<PAGE>
Sanford C. Bernstein Fund, Inc.
SEMIANNUAL REPORT
MARCH 31, 1996
"With the debut of Emerging Markets Value, Bernstein Fund portfolios now hold
positions in 29 foreign countries; in each we're applying the same
research-driven, value-oriented strategy..."
(Letter to Shareholders, page 2)
FIXED INCOME AND INTERNATIONAL-EQUITY INVESTMENTS
<PAGE>
CONTENTS
Letter to Shareholders................................ 2
Foreign-Stock Portfolios Review....................... 5
Taxable-Bond Portfolios Review........................ 8
Municipal-Bond Portfolios Review...................... 10
Fund Financial Statements............................. 13
Notes to Financial Statements......................... 28
Directors and Officers................ inside back cover
This publication must be accompanied or preceded by prospectuses of the Sanford
C. Bernstein Fund, Inc., which should be read carefully before investing.
<PAGE>
Portfolio Returns[1]
SANFORD C. BERNSTEIN FUND, INC.
March 31, 1996
<TABLE>
<CAPTION>
Past Six Past 12 Past Five Years Since Inception
STOCK PORTFOLIOS Months Months (Annualized) (Annualized) Inception Date
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
International Value[2] 9.7% 19.4% -- 11.6% June 22, 1992
Emerging Markets Value[2] -- -- -- 13.2[3] December 15, 1995
<CAPTION>
TAXABLE-BOND PORTFOLIOS
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Intermediate Duration 2.4% 10.3% 8.6% 9.0% January 17, 1989
Short Duration Plus 2.7 7.2 6.3 7.2 December 12, 1988
Government Short Duration 2.5 7.1 5.9 6.9 January 3, 1989
<CAPTION>
MUNICIPAL-BOND PORTFOLIOS
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Diversified Municipal 2.3% 7.1% 6.5% 6.8% January 9, 1989
California Municipal 2.3 7.2 6.4 6.7 August 6, 1990
New York Municipal 2.2 7.1 6.5 6.9 January 9, 1989
Short Duration
Diversified Municipal 1.9 4.9 -- 5.0 October 3, 1994
Short Duration
California Municipal 1.8 4.8 -- 4.9 October 3, 1994
Short Duration
New York Municipal 1.9 4.7 -- 4.8 October 3, 1994
</TABLE>
[1] Except 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 since inception. Emerging Markets Value
return reflects asset growth. This performance does not reflect the 2%
purchase fee each investor must pay to the Fund upon making an investment
(reinvested dividends and capital gains are excluded), nor the 2%
redemption fee payable upon closing out an investment in Emerging Markets
Value. Total return since December 15, 1995 inception would be 8.7% after
the purchase and redemption fees.
<PAGE>
Letter to Shareholders
ONE OF THE MOST NOTABLE EVENTS IN THE Fund this reporting period was the
successful launch of Emerging Markets Value--the Bernstein Fund's 11th
portfolio and its second specializing in foreign stocks. Debuting last
December, the new portfolio won ready acceptance among Bernstein clients,
attracting more than $100 million in its first quarter. As with all financial
assets, we believe that superior long-term returns in emerging markets will come
from thoroughly researched, systematic investment in stocks priced
unrealistically low.
Elaborating further on the global-diversification theme, our taxable-bond
portfolios continued to chalk up a successful record in foreign markets,
a foray we began in third-quarter 1995. In both Intermediate Duration
and Short Duration Plus, globalizing has enhanced performance.
Furthering The Fund's Mission
These results are gratifying, not only in themselves, but because they
validate the purpose of the Bernstein Fund: to expand the investment options
available to you through our firm, creating more opportunity to improve the
balance of risk and return in your invested capital. Bernstein Fund portfolios
now hold positions in 29 foreign countries; in each, we're applying the same
research-driven, value-oriented strategy that has proven itself over many years
in the U.S. The reason is straightforward: Investors the world over tend to
focus on near-term circumstances, often decoupling security prices and intrinsic
value.
But there's another equally important phenomenon working
to the benefit of global diversification. The world's capital
markets don't always perform in synch. The lead often passes
from one market or group to another (table to right); particularly
in stocks, we find that investing systematically in a basket of securities
representing many markets tends to steady performance over the long
term. While a diversified portfolio will never capture all the return
of the best performer of the year, neither will it suffer the
damage of the worst. And given the way the laws of compounding
work, by avoiding extremes of volatility you stand to earn more return
for whatever risk you take.
- --------------------------------------------------------------------------------
It's impossible to predict the winners and losers among the world's stock
markets; by investing in many, you participate in the best and mute the damage
of the worst
Best Returns Worst Returns
------------ -------------
1992 emerging major foreign
markets markets
11.4% (8.2)%
1993 emerging U.S.
markets 10.1%
74.8%
1994 major foreign emerging
markets markets
2.6% (7.3)%
1995 U.S. emerging
37.6% markets
(5.2)%
1996:1Q emerging major foreign
markets markets
6.2% 4.4%
Note: U.S. stocks are represented by the S&P 500-stock index; developed foreign
markets by 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; and
emerging markets by the MSCI Emerging Markets Free index.
Source: Standard & Poor's and MSCI
- --------------------------------------------------------------------------------
Good Results Abroad
This reporting period underscored the point. After
a moderate-to-poor year in overseas stocks in 1995, and a
gangbuster performance in the U.S., many foreign markets came alive
in first-quarter 1996, outdistancing U.S. stocks and bonds.
Bernstein Fund portfolios had notable successes on several fronts.
First, most of the larger markets we've been emphasizing have
done especially well--notably, Japan, France and Germany. Second,
we've protected our gains in Japan and Germany by hedging most of
- --------------------------------------------------------------------------------
2 Sanford C. Bernstein Fund, Inc.
<PAGE>
our exposure to the yen and the deutschemark, both of which have
declined against the dollar as we had anticipated. For instance, while
Japanese stocks climbed dramatically over the past 12 months, the
declining yen wiped out all but a 3.3% gain for unhedged U.S. investors.
Locking in the dollar value of our Japanese investments by hedging
the yen, we gained more than 20% in Japan for the year.
Strong Start in Emerging Markets
If the developed markets fared well in first-quarter 1996, the emerging markets
did even better, outperforming all other asset classes. True to form, the gain
did not come evenly from country to country but was the net result of wide
variations: Witness Turkey's 36% gain versus Chile's 9% loss. Extremes like
those come with the territory in the emerging world: Economics and politics in
these nations can be unstable, and the markets carry liquidity risk as well.
But by holding a basket of the most financially sophisticated countries,
relatively evenly weighted so that no one market, region or industry dominates,
Emerging Markets Value fully benefited from the broad advance (indeed, widely
outperformed the emerging markets--exclusive of one-time purchase and redemption
fees--as our value-oriented approach got off to a strong start). This balanced
approach--together with our recommendation to limit the emerging markets to a
small part of your equity holdings--is designed to keep the risks of this asset
class in check while exploiting its return and diversification potential.
Mixed Messages from The Bond Market
The bond market has been more problematic in recent months. Just as interest
rates fell during 1995, boosting bond returns, yields have risen in 1996 to
date, with the opposite effect on bond prices. Because our portfolios are always
cautiously invested, maintaining their durations in the short-term to
intermediate niche where the tradeoff between risk and return has proven
superior (table below), we've managed to avoid the extreme price swings that
long-term bonds have experienced.
Refraining from dramatic duration shifts in anticipation of interest-rate
changes remains the keystone of our approach. In our view, this is the best
route to delivering what our clients want from their bond investments:
stability of principal and predictable income.
- --------------------------------------------------------------------------------
Short-term bonds have earned more than money-market investments with little
extra risk; intermediate returns are comparable to those from long-term bonds,
with much less risk.
Treasury Securities Annualized Growth of Frequency
(1970-95) Return $100,000 of Loss*
- ------------------- ---------- --------- ---------
Bills 7.3% $629,000 0.0%
(three-month)
Short-Term Bonds 8.3 803,000 0.0
(two-year)
Intermediate Bonds 9.0 936,000 9.6
(six-year)
Long-Term Bonds 8.8 892,000 25.6
(30-year)
*Frequency of negative returns over a 12-month period
Source: Bernstein analysis
- --------------------------------------------------------------------------------
Getting Paid Enough in Yield
But interest-rate movements are not the only source of risk in bonds. At
Bernstein, our goal is to separate the "wheat"--the sectors whose yields more
than compensate for their risks--from the "chaff"--securities that aren't
yielding enough in risk-adjusted terms. Particularly where credit risk is
concerned--
- --------------------------------------------------------------------------------
1996 Semiannual Report 3
<PAGE>
the risk of downgrade or default--bond investors haven't demanded much
compensation of late. Corporate bonds' yield advantage over Treasury bonds is
almost as low as it's ever been in the past 20 years, and so we continue to
downplay corporate bonds in favor of Treasuries in our taxable portfolios.
On the other hand, sometimes a bond is yielding more than warranted by its
intrinsic risks. In our analysis, that's been the case with various
mortgage-backed bonds over the past year. Mortgages generally yield more than
other high-quality bonds of the same maturity, but that yield comes at a cost:
complex market behavior that often keeps the yield from translating into
actual return. This risk can be quantified, however, and we've identified
several areas where we consider mortgage yields today more than high enough to
compensate us for the disadvantage. While we've taken profits on some of our
mortgage holdings, others have yet to realize their potential, and we continue
to emphasize this sector in Intermediate Duration and Short Duration Plus.
Foreign Foray Adds Returns
We've also been exploiting favorable conditions in foreign bond markets, where
two of our three initial strategies have already added to returns. Our largest
foreign position is in Germany, where conditions have been very favorable for
bond investors. A weak economy, as signaled by double-digit unemployment and
negative GDP growth, has prompted falling interest rates and strong gains for
our German investments over the past six months. Our strategy of hedging all
of our exposure to the deutschemark has allowed us to fully capture this gain,
despite the deutschemark's decline relative to the dollar. Indeed, our hedging
strategy has added to our gains here: Hedging the deutschemark is currently
profitable. In lira-denominated securities, we've succeeded to date with the
opposite strategy: exploiting the return potential in an attractive currency,
which rose as we anticipated and added to our return. We've also maintained
this latter strategy in the Canadian money market; here the payoff has not
yet come, but our analysis continues to suggest the Canadian dollar will
advance.
In general, our research indicates that opportunities remain more plentiful
in overseas bond markets than at home. Hence, foreign bonds continue to account
for a significant portion of our holdings: 13% in Intermediate Duration and 8%
in Short Duration Plus.
Impressive Six Months In Municipals
On the tax-exempt side, municipal bonds--particularly at longer maturities--
benefited over the past half-year from ebbing concerns about tax-reform
proposals that would have diminished or eliminated the advantage of municipal
bonds. We had correctly anticipated this development, buying longer-term
municipals--balanced with shorter bonds--when the market overreaction was
building. As market anxiety subsided, we sold many of our longer bonds,
pocketed the gains and started returning to a more usual maturity profile.
As to credit risk, the trend to reduce costs at all levels of government
continues to pressure cities, counties and municipal agencies. Close
scrutiny of municipal credits--one of our hallmarks--is imperative. While we
have found select BBB-rated municipals that represent exceptional opportunities,
we remain heavy in the highest-quality bonds with built-in credit protection.
Details follow. As always, if you have questions or comments, I'd be happy
to hear from you.
/s/ Roger Hertog
[PHOTOGRAPH OF
ROGER HERTOG] Roger Hertog
President
March 31, 1996
- --------------------------------------------------------------------------------
4 Sanford C. Bernstein Fund, Inc.
<PAGE>
Foreign-Stock Portfolios Review
THE PAST SIX MONTHS WERE STRONG FOR most foreign stock markets, both major and
emerging. Bernstein International Value did even better than its markets,
benefiting especially during first-quarter 1996 as nearly all its strategies
worked well, which contributed to a 19.4% gain for the past 12 months as a
whole. Emerging Markets Value, debuting near year-end 1995, soundly outpaced
the emerging markets' gains in its first full quarter of investing (exclusive
of one-time purchase and redemption fees).
Currency Hedge Protects International Value Gains
Active currency management was key to International Value's outperformance. The
dollar advanced relative to most major currencies in both the six- and 12-month
periods, so that investments denominated in key foreign currencies declined in
dollar value unless steps had been taken to block the effect of currency
movements. We routinely take such steps, normally "hedging" half our exposure to
each foreign currency represented in International Value to reduce currency
volatility, and varying the size of the hedges according to our forecasts for
each currency. We've been slightly more than half-hedged recently in aggregate,
and nearly fully hedged against the falling yen and deutschemark, which has
served to lock in most of our market gains in Japan and Germany. We've
considered these currencies overpriced for some time and continue to do so,
despite their recent declines; thus we're maintaining significant hedges in
both cases.
Our country-allocation decisions were also successful over the past six
months. We were somewhat more represented than usual in three of the
best-performing larger markets: Japan, Germany and France. Further, the
low-priced stocks we favor outperformed their markets in first-quarter 1996 as
lower interest rates, particularly in Europe, improved their earnings prospects.
- --------------------------------------------------------------------------------
Country Weightings*: March 31, 1996
[MAP OF THE WORLD]
International Value Emerging Markets Value
------------------- ----------------------
Japan 37% Malaysia 12%
Germany 19 South Africa 11
France 12 South Korea 10
Italy 8 Thailand 9
Britain 7 Indonesia 8
Canada 4 Argentina 7
Switzerland 3 Mexico 7
Netherlands 2 Chile 6
Spain 2 Israel 5
Finland 2 Brazil 5
Australia 1 Philippines 5
Hong Kong 1 Turkey 4
Sweden 1 India 4
Austria 1 China 4
Taiwan 3
*Excluding cash
- --------------------------------------------------------------------------------
More Opportunity Overseas
Looking forward, opportunities in the major foreign markets remain more
attractive than in the U.S., in our analysis. In Japan, for example, corporate
profits are starting to benefit from three converging forces:
o Aggressive corporate cost-cutting in the depths of the recent recession has
made many Japanese companies more formidable;
- --------------------------------------------------------------------------------
1996 Semiannual Report 5
<PAGE>
o There are clear indications of a turnaround in the domestic economy,
which the latest figures show to be growing at the fastest pace in
nearly five years; and
o The yen's value has declined nearly 20% against the dollar in the past
year, making Japanese-produced goods more competitive and profitable in
export markets.
In addition to these positive forces, cash-rich Japanese corporations are
now free for the first time to repurchase their own stock without tax penalty,
and major companies like Toyota and Komatsu have been lining up to do so. In
tandem with the profit improvements, such buybacks should work to boost
stock prices. The Japanese market has risen already some 40% from its
trough, and we expect more payoff to come.
- --------------------------------------------------------------------------------
Key Currency Hedges:
March 31, 1996
0% Hedged: 50% Hedged: 100% Hedged:
Full Exposure Our Neutral No Exposure
Position
[GRAPH]
Japanese Yen 79% hedged
German Mark 85%
French Franc 34%
Italian Lira 8%
British Pound 0%
Overall Currency Hedge 55%
- --------------------------------------------------------------------------------
In Europe, central banks have been cutting interest rates
to stimulate economic growth, which should help corporate profits, and we
expect the process to continue. There is also special opportunity in
widespread business privatizations, as European governments increasingly
divest wholly or partially owned enterprises in order to raise cash. Investors
often underestimate the potential of newly privatized companies, regarding
them as the same governmental bureaucracies now in private hands. But in-depth
research can pinpoint those companies that, once unfettered, have the
potential to release new efficiencies, much like our holding British Steel,
which has gained impressively after being privatized eight years ago.
- --------------------------------------------------------------------------------
International Value
[PERFORMANCE GRAPH]
Growth of $10,000[1]
Bernstein EAFE
Inter- Foreign
national Stock
Value Index[1]
(after (before
all costs) all costs)
---------- ----------
10000 10000
92:07:00 9672 9550
10112 9827
9591 9538
9367 9430
9399 9606
93:01 9501 9641
9673 9743
10050 10071
10967 10627
11683 11419
11941 11519
11650 11431
12214 11891
12904 12658
12512 12318
12794 12777
11981 11844
94:01 12781 12728
13697 13623
13527 13390
13576 13071
14016 13658
13892 13381
13656 13142
13952 13482
14139 13690
13582 13101
13656 13351
13223 12970
95:01 13270 13064
12944 12662
12703 12555
12703 12696
13107 13243
13099 13185
12995 12993
13701 13882
13744 13771
13830 13861
13726 13528
13769 13893
96:01:00 14342 14496
14934 14927
14907 14871
15172 15128
Total Return
Periods ending March 31, 1996
(Annualized)
Past 12 Months 19.4%
Life of Portfolio[2] 11.8%
Portfolio Profile
Price/Book Ratio 1.3x
Price/Earnings Ratio 18.1x
Dividend Yield 1.3%
[1] Past performance is not predictive of future results. The index is the
Morgan Stanley Capital International EAFE index of major stock markets in
Europe, Australia and the Far East, with countries weighted according to
gross domestic product and currency positions half-hedged. The index is a
theoretical measure of stock performance rather than an actual available
investment, which would reflect such expenses as management fees,
transaction and security-custody costs and, in the case of a mutual fund,
the costs of transfer agents and shareholder servicing.
[2] The return is calculated from the first full month following the portfolio's
inception.
- --------------------------------------------------------------------------------
New Countries Broaden Return Potential
Temporarily depressed stock prices have prompted us to add three markets to the
portfolio:
o Finland, where ties to the dissolving Soviet Union created economic
upheaval, which is now being surmounted;
- --------------------------------------------------------------------------------
6 Sanford C. Bernstein Fund, Inc.
<PAGE>
o Austria, whose industries faced severe cost pressures when the German
deutschemark was rising--the two countries are closely linked--but has
been restructuring in response; and
o Hong Kong, where our analysis indicates that current stock prices
overcompensate for potential declines in real-estate values when China
takes it over in 1997.
We continually monitor our investment universe for such opportunities.
Value Outperforms in Emerging Markets
In the emerging world, our return over and above market performance came
primarily from stock selection--choosing companies that were depressed by
temporary adversity but outperformed as they recovered; we see this as the most
reliable way to add return in these markets. We don't seek to add return here
by opportunistically adjusting country weights as we do in International Value;
our emerging-market country allocations reflect our analysis of the optimal
long-term balance of risk and reward. Moreover, transaction costs in emerging
nations make short-term movements among markets particularly ill-advised. Nor
do we manage currency exposures: Most emerging-market currencies are either
impossible or very costly to hedge.
On the heels of our first-quarter success, the portfolio continues to
offer significant performance potential, holding stocks with low prices and
high dividend yields--characteristics that have resulted in outperformance in
most of the world's markets over time. The portfolio's stocks, overall, sell
for the book value of company assets, while the typical stock in our benchmark
index costs 1.6 times book value. The stocks we hold return 3.4% of their
price in annual dividends, on average, while stocks in the benchmark yield only
2%. We'll continue to rely on our research to identify those stocks within
each market that have the strongest potential to outperform over time.
- --------------------------------------------------------------------------------
Note: Emerging markets represent a high-risk investment, exposed not only to
extremely 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. We recommend that only a small part of
one's overall stock portfolio be placed in these markets.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Emerging Markets Value
[PERFORMANCE GRAPH]
Growth of $10,000[1]
Bernstein Emerging
Markets Value
MSCI after deduction
Emerging of 2% purchase and
Markets 2% redemption fees--
Free Index paid into the portfolio,
(before not to Bernstein.
all costs) See footnote 2 below.
---------- ------------------------
10000 10000
96:01:00 10700 10499
2 10530 10490
3 10623 10612
Total Return
Periods ending March 31, 1996
(Cumulative)
Life of Portfolio[3] 10.5%
Portfolio Profile
Price/Book Ratio 1.0x
Price/Earnings Ratio 13.5x
Dividend Yield 3.4%
[1] The returns shown are cumulative and non-annualized. Past performance is not
predictive of future results. The index is the Morgan Stanley Capital
International Emerging Markets Free index. The index is a theoretical
measure of stock performance rather than an actual available investment,
which would reflect such expenses as management fees, transaction and
security-custody costs and, in the case of a mutual fund, the costs of
transfer agents and shareholder servicing.
[2] Reflects the growth of $10,000 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 $10,000 in this portfolio would have
grown to $11,049.
[3] The return is calculated from the first full month following the portfolio's
inception. It excludes the purchase and redemption fees described above. The
return would be 6.1% net of these fees.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1996 Semiannual Report 7
<PAGE>
Taxable-Bond Portfolios Review
BOND RETURNS WERE STRONG FOR THE past 12 months as a whole, but weak in the
most recent quarter as interest rates changed course and began to rise. Our
portfolios roughly matched the market's return, helped by our recent
excursions abroad. In late 1995 we expanded our investment universe to include
foreign markets; this strategy has succeeded to date, adding to returns in
Intermediate Duration and Short Duration Plus.
Consistent Themes: High Quality...
We continue to emphasize very high-quality securities not only in Government
Short Duration, which is high-quality by definition, but in Short Duration Plus
and Intermediate Duration, both of which average AAA--the highest rating. In the
latter two portfolios, our holdings are primarily Treasury bonds, mortgage
bonds--which represent some 20% of Short Plus and more than a third of
Intermediate--and foreign securities.
As a group, mortgage bonds have been attractive for some time, in our
analysis. Indeed, many of our "seasoned-premium" mortgage investments--bonds
issued several years ago that pay more interest than newly issued bonds--have
reached fair value and are being sold. Most corporate bonds, on the other hand,
still offer too little yield to compensate for their risks, in our view,
and so we continue to downplay this sector. Abroad, expected returns are high
in several markets, and so foreign securities remain significant holdings in
Intermediate Duration and Short Duration Plus. German securities, which have
already added to our returns, remain our largest foreign position. German
government bonds currently offer among the highest yields in the developed
world after factoring in the gain from hedging the deutschemark. We've also
maintained our investments in short-term securities denominated in the Italian
lira and the Canadian dollar. If, as we anticipate, these currencies
strengthen relative to the dollar, our investments will benefit.
...With Limited Interest-Rate Risk
As for duration, or sensitivity to interest-rate movements, here we're very
close to our market benchmarks. Indeed, we never shift durations aggressively,
since we believe that relying heavily on interest-rate forecasting is too
risky. Right now we're especially cautious in that regard, since there are
mixed signals in the economy, some suggesting rising rates, others falling. On
balance, we're holding to a neutral duration stance--close to the bond market's
average for Intermediate Duration and about two years for our short portfolios.
We are modifying the distribution of maturities in our portfolios, however.
When intermediate-maturity yields were abnormally low relative to shorter- and
longer-term securities, we "barbelled" our portfolios, emphasizing both ends of
the spectrum and limiting exposure to the intermediates. Now that yields
toward the middle of the range have risen, we're buying more intermediate
bonds and trimming the ends. In our judgment, more concentrated portfolios now
have the highest expected risk-adjusted returns.
- --------------------------------------------------------------------------------
Short Duration Plus and Intermediate Duration continue to downplay corporates
while emphasizing mortgage-backed and high-quality foreign bonds
Portfolio Compositions*: March 31, 1996
Intermediate Duration
[PIE CHART]
Treasury Securities 41%
Foreign 13%
Corporates 6%
Cash Equivalents 3%
Mortgages 37%
Short Duration Plus
[PIE CHART]
Treasury Securities 64%
Mortgages 21%
Foreign 8%
Cash Equivalents 4%
Corporates 3%
*These weightings 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.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
8 Sanford C. Bernstein Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
Intermediate Duration
[PERFORMANCE GRAPH]
Growth of $10,000[1]
Lehman
Bernstein Brothers
Inter- Aggregate
mediate Bond
Duration Index[1]
(after (before
all costs) all costs)
---------- ----------
10000 10000
89:02:00 9946 9928
10000 9971
10173 10179
10379 10447
10677 10764
10840 10994
10747 10831
10800 10886
11040 11154
11110 11260
90:01:00 11138 11290
11008 11156
11040 11192
11058 11200
10970 11096
11232 11425
11378 11609
11507 11770
11391 11612
11437 11709
11550 11858
11775 12113
91:01:00 11955 12303
12016 12455
12189 12561
12311 12648
12451 12784
12543 12859
12547 12852
12717 13031
12996 13312
13215 13582
13386 13733
13525 13860
92:01:00 14000 14271
13801 14077
13899 14169
13835 14089
13937 14191
14197 14458
14394 14657
14735 14956
14818 15108
14975 15287
14765 15084
14826 15088
93:01:00 15074 15328
15320 15622
15582 15895
15641 15962
15735 16073
15799 16093
16147 16385
16308 16478
16641 16767
16666 16812
16755 16875
16556 16731
94:01:00 16632 16822
16857 17049
16557 16752
16251 16339
16116 16208
16098 16206
16066 16171
16330 16492
16319 16512
16076 16269
16057 16255
16010 16219
95:01:00 16107 16331
16427 16655
16754 17051
16841 17155
17048 17395
17644 18068
17787 18200
17718 18160
17921 18379
18138 18558
18427 18799
18686 19081
96:01:00 18980 19348
19049 19477
96:02:00 18677 19138
96:03:00 18571 19005
Total Return
Periods ending March 31, 1996
(Annualized)
Past 12 Months 10.3%
Five Years 8.6%
Life of Portfolio[2] 9.0%
Portfolio Profile
Average Credit Quality AAA
Average Duration 5.0 yrs
Short Duration Plus
[PERFORMANCE GRAPH]
Growth of $10,000[1]
Bernstein Merrill Lynch
Short 1-3 Year
Duration Treasury
Plus Index[1]
(after (before
all costs) all costs)
---------- -------------
10000 10000
89:01 10080 10079
10099 10079
10149 10125
10269 10280
10388 10434
10546 10630
10666 10787
10661 10720
10731 10783
10862 10946
10940 11044
90:01 10981 11088
11008 11097
11056 11149
11109 11187
11126 11209
11262 11380
11361 11500
11472 11643
11521 11678
11577 11774
11663 11904
11758 12021
91:01 11890 12166
11939 12278
12091 12351
12207 12434
12340 12552
12445 12628
12500 12679
12615 12790
12769 12965
12881 13105
13032 13245
13174 13383
92:01 13363 13587
13347 13566
13413 13613
13411 13608
13554 13733
13696 13858
13846 13999
13990 14156
14044 14281
14118 14416
14062 14330
14105 14307
93:01 14206 14442
14319 14593
14425 14717
14478 14762
14531 14853
14576 14811
14712 14921
14781 14955
14883 15086
14893 15135
14950 15164
14913 15168
94:01 14977 15224
15079 15322
15012 15224
14931 15148
14920 15095
14936 15116
14966 15161
15076 15291
15105 15345
15062 15310
15099 15345
15022 15276
95:01 15059 15311
15244 15524
15435 15737
15497 15825
15633 15966
15849 16245
15936 16332
15990 16400
16083 16497
16171 16578
16316 16717
16433 16865
96:01:00 16579 16995
16670 17139
16611 17067
16606 17051
Total Return
Periods ending March 31, 1996
(Annualized)
Past 12 Months 7.2%
Five Years 6.3%
Life of Portfolio[2] 7.2%
Portfolio Profile
Average Credit Quality AAA
Average Duration 1.8 yrs
Government Short Duration
[PERFORMANCE GRAPH]
Growth of $10,000[1]
Bernstein Merrill Lynch
Government 1-3 Year
Short Treasury
Duration Index[1]
(after (before
all costs) all costs)
---------- -------------
10000 10000
89:02:00 10015 10000
10052 10046
10184 10200
10296 10353
10455 10546
10576 10702
10544 10636
10607 10699
10751 10860
10817 10957
90:01:00 10870 11001
10878 11010
10930 11062
10972 11099
10998 11121
11141 11291
11238 11410
11356 11552
11404 11587
11485 11682
11597 11811
11704 11926
91:01:00 11844 12071
11935 12182
12020 12254
12085 12336
12187 12453
12252 12529
12287 12580
12391 12689
12555 12864
12687 13003
12829 13142
12967 13278
92:01:00 13173 13480
13119 13460
13133 13507
13092 13501
13243 13625
13386 13749
13534 13890
13675 14045
13710 14169
13773 14303
13741 14218
13772 14194
93:01:00 13879 14329
13977 14478
14069 14602
14097 14646
14136 14737
14165 14695
14282 14804
14344 14838
14462 14967
14476 15016
14524 15046
14481 15049
94:01:00 14518 15105
14601 15202
14531 15105
14491 15029
14447 14976
14458 14998
14491 15042
14610 15171
14648 15225
14601 15190
14633 15224
14569 15156
95:01:00 14580 15191
14771 15402
14958 15614
15031 15701
15163 15841
15395 16117
15503 16204
15539 16271
15623 16368
15701 16448
15823 16586
15942 16733
96:01:00 16052 16862
16136 17005
16088 16933
16094 16918
Total Return
Periods ending March 31, 1996
(Annualized)
Past 12 Months 7.1%
Five Years 5.9%
Life of Portfolio[2] 6.9%
Portfolio Profile
Average Credit Quality AAA
Average Duration 1.9 yrs
[1] Past performance is not predictive of future results. The indexes are the
Lehman Brothers Aggregate Bond index, which includes Treasury, agency,
corporate, mortgage-backed and asset-backed securities of diverse
maturities; and the Merrill Lynch 1-3 Year Treasury index, which covers
short-term Treasury bonds. The indexes are theoretical measures of
bond-market performance rather than actual available investments, which
would reflect such expenses as management fees, transaction and
security-custody costs and, in the case of a mutual fund, the costs of
transfer agents and shareholder servicing.
[2] Return are calculated from the first full month following the portfolio's
inception date.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1996 Semiannual Report 9
<PAGE>
Municipal-Bond Portfolios Review
BOND RETURNS WERE STRONG FOR THE past 12 months as a whole, but weak in the
second half of the year as interest rates turned course and began to rise. But
municipal bonds had something extra going: a falloff in talk about tax reform,
which might have reduced or eliminated the advantage of tax-exempt income.
Bernstein Fund returns reflected these trends.
"Barbell" Adds Strength
One of the market sectors most affected by last year's flat-tax worries was
long-term municipal bonds. The difference in their yields and those of
short-term municipals became even larger than usual. Our calculations indicated
that the extra yield at long maturities more than justified the greater risk
in this instance, and so we "barbelled" our portfolio--emphasized long-term
bonds while also buying short maturities to maintain our duration targets. This
strategy paid off; as yield relationships became more normal, we sold long-term
bonds from our short-term portfolios, and trimmed them in our intermediate
portfolios.
Focus on Quality
One thing has remained a constant in the municipal market, however; investors
are not being adequately rewarded for taking credit risk. This concern is
particularly acute given the current political environment: Both the federal
government and the states seem intent on cutting spending, with more fiscal
responsibilities falling to local governments whose finances are already
strained. As a result, we're continuing to monitor credit quality closely,
avoiding local-government bonds that are vulnerable to these pressures and
emphasizing bonds that finance essential services such as water and sewers,
and those with built-in credit protection like insurance and backing by
Treasury bonds in escrow. Average credit quality is AA+ or better in all our
portfolios.
That said, we are finding opportunities among BBB-rated bonds, as well.
Our analysis indicates that some of these bonds now yield enough to compensate
for their risks. We expect our exposure to remain limited and well-diversified,
however.
- --------------------------------------------------------------------------------
Our municipal-bond portfolios continue to highlight extra credit protection in a
changing market.
Portfolio Compositions: March 31, 1996
Diversified Municipal
[PIE CHART]
AAA 55%
AA 20%
A 12%
BBB 11%
Not Rated 2%
Short Duration Diversified Municipal
[PIE CHART]
AAA 65%
AA 24%
BBB 6%
A 4%
Below BBB 1%
- --------------------------------------------------------------------------------
As for duration, or sensitivity to interest-rate movements, here we're
very close to our market benchmarks. Indeed, we never shift durations
aggressively, since we believe that relying heavily on interest-rate
forecasting is too risky. Right now we're especially cautious in that regard,
since there are mixed signals in the economy, some suggesting rising rates,
others falling. On balance, we're holding to a neutral duration stance--close
to the municipal market's average for our intermediate portfolios and about
two years for our short portfolios.
- --------------------------------------------------------------------------------
10 Sanford C. Bernstein Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
Diversified Municipal
Growth of $10,000[1]
[PERFORMANCE GRAPH]
Lehman
Bernstein Brothers
Diversified Laddered
Municipal G/O Index[1]
(after (before
all costs) all costs)
----------- ------------
10000 10000
89:02:00 9945 9907
9894 9853
10065 10014
10219 10183
10351 10303
10476 10445
10411 10408
10389 10411
10506 10504
10641 10633
10708 10719
90:01:00 10668 10726
10737 10799
10730 10775
10697 10746
10861 10928
10940 11014
11055 11137
11004 11097
11049 11122
11209 11278
11362 11442
11437 11485
91:01:00 11574 11651
11676 11754
11642 11739
11780 11876
11827 11937
11819 11934
11911 12045
12059 12188
12178 12329
12262 12420
12328 12469
12601 12728
92:01:00 12581 12762
12571 12769
12492 12734
12558 12840
12722 12956
12896 13132
13267 13467
13166 13363
13262 13459
13119 13412
13313 13570
13424 13665
93:01:00 13557 13806
13885 14148
13752 14013
13835 14104
13857 14153
14055 14324
14016 14334
14256 14526
14403 14629
14424 14653
14352 14612
14555 14814
94:01:00 14682 14954
14425 14687
14145 14377
14147 14513
14235 14593
14193 14562
14348 14720
14405 14786
14287 14685
14167 14602
14007 14501
14189 14621
95:01:00 14452 14791
14750 15011
14903 15223
14928 15262
15306 15594
15242 15599
15382 15806
15535 15969
15596 16026
15749 16112
15926 16255
16029 16336
96:01:00 16148 16510
16104 16472
96:03:00 15955 16380
Total Return
Periods ending March 31, 1996
(Annualized)
Past 12 Months 7.1%
Five Years 6.5%
Life of Portfolio[2] 6.7%
Portfolio Profile
Average Credit Quality AA+
Average Duration 5.5 yrs
California Municipal
Growth of $10,000[1]
[PERFORMANCE GRAPH]
Lehman
Bernstein Brothers
California Laddered
Municipal G/O Index[1]
(after (before
all costs) all costs)
---------- ------------
10000 10000
90:09 10062 10023
10183 10163
10338 10311
91:01 10429 10350
10536 10499
10660 10592
10627 10579
10725 10702
10775 10757
10755 10755
10845 10855
10951 10983
11075 11110
11156 11193
11196 11236
92:01 11423 11470
11443 11501
11439 11507
11347 11476
11430 11571
11564 11675
11710 11834
12034 12135
11959 12042
12042 12129
11920 12086
12094 12229
93:01 12198 12314
12326 12441
12656 12750
12523 12627
12585 12710
12628 12754
12778 12908
12739 12917
12947 13090
13078 13183
13088 13205
13014 13168
94:01 13203 13349
13327 13476
13075 13235
12823 12956
12814 13079
12882 13151
12864 13123
13021 13265
13063 13324
12949 13234
12835 13158
12691 13068
95:01 12786 13176
13033 13329
13362 13527
13487 13718
13518 13753
13866 14053
13774 14057
13918 14244
14044 14390
14128 14442
14276 14520
14456 14648
96:01:00 14541 14722
14679 14878
14628 14844
96:03:00 14460 14761
Total Return
Periods ending March 31, 1996
(Annualized)
Past 12 Months 7.2%
Five Years 6.4%
Life of Portfolio[2] 6.8%
Portfolio Profile
Average Credit Quality AA+
Average Duration 5.4 yrs
New York Municipal
Growth of $10,000[1]
[PERFORMANCE GRAPH]
Lehman
Bernstein Brothers
New York Laddered
Municipal G/O Index[1]
(after (before
all costs) all costs)
---------- ------------
10000 10000
89:01:00 9952 9907
9923 9853
10080 10014
10235 10183
10408 10303
10525 10445
10461 10408
10447 10411
10566 10504
10692 10633
10749 10719
90:01:00 10693 10726
10765 10799
10768 10775
10721 10746
10878 10928
10966 11014
11082 11137
11032 11097
11088 11122
11239 11278
11398 11442
11464 11485
91:01:00 11593 11651
11704 11754
11708 11739
11820 11876
11886 11937
11888 11934
11990 12045
12122 12188
12235 12329
12320 12420
12368 12469
12658 12728
92:01:00 12623 12762
12654 12769
12599 12734
12706 12840
12833 12956
13019 13132
13393 13467
13285 13363
13374 13459
13244 13412
13422 13570
13529 13665
93:01:00 13657 13806
14020 14148
13880 14013
13978 14104
14025 14153
14208 14324
14171 14334
14393 14526
14534 14629
14558 14653
14469 14612
14687 14814
94:01:00 14806 14954
14550 14687
14260 14377
14265 14513
14376 14593
14346 14562
14526 14720
14553 14786
14415 14685
14266 14602
14095 14501
14312 14621
95:01:00 14567 14791
14879 15011
15009 15223
15058 15262
15451 15594
15386 15599
15516 15806
15682 15969
15732 16026
15889 16112
16069 16255
16168 16336
96:01:00 16291 16510
16212 16472
16073 16380
Total Return
Periods ending March 31, 1996
(Annualized)
Past 12 Months 7.1%
Five Years 6.5%
Life of Portfolio[2] 6.8%
Portfolio Profile
Average Credit Quality AA+
Average Duration 5.5 yrs
[1] Past performance is not predictive of future results. The index is the
Lehman Brothers 3-5-7 Year Laddered G/O index, which covers
general-obligation municipal bonds laddered at three-, five- and seven-year
maturities. The index is a theoretical measure of bond-market performance
rather than an actual available investment, which would reflect such
expenses as management fees, transaction and security-custody costs and,
in the case of a mutual fund, the costs of transfer agents and shareholder
servicing.
