<PAGE> PAGE 1
000 B000000 12/31/97
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 A
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
008 A00AA01 FRED ALGER MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-06709
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10038
011 A00AA01 FRED ALGER & COMPANY, INCORPORATED
<PAGE> PAGE 2
011 B00AA01 8-15900
011 C01AA01 JERSEY CITY
011 C02AA01 NJ
011 C03AA01 07302
012 A00AA01 ALGER SHAREHOLDER SERVICES, INC.
012 B00AA01 84-1650
012 C01AA01 JERSEY CITY
012 C02AA01 NJ
012 C03AA01 07302
013 A00AA01 ARTHUR ANDERSON & CO.
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10105
014 A00AA01 FRED ALGER & COMPANY, INCORPORATED
014 B00AA01 8-15900
015 A00AA01 CUSTODIAL TRUST COMPANY
015 B00AA01 C
015 C01AA01 PRINCETON
015 C02AA01 NJ
015 C03AA01 08540
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 FRED ALGER & CO., INCORPORATED
020 B000001 13-2665689
020 C000001 7713
020 A000002 INSTINET CORP
020 B000002 13-3443395
020 C000002 124
020 A000003 OFF THE RECORD RESEARCH
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 7838
022 A000001 BEAR STEARNS & CO., INC.
022 B000001 13-3299429
022 C000001 55962646
022 D000001 26422
022 A000002 MERRILL LYNCH & CO., INC
022 B000002 13-5674085
022 C000002 6264925
022 D000002 922897
022 A000003 MORGAN STANLEY & CO INC.
022 B000003 13-2655998
<PAGE> PAGE 3
022 C000003 99471
022 D000003 290292
022 A000004 LEHMAN BROTHERS INC.
022 B000004 13-2518466
022 C000004 178688
022 D000004 209336
022 A000005 GOLDMAN SACHS
022 B000005 13-5108880
022 C000005 144820
022 D000005 148011
022 A000006 PRUDENTIAL BACHE
022 B000006 22-2347336
022 C000006 84310
022 D000006 75344
022 A000007 DONALDSON LUFKIN & JENRETTE
022 B000007 13-2741729
022 C000007 73676
022 D000007 64995
022 A000008 NEEDHAM & CO.
022 B000008 13-3255839
022 C000008 61098
022 D000008 68240
022 A000009 WESSELS ARNOLD
022 B000009 41-1554568
022 C000009 23108
022 D000009 97057
022 A000010 ALEX BROWN & SONS. INC.
022 B000010 52-1319768
022 C000010 53520
022 D000010 55807
023 C000000 63444640
023 D000000 2813753
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
<PAGE> PAGE 4
039 00AA00 N
040 00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 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 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 VIGILANT INSURANCE COMPANIES
