ALGER AMERICAN FUND
NSAR-B, 1995-03-01
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<PAGE>      PAGE  1
000 B000000 12/31/94
000 C000000 0000832566
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 ALGER AMERICAN FUND
001 B000000 811-5550
001 C000000 2128068800
002 A000000 75 MAIDEN LANE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10038
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  6
007 C010100  1
007 C010200  2
007 C020200 ALGER AMERICAN INCOME & GROWTH PORTFOLIO
007 C030200 N
007 C010300  3
007 C020300 ALGER AMERICAN SMALL CAPITALIZATION PORTFOLIO
007 C030300 N
007 C010400  4
007 C020400 ALGER AMERICAN GROWTH PORTFOLIO
007 C030400 N
007 C010500  5
007 C020500 ALGER AMERICAN BALANCED PORTFOLIO
007 C030500 N
007 C010600  6
007 C020600 ALGER AMERICAN MIDCAP GROWTH
007 C030600 N
007 C010700  7
007 C020700 ALGER AMERICAN LEVERAGED ALLCAP PORTFOLIO
007 C030700 N
007 C010800  8
007 C010900  9
007 C011000 10
020 A000001 FRED ALGER & CO., INCORPORATED
020 B000001 13-2665689
020 C000001   1157
020 A000002 LAZARD FRERES & CO
020 B000002 13-5545100
020 C000002      1
020 C000003      0
<PAGE>      PAGE  2
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000     1158
022 A000001 BEAR STEARNS & CO., INC.
022 B000001 13-3299429
022 C000001  18954198
022 D000001         0
022 A000002 MERRILL LYNCH & CO., INC
022 B000002 13-5674085
022 C000002   1725356
022 D000002     93704
022 A000003 ITT FINACIAL CORP
022 B000003 43-0815676
022 C000003     79178
022 D000003         0
022 A000004 CANTOR FITZGERALD & CO
022 B000004 95-3403910
022 C000004     23496
022 D000004     22563
022 A000005 GOLDMAN SACHS
022 B000005 13-5108880
022 C000005     22850
022 D000005     23141
022 A000006 TROSTER SINGER CORP
022 B000006 13-5515160
022 C000006     17829
022 D000006     18381
022 A000007 WESSELS & ARNOLD & HENDERSON
022 B000007 41-1554568
022 C000007     16981
022 D000007     17880
022 A000008 DONALDSON LUFKIN & JENRETTE SECURITIES CORP
022 B000008 13-2741729
022 C000008     21271
022 D000008     12878
022 A000009 FURMAN SELZ CORP
022 B000009 13-2753731
022 C000009     20900
022 D000009     11500
022 A000010 MONTGOMERY SECURITIES
022 B000010 94-1701676
022 C000010     16203
022 D000010      9660
023 C000000   21210157
023 D000000     383967
026 A000000 N
<PAGE>      PAGE  3
026 B000000 Y
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026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 Y
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
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080 A00AA00 VIGILANT INSURANCE COMPANIES
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<PAGE>      PAGE  4
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066 A000200 Y
066 B000200 N
066 C000200 N
<PAGE>      PAGE  5
066 D000200 N
066 E000200 Y
066 F000200 N
066 G000200 N
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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066 A000300 Y
