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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number_811-21308

The China-U.S. Growth Fund

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(Exact name of registrant as specified in charter)

111 Fifth Avenue, New York, New York 10003

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(Address of principal executive offices) (Zip code)

Mr. Frederick A. Blum

Fred Alger Management, Inc.

111 Fifth Avenue

New York, New York 10003

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(Name and address of agent for service)

Registrant's telephone number, including area code: 212-806-8800

Date of fiscal year end: October 31

Date of reporting period: October 31, 2003

ITEM 1. REPORT(S) TO STOCKHOLDERS.

FINANCIAL STATEMENTS

Report of Independent Auditors

To the Shareholders and Board of Trustees of
The China - U.S. Growth Fund:

We have audited the accompanying statement of assets and liabilities of The
China - U.S. Growth Fund (the "Fund") as of October 31, 2003. This statement of
assets and liabilities is the responsibility of the Fund's management. Our
responsibility is to express an opinion on this statement of assets and
liabilities based on our audit.

We conducted our audit in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the statement of assets and
liabilities is free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the statement of
assets and liabilities. Our procedures included confirmation of cash owned as of
October 31, 2003, by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the statement of
assets and liabilities. We believe that our audit provides a reasonable basis
for our opinion.

In our opinion, the statement of assets and liabilities referred to above
presents fairly, in all material respects, the financial position of The China -
U.S. Growth Fund at October 31, 2003, in conformity with accounting principles
generally accepted in the United States.

[GRAPHIC ERNST & YOUNG LLP]

December 10, 2003
New York, New York

THE CHINA-U.S. GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 2003

ASSETS
Cash $100,000
---------
Total Assets 100,000
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Liabilities

Accounts Payable -
---------
Net Assets $100,000
=========

Net Assets Consist of:
Paid-in Capital $100,000
=========

Shares of beneficial interest outstanding 10,000
=========
Net asset value, offering price per share $10.00
=========

SEE ACCOMPANYING NOTES.

THE CHINA-U.S. GROWTH FUND
NOTES TO THE STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 2003

(1) The China-U.S. Growth Fund (the "Fund) was organized on February 14, 2003,
under the laws of the Commonwealth of Massachusetts and registered under
the Investment Company Act of 1940, as amended (the "Act"), as a
diversified, open-end investment company. The Fund commenced operations on
November 3, 2003. All offering expenses and organizational expenses,
estimated to be approximately $32,000 and $42,000, respectively, were borne
directly by Fred Alger Management, Inc. (the "Adviser"). The Advisor will
absorb any additional expenses incurred prior to the commencement of
operations of the Fund.

(2) The preparation of financial statements in conformity with accounting
principles generally accepted in the United States may require management
to make estimates and assumptions that affect the reported amounts of
assets and related disclosures. Actual results may differ from those
estimates.

(3) Fees incurred by the Fund, pursuant to the provisions of its Investment
Advisory Agreement with the Adviser, are payable monthly and are computed
based on the value of the average daily net assets of the Fund at an annual
rate of 1.50%.

(4) The Fund intends to qualify as a regulated investment company under
Subchapter M of the Internal Revenue Code and, as such, will not be subject
to federal income taxes to the extent that it distributes substantially all
taxable income each year.

(5) The authorized capital of the Fund consists of unlimited number of shares
of beneficial interest having a par value of $.001 per share.

(6) The Office of the New York State Attorney General, the Massachusetts
Securities Division of the Office of the Secretary of the Commonwealth, and
the United States Securities and Exchange Commission ("SEC") have contacted
the Advisor in connection with their investigation of practices in the
mutual fund industry identified as "market timing" and "late trading" of
mutual fund shares. The Advisor does not believe that the foregoing
investigations will materially affect its ability to perform its management
contracts with any of the funds that it manages.

TRUSTEES AND OFFICERS OF THE FUND (UNAUDITED)

Information about the Trustees and officers of the Fund is set forth below. In
the table the term nAlger Fund Complexi refers to the Fund, The Alger Fund,
Spectra Fund, The Alger American Fund, The Alger Institutional Fund, and Castle
Convertible Fund, Inc., each of which is a registered investment company managed
by Fred Alger Management, Inc. ("Alger Management"). Each Trustee serves until
an event of termination, such as death or resignation, or until his or her
successor is duly elected; each officer's term of office is one year. Unless
otherwise noted, the address of each person named below is c/o China-U.S. Growth
Fund, 111 Fifth Avenue, New York, NY 10003.

Number of
Portfolios in the
Alger Fund
Name, Age, Trustee Complex which
Position with the and/or are Overseen
Fund and Address Principal Occupations Officer Since by Trustee
- ------------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEES

Zachary Karabell (36) Senior Vice President (Vice President 2003 1
Chairman of the Board prior to October 2003), Portfolio Strategist
and Senior Economic Analyst of Alger Management since
2002; consultant and author since 1997. Research Fellow
at the Miller Center, University of Virginia 1998-2000
and Visiting Professor, Dartmouth College 1997.

Hilary M. Alger (42) Trustee/Director of five of the six funds 2003 17
Trustee in the Alger Fund Complex since 2003;
Associate Director of Development, College of Arts and
Sciences and Graduate School, University of Virginia
1999-2003; Director of Development and Communications,
Lenox Hill Neighborhood House 1997-1999.

NON-INTERESTED TRUSTEES

Stephen E. O'Neil (71) Attorney; Private investor since 1981; 1986 23
Trustee Director of Brown-Forman Corporation
Since 1978; Trustee/Director of the six funds in the
Alger Fund Complex since the inception of each; of
Counsel to the law firm of Kohler & Barnes to 1998.

