THE ALGER FUND

 SUPPLEMENT DATED DECEMBER 21, 1998 TO THE PROSPECTUS DATED FEBRUARY 25, 1998 AS
        SUPPLEMENTED ON MAY 18, 1998, AUGUST 5, 1998 AND AUGUST 20, 1998

The  following  supplements,  and  should  be  read  in  conjunction  with,  the
Prospectus of the Fund:

     The address of the Fund and Fred Alger Management, Inc. (see front and back
cover pages) has been changed from 75 Maiden Lane, New York, NY 10038 to:

     One World Trade Center
     Suite 9333
     New York, NY 10048

     Effective   immediately,   the  Fund  will  no  longer  issue  certificates
representing  shares  of the  Fund.  All  newly-issued  shares  will  be held in
book-entry form only.

                                 THE ALGER FUND

                    SUPPLEMENT DATED DECEMBER 21, 1998 TO THE
           STATEMENT OF ADDITIONAL INFORMATION DATED FEBRUARY 25, 1998

The following supplements, and should be read in conjunction with, the Statement
of Additional Information of the Fund:

     The address of the Fund, Fred Alger  Management,  Inc. and its officers and
employees has been changed from 75 Maiden Lane, New York, NY 10038 to:

     One World Trade Center
     Suite 9333
     New York, NY 10048

     This change  appears on the front cover page,  in the last  sentence of the
paragraph  titled "Trustees and Officers of the Fund" on page 16 and on the back
cover page.