080 C00AA00 5200
081 A00AA00 Y
081 B00AA00 17
082 A00AA00 Y
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
<PAGE> PAGE 5
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
024 000100 N
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 226
028 A020100 7
028 A030100 0
028 A040100 2658
028 B010100 59
028 B020100 6
028 B030100 0
028 B040100 104
028 C010100 1000
028 C020100 3
028 C030100 0
028 C040100 4682
028 D010100 0
028 D020100 0
028 D030100 0
028 D040100 0
028 E010100 0
028 E020100 0
028 E030100 0
028 E040100 0
028 F010100 0
028 F020100 0
028 F030100 0
028 F040100 0
028 G010100 1285
028 G020100 16
028 G030100 0
028 G040100 7444
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
<PAGE> PAGE 6
048 000100 0.500
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 1
063 A000100 0
063 B000100 0.0
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
<PAGE> PAGE 7
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 N
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
072 I000100 4
072 J000100 5
072 K000100 0
072 L000100 1
072 M000100 3
072 N000100 0
072 O000100 1
072 P000100 0
072 Q000100 0
072 R000100 5
072 S000100 0
072 T000100 0
072 U000100 2
072 V000100 0
072 W000100 1
072 X000100 46
072 Y000100 0
072 Z000100 106
072AA000100 1
072BB000100 0
072CC010100 0
072CC020100 0
<PAGE> PAGE 8
072DD010100 106
072DD020100 0
072EE000100 0
073 A010100 0.0145
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
024 000200 Y
025 A000201 BEAR STEARNS & CO., INC.
025 B000201 13-3299429
025 C000201 D
025 D000201 867
025 A000202 MERRILL LYNCH & CO. INC.
025 B000202 13-5674085
025 C000202 D
025 D000202 1298
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 2464
028 A020200 0
028 A030200 0
028 A040200 436
028 B010200 1958
028 B020200 0
028 B030200 0
028 B040200 1104
028 C010200 2670
028 C020200 0
028 C030200 0
028 C040200 454
028 D010200 2063
028 D020200 0
028 D030200 0
028 D040200 1418
028 E010200 1942
028 E020200 0
028 E030200 0
028 E040200 888
028 F010200 1956
028 F020200 0
028 F030200 0
028 F040200 1057
028 G010200 13053
028 G020200 0
028 G030200 0
028 G040200 5357
028 H000200 0
<PAGE> PAGE 9
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.625
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 N
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 1
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
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
<PAGE> PAGE 10
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
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 N
070 K020200 N
070 L010200 Y
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 Y
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
<PAGE> PAGE 11
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 63712
071 B000200 49269
071 C000200 32828
071 D000200 150
072 A000200 12
072 B000200 99
072 C000200 355
072 D000200 0
072 E000200 0
072 F000200 218
072 G000200 0
072 H000200 0
072 I000200 3
072 J000200 20
072 K000200 0
072 L000200 1
072 M000200 4
072 N000200 5
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 5
072 S000200 1
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 1
072 X000200 258
072 Y000200 0
072 Z000200 196
072AA000200 7558
072BB000200 2179
072CC010200 4254
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 867
074 C000200 2398
074 D000200 0
074 E000200 0
074 F000200 44221
074 G000200 0
<PAGE> PAGE 12
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 42
074 M000200 1
074 N000200 47529
074 O000200 0
074 P000200 26
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 104
074 S000200 0
074 T000200 47399
074 U010200 4314
074 U020200 0
074 V010200 10.99
074 V020200 0.00
074 W000200 0.0000
074 X000200 6
074 Y000200 0
075 A000200 0
075 B000200 34928
076 000200 0.00
024 000300 Y
025 A000301 BEAR STEARNS & CO., INC.
025 B000301 13-3299429
025 C000301 D
025 D000301 8240
025 A000302 MERRILL LYNCH & CO, INC.
025 B000302 13-5674085
025 C000302 D
025 D000302 34953
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 118278
028 A020300 0
028 A030300 0
028 A040300 46985
028 B010300 77018
028 B020300 0
028 B030300 0
028 B040300 86389
028 C010300 210640
028 C020300 0
<PAGE> PAGE 13
028 C030300 0
028 C040300 97276
028 D010300 71764
028 D020300 0
028 D030300 0
028 D040300 148420