[2] Returns are calculated from the first full month following the portfolio's
inception date.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1996 Semiannual Report 11
<PAGE>
- --------------------------------------------------------------------------------
Short Duration Diversified Municipal
Growth of $10,000[1]
[PERFORMANCE GRAPH]
Bernstein
Short Lehman
Duration One-Year
Diversified Municipal
Municipal Index[1]
(after (before
all costs) all costs)
----------- ----------
10000 10000
89:02:00 9945 9907
9894 9853
10065 10014
10219 10183
10351 10303
10476 10445
10411 10408
10389 10411
10506 10504
10641 10633
10708 10719
90:01:00 10668 10726
10737 10799
10730 10775
10697 10746
10861 10928
10940 11014
11055 11137
11004 11097
11049 11122
11209 11278
11362 11442
11437 11485
91:01:00 11574 11651
11676 11754
11642 11739
11780 11876
11827 11937
11819 11934
11911 12045
12059 12188
12178 12329
12262 12420
12328 12469
12601 12728
92:01:00 12581 12762
12571 12769
12492 12734
12558 12840
12722 12956
12896 13132
13267 13467
13166 13363
13262 13459
13119 13412
13313 13570
13424 13665
93:01:00 13557 13806
13885 14148
13752 14013
13835 14104
13857 14153
14055 14324
14016 14334
14256 14526
14403 14629
14424 14653
14352 14612
14555 14814
94:01:00 14682 14954
14425 14687
14145 14377
14147 14513
14235 14593
14193 14562
14348 14720
14405 14786
14287 14685
14167 14602
14007 14501
14189 14621
95:01:00 14452 14791
14750 15011
14903 15223
14928 15262
15306 15594
15242 15599
15382 15806
15535 15969
15596 16026
15749 16112
15926 16255
16029 16336
96:01:00 16148 16510
16104 16472
96:03:00 15955 16380
Total Return
Periods ending March 31, 1996
(Annualized)
Past 12 Months 4.9%
Life of Portfolio[2] 5.2%
Portfolio Profile
Average Credit Quality AA+
Average Duration 1.5 yrs
Short Duration California Municipal
Growth of $10,000[1]
[PERFORMANCE GRAPH]
Bernstein
Short Lehman
Duration One-Year
California Municipal
Municipal Index[1]
(after (before
all costs) all costs)
---------- ----------
10000 10000
90:09 10062 10023
10183 10163
10338 10311
91:01 10429 10350
10536 10499
10660 10592
10627 10579
10725 10702
10775 10757
10755 10755
10845 10855
10951 10983
11075 11110
11156 11193
11196 11236
92:01 11423 11470
11443 11501
11439 11507
11347 11476
11430 11571
11564 11675
11710 11834
12034 12135
11959 12042
12042 12129
11920 12086
12094 12229
93:01 12198 12314
12326 12441
12656 12750
12523 12627
12585 12710
12628 12754
12778 12908
12739 12917
12947 13090
13078 13183
13088 13205
13014 13168
94:01 13203 13349
13327 13476
13075 13235
12823 12956
12814 13079
12882 13151
12864 13123
13021 13265
13063 13324
12949 13234
12835 13158
12691 13068
95:01 12786 13176
13033 13329
13362 13527
13487 13718
13518 13753
13866 14053
13774 14057
13918 14244
14044 14390
14128 14442
14276 14520
14456 14648
96:01:00 14541 14722
14679 14878
14628 14844
96:03:00 14460 14761
Total Return
Periods ending March 31, 1996
(Annualized)
Past 12 Months 4.8%
Life of Portfolio[2] 5.0%
Portfolio Profile
Average Credit Quality AAA-
Average Duration 1.6 yrs
Short Duration New York Municipal
Growth of $10,000[1]
[PERFORMANCE GRAPH]
Bernstein
Short Lehman
Duration One-Year
New York Municipal
Municipal Index[1]
(after (before
all costs) all costs)
---------- ----------
10000 10000
89:01:00 9952 9907
9923 9853
10080 10014
10235 10183
10408 10303
10525 10445
10461 10408
10447 10411
10566 10504
10692 10633
10749 10719
90:01:00 10693 10726
10765 10799
10768 10775
10721 10746
10878 10928
10966 11014
11082 11137
11032 11097
11088 11122
11239 11278
11398 11442
11464 11485
91:01:00 11593 11651
11704 11754
11708 11739
11820 11876
11886 11937
11888 11934
11990 12045
12122 12188
12235 12329
12320 12420
12368 12469
12658 12728
92:01:00 12623 12762
12654 12769
12599 12734
12706 12840
12833 12956
13019 13132
13393 13467
13285 13363
13374 13459
13244 13412
13422 13570
13529 13665
93:01:00 13657 13806
14020 14148
13880 14013
13978 14104
14025 14153
14208 14324
14171 14334
14393 14526
14534 14629
14558 14653
14469 14612
14687 14814
94:01:00 14806 14954
14550 14687
14260 14377
14265 14513
14376 14593
14346 14562
14526 14720
14553 14786
14415 14685
14266 14602
14095 14501
14312 14621
95:01:00 14567 14791
14879 15011
15009 15223
15058 15262
15451 15594
15386 15599
15516 15806
15682 15969
15732 16026
15889 16112
16069 16255
16168 16336
96:01:00 16291 16510
16212 16472
16073 16380
Total Return
Periods ending March 31, 1996
(Annualized)
Past 12 Months 4.7%
Life of Portfolio[2] 5.0%
Portfolio Profile
Average Credit Quality AA+
Average Duration 1.4 yrs
[1] Past performance is not predictive of future results. The index is the
Lehman Brothers One-Year Municipal index, which covers municipal bonds with
maturities of up to 1.99 years. The index is a theoretical measure of
bond-market performance rather than an actual available investment, which
would reflect such expenses as management fees, transaction and
security-custody costs and, in the case of a mutual fund, the costs of
transfer agents and shareholder servicing.
[2] Returns are calculated from the first full month following the portfolio's
inception date.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
12 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Assets and Liabilities
March 31, 1996 (unaudited)
<TABLE>
<CAPTION>
Bernstein Bernstein
Bernstein Emerging Bernstein Short
International Markets Intermediate Duration
Value Value Duration Plus
Portfolio Portfolio Portfolio Portfolio
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities at value (a) $2,546,604,097 $136,930,820 $1,276,380,221 $499,981,484
Foreign currency at value (b) 64,390,558 4,609,889 1,442,129 345,191
Cash in bank 179 0 933 571
Receivables:
Interest 5,187 6,800 23,366,448 10,136,551
Dividends 8,488,270 163,522 0 0
Investment securities sold 3,809,127 0 24,773,121 21,886,966
Capital shares sold 14,567,729 3,949,966 11,815,756 908,347
Foreign withholding tax reclaims 4,916,436 0 0 0
Margin due from broker on futures contracts 0 0 25,252 6,135
Unamortized organization expenses (Note 1) 30,506 45,474 0 0
Other assets 38,056 53,710 22,620 12,362
Appreciation on forward currency contracts (Note 3c) 13,643,976 0 720,986 181,275
-------------- ----------- ------------- -----------
Total Assets 2,656,494,121 145,760,181 1,338,547,466 533,458,882
-------------- ----------- ------------- -----------
LIABILITIES
Payables:
Bank borrowing 0 1,134,754 0 0
Dividends to shareholders 0 0 2,361,683 864,711
Investment securities purchased 22,015,134 10,014,478 13,614,388 0
Capital shares redeemed 8,424,325 0 408,278 1,337,124
Management fees (Note 2) 2,106,513 122,440 535,824 224,475
Shareholder servicing and administration fees (Note 2) 538,087 24,488 109,661 44,895
Accrued expenses 578,842 203,617 156,258 60,189
Organization costs payable to the manager 31,814 29,150 0 0
Foreign withholding taxes 1,232,349 18,484 0 0
Margin owed to broker on futures contracts 370,450 0 0 0
Depreciation on forward currency contracts (Note 3c) 1,407,507 0 0 0
-------------- ------------ -------------- ------------
Total Liabilities 36,705,021 11,547,411 17,186,092 2,531,394
-------------- ------------ -------------- ------------
NET ASSETS (c) $2,619,789,100 $134,212,770 $1,321,361,374 $530,927,488
============== ============ ============== =============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE $17.18 $22.64 $13.13 $12.47
============== ============ ============== ============
NET ASSETS CONSIST OF:
Capital stock, at par $ 152,514 $ 59,271 $ 100,669 $ 42,571
Additional paid-in capital 2,363,242,109 134,320,140 1,313,889,152 535,696,055
Undistributed net investment income/
(excess distributions) (23,928,241) 18,817 (2,353,055) (930,933)
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies 89,557,966 303,684 (2,041,653) (5,728,037)
Unrealized appreciation (depreciation) of:
Investments and futures 178,507,360 (482,873) 11,019,153 1,665,998
Foreign currencies 12,257,392 (6,269) 747,108 181,834
-------------- ------------ -------------- ------------
$2,619,789,100 $134,212,770 $1,321,361,374 $530,927,488
============== ============ ============== ============
</TABLE>
(a) Cost: $2,369,085,808; $137,413,693; $1,265,464,691; and $498,340,326,
respectively (Note 1)
(b) Cost: $64,401,051; $4,626,287; $1,443,575; and $345,212, respectively
(Note 1)
(c) Applicable to: 152,513,646; 5,927,150; 100,668,247; and 42,570,095 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.
- --------------------------------------------------------------------------------
1996 Semiannual Report 13
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Assets and Liabilities
March 31, 1996 (unaudited)
(continued)
<TABLE>
<CAPTION>
Bernstein
Government Bernstein Bernstein Bernstein
Short Diversified California New York
Duration Municipal Municipal Municipal
Portfolio Portfolio Portfolio Portfolio
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities at value (a) $150,647,191 $773,991,625 $251,499,285 $489,485,980
Cash in bank 582 956 951 410
Receivables:
Interest 3,515,813 11,790,491 3,861,694 8,384,355
Investment securities sold 6,628,967 2,428,621 0 5,591,092
Capital shares sold 217,300 3,702,649 1,642,908 1,062,577
Unamortized organization expenses (Note 1) 0 0 0 0
Other assets 3,447 13,409 4,390 9,658
------------ ------------ ------------ ------------
Total Assets 161,013,300 791,927,751 257,009,228 504,534,072
------------ ------------ ------------ ------------
LIABILITIES
Payables:
Dividends to shareholders 234,239 1,031,307 324,269 698,383
Investment securities purchased 7,517,821 31,427,494 5,929,882 4,204,684
Capital shares redeemed 99,226 291,745 632,651 94,622
Management fees (Note 2) 64,035 316,690 102,910 210,360
Shareholder servicing and administration fees (Note 2) 12,807 63,338 20,582 42,072
Accrued expenses 35,761 128,707 56,172 84,816
Organization costs payable to the manager 0 0 0 0
------------ ------------ ------------ ------------
Total Liabilities 7,963,889 33,259,281 7,066,466 5,334,937
------------ ------------ ------------ ------------
NET ASSETS(b) $153,049,411 $758,668,470 $249,942,762 $499,199,135
============ ============ ============ ============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE $12.53 $13.48 $13.59 $13.39
============ ============ ============ ============
NET ASSETS CONSIST OF:
Capital stock, at par $ 12,215 $ 56,265 $ 18,388 $ 37,288
Additional paid-in capital 154,220,249 743,294,941 245,693,498 490,004,973
Undistributed net investment income/
(excess distributions) 55,344 52,427 (31,860) 16,632
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies (1,844,801) (68,032) (410,262) (1,230,820)
Unrealized appreciation (depreciation) of:
Investments and futures 606,404 15,332,869 4,672,998 10,371,062
Foreign currencies 0 0 0 0
------------ ------------ ------------ ------------
$153,049,411 $758,668,470 $249,942,762 $499,199,135
============ ============ ============ ============
</TABLE>
(a) Cost: $150,040,787; $758,658,756; $246,826,287; and $479,114,918,
respectively (Note 1)
(b) Applicable to: 12,215,133; 56,264,238;18,387,430; and 37,287,388
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.
- --------------------------------------------------------------------------------
14 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Assets and Liabilities
March 31, 1996 (unaudited)
(continued)
<TABLE>
<CAPTION>
Bernstein Bernstein Bernstein
Short Short Short
Duration Duration Duration
Diversified California New York
Municipal Municipal Municipal
Portfolio Portfolio Portfolio
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments in securities at value (a) $105,438,443 $67,915,170 $53,138,751
Cash in bank 34 913 439
Receivables:
Interest 2,001,994 1,203,439 935,748
Investment securities sold 0 0 0
Capital shares sold 280,091 83,084 248,800
Unamortized organization expenses (Note 1) 14,973 5,688 6,355
Other assets 3,139 1,858 2,079
------------ ----------- -----------
Total Assets 107,738,674 69,210,152 54,332,172
------------ ----------- -----------
LIABILITIES
Payables:
Dividends to shareholders 134,309 85,349 61,242
Investment securities purchased 1,014,420 0 0
Capital shares redeemed 270,870 43,078 31,623
Management fees (Note 2) 44,975 29,925 22,600
Shareholder servicing and administration fees (Note 2) 8,995 5,985 4,520
Accrued expenses 35,850 25,580 24,135
Organization costs payable to the manager 15,529 5,835 6,531
------------ ----------- -----------
Total Liabilities 1,524,948 195,752 150,651
------------ ----------- -----------
NET ASSETS (b) $106,213,726 $69,014,400 $54,181,521
============ =========== ===========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE $12.55 $12.56 $12.57
============ =========== ===========
NET ASSETS CONSIST OF:
Capital stock, at par $ 8,466 $ 5,497 $ 4,312
Additional paid-in capital 105,512,138 68,652,136 53,599,511
Undistributed net investment income/
(excess distributions) 0 454 172
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies 73,766 78,140 151,714
Unrealized appreciation (depreciation) of:
Investments and futures 619,356 278,173 425,812
Foreign currencies 0 0 0
------------ ----------- -----------
$106,213,726 $69,014,400 $54,181,521
============ =========== ============
</TABLE>
(a) Cost: $104,819,087; $67,636,997; and $52,712,939, respectively (Note 1)
(b) Applicable to: 8,465,440; 5,496,745; and 4,311,861 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.
- --------------------------------------------------------------------------------
1996 Semiannual Report 15
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Operations
For the Six Months Ended March 31, 1996 (unaudited)
<TABLE>
<CAPTION>
Bernstein Bernstein
Bernstein Emerging Bernstein Short
International Markets Intermediate Duration
Value Value Duration Plus
Portfolio Portfolio (a) Portfolio Portfolio
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $ 1,233,481 $165,800 $41,455,981 $16,644,001
Dividends (net of foreign withholding taxes of
$2,573,849 and $36,901) 16,799,880 210,694 0 0
----------- -------- ----------- -----------
Total Income 18,033,361 376,494 41,455,981 16,644,001
----------- -------- ----------- -----------
Expenses (Notes 1 and 2):
Management fee 11,166,923 87,219 3,048,250 1,333,475
Shareholder servicing and administration fee 2,824,117 41,402 621,833 266,695
Custodian and transfer agent fees 614,674 141,996 92,317 65,809
Auditing and tax consulting fees 29,273 14,387 35,772 19,068
Insurance 24,720 3,236 14,140 7,101
Directors' fees and expenses 21,693 731 12,993 7,006
Legal fees 7,764 2,022 3,912 2,033
Registration fees 215,903 62,045 78,495 5,321
Printing 11,780 1,690 3,866 2,664
Amortization of organization expense 12,515 2,720 0 0
Miscellaneous 22,845 229 52,141 16,791
----------- -------- ----------- -----------
Total Expenses 14,952,207 357,677 3,963,719 1,725,963
----------- -------- ----------- -----------
Net Investment Income 3,081,154 18,817 37,492,262 14,918,038
----------- -------- ----------- -----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Security transactions 16,602,719 362,688 7,436,816 1,704,129
Futures transactions 1,223,468 0 3,585,393 863,490
Foreign currency transactions 83,580,415 (59,004) 307,963 78,497
------------ --------- ----------- -----------
Net Realized Gain (Loss) on Investments,
Futures and Foreign Currencies 101,406,602 303,684 11,330,172 2,646,116
------------ --------- ----------- -----------
Net Increase (Decrease) in Unrealized
Appreciation/Depreciation of:
Investments and Futures 109,830,888 (482,873) (23,241,091) (3,565,087)
------------ --------- ----------- -----------
Foreign Currencies (1,431,359) (6,269) 750,698 179,972
------------ --------- ----------- -----------
Net Realized and Unrealized Gain (Loss) on
Investments, Futures and Foreign Currencies 209,806,131 (185,458) (11,160,221) (738,999)
------------ --------- ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $212,887,285 $(166,641) $26,332,041 $14,179,039
============ ========= =========== ===========
</TABLE>
(a) Commenced operations December 15, 1995
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
16 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Operations
For the Six Months Ended March 31, 1996 (unaudited)
(continued)
<TABLE>
<CAPTION>
Bernstein
Government Bernstein Bernstein Bernstein
Short Diversified California New York
Duration Municipal Municipal Municipal
Portfolio Portfolio Portfolio Portfolio
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $4,371,547 $18,735,670 $5,850,360 $12,860,634
Dividends 0 0 0 0
---------- ----------- ---------- -----------
Total Income 4,371,547 18,735,670 5,850,360 12,860,634
---------- ----------- ---------- -----------
Expenses (Notes 1 and 2):
Management fee 366,940 1,776,260 567,025 1,198,725
Shareholder servicing and administration fee 73,388 355,252 113,405 239,745
Custodian and transfer agent fees 43,934 108,442 62,947 84,075
Auditing and tax consulting fees 6,435 21,041 7,770 15,210
Insurance 1,893 8,232 2,679 5,812
Directors' fees and expenses 1,993 7,704 2,603 5,543
Legal fees 542 2,305 740 1,627
Registration fees 6,746 52,173 12,322 15,247
Printing 942 3,162 856 2,422
Amortization of organization expense 0 0 0 0
Miscellaneous 2,513 7,879 2,886 5,882
------- ---------- ------- ---------
Total Expenses 505,326 2,342,450 773,233 l,574,288
--------- ---------- --------- ----------
Net Investment Income 3,866,221 16,393,220 5,077,127 11,286,346
--------- ---------- --------- ----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Security transactions 302,493 2,152,007 432,388 39,444
Futures transactions 0 0 0 0
Foreign currency transactions 0 0 0 0
---------- ---------- ---------- -----------
Net Realized Gain (Loss) on Investments,
Futures and Foreign Currencies 302,493 2,152,007 432,388 39,444
---------- ----------- ---------- -----------
Net Increase (Decrease) in Unrealized
Appreciation/Depreciation of:
Investments and Futures (611,923) (3,260,278) (553,846) (1,695,804)
---------- ----------- --------- -----------
Foreign Currencies 0 0 0 0
---------- ----------- --------- -----------
Net Realized and Unrealized Gain (Loss) on
Investments, Futures and Foreign Currencies (309,430) (1,108,271) (121,458) (1,656,360)
---------- ---------- --------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $3,556,791 $15,284,949 $4,955,669 $ 9,629,986
========== =========== ========== ===========
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1996 Semiannual Report 17
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Operations
For the Six Months Ended March 31, 1996 (unaudited)
(continued)
<TABLE>
<CAPTION>
Bernstein Bernstein Bernstein
Short Short Short
Duration Duration Duration
Diversified California New York
Municipal Municipal Municipal
Portfolio Portfolio Portfolio
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $2,526,907 $1,566,682 $1,326,537
Dividends 0 0 0
---------- ---------- ----------
Total Income 2,526,907 1,566,682 1,326,537
---------- ---------- ----------
Expenses (Notes 1 and 2):
Management fee 244,710 159,943 135,096
Shareholder servicing and administration fee 51,129 32,856 27,593
Custodian and transfer agent fees 43,881 32,468 32,691
Auditing and tax consulting fees 4,564 3,479 3,314
Insurance 738 803 664
Directors' fees and expenses 1,148 671 663
Legal fees 336 202 189
Registration fees 11,662 2,679 l,240
Printing 619 306 429
Amortization of organization expense 2,026 699 794
Miscellaneous 942 1,075 931
---------- ---------- ----------
Total Expenses 361,755 235,181 203,604
---------- ---------- ----------
Net Investment Income 2,165,152 1,331,501 1,122,933
---------- ---------- ----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Security transactions 83,443 108,130 159,325
Futures transactions 0 0 0
Foreign currency transactions 0 0 0
---------- ---------- ----------
Net Realized Gain (Loss) on Investments,
Futures and Foreign Currencies 83,443 108,130 159,325
---------- ---------- ----------
Net Increase (Decrease) in Unrealized
Appreciation/Depreciation of:
Investments and Futures (404,875) (335,691) (248,744)
---------- ---------- ----------
Foreign Currencies 0 0 0
---------- ---------- ----------
Net Realized and Unrealized Gain (Loss) on
Investments, Futures and Foreign Currencies (321,432) (227,561) (89,419)
---------- ---------- ----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $1,843,720 $1,103,940 $1,033,514
========== ========== ==========
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
18 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Bernstein
Emerging
Bernstein International Markets Value Bernstein Intermediate
Value Portfolio Portfolio Duration Portfolio
--------------------------- ------------- ----------------------------
Six Months Six Months Six Months
Ended Ended Ended
3/31/96 Year Ended 3/31/96(a) 3/31/96 Year Ended
(unaudited) 9/30/95 (unaudited) (unaudited) 9/30/95
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 3,081,154 $ 18,555,534 $ 18,817 $ 37,492,262 $ 58,452,109
Net realized gain (loss) on investments
and futures transactions 17,826,187 43,872,950 362,688 11,022,209 (2,237,213)
Net realized gain (loss) on foreign
currency transactions 83,580,415 (4,190,377) (59,004) 307,963 0
Increase (decrease) in unrealized
appreciation/depreciation of:
Investments and futures 109,830,888 (20,251,531) (482,873) (23,241,091) 61,331,328
Foreign currencies (1,431,359) 13,867,298 (6,269) 750,698 (3,590)
-------------- -------------- ------------ -------------- --------------
Net increase (decrease) in net assets
resulting from operations 212,887,285 51,853,874 (166,641) 26,332,041 117,542,634
-------------- -------------- ------------ -------------- --------------
Dividends and distributions to shareholders:
Dividends from net investment income (13,729,568) (10,467,457) 0 (37,876,421) (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 0 (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 (58,083,755) (64,562,237) 0 (45,145,731) (59,111,192)
-------------- -------------- ------------ -------------- --------------
Capital-share transactions:
Net proceeds from sales of shares 536,809,645 753,740,893 134,998,987 345,684,606 424,134,912
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 57,004,823 63,400,300 0 19,334,073 20,110,051
-------------- -------------- ------------ -------------- --------------
Total proceeds from shares sold 593,814,468 817,141,193 134,998,987 365,018,679 444,244,963
Cost of shares redeemed (124,940,803) (151,586,804) (619,576) (167,611,945) (208,437,250)
-------------- -------------- ------------ -------------- --------------
Increase (decrease) in net assets from
capital-share transactions 468,873,665 665,554,389 134,379,411 197,406,734 235,807,713
-------------- -------------- ------------ -------------- --------------
Net increase (decrease) in net assets 623,677,195 652,846,026 134,212,770 178,593,044 294,239,155
NET ASSETS:
Beginning of period 1,996,111,905 1,343,265,879 0 1,142,768,330 848,529,175
-------------- -------------- ------------ -------------- --------------
End of period $2,619,789,100 $1,996,111,905 $134,212,770 $1,321,361,374 $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
$(23,928,241)
(c) Includes undistributed net investment income/(excess distributions) of
$(13,279,827)
(d) Includes undistributed net investment income/(excess distributions) of
$18,817
(e) Includes undistributed net investment income/(excess distributions) of
$(2,353,055)
(f) Includes undistributed net investment income/(excess distributions) of
$(1,968,896)
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1996 Semiannual Report 19
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Changes in Net Assets
(continued)
<TABLE>
<CAPTION>
Bernstein Short Bernstein Government Bernstein Diversified
Duration Plus Portfolio Short Duration Portfolio Municipal Portfolio
------------------------ ------------------------ ----------------------------
Six Months Six Months Six Months
Ended Ended Ended
3/31/96 Year Ended 3/31/96 Year Ended 3/31/96 Year Ended
(unaudited) 9/30/95 (unaudited) 9/30/95 (unaudited) 9/30/95
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $14,918,038 $ 30,488,281 $ 3,866,221 $ 8,132,934 $ 16,393,220 $ 28,019,171
Net realized gain (loss) on investments
and futures transactions 2,567,619 1,046,456 302,493 115,175 2,152,007 (166,267)
Net realized gain (loss) on foreign
currency transactions 78,497 0 0 0 0 0
Increase (decrease) in unrealized
appreciation/depreciation of:
Investments and futures (3,565,087) 6,782,512 (611,923) 2,160,710 (3,260,278) 22,097,699
Foreign currencies 179,972 l,862 0 0 0 0
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets
resulting from operations 14,179,039 38,319,111 3,556,791 10,408,819 15,284,949 49,950,603
------------ ------------ ------------ ------------ ------------ ------------
Dividends and distributions to
shareholders:
Dividends from net investment income (15,006,659) (29,675,319) (3,866,221) (8,132,934) (16,393,220) (28,019,171)
Distributions from net realized gains 0 0 0 0 (776,140) 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 0 0
------------ ------------ ------------ ------------ ------------ ------------
Total dividends and distributions to
shareholders (15,006,659) (30,716,766) (3,866,221) (8,132,934) (17,169,360) (28,019,171)
------------ ------------ ------------ ------------ ------------ ------------
Capital-share transactions:
Net proceeds from sales of shares 94,088,949 211,443,738 31,173,560 49,936,667 166,369,340 230,442,193
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 5,875,270 13,325,028 1,882,588 4,053,049 5,157,574 7,867,682
------------ ------------ ------------ ------------ ------------ ------------
Total proceeds from shares sold 99,964,219 224,768,766 33,056,148 53,989,716 171,526,914 238,309,875
Cost of shares redeemed (102,670,903) (248,324,141) (23,419,875) (97,571,320) (71,788,496) (151,560,840)
------------ ------------ ------------ ------------ ------------ ------------
Increase (decrease) in net assets from
capital-share transactions (2,706,684) (23,555,375) 9,636,273 (43,581,604) 99,738,418 86,749,035
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets (3,534,304) (15,953,030) 9,326,843 (41,305,719) 97,854,007 108,680,467
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 $530,927,488 $534,461,792 $153,049,411 $143,722,568 $758,668,470 $660,814,463
============ ============ ============ ============ ============ ============
(g) (h) (i) (i) (j) (j)
</TABLE>
(g) Includes undistributed net investment income/(excess distributions)
of $(930,933)
(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.
- --------------------------------------------------------------------------------
20 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Changes in Net Assets
(continued)
<TABLE>
<CAPTION>
Bernstein Short Duration
Bernstein California Bernstein New York Diversified Municipal
Municipal Portfolio Municipal Portfolio Portfolio
-------------------------- -------------------------- --------------------------
Six Months Six Months Six Months
Ended Ended Ended
3/31/96 Year Ended 3/31/96 Year Ended 3/31/96 Year Ended
(unaudited) 9/30/95 (unaudited) 9/30/95 (unaudited) 9/30/95 (k)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 5,077,127 $ 8,885,625 $ 11,286,346 $ 20,495,781 $ 2,165,152 $ 3,713,813
Net realized gain (loss) on investments
and futures transactions 432,388 54,923 39,444 1,732,257 83,443 378,517
Net realized gain (loss) on foreign
currency transactions 0 0 0 0 0 0
Increase (decrease) in unrealized
appreciation/depreciation of:
Investments and futures (553,846) 6,501,972 (1,695,804) l3,926,688 (404,875) l,024,231
Foreign currencies 0 0 0 0 0 0
------------ ------------ ------------ ------------ ------------ -----------
Net increase (decrease) in net assets
resulting from operations 4,955,669 15,442,520 9,629,986 36,154,726 1,843,720 5,116,561
------------ ------------ ------------ ------------ ------------ -----------
Dividends and distributions to shareholders:
Dividends from net investment income (5,077,127) (8,885,625) (11,286,346) (20,495,781) (2,165,152) (3,713,813)
Distributions from net realized gains 0 0 (2,079,339) 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 0 0 0 0
------------ ------------ ------------ ------------ ------------ -----------
Total dividends and distributions to
shareholders (5,077,127) (8,885,625) (13,365,685) (20,495,781) (2,553,346) (3,713,813)
------------ ------------ ------------ ------------ ------------ -----------
Capital-share transactions:
Net proceeds from sales of shares 71,962,991 86,725,708 97,058,787 132,762,672 34,419,438 158,421,293
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 1,448,159 2,506,818 5,960,531 7,889,187 1,086,912 1,093,956
------------ ------------ ------------ ------------ ------------ -----------
Total proceeds from shares sold 73,411,150 89,232,526 103,019,318 140,651,859 35,506,350 159,515,249
Cost of shares redeemed (37,297,839) (74,831,609) (58,627,288) (105,788,848) (29,908,350) (59,592,645)
------------ ------------ ------------ ------------ ------------ -----------
Increase (decrease) in net assets from
capital-share transactions 36,113,311 14,400,917 44,392,030 34,863,011 5,598,000 99,922,604
------------ ------------ ------------ ------------ ------------ -----------
Net increase (decrease) in net assets 35,991,853 20,957,812 40,656,331 50,521,956 4,888,374 101,325,352
NET ASSETS:
Beginning of period 213,950,909 192,993,097 458,542,804 408,020,848 101,325,352 0
------------ ------------ ------------ ------------ ------------ -----------
End of period $249,942,762 $213,950,909 $499,199,135 $458,542,804 $106,213,726 $101,325,352
============ ============ ============ ============ ============ ============
(l) (l) (m) (m) N/A N/A
<CAPTION>
Bernstein Short Duration Bernstein Short Duration
California Municipal New York Municipal
Portfolio Portfolio
-------------------------------- -------------------------------
Six Months Six Months
Ended Ended
3/31/96 Year Ended 3/31/96 Year Ended
(Unaudited) 9/30/95(k) (Unaudited) 9/30/95(k)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 1,331,501 $ 2,055,721 $ 1,122,933 $ 2,139,903
Net realized gain (loss) on investments
and futures transactions 108,130 224,574 159,325 36,187
Net realized gain (loss) on foreign
currency transactions 0 0 0 0
Increase (decrease) in unrealized
appreciation/depreciation of:
Investments and futures (335,691) 613,864 (248,744) 674,556
Foreign currencies 0 0 0 0
------------ ------------- ------------ ------------
Net increase (decrease) in net assets
resulting from operations 1,103,940 2,894,159 1,033,514 2,850,646
------------ ------------- ------------ ------------
Dividends and distributions to shareholders:
Dividends from net investment income (1,331,501) (2,055,721) (1,122,933) (2,139,903)
Distributions from net realized gains (254,564) 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 (1,586,065) (2,055,721) (1,166,731) (2,139,903)
Capital-share transactions:
Net proceeds from sales of shares 26,526,442 87,579,193 17,672,306 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 747,823 741,146 547,324 997,640
------------ ------------- ------------ ------------
Total proceeds from shares sold 27,274,265 88,320,339 18,219,630 90,047,454
Cost of shares redeemed (21,307,462) (25,629,055) (19,126,226) (35,536,863)
------------ ------------- ------------ ------------
Increase (decrease) in net assets from
capital-share transactions 5,966,803 62,691,284 (906,596) 54,510,591
------------ ------------- ------------ ------------
Net increase (decrease) in net assets 5,484,678 63,529,722 (1,039,813) 55,221,334
NET ASSETS:
Beginning of period 63,529,722 0 55,221,334 0
------------ ------------- ------------ ------------
End of period $ 69,014,400 $ 63,529,722 $ 54,181,521 $ 55,221,334
============ ============= ============ ============
(n) (n) (o) (o)
</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
$16,632
(n) Includes undistributed net investment income/(excess distributions) of
$454
(o) Includes undistributed net investment income/(excess distributions) of $172
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1996 Semiannual Report 21
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for the periods ended March 31, 1996; September 30,
1995; September 30, 1994; September 30, 1993; September 30, 1992; and September
30, 1991:
<TABLE>
<CAPTION>
Bernstein
Emerging
Bernstein International Markets Value
Value Portfolio Portfolio
----------------------------------------------------------- -------------
Six Months Six Months
Ended Ended
3/31/96 Year Ended Year Ended Year Ended Year Ended 3/31/96 (b)
(unaudited) 9/30/95 9/30/94 9/30/93 9/30/92 (a) (unaudited)
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $16.08 $16.57 $15.39 $11.98 $12.50 $20.00
------ ------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.02 0.18 0.19 0.05 0.02 0.01
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 1.51 0.07 1.13 3.54 (0.54) 2.63(c)
------ ------ ------ ------ ------ ------
Total from investment operations 1.53 0.25 1.32 3.59 (0.52) 2.64
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.10) (0.11) (0.02) (0.05) 0 0
Dividends from tax-exempt net
investment income 0 0 0 0 0 0
Distributions from net realized gains (0.33) (0.63) (0.12) (0.13) 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 0 0 0 0
------ ------ ------ ------ ------ ------
Total distributions (0.43) (0.74) (0.14) (0.18) 0 0
------ ------ ------ ------ ------ ------
Net asset value, end of period $17.18 $16.08 $16.57 $15.39 $11.98 $22.64
====== ====== ======= ====== ======= =======
Total Return 9.70% 1.84% 8.55% 30.45% (4.16)% 13.20%
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $2,619,789 $1,996,112 $1,343,266 $539,936 $75,255 $134,213
Average net assets (000 omitted) $2,262,404 $1,591,703 $948,563 $235,839 $41,234 $63,262
Ratio of expenses to average net assets 1.32%* 1.35% 1.39% 1.53% 2.00%* 2.00%*
Ratio of net investment income to average
net assets 0.27%* 1.17% 1.13% 1.27% 0.59%* 0.06%*
Portfolio turnover rate 10.48% 29.53% 23.78% 21.22% 1.12% 18.98%
Average commission rate per share 0.0214 N/A N/A N/A N/A 0.0029
</TABLE>
*Annualized
(a) Commenced operations June 22, 1992
(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.
