NEW YORK, Aug. 6, 2015 /PRNewswire/
-- AllianceBernstein Income Fund, Inc. (NYSE:ACG), a
closed-end registered investment company with shares listed on the
New York Stock Exchange (the "Fund"), announced today that the
Board of Directors of the Fund approved a proposed acquisition of
its assets, and the assumption of its liabilities, by AB Income
Fund ("Income Fund"), a newly-formed series of AB Bond Fund, Inc.,
an open-end registered investment company (the
"Acquisition"). The Acquisition requires the approval of the
Fund's shareholders and a Special Meeting of Shareholders of the
Fund (the "Special Meeting") is scheduled to be held on
February 1, 2016 to solicit the vote
of shareholders on the Acquisition. The close of business on
October 28, 2015 has been fixed as
the record date for the Special Meeting or any adjournment or
postponement thereof.
Each of the Fund and Income Fund is advised by AllianceBernstein
L.P. (the "Adviser"). Income Fund will have the same
investment objective as the Fund. Like the Fund, Income Fund
will normally invest at least 80% of its net assets in
income-producing securities. The most significant difference
between the Fund and Income Fund is that while the Fund invests at
least 65% of its assets in securities issued by the U.S.
government, Income Fund will invest at least 65% of its assets in
securities of U.S. and foreign governments. The broader
investment policy of the Income Fund should provide the investment
flexibility to better manage duration and credit risk. To
limit the risk of this broader investment policy, the Income Fund
will have an additional policy to invest at least 65% of its assets
in securities denominated in U.S. dollars. Income Fund
will be managed by the same portfolio managers as the Fund.
If the Acquisition is approved by the Fund's shareholders, the
Fund's assets will be acquired, and its liabilities will be
assumed, by Income Fund, and shareholders will receive Advisor
Class shares of Income Fund which will have an aggregate net
asset value equal to the aggregate net asset value of the
shareholder's holding in the Fund. A redemption fee of 0.75%
will be imposed on redemptions of Advisor Class shares for three
months after the Acquisition to defray the costs of increased
redemptions expected to occur after the Acquisition. The Fund would
then be de-registered as a registered investment company,
dissolved, and its shares delisted from the New York Stock
Exchange. If approved by the Fund's shareholders, the Acquisition
is expected to be completed in the first quarter of 2016.
The foregoing is not an offer to sell, nor a solicitation of an
offer to buy, shares of a fund, nor is it a solicitation of any
proxy. For information regarding Income Fund, or to receive a
free copy of a proxy statement/prospectus relating to the
Acquisition once a registration statement relating to the
Acquisition has been filed with the Securities and Exchange
Commission ("SEC") and becomes effective, please call the telephone
number of the proxy solicitor or visit its website, details of
which may be obtained, when available, by contacting
www.ABglobal.com. The proxy statement/prospectus (when available)
will contain important information about fund objectives,
strategies, fees, expenses and risk considerations. The proxy
statement/prospectus will also be available for free on the SEC's
website (www.sec.gov). Please read the proxy
statement/prospectus carefully before making any decision to invest
or to approve the Acquisition.
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SOURCE AllianceBernstein Income Fund, Inc.