028 E010300 90195
028 E020300 0
028 E030300 0
028 E040300 87318
028 F010300 115344
028 F020300 0
028 F030300 0
028 F040300 820066
028 G010300 683239
028 G020300 0
028 G030300 0
028 G040300 1286454
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.850
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 N
055 A000300 N
<PAGE> PAGE 14
055 B000300 N
056 000300 Y
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 1
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
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
070 A010300 Y
070 A020300 Y
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
<PAGE> PAGE 15
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 N
070 K020300 N
070 L010300 Y
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 Y
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300 1386863
071 B000300 2010688
071 C000300 1328068
071 D000300 104
072 A000300 12
072 B000300 6638
072 C000300 4707
072 D000300 0
072 E000300 0
072 F000300 12582
072 G000300 0
072 H000300 0
072 I000300 3
072 J000300 371
072 K000300 0
072 L000300 47
072 M000300 4
072 N000300 0
072 O000300 1
072 P000300 0
072 Q000300 0
072 R000300 53
072 S000300 2
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 102
072 X000300 13165
072 Y000300 0
<PAGE> PAGE 16
072 Z000300 -1820
072AA000300 410460
072BB000300 271312
072CC010300 22504
072CC020300 0
072DD010300 0
072DD020300 0
072EE000300 54749
073 A010300 0.0000
073 A020300 0.0000
073 B000300 1.5570
073 C000300 0.0000
074 A000300 0
074 B000300 8240
074 C000300 74923
074 D000300 0
074 E000300 0
074 F000300 922494
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 14720
074 K000300 0
074 L000300 786
074 M000300 72
074 N000300 1021235
074 O000300 0
074 P000300 737
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 22912
074 S000300 0
074 T000300 997586
074 U010300 22802
074 U020300 0
074 V010300 43.75
074 V020300 0.00
074 W000300 0.0000
074 X000300 49
074 Y000300 0
075 A000300 0
075 B000300 1478946
076 000300 0.00
024 000400 Y
025 A000401 BEAR STEARNS & CO., INC.
025 B000401 13-3299429
025 C000401 D
025 D000401 8858
025 A000402 MERRILL LYNCH & CO. INC.
<PAGE> PAGE 17
025 B000402 13-5674085
025 C000402 D
025 D000402 25965
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 60343
028 A020400 0
028 A030400 0
028 A040400 23793
028 B010400 50772
028 B020400 0
028 B030400 0
028 B040400 27567
028 C010400 59644
028 C020400 0
028 C030400 0
028 C040400 10858
028 D010400 45374
028 D020400 0
028 D030400 0
028 D040400 47879
028 E010400 53397
028 E020400 0
028 E030400 0
028 E040400 367128
028 F010400 67825
028 F020400 0
028 F030400 0
028 F040400 70041
028 G010400 337355
028 G020400 0
028 G030400 0
028 G040400 547266
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.750
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
<PAGE> PAGE 18
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 N
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 1
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
066 F000400 N
<PAGE> PAGE 19
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 N
070 K020400 N
070 L010400 Y
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 Y
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 1424429
071 B000400 1628944
071 C000400 1097649
071 D000400 130
072 A000400 12
072 B000400 4377
072 C000400 8330
072 D000400 0
072 E000400 0
072 F000400 8988
<PAGE> PAGE 20
072 G000400 0
072 H000400 0
072 I000400 3
072 J000400 271
072 K000400 0
072 L000400 55
072 M000400 4
072 N000400 6
072 O000400 1
072 P000400 0
072 Q000400 0
072 R000400 55
072 S000400 2
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 45
072 X000400 9430
072 Y000400 0
072 Z000400 3277
072AA000400 319331
072BB000400 119430
072CC010400 49343
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 8858
074 C000400 66929
074 D000400 0
074 E000400 0
074 F000400 966088
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 38187
074 K000400 0
074 L000400 2238
074 M000400 54
074 N000400 1082354
074 O000400 8633
074 P000400 720
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
<PAGE> PAGE 21
074 R040400 472
074 S000400 0
074 T000400 1072529
074 U010400 25081
074 U020400 0
074 V010400 42.76
074 V020400 0.00
074 W000400 0.0000
074 X000400 46
074 Y000400 0
075 A000400 0
075 B000400 1198407
