<PAGE>
Sanford C. Bernstein Fund, Inc.
Fixed-Income and International-Equity Investments
ANNUAL REPORT
SEPTEMBER 30, 1996
[IMAGE OF CLOCK & GLOBE ON BACKGROUND]
"Diversification assures that you'll achieve neither the best nor the worst
return in any year, but that over time your portfolio will hold a more favorable
balance of risk and reward than any single-asset portfolio."
<PAGE>
This publication must be accompanied or preceded by prospectuses of the
Sanford C. Bernstein Fund, Inc., which should be read carefully before
investing.
<PAGE>
TABLE OF CONTENTS
Portfolio Returns . . . . . . . . . . . . . . . . . . . 2
To Our Shareholders . . . . . . . . . . . . . . . . . . 3
Statements of Assets and Liabilities . . . . . . . . . 12
Statements of Operations . . . . . . . . . . . . . . . 14
Statements of Changes in Net Assets . . . . . . . . . . 17
Financial Highlights . . . . . . . . . . . . . . . . . 20
Notes to Financial Statements . . . . . . . . . . . . . 26
Directors and Officers . . . . . . . . . inside back cover
PORTFOLIO OVERVIEWS
Foreign Stocks . . . . . . . . . . . . . . . . . . . . 8
Taxable Bonds . . . . . . . . . . . . . . . . . . . . . 9
Municipal Bonds . . . . . . . . . . . . . . . . . . . . 10
<PAGE>
Portfolio Returns[1]
SANFORD C. BERNSTEIN FUND, INC.
September 30, 1996
<TABLE>
<CAPTION>
STOCK PORTFOLIOS Past Six Past 12 Past Five Years Since Inception
Months Months (Annualized) (Annualized) Inception Date
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
International Value[2] 5.6% 15.8% -- 11.6% June 22, 1992
Emerging Markets Value[2] December 15, 1995
Before deduction of purchase and
redemption fees described below (3.6) -- -- 9.1[3]
After deduction of 2% purchase
and 2% redemption fees--both
paid into the portfolio, not
to Bernstein (7.4) -- -- 4.8[3]
<CAPTION>
TAXABLE-BOND PORTFOLIOS
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Intermediate Duration 2.6% 5.1% 7.6% 8.8% January 17, 1989
Short Duration Plus 2.8 5.5 5.8 7.1 December 12, 1988
Government Short Duration 2.2 4.8 5.3 6.7 January 3, 1989
<CAPTION>
MUNICIPAL-BOND PORTFOLIOS
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Diversified Municipal 2.0% 4.4% 6.0% 6.6% January 9, 1989
California Municipal 2.2 4.6 5.9 6.5 August 6, 1990
New York Municipal 2.1 4.3 6.0 6.7 January 9, 1989
Short Duration
Diversified Municipal 1.7 3.7 -- 4.6 October 3, 1994
Short Duration
California Municipal 1.7 3.5 -- 4.5 October 3, 1994
Short Duration
New York Municipal 1.6 3.5 -- 4.4 October 3, 1994
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
[1] Except where noted for Emerging Markets Value, results are after all fees
and expenses. Past performance is not predictive 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 and Emerging Markets Value returns throughout this
report include dividends net of withholding taxes.
[3] Cumulative, non-annualized return.
- -------------------------------------------------------------------------------
2 Sanford C. Bernstein Fund, Inc.
<PAGE>
To Our Shareholders:
Bernstein Fund portfolios posted moderate to strong gains for the year
ending September 30. The highest returns were in International Value, which was
up 15.8% for the year--well above the typical one-year return on stocks.
Emerging Markets Value gained 9.1%* in its nine and a half months of operation
during the period, although the final six months were disappointing. On the
fixed-income side, rising interest rates hurt bond prices and cut into returns,
but because of our short-term and intermediate durations, our bond portfolios
also made money.
These results may seem to count for less in a year when the U.S. stock
market chalked up an extraordinary 20.3% gain--and this off a starting point
that was already elevated. To put things in perspective, keep in mind that we at
Bernstein established the Fund to facilitate your diversification into markets
other than U.S. stocks. The reason was to mitigate the long-term risk of having
too many eggs in one basket. Also keep in mind that diversification works both
ways: It assures that you'll achieve neither the best nor the worst return in
any year. But the real advantage is that a well-diversified portfolio holds a
more favorable balance of risk and reward than any single-asset portfolio.
Will U.S. stocks continue to boom? We don't count on it. The bond and
foreign-equity investments made easily available through the Bernstein Fund
should prove a stabilizing influence on your overall portfolio.
- --------------------------------------------------------------------------------
"Will U.S. stocks continue to boom? We don't count on it, but the bond and
foreign-equity investments available through the Fund should prove a stabilizing
influence"
- --------------------------------------------------------------------------------
Many Decisions at Work
In foreign stocks, returns are the result of three phenomena, all of which
were positive during the reporting period. The most important factor is how the
markets themselves perform, and here results were generally strong. New hopes
- --------------------------------------------------------------------------------
* This excludes the 2% purchase fee that new shareholders pay into the Fund to
cover the trading costs incurred in investing new money into emerging
markets. A 2% fee is also levied on withdrawals from the portfolio to cover
the trading costs incurred in liquidating investments. These fees ensure that
shareholders pay their own transaction costs when entering and exiting the
Fund, and that long-term shareholders are not affected by these trades.
- --------------------------------------------------------------------------------
1996 Annual Report 3
<PAGE>
of economic recovery propelled European markets higher, with especially large
gains in Germany and France. Japanese stocks also did well, as the home economy
finally seemed to come unstalled. Results in the emerging markets were widely
dispersed, as usual: From January through September 1996--roughly from our
portfolio's inception through the end of the reporting period--returns ranged
from a 23% loss in Korea, the result of slowing economic growth, to a 35% gain
in Taiwan, thanks to lower interest rates and reduced tension with China. Also
typically, results for the emerging-markets group varied considerably from month
to month, in this case starting off extremely strong and then faltering.
- --------------------------------------------------------------------------------
"Market performance is just the foundation of what we earn abroad. Also critical
is how our particular security selections perform, and on this score our results
during the recent period were successful"
- --------------------------------------------------------------------------------
Stock Selection Successful
But market performance is just the foundation of what we earn abroad. Also
critical is how our particular security selections perform in relation to their
markets, and on this score our results during the recent period were also
successful. As you know, we focus on stocks priced unrealistically
low--companies facing difficulties that our research indicates will prove
temporary, so that the stocks' prices will rise more in recovery than the
markets. This did occur in most of International Value's pool of markets during
the past fiscal year and in a number of the emerging markets as well.
- --------------------------------------------------------------------------------
Note: Emerging markets represent a high-risk investment, exposed not only to
wide fluctuations, but also to other risks including political changes that
could affect stock-market performance or disrupt the ability to liquidate shares
in one or more of these markets, as well as to the risk of currency movements
versus the dollar--which are difficult or impossible to hedge in many emerging
markets. We recommend that only a small part of one's overall stock portfolio be
placed in these markets.
- --------------------------------------------------------------------------------
4 Sanford C. Bernstein Fund, Inc.
<PAGE>
Protection Against the Rising Dollar
Finally, foreign investments are influenced by currency movements. When a
foreign stock's home currency declines versus the dollar, that stock loses value
in dollar terms. Thus, when the dollar is expected to strengthen, as it did
during the past year, it's critical to lock in the dollar value of foreign
investments through currency hedging. For example, roughly 30% of International
Value was invested in Japan during the past year, reflecting the size of the
Japanese economy relative to other major foreign markets. As dollar-based
investors, we'd have relinquished almost all of this past year's gains in Japan
had our exposure to the declining yen not been hedged. Similarly, we retained
our gains in Germany because our exposure to the falling deutschemark was also
hedged (display below).
The three influences on foreign-stock returns--an example from the 12 months
ending September 30, 1996:
[BAR CHARTS]
[1.] The Market: [2.] Stock Selection: [3.] Currency Movements:
German Stocks ...and Berntsein's ...but the ...except that
recorded strong value-oriented deutschemark we had hedged
gains... stocks earned declined versus most of our
somewhat more... the dollar, deutschemark
reducing the gain exposure, and
in dollar terms... so we retained
our full gain
and a bit more**
18.0% 18.7%(e) 10.8% 18.8%
----- -------- ----- -----
Return on German Return on $ Return on $ Return
Stocks for Local Bernstein's Bernstein's German on Bernstein's
Investors* German Stocks Stocks Had the German Stocks
Deutschemark Not
Been Hedged
*Morgan Stanley Capital International (MSCI) Germany index (in local currency).
**Over the past year, there's been a modest gain in hedging the deutschemark;
short-term interest rates are higher in the U.S. than they are in Germany,
making it more profitable to hold dollars than deutschemarks.
(e) Estimate
Source: MSCI and Bernstein estimates
- --------------------------------------------------------------------------------
1996 Annual Report 5
<PAGE>
There's one stock portfolio in which we generally don't
practice currency hedging, and that's Emerging Markets Value. Currency hedging
is more expensive and difficult in emerging parts of the world; indeed,
sometimes it's impossible. As a result, Emerging Markets Value is generally
unhedged and thus subject to currency fluctuations.
- --------------------------------------------------------------------------------
"As in stocks, specific security selection is an important determinant of a bond
portfolio's performance. This past year, Intermediate Duration and Short
Duration Plus benefited from their positions overseas"
- --------------------------------------------------------------------------------
Protective Duration Strategy
As in our stock portfolios, our bond portfolios' performance depends first
and foremost on how the overall markets perform, and this is largely dependent
on whether interest rates rise or fall. During most of the reporting period,
interest rates rose, depressing bond prices and cutting into returns. Thanks to
our short-term and intermediate durations, our portfolios' price declines were
relatively modest--more than offset by interest income so that return remained
positive. In most cases, our portfolios matched or exceeded market returns. In
general, our portfolios have held up fairly well in bond-market downturns--a
trend we expect to continue. How much a bond suffers in a correction depends
largely on its duration, which is similar to maturity. Bonds with short and
intermediate durations seldom fall in price enough to offset all the interest
they earn over the course of a year. The same can't be said for longer-term
bonds: Their greater price fluctuations can more easily overwhelm their interest
payments, even though those payments are usually slightly higher than those of
intermediate bonds.
Currency-hedged German bonds were
yielding significantly more than we could
earn on equivalent-maturity U.S. investments
Bond Yields at Different Maturities
(September 30, 1996)
[GRAPH]
Years to German Bonds
Maturity U.S. Bonds (with currency hedged)
-------- ---------- ----------------------
1 5.99% 5.99%
2 6.28 6.56
3 6.48 7.14
4 6.62 7.64
5 6.72 8.05
Diff. = 1.3 pct. pts.
Source: Bloomberg L.P. and Bernstein estimates
The Importance of Bond Selection
Again as in stocks, specific security selection is an important determinant
of a bond portfolio's performance. This past year, Intermediate Duration and
Short Duration Plus benefited from their positions overseas. Our German holdings
appreciated as interest rates fell in that country. In addition, by hedging the
deutschemark we earned a higher yield than we could have earned on
equivalent-maturity U.S. investments (display to left), and our hedge also
permitted us to retain virtually all our gains in Germany despite declines in
the deutschemark. Our other foreign holding--short-term lira-denominated
bonds--
- --------------------------------------------------------------------------------
6 Sanford C. Bernstein Fund, Inc.
<PAGE>
also enhanced performance when the lira appreciated relative to the
dollar, as we anticipated.
Municipal Bonds Reverse Course
In municipal bonds, returns were dampened early in the fiscal year by
concerns that tax reform would eliminate the advantage of tax-exempt bonds. The
situation reversed shortly thereafter as talk of tax reform dissipated, and
demand for municipal bonds grew more rapidly than even increased issuance could
satisfy. The result was that municipals held their prices better than taxable
bonds in the rising-interest-rate environment.
As for municipal security selection, the dominant theme has remained high
quality. Except for certain bonds rated BBB--an emphasis in our Diversified and
New York portfolios--there's been little reward for assuming extra credit risk.
The supply of lower-quality municipal bonds has been limited and demand strong,
driving up the prices of lower-quality municipals and thereby pushing their
yields historically low in relation to AAA bonds. As a result, we've continued
to emphasize bonds with built-in credit protection such as insurance or Treasury
bonds in escrow. All our portfolios carry average credit ratings of AA+ or
higher.
As always, if you have questions or comments, I'd be happy to hear from you.
- -------------------------------------------------------------------------------
"The dominant theme in our municipal portfolios remains high quality. With few
exceptions, there's been little reward for assuming extra credit risk"
- --------------------------------------------------------------------------------
[PHOTOGRAPH OF /s/ Roger Hertog
ROGER HERTOG] Roger Hertog, President
September 30, 1996
1996 Annual Report 7
<PAGE>
Foreign-Stock Portfolios
- --------------------------------------------------------------------------------
Country Weightings*
(September 30, 1996)
[MAP OF WORLD]
International Value Emerging Markets Value
------------------- ----------------------
Japan 30% South Africa 11%
Germany 18 Malaysia 10
France 13 Thailand 9
Italy 9 Indonesia 9
Britain 7 Mexico 8
Spain 5 Philippines 8
Canada 4 South Korea 7
Netherlands 3% Argentina 7
Switzerland 3 Chile 5%
Austria 3 Brazil 5
Finland 2 Israel 5
Australia 1 China 5
Hong Kong 1 India 4
Sweden 1 Turkey 4
Taiwan 3
*Excluding cash
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Key Currency Hedges for International Value
(September 30, 1996)
0% Hedged: 50% Hedged: 100% Hedged:
Full Exposure Our Neutral Position No Exposure
[GRAPH]
Japanese Yen 80% Hedged
German Mark 51
French Franc 51
British Pound 12
Italian Lira 0
Overall Currency Hedge 46
- --------------------------------------------------------------------------------
International Value
[PERFORMANCE GRAPH]
Growth of $25,000[1]
EAFE
Inter- Foreign
national Stock
Value Index
(after (before
all costs) all costs)
---------- ----------
7/1/92 25000 25000
24179 23874
25280 24569
23979 23844
23419 23575
23499 24015
1/1/93 23754 24102
24184 24357
25128 25178
27419 26568
29208 28548
29854 28798
29128 28578
30537 29727
32261 31644
31280 30796
31986 31943
29954 29609
1/1/94 31953 31821
34245 34058
33820 33475
33942 32679
35041 34146
34733 33453
34142 32855
34883 33706
35351 34225
33957 32753
34140 33379
33059 32424
1/1/95 33177 32660
32358 31654
31758 31388
31758 31740
32769 33108
32746 32962
32488 32483
34252 34704
34360 34427
34575 34652
34315 33819
34423 34733
1/1/96 35854 36241
37333 37318
37267 37178
37928 37822
39453 39201
39518 38798
39960 39187
38436 37642
38591 37771
9/30/96 40048 39249
Portfolio Value Characteristics(2)
(September 30, 1996)
EAFE
International Foreign Stock-
Value Market Index
Price/Book Value 1.4x 2.1x
Price/Earnings 20.7x 26.5x
Dividend Yield 3.1x 2.2%
Emerging Markets Value
Growth of $25,000[1]
EMERGING MARKETS VALUE
after deduction of 2%
purchase and 2% redemption
charges--both paid into MSCI Emerging
the portfolio, not to Markets Free
Bernstein. See footnote 3 Index (before
below. all costs.)
-------------------------- -------------
1/1/96 25000 25000
26784 26778
26760 26352
27071 26557
28422 27619
28266 27495
27932 27667
26186 25776
26174 26436
9/30/96 25568 26665
Portfolio Value Characteristics[2]
(September 30, 1996)
Emerging MSCI Emerging
Markets Markets Free
Value Index
--------- -------------
Price/Book Value 1.0x 1.5x
Price/Earnings 13.2x 16.3x
Dividend Yield 3.1% 2.0%
1 Past performance is not predictive of future results. For International
Value, the index is the Morgan Stanley Capital International (MSCI) 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. For Emerging Markets Value, the index is the MSCI Emerging
Markets Free index. Both indexes are theoretical measures of stock
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 Price/book, price/earnings and dividend yield are valuation measures: The
lower a portfolio's average price/earnings and price/book ratios and the
higher its dividend yield relative to an index, the cheaper its average
stock. The indexes in these tables are the same as those described in the
note above.
3 Reflects the growth of $25,000 in the portfolio after deduction of the 2%
purchase fee each investor must pay to the Fund upon making an investment in
the portfolio (reinvested dividends and capital gains are excluded) and the
2% redemption fee payable on closing out an investment in the portfolio.
Excluding these fees, an investment of $25,000 in this portfolio would have
grown to $26,623.
- -------------------------------------------------------------------------------
8 Sanford C. Bernstein Fund, Inc.
<PAGE>
Taxable-Bond Portfolios
Intermediate Duration
[PERFORMANCE GRAPH]
Growth of $25,000[1]
Lehman
Brothers Inter-
Aggregate mediate
Bond Index Duration
(before (after
all costs) all costs)
---------- ----------
2/1/89 25000 25000
24820 24865
24927 25000
25448 25432
26117 25948
26911 26694
27484 27103
27077 26868
27215 27003
27885 27602
28150 27776
1/1/90 28226 27846
27890 27522
27979 27602
27999 27649
27741 27427
28562 28083
29022 28447
29424 28769
29030 28480
29272 28597
29645 28879
30283 29443
1/1/91 30757 29892
31138 30044
31403 30478
31620 30782
31961 31132
32146 31361
32130 31371
32577 31798
33281 32494
33956 33042
34333 33469
34649 33818
1/1/92 35678 35005
35193 34509
35422 34754
35222 34594
35476 34848
36146 35499
36644 35991
37391 36844
37770 37051
38218 37443
37711 36919
37719 37071
1/1/93 38319 37692
39054 38306
39738 38962
39904 39109
40182 39343
40234 39503
40962 40374
41195 40778
41917 41611
42030 41673
42187 41895
41828 41396
1/1/94 42055 41589
42622 42150
41881 41399
40846 40633
40520 40296
40516 40251
40426 40172
41231 40833
41280 40805
40674 40199
40637 40152
40548 40034
1/1/95 40828 40276
41636 41077
42626 41895
42888 42115
43487 42631
45170 44120
45501 44477
45399 44303
45947 44811
46394 45353
46998 46074
47702 46722
1/1/96 48371 47458
48692 47630
47846 46700
47513 46435
47246 46241
47150 46218
47783 46715
47914 46889
47834 46899
9/30/96 48668 47645
Portfolio Profile[2]
(September 30, 1996)
[PIE CHART]
Treasury Securities 48%
Mortgages 33%
Foreign 14%
Corporates 4%
Asset-Backed Securities 1%
Average Credit Quality: AAA
Average Duration: 4.6 yrs.
Short Duration Plus
[PERFORMANCE GRAPH]
Growth of $25,000[1]
Merrill
Lynch
1-3 Year
Treasury
Index Short
(before all Duration Plus
costs) (after all costs)
----------- ------------------
1/1/89 25000 25000
25198 25200
25198 25247
25313 25372
25701 25674
26086 25969
26574 26366
26967 26663
26800 26653
26958 26826
27365 27153
27610 27348
1/1/90 27720 27453
27743 27517
27873 27637
27967 27770
28022 27812
28450 28152
28750 28399
29109 28676
29196 28799
29436 28939
29760 29153
30051 29391
1/1/91 30416 29723
30694 29845
30877 30225
31085 30514
31379 30847
31569 31109
31698 31246
31974 31533
32413 31918
32763 32198
33114 32575
33458 32930
1/1/92 33967 33404
33915 33364
34033 33526
34020 33521
34333 33881
34645 34236
34998 34608
35390 34968
35702 35102
36041 35287
35825 35147
35766 35255
1/1/93 36106 35509
36482 35792
36794 36056
36904 36189
37133 36321
37029 36434
37302 36773
37388 36946
37714 37200
37837 37225
37911 37368
37920 37275
1/1/94 38060 37435
38305 37690
38060 37522
37870 37320
37736 37293
37790 37333
37902 37408
38228 37682
38362 37755
38275 37650
38361 37740
38190 37547
1/1/95 38277 37640
38809 38104
39343 38581
39562 38736
39915 39076
40612 39615
40830 39835
41000 39970
41243 40202
41444 40422
41794 40784
42163 41076
1/1/96 42487 41441
42848 41668
42667 41521
42629 41508
42665 41593
42752 41676
43059 41913
43229 42113
43377 42298
9/30/96 43770 42660
Portfolio Profile[2]
(September 30, 1996)
[PIE CHART]
Treasury Securities 73%
Mortgages 16%
Foreign 8%
Corporates 2%
Asset-Backed
Securities 1%
Average Credit Quality: AAA
Average Duration: 1.7 yrs.
Government Short Duration
[PERFORMANCE GRAPH]
Growth of $25,000[1]
Merrill Lynch
1-3 year Government
Treasury Short
Index Duration
(before (after
all costs) all costs)
------------- -----------
2/1/89 $25000 $25000
25000 25037
25115 25129
25499 25460
25882 25740
26366 26140
26756 26441
26590 26361
26747 26520
27151 26880
27394 27044
1/1/90 27503 27176
27525 27196
27654 27327
27748 27434
27802 27496
28227 27854
28524 28097
28880 28393
28967 28515
29205 28718
29526 28997
29816 29267
1/1/91 30177 29615
30454 29844
30635 30055
30841 30219
31133 30472
31321 30636
31450 30723
31724 30984
32159 31393
32506 31724
32854 32079
33196 32424
1/1/92 33700 32938
33649 32804
33767 32839
33753 32737
34064 33115
34374 33472
34724 33845
35113 34198
35422 34285
35759 34441
35544 34362
35486 34439
1/1/93 35823 34707
36196 34953
36505 35181
36615 35253
36842 35350
36739 35422
37009 35715
37095 35869
37419 36165
37540 36200
37614 36319
37623 36212
1/1/94 37762 36304
38005 36510
37762 36334
37574 36234
37441 36125
37494 36150
37605 36234
37928 36530
38062 36624
37975 36508
38061 36590
37891 36428
1/1/95 37977 36456
38505 36932
39034 37399
39252 37583
39602 37914
40294 38495
40510 38766
40678 38855
40920 39066
41119 39262
41466 39568
41833 39866
1/1/96 42154 40142
42512 40350
42332 40231
42295 40246
42330 40224
42417 40271
42722 40527
42890 40681
43037 40820
9/30/96 43427 41133
Portfolio Profile[2]
(September 30, 1996)
[PIE CHART]
Treasury Securities 100%
Average Credit Quality: AAA
Average Duration: 1.6 yrs
1 Past performance is not predictive of future results. The indexes are the
Lehman Brothers Aggregate Bond index, which comprises Treasury, agency,
corporate, mortgage-backed and asset-backed securities of diverse maturities,
and the Merrill Lynch 1-3 Year Treasury index, which comprises 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 costs and, in the
case of a mutual fund, the costs of transfer agents and shareholder
servicing.
2 Portfolio allocations represent the exposure of the portfolios to 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.
1996 Annual Report 9
<PAGE>
Municipal-Bond Portfolios (Intermediate)
Diversified Municipal
[PERFORMANCE GRAPH]
GROWTH OF $25,000[1]
Diversified Lehman Brothers
Municipal Laddered G/O Index
(after (before
all costs) all costs)
----------- ------------------
2/1/89 25000 25000
24863 24768
24736 24631
25164 25035
25550 25458
25878 25759
26189 26112
26027 26020
25973 26028
26266 26260
26602 26583
1/1/90 26769 26798
26669 26814
26843 26996
26823 26937
26741 26864
27152 27321
27351 27534
27637 27842
27510 27742
27622 27806
28022 28195
28403 28604
1/1/91 28590 28713
28933 29126
29187 29386
29102 29347
29448 29691
29565 29842
29545 29836
29774 30114
30144 30469
30443 30822
30652 31051
30818 31172
1/1/92 31500 31820
31450 31906
31425 31922
31229 31836
31393 32100
31803 32389
32239 32829
33167 33666
32915 33407
33154 33648
32796 33530
33281 33926
1/1/93 33560 34163
33893 34515
34711 35371
34381 35031
34587 35259
34642 35382
35137 35811
35040 35836
35639 36316
36007 36574
36062 36632
35883 36530
1/1/94 36391 37034
36706 37386
36065 36716
35366 35942
35368 36283
35587 36483
35483 36406
35871 36799
36012 36965
35719 36714
35420 36504
35020 36252
1/1/95 35475 36553
36132 36977
36876 37528
37259 38057
37321 38155
38266 38985
38107 38998
38458 39515
38841 39922
38993 40064
39376 40280
39818 40637
1/1/96 40075 40841
40373 41274
40264 41179
39891 40950
39808 40904
39813 40854
40080 41147
40366 41433
40331 41500
9/30/96 40701 41815
Portfolio Profile
(September 30, 1996)
[PIE CHART]
AAA 61%
AA 19%
A 9%
BBB 9%
Not Rated 2%
Average Credit Quality: AA+
Average Duration: 5.1 yrs
California Municipal
[PERFORMANCE GRAPH]
Growth of $25,000[1]
Lehman
Brothers
Laddered
G/O California
Index Municipal
(before (after
all costs) all costs)
---------- ---------
$25000 $25000
25058 25155
25408 25459
25777 25844
1/1/91 25875 26072
26247 26340
26481 26649
26446 26566
26756 26814
26892 26937
26887 26889
27137 27112
27457 27378
27776 27686
27981 27891
28090 27989
1/1/92 28675 28558
28752 28610
28766 28600
28689 28370
28927 28578
29187 28916
29584 29279
30339 30091
30105 29901
30322 30111
30216 29803
30572 30239
1/1/93 30786 30500
31103 30820
31875 31647
31569 31314
31774 31469
31885 31577
32271 31950
32293 31855
32726 32374
32959 32702
33011 32727
32919 32544
1/1/94 33373 33015
33690 33326
33087 32694
32389 32066
32697 32043
32876 32213
32807 32168
33162 32562
33311 32664
33084 32381
32896 32096
32669 31737
1/1/95 32940 31975
33322 32592
33819 33414
34296 33727
34383 33804
35132 34674
35143 34446
35609 34807
35976 35120
36104 35330
36299 35701
36620 36150
1/1/96 36804 36362
37194 36708
37109 36580
36902 36160
36861 36109
36816 36084
37080 36350
37338 36603
37398 36626
9/30/96 37682 36954
Portfolio Profile
(September 30,1996)
[PIE CHART]
AAA 66%
AA 20%
A 12%
BBB 2%
Average Credit Quality: AAA-
Average Duration: 4.9 yrs.
New York Municipal
[PERFORMANCE GRAPH]
Growth of $25,000[1]
Lehman
Brothers New
Laddered York
G/O Index Municipal
(before all (after all
costs) costs)
------------ ------------
2/1/89 25000 25000
24768 24881
24631 24809
25035 25201
25458 25589
25759 26022
26112 26313
26020 26154
26028 26119
26260 26415
26583 26731
1/1/90 26798 26872
26814 26733
26996 26912
26937 26920
26864 26800
27321 27193
27534 27412
27842 27703
27742 27579
27806 27718
28195 28096
28604 28494
1/1/91 28713 28658
29126 28979
29386 29257
29347 29267
29691 29548
29842 29712
29836 29717
30114 29973
30469 30301
30822 30585
31051 30796
31172 30916
1/1/92 31820 31642
31906 31552
31922 31632
31836 31492
32100 31761
32389 32079
32829 32544
33666 33479
33407 33211
33648 33432
33530 33106
33926 33551
1/1/93 34163 33820
34515 34138
35371 35046
35031 34698
35259 34941
35382 35058
35811 35516
35836 35424
36316 35981
36574 36334
36632 36393
36530 36170
1/1/94 37034 36714
37386 37013
36716 36374
35942 35650
36283 35660
36483 35938
36406 35864
36799 36314
36965 36384
36714 36038
36504 35665
36252 35237
1/1/95 36553 35779
36977 36416
37528 37197
38057 37522
38155 37644
38985 38626
38998 38465
39515 38791
39922 39206
40064 39330
40280 39721
40637 40171
1/1/96 40841 40419
41274 40725
41179 40529
40950 40181
40904 40131
40854 40108
41147 40379
41433 40673
41500 40646
9/30/96 41815 41026
Portfolio Profile
(September 30, 1996)
[PIE CHART]
AAA 62%
AA 11%
A 10%
BBB 17%
Average Credit Quality: AA+
Average Duration: 5.0 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 comprises 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.
- --------------------------------------------------------------------------------
10 Sanford C. Bernstein Fund, Inc.
<PAGE>
Municipal-Bond Portfolios (Short-Term)
Short Duration Diversified Municipal
[PERFORMANCE GRAPH]
Growth of $25,000[1]
Short Lehman Brothers
Duration One-Year
Diversified Municipal
Municipal Index
(after (before
all costs) all costs)
----------- ---------------
11/1/94 $25000 $25000
25015 25038
1/1/95 25112 25102
25255 25231
25462 25402
25617 25570
25684 25663
25959 25904
26072 25992
26204 26182
26314 26321
26366 26394
26479 26502
26616 26628
1/1/96 26709 26728
26844 26881
26878 26946
26869 26964
26901 27028
26968 27096
27053 27228
27168 27343
27206 27396
9/30/96 27336 27520
Portfolio Profile
(September 30, 1996)
[PIE CHART]
AAA 55%
AA 34%
A 6%
BBB 5%
Average Credit Quality: AA+
Average Duration: 1.5 yrs.
Short Duration California Municipal
[PERFORMANCE CHART]
Growth of $25,000[1]
Short Lehman Brothers
Duration One-Year
California Municipal
Municipal Index
(after (before
all costs) all costs)
---------- ---------------
11/1/94 $25000 $25000
24978 25038
1/1/95 25055 25102
25202 25231
25451 25402
25566 25570
25668 25663
25915 25904
26000 25992
26185 26182
26267 26321
26332 26394
26442 26502
26554 26628
1/1/96 26631 26728
26786 26881
26813 26946
26793 26964
26841 27028
26885 27096
26990 27228
27105 27343
27145 27396
9/30/96 27255 27520
Portfolio Profile
(September 30, 1996)
[PIE CHART]
AAA 71%
AA 20%
A 8%
BBB 1%
Average Credit Quality: AAA-
Average Duration: 1.4 yrs.
Short Duration New York Municipal
[PERFORMANCE CHART]
Growth of $25,000[1]
Short Lehman Brothers
Duration One-Year
New York Municipal
Municipal Index
(after (before
all costs) all costs)
---------- ---------------
11/1/94 25000 25000
24970 25038
1/1/95 25062 25102
25212 25231
25450 25402
25582 25570
25659 25663
25882 25904
25984 25992
26124 26182
26221 26321
26284 26394
26374 26502
26496 26628
1/1/96 26583 26728
26736 26881
26803 26946
26783 26964
26806 27028
26871 27096
26956 27228
27075 27343
27073 27396
9/30/96 27213 27520
Portfolio Profile
(September 30, 1996)
[PIE CHART]
AAA 72%
AA 10%
A 10%
BBB 8%
Average Credit Quality: AAA-
Average Duration: 1.3 yrs.
1 Past performance is not predictive of future results. The index is the Lehman
Brothers One-Year Municipal index, which comprises 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.
1996 Annual Report 11
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Assets and Liabilities--September 30, 1996
<TABLE>
<CAPTION>
Bernstein Bernstein Bernstein Bernstein
International Emerging Intermediate Short
Value Markets Value Duration Duration Plus
Portfolio Portfolio Portfolio Portfolio
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities at
value (a) $ 3,066,867,859 $ 269,170,690 $ 1,587,584,276 $ 558,855,592
Foreign currency at value (b) 44,018,066 3,194,614 4,788,499 1,132,048
Cash in bank 339 239 37 85
Receivables:
Interest 1,782 574 24,938,970 8,758,855
Dividends 7,565,858 1,022,567 0 0
Investment securities sold 342,305 317,543 113,648,422 18,415,719
Capital shares sold 14,295,810 2,318,118 5,015,635 1,548,750
Foreign withholding tax reclaims 6,525,289 0 0 0
Unamortized organization expenses
(Note 1) 17,991 40,508 0 0
Collateral held for securities
loaned, at value (Note 1) 629,510,423 0 0 0
Other assets 47,452 39,617 22,967 8,570
Appreciation on foreign currency
contracts (Note 3c) 18,614,328 0 392,992 93,441
--------------- --------------- --------------- ---------------
Total assets 3,787,807,502 276,104,470 1,736,391,798 588,813,060
=============== =============== =============== ===============
LIABILITIES
Payables:
Dividends to shareholders 0 0 2,294,638 788,055
Investment securities purchased 19,499,844 1,173,058 280,711,752 48,440,601
Capital shares redeemed 2,193,897 43,585 661,803 1,003,542
Management fees (Note 2) 2,391,923 272,560 570,402 219,570
Shareholder servicing and
administration fees (Note 2) 618,886 54,512 117,649 43,914
Accrued expenses 955,521 472,259 244,224 66,396
Organization costs payable to
the manager 19,101 22,381 0 0
Foreign withholding taxes 1,107,850 141,983 0 0
Margin owed to broker on futures
contracts 0 0 15,194 3,242
Depreciation on foreign currency
contracts (Note 3c) 251,796 0 0 0
Securities lending collateral,
at value (Note 1) 629,510,423 0 0 0
--------------- --------------- --------------- ---------------
Total liabilities 656,549,241 2,180,338 284,615,662 50,565,320
=============== =============== =============== ===============
NET ASSETS (c) $ 3,131,258,261 $ 273,924,132 $ 1,451,776,136 $ 538,247,740
=============== =============== =============== ===============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $ 18.14 $ 21.82 $ 13.08 $ 12.48
=============== =============== =============== ===============
NET ASSETS CONSIST OF:
Capital stock, at par $ 172,645 $ 12,554 $ 111,007 $ 43,130
Additional paid-in capital 2,720,294,178 290,879,575 1,448,416,603 542,706,349
Undistributed net investment
income/(excess distributions) 145,202,508 1,009,720 6,044,673 959,835
Accumulated undistributed net
realized gain (loss) on
investments, futures and foreign
currencies 31,991,896 282,239 (6,658,854) (6,783,937)
Unrealized appreciation
(depreciation) of:
Investments and futures 214,262,358 (18,253,929) 3,482,474 1,234,936
Foreign currencies 19,334,676 (6,027) 380,233 87,427
--------------- --------------- --------------- ---------------
$ 3,131,258,261 $ 273,924,132 $ 1,451,776,136 $ 538,247,740
=============== =============== =============== ===============
<CAPTION>
Bernstein Bernstein Bernstein Bernstein
Government Diversified California New York
Short Duration Municipal Municipal Municipal
Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities at
value (a) $ 137,665,458 $ 806,160,008 $ 279,685,557 $ 529,929,555
Foreign currency at value (b) 0 0 0 0
Cash in bank 947 90,647 780 31,667
Receivables:
Interest 2,123,621 12,993,758 4,359,566 9,174,506
Dividends 0 0 0 0
Investment securities sold 0 310,000 1,096,500 0
Capital shares sold 352,906 8,607,290 1,347,942 1,835,800
Foreign withholding tax reclaims 0 0 0 0
Unamortized organization expenses
(Note 1) 0 0 0 0
Collateral held for securities
loaned, at value (Note 1) 0 0 0 0
Other assets 2,297 12,885 4,476 8,551
Appreciation on foreign currency
contracts (Note 3c) 0 0 0 0
--------------- --------------- --------------- ---------------
Total assets 140,145,229 828,174,588 286,494,821 540,980,079
=============== =============== =============== ===============
LIABILITIES
Payables:
Dividends to shareholders 204,809 1,025,665 340,015 705,182
Investment securities purchased 0 5,939,908 0 0
Capital shares redeemed 37,938 250,370 178,464 689,183
Management fees (Note 2) 56,675 329,365 115,480 217,965
Shareholder servicing and
administration fees (Note 2) 11,335 65,873 23,096 43,593
Accrued expenses 32,334 168,098 79,931 107,418
Organization costs payable to
the manager 0 0 0 0
Foreign withholding taxes 0 0 0 0
Margin owed to broker on futures
contracts 0 0 0 0
Depreciation on foreign currency
contracts (Note 3c) 0 0 0 0
Securities lending collateral,
at value (Note 1) 0 0 0 0
--------------- --------------- --------------- ---------------
Total liabilities 343,091 7,779,279 736,986 1,763,341
=============== =============== =============== ===============
NET ASSETS (c) $ 139,802,138 $ 820,395,309 $ 285,757,835 $ 539,216,738
=============== =============== =============== ===============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $ 12.48 $ 13.44 $ 13.58 $ 13.35
=============== =============== =============== ===============
NET ASSETS CONSIST OF:
Capital stock, at par $ 11,199 $ 61,062 $ 21,047 $ 40,397
Additional paid-in capital 141,560,695 807,522,386 281,657,369 531,377,090
Undistributed net investment
income/(excess distributions) 55,344 52,427 (31,860) 9,519
Accumulated undistributed net
realized gain (loss) on
investments, futures and foreign
currencies (1,985,552) (469,648) (707,234) (1,249,812)
Unrealized appreciation
(depreciation) of:
Investments and futures 160,452 13,229,082 4,818,513 9,039,544
Foreign currencies 0 0 0 0
--------------- --------------- --------------- ---------------
$ 139,802,138 $ 820,395,309 $ 285,757,835 $ 539,216,738
=============== =============== =============== ===============
<CAPTION>
Bernstein Bernstein Bernstein
Short Duration Short Duration Short Duration
Diversified California New York
Municipal Municipal Municipal
Portfolio Portfolio Portfolio
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments in securities at
value (a) $ 116,237,083 $ 71,953,257 $ 57,724,829
Foreign currency at value (b) 0 0 0
Cash in bank 83,813 600 68,396
Receivables:
Interest 1,966,137 1,175,154 941,735
Dividends 0 0 0
Investment securities sold 100,000 0 0
Capital shares sold 1,071,000 4,900 368,964
Foreign withholding tax reclaims 0 0 0
Unamortized organization expenses
(Note 1) 12,136 4,184 4,755
Collateral held for securities
loaned, at value (Note 1) 0 0 0
Other assets 10,385 5,154 7,807
Appreciation on foreign currency
contracts (Note 3c) 0 0 0
-------------- --------------- ---------------
Total assets 119,480,554 73,143,249 59,116,486
============== =============== ===============
LIABILITIES
Payables:
Dividends to shareholders 127,113 80,058 71,356
Investment securities purchased 0 0 0
Capital shares redeemed 142,996 66,251 233,812
Management fees (Note 2) 48,145 30,125 23,595
Shareholder servicing and
administration fees (Note 2) 9,629 6,025 4,719
Accrued expenses 43,297 30,483 27,129
Organization costs payable to
the manager 13,412 5,039 5,641
Foreign withholding taxes 0 0 0
Margin owed to broker on futures
contracts 0 0 0
Depreciation on foreign currency
contracts (Note 3c) 0 0 0
Securities lending collateral,
at value (Note 1) 0 0 0
-------------- --------------- ---------------
Total liabilities 384,592 217,981 366,252
============== =============== ===============
NET ASSETS (c) $ 119,095,962 $ 72,925,268 $ 58,750,234
============== =============== ===============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $ 12.52 $ 12.53 $ 12.52
============== =============== ===============
NET ASSETS CONSIST OF:
Capital stock, at par $ 9,516 $ 5,820 $ 4,694
Additional paid-in capital 118,654,601 72,698,055 58,372,474
Undistributed net investment
income/(excess distributions) (9,678) (20,838) 172
Accumulated undistributed net
realized gain (loss) on
investments, futures and foreign
currencies 110,415 72,292 194,098
Unrealized appreciation
(depreciation) of:
Investments and futures 331,108 169,939 178,796
Foreign currencies 0 0 0
-------------- --------------- ---------------
$ 119,095,962 $ 72,925,268 $ 58,750,234
============== =============== ===============
</TABLE>
(a) Cost: $2,853,062,801; $287,424,619; $1,585,132,952; $557,843,036;
$137,505,006; $792,930,926; $274,867,044; $520,890,011; $115,905,975;
$71,783,318; and $57,546,033, respectively (Note 1) (b) Cost: $43,193,240;
$3,199,959; $4,891,707; and $1,155,696, respectively (Note 1) (c) Applicable
to: 172,644,553; 12,554,385; 111,005,316; 43,129,203; 11,198,989; 61,061,135;
21,046,745; 40,396,394; 9,516,156; 5,819,554; and 4,693,828 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, are included as inserts to this Report.