066 B000300 Y
066 C000300 N
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 N
067  000300 N
068 A000300 N
068 B000300 N
069  000300 N
071 A000300    447430
<PAGE>      PAGE  8
071 B000300    291500
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072EE000300    18317
073 A010300   0.0000
073 A020300   0.0000
073 B000300   2.0910
073 C000300   0.0000
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<PAGE>      PAGE  9
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074 U010300 14537803
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074 V010300    27.31
074 V020300     0.00
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076  000300     0.00
024  000400 Y
025 A000401 BEAR STEARNS & CO., INC.
025 B000401 13-3299429
025 C000401 D
025 D000401   13731
025 A000402 MERRILL LYNCH & CO., INC.
025 B000402 13-5674085
025 C000402 E
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<PAGE>      PAGE  10
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062 A000400 N
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062 R000400   0.0
066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 Y
066 E000400 N
066 F000400 N
066 G000400 N
067  000400 N
068 A000400 N
068 B000400 N
069  000400 N
071 A000400    173870
071 B000400    100944
071 C000400     90321
071 D000400  112
072 A000400 12
072 B000400      606
072 C000400      747
<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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024  000500 Y
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025 B000501 13-3299429
025 C000501 D
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<PAGE>      PAGE  13
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066 A000500 Y
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<PAGE>      PAGE  14
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<PAGE>      PAGE  15
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<PAGE>      PAGE  16
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066 A000600 Y
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<PAGE>      PAGE  17
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<PAGE>      PAGE  18
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048 H020700 0.000
<PAGE>      PAGE  19
048 I010700        0
048 I020700 0.000
048 J010700        0
048 J020700 0.000
048 K010700        0
048 K020700 0.000
055 A000700 N
055 B000700 N
056  000700 Y
057  000700 N
062 A000700 N
062 B000700   0.0
062 C000700   0.0
062 D000700   0.0
062 E000700   0.0
062 F000700   0.0
062 G000700   0.0
062 H000700   0.0
062 I000700   0.0
062 J000700   0.0
062 K000700   0.0
062 L000700   0.0
062 M000700   0.0
062 N000700   0.0
062 O000700   0.0
062 P000700   0.0
062 Q000700   0.0
062 R000700   0.0
066 A000700 Y
066 B000700 Y
066 C000700 N
066 D000700 N
066 E000700 N
066 F000700 N
066 G000700 N
067  000700 N
068 A000700 N
068 B000700 N
069  000700 N
070 A010700 Y
070 A020700 N
070 B010700 Y
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 Y
070 F020700 N
<PAGE>      PAGE  20
070 G010700 N
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 N
070 K020700 N
070 L010700 Y
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 Y
070 R020700 N
071 A000700         0
071 B000700         0
071 C000700         0
071 D000700    0
072 A000700  7
072 B000700        0
072 C000700        0
072 D000700        0
072 E000700        0
072 F000700        0
072 G000700        0
072 H000700        0
072 I000700        0
072 J000700        0
072 K000700        0
072 L000700        0
072 M000700        0
072 N000700        0
072 O000700        0
072 P000700        0
072 Q000700        0
072 R000700        0
072 S000700        0
072 T000700        0
072 U000700        0
072 V000700        0
072 W000700        0
<PAGE>      PAGE  21
072 X000700        0
072 Y000700        0
072 Z000700        0
072AA000700        0
072BB000700        0
072CC010700        0
072CC020700        0
072DD010700        0
072DD020700        0
072EE000700        0
073 A010700   0.0000
073 A020700   0.0000
073 B000700   0.0000
073 C000700   0.0000
074 A000700        0
074 B000700        0
074 C000700        0
074 D000700        0
074 E000700        0
074 F000700        0
074 G000700        0
074 H000700        0
074 I000700        0
074 J000700        0
074 K000700        0
074 L000700        0
074 M000700        0
074 N000700        0
074 O000700        0
074 P000700        0
074 Q000700        0
074 R010700        0
074 R020700        0
074 R030700        0
074 R040700        0
074 S000700        0
074 T000700        0
074 U010700        0
074 U020700        0
074 V010700     0.00
074 V020700     0.00
074 W000700   0.0000
074 X000700        1
074 Y000700        0
075 A000700        0
075 B000700        0
076  000700     0.00
SIGNATURE   GREGORY S. DUCH                              
TITLE       TREASURER           
 


<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 05
   <NAME> ALGER AMERICAN BALANCED PORTFOLIO
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               DEC-31-1994
<INVESTMENTS-AT-COST>                            11042
<INVESTMENTS-AT-VALUE>                           11196
<RECEIVABLES>                                      260
<ASSETS-OTHER>                                       1
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                   11457
<PAYABLE-FOR-SECURITIES>                           248
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          815
<TOTAL-LIABILITIES>                               1063
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         10280
<SHARES-COMMON-STOCK>                              962
<SHARES-COMMON-PRIOR>                              678
<ACCUMULATED-NII-CURRENT>                          217
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                           257
<ACCUM-APPREC-OR-DEPREC>                           154
<NET-ASSETS>                                     10394
<DIVIDEND-INCOME>                                   37
<INTEREST-INCOME>                                  283
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     (102)
<NET-INVESTMENT-INCOME>                            218
<REALIZED-GAINS-CURRENT>                         (257)
