Karpus Investment Management Announces Intention To Present Proposal Designed To Enhance Shareholder Value To The AllianceBernstein Income Fund

PITTSFORD, N.Y., March 23, 2015 /PRNewswire/ -- Karpus Investment Management announced today that it will be presenting its stockholder proposal at the 2015 Annual Meeting of the AllianceBernstein Income Fund, Inc. (NYSE: ACG) to be held on April 16, 2015.

Karpus' proposal requests that the Board of Directors promptly consider authorizing a self-tender offer for all outstanding common shares of the Fund at or close to net asset value. "If more than 50% of the Fund's outstanding shares are tendered, we want the Board to cancel the tender offer and take the steps necessary to liquidate, merge or convert the Fund to an open-end fund," stated Brett D. Gardner, Senior Corporate Governance Analyst.

Gardner further stated, "Since nearly 30% of ACG's outstanding shares voted last year to open-end the Fund, we adamantly believe that a strong response is needed to address the concerns of such a significant amount of shareholders. If approved by shareholders and implemented by the Fund, we feel this is exactly what our proposal would do."

He concluded, "We feel that the Board has failed to effectively manage the Fund's discount and the time has come to allow stockholders to realize close to full value for their shares. Karpus will be voting its roughly 11.5 million shares 'For' our stockholder proposal and to 'Withhold Authority' for each of ACG's trustee nominees."

Karpus Investment Management is a 29 year-old firm based in Pittsford, NY that practices conservative money management and has approximately $2.6 billion in assets under management. It is one of the largest long-term stockholders in ACG and has held shares since 2010.

Karpus Investment Management

SOURCE Karpus Investment Management