Lester L. Colbert, Jr. (69) Private investor since 1988; Trustee/Direc- 2000 17
Trustee tor of three of the six funds in the Alger
Fund Complex.since 2000, of one since 2003, and of
another since 1984. Chairman of the Board and Chief
Executive Officer of Xidex Corporation 1972-87.

Nathan E. Saint-Amand, Medical doctor in private practice; 1986 23
M.D. (65) Member of the Board of the Manhattan
Trustee Institute since 1988; Trustee/Director of
each of the six funds in the Alger Fund Complex since
the later of 1986 or its inception; formerly Co-Chairman
Special Projects Committee, Memorial Sloan Kettering.

OFFICERS

Dan C. Chung (41) President since September 2003 and 2001 N/A
President Chief Investment Officer and Director
since 2001 of Alger Management; President
since 2003 and Director since 2001 of Alger
Associates, Inc. ("Associates"), Alger Proper-
ties, Inc ("Properties"), Alger Shareholder
Services, Inc. ("Services"), Alger Life Insur-
ance Agency, Inc. ("Agency"), Fred Alger
International Advisory S.A. ("International"),
Alger National Trust Company ("Trust") and
Analysts Resources, Inc. ("ARI"); Trustee/
Director of four of the six funds in the Alger
Fund Complex since 2001; senior analyst
With Alger Management 1998-2001.

Dorothy G. Sanders (48) Senior Vice President, General Counsel and 2000 N/A
Secretary Secretary of Fred Alger & Company, Incor-
porated, General Counsel and Secretary of Associates,
Agency, Properties, Services, ARI and Alger Management,
and Secretary of International and the other five funds
in the Alger Fund Complex since 2000. Senior Vice
President, Fleet Financial Group 1998-2000.

Frederick A. Blum (49) Executive Vice President of Alger Manage- 1996 N/A
Treasurer and Assistant ment since September 2003;and Executive
Secretary Vice President prior thereto; Treasurer or
Assistant Treasurer, and Assistant Secretary, of the
other five funds in the Alger Fund Complex since 1996;
Treasurer and Execu- tive or Senior Vice President of
Trust since 2000.

Mr. Karabell is an "interested person" (as defined in the Investment Company
Act) of the Fund because of his affiliation with Alger Management. Mr. Karabell
is the son-in-law, and Ms. Alger is a daughter of, Fred M. Alger III. Ms. Alger
is an "interested person" because she is an immediate family member of Mr.
Alger. No Trustee is a director of any public company except as may be indicated
under "Principal Occupations."

The Fund's Statement of Additional Information contains additional information
about the Trustees and is available, without charge, by calling (800) 254-3796.

REMUNERATION OF TRUSTEES AND OFFICERS. During the fiscal period ended October
31, 2003, no remuneration was paid by the Fund to any of the Trustees or
officers of the Fund or to any person of whom any of the Trustees or officers is
an affiliated person.

PROXY VOTING. A description of the policies and procedures that the Fund uses to
determine how to vote proxies relating to portfolio securities is available
without charge by calling (800) 254-3796 and on the Securities and Exchange
Commission's website at http://www.sec.gov. After August 30, 2004, the Fund's
proxy voting record will be available from both of these sources.

SHAREHOLDER VOTES. On September 8, 2003, at a special meeting duly called and
held for the following purposes, Fred Alger Management, Inc., the Fund's sole
shareholder,

(1) elected the following persons Trustees of the Fund:

Hilary M. Alger
Zachary Karabell
Stephen E. O'Neil

Lester L Colbert, Jr.
Scobie D. Ward,

(2) approved the proposed Investment Management Agreement between the
Fund and Fred Alger Management, Inc., and

(3) approved the proposed Sub-Advisory Agreement between Fred Alger
Management, Inc. and JF International Management, Inc.

All of the Fund's 10,000 outstanding shares were voted for each of the
nominees and for approval of each Agreement.

ITEM 2. CODE OF ETHICS.
(a) The Registrant has adopted a code of ethics (the "Code of Ethics")
that applies to its principal executive officer, principal
financial officer, principal accounting officer or controller, or
persons performing similar functions.

(b) Not applicable.

(c) The Registrant has not amended its Code of Ethics during the
period covered by the shareholder report presented in Item 1
hereto.

(d) The Registrant has not granted a waiver or an implicit waiver from
a provision of its Code of Ethics during the period covered by the
shareholder report presented in Item 1 hereto.

(e) Not applicable.

(f) The Registrant's Code of Ethics is attached as an Exhibit hereto.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

On September 8, 2003, the Board of Trustees of the Registrant
determined that Stephen E. O'Neil is an audit committee financial
expert (within the meaning of that phrase specified in the instructions
to Form N-CSR) on the Registrant's audit committee. Mr. O'Neil is an
"independent" trustee - i.e., he is not an interested person of the
Registrant as defined in the Investment Company Act of 1940, nor has he
accepted directly or indirectly any consulting, advisory or other
compensatory fee from the Registrant, other than in his capacity as
Trustee.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Applicable only for reports covering fiscal years ending on or after December
15, 2003.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable

ITEM 6. RESERVED

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED END
MANAGEMENT INVESTMENT COMPANIES
Not applicable

ITEM 8. RESERVED

ITEM 9. 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 half-year that
materially affected, or are reasonably likely to materially affect, the
registrant's internal control over financial reporting.

ITEM 10. EXHIBITS.

(a) (1) Code of Ethics as Exhibit EX-99.CODE ETH

(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

(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 China-U.S. Growth Fund

By: /s/Dan C. Chung

Dan C. Chung

President

Date: December 16, 2003

Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below
by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.

By: /s/Dan C. Chung

Dan C. Chung

President

Date: December 16, 2003

By: /s/Frederick A. Blum

Frederick A. Blum

Treasurer

Date: December 16, 2003