ALLIANCEBERNSTEIN L.P.
                          1345 Avenue of the Americas
                               New York, NY 10105
                                  212-969-1000


                                                            June 7, 2011


Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C.  20549

         Re:  Filing Pursuant to Rule 17g-1 under the Investment Company
              Act of 1940 with Respect to Registered Investment
              Companies Managed by AllianceBernstein L.P.
              --------------------------------------------------------------

Dear Sirs:

      Enclosed, on behalf of each of the registered investment companies (the
"Funds") managed by AllianceBernstein L.P. (see Schedule A, attached hereto),
and pursuant to Rule 17g-1 under the Investment Company Act of 1940, as amended,
are copies of the following documents:

      (i) The Investment Company Blanket Bond (the "Bond") for the period May
15, 2011 to May 15, 2012, on which AllianceBernstein L.P. and the Funds are the
named insured (Exhibit A);

      (ii) The Joint Fidelity Bond Agreement entered into by AllianceBernstein
L.P. and the Funds (Exhibit B); and

      (iii) The resolutions of the Boards of Directors or Trustees of the Funds,
including a majority of the Directors or Trustees who are not interested persons
of the Funds, approving the amount, type, form and coverage of the Bond
(Exhibits C-1, C-2 and C-3).

      The premium in connection with the Bond has been paid in full.

                                                 Sincerely,

                                                 /s/ David Lesser
                                                 ----------------
                                                 David Lesser
                                                 Vice President, Counsel and
                                                 Assistant Secretary


Enclosures



                                   SCHEDULE A
                                   ----------


                       Name of Fund                            File No.
-------------------------------------------------------     --------------
ALLIANCE CALIFORNIA MUNICIPAL INCOME FUND, INC.              811-10575
ALLIANCE NEW YORK MUNICIPAL INCOME FUND, INC.                811-10577
ALLIANCEBERNSTEIN BALANCED SHARES, INC.                      811-00134
ALLIANCEBERNSTEIN BLENDED STYLE SERIES, INC.                 811-21081
ALLIANCEBERNSTEIN BOND FUND, INC.                            811-02383
ALLIANCEBERNSTEIN CAP FUND, INC.                             811-01716
ALLIANCEBERNSTEIN CORE OPPORTUNITIES FUND, INC.              811-09687
ALLIANCEBERNSTEIN CORPORATE SHARES                           811-21497
ALLIANCEBERNSTEIN EQUITY INCOME FUND, INC.                   811-07916
ALLIANCEBERNSTEIN EXCHANGE RESERVES                          811-08294
ALLIANCEBERNSTEIN FIXED-INCOME SHARES, INC.                  811-06068
ALLIANCEBERNSTEIN GLOBAL BOND FUND, INC.                     811-06554
ALLIANCEBERNSTEIN GLOBAL GROWTH FUND, INC.                   811-21064
ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND, INC.              811-07732
ALLIANCEBERNSTEIN GLOBAL REAL ESTATE INVESTMENT FUND, INC.   811-07707
ALLIANCEBERNSTEIN GLOBAL THEMATIC GROWTH FUND, INC.          811-03131
ALLIANCEBERNSTEIN GREATER CHINA '97 FUND, INC.               811-08201
ALLIANCEBERNSTEIN GROWTH AND INCOME FUND, INC.               811-00126
ALLIANCEBERNSTEIN HIGH INCOME FUND, INC.                     811-08188
ALLIANCEBERNSTEIN INCOME FUND, INC.                          811-05207
ALLIANCEBERNSTEIN INSTITUTIONAL FUNDS, INC.                  811-08403
ALLIANCEBERNSTEIN INTERNATIONAL GROWTH FUND, INC.            811-08426
ALLIANCEBERNSTEIN LARGE CAP GROWTH FUND, INC.                811-06730
ALLIANCEBERNSTEIN MUNICIPAL INCOME FUND, INC.                811-04791
ALLIANCEBERNSTEIN MUNICIPAL INCOME FUND II                   811-07618
ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND, INC.       811-10573
ALLIANCEBERNSTEIN SMALL/MID-CAP GROWTH FUND, INC.            811-00204
ALLIANCEBERNSTEIN TRUST                                      811-10221
ALLIANCEBERNSTEIN UNCONSTRAINED BOND FUND, INC.              811-07391
ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND, INC.        811-05398
SANFORD C. BERNSTEIN FUND, INC.                              811-05555
SANFORD C. BERNSTEIN FUND II, INC.                           811-21034
THE ALLIANCEBERNSTEIN POOLING PORTFOLIOS                     811-21673
THE ALLIANCEBERNSTEIN PORTFOLIOS                             811-05088
THE IBERO-AMERICA FUND, INC.                                 811-05189





                                                                       EXHIBIT A


[CHARTIS LOGO OMITTED]

            NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA.

                                                         A capital stock company
--------------------------------------------------------------------------------

POLICY NUMBER: 01-830-60-80           REPLACEMENT OF POLICY NUMBER: 01-842-07-72

                        INVESTMENT COMPANY BLANKET BOND

                                 DECLARATIONS:
--------------------------------------------------------------------------------
ITEM 1.  Name of Insured (herein called Insured):   AllianceBernstein Complex of
                                                    Registered Investment
                                                    Companies

         Principal Address:                         1345 AVENUE OF THE AMERICAS
                                                    NEW YORK, NY  10105
--------------------------------------------------------------------------------

ITEM 2.  Bond Period: from 12:01 a.m. May 15, 2011 to May 15, 2012 the effective
         date of the termination or cancellation of this bond, standard time at
         the Principal Address as to each of said dates.

--------------------------------------------------------------------------------
ITEM 3.  Limit of Liability - Subject to Sections 9, 10 and 12 hereof,



                                                       Single Loss         Single Loss
                                                       Limit of Liability  Deductible

                                                                     
Insuring Agreement A (Fidelity)                        $50,000,000         $100,000
Insuring Agreement B (Audit Expense)                   $50,000             $10,000
Insuring Agreement C (On Premises)                     $50,000,000         $100,000
Insuring Agreement D (In Transit)                      $50,000,000         $100,000
Insuring Agreement E (Securities)                      $50,000,000         $100,000
Insuring Agreement G (Counterfeit Currency)            $50,000,000         $100,000
Insuring Agreement H (Stop Payment)                    $25,000             $5,000
Insuring Agreement I (Uncollectible Items of Deposit)  $25,000             $5,000
Additional Coverages:
Insuring Agreement (J) Computer Systems                $50,000,000         $100,000
Insuring Agreement (K) Telefacsimile Transfer Fraud    $50,000,000         $100,000
Insuring Agreement (L) Automated Phone Systems         $50,000,000         $100,000


       If "Not Covered" is inserted above opposite any specified Insuring
       Agreement or Coverage, such Insuring Agreement or Coverage and any other
       reference thereto in this bond shall be deemed to be deleted therefrom.

--------------------------------------------------------------------------------
ITEM 4. Offices or Premises Covered-Offices acquired or established subsequent
        to the effective date of this bond are covered according to the terms of
        General Agreement A. All the Insured's offices or premises in existence
        at the time this bond becomes effective are covered under this bond
        except the offices or premises located as follows: NO EXCEPTIONS

--------------------------------------------------------------------------------
ITEM 5. The liability of the Underwriter is subject to the terms of the
        following riders attached thereto: Endorsement #1, #2, #3, #4, #5, #6,
        #7, #8, #9, #10, #11, #12, #13, #14, #15

--------------------------------------------------------------------------------
ITEM 6. The Insured by the acceptance of this bond gives to the Underwriter
        terminating or canceling prior bond(s) or policy(ies) No.(s)
        01-842-07-72 such termination or cancellation to be effective as of the
        time this bond becomes effective.

--------------------------------------------------------------------------------
PREMIUM: $68,528 part of $171,320





IN WITNESS WHEREOF, the Insurer has caused this policy to be signed on the
Declarations Page by its President, a Secretary and a duly authorized
representative of the Insurer.

/s/                                                /s/
----------------------------                       -----------------------------
           SECRETARY                                           PRESIDENT

                          /s/
                          ----------------------------
                           AUTHORIZED REPRESENTATIVE

----------------------------                       -----------------------------
   COUNTERSIGNATURE DATE                                    COUNTERSIGNED AT





                        INVESTMENT COMPANY BLANKET BOND
                        -------------------------------

The Underwriter, in consideration of an agreed premium, and subject to the
Declarations made a part hereof, the General Agreements, Conditions and
Limitations and other terms of this bond, agrees with the Insured, in accordance
with the Insuring Agreements hereof to which an amount of insurance is
applicable as set forth in Item 3 of the Declarations and with respect to loss
sustained by the Insured at any time but discovered during the Bond Period, to
indemnify and hold harmless the Insured for:


INSURING AGREEMENTS

(A) FIDELITY

    Loss resulting from any dishonest or fraudulent act(s), including Larceny or
Embezzlement committed by an Employee, committed anywhere and whether committed
alone or in collusion with others, including loss of Property resulting from
such acts of an Employee, which Property is held by the Insured for any purpose
or in any capacity and whether so held gratuitously or not and whether or not
the Insured is liable therefor.

    Dishonest or fraudulent act(s) as used in this Insuring Agreement shall mean
only dishonest or fraudulent act(s) committed by such Employee with the manifest
intent:

    (a)  to cause the Insured to sustain such loss; and

    (b)  to obtain financial benefit for the Employee, or for any other person
         or organization intended by the Employee to receive such benefit, other
         than salaries, commissions, fees, bonuses, promotions, awards, profit
         sharing, pensions or other employee benefits earned in the normal
         course of employment.

(B) AUDIT EXPENSE

    Expense incurred by the Insured for that part of the costs of audits or
examinations required by any governmental regulatory authority to be conducted
either by such authority or by an independent accountant by reason of the
discovery of loss sustained by the Insured through any dishonest or fraudulent
act(s), including Larceny or Embezzlement of any of the Employees. The total
liability of the Underwriter for such expense by reason of such acts of any
Employee or in which such Employee is concerned or implicated or with respect to
any one audit or examination is limited to the amount stated opposite Audit
Expense in Item 3 of the Declarations; it being understood, however, that such
expense shall be deemed to be a loss sustained by the Insured through any
dishonest or fraudulent act(s), including Larceny or Embezzlement of one or more
of the Employees and the liability under this paragraph shall be in addition to
the Limit of liability stated in Insuring Agreement (A) in Item 3 of the
Declarations.

(C) ON PREMISES

    Loss of Property (occurring with or without negligence or violence) through
robbery, burglary, Larceny, theft, holdup, or other fraudulent means,
misplacement, mysterious unexplainable disappearance, damage thereto or
destruction thereof, abstraction or removal from the possession, custody or
control of the Insured, and loss of subscription, conversion, redemption or
deposit privileges through the misplacement or loss of Property, while the
Property is (or is supposed or believed by the Insured to be) lodged or
deposited within any offices or premises located anywhere, except in an office
listed in Item 4 of the Declarations or amendment thereof or in the mail or with
a carrier for hire other than an armored motor vehicle company, for the purpose
of transportation.

                             Offices and Equipment

    (1)  Loss of or damage to, furnishings, fixtures, stationery, supplies or
         equipment, within any of the Insured's offices covered under this bond
         caused by Larceny or theft in, or by burglary, robbery or holdup of
         such office, or attempt thereat, or by vandalism or malicious mischief;
         or

    (2)  loss through damage to any such office by Larceny or theft in, or by
         burglary, robbery or holdup of such office or attempt thereat, or to
         the interior of any such office by vandalism or malicious mischief
         provided, in any event, that the Insured is the owner of such offices,
         furnishings, fixtures, stationery, supplies or equipment or is legally
         liable for such loss or damage, always excepting, however, all loss or
         damage through fire.

(D) IN TRANSIT

    Loss of Property (occurring with or without negligence or violence) through
robbery, Larceny, theft, holdup, misplacement, mysterious unexplainable
disappearance, being lost or otherwise made away with, damage thereto or
destruction thereof, and loss of subscription, conversion, redemption or deposit
privileges through the misplacement or loss of Property, while the Property is
in transit anywhere in the custody of any person or persons acting as messenger,
except while in the mail or with a carrier for hire, other than an armored motor
vehicle company, for the purpose of transportation, such transit to begin
immediately upon receipt of such Property by the transporting person or persons,
and to end immediately upon delivery thereof at destination.

(E) FORGERY OR ALTERATION

    Loss through FORGERY or ALTERATION of, on or in any bills of exchange,
checks, drafts, acceptances, certificates of deposit. promissory notes, or other
written promises, orders or directions to pay sums certain in money, due bills,
money orders, warrants, orders upon public treasuries, letters of credit,
written instructions, advices or applications directed to the Insured,
authorizing or acknowledging the transfer, payment, delivery or receipt of funds
or Property, which instructions or advices or applications purport to have been
signed or endorsed by any customer of the Insured, shareholder or subscriber to
shares, whether certificated or uncertificated, of any Investment Company or by
any financial or banking institution or stockbroker but which instructions,
advices or applications either bear the forged signature or endorsement or have
been altered without the knowledge and consent of such customer, shareholder or
subscriber to shares, whether certificated or uncertificated, of an Investment
Company, financial or banking institution or stockbroker, withdrawal orders or
receipts for the withdrawal of funds or Property, or receipts or certificates of
deposit for Property and bearing the name of the Insured as issuer, or of
another Investment Company for which the Insured acts as agent, excluding,
however, any loss covered under Insuring Agreement (F) hereof whether or not
coverage for Insuring Agreement (F) is provided for in the Declarations of this
bond.

    Any check or draft (a) made payable to a fictitious payee and endorsed in
the name of such fictitious payee or (b) procured in a transaction with the
maker or drawer thereof or with one acting as an agent of such maker or drawer
or anyone impersonating another and made or drawn payable to the one so
impersonated and endorsed by anyone other than the one impersonated, shall be
deemed to be forged as to such endorsement.

    Mechanically reproduced facsimile signatures are treated the same as
handwritten signatures.

(F) SECURITIES

    Loss sustained by the Insured, including loss sustained by reason of a
violation of the constitution, by-laws, rules or regulations of any Self
Regulatory Organization of which the Insured is a member or which would have
been imposed upon the Insured by the constitution, by-laws, rules or regulations
of any Self Regulatory Organization if the Insured had been a member thereof,

    (1)  through the Insured's having, in good faith and in the course of
         business, whether for its own account or for the account of others, in
         any representative, fiduciary, agency or any other capacity, either
         gratuitously or otherwise, purchased or otherwise acquired, accepted or
         received, or sold or delivered, or given any value, extended any credit
         or assumed any liability, on the faith of, or otherwise acted upon, any
         securities, documents or other written instruments which prove to have
         been

         (a)  counterfeited, or

         (b)  forged as to the signature of any maker, drawer, issuer, endorser,
              assignor, lessee, transfer agent or registrar, acceptor, surety or
              guarantor or as to the signature of any person signing in any
              other capacity, or

         (c)  raised or otherwise altered, or lost, or stolen, or

    (2)  through the Insured's having, in good faith and in the course of
         business, guaranteed in writing or witnessed any signatures whether for
         valuable consideration or not and whether or not such guaranteeing or
         witnessing is ultra vires the Insured, upon any transfers, assignments,
         bills of sale, powers of attorney, guarantees, endorsements or other
         obligations upon or in connection with any securities, documents or
         other written instruments and which pass or purport to pass title to
         such securities, documents or other written instruments; EXCLUDING,
         losses caused by FORGERY or ALTERATION of, on or in those instruments
         covered under Insuring Agreement (E) hereof.

