ALGER SICAV

ALGER SICAV Fund investing in Securities Listed or Traded

on a United States Stock Exchange

(Sociktd d’lnvestissemnent h Capital Variable)

UNAUDITED SEMI- ANNUAL =PORT AS OF JUNE 30,2003

This report does not constitute an offer of shares. No subscription can be received on the basis of financial reports. Subscriptioiis are only valid if made on the basis of the

current Prospectus, supplemented by the latest available audited annual report of the Fund and the latesi semi-annual report, if published thereafter.

2

AI,CER SICAV

Contents

Organization of the Fmd

General hifo”ion

Directors’ Report to the Shareholders

Statement of Net Assets

Statements of Investments:

The Alger Anieiican Asset Growth Fund

Alger US Smallcap Fund

Alger US MidCap Fund

Algcr US LargeCap Fund

Alger US Technology Fund

Notes to the Financial Statements

7

9

11

13

15

17

3

1)irectorS

Investment Advisor

Portfolio Manager

Domiciliarv and

Transfer Agent

Lead Advisor&

ALCER SICAV

Organization of the Fund

Mr. Fred M. Alger 111, Chairman

The Viscount Bridport

James P. Connelly, Jr.

Fred Alger International Advisory S A . 49, Avenue J. F. Kennedy I, - 1855, Kirchberg, Luxembourg

Fred Alger Management, Inc. 11 1 Fifth Avenue, 2nd Floor New York, NY 10003

State Street Bank L,uxenibourg S.A. 49, Avenue J. E Kennedy L - 1855, Kirchberg, Luxembourg

State Street Bat& Luxembourg S.A. 49, Avenue J. F. Kennedy I, - 1855, Kirchberg, Luxemhourg

Crmtinenial Fund Services S.A. 52, Esplanade L - 9227 Diekirch Luxembourg

Enist & Young S.A. 6, me Jwn Monnet I, - 2180 Luxembourg

Elvinger, Hoss & Prussen 2, Place Winston Churchill U.P. 425 L - 2014 Luxembourg

Heir", KechtsanwPlte and Steuerberater Klein Fontenay 1 Hamburg. Germany 20354

4

ALGER SICAV

G.eneral Information

1. Thc following inforination, available upon request can be obtained at the registered office of Alger SICAV (the “Fund”), 49, Avenue J. E Kennedy, L-18% Kirchberg, Lu?cenibourg: a schedule of each investment portfolio’s activ- ity for the period from January 1, 2003 through June 30, 2003; the geographical classification of each i n w ” t portfolio’s positions as of June 30, 2003; and audited annual reports and unaudited semi-animal reports.

2. The genera1 meeting of shareholders is held annually in Luxembourg at the registered oftice of the Fund on the last Friday in April (or the next available business day if a bank holiday in Luxembourg). Notices will be sent by post to each registered shareholder at least 8 days Wore the date of the meeting. The notices set out the meeting agenda con- ditions, quorum and majority required in accordance with the provisions of the Luxembourg Law of August 10, 1915, as ameiided.

3. The Board of Directors does not intend to recommend the payment of any cash dividends at this time. Any net investment income and any net realized and unrealized capital gains will be accumulated by the Fund and used to increase the Net Assd Value per Share. The shareholders of the Fund may, however, at a general meeting of shareholders, resolve to declare cash or stock dividends within the limits of applicable Luxembourg law. Notices of any dividends will be published in a newspaper of general circulation in Luxembourg.

4. The Net Asset Value per Share is expressed in U.S. Dollars, calculated daily and published regularly in the Financial E m s and/or in such other newspaper(s) as the Board of Directors may from time to time determine.

5. The Fund is registered at the Commercial Register of Luxembourg under number B 55.679.

6. Thc shares of the Fwnd are listed on the Luxembourg Stock Exchange.

ALGER SICAV

Directors’ Report to the Shareholders

near Shareholders, August 4,2003

A period that began with slow, steady economic growth; t.entative corporations: U.S. troops massing i n Iraq; and public anxiety about the outcome of‘ war ended with one of the better quarters for h e stock market in the past five years. Boh consumers and companies rcacted to the uncertainty of January and February by paring back, and the economy grew less than 15% during die first quarter. Rut the fall of Saddam Hussein’s regitne helped shift public psychology.

By late spring, buoyed by historically low interest rates of well under 44.i. on the 10-year Treasury note and by federal spending atid tax cuts, consumers began to increase persotla1 consumption expenditiires and coriipanies showed signs of ramping up capital expenditures. Low interest rates also led to another wave of mortgage refinancing, which put more money into people’s pockets, and the Fcderal Reserve cut short-term rates. The result by the end of June was that consumer spending buoyed tlie ecotiorny wen in a time of weak employment and tumultuous inteniatiotial affairs. The economy grew 2.4% in the second par- ter: the markets responded 10 h e improved economic climate and to betier second quaner eiimings repofled by companies. For the six tnoiitlis ended June 30,2003, the Dow rose 9.040, the S&P 500 was up 11.8%, and tlie NASDAQ gained 2 1.5%.

Now, for the first time in over two years, Wall Street has begun to look to the future. Companies that can show healthy hal- sncc sheets and an ability to improve productivity and expand thcir businesses me becoming attractivc to investors. That is as it should be, but it tias tiof beeti the case for quite a while. The markets atid the country in general are beginning to emerge from two years that included a recession, terrorism, war, and coiporate scandals. Sentiinelit has slowly been shifting away from fcar and toward guarded hope. That shift should lead to support for higher levels for the equity markets. That does not tnean 3 return to irrational exuberirance, hut we think i l does rilean a more balanced market where good companies arid good stock picking are rewarded.

