|
Previous: MERRILL LYNCH GLOBAL ALLOCATION FUND INC, N-14/A, 2000-03-22 |
Next: MERRILL LYNCH GLOBAL ALLOCATION FUND INC, N-14/A, 2000-03-22 |
Exhibit 11 |
BROWN & WOOD LLP |
ONE WORLD TRADE
CENTER NEW YORK, N.Y. 10048-0557 TELEPHONE: 212-839-5300 FACSIMILE: 212-839-5599 |
March 21, 2000 |
Merrill Lynch Global Allocation Fund,
Inc. 800 Scudders Mill Road Plainsboro, New Jersey 08536 |
Ladies and Gentlemen: |
We have
acted as counsel for Merrill Lynch Global Allocation Fund, Inc. (the Fund)
in connection with the proposed acquisition by the Fund of substantially all of
the assets and the assumption of substantially all of the liabilities of
Merrill Lynch Asset Growth Fund, Inc. (Asset Growth), Merrill Lynch Asset
Income Fund, Inc. (Asset Income) and the Global Opportunity Portfolio of
Merrill Lynch Asset Builder Program, Inc. (Global Opportunity) in exchange
solely for an equal aggregate value of shares of the Fund (collectively the
Reorganization). This opinion is furnished in connection with the
Funds Registration Statement on Form N-14 under the Securities Act of 1933, as amended (File No. 333-95483) (the Registration Statement), relating to shares of the Fund, each par value $0.10 per share (the Shares), to be issued in the Reorganization. |
As counsel for the Fund, we are familiar with the proceedings taken by it and to be taken by it in connection with the authorization, issuance and sale of the Shares. In addition, we have examined and are familiar with the Articles of Incorporation of the Fund, as amended, the By-Laws of the Fund, as amended, and such other documents as we have deemed relevant to the matters referred to in this opinion. |
Based upon the foregoing, we are of the opinion that subsequent to the approval of the Agreement and Plan of Reorganization between the Fund and Asset Growth, Asset Income and Global Opportunity set forth in the joint proxy statement and prospectus constituting a part of the Registration Statement (the Proxy Statement and Prospectus), the Shares, upon issuance in the manner referred to in the Registration Statement, for consideration not less than the par value thereof, will be legally issued, fully paid and non-assessable shares of the Fund. |
We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the use of our name in the Proxy Statement and Prospectus constituting a part thereof. |
Very truly yours, /s/ Brown & Wood LLP |
|