<APPREC-INCREASE-CURRENT>                        (333)
<NET-CHANGE-FROM-OPS>                            (372)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        (110)
<DISTRIBUTIONS-OF-GAINS>                         (124)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           413
<NUMBER-OF-SHARES-REDEEMED>                       151
<SHARES-REINVESTED>                                22
<NET-CHANGE-IN-ASSETS>                            2547
<ACCUMULATED-NII-PRIOR>                            109
<ACCUMULATED-GAINS-PRIOR>                          124
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                               71
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    102
<AVERAGE-NET-ASSETS>                              9448
<PER-SHARE-NAV-BEGIN>                            11.58
<PER-SHARE-NII>                                    .20
<PER-SHARE-GAIN-APPREC>                          (.70)
<PER-SHARE-DIVIDEND>                             (.13)
<PER-SHARE-DISTRIBUTIONS>                        (.15)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.80
<EXPENSE-RATIO>                                   1.08
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 04
   <NAME> ALGER AMERICAN GROWTH PORTFOLIO
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               DEC-31-1994
<INVESTMENTS-AT-COST>                           158562
<INVESTMENTS-AT-VALUE>                          169288
<RECEIVABLES>                                      425
<ASSETS-OTHER>                                       5
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  169718
<PAYABLE-FOR-SECURITIES>                         10156
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         9172
<TOTAL-LIABILITIES>                              19328
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        138493
<SHARES-COMMON-STOCK>                             6502
<SHARES-COMMON-PRIOR>                             3035
<ACCUMULATED-NII-CURRENT>                          482
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                            690
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         10725
<NET-ASSETS>                                    150390
<DIVIDEND-INCOME>                                  747
<INTEREST-INCOME>                                  606
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     (870)
<NET-INVESTMENT-INCOME>                            483
<REALIZED-GAINS-CURRENT>                           706
<APPREC-INCREASE-CURRENT>                         1040
<NET-CHANGE-FROM-OPS>                             2229
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        (123)
<DISTRIBUTIONS-OF-GAINS>                        (6409)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         5374
<NUMBER-OF-SHARES-REDEEMED>                      2212
<SHARES-REINVESTED>                               305
<NET-CHANGE-IN-ASSETS>                           75513
<ACCUMULATED-NII-PRIOR>                            121
<ACCUMULATED-GAINS-PRIOR>                         6394
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              757
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    870
<AVERAGE-NET-ASSETS>                            102665
<PER-SHARE-NAV-BEGIN>                            24.67
<PER-SHARE-NII>                                    .07
<PER-SHARE-GAIN-APPREC>                            .15
<PER-SHARE-DIVIDEND>                             (.03)
<PER-SHARE-DISTRIBUTIONS>                       (1.73)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              23.13
<EXPENSE-RATIO>                                    .86
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 02
   <NAME> ALGER AMERICAN INCOME & GROWTH PORTFOLIO
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               DEC-31-1994
<INVESTMENTS-AT-COST>                            32592
<INVESTMENTS-AT-VALUE>                           33278
<RECEIVABLES>                                      450
<ASSETS-OTHER>                                       2
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                   33730
<PAYABLE-FOR-SECURITIES>                          1749
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         2846
<TOTAL-LIABILITIES>                               4595
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         30520
<SHARES-COMMON-STOCK>                             2191
<SHARES-COMMON-PRIOR>                             2083
<ACCUMULATED-NII-CURRENT>                          363
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                          2434
<ACCUM-APPREC-OR-DEPREC>                           686
<NET-ASSETS>                                     29135
<DIVIDEND-INCOME>                                  450
<INTEREST-INCOME>                                  140
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     (226)
<NET-INVESTMENT-INCOME>                            364
<REALIZED-GAINS-CURRENT>                        (2088)
<APPREC-INCREASE-CURRENT>                       (1210)
<NET-CHANGE-FROM-OPS>                           (2934)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                         (297)
<DISTRIBUTIONS-OF-GAINS>                          (1140)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            682
<NUMBER-OF-SHARES-REDEEMED>                        687
<SHARES-REINVESTED>                                113
<NET-CHANGE-IN-ASSETS>                             2760
<ACCUMULATED-NII-PRIOR>                            296
<ACCUMULATED-GAINS-PRIOR>                          794
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              187
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    226
<AVERAGE-NET-ASSETS>                             30196
<PER-SHARE-NAV-BEGIN>                            15.31
<PER-SHARE-NII>                                    .17
<PER-SHARE-GAIN-APPREC>                          (1.47)
<PER-SHARE-DIVIDEND>                              (.15)
<PER-SHARE-DISTRIBUTIONS>                         (.56)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              13.30