Respectfully submitted,

Dan C. Chung Cliicf Investment Officer

6

ALGER SICAV

Statement of Net Assets as of June 30,2003 (Unaudited)

(Expressed in U.S. Dollars)

The Alger American Alger US Alger US Alger US Alger US

Asset Growth SmallCap MidCap LargeCap Technology Notes Combined FWd Fund Fund FUId Fund

ASSETS

Investments in securities at cost Net uruealized gain Tnvestmneiits in securities at

mdfket VdlW

Receivable for investments sold Receivable for find shares sold Cash at balks

Dividends receivable Other assets

Formation expenses, net 2

Total Assets

LTABILTTES

Accrued cxpenses Payable for fund shares rcdeemed Payable for investments purchased

Total Liabilities

Total Net Assets

Number of shares outstanding:

Class A shares

Class B shares

Net asset value per shdre:

Class A shares

Class B shares

98,775,784 15,456,848

114,232,632

619,164 32,302

509,914 43,092 59,474

- 12,636

115,509,214

543,512 5,871

1,258,014

1,807,397

1 13,70 1,8 17

87,591,991 767,620 13,577,857 129,149

101,169,848 896,769

556,293 - 11,214 - 6,406 116,908

8 3 3 1 55,937 60 11,237 96 ~

10 1,8 10,935 1,022,664

459,726 7,347 5,871 -

1,243,395 11,957

1,708,992 19,304

100,101,943 1,003,360

57,003

15.80

15.37

95,700

4.75

4.62

5,028,982 915,301

5,944,283

62,871 5,139

188,014 8,831 1.275

574

6,210,987

36,547

2,662

39,204,

-

6,171,778

596,744

3,045,629 406,236

3,45 1,865

- 1,582 6,755 833 1 2,000

448

3,471,481

I_--

20,373 - -

20,373

3,451,108

443,382

287,283

7.04

6.86

169,824

5.66

5.55

2,341,562 428,3 05

2,769,#67

- 14,367

191,831 16,599

202 28 1

2,993,147

---111

19,519 - -

19,519

2,973628

324,788

204,120

--I-_

5.67

5.55

The accompanying notes are an integral part of these financial statements.

7

ALGER S K A V

THE ALGER AMERICAN ASSET GROWTH FUND

Statement of Investments as of June 30,2003 (Unaudited)

(Expressed In U.S. Dollais)

Kumber of % of Net Niimbrr of Yo oi Net Ddscrip tion Shares Markel Value Ahsets Description Shares Market Value AYSZU

Transperable securities listed on an official stock exchange or dealt in on another regulated market

COMMOS STOCKS

RT(YTF;CHS OZ,CK:F Amgen Inc. Genenrech, In<. (ienzymz COT. - General Division Gilead Sciences. Inc. 1mClone Systems Incorporntrd

COMMOY STOCKS (contimid)

FOOD 8 s r m m RETAILING 2.59 Wal-Mart Stores, Inc. 42,150 1.97

HEALTH CARE EQUrPMENT 1.64 1.37

Alcon, Inc. 16,500 0.4.5 Boston Scientih< Corporation 33.550

KIJ2 Guidant Curpaation 32,600

& SuPpLms

--- -

39,100 27.300 39,300 21.700 14.200

51,800 72,800 31.800

17,700

2597.805 1,968,876 1,652,740 1.372.826

449.004

2.26 ~

0.75 2.05 1.4 5

4.25 ~

~

2.83 _I--__

1.64

2,262,191

754,050

2,049,905 1,447,114

4,25 1,069

8.031 . x u

CAPITAL MARKETS Bank of New York

Company, In?. (The,

blellon Financial Corpotation M e i d Lynch & Co., IIK.

MT~C:STRlAI,

General Elecuic Company 9 8,800

1.49 2.02 1.48

CONGLOMISKATI3

4.99 INSURANCE - American International Ciroup, Inc. 29,700

INTERNET & CATALOG RETAIL 1.09 eRay Inc. 23,025 -

MTE:RNBT SOETWARE &

2.55 SERVICES 0.48 Ydioo! Inc. 44.700

1,4sJ ,30 :.010,2000 1.424.424

4.993.874 1,638,846

COMMERCLkL SERVICES & SUPMmS

Apollo Group. lnc. C1. A 2.40 ~

1.46 ._ _____ _____

2.1'1 1.84 0.50 1.42 (J.96

fi8Y ._" -.-. ~ ....

-

1.94 2.17 2.59 3.22

1 .TI 3.71

1.66 1.50

1,093.152 2,398,745

COMMLWCATION EQUIPMENT Cisco Systems, Inc. 152.700 Chmvzrse Techndogy, lac. ?2.100 Junipcr Nctworks, Inc. 99.500

2,538.563 482,463

1,230,815

4.26 1.84 I

1,4&,372. I .23

4.26 -

1.37 2.08 0.93 4.38

~

3.13 ~

1.74 1.13 0.71

"A .40L Time Warner lnc. Comcsst Corporation C1. A

General Moiors Corporation Cl. H 'Liberty Media Corporation Series A Virconi lnc. CY. €3

135,000 61,200 39,300

122.900 21.900

44,400 28,200 39.600 53.300 ?6,500

108,740

29,100 32,850

2,172.150 1,847,016

503,433 1,-1?0,73

956,154

6,890,477

COMPUTERS & PERIFHEWLS Dell Compmer Corporation 42.900 EMC Coiporation 199.100 Letwork .kpplianx, Inc. 57.200

1.37 1,084 2,084.577

927,212

4,3Y2,Y73 ._-____I__

PHARMACEUTICALS Abbott Laboratories Allergan, Inc. Barr I.almrntories, Inc. Merck & Co., Inc. Mylan Laboratories Inc. P 6 m In<. Teva Pharmaceutical Indus~ries

Ltd. ADR Wyeth

DIWRSWWD FINANCIAL SERVICES

Citigroup Inc. 73,300

ESERGY EQtiIPMF,NT & SERVICES

Halliburton Company 75,600 Sinirh Imema1ional. Inc. 30,900 Transmcan Inc. 32,500

1,942.944 2,173,220 2,593,800 3,227,315 1,269,105 3,713,471

3.137,240

I ,73 S.300 1,135.266

714.025 1,656,663 1.496.3 17 3.588.Wl 3.58

18.073.835 18.06

The accompanying notes arc an integral part of these financial statements.

