<PAGE> PAGE 1
000 A000000 06/30/97
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 3560
020 A000002 INSTINET CORP
020 B000002 13-3443395
020 C000002 85
020 A000003 OFF THE RECORD RESEARCH
<PAGE> PAGE 2
020 B000003 13-3545927
020 C000003 1
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 3646
022 A000001 BEAR STEARNS & CO., INC.
022 B000001 13-3299429
022 C000001 29332768
022 D000001 11674
022 A000002 MERRILL LYNCH & CO., INC
022 B000002 13-5674085
022 C000002 2160635
022 D000002 237242
022 A000003 LEHMAN BROTHERS
022 B000003 13-2518466
022 C000003 115366
022 D000003 136711
022 A000004 MORGAN STANLEY
022 B000004 13-2655998
022 C000004 61282
022 D000004 98939
022 A000005 GOLDMAN SACHS
022 B000005 13-5108880
022 C000005 66726
022 D000005 88568
022 A000006 PRUDENTIAL BACHE
022 B000006 22-2347336
022 C000006 48993
022 D000006 37284
022 A000007 DONALDSON LUFKIN & JENRETTE
022 B000007 13-2741729
022 C000007 38214
022 D000007 42265
022 A000008 CANTOR FITZGERALD & CO., INC.
022 B000008 13-3680184
022 C000008 9374
022 D000008 61289
022 A000009 ALEX BROWN & SONS INC.
022 B000009 52-1319768
022 C000009 26652
022 D000009 43883
022 A000010 PAINE WEBBER INC
022 B000010 13-2638166
022 C000010 33963
022 D000010 32834
023 C000000 32169120
<PAGE> PAGE 3
023 D000000 1146469
077 A000000 N
078 000000 N
024 000200 Y
025 A000201 BEAR STEARNS & CO., INC.
025 B000201 13-3299429
025 C000201 D
025 D000201 713
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 2230
028 A020200 0
028 A030200 0
028 A040200 996
028 B010200 1998
028 B020200 0
028 B030200 0
028 B040200 423
028 C010200 2667
028 C020200 0
028 C030200 0
028 C040200 2277
028 D010200 2472
028 D020200 0
028 D030200 0
028 D040200 1112
028 E010200 2582
028 E020200 1312
028 E030200 0
028 E040200 457
028 F010200 2982
028 F020200 0
028 F030200 0
028 F040200 702
028 G010200 14931
028 G020200 1312
028 G030200 0
028 G040200 5967
028 H000200 0
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
<PAGE> PAGE 4
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 Y
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
071 A000200 23937
071 B000200 15997
071 C000200 25637
071 D000200 62
072 A000200 6
072 B000200 38
072 C000200 159
072 D000200 0
072 E000200 0
072 F000200 83
072 G000200 0
072 H000200 0
072 I000200 1
072 J000200 9
072 K000200 0
072 L000200 0
072 M000200 2
072 N000200 0
072 O000200 1
072 P000200 0
072 Q000200 0
072 R000200 1
072 S000200 1
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 1
072 X000200 98
072 Y000200 0
<PAGE> PAGE 5
072 Z000200 99
072AA000200 2065
072BB000200 490
072CC010200 3832
072CC020200 0
072DD010200 142
072DD020200 0
072EE000200 1170
073 A010200 0.0440
073 A020200 0.0000
073 B000200 0.1340
073 C000200 0.0000
074 A000200 0
074 B000200 1709
074 C000200 749
074 D000200 0
074 E000200 258
074 F000200 33244
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 920
074 K000200 0
074 L000200 187
074 M000200 0
074 N000200 37067
074 O000200 842
074 P000200 18
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 827
074 S000200 0
074 T000200 35380
074 U010200 3595
074 U020200 0
074 V010200 9.84
074 V020200 0.00
074 W000200 0.0000
074 X000200 6
074 Y000200 0
075 A000200 0
075 B000200 28869
076 000200 0.00
024 000300 Y
025 A000301 BEAR STEARNS & CO., INC.
025 B000301 13-3299429
025 C000301 D
025 D000301 16680
025 A000302 DELETE
<PAGE> PAGE 6
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 64945
028 A020300 0
028 A030300 0
028 A040300 53832
028 B010300 23847
028 B020300 0
028 B030300 0
028 B040300 70194
028 C010300 37424
028 C020300 0
028 C030300 0
028 C040300 51831
028 D010300 66465
028 D020300 0
028 D030300 0
028 D040300 82472
028 E010300 84288
028 E020300 54749
028 E030300 0
028 E040300 45134
028 F010300 78784
