THE ALGER FUND


 Supplement dated September 26, 2001 to the Prospectus dated February 28, 2001,


THE MANAGER'S ADDRESS UNDER THE HEADING "MANAGEMENT AND ORGANIZATION" ON PAGE 9
OF THE PROSPECTUS IS HEREBY AMENDED TO READ AS FOLLOWS:

Fred Alger Management, Inc.
30 Montgomery Street
Jersey City, NJ  07302

THE PARAGRAPH UNDER THE HEADING "PORTFOLIO MANAGERS" ON PAGE 9 OF THE PROSPECTUS
IS HEREBY AMENDED TO READ AS FOLLOWS:

Fred M. Alger, III is the key strategist for all the portfolios,  overseeing the
investments of each  portfolio.  Mr. Alger,  who founded Fred Alger  Management,
Inc.,  has served as  Chairman  of the Board  since  1964,  and  co-managed  the
portfolios  prior to 1995.  Dan C.  Chung,  David Hyun and Alison  Barbi are the
individuals  responsible for the day-to-day  management of portfolio investments
and have served in that capacity since September 2001. Mr. Chung, manager of the
Small  Capitalization  and  MidCap  Growth  Portfolios,  and  co-manager  of the
LargeCap Growth and Balanced  Portfolios since September 2001, has been employed
by the Manager since 1994, as a Vice President and analyst from 1996 to 1999, as
a Senior Vice  President and senior  analyst  until 2000,  as an Executive  Vice
President and portfolio manager since 2000 and as Chief Investment Officer since
September  2001.  Mr. Hyun,  manager of the Capital  Appreciation  Portfolio and
co-manager of the LargeCap  Growth  Portfolio  since  September  2001,  has been
employed by the Manager as an Executive Vice  President  since  September  2001,
prior to which he was  employed  by the  Manager as an  analyst  from 1991 until
1997,  as a Senior Vice  President  and  portfolio  manager from 1997 until June
2000,  and a  portfolio  manager  at  Oppenheimer  Funds  from June  2000  until
September 2001. Ms. Barbi, manager of the Money Market Portfolio, and co-manager
of the Balanced Portfolio,  has been employed by the Manager as a Vice President
and  portfolio  manager  since  September  2001,  prior to which  she was a Vice
President and Securities Trader at NationsBanc Montgomery  Securities,  LLC from
1990 until 1998, and a private investor since 1998.

THE FUND'S ADDRESS ON THE BACK COVER OF THE PROSPECTUS IS HEREBY AMENDED TO READ
AS FOLLOWS:

The Alger Fund
30 Montgomery Street
Jersey City, NJ  07302




                     THE ALGER FUND - MONEY MARKET PORTFOLIO

  SUPPLEMENT DATED SEPTEMBER 26, 2001 TO THE PROSPECTUS DATED FEBRUARY 28, 2001


THE MANAGER'S ADDRESS UNDER THE HEADING "MANAGEMENT AND ORGANIZATION" ON PAGE 4
OF THE PROSPECTUS IS HEREBY AMENDED TO READ AS FOLLOWS:

Fred Alger Management, Inc.
30 Montgomery Street
Jersey City, NJ 07302

THE PARAGRAPH UNDER THE HEADING "PORTFOLIO MANAGERS" ON PAGE 4 OF THE PROSPECTUS
IS HEREBY AMENDED TO READ AS FOLLOWS:

Fred M. Alger,  III is the key  strategist  for the  Portfolio,  overseeing  the
investments  of the  Portfolio.  Mr. Alger,  who founded Fred Alger  Management,
Inc.,  has served as  Chairman  of the Board  since  1964,  and  co-managed  the
Portfolio  prior to 1995.  Alison Barbi is the  individual  responsible  for the
day-to-day  management  of the  Portfolio's  investments  and has served in that
capacity since  September  2001. Ms. Barbi has been employed by the Manager as a
Vice President and portfolio  manager since September  2001,  prior to which she
was a Vice President and Securities Trader at NationsBanc Montgomery Securities,
LLC from 1990 until 1998, and a private investor since 1998.

THE FUND'S ADDRESS ON THE BACK COVER OF THE PROSPECTUS IS HEREBY AMENDED TO READ
AS FOLLOWS:

The Alger Fund
30 Montgomery Street
Jersey City, NJ 07302



                                 THE ALGER FUND

 Supplement dated September 26, 2001 to the Statement of Additional Information
                    dated February 28, 2001, as supplemented

THE LAST SENTENCE OF THE LAST PARAGRAPH ON THE COVER PAGE IS AMENDED TO READ AS
FOLLOWS:

It should be read together with the Prospectus which may be obtained free of
charge by writing the Fund at 30 Montgomery Street, Jersey City, NJ 07302 or
calling (800) 992-3863.

THE LAST SENTENCE OF THE FIRST PARAGRAPH UNDER THE HEADING "PURCHASES" ON PAGE
13 IS HEREBY AMENDED TO READ AS FOLLOWS:

Each of the officers of the Fund and Fred M. Alger, III, who is Chairman of the
Board of Trustees of the Fund, are "affiliated persons" as defined in the Act,
of the Fund and of Alger Inc.

THE LAST 3 SENTENCES OF THE PARAGRAPH UNDER THE HEADING "TRUSTEES AND OFFICERS
OF THE FUND" ON PAGE 22 ARE HEREBY AMENDED TO READ AS FOLLOWS:

Fred M. Alger, III is an "interested person" of the Fund, as defined in the Act.
Unless otherwise noted, the address of each person named below is 30 Montgomery
Street, Jersey City, New Jersey 07302.

WITH RESPECT TO THE TABLE ON PAGE 22 UNDER THE HEADING "MANAGEMENT", FRED M.
ALGER, III IS ALSO PRESIDENT OF ASSOCIATES, ALGER MANAGEMENT, ALGER INC.,
PROPERTIES, INTERNATIONAL, SERVICES, AGENCY AND ARI. IN ADDITION, THE LISTING
FOR DAVID D. ALGER IS DELETED.

THE THIRD SENTENCE OF THE FOURTH PARAGRAPH UNDER THE HEADING "INVESTMENT
MANAGER" ON PAGE 24 IS AMENDED TO READ AS FOLLOWS:

Fred M. Alger, III who holds in excess of 25% of the outstanding voting
securities of Associates, may be deemed to control that company and its
subsidiaries.

THE LISTING UNDER THE HEADING "INVESTMENT MANAGER" ON THE BACK COVER OF THE
STATEMENT OF ADDITIONAL INFORMATION IS AMENDED TO READ AS FOLLOWS:

Fred Alger Management, Inc.
30 Montgomery Street
Jersey City, New Jersey 07302