<PAGE>
Sanford C. Bernstein Fund, Inc.
ANNUAL REPORT
SEPTEMBER 30, 1995
"The past year's extremes and reversals serve to reinforce a key investment
lesson. Investment markets are unpredictable in the short term. The surest way
to moderate the ups and downs is to diversify broadly. Maintain exposure to a
number of markets..."
(Letter to Shareholders, page 2)
FIXED-INCOME AND INTERNATIONAL-EQUITY INVESTMENTS
<PAGE>
CONTENTS
Letter to Shareholders ................... 2
International Value Portfolio Review ..... 4
Taxable-Bond Portfolios Review ........... 6
Municipal-Bond Portfolios Review ......... 8
Fund Financial Statements ............... 11
Notes to Financial Statements ........... 23
Directors and Officers ... inside back cover
This publication must be accompanied or preceded by a prospectus of the Sanford
C. Bernstein Fund, Inc., which should be read carefully before investing.
<PAGE>
Portfolio Returns[1]
SANFORD C. BERNSTEIN FUND, INC.
September 30, 1995
Past 12 Past Five Years Since Inception
STOCK PORTFOLIO Months (Annualized) (Annualized) Inception Date
- - --------------------------------------------------------------------------------
International
Value[2] 1.8% -- 10.4% June 22, 1992
TAXABLE-BOND
PORTFOLIOS
- - --------------------------------------------------------------------------------
Intermediate
Duration 12.8% 9.7% 9.3% January 17, 1989
Short Duration
Plus 7.4 6.9 7.3 December 12, 1988
Government Short
Duration 7.5 6.5 7.0 January 3, 1989
MUNICIPAL-BOND
PORTFOLIOS
- - --------------------------------------------------------------------------------
Diversified
Municipal 9.2% 7.1% 6.9% January 9, 1989
California
Municipal 9.1 7.0 6.9 August 6, 1990
New York
Municipal 9.1 7.2 7.1 January 9, 1989
Short Duration
Diversified
Municipal -- -- 5.6[3] October 3, 1994
Short Duration
California
Municipal -- -- 5.6[3] October 3, 1994
Short Duration
New York
Municipal -- -- 5.2[3] October 3, 1994
[1] Results are after all fees and expenses. Past performance is not
necessarily indicative of future results. The investment return and
principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than the original cost.
[2] International Value returns throughout this report include dividends net
of withholding taxes.
[3] Cumulative, non-annualized returns since inception.
<PAGE>
Letter to Shareholders
IT'S IN THE NATURE OF CAPITAL MARKETS FOR trends to reverse, and this has
certainly held true in the bond market during the past 12 months. Interest
rates retraced almost all their climb of the previous year, prompting
outstanding gains for bonds. Because our fixed-income portfolios are short and
intermediate, with less interest-rate sensitivity than long-term bonds, their
performance was muted during last year's market rout and this year's rally.
Nonetheless, this year's returns were strong.
On the foreign stock side, after weakness early in the year, International
Value gained enough during the final quarter to bring 12-month results into the
black. The recent strength owed much to an emphasis on Japanese stocks, which
showed signs of recovery after several difficult years, and--most critical--to
a hedge against the yen. That currency weakened against the dollar over the
summer; our hedge allowed us to benefit fully from our gains in Japanese stocks
when translated into dollars.
Foreign Bonds
Introduced
On the home front, the benign economy and resulting interest-rate decline buoyed
investor confidence to the point where respect for risk was hard to discern. One
manifestation was that lower-quality bonds could attract investors without
offering much extra yield--or, stated conversely, there wasn't much yield
sacrifice for remaining with top-quality bonds. Insistent on taking risk only
when we're well paid to do so, we kept our fixed-income portfolios tilted toward
Treasury bonds on the taxable side and high quality in municipals.
But conditions were different overseas. Opportunities in a number of
foreign bond markets have been greater than those in the U.S., and we concluded
that it was a particularly opportune time to extend our investment pool to
incorporate foreign bonds. Several years ago we expanded our fixed-income
research universe to cover the major foreign markets. We've subsequently
analyzed the implications of adding foreign securities to our taxable-bond
portfolios, and we believe that by doing so selectively, we can enhance
long-term returns without appreciably increasing risk. In third-quarter 1995
we globalized our taxable-bond portfolios.*
The main opportunity abroad has been the abnormally high yield on currency-
hedged German bonds. We've structured our taxable portfolios to take advantage
of this high return potential without disturbing our short or intermediate
duration averages or, in our view, otherwise significantly adding to risk.
We've made smaller investments in short-term bonds issued in Italian lire and
Canadian dollars, which we believe offer high return potential relative to
their risks.
But a foreign bond's yield and price change can be overwhelmed by the
effect of its currency's rise or
*Of course, our tax-advantaged portfolios will remain invested solely in the
United States, and Government Short Duration must, by definition, concentrate
in U.S. government bonds.
- - --------------------------------------------------------------------------------
The globalization of our bond portfolios allows us to capture opportunities like
the high yields that have prevailed among German bonds
Yields as of September 30, 1995
U.S. Bonds Hedged German Bonds
---------- -------------------
1 yr 6 % 6 %
2 yr 6.01 6.49
3 yr 6.13 7.05
5 yr 6.31 7.9
7 yr 6.43 8.44
10 yr 6.58 8.86
On the equity side, Japan remains the most attractive market, with stock prices
low in general and the best values extremely high in return potential
Expected Return on Value Stocks*
Japan 21.8%
France 18.3
Germany 16.9
Italy 16.2
Netherlands 14.9
Canada 13.3
U.K. 10.7
U.S. 10.2
Australia 9.9
*Assuming all currency exposure is hedged
Source: Bloomberg L.P., Morgan Stanley Capital International and Bernstein
estimates
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2 Sanford C. Bernstein Fund, Inc.
<PAGE>
fall against the home currency of the investor. To protect our portfolios from
such movements, we carefully manage currency exposure at all times, leaving
positions unhedged only when we believe doing so will add substantially to
returns. For example, we've completely hedged the exposure to the deutschemark
that accompanies our exposure to German bonds, because our analysis suggests
the D-mark is overvalued against the dollar and vulnerable to decline.
Tax Reform Dampens
Enthusiasm for Municipals
Falling interest rates also boosted municipal-bond returns over the past 12
months, but not as much as for taxable bonds. The possibility of tax reform has
sparked fear that the advantage of municipal securities will be reduced or
eliminated. This, in turn, put a lid on price gains for municipal bonds in the
past year, particularly for long-term bonds, which are most likely to be still
in circulation if and when reforms become law. In our estimate, this was an
overreaction on investors' part. Tax reform will be a complex and lengthy
process. Many barriers must be overcome, and transitions have to be made before
it becomes reality. At the very least, this process will probably take a few
years to complete.
But as usual when anxiety is in the air, investment opportunity is created.
At the end of September, the yields of long-maturity municipals were higher
than usual in relation to Treasury yields. We structured our municipal
portfolios to take advantage of this opportunity, without increasing our
portfolios' overall interest-rate risk, by balancing short-term municipals
against these attractive long-term issues in what is known as a "barbell"
construction.
Foreign Stocks
Still Attractive
Turning to International Value, the world's stock markets have had one thing in
common with taxable bonds this year: there have been more opportunities
overseas than at home. Based on our valuation measures, foreign stocks offer
much greater return potential than is available in the U.S. stock market, and
the situation has intensified over the past year. U.S. stocks have grown
increasingly expensive and now sell for near-record valuations in our view,
while, until quite recently, foreign stocks have become cheaper.
The disparate movements of the U.S. and foreign stock markets are nothing
new. Markets tend to move out of sync with one another, which is why it pays to
diversify your portfolio holdings. The foreign markets' lack of vigor this year
did nothing to compromise their attractiveness as investments. We don't gauge
our behavior on what other market participants do as measured by market trends;
instead, we base our investment decisions on where we can find the lowest
prices relative to future earnings power. In our analysis, the best
opportunities today are overseas, particularly in Japan, which we continue to
emphasize in International Value.
One caveat here is currency risk. We judge that a critical factor in
realizing returns in Japan is hedging the yen. Even though it weakened somewhat
late in the year, the yen is still dramatically overvalued versus the dollar,
and our exposure remains largely hedged. Therefore, even if the dollar
continues to strengthen against the yen, our investments in Japan will capture
most of the benefit of any stock-market appreciation.
The past year's extremes and reversals serve to reinforce a key investment
lesson. Investment markets are unpredictable in the short term. The surest way
to moderate the ups and downs is to diversify broadly. Maintain exposure to a
number of markets, so that swings in any one of your investments may be
counterbalanced and your peace of mind maintained.
Details follow on recent results and current strategies. As always, please
feel free to call or write with your questions or comments.
/s/ Roger Hertog
[PHOTOGRAPH Roger Hertog
OF PRESIDENT]
President
September 30, 1995
- - --------------------------------------------------------------------------------
September 30, 1995--Annual Report 3
<PAGE>
International Value Portfolio Review
IN CONTRAST TO THEIR STRONG PERFORMANCE of the prior year, the stock markets of
foreign industrialized nations underperformed the U.S. market during the 12
months ending in September 1995. At the same time, major foreign currencies
like the yen and deutschemark strengthened dramatically against the dollar,
turning foreign stock losses into gains in dollar terms for investors
completely exposed to currency movements. In the interests of safety--both the
yen and deutschemark have been extremely expensive, and vulnerable to decline
against the dollar--Bernstein International Value had eliminated virtually all
its exposure to these two currencies through hedging; as a result, we picked up
only a small part of the currency gain and underperformed the foreign market
index for the year, with a total return of 1.8%. An emphasis on Japanese
stocks, which were very weak early in the year, also hurt our returns.
But trends reversed in the second half of the fiscal year: Japanese stocks
strengthened and the yen weakened. Despite the yen's weakness, International
Value's gains in Japan were almost all retained because of our hedged exposure
to this currency. Thanks to this strategy and strong gains elsewhere, the
portfolio returned 8.9% in the second half of the year.
At year-end we still found the yen and deutschemark dramatically
overvalued. To guard against further decline, our exposure to these currencies
remained hedged.
Why the Yen
Reversed Course
Many attributed the yen's decline to coordinated intervention by central banks.
While this played a part, there were also signs of growing market resistance to
the same large currency misvaluations that had prompted us to hedge initially.
For example, Japan's trade surplus has narrowed markedly this year--just when
economic conditions should have served to inflate it: Japan's prolonged
recession would ordinarily work to reduce imports into the country, while
economic expansion in Japan's major customer markets would typically increase
Japanese exports. Instead, the overvalued yen made Japanese goods too expensive
for foreign buyers, decreasing global demand for Japanese products and, hence,
the currency they trade in.
Further declines in the yen should benefit our investments in Japan. A
strong yen has been one of the major drags on corporate earnings there, and
many of the companies in our Japanese portfolio have been working fiercely to
overcome the currency burden, cutting costs and restructuring so as to be
competitive even under the most unfavorable exchange rates (Toyota has vowed to
be cost-competitive even at 80 yen to the dollar). A continued fall in the yen
could spark dramatic profit improvements for companies that have already
trimmed costs, as has happened in the U.S. over the past 10 years. Such
earnings improvements on the near horizon bode well for Japanese stocks.
- - --------------------------------------------------------------------------------
International Value
Growth of $10,000(1)
International Value EAFE Foreign Stock Index(1)
(after all costs) (before all costs)
------------------- ------------------------
6/92 $10,000 $10,000
9,672 9,549.8
10,112.08 9,827.4
9,591.31 9,537.2
9,366.87 9,429.7
9,398.72 9,605.6
9,501.17 9,639.8
1/93 9,673.14 9,742.2
10,050.39 10,070.3
10,966.99 10,626.5
11,682.51 11,418.5
11,940.7 11,553.24
11,650.49 11,430.78
12,214.37 11,890.58
12,903.87 12,656.98
12,511.59 12,318.28
12,793.8 12,777.19
11,981.39 11,843.5
12,780.55 12,727.9
1/94 13,696.92 13,622.6
13,527.08 13,389.3
13,576.12 13,070.59
14,015.58 13,657.29
13,892.24 13,380.39
13,656.07 13,141.5
13,952.41 13,482
14,139.37 13,689.8
13,582.28 13,101.14
13,655.62 13,351.37
13,222.74 12,969.52
13,270.34 13,064.2
1/95 12,943.89 12,661.82
12,703.13 12,555.46
12,705.67 12,696.08
13,109.71 13,243.6
13,100.53 13,185.2
12,997.04 12,993.49
13,702.78 13,887.52
13,745.81 13,776.67
9/30/95 13,832.41 13,866.71
Total Return
Periods ending September 30, 1995
(Annualized)
Past 12 Months 1.8%
Life of Portfolio(2) 10.5%
Portfolio Profile
Price/Book Ratio 1.2x
Price/Earnings Ratio 18.9x
(1) Past performance is not predictive of future results. The index is the
Morgan Stanley Capital International EAFE index of major stock markets in
Europe, Australia and the Far East, with countries weighted according to
gross domestic product and currency positions half-hedged. THE INDEX IS A
THEORETICAL MEASURE OF STOCK PERFORMANCE RATHER THAN AN ACTUAL AVAILABLE
INVESTMENT, WHICH WOULD REFLECT SUCH EXPENSES AS MANAGEMENT FEES,
TRANSACTION AND SECURITY-CUSTODY COSTS AND, IN THE CASE OF A MUTUAL FUND,
THE COSTS OF TRANSFER AGENTS AND SHAREHOLDER SERVICING.
(2) Returns are calculated from the first full month following the portfolio's
inception date.
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4 Sanford C. Bernstein Fund, Inc.
<PAGE>
Continued likely weakening of the yen isn't the only point in Japan's
favor. Short-term interest rates had been lowered to an almost-unheard-of half
of one percent by year-end, the Japanese government had been spending
aggressively to stimulate economic growth and resolution of the banking
system's real-estate loan-loss situation appeared in sight. Combined with
extremely low current stock prices, the return potential in the Japanese market
remained extremely high.
More Opportunity
Overseas
Nor is Japan the only extremely attractive foreign market; in our analysis,
French and German stocks also hold abnormally high expected returns. Each of
these countries is coping with its own problems that have prompted low stock
prices. Indeed, we believe the major foreign stock markets as a group continue
to offer more return potential than the U.S. market. Most foreign economies are
still recovering from recessions and are far behind the U.S. economy in the
present business cycle. Not only are these stock markets generally better
priced than in the U.S.; as you'd expect in environments where stress is the
rule and complacency is rare, underpricings in specific foreign stocks are also
more pronounced than among U.S. stocks today. In other words, outstanding
investment values remain more plentiful abroad.
- - --------------------------------------------------------------------------------
The dollar remains undervalued relative to the deutschemark and the yen, so we
are continuing to hedge almost all of our exposure to those two currencies
Key Currency Hedge Targets:
September 30, 1995
50% Hedged:
Our neutral
Position
German Mark 100% hedged
Japanese Yen 79%
Dutch Guilder 55%
French Franc 10%
Italian Lira full exposure
Canadian Dollar full exposure
British Pound full exposure
Overall Currency Hedge 51%
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- - --------------------------------------------------------------------------------
Our three largest country weightings are Japan, Germany and France, where
anxiety has created excessively low stock prices and large opportunities
International Value Country Weightings as of September 30, 1995*
Japan 37%
Germany 17
France 10
Italy 7
U.K. 7
Canada 4
Netherlands 3
Switzerland 3
Australia 2
Spain 2
Finland 1
Sweden 0.3
* Excluding cash
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September 30, 1995--Annual Report 5
<PAGE>
Taxable-Bond Portfolios Review
THE BOND MARKET RALLIED FOR MOST OF the past 12 months as interest rates peaked
in 1994's fourth quarter and then fell sharply. Buoyed by the resulting
increase in bond prices--which move up when rates decline, and vice versa--our
portfolios produced strong returns during this period.
At this point, we don't see compelling evidence about the direction of
interest rates, and so we're keeping our portfolios' durations--their
interest-rate sensitivity--at the level of the bond market as a whole. Many
maturity distributions can be employed to arrive at that neutral position; in
today's market we've concluded that the best strategy is to "barbell" the
portfolio: emphasize short- and long-term bonds while downplaying
intermediate-term securities. With both ends of the maturity spectrum currently
offering higher yields than usual relative to intermediate bonds, in our
judgment a barbell will provide a return advantage over alternatives such as
concentrating at a particular maturity or "laddering" the portfolio evenly.
Where quality is concerned, we continue to emphasize very high credit
ratings; in fact, Treasury bonds continue to dominate our portfolios. As for
corporate bonds, although they've outperformed Treasury bonds lately--which has
cost us some return, since we've been underweighted in the sector--our research
indicates that they simply are not offering enough yield to compensate for
their risk. We're continuing to monitor the markets and will expand our
corporate investments if the situation begins to turn around. We're maintaining
our emphasis on mortgage bonds, which have boosted our returns over the past
year. Select mortgage bonds continue to offer attractive yield inducement.
In 1995's third quarter we also took the very important step of
globalizing the investment universe of our broadly diversified taxable
portfolios--Intermediate Duration and Short Duration Plus. After extensive
study we determined that carefully chosen foreign bonds, owned in modest
proportions, can enhance total return without substantially increasing risk.
During the past year, for instance, the yields on currency-hedged German bonds
were particularly generous: by seizing this opportunity, we added modestly to
these portfolios' returns. Our foreign holdings should continue to consist
exclusively of high-quality securities in industrialized countries.
Because currency movements play a critical role in the returns of foreign
bonds--a gain can easily be turned into a loss if a foreign currency weakens
substantially against the dollar--we're actively managing our currency
positions, incurring exposure only when we see a high return potential for
doing so. For example, we've taken advantage of the opportunity available in
German bonds without incurring the risk of exposure to the deutschemark, which
we expect to weaken.
- - --------------------------------------------------------------------------------
To capture wider opportunities for return with what we consider minimal
additional risk, we introduced foreign bonds into Short Duration Plus and
Intermediate Duration
Portfolio Compositions: September 30, 1995*
Government Short Duration
Treasury Securities 97%
Cash Equivalents 3
Short Duration Plus
Treasury Securities 69%
Mortgages 17
Foreign 10
Corporates 4
Intermediate Duration
Treasury Securities 42%
Mortgages 35
Foreign 16
Corporates 7
* These weightings represent the exposure of the portfolios to the various
sectors and include the effective market value of futures contracts and
forward commitments. To the extent that cash equivalents and short-term
Treasuries are held against these commitments, the weightings in cash
equivalents and Treasuries have been reduced.
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6 Sanford C. Bernstein Fund, Inc.
<PAGE>
- - --------------------------------------------------------------------------------
Intermediate Duration
Growth of $10,000(1)
Lehman Aggregate
Intermediate Duration Bond Index(1)
(after all costs) (before all costs)
--------------------- ------------------
10,000 10,000
2/89 9,946 9,928
9,999.71 9,971
10,172.7 10,179
10,379.21 10,447
10,677.09 10,764
10,840.45 10,994
10,746.68 10,831
10,800.41 10,886
11,040.18 11,154
11,109.73 11,260
11,137.5 11,290
1/90 11,007.8 11,156
11,039.72 11,192
11,058.49 11,200
10,970.02 11,096
11,232.2 11,425
11,378.22 11,608
11,506.79 11,768
11,390.57 11,611
11,437.27 11,708
11,550.01 11,857
11,775.24 12,112
11,954.81 12,301
1/91 12,015.78 12,454
12,189.29 12,560
12,311.18 12,647
12,450.79 12,783
12,542.93 12,857
12,546.69 12,851
12,717.32 13,029
12,995.83 13,311
13,215.46 13,581
13,385.94 13,732
13,525.15 13,858
13,999.88 14,270
1/92 13,801.08 14,076
13,899.07 14,167
13,835.13 14,087
13,936.82 14,189
14,197.44 14,457
14,393.93 14,656
14,735.07 14,955
14,817.59 15,106
14,974.66 15,285
14,765.01 15,082
14,825.55 15,086
15,074.03 15,326
1/93 15,319.74 15,620
15,582.12 15,893
15,640.97 15,960
15,734.75 16,071
15,798.6 16,091
16,146.78 16,383
16,308.25 16,476
16,641.1 16,764
16,666.06 16,811
16,754.89 16,873
16,555.51 16,730
16,632.33 16,821
1/94 16,856.87 17,048
16,556.82 16,751
16,250.55 16,337
16,115.67 16,207
16,097.94 16,205
16,065.74 16,169
16,330.34 16,491
16,318.91 16,511
16,076.25 16,268
16,056.96 16,253
16,010.39 16,218
16,106.77 16,330
1/95 16,427.29 16,653
16,754.19 17,049
16,841.48 17,153
17,048.46 17,393
17,644.13 18,066
17,787.05 18,198
17,717.68 18,158
17,921.26 18,377
9/30/95 18,141 18,558
Total Return
Periods ending September 30, 1995
(Annualized)
Past 12 Months 12.8%
Five years 9.7%
Life of Portfolio(2) 9.4%
Portfolio Profile
Average Credit Quality AAA
Average Duration 4.9 yrs
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- - --------------------------------------------------------------------------------
Short Duration Plus
Growth of $10,000(1)
Merrill Lynch 1-3 Year
Short Duration Plus Treasury Index(1)
(after all costs) (before all costs)
------------------- -----------------------
12/88 10,000 10,000
1/89 10,080 10,079
10,099 10,079
10,149 10,125.36
10,269 10,280.28
10,388 10,434.48
10,546 10,629.6
10,666 10,786.92
10,661 10,720.04
10,731 10,783.29
10,862 10,946.12
10,940 11,043.98
10,981 11,088.16
1/90 11,008 11,097.03
11,056 11,149.19
11,109 11,186.76
11,126 11,208.69
11,262 11,380.18
11,361 11,499.9
11,472 11,643.42
11,521 11,678.23
11,577 11,774.34
11,663 11,903.86
11,758 12,020.52
11,890 12,166.33
1/91 11,939 12,277.77
12,091 12,350.7
12,207 12,433.94
12,340 12,551.69
12,445 12,627.5
12,500 12,679.27
12,615 12,789.71
12,769 12,965.18
12,881 13,105.2
13,032 13,245.43
13,174 13,383.18
13,363 13,586.6
1/92 13,347 13,565.81
13,413 13,613.29
13,411 13,607.84
13,554 13,733.03
13,696 13,858
13,846 13,999.35
13,990 14,156.14
14,044 14,280.71
14,118 14,416.38
14,062 14,329.88
14,105 14,306.52
14,206 14,442.43
1/93 14,319 14,592.63
14,425 14,717.4
14,478 14,761.55
14,531 14,853.07
14,576 14,811.48
14,712 14,920.64
14,781 14,955.26
14,883 15,085.67
14,893 15,134.7
14,950 15,164.36
14,913 15,168.15
14,977 15,224.12
1/94 15,079 15,321.86
15,012 15,223.95
14,931 15,148.13
14,920 15,094.51
14,936 15,115.94
14,966 15,160.68
15,076 15,291.06
15,105 15,344.88
15,062 15,310.05
15,099 15,345.26
15,022 15,276.21
15,059 15,311.35
1/95 15,244 15,524.18
15,435 15,736.86
15,497 15,824.99
15,633 15,965.99
15,849 16,244.92
15,936 16,332.32
15,990 16,399.94
16,083 16,497.52
9/30/95 16,169 16,577
Total Return
Periods ending September 30, 1995
(Annualized)
Past 12 Months 7.4%
Five Years 6.9%
Life of portfolio(2) 7.4%
Portfolio Profile
Average Credit Quality AAA
Average Duration 1.7 yrs
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- - --------------------------------------------------------------------------------
Government Short Duration
Growth of $10,000(1)
Government Merrill Lynch 1-3 Year
Short Duration Treasury Index(1)
(after all costs) (before all costs)
----------------- ----------------------
10,000 10,000
2/89 10,015 10,000
10,052.06 10,046
10,183.74 10,199.7
10,295.76 10,352.7
10,455.34 10,546.3
10,575.58 10,702.39
10,543.85 10,636.04
10,607.11 10,698.79
10,751.37 10,860.34
10,816.95 10,957.43
10,869.95 11,001.26
1/90 10,877.56 11,010.06
10,929.77 11,061.81
10,972.4 11,099.09
10,997.64 11,120.84
11,140.61 11,290.99
11,237.53 11,409.77
11,355.52 11,552.16
11,404.35 11,586.7
11,485.32 11,682.06
11,596.58 11,810.56
11,704.43 11,926.3
11,843.71 12,070.97
1/91 11,934.91 12,181.54
12,019.65 12,253.9
12,085.16 12,336.49
12,186.68 12,453.32
12,252.49 12,528.54
12,286.8 12,579.91
12,391.24 12,689.48
12,554.8 12,863.58
12,686.63 13,002.51
12,828.72 13,141.64
12,967.27 13,278.31
13,173.06 13,480.14
1/92 13,119.05 13,459.52
13,132.96 13,506.63
13,092.25 13,501.23
13,242.81 13,625.44
13,385.83 13,749.43
13,534.41 13,889.67
13,675.17 14,045.23
13,709.9 14,168.83
13,772.97 14,303.43
13,741.29 14,217.61
13,771.66 14,194.44
13,878.94 14,329.29
1/93 13,977.27 14,478.31
14,068.65 14,602.1
14,097.45 14,645.91
14,136.19 14,736.71
14,164.99 14,695.45
14,282.2 14,803.76
14,343.61 14,838.1
14,461.8 14,967.49
14,476.12 15,016.13
14,523.8 15,045.56
14,481.25 15,049.32
14,518 15,104.85
1/94 14,600.75 15,201.82
14,530.67 15,104.68
14,490.94 15,029.46
14,447.47 14,976.26
14,457.58 14,997.53
14,491.27 15,041.92
14,609.66 15,171.28
14,647.65 15,224.68
14,600.78 15,190.12
14,632.9 15,225.06
14,568.52 15,156.55
41,580.17 15,191.41
1/95 14,771.17 15,402.57
14,957.29 15,613.59
15,030.58 15,701.13
15,162.85 15,840.93
15,394.84 16,117.67
15,502.76 16,204.38
15,538.42 16,271.47
15,662.48 16,368.29
9/30/95 15,705 16,447.84
Total Return
Periods ending September 30, 1995
(Annualized)
Past 12 Months 7.5%
Five years 6.5%
Life of Portfolio(2) 7.0%
Portfolio Profile
Average Credit Quality AAA
Average Duration 1.7 years
(1) Past performance is not predictive of future results. The indexes are the
Lehman Brothers Aggregate Bond Index, which includes Treasury, agency,
corporate, mortgage-backed and asset-backed securities of diverse
maturities; and the Merrill Lynch 1-3 Year Treasury Index, which covers
short-term Treasury bonds. THE INDEXES ARE THEORETICAL MEASURES OF
BOND-MARKET PERFORMANCE RATHER THAN ACTUAL AVAILABLE INVESTMENTS, WHICH
WOULD REFLECT SUCH EXPENSES AS MANAGEMENT FEES, TRANSACTION AND
SECURITY-CUSTODY COSTS AND, IN THE CASE OF A MUTUAL FUND, THE COSTS OF
TRANSFER AGENTS AND SHAREHOLDER SERVICING.
(2) Returns are calculated from the first full month following the portfolio's
inception date.
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
September 30, 1995--Annual Report 7
<PAGE>
Municipal-Bond Portfolios Review
OUR MUNICIPAL-BOND PORTFOLIOS BENEFITED from 1995's dramatic interest-rate
decline, posting strong gains during the last 12 months. An emphasis on
high-quality revenue and tax-supported bonds helped boost our returns.
Despite their impressive gains, municipal bonds in general haven't
participated as fully as taxable bonds in this year's rally. The reason: the
possibility of tax reform, which could reduce or eliminate the tax advantage of
municipals. But where there's stress, there's also opportunity if prices are
pushed down far enough. That's what we see happening today in the municipal
market, where, in our judgment, investors have overreacted to the threat of tax
reform by selling their municipals--particularly, their longer bonds--which,
in turn, has elevated the yields of long-maturity municipals to unwarranted
levels. The opposite has occurred with intermediate municipals: their prices
have risen and their yields have dropped. As a result, longer-term bonds are
more attractive now, which we want to take advantage of, and intermediates
expensive, which we want to avoid. The way to do that without taking on the
interest-rate risk of a long-term portfolio is to "barbell" our holdings: reach
our target durations by balancing short-term issues against longer-term bonds.
Interestingly, our analysis suggests that municipal-bond investors haven't
been so quick to take shelter against credit risk, which we believe is a cause
for concern at a time when government at all levels is downsizing and spending
initiatives are being cut back. Particularly vulnerable are select local
general-obligation bonds and hospital issues; in general we're continuing to
avoid these areas. What we're emphasizing in uncertain times like these in the
municipal markets is quality. All our portfolios have average credit ratings of
AA or higher--and all our portfolios have large positions in insured bonds as
well as prerefunded bonds, which are backed by U.S. Treasury bonds as
collateral. In the same vein, we're maintaining a commitment to
essential-purpose revenue bonds, issued to fund critical projects like water-
and sewer-line work.
- - --------------------------------------------------------------------------------
The extra yield offered by lower-quality bonds is unusually small ...
Yield Difference Between Top-Quality
(AAA) and Lower-Quality (BBB) Issues*
(Pct. Pts.)
1.184 represents the average yield difference between
top-quality and lower-quality bonds.
