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<PAGE> PAGE 21
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070 F010600 N
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 Y
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<PAGE> PAGE 22
070 O010600 N
070 O020600 N
070 P010600 N
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
070 L020700 Y
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<PAGE> PAGE 26
073 A020700 0.0000
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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SIGNATURE PAMELA RILEY
TITLE PARALEGAL
November 18, 1997
To the Shareholders and Board of Directors of
Sanford C. Bernstein Fund, Inc.
In planning and performing our audit of the financial statements of
Sanford C. Bernstein Fund, Inc. (the "Fund") for the year ended
September 30, 1997, we considered its internal control, including
control activities for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing our opinion
on the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess
the expected benefits and related costs of control activities.
Generally, control activities that are relevant to an audit pertain
to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally
accepted accounting principles. Those control activities include
the safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose
all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design
or operation of any specific internal control components does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions.
However, we noted no matters involving internal control, including
control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of September 30, 1997.
This report is intended solely for the information and use of management
and the Board of Directors of the Fund and the Securities and Exchange
Commission.
PRICE WATERHOUSE LLP
N-SAR Filing for Year Ending September 30, 1997
Sanford C. Bernstein Fund, Inc. (the "Fund")
CIK No. 0000832808
Sub-Item 77O Exhibit
International Value Portfolio (Series No. 7) (the "Portfolio")
Transactions Effected Pursuant to Rule 10f-3
On July 14, 1997, the Portfolio purchased from Morgan Stanley Dean
Witter 3,250 common shares of Sulzer Medica Ltd. purchased for
CHF 2,100,000. The aggregate number and value of securities offered
through the underwriting syndicate was 2.3 million shares for
CHF 805,000,000.
The other members of the underwriting syndicate were:
Swiss Underwriters:
Swiss Bank Corporation, acting through its division SBC Warburg
Credit Suisse First Boston
Union Bank of Switzerland
Bank Morgan Stanley AG
Zurcher Kantonalbank
Bank Julius Baer & Co. AG
Pictet & Cie
Bank Sarasin & Co.
Bank J. Vontobel & Co. AG
U.S. Underwriters:
Morgan Stanley & Co. Incorporated
Credit Suisse First Boston Corporation
SBC Warburg Inc.
UBS Securities LLC
Alex. Brown & Sons Incorporated
Cowen & Company
Dillon, Read & Co., Inc.
Goldman, Sachs & Co.
Hambrecht & Quist LLC
Lehman Brothers Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Sanford C. Bernstein & Co., Inc.
William Blair & Company
Dain Bosworth Incorporated
Furman Selz LLC
Edward D. Jones & Co., L.P.
International Underwriters:
Morgan Stanley & Co., International Limited
UBS Limited
Credit Suisse First Boston (Europe) Limited
Goldman Sachs International
Swiss Bank Corporation, acting through its division SBC Warburg
HSBC Investment Bank plc
ABN AMRO Rothschild
Barclays De Zoete Wedd Limited
Commerzbank Aktiengesellschaft
Advance Subscription Underwriters:
Morgan Stanley & Co., International Limited
Swiss Bank Corporation, acting through its division SBC Warburg
Union Bank of Switzerland
Credit Suisse First Boston
Morgan Stanley & Co., Incorporated
Goldman Sachs International
Zurcher Kantonalbank
HSBC Investment Bank plc
Bank Julius Baer & Co. AG
Pictet & Cie
Bank Sarasin & Co.
Bank J. Vontobel & Co. AG
ABN AMRO Rothschild
Barclays De Zoete Wedd Limited
Commerzbank Aktiengesellschaft
The Board of Directors of the Fund has adopted procedures pursuant to
Rule 10f-3 of the Investment Company Act of 1940 (the "10f-3 Procedures").
In accordance with the 10f-3 Procedures, the Board of Directors was
provided with written certification of the satisfaction of each condition of
the 10f-3 Procedures in connection with the purchase by the International
Value Portfolio of the Sulzer Medical Ltd. shares. The written certification
follows.
