THE ALGER FUND

SUPPLEMENT DATED NOVEMBER 16, 2001 TO THE PROSPECTUS DATED FEBRUARY 28, 2001 AS
       SUPPLEMENTED MARCH 15, 2001 AND AS SUPPLEMENTED SEPTEMBER 26, 2001


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 chief market strategist for all portfolios, overseeing
the investments of each portfolio  since September 2001. 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,  CFA, David Hyun,  CFA,
Alison Barbi,  CFA and Jill Greenwald,  CFA are the individuals  responsible for
the day-to-day  management of portfolio  investments.  Mr. Chung, manager of the
MidCap  Growth  Portfolio  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  since  September  2001 as a Senior Vice  President  and
portfolio manager, 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.  Ms.  Greenwald,  manager  of  the  Small  Capitalization
Portfolio since November 2001, has been employed by the Manager as a Senior Vice
President and  portfolio  manager since  November  2001,  prior to which she was
employed by the Manager as an analyst  and later a senior  analyst  from 1986 to
1992, as a Managing  Director and senior  portfolio  manager at Chase  Manhattan
Bank  from 1994  through  1999 and as a Senior  Vice  President  and  Investment
Officer at J & W Seligman & Co. from 1999 until November 2001.