- --------------------------------------------------------------------------------
12 Sanford C. Bernstein Fund, Inc.
See Notes to Financial Statements
- --------------------------------------------------------------------------------
1996 Annual Report 13
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Operations for the Year Ended September 30, 1996
<TABLE>
<CAPTION>
Bernstein Bernstein Bernstein Bernstein
International Emerging Intermediate Short
Value Markets Value Duration Duration Plus
Portfolio Portfolio(a) Portfolio Portfolio
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $ 2,048,040 $ 439,076 $ 86,788,110 $ 32,575,806
Dividends (net of foreign
withholding taxes
of $10,205,825 and $410,536) 66,892,931 3,360,405 0 0
---------------- ---------------- ----------------- ----------------
Total income 68,940,971 3,799,481 86,788,110 32,575,806
================ ================ ================= ================
Expenses (Notes 1 and 2):
Management fee 25,099,825 1,388,877 6,391,939 2,660,415
Shareholder servicing and
administration fee 6,416,590 320,376 1,309,320 532,083
Custodian and transfer agent fees 1,580,209 586,103 237,302 140,446
Auditing and tax consulting fees 115,327 10,488 56,794 23,010
Insurance 50,191 9,188 28,050 13,581
Directors' fees and expenses 56,775 2,759 28,540 11,463
Legal fees 9,911 422 8,724 3,489
Registration fees 346,647 148,559 154,628 35,014
Printing 31,383 7,904 12,581 6,615
Amortization of organization expense 25,031 7,686 0 0
Miscellaneous 50,743 9,337 73,765 27,045
---------------- ---------------- ----------------- ----------------
Total expenses 33,782,632 2,491,699 8,301,643 3,453,161
================ ================ ================= ================
Net investment income 35,158,339 1,307,782 78,486,467 29,122,645
================ ================ ================= ================
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Security transactions 37,383,683 282,239 6,656,249 1,590,216
Futures transactions 811,149 0 5,112,236 1,219,862
Foreign currency transactions 142,698,977 (298,151) 3,027,330 575,974
Net realized gain (loss) on
investments, futures and foreign
currencies 180,893,809 (15,912) 14,795,815 3,386,052
================ ================ ================= ================
Net increase (decrease) in
unrealized appreciation/
depreciation of:
Investments and futures 145,585,886 (18,253,929) (30,777,770) (3,996,149)
Foreign currencies 5,645,925 (6,027) 383,823 85,565
Net increase (decrease) in
unrealized appreciation/
depreciation on investments,
futures and foreign currencies 151,231,811 (18,259,956) (30,393,947) (3,910,584)
================ ================ ================= ================
Net realized and unrealized gain
(loss) on investments, futures
and foreign currencies 332,125,620 (18,275,868) (15,598,132) (524,532)
================ ================ ================= ================
Net increase (decrease) in net
assets resulting from operations $ 367,283,959 $ (16,968,086) $ 62,888,335 $ 28,598,113
================ ================ ================= ================
<CAPTION>
Bernstein Bernstein Bernstein Bernstein
Government Diversified California New York
Short Duration Municipal Municipal Municipal
Portfolio Portfolio Portfolio Portfolio
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $8,576,087 $ 39,239,526 $ 12,722,213 $ 26,813,416
Dividends (net of foreign
withholding taxes
of $10,205,825 and $410,536) 0 0 0 0
---------------- ---------------- ----------------- ----------------
Total income 8,576,087 39,239,526 12,722,213 26,813,416
================ ================ ================= ================
Expenses (Notes 1 and 2):
Management fee 726,395 3,719,975 1,231,045 2,485,735
Shareholder servicing and
administration fee 145,279 743,995 246,209 497,147
Custodian and transfer agent fees 88,762 246,493 135,907 180,266
Auditing and tax consulting fees 9,247 32,171 14,182 22,559
Insurance 3,619 16,229 5,323 11,369
Directors' fees and expenses 3,115 16,266 5,450 10,858
Legal fees 953 4,954 4,541 3,293
Registration fees 22,914 112,497 27,005 35,113
Printing 2,261 9,693 2,784 6,679
Amortization of organization expense 0 0 0 0
Miscellaneous 6,314 15,971 5,982 11,978
---------------- ---------------- ----------------- ----------------
Total expenses 1,008,859 4,918,244 1,678,428 3,264,997
================ ================ ================= ================
Net investment income 7,567,228 34,321,282 11,043,785 23,548,419
================ ================ ================= ================
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Security transactions 161,742 1,750,391 135,416 13,310
Futures transactions 0 0 0 0
Foreign currency transactions 0 0 0 0
Net realized gain (loss) on
investments, futures and foreign
currencies 161,742 1,750,391 135,416 13,310
================ ================ ================= ================
Net increase (decrease) in
unrealized appreciation/
depreciation of:
Investments and futures (1,057,875) (5,364,065) (408,331) (3,027,322)
Foreign currencies 0 0 0 0
Net increase (decrease) in
unrealized appreciation/
depreciation on investments,
futures and foreign currencies (1,057,875) (5,364,065) (408,331) (3,027,322)
================ ================ ================= ================
Net realized and unrealized gain
(loss) on investments, futures
and foreign currencies (896,133) (3,613,674) (272,915) (3,014,012)
================ ================ ================= ================
Net increase (decrease) in net
assets resulting from operations $ 6,671,095 $ 30,707,608 $ 10,770,870 $ 20,534,407
================ ================ ================= ================
</TABLE>
(a) Commenced operations December 15, 1995
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
14 Sanford C. Bernstein Fund, Inc.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1996 Annual Report 15
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Operations for the Year Ended September 30, 1996 (continued)
<TABLE>
<CAPTION>
Bernstein Bernstein Bernstein
Short Duration Short Duration Short Duration
Diversified California New York
Municipal Municipal Municipal
Portfolio Portfolio Portfolio
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $ 5,040,524 $ 3,188,181 $ 2,576,975
Dividends 0 0 0
Total income 5,040,524 3,188,181 2,576,975
Expenses (Notes 1 and 2):
Management fee 459,702 325,380 254,698
Shareholder servicing and
administration fee 105,134 68,044 54,074
Custodian and transfer agent fees 99,650 75,536 70,740
Auditing and tax consulting fee 7,758 6,173 5,703
Insurance 2,565 1,665 1,359
Directors' fees and expenses 2,306 1,576 1,174
Legal fees 941 452 455
Registration fees 61,936 9,423 7,644
Printing 680 374 405
Amortization of organization
expense 4,863 2,203 2,394
Miscellaneous 2,991 2,097 2,130
Total expenses 748,526 492,923 400,776
---------- ---------- ----------
Net investment income 4,291,998 2,695,258 2,176,199
========== ========== ==========
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Security transactions 110,414 80,991 201,709
Futures transactions 0 0 0
Foreign currency transactions 0 0 0
Net realized gain (loss) on
investments, futures and foreign
currencies 110,414 80,991 201,709
Net increase (decrease) in
unrealized appreciation/
depreciation of:
Investments and futures (693,123) (443,925) (495,760)
Foreign currencies 0 0 0
Net increase (decrease) in
unrealized appreciation/
depreciation on investments,
futures and foreign currencies (693,123) (443,925) (495,760)
Net realized and unrealized gain
(loss) on investments, futures
and foreign currencies (582,709) (362,934) (294,051)
---------- ---------- ----------
Net increase (decrease) in net
assets resulting from operations $ 3,709,289 2,332,324 1,882,148
========== ========== ==========
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
16 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN
BERNSTEIN EMERGING MARKETS INTERMEDIATE DURATION
INTERNATIONAL VALUE PORTFOLIO VALUE PORTFOLIO PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/96 9/30/95 9/30/96(a) 9/30/96 9/30/95
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 35,158,339 $ 18,555,534 $ 1,307,782 $ 78,486,467 $ 58,452,109
Net realized gain (loss) on
investments and
futures transactions 38,194,832 43,872,950 282,239 11,768,485 (2,237,213)
Net realized gain (loss) on
foreign currency transactions 142,698,977 (4,190,377) (298,151) 3,027,330 0
Increase (decrease) in
unrealized appreciation/
depreciation of:
Investments and futures 145,585,886 (20,251,531) (18,253,929) (30,777,770) 61,331,328
Foreign currencies 5,645,925 13,867,298 (6,027) 383,823 (3,590)
Net increase (decrease) in net
assets resulting from operations 367,283,959 51,853,874 (16,968,086) 62,888,335 117,542,634
--------------- --------------- ------------- -------------- --------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (13,729,281) (10,467,457) 0 (78,486,467) (57,090,782)
Distributions from net realized
gains (44,354,187) (54,094,780) 0 (7,269,310) 0
Distributions in excess of net
investment income due to timing
differences 0 0 0 (69,275) (2,020,410)
Distributions in excess of net
realized gains due to timing
differences 0 0 0 0 0
Total dividends and distributions
to shareholders (58,083,468) (64,562,237) 0 (85,825,052) (59,111,192)
--------------- --------------- ------------- -------------- --------------
Capital-share transactions:
Net proceeds from sales of shares 1,016,597,710 753,740,893 293,706,165 588,930,954 424,134,912
Net proceeds from sales of shares
issued to shareholders on
reinvestment of dividends from
net investment income and
distributions from net realized
gains 57,005,723 63,400,300 0 31,360,356 20,110,051
Total proceeds from shares sold 1,073,603,433 817,141,193 293,706,165 620,291,310 444,244,963
Cost of shares redeemed (247,657,568) (151,586,804) (2,813,947) (288,346,787) (208,437,250)
Increase (decrease) in net assets
from capital-share transactions 825,945,865 665,554,389 290,892,218 331,944,523 235,807,713
--------------- --------------- ------------- -------------- --------------
Net increase (decrease) in net
assets 1,135,146,356 652,846,026 273,924,132 309,007,806 294,239,155
--------------- --------------- ------------- -------------- --------------
NET ASSETS:
Beginning of period 1,996,111,905 1,343,265,879 0 1,142,768,330 848,529,175
End of period $ 3,131,258,261 $ 1,996,111,905 $ 273,924,132 $1,451,776,136 $1,142,768,330
(b) (c) (d) (e) (f)
</TABLE>
(a) Commenced operations December 15, 1995 (b) Includes undistributed net
investment income/(excess distributions) of $145,202,508 (c) Includes
undistributed net investment income/(excess distributions) of $(13,279,827) (d)
Includes undistributed net investment income/(excess distributions) of
$1,009,720 (e) Includes undistributed net investment income/(excess
distributions) of $6,044,673 (f) Includes undistributed net investment
income/(excess distributions) of $(1,968,896)
See Notes to Financial Statements.
- -------------------------------------------------------------------------------
1996 Annual Report 17
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Changes in Net Assets (continued)
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
SHORT DURATION GOVERNMENT SHORT DIVERSIFIED MUNICIPAL
PLUS PORTFOLIO DURATION PORTFOLIO PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/96 9/30/95 9/30/96 9/30/95 9/30/96 9/30/95
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE)
IN NET ASSETS
Operations:
Net investment income $ 29,122,645 $ 30,488,281 $ 7,567,228 $ 8,132,934 $ 34,321,282 $ 28,019,171
Net realized gain (loss) on
investments and futures
transactions 2,810,078 1,046,456 161,742 115,175 1,750,391 (166,267)
Net realized gain (loss) on
foreign currency transactions 575,974 0 0 0 0 0
Increase (decrease) in unrealized
appreciation/depreciation of:
Investments and futures (3,996,149) 6,782,512 (1,057,875) 2,160,710 (5,364,065) 22,097,699
Foreign currencies 85,565 1,862 0 0 0 0
Net increase (decrease) in net
assets resulting from operations 28,598,113 38,319,111 6,671,095 10,408,819 30,707,608 49,950,603
------------- ------------- ------------- ------------- ------------- -------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (29,116,334) (29,675,319) (7,567,228) (8,132,934) (34,321,282) (28,019,171)
Distributions from net realized
gains 0 0 0 0 (306,492) 0
Distributions in excess of net
investment income due to timing
differences 0 (1,041,447) 0 0 0 0
Distributions in excess of net
realized gains due to timing
differences 0 0 0 0 (469,648) 0
Total dividends and distributions
to shareholders (29,116,334) (30,716,766) (7,567,228) (8,132,934) (35,097,422) (28,019,171)
------------- ------------- ------------- ------------- ------------- -------------
Capital-share transactions:
Net proceeds from sales of shares 183,232,878 211,443,738 51,431,688 49,936,667 295,868,386 230,442,193
Net proceeds from sales of shares
issued to shareholders on
reinvestment of dividends from
net investment income and
distributions from net realized
gains 11,284,547 13,325,028 3,746,091 4,053,049 9,562,660 7,867,682
Total proceeds from shares sold 194,517,425 224,768,766 55,177,779 53,989,716 305,431,046 238,309,875
Cost of shares redeemed (190,213,256) (248,324,141) (58,202,076) (97,571,320) (141,460,386) (151,560,840)
Increase (decrease) in net assets
from capital-share transactions 4,304,169 (23,555,375) (3,024,297) (43,581,604) 163,970,660 86,749,035
------------- ------------- ------------- ------------- ------------- -------------
Net increase (decrease) in net
assets 3,785,948 (15,953,030) (3,920,430) (41,305,719) 159,580,846 108,680,467
============= ============= ============= ============= ============ =============
NET ASSETS:
Beginning of period 534,461,792 550,414,822 143,722,568 185,028,287 660,814,463 552,133,996
------------- ------------- ------------- ------------- ------------- -------------
End of period $538,247,740 $534,461,792 $139,802,138 $143,722,568 $820,395,309 $660,814,463
============= ============= ============= ============= ============ =============
(g) (h) (i) (i) (j) (j)
</TABLE>
(g) Includes undistributed net investment income/(excess distributions) of
$959,835 (h) Includes undistributed net investment income/(excess distributions)
of $(842,312) (i) Includes undistributed net investment income/(excess
distributions) of $55,344 (j) Includes undistributed net investment
income/(excess distributions) of $52,427
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
18 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN
BERNSTEIN BERNSTEIN SHORT DURATION
CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL DIVERSIFIED MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/96 9/30/95 9/30/96 9/30/95 9/30/96 9/30/95(k)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE)
IN NET ASSETS
Operations:
Net investment income $ 11,043,785 $ 8,885,625 $ 23,548,419 $ 20,495,781 $ 4,291,998 $ 3,713,813
Net realized gain (loss) on
investments and futures
transactions 135,416 54,923 13,310 1,732,257 110,414 378,517
Net realized gain (loss) on
foreign currency transactions 0 0 0 0 0 0
Increase (decrease) in unrealized
appreciation/depreciation of:
Investments and futures (408,331) 6,501,972 (3,027,322) 13,926,688 (693,123) 1,024,231
Foreign currencies 0 0 0 0 0 0
Net increase (decrease) in net
assets resulting from operations 10,770,870 15,442,520 20,534,407 36,154,726 3,709,289 5,116,561
------------- ------------- ------------- ------------- ------------- -------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (11,043,785) (8,885,625) (23,548,419) (20,495,781) (4,291,998) (3,713,813)
Distributions from net realized
gains 0 0 (822,385) 0 (388,194) 0
Distributions in excess of net
investment income due to timing
differences 0 0 0 0 0 0
Distributions in excess of net
realized gains due to timing
differences 0 0 (1,256,955) 0 0 0
Total dividends and distributions
to shareholders (11,043,785) (8,885,625) (25,627,759) (20,495,781) (4,680,192) (3,713,813)
------------- ------------- ------------- ------------- ------------- -------------
Capital-share transactions:
Net proceeds from sales of shares 132,430,542 86,725,708 172,804,818 132,762,672 73,713,818 158,421,293
Net proceeds from sales of shares
issued to shareholders on
reinvestment of dividends from
net investment income and
distributions from net realized
gains 3,072,406 2,506,818 10,023,482 7,889,187 1,748,058 1,093,956
Total proceeds from shares sold 135,502,948 89,232,526 182,828,300 140,651,859 75,461,876 159,515,249
Cost of shares redeemed (63,423,107) (74,831,609) (97,061,014) (105,788,848) (56,720,363) (59,592,645)
Increase (decrease) in net assets
from capital-share transactions 72,079,841 14,400,917 85,767,286 34,863,011 18,741,513 99,922,604
------------- ------------- ------------- ------------- ------------ ------------
Net increase (decrease) in net
assets 71,806,926 20,957,812 80,673,934 50,521,956 17,770,610 101,325,352
============ ============= ============= ============= ============ ============
NET ASSETS:
Beginning of period 213,950,909 192,993,097 458,542,804 408,020,848 101,325,352 0
------------- ------------- ------------- ------------- ------------- ------------
End of period $285,757,835 $213,950,909 $539,216,738 $458,542,804 $119,095,962 $101,325,352
============= ============= ============= ============= ============ ============
(l) (l) (m) (n) (o) N/A
<CAPTION>
BERNSTEIN BERNSTEIN
SHORT DURATION SHORT DURATION
CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL
PORTFOLIO PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/96 9/30/95(k) 9/30/96 9/30/95(k)
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE)
IN NET ASSETS
Operations:
Net investment income $ 2,695,258 $ 2,055,721 $ 2,176,199 $ 2,139,903
Net realized gain (loss) on
investments and futures
transactions 80,991 224,574 201,709 36,187
Net realized gain (loss) on
foreign currency transactions 0 0 0 0
Increase (decrease) in unrealized
appreciation/depreciation of:
Investments and futures (443,925) 613,864 (495,760) 674,556
Foreign currencies 0 0 0 0
Net increase (decrease) in net
assets resulting from operations 2,332,324 2,894,159 1,882,148 2,850,646
------------- ------------- ------------ -------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (2,695,258) (2,055,721) (2,176,199) (2,139,903)
Distributions from net realized
gains (254,565) 0 (43,798) 0
Distributions in excess of net
investment income due to timing
differences 0 0 0 0
Distributions in excess of net
realized gains due to timing
differences 0 0 0 0
Total dividends and distributions
to shareholders (2,949,823) (2,055,721) (2,219,997) (2,139,903)
------------- ------------- ------------- ------------
Capital-share transactions:
Net proceeds from sales of shares 49,356,157 87,579,193 34,970,413 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 1,282,316 741,146 976,885 997,640
Total proceeds from shares sold 50,638,473 88,320,339 35,947,298 90,047,454
Cost of shares redeemed (40,625,428) (25,629,055) (32,080,549) (35,536,863)
Increase (decrease) in net assets
from capital-share transactions 10,013,045 62,691,284 3,866,749 54,510,591
------------- ------------- ------------- ------------
Net increase (decrease) in net
assets 9,395,546 63,529,722 3,528,900 55,221,334
============= ============= ============= ============
NET ASSETS:
Beginning of period 63,529,722 0 55,221,334 0
------------ ----------- ------------ ------------
End of period $ 72,925,268 $ 63,529,722 $ 58,750,234 $ 55,221,334
============= ============ ============ ============
(p) (q) (r) (r)
</TABLE>
(k) Commenced operations October 3, 1994 (l) Includes undistributed net
investment income/(excess distributions) of $(31,860) (m) Includes undistributed
net investment income/(excess distributions) of $9,519 (n) Includes
undistributed net investment income/(excess distributions) of $16,632 (o)
Includes undistributed net investment income/(excess distributions) of $(9,678)
(p) Includes undistributed net investment income/(excess distributions) of
$(20,838) (q) Includes undistributed net investment income/(excess
distributions) of $454 (r) Includes undistributed net investment income/(excess
distributions) of $172
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1996 Annual Report 19
<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 each of the periods presented:
<TABLE>
<CAPTION>
BERNSTEIN INTERNATIONAL VALUE PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/96 9/30/95 9/30/94 9/30/93 9/30/92 (a)
---------- ----------- ----------- --------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $16.08 $16.57 $15.39 $11.98 $12.50
---------- ----------- ----------- --------- ------------
Income from investment operations:
Investment income, net 0.23 0.18 0.19 0.05 0.02
Net realized and unrealized gain
(loss) on investments, futures
and foreign currencies 2.26 0.07 1.13 3.54 (0.54)
Total from investment operations 2.49 0.25 1.32 3.59 (0.52)
---------- ----------- ----------- --------- ------------
Less distributions:
Dividends from taxable net
investment income (0.10) (0.11) (0.02) (0.05) 0
Dividends from tax-exempt net
investment income 0 0 0 0 0
Distributions from net realized
gains (0.33) (0.63) (0.12) (0.13) 0
Distributions in excess of net
investment income due to timing
differences 0 0 0 0 0
Distributions in excess of net
realized gains due to timing
differences 0 0 0 0 0
Total distributions (0.43) (0.74) (0.14) (0.18) 0
---------- ----------- ----------- --------- ------------
Net asset value, end of period $18.14 $16.08 $16.57 $15.39 $11.98
========== =========== =========== ========= ============
Total return 15.83% 1.84% 8.55% 30.45% (4.16)%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000
omitted) $3,131,258 $1,996,112 $1,343,266 $539,936 $75,255
Average net assets (000 omitted) $2,569,586 $1,591,703 $ 948,563 $235,839 $41,234
Ratio of expenses to average net
assets 1.31% 1.35% 1.39% 1.53% 2.00%*
Ratio of net investment income to
average net assets 1.37% 1.17% 1.13% 1.27% 0.59%*
Portfolio turnover rate 21.89% 29.53% 23.78% 21.22% 1.12%
Average commission rate per share 0.0234 N/A N/A N/A N/A
</TABLE>
*Annualized
(a) Commenced operations June 22, 1992
See Notes to Financial Statements.
- -------------------------------------------------------------------------------
20 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN
EMERGING BERNSTEIN INTERMEDIATE DURATION PORTFOLIO
MARKETS VALUE
PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/96 (b) 9/30/96 9/30/95 9/30/94 9/30/93
----------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $20.00 $13.30 $12.54 $13.92 $13.82
----------- ---------- ---------- ---------- ----------
Income from investment operations:
Investment income, net 0.18 0.80 0.78 0.68 0.76
Net realized and unrealized gain
(loss) on investments, futures
and foreign currencies 1.64(c) (0.14) 0.77 (1.15) 0.68
Total from investment operations 1.82 0.66 1.55 (0.47) 1.44
----------- ---------- ---------- ---------- ----------
Less distributions:
Dividends from taxable net
investment income 0 (0.80) (0.76) (0.70) (0.76)
Dividends from tax-exempt net
investment income 0 0 0 0 0
Distributions from net realized
gains 0 (0.08) 0 (0.08) (0.58)
Distributions in excess of net
investment income due to timing
differences 0 0 (0.03) 0 0
Distributions in excess of net
realized gains due to timing
differences 0 0 0 (0.13) 0
Total distributions 0 (0.88) (0.79) (0.91) (1.34)
----------- ---------- ---------- ---------- ----------
Net asset value, end of period $21.82 $13.08 $13.30 $12.54 $13.92
=========== ========== ========== ========== ==========
Total return 4.80%+ 5.05% 12.82% (3.54)% 11.30%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000
omitted) $ 273,924 $1,451,776 $1,142,768 $848,529 $693,772
Average net assets (000 omitted) $ 165,362 $1,310,208 $957,247 $764,519 $595,273
Ratio of expenses to average net
assets 1.92%* 0.63% 0.64% 0.65% 0.66%
Ratio of net investment income to
average net assets 1.01%* 5.99% 6.11% 5.14% 5.59%
Portfolio turnover rate 9.81% 141.04% 212.40% 203.73% 60.77%
Average commission rate per share 0.0027 N/A N/A N/A N/A
<CAPTION>
BERNSTEIN
INTERMEDIATE
DURATION BERNSTEIN
PORTFOLIO SHORT DURATION PLUS PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/92 9/30/96 9/30/95 9/30/94
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of
period $13.19 $12.49 $12.32 $12.89
---------- ---------- ---------- ----------
Income from investment operations:
Investment income, net 0.90 0.69 0.70 0.55
Net realized and unrealized gain
(loss) on investments, futures
and foreign currencies 0.79 (0.01) 0.18 (0.40)
Total from investment operations 1.69 0.68 0.88 0.15
---------- ---------- ---------- ----------
Less distributions:
Dividends from taxable net
investment income (0.90) (0.69) (0.69) (0.56)
Dividends from tax-exempt net
investment income 0 0 0 0
Distributions from net realized
gains (0.16) 0 0 0
Distributions in excess of net
investment income due to timing
differences 0 0 (0.02) 0
Distributions in excess of net
realized gains due to timing
differences 0 0 0 (0.16)
Total distributions (1.06) (0.69) (0.71) (0.72)
---------- ---------- ---------- ----------
Net asset value, end of period $13.82 $12.48 $12.49 $12.32
========== ========== ========== ==========
Total return 13.32% 5.45% 7.36% 1.14%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000
omitted) $524,301 $538,248 $534,462 $550,415
Average net assets (000 omitted) $444,750 $532,094 $536,042 $529,892
Ratio of expenses to average net
assets 0.67% 0.65% 0.65% 0.65%
Ratio of net investment income to
average net assets 6.64% 5.47% 5.69% 4.30%
Portfolio turnover rate 149.71% 169.96% 61.03% 285.80%
Average commission rate per share N/A N/A N/A N/A
</TABLE>
+This reflects the return to a shareholder who purchased shares of the Portfolio
at the beginning of the year and redeemed them at the end of the year, paying,
in each case, the 2.00% transaction fee. Total return to a shareholder without
taking account of these transaction fees would be 9.1%.
*Annualized
(b) Commenced operations December 15, 1995
(c) Includes effect of portfolio transaction fee. See Note 1 in Notes to
Financial Statements.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1996 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 each of the periods presented:
<TABLE>
<CAPTION>
Bernstein
Bernstein Diversified
Short Duration Plus Municipal
Portfolio Bernstein Government Short Duration Portfolio Portfolio
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/93 9/30/92 9/30/96 9/30/95 9/30/94 9/30/93 9/30/92 9/30/96
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 13.14 $ 12.84 $ 12.55 $ 12.34 $ 12.87 $ 13.14 $ 12.93 $ 13.50
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Income from investment
operations:
Investment income, net 0.59 0.75 0.65 0.69 0.49 0.44 0.66 0.63
Net realized and
unrealized gain (loss)
on investments, futures
and foreign currencies 0.10 0.44 (0.07) 0.21 (0.38) 0.20 0.41 (0.04)
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Total from investment
operations 0.69 1.19 0.58 0.90 0.11 0.64 1.07 0.59
========== ========== ========== ========== ========== ========== ========== ==========
Less distributions:
Dividends from taxable
net investment income (0.59) (0.75) (0.65) (0.69) (0.49) (0.44) (0.66) (0.01)
Dividends from tax-exempt
net investment income 0 0 0 0 0 0 0 (0.62)
Distributions from net
realized gains (0.35) (0.14) 0 0 0 (0.47) (0.20) (0.02)
Distributions in excess
of net investment
income due to timing
differences 0 0 0 0 0 0 0 0
Distributions in excess
of net realized gains
due to timing
differences 0 0 0 0 (0.15) 0 0 0
Total distributions (0.94) (0.89) (0.65) (0.69) (0.64) (0.91) (0.86) (0.65)
========== ========== ========== ========== ========== ========== ========== ==========
Net asset value, end of
period $ 12.89 $ 13.14 $ 12.48 $ 12.55 $ 12.34 $ 12.87 $ 13.14 $ 13.44
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Total return 5.49% 9.60% 4.76% 7.55% 0.85% 5.11% 8.57% 4.38%
========== ========== ========== ========== ========== ========== ========== ==========
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000 omitted) $ 508,959 $ 535,980 $ 139,802 $ 143,723 $ 185,028 $ 212,531 $ 254,950 $ 820,395
Average net assets (000
omitted) $ 535,889 $ 482,467 $ 145,268 $ 145,710 $ 188,013 $ 239,462 $ 238,381 $ 744,452
Ratio of expenses to
average net assets 0.66% 0.66% 0.69% 0.69% 0.68% 0.68% 0.68% 0.66%
Ratio of net investment
income to average net
assets 4.52% 5.75% 5.21% 5.58% 3.85% 3.40% 5.02% 4.61%
Portfolio turnover rate 112.87% 169.60% 155.29% 49.34% 213.02% 130.40% 220.86% 25.22%
Average commission rate
per share N/A N/A N/A N/A N/A N/A N/A N/A
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
22 Sanford C. Bernstein Fund, Inc.
<CAPTION>
Bernstein California
Bernstein Diversified Municipal Portfolio Municipal Portfolio
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/95 9/30/94 9/30/93 9/30/92 9/30/96 9/30/95
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 12.99 $ 13.78 $ 13.40 $ 13.01 $ 13.58 $ 13.06
---------- ---------- ---------- ---------- ---------- ----------
Income from investment
operations:
Investment income, net 0.65 0.61 0.63 0.71 0.61 0.64
Net realized and
unrealized gain (loss)
on investments, futures
and foreign currencies 0.51 (0.72) 0.49 0.42 0 0.52
---------- ---------- ---------- ---------- ---------- ----------
Total from investment
operations 1.16 (0.11) 1.12 1.13 0.61 1.16
========== ========== ========== ========== ========== ==========
Less distributions:
Dividends from taxable
net investment income (0.02) (0.01) (0.01) (0.11) (0.03) (0.05)
Dividends from tax-exempt
net investment income (0.63) (0.60) (0.62) (0.60) (0.58) (0.59)
Distributions from net
realized gains 0 (0.03) (0.11) (0.03) 0 0
Distributions in excess
of net investment
income due to timing
differences 0 0 0 0 0 0
Distributions in excess
of net realized gains
due to timing
differences 0 (0.04) 0 0 0 0
---------- ---------- ---------- ---------- ---------- ----------
Total distributions (0.65) (0.68) (0.74) (0.74) (0.61) (0.64)
========== ========== ========== ========== ========== ==========
Net asset value, end of
period $ 13.50 $ 12.99 $ 13.78 $ 13.40 $ 13.58 $ 13.58
---------- ---------- ---------- ---------- ---------- ----------
Total return 9.16% (0.80)% 8.61% 8.91% 4.60% 9.11%
========== ========== ========== ========== ========== ==========
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000 omitted) $ 660,814 $ 552,134 $ 449,668 $ 301,746 $ 285,758 $ 213,951
Average net assets (000
omitted) $ 572,769 $ 509,380 $ 375,576 $ 256,850 $ 246,410 $ 185,990
Ratio of expenses to
average net assets 0.66% 0.67% 0.69% 0.69% 0.68% 0.69%
Ratio of net investment
income to average net
assets 4.89% 4.57% 4.64% 5.33% 4.48% 4.78%
Portfolio turnover rate 42.55% 34.45% 34.74% 48.22% 23.87% 63.89%
Average commission rate
per share N/A N/A N/A N/A N/A N/A
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1996 Annual Report 23
<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 each of the periods presented:
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN NEW YORK MUNICIPAL PORTFOLIO
CALIFORNIA MUNICIPAL PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/94 9/30/93 9/30/92 9/30/96 9/30/95 9/30/94 9/30/93 9/30/92
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 13.83 $ 13.38 $ 12.94 $ 13.48 $ 12.98 $ 13.80 $ 13.47 $ 13.05
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Income from investment
operations:
Investment income, net 0.61 0.60 0.66 0.64 0.65 0.64 0.67 0.74
Net realized and
unrealized gain (loss)
on investments, futures
and foreign currencies (0.74) 0.52 0.45 (0.07) 0.50 (0.75) 0.46 0.44
Total from investment
operations (0.13) 1.12 1.11 0.57 1.15 (0.11) 1.13 1.18
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Less distributions:
Dividends from taxable
net investment income (0.02) (0.02) (0.07) (0.02) (0.02) (0.02) (0.01) (0.11)
Dividends from tax-exempt
net investment income (0.59) (0.58) (0.59) (0.62) (0.63) (0.62) (0.66) (0.63)
Distributions from net
realized gains 0 (0.07) (0.01) (0.06) 0 (0.03) (0.13) (0.02)
Distributions in excess
of net investment
income due to timing
differences 0 0 0 0 0 0 0 0
Distributions in excess
of net realized gains
due to timing
differences (0.03) 0 0 0 0 (0.04) 0 0
Total distributions (0.64) (0.67) (0.67) (0.70) (0.65) (0.71) (0.80) (0.76)
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of
period $ 13.06 $ 13.83 $ 13.38 $ 13.35 $ 13.48 $ 12.98 $ 13.80 $ 13.47
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Total return (0.98)% 8.60% 8.76% 4.31% 9.14% (0.81)% 8.68% 9.31%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000 omitted) $ 192,993 $ 150,115 $ 83,043 $ 539,217 $ 458,543 $ 408,021 $ 336,101 $ 238,871
Average net assets (000
omitted) $ 168,797 $ 116,301 $ 65,492 $ 497,391 $ 413,892 $ 381,144 $ 277,930 $ 210,474
Ratio of expenses to
average net assets 0.70% 0.73% 0.77% 0.66% 0.66% 0.67% 0.69% 0.69%
Ratio of net investment
income to average net
assets 4.51% 4.36% 4.96% 4.73% 4.95% 4.78% 4.91% 5.55%
Portfolio turnover rate 24.55% 23.79% 53.08% 26.19% 44.84% 22.45% 34.58% 42.53%
Average commission rate
per share N/A N/A N/A N/A N/A N/A N/A N/A
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
24 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
SHORT DURATION SHORT DURATION SHORT DURATION
DIVERSIFIED MUNICIPAL CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/96 9/30/95(d) 9/30/96 9/30/95(d) 9/30/96 9/30/95(d)
----------- ---------- --------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 12.63 $ 12.50 $ 12.65 $ 12.50 $ 12.60 $ 12.50
---------- --------- ---------- ---------- ---------- ----------
Income from investment
operations:
Investment income, net 0.52 0.55 0.50 0.53 0.51 0.54
Net realized and
unrealized gain (loss)
on investments, futures
and foreign currencies (0.06) 0.13 (0.07) 0.15 (0.07) 0.10
Total from investment
operations 0.46 0.68 0.43 0.68 0.44 0.64
---------- --------- ---------- ---------- ---------- ----------
Less distributions:
Dividends from taxable
net investment income (0.02) (0.04) (0.05) (0.06) (0.02) (0.05)
Dividends from tax-exempt
net investment income (0.50) (0.51) (0.45) (0.47) (0.49) (0.49)
Distributions from net
realized gains (0.05) 0 (0.05) 0 (0.01) 0
Distributions in excess
of net investment
income due to timing
differences 0 0 0 0 0 0
Distributions in excess
of net realized gains
due to timing
differences 0 0 0 0 0 0
Total distributions (0.57) (0.55) (0.55) (0.53) (0.52) (0.54)
---------- --------- ---------- ---------- ---------- ----------
Net asset value, end of
period $ 12.52 $ 12.63 $ 12.53 $ 12.65 $ 12.52 $ 12.60
---------- --------- ---------- ---------- ---------- ----------
---------- --------- ---------- ---------- ---------- ----------
Total return 3.68% 5.55% 3.50% 5.58% 3.53% 5.24%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000 omitted) $ 119,096 $ 101,325 $ 72,925 $ 63,530 $ 58,750 $ 55,221
Average net assets (000
omitted) $ 105,467 $ 85,893 $ 68,060 $ 49,944 $ 54,087 $ 50,642
Ratio of expenses to
average net assets 0.71% 0.72%* 0.72% 0.73%* 0.74% 0.73%*
Ratio of net investment
income to average net
assets 4.07% 4.32%* 3.96% 4.12%* 4.02% 4.23%*
Portfolio turnover rate 63.40% 73.50% 60.76% 89.33% 55.81% 112.15%
Average commission rate
per share N/A N/A N/A N/A N/A N/A
</TABLE>
*Annualized
(d) Commenced operations October 3, 1994
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1996 Annual Report 25
<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 comprised of 11 series of shares (the "Portfolios"), each with its own
investment objectives. At September 30, 1996, the 11 Portfolios are Bernstein
International Value, Bernstein Emerging Markets 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 net asset value of each Portfolio is computed as of the close of regular
trading of the Exchange (normally 4:00 p.m., New York time). 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, Emerging Markets 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 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.