8

Description

ALGER SICAV

THE ALGER AMERICAN ASSET GROWTH FIJND


(Fkpressed in US. Dol1ai.s)

Sunbcr of % 01 Net Shares Marker Value A w l s Dewiption

% of Net Par Value Market Value .4sszLs

Transferable securities listed on a11 omcia1 stock exchange or dealt in on another regulated market

CO.MNON STOCKS (coutinued) SHOKLTEEM LYVESTMEVTS

SEMICCINDI.'CTCIWS g! SEMICONUITI'OK EQUIPMWT

Broadcum Corporation C1. A 63,100

Inwruil Corporation CI. A 55,200 KLA-Tencor Corporatruri 10,600 Micron 'I'echnology, Inc. 97,300 National Semiconductor Corporation 23,100

U.S. CO\F,RVMENT &AGENCY

Fchral Narioiiai Mortgage OBLIGATIONS

1,571.821 1.57 Assrciation. 0.70%. 07/01/2003 "~E#oj 4.500.001) 4.50

1,468,872 1.47 TOTAL Ih'WS'EWWT IN SECURITES 101,169.838 101.07 492,794 0.49

1,137.415 1.14

35.532 0.45

5.126,433 5.12

SOlrl'WARE Microsoft Corporntion 183,000 4,686,620 4.68

Oracle Corporadon 283,200 3,404.064 3.40

PropleSofi. Inc. 61,600 1,(J83.544 1.09

VERlTAS Softwar- Corporation 35,300 l.(J12,IJ5 1 1.01 10,186,289 10.18

SPE'ECMJXY W'C4IL 4hercrombic K: Fmh Co. (I. A 60,400 1.715.965 1.71

Best Huy Co.. 1nc. 5 1,200 2.248.704 2.25 Gap, lnc. 178,200 3.34.1,(J332 3.34

Home Depot. Inc. 37,300 1235,376 1.23

8,543,076 8.53

mxrims, APPAREL 6~ LZIXTRY GOODS

NIKE. Inc. c1. B 29,500 1,577,955 1.56

'THRTFTS S: MORTGACX FINANCE

Countrywide 1,'inancid Corporation 13,100 311.367 2 WIRELESS I'FrLECOMMUNlCA'~ 1 0 1

SERVICES h'exwl Communications Inc.. (1. A. 56.100 1,014,2YY 1.01

TW.4L COMMOS STOCKS 96,669,848 9&57 .-I -__I_I


...

9

ALGER SKAV

ALGER C!S SMALLCAP FUND



Numbcr of 5% of Nrt Numba of ?b of Nrr Dzscriplion Shares Mxket Value Amts Description Shares Market Valiw Ansets

Transferable securities llsted on an official stock exchange or dealt in on another regulated market COMMON STOCKS

AEHOSYACB & JlPPEWR Alliant Techsystems Inc. Veridian Corporation

AIR FREIGHT & LOGISTICS J . H . Hunt Transpod Services, Inr-. Pacer Iiiternatioual, Inc.

BEVERAGES Constellation Hrandr, Inc. C1. A

BIOTECI~OLOGY Alkermes, Inc. FewProbe Incoq~orated QLT Inc. Telik, lnc.

CAPITAL MARKETS AffIliatcd Managers Group. Inc. Jefferies Group. Inc.

COMMEWCLkL BANKS

150

130

350 630

350

65 0 100 600 500

235 175

Southest Bancorporation of 'ltxas. Inc. 150 UCBH Iioldings, In<. 530

COMMERCIAL SERVICES 5.

Corinthian Colleges. Inc. ?A0 Educaion Management Corporation 290 F'rl Consulting, Inc. 37s Monster b'mldwide Inc. 550

SGPP1,IES

7,787

15,003

22.790 --__I.

13.212

11.882

25,094

10.990

6,988

4,087 7,619 6,428

25,122

14,323

8,713

23.0.36

4,876 15,200

20,076

1 1,657 15,422

9.3M 10,852

47.295

0.69

0.4 1 0.76 0.64

2.50 -

1.23 0.87

2.30 - -

0.49

1.51

2.00 - ~

1.16 1.53

0.93 1.08

4.71 -

COMMON STOCKS (continued)

COb4MUNICATION F,QW'?vlWT Advaiiced Fibre Communications, Inc. 600 Brocade Communications Systems, lnc. 1,500

Eniulex Corporation 450 Enterasys Networks, Inc. 1,950

Comverse Techndogy, Inc. 950

k'ouiidry Networks, Iuc. 500 NetScreeu Technologies, Inc. 400

COMl'VTERS B PERlPIIERALS Western Digital Corporation 900

ELECTRICAL EQUIPMENT AMEIEK, lnc. 275

ELECTRONIC EQIXPMENT &

Benchmark Electronics, Inc. 3 S O FLIR Systems, Inc. 400

MSTRUUMEXTS

ENERGY EQUIPMEhiT & SERVICES

Vu-co Intanation.91. IN. 500 Cooper Cameron Corporation 200

FOOD PKOUUC'I'S American Italian Pasta Compny Cl. A

HEALTH CARE EQUIPMENT 8

AI-AKIS Medical, Inc. 600 Cytyc Corporation 700 Fisher Scientific International In<. 200 Kespironics, Inc. 300 STERIS Corporation 490 Wright Medical Group, Inc. 540

195

suPP1,IEs

HEALTH CARE PROVIDERS & SERVXclES LifeF'oint Hospitals, Inc. 550 Mid Atlanlic Medical Services, Inc. 3 00 VCA Antech, Inc. 650 Wsx, Incorporated 600

9,762

8,835 14,279 10,246 S.g(J9 7,200 9,020

65.25 1

9.270

10,079

10.766 12,060

22.826

10,076 9,800

19,876

8,122

7.770

7,364 6,980

11.256

11,3 14 10.260

54.944

11.517 1,690 12,720 10,410

50,337

0.97

0.88 1.42 1.02 0.5Y 0.72

0.90

6.50 -

0.Y 2 -

1 .oo -

1.0s 1.20

1.3 ~

-

1.00 11.9s

1.98 -

0.81 -

0.78

0.73 0.70 1.12 1.13

1.02

5.48 ~

1.15 1.56 1.27

1.04

5.02 - -

The accompanying notes are an hlcgrdl part d these financial statements.