         Securities, documents or other written instruments shall be deemed to
         mean original (including original counterparts) negotiable or
         non-negotiable agreements which in and of themselves represent an
         equitable interest, ownership, or debt, including an assignment thereof
         which instruments are in the ordinary course of business, transferable
         by delivery of such agreements with any necessary endorsement or
         assignment.

         The word "counterfeited" as used in this Insuring Agreement shall be
         deemed to mean any security, document or other written instrument which
         is intended to deceive and to be taken for an original.

         Mechanically produced facsimile signatures are treated the same as
         handwritten signatures.

(G) COUNTERFEIT CURRENCY

    Loss through the receipt by the Insured, in good faith, of any counterfeited
money orders or altered paper currencies or coin of the United States of America
or Canada issued or purporting to have been issued by the United States of
America or Canada or issued pursuant to a United States of America or Canadian
statute for use as currency.

(H) STOP PAYMENT

    Loss against any and all sums which the Insured shall become obligated to
pay by reason of the Liability imposed upon the Insured by law for damages:

    For having either complied with or failed to comply with any written notice
    of any customer, shareholder or subscriber of the Insured or any Authorized
    Representative of such customer, shareholder or subscriber to stop payment
    of any check or draft made or drawn by such customer, shareholder or
    subscriber or any Authorized Representative of such customer, shareholder or
    subscriber, or

    For having refused to pay any check or draft made or drawn by any customer,
    shareholder or subscriber of the Insured or any Authorized Representative of
    such customer, shareholder or subscriber.

(I) UNCOLLECTIBLE ITEMS OF DEPOSIT

    Loss resulting from payments of dividends or fund shares, or withdrawals
permitted from any customer's, shareholder's or subscriber's account based upon
Uncollectible Items of Deposit of a customer, shareholder or subscriber credited
by the Insured or the Insured's agent to such customer's, shareholder's or
subscriber's Mutual Fund Account; or

    loss resulting from any Item of Deposit processed through an Automated
Clearing House which is reversed by the customer, shareholder or subscriber and
deemed uncollectible by the Insured.

    Loss includes dividends and interest accrued not to exceed 15% of the
Uncollectible Items which are deposited.

    This Insuring Agreement applies to all Mutual Funds with "exchange
privileges" if all Fund(s) in the exchange program are insured by a National
Union Fire Insurance Company of Pittsburgh, PA for Uncollectible Items of
Deposit. Regardless of the number of transactions between Fund(s), the minimum
number of days of deposit within the Fund(s) before withdrawal as declared in
the Fund(s) prospectus shall begin from the date a deposit was first credited to
any Insured Fund(s).





GENERAL AGREEMENTS

A . ADDITIONAL OFFICES OR EMPLOYEES-
    CONSOLIDATION OR MERGER-NOTICE

    1.   If the Insured shall, while this bond is in force, establish any
         additional office or offices, such office or offices shall be
         automatically covered hereunder from the dates of their establishment,
         respectively. No notice to the Underwriter of an increase during any
         premium period in the number of offices or in the number of Employees
         at any of the offices covered hereunder need be given and no additional
         premium need be paid for the remainder of such premium period.

    2.   If an Investment Company, named as Insured herein, shall, while this
         bond is in force, merge or consolidate with, or purchase the assets of
         another institution, coverage for such acquisition shall apply
         automatically from the date of acquisition. The Insured shall notify
         the Underwriter of such acquisition within 60 days of said date, and an
         additional premium shall be computed only if such acquisition involves
         additional offices or employees.

B.  WARRANTY

    No statement made by or on behalf of the Insured, whether contained in the
application or otherwise, shall be deemed to be a warranty of anything except
that it is true to the best of the knowledge and belief of the person making the
statement.

C.  COURT COSTS AND ATTORNEYS' FEES
    (Applicable to all Insuring Agreements or Coverages now or hereafter
    forming part of this bond)

    The Underwriter will indemnify the Insured against court costs and
reasonable attorneys' fees incurred and paid by the Insured in defense, whether
or not successful, whether or not fully litigated on the merits and whether or
not settled of any suit or legal proceeding brought against the Insured to
enforce the Insured's liability or alleged liability on account of any loss,
claim or damage which, if established against the Insured, would constitute a
loss sustained by the Insured covered under the terms of this bond provided,
however, that with respect to Insuring Agreement (A) this indemnity shall apply
only in the event that

    (1)  an Employee admits to being guilty of any dishonest or fraudulent
         act(s), including Larceny or Embezzlement; or

    (2)  an Employee is adjudicated to be guilty of any dishonest or fraudulent
         act(s), including Larceny or Embezzlement;

    (3)  in the absence of (1) or (2) above an arbitration panel agrees, after a
         review of an agreed statement of facts, that an Employee would be found
         guilty of dishonesty if such Employee were prosecuted.

    The Insured shall promptly give notice to the Underwriter of any such suit
or legal proceeding and at the request of the Underwriter shall furnish it with
copies of all pleadings and other papers therein. At the Underwriter's election
the Insured shall permit the Underwriter to conduct the defense of such suit or
legal proceeding, in the Insured's name, through attorneys of the Underwriter's
selection. In such event, the Insured shall give all reasonable information and
assistance which the Underwriter shall deem necessary to the proper defense of
such suit or legal proceeding.

    If the amount of the Insured's liability or alleged liability is greater
than the amount recoverable under this bond, or if a Deductible Amount is
applicable, or both, the liability of the Underwriter under this General
Agreement is limited to the proportion of court costs and attorneys' fees
incurred and paid by the Insured or by the Underwriter that the amount
recoverable under this bond bears to the total of such amount plus the amount
which is not so recoverable. Such indemnity shall be in addition to the Limit of
Liability for the applicable Insuring Agreement or Coverage.

D.  FORMER EMPLOYEE

    Acts of an Employee, as defined in this bond, are covered under Insuring
Agreement (A) only while the Employee is in the Insured's employ. Should loss
involving a former Employee of the Insured be discovered subsequent to the
termination of employment, coverage would still apply under Insuring Agreement
(A) if the direct proximate cause of the loss occurred while the former Employee
performed duties within the scope of his/her employment.




                     THE FOREGOING INSURING AGREEMENTS AND
                       GENERAL AGREEMENTS ARE SUBJECT TO
                            THE FOLLOWING CONDITIONS
                                AND LIMITATIONS:

SECTION 1. DEFINITIONS

   The following terms, as used in this bond, shall have the respective meanings
stated in this Section:

    (a)  "Employee" means:

         (1)  any of the Insured's officers, partners, or employees, and
         (2)  any of the officers or employees of any predecessor of the Insured
              whose principal assets are acquired by the Insured by
              consolidation or merger with, or purchase of assets or capital
              stock of such predecessor. and
         (3)  attorneys retained by the Insured to perform legal services for
              the Insured and the employees of such attorneys while such
              attorneys or the employees of such attorneys are performing such
              services for the Insured, and
         (4)  guest students pursuing their studies or duties in any of the
              Insured's offices, and
         (5)  directors or trustees of the Insured, the investment advisor,
              underwriter (distributor), transfer agent, or shareholder
              accounting record keeper, or administrator authorized by written
              agreement to keep financial and/or other required records, but
              only while performing acts coming within the scope of the usual
              duties of an officer or employee or while acting as a member of
              any committee duly elected or appointed to examine or audit or
              have custody of or access to the Property of the Insured, and
         (6)  any individual or individuals assigned to perform the usual duties
              of an employee within the premises of the Insured, by contract, or
              by any agency furnishing temporary personnel on a contingent or
              part-time basis, and
         (7)  each natural person, partnership or corporation authorized by
              written agreement with the Insured to perform services as
              electronic data processor of checks or other accounting records of
              the Insured, but excluding any such processor who acts as transfer
              agent or in any other agency capacity in issuing checks, drafts or
              securities for the Insured, unless included under Sub-section (9)
              hereof, and
         (8)  those persons so designated in Section 15, Central Handling of
              Securities, and
         (9)  any officer, partner or Employee of
              a) an investment advisor,
              b) an underwriter (distributor),
              c) a transfer agent or shareholder accounting record-keeper, or
              d) an administrator authorized by written agreement to keep
                 financial and/or other required records,

              for an Investment Company named as Insured while performing acts
              coming within the scope of the usual duties of an officer or
              Employee of any Investment Company named as Insured herein, or
              while acting as a member of any committee duly elected or
              appointed to examine or audit or have custody of or access to the
              Property of any such Investment Company, provided that only
              Employees or partners of a transfer agent, shareholder accounting
              record-keeper or administrator which is an affiliated person as
              defined in the Investment Company Act of 1940, of an Investment
              Company named as Insured or is an affiliated person of the
              adviser, underwriter or administrator of such Investment Company,
              and which is not a bank, shall be included within the definition
              of Employee.

              Each employer of temporary personnel or processors as set forth in
              Sub-Sections (6) and of Section 1(a) and their partners, officers
              and employees shall collectively be deemed to be one person for
              all the purposes of this bond, excepting, however, the last
              paragraph of Section 13.

         Brokers, or other agents under contract or representatives of the same
         general character shall not be considered Employees.

    (b)  "Property" means money (i.e .. currency, coin, bank notes, Federal
         Reserve notes), postage and revenue stamps, U.S. Savings Stamps,
         bullion, precious metals of all kinds and in any form and articles made
         therefrom, jewelry, watches, necklaces, bracelets, gems, precious and
         semi-precious stones, bonds, securities, evidences of debts,
         debentures, scrip, certificates, interim receipts, warrants, rights,
         puts, calls, straddles, spreads, transfers, coupons, drafts, bills of
         exchange, acceptances, notes, checks, withdrawal orders, money orders,
         warehouse receipts, bills of lading, conditional sales contracts,
         abstracts of title, insurance policies, deeds, mortgages under real
         estate and/or chattels and upon interests therein, and assignments of
         such policies, mortgages and instruments, and other valuable papers,
         including books of account and other records used by the Insured in the
         conduct of its business, and all other instruments similar to or in the
         nature of the foregoing including Electronic Representations of such
         instruments enumerated above (but excluding all data processing
         records) in which the Insured has an interest or in which the Insured
         acquired or should have acquired an interest by reason of a
         predecessor's declared financial condition at the time of the Insured's
         consolidation or merger with, or purchase of the principal assets of,
         such predecessor or which are held by the Insured for any purpose or in
         any capacity and whether so held by the Insured for any purpose or in
         any capacity and whether so held gratuitously or not and whether or not
         the Insured is liable therefor.

    (c)  "Forgery" means the signing of the name of another with intent to
         deceive; it does not include the signing of one's own name with or
         without authority, in any capacity, for any purpose.

    (d)  "Larceny and Embezzlement" as it applies to any named Insured means
         those acts as set forth in Section 37 of the Investment Company Act of
         1940.

    (e)  "Items of Deposit" means any one or more checks and drafts. Items of
         Deposit shall not be deemed uncollectible until the Insured's
         collection procedures have failed.



SECTION 2. EXCLUSIONS

THIS BOND DOES NOT COVER:

    (a)  loss effected directly or indirectly by means of forgery or alteration
         of, on or in any instrument, except when covered by Insuring Agreement
         (A), (E), (F) or (G).
    (b)  loss due to riot or civil commotion outside the United States of
         America and Canada; or loss due to military, naval or usurped power,
         war or insurrection unless such loss occurs in transit in the
         circumstances recited in Insuring Agreement (D), and unless, when such
         transit was initiated, there was no knowledge of such riot, civil
         commotion, military, naval or usurped power, war or insurrection on the
         part of any person acting for the Insured in initiating such transit.
    (c)  loss, in time of peace or war, directly or indirectly caused by or
         resulting from the effects of nuclear fission or fusion or
         radioactivity; provided, however, that this paragraph shall not apply
         to loss resulting from industrial uses of nuclear energy.
    (d)  loss resulting from any wrongful act or acts of any person who is a
         member of the Board of Directors of the Insured or a member of any
         equivalent body by whatsoever name known unless such person is also an
         Employee or an elected official, partial owner or partner of the
         Insured in some other capacity, nor, in any event, loss resulting from
         the act or acts of any person while acting in the capacity of a member
         of such Board or equivalent body.
    (e)  loss resulting from the complete or partial non-payment of, or default
         upon, any loan or transaction in the nature of, or amounting to, a loan
         made by or obtained from the Insured or any of its partners, directors
         or Employees, whether authorized or unauthorized and whether procured
         in good faith or through trick, artifice, fraud or false pretenses.
         unless such loss is covered under Insuring Agreement (A), (E) or (F).
    (f)  loss resulting from any violation by the Insured or by any Employee

         (1)  of law regulating (a) the issuance, purchase or sale of
              securities, (b) securities transactions upon Security Exchanges or
              over the counter market, (c) Investment Companies, or (d)
              Investment Advisors, or
         (2)  of any rule or regulation made pursuant to any such law, unless
              such loss, in the absence of such laws, rules or regulations,
              would be covered under Insuring Agreements (A) or (E).

    (g)  loss of Property or loss of privileges through the misplacement or loss
         of Property as set forth in Insuring Agreement (C) or (D) while the
         Property is in the custody of any armored motor vehicle company, unless
         such loss shall be in excess of the amount recovered or received by the
         Insured under (a) the Insured's contract with said armored motor
         vehicle company, (b) insurance carried by said armored motor vehicle
         company for the benefit of users of its service, and (c) all other
         insurance and indemnity in force in whatsoever form carried by or for
         the benefit of users of said armored motor vehicle company's service,
         and then this bond shall cover only such excess.

    (h)  potential income, including but not limited to interest and dividends,
         not realized by the Insured because of a loss covered under this bond,
         except as included under Insuring Agreement (I).

    (i)  all damages of any type for which the Insured is legally liable,
         except direct compensatory damages arising from a loss covered under
         this bond.

    (j)  loss through the surrender of Property away from an office of the
         Insured as a result of a threat

         (1)  to do bodily harm to any person, except loss of Property in
              transit in the custody of any person acting as messenger provided
              that when such transit was initiated there was no knowledge by the
              Insured of any such threat, or

         (2)  to do damage to the premises or Property of the Insured, except
              when covered under Insuring Agreement (A).

    (k)  all costs, fees and other expenses incurred by the Insured in
         establishing the existence of or amount of loss covered under this bond
         unless such indemnity is provided for under Insuring Agreement (B).

    (l)  loss resulting from payments made or withdrawals from the account of a
         customer of the Insured, shareholder or subscriber to shares involving
         funds erroneously credited to such account, unless such payments are
         made to or withdrawn by such depositor or representative of such
         person, who is within the premises of the drawee bank of the Insured or
         within the office of the Insured at the time of such payment or
         withdrawal or unless such payment is covered under Insuring Agreement
         (A).