- --------------------------------------------------------------------------------
22 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights
(continued)
<TABLE>
<CAPTION>
Bernstein Intermediate
Duration Portfolio
---------------------------------------------------------------------------
Six Months
Ended
3/31/96 Year Ended Year Ended Year Ended Year Ended Year Ended
(unaudited) 9/30/95 9/30/94 9/30/93 9/30/92 9/30/91
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.30 $12.54 $13.92 $13.82 $13.19 $12.36
------- -------- ------- -------- -------- ---------
Income from investment operations:
Investment income, net 0.41 0.78 0.68 0.76 0.90 l.00
Net realized and unrealized gain (loss)
on investments, futures and foreign
currencies (0.09) 0.77 (1.15) 0.68 0.79 0.85
------- -------- ------- -------- -------- ---------
Total from investment operations 0.32 1.55 (0.47) 1.44 1.69 1.85
------- -------- ------- -------- -------- ---------
Less distributions:
Dividends from taxable net investment
income (0.41) (0.76) (0.70) (0.76) (0.90) (l.00)
Dividends from tax-exempt net
investment income 0 0 0 0 0 0
Distributions from net realized gains (0.08) 0 (0.08) (0.58) (0.16) (0.02)
Distributions in excess of net
investment income due to timing
differences 0 (0.03) 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 (0.13) 0 0 0
------- -------- ------- -------- -------- ---------
Total distributions (0.49) (0.79) (0.91) (1.34) (1.06) (1.02)
------- -------- ------- -------- -------- ---------
Net asset value, end of period $13.13 $13.30 $12.54 $13.92 $13.82 $13.19
======= ======= ======= ====== ====== ========
Total Return 2.39% 12.82% (3.54)% 11.30% 13.32% 15.54%
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $1,321,361 $1,142,768 $848,529 $693,772 $524,301 $375,345
Average net assets (000 omitted) $1,244,699 $ 957,247 $764,519 $595,273 $444,750 $304,034
Ratio of expenses to average net assets 0.64%* 0.64% 0.65% 0.66% 0.67% 0.68%
Ratio of net investment income to
average net assets 6.02%* 611% 5.14% 5.59% 6.64% 7.80%
Portfolio turnover rate 55.01% 212.40% 203.73% 60.77% 149.71% 81.04%
Average commission rate per share N/A N/A N/A N/A N/A N/A
<CAPTION>
Bernstein Short Duration
Plus Portfolio
----------------------------------------------------
Six Months
Ended
3/31/96 Year Ended Year Ended Year Ended
(unaudited) 9/30/95 9/30/94 9/30/93
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $12.49 $12.32 $12.89 $13.14
------- -------- -------- --------
Income from investment operations:
Investment income, net 0.35 0.70 0.55 0.59
Net realized and unrealized gain (loss)
on investments, futures and foreign
currencies (0.02) 0.18 (0.40) 0.10
------- -------- -------- --------
Total from investment operations 0.33 0.88 0.15 0.69
------- -------- -------- --------
Less distributions:
Dividends from taxable net investment
income (0.35) (0.69) (0.56) (0.59)
Dividends from tax-exempt net
investment income 0 0 0 0
Distributions from net realized gains 0 0 0 (0.35)
Distributions in excess of net
investment income due to timing
differences 0 (0.02) 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 (0.16) 0
------- ----- ------ ------
Total distributions (0.35) (0.71) (0.72) (0.94)
------- ----- ------ ------
Net asset value, end of period $12.47 $12.49 $12.32 $12.89
======= ====== ====== ======
Total Return 2.69% 7.36% 1.14% 5.49%
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $530,927 $534,462 $550,415 $508,959
Average net assets (000 omitted) $533,376 $536,042 $529,892 $535,889
Ratio of expenses to average net assets 0.65%* 0.65% 0.65% 0.66%
Ratio of net investment income to
average net assets 5.59%* 5.69% 4.30% 4.52%
Portfolio turnover rate 72.65% 61.03% 285.80% 112.87%
Average commission rate per share N/A N/A N/A N/A
</TABLE>
* Annualized
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1996 Semiannual 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 the periods ended March 31, 1996; September 30,
1995; September 30, 1994; September 30, 1993; September 30, 1992; and September
30, 1991:
<TABLE>
<CAPTION>
Bernstein
Short Duration Bernstein Government
Plus Portfolio Short Duration Portfolio
---------------------- -----------------------------------------------
Six Months
Ended
Year Ended Year Ended 3/31/96 Year Ended Year Ended Year Ended
9/30/92 9/30/91 (unaudited) 9/30/95 9/30/94 9/30/93
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.84 $12.50 $12.55 $12.34 $12.87 $13.14
------ ------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.75 0.94 0.33 0.69 0.49 0.44
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.44 0.41 (0.02) 0.21 (0.38) 0.20
------ ------ ------ ------ ------ ------
Total from investment operations 1.19 1.35 0.31 0.90 0.11 0.64
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.75) (0.94) (0.33) (0.69) (0.49) (0.44)
Dividends from tax-exempt net
investment income 0 0 0 0 0 0
Distributions from net realized gains (0.14) (0.07) 0 0 0 (0.47)
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 (0.15) 0
------ ------ ------ ------ ------ ------
Total distributions (0.89) (1.01) (0.33) (0.69) (0.64) (0.91)
------ ------ ------ ------ ------ ------
Net asset value, end of period $13.14 $12.84 $12.53 $12.55 $12.34 $12.87
====== ====== ====== ====== ======= ======
Total Return 9.60% 11.26% 2.51% 7.55% 0.85% 5.11%
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $535,980 $435,334 $153,049 $143,723 $185,028 $212,531
Average net assets (000 omitted) $482,467 $405,457 $146,826 $145,710 $188,013 $239,462
Ratio of expenses to average net assets 0.66% 0.67% 0.69%* 0.69% 0.68% 0.68%
Ratio of net investment income to average
net assets 5.75% 7.42% 5.27%* 5.58% 3.85% 3.40%
Portfolio turnover rate 169.60% 140.03% 66.74% 49.34% 213.02% 130.40%
Average commission rate per share N/A N/A N/A N/A N/A N/A
</TABLE>
* Annualized
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
24 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights
(continued)
<TABLE>
<CAPTION>
Bernstein Bernstein
Government California
Short Duration Bernstein Diversified Municipal
Portfolio Municipal Portfolio Portfolio
---------------- -------------------------------------------------------- ------------------
Six Months Six Months
Year Year Ended Year Year Year Year Year Ended Year
Ended Ended 3/31/96 Ended Ended Ended Ended Ended 3/31/96 Ended
9/30/92 9/30/91 (unaudited) 9/30/95 9/30/94 9/30/93 9/30/92 9/30/91 (unaudited) 9/30/95
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $12.93 $12.58 $13.50 $12.99 $13.78 $13.40 $13.01 $12.51 $13.58 $13.06
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Income from investment
operations:
Investment income, net 0.66 0.86 0.32 0.65 0.61 0.63 0.71 0.73 0.31 0.64
Net realized and unrealized gain
(loss) on investments, futures
and foreign currencies 0.41 0.41 0 0.51 (0.72) 0.49 0.42 0.51 0.01 0.52
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total from investment
operations 1.07 1.27 0.32 1.16 (0.11) 1.12 1.13 1.24 0.32 1.16
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net
investment income (0.66) (0.86) (0.01) (0.02) (0.01) (0.01) (0.11) (0.06) (0.01) (0.05)
Distributions from tax-exempt
net investment income 0 0 (0.31) (0.63) (0.60) (0.62) (0.60) (0.67) (0.30) (0.59)
Distributions from net realized
gains (0.20) (0.06) (0.02) 0 (0.03) (0.11) (0.03) (0.01) 0 0
Distributions in excess of net
investment income due to
timing differences 0 0 0 0 0 0 0 0 0 0
Distributions in excess of net
realized gains due to timing
differences 0 0 0 0 (0.04) 0 0 0 0 0
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total distributions (0.86) (0.92) (0.34) (0.65) (0.68) (0.74) (0.74) (0.74) (0.31) (0.64)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end of period $13.14 $12.93 $13.48 $13.50 $12.99 $13.78 $13.40 $13.01 $13.59 $13.58
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Total Return 8.57% 10.47% 2.30% 9.16% (0.80)% 8.61% 8.91% 10.21% 2.35% 9.11%
Ratios/Supplemental Data
Net assets, end of period
(000 omitted) $254,950 $211,566 $758,668 $660,814 $552,134 $449,668 $301,746 $210,417 $249,943 $213,951
Average net assets
(000 omitted) $238,381 $184,175 $711,087 $572,769 $509,380 $375,576 $256,850 $179,375 $227,021 $185,990
Ratio of expenses to average
net assets 0.68% 0.70% 0.66%* 0.66% 0.67% 0.69% 0.69% 0.71% 0.68%* 0.69%
Ratio of net investment
income to average net assets 5.02% 6.67% 4.61%* 4.89% 4.57% 4.64% 5.33% 5.69% 4.47%* 4.78%
Portfolio turnover rate 220.86% 175.87% 12.99% 42.55% 34.45% 34.74% 48.22% 33.91% 12.56% 63.89%
Average commission rate per
share N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
</TABLE>
* Annualized
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1996 Semiannual Report 25
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights
(continued)
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for the periods ended March 31, 1996; September 30,
1995; September 30, 1994; September 30, 1993; September 30, 1992; and September
30, 1991:
<TABLE>
<CAPTION>
Bernstein California Bernstein New York
Municipal Portfolio Municipal Portfolio
Six Months
Ended
Year Ended Year Ended Year Ended Year Ended 3/31/96 Year Ended
9/30/94 9/30/93 9/30/92 9/30/91 (unaudited) 9/30/95
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.83 $13.38 $12.94 $12.42 $13.48 $12.98
------ ------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.61 0.60 0.66 0.70 0.32 0.65
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.74) 0.52 0.45 0.52 (0.04) 0.50
------ ------ ------ ------ ------ ------
Total from investment operations (0.13) 1.12 1.11 1.22 0.28 1.15
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.02) (0.02) (0.07) (0.11) (0.01) (0.02)
Dividends from tax-exempt net
investment income (0.59) (0.58) (0.59) (0.59) (0.31) (0.63)
Distributions from net realized gains 0 (0.07) (0.01) 0 (0.05) 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 (0.03) 0 0 0 0 0
------ ------ ------ ------ ------ ------
Total distributions (0.64) (0.67) (0.67) (0.70) (0.37) (0.65)
------ ------ ------ ------ ------ ------
Net asset value, end of period $13.06 $13.83 $13.38 $12.94 $13.39 $13.48
====== ====== ====== ======= ====== ======
Total Return (0.98)% 8.60% 8.76% 10.06% 2.16% 9.14%
Ratios/Supplemental Data
Net assets,end of period (000 omitted) $192,993 $150,115 $83,043 $50,356 $499,199 $458,543
Average net assets (000 omitted) $168,797 $116,301 $65,492 $35,005 $479,755 $413,892
Ratio of expenses to average net assets 0.70% 0.73% 0.77% 0.79% 0.66%* 0.66%
Ratio of net investment income to average
net assets 4.51% 4.36% 4.96% 5.40% 4.71%* 4.95%
Portfolio turnover rate 24.55% 23.79% 53.08% 48.91% 18.52% 44.84%
Average commission rate per share N/A N/A N/A N/A N/A N/A
</TABLE>
* Annualized
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
26 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights
(continued)
<TABLE>
<CAPTION>
Bernstein Bernstein Bernstein
Short Duration Short Duration Short Duration
Diversified California New York
Bernstein New York Municipal Municipal Municipal
Municipal Portfolio Portfolio Portfolio Portfolio
----------------------------------- ------------------ ------------------- ------------------
Six Six Six
Months Months Months
Ended Year Ended Year Ended Year
Year Year Year Year 3/31/96 Ended 3/31/96 Ended 3/31/96 Ended
Ended Ended Ended Ended (un- 9/30/95 (un- 9/30/95 (un- 9/30/95
9/30/94 9/30/93 9/30/92 9/30/91 audited) (d) audited) (d) audited) (d)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $13.80 $13.47 $13.05 $12.54 $12.63 $12.50 $12.65 $12.50 $12.60 $12.50
-------- -------- -------- -------- -------- -------- -------- --------- -------- --------
Income from investment
operations:
Investment income, net 0.64 0.67 0.74 0.74 0.27 0.55 0.26 0.53 0.26 0.54
Net realized and unrealized
gain (loss) on investments,
futures and foreign
currencies (0.75) 0.46 0.44 0.52 (0.03) 0.13 (0.04) 0.15 (0.02) 0.10
-------- -------- -------- -------- -------- -------- -------- --------- -------- --------
Total from investment
operations (0.11) 1.13 1.18 1.26 0.24 0.68 0.22 0.68 0.24 0.64
-------- -------- -------- -------- -------- -------- -------- --------- -------- --------
Less distributions:
Dividends from taxable net
investment income (0.02) (0.01) (0.11) (0.09) (0.01) (0.04) (0.01) (0.06) (0.01) (0.05)
Dividends from tax-exempt
net investment income (0.62) (0.66) (0.63) (0.65) (0.26) (0.51) (0.25) (0.47) (0.25) (0.49)
Distributions from net
realized gains (0.03) (0.13) (0.02) (0.01) (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 0 0 0 0
Distributions in excess
of net realized gains
due to timing differences (0.04) 0 0 0 0 0 0 0 0 0
-------- -------- -------- -------- -------- -------- -------- --------- -------- --------
Total distributions (0.71) (0.80) (0.76) (0.75) (0.32) (0.55) (0.31) (0.53) (0.27) (0.54)
-------- -------- -------- -------- -------- -------- -------- --------- -------- --------
Net asset value, end of
period $12.98 $13.80 $13.47 $13.05 $12.55 $12.63 $12.56 $12.65 $12.57 $12.60
======== ======== ======== ======== ======== ======== ======== ========= ======== ========
Total Return (0.81)% 8.68% 9.31% 10.34% 1.90% 5.55% 1.75% 5.58% 1.90% 5.24%
Ratios/Supplemental Data
Net assets, end of
period (000 omitted) $408,021 $336,101 $238,871 $190,776 $106,214 $101,325 $69,014 $63,530 $54,182 $55,221
Average net assets
(000 omitted) $381,144 $277,930 $210,474 $172,633 $102,283 $85,893 $65,723 $49,944 $55,185 $50,642
Ratio of expenses to average
net assets 0.67% 0.69% 0.69% 0.70% 0.7l%* 0.72%* 0.72%* 0.73%* 0.74%* 0.73%*
Ratio of net investment income
to average net assets 4.78% 4.91% 5.55% 5.79% 4.23%* 4.32%* 4.05%* 4.12%* 4.07* 4.23%*
Portfolio turnover rate 22.45% 34.58% 42.53% 29.79% 18.21% 73.50% 21.96% 89.33% 34.47% 112.15%
Average commission rate per
share N/A N/A N/A N/A 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 Semiannual Report 27
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (unaudited)
NOTE 1. Organization and Significant Accounting Policies
Sanford C. Bernstein Fund, Inc. (the "Fund") is a managed open-end registered
investment company, incorporated in Maryland on May 4, 1988. The Fund is
currently composed of 11 series of shares (the "Portfolios"), each with its own
investment objectives. At March 31, 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
- -------------------------------------------------------------------------------
28 Sanford C. Bernstein Fund Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
or loss on the underlying security, with the proceeds from the security sale
increased by the amount of the option premium received. When a put option is
exercised, the cost basis of the security purchased by a Portfolio is reduced by
the option premium received.
F. Federal Income Taxes
Each of the 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.
J. Expenses
Each Portfolio is charged for those expenses that are directly attributable to
it, such as management, custodian, transfer-agent and shareholder servicing and
administration. Other expenses are allocated among the Portfolios based on
respective net assets.
K. Organization Costs
Costs incurred in connection with the organization of the 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.
- --------------------------------------------------------------------------------
1996 Semiannual Report 29
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
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 that
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 that
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
such Portfolio's average daily net assets. Without the above provisions, the
Management Fee and Shareholder Servicing and Administrative Fee for the period
ended March 31, 1996 would have increased by the amounts shown below.
<TABLE>
<CAPTION>
Emerging Short Duration Short Duration Short Duration
Markets Value Diversified Municipal California Municipal New York Municipal
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Management Fees reduced pursuant to $134,976 $10,935 $4,337 $2,869
advisory contracts
Shareholder Servicing & Administrative Fees 3,037 0 0 0
</TABLE>
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 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 Bernstein 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
March 31, 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.
- --------------------------------------------------------------------------------
30 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
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 March 31, 1996, the Portfolios had
purchase and sales transactions, excluding repurchase transactions and
transactions in short-term instruments, as follows:
<TABLE>
<CAPTION>
Purchases Purchases of Sales Sales of
Excluding U.S. U.S. Government Excluding U.S. U.S. Government
Government Securities Securities Government Securities Securities
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
International Value $743,671,932 0 $ 222,905,488 0
Emerging Markets Value 127,557,402 0 7,158,384 0
Intermediate Duration 419,172,841 $264,931,429 252,791,008 $354,474,767
Short Duration Plus 91,745,513 256,587,000 58,285,931 321,287,902
Government Short Duration 2,789,778 100,466,707 2,780,787 91,858,152
Diversified Municipal 176,012,932 17,032,383 63,650,782 27,148,812
California Municipal 55,516,562 13,444,625 11,530,934 15,430,020
New York Municipal 107,090,272 17,970,195 68,532,686 17,253,478
Short Duration Diversified Municipal 32,525,485 0 25,385,630 0
Short Duration California Municipal 19,879,960 0 13,855,868 0
Short Duration New York Municipal 18,382,856 0 18,790,909 337,688
</TABLE>
B. Federal Income Tax Status
At September 30, 1995, the Short Duration Plus, Government Short Duration,
Diversified Municipal and California Municipal Portfolios had capital loss
carryovers as follows:
Capital Loss
Carryover Amount Expiration
- ---------------------------------------------------------------------
Short Duration Plus Portfolio $7,989,199 09/30/2003
Government Short Duration Portfolio 24,241 09/30/2002
2,123,053 09/30/2003
Diversified Municipal Portfolio 29,561 09/30/2003
California Municipal Portfolio 39,399 09/30/2002
105,066 09/30/2003
- --------------------------------------------------------------------------------
1996 Semiannual Report 31
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
C. Foreign Currency Contracts
At March 31, 1996, the International Value Portfolio, Intermediate Duration
Portfolio and Short Duration Plus Portfolio had outstanding forward contracts to
purchase and sell foreign currencies as follows:
<TABLE>
<CAPTION>
FOREIGN CURRENCY BUY CONTRACTS-INTERNATIONAL VALUE PORTFOLIO
Value Receivable
at Settlement Contract Contract
Foreign Currency Dates Current Values Appreciation (Depreciation)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 05/01/96 through 05/31/96
Canadian Dollars $ 8,082,292 $ 8,067,473 0 $ (14,819)
-------------- -------------- ----------- -----------
Total $ 8,082,292 $ 8,067,473 0 $ (14,819)
============== ============== =========== ===========
<CAPTION>
FOREIGN CURRENCY SELL CONTRACTS-INTERNATIONAL VALUE PORTFOLIO
Value Payable at Contract Contract
Foreign Currency Settlement Dates Current Values Appreciation (Depreciation)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 04/01/96 through 04/30/96
Deutschemarks $ 77,576,363 $ 77,348,441 $ 315,284 $ (87,362)
Finnish Markka 10,377,567 10,157,682 219,885 0
French Francs 76,466,101 76,931,258 21,522 (486,679)
Hong Kong Dollars 5,430,988 5,431,304 0 (316)
Japanese Yen 168,256,278 166,721,897 1,534,381 0
Swiss Francs 31,677,226 32,050,012 0 (372,786)
Settlement 05/01/96 through 05/31/96
Canadian Dollars 8,029,490 8,067,473 0 (37,983)
Deutschemarks 265,301,798 260,399,315 4,902,483 0
Finnish Markka 23,732,867 23,373,745 359,122 0
Italian Lira 4,121,907 4,106,582 15,325 0
Japanese Yen 259,735,918 254,086,383 5,649,535 0
Swiss Francs 14,502,598 14,554,895 21,567 (73,864)
Settlement 06/01/96 through 06/30/96
Austrian Schillings 7,888,787 7,952,984 0 (64,197)
Deutschemarks 42,843,299 42,894,902 0 (51,603)
Finnish Markka 3,707,096 3,683,297 23,799 0
French Francs 27,294,672 27,484,910 0 (190,238)
Hong Kong Dollars 15,003,557 15,000,744 2,813 0
Italian Lira 12,006,699 11,968,127 38,572 0
Japanese Yen 323,161,486 322,621,798 539,688 0
Netherland Guilders 21,280,477 21,308,137 0 (27,660)
-------------- -------------- ----------- -----------
Total $1,398,395,174 $1,386,143,886 $13,643,976 $(1,392,688)
============== ============== =========== ===========
<CAPTION>
FOREIGN CURRENCY SELL CONTRACTS-INTERMEDIATE DURATION PORTFOLIO
Value Payable at Contract Contract
Foreign Currency Settlement Dates Current Values Appreciation (Depreciation)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 04/01/96 through 04/30/96
Deutschemarks $ 21,452,720 $ 20,859,966 $ 592,754 0
Settlement 06/01/96 through 06/30/96
Deutschemarks 38,458,909 38,330,677 128,232 0
-------------- -------------- ----------- -----------
Total $ 59,911,629 $ 59,190,643 $ 720,986 0
============== ============== =========== ===========
</TABLE>
- --------------------------------------------------------------------------------
32 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
<TABLE>
<CAPTION>
FOREIGN CURRENCY SELL CONTRACTS-SHORT DURATION PLUS PORTFOLIO
Value Payable at Contract Contract
Foreign Currency Settlement Dates Current Values Appreciation (Depreciation)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 04/01/96 through 04/30/96
Deutschemarks $ 5,493,012 $ 5,341,236 $ 151,776 0
Settlement 06/01/96 through 06/30/96
Deutschemarks 8,847,258 8,817,759 29,499 0
-------------- -------------- ----------- -----------
Total $ 14,340,270 $ 14,158,995 $ 181,275 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 the State and its
agencies and municipalities.
NOTE 5. Risks Involved in Futures and Foreign Currency Contracts
All Portfolios of the Fund may purchase or sell financial futures contracts.
Financial futures contracts obligate the buyer to take and the seller to make
delivery at a future date of a specified quantity of a financial instrument or
an amount of cash based on the value of a securities index or the market value
in U.S. dollars of a foreign currency. The contract amounts reflect the extent
of each Portfolio's involvement and risk of loss in these financial instruments.
A Portfolio's participation in the futures markets involves certain risks,
including imperfect correlation between movements in the price of the futures
contracts and movements in the price of the securities hedged or used for cover.
The Fund's activities in futures contracts are conducted through regulated
exchanges that do not result in counterparty credit risks.
Forward contracts involve elements of market risk in excess of the amount
reflected in the Statements of Assets and Liabilities. The Fund bears the risk
of an unfavorable change in the foreign exchange rate underlying the forward
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 March 31, 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 six months ended March 31, 1996, and the year ended September 30, 1995, were
as follows:
<TABLE>
<CAPTION>
Bernstein
Emerging
Bernstein International Markets Value Bernstein Intermediate
Value Portfolio Portfolio Duration Portfolio
------------------------------- ----------------- ---------------------------
Six Months Six Months Six Months
Ended 3/31/96 Year Ended Ended 3/31/96 (a) Ended 3/31/96 Year Ended
(unaudited) 9/30/95 (unaudited) (unaudited) 9/30/95
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Shares sold 32,474,525 48,703,157 6,076,840 25,756,212 32,922,950
Shares issued to shareholders on
reinvestment of dividends from net
investment income and distributions
from net realized gains 3,459,031 4,181,809 0 1,437,250 1,567,809
Shares redeemed (7,540,398) (9,816,472) (149,690) (12,437,835) (16,255,325)
----------- ----------- --------- ----------- ----------
Net increase in shares outstanding 28,393,158 43,068,494 5,927,150 14,755,627 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 152,513,646 124,120,488 5,927,150 100,668,247 85,912,620
=========== =========== ========= =========== ==========
</TABLE>
(a) Commenced operations December 15, 1995
- --------------------------------------------------------------------------------
1996 Semiannual Report 33
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
<TABLE>
<CAPTION>
Bernstein Short Bernstein Government Bernstein Diversified
Duration Plus Portfolio Short Duration Portfolio Municipal Portfolio
--------------------------- -------------------------- ---------------------------
Six Months Six Months Six Months
Ended 3/31/96 Year Ended Ended 3/31/96 Year Ended Ended 3/31/96 Year Ended
(unaudited) 9/30/95 (unaudited) 9/30/95 (unaudited) 9/30/95
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 7,493,354 17,149,704 2,473,179 4,035,966 12,199,729 17,481,041
Shares issued to shareholders on
reinvestment of dividends from net
investment income and distributions
from net realized gains 468,149 1,079,281 149,420 327,525 378,744 598,743
Shares redeemed (8,171,979) (20,124,155) (1,855,411) (7,908,658) (5,251,571) (11,653,156)
---------- ---------- ---------- ---------- ---------- ----------
Net increase in shares outstanding (210,476) (1,895,170) 767,188 (3,545,167) 7,326,902 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 42,570,095 42,780,571 12,215,133 11,447,945 56,264,238 48,937,336
========== ========== ========== ========== ========== ==========
<CAPTION>
Bernstein Short Duration
Bernstein California Bernstein New York Diversified Municipal
Municipal Portfolio Municipal Portfolio Portfolio
--------------------------- -------------------------- ---------------------------
Six Months Six Months Six Months
Ended 3/31/96 Year Ended Ended 3/31/96 Year Ended Ended 3/31/96 Year Ended
(unaudited) 9/30/95 (unaudited) 9/30/95 (unaudited) 9/30/95 (b)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 5,238,041 6,543,550 7,152,781 10,135,649 2,728,866 12,677,253
Shares issued to shareholders on
reinvestment of dividends from net
investment income and distributions
from net realized gains 105,450 190,265 439,504 602,164 86,237 87,137
Shares redeemed (2,713,433) (5,752,212) (4,319,763) (8,152,089) (2,370,329) (4,743,724)
---------- ---------- ---------- ---------- ---------- ----------
Net increase in shares outstanding 2,630,058 981,603 3,272,522 2,585,724 444,774 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 18,387,430 15,757,372 37,287,388 34,014,866 8,465,440 8,020,666
========== ========== ========== ========== ========== ==========
<CAPTION>
Bernstein Short Duration Bernstein Short Duration
California Municipal New York Municipal
Portfolio Portfolio
--------------------------- ---------------------------
Six Months Six Months
Ended 3/31/96 Year Ended Ended 3/31/96 Year Ended
(unaudited) 9/30/95 (b) (unaudited) 9/30/95 (b)
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold 2,102,190 7,005,347 1,401,869 7,143,738
Shares issued to shareholders on
reinvestment of dividends from net
investment income and distributions
from net realized gains 59,276 58,976 43,451 79,818
Shares redeemed (1,687,698) (2,041,346) (1,516,497) (2,840,518)
---------- ---------- ---------- ----------
Net increase in shares outstanding 473,768 5,022,977 (71,177) 4,383,038
Shares outstanding at beginning of period 5,022,977 0 4,383,038 0
---------- ---------- ---------- ----------
Shares outstanding at end of period 5,496,745 5,022,977 4,311,861 4,383,038
========== ========== ========== ==========
</TABLE>
(b) Commenced operations October 3, 1994
- --------------------------------------------------------------------------------
34 Sanford C. Bernstein Fund, Inc.
<PAGE>
This page left intentionally blank.
<PAGE>
This page left intentionally blank.
<PAGE>
Sanford C. Bernstein Fund, Inc.
DIRECTORS AND OFFICERS
Roger Hertog
President, Treasurer and Director
President, Chief Operating Officer and Director,
Sanford C. Bernstein & Co., Inc.
Stuart K. Nelson
Senior Vice President and Director
Senior Vice President, General Counsel and
Director, Sanford C. Bernstein & Co., Inc.
Arthur Aeder
Director
Consultant
Peter L. Bernstein*
Director
President, Peter L. Bernstein, Inc.
William Kristol
Director
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
1999 Avenue of the Stars
Los Angeles, California 90067
Phillips Point-West Tower
777 South Flagler Drive
West Palm Beach, Florida 33401
227 West Monroe Street
Chicago, Illinois 60606
300 Crescent Court
Dallas, Texas 75201
*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.
SEMIANNUAL REPORT
MARCH 31, 1996
Schedule of Investments
Stock Portfolios
-------------------
International Value
Emerging Markets Value
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein International Value Portfolio
March 31,1996 (unaudited)
Shares Description Market Value*
- --------------------------------------------------------------
EQUITIES: 95.72%
- --------------------------------------------------------------
AUSTRALIA: 1.33%
- --------------------------------------------------------------
Broadcasting & Publishing
2,857,787 Pacific Magazines & Printing $ 7,257,801
Building Materials
1,044,000 Boral Limited 2,732,984
Consumer Cyclicals--Wholesale & International Trade
1,121,597 Burns, Philp & Company Limited 2,392,717
Metal--Nonferrous
3,606,086 North Limited 10,708,077
Real Estate
4,134,000 Schroders Property Fund 7,074,674
2,689,114 Westfield Trust 4,644,012
--------------
Total Australian Stocks (Cost $32,406,217) 34,810,265
--------------
- --------------------------------------------------------------
AUSTRIA: 0.83%
- --------------------------------------------------------------
Banking
102,360 Creditanstalt-Bankverein 6,568,820
Food & Household Products
3,500 Brau-Union Goss-Reininghaus 200,289
Utilities--Electric, Gas & Water
211,630 Verbundgesellschaft 14,867,710
--------------
Total Austrian Stocks (Cost $20,769,248) 21,636,819
--------------
- --------------------------------------------------------------
CANADA: 3.55%
- --------------------------------------------------------------
Banking
50,000 Bank of Montreal 1,168,867
2,288,600 National Bank of Canada 19,722,075
Broadcasting & Publishing
706,200 Torstar Corp. (Class B) 12,300,880
Energy Sources
750,200 Suncor Inc. 23,727,448
Metal--Steel
1,383,200 Dofasco Inc. 20,542,574
Telecommunications
1,300,000 Telus Corp. 15,612,395
--------------
Total Canadian Stocks (Cost $85,238,279) 93,074,239
--------------
- --------------------------------------------------------------
FINLAND: 1.70%
- --------------------------------------------------------------
Food & Household Products
197,310 Cultor Oy Series 2 $ 8,938,054
Insurance (Non-Life)
252,175 Sampo Insurance Co-'A' Free 14,150,013
Multi-Industry
769,100 Kesko 9,710,020
Paper & Forest Products
25,000 Enzo-Gutzeit 'A' 180,745
1,562,500 Enzo-Gutzeit "R" 11,465,168
--------------
Total Finnish Stocks (Cost $46,685,248) 44,444,000
--------------
- --------------------------------------------------------------
FRANCE: 11.54%
- --------------------------------------------------------------
Automobiles
118,330 Peugeot SA 18,044,127
Banking
270,400 Compagnie Financiere de Paribas 16,428,878
74,920 Societe Generale 8,330,395
Broadcasting & Publishing
159,800 CEP Communications 15,150,604
Business & Public Services
307,700 Compagnie Generale des Eaux 31,464,042
Construction & Housing
102,905 Eiffage 16,550,125
Electrical & Electronics
198,128 Alcatel Alsthom 18,367,477
Energy Sources
93,702 ESSO SAF 11,200,183
253,626 Societe Nationale Elf Aquitaine 17,197,458
8,817 Total, SAB 595,223
Financial Services
39,031 Eurafrance 15,468,564
Food & Household Products
1,392 Bongrain SA 740,720
170,660 Eridania Beghin-Say SA 28,971,944
Machinery & Engineering
181,900 Vallourec (Note A, p. 5) 8,635,591
Merchandising
622,418 Etablissements Economiques du Casino 22,245,104
Guichard Perrachon et Cie
547,925 Etablissements Economiques du Casino 13,925,502
Guichard Perrachon et Cie (PFD)
Metal--Steel
650,872 Usinor Sacilor 10,642,385
Miscellaneous Materials
110,928 Compagnie de Saint-Gobain 14,404,517
Multi-Industry
17,895 Financiere et Industrielle Gaz et Eaux 7,763,596
*See Note 1, page 28 in Notes to Financial Statements.
- --------------------------------------------------------------------------------
Schedule of Investments--Stock Portfolios 1
<PAGE>
Shares Description Market Value
- --------------------------------------------------------------
7,000 Worms et Compagnie $ 373,739
Real Estate
199,917 Sefimeg 13,992,285
127,216 Simco 11,818,832
--------------
Total French Stocks
(Cost $280,698,088) 302,311,291
--------------
- --------------------------------------------------------------
GERMANY: 16.96%
- --------------------------------------------------------------
Banking
1,393,400 Bayerische Hypotheken und 34,525,890
Wechsel Bank
849,560 Bayerische Vereinsbank 26,068,596
186,773 Commerzbank 43,014,848
559,650 Dresdner Bank 14,955,085
156,216 IKB Deutsche Industriebank 30,263,345
Building Materials
3,680 Dyckerhoff AG (Vorzug) 869,959
Chemicals
156,850 BASF AG 42,338,769
119,500 Bayer AG 40,707,546
Electrical & Electronics
83,200 Siemens AG (Stamm) 45,790,151
Health & Personal Care
62,266 Dragerwerk AG (Vorzug) 10,038,141
Machinery & Engineering
35,000 MAN AG (Stamm) 9,649,123
43,750 MAN AG (Vorzug) 9,083,096
Merchandising
8,300 Herlitz AG (Stamm) (Note A, p. 5) 1,011,427
13,850 Herlitz AG (Vorzug) (Note A, p. 5) 1,547,958
73,500 Karstadt AG 27,756,046
51,450 Kaufhof Holding AG 12,668,208
Multi-Industry
24,350 Rheinmetall Berlin (Stamm) 3,744,124
19,650 Rheinmetall Berlin (Vorzug) 2,409,165
Non-Financial
49,625 Grohe (Friedrich) AG (NVP) 12,218,849
Textiles/Apparel
10,305 Hugo Boss 11,063,757
Transportation--Shipping
178,600 Bremer Vulkan Verbund (Note A, p. 5) 967,825
Utilities--Electric, Gas & Water
530,000 RWE AG (Stamm) 21,278,263
290,000 RWE AG (Vorzug) 8,770,914
692,000 VEBA AG 33,632,053
--------------
Total German Stocks
(Cost $396,272,281) 444,373,138
--------------
- --------------------------------------------------------------
HONG KONG: 0.69%
- --------------------------------------------------------------
Real Estate
4,931,000 Great Eagle Holdings $ 14,568,574
3,791,000 Tai Cheung Holdings 3,455,721
--------------
Total Hong Kong Stocks
(Cost $17,584,965) 18,024,295
--------------
- --------------------------------------------------------------
ITALY: 7.82%
- --------------------------------------------------------------
Automobiles
13,676,478 Magneti Marelli S.p.A ORD 18,464,660
2,267,500 Magneti Marelli S.p.A RNC 2,570,387
Banking
7,992,000 Banca Commerciale Italiana 16,551,494
1,599,200 Banca Popolare di Bergamo 24,525,989
5,885,800 Banco Ambrosiano Veneto RNC 8,561,164
6,085,500 Banco di Napoli RNC (Note A, p. 5) 1,267,288
631,400 Banco di Sardegna RNC (Note A, p. 5) 4,503,538
1,554,090 Istituto Bancario San Paolo di 8,789,602
Torino ORD
3,399,250 Istituto Mobiliare Italiano 23,178,328
Building Materials
116,820 Unicem ORD (Note A, p. 5) 736,518
45,900 Unicem RNC (Note A, p. 5) 131,832
Energy Sources
10,478,000 Eni Spa 38,048,436
Financial Services
2,479,500 Fidis 6,853,068
Machinery & Engineering
5,635,000 Finmeccanica ORD (Note A, p. 5) 2,487,259
750,000 Finmeccanica RNC (Note A, p. 5) 331,953
Telecommunications
25,696,500 Telecom Italia ORD 40,567,823
5,228,000 Telecom Italia RNC 7,318,035
--------------
Total Italian Stocks (Cost $217,813,876) 204,887,374
--------------
- --------------------------------------------------------------
JAPAN: 35.71%
- --------------------------------------------------------------
Appliances & Household Durables
2,071,000 Matsushita Electric Industrial Co.,
Limited 33,685,814
Automobiles
1,282,000 Aisin Seiki Co., Ltd. 18,335,686
393,000 Toyoda Gosei Co., Ltd. 3,067,586
708,000 Toyota Motor Corp. 15,619,350
Banking
375,900 Bank of Iwate 20,380,650
1,540,000 Biwako Bank 8,493,573
3,181,000 Higo Bank 25,572,891
471,000 Hyakugo Bank 2,861,884
2,218,000 Kagoshima Bank 17,209,068
3,060,000 Michinoku Bank 24,485,721
- --------------------------------------------------------------------------------
2 Sanford C. Bernstein Fund, Inc.--1996 Semiannual Report
<PAGE>
Shares Description Market Value
- --------------------------------------------------------------
1,180,000 Miyazaki Bank $ 8,195,747
1,625,000 Oita Bank 13,656,228
3,422,000 Toho Bank 24,567,385
Business & Public Services
1,000 Dai Nippon Printing 18,229
1,254,000 Toppan Printing Co., Limited 16,294,087
Chemicals
2,371,000 Fuji Photo Film Co., Ltd. 67,822,014
154,000 Kaneka Corp. 1,019,229
1,393,000 Kansai Paint Co., Ltd. 6,953,606
Construction & Housing
3,877,000 Sekisui House, Limited 48,564,431
Electrical & Electronics
8,244,000 Hitachi, Limited 80,147,324
Energy Sources
1,453,000 General Sekiyu 13,310,960
Financial Services
2,499,000 Hitachi Credit 46,253,986
Food & Household Products
174,000 Ezaki Glico Corp. 1,577,752
20,000 Kita Kyushu Coca-Cola Bottling Corp.