- --------------------------------------------------------------------------------
26 Sanford C. Bernstein Fund, Inc.
<PAGE>
F. Federal Income Taxes
Each of the 11 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 International Value Portfolio
and Emerging Markets 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 and Emerging
Markets 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, 1996, as shown below:
<TABLE>
<CAPTION>
Increase (Decrease) to
Accumulated Undistributed Increase (Decrease)
Increase (Decrease) Net Realized Gain (Loss) to Accumulated
to Additional on Investments, Futures Undistributed Net
Paid-In Capital and Foreign Currencies Investment Income (Loss)
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
International Value 0 $(137,053,277) $137,053,277
Emerging Markets Value $(89) 298,151 (298,062)
Intermediate Duration 0 (8,082,844) 8,082,844
Short Duration Plus 0 (1,795,836) 1,795,836
New York Municipal (30) 7,143 (7,113)
Short Duration Diversified
Municipal 0 9,678 (9,678)
Short Duration California
Municipal 0 21,292 (21,292)
</TABLE>
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.
- --------------------------------------------------------------------------------
1996 Annual Report 27
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
K. Organization Costs
Costs incurred in connection with the organization of the International Value
Portfolio ($124,816), Short Duration Diversified Municipal Portfolio ($21,176),
Short Duration California Municipal Portfolio ($7,956), Short Duration New York
Municipal Portfolio ($8,906), and Emerging Markets Value Portfolio ($48,194)
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.
L. Use of Estimates
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial statements. Actual
results could differ from those estimates.
M. Portfolio Transaction Fee
The Emerging Markets Value Portfolio imposes a 2.00% fee on purchases and
redemptions. This fee is retained by the Portfolio and is included in the
financial statements as an item of additional paid-in capital.
N. Securities Lending
Each of the Portfolios of the Fund may enter into securities lending
transactions. By lending its portfolio securities, a Portfolio attempts to
increase its income through the interest earned on the loan. It is the policy of
each Portfolio to receive collateral on securities lending transactions having a
value of at least 102% or 105% of the market value of the securities loaned
dependent on the primary trading market and characteristics of the securities
loaned. The securities lending agent has agreed to indemnify the Fund in the
case of default of any securities borrower. Collateral received and securities
loaned are marked to market daily to insure collateral levels are maintained.
Cash collateral received is invested by the securities lending agent pursuant to
investment guidelines set forth by the Fund. Collateral received is recorded as
an asset as well as a corresponding liability in the Statements of Assets and
Liabilities.
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. The fee paid by
the Emerging Markets Value Portfolio is at an annual rate of 1.25% of that
Portfolio's average daily net assets. 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 provide 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. Through the period
ending December 31, 1997, the Emerging Markets Value Portfolio will not pay any
portion of the fee that, together with other operating expenses of the Portfolio
(excluding interest, taxes, brokerage commissions and extraordinary expenses),
exceed the rate of 2.00% per annum of such Portfolio's average daily net assets.
In addition, the Management Agreement for the Emerging Markets Value Portfolio
provides that the Manager will pay any operating expenses of the Portfolio
(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 2.00% per annum of the Portfolio's
average daily net assets.
For 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, 2.00% of the next $70
million and 1.50% of the Portfolio's
- --------------------------------------------------------------------------------
28 Sanford C. Bernstein Fund, Inc.
<PAGE>
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 and, with respect to the
Emerging Markets Value Portfolio, the Shareholder Servicing and Administrative
Fee of 0.25% 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, 1996.
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 and
Emerging Markets 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 and Emerging Markets 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 11 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 $35,000 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, 1995 through September 30, 1996, the Portfolios
had purchase and sales transactions, excluding repurchase transactions and
transactions in short-term instruments, as follows:
<TABLE>
<CAPTION>
Purchases Sales
Excluding U.S. Purchases of Excluding U.S. Sales of
Government U.S. Government Government U.S. Government
Securities Securities Securities Securities
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
International Value $1,553,564,246 0 $ 544,695,808 0
Emerging Markets Value 297,323,933 0 14,448,829 0
Intermediate Duration 1,257,085,885 $673,156,112 1,086,356,605 $580,188,467
Short Duration Plus 207,800,272 628,402,669 201,560,941 633,876,919
Government Short Duration 2,789,778 215,519,884 2,780,787 218,379,049
Diversified Municipal 329,052,907 17,032,383 156,440,569 27,148,812
California Municipal 93,324,176 20,309,125 34,391,445 20,052,224
New York Municipal 198,194,937 17,970,195 108,219,214 17,253,478
Short Duration Diversified Municipal 75,022,160 4,927,344 59,819,796 4,910,156
Short Duration California Municipal 30,085,224 7,679,732 37,775,411 0
Short Duration New York Municipal 21,755,589 8,167,109 25,617,593 3,494,883
</TABLE>
- --------------------------------------------------------------------------------
1996 Annual Report 29
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
B. Federal Income Tax Status
At September 30, 1996, the Intermediate Duration, Short Duration Plus,
Government Short Duration and California Municipal Portfolios had capital loss
carryovers as follows:
Capital Loss
Carryover Amount Expiration
- -----------------------------------------------------------------------
Intermediate Duration Portfolio $4,529,039 9/30/2004
Short Duration Plus Portfolio 6,611,769 9/30/2003
Government Short Duration Portfolio 1,985,552 9/30/2003
California Municipal Portfolio 39,399 9/30/2002
105,066 9/30/2003
319,767 9/30/2004
Additionally, the New York Municipal Portfolio had a post October loss deferral
of $514,659. For tax purposes, this loss is deemed to arise on October 1, 1996.
For the year ended September 30, 1996, the Short Duration Plus, Government Short
Duration and Diversified Municipal Portfolios utilized capital loss carryovers
as follows:
Amount
- -------------------------------------------------------------------
Short Duration Plus Portfolio $1,377,430
Government Short Duration Portfolio 161,742
Diversified Municipal Portfolio 29,561
C. Foreign Currency Contracts
At September 30, 1996, the International Value Portfolio, Emerging Markets Value
Portfolio, Intermediate Duration Portfolio and Short Duration Plus Portfolio had
outstanding foreign currency contracts to purchase and sell foreign currencies
as follows:
Foreign Currency Sell Contracts--Bernstein International Value Portfolio
<TABLE>
<CAPTION>
Value Payable at Current Contract Contract
Foreign Currency Settlement Dates Values Appreciation (Depreciation)
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 12/01/96 through 12/31/96
Austrian Schillings $ 87,999,434 $ 87,363,771 $ 635,663 0
British Pounds 25,947,425 26,199,221 0 $(251,796)
Deutschemarks 279,928,124 277,103,425 2,824,699 0
Finnish Markka 40,273,121 39,910,080 363,041 0
French Francs 192,450,612 192,083,282 367,330 0
Hong Kong Dollars 30,402,566 30,398,670 3,896 0
Japanese Yen 752,086,997 737,667,298 14,419,699 0
-------------- -------------- ----------- ---------
Total $1,409,088,279 $1,390,725,747 $18,614,328 $(251,796)
============== ============== =========== =========
</TABLE>
Foreign Currency Buy Contracts--Bernstein Emerging Markets Value Portfolio
<TABLE>
<CAPTION>
Value Receivable at Current Contract Contract
Foreign Currency Settlement Dates Values Appreciation (Depreciation)
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 10/01/96 through 10/31/96
New Taiwan Dollars $1,092,896 $1,092,896 0 0
---------- ---------- ----------- ---------
Total $1,092,896 $1,092,896 0 0
========== ========== =========== =========
</TABLE>
Foreign Currency Sell Contracts--Bernstein Intermediate Duration Portfolio
<TABLE>
<CAPTION>
Value Payable at Current Contract Contract
Foreign Currency Settlement Dates Values Appreciation (Depreciation)
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 10/01/96 through 10/31/96
Deutschemarks $58,413,096 $58,020,104 $392,992 0
----------- ----------- -------- ---------
Total $58,413,096 $58,020,104 $392,992 0
=========== =========== ======== =========
</TABLE>
- --------------------------------------------------------------------------------
30 Sanford C. Bernstein Fund, Inc.
<PAGE>
Foreign Currency Sell Contracts--Bernstein Short Duration Plus Portfolio
<TABLE>
<CAPTION>
Value Payable at Current Contract Contract
Foreign Currency Settlement Dates Values Appreciation (Depreciation)
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 10/01/96 through 10/31/96
Deutschemarks $13,888,706 $13,795,265 $93,441 0
----------- ----------- ------- ---------
Total $13,888,706 $13,795,265 $93,441 0
=========== =========== ======= =========
</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 that 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.
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.
Foreign currency contracts involve elements of market risk in excess of the
amount reflected in the Statements of Assets and Liabilities. The Fund bears the
risk of an unfavorable change in the foreign exchange rate underlying the
foreign currency contract. In addition, the Fund could be exposed to risks if
the counterparties to the contracts are unable to meet the terms of their
contracts.
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, 1996, 1,250 million are divided into 11
Portfolios, allocated 300 million to the Bernstein International Value
Portfolio, 200 million to the Bernstein Intermediate Duration Portfolio, 100
million each to the Bernstein Emerging Markets Value 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. Share transactions for each portfolio for
the years ended September 30, 1996 and September 30, 1995 were as follows:
<TABLE>
<CAPTION>
Bernstein Bernstein Bernstein
International Value Emerging Markets Value Intermediate Duration
Portfolio Portfolio Portfolio
Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/96 9/30/95 9/30/96 (a) 9/30/96 9/30/95
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Shares sold 59,526,336 48,703,157 12,938,295 44,452,465 32,922,950
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 3,459,081 4,181,809 0 2,361,018 1,567,809
Shares redeemed (14,461,352) (9,816,472) (383,910) (21,720,787) (16,255,325)
Net increase in shares
outstanding 48,524,065 43,068,494 12,554,385 25,092,696 18,235,434
----------- ----------- ---------- ----------- ----------
Shares outstanding at
beginning of period 124,120,488 81,051,994 0 85,912,620 67,677,186
----------- ----------- ---------- ----------- ----------
Shares outstanding at
end of period 172,644,553 124,120,488 12,554,385 111,005,316 85,912,620
=========== =========== ========== =========== ==========
</TABLE>
(a) Commenced operations December 15, 1995
- --------------------------------------------------------------------------------
1996 Annual Report 31
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
<TABLE>
<CAPTION>
Bernstein Bernstein Bernstein
Short Duration Plus Goverment Short Diversified Municipal
Portfolio Portfolio Portfolio
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/96 9/30/95 9/30/96 9/30/95 9/30/96 9/30/95
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 14,658,652 17,149,704 4,098,904 4,035,966 21,871,096 17,481,041
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 902,905 1,079,281 298,893 327,525 707,494 598,743
Shares redeemed (15,212,925) (20,124,155) (4,646,753) (7,908,658) (10,454,791) (11,653,156)
Net increase in shares
outstanding 348,632 (1,895,170) (248,956) (3,545,167) 12,123,799 6,426,628
---------- ---------- ---------- ---------- ---------- ----------
Shares outstanding at
beginning of period 42,780,571 44,675,741 11,447,945 14,993,112 48,937,336 42,510,708
---------- ---------- ---------- ---------- ---------- ----------
Shares outstanding at
end of period 43,129,203 42,780,571 11,198,989 11,447,945 61,061,135 48,937,336
========== ========== ========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
Bernstein Bernstein Bernstein Short Duration
California Municipal New York Municipal Diversified Municipal
Portfolio Duration Portfolio Portfolio
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/96 9/30/95 9/30/96 9/30/95 9/30/96 9/30/95(b)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 9,712,613 6,543,550 12,846,371 10,135,649 5,868,769 12,677,253
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 225,514 190,265 744,678 602,164 139,065 87,137
Shares redeemed (4,648,754) (5,752,212) (7,209,521) (8,152,089) (4,512,344) (4,743,724)
Net increase in shares
outstanding 5,289,373 981,603 6,381,528 2,585,724 1,495,490 8,020,666
---------- ---------- ---------- ---------- --------- ----------
Shares outstanding at
beginning of period 15,757,372 14,775,769 34,014,866 31,429,142 8,020,666 0
---------- ---------- ---------- ---------- --------- ----------
Shares outstanding at
end of period 21,046,745 15,757,372 40,396,394 34,014,866 9,516,156 8,020,666
========== ========== ========== ========== ========= =========
</TABLE>
<TABLE>
<CAPTION>
Bernstein Short Duration Bernstein Short Duration
California Municipal New York Municipal
Portfolio Portfolio
Year Ended Year Ended Year Ended Year Ended
9/30/96 9/30/95(b) 9/30/96 9/30/95(b)
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold 3,924,117 7,005,347 2,783,281 7,143,738
Shares issued to shareholders on
reinvestment of dividends from net
investment income and distributions
from net realized gains 101,928 58,976 77,743 79,818
Shares redeemed (3,229,468) (2,041,346) (2,550,234) (2,840,518)
Net increase in shares
outstanding 796,577 5,022,977 310,790 4,383,038
--------- --------- --------- ---------
Shares outstanding at
beginning of period 5,022,977 0 4,383,038 0
--------- --------- --------- ---------
Shares outstanding at
end of period 5,819,554 5,022,977 4,693,828 4,383,038
========= ========= ========= =========
</TABLE>
(b) Commenced operations October 3, 1994
- --------------------------------------------------------------------------------
32 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 Bernstein*
Director
President, Peter L. Bernstein, Inc.
William Kristol
Director
Editor and Publisher, The Weekly Standard
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.
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
227 West Monroe Street
Chicago, Illinois 60606
300 Crescent Court
Dallas, Texas 75201
1999 Avenue of the Stars
Los Angeles, California 90067
555 California Street
San Francisco, California 94104
Phillips Point-West Tower
777 South Flagler Drive
West Palm Beach, Florida 33401
* Not related to Zalman C. Bernstein, Chairman of the Executive Committee,
Sanford C. Bernstein & Co., Inc.
<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, 1996
Schedule of Investments
Stock Portfolios
--------------------
International Value
Emerging Markets 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 and Bernstein
Emerging Markets Value Portfolio (two of the eleven portfolios constituting
Sanford C. Bernstein Fund, Inc., hereafter referred to as the "Fund") at
September 30, 1996, the results of each of their operations for the period then
ended, 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 audit 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, 1996 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 15, 1996
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein International Value Portfolio
September 30, 1996
Shares Description Market Value*
- ---------------------------------------------------------------------------
EQUITIES: 97.50%
- ---------------------------------------------------------------------------
AUSTRALIA: 1.37%
- ---------------------------------------------------------------------------
Broadcasting & Publishing
2,857,787 Pacific Magazines & Printing $ 7,759,824
(Note A, p. 5)
Building Materials
1,044,000 Boral Limited (Note A, p. 5) 2,686,035
Food & Household Products
1,371,597 Burns, Philp & Company Limited 1,954,461
Metal-Nonferrous
3,606,086 North Limited (Note A, p. 5) 10,048,625
Paper & Forest Products
800,000 Amcor Limited (Note A, p. 5) 4,825,839
Real Estate
4,134,000 Schroders Property Fund 7,657,979
797,822 Westfield America (Note B, p. 5) 688,431
3,989,114 Westfield Trust 7,421,167
-------------
Total Australian Stocks
(Cost $41,459,869) 43,042,361
-------------
- ---------------------------------------------------------------------------
AUSTRIA: 2.84%
- ---------------------------------------------------------------------------
Banking
638,718 Creditanstalt-Bankverein 39,247,173
Construction & Housing
107,410 Wienerberger Baustoffindustrie AG 19,660,000
Food & Household Products
180,995 Brau-Union Goess-Reinighaus 10,801,396
86,350 Oesterreichische 5,466,716
Brau-Beteiligungs AG
Metal-Steel
200,000 Voest-Alpine Stahl AG 6,908,109
Utilities-Electric, Gas & Water
99,650 Oesterreichische 6,884,859
Elektrizitaetswirtschafts AG
(Verbund)
-------------
Total Austrian Stocks
(Cost $93,467,955) 88,968,253
-------------
- ---------------------------------------------------------------------------
CANADA: 4.44%
- ---------------------------------------------------------------------------
Banking
50,000 Bank of Montreal 1,341,678
2,338,600 National Bank of Canada 21,032,120
Broadcasting & Publishing
706,200 Torstar Corp. (Class B) 13,972,609
Energy Sources
750,200 Suncor Inc. $ 27,015,131
Food & Household Products
850,700 Saskatchewan Wheat Pool (Class B) 10,117,715
(Note B, p. 5)
Metal-Steel
2,688,900 Dofasco Inc. 41,258,358
Telecommunications
1,371,700 Telus Corp. 18,781,444
Textiles/Apparel
1,025,300 Dominion Textile Inc. 5,457,327
-------------
Total Canadian Stocks
(Cost $121,262,835) 138,976,382
-------------
- ---------------------------------------------------------------------------
FINLAND: 2.31%
- ---------------------------------------------------------------------------
Consumer Cyclicals-Wholesale & International Trade
1,002,300 Kesko 16,093,984
Food & Household Products
262,930 Cultor Oy Series 2 (Note A, p. 5) 14,034,590
Insurance (Non-Life)
411,275 Sampo Insurance Co-'A' Free 29,690,399
Paper & Forest Products
25,000 Enzo Oy 'A' (Note A, p. 5) 191,963
1,562,500 Enzo Oy 'R' (Note A, p. 5) 12,236,940
-------------
Total Finnish Stocks
(Cost $61,586,257) 72,247,876
-------------
- ---------------------------------------------------------------------------
FRANCE: 11.89%
- ---------------------------------------------------------------------------
Automobiles
258,330 Peugeot SA 28,456,058
Banking
270,400 Compagnie Financiere de Paribas 17,379,305
20,000 Credit National (Note A, p. 5) 1,002,807
74,920 Societe Generale 8,281,739
Broadcasting & Publishing
159,800 CEP Communications 11,755,687
Business & Public Services
583,700 Compagnie Generale des Eaux 63,392,837
Construction & Housing
135,195 Eiffage 7,202,723
Electrical & Electronics
364,891 Alcatel Alsthom 30,763,727
Energy Sources
93,702 ESSO SAF 9,378,363
347,626 Societe Nationale Elf Aquitaine 27,181,520
Financial Services
39,031 Eurafrance 15,505,103
Food & Household Products
220,950 Eridania Beghin-Say SA 34,091,017
*See Note 1, page 26 in Notes to Financial Statements.
- -------------------------------------------------------------------------------
Schedule of Investments--Stock Portfolios 1
<PAGE>
Shares Description Market Value
- ---------------------------------------------------------------------------
Machinery & Engineering
412,460 Vallourec $ 19,315,473
Merchandising
622,418 Etablissements Economiques du 25,303,994
Casino Guichard Perrachon et Cie
(Note A, p. 5)
567,925 Etablissements Economiques du 15,502,357
Casino Guichard Perrachon et Cie (PFD)
Metal-Steel
650,872 Usinor Sacilor 10,042,493
Miscellaneous Materials
110,928 Compagnie de Saint-Gobain 15,032,349
Multi-Industry
17,895 Financiere et Industrielle Gaz et Eaux 7,053,377
7,000 Worms et Compagnie 352,338
Real Estate
205,750 Sefimeg 14,789,464
127,216 Simco 10,466,905
-------------
Total French Stocks
(Cost $370,106,975) 372,249,636
-------------
- ---------------------------------------------------------------------------
GERMANY: 17.24%
- ---------------------------------------------------------------------------
Banking
1,393,400 Bayerische Hypotheken und 39,742,334
Wechsel Bank (Note A, p. 5)
849,560 Bayerische Vereinsbank (Note A, p. 5) 29,488,951
196,773 Commerzbank (Note A, p. 5) 44,911,515
559,650 Dresdner Bank (Note A, p. 5) 14,745,379
193,016 IKB Deutsche Industriebank 35,015,674
(Note A, p. 5)
Building Materials
4,293 Dyckerhoff AG (Vorzug) 950,314
Chemicals
1,648,500 BASF AG (Note A, p. 5) 51,822,647
1,320,000 Bayer AG (Note A, p. 5) 48,411,815
Electrical & Electronics
989,300 Siemens AG (Stamm) (Note A, p. 5) 52,131,167
Health & Personal Care
62,266 Dragerwerk AG (Vorzug) 8,559,587
20,000 Wella AG (Stamm) 12,011,265
11,275 Wella AG (Vorzug) (Note A, p. 5) 6,793,503
Machinery & Engineering
35,000 MAN AG (Stamm) (Note A, p. 5) 9,031,370
65,996 MAN AG (Vorzug) (Note A, p. 5) 13,117,942
Merchandising
46,300 Herlitz AG (Stamm) (Note B, p. 5) 5,261,019
53,850 Herlitz AG (Vorzug) (Note B, p. 5) 6,013,115
73,500 Karstadt AG (Note A, p. 5) 25,368,066
394,848 Metro AG (Vorzug) 25,471,562
Multi-Industry
24,350 Rheinmetall Berlin (Stamm) $ 3,348,942
24,538 Rheinmetall Berlin (Vorzug) 2,699,839
Non-Financial
49,625 Grohe (Friedrich) AG (NVP) 13,633,956
Textiles/Apparel
10,305 Hugo Boss 12,013,164
Utilities-Electric, Gas & Water
732,600 RWE AG (Stamm) (Note A, p. 5) 27,636,230
389,800 RWE AG (Vorzug) (Note A, p. 5) 11,909,208
757,000 VEBA AG (Note A, p. 5) 39,612,483
-------------
Total German Stocks
(Cost $475,867,371) 539,701,047
-------------
- ---------------------------------------------------------------------------
HONG KONG: 0.91%
- ---------------------------------------------------------------------------
Real Estate
5,056,146 Great Eagle Holdings (Note A, p. 5) 15,038,324
4,019,000 Hang Lung Development Company 7,691,866
7,220,000 Tai Cheung Holdings 5,742,015
-------------
Total Hong Kong Stocks
(Cost $28,616,162) 28,472,205
-------------
- ---------------------------------------------------------------------------
ITALY: 8.83%
- ---------------------------------------------------------------------------
Automobiles
13,676,478 Magneti Marelli S.p.A. ORD 16,071,489
(Note A, p. 5)
2,267,500 Magneti Marelli S.p.A. RNC 2,009,601
Banking
7,992,000 Banca Commerciale Italiana 15,808,236
(Note A, p. 5)
1,599,200 Banca Popolare di Bergamo 25,840,217
(Note A, p. 5)
1,156,000 Banca Popolare di Milano 6,100,068
(Note A, p. 5)
5,885,800 Banco Ambrosiano Veneto RNC 8,976,014
444,800 Banco di Sardegna RNC 2,598,864
1,554,090 Istituto Bancario San Paolo di 10,208,583
Torino ORD (Note A, p. 5)
3,899,750 Istituto Mobiliare Italiano
(Note A, p. 5) 33,043,869
Energy Sources
10,978,000 ENI S.p.A. (Note A, p. 5) 56,228,692
Machinery & Engineering
5,635,000 Finmeccanica ORD (Note B, p. 5) 2,101,958
750,000 Finmeccanica RNC (Note B, p. 5) 272,772
Telecommunications
37,085,500 Telecom Italia S.p.A. ORD 82,412,222
(Note A, p. 5)
8,123,000 Telecom Italia S.p.A. RNC 14,952,826
(Note A, p. 5)
-------------
Total Italian Stocks
(Cost $244,410,575) 276,625,411
-------------
- -------------------------------------------------------------------------------
2 Sanford C. Bernstein Fund, Inc.--1996 Annual Report
<PAGE>
Shares Description Market Value
- ---------------------------------------------------------------------------
JAPAN: 29.33%
- ---------------------------------------------------------------------------
Appliances & Household Durables
2,071,000 Matsushita Electric Industrial $ 34,702,240
Co., Ltd.
Automobiles
1,282,000 Aisin Seiki Co., Ltd. (Note A, p. 5) 19,413,799
393,000 Toyoda Gosei Co., Ltd. (Note A, p. 5) 3,197,527
Banking
375,900 Bank of Iwate 21,186,479
1,540,000 Biwako Bank 7,589,606
3,381,000 Higo Bank 24,236,559
1,515,000 Hyakugo Bank 9,692,742
95,000 Hyakujushi Bank (Note A, p. 5) 612,903
2,218,000 Kagoshima Bank 16,495,878
3,206,000 Michinoku Bank 24,993,011
1,442,000 Miyazaki Bank 9,238,620
1,733,000 Oita Bank 13,478,889
3,422,000 Toho Bank 24,346,487
1,000 Yamagata Bank 4,937
Business & Public Services
1,000 Dai Nippon Printing 18,638
1,254,000 Toppan Printing Co., Ltd. 17,641,398
Chemicals
2,371,000 Fuji Photo Film Co., Ltd. 72,022,312
1,393,000 Kansai Paint Co., Ltd. 6,553,091
Construction & Housing
4,252,000 Sekisui House, Ltd. 46,482,437
Electrical & Electronics
8,744,000 Hitachi, Ltd. 84,619,355
Energy Sources
1,678,000 General Sekiyu (Note A, p. 5) 13,457,079
Financial Services
2,499,000 Hitachi Credit (Note A, p. 5) 44,337,097
Food & Household Products
174,000 Ezaki Glico Co., Ltd. (Note A, p. 5) 1,746,237
200,000 Hokkaido Coca-Cola Bottling Co., Ltd. 2,580,645
176,000 Kita Kyushu Coca-Cola Bottling 4,273,835
Co., Ltd.
191,000 Mikuni Coca-Cola Bottling Co., Ltd. 2,601,434
207,000 Sanyo Coca-Cola Bottling Co., Ltd. 2,949,193
214,000 Shikoku Coca-Cola Bottling Co., Ltd. 2,780,466
(Note A, p. 5)
Health & Personal Care
716,000 Daiichi Pharmaceutical Co., Ltd. 11,291,756
1,130,000 Yamanouchi Pharmaceutical Co., Ltd. 23,896,058
(Note A, p. 5)
Insurance (Non-Life)
4,998,000 Chiyoda Fire & Marine 29,468,494
3,744,000 Dai-Tokyo Fire & Marine 25,798,710
Machinery & Engineering
3,291,000 Makita Corp. 48,067,473
973,000 Sintokogio (Note A, p. 5) 8,718,638
Merchandising
333,000 Aoki International Co., Ltd. $ 6,445,162
(Note A, p. 5)
860,000 Aoyama Trading Co., Ltd. 23,503,584
Metal-Steel
690,000 Kurimoto, Ltd. 7,543,011
1,440,000 Maruichi Steel Tube, Ltd. 25,548,387
432,900 Tokyo Steel Manufacturing Co., Ltd. 7,641,694
510,000 Yamato Kogyo Co., Ltd. 5,301,075
862,000 Yodogawa Steel Works, Ltd. 6,179,211
(Note A, p. 5)
Miscellaneous Materials
2,709,000 Yamamura Glass Co., Ltd. 14,321,774
Real Estate
2,903,000 Daiwa Kosho Lease Co., Ltd. 27,313,172
(Note A, p. 5)
Textiles/Apparel
1,345,000 Gunze Ltd. 7,773,521
1,257,000 Teijin Ltd. 6,330,054
858,000 Tokyo Style Co., Ltd. 13,992,473
970,000 Wacoal Corp. 12,168,459
350,400 World Co., Ltd. (Note A, p. 5) 14,819,785
Transportation-Road & Rail
3,276,000 Seino Transportation Co., Ltd. 46,674,194
Utilities-Electric, Gas & Water
350,000 Hokkaido Electric Power Co., Inc. 7,401,434
(Note A, p. 5)
401,800 Hokuriku Electric Power Co., Inc. 8,388,835
303,000 Kyushu Electric Power Co., Inc. 6,461,828
(Note A, p. 5)
317,200 Shikoku Electric Power Co., Inc. 6,764,659
250,000 Tohoku Electric Power Co., Inc. 5,421,147
-------------
Total Japanese Stocks
(Cost $930,357,687) 918,487,482
-------------
- ---------------------------------------------------------------------------
NETHERLANDS: 2.94%
- ---------------------------------------------------------------------------
Banking
335,100 ABN Amro Holding NV 18,567,753
Chemicals
67,872 DSM NV 6,657,614
Energy Sources
273,343 Royal Dutch Petroleum 42,692,388
Food & Household Products
775,000 Unilever plc 16,575,951
Real Estate
26,000 Wereldhave NV 1,480,119
Telecommunications
178,578 Koninklijke PTT Nederland NV 6,141,323
-------------
Total Netherlands Stocks
(Cost $72,729,606) 92,115,148
-------------
- -------------------------------------------------------------------------------
Schedule of Investments--Stock Portfolios 3
<PAGE>
Shares Description Market Value
- ---------------------------------------------------------------------------
SPAIN: 4.73%
- ---------------------------------------------------------------------------
Banking
541,600 Argentaria $ 22,426,152
358,550 Banco Bilbao Vizcaya 16,520,984
380,750 Banco Central Hispanoamericano 8,608,956
Construction & Housing
1,127,455 Dragados Y Construcciones, SA 14,523,179
(Note A, p. 5)
Energy Sources
443,150 Repsol, SA (Note A, p. 5) 14,555,518
Utilities-Electric, Gas & Water
3,084,784 Fuerzas Electricas de Cataluna, SA 23,097,464
7,815,448 Union Electrica Fenosa, SA 48,481,570
(Note A, p. 5)
-------------
Total Spanish Stocks (Cost $135,890,314) 148,213,823
-------------
- ---------------------------------------------------------------------------
SWEDEN: 0.85%
- ---------------------------------------------------------------------------
Appliances & Household Durables
111,150 AB Electrolux Class B 6,247,963
Banking
254,000 Sparbanken Sverige 3,679,659
560,800 Svenska Handelsbanken Class A 13,794,257
Real Estate
56,080 Nackebro Fastighets AB 829,348
(Notes A & B, p. 5)
174,090 Tornet Fastighets AB 2,022,866
(Notes A & B, p. 5)
-------------
Total Swedish Stocks
(Cost $19,278,639) 26,574,093
-------------
- ---------------------------------------------------------------------------
SWITZERLAND: 2.88%
- ---------------------------------------------------------------------------
Banking
118,974 Schweizerischer Bankverein Bearer 22,677,286
Food & Household Products
10,349 Nestle, SA 11,526,372
Health & Personal Care
43,800 Ciba-Geigy Limited 55,971,319
-------------
Total Swiss Stocks
(Cost $56,758,508) 90,174,977
-------------
- ---------------------------------------------------------------------------
UNITED KINGDOM: 6.94%
- ---------------------------------------------------------------------------
Automobiles
4,633,398 Lex Service plc 26,579,126
Broadcasting & Publishing
3,183,211 United News and Media plc 34,328,258
Building Materials
359,333 Redland plc 2,564,656
Construction & Housing
1,900,000 Tarmac plc 2,869,776
Electrical & Electronics
1,760,898 The General Electric Co., plc $ 10,900,535
Food & Household Products
11,102,960 Hazlewood Foods plc 16,770,005
1,600,100 Hillsdown Holdings plc 4,495,507
Insurance (Non-Life)
1,572,063 Guardian Royal Exchange plc 6,335,987
2,706,565 Royal Sun & Alliance Insurance 17,178,152
Group plc
Merchandising
279,399 Safeway plc 1,436,572
Metal-Steel
3,743,900 British Steel plc 11,602,633
Multi-Industry
2,915,475 Hanson plc 7,152,930
Real Estate
2,300,000 MEPC plc 15,785,725
Transportation-Shipping
1,289,800 Shell Transportation & Trading 19,683,127
Utilities-Electric, Gas & Water
574,600 Anglian Water plc 4,834,051
3,262,480 South West Water plc 34,749,063
-------------
Total United Kingdom Stocks
(Cost $187,757,014) 217,266,103
-------------
Total Equities
(Cost $2,839,549,767) 3,053,114,797
-------------
- ---------------------------------------------------------------------------
RIGHTS-FRANCE MULTI-INDUSTRY (Note B, p. 5): 0.01%
- ---------------------------------------------------------------------------
17,895 Financiere et Industrielle Gaz et 360,983
Eaux (Expiration 11/19/1996)
-------------
Total Rights (Cost $0) 360,983
-------------
- ---------------------------------------------------------------------------
WARRANTS-FRANCE BROADCASTING &
PUBLISHING (Note B, p. 5): 0.01%
- ---------------------------------------------------------------------------
159,800 CEP Communications 300,079
(Expiration 12/31/1997)
-------------
Total Warrants (Cost $421,034) 300,079
-------------
- ---------------------------------------------------------------------------
REPURCHASE AGREEMENT: 0.42%
- ---------------------------------------------------------------------------
13,092,000 State Street Bank & Trust Co., 13,092,000
Repurchase Agreement,
Dated 09/30/1996, 4.90%,
maturing 10/01/1996,
Collateral 10,975,000 principal
amount U.S. Treasury Bond,
8.875%, 02/15/2019,
Value $13,358,638
-------------
Total Repurchase Agreement
(Cost $13,092,000) 13,092,000
-------------
- -------------------------------------------------------------------------------
4 Sanford C. Bernstein Fund, Inc.--1996 Annual Report
<PAGE>
- ---------------------------------------------------------------------------
INVESTMENT SUMMARY
- ---------------------------------------------------------------------------
Total Investments (Cost $2,853,062,801) 97.94% $3,066,867,859
(Note D, below)
Cash and Other Assets, Less Liabilities 2.06 64,390,402
(Note E, below)
------- --------------
Net Assets (Equivalent to $18.14
per share based on 172,644,553
shares of capital stock outstanding) 100.00% $3,131,258,261
======= ==============
- ---------------------------------------------------------------------------
LONG FUTURES CONTRACT
- ---------------------------------------------------------------------------
Quantity Description Unrealized Appreciation
- ---------------------------------------------------------------------------
350 French CAC 40 Stock Index $ 457,300
October 1996
--------------
Total Long Futures Contract $ 457,300
--------------
- ---------------------------------------------------------------------------
FOREIGN CURRENCIES
- ---------------------------------------------------------------------------
Quantity Description Market Value
- ---------------------------------------------------------------------------
2,055,823 Australian Dollar $ 1,627,473
37,769,627 Austrian Schilling 3,516,398
2,232,931 British Pound 3,494,961
3,954,395 Canadian Dollar 2,903,161
7,029,818 Deutschemark 4,603,981
5,948,330 Finnish Markka 1,301,262
12,645,139 French Franc 2,646,682
11,562,769 Hong Kong Dollar 1,495,250
2,585,555,706 Italian Lira 1,697,394
1,290,574,699 Japanese Yen 11,564,288
1,895,481 Netherlands Guilder 1,106,721
719,069,411 Spanish Peseta 5,596,741
5,563,232 Swedish Krona 839,518
2,038,740 Swiss Franc 1,624,236
-------------
Total Foreign Currencies $ 44,018,066
-------------
- ---------------------------------------------------------------------------
(A) Represents entire or partial security position out on loan or securities
contractually obligated to be loaned at a future date.
