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


                                                     June 8, 2015


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

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

Dear Sirs:

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

      (i) The Investment Company Blanket Bond (the "Bond") for the period May
15, 2015 to May 15, 2016, on which AllianceBernstein L.P. and the Funds are the
named insureds (Exhibit A);

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


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

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

                                                   Sincerely,

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

Enclosures



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



                Name of Fund                                      File No.
                ------------                                      --------

AB BLENDED STYLE SERIES, INC.                                    811-21081
AB BOND FUND, INC.                                               811-02383
AB CAP FUND, INC.                                                811-01716
AB CORE OPPORTUNITIES FUND, INC.                                 811-09687
AB CORPORATE SHARES                                              811-21497
AB DISCOVERY GROWTH FUND, INC.                                   811-00204
AB EQUITY INCOME FUND, INC.                                      811-07916
AB EXCHANGE RESERVES                                             811-08294
AB FIXED-INCOME SHARES, INC.                                     811-06068
AB GLOBAL BOND FUND, INC.                                        811-06554
AB GLOBAL REAL ESTATE INVESTMENT FUND, INC.                      811-07707
AB GLOBAL RISK ALLOCATION FUND, INC.                             811-00134
AB GLOBAL THEMATIC GROWTH FUND, INC.                             811-03131
AB GROWTH AND INCOME FUND, INC.                                  811-00126
AB HIGH INCOME FUND, INC.                                        811-08188
AB INSTITUTIONAL FUNDS, INC.                                     811-08403
AB INTERNATIONAL GROWTH FUND, INC.                               811-08426
AB LARGE CAP GROWTH FUND, INC.                                   811-06730
AB MULTI-MANAGER ALTERNATIVE FUND                                811-22671
AB MUNICIPAL INCOME FUND, INC.                                   811-04791
AB MUNICIPAL INCOME FUND II                                      811-07618
AB TRUST                                                         811-10221
AB UNCONSTRAINED BOND FUND, INC.                                 811-07391
AB VARIABLE PRODUCTS SERIES FUND, INC.                           811-05398
ALLIANCE CALIFORNIA MUNICIPAL INCOME FUND, INC.                  811-10575
ALLIANCE NEW YORK MUNICIPAL INCOME FUND, INC.                    811-10577
ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND, INC.                  811-07732
ALLIANCEBERNSTEIN INCOME FUND, INC.                              811-05207
ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND, INC.           811-10573
SANFORD C. BERNSTEIN FUND, INC.                                  811-05555
SANFORD C. BERNSTEIN FUND II, INC.                               811-21034
THE AB POOLING PORTFOLIOS                                        811-21673
THE AB PORTFOLIOS                                                811-05088





                              POLICYHOLDER NOTICE

Thank you for purchasing insurance from a member company of American
International Group, Inc. (AIG). The AIG member companies generally pay
compensation to brokers and independent agents, and may have paid compensation
in connection with your policy. You can review and obtain information about the
nature and range of compensation paid by AIG member companies to brokers and
independent agents in the United States by visiting our website at
www.aig.com/producercompensation or by calling 1-800-706-3102.
--------------------------------







                                                                       EXHIBIT A

[AIG LOGO]

            National Union Fire Insurance Company of Pittsburgh, Pa.
                                                         A capital stock company
--------------------------------------------------------------------------------
POLICY NUMBER: 02-133-76-34           REPLACEMENT OF POLICY NUMBER: 01-137-73-82


                        INVESTMENT COMPANY BLANKET BOND

                                 DECLARATIONS:

--------------------------------------------------------------------------------
ITEM 1.     Name of Insured (herein called Insured):

            AllianceBernstein Complex of Registered Investment Companies

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

--------------------------------------------------------------------------------
ITEM 2.     Bond Period: from 12:01 a.m. 05/15/2015 to 05/15/2016 the effective
            date of the termination or cancellation of this bond, standard time
            at the Principal Address as to each of said dates.

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

                                                       Single Loss
                                                       Limit of      Single Loss
                                                       Liability     Deductible

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

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

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

--------------------------------------------------------------------------------
ITEM 5.     The liability of the Underwriter is subject to the terms of the
            following riders attached thereto: : Endorsement #1, #2, #3, #4, #5,
            #6, #7, #8, #9, #10, #11, #12, #13, #14, #15,#16, #17, #18, #19.

--------------------------------------------------------------------------------
ITEM 6.     The Insured by the acceptance of this bond gives to the Underwriter
            terminating or canceling prior bond(s) or policy(ies) No.(s)
            01-137-73-82 such termination or cancellation to be effective as of
            the time this bond becomes effective.

--------------------------------------------------------------------------------

PREMIUM: $68,734 of $171,835




IN WITNESS WHEREOF, the Insurer has caused this Policy to be signed by its
President, Secretary and Authorized Representative. This Policy shall not be
valid unless signed below at the time of issuance by an authorized
representative of the insurer.



/s/                                                /s/
---------------------------                        -----------------------------
       PRESIDENT                                           SECRETARY
National Union Fire Insurance                      National Union Fire Insurance
Company of Pittsburg, P.A.                         Company of Pittsburg, P.A.




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



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







AON RISK SERVICES NORTHEAST INC
199 WATER ST
NEW YORK, NY 10038-3526





[AIG LOGO]

            National Union Fire Insurance Company of Pittsburgh, Pa.
                                                         A capital stock company

                        INVESTMENT COMPANY BLANKET BOND

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

                              INSURING AGREEMENTS

(A) FIDELITY

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

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

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

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

(B) AUDIT EXPENSE

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

(C) ON PREMISES

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

                             Offices and Equipment

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

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

(D) IN TRANSIT

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

(E) FORGERY OR ALTERATION

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

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

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

(F) SECURITIES

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

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

            (a)   counterfeited, or

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

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

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

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

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

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

(G) COUNTERFEIT CURRENCY

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

(H) STOP PAYMENT

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

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

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

(I) UNCOLLECTIBLE ITEMS OF DEPOSIT

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

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

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

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



                               GENERAL AGREEMENTS

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

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

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

B. WARRANTY

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

C. COURT COSTS AND ATTORNEYS' FEES

      (Applicable to all Insuring Agreements or Coverages now or hereafter
      forming part of this bond)

The Underwriter will indemnify the Insured against court costs and reasonable
attorneys' fees incurred and paid by the Insured in defense, whether or not
successful, whether or not fully litigated on the merits and whether or not
settled of any suit or legal proceeding brought against the Insured to enforce
the Insured's liability or alleged liability on account of apply only in the
event that

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

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

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

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

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

D. FORMER EMPLOYEE

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



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

SECTION 1. DEFINITIONS

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

      (a)   "Employee" means:

            (1)   any of the Insured's officers, partners, or employees, and

            (2)   any of the officers or employees of any predecessor of the
                  Insured whose principal assets are acquired by the Insured by
                  consolidation or merger with, or purchase of assets or capital
                  stock of such predecessor. and

            (3)   attorneys retained by the Insured to perform legal services
                  for the Insured and the employees of such attorneys while such
                  attorneys or the employees of such attorneys are performing
                  such services for the Insured, and

            (4)   guest students pursuing their studies or duties in any of the
                  Insureds offices, and

            (5)   directors or trustees of the Insured, the investment advisor,
                  underwriter (distributor), transfer agent, or shareholder
                  accounting record keeper, or administrator authorized by
                  written agreement to keep financial and/or other required
                  records, but only while performing acts coming within the
                  scope of the usual duties of an officer or employee or while
                  acting as a member of any committee duly elected or appointed
                  to examine or audit or have custody of or access to the
                  Property of the Insured, and

            (6)   any individual or individuals assigned to perform the usual
                  duties of an employee within the premises of the Insured, by
                  contract, or by any agency furnishing temporary personnel on a
                  contingent or part-time basis, and

            (7)   each natural person, partnership or corporation authorized by
                  written agreement with the Insured to perform services as
                  electronic data processor of checks or other accounting
                  records of the Insured, but excluding any such processor who
                  acts as transfer agent or in any other agency capacity in
                  issuing checks, drafts or securities for the Insured, unless
                  included under Sub-section (9) hereof, and

            (8)   those persons so designated in Section 15, Central Handling of
                  Securities, and

            (9)   any officer, partner or Employee of
                  a) an investment advisor,
                  b) an underwriter (distributor),
                  c) a transfer agent or shareholder accounting record- keeper,
                     or
                  d) an administrator authorized by written agreement to keep
                     financial and/or other required records,

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

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

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

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

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

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

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

SECTION 2. EXCLUSIONS

THIS BOND DOES NOT COVER:

      (a)   loss effected directly or indirectly by means of forgery or
            alteration of, on or in any instrument, except when covered by
            Insuring Agreement (A), (E), (F) or (G).

