charges (loads) and redemption fees; and ongoing costs, including management fees, distribution (12b-1) fees, if applicable, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example below is based on an investment of $1,000 invested at the beginning of the six-month period starting November 1, 2010 and ending April 30, 2011.
Actual Expenses
The first line for each class of shares in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you would have paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line for each class of shares in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios for each class of shares and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) and redemption fees. Therefore, the second line under each class of shares in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
|
|
| Beginning |
| Ending |
| Expenses |
| Ratio of |
| |||
Alger Spectra Fund |
|
|
|
|
|
|
|
|
| ||||
Class A | Actual |
| $ | 1,000.00 |
| $ | 1,199.47 |
| $ | 8.78 |
| 1.61 | % |
| Hypothetical(c) |
| 1,000.00 |
| 1,016.81 |
| 8.05 |
| 1.61 |
| |||
Class C | Actual |
| 1,000.00 |
| 1,196.06 |
| 12.96 |
| 2.38 |
| |||
| Hypothetical(c) |
| 1,000.00 |
| 1,013.00 |
| 11.88 |
| 2.38 |
| |||
Class I | Actual |
| 1,000.00 |
| 1,201.23 |
| 8.36 |
| 1.53 |
| |||
| Hypothetical(c) |
| 1,000.00 |
| 1,017.19 |
| 7.67 |
| 1.53 |
| |||
Class Z | Actual |
| 1,000.00 |
| 1,201.24 |
| 7.40 |
| 1.36 |
| |||
| Hypothetical(c) |
| 1,000.00 |
| 1,018.07 |
| 6.79 |
| 1.36 |
| |||
|
|
|
|
|
|
|
|
|
|
| |||
Alger Green Fund |
|
|
|
|
|
|
|
|
| ||||
Class A | Actual |
| $ | 1,000.00 |
| $ | 1,099.50 |
| $ | 6.53 |
| 1.25 | % |
| Hypothetical(c) |
| 1,000.00 |
| 1,018.57 |
| 6.28 |
| 1.25 |
| |||
Class C | Actual |
| 1,000.00 |
| 1,094.28 |
| 10.42 |
| 2.00 |
| |||
| Hypothetical(c) |
| 1,000.00 |
| 1,014.85 |
| 10.02 |
| 2.00 |
| |||
Class I | Actual |
| 1,000.00 |
| 1,099.67 |
| 6.55 |
| 1.25 |
| |||
| Hypothetical(c) |
| 1,000.00 |
| 1,018.56 |
| 6.29 |
| 1.25 |
| |||
|
|
|
|
|
|
|
|
|
|
| |||
Alger Analyst Fund |
|
|
|
|
|
|
|
|
| ||||
Class A | Actual |
| $ | 1,000.00 |
| $ | 1,153.04 |
| $ | 6.41 |
| 1.20 | % |
| Hypothetical(c) |
| 1,000.00 |
| 1,018.84 |
| 6.01 |
| 1.20 |
| |||
Class C | Actual |
| 1,000.00 |
| 1,149.10 |
| 10.40 |
| 1.95 |
| |||
| Hypothetical(c) |
| 1,000.00 |
| 1,015.12 |
| 9.75 |
| 1.95 |
| |||
Class I | Actual |
| 1,000.00 |
| 1,154.25 |
| 6.42 |
| 1.20 |
| |||
| Hypothetical(c) |
| 1,000.00 |
| 1,018.84 |
| 6.01 |
| 1.20 |
| |||
|
|
|
|
|
|
|
|
|
|
| |||
Alger Dynamic Opportunities Fund |
|
|
|
|
|
|
|
|
| ||||
Class A | Actual |
| $ | 1,000.00 |
| $ | 1,128.91 |
| $ | 13.75 |
| 2.61 | % |
| Hypothetical(c) |
| 1,000.00 |
| 1,011.87 |
| 13.00 |
| 2.61 |
| |||
Class C | Actual |
| 1,000.00 |
| 1,123.76 |
| 18.06 |
| 3.43 |
| |||
| Hypothetical(c) |
| 1,000.00 |
| 1,007.78 |
| 17.08 |
| 3.43 |
| |||
Class Z | Actual |
| 1,000.00 |
| 1,128.91 |
| 12.79 |
| 2.42 |
| |||
| Hypothetical(c) |
| 1,000.00 |
| 1,012.78 |
| 12.09 |
| 2.42 |
| |||
|
|
|
|
|
|
|
|
|
|
| |||
Alger Emerging Markets Fund |
|
|
|
|
|
|
|
|
| ||||
Class A | Actual |
| $ | 1,000.00 |
| $ | 1,024.00 |
| $ | 8.51 |
| 1.70 | % |
| Hypothetical(c) |
| 1,000.00 |
| 1,016.39 |
| 8.47 |
| 1.70 |
| |||
Class C | Actual |
| 1,000.00 |
| 1,017.00 |
| 12.21 |
| 2.45 |
| |||
| Hypothetical(c) |
| 1,000.00 |
| 1,012.69 |
| 12.18 |
| 2.45 |
| |||
Class I | Actual |
| 1,000.00 |
| 1,019.00 |
| 8.53 |
| 1.70 |
| |||
| Hypothetical(c) |
| 1,000.00 |
| 1,016.34 |
| 8.52 |
| 1.70 |
|
(a) Expenses are equal to the annualized expense ratio of the respective share class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
(b) Annualized.
