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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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360 Park Avenue South New York, New York |
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(Address of principal executive offices) |
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Mr. Hal Liebes Fred Alger Management, Inc. 360 Park Avenue South New York, New York 10010 | ||||||||
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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, 2013 |
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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, 2013 |
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(Unaudited) |
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Table of Contents
THE ALGER FUNDS II
Shareholders’ Letter |
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Fund Highlights |
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Portfolio Summary |
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Schedules of Investments |
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Statements of Assets and Liabilities |
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Statements of Operations |
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Statements of Changes in Net Assets |
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Financial Highlights |
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Notes to Financial Statements |
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Additional Information |
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Shareholders’ Letter |
| May 20, 2013 |
Dear Shareholders,
Investing with Markets at Record High Levels
Equity markets have strong potential for generating attractive returns
As the S&P 500 Index climbed to record levels during the six-month period ended April 30, 2013, some investors grew convinced that a painful correction or bear market was unavoidable. After all, record high index levels in 2000 and 2007 were promptly followed by substantial bear markets and in recent years markets have often suffered from spring corrections. Yet after reaching an all time high level of 1579.58 on April 23, the S&P 500 continued to advance and closed the reporting period at 1593.58, which represented a 14.44% return for the period. While markets certainly don’t go up in a constant line, we see strong reasons and fundamental support for our view that, today, economic conditions, corporate fundamentals, and investor psychology can drive market performance upward in the near term and over the next few years.
Market Overview
During the six-month reporting period, concerns over U.S. fiscal policy, sluggish economic growth, and the euro-zone debt crisis continued to weigh upon investors. In November and December, cynicism over Beltway gridlock continued to grow as Congress and the White House failed to avert the “fiscal cliff,” or the combination of sequestration, or spending cuts, and tax hikes that many investors fear could dampen already modest economic growth. In late November, however, Federal Reserve Chairman Ben Bernanke said Fed policy will remain accommodative until the U.S. economy becomes more stable, which ignited a three-week rally. Nevertheless, market volatility and euro-zone fears resurfaced after the Republic of Cyprus said it would impose a levy on bank deposits to qualify for bailout funds. Italy’s long struggle with forming a coalition government also provoked investor angst. As has often been the case in recent years, investor skepticism about the U.S. economy and its recovery remained very high and very wrong until recently moderating. Despite weaknesses in some broad economic gauges—GDP growth fell to only 0.4% for the fourth quarter—many indicators suggest to us that the U.S. economy is outperforming its global peers. The real estate market continues to strengthen, and recently consumer sentiment, and thus consumer spending, has begun to reflect the impact of improving home values on personal wealth. Similarly, in February, unemployment dropped to 7.7%—the lowest level since December of 2008—and we see further improvement in the coming months. We’ve noted in a number of prior shareholder letters that the unemployment numbers are deceptive. The unemployment rate for college graduates, for example, is below 4.5%, which illustrates that this category of workers has been experiencing a substantially better job market than non-graduates.
Addressing Market Fears
Economic factors and corporate fundamentals during the five-year periods leading to the 2000 and 2007 market peaks were substantially different than the drivers behind the current bull market. Thus, while normal corrections to this current bull market should and will occur, we believe markets are firmly in an upward trend and that corrections will be
attractive buying opportunities. Near term corrections, in our view, are likely to be shallow, unlike the severe volatility of recent years and the bear markets following 2000 and 2007. The last two market cycles, unlike the current bull market, occurred during long periods of substantial economic growth in which retail investors were highly enthusiastic about equities. In comparison, the current bull market is being driven, in our opinion, primarily by corporate fundamentals as economic growth has been weak while risk-averse retail investors have been fleeing stocks for the better part of five years.
Understanding the 2000 Market Peak
During the dot-com era, which ran from 1995 to 2000, information technology, including desktop computers, Microsoft business applications, and the Internet, pushed GDP growth up 34.0%. Within that period, the seasonally adjusted unemployment rate dropped from 5.8% to 4.0% from April 1995 to the March 2000 market peak. Optimism among consumers, corporations, and retail investors surged, thanks to strong equity market gains and home values increasing 33% during the five-year period, according to the S&P/Case-Shiller Home Price Index 10-City Composite.
From 1995 to 2000, Corporate America increased capital expenditures from 8.2% of GDP to 9.5%. By late 2000, the rate reached 9.6%, which is a level that has yet to be repeated. Spending on non-residential real estate also surged, increasing from an annualized rate of $186 billion in the first quarter of 1996 to $260 billion in the first quarter of 2000, according to J.P. Morgan. Retail investors weren’t immune from the prevalent optimism. During the five-year period, they plowed $795.1 billion into Sector Stock and U.S. Stock Morningstar fund categories. By the 2000 market peak, the two categories collectively represented 50% of retail investor assets in mutual funds. Yet, corporate fundamentals, including cash flow, weakened(1). During the dot-com era, the free cash flow yield for large cap corporations declined from 3.40% to only 1.46%, according to Empirical Research Partners. U.S. public companies’ cash and short-term investments as a share of market capitalization also deteriorated, falling from nearly 10.15% in 1995 to 6.93% in 2000 and the S&P 500 price-to-earnings ratio soared from 15.60 to 27.20. Investors’ eventual realization that corporate cash flow was weak, that many dot-com companies were burning through capital at an unsustainable rate, and that economic expansion wasn’t sustainable eventually led to the market decline in 2000.
Understanding the 2007 Market Peak
During the five years leading to October of 2007, GDP surged upward 31.0%, while unemployment dropped considerably from 6.3% in June of 2003 to 4.7% by the end of the period. Much like during the dot-com era, consumer wealth and consumer spending benefited from the raging bull market and from home values increasing approximately 45%, according to the S&P/Case-Shiller Home Price Index 20-City Composite. During four consecutive years starting in 2003, annual wealth creation ranged from $5.1 trillion to $2.5 trillion, according to J.P. Morgan estimates. In the business world, optimism was
(1) Free cash flow is cash generated from a company’s operations that remains after capital expenditures and operating expenses. It allows companies to invest for future growth, pay dividends, and conduct share repurchases. Free cash flow, furthermore, indicates that corporations are disciplined with costs and are maintaining revenues. It is typically measured by free cash flow yield, which is the ratio of free cash flow to enterprise value.
strong and corporations increased capital expenditures as a percentage of GDP from 7.5% in early 2004 to 7.9% in 2007. Spending on non-residential real estate during the five-year period increased from $258 billion to $331 billion. At the same time, retail investors plowed $906.5 billion into Sector Stock and U.S. Stock funds, with the two categories representing 41.0% of mutual fund assets when the equity market peaked. Yet, much like during the earlier bull market, corporate fundamentals weakened. Cash and short-term investments as a share of market capitalization dropped from 10.04% to 8.72% from July 2005 to the market peak and cash flow yields fell from 5.01% in February of 2003 to 4.35% in October of 2007. Weakening corporate fundamentals, an infamous decline in real estate prices, mortgage defaults, and the maturing of the economic recovery eventually led to the post-2007 bear market.
Why 2013 is Different from Past Market Cycles
Unlike the past two bull markets, recent market gains, we maintain, have been driven primarily by strong corporate fundamentals, with cash rich businesses offering attractive free cash flow yields, engaging in stock buybacks, and implementing or increasing dividends. Yet, economic growth, in our view, has been sluggish and is far from reaching a mature phase, but it has strong potential to accelerate. During the subprime mortgage recession, unemployment soared to 10.0% by October of 2009. Even though it declined to 7.6% recently, it is still substantially higher than levels in 2000 and 2007. GDP growth of only 9.7% during the five-year period ended December 31, 2012, is also disappointing. Corporations, therefore, have been reluctant to increase spending, with capital expenditures as a percentage of GDP expanding from a low of 6.4% at the end of 2009 to only 7.5% at the end of 2012, which is well below long-term averages for economic recoveries. Also during the most recent recession, non-residential real estate spending fell to $252 billion on an annualized basis by the third quarter of 2010 and has since only increased to $316 billion, which like capital expenditures, is considerably below levels experienced during other economic recoveries. The low level of non-residential expenditures implies that businesses may be far from reaching a peak in real estate expenditures. Consumers have also been tight with their purse strings, especially with durable goods, as illustrated by the average automobile age of 10.8 years at the end of 2012, which is substantially higher than 9.8 years in 2007 and 8.9 years in 2000.
Clearly, much capacity exists for GDP expansion, job creation, and other developments that will provide attractive opportunities for leading companies to grow earnings and support equity prices. Economic growth, we believe, is likely to be supported by corporations’ growing need for capital investments, consumers’ increasing spending power, demand for durable goods, and a strong residential real estate recovery. During the recession following the 2007 market decline, many consumers felt insecure about the economy and until recently, the inconsistent nature of the aggregate wealth effect, or wealth created from home ownership and the stock market, hasn’t helped. It has bolstered consumers’ finances in only three of the last six years—2009, 2010, and 2012, according to J.P. Morgan. Last year, however, it contributed more than $4.4 trillion to individuals’ balance sheets. This was the highest level since 2004 and is helping consumers feel more confident in their finances and more willing to buy big ticket items. Like consumer spending, the creation of an estimated 2 million households has been delayed by economic uncertainty, creating pent up housing demand. With an improving economy, however, annual household creation of 1 million to 1.6 million could occur over the next four years, according to estimates from Zelman & Associates.
With annual housing starts of 780,000 units, or half the long-term average, housing inventory could trail demand. Favorable interest rates, historically high levels of home affordability, and increasing rental fees, meanwhile, are further enhancing the appeal of homeownership and supporting the ongoing real estate recovery, with home prices jumping 9.3% year-over-year in February, according to the S&P/Case-Shiller Home Price Index 20-City Composite. As real estate prices, sales, and demand increase, new housing starts may accelerate, creating construction jobs, as well as demand for home appliances and other durable goods. With the industry having the nation’s highest unemployment rate of 14.7%, which represents 1.2 million out-of-work individuals, job creation for construction workers could be a big boost to the economy.
With the prolonged trough in capital expenditures, cash-rich corporations, meanwhile, may be ready to increase outlays for manufacturing equipment and other tools needed to run their businesses. With corporations having record levels of cash on their balance sheets, an increase in capital expenditures could be substantial and highly supportive of the nation’s ongoing economic recovery.
Market Fundamentals and Investor Psychology
We are also encouraged by the strength of corporate America. The 5.16% free cash flow yield of large companies in April of this year, for example, was considerably higher than in 2000 and 2007 and illustrates that corporate fundamentals are extremely strong. Corporate balance sheets are also attractive, with cash in February of 2013 representing approximately 10.70% of corporate assets. At the same time, equities are attractively valued from a price-to-book perspective (the stock market’s price divided by book value). As of April of this year, large capitalization stocks had a price-to-book ratio of only 2.37, which is lower than 2.96 in October of 2007 and 5.14 in March of 2000, according to Empirical Research. Despite the strong performance of U.S. stocks since the Financial Crisis, valuations remain reasonable. The S&P 500, with a P/E ratio of 14.5 and a dividend yield of over 2%, remains attractive on two scores—a P/E ratio below the historical average and a dividend yield above 10-year Treasuries.
The current market rally has also occurred despite retail investors redeeming $358.5 billion from Sector Stock and U.S. Stock fund categories during the past five years. The two fund categories recently represented only 34.0% of retail investor assets in U.S. mutual funds, while taxable bonds represented 20.8%. In dollar figures, retail investors had nearly $2.6 trillion allocated to taxable bonds in April, compared to $1.1 trillion in 2007 and $505 billion in 2000.
Investors, however, may be ready to return to equities—recent record high market levels will cause some investors to realize that market declines are usually temporary and that investors who have held on to stock investments have recouped losses that resulted from the post-2007 market decline. Historically low interest rates, meanwhile, are making the recent returns of equities appear even more appealing relative to fixed income assets. With record levels of assets currently allocated to bonds, investors’ potential rotation into equities could provide substantial upside to the market. We are not alone in our belief that equities have potential for additional gains. Celebrated investor Warren Buffett, for example, is encouraging investors to rethink their aversion to equities, having recently said that “bonds are a terrible investment now” and that stock prices “aren’t ridiculously high.”
Going Forward
The anticipated economic growth discussed above is likely to create increased competition among corporations at a time when technology and other global trends are requiring companies to constantly rethink and retool business strategies. With that in mind, equity investors, in our view, need to diligently seek out companies that are best prepared to benefit from the constant and swift changes being driven by technology, demographics, regulations, emerging market growth, and other large scale trends. We believe, furthermore, that our research-driven investment strategy is highly appropriate for these challenging times of constant and large scale change.
Portfolio Matters
Alger Spectra Fund
The Alger Spectra Fund returned 11.73% for the fiscal six-month period ended April 30, 2013, compared to the 13.93% return of the Russell 3000 Growth Index.
During the period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Financials and the largest sector underweight was Consumer Staples. Relative outperformance in the Financials and Materials sectors was the most important contributor to performance, while Health Care and Consumer Staples detracted from results.
For the reporting period, the Fund’s average portfolio allocation to long positions, which was increased by leverage, was 101.81% of assets. In aggregate, long positions contributed approximately 12.47% to performance. The Fund’s average allocation to short positions was -4.52%. The short positions provided an approximately -0.74% contribution to performance.
Among the most important relative contributors were CVS Caremark Corp.; Anadarko Petroleum Corp.; CBS Corp., Cl. B; Pfizer, Inc.; and HCA Holdings, Inc. Shares of pharmacy benefits manager and retail drugstore operator CVS Caremark Corp. performed strongly early in 2013 after the company said prevalence of the flu and capturing market share from a competitor drove strong quarter results. For the period, no individual short position had a substantial positive impact on relative performance, while short position ZipCar, Inc. was a considerable detractor from results.
Zipcar is a car rental company with self-service, rent-by-the-hour operations in cities. We expected competition to hinder the results of Zipcar, but Avis Budget purchased the company at a premium, causing Zipcar’s stock price to increase. Short sales involve selling stock that has been borrowed, so the elevated stock price of Zipcar increased the portfolio’s cost of acquiring the stock to return it to the lender, thereby detracting from absolute performance. Also detracting from relative performance were short position Becton Dickinson & Co. and long positions Microsoft Corp.; Home Depot, Inc., /The; and Amgen, Inc.
Alger Green Fund
The Alger Green Fund returned 15.59% for the fiscal six-month period ended April 30, 2013, compared to the 13.93% return of the Russell 3000 Growth Index.
The Alger Green Fund seeks long-term capital appreciation by investing at least 80% of its net assets in equity securities of companies of any size that, in the opinion of the
Fund’s management, conduct their business in an environmentally sustainable manner, while demonstrating promising growth potential. The Fund’s performance, therefore, can be challenged during time periods when investor enthusiasm for environmentally sustainable companies declines, but it can benefit when investors favor such companies. During the period, the Fund’s focus on environmentally sustainable companies appeared to be beneficial as the Fund outperformed its benchmark.
During the period, the largest sector weightings were Information Technology and Industrials sectors. The largest sector overweight was Industrials and the largest sector underweight was Health Care. Relative outperformance in the Information Technology and Materials sectors was the most important contributor to performance, while Health Care and Consumer Staples detracted from results.
Among the most important relative contributors were Cree, Inc.; First Solar, Inc.; Discovery Communications, Inc., Series C; Cisco Systems, Inc.; and Rockwood Holdings, Inc. Discovery Communications is a nonfiction media and entertainment company that provides programming across multiple distribution platforms. The company has generated positive earnings beats and has received industry leading ratings. Discovery also has an underleveraged balance sheet which should allow it to conduct mergers and acquisitions and return capital to shareholders.
Conversely, detracting from overall results on a relative basis were Apple, Inc.; Microsoft Corp.; Clean Harbors, Inc.; Wal-Mart Stores, Inc.; and Nike, Inc., Cl. B. Apple is a well-known designer and provider of computers and Internet-connected devices such as the iPhone and iPad. Concerns that considerable penetration of the high-end telephone market may slow sales growth and hurt the company’s high margins caused Apple shares to perform poorly during the first quarter of 2013, despite a positive outlook for international sales of lower priced phones.
Alger Analyst Fund
The Alger Analyst Fund returned 17.24% for the fiscal six-month period ended April 30, 2013, compared to the Russell Midcap Growth Index, which had a return of 17.74%.
During the period, the largest sector weightings were Consumer Discretionary and Information Technology. The largest sector overweight was Consumer Discretionary and the largest sector underweight was Health Care. Relative outperformance in the Information Technology and Materials sectors was the most important contributor to performance, while Consumer Staples and Health Care detracted from results.
Among the most important relative contributors were Fifth & Pacific Cos., Inc.; Lincoln National Corp.; Rockwood Holdings, Inc.; CBS Corp., Cl. B; and Finisar Corp. Fifth & Pacific is a global manufacturer and retailer of clothing and accessories and offers brands such as Juicy Couture, Lucky Brands, Kate Spade, and Jack Spade. Speculation by analysts and the news media that the company may divest Lucky Brands and Juicy Couture supported the performance of Fifth & Pacific stock during the first quarter of 2013.
Conversely, detracting from relative performance were Hecla Mining Co.; Ross Stores, Inc.; Charter Communications, Inc., Cl. A; Fresh Market, Inc., /The; and Berry Petroleum Co., Cl. A. Fresh Market is a high end, high growth specialty food retailer with 127 stores in 23 states primarily in Mid-Atlantic States, the Southeast, and the Midwest. The company experienced a significant slowdown in traffic and sales during December’s
holiday season and management wasn’t able to clearly identify the reasons for the shift. Investors may have also responded unfavorably to the company not having named a chief financial officer.
Alger Dynamic Opportunities Fund
The Alger Dynamic Opportunities Fund returned 6.38% for the fiscal six-month period ended April 30, 2013, compared to the 14.44% return of the Fund’s benchmark, the S&P 500 Index.
The Fund uses a strategy that includes long and short positions. The strategy seeks to generate market-like returns over long term periods, generally three to five years, while limiting the impact upon performance of market downturns. During shorter-term periods, such strategies may underperform when markets generate strong gains, perform inline or modestly outperform when markets are flat, and outperform when markets decline.
For the reporting period, the Fund’s long exposure increased from 56.40% to 87.50% of assets. The Fund’s average long exposure was 72.57%. Long positions, in aggregate, outperformed the Fund’s benchmark and had an approximately 9.55% contribution to absolute performance. Short positions were increased from -14.53% to -21.22% of assets as the Fund’s managers found additional opportunities for shorting. The average allocation to short position was -18.49%. Short positions trailed the performance of the Fund’s benchmark and detracted 3.17% from performance. Net exposure, which is the difference between long and short exposure, was 54.08%.
During the period, the largest sector weightings were Information Technology and Consumer Discretionary. Based on net exposure, there was no sector overweight, while Consumer Staples was the largest sector underweight. Relative outperformance in the Information Technology and Materials sectors was the most important contributor to performance, while Consumer Staples and Consumer Discretionary detracted from results.
Among the most important contributors to relative performance were HCA Holdings, Inc.; Tenet Healthcare Corporation; Apple, Inc.; Apollo Global Management, LLC, Cl. A; and Vertex Pharmaceuticals, Inc. In the Health Care sector, HCA Holdings is the country’s largest operator of private hospitals. Shares of HCA performed strongly as investors anticipated that the Affordable Health Care Act, or “Obama Care,” will improve the company’s operating fundamentals. For example, an increased number of individuals covered by medical insurance may increase hospital admissions, help reduce hospital debt, and increase profits.
Conversely, detracting from overall results on a relative basis were Celgene Corp.; Sony Corp.; Bank of America Corp.; Zipcar, Inc.; and Iconix Brand Group, Inc. Short position Zipcar performed poorly in response to developments described in the Spectra Fund discussion.
Alger Emerging Markets Fund
The Alger Emerging Markets Fund returned 10.37% for the six-month fiscal period ended April 30, 2013, compared to the 5.40% return of its benchmark, the MSCI Emerging Markets Index,.
During the reporting period, Asia ex-Japan was the strongest market, led by the South East Asian markets of Indonesia, the Philippines, and Thailand. While Emerging Europe
was generally weak, Turkey turned in strong absolute performance. In Latin America, Mexico was a strong performer while the Andean markets lagged. During the period, Egypt was the weakest market. That country’s Constitutional Referendum was passed in a second vote in December with extremely low voter turnout as many secular parties protested by abstention. President Morsi pressed ahead despite large protests in a number of Egyptian cities. Given the deteriorating economic backdrop, uncertainties regarding key resignations, and President Morsi’s own shortcomings in his short term in office, Standard &Poor’s downgraded the country’s sovereign rating on December 24. Within China, the Central Economic Working Conference made little change in the policy outlook for the incoming administration except for increasing the country’s focus on urbanization. Markets were disappointed in March during the National People’s Congress as no substantive policies were announced. All eyes now are on the third Plenary Session of the 18th Party Congress to be held in October 2013. In Latin America, Enrique Pena Nieto was inaugurated as the new President of Mexico and engaged all of Mexico’s major political parties in a commitment to reform unparalleled since Mexico’s transition to democracy.
With the Alger Emerging Markets Fund, stock selection in Mexico, Taiwan, and China had the largest contribution to relative performance, while stock selection in Brazil, Russia, and Indonesia detracted from results. During the period, the largest sector weightings were Financials and Consumer Discretionary. The largest sector overweight was Consumer Discretionary and the largest sector underweight was Telecommunication Services. Relative outperformance in the Consumer Discretionary and Materials sectors was the most important contributor to performance, while Industrials and Information Technology detracted from results.
Among the most important contributors to relative performance were Alsea SAB de CV; Chailease Holding Co., Ltd.; TPK Holding Co., Ltd.; China Overseas Grand Oceans Group Ltd.; and Banregio Grupo Financiero SAB de CV. Chailease Holding Co. is an equipment leasing company. The company set a record high level for November sales and said its quarterly revenues were 25% higher than expectations.
Conversely, detracting from overall results on a relative basis were Globaltrans Investment PLC; BW Plantation; Digital China Holdings Ltd.; GCL-Poly Energy Holdings Ltd.; and Petrobras Petroleo Brasileiro SA. Digital China Holdings is an integrated information technology services provider. The company reported year-end results in late February and said operating profit was better than expected. A revenue shift away from low margin distribution continued but management was cautious in its commentary, which is likely to have triggered the underperformance of the company’s stock in March.
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,
Daniel C. Chung, CFA
Chief Investment Officer
Morningstar, Inc. conducts investment research and provides performance analysis of mutual funds and other investment products.
J.P. Morgan is a broker-dealer that provides investment research.
Zelman & Associates provides research for leading institutional investors on a variety of asset classes and sectors.
Empirical Research Partners is a broker-dealer that provides research on a wide range of topics to institutional investors.
As of April 30, 2013, the following companies represented the stated percentages of Fred Alger Management assets under management: J.P. Morgan, 0.11%; Microsoft, 0.48%; Morningstar, Inc., 0.00%; Zelman & Associates, 0.00%; and Empirical Research Partners, 0.00%.
Investors cannot invest directly in an index. Index performance does not reflect deductions for fees, expenses, or taxes.
This report and the financial statements contained herein are submitted for the general information of shareholders of the Funds. This report is not authorized for distribution to prospective investors in a Fund unless preceded 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 Funds’ management in this report are as of the date of the Shareholders’ 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 Fund. 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, 2013. Securities mentioned in the Shareholder 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. Some of the countries where the Emerging Markets Fund can invest may have restrictions that could limit the access to investment opportunities. The securities of issuers located in emerging markets can be more volatile and less liquid than those of issuers in more mature economies. Investing in emerging markets involves higher levels of risk, including increased information, market, and valuation risks, and may not be suitable for all investors. Special risks associated with investments in emerging country issuers include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and different auditing and legal standards.
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 Alger Spectra Fund and 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 a 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 is 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.
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.
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. For a more detailed discussion of the risks associated with a Fund, please see the Fund’s Prospectus.
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:
· 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 Midcap Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe.
· 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 S&P 500 Index is an unmanaged index generally representative of the U.S. stock market without regard to company size.
FUND PERFORMANCE AS OF 3/31/13 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS
|
| 1 YEAR |
| 5 YEARS |
| 10 YEARS |
|
Alger Spectra Class A |
| 5.20 | % | 8.55 | % | 12.36 | % |
Alger Spectra Class C * |
| 9.17 | % | 8.96 | % | 12.16 | % |
Alger Spectra Class I † |
| 11.02 | % | 9.87 | % | 13.05 | % |
Alger Spectra Class Z ‡ |
| 11.34 | % | n/a |
| n/a |
|
|
|
|
|
|
|
|
|
Alger Green Class A § |
| 4.73 | % | 1.88 | % | 8.37 | % |
Alger Green Class C * |
| 8.46 | % | 2.18 | % | 8.13 | % |
Alger Green Class I * |
| 10.57 | % | 2.95 | % | 8.95 | % |
* | Historical performance prior to September 24, 2008, inception of the class, is that of the Fund’s Class A shares, adjusted to reflect the current maximum sales charge and higher operating expenses for Class C shares. |
† | Historical performance prior to September 24, 2008, inception of the class, is that of the Fund’s Class A shares, adjusted to reflect the current maximum sales charge. |
‡ | Class Z annualized performance since December 29, 2010, inception date of the Class, was 10.41%. |
§ | 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. |
FUND PERFORMANCE AS OF 3/31/13 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS
|
| 1 |
| 5 |
| SINCE |
|
Alger Analyst Class A (Inception 3/30/07) |
| 7.52 | % | 4.87 | % | 3.85 | % |
Alger Analyst Class C (Inception 9/24/08)* |
| 11.74 | % | 5.22 | % | 4.01 | % |
Alger Analyst Class I (Inception 9/24/08)* |
| 13.52 | % | 5.98 | % | 4.77 | % |
|
|
|
|
|
|
|
|
Alger Dynamic Opportunities Class A (Inception 11/2/09) |
| 0.85 | % | n/a |
| 3.84 | % |
Alger Dynamic Opportunities Class C (Inception 12/29/10)† |
| 4.73 | % | n/a |
| 4.69 | % |
Alger Dynamic Opportunities Class Z (Inception 12/29/10)† |
| 6.73 | % | n/a |
| 4.36 | % |
|
|
|
|
|
|
|
|
Alger Emerging Markets Class A (Inception 12/29/10) |
| 0.88 | % | n/a |
| (5.71 | )% |
Alger Emerging Markets Class C (Inception 12/29/10) |
| 4.53 | % | n/a |
| (4.37 | )% |
Alger Emerging Markets Class I (Inception 12/29/10) |
| 6.36 | % | n/a |
| (3.68 | )% |
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 the current maximum sales charge and higher operating expenses for Class C shares. |
† | Historical performance prior to December 29, 2010, inception of the class, is that of the Fund’s Class A shares, adjusted to reflect the current maximum sales charge and higher operating expenses for Class C shares. |
ALGER SPECTRA FUND
Fund Highlights Through April 30, 2013 (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 2013. 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 the higher operating expenses of Class C shares and the current maximum sales charge of each share class. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
PERFORMANCE COMPARISON AS OF 4/30/13
AVERAGE ANNUAL TOTAL RETURNS
|
| 1 YEAR |
| 5 YEARS |
| 10 YEARS |
| Since |
|
Class A (Inception 7/28/69)*,† |
| 6.42 | % | 7.30 | % | 11.58 | % | 15.80 | % |
Class C (Inception 9/24/08)†,‡,§ |
| 10.44 | % | 7.70 | % | 11.38 | % | 15.10 | % |
Class I (Inception 9/24/08)†,**,†† |
| 12.26 | % | 8.59 | % | 12.26 | % | 15.98 | % |
Class Z (Inception 12/29/10) |
| 12.66 | % | n/a |
| n/a |
| n/a | ‡‡ |
Russell 3000 Growth Index |
| 12.83 | % | 6.75 | % | 8.26 | % | 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, adjusted to reflect the 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. |
‡‡ | Class Z annualized performance since December 29, 2010, inception date of the class, was 11.82%. Russell 3000 Growth Index for the same period was 12.38%. |
ALGER GREEN FUND
Fund Highlights Through April 30, 2013 (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, 2013. 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 the higher operating expenses of Class C shares and the current maximum sales charge of each share class. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
PERFORMANCE COMPARISON AS OF 4/30/13
AVERAGE ANNUAL TOTAL RETURNS
|
| 1 YEAR |
| 5 YEARS |
| 10 YEARS |
| Since |
|
Class A (Inception 12/4/00)*,† |
| 7.54 | % | 1.24 | % | 7.78 | % | (0.16 | )% |
Class C (Inception 9/24/08)‡,§ |
| 11.71 | % | 1.54 | % | 7.55 | % | (0.48 | )% |
Class I (Inception 9/24/08)‡ |
| 13.57 | % | 2.31 | % | 8.36 | % | 0.27 | % |
Russell 3000 Growth Index |
| 12.83 | % | 6.75 | % | 8.26 | % | 2.20 | % |
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 updated performance, 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 September 24, 2008, inception of the class, is that of the Fund’s Class A shares, adjusted to reflect the current maximum sales charge and higher operating expenses for the Class C shares. |
§ | Returns reflect the applicable contingent deferred sales charge. |
ALGER ANALYST FUND
Fund Highlights Through April 30, 2013 (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 Midcap Growth Index (an unmanaged index of common stocks) from March 30, 2007, the inception date of the Alger Analyst Fund Class A, through April 30, 2013. The figures for the Alger Analyst Fund Class A and the Russell Midcap 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 the higher operating expenses of Class C shares and the current maximum sales charge of each share class.
Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
PERFORMANCE COMPARISON AS OF 4/30/13
AVERAGE ANNUAL TOTAL RETURNS
|
| 1 YEAR |
| 5 YEARS |
| 10 YEARS |
| Since |
|
Class A (Inception 3/30/07)* |
| 8.71 | % | 3.79 | % | n/a |
| 3.87 | % |
Class C (Inception 9/24/08)†,‡ |
| 12.87 | % | 4.14 | % | n/a |
| 4.01 | % |
Class I (Inception 9/24/08)† |
| 14.62 | % | 4.88 | % | n/a |
| 4.76 | % |
Russell Midcap Growth Index |
| 14.42 | % | 6.79 | % | n/a |
| 5.95 | % |
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 September 24, 2008, inception of the class, is that of the Fund’s Class A shares, adjusted to reflect the current maximum sales charge and higher operating expenses for the Class C shares. |
‡ | Returns reflect the applicable contingent deferred sales charge. |
ALGER DYNAMIC OPPORTUNITIES FUND^
Fund Highlights Through April 30, 2013(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”) and the S&P 500 Index (an unmanaged index of common stocks) from November 2, 2009, the inception date of the Alger Dynamic Opportunities Fund Class A, through April 30, 2013. The figures for the Alger Dynamic Opportunities Fund Class A and the Blended S&P 500/LIBOR and the S&P 500 Index 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 the higher operating expenses of Class C shares and the current maximum sales charge of each share class. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
PERFORMANCE COMPARISON AS OF 4/30/13
AVERAGE ANNUAL TOTAL RETURNS
|
| 1 YEAR |
| 5 YEARS |
| 10 YEARS |
| Since |
|
Class A (Inception 11/2/09)* |
| 0.68 | % | n/a |
| n/a |
| 3.77 | % |
Class C (Inception 12/29/10)†,‡ |
| 4.54 | % | n/a |
| n/a |
| 4.58 | % |
Class Z (Inception 12/29/10) |
| 6.63 | % | n/a |
| n/a |
| n/a | § |
S&P 500 Index |
| 16.89 | % | n/a |
| n/a |
| 15.42 | % |
Blended S&P 500 / LIBOR |
| 8.49 | % | n/a |
| n/a |
| 7.93 | % |
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.
^ The Fund has changed its benchmark to the S&P 500 Index to provide a more meaningful performance comparison. | |
|
|
* | 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 the current maximum sales charge and higher operating expenses for the Class C shares. |
‡ | Returns reflect the applicable contingent deferred sales charge. |
§ | Class Z annualized performance since December 29, 2010, inception date of the class, was 4.25%. S&P 500 Index and Blended S&P 500 / LIBOR for the same period was 13.11% and 6.78%, respectively. |
ALGER EMERGING MARKETS FUND
Fund Highlights Through April 30, 2013 (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 index of common stocks) from December 29, 2010, the inception date of the Alger Emerging Markets Fund Class A, through April 30, 2013. 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 4/30/13
AVERAGE ANNUAL TOTAL RETURNS
|
| 1 YEAR |
| 5 YEARS |
| 10 YEARS |
| Since |
|
Class A (Inception 12/29/10)* |
| 3.79 | % | n/a |
| n/a |
| (4.81 | )% |
Class C (Inception 12/29/10)† |
| 7.93 | % | n/a |
| n/a |
| (3.49 | )% |
Class I (Inception 12/29/10) |
| 9.76 | % | n/a |
| n/a |
| (2.78 | )% |
MSCI Emerging Markets Index |
| 4.34 | % | n/a |
| n/a |
| (1.06 | )% |
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, 2013 (Unaudited)
SECTORS |
| Alger Spectra |
| Alger Green |
| Alger Analyst |
| Alger Dynamic |
|
Consumer Discretionary |
| 21.3 | % | 13.3 | % | 27.1 | % | 15.6 | % |
Consumer Staples |
| 8.2 |
| 9.7 |
| 8.5 |
| 4.5 |
|
Energy |
| 4.2 |
| 0.2 |
| 5.4 |
| 3.2 |
|
Financials |
| 8.6 |
| 2.5 |
| 6.2 |
| 5.9 |
|
Health Care |
| 12.5 |
| 7.6 |
| 12.6 |
| 8.6 |
|
Industrials |
| 10.2 |
| 22.3 |
| 12.6 |
| 4.0 |
|
Information Technology |
| 27.9 |
| 28.8 |
| 16.9 |
| 20.6 |
|
Materials |
| 3.6 |
| 8.0 |
| 8.1 |
| 3.9 |
|
Telecommunication Services |
| 2.1 |
| 0.0 |
| 0.0 |
| 0.0 |
|
Utilities |
| 0.0 |
| 3.8 |
| 0.0 |
| 0.0 |
|
Short-Term Investments and Net Other Assets |
| 1.4 |
| 3.8 |
| 2.6 |
| 33.7 |
|
|
| 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
COUNTRY |
| Alger |
|
Brazil |
| 11.4 | % |
Cayman Islands |
| 0.7 |
|
Chile |
| 0.6 |
|
China |
| 9.5 |
|
Colombia |
| 3.0 |
|
Cyprus |
| 0.7 |
|
Hong Kong |
| 8.4 |
|
India |
| 7.0 |
|
Indonesia |
| 2.9 |
|
Italy |
| 0.7 |
|
Laos |
| 0.4 |
|
Malaysia |
| 3.4 |
|
Mexico |
| 5.9 |
|
Netherlands |
| 0.6 |
|
Peru |
| 1.7 |
|
Philippines |
| 1.1 |
|
Russia |
| 5.7 |
|
South Africa |
| 3.5 |
|
South Korea |
| 12.9 |
|
Switzerland |
| 0.9 |
|
Taiwan |
| 8.9 |
|
Thailand |
| 2.0 |
|
Turkey |
| 3.1 |
|
United Kingdom |
| 1.6 |
|
Cash and Net Other Assets |
| 3.4 |
|
|
| 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, 2013
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—101.7% |
|
|
|
|
| |
ADVERTISING—0.9% |
|
|
|
|
| |
Focus Media Holding Ltd. # |
| 249,600 |
| $ | 6,806,592 |
|
Lamar Advertising Co., Cl. A * |
| 384,700 |
| 18,011,654 |
| |
|
|
|
| 24,818,246 |
| |
AEROSPACE & DEFENSE—2.7% |
|
|
|
|
| |
Boeing Co., /The |
| 235,300 |
| 21,508,773 |
| |
Hexcel Corp. * |
| 474,800 |
| 14,481,400 |
| |
Honeywell International, Inc. + |
| 451,700 |
| 33,218,018 |
| |
Precision Castparts Corp. |
| 15,200 |
| 2,907,608 |
| |
|
|
|
| 72,115,799 |
| |
AIR FREIGHT & LOGISTICS—1.5% |
|
|
|
|
| |
FedEx Corp. |
| 196,000 |
| 18,425,960 |
| |
United Parcel Service, Inc., Cl. B |
| 245,700 |
| 21,090,888 |
| |
|
|
|
| 39,516,848 |
| |
AIRLINES—0.7% |
|
|
|
|
| |
Copa Holdings SA |
| 79,300 |
| 9,958,494 |
| |
Delta Air Lines, Inc. * |
| 433,100 |
| 7,423,334 |
| |
|
|
|
| 17,381,828 |
| |
ALTERNATIVE CARRIERS—0.6% |
|
|
|
|
| |
Cogent Communications Group, Inc. |
| 575,453 |
| 16,480,974 |
| |
|
|
|
|
|
| |
APPAREL ACCESSORIES & LUXURY GOODS—1.8% |
|
|
|
|
| |
Fossil, Inc. * |
| 95,900 |
| 9,409,708 |
| |
Michael Kors Holdings Ltd. * |
| 346,830 |
| 19,748,500 |
| |
PVH Corp. |
| 163,600 |
| 18,881,076 |
| |
|
|
|
| 48,039,284 |
| |
APPAREL RETAIL—0.7% |
|
|
|
|
| |
L Brands, Inc. |
| 287,300 |
| 14,482,793 |
| |
VF Corp. |
| 23,804 |
| 4,242,349 |
| |
|
|
|
| 18,725,142 |
| |
APPLICATION SOFTWARE—2.4% |
|
|
|
|
| |
Cadence Design Systems, Inc. * |
| 1,822,800 |
| 25,154,640 |
| |
Citrix Systems, Inc. * |
| 64,400 |
| 4,003,748 |
| |
Nuance Communications, Inc. * |
| 520,600 |
| 9,912,224 |
| |
Salesforce.com, Inc. * |
| 574,236 |
| 23,606,842 |
| |
|
|
|
| 62,677,454 |
| |
ASSET MANAGEMENT & CUSTODY BANKS—0.2% |
|
|
|
|
| |
Affiliated Managers Group, Inc.* |
| 26,550 |
| 4,133,304 |
| |
|
|
|
|
|
| |
AUTO PARTS & EQUIPMENT—1.4% |
|
|
|
|
| |
Delphi Automotive PLC |
| 408,700 |
| 18,886,027 |
| |
WABCO Holdings, Inc. * |
| 250,500 |
| 18,093,615 |
| |
|
|
|
| 36,979,642 |
| |
BIOTECHNOLOGY—2.7% |
|
|
|
|
| |
Amgen, Inc. |
| 256,200 |
| 26,698,602 |
| |
Gilead Sciences, Inc. * |
| 515,442 |
| 26,101,983 |
| |
Infinity Pharmaceuticals, Inc. * |
| 96,400 |
| 4,153,876 |
| |
Vertex Pharmaceuticals, Inc. * |
| 203,100 |
| 15,602,142 |
| |
|
|
|
| 72,556,603 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
BROADCASTING—1.9% |
|
|
|
|
| |
CBS Corp., Cl. B |
| 781,100 |
| $ | 35,758,758 |
|
Scripps Networks Interactive, Inc., Cl. A |
| 84,900 |
| 5,652,642 |
| |
Tribune Co. * |
| 175,100 |
| 9,936,925 |
| |
|
|
|
| 51,348,325 |
| |
CABLE & SATELLITE—2.3% |
|
|
|
|
| |
Comcast Corporation, Cl. A |
| 866,800 |
| 35,798,840 |
| |
DISH Network Corp. |
| 334,700 |
| 13,116,893 |
| |
Sirius XM Radio, Inc. |
| 3,979,100 |
| 12,932,075 |
| |
|
|
|
| 61,847,808 |
| |
CASINOS & GAMING—1.2% |
|
|
|
|
| |
Las Vegas Sands Corp. |
| 548,800 |
| 30,870,000 |
| |
|
|
|
|
|
| |
COMMUNICATIONS EQUIPMENT—2.0% |
|
|
|
|
| |
Cisco Systems, Inc. |
| 308,420 |
| 6,452,146 |
| |
F5 Networks, Inc. * |
| 244,600 |
| 18,694,778 |
| |
QUALCOMM, Inc. + |
| 464,817 |
| 28,642,024 |
| |
|
|
|
| 53,788,948 |
| |
COMPUTER HARDWARE—5.4% |
|
|
|
|
| |
Apple, Inc.+ |
| 325,272 |
| 144,014,181 |
| |
|
|
|
|
|
| |
COMPUTER STORAGE & PERIPHERALS—0.8% |
|
|
|
|
| |
SanDisk Corp.* |
| 418,698 |
| 21,956,523 |
| |
|
|
|
|
|
| |
CONSTRUCTION & ENGINEERING—1.3% |
|
|
|
|
| |
Chicago Bridge & Iron Co., NV # |
| 258,900 |
| 13,926,231 |
| |
Quanta Services, Inc. * |
| 696,796 |
| 19,147,954 |
| |
|
|
|
| 33,074,185 |
| |
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—0.9% |
|
|
|
|
| |
Caterpillar, Inc. |
| 171,800 |
| 14,546,306 |
| |
Joy Global, Inc. |
| 22,700 |
| 1,283,004 |
| |
Terex Corp. * |
| 259,600 |
| 7,424,560 |
| |
|
|
|
| 23,253,870 |
| |
CONSUMER FINANCE—1.4% |
|
|
|
|
| |
American Express Co. |
| 264,100 |
| 18,067,081 |
| |
Capital One Financial Corp. + |
| 321,500 |
| 18,576,270 |
| |
|
|
|
| 36,643,351 |
| |
DATA PROCESSING & OUTSOURCED SERVICES—1.7% |
|
|
|
|
| |
Alliance Data Systems Corp. * |
| 106,700 |
| 18,327,859 |
| |
Blackhawk Network Holdings, Inc. * |
| 69,400 |
| 1,661,436 |
| |
EVERTEC, Inc. * |
| 79,900 |
| 1,601,995 |
| |
Mastercard, Inc., Cl. A + |
| 41,965 |
| 23,203,707 |
| |
|
|
|
| 44,794,997 |
| |
DISTILLERS & VINTNERS—0.7% |
|
|
|
|
| |
Beam, Inc. |
| 265,600 |
| 17,186,976 |
| |
|
|
|
|
|
| |
DIVERSIFIED CHEMICALS—1.1% |
|
|
|
|
| |
Eastman Chemical Co. |
| 191,500 |
| 12,763,475 |
| |
PPG Industries, Inc. |
| 105,900 |
| 15,582,126 |
| |
|
|
|
| 28,345,601 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
DRUG RETAIL—2.1% |
|
|
|
|
| |
CVS Caremark Corp.+ |
| 974,900 |
| $ | 56,719,682 |
|
|
|
|
|
|
| |
ELECTRICAL COMPONENTS & EQUIPMENT—0.8% |
|
|
|
|
| |
Eaton Corp., PLC |
| 322,855 |
| 19,826,526 |
| |
|
|
|
|
|
| |
FERTILIZERS & AGRICULTURAL CHEMICALS—0.6% |
|
|
|
|
| |
Mosaic Co., /The |
| 277,800 |
| 17,109,702 |
| |
|
|
|
|
|
| |
FOOTWEAR—0.2% |
|
|
|
|
| |
NIKE, Inc., Cl. B |
| 84,800 |
| 5,393,280 |
| |
|
|
|
|
|
| |
GENERAL MERCHANDISE STORES—0.6% |
|
|
|
|
| |
Dollar General Corp.* |
| 278,415 |
| 14,502,637 |
| |
|
|
|
|
|
| |
HEALTH CARE EQUIPMENT—1.0% |
|
|
|
|
| |
Covidien PLC + |
| 335,612 |
| 21,425,470 |
| |
Insulet Corp. * |
| 211,801 |
| 5,345,857 |
| |
|
|
|
| 26,771,327 |
| |
HEALTH CARE FACILITIES—1.6% |
|
|
|
|
| |
HCA Holdings, Inc. |
| 807,300 |
| 32,203,197 |
| |
Universal Health Services, Inc., Cl. B |
| 164,480 |
| 10,952,723 |
| |
|
|
|
| 43,155,920 |
| |
HEALTH CARE SERVICES—1.6% |
|
|
|
|
| |
Express Scripts, Inc.*+ |
| 713,200 |
| 42,342,684 |
| |
|
|
|
|
|
| |
HOME FURNISHING RETAIL—0.1% |
|
|
|
|
| |
Williams-Sonoma, Inc. |
| 36,010 |
| 1,933,017 |
| |
|
|
|
|
|
| |
HOME IMPROVEMENT RETAIL—1.6% |
|
|
|
|
| |
Home Depot, Inc., /The |
| 203,100 |
| 14,897,385 |
| |
Lowe’s Companies, Inc. + |
| 745,472 |
| 28,641,034 |
| |
|
|
|
| 43,538,419 |
| |
HOMEBUILDING—0.1% |
|
|
|
|
| |
Standard Pacific Corp.* |
| 313,100 |
| 2,833,555 |
| |
|
|
|
|
|
| |
HOTELS RESORTS & CRUISE LINES—0.6% |
|
|
|
|
| |
Wyndham Worldwide Corporation |
| 258,800 |
| 15,548,704 |
| |
|
|
|
|
|
| |
HOUSEHOLD PRODUCTS—1.1% |
|
|
|
|
| |
Procter & Gamble Co., /The |
| 366,800 |
| 28,159,236 |
| |
|
|
|
|
|
| |
HOUSEWARES & SPECIALTIES—0.6% |
|
|
|
|
| |
Samsonite International SA |
| 6,080,800 |
| 14,951,053 |
| |
|
|
|
|
|
| |
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.6% |
|
|
|
|
| |
Robert Half International, Inc. |
| 474,300 |
| 15,566,526 |
| |
|
|
|
|
|
| |
HYPERMARKETS & SUPER CENTERS—0.6% |
|
|
|
|
| |
Costco Wholesale Corp. |
| 155,000 |
| 16,806,650 |
| |
|
|
|
|
|
| |
INDUSTRIAL MACHINERY—0.3% |
|
|
|
|
| |
Ingersoll-Rand PLC |
| 166,100 |
| 8,936,180 |
| |
|
|
|
|
|
| |
INTEGRATED TELECOMMUNICATION SERVICES—1.1% |
|
|
|
|
| |
Verizon Communications, Inc. |
| 553,100 |
| 29,817,621 |
| |
|
|
|
|
|
| |
INTERNET RETAIL—2.3% |
|
|
|
|
| |
Amazon.com, Inc. *+ |
| 220,900 |
| 56,066,629 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
INTERNET RETAIL—(CONT.) |
|
|
|
|
| |
Expedia, Inc. |
| 71,900 |
| $ | 4,014,896 |
|
|
|
|
| 60,081,525 |
| |
INTERNET SOFTWARE & SERVICES—10.1% |
|
|
|
|
| |
Cornerstone OnDemand, Inc. * |
| 95,200 |
| 3,453,856 |
| |
DealerTrack Holdings, Inc. * |
| 97,157 |
| 2,705,823 |
| |
eBay, Inc. *+ |
| 899,100 |
| 47,103,849 |
| |
Equinix, Inc. * |
| 65,700 |
| 14,066,370 |
| |
Facebook, Inc. *+ |
| 1,579,800 |
| 43,855,248 |
| |
Google, Inc., Cl. A *+ |
| 110,809 |
| 91,369,777 |
| |
LinkedIn Corp. * |
| 60,100 |
| 11,544,609 |
| |
Sina Corp. * |
| 397,500 |
| 22,387,200 |
| |
VistaPrint NV * |
| 492,095 |
| 20,077,476 |
| |
Yahoo! Inc. * |
| 483,300 |
| 11,952,009 |
| |
|
|
|
| 268,516,217 |
| |
INVESTMENT BANKING & BROKERAGE—1.7% |
|
|
|
|
| |
Goldman Sachs Group, Inc., /The |
| 35,100 |
| 5,127,057 |
| |
Morgan Stanley + |
| 1,817,400 |
| 40,255,410 |
| |
|
|
|
| 45,382,467 |
| |
IT CONSULTING & OTHER SERVICES—2.6% |
|
|
|
|
| |
Accenture Ltd. |
| 36,600 |
| 2,980,704 |
| |
International Business Machines Corp. + |
| 329,213 |
| 66,678,801 |
| |
|
|
|
| 69,659,505 |
| |
LEISURE FACILITIES—0.6% |
|
|
|
|
| |
SeaWorld Entertainment, Inc. * |
| 134,100 |
| 4,505,760 |
| |
Six Flags Entertainment Corp. |
| 169,796 |
| 12,373,034 |
| |
|
|
|
| 16,878,794 |
| |
LEISURE PRODUCTS—0.3% |
|
|
|
|
| |
Brunswick Corp. |
| 286,100 |
| 9,057,926 |
| |
|
|
|
|
|
| |
LIFE SCIENCES TOOLS & SERVICES—0.5% |
|
|
|
|
| |
Thermo Fisher Scientific, Inc. |
| 176,112 |
| 14,208,716 |
| |
|
|
|
|
|
| |
MANAGED HEALTH CARE—1.1% |
|
|
|
|
| |
UnitedHealth Group, Inc. |
| 506,930 |
| 30,380,315 |
| |
|
|
|
|
|
| |
MOVIES & ENTERTAINMENT—2.6% |
|
|
|
|
| |
News Corp., Cl. A |
| 438,200 |
| 13,571,054 |
| |
Viacom, Inc., Cl. B + |
| 589,842 |
| 37,743,990 |
| |
Walt Disney Co., /The |
| 283,700 |
| 17,827,708 |
| |
|
|
|
| 69,142,752 |
| |
MULTI-LINE INSURANCE—0.4% |
|
|
|
|
| |
American International Group, Inc.* |
| 249,600 |
| 10,338,432 |
| |
|
|
|
|
|
| |
OIL & GAS EQUIPMENT & SERVICES—2.1% |
|
|
|
|
| |
Cameron International Corp. * |
| 335,200 |
| 20,631,560 |
| |
Halliburton Company + |
| 463,900 |
| 19,841,003 |
| |
National Oilwell Varco, Inc. |
| 221,066 |
| 14,417,924 |
| |
|
|
|
| 54,890,487 |
| |
OIL & GAS EXPLORATION & PRODUCTION—2.3% |
|
|
|
|
| |
Anadarko Petroleum Corp. |
| 361,045 |
| 30,602,174 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
OIL & GAS EXPLORATION & PRODUCTION—(CONT.) |
|
|
|
|
| |
Pioneer Natural Resources Co. |
| 242,300 |
| $ | 29,616,329 |
|
|
|
|
| 60,218,503 |
| |
OIL & GAS REFINING & MARKETING—0.7% |
|
|
|
|
| |
Valero Energy Corp. |
| 466,200 |
| 18,797,184 |
| |
|
|
|
|
|
| |
OTHER DIVERSIFIED FINANCIAL SERVICES—2.4% |
|
|
|
|
| |
Bank of America Corp. |
| 994,400 |
| 12,241,064 |
| |
Citigroup, Inc. + |
| 1,081,600 |
| 50,467,456 |
| |
JPMorgan Chase & Co. |
| 39,953 |
| 1,958,097 |
| |
|
|
|
| 64,666,617 |
| |
PAPER PRODUCTS—0.3% |
|
|
|
|
| |
International Paper Co. |
| 162,400 |
| 7,629,552 |
| |
|
|
|
|
|
| |
PHARMACEUTICALS—4.5% |
|
|
|
|
| |
Actavis, Inc. * |
| 239,000 |
| 25,269,470 |
| |
Bristol-Myers Squibb Co. |
| 458,590 |
| 18,215,195 |
| |
Eli Lilly & Co. |
| 340,300 |
| 18,845,814 |
| |
Johnson & Johnson |
| 79,400 |
| 6,767,262 |
| |
Pfizer, Inc. + |
| 1,438,799 |
| 41,825,887 |
| |
Sanofi # |
| 129,200 |
| 6,892,820 |
| |
Zoetis, Inc. |
| 25,000 |
| 825,500 |
| |
|
|
|
| 118,641,948 |
| |
REGIONAL BANKS—0.4% |
|
|
|
|
| |
Zions Bancorporation |
| 434,900 |
| 10,707,238 |
| |
|
|
|
|
|
| |
RESTAURANTS—1.8% |
|
|
|
|
| |
McDonald’s Corp. |
| 286,161 |
| 29,228,485 |
| |
Starbucks Corp. |
| 298,300 |
| 18,148,572 |
| |
|
|
|
| 47,377,057 |
| |
SECURITY & ALARM SERVICES—1.2% |
|
|
|
|
| |
ADT Corp., /The |
| 222,810 |
| 9,723,428 |
| |
Tyco International Ltd. |
| 679,121 |
| 21,813,367 |
| |
|
|
|
| 31,536,795 |
| |
SEMICONDUCTOR EQUIPMENT—1.4% |
|
|
|
|
| |
ASML Holding NV # |
| 209,381 |
| 15,571,665 |
| |
Lam Research Corp. * |
| 438,875 |
| 20,284,802 |
| |
|
|
|
| 35,856,467 |
| |
SEMICONDUCTORS—2.3% |
|
|
|
|
| |
Broadcom Corp., Cl. A |
| 292,000 |
| 10,512,000 |
| |
Intel Corp. |
| 1,129,600 |
| 27,053,920 |
| |
Microsemi Corp. * |
| 323,966 |
| 6,738,493 |
| |
NXP Semiconductor NV * |
| 640,400 |
| 17,643,020 |
| |
|
|
|
| 61,947,433 |
| |
SOFT DRINKS—2.4% |
|
|
|
|
| |
Coca-Cola Co., /The |
| 671,700 |
| 28,433,061 |
| |
PepsiCo, Inc. + |
| 424,815 |
| 35,034,493 |
| |
|
|
|
| 63,467,554 |
| |
SPECIALTY CHEMICALS—1.6% |
|
|
|
|
| |
Celanese Corp. |
| 293,268 |
| 14,490,372 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
SPECIALTY CHEMICALS—(CONT.) |
|
|
|
|
| |
Rockwood Holdings, Inc. |
| 413,900 |
| $ | 26,857,971 |
|
|
|
|
| 41,348,343 |
| |
SPECIALTY STORES—0.2% |
|
|
|
|
| |
Dick’s Sporting Goods, Inc. |
| 99,500 |
| 4,785,950 |
| |
|
|
|
|
|
| |
SYSTEMS SOFTWARE—1.2% |
|
|
|
|
| |
Microsoft Corp. |
| 444,900 |
| 14,726,190 |
| |
Red Hat, Inc. * |
| 373,700 |
| 17,911,441 | �� | |
|
|
|
| 32,637,631 |
| |
TOBACCO—1.6% |
|
|
|
|
| |
Philip Morris International, Inc.+ |
| 446,894 |
| 42,718,597 |
| |
|
|
|
|
|
| |
TRADING COMPANIES & DISTRIBUTORS—1.2% |
|
|
|
|
| |
MRC Global, Inc. *+ |
| 450,500 |
| 13,492,475 |
| |
United Rentals, Inc. * |
| 99,700 |
| 5,245,217 |
| |
WESCO International, Inc. * |
| 182,900 |
| 13,112,101 |
| |
|
|
|
| 31,849,793 |
| |
WIRELESS TELECOMMUNICATION SERVICES—0.4% |
|
|
|
|
| |
SBA Communications Corp., Cl. A * |
| 69,700 |
| 5,505,603 |
| |
Vodafone Group PLC # |
| 179,500 |
| 5,490,905 |
| |
|
|
|
| 10,996,508 |
| |
TOTAL COMMON STOCKS |
|
|
| 2,698,182,914 |
| |
|
|
|
|
|
| |
PREFERRED STOCKS—0.2% |
|
|
|
|
| |
OTHER DIVERSIFIED FINANCIAL SERVICES—0.2% |
|
|
|
|
| |
JPMorgan Chase & Co., 8.63%, 09/1/13 |
| 194,990 |
| 4,974,195 |
| |
|
|
|
|
|
| |
MASTER LIMITED PARTNERSHIP —1.1% |
|
|
|
|
| |
ASSET MANAGEMENT & CUSTODY BANKS—1.1% |
|
|
|
|
| |
Blackstone Group LP |
| 1,154,400 |
| 23,722,920 |
| |
Carlyle Group LP, /The |
| 170,900 |
| 5,550,832 |
| |
|
|
|
| 29,273,752 |
| |
TOTAL MASTER LIMITED PARTNERSHIP |
|
|
| 29,273,752 |
| |
|
|
|
|
|
| |
REAL ESTATE INVESTMENT TRUST—2.7% |
|
|
|
|
| |
MORTGAGE—0.8% |
|
|
|
|
| |
Two Harbors Investment Corp. |
| 1,777,522 |
| 21,294,714 |
| |
|
|
|
|
|
| |
RESIDENTIAL—1.1% |
|
|
|
|
| |
American Homes 4 Rent *(L2)(a) |
| 1,161,550 |
| 20,733,668 |
| |
Century Communities, Inc. *(L2)(a) |
| 395,000 |
| 7,900,000 |
| |
Silver Bay Realty Trust Corp. |
| 86,789 |
| 1,655,934 |
| |
|
|
|
| 30,289,602 |
| |
|
| SHARES |
| VALUE |
| |
REAL ESTATE INVESTMENT TRUST—(CONT.) |
|
|
|
|
| |
SPECIALIZED—0.8% |
|
|
|
|
| |
Ryman Hospitality Properties |
| 450,661 |
| $ | 20,036,388 |
|
TOTAL REAL ESTATE INVESTMENT TRUST |
|
|
| 71,620,704 |
| |
|
|
|
|
|
| |
Total Investments |
| 105.7 | % | 2,804,051,565 |
| |
Liabilities in Excess of Other Assets |
| (5.7) |
| (151,657,495 | ) | |
|
|
|
|
|
| |
NET ASSETS |
| 100.0 | % | $ | 2,652,394,070 |
|
‡ | 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 Depositary 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 1.1% of the net assets of the Fund. |
(b) | At April 30, 2013, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $2,501,432,350, amounted to $302,619,215 which consisted of aggregate gross unrealized appreciation of $346,590,818 and aggregate gross unrealized depreciation of $43,971,603. |
(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 SPECTRA FUND
Schedule of Investments (Continued) (Unaudited)- Securities Sold Short‡ April 30, 2013
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(7.1)% |
|
|
|
|
| |
BIOTECHNOLOGY—(0.1)% |
|
|
|
|
| |
Mesoblast Ltd.* |
| 280,500 |
| $ | 1,710,036 |
|
|
|
|
|
|
| |
COMMUNICATIONS EQUIPMENT—(0.2)% |
|
|
|
|
| |
Research In Motion Ltd.* |
| 356,600 |
| 5,809,014 |
| |
|
|
|
|
|
| |
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—(0.4)% |
|
|
|
|
| |
PACCAR, Inc. |
| 225,700 |
| 11,235,346 |
| |
|
|
|
|
|
| |
DATA PROCESSING & OUTSOURCED SERVICES—(0.3)% |
|
|
|
|
| |
Syntel, Inc. |
| 122,000 |
| 7,706,740 |
| |
|
|
|
|
|
| |
DIVERSIFIED BANKS—(1.0)% |
|
|
|
|
| |
HSBC Finance Corp.# |
| 315,300 |
| 17,297,357 |
| |
Comerica, Inc. |
| 186,600 |
| 6,764,250 |
| |
|
|
|
| 24,061,607 |
| |
DIVERSIFIED SUPPORT SERVICES—(0.2)% |
|
|
|
|
| |
KAR Auction Services, Inc. |
| 265,400 |
| 5,936,998 |
| |
|
|
|
|
|
| |
ELECTRONIC COMPONENTS—(0.6)% |
|
|
|
|
| |
Amphenol Corp., Cl. A |
| 215,000 |
| 16,236,800 |
| |
|
|
|
|
|
| |
HEALTH CARE EQUIPMENT—(0.4)% |
|
|
|
|
| |
Becton Dickinson and Co. |
| 105,800 |
| 9,976,940 |
| |
|
|
|
|
|
| |
INDUSTRIAL MACHINERY—(0.4)% |
|
|
|
|
| |
Donaldson Co., Inc. |
| 315,300 |
| 11,470,614 |
| |
|
|
|
|
|
| |
IT CONSULTING & OTHER SERVICES—(0.4)% |
|
|
|
|
| |
Infosys Technologies Ltd.# |
| 230,300 |
| 9,612,722 |
| |
|
|
|
|
|
| |
LIFE & HEALTH INSURANCE—(0.1)% |
|
|
|
|
| |
Aflac, Inc. |
| 69,100 |
| 3,761,804 |
| |
|
|
|
|
|
| |
MARKET INDICES—(0.8)% |
|
|
|
|
| |
iShares MSCI Japan Index Fund |
| 125,953 |
| 1,473,650 |
| |
iShares Russell 1000 Growth Index Fund |
| 275,586 |
| 20,084,708 |
| |
|
|
|
| 21,558,358 |
| |
OIL & GAS DRILLING—(0.2)% |
|
|
|
|
| |
Patterson-UTI Energy, Inc. |
| 225,400 |
| 4,753,686 |
| |
|
|
|
|
|
| |
OIL & GAS EXPLORATION & PRODUCTION—(0.7)% |
|
|
|
|
| |
Cimarex Energy Co. |
| 185,600 |
| 13,582,208 |
| |
Marathon Oil Corp. |
| 178,400 |
| 5,828,328 |
| |
|
|
|
| 19,410,536 |
| |
PACKAGED FOODS & MEATS—(0.2)% |
|
|
|
|
| |
Campbell Soup Co. |
| 142,200 |
| 6,599,502 |
| |
|
|
|
|
|
| |
REGIONAL BANKS—(0.1)% |
|
|
|
|
| |
Prosperity Bancshares, Inc. |
| 64,400 |
| 2,958,536 |
| |
|
|
|
|
|
| |
SEMICONDUCTORS—(0.4)% |
|
|
|
|
| |
Taiwan Semiconductor Manufacturing Co., Ltd.# |
| 528,100 |
| 10,076,148 |
| |
|
|
|
|
|
| |
SPECIALTY STORES—(0.5)% |
|
|
|
|
| |
Hibbett Sports, Inc.* |
| 96,500 |
| 5,293,025 |
| |
Ulta Salon, Cosmetics & Fragrance, Inc.* |
| 80,800 |
| 7,082,120 |
| |
|
|
|
| 12,375,145 |
| |
SYSTEMS SOFTWARE—(0.1)% |
|
|
|
|
| |
Oracle Corp. |
| 80,600 |
| 2,642,068 |
| |
|
|
|
|
|
| |
TOTAL (proceeds $178,008,410) |
|
|
| $ | 187,892,600 |
|
‡ Securities classified as Level 1 for ASC 820 disclosure purposes based on valuation inputs unless otherwise noted.