    (m)  any loss resulting from Uncollectible Items of Deposit which are drawn
         from a financial institution outside the fifty states of the United
         States of America, District of Columbia, and territories and
         possessions of the United States of America, and Canada.



SECTION 3. ASSIGNMENT OF RIGHTS

    This bond does not afford coverage in favor of any Employers of temporary
personnel or of processors as set forth in sub-sections (6) and (7) of Section
1(a) of this bond, as aforesaid, and upon payment to the Insured by the
Underwriter on account of any loss through dishonest or fraudulent act(s)
including Larceny or Embezzlement committed by any of the partners, officers or
employees of such Employers, whether acting alone or in collusion with others,
an assignment of such of the Insured's rights and causes of action as it may
have against such Employers by reason of such acts so committed shall, to the
extent of such payment, be given by the Insured to the Underwriter, and the
Insured shall execute all papers necessary to secure to the Underwriter the
rights herein provided for.


SECTION 4. LOSS -NOTICE -PROOF-
           LEGAL PROCEEDINGS

    This bond is for the use and benefit only of the Insured named in the
Declarations and the Underwriter shall not be liable hereunder for loss
sustained by anyone other than the Insured unless the Insured, in its sole
discretion and at its option, shall include such loss in the Insured's proof of
loss. At the earliest practicable moment after discovery of any loss hereunder
the Insured shall give the Underwriter written notice thereof and shall also
within six months after such discovery furnish to the Underwriter affirmative
proof of loss with full particulars. If claim is made under this bond for loss
of securities or shares, the Underwriter shall not be liable unless each of such
securities or shares is identified in such proof of loss by a certificate or
bond number or, where such securities or shares are uncertificated, by such
identification means as agreed to by the Underwriter. The Underwriter shall have
thirty days after notice and proof of loss within which to investigate the
claim, but where the loss is clear and undisputed, settlement shall be made
within forty-eight hours; and this shall apply notwithstanding the loss is made
up wholly or in part of securities of which duplicates may be obtained. Legal
proceedings for recovery of any loss hereunder shall not be brought prior to the
expiration of sixty days after such proof of loss is filed with the Underwriter
nor after the expiration of twenty-four months from the discovery of such loss,
except that any action or proceeding to recover hereunder on account of any
judgment against the Insured in any suit mentioned in General Agreement C or to
recover attorneys' fees paid in any such suit, shall be begun within twenty-four
months from the date upon which the judgment in such suit shall become final. If
any limitation embodied in this bond is prohibited by any law controlling the
construction hereof, such limitation shall be deemed to be amended so as to be
equal to the minimum period of limitation permitted by such law.

    Discovery occurs when the Insured
    (a)   becomes aware of facts, or
    (b)  receives written notice of an actual or potential claim by a third
         party which alleges that the Insured is liable under circumstance
which would cause a reasonable person to assume that a loss covered by the bond
has been or will be incurred even though the exact amount or details of loss may
not be then known.


SECTION 5. VALUATION OF PROPERTY

    The value of any Property, except books of accounts or other records used by
the Insured in the conduct of its business, for the loss of which a claim shall
be made hereunder, shall be determined by the average market value of such
Property on the business day next preceding the discovery of such loss;
provided, however, that the value of any Property replaced by the Insured prior
to the payment of claim therefor shall be the actual market value at the time of
replacement; and further provided that in case of a loss or misplacement of
interim certificates, warrants, rights, or other securities, the production
which is necessary to the exercise of subscription, conversion, redemption or
deposit privileges, the value thereof shall be the market value of such
privileges immediately preceding the expiration thereof if said loss or
misplacement is not discovered until after their expiration. If no market price
is quoted for such Property or for such privileges, the value shall be fixed by
agreement between the parties or by arbitration.

    In case of any loss or damage to Property consisting of books of accounts or
other records used by the Insured in the conduct of its business, the
Underwriter shall be liable under this bond only if such books or records are
actually reproduced and then for not more than the cost of blank books, blank
pages or other materials plus the cost of labor for the actual transcription or
copying of data which shall have been furnished by the Insured in order to
reproduce such books and other records.

SECTION 6. VALUATION OF PREMISES AND FURNISHINGS

    In case of damage to any office of the Insured, or loss of or damage to the
furnishings, fixtures, stationery, supplies, equipment, safes or vaults therein,
the Underwriter shall not be liable for more than the actual cash value thereof,
or for more than the actual cost of their replacement or repair. The Underwriter
may, at its election, pay such actual cash value or make such replacement or
repair. If the Underwriter and the Insured cannot agree upon such cash value or
such cost of replacement or repair, such shall be determined by arbitration.

SECTION 7. LOST SECURITIES

    If the Insured shall sustain a loss of securities the total value of which
is in excess of the limit stated in Item 3 of the Declarations of this bond, the
liability of the Underwriter shall be limited to payment for, or duplication of,
securities having value equal to the limit stated in Item 3 of the Declarations
of this bond.

    If the Underwriter shall make payment to the Insured for any loss of
securities, the Insured shall thereupon assign to the Underwriter all of the
Insured's rights, title and interests in and to said securities.

    With respect to securities the value of which do not exceed the Deductible
Amount (at the time of the discovery of the loss) and for which the Underwriter
may at its sole discretion and option and at the request of the Insured issue a
Lost Instrument Bond or Bonds to effect replacement thereof, the Insured will
pay the usual premium charged therefor and will indemnify the Underwriter
against all loss or expense that the Underwriter may sustain because of the
issuance of such Lost Instrument Bond or Bonds.

    With respect to securities the value of which exceeds the Deductible Amount
(at the time of discovery of the loss) and for which the Underwriter may issue
or arrange for the issuance of a Lost Instrument Bond or Bonds to effect
replacement thereof, the Insured agrees that it will pay as premium therefor a
proportion of the usual premium charged therefor, said proportion being equal to
the percentage that the Deductible Amount bears to the value of the securities
upon discovery of the loss, and that it will indemnify the issuer of said Lost
Instrument Bond or Bonds against all loss and expense that is not recoverable
from the Underwriter under the terms and conditions of this INVESTMENT COMPANY
BLANKET BOND subject to the Limit of Liability hereunder.

SECTION 8. SALVAGE

    In case of recovery, whether made by the Insured or by the Underwriter, on
account of any loss in excess of the Limit of Liability hereunder plus the
Deductible Amount applicable to such loss from any source other than suretyship,
insurance, reinsurance, security or indemnity taken by or for the benefit of the
Underwriter, the net amount of such recovery, less the actual costs and expenses
of making same, shall be applied to reimburse the Insured in full for the excess
portion of such loss, and the remainder, if any, shall be paid first in
reimbursement of the Underwriter and thereafter in reimbursement of the Insured
for that part of such loss within the Deductible Amount. The Insured shall
execute all necessary papers to secure to the Underwriter the rights provided
for herein.

SECTION 9. NON-REDUCTION AND NON- ACCUMULATION OF LIABILITY AND TOTAL LIABILITY

    At all times prior to termination hereof this bond shall continue in force
for the limit stated in the applicable sections of Item 3 of the Declarations of
this bond notwithstanding any previous loss for which the Underwriter may have
paid or be liable to pay hereunder; PROVIDED, however, that regardless of the
number of years this bond shall continue in force and the number of premiums
which shall be payable or paid, the liability of the Underwriter under this bond
with respect to all loss resulting from

    (a)  any one act of burglary, robbery or holdup, or attempt thereat, in
         which no Partner or Employee is concerned or implicated shall be deemed
         to be one loss, or
    (b)  any one unintentional or negligent act on the part of any one person
         resulting in damage to or destruction or misplacement of Property,
         shall be deemed to be one loss, or (c) all wrongful acts, other than
         those specified in (a) above, of any one person shall be deemed to be
         one loss, or
    (d)  all wrongful acts, other than those specified in (a) above, of one or
         more persons (which dishonest act(s) or act(s) of Larceny or
         Embezzlement include, but are not limited to, the failure of an
         Employee to report such acts of others) whose dishonest act or acts
         intentionally or unintentionally, knowingly or unknowingly, directly or
         indirectly, aid or aids in any way, or permits the continuation of, the
         dishonest act or acts of any other person or persons shall be deemed to
         be one loss with the act or acts of the persons aided, or
    (e)  any one casualty or event other than those specified in (a), (b), (c)
         or (d) preceding, shall be deemed to be one loss, and

shall be limited to the applicable Limit of Liability stated in Item 3 of the
Declarations of this bond irrespective of the total amount of such loss or
losses and shall not be cumulative in amounts from year to year or from period
to period.

    Sub-section (c) is not applicable to any situation to which the language of
sub-section (d) applies.

SECTION 10. LIMIT OF LIABILITY

    With respect to any loss set forth in the PROVIDED clause of Section 9 of
this bond which is recoverable or recovered in whole or in part under any other
bonds or policies issued by the Underwriter to the Insured or to any predecessor
in interest of the Insured and terminated or cancelled or allowed to expire and
in which the period for discovery has not expired at the time any such loss
thereunder is discovered, the total liability of the Underwriter under this bond
and under other bonds or policies shall not exceed, in the aggregate, the amount
carried hereunder on such loss or the amount available to the Insured under such
other bonds or policies, as limited by the terms and conditions thereof, for any
such loss if the latter amount be the larger.

SECTION 11. OTHER INSURANCE

    If the Insured shall hold, as indemnity against any loss covered hereunder,
any valid and enforceable insurance or suretyship, the Underwriter shall be
liable hereunder only for such amount of such loss which is in excess of the
amount of such other insurance or suretyship, not exceeding, however, the Limit
of Liability of this bond applicable to such loss.

SECTION 12. DEDUCTIBLE

    The Underwriter shall not be liable under any of the Insuring Agreements of
this bond on account of loss as specified, respectively, in sub-sections (a),
(b), (c), (d) and (e) of Section 9, NON-REDUCTION AND NON- ACCUMULATION OF
LIABILITY AND TOTAL LIABILITY, unless the amount of such loss, after deducting
the net amount of all reimbursement and/or recovery obtained or made by the
Insured, other than from any bond or policy of insurance issued by an insurance
company and covering such loss, or by the Underwriter on account thereof prior
to payment by the Underwriter of such loss, shall exceed the Deductible Amount
set forth in Item 3 of the Declarations hereof (herein called Deductible Amount)
and then for such excess only, but in no event for more than the applicable
Limit of Liability stated in Item 3 of the Declarations.


    The Insured will bear, in addition to the Deductible Amount, premiums on
Lost Instrument Bonds as set forth in Section 7.

    There shall be no deductible applicable to any loss under Insuring Agreement
A sustained by any Investment Company named as Insured herein.


SECTION 13. TERMINATION

    The Underwriter may terminate this bond as an entirety by furnishing written
notice specifying the termination date which cannot be prior to 60 days after
the receipt of such written notice by each Investment Company named as Insured
and the Securities and Exchange Commission, Washington, D.C. The Insured may
terminate this bond as an entirety by furnishing written notice to the
Underwriter. When the Insured cancels, the Insured shall furnish written notice
to the Securities and Exchange Commission, Washington. D.C. prior to 60 days
before the effective date of the termination. The Underwriter shall notify all
other Investment Companies named as Insured of the receipt of such termination
notice and the termination cannot be effective prior to 60 days after receipt of
written notice by all other Investment Companies. Premiums are earned until the
termination date as set forth herein.

    This Bond will terminate as to any one Insured immediately upon taking over
of such Insured by a receiver or other liquidator or by State or Federal
officials, or immediately upon the filing of a petition under any State or
Federal statute relative to bankruptcy or reorganization of the Insured, or
assignment for the benefit of creditors of the Insured. or immediately upon such
Insured ceasing to exist, whether through merger into another entity, or by
disposition of all of its assets.

    The Underwriter shall refund the unearned premium computed at short rates in
accordance with the standard short rate cancellation tables if terminated by the
Insured or pro rata if terminated for any other reason.

    This Bond shall terminate

    (a)  as to any Employee as soon as any partner, officer or supervisory
         Employee of the Insured, who is not in collusion with such Employee,
         shall learn of any dishonest or fraudulent act(s), including Larceny or
         Embezzlement on the part of such Employee without prejudice to the loss
         of any Property then in transit in the custody of such Employee (See
         Section 16[d]), or
    (b)  as to any Employee 60 days after receipt by each Insured and by the
         Securities and Exchange Commission of a written notice from the
         Underwriter of its desire to terminate this bond as to such Employee,
         or
    (c)  as to any person, who is a partner, officer or employee of any
         Electronic Data Processor covered under this bond, from and after the
         time that the Insured or any partner or officer thereof not in
         collusion with such person shall have knowledge or information that
         such person has committed any dishonest or fraudulent act(s), including
         Larceny or Embezzlement in the service of the Insured or otherwise,
         whether such act be committed before or after the time this bond is
         effective.

SECTION 14. RIGHTS AFTER TERMINATION OR CANCELLATION

    At any time prior to the termination or cancellation of this bond as an
entirety, whether by the Insured or the Underwriter, the Insured may give to the
Underwriter notice that it desires under this bond an additional period of 12
months within which to discover loss sustained by the Insured prior to the
effective date of such termination or cancellation and shall pay an additional
premium therefor.

    Upon receipt of such notice from the Insured, the Underwriter shall give its
written consent thereto; provided, however, that such additional period of time
shall terminate immediately;

    (a)  on the effective date of any other insurance obtained by the Insured,
         its successor in business or any other party, replacing in whole or in
         part the insurance afforded by this bond, whether or not such other
         insurance provides coverage for loss sustained prior to its effective
         date, or

    (b)  upon takeover of the Insured's business by any State or Federal
         official or agency, or by any receiver or liquidator, acting or
         appointed for this purpose

without the necessity of the Underwriter giving notice of such termination. In
the event that such additional period of time is terminated, as provided above,
the Underwriter shall refund any unearned premium.

    The right to purchase such additional period for the discovery of loss may
not be exercised by any State or Federal official or agency, or by any receiver
or liquidator, acting or appointed to take over the Insured's business for the
operation or for the liquidation thereof or for any other purpose.

SECTION 15. CENTRAL HANDLING OF SECURITIES

    Securities included in the systems for the central handling of securities
established and maintained by Depository Trust Company, Midwest Depository Trust
Company, Pacific Securities Depository Trust Company, and Philadelphia
Depository Trust Company, hereinafter called Corporations, to the extent of the
Insured's interest therein as effective by the making of appropriate entries on
the books and records of such Corporations shall be deemed to be Property.

    The words "Employee" and "Employees" shall be deemed to include the
officers, partners, clerks and other employees of the New York Stock Exchange,
Boston Stock Exchange, Midwest Stock Exchange, Pacific Stock Ex- change and
Philadelphia Stock Exchange, hereinafter called Exchanges, and of the above
named Corporations, and of any nominee in whose name is registered any security
included within the systems for the central handling of securities established
and maintained by such Corporations, and any employee of any recognized service
company, while such officers, partners, clerks and other employees and employees
of service companies perform services for such Corporations in the operation of
such systems. For the purpose of the above definition a recognized service
company shall be any company providing clerks or other personnel to said
Exchanges or Corporation on a contract basis.

