<PAGE>
Registration No. 33-21844
811-5555
_________________________________________________________________
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933 / X /
Pre-Effective Amendment No.
Post-Effective Amendment No. 14
AND/OR
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY
ACT OF 1940 / /
Amendment No. 16 / X /
Sanford C. Bernstein Fund, Inc.
(Exact Name of Registrant as Specified in Charter)
767 Fifth Avenue, New York, New York 10153
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code: (212) 486-5800
Stuart K. Nelson, Esq.
767 Fifth Avenue
New York, New York 10153
(Name and Address of Agent for Service)
_____________________________________________
Copies to:
Joel H. Goldberg, Esq.
Shereff, Friedman, Hoffman & Goodman LLP
919 Third Avenue
New York, New York 10022
____________________________________________
Approximate Date of Proposed Public Offering: Continuous.
____________________________________________
It is proposed that this filing will become effective:
immediately upon filing pursuant to paragraph (b), or
- ------
X on June 13, 1996 pursuant to paragraph (b), or
- ------
75 days after filing pursuant to paragraph (a), or
- ------
on (date) pursuant to paragraph (a), of Rule 485.
- ------
Pursuant to Rule 24f-2 under the Investment Company Act of 1940, Registrant has
registered an indefinite number of shares of its Common Stock $.001 par value
under the Securities Act of 1933, and has filed a Rule 24f-2 Notice for the most
recent fiscal year on November 14, 1995.
<PAGE>
SANFORD C. BERNSTEIN FUND, INC.
This Registration Statement relates to the following Prospectuses and
Statements of Additional Information of the Sanford C. Bernstein Fund, Inc. (the
"Fund"):
1. Regular Prospectus dated February 1, 1996 filed pursuant to Post-Effective
Amendment No. 13 (Registration No. 33-21844; 811-5555), which was filed with
the Securities and Exchange Commission on January 23, 1996 (as supplemented
February 1, 1996 pursuant to Rule 497(e)). This Prospectus covers ten of
the eleven series of the Fund (all series but the Bernstein Emerging Markets
Value Portfolio), and shall be referred to throughout this Registration
Statement as the "Regular Prospectus".
2. Regular Statement of Additional Information dated February 1, 1996 filed
pursuant to Post-Effective Amendment No. 13 (Registration No. 33-21844;
811-5555), which was filed with the Securities and Exchange Commission on
January 23, 1996. This Statement of Additional Information covers ten of
the eleven series of the Fund (all series but the Bernstein Emerging
Markets Value Portfolio), and shall be referred to throughout this
Registration Statement as the "Regular Statement of Additional Information".
3. Institutional Services Prospectus dated February 1, 1996 filed pursuant to
Post-Effective Amendment No. 13 (Registration No. 33-21844; 811-5555),
which was filed with the Securities and Exchange Commission on January 23,
1996. This Prospectus covers three of the eleven series of the Fund (the
Bernstein Short Duration Plus Portfolio, Bernstein Intermediate Duration
Portfolio, Bernstein International Value Portfolio), and shall be referred
to throughout this Registration Statement as the "Institutional Services
Prospectus".
4. Institutional Services Statement of Additional Information dated February 1,
1996 filed pursuant to Post-Effective Amendment No. 13 (Registration No.
33-21844; 811-5555), which was filed with the Securities and Exchange
Commission on January 23, 1996. This Statement of Additional Information
covers three of the eleven series of the Fund (the Bernstein Short Duration
Plus Portfolio, Bernstein Intermediate Duration Portfolio, Bernstein
International Value Portfolio), and shall be referred to throughout this
Registration Statement as the "Institutional Services Statement of
Additional Information".
5. Emerging Markets Value Portfolio Prospectus dated December 13, 1995 filed
pursuant to Post-Effective Amendment No. 12 (Registration No. 33-21844;
811-5555), which was filed with the Securities and Exchange Commission on
September 29, 1995. This Prospectus covers only one series of the Fund, the
Bernstein Emerging Markets Value Portfolio, and shall be
1
<PAGE>
referred to throughout this Registration Statement as the "Emerging Markets
Value Prospectus".
6. Emerging Markets Value Portfolio Statement of Additional Information dated
December 13, 1995 filed pursuant to Post-Effective Amendment No. 12
(Registration No. 33-21844; 811-5555), which was filed with the Securities
and Exchange Commission on September 29, 1995. This Statement of Additional
Information covers only one series of the Fund, the Bernstein Emerging
Markets Value Portfolio, and shall be referred to throughout this
Registration Statement as the "Emerging Markets Value Statement of
Additional Information".
2
<PAGE>
SANFORD C. BERNSTEIN FUND, INC.
CROSS-REFERENCE SHEET
(as required by Rule 481(a))
N-1A Item No.
- -------------
Location in Regular
-------------------
Part A-1 Prospectus
- -------- ----------
Item 1. Cover Page Cover Page
Item 2. Synopsis Fee Table
Item 3. Condensed Financial
Information Financial Highlights
Item 4. General Description of
Registrant The Fund; Investment
Objectives and
Policies of the
Portfolios;
Investments; Special
Investment
Techniques
Item 5. Management of the Fund Management of the
Portfolios
Item 5A. Management's Discussion
of Fund Performance Not Applicable
Item 6. Capital Stock and Other
Securities The Fund; Dividends,
Distributions and
Taxes; Description
of Shares
Item 7. Purchase of Securities
Being Offered Purchase of Shares;
Exchanges of Shares
Item 8. Redemption or Repurchase Redemption of Shares
Item 9. Pending Legal Proceedings Not Applicable
3
<PAGE>
SANFORD C. BERNSTEIN FUND, INC.
CROSS-REFERENCE SHEET
(as required by Rule 481(a))
N-1A Item No.
- -------------
Location in Institutional
-------------------------
Part A-2 Services Prospectus
- -------- -------------------
Item 1. Cover Page Cover Page
Item 2. Synopsis Fee Table
Item 3. Condensed Financial
Information Financial Highlights
Item 4. General Description of
Registrant The Fund; Investment
Objectives and
Policies of the
Portfolios;
Investments; Special
Investment
Techniques
Item 5. Management of the Fund Management of the
Portfolios
Item 5A. Management's Discussion
of Fund Performance Not Applicable
Item 6. Capital Stock and Other
Securities The Fund; Dividends,
Distributions and
Taxes; Description
of Shares
Item 7. Purchase of Securities
Being Offered Participating in
Your Plan
Item 8. Redemption or Repurchase Participating in
Your Plan
Item 9. Pending Legal Proceedings Not Applicable
4
<PAGE>
SANFORD C. BERNSTEIN FUND, INC.
CROSS-REFERENCE SHEET
(as required by Rule 481(a))
N-1A Item No.
