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Thursday, August 02, 2007

AllianceBernstein to Merge Two Funds

News summary by MFWire's editors

AllianceBernstein's board of directors has approved the transfer of assets from the Alliance All-Market Advantage Fund to the AllianceBernstein Large Cap Growth Fund. The large cap fund pursues a similar investment strategy to the all-market fund. The decision is subject to shareholder approval at a meeting to be held November 9.

Alliance All-Market Advantage Fund, Inc. ("All-Market") (NYSE: AMO) announced that its Board of Directors has approved and recommended to stockholders the acquisition of the assets and liabilities of All-Market by AllianceBernstein Large Cap Growth Fund, Inc, an open-ended fund that pursues a similar investment strategy (the "Acquisition").

The Acquisition is subject to approval by stockholders of All-Market. A Special Meeting of Stockholders of All-Market is scheduled to be held on November 9, 2007. The close of business on August 31, 2007 has been fixed as the record date for the Special Meeting of Stockholders. If stockholders approve the Acquisition, it is expected to occur late in the last quarter of this year or in the first quarter of 2008.

Each of the Funds is a diversified U.S.-registered management investment company advised by AllianceBernstein L.P. As of July 27, 2007, the net assets of All-Market and AllianceBernstein Large Cap Growth Fund, Inc. were, $48,778,896, and $2,414,270,865, respectively. 

Edited by: Erin Kello

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