NEW YORK, June 11, 2013 /PRNewswire/ -- The Funds' Joint Annual Meeting of the Preferred Stockholders (the "Meeting") was held on March 27, 2013 and adjourned until June 11, 2013 due to a lack of a quorum of the stockholders for the election of the directors to be elected separately by the holders of preferred stock of each Fund ("Preferred Directors"). The Meeting was reconvened on June 11, 2013. A quorum of the preferred stockholders was not present at the reconvened Meeting for any Fund and the nominees for Preferred Directors, John H. Dobkin and Michael J. Downey, who are the incumbent Preferred Directors, therefore could not be elected for new terms at the reconvened Meeting. Under Maryland law and each Fund's Bylaws, in the event of a failure to elect directors at an annual meeting of stockholders due to a lack of a quorum, the incumbent directors continue to serve until their successors are duly elected and qualify at the next meeting of stockholders. Accordingly, John H. Dobkin and Michael J. Downey will hold over and continue to serve as Preferred Directors until their successors are duly elected and qualify.
SOURCE AllianceBernstein L.P.