( But ( ( all ( of ( ( the participants ) ( in ( the program ) ) ) ) ) ( ( are ( studying ( ( ( macromolecules , ) or ) ( large molecules ) ) ) ) . ) ) )
(ROOT (S (CC But) (NP (NP (DT all)) (PP (IN of) (NP (NP (DT the) (NNS participants)) (PP (IN in) (NP (DT the) (NN program)))))) (VP (VBP are) (VP (VBG studying) (NP (NP (NNS macromolecules)) (, ,) (CC or) (NP (JJ large) (NNS molecules))))) (. .)))
But all of the participants in the program are studying macromolecules, or large molecules.
(ROOT (S (NP (DT Any) (JJ large) (NN molecule)) (VP (VBZ is) (VP (VBN referred) (PP (TO to) (NP (RB as) (DT a) (NN macromolecule))))) (. .)))