NEW YORK, March 1, 2016 /PRNewswire/ -- At a Special
Meeting of Shareholders of AllianceBernstein Income Fund, Inc. (the
"Fund") (NYSE:ACG) held today, shareholders approved the
acquisition of the assets and the assumption of the liabilities of
the Fund by AB Income Fund (the "Acquiring Fund"), a series of AB
Bond Fund, Inc. and an open-end investment company (the
"Acquisition"). 67.70% of the outstanding shares were voted
in favor of the Acquisition, 4.31% of the outstanding shares were
voted against and 1.98% of the outstanding shares abstained.
The Acquisition is scheduled to close on or about April 22, 2016 (the "Closing Date"), subject to
satisfaction of certain closing conditions. On the Closing
Date, each shareholder of the Fund will receive Advisor Class
shares of the Acquiring Fund with an aggregate net asset value
equal to the aggregate net asset value of the Fund shares held by
the shareholder as of 4:00 p.m. Eastern
Time on the day before the Closing Date.
The Fund's shares will cease trading on the New York Stock
Exchange ("NYSE") after the close of trading on April 18, 2016. After that time, holders of
the Fund's shares will not be able to sell their shares on the NYSE
and their investment will be temporarily illiquid. However,
assuming the Acquisition closes on April 22,
2016, effective April 25,
2016, the first business day following the Acquisition,
holders of Advisor Class shares of the Acquiring Fund received in
the Acquisition may redeem their shares at net asset value, subject
to a 0.75% redemption fee for the first three months after the date
of the Acquisition.
It is anticipated that a final distribution of income and/or
capital gains for the Fund will be made prior to the
Acquisition. In light of the Acquisition, this distribution
will be paid entirely in cash, with no option for dividend
reinvestment. The rate of this distribution will be made available
on or after April 14, 2016, and will
be in an amount necessary or appropriate to maintain the Fund's
qualification as a "regulated investment company" under the
Internal Revenue Code of 1986. This distribution will be
payable on April 19, 2016 to
shareholders of record on April 18,
2016.
The Fund is a closed-end management investment company whose
shares trade on the NYSE. The Acquiring Fund is a newly created
series of AB Bond Fund, Inc., an open-end management investment
company. Each of the Fund and the AB Bond Fund, Inc. is an
investment company registered with the Securities and Exchange
Commission and each is organized as a Maryland corporation. Both the Fund and
the Acquiring Fund are advised by AllianceBernstein L.P. As
of February 29, 2016, the net assets
of the Fund were approximately $1.7
billion.
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SOURCE AllianceBernstein Income Fund, Inc.