028 F020300 0
028 F030300 0
028 F040300 80839
028 G010300 355753
028 G020300 54749
028 G030300 0
028 G040300 384302
028 H000300 0
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
<PAGE> PAGE 7
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
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 808767
071 B000300 803255
071 C000300 1270571
071 D000300 63
072 A000300 6
072 B000300 2821
072 C000300 2143
072 D000300 0
072 E000300 0
072 F000300 5790
072 G000300 0
072 H000300 0
072 I000300 1
072 J000300 174
072 K000300 0
072 L000300 20
072 M000300 2
072 N000300 0
072 O000300 1
072 P000300 0
072 Q000300 0
072 R000300 30
072 S000300 1
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 29
072 X000300 6047
072 Y000300 0
072 Z000300 -1083
072AA000300 114747
072BB000300 216204
072CC010300 0
072CC020300 110156
072DD010300 0
072DD020300 0
072EE000300 54749
<PAGE> PAGE 8
073 A010300 0.0000
073 A020300 0.0000
073 B000300 1.5570
073 C000300 0.0000
074 A000300 0
074 B000300 11830
074 C000300 45359
074 D000300 0
074 E000300 0
074 F000300 1399255
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 5269
074 K000300 0
074 L000300 1786
074 M000300 36
074 N000300 1463535
074 O000300 9002
074 P000300 1024
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 4924
074 S000300 0
074 T000300 1448585
074 U010300 36641
074 U020300 0
074 V010300 39.53
074 V020300 0.00
074 W000300 0.0000
074 X000300 36
074 Y000300 0
075 A000300 0
075 B000300 1537524
076 000300 0.00
024 000400 Y
025 A000401 BEAR STEARNS & CO., INC.
025 B000401 13-3299429
025 C000401 D
025 D000401 44060
025 A000402 DELETE
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 52661
<PAGE> PAGE 9
028 A020400 0
028 A030400 0
028 A040400 28565
028 B010400 59354
028 B020400 0
028 B030400 0
028 B040400 50266
028 C010400 55567
028 C020400 0
028 C030400 0
028 C040400 59818
028 D010400 35797
028 D020400 0
028 D030400 0
028 D040400 63234
028 E010400 60590
028 E020400 10571
028 E030400 0
028 E040400 39612
028 F010400 54628
028 F020400 0
028 F030400 0
028 F040400 38211
028 G010400 318597
028 G020400 10571
028 G030400 0
028 G040400 279706
028 H000400 0
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 Y
066 E000400 N
<PAGE> PAGE 10
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
071 A000400 672189
071 B000400 617441
071 C000400 1014411
071 D000400 61
072 A000400 6
072 B000400 1750
072 C000400 4053
072 D000400 0
072 E000400 0
072 F000400 3998
072 G000400 0
072 H000400 0
072 I000400 1
072 J000400 119
072 K000400 0
072 L000400 25
072 M000400 2
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 23
072 S000400 1
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 13
072 X000400 4182
072 Y000400 0
072 Z000400 1621
072AA000400 112430
072BB000400 50961
072CC010400 97016
072CC020400 0
072DD010400 3761
072DD020400 0
072EE000400 6812
073 A010400 0.1270
073 A020400 0.0000
073 B000400 0.2300
073 C000400 0.0000
074 A000400 0
074 B000400 44060
074 C000400 69162
074 D000400 0
<PAGE> PAGE 11
074 E000400 20060
074 F000400 1117530
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 16789
074 K000400 0
074 L000400 2047
074 M000400 24
074 N000400 1269672
074 O000400 39545
074 P000400 740
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 39362
074 S000400 0
074 T000400 1190025
074 U010400 30106
074 U020400 0
074 V010400 39.53
074 V020400 0.00
074 W000400 0.0000
074 X000400 33
074 Y000400 0
075 A000400 0
075 B000400 1075587
076 000400 0.00
024 000500 Y
025 A000501 BEAR STEARNS & CO., INC.
025 B000501 13-3299429
025 C000501 D
025 D000501 713
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 347
028 A020500 0
028 A030500 0
028 A040500 150
028 B010500 731
028 B020500 0
028 B030500 0
028 B040500 179
028 C010500 484
028 C020500 0
<PAGE> PAGE 12
028 C030500 0