10

ALGER SICAV

ALGER US SMALLCAP FUND


w,xpressed In US. Dollairs)

Number of % of Net Number of % of Net Description Shares Market Value Assets Description Shares Market Value .4sszts

Transferable securities listed on an official stock exchange or dealt in on another regulated market COM.M.ZON STOCKS (continued)

HUl'FLS. KF:SI'AIXAKTS L LEISURE

Alliance Gaming Corporation Applebee's Intermuonal, Inc. P.E chaug's I3hina Bisiro, Inc. Station Casinos, inc.

COMMON STOCKS (continiied)

PHAHMACEUTIC ACS Angiotedi Pharmaceuticals, Inc. Pharmaceutical Resources, Inc. SICOR Inc. Taro Pharmaceutical Industries Ltd.

350 285 750 230

600 950

380 345

340

280

885 390 400 262 300 650 200

462 350 180 650

200

$50 650 370 700

1.42 1.38 1.52 1.26

5.58 -

14.259 13,86Y 15,255 12,622

56.004

750 14,182 1.41 400 12.572 1 . 3 150 7,382 0.74

11,363 1.13

45.499 4.53 350 - -

__. - SEMICONDUCTOW & SEMICONDUCTUR EQUIPMFST

Fairchild S eniironductor Inteinational, Inc.

GlobespnVirata, Inc. Integrated Circuit Systems, luc. International Rectilier Corporation Power Integrations. Inc. Varian Semiconrimtor Equipment

Associates, Iw.

INFORMATIOX TECHNOLOGY SER\? CES

Alliance Data Systems Corporation 400 BISYS Group, Inc. (The) 780 ManTech Intcrmtionnl Coipration (7. A 550

0.93 1.43 1.05

3.41 -I

-

7,674 7.838 8.800

10,192 8,340

10.118

0.56 0.78 0.88 1.02 0.84

1.01

5.29 ~

-

0.86 0.85 0.7'1 1.34 1.01 0.93 0.25

6.83 ~

-

1.33 0.76 1.36 1.31

4.76 ~

9,360 14,329 10.549

31.335 1_-.-

INSllRAN CF: Arch C.spir.91 Group Ltd. W. R. Htrkley Corporation

350 180

550

450

275 375 n o

200 19s 400

290 320

1.21 0.95

2.16 -

12,154 9.486

21.W.0

53,012

8,646 8,561

13,480 10,128 9.3 14 2,532

60.523

7,868

SOFTWARE Borlmd Software Corporation Business Objects S A Sponsored N)K l>ocumzntiim. Inc. Fair Isaac Corporation Hyperion Solutions Corporation J. D. Edwards & Company Verity Inc.

lBTERNET SOJ3W'AI-W 8: SERVICES

Digital Insight Corporation

LEISURE EQVIPMIEXT 62

L.capfiog Enterprises, Inc.

MACHLVEHY Acnirnt Corporation C1. A AGCO Corporation Pzntair. Jnc.

PRODUCTS

1.04 - 10,377

1.43 ._I-

14,315

SWCIALTY RKTAIL AnnTaylor Stores Corporation PETCO Animal Supplies. Inc. Rent-A-Center, Inc. Too Inc.

1.30 0.64 1.05

2.09 _I

13,013 6,405

10,546

2Y,Y64 _I---

13,375 7.609

13,646 13,163 47.793

MFBI.4 Enterconi Communications Corp. Media General, Inc. c1. A Radio One, Inc. C1. A

Y ,802

11,154 1.144

0.98 1.11 0.7 1

2.80 - _..

I%:XTIIJES, APF'ARF.1, &

Coach, Inc.

TIIRETS & MORTGAGE FINANCE BankAtlantic Bancorp, Inc. CI. A Brookline Bancorp, Inc. Dora1 Financial Cop. First Niagara Fiiiancinl Group hc.

LUXURY GOODS 0.99

~

1.01 0.9 1 1.65 0.97

4.51 - -

89.38 ~

~

9.948

10,107 9, loo 16,521 9.712

OII, & GAS Noble Energy, Inc. Pogo Producing C'ompany

1.09 1.37 2.46 -

10,962 13,680

24.M2 4s.500

896,769 TUl'AL INVESTMENTS M SECURITIES


11

ALGER SJCAV

ALGER US MIDCAP FUND



Numbcr of B of'xet Number of % of Net Description Shares Markel Value Absetv Description Shares Market Value ASSZU:

Transferable securities listed on an official stock exchange or dealt in on another regulated market conmos s m x s

AEROSPACE: & DEKXSE I.-3 Communications Holdings. Inc.

UEWRAGES Constellsuon Brands, Inc. c1. A

BICYIECHXOTAXY Gcnqine Corp. - General Division Ciiiead Sciences, Inz. IDBC Pharmaceuticals Corporation

CAPITAI. MARKETS Affiliated Managers Group, Inc. E*TRADk Group. Inc.

COMMERCML BANKS Syiiovus Financial C o p .

COXMEKCTAL SBRVKCBS & suPrLws

Amdms I,imited Corinthian Colleges. Inc.

COMMLTXICATION EQL'WMENT Ad vsnccd Fibre Coininuiiications, Inc. Comvirse Technology, Inc.

1,300

2.400

1.400 2,300 2 . 3 0

2.561 7,650

2.250

7.525 2.900

3.800 6.500

Tellahs, Inc. 13.450

COMPCTER SOFTWXW Ixgato Syrtems, Inc. 8,100

CC>MPU'l'&XS & FTRTPHERALS Network Appliancc, Inc. 1 , W J

ELECTROXIC EQUIPMEKT &

~ l c x t c o ~ c s Inwrnational 1,td 5,65,$0 INSTRUMMTS

Thenno klecuon Corporation 1,400

56.537

75,360

58,520

127,y34 76.500

262,554

156,093 65.025

22 1.1 18

48,375

1 no,mo 340,853

321,453

61,826 97,695 68,367

247,868

67,959

25.936

58.704 29.428

88.132

0.92 -

1.22 ~

0.05

2.07 1.24

4.26 -

2.53 I .os 3.58 -

0.7s -

2.93 2.28

5.21 -

1.00 139

1.43

4.02 -

1.10 -

0.42 -

0.95 0.48

1.43 - -

COMMON STOCKS (conthied)

EXERGY EQUIPMEI\'T C

BJ Services Company Cooper Canwon Corporation

SERVICES

FOOD & STAPLES RETAMANG Whole Foods Market, Inc.