* Non-income producing security.
# American Depositary Receipts.
See Notes to Financial Statements.
THE ALGER FUNDS II | ALGER GREEN FUND
Schedule of Investments‡ (Unaudited) April 30, 2013
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—95.9% |
|
|
|
|
| |
AEROSPACE & DEFENSE—3.3% |
|
|
|
|
| |
General Dynamics Corp. |
| 6,160 |
| $ | 455,594 |
|
Hexcel Corp. * |
| 13,555 |
| 413,427 |
| |
Honeywell International, Inc. |
| 11,840 |
| 870,714 |
| |
|
|
|
| 1,739,735 |
| |
AIR FREIGHT & LOGISTICS—3.1% |
|
|
|
|
| |
FedEx Corp. |
| 7,810 |
| 734,218 |
| |
United Parcel Service, Inc., Cl. B |
| 10,510 |
| 902,178 |
| |
|
|
|
| 1,636,396 |
| |
AUTO PARTS & EQUIPMENT—1.3% |
|
|
|
|
| |
BorgWarner, Inc. * |
| 2,300 |
| 179,791 |
| |
Johnson Controls, Inc. |
| 14,910 |
| 521,999 |
| |
|
|
|
| 701,790 |
| |
AUTOMOBILE MANUFACTURERS—1.5% |
|
|
|
|
| |
Tesla Motors, Inc.* |
| 14,400 |
| 777,456 |
| |
|
|
|
|
|
| |
BROADCASTING & CABLE TV—1.8% |
|
|
|
|
| |
Discovery Communications, Inc., Series A* |
| 11,780 |
| 928,500 |
| |
|
|
|
|
|
| |
COAL & CONSUMABLE FUELS—0.2% |
|
|
|
|
| |
Solazyme, Inc.* |
| 12,305 |
| 111,975 |
| |
|
|
|
|
|
| |
COMMUNICATIONS EQUIPMENT—2.1% |
|
|
|
|
| |
Cisco Systems, Inc. |
| 52,490 |
| 1,098,091 |
| |
|
|
|
|
|
| |
COMPUTER HARDWARE—5.4% |
|
|
|
|
| |
Apple, Inc. |
| 6,460 |
| 2,860,165 |
| |
|
|
|
|
|
| |
COMPUTER STORAGE & PERIPHERALS—0.8% |
|
|
|
|
| |
EMC Corp.* |
| 20,085 |
| 450,506 |
| |
|
|
|
|
|
| |
CONSTRUCTION & ENGINEERING—0.8% |
|
|
|
|
| |
Aecom Technology Corp.* |
| 15,315 |
| 445,207 |
| |
|
|
|
|
|
| |
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—1.9% |
|
|
|
|
| |
Cummins, Inc. |
| 5,175 |
| 550,568 |
| |
Lindsay Corp. |
| 5,770 |
| 443,252 |
| |
|
|
|
| 993,820 |
| |
CONSUMER FINANCE—1.2% |
|
|
|
|
| |
American Express Co. |
| 9,600 |
| 656,736 |
| |
|
|
|
|
|
| |
DATA PROCESSING & OUTSOURCED SERVICES—2.1% |
|
|
|
|
| |
Visa, Inc., Cl. A |
| 6,480 |
| 1,091,621 |
| |
|
|
|
|
|
| |
DISTRIBUTORS—0.8% |
|
|
|
|
| |
LKQ Corp.* |
| 17,050 |
| 410,564 |
| |
|
|
|
|
|
| |
DIVERSIFIED CHEMICALS—1.9% |
|
|
|
|
| |
Eastman Chemical Co. |
| 15,060 |
| 1,003,749 |
| |
|
|
|
|
|
| |
DIVERSIFIED SUPPORT SERVICES—1.0% |
|
|
|
|
| |
EnerNOC, Inc.* |
| 30,050 |
| 526,476 |
| |
|
|
|
|
|
| |
ELECTRIC UTILITIES—3.8% |
|
|
|
|
| |
Duke Energy Corp. |
| 12,695 |
| 954,664 |
| |
ITC Holdings Corp. |
| 11,650 |
| 1,074,363 |
| |
|
|
|
| 2,029,027 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
ELECTRICAL COMPONENTS & EQUIPMENT—0.8% |
|
|
|
|
| |
Acuity Brands Inc. |
| 3,695 |
| $ | 269,587 |
|
Solarcity Corp. * |
| 5,190 |
| 140,234 |
| |
|
|
|
| 409,821 |
| |
ELECTRONIC COMPONENTS—0.3% |
|
|
|
|
| |
Universal Display Corp.* |
| 4,780 |
| 150,283 |
| |
|
|
|
|
|
| |
ELECTRONIC EQUIPMENT MANUFACTURERS—0.8% |
|
|
|
|
| |
Itron, Inc.* |
| 11,050 |
| 438,132 |
| |
|
|
|
|
|
| |
ELECTRONIC MANUFACTURING SERVICES—0.9% |
|
|
|
|
| |
Trimble Navigation Ltd.* |
| 17,070 |
| 490,592 |
| |
|
|
|
|
|
| |
ENVIRONMENTAL & FACILITIES SERVICES—5.0% |
|
|
|
|
| |
Clean Harbors, Inc. * |
| 5,905 |
| 336,408 |
| |
Covanta Holding Corp. |
| 37,680 |
| 753,600 |
| |
Tetra Tech, Inc. * |
| 30,910 |
| 812,624 |
| |
Waste Management, Inc. |
| 17,735 |
| 726,780 |
| |
|
|
|
| 2,629,412 |
| |
FERTILIZERS & AGRICULTURAL CHEMICALS—0.6% |
|
|
|
|
| |
Monsanto Co. |
| 3,060 |
| 326,869 |
| |
|
|
|
|
|
| |
FOOD DISTRIBUTORS—1.2% |
|
|
|
|
| |
United Natural Foods, Inc.* |
| 12,740 |
| 636,236 |
| |
|
|
|
|
|
| |
FOOD RETAIL—1.3% |
|
|
|
|
| |
Whole Foods Market, Inc. |
| 7,955 |
| 702,586 |
| |
|
|
|
|
|
| |
HEALTH CARE SERVICES—1.3% |
|
|
|
|
| |
Express Scripts, Inc.* |
| 11,735 |
| 696,707 |
| |
|
|
|
|
|
| |
HOUSEHOLD PRODUCTS—2.0% |
|
|
|
|
| |
Procter & Gamble Co., /The |
| 14,149 |
| 1,086,219 |
| |
|
|
|
|
|
| |
HYPERMARKETS & SUPER CENTERS—0.8% |
|
|
|
|
| |
Wal-Mart Stores, Inc. |
| 5,240 |
| 407,253 |
| |
|
|
|
|
|
| |
INDUSTRIAL CONGLOMERATES—1.6% |
|
|
|
|
| |
General Electric Co. |
| 38,430 |
| 856,605 |
| |
|
|
|
|
|
| |
INDUSTRIAL GASES—0.7% |
|
|
|
|
| |
Praxair, Inc. |
| 3,050 |
| 348,615 |
| |
|
|
|
|
|
| |
INDUSTRIAL MACHINERY—3.5% |
|
|
|
|
| |
Chart Industries, Inc. * |
| 1,345 |
| 114,069 |
| |
ExOne Co., /The * |
| 13,535 |
| 519,744 |
| |
Pall Corp. |
| 9,055 |
| 604,059 |
| |
Woodward Governor Co. |
| 17,545 |
| 631,445 |
| |
|
|
|
| 1,869,317 |
| |
INTERNET RETAIL—2.1% |
|
|
|
|
| |
Amazon.com, Inc.* |
| 4,345 |
| 1,102,804 |
| |
|
|
|
|
|
| |
INTERNET SOFTWARE & SERVICES—5.1% |
|
|
|
|
| |
eBay, Inc. * |
| 18,100 |
| 948,259 |
| |
Google, Inc., Cl. A * |
| 2,135 |
| 1,760,457 |
| |
|
|
|
| 2,708,716 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
INVESTMENT BANKING & BROKERAGE—1.3% |
|
|
|
|
| |
Goldman Sachs Group, Inc., /The |
| 4,815 |
| $ | 703,327 |
|
|
|
|
|
|
| |
IT CONSULTING & OTHER SERVICES—2.3% |
|
|
|
|
| |
International Business Machines Corp. |
| 6,080 |
| 1,231,443 |
| |
|
|
|
|
|
| |
LIFE SCIENCES TOOLS & SERVICES—0.8% |
|
|
|
|
| |
Life Technologies Corp.* |
| 5,485 |
| 404,190 |
| |
|
|
|
|
|
| |
METAL & GLASS CONTAINERS—2.3% |
|
|
|
|
| |
Berry Plastics Group, Inc. * |
| 32,600 |
| 619,400 |
| |
Crown Holdings, Inc. * |
| 13,500 |
| 576,180 |
| |
|
|
|
| 1,195,580 |
| |
MOVIES & ENTERTAINMENT—1.8% |
|
|
|
|
| |
Walt Disney Co., /The |
| 15,470 |
| 972,135 |
| |
|
|
|
|
|
| |
PACKAGED FOODS & MEATS—1.5% |
|
|
|
|
| |
General Mills, Inc. |
| 16,125 |
| 813,022 |
| |
|
|
|
|
|
| |
PHARMACEUTICALS—5.5% |
|
|
|
|
| |
Johnson & Johnson |
| 15,690 |
| 1,337,259 |
| |
Merck & Co., Inc. |
| 7,775 |
| 365,425 |
| |
Pfizer, Inc. |
| 41,647 |
| 1,210,678 |
| |
|
|
|
| 2,913,362 |
| |
RAILROADS—1.0% |
|
|
|
|
| |
Norfolk Southern Corp. |
| 6,575 |
| 509,036 |
| |
|
|
|
|
|
| |
RESTAURANTS—4.0% |
|
|
|
|
| |
Chipotle Mexican Grill, Inc. * |
| 775 |
| 281,472 |
| |
McDonald’s Corp. |
| 10,255 |
| 1,047,446 |
| |
Starbucks Corp. |
| 13,020 |
| 792,137 |
| |
|
|
|
| 2,121,055 |
| |
SEMICONDUCTORS—6.9% |
|
|
|
|
| |
Broadcom Corp., Cl. A |
| 17,690 |
| 636,840 |
| |
ChipMOS TECHNOLOGIES Bermuda Ltd. |
| 22,060 |
| 324,944 |
| |
Cree, Inc. * |
| 16,970 |
| 959,993 |
| |
First Solar, Inc. * |
| 21,240 |
| 988,934 |
| |
Intel Corp. |
| 30,230 |
| 724,009 |
| |
|
|
|
| 3,634,720 |
| |
SOFT DRINKS—2.9% |
|
|
|
|
| |
Coca-Cola Co., /The |
| 35,700 |
| 1,511,181 |
| |
|
|
|
|
|
| |
SPECIALTY CHEMICALS—2.5% |
|
|
|
|
| |
Celanese Corp. |
| 12,790 |
| 631,954 |
| |
Rockwood Holdings, Inc. |
| 10,710 |
| 694,972 |
| |
|
|
|
| 1,326,926 |
| |
SYSTEMS SOFTWARE—2.1% |
|
|
|
|
| |
Microsoft Corp. |
| 33,845 |
| 1,120,269 |
| |
|
|
|
|
|
| |
TOTAL COMMON STOCKS |
|
|
| 50,778,227 |
| |
|
| PRINCIPAL |
| VALUE |
| ||
CONVERTIBLE CORPORATE BONDS—0.3% |
|
|
|
|
| ||
ENVIRONMENTAL & FACILITIES SERVICES—0.3% |
|
|
|
|
| ||
Covanta Holding Corp., 3.25%, 6/1/14(L2)(a) |
| $ | 110,000 |
| $ | 142,519 |
|
|
|
|
|
|
| ||
Total Investments |
| 96.2 | % | 50,920,746 |
| ||
Other Assets in Excess of Liabilities |
| 3.8 |
| 2,007,377 |
| ||
NET ASSETS |
| 100.0 | % | $ | 52,928,123 |
| |
‡ Securities classified as Level 1 for ASC 820 disclosure purposes based on valuation inputs unless otherwise noted.
* 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 0.3% of the net assets of the Fund.
(b) At April 30, 2013, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $38,491,674, amounted to $12,429,072 which consisted of aggregate gross unrealized appreciation of $13,190,271 and aggregate gross unrealized depreciation of $761,199.
(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, 2013
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—94.7% |
|
|
|
|
| |
ADVERTISING—1.5% |
|
|
|
|
| |
Lamar Advertising Co., Cl. A* |
| 1,458 |
| $ | 68,264 |
|
|
|
|
|
|
| |
AEROSPACE & DEFENSE—2.5% |
|
|
|
|
| |
Honeywell International, Inc. |
| 818 |
| 60,156 |
| |
Precision Castparts Corp. |
| 281 |
| 53,752 |
| |
|
|
|
| 113,908 |
| |
APPAREL ACCESSORIES & LUXURY GOODS—6.5% |
|
|
|
|
| |
Fifth & Pacific Cos, Inc. * |
| 2,740 |
| 56,499 |
| |
Fossil, Inc. * |
| 432 |
| 42,388 |
| |
Michael Kors Holdings Ltd. * |
| 1,113 |
| 63,374 |
| |
PVH Corp. |
| 558 |
| 64,399 |
| |
Ralph Lauren Corp. |
| 418 |
| 75,900 |
| |
|
|
|
| 302,560 |
| |
APPAREL RETAIL—1.6% |
|
|
|
|
| |
L Brands, Inc. |
| 594 |
| 29,943 |
| |
Urban Outfitters, Inc. * |
| 1,047 |
| 43,388 |
| |
|
|
|
| 73,331 |
| |
APPLICATION SOFTWARE—2.7% |
|
|
|
|
| |
Cadence Design Systems, Inc. * |
| 2,177 |
| 30,042 |
| |
Nuance Communications, Inc. * |
| 2,197 |
| 41,831 |
| |
Salesforce.com, Inc. * |
| 1,346 |
| 55,334 |
| |
|
|
|
| 127,207 |
| |
AUTO PARTS & EQUIPMENT—3.3% |
|
|
|
|
| |
American Axle & Manufacturing Holdings, Inc. * |
| 4,132 |
| 55,245 |
| |
Delphi Automotive PLC |
| 1,122 |
| 51,848 |
| |
WABCO Holdings, Inc. * |
| 670 |
| 48,394 |
| |
|
|
|
| 155,487 |
| |
BIOTECHNOLOGY—5.1% |
|
|
|
|
| |
Alkermes PLC * |
| 571 |
| 17,478 |
| |
Amgen, Inc. |
| 358 |
| 37,307 |
| |
Cepheid, Inc. * |
| 659 |
| 25,128 |
| |
Gilead Sciences, Inc. * |
| 1,073 |
| 54,337 |
| |
Idenix Pharmaceuticals, Inc. * |
| 825 |
| 3,053 |
| |
Medivation, Inc. * |
| 733 |
| 38,636 |
| |
Onyx Pharmaceuticals, Inc. * |
| 65 |
| 6,162 |
| |
Synageva BioPharma Corp. * |
| 386 |
| 19,952 |
| |
Vertex Pharmaceuticals, Inc. * |
| 468 |
| 35,952 |
| |
|
|
|
| 238,005 |
| |
BROADCASTING—2.6% |
|
|
|
|
| |
CBS Corp., Cl. B |
| 1,327 |
| 60,750 |
| |
Scripps Networks Interactive, Inc., Cl. A |
| 896 |
| 59,656 |
| |
|
|
|
| 120,406 |
| |
CABLE & SATELLITE—1.3% |
|
|
|
|
| |
Comcast Corporation, Cl. A |
| 1,447 |
| 59,761 |
| |
|
|
|
|
|
| |
CASINOS & GAMING—1.6% |
|
|
|
|
| |
Las Vegas Sands Corp. |
| 1,321 |
| 74,306 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
COMMUNICATIONS EQUIPMENT—3.3% |
|
|
|
|
| |
Cisco Systems, Inc. |
| 2,358 |
| $ | 49,329 |
|
F5 Networks, Inc. * |
| 736 |
| 56,253 |
| |
JDS Uniphase Corp. * |
| 3,674 |
| 49,599 |
| |
|
|
|
| 155,181 |
| |
CONSTRUCTION & ENGINEERING—2.0% |
|
|
|
|
| |
Chicago Bridge & Iron Co., NV # |
| 982 |
| 52,822 |
| |
Quanta Services, Inc. * |
| 1,443 |
| 39,653 |
| |
|
|
|
| 92,475 |
| |
CONSTRUCTION MATERIALS—1.1% |
|
|
|
|
| |
Eagle Materials Inc. |
| 785 |
| 53,184 |
| |
|
|
|
|
|
| |
CONSUMER FINANCE—1.3% |
|
|
|
|
| |
American Express Co. |
| 399 |
| 27,295 |
| |
Capital One Financial Corp. |
| 565 |
| 32,646 |
| |
|
|
|
| 59,941 |
| |
DATA PROCESSING & OUTSOURCED SERVICES—2.2% |
|
|
|
|
| |
Alliance Data Systems Corp. * |
| 285 |
| 48,954 |
| |
Mastercard, Inc., Cl. A |
| 93 |
| 51,423 |
| |
|
|
|
| 100,377 |
| |
DISTILLERS & VINTNERS—1.3% |
|
|
|
|
| |
Beam, Inc. |
| 952 |
| 61,604 |
| |
|
|
|
|
|
| |
DIVERSIFIED CHEMICALS—3.1% |
|
|
|
|
| |
Eastman Chemical Co. |
| 1,008 |
| 67,183 |
| |
PPG Industries, Inc. |
| 513 |
| 75,483 |
| |
|
|
|
| 142,666 |
| |
DRUG RETAIL—0.8% |
|
|
|
|
| |
CVS Caremark Corp. |
| 665 |
| 38,690 |
| |
|
|
|
|
|
| |
ELECTRICAL COMPONENTS & EQUIPMENT—1.6% |
|
|
|
|
| |
Eaton Corp., PLC |
| 1,181 |
| 72,525 |
| |
|
|
|
|
|
| |
ELECTRONIC COMPONENTS—0.8% |
|
|
|
|
| |
Universal Display Corp.* |
| 1,203 |
| 37,822 |
| |
|
|
|
|
|
| |
ELECTRONIC EQUIPMENT MANUFACTURERS—1.2% |
|
|
|
|
| |
OSI Systems, Inc.* |
| 959 |
| 54,951 |
| |
|
|
|
|
|
| |
FERTILIZERS & AGRICULTURAL CHEMICALS—1.2% |
|
|
|
|
| |
Mosaic Co., /The |
| 869 |
| 53,522 |
| |
|
|
|
|
|
| |
FOOD RETAIL—1.1% |
|
|
|
|
| |
Whole Foods Market, Inc. |
| 565 |
| 49,901 |
| |
|
|
|
|
|
| |
GENERAL MERCHANDISE STORES—0.9% |
|
|
|
|
| |
Dollar General Corp.* |
| 773 |
| 40,266 |
| |
|
|
|
|
|
| |
HEALTH CARE EQUIPMENT—1.0% |
|
|
|
|
| |
CR Bard, Inc. |
| 289 |
| 28,715 |
| |
HeartWare International, Inc. * |
| 89 |
| 8,651 |
| |
Insulet Corp. * |
| 318 |
| 8,026 |
| |
|
|
|
| 45,392 |
| |
HEALTH CARE SERVICES—2.2% |
|
|
|
|
| |
Accretive Health, Inc. * |
| 629 |
| 6,630 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
HEALTH CARE SERVICES—(CONT.) |
|
|
|
|
| |
Express Scripts, Inc. * |
| 1,644 |
| $ | 97,604 |
|
|
|
|
| 104,234 |
| |
HEALTH CARE TECHNOLOGY—0.6% |
|
|
|
|
| |
Agilent Technologies, Inc. |
| 206 |
| 8,536 |
| |
Greenway Medical Technologies * |
| 1,576 |
| 21,229 |
| |
|
|
|
| 29,765 |
| |
HOTELS RESORTS & CRUISE LINES—1.9% |
|
|
|
|
| |
Marriott Vacations Worldwide Corp. * |
| 939 |
| 42,705 |
| |
Wyndham Worldwide Corporation |
| 760 |
| 45,661 |
| |
|
|
|
| 88,366 |
| |
HOUSEHOLD PRODUCTS—1.0% |
|
|
|
|
| |
Procter & Gamble Co., /The |
| 635 |
| 48,749 |
| |
|
|
|
|
|
| |
HOUSEWARES & SPECIALTIES—1.1% |
|
|
|
|
| |
Tupperware Brands Corp. |
| 619 |
| 49,706 |
| |
|
|
|
|
|
| |
HUMAN RESOURCE & EMPLOYMENT SERVICES—2.1% |
|
|
|
|
| |
On Assignment, Inc. * |
| 1,771 |
| 42,982 |
| |
Robert Half International, Inc. |
| 1,634 |
| 53,628 |
| |
|
|
|
| 96,610 |
| |
HYPERMARKETS & SUPER CENTERS—1.2% |
|
|
|
|
| |
Costco Wholesale Corp. |
| 526 |
| 57,034 |
| |
|
|
|
|
|
| |
INDUSTRIAL MACHINERY—2.1% |
|
|
|
|
| |
ExOne Co., /The * |
| 1,148 |
| 44,083 |
| |
Ingersoll-Rand PLC |
| 966 |
| 51,971 |
| |
|
|
|
| 96,054 |
| |
INTERNET SOFTWARE & SERVICES—3.1% |
|
|
|
|
| |
Cornerstone OnDemand, Inc. * |
| 1,471 |
| 53,368 |
| |
E2open, Inc. * |
| 2,496 |
| 35,468 |
| |
Equinix, Inc. * |
| 257 |
| 55,024 |
| |
|
|
|
| 143,860 |
| |
IT CONSULTING & OTHER SERVICES—0.2% |
|
|
|
|
| |
Cognizant Technology Solutions Corp., Cl. A* |
| 114 |
| 7,387 |
| |
|
|
|
|
|
| |
LIFE & HEALTH INSURANCE—1.5% |
|
|
|
|
| |
Lincoln National Corp. |
| 2,072 |
| 70,469 |
| |
|
|
|
|
|
| |
LIFE SCIENCES TOOLS & SERVICES—0.4% |
|
|
|
|
| |
Charles River Laboratories International Inc. * |
| 336 |
| 14,613 |
| |
PerkinElmer, Inc. |
| 208 |
| 6,375 |
| |
|
|
|
| 20,988 |
| |
MOVIES & ENTERTAINMENT—2.6% |
|
|
|
|
| |
News Corp., Cl. A |
| 2,045 |
| 63,334 |
| |
Viacom, Inc., Cl. B |
| 868 |
| 55,543 |
| |
|
|
|
| 118,877 |
| |
OIL & GAS EQUIPMENT & SERVICES—1.1% |
|
|
|
|
| |
Cameron International Corp.* |
| 798 |
| 49,117 |
| |
|
|
|
|
|
| |
OIL & GAS EXPLORATION & PRODUCTION—3.5% |
|
|
|
|
| |
Anadarko Petroleum Corp. |
| 735 |
| 62,299 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
OIL & GAS EXPLORATION & PRODUCTION—(CONT.) |
|
|
|
|
| |
Kodiak Oil & Gas Corp. * |
| 2,200 |
| $ | 17,226 |
|
Pioneer Natural Resources Co. |
| 385 |
| 47,059 |
| |
Whitinig Petroleum Corp. * |
| 779 |
| 34,665 |
| |
|
|
|
| 161,249 |
| |
OIL & GAS REFINING & MARKETING—0.8% |
|
|
|
|
| |
Tesoro Corp. |
| 735 |
| 39,249 |
| |
|
|
|
|
|
| |
PACKAGED FOODS & MEATS—2.0% |
|
|
|
|
| |
B&G Foods, Inc. |
| 1,317 |
| 40,643 |
| |
ConAgra Foods, Inc. |
| 1,419 |
| 50,190 |
| |
|
|
|
| 90,833 |
| |
PHARMACEUTICALS—3.3% |
|
|
|
|
| |
AbbVie, Inc. |
| 572 |
| 26,341 |
| |
Actavis, Inc. * |
| 990 |
| 104,673 |
| |
Eli Lilly & Co. |
| 412 |
| 22,816 |
| |
|
|
|
| 153,830 |
| |
SECURITY & ALARM SERVICES—1.4% |
|
|
|
|
| |
Tyco International Ltd. |
| 2,054 |
| 65,974 |
| |
|
|
|
|
|
| |
SOFT DRINKS—1.1% |
|
|
|
|
| |
PepsiCo, Inc. |
| 639 |
| 52,698 |
| |
|
|
|
|
|
| |
SPECIALIZED FINANCE—0.7% |
|
|
|
|
| |
IntercontinentalExchange, Inc.* |
| 197 |
| 32,097 |
| |
|
|
|
|
|
| |
SPECIALTY CHEMICALS—2.7% |
|
|
|
|
| |
Celanese Corp. |
| 1,255 |
| 62,010 |
| |
Rockwood Holdings, Inc. |
| 989 |
| 64,176 |
| |
|
|
|
| 126,186 |
| |
SPECIALTY STORES—2.2% |
|
|
|
|
| |
Dick’s Sporting Goods, Inc. |
| 832 |
| 40,019 |
| |
Tractor Supply Co. |
| 571 |
| 61,194 |
| |
|
|
|
| 101,213 |
| |
SYSTEMS SOFTWARE—3.4% |
|
|
|
|
| |
CommVault Systems, Inc. * |
| 708 |
| 52,066 |
| |
Fortinet, Inc. * |
| 1,494 |
| 26,832 |
| |
Infoblox, Inc. * |
| 2,241 |
| 49,549 |
| |
Red Hat, Inc. * |
| 601 |
| 28,806 |
| |
|
|
|
| 157,253 |
| |
TRADING COMPANIES & DISTRIBUTORS—0.9% |
|
|
|
|
| |
WESCO International, Inc.* |
| 610 |
| 43,731 |
| |
|
|
|
|
|
| |
TOTAL COMMON STOCKS |
|
|
| 4,397,261 |
| |
|
|
|
|
|
| |
MASTER LIMITED PARTNERSHIP —1.0% |
|
|
|
|
| |
ASSET MANAGEMENT & CUSTODY BANKS—1.0% |
|
|
|
|
| |
KKR & Co., LP |
| 2,229 |
| 46,809 |
| |
|
|
|
|
|
| |
TOTAL MASTER LIMITED PARTNERSHIP |
|
|
| 46,809 |
| |
|
| SHARES |
| VALUE |
| |
REAL ESTATE INVESTMENT TRUST—1.7% |
|
|
|
|
| |
RESIDENTIAL—0.8% |
|
|
|
|
| |
Silver Bay Realty Trust Corp. |
| 1,853 |
| $ | 35,355 |
|
|
|
|
|
|
| |
SPECIALIZED—0.9% |
|
|
|
|
| |
Ryman Hospitality Properties |
| 979 |
| 43,526 |
| |
|
|
|
|
|
| |
TOTAL REAL ESTATE INVESTMENT TRUST |
|
|
| 78,881 |
| |
|
|
|
|
|
| |
Total Investments |
| 97.4 | % | 4,522,951 |
| |
Other Assets in Excess of Liabilities |
| 2.6 |
| 118,372 |
| |
NET ASSETS |
| 100.0 | % | $ | 4,641,323 |
|
‡ Securities classified as Level 1 for ASC 820 disclosure purposes based on valuation inputs unless otherwise noted.