      (b)   loss due to riot or civil commotion outside the United States of
            America and Canada; or loss due to military, naval or usurped power,
            war or insurrection unless such loss occurs in transit in the
            circumstances recited in Insuring Agreement (D), and unless, when
            such transit was initiated, there was no knowledge of such riot,
            civil commotion, military, naval or usurped power, war or
            insurrection on the part of any person acting for the Insured in
            initiating such transit.

      (c)   loss, in time of peace or war, directly or indirectly caused by or
            resulting from the effects of nuclear fission or fusion or
            radioactivity; provided, however, that this paragraph shall not
            apply to loss resulting from industrial uses of nuclear energy.

      (d)   loss resulting from any wrongful act or acts of any person who is a
            member of the Board of Directors of the Insured or a member of any
            equivalent body by whatsoever name known unless such person is also
            an Employee or an elected official, partial owner or partner of the
            Insured in some other capacity, nor, in any event, loss resulting
            from the act or acts of any person while acting in the capacity of a
            member of such Board or equivalent body.

      (e)   loss resulting from the complete or partial non-payment of, or
            default upon, any loan or transaction in the nature of, or amounting
            to, a loan made by or obtained from the Insured or any of its
            partners, directors or Employees, whether authorized or unauthorized
            and whether procured in good faith or through trick, artifice, fraud
            or false pretenses. unless such loss is covered under Insuring
            Agreement (A), (E) or (F).

      (f)   loss resulting from any violation by the Insured or by any Employee

            (1)   of law regulating (a) the issuance, purchase or sale of
                  securities, (b) securities transactions upon Security
                  Exchanges or over the countermarket, (c) Investment Companies,
                  or (d) Investment Advisors, or

            (2)   of any rule or regulation made pursuant to any such law,
                  unless such loss, in the absence of such laws, rules or
                  regulations, would be covered under Insuring Agreements (A) or
                  (E).

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

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

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

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

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

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

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

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

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

SECTION 3. ASSIGNMENT OF RIGHTS

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

SECTION 4. LOSS- NOTICE- PROOF- LEGAL PROCEEDINGS

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

      Discovery occurs when the Insured
      (a)   becomes aware of facts, or
      (b)   receives written notice of an actual or potential claim by a third
            party which alleges that the Insured is liable under circumstance

which would cause a reasonable person to assume that a loss covered by the bond
has been or will be incurred even though the exact amount or details of loss may
not be then known.

SECTION 5. VALUATION OF PROPERTY

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

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

SECTION 6. VALUATION OF PREMISES AND FURNISHINGS

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

SECTION 7. LOST SECURITIES

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

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

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

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

SECTION 8. SALVAGE

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

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

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

      (a)   any one act of burglary, robbery or holdup, or attempt thereat, in
            which no Partner or Employee is concerned or implicated shall be
            deemed to be one loss, or

      (b)   any one unintentional or negligent act on the part of any one person
            resulting in damage to or destruction or misplacement of Property,
            shall be deemed to be one loss, or

      (c)   all wrongful acts, other than those specified in (a) above, of any
            one person shall be deemed to be one loss, or

      (d)   all wrongful acts, other than those specified in (a) above, of one
            or more persons (which dishonest act(s) or act(s) of Larceny or
            Embezzlement include, but are not limited to, the failure of an
            Employee to report such acts of others) whose dishonest act or acts
            intentionally or unintentionally, knowingly or unknowingly, directly
            or indirectly, aid or aids in any way, or permits the continuation
            of, the dishonest act or acts of any other person or persons shall
            be deemed to be one loss with the act or acts of the persons aided,
            or

      (e)   any one casualty or event other than those specified in (a), (b),
            (c) or (d) preceding, shall be deemed to be one loss, and

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

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

SECTION 10. LIMIT OF LIABILITY

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

SECTION 11. OTHER INSURANCE

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

SECTION 12. DEDUCTIBLE

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

The Insured will bear, in addition to the Deductible Amount, premiums on Lost
Instrument Bonds as set forth in Section 7. There shall be no deductible
applicable to any loss under Insuring Agreement A sustained by any Investment
Company named as Insured herein.

SECTION 13. TERMINATION

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

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

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

      This Bond shall terminate

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

SECTION 14. RIGHTS AFTER TERMINATION OR CANCELLATION

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

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

      (a)   on the effective date of any other insurance obtained by the
            Insured, its successor in business or any other party, replacing in
            whole or in part the insurance afforded by this bond, whether or not
            such other insurance provides coverage for loss sustained prior to
            its effective date, or
      (b)   upon takeover of the Insureds business by any State or Federal
            official or agency, or by any receiver or liquidator, acting or
            appointed for this purpose

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

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

SECTION 15. CENTRAL HANDLING OF SECURITIES

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

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

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

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

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

SECTION 16. ADDITIONAL COMPANIES INCLUDED AS INSURED

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

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

SECTION 17. NOTICE AND CHANGE OF CONTROL

Upon the Insured's obtaining knowledge of a transfer of its outstanding voting
securities which results in a change in control (as set forth in Section 2(a)
(9) of the Investment

Insured shall within thirty (30) days of such knowledge give written notice to
the Underwriter setting forth:

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

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

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

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

SECTION 18. CHANGE OR MODIFICATION

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

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



                               ENDORSEMENT#   1
                               ------------
This endorsement, effective 12:01 AM        MAY 15, 2015         forms a part of
policy number 02-133-76-34
issued to   AllianceBernstein Complex of Registered Investment Companies

by          National Union Fire Insurance Company of Pittsburgh, Pa.

                            NEW YORK STATUTORY RIDER

It is agreed that:

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

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

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

      (A)   non-payment of premium;

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

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

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

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

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

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

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

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

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

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

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

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

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


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

                            (c) All rights reserved.

SR 6180b (12/93)                  END 1




                              ENDORSEMENT#   2
                               ------------
This endorsement, effective 12:01 AM        MAY 15, 2015         forms a part of
policy number 02-133-76-34
issued to   AllianceBernstein Complex of Registered Investment Companies

by          National Union Fire Insurance Company of Pittsburgh, Pa.

                                 NAMED INSUREDS

It is agreed that:

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

      AB Income Fund, Inc.
      AllianceBernstein Global High Income Fund Alliance
      California Municipal Income Fund, Inc. Alliance
      New York Municipal Income Fund, Inc. Alliance
      National Municipal Income Fund, Inc.
      AllianceBernstein Multi-Manager Alternative Fund

      AllianceBernstein Bond Fund, Inc.:
      - AllianceBernstein Bond Inflation
      - AllianceBernstein Intermediate Bond Portfolio
      - AllianceBernstein Limited Duration High Income Portfolio
      - AllianceBernstein Municipal Bond Inflation Portfolio
      - AllianceBernstein Real Asset Strategy Portfolio
      - AllianceBernstein Tax-Aware Fixed Income Portfolio
      - AllianceBernstein Government Reserves Portfolio

      AllianceBernstein High Income Fund, Inc.
      AllianceBernstein Exchange Reserves

      AllianceBernstein Fixed-Income Shares, Inc.
      - Alliance Bernstein Government STIF Portfolio

      AllianceBernstein Corporate Shares
      - AllianceBernstein Corporate Income Shares
      - AllianceBernstein Municipal Income Shares
      - AllianceBernstein Tax Aware Real Return Income Shares
      - AllianceBernstein Taxable Multi-Sector Income Shares

      AllianceBernstein Global Bond
      AllianceBernstein Unconstrained Bond Fund (f/k/a Diversified Yield)

      AllianceBernstein Municipal Income Fund, Inc.:
      - California Portfolio
      - National Portfolio
      - New York Portfolio
      - High Income Municipal Portfolio

      AllianceBernstein Municipal Income Fund II:
      - Arizona Portfolio
      - Massachusetts Portfolio
      - Michigan Portfolio
      - Minnesota Portfolio
      - New Jersey Portfolio
      - Ohio Portfolio
      - Pennsylvania Portfolio
      - Virginia Portfolio

      AllianceBernstein Global Risk Allocation Portfolio
              (f/k/a Balanced Shares, Inc.)

