<PAGE>
----------------------------------
SANFORD C. BERNSTEIN FUND, INC.
----------------------------------
ANNUAL REPORT -- SEPTEMBER 30, 1997
Fixed-Income &
International-Equity
Investments
<PAGE>
This publication must be accompanied or preceded by a
prospectus of the Sanford C. Bernstein Fund, Inc.,
which should be read carefully before investing.
<PAGE>
Table of Contents
Portfolio Returns .................2
To Our Shareholders .................3
Statements of Assets and Liabilities ................12
Statements of Operations ................14
Statements of Changes in Net Assets ................17
Financial Highlights ................20
Notes to Financial Statements ................28
Directors and Officers ................inside back cover
Portfolio Overviews
Foreign Stocks .................8
Taxable Bonds .................9
Municipal Bonds ................10
<PAGE>
Portfolio Returns(1)
THROUGH SEPTEMBER 30, 1997
<TABLE>
<CAPTION>
TOTAL RETURNS
------------------- COMPOUND ANNUAL RETURNS
PAST SIX PAST 12 ---------------------------------
MONTHS MONTHS PAST FIVE YEARS SINCE INCEPTION INCEPTION DATE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SANFORD C. BERNSTEIN FUND PORTFOLIOS
International Value(2) 13.2% 23.2% 15.5% 13.7% June 22, 1992
Emerging Markets Value(2) December 15, 1995
Before deduction of purchase and
redemption fees described below (5.3) 3.8 -- 7.2
After deduction of 2% purchase and
2% redemption fees--both paid
to the portfolio, not to Bernstein (9.0) (0.3) -- 4.8
Intermediate Duration 6.1 8.7 6.7 8.7 January 17, 1989
Short Duration Plus 3.5 6.2 5.1 7.0 December 12, 1988
Government Short Duration 3.4 5.9 4.8 6.6 January 3, 1989
Diversified Municipal 4.6 7.0 5.6 6.6 January 9, 1989
California Municipal 4.7 6.8 5.6 6.6 August 6, 1990
New York Municipal 4.5 6.7 5.5 6.7 January 9, 1989
Short Duration Diversified Municipal 2.3 4.2 -- 4.5 October 3, 1994
Short Duration California Municipal 2.1 3.9 -- 4.3 October 3, 1994
Short Duration New York Municipal 2.2 4.0 -- 4.3 October 3, 1994
MARKET BENCHMARKS
Major Foreign Markets Index (MSCI EAFE)(3) 14.7% 23.7% 15.3%
MSCI Emerging Markets Free Index (1.2) 6.6 --
Lehman Brothers Aggregate Bond Index 7.1 9.7 6.9
Inflation 0.8 2.2 2.7
LIPPER MUTUAL-FUND COMPOSITES(4)
Foreign Stock Composite 12.2% 18.1% 13.1%
Emerging-Markets Composite 7.5 19.6 --
Intermediate Bond Composite 6.5 8.9 6.1
Short-Term Bond Composite 4.0 6.6 5.1
Intermediate Municipal Composite 5.0 7.2 5.9
Short-Term Municipal Composite 3.0 4.9 --
</TABLE>
................................................................................
1 Except where noted for Emerging Markets Value, results are after all fees
and expenses. Past performance is not predictive of future results. The
investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than
the original cost.
2 International Value and Emerging Markets Value returns throughout this
report include dividends net of withholding taxes.
3 Morgan Stanley Capital International (MSCI) EAFE index of major foreign
markets in Europe, Australia and the Far East, with currencies half-hedged
and countries weighted according to gross domestic product.
4 Lipper composites are the equal-weighted average returns of the mutual
funds in the relevant Lipper Analytical Services categories; the average
fund in a category may differ in composition from Bernstein's portfolios.
- --------------------------------------------------------------------------------
2 Sanford C. Bernstein Fund, Inc.
<PAGE>
To Our Shareholders:
For investors in bonds and foreign stocks, the 12 months through September 30
may have seemed a bit humdrum, what with the surging U.S. stock market stealing
the thunder. But the fact is the past year was also an extraordinary period for
major foreign stock markets. Most European markets beat U.S. stocks over the
past 12 months in local-currency terms, with a number of markets gaining as much
as 50%; the main disappointment was Japan (display). Bonds, too, fared well.
Emerging markets, however, were if anything too exciting: Dramatic losses in
Southeast Asia undercut huge gains in Latin America, the Middle East and
emerging Europe.
HIGHLIGHTS:
o Bernstein International Value rose a robust 23.2% during the 12 months,
keeping pace with its benchmark and outdistancing the average foreign-stock
mutual fund by more than five percentage points (see facing page). Good
stock selection within most of the markets, coupled with largely successful
currency-hedging strategies, more than offset an emphasis on Japanese
stocks. In its five and a quarter years, International Value has compounded
2.4 percentage points a year faster than the average international fund.
o Emerging Markets Value benefited from strong gains in most of the 16
markets invested in (we've recently added Portugal) but was buffeted by
Southeast Asia's market turmoil. The portfolio's 3.8% rise for the 12
months* trailed the benchmark index and the mutual-fund average, as
unfavorable country allocation cut into gains from stock selection.
o Bernstein's nine bond portfolios profited from the benign market climate,
as interest rates fell, pushing bond prices up. Intermediate Duration
returned 8.7% in interest plus capital gains from price appreciation
(display, page 6); the intermediate municipal-bond portfolios returned
between 6.7 and 7.0%.
============
GLOBAL RALLY
============--------------------------------------------------------------------
Major Stock-Market Returns:
Past 12 Months Ended Sep 30, 1997
Most major markets boomed over the past year, although the strengthening dollar
somewhat reduced overseas returns for U.S. investors
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Local Currency Dollars
-------------- -------
Italy 51.8 33.9
Germany 51.5 30.8
France 41.6 23.2
U.S. 40.4
U.K. 35.5 40
Japan -8.8 -15.8
Source: Morgan Stanley Capital International (MSCI) and Standard & Poor's
................................................................................
* This excludes the 2% purchase fee that new shareholders pay into the Fund
to cover the trading costs incurred in investing their money into emerging
markets. A 2% fee is also levied on withdrawals from the portfolio to cover
the trading costs incurred in liquidating investments. These fees ensure
that shareholders pay their own transaction costs when entering and exiting
the Fund, and that long-term shareholders are not affected by these trades.
- --------------------------------------------------------------------------------
1997 Annual Report 3
<PAGE>
==============
JAPAN JOINS IN
==============------------------------------------------------------------------
Rising corporate profitability fueled European stock-market gains...
Return on Equity: Europe
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Germany France Italy
------- ------ -----
85 20.41 12.21 11.99
86 16.62 14.03 13.26
87 12.95 16.87 13.44
88 14.36 18.85 14.27
89 14.51 17.53 13.39
90 12.9 14.67 8.69
91 12.14 11.15 4.79
92 8.88 8.22 0.35
93 3.28 6.18 0.58
94 7.58 6.40 3.50
95 8.08 3.25 7.87
96 13.25 8.74 7.97
97E 13.25 9.95 9.92
98E 14.38 11.00 10.64
...and now Japan seems poised to join the earnings boom
Return on Equity
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Japanese Industrial Companies
-----------------------------
85 11.2
86 8.3
87 5.6
88 7.4
89 9.5
90 8.9
91 7.7
92 5.3
93 2.4
94 1.7
95 2.0
96 3.8
97E 5.1
98E 6.3
Source: MSCI and Bernstein
- --------------------------------------------------------------------------------
MAJOR MARKETS RIVAL U.S. RETURNS
................................................................................
Even though a strengthening dollar reduced foreign-stock returns for U.S.
investors, the European markets did well for us, earning 20-40% in dollar terms.
Fueling the continuing stock rally were dramatically higher corporate profits
(display). Throughout Europe, American-style capitalism and
shareholder-awareness are now "in," bringing a wave of U.S.-style corporate
restructurings and mergers. International Value has shared in the fruits of
several restructurings.
The one major country that has seriously lagged the global profit and
stock-market boom is Japan. Nonetheless, as of the end of the Fund's fiscal year
in September, Japanese stocks appeared to be one of the most attractive
investment opportunities in the world. Not only were stock prices low by
traditional measures--the market's price-to-book-value ratio was only half the
level in the U.S.--but Japanese companies' profits had decisively begun to rise
even without a rebound of the economy as a whole. The same kinds of
restructuring that have produced spectacular stock gains in the U.S. and Europe
are taking root in Japan, and as we've seen in Europe over the past year or so,
positive change can come fast in business and quickly propel stock prices. From
what we observe, the Japanese are doing the right things to put the economy and
profits back on track: We fully expect their efforts to pay off over time.
- --------------------------------------------------------------------------------
STOCK SELECTION IS KEY
................................................................................
Indeed, these efforts already have paid off among Japan's large exporters. Now
domestically oriented Japanese companies are also restructuring to cope with the
country's prolonged recession and toughen up to compete in deregulating markets.
But stock selection is even more critical under these conditions. We're
gratified that the stocks in our portfolio have outperformed the local market by
1.6 percentage points a year over the five and a quarter years since the Fund's
inception.
Across our International Value portfolio, value-oriented stock selection
combined with active currency management have made for strong long-term
performance. Nor has the portfolio taken undue risk. As of September, its
risk-adjusted return had earned a four-star overall rating from
- --------------------------------------------------------------------------------
4 Sanford C. Bernstein Fund, Inc.
<PAGE>
Morningstar (as ranked against 601 international-equity funds for the past three
years and 258 for the past five years).* Of course, international investing
involves exposure to special risks, such as currency fluctuations, differences
in accounting standards and economic and political instability.
- --------------------------------------------------------------------------------
CRISIS IN SOUTHEAST ASIA
................................................................................
These risks have been particularly evident in the emerging markets of late.
Lackluster performance in Asia turned brutal in July when Thailand devalued the
baht, touching off a currency crisis that soon spread to Malaysia, the
Philippines and Indonesia: "Bahtulism," one observer aptly called it. The
contagion spread to the region's stock markets, as investors perceived the
outlook had deteriorated and the risk increased. This combination of plunging
markets and currencies--emerging-market currencies are difficult if not
impossible to hedge--resulted in losses of 30-60% for dollar-based investors in
these markets (display).
But just as expectations for Southeast Asia were unrealistically high before
the crisis, it seems to us that undue pessimism has now set in. In our
experience, market overreaction is the source of the best long-term investment
returns, since it allows you to buy beneath intrinsic value. Not only do we
expect eventual economic and stock-market recoveries along the Pacific Rim, but
we're also seeking out companies that should do better than most as recoveries
unfold.
The important thing to remember is that our broadly distributed portfolio is
designed to concentrate on finding the best stocks within each market rather
than shifting money from one market to another in an attempt to catch the highs
and sidestep the lows. Our research and experience suggest the latter is largely
futile in these unpredictable parts of the world. We avoid the riskiest markets
systematically--less-established markets like Russia and Venezuela that are
lacking in liquidity or investor safeguards. This dampened our performance
during the period, with some of these markets doing very well, but it should pay
off in long-term stability.
................................................................................
* The portfolio's overall Morningstar rating derives from its four-star
three-year rating (weighted at 40%) and its four-star five-year rating
(weighted at 60%). The rating firm ranks portfolios in this investment
category by how much their annual returns exceed those of 90-day Treasury
bills, with appropriate adjustments for fees, and for a risk factor that
takes into account any portfolio returns below those of 90-day T-bills
during the rating period. A fund ranked in the top 10% receives five stars;
the next 22.5%, four stars; the next 35%, three stars; the next 22.5%, two
stars; and the lowest 10%, one star. Ratings are subject to change monthly.
Past performance is no guarantee of future results.
=============
MIXED RESULTS
=============-------------------------------------------------------------------
Currency crises in Southeast Asia hit markets hard, dragging down the
emerging-markets index despite dramatic gains in Latin America and the Mideast
Emerging Stock-Market
Returns: Past 12 Months
Ended Sep 30, 1997
(in U.S. $)
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Turkey 91.3
Brazil 60.8
Mexico 60.2
Argentina 52.1
Chile 12.4
Indonesia -32.0
Malaysia -44.6
Philippines -52.1
Thailand -60.5
Emerging Markets Free Index 6.6
- --------------------------------------------------------------------------------
1997 Annual Report 5
<PAGE>
=================
INCOME PLUS GAINS
=================---------------------------------------------------------------
Falling interest rates pushed bond prices higher over the past 12 months, adding
capital gains to our bond portfolios' interest income
Example: Taxable Portfolios
(Periods Ended Sep 30, 1997)
INTERMEDIATE DURATION
............................................
Capital Income Total
Return Return Return
............................................
1997 1.1% 4.3% 5.3%
............................................
Past 12 Months 2.3 6.4 8.7
............................................
Annual
Since Inception 1.9 6.9 8.7
SHORT DURATION PLUS
............................................
Capital Income Total
Return Return Return
............................................
1997 0.2% 4.1% 4.3%
............................................
Past 12 Months 0.4 5.8 6.2
............................................
Annual
Since Inception 0.8 6.2 7.0
Note: Capital and income return may not add exactly to total return due to
rounding; inception dates are listed on page 2.
- --------------------------------------------------------------------------------
BOND PORTFOLIOS: PUTTING STABILITY FIRST
................................................................................
In the bond markets, we've continued to position our portfolios conservatively,
preferring to sacrifice the chance of extra return in favor of greater safety.
We've kept our durations--sensitivity to interest-rate changes--toward the low
end of their always-conservative ranges: Unemployment is near its lowest point
since the Vietnam War era, putting upward pressure on wages, and the dollar is
no longer rising against other currencies as a group, helping to stabilize
once-falling import prices. Thus we remain wary about a rise in inflation that
would trigger an increase in interest rates and depress bond prices, especially
for long-duration portfolios.
We've also added a significant share of inflation-protected bonds to our
investments, particularly in the taxable portfolios. Not only do these bonds
gain in principal value and interest payments to match the inflation rate, they
also represent an extraordinary current opportunity, as we see it. As there's
been little public concern about inflation, demand for inflation-protected
Treasuries has been low, depressing their prices and thereby elevating their
yields. If inflation comes in higher than expected--as we
anticipate--inflation-protected Treasuries will outperform standard bonds
decisively. If inflation is lower than anticipated, of course, these bonds will
underperform.
- --------------------------------------------------------------------------------
USING RESEARCH TO FIND OPPORTUNITIES
................................................................................
We've already had success with mortgage-backed securities and German bonds in
our taxable portfolios, and we've reduced these positions and used the profits
to triple our holding of corporate bonds. We're emphasizing less risky
short-term corporates and relying on our extensive research to identify
corporates that are sound but structurally complex or controversial and
therefore yield more than their realistic risks warrant. Abroad, we're
emphasizing Australian and Canadian bonds and maintaining our reduced position
in German bonds; all yield more than similar-maturity U.S. bonds once the
currency exposure is hedged (display, facing page).
Our tilt in municipal bonds has also been conservative. We've kept
durations short and maintained our quality focus, considering the extra yield on
most lower-rated municipals too modest to justify the additional risk. We've
found some exceptions here: Our research suggested, for
- --------------------------------------------------------------------------------
6 Sanford C. Bernstein Fund, Inc.
<PAGE>
instance, that an upgrade was imminent for New York's state and agency bonds, as
the state's fiscal condition had vastly improved, prompting us to increase these
holdings in both our New York and our nationally diversified municipal
portfolios. In August Standard & Poor's did raise the rating of New York
general-obligation and agency bonds, leading to good gains.
A key point to carry away from this past year is that markets really do
diverge, sometimes in extreme fashion. The steady performance of bonds over the
past 12 months and the high returns on stocks in Europe and Latin America have
been a welcome offset to the troubled Asian markets. This diversity in
performance at a single point in time illustrates why we offer the Bernstein
Fund portfolios--to give clients easy access to a range of investment
alternatives and a chance to better balance portfolios that are often rooted in
U.S. stocks. Broad market access is especially important at a time when
investment values remain higher outside the U.S. than within it, and our home
stock market has resumed its characteristic volatility.
As always, if you have questions or comments, I'd be happy to hear
from you.
============
FOREIGN BOND
ADVANTAGE
============--------------------------------------------------------------------
Australian, Canadian and German bonds were all yielding substantially more than
similar-maturity U.S. bonds once the currency exposure was hedged--our practice
except where a currency seems poised to rise
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Yield as of Sep 30, 1997*
Years to
Maturity U.S. Germany Australia Canada
-------- ---- ------- --------- ------
1 6.00 6.00 6.00 6.00
2 6.16 6.48 6.34 6.44
3 6.25 6.79 6.70 6.70
4 6.33 7.04 7.01 6.91
5 6.38 7.26 7.22 6.98
*With currency hedged
Source: Bloomberg L.P. and Bernstein
[PHOTOGRAPH OF
ROGER HERTOG] /s/ Roger Hertog
Roger Hertog, President
September 30, 1997
- --------------------------------------------------------------------------------
1997 Annual Report 7
<PAGE>
Foreign-Stock Portfolios
================================================================================
Country Weightings*
================================================================================
(September 30, 1997)
International Value Emerging Markets Value
-------------------- ----------------------
Japan 30.9% South Africa 9.6%
Germany 15.8 Mexico 8.3
France 11.3 Malaysia 8.2
Italy 9.5 Brazil 7.7
Britain 9.4 Taiwan 7.2
Canada 5.7 South Korea 6.6
Spain 4.6 Israel 6.1
Finland 2.6 Thailand 5.8
Netherlands 2.1 Argentina 5.3
Austria 1.8 China 5.1
Switzerland 1.8 India 5.1
Australia 1.7 Indonesia 5.1
Hong Kong 0.6 Turkey 5.1
Sweden 0.3 Chile 4.5
Philippines 3.9
Portugal 2.8
*Excluding cash; figures are rounded
================================================================================
Key Currency Hedges for International Value
================================================================================
(September 30, 1997)
[THE FOLLOWING TABLE WAS REPRESENTED BY A CHART IN THE PRINTED MATERIAL.]
0% Hedged: 50% Hedged: 100% Hedged:
Full Exposure Our Neutral Position No Exposure
Japanese Yen 70%
German Mark 51%
French Franc 33%
British Pound Unhedged
Italian Lira 30%
Overall Currency Hedge 48%
================================================================================
International Value
================================================================================
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Growth of $25,000(1)
International Value EAFE Foreign Stock Index Lipper Foreign Stock
(after all costs) (before all costs) Composite
------------------- ------------------------ --------------------
7/1/92 25000 25000 25000
24179 23874 24128
25280 24569 24354
23979 23844 23833
23419 23575 23097
23499 24015 23221
1/1/93 23754 24102 23530
24184 24357 23608
25128 25178 24153
27419 26568 25530
29208 28548 26812
29854 28798 27393
29128 28578 26815
30537 29727 27660
32261 31644 29356
31280 30796 29171
31986 31943 30440
29954 29609 29219
1/1/94 31953 31821 31928
34245 34058 33898
33820 33475 33159
33942 32679 31686
35041 34146 32482
34733 33453 32381
34142 32855 32038
34883 33706 32919
35351 34225 33887
33957 32753 33043
34140 33379 33684
33059 32424 32027
1/1/95 33177 32660 31719
32358 31654 30143
31758 31388 30185
31758 31740 31175
32769 33108 32182
32746 32962 32455
32488 32483 32455
34252 34704 34192
34360 34427 33546
34575 34652 34035
34315 33819 33348
34423 34732 33705
1/1/96 35854 36239 34723
37333 37316 35486
37267 37176 35628
37928 37820 36241
39453 39199 37401
39518 38796 37300
39960 39185 37550
38436 37640 36175
38591 37769 36573
40048 39247 37363
40004 38836 37117
41726 40634 38705
1/1/97 42115 40502 38837
42091 40849 38713
42681 41530 39255
43601 42315 39341
43884 42868 39420
45300 44508 41738
47258 47326 43670
49688 49367 44797
46574 45774 41643
9/30/97 49358 48549 44125
================================================================================
Portfolio Value Characteristics(2)
================================================================================
(September 30, 1997)
=======================================
EAFE
International Foreign Stock-
Value Market Index
=======================================
Price/Book 1.5x 2.5x
................................................................................
Price/Earnings 19.1x 26.6x
................................................................................
