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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