1/31/80 1.08
2/29/80 1.29
3/31/80 1.21
4/30/80 1.42
5/30/80 1.11
6/30/80 1.24
7/31/80 1.32
8/29/80 1.35
9/30/80 1.35
10/31/80 1.29
11/28/80 1.11
12/31/80 1.34
1/30/81 1.34
2/27/81 1.25
3/31/81 1.19
4/30/81 1.49
5/29/81 1.36
6/30/81 1.39
7/31/81 1.54
8/31/81 1.61
9/30/81 1.52
10/30/81 1.59
11/30/81 1.6
12/31/81 1.7
1/29/82 1.78
2/26/82 2
3/31/82 2.08
4/30/82 2.15
5/28/82 2.24
6/30/82 2.35
7/30/82 2.2
8/31/82 2.19
9/30/82 1.89
10/29/82 2.18
11/30/82 2.06
12/31/82 2.22
1/31/83 2.11
2/28/83 1.77
3/31/83 1.88
4/29/83 1.88
5/31/83 1.99
6/30/83 1.98
7/29/83 2.08
8/31/83 1.9
9/30/83 1.74
10/31/83 1.68
11/30/83 1.61
12/30/83 1.58
1/31/84 1.43
2/29/84 1.36
3/30/84 1.33
4/30/84 1.31
5/31/84 1.46
6/29/84 1.42
7/31/84 1.3
8/31/84 1.37
9/28/84 1.48
10/31/84 1.48
11/30/84 1.54
12/31/84 1.47
1/31/85 1.49
2/28/85 1.55
3/29/85 1.54
4/30/85 1.41
5/31/85 1.28
6/28/85 1.36
7/31/85 1.36
8/30/85 1.36
9/30/85 1.53
10/31/85 1.46
11/29/85 1.53
12/31/85 1.36
1/31/86 1.49
2/28/86 1.62
3/31/86 1.51
4/30/86 1.59
5/30/86 1.65
6/30/86 1.63
7/31/86 1.48
8/29/86 1.28
9/30/86 1.31
10/31/86 1.35
11/28/86 1.44
12/31/86 1.24
1/30/87 1.38
2/27/87 1.37
3/31/87 1.04
4/30/87 1.33
5/29/87 1.21
6/30/87 1.37
7/31/87 1.43
8/31/87 1.33
9/30/87 1.33
10/30/87 1.38
11/30/87 1.29
12/31/87 1.2
1/29/88 1.1
2/29/88 1.15
3/31/88 1.16
4/29/88 1.22
5/31/88 1.19
6/30/88 1.25
7/29/88 1.11
8/31/88 0.98
9/30/88 0.86
10/31/88 0.82
11/30/88 0.83
12/30/88 0.8
1/31/89 0.76
2/28/89 0.75
3/31/89 0.7
4/28/89 0.54
5/31/89 0.57
6/30/89 0.64
7/31/89 0.6
8/31/89 0.66
9/29/89 0.64
10/31/89 0.7
11/30/89 0.75
12/29/89 0.75
1/31/90 0.7
2/28/90 0.64
3/30/90 0.69
4/30/90 0.76
5/31/90 0.68
6/29/90 0.66
7/31/90 0.62
8/31/90 0.74
9/28/90 0.8
10/31/90 0.7
11/30/90 0.65
12/31/90 0.67
1/31/91 0.73
2/28/91 0.75
3/28/91 0.8
4/30/91 0.84
5/31/91 0.81
6/28/91 0.82
7/31/91 0.78
8/30/91 0.73
9/30/91 0.75
10/31/91 0.82
11/29/91 0.82
12/31/91 0.81
1/31/92 0.92
2/28/92 0.96
3/31/92 0.92
4/30/92 0.86
5/29/92 0.88
6/30/92 0.85
7/31/92 0.79
8/31/92 0.87
9/30/92 0.91
10/30/92 0.86
11/30/92 0.79
12/31/92 0.74
1/29/93 0.8
2/26/93 0.87
3/31/93 0.8
4/30/93 0.81
5/28/93 0.8
6/30/93 0.85
7/30/93 0.83
8/31/93 0.8
9/30/93 0.84
10/29/93 0.82
11/30/93 0.85
12/31/93 0.85
1/31/94 0.86
2/28/94 0.85
3/31/94 0.94
4/29/94 0.89
5/31/94 0.86
6/30/94 0.89
7/29/94 0.87
8/31/94 0.83
9/30/94 0.8
10/31/94 0.87
11/30/94 0.83
12/30/94 0.72
1/31/95 0.72
2/28/95 0.8
3/31/95 0.85
4/28/95 0.81
5/31/95 0.83
6/30/95 0.89
7/31/95 0.82
8/31/95 0.83
9/29/95 0.82
... so AAA-rated bonds continue to dominate our portfolios
Diversified Municipal
AAA 59%
AA 18%
A 12%
BBB 9%
Below BBB 2%
Short Duration Diversified Municipal
AAA 69%
AA 19%
A 6%
BBB 5%
Below BBB 1%
* Average yield of securities with maturities of 1, 5, 10, 20 and 30 years
Source: Delphis Hanover
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
8 Sanford C. Bernstein Fund, Inc.
<PAGE>
- - --------------------------------------------------------------------------------
Diversified Municipal
Growth of $10,000(1)
Diversified Municipal Lehman Laddered G/O Index(1)
(after all costs) (before all costs)
--------------------- ----------------------------
2/89 10,000 10,000
9,945 9,907
9,894.28 9,852.51
10,065.45 10,014.09
10,219.45 10,183.33
10,351.28 10,303.49
10,475.5 10,444.65
10,410.55 10,408.1
10,388.69 10,411.22
10,506.08 10,503.88
10,640.56 10,633.08
1/90 10,707.6 10,719.2
10,667.98 10,725.64
10,737.32 10,798.57
10,729.8 10,774.81
10,696.54 10,745.72
10,860.62 10,928.4
10,939.9 11,013.64
11,054.77 11,136.99
11,003.9211,096.9
11,049.04 11,122.42
11,209.14 11,278.14
11,361.58 11,441.67
1/91 11,436.57 11,485.15
11,573.81 11,650.53
11,675.66 11,754.22
11,641.8 11,738.94
11,780.34 11,876.29
11,827.46 11,936.86
11,819.18 11,934.47
11,910.66 12,045.46
12,058.83 12,187.6
12,178.21 12,328.97
12,262.24 12,420.21
12,328.46 12,468.65
1/92 12,600.92 12,727.99
12,580.76 12,762.36
12,570.7 12,768.74
12,492.13 12,734.27
12,557.71 12,839.96
12,721.59 12,955.52
12,895.88 13,131.71
13,267.28 13,466.57
13,166.45 13,362.88
13,262.04 13,459.09
13,118.81 13,411.99
13,312.97 13,570.25
1/93 13,424.4 13,665.24
13,557.3 13,805.99
13,884.67 14,148.38
13,752.35 14,012.56
13,834.94 14,103.64
13,856.83 14,153
14,054.84 14,324.25
14,016.05 14,334.28
14,255.72 14,526.36
14,402.55 14,629.49
14,424.44 14,652.9
14,352.32 14,611.87
1/94 14,555,26 14,813.52
14,681.89 14,954.25
14,424.96 14,686.56
14,145.4 14,376.68
14,146.81 14,513.26
14,234.52 14,593.08
14,192.67 14,562.43
14,347.8 14,719.71
14,404.9 14,785.95
14,287.21 14,685.4
14,167.48 14,602.14
14,007.39 14,501.38
1/95 14,189.49 14,622.03
14,452 14,791.65
14,749.71 15,012.49
14,903.11 15,223.41
14,928.45 15,262.39
15,306.14 15,594.65
15,242.01 15,599.48
15,382.24 15,806.64
9/30/95 15,535.45 15,969.45
15,597 16,026.14
Total Return
Periods ending September 30, 1995
(Annualized)
Past 12 Months 9.2%
Five Years 7.1%
Life of Portfolio(2) 6.9%
Portfolio Profile
Average Credit Quality AA+
Average Duration 5.3 yrs
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
California Municipal
Growth of $10,000(1)
California Municipal Lehman Laddered G/O Index(1)
(after all costs) (before all costs)
-------------------- ----------------------------
8/90 10,000 10,000
10,062 10,023
10,183.25 10,163.32
10,338.03 10,310.69
10,429.01 10,349.87
1/91 10,536.43 10,498.91
10,659.7 10,592.35
10,626.66 10,578.58
10,725.48 10,702.35
10,774.82 10,756.93
10,755.43 10,754.78
10,844.7 10,854.8
10,950.98 10,982.89
11,074.72 11,110.29
11,156.45 11,192.54
11,195.5 11,236.15
11,422.77 11,469.87
1/92 11,443.33 11,500.83
11,439.33 11,506.58
11,346.67 11,475.52
11,429.5 11,570.76
11,564.37 11,674.9
11,710.08 11,833.68
12,034.45 12,135.44
11,958.63 12,042
12,042.34 12,128.7
11,919.51 12,086.25
12,093.53 12,228.86
12,197.54 12,314.47
1/93 12,325.79 12,441.31
12,656.46 12,749.85
12,523.19 12,627.45
12,585.31 12,709.53
12,628.4 12,754.01
12,777.7 12,908.34
12,739.37 12,917.37
12,946.77 13,090.47
13,077.53 13,183.41
13,087.55 13,204.5
13,014,26 13,167.53
13,202.57 13,349.24
1/94 13,326.68 13,476.06
13,074.67 13,234.84
12,823.18 12,955.58
12,814.2 13,078.66
12,882.12 13,150.59
12,864.08 13.122.98
13,021.02 13,264.7
13,062.56 13,324.4
12,948.92 13,233.79
12,834.97 13,158.75
12,691.21 13,067.96
12,786.27 13,176.68
1/95 13,033.05 13,329.53
13,361.48 13,528.54
13,486.72 13,718.62
13,517.73 13,753.74
13,865.14 14,053.16
13,773.63 14,057.51
13,917.84 14,244.2
14,043.1 14,390.91
9/30/95 14,132 14,442
Total Return
Periods ending September 30, 1995
(Annualized)
Past 12 Months 9.1%
Five Years 7.0%
Life of Portfolio(2) 7.0%
Portfolio Profile
Average Credit Quality AA+
Average Duration 5.5 yrs
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
New York Municipal
Growth of $10,000(1)
New York Municipal Lehman Laddered G/O Index(1)
(after all costs) (before all costs)
------------------ ----------------------------
1/89 10,000 10,000
9,952 9,907
9,923.14 9,852.51
10,079.93 10,014.09
10,235.16 10,183.33
10,408.13 10,303.49
10,524.7 10,444.65
10,461.05 10,408.1
10,447.45 10,411.22
10,565.51 10,503.88
10,692.3 10,633.08
10,748.97 10,719.2
1/90 10,693.08 10,725.64
10,764.72 10,798.57
10,767.95 10,774.81
10,720.57 10,745.72
10.878.16 10,928.4
10,965.62 11,013.64
11,081.86 11,136.99
11,031.99 11,096.9
11,087.59 11,122.42
11,238.77 11,278.14
11,398.36 11,441.67
11,464.47 11,485.15
1/91 11,592.87 11,650.53
11,704.16 11,754.22
11,707.67 11,738.94
11,820.06 11,876.29
11,885.78 11,936.86
11,888.16 11,934.47
11,990.4 12,045.46
12,121.81 12,187.6
12,235.15 12,328.97
12,319.57 12,420.21
12,367.62 12,468.65
12,658.26 12,727.99
1/92 12,622.82 12,762.36
12,654.38 12,768.74
12,598.7 12,734.27
12,705.79 12,839.96
12,832.85 12,955.52
13,018.93 13,131.71
13,392.57 13,466.57
13,285.43 13,362.88
13,374.44 13,459.09
13,244.44 13,411.99
13,422.05 13,570.25
13,529.43 13,665.24
1/93 13,656.61 13,805.99
14,019.68 14,148.38
13,880.42 14,012.56
13,977.9 14,103.64
14,024.65 14,153
14,207.68 14,324.25
14,170.74 14,334.28
14,393.22 14,526.36
14,534.27 14,629.49
14,558.11 14,652.9
14,468.72 14,611.87
14,686.62 14,813.52
1/94 14,805.58 14,954.25
14,549.89 14,686.56
14,260.49 14,376.68
14,264.77 14,513.26
14,376.04 14,593.08
14,345.85 14,562.43
14,525.6 14,719.71
14,553.2 14,785.95
14,414.94 14,685.4
14,266.18 14,602.14
14,094.99 14,501.38
14,312.05 14,622.03
1/95 14,566.8 14,791.65
14,878.68 15,012.49
15,009.46 15,223.41
15,057.79 15,262.39
15,450.8 15,594.65
15,385.91 15,599.48
15,516.23 15,806.64
15,682.25 15,969.45
9/30/95 15,732.43 16,026.14
Total Return
Periods ending September 30, 1995
(Annualized)
Past 12 Months 9.1%
Five Years 7.2%
Life of Portfolio(2) 7.0%
Portfolio Profile
Average Credit Quality AA
Average Duration 5.3 yrs
(1) Past performance is not predictive of future results. The index is the
Lehman Brothers 3-5-7 Year Laddered G/O Index, which covers
general-obligation municipal bonds laddered at three-, five-, and seven-year
maturities. THE INDEX IS A THEORETICAL MEASURE OF BOND-MARKET PERFORMANCE
RATHER THAN AN ACTUAL AVAILABLE INVESTMENT, WHICH WOULD REFLECT SUCH
EXPENSES AS MANAGEMENT FEES, TRANSACTION AND SECURITY-CUSTODY COSTS AND,
IN THE CASE OF A MUTUAL FUND, THE COSTS OF TRANSFER AGENTS AND SHAREHOLDER
SERVICING.
(2) Returns are calculated from the first full month following the portfolio's
inception date.
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
September 30, 1995--Annual Report 9
<PAGE>
- - --------------------------------------------------------------------------------
Short Duration Diversified Municipal
Growth of $10,000(1)
Short Duration Lehman One-Year
Diversified Municipal Municipal Index(1)
(after all costs) (before all costs)
--------------------- ------------------
10,000 10,000
11/94 10,006 10,015
12/94 10,045.02 10,041.04
1/95 10,102.28 10,092.25
2/95 10,185.12 10,160.88
3/95 10,247.25 10,227.94
4/95 10,273.89 10,265.17
5/95 10,383.82 10,361.77
6/95 10,428.47 10,396.79
7/95 10,481.66 10,473
8/95 10,525.68 10,528.4
9/30/95 10,546.73 10,557.77
Total Return
Periods ending September 30, 1995
Life of Portfolio(2) 5.5%
Portfolio Profile
Average Credit Quality AA+
Average Duration 1.5 yrs
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
Short Duration California Municipal
Growth of $10,000(1)
Short Duration Lehman One-Year
California Municipal Municipal Index(1)
(after all costs) (before all costs)
-------------------- ------------------
10,000 10,000
11/94 9,991 10,015
12/94 10,021.97 10,041.04
1/95 10,081.1 10,092.25
2/95 10,180.9 10,160.88
3/95 10,226.71 10,227.94
4/95 10,267.62 10,265.17
5/95 10,366.19 10,361.77
6/95 10,400.4 10,396.79
7/95 10,474.24 10,473
8/95 10,506.71 10,528.4
9/30/95 10,532.66 10,557.77
Total Return
Periods ending September 30, 1995
Life of Portfolio(2) 5.3%
Portfolio Profile
Average Credit Quality AAA-
Average Duration 1.6 yrs
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
Short Duration New York Municipal
Growth of $10,000(1)
Short Duration Lehman One-Year
New York Municipal Municipal Index(1)
(after all costs) (before all costs)
------------------ ------------------
10,000 10,000
11/94 9,988 10,015
12/94 10,024.96 10,041.04
1/95 10,085.11 10,092.25
2/95 10,179.91 10,160.88
3/95 10,232.85 10,227.94
4/95 10,263.55 10,265.17
5/95 10,352.84 10,361.77
6/95 10,394.25 10,396.79
7/95 10,450.38 10,473
8/95 10,489.05 10,528.4
9/30/95 10,513 10,557.77
Total Return
Periods ending September 30, 1995
Life of Portfolio(2) 5.1%
Portfolio Profile
Average Credit Quality AA+
Average Duration 1.5 yrs
(1) Past performance is not predictive of future results. The index is the
Lehman Brothers One-Year Municipal Index, which covers municipal bonds with
maturities of up to 1.99 years. THE INDEX IS A THEORETICAL MEASURE OF
BOND-MARKET PERFORMANCE RATHER THAN AN ACTUAL AVAILABLE INVESTMENT, WHICH
WOULD REFLECT SUCH EXPENSES AS MANAGEMENT FEES, TRANSACTION AND
SECURITY-CUSTODY COSTS AND, IN THE CASE OF A MUTUAL FUND, THE COSTS OF
TRANSFER AGENTS AND SHAREHOLDER SERVICING.
(2) Returns are calculated from the first full month following the portfolio's
inception date.
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
10 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Assets and Liabilities
September 30, 1995
<TABLE>
<CAPTION>
Bernstein Bernstein
Bernstein Bernstein Short Government Bernstein
International Intermediate Duration Short Diversified
Value Duration Plus Duration Municipal
Portfolio Portfolio Portfolio Portfolio Portfolio
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in securities at value (a) $1,928,839,982 $1,190,974,514 $529,209,203 $141,117,971 $668,288,901
Foreign currency at value (b) 70,862,088 0 0 0 0
Cash in bank 1,318 356 868 744 631
Receivables:
Interest 19,701 18,834,657 8,307,514 2,987,470 10,755,986
Dividends 5,339,897 0 0 0 0
Investment securities sold 1,506,242 12,077,303 0 0 300,000
Capital shares sold 8,008,108 2,049,498 636,352 131,000 5,044,373
Foreign withholding tax reclaims 4,723,163 0 0 0 0
Margin due from broker on futures contracts 154,330 95,961 29,052 0 0
Unamortized organization expenses (Note 1) 43,022 0 0 0 0
Other assets 42,674 24,425 12,241 3,261 14,196
Appreciation on forward currency contracts (Note 3c) 23,791,712 0 0 0 0
-------------- -------------- ------------ ------------ -------------
Total Assets 2,043,332,237 1,224,056,714 538,195,230 144,240,446 684,404,087
-------------- -------------- ------------ ------------- ------------
LIABILITIES
Payables:
Dividends to shareholders 0 1,968,896 842,312 189,978 816,585
Investment securities purchased 31,060,026 73,253,270 0 0 21,546,829
Capital shares redeemed 1,711,668 5,335,161 2,560,531 229,816 796,909
Management fees (Note 2) 1,613,952 457,446 221,945 58,685 267,585
Shareholder servicing and administration fees (Note 2) 403,488 92,522 44,389 11,737 53,517
Accrued expenses 497,671 181,089 64,261 27,662 108,199
Organization costs payable to the manager 44,527 0 0 0 0
Margin owed to broker on futures contracts 72,256 0 0 0 0
Foreign withholding taxes 785,786 0 0 0 0
Depreciation on forward currency contracts (Note 3c) 11,030,958 0 0 0 0
-------------- -------------- ------------ ------------- ------------
Total Liabilities 47,220,332 81,288,384 3,733,438 517,878 23,589,624
-------------- -------------- ------------ ------------- ------------
NET ASSETS (c) $1,996,111,905 $1,142,768,330 $534,461,792 $143,722,568 $660,814,463
============== ============== ============ ============= ============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE $16.08 $13.30 $12.49 $12.55 $13.50
============== ============== ============ ============= ============
NET ASSETS CONSIST OF:
Capital stock, at par $ 124,121 $ 85,913 $ 42,781 $ 11,448 $ 48,938
Additional paid-in capital 1,894,396,837 1,116,497,174 538,402,529 144,584,743 643,563,850
Undistributed net investment income/
(excess distributions) (13,279,827) (1,968,896) (842,312) 55,344 52,427
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies 32,505,551 (6,102,515) (8,374,153) (2,147,294) (1,443,899)
Unrealized appreciation of investments, futures
and foreign currencies, net 82,365,223 34,256,654 5,232,947 1,218,327 18,593,147
-------------- -------------- ------------ -------------- ------------
$1,996,111,905 $1,142,768,330 $534,461,792 $143,722,568 $660,814,463
============== ============== ============ ============== ============
</TABLE>
(a) Cost: $1,859,738,705; $1,157,748,980; $524,107,772; $139,899,644; and
$649,695,754, respectively (Note 1)
(b) Cost: $69,744,326 (Note 1)
(c) Applicable to: 124,120,488; 85,912,620; 42,780,571;
11,447,945; and 48,937,336 shares of capital stock outstanding, respectively
See Notes to Financial Statements.
The Schedules of Investments, an integral part of the financial statements for
each Portfolio, and the Reports of Independent Accountants, are included as an
insert to this Report.
- - --------------------------------------------------------------------------------
September 30, 1995--Annual Report 11
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Assets and Liabilities
September 30, 1995
(continued)
<TABLE>
<CAPTION>
Bernstein Bernstein Bernstein
Short Short Short
Bernstein Bernstein Duration Duration Duration
California New York Diversified California New York
Municipal Municipal Municipal Municipal Municipal
Portfolio Portfolio Portfolio Portfolio Portfolio
- - -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in securities at value (a) $210,142,197 $449,081,339 $100,080,640 $62,586,980 $54,259,375
Foreign currency at value 0 0 0 0 0
Cash in bank 999 225 36,695 74 356
Receivables:
Interest 3,290,904 7,482,387 1,957,266 1,063,472 1,027,554
Dividends 0 0 0 0 0
Investment securities sold 0 0 0 0 0
Capital shares sold 961,650 4,795,386 519,222 86,700 110,892
Foreign withholding tax reclaims 0 0 0 0 0
Margin due from broker on futures contracts 0 0 0 0 0
Unamortized organization expenses (Note 1) 0 0 16,999 6,387 7,149
Other assets 4,617 10,022 8,218 6,715 5,347
Appreciation on forward currency contracts (Note 3c) 0 0 0 0 0
------------ ------------ ------------ ----------- -----------
Total Assets 214,400,367 461,369,359 102,619,040 63,750,328 55,410,673
------------ ------------ ------------ ----------- -----------
LIABILITIES
Payables:
Dividends to shareholders 253,960 577,811 117,224 63,679 63,350
Investment securities purchased 0 1,874,965 960,678 0 0
Capital shares redeemed 51,829 79,197 89,678 78,547 55,540
Management fees (Note 2) 85,780 186,540 41,760 26,875 22,790
Shareholder servicing and administration fees (Note 2) 17,156 37,308 8,352 5,375 4,558
Accrued expenses 40,733 70,734 58,349 39,500 35,679
Organization costs payable to the manager 0 0 17,647 6,630 7,422
Margin owed to broker on futures contracts 0 0 0 0 0
Foreign withholding taxes 0 0 0 0 0
Depreciation on forward currency contracts (Note 3c) 0 0 0 0 0
------------ ------------ ------------ ----------- -----------
Total Liabilities 449,458 2,826,555 1,293,688 220,606 189,339
------------ ------------ ------------ ----------- -----------
NET ASSETS (b) $213,950,909 $458,542,804 $101,325,352 $63,529,722 $55,221,334
============ ============ ============ =========== ===========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE $13.58 $13.48 $12.63 $12.65 $12.60
============ ============ ============ =========== ===========
NET ASSETS CONSIST OF:
Capital stock, at par $ 15,758 $ 34,015 $ 8,021 $ 5,023 $ 4,383
Additional paid-in capital 209,582,817 445,616,216 99,914,583 62,685,807 54,506,036
Undistributed net investment income/
(excess distributions) (31,860) 16,632 0 454 172
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies (842,650) 809,075 378,517 224,574 36,187
Unrealized appreciation of investments, futures
and foreign currencies, net 5,226,844 12,066,866 1,024,231 613,864 674,556
------------ ------------ ------------ ----------- -----------
$213,950,909 $458,542,804 $101,325,352 $63,529,722 $55,221,334
============ ============ ============ =========== ===========
</TABLE>
(a) Cost: $204,915,353; $437,014,473; $99,056,409; $61,973,116; and
$53,584,819, respectively (Note 1)
(b) Applicable to: 15,757,372; 34,014,866; 8,020,666; 5,022,977; and
4,383,038 shares of capital stock outstanding, respectively
See Notes to Financial Statements.
The Schedules of Investments, an integral part of the financial statements for
each Portfolio, and the Reports of Independent Accountants, are included as an
insert to this Report.
- - -----------------------------------------------------------------------------
12 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Operations
For the Year Ended September 30, 1995
<TABLE>
<CAPTION>
Bernstein Bernstein
Bernstein Bernstein Short Government Bernstein
International Intermediate Duration Short Diversified
Value Duration Plus Duration Municipal
Portfolio Portfolio Portfolio Portfolio Portfolio
- - -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $ 1,963,684 $ 64,586,637 $33,953,777 $ 9,137,791 $31,809,114
Dividends (net of foreign withholding
taxes of $5,744,863) 38,063,991 0 0 0 0
----------- ------------ ----------- ----------- -----------
Total Income 40,027,675 64,586,637 33,953,777 9,137,791 31,809,114
----------- ------------ ----------- ----------- -----------
Expenses (Notes 1 and 2):
Management fee 15,897,868 4,768,519 2,680,375 729,140 2,862,455
Shareholder servicing and administration fee 3,974,467 956,415 536,075 145,828 572,491
Custodian and transfer agent fees 1,216,435 174,087 129,024 87,242 209,659
Auditing and tax consulting fees 60,690 70,283 41,267 14,117 42,058
Insurance 49,455 30,133 19,237 5,823 20,694
Directors' fees and expenses 41,445 25,582 14,752 4,497 15,300
Legal fees 14,247 7,632 4,339 1,225 4,551
Registration fees 146,781 70,978 18,813 8,862 40,182
Printing 18,138 5,732 4,078 1,286 5,746
Amortization of organization expense 25,043 0 0 0 0
Miscellaneous 27,572 25,167 17,536 6,837 16,807
----------- ------------ ----------- ----------- -----------
Total Expenses 21,472,141 6,134,528 3,465,496 1,004,857 3,789,943
----------- ------------ ----------- ----------- -----------
Less: Expenses Reimbursed
by Manager 0 0 0 0 0
----------- ------------ ----------- ----------- -----------
Net Expenses 21,472,141 6,134,528 3,465,496 1,004,857 3,789,943
----------- ------------ ----------- ----------- -----------
Net Investment Income 18,555,534 58,452,109 30,488,281 8,132,934 28,019,171
----------- ------------ ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Security transactions 46,899,575 (2,237,213) 1,046,456 115,175 (96,544)
Futures transactions (3,026,625) 0 0 0 (69,723)
Foreign currency transactions (4,190,377) 0 0 0 0
----------- ------------ ----------- ----------- -----------
Net Realized Gain (Loss) on Investments,
Futures and Foreign Currencies 39,682,573 (2,237,213) 1,046,456 115,175 (166,267)
----------- ------------ ----------- ----------- -----------
Net Increase (Decrease) in Unrealized
Appreciation/Depreciation of Investments,
Futures and Foreign Currencies (6,384,233) 61,327,738 6,784,374 2,160,710 22,097,699
----------- ------------ ----------- ----------- -----------
Net Realized and Unrealized Gain on
Investments, Futures and Foreign Currencies 33,298,340 59,090,525 7,830,830 2,275,885 21,931,432
----------- ------------ ----------- ----------- -----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $51,853,874 $117,542,634 $38,319,111 $10,408,819 $49,950,603
=========== ============ =========== =========== ===========
</TABLE>
See Notes to Financial Statements.
- - ------------------------------------------------------------------------------
September 30, 1995--Annual Report 13
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Operations
For the Year Ended September 30, 1995
(continued)
<TABLE>
<CAPTION>
Bernstein Bernstein Bernstein
Short Short Short
Bernstein Bernstein Duration Duration Duration
California New York Diversified California New York
Municipal Municipal Municipal Municipal Municipal
Portfolio Portfolio Portfolio (a) Portfolio (a) Portfolio (a)
- - ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $10,162,368 $23,220,683 $4,325,163 $2,416,591 $2,507,227
Dividends 0 0 0 0 0
----------- ----------- ---------- ---------- ----------
Total Income 10,162,368 23,220,683 4,325,163 2,416,591 2,507,227
----------- ----------- ---------- ---------- ----------
Expenses (Notes 1 and 2):
Management fee 929,660 2,068,765 358,822 216,319 226,270
Shareholder servicing and
administration fee 185,932 413,753 83,321 47,814 48,618
Custodian and transfer agent fees 124,514 165,738 85,040 62,564 63,188
Auditing and tax consulting fees 15,913 31,311 9,104 6,764 6,803
Insurance 6,335 14,420 472 339 299
Directors' fees and expenses 5,320 11,259 2,350 1,354 1,429
Legal fees 1,492 3,301 642 370 382
Registration fees (1,118) (585) 73,498 23,689 20,752
Printing 1,581 4,379 1,343 654 945
Amortization of organization expense 1,152 0 4,177 1,569 1,757
Miscellaneous 5,962 12,561 750 1,204 923
----------- ----------- ---------- ---------- ----------
Total Expenses 1,276,743 2,724,902 619,519 362,640 371,366
----------- ----------- ---------- ---------- ----------
Less: Expenses Reimbursed by Manager 0 0 (8,169) (1,770) (4,042)
----------- ----------- ---------- ---------- ----------
Net Expenses 1,276,743 2,724,902 611,350 360,870 367,324
----------- ----------- ---------- ---------- ----------
Net Investment Income 8,885,625 20,495,781 3,713,813 2,055,721 2,139,903
----------- ----------- ---------- ---------- ----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Security transactions 140,139 2,046,878 378,517 224,574 36,187
Futures transactions (85,216) (314,621) 0 0 0
Foreign currency transactions 0 0 0 0 0
----------- ----------- ---------- ---------- ----------
Net Realized Gain (Loss) on Investments,
Futures and Foreign Currencies 54,923 1,732,257 378,517 224,574 36,187
----------- ----------- ---------- ---------- ----------
Net Increase (Decrease) in Unrealized
Appreciation/Depreciation of Investments,
Futures and Foreign Currencies 6,501,972 13,926,688 1,024,231 613,864 674,556
----------- ----------- ---------- ---------- ----------
Net Realized and Unrealized Gain on
Investments, Futures and Foreign Currencies 6,556,895 15,658,945 1,402,748 838,438 710,743
----------- ----------- ---------- ---------- ----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $15,442,520 $36,154,726 $5,116,561 $2,894,159 $2,850,646
=========== =========== ========== ========== ==========
</TABLE>
(a) Commenced operations October 3, 1994
See Notes to Financial Statements.
- - --------------------------------------------------------------------------------
14 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Bernstein International Bernstein Intermediate
Value Portfolio Duration Portfolio
Year Ended Year Ended Year Ended Year Ended
9/30/95 9/30/94 9/30/95 9/30/94
- - --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 18,555,534 $ 10,718,808 $ 58,452,109 $ 39,303,853
Net realized gain (loss) on investments
and futures transactions 43,872,950 54,097,133 (2,237,213) (1,671,257)
Net realized gain (loss) on foreign
currency transactions (4,190,377) (48,570,793) 0 0
Increase (decrease) in unrealized
appreciation/depreciation of investments,
futures and foreign currency transactions (6,384,233) 37,060,688 61,327,738 (65,368,287)
---------------- -------------- --------------- ---------------
Net increase (decrease) in net assets
resulting from operations 51,853,874 53,305,836 117,542,634 (27,735,691)
---------------- -------------- --------------- ---------------
Dividends and distributions to shareholders:
Dividends from net investment income (10,467,457) (718,791) (57,090,782) (40,331,146)
Distributions from net realized gains (54,094,780) (5,098,177) 0 (4,022,708)
Distributions in excess of net investment
income due to timing differences 0 0 (2,020,410) 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 (6,854,782)
---------------- -------------- --------------- ---------------
Total dividends and distributions to
shareholders (64,562,237) (5,816,968) (59,111,192) (51,208,636)
---------------- -------------- --------------- ---------------
Capital-share transactions:
Net proceeds from sales of shares 753,740,893 834,157,725 424,134,912 373,207,613
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 63,400,300 5,726,022 20,110,051 25,912,967
---------------- -------------- --------------- ---------------
Total proceeds from shares sold 817,141,193 839,883,747 444,244,963 399,120,580
Cost of shares redeemed (151,586,804) (84,042,827) (208,437,250) (165,419,038)
---------------- -------------- --------------- ---------------
Increase (decrease) in net assets from
capital-share transactions 665,554,389 755,840,920 235,807,713 233,701,542
---------------- -------------- --------------- ---------------
Net increase (decrease) in net assets 652,846,026 803,329,788 294,239,155 154,757,215
NET ASSETS:
Beginning of period 1,343,265,879 539,936,091 848,529,175 693,771,960
---------------- -------------- --------------- ---------------
End of period $1,996,111,905 $1,343,265,879 $1,142,768,330 $848,529,175
================ ============== =============== ===============
(a) (b) (c) (d)
</TABLE>
(a) Includes undistributed net investment income/(excess distributions)
of $(13,279,827)
(b) Includes undistributed net investment income/(excess distributions)
of $(38,202,294)
(c) Includes undistributed net investment income/(excess distributions)
of $(1,968,896)
(d) Includes undistributed net investment income/(excess distributions)
of $(1,361,327)
See Notes to Financial Statements.
- - --------------------------------------------------------------------------------
September 30, 1995--Annual Report 15
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Changes in Net Assets
(continued)
<TABLE>
<CAPTION>
Bernstein Short Bernstein Government Bernstein Diversified
Duration Plus Portfolio Short Duration Portfolio Municipal Portfolio
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/95 9/30/94 9/30/95 9/30/94 9/30/95 9/30/94
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 30,488,281 $ 22,804,002 $ 8,132,934 $ 7,231,153 $ 28,019,171 $ 23,283,988
Net realized gain (loss) on
investments and futures
transactions 1,046,456 (8,097,811) 115,175 (1,336,688) (166,267) (264,705)
Net realized gain (loss) on foreign
currency transactions 0 0 0 0 0 0
Increase (decrease) in unrealized
appreciation/depreciation of
investments, futures and foreign
currency transactions 6,784,374 (8,859,401) 2,160,710 (4,321,756) 22,097,699 (27,990,521)
------------ --------------- ----------- -------------- ---------- ------------
Net increase (decrease) in net assets
resulting from operations 38,319,111 5,846,790 10,408,819 1,572,709 49,950,603 (4,971,238)
------------ --------------- ----------- -------------- ---------- ------------
Dividends and distributions to
shareholders:
Dividends from net investment income (29,675,319) (23,394,358) (8,132,934) (7,242,855) (28,019,171) (23,283,988)
Distributions from net realized gains 0 0 0 0 0 (1,130,069)
Distributions in excess of net
investment income due to timing
differences (1,041,447) 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 (6,161,969) 0 (2,218,312) 0 (1,231,959)
------------ --------------- ----------- -------------- ----------- ------------
Total dividends and distributions to
shareholders (30,716,766) (29,556,327) (8,132,934) (9,461,167) (28,019,171) (25,646,016)
------------ --------------- ----------- -------------- ------------ ------------
Capital-share transactions:
Net proceeds from sales of shares 211,443,738 235,873,360 49,936,667 75,512,194 230,442,193 236,527,495
Net proceeds from sales of shares
issued to shareholders on
reinvestment of dividends from
net investment income and
distributions from net realized gains 13,325,028 17,281,508 4,053,049 6,011,281 7,867,682 10,337,325
------------ --------------- ----------- -------------- ----------- ------------
Total proceeds from shares sold 224,768,766 253,154,868 53,989,716 81,523,475 238,309,875 246,864,820
Cost of shares redeemed (248,324,141) (187,989,695) (97,571,320) (101,138,066) (151,560,840) (113,781,651)
------------ --------------- ----------- -------------- ----------- ------------
Increase (decrease) in net assets from
capital-share transactions (23,555,375) 65,165,173 (43,581,604) (19,614,591) 86,749,035 133,083,169
------------ --------------- ----------- -------------- ----------- ------------
Net increase (decrease) in net assets (15,953,030) 41,455,636 (41,305,719) (27,503,049) 108,680,467 102,465,915
NET ASSETS:
Beginning of period 550,414,822 508,959,186 185,028,287 212,531,336 552,133,996 449,668,081
------------ --------------- ----------- -------------- ----------- ------------
End of period $534,461,792 $550,414,822 $143,722,568 $185,028,287 $660,814,463 $552,133,996
============ =============== =========== ============== =========== ============
(e) (f) (g) (g) (h) (i)
</TABLE>
(e) Includes undistributed net investment income/(excess distributions) of
$(842,312)
(f) Includes undistributed net investment income/(excess distributions) of
$(812,962)
(g) Includes undistributed net investment income/(excess distributions) of
$55,344
(h) Includes undistributed net investment income/(excess distributions) of
$52,427
(i) Includes undistributed net investment income/(excess distributions) of
$6,530
See Notes to Financial Statements.
- - -----------------------------------------------------------------------------
16 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Changes in Net Assets
(continued)
<TABLE>
<CAPTION>
Bernstein Short Duration
Diversified California New York
Bernstein California Bernstein New York Municipal Municipal Municipal
Municipal Portfolio Municipal Portfolio Portfolio Portfolio Portfolio
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/95 9/30/94 9/30/95 9/30/94 9/30/95(j) 9/30/95(j) 9/30/95(j)
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 8,885,625 $ 7,611,999 $ 20,495,781 $ 18,212,044 $ 3,713,813 $ 2,055,721 $ 2,139,903
Net realized gain (loss) on
investments and futures
transactions 54,923 (539,220) 1,732,257 290,517 378,517 224,574 36,187
Net realized gain (loss) on
foreign currency transactions 0 0 0 0 0 0 0
Increase (decrease) in
unrealized appreciation/
depreciation of investments,
futures and foreign
currency transactions 6,501,972 (8,984,146) 13,926,688 (21,975,534) 1,024,231 613,864 674,556
------------ ------------ ------------ ----------- ------------ ----------- -----------
Net increase (decrease) in net
assets resulting from
operations 15,442,520 (1,911,367) 36,154,726 (3,472,973) 5,116,561 2,894,159 2,850,646
------------ ------------ ------------ ----------- ------------ ----------- -----------
Dividends and distributions to
shareholders:
Dividends from net investment
income (8,885,625) (7,611,999) (20,495,781) (18,212,044) (3,713,813) (2,055,721) (2,139,903)
Distributions from net realized
gains 0 0 0 (912,768) 0 0 0
Distributions in excess of net
investment income due to
timing differences 0 0 0 0 0 0 0
Distributions in excess of net
realized gains due to timing
differences 0 (307,406) 0 (919,768) 0 0 0
------------ ------------ ------------ ------------ ------------ ----------- -----------
Total dividends and
distributions to shareholders (8,885,625) (7,919,405) (20,495,781) (20,044,580) (3,713,813) (2,055,721) (2,139,903)
------------ ------------ ------------ ------------ ------------ ----------- -----------
Capital-share transactions:
Net proceeds from sales of
shares 86,725,708 111,101,480 132,762,672 163,758,089 158,421,293 87,579,193 89,049,814
Net proceeds from sales of
shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 2,506,818 3,000,475 7,889,187 9,890,129 1,093,956 741,146 997,640
------------ ------------ ------------ ------------ ------------ ----------- -----------
Total proceeds from shares sold 89,232,526 114,101,955 140,651,859 173,648,218 159,515,249 88,320,339 90,047,454
Cost of shares redeemed (74,831,609) (61,393,163) (105,788,848) (78,210,943) (59,592,645) (25,629,055) (35,536,863)
------------ ------------ ------------ ------------ ------------ ----------- -----------
Increase (decrease) in net
assets from capital-share
transactions 14,400,917 52,708,792 34,863,011 95,437,275 99,922,604 62,691,284 54,510,591
------------ ------------ ------------ ------------ ------------ ----------- -----------
Net increase (decrease) in
net assets 20,957,812 42,878,020 50,521,956 71,919,722 101,325,352 63,529,722 55,221,334
NET ASSETS:
Beginning of period 192,993,097 150,115,077 408,020,848 336,101,126 0 0 0
------------ ------------ ------------ ------------ ------------ ----------- -----------
End of period $213,950,909 $192,993,097 $458,542,804 $408,020,848 $101,325,352 $63,529,722 $55,221,334
============ ============ ============ ============ ============ =========== ===========
(k) (l) (m) (n) (o) (p)
</TABLE>
(j) Commenced operations October 3, 1994
(k) Includes undistributed net investment income/(excess distributions) of
$(31,860)
(l) Includes undistributed net investment income/(excess distributions) of
$(32,544)
(m) Includes undistributed net investment income/(excess distributions) of
$16,632
(n) Includes undistributed net investment income/(excess distributions) of
$13,215
(o) Includes undistributed net investment income/(excess distributions) of $454
(p) Includes undistributed net investment income/(excess distributions) of $172
See Notes to Financial Statements.
- - --------------------------------------------------------------------------------
September 30, 1995--Annual Report 17
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for the periods ended September 30, 1995; September
30, 1994; September 30, 1993; September 30, 1992; and September 30, 1991:
<TABLE>
<CAPTION>
Bernstein International Bernstein Intermediate
Value Portfolio Duration Portfolio
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/95 9/30/94 9/30/93 9/30/92(a) 9/30/95 9/30/94 9/30/93
- - -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $16.57 $15.39 $11.98 $12.50 $12.54 $13.92 $13.82
-------- -------- -------- -------- -------- -------- --------
Income from investment operations:
Investment income, net 0.18 0.19 0.05 0.02 0.78 0.68 0.76
Net realized and unrealized gain (loss)
on investments, futures and foreign
currencies 0.07 1.13 3.54 (0.54) 0.77 (1.15) 0.68
-------- -------- -------- -------- -------- -------- --------
Total from investment operations 0.25 1.32 3.59 (0.52) 1.55 (0.47) 1.44
-------- -------- -------- -------- -------- -------- --------
Less distributions:
Dividends from taxable net
investment income (0.11) (0.02) (0.05) 0 (0.79) (0.70) (0.76)
Dividends from tax-exempt net
investment income 0 0 0 0 0 0 0
Distributions from net realized gains (0.63) (0.12) (0.13) 0 0 (0.08) (0.58)
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 0 (0.13) 0
-------- -------- -------- -------- -------- -------- ---------
Total distributions (0.74) (0.14) (0.18) 0 (0.79) (0.91) (1.34)
-------- -------- -------- -------- -------- -------- ---------
Net asset value, end of period $16.08 $16.57 $15.39 $11.98 $13.30 $12.54 $13.92
======== ======== ======== ======== ======== ======== =========
Total Return 1.84% 8.55% 30.45% (4.16)% 12.82% (3.54)% 11.30%
Ratios/Supplemental Data
Net assets, end of period
(000 omitted) $1,996,112 $1,343,266 $539,936 $75,255 $1,142,768 $848,529 $693,772
Average net assets
(000 omitted) $1,591,703 $948,563 $235,839 $41,234 $957,247 $764,519 $595,273
Ratio of expenses to average
net assets 1.35% 1.39% 1.53% 2.00% * 0.64% 0.65% 0.66%
Ratio of net investment income
to average net assets 1.17% 1.13% 1.27% 0.59% * 6.11% 5.14% 5.59%
Portfolio turnover rate 29.53% 23.78% 21.22% 1.12% 212.40% 203.73% 60.77%
</TABLE>
*Annualized
(a) Commenced operations June 22, 1992
See Notes to Financial Statements.