* Non-income producing security.
# American Depositary Receipts.
(a) At April 30, 2013, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $4,004,698, amounted to $518,253 which consisted of aggregate gross unrealized appreciation of $557,880 and aggregate gross unrealized depreciation of $39,627.
See Notes to Financial Statements.
THE ALGER FUNDS II | ALGER DYNAMIC OPPORTUNITIES FUND
Schedule of Investments‡ (Unaudited) April 30, 2013
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—82.6% |
|
|
|
|
| |
ADVERTISING—3.0% |
|
|
|
|
| |
Lamar Advertising Co., Cl. A*+ |
| 30,710 |
| $ | 1,437,842 |
|
|
|
|
|
|
| |
AEROSPACE & DEFENSE—1.0% |
|
|
|
|
| |
Honeywell International, Inc. |
| 6,670 |
| 490,512 |
| |
|
|
|
|
|
| |
AIR FREIGHT & LOGISTICS—1.3% |
|
|
|
|
| |
FedEx Corp. + |
| 3,265 |
| 306,943 |
| |
United Parcel Service, Inc., Cl. B + |
| 3,915 |
| 336,063 |
| |
|
|
|
| 643,006 |
| |
AIRLINES—0.6% |
|
|
|
|
| |
Copa Holdings SA |
| 2,150 |
| 269,997 |
| |
|
|
|
|
|
| |
APPAREL ACCESSORIES & LUXURY GOODS—1.8% |
|
|
|
|
| |
Michael Kors Holdings Ltd. * |
| 8,750 |
| 498,225 |
| |
PVH Corp. |
| 3,445 |
| 397,588 |
| |
|
|
|
| 895,813 |
| |
APPLICATION SOFTWARE—1.4% |
|
|
|
|
| |
Cadence Design Systems, Inc. *+ |
| 32,543 |
| 449,093 |
| |
Workday, Inc. * |
| 4,000 |
| 250,600 |
| |
|
|
|
| 699,693 |
| |
AUTO PARTS & EQUIPMENT—0.8% |
|
|
|
|
| |
Delphi Automotive PLC |
| 8,175 |
| 377,767 |
| |
|
|
|
|
|
| |
BIOTECHNOLOGY—3.2% |
|
|
|
|
| |
Amgen, Inc. |
| 4,345 |
| 452,793 |
| |
Gilead Sciences, Inc. * |
| 8,735 |
| 442,340 |
| |
Merrimack Pharmaceuticals, Inc. * |
| 68,673 |
| 337,871 |
| |
Vertex Pharmaceuticals, Inc. * |
| 4,355 |
| 334,551 |
| |
|
|
|
| 1,567,555 |
| |
BROADCASTING—1.9% |
|
|
|
|
| |
CBS Corp., Cl. B + |
| 14,440 |
| 661,063 |
| |
Scripps Networks Interactive, Inc., Cl. A |
| 3,825 |
| 254,669 |
| |
|
|
|
| 915,732 |
| |
CABLE & SATELLITE—2.5% |
|
|
|
|
| |
AMC Networks, Inc. * |
| 7,715 |
| 486,122 |
| |
Comcast Corporation, Cl. A |
| 17,300 |
| 714,490 |
| |
|
|
|
| 1,200,612 |
| |
CASINOS & GAMING—1.0% |
|
|
|
|
| |
Wynn Resorts Ltd. |
| 3,635 |
| 499,086 |
| |
|
|
|
|
|
| |
COMMUNICATIONS EQUIPMENT—0.4% |
|
|
|
|
| |
F5 Networks, Inc.* |
| 2,775 |
| 212,093 |
| |
|
|
|
|
|
| |
COMPUTER HARDWARE—4.3% |
|
|
|
|
| |
Apple, Inc.+ |
| 4,715 |
| 2,087,566 |
| |
|
|
|
|
|
| |
COMPUTER STORAGE & PERIPHERALS—1.0% |
|
|
|
|
| |
SanDisk Corp.* |
| 9,015 |
| 472,747 |
| |
|
|
|
|
|
| |
CONSTRUCTION & ENGINEERING—1.4% |
|
|
|
|
| |
Chicago Bridge & Iron Co., NV # |
| 5,080 |
| 273,253 |
| |
Quanta Services, Inc. *+ |
| 15,595 |
| 428,551 |
| |
|
|
|
| 701,804 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
CONSTRUCTION MATERIALS—0.5% |
|
|
|
|
| |
Eagle Materials Inc. |
| 3,595 |
| $ | 243,561 |
|
|
|
|
|
|
| |
CONSUMER FINANCE—2.4% |
|
|
|
|
| |
American Express Co. |
| 11,565 |
| 791,162 |
| |
Capital One Financial Corp. + |
| 6,690 |
| 386,548 |
| |
|
|
|
| 1,177,710 |
| |
DATA PROCESSING & OUTSOURCED SERVICES—0.5% |
|
|
|
|
| |
Blackhawk Network Holdings, Inc. * |
| 1,235 |
| 29,566 |
| |
Mastercard, Inc., Cl. A |
| 365 |
| 201,819 |
| |
|
|
|
| 231,385 |
| |
DIVERSIFIED CHEMICALS—1.2% |
|
|
|
|
| |
Eastman Chemical Co. |
| 8,850 |
| 589,853 |
| |
|
|
|
|
|
| |
DRUG RETAIL—1.5% |
|
|
|
|
| |
CVS Caremark Corp.+ |
| 12,590 |
| 732,486 |
| |
|
|
|
|
|
| |
HEALTH CARE FACILITIES—2.3% |
|
|
|
|
| |
HCA Holdings, Inc. + |
| 21,680 |
| 864,815 |
| |
Tenet Healthcare Corporation * |
| 5,308 |
| 240,771 |
| |
|
|
|
| 1,105,586 |
| |
HEALTH CARE SERVICES—0.5% |
|
|
|
|
| |
Express Scripts, Inc.*+ |
| 4,180 |
| 248,167 |
| |
|
|
|
|
|
| |
HEALTH CARE TECHNOLOGY—0.4% |
|
|
|
|
| |
HMS Holdings Corp.* |
| 7,595 |
| 191,470 |
| |
|
|
|
|
|
| |
HOME IMPROVEMENT RETAIL—0.9% |
|
|
|
|
| |
Lowe’s Companies, Inc.+ |
| 11,840 |
| 454,893 |
| |
|
|
|
|
|
| |
HOMEBUILDING—1.7% |
|
|
|
|
| |
Lennar Corp., Cl. A |
| 9,465 |
| 390,147 |
| |
Standard Pacific Corp. * |
| 29,200 |
| 264,260 |
| |
Taylor Morrison Home Corp., Cl. A * |
| 6,850 |
| 176,593 |
| |
|
|
|
| 831,000 |
| |
HOTELS RESORTS & CRUISE LINES—1.8% |
|
|
|
|
| |
Marriott Vacations Worldwide Corp. * |
| 8,435 |
| 383,624 |
| |
Wyndham Worldwide Corporation |
| 8,080 |
| 485,446 |
| |
|
|
|
| 869,070 |
| |
HOUSEWARES & SPECIALTIES—0.2% |
|
|
|
|
| |
Samsonite International SA |
| 48,495 |
| 119,236 |
| |
|
|
|
|
|
| |
INTERNET RETAIL—1.4% |
|
|
|
|
| |
Amazon.com, Inc.*+ |
| 2,595 |
| 658,637 |
| |
|
|
|
|
|
| |
INTERNET SOFTWARE & SERVICES—11.3% |
|
|
|
|
| |
E2open, Inc. * |
| 45,735 |
| 649,894 |
| |
eBay, Inc. *+ |
| 17,855 |
| 935,424 |
| |
Facebook, Inc. * |
| 37,125 |
| 1,030,590 |
| |
Google, Inc., Cl. A *+ |
| 1,730 |
| 1,426,506 |
| |
Sina Corp. * |
| 8,725 |
| 491,392 |
| |
Tencent Holdings Ltd. |
| 13,260 |
| 454,525 |
| |
VistaPrint NV * |
| 11,825 |
| 482,460 |
| |
|
|
|
| 5,470,791 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
INVESTMENT BANKING & BROKERAGE—1.1% |
|
|
|
|
| |
Morgan Stanley+ |
| 23,090 |
| $ | 511,444 |
|
|
|
|
|
|
| |
LEISURE FACILITIES—0.2% |
|
|
|
|
| |
SeaWorld Entertainment, Inc.* |
| 2,475 |
| 83,160 |
| |
|
|
|
|
|
| |
MANAGED HEALTH CARE—0.5% |
|
|
|
|
| |
Molina Healthcare, Inc.* |
| 7,525 |
| 249,830 |
| |
|
|
|
|
|
| |
MOTORCYCLE MANUFACTURERS—0.5% |
|
|
|
|
| |
Harley-Davidson, Inc. |
| 4,455 |
| 243,466 |
| |
|
|
|
|
|
| |
MOVIES & ENTERTAINMENT—2.1% |
|
|
|
|
| |
Lions Gate Entertainment Corp. * |
| 12,750 |
| 316,327 |
| |
News Corp., Cl. A + |
| 22,545 |
| 698,219 |
| |
|
|
|
| 1,014,546 |
| |
OFFICE SERVICES & SUPPLIES—0.2% |
|
|
|
|
| |
West Corp. |
| 5,165 |
| 108,465 |
| |
|
|
|
|
|
| |
OIL & GAS EQUIPMENT & SERVICES—2.1% |
|
|
|
|
| |
Cameron International Corp. *+ |
| 7,195 |
| 442,852 |
| |
Halliburton Company + |
| 7,670 |
| 328,046 |
| |
National Oilwell Varco, Inc. |
| 3,710 |
| 241,966 |
| |
|
|
|
| 1,012,864 |
| |
OIL & GAS EXPLORATION & PRODUCTION—3.1% |
|
|
|
|
| |
Anadarko Petroleum Corp. + |
| 7,060 |
| 598,406 |
| |
Pioneer Natural Resources Co. |
| 2,940 |
| 359,356 |
| |
Plains Exploration & Production Co. * |
| 4,760 |
| 215,152 |
| |
Whitinig Petroleum Corp. * |
| 7,965 |
| 354,442 |
| |
|
|
|
| 1,527,356 |
| |
OIL & GAS REFINING & MARKETING—0.5% |
|
|
|
|
| |
Valero Energy Corp. |
| 6,085 |
| 245,347 |
| |
|
|
|
|
|
| |
OTHER DIVERSIFIED FINANCIAL SERVICES—1.5% |
|
|
|
|
| |
Bank of America Corp. |
| 19,555 |
| 240,722 |
| |
Citigroup, Inc. |
| 10,395 |
| 485,031 |
| |
|
|
|
| 725,753 |
| |
PACKAGED FOODS & MEATS—1.9% |
|
|
|
|
| |
ConAgra Foods, Inc.+ |
| 26,495 |
| 937,128 |
| |
|
|
|
|
|
| |
PHARMACEUTICALS—4.7% |
|
|
|
|
| |
AbbVie, Inc. |
| 11,550 |
| 531,878 |
| |
Actavis, Inc. * |
| 3,845 |
| 406,532 |
| |
Bristol-Myers Squibb Co. + |
| 8,225 |
| 326,697 |
| |
Eli Lilly & Co. |
| 6,745 |
| 373,538 |
| |
Pfizer, Inc. + |
| 22,790 |
| 662,505 |
| |
|
|
|
| 2,301,150 |
| |
PROPERTY & CASUALTY INSURANCE—0.5% |
|
|
|
|
| |
ACE Ltd. |
| 2,545 |
| 226,861 |
| |
|
|
|
|
|
| |
RESEARCH & CONSULTING SERVICES—1.0% |
|
|
|
|
| |
Verisk Analytics, Inc., Cl. A*+ |
| 7,930 |
| 486,030 |
| |
|
|
|
|
|
| |
SECURITY & ALARM SERVICES—0.6% |
|
|
|
|
| |
Tyco International Ltd. |
| 9,025 |
| 289,883 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
SEMICONDUCTOR EQUIPMENT—1.0% |
|
|
|
|
| |
ASML Holding NV # |
| 2,845 |
| $ | 211,583 |
|
Lam Research Corp. * |
| 5,565 |
| 257,214 |
| |
|
|
|
| 468,797 |
| |
SEMICONDUCTORS—2.7% |
|
|
|
|
| |
Microsemi Corp. * |
| 22,915 |
| 476,632 |
| |
NXP Semiconductor NV * |
| 13,440 |
| 370,272 |
| |
Skyworks Solutions, Inc. * |
| 20,110 |
| 443,828 |
| |
|
|
|
| 1,290,732 |
| |
SOFT DRINKS—0.9% |
|
|
|
|
| |
PepsiCo, Inc. |
| 5,390 |
| 444,513 |
| |
|
|
|
|
|
| |
SPECIALTY CHEMICALS—2.2% |
|
|
|
|
| |
Celanese Corp. |
| 7,020 |
| 346,858 |
| |
Rockwood Holdings, Inc. |
| 7,245 |
| 470,128 |
| |
Valspar Corp., /The |
| 3,700 |
| 236,134 |
| |
|
|
|
| 1,053,120 |
| |
SYSTEMS SOFTWARE—2.3% |
|
|
|
|
| |
Microsoft Corp. |
| 24,530 |
| 811,943 |
| |
Red Hat, Inc. * |
| 6,505 |
| 311,785 |
| |
|
|
|
| 1,123,728 |
| |
TOBACCO—0.4% |
|
|
|
|
| |
Philip Morris International, Inc. |
| 2,275 |
| 217,467 |
| |
|
|
|
|
|
| |
TRADING COMPANIES & DISTRIBUTORS—0.4% |
|
|
|
|
| |
MRC Global, Inc.* |
| 5,975 |
| 178,951 |
| |
|
|
|
|
|
| |
TOTAL COMMON STOCKS |
|
|
| 40,136,261 |
| |
|
|
|
|
|
| |
PREFERRED STOCKS—0.3% |
|
|
|
|
| |
OTHER DIVERSIFIED FINANCIAL SERVICES—0.3% |
|
|
|
|
| |
JPMorgan Chase & Co., 8.63%, 09/1/13 |
| 5,075 |
| 129,463 |
| |
|
|
|
|
|
| |
RIGHTS—0.0% |
|
|
|
|
| |
BIOTECHNOLOGY—0.0% |
|
|
|
|
| |
Adolor Corp., CPR*(L3)(a) |
| 49,870 |
| 25,932 |
| |
|
|
|
|
|
| |
MASTER LIMITED PARTNERSHIP —2.8% |
|
|
|
|
| |
ASSET MANAGEMENT & CUSTODY BANKS—2.8% |
|
|
|
|
| |
Blackstone Group LP |
| 48,995 |
| 1,006,847 |
| |
Och-Ziff Capital Management Group LLC, Cl. A |
| 32,730 |
| 335,810 |
| |
|
|
|
| 1,342,657 |
| |
TOTAL MASTER LIMITED PARTNERSHIP |
|
|
| 1,342,657 |
| |
|
|
|
|
|
| |
REAL ESTATE INVESTMENT TRUST—1.8% |
|
|
|
|
| |
RESIDENTIAL—1.1% |
|
|
|
|
| |
American Homes 4 Rent*(L2)(b) |
| 29,900 |
| 533,715 |
| |
|
| SHARES |
| VALUE |
| |
REAL ESTATE INVESTMENT TRUST—(CONT.) |
|
|
|
|
| |
SPECIALIZED—0.7% |
|
|
|
|
| |
Ryman Hospitality Properties |
| 8,082 |
| $ | 359,326 |
|
|
|
|
|
|
| |
TOTAL REAL ESTATE INVESTMENT TRUST |
|
|
| 893,041 |
| |
|
|
|
|
|
| |
|
| CONTRACTS |
|
|
| |
PURCHASED OPTIONS—0.0% |
|
|
|
|
| |
PUT OPTIONS—0.0% |
|
|
|
|
| |
SPDR S&P 500 ETF Trust/ May/ 152* |
| 60 |
| 1,440 |
| |
|
|
|
|
|
| |
Total Investments |
| 87.5 | % | 42,528,794 |
| |
Other Assets in Excess of Liabilities |
| 12.5 |
| 6,075,756 |
| |
NET ASSETS |
| 100.0 | % | $ | 48,604,550 |
|
‡ 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 Depositary Receipts.
(L3) Security classified as Level 3 for ASC 820 disclosure purposes based on valuation inputs.
(a) Right - Contingent Payment Right granted December 13, 2011 and may not be sold. Right is deemed to be illiquid and represents 0.1% of the net assets of the Fund.
(L2) Security classified as Level 2 for ASC 820 disclosure purposes based on valuation inputs.
(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 1.1% of the net assets of the Fund.
(c) At April 30, 2013, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $39,792,069, amounted to $2,736,725 which consisted of aggregate gross unrealized appreciation of $3,526,749 and aggregate gross unrealized depreciation of $790,024.
See Notes to Financial Statements.
THE ALGER FUNDS II | ALGER DYNAMIC OPPORTUNITIES FUND
Schedule of Investments - Securities Sold Short ‡ (Continued) (Unaudited) April 30, 2013
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(21.2)% |
|
|
|
|
| |
AEROSPACE & DEFENSE—(0.2)% |
|
|
|
|
| |
Northrop Grumman Corp. |
| 1,250 |
| $ | 94,675 |
|
|
|
|
|
|
| |
APPAREL ACCESSORIES & LUXURY GOODS—(1.1)% |
|
|
|
|
| |
Iconix Brand Group, Inc.* |
| 8,055 |
| 230,776 |
| |
Lululemon Athletica, Inc.* |
| 3,945 |
| 300,333 |
| |
|
|
|
| 531,109 |
| |
ASSET MANAGEMENT & CUSTODY BANKS—(1.1)% |
|
|
|
|
| |
Bank New York Mellon Corp. |
| 8,465 |
| 238,882 |
| |
Northern Trust Corp. |
| 1,465 |
| 78,993 |
| |
Waddell & Reed Financial Inc., Cl. A |
| 5,530 |
| 237,071 |
| |
|
|
|
| 554,946 |
| |
AUTOMOBILE MANUFACTURERS—(0.2)% |
|
|
|
|
| |
Ford Motor Co. |
| 5,390 |
| 73,897 |
| |
|
|
|
|
|
| |
BIOTECHNOLOGY—(0.8)% |
|
|
|
|
| |
Mesoblast Ltd.* |
| 15,930 |
| 97,115 |
| |
Celgene Corp.* |
| 1,875 |
| 221,382 |
| |
Myriad Genetics, Inc.* |
| 2,765 |
| 77,005 |
| |
|
|
|
| 395,502 |
| |
COMMUNICATIONS EQUIPMENT—(0.4)% |
|
|
|
|
| |
Research In Motion Ltd.* |
| 12,680 |
| 206,557 |
| |
|
|
|
|
|
| |
COMPUTER HARDWARE—(0.2)% |
|
|
|
|
| |
Dell, Inc. |
| 7,230 |
| 96,882 |
| |
|
|
|
|
|
| |
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—(0.7)% |
|
|
|
|
| |
PACCAR, Inc. |
| 7,315 |
| 364,141 |
| |
|
|
|
|
|
| |
CONSUMER ELECTRONICS—(0.3)% |
|
|
|
|
| |
Sony Corp.# |
| 8,020 |
| 131,769 |
| |
|
|
|
|
|
| |
DATA PROCESSING & OUTSOURCED SERVICES—(0.4)% |
|
|
|
|
| |
Syntel, Inc. |
| 3,320 |
| 209,724 |
| |
|
|
|
|
|
| |
DEPARTMENT STORES—(0.7)% |
|
|
|
|
| |
Kohl’s Corp. |
| 2,660 |
| 125,180 |
| |
Nordstrom, Inc. |
| 4,200 |
| 237,678 |
| |
|
|
|
| 362,858 |
| |
DIVERSIFIED BANKS—(1.0)% |
|
|
|
|
| |
HSBC Finance Corp.# |
| 6,030 |
| 330,805 |
| |
Comerica, Inc. |
| 4,130 |
| 149,713 |
| |
|
|
|
| 480,518 |
| |
ELECTRONIC COMPONENTS—(0.5)% |
|
|
|
|
| |
Amphenol Corp., Cl. A |
| 3,050 |
| 230,336 |
| |
|
|
|
|
|
| |
ELECTRONIC MANUFACTURING SERVICES—(0.3)% |
|
|
|
|
| |
Benchmark Electronics, Inc.* |
| 7,150 |
| 127,556 |
| |
|
|
|
|
|
| |
EXCHANGE TRADED FUNDS—(1.9)% |
|
|
|
|
| |
iShares Russell 2000 Index Fund |
| 5,768 |
| 542,999 |
| |
SPDR S&P 500 ETF Trust |
| 1,983 |
| 316,645 |
| |
|
|
|
| 859,644 |
| |
HEALTH CARE EQUIPMENT—(1.4)% |
|
|
|
|
| |
DiaSorin SpA |
| 5,615 |
| 210,584 |
| |
Elekta AB |
| 6,425 |
| 98,759 |
| |
Abbott Laboratories |
| 1,535 |
| 56,672 |
| |
Becton Dickinson and Co. |
| 2,105 |
| 198,502 |
| |
Varian Medical Systems, Inc.* |
| 1,695 |
| 110,412 |
| |
|
|
|
| 674,929 |
| |
HEALTH CARE SUPPLIES—(0.5)% |
|
|
|
|
| |
DENTSPLY International, Inc. |
| 6,240 |
| 264,264 |
| |
|
|
|
|
|
| |
INDUSTRIAL CONGLOMERATES—(0.3)% |
|
|
|
|
| |
3M Co. |
| 1,180 |
| 123,558 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS (CONT.)—(21.2)% |
|
|
|
|
| |
INDUSTRIAL MACHINERY—(1.0)% |
|
|
|
|
| |
SKF AB |
| 8,000 |
| $ | 186,088 |
|
Donaldson Co., Inc. |
| 8,755 |
| 318,507 |
| |
|
|
|
| 504,595 |
| |
INTEGRATED OIL & GAS—(0.5)% |
|
|
|
|
| |
Husky Energy, Inc. |
| 4,720 |
| 136,471 |
| |
BP PLC# |
| 2,950 |
| 128,620 |
| |
|
|
|
| 265,091 |
| |
INTERNET SOFTWARE & SERVICES—(0.3)% |
|
|
|
|
| |
Akamai Technologies, Inc.* |
| 2,850 |
| 125,144 |
| |
|
|
|
|
|
| |
IT CONSULTING & OTHER SERVICES—(0.4)% |
|
|
|
|
| |
Infosys Technologies Ltd.# |
| 4,290 |
| 179,065 |
| |
|
|
|
|
|
| |
LEISURE FACILITIES—(0.4)% |
|
|
|
|
| |
Vail Resorts, Inc. |
| 3,255 |
| 196,277 |
| |
|
|
|
|
|
| |
LIFE & HEALTH INSURANCE—(0.4)% |
|
|
|
|
| |
Aflac, Inc. |
| 3,615 |
| 196,801 |
| |
|
|
|
|
|
| |
MARINE—(0.2)% |
|
|
|
|
| |
Diana Shipping, Inc.* |
| 7,790 |
| 73,927 |
| |
|
|
|
|
|
| |
OIL & GAS DRILLING—(0.5)% |
|
|
|
|
| |
Patterson-UTI Energy, Inc. |
| 11,670 |
| 246,120 |
| |
|
|
|
|
|
| |
OIL & GAS EXPLORATION & PRODUCTION—(1.5)% |
|
|
|
|
| |
Cimarex Energy Co. |
| 2,970 |
| 217,344 |
| |
Marathon Oil Corp. |
| 5,995 |
| 195,857 |
| |
SPDR S&P Oil & Gas Exploration & Production ETF |
| 5,265 |
| 302,052 |
| |
|
|
|
| 715,253 |
| |
PACKAGED FOODS & MEATS—(0.2)% |
|
|
|
|
| |
Campbell Soup Co. |
| 2,605 |
| 120,898 |
| |
|
|
|
|
|
| |
PHARMACEUTICALS—(0.3)% |
|
|
|
|
| |
Perrigo Co. |
| 1,405 |
| 167,771 |
| |
|
|
|
|
|
| |
PROPERTY & CASUALTY INSURANCE—(0.2)% |
|
|
|
|
| |
Allstate Corp., /The |
| 2,435 |
| 119,948 |
| |
|
|
|
|
|
| |
RESTAURANTS—(0.6)% |
|
|
|
|
| |
Panera Bread Co., Cl. A* |
| 1,060 |
| 187,864 |
| |
Texas Roadhouse, Inc. |
| 4,860 |
| 114,210 |
| |
|
|
|
| 302,074 |
| |
SEMICONDUCTORS—(1.5)% |
|
|
|
|
| |
Taiwan Semiconductor Manufacturing Co., Ltd.# |
| 11,600 |
| 221,328 |
| |
Linear Technology Corp. |
| 13,455 |
| 491,107 |
| |
|
|
|
| 712,435 |
| |
SPECIALIZED CONSUMER SERVICES—(0.2)% |
|
|
|
|
| |
Weight Watchers International, Inc. |
| 2,330 |
| 98,256 |
| |
|
|
|
|
|
| |
SPECIALTY STORES—(0.7)% |
|
|
|
|
| |
Ulta Salon, Cosmetics & Fragrance, Inc.* |
| 3,995 |
| 350,162 |
| |
|
|
|
|
|
| |
SYSTEMS SOFTWARE—(0.3)% |
|
|
|
|
| |
Oracle Corp. |
| 4,820 |
| 158,000 |
| |
|
|
|
|
|
| |
TOTAL (proceeds $9,434,247) |
|
|
| $ | 10,314,682 |
|
See Notes to Financial Statements.