Dividend Yield 2.6% 1.8%
================================================================================
Emerging Markets Value
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Emerging Markets Value
after deduction of 2%
redemption fees--both
paid to the portfolio, MSCI Emerging Lipper
not to Bernstein. See Markets Free Index Emerging-Markets
footnote 3 below. (before all costs) Composite
---------------------- ------------------ ----------------
1/1/96 25000 25000 25000
26784 26777 27133
26760 26351 26932
27071 26557 27053
28422 27618 28149
28266 27495 28447
27932 27667 28606
26186 25776 26913
26174 26441 27642
26090 26665 27819
24942 25954 27107
25803 26388 27706
1/1/97 26226 26508 28185
28281 28316 30448
28953 29528 31587
28593 28753 30937
28100 28804 31128
28401 29628 32389
29230 31214 34187
30395 31680 35195
27115 27648 32021
9/30/97 26538 28414 33266
================================================================================
Portfolio Value Characteristics(2)
================================================================================
(September 30, 1997)
================================
Emerging MSCI Emerging
Markets Markets Free
Value Index
================================
Price/Book 1.0x 1.8x
................................................................................
Price/Earnings 12.9x 17.7x
................................................................................
Dividend Yield 3.0% 2.0%
................................................................................
1 Past performance is not predictive of future results. For International
Value, the index is the Morgan Stanley Capital International (MSCI) EAFE
index of major stock markets in Europe, Australia and the Far East, with
countries weighted according to gross domestic product and currency
positions half-hedged. For Emerging Markets Value, the index is the MSCI
Emerging Markets Free index. Both indexes are theoretical measures of stock
performance rather than actual available investments, which would reflect
such expenses as management fees, transaction and security-custody costs
and, in the case of a mutual fund, the costs of transfer agents and
shareholder servicing. The Lipper composites are the equal-weighted average
returns of the funds in Lipper's international and emerging-markets
categories.
2 Price/book, price/earnings and dividend yield are valuation measures: The
lower a portfolio's average price/book and price/earnings ratios and the
higher its dividend yield relative to an index, the cheaper its average
stock. The indexes in these tables are the same as those described in the
note above.
3 Reflects the growth of $25,000 in the portfolio after deduction of the 2%
purchase fee each investor must pay to the Fund upon making an investment
in the portfolio (except for reinvested capital gains and dividends) and
the 2% redemption fee payable on closing out an investment in the
portfolio. Excluding these fees, an investment of $25,000 in this portfolio
would have grown to $27,632.
- --------------------------------------------------------------------------------
8 Sanford C. Bernstein Fund, Inc.
<PAGE>
Taxable-Bond Portfolios
================================================================================
Intermediate Duration
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Lehman Brothers
Intermediate Duration Aggregate Bond Index Lipper Intermediate
(after all costs) (before all costs) Bond Composite
--------------------- -------------------- -------------------
2/1/89 25000 25000 25000
24865 24820 24898
25000 24927 24982
25432 25448 25397
25948 26117 25869
26694 26911 26462
27103 27484 26919
26868 27077 26658
27003 27215 26768
27602 27885 27228
27776 28150 27424
1/1/90 27846 28226 27501
27522 27890 27289
27602 27979 27365
27649 27999 27409
27427 27741 27269
28083 28562 27861
28447 29022 28207
28769 29424 28534
28480 29030 28326
28597 29272 28447
28879 29645 28618
29443 30283 29082
1/1/91 29892 30757 29457
30044 31138 29731
30478 31403 30004
30782 31620 30229
31132 31961 30574
31361 32146 30773
31371 32130 30773
31798 32577 31124
32494 33281 31749
33042 33956 32324
33469 34333 32666
33818 34649 32987
1/1/92 35005 35678 33920
34509 35193 33533
34754 35422 33661
34594 35222 33530
34848 35476 33764
35499 36146 34308
35991 36644 34798
36844 37391 35592
37051 37770 35891
37443 38218 36372
36919 37711 35830
37071 37719 35726
1/1/93 37692 38319 36222
38306 39054 36947
38962 39738 37619
39109 39904 37766
39343 40182 38034
39503 40234 38004
40374 40962 38676
40778 41195 38839
41611 41917 39557
41673 42030 39712
41895 42187 39839
41396 41828 39484
1/1/94 41589 42055 39670
42150 42622 40174
41399 41881 39459
40633 40846 38598
40296 40520 38251
40251 40516 38194
40172 40426 38121
40833 41231 38693
40805 41280 38770
40199 40674 38332
40152 40637 38275
40034 40548 38164
1/1/95 40276 40828 38347
41077 41636 38956
41895 42626 39767
42115 42888 40013
42631 43487 40530
44120 45170 41960
44477 45501 42225
44303 45399 42111
44811 45947 42582
45353 46394 42957
46074 46998 43490
46722 47702 44098
1/1/96 47458 48371 44658
47630 48692 44953
46700 47846 44185
46435 47513 43884
46241 47246 43616
46218 47150 43538
46715 47783 44034
46889 47914 44135
46899 47834 44100
47645 48668 44819
48616 49746 45724
49536 50598 46497
1/1/97 49158 50127 46088
49215 50281 46222
49317 50406 46314
48794 49847 45828
49429 50593 46423
49802 51072 46823
50402 51678 47342
51431 53071 48559
51177 52619 48132
9/30/97 51772 53395 48801
================================================================================
Portfolio Profile(2)
================================================================================
(September 30, 1997)
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Mortgages 30%
Foreign 12%
Treasury Inflation-Protected Securities 22%
Corporates 13%
Asset-Backeds 2%
Treasury Securities 21%
Average Credit Quality: AAA
Average Duration: 4.2 yrs.
================================================================================
Short Duration Plus
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Merrill Lynch 1-3 Year
Short Duration Plus Treasury Index Lipper Short-Term
(after all costs) (before all costs) Bond Composite
------------------- ---------------------- -----------------
1/1/89 25000 25000 25000
25200 25198 25208
25247 25198 25253
25372 25313 25377
25674 25701 25671
25969 26086 26005
26366 26574 26392
26663 26967 26727
26653 26800 26677
26826 26958 26815
27153 27365 27161
27348 27610 27354
1/1/90 27453 27720 27480
27517 27743 27469
27637 27873 27612
27770 27967 27739
27812 28022 27789
28152 28450 28164
28399 28750 28431
28676 29109 28889
28799 29196 28947
28939 29436 29112
29153 29760 29319
29391 30051 29621
1/1/91 29723 30416 29905
29845 30694 30099
30225 30877 30340
30514 31085 30577
30847 31379 30883
31109 31569 31099
31246 31698 31176
31533 31974 31454
31918 32413 31882
32198 32763 32261
32575 33114 32580
32930 33458 32887
1/1/92 33404 33967 33459
33364 33915 33372
33526 34033 33495
33521 34020 33482
33881 34333 33713
34236 34645 34050
34608 34998 34411
34968 35390 34848
35102 35702 35085
35287 36041 35394
35147 35825 35153
35255 35766 35090
1/1/93 35509 36106 35374
35792 36482 35788
36056 36794 36139
36189 36904 36258
36321 37133 36472
36434 37029 36457
36773 37302 36760
36946 37388 36863
37200 37714 37191
37225 37837 37325
37368 37911 37433
37275 37920 37381
1/1/94 37435 38060 37538
37690 38305 37819
37522 38060 37543
37320 37870 37232
37293 37736 37057
37333 37790 37071
37408 37902 37097
37682 38228 37405
37755 38362 37532
37650 38275 37435
37740 38361 37480
37547 38190 37386
1/1/95 37640 38277 37412
38104 38809 37786
38581 39343 38281
38736 39562 38484
39076 39915 38842
39615 40612 39572
39835 40830 39794
39970 41000 39885
40202 41243 40161
40422 41444 40394
40784 41794 40721
41076 42163 41067
1/1/96 41441 42487 41391
41668 42848 41702
41521 42667 41543
41508 42629 41506
41593 42665 41523
41676 42752 41589
41913 43059 41876
42113 43229 42035
42298 43377 42161
42660 43770 42541
43167 44263 42979
43454 44602 43318
1/1/97 43424 44602 43318
43663 44812 43509
43781 44915 43635
43770 44897 43587
44072 45264 43918
44339 45573 44217
44610 45887 44504
44949 46391 44990
45058 46434 45012
9/30/97 45308 46786 45341
================================================================================
Portfolio Profile(2)
================================================================================
(September 30, 1997)
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Mortgages 11%
Foreign 7%
Treasury Inflation-Protected Securities 15%
Corporates 8%
Asset-Backeds 3%
Treasury Securities 56%
Average Credit Quality: AAA
Average Duration: 1.5 yrs.
================================================================================
Government Short Duration
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Government Merrill Lynch 1-3 Year
Short Duration Treasury Index Lipper Short-Term
(after all costs) (before all costs) Bond Composite
----------------- ---------------------- -----------------
2/1/89 25000 25000 25000
25037 25000 25045
25129 25115 25168
25460 25499 25460
25740 25882 25791
26140 26366 26175
26441 26756 26507
26361 26590 26457
26520 26747 26595
26880 27151 26938
27044 27394 27129
1/1/90 27176 27503 27254
27196 27525 27243
27327 27654 27384
27434 27748 27510
27496 27802 27560
27854 28227 27932
28097 28524 28197
28393 28880 28651
28515 28967 28709
28718 29205 28872
28997 29526 29077
29267 29816 29377
1/1/91 29615 30177 29659
29844 30454 29852
30055 30635 30090
30219 30841 30325
30472 31133 30628
30636 31321 30843
30723 31450 30920
30984 31724 31195
31393 32159 31619
31724 32506 31996
32079 32854 32312
32424 33196 32616
1/1/92 32938 33700 33184
32804 33649 33097
32839 33767 33220
32737 33753 33206
33115 34064 33436
33472 34374 33770
33845 34724 34128
34198 35113 34561
34285 35422 34796
34441 35759 35103
34362 35544 34864
34439 35486 34801
1/1/93 34707 35823 35083
34953 36196 35493
35181 36505 35841
35253 36615 35960
35350 36842 36172
35422 36739 36157
35715 37009 36457
35869 37095 36559
36165 37419 36885
36200 37540 37018
36319 37614 37125
36212 37623 37073
1/1/94 36304 37762 37229
36510 38005 37508
36334 37762 37234
36234 37574 36925
36125 37441 36751
36150 37494 36766
36234 37605 36792
36530 37928 37097
36624 38062 37223
36508 37975 37127
36590 38061 37171
36428 37891 37078
1/1/95 36456 37977 37104
36932 38505 37475
37399 39034 37966
37583 39252 38167
37914 39602 38522
38495 40294 39247
38766 40510 39466
38855 40678 39557
39066 40920 39830
39262 41119 40061
39568 41466 40386
39866 41833 40729
1/1/96 40142 42154 41051
40350 42512 41359
40231 42332 41201
40246 42295 41164
40224 42330 41181
40271 42417 41247
40527 42722 41531
40681 42890 41689
40820 43037 41814
41133 43427 42190
41580 43916 42625
41856 44253 42962
1/1/97 41783 44253 42962
42006 44460 43151
42113 44563 43276
42103 44545 43228
42392 44909 43557
42650 45215 43853
42913 45527 44138
43241 46027 44619
43314 46070 44641
9/30/97 43549 46419 44967
================================================================================
Portfolio Profile(2)
================================================================================
(September 30, 1997)
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Treasury Securities 85%
Treasury Inflation-Protected Securities 15%
Average Credit Quality: AAA
Average Duration: 1.5 yrs.
................................................................................
1 Past performance is not predictive of future results. The indexes are the
Lehman Brothers Aggregate Bond Index, which comprises Treasury, agency,
corporate, mortgage-backed and asset-backed securities of diverse
maturities, and the Merrill Lynch 1-3 Year Treasury index, which includes
short-term Treasury bonds. Both 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 Portfolio allocations represent the exposure of the portfolios to various
sectors and include the effective market value of futures contracts and
forward commitments. To the extent that cash equivalents and short-term
Treasuries are held against these commitments, the weightings in cash
equivalents and Treasuries have been reduced.
- --------------------------------------------------------------------------------
1997 Annual Report 9
<PAGE>
Municipal-Bond Portfolios (Intermediate)
================================================================================
Diversified Municipal
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Lehman Brothers
Diversified Municipal Laddered G/O Index Lipper Intermediate
(after all costs) (before all costs) Municipal Composite
--------------------- ------------------ -------------------
2/1/89 25000 25000 25000
24863 24768 24893
24736 24631 24820
25164 25035 25212
25550 25458 25550
25878 25759 25829
26189 26112 26128
26027 26020 26011
25973 26028 25972
26266 26260 26203
26602 26583 26510
1/1/90 26769 26798 26743
26669 26814 26679
26843 26996 26884
26823 26937 26868
26741 26864 26723
27152 27321 27177
27351 27534 27405
27637 27842 27748
27510 27742 27501
27622 27806 27592
28022 28195 27934
28403 28604 28375
1/1/91 28590 28713 28517
28933 29126 28845
29187 29386 29096
29102 29347 29111
29448 29691 29416
29565 29842 29622
29545 29836 29593
29774 30114 29856
30144 30469 30166
30443 30822 30504
30652 31051 30758
30818 31172 30841
1/1/92 31500 31820 31433
31450 31906 31521
31425 31922 31555
31229 31836 31489
31393 32100 31732
31803 32389 32068
32239 32829 32520
33167 33666 33486
32915 33407 33148
33154 33648 33343
32796 33530 33067
33281 33926 33622
1/1/93 33560 34163 33915
33893 34515 34298
34711 35371 35320
34381 35031 34938
34587 35259 35225
34642 35382 35362
35137 35811 35875
35040 35836 35879
35639 36316 36542
36007 36574 36966
36062 36632 37044
35883 36530 36807
1/1/94 36391 37034 37436
36706 37386 37833
36065 36716 37008
35366 35942 35957
35368 36283 36141
35587 36483 36408
35483 36406 36303
35871 36799 36760
36012 36965 36903
35719 36714 36527
35420 36504 36100
35020 36252 35562
1/1/95 35475 36553 36091
36132 36977 36799
36876 37528 37572
37259 38057 37910
37321 38155 37974
38266 38985 38878
38107 38998 38734
38458 39515 39094
38841 39922 39478
38993 40064 39651
39376 40280 40032
39818 40637 40464
1/1/96 40075 40841 40735
40373 41274 41078
40264 41179 40946
39891 40950 40483
39808 40904 40406
39813 40854 40386
40080 41147 40629
40366 41433 40986
40331 41500 40994
40701 41815 41343
41035 42198 41740
41640 42777 42362
1/1/97 41532 42721 42234
41687 42867 42323
41938 43159 42632
41599 42733 42189
41851 42930 42396
42281 43371 42900
42594 43735 43286
43376 44515 44230
43145 44298 43867
9/30/97 43532 44691 44319
================================================================================
Portfolio Profile
================================================================================
(September 30, 1997)
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
AAA 66%
AA 18%
A 7%
BBB 6%
Other 3%
Average Credit Quality: AA+
Average Duration: 4.5 yrs.
================================================================================
California Municipal
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Lehman Brothers
California Municipal Laddered G/O Index Lipper Intermediate
(after all costs) (before all costs) Municipal Composite
-------------------- ------------------ -------------------
9/1/90 25000 25000 25000
25155 25058 25083
25459 25408 25394
25844 25777 25795
1/1/91 26072 25875 25924
26340 26247 26222
26649 26481 26450
26566 26446 26463
26814 26756 26741
26937 26892 26928
26889 26887 26901
27112 27137 27141
27378 27457 27423
27686 27776 27730
27891 27981 27960
27989 28090 28036
1/1/92 28558 28675 28574
28610 28752 28654
28600 28766 28686
28370 28689 28625
28578 28927 28846
28916 29187 29152
29279 29584 29563
30091 30339 30441
29901 30105 30133
30111 30322 30311
29803 30216 30059
30239 30572 30564
1/1/93 30500 30786 30830
30820 31103 31179
31647 31875 32108
31314 31569 31761
31469 31774 32021
31577 31885 32146
31950 32271 32612
31855 32293 32616
32374 32726 33219
32702 32959 33604
32727 33011 33675
32544 32919 33459
1/1/94 33015 33373 34032
33326 33690 34392
32694 33087 33643
32066 32389 32687
32043 32697 32854
32213 32876 33097
32168 32807 33001
32562 33162 33417
32664 33311 33547
32381 33084 33205
32096 32896 32816
31737 32669 32328
1/1/95 31975 32940 32809
32592 33322 33452
33414 33819 34155
33727 34296 34462
33804 34383 34521
34674 35132 35342
34446 35143 35212
34807 35609 35539
35120 35976 35887
35330 36104 36045
35701 36299 36391
36150 36620 36784
1/1/96 36362 36804 37031
36708 37194 37342
36580 37109 37222
36160 36902 36802
36109 36861 36732
36084 36816 36713
36350 37080 36934
36604 37338 37259
36626 37398 37266
36955 37682 37583
37284 38027 37944
37797 38549 38509
1/1/97 37716 38498 38394
37822 38630 38474
38042 38893 38755
37705 38509 38352
37898 38687 38540
38309 39084 38999
38619 39412 39349
39374 40115 40207
39162 39920 39878
9/30/97 39476 40274 40288
================================================================================
Portfolio Profile
================================================================================
(September 30, 1997)
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
AAA 66%
AA 16%
A 13%
BBB 2%
Other 3%
Average Credit Quality: AAA-
Average Duration: 4.3 yrs.
================================================================================
New York Municipal
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Lehman Brothers
New York Municipal Laddered G/O Index Lipper Intermediate
(after all costs) (before all costs) Municipal Composite
------------------ ------------------ -------------------
2/1/89 25000 25000 25000
24881 24768 24893
24809 24631 24820
25201 25035 25212
25589 25458 25550
26022 25759 25829
26313 26112 26128
26154 26020 26011
26119 26028 25972
26415 26260 26203
26731 26583 26510
1/1/90 26872 26798 26743
26733 26814 26679
26912 26996 26884
26920 26937 26868
26800 26864 26723
27193 27321 27177
27412 27534 27405
27703 27842 27748
27579 27742 27501
27718 27806 27592
28096 28195 27934
28494 28604 28375
1/1/91 28658 28713 28517
28979 29126 28845
29257 29386 29096
29267 29347 29111
29548 29691 29416
29712 29842 29622
29717 29836 29593
29973 30114 29856
30301 30469 30166
30585 30822 30504
30796 31051 30758
30916 31172 30841
1/1/92 31642 31820 31433
31552 31906 31521
31632 31922 31555
31492 31836 31489
31761 32100 31732
32079 32389 32068
32544 32829 32520
33479 33666 33486
33211 33407 33148
33432 33648 33343
33106 33530 33067
33551 33926 33622
1/1/93 33820 34163 33915
34138 34515 34298
35046 35371 35320
34698 35031 34938
34941 35259 35225
35058 35382 35362
35516 35811 35875
35424 35836 35879
35981 36316 36542
36334 36574 36966
36393 36632 37044
36170 36530 36807
1/1/94 36714 37034 37436
37013 37386 37833
36374 36716 37008
35650 35942 35957
35660 36283 36141
35938 36483 36408
35864 36406 36303
36314 36799 36760
36384 36965 36903
36038 36714 36527
35665 36504 36100
35237 36252 35562
1/1/95 35779 36553 36091
36416 36977 36799
37197 37528 37572
37522 38057 37910
37644 38155 37974
38626 38985 38878
38465 38998 38734
38791 39515 39094
39206 39922 39478
39330 40064 39651
39721 40280 40032
40171 40637 40464
1/1/96 40419 40841 40735
40725 41274 41078
40529 41179 40946
40181 40950 40483
40131 40904 40406
40108 40854 40386
40379 41147 40629
40673 41433 40986
40646 41500 40994
41026 41815 41343
41401 42198 41740
41928 42777 42362
1/1/97 41845 42721 42234
41973 42867 42323
42260 43159 42632
41887 42733 42189
42143 42930 42396
42548 43371 42900
42870 43735 43286
43664 44515 44230
43397 44298 43867
9/30/97 43790 44691 44319
================================================================================
Portfolio Profile
================================================================================
(September 30, 1997)
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
AAA 63%
AA 13%
A 12%
BBB 12%
Average Credit Quality: AA+
Average Duration: 4.4 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 includes 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. The Lipper Intermediate
Municipal Composite is the equal-weighted average return of the funds in
Lipper's intermediate municipal category.