- - --------------------------------------------------------------------------------
18 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights
(continued)
<TABLE>
<CAPTION>
Bernstein Intermediate Bernstein Short Duration
Duration Portfolio Plus Portfolio
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
9/30/92 9/30/91 9/30/95 9/30/94 9/30/93 9/30/92
- - -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.19 $12.36 $12.32 $12.89 $13.14 $12.84
------ ------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.90 1.00 0.70 0.55 0.59 0.75
Net realized and unrealized gain (loss)
on investments, futures and foreign
currencies 0.79 0.85 0.18 (0.40) 0.10 0.44
------ ------ ------ ------ ------ ------
Total from investment operations 1.69 1.85 0.88 0.15 0.69 1.19
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment
income (0.90) (1.00) (0.71) (0.56) (0.59) (0.75)
Dividends from tax-exempt net investment
income 0 0 0 0 0 0
Distributions from net realized gains (0.16) (0.02) 0 0 (0.35) (0.14)
Distributions in excess of net
realized gains due to timing differences 0 0 0 (0.16) 0 0
------ ------ ------ ------ ------ ------
Total distributions (1.06) (1.02) (0.71) (0.72) (0.94) (0.89)
------ ------ ------ ------ ------ ------
Net asset value, end of period $13.82 $13.19 $12.49 $12.32 $12.89 $13.14
====== ====== ====== ====== ====== ======
Total Return 13.32% 15.54% 7.36% 1.14% 5.49% 9.60%
Ratios/Supplemental Data
Net assets, end of period
(000 omitted) $524,301 $375,345 $534,462 $550,415 $508,959 $535,980
Average net assets (000 omitted) $444,750 $304,034 $536,042 $529,892 $535,889 $482,467
Ratio of expenses to average net assets 0.67% 0.68% 0.65% 0.65% 0.66% 0.66%
Ratio of net investment income to average
net assets 6.64% 7.80% 5.69% 4.30% 4.52% 5.75%
Portfolio turnover rate 149.71% 81.04% 61.03% 285.80% 112.87% 169.60%
<CAPTION>
Bernstein
Short Bernstein
Duration Government
Plus Short Duration
Portfolio Portfolio
Year Year Year
Ended Ended Ended
9/30/91 9/30/95 9/30/94
------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $12.50 $12.34 $12.87
------ ------ ------
Income from investment operations:
Investment income, net 0.94 0.69 0.49
Net realized and unrealized gain (loss)
on investments, futures and foreign
currencies 0.41 0.21 (0.38)
------ ------ ------
Total from investment operations 1.35 0.90 0.11
------ ------ ------
Less distributions:
Dividends from taxable net investment
income (0.94) (0.69) (0.49)
Dividends from tax-exempt net investment
income 0 0 0
Distributions from net realized gains (0.07) 0 0
Distributions in excess of net
realized gains due to timing differences 0 0 (0.15)
------ ------ ------
Total distributions (1.01) (0.69) (0.64)
------ ------ ------
Net asset value, end of period $12.84 $12.55 $12.34
====== ====== ======
Total Return 11.26% 7.55% 0.85%
Ratios/Supplemental Data
Net assets, end of period
(000 omitted) $435,334 $143,723 $185,028
Average net assets (000 omitted) $405,457 $145,710 $188,013
Ratio of expenses to average net assets 0.67% 0.69% 0.68%
Ratio of net investment income to average
net assets 7.42% 5.58% 3.85%
Portfolio turnover rate 140.03% 49.34% 213.02%
</TABLE>
See Notes to Financial Statements.
- - --------------------------------------------------------------------------------
September 30, 1995--Annual Report 19
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights
(continued)
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for the periods ended September 30, 1995; September
30, 1994; September 30, 1993; September 30, 1992; and September 30, 1991:
<TABLE>
<CAPTION>
Bernstein Government Bernstein Diversified
Short Duration Portfolio Municipal Portfolio
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/93 9/30/92 9/30/91 9/30/95 9/30/94 9/30/93
- - ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.14 $12.93 $12.58 $12.99 $13.78 $13.40
-------- -------- -------- -------- -------- --------
Income from investment operations:
Investment income, net 0.44 0.66 0.86 0.65 0.61 0.63
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.20 0.41 0.41 0.51 (0.72) 0.49
-------- -------- -------- -------- -------- --------
Total from investment operations 0.64 1.07 1.27 1.16 (0.11) 1.12
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from taxable net investment income (0.44) (0.66) (0.86) (0.02) (0.01) (0.01)
Dividends from tax-exempt net
investment income 0 0 0 (0.63) (0.60) (0.62)
Distributions from net realized gains (0.47) (0.20) (0.06) 0 (0.03) (0.11)
Distributions in excess of net realized gains
due to timing differences 0 0 0 0 (0.04) 0
-------- -------- -------- -------- -------- --------
Total distributions (0.91) (0.86) (0.92) (0.65) (0.68) (0.74)
-------- -------- -------- -------- -------- --------
Net asset value, end of period $12.87 $13.14 $12.93 $13.50 $12.99 $13.78
======== ======== ======== ======== ======== ========
Total Return 5.11% 8.57% 10.47% 9.16% (0.80)% 8.61%
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $212,531 $254,950 $211,566 $660,814 $552,134 $449,668
Average net assets (000 omitted) $239,462 $238,381 $184,175 $572,769 $509,380 $375,576
Ratio of expenses to average net assets 0.68% 0.68% 0.70% 0.66% 0.67% 0.69%
Ratio of net investment income to average
net assets 3.40% 5.02% 6.67% 4.89% 4.57% 4.64%
Portfolio turnover rate 130.40% 220.86% 175.87% 42.55% 34.45% 34.74%
</TABLE>
See Notes to Financial Statements.
- - --------------------------------------------------------------------------------
20 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights
(continued)
<TABLE>
<CAPTION>
Bernstein Diversified Bernstein California Bernstein New York
Municipal Portfolio Municipal Portfolio Municipal Portfolio
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/92 9/30/91 9/30/95 9/30/94 9/30/93 9/30/92 9/30/91 9/30/95 9/30/94
- - ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $13.01 $12.51 $13.06 $13.83 $13.38 $12.94 $12.42 $12.98 $13.80
------- ------- ------- ------- ------- ------- ------- ------- -------
Income from investment
operations:
Investment income,
net 0.71 0.73 0.64 0.61 0.60 0.66 0.70 0.65 0.64
Net realized and
unrealized gain
(loss) on investments,
futures and
foreign currencies 0.42 0.51 0.52 (0.74) 0.52 0.45 0.52 0.50 (0.75)
------- ------- ------- ------- ------- ------- ------- ------- -------
Total from investment
operations 1.13 1.24 1.16 (0.13) 1.12 1.11 1.22 1.15 (0.11)
------- ------- ------- ------- ------- ------- ------- ------- -------
Less distributions:
Dividends from taxable
net investment
income (0.11) (0.06) (0.05) (0.02) (0.02) (0.07) (0.11) (0.02) (0.02)
Dividends from
tax-exempt net
investment income (0.60) (0.67) (0.59) (0.59) (0.58) (0.59) (0.59) (0.63) (0.62)
Distributions from net
realized gains (0.03) (0.01) 0 0 (0.07) (0.01) 0 0 (0.03)
Distributions in
excess of net
realized gains due
to timing
differences 0 0 0 (0.03) 0 0 0 0 (0.04)
------- ------- ------- ------- ------- ------- ------- ------- -------
Total distributions (0.74) (0.74) (0.64) (0.64) (0.67) (0.67) (0.70) (0.65) (0.71)
------- ------- ------- ------- ------- ------- ------- ------- -------
Net asset value, end of
period $13.40 $13.01 $13.58 $13.06 $13.83 $13.38 $12.94 $13.48 $12.98
======= ======= ======= ======= ======= ======= ======= ======= =======
Total Return 8.91% 10.21% 9.11% (0.98)% 8.60% 8.76% 10.06% 9.14% (0.81)%
Ratios/Supplemental
Data
Net assets, end of
period
(000 omitted) $301,746 $210,417 $213,951 $192,993 $150,115 $83,043 $50,356 $458,543 $408,021
Average net assets
(000 omitted) $256,850 $179,375 $185,990 $168,797 $116,301 $65,492 $35,005 $413,892 $381,144
Ratio of expenses
to average net
assets 0.69% 0.71% 0.69% 0.70% 0.73% 0.77% 0.79% 0.66% 0.67%
Ratio of net
investment income
to average net
assets 5.33% 5.69% 4.78% 4.51% 4.36% 4.96% 5.40% 4.95% 4.78%
Portfolio turnover
rate 48.22% 33.91% 63.89% 24.55% 23.79% 53.08% 48.91% 44.84% 22.45%
</TABLE>
See Notes to Financial Statements.
- - --------------------------------------------------------------------------------
September 30, 1995 -- Annual Report 21
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights
(continued)
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for the periods ended September 30, 1995; September
30, 1994; September 30, 1993; September 30, 1992; and September 30, 1991:
<TABLE>
<CAPTION>
Bernstein Short Duration
Diversified California New York
Bernstein New York Municipal Municipal Municipal
Municipal Portfolio Portfolio Portfolio Portfolio
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/93 9/30/92 9/30/91 9/30/95(b,c) 9/30/95(b,c) 9/30/95(b,c)
------- ------- ------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 13.47 $ 13.05 $ 12.54 $ 12.50 $ 12.50 $ 12.50
-------- -------- -------- ---------- -------- -------
Income from investment operations:
Investment income, net 0.67 0.74 0.74 0.55 0.53 0.54
Net realized and unrealized gain
(loss) on investments, futures and
foreign currencies 0.46 0.44 0.52 0.13 0.15 0.10
-------- -------- -------- ---------- -------- -------
Total from investment operations 1.13 1.18 1.26 0.68 0.68 0.64
-------- -------- -------- ---------- -------- -------
Less distributions:
Dividends from taxable net investment
income (0.01) (0.11) (0.09) (0.04) (0.06) (0.05)
Dividends from tax-exempt net
investment income (0.66) (0.63) (0.65) (0.51) (0.47) (0.49)
Distributions from net realized gains (0.13) (0.02) (0.01) 0 0 0
Distributions in excess of net realized gains
due to timing differences 0 0 0 0 0 0
-------- -------- -------- ---------- -------- -------
Total distributions (0.80) (0.76) (0.75) (0.55) (0.53) (0.54)
-------- -------- -------- ---------- -------- -------
Net asset value, end of period $ 13.80 $ 13.47 $ 13.05 $ 12.63 $ 12.65 $ 12.60
======== ======== ======== ========== ======== =======
Total Return 8.68% 9.31% 10.34% 5.55% 5.58% 5.24%
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $336,101 $238,871 $190,776 $101,325 $63,530 $55,221
Average net assets (000 omitted) $277,930 $210,474 $172,633 $ 85,893 $49,944 $50,642
Ratio of expenses to average net assets 0.69% 0.69% 0.70% 0.72%* 0.73%* 0.73%*
Ratio of net investment income to average
net assets 4.91% 5.55% 5.79% 4.32%* 4.12%* 4.23%*
Portfolio turnover rate 34.58% 42.53% 29.79% 73.50% 89.33% 112.15%
</TABLE>
*Annualized
(b) Commenced operations October 3, 1994
(c) Reflects a voluntary expense limitation in effect during the period. As a
result of such a limitation, net investment income of the Portfolio for the
year ended September 30, 1995, reflects a benefit of less than $.01 per
share.
See Notes to Financial Statements.
- - --------------------------------------------------------------------------------
22 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements
NOTE 1. Organization and Significant Accounting Policies
Sanford C. Bernstein Fund, Inc. (the "Fund") is a managed open-end registered
investment company, incorporated in Maryland on May 4, 1988. The Fund is
currently composed of 10 series of shares (the "Portfolios"), each with its own
investment objectives. At September 30, 1995, the 10 Portfolios are Bernstein
International Value, Bernstein Intermediate Duration, Bernstein Short Duration
Plus, Bernstein Government Short Duration, Bernstein Diversified Municipal,
Bernstein California Municipal, Bernstein New York Municipal, Bernstein Short
Duration Diversified Municipal, Bernstein Short Duration California Municipal
and Bernstein Short Duration New York Municipal.
A. Portfolio Valuation
The value of each Portfolio, except the Bernstein International Value Portfolio,
is computed as of 4:00 p.m. New York time on each day the Fund is open. The
value of the Bernstein International Value Portfolio is computed every such day
at the close of regular trading of the New York Stock Exchange. The value of
each security for which readily available market quotations exist is based on
the most recent sales price, bid price or the mean between the most recent
available bid and asked prices in the broadest and most representative market
for that security as determined by the Manager. Debt instruments with remaining
maturities of 60 days or less may be valued at amortized cost. Securities and
other assets for which market quotations are not readily available are valued by
appraisal at their fair value as determined in good faith by the Manager of the
Fund under procedures established by and under the general supervision of the
Board of Directors. The Fund used an independent pricing service to value the
Portfolios' assets at such times and to the extent that the Manager deemed
appropriate.
B. Foreign Currency Translation
The accounting records of the Fund are maintained in U.S. dollars. Prices of
securities and other assets and liabilities denominated in non-U.S. currencies
are translated into U.S. dollars using the exchange rate at 12:00 p.m. New York
time. Amounts related to the purchase and sales of securities, investment income
and expenses are translated at the rates of exchange prevailing on the
respective dates of such transactions.
Net realized gain on foreign currency transactions represents net foreign
exchange gains from the closure of forward currency contracts, disposition of
foreign currencies, currency gains or losses realized between the trade and
settlement dates on security transactions and the difference between the amount
of dividends and foreign withholding taxes recorded on the Fund's books and the
U.S. dollar equivalent amount actually received or paid. Net unrealized currency
gains and losses arising from valuing foreign currency denominated assets and
liabilities at the current exchange rate are reflected as part of unrealized
appreciation/depreciation on investments and foreign currencies.
The International Value Portfolio, Intermediate Duration Portfolio and Short
Duration Plus Portfolio invest in foreign securities and foreign currency
transactions that may involve risks not associated with domestic investments as
a result of the level of governmental supervision and regulation of foreign
securities markets and the possibility of political or economic instability,
among others.
C. Security Transactions and Related Investment Income
Security transactions are accounted for on the trade date (the date the buy or
sell order is executed). Securities gains and losses are calculated on the
identified cost basis. Interest income is recorded on the accrual basis and
dividend income is recorded on the ex-dividend date.
D. Futures Contracts
Upon entering into a futures contract, the Fund is required by the exchange to
deposit cash or to pledge U.S. Government securities with a broker in an amount
(initial margin) equal to a certain percentage of the purchase price indicated
in the futures contract. Subsequent payments, which are dependent on the daily
fluctuations in the market value of the underlying index or security, are made
or received by the Fund each day (daily variation margin) or at other intervals
as is required. The aggregate of these payments or receipts through the
expiration of the futures contract is recorded for book purposes as unrealized
gains or losses by the Fund. If the Fund enters into a closing transaction, it
will realize, for book purposes, a gain or loss equal to the difference between
the value of the futures contract at the time it was opened or purchased and its
value at the time it was closed.
E. Written Options
When a Portfolio writes an option, an amount equal to the premium received by
the Portfolio is recorded as an asset and a corresponding liability. The amount
of the liability is adjusted daily to reflect the current market value of the
option. The current market value is based on the last sale price on the exchange
on which the option is principally traded, or, in the absence of a last
- - --------------------------------------------------------------------------------
September 30, 1995--Annual Report 23
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
sale, the option is priced at the mean between the bid and asked prices. When a
call option is exercised, a Portfolio realizes a gain or loss on the underlying
security, with the proceeds from the security sale increased by the amount of
the option premium received. When a put option is exercised, the cost basis of
the security purchased by a Portfolio is reduced by the option premium received.
F. Federal Income Taxes
Each of the 10 Portfolios of the Fund is treated as a separate entity for
federal income tax purposes. Each Portfolio intends to comply or continue to
comply with the requirements of Subchapter M of the Internal Revenue Code of
1986 as they apply to regulated investment companies. By so complying, each
Portfolio will not be subject to federal income taxes to the extent that all of
its income is distributed.
G. Repurchase Agreements
Each Portfolio may enter into repurchase agreements with banks or securities
broker-dealers. It is the Fund's policy that its custodian receives delivery of
the securities collateralizing repurchase agreements, the amount of which at the
time of purchase and each subsequent business day is required to be maintained
at such a level that the market value of the collateral is equal to at least
100% of the repurchase price. Repurchase agreements could involve certain risks
in the event of default or insolvency of the other party, including possible
delays or restrictions on the Portfolio's ability to dispose of the underlying
securities.
H. Securities Transactions on a When-Issued or Delayed-Delivery Basis
Any Portfolio of the Fund may purchase securities on a when-issued basis or sell
securities on a delayed-delivery basis. At the time the Fund commits to purchase
a security on a when-issued basis, the Fund will record the transaction and use
the security's value in determining the Portfolio's net asset value. At the time
the Fund commits to sell a security on a delayed-delivery basis, the Fund will
record the transaction and exclude the security's value in determining the
Portfolio's net asset value.
I. Distribution of Income and Gains
Net investment income of each Portfolio except the Bernstein International Value
Portfolio is declared and recorded as a dividend to shareholders daily and is
payable to shareholders monthly. Dividends from net investment income, if any,
of the International Value Portfolio will be paid to shareholders at least once
a year. Distributions of net realized gains, less any available loss
carryforwards, if any, for all Portfolios will be paid to shareholders at least
once a year, and recorded on the ex-dividend date.
Elements of realized gains and net investment income may be recorded in
different accounting periods for financial reporting (book) and federal income
tax (tax) purposes (temporary differences). To the extent that such
distributions required for tax purposes exceed income and gains recorded for
book purposes as a result of such temporary differences, "excess distributions"
are reflected in the accompanying financial statements. Certain other
differences--permanent differences--arise because treatment of elements of
income and gains is different between book and tax accounting. Permanent
differences are reclassified to paid-in capital in the year they arise.
The effect on each Portfolio is reflected as an adjustment to the components of
capital as of September 30, 1995, as shown below:
<TABLE>
<CAPTION>
Increase (decrease)
to accumulated
undistributed net Increase (decrease)
realized gain (loss) to accumulated
Increase (decrease) on investments, undistributed
to additional futures and net investment
paid-in capital foreign currencies income (loss)
- - -------------------------------------------------------------------------------------
<S> <C> <C> <C>
International Value $(9,668,001) $(7,166,389) $16,834,390
Intermediate Duration (1) (51,513) 51,514
Short Duration Plus (199,135) 0 199,135
Diversified Municipal (223) (45,674) 45,897
California Municipal (685) 1 684
New York Municipal 0 (3,417) 3,417
Short Duration (454) 0 454
California Municipal
Short Duration New (172) 0 172
York Municipal
</TABLE>
- - --------------------------------------------------------------------------------
24 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
J. Expenses
Each Portfolio is charged for those expenses that are directly attributable to
it, such as management, custodian, transfer-agent and shareholder servicing and
administration. Other expenses are allocated among the Portfolios based on
respective net assets.
K. Organization Costs
Costs incurred in connection with the organization of the California Municipal
Portfolio ($6,491), International Value Portfolio ($124,816), Short Duration
Diversified Municipal Portfolio ($21,176), Short Duration California Municipal
Portfolio ($7,956) and Short Duration New York Municipal Portfolio ($8,906) have
been allocated to each respective Portfolio. All organization costs are being
amortized on a straight-line basis over a five-year period, beginning with the
commencement of operations of each respective Portfolio.
NOTE 2. Investment Management and Transactions with Affiliated Persons
A. Management Fee
Under agreements (the "Management Agreements") between the Fund and Sanford C.
Bernstein & Co., Inc. (the "Manager"), the Manager manages the investment of
each Portfolio's assets, places purchase and sales orders and bears various
expenses, including the salaries and expenses of all personnel except those of
outside directors. In addition, the Manager agrees to permit its directors,
officers and employees who may be elected directors or officers of the Fund to
serve in the capacities to which they are elected. The Manager renders these
services subject to the general oversight of the Board of Directors. The Manager
is to receive a management fee for these services at the annual rate of .50
of 1% of average daily net assets up to and including $1 billion and at an
annual rate of .45 of 1% of average daily net assets in excess of $1 billion for
the Intermediate Duration Portfolio, Short Duration Plus Portfolio, Government
Short Duration Portfolio, Diversified Municipal Portfolio, California Municipal
Portfolio, and New York Municipal Portfolio. The fee paid by the Short Duration
Diversified Municipal Portfolio, Short Duration California Municipal Portfolio
and Short Duration New York Municipal Portfolio is at an annual rate of .50 of
1% of each Portfolio's average daily net assets. The fee paid by the
International Value Portfolio is at an annual rate of 1.00% of that Portfolio's
average daily net assets up to and including $2 billion and at an annual rate of
.90 of 1% of average daily net assets in excess of $2 billion. Through the
period ending October 31, 1996, the Short Duration Diversified Municipal
Portfolio, Short Duration California Municipal Portfolio and Short Duration New
York Municipal Portfolio do not pay any portion of the fee that, together with
other operating expenses of the Portfolios (excluding interest, taxes, brokerage
commissions and extraordinary expenses), exceed the rate of .79% per annum of
the Portfolios' average daily net assets. In addition, the Management
Agreements for the aforementioned Portfolios provides that the Manager will pay
any operating expenses of such Portfolios (excluding interest, taxes, brokerage
commissions and extraordinary expenses) which, together with expenses under the
Shareholder Servicing and Administrative Agreement described below, exceed the
rate of .79% per annum of such Portfolio's average daily net assets. Without
this provision, the Management Fee and Shareholder Servicing and Administrative
Fee for the period from commencement of operations (October 3, 1994) through
September 30, 1995 would have increased by the amounts shown below. In addition,
the Manager reimbursed other expenses to comply with the .79% expense
limitation, as also shown in the table below.
Short Duration Short Duration Short Duration
Diversified California New York
Municipal Municipal Municipal
- - -------------------------------------------------------------------------
Management Fees reduced $65,688 $30,461 $24,105
pursuant to advisory
contracts
Shareholder Servicing & 1,581 1,542 1,457
Administrative Fees
Other expenses reimbursed 8,169 1,770 4,042
For the purposes of complying with current California law, the Manager will
reduce its fee to the extent required to limit each Portfolio's expenses to
2.50% of the Portfolio's first $30 million of average net assets, 2% of the
next $70 million and 1.50% of the Portfolio's average net assets in excess of
$100 million; expenses incurred by any portfolio for custodian costs in excess
of those that would have been incurred had the Portfolio's investments been in
domestic securities are excluded from aggregate expenses for the purposes of
applying this limitation. No fee reductions were required under this restriction
for the period ended September 30, 1995.
- - --------------------------------------------------------------------------------
September 30, 1995--Annual Report 25
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
B. Shareholder Servicing and Administrative Fee
Under agreements (the "Shareholder Servicing and Administrative Agreements")
between the Fund and the Manager, the Manager agrees to pay expenses it incurs
in providing shareholder servicing to the Fund, the Portfolios and individual
shareholders, and administrative services to the Fund and the Portfolios. The
fee payable by each Portfolio except the International Value Portfolio for
services under this agreement is .10 of 1% of average daily net assets, and the
fee paid by the International Value Portfolio for services under this
agreement is .25 of 1% of average daily net assets.
C. Distribution
Under agreements (the "Distribution Agreements") between the Fund and the
Manager, the Manager agrees to act as agent to sell shares of the 10 Portfolios.
The Manager receives no fee for this service, and furthermore agrees to pay all
expenses arising from the performance of its obligations under this agreement.
D. Directors and Officers
Each of the four directors not affiliated with Sanford C. Bernstein & Co., Inc.
receives annual compensation of $30,000 from the Fund, in addition to
reimbursement of expenses incurred in connection with attending meetings of the
Board of Directors. None of the directors affiliated with Sanford C. Bernstein
& Co., Inc. receives compensation for services as a director of the Fund.
Similarly, none of the Fund's officers receives compensation from the Fund.
NOTE 3. Investment Security Transactions
A. Purchases and Sales
For the period from October 1, 1994 through September 30, 1995, the Portfolios
had purchase and sales transactions, excluding repurchase transactions and
transactions in short-term instruments, as follows:
<TABLE>
<CAPTION>
Purchases Sales
Excluding Purchases of Excluding Sales of
U.S. Government U.S. Government U.S. Government U.S. Government
Securities Securities Securities Securities
- - ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
International Value $1,006,706,486 0 $ 468,252,200 0
Intermediate Duration 2,020,342,550 $285,512,236 1,753,582,392 $403,994,698
Short Duration Plus 198,171,689 126,299,658 127,716,499 221,253,584
Government Short Duration 0 70,586,308 0 99,404,667
Diversified Municipal 281,962,115 59,926,641 186,649,985 51,027,883
California Municipal 88,820,406 32,888,758 72,294,563 39,380,541
New York Municipal 195,542,810 30,482,915 146,640,870 33,172,801
Short Duration 130,421,641 25,757,375 31,918,102 26,035,532
Diversified Municipal
Short Duration 69,111,550 32,263,124 7,256,143 32,460,125
California Municipal
Short Duration 73,337,111 31,699,369 19,648,633 31,378,179
New York Municipal
</TABLE>
B. Federal Income Tax Status
At September 30, 1995, the Short Duration Plus, Government Short Duration and
California Municipal Portfolios had capital loss carryovers as follows:
Capital Loss
Carryover Amount Expiration
- - -------------------------------------------------------------------
Short Duration Plus Portfolio $7,989,199 09/30/2003
Government Short Duration Portfolio 24,241 09/30/2002
2,123,053 09/30/2003
California Municipal Portfolio 39,399 09/30/2002
105,066 09/30/2003
Additionally, the Intermediate Duration, Short Duration Plus, Diversified
Municipal and California Municipal Portfolios had post October loss deferrals of
$11,290,290; $384,954; $3,575,668; and $455,183, respectively. For tax purposes,
these losses are deemed to arise on October 1, 1995.
- - --------------------------------------------------------------------------------
26 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
C. Foreign Currency Contracts
At September 30, 1995, the International Value Portfolio had outstanding
forward contracts to sell foreign currencies as follows:
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------------
FOREIGN CURRENCY SELL CONTACTS
Value
Payable at
Settlement Current Contract Contract
Foreign Currency Dates Values Appreciation Depreciation
- - -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 10/01/95 through 10/31/95
Deutschemarks $ 107,347,997 $ 104,442,376 $ 2,905,621 0
French Francs 12,842,821 12,585,917 256,904 0
Japanese Yen 122,847,568 108,606,590 14,240,978 0
Dutch Guilders 10,314,595 10,018,478 296,117 0
Settlement 11/01/95 through 11/30/95
Deutschemarks 234,242,228 242,164,742 0 $ (7,922,514)
Japanese Yen 243,996,355 238,492,403 6,091,450 (587,498)
Settlement 12/01/95 through 12/31/95
French Francs 7,096,513 7,099,131 0 (2,618)
Japanese Yen 235,061,678 237,549,960 0 (2,488,282)
Dutch Guilders 27,638,191 27,637,549 642 0
Spanish Pesetas 11,994,243 12,024,289 0 (30,046)
-------------- -------------- ----------- ------------
Total $1,013,382,189 $1,000,621,435 $23,791,712 $(11,030,958)
============== ============== =========== ============
</TABLE>
NOTE 4. Concentration of Credit Risk
The two California Municipal Portfolios and the two New York Municipal
Portfolios invest primarily in securities issued by the States of California and
New York, respectively, and their various political subdivisions, and the
performance of each of these Portfolios is closely tied to economic conditions
within the applicable State and the financial condition of the State and its
agencies and municipalities.
NOTE 5. Risks Involved in Futures and Foreign Currency Contracts
All Portfolios of the Fund may purchase or sell financial futures contracts for
bona fide hedging purposes and for risk control, but not for speculation.
Financial futures contracts obligate the buyer to take and the seller to make
delivery at a future date of a specified quantity of a financial instrument or
an amount of cash based on the value of a securities index or the market value
in U.S. dollars of a foreign currency. The contract amounts reflect the extent
of each Portfolio's involvement and risk of loss in these financial
instruments. A Portfolio's participation in the futures markets involves certain
risks, including imperfect correlation between movements in the price of the
futures contracts and movements in the price of the securities hedged or used
for cover. The Fund's activities in futures contracts are conducted through
regulated exchanges that do not result in counterparty credit risks.
Forward contracts involve elements of market risk in excess of the amount
reflected in the Statement of Assets and Liabilities. The Fund bears the risk of
an unfavorable change in the foreign exchange rate underlying the forward
contract.
NOTE 6. Capital-Share Transactions
The Fund has authorized 2 billion shares of common stock, par value $0.001 per
share, of which, at September 30, 1995, 950 million are divided into 10
Portfolios, allocated 200 million to the Bernstein International Value
Portfolio, 100 million each to the Bernstein Intermediate Duration Portfolio,
Bernstein Short Duration Plus Portfolio, Bernstein Government Short Duration
Portfolio, Bernstein Diversified Municipal Portfolio, Bernstein California
Municipal Portfolio and Bernstein New York Municipal Portfolio, and 50 million
allocated to each of the Bernstein Short Duration Diversified Municipal
Portfolio, Bernstein Short Duration California Municipal Portfolio, and
Bernstein Short Duration New York Municipal Portfolio.
- - --------------------------------------------------------------------------------
September 30, 1995--Annual Report 27
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
Share transactions for each portfolio for the years ended September 30, 1995,
and September 30, 1994, were as follows:
<TABLE>
<CAPTION>
Bernstein International Bernstein Intermediate Bernstein Short
Value Portfolio Duration Portfolio Duration Plus Portfolio
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/95 9/30/94 9/30/95 9/30/94 9/30/95 9/30/94
- - -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 48,703,157 50,720,212 32,922,950 28,407,895 17,149,704 18,755,063
Shares issued to shareholders on
reinvestment of dividends from net
investment income and distributions
from net realized gains 4,181,809 365,620 1,567,809 1,950,807 1,079,281 1,372,841
Shares redeemed (9,816,472) (5,128,347) (16,255,325) (12,539,310) (20,124,155) (14,937,837)
----------- ---------- ----------- ----------- ----------- -----------
Net increase in shares outstanding 43,068,494 45,957,485 18,235,434 17,819,392 (1,895,170) 5,190,067
Shares outstanding at beginning of period 81,051,994 35,094,509 67,677,186 49,857,794 44,675,741 39,485,674
----------- ---------- ----------- ----------- ----------- -----------
Shares outstanding at end of period 124,120,488 81,051,994 85,912,620 67,677,186 42,780,571 44,675,741
=========== ========== =========== =========== =========== ===========
<CAPTION>
Bernstein Government Short Bernstein Diversified Bernstein California
Duration Portfolio Municipal Portfolio Municipal Portfolio
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/95 9/30/94 9/30/95 9/30/94 9/30/95 9/30/94
- - -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 4,035,966 6,023,052 17,481,041 17,652,390 6,543,550 8,276,357
Shares issued to shareholders on
reinvestment of dividends from net
investment income and distributions
from net realized gains 327,525 477,680 598,743 769,977 190,265 223,048
Shares redeemed (7,908,658) (8,017,478) (11,653,156) (8,543,259) (5,752,212) (4,578,658)
----------- ---------- ----------- ----------- ----------- -----------
Net increase in shares outstanding (3,545,167) (1,516,746) 6,426,628 9,879,108 981,603 3,920,747
Shares outstanding at beginning of period 14,993,112 16,509,858 42,510,708 32,631,600 14,775,769 10,855,022
----------- ---------- ----------- ----------- ----------- -----------
Shares outstanding at end of period 11,447,945 14,993,112 48,937,336 42,510,708 15,757,372 14,775,769
=========== ========== =========== =========== =========== ===========
<CAPTION>
Bernstein Short Duration
Diversified California New York
Bernstein New York Municipal Municipal Municipal
Municipal Portfolio Portfolio Portfolio Portfolio
Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/95 9/30/94 9/30/95 (a) 9/30/95 9/30/95 (a)
- - ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Shares sold 10,135,649 12,195,915 12,677,253 7,005,347 7,143,738
Shares issued to shareholders on
reinvestment of dividends from net
investment income and distributions
from net realized gains 602,164 737,300 87,137 58,976 79,818
Shares redeemed (8,152,089) (5,861,899) (4,743,724) (2,041,346) (2,840,518)
----------- ---------- ----------- ----------- -----------
Net increase in shares outstanding 2,585,724 7,071,316 8,020,666 5,022,977 4,383,038
Shares outstanding at beginning of period 31,429,142 24,357,826 0 0 0
----------- ---------- ----------- ----------- -----------
Shares outstanding at end of period 34,014,866 31,429,142 8,020,666 5,022,977 4,383,038
=========== ========== =========== =========== ===========
</TABLE>
(a) Commenced operations October 3, 1994
- - --------------------------------------------------------------------------------
28 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
DIRECTORS AND OFFICERS
Roger Hertog
President, Treasurer and Director
President, Chief Operating Officer and Director, Sanford C. Bernstein & Co.,
Inc.
Stuart K. Nelson
Senior Vice President and Director
Senior Vice President, General Counsel and Director, Sanford C. Bernstein &
Co., Inc.
Arthur Aeder
Director
Consultant
Peter L. Bernstein*
Director
President, Peter L. Bernstein, Inc.
William Kristol
Director
Chairman, Project for the Republican Future
Theodore Levitt
Director
Professor of Business Administration Emeritus, Harvard University
Francis H. Trainer, Jr.
Senior Vice President
Senior Vice President and Director, Sanford C. Bernstein & Co., Inc.
Jean Margo Reid
Secretary
Vice President and Associate General Counsel, Sanford C. Bernstein & Co., Inc.
*Not related to Zalman C. Bernstein, Chairman of the Executive Committee,
Sanford C. Bernstein & Co., Inc.
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
LEGAL COUNSEL
Shereff, Friedman, Hoffman & Goodman LLP
919 Third Avenue
New York, New York 10022
CUSTODIAN AND TRANSFER AGENT
State Street Bank and Trust Company
225 Franklin Street
Boston, Massachusetts 02110
INVESTMENT ADVISOR
Sanford C. Bernstein & Co., Inc.
767 Fifth Avenue
New York, New York 10153
1999 Avenue of the Stars
Los Angeles, California 90067
Phillips Point--West Tower
777 South Flagler Drive
West Palm Beach, Florida 33401
227 West Monroe Street
Chicago, Illinois 60606
<PAGE>
SANFORD C. BERNSTEIN FUND, INC.
767 FIFTH AVENUE, NEW YORK, NEW YORK 10153
(212) 756-4097
<PAGE>
Sanford C. Bernstein Fund, Inc.
ANNUAL REPORT
SEPTEMBER 30, 1995
Schedule of Investments
International Value
-------------------
International Value
<PAGE>
Sanford C. Bernstein Fund, Inc.
Report of Independent Accountants
To the Board of Directors and Shareholders
of Sanford C. Bernstein Fund, Inc.
In our opinion, the statements of assets and liabilities included in the
accompanying Annual Report, including the schedule of investments contained
herein, and the related statements of operations and of changes in net assets
and the financial highlights present fairly, in all material respects, the
financial position of Bernstein International Value Portfolio (one of the ten
portfolios constituting Sanford C. Bernstein Fund, Inc., hereafter referred to
as the "Fund") at September 30, 1995, the results of its operations for the
year then ended, the changes in its net assets for each of the two years in the
period then ended and the financial highlights for each of the periods
indicated, in conformity with generally accepted accounting principles. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards, which require that we plan and
perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement
presentation. We believe that our audits, which included confirmation of
securities at September 30, 1995 by correspondence with the custodian and
brokers and the application of alternative auditing procedures where
confirmations from brokers were not received, provide a reasonable basis for
the opinion expressed above.
