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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bank of America Corp. Spx Capped Leveraged Index Return Notes | AMEX:CVF | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number |
811-2213 |
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Castle Convertible Fund, Inc. |
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(Exact name of registrant as specified in charter) |
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111 Fifth Avenue, New York, New York |
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10003 |
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(Address of principal executive offices) |
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(Zip code) |
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Mr. Hal Liebes Fred Alger Management, Inc. 111 Fifth Avenue New York, New York 10003 |
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(Name and address of agent for service) |
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Registrant's telephone number, including area code: |
212-806-8800 |
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Date of fiscal year end: |
October 31 |
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Date of reporting period: |
July 31, 2008 |
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ITEM 1. Schedule of Investments.
Schedules of Investments
CASTLE CONVERTIBLE FUND, INC.
Schedule of Investments (Unaudited) July 31, 2008
|
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PRINCIPAL
|
|
VALUE |
|
||
CORPORATE CONVERTIBLE BONDS57.9% |
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|
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||
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|
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|
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ALTERNATIVE CARRIERS.8% |
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Level 3 Communications Inc., 3.50%, 6/15/12 |
|
$ |
500,000 |
|
$ |
430,000 |
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|
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BIOTECHNOLOGY.4% |
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Dendreon Corp., 4.75%, 6/15/14(a) |
|
250,000 |
|
182,500 |
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||
|
|
|
|
|
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||
BREWERS1.2% |
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|
|
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Molson Coors Brewing Co., 2.50%, 7/30/13 |
|
500,000 |
|
602,500 |
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|
|
|
|
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BROADCASTING & CABLE TV1.2% |
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Liberty Media LLC, 3.50%, 1/15/31 |
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1,118,735 |
|
595,726 |
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|
|
|
|
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COAL & CONSUMABLE FUELS1.4% |
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|
|
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USEC Inc., 3.00%, 10/1/14 |
|
1,000,000 |
|
702,500 |
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|
|
|
|
|
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COMPUTER STORAGE & PERIPHERALS1.0% |
|
|
|
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NetApp Inc., 1.75%, 6/1/13(a) |
|
500,000 |
|
525,625 |
|
||
|
|
|
|
|
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CONSTRUCTION & ENGINEERING2.9% |
|
|
|
|
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||
Quanta Services Inc., 3.75%, 4/30/26(a) |
|
1,000,000 |
|
1,497,500 |
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||
|
|
|
|
|
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||
DISTILLERS & VINTNERS2.4% |
|
|
|
|
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||