- --------------------------------------------------------------------------------
10 Sanford C. Bernstein Fund, Inc.
<PAGE>
Municipal-Bond Portfolios (Short-Term)
================================================================================
Short Duration Diversified Municipal
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Short Duration Lehman Brothers One-
Diversified Municipal Year Municipal Index Lipper Short-Term
(after all costs) (before all costs) Municipal Composite
--------------------- -------------------- -------------------
11/1/94 25000 25000 25000
25015 25038 24918
1/1/95 25112 25102 25007
25255 25231 25187
25462 25402 25424
25617 25570 25584
25684 25663 25669
25959 25904 25938
26072 25992 26032
26204 26182 26185
26314 26321 26313
26366 26394 26377
26479 26502 26503
26616 26628 26662
1/1/96 26709 26728 26777
26844 26881 26937
26878 26946 26970
26869 26964 26919
26901 27028 26948
26968 27096 27007
27053 27228 27105
27168 27343 27229
27206 27396 27289
27336 27520 27423
27441 27661 27574
27608 27828 27745
1/1/97 27657 27888 27789
27786 28049 27886
27854 28139 28006
27827 28125 27934
27913 28238 28029
28058 28380 28199
28167 28493 28343
28298 28668 28573
28335 28704 28573
9/30/97 28477 28852 28767
================================================================================
Portfolio Profile
================================================================================
(September 30, 1997)
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
AAA 57%
AA 25%
A 8%
BBB 8%
Other 2%
Average Credit Quality: AA+
Average Duration: 1.4 yrs.
================================================================================
Short Duration California Municipal
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Short Duration Lehman Brothers One-
California Municipal Year Municipal Index Lipper Short-Term
(after all costs) (before all costs) Municipal Composite
-------------------- -------------------- -------------------
11/1/94 25000 25000 25000
24978 25038 24918
1/1/95 25055 25102 25007
25202 25231 25187
25451 25402 25424
25566 25570 25584
25668 25663 25669
25915 25904 25938
26000 25992 26032
26185 26182 26185
26267 26321 26313
26332 26394 26377
26442 26502 26503
26554 26628 26662
1/1/96 26631 26728 26777
26786 26881 26937
26813 26946 26970
26793 26964 26919
26841 27028 26948
26885 27096 27007
26990 27228 27105
27105 27343 27229
27146 27396 27289
27256 27520 27423
27384 27661 27574
27530 27828 27745
1/1/97 27578 27888 27789
27683 28049 27886
27747 28139 28006
27740 28125 27934
27824 28238 28029
27923 28380 28199
28030 28493 28343
28178 28668 28573
28209 28704 28573
9/30/97 28317 28852 28767
================================================================================
Portfolio Profile
================================================================================
(September 30, 1997)
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
AAA 65%
AA 16%
A 18%
BBB 1%
Average Credit Quality: AA+
Average Duration: 1.2 yrs.
================================================================================
Short Duration New York Municipal
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Short Duration Lehman Brothers One-
New York Municipal Year Municipal Index Lipper Short-Term
(after all costs) (before all costs) Municipal Composite
------------------ -------------------- -------------------
11/1/94 25000 25000 25000
24970 25038 24918
1/1/95 25062 25102 25007
25212 25231 25187
25450 25402 25424
25582 25570 25584
25659 25663 25669
25882 25904 25938
25984 25992 26032
26124 26182 26185
26221 26321 26313
26284 26394 26377
26374 26502 26503
26496 26628 26662
1/1/96 26583 26728 26777
26736 26881 26937
26803 26946 26970
26783 26964 26919
26806 27028 26948
26871 27096 27007
26956 27228 27105
27075 27343 27229
27073 27396 27289
27213 27520 27423
27350 27661 27574
27486 27828 27745
1/1/97 27520 27888 27789
27636 28049 27886
27707 28139 28006
27685 28125 27934
27779 28238 28029
27890 28380 28199
28005 28493 28343
28140 28668 28573
28158 28704 28573
9/30/97 28300 28852 28767
================================================================================
Portfolio Profile
================================================================================
(September 30, 1997)
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
AAA 73%
AA 19%
A 7%
BBB 1%
Average Credit Quality: AAA-
Average Duration: 1.2 yrs.
................................................................................
1 Past performance is not predictive of future results. The index is the
Lehman Brothers One-Year Municipal index, which includes 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. The Lipper Short-Term Municipal
Composite is the equal-weighted average return of the funds in Lipper's
short-term municipal category.
- --------------------------------------------------------------------------------
1997 Annual Report 11
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Assets and Liabilities--September 30, 1997
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN BERNSTEIN
INTERNATIONAL EMERGING INTERMEDIATE SHORT
VALUE MARKETS VALUE DURATION DURATION PLUS
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities at value--unaffiliated issuers(a) $4,909,344,630 $ 411,125,605 $2,358,685,754 $621,008,343
Investments in securities at value--affiliated issuers(b) 30,319,559 20,172,094 0 0
Foreign currency at value(c) 44,910,690 6,169,821 28,400,304 6,250,246
Cash in bank 974 860 872 962
Receivables:
Interest 14,001 1,409 22,917,984 8,068,646
Dividends 14,702,597 917,257 0 0
Investment securities sold 14,113,796 626,739 142,133,133 0
Capital shares sold 9,830,166 1,140,900 8,074,485 1,294,321
Foreign withholding tax reclaims 3,358,465 0 144,440 27,950
Margin due from broker on futures contracts 0 0 43,578 54,941
Unamortized organization expenses (Note 1) 0 30,876 0 0
Collateral held for securities loaned, at value (Note 1) 863,945,221 0 0 0
Other assets 111,463 16,564 45,763 14,045
Appreciation on foreign currency contracts (Note 3D) 31,899,349 0 603,271 117,007
-------------- -------------- -------------- ------------
Total assets 5,922,550,911 440,202,125 2,561,049,584 636,836,461
-------------- -------------- -------------- ------------
LIABILITIES
Payables:
Dividends to shareholders 0 0 3,147,384 931,743
Investment securities purchased 41,021,365 874,846 496,393,192 21,613,064
Capital shares redeemed 11,553,786 235,763 1,120,778 945,280
Management fee (Note 2) 3,726,826 450,605 793,114 251,365
Shareholder servicing and administration fee (Note 2) 989,567 90,121 167,115 50,273
Accrued expenses 730,577 158,812 274,496 64,407
Organization costs payable to the manager 0 12,742 0 0
Foreign withholding taxes 1,924,464 71,415 0 0
Margin owed to broker on futures contracts 91,158 0 26,092 21,876
Depreciation on foreign currency contracts (Note 3D) 32,570,079 2,773 906,921 214,196
Securities lending collateral, at value (Note 1) 863,945,221 0 0 0
-------------- -------------- -------------- ------------
Total liabilities 956,553,043 1,897,077 502,829,092 24,092,204
-------------- -------------- -------------- ------------
NET ASSETS(d) $4,965,997,868 $ 438,305,048 $2,058,220,492 $612,744,257
============== ============== ============== ============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $20.92 $22.54 $13.38 $12.53
============== ============== ============== ============
NET ASSETS CONSIST OF:
Capital stock, at par $ 237,368 $ 19,447 $ 153,833 $ 48,894
Additional paid-in capital 3,925,784,801 454,237,824 2,014,789,216 614,788,838
Undistributed net investment income/(excess distributions) 252,892,059 1,084,293 13,425,164 3,317,626
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies 164,332,746 12,054,439 16,785,105 (5,026,172)
Unrealized appreciation (depreciation) of:
Investments and futures 624,041,266 (28,992,207) 13,546,980 (219,226)
Foreign currencies (1,290,372) (98,748) (479,806) (165,703)
-------------- -------------- -------------- ------------
$4,965,997,868 $ 438,305,048 $2,058,220,492 $612,744,257
============== ============== ============== ============
</TABLE>
(a)Cost:$4,294,750,275; $440,935,692; $2,345,900,626; $621,112,789;
$142,953,104; $1,071,920,435; $408,427,630; $640,610,953; $151,608,540;
$80,977,355; and $75,119,064, respectively (Note 1) (b) Cost: $20,380,281 and
$19,354,214 (Note 1) (c) Cost: $45,330,345; $6,278,534; $28,548,955; and
$6,314,068, respectively (Note 1) (d) Applicable to: 237,367,711; 19,447,363;
153,832,223; 48,893,478; 11,337,360; 81,114,898; 29,590,176; 49,309,430;
12,089,969; 6,875,216; and 6,105,588 shares of capital stock outstanding,
respectively.
See Notes to Financial Statements. The Schedules of Investments, an integral
part of the financial statements for each Portfolio, are included as inserts to
this Report.
- --------------------------------------------------------------------------------
12 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN BERNSTEIN
GOVERNMENT DIVERSIFIED CALIFORNIA NEW YORK
SHORT DURATION MUNICIPAL MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities at value--unaffiliated issuers(a) $ 143,666,594 $1,106,723,788 $ 420,721,799 $660,777,165
Investments in securities at value--affiliated issuers(b) 0 0 0 0
Foreign currency at value(c) 0 0 0 0
Cash in bank 908 90,940 71,113 827
Receivables:
Interest 1,824,192 15,969,359 6,016,296 11,082,619
Dividends 0 0 0 0
Investment securities sold 0 4,644,200 0 0
Capital shares sold 107,186 2,623,927 2,857,000 1,436,100
Foreign withholding tax reclaims 0 0 0 0
Margin due from broker on futures contracts 8,594 0 0 0
Unamortized organization expenses (Note 1) 0 0 0 0
Collateral held for securities loaned, at value (Note 1) 0 0 0 0
Other assets 3,270 24,849 8,870 15,245
Appreciation on foreign currency contracts (Note 3D) 0 0 0 0
-------------- -------------- -------------- ------------
Total assets 145,610,744 1,130,077,063 429,675,078 673,311,956
-------------- -------------- -------------- ------------
LIABILITIES
Payables:
Dividends to shareholders 224,299 1,465,440 511,233 895,899
Investment securities purchased 3,073,387 11,689,000 17,103,422 0
Capital shares redeemed 139,051 1,855,766 411,126 303,405
Management fee (Note 2) 58,580 450,175 165,150 274,460
Shareholder servicing and administration fee (Note 2) 11,716 90,906 33,030 54,892
Accrued expenses 18,066 151,311 66,688 83,069
Organization costs payable to the manager 0 0 0 0
Foreign withholding taxes 0 0 0 0
Margin owed to broker on futures contracts 4,375 0 0 0
Depreciation on foreign currency contracts (Note 3D) 0 0 0 0
Securities lending collateral, at value (Note 1) 0 0 0 0
-------------- -------------- -------------- ------------
Total liabilities 3,529,474 15,702,598 18,290,649 1,611,725
-------------- -------------- -------------- ------------
NET ASSETS(d) $ 142,081,270 $1,114,374,465 $ 411,384,429 $671,700,231
============== ============== ============== ============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $12.53 $13.74 $13.90 $13.62
============== ============== ============== ============
NET ASSETS CONSIST OF:
Capital stock, at par $ 11,337 $ 81,116 $ 29,591 $ 49,310
Additional paid-in capital 143,279,584 1,079,773,338 399,126,942 651,606,907
Undistributed net investment income/(excess distributions) 55,344 32,266 (31,860) 9,519
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies (1,951,188) (315,608) (34,413) (131,717)
Unrealized appreciation (depreciation) of:
Investments and futures 686,193 34,803,353 12,294,169 20,166,212
Foreign currencies 0 0 0 0
-------------- -------------- -------------- ------------
$ 142,081,270 $1,114,374,465 $ 411,384,429 $671,700,231
============== ============== ============== ============
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
SHORT DURATION SHORT DURATION SHORT DURATION
DIVERSIFIED CALIFORNIA NEW YORK
MUNICIPAL MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments in securities at value--unaffiliated issuers(a) $ 152,045,048 $ 81,280,860 $ 75,130,856
Investments in securities at value--affiliated issuers(b) 0 0 0
Foreign currency at value(c) 0 0 0
Cash in bank 451 66,504 16,064
Receivables:
Interest 2,394,112 1,431,590 1,113,235
Dividends 0 0 0
Investment securities sold 1,020,000 1,071,000 0
Capital shares sold 121,300 5,443,996 74,175
Foreign withholding tax reclaims 0 0 0
Margin due from broker on futures contracts 0 0 0
Unamortized organization expenses (Note 1) 8,098 2,793 3,175
Collateral held for securities loaned, at value (Note 1) 0 0 0
Other assets 3,411 1,905 1,753
Appreciation on foreign currency contracts (Note 3D) 0 0 0
-------------- -------------- --------------
Total assets 155,592,420 89,298,648 76,339,258
-------------- -------------- --------------
LIABILITIES
Payables:
Dividends to shareholders 181,439 86,739 87,220
Investment securities purchased 3,217,297 2,108,381 0
Capital shares redeemed 259,724 731,420 49,178
Management fee (Note 2) 61,890 34,170 31,355
Shareholder servicing and administration fee (Note 2) 12,378 6,834 6,271
Accrued expenses 29,104 16,805 19,612
Organization costs payable to the manager 9,176 3,448 3,859
Foreign withholding taxes 0 0 0
Margin owed to broker on futures contracts 0 0 0
Depreciation on foreign currency contracts (Note 3D) 0 0 0
Securities lending collateral, at value (Note 1) 0 0 0
-------------- -------------- --------------
Total liabilities 3,771,008 2,987,797 197,495
-------------- -------------- --------------
NET ASSETS(d) $ 151,821,412 $ 86,310,851 $ 76,141,763
============== ============== ==============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $12.56 $12.55 $12.47
============== ============== ==============
NET ASSETS CONSIST OF:
Capital stock, at par $ 12,090 $ 6,875 $ 6,106
Additional paid-in capital 151,021,152 85,981,094 76,035,519
Undistributed net investment income/(excess distributions) (9,678) (20,838) 172
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies 361,340 40,215 88,174
Unrealized appreciation (depreciation) of:
Investments and futures 436,508 303,505 11,792
Foreign currencies 0 0 0
-------------- -------------- --------------
$ 151,821,412 $ 86,310,851 $ 76,141,763
============== ============== ==============
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1997 Annual Report 13
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Operations for the Year Ended September 30, 1997
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
INTERNATIONAL EMERGING INTERMEDIATE
VALUE MARKETS VALUE DURATION
PORTFOLIO PORTFOLIO PORTFOLIO
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $ 42,007,713 $ 419,888 $ 108,701,495
Dividends--unaffiliated issuers (net of foreign
withholding taxes of $8,911,320 and $791,386) 62,483,215 8,414,240 0
Dividends--affiliated issuers (net of foreign
withholding taxes of $289,723) 474,792 0 0
------------- ------------- -------------
Total income 104,965,720 8,834,128 108,701,495
------------- ------------- -------------
Expenses (Notes 1 and 2):
Management fee 37,754,997 4,723,410 8,347,557
Shareholder servicing and administration fee 9,931,943 947,246 1,743,901
Custodian and transfer agent fees 2,058,268 781,187 326,600
Auditing and tax consulting fees 118,930 17,916 56,169
Insurance 59,154 5,220 27,959
Directors' fees and expenses 67,132 6,605 29,923
Legal fees 9,361 961 6,078
Registration fees 434,118 112,280 217,795
Printing 107,525 16,805 21,685
Amortization of organization expense 17,991 9,633 0
Miscellaneous 51,875 2,561 40,430
------------- ------------- -------------
Total expenses 50,611,294 6,623,824 10,818,097
------------- ------------- -------------
Net investment income 54,354,426 2,210,304 97,883,398
------------- ------------- -------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Security transactions 160,368,510 12,062,290 23,443,959
Futures transactions 11,124,694 0 6,075,801
Foreign currency transactions 230,436,548 (983,289) 7,976,379
------------- ------------- -------------
Net realized gain (loss) on investments,
futures and foreign currencies 401,929,752 11,079,001 37,496,139
------------- ------------- -------------
Net increase (decrease) in unrealized
appreciation/depreciation of:
Investments and futures 409,778,908 (10,738,278) 10,064,506
Foreign currencies (20,625,048) (92,721) (860,039)
------------- ------------- -------------
Net increase (decrease) in unrealized appreciation/
depreciation on investments, futures and foreign currencies 389,153,860 (10,830,999) 9,204,467
------------- ------------- -------------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 791,083,612 248,002 46,700,606
------------- ------------- -------------
Net increase in net assets
resulting from operations $ 845,438,038 $ 2,458,306 $ 144,584,004
============= ============= =============
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
14 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN BERNSTEIN BERNSTEIN
SHORT GOVERNMENT DIVERSIFIED CALIFORNIA NEW YORK
DURATION PLUS SHORT DURATION MUNICIPAL MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $ 35,118,392 $8,230,292 $49,084,335 $16,725,918 $ 31,136,224
Dividends--unaffiliated issuers (net of foreign
withholding taxes of $8,911,320 and $791,386) 0 0 0 0 0
Dividends--affiliated issuers (net of foreign
withholding taxes of $289,723) 0 0 0 0 0
------------ ---------- ----------- ----------- ------------
Total income 35,118,392 8,230,292 49,084,335 16,725,918 31,136,224
------------ ---------- ----------- ----------- ------------
Expenses (Notes 1 and 2):
Management fee 2,913,990 684,405 4,812,090 1,695,825 3,013,735
Shareholder servicing and administration fee 582,798 136,881 964,627 339,165 602,747
Custodian and transfer agent fees 157,563 88,879 284,448 153,359 199,416
Auditing and tax consulting fees 22,692 8,307 31,546 13,453 21,128
Insurance 10,206 2,693 15,631 5,446 10,272
Directors' fees and expenses 10,418 2,693 16,687 6,066 10,661
Legal fees 2,071 504 3,359 3,945 2,130
Registration fees 45,630 20,899 128,368 36,660 39,641
Printing 8,950 2,312 14,078 4,726 9,074
Amortization of organization expense 0 0 0 0 0
Miscellaneous 14,097 3,639 15,558 5,532 10,702
------------ ---------- ----------- ----------- ------------
Total expenses 3,768,415 951,212 6,286,392 2,264,177 3,919,506
------------ ---------- ----------- ----------- ------------
Net investment income 31,349,977 7,279,080 42,797,943 14,461,741 27,216,718
------------ ---------- ----------- ----------- ------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Security transactions 1,780,711 102,439 921,074 672,821 1,118,095
Futures transactions 1,256,116 (68,075) 0 0 0
Foreign currency transactions 2,405,385 0 0 0 0
------------ ---------- ----------- ----------- ------------
Net realized gain (loss) on investments,
futures and foreign currencies 5,442,212 34,364 921,074 672,821 1,118,095
------------ ---------- ----------- ----------- ------------
Net increase (decrease) in unrealized
appreciation/depreciation of:
Investments and futures (1,454,162) 525,741 21,574,271 7,475,656 11,126,668
Foreign currencies (253,130) 0 0 0 0
------------ ---------- ----------- ----------- ------------
Net increase (decrease) in unrealized appreciation/
depreciation on investments, futures and foreign
currencies (1,707,292) 525,741 21,574,271 7,475,656 11,126,668
------------ ---------- ----------- ----------- ------------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 3,734,920 560,105 22,495,345 8,148,477 12,244,763
------------ ---------- ----------- ----------- ------------
Net increase in net assets
resulting from operations $ 35,084,897 $7,839,185 $65,293,288 $22,610,218 $ 39,461,481
============ ========== =========== =========== ============
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1997 Annual Report 15
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Operations for the Year Ended September 30, 1997 (continued)
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
SHORT DURATION SHORT DURATION SHORT DURATION
DIVERSIFIED CALIFORNIA NEW YORK
MUNICIPAL MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $ 5,922,097 $ 3,277,115 $ 3,291,349
Dividends--unaffiliated issuers 0 0 0
Dividends--affiliated issuers 0 0 0
----------- ----------- -----------
Total income 5,922,097 3,277,115 3,291,349
----------- ----------- -----------
Expenses (Notes 1 and 2):
Management fee 671,962 380,701 347,018
Shareholder servicing and administration fee 135,200 76,313 69,521
Custodian and transfer agent fees 112,482 84,374 87,166
Auditing and tax consulting fees 7,580 5,874 5,683
Insurance 2,247 1,392 1,061
Directors' fees and expenses 2,642 1,591 1,541
Legal fees 236 284 150
Registration fees 29,875 5,775 8,730
Printing 2,991 1,564 1,941
Amortization of organization expense 4,038 1,391 1,580
Miscellaneous 2,777 2,000 1,752
----------- ----------- -----------
Total expenses 972,030 561,259 526,143
----------- ----------- -----------
Net investment income 4,950,067 2,715,856 2,765,206
----------- ----------- -----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Security transactions 373,938 40,413 95,685
Futures transactions 0 0 0
Foreign currency transactions 0 0 0
----------- ----------- -----------
Net realized gain (loss) on investments,
futures and foreign currencies 373,938 40,413 95,685
----------- ----------- -----------
Net increase (decrease) in unrealized
appreciation/depreciation of:
Investments and futures 105,400 133,566 (167,004)