- ------------
Location in
-----------
Emerging Markets Value
----------------------
Part A-3 Prospectus
- -------- ----------
Item 1. Cover Page Cover Page
Item 2. Synopsis Fee Table
Item 3. Condensed Financial
Information Supplement
dated June 13, 1996
Item 4. General Description of
Registrant The Fund; Investment
Objectives and
Policies of the
Portfolios;
Investments; Special
Investment
Techniques
Item 5. Management of the Fund Management of the
Portfolios
Item 5A. Management's Discussion
of Fund Performance Not Applicable
Item 6. Capital Stock and Other
Securities The Fund; Dividends,
Distributions and
Taxes; Description
of Shares
Item 7. Purchase of Securities
Being Offered Purchase of Shares;
Exchanges of Shares
Item 8. Redemption or Repurchase Redemption of Shares
Item 9. Pending Legal Proceedings Not Applicable
5
<PAGE>
Location in Regular and
-----------------------
Institutional Services
----------------------
Statement of Additional
-----------------------
Part B-1 Information
- -------- -----------
Item 10. Cover Page Cover Page
Item 11. Table of Contents Table of Contents
Item 12. General Information
and History Not Applicable
Item 13. Investment Objectives
and Policies Investment Objectives
and Policies;
Investment
Restrictions
Item 14. Management of the Fund Manager and
Distributor
Item 15. Control Persons and
Principal Holders of
Securities Directors and
Officers and
Principal Holders
of Securities
Item 16. Investment Advisory and
Other Services Directors and
Officers and
Principal Holders
of Securities and
Manager and
Distributor
Item 17. Brokerage Allocation and
Other Practices Portfolio
Transactions
and Brokerage
Item 18. Capital Stock and Other
Securities Not Applicable
Item 19. Purchase, Redemption and
Pricing of Securities
Being Offered Net Asset Value;
Purchase and
Redemption of Shares
Item 20. Tax Status Taxes
6
<PAGE>
Location in Regular and
-----------------------
Institutional Services
----------------------
Statement of Additional
-----------------------
Part B-1 Information
- -------- -----------
Item 21. Underwriters Manager and Distributor
Item 22. Calculation of
Performance Data Performance
Item 23. Financial Statements Custodian, Transfer
Agent, Independent
Accountants and
Financial Statements
7
<PAGE>
Location in Emerging
--------------------
Markets Value Statement of
--------------------------
Part B-2 Additional Information
- -------- ----------------------
Item 10. Cover Page Cover Page
Item 11. Table of Contents Table of Contents
Item 12. General Information
and History Not Applicable
Item 13. Investment Objectives
and Policies Investment Objectives
and Policies;
Investment
Restrictions
Item 14. Management of the Fund Manager and
Distributor
Item 15. Control Persons and
Principal Holders of
Securities Directors and
Officers and
Principal Holders
of Securities
Item 16. Investment Advisory and
Other Services Directors and
Officers and
Principal Holders
of Securities and
Manager and
Distributor
Item 17. Brokerage Allocation and
Other Practices Portfolio
Transactions
and Brokerage
Item 18. Capital Stock and Other
Securities Not Applicable
Item 19. Purchase, Redemption and
Pricing of Securities
Being Offered Net Asset Value;
Purchase and
Redemption of Shares
Item 20. Tax Status Taxes
8
<PAGE>
Location in Emerging
--------------------
Markets Value Statement of
--------------------------
Part B-2 Additional Information
- -------- ----------------------
Item 21. Underwriters Manager and Distributor
Item 22. Calculation of
Performance Data Performance
Item 23. Financial Statements Supplement dated
June 13, 1996
9
<PAGE>
Regular Prospectus and Institutional Services Prospectus
Incorporated by Reference
The Regular Prospectus dated February 1, 1996 filed pursuant to
Post-Effective Amendment No. 13 (Registration No. 33-21844; 811-5555), which was
filed with the Securities and Exchange Commission on January 23, 1996 (as
supplemented February 1, 1996 pursuant to Rule 497(e)) and the Institutional
Services Prospectus dated February 1, 1996 filed pursuant to Post-Effective
Amendment No. 13 (Registration No. 33-21844; 811-5555), which was filed with the
Securities and Exchange Commission on January 23, 1996 are hereby incorporated
by reference.
Regular Statement of Additional Information and Institutional Services
Statement of Additional Information Incorporated by Reference
The Regular Statement of Additional Information and the
Institutional Services Statement of Additional Information dated February 1,
1996 filed pursuant to Post-Effective Amendment No. 13 (Registration No.
33-21844; 811-5555), which were filed with the Securities and Exchange
Commission on January 23, 1996, are hereby incorporated by reference.
10
<PAGE>
Emerging Markets Value Prospectus
The Emerging Markets Value Prospectus dated December 13, 1995
filed pursuant to Post-Effective Amendment No. 12 (Registration No. 33-21844;
811-5555), which was filed with the Securities and Exchange Commission on
September 29, 1995 is hereby incorporated by reference into this Registration
Statement.
The above-referenced Emerging Markets Value Prospectus is hereby
supplemented to include the following:
SANFORD C. BERNSTEIN FUND, INC.
Supplement Dated: June 13, 1996
Prospectus Dated: December 13, 1995
The Prospectus dated December 13,1995 is supplemented as set forth
below.
Financial Highlights
Set forth below is a table containing unaudited information as to the
income and operating performance of a share of the Bernstein Emerging Markets
Value Portfolio of the Fund for the period ended March 31, 1996. The related
unaudited financial statements for the period ended March 31, 1996 are included
in the Emerging Markets Value Portfolio SAI. Additional performance information
with respect to the Bernstein Emerging Markets Value Portfolio is contained in
the Fund's semiannual report to shareholders dated March 31, 1996, which is
available upon request and without charge. These financial highlights should be
read in conjunction with the financial statements contained in the Bernstein
Emerging Markets Value Portfolio SAI.
<TABLE>
<CAPTION>
Bernstein Emerging Markets Value Portfolio
Six Months Ended 3/31/96 (a) (unaudited)
<S> <C>
Net Asset value, beginning of period $20.00
------
Income from investment operations:
Investment income, net 0.01
Net realized and unrealized gain
(loss) on investments, futures
and foreign currencies 2.63 (b)
------
Total from investment operations 2.64
------
Less distributions:
Dividends from taxable net
investment income 0
Dividends from tax-exempt net
investment income 0
Distributions from net realized
gains 0
Distributions in excess of net
investment income due to
timing differences 0
Distributions in excess of net
realized gains due to
timing differences 0
------
Total distributions 0
------
Net asset value, end of period $22.64
======
Total Return 13.20%
Ratios/Supplemental Data
Net assets, end of period (000
omitted) $134,213
Average net assets (000 omitted) 63,262
Ratio of expenses to average net
assets 2.00%*
Ratio of net investment income to
average net assets 0.06%*
Portfolio turnover rate 18.98%
Average commission rate per share $0.0029
</TABLE>
*Annualized
(a) Commenced operations December 15, 1995.
(b) Includes effect of Portfolio transaction fee.
See Note 1 in Notes to Financial Statements.
12
<PAGE>
Emerging Markets Value Statement of Additional Information
The Emerging Markets Value Statement of Additional Information
dated December 13, 1995 filed pursuant to Post-Effective Amendment No. 12
(Registration No. 33-21844; 811-5555), which was filed with the Securities and
Exchange Commission on September 29, 1995 is hereby incorporated by reference
into this Registration Statement.
The above-referenced Emerging Markets Value Statement of
Additional Information is hereby supplemented to include the following:
SANFORD C. BERNSTEIN FUND, INC.
Supplement Dated: June 13, 1996
Statement of Additional Information Dated: December 13, 1995
The Statement of Additional Information dated December 13, 1995 is
supplemented as set forth below.
FINANCIAL STATEMENTS
Shareholders are sent audited annual and unaudited semiannual reports
that include financial statements, including a schedule of investments. A copy
of the Fund's Semiannual Report and the Schedules of Investments of the Emerging
Markets Value Portfolio accompany this Statement of Additional Information. The
following financial statements are incorporated by reference into this Statement
of Additional Information:
<TABLE>
<CAPTION>
Semiannual
----------
Report Page
-----------
<S> <C>
Statement of Assets and Liabilities, March 31,
1996 (unaudited) 13
Statement of Operations, for the sixth months
ended March 31, 1996 (unaudited) 16
Statement of Changes in Net Assets, for the
sixth months ended March 31, 1996 (unaudited) 19
Financial Highlights, for the sixth months
ended March 31, 1996 (unaudited) 22
Notes to Financial Statements (unaudited),
March 31, 1996 28-34
Schedule of Investments, Stock Portfolios, Separate
Emerging Markets Value dated March 31, 1996 Insert to
Semiannual
Report
</TABLE>
13
<PAGE>
Part C
- ------
Information required to be included in Part C is set forth under the appropriate
Item, so numbered, in Part C to this Registration Statement.
