THE ALGER FUNDS

                        SUPPLEMENT DATED OCTOBER 11, 2005
                                     TO THE
                 PROSPECTUS OF THE FUNDS DATED FEBRUARY 18, 2005

     The following  information will supercede or supplement certain information
in the Funds' Prospectus.

     The  following  information  supercedes  the  description  of the portfolio
manager of the Alger Health Sciences Fund on page 16 of the Prospectus:

     The Alger Health  Sciences Team is  responsible  for the  management of the
Alger Health  Sciences  Fund.  The team members are Dan Chung,  Roseanne Ott and
Joanne Sayers.

     The  following  information  supercedes  the  description  of the portfolio
manager of the Alger Capital Appreciation Fund on page 16 of the Prospectus:

     Patrick  Kelly  is  the  sole  portfolio   manager  of  the  Alger  Capital
Appreciation Fund.

     Teresa McRoberts is no longer with Fred Alger Management, Inc.