NEW YORK, June 25, 2014 /PRNewswire/
-- AllianceBernstein Income Fund, Inc. (NYSE: ACG) (the
"Fund") announced today that the Fund's Board of Directors has
authorized the Fund's discretionary repurchase of up to 15% of its
outstanding shares of common stock (valued at up to approximately
$306 million as of June 24, 2014 based on Fund total net assets of
approximately $2.04 billion) in open
market transactions over a one-year period. This share repurchase
program is intended to benefit long-term Fund stockholders by the
repurchase of Fund shares at a discount to their net asset
value. Such repurchases may moderate the discount at which
the Fund's shares currently trade. Repurchases will be made
from time to time when they are believed to be in the best
interests of the Fund.
The Board of Directors authorized the share repurchase program
upon the recommendation of the Fund's investment adviser,
AllianceBernstein L.P., after concluding that repurchases of Fund
shares at a discount to their net asset value may at times
represent attractive investment opportunities for the Fund.
Additional information about the Fund, including performance and
portfolio characteristics, is available at
www.alliancebernstein.com.
Certain statements contained in this release may be forward
looking in nature, including statements relating to plans,
expectations and other statements that are not historical facts and
typically use words such as "intend," "anticipates," "may,"
"believe," and similar expressions. All such statements are
subject to risks and uncertainties that could cause actual results
to differ materially from those expressed in, or implied by, such
statements. There is no assurance that the Fund will
repurchase its shares at any specific discount level or in any
specific amounts, or that the market price of the Fund's
shares, either absolutely or relative to their net asset value,
will increase as a result of any share repurchases. An
investment in the Fund is subject to certain risks, including
interest rate risk and credit risk, duration risk, mortgage-backed
securities and other asset-back securities risk, derivatives risk,
foreign securities risk, currency risk, and leverage risk.
Additional information about these risks of investing in the Fund
is set forth in the Fund's Annual Report, dated December 31, 2013.
The Fund is a non-diversified, closed-end U.S. registered
investment company managed by AllianceBernstein L.P. As of
June 24, 2014, the Fund had total net
assets of approximately $2.04
billion. AllianceBernstein Investments, Inc., the Fund's
distributor, is a member of FINRA and is an affiliate of
AllianceBernstein L.P.
SOURCE AllianceBernstein Income Fund, Inc.