      AllianceBernstein Cap Fund, Inc.:
      - AllianceBernstein Small Cap Growth Portfolio
      - AllianceBernstein Market Neutral Strategy - U.S. Portfolio
      - AllianceBernstein Market Neutral Strategy - Global Portfolio
      - AllianceBernstein International Discovery Equity Portfolio
      - AllianceBernstein Emerging Market Multi-Asset Portfolio
      - AllianceBernstein Select US Equity
      - AllianceBernstein Dynamic All Market Fund
      - AllianceBernstein Select US Long/Short Portfolio
      - AllianceBernstein Concentrated Growth Fund

      AllianceBernstein Core Opportunities Fund, Inc.
              (f/k/a Focused Growth & Income Fund)
      AllianceBernstein Global Thematic Growth Fund, Inc.
      AllianceBernstein Growth & Income Fund, Inc.

      AllianceBernstein Institutional Funds, Inc.:
      - AllianceBernstein Global Real Estate Investment Fund II

      AllianceBernstein International Growth Fund, Inc.
      AllianceBernstein Large-Cap Growth Fund, Inc.
      AllianceBernstein Discovery Growth Fund, Inc.
              (f/k/a Small/Mid-Cap Growth Fund, Inc.)
      AllianceBernstein Global Real Estate Investment Fund, Inc.

      AllianceBernstein Trust
      - AllianceBernstein Global Value Fund
      - AllianceBernstein International Value Fund
      - AllianceBernstein Discovery Value Fund
              (f/k/a Small-Mid Cap Value Fund)
      - AllianceBernstein Value Fund

      AllianceBernstein Equity Income Fund, Inc. (f/k/a Utility Income Fund)

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

      AllianceBernstein Blended Style Series, Inc.:
      - AllianceBernstein 2000 Retirement Strategy
      - AllianceBernstein 2005 Retirement Strategy
      - AllianceBernstein 2010 Retirement Strategy
      - AllianceBernstein 2015 Retirement Strategy
      - AllianceBernstein 2020 Retirement Strategy
      - AllianceBernstein 2025 Retirement Strategy
      - AllianceBernstein 2030 Retirement Strategy
      - AllianceBernstein 2035 Retirement Strategy
      - AllianceBernstein 2040 Retirement Strategy
      - AllianceBernstein 2045 Retirement Strategy
      - AllianceBernstein 2050 Retirement Strategy
      - AllianceBernstein 2055 Retirement Strategy

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

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

      AllianceBernstein Variable Products Series Fund, Inc.:
      - AllianceBernstein Balanced Wealth Strategy Portfolio
      - AllianceBernstein Dynamic Asset Allocation Portfolio
      - AllianceBernstein Global Thematic Growth Portfolio
      - AllianceBernstein Growth Portfolio
      - AllianceBernstein Growth and Income Portfolio
      - AllianceBernstein International Growth Portfolio
      - AllianceBernstein International Value Portfolio
      - AllianceBernstein Large Cap Growth Portfolio
      - AllianceBernstein Real Estate Investment Portfolio
      - AllianceBernstein Small Cap Growth Portfolio
      - AllianceBernstein Small-Mid Cap Value Portfolio
      - AllianceBernstein Intermediate Bond
              (f/k/a U.S. Government/High Grade Securities Portfolio)
      - AllianceBernstein Value Portfolio

      The AllianceBernstein Pooling Portfolios:
      - AllianceBernstein U.S. Value Portfolio
      - AllianceBernstein U.S. Large Cap Growth Portfolio
      - AllianceBernstein Multi-Asset Real Return Portfolio
              (f/k/a Global Real Estate Investment Portfolio)
      - AllianceBernstein International Value Portfolio
      - AllianceBernstein International Growth Portfolio
      - AllianceBernstein Short Duration Bond Portfolio
      - AllianceBernstein Global Core Bond Portfolio
              (f/k/a Intermediate Duration Bond Portfolio)
      - AllianceBernstein Bond Inflation Protection Portfolio
              (f/k/a Inflation Protected securities Portfolio)
      - AllianceBernstein High Yield Portfolio
      - AllianceBernstein Small-Mid Cap Value Portfolio
      - AllianceBernstein Small-Mid Cap Growth Portfolio
      - AllianceBernstein Volatility Management Portfolio

      and any other fund(s) now existing in the AllianceBernstein Complex of
      Registered Investment Companies mutual fund program;


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

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

                            (c) All rights reserved.

MNSCPT                            END 2



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

This endorsement, effective 12:01 AM        MAY 15, 2015         forms a part of
policy number 02-133-76-34
issued to   AllianceBernstein Complex of Registered Investment Companies

by          National Union Fire Insurance Company of Pittsburgh, Pa.

                    AMENDED INSURING AGREEMENT (A) FIDELITY

It is agreed that:

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

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

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

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

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

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

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

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

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








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

                            (c) All rights reserved.

MNSCPT                            END 3



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

This endorsement, effective 12:01 AM        MAY 15, 2015         forms a part of
policy number 02-133-76-34
issued to   AllianceBernstein Complex of Registered Investment Companies

by          National Union Fire Insurance Company of Pittsburgh, Pa.


                AMENDED INSURING AGREEMEN (B) AUDIT EXPENSE

It is agreed that:

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

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














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

                            (c) All rights reserved.

MNSCPT                            END 4




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

This endorsement, effective 12:01 AM        MAY 15, 2015         forms a part of
policy number 02-133-76-34
issued to   AllianceBernstein Complex of Registered Investment Companies

by          National Union Fire Insurance Company of Pittsburgh, Pa.


              AMENDED INSURING AGREEMENT (G) COUNTERFEIT CURRENCY

It is agreed that:

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

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











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

                            (c) All rights reserved.

MNSCPT                            END 5




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

This endorsement, effective 12:01 AM        MAY 15, 2015         forms a part of
policy number 02-133-76-34
issued to   AllianceBernstein Complex of Registered Investment Companies

by          National Union Fire Insurance Company of Pittsburgh, Pa.

                                COMPUTER SYSTEMS


It is agreed that:

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

                                COMPUTER SYSTEMS

      Loss resulting directly from a fraudulent

      (1)   entry of data into, or

      (2)   change of data or programs within

            a Computer System; provided the fraudulent entry or change causes

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

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

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

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

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

            (iii) further provided such voice instructions or advices:

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

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

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

                              SCHEDULE OF SYSTEMS

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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


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

                            (c) All rights reserved.

MNSCPT                            END 6




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

This endorsement, effective 12:01 AM        MAY 15, 2015         forms a part of
policy number 02-133-76-34
issued to   AllianceBernstein Complex of Registered Investment Companies

by          National Union Fire Insurance Company of Pittsburgh, Pa.

                         TELEFACSIMILE TRAN SFER FRAUD

It is agreed that:

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

                          TELEFACSIMILE TRANSFER FRAUD

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

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

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

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

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

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

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

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

                            (c) All rights reserved.

MNSCPT          y                 END 7



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

This endorsement, effective 12:01 AM        MAY 15, 2015         forms a part of
policy number 02-133-76-34
issued to   AllianceBernstein Complex of Registered Investment Companies

by          National Union Fire Insurance Company of Pittsburgh, Pa.

                            AUTOMATED PHONE SYSTEMS

It is agreed that:

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

                            AUTOMATED PHONE SYSTEMS

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

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

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

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

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

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

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

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

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

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

                                    Procedures normally used by the Insured

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

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

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

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

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

                              Procedures normally used by the Insured

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

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

                  b.    any loss resulting from:

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

                              (i)   the shareholder of record; or

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

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

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

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

                              (ii)  officially designated; or

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

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

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

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


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

                            (c) All rights reserved.

MNSCPT                            END 8




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

This endorsement, effective 12:01 AM        MAY 15, 2015         forms a part of
policy number 02-133-76-34
issued to   AllianceBernstein Complex of Registered Investment Companies

by          National Union Fire Insurance Company of Pittsburgh, Pa.

                               AUTOMATIC COVERAGE


It is agreed that:

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

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

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


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

                            (c) All rights reserved.

MNSCPT                            END 9




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

This endorsement, effective 12:01 AM        MAY 15, 2015         forms a part of
policy number 02-133-76-34
issued to   AllianceBernstein Complex of Registered Investment Companies

by          National Union Fire Insurance Company of Pittsburgh, Pa.

                         AMEND SECTION 13., TERMINATION

It is agreed that:

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

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

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

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

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

      This bond shall terminate:

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

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

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

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

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


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

                            (c) All rights reserved.

