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Alliance Capital Consolidates Funds

Alliance Capital Management of New York has announced that the stockholders of the ACM Government Income Fund, with over $474 million in assets under management, have approved the acquisition of three other Alliance closed-end bond funds - the ACM Government Securities Fund, the ACM Government Spectrum Fund, and the ACM Government Opportunity Fund, which have combines assets under management of over $955 million.

The stockholders of the Government Securities and Government Spectrum funds have approved the acquisition, as well, according to the announcement. The Government Opportunity Fund shareholders, however, have delayed a vote until Nov. 29 to allow more time for the solicitation of proxies. The shareholders are expected to approve the acquisition at that time, according to a spokesperson for Alliance.

The funds are being consolidated because there is no longer an advantage in maintaining similar but separate funds, according to the board of directors.