HE4LTH CARE EQUIPMICWI' St SIJI'PLIES

Centerpulse M K Varian Medical Systems, Inc. Zimmer Holdings. Inc.

HEALTH CARE PROVIDERS &

Actna Inc. Anthem. Inc. I.aborntoiy C?orporation of

Clmnicare. Inc.

SERVICES

America Holdings

1,550 I.65fJ

1,100

1,300 2,050

680

2.800 1,000

905 4.450

HCrTELS, RESTAURANTS & LEISURE Alliance Gaming Corporalion 3,850 International Speedway

Coworation C1. A 1,600 MCrM MIRAGE 2,550 Starhucks Corporation 2.450

HCIUSFMOIJI DURABLES I1.R. Horton, Inc. 600

INFORMA'ITON " x m o L c x x SF:RVTCES

RISY S Group, Inc. (The) Y.075 SunGard Dah Systems Inc. 1,800

INSURANCE Lincoln National Corporation 1,350 Willis Group Holdings Limited 2,275 W. R. Berkley Corporation 1,150

51,408 83.127

141,035

52.283

35.11MJ 118,019 30,634

183.753

168,550 77.150

21.286 150,365

423,361

72,803

63,216 87.159 60,074

283,252

16.860

166,708 46,638

213.346

48.100 69,956 60,605

178,661

0.85 -

0.5'7 1.01 0.50

2.95 - -

2.73 1.25

0.44 2.44

6.86 - -

1,18

1.03 1.41 0.97

4.59 .---_ -

027 -

2.70 0.76

3.46 - -

0.78 1.13 0.98 2.89 -


12

Dzscrip tion

ALGER SlCAV

ALGER US MIDCAP FUND


(Expressed in U.S. Dolla1.s)

Number of % ol Net Numbex of rb d Nrr Shares Market Value Assets Description Shmm Market Value A5set5

Transferable securities listed on an official stock exchange or dealt in on another regulated market COMMO3 S'lOCEiS (conllnued 1

M T E R I E T & CATALOG RETAIL Amawn.c'om. Inc. NeMix Inc.

INTERYE'T SOT.T'IV\KE & SBHV1CX.S

VeriSign, Inc. Yahoo1 Inc.

LEISCRE EQUIPMEST &

Leapfrog Entzrprises, In<.

MFBIA Cablevision Systems New York

Bnlerconi Colnnlunica~ions Corp. FvfcClatchy Company C1. A Pixar, h t * .

'I'iVo Inc. XM Satelliu: Radio Holding::

PHODVCTS

GtOUp C1. A

Inc. C1. A

OIL & GAS EOG Resource.;, In<. Wero Energy Corporation

PlLiKMACEUTICALS Allergan, Lic. Barr Laboratories. Jnc. Mylau 1,ahoratorie: Jnc. Watson Pharmaceuticals Inc.

SFMICONDUCTORS & SEMICONDUCTOR BQUPMKXT

.41tera Corporation Broadcnm Coq~oration C1. X Fairchild Semicanductnt

Intcrmtional, Inc. Inkrsil Corporation Q. A Fhokonics. Inc.

3.200 8,725

4.200

2,850

3,Y50

5,950

1.555 900 500

3 . 3 0

11,100

3,050 1.200

1,650

1.500 2,950

1,wo

5,800

1,200

3,550

1,850

2,950

116,768 222,924

339.692

58,OYG

93,366

151,452

125,650

123.5ZL 76,X 1

51,858

30,420 39,585

123,760

445,356

127,612 -13.596

171 .LO8

127,215 117.900 52,153

119,092

4 16,362

95,120

29,892

45.404

49.228

51,478

27 1.122

1.89 3.61

5.50 - -

0.94

1.51

2.45 - -

2.04 -

2.00

1.24

0.84 0.49

0.64

2.0 1

7.22 - -

2.07 0.70

2.77 ~

2.06 1.91 0.8s 1.93

6.75 - -

1.54

0.48

0.74

0.80

0.83

4.39 - -

COMMCIN STOCKS (continued)

SOFTVI-IAW- BEA Systems, Inc. Fait Isaac Corporation Imuit Inc. PeopleSolL Inc. Synopsys, Inc.

SPECIALTY RETAIL Abercrombie & Pitch Co. C1. A Advance Aiiro Pans, Inc. AmTaylor Stores Corporatmn Barnes & Nobles. Inc. Best Buy Co.. Inc. PETMART, Inc. Tinctor Supply Company IJrbnn Outfit". Jnc. Wili~ams-Sonomr. Inc.

TEXTILF., APPAREL & LUXURY GOODS

Jones Apparel Group, Inc.

THRIFTS & MORTGAGE

Connwywide Pinancial Corporation

TRADING COMPANIES & DISTRIBUTORS

W. W. Graingzr, Inc.

WIRF,LESS

FINANCE

TELECOMMUNICATION SERVICES

Nextcl Communicatitiuiis Inc.. C1. A

T W A L MVESTMENT IN SECURITIES

8,150 1,500

650 6,300

2,100

1,100 1.100 2,450 2,050 2,250 1,750 1.5SO 1,100 1,000

1,100

800

1.530

1.850

88.509 77,175

28,944 110,817

129,885

435,330

31,251 66,490 70.927 47,252 98,820 29,172 74,O 13 39.490 29.200

487,115

32,186

55.656

71.543

33,148

5.9*1283

1.13 1.25

0.47 1.80

2.10

7.05

0.5 1 1 .OK

1.15 0.77

1.60 0.47 1.2rJ 0.h.i 0.47

7.89 - -

0.52 ~

0.90 -

1.16 -

0.54 -

96.31 - -

The accompanying notes are an integral part of these financial statemem.