14
<PAGE>
PART C
OTHER INFORMATION
Item 24. Financial Statements and Exhibits.
(a) Financial Statements: See "Custodian, Transfer Agent, Independent
Accountants and Financial Statements", Regular and Institutional Services
Statement of Additional Information, Part B page B-42 incorporated herein by
reference and Supplement to Emerging Markets Value Statement of Additional
Information, Part B-2 hereof dated June 13, 1996.
(b) Exhibits:
(1)(a)1 Articles of Incorporation of the Registrant.
(1)(b)2 Articles Supplementary of the Registrant.
(1)(c)3 Articles Supplementary of the Registrant.
(1)(d)4 Articles Supplementary of the Registrant.
(1)(e)5 Articles Supplementary of the Registrant.
(1)(f)6 Articles Supplementary of the Registrant.
(1)(g)7 Articles Supplementary of the Registrant
(2)(a)2 By-Laws of the Registrant as Revised and Restated
October 4, 1988.
(2)(b)4 Amendment to Article I, Section 2 of the By-Laws of
Registrant dated January 30, 1992.
(3) Not Applicable.
(4)(a)2 Specimen Share Certificates - Government Short
Duration; Short Duration Plus; New York Municipal;
Diversified Municipal; Intermediate Duration.
______________
1/ Supplied by Pre-Effective Amendment No. 1 to this registration
statement.
2/ Supplied by Pre-Effective Amendment No. 2 to this registration
statement.
3/ Supplied by Post-Effective Amendment No. 4 to this registration
statement.
4/ Supplied by Post-Effective Amendment No. 7 to this registration
statement.
5/ Supplied by Post-Effective Amendment No. 10 to this registration
statement.
6/ Supplied by Post-Effective Amendment No. 11 to this registration
statement.
7/ Supplied by Post-Effective Amendment No. 12 to this registration
statement.
15
<PAGE>
(4)(b)2 Specimen Share Certificate - California Municipal
Portfolio.
(4)(c)3 Specimen Share Certificate - International Value
Portfolio.
(4)(d)4 Specimen Share Certificates - Short Duration California
Municipal Portfolio; Short Duration Diversified
Municipal Portfolio; Short Duration New York Municipal
Portfolio.
(4)(e)6 Specimen Share Certificate - Emerging Markets Value
Portfolio.
(5)(a)1 Investment Management Agreement between the Registrant
on behalf of Government Short Duration; Short Duration
Plus; New York Municipal; Diversified Municipal;
Intermediate Duration and Sanford C. Bernstein & Co.,
Inc. ("Bernstein").
(5)(a)(1)2 Investment Management Agreement between the Registrant
on behalf of California Municipal Portfolio and
Bernstein.
(5)(a)(2)3 Investment Management Agreement between the Registrant
on behalf of International Value Portfolio and
Bernstein.
(5)(a)(3)4 Investment Management Agreement between the Registrant
on behalf of the Short Duration California Municipal
Portfolio; Short Duration Diversified Municipal
Portfolio; Short Duration New York Municipal Portfolio
and Bernstein.
(5)(a)(4)5 Amendment to Investment Management Agreement between the
Registrant on behalf of Government Short Duration; Short
Duration Plus; New York Municipal; Diversified
Municipal; and Intermediate Duration Portfolios and
Bernstein.
______________
1/ Supplied by Pre-Effective Amendment No. 2 to this registration
statement.
2/ Supplied by Post-Effective Amendment No. 4 to this registration
statement.
3/ Supplied by Post-Effective Amendment No. 7 to this registration
statement.
4/ Supplied by Post-Effective Amendment No. 10 to this registration
statement.
5/ Supplied by Post-Effective Amendment No. 11 to this registration
statement.
6/ Supplied by Post-Effective Amendment No. 12 to this registration
statement.
16
<PAGE>
(5)(a)(5)6 Amendment to Investment Management Agreement between the
Registrant on behalf of the California Municipal
Portfolio and Bernstein.
(5)(a)(6)7 Investment Management Agreement between the Registrant
on behalf of the Emerging Markets Value Portfolio and
Bernstein.
(5)(a)(7)8 Amendment No. 1 to Investment Management Agreement
between the Registrant on behalf of the International
Value Portfolio and Bernstein.
(5)(b)1 Shareholder Servicing and Administrative Agreement
Between the Registrant on behalf of Government Short
Duration; Short Duration Plus; New York Municipal;
Diversified Municipal; Intermediate Duration and
Bernstein.
(5)(b)(1)2 Shareholder Servicing and Administrative Agreement
Between the Registrant on behalf of California Municipal
Portfolio and Bernstein.
(5)(b)(2)3 Shareholder Servicing and Administrative Agreement
Between the Registrant on behalf of International Value
Portfolio and Bernstein.
(5)(b)(3)4 Shareholder Servicing and Administrative Agreement
between the Registrant on behalf of the Short Duration
California Municipal Portfolio; Short Duration
Diversified Municipal Portfolio; Short Duration New York
Municipal Portfolio and Bernstein.
(5)(b)(4)7 Shareholder Servicing and Administrative Agreement
between the Registrant on behalf of the Emerging Markets
Value Portfolio and Bernstein.
(6)(a)5 Distribution Agreement between the Registrant on behalf
of Government Short Duration; Short Duration Plus; New
York Municipal; Diversified Municipal; Intermediate
Duration and Bernstein.
______________
1/ Supplied by Post-Effective Amendment No. 3 to this registration
statement.
2/ Supplied by Post-Effective Amendment No. 4 to this registration
statement.
3/ Supplied by Post-Effective Amendment No. 7 to this registration
statement.
4/ Supplied by Post-Effective Amendment No. 10 to this registration
statement.
5/ Supplied by Pre-Effective Amendment No. 2 to this registration
statement.
6/ Supplied by Post-Effective Amendment No. 11 to this registration
statement.
7/ Supplied by Post-Effective Amendment No. 12 to this registration
statement.
8/ Supplied by Post-Effective Amendment No. 13 to this registration
statement.
17
<PAGE>
(6)(b)5 Distribution Agreement between the Registrant on behalf
of California Municipal Portfolio and Bernstein.
(6)(c)7 Distribution Agreement between the Registrant on behalf
of International Value Portfolio and Bernstein.
(6)(d)1 Distribution Agreement between the Registrant on behalf
of the Short Duration California Municipal Portfolio;
Short Duration Diversified Municipal Portfolio; Short
Duration New York Municipal Portfolio and Bernstein.
(6)(e)8 Distribution Agreement between the Registrant on behalf
of the Emerging Markets Value Portfolio and Bernstein.
(7) Not applicable.
(8)(a)2 Custodian Contract between the Registrant and State
Street Bank and Trust Company.
(8)(b)3 Custodian Contract Fee Schedule.
(8)(c)3 Fee Information for Automated Securities Pricing.
(8)(d)3 Amendment to the Custodian Contract.
(8)(e)4 Second Amendment to the Custodian Contract.
(8)(f)5 Third Amendment to the Custodian Contract.
(8)(g)6 Custodian Contract Fee Schedule dated October 1, 1991.
______________
1/ Supplied by Post-Effective Amendment No. 10 to this registration
statement.
2/ Supplied by Pre-Effective Amendment No. 2 to this registration
statement.
3/ Supplied by Post-Effective Amendment No. 2 to this registration
statement.
4/ Supplied by Post-Effective Amendment No. 3 to this registration
statement.
5/ Supplied by Post-Effective Amendment No. 4 to this registration
statement.
6/ Supplied by Post-Effective Amendment No. 6 to this registration
statement.
7/ Supplied by Post-Effective Amendment No. 7 to this registration
statement.
8/ Supplied by Post-Effective Amendment No. 12 to this registration
statement.
18
<PAGE>
(8)(h)5 Fourth Amendment to the Custodian Contract.