Memorandum
To: Board of Directors, Sanford C. Bernstein Fund, Inc. (the "Fund")
From: Andy Adelson
Date: September 18, 1997
Subject: Bernstein International Value Portfolio - Rule 10f-3 Transactions
The Fund's Rule 10f-3 Procedures (the "Procedures") permit the
Fund to purchase securities from an underwriting syndicate
in which Sanford C. Bernstein & Co., Inc. ("Bernstein") is a
participant so long as the conditions set forth in the Fund's 10f-3
Procedures are satisfied. These conditions are designed to ensure
the fairness of the transaction to the Fund. A copy of the Fund's
10f-3 Procedures are included in the materials distributed to the
Board as Exhibit C.
Under the Procedures, the portfolio managers responsible for
managing the Fund are required to review quarterly all purchases
made pursuant to the Procedures and certify to the Directors
that all of the conditions set forth in the Procedures have been met.
A majority of the Directors who are not interested persons of the
Fund are required to determine that all such purchases during
the preceding quarter were effected in compliance with the Procedures.
During the two-month period ended August 31, 1997, the
International Value Portfolio purchased 3,250 common shares
of Sulzer Medica Ltd. (the "securities") for CHF 2,100,000
(approximately US $1.4 million) from an underwriting syndicate
in which Bernstein was a participant. As Chief Investment
Officer of the International Value Portfolio, I certify to the
Directors of the Fund that each of the conditions set forth
in clauses (a) - (g) of paragraph 1 of the Procedures
were met in connection with the purchase of the securities:
(a) The securities purchased were:
(i) part of an issue registered under the Securities Act of
1933 which was being offered to the public;
(ii) purchased at not more than the public offering price
prior to the end of the first full business day after the first
date on which the issue was offered to the public(FN1); and
(iii) offered pursuant to an underwriting agreement under
which the underwriters are committed to purchase all of
the securities being offered, except those purchased by
others pursuant to a rights offering, if the underwriters
purchase any thereof.
(b) The appropriate officers of Bernstein have determined
that the commission, spread or profit received by the
principal underwriters was reasonable and fair compared
to the commission, spread or profit received by other such
persons in connection with the underwriting of similar
securities being sold during a comparable period of time.
(c) The issuer of the securities has been in continuous
operation for not less than three years, including the
operations of any predecessors.
(d) The amount of the securities purchased by the
International Value Portfolio did not exceed 4%
of the principal amount of the offering, which was
approximately $21.8 million.
(e) The consideration paid by the International Value
Portfolio in purchasing the securities did not exceed 3%
of the Portfolio's total assets.
(f) The International Value Portfolio purchased the
securities from Morgan Stanley Dean Witter
("Morgan Stanley"), the syndicate manager, and thus
did not purchase the securities directly or indirectly
from an officer, Director, or employee of the Fund,
from Bernstein, or from a person of which any such
officer, Director or employee of the Fund or Bernstein
is an affiliated person. Bernstein did not benefit
in any way, directly or indirectly, as a result of
the Portfolio's purchase of the securities from
Morgan Stanley.
(g) The purchase of these securities shall be
reported on Form N-SAR filed with the Securities
and Exchange Commission in November, 1998 with
respect to the six-month period of operations of the
Fund ended September 30, 1998.
(FN1) The Commission "has interpreted this provision to
mean that the investment company must make its
acquisition on the first business day of the offering at
no more than the initial public offering price."
Investment Company Act of 1940 Release No. 14924
(January 29, 1986). Since Section 10(f) of the
Investment Company Act of 1940 only prohibits
an investment company from purchasing a security
during the existence of an underwriting syndicate,
once the underwriting syndicate has broken after
the public offering, the security can be purchased
in the open market.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the N-SAR
answer file for the one year ending September 30, 1997 and is qualified in its
entirety by reference to the N-SAR answer file for the one year ending September
30, 1997 for the Bernstein Government Short Duration Portfolio.