    The Underwriter shall not be liable on account of any loss(es) in connection
with the central handling of securities within the systems established and
maintained by such Corporations, unless such loss(es) shall be in excess of the
amount(s) recoverable or recovered under any bond or policy of insurance
indemnifying such Corporations, against such loss(es), and then the Underwriter
shall be liable hereunder only for the Insured's share of such excess loss(es),
but in no event for more than the Limit of Liability applicable hereunder.

    For the purpose of determining the Insured's share of excess loss(es) it
shall be deemed that the Insured has an interest in any certificate representing
any security included within such systems equivalent to the interest the Insured
then has in all certificates representing the same security included within such
systems and that such Corporations shall use their best judgement in
apportioning the amount(s) recoverable or recovered under any bond or policy of
insurance indemnifying such Corporations against such loss(es) in connection
with the central handling of securities within such systems among all those
having an interest as recorded by appropriate entries in the books and records
of such Corporations in Property involved in such loss(es) on the basis that
each such interest shall share in the amount(s) so recoverable or recovered in
the ratio that the value of each such interest bears to the total value of all
such interests and that the Insured's share of such excess loss(es) shall be the
amount of the Insured's interest in such Property in excess of the amount(s) so
apportioned to the Insured by such Corporations.

    This bond does not afford coverage in favor of such Corporations or
Exchanges or any nominee in whose name is registered any security included
within the systems for the central handling of securities established and
maintained by such Corporations, and upon payment to the Insured by the
Underwriter on account of any loss(es) within the systems, an assignment of such
of the Insured's rights and causes of action as it may have against such
Corporations or Exchanges shall to the extent of such payment, be given by the
Insured to the Underwriter, and the Insured shall execute all papers necessary
to secure to the Underwriter the rights provided for herein.

SECTION 16. ADDITIONAL COMPANIES INCLUDED AS INSURED

    If more than one corporation, co-partnership or person or any combination of
them be included as the Insured herein:

    (a)  the total liability of the Underwriter hereunder for loss or losses
         sustained by any one or more or all of them shall not exceed the limit
         for which the Underwriter would be liable hereunder if all such loss
         were sustained by any one of them,
    (b)  the one first named herein shall be deemed authorized to make, adjust
         and receive and enforce payment of all claims hereunder and shall be
         deemed to be the agent of the others for such purposes and for the
         giving or receiving of any notice required or permitted to be given by
         the terms hereof, provided that the Underwriter shall furnish each
         named Investment Company with a copy of the bond and with any amendment
         thereto, together with a copy of each formal filing of the settlement
         of each such claim prior to the execution of such settlement,
    (c)  the Underwriter shall not be responsible for the proper application of
         any payment made hereunder to said first named Insured,
    (d)  knowledge possessed or discovery made by any partner, officer or
         supervisory Employee of any Insured shall for the purposes of Section 4
         and Section 13 of this bond constitute knowledge or discovery by all
         the Insured, and
    (e)  if the first named Insured ceases for any reason to be covered under
         this bond, then the Insured next named shall thereafter be considered
         as the first named Insured for the purposes of this bond.

SECTION 17. NOTICE AND CHANGE OF CONTROL

    Upon the Insured's obtaining knowledge of a transfer of its outstanding
voting securities which results in a change in control (as set forth in Section
2(a) (9) of the Investment Company Act of 1940) of the Insured, the Insured
shall within thirty (30) days of such knowledge give written notice to the
Underwriter setting forth:

    (a)  the names of the transferors and transferees (or the names of the
         beneficial owners if the voting securities are requested in another
         name), and
    (b)  the total number of voting securities owned by the transferors and the
         transferees (or the beneficial owners), both immediately before and
         after the transfer, and
    (c)  the total number of outstanding voting securities.

    As used in this section, control means the power to exercise a controlling
influence over the management or policies of the Insured.

    Failure to give the required notice shall result in termination of coverage
of this bond, effective upon the date of stock transfer for any loss in which
any transferee is concerned or implicated.

    Such notice is not required to be given in the case of an Insured which is
an Investment Company.

SECTION 18. CHANGE OR MODIFICATION

    This bond or any instrument amending or effecting same may not be changed or
modified orally. No changes in or modification thereof shall be effective unless
made by written endorsement issued to form a part hereof over the signature of
the Underwriter's Authorized Representative. When a bond covers only one
Investment Company no change or modification which would adversely affect the
rights of the Investment Company shall be effective prior to 60 days after
written notification has been furnished to the Securities and Exchange
Commission, Washington, D.C. by the Insured or by the Underwriter. If more than
one Investment Company is named as the Insured herein, the Underwriter shall
give written notice to each Investment Company and to the Securities and
Exchange Commission, Washington, D.C. not less than 60 days prior to the
effective date of any change or modification which would adversely affect the
rights of such Investment Company.

IN WITNESS WHEREOF, the Underwriter has caused this bond to be executed on the
Declarations Page.



                                 ENDORSEMENT #1
                                 -----------


This endorsement,  effective 12:01 A.M. May 15, 2011         forms a part of
Policy number:     01-830-60-80
issued to:         AllianceBernstein Complex of Registered Investment Companies

by:      National Union Fire Insurance Company of Pittsburgh, Pa.


                      NEW YORK STATUTORY RIDER/ENDORSEMENT

It is agreed that:

1.    Part (a) of the Section entitled "Termination or Cancelation" of this
      bond/policy is deleted.

2.    Cancel ation of this bond/policy by the Underwriter/Company is subject to
      the following provisions:

      If the bond/policy has been in effect for 60 days or less, it may be
      cancelled by the Underwriter/Company for any reason. Such cance lation
      shall be effective 20 days after the Underwriter/Company mails a notice of
      cancel ation to the first-named insured at the mailing address shown in
      the bond/policy. However, if the bond/policy has been in effect for more
      than 60 days or is a renewal, then cancelation must be based on one of the
      following grounds:

      (A)   non-payment of premium;

      (B)   conviction of a crime arising out of acts increasing the hazard
            insured against;

      (C)  discovery of fraud or material misrepresentation in the obtaining of
           the bond/policy or in the presentation of claim thereunder;

      (D)  after issuance of the bond/policy or after the last renewal date,
           discovery of an act or omission, or a violation of any bond/policy
           condition that substantially and materially increases the hazard
           insured against, and which occurred subsequent to inception of the
           current bond/policy period;

      (E)  material change in the nature or extent of the risk, occurring after
           issuance or last annual renewal anniversary date of the bond/policy,
           which causes the risk of loss to be substantially and materially
           increased beyond that contemplated at the time the bond/policy was
           issued or last renewed;




                           ENDORSEMENT #1 (CONTINUED)


      (F)   the cancelation is required pursuant to a determination by the
            superintendent that continuation of the present premium volume of
            the insurer would jeopardize that insurer's solvency or be hazardous
            to the interests of the insureds, the insurer's creditors or the
            public;

      (G)  a determination by the superintendent that the continuation of the
           bond/policy would violate, or would place the insurer in violation
           of, any provision of the New York State insurance laws.

      (H)  where the insurer has reason to believe, in good faith and with
           sufficient cause, that there is a possible risk or danger that the
           insured property will be destroyed by the insured for the purpose of
           collecting the insurance proceeds, provided, however, that:

            (i)   a notice of cancelation on this ground shall inform the
                  insured in plain language that the insured must act within ten
                  days if review by theInsurance Department of the State of New
                  York of the ground for cancelation is desired, and

            (ii)  notice of cancelation on this ground shall be provided
                  simultaneously by the insurer to the Insurance Department of
                  the State of New York. Cancelation based on one of the above
                  grounds shall be effective 15 days after the notice of
                  cancellation is mailed or delivered to the named insured, at
                  the address shown on the bond/policy, and to its authorized
                  agent or broker.

3.    If the Underwriter/Company elects not to replace a bond/policy at the
      termination of the bond/policy period, it shall notify the insured not
      more than 120 days nor less than 60 days before termination. If such
      notice is given late, the bond/policy shall continue in effect for 60 days
      after such notice is given. The Aggregate Limit of Liability shall not be
      increased or reinstated. The notice not to replace shall be mailed to the
      insured and its broker or agent.

4.    If the Underwriter/Company elects to replace the bond/policy, but with a
      change of limits, reduced coverage, increased deductible, additional
      exclusion, or upon increased premiums in excess of ten percent (exclusive
      of any premium increase as a result of experience rating), the Underwriter
      must mail written notice to the insured and its agent or broker not more
      than 120 days nor less than 60 days before replacement. If such notice is
      given late, the replacement bond/policy shall be in effect with the same
      terms, conditions and rates as the terminated bond/policy for 60 days
      after such notice is given.




                           ENDORSEMENT #1 (CONTINUED)


5.    The Underwriter/Company may elect to simply notify the insured that the
      bond/policy will either be not renewed or renewed with different terms,
      conditions or rates. In this event, the Underwriter/Company will inform
      the insured that a second notice will be sent at a later date specifying
      the Underwriter's/Company's exact intention. The Underwriter shall inform
      the insured that, in the meantime, coverage shall continue on the same
      terms, conditions and rates as the expiring bond/policy until the
      expiration date of the bond/policy or 60 days after the second notice is
      mailed or delivered, whichever is later.


















FOR USE WITH FINANCIAL INSTITUTION BONDS,
STANDARD FORMS NOS. 14, 15, 24, AND 25 AND
EXCESS BANK EMPLOYEE DISHONESTY BONDS,
STANDARD FORM NO. 28, AND COMPUTER CRIME
POLICY FOR FINANCIAL INSTITUTIONS  TO COMPLY
WITH STATUTORY REQUIREMENTS.


                                                   /s/
                                                   -----------------------------
                                                     AUTHORIZED REPRESENTATIVE



                                 ENDORSEMENT #2
                                 -----------


This endorsement,  effective 12:01 A.M. May 15, 2011         forms a part of
Policy number:     01-830-60-80
issued to:         AllianceBernstein Complex of Registered Investment Companies

by:      National Union Fire Insurance Company of Pittsburgh, Pa.


                                 NAMED INSURED

It is agreed that:

1.    Item 1. of the Declaration Page, Name of Insured, shall include the
      following:

      AllianceBernstein Income Fund, Inc.
      ACM Managed Dollar Income Fund, Inc.
      AllianceBernstein Global High Income Fund
      The Spain Fund, Inc.
      Alliance All-Market Advantage Fund, Inc.
      Alliance California Municipal Income Fund, Inc.
      Alliance New York Municipal Income Fund, Inc.
      AllianceBernstein National Municipal Income Fund, Inc.

      AllianceBernstein Bond Fund, Inc.
      -       AllianceBernstein Intermediate Bond Portfolio
      AllianceBernstein High Income Fund, Inc.
      AllianceBernstein Exchange Reserves
      AllianceBernstein Fixed-Income Shares, Inc.
      -       AllianceBernstein Government STIF Portfolio
      AllianceBernstein Corporate Shares
      -       AllianceBernstein Corporate Income Shares
      AllianceBernstein Global Bond Fund, Inc.
      AllianceBernstein Diversified Yield Fund, Inc.
      AllianceBernstein High Yield Fund, Inc.

      AllianceBernstein Municipal Income Fund, Inc.
      -       California Portfolio
      -       Insued California Portfolio II
      -       National Portfolio II
      -       National Portfolio
      -       New York Portfolio

      AllianceBernstein Municipal Income Fund II
      -       Arizona Portfolio
      -       Florida Portfolio
      -       Massachusetts Portfolio
      -       Michigan Portfolio



                           ENDORSEMENT #2 (CONTINUED)


      -       Minnesota Portfolio
      -       New Jersey Portfolio
      -       Ohio Portfolio
      -       Pennsylvania Portfolio
      -       Virginia Portfolio

      AllianceBernstein Balanced Shares, Inc.
      AllianceBernstein Cap Fund, Inc.
      -       AllianceBernstein Small Cap Growth Portfolio
      AllianceBernstein Focused Growth & Income Fund, Inc.
      AllianceBernstein Global Growth Fund, Inc.
      AllianceBernstein Global Thermatic Growth Fund, Inc.
      AllianceBernstein Greater China '97 Fund, Inc.
      AllianceBernstein Growth & Income Fund, Inc.
      AllianceBernstein Institutional Funds, Inc.
      -       AllianceBernstein Real Estate Investment Institutional Fund
      AllianceBernstein International Growth Fund, Inc
      AllianceBernstein Large-Cap Growth Fund, Inc.
      AllianceBernstein Small/Mid-Cap Growth Fund, Inc.
      AllianceBernstein Global Real Estate Investment Fund, Inc.
      AllianceBernstein Trust
      -       AllianceBernstein Global Value Fund
      -       AllianceBernstein International Value Fund
      -       AllianceBernstein Small-Mid Cap Value Fund
      -       AllianceBernstein Value Fund
              AllianceBernstein Utility Income Fund, Inc.