(8)(i)3 Custodian Fee Schedule dated August 20, 1993 -
International Value Portfolio.
(8)(j)1 Fifth Amendment to the Custodian Contract.
(8)(k)1 Custodian Fee Schedule dated May 20, 1994 - Short
Duration California Municipal Portfolio; Short Duration
Diversified Municipal Portfolio and Short Duration New
York Municipal Portfolio.
(8)(l)6 Sixth Amendment to the Custodian Contract.
(8)(m)7 Custodian Fee Schedule dated July 27, 1995 -
International Value Portfolio.
(8)(n)7 Custodian Fee Schedule dated August 21, 1995 - Emerging
Markets Value Portfolio.
(8)(o)7 Custodian Fee Schedule Amendment dated December 8, 1995
- International Value Portfolio.
(8)(p)7 Custodian Fee Schedule Amendment dated December 8, 1995
- Government Short Duration, Short Duration Plus, New
York Municipal, Diversified Municipal, Intermediate
Duration, California Municipal, Short Duration New York
Municipal, Short Duration California Municipal and Short
Duration Diversified Municipal Portfolios.
(9)(a)2 Transfer Agency Agreement between the Registrant and
State Street Bank and Trust Company.
(9)(b)3 Fee Schedule for Services under Transfer Agency
Agreement, dated December 22, 1992.
(9)(c)4 Amendment to the Transfer Agency Agreement.
(9)(d)5 Second Amendment to the Transfer Agency Agreement.
(9)(e)1 Third Amendment to the Transfer Agency Agreement.
______________
1/ Supplied by Post-Effective Amendment No. 10 to this registration
statement.
2/ Supplied by Pre-Effective Amendment No. 2 to this registration
statement.
3/ Supplied by Post-Effective Amendment No. 9 to this registration
statement.
4/ Supplied by Post-Effective Amendment No. 4 to this registration
statement.
5/ Supplied by Post-Effective Amendment No. 7 to this registration
statement.
6/ Supplied by Post-Effective Amendment No. 12 to this registration
statement.
7/ Supplied by Post-Effective Amendment No. 13 to this registration
statement.
19
<PAGE>
(9)(f)4 Fee Schedule for Services under Transfer Agency
Agreement, dated May 20, 1994.
(9)(g)5 Fourth Amendment to Transfer Agency Agreement.
(10)(a)1 Opinion of Counsel.
(10)(b)2 Opinion of Counsel - California Municipal
Portfolio.
(10)(c)3 Opinion of Counsel - International Value
Portfolio.
(10)(d)4 Opinion of Counsel - Short Duration California
Municipal Portfolio; Short Duration Diversified
Municipal Portfolio; Short Duration New York Municipal
Portfolio.
(10)(e)5 Opinion of Counsel - Emerging Markets Value
Portfolio.
(11)8 Consent of Independent Accountants.
(12) Not applicable.
(13)1 Purchase Agreement.
(14) Not applicable.
(15) Not applicable.
(16)(a)6 Schedules of Computation of Performance
Quotations - Government Short Duration Portfolio; Short
Duration Plus Portfolio; New York Municipal Portfolio;
Diversified Municipal Portfolio; Intermediate Duration
Portfolio.
(16)(b)7 Schedule of Computation of Performance Quotations -
California Municipal Portfolio.
______________
1/ Supplied by Pre-Effective Amendment No. 2 to this registration
statement.
2/ Supplied by Post-Effective Amendment No. 4 to this registration
statement.
3/ Supplied by Post-Effective Amendment No. 7 to this registration
statement.
4/ Supplied by Post-Effective Amendment No. 10 to this registration
statement.
5/ Supplied by Post-Effective Amendment No. 12 to this registration
statement.
6/ Supplied by Post-Effective Amendment No. 2 to this registration
statement.
7/ Supplied by Post-Effective Amendment No. 5 to this registration
statement.
8/ Supplied by Post-Effective Amendment No. 13 to this registration
statement.
20
<PAGE>
(16)(c)1 Schedule of Computation of Performance
Quotations - Government Short Duration Portfolio; New
York Municipal Portfolio, Diversified Municipal
Portfolio; California Municipal Portfolio.
(16)(d)2 Schedule of Computation of Performance
Quotations - International Value Portfolio.
(16)(e)3 Schedules of Computation of Performance
Quotations - Short Duration California Municipal
Portfolio; Short Duration Diversified Municipal
Portfolio; Short Duration New York Municipal Portfolio.
Item 25. Persons Controlled By or Under Common Control with Registrant.
None.
Item 26. Number of Holders of Securities.
<TABLE>
<CAPTION>
Title of Class Number of Record Holders
-------------- ------------------------
<S> <C>
Bernstein Government
Short Duration Portfolio 782 (As of June 3, 1996)
(Par value .001 per share)
Bernstein Short Duration
Plus Portfolio 2454 (As of June 3, 1996)
(Par value .001 per share)
Bernstein New York
Municipal Portfolio 1853 (As of June 3, 1996)
(Par value .001 per share)
Bernstein Diversified
Municipal Portfolio 2639 (As of June 3, 1996)
(Par value .001 per share)
Bernstein Intermediate
Duration Portfolio 4580 (As of June 3, 1996)
(Par value .001 per share)
Bernstein California
Municipal Portfolio 742 (As of June 3, 1996)
(Par Value .001 per share)
</TABLE>
______________
1/ Supplied by Post-Effective Amendment No. 6 to this registration
statement.
2/ Supplied by Post-Effective Amendment No. 8 to this registration
statement.
3/ Supplied by Post-Effective Amendment No. 11 to this registration
statement.
21
<PAGE>
<TABLE>
<S> <C>
Bernstein International 14,462 (As of June 3, 1996)
Value Portfolio
(Par Value .001 per share)
Bernstein Short Duration
California Municipal Portfolio 252 (As of June 3, 1996)
(Par Value .001 per share)
Bernstein Short Duration
Diversified Municipal Portfolio 483 (As of June 3, 1996)
(Par Value .001 per share)
Bernstein Short Duration
New York Municipal Portfolio 305 (As of June 3, 1996)
(Par Value .001 per share)
Bernstein Emerging Markets 4611 (As of June 3, 1996)
Value Portfolio
(Par Value .001 per share)
</TABLE>
Item 27. Indemnification.
As permitted by Section 17(h) and (i) of the Investment Company Act of
1940 (the "1940 Act") and pursuant to Article VII of the Fund's By-Laws (Exhibit
2 to this Registration Statement), directors, officers and employees of the Fund
will be indemnified to the maximum extent permitted by Maryland General
Corporation Law. Article VII provides that nothing therein contained protects
any director or officer of the Fund against any liability to the Fund or its
stockholders to which the director or officer would otherwise be subject by
reason of willful misfeasance, bad faith, gross negligence or reckless disregard
of the duties involved in the conduct of his office. Maryland General
Corporation Law permits a corporation to indemnify any director, officer,
employee or agent made a party to any threatened, pending or completed action,
suit or proceeding by reason of service in that capacity, against, judgments,
penalties, fines, settlements and reasonable expenses actually incurred in
connection with the proceeding, unless it is proved that: (i) an act or
omission by the director, officer, employee or agent that was material to the
cause of action adjudicated in the proceeding was committed in bad faith or the
result of active and deliberate dishonesty; (ii) the director, employee, or
agent actually received an improper personal benefit in money, property, or
services; or (iii) in the case of any criminal proceeding, the director,
employee or agent had reasonable cause to believe that the act or omission was
unlawful. Maryland law does not permit indemnification in respect of any
proceeding by or in the right of the corporation in which the director shall
have been held liable to the corporation.
