THE ALGER FUND

SUPPLEMENT DATED JULY 21, 1999 TO THE STATEMENT OF ADDITIONAL INFORMATION DATED
MARCH 1, 1999

     The following supplements, and should be read immediately following the
first paragraph in the section of The Alger Fund's Statement of Additional
Information entitled "Waivers of Sales Charges":

          In addition, no initial sales charge will be imposed on purchases of
     Class A shares by members of a "qualified group". A qualified group is one
     which: (i) has been in existence for more than six months; (ii) was not
     organized for the purpose of buying shares of the Portfolios or making
     similar investments; and (iii) satisfies uniform criteria established by
     Alger Inc. that result in economy of sales effort or expense, such as a
     criterion that purchases be made through a central administration or
     through a single dealer. A qualified group does not include a group whose
     sole organizational connection is participation as credit card holders of
     a company, policyholders of an insurance company, customers of either a
     bank or broker-dealer, clients of an investment adviser or a similar
     connection. Shares purchased by members of a qualified group will be
     subject to a CDSC of 1% if redeemed within one year of purchase.