Foreign currencies 0 0 0
----------- ----------- -----------
Net increase (decrease) in unrealized appreciation/
depreciation on investments, futures and foreign currencies 105,400 133,566 (167,004)
----------- ----------- -----------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 479,338 173,979 (71,319)
----------- ----------- -----------
Net increase in net assets
resulting from operations $ 5,429,405 $ 2,889,835 $ 2,693,887
=========== =========== ===========
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
16 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN
INTERNATIONAL VALUE EMERGING MARKETS VALUE
PORTFOLIO PORTFOLIO
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
9/30/97 9/30/96 9/30/97 9/30/96 (a)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 54,354,426 $ 35,158,339 $ 2,210,304 $ 1,307,782
Net realized gain (loss) on investments
and futures transactions 171,493,204 38,194,832 12,062,290 282,239
Net realized gain (loss) on foreign
currency transactions 230,436,548 142,698,977 (983,289) (298,151)
Increase (decrease) in unrealized
appreciation/depreciation of:
Investments and futures 409,778,908 145,585,886 (10,738,278) (18,253,929)
Foreign currencies (20,625,048) 5,645,925 (92,721) (6,027)
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets
resulting from operations 845,438,038 367,283,959 2,458,306 (16,968,086)
--------------- --------------- --------------- ---------------
Dividends and distributions to shareholders:
Dividends from net investment income (177,062,085) (13,729,281) (1,152,059) 0
Distributions from net realized gains (39,191,692) (44,354,187) (290,473) 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 (216,253,777) (58,083,468) (1,442,532) 0
--------------- --------------- --------------- ---------------
Capital-share transactions:
Net proceeds from sales of shares 1,450,373,271 1,016,597,710 179,156,364 293,706,165
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 206,728,506 57,005,723 1,364,309 0
--------------- --------------- --------------- ---------------
Total proceeds from shares sold 1,657,101,777 1,073,603,433 180,520,673 293,706,165
Cost of shares redeemed (451,546,431) (247,657,568) (17,155,531) (2,813,947)
--------------- --------------- --------------- ---------------
Increase (decrease) in net assets from
capital-share transactions 1,205,555,346 825,945,865 163,365,142+ 290,892,218+
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets 1,834,739,607 1,135,146,356 164,380,916 273,924,132
NET ASSETS:
Beginning of period 3,131,258,261 1,996,111,905 273,924,132 0
--------------- --------------- --------------- ---------------
End of period $ 4,965,997,868 $ 3,131,258,261 $ 438,305,048 $ 273,924,132
=============== =============== =============== ===============
(b) (c) (d) (e)
</TABLE>
<TABLE>
<CAPTION>
BERNSTEIN
INTERMEDIATE DURATION
PORTFOLIO
YEAR YEAR
ENDED ENDED
9/30/97 9/30/96
- --------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 97,883,398 $ 78,486,467
Net realized gain (loss) on investments
and futures transactions 29,519,760 11,768,485
Net realized gain (loss) on foreign
currency transactions 7,976,379 3,027,330
Increase (decrease) in unrealized
appreciation/depreciation of:
Investments and futures 10,064,506 (30,777,770)
Foreign currencies (860,039) 383,823
-------------- --------------
Net increase (decrease) in net assets
resulting from operations 144,584,004 62,888,335
-------------- --------------
Dividends and distributions to shareholders:
Dividends from net investment income (104,555,087) (78,486,467)
Distributions from net realized gains 0 (7,269,310)
Distributions in excess of net investment
income due to timing differences 0 (69,275)
Distributions in excess of net realized
gains due to timing differences 0 0
-------------- --------------
Total dividends and distributions
to shareholders (104,555,087) (85,825,052)
-------------- --------------
Capital-share transactions:
Net proceeds from sales of shares 822,336,300 588,930,954
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 26,308,709 31,360,356
-------------- --------------
Total proceeds from shares sold 848,645,009 620,291,310
Cost of shares redeemed (282,229,570) (288,346,787)
-------------- --------------
Increase (decrease) in net assets from
capital-share transactions 566,415,439 331,944,523
-------------- --------------
Net increase (decrease) in net assets 606,444,356 309,007,806
NET ASSETS:
Beginning of period 1,451,776,136 1,142,768,330
-------------- --------------
End of period $2,058,220,492 $1,451,776,136
============== ==============
(f) (g)
</TABLE>
(a) Commenced operations December 15, 1995 (b) Includes undistributed net
investment income/(excess distributions) of $252,892,059 (c) Includes
undistributed net investment income/(excess distributions) of $145,202,508 (d)
Includes undistributed net investment income/(excess distributions) of
$1,084,293 (e) Includes undistributed net investment income/(excess
distributions) of $1,009,720 (f) Includes undistributed net investment
income/(excess distributions) of $13,425,164 (g) Includes undistributed net
investment income/(excess distributions) of $6,044,673
+Includes effect of portfolio transaction fee in the amounts of $3,912,648 and
$5,919,045 for the years ended September 30, 1997 and September 30, 1996,
respectively.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1997 Annual Report 17
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Changes in Net Assets (continued)
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN
SHORT DURATION GOVERNMENT SHORT
PLUS PORTFOLIO DURATION PORTFOLIO
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
9/30/97 9/30/96 9/30/97 9/30/96
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 31,349,977 $ 29,122,645 $ 7,279,080 $ 7,567,228
Net realized gain (loss) on investments
and futures transactions 3,036,827 2,810,078 34,364 161,742
Net realized gain (loss) on foreign
currency transactions 2,405,385 575,974 0 0
Increase (decrease) in unrealized
appreciation/depreciation of:
Investments and futures (1,454,162) (3,996,149) 525,741 (1,057,875)
Foreign currencies (253,130) 85,565 0 0
------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations 35,084,897 28,598,113 7,839,185 6,671,095
------------- ------------- ------------- -------------
Dividends and distributions to shareholders:
Dividends from net investment income (32,676,633) (29,116,334) (7,279,080) (7,567,228)
Distributions from net realized gains 0 0 0 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 (32,676,633) (29,116,334) (7,279,080) (7,567,228)
------------- ------------- ------------- -------------
Capital-share transactions:
Net proceeds from sales of shares 251,630,940 183,232,878 53,364,135 51,431,688
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 11,982,008 11,284,547 3,198,539 3,746,091
------------- ------------- ------------- -------------
Total proceeds from shares sold 263,612,948 194,517,425 56,562,674 55,177,779
Cost of shares redeemed (191,524,695) (190,213,256) (54,843,647) (58,202,076)
------------- ------------- ------------- -------------
Increase (decrease) in net assets from
capital-share transactions 72,088,253 4,304,169 1,719,027 (3,024,297)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets 74,496,517 3,785,948 2,279,132 (3,920,430)
------------- ------------- ------------- -------------
NET ASSETS:
Beginning of period 538,247,740 534,461,792 139,802,138 143,722,568
------------- ------------- ------------- -------------
End of period $ 612,744,257 $ 538,247,740 $ 142,081,270 $ 139,802,138
============= ============= ============= =============
(h) (i) (j) (j)
</TABLE>
<TABLE>
<CAPTION>
BERNSTEIN
DIVERSIFIED MUNICIPAL
PORTFOLIO
YEAR YEAR
ENDED ENDED
9/30/97 9/30/96
- --------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 42,797,943 $ 34,321,282
Net realized gain (loss) on investments
and futures transactions 921,074 1,750,391
Net realized gain (loss) on foreign
currency transactions 0 0
Increase (decrease) in unrealized
appreciation/depreciation of:
Investments and futures 21,574,271 (5,364,065)
Foreign currencies 0 0
-------------- -------------
Net increase (decrease) in net assets
resulting from operations 65,293,288 30,707,608
-------------- -------------
Dividends and distributions to shareholders:
Dividends from net investment income (42,797,943) (34,321,282)
Distributions from net realized gains (787,195) (306,492)
Distributions in excess of net investment
income due to timing differences 0 0
Distributions in excess of net realized
gains due to timing differences 0 (469,648)
-------------- -------------
Total dividends and distributions
to shareholders (43,585,138) (35,097,422)
-------------- -------------
Capital-share transactions:
Net proceeds from sales of shares 412,440,715 295,868,386
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 10,732,504 9,562,660
-------------- -------------
Total proceeds from shares sold 423,173,219 305,431,046
Cost of shares redeemed (150,902,213) (141,460,386)
-------------- -------------
Increase (decrease) in net assets from
capital-share transactions 272,271,006 163,970,660
-------------- -------------
Net increase (decrease) in net assets 293,979,156 159,580,846
NET ASSETS:
Beginning of period 820,395,309 660,814,463
-------------- -------------
End of period $1,114,374,465 $ 820,395,309
============== =============
(k) (l)
</TABLE>
(h) Includes undistributed net investment income/(excess distributions) of
$3,317,626 (i) Includes undistributed net investment income/(excess
distributions) of $959,835 (j) Includes undistributed net investment
income/(excess distributions) of $55,344 (k) Includes undistributed net
investment income/(excess distributions) of $32,266 (l) Includes undistributed
net investment income/(excess distributions) of $52,427
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
18 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN
BERNSTEIN BERNSTEIN SHORT DURATION
CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL DIVERSIFIED MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
YEAR YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
9/30/97 9/30/96 9/30/97 9/30/96 9/30/97 9/30/96
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 14,461,741 $ 11,043,785 $ 27,216,718 $ 23,548,419 $ 4,950,067 $ 4,291,998
Net realized gain (loss) on investments
and futures transactions 672,821 135,416 1,118,095 13,310 373,938 110,414
Net realized gain (loss) on foreign
currency transactions 0 0 0 0 0 0
Increase (decrease) in unrealized
appreciation/depreciation of:
Investments and futures 7,475,656 (408,331) 11,126,668 (3,027,322) 105,400 (693,123)
Foreign currencies 0 0 0 0 0 0
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets
resulting from operations 22,610,218 10,770,870 39,461,481 20,534,407 5,429,405 3,709,289
------------ ------------ ------------ ------------ ------------ ------------
Dividends and distributions to shareholders:
Dividends from net investment income (14,461,741) (11,043,785) (27,216,718) (23,548,419) (4,950,067) (4,291,998)
Distributions from net realized gains 0 0 0 (822,385) (123,013) (388,194)
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 (1,256,955) 0 0
------------ ------------ ------------ ------------ ------------ ------------
Total dividends and distributions
to shareholders (14,461,741) (11,043,785) (27,216,718) (25,627,759) (5,073,080) (4,680,192)
------------ ------------ ------------ ------------ ------------ ------------
Capital-share transactions:
Net proceeds from sales of shares 179,166,284 132,430,542 211,956,842 172,804,818 124,984,043 73,713,818
Net proceeds from sales of shares
issued to shareholders on
reinvestment of dividends from net
investment income and distributions
from net realized gains 3,573,855 3,072,406 8,095,579 10,023,482 1,725,958 1,748,058
------------ ------------ ------------ ------------ ------------ ------------
Total proceeds from shares sold 182,740,139 135,502,948 220,052,421 182,828,300 126,710,001 75,461,876
Cost of shares redeemed (65,262,022) (63,423,107) (99,813,691) (97,061,014) (94,340,876) (56,720,363)
------------ ------------ ------------ ------------ ------------ ------------
Increase (decrease) in net assets from
capital-share transactions 117,478,117 72,079,841 120,238,730 85,767,286 32,369,125 18,741,513
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets 125,626,594 71,806,926 132,483,493 80,673,934 32,725,450 17,770,610
NET ASSETS:
Beginning of period 285,757,835 213,950,909 539,216,738 458,542,804 119,095,962 101,325,352
------------ ------------ ------------ ------------ ------------ ------------
End of period $411,384,429 $285,757,835 $671,700,231 $539,216,738 $151,821,412 $119,095,962
============ ============ ============ ============ ============ ============
(m) (m) (n) (n) (o) (o)
</TABLE>
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN
SHORT DURATION SHORT DURATION
CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL
PORTFOLIO PORTFOLIO
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
9/30/97 9/30/96 9/30/97 9/30/96
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 2,715,856 $ 2,695,258 $ 2,765,206 $ 2,176,199
Net realized gain (loss) on investments
and futures transactions 40,413 80,991 95,685 201,709
Net realized gain (loss) on foreign
currency transactions 0 0 0 0
Increase (decrease) in unrealized
appreciation/depreciation of:
Investments and futures 133,566 (443,925) (167,004) (495,760)
Foreign currencies 0 0 0 0
------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations 2,889,835 2,332,324 2,693,887 1,882,148
------------- ------------- ------------- -------------
Dividends and distributions to shareholders:
Dividends from net investment income (2,715,856) (2,695,258) (2,765,206) (2,176,199)
Distributions from net realized gains (72,490) (254,565) (201,609) (43,798)
Distributions in excess of net investment
income due to timing differences 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0
------------- ------------- ------------- -------------
Total dividends and distributions
to shareholders (2,788,346) (2,949,823) (2,966,815) (2,219,997)
------------- ------------- ------------- -------------
Capital-share transactions:
Net proceeds from sales of shares 62,920,253 49,356,157 60,404,681 34,970,413
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 1,103,952 1,282,316 1,353,366 976,885
------------- ------------- ------------- -------------
Total proceeds from shares sold 64,024,205 50,638,473 61,758,047 35,947,298
Cost of shares redeemed (50,740,111) (40,625,428) (44,093,590) (32,080,549)
------------- ------------- ------------- -------------
Increase (decrease) in net assets from
capital-share transactions 13,284,094 10,013,045 17,664,457 3,866,749
------------- ------------- ------------- -------------
Net increase (decrease) in net assets 13,385,583 9,395,546 17,391,529 3,528,900
NET ASSETS:
Beginning of period 72,925,268 63,529,722 58,750,234 55,221,334
------------- ------------- ------------- -------------
End of period $ 86,310,851 $ 72,925,268 $ 76,141,763 $ 58,750,234
============= ============= ============= =============
(p) (p) (q) (q)
</TABLE>
(m) Includes undistributed net investment income/(excess distributions) of
$(31,860) (n) Includes undistributed net investment income/(excess
distributions) of $9,519 (o) Includes undistributed net investment
income/(excess distributions) of $(9,678) (p) Includes undistributed net
investment income/(excess distributions) of $(20,838) (q) Includes undistributed
net investment income/(excess distributions) of $172
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1997 Annual Report 19
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
BERNSTEIN INTERNATIONAL VALUE PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/97 9/30/96 9/30/95 9/30/94 9/30/93
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $18.14 $16.08 $16.57 $15.39 $11.98
---------- ---------- ----------- ---------- --------
Income from investment operations:
Investment income, net 0.26 0.23 0.18 0.19 0.05
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 3.73 2.26 0.07 1.13 3.54
---------- ---------- ----------- ---------- --------
Total from investment operations 3.99 2.49 0.25 1.32 3.59
---------- ---------- ----------- ---------- --------
Less distributions:
Dividends from taxable net investment income (0.99) (0.10) (0.11) (0.02) (0.05)
Dividends from tax-exempt net
investment income 0 0 0 0 0
Distributions from net realized gains (0.22) (0.33) (0.63) (0.12) (0.13)
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 0
---------- ---------- ----------- ---------- --------
Total distributions (1.21) (0.43) (0.74) (0.14) (0.18)
---------- ---------- ----------- ---------- --------
Portfolio transaction fee 0 0 0 0 0
---------- ---------- ----------- ---------- --------
Net asset value, end of period $20.92 $18.14 $16.08 $16.57 $15.39
========== ========== =========== ========== ========
Total return 23.25% 15.83% 1.84% 8.55% 30.45%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $4,965,998 $3,131,258 $ 1,996,112 $1,343,266 $539,936
Average net assets (000 omitted) $3,977,823 $2,569,586 $ 1,591,703 $ 948,563 $235,839
Ratio of expenses to average net assets 1.27% 1.31% 1.35% 1.39% 1.53%
Ratio of net investment income to average
net assets 1.37% 1.37% 1.17% 1.13% 1.27%
Portfolio turnover rate 26.24% 21.89% 29.53% 23.78% 21.22%
Average commission rate per share 0.0247 0.0234 N/A N/A N/A
</TABLE>
See Notes To Financial Statements.
- --------------------------------------------------------------------------------
20 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN EMERGING BERNSTEIN
MARKETS VALUE INTERMEDIATE
PORTFOLIO DURATION PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED
9/30/97 9/30/96 (a) 9/30/97
<S> <C> <C> <C>
Net asset value, beginning of period $21.82 $20.00 $13.08
------------- ------------- -------------
Income from investment operations:
Investment income, net 0.14 0.18 0.75
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.44 0.83 0.35
------------- ------------- -------------
Total from investment operations 0.58 1.01 1.10
------------- ------------- -------------
Less distributions:
Dividends from taxable net investment income (0.08) 0 (0.80)
Dividends from tax-exempt net
investment income 0 0 0
Distributions from net realized gains (0.02) 0 0
Distributions in excess of net investment
income due to timing differences 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0
------------- ------------- -------------
Total distributions (0.10) 0 (0.80)
------------- ------------- -------------
Portfolio transaction fee 0.24 0.81 0
------------- ------------- -------------
Net asset value, end of period $22.54 $21.82 $13.38
============= ============= =============
Total return (0.32)%+ 4.80%+ 8.66%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 438,305 $ 273,924 $ 2,058,220
Average net assets (000 omitted) $ 379,351 $ 165,362 $ 1,745,554
Ratio of expenses to average net assets 1.75% 1.92%* 0.62%
Ratio of net investment income to average
net assets 0.58% 1.01%* 5.61%
Portfolio turnover rate 32.45% 9.81% 238.04%
Average commission rate per share 0.0022 0.0027 N/A
</TABLE>
<TABLE>
<CAPTION>
BERNSTEIN INTERMEDIATE DURATION PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/96 9/30/95 9/30/94 9/30/93
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $13.30 $12.54 $13.92 $13.82
------------- ------------- ------------- -------------
Income from investment operations:
Investment income, net 0.80 0.78 0.68 0.76
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.14) 0.77 (1.15) 0.68
------------- ------------- ------------- -------------
Total from investment operations 0.66 1.55 (0.47) 1.44
------------- ------------- ------------- -------------
Less distributions:
Dividends from taxable net investment income (0.80) (0.76) (0.70) (0.76)
Dividends from tax-exempt net
investment income 0 0 0 0
Distributions from net realized gains (0.08) 0 (0.08) (0.58)
Distributions in excess of net investment
income due to timing differences 0 (0.03) 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 (0.13) 0
------------- ------------- ------------- -------------
Total distributions (0.88) (0.79) (0.91) (1.34)
------------- ------------- ------------- -------------
Portfolio transaction fee 0 0 0 0
------------- ------------- ------------- -------------
Net asset value, end of period $13.08 $13.30 $12.54 $13.92
============= ============= ============= =============
Total return 5.05% 12.82% (3.54)% 11.30%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 1,451,776 $ 1,142,768 $ 848,529 $ 693,772
Average net assets (000 omitted) $ 1,310,208 $ 957,247 $ 764,519 $ 595,273
Ratio of expenses to average net assets 0.63% 0.64% 0.65% 0.66%
Ratio of net investment income to average
net assets 5.99% 6.11% 5.14% 5.59%
Portfolio turnover rate 141.04% 212.40% 203.73% 60.77%
Average commission rate per share N/A N/A N/A N/A
</TABLE>
+ This reflects the return to a shareholder who purchased shares of the
Portfolio at the beginning of the period and redeemed them at the end of the
period, paying, in each case, the 2.00% portfolio transaction fee. Total return
to a shareholder for the periods ending September 30, 1997 and September 30,
1996, without taking account of these transaction fees would have been 3.79% and
9.10%, respectively.
