Castle Convertible Fund Inc. (CVF) announced approval by the fund's shareholders of the plan to reorganize the closed-end fund into a newly formed open-end mutual fund that pursues the same investment objectives.
The new offering will be a series of The Alger Funds, also managed by Fred Alger Management Inc., and will be named "Alger Convertible Fund."
The reorganization is expected to be completed on or about January 9, 2009. The fund currently has assets of approximately $33 million.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.