|By PR Newswire||
|February 6, 2014 09:23 AM EST||
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.
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...
Jul. 29, 2016 01:00 PM EDT Reads: 748
Choosing the right cloud for your workloads is a balancing act that can cost your organization time, money and aggravation - unless you get it right the first time. Economics, speed, performance, accessibility, administrative needs and security all play a vital role in dictating your approach to the cloud. Without knowing the right questions to ask, you could wind up paying for capacity you'll never need or underestimating the resources required to run your applications.
Jul. 29, 2016 01:00 PM EDT Reads: 686
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
Jul. 29, 2016 01:00 PM EDT Reads: 1,181
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 29, 2016 01:00 PM EDT Reads: 2,080
ReadyTalk has expanded the capabilities of the FoxDen collaboration platform announced late last year to include FoxDen Connect, an in-room video collaboration experience that launches with a single touch. With FoxDen Connect, users can now not only engage in HD video conferencing between iOS and Android mobile devices or Chrome browsers, but also set up in-person meeting rooms for video interactions. A host’s mobile device automatically recognizes the presence of a meeting room via beacon tech...
Jul. 29, 2016 12:15 PM EDT Reads: 234
Ovum, a leading technology analyst firm, has published an in-depth report, Ovum Decision Matrix: Selecting a DevOps Release Management Solution, 2016–17. The report focuses on the automation aspects of DevOps, Release Management and compares solutions from the leading vendors.
Jul. 29, 2016 12:00 PM EDT Reads: 1,825
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
Jul. 29, 2016 12:00 PM EDT Reads: 2,091
On Dice.com, the number of job postings asking for skill in Amazon Web Services increased 76 percent between June 2015 and June 2016. Salesforce.com saw its own skill mentions increase 37 percent, while DevOps and Cloud rose 35 percent and 28 percent, respectively. Even as they expand their presence in the cloud, companies are also looking for tech professionals who can manage projects, crunch data, and figure out how to make systems run more autonomously. Mentions of ‘data science’ as a skill ...
Jul. 29, 2016 11:46 AM EDT Reads: 285
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
Jul. 29, 2016 11:30 AM EDT Reads: 1,241
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, 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. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Jul. 29, 2016 11:15 AM EDT Reads: 1,339
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Jul. 29, 2016 11:15 AM EDT Reads: 674
UpGuard has become a member of the Center for Internet Security (CIS), and will continue to help businesses expand visibility into their cyber risk by providing hardening benchmarks to all customers. By incorporating these benchmarks, UpGuard's CSTAR solution builds on its lead in providing the most complete assessment of both internal and external cyber risk. CIS benchmarks are a widely accepted set of hardening guidelines that have been publicly available for years. Numerous solutions exist t...
Jul. 29, 2016 11:00 AM EDT Reads: 803
Deploying applications in hybrid cloud environments is hard work. Your team spends most of the time maintaining your infrastructure, configuring dev/test and production environments, and deploying applications across environments – which can be both time consuming and error prone. But what if you could automate provisioning and deployment to deliver error free environments faster? What could you do with your free time?
Jul. 29, 2016 11:00 AM EDT Reads: 434
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
Jul. 29, 2016 11:00 AM EDT Reads: 504
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Jul. 29, 2016 11:00 AM EDT Reads: 522