THE ALGER FUNDS II | ALGER EMERGING MARKETS FUND
Schedule of Investments‡ (Unaudited) April 30, 2013
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—96.4% |
|
|
|
|
| |
BRAZIL—11.2% |
|
|
|
|
| |
CONSTRUCTION & ENGINEERING—1.3% |
|
|
|
|
| |
Mills Estruturas e Servicos de Engenharia SA |
| 6,363 |
| $ | 104,568 |
|
TPI - Triunfo Participacoes e Investimentos SA |
| 11,700 |
| 66,607 |
| |
|
|
|
| 171,175 |
| |
DIVERSIFIED BANKS—1.9% |
|
|
|
|
| |
Itau Unibanco Holding SA# |
| 14,900 |
| 250,767 |
| |
|
|
|
|
|
| |
DIVERSIFIED METALS & MINING—0.9% |
|
|
|
|
| |
Vale SA# |
| 7,350 |
| 125,612 |
| |
|
|
|
|
|
| |
EDUCATION SERVICES—0.3% |
|
|
|
|
| |
Anhanguera Educacional Participacoes SA |
| 2,431 |
| 43,754 |
| |
|
|
|
|
|
| |
INTEGRATED OIL & GAS—0.9% |
|
|
|
|
| |
Petroleo Brasileiro SA |
| 12,321 |
| 117,929 |
| |
|
|
|
|
|
| |
MULTI-LINE INSURANCE—1.0% |
|
|
|
|
| |
BB Seguridade Participacoes SA* |
| 15,000 |
| 127,302 |
| |
|
|
|
|
|
| |
PACKAGED FOODS & MEATS—2.1% |
|
|
|
|
| |
BRF SA |
| 5,800 |
| 143,873 |
| |
M Dias Branco SA |
| 3,000 |
| 134,170 |
| |
|
|
|
| 278,043 |
| |
PAPER PACKAGING—1.0% |
|
|
|
|
| |
Klabin SA |
| 19,474 |
| 130,816 |
| |
|
|
|
|
|
| |
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.6% |
|
|
|
|
| |
BR Malls Participacoes SA |
| 7,267 |
| 85,791 |
| |
|
|
|
|
|
| |
STEEL—0.7% |
|
|
|
|
| |
Gerdau SA |
| 12,100 |
| 94,647 |
| |
|
|
|
|
|
| |
WIRELESS TELECOMMUNICATION SERVICES—0.5% |
|
|
|
|
| |
Tim Participacoes SA |
| 15,000 |
| 62,752 |
| |
|
|
|
|
|
| |
TOTAL BRAZIL |
|
|
| 1,488,588 |
| |
|
|
|
|
|
| |
CAYMAN ISLANDS—0.7% |
|
|
|
|
| |
OIL & GAS EQUIPMENT & SERVICES—0.7% |
|
|
|
|
| |
Anton Oilfield Services Group/Hong Kong |
| 122,000 |
| 97,473 |
| |
|
|
|
|
|
| |
CHILE—0.6% |
|
|
|
|
| |
DEPARTMENT STORES—0.6% |
|
|
|
|
| |
Empresas La Polar SA* |
| 199,397 |
| 80,064 |
| |
|
|
|
|
|
| |
CHINA—9.5% |
|
|
|
|
| |
APPAREL ACCESSORIES & LUXURY GOODS—0.8% |
|
|
|
|
| |
Anta Sports Products Ltd. |
| 123,000 |
| 102,710 |
| |
|
|
|
|
|
| |
AUTOMOBILE MANUFACTURERS—1.0% |
|
|
|
|
| |
Great Wall Motor Co., Ltd. |
| 30,000 |
| 130,088 |
| |
|
|
|
|
|
| |
DIVERSIFIED METALS & MINING—1.6% |
|
|
|
|
| |
Tiangong International Co., Ltd. |
| 731,377 |
| 206,404 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
CHINA—(CONT.) |
|
|
|
|
| |
HEALTH CARE DISTRIBUTORS—0.7% |
|
|
|
|
| |
Sinopharm Group Co., Ltd. |
| 30,000 |
| $ | 89,110 |
|
|
|
|
|
|
| |
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.2% |
|
|
|
|
| |
Huaneng Power International, Inc. |
| 136,000 |
| 157,204 |
| |
|
|
|
|
|
| |
INDUSTRIAL MACHINERY—0.8% |
|
|
|
|
| |
Airtac International Group |
| 21,000 |
| 111,445 |
| |
|
|
|
|
|
| |
INTEGRATED OIL & GAS—0.8% |
|
|
|
|
| |
China Petroleum & Chemical Corp. |
| 96,000 |
| 105,030 |
| |
|
|
|
|
|
| |
INTERNET SOFTWARE & SERVICES—1.0% |
|
|
|
|
| |
Sina Corp.* |
| 2,500 |
| 140,800 |
| |
|
|
|
|
|
| |
LIFE & HEALTH INSURANCE—0.9% |
|
|
|
|
| |
Ping An Insurance Group Co., of China Ltd. |
| 15,500 |
| 122,640 |
| |
|
|
|
|
|
| |
OIL & GAS EXPLORATION & PRODUCTION—0.7% |
|
|
|
|
| |
CNOOC Ltd. |
| 50,000 |
| 93,040 |
| |
|
|
|
|
|
| |
TOTAL CHINA |
|
|
| 1,258,471 |
| |
|
|
|
|
|
| |
COLOMBIA—3.0% |
|
|
|
|
| |
CONSTRUCTION MATERIALS—1.1% |
|
|
|
|
| |
Cementos Argos SA |
| 11,489 |
| 51,305 |
| |
Cemex Latam Holdings SA * |
| 13,063 |
| 91,616 |
| |
|
|
|
| 142,921 |
| |
ELECTRIC UTILITIES—0.6% |
|
|
|
|
| |
Empresa de Energia de Bogota SA |
| 109,031 |
| 81,545 |
| |
|
|
|
|
|
| |
INTEGRATED OIL & GAS—1.3% |
|
|
|
|
| |
Pacific Rubiales Energy Corp. |
| 8,313 |
| 175,635 |
| |
|
|
|
|
|
| |
TOTAL COLOMBIA |
|
|
| 400,101 |
| |
|
|
|
|
|
| |
CYPRUS—0.7% |
|
|
|
|
| |
RAILROADS—0.7% |
|
|
|
|
| |
Globaltrans Investment PLC.(a) |
| 6,515 |
| 92,513 |
| |
|
|
|
|
|
| |
HONG KONG—8.4% |
|
|
|
|
| |
APPAREL RETAIL—0.6% |
|
|
|
|
| |
Sitoy Group Holdings Ltd. |
| 159,000 |
| 72,123 |
| |
|
|
|
|
|
| |
CONSTRUCTION & ENGINEERING—1.2% |
|
|
|
|
| |
China State Construction International Holdings Ltd. |
| 114,000 |
| 166,003 |
| |
|
|
|
|
|
| |
CONSUMER ELECTRONICS—0.5% |
|
|
|
|
| |
Haier Electronics Group Co., Ltd.* |
| 34,000 |
| 60,726 |
| |
|
|
|
|
|
| |
DIVERSIFIED CAPITAL MARKETS—0.7% |
|
|
|
|
| |
Digital China Holdings Ltd. |
| 77,000 |
| 97,043 |
| |
|
|
|
|
|
| |
LIFE & HEALTH INSURANCE—1.1% |
|
|
|
|
| |
AIA Group Ltd. |
| 31,600 |
| 140,284 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
HONG KONG—(CONT.) |
|
|
|
|
| |
OIL & GAS EXPLORATION & PRODUCTION—0.9% |
|
|
|
|
| |
Kunlun Energy Co., Ltd. |
| 62,000 |
| $ | 121,601 |
|
|
|
|
|
|
| |
PACKAGED FOODS & MEATS—0.7% |
|
|
|
|
| |
China Mengniu Dairy Co., Ltd. |
| 34,000 |
| 95,952 |
| |
|
|
|
|
|
| |
REAL ESTATE DEVELOPMENT—1.3% |
|
|
|
|
| |
China Overseas Land & Investment Ltd. |
| 57,000 |
| 174,450 |
| |
|
|
|
|
|
| |
REAL ESTATE MANAGEMENT & DEVELOPMENT—1.4% |
|
|
|
|
| |
China Overseas Grand Oceans Group Ltd. |
| 114,000 |
| 179,225 |
| |
|
|
|
|
|
| |
TOTAL HONG KONG |
|
|
| 1,107,407 |
| |
|
|
|
|
|
| |
INDIA—7.0% |
|
|
|
|
| |
CABLE & SATELLITE—1.0% |
|
|
|
|
| |
Dish TV India Ltd.* |
| 108,675 |
| 137,855 |
| |
|
|
|
|
|
| |
CONSTRUCTION & ENGINEERING—1.2% |
|
|
|
|
| |
Larsen & Toubro Ltd. |
| 5,655 |
| 159,480 |
| |
|
|
|
|
|
| |
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—0.8% |
|
|
|
|
| |
Tata Motors Ltd.# |
| 3,700 |
| 101,898 |
| |
|
|
|
|
|
| |
DISTILLERS & VINTNERS—0.6% |
|
|
|
|
| |
United Spirits Ltd. |
| 2,064 |
| 85,386 |
| |
|
|
|
|
|
| |
DIVERSIFIED BANKS—1.2% |
|
|
|
|
| |
HDFC Bank Ltd. |
| 12,673 |
| 161,018 |
| |
|
|
|
|
|
| |
HOMEFURNISHING RETAIL—1.0% |
|
|
|
|
| |
TTK Prestige Ltd. |
| 2,043 |
| 133,079 |
| |
|
|
|
|
|
| |
TOBACCO—1.2% |
|
|
|
|
| |
ITC Ltd. |
| 26,294 |
| 160,428 |
| |
|
|
|
|
|
| |
TOTAL INDIA |
|
|
| 939,144 |
| |
|
|
|
|
|
| |
INDONESIA—2.9% |
|
|
|
|
| |
ALTERNATIVE CARRIERS—1.3% |
|
|
|
|
| |
Tower Bersama Infrastructure Tbk PT* |
| 293,600 |
| 170,619 |
| |
|
|
|
|
|
| |
DEPARTMENT STORES—1.0% |
|
|
|
|
| |
Matahari Department Store Tbk PT* |
| 112,500 |
| 140,010 |
| |
|
|
|
|
|
| |
DISTRIBUTORS—0.6% |
|
|
|
|
| |
Erajaya Swasembada Tbk PT* |
| 240,500 |
| 77,301 |
| |
|
|
|
|
|
| |
TOTAL INDONESIA |
|
|
| 387,930 |
| |
|
|
|
|
|
| |
ITALY—0.7% |
|
|
|
|
| |
APPAREL RETAIL—0.7% |
|
|
|
|
| |
Prada SpA |
| 10,700 |
| 95,278 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
LAOS—0.4% |
|
|
|
|
| |
AUTOMOBILE MANUFACTURERS—0.4% |
|
|
|
|
| |
Kolao Holdings |
| 1,786 |
| $ | 48,638 |
|
|
|
|
|
|
| |
MALAYSIA—3.4% |
|
|
|
|
| |
DIVERSIFIED BANKS—0.7% |
|
|
|
|
| |
CIMB Group Holdings Berhad |
| 36,300 |
| 92,346 |
| |
|
|
|
|
|
| |
HEALTH CARE PROVIDERS & SERVICE—1.1% |
|
|
|
|
| |
IHH Healthcare Bhd* |
| 119,522 |
| 147,316 |
| |
|
|
|
|
|
| |
OIL & GAS EQUIPMENT & SERVICES—1.6% |
|
|
|
|
| |
Dialog Group BHD |
| 130,700 |
| 101,811 |
| |
Sapurakencana Petroleum Bhd * |
| 101,400 |
| 105,982 |
| |
|
|
|
| 207,793 |
| |
TOTAL MALAYSIA |
|
|
| 447,455 |
| |
|
|
|
|
|
| |
MEXICO—5.9% |
|
|
|
|
| |
CONSTRUCTION MATERIALS—0.8% |
|
|
|
|
| |
Cemex SAB de CV#* |
| 8,736 |
| 98,280 |
| |
|
|
|
|
|
| |
DEPARTMENT STORES—0.8% |
|
|
|
|
| |
El Puerto de Liverpool SAB de CV |
| 8,000 |
| 101,171 |
| |
|
|
|
|
|
| |
DIVERSIFIED BANKS—0.9% |
|
|
|
|
| |
Banregio Grupo Financiero SAB de CV* |
| 22,500 |
| 123,956 |
| |
|
|
|
|
|
| |
OIL & GAS EXPLORATION & PRODUCTION—1.1% |
|
|
|
|
| |
Infraestructura Energetica Nova SAB de CV* |
| 43,000 |
| 146,917 |
| |
|
|
|
|
|
| |
REAL ESTATE INVESTMENT TRUSTS—1.2% |
|
|
|
|
| |
Fibra Uno Administracion SA de CV |
| 42,600 |
| 163,687 |
| |
|
|
|
|
|
| |
RESTAURANTS—1.1% |
|
|
|
|
| |
Alsea SAB de CV* |
| 50,132 |
| 152,336 |
| |
|
|
|
|
|
| |
TOTAL MEXICO |
|
|
| 786,347 |
| |
|
|
|
|
|
| |
PERU—1.7% |
|
|
|
|
| |
DIVERSIFIED BANKS—1.2% |
|
|
|
|
| |
Credicorp Ltd. |
| 1,100 |
| 165,649 |
| |
|
|
|
|
|
| |
DIVERSIFIED METALS & MINING—0.5% |
|
|
|
|
| |
Cia de Minas Buenaventura SA# |
| 3,400 |
| 68,068 |
| |
|
|
|
|
|
| |
TOTAL PERU |
|
|
| 233,717 |
| |
|
|
|
|
|
| |
PHILIPPINES—1.1% |
|
|
|
|
| |
DIVERSIFIED BANKS—1.1% |
|
|
|
|
| |
BDO Unibank, Inc.* |
| 65,198 |
| 145,201 |
| |
|
|
|
|
|
| |
RUSSIA—6.3% |
|
|
|
|
| |
DIVERSIFIED BANKS—0.8% |
|
|
|
|
| |
Sberbank of Russia#* |
| 8,045 |
| 102,444 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
RUSSIA—(CONT.) |
|
|
|
|
| |
FOOD RETAIL—1.2% |
|
|
|
|
| |
Magnit OJSC*,(a) |
| 3,227 |
| $ | 164,577 |
|
|
|
|
|
|
| |
HOMEBUILDING—0.7% |
|
|
|
|
| |
Etalon Group Ltd.*,(a) |
| 21,177 |
| 91,061 |
| |
|
|
|
|
|
| |
INTEGRATED OIL & GAS—1.8% |
|
|
|
|
| |
Lukoil OAO # |
| 2,406 |
| 152,540 |
| |
Surgutneftegas OAO # |
| 10,145 |
| 86,233 |
| |
|
|
|
| 238,773 |
| |
INTERNET SOFTWARE & SERVICES—1.8% |
|
|
|
|
| |
Mail.ru Group Ltd. (a) |
| 5,844 |
| 157,788 |
| |
Yandex NV * |
| 3,000 |
| 77,220 |
| |
|
|
|
| 235,008 |
| |
TOTAL RUSSIA |
|
|
| 831,863 |
| |
|
|
|
|
|
| |
SOUTH AFRICA—3.5% |
|
|
|
|
| |
DIVERSIFIED METALS & MINING—0.9% |
|
|
|
|
| |
African Rainbow Minerals Ltd. |
| 5,797 |
| 114,255 |
| |
|
|
|
|
|
| |
HEALTH CARE FACILITIES—0.8% |
|
|
|
|
| |
Life Healthcare Group Holdings Ltd. |
| 24,867 |
| 105,044 |
| |
|
|
|
|
|
| |
OTHER DIVERSIFIED FINANCIAL SERVICES—0.9% |
|
|
|
|
| |
FirstRand Ltd. |
| 34,620 |
| 120,281 |
| |
|
|
|
|
|
| |
PHARMACEUTICALS—0.9% |
|
|
|
|
| |
Aspen Pharmacare Holdings Ltd. |
| 5,813 |
| 126,243 |
| |
|
|
|
|
|
| |
TOTAL SOUTH AFRICA |
|
|
| 465,823 |
| |
|
|
|
|
|
| |
SOUTH KOREA—12.9% |
|
|
|
|
| |
AUTOMOBILE MANUFACTURERS—0.8% |
|
|
|
|
| |
Hyundai Motor Co. |
| 619 |
| 112,100 |
| |
|
|
|
|
|
| |
BROADCASTING—1.0% |
|
|
|
|
| |
KT Skylife Co., Ltd. |
| 3,470 |
| 134,030 |
| |
|
|
|
|
|
| |
COMMODITY CHEMICALS—0.6% |
|
|
|
|
| |
LG Chem Ltd. |
| 365 |
| 86,147 |
| |
|
|
|
|
|
| |
CONSTRUCTION & ENGINEERING—0.9% |
|
|
|
|
| |
Doosan Heavy Industries and Construction Co., Ltd. |
| 3,270 |
| 121,555 |
| |
|
|
|
|
|
| |
DIVERSIFIED BANKS—1.6% |
|
|
|
|
| |
Hana Financial Group, Inc. |
| 2,710 |
| 86,593 |
| |
KB Financial Group, Inc. # |
| 3,626 |
| 118,933 |
| |
|
|
|
| 205,526 |
| |
ELECTRONIC COMPONENTS—0.6% |
|
|
|
|
| |
LG Display Co., Ltd.* |
| 2,800 |
| 76,125 |
| |
|
|
|
|
|
| |
HOTELS RESORTS & CRUISE LINES—0.3% |
|
|
|
|
| |
Hotel Shilla Co., Ltd. |
| 635 |
| 33,548 |
| |
|
|
|
|
|
| |
HOUSEHOLD PRODUCTS—1.0% |
|
|
|
|
| |
LG Household & Health Care Ltd. |
| 244 |
| 137,105 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
SOUTH KOREA—(CONT.) |
|
|
|
|
| |
INDUSTRIAL MACHINERY—0.6% |
|
|
|
|
| |
Viatron Technologies, Inc.* |
| 4,724 |
| $ | 79,547 |
|
|
|
|
|
|
| |
SEMICONDUCTORS—4.6% |
|
|
|
|
| |
Samsung Electronics Co., Ltd. |
| 446 |
| 615,390 |
| |
|
|
|
|
|
| |
TRADING COMPANIES & DISTRIBUTORS—0.9% |
|
|
|
|
| |
Daewoo International Corp. |
| 3,390 |
| 118,938 |
| |
|
|
|
|
|
| |
TOTAL SOUTH KOREA |
|
|
| 1,720,011 |
| |
|
|
|
|
|
| |
SWITZERLAND—0.9% |
|
|
|
|
| |
LEISURE PRODUCTS—0.9% |
|
|
|
|
| |
Cie Financiere Richemont SA |
| 15,188 |
| 121,868 |
| |
|
|
|
|
|
| |
TAIWAN—8.9% |
|
|
|
|
| |
CONSTRUCTION MATERIALS—0.8% |
|
|
|
|
| |
Taiwan Cement Corp. |
| 81,000 |
| 107,670 |
| |
|
|
|
|
|
| |
CONSUMER FINANCE—1.4% |
|
|
|
|
| |
Chailease Holding Co., Ltd. |
| 63,500 |
| 191,211 |
| |
|
|
|
|
|
| |
ELECTRONIC COMPONENTS—1.4% |
|
|
|
|
| |
Delta Electronics, Inc. |
| 39,000 |
| 187,131 |
| |
|
|
|
|
|
| |
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.1% |
|
|
|
|
| |
TPK Holding Co., Ltd. |
| 7,000 |
| 142,184 |
| |
|
|
|
|
|
| |
PERSONAL PRODUCTS—1.3% |
|
|
|
|
| |
Ginko International Co., Ltd. |
| 9,000 |
| 166,938 |
| |
|
|
|
|
|
| |
SEMICONDUCTORS—2.9% |
|
|
|
|
| |
Epistar Corp. |
| 55,815 |
| 98,419 |
| |
MediaTek, Inc. |
| 9,000 |
| 109,868 |
| |
Orise Technology Co., Ltd. |
| 98,000 |
| 175,131 |
| |
|
|
|
| 383,418 |
| |
TOTAL TAIWAN |
|
|
| 1,178,552 |
| |
|
|
|
|
|
| |
THAILAND—2.0% |
|
|
|
|
| |
CONSTRUCTION MATERIALS—0.6% |
|
|
|
|
| |
Siam Cement PCL |
| 5,200 |
| 84,905 |
| |
|
|
|
|
|
| |
DIVERSIFIED BANKS—0.9% |
|
|
|
|
| |
Kasikornbank PCL |
| 17,200 |
| 124,557 |
| |
|
|
|
|
|
| |
PACKAGED FOODS & MEATS—0.5% |
|
|
|
|
| |
GFPT PCL |
| 221,400 |
| 63,527 |
| |
|
|
|
|
|
| |
TOTAL THAILAND |
|
|
| 272,989 |
| |
|
|
|
|
|
| |
TURKEY—3.1% |
|
|
|
|
| |
DIVERSIFIED BANKS—1.4% |
|
|
|
|
| |
Turkiye Halk Bankasi AS |
| 17,023 |
| 185,559 |
| |
|
| SHARES |
| VALUE |
| |
COMMON STOCKS—(CONT.) |
|
|
|
|
| |
TURKEY—(CONT.) |
|
|
|
|
| |
GOLD—0.6% |
|
|
|
|
| |
Koza Altin Isletmeleri AS |
| 3,975 |
| $ | 79,345 |
|
|
|
|
|
|
| |
SOFT DRINKS—1.1% |
|
|
|
|
| |
Coca-Cola Icecek AS |
| 5,183 |
| 144,494 |
| |
|
|
|
|
|
| |
TOTAL TURKEY |
|
|
| 409,398 |
| |
|
|
|
|
|
| |
UNITED KINGDOM—1.6% |
|
|
|
|
| |
BREWERS—1.1% |
|
|
|
|
| |
SABMiller PLC |
| 2,729 |
| 147,033 |
| |
|
|
|
|
|
| |
INTEGRATED OIL & GAS—0.5% |
|
|
|
|
| |
BG Group PLC |
| 3,683 |
| 62,044 |
| |
|
|
|
|
|
| |
TOTAL UNITED KINGDOM |
|
|
| 209,077 |
| |
|
|
|
|
|
| |
TOTAL COMMON STOCKS |
|
|
| 12,817,908 |
| |
|
|
|
|
|
| |
PREFERRED STOCKS—0.2% |
|
|
|
|
| |
BRAZIL—0.2% |
|
|
|
|
| |
INTEGRATED OIL & GAS—0.2% |
|
|
|
|
| |
Petroleo Brasileiro SA |
| 2,700 |
| 26,949 |
| |
|
|
|
|
|
| |
Total Investments |
| 96.6 | % | 12,844,857 |
| |
Other Assets in Excess of Liabilities |
| 3.4 |
| 451,449 |
| |
NET ASSETS |
| 100.0 | % | $ | 13,296,306 |
|
‡ Securities classified as Level 1 for ASC 820 disclosure purposes based on valuation inputs unless otherwise noted.
* Non-income producing security.
# American Depositary Receipts.
(a) GDR - Global Depository Receipt
(b) At April 30, 2013, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $11,807,581, amounted to $1,037,276 which consisted of aggregate gross unrealized appreciation of $1,817,818 and aggregate gross unrealized depreciation of $780,542.
See Notes to Financial Statements.
THE ALGER FUNDS II
Statements of Assets and Liabilities (Unaudited) April 30, 2013
|
| Alger Spectra |
| |
ASSETS: |
|
|
| |
Investments in securities, at value (Identified cost below*) see accompanying schedules of investments |
| $ | 2,804,051,565 |
|
Cash and cash equivalents (a) |
| 32,542,020 |
| |
Foreign cash*** |
| — |
| |
Receivable for investment securities sold |
| 38,964,594 |
| |
Receivable for shares of beneficial interest sold |
| 11,449,646 |
| |
Dividends and interest receivable |
| 2,132,027 |
| |
Receivable from Investment Manager |
| — |
| |
Prepaid expenses |
| 140,712 |
| |
Total Assets |
| 2,889,280,564 |
| |
LIABILITIES: |
|
|
| |
Securities sold short, at value** |
| 187,892,600 |
| |
Payable for investment securities purchased |
| 40,621,505 |
| |
Payable for shares of beneficial interest redeemed |
| 4,738,038 |
| |
Accrued investment advisory fees |
| 2,021,276 |
| |
Accrued transfer agent fees |
| 415,624 |
| |
Accrued distribution fees |
| 743,957 |
| |
Accrued administrative fees |
| 64,168 |
| |
Accrued shareholder servicing fees |
| 33,666 |
| |
Dividends payable |
| 190,080 |
| |
Accrued other expenses |
| 165,580 |
| |
Total Liabilities |
| 236,886,494 |
| |
NET ASSETS |
| $ | 2,652,394,070 |
|
Net Assets Consist of: |
|
|
| |
Paid in capital (par value of $.001 per share) |
| 2,235,386,008 |
| |
Undistributed net investment income (accumulated loss) |
| (381,541 | ) | |
Undistributed net realized gain (accumulated realized loss) |
| 95,081,072 |
| |
Net unrealized appreciation on investments |
| 322,308,531 |
| |
NET ASSETS |
| $ | 2,652,394,070 |
|
*Identified cost |
| $ | 2,471,858,840 |
|
**Proceeds received on short sales |
| $ | 178,008,410 |
|
***Cost of foreign cash |
| $ | — |
|
(a) Alger Spectra Fund and Alger Dynamic Opportunities Fund include restricted cash of $29,634,559 and $9,966,460, respectively, held as collateral for short sales.
See Notes to Financial Statements.
|
| Alger Green Fund |
| Alger Analyst |
| Alger Dynamic |
| Alger Emerging |
| ||||
ASSETS: |
|
|
|
|
|
|
|
|
| ||||
Investments in securities, at value (Identified cost below*) see accompanying schedules of investments |
| $ | 50,920,746 |
| $ | 4,522,951 |
| $ | 42,528,794 |
| $ | 12,844,857 |
|
Cash and cash equivalents (a) |
| 1,797,582 |
| 97,873 |
| 17,125,719 |
| 266,791 |
| ||||
Foreign cash*** |
| — |
| — |
| 112 |
| 245,383 |
| ||||
Receivable for investment securities sold |
| 77,885 |
| 58,299 |
| 176,513 |
| 135,733 |
| ||||
Receivable for shares of beneficial interest sold |
| 581,961 |
| — |
| 87,342 |
| 11,095 |
| ||||
Dividends and interest receivable |
| 21,074 |
| 1,926 |
| 37,828 |
| 18,471 |
| ||||
Receivable from Investment Manager |
| 4,125 |
| 15,096 |
| 1,283 |
| 17,758 |
| ||||
Prepaid expenses |
| 35,178 |
| 31,549 |
| 41,997 |
| 26,411 |
| ||||
Total Assets |
| 53,438,551 |
| 4,727,694 |
| 59,999,588 |
| 13,566,499 |
| ||||
LIABILITIES: |
|
|
|
|
|
|
|
|
| ||||
Securities sold short, at value** |
| — |
| — |
| 10,314,682 |
| — |
| ||||
Payable for investment securities purchased |
| 312,104 |
| 50,509 |
| 947,232 |
| 213,405 |
| ||||
Payable for shares of beneficial interest redeemed |
| 92,332 |
| 68 |
| 23,009 |
| — |
| ||||
Accrued investment advisory fees |
| 32,479 |
| 3,114 |
| 52,312 |
| 12,872 |
| ||||
Accrued transfer agent fees |
| 18,729 |
| 3,301 |
| 7,103 |
| 3,662 |
| ||||
Accrued distribution fees |
| 13,593 |
| 1,191 |
| 7,335 |
| 3,046 |
| ||||
Accrued administrative fees |
| 1,258 |
| 114 |
| 1,199 |
| 322 |
| ||||
Accrued shareholder servicing fees |
| 623 |
| 60 |
| 613 |
| 138 |
| ||||
Dividends payable |
| — |
| — |
| 13,451 |
| — |
| ||||
Accrued other expenses |
| 39,310 |
| 28,014 |
| 28,102 |
| 36,748 |
| ||||
Total Liabilities |
| 510,428 |
| 86,371 |
| 11,395,038 |
| 270,193 |
| ||||
NET ASSETS |
| $ | 52,928,123 |
| $ | 4,641,323 |
| $ | 48,604,550 |
| $ | 13,296,306 |
|
Net Assets Consist of: |
|
|
|
|
|
|
|
|
| ||||
Paid in capital (par value of $.001 per share) |
| 42,207,167 |
| 3,833,773 |
| 44,907,895 |
| 14,069,143 |
| ||||
Undistributed net investment income (accumulated loss) |
| 20,533 |
| 3,299 |
| (381,096 | ) | (191,687 | ) | ||||
Undistributed net realized gain (accumulated realized loss) |
| (1,769,817 | ) | 282,106 |
| 2,041,344 |
| (1,686,857 | ) | ||||
Net unrealized appreciation on investments |
| 12,470,240 |
| 522,145 |
| 2,036,407 |
| 1,105,707 |
| ||||
NET ASSETS |
| $ | 52,928,123 |
| $ | 4,641,323 |
| $ | 48,604,550 |
| $ | 13,296,306 |
|
*Identified cost |
| $ | 38,450,505 |
| $ | 4,000,805 |
| $ | 39,611,885 |
| $ | 11,739,051 |
|
**Proceeds received on short sales |
| $ | — |
| $ | — |
| $ | 9,434,247 |
| $ | — |
|
***Cost of foreign cash |
| $ | — |
| $ | — |
| $ | 109 |
| $ | 245,359 |
|
|
| Alger Spectra |
| Alger Green Fund |
| ||
NET ASSETS BY CLASS |
|
|
|
|
| ||
Class A |
| $ | 1,459,254,751 |
| $ | 25,705,959 |
|
Class C |
| $ | 340,752,543 |
| $ | 3,310,603 |
|
Class I |
| $ | 561,505,816 |
| $ | 23,911,561 |
|
Class Z |
| $ | 290,880,960 |
| $ | — |
|
SHARES OF BENEFICIAL INTEREST OUTSTANDING—NOTE 6 |
|
|
|
|
| ||
Class A |
| 97,234,797 |
| 3,332,688 |
| ||
Class C |
| 23,359,923 |
| 444,402 |
| ||
Class I |
| 37,177,548 |
| 3,103,819 |
| ||
Class Z |
| 19,306,244 |
| — |
| ||
|
|
|
|
|
| ||
NET ASSET VALUE AND OFFERING PRICE PER SHARE |
|
|
|
|
| ||
Class A — Net Asset Value Per Share |
| $ | 15.01 |
| $ | 7.71 |
|
Class A — Offering Price Per Share (includes 5.25% sales charge) |
| $ | 15.84 |
| $ | 8.14 |
|
Class C — Net Asset Value Per Share |
| $ | 14.59 |
| $ | 7.45 |
|
Class I — Net Asset Value Per Share |
| $ | 15.10 |
| $ | 7.70 |
|
Class Z — Net Asset Value Per Share |
| $ | 15.07 |
| — |
|
See Notes to Financial Statements.
|
| Alger Analyst |
| Alger Dynamic |
| Alger Emerging |
| |||
NET ASSETS BY CLASS |
|
|
|
|
|
|
| |||
Class A |
| $ | 2,929,755 |
| $ | 29,512,890 |
| $ | 3,446,694 |
|
Class C |
| $ | 227,938 |
| $ | 799,719 |
| $ | 173,593 |
|
Class I |
| $ | 1,483,630 |
| $ | — |
| $ | 9,676,019 |
|
Class Z |
| $ | — |
| $ | 18,291,941 |
| $ | — |
|
SHARES OF BENEFICIAL INTEREST OUTSTANDING—NOTE 6 |
|
|
|
|
|
|
| |||
Class A |
| 244,043 |
| 2,493,677 |
| 372,873 |
| |||
Class C |
| 19,660 |
| 68,806 |
| 19,000 |
| |||
Class I |
| 123,694 |
| — |
| 1,053,337 |
| |||
Class Z |
| — |
| 1,537,065 |
| — |
| |||
|
|
|
|
|
|
|
| |||
NET ASSET VALUE AND OFFERING PRICE PER SHARE |
|
|
|
|
|
|
| |||
Class A — Net Asset Value Per Share |
| $ | 12.01 |
| $ | 11.84 |
| $ | 9.24 |
|
Class A — Offering Price Per Share (includes 5.25% sales charge) |
| $ | 12.67 |
| $ | 12.49 |
| $ | 9.76 |
|
Class C — Net Asset Value Per Share |
| $ | 11.59 |
| $ | 11.62 |
| $ | 9.14 |
|
Class I — Net Asset Value Per Share |
| $ | 11.99 |
| — |
| $ | 9.19 |
| |
Class Z — Net Asset Value Per Share |
| — |
| $ | 11.90 |
| — |
|
THE ALGER FUNDS II
Statements of Operations (Unaudited)
For the six months ended April 30, 2013
|
| Alger Spectra |
| Alger Green Fund |
| ||
INCOME |
|
|
|
|
| ||
Dividends (net of foreign withholding taxes below*) |
| $ | 27,772,409 |
| $ | 405,616 |
|
Interest |
| 99,470 |
| 1,967 |
| ||
Total Income |
| 27,871,879 |
| 407,583 |
| ||
EXPENSES |
|
|
|
|
| ||
Advisory fees—Note 3(a) |
| 10,136,318 |
| 176,909 |
| ||
Distribution fees—Note3(g): |
|
|
|
|
| ||
Class A |
| 1,615,688 |
| 33,018 |
| ||
Class C |
| 1,428,346 |
| 13,329 |
| ||
Class I |
| 603,355 |
| 25,942 |
| ||
Administrative fees—Note 3(b) |
| 317,136 |
| 6,852 |
| ||
Dividends on securities sold short |
| 821,269 |
| — |
| ||
Custodian fees |
| 77,494 |
| 6,860 |
| ||
Interest expenses |
| 719 |
| 99 |
| ||
Borrowing fees on short sales |
| 1,131,205 |
| — |
| ||
Transfer agent fees and expenses—Note 3(c) |
| 966,602 |
| 29,222 |
| ||
Printing fees |
| 138,500 |
| 8,050 |
| ||
Professional fees |
| 64,606 |
| 8,815 |
| ||
Registration fees |
| 177,275 |
| 26,763 |
| ||
Trustee fees—Note 3(f) |
| 11,474 |
| 9,845 |
| ||
Fund accounting fees |
| 170,416 |
| 13,134 |
| ||
Miscellaneous |
| 59,718 |
| 3,490 |
| ||
Total Expenses |
| 17,720,121 |
| 362,328 |
| ||
Less, expense reimbursements Note 3(a) |
| — |
| (13,484 | ) | ||
Net Expenses |
| 17,720,121 |
| 348,844 |
| ||
NET INVESTMENT INCOME (LOSS) |
| 10,151,758 |
| 58,739 |
| ||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, OPTIONS AND FOREIGN CURRENCY |
|
|
|
|
| ||
Net realized gain on investments and purchased options |
| 134,133,473 |
| 3,468,154 |
| ||
Net realized gain (loss) on foreign currency transactions |
| (948 | ) | — |
| ||
Net realized gain on options written |
| — |
| — |
| ||
Net change in unrealized appreciation (depreciation) on investments, options and foreign currency |
| 112,469,702 |
| 3,826,276 |
| ||
Net change in unrealized appreciation (depreciation) on written options |
| — |
| — |
| ||
Net realized and unrealized gain on investments, options and foreign currency |
| 246,602,227 |
| 7,294,430 |
| ||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
| $ | 256,753,985 |
| $ | 7,353,169 |
|
*Foreign withholding taxes |
| $ | 129,441 |
| $ | — |
|
See Notes to Financial Statements.