MNSCPT                            END 10




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

This endorsement, effective 12:01 AM        MAY 15, 2015         forms a part of
policy number 02-133-76-34
issued to   AllianceBernstein Complex of Registered Investment Companies

by          National Union Fire Insurance Company of Pittsburgh, Pa.

                                 COSURETY RIDER

It is agreed that:

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

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

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

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

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

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

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

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

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

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


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


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


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


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


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


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


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





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

                            (c) All rights reserved.

MNSCPT                            END 11




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

This endorsement, effective 12:01 AM        MAY 15, 2015         forms a part of
policy number 02-133-76-34
issued to   AllianceBernstein Complex of Registered Investment Companies

by          National Union Fire Insurance Company of Pittsburgh, Pa.

                                NOTICE OF CLAIM
                             (REPORTING BY E-MAIL)

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

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

      c-claim@AIG.com

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

      In addition to Notice of Claim Reporting via email, notice may also be
      given to the Insurer by mailing such notice to: AIG, Financial Lines
      Claims, P.O. Box 25947, Shawnee Mission, KS 66225 or faxing such notice to
      (866) 227- 1750.

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

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

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

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

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


ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.


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

                            (c) All rights reserved.
                                    END 012
99758 (8/08)




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

This endorsement, effective 12:01 AM        MAY 15, 2015         forms a part of
policy number 02-133-76-34
issued to   AllianceBernstein Complex of Registered Investment Companies

by          National Union Fire Insurance Company of Pittsburgh, Pa.

                RELIANCE UPON OTHER CARRIER'S APPLICATION RIDER

It is agreed that:

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

2.    The Insured warrants and represents to the Underwriter that the statements
      and representations made in such application were accurate on the date
      such representations and statements were so given and that in connection
      therewith the Insured reaffirms each and every statement made in the
      application to ICI Mutual Insurance Company as accurate as of April 11,
      2012 as if it was made to the Underwriter on such date. All such
      statements and representations shall be deemed to be material to the risk
      assumed by the Underwriter, and are the basis of this bond and are deemed
      to be considered as incorporated into this bond.


      Type of Bond Application           Carrier                    Date Signed
                                                                    -----------
      Alternative Renewal                ICI Mutual Insurance       03/26/2014
      Application                        Company

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



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

                            (c) All rights reserved.

MNSCPT                            END 13




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

This endorsement, effective 12:01 AM        MAY 15, 2015         forms a part of
policy number 02-133-76-34
issued to   AllianceBernstein Complex of Registered Investment Companies

by          National Union Fire Insurance Company of Pittsburgh, Pa.

                        NEW YORK AMENDATORY ENDORSEMENT

Wherever used in this endorsement: 1) "Insurer" means the insurance company
which issued this policy; and 2) "Insured" means the Named Corporation, Named
Organization, Named Sponsor, Named Insured, Named Entity or Insured stated in
the declarations page;

The policy is hereby am ended as follows:

I.    The Cancellation and When We Do Not Renew provisions are deleted and
      replaced by the following:

      (a)   CANCELLATION BY THE INSURED

            This policy may be cancelled by the Insured by surrender of this
            policy to the Insurer or by giving written notice to the Insurer
            stating when thereafter such cancellation shall be effective. The
            Policy Period terminates at the date and hour specified in such
            notice, or at the date and time of surrender.

      (b)   CANCELLATION, NONRENEWAL AND CONDITIONAL RENEWAL BY THE INSURER

            (i)   If this policy has been in effect for sixty (60) or fewer days
                  when cancellation notice is mailed, and this policy is not a
                  renewal of a policy issued by the Insurer, then this policy
                  may be cancelled by the Insurer by mailing or delivering to
                  the Insured, and to his authorized insurance agent or broker,
                  written notice stating when not less than twenty (20) days
                  thereafter (fifteen (15) days thereafter if cancellation is
                  because of one of the reasons for cancellation set forth in
                  subsection (ii) below) the cancellation shall be effective.
                  Notice of cancellation issued by the Insurer shall specify the
                  grounds for cancellation.

            (ii)  If this policy has been in effect for more than sixty (60)
                  days when notice of cancellation is mailed, or if this policy
                  is a renewal of a policy issued by the Insurer, then this
                  policy may be cancelled by the Insurer by mailing or
                  delivering to the Insured, and to his authorized insurance
                  agent or broker, written notice stating when not less than
                  fifteen (15) days thereafter the cancellation shall be
                  effective; however, such cancellation must be based on one or
                  more of the following:

                  (A)   nonpayment of premium , provided, however, that a notice
                        of cancellation on this ground shall inform the first
                        Named Insured of the amount due;
                  (B)   conviction of a crime arising out of acts increasing the
                        hazard insured against;
                  (C)   discovery of fraud or material misrepresentation in
                        the obtaining of the policy or in the presentation of a
                        claim thereunder;
                  (D)   after issuance of the policy or after the last renewal
                        date, discovery of an act or omission, or a violation of
                        any policy condition, that substantially and materially
                        increases the hazard insured against, and which occurred
                        subsequent to inception of the current Policy Period;
                  (E)   material change in the nature or extent of the risk,
                        occurring after issuance or last annual renewal
                        anniversary date of the policy, which causes the risk of
                        loss to be substantially and materially increased beyond
                        that contemplated at the time the policy was issued or
                        last renewed;

                  (F)   required pursuant to a determination by the New York
                        Superintendent of Insurance that continuation of the
                        present premium volume of the Insurer would jeopardize
                        the Insurer's solvency or be hazardous to the interests
                        of Insureds of the Insurer, its creditors or the public;
                  (G)   a determination by the New York Superintendent of
                        Insurance that the continuation of the policy would
                        violate, or would place the Insurer in violation of, any
                        provision of the New York Insurance Law;
                  (H)   revocation or suspension of an Insured's license to
                        practice his profession; or
                  (I)   where the Insurer has reason to believe that there is a
                        probable risk or danger that the Insured will destroy or
                        perm it the destruction of the insured property for the
                        purpose of collecting the insurance proceeds, provided,
                        however, that:

                        (1)   a notice of cancellation on this ground shall
                              inform the Insured in plain language that the
                              Insured must act within ten days if review by the
                              department of the ground for cancellation is
                              desired pursuant to item (3) of this subparagraph
                              (I);
                        (2)   notice of cancellation on this ground shall be
                              provided simultaneously by the Insurer to the
                              department; and
                        (3)   upon written request of the Insured made to the
                              department within ten days from the Insured's
                              receipt of notice of cancellation on this ground,
                              the department shall undertake a review of the
                              ground for cancellation to determine whether or
                              not the Insurer has satisfied the criteria for
                              cancellation specified in this subparagraph; if
                              after such review the department finds no
                              sufficient cause for cancellation on this ground,
                              the notice of cancellation on this ground shall be
                              deemed null and void.

                  Notice of cancellation by the Insurer shall specify the
                  grounds for cancellation.

            (iii)
                  (A)   The Insurer shall mail to the Insured, and to his
                        authorized insurance agent or broker, written notice
                        indicating the Insurer's intention:

                        (1)   not to renew this policy;
                        (2)   to condition its renewal upon change of limits,
                              change in type of coverage, reduction of coverage,
                              increased deductible or addition of exclusions or
                              upon increased premiums in excess of ten percent;
                              (exclusive of any premium increase generated as a
                              result of increased exposure units or as a result
                              of experience rating, loss rating, or audit);

                        (3)   that the policy will not be renewed or will not be
                              renewed upon the same terms, conditions or rates;
                              such alternative renewal notice must be mailed or
                              delivered on a timely basis and advise the Insured
                              that a second notice shall be mailed at a later
                              date indicating the Insurer's intention as
                              specified in subparagraph (1) or (2) of this
                              paragraph (A) and that coverage shall continue on
                              the same terms, conditions and rates as expiring,
                              until the later of the expiration date or sixty
                              (60) days after the second notice is m ailed or
                              delivered; such alternative renewal notice also
                              shall advise the insured of the availability of
                              loss information and, upon written request, the
                              request, the insurer shall furnish such loss
                              information within ten (10) days to the insured.

                  (B)   A nonrenewal notice as specified in subparagraph (1), a
                        conditional renewal notice as specified in subparagraph
                        (2), and the second notice described in subparagraph (3)
                        of paragraph (A) of this subsection (iii) shall contain
                        the specific reason or reasons for nonrenewal or
                        conditional renewal, and set forth the amount of any
                        premium increase and nature of any other proposed
                        changes.