(Note A, p. 5) 467,399
586,000 Nippon Meat Packers, Inc. 8,655,106
Health & Personal Care
200,000 Daiichi Pharmaceutical Co., Ltd. 3,140,921
1,421,000 Takeda Chemical Industries, Ltd. 22,183,407
400,000 Yamanouchi Pharmaceutical Co., Ltd 8,899,275
Insurance (Non-Life)
4,998,000 Chiyoda Fire & Marine 30,368,778
3,744,000 Dai-Tokyo Fire & Marine 27,649,077
277,000 Nichido Fire & Marine 2,084,459
Machinery & Engineering
3,016,000 Makita Corp. 45,391,540
973,000 Sintokogio 8,531,657
Merchandising
333,000 Aoki International Co., Limited 7,315,261
860,000 Aoyama Trading Co., Limited 26,288,385
Metal--Steel
690,000 Kurimoto, Ltd. 7,353,120
1,440,000 Maruichi Steel Tube, Ltd. 28,133,676
432,900 Tokyo Steel Manufacturing Co., Ltd. 7,850,675
200,000 Toyo Seikan Kaisha, Ltd. 7,048,376
510,000 Yamato Kogyo Co., Ltd. 4,862,818
600,000 Yodogawa Steel Works, Ltd. 4,705,772
Miscellaneous Materials
2,709,000 Yamamura Glass Co., Ltd. 16,181,828
Real Estate
2,503,000 Daiwa Kosho Lease Co., Limited 26,673,709
Textiles/Apparel
1,345,000 Gunze Ltd. $ 7,744,987
1,257,000 Teijin Limited 6,932,741
858,000 Tokyo Style Co., Ltd. 14,196,401
970,000 Wacoal Corp. 11,969,152
350,400 World Co., Ltd. 13,527,946
Transportation--Road & Rail
3,151,000 Seino Transportation Co., Limited 53,608,974
Utilities--Electric, Gas & Water
300,000 Hokkaido Electric Power Co., Inc. 6,814,676
401,800 Hokuriku Electric Power Co., Inc. 8,901,762
303,000 Kyushu Electric Power Co., Inc. 6,882,823
317,200 Shikoku Electric Power Co., Inc. 7,175,733
250,000 Tohoku Electric Power Co., Inc. 5,795,747
--------------
Total Japanese Stocks (Cost $897,830,886) 935,429,382
--------------
- --------------------------------------------------------------
NETHERLANDS: 2.32%
- --------------------------------------------------------------
Banking
335,100 ABN Amro Holding NV 16,672,853
Chemicals
67,872 DSM NV 6,441,698
Energy Sources
218,343 Royal Dutch Petroleum 30,925,647
Telecommunications
174,000 Koninklijke PTT Nederland NV 6,845,833
--------------
Total Netherlands Stocks
(Cost $47,598,908) 60,886,031
--------------
- --------------------------------------------------------------
SPAIN: 2.19%
- --------------------------------------------------------------
Banking
358,550 Banco Bilbao Vizcaya 13,375,390
380,750 Banco Central Hispanoamericano 8,037,425
Energy Sources
135,150 Repsol, SA 5,096,097
Utilities--Electric, Gas & Water
1,566,207 Iberdrola, SA 14,448,753
3,017,200 Union Electrica Fenosa, SA 16,481,985
--------------
Total Spanish Stocks (Cost $43,809,094) 57,439,650
--------------
- --------------------------------------------------------------
SWEDEN: 0.92%
- --------------------------------------------------------------
Appliances & Household Durables
111,150 AB Electrolux Class B 5,435,310
Banking
254,000 Sparbanken Sverige 2,853,163
560,800 Svenska Handelsbanken Class A 10,877,007
Paper & Forest Products
273,800 Svenska Cellulosa AB-B 4,982,432
--------------
Total Swedish Stocks (Cost $22,180,607) 24,147,912
--------------
- --------------------------------------------------------------------------------
Schedule of Investments--Stock Portfolios 3
<PAGE>
Shares Description Market Value
- --------------------------------------------------------------
SWITZERLAND: 3.37%
- --------------------------------------------------------------
Banking
59,487 Schweizerischer Bankverein Bearer $ 21,856,246
Food & Household Products
10,349 Nestle, SA 11,676,777
Health & Personal Care
43,800 Ciba-Geigy Limited 54,832,857
--------------
Total Swiss Stocks
(Cost $56,758,508) 88,365,880
--------------
- --------------------------------------------------------------
UNITED KINGDOM: 6.79%
- --------------------------------------------------------------
Automobiles
4,633,398 Lex Service plc 22,382,028
Broadcasting & Publishing
3,109,183 United News and Media plc 29,279,089
Building Materials
359,333 Redland plc 2,067,591
Construction & Housing
200,000 Tarmac plc 338,828
638,000 Taylor Woodrow plc 1,489,835
Electrical & Electronics
1,585,898 The General Electric Co., plc 8,858,954
Food & Household Products
11,102,960 Hazlewood Foods plc 17,623,746
1,600,100 Hillsdown Holdings plc 4,505,776
Insurance (Non-Life)
1,572,063 Guardian Royal Exchange plc 5,266,975
2,469,852 Royal Insurance Holdings plc 13,325,590
Merchandising
279,399 Argyll Group plc 1,309,150
Metal--Steel
3,743,900 British Steel plc 10,856,853
Multi-Industry
2,479,950 Hanson plc 7,248,328
Real Estate
2,200,000 MEPC plc 13,179,182
Transportation--Shipping
1,214,800 Shell Transportation & Trading 16,037,882
Utilities--Electric, Gas & Water
249,600 Anglian Water plc 2,283,809
416,666 Hyder plc 4,791,786
450,000 Hyder plc (PFD) (Note A, p.5) 693,681
1,240,000 South West Water plc 12,774,725
373,238 United Utilities plc 3,517,620
--------------
Total United Kingdom Stocks
(Cost $164,910,569) 177,831,428
--------------
Total Equities
(Cost $2,330,556,774) 2,507,661,704
--------------
- --------------------------------------------------------------
Quantity Description Market Value
- --------------------------------------------------------------
WARRANTS (Note A, p. 5): 0.03%
- --------------------------------------------------------------
France--Broadcasting & Publishing
159,800 CEP Communications
(Expiration 12/31/1997) $ 729,767
United Kingdom--Aerospace & Defense
19,042 British Aerospace plc
(Expiration 11/15/2000) 104,626
--------------
Total Warrants (Cost $421,034) 834,393
--------------
- --------------------------------------------------------------
REPURCHASE AGREEMENT: 1.46%
- --------------------------------------------------------------
38,108,000 State Street Bank & Trust Co., 38,108,000
Repurchase Agreement,
Dated 03/29/1996, 4.90%,
maturing 04/01/1996,
Collateral 35,460,000 principal
amount U.S. Treasury Bond,
7.50%, 11/15/2016, Value $38,873,131
--------------
Total Repurchase Agreement
(Cost $38,108,000) 38,108,000
--------------
- --------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------
Total Investments (Cost $2,369,085,808) 97.21% $2,546,604,097
(Note C, p. 5)
Cash and Other Assets, Less Liabilities 2.79 73,185,003
(Note D, p. 5) ------- -----------
Net Assets (Equivalent to $17.18
per share based on 152,513,646
shares of capital stock outstanding) 100.00% $2,619,789,100
======= ==============
- --------------------------------------------------------------
LONG STOCK INDEX FUTURES CONTRACTS
- --------------------------------------------------------------
Quantity Description Unrealized Appreciation
- --------------------------------------------------------------
275 German DAX $368,701
June 1996
160 Hong Kong Hang Seng 620,370
April 1996
-------------
Total Long Stock Index Futures Contracts $989,071
-------------
- --------------------------------------------------------------------------------
4 Sanford C. Bernstein Fund, Inc.--1996 Semiannual Report
<PAGE>
- --------------------------------------------------------------
FOREIGN CURRENCY
- --------------------------------------------------------------
Quantity Description Market Value
- --------------------------------------------------------------
4,062,142 Australian Dollar $ 3,174,293
182,496,427 Austrian Schilling 17,611,235
(600,946) British Pound (917,195)
30,272,669 Canadian Dollar 22,202,178
3,155,708 Deutschemark 2,137,579
4,908,977 Finnish Markka 1,059,430
19,242,387 French Franc 3,825,095
14,252,099 Hong Kong Dollar 1,842,785
6,633,179,470 Italian Lira 4,224,282
525,365,845 Japanese Yen 4,911,109
1,340,328 Netherlands Guilder 811,287
317,624,371 Spanish Peseta 2,559,113
4,213,279 Swedish Krona 631,033
378,626 Swiss Franc 318,334
-------------
Total Foreign Currency $64,390,558
-------------
- --------------------------------------------------------------
(A) Non-income-producing security
(B) 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
(C) At March 31, 1996, the cost basis of investment securities owned was
substantially identical for both book and tax.
(D) Includes $56,804,136 U.S. dollar equivalent of German marks and Hong Kong
dollars pledged as collateral for futures transactions.
(E) Allocation of assets by industry as of March 31, 1996:
Appliances & Household Durables 1.49%
Automobiles 3.76
Banking 19.37
Broadcasting & Publishing 2.47
Building Materials 0.25
Business & Public Services 1.82
Chemicals 6.31
Construction & Housing 2.56
Consumer Cyclicals--Wholesale & International Trade 0.09
Electrical & Electronics 5.85
Energy Sources 5.35
Financial Services 2.62
Food & Household Products 3.18
Health & Personal Care 3.78
Insurance (Non-Life) 3.54
Machinery & Engineering 3.21
Merchandising 4.35
Metal--Nonferrous 0.41
Metal--Steel 3.89
Miscellaneous Materials 1.17
Multi-Industry 1.19
Non-Financial 0.47
Paper & Forest Products 0.63
Real Estate 3.64
Telecommunications 2.69
Textiles/Apparel 2.50
Transportation--Road & Rail 2.05
Transportation--Shipping 0.65
Utilities--Electric, Gas & Water 6.46
Repurchase Agreement 1.46
Cash and Other Assets, Less Liabilities 2.79
-------
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
March 31,1996 (unaudited)
Shares Description Market Value*
- --------------------------------------------------------------
EQUITIES: 89.62%
- --------------------------------------------------------------
ARGENTINA: 6.55%
- --------------------------------------------------------------
Banking
97,000 Banco de Galicia Y Buenos Aires $ 581,030
S.A. de C.V.
Energy Sources
1,706,700 Astra Cia Argentina de Petroleo S.A. 3,618,204
Metal--Steel
900,400 Siderca S.A.I.C. 900,400
Real Estate
163,734 IRSA Inversiones y Representaciones 500,054
S.A.
Textiles/Apparel
2,373,530 Alpargatas S.A.I.C. (Note A, p. 8) 1,163,030
Utilities--Electric, Gas & Water
631,954 Central Puerto S.A. (Class B) 2,022,253
-------------
Total Argentine Stocks (Cost $8,747,459) 8,784,971
-------------
- --------------------------------------------------------------
BRAZIL: 4.18%
- --------------------------------------------------------------
Food & Household Products
350,000 Santista Alimentos S.A. 425,144
(Note A, p. 8)
Metal--Steel
40,010,000 Siderurgica Riograndense S.A. (PFD) 627,751
Multi-Industry
1,101,000 Itausa Investment Itau S.A. 746,705
Paper & Forest Products
51,400,000 Votorantim Celulose Papel S.A. (PFD) 978,156
Utilities--Electric, Gas & Water
218,000 Centrais Electricas Brasileiras ADR 2,837,406
-------------
Total Brazilian Stocks (Cost $6,460,056) 5,615,162
-------------
- --------------------------------------------------------------
CHILE: 5.19%
- --------------------------------------------------------------
Banking
44,300 Banco O'Higgins ADR 1,095,799
Beverage & Tobacco
107,000 Vina Concha Y Toro S.A. ADR 1,805,625
Telecommunications
24,100 Compania de Telecomunicaciones 2,291,655
de Chile S.A. ADR
Utilities--Electric, Gas & Water
76,400 Chilgener S.A. ADR 1,776,300
-------------
Total Chilean Stocks (Cost $7,080,139) 6,969,379
-------------
- --------------------------------------------------------------
CHINA: 3.45%
- --------------------------------------------------------------
Appliances & Household Durables
4,891,905 Shenzhen China Bicycles Co., $ 806,837
Ltd.
Chemicals
8,136,000 Yizheng Chemical Fibre Co., Ltd. 2,103,957
Metal--Steel
4,968,000 Maanshan Iron & Steel Co., Ltd. 777,254
Utilities--Electric, Gas & Water
107,100 Shandong Huaneng Power Company 937,125
Ltd. ADR
-------------
Total Chinese Stocks (Cost $4,812,767) 4,625,173
-------------
- --------------------------------------------------------------
INDIA: 3.86%
- --------------------------------------------------------------
Chemicals
309,000 Southern Petrochemical Industries 2,657,250
Corp., Ltd. GDS
Consumer Cyclicals--Wholesale & International Trade
368,000 Videocon International Ltd. GDS 975,200
Utilities--Electric, Gas & Water
95,000 BSES Ltd. GDR 1,550,400
-------------
Total Indian Stocks (Cost $5,237,005) 5,182,850
-------------
- --------------------------------------------------------------
INDONESIA: 7.09%
- --------------------------------------------------------------
Automobiles
2,900,000 PT Gadjah Tunggal (Foreign) 1,767,536
4,800,500 PT Gadjah Tunggal (Local) 2,925,882
Paper & Forest Products
275,000 PT Inti Indorayon Utama (Foreign) 285,233
275,000 PT Inti Indorayon Utama (Local) 285,233
Real Estate
1,305,000 PT Dharmala Intiland (Foreign) 851,208
450,000 PT Dharmala Intiland (Local) 293,520
Telecommunications
1,384,000 PT Telekomunikasi Indonesia (Foreign) 2,175,449
(Note A, p. 8)
30,000 PT Telekomunikasi Indonesia ADR 926,250
(Note A, p. 8)
-------------
Total Indonesian Stocks (Cost $9,469,541) 9,510,311
-------------
- --------------------------------------------------------------
ISRAEL: 4.82%
- --------------------------------------------------------------
Banking
1,207,500 Bank Hapoalim 1,740,359
32,400 Israel Discount Bank 326,989
Multi-Industry
875,308 Israel Land Development 2,666,126
8,500 Israel Land Development ADR 78,094
Telecommunications
190,122 Bezeq Israeli Telecommunication 504,808
Corp. Ltd.
*See Note 1, page 28 in Notes to Financial Statements.
- --------------------------------------------------------------------------------
6 Sanford C. Bernstein Fund, Inc.--1996 Semiannual Report
<PAGE>
Shares Description Market Value
- --------------------------------------------------------------
Textiles/Apparel
625,458 Kitan Consolidated $ 1,149,872
-------------
Total Israeli Stocks (Cost $6,691,438) 6,466,248
-------------
- --------------------------------------------------------------
SOUTH KOREA: 9.02%
- --------------------------------------------------------------
Banking
140,000 Kwang Ju Bank 1,360,179
Building Materials
70,420 Asia Cement Manufacturing Co., Ltd. 2,691,669
Financial Services
62,000 Central Investment & Finance Corp. 1,276,063
Metal--Steel
69,880 Inchon Iron & Steel Co., Ltd. 2,045,704
25,799 Inchon Iron & Steel Co., Ltd. 699,187
(RFD 1/97)
Textiles/Apparel
46,000 Tongyang Nylon Co., Ltd. 1,405,433
Utilities--Electric, Gas & Water
114,100 Korea Electric Power Corp. ADR 2,624,300
-------------
Total South Korean Stocks
(Cost $12,537,260) 12,102,535
-------------
- --------------------------------------------------------------
MALAYSIA: 10.60%
- --------------------------------------------------------------
Automobiles
269,000 Oriental Holdings Berhad 1,477,905
1,132,000 Tan Chong Motor Berhad 1,727,083
Financial Services
1,105,000 MBF Capital Berhad 1,458,775
Miscellaneous Materials
830,000 Golden Hope Plantations Berhad 1,397,549
595,000 Kuala Lumpur Kepong Berhad 1,422,826
1,999,000 Malaysia Mining Corp. Berhad 3,853,280
Utilities--Electric, Gas & Water
683,000 Tenaga Nasional Berhad 2,888,577
-------------
Total Malaysian Stocks
(Cost $13,117,101) 14,225,995
-------------
- --------------------------------------------------------------
MEXICO: 6.17%
- --------------------------------------------------------------
Construction & Housing
260,400 Empresas ICA Sociedad 3,385,200
Controladora S.A. de C.V. ADR
Financial Services
285,000 Grupo Financiero Banamex S.A. 608,958
(Note A, p. 8)
360,000 Grupo Financiero Bancomer S.A. (NVP) 145,242
26,000 Grupo Financiero Bancomer S.A. ADR 211,380
Metal--Nonferrous
187,500 Grupo Mexico S.A. (NVP) 671,865
(Note A, p. 8)
Retail
492,000 Sears Roebuck de Mexico S.A. (NVP) $1,299,376
(Note A, p. 8)
Telecommunications
165,000 Telefonos de Mexico S.A. 273,285
51,325 Telefonos de Mexico S.A. ADR 1,687,309
-------------
Total Mexican Stocks (Cost $8,056,351) 8,282,615
-------------
- ---------------------------------------------------------------
PHILIPPINES: 4.09%
- ---------------------------------------------------------------
Banking
95,000 Philippine National Bank (Note A, p. 8) 1,242,838
Food & Household Products
2,852,700 Universal Robina Corp. 1,389,302
Real Estate
7,438,000 Robinson's Land Corp. - Series 'B' 1,321,112
(Note A, p. 8)
Telecommunications
6,000 Philippine Long Distance Telephone Co. 325,439
22,700 Philippine Long Distance Telephone 1,208,775
Co. ADR
-------------
Total Philippine Stocks (Cost $5,720,290) 5,487,466
-------------
- ---------------------------------------------------------------
SOUTH AFRICA: 9.38%
- ---------------------------------------------------------------
Banking
450,500 Amalgamated Bank of South Africa 2,379,222
Beverage & Tobacco
268,300 Rembrandt Group Ltd. 2,445,961
Metal--Steel
4,810,000 S.A. Iron & Steel Industrial Corp., Ltd. 4,548,349
Mining
58,900 De Beers Consolidated Mines Ltd. 1,896,034
2,500 De Beers Consolidated Mines Ltd. ADR 78,750
128,000 Free State Consolidated Gold Mines Ltd. 1,247,391
-------------
Total South African Stocks (Cost $13,047,142) 12,595,707
-------------
- ---------------------------------------------------------------
TAIWAN: 2.85%
- ---------------------------------------------------------------
Metal--Steel
220,100 China Steel Corp. GDS 3,825,338
-------------
Total Taiwan Stock (Cost $3,595,310) 3,825,338
-------------
- ---------------------------------------------------------------
THAILAND: 8.50%
- ---------------------------------------------------------------
Banking
1,575,000 First Bangkok City Bank PLC (Foreign) 1,481,553
3,300,000 First Bangkok City Bank PLC (Local) 2,842,799
Building Materials
123,100 Thai-German Ceramic Industry Co., 307,165
Ltd. (Foreign)
803,600 Thai-German Ceramic Industry Co., 2,037,009
Ltd. (Local)
- --------------------------------------------------------------------------------
Schedule of Investments--Stock Portfolios 7
<PAGE>
Quantity Description Market Value
- ---------------------------------------------------------------
Financial Services
100 Thai Investment & Securities Co. $ 772
Merchandising
198,300 Saha Pathana Inter-Holding, Ltd. 424,121
(Foreign)
307,400 Saha Pathana Inter-Holding, Ltd. 663,550
(Local)
Telecommunications
415,600 Total Access Communication Public 3,657,280
Co. Limited GDS
-------------
Total Thailand Stocks
(Cost $11,245,608) 11,414,249
-------------
- ---------------------------------------------------------------
TURKEY: 3.87%
- ---------------------------------------------------------------
Automobiles
8,423,800 Tofas Turk Otomobil Fabrikasi A.S. 969,408
3,145,200 Tofas Turk Otomobil Fabrikasi A.S. GDS 1,729,860
Banking
15,000,000 Yapi ve Kredi Bankasi A.S. 1,136,762
Metal--Nonferrous
11,630,800 Eregli Demir ve Celik Fabrikalari T.A.S. 1,354,791
-------------
Total Turkish Stocks
(Cost $4,944,226) 5,190,821
-------------
Total Equities
(Cost $120,761,693) 120,278,820
-------------
- ---------------------------------------------------------------
REPURCHASE AGREEMENT: 12.41%
- ---------------------------------------------------------------
16,652,000 State Street Bank & Trust Co., 16,652,000
Repurchase Agreement,
Dated 03/29/1996,
4.90%, maturing 04/01/1996,
Collateral 16,308,000 principal
amount U.S. Treasury Bond,
7.125%, 02/15/2023,
Value $16,986,240
-------------
Total Repurchase Agreement
(Cost $16,652,000) 16,652,000
-------------
- ---------------------------------------------------------------
INVESTMENT SUMMARY
- ---------------------------------------------------------------
Total Investments (Cost $137,413,693) 102.03% $136,930,820
(Note C, p. 8)
Cash and Other Assets, Less Liabilities (2.03) (2,718,050)
------- ------------
Net Assets (Equivalent to $22.64
per share based on 5,927,150
shares of capital stock outstanding) 100.00% $134,212,770
======= ============
- ---------------------------------------------------------------
FOREIGN CURRENCY
- ---------------------------------------------------------------
Quantity Description Market Value
- ---------------------------------------------------------------
35,437 Argentine Peso $ 35,437
19,615 Hong Kong Dollar 2,536
177,422,976 Indonesian Rupiah 75,886
924,714 Israeli Shekel 296,026
139,920,630 South Korean Won 178,869
2,166,157 Malaysian Ringgit 856,188
145,612 Mexican Peso 19,325
3,347,262 Philippine Peso 127,856
5,164,263 South African Rand 1,298,761
42,639,454 Thailand Baht 1,688,825
2,150,474,600 Turkish Lira 30,180
-------------
Total Foreign Currency $ 4,609,889
-------------
- ---------------------------------------------------------------
(A) Non-income-producing security
(B) Explanation of abbreviations:
PFD--Preferred Share
ADR--American Depository Receipts
GDS--Global Depository Share
GDR--Global Depository Receipts
RFD--Restricted for Dividends
NVP--Non-Voting Preference Share
(C) At March 31, 1996, the cost basis of investment securities owned
was substantially identical for both book and tax.
(D) Allocation of assets by industry as of March 31, 1996:
Appliances & Household Durables 0.60%
Automobiles 7.90
Banking 10.57
Beverage & Tobacco 3.17
Building Materials 3.75
Chemicals 3.55
Construction & Housing 2.52
Consumer Cyclicals--Wholesale & International Trade 0.72
Energy Sources 2.70
Financial Services 2.76
Food & Household Products 1.35
Merchandising 0.81
Metal--Nonferrous 1.51
Metal--Steel 10.00
Mining 2.40
Miscellaneous Materials 4.97
Multi-Industry 2.60
Paper & Forest Products 1.16
Real Estate 2.21
Retail 0.97
Telecommunications 9.72
Textiles/Apparel 2.77
Utilities--Electric, Gas & Water 10.91
Repurchase Agreement 12.41
Cash and Other Assets, Less Liabilities (2.03)
------
Total 100.00%
======
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
8 Sanford C. Bernstein Fund, Inc.--1996 Semiannual Report
<PAGE>
This page left intentionally blank.
<PAGE>
Sanford C. Bernstein Fund, Inc.
SEMIANNUAL REPORT
MARCH 31, 1996
Schedule of Investments
Taxable Bond Portfolios
-------------------
Intermediate Duration
Short Duration Plus
Government Short Duration
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Intermediate Duration Portfolio
March 31, 1996 (unaudited)
Principal Amount Description Market Value*
- -------------------------------------------------------------------------------
DOMESTIC INVESTMENTS: 86.03%
- -------------------------------------------------------------------------------
COMMERCIAL PAPER (Note A, p. 4): 3.22%
- -------------------------------------------------------------------------------
42,567,000 Prudential Funding Corp., 04/01/1996 $ 42,567,000
--------------
Total Commercial Paper (Cost $42,567,000) 42,567,000
--------------
- -------------------------------------------------------------------------------
U.S. TREASURY NOTE: 9.61%
- -------------------------------------------------------------------------------
126,885,000 5.625%, 10/31/1997 126,964,303
--------------
Total U.S. Treasury Note (Cost $126,690,702) 126,964,303
--------------
- -------------------------------------------------------------------------------
U.S. TREASURY BONDS: 30.81%
- -------------------------------------------------------------------------------
197,715,000 7.25%, 05/15/2016 (Notes B & C, p. 4) 206,550,092
166,760,000 7.50%, 11/15/2016 178,693,513
18,060,000 8.75%, 05/15/2017 21,863,887
--------------
Total U.S. Treasury Bonds (Cost $399,000,090) 407,107,492
--------------
- -------------------------------------------------------------------------------
MORTGAGE DERIVATIVES: 4.37%
- -------------------------------------------------------------------------------
10,676,101 Federal Home Loan Mortgage Corp. 10,732,354
Series 1725 Class A, 7.00%, 09/15/2016
11,228,121 Federal Home Loan Mortgage Corp. 11,279,086
Series 1730 Class A, 7.00%, 07/15/2017
3,229,457 Federal National Mortgage Association 972,874
Interest Only Strip, Series 21 Class 2, 9.50%,
07/25/2017
1,374,646 Federal National Mortgage Association 396,929
Interest Only Strip, Series 34 Class 2, 9.00%,
05/25/2018
1,594,812 Federal National Mortgage Association 480,437
Interest Only Strip, Series 60 Class 2, 9.50%,
01/25/2019
5,841,528 Federal National Mortgage Association 6,026,991
Series 1990-18 Class H, 9.00%, 05/25/2019
5,419,200 Federal National Mortgage Association 1,632,534
Interest Only Strip, Series 173 Class 2, 9.50%,
11/25/2021
4,700,000 G.E. Capital Mortgage Services, Inc. 3,968,924
Series 1993-10 Class A15, 6.50%, 09/25/2023
(Note D, p. 4)
3,875,000 Federal Home Loan Mortgage Corp. $ 3,376,132
Series 1632 Class B, 6.00%, 11/15/2023
2,976,510 G.E. Capital Mortgage Services, Inc. 2,963,479
Series 1994-11 Class A1, 6.50%, 03/25/2024
(Note D, p. 4)
2,835,000 Federal National Mortgage Association 2,782,099
Series 1994-G6 Class PY, 7.75%, 05/17/2024
3,651,028 Prudential Home Mortgage Securities 3,739,876
Series 1994-15 Class A1, 8.00%, 05/25/2024
(Note D, p. 4)
1,546,160 Government National Mortgage Association 1,351,424
Series 1994-5 Class JA, 6.50%, 07/16/2024
(Note D, p. 4)
1,986,350 Residential Funding Mortgage Inc., Securities 1, 2,001,746
Series 1994-S15 Class A8, 7.75%, 07/25/2024
(Note D, p. 4)
2,307,000 Citicorp Mortgage Securities, Inc. 1,912,316
Series 1994-11 Class A9, 6.25%, 08/25/2024
(Note D, p. 4)
4,108,738 Residential Funding Mortgage Inc., Securities 1, 4,130,223
Series 1995-S3 Class A1, 7.65%, 04/25/2025
(Note D, p. 4)
--------------
Total Mortgage Derivatives (Cost $57,010,149) 57,747,424
--------------
- -------------------------------------------------------------------------------
MORTGAGE PASS-THROUGHS: 32.08%
- -------------------------------------------------------------------------------
3,038,144 Federal National Mortgage Association 3,462,533
Pool #303305, 12.00%, 05/01/2016
254,990 Federal Home Loan Mortgage Corp. 265,188
Pool #293246, 8.50%, 05/01/2017
8,767,520 Government National Mortgage Association 9,469,790
Pool #267832, 9.50%, 11/15/2017
2,806,814 Federal Home Loan Mortgage Corp. 2,924,585
Pool #304272, 8.50%, 06/01/2018
5,583,320 Government National Mortgage Association 5,953,879
Pool #312952, 9.00%, 08/15/2021
6,869,706 Government National Mortgage Association 7,410,696
Pool #780118, 9.50%, 08/15/2021
9,064,959 Government National Mortgage Association 9,778,825
Pool #780049, 9.50%, 11/15/2021
9,052,620 Government National Mortgage Association 9,765,514
Pool #780254, 9.50%, 11/15/2021
*See Note 1, page 28 in Notes to Financial Statements.
Schedule of Investments--Taxable Bond Portfolios 1
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
8,246,033 Government National Mortgage Association $ 8,892,019
Pool #780087, 9.50%, 05/15/2022
6,446,322 Federal Home Loan Mortgage Corp. 6,831,677
Gold Pool #G00391, 9.00%, 06/01/2022
9,007,432 Government National Mortgage Association 9,709,643
Pool #780010, 9.50%, 03/15/2023
6,915,117 Government National Mortgage Association 7,060,743
Pool #392349, 8.00%, 07/15/2024
8,501,762 Federal Home Loan Mortgage Corp. 8,669,094
Gold Pool #C00356, 8.00%, 08/01/2024
9,334,721 Government National Mortgage Association 9,462,411
II ARM Pool #008484, 7.00%, 08/20/2024
13,898,010 Federal Home Loan Mortgage Corp. 14,374,975
Gold Pool #D57227, 8.50%, 10/01/2024
6,505,686 Government National Mortgage Association 6,976,236
Pool #780012, 9.50%, 10/15/2024
6,964,615 Federal Home Loan Mortgage Corp. 7,101,692
Pool #D57411, 8.00%, 11/01/2024
1,365,761 Federal Home Loan Mortgage Corp. 1,413,554
Gold Pool #C80266, 8.50%, 02/01/2025
1,755,341 Federal Home Loan Mortgage Corp. 1,815,635
Pool #D59101, 8.50%, 03/01/2025
105,054 Federal Home Loan Mortgage Corp. 110,174
Gold Pool #C80286, 9.00%, 03/01/2025
43,323 Federal Home Loan Mortgage Corp. 45,435
Gold Pool #D59810, 9.00%, 04/01/2025
7,622,794 Government National Mortgage Association 7,719,444
II ARM Pool #008621, 7.00%, 04/20/2025
340 Federal Home Loan Mortgage Corp. 352
Gold Pool #C80297, 8.50%, 05/01/2025
50,574 Federal Home Loan Mortgage Corp. 53,039
Gold Pool #G00350, 9.00%, 05/01/2025
4,788,647 Federal Home Loan Mortgage Corp. 4,876,849
Gold Pool #D60727, 8.00%, 06/01/2025
6,273,656 Federal Home Loan Mortgage Corp. 6,389,210
Pool #D60759, 8.00%, 06/01/2025
5,081,754 Federal Home Loan Mortgage Corp. $ 5,259,585
Gold Pool #D60684, 8.50%, 06/01/2025
4,855,979 Federal Home Loan Mortgage Corp. 5,025,909
Pool #D60800, 8.50%, 06/01/2025
5,835,590 Federal Home Loan Mortgage Corp. 6,039,801
Pool #D61039, 8.50%, 06/01/2025
4,531,497 Federal Home Loan Mortgage Corp. 4,690,072
Gold Pool #D61045, 8.50%, 06/01/2025
9,725,308 Government National Mortgage Association 9,848,615
II ARM Pool #008643, 7.00%, 06/20/2025
8,935,007 Federal Home Loan Mortgage Corp. 9,099,581
Pool #C00410, 8.00%, 07/01/2025
11,763,523 Government National Mortgage Association 11,730,220
II ARM Pool #008651, 6.00%, 07/20/2025
10,534,009 Government National Mortgage Association 10,629,542
II ARM Pool #008660, 6.50%, 07/20/2025
5,751,542 Federal Home Loan Mortgage Corp. 5,857,480
Pool #C00413, 8.00%, 08/01/2025
1,376,320 Federal Home Loan Mortgage Corp. 1,401,670
Pool #C80329, 8.00%, 08/01/2025
6,010,451 Government National Mortgage Association 6,005,036
Pool #409928, 7.50%, 08/15/2025
2,874,119 Government National Mortgage Association 2,871,529
Pool #410088, 7.50%, 08/15/2025
16,272,143 Federal Home Loan Mortgage Corp. 16,571,860
Gold Pool #C00421, 8.00%, 09/01/2025
6,383,938 Federal Home Loan Mortgage Corp. 6,603,220
Pool #C00429, 8.50%, 09/01/2025
14,743,509 Federal Home Loan Mortgage Corp. 15,249,934
Gold Pool #G00409, 8.50%, 09/01/2025
6,263,359 Government National Mortgage Association 6,257,716
Pool #398253, 7.50%, 09/15/2025
5,566,331 Government National Mortgage Association 5,561,315
Pool #409946, 7.50%, 09/15/2025
8,240,336 Government National Mortgage Association 8,232,912
Pool #413123, 7.50%, 09/15/2025
11,842,858 Government National Mortgage Association 11,809,331
II ARM Pool #008699, 6.00%, 09/20/2025
2 Sanford C. Bernstein Fund, Inc.--1996 Semiannual Report
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
11,147,780 Government National Mortgage Association $ 11,248,879
II ARM Pool #008703,
6.50%, 09/20/2025
5,987,091 Federal Home Loan Mortgage Corp. 5,982,356
Gold Pool #C00425,
7.50%, 10/01/2025
4,026,006 Federal Home Loan Mortgage Corp. 4,100,161
Gold Pool #C00427,
8.00%, 10/01/2025
19,694,683 Federal Home Loan Mortgage Corp. 20,057,439
Gold Pool #C80356,
8.00%, 10/01/2025
5,286,108 Federal Home Loan Mortgage Corp. 5,383,473
Pool #D64443,
8.00%, 10/01/2025
9,372,468 Federal Home Loan Mortgage Corp. 9,545,100
Gold Pool #D64928,
8.00%, 10/01/2025
2,566,158 Federal Home Loan Mortgage Corp. 2,654,303
Gold Pool #C80362,
8.50%, 10/01/2025
18,592,784 Federal Home Loan Mortgage Corp. 18,578,077
Gold Pool #C80358,
7.50%, 11/01/2025
1,526,273 Federal Home Loan Mortgage Corp. 1,578,699
Gold Pool #D65230,
8.50%, 11/01/2025
2,973,877 Federal Home Loan Mortgage Corp. 3,075,937
Gold Pool #G00422,
8.50%, 11/01/2025
6,738,673 Government National Mortgage Association 6,732,602
Pool #387136,
7.50%, 11/15/2025
3,473,255 Government National Mortgage Association 3,470,125
Pool #418352,
7.50%, 11/15/2025
7,586,951 Government National Mortgage Association 7,580,115
Pool #419244,
7.50%, 11/15/2025
13,054,295 Government National Mortgage Association 13,042,533
Pool #411542,
7.50%, 12/15/2025
4,941,012 Federal Home Loan Mortgage Corp. 4,937,103
Gold Pool #C80373,
7.50%, 01/01/2026
6,434,883 Government National Mortgage Association 6,569,495
Pool #423445,
8.00%, 01/15/2026
--------------
Total Mortgage Pass-Throughs (Cost $425,588,850) 423,814,917
--------------
- -------------------------------------------------------------------------------
FINANCE: 3.69%
- -------------------------------------------------------------------------------
9,020,000 World Savings & Loan Association $9,155,210
Medium-Term Senior Notes,
7.625%, 02/18/1997
4,260,000 Salomon Inc. Medium-Term Notes, 4,339,918
8.36%, 02/28/1997
8,030,000 General Motors Acceptance Corp. 8,045,980
Medium-Term Notes,
6.00%, 03/24/1997
4,525,000 Lehman Brothers Holdings, Inc. Notes, 4,631,156
8.375%, 04/01/1997
1,020,000 Lehman Brothers Inc. Senior Subordinated Notes, 1,059,851
9.50%, 06/15/1997
9,530,000 Associates Corp. of North America 9,630,827
Senior Notes, 6.625%, 05/15/1998
1,565,000 Lehman Brothers Inc. Senior Subordinated Notes, 1,712,939
10.00%, 05/15/1999
10,545,000 Paine Webber Group, Inc. Senior Notes, 10,180,565
7.625%, 02/15/2014
--------------
Total Finance (Cost $46,661,670) 48,756,446
--------------
- -------------------------------------------------------------------------------
INDUSTRIAL: 1.08%
- -------------------------------------------------------------------------------
1,975,000 Auburn Hills Trust--Chrysler, 2,907,595
Credit Sensitive Notes, 12.00%, 05/01/2020
11,390,000 Motorola, Inc. Debentures, 11,381,116
6.50%, 09/01/2025,
Putable 09/01/2005 @100
--------------
Total Industrial (Cost $12,716,558) 14,288,711
--------------
- -------------------------------------------------------------------------------
UTILITIES: 0.57%
- -------------------------------------------------------------------------------
5,350,000 New Jersey Bell Telephone Co. Debentures, 5,787,469
7.85%, 11/15/2029, Putable 11/15/1999 @100
1,665,000 New England Telephone & Telegraph Co. Debentures, 1,781,950
7.875%, 11/15/2029, Putable 11/15/1996 @100
--------------
Total Utilities (Cost $7,619,667) 7,569,419
--------------
- -------------------------------------------------------------------------------
TAXABLE MUNICIPAL: 0.29%
- -------------------------------------------------------------------------------
3,830,000 Northeast Maryland Waste Disposal Authority, 3,815,523
Montgomery County, Solid Waste Revenue,
6.10%, 07/01/1997
--------------
Total Taxable Municipal (Cost $3,790,987) 3,815,523
--------------
Schedule of Investments--Taxable Bond Portfolios 3
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
ASSET-BACKED SECURITY: 0.31%
- -------------------------------------------------------------------------------
4,180,210 Green Tree Financial Corp. Series $4,122,607
1996-A, Class A2, 5.70%, 02/15/2018
--------------
Total Asset-Backed Security (Cost $4,176,323) 4,122,607
--------------
Total Domestic Investments (Cost $1,125,821,996) 1,136,753,842
--------------
- -------------------------------------------------------------------------------
FOREIGN INVESTMENTS: 10.57%
- -------------------------------------------------------------------------------
CANADIAN TREASURY BILLS: 2.65%
- -------------------------------------------------------------------------------
C$ 25,685,000
C$ Treasury Bill, 08/08/1996 18,491,810
C$ 22,955,000
C$ Treasury Bill, 09/05/1996 16,461,560
--------------
Total Canadian Treasury Bills (Cost $35,124,330) 34,953,370
--------------
- -------------------------------------------------------------------------------
GERMAN GOVERNMENT: 4.44%
- -------------------------------------------------------------------------------
DM 57,485,000
German Unity Fund, 43,112,777
8.00%, 01/21/2002
DM 22,515,000
Deutschland Republic, 15,533,108
6.50%, 07/15/2003
--------------
Total German Government (Cost $59,337,603) 58,645,885
--------------
- --------------------------------------------------------------------------------
ITALIAN FINANCE: 3.48%
- --------------------------------------------------------------------------------
IL 2,930,000,000
Nordic Investment Bank Notes, 1,866,686
12.375%, 04/19/1996
IL 11,750,000,000
San Paolo Bank CD, 9.50%, 7,476,956
05/14/1996
IL 7,000,000,000
Eksportfinans Notes, 4,474,628
12.25%, 08/05/1996
IL 13,855,000,000
Deutsche Bank, Finance NV, 8,845,653
11.00%, 11/07/1996
IL 5,950,000,000
International Finance Corp., 3,830,273
11.25%, 04/03/1997
IL 13,250,000,000
Sudwestdeutsche Landes, 8,579,857
11.50%, 09/29/1997
IL 16,805,000,000
Abbey National Treasury Service, 12.00%, 10,953,071
11/24/1997
--------------
Total Italian Finance (Cost $45,180,762) 46,027,124
--------------
Total Foreign Investments (Cost $139,642,695) 139,626,379
--------------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $1,265,464,691)
(Note E, below) 96.60% $1,276,380,221
Cash and Other Assets,
Less Liabilities 3.40 44,981,153
------- --------------
Net Assets (Equivalent to $13.13
per share based on 100,668,247
shares of capital stock outstanding) 100.00% $1,321,361,374
======= ==============
- --------------------------------------------------------------------------------
LONG FUTURES CONTRACTS
- --------------------------------------------------------------------------------
Quantity Description Unrealized Appreciation
- --------------------------------------------------------------------------------
143 German 5 Year Bond $87,084
June 1996
60 French 10 Year Bond 16,539
June 1996
--------------
Total Long Futures Contracts $103,623
--------------
- --------------------------------------------------------------------------------
FOREIGN CURRENCY
- --------------------------------------------------------------------------------
Quantity Description Market Value
- --------------------------------------------------------------------------------
1,607,250 Deutschemark $1,088,702
1,780,000 French Franc 353,427
--------------
Total Foreign Currency $1,442,129
--------------
- --------------------------------------------------------------------------------
(A) Commercial paper owned at March 31, 1996, was purchased at a rate of 5.38%.