As permitted by Section 17(i) of the 1940 Act, pursuant to Section 3 of
the respective Investment Management Agreements, Section 3 of the respective
Shareholder Servicing and
22
<PAGE>
Administrative Agreements, and Section 8 of the respective Distribution
Agreements between the Registrant on behalf of its various Portfolios and
Bernstein, Bernstein may be indemnified against certain liabilities which it may
incur.
Insofar as indemnification for liability arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons of
the Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses
incurred or paid by a director, officer or controlling person of the Registrant
in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person, the Registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will
be governed by the final adjudication of such issue.
As permitted by Article VII, Section 2 of the Bylaws, the Registrant has
purchased an insurance policy insuring its officers and directors against
certain liabilities, and certain costs of defending claims against such officers
and directors, to the extent such officers and directors are not found to have
omitted conduct constituting conflict of interest, intentional non-compliance
with statutes or regulations or dishonest, fraudulent or criminal acts or
omissions. The insurance policy also insures the Registrant against the cost of
indemnification payments to officers and directors under certain circumstances.
Insurance will not be purchased that protects, or purports to protect, any
officer or director from liability to which he would otherwise be subject by
reason of willful misfeasance, bad faith, gross negligence, or reckless
disregard of duty.
Section 2 of the respective Investment Management Agreements limits the
liability of Bernstein to loss resulting from a breach of fiduciary duty with
respect to the receipt of compensation for service (in which case any award of
damages shall be limited to the period and the amount set forth in Section
36(b)(3) of the 1940 Act) or loss resulting from willful misfeasance, bad faith
or gross negligence in the performance of its duties or from reckless disregard
by Bernstein of its obligations and duties under the Management Agreements.
23
<PAGE>
Section 2 of the respective Shareholder Servicing and Administrative
Agreements and Section 9 of the respective Distribution Agreements limit the
liability of Bernstein to loss resulting from willful misfeasance, bad faith or
gross negligence in the performance of its duties or from reckless disregard by
Bernstein of its obligations and duties under those Agreements.
The Registrant hereby undertakes that it will apply the indemnification
provisions of its By-Laws, and the respective Investment Management Agreements,
Shareholder Servicing and Administrative Agreements, and Distribution Agreements
in a manner consistent with Release No. 11330 of the Securities and Exchange
Commission under the 1940 Act so long as the interpretation of Sections 17(h)
and 17(i) of such Act remain in effect and are consistently applied.
Item 28. Business and Other Connections of Investment Adviser.
See "Manager and Distributor" in the Regular, Institutional Services and
Emerging Markets Value Statements of Additional Information constituting Parts
B-1 and B-2 of this Registration Statement and incorporated herein by reference
and "Management of the Portfolios" in the Regular, Institutional Services and
Emerging Markets Value Prospectuses constituting Parts A-1, A-2 and A-3 of this
Registration Statement, respectively, and incorporated herein by reference.
Item 29. Principal Underwriters
(a) Sanford C. Bernstein & Co., Inc. is the Distributor for no
investment company other than the Registrant.
(b)
Name and Positions and Positions and
Principal Business Offices with Offices with
Address Underwriter Registrant
- ------------------ ------------- -------------
Zalman C. Bernstein* Chairman of the
Executive Committee
Lewis A. Sanders* Chairman of the
Board, Chief Executive
Officer and Chief
Financial Officer
Roger Hertog* President and Chief President,
Operating Officer Treasurer and
Director
Andrew S. Adelson* Senior Vice President
Kevin R. Brine* Senior Vice President
Charles C. Cahn, Jr.* Senior Vice President
___________________
* Business Address is 767 Fifth Avenue
New York, New York 10153
24
<PAGE>
(b) continued...
Name and Positions and Positions and
Principal Business Offices with Offices with
Address Underwriter Registrant
- ------------------ ------------- -------------
Marilyn Goldstein Fedak* Chief Investment
Officer - Large
Capitalization Equities
Michael L. Goldstein* Investment Strategist -
Institutional Services
Stuart K. Nelson* Senior Vice President Senior Vice
and General Counsel President
and Director
Francis H. Trainer, Jr.* Senior Vice President Senior Vice
President
(c) Registrant has no principal underwriter who is not an affiliated
person of the Registrant.
___________________
* Business Address is 767 Fifth Avenue
New York, New York 10153
Item 30. Location of Accounts and Records.
All accounts, books and other documents required to be maintained by
Rules 31a-1 through 31a-3 pursuant to the Investment Company Act are maintained
at the offices of Bernstein, One State Street Plaza, New York, NY 10004 and 767
Fifth Avenue, New York, New York 10153, except that some records pursuant to
Rule 31a-1(b) are maintained at the offices of State Street Bank and Trust
Company, 1776 Heritage Drive and 2 Heritage Drive, North Quincy, Massachusetts
02171, the Registrant's Transfer Agent, and some records pursuant to Rule
31a-1(b)(4) are maintained at the offices of Shereff, Friedman, Hoffman &
Goodman LLP, 919 Third Avenue, New York, New York 10022, counsel to the
Registrant.
Item 31. Management Services.
Not applicable.
Item 32. Undertakings.
The Registrant undertakes to furnish to each person to whom a prospectus
is delivered a copy of the Registrant's latest annual report to shareholders,
upon request and without charge.
25
<PAGE>
Signatures
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it meets all the
requirements for effectiveness of this amended registration statement pursuant
to rule 485(b) under the Securities Act of 1933 and has duly caused this
registration statement to be signed on its behalf by the undersigned, hereto
duly authorized in the City and State of New York on the 7th day of June, 1996.
Sanford C. Bernstein Fund, Inc.
By: /s/ Roger Hertog, President
---------------------------
Roger Hertog, President
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed below by the following in the capacity
and on the date indicated.
<TABLE>
<CAPTION>
Signature Title Date
- --------- ----- ----
<S> <C> <C>
/s/ Roger Hertog President June 7, 1996
- ---------------- (Principal
Roger Hertog Executive Officer),
Treasurer, (Principal
Financial and
Accounting Officer)
and Director
/s/ Stuart K. Nelson Senior Vice June 7, 1996
- -------------------- President
Stuart K. Nelson and Director
/s/ Arthur Aeder Director June 7, 1996
- ----------------
Arthur Aeder
/s/ Peter L. Bernstein Director June 7, 1996
- ----------------------
Peter L. Bernstein
/s/ Theodore Levitt Director June 7, 1996
- -------------------
Theodore Levitt
/s/ William Kristol Director June 7, 1996
- -------------------
William Kristol
</TABLE>
26
<PAGE>
Index to Exhibits
-----------------
Sequentially
Exhibit Number Description Numbered Pages
- -------------- ----------- --------------
(11) Consent of Independent 36
Accountants _____________
27
<PAGE>
Exhibit (11)
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Regular and
Institutional Prospectuses and the Statement of Additional Information
constituting parts of Post-Effective Amendment No. 13 to the registration
statement on Form N-1A (the "Registration Statement"), which Registration
Statement is incorporated by reference in this Post-Effective Amendment No. 14
to the registration statement on Form N-1A, of our reports dated November 17,
1995, relating to the financial statements and financial highlights of Bernstein
International Value Portfolio, Bernstein Intermediate Duration Portfolio,
Bernstein Short Duration Plus Portfolio, Bernstein Government Short Duration
Portfolio, Bernstein Diversified Municipal Portfolio, Bernstein California
Municipal Portfolio, Bernstein New York Municipal Portfolio, Bernstein Short
Duration Diversified Municipal Portfolio, Bernstein Short Duration California
Municipal Portfolio, Bernstein Short Duration New York Municipal Portfolio
constituting portfolios of Sanford C. Bernstein Fund, Inc., appearing in the
September 30, 1995 Annual Reports to Shareholders of Sanford C. Bernstein Fund,
Inc., which are also incorporated by reference into the Registration Statement.