</LEGEND>
<SERIES>
<NUMBER> 01
<NAME> BERNSTEIN GOVERNMENT SHORT DURATION
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 142,953,104
<INVESTMENTS-AT-VALUE> 143,666,594
<RECEIVABLES> 1,939,972
<ASSETS-OTHER> 908
<OTHER-ITEMS-ASSETS> 3,270
<TOTAL-ASSETS> 145,610,744
<PAYABLE-FOR-SECURITIES> 3,073,387
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 456,087
<TOTAL-LIABILITIES> 3,529,474
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 143,279,584
<SHARES-COMMON-STOCK> 11,337,360
<SHARES-COMMON-PRIOR> 11,198,989
<ACCUMULATED-NII-CURRENT> 55,344
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,951,188)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 686,193
<NET-ASSETS> 142,081,270
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,230,292
<OTHER-INCOME> 0
<EXPENSES-NET> 951,212
<NET-INVESTMENT-INCOME> 7,279,080
<REALIZED-GAINS-CURRENT> 34,364
<APPREC-INCREASE-CURRENT> 525,741
<NET-CHANGE-FROM-OPS> 7,839,185
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,279,080
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,264,809
<NUMBER-OF-SHARES-REDEEMED> 4,381,871
<SHARES-REINVESTED> 255,433
<NET-CHANGE-IN-ASSETS> 2,279,132
<ACCUMULATED-NII-PRIOR> 55,344
<ACCUMULATED-GAINS-PRIOR> (1,985,552)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 684,405
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 951,212
<AVERAGE-NET-ASSETS> 137,264,014
<PER-SHARE-NAV-BEGIN> 12.48
<PER-SHARE-NII> 0.67
<PER-SHARE-GAIN-APPREC> 0.05
<PER-SHARE-DIVIDEND> 0.67
<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> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the N-SAR
answer file for the one year ending September 30, 1997 and is qualified in its
entirety by reference to the N-SAR answer file for the one year ending September
30, 1997 for the Bernstein Short Duration Plus Portfolio.
</LEGEND>
<SERIES>
<NUMBER> 02
<NAME> BERNSTEIN SHORT DURATION PLUS
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 621,112,789
<INVESTMENTS-AT-VALUE> 621,008,343
<RECEIVABLES> 9,445,858
<ASSETS-OTHER> 6,251,208
<OTHER-ITEMS-ASSETS> 131,052
<TOTAL-ASSETS> 636,836,461
<PAYABLE-FOR-SECURITIES> 21,613,064
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,479,140
<TOTAL-LIABILITIES> 24,092,204
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 614,788,838
<SHARES-COMMON-STOCK> 48,893,478
<SHARES-COMMON-PRIOR> 43,129,203
<ACCUMULATED-NII-CURRENT> (4,051,268)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,342,722
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (384,929)
<NET-ASSETS> 612,744,257
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 35,118,392
<OTHER-INCOME> 0
<EXPENSES-NET> 3,768,415
<NET-INVESTMENT-INCOME> 31,349,977
<REALIZED-GAINS-CURRENT> 5,442,212
<APPREC-INCREASE-CURRENT> (1,707,292)
<NET-CHANGE-FROM-OPS> 35,084,897
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 32,676,633
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 201,114,755
<NUMBER-OF-SHARES-REDEEMED> 15,307,639
<SHARES-REINVESTED> 957,167
<NET-CHANGE-IN-ASSETS> 74,496,517
<ACCUMULATED-NII-PRIOR> 959,835
<ACCUMULATED-GAINS-PRIOR> (6,783,937)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,913,990
<INTEREST-EXPENSE> 2,530
<GROSS-EXPENSE> 3,768,415
<AVERAGE-NET-ASSETS> 583,059,215
<PER-SHARE-NAV-BEGIN> 12.48
<PER-SHARE-NII> 0.67
<PER-SHARE-GAIN-APPREC> 0.08
<PER-SHARE-DIVIDEND> 0.70
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.53
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the N-SAR
answer file for the one year ending September 30, 1997 and is qualified in its
entirety by reference to the N-SAR answer file for the one year ending September
30, 1997 for the Bernstein New York Municipal Portfolio.