028 C040500 68
028 D010500 584
028 D020500 0
028 D030500 0
028 D040500 350
028 E010500 452
028 E020500 366
028 E030500 0
028 E040500 129
028 F010500 463
028 F020500 0
028 F030500 0
028 F040500 117
028 G010500 3061
028 G020500 366
028 G030500 0
028 G040500 993
028 H000500 0
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 Y
067 000500 Y
068 A000500 N
068 B000500 N
069 000500 N
071 A000500 6856
071 B000500 4911
071 C000500 9897
<PAGE> PAGE 13
071 D000500 50
072 A000500 6
072 B000500 164
072 C000500 28
072 D000500 0
072 E000500 0
072 F000500 45
072 G000500 0
072 H000500 0
072 I000500 1
072 J000500 10
072 K000500 0
072 L000500 0
072 M000500 2
072 N000500 0
072 O000500 1
072 P000500 0
072 Q000500 0
072 R000500 2
072 S000500 1
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 1
072 X000500 62
072 Y000500 0
072 Z000500 130
072AA000500 769
072BB000500 284
072CC010500 768
072CC020500 0
072DD010500 155
072DD020500 0
072EE000500 211
073 A010500 0.1180
073 A020500 0.0000
073 B000500 0.1600
073 C000500 0.0000
074 A000500 0
074 B000500 714
074 C000500 2322
074 D000500 3336
074 E000500 184
074 F000500 8069
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 112
074 K000500 0
074 L000500 74
074 M000500 0
<PAGE> PAGE 14
074 N000500 14811
074 O000500 728
074 P000500 9
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 137
074 S000500 0
074 T000500 13937
074 U010500 1387
074 U020500 0
074 V010500 10.05
074 V020500 0.00
074 W000500 0.0000
074 X000500 5
074 Y000500 0
075 A000500 0
075 B000500 11995
076 000500 0.00
024 000600 Y
025 A000601 BEAR STEARNS & CO., INC
025 B000601 13-3299429
025 C000601 D
025 D000601 1866
025 D000602 0
025 D000603 0
025 D000604 0
025 D000605 0
025 D000606 0
025 D000607 0
025 D000608 0
028 A010600 27845
028 A020600 0
028 A030600 0
028 A040600 14367
028 B010600 10426
028 B020600 0
028 B030600 0
028 B040600 15939
028 C010600 21863
028 C020600 0
028 C030600 0
028 C040600 33978
028 D010600 27549
028 D020600 0
028 D030600 0
028 D040600 27280
028 E010600 46405
028 E020600 6362
028 E030600 0
<PAGE> PAGE 15
028 E040600 25047
028 F010600 36037
028 F020600 0
028 F030600 0
028 F040600 40525
028 G010600 170125
028 G020600 6362
028 G030600 0
028 G040600 157136
028 H000600 0
055 A000600 Y
055 B000600 N
056 000600 Y
057 000600 N
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
071 A000600 339242
071 B000600 320464
071 C000600 375797
071 D000600 85
072 A000600 6
072 B000600 808
072 C000600 773
072 D000600 0
072 E000600 0
072 F000600 1608
072 G000600 0
072 H000600 0
072 I000600 1
072 J000600 56
072 K000600 0
072 L000600 7
072 M000600 2
072 N000600 0
072 O000600 0
<PAGE> PAGE 16
072 P000600 0
072 Q000600 0
072 R000600 9
072 S000600 1
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 7
072 X000600 1691
072 Y000600 0
072 Z000600 -110
072AA000600 52873
072BB000600 40706
072CC010600 16144
072CC020600 0
072DD010600 251
072DD020600 0
072EE000600 6111
073 A010600 0.0130
073 A020600 0.0000
073 B000600 0.3170
073 C000600 0.0000
074 A000600 0
074 B000600 1866
074 C000600 24988
074 D000600 0
074 E000600 14108
074 F000600 408916
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 482
074 K000600 0
074 L000600 3522
074 M000600 11
074 N000600 453893
074 O000600 15315
074 P000600 295
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 2246
074 S000600 0
074 T000600 436037
074 U010600 19370
074 U020600 0
074 V010600 22.51
074 V020600 0.00
074 W000600 0.0000
074 X000600 24
<PAGE> PAGE 17
074 Y000600 0
075 A000600 0
075 B000600 405566
076 000600 0.00
024 000700 Y
025 A000701 BEAR STEARNS & CO., INC
025 B000701 13-3299429
025 C000701 D
025 D000701 1707
025 D000702 0
025 D000703 0
025 D000704 0
025 D000705 0
025 D000706 0
025 D000707 0
025 D000708 0
028 A010700 3768
028 A020700 0