(B) $610,000 principal amount pledged as collateral for futures transactions
(C) $34,115,000 principal amount segregated as collateral for futures
transactions
(D) Fair-valued security
(E) At March 31, 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 Semiannual Report
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration Plus Portfolio
March 31, 1996 (unaudited)
Principal Amount Description Market Value*
- -------------------------------------------------------------------------------
DOMESTIC INVESTMENTS: 87.73%
- -------------------------------------------------------------------------------
COMMERCIAL PAPER (Note A, p. 7): 1.19%
- -------------------------------------------------------------------------------
6,336,000 Prudential Funding Corp., $6,336,000
04/01/1996
--------------
Total Commercial Paper (Cost $6,336,000) 6,336,000
--------------
- --------------------------------------------------------------------------------
U.S. TREASURY NOTES: 58.02%
- --------------------------------------------------------------------------------
71,100,000 6.50%, 04/30/1997 71,833,112
51,655,000 6.125%, 05/31/1997 51,977,844
15,405,000 5.75%, 09/30/1997 15,419,419
168,690,000 5.625%, 10/31/1997 168,795,431
(Notes B & C, p. 7)
--------------
Total U.S. Treasury Notes (Cost $307,587,515) 308,025,806
--------------
- --------------------------------------------------------------------------------
U.S. TREASURY BONDS: 4.02%
- --------------------------------------------------------------------------------
16,355,000 7.25%, 05/15/2016 17,085,840
3,970,000 7.50%, 11/15/2016 4,254,097
--------------
Total U.S. Treasury Bonds (Cost $21,283,402) 21,339,937
--------------
- --------------------------------------------------------------------------------
MORTGAGE DERIVATIVES: 7.40%
- --------------------------------------------------------------------------------
1,886,000 Countrywide Funding Corp., 1,891,211
Series 1994-12 Class A5,
7.00%, 10/25/2014 (Note D, p. 7)
4,405,880 Federal Home Loan Mortgage Corp. 4,429,095
Series 1725 Class A,
7.00%, 09/15/2016
4,755,193 Federal Home Loan Mortgage Corp. 4,776,777
Series 1730 Class A,
7.00%, 07/15/2017
699,795 Federal National Mortgage Association 202,066
Interest Only Strip,
Series 34 Class 2, 9.00%, 05/25/2018
1,160,243 Federal National Mortgage Association 349,523
Interest Only Strip,
Series 60 Class 2, 9.50%, 01/25/2019
7,420,448 Federal National Mortgage Association 7,656,039
Series 1990-18 Class H, 9.00%, 05/25/2019
3,901,091 Federal National Mortgage Association 1,175,204
Interest Only Strip,
Series 149 Class 2,
9.50%, 06/25/2022
3,206,193 G.E. Capital Mortgage Services, Inc. 3,196,212
Series 1994-5 Class A4,
6.50%, 02/25/2024 (Note D, p. 7)
682,551 G.E. Capital Mortgage Services, Inc. $679,563
Series 1994-11 Class A1,
6.50%, 03/25/2024 (Note D, p. 7)
2,204,243 Prudential Home Mortgage Securities 2,257,884
Series 1994-15 Class A1,
8.00%, 05/25/2024 (Note D, p. 7)
1,320,770 Residential Funding Mortgage Inc., 1,331,008
Securities 1, Series 1994-S15 Class A8,
7.75%, 07/25/2024
(Note D, p. 7)
1,810,920 Residential Funding Mortgage Inc., 1,820,389
Securities 1, Series 1995-S3 Class A1,
7.65%, 04/25/2025
(Note D, p. 7)
4,745,225 Structured Asset Securities Corp., 4,697,312
Series 1996-CFL Class A-1A,
5.711%, 02/25/2028 (Note D, p.7)
4,900,000 Structured Asset Securities Corp., 4,829,342
Series 1996-CFL Class A-1B,
5.751%, 02/25/2028 (Note D, p.7)
--------------
Total Mortgage Derivatives (Cost $39,136,331) 39,291,625
--------------
- --------------------------------------------------------------------------------
MORTGAGE PASS-THROUGHS: 13.78%
- --------------------------------------------------------------------------------
1,786,902 Federal National Mortgage Association 2,036,509
Pool #303305,
12.00%, 05/01/2016
9,032 Government National Mortgage Association 9,518
Pool #183717,
9.00%, 11/15/2016
10,011,972 Government National Mortgage Association 10,800,415
Pool #780118,
9.50%, 08/15/2021
4,375,084 Government National Mortgage Association 4,719,621
Pool #780254,
9.50%, 11/15/2021
3,961,284 Government National Mortgage Association 4,011,509
II ARM Pool #008621,
7.00%, 04/20/2025
4,748,246 Government National Mortgage Association 4,808,449
II ARM Pool #008631,
7.00%, 05/20/2025
4,862,654 Government National Mortgage Association 4,924,308
II ARM Pool #008643,
7.00%, 06/20/2025
3,833,854 Government National Mortgage Association 3,868,623
II ARM Pool #008660,
6.50%, 07/20/2025
5,129,344 Government National Mortgage Association 5,114,823
II ARM Pool #008684,
6.00%, 08/20/2025
5,530,000 Government National Mortgage Association 5,645,959
Pool #780249,
8.00%, 09/15/2025
*See Note 1, page 28 in Notes to Financial Statements.
Schedule of Investments--Taxable Bond Portfolios 5
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
5,149,848 Government National Mortgage Association $5,196,552
II ARM Pool #008703,
6.50%, 09/20/2025
6,635,001 Federal Home Loan Mortgage Corp. 6,757,211
Gold Pool #C00427,
8.00%, 10/01/2025
9,804,851 Federal Home Loan Mortgage Corp. 9,985,447
Gold Pool #C80356,
8.00%, 10/01/2025
4,957,524 Government National Mortgage Association 5,002,484
II ARM Pool #008720,
6.50%, 10/20/2025
267,292 Federal Home Loan Mortgage Corp. 272,215
Pool #C00435,
8.00%, 12/01/2025
--------------
Total Mortgage Pass-Throughs (Cost $73,216,556) 73,153,643
--------------
- --------------------------------------------------------------------------------
FINANCE: 3.00%
- --------------------------------------------------------------------------------
2,965,000 General Motors Acceptance Corp. 2,969,655
Medium-Term Notes,
6.25%, 06/10/1996
2,395,000 General Motors Acceptance Corp. 2,414,567
Debentures,
8.25%, 08/01/1996
2,500,000 Salomon Inc. 2,546,900
Medium-Term Notes,
8.36%, 02/28/1997
820,000 Lehman Brothers Inc. 852,037
Senior Subordinated Notes,
9.50%, 06/15/1997
2,520,000 World Savings & Loan Association 2,671,654
Subordinated Notes,
10.25%, 10/01/1997
4,515,000 Lehman Brothers Holdings, Inc. 4,474,591
Notes,
5.75%, 02/15/1998
--------------
Total Finance (Cost $15,702,439) 15,929,404
--------------
- --------------------------------------------------------------------------------
INDUSTRIAL: 0.32%
- --------------------------------------------------------------------------------
1,170,000 Auburn Hills Trust--Chrysler, 1,722,474
Credit Sensitive Notes,
12.00%, 05/01/2020
--------------
Total Industrial (Cost $784,479) 1,722,474
--------------
Total Domestic Investments (Cost $464,046,722) 465,798,889
--------------
- --------------------------------------------------------------------------------
FOREIGN INVESTMENTS: 6.44%
- --------------------------------------------------------------------------------
CANADIAN TREASURY BILL: 1.65%
- --------------------------------------------------------------------------------
C$ 12,200,000
C$ Treasury Bill, 09/05/1996 8,748,901
--------------
Total Canadian Treasury Bill (Cost $8,855,850) 8,748,901
--------------
- --------------------------------------------------------------------------------
GERMAN GOVERNMENT: 2.64%
- --------------------------------------------------------------------------------
DM 13,350,000
German Unity Fund, $10,012,274
8.00%, 01/21/2002
DM 5,825,000
Deutschland Republic, 4,018,670
6.50%, 07/15/2003
--------------
Total German Government (Cost $14,207,061) 14,030,944
--------------
- --------------------------------------------------------------------------------
ITALIAN FINANCE: 2.15%
- --------------------------------------------------------------------------------
IL 4,750,000,000
San Paolo Bank CD, 3,022,599
9.50%, 05/14/1996
IL 8,520,000,000
Deutsche Bank, Finance NV, 5,439,550
11.00%, 11/07/1996
IL 1,500,000,000
International Finance Corp., 965,615
11.25%, 04/03/1997
IL 3,050,000,000
Sudwestdeutsche Landes, 1,974,986
11.50%, 09/29/1997
--------------
Total Italian Finance (Cost $11,230,693) 11,402,750
--------------
Total Foreign Investments (Cost $34,293,604) 34,182,595
--------------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $498,340,326) 94.17% $499,981,484
(Note E, p. 7)
Cash and Other Assets, Less Liabilities 5.83 30,946,004
------- --------------
Net Assets (Equivalent to $12.47
per share based on 42,570,095
shares of capital stock outstanding) 100.00% $530,927,488
======= ==============
- --------------------------------------------------------------------------------
LONG FUTURES CONTRACTS
- --------------------------------------------------------------------------------
Quantity Description Unrealized Appreciation
- --------------------------------------------------------------------------------
34 German 5 Year Bond $20,705
June 1996
15 French 10 Year Bond 4,135
June 1996
--------------
Total Long Futures Contracts $24,840
--------------
- --------------------------------------------------------------------------------
FOREIGN CURRENCY
- --------------------------------------------------------------------------------
Quantity Description Market Value
- --------------------------------------------------------------------------------
375,500 Deutschemark $254,352
457,500 French Franc 90,839
--------------
Total Foreign Currency $345,191
--------------
6 Sanford C. Bernstein Fund, Inc.--1996 Semiannual Report
<PAGE>
(A) Commercial paper owned at March 31, 1996, was purchased at a rate of 5.38%.
(B) $175,000 principal amount pledged as collateral for futures transactions
(C) $8,750,000 principal amount segregated as collateral for futures
transactions
(D) Fair-valued security
(E) At March 31, 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
March 31, 1996 (unaudited)
Principal Amount Description Market Value*
- -------------------------------------------------------------------------------
COMMERCIAL PAPER (Note 1, below): 1.96%
- -------------------------------------------------------------------------------
3,003,000 Prudential Funding Corp., $3,003,000
04/01/1996
--------------
Total Commercial Paper (Cost $3,003,000) 3,003,000
--------------
- --------------------------------------------------------------------------------
U.S. TREASURY NOTES: 89.36%
- --------------------------------------------------------------------------------
7,370,000 6.625%, 03/31/1997 7,452,913
33,100,000 6.50%, 04/30/1997 33,441,294
6,805,000 6.50%, 05/15/1997 6,875,166
21,250,000 6.125%, 05/31/1997 21,382,812
60,115,000 5.625%, 10/31/1997 60,152,572
7,555,000 5.00%, 01/31/1998 7,453,480
--------------
Total U.S. Treasury Notes (Cost $136,330,084) 136,758,237
--------------
- --------------------------------------------------------------------------------
U.S. TREASURY BONDS: 7.11%
- --------------------------------------------------------------------------------
3,225,000 7.25%, 05/15/2016 3,369,112
6,335,000 7.50%, 11/15/2016 6,788,339
595,000 8.875%, 08/15/2017 728,503
--------------
Total U.S. Treasury Bonds (Cost $10,707,703) 10,885,954
--------------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $150,040,787) 98.43% $150,647,191
(Note 2, below)
Cash and Other Assets, Less Liabilities 1.57 2,402,220
------ --------------
Net Assets (Equivalent to $12.53
per share based on 12,215,133
shares of capital stock outstanding) 100.00% $153,049,411
======= ==============
- --------------------------------------------------------------------------------
(1) Commercial paper owned at March 31, 1996, was purchased at a rate of 5.38%.
(2) At March 31, 1996, the cost basis of investment securities owned was
substantially identical for both book and tax.
*See Note 1, page 28 in Notes to Financial Statements.
See Notes to Financial Statements.
Schedule of Investments--Taxable Bond Portfolios 7
<PAGE>
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<PAGE>
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<PAGE>
Sanford C. Bernstein Fund, Inc.
SEMIANNUAL REPORT
MARCH 31, 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.
Schedule of Investments
Bernstein Diversified Municipal Portfolio
March 31, 1996 (unaudited)
Principal Amount Description Market Value*
- -------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 5.31%
- -------------------------------------------------------------------------------
Commercial Paper (Note A, p. 11): 4.42% $ 33,518,000
33,518,000 Prudential Funding Corp., 04/01/1996
------------
Total Commercial Paper (Cost $33,518,000) 33,518,000
------------
Municipal Notes: 0.89%
1,740,000 Rhode Island Solid Waste Management Corp., 1,745,168
4.75%, 08/01/1996
5,000,000 Texas State Tax & Revenue Anticipation Notes 5,026,650
Series A, 4.75%, 08/30/1996 (Note B, p. 11)
------------
Total Municipal Notes (Cost $6,755,901) 6,771,818
------------
Total Short-Term Investments (Cost $40,273,901) 40,289,818
------------
- -------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 14.60%
- -------------------------------------------------------------------------------
1,975,000 Tuskegee Public Education Building Authority, 2,052,874
Alabama, 9.625%, 08/01/2011, Prerefunded
08/01/1996 @ 102 (Note C, p. 11)
1,665,000 Snohomish County Public Utility District No. 1, 1,747,834
Washington Electric Revenue, 7.875%, 01/01/2006,
Prerefunded 01/01/1997 @ 102 (Note D, p. 11)
2,800,000 Harris County, Texas Toll Road Senior Lien-A, 2,968,728
7.40%, 08/15/2017, Prerefunded 02/15/1997 @ 103
(Note E, p. 11)
1,000,000 Baltimore, Maryland Certificates of Participation, 1,033,360
7.20%, 04/01/1997, Escrowed to Maturity
1,350,000 Mercer County Improvement Authority, New Jersey 1,429,515
Solid Waste Revenue, 7.90%, 04/01/2013,
Prerefunded 04/01/1997 @ 102
1,840,000 Du Page, Illinois Water Revenue, 6.875%, 1,934,447
05/01/2014, Prerefunded 05/01/1997 @ 102
1,000,000 Fulton County School District, Georgia, 7.05%, 1,063,320
05/01/2000, Prerefunded 05/01/1997 @ 103
2,000,000 Tuscaloosa, Alabama Water & Sewer Revenue $ 2,149,880
Series B, 8.50%, 07/01/2017, Prerefunded
07/01/1997 @ 102
400,000 University of Texas, Permanent University Fund 422,828
Series A, 8.60%, 07/01/1997, Escrowed to Maturity
2,640,000 Intermountain Power Agency, Utah Power Supply 2,841,828
Revenue Series C, 8.625%, 07/01/2021, Prerefunded
07/01/1997 @ 102
1,240,000 Hazel Crest, Illinois Hospital Facilities, 9.125%, 1,342,250
07/01/2017, Prerefunded 07/01/1997 @ 102
2,700,000 Chandler, Arizona, 9.60%, 07/01/1997, Escrowed 2,889,999
to Maturity
1,805,000 Kentucky Turnpike Authority, Resource Recovery 2,003,893
Road Revenue, 13.125%, 07/01/2009, Prerefunded
07/01/1997 @ 100
1,000,000 Wyandotte County Capital Improvement Corp., 1,067,240
Kansas Criminal Justice Complex, Certificates of
Participation, 7.35%, 09/01/1999, Prerefunded
09/01/1997 @ 102
1,400,000 Washington State Motor Vehicle Fuel Tax, 8.70%, 1,492,302
09/01/2000, Prerefunded 09/01/1997 @ 100
2,135,000 Washington State, 8.90%, 10/01/2002, 2,286,884
Prerefunded 10/01/1997 @ 100
4,310,000 Colorado Springs, Colorado Utilities Revenue 4,743,974
Series B, 10.50%, 11/15/2022, Prerefunded
11/15/1997 @ 100 (Note F, p. 11)
1,000,000 Passaic Valley Sewer Commission, New Jersey 1,070,510
Series C, 7.10%, 12/01/2020, Prerefunded
12/01/1997 @ 102
2,000,000 Jacksonville Health Facilities Authority, 2,167,200
Florida, St. Vincent DePaul Health System Project,
9.10%, 12/01/2015, Prerefunded 12/01/1997 @ 100
4,000,000 Minneapolis, Minnesota Hospital Revenue, 4,407,640
Lifespan Inc. Series B, 9.125%, 12/01/2014,
Prerefunded 12/01/1997 @ 102 (Note G, p. 11)
*See Note 1, page 28 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 1
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,000,000 Adams & Arapahoe Counties School District No. $ 1,088,280
28J, Colorado Series A, 9.50%, 12/01/1997,
Escrowed to Maturity
1,525,000 Charleston, South Carolina Waterworks and 1,647,367
Sewer Revenue, 7.75%, 01/01/2018, Prerefunded
01/01/1998 @ 102
1,695,000 Grand Rapids, Michigan Water Supply Revenue, 1,834,583
7.875%, 01/01/2018, Prerefunded 01/01/1998 @ 102
1,310,000 Salt River Project Agricultural Import & Power 1,401,635
District, Arizona Electric System Revenue Series E,
8.25%, 01/01/2028, Prerefunded 01/01/1998 @ 100
1,000,000 Washington State, 6.90%, 02/01/1998, Escrowed 1,048,740
to Maturity
890,000 Harris County, Texas Toll Road Unlimited Tax, 985,613
10.375%, 08/01/2014, Prerefunded 02/01/1998 @ 100
3,050,000 Harris County, Texas Toll Road Senior Lien-C, 3,350,120
8.125%, 08/15/2017, Prerefunded 02/15/1998 @ 103
1,475,000 Orlando Utilities Commission, Florida Water and 1,529,531
Electric Revenue, 6.05%, 04/01/1998, Escrowed
to Maturity
1,000,000 Wisconsin State Series E, 6.90%, 05/01/2008, 1,062,310
Prerefunded 05/01/1998 @ 101
1,025,000 Wisconsin State Series E, 7.25%, 05/01/2006, 1,095,930
Prerefunded 05/01/1998 @ 101
1,335,000 Ohio State Water Development Authority Revenue 1,452,307
Series I, 7.50%, 12/01/2008, Prerefunded
06/01/1998 @ 102
1,100,000 Los Angeles, California Wastewater Revenue, 1,185,228
6.80%, 08/01/2019, Prerefunded 08/01/1998 @ 102
1,400,000 Minnesota State, 7.10%, 08/01/2003, 1,490,622
Prerefunded 08/01/1998 @ 100
1,200,000 Minnesota State, 7.25%, 08/01/2004, 1,281,636
Prerefunded 08/01/1998 @ 100
1,065,000 Wisconsin State Health & Educational Facility $ 1,177,965
Authority Revenue, Wheaton Franciscan Services,
Inc., 8.20%, 08/15/2018, Prerefunded 08/15/1998
@ 102
1,960,000 Chicago Metropolitan Water Reclamation District, 2,107,980
Illinois, 7.25%, 01/01/2006, Prerefunded
01/01/1999 @ 100
1,250,000 Virginia Public School Authority, 6.75%, 1,342,225
01/15/2003, Prerefunded 01/15/1999 @ 101
1,300,000 Connecticut State Special Tax Obligation 1,422,421
Series A, 7.15%, 02/01/2005, Prerefunded
02/01/1999 @ 102
2,000,000 Salt Lake City, Utah, IHC Hospitals Series B, 2,192,780
7.25%, 02/15/2020, Prerefunded 02/15/1999 @ 102
1,450,000 Washington State Motor Vehicle Fuel Tax, 7.00%, 1,555,966
03/01/1999, Escrowed to Maturity
1,445,000 Illinois Health Facilities Authority Revenue, 1,591,884
Lutheran Health Systems Series C, 7.375%,
04/01/2008, Prerefunded 04/01/1999 @ 102
1,000,000 New York State Dormitory Authority, State 1,102,120
University Series A, 7.125%, 05/15/2017,
Prerefunded 05/15/1999 @ 102
3,170,000 Puerto Rico Electric Power Authority Series O, 3,494,830
7.125%, 07/01/2014, Prerefunded 07/01/1999
@ 101.50
1,200,000 Metropolitan Atlanta Rapid Transit Authority, 1,325,124
Georgia Sales Tax Revenue Series L, 7.20%,
07/01/2020, Prerefunded 07/01/1999 @ 102
1,800,000 Washington Public Power Supply System Revenue, 2,000,970
Nuclear Project No. 1 Series A, 7.50%,
07/01/2015, Prerefunded 07/01/1999 @ 102
4,000,000 Maryland State Health & Higher Educational 4,453,040
Facilities Authority Revenue, Good Samaritan
Hospital, 7.50%, 07/01/2021, Prerefunded
07/01/1999 @ 102
1,070,000 University of Maryland System Auxiliary 1,184,437
Facility & Tuition Revenue Series A, 7.20%,
10/01/2009, Prerefunded 10/01/1999 @ 102
2,120,000 Tampa, Florida, Allegany Health System, 7.375%, 2,370,923
12/01/2023, Prerefunded 12/01/1999 @ 102
2 Sanford C. Bernstein Fund, Inc.--1996 Semiannual Report
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
6,680,000 Franklin County, Ohio Hospital Revenue, 7.60%, $ 7,574,519
05/15/2020, Prerefunded 05/15/2000 @ 102
795,000 El Paso County, Texas, 6.80%, 07/01/2000, 863,259
Escrowed to Maturity
1,575,000 Fulton County Building Authority, Georgia 1,823,693
Series A, 8.40%, 01/01/2001, Escrowed to
Maturity
3,000,000 Austin, Texas Utility Systems Series A, 8.00%, 3,445,380
11/15/2016, Prerefunded 05/15/2001 @ 100
1,000,000 South Carolina Public Service Authority Revenue 1,126,360
Series B, 7.00%, 07/01/2012, Prerefunded
07/01/2001 @ 102
2,330,000 Fulton County Building Authority, Georgia 2,980,676
Series A, 8.75%, 01/01/2005, Escrowed to Maturity
1,905,000 Mississippi State, 6.20%, 02/01/2008, Escrowed 2,075,078
to Maturity
150,000 Florida State Board of Education, 9.125%, 211,937
06/01/2014, Escrowed to Maturity
1,960,000 Maricopa County Industrial Development Authority, 635,471
Arizona, Single Family Mortgage Revenue Series
1983A, 0.00%, 12/31/2014, Escrowed to Maturity
(Note H, p. 11)
1,000,000 Bell County Health Facilities Development Corp., 1,088,620
Texas, Lutheran General Health Care Systems,
6.50%, 07/01/2019, Escrowed to Maturity
------------
Total Prerefunded/Escrowed (Cost $108,060,662) 110,718,066
------------
- -------------------------------------------------------------------------------
INSURED (Note I, p. 11): 31.36%
- -------------------------------------------------------------------------------
1,315,000 North Slope Boro, Alaska, MBIA, 6.25%, 06/30/1996 1,322,574
2,805,000 West Virginia School Building Authority Revenue, 2,819,193
MBIA, 6.25%, 07/01/1996
1,495,000 Baton Rouge, Louisiana Sales & Use 1,518,576
Tax, FSA, 9.00%, 08/01/1996 (Note J, p. 11)
1,175,000 Utah State Board of Regents Student 1,193,142
Loan Revenue Series A, AMBAC,
7.125%, 11/01/1996 (Note K, p. 11)
1,025,000 Snohomish County, Washington Solid 1,051,261
Waste Revenue, MBIA,
8.00%, 12/01/1996
1,000,000 Pennsylvania Industrial 1,005,690
Development Authority, AMBAC,
4.55%, 01/01/1997 (Note L, p. 11)
1,000,000 Muscatine, Iowa Electric Revenue, $ 1,005,820
AMBAC, 4.80%, 01/01/1997
1,285,000 Alabama Higher Education Loan 1,289,703
Corporation, Student Loan Revenue,
FSA, AMT, 4.90%, 03/01/1997
1,060,000 Lowell, Massachusetts State Qualified, 1,082,949
CGIC, 6.375%, 04/01/1997
1,000,000 Alaska Student Loan Corp., 1,008,710
Student Loan Revenue, AMBAC,
AMT, 4.80%, 07/01/1997
1,000,000 Northern California Power Agency, 1,015,240
Public Power Geothermal Project No. 3
Series B, AMBAC, 5.00%, 07/01/1997
(Note M, p. 11)
1,350,000 Florida State General Services Revenue, 1,369,089
Environmental Preservation Department
Series 2000-A, AMBAC, 5.00%, 07/01/1997
1,140,000 Phoenix, Arizona Airport Revenue, 1,155,561
MBIA, 5.05%, 07/01/1997
1,000,000 New Orleans, Louisiana Water Revenue, 1,038,450
MBIA, 7.00%, 12/01/1997
1,000,000 Cook County School District No. 201, 1,050,960
Illinois, FGIC, 7.30%, 12/01/1997
1,000,000 Pennsylvania State Series A, AMBAC, 1,038,470
6.30%, 01/01/1998
1,000,000 Chicago Metropolitan Water 1,071,760
Reclamation District, Illinois,
FGIC, 8.60%, 01/01/1998
1,800,000 Brownsville, Texas, AMBAC, 1,850,742
5.80%, 02/15/1998
2,625,000 Cabell County Board of Education, 2,820,274
West Virginia, MBIA, 8.00%, 05/01/1998
1,875,000 New Jersey State Transportation 1,906,088
Trust Fund Series B, MBIA,
5.00%, 06/15/1998
6,600,000 Illinois State, FGIC, 6,762,162
5.25%, 07/01/1998
1,000,000 Pima County Unified School District 1,061,050
No. 10, Arizona Series A, FGIC,
7.00%, 07/01/1998
2,265,000 Alaska Student Loan Corp., 2,388,171
Student Loan Revenue Series A, AMBAC, AMT,
7.10%, 07/01/1998
2,300,000 Nassau County, New York, FGIC, 2,344,850
5.00%, 08/01/1998
2,100,000 Dade County School District, Florida, 2,188,998
MBIA, 6.00%, 08/01/1998
Schedule of Investments--Municipal Bond Portfolios 3
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,480,000 Arizona State Certificates of Participation $ 1,526,516
Series A, AMBAC,
5.45%, 11/01/1998
1,165,000 Massachusetts Series A, FGIC, 7.20%, 1,255,567
02/01/1999
1,000,000 Convention Center Authority, 1,123,440
Rhode Island Revenue Series A,
MBIA, 8.90%, 05/15/1999
2,000,000 Pennsylvania Intergovernmental 2,076,600
Cooperation Authority, Special Tax
Revenue, FGIC, 5.75%, 06/15/1999
1,175,000 Chicago, Illinois Motor Fuel Tax 1,254,877
Revenue, AMBAC, 6.60%, 01/01/2000
1,200,000 Plano, Texas Waterworks and Sewer 1,304,280
Revenue, AMBAC, 6.90%, 05/01/2000
4,295,000 Clark County School District, Nevada, 4,897,288
FGIC, 8.25%, 05/01/2000
3,500,000 Pennsylvania Intergovernmental 3,684,905
Cooperation Authority, Special Tax
Revenue, FGIC, 6.00%, 06/15/2000
1,000,000 Alaska Student Loan Corp., 1,020,990
Student Loan Revenue Series A,
AMBAC, AMT, 5.375%, 07/01/2000
2,000,000 Dade County, Florida, FGIC, 2,607,080
12.00%, 10/01/2000
1,465,000 Northglenn, Colorado Series A, 1,498,080
MBIA, 6.60%, 11/01/2000 (Note N, p. 11)
2,275,000 Clark County Public Utility District 2,493,423
No. 1, Washington Electric Revenue,
FGIC, 7.10%, 01/01/2001
1,000,000 Humble Independent School District, 1,130,920
Texas, PSF Guaranteed,
7.625%, 02/01/2001
1,100,000 Austin, Texas Utility Systems 1,370,392
Revenue, MBIA, 9.25%, 11/15/2002
180,000 Grapevine-Colleyville Independent 210,208
School District, Texas, AMBAC,
7.50%, 08/15/2003
740,000 Grapevine-Colleyville Independent 860,191
School District, Texas Series A, AMBAC,
7.50%, 08/15/2003
1,000,000 District of Columbia Series B-3, 996,640
MBIA, 5.20%, 06/01/2004
1,110,000 Washington, D.C. Metro Area Transit 1,097,279
Authority Gross Revenue, FGIC,
5.00%, 01/01/2006
1,000,000 Denton Independent School District, 979,180
Texas, PSF Guaranteed,
4.80%, 02/15/2006
1,000,000 Utah State Board of Regents Student 1,047,690
Loan Revenue Series J, AMBAC, AMT,
6.00%, 05/01/2006
1,710,000 Detroit, Michigan Water Supply Revenue, $ 1,684,179
FGIC, 4.90%, 07/01/2006
4,485,000 Cleveland, Ohio Waterworks Revenue Series G, 4,646,595
MBIA, 5.50%, 01/01/2007
4,775,000 Chicago, Illinois, FGIC, 4,879,525
5.50%, 01/01/2007
2,000,000 Connecticut State Special Tax 2,009,940
Obligation, Revenue Transportation
Infrastructure Series A, FGIC,
5.20%, 06/01/2007
8,140,000 District of Columbia, MBIA, 8,452,820
6.00%, 06/01/2007
1,250,000 Detroit, Michigan Water Supply Revenue, 1,229,850
FGIC, 5.00%, 07/01/2007
1,000,000 Maricopa County, Deer Valley Unified 1,001,490
School District No. 97, Arizona,
FGIC, 5.20%, 07/01/2007
2,630,000 New Jersey State Higher Education 2,617,508
Facilities Authority Revenue Series A,
AMBAC, 5.125%, 09/01/2007
1,400,000 Massachusetts State Series A, MBIA, 1,363,502
5.00%, 01/01/2008
5,240,000 Chicago, Illinois Series A, AMBAC, 5,429,793
5.75%, 01/01/2008 (Note M, p. 11)
1,000,000 Berkley City School District, Michigan, 1,150,900
FGIC, 7.00%, 01/01/2008
3,345,000 Ohio State Water Development Authority, 3,263,482
Pollution Control Facilities Revenue,
MBIA, 5.125%, 06/01/2008
1,000,000 Connecticut State Special Tax Obligation, 1,004,940
Revenue Transportation Infrastructure
Series A, FGIC, 5.30%, 06/01/2008
3,875,000 Regional Transportation Authority, 4,026,978
Illinois Series A, AMBAC,
6.00%, 06/01/2008
4,140,000 Washington, D.C. Metropolitan Airport 4,247,971
Authority Revenue Series A, MBIA,
AMT, 5.80%, 10/01/2008
2,000,000 Hot Springs, Arkansas Sales and 1,972,120
Use Tax, Civic Center Project, FSA,
4.95%, 12/01/2008
7,615,000 Illinois State, FGIC, 7,568,929
5.125%, 12/01/2008
2,750,000 Indianapolis, Indiana Resource 3,012,845
Recovery Revenue, Ogden Martin
System Inc. Project, AMBAC,
6.75%, 12/01/2008 (Note M, p. 11)
1,415,000 Greater Detroit Resource Recovery 1,510,909
Authority, Michigan Series B, AMBAC,
6.25%, 12/13/2008
4 Sanford C. Bernstein Fund, Inc.--1996 Semiannual Report
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,675,000 Chicago, Illinois O'Hare International $ 1,725,233
Airport Revenue, 2nd Lien-Series C,
MBIA, 5.75%, 01/01/2009
2,415,000 Massachusetts Bay Transportation 2,437,097
Authority Series A, FGIC,
5.50%, 03/01/2009
4,000,000 Massachusetts Bay Transportation 4,036,600
Authority Series A, MBIA,
5.50%, 03/01/2009
1,000,000 Middlesex County Utilities Authority, 985,120
New Jersey Sewer Revenue Series A,
FGIC, 5.15%, 03/15/2009
1,280,000 Ohio State Water Development 1,250,202
Authority, Pollution Control Facilities
Revenue, MBIA, 5.25%, 06/01/2009
4,735,000 Connecticut State Special Tax 4,758,249
Obligation, Revenue Transportation
Infrastructure Series A, FGIC,
5.40%, 06/01/2009
2,735,000 Philadelphia, Pennsylvania Airport 2,759,451
Revenue Series A, AMBAC, AMT,
5.75%, 06/15/2009
9,375,000 Metropolitan Water District of 8,819,813
Southern California, Waterworks
Revenue Series B, MBIA,
4.75%, 07/01/2009
10,000,000 Intermountain Power Agency, Utah 11,080,200