*Annualized
(a) Commenced operations December 15, 1995
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1997 Annual Report 21
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights (continued)
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
BERNSTEIN SHORT DURATION PLUS PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/97 9/30/96 9/30/95 9/30/94 9/30/93
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.48 $12.49 $12.32 $12.89 $13.14
----------- ----------- ----------- ----------- -----------
Income from investment operations:
Investment income, net 0.67 0.69 0.70 0.55 0.59
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.08 (0.01) 0.18 (0.40) 0.10
----------- ----------- ----------- ----------- -----------
Total from investment operations 0.75 0.68 0.88 0.15 0.69
----------- ----------- ----------- ----------- -----------
Less distributions:
Dividends from taxable net investment income (0.70) (0.69) (0.69) (0.56) (0.59)
Dividends from tax-exempt net
investment income 0 0 0 0 0
Distributions from net realized gains 0 0 0 0 (0.35)
Distributions in excess of net investment
income due to timing differences 0 0 (0.02) 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 (0.16) 0
----------- ----------- ----------- ----------- -----------
Total distributions (0.70) (0.69) (0.71) (0.72) (0.94)
----------- ----------- ----------- ----------- -----------
Portfolio transaction fee 0 0 0 0 0
----------- ----------- ----------- ----------- -----------
Net asset value, end of period $12.53 $12.48 $12.49 $12.32 $12.89
=========== =========== =========== =========== ===========
Total return 6.21% 5.54% 7.36% 1.14% 5.49%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 612,744 $ 538,248 $ 534,462 $ 550,415 $ 508,959
Average net assets (000 omitted) $ 583,003 $ 532,094 $ 536,042 $ 529,892 $ 535,889
Ratio of expenses to average net assets 0.65% 0.65% 0.65% 0.65% 0.66%
Ratio of net investment income to average
net assets 5.38% 5.47% 5.69% 4.30% 4.52%
Portfolio turnover rate 118.58% 169.96% 61.03% 285.80% 112.87%
Average commission rate per share N/A N/A N/A N/A N/A
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
22 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN GOVERNMENT SHORT DURATION PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/97 9/30/96 9/30/95 9/30/94 9/30/93
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.48 $12.55 $12.34 $12.87 $13.14
----------- ----------- ----------- ----------- -----------
Income from investment operations:
Investment income, net 0.67 0.65 0.69 0.49 0.44
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.05 (0.07) 0.21 (0.38) 0.20
----------- ----------- ----------- ----------- -----------
Total from investment operations 0.72 0.58 0.90 0.11 0.64
----------- ----------- ----------- ----------- -----------
Less distributions:
Dividends from taxable net investment income (0.67) (0.65) (0.69) (0.49) (0.44)
Dividends from tax-exempt net
investment income 0 0 0 0 0
Distributions from net realized gains 0 0 0 0 (0.47)
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 (0.15) 0
----------- ----------- ----------- ----------- -----------
Total distributions (0.67) (0.65) (0.69) (0.64) (0.91)
----------- ----------- ----------- ----------- -----------
Portfolio transaction fee 0 0 0 0 0
----------- ----------- ----------- ----------- -----------
Net asset value, end of period $12.53 $12.48 $12.55 $12.34 $12.87
=========== =========== =========== =========== ===========
Total return 5.88% 4.76% 7.55% 0.85% 5.11%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 142,081 $ 139,802 $ 143,723 $ 185,028 $ 212,531
Average net assets (000 omitted) $ 136,888 $ 145,268 $ 145,710 $ 188,013 $ 239,462
Ratio of expenses to average net assets 0.69% 0.69% 0.69% 0.68% 0.68%
Ratio of net investment income to average
net assets 5.32% 5.21% 5.58% 3.85% 3.40%
Portfolio turnover rate 80.11% 155.29% 49.34% 213.02% 130.40%
Average commission rate per share N/A N/A N/A N/A N/A
</TABLE>
<TABLE>
<CAPTION>
BERNSTEIN DIVERSIFIED MUNICIPAL PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED
9/30/97 9/30/96 9/30/95
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $13.44 $13.50 $12.99
------------- ------------- -------------
Income from investment operations:
Investment income, net 0.60 0.63 0.65
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.31 (0.04) 0.51
------------- ------------- -------------
Total from investment operations 0.91 0.59 1.16
------------- ------------- -------------
Less distributions:
Dividends from taxable net investment income (0.02) (0.01) (0.02)
Dividends from tax-exempt net
investment income (0.58) (0.62) (0.63)
Distributions from net realized gains (0.01) (0.02) 0
Distributions in excess of net investment
income due to timing differences 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0
------------- ------------- -------------
Total distributions (0.61) (0.65) (0.65)
------------- ------------- -------------
Portfolio transaction fee 0 0 0
------------- ------------- -------------
Net asset value, end of period $13.74 $13.44 $13.50
============= ============= =============
Total return 6.95% 4.38% 9.16%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 1,114,374 $ 820,395 $ 660,814
Average net assets (000 omitted) $ 965,455 $ 744,452 $ 572,769
Ratio of expenses to average net assets 0.65% 0.66% 0.66%
Ratio of net investment income to average
net assets 4.43% 4.61% 4.89%
Portfolio turnover rate 24.65% 25.22% 42.55%
Average commission rate per share N/A N/A N/A
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1997 Annual Report 23
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights (continued)
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
BERNSTEIN DIVERSIFIED BERNSTEIN CALIFORNIA
MUNICIPAL PORTFOLIO MUNICIPAL PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/94 9/30/93 9/30/97 9/30/96 9/30/95
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.78 $13.40 $13.58 $13.58 $13.06
----------- ----------- ----------- ----------- -----------
Income from investment operations:
Investment income, net 0.61 0.63 0.59 0.61 0.64
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.72) 0.49 0.32 0 0.52
----------- ----------- ----------- ----------- -----------
Total from investment operations (0.11) 1.12 0.91 0.61 1.16
----------- ----------- ----------- ----------- -----------
Less distributions:
Dividends from taxable net investment income (0.01) (0.01) (0.03) (0.03) (0.05)
Dividends from tax-exempt net
investment income (0.60) (0.62) (0.56) (0.58) (0.59)
Distributions from net realized gains (0.03) (0.11) 0 0 0
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences (0.04) 0 0 0 0
----------- ----------- ----------- ----------- -----------
Total distributions (0.68) (0.74) (0.59) (0.61) (0.64)
----------- ----------- ----------- ----------- -----------
Portfolio transaction fee 0 0 0 0 0
----------- ----------- ----------- ----------- -----------
Net asset value, end of period $12.99 $13.78 $13.90 $13.58 $13.58
=========== =========== =========== =========== ===========
Total return (0.80)% 8.61% 6.82% 4.60% 9.11%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 552,134 $ 449,668 $ 411,384 $ 285,758 $ 213,951
Average net assets (000 omitted) $ 509,380 $ 375,576 $ 339,514 $ 246,410 $ 185,990
Ratio of expenses to average net assets 0.67% 0.69% 0.67% 0.68% 0.69%
Ratio of net investment income to average
net assets 4.57% 4.64% 4.26% 4.48% 4.78%
Portfolio turnover rate 34.45% 34.74% 41.32% 23.87% 63.89%
Average commission rate per share N/A N/A N/A N/A N/A
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
24 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN CALIFORNIA
MUNICIPAL PORTFOLIO
YEAR ENDED YEAR ENDED
9/30/94 9/30/93
- ------------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period $13.83 $13.38
----------- -----------
Income from investment operations:
Investment income, net 0.61 0.60
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.74) 0.52
----------- -----------
Total from investment operations (0.13) 1.12
----------- -----------
Less distributions:
Dividends from taxable net investment income (0.02) (0.02)
Dividends from tax-exempt net
investment income (0.59) (0.58)
Distributions from net realized gains 0 (0.07)
Distributions in excess of net investment
income due to timing differences 0 0
Distributions in excess of net realized
gains due to timing differences (0.03) 0
----------- -----------
Total distributions (0.64) (0.67)
----------- -----------
Portfolio transaction fee 0 0
----------- -----------
Net asset value, end of period $13.06 $13.83
=========== ===========
Total return (0.98)% 8.60%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 192,993 $ 150,115
Average net assets (000 omitted) $ 168,797 $ 116,301
Ratio of expenses to average net assets 0.70% 0.73%
Ratio of net investment income to average
net assets 4.51% 4.36%
Portfolio turnover rate 24.55% 23.79%
Average commission rate per share N/A N/A
</TABLE>
<TABLE>
<CAPTION>
BERNSTEIN NEW YORK MUNICIPAL PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/97 9/30/96 9/30/95 9/30/94 9/30/93
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.35 $13.48 $12.98 $13.80 $13.47
----------- ----------- ----------- ----------- -----------
Income from investment operations:
Investment income, net 0.61 0.64 0.65 0.64 0.67
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.27 (0.07) 0.50 (0.75) 0.46
----------- ----------- ----------- ----------- -----------
Total from investment operations 0.88 0.57 1.15 (0.11) 1.13
----------- ----------- ----------- ----------- -----------
Less distributions:
Dividends from taxable net investment income (0.01) (0.02) (0.02) (0.02) (0.01)
Dividends from tax-exempt net
investment income (0.60) (0.62) (0.63) (0.62) (0.66)
Distributions from net realized gains 0 (0.06) 0 (0.03) (0.13)
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 (0.04) 0
----------- ----------- ----------- ----------- -----------
Total distributions (0.61) (0.70) (0.65) (0.71) (0.80)
----------- ----------- ----------- ----------- -----------
Portfolio transaction fee 0 0 0 0 0
----------- ----------- ----------- ----------- -----------
Net asset value, end of period $13.62 $13.35 $13.48 $12.98 $13.80
=========== =========== =========== =========== ===========
Total return 6.73% 4.31% 9.14% (0.81)% 8.68%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 671,700 $ 539,217 $ 458,543 $ 408,021 $ 336,101
Average net assets (000 omitted) $ 603,119 $ 497,391 $ 413,892 $ 381,144 $ 277,930
Ratio of expenses to average net assets 0.65% 0.66% 0.66% 0.67% 0.69%
Ratio of net investment income to average
net assets 4.51% 4.73% 4.95% 4.78% 4.91%
Portfolio turnover rate 25.94% 26.19% 44.84% 22.45% 34.58%
Average commission rate per share N/A N/A N/A N/A N/A
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1997 Annual 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 each of the periods presented:
<TABLE>
<CAPTION>
BERNSTEIN
SHORT DURATION
DIVERSIFIED MUNICIPAL
PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED
9/30/97 9/30/96 9/30/95(b)
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $12.52 $12.63 $12.50
----------- ----------- -----------
Income from investment operations:
Investment income, net 0.46 0.52 0.55
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.05 (0.06) 0.13
----------- ----------- -----------
Total from investment operations 0.51 0.46 0.68
----------- ----------- -----------
Less distributions:
Dividends from taxable net investment income (0.02) (0.02) (0.04)
Dividends from tax-exempt net
investment income (0.44) (0.50) (0.51)
Distributions from net realized gains (0.01) (0.05) 0
Distributions in excess of net investment
income due to timing differences 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0
----------- ----------- -----------
Total distributions (0.47) (0.57) (0.55)
----------- ----------- -----------
Portfolio transaction fee 0 0 0
----------- ----------- -----------
Net asset value, end of period $12.56 $12.52 $12.63
=========== =========== ===========
Total return 4.17% 3.68% 5.55%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 151,821 $ 119,096 $ 101,325
Average net assets (000 omitted) $ 135,288 $ 105,467 $ 85,893
Ratio of expenses to average net assets 0.72% 0.71% 0.72%*
Ratio of net investment income to average
net assets 3.66% 4.07% 4.32%*
Portfolio turnover rate 68.25% 63.40% 73.50%
Average commission rate per share N/A N/A N/A
</TABLE>
*Annualized
(b) Commenced operations October 3, 1994
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
26 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN
SHORT DURATION
CALIFORNIA MUNICIPAL
PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED
9/30/97 9/30/96 9/30/95(b)
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $12.53 $12.65 $12.50
----------- ----------- -----------
Income from investment operations:
Investment income, net 0.45 0.50 0.53
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.03 (0.07) 0.15
----------- ----------- -----------
Total from investment operations 0.48 0.43 0.68
----------- ----------- -----------
Less distributions:
Dividends from taxable net investment income (0.04) (0.05) (0.06)
Dividends from tax-exempt net
investment income (0.41) (0.45) (0.47)
Distributions from net realized gains (0.01) (0.05) 0
Distributions in excess of net investment
income due to timing differences 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0
----------- ----------- -----------
Total distributions (0.46) (0.55) (0.53)
----------- ----------- -----------
Portfolio transaction fee 0 0 0
----------- ----------- -----------
Net asset value, end of period $12.55 $12.53 $12.65
=========== =========== ===========
Total return 3.89% 3.50% 5.58%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 86,311 $ 72,925 $ 63,530
Average net assets (000 omitted) $ 76,339 $ 68,060 $ 49,944
Ratio of expenses to average net assets 0.74% 0.72% 0.73%*
Ratio of net investment income to average
net assets 3.56% 3.96% 4.12%*
Portfolio turnover rate 75.36% 60.76% 89.33%
Average commission rate per share N/A N/A N/A
</TABLE>
<TABLE>
<CAPTION>
BERNSTEIN
SHORT DURATION
NEW YORK MUNICIPAL
PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED
9/30/97 9/30/96 9/30/95(b)
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $12.52 $12.60 $12.50
----------- ----------- -----------
Income from investment operations:
Investment income, net 0.50 0.51 0.54
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.01) (0.07) 0.10
----------- ----------- -----------
Total from investment operations 0.49 0.44 0.64
----------- ----------- -----------
Less distributions:
Dividends from taxable net investment income (0.08) (0.02) (0.05)
Dividends from tax-exempt net
investment income (0.42) (0.49) (0.49)
Distributions from net realized gains (0.04) (0.01) 0
Distributions in excess of net investment
income due to timing differences 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0
----------- ----------- -----------
Total distributions (0.54) (0.52) (0.54)
----------- ----------- -----------
Portfolio transaction fee 0 0 0
----------- ----------- -----------
Net asset value, end of period $12.47 $12.52 $12.60
=========== =========== ===========
Total return 3.99% 3.53% 5.24%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 76,142 $ 58,750 $ 55,221
Average net assets (000 omitted) $ 69,567 $ 54,087 $ 50,642
Ratio of expenses to average net assets 0.76% 0.74% 0.73%*
Ratio of net investment income to average
net assets 3.97% 4.02% 4.23%*
Portfolio turnover rate 98.01% 55.81% 112.15%
Average commission rate per share N/A N/A N/A
</TABLE>
*Annualized
(b) Commenced operations October 3, 1994
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1997 Annual Report 27
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements
NOTE 1. Organization and Significant Accounting Policies
Sanford C. Bernstein Fund, Inc. (the "Fund") is a managed open-end
registered investment company, incorporated in Maryland on May 4,
1988. The Fund is currently comprised of 11 series of shares (the
"Portfolios"), each with its own investment objectives. At September
30, 1997, the two International Equity Portfolios are Bernstein
International Value and Bernstein Emerging Markets Value, and the nine
Fixed-Income Portfolios are 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 New York Stock 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 Sanford C. Bernstein & Co., Inc. (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, a Portfolio 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
Portfolio 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 Portfolio. If the Portfolio 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.
- --------------------------------------------------------------------------------
28 Sanford C. Bernstein Fund, Inc.
<PAGE>
E. Written Options
When a Portfolio writes an option, an amount equal to the premium
received by the Portfolio is recorded as an asset and a corresponding
liability. The amount of the liability is adjusted daily to reflect
the current market value of the option. The current market value is
based on the last sale price on the exchange on which the option is
principally traded, or, in the absence of a last sale, the option is
priced at the mean between the bid and asked prices. When a call
option is exercised, a Portfolio realizes a gain or loss on the
underlying security, with the proceeds from the security sale
increased by the amount of the option premium received. When a put
option is exercised, the cost basis of the security purchased by a
Portfolio is reduced by the option premium received.
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 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.
- --------------------------------------------------------------------------------
1997 Annual Report 29
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
The effect on each Portfolio is reflected as an adjustment to the
components of capital for the year ended September 30, 1997, as shown
below:
<TABLE>
<CAPTION>
INCREASE (DECREASE) TO
ACCUMULATED UNDISTRIBUTED INCREASE (DECREASE)
INCREASE (DECREASE) NET REALIZED GAIN(LOSS) TO ACCUMULATED
TO ADDITIONAL ON INVESTMENTS, FUTURES UNDISTRIBUTED NET
PAID-IN CAPITAL AND FOREIGN CURRENCIES INVESTMENT INCOME (LOSS)
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
International Value $0 $(230,397,210) $230,397,210
Emerging Markets Value 0 983,672 (983,672)
Intermediate Duration 0 (14,052,180) 14,052,180
Short Duration Plus 0 (3,684,447) 3,684,447
Diversified Municipal 0 20,161 (20,161)
</TABLE>
J. Expenses
Each Portfolio is charged for those expenses that are directly
attributable to it, such as management, custodian, transfer-agent and
shareholder servicing and administration. Other expenses are allocated
among the Portfolios based on respective net assets.
K. Organization Costs
Costs incurred in connection with the organization of the
International Value Portfolio ($124,816), Short Duration Diversified
Municipal Portfolio ($21,176), Short Duration California Municipal
Portfolio ($7,956), Short Duration New York Municipal Portfolio
($8,906) and Emerging Markets Value Portfolio ($48,194) have been
allocated to each respective Portfolio. All organization costs are
being amortized on a straight-line basis over a five-year period,
beginning with the commencement of operations of each respective
Portfolio.
L. Use of Estimates
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts and disclosures in
the financial statements. Actual results could differ from those
estimates.
M. Portfolio Transaction Fee
The Emerging Markets Value Portfolio imposes a 2.00% fee on purchases
and redemptions. This fee is retained by the Portfolio and is included
in the financial statements as an item of additional paid-in capital.
N. Securities Lending
Each of the Portfolios of the Fund may enter into securities lending
transactions. By lending its portfolio securities, a Portfolio
attempts to increase its income through the interest earned on the
loan. It is the policy of each Portfolio to receive collateral
consisting of cash or U.S. Government securities in an amount at least
equal to the value of the securities loaned. The securities lending
agent has agreed to indemnify the Fund in the case of default of any
securities borrower. Collateral received and securities loaned are
marked to market daily to ensure collateral levels are maintained.
Cash collateral received is invested by the securities lending agent
pursuant to investment guidelines set forth by the Fund. Collateral
received is recorded as an asset as well as a corresponding liability
in the Statements of Assets and Liabilities. The International Value
Portfolio earned $3,513,802 from securities lending transactions for
the year ended September 30, 1997. This amount is reflected in the
Statement of Operations as a component of interest income.
- --------------------------------------------------------------------------------
30 Sanford C. Bernstein Fund, Inc.
<PAGE>
NOTE 2. Investment Management and Transactions with Affiliated Persons
A. Management Fee
Under agreements (the "Management Agreements") between the Fund and
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 from each Portfolio at the annual
rate of .50 of 1% of average daily net assets up to and including $1
billion and at an annual rate of .45 of 1% of average daily net assets
in excess of $1 billion for the Intermediate Duration Portfolio, Short
Duration Plus Portfolio, Government Short Duration Portfolio,
Diversified Municipal Portfolio, California Municipal Portfolio and
New York Municipal Portfolio. The fee paid by the Short Duration
Diversified Municipal Portfolio, Short Duration California Municipal
Portfolio and Short Duration New York Municipal Portfolio is at an
annual rate of .50 of 1% of each Portfolio's average daily net assets.