      The AllianceBernstein Portfolios:
      -       AllianceBernstein Growth Fund
      -       AllianceBernstein Balanced Wealth Strategy
      -       AllianceBernstein Wealth Appreciation Strategy
      -       AllianceBernstein Wealth Preservation Strategy
      -       AllianceBernstein Tax-Managed Balanced Wealth Strategy
      -       AllianceBernstein Tax-Managed Wealth Appreciation Strategy
      -       AllianceBernstein Tax-Managed Wealth Preservation Strategy

      AllianceBernstein Blended Style Series, Inc.:
      -   U.S. Large Cap Portfolio
      -   AllianceBernstein Global Blend Portfolio
      -   AllianceBernstein 2000 Retirement Strategy
      -   AllianceBernstein 2005 Retirement Strategy
      -   AllianceBernstein 2010 Retirement Strategy
      -   AllianceBernstein 2015 Retirement Strategy
      -   AllianceBernstein 2020 Retirement Strategy
      -   AllianceBernstein 2025 Retirement Strategy
      -   AllianceBernstein 2030 Retirement Strategy



                           ENDORSEMENT #2 (CONTINUED)


      -   AllianceBernstein 2035 Retirement Strategy
      -   AllianceBernstein 2040 Retirement Strategy
      -   AllianceBernstein 2045 Retirement Strategy
      -   AllianceBernstein 2050 Retirement Strategy
      -   AllianceBernstein 2055 Retirement Strategy

      Sanford C. Bernstein Fund, Inc.:
      -   California Municipal Portfolio
      -   Diversified Municipal Portfolio
      -   New York Municipal Portfolio
      -   U.S. Government Short Duration Portfolio
      -   Short Duration Plus Portfolio
      -   Intermediate Duration Portfolio
      -   Short Duration New York Municipal Portfolio
      -   Short Duration California Municipal Portfolio
      -   Short Duration Diversified Municipal Portfolio
      -   International Portfolio
      -   Tax-Managed International Portfolio
      -   Emerging Markets Portfolio

      Sanford C. Bernstein Fund II, Inc.
      -   Bernstein Intermediate Duration Institutional Portfolio

      AllianceBernstein Variable Products Series Fund, Inc.:
      -   AllianceBernstein Balanced Wealth Strategy Portfolio
      -   AllianceBernstein Global Technology Portfolio
      -   AllianceBernstein Growth Portfolio
      -   AllianceBernstein Growth and Income Portfolio
      -   AllianceBernstein Intermediate Bond Portfolio
      -   AllianceBernstein International Growth Portfolio
      -   AllianceBernstein International Value Portfolio
      -   AllianceBernstein Large Cap Growth Portfolio
      -   AllianceBernstein Money Market Portfolio
      -   AllianceBernstein Real Estate Investment Portfolio
      -   AllianceBernstein Small Cap Growth Portfolio
      -   AllianceBernstein Small-Mid Cap Value Portfolio
      -   AllianceBernstein U.S. Government/High Grade Securities Portfolio
      -   AllianceBernstein Utility Income Portfolio
      -   AllianceBernstein Value Portfolio
      -   AllianceBernstein Wealth Appreciation Strategy Portfolio




                           ENDORSEMENT #2 (CONTINUED)


      The AllianceBernstein Pooling Portfolios:
      -   AllianceBernstein U.S. Value Portfolio
      -   AllianceBernstein U.S. Large Cap Growth Portfolio
      -   AllianceBernstein Global Real Estate Investment Portfolio
      -   AllianceBernstein International Value Portfolio
      -   AllianceBernstein International Growth Portfolio
      -   AllianceBernstein Short Duration Bond Portfolio
      -   AllianceBernstein Intermediate Duration Bond Portfolio
      -   AllianceBernstein Inflation Protected Securities Portfolio
      -   AllianceBernstein High Yield Portfolio
      -   AllianceBernstein Small-Mid Cap Value Portfolio
      -   AllianceBernstein Small-Mid Cap Growth Portfolio

      and any other fund(s) now existing in  the AllianceBernstein Complex of
      Registered Investment Companies mutual fund program;
      and
      AllianceBernstein L.P.
      AllianceBernstein Holding L.P.
      AllianceBernstein Corporation
      AllianceBernstein Investments, Inc.

      AllianceBernstein Global Derivatives Corporation
      AllianceBernstein Investor Services, Inc.
      Sanford C. Bernstein & Co., LLC

2.    Nothing herein contained shall be held to vary, alter, waive or extend any
      of the terms, limitations, conditions or agreements of the attached bond
      other than as above stated.





                                                /s/
                                                --------------------------------
                                                    AUTHORIZED REPRESENTATIVE




                                 ENDORSEMENT #3
                                 -----------


This endorsement,  effective 12:01 A.M. May 15, 2011         forms a part of
Policy number:     01-830-60-80
issued to:         AllianceBernstein Complex of Registered Investment Companies

by:      National Union Fire Insurance Company of Pittsburgh, Pa.


                    AMENDED INSURING AGREEMENT (A) FIDELITY

It is agreed that:

1.    Insuring Agreement (A) FIDELITY is hereby deleted in its entirety and the
      following is substituted therefor:

      (A)   Loss resulting directly from dishonest or fraudulent acts, including
            Larceny and Embezzlement, committed by an Employee anywhere and
            whether committed alone or in collusion with others, including loss
            of Property resulting from such acts of an Employee, which Property
            is held by the Insured for any purpose or in any capacity and
            whether so held gratuitously or not and whether or not the Insured
            is liable therefor.

            Such dishonest or fraudulent acts must be committed by the Employee
            with the manifest intent:

            (a)   to cause the Insured to sustain such loss; or
            (b)   to obtain financial benefit for the Employee, or for any other
                  person or organization intended by the Employee to receive
                  such benefit.

            Notwithstanding the foregoing, however, it is agreed that with
            regard to Loans and/or Trading, this bond covers only loss resulting
            directly from dishonest or fraudulent acts committed by an Employee
            with the intent to cause the Insured to sustain such loss and which
            results in a financial benefit for the Employee.

            The term "Loans" as used in this Insuring Agreement shall be deemed
            to mean all extensions of credit by the Insured and all transactions
            creating a creditor relationship in favor of the Insured and all
            transactions by which the Insured assumes an existing creditor
            relationship.

            The term "Trading" as used in this Insuring Agreement shall be
            deemed to mean trading or other dealings in securities, commodities,
            futures, options, swaps, foreign or Federal Funds, currencies,
            foreign exchange and the like.



                           ENDORSEMENT #3 (CONTINUED)
                           -----------


            As used throughout this Insuring Agreement, financial benefit does
            not include any salaries, commissions, fees, bonuses, promotions,
            awards, profit sharing, pensions or other employee benefits earned
            in the normal course of employment.

2.    Nothing herein contained shall be held to vary, alter, waive or extend any
      of the terms, limitations, conditions or agreements of the attached bond
      other than as above stated.











                                                /s/
                                                --------------------------------
                                                    AUTHORIZED REPRESENTATIVE



                                 ENDORSEMENT #4
                                 -----------


This endorsement,  effective 12:01 A.M. May 15, 2011         forms a part of
Policy number:     01-830-60-80
issued to:         AllianceBernstein Complex of Registered Investment Companies

by:      National Union Fire Insurance Company of Pittsburgh, Pa.


                  AMENDED INSURING AGREEMEN (B) AUDIT EXPENSE

It is agreed that:

1.    Insuring Agreement (B), AUDIT EXPENSE, applies to the discovery of any
      loss sustained by the Insured and covered by this Bond.

2.    Nothing herein contained shall be held to vary, alter, waive or extend any
      of the terms, limitations, conditions or agreements of the attached bond
      other than as above stated.











                                                /s/
                                                --------------------------------
                                                    AUTHORIZED REPRESENTATIVE



                                 ENDORSEMENT #5
                                 -----------


This endorsement,  effective 12:01 A.M. May 15, 2011         forms a part of
Policy number:     01-830-60-80
issued to:         AllianceBernstein Complex of Registered Investment Companies

by:      National Union Fire Insurance Company of Pittsburgh, Pa.


              AMENDED INSURING AGREEMENT (G) COUNTERFEIT CURRENCY

It is agreed that:

3.    Insuring Agreement (G), COUNTERFEIT CURRENCY, is amended so that coverage
      applies to any counterfeited money orders or altered paper currencies or
      coin of any country.

4.    Nothing herein contained shall be held to vary, alter, waive or extend any
      of the terms, limitations, conditions or agreements of the attached bond
      other than as above stated.









                                                /s/
                                                --------------------------------
                                                    AUTHORIZED REPRESENTATIVE



                                 ENDORSEMENT #6
                                 -----------


This endorsement,  effective 12:01 A.M. May 15, 2011         forms a part of
Policy number:     01-830-60-80
issued to:         AllianceBernstein Complex of Registered Investment Companies

by:      National Union Fire Insurance Company of Pittsburgh, Pa.


                                COMPUTER SYSTEMS

It is agreed that:

1. The attached bond is amended by adding an Insuring Agreement (J) as follows:

                                COMPUTER SYSTEMS

      Loss resulting directly from a fraudulent

      (1)   entry of data into, or

      (2)   change of data or programs within

            a Computer System; provided the fraudulent entry or change causes

            (a)   Property to be transferred, paid or delivered;
            (b)   an account of the Insured, or of its customer, to be added,
                  deleted, debited or credited;
            (c)   an unauthorized account or a fictitious account to be debited
                  or credited;

      (3)   voice instructions or advices having been transmitted to the Insured
            or its agent(s) by telephone;

            and provided further, the fraudulent entry or change is made or
            caused by an individual acting with the intent to:

            (i)   cause the Insured or its agent(s) to sustain a loss; and

            (ii)  obtain financial benefit for that individual or for other
                  persons intended by that individual to receive financial
                  benefit; and

            (iii) further provided such voice instructions or advices:

                  (a)   were made by a person who purported to represent an
                        individual authorized to make such voice instruction or
                        advices; and

                  (b)   were electronically recorded by the Insured or its
                        agent(s).


                           ENDORSEMENT #6 (CONTINUED)
                           -----------


      (4)   It shall be a condition to recovery under the Computer Systems
            Insuring Agreement that the Insured or its agent(s) shall, to the
            best of their ability, electronically record all voice instructions
            or advices received over the telephone. The Insured or its agent(s)
            warrant that they shall make their best efforts to maintain the
            electronic recording system on a continuous basis. Nothing, however,
            in this Insuring Agreement shall bar the Insured from recovery where
            no recording is available because of mechanical failure of the
            device used in making such recording, or because of failure of the
            media used to record conversation from any cause, or error or
            omission of any Employee(s) or agent(s) of the Insured.

                              SCHEDULE OF SYSTEMS
                              -------------------

                  All computer systems utilized by the Insured
                  --------------------------------------------

2.    As used in this Insuring Agreement, Computer System means:

      (a)   computers with related peripheral equipment, including storage
            components, wherever located;
      (b)   systems and application software;
      (c)   terminal devices;
      (d)   related communication networks or customer communication systems;
            and
      (e)   related electronic funds transfer systems;

      by which data are electronically collected, transmitted, processed, stored
      and retrieved.

3.    In addition to the Exclusions in the attached Bond, the following
      exclusions are applicable to this Insuring Agreement:

      (a)   loss resulting directly or indirectly from the theft of confidential
            information, material or data; and

      (b)   loss resulting directly or indirectly from entries or changes made
            by an individual authorized to have access to a Computer System who
            acts in good faith on instructions, unless such instructions are
            given to that individual by a software contractor (or by a partner,
            officer or employee thereof) authorized by the Insured to design,
            develop, prepare, supply, service, write or implement programs for
            the Insured's Computer System.

4.    All loss or series of losses involving the fraudulent activity of one
      individual, or involving fraudulent activity in which one individual is
      implicated, whether or not that individual is specifically identified,
      shall be treated as one loss. A series of losses involving unidentified
      individuals but arising from the same method of operation may be deemed by
      the Underwriter to involve the same individual and, in that event, shall
      be treated as one loss.




                           ENDORSEMENT #6 (CONTINUED)
                           -----------


5.    The Limit of Liability for the coverage provided by this Insuring
      Agreement shall be as shown on the Declaration Page of this Bond.

6.    The Underwriter shall be liable hereunder for the amount by which one loss
      shall be in excess of the Deductible Amount as shown on the Declaration
      Page of this Bond.

7.    If any loss is covered under this Insuring Agreement and any other
      Insuring Agreement or Coverage, the maximum amount payable for such loss
      shall not exceed the largest amount available under any one Insuring
      Agreement or Coverage.

8.    Coverage under this Insuring Agreement shall terminate upon termination or
      cancellation of the bond to which this Insuring Agreement is attached.
      Coverage under this Insuring Agreement may also be terminated or cancelled
      without cancelling the Bond as an entirety:

      (a)   60 days after receipt by the Insured of written notice from the
            Underwriter of its desire to terminate or cancel coverage under this
            Insuring Agreement; or
      (b)   immediately upon receipt by the Underwriter of a written request
            from the Insured to terminate or cancel coverage under this Insuring
            Agreement.

      The Underwriter shall refund to the Insured the unearned premium for this
      coverage under this Insuring Agreement. The refund shall be computed at
      short rates if this Insuring Agreement is terminated or cancelled or
      reduced by notice from, or at the instance of, the Insured.

9.    Section 4, LOSS-NOTICE-PROOF-LEGAL PROCEEDINGS of the Conditions and
      Limitations of this Bond is amended by adding the following sentence:

      "Proof of loss resulting from voice instructions or advices covered under
      this Insuring Agreement shall include electronic recording of such voice
      instructions or advices."

10.   Notwithstanding the foregoing, however, coverage afforded by this Insuring
      Agreement is not designed to provide protection against loss covered under
      a separate Electronic and Computer Crime Policy by whatever title assigned
      or by whatever Underwriter written. Any loss which is covered under such
      separate policy is excluded from coverage under this Bond and the Insured
      agrees to make claim for such loss under its separate policy.

11.   Nothing herein contained shall be held to vary, alter, waive or extend any
      of the terms, limitations, conditions or agreements of the attached bond
      other than as above stated.





                                                /s/
                                                --------------------------------
                                                    AUTHORIZED REPRESENTATIVE



                                 ENDORSEMENT #7
                                 -----------


This endorsement,  effective 12:01 A.M. May 15, 2011         forms a part of
Policy number:     01-830-60-80
issued to:         AllianceBernstein Complex of Registered Investment Companies

by:      National Union Fire Insurance Company of Pittsburgh, Pa.


                          TELEFACSIMILE TRANSFER FRAUD

It is agreed that:

1.    The attached bond is amended by adding an Insuring Agreement (K) as
      follows:

                          TELEFACSIMILE TRANSFER FRAUD

      Loss resulting by reason of the Insured having transferred, paid or
      delivered any funds or Property, established any credit, debited any
      account, or given any value relying on any fraudulent instructions sent by
      a customer or financial institution by Telefacsimile transmission directed
      to the Insured, authorizing or acknowledging the transfer, payment or
      delivery of funds or Property, the establishment of a credit, debiting of
      any account, or the giving of value by the Insured, but only if such
      Telefacsimile instructions:

      i)    bear a valid test key exchanged between the Insured and a customer
            or another financial institution with authority to use such test key
            for Telefacsimile instructions in the ordinary course of business,
            but which test key has been wrongfully obtained by a person who was
            not authorized to initiate, make, validate or authenticate a test
            key arrangement; and

      ii)   fraudulently purport to have been sent by such customer or financial
            institution, but which Telefacsimile instructions were transmitted
            without the knowledge or consent of such customer or financial
            institution by a person other than such customer or financial
            institution and which bear a forged signature.

            "Telefacsimile" means a system of transmitting written documents by
            electronic signals over telephone lines to equipment maintained by
            the Insured within its communication room for the purposes of
            reproducing a copy of said document. It does not mean an electronic
            communication sent by telex, TWC, electronic mail or an Automated
            Clearing House.

2.    The Limit of Liability for the coverage provided by this Insuring
      Agreement shall be as shown on the Declaration Page of this Bond.

3.    The Underwriter shall be liable hereunder for the amount by which one loss
      shall be in excess of the Deductible Amount as shown on the Declaration
      Page of this Bond.



                           ENDORSEMENT #7 (CONTINUED)
                           --------------


4.    Nothing herein contained shall be held to vary, alter, waive or extend any
      of the terms, limitations, conditions or agreements of the attached bond
      other than as above stated.













                                                /s/
                                                --------------------------------
                                                    AUTHORIZED REPRESENTATIVE



                                 ENDORSEMENT #8
                                 -----------


This endorsement,  effective 12:01 A.M. May 15, 2011         forms a part of
Policy number:     01-830-60-80
issued to:         AllianceBernstein Complex of Registered Investment Companies

by:      National Union Fire Insurance Company of Pittsburgh, Pa.