13

AK,GER SKAV

ALGER IJS LARGECAP FUND



Numbcr of % of Net Numbex of w of Net Description Shares Markt Value Assets Description S h e s Market Value .4ss&

Transferable securities listed on an official stock exchange or dealt in on another regulated market

COMMON STOCKS

RI(YWCmOLCX;P Auigen Inc. 1 ,oY2 Genenwh, In<. 850 Genzymz COT. - General Division 65 0 Gllead Scien\x.cs. Inc. 4SO

1lXC Pliarmaceuticnls Corporation 450

CAPITAL MARKKTS .4flXaled Managers Group, Inc. 600 Mellon Financial Corporation 2.500

12.552

6 1.302

27,170 25,011

15,300

201,335

36,570

63,375

105.945

2.10

1.78

0.79 0.72

0.44

5.83

1.06 2.01

3.07 ~

C0,WON STOCKS (contlnlied)

HEALTH CARE EUuwmwr L SUPYLIW

Alron, Inr.. Boston Scientific Corporation Zimmer Holdings, Inc.

HEALTH CARE PKOVWERS & SERVICES

Aetna Inc. UnitedHeallh Gmup Incorporared

CON?v~NICATIOS EQUIPMEKT Cisco Systems. Inc. Lucent Technologies Inz. Nokia Corporation, ADR

COMPUTERS 8: PERIPHERALS Dell Computer Corporahon EMC Corporation Sim IMicrosystems, Inc.

r " w m i i FISANCW 1, SERVICES

Citigroup Inc.

EYEREY EQUIPMEST &

IU Scrviccs Conipany

FOOD & STAPLES RETAKIW \Val-Mart Stores. Inc.

smvIcw

FKEIGHI' & EWISTICS FeilEx Corp. IJnitzd Parcel Service, Inc. CII. H

6,400

18,700

4,000

2,750

3,300 5,450

2.0S0

675

1,750

250 sso

106,816 37.961

65.720

3.10

1.10 1.90

INDIXTRIAL CONGLOIMIEEIAIES

General Electric Company Tyco liuernarional Ird.

110.397 6.10

87,890

3335 1 25,070

1-17,s 11

87.740

25,219 _-__I.-_-

93,923

15,507 35.035

XJ.542

2.55 1.00 0.73

4.28 - -

2.54

(J.73 --

2.72 -

0.45

1.01

1.46 ___I_-

~

INFORMATIOX TECH3OLOGY SERVICES

Concord EFS, Inc.

msUKANcB American Iiiterimtioiial Group, Inc. Travelers Prnperty Casualty

Corp. C1. A

INTERMIT & CATALOG RETAIL hazon.com, Inc. eBay Inc. InterActiveCtxp NetIlix Inc.

MTEKNET SOFTWARE &

Yahoo! Inc. SERVICES

m u 13isney (Walt) Company General Motors Corpwation CI. H Vtaconi Inc. C1. R

800

1,550 275

1,100

1.200

2850

S.OOO

2,050

1.075

-1,200

1,000 800

1.100

1.250

1,350

2.600

4,000

1,950

36.560

94.70s

12.389

1 .Oh 2.71

0.36

143,653

66,220

60.300

4.16 -

1.92 1.75

126,510

81,738

91,900

1'76,633

30,176

59,318

50,880

110,198

36,490

83,344

13,527

31.938

3.67 -_I_-__.

2.37

2.75

5.12 - -

0.87 -

1.72

1.47

3.19 - -

1.06

2.4 1 1.26

0.w

195.299 5.66

44.226

51,350

5 1,240

85.13'1

187,727

1.28 -

1.4(9

1.48

2.47

5.44 -

The accompanying notes are an integral part of' these tinancial statemens.

ALGER SICAV

ALGER US LARGECAP FUND

Statement of Investments as of June 30,2003 (Unaudited1


Number of % of Net Number of % d Net Description Shares Markel Value Assets Description Shares Market Value .4ssets

Transferable securities listed on an omcial stock exchange or dealt in on another regulated market

COMMON STOCKS (continued) COMhlCW STOCKS (contiuiierl)

OH, & CAS SPECIALTY RETAXI, Devon Energy Corporation 1,525 81,435 2.36 Best Buy Co., Inc. 1,600 70,272 2.04 - - PHA R%lACEVTICALS Abbott Laboratories

Gap, Inc. Home Depot, In<.

2,150 94,084 2.73 AmaZenecs PLC Sponsored .OR 600 24,462 0.71 Barr 1.ahoratories. Inc. Rristol-Myers Sqlubb Company Johnsm & Johnson Mzrck & Cd., lnc. Piim Inc. Teva Ph.umacruuca1 Industries

LA$. AL)H

Wyeth

SEMICONDGCTORS & SFMICONDUCTOR EQUIPhff3T

.4ltt:ra Coqmi-uiinn Analog Z’Jevicc, Inc. Inul Corporalion KLA-Tencor Curporaiion Lintxu Technology Corporatioil Taiwan Semiconductor Mamifacturing

Company Lrd. ADK

somwim Microsoit Coiporation Orucle Corporauon PeoplKSoft, Inc. Synopsys, lnc. LTRITAS Software Corporation

45 0 29,475 3,150 $5,522 1,925 99.522 1,150 69,633 2,085 71.203

3 0 19,926 1,500 68,325

562.152

I , I oo 550

4,800 400 450

4.210

5.4 00 4.650

1.000 (100

1,800

18.040

19,151 99,763 18,596 14,394

42,437

21 2,481

138.294 55,843 17,590 55,665

51.606

3 19.048

0.85 2.48 2.88 2.02 206

0.58

1.98

16.29 - -

0.5 ?. 0.56

2.89 0.54 0.42

1.23

6.16 -

4.01

1.62 0.5 I 1.61 1.50

9.25 - -

5,?50 98,490 2.85 71.208 2.06 2,150

239,970 6.95 - - ~~

THWlFTS & MORTGACP: FINANCE

34,785 1.01 ~~

Counuywidr. Financial Corporation 500

WIKFLF.S.5 WLECCIMMUNICATXON SERVICES

64.845 1.88 Vodsfone Group P1.C Spoilsored ADR 3,300 .___I____I

TUTAL INVESTMFCNTS IN SECUR1TE.f: 3,451.865 100.02 -~

~~

Tbe accompanying notes are an integral part of these tinancia1 statements.

. ..