Central European Distribution Corp., 3.00%, 3/15/13 |
|
1,000,000 |
|
1,248,750 |
|
||
|
|
|
|
|
|
||
ELECTRICAL COMPONENTS & EQUIPMENT8.6% |
|
|
|
|
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||
China Sunergy Co., Ltd., 4.75%, 6/15/13(a) |
|
2,000,000 |
|
1,853,120 |
|
||
Energy Conversion Devices Inc., 3.00%, 6/15/13 |
|
350,000 |
|
347,813 |
|
||
Evergreen Solar Inc., 4.00%, 7/15/13 |
|
1,750,000 |
|
1,708,438 |
|
||
General Cable Corp., 1.00%, 10/15/12 |
|
500,000 |
|
483,125 |
|
||
|
|
|
|
4,392,496 |
|
||
|
|
|
|
|
|
||
ELECTRICAL COMPONENTS & EQUIPMENT1.0% |
|
|
|
|
|
||
JA Solar Holdings Co., Ltd., 4.50%, 5/15/13 |
|
655,000 |
|
533,825 |
|
||
|
|
|
|
|
|
||
ELECTRONIC EQUIPMENT MANUFACTURERS1.7% |
|
|
|
|
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||
L-1 Identity Solutions Inc., 3.75%, 5/15/27(a) |
|
1,000,000 |
|
856,250 |
|
||
|
|
|
|
|
|
||
ENVIRONMENTAL & FACILITIES SERVICES2.2% |
|
|
|
|
|
||
Covanta Holding Corp., 1.00%, 2/1/27 |
|
1,000,000 |
|
1,103,750 |
|
||
|
|
|
|
|
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FOOD RETAIL2.5% |
|
|
|
|
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||
Great Atlantic & Pacific Tea Co., 5.125%, 6/15/11 |
|
1,500,000 |
|
1,250,625 |
|
||
|
|
|
|
|
|
||
FOOTWEAR1.5% |
|
|
|
|
|
||
Iconix Brand Group Inc., 1.875%, 6/30/12 |
|
1,000,000 |
|
757,500 |
|
||
|
|
|
|
|
|
||
HEALTH CARE EQUIPMENT1.9% |
|
|
|
|
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Insulet Corp., 5.375%, 6/15/13(a) |
|
1,000,000 |
|
944,280 |
|
||
|
|
|
|
|
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||
HEALTH CARE SUPPLIES1.9% |
|
|
|
|
|
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Power Medical Interventions Inc., 7.00%, 3/31/10 |
|
1,200,000 |
|
972,000 |
|
||
|
|
|
|
|
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INTEGRATED TELECOMMUNICATION SERVICES.9% |
|
|
|
|
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||
Virgin Media Inc., 6.50%, 11/15/16(a) |
|
500,000 |
|
455,625 |
|
||
5
|
|
PRINCIPAL
|
|
VALUE |
|
||
CORPORATE CONVERTIBLE BONDS(CONT.) |
|
|
|
|
|
||
|
|
|
|
|
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INTERNET SOFTWARE & SERVICES2.2% |
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|
|
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VeriSign Inc., 3.25%, 8/15/37(a) |
|
$ |
1,000,000 |
|
$ |
1,130,000 |
|
|
|
|
|
|
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||
INVESTMENT BANKING & BROKERAGE.9% |
|
|
|
|
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General Cable Corp., 1.00%, 10/15/12(a) |
|
500,000 |
|
483,125 |
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||
|
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OFFICE REITS.9% |
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|
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Boston Properties LP, 2.875%, 2/15/37 |
|
500,000 |
|
464,375 |
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|
|
|
|
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OIL & GAS EQUIPMENT & SERVICES.5% |
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|
|
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Bristow Group Inc., 3.00%, 6/15/38 |
|
250,000 |
|
250,313 |
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||
|
|
|
|
|
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OIL & GAS EXPLORATION & PRODUCTION7.2% |
|
|
|
|
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||
Carrizo Oil & Gas Inc., 4.375%, 6/1/28 |
|
1,000,000 |
|
905,000 |
|
||
Chesapeake Energy Corp., 2.25%, 12/15/38 |
|
250,000 |
|
239,688 |
|
||
Cal Dive International Inc., 3.25%, 12/15/25 |
|
1,000,000 |
|
1,200,000 |
|
||
Penn Virginia Corp., 4.50%, 11/15/12 |
|
500,000 |
|
658,125 |
|
||
Pioneer Natural Resources Co., 2.875%, 1/15/38 |
|
500,000 |
|
630,000 |
|
||
|
|
|
|
3,632,813 |
|
||
|
|
|
|
|
|
||
OIL & GAS REFINING & MARKETING1.0% |
|
|
|
|
|
||