Power Supply Revenue Series B,
MBIA, 6.50%, 07/01/2009 (Note M, p. 11)
1,990,000 Volusia County School Board, Florida 1,930,300
Certificates of Participation, FSA,
5.20%, 08/01/2009
1,370,000 Texas Municipal Power Agency 1,310,556
Revenue, FGIC, 5.00%, 09/01/2009
1,000,000 Anchorage, Alaska, FGIC, 1,062,890
6.00%, 10/01/2009
2,460,000 Reedy Creek Improvement District, 2,653,405
Florida, MBIA, AMT,
8.50%, 10/01/2009
5,000,000 Connecticut State Resource 4,861,000
Recovery Authority Series A, MBIA,
5.375%, 11/15/2009 (Note M, p. 11)
1,000,000 Providence Public Building Authority, 958,980
Rhode Island Series A, FSA,
5.10%, 12/15/2009
1,575,000 Philadelphia, Pennsylvania Airport 1,576,134
Revenue Series A, AMBAC, AMT,
5.75%, 06/15/2010
1,000,000 Detroit, Michigan Water Supply System 1,000,890
Revenue Series B, MBIA,
5.40%, 07/01/2010
2,510,000 Detroit, Michigan Sewer Disposal $ 2,660,625
Revenue Series B, MBIA,
6.00%, 07/01/2010
1,500,000 Brownsville, Texas Utility System 1,617,075
Revenue, AMBAC, 6.25%, 09/01/2010
5,000,000 Connecticut State Resource 4,830,300
Recovery Authority Series A, MBIA,
5.375%, 11/15/2010, (Note M, p. 11)
1,405,000 Providence Public Building Authority, 1,331,083
Rhode Island Series A, FSA,
5.10%, 12/15/2010
1,000,000 Amarillo Junior College District, 954,360
Texas, FGIC, 5.125%, 02/15/2011
1,275,000 Brownsville, Texas Utility System 1,369,299
Revenue, AMBAC, 6.25%, 09/01/2011
1,000,000 Amarillo Junior College District, 934,460
Texas, FGIC, 5.125%, 02/15/2012
1,025,000 Goose Creek Independent School 963,900
District, Texas, PSF Guaranteed,
5.50%, 02/15/2012
4,970,000 Indianapolis, Indiana Gas Utilities 4,021,426
Revenue Series B, FGIC,
4.00%, 06/01/2012
2,870,000 Lowell, Massachusetts, AMBAC, 2,785,536
5.50%, 08/01/2012
1,095,000 University of California Revenue, 1,039,505
Multiple Purpose Projects Series C,
AMBAC, 5.25%, 09/01/2012
1,000,000 Boston, Massachusetts, MBIA, 954,340
5.25%, 10/01/2012
1,035,000 Sacramento Municipal Utility District, 1,140,115
California Series G, MBIA,
6.50%, 09/01/2013
1,760,000 Clark County, Nevada Series A, 1,920,213
AMBAC, 6.50%, 06/01/2017
4,940,000 Rhode Island Depositors Economic 4,852,414
Protection Corp. Series A, FSA,
5.75%, 08/01/2019
1,785,000 Los Angeles, California Wastewater 1,518,053
System Revenue Series D, FGIC,
4.70%, 11/01/2019
1,005,000 Regional Transportation Authority, 1,265,587
Illinois Series C, FGIC,
7.75%, 06/01/2020
1,500,000 Rhode Island Depositors Economic 1,421,025
Protection Corp. Series A, FSA,
5.50%, 08/01/2020
3,135,000 Illinois State Dedicated Tax Revenue, 3,305,858
AMBAC, 6.25%, 12/15/2020
5,770,000 Rhode Island Depositors Economic 5,914,712
Protection Corp. Series A, FSA,
6.375%, 08/01/2022
Schedule of Investments--Municipal Bond Portfolios 5
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
3,910,000 McGee-Creek Authority, Oklahoma $ 4,064,093
Water Revenue, MBIA,
6.00%, 01/01/2023
------------
Total Insured (Cost $232,045,085) 237,939,404
------------
- -------------------------------------------------------------------------------
TAX SUPPORTED: 36.26%
- -------------------------------------------------------------------------------
State General Obligations: 10.84%
1,305,000 Maryland State, 8.40%, 07/01/1996 1,321,260
2,000,000 Louisiana State Series A, 2,017,120
6.40%, 08/01/1996
1,610,000 Wisconsin State Series B, 1,629,497
7.20%, 08/01/1996 (Note O, p. 11)
1,000,000 Rhode Island State Series B, 1,014,020
8.00%, 08/01/1996 (Note P, p. 11)
1,000,000 Maryland State, 8.75%, 09/01/1996 1,022,080
1,000,000 Washington State, 8.20%, 10/01/1996 1,022,730
(Note Q, p. 11)
1,420,000 Texas Public Finance Authority 1,457,843
Series A, 9.00%, 10/01/1996 (Note R, p. 11)
1,715,000 South Carolina State Series U, 1,773,807
7.60%, 02/01/1997 (Note S, p. 11)
550,000 Georgia State Series B, 577,126
8.40%, 04/01/1997
2,000,000 Delaware State Series A, 2,050,340
5.60%, 08/15/1997
2,000,000 Connecticut State Resource 2,043,360
Recovery Authority Series A,
5.30%, 11/15/1997
1,000,000 New Jersey State, 7.20%, 04/15/1998 1,059,460
4,020,000 Connecticut State Economic 4,101,043
Recovery Notes, 5.00%, 06/15/1998
4,130,000 Georgia State Series C, 4,418,687
7.25%, 07/01/1998
4,075,000 South Carolina State Series B, 4,232,662
5.75%, 08/01/1998
1,000,000 Missouri State, Third State Building 1,077,200
Series A, 7.50%, 08/01/1998
1,000,000 Texas State Series B, 1,092,320
8.00%, 10/01/1998
1,000,000 Georgia State Series D, 1,073,760
7.00%, 11/01/1998
1,535,000 Georgia State Series A, 1,678,415
7.70%, 02/01/1999
1,000,000 Georgia State Series B, 1,058,050
6.30%, 03/01/1999
1,000,000 California State, AMT, 1,069,040
6.80%, 04/01/1999
1,000,000 Massachusetts Series A, 1,021,980
5.00%, 06/01/1999
1,000,000 Georgia State Series B, $ 1,115,320
8.00%, 07/01/1999
2,960,000 Maryland State, Third Series, 3,121,586
6.00%, 07/15/1999
2,275,000 Rhode Island State Series A, 2,428,176
6.60%, 08/01/1999
3,655,000 New Jersey State, 7.00%, 04/01/2000 3,989,835
1,000,000 Massachusetts Series D, 1,092,420
6.50%, 07/01/2001
1,090,000 California State, 7.00%, 03/01/2003 1,228,201
2,300,000 California State, 7.00%, 03/01/2004 2,610,247
1,115,000 California State, 7.10%, 05/01/2004 1,275,348
2,735,000 Wisconsin State Series 2, 2,690,064
5.00%, 11/01/2007
7,240,000 Massachusetts Series A, 7,207,927
5.25%, 02/01/2008
1,000,000 California State, 7.20%, 05/01/2008 1,175,680
6,060,000 Massachusetts Series B, 6,161,141
5.50%, 07/01/2008
1,000,000 South Carolina State Series A, 973,060
5.00%, 03/01/2009
2,225,000 Massachusetts Bay Transportation 2,276,286
Authority Series A, 5.75%, 03/01/2010
1,000,000 Texas State, College Student Loan, 929,220
AMT, 5.00%, 08/01/2010
3,755,000 Massachusetts Bay Transportation 3,707,800
Authority Series A, 5.50%, 03/01/2012
1,000,000 Georgia State Series B, 1,061,250
6.00%, 03/01/2012
990,000 Florida State Board of Education, 1,380,218
9.125%, 06/01/2014
-----------
Total State General Obligations (Cost $79,712,567) 82,235,579
-----------
Local General Obligations: 9.70%
1,000,000 North Slope Boro, Alaska Series A, 1,000,350
4.10%, 06/30/1996
1,300,000 Dallas County, Texas Series B, 1,346,137
8.60%, 01/10/1997 (Note T, p. 11)
1,145,000 Montgomery County, Maryland Series A, 1,189,002
7.30%, 04/01/1997
1,000,000 Edison Township, New Jersey, 1,030,080
6.50%, 06/01/1997
1,960,000 Maricopa County, Arizona Series A, 2,027,738
6.80%, 07/01/1997
1,375,000 San Antonio, Texas, 1,466,960
9.00%, 08/01/1997
1,475,000 Chicago Board of Education, Illinois 1,471,652
Certificates of Participation,
4.10%, 12/01/1997
1,365,000 Chicago, Illinois, 11.50%, 01/01/1998 1,526,793
6 Sanford C. Bernstein Fund, Inc.--1996 Semiannual Report
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,720,000 Indianapolis Local Public Improvement $ 1,747,795
Bond Bank, Indiana Series B,
5.00%, 02/01/1998
1,670,000 Union County, New Jersey, 1,739,238
6.40%, 02/01/1998
1,000,000 New York City Series B, 1,046,600
7.20%, 02/01/1998
1,860,000 Milwaukee, Wisconsin Series A5, 1,906,909
5.50%, 02/15/1998
1,105,000 Alief Independent School District, 1,165,609
Texas, 7.00%, 02/15/1998
1,275,000 Columbus, Ohio, 12.00%, 05/15/1998 1,473,428
1,000,000 District of Columbia Series A, 978,940
5.00%, 06/01/1998
2,000,000 Houston Independent School District, 2,187,500
Texas, 8.375%, 08/15/1998
1,020,000 Du Page County Forest Preserve 1,089,839
District, Illinois, 7.40%, 11/01/1998
1,245,000 Chicago, Illinois, 11.50%, 01/01/1999 1,463,921
4,200,000 Dallas, Texas, 4.45%, 02/15/1999 4,223,352
4,350,000 North Slope Boro, Alaska Series B, 4,532,091
6.10%, 06/30/1999
1,000,000 Dallas, Texas Series B, 1,053,650
6.00%, 08/15/1999
1,000,000 Montgomery County, Maryland 1,084,740
Series B, 6.875%, 10/01/1999
1,000,000 Harris County Flood Control District, 1,089,060
Texas Series A, 7.125%, 10/01/1999
2,960,000 Winston-Salem, North Carolina, 3,554,753
8.875%, 06/01/2001
1,960,000 Montgomery County, Maryland, 2,373,776
8.60%, 05/01/2002
2,000,000 New York City Series G, 2,004,280
5.70%, 02/01/2003
3,735,000 Pennsylvania Convention & Exhibition 3,898,369
Center Authority Revenue Series A,
6.25%, 09/01/2004
1,455,000 Montgomery County, Maryland 1,543,915
Series A, 5.75%, 07/01/2006
6,525,000 Port of Seattle, Washington, AMT, 6,635,739
5.50%, 05/01/2007
2,495,000 Washington Suburban Sanitation 2,486,417
District, Maryland, 5.10%, 06/01/2007
1,000,000 Dallas, Texas, 5.00%, 02/15/2008 978,060
2,390,000 Buncombe County, North Carolina, 2,396,238
5.10%, 03/01/2008
1,020,000 Indianapolis Local Public Improvement 970,979
Bond Bank, Indiana Series B,
5.00%, 02/01/2010
1,900,000 Minneapolis, Minnesota Series A, 776,872
0.00%, 12/01/2011 (Note H, p. 11)
1,840,000 Du Page County, Illinois Stormwater $ 1,803,605
Project, 5.60%, 01/01/2021
6,430,000 Du Page County, Illinois Jail Project, 6,302,815
5.60%, 01/01/2021
-----------
Total Local General Obligations (Cost $72,090,565) 73,567,202
-----------
Tax Lease: 12.68%
5,060,000 California State Revenue Anticipation 5,067,489
Warrants Series C,
5.75%, 04/25/1996 (Note U, p. 11)
1,910,000 Detroit, Michigan, Distributable 1,911,700
State Aid, 5.375%, 05/01/1996
2,870,000 New York State Dormitory Authority, 2,872,382
State University Series A,
4.75%, 05/15/1996
1,050,000 California State Public Works Board 1,056,710
Series A, 5.50%, 09/01/1996
(Note V, p. 11)
4,000,000 New York State Certificates of 4,026,880
Participation, 5.50%, 09/01/1996
4,005,000 New York State Certificates of Participation, 4,087,583
6.70%, 03/01/1997
5,170,000 New York State Dormitory Authority, 5,194,454
State University Series A,
4.75%, 07/01/1997
1,050,000 New York State Dormitory Authority, 1,081,217
City University Series A,
6.90%, 07/01/1997
1,355,000 Missouri State Regional Convention & 1,389,336
Sports Complex Authority Series A,
6.00%, 08/15/1997
1,000,000 Ukiah Unified School District, 1,004,950
California Certificates of Participation,
5.00%, 09/01/1997
1,000,000 New Haven Unified School District, 1,009,440
California Certificates of Participation,
4.90%, 07/01/1998
1,465,000 New York State Dormitory Authority, 1,549,135
City University Series A,
7.40%, 07/01/1998
1,835,000 Virginia College Building Authority, 1,870,783
Virginia Equipment Leasing Program,
5.00%, 08/01/1998
1,020,000 Ohio State Building Authority Series C, 1,087,861
7.10%, 10/01/1998
2,170,000 New York State Urban Development Corp., 2,160,474
Correctional Facilities,
4.70%, 01/01/1999
2,350,000 New York State Certificates of Participation, 2,344,854
4.90%, 03/01/1999
Schedule of Investments--Municipal Bond Portfolios 7
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,000,000 New York State Energy Research & $ 999,720
Development Authority, Western New York
Nuclear Service Center Series B,
5.00%, 04/01/1999
1,175,000 MTA, New York Transit Facilities 1,170,018
Service Contract Series 7,
4.50%, 07/01/1999
1,040,000 New York State Medical Care Facilities 1,051,835
Financing Authority,
Brookdale Hospital Medical Center Series A,
Secured Hospital Program, 6.20%, 08/15/1999
1,500,000 Ukiah Unified School District, 1,505,475
California Certificates of Participation,
5.30%, 09/01/1999
1,140,000 Lake County, Illinois Certificates of 1,251,891
Participation, 7.20%, 06/01/2000
2,375,000 New York State Urban Development Corp., 2,365,904
Correctional Facilities,
5.10%, 01/01/2001
3,800,000 MTA, New York Commuter Facilities 3,825,612
Service Contract Series O,
5.25%, 07/01/2001
3,500,000 Ohio State Higher Educational Facility, 3,694,145
Community Revenue Series A,
7.00%, 11/01/2002
2,045,000 Philadelphia Authority for Industrial 2,028,456
Development, Pennsylvania,
Gallery II Garage Project,
6.125%, 02/15/2003
2,000,000 New York State Dormitory Authority, 1,991,360
State University Series A,
5.50%, 05/15/2005
2,145,000 New York State Dormitory Authority, 2,152,422
City University Series A,
5.70%, 07/01/2005
1,005,000 New York State Dormitory Authority, 1,008,477
City University,
5.70%, 07/01/2005
1,005,000 New York State Dormitory Authority, 1,008,477
City University Series C,
5.70%, 07/01/2005
1,000,000 New York State Certificates of Participation, 1,015,830
City University, John Jay College,
5.75%, 08/15/2005
1,330,000 California State Public Works Board, 1,300,035
5.00%, 12/01/2005
1,720,000 New York State Medical Care 1,685,067
Facilities Financing Authority,
Mental Health Services,
5.35%, 02/15/2006
1,000,000 New York State Dormitory Authority, 1,063,940
State University Series A,
6.50%, 05/15/2006
2,405,000 Los Angeles County, California $ 2,466,664
Pension Obligation Certificates,
6.875%, 06/30/2006
1,070,000 Los Angeles State Building Authority, 1,068,181
California Lease Revenue,
5.50%, 05/01/2007
2,450,000 New York State Dormitory Authority, 2,413,838
State University,
5.50%, 05/15/2007
5,000,000 Los Angeles County, California 5,126,350
Pension Obligation Certificates
Series A, 6.875%, 06/30/2007
1,000,000 New York State Dormitory Authority, 997,440
City University Series A,
5.75%, 07/01/2007
3,890,000 Philadelphia Hospitals & Higher Education 3,760,191
Facilities, Pennsylvania Authority Revenue,
5.875%, 08/01/2007
1,000,000 Ohio State Building Authority Series B, 980,310
5.00%, 10/01/2007
2,000,000 McLean County Public Building Commission, 2,376,240
Illinois, 7.25%, 11/01/2007
4,005,000 California State Public Works Board, 3,995,828
5.375%, 06/01/2008
4,035,000 Philadelphia Hospitals & Higher Education 3,971,893
Facilities, Pennsylvania Authority Revenue,
6.20%, 08/01/2011
1,280,000 New York State Dormitory Authority, 1,240,422
City University Series A,
5.75%, 07/01/2013
1,000,000 Sacramento City Finance Authority, 940,430
California Series B,
5.40%, 11/01/2020
-----------
Total Tax Lease (Cost $95,692,806) 96,171,699
-----------
Special Tax: 2.34%
1,000,000 New York State Local Government Assistance 1,024,570
Corp. Series C, 6.05%, 04/01/1997
1,000,000 Metropolitan Atlanta Rapid Transit Authority, 1,014,220
Georgia, Sales Tax Revenue Series I, 6.25%,
07/01/1997
1,610,000 Arizona State Transportation Board Tax 1,674,915
Revenue, 7.30%, 07/01/1997,
2,410,000 Montana State Department of Transportation, 2,443,836
4.70%, 07/01/1999
1,000,000 Metropolitan Pier & Exposition Authority, 1,056,240
Illinois, McCormick Place Expansion Project
Series A, 5.90%, 06/15/2003
1,500,000 Metropolitan Pier & Exposition Authority, 1,565,295
Illinois, McCormick Place Expansion Project
Series A, 5.70%, 06/15/2005
8 Sanford C. Bernstein Fund, Inc.--1996 Semiannual Report
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
2,620,000 Connecticut State Special Tax Obligation, 2,644,497
Transportation Infrastructure Series A,
5.25%, 09/01/2007
1,000,000 Connecticut State Special Tax Obligation 1,089,840
Series B, 6.15%, 09/01/2009
1,000,000 Illinois State Sales Tax Revenue Series A, 950,440
5.10%, 06/15/2010
1,000,000 District of Columbia Redevelopment Land 955,430
Agency, Washington, D.C. Sports Arena Special
Tax, 5.625%, 11/01/2010
3,225,000 Illinois State Sales Tax Revenue Series Q, 3,346,905
6.00%, 06/15/2012
-----------
Total Special Tax (Cost $17,359,636) 17,766,188
-----------
Miscellaneous Tax: 0.70%
5,200,000 Indianapolis Local Public Improvement Bond 5,360,784
Bank, Indiana Series B, 6.00%, 01/10/2013
-----------
Total Miscellaneous Tax (Cost $5,051,332) 5,360,784
-----------
Total Tax Supported (Cost $269,906,906) 275,101,452
-----------
- --------------------------------------------------------------------------------
REVENUE: 11.31%
- --------------------------------------------------------------------------------
Airport Revenue: 0.97%
1,500,000 Denver City & County, Colorado Airport 1,629,885
Revenue Series B, AMT, 7.25%, 11/15/2005
800,000 Denver City & County, Colorado Airport 889,360
Revenue Series A, AMT, 7.50%, 11/15/2006
1,325,000 Denver City & County, Colorado Airport 1,584,303
Revenue Series A, AMT, 8.875%, 11/15/2012
2,600,000 Chicago, Illinois, O'Hare International 2,381,418
Airport Revenue Senior Lien Series A, 5.00%,
01/01/2013,
1,000,000 Massachusetts Port Authority Revenue 906,340
Series B, AMT, 5.00%, 07/01/2013
-----------
Total Airport Revenue
(Cost $6,980,735) 7,391,306
-----------
Electric Revenue: 2.26%
1,005,000 Massachusetts Municipal Wholesale Electric 1,006,276
Company Series D, 4.80%, 07/01/1996
3,320,000 San Antonio, Texas Electric & Gas Revenue, 3,396,094
6.75%, 02/01/1997 (Note W, p. 11)
1,870,000 Massachusetts Municipal Wholesale Electric 1,905,231
Company Series B, 6.00%, 07/01/1997
3,185,000 Washington Public Power Supply System, 7.00%, 3,282,334
07/01/1997
1,000,000 Washington Public Power Supply System, Nuclear 1,010,680
Project No. 2 Series A, 5.10%, 07/01/1998
1,500,000 Massachusetts Municipal Wholesale Electric 1,541,505
Company Series D, 5.50%, 07/01/2000
3,500,000 Washington Public Power Supply System, Nuclear 3,502,555
Project No. 3 Series B, 5.60%, 07/01/2007
1,735,000 Sacramento Municipal Utility District, 1,477,942
California Series G, 4.75%, 09/01/2021
-----------
Total Electric Revenue (Cost $16,754,424) 17,122,617
-----------
Health Care Revenue: 0.43%
635,000 Illinois Health Facilities Authority Revenue, 630,644
Passavant Memorial Hospital Association, 4.15%,
10/01/1997
1,750,000 Delaware County, Pennsylvania, Health Care 1,744,400
Revenue, Mercy Health Corp., 4.875%, 11/15/1997
900,000 New York State Medical Care Facilities Finance 918,504
Agency Revenue, 5.40%, 08/15/2005
-----------
Total Health Care Revenue (Cost $3,279,214) 3,293,548
-----------
Higher Education Revenue: 1.64%
1,000,000 Illinois Educational Facilities Authority 1,142,510
Revenue, Loyola University, Chicago Series A,
7.00%, 07/01/2007
1,565,000 Illinois Independent Higher Education Loan 1,626,739
Authority Revenue, Northwestern University,
8.00%, 12/01/2007
1,940,000 University of Texas, University Revenue 1,840,333
Series A, 4.70%, 08/15/2008
2,295,000 University of Texas, University Revenue 2,171,208
Series A, 4.80%, 08/15/2009
2,750,000 University of Texas, University Revenue 2,614,260
Series B, 4.80%, 08/15/2009
2,820,000 Massachusetts State Health & Educational 3,044,669
Authority, Harvard University Series N, 6.25%,
04/01/2020
-----------
Total Higher Education Revenue (Cost $12,532,677) 12,439,719
-----------
Schedule of Investments--Municipal Bond Portfolios 9
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
Water/Sewer Revenue: 1.14%
2,350,000 Philadelphia, Pennsylvania Water & Wastewater, 2,347,885
4.75%, 06/15/1998
1,000,000 Gwinnett County, Georgia Certificates of 1,088,380
Participation, Water & Sewer, 8.05%, 08/01/1998
4,230,000 Los Angeles County Sanitation District 4,264,644
Financing Authority, California Revenue, 5.20%,
10/01/2005
1,005,000 Massachusetts Water Pollution Abatement Trust 951,705
Series B, 5.25%, 08/01/2014
-----------
Total Water/Sewer Revenue (Cost $8,668,656) 8,652,614
-----------
Miscellaneous Revenue: 1.92%
1,335,000 New Hampshire Municipal Bond Bank Series B, 1,351,701
7.00%, 08/15/1996 (Note X, p. 11)
3,800,000 Philadelphia, Pennsylvania Gas Works Series A, 3,841,990
5.40%, 07/01/1998,
1,600,000 Northeast Maryland Waste Disposal Authority, 1,644,528
Solid Waste Revenue, 5.50%, 07/01/2001
3,775,000 Northeast Maryland Waste Disposal Authority, 3,907,125
Solid Waste Revenue, AMT, 5.60%, 07/01/2002
1,500,000 Connecticut Special Tax Obligation Revenue 1,612,935
Series B, 6.00%, 09/01/2006,
2,200,000 Texas State Water Development Board Revenue, 2,204,928
Revolving Senior Lien-A, 5.50%, 07/15/2010
(Note M, p. 11)
-----------
Total Miscellaneous Revenue (Cost $14,266,986) 14,563,207
-----------
Industrial Development/Pollution Control Revenue: 2.95%
1,000,000 Fairfax County, Virginia Economic Development 1,059,680
Authority, Ogden Martin System Project
Series A, 7.20%, 02/01/1999
2,100,000 Missouri State Environmental Improvement & 2,139,186
Energy Research Authority, Chrysler Corporation
Project, 5.70%, 10/01/1999
2,500,000 Pittsylvania County Industrial Development 2,647,875
Authority, Virginia Revenue Series A, AMT,
7.30%, 01/01/2004
7,890,000 Schuylkill County Industrial Development 7,917,142
Authority, Pennsylvania, Energy Reserves, AMT,
6.50%, 01/01/2010
8,310,000 Hempstead Town, New York Industrial $ 8,589,798
Development Agency, 7.40%, 12/01/2010
-----------
Total Industrial Development/Pollution
Control Revenue (Cost $22,136,910), 22,353,681
-----------
Total Revenue (Cost $84,619,602) 85,816,692
-----------
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 3.18%
- --------------------------------------------------------------------------------
Housing: 1.37%
6,000,000 Maryland State Community Development 5,959,260
Administration, Multi-Family Housing Revenue
Series A, 4.50%, 11/01/1997,
1,225,000 Dade County Housing Finance Authority, Florida 1,267,642
Single Family Mortgage Revenue Series B, AMT,
8.75%, 07/01/2017
2,995,000 Ohio Housing Finance Agency, Single Family 3,167,482
Mortgage Revenue Series A, AMT, 7.65%,
03/01/2029
-----------
Total Housing (Cost $10,432,778) 10,394,384
-----------
Student Loan: 1.81%
1,000,000 Montana State Higher Education Assistance 1,002,640
Corporation, Student Loan Revenue Series B,
4.50%, 12/01/1997
1,450,000 Wyoming Student Loan Corporation, Student Loan 1,478,507
Revenue, AMT, 6.00%, 12/01/1997
1,000,000 New England Education Loan Marketing 1,038,960
Corporation, Student Loan Revenue, 6.00%,
09/01/1998
1,775,000 New England Education Loan Marketing 1,856,526
Corporation, Student Loan Revenue, 6.00%,
09/01/1999
1,700,000 Brazos Higher Education Authority Inc., Texas 1,754,315
Series A-2, AMT, 5.75%, 06/01/2000
1,500,000 Student Loan Funding Corporation, Cincinnati, 1,538,850
Ohio Series C, AMT, 5.85%, 07/01/2000
1,450,000 Brazos Higher Education Authority Inc., Texas 1,516,410
Series A-1, AMT, 5.90%, 12/01/2000
3,390,000 Arkansas State Student Loan Authority Series 3,545,601
A-1, AMT, 5.95%, 06/01/2001
-----------
Total Student Loan (Cost $13,319,822) 13,731,809
-----------
Total Asset-Backed Securities (Cost $23,752,600) 24,126,193
-----------
10 Sanford C. Bernstein Fund, Inc.--1996 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $758,658,756) 102.02% $773,991,625
(Note Y, below)
Cash and Other Assets, Less Liabilities (2.02) (15,323,155)
------- ------------
Net Assets (Equivalent to $13.48
per share based on 56,264,238
shares of capital stock outstanding) 100.00% $758,668,470
======= ============
- --------------------------------------------------------------------------------
(A) Commercial paper owned at March 31, 1996, was purchased at a rate of 5.38%.
(H) Non-income-producing zero-coupon bond
(I) 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
(M) When-issued security
Segregated Collateral for When-Issued Securities:
- ------------------------------------------------
NOTE PRINCIPAL AMOUNT
(B) $5,000,000
(C) $1,975,000
(D) $1,665,000
(E) $2,800,000
(F) $2,400,000
(G) $4,000,000
(J) $1,495,000
(K) $1,175,000
(L) $1,000,000
(N) $1,465,000
(O) $1,610,000
(P) $1,000,000
(Q) $1,000,000
(R) $1,420,000
(S) $1,715,000
(T) $1,300,000
(U) $5,060,000
(V) $1,050,000
(W) $2,900,000
(X) $1,335,000
(Y) At March 31, 1996, the cost basis of investment securities owned was
substantially identical for both book and tax.
(Z) Allocation of Portfolio net assets at March 31, 1996:
Alabama 0.72%
Alaska 1.63
Arizona 1.76
Arkansas 0.73
California 6.90
Colorado 1.51
Connecticut 4.00
Delaware 0.27
District of Columbia 2.21
Florida 2.59
Georgia 2.67
Illinois 9.93
Indiana 2.00
Iowa 0.13
Kansas 0.14
Kentucky 0.26
Louisiana 0.60
Maryland 4.26
Massachusetts 6.28
Michigan 1.71
Minnesota 1.05
Mississippi 0.27
Missouri 0.61
Montana 0.45
Nevada 0.90
New Hampshire 0.18
New Jersey 2.09
New York 8.48
North Carolina 0.79
Ohio 3.97
Oklahoma 0.54
Pennsylvania 5.48
Rhode Island 2.74
South Carolina 1.29
Texas 8.63
Utah 2.42
Virginia 0.91
Washington 3.84
West Virginia 0.74
Wisconsin 1.26
Wyoming 0.20
Puerto Rico 0.46
Commercial Paper 4.42
Cash and Other Assets, Less Liabilities (2.02)
------
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
March 31, 1996 (unaudited)
Principal Amount Description Market Value*
- -------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 6.57%
- -------------------------------------------------------------------------------
Commercial Paper (Note A, p. 16): 4.55%
11,379,000 Prudential Funding Corp., 04/01/1996 $11,379,000
-----------
Total Commercial Paper (Cost $11,379,000) 11,379,000
-----------
Municipal Notes: 2.02%
2,065,000 Orange County, California Tax & Revenue 2,039,188
Anticipation Notes Series A, 5.45%, 06/30/1996
3,000,000 San Diego County, California Tax & Revenue 3,015,120
Anticipation Notes, 4.50%, 09/30/1996
-----------
Total Municipal Notes (Cost $5,062,167) 5,054,308
-----------
Total Short-Term Investments (Cost $16,441,167) 16,433,308
-----------
- -------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 34.68%
- -------------------------------------------------------------------------------
1,000,000 Orange County Community Facilities District 1,030,810
No. 86, California Special Tax Series A, 8.00%,
07/01/2006, Prerefunded 07/01/1996 @102
2,000,000 Contra Costa County, California Certificates 2,062,580
of Participation, 8.20%, 07/01/2008,
Prerefunded 07/01/1996 @102
1,000,000 Concord Redevelopment Agency, California Tax 1,033,220
Allocation, 9.00%, 07/01/2013, Prerefunded
07/01/1996 @102
1,040,000 Kern Valley, California, Kern Valley Hospital 1,075,257
Revenue, 7.75%, 08/01/2016, Prerefunded
08/01/1996 @102
1,025,000 Fresno, California Certificates of 1,060,158
Participation, 7.875%, 08/01/2019, Prerefunded
08/01/1996 @102
1,000,000 Fontana Community Facility District No. 2, 1,042,910
California Special Tax Series A, 7.875%,
09/01/2011, Prerefunded 09/01/1996 @102.50
1,075,000 Southern California Public Power Authority, 1,120,010
Hydroelectric-Hoover Uprating Project, 8.125%,
10/01/2017, Prerefunded 10/01/1996 @102
(Note B, p. 16)
2,735,000 University of California Revenue, University $2,812,756
of California-San Diego Medical Center
Satellite Medical Facility, 7.90%, 12/01/1996,
Escrowed to Maturity (Note C, p. 16)
1,685,000 Sacramento Municipal Utility District, 1,765,610
California Series R, 7.125%, 02/01/2013,
Prerefunded 02/01/1997 @102 (Note D,
p. 16)
2,085,000 San Diego County Water Authority, California 2,198,132
Water Revenue Certificates of Participation
Series A, 7.05%, 05/01/2001 Prerefunded
05/01/1997 @102
2,425,000 San Jose, California Certificates of 2,578,139
Participation, 7.90%, 05/01/2010, Prerefunded
05/01/1997 @102
500,000 Orange County, California Certificates of 520,225
Participation, 7.35%, 06/01/1997, Escrowed to
Maturity
2,000,000 Los Angeles Unified School District, 2,136,660
California Certificates of Participation,
8.125%, 06/01/2008, Prerefunded 06/01/1997
@102
2,000,000 Los Angeles County Transportation Commission, 2,139,280
California Series A, 7.90%, 07/01/2007,
Prerefunded 07/01/1997 @102
1,000,000 Sacramento County, California Certificates of 1,073,210
Participation Series A, 8.25%, 07/01/2012,
Prerefunded 07/01/1997 @102
1,930,000 Puerto Rico Electric Power Authority Series K, 2,097,022
9.25%, 07/01/2006, Prerefunded 07/01/1997 @102
800,000 Puerto Rico Electric Power Authority Series K, 870,440
9.375%, 07/01/2017, Prerefunded 07/01/1997 @102
1,000,000 University of Puerto Rico, University Revenue 1,051,190
Series K, 6.50%, 06/01/2004, Prerefunded
06/01/1998 @100
1,050,000 Northern California Public Power Agency, 1,135,680
California Series B, 8.00%, 07/01/2024,
Prerefunded 07/01/1998 @100
2,000,000 Los Angeles County Transportation Commission, 2,199,660
California Series A, 8.00%, 07/01/2018,
Prerefunded 07/01/1998 @102
2,980,000 Los Angeles, California Wastewater System 3,210,890
Revenue, 6.80%, 08/01/2019, Prerefunded
08/01/1998 @102
*See Note 1, page 28 in Notes to Financial Statements.