(B) Non-income-producing security
(C) Explanation of abbreviations:
PFD-Preferred Share
Stamm-German Ordinary Share
Vorzug-German Preferred Share
NVP-Non-Voting Preference Share
ORD-Italian Ordinary Share
RNC-Italian Savings Share
(D) At September 30, 1996, the cost basis of investment
securities owned was substantially identical for both book and tax.
(E) Includes $2,034,371 U.S. dollar equivalent of French francs pledged as
collateral for futures transactions.
(F) Allocation of assets by industry as of September 30, 1996:
Appliances & Household Durables 1.31%
Automobiles 3.06
Banking 19.57
Broadcasting & Publishing 2.17
Building Materials 0.20
Business & Public Services 2.59
Chemicals 5.92
Construction & Housing 2.90
Consumer Cyclicals-Wholesale & International Trade 0.51
Electrical & Electronics 5.70
Energy Sources 6.08
Financial Services 1.91
Food & Household Products 4.56
Health & Personal Care 3.78
Insurance (Non-Life) 3.46
Machinery & Engineering 3.21
Merchandising 4.29
Metal-Nonferrous 0.32
Metal-Steel 3.90
Miscellaneous Materials 0.94
Multi-Industry 0.67
Non-Financial 0.44
Paper & Forest Products 0.55
Real Estate 3.73
Telecommunications 3.91
Textiles/Apparel 2.32
Transportation-Road & Rail 1.49
Transportation-Shipping 0.63
Utilities-Electric, Gas & Water 7.40
Repurchase Agreement 0.42
Cash and Other Assets, Less Liabilities 2.06
-------
Total 100.00%
=======
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Schedule of Investments--Stock Portfolios 5
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Emerging Markets Value Portfolio
September 30, 1996
Shares Description Market Value*
- ---------------------------------------------------------------------------
EQUITIES: 96.72%
- ---------------------------------------------------------------------------
ARGENTINA: 6.60%
- ---------------------------------------------------------------------------
Banking
97,000 Banco de Galicia Y Buenos Aires $ 533,607
S.A. de C.V.
4,000 Banco de Galicia Y Buenos Aires 87,500
S.A. de C.V. ADR
Beverage & Tobacco
50,082 Nobleza Piccardo S.A.I.C. 185,340
Energy Sources
2,490,600 Astra Cia Argentina de Petroleo S.A. 4,010,668
Metal-Steel
3,115,498 Siderca S.A.I.C. 4,643,020
Real Estate
332,300 IRSA Inversiones y 987,128
Representaciones S.A.
3,700 IRSA Inversiones y 109,613
Representaciones S.A. GDR
Textiles/Apparel
2,373,530 Alpargatas S.A.I.C. (Note B, p. 9) 1,400,663
Utilities-Electric, Gas & Water
1,943,759 Central Puerto S.A. 6,124,066
-------------
Total Argentine Stocks
(Cost $17,119,862) 18,081,605
-------------
- ---------------------------------------------------------------------------
BRAZIL: 4.88%
- ---------------------------------------------------------------------------
Food & Household Products
753,000 Santista Alimentos S.A. (Note B, p. 9) 1,489,629
Metal-Steel
123,083,500 Siderurgica Riograndense S.A. (PFD) 1,904,534
Multi-Industry
3,536,000 Itausa Investment Itau S.A. 2,770,346
Paper & Forest Products
101,000,000 Votorantim Celulose Papel S.A. (PFD) 1,989,139
Utilities-Electric, Gas & Water
386,000 Centrais Electricas Brasileiras ADR 5,211,000
-------------
Total Brazilian Stocks
(Cost $13,110,184) 13,364,648
-------------
- ---------------------------------------------------------------------------
CHILE: 4.49%
- ---------------------------------------------------------------------------
Banking
149,500 Banco O'Higgins ADR 3,494,563
Beverage & Tobacco
109,000 Vina Concha Y Toro S.A. ADR $ 2,057,375
Telecommunications
36,600 Compania de Telecomunicaciones de 3,536,475
Chile S.A. ADR
Utilities-Electric, Gas & Water
138,700 Chilgener S.A. ADR 3,224,775
-------------
Total Chilean Stocks
(Cost $11,957,914) 12,313,188
-------------
- ---------------------------------------------------------------------------
CHINA: 4.86%
- ---------------------------------------------------------------------------
Appliances & Household Durables
15,739,145 Shenzhen China Bicycles Co., Ltd. 3,826,405
Chemicals
29,112,000 Yizheng Chemical Fibre Co., Ltd. 7,077,533
Metal-Steel
4,968,000 Maanshan Iron & Steel Co., Ltd. 912,267
Utilities-Electric, Gas & Water
90,000 Shandong Huaneng Power Company 1,496,250
Ltd. ADR
-------------
Total Chinese Stocks
(Cost $12,388,495) 13,312,455
-------------
- ---------------------------------------------------------------------------
INDIA: 3.55%
- ---------------------------------------------------------------------------
Chemicals
669,000 Southern Petrochemical Industries 3,177,750
Corp., Ltd. GDS
Consumer Cyclicals-Wholesale & International Trade
40,000 Videocon International Ltd. GDR 72,000
(Note B, p. 9)
828,000 Videocon International Ltd. GDS 1,531,800
(Note B, p. 9)
Financial Services
200,000 Industrial Credit & Investment 2,226,000
Corp. of India Ltd. GDR (Note B, p. 9)
Utilities-Electric, Gas & Water
157,000 BSES Ltd. GDR (Note B, p. 9) 2,708,250
-------------
Total Indian Stocks
(Cost $12,993,255) 9,715,800
-------------
- ---------------------------------------------------------------------------
INDONESIA: 8.66%
- ---------------------------------------------------------------------------
Automobiles
7,500,500 PT Gadjah Tunggal (Foreign) 3,228,799
500,000 PT Gadjah Tunggal (Local) 215,239
Building Materials
1,205,000 PT Semen Cibinong (Foreign) 3,112,355
Food & Household Products
7,627,500 PT Sinar Mas Multiartha (Foreign) 5,499,811
Paper & Forest Products
2,450,500 PT Inti Indorayon Utama (Foreign) 2,136,144
*See Note 1, page 26 in Notes to Financial Statements.
- --------------------------------------------------------------------------------
6 Sanford C. Bernstein Fund, Inc.--1996 Annual Report
<PAGE>
Shares Description Market Value
- ---------------------------------------------------------------------------
Real Estate
5,137,000 PT Dharmala Intiland (Foreign) $ 6,136,537
Telecommunications
1,584,000 PT Telekomunikasi Indonesia 2,454,757
(Foreign)
30,000 PT Telekomunikasi Indonesia ADR 933,750
-------------
Total Indonesian Stocks
(Cost $24,029,825) 23,717,392
-------------
- ---------------------------------------------------------------------------
ISRAEL: 5.17%
- ---------------------------------------------------------------------------
Banking
2,218,839 Bank Hapoalim 3,045,099
154,343 Israel Discount Bank 1,451,434
Multi-Industry
1,999,527 Israel Land Development (Note B, p. 9) 5,544,367
8,500 Israel Land Development ADR 70,656
(Note B, p. 9)
Telecommunications
533,722 Bezeq Israeli Telecommunication 1,278,496
Corp. Ltd.
Textiles/Apparel
2,801,468 Kitan Consolidated (Note B, p. 9) 2,761,186
-------------
Total Israeli Stocks
(Cost $17,126,008) 14,151,238
-------------
- ---------------------------------------------------------------------------
MALAYSIA: 9.78%
- ---------------------------------------------------------------------------
Automobiles
269,000 Oriental Holdings Berhad 2,157,237
1,782,000 Tan Chong Motor Berhad 2,986,116
Building Materials
1,255,000 Cement Industries of Malaysia 4,005,745
Berhad
Financial Services
1,755,000 MBF Capital Berhad 2,492,739
Miscellaneous Materials
1,586,000 Golden Hope Plantations Berhad 2,657,676
1,040,000 Kuala Lumpur Kepong Berhad 2,697,096
3,773,800 Malaysia Mining Corp. Berhad 4,095,410
Real Estate
350,000 Bolton Properties Berhad 631,184
Utilities-Electric, Gas & Water
1,443,000 Tenaga Nasional Berhad 5,066,390
-------------
Total Malaysian Stocks
(Cost $26,117,641) 26,789,593
-------------
- ---------------------------------------------------------------------------
MEXICO: 8.01%
- ---------------------------------------------------------------------------
Beverage & Tobacco
1,234,000 Fomento Economico Mexicano S.A. 3,758,210
de C.V.
Construction & Housing
260,400 Empresas ICA Sociedad $ 3,971,100
Controladora S.A. de C.V. ADR
(Note B, p. 9)
Financial Services
8,550 Grupo Financiero Banamex S.A. 17,435
(Note B, p. 9)
285,000 Grupo Financiero Banamex S.A. (NVP) 615,135
(Note B, p. 9)
2,220,000 Grupo Financiero Serfin S.A. de C.V. 1,219,942
Metal-Nonferrous
372,944 Grupo Mexico S.A. (NVP) 1,160,512
(Note B, p. 9)
Metal-Steel
170,100 Tubos de Acero de Mexico S.A. ADR 1,849,837
(Note B, p. 9)
Multi-Industry
877,000 Cydsa S.A. 1,869,664
Retail
1,410,000 Sears Roebuck de Mexico S.A. (NVP) 3,715,439
(Note B, p. 9)
Telecommunications
165,000 Telefonos de Mexico S.A. 263,930
108,975 Telefonos de Mexico S.A. ADR 3,500,822
-------------
Total Mexican Stocks
(Cost $21,796,311) 21,942,026
-------------
- ---------------------------------------------------------------------------
PHILIPPINES: 7.70%
- ---------------------------------------------------------------------------
Banking
404,000 Philippine National Bank (Note B, p. 9) 6,660,187
Food & Household Products
9,116,000 Universal Robina Corp. 4,604,040
Real Estate
23,351,000 Robinson's Land Corp. - Series `B' 4,628,367
(Note B, p. 9)
Telecommunications
60,670 Philippine Long Distance 3,769,472
Telephone Co.
22,700 Philippine Long Distance 1,418,750
Telephone Co. ADR
-------------
Total Philippine Stocks
(Cost $20,736,849) 21,080,816
-------------
- ---------------------------------------------------------------------------
SOUTH AFRICA: 10.22%
- ---------------------------------------------------------------------------
Banking
1,034,881 Amalgamated Banks of South Africa 5,577,613
Beverage & Tobacco
612,300 Rembrandt Group Ltd. 5,533,848
Metal-Steel
7,926,642 S.A. Iron & Steel Industrial 5,224,437
Corp., Ltd.
- --------------------------------------------------------------------------------
Schedule of Investments--Stock Portfolios 7
<PAGE>
Shares Description Market Value
- ---------------------------------------------------------------------------
Mining
193,900 De Beers Consolidated Mines Ltd. $ 6,026,650
2,500 De Beers Consolidated Mines 77,500
Ltd. ADR
508,000 Free State Consolidated Gold 4,843,161
Mines Ltd.
75,000 Free State Consolidated Gold 721,875
Mines Ltd. ADR
-------------
Total South African Stocks
(Cost $30,673,251) 28,005,084
-------------
- ---------------------------------------------------------------------------
SOUTH KOREA: 7.31%
- ---------------------------------------------------------------------------
Banking
350,350 Kwang Ju Bank 2,587,330
Building Materials
82,430 Asia Cement Manufacturing Co., Ltd. 2,454,937
Financial Services
169,203 Central Investment & Finance Corp. 2,970,271
Metal-Steel
69,880 Inchon Iron & Steel Co., Ltd. 1,556,649
27,812 Inchon Iron & Steel Co., Ltd. 619,541
(RFD 1/97) (Note B, p. 9)
Textiles/Apparel
97,400 Tongyang Nylon Co., Ltd. (Note B, p. 9) 2,594,189
Tires & Rubber
199,830 Korea Kumho Petrochemical Co. 1,681,378
Utilities-Electric, Gas & Water
86,000 Korea Electric Power Corp. 2,884,019
141,100 Korea Electric Power Corp. ADR 2,663,263
-------------
Total South Korean Stocks
(Cost $25,123,998) 20,011,577
-------------
- ---------------------------------------------------------------------------
TAIWAN: 2.63%
- ---------------------------------------------------------------------------
Metal-Steel
352,100 China Steel Corp. GDS (Note B, p. 9) 7,218,050
-------------
Total Taiwan Stock
(Cost $6,504,685) 7,218,050
-------------
- ---------------------------------------------------------------------------
THAILAND: 9.21%
- ---------------------------------------------------------------------------
Banking
2,920,888 First Bangkok City Bank PLC 4,536,789
(Foreign)
1,275,912 First Bangkok City Bank PLC 1,843,803
(Local)
Building Materials
3,180,000 Thai-German Ceramic Industry Co., 4,282,765
Ltd. (Foreign)
Financial Services
100 Thai Investment & Securities Co. 692
(Local)
Merchandising
1,136,300 Saha Pathana Inter-Holding, Ltd. $ 3,038,355
(Foreign)
Real Estate
1,850,000 Krisda Mahanakorn Public Co., 2,473,359
Ltd. (Foreign)
1,836,200 Tanayong Public Co., Ltd. (Foreign) 2,491,011
1,541,600 Tanayong Public Co., Ltd. (Local) 1,833,723
Telecommunications
640,800 Total Access Communication Public 4,741,920
Co., Limited GDS
-------------
Total Thailand Stocks
(Cost $31,616,712) 25,242,417
-------------
- ---------------------------------------------------------------------------
TURKEY: 3.65%
- ---------------------------------------------------------------------------
Automobiles
68,131,650 Tofas Turk Otomobil Fabrikasi A.S. 2,370,312
(Note B, p. 9)
5,504,100 Tofas Turk Otomobil Fabrikasi 825,615
A.S. GDS (Note B, p. 9)
Banking
112,590,100 Yapi ve Kredi Bankasi A.S. 2,815,364
Metal-Nonferrous
37,149,800 Eregli Demir ve Celik Fabrikalari T.A.S. 3,998,510
-------------
Total Turkish Stocks
(Cost $11,914,629) 10,009,801
-------------
Total Equities
(Cost $283,209,619) 264,955,690
-------------
- ---------------------------------------------------------------------------
RIGHTS-INDONESIA AUTOMOBILES (Note B, p. 9): 0.00%
- ---------------------------------------------------------------------------
8,000,500 PT Gadjah Tunggal (Foreign) 0
(Expiration 11/18/1996)
-------------
Total Rights
(Cost $0) 0
-------------
- ---------------------------------------------------------------------------
REPURCHASE AGREEMENT: 1.54%
- ---------------------------------------------------------------------------
4,215,000 State Street Bank & Trust Co., 4,215,000
Repurchase Agreement,
Dated 09/30/1996,
4.90%, maturing 10/01/1996,
Collateral 4,245,000 principal
amount U.S. Treasury Note,
5.625%, 06/30/1997,
Value $4,304,031
------------
Total Repurchase Agreement
(Cost $4,215,000) 4,215,000
------------
- -------------------------------------------------------------------------------
8 Sanford C. Bernstein Fund, Inc.--1996 Annual Report
<PAGE>
- ---------------------------------------------------------------------------
INVESTMENT SUMMARY
- ---------------------------------------------------------------------------
Total Investments (Cost $287,424,619) 98.26% $269,170,690
(Note C, below)
Cash and Other Assets, Less Liabilities 1.74 4,753,442
--------------------------
Net Assets (Equivalent to $21.82
per share based on 12,554,385
shares of capital stock outstanding) 100.00% $273,924,132
==========================
- ---------------------------------------------------------------------------
FOREIGN CURRENCIES
- ---------------------------------------------------------------------------
Quantity Description Market Value
- ---------------------------------------------------------------------------
60,993 Argentine Peso $ 61,005
775,627 Hong Kong Dollar 775,627
283,378,249 Indonesian Rupiah 121,988
423,851 Israeli Shekel 132,201
224,833 Malaysian Ringgit 89,703
2,518,872 Mexican Peso 333,518
24,985,616 Philippine Peso 952,377
577,314 South African Rand 127,260
5,254 South Korean Won 6
14,119,038 Thailand Baht 555,190
4,207,080,858 Turkish Lira 45,739
-------------
Total Foreign Currencies $ 3,194,614
-------------
- ---------------------------------------------------------------------------
(A) Explanation of abbreviations:
ADR-American Depository Receipts
GDR-Global Depository Receipts
PFD-Preferred Share
GDS-Global Depository Share
NVP-Non-Voting Preference Share
RFD-Restricted for Dividends
(B) Non-income-producing security
(C) At September 30, 1996, the cost basis of investment securities owned
was substantially identical for both book and tax.
(D) Allocation of assets by industry as of September 30, 1996:
Appliances & Household Durables 1.40%
Automobiles 4.30
Banking 11.91
Beverage and Tobacco 4.21
Building Materials 5.06
Chemicals 3.74
Construction & Housing 1.45
Consumer Cyclicals-Wholesale & International Trade 0.59
Energy Sources 1.46
Financial Services 3.48
Food & Household Products 4.23
Merchandising 1.11
Metal-Nonferrous 1.88
Metal-Steel 8.74
Mining 4.26
Miscellaneous Materials 3.45
Multi-Industry 3.74
Paper & Forest Products 1.51
Real Estate 7.04
Retail 1.36
Telecommunications 7.99
Textiles/Apparel 2.47
Tires & Rubber 0.61
Utilities-Electric, Gas & Water 10.73
Repurchase Agreement 1.54
Cash and Other Assets, Less Liabilities 1.74
-------
Total 100.00%
=======
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Schedule of Investments--Stock Portfolios 9
<PAGE>
ANNUAL REPORT
SEPTEMBER 30, 1996
Sanford C. Bernstein Fund, Inc.
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 eleven portfolios constituting Sanford C. Bernstein Fund, Inc., hereafter
referred to as the "Fund") at September 30, 1996, the results of each of their
operations for the year then ended, the changes in each of their 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 audit 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, 1996 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 15, 1996
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Intermediate Duration Portfolio
September 30, 1996
- -------------------------------------------------------------------
Principal Amount Description Market Value*
- -------------------------------------------------------------------
DOMESTIC INVESTMENTS: 101.93%
- -------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 15.22%
- -------------------------------------------------------------------
Commercial Paper (Note A, p. 4): 0.40%
5,850,000 American General Corp., $ 5,850,000
10/01/1996
--------------
Total Commercial Paper (Cost $5,850,000) 5,850,000
--------------
U.S. Treasury Bill: 14.82%
225,000,000 07/24/1997 215,158,050
--------------
Total U.S. Treasury Bill (Cost $214,940,317) 215,158,050
--------------
Total Short-Term Investments
(Cost $220,790,317) 221,008,050
--------------
- -------------------------------------------------------------------
U.S. TREASURY NOTES: 29.30%
- -------------------------------------------------------------------
74,850,000 5.625%, 10/31/1997 (Note B, p. 4) 74,686,228
50,955,000 5.875%, 04/30/1998 (Note C, p. 4) 50,859,459
30,000,000 6.25%, 06/30/1998 (Note D, p. 4) 30,103,080
9,445,000 6.75%, 05/31/1999 (Note E, p. 4) 9,563,063
55,000,000 7.75%, 01/31/2000 (Note F, p. 4) 57,268,750
86,000,000 6.125%, 07/31/2000 85,193,750
48,000,000 6.25%, 08/31/2000 47,730,000
38,705,000 5.75%, 08/15/2003 36,902,740
34,635,000 5.875%, 02/15/2004 33,119,719
Total U.S. Treasury Notes
(Cost $424,541,318) 425,426,789
--------------
- -------------------------------------------------------------------
U.S. TREASURY BONDS: 19.39%
- -------------------------------------------------------------------
152,580,000 7.25%, 05/15/2016 155,822,325
(Notes G & H, p. 4)
120,015,000 7.50%, 11/15/2016 125,678,028
--------------
Total U.S. Treasury Bonds
(Cost $284,824,496) 281,500,353
--------------
- -------------------------------------------------------------------
MORTGAGE DERIVATIVES: 2.53%
- -------------------------------------------------------------------
1,192,143 Federal National Mortgage 375,525
Association Interest Only Strip,
Series 34 Class 2,
9.00%, 05/25/2018
4,671,339 Federal National Mortgage 4,822,779
Association Series 1990-18 Class H,
9.00%, 05/25/2019
4,794,760 Federal National Mortgage 1,540,317
Association Interest Only Strip,
Series 173 Class 2,
9.50%, 11/25/2021
*See Note 1, page 26 in Notes to Financial Statements.
- -------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------
4,700,000 G.E. Capital Mortgage Services, $3,968,722
Inc. Series 1993-10 Class A15,
6.50%, 09/25/2023
3,875,000 Federal Home Loan Mortgage Corp. 3,276,506
Series 1632 Class B,
6.00%, 11/15/2023
2,608,274 G.E. Capital Mortgage Services, 2,595,700
Inc. Series 1994-11 Class A1,
6.50%, 03/25/2024
2,835,000 Federal National Mortgage 2,786,493
Association Series 1994-G6
Class PY, 7.75%, 05/17/2024
3,186,392 Prudential Home Mortgage 3,252,347
Securities Series 1994-15
Class A1, 8.00%, 05/25/2024
1,546,160 Government National Mortgage 1,326,542
Association Series 1994-5
Class JA, 6.50%, 07/16/2024
1,636,794 Residential Funding Mortgage Inc., 1,657,056
Securities 1, Series 1994-S15
Class A8, 7.75%, 07/25/2024
2,307,000 Citicorp Mortgage Securities, Inc. 1,892,845
Series 1994-11 Class A9,
6.25%, 08/25/2024
5,898,676 Ryland Mortgage Securities Corp. 5,941,612
Series 1993-4 Class A2,
7.50%, 08/25/2024
3,273,717 Residential Funding Mortgage Inc., 3,296,335
Securities 1, Series 1995-S3
Class A1, 7.65%, 04/25/2025
-----------
Total Mortgage Derivatives (Cost $36,125,727) 36,732,779
-----------
- -------------------------------------------------------------------
MORTGAGE PASS-THROUGHS: 29.86%
- -------------------------------------------------------------------
1,460,135 Federal National Mortgage 1,480,650
Association DUS Pool #073565,
7.31%, 07/01/2003 (Note I, p. 4)
2,704,247 Federal National Mortgage 3,076,081
Association Pool #303305,
12.00%, 05/01/2016
253,066 Federal Home Loan Mortgage Corp. 260,342
Pool #293246,
8.50%, 05/01/2017
7,971,735 Government National Mortgage 8,606,835
Association Pool #267832,
9.50%, 11/15/2017
2,472,312 Federal Home Loan Mortgage Corp. 2,545,959
Pool #304272,
8.50%, 06/01/2018
4,918,762 Government National Mortgage 5,182,501
Association Pool #312952,
9.00%, 08/15/2021
5,962,674 Government National Mortgage 6,426,624
Association Pool #780118,
9.50%, 08/15/2021
Schedule of Investments--Taxable Bond Portfolios 1
<PAGE>
- --------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------
7,840,210 Government National Mortgage $ 8,450,250
Association Pool #780049,
9.50%, 11/15/2021
7,811,368 Government National Mortgage 8,419,162
Association Pool #780254,
9.50%, 11/15/2021
5,649,000 Federal Home Loan Mortgage Corp. 5,935,173
Gold Pool #G00391,
9.00%, 06/01/2022
6,466,859 Government National Mortgage 6,550,145
Association Pool #392349,
8.00%, 07/15/2024
8,470,755 Government National Mortgage 8,578,833
Association II ARM Pool #008484,
7.00%, 08/20/2024
12,174,578 Federal Home Loan Mortgage Corp. 12,551,125
Gold Pool #D57227,
8.50%, 10/01/2024
5,659,024 Government National Mortgage 6,101,271
Association Pool #780012,
9.50%, 10/15/2024
1,134,156 Federal Home Loan Mortgage Corp. 1,166,763
Gold Pool #C80266,
8.50%, 02/01/2025
1,389,029 Federal Home Loan Mortgage Corp. 1,428,240
Pool #D59101,
8.50%, 03/01/2025
83,320 Federal Home Loan Mortgage Corp. 87,121
Gold Pool #C80286,
9.00%, 03/01/2025
34,803 Federal Home Loan Mortgage Corp. 36,391
Gold Pool #D59810,
9.00%, 04/01/2025
6,763,074 Government National Mortgage 6,826,748
Association II ARM Pool #008621,
7.00%, 04/20/2025
42,150 Federal Home Loan Mortgage Corp. 44,074
Gold Pool #G00350,
9.00%, 05/01/2025
4,313,871 Federal Home Loan Mortgage Corp. 4,437,895
Gold Pool #D60684,
8.50%, 06/01/2025
4,707,295 Federal Home Loan Mortgage Corp. 4,842,630
Gold Pool #D60800,
8.50%, 06/01/2025
5,477,380 Federal Home Loan Mortgage Corp. 5,634,855
Pool #D61039,
8.50%, 06/01/2025
4,027,884 Federal Home Loan Mortgage Corp. 4,143,685
Gold Pool #D61045,
8.50%, 06/01/2025
8,636,352 Government National Mortgage 8,717,663
Association II ARM Pool #008643,
7.00%, 06/20/2025
<PAGE>
- --------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------
10,063,284 Government National Mortgage $ 10,128,182
Association II ARM Pool
#008660, 6.50%, 07/20/2025
5,980,456 Government National Mortgage 5,914,725
Association Pool #409928,
7.50%, 08/15/2025
2,813,559 Government National Mortgage 2,782,635
Association Pool #410088,
7.50%, 08/15/2025
5,422,193 Federal Home Loan Mortgage Corp. 5,575,256
Gold Pool #C00429,
8.50%, 09/01/2025
12,700,014 Federal Home Loan Mortgage Corp. 13,058,523
Gold Pool #G00409,
8.50%, 09/01/2025
5,373,684 Government National Mortgage 5,314,622
Association Pool #409946,
7.50%, 09/15/2025
7,944,434 Government National Mortgage 7,857,117
Association Pool #413123,
7.50%, 09/15/2025
10,678,337 Government National Mortgage 10,747,201
Association II ARM Pool #008703,
6.50%, 09/20/2025
3,777,173 Federal Home Loan Mortgage Corp. 3,819,625
Gold Pool #C00427,
8.00%, 10/01/2025
18,459,048 Federal Home Loan Mortgage Corp. 18,666,509
Gold Pool #C80356,
8.00%, 10/01/2025
4,690,794 Federal Home Loan Mortgage Corp. 4,743,513
Gold Pool #D64443,
8.00%, 10/01/2025
7,974,628 Federal Home Loan Mortgage Corp. 8,064,255
Gold Pool #D64928,
8.00%, 10/01/2025
2,262,827 Federal Home Loan Mortgage Corp. 2,326,705
Gold Pool #C80362,
8.50%, 10/01/2025
1,476,392 Federal Home Loan Mortgage Corp. 1,518,069
Gold Pool #D65230,
8.50%, 11/01/2025
2,520,415 Federal Home Loan Mortgage Corp. 2,598,369
Gold Pool #G00422,
8.50%, 11/01/2025
6,653,925 Government National Mortgage 6,580,792
Association Pool #387136,
7.50%, 11/15/2025
3,456,884 Government National Mortgage 3,418,889
Association Pool #418352,
7.50%, 11/15/2025
7,502,039 Government National Mortgage 7,419,584
Association Pool #419244,
7.50%, 11/15/2025
2 Sanford C. Bernstein Fund, Inc.--1996 Annual Report
- --------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------
7,948,336 Government National Mortgage $ 7,856,445
Association Pool #417275,
7.50%, 02/15/2026
1,996,598 Government National Mortgage 1,973,515
Association Pool #423798,
7.50%, 05/15/2026
5,469,077 Government National Mortgage 5,527,153
Association Pool #431243,
8.00%, 08/15/2026
6,009,760 Government National Mortgage 6,073,578
Association Pool #423052,
8.00%, 09/15/2026
2,051,164 Government National Mortgage 2,072,945
Association Pool #430423,
8.00%, 09/15/2026
52,395,000 Government National Mortgage 52,951,697
Association Pool TBA,
8.00%, 10/17/2026 (Note J, p. 4)
29,095,000 Government National Mortgage 29,940,588
Association Pool TBA,
8.50%, 10/17/2026 (Note J, p. 4)
55,875,000 Federal Home Loan Mortgage Corp. 56,346,473
Gold Pool TBA,
8.00%, 11/13/2026 (Note J, p. 4)
27,955,000 Federal Home Loan Mortgage Corp. 28,671,347
Gold Pool TBA,
8.50%, 11/13/2026 (Note J, p. 4)
-----------
Total Mortgage Pass-Throughs
(Cost $433,580,645) 433,479,328
-----------
- --------------------------------------------------------------------
FINANCE: 2.77%
- --------------------------------------------------------------------
9,020,000 World Savings & Loan Association 9,086,658
Medium-Term Senior Notes,
7.625%, 02/18/1997
4,260,000 Salomon Inc. Medium-Term Notes, 4,298,340
8.36%, 02/28/1997
4,525,000 Lehman Brothers Holdings, Inc. 4,576,540
Notes, 8.375%, 04/01/1997
1,020,000 Lehman Brothers Inc. Senior 1,042,889
Subordinated Notes,
9.50%, 06/15/1997
9,530,000 Associates Corp. of North America 9,584,701
Senior Notes, 6.625%, 05/15/1998
1,565,000 Lehman Brothers Inc. Senior 1,679,495
Subordinated Notes,
10.00%, 05/15/1999
10,545,000 Paine Webber Group, Inc. Senior 9,977,785
Notes, 7.625%, 02/15/2014
------------
Total Finance (Cost $38,689,975) 40,246,408
------------
- --------------------------------------------------------------------
INDUSTRIAL: 0.97%
- --------------------------------------------------------------------
1,975,000 Auburn Hills Trust-Chrysler, 2,891,894
Credit Sensitive Notes,
12.00%, 05/01/2020
<PAGE>
- --------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------
11,390,000 Motorola, Inc. Debentures, $ 11,141,242
6.50%, 09/01/2025,
Putable 09/01/2005 @100
------------
Total Industrial (Cost $12,733,301) 14,033,136
------------
- --------------------------------------------------------------------
UTILITIES: 0.51%
- --------------------------------------------------------------------
5,350,000 New Jersey Bell Telephone Co. 5,666,025
Debentures, 7.85%, 11/15/2029,
Putable 11/15/1999 @100
1,665,000 New England Telephone & Telegraph 1,742,855
Co. Debentures, 7.875%, 11/15/2029,
Putable 11/15/1996 @100
----------
Total Utilities (Cost $7,610,657) 7,408,880
----------
- --------------------------------------------------------------------
TAXABLE MUNICIPAL: 0.26%
- --------------------------------------------------------------------
3,830,000 Northeast Maryland Waste Disposal 3,823,221
Authority, Montgomery County,
Solid Waste Revenue,
6.10%, 07/01/1997
----------
Total Taxable Municipal (Cost $3,806,643) 3,823,221
----------
- --------------------------------------------------------------------
ASSET-BACKED SECURITIES: 1.12%
- --------------------------------------------------------------------
4,200,000 Health Care Receivables, 4,236,973
Securitization Program Notes
Series 1996-1 Class A,
7.20%, 07/01/2000 (Note I, p. 4)
4,009,961 Newcourt Receivables Asset Trust 4,019,456
Series 1996-2, Asset Backed Note
Class A, 6.87%, 06/20/2004
(Note I, p. 4)
4,653,132 Copelco Capital Funding Corp. II, 4,644,356
Class B Lease-Backed Notes,
Series 1996-A,
6.59%, 07/20/2004 (Note I, p. 4)
3,340,902 Green Tree Financial Corp. Series 3,275,287
1996-A, Class A2,
5.70%, 02/15/2018
-------------
Total Asset-Backed Securities
(Cost $16,199,482) 16,176,072
-------------
Total Domestic Investments
(Cost $1,478,902,561) 1,479,835,016
-------------
- --------------------------------------------------------------------
FOREIGN INVESTMENTS: 7.42%
- --------------------------------------------------------------------
GERMAN GOVERNMENT: 3.98%
- --------------------------------------------------------------------
DM 57,485,000
German Unity Fund, 42,421,965
8.00%, 01/21/2002
DM 22,515,000
Deutschland Republic, 15,410,588
6.50%, 07/15/2003
-----------
Total German Government (Cost $58,976,156) 57,832,553
-----------
Schedule of Investments--Taxable Bond Portfolios 3
- --------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------
ITALIAN FINANCE: 3.44%
- --------------------------------------------------------------------
IL 13,855,000,000
Deutsche Bank, Finance NV, $ 9,113,875
11.00%, 11/07/1996
IL 2,485,000,000
Bayerische Vereinsbank, 1,638,721
11.00%, 12/09/1996
IL 5,950,000,000
International Finance Corp., 3,964,714
11.25%, 04/03/1997
IL 6,100,000,000
Helaba Finance BV, 4,084,687
11.25%, 06/05/1997
IL 10,145,000,000
Abbey National Treasury Service, 6,826,604
10.70%, 09/05/1997
IL 2,635,000,000
General Electric Capital Corp., 1,785,002
11.50%, 09/29/1997
IL 13,250,000,000
Sudwestdeutsche Landesbank, 8,985,557
11.50%, 09/29/1997
IL 3,000,000,000
Abbey National Treasury Service, 2,038,405
11.50%, 10/20/1997
IL 16,805,000,000
Abbey National Treasury Service, 11,479,142
12.00%, 11/24/1997
------------
Total Italian Finance (Cost $47,254,235) 49,916,707
------------
Total Foreign Investments
(Cost $106,230,391) 107,749,260
------------
- --------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------
Total Investments (Cost $1,585,132,952) 109.35% $1,587,584,276
(Note K, below)
Cash and Other Assets, Less Liabilities (9.35) (135,808,140)
------- --------------
Net Assets (Equivalent to $13.08
per share based on 111,005,316
shares of capital stock outstanding) 100.00% $1,451,776,136
======= ==============
- --------------------------------------------------------------------
LONG FUTURES CONTRACT
- --------------------------------------------------------------------
Quantity Description Unrealized Appreciation
- --------------------------------------------------------------------
464 German 5 Year Bond $ 1,031,150
December 1996
------------
Total Long Futures Contract $ 1,031,150
------------
- --------------------------------------------------------------------
FOREIGN CURRENCIES
- --------------------------------------------------------------------
Quantity Description Market Value
- --------------------------------------------------------------------
6,480,872 Deutschemark $ 4,244,465
2,810,209 French Franc 544,034
------------
Total Foreign Currencies $ 4,788,499
------------
- --------------------------------------------------------------------
(A) Commercial paper owned at September 30, 1996, was purchased at
a rate of 5.80%.
(B) $74,850,000 principal amount segregated as collateral for
when-issued securities
(C) $50,955,000 principal amount segregated as collateral for
when-issued securities
(D) $30,000,000 principal amount segregated as collateral for
when-issued securities
(E) $9,445,000 principal amount segregated as collateral for
when-issued securities
(F) $25,000,000 principal amount segregated as collateral for
when-issued securities
(G) $1,200,000 principal amount pledged as collateral for
futures transactions
(H) $89,000,000 principal amount segregated as collateral for
futures transactions
(I) Fair-valued security
(J) When-issued security
(K) At September 30, 1996, the cost basis of investment securities
owned was substantially identical for both book and tax.
See Notes to Financial Statements.
