Welcome!

News Feed Item

AllianceBernstein Income Fund Announces Proposals To Be Submitted to Stockholders at Annual Meeting on March 27, 2014

NEW YORK, Feb. 6, 2014 /PRNewswire/ -- AllianceBernstein Income Fund, Inc. ("Fund") (NYSE: ACG) announced today that its Board of Directors ("Board") unanimously approved a proposal to eliminate the Fund's fundamental investment policy requiring the Fund to invest, under normal circumstances, at least 65% of its total assets in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities ("U.S. government securities") and repurchase agreements pertaining to U.S. government securities and the submission of the proposal to stockholders for their consideration at the Fund's next annual meeting of stockholders.   Under the Investment Company Act of 1940, the elimination of this fundamental investment policy requires stockholder approval. 

The Board also approved proposals to eliminate the Fund's non-fundamental investment policies restricting the Fund from investing more than 35% of its total assets in securities other than U.S. government securities, limiting its investments in foreign government securities to 35% of the Fund's total assets and limiting its investments in foreign government securities of any one country to 25% of its total assets.  In addition, the Board approved a proposal to amend the Fund's non-fundamental policy regarding investments in repurchase agreements to clarify that the Fund may invest in repurchase agreements pertaining to any fixed-income security.  The Board's approval of all policy changes was consistent with the recommendation of the Fund's investment adviser, which believes that the changes are timely given recent market developments, and may result in improved investment and discount performance over time.  The changes to the Fund's non-fundamental investment policies do not require stockholder approval.  However, none of the changes to the Fund's non-fundamental investment policies will become effective unless the stockholders of the Fund approve the elimination of the Fund's fundamental investment policy concerning the Fund's investments in U.S. government securities and repurchase agreements relating thereto at the annual stockholder meeting.  If stockholders approve the elimination of the fundamental investment policy, the policy changes are expected to become effective shortly after the date of such approval.  The Board determined to recommend that stockholders vote for the fundamental investment policy change. 

The Fund will also submit to stockholders a proposal to open-end the Fund at the next annual meeting of stockholders. The  Fund's charter requires the Fund to submit to its stockholders a proposal to convert the Fund to an open-end investment company if the Fund's shares trade at an average discount of more than 10%, determined on the basis of the discount as of the end of the last trading day in each week, during the last 12 calendar weeks of any calendar year, and during such year the Fund receives written requests from the holders of at least 10% of the Fund's outstanding shares that such open-ending proposal be submitted to the Fund's stockholders.  The Board determined to recommend that stockholders vote against this open-ending proposal.

The proposals will be submitted to the Fund's stockholders, along with the annual election of directors proposal, at the upcoming annual meeting of stockholders, which will be held on March 27, 2014.  The close of business on February 7, 2014 has been fixed as the record date for the meeting of stockholders.

Important Additional Information and Where to Find It
The Fund will be filing a proxy statement with the Securities and Exchange Commission ("SEC") in connection with the solicitation of proxies for its 2014 annual meeting of stockholders.  Stockholders are strongly advised to read the Fund's proxy statement when it becomes available because it will contain important information.  Stockholders may obtain a free copy of the proxy statement and other documents that the Fund files with the SEC (when available) from the SEC's website at www.sec.gov or the Fund's website at www.alliancebernstein.com/abfundsproxy.

The Fund, its directors and its officers may be deemed participants in the solicitation of proxies from stockholders in connection with the Fund's 2014 annual meeting of stockholders.  Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of stockholders in connection with the Fund's annual meeting, and their direct or indirect interests, by security holdings or otherwise, which may be different from those of the Fund's stockholders generally, will be set forth in the proxy statement and the other relevant documents to be filed with the SEC. Information concerning the Fund's directors and officers is available in the Fund's Semi-Annual Report for the fiscal period ended June 30, 2013, which was filed with the SEC on September 3, 2013 and the Fund's proxy statement for last year's 2013 annual meeting of stockholders, which was filed with the SEC on February 21, 2013.

AllianceBernstein Income Fund, Inc. is a registered closed-end management investment company managed by AllianceBernstein L.P.

SOURCE AllianceBernstein Income Fund, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...