THE ALGER FUND
Supplement dated September 17, 1997 to the Statement of Additional Information
dated August 1, 1997
The following supplements the section entitled "Exchanges and Conversions" on
pages 14-16 of the Statement of Additional Information:
Certain Money Market Portfolio Shares
Shares of the Money Market Portfolio (the "Portfolio") that have been
acquired in exchange for shares of Spectra Fund, together with Portfolio
shares acquired through reinvestment of dividends on such shares, may be
exchanged for Spectra Fund shares. These exchanges will be effected at the
respective net asset values of Spectra Fund and Portfolio shares next
determined after the exchange request is accepted, with no sales charge or
transaction fee imposed. For more information about such exchanges, please
call (800) 992-3863. The Alger Fund reserves the right to terminate or
modify this exchange privilege upon notice to shareholders.