|
| Alger Analyst |
| Alger Dynamic |
| Alger Emerging |
| |||
INCOME |
|
|
|
|
|
|
| |||
Dividends (net of foreign withholding taxes below*) |
| $ | 31,954 |
| $ | 354,141 |
| $ | 88,397 |
|
Interest |
| 66 |
| 2,442 |
| 69 |
| |||
Total Income |
| 32,020 |
| 356,583 |
| 88,466 |
| |||
EXPENSES |
|
|
|
|
|
|
| |||
Advisory fees—Note 3(a) |
| 16,069 |
| 268,662 |
| 64,336 |
| |||
Distribution fees—Note3(g): |
|
|
|
|
|
|
| |||
Class A |
| 3,437 |
| 33,127 |
| 2,877 |
| |||
Class C |
| 1,043 |
| 3,688 |
| 828 |
| |||
Class I |
| 1,658 |
| — |
| 11,538 |
| |||
Administrative fees—Note 3(b) |
| 589 |
| 6,157 |
| 1,608 |
| |||
Dividends on securities sold short |
| — |
| 64,194 |
| — |
| |||
Custodian fees |
| 6,355 |
| 11,595 |
| 42,837 |
| |||
Interest expenses |
| — |
| — |
| 49 |
| |||
Borrowing fees on short sales |
| — |
| 56,663 |
| — |
| |||
Transfer agent fees and expenses—Note 3(c) |
| 5,127 |
| 19,345 |
| 7,544 |
| |||
Printing fees |
| 2,439 |
| 2,991 |
| 1,682 |
| |||
Professional fees |
| 14,632 |
| 17,583 |
| 16,436 |
| |||
Registration fees |
| 26,449 |
| 44,525 |
| 27,009 |
| |||
Trustee fees—Note 3(f) |
| 9,803 |
| 9,825 |
| 9,808 |
| |||
Fund accounting fees |
| 10,038 |
| 15,878 |
| 10,549 |
| |||
Miscellaneous |
| 2,059 |
| 2,477 |
| 7,835 |
| |||
Total Expenses |
| 99,698 |
| 556,710 |
| 204,936 |
| |||
Less, expense reimbursements Note 3(a) |
| (71,167 | ) | (7,240 | ) | (104,489 | ) | |||
Net Expenses |
| 28,531 |
| 549,470 |
| 100,447 |
| |||
NET INVESTMENT INCOME (LOSS) |
| 3,489 |
| (192,887 | ) | (11,981 | ) | |||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, OPTIONS AND FOREIGN CURRENCY |
|
|
|
|
|
|
| |||
Net realized gain on investments and purchased options |
| 290,458 |
| 2,283,699 |
| 318,608 |
| |||
Net realized gain (loss) on foreign currency transactions |
| — |
| 1,089 |
| (8,496 | ) | |||
Net realized gain on options written |
| — |
| 2,520 |
| — |
| |||
Net change in unrealized appreciation (depreciation) on investments, options and foreign currency |
| 379,499 |
| 793,839 |
| 761,918 |
| |||
Net change in unrealized appreciation (depreciation) on written options |
| — |
| 1,970 |
| — |
| |||
Net realized and unrealized gain on investments, options and foreign currency |
| 669,957 |
| 3,083,117 |
| 1,072,030 |
| |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
| $ | 673,446 |
| $ | 2,890,230 |
| $ | 1,060,049 |
|
*Foreign withholding taxes |
| $ | 13 |
| $ | 2,362 |
| $ | 7,781 |
|
THE ALGER FUNDS II
Statements of Changes in Net Assets
|
| Alger Spectra Fund |
| ||||
|
| For the |
| For the |
| ||
Net investment income (loss) |
| $ | 10,151,758 |
| $ | 2,174,882 |
|
Net realized gain on investments, options and foreign currency |
| 134,132,526 |
| 42,272,555 |
| ||
Net change in unrealized appreciation (depreciation) on investments, options and foreign currency |
| 112,469,702 |
| 157,709,234 |
| ||
Net increase in net assets resulting from operations |
| 256,753,986 |
| 202,156,671 |
| ||
Dividends and distributions to shareholders from: |
|
|
|
|
| ||
Class A |
| (7,356,349 | ) | — |
| ||
Class C |
| (316,210 | ) | — |
| ||
Class I |
| (2,816,255 | ) | — |
| ||
Class Z |
| (2,068,209 | ) | — |
| ||
Net realized gains |
|
|
|
|
| ||
Class A |
| (27,530,580 | ) | (14,843,410 | ) | ||
Class C |
| (6,079,934 | ) | (2,459,598 | ) | ||
Class I |
| (9,915,565 | ) | (4,643,048 | ) | ||
Class Z |
| (5,176,165 | ) | (97,547 | ) | ||
Total dividends and distributions to shareholders |
| (61,259,267 | ) | (22,043,603 | ) | ||
Increase (decrease) from shares of beneficial interest transactions: |
|
|
|
|
| ||
Class A |
| 191,824,160 |
| 208,814,348 |
| ||
Class C |
| 72,917,549 |
| 90,829,301 |
| ||
Class I |
| 89,318,784 |
| 121,094,984 |
| ||
Class Z |
| 54,817,255 |
| 206,079,398 |
| ||
Net increase (decrease) from shares of beneficial interest transactions—Note 6(a) |
| 408,877,748 |
| 626,818,031 |
| ||
Redemption Fees |
|
|
|
|
| ||
Class A |
| 27,177 |
| 65,520 |
| ||
Class C |
| 1,582 |
| 1,566 |
| ||
Total Redemption Fees - Note 6(b) |
| 28,759 |
| 67,086 |
| ||
Total increase (decrease) |
| 604,401,226 |
| 806,998,185 |
| ||
Net Assets: |
|
|
|
|
| ||
Beginning of period |
| 2,047,992,844 |
| 1,240,994,659 |
| ||
END OF PERIOD |
| $ | 2,652,394,070 |
| $ | 2,047,992,844 |
|
Undistributed net investment income (accumulated loss) |
| $ | (381,541 | ) | $ | 2,023,724 |
|
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 income (loss) |
| $ | 58,739 |
| $ | 30,880 |
| $ | 3,489 |
| $ | (12,597 | ) | $ | (192,887 | ) | $ | (254,838 | ) |
Net realized gain on investments, options and foreign currency |
| 3,468,154 |
| 2,422,828 |
| 290,458 |
| 509,939 |
| 2,287,308 |
| 736,543 |
| ||||||
Net change in unrealized appreciation (depreciation) on investments, options and foreign currency |
| 3,826,276 |
| 2,832,780 |
| 379,499 |
| (182,910 | ) | 795,809 |
| 893,197 |
| ||||||
Net increase in net assets resulting from operations |
| 7,353,169 |
| 5,286,488 |
| 673,446 |
| 314,432 |
| 2,890,230 |
| 1,374,902 |
| ||||||
Dividends and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Class A |
| (39,971 | ) | — |
| — |
| — |
| — |
| — |
| ||||||
Class C |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
Class I |
| (29,115 | ) | — |
| — |
| — |
| — |
| — |
| ||||||
Class Z |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
Net realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Class A |
| — |
| — |
| (145,387 | ) | — |
| — |
| (164,541 | ) | ||||||
Class C |
| — |
| — |
| (10,840 | ) | — |
| — |
| (9,027 | ) | ||||||
Class I |
| — |
| — |
| (67,804 | ) | — |
| — |
| — |
| ||||||
Class Z |
| — |
| — |
| — |
| — |
| — |
| (163,669 | ) | ||||||
Total dividends and distributions to shareholders |
| (69,086 | ) | — |
| (224,031 | ) | — |
| — |
| (337,237 | ) | ||||||
Increase (decrease) from shares of beneficial interest transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Class A |
| (4,406,343 | ) | (3,646,827 | ) | 114,288 |
| (13,158 | ) | 6,063,507 |
| 9,833,326 |
| ||||||
Class C |
| 446,483 |
| (286,205 | ) | 22,326 |
| 2,448 |
| 130,269 |
| 60,674 |
| ||||||
Class I |
| 1,160,073 |
| (2,048,575 | ) | 166,415 |
| 337,640 |
| — |
| — |
| ||||||
Class Z |
| — |
| — |
| — |
| — |
| — |
| 5,163,671 |
| ||||||
Net increase (decrease) from shares of beneficial interest transactions—Note 6(a) |
| (2,799,787 | ) | (5,981,607 | ) | 303,029 |
| 326,930 |
| 6,193,776 |
| 15,057,671 |
| ||||||
Redemption Fees |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Class A |
| — |
| 13 |
| — |
| — |
| 26 |
| 3,898 |
| ||||||
Class C |
| — |
| — |
| — |
| 42 |
| — |
| — |
| ||||||
Total Redemption Fees - Note 6(b) |
| — |
| 13 |
| — |
| 42 |
| 26 |
| 3,898 |
| ||||||
Total increase (decrease) |
| 4,484,296 |
| (695,106 | ) | 752,444 |
| 641,404 |
| 9,084,032 |
| 16,099,234 |
| ||||||
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Beginning of period |
| 48,443,827 |
| 49,138,933 |
| 3,888,879 |
| 3,247,475 |
| 39,520,518 |
| 23,421,284 |
| ||||||
END OF PERIOD |
| $ | 52,928,123 |
| $ | 48,443,827 |
| $ | 4,641,323 |
| $ | 3,888,879 |
| $ | 48,604,550 |
| $ | 39,520,518 |
|
Undistributed net investment income (accumulated loss) |
| $ | 20,533 |
| $ | 30,879 |
| $ | 3,299 |
| $ | (190 | ) | $ | (381,096 | ) | $ | (188,209 | ) |
|
| Alger Emerging Markets Fund |
| ||||
|
| For the |
| For the |
| ||
Net investment income (loss) |
| $ | (11,981 | ) | $ | 14,829 |
|
Net realized gain (loss) on investments, options and foreign currency |
| 310,112 |
| (842,339 | ) | ||
Net change in unrealized appreciation on investments, options and foreign currency |
| 761,918 |
| 1,062,830 |
| ||
Net increase in net assets resulting from operations |
| 1,060,049 |
| 235,320 |
| ||
Dividends and distributions to shareholders from: |
|
|
|
|
| ||
Class A |
| (21,704 | ) | — |
| ||
Class C |
| (1,122 | ) | — |
| ||
Class I |
| (170,270 | ) | — |
| ||
Total dividends and distributions to shareholders |
| (193,096 | ) | — |
| ||
Increase (decrease) from shares of beneficial interest transactions: |
|
|
|
|
| ||
Class A |
| 2,150,745 |
| 383,260 |
| ||
Class C |
| 9,080 |
| 8,654 |
| ||
Class I |
| 231,318 |
| 15,468 |
| ||
Net increase from shares of beneficial interest transactions—Note 6(a) |
| 2,391,143 |
| 407,382 |
| ||
Redemption Fees |
|
|
|
|
| ||
Class A |
| — |
| 37 |
| ||
Total Redemption Fees - Note 6(b) |
| — |
| 37 |
| ||
Total increase |
| 3,258,096 |
| 642,739 |
| ||
Net Assets: |
|
|
|
|
| ||
Beginning of period |
| 10,038,210 |
| 9,395,471 |
| ||
END OF PERIOD |
| $ | 13,296,306 |
| $ | 10,038,210 |
|
Undistributed net investment income (accumulated loss) |
| $ | (191,687 | ) | $ | 13,389 |
|
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 |
| $ | 13.82 |
| $ | 12.35 |
| $ | 11.33 |
| $ | 9.28 |
| $ | 7.07 |
| $ | 12.00 |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net investment income (loss)(ii) |
| 0.07 |
| 0.02 |
| (0.05 | ) | (0.06 | ) | (0.02 | ) | (0.07 | ) | ||||||
Net realized and unrealized gain (loss) on investments |
| 1.53 |
| 1.66 |
| 1.07 |
| 2.11 |
| 2.23 |
| (4.86 | ) | ||||||
Total from investment operations |
| 1.60 |
| 1.68 |
| 1.02 |
| 2.05 |
| 2.21 |
| (4.93 | ) | ||||||
Dividends from net investment income |
| (0.09 | ) | — |
| — |
| — |
| — |
| — |
| ||||||
Distributions from net realized gains |
| (0.32 | ) | (0.21 | ) | — |
| — |
| — |
| — |
| ||||||
Net asset value, end of period |
| $ | 15.01 |
| $ | 13.82 |
| $ | 12.35 |
| $ | 11.33 |
| $ | 9.28 |
| $ | 7.07 |
|
Total return(iii) |
| 11.7 | % | 14.0 | % | 9.0 | % | 22.0 | % | 31.4 | % | (41.1 | )% | ||||||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net assets, end of period (000’s omitted) |
| $ | 1,459,255 |
| $ | 1,158,220 |
| $ | 836,857 |
| $ | 488,872 |
| $ | 280,139 |
| $ | 170,147 |
|
Ratio of gross expenses to average net assets |
| 1.48 | %(iv) | 1.49 | %(v) | 1.58 | %(vi) | 1.74 | %(vii) | 1.90 | %(viii) | 2.01 | % | ||||||
Ratio of expense reimbursements to average net assets |
| 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | (0.48 | )% | ||||||
Ratio of net expenses to average net assets |
| 1.48 | % | 1.49 | % | 1.58 | % | 1.74 | % | 1.90 | % | 1.53 | % | ||||||
Ratio of net investment income (loss) to average net assets |
| 0.95 | % | 0.16 | % | (0.38 | )% | (0.57 | )% | (0.29 | )% | (0.65 | )% | ||||||
Portfolio turnover rate |
| 59.73 | % | 139.90 | % | 163.11 | % | 252.68 | % | 362.48 | % | 313.46 | % |
(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 0.17% related to dividend expense on short positions and interest expense for the period 04/30/13.
(v) Includes 0.12% related to dividend expense on short positions and interest expense for the period 10/31/12.
(vi) Includes 0.18% related to dividend expense on short positions and interest expense for the period of 10/31/11.
(vii) Includes 0.32% related to dividend expense on short positions and interest expense for the period ended 10/31/10.
(viii) Includes 0.29% related to dividend expense on short positions and interest expense for the period ended 10/31/09.
See Notes to Financial Statements.
|
| Class C |
| ||||||||||||||||
|
| Six months |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| From |
| ||||||
Net asset value, beginning of period |
| $ | 13.43 |
| $ | 12.09 |
| $ | 11.18 |
| $ | 9.23 |
| $ | 7.07 |
| $ | 8.78 |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net investment income (loss)(iii) |
| 0.01 |
| (0.07 | ) | (0.13 | ) | (0.14 | ) | (0.12 | ) | (0.01 | ) | ||||||
Net realized and unrealized gain (loss) on investments |
| 1.49 |
| 1.62 |
| 1.04 |
| 2.09 |
| 2.28 |
| (1.70 | ) | ||||||
Total from investment operations |
| 1.50 |
| 1.55 |
| 0.91 |
| 1.95 |
| 2.16 |
| (1.71 | ) | ||||||
Dividends from net investment income |
| (0.02 | ) | — |
| — |
| — |
| — |
| — |
| ||||||
Distributions from net realized gains |
| (0.32 | ) | (0.21 | ) | — |
| — |
| — |
| — |
| ||||||
Net asset value, end of period |
| $ | 14.59 |
| $ | 13.43 |
| $ | 12.09 |
| $ | 11.18 |
| $ | 9.23 |
| $ | 7.07 |
|
Total return(iv) |
| 11.4 | % | 13.1 | % | 8.2 | % | 21.0 | % | 30.6 | % | (19.5 | )% | ||||||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net assets, end of period (000’s omitted) |
| $ | 340,753 |
| $ | 242,972 |
| $ | 134,399 |
| $ | 47,351 |
| $ | 4,685 |
| $ | 90 |
|
Ratio of gross expenses to average net assets |
| 2.25 | %(v) | 2.24 | %(vi) | 2.32 | %(vii) | 2.52 | %(viii) | 2.48 | %(ix) | 2.27 | % | ||||||
Ratio of expense reimbursements to average net assets |
| 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | (0.02 | )% | ||||||
Ratio of net expenses to average net assets |
| 2.25 | % | 2.24 | % | 2.32 | % | 2.52 | % | 2.48 | % | 2.25 | % | ||||||
Ratio of net investment income (loss) to average net assets |
| 0.13 | % | (0.57 | )% | (1.11 | )% | (1.38 | )% | (1.35 | )% | (0.92 | )% | ||||||
Portfolio turnover rate |
| 59.73 | % | 139.90 | % | 163.11 | % | 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. Portfolio turnover is calculated for twelve months ended October 31, 2008.
(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 0.17% related to dividend expense on short positions and interest expense for the period 04/30/13.
(vi) Includes 0.13% related to dividend expense on short positions and interest expense for the period 10/31/12.
(vii) Includes 0.17% related to dividend expense on short positions and interest expense for the period 10/31/11.
(viii) Includes 0.31% related to dividend expense on short positions and interest expense for the period ended 10/31/10.
(ix) Includes 0.25% related to dividend expense on short positions and interest expense for the period ended 10/31/09.
See Notes to Financial Statements.
|
| Class I |
| ||||||||||||||||
|
| Six months |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| From |
| ||||||
Net asset value, beginning of period |
| $ | 13.92 |
| $ | 12.42 |
| $ | 11.39 |
| $ | 9.32 |
| $ | 7.08 |
| $ | 8.78 |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net investment income (loss)(iii) |
| 0.07 |
| 0.03 |
| (0.04 | ) | (0.05 | ) | (0.07 | ) | — |
| ||||||
Net realized and unrealized gain (loss) on investments |
| 1.52 |
| 1.68 |
| 1.07 |
| 2.12 |
| 2.31 |
| (1.70 | ) | ||||||
Total from investment operations |
| 1.59 |
| 1.71 |
| 1.03 |
| 2.07 |
| 2.24 |
| (1.70 | ) | ||||||
Dividends from net investment income |
| (0.09 | ) | — |
| — |
| — |
| — |
| — |
| ||||||
Distributions from net realized gains |
| (0.32 | ) | (0.21 | ) | — |
| — |
| — |
| — |
| ||||||
Net asset value, end of period |
| $ | 15.10 |
| $ | 13.92 |
| $ | 12.42 |
| $ | 11.39 |
| $ | 9.32 |
| $ | 7.08 |
|
Total return(iv) |
| 11.7 | % | 14.1 | % | 9.1 | % | 22.1 | % | 31.8 | % | (19.4 | )% | ||||||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net assets, end of period (000’s omitted) |
| $ | 561,506 |
| $ | 431,557 |
| $ | 266,366 |
| $ | 116,343 |
| $ | 63,719 |
| $ | 81 |
|
Ratio of gross expenses to average net assets |
| 1.47 | %(v) | 1.43 | %(vi) | 1.50 | %(vii) | 1.64 | %(viii) | 1.50 | %(ix) | 1.53 | % | ||||||
Ratio of expense reimbursements to average net assets |
| 0.00 | % | 0.00 | % | 0.00 | % | (0.01 | )% | (0.05 | )% | (0.28 | )% | ||||||
Ratio of net expenses to average net assets |
| 1.47 | % | 1.43 | % | 1.50 | % | 1.63 | % | 1.45 | % | 1.25 | % | ||||||
Ratio of net investment income (loss) to average net assets |
| 0.95 | % | 0.25 | % | (0.29 | )% | (0.46 | )% | (0.77 | )% | 0.09 | % | ||||||
Portfolio turnover rate |
| 59.73 | % | 139.90 | % | 163.11 | % | 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. Portfolio turnover is calculated for twelve months ended October 31, 2008.
(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 0.18% related to dividend expense on short positions and interest expense for the period 04/30/13.
(vi) Includes 0.12% related to dividend expense on short positions and interest expense for the period 10/31/12.
(vii) Includes 0.18% related to dividend expense on short positions and interest expense for the period ended 10/31/11.
(viii) Includes 0.32% related to dividend expense on short positions and interest expense for the period ended 10/31/10.
(ix) Includes 0.20% related to dividend expense of short positions and interest expense for the period ended 10/31/09.
See Notes to Financial Statements.
|
| Class Z |
| |||||||
|
| Six months |
| Year ended |
| From |
| |||
Net asset value, beginning of period |
| $ | 13.90 |
| $ | 12.38 |
| $ | 12.20 |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
| |||
Net investment income(iii) |
| 0.09 |
| 0.08 |
| 0.00 |
| |||
Net realized and unrealized gain (loss) on investments |
| 1.53 |
| 1.65 |
| 0.18 |
| |||
Total from investment operations |
| 1.62 |
| 1.73 |
| 0.18 |
| |||
Dividends from net investment income |
| (0.13 | ) | — |
| — |
| |||
Distributions from net realized gains |
| (0.32 | ) | (0.21 | ) | — |
| |||
Net asset value, end of period |
| $ | 15.07 |
| $ | 13.90 |
| $ | 12.38 |
|
Total return(iv) |
| 11.9 | % | 14.3 | % | 1.5 | % | |||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
| |||
Net assets, end of period (000’s omitted) |
| $ | 290,881 |
| $ | 215,244 |
| $ | 3,373 |
|
Ratio of gross expenses to average net assets |
| 1.17 | %(v) | 1.20 | %(vi) | 2.65 | %(vii) | |||
Ratio of expense reimbursements to average net assets |
| 0.00 | % | 0.00 | % | (1.41 | )% | |||
Ratio of net expenses to average net assets |
| 1.17 | % | 1.20 | % | 1.24 | % | |||
Ratio of net investment income (loss) to average net assets |
| 1.24 | % | 0.60 | % | 0.01 | % | |||
Portfolio turnover rate |
| 59.73 | % | 139.90 | % | 163.11 | % |
(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. Portfolio turnover is calculated for twelve months ended October 31, 2011.
(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 0.17% related to dividend expense on short positions and interest expense for the period 04/30/13.
(vi) Includes 0.17% related to dividend expense on short positions and interest expense for the period 10/31/12.
(vii) Includes 0.14% related to dividend expense on short positions and interest expense for the period 10/31/11.
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 |
| $ | 6.68 |
| $ | 6.01 |
| $ | 6.03 |
| $ | 5.24 |
| $ | 4.52 |
| $ | 7.90 |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net investment income (loss)(iii) |
| 0.01 |
| 0.01 |
| (0.01 | ) | (0.01 | ) | 0.00 |
| (0.01 | ) | ||||||
Net realized and unrealized gain (loss) on investments |
| 1.03 |
| 0.66 |
| (0.01 | ) | 0.80 |
| 0.72 |
| (3.19 | ) | ||||||
Total from investment operations |
| 1.04 |
| 0.67 |
| (0.02 | ) | 0.79 |
| 0.72 |
| (3.20 | ) | ||||||
Dividends from net investment income |
| (0.01 | ) | — |
| — |
| — |
| — |
| — |
| ||||||
Distributions from net realized gains |
| — |
| — |
| — |
| — |
| — |
| (0.18 | ) | ||||||
Net asset value, end of period |
| $ | 7.71 |
| $ | 6.68 |
| $ | 6.01 |
| $ | 6.03 |
| $ | 5.24 |
| $ | 4.52 |
|
Total return(iv) |
| 15.6 | % | 11.2 | % | (0.3 | )% | 15.1 | % | 15.9 | % | (41.4 | )% | ||||||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net assets, end of period (000’s omitted) |
| $ | 25,706 |
| $ | 26,243 |
| $ | 27,018 |
| $ | 37,545 |
| $ | 27,335 |
| $ | 22,307 |
|
Ratio of gross expenses to average net assets |
| 1.43 | % | 1.49 | % | 1.46 | % | 1.44 | % | 1.87 | % | 1.49 | % | ||||||
Ratio of expense reimbursements to average net assets |
| (0.08 | )% | (0.17 | )% | (0.21 | )% | (0.19 | )% | (0.62 | )% | (0.24 | )% | ||||||
Ratio of net expenses to average net assets |
| 1.35 | % | 1.32 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | ||||||
Ratio of net investment income (loss) to average net assets |
| 0.30 | % | 0.12 | % | (0.14 | )% | (0.21 | )% | (0.10 | )% | (0.21 | )% | ||||||
Portfolio turnover rate |
| 11.60 | % | 21.25 | % | 28.25 | % | 29.44 | % | 79.75 | % | 106.34 | % |
(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.
|
| Class C |
| ||||||||||||||||
|
| Six months |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| From |
| ||||||
Net asset value, beginning of period |
| $ | 6.47 |
| $ | 5.88 |
| $ | 5.94 |
| $ | 5.20 |
| $ | 4.51 |
| $ | 5.65 |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net investment loss(iii) |
| (0.02 | ) | (0.05 | ) | (0.05 | ) | (0.05 | ) | (0.05 | ) | — |
| ||||||
Net realized and unrealized gain (loss) on investments |
| 1.00 |
| 0.64 |
| (0.01 | ) | 0.79 |
| 0.74 |
| (1.14 | ) | ||||||
Total from investment operations |
| 0.98 |
| 0.59 |
| (0.06 | ) | 0.74 |
| 0.69 |
| (1.14 | ) | ||||||
Net asset value, end of period |
| $ | 7.45 |
| $ | 6.47 |
| $ | 5.88 |
| $ | 5.94 |
| $ | 5.20 |
| $ | 4.51 |
|
Total return(iv) |
| 15.1 | % | 10.0 | % | (1.0 | )% | 14.2 | % | 15.3 | % | (20.2 | )% | ||||||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net assets, end of period (000’s omitted) |
| $ | 3,311 |
| $ | 2,484 |
| $ | 2,517 |
| $ | 2,436 |
| $ | 1,041 |
| $ | 90 |
|
Ratio of gross expenses to average net assets |
| 2.28 | % | 2.31 | % | 2.25 | % | 2.26 | % | 2.49 | % | 2.17 | % | ||||||
Ratio of expense reimbursements to average net assets |
| 0.00 | % | (0.10 | )% | (0.25 | )% | (0.26 | )% | (0.49 | )% | (0.17 | )% | ||||||
Ratio of net expenses to average net assets |
| 2.28 | % | 2.21 | % | 2.00 | % | 2.00 | % | 2.00 | % | 2.00 | % | ||||||
Ratio of net investment income (loss) to average net assets |
| (0.70 | )% | (0.77 | )% | (0.90 | )% | (0.97 | )% | (1.05 | )% | (1.01 | )% | ||||||
Portfolio turnover rate |
| 11.60 | % | 21.25 | % | 28.25 | % | 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. Portfolio turnover is calculated for twelve months ended October 31, 2008.
(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.
|
| Class I |
| ||||||||||||||||
|
| Six months |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| From |
| ||||||
Net asset value, beginning of period |
| $ | 6.67 |
| $ | 6.01 |
| $ | 6.02 |
| $ | 5.24 |
| $ | 4.52 |
| $ | 5.65 |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net investment income (loss)(iii) |
| 0.01 |
| 0.01 |
| (0.01 | ) | (0.01 | ) | (0.01 | ) | — |
| ||||||
Net realized and unrealized gain (loss) on investments |
| 1.03 |
| 0.65 |
| 0.00 |
| 0.79 |
| 0.73 |
| (1.13 | ) | ||||||
Total from investment operations |
| 1.04 |
| 0.66 |
| (0.01 | ) | 0.78 |
| 0.72 |
| (1.13 | ) | ||||||
Dividends from net investment income |
| (0.01 | ) | — |
| — |
| — |
| — |
| — |
| ||||||
Net asset value, end of period |
| $ | 7.70 |
| $ | 6.67 |
| $ | 6.01 |
| $ | 6.02 |
| $ | 5.24 |
| $ | 4.52 |
|
Total return(iv) |
| 15.6 | % | 11.0 | % | (0.2 | )% | 14.9 | % | 15.9 | % | (20.0 | )% | ||||||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net assets, end of period (000’s omitted) |
| $ | 23,912 |
| $ | 19,717 |
| $ | 19,604 |
| $ | 13,461 |
| $ | 6,612 |
| $ | 80 |
|
Ratio of gross expenses to average net assets |
| 1.38 | % | 1.52 | % | 1.63 | % | 1.47 | % | 1.63 | % | 1.42 | % | ||||||
Ratio of expense reimbursements to average net assets |
| (0.03 | )% | (0.20 | )% | (0.38 | )% | (0.22 | )% | (0.38 | )% | (0.17 | )% | ||||||
Ratio of net expenses to average net assets |
| 1.35 | % | 1.32 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | ||||||
Ratio of net investment income (loss) to average net assets |
| 0.27 | % | 0.10 | % | (0.16 | )% | (0.22 | )% | (0.28 | )% | (0.26 | )% | ||||||
Portfolio turnover rate |
| 11.60 | % | 21.25 | % | 28.25 | % | 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. Portfolio turnover is calculated for twelve months ended October 31, 2008.