<EXPENSE-RATIO>                                    .75
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 07
   <NAME> ALGER AMERICAN LEVERAGED ALLCAP PORTFOLIO
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               DEC-31-1994
<INVESTMENTS-AT-COST>                                0
<INVESTMENTS-AT-VALUE>                               0
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                       0
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                                  0
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                                0
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                         0
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                       0
<NET-INVESTMENT-INCOME>                              0
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                                0
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                              0
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                               0
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 06
   <NAME> ALGER AMERICAN MIDCAP GROWTH PORTFOLIO
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               DEC-31-1994
<INVESTMENTS-AT-COST>                            70346
<INVESTMENTS-AT-VALUE>                           75300
<RECEIVABLES>                                      978
<ASSETS-OTHER>                                       3
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                   76281
<PAYABLE-FOR-SECURITIES>                          5384
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         8719
<TOTAL-LIABILITIES>                              14103
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         59551
<SHARES-COMMON-STOCK>                             4620
<SHARES-COMMON-PRIOR>                             1552
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                              18
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                          2310
<ACCUM-APPREC-OR-DEPREC>                          4955
<NET-ASSETS>                                     62178
<DIVIDEND-INCOME>                                   88
<INTEREST-INCOME>                                  301
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     (377)
<NET-INVESTMENT-INCOME>                             12
<REALIZED-GAINS-CURRENT>                        (2319)
<APPREC-INCREASE-CURRENT>                         2843
<NET-CHANGE-FROM-OPS>                              536
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                         (122)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          3902
<NUMBER-OF-SHARES-REDEEMED>                      844
<SHARES-REINVESTED>                               10 
<NET-CHANGE-IN-ASSETS>                           40877
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                          131
<OVERDISTRIB-NII-PRIOR>                             30
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              312
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    377
<AVERAGE-NET-ASSETS>                             39932
<PER-SHARE-NAV-BEGIN>                            13.72
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                          (.21)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                        (.05)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              13.46
<EXPENSE-RATIO>                                    .97
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 03
   <NAME> ALGER AMERICAN SMALL CAPITALIZATION PORTFOLIO
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               DEC-31-1994
<INVESTMENTS-AT-COST>                           457608
<INVESTMENTS-AT-VALUE>                          503044
<RECEIVABLES>                                     2664
<ASSETS-OTHER>                                      13
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  505721
<PAYABLE-FOR-SECURITIES>                         23775
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        84909
<TOTAL-LIABILITIES>                             108684
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        369774
<SHARES-COMMON-STOCK>                            14538
<SHARES-COMMON-PRIOR>                             7735
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                            1212
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                         16961
<ACCUM-APPREC-OR-DEPREC>                         45436
<NET-ASSETS>                                    397037
<DIVIDEND-INCOME>                                  395
<INTEREST-INCOME>                                 1985
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    (2661)
<NET-INVESTMENT-INCOME>                          (281)
<REALIZED-GAINS-CURRENT>                       (17564)
<APPREC-INCREASE-CURRENT>                        14069
<NET-CHANGE-FROM-OPS>                           (3776)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                       (18317)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         12403
<NUMBER-OF-SHARES-REDEEMED>                     6312
<SHARES-REINVESTED>                             712 
<NET-CHANGE-IN-ASSETS>                          158187
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                        18919
<OVERDISTRIB-NII-PRIOR>                            931
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                             2367
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                   2661
<AVERAGE-NET-ASSETS>                            281822
<PER-SHARE-NAV-BEGIN>                            30.88
<PER-SHARE-NII>                                  (.03)
<PER-SHARE-GAIN-APPREC>                         (1.45)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                       (2.09)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              27.31
<EXPENSE-RATIO>                                    .96
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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