The fee paid by the International Value Portfolio is at an annual rate
of 1.00% of that Portfolio's average daily net assets up to and
including $2 billion and at an annual rate of .90 of 1% of average
daily net assets in excess of $2 billion. The fee paid by the Emerging
Markets Value Portfolio is at an annual rate of 1.25% of that
Portfolio's average daily net assets. Through the period ending
October 31, 1996, the Short Duration Diversified Municipal Portfolio,
Short Duration California Municipal Portfolio and Short Duration New
York Municipal Portfolio do not pay any portion of the fee that,
together with other operating expenses of the Portfolios (excluding
interest, taxes, brokerage commissions and extraordinary expenses),
exceed the rate of .79% per annum of the Portfolios' average daily net
assets. In addition, the Management Agreements for the aforementioned
Portfolios provide that the Manager will pay any operating expenses of
such Portfolios (excluding interest, taxes, brokerage commissions and
extraordinary expenses) which, together with expenses under the
Shareholder Servicing and Administrative Agreement described below,
exceed the rate of .79% per annum of such Portfolio's average daily
net assets. Through the period ending December 31, 1997, the Emerging
Markets Value Portfolio will not pay any portion of the fee that,
together with other operating expenses of the Portfolio (excluding
interest, taxes, brokerage commissions and extraordinary expenses),
exceed the rate of 2.00% per annum of such Portfolio's average daily
net assets. In addition, the Management Agreement for the Emerging
Markets Value Portfolio provides that the Manager will pay any
operating expenses of the Portfolio (excluding interest, taxes,
brokerage commissions and extraordinary expenses) which, together with
expenses under the Shareholder Servicing and Administrative Agreement
described below, exceed the rate of 2.00% per annum of the Portfolio's
average daily net assets.
B. Shareholder Servicing and Administrative Fee
Under agreements (the "Shareholder Servicing and Administrative
Agreements") between the Fund and the Manager, the Manager agrees to
pay expenses it incurs in providing shareholder servicing to the Fund,
the Portfolios and individual shareholders, and administrative
services to the Fund and the Portfolios. The fee payable by each
Portfolio except the International Value Portfolio and Emerging
Markets Value Portfolio for services under this agreement is .10 of 1%
of average daily net assets, and the fee paid by the International
Value Portfolio and Emerging Markets Value Portfolio for services
under this agreement is .25 of 1% of average daily net assets.
C. Distribution
Under agreements (the "Distribution Agreements") between the Fund and
the Manager, the Manager agrees to act as agent to sell shares of the
11 Portfolios. The Manager receives no fee for this service, and
furthermore agrees to pay all expenses arising from the performance of
its obligations under this agreement.
D. Directors and Officers
Each of the four directors not affiliated with Sanford C. Bernstein &
Co., Inc. receives annual compensation of $35,000 from the Fund, in
addition to reimbursement of expenses incurred in connection with
attending meetings of the Board of Directors. None of the directors
affiliated with Sanford C. Bernstein & Co., Inc. receives compensation
for services as a director of the Fund. Similarly, none of the Fund's
officers receives compensation from the Fund.
E. Transactions with Affiliates
The International Value Portfolio and the Emerging Markets Value
Portfolio paid commissions to Sanford C. Bernstein & Co., Inc. in the
amounts of $2,082 and $81,471, respectively, for the year ended
September 30, 1997.
- --------------------------------------------------------------------------------
1997 Annual Report 31
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
NOTE 3. Investment Security Transactions
A. Purchases and Sales
For the period from October 1, 1996 through September 30, 1997, the
Portfolios had purchase and sales transactions, excluding repurchase
transactions and transactions in short-term instruments, as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
EXCLUDING U.S. PURCHASES OF EXCLUDING U.S. SALES OF
GOVERNMENT U.S. GOVERNMENT GOVERNMENT U.S. GOVERNMENT
SECURITIES SECURITIES SECURITIES SECURITIES
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
International Value $2,245,925,740 0 $1,017,641,146 0
Emerging Markets Value 276,217,103 0 120,212,757 0
Intermediate Duration 3,065,130,814 $1,358,549,176 2,670,626,285 $1,209,993,551
Short Duration Plus 304,461,682 467,473,006 261,028,465 417,673,223
Government Short Duration 0 112,953,802 0 107,566,299
Diversified Municipal 447,487,495 66,586,016 185,770,683 46,890,329
California Municipal 184,375,107 77,684,113 64,750,338 66,528,937
New York Municipal 226,626,371 46,517,237 112,606,748 39,898,477
Short Duration Diversified Municipal 110,107,142 18,546,836 79,451,334 9,429,871
Short Duration California Municipal 48,221,111 12,318,789 29,357,252 20,028,985
Short Duration New York Municipal 47,593,385 24,705,614 33,676,354 28,022,404
</TABLE>
B. Transactions in Securities of Affiliated Issuers
Affiliated issuers, as defined under the Investment Company Act of
1940, are those in which the Fund's holdings of an issuer represent 5%
or more of the outstanding voting securities of the issuer. A summary
of the Fund's transactions in the securities of these issuers for the
year ended September 30, 1997 is set forth below:
<TABLE>
<CAPTION>
BERNSTEIN INTERNATIONAL VALUE PORTFOLIO
ACQUISITIONS DISPOSITIONS
BEGINNING ------------------ -------------- ENDING REALIZED INTEREST
SHARE SHARE SHARE SHARE GAIN AND DIVIDEND ENDING
AFFILIATE AMOUNT AMOUNT COST AMOUNT COST AMOUNT (LOSS) INCOME VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Magneti Marelli 2,267,500 0 $0 0 $0 2,267,500 $0 $117,959 $2,419,683
S.p.A. RNC
Vallourec 412,460 0 0 0 0 412,460 0 356,833 27,899,876
--- --- --- -------- -----------
$0 $0 $0 $474,792 $30,319,559
=== === === ======== ===========
</TABLE>
<TABLE>
<CAPTION>
BERNSTEIN EMERGING MARKETS VALUE PORTFOLIO
ACQUISITIONS DISPOSITIONS
BEGINNING ------------------ -------------- ENDING REALIZED INTEREST
SHARE SHARE SHARE SHARE GAIN AND DIVIDEND ENDING
AFFILIATE AMOUNT AMOUNT COST AMOUNT COST AMOUNT (LOSS) INCOME VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Israel Land 1,999,527 0 0 0 $0 1,999,527 $0 $0 $12,119,038
Development
Robinson's Land 23,351,000 33,757,500 $6,153,791 0 0 57,108,500 0 0 3,277,531
Corp. - Series'B'
Shenzhen China 15,739,145 611,744 155,494 0 0 16,350,889 0 0 4,775,525
Bicycles Co., Ltd. ---------- --- --- --- -----------
$6,309,285 $0 $0 $0 $20,172,094
========== === === === ===========
</TABLE>
- --------------------------------------------------------------------------------
32 Sanford C. Bernstein Fund, Inc.
<PAGE>
C. Federal Income Tax Status
At September 30, 1997, the Short Duration Plus Portfolio, Government
Short Duration Portfolio and Diversified Municipal Portfolio had
capital loss carryforwards as follows:
CAPITAL LOSS
CARRYFORWARD AMOUNT EXPIRATION
- --------------------------------------------------------------------------------
Short Duration Plus Portfolio $5,096,709 9/30/2003
Government Short Duration Portfolio 1,967,096 9/30/2003
Diversified Municipal Portfolio 34,001 9/30/2005
- --------------------------------------------------------------------------------
For the year ended September 30, 1997, the Intermediate Duration
Portfolio, Short Duration Plus Portfolio, Government Short Duration
Portfolio and California Municipal Portfolio utilized capital loss
carryforwards as follows:
CAPITAL LOSS
CARRYFORWARD UTILIZED
- --------------------------------------------------------------------------------
Intermediate Duration Portfolio $4,529,039
Short Duration Plus Portfolio 1,515,060
Government Short Duration Portfolio 18,456
California Municipal Portfolio 464,232
- --------------------------------------------------------------------------------
Additionally, the Short Duration Plus Portfolio, Government Short
Duration Portfolio, Diversified Municipal Portfolio and California
Municipal Portfolio had post October loss deferrals of $106,578;
$10,499; $15,113; and $260,619, respectively. The Emerging Markets
Value Portfolio had post October FX loss deferrals of $958,343. For
tax purposes, these losses are deemed to arise on October 1, 1997.
D. Foreign Currency Contracts
At September 30, 1997, the International Value Portfolio, Emerging
Markets Value Portfolio, Intermediate Duration Portfolio and Short
Duration Plus Portfolio had outstanding foreign currency contracts to
purchase and sell foreign currencies as follows:
<TABLE>
<CAPTION>
FOREIGN CURRENCY BUY CONTRACT--BERNSTEIN INTERNATIONAL VALUE PORTFOLIO
VALUE RECEIVABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATE VALUE APPRECIATION (DEPRECIATION)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 12/01/97 through 12/31/97
Deutschemarks $31,462,071 $32,250,560 $788,489 0
----------- ----------- ----------- -----------
Total $31,462,071 $32,250,560 $788,489 0
=========== =========== =========== ===========
<CAPTION>
FOREIGN CURRENCY SELL CONTRACTS--BERNSTEIN INTERNATIONAL VALUE PORTFOLIO
VALUE RECEIVABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATE VALUE APPRECIATION (DEPRECIATION)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 12/01/97 through 12/31/97
Australian Dollars $ 84,482,800 $ 84,376,646 $ 106,154 0
Austrian Schillings 83,982,684 86,193,359 0 $ (2,210,675)
Canadian Dollars 30,793,812 30,814,356 0 (20,544)
Deutschemarks 428,307,855 443,658,499 0 (15,350,644)
Finnish Markka 107,457,276 110,329,562 0 (2,872,286)
French Francs 180,823,182 185,823,355 0 (5,000,173)
Hong Kong Dollars 34,785,962 34,841,227 0 (55,265)
Italian Lira 135,644,735 139,376,006 0 (3,731,271)
Japanese Yen 1,086,994,775 1,055,990,069 31,004,706 0
Spanish Pesetas 51,638,270 52,851,921 0 (1,213,651)
Swedish Krona 12,349,014 12,687,559 0 (338,545)
Swiss Francs 85,156,993 86,934,018 0 (1,777,025)
-------------- -------------- -------------- --------------
Total $2,322,417,358 $2,323,876,577 $ 31,110,860 $ (32,570,079)
============== ============== ============== ==============
</TABLE>
- --------------------------------------------------------------------------------
1997 Annual Report 33
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
<TABLE>
<CAPTION>
FOREIGN CURRENCY BUY CONTRACTS--BERNSTEIN EMERGING MARKETS VALUE PORTFOLIO
VALUE RECEIVABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 10/01/97 through 10/31/97
Malaysian Ringgits $154,322 $154,119 0 $ (203)
Philippine Pesos 88,757 86,957 0 (1,800)
Thailand Bahts 55,866 55,096 0 (770)
-------- -------- -------- --------
Total $298,945 $296,172 0 $ (2,773)
======== ======== ======== ========
<CAPTION>
FOREIGN CURRENCY SELL CONTRACTS--BERNSTEIN INTERMEDIATE DURATION PORTFOLIO
VALUE PAYABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 10/01/97 through 10/31/97
Canadian Dollars $ 77,996,351 $ 77,393,080 $ 603,271 0
Deutschemarks 63,456,597 64,363,518 0 $ (906,921)
------------ ------------ ------------ ------------
Total $141,452,948 $141,756,598 $ 603,271 $ (906,921)
============ ============ ============ ============
<CAPTION>
FOREIGN CURRENCY SELL CONTRACTS--BERNSTEIN SHORT DURATION PLUS PORTFOLIO
VALUE PAYABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 10/01/97 through 10/31/97
Canadian Dollars $15,127,737 $15,010,730 $ 117,007 0
Deutschemarks 14,987,152 15,201,348 0 $ (214,196)
----------- ----------- ----------- -----------
Total $30,114,889 $30,212,078 $ 117,007 $ (214,196)
=========== =========== =========== ===========
</TABLE>
NOTE 4. Concentration of Credit Risk
The two California Municipal Portfolios and the two New York Municipal
Portfolios invest primarily in securities issued by the States of
California and New York, respectively, and their various political
subdivisions, and the performance of each of these Portfolios is
closely tied to economic conditions within the applicable State and
the financial condition of that State and its agencies and
municipalities.
NOTE 5. Risks Involved in Futures and Foreign Currency Contracts
All Portfolios of the Fund may purchase or sell financial futures
contracts. Financial futures contracts obligate the buyer to take and
the seller to make delivery at a future date of a specified quantity
of a financial instrument or an amount of cash based on the value of a
securities index or the market value in U.S. dollars of a foreign
currency. The contract amounts reflect the extent of each Portfolio's
involvement and risk of loss in these financial instruments. A
Portfolio's participation in the futures markets involves certain
risks, including imperfect correlation between movements in the price
of the futures contracts and movements in the price of the securities
hedged or used for cover. The Fund's activities in futures contracts
are conducted through regulated exchanges that do not result in
counterparty credit risks.
Foreign currency contracts involve elements of market risk in excess
of the amount reflected in the Statements of Assets and Liabilities.
The Fund bears the risk of an unfavorable change in the foreign
exchange rate underlying the foreign currency contract. In addition,
the Fund could be exposed to risks if the counterparties to the
contracts are unable to meet the terms of their contracts.
- --------------------------------------------------------------------------------
34 Sanford C. Bernstein Fund, Inc.
<PAGE>
NOTE 6. Capital-Share Transactions
The Fund has authorized 2 billion shares of common stock, par value
$0.001 per share, of which, at September 30, 1997, 1,250 million are
divided into 11 Portfolios, allocated 300 million to the Bernstein
International Value Portfolio, 200 million to the Bernstein
Intermediate Duration Portfolio, 100 million each to the Bernstein
Emerging Markets Value Portfolio, Bernstein Short Duration Plus
Portfolio, Bernstein Government Short Duration Portfolio, Bernstein
Diversified Municipal Portfolio, Bernstein California Municipal
Portfolio and Bernstein New York Municipal Portfolio, and 50 million
allocated to each of the Bernstein Short Duration Diversified
Municipal Portfolio, Bernstein Short Duration California Municipal
Portfolio and Bernstein Short Duration New York Municipal Portfolio.
Share transactions for each portfolio for the years ended September
30, 1997, and September 30, 1996, were as follows:
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
INTERNATIONAL VALUE EMERGING MARKETS VALUE INTERMEDIATE DURATION
PORTFOLIO PORTFOLIO PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/97 9/30/96 9/30/97 9/30/96(a) 9/30/97 9/30/96
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 76,579,608 59,526,336 7,748,663 12,938,295 62,200,789 44,452,465
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 11,725,832 3,459,081 63,046 0 1,985,098 2,361,018
Shares redeemed (23,582,282) (14,461,352) (918,731) (383,910) (21,358,980) (21,720,787)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease)
in shares outstanding 64,723,158 48,524,065 6,892,978 12,554,385 42,826,907 25,092,696
Shares outstanding at
beginning of period 172,644,553 124,120,488 12,554,385 0 111,005,316 85,912,620
------------ ------------ ------------ ------------ ------------ ------------
Shares outstanding at
end of period 237,367,711 172,644,553 19,447,363 12,554,385 153,832,223 111,005,316
============ ============ ============ ============ ============ ============
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
SHORT DURATION PLUS GOVERNMENT SHORT DIVERSIFIED MUNICIPAL
PORTFOLIO DURATION PORTFOLIO PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/97 9/30/96 9/30/97 9/30/96 9/30/97 9/30/96
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 20,114,755 14,658,652 4,264,809 4,098,904 30,378,901 21,871,096
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 957,167 902,905 255,433 298,893 790,315 707,494
Shares redeemed (15,307,647) (15,212,925) (4,381,871) (4,646,753) (11,115,453) (10,454,791)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease)
in shares outstanding 5,764,275 348,632 138,371 (248,956) 20,053,763 12,123,799
Shares outstanding at
beginning of period 43,129,203 42,780,571 11,198,989 11,447,945 61,061,135 48,937,336
------------ ------------ ------------ ------------ ------------ ------------
Shares outstanding at
end of period 48,893,478 43,129,203 11,337,360 11,198,989 81,114,898 61,061,135
============ ============ ============ ============ ============ ============
</TABLE>
(a) Commenced operations December 15, 1995
- --------------------------------------------------------------------------------
1997 Annual Report 35
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN SHORT DURATION
CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL DIVERSIFIED MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/97 9/30/96 9/30/97 9/30/96 9/30/97 9/30/96
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 13,046,313 9,712,613 15,729,863 12,846,371 9,964,084 5,868,769
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 260,098 225,514 600,550 744,678 137,634 139,065
Shares redeemed (4,762,980) (4,648,754) (7,417,377) (7,209,521) (7,527,905) (4,512,344)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease)
in shares outstanding 8,543,431 5,289,373 8,913,036 6,381,528 2,573,813 1,495,490
Shares outstanding at
beginning of period 21,046,745 15,757,372 40,396,394 34,014,866 9,516,156 8,020,666
------------ ------------ ------------ ------------ ------------ ------------
Shares outstanding at
end of period 29,590,176 21,046,745 49,309,430 40,396,394 12,089,969 9,516,156
============ ============ ============ ============ ============ ============
<CAPTION>
BERNSTEIN SHORT DURATION BERNSTEIN SHORT DURATION
CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL
PORTFOLIO PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/97 9/30/96 9/30/97 9/30/96
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold 5,015,641 3,924,117 4,862,743 2,783,281
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 87,998 101,928 108,413 77,743
Shares redeemed (4,047,977) (3,229,468) (3,559,396) (2,550,234)
---------- ---------- ---------- ----------
Net increase (decrease)
in shares outstanding 1,055,662 796,577 1,411,760 310,790
Shares outstanding at
beginning of period 5,819,554 5,022,977 4,693,828 4,383,038
---------- ---------- ---------- ----------
Shares outstanding at
end of period 6,875,216 5,819,554 6,105,588 4,693,828
========== ========== ========== ==========
</TABLE>
- --------------------------------------------------------------------------------
36 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
- --------------------------------------------------------------------------------
DIRECTORS AND OFFICERS
................................................................................
Roger Hertog
President, Treasurer and Director
President, Chief Operating Officer and Director,
Sanford C. Bernstein & Co., Inc.
Andrew S. Adelson
Senior Vice President and Director
Senior Vice President, Chief Investment
Officer--International and Director,
Sanford C. Bernstein & Co., Inc.
Arthur Aeder
Director
Consultant
Peter L. Bernstein*
Director
President and Chief Executive Officer,
Peter L. Bernstein, Inc.
William Kristol
Director
Editor and Publisher, The Weekly Standard
Theodore Levitt
Director
Professor Emeritus of Business Administration,
Harvard University
Francis H. Trainer, Jr.
Senior Vice President
Senior Vice President, Director--
Fixed-Income Investments and Director,
Sanford C. Bernstein & Co., Inc.
Jean Margo Reid
Secretary
Vice President and General Counsel,
Sanford C. Bernstein & Co., Inc.
- --------------------------------------------------------------------------------
INDEPENDENT ACCOUNTANTS
................................................................................
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
- --------------------------------------------------------------------------------
LEGAL COUNSEL
................................................................................
Shereff, Friedman, Hoffman & Goodman, LLP
919 Third Avenue
New York, New York 10022
- --------------------------------------------------------------------------------
CUSTODIAN AND TRANSFER AGENT
................................................................................
State Street Bank and Trust Company
225 Franklin Street
Boston, Massachusetts 02110
- --------------------------------------------------------------------------------
INVESTMENT ADVISOR
................................................................................
Sanford C. Bernstein & Co., Inc.
767 Fifth Avenue
New York, New York 10153
227 West Monroe Street
Chicago, Illinois 60606
300 Crescent Court
Dallas, Texas 75201
1999 Avenue of the Stars
Los Angeles, California 90067
555 California Street
San Francisco, California 94104
Phillips Point--West Tower
777 South Flagler Drive
West Palm Beach, Florida 33401
* Not related to Zalman C. Bernstein, Chairman of the Executive Committee,
Sanford C. Bernstein & Co., Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
767 Fifth Avenue, New York, New York 10153
(212) 756-4097
<PAGE>
Sanford C. Bernstein Fund, Inc.
ANNUAL REPORT
SEPTEMBER 30, 1997
Schedule of Investments
Stock Portfolios
-----------------------
International Value
Emerging Markets Value
<PAGE>
Sanford C. Bernstein Fund, Inc.
Report of Independent Accountants
To the Board of Directors and Shareholders of Sanford C. Bernstein Fund, Inc.