                  (C)   The notice required by paragraph (A) of this subsection
                        (iii) shall be mailed at least sixty (60) but not more
                        than one hundred twenty (120) days in advance of the end
                        of the Policy Period.

                  (D)
                        (1)   If the Insurer employs an alternative renewal
                              notice as authorized by subparagraph (3) of
                              paragraph (A) of this subsection (iii), the
                              Insurer shall provide coverage on the same terms,
                              conditions, and rates as the expiring policy,
                              until the later of the expiration date or sixty
                              (60) days after the mailing of the second notice
                              described in such subparagraph.

                        (2)   Prior to the expiration date of the policy, in the
                              event that an incomplete or late conditional
                              renewal notice or a late nonrenewal notice is
                              provided by the Insurer, the Policy Period shall
                              be extended, at the same terms and conditions as
                              the expiring policy, except that the annual
                              aggregate limit of the expiring policy shall be
                              increased in proportion to the policy extension,
                              and at the lower of the current rates or the prior
                              period's rates, until sixty (60) days after such
                              notice is mailed, unless the Insured elects to
                              cancel sooner.

                        (3)   In the event that a late conditional renewal
                              notice or a late nonrenewal notice is provided by
                              the insurer on or after the expiration date of the
                              policy, coverage shall remain in effect on the
                              same terms and conditions of the expiring policy
                              for another required policy period, and at the
                              lower of the current rates or the prior period's
                              rates unless the insured during the additional
                              required policy period has replaced the coverage
                              or elects to cancel, in which event such
                              cancellation shall be on a pro rata premium basis.

            (iv)  Nothing herein shall be construed to limit the grounds for
                  which the Insurer may lawfully rescind this policy or decline
                  to pay a claim under this policy.

            (v)   Notice required herein to be m ailed to the Insured shall be
                  mailed to the Insured at the address shown in Item 1 of the
                  Declarations.

                  Notice required herein to be m ailed by the Insurer shall be
                  sent by registered, certified or other first class mail.
                  Delivery of written notice shall be equivalent to mailing.

                  Proof of mailing of such notice as aforesaid shall be
                  sufficient proof of notice. The Policy Period shall terminate
                  at the effective date and hour of cancellation or nonrenewal
                  specified in such notice.

            (vi)  If this policy shall be cancelled by the Insured, the Insurer
                  shall retain the customary short rate proportion of the
                  premium hereon.

                  If this policy shall be cancelled by the Insurer, the Insurer
                  shall retain the pro rata proportion of the premium hereon.

                  Payment or tender of any unearned premium by the Insurer shall
                  not be a condition of cancellation, but such payment shall be
                  made as soon as practicable.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.



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

                            (c) All rights reserved.

                                    END 014
69898 (9/06)




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

This endorsement, effective 12:01 AM        MAY 15, 2015         forms a part of
policy number 02-133-76-34
issued to   AllianceBernstein Complex of Registered Investment Companies

by          National Union Fire Insurance Company of Pittsburgh, Pa.

               NEW YORK AMENDATORY ENDORSEMENT - NY STATUTE 3420

Wherever used in this endorsement: 1) "we", "us", "our" and "Insurer" mean the
insurance company which issued this policy; 2) "you", "your", "Insured" and
"first Named Insured" mean the Named Corporation, Named Entity, Named
Organization, Named Sponsor, Named Insured, or Insured stated in the
declarations page; 3) "other insured(s)" means all other persons or entities
afforded coverage under the policy; 4) "Discovery Period" means Discovery Period
or Extended Reporting Period, as defined in the policy; and 5) "Claim " means
Claim or Suit as defined in the policy.

It is hereby understood and agreed that the policy is am ended as follows: A.

      The following provisions are hereby added to the policy:

      FAILURE TO GIVE NOTICE WITHIN PRESCRIBED TIME:

            Failure to give any notice required to be given by this policy, or
            any policy of which this is a renewal, within the prescribed time
            shall not invalidate any Claim made against an Insured if:

            (a)   it shall be shown not to have been reasonably possible to give
                  notice within the prescribed time and that notice was given as
                  soon as was reasonably possible thereafter; or

            (b)   the failure to provide timely notice has not prejudiced the
                  Insurer.

            Any such Claim shall be deemed to have been first made against the
            Insured and noticed to the Insurer within the Policy Period or
            Discovery Period of the policy issued by the Insurer (the "Noticed
            Policy") in which the Insurer received notice of the Claim ;
            provided that the coverage afforded with respect to the Noticed
            Policy shall be in an amount not greater than the amount of coverage
            afforded with respect to the Policy Period of the policy issued by
            the Insurer (the "Former Policy") in which the Claim was actually
            first made against the Insured. The foregoing sentence may result in
            (but not be limited to): (1) reducing the limit of liability
            available for such a Claim to the available limit of liability
            applicable to the Former Policy; (2) increasing the applicable
            retention amount to that retention amount applicable to the Former
            Policy; or (3) reducing or eliminating coverage due to exclusions or
            other restrictions appearing in the Former Policy but eliminated, in
            part or in whole, in the Noticed Policy. No coverage shall be
            afforded under this endorsement if there was not in existence a
            Former Policy at the time the Claim was actually first made against
            the Insured.

            With respect to subsection (b) above, any such Claim must be noticed
            during the Policy Period or Discovery Period of a Noticed Policy
            which is a renewal or extension of the Former Policy.

            Nothing in this endorsement shall be construed to provide coverage
            for a Claim under more than one Policy Period or Discovery Period.

      PREJUDICE:

            In the event that the Insurer alleges that it was prejudiced as a
            result of a failure to give notice within the time required under
            the policy, the burden of proof shall be on:

            (a)   the Insurer to prove that it has been prejudiced, if the
                  notice was provided within two years of the time required
                  under the policy; or

            (b)   the Insured to prove that the Insurer has not been prejudiced,
                  if the notice was provided more than two years after the time
                  required under the policy.

            The Insurer's rights shall not be deemed prejudiced unless the
            failure to timely provide notice materially impairs the ability of
            the Insurer to investigate or defend the Claim .

            Notwithstanding the above, an irrebuttable presumption of prejudice
            shall apply if, prior to the notice, the Insured's liability has
            been determined by a court of competent jurisdiction or by a binding
            arbitration; or if the Insured has resolved the Claim by settlement
            or other compromise.

      NOTICE TO AGENT:

            Notice given by or on behalf of the Insured, or written notice by or
            on behalf of the injured party or any other claim ant, to any
            licensed agent of the Insurer in the state of New York, with
            particulars sufficient to identify the Insured, shall be deemed
            notice to the Insurer.

      INSOLVENCY/BANKRUPTCY OF INSURED:

            The insolvency or bankruptcy of the Insured shall not relieve the
            Insurer of its obligations under this policy as long as all policy
            requirements are met by Insured, its trustee or receiver in
            bankruptcy. Should a covered judgment be rendered against an
            insolvent or bankrupt Insured, the Insurer shall be liable for the
            amount of such judgment not to exceed the applicable limit of
            liability under this policy.

B.    The Clause entitled, "Action Against Us " or "Action Against Company" is
      deleted in its entirety and replaced with the following:

            No one may bring an action against us unless there has been full
            compliance with all the term s of this policy and the amount of the
            Insured's obligation to pay has been finally determined either by:

            1.    judgment against the Insured which remains unsatisfied at the
                  expiration of thirty (30) days from the service of notice of
                  entry of the judgment upon the Insured and upon us; or

            2.    written agreement of the Insured, the claimant and us.

            Any person or organization or legal representative thereof who has
            secured such judgment or written agreement shall thereafter be
            entitled to recover under this policy to the extent of the insurance
            afforded by this policy. We may not be impleaded by the Insured or
            its legal representative in any legal action brought against the
            Insured by any person or organization.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.



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

                            (c) All rights reserved.

                                    END 015
83231 (1/09)




                             ENDORSEMENT#   16
                             ------------

This endorsement, effective 12:01 AM        MAY 15, 2015         forms a part of
policy number 02-133-76-34
issued to   AllianceBernstein Complex of Registered Investment Companies

by          National Union Fire Insurance Company of Pittsburgh, Pa.

         THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

                         ECONOMIC SANCTIONS ENDORSEMENT

This endorsement modifies insurance provided under the following:

The Insurer shall not be deemed to provide cover and the Insurer shall not be
liable to pay any claim or provide any benefit hereunder to the extent that the
provision of such cover, payment of such claim or provision of such benefit
would expose the Insurer, its parent company or its ultimate controlling entity
to any sanction, prohibition or restriction under United Nations resolutions or
the trade or economic sanctions, laws or regulations of the European Union or
the United States of America.








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

                            (c) All rights reserved.

                                    END 016
89644 (6/13)




                             ENDORSEMENT#   17
                             ------------

This endorsement, effective 12:01 AM        MAY 15, 2015         forms a part of
policy number 02-133-76-34
issued to   AllianceBernstein Complex of Registered Investment Companies

by          National Union Fire Insurance Company of Pittsburgh, Pa.

                             AMENDED INSURED RIDER


In consideration of the premium charged, it is hereby understood and agreed that
Item 1. Declarations page, Name of Insured is amended to include the following
entities, however, solely with respect those individuals meeting the
requirements in subparagraph (9) in the definition of Employee;

1.  AllianceBernstein L.P. ,
2.  AllianceBernstein Holding L.P.,
3.  AllianceBernstein Corporation,
4.  AllianceBernstein Investments, Inc.,
5.  AllianceBernstein Global Derivatives Corporation,
6.  AllianceBernstein Investor Services, Inc., and
7.  Sanford C. Bernstein & Co., LLC.



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







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

                            (c) All rights reserved.

MNSCPT                              END 17





                             ENDORSEMENT#   18
                             ------------

This endorsement, effective 12:01 AM        MAY 15, 2015         forms a part of
policy number 02-133-76-34
issued to   AllianceBernstein Complex of Registered Investment Companies

by          National Union Fire Insurance Company of Pittsburgh, Pa.

                           SPECIFIC ENTITY EXCLUSION


In consideration of the premium charged, it is hereby understood and agreed that
this bond does not cover any loss of AllianceBernstein U.S. Real Estate
(Employee) Fund II, L.P. (including any subsidiary or employee thereof).


ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.












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

                            (c) All rights reserved.

MNSCPT                              END 18





                             ENDORSEMENT#   19
                             ------------

This endorsement, effective 12:01 AM        MAY 15, 2015         forms a part of
policy number 02-133-76-34
issued to   AllianceBernstein Complex of Registered Investment Companies

by          National Union Fire Insurance Company of Pittsburgh, Pa.

                            FORMS INDEX ENDORSEMENT

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

                   EDITION
FORM NUMBER         DATE                          FORM TITLE
--------------------------------------------------------------------------------

41205              04/95            INVESTMENT COMPANY  BLANKET BOND  - DEC
41206              09/84            PAGE INVESTMENT COMPANY  BLANKET BOND
SR 6180b           12/93            GUTS
MNSCPT                              NEW  YORK STATUTORY
MNSCPT                              RIDER NAMED INSUREDS
MNSCPT                              AMENDED INSURING   AGREEMENT (A)
MNSCPT                              FIDELITY AMENDED INSURING AGREEMEN (B)
MNSCPT                              AUDIT EXPENSE
MNSCPT                              AMENDED INSURING AGREEMENT (G) COUNTERFEIT
MNSCPT                              CURRENCY COMPUTER SYSTEMS
MNSCPT                              TELEFACSIMILE  TRANSFER
MNSCPT                              FRAUD AUTOMATED PHONE
MNSCPT                              SYSTEMS AUTOMATIC
99758                               COVERAGE
MNSCPT             08/08            AMEND SECTION 13.,
69898                               TERMINATION COSURETY RIDER
83231              09/06            NOTICE  OF CLAIM (REPORTING BY E-MAIL)
89644              01/09            RELIANCE UPON OTHER CARRIER'S APPLICATION
MNSCPT             06/13            RIDER NEW YORK AMENDATORY -
MNSCPT                              CANCELLATION/NONRENEWAL NEW YORK LAW 3420
78859                               AMENDATORY ENDORSEMENT ECONOMIC SANCTIONS
                                    ENDORSEMENT
                   10/01            AMENDED INSURED RIDER


                            FORMS INDEX ENDORSEMENT


                   EDITION
FORM NUMBER         DATE                          FORM TITLE
--------------------------------------------------------------------------------
          ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.




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

                            (c)

                                    END 019
78859 (10/01)




                                                                       EXHIBIT B


                        REGISTERED INVESTMENT COMPANIES
                         JOINT FIDELITY BOND AGREEMENT


      AGREEMENT made as of May 15, 2015, by and among AB Blended Style Series,
Inc., AB Bond Fund, Inc., AB Cap Fund, Inc., AB Core Opportunities Fund, Inc.,
AB Corporate Shares, AB Discovery Growth Fund, Inc., AB Equity Income Fund,
Inc., AB Exchange Reserves, AB Fixed-Income Shares, Inc., AB Global Bond Fund,
Inc., AB Global Real Estate Investment Fund, Inc., AB Global Risk Allocation
Fund, Inc., AB Global Thematic Growth Fund, Inc., AB Growth and Income Fund,
Inc., AB High Income Fund, Inc., AB Institutional Funds, Inc., AB International
Growth Fund, Inc., AB Large Cap Growth Fund, Inc., AB Municipal Income Fund,
Inc., AB Municipal Income Fund, Inc. II, AB Multi-Manager Alternative Fund, AB
Trust, AB Unconstrained Bond Fund, Inc., AllianceBernstein Income Fund, Inc.,
AllianceBernstein Global High Income Fund, Inc., Alliance California Municipal
Income Fund, Inc., Alliance New York Municipal Income Fund, Inc.,
AllianceBernstein National Municipal Income Fund, Inc., AllianceBernstein
Variable Products Series Fund, Inc., Sanford C. Bernstein Fund, Inc., Sanford C.
Bernstein Fund II, Inc., The AB Portfolios, The AB Pooling Portfolios
(collectively, the "investment companies") and AllianceBernstein L.P.

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

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

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

      WHEREAS, pursuant to Rule 17g-1(b) under the Act, registered management
investment companies which are managed and/or whose shares are distributed by
the same person may obtain joint coverage as insureds under a single fidelity
bond (a "joint fidelity bond"); and

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

      WHEREAS, the investment companies desire to obtain coverage under one
joint fidelity bond; and

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

      WHEREAS, the AB Multi-Manager Alternative Fund ("MMA Fund") is composed of
a single portfolio; and

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

      WHEREAS, the Board of Directors or Trustees of each of the investment
companies which are parties to this Agreement, including a majority of the
Directors or Trustees, as applicable, who are not "interested persons" of such
investment company as defined by Section 2(a)(19) of the Act ("Disinterested
Directors/Trustees"), has approved coverage under one joint fidelity bond with
each of the other investment companies which are parties to this Agreement in
the respective amounts set forth in Schedule A to this Agreement.

      NOW, THEREFORE, it is agreed as follows:

      1. That the investment companies which are parties to this Agreement and
AB will be named as insureds and will be covered under a joint fidelity bond
with National Union Fire Insurance Co., U.S. Specialty Insurance Company,
Continental Insurance Company, Berkley Regional Insurance Company, Liberty
Mutual Insurance Company and Everest Reinsurance Company (each, a "fidelity
insurance company" and collectively, the "fidelity insurance companies") in the
aggregate amount of $74,475,000 at a total annual cost of $255,710, each such
investment company having specific coverage in accordance with Rule 17g-1(d).
The required coverage amount (calculated pursuant to the elections of the
respective Boards) for each investment company is also shown opposite the name
of each investment company in a separate column on Schedule A. For the avoidance
of doubt, the amount of coverage under the joint fidelity bond shall at all
times be at least equal in amount to the total amount of coverage which each
investment company would have been required to provide and maintain individually
pursuant to the schedule set forth in paragraph (d)(i) of Rule 17g-1 under the
Act had each investment company not been named an insured under the joint
fidelity bond.

      2. No premium shall be paid by an investment company under the joint
fidelity bond unless that investment company's Board of Directors or Trustees,
as applicable, including a majority of the Disinterested Directors/Trustees,
shall have approved the portion of the premium to be paid by that investment
company. The premium payable on the joint fidelity bond shall be allocated among
the investment companies in the respective amounts set forth opposite the name
of each investment company listed on Schedule A in the column entitled
"Allocated Cost".