St. Mary Land & Exploration Co., 3.50%, 4/1/27 |
|
500,000 |
|
528,750 |
|
||
|
|
|
|
|
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PHARMACEUTICALS2.0% |
|
|
|
|
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||
Wyeth, 2.621%, 1/15/24 |
|
1,000,000 |
|
1,003,100 |
|
||
|
|
|
|
|
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||
RETAIL REITS1.8% |
|
|
|
|
|
||
Developers Diversified Realty Corp., 3.50%, 8/15/11(a) |
|
1,000,000 |
|
898,750 |
|
||
|
|
|
|
|
|
||
SEMICONDUCTORS3.4% |
|
|
|
|
|
||
Microchip Technology Inc., 2.125%, 12/15/37(a) |
|
1,000,000 |
|
1,061,250 |
|
||
Micron Technology Inc., 1.875%, 6/1/14 |
|
1,000,000 |
|
657,500 |
|
||
|
|
|
|
1,718,750 |
|
||
|
|
|
|
|
|
||
SPECIALTY CHEMICALS2.0% |
|
|
|
|
|
||
Flotek Industries Inc., 5.25%, 2/15/28 |
|
1,000,000 |
|
1,020,000 |
|
||
|
|
|
|
|
|
||
SPECIALIZED REITS2.5% |
|
|
|
|
|
||
Rayonier TRS Holdings Inc., 3.75%, 10/15/12(a) |
|
1,250,000 |
|
1,279,688 |
|
||
|
|
|
|
|
|
||
THRIFTS & MORTGAGE FINANCE |
|
|
|
|
|
||
Indymac Bank FSB, 8.50%, 5/29/49(a) |
|
20,000 |
|
4,000 |
|
||
|
|
|
|
|
|
||
TOTAL CORPORATE CONVERTIBLE BONDS
|
|
|
|
29,465,116 |
|
||
6
|
|
SHARES |
|
VALUE |
|
|
CONVERTIBLE PREFERRED SECURITIES12.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT BANKING & BROKERAGE1.3% |
|
|
|
|
|
|
Lehman Brothers Holdings Inc., 7.25%, 12/31/49 |
|
1,000 |
|
$ |
650,000 |
|
|
|
|
|
|
|
|
OFFICE REITS2.2% |
|
|
|
|
|
|
Digital Realty Trust Inc., 5.50%, 12/31/49 |
|
40,000 |
|
1,127,500 |
|
|
|
|
|
|
|
|
|
OFFICE SERVICES & SUPPLIES1.7% |
|
|
|
|
|
|
Avery Dennison Corp., 7.875%, 11/15/10 |
|
20,000 |
|
880,000 |
|
|
|
|
|
|
|
|
|
OIL & GAS EXPLORATION & PRODUCTION2.8% |
|
|
|
|
|
|
Chesapeake Energy Corp., 5.00%, 12/31/49 |
|
10,000 |
|
1,422,500 |
|
|
|
|
|
|
|
|
|
OTHER DIVERSIFIED FINANCIAL SERVICES1.8% |
|
|
|
|
|
|
Bank of America Corp., 7.25%, 12/31/49 |
|
1,000 |
|
933,000 |
|
|
|
|
|
|
|
|
|
WIRELESS TELECOMMUNICATION SERVICES2.2% |
|
|
|
|
|
|
Crown Castle International Corp., 6.25%, 8/15/12 |
|
20,000 |
|
1,110,000 |
|
|
|
|
|
|
|
|
|
TOTAL CONVERTIBLE PREFERRED SECURITIES
|
|
|
|
6,123,000 |
|
|
|
|
|
|
|
|
|
MANDATORY CONVERTIBLE SECURITIES11.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
AGRICULTURAL PRODUCTS2.3% |
|
|
|
|
|
|
Archer-Daniels-Midland Co., 6.25%, 6/1/11(b) |
|
30,000 |
|
1,170,000 |
|
|
|
|
|
|
|
|
|
DIVERSIFIED METALS & MINING2.8% |
|
|
|
|
|
|
Freeport-McMoRan Copper & Gold Inc., 6.75%, 5/1/10(b) |
|
10,000 |
|
1,403,750 |
|
|
|
|
|
|
|
|
|
ELECTRIC UTILITIES.6% |
|
|
|
|
|
|
Entergy Corp., 7.625%, 2/17/09(b) |
|
5,000 |
|
312,500 |
|
|
|
|
|
|
|
|
|
HOUSEHOLD APPLIANCES.8% |
|
|
|
|
|
|
Stanley Works, /The, 4.436%, 5/17/12(b) |
|
500 |
|
395,125 |
|
|
|
|
|
|
|
|
|
INVESTMENT BANKING & BROKERAGE1.3% |
|
|
|
|
|
|
Lehman Brothers Holdings Inc., 8.75%, 7/1/11(b) |
|
1,000 |
|
642,708 |
|
|
|
|
|
|
|
|
|
PRECIOUS METALS & MINERALS.9% |
|
|
|
|
|
|
Hecla Mining Co., 6.50%, 1/1/11(b) |
|
5,000 |
|
462,750 |
|
|
|
|
|
|
|
|
|
PROPERTY & CASUALTY INSURANCE1.2% |
|
|
|
|
|
|
Alleghany Corp., 5.75%, 6/15/09(b) |
|
2,000 |
|
591,219 |
|
|
|
|
|
|
|
|
|
REINSURANCE1.1% |
|
|
|
|
|
|
IPC Holdings Ltd., 7.25%, 11/15/08(b) |
|
20,000 |
|
581,188 |
|
|
|
|
|
|
|
|
|
U.S. GOVERNMENT & AGENCY.7% |
|
|
|
|
|
|
Federal National Mortgage Association, 8.75%, 5/13/11(b) |
|
15,000 |
|
369,300 |
|
|
|
|
|
|
|
|
|
TOTAL MANDATORY CONVERTIBLE SECURITIES
|
|
|
|
5,928,540 |
|
|
7
|
|
SHARES |
|
VALUE |
|
|
PREFERRED SECURITIES6.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
DIVERSIFIED BANKS.5% |
|
|
|
|
|
|
HSBC Holdings PLC. |
|
10,000 |
|
$ |
258,000 |
|
|
|
|
|
|
|
|
ELECTRIC UTILITIES.5% |
|
|
|
|
|
|
PPL Capital Funding Inc. |
|
10,000 |
|
244,500 |
|
|
|
|
|
|
|
|
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS1.9% |
|
|
|
|
|
|
Constellation Energy Group Inc. |
|
40,000 |
|
998,800 |
|
|
|
|
|
|
|
|
|
INVESTMENT BANKING & BROKERAGE1.2% |