028 A030700 0
028 A040700 405
028 B010700 2593
028 B020700 0
028 B030700 0
028 B040700 2413
028 C010700 1714
028 C020700 0
028 C030700 0
028 C040700 1503
028 D010700 2752
028 D020700 0
028 D030700 0
028 D040700 1362
028 E010700 1926
028 E020700 0
028 E030700 0
028 E040700 1139
028 F010700 2533
028 F020700 0
028 F030700 0
028 F040700 861
028 G010700 15286
028 G020700 0
028 G030700 0
028 G040700 7683
028 H000700 0
062 A000700 N
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
<PAGE> PAGE 18
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
071 A000700 34513
071 B000700 27316
071 C000700 39002
071 D000700 70
072 A000700 6
072 B000700 37
072 C000700 131
072 D000700 0
072 E000700 0
072 F000700 169
072 G000700 0
072 H000700 0
072 I000700 1
072 J000700 14
072 K000700 0
072 L000700 2
072 M000700 2
072 N000700 0
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 2
072 S000700 1
072 T000700 0
072 U000700 0
072 V000700 0
072 W000700 1
072 X000700 192
<PAGE> PAGE 19
072 Y000700 0
072 Z000700 -24
072AA000700 2961
072BB000700 3331
072CC010700 5499
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 1707
074 C000700 0
074 D000700 0
074 E000700 641
074 F000700 45696
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 1327
074 K000700 0
074 L000700 393
074 M000700 0
074 N000700 49764
074 O000700 1458
074 P000700 33
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 640
074 S000700 0
074 T000700 47633
074 U010700 2179
074 U020700 0
074 V010700 21.86
074 V020700 0.00
074 W000700 0.0000
074 X000700 17
074 Y000700 0
075 A000700 0
075 B000700 44021
076 000700 0.00
SIGNATURE GREGORY S. DUCH
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> ALGER AMERICAN INCOME & GROWTH
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 29124674
<INVESTMENTS-AT-VALUE> 35959781
<RECEIVABLES> 1106273
<ASSETS-OTHER> 477
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37066531
<PAYABLE-FOR-SECURITIES> 841864
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 844814
<TOTAL-LIABILITIES> 1686678
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26875361
<SHARES-COMMON-STOCK> 3595363
<SHARES-COMMON-PRIOR> 2482483
<ACCUMULATED-NII-CURRENT> 108086
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1561299
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6835107
<NET-ASSETS> 35379853
<DIVIDEND-INCOME> 159107
<INTEREST-INCOME> 38354
<OTHER-INCOME> 0
<EXPENSES-NET> 98737
<NET-INVESTMENT-INCOME> 98724
<REALIZED-GAINS-CURRENT> 1575099
<APPREC-INCREASE-CURRENT> 3832279
<NET-CHANGE-FROM-OPS> 5506102
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 141500
<DISTRIBUTIONS-OF-GAINS> 1170590
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1634274
<NUMBER-OF-SHARES-REDEEMED> 663395
<SHARES-REINVESTED> 142001
<NET-CHANGE-IN-ASSETS> 14469613
<ACCUMULATED-NII-PRIOR> 150862
<ACCUMULATED-GAINS-PRIOR> 1156790
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 83152
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 98737
<AVERAGE-NET-ASSETS> 26868796
<PER-SHARE-NAV-BEGIN> 8.42
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 1.81
<PER-SHARE-DIVIDEND> (.04)
<PER-SHARE-DISTRIBUTIONS> (.36)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.84
<EXPENSE-RATIO> .74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> ALGER AMERICAN SMALL CAPITALIZATION
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1145251780
<INVESTMENTS-AT-VALUE> 1456443710
<RECEIVABLES> 7054578
<ASSETS-OTHER> 36774
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1463535062
<PAYABLE-FOR-SECURITIES> 9001764
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5948403
<TOTAL-LIABILITIES> 14950167
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1253065638
<SHARES-COMMON-STOCK> 36640885
<SHARES-COMMON-PRIOR> 35924690