We also consent to the references to us under the headings "Financial
Highlights" and "Independent Accountants and Legal Counsel" in such Prospectuses
and under the heading "Custodian, Transfer Agent, Independent Accountants and
Financial Statements" in the Statement of Additional Information which
constitute parts of Post-Effective Amendment No. 13.
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
June 7, 1996
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Fund's
Semiannual Report to Shareholders for the six months ending March 31, 1996 and
is qualified in its entirety by reference to the Fund's Semiannual Report to
Shareholders for the six months ending March 31, 1996 for the Bernstein
Government Short Duration Portfolio.
</LEGEND>
<SERIES>
<NUMBER> 01
<NAME> BERNSTEIN GOVERNMENT SHORT DURATION
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 150,040,787
<INVESTMENTS-AT-VALUE> 150,647,191
<RECEIVABLES> 10,362,080
<ASSETS-OTHER> 3,447
<OTHER-ITEMS-ASSETS> 582<F1>
<TOTAL-ASSETS> 161,013,300
<PAYABLE-FOR-SECURITIES> 7,517,821
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 446,068
<TOTAL-LIABILITIES> 7,963,889
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 154,220,249
<SHARES-COMMON-STOCK> 12,215,133
<SHARES-COMMON-PRIOR> 11,447,945
<ACCUMULATED-NII-CURRENT> 55,344
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,844,801)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 606,404
<NET-ASSETS> 153,049,411
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,371,547
<OTHER-INCOME> 0
<EXPENSES-NET> 505,326
<NET-INVESTMENT-INCOME> 3,866,221
<REALIZED-GAINS-CURRENT> 302,493
<APPREC-INCREASE-CURRENT> (611,923)
<NET-CHANGE-FROM-OPS> 3,556,791
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,866,221
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,473,179
<NUMBER-OF-SHARES-REDEEMED> 1,855,411
<SHARES-REINVESTED> 149,420
<NET-CHANGE-IN-ASSETS> 9,326,843
<ACCUMULATED-NII-PRIOR> 55,344
<ACCUMULATED-GAINS-PRIOR> (2,147,294)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 366,940
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 505,326
<AVERAGE-NET-ASSETS> 147,142,172
<PER-SHARE-NAV-BEGIN> 12.55
<PER-SHARE-NII> 0.33
<PER-SHARE-GAIN-APPREC> (0.02)
<PER-SHARE-DIVIDEND> 0.33
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.53
<EXPENSE-RATIO> 0.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>This item is represented by Cash.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Fund's
Semiannual Report to Shareholders for the six months ending March 31, 1996 and
is qualified in its entirety by reference to the Fund's Semiannual Report to
Shareholders for the six months ending March 31, 1996 for the Bernstein Short
Duration Plus Portfolio.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> BERNSTEIN SHORT DURATION PLUS
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 498,340,326
<INVESTMENTS-AT-VALUE> 499,981,484
<RECEIVABLES> 32,937,999
<ASSETS-OTHER> 193,637
<OTHER-ITEMS-ASSETS> 345,762<F1>
<TOTAL-ASSETS> 533,458,882
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,531,394
<TOTAL-LIABILITIES> 2,531,394
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 535,696,055
<SHARES-COMMON-STOCK> 42,570,095
<SHARES-COMMON-PRIOR> 42,780,571
<ACCUMULATED-NII-CURRENT> (930,933)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5,728,037)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,847,832
<NET-ASSETS> 530,927,488
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 16,644,001
<OTHER-INCOME> 0
<EXPENSES-NET> 1,725,963
<NET-INVESTMENT-INCOME> 14,918,038
<REALIZED-GAINS-CURRENT> 2,646,116
<APPREC-INCREASE-CURRENT> (3,385,115)
<NET-CHANGE-FROM-OPS> 14,179,039
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 15,006,659
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,493,354
<NUMBER-OF-SHARES-REDEEMED> 8,171,979
<SHARES-REINVESTED> 468,149
<NET-CHANGE-IN-ASSETS> (3,534,304)
<ACCUMULATED-NII-PRIOR> (842,312)
<ACCUMULATED-GAINS-PRIOR> (8,374,153)
<OVERDISTRIB-NII-PRIOR> 1,041,447
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,333,475
<INTEREST-EXPENSE> 9,135
<GROSS-EXPENSE> 1,725,963
<AVERAGE-NET-ASSETS> 533,960,098
<PER-SHARE-NAV-BEGIN> 12.49
<PER-SHARE-NII> 0.35
<PER-SHARE-GAIN-APPREC> (0.02)
<PER-SHARE-DIVIDEND> 0.35
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.47
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>This item is represented by cash and currency.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Fund's
Semiannual Report to Shareholders for the six months ending March 31, 1996 and
is qualified in its entirety by reference to the Fund's Semiannual Report to
Shareholders for the six months ending March 31, 1996 for the Bernstein New York
Municipal Portfolio.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> BERNSTEIN NEW YORK MUNICIPAL
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 479,114,918
<INVESTMENTS-AT-VALUE> 489,485,980
<RECEIVABLES> 15,038,024
<ASSETS-OTHER> 410
<OTHER-ITEMS-ASSETS> 9,658<F1>
<TOTAL-ASSETS> 504,534,072
<PAYABLE-FOR-SECURITIES> 4,204,684
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,130,253
<TOTAL-LIABILITIES> 5,334,937
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 490,004,973
<SHARES-COMMON-STOCK> 37,287,388
<SHARES-COMMON-PRIOR> 34,014,866
<ACCUMULATED-NII-CURRENT> 16,632
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,230,820)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,371,062
<NET-ASSETS> 499,199,135
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,860,634
<OTHER-INCOME> 0
<EXPENSES-NET> 1,574,288
<NET-INVESTMENT-INCOME> 11,286,346
<REALIZED-GAINS-CURRENT> 39,444
<APPREC-INCREASE-CURRENT> (1,695,804)
<NET-CHANGE-FROM-OPS> 9,629,986
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11,286,346
<DISTRIBUTIONS-OF-GAINS> 2,079,339
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,152,781
<NUMBER-OF-SHARES-REDEEMED> 4,319,763
<SHARES-REINVESTED> 439,504
<NET-CHANGE-IN-ASSETS> 40,656,331
<ACCUMULATED-NII-PRIOR> 16,632
<ACCUMULATED-GAINS-PRIOR> 809,075
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,198,725
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,574,288
<AVERAGE-NET-ASSETS> 480,173,410
<PER-SHARE-NAV-BEGIN> 13.48
<PER-SHARE-NII> 0.32
<PER-SHARE-GAIN-APPREC> (0.04)
<PER-SHARE-DIVIDEND> 0.32
<PER-SHARE-DISTRIBUTIONS> 0.05
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.39
<EXPENSE-RATIO> 0.66
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>This item is represented by cash.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Fund's
Semiannual Report to Shareholders for the six months ending March 31, 1996 and
is qualified in its entirety by reference to the Fund's Semiannual Report to
Shareholders for the six months ending March 31, 1996 for the Bernstein
Diversified Municipal Portfolio.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> BERNSTEIN DIVERSIFIED MUNICIPAL
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 758,658,756
<INVESTMENTS-AT-VALUE> 773,991,625
<RECEIVABLES> 17,921,761
<ASSETS-OTHER> 13,409
<OTHER-ITEMS-ASSETS> 956<F1>
<TOTAL-ASSETS> 791,927,751
<PAYABLE-FOR-SECURITIES> 31,427,494
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,831,787
<TOTAL-LIABILITIES> 33,259,281
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 743,294,941
<SHARES-COMMON-STOCK> 56,264,238
<SHARES-COMMON-PRIOR> 48,937,336
<ACCUMULATED-NII-CURRENT> 52,427
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (68,032)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,332,869
<NET-ASSETS> 758,668,470
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 18,735,670
