ALGER RETIREMENT FUND
497, 1998-12-21
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                            THE ALGER RETIREMENT FUND

  SUPPLEMENT DATED DECEMBER 21, 1998 TO THE PROSPECTUS DATED FEBRUARY 25, 1998

The  following  supplements,  and  should  be  read  in  conjunction  with,  the
Prospectus of the Fund:

     The address of the Fund and Fred Alger Management, Inc. (see front and back
cover pages) has been changed from 75 Maiden Lane, New York, NY 10038 to:

One World Trade Center
Suite 9333
New York, NY 10048


<PAGE>
                            THE ALGER RETIREMENT FUND

                    SUPPLEMENT DATED DECEMBER 21, 1998 TO THE
           STATEMENT OF ADDITIONAL INFORMATION DATED FEBRUARY 25, 1998

     The following  supplements,  and should be read in  conjunction  with,  the
Statement of Additional Information of the Fund:

     The address of the Fund, Fred Alger  Management,  Inc. and its officers and
employees has been changed from 75 Maiden Lane, New York, NY 10038 to:

     One World Trade Center
     Suite 9333
     New York, NY 10048

     This change  appears on the front cover page,  in the last  sentence of the
paragraph  titled  "Trustees and Officers of the Fund" on page 8 and on the back
cover page.


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