</LEGEND>
<SERIES>
<NUMBER> 03
<NAME> BERNSTEIN NEW YORK MUNICIPAL
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 640,610,953
<INVESTMENTS-AT-VALUE> 660,777,165
<RECEIVABLES> 12,518,719
<ASSETS-OTHER> 827
<OTHER-ITEMS-ASSETS> 15,245
<TOTAL-ASSETS> 673,311,956
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,611,725
<TOTAL-LIABILITIES> 1,611,725
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 651,606,907
<SHARES-COMMON-STOCK> 49,309,430
<SHARES-COMMON-PRIOR> 40,396,394
<ACCUMULATED-NII-CURRENT> 9,519
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (131,717)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20,166,212
<NET-ASSETS> 671,700,231
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 31,136,224
<OTHER-INCOME> 0
<EXPENSES-NET> 3,919,506
<NET-INVESTMENT-INCOME> 27,216,718
<REALIZED-GAINS-CURRENT> 1,118,095
<APPREC-INCREASE-CURRENT> 11,126,668
<NET-CHANGE-FROM-OPS> 39,461,481
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 27,216,718
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,729,863
<NUMBER-OF-SHARES-REDEEMED> 7,417,377
<SHARES-REINVESTED> 600,550
<NET-CHANGE-IN-ASSETS> 132,483,493
<ACCUMULATED-NII-PRIOR> 9,519
<ACCUMULATED-GAINS-PRIOR> (1,249,812)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,013,735
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,919,506
<AVERAGE-NET-ASSETS> 603,474,017
<PER-SHARE-NAV-BEGIN> 13.35
<PER-SHARE-NII> 0.61
<PER-SHARE-GAIN-APPREC> 0.27
<PER-SHARE-DIVIDEND> 0.61
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.62
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the N-SAR
answer file for the one year ending September 30, 1997 and is qualified in its
entirety by reference to the N-SAR answer file for the one year ending September
30, 1997 for the Bernstein Diversified Municipal Portfolio.
</LEGEND>
<SERIES>
<NUMBER> 04
<NAME> BERNSTEIN DIVERSIFIED MUNICIPAL
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 1,071,920,436
<INVESTMENTS-AT-VALUE> 1,106,723,788
<RECEIVABLES> 23,237,486
<ASSETS-OTHER> 90,940
<OTHER-ITEMS-ASSETS> 24,849
<TOTAL-ASSETS> 1,130,077,063
<PAYABLE-FOR-SECURITIES> 11,689,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,013,598
<TOTAL-LIABILITIES> 15,702,598
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,079,773,338
<SHARES-COMMON-STOCK> 81,114,898
<SHARES-COMMON-PRIOR> 61,061,135
<ACCUMULATED-NII-CURRENT> 72,588
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (355,930)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34,803,353
<NET-ASSETS> 1,114,374,465
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 49,084,335
<OTHER-INCOME> 0
<EXPENSES-NET> 6,286,392
<NET-INVESTMENT-INCOME> 42,797,943
<REALIZED-GAINS-CURRENT> 921,074
<APPREC-INCREASE-CURRENT> 21,574,271
<NET-CHANGE-FROM-OPS> 65,293,288
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 42,797,943
<DISTRIBUTIONS-OF-GAINS> 787,195
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 30,378,901
<NUMBER-OF-SHARES-REDEEMED> 11,115,453
<SHARES-REINVESTED> 790,315
<NET-CHANGE-IN-ASSETS> 293,979,156
<ACCUMULATED-NII-PRIOR> 52,427
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (469,648)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,812,090
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,286,392
<AVERAGE-NET-ASSETS> 965,960,791
<PER-SHARE-NAV-BEGIN> 13.44
<PER-SHARE-NII> 0.60
<PER-SHARE-GAIN-APPREC> 0.31
<PER-SHARE-DIVIDEND> 0.60
<PER-SHARE-DISTRIBUTIONS> 0.01
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.74
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the N-SAR
answer file for the one year ending September 30, 1997 and is qualified in its
entirety by reference to the N-SAR answer file for the one year ending September
30, 1997 for the Bernstein Intermediate Duration Portfolio.