4 Sanford C. Bernstein Fund, Inc.--1996 Annual Report
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration Plus Portfolio
September 30, 1996
- --------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------
DOMESTIC INVESTMENTS: 99.00%
- --------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 8.54%
- --------------------------------------------------------------------
Commercial Paper (Note A, p. 6): 1.21%
6,504,000 American General Corp., $ 6,504,000
10/01/1996
--------------
Total Commercial Paper (Cost $6,504,000) 6,504,000
--------------
U.S. Treasury Bills: 7.33%
18,705,000 07/24/1997 17,886,806
22,785,000 09/18/1997 21,580,585
--------------
Total U.S. Treasury Bills (Cost $39,449,339) 39,467,391
--------------
Total Short-Term Investments
(Cost $45,953,339) 45,971,391
--------------
- ---------------------------------------------------------------------
U.S. TREASURY NOTES: 72.12%
- ---------------------------------------------------------------------
115,565,000 5.625%, 10/31/1997 115,312,144
(Notes B, C & D, p. 6)
94,465,000 5.00%, 01/31/1998 93,313,660
19,000,000 6.25%, 06/30/1998 19,065,284
93,910,000 6.25%, 07/31/1998 94,203,469
47,160,000 5.50%, 11/15/1998 46,555,692
19,480,000 6.75%, 04/30/2000 19,705,208
-------------
Total U.S. Treasury Notes (Cost $387,615,241) 388,155,457
-------------
- ---------------------------------------------------------------------
MORTGAGE DERIVATIVES: 5.03%
- ---------------------------------------------------------------------
1,886,000 Countrywide Funding Corp., 1,893,391
Series 1994-12 Class A5,
7.00%, 10/25/2014
606,888 Federal National Mortgage 191,170
Association Interest Only Strip,
Series 34 Class 2,
9.00%, 05/25/2018
5,933,966 Federal National Mortgage 6,126,339
Association Series 1990-18 Class H,
9.00%, 05/25/2019
2,720,257 G.E. Capital Mortgage Services, Inc. 2,710,488
Series 1994-5 Class A4,
6.50%, 02/25/2024
598,110 G.E. Capital Mortgage Services, Inc. 595,227
Series 1994-11 Class A1,
6.50%, 03/25/2024
4,780,000 G.E. Capital Mortgage Services, Inc. 4,804,756
Series 1994-17 Class A3,
7.00%, 05/25/2024
*See Note 1, page 26 in Notes to Financial Statements.
- ---------------------------------------------------------------------
Principal Amount Description Market Value
- ---------------------------------------------------------------------
1,923,727 Prudential Home Mortgage $ 1,963,546
Securities Series 1994-15
Class A1, 8.00%, 05/25/2024
1,088,343 Residential Funding Mortgage Inc., 1,101,815
Securities 1, Series 1994-S15
Class A8, 7.75%, 07/25/2024
1,442,886 Residential Funding Mortgage Inc., 1,452,855
Securities 1, Series 1995-S3
Class A1, 7.65%, 04/25/2025
1,440,914 Structured Asset Securities Corp., 1,431,716
Series 1996-CFL Class A-1A,
5.711%, 02/25/2028 (Note E, p. 6)
4,900,000 Structured Asset Securities Corp., 4,817,749
Series 1996-CFL Class A-1B,
5.751%, 02/25/2028 (Note E, p. 6)
-------------
Total Mortgage Derivatives (Cost $27,087,893) 27,089,052
-------------
- ---------------------------------------------------------------------
MORTGAGE PASS-THROUGHS: 10.73%
- ---------------------------------------------------------------------
1,590,519 Federal National Mortgage 1,809,215
Association Pool #303305,
12.00%, 05/01/2016
7,991 Government National Mortgage 8,391
Association Pool #183717,
9.00%, 11/15/2016
3,514,519 Government National Mortgage 3,547,608
Association II ARM Pool #008621,
7.00%, 04/20/2025
4,253,717 Government National Mortgage 4,293,765
Association II ARM Pool #008631,
7.00%, 05/20/2025
4,318,176 Government National Mortgage 4,358,831
Association II ARM Pool #008643,
7.00%, 06/20/2025
3,662,534 Government National Mortgage 3,686,154
Association II ARM Pool #008660,
6.50%, 07/20/2025
4,932,983 Government National Mortgage 4,964,796
Association II ARM Pool #008703,
6.50%, 09/20/2025
4,744,947 Government National Mortgage 4,775,547
Association II ARM Pool #008720,
6.50%, 10/20/2025
11,825,000 Government National Mortgage 11,950,641
Association Pool TBA,
8.00%, 10/17/2026 (Note F, p. 6)
17,875,000 Federal Home Loan Mortgage Corp. 18,333,047
Gold Pool TBA,
8.50%, 11/13/2026 (Note F, p. 6)
-----------
Total Mortgage Pass-Throughs
(Cost $57,732,481) 57,727,995
-----------
Schedule of Investments--Taxable Bond Portfolios 5
<PAGE>
- ---------------------------------------------------------------------
Principal Amount Description Market Value
- ---------------------------------------------------------------------
FINANCE: 1.94%
- ---------------------------------------------------------------------
2,500,000 Salomon Inc. Medium-Term Notes, $ 2,522,500
8.36%, 02/28/1997
820,000 Lehman Brothers Inc. Senior 838,401
Subordinated Notes,
9.50%, 06/15/1997
2,520,000 World Savings & Loan Association 2,617,448
Subordinated Notes,
10.25%, 10/01/1997
4,515,000 Lehman Brothers Holdings, Inc. 4,470,392
Notes, 5.75%, 02/15/1998
------------
Total Finance (Cost $10,337,536) 10,448,741
------------
- ---------------------------------------------------------------------
ASSET-BACKED SECURITIES: 0.64%
- ---------------------------------------------------------------------
1,700,000 Health Care Receivables, 1,714,965
Securitization Program Notes
Series 1996-1 Class A,
7.20%, 07/01/2000 (Note E, below)
1,751,756 Copelco Capital Funding Corp. II, 1,748,452
Class B Lease-Backed Notes,
Series 1996-A,
6.59%, 07/20/2004 (Note E, below)
------------
Total Asset-Backed Securities (Cost $3,451,215) 3,463,417
------------
Total Domestic Investments (Cost $532,177,705) 532,856,053
------------
- ---------------------------------------------------------------------
FOREIGN INVESTMENTS: 4.83%
- ---------------------------------------------------------------------
GERMAN GOVERNMENT: 2.57%
- ---------------------------------------------------------------------
DM 13,350,000
German Unity Fund, 9,851,844
8.00%, 01/21/2002
DM 5,825,000
Deutschland Republic, 3,986,972
6.50%, 07/15/2003
-----------
Total German Government (Cost $14,122,760) 13,838,816
-----------
- ---------------------------------------------------------------------
ITALIAN FINANCE: 2.26%
- ---------------------------------------------------------------------
IL 1,220,000,000
Council of Europe, 800,919
10.50%, 10/04/1996
IL 9,290,000,000
Deutsche Bank, Finance NV, 6,110,999
11.00%, 11/07/1996
IL 1,500,000,000
International Finance Corp., 999,508
11.25%, 04/03/1997
IL 1,230,000,000
Helaba Finance BV, 821,987
11.25%, 06/05/1997
IL 3,050,000,000
Sudwestdeutsche Landesbank, 2,068,374
11.50%, 09/29/1997
6 Sanford C. Bernstein Fund, Inc.--1996 Annual Report
<PAGE>
- ---------------------------------------------------------------------
Principal Amount Description Market Value
- ---------------------------------------------------------------------
IL 2,000,000,000
Abbey National Treasury Service, $ 1,358,936
11.50%, 10/20/1997
------------
Total Italian Finance (Cost $11,542,571) 12,160,723
------------
Total Foreign Investments
(Cost $25,665,331) 25,999,539
------------
- ---------------------------------------------------------------------
INVESTMENT SUMMARY
- ---------------------------------------------------------------------
Total Investments (Cost $557,843,036) 103.83% $558,855,592
(Note G, below)
Cash and Other Assets, Less Liabilities (3.83) (20,607,852)
------- ------------
Net Assets (Equivalent to $12.48
per share based on 43,129,203
shares of capital stock outstanding) 100.00% $538,247,740
======= ============
- ---------------------------------------------------------------------
LONG FUTURES CONTRACT
- ---------------------------------------------------------------------
Quantity Description Unrealized Appreciation
- ---------------------------------------------------------------------
99 German 5 Year Bond $ 222,380
December 1996
------------
Total Long Futures Contract $ 222,380
------------
- ---------------------------------------------------------------------
FOREIGN CURRENCIES
- ---------------------------------------------------------------------
Quantity Description Market Value
- ---------------------------------------------------------------------
1,518,370 Deutschemark $ 994,414
710,950 French Franc 137,634
------------
Total Foreign Currencies $ 1,132,048
------------
- ---------------------------------------------------------------------
(A) Commercial paper owned at September 30, 1996, was
purchased at a rate of 5.80%.
(B) $250,000 principal amount pledged as collateral for futures
transactions
(C) $19,300,000 principal amount segregated as collateral for
futures transactions
(D) $35,000,000 principal amount segregated as collateral
for when-issued securities
(E) Fair-valued security
(F) When-issued security
(G) At September 30, 1996, the cost basis of investment securities
owned was substantially identical for both book and tax.
See Notes to Financial Statements.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Government Short Duration Portfolio
September 30, 1996
- ---------------------------------------------------------------------
Principal Amount Description Market Value*
- ---------------------------------------------------------------------
COMMERCIAL PAPER (Note A, below): 1.38%
- ---------------------------------------------------------------------
1,936,000 American General Corp., $ 1,936,000
10/01/1996
------------
Total Commercial Paper (Cost $1,936,000) 1,936,000
------------
- ---------------------------------------------------------------------
U.S. TREASURY NOTES: 97.09%
- ---------------------------------------------------------------------
15,905,000 5.625%, 10/31/1997 15,870,200
50,645,000 5.00%, 01/31/1998 50,027,739
35,110,000 6.25%, 07/31/1998 35,219,719
9,500,000 5.50%, 11/15/1998 9,378,267
20,000,000 7.50%, 10/31/1999 20,656,220
4,525,000 6.75%, 04/30/2000 4,577,313
------------
Total U.S. Treasury Notes (Cost $135,569,006) 135,729,458
- ---------------------------------------------------------------------
INVESTMENT SUMMARY
- ---------------------------------------------------------------------
Total Investments (Cost $137,505,006) 98.47% $137,665,458
(Note B, below)
Cash and Other Assets, Less Liabilities 1.53 2,136,680
------ ------------
Net Assets (Equivalent to $12.48
per share based on 11,198,989
shares of capital stock outstanding) 100.00% $139,802,138
------- ------------
- ---------------------------------------------------------------------
(A) Commercial paper owned at September 30, 1996, was
purchased at a rate of 5.80%.
(B) At September 30, 1996, the cost basis of investment securities
owned was substantially identical for both book and tax.
See Notes to Financial Statements.
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments--Taxable Bond Portfolios 7
<PAGE>
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<PAGE>
This page left intentionally blank.
<PAGE>
Sanford C. Bernstein Fund, Inc.
ANNUAL REPORT
SEPTEMBER 30, 1996
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 eleven portfolios constituting Sanford C.
Bernstein Fund, Inc., hereafter referred to as the "Fund") at September 30,
1996, the results of each of their operations for the year then ended, the
changes in each of their 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 audit 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, 1996 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 15, 1996
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Diversified Municipal Portfolio
September 30, 1996
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 2.12%
- --------------------------------------------------------------------------------
Municipal Notes: 1.17%
8,200,000 California State Revenue $ 8,242,148
Anticipation Notes Series A,
4.50%, 06/30/1997
1,335,000 Cincinnati City School District, 1,355,386
Ohio Tax Anticipation Notes
Series B, 5.00%, 12/01/1998
-------------
Total Municipal Notes (Cost $9,582,705) 9,597,534
-------------
Tax-Exempt Variable-Rate Demand Notes: 0.95%
3,300,000 Franklin County, Ohio Health 3,300,000
Systems Revenue, Daily Floater,
Putable Daily, 3.85%, 07/01/2015
1,000,000 Ohio State Water Development 1,000,000
Authority Revenue Series B,
Daily Floater, Putable Daily,
4.00%, 11/01/2015
500,000 Los Angeles Regional Airports 500,000
Improvement Corp., California,
Daily Floater, Putable Daily, AMT,
3.90%, 12/01/2024
3,000,000 Los Angeles Regional Airports 3,000,000
Improvement Corp., California,
Daily Floater, Putable Daily, AMT,
4.10%, 12/01/2025
-------------
Total Tax-Exempt Variable-Rate Demand Notes
(Cost $7,800,000) 7,800,000
-------------
Total Short-Term Investments
(Cost $17,382,705) 17,397,534
-------------
- -------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 15.86%
- -------------------------------------------------------------------------------
1,000,000 Baltimore, Maryland Certificates of 1,017,230
Participation, 7.20%, 04/01/1997,
Escrowed to Maturity
1,350,000 Mercer County Improvement 1,404,027
Authority, New Jersey Solid Waste
Revenue, 7.90%, 04/01/2013,
Prerefunded 04/01/1997 @ 102
1,000,000 Fulton County School District, 1,048,600
Georgia, 7.05%, 05/01/2000,
Prerefunded 05/01/1997 @ 103
2,000,000 Tuscaloosa, Alabama Water & Sewer 2,107,800
Revenue Series B, 8.50%, 07/01/2017,
Prerefunded 07/01/1997 @ 102
400,000 University of Texas, Permanent $ 414,072
University Fund Series A,
8.60%, 07/01/1997,
Escrowed to Maturity
2,640,000 Intermountain Power Agency, Utah 2,784,698
Power Supply Revenue Series C,
8.625%, 07/01/2021,
Prerefunded 07/01/1997 @ 102
1,240,000 Hazel Crest, Illinois Hospital Facilities, 1,312,466
9.125%, 07/01/2017,
Prerefunded 07/01/1997 @ 102
2,700,000 Chandler, Arizona, 2,816,640
9.60%, 07/01/1997,
Escrowed to Maturity
1,805,000 Kentucky Turnpike Authority, 1,926,422
Resource Recovery Road Revenue,
13.125%, 07/01/2009,
Prerefunded 07/01/1997 @ 100
1,000,000 Wyandotte County Capital 1,051,700
Improvement Corp., Kansas
Criminal Justice Complex,
Certificates of Participation,
7.35%, 09/01/1999,
Prerefunded 09/01/1997 @ 102
1,400,000 Washington State Motor Vehicle 1,461,418
Fuel Tax, 8.70%, 09/01/2000,
Prerefunded 09/01/1997 @ 100
2,135,000 Washington State, 2,239,188
8.90%, 10/01/2002,
Prerefunded 10/01/1997 @ 100
4,310,000 Colorado Springs, Colorado 4,617,475
Utilities Revenue Series B,
10.50%, 11/15/2022,
Prerefunded 11/15/1997 @ 100
(Note A, p. 11)
1,000,000 Passaic Valley Sewer Commission, 1,056,800
New Jersey Series C,
7.10%, 12/01/2020,
Prerefunded 12/01/1997 @ 102
2,000,000 Jacksonville Health Facilities 2,119,100
Authority, Florida, St. Vincent
DePaul Health System Project,
9.10%, 12/01/2015,
Prerefunded 12/01/1997 @ 100
4,000,000 Minneapolis, Minnesota Hospital 4,315,920
Revenue, Lifespan Inc. Series B,
9.125%, 12/01/2014,
Prerefunded 12/01/1997 @ 102
(Note B, p. 11)
1,000,000 Adams & Arapahoe Counties School 1,063,460
District No. 28J, Colorado Series A,
9.50%, 12/01/1997,
Escrowed to Maturity
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 1
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,525,000 Charleston, South Carolina $ 1,621,670
Waterworks & Sewer Revenue,
7.75%, 01/01/2018,
Prerefunded 01/01/1998 @ 102
2,695,000 Grand Rapids, Michigan Water 2,869,878
Supply Revenue,
7.875%, 01/01/2018,
Prerefunded 01/01/1998 @ 102
1,310,000 Salt River Project Agricultural 1,375,984
Import & Power District, Arizona
Electric System Revenue Series E,
8.25%, 01/01/2028,
Prerefunded 01/01/1998 @ 100
1,000,000 Washington State, 1,035,740
6.90%, 02/01/1998,
Escrowed to Maturity
890,000 Harris County, Texas Toll Road 960,150
Unlimited Tax, 10.375%, 08/01/2014,
Prerefunded 02/01/1998 @ 100
3,050,000 Harris County, Texas Toll Road 3,295,708
Senior Lien-C, 8.125%, 08/15/2017,
Prerefunded 02/15/1998 @ 103
1,250,000 Ohio State Building Authority 1,360,438
Correctional Facilities Series A,
7.35%, 03/01/2003,
Prerefunded 03/01/1998 @ 102
1,475,000 Orlando Utilities Commission, 1,516,270
Florida Water and Electric Revenue,
6.05%, 04/01/1998,
Escrowed to Maturity
1,000,000 Wisconsin State Series E, 1,050,900
6.90%, 05/01/2008,
Prerefunded 05/01/1998 @ 101
1,025,000 Wisconsin State Series E, 1,082,595
7.25%, 05/01/2006,
Prerefunded 05/01/1998 @ 101
1,335,000 Ohio State Water Development 1,433,136
Authority Revenue Series I,
7.50%, 12/01/2008,
Prerefunded 06/01/1998 @ 102
1,100,000 Los Angeles, California 1,174,140
Wastewater System Revenue,
6.80%, 08/01/2019,
Prerefunded 08/01/1998 @ 102
1,400,000 Minnesota State, 1,473,122
7.10%, 08/01/2003,
Prerefunded 08/01/1998 @100
1,200,000 Minnesota State, 1,265,808
7.25%, 08/01/2004,
Prerefunded 08/01/1998 @ 100
1,065,000 Wisconsin State Health & Educational 1,160,339
Facility Authority Revenue,
Wheaton Franciscan Services, Inc.,
8.20%, 08/15/2018,
Prerefunded 08/15/1998 @ 102
1,960,000 Chicago Metropolitan Water $ 2,080,109
Reclamation District, Illinois,
7.25%, 01/01/2006,
Prerefunded 01/01/1999 @ 100
1,250,000 Virginia Public School Authority, 1,327,163
6.75%, 01/15/2003,
Prerefunded 01/15/1999 @ 101
1,300,000 Connecticut State Special Tax 1,404,676
Obligation Series A, 7.15%, 02/01/2005,
Prerefunded 02/01/1999 @ 102
2,000,000 Salt Lake City, Utah, IHC 2,165,080
Hospitals Series B,
7.25%, 02/15/2020,
Prerefunded 02/15/1999 @ 102
1,450,000 Washington State Motor Vehicle 1,536,971
Fuel Tax, 7.00%, 03/01/1999,
Escrowed to Maturity
1,000,000 Fairfax County, Virginia Public 1,062,410
Improvement Series A,
6.25%, 04/01/2008,
Prerefunded 04/01/1999 @ 102
1,445,000 Illinois Health Facilities Authority 1,571,423
Revenue, Lutheran Health Systems
Series C, 7.375%, 04/01/2008,
Prerefunded 04/01/1999 @ 102
1,660,000 Rutgers State University, New 1,795,805
Jersey, 7.00%, 05/01/2019,
Prerefunded 05/01/1999 @ 102
1,000,000 New York State Dormitory Authority, 1,085,730
State University Series A,
7.125%, 05/15/2017,
Prerefunded 05/15/1999 @ 102
1,355,000 Florida State Board of Education 1,464,999
Series B, 6.90%, 06/01/2009,
Prerefunded 06/01/1999 @ 102
2,000,000 Pennsylvania Intergovernmental 2,067,880
Cooperation Authority, Special
Tax Revenue, FGIC,
5.75%, 06/15/1999,
Escrowed to Maturity
3,170,000 Puerto Rico Electric Power Authority 3,445,822
Series O, 7.125%, 07/01/2014,
Prerefunded 07/01/1999 @ 101.50
1,200,000 Metropolitan Atlanta Rapid Transit 1,308,780
Authority, Georgia Sales Tax
Revenue Series L,
7.20%, 07/01/2020,
Prerefunded 07/01/1999 @ 102
1,800,000 Washington Public Power Supply 1,974,528
System Revenue, Nuclear Project
No. 1 Series A, 7.50%, 07/01/2015,
Prerefunded 07/01/1999 @ 102
1,000,000 Florida State Turnpike Authority 1,098,330
Revenue, 7.50%, 07/01/2019,
Prerefunded 07/01/1999 @ 102
2 Sanford C. Bernstein Fund, Inc.--1996 Annual Report
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
4,000,000 Maryland State Health & Higher $ 4,393,320
Educational Facilities Authority
Revenue, Good Samaritan Hospital,
7.50%, 07/01/2021,
Prerefunded 07/01/1999 @ 102
1,070,000 University of Maryland System 1,171,982
Auxiliary Facility & Tuition Revenue
Series A, 7.20%, 10/01/2009,
Prerefunded 10/01/1999 @ 102
1,390,000 Montgomery County Higher 1,565,209
Education and Health Authority,
Pennsylvania Hospital Revenue
Series A, 8.375%, 11/01/2011,
Prerefunded 11/01/1999 @ 102
2,120,000 Tampa, Florida, Allegany Health 2,340,989
System, 7.375%, 12/01/2023,
Prerefunded 12/01/1999 @ 102
4,250,000 Pennsylvania State Turnpike 4,708,107
Commission Turnpike Revenue
Series E, 7.55%, 12/01/2017,
Prerefunded 12/01/1999 @ 102
6,680,000 Franklin County, Ohio Hospital 7,489,215
Revenue, 7.60%, 05/15/2020,
Prerefunded 05/15/2000 @ 102
3,950,000 Austin, Texas Utility Systems 4,587,767
Revenue, Combined Series A,
9.50%, 05/15/2015,
Prerefunded 05/15/2000 @ 100
3,500,000 Pennsylvania Intergovernmental 3,670,730
Cooperation Authority, Special
Tax Revenue, FGIC,
6.00%, 06/15/2000,
Escrowed to Maturity
795,000 El Paso County, Texas, 855,873
6.80%, 07/01/2000,
Escrowed to Maturity
1,575,000 Fulton County Building Authority, 1,799,941
Georgia Series A, 8.40%, 01/01/2001,
Escrowed to Maturity
3,000,000 Austin, Texas Utility Systems 3,406,350
Series A, 8.00%, 11/15/2016,
Prerefunded 05/15/2001 @ 100
1,000,000 South Carolina Public Service 1,117,270
Authority Revenue Series B,
7.00%, 07/01/2012,
Prerefunded 07/01/2001 @ 102
505,000 Austin, Texas Utility Systems 622,852
Revenue, MBIA, 9.25%, 11/15/2002,
Escrowed to Maturity
740,000 Grapevine-Colleyville Independent 853,309
School District, Texas Series A,
7.50%, 08/15/2003,
Escrowed to Maturity
2,330,000 Fulton County Building Authority, $ 2,941,182
Georgia Series A, 8.75%, 01/01/2005,
Escrowed to Maturity
1,905,000 Mississippi State, 6.20%, 02/01/2008, 2,054,504
Escrowed to Maturity
4,100,000 North Carolina Municipal Power 4,121,525
Agency No. 1, Catawba Electric
Revenue, 5.50%, 01/01/2013,
Escrowed to Maturity
150,000 Florida State Board of Education, 209,858
9.125%, 06/01/2014,
Escrowed to Maturity
1,010,000 Maricopa County Industrial 343,481
Development Authority, Arizona,
Single Family Mortgage Revenue
Series 1983A, 0.00%, 12/31/2014,
Escrowed to Maturity (Note C, p. 11)
1,000,000 Bell County Health Facilities 1,055,080
Development Corp., Texas,
Lutheran General Health Care
Systems, 6.50%, 07/01/2019,
Escrowed to Maturity
-------------
Total Prerefunded/Escrowed (Cost $127,734,026) 130,131,144
-------------
- -------------------------------------------------------------------------------
INSURED (Note D, p. 11): 33.75%
- -------------------------------------------------------------------------------
1,000,000 Pennsylvania Industrial 1,002,120
Development Authority, AMBAC,
4.55%, 01/01/1997
1,000,000 Muscatine, Iowa Electric Revenue, 1,001,890
AMBAC, 4.80%, 01/01/1997
1,060,000 Lowell, Massachusetts State 1,072,826
Qualified, CGIC, 6.375%, 04/01/1997
1,000,000 Alaska Student Loan Corp., 1,005,670
Student Loan Revenue,
AMBAC, AMT, 4.80%, 07/01/1997
1,350,000 Florida State General Services 1,361,394
Revenue, Environmental
Preservation Department
Series 2000-A, AMBAC,
5.00%, 07/01/1997
1,000,000 New Orleans, Louisiana Water 1,024,320
Revenue, MBIA,
7.00%, 12/01/1997
1,000,000 Cook County School District 1,036,420
No. 201, Illinois, FGIC,
7.30%, 12/01/1997
1,000,000 Pennsylvania Series A, 1,024,750
AMBAC, 6.30%, 01/01/1998
1,000,000 Chicago Metropolitan Water 1,050,200
Reclamation District, Illinois,
FGIC, 8.60%, 01/01/1998
1,800,000 Brownsville, Texas, AMBAC, 1,837,746
5.80%, 02/15/1998
Schedule of Investments--Municipal Bond Portfolios 3
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,105,000 Alief Independent School District, $ 1,145,598
Texas, PSF Guaranteed,
7.00%, 02/15/1998
2,625,000 Cabell County Board of Education, 2,768,194
West Virginia, MBIA,
8.00%, 05/01/1998
1,875,000 New Jersey State Transportation 1,896,169
Trust Fund Series B, MBIA,
5.00%, 06/15/1998
6,600,000 Illinois State, FGIC, 6,700,452
5.25%, 07/01/1998
1,000,000 Pima County Unified School 1,045,160
District No. 10, Arizona Series A,
FGIC, 7.00%, 07/01/1998
2,265,000 Alaska Student Loan Corp., 2,364,071
Student Loan Revenue Series A,
AMBAC, AMT,
7.10%, 07/01/1998
2,300,000 Nassau County, New York, FGIC, 2,333,120
5.00%, 08/01/1998
2,100,000 Dade County School District, 2,166,423
Florida, MBIA, 6.00%, 08/01/1998
1,100,000 Dade County, Florida, Aviation Revenue 1,117,710
Series C, MBIA, 5.00%, 10/01/1998
1,480,000 Arizona State Certificates of 1,514,898
Participation Series A, AMBAC,
5.45%, 11/01/1998
2,275,000 Pennsylvania State Higher 2,280,369
Educational Facility Allegheny
Delaware Valley Obligation, MBIA,
4.40%, 11/15/1998
1,980,000 Lucas County, Ohio Hospital 2,012,472
Revenue Refunding Promedica
Healthcare Obligation, MBIA,
5.00%, 11/15/1998
2,900,000 Atlanta, Georgia Airport 2,951,910
Facilities Revenue, AMBAC,
5.25%, 01/01/1999
2,210,000 Texas State Public Finance 2,304,964
Authority Building Revenue, MBIA,
6.50%, 02/01/1999
1,165,000 Massachusetts Series A, FGIC, 1,234,469
7.20%, 02/01/1999
1,000,000 Round Rock Independent School 1,012,750
District, Texas, PSF Guaranteed,
4.875%, 02/15/1999
1,040,000 New Jersey Wastewater Series C, 1,086,478
MBIA, 6.25%, 05/15/1999
1,000,000 Convention Center Authority, 1,103,740
Rhode Island Revenue Series A,
MBIA, 8.90%, 05/15/1999
13,300,000 Pennsylvania Intergovernmental 13,734,245
Cooperation Authority, Special
Tax Revenue, FGIC,
5.75%, 06/15/1999
3,200,000 Minnesota State Series A, AMBAC, $ 3,238,144
5.00%, 06/30/1999
4,350,000 North Slope Boro, Alaska Series B, 4,493,246
FSA, 6.10%, 06/30/1999
4,680,000 Florida State General Services 4,759,981
Revenue, Environmental Preservation
Department Series 2000-A, AMBAC,
5.00%, 07/01/1999
3,475,000 Wisconsin State Transportation 3,524,519
Revenue, FGIC, 5.00%, 07/01/1999
3,210,000 Dade County, Florida Aviation 3,265,276
Revenue Series C, AMBAC,
5.00%, 10/01/1999
7,680,000 Dade County, Florida Sales Tax 7,820,851
Revenue, AMBAC, 5.00%, 10/01/1999
2,000,000 Wilmington, Delaware Series A, 2,036,120
MBIA, 5.00%, 10/01/1999
1,450,000 Montgomery County, Ohio Solid 1,472,649
Waste Revenue, MBIA,
5.00%, 11/01/1999
3,600,000 South Dakota State Building 3,654,216
Authority, Lease Revenue Series A,
AMBAC, 5.15%, 12/01/1999
7,820,000 Chicago, Illinois O'Hare 7,970,222
International Airport Revenue
Senior Lien Series A, AMBAC, AMT,
5.50%, 01/01/2000
1,175,000 Chicago, Illinois Motor Fuel Tax 1,242,433
Revenue, AMBAC, 6.60%, 01/01/2000
1,050,000 Massachusetts Series B, 1,139,502
FGIC, 7.30%, 04/01/2000
1,200,000 Plano, Texas Waterworks and 1,288,392
Sewer Revenue, AMBAC,
6.90%, 05/01/2000
4,295,000 Clark County School District, 4,818,518
Nevada, FGIC, 8.25%, 05/01/2000
1,170,000 District of Columbia Series E, 1,163,717
FGIC, 4.75%, 06/01/2000
1,000,000 Alaska Student Loan Corp., 1,020,780
Student Loan Revenue Series A,
AMBAC, AMT, 5.375%, 07/01/2000
2,000,000 Dade County, Florida, FGIC, 2,546,180
12.00%, 10/01/2000
1,465,000 Northglenn, Colorado Series A, 1,481,921
MBIA, 6.60%, 11/01/2000
2,275,000 Clark County Public Utility 2,467,169
District No. 1, Washington
Electric Revenue, FGIC,
7.10%, 01/01/2001
1,000,000 Humble Independent School 1,115,310
District, Texas, PSF Guaranteed,
7.625%, 02/01/2001
595,000 Austin, Texas Utility Systems 726,793
Revenue, MBIA, 9.25%, 11/15/2002
4 Sanford C. Bernstein Fund, Inc.--1996 Annual Report
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
180,000 Grapevine-Colleyville Independent $ 208,129
School District, Texas, AMBAC,
7.50%, 08/15/2003
1,000,000 District of Columbia Series B-3, 999,300
MBIA, 5.20%, 06/01/2004
1,500,000 Metropolitan Pier & Exposition 1,550,760
Authority, Illinois, McCormick
Place Expansion Project Series A,
MBIA, 5.70%, 06/15/2005
1,110,000 Washington, D.C. Metro Area 1,082,650
Transit Authority Gross Revenue,
FGIC, 5.00%, 01/01/2006
1,000,000 Utah State Board of Regents 1,033,780
Student Loan Revenue Series J,
AMBAC, AMT, 6.00%, 05/01/2006
1,710,000 Detroit, Michigan Water Supply 1,667,199
Revenue, FGIC, 4.90%, 07/01/2006
4,775,000 Chicago, Illinois, FGIC, 4,868,208
5.50%, 01/01/2007
4,485,000 Cleveland, Ohio Waterworks 4,608,338
Revenue Series G, MBIA,
5.50%, 01/01/2007
8,140,000 District of Columbia, MBIA, 8,465,844
6.00%, 06/01/2007
1,250,000 Detroit, Michigan Water Supply 1,216,475
Revenue, FGIC, 5.00%, 07/01/2007
1,400,000 Massachusetts Series A, MBIA, 1,356,572
5.00%, 01/01/2008
5,240,000 Chicago, Illinois Series A, AMBAC, 5,437,338
5.75%, 01/01/2008
1,000,000 Berkley City School District, 1,140,690
Michigan, FGIC, 7.00%, 01/01/2008
3,345,000 Ohio State Water Development 3,280,074
Authority, Pollution Control Facilities
Revenue, MBIA, 5.125%, 06/01/2008
3,875,000 Regional Transportation 4,018,336
Authority, Illinois Series A,
AMBAC, 6.00%, 06/01/2008
2,000,000 Intermountain Power Agency, Utah 2,149,600
Series A, AMBAC, 6.50%, 07/01/2008
4,140,000 Washington, D.C. Metropolitan 4,205,867
Airport Authority Revenue Series A,
MBIA, AMT, 5.80%, 10/01/2008
2,000,000 Hot Springs, Arkansas Sales and 1,989,380
Use Tax, Civic Center Project, FSA,
4.95%, 12/01/2008
2,750,000 Indianapolis, Indiana Resource Recovery 3,077,580
Revenue, Ogden Martin System Inc.