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 6643593
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 109029080
<ACCUM-APPREC-OR-DEPREC> 311191930
<NET-ASSETS> 1448584895
<DIVIDEND-INCOME> 2143484
<INTEREST-INCOME> 2820577
<OTHER-INCOME> 0
<EXPENSES-NET> 6047026
<NET-INVESTMENT-INCOME> (1082965)
<REALIZED-GAINS-CURRENT> (101456791)
<APPREC-INCREASE-CURRENT> 110155341
<NET-CHANGE-FROM-OPS> 7615585
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 54749439
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9249561
<NUMBER-OF-SHARES-REDEEMED> 9996472
<SHARES-REINVESTED> 1463106
<NET-CHANGE-IN-ASSETS> (20933574)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 47177150
<OVERDISTRIB-NII-PRIOR> 5560628
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5789738
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6047026
<AVERAGE-NET-ASSETS> 1373523649
<PER-SHARE-NAV-BEGIN> 40.91
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> .21
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.56)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 39.53
<EXPENSE-RATIO> .89
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> ALGER AMERICAN GROWTH
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1024840013
<INVESTMENTS-AT-VALUE> 1250812485
<RECEIVABLES> 18836285
<ASSETS-OTHER> 23041
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1269671811
<PAYABLE-FOR-SECURITIES> 38156667
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 41489811
<TOTAL-LIABILITIES> 1190025333
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 902523744
<SHARES-COMMON-STOCK> 30106049
<SHARES-COMMON-PRIOR> 28868474
<ACCUMULATED-NII-CURRENT> 1605811
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 59923306
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 225972472
<NET-ASSETS> 1190025333
<DIVIDEND-INCOME> 4053384
<INTEREST-INCOME> 1749552
<OTHER-INCOME> 0
<EXPENSES-NET> 4182020
<NET-INVESTMENT-INCOME> 1620916
<REALIZED-GAINS-CURRENT> 61469106
<APPREC-INCREASE-CURRENT> 97016112
<NET-CHANGE-FROM-OPS> 160106134
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3760721
<DISTRIBUTIONS-OF-GAINS> 6810754
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8703428
<NUMBER-OF-SHARES-REDEEMED> 7749195
<SHARES-REINVESTED> 283342
<NET-CHANGE-IN-ASSETS> 198996965
<ACCUMULATED-NII-PRIOR> 3745616
<ACCUMULATED-GAINS-PRIOR> 5264954
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3998271
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4182020
<AVERAGE-NET-ASSETS> 1075586755
<PER-SHARE-NAV-BEGIN> 34.33
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 5.51
<PER-SHARE-DIVIDEND> (.13)
<PER-SHARE-DISTRIBUTIONS> (.23)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 39.53
<EXPENSE-RATIO> .78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> ALGER AMERICAN BALANCED
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 13020726
<INVESTMENTS-AT-VALUE> 14624741
<RECEIVABLES> 185637
<ASSETS-OTHER> 275
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14810653
<PAYABLE-FOR-SECURITIES> 114490
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 759258
<TOTAL-LIABILITIES> 873748
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11726922
<SHARES-COMMON-STOCK> 1387296
<SHARES-COMMON-PRIOR> 1134492
<ACCUMULATED-NII-CURRENT> 122207
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 483761
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1604015
<NET-ASSETS> 13936905
<DIVIDEND-INCOME> 163575
<INTEREST-INCOME> 27486
<OTHER-INCOME> 0
<EXPENSES-NET> 61535
<NET-INVESTMENT-INCOME> 129526
<REALIZED-GAINS-CURRENT> 485618
<APPREC-INCREASE-CURRENT> 768043
<NET-CHANGE-FROM-OPS> 1383187
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 155278
<DISTRIBUTIONS-OF-GAINS> 210546