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

      4. (a) In the event that one or more of the investment companies sustains
a loss for which recovery is received under the joint fidelity bond, each such
investment company shall receive that portion of the recovery which is
sufficient in amount to indemnify that party in full for the loss sustained by
it (other than the portion thereof subject to a deductible), unless the recovery
is inadequate to fully indemnify all investment companies for such losses by
them (other than the portions thereof subject to deductibles).

      (b) If the recovery is inadequate to indemnify fully each such investment
company for losses sustained by it (other than the portion thereof subject to a
deductible), the recovery shall be allocated as follows, to the extent
applicable:

      (i) The AB Funds shall be allocated an aggregate amount equal to the
lesser of (A) their actual aggregate loss (net of any deductibles) and (B) the
sum of $48,525,000 plus the difference between $24,450,000 and the amount of the
loss recovered by the SCB Fund under clause (ii) together with the difference
between $1,500,000 and the amount of the loss recovered by the MMA Fund under
clause (iii). Such amount shall be allocated among the AB Funds on an equitable
and proportionate basis as determined by their respective Boards of Directors or
Trustees, but each AB Fund shall be allocated an amount at least equal to the
amount which it would have received had it procured and maintained a single
insured bond with the minimum coverage required by Rule 17g-1(d)(1).

      (ii) SCB Fund shall be allocated an aggregate amount equal to the lesser
of (A) its actual loss (net of any deductibles) and (B) the sum of $24,450,000
plus the difference between $48,525,000 and the amount of the loss recovered by
the AB Funds under clause (i) together with the difference between $1,500,000
and the amount of the loss recovered by the MMA Fund under clause (iii). Such
amounts shall be allocated among the portfolios of the SCB Fund on an equitable
and proportionate basis as determined by the Board of Directors of the SCB Fund,
but each such portfolio shall be allocated an amount at least equal to the
amount which it would have received had it procured and maintained a single
insurance bond with the minimum coverage required by Rule 17g-1(d)(1), assuming
that such portfolio would be deemed a separate registered investment company for
such purposes.

      (iii) MMA Fund shall be allocated an aggregate amount equal to the lesser
of (A) its actual loss (net of any deductibles) and (B) the sum of $1,500,000
plus the difference between $48,525,000 and the amount of the loss recovered by
the AB Funds under clause (i) together with the difference between $24,450,000
and the amount of the loss recovered by the SCB Fund under clause (ii). Such
amount shall be at least equal to the amount which MMA Fund would have received
had it procured and maintained a single insurance bond with the minimum coverage
required by Rule 17g-1(d)(1).

      (iv) Where a compromise results in recovery by any or all of the
investment companies of less than the full amount of its (or their) actual
aggregate loss covered by the joint fidelity bond, the recovery shall be
allocated consistent with (i), (ii) and (iii) above among the investment
companies that sustained such loss, without regard to the proportion of the
actual aggregate loss recovered, and with the $48,525,000, $24,450,000 and
$1,500,000 amounts being reduced proportionate to any reduction to the
$74,475,000 total insured bond as a result of such compromise unless the
compromise was based on facts and circumstances particular to one or more, but
fewer than all, insured parties seeking to recover, in which case any or all of
the $48,525,000, $24,450,000 or $1,500,000 amounts will be adjusted in an
equitable manner taking into account the particular facts and circumstances and
the principles reflected above.

      4. This Agreement may not be amended or modified in any manner except by a
written agreement executed by all parties hereto.

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

      IN WITNESS WHEREOF, each of the parties has caused this Agreement to be
executed in its name and on its behalf by its authorized representative
effective as of the day and year first written above.

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

                                 /s/ David M. Lesser
                                 -------------------
                                 David M. Lesser
                                 Assistant Secretary for AllianceBernstein L.P.




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

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

AB Blended Style Series, Inc.                            4,291.83      1,250,000
AB Bond Fund, Inc.                                       7,210.35      2,100,000
AB Cap Fund, Inc.                                        8,583.76      2,500,000
AB Core Opportunities Fund, Inc.                         2,060.10        600,000
AB Corporate Shares                                      3,433.50      1,000,000
AB Discovery Growth Fund, Inc.                           5,836.95      1,700,000
AB Equity Income Fund, Inc.                              4,291.88      1,250,000
AB Exchange Reserves                                     5,836.95      1,700,000
AB Fixed-Income Shares, Inc.                             8,583.76      2,500,000
AB Global Bond Fund, Inc.                                8,583.76      2,500,000
AB Global Real Estate Investment Fund, Inc.              2,060.10        600,000
AB Global Risk Allocation Fund, Inc.                     2,575.13        750,000
AB Global Thematic Growth Fund, Inc.                     3,433.50      1,000,000
AB Growth and Income Fund, Inc.                          7,210.35      2,100,000
AB High Income Fund, Inc.                                8,583.76      2,500,000
AB Institutional Funds, Inc.                             2,575.13        750,000
AB International Growth Fund, Inc.                       3,090.15        900,000
AB Large Cap Growth Fund, Inc.                           6,523.65      1,900,000
AB Multi-Manager Alternative Fund                        5,150.25      1,500,000
AB Municipal Income Fund, Inc.                           8,583.76      2,500,000
AB Municipal Income Fund, Inc. II                        4,291.88      1,250,000
AB Trust                                                 7,897.05      2,300,000
AB Unconstrained Bond Fund, Inc.                         2,575.13        750,000
AllianceBernstein Income Fund, Inc.                      7,210.35      2,100,000
AllianceBernstein Global High Income Fund, Inc.          5,150.25      1,500,000
Alliance California Municipal Income Fund, Inc.          2,060.10        600,000
Alliance New York Municipal Income Fund, Inc.            1,802.59        525,000
Alliance National Municipal Income Fund, Inc.            3,090.15        900,000
AllianceBernstein Variable Products Series Fund, Inc.    8,583.76      2,500,000
Sanford C. Bernstein Fund, Inc.
      California Municipal Portfolio                     4,291.88      1,250,000
      Diversified Municipal Portfolio                    8,583.75      2,500,000
      Emerging Markets Portfolio                         4,291.88      1,250,000
      Intermediate Duration Portfolio                    8,583.75      2,500,000
      International Portfolio                            5,150.25      1,500,000
      New York Municipal Portfolio                       5,150.25      1,500,000
      Short Duration California Municipal Portfolio      1,201.73        350,000
      Short Duration Diversified Municipal Portfolio     2,575.13        750,000
      Short Duration New York Municipal Portfolio        1,545.08        450,000
      Short Duration Plus Portfolio                      2,575.13        750,000
      Tax-Managed International Portfolio                8,583.75      2,500,000
      U.S. Government Short Duration Portfolio           1,201.73        350,000
      Overlay A Portfolio                                5,836.95      1,700,000
      Overlay B Portfolio                                4,291.88      1,250,000
      Tax-Aware Overlay A Portfolio                      8,583.75      2,500,000
      Tax-Aware Overlay B Portfolio                      5,836.95      1,700,000
      Tax-Aware Overlay C Portfolio                      3,090.15        900,000
      Tax-Aware Overlay N Portfolio                      2,575.13        750,000
Sanford C. Bernstein Fund II, Inc.                       3,433.50      1,000,000
The AB Pooling Portfolios                                8,583.75      2,500,000
The AB Portfolios                                        8,583.75      2,500,000

Totals                                                $255,710.00    $74,475,000




                                                                     EXHIBIT C-1


                       CERTIFICATE OF ASSISTANT SECRETARY

                                 THE AB FUNDS*

                            Regarding Fidelity Bond

      The undersigned, being duly elected and qualified Assistant Secretary of
the Funds listed on Schedule A (attached hereto), hereby certifies that attached
hereto is a true and complete copy of the resolutions that were approved in
substantially the same form by the Board of Directors/Trustees of the Funds at a
meeting held on May 6, 2015, at which a quorum was present and voted in favor
thereof, and that said resolutions have not been revoked or amended and are now
in full force and effect.

      IN WITNESS WHEREOF, the undersigned has executed this Certificate as
Assistant Secretary of the above-referenced Funds on this 28th day of May, 2015.