<OTHER-INCOME> 0
<EXPENSES-NET> 2,342,450
<NET-INVESTMENT-INCOME> 16,393,220
<REALIZED-GAINS-CURRENT> 2,152,007
<APPREC-INCREASE-CURRENT> (3,260,278)
<NET-CHANGE-FROM-OPS> 15,284,949
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 16,393,220
<DISTRIBUTIONS-OF-GAINS> 776,140
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,199,729
<NUMBER-OF-SHARES-REDEEMED> 5,251,571
<SHARES-REINVESTED> 378,744
<NET-CHANGE-IN-ASSETS> 97,854,007
<ACCUMULATED-NII-PRIOR> 52,427
<ACCUMULATED-GAINS-PRIOR> (1,443,899)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,776,260
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 566,190
<AVERAGE-NET-ASSETS> 710,624,166
<PER-SHARE-NAV-BEGIN> 13.50
<PER-SHARE-NII> 0.32
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.32
<PER-SHARE-DISTRIBUTIONS> 0.02
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.48
<EXPENSE-RATIO> 0.66
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>This item is represented by cash.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Fund's
Semiannual Report to Shareholders for the six months ending March 31, 1996 and
is qualified in its entirety by reference to the Fund's Semiannual Report to
Shareholders for the six months ending March 31, 1996 for the Bernstein
Intermediate Duration Portfolio.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> BERNSTEIN INTERMEDIATE DURATION
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 1,265,464,691
<INVESTMENTS-AT-VALUE> 1,276,380,221
<RECEIVABLES> 59,980,577
<ASSETS-OTHER> 743,606
<OTHER-ITEMS-ASSETS> 1,443,062<F1>
<TOTAL-ASSETS> 1,338,547,466
<PAYABLE-FOR-SECURITIES> 13,614,388
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,571,704
<TOTAL-LIABILITIES> 17,186,092
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,313,889,152
<SHARES-COMMON-STOCK> 100,668,247
<SHARES-COMMON-PRIOR> 85,912,620
<ACCUMULATED-NII-CURRENT> (2,353,055)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,041,653)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,766,261
<NET-ASSETS> 1,321,361,374
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 41,455,981
<OTHER-INCOME> 0
<EXPENSES-NET> 3,963,719
<NET-INVESTMENT-INCOME> 37,492,262
<REALIZED-GAINS-CURRENT> 11,330,172
<APPREC-INCREASE-CURRENT> (22,490,393)
<NET-CHANGE-FROM-OPS> 26,332,041
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 37,876,421
<DISTRIBUTIONS-OF-GAINS> 7,269,310
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25,756,212
<NUMBER-OF-SHARES-REDEEMED> 12,437,835
<SHARES-REINVESTED> 1,437,250
<NET-CHANGE-IN-ASSETS> 178,593,044
<ACCUMULATED-NII-PRIOR> (1,968,896)
<ACCUMULATED-GAINS-PRIOR> (6,102,515)
<OVERDISTRIB-NII-PRIOR> 2,020,410
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,048,250
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,963,719
<AVERAGE-NET-ASSETS> 1,240,405,218
<PER-SHARE-NAV-BEGIN> 13.30
<PER-SHARE-NII> 0.41
<PER-SHARE-GAIN-APPREC> (0.09)
<PER-SHARE-DIVIDEND> 0.41
<PER-SHARE-DISTRIBUTIONS> 0.08
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.13
<EXPENSE-RATIO> 0.64
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>This item is represented by cash and currency.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Fund's
Semiannual Report to Shareholders for the six months ending March 31, 1996 and
is qualified in its entirety by reference to the Fund's Semiannual Report to
Shareholders for the six months ending March 31, 1996 for the Bernstein
California Municipal Portfolio.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> BERNSTEIN CALIFORNIA MUNICIPAL
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 246,826,287
<INVESTMENTS-AT-VALUE> 251,499,285
<RECEIVABLES> 5,504,602
<ASSETS-OTHER> 4,390
<OTHER-ITEMS-ASSETS> 951<F1>
<TOTAL-ASSETS> 257,009,228
<PAYABLE-FOR-SECURITIES> 5,929,882
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,136,584
<TOTAL-LIABILITIES> 7,066,466
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 245,693,498
<SHARES-COMMON-STOCK> 18,387,430
<SHARES-COMMON-PRIOR> 15,757,372
<ACCUMULATED-NII-CURRENT> (31,860)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (410,262)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,672,998
<NET-ASSETS> 249,942,762
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,850,360
<OTHER-INCOME> 0
<EXPENSES-NET> 773,233
<NET-INVESTMENT-INCOME> 5,077,127
<REALIZED-GAINS-CURRENT> 432,388
<APPREC-INCREASE-CURRENT> (553,846)
<NET-CHANGE-FROM-OPS> 4,955,669
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,077,127
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,238,041
<NUMBER-OF-SHARES-REDEEMED> 2,713,433
<SHARES-REINVESTED> 105,450
<NET-CHANGE-IN-ASSETS> 35,991,853
<ACCUMULATED-NII-PRIOR> (31,860)
<ACCUMULATED-GAINS-PRIOR> (842,650)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 567,025
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 773,233
<AVERAGE-NET-ASSETS> 227,955,281
<PER-SHARE-NAV-BEGIN> 13.58
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 0.01
<PER-SHARE-DIVIDEND> 0.31
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.59
<EXPENSE-RATIO> 0.68
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>This item is represented by cash.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Fund's
Semiannual Report to Shareholders for the six months ending March 31, 1996 and
is qualified in its entirety by reference to the Fund's Semiannual Report to
Shareholders for the six months ending March 31, 1996 for the Bernstein
International Value Portfolio.
</LEGEND>
<SERIES>
<NUMBER> 7
<NAME> BERNSTEIN INTERNATIONAL VALUE
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 2,369,085,808
<INVESTMENTS-AT-VALUE> 2,546,604,097
<RECEIVABLES> 31,786,749
<ASSETS-OTHER> 68,562
<OTHER-ITEMS-ASSETS> 78,034,713<F1>
<TOTAL-ASSETS> 2,656,494,121
<PAYABLE-FOR-SECURITIES> 22,015,134
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,689,887
<TOTAL-LIABILITIES> 36,705,021
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,363,242,109
<SHARES-COMMON-STOCK> 152,514
<SHARES-COMMON-PRIOR> 124,120,488
<ACCUMULATED-NII-CURRENT> (23,928,241)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 89,557,966
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 190,764,752
<NET-ASSETS> 2,619,789,100
<DIVIDEND-INCOME> 16,799,880
<INTEREST-INCOME> 1,233,481
<OTHER-INCOME> 0
<EXPENSES-NET> 14,952,207
<NET-INVESTMENT-INCOME> 3,081,154
<REALIZED-GAINS-CURRENT> 101,406,602
<APPREC-INCREASE-CURRENT> 108,399,529
<NET-CHANGE-FROM-OPS> 212,887,285
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,729,568
<DISTRIBUTIONS-OF-GAINS> 44,354,187
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 32,474,525
<NUMBER-OF-SHARES-REDEEMED> 7,540,398
<SHARES-REINVESTED> 3,459,031
<NET-CHANGE-IN-ASSETS> 623,677,195
<ACCUMULATED-NII-PRIOR> (13,279,827)
<ACCUMULATED-GAINS-PRIOR> 32,505,551
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,166,923
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14,952,207
<AVERAGE-NET-ASSETS> 2,264,387,263
<PER-SHARE-NAV-BEGIN> 16.08
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 1.51
<PER-SHARE-DIVIDEND> 0.10
<PER-SHARE-DISTRIBUTIONS> 0.33
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.18
<EXPENSE-RATIO> 1.32
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>This item is represented by cash and currency.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Fund's
Semiannual Report to Shareholders for the six months ending March 31, 1996 and
is qualified in its entirety by reference to the Fund's Semiannual Report to
Shareholders for the six months ending March 31, 1996 for the Bernstein Short
Duration New York Municipal Portfolio.