076 000400 0.00
024 000500 Y
025 A000501 BEAR STEARNS & CO., INC.
025 B000501 13-3299429
025 C000501 D
025 D000501 313
025 A000502 MERRILL LYNCH & CO. INC.
025 B000502 13-5674085
025 C000502 D
025 D000502 399
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 307
028 A020500 0
028 A030500 0
028 A040500 114
028 B010500 376
028 B020500 0
028 B030500 0
028 B040500 140
028 C010500 410
028 C020500 0
028 C030500 0
028 C040500 78
028 D010500 501
028 D020500 0
028 D030500 0
028 D040500 449
028 E010500 483
028 E020500 0
028 E030500 0
028 E040500 346
028 F010500 865
028 F020500 0
028 F030500 0
<PAGE> PAGE 22
028 F040500 126
028 G010500 2942
028 G020500 0
028 G030500 0
028 G040500 1253
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.750
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 N
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 1
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
<PAGE> PAGE 23
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
063 A000500 0
063 B000500 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
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 Y
070 K010500 N
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 N
<PAGE> PAGE 24
070 M020500 N
070 N010500 Y
070 N020500 Y
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 15401
071 B000500 11964
071 C000500 11393
071 D000500 105
072 A000500 12
072 B000500 374
072 C000500 60
072 D000500 0
072 E000500 0
072 F000500 103
072 G000500 0
072 H000500 0
072 I000500 3
072 J000500 21
072 K000500 0
072 L000500 1
072 M000500 4
072 N000500 0
072 O000500 1
072 P000500 0
072 Q000500 0
072 R000500 3
072 S000500 2
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 1
072 X000500 139
072 Y000500 0
072 Z000500 295
072AA000500 2064
072BB000500 745
072CC010500 757
072CC020500 0
072DD010500 155
072DD020500 0
072EE000500 211
073 A010500 0.1180
073 A020500 0.0000
073 B000500 0.1600
<PAGE> PAGE 25
073 C000500 0.0000
074 A000500 0
074 B000500 313
074 C000500 2298
074 D000500 4533
074 E000500 0
074 F000500 9372
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 98
074 K000500 0
074 L000500 380
074 M000500 1
074 N000500 16995
074 O000500 359
074 P000500 11
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 11
074 S000500 0
074 T000500 16614
074 U010500 1544
074 U020500 0
074 V010500 10.76
074 V020500 0.00
074 W000500 0.0000
074 X000500 5
074 Y000500 0
075 A000500 0
075 B000500 13780
076 000500 0.00
024 000600 Y
025 A000601 BEAR STEARNS & CO., INC
025 B000601 13-3299429
025 C000601 D
025 D000601 5796
025 A000602 MERRILL LYNCH & CO. INC.
025 B000602 13-5674085
025 C000602 D
025 D000602 11984
025 D000603 0
025 D000604 0
025 D000605 0
025 D000606 0
025 D000607 0
025 D000608 0
028 A010600 17024
028 A020600 0
<PAGE> PAGE 26
028 A030600 0
028 A040600 25284
028 B010600 42315
028 B020600 0
028 B030600 0
028 B040600 33062
028 C010600 30555
028 C020600 0
028 C030600 0
028 C040600 24040
028 D010600 28880
028 D020600 0
028 D030600 0
028 D040600 34118
028 E010600 16049
028 E020600 0
028 E030600 0
028 E040600 49347
028 F010600 23844
028 F020600 0
028 F030600 0
028 F040600 14867
028 G010600 158667
028 G020600 0
028 G030600 0
028 G040600 180718
028 H000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.800
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
<PAGE> PAGE 27
048 K010600 0
048 K020600 0.000
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 N
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
066 A000600 Y
066 B000600 N
066 C000600 Y
066 D000600 N
066 E000600 N
066 F000600 N
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 N
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
<PAGE> PAGE 28
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 Y
070 K010600 N
070 K020600 N
070 L010600 Y
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 Y
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 Y
070 R020600 N
071 A000600 625452
071 B000600 649655
071 C000600 411547
071 D000600 152
072 A000600 12
072 B000600 1412
072 C000600 1651
072 D000600 0
072 E000600 0
072 F000600 3536
072 G000600 0
072 H000600 0
072 I000600 3
072 J000600 106
072 K000600 0
072 L000600 19
072 M000600 4
072 N000600 0
072 O000600 1
072 P000600 0
072 Q000600 0
072 R000600 24
072 S000600 2
072 T000600 0
072 U000600 0