12 Sanford C. Bernstein Fund, Inc.--1996 Semiannual Report
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,000,000 Sacramento Municipal Utility District, $1,099,620
California Series V, 7.75%, 08/15/2003,
Prerefunded 08/15/1998 @102
4,030,000 Sacramento Municipal Utility District, 4,442,712
California Series W, 7.875%, 08/15/2016,
Prerefunded 08/15/1998 @102
3,230,000 Fontana Redevelopment Agency, California, 3,570,830
North Fontana Redevelopment Project, 8.00%,
09/01/2018, Prerefunded 09/01/1998 @102
530,000 Temecula Valley Unified School District, 591,374
California Series B, AMBAC, 9.25%, 09/01/1998,
Escrowed to Maturity
1,000,000 Antelope Valley Hospital District, California 1,078,190
Certificates of Participation, 7.25%,
01/01/2017, Prerefunded 01/01/1999 @100
5,765,000 Los Angeles, California Wastewater System 6,308,409
Revenue Series A, 7.10%, 02/01/2021,
Prerefunded 02/01/1999 @102
1,325,000 San Diego County Regional Transportation 1,463,635
Authority, California Sales Tax Revenue
Series A, 7.375%, 04/01/2006, Prerefunded
04/01/1999 @102
1,875,000 California State Department of Water 2,057,344
Resources, Water Systems Revenue Series G,
7.125%, 12/01/2024, Prerefunded 06/01/1999
@101.50
6,480,000 Los Angeles Convention & Exhibition Center 7,192,865
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 Financing Authority, 2,469,707
California Tax Allocation, 7.625%, 09/01/2021,
Prerefunded 09/01/1999 @102.50
570,000 Temecula Valley Unified School District, 658,595
California Series B, AMBAC, 9.25%, 09/01/1999,
Escrowed to Maturity
3,920,000 Tehachapi Community Facilities District, 4,404,904
California Special Tax, 7.40%, 10/01/2014,
Prerefunded 10/01/1999 @103
1,265,000 California State Department of Water 1,382,974
Resources, Water Systems Revenue Series I,
6.60%, 12 /01/2019, Prerefunded 06/01/2000
@101.50
2,705,000 Desert Hospital District, California Desert 3,121,922
Hospital Project, 8.10%, 07/01/2020,
Prerefunded 07/01/2000 @102
1,175,000 Los Angeles Convention & Exhibition Center 1,312,029
Authority, California Certificates of
Participation, 7.00%, 08/15/2021, Prerefunded
08/15/2000 @102
1,840,000 California State Public Works Board Lease 2,056,255
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 Agency, 1,824,240
California Series A, 6.50%, 12/15/2015,
Prerefunded 12/15/2000 @102
1,865,000 Colton Redevelopment Agency, California, 2,128,245
Cooley Ranch Redevelopment Project No. 4,
7.60%, 08/15/2016, Prerefunded 08/15/2001
@100
1,860,000 Burbank Redevelopment Agency, California, 2,007,386
9.25%, 12/01/2005, Prerefunded 12/01/2004 @100
1,520,000 Corona, California Certificates of 1,859,507
Participation, 8.00%, 03/01/2015, Prerefunded
03/01/2006 @100
1,000,000 Pittsburg Redevelopment Agency, California 1,432,770
Residential Mortgage Revenue, 9.60%,
06/01/2016, Escrowed to Maturity
-----------
Total Prerefunded/Escrowed (Cost $84,878,129) 86,677,352
-----------
- --------------------------------------------------------------------------------
INSURED (Note E, p. 16): 30.48%
- --------------------------------------------------------------------------------
3,355,000 California State, AMBAC, 10.00%, 3,555,059
04/01/1997
4,000,000 Puerto Rico Series A, FGIC, 7.00%, 4,151,320
07/01/1997
1,000,000 San Francisco City & County, California, FGIC, 1,062,710
7.25%, 06/15/1998
1,080,000 Southern California Public Power Authority, 1,076,954
Palo Verde Project Series A, AMBAC, 4.00%,
07/01/1998 (Note F, p. 16)
1,065,000 Santa Rosa, California Wastewater Revenue, 1,061,816
FGIC, 4.00%, 09/01/1998
Schedule of Investments--Municipal Bond Portfolios 13
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
2,740,000 Orange County Municipal Water District, $ 2,786,525
California Certificates of Participation, Allen
McColloch Pipeline, MBIA, 5.00%, 07/01/1999
(Note F, p. 16)
1,575,000 Las Virgenes Municipal Water District, 1,839,836
California Certificates of Participation,
MBIA, 8.75%, 11/01/2000
5,025,000 San Diego County, California Certificates 5,106,807
of Participation, AMBAC, 5.25%, 09/01/2005
1,000,000 San Diego Regional Building Authority, 1,008,590
California Lease Revenue, Downtown Court
House & Justice, MBIA, 5.20%, 05/01/2006
1,390,000 South Orange County Public Finance Authority, 1,597,555
California Special Tax Revenue Series A, MBIA,
7.00%, 09/01/2006
1,590,000 San Diego County Regional Transportation 1,566,229
Authority, California Sales Tax Revenue Series
A, FGIC, 5.00%, 04/01/2007
3,000,000 Los Angeles Department of Airports, 3,036,120
California, Airport Revenue Series A, FGIC,
5.375%, 05/15/2007
1,740,000 Contra Costa Transportation Authority, 1,849,620
California Sales Tax Revenue Series A, FGIC,
6.00%, 03/01/2008
1,155,000 Fairfield, California Water Revenue, AMBAC, 1,111,387
4.90%, 04/01/2008
2,360,000 San Diego County Regional Transportation 2,343,409
Authority, California Sales Tax Revenue Series
A, FGIC, 5.25%, 04/01/2008
3,885,000 Long Beach, California Harbor Revenue, MBIA, 4,034,844
AMT, 6.00%, 05/15/2008
1,510,000 Castaic Lake Water Agency, California 1,776,877
Certificates of Participation, Water Systems
Improvement Project Series A, MBIA, 7.25%,
08/01/2008
1,475,000 Los Angeles Department of Airports, 1,489,558
California, Airport Revenue Series A, FGIC,
5.50%, 05/15/2009
1,000,000 Redding Joint Powers Financing Authority, 1,081,210
California Electric System Revenue Series A,
MBIA, 6.25%, 06/01/2009
1,800,000 Metropolitan Water District of Southern 1,693,404
California Waterworks Revenue Series B, MBIA,
4.75%, 07/01/2009
2,735,000 Northern California Public Power Agency, 2,855,750
Geothermal Project No. 3 Series A, AMBAC,
5.80%, 07/01/2009
1,100,000 South Orange County Public Finance Authority, 1,366,112
California Special Tax Revenue, Foothill Area
Series C, FGIC, 8.00%, 08/15/2009
1,205,000 Santa Rosa, California Wastewater Revenue, 1,133,278
FGIC, 4.80%, 09/01/2009
2,000,000 Los Angeles, California Wastewater System 1,970,560
Revenue Series D, FGIC, 5.375%, 11/01/2009
1,320,000 Fairfield, California Water Revenue, AMBAC, 1,265,194
5.10%, 04/01/2010
2,365,000 San Francisco City & County Airport 2,289,935
Commission, California International Airport
Revenue 2nd Series 10A, MBIA, AMT, 5.35%,
05/01/2010
1,320,000 East Bay Municipal Utility District, 1,258,052
California Water System Revenue, MBIA, 5.00%,
06/01/2010
3,000,000 Riverside, California Sewer Revenue, FGIC, 2,858,100
5.00%, 08/01/2010
1,060,000 Los Angeles County Metropolitan Transportation 1,024,416
Authority, California Sales Tax Revenue Series
B, AMBAC, 5.30%, 07/01/2011
2,145,000 San Francisco City & County Airport 2,071,405
Commission, California International Airport
Revenue 2nd Series 10A, MBIA, AMT, 5.45%,
05/01/2012
1,080,000 Los Angeles County Metropolitan Transportation 1,031,216
Authority, California Sales Tax Revenue Series
B, AMBAC, 5.30%, 07/01/2012
2,675,000 University of California Revenue Series C, 2,461,508
AMBAC, 5.00%, 09/01/2013
1,000,000 University of California Revenue Series A, 911,820
MBIA, 5.00%, 11/01/2014
1,195,000 Culver City Redevelopment Finance Authority, 1,177,183
California Tax Allocation, AMBAC, 5.50%,
11/01/2014
1,000,000 Los Angeles Convention & Exhibition Center 931,650
Authority, California Lease Revenue Series A,
MBIA, 5.375%, 08/01/2018
1,660,000 Fresno, California Sewer Revenue Series A-1, 1,557,893
AMBAC, 5.25%, 09/01/2019
2,630,000 California State Public Works Board Lease 2,367,053
Revenue, Department of Corrections, State
Prison Series A, AMBAC, 5.00%, 12/01/2019
14 Sanford C. Bernstein Fund, Inc.--Semiannual Report
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,000,000 Los Angeles Convention & Exhibition Center $ 923,570
Authority, California Lease Revenue Series A,
MBIA, 5.125%, 08/15/2021
1,000,000 Sacramento Municipal Utility District, 851,840
California Series G, MBIA, 4.75%,
09/01/2021
2,915,000 Los Angeles, California Wastewater System 2,636,501
Revenue Series D, FGIC, 5.20%, 11/01/2021
-----------
Total Insured (Cost $75,176,914) 76,172,866
-----------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 17.49%
- --------------------------------------------------------------------------------
State General Obligations: 3.41%
1,000,000 California State, 8.60%, 10/01/1998 1,104,920
1,000,000 California State, 8.75%, 10/01/1998 1,108,440
1,295,000 California State, 7.00%, 06/01/1999 1,396,023
1,000,000 California State, 6.70%, 04/01/2001 1,096,020
1,020,000 California State, Veterans Series AW, AMT, 1,088,167
7.25%, 04/01/2003
2,500,000 California State, 6.20%, 09/01/2005 2,718,975
-----------
Total State General Obligations (Cost $8,154,641) 8,512,545
-----------
Local General Obligations: 3.49%
1,000,000 East Bay Regional Park District, California, 1,073,840
9.25%, 09/01/1997
1,045,000 East Bay Regional Park District, California 1,188,876
Series B, 8.75%, 09/01/1999
3,110,000 Los Angeles County Public Works Authority, 2,913,883
California Capital Construction, 5.00%,
03/01/2011
1,000,000 Kern High School District, California, 7.10%, 1,150,620
08/01/2011
2,480,000 Los Angeles, California Series A, 5.25%, 2,383,602
09/01/2011
-----------
Total Local General Obligations (Cost $8,575,662) 8,710,821
-----------
Tax Lease: 7.99%
1,200,000 California State Public Works Board Series A, 1,209,660
4.80%, 12/01/1996
3,035,000 New Haven Unified School District, California 3,056,670
Certificates of Participation, 4.70%,
07/01/1997
2,200,000 Los Angeles Municipal Improvement Corp., 2,212,914
California Certificates of Participation,
4.875%, 08/01/1997
1,130,000 Cupertino, California Certificates of 1,136,633
Participation Series A, 4.875%,
01/01/2000
1,595,000 Ukiah Unified School District, California 1,618,654
Certificates of Participation, 5.60%,
09/01/2001
1,600,000 Ventura County, California Certificates of 1,653,840
Participation, 5.75%, 12/01/2004
1,000,000 Los Angeles State Building Authority, 998,300
California Lease Revenue, 5.50%,
05/01/2007
1,930,000 Los Angeles County, California Pension 1,978,771
Obligation Certificates Series A, 6.875%,
06/30/2007
2,520,000 San Francisco State Building Authority, 2,476,001
California Lease Revenue Series A, 5.125%,
10/01/2007
1,010,000 Gilroy Unified School District, California 990,881
Certificates of Participation, 5.85%,
07/01/2008
725,000 San Francisco City & County Parking Authority, 768,870
California, 7.50%, 12/01/2008
2,000,000 Sacramento City Finance Authority, California 1,880,860
Lease Revenue Series B, 5.40%, 11/01/2020
-----------
Total Tax Lease (Cost $19,670,585) 19,982,054
-----------
Special Tax: 2.60%
1,000,000 Los Angeles County Metropolitan Transportation 1,009,070
Authority, California Series A, 4.90%,
07/01/2000
1,300,000 Los Angeles County Transportation Commission, 1,421,472
California Series A, 6.40%, 07/01/2006
2,235,000 Los Angeles County Public Works Authority, 2,210,951
California Capital Construction, 5.10%,
03/01/2007
1,955,000 Pomona Public Financing Authority, California 1,860,143
Revenue, Southwest Pomona Redevelopment,
5.50%, 02/01/2008
-----------
Total Special Tax (Cost $6,311,580) 6,501,636
-----------
Total Tax Supported (Cost $42,712,468) 43,707,056
-----------
- --------------------------------------------------------------------------------
REVENUE: 11.40%
- --------------------------------------------------------------------------------
Airport Revenue: 0.55%
500,000 Denver City & County, Colorado Airport Revenue 543,295
Series B, AMT, 7.25%, 11/15/2005
Schedule of Investments--Municipal Bond Portfolios 15
<PAGE>
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
200,000 Denver City & County, Colorado Airport Revenue $ 239,140
Series A, AMT, 8.875%, 11/15/2012
500,000 Denver City & County, Colorado Airport Revenue 589,470
Series D, AMT, 7.75%, 11/15/2013
-----------
Total Airport Revenue (Cost $1,201,680) 1,371,905
-----------
Electric Revenue: 4.13%
1,250,000 Los Angeles Department of Water & Power, 1,446,538
California, Electric Plant Revenue 2nd Issue,
9.00%, 12/15/1999
1,000,000 Los Angeles Department of Water & Power, 1,182,700
California, Electric Plant Revenue 2nd Issue,
8.00%, 08/15/2002
2,100,000 Los Angeles Department of Water & Power, 2,659,629
California, Electric Plant Revenue 2nd Issue,
9.00%, 10/15/2003
2,580,000 Southern California Public Power Authority 2,545,402
Series A, 5.10%, 07/01/2006
2,440,000 Northern California Public Power Agency, 2,492,606
Geothermal Project No. 3 Series A, 7.00%,
07/01/2007
-----------
Total Electric Revenue (Cost $10,274,829) 10,326,875
-----------
Health Care Revenue: 0.48%
1,205,000 California Health Facilities Authority, Downey
Community Hospital, 4.15%, 05/15/1996 1,204,843
-----------
Total Health Care Revenue (Cost $1,205,000) 1,204,843
-----------
Higher Education Revenue: 0.73%
1,000,000 University of California, Research Facilities 1,064,940
Revenue Series B, 7.50%, 09/01/1998
685,000 California Educational Facilities Authority, 760,069
University of Southern California Series B,
7.85%, 10/01/1999
-----------
Total Higher Education Revenue (Cost $1,763,118) 1,825,009
-----------
Water/Sewer Revenue: 3.93%
1,050,000 California State Department of Water Resources 1,229,540
Series M, 8.50%, 12/01/2000
2,500,000 Metropolitan Water District of Southern 2,545,075
California Series A, 5.50%, 07/01/2008
2,420,000 Los Angeles County Sanitation District 2,391,638
Authority, California Series A, 5.25%,
10/01/2008
3,660,000 Metropolitan Water District of Southern 3,649,935
California Series A, 5.75%,
07/01/2021
-----------
Total Water/Sewer Revenue (Cost $9,239,806) 9,816,188
-----------
Miscellaneous Revenue: 1.32%
2,005,000 Puerto Rico Highway & Transit Authority, 2,032,248
5.00%, 07/01/1998
1,235,000 Western Placer Waste Management Authority, 1,269,506
California Revenue, AMT, 6.25%,
07/01/2000
-----------
Total Miscellaneous Revenue (Cost $3,283,176) 3,301,754
-----------
Industrial Development/Pollution Control Revenue: 0.26%
650,000 Missouri State Environmental Improvement & 662,129
Energy Resource Authority, Chrysler Corporation
Project, 5.70%, 10/01/1999
-----------
Total Industrial Development/Pollution Control 662,129
Revenue (Cost $650,000)
-----------
Total Revenue (Cost $27,617,609) 28,508,703
-----------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $246,826,287) 100.62% $251,499,285
(Note G, below)
Cash and Other Assets, Less Liabilities (0.62) (1,556,523)
------- -------------
Net Assets (Equivalent to $13.59
per share based on 18,387,430
shares of capital stock outstanding) 100.00% $249,942,762
======= =============
- --------------------------------------------------------------------------------
(A) Commercial paper owned at March 31, 1996, was purchased at a rate of 5.38%.
(B) $1,075,000 principal amount segregated as collateral for when-issued
securities
(C) $2,735,000 principal amount segregated as collateral for when-issued
securities
(D) $1,300,000 principal amount segregated as collateral for when-issued
securities
(E) 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
(F) When-issued security
(G) At March 31, 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 Semiannual Report
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein New York Municipal Portfolio
March 31, 1996 (unaudited)
Principal Amount Description Market Value*
- ---------------------------------------------------------------------
Commercial Paper (Note A, p. 23): 2.56%
- ---------------------------------------------------------------------
12,774,000 Prudential Funding Corp., 04/01/1996 $ 12,774,000
------------
Total Commercial Paper (Cost $12,774,000) 12,774,000
------------
- ---------------------------------------------------------------------
PREREFUNDED/ESCROWED: 29.89%
- ---------------------------------------------------------------------
5,095,000 United Nations Development Corp., 5,251,773
New York Series B, 7.875%, 07/01/2026,
Prerefunded 07/01/1996 @102
1,820,000 United Nations Development Corp., 1,877,403
New York Series B, 8.25%, 07/01/2026,
Prerefunded 07/01/1996 @102
1,350,000 New York State Dormitory Authority, 1,371,775
State University Series B,
6.30%, 11/01/1996,
Escrowed to Maturity
1,865,000 Triborough Bridge & Tunnel Authority, 1,964,293
New York Toll Revenue Series K,
8.25%, 01/01/2017,
Prerefunded 01/01/1997 @102
1,650,000 New York City Municipal Water 1,778,337
Finance Authority Series A,
8.75%, 06/15/2010,
Prerefunded 06/15/1997 @102
8,425,000 New York State Dormitory Authority, 9,034,549
City University Series A,
8.125%, 07/01/2017,
Prerefunded 07/01/1997 @102
1,090,000 Puerto Rico Electric Power Authority 1,172,840
Series L, 8.375%, 07/01/2007,
Prerefunded 07/01/1997 @102
1,370,000 MTA,New York Transit Facilities 1,475,298
Service Contract Series 1,
8.50%, 07/01/2017,
Prerefunded 07/01/1997 @102
4,820,000 MTA, New York Commuter Facilities 5,190,465
Service Contract Series 1,
8.50%, 07/01/2017,
Prerefunded 07/01/1997 @102
(Note B, p. 23)
1,000,000 Puerto Rico Electric Power Authority 1,086,540
Series K, 9.25%, 07/01/2006,
Prerefunded 07/01/1997 @102
2,825,000 Puerto Rico Electric Power Authority 3,073,741
Series K, 9.375%, 07/01/2017,
Prerefunded 07/01/1997 @102
3,320,000 New York City Series D, $ 3,585,301
8.50%, 08/01/2008,
Prerefunded 08/01/1997 @102
5,500,000 New York State Medical Care 5,916,570
Facilities Finance Authority,
8.00%, 02/15/2025,
Prerefunded 08/15/1997 @102
1,125,000 Nassau County, New York Series J, 1,183,950
7.30%, 10/15/1997,
Escrowed to Maturity
1,000,000 New York State Housing Finance 1,077,260
Agency, State University Series A,
7.60%, 11/01/1999,
Prerefunded 11/01/1997 @102
1,300,000 New York State Housing Finance 1,406,353
Agency, State University Series A,
7.90%, 05/01/2002,
Prerefunded 11/01/1997 @102
1,905,000 New York State Housing Finance 2,060,848
Agency, State University Series A,
7.90%, 11/01/2002,
Prerefunded 11/01/1997 @102
2,600,000 New York State Housing Finance 2,819,492
Agency, State University Series A,
8.125%, 11/01/2006,
Prerefunded 11/01/1997 @102
2,135,000 New York City Series A, 2,309,237
8.25%, 11/01/2002,
Prerefunded 11/01/1997 @101.50
3,070,000 New York City Series A, 3,332,178
8.50%, 11/01/2010,
Prerefunded 11/01/1997 @101.50
600,000 New York City Series A, 653,514
8.75%, 11/01/2016,
Prerefunded 11/01/1997 @101.50
1,000,000 Triborough Bridge & Tunnel Authority, 1,073,190
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 1,368,882
Corp., Correctional Facilities Series D,
7.50%, 01/01/2012,
Prerefunded 01/01/1998 @102
1,105,000 New York State Urban Development 1,195,643
Corp., Correctional Facilities Series D,
7.75%, 01/01/2013,
Prerefunded 01/01/1998 @102
1,525,000 Triborough Bridge & Tunnel Authority, 1,646,161
New York Toll Revenue Series N,
7.875%, 01/01/2018,
Prerefunded 01/01/1998 @101.50
*See Note 1, page 28 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 17
<PAGE>
Principal Amount Description Market Value*
- ---------------------------------------------------------------------
1,420,000 Triborough Bridge & Tunnel Authority, $ 1,534,523
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 1,741,006
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 15,561,371
Finance Authority Series A,
8.30%, 02/15/2022,
Prerefunded 02/15/1998 @102
4,675,000 MTA, New York Commuter Facilities 5,147,035
Service Contract Series 2,
8.00%, 07/01/2018,
Prerefunded 07/01/1998 @102
4,470,000 New York City Series I, 4,770,071
6.90%, 08/15/1998,
Escrowed to Maturity
1,000,000 New York State Medical Care 1,097,460
Facilities 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 3,387,042
Facilities 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, 3,671,099
6.875%, 11/01/2016,
Prerefunded 11/01/1998 @100
5,150,000 New York State Housing Finance Agency, 5,722,371
State University Series A,
8.00%, 11/01/2006,
Prerefunded 11/01/1998 @102
1,000,000 New York State Housing Finance Agency, 1,113,560
State University Series A,
8.10%, 11/01/2010,
Prerefunded 11/01/1998 @102
330,000 Nassau County, New York Series L, 349,922
FGIC, 6.30%, 11/15/1998,
Escrowed to Maturity
1,175,000 Triborough Bridge & Tunnel Authority, 1,291,748
New York Toll Revenue Series O,
7.50%, 01/01/2011,
Prerefunded 01/01/1999 @101.50
1,090,000 Triborough Bridge & Tunnel Authority, 1,203,894
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 Facilities 1,502,378
Finance Authority, Mental Health Services,
7.40%, 08/15/2007,
Prerefunded 02/15/1999 @102
3,235,000 Battery Park City Authority, 3,615,468
New York Revenue,
7.70%, 05/01/2015,
Prerefunded 05/01/1999 @102
6,415,000 New York State Dormitory Authority, 6,887,786
State University Series A,
6.75%, 05/15/2018,
Prerefunded 05/15/1999 @100
1,000,000 Suffolk County Water Authority, 1,103,200
New York, 7.125%, 06/01/2015,
Prerefunded 06/01/1999 @102
1,000,000 New York City Series B, 1,109,740
8.00%, 06/01/1999,
Escrowed to Maturity
3,425,000 New York City Municipal Water 3,792,091
Finance Authority Series A,
7.375%, 06/15/2009,
Prerefunded 06/15/1999 @101.50
1,000,000 Albany County, New York, 1,086,730
7.00%, 10/01/1999,
Escrowed to Maturity
1,000,000 Nassau County, New York Series H, 1,094,100
AMBAC, 7.20%, 10/15/1999,
Escrowed to Maturity
1,400,000 Nassau County, New York Series J, 1,536,290
7.30%, 10/15/1999,
Escrowed to Maturity
420,000 New York State Dormitory Authority, 477,649
City University Series A,
7.875%, 07/01/2002,
Prerefunded 07/01/2000 @100.50
1,000,000 MTA, New York Commuter Facilities 1,145,570
Service Contract Series 4,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @101.50
2,250,000 MTA, New York Transit Facilities 2,577,532
Service Contract Series 4,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @101.50
3,500,000 Virgin Islands Public Finance 3,931,515
Authority Series B,
7.25%, 10/01/2007,
Prerefunded 10/01/2000 @101
2,000,000 New York State Medical Care 2,260,980
Facilities Finance Authority,
Mental Health Services Series A,
8.00%, 11/01/2000,
Escrowed to Maturity
18 Sanford C. Bernstein Fund, Inc.--1996 Semiannual Report
<PAGE>
Principal Amount Description Market Value*
- ---------------------------------------------------------------------
445,000 New York State Power Authority $ 498,676
Series C, 9.50%, 01/01/2001,
Escrowed to Maturity
1,780,000 New York State Local Government 2,025,266
Assistance Corp. Series A,
7.25%, 04/01/2018,
Prerefunded 04/01/2001 @102
4,670,000 Niagara Falls Bridge Commission, 5,098,286
New York Toll Revenue,
6.30%, 10/01/2012,
Escrowed to Maturity
-----------
Total Prerefunded/Escrowed (Cost $145,940,410) 149,239,952
-----------
- --------------------------------------------------------------------
INSURED (Note C, p. 23): 21.66%
- --------------------------------------------------------------------
3,185,000 Monroe County, New York, MBIA, 3,243,750
6.00%, 03/01/1997 (Note D, p. 23)
1,000,000 New York City Industrial Development 1,021,520
Agency, USTA National Tennis Center,
FSA, 5.30%, 11/15/1997
2,030,000 Suffolk County, New York, BIGI, 2,152,044
7.375%, 03/01/1998
1,925,000 New York State Thruway Authority 1,955,627
Highway & Bridge Trust Fund
Series A, AMBAC, 5.00%, 04/01/1998
490,000 New York State Dormitory Authority, 509,198
Mount Sinai School of Medicine,
MBIA, 6.00%, 07/01/1998
3,000,000 New York State Dormitory Authority, 3,199,980
City University Series A, FGIC,
7.40%, 07/01/1998
3,830,000 Nassau County, New York Series Q, 3,904,685
FGIC, 5.00%, 08/01/1998
1,000,000 Nassau County, New York Series O, 1,033,240
FGIC, 5.625%, 08/01/1998
3,585,000 New York City Industrial Development 3,698,250
Agency, USTA National Tennis Center,
FSA, 5.50%, 11/15/1998
1,570,000 Brookhaven, New York, MBIA, 1,619,047
5.70%, 11/15/1998
5,325,000 New York City Health & Hospital 5,353,542
Corporation Series A,
Connie Lee, 4.875%, 02/15/2000
1,925,000 Suffolk County, New York Series 2,386,808
A, FGIC, 9.50%, 10/01/2001
1,340,000 New York State Dormitory Authority, 1,657,714
City University Series D, FGIC,
8.75%, 07/01/2003
1,475,000 MTA, New York Transit Facilities, 1,449,099
FGIC, 4.60%, 07/01/2004
1,000,000 New York State Dormitory Authority, 973,660
Rochester Institute, FGIC,
4.75%, 07/01/2005
5,915,000 New York State Project Finance Agency, 5,725,483
Hud Section 236-Series A, FSA,
4.95%, 11/01/2006
2,025,000 New York State Urban Development 2,000,012
Corp., Correctional Facilities
Revenue, AMBAC, 5.00%, 01/01/2007
4,285,000 Suffolk County, New York, Southwest 4,595,063
Sewer District, MBIA,
6.00%, 02/01/2007
6,425,000 New York City Municipal Water Finance 6,519,897
Authority Series B, AMBAC,
5.375%, 06/15/2007
4,000,000 Westchester County Industrial Development 4,115,840
Agency, New York Resource Recovery Revenue
Series A, AMBAC, 5.60%, 07/01/2007
2,500,000 MTA, New York Commuter Facilities 2,727,350
Series A, MBIA, 6.10%, 07/01/2007
2,400,000 MTA, New York Transit Facilities 2,659,104
Series K, MBIA, 6.30%, 07/01/2007
1,170,000 Babylon, New York Series A, AMBAC, 1,565,951
9.20%, 01/15/2008
2,050,000 New York State Dormitory Authority, 2,086,182
State University Series A, AMBAC,
5.50%, 05/15/2008
4,050,000 Suffolk County, New York, Waterworks 4,027,928
Authority Revenue, MBIA,
5.10%, 06/01/2008
1,485,000 New York State Dormitory Authority, 1,437,317
New York University Series B, MBIA,
5.00%, 07/01/2008
6,910,000 New York State Thruway Authority 6,782,441
Highway & Bridge Trust Fund
Series A, MBIA, 5.25%, 04/01/2009
2,165,000 New York State Thruway Authority 2,137,007
Highway & Bridge Trust Fund
Series B, MBIA, 5.30%, 04/01/2009
3,920,000 New York State Dormitory Authority, 3,974,645
State University Series A, FGIC,
5.50%, 05/15/2009
1,550,000 Babylon, New York Waste Facilities, 2,066,320
FGIC, 9.00%, 08/01/2009
2,580,000 Nassau County, New York Series S, 2,478,013
AMBAC, 5.10%, 03/01/2010
1,000,000 New York State Dormitory Authority, 1,053,900
State University Series A, AMBAC,
6.00%, 07/01/2010
4,390,000 Port Authority of New York & 4,176,646
New Jersey Revenue, MBIA,
5.25%, 09/01/2010 (Note E,
p. 23)
3,200,000 New York State Dormitory Authority, 3,029,696
State University Series A, MBIA,
5.00%, 07/01/2011
Schedule of Investments--Municipal Bond Portfolios 19
<PAGE>
Principal Amount Description Market Value
- --------------------------------------------------------------------
4,500,000 Babylon, New York Waste Facilities, $ 6,059,700
FGIC, 9.00%, 08/01/2011
2,725,000 New York City Educational Construction 2,719,359
Fund, MBIA, 5.50%, 10/01/2011
1,000,000 New York City Municipal Water Finance 1,027,780
Authority Series A, AMBAC,
5.875%, 06/15/2013
1,095,000 Clifton Park, New York Water Authority, 1,009,251
FGIC, 5.00%, 10/01/2014
------------
Total Insured (Cost $106,520,658) 108,133,049
------------
- --------------------------------------------------------------------
TAX SUPPORTED: 25.73%
- --------------------------------------------------------------------
State General Obligations: 0.83%
1,500,000 New York State, 6.20%, 1,588,410
11/01/1999
1,355,000 New York State, 6.875%, 1,464,836
11/01/1999
1,000,000 Puerto Rico Commonwealth, 1,103,070
7.00%, 07/01/2001
------------
Total State General Obligations (Cost $3,978,411) 4,156,316
------------
Local General Obligations: 8.07%
270,000 New York City Series B, 271,969
8.00%, 06/01/1996
2,200,000 Islip, New York, 5.30%, 2,245,188
08/15/1997
1,020,000 White Plains, New York, 1,113,595
9.40%, 12/15/1997
5,000,000 New York City Series B, 5,233,000
7.20%, 02/01/1998
415,000 New York City Series A, 425,379
7.40%, 08/15/1998
1,060,000 White Plains, New York, 1,211,018
9.70%, 12/15/1998
1,150,000 Manhasset Union Free School District, 1,242,632
New York, 7.30%, 01/01/1999
2,000,000 New York City Series B, 2,153,600
7.40%, 02/01/2000
2,000,000 New York City Series D, 2,155,520
7.875%, 08/01/2000
1,050,000 Manhasset Union Free School District, 1,172,818
New York, 7.30%, 01/01/2001
615,000 New York City Series C, 638,936
6.30%, 08/01/2002
1,180,000 New York City Series D, 1,162,654
5.40%, 02/15/2003
4,265,000 New York City Series B, 4,668,981
7.50%, 02/01/2004
1,000,000 Westchester County, New York, 1,175,290
7.10%, 12/01/2004
1,310,000 New York City Series G, 1,283,918
5.75%, 02/01/2006
1,300,000 Westchester County, New York 1,480,141
Series A, 6.75%, 02/01/2007
5,185,000 New York City Series B, 5,238,976
6.30%, 08/15/2008
2,600,000 Onondaga County, New York, 2,714,166
5.70%, 04/01/2009
1,940,000 Onondaga County, New York, 2,010,150
5.70%, 04/01/2010
2,600,000 Onondaga County, New York, 2,671,370
5.70%, 04/01/2011
-----------
Total Local General Obligations (Cost $38,481,315) 40,269,301
-----------
Tax Lease: 10.66%
2,750,000 New York State Certificates 2,750,385
of Participation, 4.375%,
03/01/1997
1,175,000 New York State Energy Research & 1,181,545
Development Authority, Western
New York Nuclear Service Center
Project, 5.20%, 04/01/1997
525,000 New York State Medical Care Facilities 529,205
Finance Authority, Brookdale Medical
Center Secured Hospital Program
Series A, 5.95%, 08/15/1998
2,535,000 New York State Medical Care Facilities 2,524,708
Finance Authority, Mental Health
Services Series F, 4.60%, 08/15/1999
1,550,000 New York State Urban Development 1,553,023
Corp., Correctional Facilities,
5.00%, 01/01/2000
855,000 New York State Dormitory Authority, 922,271
City University Series D,
7.50%, 07/01/2000
1,000,000 New York State Medical Care Facilities 1,014,320
Finance Authority, Brookdale
Medical Center Secured Hospital Program
Series A, 6.35%, 08/15/2000
1,920,000 MTA, New York Transit Facilities 1,932,941
Service Contract Series O,
5.25%, 07/01/2001
3,505,000 MTA, New York Commuter Facilities 3,528,624
Service Contract Series O,
5.25%, 07/01/2001
720,000 New York State Medical Care Facilities 754,726
Finance Authority, Mental Health Services
Series F, 6.20%, 02/15/2003
2,000,000 New York State Thruway Authority 2,083,900
Service Contract, 6.20%, 04/01/2003
2,000,000 New York State Thruway Authority 2,077,880
Service Contract, 6.25%, 04/01/2004
20 Sanford C. Bernstein Fund, Inc.--1996 Semiannual Report
<PAGE>
Principal Amount Description Market Value
- --------------------------------------------------------------------
3,825,000 New York State Dormitory Authority, $3,762,270
State University Series B,
5.25%, 05/15/2005
1,000,000 MTA, New York Commuter Facilities 982,010
Service Contract, 5.30%, 07/01/2005
1,125,000 MTA, New York Transit Facilities 1,104,761
Service Contract, 5.30%, 07/01/2005
1,020,000 New York State Dormitory Authority, 1,023,529
City University Series A,
5.70%, 07/01/2005
1,780,000 New York State Dormitory Authority, 1,786,159
City University Series D,
5.70%, 07/01/2005
1,000,000 New York State Dormitory Authority, 1,062,800
City University Series U,
6.45%, 07/01/2005
1,000,000 New York State Urban Development 962,270
Corp., Correctional Facilities
Series 4, 5.25%, 01/01/2006
3,300,000 New York State Dormitory Authority, 3,284,589
State University Series A,
5.50%, 05/15/2006
1,595,000 MTA, New York Transit Facilities 1,564,153
Service Contract, 5.40%, 07/01/2006
1,150,000 MTA, New York Transit Facilities 1,121,606
Service Contract, 5.45%, 07/01/2007
1,265,000 New York State Urban Development 1,228,682
Corp., Correctional Facilities
Series A, 5.50%, 01/01/2008
2,980,000 New York State Dormitory Authority, 3,177,991
Mental Health Services,
6.50%, 02/15/2008
1,905,000 New York State Thruway Authority 1,768,507
Service Contract, 5.125%, 04/01/2008
2,215,000 New York State Urban Development 2,118,980
Corp., Correctional Facilities
Series A, 5.50%, 01/01/2009
1,505,000 New York State Dormitory Authority, 1,596,639
Mental Health Services, 6.50%,
02/15/2009
1,000,000 New York State Dormitory Authority, 988,040
City University Series A,
5.75%, 07/01/2009
1,490,000 Triborough Bridge & Tunnel Authority, 1,488,391
New York Convention Center
Series E, 6.00%, 01/01/2011
3,500,000 New York State Dormitory Authority, 3,321,255
State University Series A,
5.50%, 05/15/2013
-----------
Total Tax Lease (Cost $52,682,386) 53,196,160
-----------
Special Tax: 6.17%
2,500,000 New York State Local Government $2,500,300
Assistance Corp. Series C,
5.90%, 04/01/1996
2,295,000 MAC New York Series 67, 2,314,347
6.90%, 07/01/1996
3,515,000 New York State Thruway Authority 3,524,104
Highway & Bridge Trust Fund
Series A, 4.50%, 04/01/1997
1,110,000 New York State Local Government 1,144,721
Assistance Corp. Series A,
5.75%, 04/01/1998
825,000 MAC New York Series 64, 871,530
6.75%, 07/01/1998
3,000,000 MAC New York Series 67, 3,181,560
7.10%, 07/01/1998
1,245,000 MAC New York Series 67, 1,348,036
7.20%, 07/01/1999
1,025,000 Grand Central District 1,001,743
Management Association, New York
Business Improvement District
Series 1994, 5.00%, 01/01/2006
2,500,000 New York State Local Government 2,637,800
Assistance Corp. Series B,
6.00%, 04/01/2006
2,915,000 New York State Local Government 2,836,004
Assistance Corp. Series D,
5.10%, 04/01/2008
3,495,000 New York State Local Government 3,274,815
Assistance Corp. Series A,
5.375%, 04/01/2014
1,740,000 New York State Local Government 1,630,380
Assistance Corp. Series D,
5.375%, 04/01/2014
4,430,000 New York State Local Government 4,548,104
Assistance Corp. Series E,
6.00%, 04/01/2014
-----------
Total Special Tax (Cost $30,053,607) 30,813,444
-----------
Total Tax Supported (Cost $125,195,719) 128,435,221
-----------
- -------------------------------------------------------------------
REVENUE: 18.21%
- -------------------------------------------------------------------
Airport Revenue: 0.62%
1,300,000 Denver City & County, Colorado Airport 1,412,567
Revenue Series B, AMT, 7.25%, 11/15/2005
425,000 Denver City & County, Colorado Airport 508,172
Revenue Series A, AMT, 8.875%, 11/15/2012
Schedule of Investments--Municipal Bond Portfolios 21
<PAGE>
- --------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------
1,000,000 Denver City & County, Colorado Airport $ 1,178,940
Revenue Series D, AMT, 7.75%, 11/15/2013
-----------
Total Airport Revenue (Cost $2,736,196) 3,099,679
-----------
Electric Revenue: 2.31%
1,000,000 Guam Power Authority Revenue 1,007,410
Series A, 5.30%, 10/01/1998
1,000,000 New York State Power Authority 1,037,080
Series Z, 5.75%, 01/01/1999
2,120,000 New York State Power Authority 2,369,651
Series W, 6.50%, 01/01/2008
7,365,000 New York State Power Authority 7,134,844
Series CC, 5.125%, 01/01/2010
-----------
Total Electric Revenue (Cost $11,349,517) 11,548,985
-----------
Health Care Revenue: 3.12%
635,000 New York State Medical Care 636,035
Facilities Finance Authority, Hospital
& Nursing Home Insured Mortgage, FHA,
4.60%, 02/15/1997
1,750,000 New York State Medical Care Facilities 1,782,883
Finance Authority, Insured Mortgage
Project Series A, FHA, 5.40%, 08/15/2004
1,410,000 New York State Medical Care Facilities 1,470,884
Finance Authority, Hospital & Nursing
Home Insured Mortgage, FHA, 5.875%, 02/15/2005
1,000,000 New York State Dormitory Authority, 1,009,050
St. John's Nursing Home, FHA, 5.35%, 02/01/2006
2,975,000 New York State Medical Care Facilities 2,846,272
Finance Authority, Insured Mortgage
Presbyterian Hospital Series A, FHA,
5.10%, 08/15/2010
3,000,000 New York State Medical Care Facilities 3,085,650
Finance Agency, Hospital & Nursing
Home Insured Mortgage, FHA, 6.35%, 02/15/2012
4,610,000 New York State Medical Care Facilities 4,727,924
Finance Agency, Hospital & Nursing Home
Insured Mortgage Series A, FHA, 6.125%,
02/15/2014
-----------
Total Health Care Revenue (Cost $15,174,469) 15,558,698
-----------
Higher Education Revenue: 1.12%
1,480,000 New York State Dormitory Authority, 1,562,673
Rockefeller University,
6.60%, 07/01/1998
1,000,000 New York State Dormitory Authority, 1,042,210
Columbia University,
5.625%, 07/01/2006
1,290,000 New York State Dormitory Authority, $1,356,448
Columbia University,
5.75%, 07/01/2007
660,000 New York State Dormitory Authority, 644,596
Vassar College, 5.00%, 07/01/2008
1,000,000 New York State Dormitory Authority, 968,850
Vassar College, 5.00%, 07/01/2009
----------
Total Higher Education Revenue (Cost $5,452,193) 5,574,777
----------
Toll Revenue: 1.32%
725,000 Triborough Bridge & Tunnel Authority, 762,388
New York Toll Revenue
Series Y, 5.80%, 01/01/2006
4,370,000 Triborough Bridge & Tunnel Authority, 4,011,835
New York Toll Revenue Series A,
5.00%, 01/01/2012
1,760,000 Triborough Bridge & Tunnel Authority, 1,821,618
New York Toll Revenue Series Y,
6.00%, 01/01/2012
----------
Total Toll Revenue (Cost $6,671,527) 6,595,841
----------
Water/Sewer Revenue: 5.78%
1,895,000 New York State Environmental Facilities 1,975,575
Corp., Pooled Loan, Pollution
Control Revenue, State Revolving Fund
Series 94-D,
5.60%, 05/15/1999
2,510,000 New York State Environmental Facilities 2,774,755
Corp., Pooled Loan, Pollution
Control Revenue, State Revolving
Fund Series 92-B, 6.25%, 09/15/2005
4,500,000 New York City Municipal Water Finance 4,522,365
Authority Series B,
5.30%, 06/15/2006
2,510,000 New York State Environmental Facilities 2,781,180
Corp., Pooled Loan, Pollution Control
Revenue, State Revolving Fund Series 92-B,
6.35%, 09/15/2006
1,000,000 Ulster County Resource Recovery Agency, 994,380
New York Solid Waste System,
5.90%, 03/01/2007
1,045,000 New York State Environmental Facilities 1,041,405
Corp., Pooled Loan, Pollution Control
Revenue, State Revolving Fund Series 93-B,
4.95%, 05/15/2007
1,000,000 New York State Environmental Facilities 1,039,810
Corp., Pollution Control Revenue, State
Revolving Fund, New York City Municipal Water
Finance Authority, 5.75%, 06/15/2007
22 Sanford C. Bernstein Fund, Inc.--1996 Semiannual Report
<PAGE>
Principal Amount Description Market Value
- --------------------------------------------------------------------
2,975,000 New York State Environmental Facilities $ 2,989,786
Corp., Pooled Loan, Pollution Control
Revenue, State Revolving Fund Series 95-A,
5.20%, 05/15/2008
3,085,000 New York State Environmental Facilities 3,100,240
Corp., Pooled Loan, Pollution Control
Revenue, State Revolving Fund Series 95-A,
5.30%, 05/15/2009
685,000 New York State Environmental Facilities 691,227
Corp., Pooled Loan, Pollution Control
Revenue, State Revolving Fund Series 95-A,
5.40%, 05/15/2010
2,500,000 New York State Environmental Facilities 2,398,800
Corp., Pooled Loan, Pollution Control
Revenue, State Revolving Fund Series 96-A,
4.95%, 06/15/2010
4,430,000 New York State Environmental Facilities 4,556,476
Corp., Pollution Control Revenue, State
Revolving Fund, New York City Municipal
Water Finance Authority, 5.75%, 06/15/2011
-----------
Total Water/Sewer Revenue (Cost $27,931,168) 28,865,999
-----------
Miscellaneous Revenue: 2.65%
1,000,000 Port Authority of New York 1,004,930
& New Jersey Revenue Series
SS, AMT, 4.90%, 09/01/1997
2,715,000 MTA, New York Transit Facilities 2,766,639
Series M, 5.10%, 07/01/1998
3,420,000 Battery Park City Authority, New 3,640,009
York Revenue, 6.00%, 11/01/2003
4,015,000 Port Authority of New York & New 3,862,430
Jersey Revenue, 4.60%, 10/01/2005
2,050,000 Port Authority of New York & New 1,963,777
Jersey Revenue, 5.125%, 11/15/2011
-----------
Total Miscellaneous Revenue (Cost $12,985,124) 13,237,785
-----------
Industrial Development/Pollution Control Revenue: 1.29%
4,000,000 New York City Industrial Development 4,027,960
Agency, Special Facilities Revenue,
Terminal One Group Association
Limited Partnership Project, AMT,
5.30%, 01/01/2000
1,330,000 New York City Industrial Development 1,360,364
Agency, Special Facilities Revenue, Terminal
One Group Association Limited Partnership
Project, AMT, 6.00%, 01/01/2007
1,000,000 Hempstead Town, New York 1,033,670
Industrial Development Agency,
7.40%, 12/01/2010
-----------
Total Industrial Development/Pollution 6,421,994
Control Revenue (Cost $6,383,937)
-----------
Total Revenue (Cost $88,684,131) 90,903,758
-----------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $479,114,918) 98.05% $489,485,980
(Note F, below)
Cash and Other Assets, Less Liabilities 1.95 9,713,155
------- ------------
Net Assets (Equivalent to $13.39
per share based on 37,287,388
shares of capital stock outstanding) 100.00% $499,199,135
======= ============
- --------------------------------------------------------------------------------
(A) Commercial paper owned at March 31, 1996, was purchased at a rate of 5.38%.
