NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
June 30, 1995
NOTE 1 -- General:
The Alger American Fund (the "Fund") is a diversified, open-end registered investment company organized as an
unincorporated business trust under the laws of the Commonwealth of Massachusetts. The Fund operates as a
series company currently issuing six classes of shares of beneficial interest: American Growth Portfolio, American
Small Capitalization Portfolio, American Income and Growth Portfolio, American Balanced Portfolio, American
MidCap Growth Portfolio and American Leveraged AllCap Portfolio (collectively "the Portfolios"). Shares of the
Portfolios are available and are being marketed exclusively as a pooled funding vehicle for life insurance
companies writing all types of variable annuity contracts and variable life insurance policies. These financial
statements include only the American Leveraged AllCap Portfolio (the "Portfolio").
NOTE 2--Significant Accounting Policies:
(a) Investment Valuation: Investments of the Portfolio are valued at 4:00 p.m. Eastern time on each day the New
York Stock Exchange is open. Listed and unlisted securities for which such information is regularly reported are
valued at the last reported sales price or, in the absence of reported sales, at the mean between the bid and the
asked price, or, in the absence of a recent bid or asked price, the equivalent as obtained from one or more of the
major market makers for the securities to be valued.
Securities for which market quotations are not readily available are valued according to procedures established
by the Board of Trustees to determine fair value in good faith.
Securities having a remaining maturity of sixty days or less are valued at amortized cost which approximates
(b) Security Transactions and Investment Income: Security transactions are recorded on a trade date basis.
Resulting receivables and payables are carried at amounts which approximate fair value. Realized gains and
losses from security transact