15

ALGER SXCAV

ALGER US TECHNOLOCY FUND



Number of % of Net Shares Msrkeu Value Assets Devcription

Number of S h e s Muket V ~ l w Dcncription

Transferable securities listed on an offlcial stock exchange or dealt in on another regulated market

COMMON SHARES COMMON SHARES (contiuued)

CAPITAL MARKETS PTRADE Group, Inc. 5,400

COM.MERICAL SERVICES Rr

.4md~s Limited 4,200 SUPPLIES

INTERNET & CATALOG RETAIL Amzon.com. Inc. NetFlix Inc. eBay Inc.

1.54 - 1.600 4,850

585

58,383 123,SlS 60.945

1.96 4.17 2.05

8.18 -.- -

4s.900

243,W7 3.39

~

1oo,soo LVNTERVE'T SOFTWARE L

S~UVICES webMethods, Inc. Yahoo! Inc.

C O M ~ N I C A T I O N EQLTF'MENT Advmccd Fibre Cornmunications. Inc. Brocade Communications Systems, Inc. Cisco Systems, lnc. Comversc Technology. Inc. Lucent Technologies lnc. Nokia Corporation, ADR Seachange Internationall: Inc. Tekclec Inc. Itllnl>s, lnc.

1.850 7,200 5.395 5,225

19,500 2,750 4,650 3.750 7,550

1.01 1.43 .XJ3 2.64 1.33 1.52 1.49 I .42 1.67

1.554 -I__-_

30,098 42,408 Y0,UQZ 18,532 39,535 45,183 44,361 42,375 49.604

462,l YY

4,550 1,800

36.992 58.963

1.25 1.98

3.23 - 95,960

LEISURE EQEIE~vK?'T &

Leapfrog Entequises, Inc.

MEDIA Cablevision Systems New Ywk

Pixar, Inc. Sinclair Broadcast Group, Inc. Cl. A Spanish Broadcasting System.

XVo Inc. XM Satellite Radio Holdings

PRODUCTS

Group C1. A

lnc. C1. A

Inc. C1. A

1.000 1.07 - 31,810

2.300 1,500 2200

-1i.7-1a 91,260 '5,542

1.61 3.07 (J.86

COMMVNICATION TKCHSOLWY SINA.com 1.m

COMPUTER SOE'TW4W L.egato Systems. Inc. 9.750

23,446 0.Y 2

2.75 12,450 5,900

101,463 71,862

3.41 2.42

81,802 --I-

COMPUTERS & PERIF'HEIULS Apple Computer. Inc. Dell Compirrr Corporation EMC Corporation Network Appliance. Inc. Sun Microsystems. Inc.

8,000 2.97

11.34 _I

- 1,650 2.745 5,200 2.500 5,850

1.06 2.95 1.83 1.36 0.9 I 8.11 - -

88,400

426.280 3 1.548 87,730 s4.445 40,525 26,910

241,157

SEMICONDUCTORS & SEM1CONI.W C'TOR EQUIPMJ?.NT

A k a Corporation Analog Devices Inc. Applied Materials. Inc. Broadcom Coiporahon Q. A Intel Corporation Ramhis lnc. 'hadyne, Inc.

1,780 900

3,100 1,300 2,820 3.150 1,550

0.98 1.65 1.06 1.09 1.97 I .76 0.90

9.41 __- -

29,192 31.338 49,166 32,383 58,611 52,195 26.830

279,715

ELECTHONIC EQUIPMEST &

Smmna-SCI Corporation

HEALTH CARE PROVIDERS &

WcbMD Corporation

IXFORWTION TECHYOLOGY

BISYS Group, Inc. (The)

INSTRUMENTS

SERVICES

SERVICES

9.300 1.97 - 58,683

7.550 2.75 8 1,767

3,M)O 1.86 - ss,110

The accompanying notes are an integral part of these tinancia1 statements.

16

Description

ALGER SICAV

ALGER US TECHNOLOGY FUND



Sumber of 5% ot Net Shares Market Value A,scts

~ ~~ ~

Transferable securities listed on an official stock exchange or dealt in on another regulated market

CO.MZION SHARES (continued)

somwt\RE BEA Systmr. Inc. Documentam. In:. Fair Isaac Corporation Microsoft Corporation Nuance Communications Inc. Oraclz Corporation PcopleSoft. Inc. Synopsys. IIK. VtiH17'AS Sofrwnrc Corporation

5,150 2.300

500 5,030 5,400 3,675 3,300 900

2.250

WIRELESS lmECO3LvUNICKrIOx

Nextel Communications Inc., (3. A

TOTAL IhWSThlENT

SERVICES 1.700

M SECUFUTES

55,929 45.241 25.725

128,818 29.160 44,173 58,047 55,665 @SO8

507.266

30.736

2,769,867

1.88 1.52 0.87 4.33 0.98 1.49 1.95 1.87 2.17

17.06 -

1.03 - 93.15 - -

The accompanying notes arc an integral part of' these financial statements.

17

ALCER SICAV

Xotes to the financial statements as of June 30,2003 (Unaudited)

Note 1: General

Alger SICAV, forinerly The A l p American Asset Growth Fund, (“the Fund”) was incorporated on July 26, 1996, in the Grand Duchy of Luxembourg as a Societe Anonyme with unliinited duration under the law of August 10, 1915, as amended. The Fund is organized as a Sociktb d’lnvestissement h Capital Variable (i.e. a cunipany with variable capid, commonly known as a “STCAS”). The Fund further qualifies as an “Undertaking for Collective Investment in Transferable Securities” (UCITS) under Part I of the Luxembourg law of March 30, 1988.

Thc Fund is registered under number B 55.679 at the Register of‘ Commerce at the District Court of Luxembourg, where its Articles of Incorporation are available for inspcction (as well as at the Fund‘s registered office at 49, Avenue J.F. Kenncdy, L-1855, Kirchberg, Luxcrnbourg). The Fund’s Articles of IIicorporation were amended on August 11, 2000 and this amciidment was published in the Mdmorial Recueil Spkial des Socitt& et Associations on September 22,2000.

Vie investmcnt objective of the sub-funds is to seek long-term capital appreciation by investing in a diversified, actively managed portfolio consisting principally of equity securities, which are publicly waded in the United States. The Board of Directors is responsible for the Fund’s overall investment policy and ensuring that the investment activities are consistent with that policy.