PRICE WATERHOUSE LLP
1177 Avenue of the Americas
New York, New York
November 17, 1995
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein International Value Portfolio
September 30, 1995
Shares Description Market Value*
- - --------------------------------------------------------------
EQUITIES: 93.31%
- - --------------------------------------------------------------
AUSTRALIA: 1.64%
- - --------------------------------------------------------------
Broadcasting & Publishing
2,857,787 Pacific Magazines & Printing $ 5,960,922
Building Materials
1,044,000 Boral Limited 2,635,248
Consumer Cyclicals--Wholesale & International Trade
1,121,597 Burns, Philp & Company Limited 2,373,392
Metal--Nonferrous
3,606,086 North Limited 10,356,051
Real Estate
3,307,200 Schroders Property Fund 5,348,706
826,800 Schroders Property Fund (RFD)
(Note A, p. 4) 1,280,940
2,689,114 Westfield Trust 4,755,537
-------------
Total Australian Stocks (Cost $32,406,217) 32,710,796
-------------
- - --------------------------------------------------------------
CANADA: 3.65%
- - --------------------------------------------------------------
Banking
170,928 Canadian Imperial Bank of Commerce 4,466,815
1,163,600 National Bank of Canada 9,955,658
Broadcasting & Publishing
518,850 Torstar Corp. (Class B) 8,202,933
Energy Sources
463,700 Suncor Inc. 14,532,670
Machinery & Engineering
207,650 Hawker Siddeley Canada Inc. 2,529,774
Metal--Nonferrous
70 Alcan Aluminum Limited 2,291
Metal--Steel
582,500 Dofasco Inc. 7,096,524
705,000 IPSCO Inc. 13,637,378
Utilities--Electric, Gas & Water
1,367,900 Nova Scotia Power Inc. 11,703,631
65,100 Transalta Corp. 684,129
-------------
Total Canadian Stocks (Cost $67,738,265) 72,811,803
-------------
- - --------------------------------------------------------------
FINLAND: 0.70%
- - --------------------------------------------------------------
Insurance (Non-Life)
84,800 Sampo Insurance Co-'A' Free 4,957,209
Paper & Forest Products
25,000 Enzo-Gutzeit 'A' 210,448
1,037,500 Enzo-Gutzeit "R" 8,782,093
-------------
Total Finnish Stocks (Cost $14,459,067) 13,949,750
-------------
- - --------------------------------------------------------------
FRANCE: 10.12%
- - --------------------------------------------------------------
Automobiles
52,300 Peugeot SA 7,094,405
Banking
74,920 Societe Generale 7,667,719
Broadcasting & Publishing
99,875 Groupe de la Cite 15,819,373
Business & Public Services
124,700 Compagnie Generale des Eaux 11,977,480
Construction & Housing
79,588 Eiffage 12,606,080
Electrical & Electronics
131,628 Alcatel Alsthom 11,068,566
Energy Sources
62,050 ESSO SAF 7,207,351
167,821 Societe Nationale Elf Aquitaine 11,324,382
8,817 Total, SAB 533,550
Financial Services
39,031 Eurafrance 11,571,786
109,358 Sovac 7,674,713
Food & Household Products
8,479 Bongrain SA 4,557,602
65,950 Eridania Beghin-Say SA 9,963,814
Machinery & Engineering
181,900 Vallourec (Note A, p. 4) 7,867,743
Merchandising
616,143 Etablissements Economiques du Casino
Guichard Perrachon et Cie 18,317,258
462,968 Etablissements Economiques du
Casino Guichard Perrachon et Cie (PFD) 10,679,899
Metal--Steel
500,864 Usinor Sacilor (Note A, p. 4) 8,904,588
Miscellaneous Materials
110,928 Compagnie de Saint-Gobain 13,515,443
Multi-Industry
20,123 Financiere et Industrielle Gaz et Eaux 7,510,625
7,000 Worms et Compagnie 301,350
Real Estate
155,219 Sefimeg 9,424,405
83,921 Simco 6,441,697
-------------
Total French Stocks (Cost $204,673,949) 202,029,829
-------------
- - --------------------------------------------------------------
GERMANY: 16.80%
- - --------------------------------------------------------------
Banking
543,400 Bayerische Hypotheken und Wechsel
Bank 13,651,546
689,060 Bayerische Vereinsbank 19,625,432
*See Note 1, page 23 in Notes to Financial Statements.
Schedule of Investments--International Value 1
<PAGE>
Shares Description Market Value*
- - --------------------------------------------------------------
126,073 Commerzbank $ 28,673,006
559,650 Dresdner Bank 15,136,790
80,650 IKB Deutsche Industriebank 15,633,345
12,366 IKB Deutsche Industriebank
(RFD 9/95) (Note A, p. 4) 2,327,820
Building Materials
3,680 Dyckerhoff AG (Vorzug) 1,016,700
Chemicals
124,350 BASF AG 27,193,404
107,300 Bayer AG 27,331,840
Electrical & Electronics
74,200 Siemens AG (Stamm) 37,453,086
Food & Household Products
4,712 Sudzucker AG (Vorzug) 1,998,231
Health & Personal Care
62,266 Dragerwerk AG (Vorzug) 11,241,867
Machinery & Engineering
35,000 MAN AG (Stamm) 9,801,959
43,750 MAN AG (Vorzug) 9,643,982
Merchandising
8,300 Herlitz AG (Stamm) 1,504,339
13,850 Herlitz AG (Vorzug) 2,384,255
73,500 Karstadt AG 32,558,082
51,450 Kaufhof Holding AG 12,889,503
Multi-Industry
24,350 Rheinmetall Berlin (Stamm) 4,004,374
19,650 Rheinmetall Berlin (Vorzug) 2,337,649
Non-Financial
41,625 Grohe (Friedrich) AG (NVP) 10,952,414
Utilities--Electric, Gas & Water
49,000 RWE AG (Stamm) 16,750,525
24,000 RWE AG (Vorzug) 6,504,689
625,000 VEBA AG 24,803,184
-------------
Total German Stocks (Cost $310,265,831) 335,418,022
-------------
- - --------------------------------------------------------------
ITALY: 7.23%
- - --------------------------------------------------------------
Automobiles
12,176,478 Magneti Marelli S.p.A ORD 25,749,947
2,267,500 Magneti Marelli S.p.A RNC 2,945,992
Banking
4,952,000 Banca Commerciale Italiana 10,902,078
1,428,700 Banca Popolare di Bergamo 18,739,228
5,885,800 Banco Ambrosiano Veneto RNC 7,610,476
12,744,500 Banco di Napoli RNC (Note
A, p. 4) 5,240,064
631,400 Banco di Sardegna RNC (Note A, p. 4) 4,620,478
8,717,500 Credito Italiano ORD 10,342,064
1,554,090 Istituto Bancario San Paolo di
Torino ORD 8,673,991
1,150,000 Istituto Mobiliare Italiano 6,896,434
Building Materials
801,780 Unicem ORD (Note A, p. 4) 5,171,170
738,500 Unicem RNC (Note A, p. 4) 2,413,578
Machinery & Engineering
5,635,000 Finmeccanica ORD (Note A, p. 4) 3,704,248
750,000 Finmeccanica RNC (Note A, p. 4) 448,837
Telecommunications
3,318,600 STET RNC 7,748,545
10,184,500 Telecom Italia ORD 16,832,058
4,728,000 Telecom Italia RNC 6,186,716
-------------
Total Italian Stocks (Cost $156,382,785) 144,225,904
-------------
- - --------------------------------------------------------------
JAPAN: 37.25%
- - --------------------------------------------------------------
Appliances & Household Durables
621,000 Matsushita Electric Industrial
Co., Limited 9,529,251
Automobiles
1,282,000 Aisin Seiki Co., Ltd. 16,824,996
393,000 Toyoda Gosei 2,765,342
808,000 Toyota Motor Corp. 15,416,890
Banking
332,600 Bank of Iwate 17,963,858
1,245,000 Biwako Bank 7,164,202
3,081,000 Higo Bank 24,572,106
3,744,000 Hokkaido Takushoku Bank 10,583,211
1,828,000 Kagoshima Bank 14,136,066
2,332,000 Michinoku Bank 19,257,746
795,000 Oita Bank 6,236,081
487,000 Toho Bank 3,195,699
Business & Public Services
1,000 Dai Nippon Printing 15,850
744,000 Toppan Printing Co., Limited 9,463,833
Chemicals
2,071,000 Fuji Photo Film Co., Ltd. 51,641,714
154,000 Kaneka Corp. 979,456
1,393,000 Kansai Paint Co., Ltd. 6,665,812
Construction & Housing
3,302,000 Sekisui House, Limited 41,002,070
Electrical & Electronics
6,594,000 Hitachi, Limited 71,894,604
Energy Sources
1,098,000 General Sekiyu 10,297,734
Financial Services
2,136,000 Hitachi Credit 36,227,147
Food & Household Products
1,139,000 Nippon Meat Packers, Inc. 15,293,221
Health & Personal Care
1,715,000 Takeda Chemical Industries, Ltd. 23,892,787
Insurance (Non-Life)
4,998,000 Chiyoda Fire & Marine 29,416,324
2 Sanford C. Bernstein Fund, Inc.--1995 Annual Report
<PAGE>
Shares Description Market Value
- - --------------------------------------------------------------
3,471,000 Dai-Tokyo Fire & Marine $ 23,477,563
1,527,000 Nichido Fire & Marine 12,548,362
Machinery & Engineering
1,980,000 Makita Corp. 31,382,565
973,000 Sintokogio 6,777,750
Merchandising
333,000 Aoki International Co., Limited 6,992,479
860,000 Aoyama Trading Co., Limited 23,615,163
Metal--Steel
490,000 Kurimoto, Ltd. 5,243,552
1,107,000 Maruichi Steel Tube, Ltd. 20,898,390
432,900 Tokyo Steel Manufacturing Co., Ltd. 8,347,272
200,000 Toyo Seikan Kaisha, Ltd. 6,238,958
1,536,000 Yamamura Glass Co., Ltd. 9,490,000
510,000 Yamato Kogyo Co., Ltd. 4,067,437
115,000 Yodogawa Steel Works, Ltd. 924,133
Real Estate
2,265,000 Daiwa Kosho Lease Co., Limited 22,408,763
Textiles/Apparel
1,345,000 Gunze Ltd. 7,481,652
223,000 Onward Kashiyama 2,994,195
1,257,000 Teijin Limited 6,027,712
858,000 Tokyo Style Co., Ltd. 13,339,256
970,000 Wacoal Corp. 11,751,047
242,400 World Co., Ltd. 7,635,031
Transportation--Road & Rail
2,486,000 Seino Transportation Co., Limited 42,163,243
Utilities--Electric, Gas & Water
401,880 Hokuriku Electric Power Co., Inc. 9,574,850
303,000 Kyushu Electric Power Co., Inc. 7,677,856
317,220 Shikoku Electric Power Co., Inc. 8,006,158
-------------
Total Japanese Stocks (Cost $734,329,800) 743,499,387
-------------
- - --------------------------------------------------------------
NETHERLANDS: 3.21%
- - --------------------------------------------------------------
Banking
213,500 ABN Amro Holding NV 8,834,115
Chemicals
67,872 DSM NV 5,447,069
Energy Sources
218,343 Royal Dutch Petroleum 26,830,573
Financial Services
63,585 Fortis-AMEV NV 3,708,032
Food & Household Products
105,518 Unilever NV 13,711,602
Telecommunications
159,000 Koninklijke PTT Nederland NV 5,615,038
-------------
Total Netherlands Stocks (Cost $57,424,245) 64,146,429
-------------
- - --------------------------------------------------------------
SPAIN: 2.49%
- - --------------------------------------------------------------
Banking
358,550 Banco Bilbao Vizcaya $ 11,021,598
380,750 Banco Central Hispanoamericano 7,946,408
Energy Sources
135,150 Repsol, SA 4,247,353
Utilities--Electric, Gas & Water
1,566,207 Iberdrola, SA 11,833,339
3,017,200 Union Electrica Fenosa, SA 14,571,011
-------------
Total Spanish Stocks (Cost $43,809,094) 49,619,709
-------------
- - --------------------------------------------------------------
SWEDEN: 0.32%
- - --------------------------------------------------------------
Appliances & Household Durables
111,150 AB Electrolux Class B 5,319,525
Banking
60,800 Svenska Handelsbanken Class A 1,053,331
-------------
Total Swedish Stocks (Cost $4,953,055) 6,372,856
-------------
- - --------------------------------------------------------------
SWITZERLAND: 2.78%
- - --------------------------------------------------------------
Banking
52,487 Schweizerischer Bankverein Bearer 20,068,559
Chemicals
35,800 Ciba-Geigy Limited 28,677,162
Food & Household Products
6,549 Nestle, SA 6,701,961
-------------
Total Swiss Stocks (Cost $43,297,985) 55,447,682
-------------
- - --------------------------------------------------------------
UNITED KINGDOM: 7.12%
- - --------------------------------------------------------------
Automobiles
2,777,698 Lex Service plc 15,377,405
Banking
1,493,600 National Westminster Bank 14,961,959
Broadcasting & Publishing
1,644,183 United Newspapers plc 13,508,851
Building Materials
359,333 Redland plc 2,123,409
Construction & Housing
638,000 Taylor Woodrow plc 1,061,611
Electrical & Electronics
585,898 The General Electric Co., plc 2,939,210
Food & Household Products
10,748,960 Hazlewood Foods plc 20,720,068
Health & Personal Care
10,067 SmithKline Beecham plc 99,891
Insurance (Non-Life)
1,572,063 Guardian Royal Exchange plc 5,377,653
1,569,852 Royal Insurance Holdings plc 8,768,252
Schedule of Investments--International Value 3
<PAGE>
Quantity Description Market Value
- - --------------------------------------------------------------
Leisure
1,515,757 Forte plc $ 5,987,348
Merchandising
279,399 Argyll Group plc 1,492,129
Metal--Steel
3,743,900 British Steel plc 10,706,998
Multi-Industry
2,000,000 Lonrho plc 5,245,694
Transportation-Shipping
979,800 Shell Transportation & Trading 11,517,952
Utilities--Electric, Gas & Water
149,600 Anglian Water plc 1,337,276
373,238 North West Water Group plc 3,485,284
358,159 Severn Trent plc 3,531,225
1,000,000 Southern Water plc 8,089,746
416,666 Welsh Water plc 5,128,501
450,000 Welsh Water plc (PFD) 734,121
-------------
Total United Kingdom Stocks (Cost $123,713,412) 142,194,583
-------------
Total Equities (Cost $1,793,453,705) 1,862,426,750
-------------
- - --------------------------------------------------------------
RIGHTS--UNITED KINGDOM UTILITIES--
ELECTRIC, GAS & WATER (Note A, below): 0.00%
- - --------------------------------------------------------------
106,639 North West Water Group plc
(Expiration 10/09/1995) 45,493
-------------
Total Rights (Cost $0) 45,493
-------------
- - --------------------------------------------------------------
WARRANTS--UNITED KINGDOM AEROSPACE &
DEFENSE (Note A, below): 0.00%
- - --------------------------------------------------------------
19,042 British Aerospace plc
(Expiration 11/15/2000) 82,739
-------------
Total Warrants (Cost $0) 82,739
-------------
- - --------------------------------------------------------------
REPURCHASE AGREEMENTS: 3.32%
- - --------------------------------------------------------------
46,285,000 State Street Bank & Trust Co., 46,285,000
Repurchase Agreement,
5.35%, 10/02/1995,
Collateral 34,260,000 principal
amount U.S. Treasury Bond,
9.875%, 11/15/2015,
Value $47,210,722
20,000,000 State Street Bank & Trust Co., 20,000,000
Repurchase Agreement,
5.35%, 10/06/1995,
Collateral 19,020,000 principal
amount U.S. Treasury Bond,
8.25%, 07/15/1998, Value
$20,402,051 (Note C, below)
-------------
Total Repurchase Agreements
(Cost $66,285,000) 66,285,000
-------------
- - --------------------------------------------------------------
INVESTMENT SUMMARY
- - --------------------------------------------------------------
Total Investments (Cost $1,859,738,705) 96.63% $1,928,839,982
(Note D, below)
Cash and Other Assets, Less Liabilities
(Note E, below) 3.37 67,271,923
------- -------------
Net Assets (Equivalent to $16.08
per share based on 124,120,488
shares of capital stock outstanding) 100.00% $1,996,111,905
======= ==============
- - --------------------------------------------------------------
(A) Non-income-producing security
(B) Explanation of abbreviations:
RFD--Restricted for Dividends
PFD--Preferred Share
Stamm--German Ordinary Share
Vorzug--German Preferred Share
NVP--Non-Voting Preference Share
ORD--Italian Ordinary Share
RNC--Italian Savings Share
(C) $20,000,000 principal amount pledged as collateral for
futures transactions
(D) At September 30, 1995, the cost basis of investment
securities owned was substantially identical for both
book and tax.
(E) Includes $26,565,481 U.S. dollar equivalent of French
francs and Japanese yen pledged as collateral for futures
transactions.
(F) At September 30, 1995, the Fund had long positions in 200
October 1995 French CAC Index futures contracts. The contracts
had a market value of $14,563,915 and unrealized depreciation
of $352,549 at September 30, 1995.
(G) At September 30, 1995, the Fund had long positions in 200
December 1995 Japanese Topix Index futures contracts. The
contracts had a market value of $28,953,612 and unrealized
depreciation of $72,256 at September 30, 1995.
4 Sanford C. Bernstein Fund, Inc.--1995 Annual Report
<PAGE>
(H) Allocation of assets by industry as of September 30, 1995:
Appliances & Household Durables 0.74%
Automobiles 4.32
Banking 17.89
Broadcasting & Publishing 2.18
Building Materials 0.67
Business & Public Services 1.07
Chemicals 7.41
Construction & Housing 2.74
Consumer Cyclicals--Wholesale & International Trade 0.12
Electrical & Electronics 6.18
Energy Sources 3.76
Financial Services 2.96
Food & Household Products 3.65
Health & Personal Care 1.77
Insurance (Non-Life) 4.24
Leisure 0.30
Machinery & Engineering 3.61
Merchandising 5.53
Metal--Nonferrous 0.52
Metal--Steel 4.79
Miscellaneous Materials 0.68
Multi-Industry 0.97
Non-Financial 0.55
Paper & Forest Products 0.45
Real Estate 2.49
Telecommunications 1.82
Textiles/Apparel 2.47
Transportation--Road & Rail 2.11
Transportation--Shipping 0.58
Utilities--Electric, Gas & Water 6.74
Repurchase Agreements 3.32
Cash and Other Assets, Less Liabilities 3.37
-------
Total 100.00%
=======
See Notes to Financial Statements.
Schedule of Investments--International Value 5
<PAGE>
Sanford C. Bernstein Fund, Inc.
ANNUAL REPORT
SEPTEMBER 30, 1995
Schedule of Investments
Taxable Bond Portfolios
-------------------
Intermediate Duration
Short Duration Plus
Government Short Duration
<PAGE>
Sanford C. Bernstein Fund, Inc.
Report of Independent Accountants
To the Board of Directors and Shareholders
of Sanford C. Bernstein Fund, Inc.
In our opinion, the statements of assets and liabilities included in the
accompanying Annual Report, including the schedules of investments contained
herein, and the related statements of operations and of changes in net assets
and the financial highlights present fairly, in all material respects, the
financial position of Bernstein Intermediate Duration Portfolio, Bernstein
Short Duration Plus Portfolio and Bernstein Government Short Duration Portfolio
(three of the ten portfolios constituting Sanford C. Bernstein Fund, Inc.,
hereafter referred to as the "Fund") at September 30, 1995 and the results of
each of their operations, the changes in each of their net assets and the
financial highlights for each of the periods indicated, in conformity with
generally accepted accounting principles. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards, which require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe that
our audits, which included confirmation of securities at September 30, 1995 by
correspondence with the custodian and brokers and the application of
alternative auditing procedures where confirmations from brokers were not
received, provide a reasonable basis for the opinion expressed above.
PRICE WATERHOUSE LLP
1177 Avenue of the Americas
New York, New York
November 17, 1995
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Intermediate Duration Portfolio
September 30, 1995
Principal Amount Description Market Value*
- - -------------------------------------------------------------------------------
DOMESTIC INVESTMENTS: 98.16%
- - -------------------------------------------------------------------------------
COMMERCIAL PAPER (Note A, p. 3): 1.30%
- - -------------------------------------------------------------------------------
14,819,000 Cigna Corp., 10/02/1995 $ 14,816,386
-------------
Total Commercial Paper (Cost $14,816,386) 14,816,386
-------------
- - -------------------------------------------------------------------------------
U.S. TREASURY NOTES: 24.13%
- - -------------------------------------------------------------------------------
97,680,000 6.00%, 06/30/1996
(Notes B, C & D, p. 3) 97,924,200
97,180,000 7.875%, 07/15/1996
(Notes E & F, p. 3) 98,789,398
57,585,000 6.25%, 08/31/1996
(Note G, p. 3) 57,854,843
20,955,000 6.875%, 10/31/1996 21,203,841
-------------
Total U.S. Treasury Notes (Cost $274,883,638) 275,772,282
-------------
- - -------------------------------------------------------------------------------
U.S. TREASURY BONDS: 31.59%
- - -------------------------------------------------------------------------------
178,390,000 7.25%, 05/15/2016 190,988,794
154,625,000 7.50%, 11/15/2016 170,038,948
-------------
Total U.S. Treasury Bonds (Cost $335,981,796) 361,027,742
-------------
- - -------------------------------------------------------------------------------
MORTGAGE DERIVATIVES: 2.51%
- - -------------------------------------------------------------------------------
3,656,053 Federal National Mortgage Association
Interest Only Strip,
Series 21 Class 2, 9.50%, 07/25/2017 994,004
1,537,284 Federal National Mortgage Association
Interest Only Strip,
Series 34 Class 2, 9.00%, 05/25/2018 401,615
1,817,668 Federal National Mortgage Association
Interest Only Strip,
Series 60 Class 2, 9.50%, 01/25/2019 494,186
6,099,459 Federal National Mortgage Association
Interest Only Strip,
Series 173 Class 2,
9.50%, 11/25/2021 1,658,315
4,700,000 G.E. Capital Mortgage Services,
Inc. Series 1993-10 Class A15,
6.50%, 09/25/2023 (Note H, p. 3) 4,117,886
3,875,000 Federal Home Loan Mortgage Corp.
Series 1632 Class B,
6.00%, 11/15/2023 3,405,389
3,288,189 G.E. Capital Mortgage Services,
Inc. Series 1994-11 Class A1,
6.50%, 03/25/2024 (Note H, p. 3) 3,276,888
3,987,065 Prudential Home Mortgage Securities
Series 1994-15 Class A1,
8.00%, 05/25/2024 (Note H, p. 3) 4,096,295
1,546,160 Government National Mortgage Association
Series 1994-5 Class JA, 6.50%, 07/16/2024
(Note H, p. 3) 1,371,572
2,279,786 Residential Funding Mortgage
Inc., Securities 1, Series 1994-S15 Class A8,
7.75%, 07/25/2024 (Note H, p. 3) 2,308,165
2,307,000 Citicorp Mortgage Securities, Inc.
Series 1994-11 Class A9,
6.25%, 08/25/2024 (Note H, p. 3) 1,966,118
4,572,804 Residential Funding Mortgage
Inc., Securities 1, Series 1995-S3 Class A1,
7.65%, 04/25/2025 (Note H, p. 3) 4,590,665
-------------
Total Mortgage Derivatives (Cost $27,681,962) 28,681,098
-------------
- - -------------------------------------------------------------------------------
MORTGAGE PASS-THROUGHS: 31.85%
- - -------------------------------------------------------------------------------
3,451,036 Federal National Mortgage Association
Pool #303305,
12.00%, 05/01/2016 3,882,415
257,078 Federal Home Loan Mortgage Corp. Pool
#293246, 8.50%, 05/01/2017 264,467
9,561,040 Government National Mortgage Association
Pool #267832,
9.50%, 11/15/2017 10,241,777
3,098,420 Federal Home Loan Mortgage Corp.
Pool #304272, 8.50%, 06/01/2018 3,200,045
8,644,568 Federal Home Loan Mortgage Corp.
Pool #A00866, 9.50%, 01/01/2021 9,144,258
7,757,658 Government National Mortgage Association
Pool #780118,
9.50%, 08/15/2021 8,293,937
10,293,584 Government National Mortgage Association
Pool #780049,
9.50%, 11/15/2021 11,005,169
10,356,000 Government National Mortgage Association
Pool #780254,
9.50%, 11/15/2021 11,106,810
4,497,922 Federal National Mortgage Association
Pool #190002,
9.50%, 05/01/2022 4,760,529
9,450,032 Government National Mortgage Association
Pool #780087,
9.50%, 05/15/2022 10,099,721
7,157,910 Federal Home Loan Mortgage Corp.
Pool #G00391, 9.00%, 06/01/2022 7,491,175
10,203,702 Government National Mortgage Association
Pool #780010,
9.50%, 03/15/2023 10,901,421
9,239,934 Federal Home Loan Mortgage Corp.
Pool #C00356, 8.00%, 08/01/2024 9,459,355
* See Note 1, page 23 in Notes to Financial Statements.
Schedule of Investments--Taxable Bond Portfolios 1
<PAGE>
Principal Amount Description Market Value
- - -------------------------------------------------------------------------------
10,500,856 Government National Mortgage Association
II ARM Pool #008484,
7.00%, 08/20/2024 $10,706,558
7,223,654 Government National Mortgage Association
Pool #780012,
9.50%, 10/15/2024 7,715,433
8,364,382 Federal Home Loan Mortgage Corp.
Pool #D57411, 8.00%, 11/01/2024 8,563,011
6,522,529 Federal Home Loan Mortgage Corp.
Pool #D58447, 9.00%, 01/01/2025 6,824,144
5,210,961 Federal Home Loan Mortgage Corp.
Pool #C80266, 8.50%, 02/01/2025 5,398,186
1,949,791 Federal Home Loan Mortgage Corp.
Pool #D58898, 9.00%, 02/01/2025 2,039,953
4,985,526 Federal Home Loan Mortgage Corp.
Pool #C00387, 9.00%, 02/01/2025 5,211,365
233,123 Federal National Mortgage Association
Pool #303213,
8.50%, 03/01/2025 241,061
2,590,852 Federal Home Loan Mortgage Corp.
Pool #D59101, 8.50%, 03/01/2025 2,681,531
933,457 Federal Home Loan Mortgage Corp. Pool
#D59162, 9.00%, 03/01/2025 976,622
2,390,924 Federal Home Loan Mortgage Corp.
Pool #D58964, 9.00%, 03/01/2025 2,501,485
8,222,586 Federal Home Loan Mortgage Corp.
Pool #C80286, 9.00%, 03/01/2025 8,602,815
1,962,984 Federal Home Loan Mortgage Corp.
Pool #D59810, 9.00%, 04/01/2025 2,053,756
2,844,802 Federal Home Loan Mortgage Corp.
Pool #D59707, 9.00%, 04/01/2025 2,976,352
13,645,220 Federal Home Loan Mortgage Corp.
Pool #C80288, 9.00%, 04/01/2025 14,276,203
8,669,628 Government National Mortgage Association
II ARM Pool #008621, 7.00%, 04/20/2025 8,845,700
13,370,050 Federal Home Loan Mortgage Corp.
Pool #C80297, 8.50%, 05/01/2025 13,850,422
3,030,430 Federal Home Loan Mortgage Corp.
Pool #C00398, 9.00%, 05/01/2025 3,167,705
13,812,611 Federal Home Loan Mortgage Corp.
Pool #G00350, 9.00%, 05/01/2025 14,451,334
6,634,129 Federal Home Loan Mortgage Corp.
Pool #D60759, 8.00%, 06/01/2025 6,772,981
4,874,113 Federal Home Loan Mortgage Corp.
Pool #D60800, 8.50%, 06/01/2025 5,049,235
5,419,536 Federal Home Loan Mortgage Corp.
Pool #D61045, 8.50%, 06/01/2025 5,614,255
5,688,561 Federal Home Loan Mortgage Corp.
Pool #D60684, 8.50%, 06/01/2025 5,892,945
6,731,146 Federal Home Loan Mortgage Corp.
Pool #D61039, 8.50%, 06/01/2025 6,972,989
14,069,053 Federal Home Loan Mortgage Corp.
Pool #C00404, 8.50%, 06/01/2025 14,574,540
10,569,240 Government National Mortgage Association
II ARM Pool #008643, 7.00%, 06/20/2025 10,783,891
10,955,000 Government National Mortgage Association
II ARM Pool #008660, 6.50%, 07/20/2025 11,102,016
5,401,170 Federal National Mortgage Association
Pool #250385, 8.50%, 08/01/2025 5,590,211
6,945,000 Federal Home Loan Mortgage Corp.
Pool #C00429, 8.50%, 09/01/2025 7,188,075
31,005,000 Federal Home Loan Mortgage Corp.
Gold Pool TBA, 8.00%, 10/16/2025
(Note I, p. 3) 31,605,877
30,795,000 Federal Home Loan Mortgage Corp.
Gold Pool TBA, 8.50%, 10/16/2025
(Note I, p. 3) 31,901,434
-------------
Total Mortgage Pass-Throughs (Cost $362,173,764) 363,983,164
-------------
- - -------------------------------------------------------------------------------
FINANCE: 4.28%
- - -------------------------------------------------------------------------------
9,020,000 World Savings & Loan Association
Medium-Term Senior Notes,
7.625%, 02/18/1997 9,217,718
4,260,000 Salomon Inc. Medium-Term Notes,
8.36%, 02/28/1997 4,343,453
8,030,000 General Motors Acceptance Corp.
Medium-Term Notes, 6.00%, 03/24/1997 8,006,424
4,525,000 Lehman Brothers Holdings, Inc. Notes,
8.375%, 04/01/1997 4,646,315
1,020,000 Lehman Brothers Inc. Senior Subordinated
Notes, 9.50%, 06/15/1997 1,068,572
9,530,000 Associates Corp. of North America
Senior Notes, 6.625%, 05/15/1998 9,620,916
1,565,000 Lehman Brothers Inc. Senior Subordinated
Notes, 10.00%, 05/15/1999 1,713,456
10,545,000 Paine Webber Group, Inc. Senior
Notes, 7.625%, 02/15/2014 10,314,697
-------------
Total Finance (Cost $46,634,028) 48,931,551
-------------
- - -------------------------------------------------------------------------------
INDUSTRIAL: 1.48%
- - -------------------------------------------------------------------------------
1,975,000 Auburn Hills Trust--Chrysler,
Credit Sensitive Notes, 12.00%, 05/01/2020 2,908,346
2,140,000 Delta Air Lines, Inc. Debentures,
10.375%, 12/15/2022 2,583,579
2 Sanford C. Bernstein Fund, Inc.--1995 Annual Report
<PAGE>
Principal Amount Description Market Value
- - -------------------------------------------------------------------------------
11,390,000 Motorola, Inc. Debentures,
6.50%, 09/01/2025,
Putable 09/01/2005 @100 11,422,006
-------------
Total Industrial (Cost $14,839,815) 16,913,931
-------------
- - -------------------------------------------------------------------------------
UTILITIES: 0.68%
- - -------------------------------------------------------------------------------
5,350,000 New Jersey Bell Telephone Co. Debentures,
7.85%, 11/15/2029, Putable 11/15/1999 @100 5,936,842
1,665,000 New England Telephone & Telegraph
Co. Debentures, 7.875%, 11/15/2029,
Putable 11/15/1996 @100 1,822,825
-------------
Total Utilities (Cost $7,628,678) 7,759,667
-------------
- - -------------------------------------------------------------------------------
TAXABLE MUNICIPAL: 0.34%
- - -------------------------------------------------------------------------------
3,830,000 Northeast Maryland Waste Disposal
Authority, Montgomery County,
Solid Waste Revenue, 6.10%, 07/01/1997 3,804,684
-------------
Total Taxable Municipal (Cost $3,775,330) 3,804,684
-------------
Total Domestic Investments (Cost $1,088,415,397) 1,121,690,505
-------------
- - -------------------------------------------------------------------------------
FOREIGN INVESTMENTS: 6.06%
- - -------------------------------------------------------------------------------
CANADIAN TREASURY BILLS: 3.85%
- - -------------------------------------------------------------------------------
C$ 26,095,000
08/08/1996 18,341,523
C$ 36,653,000
09/05/1996 25,631,625
-------------
Total Canadian Treasury Bills (Cost $43,856,347) 43,973,148
-------------
- - -------------------------------------------------------------------------------
ITALIAN FINANCE: 2.21%
- - -------------------------------------------------------------------------------
IL 2,930,000,000
Nordic Investment Bank Notes,
12.375%, 04/19/1996 1,823,834
IL 7,000,000,000
Eksportfinans Notes,
12.25%, 08/05/1996 4,372,458
IL 13,855,000,000
Deutsche Bank, Finance NV,
11.00%, 11/07/1996 8,600,840
IL 16,805,000,000
Abbey National Treasury Service, 12.00%,
11/24/1997 10,513,729
-------------
Total Italian Finance (Cost $25,477,236) 25,310,861
-------------
Total Foreign Investments (Cost $69,333,583) 69,284,009
-------------
- - -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- - -------------------------------------------------------------------------------
Total Investments (Cost $1,157,748,980)
(Note J, below) 104.22% 1,190,974,514
-------------
Cash and Other Assets,
Less Liabilities (4.22) (48,206,184)
------- -------------
Net Assets (Equivalent to $13.30
per share based on 85,912,620 shares
of capital stock outstanding) 100.00% $1,142,768,330
======= ==============
- - -------------------------------------------------------------------------------
(A) Commercial paper owned at September 30, 1995, was purchased at a
rate of 6.35%.
(B) $13,000,000 principal amount segregated as collateral for
when-issued securities
(C) $770,000 principal amount pledged as collateral for futures
transactions
(D) $60,000,000 principal amount segregated as collateral for futures
transactions
(E) $790,000 principal amount pledged as collateral for futures
transactions
(F) $61,000,000 principal amount segregated as collateral for futures
transactions
(G) $57,585,000 principal amount segregated as collateral for
when-issued securities
(H) Fair-valued security
(I) When-issued security
(J) At September 30, 1995, the cost basis of investment securities
owned was substantially identical for both book and tax.
(K) At September 30, 1995, the Fund had long positions in 642 December
1995 German 5 year bond futures contracts. The contracts had a
market value of $113,922,428 and unrealized appreciation of
$1,034,710 at September 30, 1995.
See Notes to Financial Statements.
Schedule of Investments--Taxable Bond Portfolios 3
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration Plus Portfolio
September 30, 1995
Principal Amount Description Market Value*
- - -------------------------------------------------------------------------------
DOMESTIC INVESTMENTS: 95.62%
- - -------------------------------------------------------------------------------
COMMERCIAL PAPER (Note A, p. 5): 0.30%
- - -------------------------------------------------------------------------------
1,601,000 Cigna Corp., 10/02/1995 $ 1,600,718
-------------
Total Commercial Paper (Cost $1,600,718) 1,600,718
-------------
- - -------------------------------------------------------------------------------
U.S. TREASURY NOTES: 67.86%
- - -------------------------------------------------------------------------------
153,370,000 4.25%, 05/15/1996 (Notes B & C, p. 5) 151,979,854
12,930,000 7.375%, 05/15/1996 13,075,462
103,580,000 6.25%, 08/31/1996 104,065,376
15,380,000 7.25%, 11/15/1996 15,634,708
77,100,000 6.50%, 04/30/1997 77,943,166
-------------
Total U.S. Treasury Notes (Cost $361,400,887) 362,698,566
-------------
- - -------------------------------------------------------------------------------
U.S. TREASURY BONDS: 5.99%
- - -------------------------------------------------------------------------------
12,865,000 7.25%, 05/15/2016 13,773,591
16,560,000 7.50%, 11/15/2016 18,210,800
-------------
Total U.S. Treasury Bonds (Cost $30,338,972) 31,984,391
-------------
- - -------------------------------------------------------------------------------
MORTGAGE DERIVATIVES: 2.61%
- - -------------------------------------------------------------------------------
1,886,000 Countrywide Funding Corp.,
Series 1994-12 Class A5,
7.00%, 10/25/2014 (Note D, p. 5) 1,893,367
782,590 Federal National Mortgage Association
Interest Only Strip,
Series 34 Class 2, 9.00%, 05/25/2018 204,452
1,323,189 Federal National Mortgage Association
Interest Only Strip,
Series 60 Class 2, 9.50%, 01/25/2019 359,747
4,396,471 Federal National Mortgage Association
Interest Only Strip,
Series 149 Class 2, 9.50%, 06/25/2022 1,195,308
3,519,570 G.E. Capital Mortgage Services,
Inc. Series 1994-5 Class A4,
6.50%, 02/25/2024 (Note D, p. 5) 3,505,640
754,023 G.E. Capital Mortgage Services, Inc.