Project, AMBAC, 6.75%, 12/01/2008
1,415,000 Greater Detroit Resource 1,526,544
Recovery Authority, Michigan
Series B, AMBAC, 6.25%, 12/13/2008
1,675,000 Chicago, Illinois O'Hare International 1,708,785
Airport Revenue, 2nd Lien-Series C,
MBIA, 5.75%, 01/01/2009
2,415,000 Massachusetts Bay Transportation $ 2,421,327
Authority Series A, FGIC,
5.50%, 03/01/2009
4,000,000 Massachusetts Bay Transportation 4,010,480
Authority Series A, MBIA,
5.50%, 03/01/2009
1,000,000 Middlesex County Utilities Authority, 967,840
New Jersey Sewer Revenue Series A,
FGIC, 5.15%, 03/15/2009
3,495,000 Ohio State Public Facilities 3,447,398
Commission Higher Education
Capital Facilities Series A,
AMBAC, 5.25%, 05/01/2009
1,280,000 Ohio State Water Development 1,262,451
Authority, Pollution Control
Facilities Revenue, MBIA,
5.25%, 06/01/2009
9,375,000 Metropolitan Water District of 8,768,719
Southern California, Waterworks
Revenue Series B, MBIA,
4.75%, 07/01/2009
10,000,000 Intermountain Power Agency, Utah 10,954,600
Power Supply Revenue Series B,
MBIA, 6.50%, 07/01/2009
1,190,000 Volusia County School Board, 1,165,926
Florida Certificates of Participation,
FSA, 5.20%, 08/01/2009
1,370,000 Texas Municipal Power Agency 1,296,294
Revenue, FGIC, 5.00%, 09/01/2009
1,510,000 Texas Municipal Power Agency 1,484,919
Revenue, MBIA, 5.25%, 09/01/2009
1,000,000 Anchorage, Alaska, FGIC, 1,055,500
6.00%, 10/01/2009
2,460,000 Reedy Creek Improvement District, 2,607,674
Florida Utility Revenue, MBIA, AMT,
8.50%, 10/01/2009
5,000,000 Connecticut State Resource 4,928,000
Recovery Authority Series A, MBIA,
5.375%, 11/15/2009
1,000,000 Providence Public Building 951,010
Authority, Rhode Island Series A,
FSA, 5.10%, 12/15/2009
1,890,000 Chicago, Illinois O'Hare International 1,769,645
Airport Revenue, 2nd Lien-Series C,
MBIA, 5.00%, 01/01/2010
2,420,000 Kansas City Municipal Assistance 2,311,874
Corporation, Missouri, MBIA,
5.125%, 04/15/2010
1,000,000 Detroit, Michigan Water Supply 990,350
System Revenue Series B, MBIA,
5.40%, 07/01/2010
2,510,000 Detroit, Michigan Sewer Disposal 2,649,556
Revenue Series B, MBIA,
6.00%, 07/01/2010
Schedule of Investments--Municipal Bond Portfolios 5
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,500,000 Brownsville, Texas Utility System $ 1,609,800
Revenue, AMBAC, 6.25%, 09/01/2010
5,000,000 Connecticut State Resource Recovery 4,886,100
Authority Series A, MBIA,
5.375%, 11/15/2010
1,405,000 Providence Public Building 1,326,165
Authority, Rhode Island Series A,
FSA, 5.10%, 12/15/2010
1,000,000 Amarillo Junior College District, 963,020
Texas, FGIC, 5.125%, 02/15/2011
1,275,000 Brownsville, Texas Utility System 1,365,971
Revenue, AMBAC, 6.25%, 09/01/2011
1,025,000 Goose Creek Independent School 962,106
District, Texas, PSF Guaranteed,
5.00%, 02/15/2012
1,000,000 Amarillo Junior College District, 951,410
Texas, FGIC, 5.125%, 02/15/2012
4,970,000 Indianapolis, Indiana Gas Utilities 4,017,400
Revenue Series B, FGIC,
4.00%, 06/01/2012
2,870,000 Lowell, Massachusetts, AMBAC, 2,807,491
5.50%, 08/01/2012
1,000,000 Boston, Massachusetts, MBIA, 959,250
5.25%, 10/01/2012
3,500,000 Municipal Sub-District Northern 3,771,565
Colorado Water Conservancy
District Revenue Series F, AMBAC,
6.50%, 12/01/2012 (Note E, p. 11)
1,035,000 Sacramento Municipal Utility District, 1,146,718
California Series G, MBIA,
6.50%, 09/01/2013
1,760,000 Clark County, Nevada Series A, 1,931,758
AMBAC, 6.50%, 06/01/2017
4,940,000 Rhode Island Depositors Economic 4,952,004
Protection Corp. Series A, FSA,
5.75%, 08/01/2019
1,785,000 Los Angeles, California Wastewater 1,534,832
System Revenue Series D, FGIC,
4.70%, 11/01/2019
1,005,000 Regional Transportation Authority, 1,269,164
Illinois Series C, FGIC,
7.75%, 06/01/2020
1,500,000 Rhode Island Depositors Economic 1,451,535
Protection Corp. Series A, FSA,
5.50%, 08/01/2020
3,135,000 Illinois State Dedicated Tax Revenue, 3,346,644
AMBAC, 6.25%, 12/15/2020
1,735,000 Sacramento Municipal Utility District, 1,494,373
California Series G, MBIA,
4.75%, 09/01/2021
3,910,000 McGee-Creek Authority, Oklahoma 4,073,751
Water Revenue, MBIA,
6.00%, 01/01/2023
-------------
Total Insured (Cost $271,863,561) 276,892,536
-------------
- -------------------------------------------------------------------------------
TAX SUPPORTED: 31.63%
- -------------------------------------------------------------------------------
State General Obligations: 10.23%
1,000,000 Washington State, $ 1,000,110
8.20%, 10/01/1996
1,420,000 Texas Public Finance Authority 1,420,199
Series A, 9.00%, 10/01/1996
1,715,000 South Carolina State Series U, 1,738,050
7.60%, 02/01/1997
2,000,000 Delaware State Series A, 2,031,100
5.60%, 08/15/1997
2,000,000 Connecticut State Resource 2,027,800
Recovery Authority Series A,
5.30%, 11/15/1997
1,000,000 New Jersey State, 1,044,070
7.20%, 04/15/1998
1,000,000 District of Columbia Series A, 992,240
5.00%, 06/01/1998
4,020,000 Connecticut State Economic 4,073,948
Recovery Notes, 5.00%, 06/15/1998
4,130,000 Georgia State Series C, 4,345,751
7.25%, 07/01/1998
4,075,000 South Carolina State Series B, 4,190,526
5.75%, 08/01/1998
1,000,000 Missouri State, Third State Building 1,058,660
Series A, 7.50%, 08/01/1998
1,000,000 Texas State Series B, 1,072,960
8.00%, 10/01/1998
1,000,000 Georgia State Series D, 1,056,940
7.00%, 11/01/1998
1,535,000 Georgia State Series A, 1,652,474
7.70%, 02/01/1999
1,000,000 Georgia State Series B, 1,047,390
6.30%, 03/01/1999
1,000,000 California State, AMT, 1,053,530
6.80%, 04/01/1999
1,000,000 Massachusetts State Turnpike 1,014,850
Authority Series A,
5.00%, 06/01/1999
3,565,000 South Carolina State Capital 3,631,487
Improvements Series A,
5.00%, 07/01/1999
1,000,000 Georgia State Series B, 1,097,160
8.00%, 07/01/1999
1,750,000 New Jersey State Series E, 1,783,985
5.00%, 07/15/1999
2,960,000 Maryland State, Third Series, 3,095,183
6.00%, 07/15/1999
4,025,000 Minnesota State, 4,200,691
6.00%, 08/01/1999
2,275,000 Rhode Island State Series A, 2,400,330
6.60%, 08/01/1999
4,305,000 Washington State Series R-92-C, 4,413,142
5.30%, 09/01/1999
3,655,000 New Jersey State, 3,953,540
7.00%, 04/01/2000
6 Sanford C. Bernstein Fund, Inc.--1996 Annual Report
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,000,000 District of Columbia Series A, $ 988,210
5.50%, 06/01/2001
1,000,000 Massachusetts Series D, 1,077,420
6.50%, 07/01/2001
1,090,000 California State, 1,216,473
7.00%, 03/01/2003
2,300,000 California State, 2,586,373
7.00%, 03/01/2004
1,115,000 California State, 1,263,384
7.10%, 05/01/2004
2,735,000 Wisconsin State Series 2, 2,664,546
5.00%, 11/01/2007
7,240,000 Massachusetts Series A, 7,196,705
5.25%, 02/01/2008
1,000,000 California State, 7.20%, 05/01/2008 1,165,620
1,000,000 South Carolina State Series A, 966,740
5.00%, 03/01/2009
2,225,000 Massachusetts Bay Transportation 2,298,492
Authority Series A,
5.75%, 03/01/2010
1,000,000 Texas State, College Student Loan, 936,290
AMT, 5.00%, 08/01/2010
3,755,000 Massachusetts Bay Transportation 3,735,512
Authority Series A,
5.50%, 03/01/2012
1,000,000 Georgia State Series B, 1,058,940
6.00%, 03/01/2012
990,000 Florida State Board of Education, 1,387,861
9.125%, 06/01/2014
-------------
Total State General Obligations
(Cost $81,861,222) 83,938,682
-------------
Local General Obligations: 9.73%
1,300,000 Dallas County, Texas Series B, 1,317,290
8.60%, 01/10/1997
1,145,000 Montgomery County, Maryland 1,166,778
Series A, 7.30%, 04/01/1997
1,000,000 Edison Township, New Jersey, 1,017,010
6.50%, 06/01/1997
1,960,000 Maricopa County, Arizona Series A, 2,002,179
6.80%, 07/01/1997
1,375,000 San Antonio, Texas, 1,431,540
9.00%, 08/01/1997
1,475,000 Chicago Board of Education, 1,470,619
Illinois Certificates of Participation,
4.10%, 12/01/1997
1,365,000 Chicago, Illinois, 1,477,776
11.50%, 01/01/1998
1,720,000 Indianapolis Local Public 1,737,475
Improvement Bond Bank, Indiana
Series B, 5.00%, 02/01/1998
1,670,000 Union County, New Jersey, 1,717,929
6.40%, 02/01/1998
1,000,000 New York City Series B, 1,035,250
7.20%, 02/01/1998
1,860,000 Milwaukee, Wisconsin Series A5, $ 1,893,908
5.50%, 02/15/1998
2,215,000 Shelby County, Tennessee Series A, 2,243,286
5.00%, 04/01/1998
1,275,000 Columbus, Ohio, 1,425,322
12.00%, 05/15/1998
2,000,000 Houston Independent School 2,146,380
District, Texas, PSF Guaranteed,
8.375%, 08/15/1998
1,020,000 Du Page County Forest Preserve 1,073,611
District, Illinois, 7.40%, 11/01/1998
1,000,000 De Kalb County, Georgia, 1,014,130
4.90%, 01/01/1999
1,000,000 Fulton County School District, 1,070,330
Georgia, 7.50%, 01/01/1999
1,810,000 Washington Suburban Sanitation 1,954,058
District, Maryland, 8.00%, 01/01/1999
1,245,000 Chicago, Illinois, 1,421,429
11.50%, 01/01/1999
4,200,000 Dallas, Texas, 4,212,894
4.45%, 02/15/1999
1,000,000 Dallas, Texas Series B, 1,045,600
6.00%, 08/15/1999
1,000,000 Montgomery County, Maryland 1,073,360
Series B, 6.875%, 10/01/1999
1,000,000 Harris County Flood Control 1,075,090
District, Texas Series A,
7.125%, 10/01/1999
1,000,000 Denver City & County School 1,151,340
District No. 1, Colorado Series B,
10.00%, 12/01/1999
2,960,000 Winston-Salem, North Carolina, 3,491,942
8.875%, 06/01/2001
1,960,000 Montgomery County, Maryland, 2,321,620
8.60%, 05/01/2002
2,000,000 New York City Series G, 2,018,820
5.70%, 02/01/2003
3,420,000 Pennsylvania Convention & Exhibition 3,575,849
Center Authority Revenue Series A,
6.25%, 09/01/2004
1,455,000 Montgomery County, Maryland 1,537,077
Series A, 5.75%, 07/01/2006
6,525,000 Port of Seattle, Washington, AMT, 6,577,787
5.50%, 05/01/2007
2,350,000 Washington Suburban Sanitation 2,330,777
District, Maryland, 5.10%, 06/01/2007
2,620,000 Jersey City, New Jersey Series A, 2,753,489
6.00%, 10/01/2007
1,000,000 Dallas, Texas, 961,350
5.00%, 02/15/2008
2,390,000 Buncombe County, North Carolina, 2,355,369
5.10%, 03/01/2008
1,020,000 Indianapolis Local Public 965,726
Improvement Bond Bank, Indiana
Series B, 5.00%, 02/01/2010
Schedule of Investments--Municipal Bond Portfolios 7
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,190,000 Roanoke, Virginia, $ 1,119,076
5.00%, 02/01/2011
1,900,000 Minneapolis, Minnesota Series A, 807,633
0.00%, 12/01/2011 (Note C, p. 11)
1,300,000 Forsyth County, North Carolina, 1,178,775
4.75%, 02/01/2013
1,310,000 Travis County, Texas, 1,219,086
5.00%, 03/01/2014
1,400,000 Travis County, Texas, 1,292,088
5.00%, 03/01/2015
1,840,000 Du Page County, Illinois 1,820,570
Stormwater Project,
5.60%, 01/01/2021
6,430,000 Du Page County, Illinois Jail Project, 6,362,099
5.60%, 01/01/2021
-------------
Total Local General Obligations
(Cost $78,585,383) 79,863,717
-------------
Tax Lease: 8.17%
4,005,000 New York State Certificates of 4,040,124
Participation, 6.70%, 03/01/1997
5,170,000 New York State Dormitory 5,186,130
Authority, State University
Series A, 4.75%, 07/01/1997
1,050,000 New York State Dormitory 1,070,549
Authority, City University Series A,
6.90%, 07/01/1997
1,355,000 Missouri State Regional 1,375,461
Convention & Sports Complex
Authority Series A,
6.00%, 08/15/1997
1,000,000 Ukiah Unified School District, 1,003,040
California Certificates of
Participation, 5.00%, 09/01/1997
1,000,000 New Haven Unified School 1,007,400
District, California Certificates
of Participation, 4.90%, 07/01/1998
1,465,000 New York State Dormitory 1,536,624
Authority, City University Series A,
7.40%, 07/01/1998
1,835,000 Virginia College Building Authority, 1,860,139
Virginia Equipment Leasing Program,
5.00%, 08/01/1998
1,020,000 Ohio State Building Authority 1,072,826
Series C, 7.10%, 10/01/1998
2,170,000 New York State Urban Development 2,174,427
Corp., Correctional Facilities,
4.70%, 01/01/1999
2,350,000 New York State Certificates of 2,357,825
Participation, 4.90%, 03/01/1999
1,000,000 New York State Energy Research & 1,002,550
Development Authority, Western
New York Nuclear Service Center
Series B, 5.00%, 04/01/1999
1,040,000 New York State Medical Care $ 1,064,232
Facilities Financing Authority,
Brookdale Hospital Medical Center
Series A, Secured Hospital Program,
6.20%, 08/15/1999
1,500,000 Ukiah Unified School District, 1,507,935
California Certificates of Participation,
5.30%, 09/01/1999
1,140,000 Lake County, Illinois Certificates of 1,240,320
Participation, 7.20%, 06/01/2000
2,375,000 New York State Urban Development 2,389,202
Corp., Correctional Facilities,
5.10%, 01/01/2001
3,800,000 MTA, New York Commuter Facilities 3,845,752
Service Contract Series O,
5.25%, 07/01/2001
3,500,000 Ohio State Higher Educational 3,663,660
Facility, Community Revenue
Series A, 7.00%, 11/01/2002
2,000,000 New York State Dormitory 2,006,660
Authority, State University
Series A, 5.50%, 05/15/2005
1,005,000 New York State Dormitory 1,012,457
Authority, City University Series C,
5.70%, 07/01/2005
1,005,000 New York State Dormitory Authority, 1,012,457
City University, 5.70%, 07/01/2005
1,000,000 New York State Certificates of 1,001,980
Participation, City University,
John Jay College, 5.75%, 08/15/2005
1,720,000 New York State Medical Care 1,682,728
Facilities Financing Authority,
Mental Health Services,
5.35%, 02/15/2006
1,000,000 New York State Dormitory 1,069,980
Authority, State University
Series A, 6.50%, 05/15/2006
2,450,000 New York State Dormitory 2,430,400
Authority, State University,
5.50%, 05/15/2007
1,000,000 New York State Dormitory Authority, 1,007,870
City University Series A,
5.75%, 07/01/2007
3,890,000 Philadelphia Hospitals & Higher 3,802,903
Education Facilities, Pennsylvania
Authority Revenue, 5.875%, 08/01/2007
1,000,000 Ohio State Building Authority 966,350
Series B, 5.00%, 10/01/2007
2,000,000 McLean County Public Building 2,334,480
Commission, Illinois, 7.25%, 11/01/2007
4,005,000 California State Public Works 3,975,563
Board, 5.375%, 06/01/2008
1,000,000 New York State Dormitory 1,076,800
Authority, City University,
8.125%, 07/01/2008
8 Sanford C. Bernstein Fund, Inc.--1996 Annual Report
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
4,035,000 Philadelphia Hospitals & Higher $ 4,022,935
Education Facilities, Pennsylvania
Authority Revenue, 6.20%, 08/01/2011
1,280,000 New York State Dormitory Authority, 1,263,629
City University Series A,
5.75%, 07/01/2013
1,000,000 Sacramento City Finance Authority, 948,390
California Series B,
5.40%, 11/01/2020
--------------
Total Tax Lease (Cost $66,409,236) 67,013,778
--------------
Special Tax: 2.83%
1,000,000 New York State Local Government 1,012,040
Assistance Corp. Series C,
6.05%, 04/01/1997
1,000,000 Metropolitan Atlanta Rapid Transit 1,012,950
Authority, Georgia, Sales Tax Revenue
Series I, 6.25%, 07/01/1997
1,610,000 Arizona State Transportation Board 1,647,964
Tax Revenue, 7.30%, 07/01/1997
1,175,000 Las Vegas Local Improvement 1,177,773
Bonds, Nevada, Special
Improvement District No. 707,
5.50%, 06/01/1999
2,410,000 Montana State Department of 2,435,161
Transportation, 4.70%, 07/01/1999
1,000,000 Metropolitan Pier & Exposition Authority, 1,045,980
Illinois, McCormick Place Expansion
Project Series A, 5.90%, 06/15/2003
2,620,000 Connecticut State Special Tax 2,611,249
Obligation, Transportation Infrastructure
Series A, 5.25%, 09/01/2007
1,000,000 Connecticut State Special Tax 1,072,870
Obligation Series B, 6.15%, 09/01/2009
1,000,000 Illinois State Sales Tax Revenue 943,380
Series A, 5.10%, 06/15/2010
1,000,000 District of Columbia Redevelopment 975,750
Land Agency, Sports Arena
Special Tax, 5.625%, 11/01/2010
3,225,000 Illinois State Sales Tax Revenue 3,330,941
Series Q, 6.00%, 06/15/2012
5,770,000 Rhode Island Depositors Economic 5,921,174
Protection Corp. Series A,
6.375%, 08/01/2022
-------------
Total Special Tax (Cost $22,262,671) 23,187,232
-------------
Miscellaneous Tax: 0.67%
5,325,000 Indianapolis Local Public 5,498,062
Improvement Bond Bank, Indiana
Series B, 6.00%, 01/10/2013
-------------
Total Miscellaneous Tax (Cost $5,178,966) 5,498,062
-------------
Total Tax Supported (Cost $254,297,478) 259,501,471
-------------
- -------------------------------------------------------------------------------
REVENUE: 11.96%
- -------------------------------------------------------------------------------
Airport Revenue: 0.90%
1,500,000 Denver City & County, Colorado $ 1,617,975
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
800,000 Denver City & County, Colorado 882,232
Airport Revenue Series A, AMT,
7.50%, 11/15/2006
1,325,000 Denver City & County, Colorado 1,564,176
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
2,600,000 Chicago, Illinois O'Hare International 2,387,944
Airport Revenue Senior Lien Series A,
5.00%, 01/01/2013
1,000,000 Massachusetts Port Authority 915,930
Revenue Series B, AMT,
5.00%, 07/01/2013
-------------
Total Airport Revenue (Cost $7,008,273) 7,368,257
-------------
Electric Revenue: 2.74%
3,320,000 San Antonio, Texas Electric & Gas 3,350,245
Revenue, 6.75%, 02/01/1997
1,870,000 Massachusetts Municipal Wholesale 1,891,935
Electric Company Series B,
6.00%, 07/01/1997
3,185,000 Washington Public Power Supply 3,248,446
System Revenue, Nuclear Project
No. 3, 7.00%, 07/01/1997
1,000,000 Washington Public Power Supply 1,008,380
System Revenue, Nuclear Project
No. 2 Series A, 5.10%, 07/01/1998
1,500,000 Massachusetts Municipal Wholesale 1,529,295
Electric Company Series D,
5.50%, 07/01/2000
6,700,000 Pittsylvania County, Industrial 6,884,250
Development Authority, Virginia
Revenue Series A, AMT,
7.30%, 01/01/2004
3,500,000 Washington Public Power Supply 3,516,485
System Revenue, Nuclear Project
No. 3 Series B, 5.60%, 07/01/2007
1,000,000 Northern California Public Power 1,009,520
Agency, Geothermal Project No. 3
Series A, 5.65%, 07/01/2007
---------------
Total Electric Revenue (Cost $22,180,570) 22,438,556
---------------
Health Care Revenue: 1.25%
325,000 Illinois Health Facilities 323,905
Authority Revenue, Passavant
Memorial Hospital Association,
4.15%, 10/01/1997
1,750,000 Delaware County, Pennsylvania, 1,748,495
Health Care Revenue, Mercy Health
Corp., 4.875%, 11/15/1997
Schedule of Investments--Municipal Bond Portfolios 9
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
785,000 New York State Medical Care $ 819,210
Facilities Finance Agency Revenue,
5.40%, 08/15/2005
7,300,000 Boston, Massachusetts Hospital 7,397,163
Revenue Series B,
5.75%, 02/15/2008
-------------
Total Health Care Revenue (Cost $10,248,636) 10,288,773
-------------
Higher Education Revenue: 1.49%
1,000,000 Illinois Educational Facilities 1,124,680
Authority Revenue, Loyola
University, Chicago Series A,
7.00%, 07/01/2007
1,565,000 Illinois Independent Higher 1,603,733
Education Loan Authority Revenue,
Northwestern University,
8.00%, 12/01/2007
1,940,000 University of Texas, University 1,794,733
Revenue Series A,
4.70%, 08/15/2008
2,295,000 University of Texas, University 2,124,091
Revenue Series A,
4.80%, 08/15/2009
2,750,000 University of Texas, University 2,545,208
Revenue Series B,
4.80%, 08/15/2009
2,820,000 Massachusetts State Health & 3,046,277
Educational Authority, Harvard
University Series N,
6.25%, 04/01/2020
-------------
Total Higher Education Revenue (Cost $12,507,382) 12,238,722
-------------
Toll Revenue: 0.12%
1,000,000 Triborough Bridge & Tunnel 944,810
Authority, New York Toll Revenue
Series A, 5.00%, 01/01/2012
-------------
Total Toll Revenue (Cost $908,725) 944,810
-------------
Water/Sewer Revenue: 1.45%
2,350,000 Philadelphia, Pennsylvania Water 2,348,684
& Wastewater Revenue,
4.75%, 06/15/1998
1,000,000 Cobb County, Georgia Water & 1,015,270
Sewer Revenue,
5.00%, 07/01/1998
1,000,000 Gwinnett County, Georgia 1,068,240
Certificates of Participation,
Water & Sewer Revenue,
8.05%, 08/01/1998
4,230,000 Los Angeles County Sanitation 4,278,433
District Financing Authority,
California Revenue,
5.20%, 10/01/2005
2,200,000 Texas State Water Development $ 2,195,578
Board Revenue, Revolving Senior
Lien-A, 5.50%, 07/15/2010
1,005,000 Massachusetts Water Pollution 969,956
Abatement Trust Series B,
5.25%, 08/01/2014
--------------
Total Water/Sewer Revenue (Cost $11,853,604) 11,876,161
--------------
Miscellaneous Revenue: 1.67%
3,800,000 Philadelphia, Pennsylvania Gas 3,826,030
Works Series A, 5.40%, 07/01/1998
1,600,000 Northeast Maryland Waste Disposal 1,618,464
Authority, Solid Waste Revenue,
AMT, 5.50%, 07/01/2001
3,775,000 Northeast Maryland Waste Disposal 3,826,378
Authority, Solid Waste Revenue,
AMT, 5.60%, 07/01/2002
2,870,000 Philadelphia Authority for 2,842,218
Industrial Development,
Pennsylvania, Gallery II Garage
Project, 6.125%, 02/15/2003
1,500,000 Connecticut Special Tax 1,590,735
Obligation Revenue Series B,
6.00%, 09/01/2006
-------------
Total Miscellaneous Revenue (Cost $13,579,616) 13,703,825
-------------
Industrial Development/Pollution Control Revenue: 2.34%
1,000,000 Fairfax County, Virginia Economic 1,052,840
Development Authority, Ogden
Martin System Project Series A,
AMT, 7.20%, 02/01/1999
2,100,000 Missouri State Environmental 2,142,147
Improvement & Energy Resource
Authority, Chrysler Corporation
Project, 5.70%, 10/01/1999
7,890,000 Schuylkill County Industrial 7,538,737
Development Authority,
Pennsylvania, Energy Reserves,
AMT, 6.50%, 01/01/2010
8,310,000 Hempstead Town Industrial 8,504,870
Development Agency, New York,
7.40%, 12/01/2010
-------------
Total Industrial Development/Pollution
Control Revenue (Cost $19,532,954) 19,238,594
-------------
Total Revenue (Cost $97,819,760) 98,097,698
-------------
- ------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 2.94%
- ------------------------------------------------------------------------------
Housing: 1.25%
6,000,000 Maryland State Community 5,977,320
Development Administration,
Multi-Family Housing
Revenue Series A,
Mandatory Put 11/01/1997 @100,
4.50%, 11/01/2007
10 Sanford C. Bernstein Fund, Inc.--1996 Annual Report
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,225,000 Dade County Housing Finance $ 1,261,162
Authority, Florida Single Family
Mortgage Revenue Series B, AMT,
8.75%, 07/01/2017
2,890,000 Ohio Housing Finance Agency, 3,048,199
Single Family Mortgage Revenue
Series A, AMT,
7.65%, 03/01/2029
--------------
Total Housing (Cost $10,326,107) 10,286,681
--------------
Student Loan: 1.69%
1,450,000 Wyoming Student Loan Corporation, 1,471,112
Student Loan Revenue, AMT,
6.00%, 12/01/1997
1,000,000 New England Education Loan 1,027,490
Marketing Corporation, Student
Loan Revenue, 6.00%, 09/01/1998
1,525,000 New England Education Loan 1,579,107
Marketing Corporation, Student
Loan Revenue, 6.00%, 09/01/1999
1,700,000 Brazos Higher Education Authority 1,747,192
Inc., Texas Series A-2, AMT,
5.75%, 06/01/2000
1,500,000 Student Loan Funding Corporation, 1,529,580
Cincinnati, Ohio Series C, AMT,
5.85%, 07/01/2000
1,450,000 New England Education Loan 1,454,394
Marketing Corporation, Student
Loan Revenue, 5.00%, 08/01/2000
1,450,000 Brazos Higher Education Authority 1,503,316
Inc., Texas Series A-1, AMT,
5.90%, 12/01/2000
3,390,000 Arkansas State Student Loan 3,540,753
Authority Series A-1, AMT,
5.95%, 06/01/2001
-------------
Total Student Loan (Cost $13,507,289) 13,852,944
-------------
Total Asset-Backed Securities
(Cost $23,833,396) 24,139,625
-------------
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- -------------------------------------------------------------------------------
Total Investments (Cost $792,930,926) 98.26% $806,160,008
(Note F, below)
Cash and Other Assets, Less Liabilities 1.74 14,235,301
------- ------------
Net Assets (Equivalent to $13.44
per share based on 61,061,135
shares of capital stock outstanding) 100.00% $820,395,309
======= ============
- -------------------------------------------------------------------------------
(A) $3,650,000 principal amount segregated as collateral for
when-issued securities
(B) $4,000,000 principal amount segregated as collateral for
when-issued securities
(C) Non-income-producing zero-coupon bond
(D) Explanation of abbreviations:
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 abbreviations:
AMT-Subject to Alternative Minimum Tax
(E) When-issued security
(F) At September 30, 1996, the cost basis of investment securities owned was
substantially identical for both book and tax.
(G) Allocation of Portfolio net assets at September 30, 1996:
Alabama 0.26%
Alaska 1.21
Arizona 1.31
Arkansas 0.67
California 5.71
Colorado 1.97
Connecticut 2.75
Delaware 0.50
District of Columbia 2.30
Florida 4.66
Georgia 3.11
Illinois 9.13
Indiana 1.86
Iowa 0.12
Kansas 0.13
Kentucky 0.23
Louisiana 0.12
Maryland 3.84
Massachusetts 6.11
Michigan 1.47
Minnesota 1.86
Mississippi 0.25
Missouri 0.84
Montana 0.30
Nevada 0.97
New Jersey 2.50
New York 6.82
North Carolina 1.36
Ohio 5.33
Oklahoma 0.50
Pennsylvania 7.28
Rhode Island 2.21
South Carolina 1.62
South Dakota 0.45
Tennessee 0.27
Texas 8.25
Utah 2.33
Virginia 1.62
Washington 3.71
West Virginia 0.34
Wisconsin 1.39
Wyoming 0.18
Puerto Rico 0.42
Cash and Other Assets, Less Liabilities 1.74
-------
Total 100.00%
=======
See Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 11
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein California Municipal Portfolio
September 30, 1996
Principal Amount Description Market Value*
- -------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 10.07%
- -------------------------------------------------------------------------------
Commercial Paper (Note A, p. 16): 0.61%
1,754,000 Prudential Funding Corp., $ 1,754,000
10/01/1996
-------------
Total Commercial Paper (Cost $1,754,000) 1,754,000
-------------
Municipal Notes: 5.59%
5,500,000 California State, Revenue 5,528,270
Anticipation Notes Series A,
4.50%, 06/30/1997
10,400,000 Los Angeles County, California 10,453,040
Tax and Revenue Anticipation
Notes Series A, Letter of Credit,
4.50%, 06/30/1997
-------------
Total Municipal Notes (Cost $15,950,383) 15,981,310
-------------
Tax-Exempt Variable-Rate Demand Note: 2.84%
8,100,000 Orange County Water District, 8,100,000
California Certificates of
Participation, Daily Floater,
Putable Daily, 3.75%, 08/15/2015
--------------
Total Tax-Exempt Variable-Rate Demand Note
(Cost $8,100,000) 8,100,000
--------------
U.S. Treasury Bill: 1.03%
2,935,000 10/17/1996 2,928,652
--------------
Total U.S. Treasury Bill (Cost $2,928,204) 2,928,652
--------------
Total Short-Term Investments (Cost $28,732,587) 28,763,962
--------------
- -------------------------------------------------------------------------------
U.S. TREASURY BOND: 0.73%
- -------------------------------------------------------------------------------
2,000,000 7.50%, 11/15/2016 2,094,372
--------------
Total U.S. Treasury Bond (Cost $2,071,173) 2,094,372
--------------
- -------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 29.42%
- -------------------------------------------------------------------------------
2,735,000 University of California Revenue, 2,754,528
University of California-San
Diego Medical Center Satellite
Medical Facility, 7.90%, 12/01/1996,
Escrowed to Maturity
2,085,000 San Diego County Water Authority, 2,167,128
California Water Revenue
Certificates of Participation
Series A, 7.05%, 05/01/2001,
Prerefunded 05/01/1997 @ 102
2,425,000 San Jose Public Facilities $ 2,532,209
Financing Corp., California
Certificates of Participation,
7.90%, 05/01/2010,
Prerefunded 05/01/1997 @ 102
500,000 Orange County, California 512,105
Certificates of Participation,
7.35%, 06/01/1997,
Escrowed to Maturity
2,000,000 Los Angeles Unified School 2,097,500
District, California Certificates
of Participation, 8.125%, 06/01/2008,
Prerefunded 06/01/1997 @ 102
2,000,000 Los Angeles County Transportation 2,102,140
Commission, California Series A,
7.90%, 07/01/2007,
Prerefunded 07/01/1997 @ 102
1,000,000 Sacramento County, California 1,053,240
Certificates of Participation
Series A, 8.25%, 07/01/2012,
Prerefunded 07/01/1997 @ 102
1,930,000 Puerto Rico Electric Power Authority 2,046,784
Series K, 9.25%, 07/01/2006,
Prerefunded 07/01/1997 @ 102
800,000 Puerto Rico Electric Power Authority 849,128
Series K, 9.375%, 07/01/2017,
Prerefunded 07/01/1997 @ 102
1,000,000 University of Puerto Rico, 1,039,720
University Revenue Series K,
6.50%, 06/01/2004,
Prerefunded 06/01/1998 @ 100
2,000,000 Los Angeles County Transportation 2,168,860
Commission, California Series A,
8.00%, 07/01/2018,
Prerefunded 07/01/1998 @ 102
1,050,000 Northern California Public 1,119,069
Power Agency Series B,
8.00%, 07/01/2024,
Prerefunded 07/01/1998 @ 100
2,980,000 Los Angeles, California Wastewater 3,180,852
System Revenue, 6.80%, 08/01/2019,
Prerefunded 08/01/1998 @ 102
1,000,000 Sacramento Municipal Utility 1,085,300
District, California Series V,
7.75%, 08/15/2003,
Prerefunded 08/15/1998 @ 102
4,030,000 Sacramento Municipal Utility 4,382,746
District, California Series W,
7.875%, 08/15/2016,
Prerefunded 08/15/1998 @ 102
3,230,000 Fontana Redevelopment Agency, 3,521,992
California, North Fontana
Redevelopment Project,
8.00%, 09/01/2018,
Prerefunded 09/01/1998 @ 102
*See Note 1, page 26 in Notes to Financial Statements.