                                                       /s/ Stephen J. Laffey
                                                       ------------------------
                                                           Stephen J. Laffey
                                                           Assistant Secretary




      RESOLVED, that the Board of Directors/Trustees hereby determines that
participation by the Funds in a joint fidelity bond underwritten by National
Union Fire Insurance Co. of Pittsburgh, PA, U.S. Specialty Insurance Company,
Continental Insurance Company, Berkley Regional Insurance Company, Liberty
Mutual Insurance Company and Everest Reinsurance Company, covering officers and
employees of each Fund (and employees of service providers to each Fund if and
to the extent such persons are included in the definition of "Employee" in the
joint fidelity bond) in accordance with the requirements of Rule 17g-1
promulgated by the Securities and Exchange Commission under Section 17(g) of the
Investment Company Act of 1940, as amended (the "Act") in the amount of
$74,475,000 is reasonable in form and amount, after having given due
consideration to the value of the aggregate assets of the Funds to which any
such covered person may have access, the type and terms of the arrangements made
for the custody and safekeeping of such assets and the nature of the securities
in the Funds' portfolios;

      RESOLVED, that the Board of Directors/Trustees, including a majority of
the disinterested Directors/Trustees, hereby approves, ratifies and authorizes
the payment by the Treasurer of the Funds of an amount approximately equal to
_____*_____ representing the portion of 2015 annual premium on such joint
insured fidelity bond allocable to the each Fund based on its coverage under
such bond after giving due consideration to all relevant factors, including the
number of other parties named as the insured, the nature of the business
activities of such other parties, the $74,475,000 aggregate amount of coverage
under the joint insured bond, the aggregate 2015 annual cost of such bond of
$255,710, the ratable allocation of the cost among all parties named as insureds
and the extent to which the share of the cost allocated to each Fund is less
than the cost such Fund would have to pay if it maintained a single insured bond
with an aggregate limit equal to that of the joint bond;

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

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

*  See Schedule A





                                   Schedule A

                                     17g-1


AB Funds                                                        Allocated Cost
--------                                                        --------------

AB Blended Style Series, Inc.                                      $4,292.73
AB Bond Fund, Inc.                                                 $7,211.79
AB Cap Fund, Inc.                                                  $8,585.46
AB Core Opportunities Fund, Inc.                                   $2,060.51
AB Corporate Shares                                                $3,434.19
AB Discovery Growth Fund, Inc.                                     $5,838.12
AB Equity Income Fund, Inc.                                        $4,292.73
AB Exchange Reserves                                               $5,838.12
AB Fixed-Income Shares, Inc.                                       $8,585.46
AB Global Bond Fund, Inc.                                          $8,585.46
AB Global Real Estate Investment Fund, Inc.                        $2,060.51
AB Global Risk Allocation Fund, Inc.                               $2,575.64
AB Global Thematic Growth Fund, Inc.                               $3,434.19
AB Growth and Income Fund, Inc.                                    $7,211.79
AB High Income Fund, Inc.                                          $8,585.46
AB Institutional Funds, Inc.                                       $2,575.64
AB International Growth Fund, Inc.                                 $3,090.77
AB Large Cap Growth Fund, Inc.                                     $6,524.95
AB Municipal Income Fund, Inc.                                     $8,585.46
AB Municipal Income Fund, Inc. II                                  $4,292.73
AB Trust                                                           $7,898.63
AB Unconstrained Bond Fund, Inc.                                   $2,575.64
AB Variable Products Series Fund, Inc.                             $8,585.46
Sanford C. Bernstein Fund II, Inc.                                 $3,434.19
The AB Portfolios                                                  $8,585.46
The AB Pooling Portfolios                                          $8,585.46

AllianceBernstein Income Fund, Inc.                                $7,211.79
AllianceBernstein Global High Income Fund, Inc.                    $5,151.28
Alliance California Municipal Income Fund, Inc.                    $2,060.51
Alliance New York Municipal Income Fund, Inc.                      $1,802.95
Alliance National Municipal Income Fund, Inc.                      $3,090.77








                                                                    EXHIBIT C-2


                       AB Multi-Manager Alternative Fund
                       Certificate of Assistant Secretary


      I, Eric C. Freed, the undersigned Assistant Secretary of AB Multi-Manager
Alternative Fund (a Delaware statutory trust), DO HEREBY CERTIFY that the
following resolutions were approved by the Board of Trustees of the Trust at its
Regular Meeting held on April 14, 2015:

            RESOLVED, that the Board of Trustees hereby determines that
      participation by the Fund in a joint fidelity bond underwritten by
      National Union Fire Insurance Co. of Pittsburgh, PA, Continental Insurance
      Company, Berkley Regional Insurance Company, Everest Reinsurance Company,
      Liberty Mutual Insurance Company and U.S. Specialty Insurance Company,
      covering officers and employees of the Fund (and employees of service
      providers to the Fund if and to the extent such persons are included in
      the definition of "Employee" in the joint fidelity bond) in accordance
      with the requirements of Rule 17g-1 promulgated by the Securities and
      Exchange Commission under Section 17(g) of the 1940 Act, in the amount of
      approximately $1,500,000 for the Fund is reasonable in form and amount,
      after having given due consideration to the value of the aggregate assets
      of the Fund to which any such covered person may have access, the type and
      terms of the arrangements made for the custody and safekeeping of such
      assets and the nature of the securities in the Fund's portfolio;

            RESOLVED, that the Board of Trustees, including a majority of the
      Independent Trustees, hereby approves, ratifies and authorizes the payment
      by the Treasurer of the Fund of an amount approximately equal to $5,200
      representing the portion of 2015 annual premium on such joint insured
      fidelity bond allocable to the Fund based on its coverage under such bond
      after giving due consideration to all relevant factors, including the
      number of other parties named as insured, the nature of the business
      activities of such other parties, the $74,550,000 aggregate amount of
      coverage under the joint insured bond, the aggregate 2015 annual cost of
      such bond of approximately $255,320, the ratable allocation of the cost
      among all parties named as insured and the extent to which the share of
      the cost allocated to the Fund is less than the cost the Fund would have
      to pay if it maintained a single insured bond with an aggregate limit
      equal to that of the joint bond;

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

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

      IN WITNESS WHEREOF, I have executed this Certificate this 1st day of June,
2015.

                                                      /s/ Eric C. Freed
                                                      ------------------
                                                      Eric C. Freed
                                                      Assistant Secretary



                                                                     EXHIBIT C-3


                            CERTIFICATE OF SECRETARY

                        SANFORD C. BERNSTEIN FUND, INC.

                            Regarding Fidelity Bond


      The undersigned, being the duly elected and qualified Assistant Secretary
of the above-referenced Fund, hereby certifies that attached hereto is a true
and complete copy of the resolutions that were approved in substantially the
same form by the Board of Directors of the Fund by unanimous written consent
dated May 7, 2015, and that said resolutions have not been revoked or amended
and are now in full force and effect.

      IN WITNESS WHEREOF, the undersigned has executed this Certificate as
Secretary of the above-referenced Funds on this 1st day of June, 2015.

                                                    /s/ Nancy E. Hay
                                                    ----------------
                                                    Nancy E. Hay
                                                    Assistant Secretary

            RESOLVED, that the Board of Directors hereby determines that
      participation by the Fund in a joint fidelity bond underwritten by
      National Union Fire Insurance Company, Continental Insurance Company,
      Berkley Regional Insurance Company, Everest Reinsurance Company, Liberty
      Mutual Insurance Company and U.S. Specialty Insurance Company, covering
      officers and employees of the Fund (and employees of service providers to
      the Fund if and to the extent such persons are included in the definition
      of "Employee" in the joint fidelity bond) in accordance with the
      requirements of Rule 17g-1 promulgated by the Securities and Exchange
      Commission under Section 17(g) of the Investment Company Act of 1940, as
      amended (the "1940 Act"), in the amount of $24,450,000 for the Fund is
      reasonable in form and amount, after having given due consideration to the
      value of the aggregate assets of the Fund to which any such covered person
      may have access, the type and terms of the arrangements made for the
      custody and safekeeping of such assets and the nature of the securities in
      the Fund's portfolio;

            FURTHER RESOLVED, that the Board of Directors, including a majority
      of the Independent Directors, hereby approves, ratifies and authorizes the
      payment by the Treasurer of the Fund of an amount equal to approximately
      $83,966 representing the portion of 2015 annual premium on such joint
      insured fidelity bond allocable to the Fund based on its coverage under
      such bond after giving due consideration to all relevant factors,
      including the number of other parties named as insured, the nature of the
      business activities of such other parties, the $74,475,000 aggregate
      amount of coverage under the joint insured bond, the aggregate 2015 annual
      cost of such bond of $255,710, the ratable allocation of the cost among
      all parties named as insured and the extent to which the share of the cost
      allocated to the Fund is less than the cost the Fund would have to pay if
      it maintained a single insured bond with an aggregate limit equal to that
      of the joint bond;

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

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