</LEGEND>
<SERIES>
<NUMBER> 8
<NAME> BERNSTEIN SHORT DURATION NEW YORK MUNICIPAL
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 52,712,939
<INVESTMENTS-AT-VALUE> 53,138,751
<RECEIVABLES> 1,184,548
<ASSETS-OTHER> 8,434
<OTHER-ITEMS-ASSETS> 439<F1>
<TOTAL-ASSETS> 54,332,172
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 150,651
<TOTAL-LIABILITIES> 150,651
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53,599,511
<SHARES-COMMON-STOCK> 4,311,861
<SHARES-COMMON-PRIOR> 4,383,038
<ACCUMULATED-NII-CURRENT> 172
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 151,714
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 425,812
<NET-ASSETS> 34,181,521
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,326,537
<OTHER-INCOME> 0
<EXPENSES-NET> 203,604
<NET-INVESTMENT-INCOME> 1,122,933
<REALIZED-GAINS-CURRENT> 159,325
<APPREC-INCREASE-CURRENT> (248,744)
<NET-CHANGE-FROM-OPS> 1,033,514
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,122,933
<DISTRIBUTIONS-OF-GAINS> 43,798
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,401,869
<NUMBER-OF-SHARES-REDEEMED> 1,516,497
<SHARES-REINVESTED> 43,451
<NET-CHANGE-IN-ASSETS> (1,039,813)
<ACCUMULATED-NII-PRIOR> 172
<ACCUMULATED-GAINS-PRIOR> 36,187
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 135,096
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 203,604
<AVERAGE-NET-ASSETS> 54,955,462
<PER-SHARE-NAV-BEGIN> 12.60
<PER-SHARE-NII> 0.26
<PER-SHARE-GAIN-APPREC> (0.02)
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> 0.26
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.57
<EXPENSE-RATIO> 0.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>This item is represented by cash and currency.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Fund's
Semiannual Report to Shareholders for the six months ending March 31, 1996 and
is qualified in its entirety by reference to the Fund's Semiannual Report to
Shareholders for the six months ending March 31, 1996 for the Bernstein Short
Duration Diversified Municipal Portfolio.
</LEGEND>
<SERIES>
<NUMBER> 9
<NAME> BERNSTEIN SHORT DURATION DIVERSIFIED MUNICIPAL
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 104,819,086
<INVESTMENTS-AT-VALUE> 105,438,443
<RECEIVABLES> 2,282,085
<ASSETS-OTHER> 18,112
<OTHER-ITEMS-ASSETS> 34<F1>
<TOTAL-ASSETS> 107,738,674
<PAYABLE-FOR-SECURITIES> 1,014,420
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 510,528
<TOTAL-LIABILITIES> 1,524,948
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 105,512,138
<SHARES-COMMON-STOCK> 8,465,440
<SHARES-COMMON-PRIOR> 8,020,666
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 73,766
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 619,356
<NET-ASSETS> 106,213,726
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,526,907
<OTHER-INCOME> 0
<EXPENSES-NET> 361,755
<NET-INVESTMENT-INCOME> 2,165,152
<REALIZED-GAINS-CURRENT> 83,443
<APPREC-INCREASE-CURRENT> (404,875)
<NET-CHANGE-FROM-OPS> 1,843,720
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,165,152
<DISTRIBUTIONS-OF-GAINS> 388,194
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,728,866
<NUMBER-OF-SHARES-REDEEMED> 2,370,329
<SHARES-REINVESTED> 86,237
<NET-CHANGE-IN-ASSETS> 4,888,374
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 378,517
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 244,710
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 361,755
<AVERAGE-NET-ASSETS> 102,489,418
<PER-SHARE-NAV-BEGIN> 12.63
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> (0.03)
<PER-SHARE-DIVIDEND> 0.27
<PER-SHARE-DISTRIBUTIONS> 0.05
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.55
<EXPENSE-RATIO> 0.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>This item is represented by cash and currency.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Fund's
Semiannual Report to Shareholders for the six months ending March 31, 1996 and
is qualified in its entirety by reference to the Fund's Semiannual Report to
Shareholders for the six months ending March 31, 1996 for the Bernstein Short
Duration California Municipal Portfolio.
</LEGEND>
<SERIES>
<NUMBER> 10
<NAME> BERNSTEIN SHORT DURATION CALIFORNIA MUNICIPAL
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 67,636,997
<INVESTMENTS-AT-VALUE> 67,915,170
<RECEIVABLES> 1,287,164
<ASSETS-OTHER> 6,905
<OTHER-ITEMS-ASSETS> 913<F1>
<TOTAL-ASSETS> 69,210,152
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 195,752
<TOTAL-LIABILITIES> 195,752
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 68,652,136
<SHARES-COMMON-STOCK> 5,496,745
<SHARES-COMMON-PRIOR> 5,022,977
<ACCUMULATED-NII-CURRENT> 454
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 78,140
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 278,173
<NET-ASSETS> 69,014,400
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,566,682
<OTHER-INCOME> 0
<EXPENSES-NET> 235,181
<NET-INVESTMENT-INCOME> 1,331,501
<REALIZED-GAINS-CURRENT> 108,130
<APPREC-INCREASE-CURRENT> (335,691)
<NET-CHANGE-FROM-OPS> 1,103,940
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,331,501
<DISTRIBUTIONS-OF-GAINS> 254,564
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,102,190
<NUMBER-OF-SHARES-REDEEMED> 1,687,698
<SHARES-REINVESTED> 59,276
<NET-CHANGE-IN-ASSETS> 5,484,678
<ACCUMULATED-NII-PRIOR> 454
<ACCUMULATED-GAINS-PRIOR> 224,574
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 159,943
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 235,181
<AVERAGE-NET-ASSETS> 65,780,038
<PER-SHARE-NAV-BEGIN> 12.65
<PER-SHARE-NII> 0.26
<PER-SHARE-GAIN-APPREC> (0.04)
<PER-SHARE-DIVIDEND> 0.26
<PER-SHARE-DISTRIBUTIONS> 0.05
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.56
<EXPENSE-RATIO> 0.72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>This item is represented by cash and currency.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Fund's
Semiannual Report to Shareholders for the six months ending March 31, 1996 and
is qualified in its entirety by reference to the Fund's Semiannual Report to
Shareholders for the six months ending March 31, 1996 for the Bernstein Emerging
Markets Value Portfolio.
</LEGEND>
<SERIES>
<NUMBER> 11
<NAME> BERNSTEIN EMERGING MARKETS VALUE
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 137,413,693
<INVESTMENTS-AT-VALUE> 136,930,820
<RECEIVABLES> 4,120,288
<ASSETS-OTHER> 99,184
<OTHER-ITEMS-ASSETS> 4,609,889<F1>
<TOTAL-ASSETS> 145,760,181
<PAYABLE-FOR-SECURITIES> 10,014,478
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,532,933
<TOTAL-LIABILITIES> 11,547,411
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 134,320,140
<SHARES-COMMON-STOCK> 5,927,150
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 18,817
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 303,684
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (489,142)
<NET-ASSETS> 134,212,770
<DIVIDEND-INCOME> 210,694
<INTEREST-INCOME> 165,800
<OTHER-INCOME> 0
<EXPENSES-NET> 357,677
<NET-INVESTMENT-INCOME> 18,817
<REALIZED-GAINS-CURRENT> 303,684
<APPREC-INCREASE-CURRENT> (489,142)
<NET-CHANGE-FROM-OPS> (166,641)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,076,840
<NUMBER-OF-SHARES-REDEEMED> 146,690
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 134,212,770
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 87,219
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 357,677
<AVERAGE-NET-ASSETS> 40,802,150
<PER-SHARE-NAV-BEGIN> 20.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 2.63
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 22.64
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>This item is represented by cash and currency.
</FN>
</TABLE>