12 Sanford C. Bernstein Fund, Inc.--1996 Annual Report
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
530,000 Temecula Valley Unified School $ 580,159
District, California Series B,
AMBAC, 9.25%, 09/01/1998,
Escrowed to Maturity
1,000,000 Antelope Valley Hospital 1,064,580
District, California Certificates
of Participation, 7.25%, 01/01/2017,
Prerefunded 01/01/1999 @ 100
5,765,000 Los Angeles, California Wastewater 6,236,231
System Revenue Series A,
7.10%, 02/01/2021,
Prerefunded 02/01/1999 @ 102
1,325,000 San Diego County Regional 1,445,880
Transportation Authority,
California Sales Tax Revenue
Series A, 7.375%, 04/01/2006,
Prerefunded 04/01/1999 @ 102
1,875,000 California State Department 2,034,281
of Water Resources Series G,
7.125%, 12/01/2024,
Prerefunded 06/01/1999 @ 101.50
2,870,000 Puerto Rico Electric Power 3,119,719
Authority Series O,
7.125%, 07/01/2014,
Prerefunded 07/01/1999 @ 101.50
6,480,000 Los Angeles Convention & 7,106,810
Exhibition Center Authority,
California Certificates of
Participation Series A,
7.375%, 08/15/2018,
Prerefunded 08/15/1999 @ 101.50
2,190,000 Santa Cruz County Public 2,438,697
Financing Authority, California
Tax Allocation, 7.625%, 09/01/2021,
Prerefunded 09/01/1999 @ 102.50
4,890,000 Alameda Community Facilities 5,440,272
District, California Special Tax
No. 1, 7.75%, 09/01/2019,
Prerefunded 09/01/1999 @ 102
570,000 Temecula Valley Unified School 646,391
District, California Series B,
AMBAC, 9.25%, 09/01/1999,
Escrowed to Maturity
3,920,000 Tehachapi Community Facilities 4,361,549
District, California Special Tax,
7.40%, 10/01/2014,
Prerefunded 10/01/1999 @ 103
1,265,000 California State Department of 1,374,233
Water Resources Series I,
6.60%, 12/01/2019,
Prerefunded 06/01/2000 @ 101.50
2,705,000 Desert Hospital District, California 3,087,676
Desert Hospital Project,
8.10%, 07/01/2020,
Prerefunded 07/01/2000 @ 102
1,175,000 Los Angeles Convention & $ 1,302,311
Exhibition Center Authority,
California Certificates of
Participation, 7.00%, 08/15/2021,
Prerefunded 08/15/2000 @ 102
1,840,000 California State Public Works 2,041,112
Board Lease Revenue, Regents of
the University of California
Series A, 7.00%, 09/01/2015,
Prerefunded 09/01/2000 @ 102
1,655,000 Santa Ana Community Redevelopment 1,814,377
Agency, California Series A,
6.50%, 12/15/2015,
Prerefunded 12/15/2000 @ 102
1,865,000 Colton Redevelopment Agency, 2,110,677
California, Cooley Ranch
Redevelopment Project No. 4,
7.60%, 08/15/2016,
Prerefunded 08/15/2001 @ 100
1,860,000 Burbank Redevelopment Agency, 1,972,697
California, 9.25%, 12/01/2005,
Prerefunded 12/01/2004 @ 100
1,520,000 Corona, California Certificates 1,852,500
of Participation, 8.00%, 03/01/2015,
Prerefunded 03/01/2006 @ 100
1,000,000 Pittsburg Redevelopment Agency, 1,419,580
California Residential Mortgage
Revenue, 9.60%, 06/01/2016,
Escrowed to Maturity
-------------
Total Prerefunded/Escrowed (Cost $82,459,715) 84,063,033
-------------
- -------------------------------------------------------------------------------
INSURED (Note B, p. 16): 32.48%
- -------------------------------------------------------------------------------
3,355,000 California State, AMBAC, 3,454,073
10.00%, 04/01/1997
4,000,000 Puerto Rico Series A, FGIC, 4,092,240
7.00%, 07/01/1997
1,000,000 San Francisco City & County, 1,049,280
California, FGIC,
7.25%, 06/15/1998
1,065,000 Santa Rosa, California Wastewater 1,061,858
Revenue, FGIC,
4.00%, 09/01/1998
1,000,000 Modesto Irrigation District 1,001,700
Financing Authority, California
Series A, MBIA,
4.25%, 10/01/1998
1,800,000 East Bay Municipal Utility 1,873,278
District, California Water
System Revenue, FGIC,
6.00%, 06/01/1999
1,035,000 East Bay Municipal Utility 1,077,135
District, California Water
System Revenue, FGIC,
6.00%, 06/01/1999
Schedule of Investments--Municipal Bond Portfolios 13
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,390,000 University of Puerto Rico Revenue, $ 1,446,948
Series N, MBIA, 6.00%, 06/01/1999
2,520,000 Northern California Public Power 2,564,377
Agency, Geothermal Project No. 3
Series B, AMBAC, 5.00%, 07/01/1999
2,740,000 Orange County Municipal Water 2,777,621
District, California Certificates
of Participation, Allen McColloch
Pipeline, MBIA, 5.00%, 07/01/1999
4,285,000 Modesto Irrigation District 4,301,626
Financing Authority, California
Series A, MBIA, 4.50%, 10/01/1999
1,000,000 Northern California Public Power 1,033,680
Agency, Geothermal Project No. 3
Series B, AMBAC, 5.50%, 07/01/2000
1,575,000 Las Virgenes Municipal Water 1,811,628
District, California Certificates
of Participation, MBIA,
8.75%, 11/01/2000
5,025,000 San Diego County, California 5,092,536
Certificates of Participation,
AMBAC, 5.25%, 09/01/2005
1,390,000 South Orange County Public 1,592,217
Finance Authority, California
Special Tax Revenue Series A,
MBIA, 7.00%, 09/01/2006
1,590,000 San Diego County Regional 1,563,256
Transportation Authority,
California Sales Tax Revenue
Series A, FGIC, 5.00%, 04/01/2007
3,000,000 Los Angeles Department of 3,027,600
Airports, California, Airport
Revenue Series A, FGIC,
5.375%, 05/15/2007
2,910,000 Contra Costa Transportation 3,092,835
Authority, California Sales Tax
Revenue Series A, FGIC,
6.00%, 03/01/2008
1,155,000 Fairfield, California Water Revenue, 1,108,881
AMBAC, 4.90%, 04/01/2008
2,360,000 San Diego County Regional 2,337,910
Transportation Authority,
California Sales Tax Revenue
Series A, FGIC,
5.25%, 04/01/2008
3,885,000 Long Beach, California Harbor 4,067,984
Revenue, MBIA, AMT,
6.00%, 05/15/2008
2,815,000 Riverside, California Sewer 3,242,007
Revenue, FGIC,
7.00%, 08/01/2008
1,510,000 Castaic Lake Water Agency, 1,764,692
California Certificates of Participation,
Water Systems Improvement Project
Series A, MBIA, 7.25%, 08/01/2008
1,475,000 Los Angeles Department of Airports, $ 1,479,602
California, Airport Revenue Series A,
FGIC, 5.50%, 05/15/2009
1,000,000 Redding Joint Powers Financing 1,076,180
Authority, California Electric
System Revenue Series A, MBIA,
6.25%, 06/01/2009
1,800,000 Metropolitan Water District of 1,683,594
Southern California, Waterworks
Revenue Series B, MBIA,
4.75%, 07/01/2009
2,735,000 Northern California Public Power 2,844,838
Agency, Geothermal Project No. 3
Series A, AMBAC, 5.80%, 07/01/2009
1,100,000 South Orange County Public 1,361,525
Finance Authority, California
Special Tax Revenue, Foothill
Area Series C, FGIC, 8.00%, 08/15/2009
1,205,000 Santa Rosa, California Wastewater 1,116,119
Revenue, FGIC, 4.80%, 09/01/2009
2,000,000 Los Angeles, California Wastewater 1,965,820
System Revenue Series D, FGIC,
5.375%, 11/01/2009
1,320,000 Fairfield, California Water 1,267,728
Revenue, AMBAC, 5.10%, 04/01/2010
2,365,000 San Francisco City & County 2,296,060
Airport Commission, California
International Airport Revenue 2nd
Series 10A, MBIA, AMT,
5.35%, 05/01/2010
600,000 Los Angeles Department of 604,206
Airports, California, Airport
Revenue, FGIC, AMT,
5.80%, 05/15/2010
1,320,000 East Bay Municipal Utility 1,249,802
District, California Water System
Revenue, MBIA, 5.00%, 06/01/2010
3,000,000 Riverside, California Sewer 2,853,030
Revenue, FGIC, 5.00%, 08/01/2010
1,000,000 Kern High School District, 1,077,470
California Series A, MBIA,
6.30%, 02/01/2011
1,000,000 University of California Revenue 934,070
Series C, AMBAC,
5.00%, 09/01/2011
2,145,000 San Francisco City & County 2,087,836
Airport Commission, California
International Airport Revenue 2nd
Series 10A, MBIA, AMT,
5.45%, 05/01/2012
1,000,000 Los Angeles County 962,710
Metropolitan Transportation
Authority, California Sales Tax
Revenue Series B, AMBAC,
5.30%, 07/01/2012
14 Sanford C. Bernstein Fund, Inc.--1996 Annual Report
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,000,000 Los Angeles Convention & $ 937,110
Exhibition Center Authority,
California Lease Revenue, MBIA,
5.125%, 08/15/2013
1,000,000 University of California Revenue 918,500
Series C, AMBAC,
5.00%, 09/01/2013
1,000,000 University of California Revenue 920,540
Series A, MBIA, 5.00%, 11/01/2014
1,195,000 Culver City Redevelopment Finance 1,186,826
Authority, California Tax Allocation,
AMBAC, 5.50%, 11/01/2014
1,000,000 San Jose Redevelopment Agency, 1,050,860
California Tax Allocation Merged
Area Redevelopment Project, MBIA,
6.00%, 08/01/2015
1,000,000 Los Angeles Convention & Exhibition 952,390
Center Authority, California Lease
Revenue Series A, MBIA,
5.375%, 08/15/2018
1,660,000 Fresno, California Sewer Revenue 1,583,375
Series A-1, AMBAC,
5.25%, 09/01/2019
2,630,000 California State Public Works 2,407,292
Board Lease Revenue, Department
of Corrections, State Prison
Series A, AMBAC,
5.00%, 12/01/2019
1,000,000 Sacramento Municipal Utility 861,310
District, California Series G,
MBIA, 4.75%, 09/01/2021
2,915,000 Los Angeles, California Wastewater 2,699,669
System Revenue Series D, FGIC,
5.20%, 11/01/2021
-------------
Total Insured (Cost $91,657,048) 92,813,824
-------------
- -------------------------------------------------------------------------------
TAX SUPPORTED: 15.27%
- -------------------------------------------------------------------------------
State General Obligations: 2.94%
1,000,000 California State, 8.60%, 10/01/1998 1,081,940
1,000,000 California State, 8.75%, 10/01/1998 1,084,780
1,295,000 California State, 7.00%, 06/01/1999 1,379,576
1,000,000 California State, 6.70%, 04/01/2001 1,083,540
1,020,000 California State, Veterans Series AW, 1,076,600
AMT, 7.25%, 04/01/2003
2,500,000 California State, 6.20%, 09/01/2005 2,709,725
------------
Total State General Obligations (Cost $8,105,616) 8,416,161
------------
Local General Obligations: 3.83%
1,000,000 East Bay Regional Park District, 1,047,330
California, 9.25%, 09/01/1997
1,045,000 East Bay Regional Park District, 1,166,962
California Series B,
8.75%, 09/01/1999
2,235,000 Los Angeles County Public Works $ 2,211,778
Authority, California Capital
Construction Series A,
5.10%, 03/01/2007
3,110,000 Los Angeles County Public Works 2,947,565
Authority, California Capital
Construction, 5.00%, 03/01/2011
1,000,000 Kern High School District, 1,171,840
California, 7.10%, 08/01/2011
2,480,000 Los Angeles, California Series A, 2,397,738
5.25%, 09/01/2011
--------------
Total Local General Obligations (Cost $10,788,305) 10,943,213
--------------
Tax Lease: 6.29%
1,200,000 California State Public Works 1,202,172
Board Series A, 4.80%, 12/01/1996
3,035,000 New Haven Unified School 3,046,928
District, California Certificates
of Participation, 4.70%, 07/01/1997
2,200,000 Los Angeles Municipal Improvement 2,210,208
Corp., California Certificates of
Participation, 4.875%, 08/01/1997
1,130,000 Cupertino, California 1,134,791
Certificates of Participation
Series A, 4.875%, 01/01/2000
1,595,000 Ukiah Unified School District, 1,615,368
California Certificates of
Participation, 5.60%, 09/01/2001
1,600,000 Ventura County, California 1,652,416
Certificates of Participation,
5.75%, 12/01/2004
1,000,000 Los Angeles State Building 995,990
Authority, California Lease
Revenue, 5.50%, 05/01/2007
2,520,000 San Francisco State Building 2,471,263
Authority, California Lease
Revenue Series A,
5.125%, 10/01/2007
1,010,000 Gilroy Unified School District, 991,416
California Certificates of
Participation, 5.85%, 07/01/2008
725,000 San Francisco City & County Parking 759,996
Authority, California, 7.50%, 12/01/2008
2,000,000 Sacramento City Finance 1,896,780
Authority, California Series B,
5.40%, 11/01/2020
-------------
Total Tax Lease (Cost $17,692,466) 17,977,328
-------------
Special Tax: 2.21%
2,005,000 Puerto Rico Highway and Transit 2,024,168
Authority, 5.00%, 07/01/1998
1,000,000 Los Angeles County Metropolitan 1,006,040
Transportation Authority,
California Series A, 4.90%, 07/01/2000
Schedule of Investments--Municipal Bond Portfolios 15
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,300,000 Los Angeles County Transportation $ 1,410,695
Commission, California Series A,
6.40%, 07/01/2006
1,955,000 Pomona Public Financing 1,862,939
Authority, California Revenue,
Southwest Pomona Redevelopment,
5.50%, 02/01/2008
--------------
Total Special Tax (Cost $6,113,831) 6,303,842
--------------
Total Tax Supported (Cost $42,700,218) 43,640,544
--------------
- -------------------------------------------------------------------------------
REVENUE: 9.91%
- -------------------------------------------------------------------------------
Airport Revenue: 0.48%
500,000 Denver City & County, Colorado 539,325
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
200,000 Denver City & County, Colorado 236,102
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
500,000 Denver City & County, Colorado 595,760
Airport Revenue Series D, AMT,
7.75%, 11/15/2013
-------------
Total Airport Revenue (Cost $1,201,103) 1,371,187
-------------
Electric Revenue: 3.57%
1,250,000 Los Angeles Department of Water & 1,414,562
Power, California, Electric Plant
Revenue 2nd Issue, 9.00%, 12/15/1999
1,000,000 Los Angeles Department of Water & 1,164,620
Power, California, Electric Plant
Revenue 2nd Issue, 8.00%, 08/15/2002
2,100,000 Los Angeles Department of Water & 2,618,322
Power, California, Electric Plant
Revenue 2nd Issue, 9.00%, 10/15/2003
4,950,000 Northern California Public Power 4,997,124
Agency, Geothermal Project No. 3
Series A, 5.65%, 07/01/2007
-------------
Total Electric Revenue (Cost $10,141,046) 10,194,628
-------------
Higher Education Revenue: 0.63%
1,000,000 University of California, 1,053,540
Research Facilities Revenue
Series B, 7.50%, 09/01/1998
685,000 California Educational Facilities Authority, 748,815
University of Southern California
Series B, 7.85%, 10/01/1999
-------------
Total Higher Education Revenue (Cost $1,749,240) 1,802,355
-------------
Water/Sewer Revenue: 4.19%
1,050,000 California State Department of 1,208,519
Water Resources Series M,
8.50%, 12/01/2000
2,500,000 Metropolitan Water District of $ 2,534,400
Southern California Series A,
5.50%, 07/01/2008
2,420,000 Los Angeles County Sanitation 2,402,987
District Financing Authority, California
Series A, 5.25%, 10/01/2008
2,285,000 California State Department of 2,109,809
Water Resources Series O,
5.00%, 12/01/2015
3,660,000 Metropolitan Water District of 3,722,806
Southern California Series A,
5.75%, 07/01/2021
-------------
Total Water/Sewer Revenue (Cost $11,225,614) 11,978,521
-------------
Miscellaneous Revenue: 0.81%
1,000,000 Puerto Rico Highway & Transit 1,034,260
Authority Series U,
5.875%, 07/01/1999
1,235,000 Western Placer Waste 1,265,826
Management Authority,
California Revenue, AMT,
6.25%, 07/01/2000
-------------
Total Miscellaneous Revenue (Cost $2,279,300) 2,300,086
-------------
Industrial Development/Pollution Control Revenue: 0.23%
650,000 Missouri State Environmental 663,045
Improvement & Energy Resource
Authority, Chrysler Corporation
Project, 5.70%, 10/01/1999
-------------
Total Industrial Development/Pollution
Control Revenue (Cost $650,000) 663,045
-------------
Total Revenue (Cost $27,246,303) 28,309,822
-------------
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- -------------------------------------------------------------------------------
Total Investments (Cost $274,867,044) 97.88% $279,685,557
(Note C, below)
Cash and Other Assets, Less Liabilities 2.12 6,072,278
------- ------------
Net Assets (Equivalent to $13.58
per share based on 21,046,745
shares of capital stock outstanding) 100.00% $285,757,835
======= ============
(A) Commercial paper owned at September 30, 1996, was purchased at a rate
of 5.65%.
(B) Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC-AMBAC Indemnity Corporation
FGIC-Financial Guaranty Insurance Company
MBIA-Municipal Bond Investors Assurance Corporation
Other abbreviations:
AMT-Subject to Alternative Minimum Tax
(C) At September 30, 1996, the cost basis of investment securities owned
was substantially identical for both book and tax.
See Notes to Financial Statements.
16 Sanford C. Bernstein Fund, Inc.--1996 Annual Report
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein New York Municipal Portfolio
September 30, 1996
Principal Amount Description Market Value*
- -------------------------------------------------------------------------------
TAX-EXEMPT VARIABLE-RATE DEMAND NOTES: 0.91%
- -------------------------------------------------------------------------------
1,500,000 New York City Series A, Letter of $ 1,500,000
Credit, Daily Floater, Putable
Daily, 4.00%, 08/01/2016
500,000 New York City Series B, Daily 500,000
Floater, Putable Daily,
4.00%, 10/01/2020
1,900,000 Babylon, New York Industrial 1,900,000
Development Agency, Resource
Recovery Revenue, Daily Floater,
Putable Daily, 3.85%, 12/01/2024
965,000 New York State Energy Research 965,000
and Development Authority,
Pollution Control Revenue, Daily
Floater, Putable Daily,
3.90%, 06/01/2029
-------------
Total Tax-Exempt Variable-Rate Demand Notes
(Cost $4,865,000) 4,865,000
-------------
- -------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 34.28%
- -------------------------------------------------------------------------------
1,350,000 New York State Dormitory 1,352,768
Authority, State University
Series B, 6.30%, 11/01/1996,
Escrowed to Maturity
425,000 Monroe County, New York, MBIA, 429,097
6.00%, 03/01/1997,
Escrowed to Maturity
1,650,000 New York City Municipal Water 1,739,051
Finance Authority Series A,
8.75%, 06/15/2010,
Prerefunded 06/15/1997 @ 102
8,965,000 New York State Dormitory 9,427,236
Authority, City University Series A,
8.125%, 07/01/2017,
Prerefunded 07/01/1997 @ 102
1,090,000 Puerto Rico Electric Power 1,149,012
Authority Series L,
8.375%, 07/01/2007,
Prerefunded 07/01/1997 @ 102
1,370,000 MTA, New York Transit Facilities 1,444,377
Service Contract Series 1,
8.50%, 07/01/2017,
Prerefunded 07/01/1997 @ 102
4,820,000 MTA, New York Commuter Facilities 5,081,678
Service Contract Series 1,
8.50%, 07/01/2017,
Prerefunded 07/01/1997 @ 102
1,000,000 Puerto Rico Electric Power $ 1,060,510
Authority Series K,
9.25%, 07/01/2006,
Prerefunded 07/01/1997 @ 102
2,825,000 Puerto Rico Electric Power Authority 2,998,483
Series K, 9.375%, 07/01/2017,
Prerefunded 07/01/1997 @ 102
3,320,000 New York City Series D, 3,511,431
8.50%, 08/01/2008,
Prerefunded 08/01/1997 @ 102
5,500,000 New York State Medical Care 5,806,020
Facilities, 8.00%, 02/15/2025,
Prerefunded 08/15/1997 @ 102
1,125,000 Nassau County, New York Series J, 1,165,084
FGIC, 7.30%, 10/15/1997,
Escrowed to Maturity
1,000,000 New York State Housing Finance 1,059,460
Agency, State University Series A,
7.60%, 11/01/1999,
Prerefunded 11/01/1997 @ 102
1,300,000 New York State Housing Finance 1,381,380
Agency, State University Series A,
7.90%, 05/01/2002,
Prerefunded 11/01/1997 @ 102
1,905,000 New York State Housing Finance 2,024,253
Agency, State University Series A,
7.90%, 11/01/2002,
Prerefunded 11/01/1997 @ 102
2,600,000 New York State Housing Finance 2,767,440
Agency, State University Series A,
8.125%, 11/01/2006,
Prerefunded 11/01/1997 @ 102
2,135,000 New York City Series A, 2,265,043
8.25%, 11/01/2002,
Prerefunded 11/01/1997 @ 101.50
3,070,000 New York City Series A, 3,265,006
8.50%, 11/01/2010,
Prerefunded 11/01/1997 @ 101.50
600,000 New York City Series A, 639,684
8.75%, 11/01/2016,
Prerefunded 11/01/1997 @ 101.50
1,000,000 Triborough Bridge & Tunnel 1,058,890
Authority, New York Revenue
Series M, 7.375%, 01/01/2008,
Prerefunded 01/01/1998 @ 102
1,000,000 Triborough Bridge & Tunnel Authority, 1,055,630
New York Special Obligation Series A,
7.50%, 01/01/2001,
Prerefunded 01/01/1998 @ 101.50
1,270,000 New York State Urban Development 1,346,696
Corp., Correctional Facilities
Series D, 7.50%, 01/01/2012,
Prerefunded 01/01/1998 @ 102
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 17
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,105,000 New York State Urban Development $ 1,175,046
Corp., Correctional Facilities
Series D, 7.75%, 01/01/2013,
Prerefunded 01/01/1998 @ 102
1,525,000 Triborough Bridge & Tunnel Authority, 1,616,698
New York Toll Revenue Series N,
7.875%, 01/01/2018,
Prerefunded 01/01/1998 @ 101.50
1,420,000 Triborough Bridge & Tunnel Authority, 1,506,620
New York Special Obligation Series A,
8.00%, 01/01/2018,
Prerefunded 01/01/1998 @ 101.50
1,595,000 New York State Medical Care Facilities 1,709,011
Finance Authority, Hospital & Nursing
Home Series B, 8.10%, 02/15/2022,
Prerefunded 02/15/1998 @ 102
14,210,000 New York State Medical Care Facilities 15,263,103
Finance Authority Series A,
8.30%, 02/15/2022,
Prerefunded 02/15/1998 @ 102
2,030,000 Suffolk County, New York, BIGI, 2,122,974
7.375%, 03/01/1998,
Escrowed to Maturity
3,000,000 MTA, New York Commuter Facilities 3,247,980
Service Contract Series 2,
8.00%, 07/01/2018,
Prerefunded 07/01/1998 @ 102
4,675,000 MTA, New York Transit Facilities 5,061,436
Service Contract Series 2,
8.00%, 07/01/2018,
Prerefunded 07/01/1998 @ 102
4,470,000 New York City Series I, 4,696,495
6.90%, 08/15/1998,
Escrowed to Maturity
1,000,000 New York State Medical Care Facilities 1,080,740
Finance Authority, Hospital & Nursing
Home Series C, 7.60%, 02/15/2008,
Prerefunded 08/15/1998 @ 102
3,090,000 New York State Medical Care Facilities 3,325,087
Finance Authority, Hospital & Nursing
Home Series A, 8.00%, 02/15/2028,
Prerefunded 08/15/1998 @ 102
3,440,000 Albany Parking Authority, New York, 3,624,590
6.875%, 11/01/2016,
Prerefunded 11/01/1998 @ 100
5,150,000 New York State Housing Finance 5,629,671
Agency, State University Series A,
8.00%, 11/01/2006,
Prerefunded 11/01/1998 @ 102
1,000,000 New York State Housing Finance 1,095,110
Agency, State University Series A,
8.10%, 11/01/2010,
Prerefunded 11/01/1998 @ 102
330,000 Nassau County, New York Series L, 345,579
FGIC, 6.30%, 11/15/1998,
Escrowed to Maturity
1,275,000 Triborough Bridge & Tunnel $ 1,378,657
Authority, New York Toll Revenue
Series O, 7.50%, 01/01/2011,
Prerefunded 01/01/1999 @ 101.50
1,090,000 Triborough Bridge & Tunnel 1,183,239
Authority, New York Toll Revenue
Series O, 7.70%, 01/01/2019,
Prerefunded 01/01/1999 @ 101.50
1,360,000 New York State Medical Care 1,478,402
Facilities Finance Authority,
Mental Health Services,
7.40%, 08/15/2007,
Prerefunded 02/15/1999 @ 102
10,120,000 Battery Park City Authority, New 10,644,722
York Revenue, 6.50%, 05/01/2020,
Prerefunded 05/01/1999 @ 100
3,235,000 Battery Park City Authority, New 3,554,294
York Revenue, 7.70%, 05/01/2015,
Prerefunded 05/01/1999 @ 102
6,415,000 New York State Dormitory 6,791,496
Authority, State University
Series A, 6.75%, 05/15/2018,
Prerefunded 05/15/1999 @ 100
4,315,000 New York State Dormitory 4,684,925
Authority, State University
Series A, 7.125%, 05/15/2017,
Prerefunded 05/15/1999 @ 102
1,000,000 Suffolk County Water Authority, 1,086,770
New York, 7.125%, 06/01/2015,
Prerefunded 06/01/1999 @ 102
1,000,000 New York City Series B, 1,089,380
8.00%, 06/01/1999,
Escrowed to Maturity
2,625,000 New York City Municipal Water 2,860,043
Finance Authority Series A,
7.375%, 06/15/2009,
Prerefunded 06/15/1999 @ 101.50
3,425,000 New York City Municipal Water 3,731,674
Finance Authority Series A,
7.375%, 06/15/2009,
Prerefunded 06/15/1999 @ 101.50
1,000,000 Albany County, New York, 1,072,200
7.00%, 10/01/1999,
Escrowed to Maturity
1,000,000 Nassau County, 1,078,670
New York Series H, AMBAC,
7.20%, 10/15/1999,
Escrowed to Maturity
1,400,000 Nassau County, 1,514,072
New York Series J,
7.30%, 10/15/1999,
Escrowed to Maturity
1,000,000 Triborough Bridge & Tunnel 1,044,730
Authority, New York Toll Revenue
Series R, 6.00%, 01/01/2020,
Prerefunded 01/01/2000 @ 100
18 Sanford C. Bernstein Fund, Inc.--1996 Annual Report
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
2,000,000 New York State Urban Development $ 2,183,800
Corp., Correctional Facilities
Series G, 7.00%, 01/01/2017,
Prerefunded 01/01/2000 @ 102
6,700,000 New York State Medical Care 7,425,878
Facilities Finance Agency Series B,
7.45%, 02/15/2029,
Prerefunded 02/15/2000 @ 102
5,535,000 New York State Dormitory Authority, 6,213,923
State University Series A,
7.70%, 05/15/2012,
Prerefunded 05/15/2000 @ 102
420,000 New York State Dormitory Authority, 470,077
City University Series A,
7.875%, 07/01/2002,
Prerefunded 07/01/2000 @ 100.50
1,000,000 MTA, New York Commuter Facilities 1,127,700
Service Contract Series 4,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @ 101.50
2,250,000 MTA, New York Transit Facilities 2,537,325
Service Contract Series 4,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @ 101.50
3,950,000 New York State Dormitory Authority, 4,471,123
City University Systems Series F,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @ 102
3,500,000 Virgin Islands Public Finance 3,891,160
Authority Series B, 7.25%, 10/01/2007,
Prerefunded 10/01/2000 @ 101
2,000,000 New York State Medical Care 2,245,360
Facilities Finance Authority,
Mental Health Services Series A,
8.00%, 11/01/2000,
Escrowed to Maturity
445,000 New York State Power Authority 484,645
Series C, 9.50%, 01/01/2001,
Escrowed to Maturity
1,780,000 New York State Local Government 1,998,566
Assistance Corp. Series A,
7.25%, 04/01/2018,
Prerefunded 04/01/2001 @ 102
4,670,000 Niagara Falls Bridge Commission, 5,064,008
New York Toll Revenue,
6.30%, 10/01/2012,
Escrowed to Maturity
-------------
Total Prerefunded/Escrowed
(Cost $182,654,157) 184,835,208
-------------
- -------------------------------------------------------------------------------
INSURED (Note A, p. 24): 20.11%
- -------------------------------------------------------------------------------
1,000,000 New York City Industrial 1,014,990
Development Agency, USTA
National Tennis Center,
FSA, 5.30%, 11/15/1997
1,925,000 New York State Thruway Authority $ 1,948,466
Highway & Bridge Trust Fund
Series A, AMBAC, 5.00%, 04/01/1998
490,000 New York State Dormitory 504,813
Authority, Mount Sinai School of
Medicine, MBIA, 6.00%, 07/01/1998
3,000,000 New York State Dormitory 3,155,430
Authority, City University Series A,
FGIC, 7.40%, 07/01/1998
3,830,000 Nassau County, New York Series Q, 3,885,152
FGIC, 5.00%, 08/01/1998
1,000,000 Nassau County, New York Series O, 1,025,280
FGIC, 5.625%, 08/01/1998
3,710,000 New York City Industrial 3,808,018
Development Agency, USTA National
Tennis Center, FSA, 5.50%, 11/15/1998
1,570,000 Brookhaven, New York, MBIA, 1,615,530
5.70%, 11/15/1998
7,130,000 Nassau County, New York Series T, 7,294,917
FGIC, 5.125%, 09/01/1999
5,325,000 New York City Health & Hospital 5,336,928
Corp. Series A, Connie Lee,
4.875%, 02/15/2000
1,925,000 Suffolk County, New York Series A, 2,348,346
FGIC, 9.50%, 10/01/2001
1,340,000 New York State Dormitory 1,632,227
Authority, City University Series D,
FGIC, 8.75%, 07/01/2003
1,475,000 MTA, New York Transit Facilities, 1,436,458
FGIC, 4.60%, 07/01/2004
1,000,000 New York State Dormitory 974,790
Authority, Rochester Institute,
FGIC, 4.75%, 07/01/2005
5,915,000 New York State Project Finance 5,763,694
Agency, HUD Section 236-Series A,
FSA, 4.95%, 11/01/2006
2,025,000 New York State Urban Development 1,986,667
Corp., Correctional Facilities
Revenue, AMBAC, 5.00%, 01/01/2007
4,285,000 Suffolk County, New York, 4,580,622
Southwest Sewer District, MBIA,
6.00%, 02/01/2007
4,000,000 Westchester County Industrial 4,086,960
Development Agency, New York
Resource Recovery Revenue Series A,
AMBAC, 5.60%, 07/01/2007
2,500,000 MTA, New York Commuter Facilities 2,696,000
Series A, MBIA, 6.10%, 07/01/2007
2,400,000 MTA, New York Transit Facilities 2,631,576
Series K, MBIA, 6.30%, 07/01/2007
1,265,000 New York State Urban Development 1,286,113
Corp., Correctional Facilities
Series A, AMBAC, 5.50%, 01/01/2008
1,270,000 Babylon, New York Series A, AMBAC, 1,686,420
9.20%, 01/15/2008
Schedule of Investments--Municipal Bond Portfolios 19
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
2,200,000 New York State Dormitory Authority, $ 2,209,218
State University Series A, AMBAC,
5.50%, 05/15/2008
4,200,000 Suffolk County, New York, 4,138,050
Waterworks Authority Revenue,
MBIA, 5.10%, 06/01/2008
1,485,000 New York State Dormitory 1,428,704
Authority, New York University
Series B, MBIA, 5.00%, 07/01/2008
6,990,000 New York State Thruway Authority 6,839,715
Highway & Bridge Trust Fund
Series A, MBIA, 5.25%, 04/01/2009
2,165,000 New York State Thruway Authority 2,135,838
Highway & Bridge Trust Fund
Series B, MBIA, 5.30%, 04/01/2009
4,055,000 New York State Dormitory Authority, 4,065,705
State University Series A, FGIC,
5.50%, 05/15/2009
1,175,000 New York City Municipal Water 1,197,454
Finance Authority Series A, MBIA,
5.75%, 06/15/2009
1,550,000 Babylon, New York Waste 2,052,882
Facilities, FGIC, 9.00%, 08/01/2009
1,090,000 Nassau County, New York Series G, 1,082,762
MBIA, 5.40%, 01/15/2010
2,580,000 Nassau County, New York Series S, 2,478,116
AMBAC, 5.10%, 03/01/2010
1,000,000 New York State Dormitory 1,054,600
Authority, State University
Series A, AMBAC, 6.00%, 07/01/2010
4,390,000 Port Authority of New York & New 4,222,126
Jersey Revenue, MBIA, AMT,
5.25%, 09/01/2010
3,200,000 New York State Dormitory Authority, 2,996,512
State University Series A, MBIA,
5.00%, 07/01/2011
4,500,000 Babylon, New York Waste Facilities, 6,026,895
FGIC, 9.00%, 08/01/2011
2,725,000 New York City Educational 2,681,291
Construction Fund, MBIA,
5.50%, 10/01/2011
1,000,000 New York City Municipal Water 1,041,640
Finance Authority Series A, AMBAC,
5.875%, 06/15/2013
1,095,000 Clifton Park, New York Water Authority, 1,016,412
FGIC, 5.00%, 10/01/2014
1,050,000 New York State Medical Care 1,088,399
Facilities Finance Authority,
Mental Health Services, MBIA,
6.15%, 02/15/2015
-------------
Total Insured
(Cost $107,298,627) 108,455,716
-------------
- -------------------------------------------------------------------------------
TAX SUPPORTED: 23.53%
- -------------------------------------------------------------------------------
State General Obligations: 0.76%
1,500,000 New York State, $ 1,573,335
6.20%, 11/01/1999
1,355,000 New York State, 1,447,262
6.875%, 11/01/1999
1,000,000 Puerto Rico Commonwealth, 1,095,920
7.00%, 07/01/2001
-------------
Total State General Obligations
(Cost $3,966,871) 4,116,517
-------------
Local General Obligations: 7.51%
2,200,000 Islip, New York, 2,225,938
5.30%, 08/15/1997
1,020,000 White Plains, New York, 1,085,035
9.40%, 12/15/1997
5,000,000 New York City Series B, 5,176,250
7.20%, 02/01/1998
1,060,000 White Plains, New York, 1,181,169
9.70%, 12/15/1998
1,150,000 Manhasset Union Free School 1,224,727
District, New York,
7.30%, 01/01/1999
2,000,000 New York City Series B, 2,149,700
7.40%, 02/01/2000
2,000,000 New York City Series D, 2,138,060
7.875%, 08/01/2000
1,050,000 Manhasset Union Free School 1,157,646
District, New York,
7.30%, 01/01/2001
615,000 New York City Series C, 644,489
6.30%, 08/01/2002
1,180,000 New York City Series D, 1,172,389
5.40%, 02/15/2003
4,265,000 New York City Series B, 4,656,314
7.50%, 02/01/2004
1,000,000 Westchester County, New York, 1,157,360
7.10%, 12/01/2004
1,000,000 New York City Series C, 984,250
5.60%, 02/01/2005
1,310,000 New York City Series G, 1,300,555
5.75%, 02/01/2006
1,300,000 Westchester County, New York 1,470,443
Series A, 6.75%, 02/01/2007
5,315,000 New York City Series B, 5,414,975
6.30%, 08/15/2008
2,600,000 Onondaga County, New York, 2,701,374
5.70%, 04/01/2009
1,940,000 Onondaga County, New York, 2,000,877
5.70%, 04/01/2010
2,600,000 Onondaga County, New York, 2,672,410
5.70%, 04/01/2011
-------------
Total Local General Obligations
(Cost $38,857,257) 40,513,961
-------------
20 Sanford C. Bernstein Fund, Inc.--1996 Annual Report
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
Tax Lease: 10.04%
2,850,000 New York State Certificates of $ 2,848,575
Participation, 4.375%, 03/01/1997
1,175,000 New York State Energy Research & 1,177,656
Development Authority, Western
New York Nuclear Service Center
Project, 5.20%, 04/01/1997
525,000 New York State Medical Care 532,718
Facilities Finance Authority,
Brookdale Medical Center Secured
Hospital Program Series A,
5.95%, 08/15/1998
1,550,000 New York State Urban Development 1,559,083
Corp., Correctional Facilities,
5.00%, 01/01/2000
525,000 New York State Energy Research & 537,584
Development Authority, Western
New York Nuclear Service Center
Project, 6.00%, 04/01/2000
855,000 New York State Dormitory 913,003
Authority, City University Series D,
7.50%, 07/01/2000
1,000,000 New York State Medical Care 1,030,560
Facilities Finance Authority,
Brookdale Medical Center Secured
Hospital Program Series A,
6.35%, 08/15/2000
3,505,000 MTA, New York Commuter Facilities 3,547,200
Service Contract Series O,
5.25%, 07/01/2001
1,920,000 MTA, New York Transit Facilities 1,943,117
Service Contract Series O,
5.25%, 07/01/2001
720,000 New York State Medical Care 752,594
Facilities Finance Authority,
Mental Health Services Series F,
6.20%, 02/15/2003
2,000,000 New York State Thruway Authority 2,100,040
Service Contract, 6.20%, 04/01/2003
2,000,000 New York State Thruway Authority 2,094,300
Service Contract,
6.25%, 04/01/2004
3,825,000 New York State Dormitory 3,762,385
Authority, State University
Series B, 5.25%, 05/15/2005
1,000,000 MTA, New York Commuter Facilities 986,170
Service Contract, 5.30%, 07/01/2005
1,125,000 MTA, New York Transit Facilities 1,109,441
Service Contract, 5.30%, 07/01/2005
1,020,000 New York State Dormitory 1,027,568
Authority, City University Series A,
5.70%, 07/01/2005
1,780,000 New York State Dormitory 1,793,208
Authority, City University Series D,
5.70%, 07/01/2005
1,000,000 New York State Dormitory $ 1,058,730
Authority, City University Series U,
6.45%, 07/01/2005
1,000,000 New York State Urban Development 974,910
Corp., Correctional Facilities
Series 4, 5.25%, 01/01/2006
3,300,000 New York State Dormitory 3,287,592
Authority, State University
Series A, 5.50%, 05/15/2006
1,595,000 MTA, New York Transit Facilities 1,571,139
Service Contract, 5.40%, 07/01/2006
1,250,000 MTA, New York Transit Facilities 1,229,950
Service Contract, 5.45%, 07/01/2007
3,510,000 New York State Dormitory 3,523,584
Authority, City University Systems
Series 2, 5.75%, 07/01/2007
2,980,000 New York State Dormitory 3,172,031
Authority, Mental Health Services,
6.50%, 02/15/2008
1,905,000 New York State Thruway Authority 1,793,615
Service Contract,
5.125%, 04/01/2008
1,505,000 New York State Dormitory 1,603,788
Authority, Mental Health Services,
6.50%, 02/15/2009
2,215,000 New York State Urban Development 2,226,784
Corp., Correctional Facilities Series A,
5.70%, 04/01/2009
1,100,000 New York State Dormitory 1,096,931
Authority, City University Series A,
5.75%, 07/01/2009
1,490,000 Triborough Bridge & Tunnel Authority, 1,511,232
New York Convention Center Series E,
6.00%, 01/01/2011
3,500,000 New York State Dormitory 3,363,465
Authority, State University
Series A, 5.50%, 05/15/2013
-------------
Total Tax Lease (Cost $53,357,252) 54,128,953
-------------
Special Tax: 5.22%
3,515,000 New York State Thruway Authority 3,526,740
Highway & Bridge Trust Fund
Series A, 4.50%, 04/01/1997
1,110,000 New York State Local Government 1,134,986
Assistance Corp. Series A,
5.75%, 04/01/1998
825,000 MAC New York Series 64, 859,675
6.75%, 07/01/1998
3,000,000 MAC New York Series 67, 3,140,970
7.10%, 07/01/1998
2,520,000 MAC New York Series 67, 2,698,945
7.20%, 07/01/1999
2,535,000 New York State Medical Care 2,531,502
Facilities Finance Authority,
Mental Health Services Series F,
4.60%, 08/15/1999
Schedule of Investments--Municipal Bond Portfolios 21
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,025,000 Grand Central District Management $ 991,031
Association, New York Business
Improvement District Series 1994,
5.00%, 01/01/2006
2,500,000 New York State Local Government 2,625,975
Assistance Corp. Series B,
6.00%, 04/01/2006
2,915,000 New York State Local Government 2,833,526
Assistance Corp. Series D,
5.10%, 04/01/2008
1,495,000 New York State Local Government 1,436,845
Assistance Corp. Series A,
5.375%, 04/01/2014
1,740,000 New York State Local Government 1,672,314
Assistance Corp. Series D,
5.375%, 04/01/2014
4,430,000 New York State Local Government 4,676,795
Assistance Corp. Series E,
6.00%, 04/01/2014
-------------
Total Special Tax (Cost $27,239,121) 28,129,304
-------------
Total Tax Supported (Cost $123,420,501) 126,888,735
-------------
- -------------------------------------------------------------------------------
REVENUE: 19.45%
- -------------------------------------------------------------------------------
Airport Revenue: 0.57%
1,300,000 Denver City & County, Colorado 1,402,245
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
425,000 Denver City & County, Colorado 501,717
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
1,000,000 Denver City & County, Colorado 1,191,520
Airport Revenue Series D, AMT,
7.75%, 11/15/2013
-------------
Total Airport Revenue
(Cost $2,736,317) 3,095,482
-------------
Electric Revenue: 2.50%
1,100,000 Guam Power Authority Revenue 1,107,634
Series A, 5.30%, 10/01/1998
1,000,000 New York State Power Authority 1,027,820
Series Z, 5.75%, 01/01/1999
2,120,000 New York State Power Authority 2,336,982
Series W, 6.50%, 01/01/2008
7,490,000 New York State Power Authority 7,200,287
Series CC, 5.125%, 01/01/2010
1,955,000 New York State Power Authority 1,795,745
Series CC, 5.00%, 01/01/2014
-------------
Total Electric Revenue
(Cost $13,364,666) 13,468,468
-------------
Health Care Revenue: 2.36%
750,000 New York State Dormitory 752,618
Authority, Grace Manor Health
Care, 4.80%, 07/01/1999
1,750,000 New York State Medical Care $ 1,808,747
Facilities Finance Authority,
Insured Mortgage Project Series A,
FHA, 5.40%, 08/15/2004
1,410,000 New York State Medical Care Facilities 1,479,978
Finance Authority, Hospital & Nursing
Home Insured Mortgage, FHA,
5.875%, 02/15/2005
1,000,000 New York State Dormitory 1,018,290
Authority, St. John's Nursing
Home, FHA, 5.35%, 02/01/2006
2,980,000 New York State Medical Care 3,087,161
Facilities Finance Agency,
Hospital & Nursing Home Insured
Mortgage, FHA, 6.35%, 02/15/2012
4,415,000 New York State Medical Care 4,568,774
Facilities Finance Agency,
Hospital & Nursing Home Insured
Mortgage Series A, FHA,
6.125%, 02/15/2014
-------------
Total Health Care Revenue
(Cost $12,131,352) 12,715,568
-------------
Higher Education Revenue: 1.03%
1,480,000 New York State Dormitory 1,542,308
Authority, Rockefeller University,
6.60%, 07/01/1998
1,000,000 New York State Dormitory 1,039,050
Authority, Columbia University,
5.625%, 07/01/2006
1,290,000 New York State Dormitory 1,346,644
Authority, Columbia University,
5.75%, 07/01/2007
660,000 New York State Dormitory Authority, 639,428
Vassar College, 5.00%, 07/01/2008
1,000,000 New York State Dormitory Authority, 962,510
Vassar College, 5.00%, 07/01/2009
-------------
Total Higher Education Revenue
(Cost $5,445,132) 5,529,940
-------------
Toll Revenue: 2.30%
725,000 Triborough Bridge & Tunnel 763,063
Authority, New York Toll Revenue
Series Y, 5.80%, 01/01/2006
4,370,000 Triborough Bridge & Tunnel 4,128,820
Authority, New York Toll Revenue
Series A, 5.00%, 01/01/2012
1,905,000 Triborough Bridge & Tunnel 2,016,404
Authority, New York Toll Revenue
Series Y, 6.00%, 01/01/2012
5,950,000 Triborough Bridge & Tunnel 5,519,041
Authority, New York Toll Revenue,
5.00%, 01/01/2015
-------------
Total Toll Revenue (Cost $12,099,346) 12,427,328
-------------
22 Sanford C. Bernstein Fund, Inc.--1996 Annual Report
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
Water/Sewer Revenue: 7.76%
6,340,000 New York State Environmental $ 6,392,051
Facilities Corp., Pollution
Control Revenue, State Revolving
Fund, 4.80%, 06/15/1998
1,895,000 New York State Environmental 1,954,768
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 94-D,
5.60%, 05/15/1999
2,510,000 New York State Environmental 2,719,259
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 92-B,
6.25%, 09/15/2005
3,500,000 New York City Municipal Water 3,497,060
Finance Authority Series B,
5.30%, 06/15/2006
2,510,000 New York State Environmental 2,725,283
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 92-B,
6.35%, 09/15/2006
1,000,000 Ulster County Resource Recovery 982,420
Agency, New York Solid Waste
System, 5.90%, 03/01/2007
1,045,000 New York State Environmental 1,027,172
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 93-B,
4.95%, 05/15/2007
1,000,000 New York State Environmental 1,032,930
Facilities Corp., Pollution
Control Revenue, State Revolving
Fund, New York City Municipal
Water Finance Authority,
5.75%, 06/15/2007
2,975,000 New York State Environmental 2,964,558
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 95-A,
5.20%, 05/15/2008
3,085,000 New York State Environmental 3,073,555
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 95-A,
5.30%, 05/15/2009
1,485,000 New York City Municipal Water 1,565,977
Finance Authority Series A,
6.00%, 06/15/2009
780,000 New York State Environmental 775,492
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 95-A,
5.40%, 05/15/2010
3,865,000 New York State Environmental $ 3,640,675
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 96-A,
4.95%, 06/15/2010
3,800,000 New York State Environmental 3,777,960
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 95-B,
5.50%, 06/15/2010
4,630,000 New York State Environmental 4,735,795
Facilities Corp., Pollution
Control Revenue, State Revolving
Fund, New York City Municipal
Water Finance Authority,
5.75%, 06/15/2011
1,015,000 New York State Environmental 962,941
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series A,
5.20%, 12/15/2015
-------------
Total Water/Sewer Revenue
(Cost $41,133,041) 41,827,896
-------------
Miscellaneous Revenue: 1.72%
1,000,000 Port Authority of New York & New 1,003,810
Jersey Revenue Series SS, AMT,
4.90%, 09/01/1997
2,715,000 MTA, New York Transit Facilities 2,740,467
Series M, 5.10%, 07/01/1998
3,420,000 Battery Park City Authority, New 3,596,643
York Revenue, 6.00%, 11/01/2003
2,050,000 Port Authority of New York & New 1,945,409
Jersey Revenue, 5.125%, 11/15/2011
-------------
Total Miscellaneous Revenue
(Cost $9,270,383) 9,286,329
-------------
Industrial Development/Pollution Control Revenue: 1.21%
4,000,000 New York City Industrial Development 4,045,920
Agency, Special Facilities Revenue,
Terminal One Group Association Limited
Partnership Project, AMT,
5.30%, 01/01/2000
1,425,000 New York City Industrial Development 1,464,515
Agency, Special Facilities Revenue,
Terminal One Group Association Limited
Partnership Project, AMT,
6.00%, 01/01/2007
1,000,000 Hempstead Town Industrial 1,023,450
Development Agency, New York,
7.40%, 12/01/2010
-------------
Total Industrial Development/Pollution
Control Revenue (Cost $6,471,489) 6,533,885
-------------
Total Revenue (Cost $102,651,726) 104,884,896
-------------
Schedule of Investments--Municipal Bond Portfolios 23
<PAGE>
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- -------------------------------------------------------------------------------
Total Investments (Cost $520,890,011) 98.28% $529,929,555
(Note B, below)
Cash and Other Assets, Less Liabilities 1.72 9,287,183
------- ------------
Net Assets (Equivalent to $13.35
per share based on 40,396,394
shares of capital stock outstanding) 100.00% $539,216,738
======= ============
- -------------------------------------------------------------------------------
(A) Explanations of abbreviations:
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 abbreviations:
AMT-Subject to Alternative Minimum Tax
FHA-Federal Housing Administration
(B) At September 30, 1996, 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, 1996
Principal Amount Description Market Value*
- -------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 3.70%
- -------------------------------------------------------------------------------
Municipal Note: 1.69%
2,000,000 California State, Revenue $ 2,010,280
Anticipation Notes Series A,
4.50%, 06/30/1997
-------------
Total Municipal Note (Cost $2,008,342) 2,010,280
-------------
Tax-Exempt Variable-Rate Demand Notes: 2.01%
700,000 Franklin County, Ohio Health 700,000
Systems Revenue, Daily Floater,
Putable Daily, 3.85%, 07/01/2015
700,000 Los Angeles Regional Airports 700,000
Improvement Corp., California,
Daily Floater, Putable Daily, AMT,
3.90%, 12/01/2024
1,000,000 Los Angeles Regional Airports 1,000,000
Improvement Corp., California,
Daily Floater, Putable Daily, AMT,
4.10%, 12/01/2025
-------------
Total Tax-Exempt Variable-Rate Demand Notes
(Cost $2,400,000) 2,400,000
-------------
Total Short-Term Investments (Cost $4,408,342) 4,410,280
-------------
- -------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 19.35%
- -------------------------------------------------------------------------------
1,000,000 University of Kentucky Series J, 1,032,570
6.00%, 05/01/2000,
Prerefunded 05/01/1997 @102
1,825,000 Du Page County, Illinois Water 1,892,707
Revenue, 6.80%, 05/01/2007,
Prerefunded 05/01/1997 @102
1,095,000 Montgomery County, Maryland 1,139,742
Series A, 6.60%, 07/01/1998,
Prerefunded 07/01/1997 @102
1,000,000 New York State Medical Care 1,055,640
Facilities, 8.00%, 02/15/2025,
Prerefunded 08/15/1997 @102
500,000 Jacksonville, Florida Excise Tax 528,980
Revenue, 7.75%, 10/01/2007,
Prerefunded 10/01/1997 @102
1,675,000 Harris County Health Facilities 1,790,609
Development Corp., Texas,
9.00%, 10/01/2017,
Prerefunded 10/01/1997 @102
1,095,000 Passaic Valley Sewer Commission, 1,157,196
New Jersey Series C,
7.10%, 12/01/2020,
Prerefunded 12/01/1997 @102
*See Note 1, page 26 in Notes to Financial Statements.