072 V000600 0
<PAGE> PAGE 29
072 W000600 22
072 X000600 3717
072 Y000600 0
072 Z000600 -654
072AA000600 112786
072BB000600 73814
072CC010600 20864
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 5796
074 C000600 32465
074 D000600 0
074 E000600 0
074 F000600 411561
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 8119
074 K000600 0
074 L000600 2260
074 M000600 20
074 N000600 460221
074 O000600 14824
074 P000600 317
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 113
074 S000600 0
074 T000600 444967
074 U010600 18403
074 U020600 0
074 V010600 24.18
074 V020600 0.00
074 W000600 0.0000
074 X000600 33
074 Y000600 0
075 A000600 0
075 B000600 442194
076 000600 0.00
024 000700 Y
025 A000701 BEAR STEARNS & CO., INC
025 B000701 13-3299429
<PAGE> PAGE 30
025 C000701 D
025 D000701 421
025 A000702 MERRILL LYNCH & CO. INC.
025 B000702 13-5677085
025 C000702 D
025 D000702 999
025 D000703 0
025 D000704 0
025 D000705 0
025 D000706 0
025 D000707 0
025 D000708 0
028 A010700 2355
028 A020700 0
028 A030700 0
028 A040700 2511
028 B010700 2912
028 B020700 0
028 B030700 0
028 B040700 1959
028 C010700 2318
028 C020700 0
028 C030700 0
028 C040700 986
028 D010700 3336
028 D020700 0
028 D030700 0
028 D040700 2414
028 E010700 2352
028 E020700 0
028 E030700 0
028 E040700 706
028 F010700 1580
028 F020700 0
028 F030700 0
028 F040700 3084
028 G010700 14853
028 G020700 0
028 G030700 0
028 G040700 11660
028 H000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.850
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
<PAGE> PAGE 31
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
049 000700 N
050 000700 N
051 000700 N
052 000700 N
053 A000700 N
055 A000700 N
055 B000700 Y
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
<PAGE> PAGE 32
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 Y
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
070 G010700 N
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 Y
070 K010700 N
070 K020700 N
070 L010700 Y
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 Y
070 O010700 Y
070 O020700 Y
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 Y
070 R020700 N
071 A000700 83144
071 B000700 73899
071 C000700 44987
071 D000700 164
072 A000700 12
072 B000700 93
072 C000700 297
072 D000700 0
072 E000700 0
072 F000700 399
072 G000700 0
072 H000700 0
<PAGE> PAGE 33
072 I000700 2
072 J000700 28
072 K000700 0
072 L000700 6
072 M000700 4
072 N000700 4
072 O000700 1
072 P000700 17
072 Q000700 0
072 R000700 5
072 S000700 2
072 T000700 0
072 U000700 0
072 V000700 0
072 W000700 1
072 X000700 469
072 Y000700 0
072 Z000700 -79
072AA000700 10261
072BB000700 6674
072CC010700 4258
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 421
074 C000700 1998
074 D000700 0
074 E000700 0
074 F000700 51102
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 0
074 K000700 0
074 L000700 57
074 M000700 2
074 N000700 53580
074 O000700 0
074 P000700 41
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 51
074 S000700 0
<PAGE> PAGE 34
074 T000700 53488
074 U010700 2308
074 U020700 0
074 V010700 23.17
074 V020700 0.00
074 W000700 0.0000
074 X000700 18
074 Y000700 0
075 A000700 0
075 B000700 47024
076 000700 0.00
SIGNATURE GREGORY S. DUCH
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> ALGER AMERICAN ALL CAP PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 46831006
<INVESTMENTS-AT-VALUE> 53521548
<RECEIVABLES> 56577
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2098
<TOTAL-ASSETS> 53580223
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 92225
<TOTAL-LIABILITIES> 92225
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44079890
<SHARES-COMMON-STOCK> 2308122
<SHARES-COMMON-PRIOR> 2179222
<ACCUMULATED-NII-CURRENT> (119678)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2837244
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6690542
<NET-ASSETS> 53487998
<DIVIDEND-INCOME> 296772
<INTEREST-INCOME> 93307
<OTHER-INCOME> 0
<EXPENSES-NET> 469390
<NET-INVESTMENT-INCOME> (79311)
<REALIZED-GAINS-CURRENT> 3587761
<APPREC-INCREASE-CURRENT> 4257904
<NET-CHANGE-FROM-OPS> 7766354
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1381000
<NUMBER-OF-SHARES-REDEEMED> 876756
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 18562728
<ACCUMULATED-NII-PRIOR> (40367)