(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 |
| Year ended |
| Year ended |
| ||||||
Net asset value, beginning of period |
| $ | 10.83 |
| $ | 9.85 |
| $ | 9.54 |
| $ | 8.02 |
| $ | 6.57 |
| $ | 12.07 |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net investment income (loss)(ii) |
| 0.01 |
| (0.03 | ) | (0.05 | ) | (0.05 | ) | (0.04 | ) | (0.06 | ) | ||||||
Net realized and unrealized gain (loss) on investments |
| 1.79 |
| 1.01 |
| 0.36 |
| 1.57 |
| 1.49 |
| (4.93 | ) | ||||||
Total from investment operations |
| 1.80 |
| 0.98 |
| 0.31 |
| 1.52 |
| 1.45 |
| (4.99 | ) | ||||||
Distributions from net realized gains |
| (0.62 | ) | — |
| — |
| — |
| — |
| (0.51 | ) | ||||||
Net asset value, end of period |
| $ | 12.01 |
| $ | 10.83 |
| $ | 9.85 |
| $ | 9.54 |
| $ | 8.02 |
| $ | 6.57 |
|
Total return(iii) |
| 17.2 | % | 10.0 | % | 3.2 | % | 19.0 | % | 22.1 | % | (43.0 | )% | ||||||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net assets, end of period (000’s omitted) |
| $ | 2,930 |
| $ | 2,524 |
| $ | 2,306 |
| $ | 2,236 |
| $ | 1,722 |
| $ | 1,360 |
|
Ratio of gross expenses to average net assets |
| 4.53 | % | 4.85 | % | 5.31 | % | 5.68 | % | 7.62 | % | 3.04 | % | ||||||
Ratio of expense reimbursements to average net assets |
| (3.23 | )% | (3.58 | )% | (4.11 | )% | (4.48 | )% | (6.42 | )% | (1.84 | )% | ||||||
Ratio of net expenses to average net assets |
| 1.30 | % | 1.27 | % | 1.20 | % | 1.20 | % | 1.20 | % | 1.20 | % | ||||||
Ratio of net investment income (loss) to average net assets |
| 0.20 | % | (0.30 | )% | (0.50 | )% | (0.60 | )% | (0.53 | )% | (0.60 | )% | ||||||
Portfolio turnover rate |
| 93.69 | % | 158.39 | % | 141.68 | % | 73.54 | % | 144.99 | % | 124.91 | % |
(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.
See Notes to Financial Statements.
|
| Class C |
| ||||||||||||||||
|
| Six months |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| From |
| ||||||
Net asset value, beginning of period |
| $ | 10.51 |
| $ | 9.62 |
| $ | 9.39 |
| $ | 7.95 |
| $ | 6.56 |
| $ | 8.55 |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net investment loss(iii) |
| (0.03 | ) | (0.10 | ) | (0.12 | ) | (0.12 | ) | (0.09 | ) | (0.01 | ) | ||||||
Net realized and unrealized gain (loss) on investments |
| 1.73 |
| 0.99 |
| 0.35 |
| 1.56 |
| 1.48 |
| (1.98 | ) | ||||||
Total from investment operations |
| 1.70 |
| 0.89 |
| 0.23 |
| 1.44 |
| 1.39 |
| (1.99 | ) | ||||||
Distributions from net realized gains |
| (0.62 | ) | — |
| — |
| — |
| — |
| — |
| ||||||
Net asset value, end of period |
| $ | 11.59 |
| $ | 10.51 |
| $ | 9.62 |
| $ | 9.39 |
| $ | 7.95 |
| $ | 6.56 |
|
Total return(iv) |
| 16.8 | % | 9.3 | % | 2.4 | % | 18.1 | % | 21.2 | % | (23.3 | )% | ||||||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net assets, end of period (000’s omitted) |
| $ | 228 |
| $ | 184 |
| $ | 165 |
| $ | 166 |
| $ | 126 |
| $ | 77 |
|
Ratio of gross expenses to average net assets |
| 6.53 | % | 6.00 | % | 6.45 | % | 6.54 | % | 8.49 | % | 6.60 | % | ||||||
Ratio of expense reimbursements to average net assets |
| (4.58 | )% | (4.05 | )% | (4.50 | )% | (4.59 | )% | (6.54 | )% | (4.65 | )% | ||||||
Ratio of net expenses to average net assets |
| 1.95 | % | 1.95 | % | 1.95 | % | 1.95 | % | 1.95 | % | 1.95 | % | ||||||
Ratio of net investment income (loss) to average net assets |
| (0.47 | )% | (0.99 | )% | (1.25 | )% | (1.35 | )% | (1.29 | )% | (1.31 | )% | ||||||
Portfolio turnover rate |
| 93.69 | % | 158.39 | % | 141.68 | % | 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. Portfolio turnover is calculated for twelve months ended October 31, 2008.
(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.
|
| Class I |
| ||||||||||||||||
|
| Six months |
| Year ended |
| Year ended |
| Year ended |
| Year ended |
| From |
| ||||||
Net asset value, beginning of period |
| $ | 10.82 |
| $ | 9.84 |
| $ | 9.53 |
| $ | 8.01 |
| $ | 6.56 |
| $ | 8.55 |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net investment income (loss)(iii) |
| 0.01 |
| (0.03 | ) | (0.05 | ) | (0.05 | ) | (0.04 | ) | — |
| ||||||
Net realized and unrealized gain (loss) on investments |
| 1.78 |
| 1.01 |
| 0.36 |
| 1.57 |
| 1.49 |
| (1.99 | ) | ||||||
Total from investment operations |
| 1.79 |
| 0.98 |
| 0.31 |
| 1.52 |
| 1.45 |
| (1.99 | ) | ||||||
Distributions from net realized gains |
| (0.62 | ) | — |
| — |
| — |
| — |
| — |
| ||||||
Net asset value, end of period |
| $ | 11.99 |
| $ | 10.82 |
| $ | 9.84 |
| $ | 9.53 |
| $ | 8.01 |
| $ | 6.56 |
|
Total return(iv) |
| 17.2 | % | 10.0 | % | 3.3 | % | 19.0 | % | 22.1 | % | (23.3 | )% | ||||||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net assets, end of period (000’s omitted) |
| $ | 1,484 |
| $ | 1,180 |
| $ | 776 |
| $ | 183 |
| $ | 155 |
| $ | 77 |
|
Ratio of gross expenses to average net assets |
| 4.63 | % | 5.95 | % | 6.91 | % | 14.02 | % | 7.75 | % | 5.85 | % | ||||||
Ratio of expense reimbursements to average net assets |
| (3.33 | )% | (4.68 | )% | (5.71 | )% | (12.82 | )% | (6.55 | )% | (4.65 | )% | ||||||
Ratio of net expenses to average net assets |
| 1.30 | % | 1.27 | % | 1.20 | % | 1.20 | % | 1.20 | % | 1.20 | % | ||||||
Ratio of net investment income (loss) to average net assets |
| 0.19 | % | (0.33 | )% | (0.50 | )% | (0.60 | )% | (0.56 | )% | (0.56 | )% | ||||||
Portfolio turnover rate |
| 93.69 | % | 158.39 | % | 141.68 | % | 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. Portfolio turnover is calculated for twelve months ended October 31, 2008.
(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 |
| ||||||||||
|
| Six months |
| Year ended |
| Year ended |
| From |
| ||||
Net asset value, beginning of period |
| $ | 11.12 |
| $ | 10.64 |
| $ | 10.55 |
| $ | 10.00 |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
| ||||
Net investment loss(iii) |
| (0.05 | ) | (0.14 | ) | (0.21 | ) | (0.20 | ) | ||||
Net realized and unrealized gain (loss) on investments |
| 0.77 |
| 0.77 |
| 0.30 |
| 0.75 |
| ||||
Total from investment operations |
| 0.72 |
| 0.63 |
| 0.09 |
| 0.55 |
| ||||
Distributions from net realized gains |
| — |
| (0.15 | ) | — |
| — |
| ||||
Net asset value, end of period |
| $ | 11.84 |
| $ | 11.12 |
| $ | 10.64 |
| $ | 10.55 |
|
Total return(iv) |
| 6.4 | % | 6.1 | % | 0.9 | % | 5.5 | % | ||||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
| ||||
Net assets, end of period (000’s omitted) |
| $ | 29,513 |
| $ | 21,741 |
| $ | 11,514 |
| $ | 14,527 |
|
Ratio of gross expenses to average net assets |
| 2.57 | %(v) | 2.98 | %(vi) | 3.09 | %(vii) | 3.30 | %(viii) | ||||
Ratio of expense reimbursements to average net assets |
| (0.03 | )% | (0.36 | )% | (0.62 | )% | (0.78 | )% | ||||
Ratio of net expenses to average net assets |
| 2.54 | % | 2.62 | % | 2.47 | % | 2.52 | % | ||||
Ratio of net investment income (loss) to average net assets |
| (0.97 | )% | (1.26 | )% | (1.87 | )% | (2.00 | )% | ||||
Portfolio turnover rate |
| 100.92 | % | 257.74 | % | 430.05 | % | 438.65 | % |
(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 0.54% related to dividend expense on short positions and interest expense for the period 04/30/13.
(vi) Includes 0.62% related to dividend expense on short positions and interest expense for the period 10/31/12.
(vii) Includes 0.47% related to dividend expense on short positions and interest expense for the period 10/31/11.
(viii) Includes 0.45% related to dividend expense on short positions and interest expense for the period ended 10/31/10.
See Notes to Financial Statements.
|
| Class C |
| Class Z |
| ||||||||||||||
|
| Six months |
| Year ended |
| From |
| Six months |
| Year ended |
| From |
| ||||||
Net asset value, beginning of period |
| $ | 10.95 |
| $ | 10.57 |
| $ | 10.96 |
| $ | 11.16 |
| $ | 10.66 |
| $ | 10.96 |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net investment loss(iii) |
| (0.09 | ) | (0.22 | ) | (0.23 | ) | (0.04 | ) | (0.10 | ) | (0.15 | ) | ||||||
Net realized and unrealized gain (loss) on investments |
| 0.76 |
| 0.75 |
| (0.16 | ) | 0.78 |
| 0.75 |
| (0.15 | ) | ||||||
Total from investment operations |
| 0.67 |
| 0.53 |
| (0.39 | ) | 0.74 |
| 0.65 |
| (0.30 | ) | ||||||
Distributions from net realized gains |
| — |
| (0.15 | ) | — |
| — |
| (0.15 | ) | — |
| ||||||
Net asset value, end of period |
| $ | 11.62 |
| $ | 10.95 |
| $ | 10.57 |
| $ | 11.90 |
| $ | 11.16 |
| $ | 10.66 |
|
Total return(iv) |
| 6.0 | % | 5.2 | % | (3.6 | )% | 6.5 | % | 6.3 | % | (2.7 | )% | ||||||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net assets, end of period (000’s omitted) |
| $ | 800 |
| $ | 622 |
| $ | 539 |
| $ | 18,292 |
| $ | 17,158 |
| $ | 11,368 |
|
Ratio of gross expenses to average net assets |
| 3.49 | %(v) | 4.00 | %(vi) | 4.12 | %(vii) | 2.32 | %(v) | 2.73 | %(vi) | 11.84 | %(viii) | ||||||
Ratio of expense reimbursements to average net assets |
| (0.20 | )% | (0.62 | )% | (0.96 | )% | (0.03 | )% | (0.35 | )% | (9.30 | )% | ||||||
Ratio of net expenses to average net assets |
| 3.29 | % | 3.38 | % | 3.16 | % | 2.29 | % | 2.38 | % | 2.54 | % | ||||||
Ratio of net investment income (loss) to average net assets |
| (1.67 | )% | (2.05 | )% | (2.56 | )% | (0.67 | )% | (0.90 | )% | (1.92 | )% | ||||||
Portfolio turnover rate |
| 100.92 | % | 257.74 | % | 430.05 | % | 100.92 | % | 257.74 | % | 430.05 | % |
(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. Portfolio turnover is calculated for twelve months ended October 31, 2011.
(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 0.54% related to dividend expense on short positions and interest expense for the period 04/30/13.
(vi) Includes 0.63% related to dividend expense on short positions and interest expense for the period 10/31/12.
(vii) Includes 0.41% related to dividend expense on short positions and interest expense for the period 10/31/11.
(viii) Includes 0.79% related to dividend expense on short positions and interest expense for the period 10/31/11.
See Notes to Financial Statements.
Alger Emerging Markets Fund
|
| Class A |
| Class C |
| ||||||||||||||
|
| Six months |
| Year ended |
| From |
| Six months |
| Year ended |
| From |
| ||||||
Net asset value, beginning of period |
| $ | 8.52 |
| $ | 8.32 |
| $ | 10.00 |
| $ | 8.37 |
| $ | 8.23 |
| $ | 10.00 |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net investment income (loss)(iii) |
| 0.00 |
| 0.03 |
| 0.04 |
| (0.04 | ) | (0.05 | ) | (0.03 | ) | ||||||
Net realized and unrealized gain (loss) on investments |
| 0.88 |
| 0.17 |
| (1.72 | ) | 0.87 |
| 0.19 |
| (1.74 | ) | ||||||
Total from investment operations |
| 0.88 |
| 0.20 |
| (1.68 | ) | 0.83 |
| 0.14 |
| (1.77 | ) | ||||||
Dividends from net investment income |
| (0.16 | ) | — |
| — |
| (0.06 | ) | — |
| — |
| ||||||
Net asset value, end of period |
| $ | 9.24 |
| $ | 8.52 |
| $ | 8.32 |
| $ | 9.14 |
| $ | 8.37 |
| $ | 8.23 |
|
Total return(iv) |
| 10.4 | % | 2.4 | % | (16.8 | )% | 10.0 | % | 1.7 | % | (17.7 | )% | ||||||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net assets, end of period (000’s omitted) |
| $ | 3,447 |
| $ | 1,176 |
| $ | 764 |
| $ | 174 |
| $ | 151 |
| $ | 142 |
|
Ratio of gross expenses to average net assets |
| 3.50 | % | 4.43 | % | 4.60 | % | 6.10 | % | 5.61 | % | 5.99 | % | ||||||
Ratio of expense reimbursements to average net assets |
| (1.80 | )% | (2.73 | )% | (2.90 | )% | (3.65 | )% | (3.16 | )% | (3.54 | )% | ||||||
Ratio of net expenses to average net assets |
| 1.70 | % | 1.70 | % | 1.70 | % | 2.45 | % | 2.45 | % | 2.45 | % | ||||||
Ratio of net investment income (loss) to average net assets |
| 0.03 | % | 0.31 | % | 0.51 | % | (0.97 | )% | (0.57 | )% | (0.39 | )% | ||||||
Portfolio turnover rate |
| 47.38 | % | 150.09 | % | 121.91 | % | 47.38 | % | 150.09 | % | 121.91 | % |
(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.
|
| Class I |
| |||||||
|
| Six months |
| Year ended |
| From |
| |||
Net asset value, beginning of period |
| $ | 8.48 |
| $ | 8.28 |
| $ | 10.00 |
|
INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
| |||
Net investment income (loss)(iii) |
| (0.01 | ) | 0.01 |
| 0.00 |
| |||
Net realized and unrealized gain (loss) on investments |
| 0.89 |
| 0.19 |
| (1.72 | ) | |||
Total from investment operations |
| 0.88 |
| 0.20 |
| (1.72 | ) | |||
Dividends from net investment income |
| (0.17 | ) | — |
| — |
| |||
Net asset value, end of period |
| $ | 9.19 |
| $ | 8.48 |
| $ | 8.28 |
|
Total return(iv) |
| 10.4 | % | 2.4 | % | (17.2 | )% | |||
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
| |||
Net assets, end of period (000’s omitted) |
| $ | 9,676 |
| $ | 8,712 |
| $ | 8,490 |
|
Ratio of gross expenses to average net assets |
| 3.46 | % | 4.28 | % | 4.16 | % | |||
Ratio of expense reimbursements to average net assets |
| (1.76 | )% | (2.58 | )% | (2.46 | )% | |||
Ratio of net expenses to average net assets |
| 1.70 | % | 1.70 | % | 1.70 | % | |||
Ratio of net investment income (loss) to average net assets |
| (0.25 | )% | 0.15 | % | 0.05 | % | |||
Portfolio turnover rate |
| 47.38 | % | 150.09 | % | 121.91 | % |
(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.
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.
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 costs of its plan of distribution, if it maintains one, 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 of Trustees. Investments are valued on each day the New York Stock Exchange (the “NYSE”) is open, as of the close of the NYSE (normally 4:00 p.m. Eastern time).
Equity securities 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. Debt securities with a remaining maturity of sixty days or less are valued at amortized cost which approximates market value.
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 foreign closing prices to reflect what the investment adviser, pursuant to policies established by the Board of Trustees, believes to be the fair value of these securities as of the close of the NYSE. The 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 generally consistent with the market approach whereby prices and other relevant information generated by market transactions involving identical or comparable assets are used to measure fair value. Inputs for Level 1 include exchange-listed prices and broker quotes in an active market. Inputs for Level 2 include the last trade price in the case of a halted security, an exchange-listed price which has been adjusted for fair value factors, and prices of closely related securities. Additional Level 2 inputs include an evaluated price which is based upon a compilation of observable market information such as spreads for fixed income and preferred securities. Valuation techniques for Level 3 securities include using the income approach whereby future amounts are converted, or discounted, to a current single amount. These fair value measurements are determined on the basis of the value indicated by current market expectations about such future events. Inputs for Level 3 include unobservable market information which can include cash flows, income and expenses, and other information obtained from a company’s financial statements, or from market indicators such as benchmarks and indices.
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Valuation processes are determined by a Valuation Committee (“Committee”) established by the Trust’s Board of Trustees (“Board”) and comprised of representatives of the Trust’s investment advisor. The Committee reports its valuation determinations to the Board which is responsible for approving valuation policy and procedures.
The Committee meets quarterly to review and evaluate the effectiveness of the procedures for making fair value determinations. The Committee considers, among other things, the results of quarterly back testing of the fair value model for foreign securities, pricing comparisons between primary and secondary price sources, the outcome of price challenges put to the Funds’ pricing vendor, and variances between transactional prices and previous mark-to-markets.
The Funds will record a change to a security’s fair value level if new inputs are available or it becomes evident that inputs previously considered for leveling have changed or are no longer relevant. Transfers between Levels 1 and 2 are recognized at the end of the reporting period, and transfers into and out of Level 3 are recognized during the reporting period.
(b) Cash and Cash Equivalents: Cash and cash equivalents include U.S. dollars and overnight time deposits.
(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.
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
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 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 values of the Funds, and are designed to present each Fund’s capital accounts on a tax basis.
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(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 2009-2012, for Alger Dynamic Opportunities Fund remains open for the tax years 2010-2012 and for Alger Emerging Markets Fund remains open for the tax year 2011-2012. 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 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 present a fair statement of results for the interim period. All such adjustments are of normal recurring nature.
NOTE 3 — Investment Advisory Fees and Other Transactions with Affiliates:
(a) Investment Advisory Fees: Effective November 1, 2012, the investment advisory fee was changed to a tiered fee rate (other than for Alger Emerging Markets Fund) based on net assets of each Fund. The fees incurred by each Fund, pursuant to the provisions of the Trust’s Investment Advisory Agreement with Fred Alger Management, Inc., are payable monthly and computed based on the following rates. The actual rate paid as a percentage of average daily net assets, for the six months ended April 30, 2013, is set forth below under the heading “Actual Rate.”
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
| Tier 1 |
| Tier 2 |
| Tier 3 |
| Actual Rate |
|
Alger Spectra Fund (a) |
| .90 | % | .75 | % | .65 | % | .88 | % |
Alger Green Fund (b) |
| .71 |
| .65 |
| N/A |
| .71 |
|
Alger Analyst Fund (b) |
| .75 |
| .70 |
| N/A |
| .75 |
|
Alger Dynamic Opportunities Fund (b) |
| 1.20 |
| 1.00 |
| N/A |
| 1.20 |
|
Alger Emerging Markets Fund (c) |
| 1.10 |
| N/A |
| N/A |
| 1.10 |
|
(a) Tier 1 rate is paid on assets up to $2 billion, Tier 2 rate is paid on assets between $2 and $4 billion, and Tier 3 rate is paid on assets in excess of $4 billion.
(b) Tier 1 rate is paid on assets up to $1 billion and Tier 2 rate is paid on assets in excess of $1 billion.
(c) Tier 1rate is paid on all assets.
Alger Management has established an expense cap for several share classes, effective through February 28, 2014, 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 |
| April 30, 2013 |
| |
Alger Spectra Fund |
| — |
| — |
| — |
| 1.10 | % | $ | 0 |
|
Alger Green Fund |
| 1.35 | % | — |
| 1.35 | % | N/A |
| 13,484 |
| |
Alger Analyst Fund |
| 1.30 |
| 1.95 |
| 1.30 |
| N/A |
| 71,167 |
| |
Alger Dynamic Opportunities Fund |
| 2.00 |
| 2.75 |
| N/A |
| 1.75 |
| 7,240 |
| |
Alger Emerging Markets Fund |
| 1.70 |
| 2.45 |
| 1.70 |
| N/A |
| 104,489 |
| |
(b) Administration Fees: Fees incurred by each Fund, pursuant to the provisions of the Trust’s Administration Agreement with Fred Alger Management, Inc., are payable monthly and computed based on the average daily net assets of each Fund at the annual rate of 0.0275%.
(c) 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 Class C shares and 0.01% of the daily net assets of the Class I shares and Class Z shares for these services. For the six months ended April 30, 2013, Alger Spectra Fund, Alger Green Fund, Alger Analyst Fund, Alger Dynamic Opportunities Fund and Alger Emerging Markets Fund incurred fees of $166,614, $3,437, $310, $3,124 and $665,
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
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 sub-accounting services to omnibus accounts held by the Funds. A portion of the fees paid by Alger Management to intermediaries that provide sub-accounting services 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, 2013, Alger Management charged back to Alger Spectra Fund, Alger Green Fund, Alger Analyst Fund, Alger Dynamic Opportunities Fund and Alger Emerging Markets Fund $183,618, $10,225, $61, $403 and $30, respectively, for these services, which are included in the transfer agent fees and expenses in the Statements of Operations.
(d) 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, 2013, 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 |
| CONTINGENT |
| ||
Alger Spectra Fund |
| $ | 3,113 |
| $ | 76,422 |
|
Alger Green Fund |
| 422 |
| 134 |
| ||
Alger Analyst Fund |
| — |
| 34 |
| ||
Alger Dynamic Opportunities Fund |
| — |
| — |
| ||
Alger Emerging Markets Fund |
| 30 |
| — |
| ||
(e) Brokerage Commissions: During the six months ended April 30, 2013, 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, $1,107,615, $3,644, $3,876, $3,594 and $5, respectively, in connection with securities transactions.
(f) Trustees’ Fees: From November 1, 2012, through February 28, 2013, each Fund paid 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 received an additional annual fee of $15,000 which was paid, pro rata, by all U.S.-registered funds managed by Alger Management. Additionally, each member of a Fund’s audit committee received $75 from the Fund for each audit committee meeting attended, to a maximum of $300 per annum.
Effective March 1, 2013, each Fund pays each trustee who is not affiliated with Alger Management or its affiliates $880 for each meeting attended, to a maximum of $3,520 per annum, plus travel expenses incurred for attending the meeting. The Chairman of the Board of Trustees receives an additional annual fee of $22,500 which is paid, pro rata, by
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
all U.S.-registered funds managed by Alger Management. Additionally, each member of a Fund’s audit committee receives $75 from the Fund for each audit committee meeting attended, to a maximum of $300 per annum.
(g) Distribution/Shareholder Servicing Fees: The Trust has adopted a distribution plan pursuant to which Class A shares, Class C shares and Class I shares of each Fund pay Alger Inc. a fee at the annual rate listed 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 |
|
(h) 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. 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.
During the six months ended April 30, 2013, Alger Green Fund incurred interfund loan interest expenses of $89. During the six months ended April 30, 2013, Alger Spectra Fund earned interfund loan interest income of $9,263.
(i) Other Transactions with Affiliates: Certain officers of the Trust are directors and officers of Alger Management and Alger Inc. At April 30, 2013, Alger Management and its affiliates owned the following Fund shares:
|
| SHARE CLASS |
| ||||||
|
| A |
| C |
| I |
| Z |
|
Alger Spectra Fund |
| 1,254,327 |
| 11,889 |
| 11,936 |
| 86 |
|
Alger Green Fund |
| — |
| — |
| — |
| N/A |
|
Alger Analyst Fund |
| 206,622 |
| 12,387 |
| 107,782 |
| N/A |
|
Alger Dynamic Opportunities Fund |
| 171,886 |
| 93 |
| N/A |
| 1,537,065 |
|
Alger Emerging Markets Fund |
| 209,709 |
| 101 |
| 1,018,606 |
| 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, 2013:
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
| PURCHASES |
| SALES |
| ||
Alger Spectra Fund |
| $ | 1,949,386,987 |
| $ | 1,424,475,116 |
|
Alger Green Fund |
| 5,684,880 |
| 9,594,060 |
| ||
Alger Analyst Fund |
| 3,949,223 |
| 3,856,271 |
| ||
Alger Dynamic Opportunities Fund |
| 49,926,155 |
| 33,112,029 |
| ||
Alger Emerging Markets Fund |
| 7,532,220 |
| 5,443,434 |
| ||
Written call and put options activity for the six months ended April 30, 2013, was as follows:
|
| NUMBER OF |
| PREMIUMS |
| |
Alger Dynamic Opportunities Fund |
|
|
|
|
| |
Put Options outstanding at October 31, 2012 |
| — |
| $ | — |
|
Put Options written |
| 6 |
| 8,683 |
| |
Put Options closed |
| 6 |
| 8,683 |
| |
Put Options expired |
| — |
| — |
| |
Put Options exercised |
| — |
| — |
| |
Put Options outstanding at April 30, 2013 |
| — |
| $ | — |
|
Transactions in foreign securities may involve certain considerations and risks not typically associated with those of U.S. companies because of, among other factors, the level of governmental supervision and regulation of foreign security markets, and the possibility of political or economic instability. Additional risks associated with investing in the emerging markets include increased volatility, limited liquidity, and less stringent regulatory and legal systems.
