THE ALGER FUNDS

                     SUPPLEMENT DATED OCTOBER 2, 2006 TO THE
                         PROSPECTUS DATED MARCH 1, 2006
                             AS SUPPLEMENTED TO DATE

Effective October 2, 2006, Frederick M. Alger, III retired as an officer and
Trustee of the Fund, as planned. The firm expresses its deep appreciation and
gratitude for the extraordinary vision and leadership exemplified by Mr. Alger
over the past four decades.

         The following replaces the first paragraph under the heading "Portfolio
Managers" on page 21 of the Prospectus:

Dan C. Chung, CFA, Jill Greenwald, CFA, Patrick Kelly, CFA, Kevin Collins, CFA,
John A. Curry, Rosanne Ott, Joanne Sayers, Eric Shen and Andrew Silverberg are
the individuals responsible for the day-to-day management of portfolio
investments. The Statement of Additional Information provides additional
information about the portfolio managers' compensation, other accounts that they
manage, and their ownership of securities of the Fund(s) that they manage.























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