<ACCUMULATED-GAINS-PRIOR> (750517)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 399269
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 469390
<AVERAGE-NET-ASSETS> 47023680
<PER-SHARE-NAV-BEGIN> 19.36
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> 3.84
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.17
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 201644
<AVG-DEBT-PER-SHARE> .09
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> ALGER AMERICAN BALANCED PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 14923802
<INVESTMENTS-AT-VALUE> 16516340
<RECEIVABLES> 477924
<ASSETS-OTHER> 588
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 16994852
<PAYABLE-FOR-SECURITIES> 359191
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21911
<TOTAL-LIABILITIES> 381102
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13416427
<SHARES-COMMON-STOCK> 1544192
<SHARES-COMMON-PRIOR> 1387296
<ACCUMULATED-NII-CURRENT> 287336
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1317449
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1592538
<NET-ASSETS> 16613750
<DIVIDEND-INCOME> 60306
<INTEREST-INCOME> 372967
<OTHER-INCOME> 0
<EXPENSES-NET> 138618
<NET-INVESTMENT-INCOME> 294655
<REALIZED-GAINS-CURRENT> 1319306
<APPREC-INCREASE-CURRENT> 756566
<NET-CHANGE-FROM-OPS> 2370527
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (155278)
<DISTRIBUTIONS-OF-GAINS> (210546)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 592297
<NUMBER-OF-SHARES-REDEEMED> 220624
<SHARES-REINVESTED> 297953
<NET-CHANGE-IN-ASSETS> 6128066
<ACCUMULATED-NII-PRIOR> 147959
<ACCUMULATED-GAINS-PRIOR> 208689
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 103223
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 138618
<AVERAGE-NET-ASSETS> 13779856
<PER-SHARE-NAV-BEGIN> 9.24
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> 1.62
<PER-SHARE-DIVIDEND> (.12)
<PER-SHARE-DISTRIBUTIONS> (.16)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.76
<EXPENSE-RATIO> 1.01
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> ALGER AMERICAN GROWTH PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 863575163
<INVESTMENTS-AT-VALUE> 1041875018
<RECEIVABLES> 40424563
<ASSETS-OTHER> 54076
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1082353657
<PAYABLE-FOR-SECURITIES> 8632784
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1191981
<TOTAL-LIABILITIES> 9824765
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 692612447
<SHARES-COMMON-STOCK> 25081266
<SHARES-COMMON-PRIOR> 30106049
<ACCUMULATED-NII-CURRENT> 3262091
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 198354499
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 178299855
<NET-ASSETS> 1072528892
<DIVIDEND-INCOME> 8330272
<INTEREST-INCOME> 4376996
<OTHER-INCOME> 0
<EXPENSES-NET> 9430072
<NET-INVESTMENT-INCOME> 3277196
<REALIZED-GAINS-CURRENT> 199900299
<APPREC-INCREASE-CURRENT> 49343495
<NET-CHANGE-FROM-OPS> 252520990
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3760721)
<DISTRIBUTIONS-OF-GAINS> (6810754)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16488837
<NUMBER-OF-SHARES-REDEEMED> 20559387
<SHARES-REINVESTED> 283342
<NET-CHANGE-IN-ASSETS> 81500524
<ACCUMULATED-NII-PRIOR> 3745616
<ACCUMULATED-GAINS-PRIOR> 5264954
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8988054
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9430072
<AVERAGE-NET-ASSETS> 1198630489
<PER-SHARE-NAV-BEGIN> 34.33
<PER-SHARE-NII> .13
<PER-SHARE-GAIN-APPREC> 8.66
<PER-SHARE-DIVIDEND> (.13)
<PER-SHARE-DISTRIBUTIONS> (.23)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 42.76
<EXPENSE-RATIO> .79
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> ALGER AMERICAN INCOME & GROWTH PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 40228175
<INVESTMENTS-AT-VALUE> 47485499
<RECEIVABLES> 41626
<ASSETS-OTHER> 1635
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 45528760
<PAYABLE-FOR-SECURITIES> 72596
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 57272
<TOTAL-LIABILITIES> 129868
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34571756
<SHARES-COMMON-STOCK> 4314475
<SHARES-COMMON-PRIOR> 3595363
<ACCUMULATED-NII-CURRENT> 205238
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5364574
