THE ALGER FUNDS

  SUPPLEMENT DATED DECEMBER 14, 2004 TO THE PROSPECTUS DATED FEBRUARY 28, 2004


This  supplement  amends the section of the Prospectus  titled  "Management  and
Organization - Portfolio Managers" as described below, and is in addition to any
existing supplements to the Prospectus.

         John A. Curry is named as Vice President and portfolio manager of Alger
Money Market Fund, and as Vice President and  co-portfolio  manager,  with Kevin
Collins,  of Alger Balanced Fund.  Steven Thumm returns full-time to his role as
Senior Trader.

         Mr. Curry was previously Vice President at Janney Montgomery Scott, LLC
(September 2003 to December 2004), prior to which he was a portfolio manager for
Whitehall Asset Management's fixed-income institutional and retail assets (March
1999 to March 2003). Prior to joining Whitehall Asset Management,  Mr. Curry was
a  portfolio   manager  at  UBS  Global  Asset  Management   within  the  firm's
institutional fixed-income assets division (July 1995 to February 1999).






PSP & SAI/PSP SUPP 12-14-04 ALGER