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 Interbank Offered Rate. The Funds may also borrow from other funds advised by Alger Management, as discussed in Note 3(h). For the six months ended April 30, 2013, the Funds had the following borrowings:
|
| AVERAGE DAILY |
| WEIGHTED AVERAGE |
| |
Alger Spectra Fund |
| $ | 14,591 |
| 2.20 | % |
Alger Green Fund |
| 16,935 |
| 1.16 |
| |
Alger Emerging Markets Fund |
| 2,666 |
| 3.44 |
| |
The highest amount borrowed during the six months ended April 30, 2013, for each Fund was as follows:
|
| HIGHEST BORROWINGS |
| |
Alger Spectra Fund |
| $ | 2,640,963 |
|
Alger Green Fund |
| 1,450,000 |
| |
Alger Emerging Markets Fund |
| 49,936 |
| |
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 |
| 23,674,356 |
| $ | 337,633,709 |
| 45,427,769 |
| $ | 602,720,231 |
|
Dividends reinvested |
| 2,252,531 |
| 31,129,979 |
| 965,034 |
| 11,397,047 |
| ||
Shares redeemed |
| (12,470,153 | ) | (176,939,528 | ) | (30,400,932 | ) | (405,302,930 | ) | ||
Net increase |
| 13,456,734 |
| $ | 191,824,160 |
| 15,991,871 |
| $ | 208,814,348 |
|
Class C: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 7,287,677 |
| $ | 100,721,181 |
| 8,682,407 |
| $ | 112,978,375 |
|
Dividends reinvested |
| 359,274 |
| 4,839,416 |
| 156,714 |
| 1,810,051 |
| ||
Shares redeemed |
| (2,376,621 | ) | (32,643,048 | ) | (1,866,514 | ) | (23,959,125 | ) | ||
Net increase |
| 5,270,330 |
| $ | 72,917,549 |
| 6,972,607 |
| $ | 90,829,301 |
|
Class I: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 11,963,451 |
| $ | 172,930,045 |
| 21,744,474 |
| $ | 288,438,201 |
|
Dividends reinvested |
| 849,067 |
| 11,810,519 |
| 372,250 |
| 4,426,050 |
| ||
Shares redeemed |
| (6,648,515 | ) | (95,421,780 | ) | (12,552,888 | ) | (171,769,267 | ) | ||
Net increase |
| 6,164,003 |
| $ | 89,318,784 |
| 9,563,836 |
| $ | 121,094,984 |
|
Class Z: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 5,865,276 |
| $ | 84,318,485 |
| 17,038,370 |
| $ | 230,878,001 |
|
Dividends reinvested |
| 127,982 |
| 1,773,829 |
| 8,232 |
| 97,547 |
| ||
Shares redeemed |
| (2,174,013 | ) | (31,275,059 | ) | (1,832,106 | ) | (24,896,150 | ) | ||
Net increase |
| 3,819,245 |
| $ | 54,817,255 |
| 15,214,496 |
| $ | 206,079,398 |
|
|
|
|
|
|
|
|
|
|
| ||
Alger Green Fund |
|
|
|
|
|
|
|
|
| ||
Class A: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 337,996 |
| $ | 2,405,038 |
| 560,394 |
| $ | 3,651,301 |
|
Dividends reinvested |
| 5,321 |
| 36,929 |
| — |
| — |
| ||
Shares redeemed |
| (939,140 | ) | (6,848,310 | ) | (1,124,475 | ) | (7,298,128 | ) | ||
Net decrease |
| (595,823 | ) | $ | (4,406,343 | ) | (564,081 | ) | $ | (3,646,827 | ) |
Class C: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 119,898 |
| $ | 844,956 |
| 52,354 |
| $ | 334,160 |
|
Shares redeemed |
| (59,288 | ) | (398,473 | ) | (96,843 | ) | (620,365 | ) | ||
Net increase (decrease) |
| 60,610 |
| $ | 446,483 |
| (44,489 | ) | $ | (286,205 | ) |
Class I: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 680,932 |
| $ | 4,922,278 |
| 1,106,295 |
| $ | 7,166,621 |
|
Dividends reinvested |
| 4,165 |
| 28,863 |
| — |
| — |
| ||
Shares redeemed |
| (536,597 | ) | (3,791,068 | ) | (1,414,340 | ) | (9,215,196 | ) | ||
Net increase (decrease) |
| 148,500 |
| $ | 1,160,073 |
| (308,045 | ) | $ | (2,048,575 | ) |
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 |
| 3,906 |
| $ | 43,809 |
| 6,016 |
| $ | 63,442 |
|
Dividends reinvested |
| 13,388 |
| 144,587 |
| — |
| — |
| ||
Shares redeemed |
| (6,260 | ) | (74,108 | ) | (7,129 | ) | (76,600 | ) | ||
Net increase (decrease) |
| 11,034 |
| $ | 114,288 |
| (1,113 | ) | $ | (13,158 | ) |
Class C: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 1,452 |
| $ | 15,500 |
| 2,519 |
| $ | 24,580 |
|
Dividends reinvested |
| 979 |
| 10,239 |
| — |
| — |
| ||
Shares redeemed |
| (307 | ) | (3,413 | ) | (2,166 | ) | (22,132 | ) | ||
Net increase |
| 2,124 |
| $ | 22,326 |
| 353 |
| $ | 2,448 |
|
Class I: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 14,732 |
| $ | 171,433 |
| 30,775 |
| $ | 343,875 |
|
Dividends reinvested |
| 6,061 |
| 65,396 |
| — |
| — |
| ||
Shares redeemed |
| (6,121 | ) | (70,414 | ) | (600 | ) | (6,235 | ) | ||
Net increase |
| 14,672 |
| $ | 166,415 |
| 30,175 |
| $ | 337,640 |
|
|
|
|
|
|
|
|
|
|
| ||
Alger Dynamic Opportunities Fund |
|
|
|
|
|
|
|
|
| ||
Class A: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 922,274 |
| $ | 10,500,864 |
| 1,491,387 |
| $ | 16,554,782 |
|
Dividends reinvested |
| — |
| — |
| 14,638 |
| 150,770 |
| ||
Shares redeemed |
| (384,514 | ) | (4,437,357 | ) | (632,679 | ) | (6,872,226 | ) | ||
Net increase |
| 537,760 |
| $ | 6,063,507 |
| 873,346 |
| $ | 9,833,326 |
|
Class C: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 28,673 |
| $ | 317,935 |
| 36,133 |
| $ | 389,791 |
|
Dividends reinvested |
| — |
| — |
| 812 |
| 8,299 |
| ||
Shares redeemed |
| (16,627 | ) | (187,666 | ) | (31,227 | ) | (337,416 | ) | ||
Net increase |
| 12,046 |
| $ | 130,269 |
| 5,718 |
| $ | 60,674 |
|
Class Z: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| — |
| $ | — |
| 454,959 |
| $ | 5,000,002 |
|
Dividends reinvested |
| — |
| — |
| 15,859 |
| 163,669 |
| ||
Net increase |
| — |
| $ | — |
| 470,818 |
| $ | 5,163,671 |
|
|
|
|
|
|
|
|
|
|
| ||
Alger Emerging Markets Fund |
|
|
|
|
|
|
|
|
| ||
Class A: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 243,973 |
| $ | 2,232,261 |
| 86,388 |
| $ | 716,191 |
|
Dividends reinvested |
| 2,372 |
| 21,041 |
| — |
| — |
| ||
Shares redeemed |
| (11,439 | ) | (102,557 | ) | (40,242 | ) | (332,931 | ) | ||
Net increase |
| 234,906 |
| $ | 2,150,745 |
| 46,146 |
| $ | 383,260 |
|
Class C: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 2,102 |
| $ | 18,994 |
| 6,383 |
| $ | 51,452 |
|
Dividends reinvested |
| 127 |
| 1,122 |
| — |
| — |
| ||
Shares redeemed |
| (1,228 | ) | (11,036 | ) | (5,573 | ) | (42,798 | ) | ||
Net increase |
| 1,001 |
| $ | 9,080 |
| 810 |
| $ | 8,654 |
|
Class I: |
|
|
|
|
|
|
|
|
| ||
Shares sold |
| 8,585 |
| $ | 77,948 |
| 6,037 |
| $ | 49,256 |
|
Dividends reinvested |
| 19,290 |
| 170,140 |
| — |
| — |
| ||
Shares redeemed |
| (1,943 | ) | (16,769 | ) | (3,971 | ) | (33,788 | ) | ||
Net increase |
| 25,932 |
| $ | 231,319 |
| 2,066 |
| $ | 15,468 |
|
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(b) Redemption Fee: The Funds may impose a 2.00% redemption fee on Class A and C shares redeemed (including 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.
NOTE 7 — Income Tax Information:
The Alger Emerging Markets Fund declared a distribution payable to shareholders of record as of December 17, 2012. The sources of the distribution for book purposes are as follows:
Share Class |
| Total distribution |
| Net Investment |
| Paid In Capital |
| |||
Class A |
| $ | 0.1572 |
| $ | 0.0203 |
| $ | 0.1369 |
|
Class C |
| 0.0623 |
| 0.00 |
| 0.0623 |
| |||
Class I |
| 0.1659 |
| 0.0377 |
| 0.1282 |
| |||
At October 31, 2012, 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 |
| ||
POST ACT |
| — |
| — |
| — |
| $ | 39,442 |
| |
2017 |
| — |
| $ | 4,854,444 |
| — |
| — |
| |
2019 |
| — |
| 314,817 |
| — |
| — |
| ||
Total |
| — |
| 5,169,261 |
| — |
| 39,442 |
| ||
Expiration Dates |
| Alger Emerging |
| |
POST ACT |
| $ | 1,959,784 |
|
Total |
| 1,959,784 |
| |
Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Funds after October 31, 2011 are not be subject to expiration (“POST ACT”). 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, 988 currency transactions, nondeductible expenses on dividends sold short, 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.
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
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, 2013, in valuing the Funds’ investments carried at fair value on a recurring basis. Based upon the nature, characteristics, and risks associated with their investments, the Funds have determined that presenting them by security type and sector is appropriate.
Alger Spectra Fund |
| TOTAL FUND |
| LEVEL 1 |
| LEVEL 2 |
| LEVEL 3 |
| |||
COMMON STOCKS |
|
|
|
|
|
|
|
|
| |||
Consumer Discretionary |
| $ | 578,653,116 |
| $ | 578,653,116 |
| — |
| — |
| |
Consumer Staples |
| 225,058,695 |
| 225,058,695 |
| — |
| — |
| |||
Energy |
| 133,906,174 |
| 133,906,174 |
| — |
| — |
| |||
Financials |
| 171,871,409 |
| 171,871,409 |
| — |
| — |
| |||
Health Care |
| 348,057,513 |
| 348,057,513 |
| — |
| — |
| |||
Industrials |
| 293,058,350 |
| 293,058,350 |
| — |
| — |
| |||
Information Technology |
| 795,849,356 |
| 795,849,356 |
| — |
| — |
| |||
Materials |
| 94,433,198 |
| 94,433,198 |
| — |
| — |
| |||
Telecommunication Services |
| 57,295,103 |
| 57,295,103 |
| — |
| — |
| |||
TOTAL COMMON STOCKS |
| $ | 2,698,182,914 |
| $ | 2,698,182,914 |
| — |
| — |
| |
PREFERRED STOCKS |
|
|
|
|
|
|
|
|
| |||
Financials |
| $ | 4,974,195 |
| $ | 4,974,195 |
| — |
| — |
| |
MASTER LIMITED PARTNERSHIP |
|
|
|
|
|
|
|
|
| |||
Financials |
| $ | 29,273,752 |
| $ | 29,273,752 |
| — |
| — |
| |
REAL ESTATE INVESTMENT TRUST |
|
|
|
|
|
|
|
|
| |||
Financials |
| $ | 71,620,704 |
| $ | 42,987,036 |
| $ | 28,633,668 |
| — |
|
TOTAL INVESTMENTS IN SECURITIES |
| $ | 2,804,051,565 |
| $ | 2,775,417,897 |
| $ | 28,633,668 |
| — |
|
SECURITIES SOLD SHORT |
|
|
|
|
|
|
|
|
| |||
COMMON STOCKS |
|
|
|
|
|
|
|
|
| |||
Consumer Discretionary |
| $ | 12,375,145 |
| $ | 12,375,145 |
| — |
| — |
| |
Consumer Staples |
| 6,599,502 |
| 6,599,502 |
| — |
| — |
| |||
Energy |
| $ | 24,164,222 |
| $ | 24,164,222 |
| — |
| — |
| |
Financials |
| 52,340,306 |
| 52,340,306 |
| — |
| — |
| |||
Health Care |
| 11,686,975 |
| 11,686,975 |
| — |
| — |
| |||
Industrials |
| 28,642,958 |
| 28,642,958 |
| — |
| — |
| |||
Information Technology |
| 52,083,492 |
| 52,083,492 |
| — |
| — |
| |||
TOTAL COMMON STOCKS |
| $ | 187,892,600 |
| $ | 187,892,600 |
| — |
| — |
|
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Alger Green Fund |
| TOTAL FUND |
| LEVEL 1 |
| LEVEL 2 |
| LEVEL 3 |
| |||
COMMON STOCKS |
|
|
|
|
|
|
|
|
| |||
Consumer Discretionary |
| $ | 7,014,304 |
| $ | 7,014,304 |
| — |
| — |
| |
Consumer Staples |
| 5,156,497 |
| 5,156,497 |
| — |
| — |
| |||
Energy |
| 111,975 |
| 111,975 |
| — |
| — |
| |||
Financials |
| 1,360,063 |
| 1,360,063 |
| — |
| — |
| |||
Health Care |
| 4,014,259 |
| 4,014,259 |
| — |
| — |
| |||
Industrials |
| 11,615,825 |
| 11,615,825 |
| — |
| — |
| |||
Information Technology |
| 15,274,538 |
| 15,274,538 |
| — |
| — |
| |||
Materials |
| 4,201,739 |
| 4,201,739 |
| — |
| — |
| |||
Utilities |
| 2,029,027 |
| 2,029,027 |
| — |
| — |
| |||
TOTAL COMMON STOCKS |
| $ | 50,778,227 |
| $ | 50,778,227 |
| — |
| — |
| |
CONVERTIBLE CORPORATE BONDS |
|
|
|
|
|
|
|
|
| |||
Industrials |
| $ | 142,519 |
| — |
| $ | 142,519 |
| — |
| |
TOTAL INVESTMENTS IN SECURITIES |
| $ | 50,920,746 |
| $ | 50,778,227 |
| $ | 142,519 |
| — |
|
Alger Analyst Fund |
| TOTAL FUND |
| LEVEL 1 |
| LEVEL 2 |
| LEVEL 3 |
| ||
COMMON STOCKS |
|
|
|
|
|
|
|
|
| ||
Consumer Discretionary |
| $ | 1,252,543 |
| $ | 1,252,543 |
| — |
| — |
|
Consumer Staples |
| 399,509 |
| 399,509 |
| — |
| — |
| ||
Energy |
| 249,615 |
| 249,615 |
| — |
| — |
| ||
Financials |
| 162,507 |
| 162,507 |
| — |
| — |
| ||
Health Care |
| 592,214 |
| 592,214 |
| — |
| — |
| ||
Industrials |
| 581,277 |
| 581,277 |
| — |
| — |
| ||
Information Technology |
| 784,038 |
| 784,038 |
| — |
| — |
| ||
Materials |
| 375,558 |
| 375,558 |
| — |
| — |
| ||
TOTAL COMMON STOCKS |
| $ | 4,397,261 |
| $ | 4,397,261 |
| — |
| — |
|
MASTER LIMITED PARTNERSHIP |
|
|
|
|
|
|
|
|
| ||
Financials |
| $ | 46,809 |
| $ | 46,809 |
| — |
| — |
|
REAL ESTATE INVESTMENT TRUST |
|
|
|
|
|
|
|
|
| ||
Financials |
| $ | 78,881 |
| $ | 78,881 |
| — |
| — |
|
TOTAL INVESTMENTS IN SECURITIES |
| $ | 4,522,951 |
| $ | 4,522,951 |
| — |
| — |
|
Alger Dynamic Opportunities Fund |
| TOTAL FUND |
| LEVEL 1 |
| LEVEL 2 |
| LEVEL 3 |
| ||
COMMON STOCKS |
|
|
|
|
|
|
|
|
| ||
Consumer Discretionary |
| $ | 9,600,860 |
| $ | 9,600,860 |
| — |
| — |
|
Consumer Staples |
| 2,331,594 |
| 2,331,594 |
| — |
| — |
| ||
Energy |
| 2,785,567 |
| 2,785,567 |
| — |
| — |
| ||
Financials |
| 2,641,768 |
| 2,641,768 |
| — |
| — |
| ||
Health Care |
| 5,663,758 |
| 5,663,758 |
| — |
| — |
| ||
Industrials |
| 3,168,648 |
| 3,168,648 |
| — |
| — |
| ||
Information Technology |
| 12,057,532 |
| 12,057,532 |
| — |
| — |
| ||
Materials |
| 1,886,534 |
| 1,886,534 |
| — |
| — |
| ||
TOTAL COMMON STOCKS |
| $ | 40,136,261 |
| $ | 40,136,261 |
| — |
| — |
|
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Alger Dynamic Opportunities Fund |
| TOTAL FUND |
| LEVEL 1 |
| LEVEL 2 |
| LEVEL 3 |
| ||||
PREFERRED STOCKS |
|
|
|
|
|
|
|
|
| ||||
Financials |
| $ | 129,463 |
| $ | 129,463 |
| — |
| — |
| ||
MASTER LIMITED PARTNERSHIP |
|
|
|
|
|
|
|
|
| ||||
Financials |
| $ | 1,342,657 |
| $ | 1,342,657 |
| — |
| — |
| ||
REAL ESTATE INVESTMENT TRUST |
|
|
|
|
|
|
|
|
| ||||
Financials |
| $ | 893,041 |
| $ | 359,326 |
| $ | 533,715 |
| — |
| |
PURCHASED OPTIONS |
|
|
|
|
|
|
|
|
| ||||
Financials |
| $ | 1,440 |
| $ | 1,440 |
| — |
| — |
| ||
RIGHTS |
|
|
|
|
|
|
|
|
| ||||
Health Care |
| $ | 25,932 |
| — |
| — |
| $ | 25,932 |
| ||
TOTAL INVESTMENTS IN SECURITIES |
| $ | 42,528,794 |
| $ | 41,969,147 |
| $ | 533,715 |
| $ | 25,932 |
|
SECURITIES SOLD SHORT |
|
|
|
|
|
|
|
|
| ||||
COMMON STOCKS |
|
|
|
|
|
|
|
|
| ||||
Consumer Discretionary |
| $ | 2,046,401 |
| $ | 2,046,401 |
| — |
| — |
| ||
Consumer Staples |
| 120,898 |
| 120,898 |
| — |
| — |
| ||||
Energy |
| $ | 1,226,465 |
| $ | 1,226,465 |
| — |
| — |
| ||
Financials |
| 2,211,858 |
| 2,211,858 |
| — |
| — |
| ||||
Health Care |
| 1,502,466 |
| 1,502,466 |
| — |
| — |
| ||||
Industrials |
| 1,160,896 |
| 1,160,896 |
| — |
| — |
| ||||
Information Technology |
| 2,045,698 |
| 2,045,698 |
| — |
| — |
| ||||
TOTAL COMMON STOCKS |
| $ | 10,314,682 |
| $ | 10,314,682 |
| — |
| — |
| ||
|
|
|
|
|
|
|
|
|
|
|
| ||
Alger Emerging Markets Fund |
| TOTAL FUND |
| LEVEL 1 |
| LEVEL 2 |
| LEVEL 3 |
| ||||
COMMON STOCKS |
|
|
|
|
|
|
|
|
| ||||
Consumer Discretionary |
| $ | 1,787,676 |
| $ | 1,787,676 |
| — |
| — |
| ||
Consumer Staples |
| 1,443,483 |
| 1,443,483 |
| — |
| — |
| ||||
Energy |
| 1,366,235 |
| 1,366,235 |
| — |
| — |
| ||||
Financials |
| 2,958,937 |
| 2,958,937 |
| — |
| — |
| ||||
Health Care |
| 467,713 |
| 467,713 |
| — |
| — |
| ||||
Industrials |
| 1,122,554 |
| 1,122,554 |
| — |
| — |
| ||||
Information Technology |
| 1,860,120 |
| 1,860,120 |
| — |
| — |
| ||||
Materials |
| 1,339,070 |
| 1,339,070 |
| — |
| — |
| ||||
Telecommunication Services |
| 233,371 |
| 233,371 |
| — |
| — |
| ||||
Utilities |
| 238,749 |
| 238,749 |
| — |
| — |
| ||||
TOTAL COMMON STOCKS |
| $ | 12,817,908 |
| $ | 12,817,908 |
| — |
| — |
| ||
PREFERRED STOCKS |
|
|
|
|
|
|
|
|
| ||||
Energy |
| $ | 26,949 |
| $ | 26,949 |
| — |
| — |
| ||
TOTAL INVESTMENTS IN SECURITIES |
| $ | 12,844,857 |
| $ | 12,844,857 |
| — |
| — |
|
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
| FAIR VALUE |
| |
Alger Dynamic Opportunities Fund |
| Rights |
| |
Opening balance at November 1, 2012 |
| $ | 25,932 |
|
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 |
| — |
| |
Purchases, issuances, sales, and settlements |
|
|
| |
Purchases |
| $ | — |
|
Issuances |
| — |
| |
Sales |
| — |
| |
Settlements |
| — |
| |
Closing balance at April 30, 2013 |
| 25,932 |
| |
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, 2013 |
| $ | — |
|
On April 30, 2013 there were no transfers of securities between Level 1 and Level 2.
Certain of the Fund’s assets and liabilities are held at carrying amount or face value, which approximates fair value for financial statement purposes. As of April 30, 2013, such assets are categorized within the disclosure hierarchy as follows:
|
| TOTAL FUND |
| LEVEL 1 |
| LEVEL 2 |
| LEVEL 3 |
| ||
Cash and Cash equivalents: |
|
|
|
|
|
|
|
|
| ||
Alger Spectra Fund |
| $ | 32,542,020 |
| $ | 32,542,020 |
| — |
| — |
|
Alger Green Fund |
| 1,797,582 |
| 1,797,582 |
| — |
| — |
| ||
Alger Analyst Fund |
| 97,873 |
| 97,873 |
| — |
| — |
| ||
Alger Dynamic Opportunities Fund |
| 17,125,719 |
| 17,125,719 |
| — |
| — |
| ||
Alger Emerging Markets Fund |
| 266,791 |
| 266,791 |
| — |
| — |
| ||
Total |
| $ | 51,829,985 |
| $ | 51,829,985 |
| — |
| — |
|
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
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
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 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’ returns, although written call options may reduce the Funds’ ability to profit from increases in the value of the underlying security or equity portfolio. The value of a call option generally increases as the price of the underlying stock increases and decreases as the stock decreases in price. Conversely, the value of a put option generally increases as the price of the underlying stock decreases and decreases as the stock increases in price. The combination of the diversified stock portfolio and the purchase and sale of options is intended to provide the Funds with the majority of the returns associated with equity market investments but with reduced volatility and returns that are augmented with the cash flows from the sale of options.
During the six months ended April 30, 2013, options were used in accordance with these objectives.
The fair values of derivative instruments as of April 30, 2013, are as follows:
Alger Dynamic Opportunities Fund
|
| ASSET DERIVATIVES |
| LIABILITY DERIVATIVES |
| |||||
Derivatives not accounted for as |
| Balance Sheet |
| Fair |
| Balance Sheet |
| Fair |
| |
Purchased Put Options |
| Investments in securities, at value |
| $ | 15,842 |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
| $ | 15,842 |
| — |
| — |
|
For the six months ended April 30, 2013, Alger Dynamic Opportunities Fund had option purchases of $65,039 and option sales of $43,684. The effect of derivative instruments on the Statement of Operations for the six months ended April 30, 2013, is as follows:
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
NET REALIZED GAIN (LOSS) ON INVESTMENTS AND OPTIONS
Alger Dynamic Opportunities Fund
Derivatives not accounted for as hedging instruments |
| Options |
| |
Purchased Options |
| $ | (14,584 | ) |
Written Options |
| 2,520 |
| |
Total |
| $ | (12,063 | ) |
NET CHANGE IN UNREALIZED (DEPRECIATION) ON INVESTMENTS, OPTIONS
Alger Dynamic Opportunities Fund
Derivatives not accounted for as hedging instruments |
| Options |
| |
Purchased Options |
| $ | (17,526 | ) |
Total |
| $ | (17,526 | ) |
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.
NOTE 11 — Recent Accounting Pronouncements:
In December 2011, the FASB issued ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”), which provides guidance regarding balance sheet offsetting disclosures. The amendments in ASU 2011-11 require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effects of those arrangements on its financial position. Entities are required to disclose gross information and net information about both instruments and transactions eligible for offset in the statement of assets and liabilities and transactions subject to an agreement similar to a master netting arrangement. The objective of ASU 2011-11 is to facilitate comparison between those entities that prepare their financial statements on the basis of GAAP and those entities that prepare their financial statements on the basis of IFRS. The new guidance is effective for annual reporting periods beginning on or after January 1, 2013. The Funds do not believe that this will have a material impact on the financial statements.
THE ALGER FUNDS II
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
NOTE 12 — Subsequent Events:
Management of each Fund has evaluated events that have occurred subsequent to April 30, 2013 through the issuance date of the financial statements. 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, 2012 and ending April 30, 2013.
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.
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| Beginning |
| Ending |
| Expenses |
| Ratio of |
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Alger Spectra Fund |
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Class A |
| Actual |
| $ | 1,000.00 |
| $ | 1,117.28 |
| $ | 7.76 |
| 1.48 | % |
|
| Hypothetical(c) |
| 1,000.00 |
| 1,017.46 |
| 7.40 |
| 1.48 |
| |||
Class C |
| Actual |
| 1,000.00 |
| 1,113.62 |
| 11.79 |
| 2.25 |
| |||
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| Hypothetical(c) |
| 1,000.00 |
| 1,013.64 |
| 11.23 |
| 2.25 |
| |||
Class I |
| Actual |
| 1,000.00 |
| 1,116.92 |
| 7.69 |
| 1.47 |
| |||
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| Hypothetical(c) |
| 1,000.00 |
| 1,017.53 |
| 7.33 |
| 1.47 |
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Class Z |
| Actual |
| 1,000.00 |
| 1,119.33 |
| 6.13 |
| 1.17 |
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| Hypothetical(c) |
| 1,000.00 |
| 1,019.01 |
| 5.84 |
| 1.17 |
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Alger Green Fund |
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Class A |
| Actual |
| $ | 1,000.00 |
| $ | 1,155.89 |
| $ | 7.22 |
| 1.35 | % |
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| Hypothetical(c) |
| 1,000.00 |
| 1,018.10 |
| 6.76 |
| 1.35 |
| |||
Class C |
| Actual |
| 1,000.00 |
| 1,151.47 |
| 12.18 |
| 2.28 |
| |||
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| Hypothetical(c) |
| 1,000.00 |
| 1,013.47 |
| 11.40 |
| 2.28 |
| |||
Class I |
| Actual |
| 1,000.00 |
| 1,156.10 |
| 7.22 |
| 1.35 |
| |||
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| Hypothetical(c) |
| 1,000.00 |
| 1,018.09 |
| 6.76 |
| 1.35 |
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Alger Analyst Fund |
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Class A |
| Actual |
| $ | 1,000.00 |
| $ | 1,172.43 |
| $ | 7.01 |
| 1.30 | % |
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| Hypothetical(c) |
| 1,000.00 |
| 1,018.34 |
| 6.51 |
| 1.30 |
| |||
Class C |
| Actual |
| 1,000.00 |
| 1,167.93 |
| 10.49 |
| 1.95 |
| |||
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| Hypothetical(c) |
| 1,000.00 |
| 1,015.12 |
| 9.75 |
| 1.95 |
| |||
Class I |
| Actual |
| 1,000.00 |
| 1,171.62 |
| 7.00 |
| 1.30 |
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| Hypothetical(c) |
| 1,000.00 |
| 1,018.34 |
| 6.51 |
| 1.30 |
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Alger Dynamic Opportunities Fund |
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Class A |
| Actual |
| $ | 1,000.00 |
| $ | 1,063.85 |
| $ | 13.02 |
| 2.54 | % |
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| Hypothetical(c) |
| 1,000.00 |
| 1,012.18 |
| 12.69 |
| 2.54 |
| |||
Class C |
| Actual |
| 1,000.00 |
| 1,060.22 |
| 16.83 |
| 3.29 |
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| Hypothetical(c) |
| 1,000.00 |
| 1,008.46 |
| 16.40 |
| 3.29 |
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Class Z |
| Actual |
| 1,000.00 |
| 1,065.35 |
| 11.71 |
| 2.29 |
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| Hypothetical(c) |
| 1,000.00 |
| 1,013.46 |
| 11.41 |
| 2.29 |
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Alger Emerging Markets Fund |
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Class A |
| Actual |
| $ | 1,000.00 |
| $ | 1,103.73 |
| $ | 8.90 |
| 1.70 | % |
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| Hypothetical(c) |
| 1,000.00 |
| 1,016.33 |
| 8.53 |
| 1.70 |
| |||
Class C |
| Actual |
| 1,000.00 |
| 1,099.73 |
| 12.80 |
| 2.45 |
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| Hypothetical(c) |
| 1,000.00 |
| 1,012.60 |
| 12.27 |
| 2.45 |
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Class I |
| Actual |
| 1,000.00 |
| 1,104.11 |
| 8.91 |
| 1.70 |
| |||
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| Hypothetical(c) |
| 1,000.00 |
| 1,016.33 |
| 8.54 |
| 1.70 |
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(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. |
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. |
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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 |
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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 |
| 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 |
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For our marketing purposes — with service providers we use to offer our products and services to you |
| Yes |
| No |
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For joint marketing with other financial companies |
| No |
| We don’t share |
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For our affiliates’ everyday business purposes—information about your transactions and experiences |
| Yes |
| No |
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For our affiliates’ everyday business purposes—information about your creditworthiness |
| No |
| We don’t share |
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For nonaffiliates to market to you — for all credit card accounts |
| No |
| We don’t share |
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For nonaffiliates to market to you — for accounts and services endorsed by another organization |
| No |
| We don’t share |
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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. |
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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. |
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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. |
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Nonaffiliates |
| Companies not related by common ownership or control. They can be financial and nonfinancial companies |
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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 Funds 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 www.alger.com or on the SEC’s website at www.sec.gov.
Fund Holdings
The Board of Trustees has adopted policies and procedures relating to disclosure of the Funds’ portfolio securities. These policies and procedures recognize that there may be legitimate business reasons for holdings to be disclosed and seek to balance those interests to protect the proprietary nature of the trading strategies and implementation thereof by the Funds.
Generally, the policies prohibit the release of information concerning portfolio holdings which have not previously been made public to individual investors, institutional investors, intermediaries that distribute the Funds’ shares and other parties which are not employed by the Manager or its affiliates except when the legitimate business purposes for selective disclosure and other conditions (designed to protect the Funds) are acceptable.
The Funds make their full holdings available semi-annually in shareholder reports filed on Form N-CSR and after the first and third fiscal quarters in regulatory filings on Form N-Q. These shareholder reports and regulatory filings are filed with the SEC, as required by federal securities laws, and are generally available within sixty (60) days of the end of the Funds’ fiscal quarter. The Funds’ Forms N-Q are available online on the SEC’s website at 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.
In addition, the Funds make publicly available their respective month-end top 10 holdings with a 15 day lag and their month-end full portfolios with a 60 day lag on their website www.alger.com and through other marketing communications (including printed advertising/sales literature and/or shareholder telephone customer service centers). No compensation or other consideration is received for the non-public disclosure of portfolio holdings information.
In accordance with the foregoing, the Funds provide portfolio holdings information to service providers who provide necessary or beneficial services when such service providers need access to this information in the performance of their services and are subject to duties of confidentiality (1) imposed by law, including a duty not to trade on non-public information, and/or (2) pursuant to an agreement that confidential information is not to be disclosed or used (including trading on such information) other than as required by law. From time to time, the Funds will communicate with these service providers to confirm that they understand the Funds’ policies and procedures regarding such disclosure. This agreement must be approved by the Funds’ Chief Compliance Officer.
The Board of Trustees periodically reviews a report disclosing the third parties to whom each Fund’s holdings information has been disclosed and the purpose for such disclosure, and it considers whether or not the release of information to such third parties is in the best interest of the Fund and its shareholders.
In addition to material the Funds routinely provide to shareholders, the Manager may, upon request, make additional statistical information available regarding the Funds. Such information will include, but not be limited to, relative weightings and characteristics of Fund portfolios versus their respective index and security specific impact on overall portfolio performance. Please contact the Funds at (800) 992-3863 to obtain such information.
THE ALGER FUNDS II
360 Park Avenue South
New York, NY 10010
(800) 992-3863
www.alger.com
Investment Manager
Fred Alger Management, Inc.
360 Park Avenue South
New York, NY 10010
Distributor
Fred Alger & Company, Incorporated
360 Park Avenue South
New York, NY 10010
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.
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/Hal Liebes |
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| Hal Liebes |
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| President |
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Date: June 17, 2013 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Hal Liebes |
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| Hal Liebes |
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| President |
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Date: June 17, 2013 | ||
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By: | /s/Michael D. Martins |
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| Michael D. Martins |
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| Treasurer |
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Date: June 17, 2013 |