In our opinion, the statements of assets and liabilities included in the
accompanying Annual Report, including the schedule of investments contained
herein, and the related statements of operations and of changes in net assets
and the financial highlights present fairly, in all material respects, the
financial position of Bernstein International Value Portfolio and Bernstein
Emerging Markets Value Portfolio (two of the eleven portfolios constituting
Sanford C. Bernstein Fund, Inc., hereafter referred to as the "Fund") at
September 30, 1997, the results of each of their operations for the year then
ended, the changes in each of their net assets for each of the two years in the
period then ended and the financial highlights for each of the periods
indicated, in conformity with generally accepted accounting principles. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at
September 30, 1997 by correspondence with the custodian and brokers and the
application of alternative auditing procedures where confirmations from brokers
were not received, provide a reasonable basis for the opinion expressed above.
PRICE WATERHOUSE LLP
1177 Avenue of the Americas
New York, New York
November 18, 1997
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein International Value Portfolio
September 30, 1997
Shares Description Market Value*
- --------------------------------------------------------------------------------
EQUITIES: 97.70%
- --------------------------------------------------------------------------------
AUSTRALIA: 1.65%
- --------------------------------------------------------------------------------
Broadcasting & Publishing
5,369,581 PMP Communications Limited $ 13,058,462
(Note A, p. 5)
Building Materials
1,770,388 Boral Limited (Note A, p. 5) 5,373,477
Food & Household Products
2,202,270 Burns, Philp & Company Limited 1,630,713
Paper & Forest Products
4,499,941 Amcor Limited (Note A, p. 5) 28,384,643
Real Estate
4,134,000 Schroders Property Fund 7,295,621
821,756 Westfield America 751,658
12,189,517 Westfield Trust 24,697,509
486,117 Westfield Trust RFD (02/01/1998) 935,176
(Note C, p. 5)
--------------
Total Australian Stocks
(Cost $82,342,255) 82,127,259
--------------
- --------------------------------------------------------------------------------
AUSTRIA: 1.76%
- --------------------------------------------------------------------------------
Banking
319,372 Creditanstalt-Bankverein AG 20,114,364
Construction & Housing
136,850 Wienerberger Baustoffindustrie AG 28,535,409
Food & Household Products
225,465 Brau-Union Goess-Reinighaus 13,460,273
181,650 Oesterreichische 9,933,015
Brau-Beteiligungs AG
Metal-Steel
314,400 Voest-Alpine Stahl AG 15,220,041
--------------
Total Austrian Stocks
(Cost $83,413,257) 87,263,102
--------------
- --------------------------------------------------------------------------------
CANADA: 5.67%
- --------------------------------------------------------------------------------
Banking
750,000 Canadian Imperial Bank of Commerce 21,652,617
2,706,600 National Bank of Canada 37,894,946
Broadcasting & Publishing
771,200 Torstar Corp. (Class B) 26,756,658
Conglomerates
260,000 Edperbrascan Corp. (Class A) 4,505,626
Energy Sources
984,350 Nova Scotia Power Inc. 10,505,526
1,608,000 Suncor Inc. $ 58,407,149
Food & Household Products
20,000 Imasco Ltd. 606,346
930,100 Saskatchewan Wheat Pool (Class B) 12,753,080
Metal-Steel
3,138,900 Dofasco Inc. 59,391,654
Paper & Forest Products
275,900 Donohue Inc. (Class A) 6,288,376
Telecommunications
1,371,700 Telus Corp. 28,782,823
Textiles/Apparel
1,575,200 Dominion Textile Inc. 13,905,025
--------------
Total Canadian Stocks
(Cost $179,202,361) 281,449,826
--------------
- --------------------------------------------------------------------------------
FINLAND: 2.58%
- --------------------------------------------------------------------------------
Health & Personal Care
2,719,000 Tamro Oy (Note A, p. 5) 17,215,528
Insurance
411,275 Sampo Insurance Co-'A' Free 44,307,119
Machinery & Engineering
229,800 Rauma Oy 4,777,592
588,900 Valmet Oy (Note A, p. 5) 9,627,732
Merchandising
424,900 Kesko Ltd. 5,982,867
Paper & Forest Products
25,000 Enso Oy 'A' (Note A, p. 5) 253,735
4,491,100 Enso Oy 'R' (Note A, p. 5) 46,006,411
--------------
Total Finnish Stocks
(Cost $100,824,783) 128,170,984
--------------
- --------------------------------------------------------------------------------
FRANCE: 11.26%
- --------------------------------------------------------------------------------
Automobiles
300,830 Peugeot S.A. (Note A, p. 5) 39,653,285
47,000 Sylea 4,476,077
Banking
540,796 Credit National (Note A, p. 5) 39,908,049
180,415 Societe Generale (Note A, p. 5) 26,122,641
Broadcasting & Publishing
7,500 Metropole S.A. 758,514
601,845 Television Francaise 1 (TF1) 52,041,918
(Note A, p. 5)
Building Materials
208,000 Lafarge 15,244,183
Business & Public Services
283,052 Compagnie Generale des Eaux 33,302,200
Construction & Housing
135,195 Eiffage (Note C, p. 5) 6,722,548
Electrical & Electronics
364,891 Alcatel Alsthom 48,527,892
*See Note 1, page 28 in Notes to Financial Statements.
Schedule of Investments--Stock Portfolios 1
<PAGE>
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
Energy Sources
93,702 ESSO SAF $ 8,844,803
545,626 Societe Nationale Elf Aquitaine 72,840,264
(Note A, p. 5)
Food & Household Products
362,935 Eridania Beghin-Say S.A. 56,281,797
Machinery & Engineering
412,460 Vallourec (Notes A & D, p. 5) 27,899,876
Merchandising
16,817 Galeries Lafayette 8,305,531
Metal-Steel
3,544,098 Usinor, S.A. (Note A, p. 5) 71,626,904
Real Estate
258,705 Sefimeg 16,352,621
334,408 Simco 25,027,121
Utilities-Electric, Gas & Water
48,780 Suez Lyonnaise des Eaux 5,443,159
--------------
Total French Stocks
(Cost $494,059,002) 559,379,383
--------------
- --------------------------------------------------------------------------------
GERMANY: 15.80%
- --------------------------------------------------------------------------------
Banking
3,114,730 Commerzbank (Note A, p. 5) 112,288,577
1,059,650 Dresdner Bank (Note A, p. 5) 48,696,104
2,752,660 IKB Deutsche Industriebank 58,887,092
(Note A, p. 5)
Building Materials
43,033 Dyckerhoff AG (Vorzug) 15,367,624
Chemicals
1,973,500 BASF AG (Note A, p. 5) 71,257,987
1,482,700 Bayer AG (Note A, p. 5) 59,032,765
Electrical & Electronics
1,234,300 Siemens AG (Stamm) (Note A, p. 5) 83,371,745
Food & Household Products
6,250 Sudzucker AG (Stamm) (Note A, p. 5) 3,034,891
16,475 Sudzucker AG (Vorzug) 8,307,663
Health & Personal Care
622,660 Dragerwerk AG (Vorzug) 14,166,180
399,100 Merck KGaA 15,246,187
22,800 Wella AG (Stamm) 16,194,007
11,275 Wella AG (Vorzug) (Note A, p. 5) 8,435,751
Machinery & Engineering
64,200 MAN AG (Stamm) (Note A, p. 5) 20,263,358
116,750 MAN AG (Vorzug) 28,676,250
Merchandising
57,450 Herlitz AG (Stamm) (Note A, p. 5) 4,259,289
79,600 Herlitz AG (Vorzug) 5,766,320
79,680 Metro AG (Stamm) (Note A, p. 5) 3,661,686
947,635 Metro AG (Vorzug) 33,519,447
Non-Financial
61,470 Grohe (Friedrich) AG (NVP) $ 17,533,535
Textiles/Apparel
10,085 Hugo Boss AG 13,698,180
Utilities-Electric, Gas & Water
2,047,000 VEBA AG (Note A, p. 5) 119,614,449
51,920 Viag AG (Note A, p. 5) 23,236,841
--------------
Total German Stocks
(Cost $606,917,310) 784,515,928
--------------
- --------------------------------------------------------------------------------
HONG KONG: 0.64%
- --------------------------------------------------------------------------------
Real Estate
5,056,146 Great Eagle Holdings (Note A, p. 5) 13,950,467
5,899,000 Hang Lung Development Company 11,092,072
9,720,000 Tai Cheung Holdings 6,845,955
--------------
Total Hong Kong Stocks
(Cost $34,580,149) 31,888,494
--------------
- --------------------------------------------------------------------------------
ITALY: 9.50%
- --------------------------------------------------------------------------------
Automobiles
14,676,478 Magneti Marelli S.p.A. ORD 27,947,503
(Note A, p. 5)
2,267,500 Magneti Marelli S.p.A. RNC 2,419,683
(Note D, p. 5)
Banking
18,692,000 Banca Commerciale Italiana 53,158,200
(Note A, p. 5)
1,819,200 Banca Popolare di Bergamo 26,874,605
(Note A, p. 5)
3,422,000 Banca Popolare di Milano 19,911,692
(Note A, p. 5)
4,149,750 Istituto Mobiliare Italiano 44,316,247
(Note A, p. 5)
Chemicals
4,110,000 Montefibre S.p.A. ORD 3,423,908
(Note A, p. 5)
740,000 Montefibre S.p.A. RNC 434,273
Energy Sources
12,702,580 ENI S.p.A. (Note A, p. 5) 79,969,258
Machinery & Engineering
6,090,000 Finmeccanica S.p.A. ORD 4,050,239
(Note C, p. 5)
750,000 Finmeccanica S.p.A. RNC 434,493
(Note C, p. 5)
Telecommunications
24,303,055 Telecom Italia S.p.A. ORD 162,377,041
(Note A, p. 5)
11,910,673 Telecom Italia S.p.A. RNC 46,396,527
--------------
Total Italian Stocks
(Cost $320,109,568) 471,713,669
--------------
2 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
JAPAN: 30.67%
- --------------------------------------------------------------------------------
Appliances & Household Durables
4,796,000 Matsushita Electric Industrial $ 86,643,575
Co., Ltd. (Note A, p. 5)
Automobiles
1,282,000 Aisin Seiki Co., Ltd. (Note A, p. 5) 17,529,627
393,000 Toyoda Gosei Co., Ltd. (Note A, p. 5) 2,348,164
Banking
413,490 Bank of Iwate (Note A, p. 5) 23,986,327
1,540,000 Biwako Bank 5,870,556
1,250,000 Daiwa Bank (Note A, p. 5) 5,521,256
3,381,000 Higo Bank (Note A, p. 5) 20,873,830
2,194,000 Hyakugo Bank 11,454,546
207,000 Hyakujushi Bank 1,217,950
2,896,000 Kagoshima Bank (Note A, p. 5) 17,519,516
2,801,000 Michinoku Bank 17,176,929
1,961,120 Miyazaki Bank 7,817,177
1,733,000 Oita Bank 11,187,595
4,650,000 Sakura Bank (Note A, p. 5) 22,234,607
6,078,000 Toho Bank 34,754,455
162,300 Yamagata Bank (Note A, p. 5) 794,889
Business & Public Services
1,254,000 Toppan Printing Co., Ltd. (Note A, p. 5) 17,354,604
Chemicals
2,553,000 Fuji Photo Film Co., Ltd. 105,361,235
1,393,000 Kansai Paint Co., Ltd. 3,555,515
Construction & Housing
1,261,400 Daito Trust Construction Co., Ltd. 13,171,161
(Note A, p. 5)
4,677,000 Sekisui House Ltd. (Note A, p. 5) 44,572,388
Electrical & Electronics
12,394,000 Hitachi Ltd. (Note A, p. 5) 107,845,365
2,612,000 Mitsubishi Electric Corp. 10,281,760
11,756,000 Toshiba Corp. (Note A, p. 5) 59,622,708
Energy Sources
2,651,000 General Sekiyu Group (Note A, p. 5) 15,070,739
Financial Services
2,709,000 Hitachi Credit (Note A, p. 5) 53,654,679
767,140 Promise Co., Ltd. (Note A, p. 5) 40,051,231
Food & Household Products
15,000 Chukyo Coca-Cola Bottling Co., Ltd. 118,091
191,400 Ezaki Glico Co., Ltd. (Note A, p. 5) 1,435,460
422,000 Hokkaido Coca-Cola Bottling Co., Ltd. 4,581,255
1,106,000 Kinki Coca-Cola Bottling Co., Ltd. 13,473,274
(Note A, p. 5)
371,400 Kita Kyushu Coca-Cola Bottling 8,248,546
Co., Ltd.
158,000 Mikuni Coca-Cola Bottling Co., Ltd. 2,225,905
650,000 Sanyo Coca-Cola Bottling Co., Ltd. 7,810,558
(Note A, p. 5)
687,000 Shikoku Coca-Cola Bottling Co., Ltd. 7,287,313
(Note A, p. 5)
Health & Personal Care
5,827,000 Chugai Pharmaceutical Co., Ltd. $ 50,220,271
(Note A, p. 5)
1,367,000 Daiichi Pharmaceutical Co., Ltd. 20,164,581
(Note A, p. 5)
1,341,000 Yamanouchi Pharmaceutical Co., 33,116,600
Ltd. (Note A, p. 5)
Insurance (Non-Life)
5,247,900 Chiyoda Fire & Marine (Note A, p. 5) 20,092,234
6,945,000 Dai-Tokyo Fire & Marine (Note A, p. 5) 31,366,744
2,249,000 KOA Fire & Marine (Note A, p. 5) 12,095,807
664,000 Mitsui Marine & Fire 3,851,827
(Note A, p. 5)
6,961,000 Nippon Fire & Marine 30,516,028
700,000 Sumitomo Marine & Fire 4,843,789
(Note A, p. 5)
1,432,000 Yasuda Fire & Marine 8,437,491
(Note A, p. 5)
Leisure
1,710,000 Heiwa Corp. (Note A, p. 5) 32,734,732
Machinery & Engineering
6,250,000 Makita Corp. (Note A, p. 5) 85,460,348
973,000 Sintokogio (Note A, p. 5) 5,241,153
Merchandising
1,043,900 Aoki International Co., Ltd. 13,149,317
2,649,800 Aoyama Trading Co., Ltd. 75,978,355
Metal-Steel
4,504,000 Kurimoto Ltd. (Note A, p. 5) 30,793,072
2,946,000 Maruichi Steel Tube Ltd. (Note A, p. 5) 45,165,328
1,483,000 Yamato Kogyo Co., Ltd. (Note A, p. 5) 13,149,996
4,420,000 Yodogawa Steel Works Ltd. 23,332,560
(Note A, p. 5)
Miscellaneous Materials
2,709,000 Yamamura Glass Co., Ltd. 6,847,145
Real Estate
6,377,000 Daiwa Kosho Lease Co., Ltd. 35,777,153
(Note A, p. 5)
681,000 Toc Co. (Note A, p. 5) 6,659,319
Textiles/Apparel
1,345,000 Gunze Limited 4,246,665
858,000 Tokyo Style Co., Ltd. (Note A, p. 5) 8,603,464
970,000 Wacoal Corp. 10,691,141
350,400 World Co., Ltd. (Note A, p. 5) 13,705,876
Transportation-Road & Rail
3,276,000 Seino Transportation Co., Ltd. 29,591,780
(Note A, p. 5)
3,086 West Japan Railway Co. 10,408,569
(Note A, p. 5)
Utilities-Electric, Gas & Water
1,165,000 Hokkaido Electric Power Co., Inc. 18,729,593
(Note A, p. 5)
401,800 Hokuriku Electric Power Co., Inc. 6,459,700
(Note A, p. 5)
Schedule of Investments--Stock Portfolios 3
<PAGE>
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
833,000 Kyushu Electric Power Co., Inc. $ 13,737,217
(Note A, p. 5)
317,200 Shikoku Electric Power Co., Inc. 5,073,308
(Note A, p. 5)
617,400 Tohoku Electric Power Co., Inc. 9,977,045
(Note A, p. 5)
--------------
Total Japanese Stocks
(Cost $1,675,467,221) 1,522,870,994
--------------
- --------------------------------------------------------------------------------
NETHERLANDS: 2.13%
- --------------------------------------------------------------------------------
Chemicals
67,872 DSM NV 6,629,311
Energy Sources
1,093,372 Royal Dutch Petroleum 61,197,629
Food & Household Products
775,000 Unilever plc 22,631,842
Real Estate
127,529 Wereldhave NV 8,163,189
Telecommunications
178,578 Koninklijke PTT Nederland NV 7,016,429
--------------
Total Netherlands Stocks
(Cost $66,010,630) 105,638,400
--------------
- --------------------------------------------------------------------------------
SPAIN: 4.61%
- --------------------------------------------------------------------------------
Banking
1,516,180 Argentaria S.A. 90,704,676
Construction & Housing
1,227,455 Dragados Y Construcciones S.A. 27,423,878
(Note A, p. 5)
Energy Sources
460,150 Repsol S.A. (Note A, p. 5) 19,883,215
Utilities-Electric, Gas & Water
2,601,907 Fuerzas Electricas de Cataluna S.A. 21,875,750
7,931,704 Union Electrica Fenosa S.A. 68,811,927
--------------
Total Spanish Stocks
(Cost $159,653,576) 228,699,446
--------------
- --------------------------------------------------------------------------------
SWEDEN: 0.27%
- --------------------------------------------------------------------------------
Appliances & Household Durables
111,150 Electrolux AB (Class B) 8,686,913
Paper & Forest Products
25,000 Svenska Cellulosa AB 630,972
Real Estate
56,080 Nackebro Fastighets AB 783,457
253,190 Tornet Fastighets AB 3,370,305
--------------
Total Swedish Stocks
(Cost $7,437,276) 13,471,647
--------------
- --------------------------------------------------------------------------------
SWITZERLAND: 1.83%
- --------------------------------------------------------------------------------
Banking
168,964 Swiss Bank Corporation $ 45,656,526
Food & Household Products
21,849 Nestle S.A. 30,435,969
Health & Personal Care
3,250 Sulzer Medica AG Registered 868,142
(Note C, p. 5)
Machinery & Engineering
7,350 Bobst AG Bearer 11,623,350
3,115 Bobst AG Registered 2,505,879
--------------
Total Swiss Stocks
(Cost $61,000,731) 91,089,866
--------------
- --------------------------------------------------------------------------------
UNITED KINGDOM: 9.33%
- --------------------------------------------------------------------------------
Automobiles
4,633,398 Lex Service plc 33,396,956
Beverage &Tobacco
707,158 Imperial Tobacco Group plc 4,241,888
450,000 Matthew Clark plc 1,756,013
Broadcasting & Publishing
3,268,211 United News and Media plc 41,053,226
Building Materials
364,434 Hanson plc 1,721,814
359,333 Redland plc 1,338,471
Construction & Housing
9,415,494 Tarmac plc 19,964,968
Energy Sources
1,694,000 Premier Oil plc 1,406,761
6,179,400 Shell Transport & Trading Co., plc 45,496,927
Food & Household Products
11,102,960 Hazlewood Foods plc 26,318,180
4,038,269 Hillsdown Holdings plc 11,004,788
Health & Personal Care
6,250,000 Smith & Nephew plc 18,997,267
Insurance
2,136,626 Commercial Union plc 27,717,516
1,988,100 General Accident plc 34,943,345
5,171,622 Guardian Royal Exchange plc 26,352,001
2,986,503 Royal & Sun Alliance Insurance 28,152,800
Group plc
Merchandising
358,491 J. Sainsbury plc 2,679,339
279,399 Safeway plc 1,808,882
5,081,600 Somerfield plc 16,552,043
Metal-Steel
4,143,900 British Steel plc 12,007,624
Miscellaneous Materials
6,257,500 BTR plc 25,427,353
1,664,900 Powell Duffryn plc 11,812,466
4 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Quantity Description Market Value
- --------------------------------------------------------------------------------
Textiles/Apparel
2,250,000 Courtaulds Textiles plc $ 13,315,220
Utilities-Electric, Gas & Water
724,600 Anglian Water plc 9,563,498
3,262,480 South West Water plc 46,452,415
--------------
Total United Kingdom Stocks
(Cost $356,455,437) 463,481,761
--------------
Total Equities
(Cost $4,227,473,556) 4,851,760,759
--------------
- --------------------------------------------------------------------------------
WARRANTS--FRANCE BUSINESS &
PUBLIC SERVICES (Note C, below): 0.00%
- --------------------------------------------------------------------------------
456,869 Compagnie Generale des Eaux 246,430
(Expiration 05/01/2002)
--------------
Total Warrants
(Cost $0) 246,430
--------------
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT: 1.77%
- --------------------------------------------------------------------------------
87,657,000 State Street Bank & Trust Co., 87,657,000
Repurchase Agreement,
Dated 09/30/1997, 5.75%,
maturing 10/01/1997 for $87,671,001,
Collateral 73,570,000 principal
amount U.S. Treasury Bond,
8.00%, 11/15/2021,
Value $89,410,577
--------------
Total Repurchase Agreement
(Cost $87,657,000) 87,657,000
--------------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $4,315,130,556) 99.47% $4,939,664,189
(Note E, below)
Cash and Other Assets, Less Liabilities 0.53 26,333,679
(Note F, below)
------ --------------
Net Assets (Equivalent to $20.92
per share based on 237,367,711
shares of capital stock outstanding) 100.00% $4,965,997,868
====== ==============
- --------------------------------------------------------------------------------
LONG FUTURES CONTRACT
- --------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Depreciation
- --------------------------------------------------------------------------------
100 Japanese Topix $12,074,108 $ 492,367
Stock Index
December 1997
--------------
Total Long Futures Contract $ 492,367
--------------
- --------------------------------------------------------------------------------
FOREIGN CURRENCIES
- --------------------------------------------------------------------------------
Quantity Description Market Value
- --------------------------------------------------------------------------------
745,552 Australian Dollar $ 541,234
10,748,848 Austrian Schilling 864,368
3,814,679 British Pound 6,151,171
935,145 Canadian Dollar 676,636
15,679,366 Deutschemark 8,873,690
370,110 Finnish Markka 69,952
27,158,673 French Franc 4,577,831
9,417,634 Hong Kong Dollar 1,217,063
383,031,266 Italian Lira 221,899
2,120,225,159 Japanese Yen 17,570,442
3,274,182 Netherlands Guilder 1,645,070
195,957,407 Spanish Peseta 1,312,771
871,258 Swedish Krona 114,828
1,561,640 Swiss Franc 1,073,735
-------------
Total Foreign Currencies $ 44,910,690
-------------
- --------------------------------------------------------------------------------
(A) Represents entire or partial security position out on loan or securities
contractually obligated to be loaned at a future date.