|
|
|
|
|
|
Merrill Lynch & Co., Inc. |
|
30,000 |
|
616,500 |
|
|
|
|
|
|
|
|
|
OTHER DIVERSIFIED FINANCIAL SERVICES2.2% |
|
|
|
|
|
|
Bank of America Corp. |
|
10,000 |
|
242,500 |
|
|
Barclays Bank PLC |
|
20,000 |
|
478,000 |
|
|
Citigroup Inc. |
|
20,000 |
|
411,000 |
|
|
|
|
|
|
1,131,500 |
|
|
|
|
|
|
|
|
|
TOTAL PREFERRED SECURITIES
|
|
|
|
3,249,300 |
|
|
|
|
|
|
|
|
|
COMMON STOCKS8.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
ELECTRIC UTILITIES1.9% |
|
|
|
|
|
|
Entergy Corp. |
|
9,000 |
|
962,280 |
|
|
|
|
|
|
|
|
|
INDUSTRIAL CONGLOMERATES.5% |
|
|
|
|
|
|
General Electric Co. |
|
10,000 |
|
282,900 |
|
|
|
|
|
|
|
|
|
INTEGRATED OIL & GAS3.7% |
|
|
|
|
|
|
ConocoPhillips |
|
10,000 |
|
816,200 |
|
|
Royal Dutch Shell PLC# |
|
15,000 |
|
1,061,850 |
|
|
|
|
|
|
1,878,050 |
|
|
|
|
|
|
|
|
|
OIL & GAS STORAGE & TRANSPORTATION.7% |
|
|
|
|
|
|
Inergy LP |
|
15,000 |
|
381,150 |
|
|
|
|
|
|
|
|
|
OTHER DIVERSIFIED FINANCIAL SERVICES.8% |
|
|
|
|
|
|
JPMorgan Chase & Co. |
|
10,000 |
|
406,300 |
|
|
|
|
|
|
|
|
|
PACKAGED FOODS & MEATS |
|
|
|
|
|
|
General Mills Inc. |
|
1 |
|
64 |
|
|
|
|
|
|
|
|
|
PHARMACEUTICALS1.2% |
|
|
|
|
|
|
GlaxoSmithKline PLC# |
|
13,000 |
|
605,280 |
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS
|
|
|
|
4,516,024 |
|
|
8
|
|
PRINCIPAL
|
|
VALUE |
|
||
SHORT-TERM INVESTMENTS2.8% |
|
|
|
|
|
||
|
|
|
|
|
|
||
TIME DEPOSITS |
|
|
|
|
|
||
JPMorgan Chase London, 1.68%, 8/1/08 |
|
$ |
1,427,809 |
|
$ |
1,427,809 |
|
|
|
|
|
|
|
||
TOTAL TIME DEPOSITS
|
|
|
|
1,427,809 |
|
||
|
|
|
|
|
|
||
Total Investments
|
|
99.5 |
% |
50,709,789 |
|
||
Other Assets in Excess of Liablities |
|
0.5 |
|
276,254 |
|
||
|
|
|
|
|
|
||
NET ASSETS |
|
100.0 |
% |
$ |
50,986,043 |
|
|
|
|
|
|
|
|
||
Net Asset Value Per Share |
|
|
|
$ |
22.80 |
|
|
|
|
|
|
|
|
||
Shares Outstanding |
|
|
|
2,236,000 |
|
||
* |
|
Non-income producing securities. |
# |
|
American Depositary Receipts. |
(a) |
|
Pursuant to Securities and Exchange Commission Rule 144A, these securities may be sold prior to their maturity only to qualified buyers. These securities are deemed to be liquid and represent 21.9% of net assets of the Fund. |
(b) |
|
These securities are required to be converted on the date listed; they generally may be converted prior to this date at the option of the holder. |
(c) |
|
At July 31, 2008, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $51,729,493 amounted to $1,019,704 which consisted of aggregate gross unrealized appreciation of $4,177,473 and aggregate gross unrealized deppreciation of $5,197,177. |
See Notes to Financial Statements
9
ITEM 2. Controls and Procedures.
(a) Based on their evaluation of Registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) as of a date within 90 days of the filing of this document, Registrants principal executive officer and principal financial officer found Registrants disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by Registrant in the reports it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to Registrants management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.
(b) No changes in the registrants internal control over financial reporting occurred during the registrants last fiscal quarter that materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
ITEM 3. Exhibits.
Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Castle Convertible Fund, Inc.
By |
/s/Daniel C. Chung |
|
Daniel C. Chung
President
Date: September 18, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By |
/s/Daniel C. Chung |
|
Daniel C. Chung
President
Date: September 18, 2008
By |
/s/ Michael D. Martins |
|
Michael D. Martins
Treasurer
Date: September 18, 2008
1 Year Bank of America Corp. Spx Capped Leveraged Index Return Notes Chart |
1 Month Bank of America Corp. Spx Capped Leveraged Index Return Notes Chart |
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