</LEGEND>
<SERIES>
<NUMBER> 05
<NAME> BERNSTEIN INTERMEDIATE DURATION
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 2,345,900,626
<INVESTMENTS-AT-VALUE> 2,358,685,754
<RECEIVABLES> 173,313,620
<ASSETS-OTHER> 28,401,176
<OTHER-ITEMS-ASSETS> 649,034
<TOTAL-ASSETS> 2,561,049,584
<PAYABLE-FOR-SECURITIES> 496,393,192
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,435,900
<TOTAL-LIABILITIES> 502,829,092
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,014,789,216
<SHARES-COMMON-STOCK> 153,832,223
<SHARES-COMMON-PRIOR> 11,005,316
<ACCUMULATED-NII-CURRENT> (14,679,196)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 448,894,656
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,067,174
<NET-ASSETS> 2,058,220,492
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 108,701,495
<OTHER-INCOME> 0
<EXPENSES-NET> 10,818,097
<NET-INVESTMENT-INCOME> 97,883,398
<REALIZED-GAINS-CURRENT> 37,496,139
<APPREC-INCREASE-CURRENT> 9,204,467
<NET-CHANGE-FROM-OPS> 144,584,004
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 104,555,087
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 62,200,789
<NUMBER-OF-SHARES-REDEEMED> 21,358,980
<SHARES-REINVESTED> 1,985,098
<NET-CHANGE-IN-ASSETS> 606,444,356
<ACCUMULATED-NII-PRIOR> 6,044,673
<ACCUMULATED-GAINS-PRIOR> (6,658,854)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,347,557
<INTEREST-EXPENSE> 13,606
<GROSS-EXPENSE> 10,818,097
<AVERAGE-NET-ASSETS> 1,746,099,119
<PER-SHARE-NAV-BEGIN> 13.08
<PER-SHARE-NII> 0.75
<PER-SHARE-GAIN-APPREC> 0.35
<PER-SHARE-DIVIDEND> 0.80
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.38
<EXPENSE-RATIO> 0.62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the N-SAR
answer file for the one year ending September 30, 1997 and is qualified in its
entirety by reference to the N-SAR answer file for the one year ending September
30, 1997 for the Bernstein California Municipal Portfolio.
</LEGEND>
<SERIES>
<NUMBER> 06
<NAME> BERNSTEIN CALIFORNIA MUNICIPAL
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 408,427,630
<INVESTMENTS-AT-VALUE> 420,721,799
<RECEIVABLES> 8,873,296
<ASSETS-OTHER> 71,113
<OTHER-ITEMS-ASSETS> 8,870
<TOTAL-ASSETS> 429,675,078
<PAYABLE-FOR-SECURITIES> 17,103,422
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,187,227
<TOTAL-LIABILITIES> 18,290,649
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 399,126,942
<SHARES-COMMON-STOCK> 29,590,176
<SHARES-COMMON-PRIOR> 21,046,745
<ACCUMULATED-NII-CURRENT> (31,860)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (34,413)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,294,169
<NET-ASSETS> 411,384,429
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 16,725,918
<OTHER-INCOME> 0
<EXPENSES-NET> 2,264,177
<NET-INVESTMENT-INCOME> 14,461,741
<REALIZED-GAINS-CURRENT> 672,821
<APPREC-INCREASE-CURRENT> 7,475,656
<NET-CHANGE-FROM-OPS> 22,610,218
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 14,461,741
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,046,313
<NUMBER-OF-SHARES-REDEEMED> 4,762,980
<SHARES-REINVESTED> 260,098
<NET-CHANGE-IN-ASSETS> 125,626,594
<ACCUMULATED-NII-PRIOR> (31,860)
<ACCUMULATED-GAINS-PRIOR> (707,234)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,695,825
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,264,177
<AVERAGE-NET-ASSETS> 340,783,391
<PER-SHARE-NAV-BEGIN> 13.58
<PER-SHARE-NII> 0.59
<PER-SHARE-GAIN-APPREC> 0.32
<PER-SHARE-DIVIDEND> 0.59
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.90
<EXPENSE-RATIO> 0.67
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the N-SAR
answer file for the one year ending September 30, 1997 and is qualified in its
entirety by reference to the N-SAR answer file for the one year ending September
30, 1997 for the Bernstein International Value Portfolio.