Series 1994-11 Class A1,
6.50%, 03/25/2024 (Note D, p. 5) 751,432
2,407,119 Prudential Home Mortgage Securities
Series 1994-15 Class A1,
8.00%, 05/25/2024 (Note D, p. 5) 2,473,065
1,515,883 Residential Funding Mortgage Inc.,
Securities 1, Series 1994-S15 Class A8,
7.75%, 07/25/2024
(Note D, p. 5) 1,534,753
2,015,456 Residential Funding Mortgage Inc.,
Securities 1, Series 1995-S3 Class A1,
7.65%, 04/25/2025
(Note D, p. 5) 2,023,329
-------------
Total Mortgage Derivatives (Cost $13,729,771) 13,941,093
-------------
- - -------------------------------------------------------------------------------
MORTGAGE PASS-THROUGHS: 14.37%
- - -------------------------------------------------------------------------------
2,029,747 Federal National Mortgage Association
Pool #303305,
12.00%, 05/01/2016 2,283,465
10,632 Government National Mortgage Association
Pool #183717,
9.00%, 11/15/2016 11,203
2,456,302 Federal Home Loan Mortgage Corp.
Pool #A00863, 9.50%, 09/01/2019 2,598,286
11,306,081 Government National Mortgage Association
Pool #780118,
9.50%, 08/15/2021 12,087,659
5,005,000 Government National Mortgage Association
Pool #780254,
9.50%, 11/15/2021 5,367,862
2,392,192 Federal National Mortgage Association
Pool #303274,
9.50%, 07/01/2022 2,531,219
5,429,979 Federal Home Loan Mortgage Corp.
Pool #C80252, 8.50%, 01/01/2025 5,625,072
1,142,647 Federal Home Loan Mortgage Corp.
Pool #C80253, 9.00%, 01/01/2025 1,195,485
4,866,824 Federal Home Loan Mortgage Corp.
Pool #D58872, 8.50%, 02/01/2025 5,041,684
2,309,972 Federal National Mortgage Association
Pool #303412,
9.50%, 02/01/2025 2,444,220
962,872 Federal Home Loan Mortgage Corp. Pool
#C80286, 9.00%, 03/01/2025 1,007,397
4,419,588 Federal Home Loan Mortgage Corp.
Pool #C80288, 9.00%, 04/01/2025 4,623,959
5,911,398 Federal Home Loan Mortgage Corp.
Pool #D59628, 9.00%, 04/01/2025 6,184,753
4,505,284 Government National Mortgage Association
II ARM Pool #008621, 7.00%, 04/20/2025 4,596,782
5,264,242 Government National Mortgage Association
II ARM Pool #008631, 7.00%, 05/20/2025 5,371,153
5,031,306 Federal Home Loan Mortgage Corp.
Pool #C00404, 8.50%, 06/01/2025 5,212,076
4 Sanford C. Bernstein Fund, Inc.--1995 Annual Report
<PAGE>
Principal Amount Description Market Value
- - -------------------------------------------------------------------------------
5,284,620 Government National Mortgage Association
II ARM Pool #008643, 7.00%, 06/20/2025 $ 5,391,945
5,235,000 Government National Mortgage Association
II ARM Pool #008684, 6.00%, 08/20/2025 5,246,360
-------------
Total Mortgage Pass-Throughs
(Cost $76,202,363) 76,820,580
-------------
- - -------------------------------------------------------------------------------
FINANCE: 3.96%
- - -------------------------------------------------------------------------------
5,150,000 Korea Development Bank, Yankee Medium-Term
Notes, 8.90%, 03/12/1996 5,211,877
2,965,000 General Motors Acceptance Corp. Medium-Term
Notes, 6.25%, 06/10/1996 2,970,545
2,395,000 General Motors Acceptance Corp. Debentures,
8.25%, 08/01/1996 2,437,152
2,500,000 Salomon Inc. Medium-Term Notes,
8.36%, 02/28/1997 2,548,975
820,000 Lehman Brothers Inc. Senior Subordinated
Notes, 9.50%, 06/15/1997 859,048
2,520,000 World Savings & Loan Association
Subordinated Notes,
10.25%, 10/01/1997 2,710,386
4,515,000 Lehman Brothers Holdings, Inc. Notes,
5.75%, 02/15/1998 4,430,840
-------------
Total Finance (Cost $20,909,332) 21,168,823
-------------
- - -------------------------------------------------------------------------------
INDUSTRIAL: 0.53%
- - -------------------------------------------------------------------------------
1,170,000 Auburn Hills Trust--Chrysler,
Credit Sensitive Notes, 12.00%, 05/01/2020 1,722,919
980,000 Delta Air Lines, Inc. Debentures,
9.75%, 05/15/2021 1,115,897
-------------
Total Industrial (Cost $1,706,788) 2,838,816
-------------
Total Domestic Investments (Cost $505,888,831) 511,052,987
-------------
- - -------------------------------------------------------------------------------
FOREIGN INVESTMENTS: 3.40%
- - -------------------------------------------------------------------------------
CANADIAN TREASURY BILL: 2.41%
- - -------------------------------------------------------------------------------
C$ 18,400,000
09/05/1996 12,867,211
-------------
Total Canadian Treasury Bill
(Cost $12,922,957) 12,867,211
-------------
- - -------------------------------------------------------------------------------
ITALIAN FINANCE: 0.99%
- - -------------------------------------------------------------------------------
IL 8,520,000,000
Deutsche Bank, Finance NV,
11.00%, 11/07/1996 5,289,005
-------------
Total Italian Finance (Cost $5,295,984) 5,289,005
-------------
Total Foreign Investments (Cost $18,218,941) 18,156,216
-------------
- - -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- - -------------------------------------------------------------------------------
Total Investments (Cost $524,107,772)
(Note E, below) 99.02% $529,209,203
Cash and Other Assets, Less Liabilities 0.98 5,252,589
------- ------------
Net Assets (Equivalent to $12.49
per share based on 42,780,571
shares of capital stock outstanding) 100.00% $534,461,792
======= ============
- - -------------------------------------------------------------------------------
(A) Commercial paper owned at September 30, 1995, was purchased
at a rate of 6.35%.
(B) $465,000 principal amount pledged as collateral for futures
transactions
(C) $36,000,000 principal amount segregated as collateral for futures
transactions
(D) Fair-valued security
(E) At September 30, 1995, the cost basis of investment securities owned
was substantially identical for both book and tax.
(F) At September 30, 1995, the Fund had long positions in 188 December
1995 German 5 year bond futures contracts. The contracts had a market
value of $33,360,462 and unrealized appreciation of $129,654 at
September 30, 1995.
See Notes to Financial Statements.,
Schedule of Investments--Taxable Bond Portfolios 5
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Government Short Duration Portfolio
September 30, 1995
- - -------------------------------------------------------------------------------
Principal Amount Description Market Value*
- - -------------------------------------------------------------------------------
COMMERCIAL PAPER (Note A, below): 1.14%
- - -------------------------------------------------------------------------------
1,641,000 Cigna Corp., 10/02/1995 $ 1,640,711
-------------
Total Commercial Paper (Cost $1,640,711) 1,640,711
-------------
- - -------------------------------------------------------------------------------
U.S. TREASURY NOTES: 90.73%
- - -------------------------------------------------------------------------------
12,750,000 7.875%, 07/15/1996 12,961,153
11,695,000 7.875%, 07/31/1996 11,899,662
10,380,000 6.25%, 08/31/1996 10,428,641
6,540,000 6.875%, 10/31/1996 6,617,661
25,950,000 4.375%, 11/15/1996 25,576,969
14,670,000 7.25%, 11/15/1996 14,912,950
7,370,000 6.625%, 03/31/1997 7,457,519
33,100,000 6.50%, 04/30/1997 33,461,982
7,000,000 6.50%, 05/15/1997 7,074,375
-------------
Total U.S. Treasury Notes (Cost $129,693,048) 130,390,912
-------------
- - -------------------------------------------------------------------------------
U.S. TREASURY BONDS: 6.32%
- - -------------------------------------------------------------------------------
1,980,000 7.25%, 05/15/2016 2,119,837
6,335,000 7.50%, 11/15/2016 6,966,511
-------------
Total U.S. Treasury Bonds (Cost $8,565,885) 9,086,348
-------------
- - -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- - -------------------------------------------------------------------------------
Total Investments (Cost $139,899,644)
(Note B, below) 98.19% $141,117,971
Cash and Other Assets, Less Liabilities 1.81 2,604,597
------- -------------
Net Assets (Equivalent to $12.55
per share based on 11,447,945
shares of capital stock outstanding) 100.00% $143,722,568
======= =============
- - -------------------------------------------------------------------------------
(A) Commercial paper owned at September 30, 1995, was purchased
at a rate of 6.35%.
(B) At September 30, 1995, the cost basis of investment securities
owned was substantially identical for both book and tax.
*See Note 1, page 23 in Notes to Financial Statements.
See Notes to Financial Statements.
6 Sanford C. Bernstein Fund, Inc.--1995 Annual Report
<PAGE>
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<PAGE>
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<PAGE>
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<PAGE>
Sanford C. Bernstein Fund, Inc.
ANNUAL REPORT
SEPTEMBER 30, 1995
Schedule of Investments
Municipal Bond Portfolios
-------------------
Diversified Municipal
California Municipal
New York Municipal
Short Duration Diversified Municipal
Short Duration California Municipal
Short Duration New York Municipal
<PAGE>
Sanford C. Bernstein Fund, Inc.
Report of Independent Accountants
To the Board of Directors and Shareholders
of Sanford C. Bernstein Fund, Inc.
In our opinion, the statements of assets and liabilities included in the
accompanying Annual Report, including the schedules of investments contained
herein, and the related statements of operations and of changes in net assets
and the financial highlights present fairly, in all material respects, the
financial position of Bernstein Diversified Municipal Portfolio, Bernstein
California Municipal Portfolio, Bernstein New York Municipal Portfolio,
Bernstein Short Duration Diversified Municipal Portfolio, Bernstein Short
Duration California Municipal Portfolio and Bernstein Short Duration New York
Municipal Portfolio (six of the ten portfolios constituting Sanford C.
Bernstein Fund, Inc., hereafter referred to as the "Fund") at September 30,
1995 and the results of each of their operations, the changes in each of their
net assets and the financial highlights for each of the periods indicated, in
conformity with generally accepted accounting principles. These financial
statements and financial highlights (hereafter referred to as "financial
statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards, which require that we plan and
perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement
presentation. We believe that our audits, which included confirmation of
securities at September 30, 1995 by correspondence with the custodian and
brokers, provide a reasonable basis for the opinion expressed above.
PRICE WATERHOUSE LLP
1177 Avenue of the Americas
New York, New York
November 17, 1995
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Diversified Municipal Portfolio
September 30, 1995
Principal Amount Description Market Value*
- - -------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 5.05%
- - -------------------------------------------------------------------------------
Commercial Paper (Note A, p.10): 1.15%
7,634,000 Prudential Funding Corp., 10/02/1995 $ 7,632,675
------------
Total Commercial Paper (Cost $7,632,675) 7,632,675
------------
Tax-Exempt Variable-Rate Demand Note: 1.20%
7,900,000 New York City, New York,
Daily Floater, Putable Daily,
4.80%, 08/01/2021 7,900,000
------------
Total Tax-Exempt Variable-Rate
Demand Note (Cost $7,900,000) 7,900,000
------------
Municipal Notes: 2.70%
2,800,000 Nassau County, New York Tax
Anticipation Notes, 4.50%, 03/15/1996 2,807,896
1,760,000 West Virginia School Building
Authority, 6.25%, 07/01/1996 1,787,227
1,740,000 Rhode Island Solid Waste
Management Corp., 4.75%, 08/01/1996 1,747,986
11,415,000 Texas State Tax & Revenue
Anticipation Notes Series A,
4.75%, 08/30/1996 11,499,699
------------
Total Municipal Notes (Cost $17,821,833) 17,842,808
------------
Total Short-Term Investments (Cost $33,354,508) 33,375,483
------------
- - -------------------------------------------------------------------------------
U.S. TREASURY NOTE: 1.53%
- - -------------------------------------------------------------------------------
10,000,000 6.50%, 05/15/1997 10,106,250
------------
Total U.S. Treasury Note (Cost $10,069,339) 10,106,250
------------
- - -------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 17.83%
- - -------------------------------------------------------------------------------
900,000 Lower Colorado River Authority,
Texas Revenue, 9.25%, 01/01/2014,
Prerefunded 01/01/1996 @102 929,313
1,975,000 Tuskegee Public Education Building
Authority, Alabama, 9.625%, 08/01/2011,
Prerefunded 08/01/1996 @102 2,104,303
1,000,000 Washington State Motor Vehicle
Fuel Tax, 7.60%, 09/01/1999,
Prerefunded 09/01/1996 @100 1,033,100
6,730,000 Florida Municipal Power Agency
Revenue, St. Lucie Project,
6.50%, 10/01/2015,
Prerefunded 10/01/1996 @100
(Note B, p. 10) 6,901,817
1,665,000 Snohomish County Public Utility
District No. 1, Washington Electric
Revenue, 7.875%, 01/01/2006,
Prerefunded 01/01/1997 @102 1,772,875
1,000,000 Cypress-Fairbanks Independent
School District, Texas GO Series A,
8.75%, 02/01/1997, Escrowed to Maturity 1,059,540
2,800,000 Harris County, Texas Toll Road
Senior Lien-A, 7.40%, 08/15/2017,
Prerefunded 02/15/1997 @103 3,002,552
1,000,000 Baltimore, Maryland Certificates of
Participation, 7.20%, 04/01/1997,
Escrowed to Maturity 1,044,410
1,350,000 Mercer County Improvement
Authority, New Jersey Solid Waste
Revenue, 7.90%, 04/01/2013,
Prerefunded 04/01/1997 @102 1,447,875
1,840,000 Du Page, Illinois Water Revenue,
6.875%, 05/01/2014,
Prerefunded 05/01/1997 @102 1,950,087
1,000,000 Fulton County School District,
Georgia GO, 7.05%, 05/01/2000,
Prerefunded 05/01/1997 @103 1,072,650
2,000,000 Tuscaloosa, Alabama Water & Sewer
Revenue Series B, 8.50%, 07/01/2017,
Prerefunded 07/01/1997 @102 2,180,680
400,000 University of Texas, Permanent University
Fund Series A, 8.60%, 07/01/1997,
Escrowed to Maturity 429,356
2,640,000 Intermountain Power Agency, Utah
Power Supply Revenue Series C,
8.625%, 07/01/2021,
Prerefunded 07/01/1997 @102 2,883,989
1,240,000 Hazel Crest, Illinois Hospital Facilities,
9.125%, 07/01/2017,
Prerefunded 07/01/1997 @102 1,364,905
2,700,000 Chandler, Arizona GO,
9.60%, 07/01/1997,
Escrowed to Maturity 2,945,403
1,805,000 Kentucky State Turnpike Authority,
Resource Recovery Road Revenue,
13.125%, 07/01/2009,
Prerefunded 07/01/1997 @100 2,071,219
1,000,000 Wyandotte County Capital
Improvement Corp., Kansas Criminal
Justice Complex, Certificates of
Participation, 7.35%, 09/01/1999,
Prerefunded 09/01/1997 @102 1,076,560
1,400,000 Washington State Motor Vehicle Fuel
Tax, 8.70%, 09/01/2000,
Prerefunded 09/01/1997 @100 1,514,814
*See Note 1, page 23 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 1
<PAGE>
- - -------------------------------------------------------------------------------
Principal Amount Description Market Value
- - -------------------------------------------------------------------------------
2,135,000 Washington State GO,
8.90%, 10/01/2002,
Prerefunded 10/01/1997 @100 $ 2,323,521
4,310,000 Colorado Springs, Colorado Utilities
Revenue Series B, 10.50%, 11/15/2022,
Prerefunded 11/15/1997 @100 4,848,707
1,000,000 Passaic Valley Sewer Commission,
New Jersey Series C, 7.10%, 12/01/2020,
Prerefunded 12/01/1997 @102 1,078,530
2,000,000 Jacksonville Health Facilities
Authority, Florida, St. Vincent DePaul
Health System Project, 9.10%, 12/01/2015,
Prerefunded 12/01/1997 @100 2,203,040
4,000,000 Minneapolis, Minnesota Hospital
Revenue, Lifespan Inc. Series B,
9.125%, 12/01/2014,
Prerefunded 12/01/1997 @102 4,476,960
1,000,000 Adams & Arapahoe Counties School
District No. 28J, Colorado GO Series A,
9.50%, 12/01/1997, Escrowed to Maturity 1,107,510
1,525,000 Charleston, South Carolina
Waterworks and Sewer Revenue,
7.75%, 01/01/2018,
Prerefunded 01/01/1998 @102 1,667,298
1,695,000 Grand Rapids, Michigan Water Supply
Revenue, 7.875%, 01/01/2018,
Prerefunded 01/01/1998 @102 1,857,652
1,000,000 Washington State GO,
6.90%, 02/01/1998, Escrowed to Maturity 1,057,990
890,000 Harris County, Texas Toll Road
Unlimited Tax, 10.375%, 08/01/2014,
Prerefunded 02/01/1998 @100 1,008,308
3,050,000 Harris County, Texas Toll Road Senior
Lien-C, 8.125%, 08/15/2017,
Prerefunded 02/15/1998 @103 3,393,521
1,475,000 Orlando Utilities Commission, Florida
Water and Electric Revenue,
6.05%, 04/01/1998,
Escrowed to Maturity 1,549,591
1,000,000 Wisconsin State GO Series E,
6.90%, 05/01/2008,
Prerefunded 05/01/1998 @101 1,071,650
1,025,000 Wisconsin State GO Series E,
7.25%, 05/01/2006,
Prerefunded 05/01/1998 @101 1,107,103
1,335,000 Ohio State Water Development
Authority Revenue Series I,
7.50%, 12/01/2008,
Prerefunded 06/01/1998 @102 1,466,738
1,100,000 Los Angeles, California Wastewater
Revenue, 6.80%, 08/01/2019,
Prerefunded 08/01/1998 @102 1,196,448
1,400,000 Minnesota State GO,
7.10%, 08/01/2003,
Prerefunded 08/01/1998 @100 1,505,042
1,200,000 Minnesota State GO,
7.25%, 08/01/2004,
Prerefunded 08/01/1998 @100 1,294,776
1,065,000 Wisconsin State Health & Educational
Facility Authority Revenue, Wheaton
Franciscan Services, Inc.,
8.20%, 08/15/2018,
Prerefunded 08/15/1998 @102 1,193,641
1,960,000 Chicago Metropolitan Water
Reclamation District, Illinois GO,
7.25%, 01/01/2006,
Prerefunded 01/01/1999 @100 2,126,855
1,250,000 Virginia Public School Authority,
6.75%, 01/15/2003,
Prerefunded 01/15/1999 @101 1,351,538
1,300,000 Connecticut State Special Tax
Obligation Series A, 7.15%, 02/01/2005,
Prerefunded 02/01/1999 @102 1,433,978
2,000,000 Salt Lake City, Utah, IHC Hospitals
Series B, 7.25%, 02/15/2020,
Prerefunded 02/15/1999 @102 2,210,820
1,450,000 Washington State Motor Vehicle
Fuel Tax, 7.00%, 03/01/1999,
Escrowed to Maturity 1,568,030
1,445,000 Illinois Health Facilities Authority
Revenue, Lutheran Health Systems
Series C, 7.375%, 04/01/2008,
Prerefunded 04/01/1999 @102 1,607,548
3,170,000 Puerto Rico Electric Power Authority
Series O, 7.125%, 07/01/2014,
Prerefunded 07/01/1999 @101.50 3,522,536
1,200,000 Metropolitan Atlanta Rapid Transit
Authority, Georgia Sales Tax Revenue
Series L, 7.20%, 07/01/2020,
Prerefunded 07/01/1999 @102 1,337,232
1,800,000 Washington Public Power Supply
System Revenue, Nuclear Project
No. 1 Series A, 7.50%, 07/01/2015,
Prerefunded 07/01/1999 @102 2,020,986
4,000,000 Maryland State Health & Higher
Educational Facilities Authority
Revenue, Good Samaritan Hospital,
7.50%, 07/01/2021,
Prerefunded 07/01/1999 @102 4,498,480
1,070,000 University of Maryland System
Auxiliary Facility & Tuition Revenue
Series A, 7.20%, 10/01/2009,
Prerefunded 10/01/1999 @102 1,198,657
2 Sanford C. Bernstein Fund, Inc.--1995 Annual Report
<PAGE>
- - -------------------------------------------------------------------------------
Principal Amount Description Market Value
- - -------------------------------------------------------------------------------
2,120,000 Tampa, Florida, Allegany Health
System, 7.375%, 12/01/2023,
Prerefunded 12/01/1999 @102 $ 2,401,154
6,680,000 Franklin County, Ohio Hospital
Revenue, 7.60%, 05/15/2020,
Prerefunded 05/15/2000 @102 7,657,484
795,000 El Paso County, Texas GO,
6.80%, 07/01/2000, Escrowed to Maturity 872,218
1,575,000 Fulton County Building Authority,
Georgia Series A, 8.40%, 01/01/2001,
Escrowed to Maturity 1,852,373
3,000,000 Austin, Texas Utility Systems
Series A, 8.00%, 11/15/2016,
Prerefunded 05/15/2001 @100 3,494,550
1,000,000 South Carolina Public Service
Authority Revenue Series B,
7.00%, 07/01/2012,
Prerefunded 07/01/2001 @102 1,137,920
2,330,000 Fulton County Building Authority,
Georgia Series A, 8.75%, 01/01/2005,
Escrowed to Maturity 2,970,028
150,000 Florida State Board of Education GO,
9.125%, 06/01/2014,
Escrowed to Maturity 204,263
3,460,000 Maricopa County Industrial
Development Authority, Arizona,
Single Family Mortgage Revenue
Series 1983A, 0.00%, 12/31/2014,
Escrowed to Maturity (Note C, p. 10) 1,058,725
1,000,000 Bell County, Texas Health Facilities
Development Corp., Lutheran General
Health Care Systems, 6.50%, 07/01/2019,
Escrowed to Maturity 1,082,730
------------
Total Prerefunded/Escrowed (Cost $114,713,733) 117,801,579
------------
- - -------------------------------------------------------------------------------
INSURED (Note D, p. 10): 29.12%
- - -------------------------------------------------------------------------------
2,075,000 Louisiana Public Facilities Authority,
Special Assessment, FSA,
3.75%, 04/01/1996 2,073,278
1,315,000 North Slope Boro, Alaska GO, MBIA,
6.25%, 06/30/1996 1,337,000
1,045,000 West Virginia School Building
Authority Revenue, MBIA,
6.25%, 07/01/1996 1,061,166
1,495,000 Baton Rouge, Louisiana Sales & Use
Tax, FSA, 9.00%, 08/01/1996 1,554,172
1,175,000 Utah State Board of Regents Student
Loan Revenue Series A, AMBAC,
7.125%, 11/01/1996 1,208,734
1,025,000 Snohomish County, Washington Solid
Waste Revenue, MBIA,
8.00%, 12/01/1996 1,069,557
1,000,000 Pennsylvania Industrial
Development Authority, AMBAC,
4.55%, 01/01/1997 1,006,660
1,000,000 Muscatine, Iowa Electric Revenue,
AMBAC, 4.80%, 01/01/1997 1,009,530
2,285,000 Alabama Higher Education Loan
Corporation, Student Loan Revenue,
FSA, 4.90%, 03/01/1997 2,297,545
1,060,000 Lowell, Massachusetts State Qualified,
CGIC, 6.375%, 04/01/1997 1,096,718
1,000,000 Alaska Student Loan Corporation,
Student Loan Revenue, AMBAC,
4.80%, 07/01/1997 1,008,740
1,350,000 Florida State General Services
Revenue, Environmental Preservation
Department Series 2000-A, AMBAC,
5.00%, 07/01/1997 1,370,587
1,140,000 Phoenix, Arizona Airport Revenue,
MBIA, 5.05%, 07/01/1997 1,161,215
1,000,000 Louisiana State GO Series A, FGIC,
6.60%, 08/01/1997 1,045,600
1,000,000 New Orleans, Louisiana Water Revenue,
MBIA, Callable 12/01/1996 @102,
7.00%, 12/01/1997 1,051,600
1,000,000 Cook County School District No. 201,
Illinois, FGIC, 7.30%, 12/01/1997 1,067,720
1,000,000 Pennsylvania State Series A, AMBAC,
6.30%, 01/01/1998 1,048,990
1,000,000 Chicago Metropolitan Water
Reclamation District, Illinois GO,
FGIC, 8.60%, 01/01/1998 1,094,660
1,800,000 Brownsville, Texas GO, AMBAC,
5.80%, 02/15/1998 1,866,114
1,705,000 San Diego County Regional Transportation
Authority, California Sales Tax Revenue, FGIC,
5.00%, 04/01/1998 1,747,472
2,625,000 Cabell County Board of Education,
West Virginia, MBIA, 8.00%, 05/01/1998 2,865,240
1,875,000 New Jersey State Transportation
Trust Fund Series B, MBIA,
5.00%, 06/15/1998 1,919,475
6,600,000 Illinois State, FGIC,
5.25%, 07/01/1998 6,803,082
1,000,000 Pima County Unified School District
No. 10, Arizona GO Series A, FGIC,
7.00%, 07/01/1998 1,074,120
2,300,000 Nassau County, New York, FGIC,
5.00%, 08/01/1998 2,361,341
Schedule of Investments--Municipal Bond Portfolios 3
<PAGE>
- - -------------------------------------------------------------------------------
Principal Amount Description Market Value
- - -------------------------------------------------------------------------------
2,100,000 Dade County School District, Florida,
MBIA, 6.00%, 08/01/1998 $ 2,209,851
1,480,000 Arizona State Certificates of Participation
Series A, AMBAC,
5.45%, 11/01/1998 1,531,489
1,165,000 Massachusetts Series A, FGIC, 7.20%,
02/01/1999 1,269,291
1,000,000 Convention Center Authority,
Rhode Island Revenue Series A,
MBIA, 8.90%, 05/15/1999 1,144,090
2,000,000 Pennsylvania Intergovernmental
Cooperation Authority, Special Tax
Revenue, FGIC, 5.75%, 06/15/1999 2,095,920
1,175,000 Chicago, Illinois Motor Fuel Tax
Revenue, AMBAC, 6.60%, 01/01/2000 1,264,041
1,200,000 Plano, Texas Waterworks and Sewer
Revenue, AMBAC, 6.90%, 05/01/2000 1,320,948
4,295,000 Clark County School District, Nevada
GO, FGIC, 8.25%, 05/01/2000 4,946,380
3,500,000 Pennsylvania Intergovernmental
Cooperation Authority, Special Tax
Revenue, FGIC, 6.00%, 06/15/2000 3,722,810
1,000,000 Alaska Student Loan Corporation,
Student Loan Revenue Series A,
AMBAC, 5.375%, 07/01/2000 1,029,600
2,000,000 Dade County, Florida GO, FGIC,
12.00%, 10/01/2000 2,689,480
1,465,000 Northglenn, Colorado Series A,
MBIA, 6.60%, 11/01/2000 1,512,466
2,275,000 Clark County Public Utility District
No. 1, Washington Electric Revenue,
FGIC, 7.10%, 01/01/2001 2,526,933
1,000,000 Humble Independent School District,
Texas GO, PSF Guaranteed,
7.625%, 02/01/2001 1,143,360
1,000,000 Maricopa County Unified School
District No. 97, Arizona GO,
Deer Valley Project, FGIC,
7.40%, 07/01/2002 1,162,510
1,100,000 Austin, Texas Utility Systems
Revenue, MBIA, 9.25%, 11/15/2002 1,390,717
180,000 Grapevine-Colleyville Independent
School District, Texas GO, AMBAC,
7.50%, 08/15/2003 211,378
740,000 Grapevine-Colleyville Independent
School District, Texas GO Series A,
AMBAC, 7.50%, 08/15/2003 869,530
1,000,000 District of Columbia GO Series B-3,
MBIA, 5.20%, 06/01/2004 1,003,380
3,360,000 Alabama Higher Education Loan
Corporation, Student Loan Revenue,
FSA, 5.85%, 09/01/2004 3,458,414
1,110,000 Washington, D.C. Metro Area Transit,
Gross Revenue, FGIC,
Callable 01/01/2004 @102,
5.00%, 01/01/2006 1,101,142
1,000,000 Denton Independent School District,
Texas GO, PSF Guaranteed,
4.80%, 02/15/2006 975,230
1,150,000 Philadelphia Municipal Authority,
Pennsylvania Lease Revenue
Series C, FGIC, 5.00%, 04/01/2006 1,137,971
1,000,000 Utah State Board of Regents Student
Loan Revenue Series J, AMBAC,
6.00%, 05/01/2006 1,046,170
1,710,000 Detroit, Michigan Water Supply Revenue,
FGIC, Callable 07/01/2004 @102,
4.90%, 07/01/2006 1,658,187
4,775,000 Chicago, Illinois GO, FGIC,
5.50%, 01/01/2007 4,842,518
2,065,000 Round Rock Independent School
District, Texas GO, PSF Guaranteed,
0.00%, 02/15/2007 (Note C, p. 10) 1,118,363
2,000,000 Connecticut State Special Tax
Obligation, Revenue Transportation
Infrastructure Series A, FGIC,
Callable 06/01/2005 @101,
5.20%, 06/01/2007 1,977,480
8,140,000 District of Columbia GO, MBIA,
6.00%, 06/01/2007 8,497,590
1,250,000 Detroit, Michigan Water Supply Revenue,
FGIC, Callable 07/01/2004 @102,
5.00%, 07/01/2007 1,215,287
1,000,000 Berkley City School District, Michigan,
FGIC, 7.00%, 01/01/2008 1,151,560
3,875,000 Regional Transportation Authority,
Illinois Series A, AMBAC,
Callable 06/01/2004 @102,
6.00%, 06/01/2008 4,019,848
4,140,000 Washington, D.C. Metropolitan Airport
Authority Revenue Series A, MBIA,
Callable 10/01/2004 @102,
5.80%, 10/01/2008 4,217,459
2,750,000 Indianapolis, Indiana Resource
Recovery Revenue, Ogden Martin
System Inc. Project, AMBAC,
6.75%, 12/01/2008 (Note E, p. 10) 2,909,802
1,675,000 Chicago, Illinois O'Hare International
Airport Revenue, 2nd Lien-Series C,
MBIA, 5.75%, 01/01/2009 1,732,988
2,415,000 Massachusetts Bay Transportation
Authority Series A, FGIC,
5.50%, 03/01/2009 2,435,383
4 Sanford C. Bernstein Fund, Inc.--1995 Annual Report
<PAGE>
- - -------------------------------------------------------------------------------
Principal Amount Description Market Value
- - -------------------------------------------------------------------------------
4,000,000 Massachusetts Bay Transportation
Authority Series A, MBIA,
5.50%, 03/01/2009 $ 4,033,760
1,400,000 Chicago School Finance Authority,
Illinois Series A, FGIC,
Callable 06/01/2003 @102,
5.50%, 06/01/2009 1,402,548
2,735,000 Philadelphia, Pennsylvania Airport
Revenue Series A, AMBAC,
Callable 06/15/2005 @102,
5.75%, 06/15/2009 2,769,598
10,000,000 Intermountain Power Agency, Utah
Power Supply Revenue Series B,
MBIA, 6.50%, 07/01/2009 (Note E, p. 10) 10,773,800
1,575,000 Philadelphia, Pennsylvania Airport
Revenue Series A, AMBAC,
Callable 06/15/2005 @102,
5.75%, 06/15/2010 1,581,489
1,500,000 Brownsville, Texas Utility System
Revenue, AMBAC,
Callable 09/01/2005 @100,
6.25%, 09/01/2010 (Note F, p. 10) 1,621,305
1,000,000 Amarillo Junior College District,
Texas, FGIC, 5.125%, 02/15/2011 949,430
1,275,000 Brownsville, Texas Utility Stystem
Revenue, AMBAC,
Callable 09/01/2005 @100,
6.25%, 09/01/2011 (Note F, p. 10) 1,395,360
1,000,000 Amarillo Junior College District,
Texas, FGIC, 5.125%, 02/15/2012 936,230
1,025,000 Goose Creek Independent School
District, Texas, PSF Guaranteed,
Callable 02/15/2005 @100,
5.50%, 02/15/2012 960,630
4,970,000 Indianapolis, Indiana Gas Utilities
Revenue Series B, FGIC,
4.00%, 06/01/2012 3,976,696
2,870,000 Lowell, Massachusetts, AMBAC,
Callable 08/01/2005 @102,
5.50%, 08/01/2012 (Note E, p. 10) 2,719,095
1,095,000 University of California Revenue,
Multiple Purpose Projects Series C,
AMBAC, 5.25%, 09/01/2012 1,026,103
1,035,000 Sacramento Municipal Utility District,
California Series G, MBIA,
6.50%, 09/01/2013 1,116,175
4,900,000 Dade County, Florida Water & Sewer
System Revenue, FGIC,
Callable 10/01/2003 @102,
5.00%, 10/01/2013 4,496,436
1,760,000 Clark County, Nevada Series A,
AMBAC, 6.50%, 06/01/2017 1,892,493
2,005,000 Los Angeles Convention & Exhibition
Center Authority, California Lease
Revenue Series A, MBIA,
Callable 08/15/2003 @102,
5.375%, 08/15/2018 1,864,149
4,940,000 Rhode Island Depositors Economic
Protection Corp. Series A, FSA,
5.75%, 08/01/2019 4,833,000
1,785,000 Los Angeles, California Wastewater
Revenue Series D, FGIC,
Callable 11/01/2003 @102,
4.70%, 11/01/2019 1,483,424
1,005,000 Regional Transportation Authority,
Illinois Series C, FGIC,
7.75%, 06/01/2020 1,252,532
1,500,000 Rhode Island Depositors Economic
Protection Corp. Series A, FSA,
5.50%, 08/01/2020 1,407,330
3,135,000 Illinois State Dedicated Tax Revenue,
AMBAC, 6.25%, 12/15/2020 3,281,875
2,215,000 Chicago, Illinois GO Series B,
AMBAC, 5.125%, 01/01/2022 2,006,214
5,770,000 Rhode Island Depositors Economic
Protection Corp. Series A, FSA,
6.375%, 08/01/2022 6,000,973
2,610,000 Grapevine-Colleyville Independent
School District, Texas GO, PSF
Guaranteed, 5.125%, 08/15/2022 2,355,055
7,910,000 McGee-Creek Authority, Oklahoma
Water Revenue, MBIA,
6.00%, 01/01/2023 (Note G, p. 10) 8,135,435
500,000 Baltimore, Maryland Project Revenue,
FGIC, 5.00%, 07/01/2024 442,415
------------
Total Insured (Cost $184,867,464) 192,453,432
------------
- - -------------------------------------------------------------------------------
TAX SUPPORTED: 33.18%
- - -------------------------------------------------------------------------------
State General Obligations: 11.25%
1,305,000 Maryland State, 8.40%, 07/01/1996 1,349,957
2,000,000 Louisiana State Series A,
6.40%, 08/01/1996 2,036,580
1,610,000 Wisconsin State Series B,
7.20%, 08/01/1996 1,653,438
1,000,000 Rhode Island State Series B,
8.00%, 08/01/1996 1,031,660
1,000,000 Georgia State Series B,
6.70%, 09/01/1996 1,026,270
1,000,000 Maryland State, 8.75%, 09/01/1996 1,044,670
1,000,000 Washington State, 8.20%, 10/01/1996 1,041,690
1,420,000 Texas Public Finance Authority
Series A, 9.00%, 10/01/1996 1,488,856
1,715,000 South Carolina State Series U,
7.60%, 02/01/1997 1,796,703
Schedule of Investments--Municipal Bond Portfolios 5
<PAGE>
- - -------------------------------------------------------------------------------
Principal Amount Description Market Value
- - -------------------------------------------------------------------------------
550,000 Georgia State Series B,
8.40%, 04/01/1997 $ 585,360
2,000,000 Delaware State Series A,
5.60%, 08/15/1997 2,060,440
2,000,000 Connecticut State Resource
Recovery Authority Series A,
5.30%, 11/15/1997 2,045,180
1,000,000 New Jersey State, 7.20%, 04/15/1998 1,073,030
4,130,000 Georgia State Series C,
7.25%, 07/01/1998 4,470,436
4,075,000 South Carolina State Series B,
5.75%, 08/01/1998 4,261,228
1,000,000 Missouri State, Third State Building
Series A, 7.50%, 08/01/1998 1,091,970
1,000,000 Texas State Series B,
8.00%, 10/01/1998 1,105,780
1,000,000 Georgia State Series D,
7.00%, 11/01/1998 1,085,650
1,535,000 Georgia State Series A,
7.70%, 02/01/1999 1,702,484
1,000,000 Georgia State Series B,
6.30%, 03/01/1999 1,065,990
1,000,000 California State,
Callable 04/01/1998 @102,
6.80%, 04/01/1999 1,068,350
1,000,000 Georgia State Series B,
8.00%, 07/01/1999 1,131,320
2,960,000 Maryland State, Third Series,
6.00%, 07/15/1999 3,147,427
2,275,000 Rhode Island State Series A,
6.60%, 08/01/1999 2,448,423
3,655,000 New Jersey State, 7.00%, 04/01/2000 4,051,019
1,000,000 Massachusetts Series D,
6.50%, 07/01/2001 1,100,120
1,090,000 California State, 7.00%, 03/01/2003 1,235,046
2,300,000 California State, 7.00%, 03/01/2004 2,615,859
1,115,000 California State, 7.10%, 05/01/2004 1,278,281
2,735,000 Wisconsin State Series 2,
5.00%, 11/01/2007 2,693,510
7,240,000 Massachusetts Series A,
Callable 02/01/2003 @102,
5.25%, 02/01/2008 7,219,873
1,000,000 California State, 7.20%, 05/01/2008 1,162,710
6,060,000 Massachusetts Series B,
Callable 07/01/2005 @101,
5.50%, 07/01/2008 6,122,115
1,000,000 South Carolina State Series A, Callable
03/01/2005 @102,
5.00%, 03/01/2009 977,040
3,755,000 Massachusetts Bay Transportation
Authority Series A, 5.50%, 03/01/2012 3,710,841
990,000 Florida State Board of Education,
9.125%, 06/01/2014 1,372,001
------------
Total State General Obligations (Cost $71,671,859) 74,351,307
------------
Local General Obligations: 8.90%
1,300,000 Dallas County, Texas Series B,
8.60%, 01/10/1997 1,373,827
1,145,000 Montgomery County, Maryland
Series A, 7.30%, 04/01/1997 1,201,723
1,000,000 Edison Township, New Jersey,
6.50%, 06/01/1997 1,037,370
1,960,000 Maricopa County, Arizona Series
A, 6.80%, 07/01/1997 2,056,001
1,375,000 San Antonio, Texas,
9.00%, 08/01/1997 1,493,938
1,365,000 Chicago, Illinois, 11.50%, 01/01/1998 1,564,167
1,670,000 Union County, New Jersey,
6.40%, 02/01/1998 1,759,161
1,000,000 New York City Series B,
7.20%, 02/01/1998 1,055,710
1,860,000 Milwaukee, Wisconsin Series A5,
5.50%, 02/15/1998 1,916,302
1,105,000 Alief Independent School District,
Texas, 7.00%, 02/15/1998 1,178,726
1,275,000 Columbus, Ohio, 12.00%, 05/15/1998 1,515,491
1,000,000 District of Columbia Series A,
5.00%, 06/01/1998 977,110
2,000,000 Houston Independent School District,
Texas, 8.375%, 08/15/1998 2,225,220
1,020,000 Du Page County, Illinois Forest Preserve
District, Callable 11/01/1997 @102,
7.40%, 11/01/1998 1,102,028
1,245,000 Chicago, Illinois, 11.50%, 01/01/1999 1,496,191
4,350,000 North Slope Boro, Alaska Series B,
6.10%, 06/30/1999 4,574,460
1,000,000 Dallas, Texas Series B,
6.00%, 08/15/1999 1,066,830
1,000,000 Montgomery County, Maryland Series B,
6.875%, 10/01/1999 1,099,670
1,000,000 Harris County Flood Control District,
Texas Series A, 7.125%, 10/01/1999 1,103,760
