THE ALGER FUND

                                January 21, 1998

               Supplement to the Prospectus dated August 1, 1997

     Effective  immediately,  the following  amends the section entitled "How to
Purchase Shares - In General" on page 1 of the Prospectus:

     There is no minimum  imposed on initial or  subsequent  investments  in any
Portfolio  other  than  Alger  Money  Market  Portfolio.   The  minimum  initial
investment in Alger Money Market  Portfolio is $500, and subsequent  investments
must be at least $25. These minimums may be waived under certain circumstances.



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