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 318829
<NUMBER-OF-SHARES-REDEEMED> 104052
<SHARES-REINVESTED> 38027
<NET-CHANGE-IN-ASSETS> 3451221
<ACCUMULATED-NII-PRIOR> 147959
<ACCUMULATED-GAINS-PRIOR> 208689
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 44577
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 61535
<AVERAGE-NET-ASSETS> 11995168
<PER-SHARE-NAV-BEGIN> 9.24
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> 1.01
<PER-SHARE-DIVIDEND> (.12)
<PER-SHARE-DISTRIBUTIONS> (.16)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.05
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> ALGER AMERICAN MIDCAP GROWTH
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 384993326
<INVESTMENTS-AT-VALUE> 449877873
<RECEIVABLES> 4004523
<ASSETS-OTHER> 10337
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 453892733
<PAYABLE-FOR-SECURITIES> 15315358
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2540624
<TOTAL-LIABILITIES> 17855982
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 359752940
<SHARES-COMMON-STOCK> 19369988
<SHARES-COMMON-PRIOR> 18494256
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (423675)
<ACCUMULATED-NET-GAINS> 11822939
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 64884547
<NET-ASSETS> 436036751
<DIVIDEND-INCOME> 772707
<INTEREST-INCOME> 807676
<OTHER-INCOME> 0
<EXPENSES-NET> 1690580
<NET-INVESTMENT-INCOME> (110197)
<REALIZED-GAINS-CURRENT> 12166866
<APPREC-INCREASE-CURRENT> 16144064
<NET-CHANGE-FROM-OPS> 28200733
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 250596
<DISTRIBUTIONS-OF-GAINS> 6110692
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 170125162
<NUMBER-OF-SHARES-REDEEMED> 157135878
<SHARES-REINVESTED> 6361288
<NET-CHANGE-IN-ASSETS> 41190017
<ACCUMULATED-NII-PRIOR> 5766765
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 62882
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1608483
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1690580
<AVERAGE-NET-ASSETS> 405566092
<PER-SHARE-NAV-BEGIN> 21.35
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> 1.50
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> (.32)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.51
<EXPENSE-RATIO> .84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> ALGER AMERICAN LEVEREGED ALLCAP
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 40112408
<INVESTMENTS-AT-VALUE> 48043923
<RECEIVABLES> 1719841
<ASSETS-OTHER> 614
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 49764378
<PAYABLE-FOR-SECURITIES> 1458187
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 672865
<TOTAL-LIABILITIES> 2131052
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40886389
<SHARES-COMMON-STOCK> 2179222
<SHARES-COMMON-PRIOR> 1803878
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (64211)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1120367)
<ACCUM-APPREC-OR-DEPREC> 7931575
<NET-ASSETS> 47633326
<DIVIDEND-INCOME> 130673
<INTEREST-INCOME> 37187
<OTHER-INCOME> 0
<EXPENSES-NET> 191704
<NET-INVESTMENT-INCOME> (23844)
<REALIZED-GAINS-CURRENT> (369850)
<APPREC-INCREASE-CURRENT> 5498877
<NET-CHANGE-FROM-OPS> 5105183
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 761980
<NUMBER-OF-SHARES-REDEEMED> 386636
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 12708056
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (40367)
<OVERDIST-NET-GAINS-PRIOR> (750517)
<GROSS-ADVISORY-FEES> 191704
<INTEREST-EXPENSE> 1201
<GROSS-EXPENSE> 191704
<AVERAGE-NET-ASSETS> 40020644
<PER-SHARE-NAV-BEGIN> 19.36
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> 2.51
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.86
<EXPENSE-RATIO> .97
<AVG-DEBT-OUTSTANDING> 28840
<AVG-DEBT-PER-SHARE> .01
</TABLE>