</LEGEND>
<SERIES>
<NUMBER> 07
<NAME> BERNSTEIN INTERNATIONAL VALUE
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 4,315,130,556
<INVESTMENTS-AT-VALUE> 4,939,664,189
<RECEIVABLES> 42,019,025
<ASSETS-OTHER> 895,956,033
<OTHER-ITEMS-ASSETS> 44,911,664
<TOTAL-ASSETS> 5,922,550,911
<PAYABLE-FOR-SECURITIES> 41,021,365
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 915,531,678
<TOTAL-LIABILITIES> 956,553,043
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,925,784,801
<SHARES-COMMON-STOCK> 237,367,711
<SHARES-COMMON-PRIOR> 172,644,553
<ACCUMULATED-NII-CURRENT> (207,902,361)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 625,127,166
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 622,750,894
<NET-ASSETS> 4,965,997,868
<DIVIDEND-INCOME> 62,958,007
<INTEREST-INCOME> 42,007,713
<OTHER-INCOME> 0
<EXPENSES-NET> 50,611,294
<NET-INVESTMENT-INCOME> 54,354,426
<REALIZED-GAINS-CURRENT> 401,929,752
<APPREC-INCREASE-CURRENT> 389,153,860
<NET-CHANGE-FROM-OPS> 845,438,038
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 177,062,085
<DISTRIBUTIONS-OF-GAINS> 39,191,692
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 76,579,608
<NUMBER-OF-SHARES-REDEEMED> 23,582,282
<SHARES-REINVESTED> 11,725,832
<NET-CHANGE-IN-ASSETS> 1,834,739,607
<ACCUMULATED-NII-PRIOR> 145,202,508
<ACCUMULATED-GAINS-PRIOR> 31,991,896
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 37,754,997
<INTEREST-EXPENSE> 1,352
<GROSS-EXPENSE> 50,611,294
<AVERAGE-NET-ASSETS> 3,971,445,487
<PER-SHARE-NAV-BEGIN> 18.14
<PER-SHARE-NII> 0.26
<PER-SHARE-GAIN-APPREC> 3.73
<PER-SHARE-DIVIDEND> 0.99
<PER-SHARE-DISTRIBUTIONS> 0.22
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.92
<EXPENSE-RATIO> 1.27
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the N-SAR
answer file for the one year ending September 30, 1997 and is qualified in its
entirety by reference to the N-SAR answer file for the one year ending September
30, 1997 for the Bernstein Short Duration New York Municipal Portfolio.
