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

NEW YORK, May 13 /PRNewswire/ -- Castle Convertible Fund, Inc. (AMEX:CVF) today announced the approval by the fund's Board of Directors of a plan to reorganize the closed-end fund into a newly formed open-end mutual fund that pursues the same objectives as the fund. 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." 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 is approved by the fund's shareholders, it is expected to be completed in the fourth quarter of 2008. The fund currently has assets of approximately $57 million. The fund plans to file preliminary proxy materials with the Securities and Exchange Commission that will contain additional information about the proposed reorganization, meeting, and record dates. About Fred Alger Management, Inc. and the Fund Founded in 1964, Fred Alger Management, Inc. ("Alger") is a leading asset management firm managing more than $13 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, Member NYSE, SIPC, offers mutual funds as well as institutional funds for defined benefit and defined contribution plans. For more information, please visit http://www.alger.com/. The fund is managed by Alger. For more information, please contact Christina Halpern, Fred Alger Management, Inc., 111 Fifth Ave., New York, NY 10003. (212) 806-2937. CONTACTS: KEKST & COMPANY ALGER Jeff Taufield/John Patteson Christina Halpern 212-521-4800 212-806-2937 DATASOURCE: Fred Alger Management, Inc. CONTACT: Jeff Taufield, or John Patteson, both of Kekst & Company, +1-212-521-4800; Christina Halpern of Alger, +1-212-806-2937 Web site: http://www.alger.com/

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