2,960,000 Winston-Salem, North Carolina,
8.875%, 06/01/2001 3,598,620
1,960,000 Montgomery County, Maryland,
8.60%, 05/01/2002 2,402,862
3,735,000 Pennsylvania Convention & Exhibition
Center Authority Revenue Series A,
6.25%, 09/01/2004 3,935,345
1,455,000 Montgomery County, Maryland
Series A, 5.75%, 07/01/2006 1,553,445
6 Sanford C. Bernstein Fund, Inc.--1995 Annual Report
<PAGE>
- - -------------------------------------------------------------------------------
Principal Amount Description Market Value
- - -------------------------------------------------------------------------------
6,525,000 Port of Seattle, Washington,
Callable 05/01/2004 @102,
5.50%, 05/01/2007 $ 6,629,270
2,100,000 Minneapolis, Minnesota Series A,
Callable 12/01/2008 @88.848,
0.00%, 12/01/2010 (Note C, p. 10) 872,571
1,900,000 Minneapolis, Minnesota Series A,
Callable 12/01/2008 @83.504,
0.00%, 12/01/2011 (Note C, p. 10) 732,564
1,000,000 Georgia State Series B,
6.00%, 03/01/2012 1,061,330
2,000,000 Du Page County, Illinois Stormwater
Project, 5.60%, 01/01/2021 1,947,120
6,430,000 Du Page County, Illinois Jail Project,
5.60%, 01/01/2021 6,259,991
------------
Total Local General Obligations (Cost $56,965,835) 58,790,803
------------
Tax Lease: 10.19%
5,060,000 California State Revenue Anticipation
Warrants Series C, 5.75%, 04/25/1996
(Note H, p. 10) 5,111,865
1,875,000 Detroit, Michigan, Distributable
State Aid, 5.375%, 05/01/1996 1,884,113
1,050,000 California State Public Works Board
Series A, 5.50%, 09/01/1996 1,062,369
4,000,000 New York State Certificates of Participation,
5.50%, 09/01/1996
(Note I, p. 10) 4,054,240
4,005,000 New York State Certificates of
Participation, 6.70%, 03/01/1997 4,127,032
1,050,000 New York State Dormitory Authority,
City University Series A,
6.90%, 07/01/1997 1,091,832
1,355,000 Missouri State Regional Convention &
Sports Complex Authority Series A,
6.00%, 08/15/1997 1,398,943
1,000,000 Ukiah Unified School District,
California Certificates of Participation,
5.00%, 09/01/1997 1,001,570
1,000,000 New Haven Unified School District,
California Certificates of Participation,
4.90%, 07/01/1998 1,010,650
1,835,000 Virginia College Building Authority,
Virginia Equipment Leasing Program,
5.00%, 08/01/1998 1,875,572
1,020,000 Ohio State Building Authority Series C,
7.10%, 10/01/1998 1,102,345
1,175,000 MTA, New York Transit Facilities
Service Contract Series 7,
4.50%, 07/01/1999 1,166,141
1,040,000 New York State Medical Care
Facilities Financing Authority,
Brookdale Hospital Medical Center
Series A, 6.20%, 08/15/1999 1,055,912
1,500,000 Ukiah Unified School District, California
Certificates of Participation,
5.30%, 09/01/1999 1,504,635
1,140,000 Lake County, Illinois Certificates of
Participation, 7.20%, 06/01/2000 1,270,997
2,375,000 New York State Urban Development
Corporation, Correctional Facilities,
5.10%, 01/01/2001 2,389,986
3,800,000 MTA, New York Commuter Facilities
Service Contract Series O,
5.25%, 07/01/2001 3,861,750
2,000,000 New York State Dormitory Authority,
State University Series A,
5.50%, 05/15/2005 2,002,820
1,005,000 New York State Dormitory Authority,
City University, 5.70%, 07/01/2005 1,011,613
1,005,000 New York State Dormitory Authority,
City University Series C,
5.70%, 07/01/2005 1,011,613
2,145,000 New York State Dormitory Authority,
City University Series A,
5.70%, 07/01/2005 2,159,114
1,330,000 California State Public Works Board,
Callable 12/01/2003 @102,
5.00%, 12/01/2005 1,292,760
1,720,000 New York State Medical Care Facilities
Financing Authority,
Mental Health Services,
Callable 02/15/2004 @102,
5.35%, 02/15/2006 1,673,233
2,405,000 Los Angeles County, California
Pension Obligation Certificates,
Callable 06/30/1996 @102,
6.875%, 06/30/2006 2,477,727
1,070,000 Los Angeles State Building Authority,
California Lease Revenue,
5.50%, 05/01/2007 1,030,934
2,450,000 New York State Dormitory Authority,
State University, 5.50%, 05/15/2007 2,408,620
5,000,000 Los Angeles County, California
Pension Obligation Certificates
Series A, Callable 06/30/1996 @102,
6.875%, 06/30/2007 5,147,550
3,890,000 Philadelphia, Pennsylvania Hospitals &
Higher Education Facilities Authority
Revenue, Callable 08/01/2003 @102,
5.875%, 08/01/2007 3,778,396
2,000,000 McLean County Public Building
Commission, Illinois, 7.25%, 11/01/2007 2,356,240
Schedule of Investments--Municipal Bond Portfolios 7
<PAGE>
- - -------------------------------------------------------------------------------
Principal Amount Description Market Value
- - -------------------------------------------------------------------------------
4,005,000 California State Public Works Board,
5.375%, 06/01/2008 $ 3,884,890
1,280,000 New York State Dormitory Authority,
City University Series A,
5.75%, 07/01/2013 1,223,693
1,000,000 Sacramento City Finance Authority,
California Series B, 5.40%, 11/01/2020 916,610
------------
Total Tax Lease (Cost $66,782,665) 67,345,765
------------
Special Tax: 2.04%
1,000,000 New York State Local Government
Assistance Corporation Series C,
6.05%, 04/01/1997 1,029,100
1,000,000 Metropolitan Atlanta Rapid Transit
Authority, Georgia, Sales Tax
Revenue Series I, 6.25%, 07/01/1997 1,021,820
1,610,000 Arizona State Transportation Board
Tax Revenue, 7.30%, 07/01/1997 1,693,656
1,000,000 Metropolitan Pier & Exposition
Authority, Illinois, McCormick Place
Expansion Project Series A,
5.90%, 06/15/2003 1,070,010
1,500,000 Metropolitan Pier & Exposition
Authority, Illinois, McCormick Place
Expansion Project Series A,
5.70%, 06/15/2005 1,573,905
2,620,000 Connecticut State Special Tax
Obligation, Transportation
Infrastructure Series A,
5.25%, 09/01/2007 2,642,951
1,000,000 Connecticut State Special Tax
Obligation Series B,
6.15%, 09/01/2009 1,072,630
3,225,000 Illinois State Sales Tax Revenue
Series Q, 6.00%, 06/15/2012 3,345,647
------------
Total Special Tax (Cost $13,001,861) 13,449,719
------------
Miscellaneous Tax: 0.80%
5,200,000 Indianapolis Local Public
Improvement, Bond Bank, Indiana
Series B, 6.00%, 01/10/2013 5,306,236
------------
Total Miscellaneous Tax (Cost $5,051,332) 5,306,236
------------
Total Tax Supported (Cost $213,473,552) 219,243,830
------------
- - -------------------------------------------------------------------------------
REVENUE: 11.14%
- - -------------------------------------------------------------------------------
Airport Revenue: 1.10%
1,500,000 Denver City & County, Colorado
Airport Revenue Series B,
Callable 11/15/2002 @102,
7.25%, 11/15/2005 1,634,130
800,000 Denver City & County, Colorado
Airport Revenue Series A,
Callable 11/15/2004 @102,
7.50%, 11/15/2006 891,368
1,325,000 Denver City & County, Colorado
Airport Revenue Series A,
Callable 11/15/2001 @102,
8.875%, 11/15/2012 1,541,067
2,600,000 Chicago, Illinois, O'Hare International
Airport Revenue Senior Lien Series A,
Callable 01/01/2004 @102,
5.00%, 01/01/2013 2,327,936
1,000,000 Massachusetts Port Authority
Revenue Series B,
Callable 07/01/2003 @102,
5.00%, 07/01/2013 889,620
------------
Total Airport Revenue (Cost $6,955,849) 7,284,121
------------
Electric Revenue: 3.26%
1,005,000 Massachusetts Municipal Wholesale
Electric Company Series D,
4.80%, 07/01/1996 1,009,583
1,250,000 Intermountain Power Agency, Utah
Power Supply Revenue Series B,
6.90%, 07/01/1996 1,277,875
3,320,000 San Antonio, Texas Electric & Gas
Revenue, 6.75%, 02/01/1997 3,446,890
1,870,000 Massachusetts Municipal Wholesale
Electric Company Series B,
6.00%, 07/01/1997 1,923,912
3,185,000 Washington Public Power Supply
System, 7.00%, 07/01/1997 3,325,873
1,045,000 North Carolina Eastern Municipal
Power Agency Series A,
7.40%, 01/01/1999 1,081,962
1,500,000 Massachusetts Municipal Wholesale
Electric Company Series D,
5.50%, 07/01/2000 1,545,210
1,500,000 Massachusetts Municipal Wholesale
Electric Company Series E,
5.70%, 07/01/2001 1,560,810
3,500,000 Washington Public Power Supply
System, Nuclear Project No. 3 Series B,
5.60%, 07/01/2007 3,475,885
1,500,000 Intermountain Power Agency, Utah
Series A, Callable 07/01/2003 @102,
5.50%, 07/01/2013 1,428,060
1,735,000 Sacramento Municipal Utility District,
California Series G,
Callable 09/01/2003 @100,
4.75%, 09/01/2021 1,443,659
------------
Total Electric Revenue (Cost $21,095,473) 21,519,719
------------
8 Sanford C. Bernstein Fund, Inc.--1995 Annual Report
<PAGE>
- - -------------------------------------------------------------------------------
Principal Amount Description Market Value
- - -------------------------------------------------------------------------------
Health Care Revenue: 0.67%
1,050,000 Philadelphia Hospitals & Higher
Education Facilities Authority,
Pennsylvania, Temple University
Hospital Series A, 4.70%, 11/15/1995 $ 1,050,546
635,000 Illinois Health Facilities Authority
Revenue, Passavant Memorial
Hospital Association, 4.15%, 10/01/1997 630,212
1,750,000 Delaware County, Pennsylvania,
Health Care Revenue, Mercy Health
Corp., 4.875%, 11/15/1997 1,745,555
1,000,000 New York State Medical Care
Facilities Finance Agency Revenue,
Callable 02/15/2005 @102,
5.40%, 08/15/2005 1,026,860
------------
Total Health Care Revenue (Cost $4,427,366) 4,453,173
------------
Higher Education Revenue: 1.27%
1,000,000 Illinois Educational Facilities Authority
Revenue, Loyola University, Chicago
Series A, 7.00%, 07/01/2007 1,148,980
1,565,000 Illinois Independent Higher Education
Loan Authority Revenue,
Northwestern University,
8.00%, 12/01/2007 1,648,414
2,820,000 Massachusetts State Health &
Educational Authority, Harvard
University Series N, 6.25%, 04/01/2020 3,054,737
2,690,000 New Hampshire Higher Educational &
Health Facilities Authority, Dartmouth
College, 5.375%, 06/01/2023 2,515,661
------------
Total Higher Education Revenue (Cost $8,086,469) 8,367,792
------------
Water/Sewer Revenue: 1.31%
2,350,000 Philadelphia, Pennsylvania Water &
Wastewater, 4.75%, 06/15/1998 2,361,045
1,000,000 Gwinnett County, Georgia Certificates
of Participation, Water & Sewer,
8.05%, 08/01/1998 1,103,140
4,230,000 Los Angeles County Sanitation
District Financing Authority, California
Revenue, 5.20%, 10/01/2005 4,246,328
1,005,000 Massachusetts Water Pollution
Abatement Trust Series B,
5.25%, 08/01/2014 942,087
------------
Total Water/Sewer Revenue (Cost $8,683,460) 8,652,600
------------
Miscellaneous Revenue: 1.97%
1,335,000 New Hampshire Municipal Bond Bank
Series B, 7.00%, 08/15/1996 1,369,590
3,800,000 Philadelphia, Pennsylvania Gas
Works Series A, 5.40%, 07/01/1998 3,877,178
1,600,000 Northeast Maryland Waste Disposal
Authority, Solid Waste Revenue,
5.50%, 07/01/2001 1,639,360
3,775,000 Northeast Maryland Waste Disposal
Authority, Solid Waste Revenue,
5.60%, 07/01/2002 3,870,394
2,280,000 Philadelphia Authority for Industrial
Development, Pennsylvania, Gallery II
Garage Project, 6.125%, 01/15/2003 2,288,482
------------
Total Miscellaneous Revenue (Cost $12,738,059) 13,045,004
------------
Industrial Development/Pollution Control Revenue: 1.56%
1,070,000 Joliet, Illinois Peoples Gas, Light &
Coke Company Gas Supply,
8.00%, 06/01/1999 1,183,527
2,100,000 Missouri State Environmental
Improvement & Energy Research
Authority, Chrysler Corporation
Project, 5.70%, 10/01/1999 2,139,669
2,500,000 Pittsylvania County Industrial
Development Authority, Virginia
Revenue Series A, 7.30%, 01/01/2004 2,628,950
4,345,000 Schuylkill County Industrial Development
Authority, Pennsylvania, Energy Reserves,
Callable 01/01/2004 @102,
6.50%, 01/01/2010 4,336,440
------------
Total Industrial Development/Pollution
Control Revenue (Cost $9,989,922) 10,288,586
------------
Total Revenue (Cost $71,976,598) 73,610,995
------------
- - -------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 3.28%
- - -------------------------------------------------------------------------------
Housing: 1.20%
6,000,000 Maryland State Community
Development Administration, Multi-
Family Housing Revenue Series A,
4.50%, 11/01/1997 5,940,180
1,850,000 Ohio Housing Finance Agency, Single
Family Mortgage Revenue Series A,
Callable 09/01/1999 @102,
7.65%, 03/01/2029 1,970,158
------------
Total Housing (Cost $7,913,688) 7,910,338
------------
Student Loan: 2.08%
1,000,000 Montana State Higher Education
Assistance Corporation, Student Loan
Revenue Series B, 4.50%, 12/01/1997 1,002,590
1,450,000 Wyoming Student Loan Corporation,
Student Loan Revenue,
6.00%, 12/01/1997 1,481,581
1,000,000 New England Education Loan
Marketing Corporation, Student Loan
Revenue, 6.00%, 09/01/1998 1,045,400
Schedule of Investments--Municipal Bond Portfolios 9
<PAGE>
- - -------------------------------------------------------------------------------
Principal Amount Description Market Value
- - -------------------------------------------------------------------------------
1,775,000 New England Education Loan
Marketing Corporation, Student Loan
Revenue, 6.00%, 09/01/1999 $ 1,871,311
1,700,000 Brazos, Texas Higher Education Authority
Inc. Series A-2,
5.75%, 06/01/2000 1,760,112
1,500,000 Student Loan Funding Corporation,
Cincinnati, Ohio Series C,
5.85%, 07/01/2000 1,558,215
1,450,000 Brazos, Texas Higher Education Authority
Inc. Series A-1,
5.90%, 12/01/2000 1,515,946
3,390,000 Arkansas State Student Loan
Authority Series A-1, 5.95%, 06/01/2001 3,551,839
------------
Total Student Loan (Cost $13,326,872) 13,786,994
------------
Total Asset-Backed Securities (Cost $21,240,560) 21,697,332
------------
- - -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- - -------------------------------------------------------------------------------
Total Investments (Cost $649,695,754)
(Note J, below) 101.13% $668,288,901
Cash and Other Assets, Less Liabilities (1.13) (7,474,438)
------ -----------
Net Assets (Equivalent to $13.50
per share based on 48,937,336
shares of capital stock outstanding) 100.00% $660,814,463
====== ===========
- - -------------------------------------------------------------------------------
(A) Commercial Paper owned at September 30, 1995, was purchased
at a rate of 6.25%.
(B) $6,730,000 principal amount segregated as collateral for when-issued
securities
(C) Non-income-producing zero-coupon bond
(D) Explanation of insured-bond abbreviations:
AMBAC--AMBAC Indemnity Corporation
CGIC--Capital Guaranty Insurance Company
FGIC--Financial Guaranty Insurance Company
FSA--Financial Security Assurance, Inc.
MBIA--Municipal Bond Investors Assurance Corporation
PSF Guaranteed--(Texas) Permanent School Funds
Other:
GO--General Obligation
(E) When-issued security
(F) Delayed-delivery security
(G) $7,750,000 principal amount segregated as collateral for when-issued
and delayed-delivery securities
(H) $5,060,000 principal amount segregated as collateral for when-issued
securities
(I) $4,000,000 principal amount segregated as collateral for when-issued
securities
(J) At September 30, 1995, the cost basis of investment securities
owned was substantially identical for both book and tax.
(K) Allocation of Portfolio net assets at September 30, 1995:
Alabama 1.52%
Alaska 1.20
Arizona 1.92
Arkansas 0.54
California 6.95
Colorado 1.75
Connecticut 1.39
Delaware 0.31
District of Columbia 2.39
Florida 3.84
Georgia 3.25
Illinois 9.80
Indiana 1.85
Iowa 0.15
Kansas 0.16
Kentucky 0.31
Louisiana 1.18
Maryland 4.61
Massachusetts 6.59
Michigan 1.18
Minnesota 1.34
Missouri 0.70
Montana 0.15
Nevada 1.04
New Hampshire 0.59
New Jersey 1.87
New York 6.87
North Carolina 0.71
Ohio 2.31
Oklahoma 1.23
Pennsylvania 5.56
Rhode Island 2.82
South Carolina 1.49
Texas 9.33
Utah 3.15
Virginia 0.89
Washington 4.44
West Virginia 0.86
Wisconsin 1.46
Wyoming 0.22
Puerto Rico 0.53
Commercial Paper 1.15
U.S. Treasury Obligations 1.53
Cash and Other Assets, Less Liabilities (1.13)
------
Total 100.00%
======
See Notes to Financial Statements.
10 Sanford C. Bernstein Fund, Inc.--1995 Annual Report
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein California Municipal Portfolio
September 30, 1995
Principal Amount Description Market Value*
- - -------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 7.38%
- - -------------------------------------------------------------------------------
Commercial Paper (Note A, p. 15): 2.47%
5,291,000 Cigna Corp., 10/02/1995 $ 5,290,067
-----------
Total Commercial Paper (Cost $5,290,067) 5,290,067
-----------
Tax-Exempt Variable-Rate Demand Note: 2.10%
4,500,000 California Educational Facilities
Authority Revenue, Stanford University
Series L2, 4.00%, 10/01/2015 4,500,000
-----------
Total Tax-Exempt Variable-Rate Demand Note (Cost $4,500,000) 4,500,000
-----------
Municipal Notes: 2.81%
2,065,000 Orange County, California Tax &
Revenue Anticipation Notes Series A,
5.45%, 06/30/1996 1,982,400
4,000,000 San Diego, California Tax & Revenue
Anticipation Notes, 4.50%, 09/30/1996 4,020,600
-----------
Total Municipal Notes (Cost $6,078,098) 6,003,000
-----------
Total Short-Term Investments (Cost $15,868,165) 15,793,067
-----------
- - ------------------------------------------------------------------------------
U.S. TREASURY BOND: 0.90%
- - ------------------------------------------------------------------------------
1,800,000 7.25%, 05/15/2016 1,927,125
-----------
Total U.S. Treasury Bond (Cost $1,900,072) 1,927,125
-----------
- - ------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 36.15%
- - ------------------------------------------------------------------------------
1,000,000 Orange County Community Facilities
District No. 86, California Special Tax
Series A, 8.00%, 07/01/2006,
Prerefunded 07/01/1996 @102 1,050,310
1,000,000 Southern California Public Power
Authority, Palo Verde Project Series A,
8.125%, 07/01/2015,
Prerefunded 07/01/1996 @103 1,060,950
2,000,000 Contra Costa County, California
Certificates of Participation,
8.20%, 07/01/2008,
Prerefunded 07/01/1996 @102 2,103,520
1,000,000 Concord Redevelopment Agency, California
Tax Allocation, 9.00%, 07/01/2013,
Prerefunded 07/01/1996 @102 1,057,550
1,040,000 Kern Valley, California, Kern Valley
Hospital Revenue, 7.75%, 08/01/2016,
Prerefunded 08/01/1996 @102 1,094,007
1,575,000 Fresno, California Certificates
of Participation, 7.875%, 08/01/2019,
Prerefunded 08/01/1996 @102 1,658,380
1,000,000 Fontana Community Facility
District No. 2, California Special Tax
Series A, 7.875%, 09/01/2011,
Prerefunded 09/01/1996 @102.50 1,061,080
2,175,000 Brea Redevelopment Agency, California
Tax Allocation, 8.50%, 09/15/2012,
Prerefunded 09/15/1996 @102.50 2,323,096
1,075,000 Southern California Public Power Authority,
Hydroelectric-Hoover Uprating Project, 8.125%,
10/01/2017,
Prerefunded 10/01/1996 @102 1,140,210
2,735,000 University of California Revenue,
University of California-San Diego Medical
Center Satellite Medical Facility, 7.90%,
12/01/1996, Escrowed to Maturity 2,860,673
1,575,000 Sacramento Municipal Utility District,
California Series R, 7.125%, 02/01/2013,
Prerefunded 02/01/1997 @102 1,669,768
2,085,000 San Diego County Water Authority,
California Water Revenue Certificates of
Participation Series A, 7.05%, 05/01/2001,
Prerefunded 05/01/1997 @102 2,220,212
2,425,000 San Jose, California Certificates
of Participation, 7.90%, 05/01/2010,
Prerefunded 05/01/1997 @102 2,613,423
500,000 Orange County, California Certificates
of Participation, 7.35%, 06/01/1997,
Escrowed to Maturity 526,165
2,000,000 Los Angeles Unified School District,
California Certificates of Participation,
8.125%, 06/01/2008,
Prerefunded 06/01/1997 @102 2,167,360
2,000,000 Los Angeles County Transportation
Commission, California Series A, 7.90%,
07/01/2007,
Prerefunded 07/01/1997 @102 2,167,100
1,000,000 Sacramento County, California Certificates
of Participation Series A, 8.25%, 07/01/2012,
Prerefunded 07/01/1997 @102 1,088,850
1,930,000 Puerto Rico Electric Power Authority
Series K, 9.25%, 07/01/2006,
Prerefunded 07/01/1997 @102 2,133,596
*See Note 1, page 23 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 11
<PAGE>
- - -------------------------------------------------------------------------------
Principal Amount Description Market Value
- - -------------------------------------------------------------------------------
800,000 Puerto Rico Electric Power Authority
Series K, 9.375%, 07/01/2017,
Prerefunded 07/01/1997 @102 $ 886,056
1,050,000 Northern California Public Power
Agency, California Series B,
8.00%, 07/01/2024,
Prerefunded 07/01/1998 @100 1,152,774
2,000,000 Los Angeles County Transportation
Commission, California Series A,
8.00%, 07/01/2018,
Prerefunded 07/01/1998 @102 2,231,480
2,980,000 Los Angeles, California Wastewater
System Revenue, 6.80%, 08/01/2019,
Prerefunded 08/01/1998 @102 3,241,286
1,000,000 Sacramento Municipal Utility District,
California Series V, 7.75%, 08/15/2003,
Prerefunded 08/15/1998 @102 1,113,970
4,030,000 Sacramento Municipal Utility District,
California Series W, 7.875%, 08/15/2016,
Prerefunded 08/15/1998 @102 4,502,759
1,000,000 Antelope Valley Hospital District,
California Certificates of Participation,
7.25%, 01/01/2017,
Prerefunded 01/01/1999 @100 1,089,860
1,325,000 San Diego County Regional Transportation
Authority, California Sales Tax Revenue Series A,
7.375%, 04/01/2006,
Prerefunded 04/01/1999 @102 1,480,926
1,875,000 California State Department of Water
Resources, Water Systems Project Revenue Series G,
7.125%, 12/01/2024,
Prerefunded 06/01/1999 @101.50 2,079,825
6,480,000 Los Angeles Convention & Exhibition
Center, California Certificates of Participation
Series A, 7.375%, 08/15/2018,
Prerefunded 08/15/1999 @101.50 7,276,716
2,190,000 Santa Cruz County Public Financing
Authority, California Tax Allocation,
7.625%, 09/01/2021,
Prerefunded 09/01/1999 @102.50 2,499,907
3,920,000 Tehachapi Community Facilities District,
California Special Tax,
7.40%, 10/01/2014,
Prerefunded 10/01/1999 @103 4,468,369
1,265,000 California State Department of Water
Resources, Water Systems Project Revenue
Series I, 6.60%, 12/01/2019,
Prerefunded 06/01/2000 @101.50 1,399,280
2,705,000 Desert Hospital District, California
Desert Hospital Project,
8.10%, 07/01/2020,
Prerefunded 07/01/2000 @102 3,175,399
1,175,000 Los Angeles Convention & Exhibition
Center, California Certificates of Participation,
7.00%, 08/15/2021,
Prerefunded 08/15/2000 @102 1,329,148
1,840,000 California State Public Works Board
Lease Revenue, Regents of the University of
California Series A,
7.00%, 09/01/2015,
Prerefunded 09/01/2000 @102 2,083,119
1,685,000 Santa Ana Community Redevelopment
Agency, California Series A, 6.50%, 12/15/2015,
Prerefunded 12/15/2000 @102 1,878,708
1,865,000 Colton Redevelopment Agency, California,
Cooley Ranch Redevelopment Project No. 4,
7.60%, 08/15/2016,
Prerefunded 08/15/2001 @100 2,159,931
1,520,000 Corona, California Certificates
of Participation, 8.00%, 03/01/2015,
Prerefunded 03/01/2006 @100 1,889,223
1,000,000 Pittsburg Redevelopment Agency,
California Residential Mortgage Revenue,
9.60%, 06/01/2016,
Escrowed to Maturity 1,415,330
-----------
Total Prerefunded/Escrowed (Cost $75,429,419) 77,350,316
-----------
- - -------------------------------------------------------------------------------
INSURED (Note B, p. 15): 23.83%
- - -------------------------------------------------------------------------------
3,355,000 California State GO, AMBAC, 10.00%,
04/01/1997 3,644,167
4,000,000 Puerto Rico GO Series A, FGIC,
7.00%, 07/01/1997 4,213,400
1,000,000 San Francisco City & County, California
GO, FGIC,
7.25%, 06/15/1998 1,083,830
530,000 Temecula Valley Unified School District,
California Series B, AMBAC, 9.25%, 09/01/1998 602,833
570,000 Temecula Valley Unified School District,
California Series B, AMBAC, 9.25%, 09/01/1999 670,919
1,575,000 Las Virgenes Municipal Water District,
California Certificates of Participation,
MBIA, 8.75%, 11/01/2000 1,876,392
2,000,000 San Bernardino County Transportation
Authority, California Sales Tax Revenue
Series A, MBIA, Callable 03/01/2003 @102,
5.10%, 03/01/2005 2,016,260
12 Sanford C. Bernstein Fund, Inc.--1995 Annual Report
<PAGE>
- - -------------------------------------------------------------------------------
Principal Amount Description Market Value
- - -------------------------------------------------------------------------------
5,025,000 San Diego County, California Certificates
of Participation, AMBAC, 5.25%, 09/01/2005 $ 5,125,902
1,000,000 San Diego Regional Building Authority,
California Lease Revenue, Downtown Court
House & Justice, MBIA,
Callable 05/01/2003 @102, 5.20%, 05/01/2006 1,004,450
1,275,000 East Bay Municipal Utility District,
California Wastewater Treatment System Revenue,
AMBAC, Callable 06/01/2003 @102,
5.25%, 06/01/2006 1,285,480
1,390,000 South Orange County Public Finance
Authority, California Special Tax Revenue
Series A, MBIA, 7.00%, 09/01/2006 1,610,051
2,360,000 San Diego County Regional Transportation
Authority, California Sales Tax Revenue
Series A, FGIC, 5.25%, 04/01/2008 2,330,217
1,510,000 Castaic Lake Water Agency, California
Certificates of Participation, Water Systems
Improvement Project Series A, MBIA,
7.25%, 08/01/2008 1,782,902
2,735,000 Northern California Public Power
Agency, California, Geothermal Project No. 3
Series A, AMBAC, 5.80%, 07/01/2009 2,829,139
1,100,000 South Orange County Public Finance
Authority, California Special Tax Revenue,
Foothill Area Series C, FGIC, 8.00%,
08/15/2009 1,371,568
1,320,000 East Bay Municipal Utility District,
California Water System Revenue, MBIA,
Callable 06/01/2003 @102, 5.00%, 06/01/2010 1,236,391
3,000,000 Riverside, California Sewer Revenue,
FGIC, 5.00%, 08/01/2010 2,822,940
1,060,000 Los Angeles County Metropolitan Transportation
Authority, California Sales Tax Revenue Series B,
AMBAC, Callable 07/01/2003 @102, 5.30%,
07/01/2011 1,017,282
2,675,000 University of California Revenue
Series C, AMBAC, Callable 09/01/2003 @102,
5.00%, 09/01/2013 2,413,573
1,000,000 University of California Revenue
Series A, MBIA, Callable 11/01/2003
@102, 5.00%, 11/01/2014 898,780
1,195,000 Culver City Redevelopment Finance
Authority, California Tax Allocation, AMBAC,
5.50%, 11/01/2014 1,155,230
1,000,000 Los Angeles County Metropolitan Transportation
Authority, California Sales Tax Revenue
Series B, AMBAC, Callable 07/01/2003 @102,
4.75%, 07/01/2018 841,520
1,000,000 Los Angeles Convention & Exhibition
Center, California Lease Revenue Series A, MBIA,
5.375%, 08/01/2018 929,750
1,660,000 Fresno, California Sewer Revenue
Series A-1, AMBAC, 5.25%, 09/01/2019 1,534,537
2,630,000 California State Public Works Board
Lease Revenue, Department of Corrections,
State Prison Series A, AMBAC,
5.00%, 12/01/2019 2,345,644
1,000,000 Los Angeles Convention & Exhibition
Center, California Lease Revenue Series A, MBIA,
Callable 08/15/2003 @102, 5.125%, 08/15/2021 886,890
1,000,000 Sacramento Municipal Utility District,
California Series G, MBIA,
Callable 09/01/2003 @100,
4.75%, 09/01/2021 832,080
2,915,000 Los Angeles, California Wastewater
System Revenue Series D, FGIC,
Callable 11/01/2003 @102, 5.20%, 11/01/2021 2,612,889
-----------
Total Insured (Cost $49,312,701) 50,975,016
-----------
- - -------------------------------------------------------------------------------
TAX SUPPORTED: 18.34%
- - -------------------------------------------------------------------------------
State General Obligations: 3.47%
1,000,000 California State, 8.60%, 10/01/1998 1,119,200
1,295,000 California State, 7.00%, 06/01/1999 1,409,349
1,000,000 California State, 6.70%, 04/01/2001 1,100,880
1,020,000 California State, Veterans Series
AW, 7.25%, 04/01/2003 1,094,399
2,500,000 California State, 6.20%, 09/01/2005 2,709,650
-----------
Total State General Obligations (Cost $7,060,875) 7,433,478
-----------
Local General Obligations: 1.61%
1,000,000 East Bay Regional Park District,
California, 9.25%, 09/01/1997 1,094,500
1,045,000 East Bay Regional Park District,
California Series B,
8.75%, 09/01/1999 1,204,906
1,000,000 Kern High School District, California,
7.10%, 08/01/2011 1,140,060
-----------
Total Local General Obligations (Cost $3,293,385) 3,439,466
-----------
Schedule of Investments--Municipal Bond Portfolios 13
<PAGE>
- - -------------------------------------------------------------------------------
Principal Amount Description Market Value
- - -------------------------------------------------------------------------------
Tax Lease: 10.23%
1,200,000 California State Public Works Board
Series A, 4.80%, 12/01/1996 $ 1,211,916
3,035,000 New Haven Unified School District,
California Certificates of Participation,
4.70%, 07/01/1997 3,050,903
2,200,000 Los Angeles, California Certificates of
Participation, 4.875%, 08/01/1997 2,206,886
1,130,000 Cupertino, California Certificates
of Participation Series A, 4.875%,
01/01/2000 1,125,853
1,595,000 Ukiah Unified School District, California
Certificates of Participation, 5.60%, 09/01/2001 1,614,076
1,600,000 Ventura County, California Certificates of
Participation, Callable 12/01/2003 @102,
5.75%, 12/01/2004 1,645,728
1,000,000 Los Angeles State Building Authority,
California Lease Revenue, 5.50%, 05/01/2007 963,490
1,930,000 Los Angeles County, California Pension
Obligation Certificates Series A,
Callable 06/30/1996 @102, 6.875%, 06/30/2007 1,986,954
2,520,000 San Francisco State Building Authority,
California Lease Revenue Series A, 5.125%,
10/01/2007 2,389,036
1,010,000 Gilroy Unified School District, California
Certificates of Participation, Callable
01/01/2004 @102, 5.85%, 07/01/2008 983,387
3,110,000 Los Angeles County Public Works Authority,
California Capital Construction, Callable
03/01/2003 @102, 5.00%, 03/01/2011 2,867,544
2,000,000 Sacramento City Finance Authority,
California Lease Revenue Series B, 5.40%,
11/01/2020 1,833,220
-----------
Total Tax Lease (Cost $21,749,822) 21,878,993
-----------
Special Tax: 3.03%
1,000,000 Los Angeles County Metropolitan Transportation
Authority, California Series A, 4.90%,
07/01/2000 1,010,450
1,300,000 Los Angeles County Transportation Commission,
California Series A, 6.40%, 07/01/2006 1,427,023
2,235,000 Los Angeles County Public Works Authority,
California Capital Construction, Callable
03/01/2003 @102, 5.10%, 03/01/2007 2,200,737
1,955,000 Pomona Public Financing Authority, California
Revenue, Southwest Pomona Redevelopment,
Callable 02/01/2004 @102, 5.50%, 02/01/2008 1,844,503
-----------
Total Special Tax (Cost $6,302,683) 6,482,713
-----------
Total Tax Supported (Cost $38,406,765) 39,234,650
-----------
- - -------------------------------------------------------------------------------
REVENUE: 11.62%
- - -------------------------------------------------------------------------------
Airport Revenue: 0.63%
500,000 Denver City & County, Colorado Airport
Revenue Series B,
Callable 11/15/2002 @102,
7.25%, 11/15/2005 544,710
200,000 Denver City & County, Colorado Airport
Revenue Series A,
Callable 11/15/2001 @102,
8.875%, 11/15/2012 232,614
500,000 Denver City & County, Colorado Airport
Revenue Series D,
7.75%, 11/15/2013 572,890
-----------
Total Airport Revenue (Cost $1,202,496) 1,350,214
-----------
Electric Revenue: 3.67%
1,250,000 Los Angeles Department of Water &
Power, California, Electric Plant Revenue
2nd Issue, 9.00%, 12/15/1999 1,471,700
1,000,000 Los Angeles Department of Water &
Power, California, Electric Plant Revenue
2nd Issue, 8.00%, 08/15/2002 1,183,230
2,100,000 Los Angeles Department of Water &
Power, California, Electric Plant
Revenue 2nd Issue, 9.00%, 10/15/2003 2,651,523
2,580,000 Southern California Public Power
Authority Series A,
Callable 07/01/2003 @102,
5.10%, 07/01/2006 2,548,318
-----------
Total Electric Revenue (Cost $7,833,865) 7,854,771
-----------
Health Care Revenue: 0.56%
1,205,000 California Health Facilities Authority,
Downey Community Hospital,
4.15%, 05/15/1996 1,204,084
-----------
Total Health Care Revenue (Cost $1,205,000) 1,204,084
-----------
Higher Education Revenue: 1.31%
1,000,000 University of California Research
Facilities Revenue Series B,
7.50%, 09/01/1998 1,074,660
685,000 California Educational Facilities Authority,
University of Southern California Series B,
7.85%, 10/01/1999 771,180
14 Sanford C. Bernstein Fund, Inc.--1995 Annual Report
<PAGE>
- - -------------------------------------------------------------------------------
Principal Amount Description Market Value
- - -------------------------------------------------------------------------------
1,000,000 California Educational Facilities
Authority, Carnegie Institute of
Washington Series A, 5.60%, 10/01/2023 $ 947,360
-----------
Total Higher Education Revenue (Cost $2,600,494) 2,793,200
-----------
Water/Sewer Revenue: 4.55%
1,050,000 California State Department of Water
Resources Series M, 8.50%, 12/01/2000 1,242,381
2,500,000 Metropolitan Water District of
Southern California Series A,
Callable 07/01/2003 @102,
5.50%, 07/01/2008 2,512,850
2,420,000 Los Angeles County Sanitation District
Financing Authority, California Series A,
Callable 10/01/2003 @102, 5.25%, 10/01/2008 2,390,839
3,660,000 Metropolitan Water District of Southern
California Series A, 5.75%, 07/01/2021 3,582,628
-----------
Total Water/Sewer Revenue (Cost $9,253,819) 9,728,698
-----------
Miscellaneous Revenue: 0.59%
1,235,000 Western Placer Waste Management Authority,
California Revenue, 6.25%, 07/01/2000 1,268,777
-----------
Total Miscellaneous Revenue (Cost $1,252,557) 1,268,777
-----------
Industrial Development/Pollution Control Revenue: 0.31%
650,000 Missouri State Environmental Improvement
& Energy Resource Authority, Chrysler
Corporation, 5.70%, 10/01/1999 662,279
-----------
Total Industrial Development/Pollution
Control Revenue (Cost $650,000) 662,279
-----------
Total Revenue (Cost $23,998,231) 24,862,023
-----------
- - -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- - -------------------------------------------------------------------------------
Total Investments (Cost $204,915,353)
(Note C, below) 98.22% $210,142,197
Cash and Other Assets, Less Liabilities 1.78 3,808,712
------ ------------
Net Assets (Equivalent to $13.58
per share based on 15,757,372 shares
of capital stock outstanding) 100.00% $213,950,909
====== ============
- - -------------------------------------------------------------------------------
(A) Commercial Paper owned at September 30, 1995, was purchased at a rate of
6.35%.
