CVF Bank of America Corp. Spx Capped Leveraged Index Return Notes

NEW YORK, Oct. 24 /PRNewswire-FirstCall/ -- Castle Convertible Fund, Inc. (AMEX:CVF) today 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. About Fred Alger Management, Inc. Founded in 1964, Fred Alger Management, Inc. is a leading asset management firm managing more than $9 billion. Alger employs a bottom-up approach in its attempt to identify the fastest-growing companies in their respective sectors. For more than 40 years, Alger has followed a rigorous process, a consistent approach, and a core philosophy: find dynamic, innovative companies creating change and invest in them. Alger offers investment advisory services to separately managed, sub-advised, and wrap accounts. Fred Alger & Company, Incorporated offers mutual funds as well as institutional funds for defined benefit and defined contribution plans. For more information, please visit http://www.alger.com/. Before investing, carefully consider the fund's investment objective, risks, charges, and expenses. For information about Castle Convertible Fund Inc. visit http://www.alger.com/, or contact your financial adviser. Distributor: Fred Alger & Company, Incorporated. Member NYSE, SIPC. NOT FDIC INSURED. NOT BANK GUARANTEED. MAY LOSE VALUE. DATASOURCE: Fred Alger CONTACT: James Doyle of SunStar, +1-703-894-1061; Doreen Galante of Fred Alger, +1-212-806-8827 Web site: http://www.alger.com/

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