24 Sanford C. Bernstein Fund, Inc.--1996 Annual Report
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,000,000 Chicago Metropolitan Sanitation $ 1,059,760
District, Illinois, 7.50%, 01/01/2002,
Prerefunded 01/01/1998 @102
1,000,000 North Carolina Municipal Power 1,061,890
Agency Revenue, 7.625%, 01/01/2014,
Prerefunded 01/01/1998 @102
2,800,000 Harris County, Texas, Toll Road 3,025,568
Senior Lien-C, 8.125%, 08/15/2017,
Prerefunded 02/15/1998 @103
1,000,000 Metropolitan Atlanta Rapid 1,076,880
Transit Authority, Georgia Sales
Tax Revenue Series J,
7.60%, 07/01/2003,
Prerefunded 07/01/1998 @102
1,200,000 Minnesota State, 1,260,588
7.00%, 08/01/2002,
Prerefunded 08/01/1998 @100
1,000,000 Maryland State Department of 1,073,450
Transportation, 6.90%, 11/15/2004,
Prerefunded 11/15/1998 @102
1,400,000 New Jersey State Building 1,569,316
Authority Revenue,
9.875%, 02/01/2013,
Prerefunded 02/01/1999 @100
4,000,000 Broward County School District, 4,323,720
Florida, 7.125%, 02/15/2008,
Prerefunded 02/15/1999 @102
-------------
Total Prerefunded/Escrowed (Cost $22,934,660) 23,048,616
-------------
- -------------------------------------------------------------------------------
INSURED (Note A, p. 27): 27.74%
- -------------------------------------------------------------------------------
1,145,000 University of Kentucky, MBIA, 1,158,854
6.30%, 05/01/1997
2,130,000 Ohio State Higher Educational 2,161,503
Facilities, Community Revenue
Series A, AMBAC,
6.40%, 05/01/1997
500,000 Convention Center Authority of 514,425
Rhode Island Series A, MBIA,
8.90%, 05/15/1997
1,545,000 Massachusetts Series A, FGIC, 1,585,989
7.875%, 06/01/1997
1,200,000 Florida State General Services 1,210,128
Revenue, Environmental
Preservation Department
Series 2000-A, AMBAC,
5.00%, 07/01/1997
1,000,000 Alaska Student Loan Corp., 1,020,510
Student Loan Revenue Series A,
AMBAC, AMT, 7.00%, 07/01/1997
2,320,000 Atlanta, Georgia Airport 2,344,360
Facilities Revenue, AMBAC,
5.00%, 01/01/1998
1,240,000 San Antonio, Texas Water Revenue, 1,266,982
FGIC, 5.60%, 05/15/1998
1,000,000 Connecticut State Special Tax $ 1,014,710
Obligation Revenue, Transportation
Infrastructure Series A, FGIC,
5.10%, 06/01/1998
4,000,000 Pennsylvania Intergovernmental 4,048,440
Cooperation Authority, Special Tax
Revenue, Philadelphia Funding
Project, FGIC, 5.00%, 06/15/1998
2,575,000 Wisconsin State Transportation 2,607,394
Revenue Series A, FGIC,
5.00%, 07/01/1998
1,000,000 Illinois State, FGIC, 1,015,220
5.25%, 07/01/1998
500,000 Alaska Student Loan Corp., 521,870
Student Loan Revenue Series A,
AMBAC, AMT, 7.10%, 07/01/1998
4,200,000 Dade County, Florida, Aviation 4,267,620
Revenue Series C, MBIA,
5.00%, 10/01/1998
3,420,000 Wilmington, Delaware Series A, 3,471,813
MBIA, 5.00%, 10/01/1998
1,600,000 Worcester, Massachusetts Municipal 1,665,024
Purpose Series C, MBIA,
6.50%, 10/01/1998
1,065,000 Montgomery County, Ohio Solid Waste 1,080,687
Revenue, MBIA, 5.00%, 11/01/1998
1,000,000 New Orleans, Louisiana Water 1,024,080
Revenue, MBIA, 7.00%, 12/01/1998
1,000,000 Reedy Creek, Florida Utility 1,060,030
Revenue, MBIA, AMT,
8.50%, 10/01/2009
-------------
Total Insured (Cost $32,968,120) 33,039,639
-------------
- -------------------------------------------------------------------------------
TAX SUPPORTED: 33.32%
- -------------------------------------------------------------------------------
State General Obligations: 7.22%
2,000,000 Pennsylvania, 2,004,480
5.50%, 11/15/1996
900,000 Wisconsin State Series E, 915,615
6.80%, 05/01/1997
850,000 Georgia State, 873,341
6.75%, 09/01/1997
300,000 Maryland State, 308,124
6.55%, 10/15/1997
1,000,000 Illinois State, 1,008,730
5.00%, 11/01/1997
1,300,000 Wisconsin State, 1,317,056
5.00%, 05/01/1998
1,000,000 Georgia State Series C, 1,052,240
7.25%, 07/01/1998
1,110,000 Minnesota State, 1,120,767
4.70%, 08/01/1998
-------------
Total State General Obligations
(Cost $8,577,931) 8,600,353
-------------
Schedule of Investments--Municipal Bond Portfolios 25
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
Local General Obligations: 15.65%
1,500,000 Harris County Flood Control $ 1,500,060
District, Texas Series A,
5.50%, 10/01/1996
2,090,000 Travis County, Texas, 2,119,176
7.00%, 03/01/1997
1,400,000 Maricopa County, Arizona Series A, 1,430,128
6.80%, 07/01/1997
500,000 Denver City & County School District 511,375
No. 1, Colorado Series B, Collateralized
Certificates, 6.00%, 12/01/1997
1,000,000 King County, Washington Limited 1,010,500
Tax Series A, 5.00%, 01/01/1998
3,145,000 Broward County School District, 3,244,131
Florida, 6.90%, 02/15/1998
4,000,000 Shelby County, Tennessee Series A, 4,051,080
5.00%, 04/01/1998
2,120,000 North Slope Boro, Alaska Series G, 2,252,076
8.35%, 06/30/1998
1,250,000 Floyd County, Georgia, 1,267,725
5.25%, 08/01/1998
725,000 Houston, Texas, 743,705
6.00%, 03/01/2000
500,000 New York City Series G, 504,705
5.70%, 02/01/2003
-------------
Total Local General Obligations
(Cost $18,580,696) 18,634,661
-------------
Tax Lease: 5.56%
285,000 New York State Energy Research & 285,382
Development Authority, Western
New York Nuclear Service Center
Series B, 5.00%, 04/01/1997
1,000,000 New York State Energy Research & 1,002,260
Development Authority, Western
New York Nuclear Service Center
Project, 5.20%, 04/01/1997
425,000 Philadelphia, Pennsylvania Hospitals 425,994
& Higher Education Facilities
Authority, 5.00%, 08/01/1997
1,010,000 Holdenville Industrial Authority, 1,010,919
Oklahoma Correctional Facility
Revenue, 4.95%, 07/01/1998
1,780,000 Ohio State Building Authority, 1,802,873
Series A, 5.00%, 10/01/1998
1,000,000 Ohio State Building Authority, 1,012,850
Series B, 5.00%, 10/01/1998
1,000,000 New York State Dormitory Authority, 1,076,800
City University, 8.125%, 07/01/2008
-------------
Total Tax Lease
(Cost $6,619,490) 6,617,078
-------------
Special Tax: 4.89%
850,000 Arizona State Transportation Board 870,043
Tax Revenue, 7.30%, 07/01/1997
3,710,000 New Mexico State Severance Tax $ 3,794,254
Series A, 5.375%, 07/01/1998
1,000,000 Connecticut State Special Tax 1,158,740
Obligation Series B,
7.125%, 06/01/2010
-------------
Total Special Tax (Cost $5,793,030) 5,823,037
-------------
Total Tax Supported (Cost $39,571,147) 39,675,129
-------------
- -------------------------------------------------------------------------------
REVENUE: 11.81%
- -------------------------------------------------------------------------------
Electric Revenue: 0.84%
1,000,000 Washington Public Power Supply 1,008,380
System Revenue, Nuclear Project
No. 2 Series A, 5.10%, 07/01/1998
-------------
Total Electric Revenue
(Cost $1,006,588) 1,008,380
-------------
Health Care Revenue: 0.82%
950,000 Philadelphia Hospitals & Higher 973,209
Education Facilities Authority,
Pennsylvania, Graduate Health
Systems Obligation,
6.70%, 07/01/1998
-------------
Total Health Care Revenue
(Cost $982,361) 973,209
-------------
Higher Education Revenue: 0.95%
1,120,000 New Jersey State Educational 1,128,904
Facilities Authority, Princeton
University Series C,
4.50%, 07/01/1998
-------------
Total Higher Education Revenue
(Cost $1,128,396) 1,128,904
-------------
Water/Sewer Revenue: 6.13%
1,000,000 Dallas, Texas Waterworks & Sewer 1,000,000
System Series A, 5.90%, 10/01/1996
1,240,000 New York State Environmental Facilities 1,233,255
Corp., Pooled Loan, Pollution Control
Revenue, State Revolving Fund
Series B, 3.55%, 02/15/1998
1,050,000 Philadelphia, Pennsylvania Water 1,049,412
and Wastewater Revenue,
4.75%, 06/15/1998
3,960,000 Cobb County, Georgia Water & 4,020,469
Sewer Revenue, 5.00%, 07/01/1998
-------------
Total Water/Sewer Revenue (Cost $7,294,597) 7,303,136
-------------
Miscellaneous Revenue: 0.97%
1,085,000 Tampa, Florida Capital 1,151,771
Improvement Revenue Series A,
8.25%, 10/01/2018
-------------
Total Miscellaneous Revenue
(Cost $1,147,517) 1,151,771
-------------
26 Sanford C. Bernstein Fund, Inc.--1996 Annual Report
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
Industrial Development/Pollution
Control Revenue: 2.10%
1,000,000 Hempstead Town Industrial $ 1,023,450
Development Agency, New York,
7.40%, 12/01/2010
1,475,000 Delaware County Industrial 1,474,439
Development Authority, Pennsylvania
Resource Recovery Project Series G,
Mandatory Put 12/01/1996 @100,
4.25%, 12/01/2013
--------------
Total Industrial Development/Pollution
Control Revenue (Cost $2,460,965) 2,497,889
--------------
Total Revenue (Cost $14,020,424) 14,063,289
--------------
- ------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 1.68%
- ------------------------------------------------------------------------------
Housing: 0.84%
1,000,000 Maryland State Community 996,220
Development Administration,
Multi-Family Housing Revenue Series A,
Mandatory Put 11/01/1997 @100,
4.50%, 11/01/2007
-------------
Total Housing (Cost $999,998) 996,220
-------------
Student Loan: 0.84%
1,000,000 New England Educational Loan 1,003,910
Marketing Corp., Student Loan
Revenue Series C,
4.75%, 07/01/1998
-------------
Total Student Loan (Cost $1,003,284) 1,003,910
-------------
Total Asset-Backed Securities
(Cost $2,003,282) 2,000,130
-------------
- ------------------------------------------------------------------------------
INVESTMENT SUMMARY
- ------------------------------------------------------------------------------
Total Investments (Cost $115,905,975) 97.60% $116,237,083
(Note B, below)
Cash and Other Assets, Less Liabilities 2.40 2,858,879
------- ------------
Net Assets (Equivalent to $12.52
per share based on 9,516,156
shares of capital stock outstanding) 100.00% $119,095,962
======= ============
- ------------------------------------------------------------------------------
(A) Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC-AMBAC Indemnity Corporation
FGIC-Financial Guaranty Insurance Company
MBIA-Municipal Bond Investors Assurance Corporation
Other abbreviations:
AMT-Subject to Alternative Minimum Tax
(B) At September 30, 1996, the cost basis of investment securities owned was
substantially identical for both book and tax.
(C) Allocation of Portfolio net assets at September 30, 1996:
Alaska 3.19%
Arizona 1.93
California 3.12
Colorado 0.43
Connecticut 1.82
Delaware 2.91
Florida 13.26
Georgia 8.93
Illinois 4.18
Kentucky 1.84
Louisiana 0.86
Maryland 2.95
Massachusetts 3.57
Minnesota 2.00
New Jersey 3.24
New Mexico 3.19
New York 5.19
North Carolina 0.89
Ohio 5.67
Oklahoma 0.85
Pennsylvania 8.38
Rhode Island 0.43
Tennessee 3.40
Texas 9.61
Washington 1.70
Wisconsin 4.06
Cash and Other Assets,
Less Liabilities 2.40
-------
Total 100.00%
=======
See Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 27
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
California Municipal Portfolio
September 30, 1996
Principal Amount Description Market Value*
- -------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 16.03%
- -------------------------------------------------------------------------------
Municipal Notes: 14.57%
5,000,000 California State, Revenue $ 5,025,700
Anticipation Notes Series A,
4.50%, 06/30/1997
5,575,000 Los Angeles County, California 5,603,432
Tax and Revenue Anticipation
Notes Series A, Letter of Credit,
4.50%, 06/30/1997
--------------
Total Municipal Notes (Cost $10,617,713) 10,629,132
--------------
U.S. Treasury Bill: 1.46%
1,065,000 10/17/1996 1,062,697
--------------
Total U.S. Treasury Bill (Cost $1,062,534) 1,062,697
--------------
Total Short-Term Investments
(Cost $11,680,247) 11,691,829
--------------
- -------------------------------------------------------------------------------
U.S. TREASURY NOTES: 10.55%
- -------------------------------------------------------------------------------
5,000,000 5.00%, 01/31/1998 4,939,060
2,725,000 6.75%, 04/30/2000 2,756,504
--------------
Total U.S. Treasury Notes (Cost $7,695,945) 7,695,564
--------------
- -------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 40.25%
- -------------------------------------------------------------------------------
1,500,000 California Educational Facilities 1,546,095
Authority, Pomona College,
8.125%, 01/01/2017,
Prerefunded 01/01/1997 @102
1,000,000 San Diego County Water Authority, 1,018,660
California Certificates of Participation
Series A, 6.85%, 05/01/1997,
Escrowed to Maturity
500,000 San Jose Public Facilities Financing 522,105
Corp., California Certificates of
Participation, 7.90%, 05/01/2010,
Prerefunded 05/01/1997 @102
3,750,000 Los Angeles Unified School District, 3,932,812
California Certificates of Participation,
8.125%, 06/01/2008,
Prerefunded 06/01/1997 @102
1,400,000 Santa Rosa, California Wastewater 1,470,644
Revenue, 7.80%, 07/02/2015,
Prerefunded 07/02/1997 @102
2,590,000 Sacramento Public Facilities Financing 2,744,778
Corp., California Certificates of
Participation, 8.00%, 08/01/2005,
Prerefunded 08/01/1997 @102.50
1,930,000 Sacramento-Yolo County Port $ 2,066,818
District, California Series A,
8.30%, 12/01/2003,
Prerefunded 12/01/1997 @102
1,000,000 Turlock Irrigation District, 1,058,650
California Certificates of
Participation, 7.25%, 01/01/2005,
Prerefunded 01/01/1998 @102
600,000 Puerto Rico Aqueduct & Sewer 649,938
Authority Revenue Series A,
7.875%, 07/01/2017,
Prerefunded 07/01/1998 @102
750,000 Northern California Public Power 799,335
Agency Series B,
8.00%, 07/01/2024,
Prerefunded 07/01/1998 @100
3,855,000 Puerto Rico Highway Authority 4,188,496
Revenue Series P,
8.125%, 07/01/2013,
Prerefunded 07/01/1998 @102
1,000,000 Los Angeles, California 1,067,400
Wastewater System Revenue,
6.80%, 08/01/2019,
Prerefunded 08/01/1998 @102
1,000,000 Sacramento Municipal Utility 1,085,300
District, California Series V,
7.75%, 08/15/2003,
Prerefunded 08/15/1998 @102
2,375,000 California Health Facilities 2,579,939
Financing Authority,
7.625%, 10/01/2015,
Prerefunded 10/01/1998 @102
1,000,000 Contra Costa County Water 1,086,290
District, California Revenue
Series B, 7.625%, 10/01/2018,
Prerefunded 10/01/1998 @102
2,250,000 Goleta Sanitation & Water 2,450,160
District, California Certificates
of Participation, 7.50%, 12/01/2012,
Prerefunded 12/01/1998 @102
1,000,000 Los Angeles, California Wastewater 1,081,740
System Revenue Series A,
7.10%, 02/01/2021,
Prerefunded 02/01/1999 @102
-------------
Total Prerefunded/Escrowed (Cost $29,257,054) 29,349,160
-------------
- -------------------------------------------------------------------------------
INSURED (Note A, p. 29): 18.10%
- -------------------------------------------------------------------------------
1,000,000 Los Angeles Unified School District, 1,002,040
California Certificates of Participation
Series A, AMBAC, 5.00%, 12/01/1996
1,080,000 Contra Costa Transportation 1,084,903
Authority, California Sales Tax
Revenue Series A, FGIC,
5.00%, 03/01/1997
28 Sanford C. Bernstein Fund, Inc.--1996 Annual Report
<PAGE>
Principal Amount Description Market Value*
- -------------------------------------------------------------------------------
1,610,000 Contra Costa Transportation $ 1,627,179
Authority, California Sales Tax
Revenue Series A, FGIC,
5.00%, 03/01/1998
1,000,000 Fairfield, California Water Revenue, 1,006,170
AMBAC, 4.50%, 04/01/1998
1,375,000 Northern California Public Power 1,394,154
Agency, Geothermal Project No. 3
Series B, AMBAC, 5.00%, 07/01/1998
805,000 Los Angeles County Metropolitan 822,911
Transportation Authority, California
Sales Tax Revenue Series A, MBIA,
5.50%, 07/01/1998
1,060,000 Los Angeles County Public Works 1,055,919
Authority, California Lease Revenue
Series B, MBIA,
4.00%, 09/01/1998
800,000 Capistrano Unified Public 811,456
Financing Authority, California
Special Tax Revenue Series A,
AMBAC, 5.00%, 09/01/1998
3,005,000 Modesto Irrigation District 3,010,108
Financing Authority, California
Series A, MBIA, 4.25%, 10/01/1998
1,325,000 Rancho Water District Financing 1,384,705
Authority, California Revenue,
FGIC, 6.50%, 11/01/1998
-------------
Total Insured (Cost $13,175,104) 13,199,545
-------------
- -------------------------------------------------------------------------------
TAX SUPPORTED: 8.68%
- -------------------------------------------------------------------------------
State General Obligation: 1.74%
1,200,000 California State, Veterans 1,271,676
Series AW, AMT,
7.60%, 04/01/2007
-------------
Total State General Obligation
(Cost $1,255,049) 1,271,676
-------------
Local General Obligation: 0.66%
500,000 Los Angeles, California Series A, 483,415
5.25%, 09/01/2011
-------------
Total Local General Obligation
(Cost $493,755) 483,415
-------------
Tax Lease: 4.90%
1,000,000 California State Public Works 1,022,910
Board Lease Revenue Series A,
6.50%, 09/01/1997
800,000 Puerto Rico Housing, Bank and 801,440
Finance Agency, 4.375%, 12/01/1997
1,700,000 California State Public Works 1,748,994
Board Lease Revenue, Community
Colleges Series A,
5.90%, 09/01/1998
-------------
Total Tax Lease (Cost $3,535,555) 3,573,344
-------------
Miscellaneous Tax: 1.38%
1,000,000 Puerto Rico Municipal Finance $ 1,003,630
Agency Series A,
4.80%, 07/01/1997
-------------
Total Miscellaneous Tax (Cost $996,360) 1,003,630
-------------
Total Tax Supported (Cost $6,280,719) 6,332,065
-------------
- -------------------------------------------------------------------------------
REVENUE: 5.06%
- -------------------------------------------------------------------------------
Higher Education Revenue: 3.15%
1,050,000 California Educational Facilities 1,101,985
Authority, University of Southern
California Series A,
7.70%, 10/01/2000
1,190,000 California Educational Facilities 1,190,000
Authority, University of Southern
California, 4.35%, 10/01/2019
-------------
Total Higher Education Revenue
(Cost $2,301,729) 2,291,985
-------------
Water/Sewer Revenue: 1.06%
730,000 California State Department of 775,034
Water Resources Series F,
7.25%, 12/01/2002
-------------
Total Water/Sewer Revenue
(Cost $771,168) 775,034
-------------
Miscellaneous Revenue: 0.85%
615,000 Sacramento Regional 618,075
Transportation District,
California Series A,
5.50%, 03/01/1997
-------------
Total Miscellaneous Revenue (Cost $621,352) 618,075
-------------
Total Revenue (Cost $3,694,249) 3,685,094
-------------
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- -------------------------------------------------------------------------------
Total Investments (Cost $71,783,318) 98.67% $71,953,257
(Note B, below)
Cash and Other Assets, Less Liabilities 1.33 972,011
------- -----------
Net Assets (Equivalent to $12.53
per share based on 5,819,554
shares of capital stock outstanding) 100.00% $72,925,268
======= ===========
- -------------------------------------------------------------------------------
(A) Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC-AMBAC Indemnity Corporation
FGIC-Financial Guaranty Insurance Company
MBIA-Municipal Bond Investors Assurance Corporation
Other abbreviations:
AMT-Subject to Alternative Minimum Tax
(B) At September 30, 1996, 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
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Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
New York Municipal Portfolio
September 30, 1996
Principal Amount Description Market Value*
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TAX-EXEMPT VARIABLE-RATE DEMAND NOTE: 6.98%
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4,100,000 New York State Energy Research $ 4,100,000
& Development Authority Pollution
Control Revenue, Niagara Power
Corp. Project B, Daily Floater,
Putable Daily, AMT,
4.05%, 07/01/2027
-------------
Total Tax-Exempt Variable-Rate Demand Note
(Cost $4,100,000) 4,100,000
-------------
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U.S. TREASURY NOTES: 8.52%
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2,000,000 6.75%, 04/30/2000 2,023,122
3,000,000 6.25%, 08/31/2000 2,983,125
-------------
Total U.S. Treasury Notes (Cost $5,017,027) 5,006,247
-------------
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PREREFUNDED/ESCROWED: 41.67%
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1,050,000 New York State Dormitory Authority, 1,066,915
State University Series A,
6.50%, 05/01/1997, Escrowed to Maturity
1,000,000 New York City Municipal Water Finance 1,037,490
Authority Series A, 7.00%, 06/15/2018,
Prerefunded 06/15/1997 @101.50
3,360,000 New York City Municipal Water Finance 3,547,085
Authority Series A, 9.00%, 06/15/2017,
Prerefunded 06/15/1997 @102
500,000 New York State Dormitory Authority, 525,325
City University Series A, AMBAC,
8.00%, 07/01/2007,
Prerefunded 07/01/1997 @102
1,000,000 Puerto Rico Electric Power Authority 1,053,940
Series L, 8.40%, 07/01/2015,
Prerefunded 07/01/1997 @102
1,050,000 MTA, New York Transit Facilities 1,107,004
Service Contract Series 1,
8.50%, 07/01/2017,
Prerefunded 07/01/1997 @102
1,000,000 Puerto Rico Electric Power Authority 1,060,510
Series K, 9.25%, 07/01/2006,
Prerefunded 07/01/1997 @102
1,000,000 New York City Series D, 1,057,660
8.50%, 08/01/2008,
Prerefunded 08/01/1997 @102
1,000,000 New York State Medical Care 1,055,640
Facilities, 8.00%, 02/15/2025,
Prerefunded 08/15/1997 @102
550,000 New York City Series A, 584,936
8.50%, 11/01/2008,
Prerefunded 11/01/1997 @101.50
*See Note 1, page 26 in Notes to Financial Statements.
1,000,000 New York City Series A, $ 1,063,520
8.50%, 11/01/2010,
Prerefunded 11/01/1997 @101.50
720,000 New York State Urban Development 763,481
Corp., Correctional Facilities
Series D, 7.50%, 01/01/2012,
Prerefunded 01/01/1998 @102
1,920,000 New York State Medical Care Facilities 2,048,467
Finance Authority, 7.70%, 02/15/2018,
Prerefunded 02/15/1998 @102
4,000,000 New York State Medical Care 4,296,441
Facilities Finance Authority,
Hospital & Nursing Home Series A,
FHA, 8.30%, 02/15/2022,
Prerefunded 02/15/1998 @102
500,000 MTA, New York Transit Facilities 541,330
Service Contract Series 2,
8.00%, 07/01/2018,
Prerefunded 07/01/1998 @102
1,400,000 New York City Series I, 1,470,938
6.90%, 08/15/1998,
Escrowed to Maturity
2,095,000 Battery Park City Authority, New 2,203,626
York Revenue, 6.50%, 05/01/2020,
Prerefunded 05/01/1999 @100
-------------
Total Prerefunded/Escrowed (Cost $24,398,415) 24,484,308
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INSURED (Note A, p. 31): 10.08%
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760,000 Ulster County, New York, AMBAC, 760,821
6.30%, 10/15/1996
750,000 Niagara Falls, New York, MBIA, 750,840
AMT, 5.10%, 11/01/1996
710,000 Suffolk County, New York Series A, 713,663
AMBAC, 4.50%, 08/01/1997
1,300,000 Nassau County, New York Series P, 1,333,111
FGIC, 6.30%, 11/01/1997
1,010,000 New York City Industrial 1,025,140
Development Agency, USTA National
Tennis Center, FSA,
5.30%, 11/15/1997
700,000 Nassau County, New York Series T, 716,191
FGIC, 5.125%, 09/01/1999
590,000 New York State Dormitory Authority, 620,692
State University Series A, AMBAC,
6.00%, 07/01/2011
-------------
Total Insured (Cost $5,888,617) 5,920,458
-------------
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TAX SUPPORTED: 21.31%
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State General Obligation: 2.77%
1,600,000 New York State Series A, 1,629,376
5.50%, 03/15/1998
-------------
Total State General Obligation
(Cost $1,612,413) 1,629,376
-------------
30 Sanford C. Bernstein Fund, Inc.--1996 Annual Report
<PAGE>
Principal Amount Description Market Value*
- -------------------------------------------------------------------------------
Local General Obligations: 5.59%
865,000 Brookhaven, New York, $ 866,868
5.70%, 11/15/1996
455,000 Onondaga County, New York, 458,927
5.40%, 04/01/1997
500,000 New York City, 514,555
7.20%, 10/01/1997
1,430,000 Oyster Bay, New York, 1,444,886
4.80%, 12/01/1997
--------------
Total Local General Obligations
(Cost $3,273,970) 3,285,236
--------------
Tax Lease: 6.01%
1,400,000 New York State Certificates of 1,399,300
Participation, 4.375%, 03/01/1997
300,000 New York State Energy Research & 300,678
Development Authority, Western
New York Nuclear Service Center
Project, 5.20%, 04/01/1997
570,000 New York State Dormitory 571,778
Authority, State University
Series A, 4.75%, 07/01/1997
705,000 Puerto Rico Housing, Bank and 706,269
Finance Agency, 4.375%, 12/01/1997
550,000 New York State Energy Research & 552,195
Development Authority, Western
New York Nuclear Service Center
Project, 5.00%, 04/01/1998
-------------
Total Tax Lease (Cost $3,520,135) 3,530,220
-------------
Special Tax: 6.94%
1,365,000 New York State Local Government 1,376,644
Assistance Corp. Series A,
5.50%, 04/01/1997
1,000,000 MAC New York Series 59, 1,024,670
7.25%, 07/01/1997
1,000,000 New York State Thruway Authority 1,012,770
Highway & Bridge Trust Fund
Series B, 5.00%, 04/01/1998
650,000 New York State Thruway Authority, 661,102
General Revenue Series C,
5.10%, 01/01/1999
-------------
Total Special Tax (Cost $4,054,581) 4,075,186
-------------
Total Tax Supported
(Cost $12,461,099) 12,520,018
-------------
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REVENUE: 9.69%
- -------------------------------------------------------------------------------
Health Care Revenue: 1.02%
600,000 New York State Dormitory Authority, 600,870
Nyack Hospital Revenue,
4.65%, 07/01/1997
-------------
Total Health Care Revenue (Cost $600,000) 600,870
-------------
Toll Revenue: 1.29%
750,000 Triborough Bridge & Tunnel $ 755,993
Authority, New York, Toll Revenue
Series L, 7.15%, 01/01/1997
-------------
Total Toll Revenue (Cost $753,575) 755,993
-------------
Water/Sewer Revenue: 6.51%
2,250,000 New York State Environmental 2,276,752
Facilities Corp., Pollution
Control Revenue, State Revolving
Fund Series E, 5.75%, 06/15/1997
1,050,000 New York State Environmental 1,044,288
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series B,
3.55%, 02/15/1998
500,000 New York State Environmental 504,105
Facilities Corp., Pollution
Control Revenue, State Revolving
Fund, 4.80%, 06/15/1998
-------------
Total Water/Sewer Revenue (Cost $3,815,323) 3,825,145
-------------
Industrial Development/Pollution
Control Revenue: 0.87%
500,000 Hempstead Town Industrial 511,790
Development Agency, New York,
7.375%, 12/01/2005
-------------
Total Industrial Development/Pollution
Control Revenue (Cost $511,977) 511,790
-------------
Total Revenue (Cost $5,680,875) 5,693,798
-------------
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INVESTMENT SUMMARY
- ------------------------------------------------------------------------------
Total Investments (Cost $57,546,033) 98.25% $57,724,829
(Note B, below)
Cash and Other Assets, Less Liabilities 1.75 1,025,405
------- -----------
Net Assets (Equivalent to $12.52
per share based on 4,693,828
shares of capital stock outstanding) 100.00% $58,750,234
======= ===========
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(A) Explanations of abbreviations:
Insured-bond abbreviations:
AMBAC-AMBAC Indemnity Corporation
FGIC-Financial Guaranty Insurance Company
FSA-Financial Security Assurance, Inc.
MBIA-Municipal Bond Investors Assurance Corporation
Other abbreviations:
AMT-Subject to Alternative Minimum Tax
FHA-Federal Housing Administration
(B) At September 30, 1996, 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 31
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