The Fund is designed to provide an opportunity for investors outside the United States to take advantage of the profes- sional investmcnt expertise of the Portfolio Manager and its affiliates.

The Fund is an open-ended investment vehicle, which redeem its shares at the request of its Shareholders on a daily basis at a price hased upon the value of’ the Funds net assets.

Shares arc currently offered in the following sub-hds:

Sub-funds First NAV C:ilc-

Alger SJCAV --- The Alger American Asset Growth Fund (A) Alger SICAV - The Alga Anlerican Asset Growth Fund (B) Alger SICAV - Alger US SnlallCap Fund (A 62 B) Alger STCAV .-- Alger US MidCap Fund (A 8 B) Alga SICAV - R1gt.r US Largecap Fund (A & E) A l p SICAV - Alger US Technology Fund (A & B)

Aupst 19, 1996 November 16,2000 November 16,2000 November 16,2000 November 16,2000

June 1,2001

Note 2: Significant Accounting Policies

a) Presentation of accounb

The Fund maintains the books and records of each class of shares fox each sub-fund and prepares conibined financial slatenienes in U.S. Dollars (USD). Combined statements are obtained by the arithmetic sum of the fuisuicial statements of each individual sub-fund on a line by line basis.

The fmmcial statenieriis are presented in accord” with Luxembourg regulations relatiiig to investment funds.

18

ALGER SXCAV

Notes to the financial statements as of June 30,2003 (Unaudited) (continued)

b) Security v a l u m

Tlie Net Asset Value is determined as follows:

the value of any cash on hand or on deposit, bills and denmid notes, and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued and not yet received shall be deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived ai after making such discount as the Furid may consider appropriate hi such case to reflect the m e value thereof;

plus, hi: value of securities which are listed on any stock exchange or lrdded on any other regulated market shall be based on thc last reported sales price on the last trading day inmediately preceeding the relevant valuation day;

less, all liabilities of the sub-fund.

In the event that any of the securities held in the Fund‘s poafolio Im the relevant valuation day are not listed or traded on any stock exchange or another regulated market or if, with respect to securities on any stock exchange or on anorh- er regulated market. h e price as determined pursuant to the above nieiitiuiied procedures is not representative of the fair market value of securities, the securities will be valued based on the reasonably foreseeable sales price determined prudently and in good faith.

. . c ) Formation and Ory d. ’

Legal and other costs incurred in connection with the forination and reorganisation of the Fund are amortized over a five-year period on a straight-line basis.

d) SecUritI7 T r a n q a c t W Inve stment Incarne

Realized gains and losscs from securities transactions are recorded on the average cost basis. Dividend income is recognized on h e ex-dividend date, less any applicable withholding taxes. Interest income is recognized on the accrual basis.

e) U s s A Sr Class B

Shares of the Fund are offered in two classes. Each class of Shares differs from onc another by the sales charge and redemption charge structure applicable 10 it. The issue proceeds of Class A shares arid Class B shares are invested in one common underlying portfolio of investments hut the net asset value of each class will differ as a result of different expense structures.

Class A Shares

Class A shares of he Fund are offered at an offcring price equal to the applicable Net Asset Value per Shaxe plus a sales charge of not more than 6.M3% of the total amount invested.

Class B Shares

Class B slims are offered at iltl offering pnce equal to the applicable Net Asset Vdue per Share and are subject to a dis- triburion fee. Class B shares are also subjecl to a Contingent Deferred Sales Charge should a shareholder dispose of such shares within a period of four yeais froin the date of purchase. Such expenses do not represent expenses of the Fund.

19

ALGER SKAV

Notes tu the financial statements as of June 3 4 2003 (Unaudited) (continued)

Note 3: Exchange rates

All investments, cash balances and other assets or liabilities of the Fund expressed in currencies oher than the USD have been valued after taking into account the mflket rates of exchange in force at the t h e for determination of the net asset value of shares.

Note 4: Advisory fees

The Fund pays the Irivestnlerit Advisor a fee payable monthly in arrears a1 an annual rate of 1.758 of the Fund‘s average daily net assets during the relevant calendar month. Tlie Portfolio Manager has heen engaged by the Investment Advisor to provide daily investment and trading decisions for the Fund for which the PortFolio Manager is paid direct- ly by Lhe Investment Advisor.

Note 5: Luxembourg taxes

As a Luxembourg investment company, under present laws, the Fund is not subject to income taxes in Luxembourg, nor are hvidends paid by the Fund subject to any Luxembourg withholding taxes. h~OVerdbk taxes may be with- held at the source on dividends and intercst received on investment securities. According to the law of March 30, 1988, the Furid is subject to Luxnibourg subscription tax (taxe d’abonnement) at the rate of 0.0570 p r annum of its nct assets, such tax being payable quarterly on the basis of the total net assets at the end of the relewmt quarter.

Note 6: Dlstribution Fees and Brokerage Commissions

A distribution fee with respect to Class B shares is payable to Fred Rlger & Company, Incorporated, an affiliate of the Investment Advisor, out of the assets of each sub-fund at an annual rdte of 1% of the sub-furid’s average daily net asset value attributable to such class as reimbsement for activities and expenses incurred selling the Class B shares. The Fund paid approximately $23,000 in distribution €ees for the six nioriths ended June 30, 2003.

During the six nionths ended June 30,2003. the Fund paid Fred Alger & Company, Jncorporated approxhately $151,000 in commissions in connection with securities transactions at an average commission rate of 0.16%. ‘Rie aggregate value of such truisactions was approximately $95,479,849 and represented 14.1 % of the total value of all security transactions during the six months ended June 30,2003.

'RIG Fund did not engage in soft corntnission transactions during the six months e,nded June 30, 2003.

Note 7: Custodian and Accounting Fee

State Street Luxembourg S.A. has been appointed custodian and accounting agent for the Fund. In renumeration of its services, Slate S w e t Luxembourg S.A. receives a fee based on the net assets of the Fund, payable monthly. This fee is in line with Luxembourg market practice.

ALGER SICAV

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