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7257324
<NET-ASSETS> 47398892
<DIVIDEND-INCOME> 355467
<INTEREST-INCOME> 99300
<OTHER-INCOME> 0
<EXPENSES-NET> 258891
<NET-INVESTMENT-INCOME> 195876
<REALIZED-GAINS-CURRENT> 5378374
<APPREC-INCREASE-CURRENT> 4254496
<NET-CHANGE-FROM-OPS> 9828746
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (141500)
<DISTRIBUTIONS-OF-GAINS> (1170590)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2857584
<NUMBER-OF-SHARES-REDEEMED> 1167593
<SHARES-REINVESTED> 142001
<NET-CHANGE-IN-ASSETS> 26488652
<ACCUMULATED-NII-PRIOR> 150862
<ACCUMULATED-GAINS-PRIOR> 1156790
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 217844
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 258891
<AVERAGE-NET-ASSETS> 34927612
<PER-SHARE-NAV-BEGIN> 8.42
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 2.94
<PER-SHARE-DIVIDEND> (.04)
<PER-SHARE-DISTRIBUTIONS> (.36)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.99
<EXPENSE-RATIO> .74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> ALGER AMERICAN MID-CAP PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 380218183
<INVESTMENTS-AT-VALUE> 449822361
<RECEIVABLES> 10379026
<ASSETS-OTHER> 19637
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 460221024
<PAYABLE-FOR-SECURITIES> 14824145
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 430179
<TOTAL-LIABILITIES> 444966700
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 337701891
<SHARES-COMMON-STOCK> 18403196
<SHARES-COMMON-PRIOR> 19369988
<ACCUMULATED-NII-CURRENT> (967068)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 38627699
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 69604178
<NET-ASSETS> 444966700
<DIVIDEND-INCOME> 1651649
<INTEREST-INCOME> 1412147
<OTHER-INCOME> 0
<EXPENSES-NET> 3717386
<NET-INVESTMENT-INCOME> (653590)
<REALIZED-GAINS-CURRENT> 38971626
<APPREC-INCREASE-CURRENT> 20863695
<NET-CHANGE-FROM-OPS> 59181731
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (250596)
<DISTRIBUTIONS-OF-GAINS> (6110692)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14279060
<NUMBER-OF-SHARES-REDEEMED> 14668073
<SHARES-REINVESTED> 297953
<NET-CHANGE-IN-ASSETS> 50119966
<ACCUMULATED-NII-PRIOR> (62882)
<ACCUMULATED-GAINS-PRIOR> 5766765
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3536454
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3717386
<AVERAGE-NET-ASSETS> 442194065
<PER-SHARE-NAV-BEGIN> 21.35
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> 3.2
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> (.32)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.18
<EXPENSE-RATIO> .84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> ALGER AMERICAN SMALL CAP PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 782116878
<INVESTMENTS-AT-VALUE> 1005657872
<RECEIVABLES> 15505465
<ASSETS-OTHER> 72082
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1021235419
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 23649511
<TOTAL-LIABILITIES> 23649511
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 649850434
<SHARES-COMMON-STOCK> 22801879
<SHARES-COMMON-PRIOR> 36640885
<ACCUMULATED-NII-CURRENT> (7380753)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 131575233
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 223540994
<NET-ASSETS> 997585908
<DIVIDEND-INCOME> 4707309
<INTEREST-INCOME> 6637890
<OTHER-INCOME> 0
<EXPENSES-NET> 13165324
<NET-INVESTMENT-INCOME> (1820125)
<REALIZED-GAINS-CURRENT> 139147522
<APPREC-INCREASE-CURRENT> 22504405
<NET-CHANGE-FROM-OPS> 159831802
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (54749439)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 24762826
<NUMBER-OF-SHARES-REDEEMED> 39348743
<SHARES-REINVESTED> 1463106
<NET-CHANGE-IN-ASSETS> (471932561)
<ACCUMULATED-NII-PRIOR> (5560628)
<ACCUMULATED-GAINS-PRIOR> 47177150
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12582027
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 13165324
<AVERAGE-NET-ASSETS> 1478945505
<PER-SHARE-NAV-BEGIN> 40.91
<PER-SHARE-NII> (.17)
<PER-SHARE-GAIN-APPREC> 4.57
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.56)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 43.75
<EXPENSE-RATIO> .89
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>