                            AUTOMATED PHONE SYSTEMS

It is agreed that:

1.    The attached bond is amended by adding an Insuring Agreement (L) as
      follows:

                            AUTOMATED PHONE SYSTEMS

      I.    Loss caused by an Automated Phone System ("APS") Transaction, where
            the request for such APS Transaction is unauthorized or fraudulent
            and is made with the manifest intent to deceive; provided, that the
            entity which receives such request generally maintains and follows
            during the bond Period all APS Designated Procedures with respect to
            APS Transactions. The unintentional isolated failure of such entity
            to maintain and follow a particular APS Designated Procedure in a
            particular instance shall not preclude coverage under this Insuring
            Agreement, subject to the exclusions herein and in the Bond.

            1.    Definitions. The following terms used in this Insuring
                  Agreement shall have the following meanings:

                  a.    "APS Transaction" means any APS Redemption, APS Exchange
                        or APS Election.

                  b.    "APS Redemption" means any redemption of shares issued
                        by an Investment Company which is requested over the
                        telephone by means of information transmitted by an
                        individual caller through use of a telephone keypad.

                  c.    "APS Election" means any election concerning dividend
                        options available to fund shareholders which is made
                        over the telephone by means of information transmitted
                        by an individual caller through use of a telephone
                        keypad.

                  d.    "APS Exchange" means any exchange of shares in a
                        registered account of one fund into shares in an
                        identically registered account of another fund in the
                        same complex pursuant to exchange privileges of the two
                        funds, which exchange is requested over the telephone by
                        means of information transmitted by an individual caller
                        through use of a telephone keypad.



                           ENDORSEMENT #8 (CONTINUED)
                           --------------


                  e.    "APS Designated Procedures" means all of the following
                        procedures:

                        (1)   Election in Application: No APS Redemption shall
                              be executed unless the shareholder to whose
                              account such an APS Redemption relates has
                              previously elected by official designation to
                              permit such APS Redemption.

                        (2)   Logging: All APS Transaction requests shall be
                              logged or otherwise recorded, so as to preserve
                              all of the information transmitted by an
                              individual caller through use of a telephone
                              keypad in the course of such a request, and the
                              records shall be retained for at least six months.

                              (a)   Information contained in the records shall
                                    be capable of being retrieved through the
                                    following methods:

                                    Procedures normally used by the Insured

                              (b)   Information contained in the records shall
                                    be capable of being retrieved and produced
                                    within a reasonable time after retrieval of
                                    specific information is requested, at a
                                    success rate of no less than 85 percent.

                        (3)   Identity Test: The identity of the caller in any
                              request for an APS Transaction shall be tested
                              before execution of that APS Transaction by
                              requiring the entry by the caller of a
                              confidential personal identification number
                              ("PIN")

                              (a)   Limited Attempts to Enter PIN: If the caller
                                    fails to enter a correct PIN within three
                                    attempts, the caller must not be allowed
                                    additional attempts during the same
                                    (telephone call/twenty-four hour day) to
                                    enter the PIN.

                        (4)   Written Confirmation: A written confirmation of
                              any APS Transaction shall be mailed to the
                              shareholder(s) to whose account such APS
                              Transaction relates, at the original record
                              address, by the end of the Insured's next regular
                              processing cycle, but in no event later than five
                              business days following such APS Transaction.



                           ENDORSEMENT #8 (CONTINUED)
                           --------------


                        (5)   Access to APS Equipment: Access to the equipment
                              which permits the entity receiving the APS
                              Transaction request to process and effect the
                              transaction shall be limited in the following
                              manner:

                              Procedures normally used by the Insured

            2.    Exclusions. It is further understood and agreed that this
                  extension shall not cover:

                  a.    any loss covered under Insuring Agreement (A), FIDELITY,
                        of this Bond;

                  b.    any loss resulting from:

                        (1)   the redemption of shares, where the proceeds of
                              such redemption are made payable to other than

                              (i)   the shareholder of record; or

                              (ii)  a person officially Designated to receive
                                    redemption proceeds; or

                              (iii) a bank account officially designated to
                                    receive redemption proceeds; or

                        (2)   the redemption of shares, where the proceeds of
                              such redemption are paid by check mailed to any
                              address, unless such address has either been

                              (i)   designated by voice over the telephone or in
                                    writing without a signature guarantee, in
                                    either case at least thirty (30) days prior
                                    to such redemption; or

                              (ii)  officially designated; or

                              (iii) verified by any other procedures which may
                                    be normally used by the Insured; or

                        (3)   the redemption of shares, where the proceeds of
                              such redemption are paid by wire transfer to other
                              than the shareholder's officially Designated bank
                              account; or



                                  ENDORSEMENT #8 (CONTINUED)
                                  -----------


                        (4)   the intentional failure to adhere to one or more
                              APS Designated Procedures.

            2.    Nothing herein contained shall be held to vary, alter, waive,
                  or extend any of the terms, limitations, conditions or
                  agreements of the attached bond other than as above stated.













                                                /s/
                                                --------------------------------
                                                    AUTHORIZED REPRESENTATIVE



                                 ENDORSEMENT #9
                                 -----------

This endorsement,  effective 12:01 A.M. May 15, 2011         forms a part of
Policy number:     01-830-60-80
issued to:         AllianceBernstein Complex of Registered Investment Companies

by:      National Union Fire Insurance Company of Pittsburgh, Pa.


                               AUTOMATIC COVERAGE

It is agreed that:

1.    If the Insured shall, while this bond is in force, establish any new funds
      other than by consolidation or merger with, purchase or acquisition of
      assets or liabilities of, another institution, such funds shall
      automatically be covered hereunder from the date of such establishment
      without the payment of additional premium for the remainder of the premium
      period.

2.    If the Insured shall, while this bond is in force, require an increase in
      limits to comply with SEC Reg. 17g-1, due to an increase in asset size of
      current funds insured under this bond or by the addition of new funds,
      such increase in limits shall automatically be covered hereunder from the
      date of such increase without the payment of additional premium for the
      remainder of the premium period.

3.    Nothing herein contained shall be held to vary, alter, waive or extend any
      of the terms, limitations, conditions or agreements of the attached bond
      other than as above stated.












                                                /s/
                                                --------------------------------
                                                    AUTHORIZED REPRESENTATIVE



                                ENDORSEMENT #10
                                -----------


This endorsement,  effective 12:01 A.M. May 15, 2011         forms a part of
Policy number:     01-830-60-80
issued to:         AllianceBernstein Complex of Registered Investment Companies

by:      National Union Fire Insurance Company of Pittsburgh, Pa.


                         AMEND SECTION 13., TERMINATION

It is agreed that:

1.    The attached bond is hereby amended by deleting Section 13., TERMINATION,
      in its entirety and substituting the following:

      The Underwriter may terminate this bond as an entirety by furnishing
      written notice specifying the termination date which cannot be prior to 90
      days after the receipt of such written notice by each Investment Company
      named as Insured and the Securities and Exchange Commission, Washington,
      DC. The Insured may terminate this bond as an entirety by furnishing
      written notice to the Underwriter. When the Insured cancels, the Insured
      shall furnish written notice to the Securities and Exchange Commission,
      Washington, DC prior to 90 days before the effective date of termination.
      The Underwriter shall notify all other Investment Companies named as
      Insured of the receipt of such termination notice and the termination
      cannot be effective prior to 90 days after receipt of written notice by
      all other Investment Companies. Premiums are earned until the termination
      date as set forth herein.

      This bond will terminate as to any one Insured, (other than a registered
      management investment company), immediately upon taking over of such
      Insured by a receiver or other liquidator or by State or Federal
      officials, or immediately upon the filing of a petition under any State or
      Federal statute relative to bankruptcy or reorganization of the Insured,
      or assignment for the benefit of creditors of the Insured, or immediately
      upon such Insured ceasing to exist, whether through merger into another
      entity, or by disposition of all of its assets.

      This bond will terminate as to any registered management investment
      company upon the expiration of 90 days after written notice has been given
      to the Securities and Exchange Commission, Washington, DC.

      The Underwriter shall refund the unearned premium computed at short rates
      in accordance with the standard short rate cancellation tables if
      terminated by the Insured or pro rata if terminated for any other reason.


                          ENDORSEMENT #10 (CONTINUED)
                          ---------------


      This bond shall terminate:

      a.    as to any Employee as soon as any partner, officer or supervisory
            Employee of the Insured, who is not in collusion with such Employee,
            shall learn of any dishonest or fraudulent act(s), including Larceny
            or Embezzlement, on the part of such Employee without prejudice to
            the loss of any Property then in transit in the custody of such
            Employee and upon the expiration of 90 days after written notice has
            been given to the Securities and Exchange Commission, Washington, DC
            (see Section 16(d)) and to the Insured Investment Company; or

      b.    as to any Employee 90 days after receipt by each Insured and by the
            Securities and Exchange Commission of a written notice from the
            Underwriter of its desire to terminate this bond as to such
            Employee; or

      c.    as to any person, who is a partner, officer or employee of any
            electronic data processor covered under this bond, from and after
            the time that the Insured or any partner or officer thereof not in
            collusion with such person shall have knowledge or information that
            such person has committed any dishonest or fraudulent act(s),
            including Larceny or Embezzlement, in the service of the Insured or
            otherwise, whether such act be committed before or after the time
            this bond is effective and upon the expiration of 90 days after
            written notice has been given by the Underwriter to the Securities
            and Exchange Commission, Washington, DC and to the insured
            Investment Company.

2.    Upon the detection by any Insured that an Employee has committed any
      dishonest or fraudulent act(s) or theft, the Insured shall immediately
      remove such Employee from a position that may enable such Employee to
      cause the Insured to suffer a loss by any subsequent dishonest or
      fraudulent act(s) or theft. The Insured, within forty-eight (48) hours of
      such detection, shall notify the Underwriter with full and complete
      particulars of the detected dishonest or fraudulent act(s) or theft.

3.    Nothing herein contained shall be held to vary, alter, waive or extend any
      of the terms, limitations, conditions or agreements of the attached bond
      other than as above stated.













                                                /s/
                                                --------------------------------
                                                    AUTHORIZED REPRESENTATIVE



                                ENDORSEMENT #11
                                -----------


This endorsement,  effective 12:01 A.M. May 15, 2011         forms a part of
Policy number:     01-830-60-80
issued to:         AllianceBernstein Complex of Registered Investment Companies

by:      National Union Fire Insurance Company of Pittsburgh, Pa.


                                 COSURETY RIDER

It is agreed that:

1.    The term "Underwriter" as used in the attached bond shall be construed to
      mean, unless otherwise specified in this rider, all the Companies
      executing the attached bond.

2.    Each of said Companies shall be liable only for such proportion of any
      Single Loss under the attached bond as the amount underwritten by such
      Company, as specified in the Schedule forming a part hereof, bears to the
      Aggregate Limit of Liability of the attached bond, but in no event shall
      any of said Companies be liable for an amount greater than that
      underwritten by it.

3.    In the absence of a request from any of said Companies to pay premiums
      directly to it, premiums for the attached bond may be paid to the
      Controlling Company for the account of all of said Companies.

4.    In the absence of a request from any of said Companies that notice of
      claim and proof of loss be given to or filed directly with it, the giving
      of such notice to and the filing of such proof with, the Controlling
      Company shall be deemed to be in compliance with the conditions of the
      attached bond for the giving of notice of loss and the filing of proof of
      loss, if given and filed in accordance with said conditions.

5.    The Controlling Company may give notice in accordance with the terms of
      the attached bond, terminating or canceling the attached bond as an
      entirety or as to any Employee, and any notice so given shall terminate or
      cancel the liability of all of said Companies as an entirety or as to such
      Employee, as the case may be.

6.    Any Company other than the Controlling Company may give notice in
      accordance with the terms of the attached bond, terminating or canceling
      the entire liability of such other Company under the attached bond or as
      to any Employee.

7.    In the absence of a request from any of said Companies that notice of
      termination or cancellation by the Insured of the attached bond in its
      entirety be given to or filed directly with it, the giving of such notice
      in accordance with the terms of the attached bond to the Controlling
      Company shall terminate or cancel the liability of all of said Companies
      as an entirety. The Insured may terminate or cancel the entire liability
      of any Company, other than the Controlling Company, under the attached
      bond by giving notice of such termination or cancellation to such other
      Company, and shall send copy of such notice to the Controlling Company.



                          ENDORSEMENT #11 (CONTINUED)
                          ---------------


8.    In the event of the termination or cancellation of the attached bond as an
      entirety, no Company shall be liable to the Insured for a greater
      proportion of any return premium due the Insured than the amount
      underwritten by such Company bears to the Aggregate Limit of Liability of
      the attached bond.

9.    In the event of termination or cancellation of the attached bond as to any
      Company, such Company alone shall be liable to the Insured for any return
      premium due the Insured on account of such termination or cancellation.
      The termination or cancellation of the attached bond as to any Company
      other than the Controlling Company shall not terminate, cancel or
      otherwise affect the liability of the other Companies under the attached
      bond.

      Underwritten for the sum of
      $20,000,000, part of $50,000,000

                                           By:
                                              ----------------------------------
                                              National Union Fire Insurance
                                              Company of Pittsburgh, Pa.
                                              Controlling Company

      Underwritten for the sum of
      $15,000,000, part of $50,000,000

                                           By:
                                              ----------------------------------
                                              Continental Insurance Company

      Underwritten for the sum of
      $10,000,000, part of $50,000,000

                                           By:
                                              ----------------------------------
                                              U.S. Specialty Insurance Company

      Underwritten for the sum of
      $5,000,000, part of $50,000,000

                                           By:
                                              ----------------------------------
                                              Berkley Regional Insurance Company





                                              /s/
                                              ---------------------------------
                                                  AUTHORIZED REPRESENTATIVE






                                ENDORSEMENT #12
                                -----------


This endorsement,  effective 12:01 A.M. May 15, 2011         forms a part of
Policy number:     01-830-60-80
issued to:         AllianceBernstein Complex of Registered Investment Companies

by:      National Union Fire Insurance Company of Pittsburgh, Pa.

                                NOTICE OF CLAIM
                             (REPORTING BY E-MAIL)

In consideration of the premium charged, it is hereby understood and agreed as
follows:

1.    Email Reporting of Claims : In addition to the postal address set forth
      for any Notice of Claim Reporting under this policy, such notice may also
      be given in writing pursuant to the policy's other terms and conditions to
      the Insurer by email at the following email address:

      c-claim@chartisinsurance.com

      Your email must reference the policy number for this policy. The date of
      the Insurer's receipt of the emailed notice shall constitute the date of
      notice.

      In addition to Notice of Claim Reporting via email, notice may also be
      given to the Insurer by mailing such notice to: c-Claim for Financial
      Lines, Chartis, Financial Lines Claims, 175 Water Street, 9th Floor, New
      York, New York 10038 or faxing such notice to (866) 227-1750.

2.    Definitions : For this endorsement only, the following definitions shall
      apply:

      (a)   "Insurer" means the "Insurer," "Underwriter" or "Company" or other
            name specifically ascribed in this policy as the insurance company
            or underwriter for this policy.

      (b)   "Notice of Claim Reporting" means "notice of claim/circumstance,"
            "notice of loss" or other reference in the policy designated for
            reporting of claims, loss or occurrences or situations that may give
            rise or result in loss under this policy.