(B) Explanation of insured-bond abbreviations:
AMBAC--AMBAC Indemnity Corporation
FGIC--Financial Guaranty Insurance Company
MBIA--Municipal Bond Investors Assurance Corporation
Other:
GO--General Obligation
(C) At September 30, 1995, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein New York Municipal Portfolio
September 30, 1995
Principal Amount Description Market Value*
- - -------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 1.85%
- - -------------------------------------------------------------------------------
Commercial Paper (Note A, p. 22): 0.47%
2,176,000 Cigna Corp., 10/02/1995 $ 2,175,616
-------------
Total Commercial Paper (Cost $2,175,616) 2,175,616
-------------
Tax-Exempt Variable-Rate Demand Notes: 1.16%
1,200,000 New York City Series A, Daily Floater,
Putable Daily, 4.60%, 08/15/2004 1,200,000
2,000,000 New York City Industrial Development Agency,
Daily Floater, Putable Daily,
4.60%, 11/01/2015 2,000,000
2,100,000 New York City Municipal Water & Finance
Authority Series C, Daily Floater,
Putable Daily, 4.85%, 06/15/2022 2,100,000
-------------
Total Tax-Exempt Variable-Rate Demand Notes
(Cost $5,300,000) 5,300,000
-------------
Municipal Note: 0.22%
1,000,000 Nassau County, New York GO,
4.50%, 03/15/1996 1,002,820
-------------
Total Municipal Note (Cost $1,002,679) 1,002,820
-------------
Total Short-Term Investments (Cost $8,478,295) 8,478,436
-------------
- - -------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 29.10%
- - -------------------------------------------------------------------------------
1,325,000 New York City Municipal Water
Finance Authority Series A,
7.00%, 06/15/2014, Prerefunded
06/15/1996 @102 1,380,080
1,075,000 MAC New York Series 56,
7.80%, 07/01/1997,
Prerefunded 07/01/1996 @102 1,127,363
4,995,000 United Nations Development Corp.,
New York Series B, 7.875%, 07/01/2026,
Prerefunded 07/01/1996 @102 5,241,054
5,620,000 United Nations Development Corp.,
New York Series B, 8.25%, 07/01/2026,
Prerefunded 07/01/1996 @102 5,910,779
1,225,000 MTA, New York Series F,
8.375%, 07/01/2016,
Prerefunded 07/01/1996 @102 1,289,496
1,350,000 New York State Dormitory Authority,
State University Series B,
6.30%, 11/01/1996,
Escrowed to Maturity 1,386,598
*See Note 1, page 23 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 15
<PAGE>
Principal Amount Description Market Value
- - -------------------------------------------------------------------------------
1,365,000 Triborough Bridge & Tunnel Authority,
New York Toll Revenue Series K,
8.25%, 01/01/2017,
Prerefunded 01/01/1997 @102 $ 1,460,782
1,650,000 New York City Municipal Water Finance
Authority Series A,
8.75%, 06/15/2010,
Prerefunded 06/15/1997 @102 1,805,760
1,400,000 New York City Municipal Water Finance
Authority Series A,
9.00%, 06/15/2017,
Prerefunded 06/15/1997 @102 1,537,830
8,425,000 New York State Dormitory Authority,
City University Series A,
8.125%, 07/01/2017,
Prerefunded 07/01/1997 @102 9,148,539
1,370,000 MTA, New York Transit Facilities
Service Contract Series 1,
8.50%, 07/01/2017,
Prerefunded 07/01/1997 @102 1,496,204
4,820,000 MTA, New York Commuter Facilities
Service Contract Series 1,
8.50%, 07/01/2017,
Prerefunded 07/01/1997 @102 5,264,018
1,000,000 Puerto Rico Electric Power Authority
Series K, 9.25%, 07/01/2017,
Prerefunded 07/01/1997 @102 1,105,490
2,825,000 Puerto Rico Electric Power Authority
Series K, 9.375%, 07/01/2017,
Prerefunded 07/01/1997 @102 3,128,885
5,000,000 New York State Medical Care Facilities
Finance Authority,
8.00%, 02/15/2025,
Prerefunded 08/15/1997 @102 5,440,700
1,125,000 Nassau County, New York GO
Series J, 7.30%, 10/15/1997,
Escrowed to Maturity 1,194,435
1,000,000 New York State Housing Finance Agency,
State University Series A,
7.60%, 11/01/1999,
Prerefunded 11/01/1997 @102 1,087,280
1,300,000 New York State Housing Finance Agency,
State University Series A,
7.90%, 05/01/2002,
Prerefunded 11/01/1997 @102 1,421,134
1,905,000 New York State Housing Finance Agency,
State University Series A,
7.90%, 11/01/2002,
Prerefunded 11/01/1997 @102 2,082,508
2,600,000 New York State Housing Finance Agency,
State University Series A,
8.125%, 11/01/2006,
Prerefunded 11/01/1997 @102 2,852,148
2,920,000 New York City GO Series A,
8.50%, 11/01/2010,
Prerefunded 11/01/1997 @101.50 3,211,328
600,000 New York City GO Series A,
8.75%, 11/01/2016,
Prerefunded 11/01/1997 @101.50 662,814
1,000,000 Triborough Bridge & Tunnel Authority,
New York Special Obligation Series A,
7.50%, 01/01/2001,
Prerefunded 01/01/1998 @101.50 1,084,590
1,105,000 New York State Urban Development
Corp., Correctional Facilities Series D,
7.75%, 01/01/2013,
Prerefunded 01/01/1998 @102 1,209,356
1,250,000 Triborough Bridge & Tunnel Authority,
New York Toll Revenue Series N,
7.875%, 01/01/2018,
Prerefunded 01/01/1998 @101.50 1,365,663
1,420,000 Triborough Bridge & Tunnel Authority,
New York Special Obligation Series A,
8.00%, 01/01/2018,
Prerefunded 01/01/1998 @101.50 1,554,190
1,595,000 New York State Medical Care Facilities
Finance Authority, Hospital & Nursing Home
Series B, 8.10%, 02/15/2022,
Prerefunded 02/15/1998 @102 1,763,145
13,535,000 New York State Medical Care Facilities
Finance Authority Series A,
8.30%, 02/15/2022,
Prerefunded 02/15/1998 @102 15,022,090
4,470,000 New York City GO Series I,
6.90%, 08/15/1998, Escrowed to Maturity 4,798,411
1,000,000 New York State Medical Care Facilities
Finance Authority, Hospital & Nursing Home
Series C, 7.60%, 02/15/2008,
Prerefunded 08/15/1998 @102 1,108,520
3,090,000 New York State Medical Care Facilities
Finance Authority, Hospital & Nursing Home
Series A, 8.00%, 02/15/2028,
Prerefunded 08/15/1998 @102 3,429,035
3,440,000 Albany Parking Authority, New York,
6.875%, 11/01/2016,
Prerefunded 11/01/1998 @100 3,697,553
5,025,000 New York State Housing Finance Agency,
State University Series A,
8.00%, 11/01/2006,
Prerefunded 11/01/1998 @102 5,646,190
16 Sanford C. Bernstein Fund, Inc.--1995 Annual Report
<PAGE>
Principal Amount Description Market Value
- - -------------------------------------------------------------------------------
1,000,000 New York State Housing Finance Agency,
State University Series A,
8.10%, 11/01/2010,
Prerefunded 11/01/1998 @102 $ 1,126,470
1,040,000 Triborough Bridge & Tunnel Authority,
New York Toll Revenue Series O,
7.50%, 01/01/2011,
Prerefunded 01/01/1999 @101.50 1,153,183
1,090,000 Triborough Bridge & Tunnel Authority,
New York Toll Revenue Series O,
7.70%, 01/01/2019,
Prerefunded 01/01/1999 @101.50 1,215,154
1,210,000 New York State Medical Care Facilities
Finance Authority, Mental Health Services,
7.40%, 08/15/2007,
Prerefunded 02/15/1999 @102 1,347,190
2,785,000 Battery Park City Authority, New York Revenue,
7.70%, 05/01/2015,
Prerefunded 05/01/1999 @102 3,143,374
1,000,000 Suffolk County Water Authority,
New York, 7.125%, 06/01/2015,
Prerefunded 06/01/1999 @102 1,111,720
3,275,000 New York City Municipal Water Finance
Authority Series A,
7.375%, 06/15/2009,
Prerefunded 06/15/1999 @101.50 3,657,520
1,000,000 Albany County, New York GO,
7.00%, 10/01/1999, Escrowed to Maturity 1,098,060
1,400,000 Nassau County, New York GO
Series J, 7.30%, 10/15/1999,
Escrowed to Maturity 1,553,874
420,000 New York State Dormitory Authority,
City University Series A,
7.875%, 07/01/2002,
Prerefunded 07/01/2000 @100.50 483,512
1,000,000 MTA, New York Commuter Facilities
Service Contract Series 4,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @101.50 1,159,360
2,250,000 MTA, New York Transit Facilities
Service Contract Series 4,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @101.50 2,608,560
3,500,000 Virgin Islands Public Finance Authority
Series B,
7.25%, 10/01/2007,
Prerefunded 10/01/2000 @ 101 3,979,255
2,000,000 New York State Medical Care Facilities
Finance Authority, Mental Health Services Series A,
8.00%, 11/01/2000,
Escrowed to Maturity 2,292,880
555,000 New York State Power Authority Series C,
9.50%, 01/01/2001, Escrowed to Maturity 626,551
1,780,000 New York State Local Government Assistance
Corp. Series A,
7.25%, 04/01/2018,
Prerefunded 04/01/2001 @102 2,043,707
4,670,000 Niagara Falls Bridge Commission,
New York Toll Revenue,
6.30%, 10/01/2012,
Escrowed to Maturity 4,935,723
-------------
Total Prerefunded/Escrowed (Cost $130,032,673) 133,450,061
-------------
- - -------------------------------------------------------------------------------
INSURED (Note B, p. 22): 21.67%
- - -------------------------------------------------------------------------------
2,840,000 Suffolk County Industrial Development
Agency, New York, Southwest Sewer System, FGIC,
3.50%, 02/01/1996 2,836,933
3,185,000 Monroe County, New York GO, MBIA,
6.00%, 03/01/1997 3,278,289
1,000,000 New York City Industrial Development
Agency, USTA National Tennis Center, FSA,
5.30%, 11/15/1997 1,025,440
2,030,000 Suffolk County, New York GO, BIGI,
7.375%, 03/01/1998 2,182,311
1,965,000 New York State Thruway Authority
Highway & Bridge Series A, AMBAC,
5.00%, 04/01/1998 2,009,743
490,000 New York State Dormitory Authority,
Mount Sinai School of Medicine, MBIA,
6.00%, 07/01/1998 512,834
3,000,000 New York State Dormitory Authority,
City University Series A, FGIC,
7.40%, 07/01/1998 3,247,500
3,800,000 Nassau County, New York GO
Series Q, FGIC,
5.00%, 08/01/1998 3,901,346
3,460,000 New York City Industrial Development
Agency, USTA National Tennis Center, FSA,
5.50%, 11/15/1998 3,596,981
1,570,000 Brookhaven, New York GO, MBIA,
5.70%, 11/15/1998 1,637,055
330,000 Nassau County, New York GO Series L, FGIC,
6.30%, 11/15/1998 351,001
1,000,000 Nassau County, New York GO Series H, AMBAC,
7.20%, 10/15/1999 1,106,250
5,325,000 New York City Health & Hospital Corporation
Series A, Connie Lee,
4.875%, 02/15/2000 5,346,460
775,000 New York State Thruway Authority Series B,
MBIA, 4.30%, 01/01/2001 764,940
1,925,000 Suffolk County, New York GO Series A, FGIC,
9.50%, 10/01/2001 2,411,775
Schedule of Investments--Municipal Bond Portfolios 17
<PAGE>
Principal Amount Description Market Value
- - -------------------------------------------------------------------------------
5,000,000 Suffolk County Industrial Development Agency,
New York, Southwest Sewer Revenue, FGIC,
4.50%, 02/01/2002 $ 4,942,800
2,075,000 Suffolk County Industrial Development Agency,
New York, Southwest Sewer Revenue, FGIC,
4.60%, 02/01/2003 2,048,233
1,340,000 New York State Dormitory Authority,
City University Series D, FGIC,
8.75%, 07/01/2003 1,672,816
1,475,000 MTA, New York Transit Facilities, FGIC,
Callable 07/01/2003 @101.50,
4.60%, 07/01/2004 1,435,558
1,000,000 New York State Dormitory Authority,
Rochester Institute, FGIC,
Callable 07/01/2003 @101,
4.75%, 07/01/2005 976,310
5,915,000 New York State Project Finance Agency,
Hud Section 236-Series A, FSA,
Callable 11/01/2003 @102,
4.95%, 11/01/2006 5,690,230
2,025,000 New York State Urban Development
Corp., Correctional Facilities Revenue, AMBAC,
5.00%, 01/01/2007 1,988,996
4,295,000 New York City Municipal Water Finance
Authority Series B, AMBAC, Callable 06/15/2004 @101,
5.375%, 06/15/2007 4,325,280
4,000,000 Westchester County Industrial Development
Agency, New York Resource Recovery Revenue Series A,
AMBAC, Callable 07/01/2004 @101, 5.60%, 07/01/2007 4,140,040
2,500,000 MTA, New York Commuter Facilities
Series A, MBIA, 6.10%, 07/01/2007 2,711,650
2,400,000 MTA, New York Transit Facilities
Series K, MBIA, 6.30%, 07/01/2007 2,634,024
1,120,000 Babylon, New York GO Series A, 1,508,013
AMBAC, 9.20%, 01/15/2008
1,900,000 New York State Dormitory Authority,
State University Series A, AMBAC,
5.50%, 05/15/2008 1,943,282
4,000,000 Suffolk County, New York, Waterworks
Authority Revenue, MBIA,
5.10%, 06/01/2008 3,977,600
1,485,000 New York State Dormitory Authority,
State University Series B, MBIA,
Callable 07/01/2003 @102,
5.00%, 07/01/2008 1,456,102
6,780,000 New York State Thruway Authority 6,696,131
Series A, MBIA, Callable 04/01/2005 @102,
5.25%, 04/01/2009
3,855,000 New York State Dormitory Authority,
State University Series A, FGIC,
5.50%, 05/15/2009 3,887,845
1,550,000 Babylon, New York GO Waste Facilities,
FGIC, 9.00%, 08/01/2009 2,075,698
3,200,000 New York State Dormitory Authority,
State University Series A, MBIA,
Callable 07/01/2003 @102,
5.00%, 07/01/2011 3,006,944
4,500,000 Babylon, New York GO Waste Facilities,
FGIC, 9.00%, 08/01/2011 6,108,795
1,000,000 New York City Municipal Water Finance 1,024,860
Authority Series A, AMBAC, 5.875%, 06/15/2013
1,000,000 Broome County, New York Certificates
of Participation, Public Safety Facility, MBIA,
5.25%, 04/01/2015 925,290
-------------
Total Insured (Cost $97,077,809) 99,385,355
-------------
- - -------------------------------------------------------------------------------
TAX SUPPORTED: 26.96%
- - -------------------------------------------------------------------------------
State General Obligations: 0.67%
1,500,000 New York State, 6.20%, 11/01/1999 1,607,160
1,355,000 New York State, 6.875%, 11/01/1999 1,485,676
-------------
Total State General Obligations (Cost $2,879,480) 3,092,836
-------------
Local General Obligations: 8.82%
1,000,000 New York City Series B,
8.00%, 06/01/1996 1,025,351
2,200,000 Islip, New York, 5.30%, 08/15/1997 2,248,378
1,020,000 White Plains, New York,
9.40%, 12/15/1997 1,135,780
5,000,000 New York City Series B,
7.20%, 02/01/1998 5,278,550
1,000,000 Nassau County, New York Series O,
5.625%, 08/01/1998 1,041,850
1,020,000 New York City Series A,
Callable 08/15/1996 @101.50,
7.40%, 08/15/1998 1,059,515
1,060,000 White Plains, New York,
9.70%, 12/15/1998 1,232,600
1,150,000 Manhasset Union Free School District,
New York, 7.30%, 01/01/1999 1,255,420
2,000,000 New York City Series B,
7.40%, 02/01/2000 2,171,460
2,000,000 New York City Series D,
Callable 08/01/1998 @101.50,
7.875%, 08/01/2000 2,193,940
18 Sanford C. Bernstein Fund, Inc.--1995 Annual Report
<PAGE>
Principal Amount Description Market Value
- - -------------------------------------------------------------------------------
1,050,000 Manhasset Union Free School District,
New York, 7.30%, 01/01/2001 $ 1,184,767
615,000 New York City Series C,
6.30%, 08/01/2002 639,077
4,265,000 New York City Series B,
7.50%, 02/01/2004 4,688,387
1,000,000 Westchester County, New York, 7.10%,
12/01/2004 1,186,690
1,300,000 Westchester County, New York
Series A, 6.75%, 02/01/2007 1,513,174
5,185,000 New York City Series B,
Callable 08/15/2005 @101,
6.30%, 08/15/2008 5,227,569
2,600,000 Onondaga County, New York,
5.70%, 04/01/2009 2,689,154
1,940,000 Onondaga County, New York,
5.70%, 04/01/2010 2,003,884
2,600,000 Onondaga County, New York,
5.70%, 04/01/2011 2,642,848
-----------
Total Local General Obligations (Cost $38,441,785) 40,418,394
-----------
Tax Lease: 11.47%
1,500,000 New York State Urban Development
Corp., Correctional Facilities Series 4,
4.00%, 01/01/1996 1,498,905
4,000,000 New York State Certificates of Participation,
5.375%, 03/01/1996 4,022,400
1,695,000 California State Revenue Anticipation
Warrants Series C, 5.75%, 04/25/1996 1,712,374
1,175,000 New York State Energy Research &
Development Authority, Western New York Nuclear
Service Center Project,
5.20%, 04/01/1997 1,184,541
495,000 New York State Medical Care Facilities
Finance Authority, Brookdale Medical Center Secured
Hospital Program Series A, 5.95%, 08/15/1998 500,658
2,535,000 New York State Medical Care Facilities
Finance Authority, Mental Health Services Series F,
4.60%, 08/15/1999 2,513,630
1,550,000 New York State Urban Development
Corp., Correctional Facilities,
5.00%, 01/01/2000 1,561,052
825,000 New York State Dormitory Authority,
City University Series D,
7.50%, 07/01/2000 898,656
1,000,000 New York State Medical Care Facilities
Finance Authority, Brookdale Medical Center
Secured Hospital Program
Series A, 6.35%, 08/15/2000 1,018,690
1,920,000 MTA, New York Transit Facilities
Service Contract Series O,
5.25%, 07/01/2001 1,951,200
3,505,000 MTA, New York Commuter Facilities
Service Contract Series O,
5.25%, 07/01/2001 3,561,956
720,000 New York State Medical Care Facilities
Finance Authority,
Mental Health Services Series F,
Callable 08/15/2002 @102,
6.20%, 02/15/2003 755,446
2,000,000 New York State Thruway Authority
Service Contract,
Callable 04/01/2002 @101,
6.20%, 04/01/2003 2,102,520
2,000,000 New York State Thruway Authority
Service Contract,
Callable 04/01/2002 @101,
6.25%, 04/01/2004 2,096,060
3,825,000 New York State Dormitory Authority,
State University Series B,
5.25%, 05/15/2005 3,754,084
1,000,000 MTA, New York Commuter Facilities
Service Contract, 5.30%, 07/01/2005 986,460
1,125,000 MTA, New York Transit Facilities
Service Contract, 5.30%, 07/01/2005 1,109,767
1,020,000 New York State Dormitory Authority,
City University Series A,
5.70%, 07/01/2005 1,026,712
1,780,000 New York State Dormitory Authority,
City University Series D,
5.70%, 07/01/2005 1,791,712
1,000,000 New York State Dormitory Authority,
City University Series U,
6.45%, 07/01/2005 1,059,960
1,000,000 New York State Urban Development
Corp., Correctional Facilities Series 4,
5.25%, 01/01/2006 962,350
3,300,000 New York State Dormitory Authority,
State University Series A,
5.50%, 05/15/2006 3,278,847
1,595,000 MTA, New York Transit Facilities
Service Contract, 5.40%, 07/01/2006 1,571,872
1,000,000 MTA, New York Transit Facilities
Service Contract, 5.45%, 07/01/2007 978,710
1,265,000 New York State Urban Development
Corp., Correctional Facilities Series A,
5.50%, 01/01/2008 1,210,567
1,755,000 New York State Thruway Authority
Service Contract,
Callable 04/01/2003 @102,
5.125%, 04/01/2008 1,641,838
Schedule of Investments--Municipal Bond Portfolios 19
<PAGE>
- - -------------------------------------------------------------------------------
Principal Amount Description Market Value
- - -------------------------------------------------------------------------------
2,215,000 New York State Urban Development
Corp., Correctional Facilities Series A,
5.50%, 01/01/2009 $ 2,104,848
1,000,000 New York State Dormitory Authority,
City University Series A, 5.75%, 07/01/2009 980,380
1,490,000 Triborough Bridge & Tunnel Authority,
New York Convention Center Series E,
6.00%, 01/01/2011 1,482,476
3,500,000 New York State Dormitory Authority,
State University Series A,
5.50%, 05/15/2013 3,267,775
-----------
Total Tax Lease (Cost $51,871,960) 52,586,446
-----------
Special Tax: 6.00%
2,500,000 New York State Local Government Assistance
Corp. Series C,
5.90%, 04/01/1996 2,525,525
2,295,000 MAC New York Series 67,
6.90%, 07/01/1996 2,346,087
3,515,000 New York State Thruway Authority
Highway & Bridge Trust Fund Series A,
4.50%, 04/01/1997 3,532,083
1,110,000 New York State Local Government Assistance
Corp. Series A,
5.75%, 04/01/1998 1,150,826
825,000 MAC New York Series 64,
6.75%, 07/01/1998 878,435
3,000,000 MAC New York Series 67,
7.10%, 07/01/1998 3,209,160
1,245,000 MAC New York Series 67,
7.20%, 07/01/1999 1,359,005
1,025,000 Grand Central District Management
Association, New York Business Improvement
District Series 1994,
Callable 01/01/2004 @102,
5.00%, 01/01/2006 1,006,396
2,500,000 New York State Local Government Assistance
Corp. Series B,
Callable 04/01/2002 @102,
6.00%, 04/01/2006 2,639,375
3,345,000 New York State Local Government Assistance
Corp. Series A,
5.375%, 04/01/2014 3,138,145
4,430,000 New York State Local Government Assistance
Corp. Series E,
6.00%, 04/01/2014 4,524,581
1,390,000 New York State Local Government Assistance
Corp. Series D,
Callable 04/01/2004 @100,
5.00%, 04/01/2023 1,195,608
-----------
Total Special Tax (Cost $26,545,749) 27,505,226
-----------
Total Tax Supported (Cost $119,738,974) 123,602,902
-----------
- - -------------------------------------------------------------------------------
REVENUE: 18.36%
- - -------------------------------------------------------------------------------
Airport Revenue: 0.67%
1,300,000 Denver City & County, Colorado Airport
Revenue Series B,
Callable 11/15/2002 @102,
7.25%, 11/15/2005 1,416,246
425,000 Denver City & County, Colorado Airport
Revenue Series A,
Callable 11/15/2001 @102,
8.875%, 11/15/2012 494,305
1,000,000 Denver City & County, Colorado Airport
Revenue Series D,
7.75%, 11/15/2013 1,145,780
-----------
Total Airport Revenue (Cost $2,736,449) 3,056,331
-----------
Electric Revenue: 2.18%
1,000,000 Guam Power Authority Revenue Series
A, 5.30%, 10/01/1998 1,012,940
1,890,000 New York State Power Authority Series
W, 6.50%, 01/01/2008 2,092,154
7,215,000 New York State Power Authority Series
CC, Callable 01/01/2003 @102,
5.125%, 01/01/2010 6,881,018
-----------
Total Electric Revenue (Cost $9,869,970) 9,986,112
-----------
Health Care Revenue: 3.82%
635,000 New York State Medical Care Facilities
Finance Authority, Hospital & Nursing Home
Insured Mortgage,
FHA, 4.60%, 02/15/1997 637,299
1,750,000 New York State Medical Care Facilities
Finance Authority, Insured Mortgage Project
Series A, FHA, 5.40%,
08/15/2004 1,793,207
1,410,000 New York State Medical Care Facilities
Finance Authority, Hospital & Nursing Home
Insured Mortgage,
FHA, Callable 08/15/2002 @102,
5.875%, 02/15/2005 1,480,881
3,055,000 New York State Medical Care Facilities
Finance Authority, Insured Mortgage Presbyterian
Hospital Series A, FHA,
Callable 02/15/2004 @102,
5.10%, 08/15/2010 2,949,816
3,000,000 New York State Medical Care Facilities
Finance Agency, Hospital & Nursing Home Insured
Mortgage, FHA,
Callable 02/15/2003 @102,
6.35%, 02/15/2012 3,093,600
20 Sanford C. Bernstein Fund, Inc.--1995 Annual Report
<PAGE>
- - -------------------------------------------------------------------------------
Principal Amount Description Market Value
- - -------------------------------------------------------------------------------
2,770,000 New York State Medical Care Facilities
Finance Authority,
St. Luke's-Roosevelt Hospital, FHA,
Callable 08/15/2003 @102,
5.60%, 08/15/2013 $2,726,788
4,575,000 New York State Medical Care Facilities
Finance Agency, Hospital & Nursing Home Insured
Mortgage Series A, FHA,
Callable 02/15/2004 @102,
6.125%, 02/15/2014 4,812,991
-----------
Total Health Care Revenue (Cost $16,948,683) 17,494,582
-----------
Higher Education Revenue: 0.87%
1,480,000 New York State Dormitory Authority,
Rockefeller University, 6.60%, 07/01/1998 1,576,082
1,000,000 New York State Dormitory Authority,
Columbia University, 5.625%, 07/01/2006 1,052,220
1,290,000 New York State Dormitory Authority,
Columbia University, 5.75%, 07/01/2007 1,364,446
-----------
Total Higher Education Revenue (Cost $3,812,839) 3,992,748
-----------
Toll Revenue: 2.05%
725,000 Triborough Bridge & Tunnel Authority,
New York Toll Revenue Series Y, 5.80%,
01/01/2006 771,581
4,250,000 Triborough Bridge & Tunnel Authority,
New York Toll Revenue Series A, Callable
01/01/2003 @100, 5.00%, 01/01/2012 3,882,460
1,495,000 Triborough Bridge & Tunnel Authority,
New York Toll Revenue Series Y,
6.00%, 01/01/2012 1,549,986
2,320,000 Triborough Bridge & Tunnel Authority,
New York Toll Revenue Series A, Callable
01/01/2003 @100, 5.00%, 01/01/2015 2,074,126
1,090,000 Triborough Bridge & Tunnel Authority,
New York Toll Revenue Series Y,
6.125%, 01/01/2021 1,126,232
-----------
Total Toll Revenue (Cost $9,290,195) 9,404,385
-----------
Water/Sewer Revenue: 5.64%
1,820,000 New York State Environmental Facilities
Corp., Pollution Control Revenue, State Revolving
Fund Series 94-D, 5.60%, 05/15/1999 1,913,239
2,510,000 New York State Environmental Facilities
Corp., Pooled Loan, Pollution Control Revenue,
State Revolving Fund Series 92-B,
Callable 09/15/2002 @102,
6.25%, 09/15/2005 2,755,729
1,000,000 New York State Environmental Facilities
Corp., Pooled Loan, Pollution Control Revenue,
State Revolving Fund Series 93-B,
4.85%, 05/15/2006 973,250
4,500,000 New York City Municipal Water Finance
Authority Series B,
Callable 06/15/2004 @101,
5.30%, 06/15/2006 4,506,390
2,510,000 New York State Environmental Facilities
Corp., Pooled Loan, Pollution Control Revenue,
State Revolving Fund Series 92-B,
Callable 09/15/2002 @102,
6.35%, 09/15/2006 2,753,219
1,000,000 Ulster County Resource Recovery Agency,
New York Solid Waste System, Callable
03/01/2003 @102, 5.90%, 03/01/2007 1,009,990
1,045,000 New York State Environmental Facilities
Corp., Pooled Loan, Pollution Control Revenue,
State Revolving
Fund Series 93-B,
4.95%, 05/15/2007 1,019,711
2,975,000 New York State Environmental Facilities
Corp., Pooled Loan, Pollution Control Revenue,
State Revolving
Fund Series 95-A,
Callable 05/15/2005 @102,
5.20%, 05/15/2008 2,953,104
3,085,000 New York State Environmental Facilities
Corp., Pooled Loan, Pollution Control Revenue,
State Revolving
Fund Series 95-A,
Callable 05/15/2005 @102,
5.30%, 05/15/2009 3,075,930
385,000 New York State Environmental Facilities
Corp., Pooled Loan, Pollution Control Revenue,
State Revolving
Fund Series 95-A,
Callable 05/15/2005 @102,
5.40%, 05/15/2010 383,818
4,430,000 New York State Environmental Facilities
Corp., Pollution Control Revenue,
State Revolving Fund,
New York City Municipal Water Finance Authority,
5.75%, 06/15/2011 4,507,614
-----------
Total Water/Sewer Revenue (Cost $24,990,659) 25,851,994
-----------
Miscellaneous Revenue: 2.25%
2,715,000 MTA, New York Transit Facilities
Series M, 5.10%, 07/01/1998 2,777,472
3,420,000 Battery Park City Authority, New
York Revenue, 6.00%, 11/01/2003 3,675,303
Schedule of Investments--Municipal Bond Portfolios 21
<PAGE>
- - -------------------------------------------------------------------------------
Principal Amount Description Market Value
- - -------------------------------------------------------------------------------
4,015,000 Port Authority of New York &
New Jersey Revenue, 4.60%, 10/01/2005 3,880,658
-----------
Total Miscellaneous Revenue (Cost $10,053,027) 10,333,433
-----------
Industrial Development/Pollution Control Revenue: 0.88%
4,000,000 New York City Industrial Development
Agency, Special Facilities Revenue,
Terminal One Group Association
Limited Partnership Project,
5.30%, 01/01/2000 4,045,000
-----------
Total Industrial Development/Pollution
Control Revenue (Cost $3,984,900) 4,045,000
-----------
Total Revenue (Cost $81,686,722) 84,164,585
-----------
- - -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- - -------------------------------------------------------------------------------
Total Investments (Cost $437,014,473)
(Note C, below) 97.94% $449,081,339
Cash and Other Assets, Less Liabilities 2.06 9,461,465
------- -----------
Net Assets (Equivalent to $13.48
per share based on 34,014,866
shares of capital stock outstanding) 100.00% $458,542,804
======= ============
- - -------------------------------------------------------------------------------
(A) Commercial Paper owned at September 30, 1995, was purchased
at a rate of 6.35%.