</LEGEND>
<SERIES>
<NUMBER> 08
<NAME> BERNSTEIN SHORT DURATION NEW YORK MUNICIPAL
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 75,119,064
<INVESTMENTS-AT-VALUE> 75,130,856
<RECEIVABLES> 1,187,410
<ASSETS-OTHER> 16,064
<OTHER-ITEMS-ASSETS> 4,928
<TOTAL-ASSETS> 76,339,258
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 197,495
<TOTAL-LIABILITIES> 197,495
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 76,035,519
<SHARES-COMMON-STOCK> 6,105,588
<SHARES-COMMON-PRIOR> 4,693,828
<ACCUMULATED-NII-CURRENT> 172
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 88,174
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,792
<NET-ASSETS> 76,141,763
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,291,349
<OTHER-INCOME> 0
<EXPENSES-NET> 526,143
<NET-INVESTMENT-INCOME> 2,765,206
<REALIZED-GAINS-CURRENT> 95,685
<APPREC-INCREASE-CURRENT> (167,004)
<NET-CHANGE-FROM-OPS> 2,693,887
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,765,206
<DISTRIBUTIONS-OF-GAINS> 201,609
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,862,743
<NUMBER-OF-SHARES-REDEEMED> 3,559,396
<SHARES-REINVESTED> 108,413
<NET-CHANGE-IN-ASSETS> 17,391,529
<ACCUMULATED-NII-PRIOR> 172
<ACCUMULATED-GAINS-PRIOR> 194,098
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 347,018
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 526,143
<AVERAGE-NET-ASSETS> 69,180,471
<PER-SHARE-NAV-BEGIN> 12.52
<PER-SHARE-NII> 0.50
<PER-SHARE-GAIN-APPREC> (0.01)
<PER-SHARE-DIVIDEND> 0.50
<PER-SHARE-DISTRIBUTIONS> 0.04
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.47
<EXPENSE-RATIO> 0.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the N-SAR
answer file for the one year ending September 30, 1997 and is qualified in its
entirety by reference to the N-SAR answer file for the one year ending September
30, 1997 for the Bernstein Short Duration Diversified Municipal Portfolio.
</LEGEND>
<SERIES>
<NUMBER> 09
<NAME> BERNSTEIN SHORT DURATION DIVERSIFIED MUNICIPAL
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 151,608,540
<INVESTMENTS-AT-VALUE> 152,045,048
<RECEIVABLES> 3,535,412
<ASSETS-OTHER> 11,509
<OTHER-ITEMS-ASSETS> 451
<TOTAL-ASSETS> 155,592,420
<PAYABLE-FOR-SECURITIES> 3,217,297
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 553,711
<TOTAL-LIABILITIES> 3,771,008
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 151,021,152
<SHARES-COMMON-STOCK> 12,089,969
<SHARES-COMMON-PRIOR> 9,516,156
<ACCUMULATED-NII-CURRENT> (9,678)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 361,340
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 436,508
<NET-ASSETS> 151,821,412
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,922,097
<OTHER-INCOME> 0
<EXPENSES-NET> 972,030
<NET-INVESTMENT-INCOME> 4,950,067
<REALIZED-GAINS-CURRENT> 373,938
<APPREC-INCREASE-CURRENT> 105,400
<NET-CHANGE-FROM-OPS> 5,429,405
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,950,067
<DISTRIBUTIONS-OF-GAINS> 123,013
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,964,084
<NUMBER-OF-SHARES-REDEEMED> 7,527,905
<SHARES-REINVESTED> 137,634
<NET-CHANGE-IN-ASSETS> 32,725,450
<ACCUMULATED-NII-PRIOR> (9,678)
<ACCUMULATED-GAINS-PRIOR> 110,415
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 671,962
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 972,030
<AVERAGE-NET-ASSETS> 135,752,384
<PER-SHARE-NAV-BEGIN> 12.52
<PER-SHARE-NII> 0.46
<PER-SHARE-GAIN-APPREC> 0.05
<PER-SHARE-DIVIDEND> 0.46
<PER-SHARE-DISTRIBUTIONS> 0.01
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.56
<EXPENSE-RATIO> 0.72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the N-SAR
answer file for the one year ending September 30, 1997 and is qualified in its
entirety by reference to the N-SAR answer file for the one year ending September
30, 1997 for the Bernstein Short Duration California Municipal Portfolio.