      (c)   "Policy" means the policy, bond or other insurance product to which
            this endorsement is attached.



                          ENDORSEMENT #12 (CONTINUED)
                          ---------------


3.    This endorsement does not apply to any Kidnap & Ransom/Extortion Coverage
      Section, if any, provided by this policy.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.












                                              /s/
                                              ---------------------------------
                                                  AUTHORIZED REPRESENTATIVE



                                ENDORSEMENT #13
                                -----------


This endorsement,  effective 12:01 A.M. May 15, 2011         forms a part of
Policy number:     01-830-60-80
issued to:         AllianceBernstein Complex of Registered Investment Companies

by:      National Union Fire Insurance Company of Pittsburgh, Pa.


                RELIANCE UPON OTHER CARRIER'S APPLICATION RIDER

It is agreed that:

1.    In granting coverage under this bond, the Underwriter has relied upon the
      statements and representations contained in the below referenced
      application (including materials submitted thereto and, if such
      application is a renewal application, all such previous bond applications
      and their attachments and materials, for which this bond is a renewal or
      succeeds in time) as being accurate and complete.

2.    The Insured warrants and represents to the Underwriter that the statements
      and representations made in such application were accurate on the date
      such representations and statements were so given and that in connection
      therewith the Insured reaffirms each and every statement made in the
      application to ICI Mutual Insurance Company as accurate as of May 15, 2010
      as if it was made to the Underwriter on such date. All such statements and
      representations shall be deemed to be material to the risk assumed by the
      Underwriter, and are the basis of this bond and are deemed to be
      considered as incorporated into this bond.

      Type of Bond Application         Carrier                     Date Signed
      ------------------------         --------------------        -------------

      Alternative Renewal              ICI Mutual Insurance        April 7, 2011
      Application                      Company

3.    Nothing contained here shall be held to vary, alter, waive or extend any
      of the terms, limitations, conditions, or agreements of the attached bond
      other than as above stated.

      ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.






                                              /s/
                                              ---------------------------------
                                                  AUTHORIZED REPRESENTATIVE




                                ENDORSEMENT #14
                                -----------


This endorsement,  effective 12:01 A.M. May 15, 2011         forms a part of
Policy number:     01-830-60-80
issued to:         AllianceBernstein Complex of Registered Investment Companies

by:      National Union Fire Insurance Company of Pittsburgh, Pa.



         THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

                         COVERAGE TERRITORY ENDORSEMENT

      Payment of loss under this policy shall only be made in full compliance
with all United States of America economic or trade sanction laws or
regulations, including, but not limited to, sanctions, laws and regulations
administered and enforced by the U.S. Treasury Department's Office of Foreign
Assets Control ("OFAC").













                                              /s/
                                              ---------------------------------
                                                  AUTHORIZED REPRESENTATIVE


                                ENDORSEMENT #15
                                -----------

This endorsement,  effective 12:01 A.M. May 15, 2011         forms a part of
Policy number:     01-830-60-80
issued to:         AllianceBernstein Complex of Registered Investment Companies

by:      National Union Fire Insurance Company of Pittsburgh, Pa.

                            FORMS INDEX ENDORSEMENT

The contents of the Policy is comprised of the following forms:

FORMS INDEX ENDORSEMENT

The contents of the Policy is comprised of the following forms:


FORM NUMBER    EDITION DATE    FORM TITLE
-----------    ------------    ----------
41205          04/95           INVESTMENET COMPANY BLANKET BOND DEC PAGE
41206          09/84           INVESTMENET COMPANY BLANKET BOND
SR 6180b       04/88           NEW YORK STATUTORY RIDER
MNSCPT                         NAMED INSUREDS
MNSCPT                         AMEND INSURING AGREEMENT (A) FIDELITY
MNSCPT                         AMEND INSURING AGREEMENT (B) AUDIT EXPENSE
MNSCPT                         AMEND INSURING AGREEMENT (G) COUNTERFEIT CURRENCY
MNSCPT                         COMPUTER SYSTEMS
MNSCPT                         TELEFACSIMILE TRANSFER FRAUD
MNSCPT                         AUTOMATED PHONE SYSTEMS
MNSCPT                         AUTOMATIC COVERAGE
MNSCPT                         AMEND SECTION 13., TERMINATION
MNSCPT                         COSURETY RIDER
99758          08/08           NOTICE OF CLAIM (REPORTING BY E-MAIL)
101814         06/09           RELIANCE UPON OTHER CARRIER'S APPLICATION RIDER
89644          07/05           COVERAGE TERRITORY ENDORSEMENT (OFAC)
78859          10/01           FORMS INDEX ENDORSEMENT





                                              /s/
                                              ---------------------------------
                                                  AUTHORIZED REPRESENTATIVE



                                                                       EXHIBIT B


                        REGISTERED INVESTMENT COMPANIES
                         JOINT FIDELITY BOND AGREEMENT
                        ------------------------------


      AGREEMENT made as of May 13, 2011, by and among AB Income Fund, Inc.,
AllianceBernstein Global High Income Fund, Inc., Alliance California Municipal
Income Fund, Inc., Alliance New York Municipal Income Fund, Inc., Alliance
National Municipal Income Fund, Inc., The Ibero-America Fund, Inc.,
AllianceBernstein Balanced Shares, Inc., AllianceBernstein Blended Style Series,
Inc., AllianceBernstein Bond Fund, Inc., AllianceBernstein Cap Fund, Inc.,
AllianceBernstein Core Opportunities Fund, Inc., AllianceBernstein Corporate
Shares, AllianceBernstein Equity Income Fund, Inc., AllianceBernstein Exchange
Reserves, AllianceBernstein Fixed-Income Shares, Inc., AllianceBernstein Global
Bond Fund, Inc., AllianceBernstein Global Growth Fund, Inc., AllianceBernstein
Global Real Estate Investment Fund, Inc., AllianceBernstein Global Thematic
Growth Fund, Inc., AllianceBernstein Greater China '97 Fund, Inc.,
AllianceBernstein Growth & Income Fund, Inc., AllianceBernstein High Income
Fund, Inc., AllianceBernstein Institutional Funds, Inc., AllianceBernstein
International Growth Fund, Inc., AllianceBernstein Large-Cap Growth Fund, Inc.,
AllianceBernstein Municipal Income Fund, Inc., AllianceBernstein Municipal
Income Fund II, AllianceBernstein Small/Mid-Cap Growth Fund, Inc.,
AllianceBernstein Trust, Inc., AllianceBernstein Unconstrained Bond Fund, Inc.,
AllianceBernstein Variable Products Series Fund, Inc., Sanford C. Bernstein
Fund, Inc., Sanford C. Bernstein Fund II, Inc., The AllianceBernstein
Portfolios, The AllianceBernstein Pooling Portfolios and AllianceBernstein L.P.

      WHEREAS, the investment companies that are parties to this Agreement are
management investment companies registered under the Investment Company Act of
1940, as amended (the "Act"); and

      WHEREAS, AllianceBernstein L.P. ("AllianceBernstein") provides investment
advisory services and/or certain administrative and financial services to the
investment companies; and

      WHEREAS, Rule 17g-1, as amended, promulgated under the Act requires
registered management investment companies to provide and maintain fidelity
bonds covering their officers and employees in amounts no less than stated
minimums based upon the gross assets of such registered management investment
companies; and

      WHEREAS, Paragraph (b) of Rule 17g-1 permits registered management
investment companies which are managed and/or whose shares are distributed by
the same person to be named as insured under a joint bond; and

      WHEREAS, the investment companies are registered management investment
companies managed by AllianceBernstein; and

      WHEREAS, the Board of Directors of the Sanford C. Bernstein Fund, Inc.
("SCB Fund") elects to calculate the required amounts of fidelity bond coverage
on a basis that treats each portfolio of SCB Fund as a separate registered
management investment company for purposes of Rule 17g-1, even though not
required to do so under the Rule; and

      WHEREAS, the Boards of Directors or Trustees of each investment company
that is a party to this agreement other than SCB Fund (each such investment
company, an "AB Fund", and together, the "AB Funds") that has multiple
portfolios elects to calculate the required amounts of fidelity bond coverage on
a basis that treats such an investment company as a single registered management
investment company for purposes of Rule 17g-1; and

      WHEREAS, the Board of Directors or Trustees of each of the investment
companies has approved coverage under one joint fidelity bond with each of the
other investment companies which are parties to this Agreement in the respective
amounts set forth in Schedule A to this Agreement.

      NOW, THEREFORE, it is agreed as follows:

      1.  That the investment companies which are parties to this Agreement will
          be named as insured and will be covered under a joint fidelity bond
          with National Union Fire Insurance Co., Continental Insurance Company,
          Berkley Regional Insurance Company, Everest Reinsurance Company,
          Liberty Mutual Insurance Company and U.S. Specialty Insurance Company
          in the aggregate amount of $69,250,000 at a total annual cost of
          $241,428.00, each such investment company having specific coverage in
          accordance with Rule 17g-1(d) and each such investment company (or
          portfolio thereof) allocated a portion of the premium for the insured
          bond in the respective amounts set forth in Schedule A opposite its
          name. The required coverage amount (as determined pursuant to the
          elections of the respective Boards) for each investment company is
          also shown opposite the name of each investment company in a separate
          column on Schedule A.

      2.  AllianceBernstein has been named an insured under the joint fidelity
          bond for administrative convenience. The parties agree that in no
          event shall AllianceBernstein be entitled to retain any recovery
          payable under the joint fidelity bond, although it may receive
          payments for distribution to one or more investment companies to
          facilitate the administration of the insured bond.

      3.  (a) If any investment company and one or more other parties hereto
          that is an investment company sustains a loss for which recovery is
          received under the insured bond, each such investment company shall
          receive that portion of the recovery which is sufficient in amount to
          indemnify that party in full for the loss sustained by it (other than
          the portion thereof subject to a deductible), unless the recovery is
          inadequate to fully indemnify all investment companies for such losses
          (other than the portions thereof subject to deductibles).

          (b) If the recovery is inadequate to indemnify fully each such party
          for such loss (other than the portion thereof subject to a
          deductible), the recovery shall be allocated among the parties as
          follows:

            (i) The AB Funds shall be allocated an aggregate amount equal to the
            lesser of (A) their actual aggregate loss (net of any deductible)
            and (B) the sum of $44,225,000 plus the difference between
            $25,025,000 and the amount of the loss recovered by the SCB Fund
            under clause (ii). Such amount shall be allocated among the AB Funds
            on an equitable and proportionate basis as determined by their
            respective Boards of Directors or Trustees, but each AB Fund shall
            be allocated an amount at least equal to the amount which it would
            have received had it provided and maintained a single insured bond
            with the minimum coverage required by Rule 17g-1(d)(1).

            (ii) SCB Fund shall be allocated an aggregate amount equal to the
            lesser of (A) its actual loss (net of any deductible) and (B) the
            sum of $25,025,000 plus the difference between $44,225,000 and the
            amount of the loss recovered by the AB Funds under clause (i). Such
            amounts shall be allocated among the portfolios of the SCB Fund on
            an equitable and proportionate basis as determined by the Board of
            Directors of the SCB Fund, but each portfolio shall be allocated an
            amount at least equal to the amount which it would have received had
            it provided and maintained a single insurance bond with the minimum
            coverage required by Rule 17g-1(d)(1), assuming that such portfolio
            would be deemed a separate registered investment company for such
            purposes.

            (iii) Where a compromise results in recovery by either or both of
            SCB Fund and one or more of the AB Funds of less than the full
            amount of its (or their) actual aggregate loss covered by the
            fidelity bond, the recovery shall be allocated consistent with (i)
            and (ii) above, without regard to the proportion of the actual
            aggregate loss recovered, and with the $25,025,000 and $44,225,000
            amounts being reduced proportionate to any reduction to the
            $69,250,000 total insured bond as a result of such compromise unless
            the compromise was based on facts and circumstances particular to
            one or more, but fewer than all, insured parties seeking to recover,
            in which case one or both of the $25,025,000 or $44,225,000 amounts
            will be adjusted in an equitable manner taking into account the
            particular facts and circumstances and the principles reflected
            above.

      4.  This Agreement shall be governed by and construed in accordance with
          the laws of the State of New York.

                              /s/ Emilie D. Wrapp
                              ---------------------
                              Emilie D. Wrapp
                              Secretary for each of the Investment Companies



                                   SCHEDULE A
                                   ----------

                                                        Allocated    17g-1 Bond
Registered Management Investment Companies              Cost ($)     Amount ($)
------------------------------------------             ---------    -----------

AB Income Fund, Inc.                                     7,321.28     2,100,000
AllianceBernstein Global High Income Fund, Inc.          5,229.49     1,500,000
Alliance California Municipal Income Fund, Inc.          2,091.79       600,000
Alliance New York Municipal Income Fund, Inc.            1,830.32       525,000
Alliance National Municipal Income Fund, Inc.            3,137.69       900,000
The Ibero-America Fund, Inc.                             1,394.53       400,000
AllianceBernstein Balanced Shares, Inc.                  3,137.69       900,000
AllianceBernstein Blended Style Series, Inc.             5,926.75     1,700,000
AllianceBernstein Bond Fund, Inc.                        3,486.32     1,000,000
AllianceBernstein Cap Fund, Inc.                         2,614.74       750,000
AllianceBernstein Core Opportunities Fund, Inc.          1,830.32       525,000
AllianceBernstein Corporate Shares                       1,394.53       400,000
AllianceBernstein Equity Income Fund, Inc.               2,091.79       600,000
AllianceBernstein Exchange Reserves                      3,137.69       900,000
AllianceBernstein Fixed-Income Shares, Inc.              8,715.81     2,500,000
AllianceBernstein Global Bond Fund, Inc.                 8,018.55     2,300,000
AllianceBernstein Global Growth Fund, Inc.                 871.58       250,000
AllianceBernstein Global Real Estate
  Investment Fund, Inc.                                  2,091.79       600,000
AllianceBernstein Global Thematic
  Growth Fund, Inc.                                     4,357.91     1,250,000
AllianceBernstein Greater China '97 Fund, Inc.           1,394.53       400,000
AllianceBernstein Growth & Income Fund, Inc.             5,229.49     1,500,000
AllianceBernstein High Income Fund, Inc.                 7,321.28     2,100,000
AllianceBernstein Institutional Funds, Inc.              4,357.91     1,250,000
AllianceBernstein International Growth Fund, Inc.        5,229.49     1,500,000
AllianceBernstein Large-Cap Growth Fund, Inc.            5,926.75     1,700,000
AllianceBernstein Municipal Income Fund, Inc.            6,624.02     1,900,000
AllianceBernstein Municipal Income Fund II               5,229.49     1,500,000
AllianceBernstein Small/Mid-Cap Growth Fund, Inc.        3,137.69       900,000
AllianceBernstein Trust                                  8,715.81     2,500,000
AllianceBernstein Unconstrained Bond Fund, Inc.          1,830.32       525,000
AllianceBernstein Variable Products
  Series Fund, Inc.                                      8,715.81     2,500,000
Sanford C. Bernstein Fund, Inc.
      California Municipal Portfolio                     4,357.91     1,250,000
      Diversified Municipal Portfolio                    8,715.81     2,500,000
      Emerging Markets Portfolio                         5,926.75     1,700,000
      Intermediate Duration Portfolio                    8,715.81     2,500,000
      International Portfolio                            5,926.75     1,700,000
      New York Municipal Portfolio                       5,926.75     1,700,000
      Short Duration California Municipal Portfolio      1,830.32       525,000
      Short Duration Diversified Municipal Portfolio     3,137.69       900,000
      Short Duration New York Municipal Portfolio        2,614.74       750,000
      Short Duration Plus Portfolio                      3,486.32     1,000,000
      Tax-Managed International Portfolio                8,715.81     2,500,000
      U.S. Government Short Duration Portfolio           2,091.79       600,000
      Overlay A Portfolio                                5,229.49     1,500,000
      Overlay B Portfolio                                3,486.32     1,000,000
      Tax-Aware Overlay A Portfolio                      6,624.02     1,900,000
      Tax-Aware Overlay B Portfolio                      5,229.49     1,500,000
      Tax-Aware Overlay C Portfolio                      2,614.74       750,000
      Tax-Aware Overlay N Portfolio                      2,614.74       750,000
Sanford C. Bernstein Fund II, Inc.                       4,357.91     1,250,000
The AllianceBernstein Portfolios                         8,715.81     2,500,000
The AllianceBernstein Pooling Portfolios                 8,715.81     2,500,000

Totals                                                $241,428.00    69,250,000






                                                                     EXHIBIT C-1


                            CERTIFICATE OF SECRETARY

                          The AllianceBernstein Funds*

                            Regarding Fidelity Bond

      The undersigned, being the duly elected and qualified Secretary of the
Funds listed on Schedule A (attached hereto), hereby certifies that attached
hereto is a true and complete copy of the resolutions that were approved in
substantially the same form by the Board of Directors/Trustees of the Funds at a
meeting held on May 5, 2011, at which a quorum was present and voted in favor
thereof, and that said resolutions have not been revoked or amended and are now
in full force and effect.