(B) $4,820,000 principal amount segregated as collateral for when-issued
securities
(C) Explanation 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
(D) $450,000 principal amount segregated as collateral for when-issued
securities
(E) When-issued security
(F) At March 31, 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 23
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
Diversified Municipal Portfolio
March 31, 1996 (unaudited)
Principal Amount Description Market Value*
- --------------------------------------------------------------------
COMMERCIAL PAPER (Note A, p. 27): 0.68%
- --------------------------------------------------------------------
721,000 Prudential Funding Corp., $ 721,000
04/01/1996
---------
Total Commercial Paper (Cost $721,000) 721,000
---------
- --------------------------------------------------------------------
PREREFUNDED/ESCROWED: 35.44%
- --------------------------------------------------------------------
500,000 Detroit, Michigan Distributable 500,445
State Aid, 5.375%, 05/01/1996,
Escrowed to Maturity
1,485,000 Florida State Board of Education, 1,524,204
Capital Administration Series B,
7.50%, 06/01/2005, Prerefunded 06/01/1996
@102
2,565,000 Southern California Public Power 2,637,436
Authority, Power Project Revenue
Series A, 6.875%, 07/01/2015,
Prerefunded 07/01/1996 @102,
1,000,000 Florida State Department of Natural 1,029,380
Resources, Save Our Coast,
7.35%, 07/01/2007,
Prerefunded 07/01/1996 @102,
1,000,000 Arizona State University Revenue, 1,029,740
7.50%, 07/01/2016,
Prerefunded 07/01/1996 @102,
2,000,000 Arizona State Transportation Board, 2,061,400
Highway Revenue, 7.90%, 07/01/1998,
Prerefunded 07/01/1996 @102,
1,200,000 Rhode Island Depositors Economic 1,238,340
Protection Corp. Series A,
7.25%, 08/01/2021,
Prerefunded 08/01/1996 @102
3,275,000 Gwinnett County Water & Sewer Authority, 3,395,454
Georgia, 8.75%, 08/01/2006,
Prerefunded 08/01/1996 @102,
1,380,000 Texas Municipal Power Agency Revenue, 1,430,287
7.60%, 09/01/1997, Prerefunded
09/01/1996 @102
1,000,000 Washington State Series 86-D, 8.00%, 1,018,130
09/01/2005, Prerefunded 09/01/1996 @100,
1,500,000 Massachusetts Series A, 7.125%, 10/01/2005, 1,555,515
Prerefunded 10/01/1996 @102
1,000,000 University of Kentucky Series J, 1,042,180
6.00%, 05/01/2000,
Prerefunded 05/01/1997 @102
1,825,000 Du Page County, Illinois Water Revenue, 1,917,254
6.80%, 05/01/2007,
Prerefunded 05/01/1997 @102
1,145,000 Norfolk, Virginia, 6.60%, 06/01/2001, 1,203,590
Prerefunded 06/01/1997 @102
1,095,000 Montgomery County, Maryland 1,153,418
Series A, 6.60%, 07/01/1998,
Prerefunded 07/01/1997 @102
1,000,000 New York State Medical Care Facilities, 1,075,740
8.00%, 02/15/2025,
Prerefunded 08/15/1997 @102
500,000 Jacksonville, Florida Excise Tax Revenue, 537,880
7.75%, 10/01/2007, Prerefunded
10/01/1997 @102
1,675,000 Harris County Health Facilities Development 1,828,179
Corp., Texas, 9.00%, 10/01/2017,
Prerefunded 10/01/1997 @102
1,095,000 Passaic Valley Sewer Commission, 1,172,208
New Jersey Series C,
7.10%, 12/01/2020,
Prerefunded 12/01/1997 @102
1,000,000 Chicago Metropolitan Sanitation District, 1,075,210
Illinois, 7.50%, 01/01/2002,
Prerefunded 01/01/1998 @102
1,000,000 North Carolina Municipal Power Agency 1,078,180
Revenue, 7.625%, 01/01/2014,
Prerefunded 01/01/1998 @102
2,800,000 Harris County, Texas, Toll Road 3,075,520
Multimode, 8.125%, 08/15/2017,
Prerefunded 02/15/1998 @103
1,000,000 Metropolitan Atlanta Rapid Transit 1,091,350
Authority, Georgia Sales Tax
Revenue Series J, 7.60%, 07/01/2003,
Prerefunded 07/01/1998 @102
1,200,000 Minnesota State, 7.00%, 08/01/2002, 1,275,048
Prerefunded 08/01/1998 @100
1,000,000 Maryland State Department of 1,084,120
Transportation,
6.90%, 11/15/2004, Prerefunded
11/15/1998 @102
1,400,000 New Jersey State Building Authority 1,605,576
Revenue, 9.875%, 02/01/2013,
Prerefunded 02/01/1999 @100
-----------
Total Prerefunded/Escrowed (Cost $37,377,378) 37,635,784
-----------
- --------------------------------------------------------------------
INSURED (Note B, p. 27): 21.16%
- --------------------------------------------------------------------
1,000,000 District of Columbia Series B, FSA, 1,003,840
6.75%, 06/01/1996
*See Note 1, page 28 in Notes to Financial Statements.
24 Sanford C. Bernstein Fund, Inc.--1996 Semiannual Report
<PAGE>
Principal Amount Description Market Value
- --------------------------------------------------------------------
1,000,000 West Virginia School Building Authority $ 1,005,060
Revenue, MBIA-Issued Debt Service
Reserve Fund Surety Bond, 6.25%,
07/01/1996
1,015,000 Connecticut State Airport Revenue, 1,032,387
Bradley International Airport, FGIC,
7.15%, 10/01/1996
1,000,000 Maine Municipal Bond Bank Series 1,011,170
F, MBIA, 5.80%, 11/01/1996
(Note C, p.27)
1,300,000 Utah State Board of Regents, Student 1,320,072
Loan Revenue Series A, AMBAC, 7.125%,
11/01/1996
1,000,000 Massachusetts Housing Finance Agency 1,003,920
Series A, AMBAC, AMT,
4.90%, 01/01/1997
1,145,000 University of Kentucky, MBIA, 1,171,484
6.30%, 05/01/1997
2,130,000 Ohio State Higher Educational Facilities, 2,184,677
Community Revenue Series A, AMBAC, 6.40%,
05/01/1997
500,000 Convention Center Authority of Rhode Island 525,895
Series A, MBIA, 8.90%, 05/15/1997
1,545,000 Massachusetts Series A, FGIC, 7.875%, 1,612,130
06/01/1997
1,000,000 Northern California Public Power 1,015,240
Agency, Geothermal Project No. 3
Series B, AMBAC, 5.00%, 07/01/1997 (Note D,
p. 27)
1,200,000 Florida State Division of Bond Finance 1,216,968
Department of General Services Revenue,
Environmental Preservation, AMBAC,
5.00%, 07/01/1997
1,000,000 Alaska Student Loan Corp., Student Loan 1,033,260
Revenue Series A, AMBAC, AMT, 7.00%,
07/01/1997
1,000,000 Illinois State, FGIC, 5.25%, 07/01/1998 1,024,570
500,000 Alaska Student Loan Corp., Student 527,190
Loan Revenue, AMBAC, AMT, 7.10%,
07/01/1998
1,600,000 Worcester, Massachusetts Municipal 1,685,504
Purpose Series C, MBIA,
6.50%, 10/01/1998
1,000,000 New Orleans, Louisiana Water Revenue, 1,037,780
MBIA, 7.00%, 12/01/1998
1,000,000 Reedy Creek, Florida Utility Revenue, 1,078,620
MBIA, AMT, 8.50%, 10/01/2009
1,000,000 Philadelphia, Pennsylvania Airport 1,000,720
Revenue, Philadelphia Airport Systems
Series A, AMBAC, AMT, 5.75%, 06/15/2010
1,000,000 Lowell, Massachusetts, AMBAC, 981,650
5.50%, 08/01/2011
-----------
Total Insured (Cost $22,330,767) 22,472,137
-----------
- --------------------------------------------------------------------
TAX SUPPORTED: 29.31%
- --------------------------------------------------------------------
State General Obligations: 10.06%
1,000,000 Wisconsin State Series G, 1,002,150
6.10%, 05/01/1996
1,000,000 Maryland State, 6.70%, 1,009,480
07/15/1996
2,000,000 Pennsylvania, 5.50%, 11/15/1996 2,023,780
(Note E, p. 27)
900,000 Wisconsin State Series E, 928,791
6.80%, 05/01/1997
850,000 Georgia State, 6.75%, 877,345
09/01/1997
300,000 Maryland State, 6.55%, 312,624
10/15/1997
1,000,000 Illinois State, 5.00%, 1,010,830
11/01/1997
1,300,000 Wisconsin State, 5.00%, 1,324,843
05/01/1998
1,000,000 Georgia State Series C, 1,069,900
7.25%, 07/01/1998
1,110,000 Minnesota State, 4.70%, 1,126,550
08/01/1998
-----------
Total State General Obligations (Cost $10,641,070) 10,686,293
-----------
Local General Obligations: 11.64%
1,000,000 District of Columbia Series D, 1,001,540
6.60%, 06/01/1996
950,000 Houston Independent School District, 961,894
Texas, 6.90%, 08/15/1996
1,500,000 Harris County Flood Control District, 1,514,670
Texas Series A, 5.50%, 10/01/1996
1,000,000 Indianapolis Local Public Improvement 1,012,660
Bond Bank, Indiana Series B,
5.00%, 02/01/1997
2,090,000 Travis County, Texas, 2,155,145
7.00%, 03/01/1997
1,000,000 Multnomah County School District 1,003,110
No. 1J, Oregon, 4.00%, 06/01/1997
1,000,000 Washington Suburban Sanitation District, 996,560
Maryland, 5.10%, 06/01/1997
1,400,000 Maricopa County, Arizona Series 1,448,384
A, 6.80%, 07/01/1997
1,000,000 King County, Washington Limited 1,017,640
Tax Series A, 5.00%, 01/01/1998
725,000 Houston, Texas, 6.00%, 749,019
03/01/2000
500,000 New York, New York Series G, 501,070
5.70%, 02/01/2003
-----------
Total Local General Obligations (Cost $12,295,191) 12,361,692
-----------
Tax Lease: 4.69%
1,000,000 New York State Thruway Authority 1,000,000
Service Contract, 5.00%, 04/01/1996
Schedule of Investments--Municipal Bond Portfolios 25
<PAGE>
Principal Amount Description Market Value
- --------------------------------------------------------------------
285,000 New York State Energy Research & $ 285,929
Development Authority, Western
New York Nuclear Service Center
Series B, 5.00%, 04/01/1997
1,000,000 New York State Energy Research & 1,005,570
Development Authority, Western New
York Nuclear Service Center Project,
5.20%, 04/01/1997
500,000 Denver City & County School District 517,185
No. 1, Colorado Series B,
Collateralized Certificates,
6.00%, 12/01/1997
1,150,000 Los Angeles County, California Pension 1,179,486
Obligation Certificates
Series A, 6.875%, 06/30/2006
1,000,000 New York State Dormitory Authority, 997,440
City University, 5.75%, 07/01/2007
-----------
Total Tax Lease (Cost $4,968,100) 4,985,610
-----------
Special Tax: 2.92%
1,040,000 Metropolitan Fair & Exposition Authority, 1,045,148
Illinois, 7.30%, 06/01/1996
850,000 Arizona State Transportation Board, 884,272
Excise Tax Revenue, Maricopa County
Regional Area, 7.30%, 07/01/1997
1,000,000 Connecticut State Special Tax Obligation 1,174,580
Series B, 7.125%, 06/01/2010
-----------
Total Special Tax (Cost $3,071,281) 3,104,000
-----------
Total Tax Supported (Cost $30,975,642) 31,137,595
-----------
- --------------------------------------------------------------------
REVENUE: 11.74%
- --------------------------------------------------------------------
Electric Revenue: 0.95%
1,000,000 Washington Public Power Supply System 1,010,680
Revenue, Nuclear Project
No. 2 Series A, 5.10%, 07/01/1998
-----------
Total Electric Revenue (Cost $1,008,376) 1,010,680
-----------
Health Care Revenue: 0.92%
950,000 Philadelphia Hospitals & Higher Education 978,700
Facilities Authority, Pennsylvania, Graduate
Health Systems Obligation, 6.70%, 07/01/1998
-----------
Total Health Care Revenue (Cost $990,227) 978,700
-----------
Higher Education Revenue: 1.07%
1,120,000 New Jersey State Educational Facilities 1,137,136
Authority, Princeton University
Series C, 4.50%, 07/01/1998
-----------
Total Higher Education Revenue (Cost $1,130,690) 1,137,136
-----------
Water/Sewer Revenue: 6.44%
2,275,000 Dallas, Texas Waterworks & Sewer 2,275,000
System, 6.75%, 04/01/1996
1,000,000 Dallas, Texas Waterworks & Sewer 1,011,020
System Series A, 5.90%, 10/01/1996
1,240,000 New York State Environmental Facilities 1,231,990
Corp., Pooled Loan, Pollution Control
Revenue, State Revolving Fund Series B,
3.55%, 02/15/1998
1,240,000 San Antonio, Texas Water Revenue, 1,277,026
5.60%, 05/15/1998
1,050,000 Philadelphia, Pennsylvania Water 1,049,055
and Wastewater Revenue,
4.75%, 06/15/1998
-----------
Total Water/Sewer Revenue (Cost $6,817,937) 6,844,091
-----------
Industrial Development/Pollution Control Revenue: 2.36%
1,000,000 Hempstead Town, New York 1,033,670
Industrial Development Agency,
7.40%, 12/01/2010
1,475,000 Delaware County Industrial Development 1,474,440
Authority, Pennsylvania Resource
Recovery Project Series G, 4.25%,
12/01/2013
-----------
Total Industrial Development/Pollution
Control Revenue (Cost $2,471,306) 2,508,110
-----------
Total Revenue (Cost $12,418,536) 12,478,717
-----------
- --------------------------------------------------------------------
ASSET-BACKED SECURITY: 0.94%
- --------------------------------------------------------------------
1,000,000 Maryland State Community Development 993,210
Administration Home Mortgage Revenue
Series A, Mandatory Put 11/01/1997
@100, 4.77%, 11/01/2007
-----------
Total Asset-Backed Security (Cost $995,764) 993,210
-----------
- --------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------
Total Investments (Cost $104,819,087) 99.27% $105,438,443
(Note F, p. 27)
Cash and Other Assets, Less Liabilities 0.73 775,283
------- ------------
Net Assets (Equivalent to $12.55
per share based on 8,465,440
shares of capital stock outstanding) 100.00% $106,213,726
======= ============
- --------------------------------------------------------------------
26 Sanford C. Bernstein Fund, Inc.--1996 Semiannual Report
<PAGE>
(A) Commercial paper owned at March 31, 1996, was
purchased at rate of 5.38%.
(B) Explanation 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
(C) $1,000,000 principal amount segregated as collateral for when-issued
security
(D) When-issued security
(E) $400,000 principal amount segregated as collateral for when-issued
security
(F) At March 31,1996, the cost basis of investment securities owned was
substantially identical for both book and tax.
(G) Allocation of Portfolio net assets at March 31, 1996:
Alaska 1.47%
Arizona 5.11
California 4.55
Colorado 0.49
Connecticut 2.08
District of Columbia 1.89
Florida 5.07
Georgia 6.06
Illinois 5.72
Indiana 0.95
Kentucky 2.08
Louisiana 0.98
Maine 0.95
Maryland 5.22
Massachusetts 6.44
Michigan 0.47
Minnesota 2.26
New Jersey 3.69
New York 6.71
North Carolina 1.02
Ohio 2.06
Oregon 0.94
Pennsylvania 6.13
Rhode Island 1.66
Texas 15.33
Utah 1.24
Virginia 1.13
Washington 2.87
West Virginia 0.95
Wisconsin 3.07
Commercial Paper 0.68
Cash and Other Assets, Less
Liabilities 0.73
------
Total 100.00%
======
See Notes to Financial Statements.
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
California Municipal Portfolio
March 31, 1996 (unaudited)
Principal Amount Description Market Value
- --------------------------------------------------------------------
COMMERCIAL PAPER (Note A, p. 29): 1.35%
- --------------------------------------------------------------------
933,000 Prudential Funding Corp.,
04/01/1996 $ 933,000
---------
Total Commercial Paper (Cost $933,000) 933,000
---------
- --------------------------------------------------------------------
PREREFUNDED/ESCROWED: 60.91%
- --------------------------------------------------------------------
850,000 Santa Clara Valley Water District, 854,590
California Revenue,
6.80%, 06/01/1996,
Escrowed to Maturity
3,050,000 Los Angeles County, California Certificates 3,137,505
of Participation,
Van Nuys Courthouse Project,
9.00%, 06/01/2015,
Prerefunded 06/01/1996 @102
475,000 Southern California Public Power Authority 488,414
Series A, 6.875%, 07/01/2015,
Prerefunded 07/01/1996 @102
1,100,000 Southern California Public Power 1,131,724
Authority Series B,
7.125%, 07/01/2015,
Prerefunded 07/01/1996 @102
1,000,000 Southern California Public Power 1,040,560
Authority, Transmission Project
Revenue, 7.875%, 07/01/2018, Prerefunded
07/01/1996 @103
1,000,000 Pittsburg Redevelopment Agency, 1,033,900
California, Los Medanos Community
Development Project, 7.75%, 08/01/2015,
Prerefunded 08/01/1996 @102
1,000,000 Oceanside Community Development 1,034,530
Commission, California, Civic Center
Project, 8.00%, 08/01/2019, Prerefunded
08/01/1996 @102
1,095,000 Saddleback Community College District, 1,134,223
California Certificates of
Participation, 8.40%, 08/01/2011,
Prerefunded 08/01/1996 @102
1,500,000 California Educational Facilities 1,577,910
Authority, Pomona College,
8.125%, 01/01/2017,
Prerefunded 01/01/1997 @102
*See Note 1, page 28 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 27
<PAGE>
Principal Amount Description Market Value
- --------------------------------------------------------------------
2,900,000 Sacramento Municipal Utility District, $ 3,038,736
California, Electric Revenue
Series R, 7.125%, 02/01/2013,
Prerefunded 02/01/1997 @102
1,000,000 San Diego County Water Authority, 1,032,940
California Certificates of
Participation Series A,
6.85%, 05/01/1997, Escrowed to Maturity
500,000 San Jose Public Facilities Financing 531,575
Corp., California Certificates of Participation,
7.90%, 05/01/2010,
Prerefunded 05/01/1997 @102
3,750,000 Los Angeles Unified School District, 4,006,238
California Certificates of Participation,
8.125%, 06/01/2008,
Prerefunded 06/01/1997 @102
1,400,000 Santa Rosa, California Wastewater 1,495,956
Revenue, 7.80%, 07/02/2015,
Prerefunded 07/02/1997 @102
2,590,000 Sacramento Public Facilities Financing Corp., 2,792,693
California Certificates of Participation,
8.00%, 08/01/2005,
Prerefunded 08/01/1997 @102.50
1,930,000 Sacramento-Yolo County Port District, 2,102,986
California Series A,
8.30%, 12/01/2003,
Prerefunded 12/01/1997 @102
1,000,000 Turlock Irrigation District, California 1,071,050
Certificates of Participation,
7.25%, 01/01/2005,
Prerefunded 01/01/1998 @102
750,000 Northern California Power Agency, 811,200
Public Power Series B,
8.00%, 07/01/2024,
Prerefunded 07/01/1998 @100
3,855,000 Puerto Rico Highway Authority 4,258,850
Revenue Series P,
8.125%, 07/01/2013,
Prerefunded 07/01/1998 @102
1,000,000 Los Angeles, California Wastewater 1,077,480
System Revenue, 6.80%, 08/01/2019,
Prerefunded 08/01/1998 @102
1,000,000 Sacramento Municipal Utility District, 1,099,620
California Series V,
7.75%, 08/15/2003,
Prerefunded 08/15/1998 @102
1,000,000 Contra Costa County Water District, 1,099,590
California Revenue Series B,
7.625%, 10/01/2018,
Prerefunded 10/01/1998 @102
2,375,000 California Health Facilities Financing 2,611,526
Authority, 7.625%, 10/01/2015,
Prerefunded 10/01/1998 @102
2,250,000 Goleta Sanitation & Water District, 2,478,195
California Certificates of Participation,
7.50%, 12/01/2012,
Prerefunded 12/01/1998 @102
1,000,000 Los Angeles, California Wastewater 1,094,260
System Revenue, 7.10%, 02/01/2021,
Prerefunded 02/01/1999 @102
-----------
Total Prerefunded/Escrowed (Cost $41,828,508) 42,036,251
-----------
- --------------------------------------------------------------------
INSURED (Note B, p. 29): 16.11%
- --------------------------------------------------------------------
1,000,000 San Francisco City & County Airport 1,000,960
Commission, California Airport Revenue
2nd Series Issue, CGIC,
AMT, 5.00%, 05/01/1996
1,000,000 Contra Costa County Public Facilities, 1,005,420
California Certificates of Participation,
BIGI, 7.00%, 06/01/1996
1,000,000 East Bay Municipal Utility District, 1,005,340
California Wastewater Treatment System
Revenue, AMBAC, 7.00%, 06/01/1996
500,000 San Francisco City & County Redevelopment 502,625
Agency, California Hotel Tax Revenue, CGIC,
5.75%, 07/01/1996
1,000,000 Los Angeles Unified School District, 1,009,140
California Certificates of Participation
Series A, AMBAC, 5.00%, 12/01/1996
1,080,000 Contra Costa Transportation Authority, 1,091,653
California Sales Tax Revenue
Series A, FGIC, 5.00%, 03/01/1997
1,610,000 Contra Costa Transportation Authority, 1,633,941
California Sales Tax Revenue
Series A, FGIC, 5.00%, 03/01/1998
1,000,000 Fairfield, California Water Revenue, 1,007,960
AMBAC, 4.50%, 04/01/1998
1,325,000 Rancho Water District Financing Authority, 1,399,319
California Revenue, FGIC, 6.50%, 11/01/1998
1,005,000 Los Angeles, California Wastewater System 990,206
Revenue Series D, FGIC, 5.375%, 11/01/2009
500,000 University of California Revenue, 474,660
Multiple Purpose Projects Series C, AMBAC,
5.25%, 09/01/2012
----------
Total Insured (Cost $11,094,590) 11,121,224
----------
28 Sanford C. Bernstein Fund, Inc.--1996 Semiannual Report
<PAGE>
Principal Amount Description Market Value
- --------------------------------------------------------------------
TAX SUPPORTED: 12.53%
- --------------------------------------------------------------------
Local General Obligation: 0.70%
500,000 Los Angeles, California Series A, $ 480,565
5.25%, 09/01/2011
----------
Total Local General Obligation (Cost $492,975) 480,565
----------
Tax Lease: 8.19%
1,030,000 San Diego Stadium Authority, California 1,032,348
Lease Revenue Series A,
4.40%, 07/15/1996
1,000,000 California State Public Works Board 1,036,010
Lease Revenue Series A,
6.50%, 09/01/1997
800,000 Puerto Rico Housing Finance Agency, 796,472
4.375%, 12/01/1997
1,700,000 California State Public Works Board 1,760,010
Lease Revenue, Community
Colleges Series A, 5.90%, 09/01/1998
1,000,000 Los Angeles County, California Pension 1,025,270
Obligation Certificates
Series A, 6.875%, 06/30/2007
----------
Total Tax Lease (Cost $5,598,198) 5,650,110
----------
Special Tax: 0.73%
500,000 Pleasanton Joint Powers Financing 501,640
Authority, California Revenue
Reassessment Series A, 4.60%,
09/02/1996
----------
Total Special Tax (Cost $495,131) 501,640
----------
Miscellaneous Tax: 2.91%
1,000,000 Puerto Rico Municipal Finance Agency 1,000,990
Series A, 4.60%, 07/01/1996
1,000,000 Puerto Rico Municipal Finance Agency 1,005,450
Series A, 4.80%, 07/01/1997
----------
Total Miscellaneous Tax (Cost $1,992,874) 2,006,440
----------
Total Tax Supported (Cost $8,579,178) 8,638,755
----------
- --------------------------------------------------------------------
REVENUE: 7.51%
- --------------------------------------------------------------------
Electric Revenue: 1.48%
1,000,000 Northern California Public Power 1,021,560
Agency, Geothermal Project No. 3
Series A, 7.00%, 07/01/2007
----------
Total Electric Revenue (Cost $1,023,802) 1,021,560
----------
Health Care Revenue: 1.45%
1,000,000 California Community Development 1,000,770
Authority, Certificates of Participation,
St. Joseph's Health Systems Group, 4.55%,
07/01/1996
----------
Total Health Care Revenue (Cost $1,000,000) 1,000,770
----------
Higher Education Revenue: 1.62%
1,050,000 California Educational Facilities 1,118,628
Authority, University of Southern
California Series A, 7.70%, 10/01/2000
----------
Total Higher Education Revenue (Cost $1,132,094) 1,118,628
----------
Water/Sewer Revenue: 2.06%
730,000 California State Department of Water 784,699
Resources Series F, 7.25%, 12/01/2002
650,000 Sacramento County Sanitation District 638,131
Financing Authority, California,
5.00%, 12/01/2007
----------
Total Water/Sewer Revenue (Cost $1,424,700) 1,422,830
----------
Miscellaneous Revenue: 0.90%
615,000 Sacramento Regional Transportation 622,152
District, California Series A,
5.50%, 03/01/1997
----------
Total Miscellaneous Revenue (Cost $621,125) 622,152
----------
Total Revenue (Cost $5,201,721) 5,185,940
----------
- --------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------
Total Investments (Cost $67,636,997) 98.41% $67,915,170
(Note C, below)
Cash and Other Assets, Less Liabilities 1.59 1,099,230
------- -----------
Net Assets (Equivalent to $12.56
per share based on 5,496,745
shares of capital stock outstanding) 100.00% $69,014,400
======= ===========
- --------------------------------------------------------------------
(A) Commercial paper owned at March 31, 1996, was purchased at a
rate of 5.38%.
(B) Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC--AMBAC Indemnity Corporation
BIGI--Bond Insurance Group, Inc.
CGIC--Capital Guaranty Insurance Company
FGIC--Financial Guaranty Insurance Company
Other abbreviations:
AMT--Subject to Alternative Minimum Tax
(C) At March 31, 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
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
New York Municipal Portfolio
March 31, 1996 (unaudited)
Principal Amount Description Market Value*
- --------------------------------------------------------------------
COMMERCIAL PAPER (Note A, p. 31): 0.84%
- --------------------------------------------------------------------
453,000 Prudential Funding Corp., $453,000
04/01/1996
--------
Total Commercial Paper (Cost $453,000) 453,000
--------
- --------------------------------------------------------------------
PREREFUNDED/ESCROWED: 49.85%
- --------------------------------------------------------------------
2,800,000 Triborough Bridge & Tunnel 2,949,072
Authority, New York, Toll
Revenue Series K, 8.25%, 01/01/2017,
Prerefunded 01/01/1997 @102
1,050,000 New York State Dormitory Authority, 1,081,301
State University Series A,
6.50%, 05/01/1997, Escrowed
to Maturity
1,000,000 New York City Municipal Water Finance 1,053,270
Authority Series A, 7.00%, 06/15/2018,
Prerefunded 06/15/1997 @101.50
3,360,000 New York City Municipal Water Finance 3,631,118
Authority Series A, 9.00%, 06/15/2017,
Prerefunded 06/15/1997 @102
500,000 New York State Dormitory Authority, 535,420
City University Series A,
AMBAC, 8.00%, 07/01/2007,
Prerefunded 07/01/1997 @102
1,000,000 Puerto Rico Electric Power Authority 1,075,660
Series L, 8.40%, 07/01/2015,
Prerefunded 07/01/1997 @102
1,050,000 MTA, New York Transit Facilities 1,130,703
Series 1, 8.50%, 07/01/2017,
Prerefunded 07/01/1997 @102
1,000,000 Puerto Rico Electric Power Authority 1,086,540
Series K, 9.25%, 07/01/2006,
Prerefunded 07/01/1997 @102
1,000,000 New York City Series D, 1,079,910
8.50%, 08/01/2008,
Prerefunded 08/01/1997 @102
1,000,000 New York State Medical Care Facilities 1,075,740
Finance Authority, 8.00%, 02/15/2025,
Prerefunded 08/15/1997 @102
550,000 New York City Series A, 596,970
8.50%, 11/01/2008,
Prerefunded 11/01/1997 @101.50
1,000,000 New York City Series A, $ 1,085,400
8.50%, 11/01/2010,
Prerefunded 11/01/1997 @101.50
720,000 New York State Urban Development Corp., 776,059
Correctional Facilities Series D, 7.50%,
01/01/2012, Prerefunded 01/01/1998 @102
1,920,000 New York State Medical Care Facilities 2,083,891
Finance Authority, 7.70%, 02/15/2018,
Prerefunded 02/15/1998 @102
4,000,000 New York State Medical Care Facilities 4,380,400
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 Service 550,485
Contract Series 2,
8.00%, 07/01/2018,
Prerefunded 07/01/1998 @102
1,400,000 New York City Series I, 1,493,982
6.90%, 08/15/1998,
Escrowed to Maturity
1,260,000 Battery Park City Authority, New 1,342,795
York Revenue, 6.50%, 05/01/2020,
Prerefunded 05/01/1999 @100
-----------
Total Prerefunded/Escrowed (Cost $26,750,495) 27,008,716
-----------
- --------------------------------------------------------------------
INSURED (Note B, p. 31): 14.98%
- --------------------------------------------------------------------
600,000 Rochester, New York Series A, AMBAC, 603,084
5.30%, 08/15/1996
760,000 Ulster County, New York, 769,318
AMBAC, 6.30%, 10/15/1996
750,000 Niagara Falls, New York, 755,025
MBIA, AMT, 5.10%, 11/01/1996
1,220,000 Nassau County, New York Series P, 1,239,544
FGIC, 6.30%, 11/01/1996
1,000,000 Puerto Rico Series A, 1,037,830
FGIC, 7.00%, 07/01/1997
710,000 Suffolk County, New York Series A, 715,240
AMBAC, 4.50%, 08/01/1997
1,300,000 Nassau County, New York Series P, 1,347,034
FGIC, 6.30%, 11/01/1997
1,010,000 New York City Industrial Development 1,031,735
Agency, USTA National Tennis Center,
FSA, 5.30%, 11/15/1997
590,000 New York State Dormitory Authority, 617,010
State University Series A,
AMBAC, 6.00%, 07/01/2011
----------
Total Insured (Cost $8,054,713) 8,115,820
----------
*See Note 1, page 28 in Notes to Financial Statements.
30 Sanford C. Bernstein Fund, Inc.--1996 Semiannual Report
<PAGE>
Principal Amount Description Market Value
- --------------------------------------------------------------------
TAX SUPPORTED: 23.88%
- --------------------------------------------------------------------
State General Obligation: 3.03%
1,600,000 New York State Series A, $ 1,643,040
5.50%, 03/15/1998
-----------
Total State General Obligation (Cost $1,616,735) 1,643,040
-----------
Local General Obligations: 6.11%
865,000 Brookhaven, New York, 875,216
5.70%, 11/15/1996
455,000 Onondaga County, New York, 464,464
5.40%, 04/01/1997
500,000 New York City, 7.20%, 521,430
10/01/1997
1,430,000 Oyster Bay, New York, 1,449,276
4.80%, 12/01/1997
-----------
Total Local General Obligations (Cost $3,287,424) 3,310,386
-----------
Tax Lease: 8.39%
1,020,000 New York State Thruway Authority 1,020,000
Service Contract, 5.00%, 04/01/1996
1,400,000 New York State Certificates of Participation, 1,400,196
4.375%, 03/01/1997
300,000 New York State Energy Research & 301,671
Development Authority, Western New
York Nuclear Service Center Project,
5.20%, 04/01/1997
570,000 New York State Dormitory Authority, 572,696
State University Series A,
4.75%, 07/01/1997
705,000 Puerto Rico Housing, Bank and Finance 701,891
Agency, 4.375%, 12/01/1997
550,000 New York State Energy Research & 551,958
Development Authority, Western
New York Nuclear Service Center
Project, 5.00%, 04/01/1998
-----------
Total Tax Lease (Cost $4,538,997) 4,548,412
-----------
Special Tax: 6.35%
1,365,000 New York State Local Government 1,388,232
Assistance Corp. Series A,
5.50%, 04/01/1997
1,000,000 MAC New York Series 59, 1,042,450
7.25%, 07/01/1997
1,000,000 New York State Thruway Authority 1,008,290
Highway & Bridge Trust Fund
Series B, 5.00%, 04/01/1998
-----------
Total Special Tax (Cost $3,414,251) 3,438,972
-----------
Total Tax Supported (Cost $12,857,407) 12,940,810
-----------
- --------------------------------------------------------------------
REVENUE: 8.53%
- --------------------------------------------------------------------
Toll Revenue: 1.42%
750,000 Triborough Bridge & Tunnel Authority, $ 766,425
New York, Toll Revenue
Series L, 7.15%, 01/01/1997
-----------
Total Toll Revenue (Cost $760,634) 766,425
-----------
Water/Sewer Revenue: 6.16%
2,250,000 New York State Environmental Facilities 2,293,673
Corp., Pollution Control Revenue,
State Revolving Fund Series E,
5.75%, 06/15/1997
1,050,000 New York State Environmental Facilities 1,043,217
Corp., Pollution Control Revenue,
State Revolving Fund, Series B,
3.55%, 02/15/1998
-----------
Total Water/Sewer Revenue (Cost $3,318,803) 3,336,890
-----------
Industrial Development/Pollution Control Revenue: 0.95%
500,000 Hempstead Town, New York 517,090
Industrial Development Agency,
7.375%, 12/01/2005
-----------
Total Industrial Development/Pollution 517,090
Control Revenue (Cost $517,887)
-----------
Total Revenue (Cost $4,597,324) 4,620,405
-----------
- --------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------
Total Investments (Cost $52,712,939) 98.08% $53,138,751
(Note C, below)
Cash and Other Assets, Less Liabilities 1.92 1,042,770
------- -----------
Net Assets (Equivalent to $12.57
per share based on 4,311,861
shares of capital stock outstanding) 100.00% $54,181,521
======= ===========
- --------------------------------------------------------------------
(A) Commercial paper owned at March 31, 1996, was purchased at a
rate of 5.38%.
(B) Explanation 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
(C) At March 31, 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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