(B) Explanation of insured-bond abbreviations:
AMBAC--AMBAC Indemnity Corporation
BIGI--Bond Investors Guaranty Insurance Company
Connie Lee--Connie Lee Insurance Company
FGIC--Financial Guaranty Insurance Company
FSA--Financial Security Assurance, Inc.
MBIA--Municipal Bond Investors Assurance Corporation
Other:
FHA--Federal Housing Administration
GO--General Obligation
(C) At September 30, 1995, the cost basis of investment securities
owned was substantially identical for both book and tax.
See Notes to Financial Statements.
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
Diversified Municipal Portfolio
September 30, 1995
Principal Amount Description Market Value*
- - -------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 1.48%
- - -------------------------------------------------------------------------------
Tax-Exempt Variable-Rate Demand Note: 0.49%
500,000 New York City, New York, Daily Floater,
Putable Daily, 4.80%, 08/01/2021 $500,000
-----------
Total Tax-Exempt Variable-Rate Demand Note
(Cost $500,000) 500,000
-----------
Municipal Note: 0.99%
1,000,000 Nassau County, New York Tax Anticipation
Notes, 4.50%, 03/15/1996 1,002,820
-----------
Total Municipal Note (Cost $1,002,679) 1,002,820
-----------
Total Short-Term Investments (Cost $1,502,679) 1,502,820
-----------
- - -------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 37.24%
- - -------------------------------------------------------------------------------
1,000,000 Houston, Texas GO, 8.00%, 03/01/2002,
Prerefunded 03/01/1996 @102 1,036,340
1,485,000 Florida State Board of Education,
Capital Administration Series B, 7.50%, 06/01/2005,
Prerefunded 06/01/1996 @102 1,549,746
2,565,000 Southern California Public Power Authority,
Power Project Revenue Series A, 6.875%, 07/01/2015,
Prerefunded 07/01/1996 @102 2,673,756
2,500,000 Florida State Pollution Control
Series T, 7.20%, 07/01/2007,
Prerefunded 07/01/1996 @102 2,610,925
2,000,000 Florida State Department of Natural
Resources, Save Our Coast, 7.35%,
07/01/2007,Prerefunded 07/01/1996 @102 2,090,920
1,000,000 Arizona State University Revenue,
7.50%, 07/01/2016,
Prerefunded 07/01/1996 @102 1,046,160
2,000,000 Arizona State Transportation Board,
Highway Revenue, 7.90%, 07/01/1998,
Prerefunded 07/01/1996 @102 2,098,120
1,200,000 Rhode Island Depositors Economic
Protection Corp. Series A, 7.25%, 08/01/2021,
Prerefunded 08/01/1996 @102 1,255,980
3,275,000 Gwinnett County Water & Sewer Authority,
Georgia, 8.75%, 08/01/2006, Prerefunded
08/01/1996 @102 3,467,799
*See Note 1, page 23 in Notes to Financial Statements.
22 Sanford C. Bernstein Fund, Inc.--1995 Annual Report
<PAGE>
- - ------------------------------------------------------------------------------
Principal Amount Description Market Value
- - ------------------------------------------------------------------------------
1,380,000 Texas Municipal Power Agency Revenue,
7.60%, 09/01/1997, Prerefunded
09/01/1996 @102 $1,452,340
1,000,000 Washington State GO Series 86-D,
8.00%, 09/01/2005,
Prerefunded 09/01/1996 @100 1,036,360
1,500,000 Seattle, Washington Municipal Light
& Power Revenue, 5.875%, 10/01/2009,
Prerefunded 10/01/1996 @100 1,527,795
1,500,000 Massachusetts State GO Series A,
7.125%, 10/01/2005,
Prerefunded 10/01/1996 @102 1,574,715
1,000,000 University of Kentucky Series J,
6.00%, 05/01/2000,
Prerefunded 05/01/1997 @102 1,046,630
1,825,000 Du Page County, Illinois Water Revenue,
6.80%, 05/01/2007, Prerefunded
05/01/1997 @102 1,932,127
1,095,000 Montgomery County, Maryland
Series A, 6.60%, 07/01/1998,
Prerefunded 07/01/1997 @102 1,160,875
1,000,000 New York State Medical Care Facilities,
8.00%, 02/15/2025, Prerefunded
08/15/1997 @102 1,088,140
500,000 Jacksonville, Florida Excise Tax
Revenue, 7.75%, 10/01/2007, Prerefunded
10/01/1997 @102 543,780
1,675,000 Harris County, Texas Health Facilities,
9.00%, 10/01/2017, Prerefunded
10/01/1997 @102 1,856,888
1,095,000 Passaic Valley Sewer Commission,
New Jersey Series C, 7.10%, 12/01/2020,
Prerefunded 12/01/1997 @102 1,180,990
2,800,000 Harris County, Texas GO,
8.125%, 08/15/2017, Prerefunded
02/15/1998 @103 (Note A, p. 25) 3,115,364
1,000,000 Metropolitan Atlanta Rapid Transit Authority,
Georgia Sales Tax Revenue Series J, 7.60%,
07/01/2003, Prerefunded 07/01/1998 @102 1,103,560
1,200,000 Minnesota State, 7.00%, 08/01/2002,
Prerefunded 08/01/1998 @100 1,286,868
-----------
Total Prerefunded/Escrowed (Cost $37,312,184) 37,736,178
-----------
- - -------------------------------------------------------------------------------
INSURED (Note B, p. 25) 23.26%
- - -------------------------------------------------------------------------------
1,000,000 Nebraska Finance Authority, Hospital
Revenue, Nebraska Methodist Health
System, MBIA, 6.25%, 03/01/1996 1,009,230
1,000,000 California State Revenue Anticipation
Warrants Series C, FGIC, 5.75%,
04/25/1996 1,010,530
1,000,000 District of Columbia GO Series
B, FSA, 6.75%, 06/01/1996 1,017,620
1,000,000 Massachusetts GO Series A, FGIC,
7.25%, 06/01/1996 $1,023,590
1,500,000 North Slope Boro, Alaska GO
Series B, CGIC, 5.20%, 06/30/1996 1,513,755
1,015,000 Connecticut State Airport Revenue,
Bradley International Airport,
FGIC, 7.15%, 10/01/1996 1,046,972
1,000,000 Maine Municipal Bond Bank Series
F, MBIA, 5.80%, 11/01/1996 1,021,260
1,300,000 Utah State Board of Regents, Student
Loan Revenue Series A, AMBAC,
7.125%, 11/01/1996 1,337,323
1,000,000 Massachusetts Housing Finance
Agency Series A, AMBAC, 4.90%,
01/01/1997 1,005,070
1,145,000 University of Kentucky, MBIA,
6.30%, 05/01/1997 1,186,357
2,130,000 Ohio State Higher Educational Facilities,
Community Revenue Series A, AMBAC,
6.40%, 05/01/1997 2,209,172
500,000 Convention Center Authority of
Rhode Island Series A, MBIA,
8.90%, 05/15/1997 536,825
1,545,000 Massachusetts GO Series A, FGIC,
7.875%, 06/01/1997 1,643,077
1,200,000 Florida State Division of Bond
Finance Department of General Services
Revenue, Environmental Preservation,
AMBAC, 5.00%, 07/01/1997 1,218,300
1,000,000 Alaska Student Loan Corp., AMBAC,
7.00%, 07/01/1997 1,041,500
1,000,000 Illinois State, FGIC, 5.25%,
07/01/1998 1,030,770
1,600,000 Worcester, Massachusetts Municipal
Purpose Series C, MBIA, 6.50%, 10/01/1998 1,706,608
1,000,000 New Orleans, Louisiana Water Revenue,
MBIA, 7.00%, 12/01/1998 1,051,010
1,000,000 Philadelphia, Pennsylvania Airport
Revenue, Philadelphia Airport Systems
Series A, AMBAC, 5.75%, 06/15/2010 1,004,120
1,000,000 Lowell, Massachusetts GO, AMBAC,
5.50%, 08/01/2011 (Note C, p. 25) 959,150
-----------
Total Insured (Cost $23,328,544) 23,572,239
-----------
- - -------------------------------------------------------------------------------
TAX SUPPORTED: 26.10%
- - -------------------------------------------------------------------------------
State General Obligations: 9.26%
1,100,000 Georgia State Series B, 5.80%,
03/01/1996 1,109,658
1,000,000 Wisconsin State Series G, 6.10%,
05/01/1996 1,013,340
1,000,000 Maryland State, 6.70%, 07/15/1996 1,022,800
950,000 Georgia State, 6.70%, 09/01/1996 974,957
2,000,000 Pennsylvania, 5.50%, 11/15/1996 2,034,640
900,000 Wisconsin State Series E, 6.80%, 05/01/1997 937,359
850,000 Georgia State, 6.75%, 09/01/1997 888,488
300,000 Maryland State, 6.55%, 10/15/1997 315,789
Schedule of Investments--Municipal Bond Portfolios 23
<PAGE>
- - -------------------------------------------------------------------------------
Principal Amount Description Market Value
- - -------------------------------------------------------------------------------
1,000,000 Georgia State Series C, 7.25%,
07/01/1998 $1,082,430
-----------
Total State General Obligations (Cost $9,278,400) 9,379,461
-----------
Local General Obligations: 7.56%
500,000 Allegheny County, Pennsylvania
Series C-33, 7.10%, 02/15/1996 506,120
1,000,000 District of Columbia Series D,
6.60%, 06/01/1996 1,009,560
950,000 Houston Independent School District,
Texas, 6.90%, 08/15/1996 974,216
1,500,000 Harris County Flood Control District,
Texas Series A, 5.50%, 10/01/1996 1,522,980
2,090,000 Travis County, Texas, 7.00%,
03/01/1997 2,174,917
1,400,000 Maricopa County, Arizona Series
A, 6.80%, 07/01/1997 1,468,572
-----------
Total Local General Obligations (Cost $7,551,385) 7,656,365
-----------
Tax Lease: 5.24%
1,000,000 New York State Thruway Authority
Service Contract, 5.00%, 04/01/1996 1,005,250
600,000 California State Revenue Anticipation
Warrants Series C, 5.75%, 04/25/1996 606,150
1,000,000 New York State Research & Development
Authority, Western New York Nuclear SVC
Center Series P, 5.20%, 04/01/1997 1,008,120
500,000 Denver City & County School District
No. 1, Colorado Series B, Collateralized
Certificates, 6.00%, 12/01/1997 520,975
1,150,000 Los Angeles County, California Pension
Obligation Certificates Series A,
6.875%, 06/30/2006 1,184,776
1,000,000 New York State Dormitory Authority,
City University, 5.75%, 07/01/2007 986,480
-----------
Total Tax Lease (Cost $5,295,580) 5,311,751
-----------
Special Tax: 3.55%
500,000 Detroit, Michigan Distributable
State Aid, 5.375%, 05/01/1996 502,430
1,010,000 Metropolitan Fair & Exposition Authority,
Illinois, 7.30%, 06/01/1996 1,033,684
850,000 Arizona State Transportation Board,
Excise Tax Revenue, Maricopa County
Regional Area, 7.30%, 07/01/1997 894,166
1,000,000 Connecticut State Special Tax
Obligation Series B, 7.125%, 06/01/2010 1,166,390
-----------
Total Special Tax (Cost $3,567,441) 3,596,670
-----------
Miscellaneous Tax: 0.49%
500,000 Puerto Rico Municipal Finance Agency
Series A, 4.60%, 07/01/1996 501,630
-----------
Total Miscellaneous Tax (Cost $498,317) 501,630
-----------
Total Tax Supported (Cost $26,191,123) 26,445,877
-----------
- - -------------------------------------------------------------------------------
REVENUE: 9.71%
- - -------------------------------------------------------------------------------
Electric Revenue: 1.58%
1,000,000 Snohomish County Public Utility District
No. 1, Washington Electric Revenue
Series B, 5.90%, 01/01/1996 $1,004,810
575,000 North Carolina Eastern Municipal Power
Agency, Power System Revenue
Series A, 7.30%, 01/01/1998 595,200
-----------
Total Electric Revenue (Cost $1,598,495) 1,600,010
-----------
Higher Education Revenue: 1.12%
1,120,000 New Jersey State Educational Facilities
Authority, Princeton University
Series C, 4.50%, 07/01/1998 1,134,336
-----------
Total Higher Education Revenue (Cost $1,132,941) 1,134,336
-----------
Water/Sewer Revenue: 4.55%
2,275,000 Dallas, Texas Waterworks & Sewer
System, 6.75%, 04/01/1996 2,307,032
1,000,000 Dallas, Texas Waterworks & Sewer
System Series A, 5.90%, 10/01/1996 1,018,280
1,240,000 San Antonio, Texas Water Revenue,
5.60%, 05/15/1998 1,285,595
-----------
Total Water/Sewer Revenue (Cost $4,554,471) 4,610,907
-----------
Miscellaneous Revenue: 1.00%
1,000,000 West Virginia School Building Authority
Revenue, MBIA-Issued Debt Service Reserve
Fund Surety Bond, 6.25%, 07/01/1996 1,015,470
-----------
Total Miscellaneous Revenue (Cost $1,008,665) 1,015,470
-----------
Industrial Development/Pollution Control Revenue: 1.46%
1,475,000 Delaware County Industrial Development
Authority, Pennsylvania Resource Recovery Project
Series G, 4.25%, 12/01/2013 1,472,773
-----------
Total Industrial Development/Pollution
Control Revenue (Cost $1,435,775) 1,472,773
-----------
Total Revenue (Cost $9,730,347) 9,833,496
-----------
- - -------------------------------------------------------------------------------
ASSET-BACKED SECURITY: 0.98%
- - -------------------------------------------------------------------------------
1,000,000 Maryland State Community Development
Administration Home Mortgage Revenue Series
A, Mandatory Put 11/01/1997 @100, 4.50%, 11/01/2007 990,030
-----------
Total Asset-Backed Security (Cost $991,532) 990,030
-----------
24 Sanford C. Bernstein Fund, Inc.--1995 Annual Report
<PAGE>
- - -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- - -------------------------------------------------------------------------------
Total Investments (Cost $99,056,409) 98.77% $100,080,640
(Note D, below)
Cash and Other Assets, Less Liabilities 1.23 1,244,712
------ -------------
Net Assets (Equivalent to $12.63
per share based on 8,020,666
shares of capital stock outstanding) 100.00% $101,325,352
====== =============
- - -------------------------------------------------------------------------------
(A) $1,200,000 principal amount segregated as collateral for when-issued
securities
(B) Explanation of insured-bond abbreviations:
AMBAC--AMBAC Indemnity Corporation
CGIC-Capital Guaranty Insurance Company
FGIC--Financial Guaranty Insurance Company
FSA--Financial Security Assurance, Inc.
MBIA--Municipal Bond Investors Assurance Corporation
Other:
GO--General Obligation
(C) When-issued security
(D) At September 30, 1995, the cost basis of investment securities
owned was substantially identical for both book and tax.
(E) Allocation of Portfolio assets at September 30,1995:
Alaska 2.52%
Arizona 5.43
California 5.40
Colorado 0.51
Connecticut 2.18
District of Columbia 2.00
Florida 7.91
Georgia 8.51
Illinois 3.94
Kentucky 2.20
Louisiana 1.04
Maine 1.01
Maryland 3.44
Massachusetts 7.81
Michigan 0.50
Minnesota 1.27
Nebraska 1.00
New Jersey 2.29
New York 5.52
North Carolina 0.59
Ohio 2.18
Pennsylvania 4.95
Rhode Island 1.77
Texas 16.53
Utah 1.32
Washington 3.52
West Virginia 1.00
Wisconsin 1.93
Puerto Rico 0.50
Cash and Other Assets,
Less Liabilities 1.23
------
Total 100.00%
======
See Notes to Financial Statements.
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
California Municipal Portfolio
September 30, 1995
Principal Amount Description Market Value*
- - ------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 1.28%
- - ------------------------------------------------------------------------------
Commercial Paper (Note A, p. 27): 0.34%
215,000 Cigna Corp., 10/02/1995 $ 214,962
-----------
Total Commercial Paper (Cost $214,962) 214,962
-----------
Tax-Exempt Variable-Rate Demand Note: 0.94%
600,000 California Educational Facilities Authority, 600,000
Stanford University,
Weekly Floater, 4.00%, 10/01/2015
-----------
Total Tax-Exempt Variable-Rate Demand Note (Cost $600,000) 600,000
-----------
Total Short-Term Investments (Cost $814,962) 814,962
-----------
- - -------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 65.15%
- - -------------------------------------------------------------------------------
1,000,000 South Poway Community Facilities 1,053,790
District No. 1, California Special
Tax Series A, 9.75%, 03/02/2011,
Prerefunded 03/02/1996 @103
1,000,000 San Jose, California Certificates 1,017,430
of Participation, 6.80%, 05/01/1996,
Escrowed to Maturity
1,500,000 Santa Clara Valley Water District, 1,519,725
California Revenue, 5.75%, 06/01/2004,
Prerefunded 06/01/1996 @100
850,000 Santa Clara Valley Water District, 866,923
California Revenue,
6.80%, 06/01/1996,
Escrowed to Maturity
3,050,000 Los Angeles County, California Certificates 3,212,809
of Participation, Van Nuys Courthouse Project,
9.00%, 06/01/2015, Prerefunded 06/01/1996 @102
475,000 Southern California Public Power Authority 495,140
Series A, 6.875%, 07/01/2015,
Prerefunded 07/01/1996 @102
2,100,000 Southern California Public Power 2,192,841
Authority Series B, 7.125%, 07/01/2015,
Prerefunded 07/01/1996 @102
1,000,000 Southern California Public Power 1,058,980
Authority, Transmission Project Revenue,
7.875%, 07/01/2018, Prerefunded
07/01/1996 @103
*See Note 1, page 23 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portifolios 25
<PAGE>
Principal Amount Description Market Value
- - ------------------------------------------------------------------------------
1,625,000 Southern California Public Power $ 1,724,044
Authority, Palo Verde Project Series A,
8.125%, 07/01/2015, Prerefunded
07/01/1996 @103
1,000,000 Pittsburg Redevelopment Agency, 1,051,930
California, Los Medanos Community
Development Project, 7.75%, 08/01/2015,
Prerefunded 08/01/1996 @102
1,320,000 Fresno, California Certificates 1,389,881
of Participation, 7.875%, 08/01/2019,
Prerefunded 08/01/1996 @102
1,000,000 Oceanside Community Development Commission, 1,053,690
California, Civic Center Project, 8.00%,
08/01/2019, Prerefunded 08/01/1996 @102
1,095,000 Saddleback Community College District, 1,157,305
California Certificates of Participation,
8.40%, 08/01/2011, Prerefunded 08/01/1996 @102
2,050,000 University of California Revenue, 2,144,198
University of California-San Diego Medical
Center Satellite Medical Facility, 7.90%,
12/01/1996, Escrowed to Maturity
1,500,000 California Educational Facilities 1,603,965
Authority, Pomona College, 8.125%, 01/01/2017,
Prerefunded 01/01/1997 @102
2,900,000 Sacramento Municipal Utility District, 3,074,493
California, Electric Revenue Series R, 7.125%,
02/01/2013, Prerefunded 02/01/1997 @102
1,000,000 San Diego County Water Authority, 1,043,040
California Certificates of Participation
Series A, 6.85%, 05/01/1997, Escrowed to Maturity
500,000 San Jose Public Facilities Financing 538,850
Corp., California Certificates of
Participation, 7.90%, 05/01/2010,
Prerefunded 05/01/1997 @102
3,750,000 Los Angeles Unified School District, 4,063,800
California Certificates of Participation,
8.125%, 06/01/2008, Prerefunded 06/01/1997 @102
1,400,000 Santa Rosa, California Wastewater 1,514,772
Revenue, 7.80%, 07/02/2015, Prerefunded
07/02/1997 @102
2,590,000 Sacramento Public Facilities Financing
Corp., California Certificates of Participation,
8.00%, 08/01/2005, Prerefunded 08/01/1997 @102.50 2,829,135
750,000 Northern California Power Agency,
Public Power Series B,
8.00%, 07/01/2024,
Prerefunded 07/01/1998 @100 823,410
1,000,000 Los Angeles, California Wastewater 1,087,680
System Revenue, 6.80%, 08/01/2019,
Prerefunded 08/01/1998 @102
1,000,000 Sacramento Municipal Utility District,
California Series V, 7.75%, 08/15/2003,
Prerefunded 08/15/1998 @102 1,113,970
1,000,000 Contra Costa County Water District,
California Revenue Series B,
7.625%, 10/01/2018, Prerefunded 10/01/1998 @102 1,113,000
2,375,000 California Health Facilities Financing 2,643,375
Authority, 7.625%, 10/01/2015, Prerefunded
10/01/1998 @102
-----------
Total Prerefunded/Escrowed (Cost $40,977,316) 41,388,176
-----------
- - -------------------------------------------------------------------------------
INSURED (Note B, p. 27): 12.69%
- - -------------------------------------------------------------------------------
1,000,000 San Francisco City & County Airport 1,006,500
Commission, California Airport Revenue
2nd Series Issue, CGIC, 5.00%, 05/01/1996
1,000,000 Contra Costa County Public Facilities, 1,020,600
California Certificates of Participation,
BIGI, 7.00%, 06/01/1996
1,000,000 East Bay Municipal Utility District, 1,020,930
California Wastewater Treatment System
Revenue, AMBAC, 7.00%, 06/01/1996
500,000 San Francisco City & County Redevelopment 507,065
Agency, California Hotel Tax Revenue, CGIC,
5.75%, 07/01/1996
1,000,000 Los Angeles Unified School District, 1,012,960
California Certificates of Participation
Series A, AMBAC, 5.00%, 12/01/1996
1,080,000 Contra Costa Transportation Authority, 1,094,753
California Sales Tax Revenue Series A,
FGIC, 5.00%, 03/01/1997
1,325,000 Rancho Water District Financing Authority, 1,414,358
California Revenue, FGIC, 6.50%, 11/01/1998
500,000 Northern California Power Agency, 517,210
Public Power Revenue, Geothermal Project
Series A, AMBAC, 5.80%, 07/01/2009
500,000 University of California Revenue, 468,540
Multiple Purpose Projects Series C, AMBAC,
5.25%, 09/01/2012
-----------
Total Insured (Cost $7,972,103) 8,062,916
-----------
26 Sanford C. Bernstein Fund, Inc.--1995 Annual Report
<PAGE>
Principal Amount Description Market Value
- - ------------------------------------------------------------------------------
TAX SUPPORTED: 15.59%
- - -------------------------------------------------------------------------------
Tax Lease: 11.63%
900,000 New York State Certificates of Participation,
5.375%, 03/01/1996 $ 905,040
805,000 Los Angeles County, California Certificates 810,909
of Participation, 6.40%, 03/01/1996
1,030,000 San Diego Stadium Lease Revenue Authority, 1,033,862
California Series A, 4.40%, 07/15/1996
1,000,000 California State Public Works Board, 1,043,380
Lease Revenue Series A,
6.50%, 09/01/1997
800,000 Puerto Rico Housing Finance Agency, 797,592
4.375%, 12/01/1997
1,700,000 California State Public Works Board 1,770,703
Lease Revenue, California Community Colleges
Series A, 5.90%, 09/01/1998
1,000,000 Los Angeles County, California Pension
Obligation Certificates Series A,
Callable 06/30/1996 @102, 6.875%, 06/30/2007 1,029,510
-----------
Total Tax Lease (Cost $7,320,700) 7,390,996
-----------
Special Tax: 0.79%
500,000 Pleasanton Joint Powers Financing Authority, 499,140
California Revenue Reassessment Series A,
4.60%, 09/02/1996
-----------
Total Special Tax (Cost $489,457) 499,140
-----------
Miscellaneous Tax: 3.17%
1,000,000 Puerto Rico Municipal Finance Agency 1,003,260
Series A, 4.60%, 07/01/1996
1,000,000 Puerto Rico Municipal Finance Agency 1,007,570
Series A, 4.80%, 07/01/1997
-----------
Total Miscellaneous Tax (Cost $1,988,348) 2,010,830
-----------
Total Tax Supported (Cost $9,798,505) 9,900,966
-----------
- - -------------------------------------------------------------------------------
REVENUE: 3.81%
- - -------------------------------------------------------------------------------
Health Care Revenue: 1.58%
1,000,000 California Community Development 1,002,100
Authority, Certificates of Participation,
St. Joseph's Health Systems Group,
4.55%, 07/01/1996
-----------
Total Health Care Revenue (Cost $1,000,000) 1,002,100
-----------
Water/Sewer Revenue: 1.25%
730,000 California State Department of Water 791,729
Resources Series F, 7.25%, 12/01/2002
-----------
Total Water/Sewer Revenue (Cost $789,329) 791,729
-----------
Miscellaneous Revenue: 0.98%
615,000 Sacramento Regional Transportation 626,131
District, California Series A,
5.50%, 03/01/1997
-----------
Total Miscellaneous Revenue (Cost $620,901) 626,131
-----------
Total Revenue (Cost $2,410,230) 2,419,960
-----------
- - -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- - -------------------------------------------------------------------------------
Total Investments (Cost $61,973,116) 98.52% $62,586,980
(Note C, below)
Cash and Other Assets, Less Liabilities 1.48 942,742
------- ----------
Net Assets (Equivalent to $12.65
per share based on 5,022,977
shares of capital stock outstanding) 100.00% $63,529,722
======= ===========
- - -------------------------------------------------------------------------------
(A) Commercial paper owned at September 30, 1995, was purchased
at a rate of 6.35%.
(B) Explanation of insured-bond abbreviations:
AMBAC--AMBAC Indemnity Corporation
BIGI--Bond Insurance Group, Inc.
CGIC--Capital Guaranty Insurance Company
FGIC--Financial Guaranty Insurance Company
(C) At September 30, 1995, the cost basis of investment securities
owned was substantially identical for both book and tax.
See Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 27
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
New York Municipal Portfolio
September 30, 1995
- - ------------------------------------------------------------------------------
Principal Amount Description Market Value*
- - ------------------------------------------------------------------------------
COMMERCIAL PAPER (Note A, p. 29): 0.52%
- - ------------------------------------------------------------------------------
286,000 Cigna Corp., 10/02/1995 $ 285,950
----------
Total Commercial Paper (Cost $285,950) 285,950
----------
- - ------------------------------------------------------------------------------
U.S. TREASURY BOND: 0.58%
- - ------------------------------------------------------------------------------
300,000 7.25%, 05/15/2016 321,187
----------
Total U.S. Treasury Bond (Cost $314,528) 321,187
----------
- - ------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 57.12%
- - ------------------------------------------------------------------------------
1,000,000 New York State Dormitory Authority,
State University Series B,
6.50%, 05/01/1996,
Escrowed to Maturity 1,015,460
2,115,000 New York City Municipal Water Finance
Authority Series A,
7.00%, 06/15/2014,
Prerefunded 06/15/1996 @102 2,202,921
800,000 United Nations Development Corp.,
New York, 7.875%, 07/01/2026,
Prerefunded 07/01/1996 @102 839,408
1,000,000 MAC New York Series 56,
7.90%, 07/01/1998,
Prerefunded 07/01/1996 @102 1,049,440
1,000,000 MTA, New York Transit Facilities
Series F, 8.375%, 07/01/2016,
Prerefunded 07/01/1996 @102 1,052,650
3,000,000 MTA, New York Transit Facilities
Series F, AMBAC, 8.375%, 07/01/2016,
Prerefunded 07/01/1996 @102 3,157,950
2,800,000 Triborough Bridge & Tunnel Authority,
New York Toll Revenue Series K,
8.25%, 01/01/2017,
Prerefunded 01/01/1997 @102 2,996,476
1,050,000 New York State Dormitory Authority,
State University Series A,
6.50%, 05/01/1997, Escrowed to Maturity 1,088,819
1,000,000 New York City Municipal Water Finance
Authority Series A,
7.00%, 06/15/2018,
Prerefunded 06/15/1997 @101.50 1,061,840
1,150,000 New York City Municipal Water Finance
Authority Series A,
9.00%, 06/15/2017,
Prerefunded 06/15/1997 @102 1,263,218
1,050,000 MTA, New York Transit Facilities
Series 1, 8.50%, 07/01/2017,
Prerefunded 07/01/1997 @102 $1,146,726
1,000,000 Puerto Rico Electric Power Authority
Series K, 9.25%, 07/01/2006,
Prerefunded 07/01/1997 @102 1,105,490
1,000,000 New York State Medical Care Facilities
Finance Authority,
8.00%, 02/15/2025,
Prerefunded 08/15/1997 @102 1,088,140
550,000 New York City GO Series A,
8.50%, 11/01/2008,
Prerefunded 11/01/1997 @101.50 604,873
2,000,000 New York City GO Series A,
8.50%, 11/01/2010,
Prerefunded 11/01/1997 @101.50 2,199,540
470,000 New York State Urban Development Corp.,
Correctional Facilities Series D,
7.50%, 01/01/2012,
Prerefunded 01/01/1998 @102 511,901
1,920,000 New York State Medical Care Facilities
Finance Authority,
7.70%, 02/15/2018,
Prerefunded 02/15/1998 @102 2,106,662
1,000,000 New York State Medical Care Facilities
Finance Authority, Hospital &
Nursing Home Series B, FHA,
8.10%, 02/15/2022,
Prerefunded 02/15/1998 @102 1,105,420
4,000,000 New York State Medical Care Facilities
Finance Authority, Hospital &
Nursing Home Series A, FHA,
8.30%, 02/15/2022,
Prerefunded 02/15/1998 @102 4,439,480
1,400,000 New York City GO Series I,
6.90%, 08/15/1998,
Escrowed to Maturity 1,502,858
-----------
Total Prerefunded/Escrowed (Cost $31,153,535) 31,539,272
-----------
- - -------------------------------------------------------------------------------
INSURED (Note B, p. 29): 15.55%
- - -------------------------------------------------------------------------------
345,000 Niagara Falls, New York GO, MBIA,
5.50%, 03/01/1996 347,287
600,000 Rochester, New York GO Series A,
AMBAC, 5.30%, 08/15/1996 608,208
760,000 Ulster County, New York GO, AMBAC,
6.30%, 10/15/1996 779,243
750,000 Niagara Falls, New York GO, MBIA,
5.10%, 11/01/1996 759,915
1,220,000 Nassau County, New York GO
Series P, FGIC, 6.30%, 11/01/1996 1,253,208
1,360,000 Rockland County, New York GO
Series B, MBIA, 5.90%, 11/15/1996 1,391,239
*See Note 1, page 23 in Notes to Financial Statements.
28 Sanford C. Bernstein Fund, Inc.--1995 Annual Report
<PAGE>
- - ------------------------------------------------------------------------------
Principal Amount Description Market Value*
- - ------------------------------------------------------------------------------
1,000,000 Puerto Rico GO Series A, FGIC,
7.00%, 07/01/1997 $ 1,053,350
1,300,000 Nassau County, New York GO
Series P, FGIC, 6.30%, 11/01/1997 1,360,502
1,010,000 New York City Industrial Development
Agency, USTA National Tennis Center,
FSA, 5.30%, 11/15/1997 1,035,694
----------
Total Insured (Cost $8,470,057) 8,588,646
----------
- - ------------------------------------------------------------------------------
TAX SUPPORTED: 18.89%
- - ------------------------------------------------------------------------------
State General Obligation: 2.89%
1,550,000 New York State Series A,
5.50%, 03/15/1998 1,597,074
-----------
Total State General Obligation (Cost $1,569,476) 1,597,074
-----------
Local General Obligations: 3.39%
865,000 Brookhaven, New York, 5.70%,
11/15/1996 879,861
455,000 Onondaga County, New York,
5.40%, 04/01/1997 463,800
500,000 New York City, 7.20%, 10/01/1997 526,510
-----------
Total Local General Obligations (Cost $1,846,537) 1,870,171
-----------
Tax Lease: 6.23%
1,400,000 New York State Certificates of Participation,
5.375%, 03/01/1996 1,407,840
1,020,000 New York State Thruway Authority
Service Contract, 5.00%, 04/01/1996 1,025,355
300,000 New York State Energy Research & Development
Authority, Western New York Nuclear Service
Center Project, 5.20%, 04/01/1997 302,436
705,000 Puerto Rico Housing, Bank and Finance
Agency, 4.375%, 12/01/1997 702,878
-----------
Total Tax Lease (Cost $3,415,060) 3,438,509
-----------
Special Tax: 5.44%
865,000 New York State Thruway Authority,
Highway & Bridge Trust Fund Series B,
4.50%, 04/01/1996 867,033
1,315,000 New York State Local Government Assistance
Corp. Series A,
5.50%, 04/01/1997 1,343,654
750,000 MAC New York Series 59,
7.25%, 07/01/1997 791,197
-----------
Total Special Tax (Cost $2,967,599) 3,001,884
-----------
Miscellaneous Tax: 0.94%
520,000 Puerto Rico Municipal Finance Agency
Series A, 4.60%, 07/01/1996 521,695
-----------
Total Miscellaneous Tax (Cost $518,265) 521,695
-----------
Total Tax Supported (Cost $10,316,937) 10,429,333
-----------
- - ------------------------------------------------------------------------------
REVENUE: 5.60%
- - ------------------------------------------------------------------------------
Toll Revenue: 1.41%
750,000 Triborough Bridge & Tunnel Authority,
New York Toll Revenue Series L,
7.15%, 01/01/1997 $ 779,287
-----------
Total Toll Revenue (Cost $767,514) 779,287
-----------
Water/Sewer Revenue: 4.19%
2,250,000 New York State Environmental Facilities
Corp., Pollution Control Revenue Series E,
5.75%, 06/15/1997 2,315,700
-----------
Total Water/Sewer Revenue (Cost $2,276,298) 2,315,700
-----------
Total Revenue (Cost $3,043,812) 3,094,987
-----------
- - ------------------------------------------------------------------------------
INVESTMENT SUMMARY
- - ------------------------------------------------------------------------------
Total Investments (Cost $53,584,819) 98.26%
(Note C, below) $54,259,375
Cash and Other Assets, Less Liabilities 1.74 961,959
------- -----------
Net Assets (Equivalent to $12.60
per share based on 4,383,038
shares of capital stock outstanding) 100.00% $55,221,334
======= ===========
- - ------------------------------------------------------------------------------
(A) Commercial paper owned at September 30, 1995, was purchased
at a rate of 6.35%.
(B) Explanation of insured-bond abbreviations:
AMBAC--AMBAC Indemnity Corporation
FGIC--Financial Guaranty Insurance Company
FSA--Financial Security Assurance, Inc.
MBIA--Municipal Bond Investors Assurance Corporation
Other:
FHA--Federal Housing Administration
GO--General Obligation
(C) At September 30, 1995, the cost basis of investment securities
owned was substantially identical for both book and tax.
See Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 29
