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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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SIGNATURE GREGORY S. DUCH
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> ALGER SMALL CAPITALIZATION PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
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<INVESTMENTS-AT-VALUE> 461467
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<ASSETS-OTHER> 2992
<OTHER-ITEMS-ASSETS> 0
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 286504
<SHARES-COMMON-STOCK> 41675
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<NET-ASSETS> 463718
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<INTEREST-INCOME> 912
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<EXPENSES-NET> 7724
<NET-INVESTMENT-INCOME> (6433)
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<APPREC-INCREASE-CURRENT> 114070
<NET-CHANGE-FROM-OPS> 140402
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (170)
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<NUMBER-OF-SHARES-SOLD> 42345
<NUMBER-OF-SHARES-REDEEMED> 13590
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<NET-CHANGE-IN-ASSETS> 168828
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<PER-SHARE-NII> (.14)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> ALGER GROWTH
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 124355
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29309
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<EXPENSES-NET> 2093
<NET-INVESTMENT-INCOME> (1047)
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<APPREC-INCREASE-CURRENT> 22002
<NET-CHANGE-FROM-OPS> 32781
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1768)
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<NUMBER-OF-SHARES-SOLD> 14201
<NUMBER-OF-SHARES-REDEEMED> 1678
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<NET-CHANGE-IN-ASSETS> 77894
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2060
<OVERDISTRIB-NII-PRIOR> 1359
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 1360
<AVERAGE-NET-ASSETS> 101326
<PER-SHARE-NAV-BEGIN> 6.97
<PER-SHARE-NII> (.02)
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<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.16)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.38
<EXPENSE-RATIO> 2.09
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> ALGER BALANCED PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 5007
<INVESTMENTS-AT-VALUE> 5862
<RECEIVABLES> 433
<ASSETS-OTHER> 23
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6318
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<TOTAL-LIABILITIES> 104
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5284
<SHARES-COMMON-STOCK> 457
<SHARES-COMMON-PRIOR> 289
<ACCUMULATED-NII-CURRENT> (55)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 130
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 855
<NET-ASSETS> 6214
<DIVIDEND-INCOME> 13
<INTEREST-INCOME> 98
<OTHER-INCOME> 0
<EXPENSES-NET> 116
<NET-INVESTMENT-INCOME> (5)
<REALIZED-GAINS-CURRENT> 215
<APPREC-INCREASE-CURRENT> 644
<NET-CHANGE-FROM-OPS> 854
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 274
<NUMBER-OF-SHARES-REDEEMED> 105
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3141
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 50
<OVERDIST-NET-GAINS-PRIOR> 85
<GROSS-ADVISORY-FEES> 27
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 101
<AVERAGE-NET-ASSETS> 3569
<PER-SHARE-NAV-BEGIN> 10.65
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> 2.96
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.59
<EXPENSE-RATIO> 3.58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> ALGER CAPITAL APPRECIATION
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 33230
<INVESTMENTS-AT-VALUE> 34387
<RECEIVABLES> 1320
<ASSETS-OTHER> 700
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36407
<PAYABLE-FOR-SECURITIES> 1795
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 972
<TOTAL-LIABILITIES> 2767
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31375
<SHARES-COMMON-STOCK> 1806
<SHARES-COMMON-PRIOR> 213
<ACCUMULATED-NII-CURRENT> (373)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1481
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1157
<NET-ASSETS> 33640
<DIVIDEND-INCOME> 17
<INTEREST-INCOME> 20
<OTHER-INCOME> 0
<EXPENSES-NET> 310
<NET-INVESTMENT-INCOME> (273)
<REALIZED-GAINS-CURRENT> 1551
<APPREC-INCREASE-CURRENT> 826
<NET-CHANGE-FROM-OPS> 2104
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2156
<NUMBER-OF-SHARES-REDEEMED> 563
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 31271
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 100
<OVERDIST-NET-GAINS-PRIOR> 70
<GROSS-ADVISORY-FEES> 77
<INTEREST-EXPENSE> 25
<GROSS-EXPENSE> 219
<AVERAGE-NET-ASSETS> 9050
<PER-SHARE-NAV-BEGIN> 11.11
<PER-SHARE-NII> (.47)
<PER-SHARE-GAIN-APPREC> 7.98
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 18.62
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> ALGER MIDCAP GROWTH
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
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<TOTAL-LIABILITIES> 1693
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40563
<SHARES-COMMON-STOCK> 2853
<SHARES-COMMON-PRIOR> 1450
<ACCUMULATED-NII-CURRENT> (817)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4556
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9714
<NET-ASSETS> 54016
<DIVIDEND-INCOME> 61
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<EXPENSES-NET> 715
<NET-INVESTMENT-INCOME> (522)
<REALIZED-GAINS-CURRENT> 4286
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<NET-CHANGE-FROM-OPS> 12171
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<NUMBER-OF-SHARES-SOLD> 2933
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<NET-CHANGE-IN-ASSETS> 35500
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 270
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 485
<AVERAGE-NET-ASSETS> 30528
<PER-SHARE-NAV-BEGIN> 12.77
<PER-SHARE-NII> (.08)
<PER-SHARE-GAIN-APPREC> 6.25
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<EXPENSE-RATIO> 2.39
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> ALGER INCOME & GROWTH
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
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<SHARES-COMMON-PRIOR> 582
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 40
<INTEREST-INCOME> 9
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<EXPENSES-NET> 85
<NET-INVESTMENT-INCOME> (36)
<REALIZED-GAINS-CURRENT> 1250
<APPREC-INCREASE-CURRENT> (719)
<NET-CHANGE-FROM-OPS> 495
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<DISTRIBUTIONS-OF-INCOME> 0
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<NUMBER-OF-SHARES-REDEEMED> 649
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<NET-CHANGE-IN-ASSETS> (7185)
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<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (71)
<OVERDIST-NET-GAINS-PRIOR> (456)
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<GROSS-EXPENSE> 85
<AVERAGE-NET-ASSETS> 5051
<PER-SHARE-NAV-BEGIN> 12.35
<PER-SHARE-NII> (.08)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> ALGER MONEY MARKET PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
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<PAID-IN-CAPITAL-COMMON> 185872
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<ACCUMULATED-NET-GAINS> (50)
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<ACCUM-APPREC-OR-DEPREC> 0
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<REALIZED-GAINS-CURRENT> (20)
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<EXPENSE-RATIO> .29
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</TABLE>