      IN WITNESS WHEREOF, the undersigned has executed this Certificate as
Secretary of the above-referenced Funds on this 16th day of May, 2011.



                                                 /s/ Emilie D. Wrapp
                                                 -------------------
                                                 Emilie D. Wrapp
                                                 Secretary









*  See Schedule A






      RESOLVED, that the Board of Directors/Trustees hereby determines that
participation by the Fund in a joint fidelity bond with National Union Fire
Insurance Co., Continental Insurance Company, Berkley Regional Insurance
Company, Everest Reinsurance Company, Liberty Mutual Insurance Company and U.S.
Specialty Insurance Company, covering officers and employees of the Fund (and
employees of service providers to the Fund if and to the extent such persons are
included in the definition of "Employee" in the joint fidelity bond) in
accordance with the requirements of Rule 17g-1 promulgated by the Securities and
Exchange Commission under Section 17(g) of the Investment Company Act of 1940,
in the amount of $25,025,000 is reasonable in form and amount, after having
given due consideration to the value of the aggregate assets of this Fund to
which any such covered person may have access, the type and terms of the
arrangements made for the custody and safekeeping of such assets and the nature
of the securities in the Fund's portfolio;

      RESOLVED, that the Board of Directors/Trustees hereby approves, ratifies
and authorizes the payment by the Treasurer of the Fund of an amount
approximately equal to _____*_____ representing the portion of 2011 annual
premium on such joint insured fidelity bond allocable to the Fund based on its
coverage under such bond after giving due consideration to all relevant factors,
including the number of other parties named as the insured, the nature of the
business activities of such other parties, the $69,250,000 aggregate amount of
coverage under the joint insured bond, the aggregate 2011 annual cost of such
bond of $241,428.00, the ratable allocation of the cost among all parties named
as insured and the extent to which the share of the cost allocated to the Fund
is less than the cost the Fund would have to pay if it maintained a single
insured bond with an aggregate limit equal to that of the joint bond;

      RESOLVED, that the Board of Directors/Trustees hereby confirms, ratifies
and approves in all respects the execution by the appropriate officers of the
fund of an agreement among the Fund and all of the other named insureds under
the joint fidelity bond, which agreement provides that in the event recovery is
received under the bond as a result of a loss sustained by the Fund and one or
more named insureds, the Fund shall receive an equitable and proportionate share
of the recovery, but at least equal to the amount which it would have received
had it maintained a single insured bond with the minimum coverage required by
paragraph (d)(I) of Rule 17g-1 promulgated under the Investment Company Act of
1940; and

      RESOLVED, that the Secretary and Assistant Secretary of the Fund are
hereby designated to make all filings with the Securities and Exchange
Commission and to give all notices on behalf of the Fund required by paragraph
(g) of Rule 17g-1 promulgated under the Investment Company Act of 1940.



*  See Schedule A








                                   Schedule A

AllianceBernstein Funds
-----------------------

AllianceBernstein Balanced Shares, Inc.                           3,137.69
AllianceBernstein Blended Style Series, Inc.                      5,926.75
AllianceBernstein Bond Fund, Inc.                                 3,486.32
AllianceBernstein Cap Fund, Inc.                                  2,614.74
AllianceBernstein Core Opportunities Fund, Inc.                   1,830.32
AllianceBernstein Corporate Shares                                1,394.53
AllianceBernstein Equity Income Fund, Inc.                        2,091.79
AllianceBernstein Exchange Reserves                               3,137.69
AllianceBernstein Fixed-Income Shares, Inc.                       8,715.81
AllianceBernstein Global Bond Fund, Inc.                          8,018.55
AllianceBernstein Global Real Estate Investment Fund, Inc.        2,091.79
AllianceBernstein Global Growth Fund, Inc.                          871.58
AllianceBernstein Global Thematic Growth Fund, Inc.               4,357.91
AllianceBernstein Greater China '97 Fund, Inc.                    1,394.53
AllianceBernstein Growth and Income Fund, Inc.                    5,229.49
AllianceBernstein High Income Fund, Inc.                          7,321.28
AllianceBernstein Institutional Funds, Inc.                       4,357.91
AllianceBernstein International Growth Fund, Inc.                 5,229.49
AllianceBernstein Large Cap Growth Fund, Inc.                     5,926.75
AllianceBernstein Small/Mid Cap Growth Fund, Inc.                 3,137.69
AllianceBernstein Municipal Income Fund, Inc.                     6,624.02
AllianceBernstein Municipal Income Fund, Inc. II                  5,229.49
AllianceBernstein Trust                                           8,715.81
AllianceBernstein Unconstrained Bond Fund, Inc.                   1,830.32
AllianceBernstein Variable Products Series Fund, Inc              8,715.81
Sanford C. Bernstein Fund II, Inc.                                4,357.91
The AllianceBernstein Portfolios                                  8,715.81
The AllianceBernstein Pooling Portfolios                          8,715.81


AllianceBernstein Income Fund, Inc.                               7,321.28
Alliance California Municipal Income Fund, Inc.                   2,091.79
AllianceBernstein National Municipal Income Fund, Inc             3,137.69
Alliance New York Municipal Income Fund, Inc.                     1,830.32
AllianceBernstein Global High Income Fund, Inc.                   5,229.49






                                                                     EXHIBIT C-2

                            CERTIFICATE OF SECRETARY

                          THE IBERO-AMERICA FUND, INC.
                                  (the "Fund")

                            Regarding Fidelity Bond

      The undersigned, being the duly elected and qualified Secretary of the
above-referenced Fund, hereby certifies that attached hereto is a true and
complete copy of the resolutions that were approved in substantially the same
form by the Board of Directors of the Fund at a meeting held on May 12, 2011, at
which a quorum was present and voted in favor thereof, and that said resolutions
have not been revoked or amended and are now in full force and effect.

      IN WITNESS WHEREOF, the undersigned has executed this Certificate as
Secretary of the above-referenced Fund on this 16th day of May, 2011.



                                                 /s/ Emilie D. Wrapp
                                                 -------------------
                                                 Emilie D. Wrapp
                                                 Secretary






                          THE IBERO-AMERICA FUND, INC.

                            Forms of Resolutions for
                       Adoption at the Regular Meeting of
                             the Board of Directors
                                  May 12, 2011


      RESOLVED, that the Board of Directors hereby determines that participation
by the Corporation in a joint fidelity bond with National Union Fire Insurance
Co., Continental Insurance Company, Berkley Regional Insurance Company, Everest
Reinsurance Company, Liberty Mutual Insurance Company and U.S. Specialty
Insurance Company, covering officers and employees of the Corporation (and
employees of service providers to the Corporation if and to the extent such
persons are included in the definition of "Employee" in the joint fidelity bond)
in accordance with the requirements of Rule 17g-1 promulgated by the Securities
and Exchange Commission under Section 17(g) of the Investment Company Act of
1940, in the amount of $25,025,000 is reasonable in form and amount, after
having given due consideration to the value of the aggregate assets of this
Corporation to which any such covered person may have access, the type and terms
of the arrangements made for the custody and safekeeping of such assets and the
nature of the securities in the Corporation's portfolio;

      RESOLVED, that the Board of Directors hereby approves, ratifies and
authorizes the payment by the Treasurer of the Corporation of an amount
approximately equal to $1,394.53 representing the portion of 2011 annual premium
on such joint insured fidelity bond allocable to the Corporation based on its
coverage under such bond after giving due consideration to all relevant factors,
including the number of other parties named as the insured, the nature of the
business activities of such other parties, the $69,250,000 aggregate amount of
coverage under the joint insured bond, the aggregate 2011 annual cost of such
bond of $241,428.00, the ratable allocation of the cost among all parties named
as insured and the extent to which the share of the cost allocated to the
Corporation is less than the cost the Corporation would have to pay if it
maintained a single insured bond with an aggregate limit equal to that of the
joint bond;

      RESOLVED, that the Board of Directors hereby confirms, ratifies and
approves in all respects the execution by the appropriate officers of the
Corporation of an agreement among the Corporation and all of the other named
insureds under the joint fidelity bond, which agreement provides that in the
event recovery is received under the bond as a result of a loss sustained by the
Corporation and one or more named insureds, the Corporation shall receive an
equitable and proportionate share of the recovery, but at least equal to the
amount which it would have received had it maintained a single insured bond with
the minimum coverage required by paragraph (d)(I) of Rule 17g-1 promulgated
under the Investment Company Act of 1940; and

      RESOLVED, that the Secretary and Assistant Secretary of the Corporation
are hereby designated to make all filings with the Securities and Exchange
Commission and to give all notices on behalf of the Corporation required by
paragraph (g) of Rule 17g-1 promulgated under the Investment Company Act of
1940.




                                                                     EXHIBIT C-3

                            CERTIFICATE OF SECRETARY

                        SANFORD C. BERNSTEIN FUND, INC.*

                            Regarding Fidelity Bond

      The undersigned, being the duly elected and qualified Secretary of the
above-referenced Fund, hereby certifies that attached hereto is a true and
complete copy of the resolutions that were approved in substantially the same
form by the Board of Directors of the Fund by unanimous written consent dated
May 13, 2011, and that said resolutions have not been revoked or amended and are
now in full force and effect.

      IN WITNESS WHEREOF, the undersigned has executed this Certificate as
Secretary of the above-referenced Funds on this 17th day of May, 2011.


                                                 /s/ Emilie D. Wrapp
                                                 -------------------
                                                 Emilie D. Wrapp
                                                 Secretary



*  See Schedule A






      RESOLVED, the Directors hereby determine that participation by the Fund in
a joint fidelity bond with National Union Fire Insurance Co. of Pittsburgh, PA,
Continental Insurance Company, Berkley Regional Insurance Company, Everest
Reinsurance Company, Liberty Mutual Insurance Company and U.S. Specialty
Insurance Company, covering officers and employees of the Fund (and employees of
service providers to the Fund to the extent such persons are included in the
definition of "Employee" in the joint fidelity bond) in accordance with the
requirements of Rule 17g-1 promulgated by the Securities and Exchange Commission
under Section 17(g) of the Investment Company Act of 1940, in the amount of
$25,025,000 for the Fund is reasonable in form and amount, after having given
due consideration to the value of the aggregate assets of this Fund to which any
such covered person may have access, the type and terms of the arrangements made
for the custody and safekeeping of such assets and the nature of the securities
in the Fund's portfolio;

      RESOLVED, that the Directors hereby approve, ratify and authorize the
payment by the Treasurer of the Fund of an amount approximately equal to *
representing the portion of 2011 annual premium on such joint insured fidelity
bond allocable to the Fund based on its coverage under such bond after giving
due consideration to all relevant factors, including the number of other parties
named as the insured, the nature of the business activities of such other
parties, the $69,250,000 aggregate amount of coverage under the joint insured
bond, the aggregate 2011 annual cost of such bond of $241,428 the ratable
allocation of the cost among all parties named as insureds and the extent to
which the share of the cost allocated to the Fund is less than the cost the Fund
would have to pay if it maintained a single insured bond with an aggregate limit
equal to that of the joint bond;

      RESOLVED, that the Board of Directors/Trustees hereby confirms, ratifies
and approves in all respects the execution by the appropriate officers of the
fund of an agreement among the Fund and all of the other named insureds under
the joint fidelity bond, which agreement provides that in the event recovery is
received under the bond as a result of a loss sustained by the Fund and one or
more named insureds, the Fund shall receive an equitable and proportionate share
of the recovery, but at least equal to the amount which it would have received
had it maintained a single insured bond with the minimum coverage required by
paragraph (d)(I) of Rule 17g-1 promulgated under the Investment Company Act of
1940; and

      RESOLVED, that the Secretary and Assistant Secretary of the Fund are
hereby designated to make all filings with the Securities and Exchange
Commission and to give all notices on behalf of the Fund required by paragraph
(g) of Rule 17g-1 promulgated under the Investment Company Act of 1940.

*  See Schedule A







                                   Schedule A

Sanford C. Bernstein Fund, Inc.

California Municipal Portfolio                                        4,357.91
Diversified Municipal Portfolio                                       8,715.81
Emerging Markets Portfolio                                            5,926.75
Intermediate Duration Portfolio                                       8,715.81
International Portfolio                                               5,926.75
New York Municipal Portfolio                                          5,926.75
Short Duration California Municipal Portfolio                         1,830.32
Short Duration Diversified Municipal Portfolio                        3,137.69
Short Duration New York Municipal Portfolio                           2,614.74
Short Duration Plus Portfolio                                         3,486.32
Tax-Managed International Portfolio                                   8,715.81
U.S. Government Short Duration Portfolio                              2,091.79
Overlay A Portfolio                                                   5,229.49
Overlay B Portfolio                                                   3,486.32
Tax-Aware Overlay A Portfolio                                         6,624.02
Tax-Aware Overlay B Portfolio                                         5,229.49
Tax-Aware Overlay C Portfolio                                         2,614.74
Tax-Aware Overlay N Portfolio                                         2,614.74










SK 00250 0073 1197510