(c) 5% annual return before expenses.
(d) Class Z shares, Class C shares of the Alger Dynamic Opportunities Fund and Alger Emerging Markets Fund commenced operations on December 29, 2010. Expenses paid are from inception to April 30, 2011.
Privacy Policy
U.S. Consumer Privacy Notice Rev. 01/2011 | 3/31/11 |
FACTS |
| WHAT DOES ALGER DO WITH YOUR PERSONAL INFORMATION? |
Why? |
| Financial companies choose how they share your personal information, which, under Federal law, means personally identifiable information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? |
| The types of personal information we collect and share depend on the product or service you have with us. This information can include: · Social Security number · account balances, transaction history and credit information |
How? |
| All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Alger chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information |
| Does |
| Can you limit |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus |
| Yes |
| No |
For our marketing purposes — with service providers we use to offer our products and services to you |
| Yes |
| No |
For joint marketing with other financial companies |
| No |
| We don’t share |
For our affiliates’ everyday business purposes—information about your transactions and experiences |
| Yes |
| No |
For our affiliates’ everyday business purposes—information about your creditworthiness |
| No |
| We don’t share |
For nonaffiliates to market to you — for all credit card accounts |
| No |
| We don’t share |
For nonaffiliates to market to you — for accounts and services endorsed by another organization |
| No |
| We don’t share |
For nonaffiliates to market to you — for accounts other than credit card accounts and Sponsored Accounts, such as insurance, investments, deposit and lending |
| No |
| We don’t share |
Who we are |
|
Who is providing this notice? | Alger includes Fred Alger Management, Inc. and Fred Alger & Company, Incorporated as well as the following funds: The Alger Funds, The Alger Funds II, The Alger Institutional Funds, The Alger Portfolios, and Alger China-U.S. Growth Fund. |
What we do |
|
How does Alger protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. For more information visit alger.com. |
How does Alger collect my personal information? | We collect your personal information, for example, when you: · open an account or perform transactions · seek advice about your investments We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit some but not all sharing related to: · sharing for affiliates’ everyday business purposes — information about your creditworthiness · affiliates from using your information to market to you · sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. |
|
|
Definitions |
|
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. · Our affiliates include Fred Alger Management, Inc. and Fred Alger & Company, Incorporated as well as the following funds: The Alger Funds, The Alger Funds II, The Alger Institutional Funds, The Alger Portfolios, and Alger China-U.S. Growth Fund. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
Proxy Voting Policies
A description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available, without charge, by calling (800) 992-3863 or online on the Funds’ website at http://www.alger.com or on the SEC’s website at http://www.sec.gov.
Fund Holdings
The Funds’ most recent month end portfolio holdings are available approximately sixty days after month end on the Funds’ website at www.alger.com. The Funds also file their complete schedule of portfolio holdings with the SEC for the first and third quarter of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available online on the SEC’s website at http://www.sec.gov or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. A copy of the most recent quarterly holdings may also be obtained from the Funds by calling (800) 992-3863.
THE ALGER FUNDS II
111 Fifth Avenue
New York, NY 10003
(800) 992-3863
www.alger.com
Investment Manager
Fred Alger Management, Inc.
111 Fifth Avenue
New York, NY 10003
Distributor
Fred Alger & Company, Incorporated
111 Fifth Avenue
New York, NY 10003
Transfer Agent and Dividend Disbursing Agent
Boston Financial Data Services, Inc.
P.O. Box 8480
Boston, MA 02266
This report is submitted for the general information of the shareholders of The Alger Funds II. It is not authorized for distribution to prospective investors unless accompanied by an effective Prospectus for the Trust, which contains information concerning the Trust’s investment policies, fees and expenses as well as other pertinent information.
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AFIISAR
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. INVESTMENTS.
Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing date of this document.
(b) No changes in the Registrant’s internal control over financial reporting occurred during the Registrant’s second fiscal quarter of the period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 12. EXHIBITS.
(a) (1) Not applicable
(a) (2) Certifications of principal executive officer and principal financial officer as required by rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT
(a) (3) Not applicable
(b) Certifications of principal executive officer and principal financial officer as required by rule 30a-2(b) under the Investment Company Act of 1940 are attached as Exhibit 99.906CERT
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
The Alger Funds II |
| |
|
| |
By: | /s/Dan C. Chung |
|
|
|
|
| Dan C. Chung |
|
|
|
|
| President |
|
|
|
|
Date: | June 15, 2011 |
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Dan C. Chung |
|
|
|
|
| Dan C. Chung |
|
|
|
|
| President |
|
|
|
|
Date: | June 15, 2011 |
|
By: | /s/Michael D. Martins |
|
|
|
|
| Michael D. Martins |
|
|
|
|
| Treasurer |
|
|
|
|
Date: | June 15, 2011 |
|