Castle Convertible Fund announces plan to reorganize into open-end mutual fund

By Devika Patel

Knoxville, Tenn., May 13 - Castle Convertible Fund, Inc. announced a plan to reorganize itself into a newly formed open-end mutual fund that pursues the same objectives.

The new fund will be a series of Alger Funds, also managed by Fred Alger Management, Inc., and will be named Alger Convertible Fund.

In addition, the fund's board of directors authorized that a special meeting of shareholders be held to vote on the proposed reorganization. If the reorganization obtains shareholder approval, it is expected to be completed in the fourth quarter of 2008.

The fund currently has about $57 million in assets.

Based in New York, Castle Convertible Fund is a diversified, closed-end management investment company.

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