</LEGEND>
<SERIES>
<NUMBER> 10
<NAME> BERNSTEIN SHORT DURATION CALIFORNIA MUNICIPAL
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 80,977,355
<INVESTMENTS-AT-VALUE> 81,280,860
<RECEIVABLES> 7,946,586
<ASSETS-OTHER> 66,504
<OTHER-ITEMS-ASSETS> 4,698
<TOTAL-ASSETS> 89,298,648
<PAYABLE-FOR-SECURITIES> 2,108,381
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 879,416
<TOTAL-LIABILITIES> 2,987,797
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 85,981,094
<SHARES-COMMON-STOCK> 6,875,216
<SHARES-COMMON-PRIOR> 5,819,554
<ACCUMULATED-NII-CURRENT> (20,838)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 40,215
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 303,505
<NET-ASSETS> 86,310,851
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,277,115
<OTHER-INCOME> 0
<EXPENSES-NET> 561,259
<NET-INVESTMENT-INCOME> 2,715,856
<REALIZED-GAINS-CURRENT> 40,413
<APPREC-INCREASE-CURRENT> 133,566
<NET-CHANGE-FROM-OPS> 2,889,835
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,715,856
<DISTRIBUTIONS-OF-GAINS> 72,490
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,015,641
<NUMBER-OF-SHARES-REDEEMED> 4,047,977
<SHARES-REINVESTED> 87,998
<NET-CHANGE-IN-ASSETS> 13,385,583
<ACCUMULATED-NII-PRIOR> (20,838)
<ACCUMULATED-GAINS-PRIOR> 72,292
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 380,701
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 561,259
<AVERAGE-NET-ASSETS> 76,033,740
<PER-SHARE-NAV-BEGIN> 12.53
<PER-SHARE-NII> 0.45
<PER-SHARE-GAIN-APPREC> 0.03
<PER-SHARE-DIVIDEND> 0.45
<PER-SHARE-DISTRIBUTIONS> 0.01
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.55
<EXPENSE-RATIO> 0.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the N-SAR
answer file for the one year ending September 30, 1997 and is qualified in its
entirety by reference to the N-SAR answer file for the one year ending September
30, 1997 for the Bernstein Emerging Markets Value Portfolio.
</LEGEND>
<SERIES>
<NUMBER> 11
<NAME> BERNSTEIN EMERGING MARKETS VALUE
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 460,289,906
<INVESTMENTS-AT-VALUE> 431,297,699
<RECEIVABLES> 2,686,305
<ASSETS-OTHER> 47,440
<OTHER-ITEMS-ASSETS> 6,170,681
<TOTAL-ASSETS> 440,202,125
<PAYABLE-FOR-SECURITIES> 874,846
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,022,231
<TOTAL-LIABILITIES> 1,897,077
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 454,237,824
<SHARES-COMMON-STOCK> 19,447,363
<SHARES-COMMON-PRIOR> 12,554,385
<ACCUMULATED-NII-CURRENT> 3,061,030
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10,077,702
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (29,090,955)
<NET-ASSETS> 438,285,601
<DIVIDEND-INCOME> 8,414,240
<INTEREST-INCOME> 419,888
<OTHER-INCOME> 0
<EXPENSES-NET> 6,623,824
<NET-INVESTMENT-INCOME> 2,210,304
<REALIZED-GAINS-CURRENT> 11,079,001
<APPREC-INCREASE-CURRENT> (10,830,999)
<NET-CHANGE-FROM-OPS> 2,458,306
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,152,059
<DISTRIBUTIONS-OF-GAINS> 290,473
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,748,663
<NUMBER-OF-SHARES-REDEEMED> 918,731
<SHARES-REINVESTED> 63,046
<NET-CHANGE-IN-ASSETS> 164,380,916
<ACCUMULATED-NII-PRIOR> 1,009,720
<ACCUMULATED-GAINS-PRIOR> 282,239
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,723,410
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,623,824
<AVERAGE-NET-ASSETS> 375,501,347
<PER-SHARE-NAV-BEGIN> 21.82
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> 0.68
<PER-SHARE-DIVIDEND> 0.08
<PER-SHARE-DISTRIBUTIONS> 0.02
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 22.54
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