(B) Explanation of abbreviations:
RFD-Restricted for Dividends
Vorzug-German Preferred Share
Stamm-German Ordinary Share
NVP-Non-Voting Preference Share
ORD-Italian Ordinary Share
RNC-Italian Savings Share
(C) Non-income-producing security
(D) Affiliated company (see Note 3B of Notes to Financial Statements)
(E) At September 30, 1997, the cost basis of investment securities owned was
substantially identical for both book and tax.
(F) Includes $11,908,511 U.S. dollar equivalent of Japanese yen pledged as
collateral for futures transactions.
Schedule of Investments--Stock Portfolios 5
<PAGE>
(G) Allocation of net assets by industry as of September 30, 1997:
Appliances & Household Durables 1.92%
Automobiles 2.57
Banking 16.64
Beverage & Tobacco 0.12
Broadcasting & Publishing 2.69
Building Materials 0.79
Business & Public Services 1.02
Chemicals 5.03
Conglomerates 0.09
Construction & Housing 2.83
Electrical & Electronics 6.24
Energy Sources 7.52
Financial Services 1.89
Food & Household Products 4.86
Health & Personal Care 3.92
Insurance 3.25
Insurance (Non-Life) 2.24
Leisure 0.66
Machinery & Engineering 4.04
Merchandising 3.46
Metal-Steel 5.45
Miscellaneous Materials 0.89
Non-Financial 0.35
Paper & Forest Products 1.64
Real Estate 3.26
Telecommunications 4.92
Textiles/Apparel 1.57
Transportation-Road & Rail 0.81
Utilities-Electric, Gas & Water 7.03
Repurchase Agreement 1.77
Cash and Other Assets, Less Liabilities 0.53
------
Total 100.00%
======
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Emerging Markets Value Portfolio
September 30, 1997
Shares Description Market Value*
- --------------------------------------------------------------------------------
EQUITIES: 96.38%
- --------------------------------------------------------------------------------
ARGENTINA: 5.22%
- --------------------------------------------------------------------------------
Beverage & Tobacco
50,082 Nobleza Piccardo S.A.I.C. $ 310,571
Energy Sources
2,490,600 Astra Cia Argentina de Petroleo S.A. 4,708,176
25,000 YPF S.A. ADR 921,875
Metal-Steel
3,342,088 Siderca S.A.I.C. 9,994,842
Real Estate
332,300 IRSA Inversiones y 1,462,412
Representaciones S.A.
3,700 IRSA Inversiones y 163,725
Representaciones S.A. GDR
Utilities-Electric, Gas & Water
1,943,759 Central Puerto S.A. 5,326,965
--------------
Total Argentine Stocks (Cost $15,893,494) 22,888,566
--------------
- --------------------------------------------------------------------------------
BRAZIL: 7.62%
- --------------------------------------------------------------------------------
Financial Services
4,406,000 Itausa Investimentos Itau S.A. 4,021,724
Food & Household Products
1,073,000 Santista Alimentos S.A. 2,301,630
Metal-Steel
67,700,000 Companhia Siderurgica de Tubarao 1,143,216
(PFD) (Class B)
4,714,293 Gerdau Metalurgica S.A. 125,006
83,558,114 Gerdau Metalurgica S.A. (PFD) 3,737,253
191,486,156 Gerdau S.A. (PFD) 4,369,635
Paper & Forest Products
148,663,014 Votorantim Celulose Papel S.A. (PFD) 4,138,763
(Note B, p. 10)
Utilities-Electric, Gas & Water
522,000 Centrais Eletricas Brasileiras ADR 13,572,000
--------------
Total Brazilian Stocks (Cost $19,248,283) 33,409,227
--------------
- --------------------------------------------------------------------------------
CHILE: 4.43%
- --------------------------------------------------------------------------------
Banking
28,000 Banco BHIF S.A. ADR 574,000
71,800 Banco de Santiago S.A. ADR 1,714,225
Beverage & Tobacco
178,000 Compania Cervecerias Unidas S.A. ADR 5,117,500
*See Note 1, page 28 in Notes to Financial Statements.
6 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
Telecommunications
155,550 Compania de Telecomunicaciones de $ 5,035,931
Chile S.A. ADR
Utilities-Electric, Gas & Water
254,959 Chilgener S.A. ADR 6,995,438
--------------
Total Chilean Stocks (Cost $15,914,310) 19,437,094
--------------
- --------------------------------------------------------------------------------
CHINA: 5.02%
- --------------------------------------------------------------------------------
Appliances & Household Durables
16,350,889 Shenzhen China Bicycles Co., Ltd. 4,775,525
(Notes C & D, p. 10)
Chemicals
40,300,000 Jilin Chemical Industrial Co., Ltd. 9,114,112
13,600,000 Shanghai Petrochemical Co., Ltd. 4,349,961
(Note C, p. 10)
Metal-Steel
4,968,000 Maanshan Iron & Steel Co., Ltd. 1,226,270
Utilities-Electric, Gas & Water
104,000 Huaneng Power International Inc., 2,522,000
Ltd. ADR (Note C, p. 10)
--------------
Total Chinese Stocks (Cost $16,535,064) 21,987,868
--------------
- --------------------------------------------------------------------------------
INDIA: 5.30%
- --------------------------------------------------------------------------------
Automobiles
572,200 Ashok Leyland Ltd. (Note C, p. 10) 1,044,247
310,000 Ashok Leyland Ltd. GDR 1,548,450
Chemicals
1,035,700 Indo Gulf Fertilisers & 1,138,368
Chemicals Corp., Ltd.
110,000 Indo Gulf Fertilisers & Chemicals 132,000
Corp., Ltd. GDR (Note B, p. 10)
175,000 Indo Gulf Fertilisers & Chemicals 210,000
Corp., Ltd. GDR (Note B, p. 10)
601,200 Southern Petrochemical Industries 398,971
Corp., Ltd. (Note C, p. 10)
914,000 Southern Petrochemical Industries 2,924,800
Corp., Ltd. GDS (Note C, p. 10)
Financial Services
1,486,150 Industrial Credit & Investment 3,636,784
Corp. of India Ltd. (Note C, p. 10)
17,000 Industrial Credit & Investment Corp. 266,560
of India Ltd. GDR (Note B, p. 10)
303,000 Industrial Credit & Investment Corp. 4,751,040
of India Ltd. GDR (Note B, p. 10)
Health & Personal Care
578,950 Cheminor Drugs Ltd. (Note C, p. 10) 1,989,065
Utilities-Electric, Gas & Water
374,000 BSES Ltd. 1,998,493
157,000 BSES Ltd. GDR 3,218,500
--------------
Total Indian Stocks (Cost $25,012,088) 23,257,278
--------------
- --------------------------------------------------------------------------------
INDONESIA: 4.83%
- --------------------------------------------------------------------------------
Automobiles
8,000,500 PT Gadjah Tunggal (Foreign) $ 2,370,969
Food & Household Products
10,125,000 PT Sinar Mas Agro Resources & 4,077,698
Technology Corp. (Foreign)
62,500 PT Sinar Mas Agro Resources & 28,096
Technology Corp. (Local)
(Note C, p. 10)
Miscellaneous Materials
11,862,500 GT Kabelmetal Indonesia (Foreign) 2,884,499
Paper & Forest Products
6,985,000 PT Inti Indorayon Utama (Foreign) 2,547,720
(Note C, p. 10)
Real Estate
6,348,500 PT Dharmala Intiland (Foreign) 5,547,701
Telecommunications
1,410,500 PT Indosat (Foreign) 3,569,122
5,500 PT Indosat ADR 144,375
--------------
Total Indonesian Stocks (Cost $31,074,039) 21,170,180
--------------
- --------------------------------------------------------------------------------
ISRAEL: 6.05%
- --------------------------------------------------------------------------------
Banking
2,430,000 Bank Hapoalim 5,634,199
1,543,430 Israel Discount Bank 1,685,603
Electrical & Electronics
556,991 Israel Electric Wire & Cable 1,829,672
Health & Personal Care
12,300 Elscint Ltd. (Note C, p. 10) 93,788
Multi-Industry
1,999,527 Israel Land Development 12,119,038
(Notes C & D, p. 10)
8,500 Israel Land Development ADR 146,625
(Note C, p. 10)
Telecommunications
570,000 Bezeq Israeli Telecommunication 1,668,706
Corp., Ltd.
Textiles/Apparel
2,913,527 Kitan Consolidated Ltd. (Note C, p. 10) 3,331,839
--------------
Total Israeli Stocks (Cost $19,370,154) 26,509,470
--------------
- --------------------------------------------------------------------------------
MALAYSIA: 8.10%
- --------------------------------------------------------------------------------
Automobiles
376,600 Oriental Holdings Berhad 1,532,287
2,696,000 Tan Chong Motor Berhad 2,218,793
Building Materials
3,386,500 Cement Industries of Malaysia 4,864,326
Berhad
Miscellaneous Materials
2,910,000 Golden Hope Plantations Berhad 4,233,706
Schedule of Investments--Stock Portfolios 7
<PAGE>
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
1,822,000 Kuala Lumpur Kepong Berhad $ 4,492,872
7,243,800 Malaysia Mining Corp. Berhad 5,403,404
Real Estate
2,101,000 Bolton Properties Berhad 1,295,215
Transportation-Airlines
2,539,000 Malaysian Airline System Berhad 4,069,600
Utilities-Electric, Gas & Water
2,739,000 Tenaga Nasional Berhad 7,387,301
--------------
Total Malaysian Stocks (Cost $50,356,438) 35,497,504
--------------
- --------------------------------------------------------------------------------
MEXICO: 8.27%
- --------------------------------------------------------------------------------
Banking
2,530,000 Grupo Financiero Bancomer S.A. de C.V. 1,725,740
4,254,000 Grupo Financiero Serfin S.A. de C.V. 1,746,494
(Note C, p. 10)
Food & Household Products
494,000 Grupo Minsa S.A. de C.V. ADR 6,340,540
(Note C, p. 10)
Merchandising
4,265,000 Controladora Comercial Mexicana 5,456,126
S.A. de C.V.
98,000 Controladora Comercial Mexicana 2,486,750
S.A. de C.V. GDR
Metal-Nonferrous
253,000 Grupo Mexico S.A. 887,291
197,144 Grupo Mexico S.A. (NVP) 796,695
Metal-Steel
85,000 Hylsamex S.A. 732,947
Multi-Industry
2,306,200 Cydsa S.A. 7,865,418
Telecommunications
165,000 Telefonos de Mexico S.A. 430,019
150,325 Telefonos de Mexico S.A. ADR 7,779,319
--------------
Total Mexican Stocks (Cost $27,318,270) 36,247,339
--------------
- --------------------------------------------------------------------------------
PHILIPPINES: 3.80%
- --------------------------------------------------------------------------------
Banking
1,435,177 Philippine National Bank (Note C, p. 10) 3,078,351
Conglomerates
15,209,000 JG Summit Holding Inc. 2,292,371
Food & Household Products
16,323,500 Universal Robina Corp. 2,342,067
Real Estate
57,108,500 Robinson's Land Corp. - Series 'B' 3,277,531
(Notes C & D, p. 10)
Telecommunications
143,940 Philippine Long Distance 3,880,122
Telephone Co.
59,400 Philippine Long Distance 1,611,225
Telephone Co. ADR
Transportation-Shipping
3,747,000 William Gothong & Aboitiz $ 165,085
(Note C, p. 10)
--------------
Total Philippine Stocks (Cost $41,704,500) 16,646,752
--------------
- --------------------------------------------------------------------------------
PORTUGAL: 2.79%
- --------------------------------------------------------------------------------
Banking
255,000 Banco Totta & Acores S.A. 5,378,042
Utilities-Electric, Gas & Water
398,000 Electricidade de Portugal S.A. 6,841,557
--------------
Total Portuguese Stocks (Cost $11,797,805) 12,219,599
--------------
- --------------------------------------------------------------------------------
SOUTH AFRICA: 10.08%
- --------------------------------------------------------------------------------
Automobiles
452,300 Toyota South Africa Ltd. 3,008,540
Banking
1,050,362 ABSA Group Ltd. 7,155,669
295,500 First National Bank Holdings Ltd. 2,345,993
Beverage & Tobacco
611,800 Rembrandt Group Ltd. 5,539,740
Chemicals
1,424,300 AECI Ltd. 7,487,469
Food & Household Products
221,000 Foodcorp Ltd. 1,422,594
Metal-Steel
12,213,694 S.A. Iron & Steel Industrial Corp., Ltd. 7,783,429
Mining
193,900 De Beers Consolidated Mines Ltd. 5,658,277
2,500 De Beers Consolidated Mines Ltd. ADR 73,594
549,800 Free State Consolidated Gold 3,244,180
Mines Ltd.
75,000 Free State Consolidated Gold 457,031
Mines Ltd. ADR
--------------
Total South African Stocks (Cost $48,323,836) 44,176,516
--------------
- --------------------------------------------------------------------------------
SOUTH KOREA: 6.56%
- --------------------------------------------------------------------------------
Banking
227,579 Daegu Bank 1,355,525
428,060 Jeon Buk Bank 2,105,213
544,350 Kwang Ju Bank 2,403,469
248,140 Kyung Nam Bank 1,776,303
351,830 Pusan Bank 1,922,568
Beverage & Tobacco
86,618 Cho Sun Brewery Co., Ltd. 1,609,296
Building Materials
82,430 Asia Cement Manufacturing Co., Ltd. 2,612,536
Energy Sources
76,000 Ssangyong Oil Refining Co., Ltd. 1,470,164
Food & Household Products
350,920 Haitai Confectionary Co., Ltd. 2,047,992
8 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
Metal-Steel
97,692 Inchon Iron & Steel Co., Ltd. $ 1,505,418
Multi-Industry
391,640 Daewoo Corp. 2,760,741
Textiles/Apparel
99,348 Hyosung T&C Co., Ltd. 2,464,699
Tires & Rubber
225,610 Korea Kumho Petrochemical Co. 1,306,812
Utilities-Electric, Gas & Water
154,000 Korea Electric Power Corp. 3,416,612
--------------
Total South Korean Stocks (Cost $41,453,902) 28,757,348
--------------
- --------------------------------------------------------------------------------
TAIWAN: 7.29%
- --------------------------------------------------------------------------------
Building Materials
3,412,500 Pacific Construction (Note C, p. 10) 2,993,840
Electrical & Electronics
322,069 Teco Electric & Machinery Ltd. GDR 5,845,552
(Note C, p. 10)
Financial Services
1,861,524 China Bills Finance Corp. 1,112,620
(Note C, p. 10)
1,771,000 International Bills Finance Corp. 1,033,754
(Note C, p. 10)
Food & Household Products
5,627,700 Great Wall Enterprises Co. 3,796,386
(Note C, p. 10)
Metal-Steel
440,750 China Steel Corp. 415,947
360,902 China Steel Corp. GDS 7,263,153
Textiles/Apparel
6,219,430 Far Eastern Textile 9,173,713
594,000 Shinkong Synthetic Fibers Corp. 338,420
(Note C, p. 10)
--------------
Total Taiwanese Stocks (Cost $28,789,731) 31,973,385
--------------
- --------------------------------------------------------------------------------
THAILAND: 5.85%
- --------------------------------------------------------------------------------
Banking
5,834,900 First Bangkok City Bank Public 3,134,450
Co., Ltd. (Foreign)
Building Materials
4,727,800 Thai-German Ceramic Industry Co., 2,051,318
Ltd. (Foreign) (Note C, p. 10)
Financial Services
3,993,200 Dhana Siam Finance & Securities 2,887,644
Public Co., Ltd. (Foreign)
3,019,200 National Finance & Securities 2,557,587
Public Co., Ltd. (Foreign)
1,027,800 Phatra Thanakit Public Co., Ltd. 1,528,958
(Foreign) (Note C, p. 10)
2,550,000 Industrial Finance Corporation 3,319,215
of Thailand (Foreign) (Note C, p. 10)
- --------------------------------------------------------------------------------
Quantity Description Market Value
- --------------------------------------------------------------------------------
Insurance
260,000 Ayudhya Insurance Public Co., $ 1,339,394
Ltd. (Foreign) (Note B, p. 10)
146,000 Bangkok Insurance Public Co., 2,043,195
Ltd. (Foreign)
Merchandising
1,552,300 Saha Pathana Inter-Holding Ltd. 2,865,127
(Foreign) (Note B, p. 10)
Telecommunications
3,785,800 Jasmine International Public Co., 2,815,884
Ltd. (Foreign)
2,617,900 Thai Telephone & Telecommunication 1,081,777
Public Co., Ltd. (Foreign)
(Note C, p. 10)
--------------
Total Thai Stocks (Cost $43,907,286) 25,624,549
--------------
- --------------------------------------------------------------------------------
TURKEY: 5.17%
- --------------------------------------------------------------------------------
Banking
554,795,933 Yapi ve Kredi Bankasi A.S. 13,850,794
Building Materials
48,650,000 Baticim Bati Anadolu Cimento 6,491,692
Sanayii A.S.
Chemicals
19,500,000 Sasa Sun'i Ve Sentetik Elyaf 1,018,422
Multi-Industry
120,000 Haci Omer Sabanci Holding A.S. ADR 1,290,000
(Note C, p. 10)
--------------
Total Turkish Stocks (Cost $14,743,608) 22,650,908
--------------
Total Equities
(Cost $451,442,808) 422,453,583
--------------
- --------------------------------------------------------------------------------
WARRANTS--MALAYSIA REAL ESTATE
(Note C, p. 10): 0.01%
- --------------------------------------------------------------------------------
87,500 Bolton Properties Berhad 22,116
(Expiration 9/15/2001)
--------------
Total Warrants
(Cost $25,098) 22,116
--------------
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT: 2.01%
- --------------------------------------------------------------------------------
8,822,000 State Street Bank & Trust Co., 8,822,000
Repurchase Agreement,
Dated 09/30/1997, 5.75%
maturing 10/01/1997 for
$8,823,409, Collateral
8,970,000 principal amount
U.S. Treasury Note, 6.00%,
09/30/1998, Value $8,999,431
--------------
Total Repurchase Agreement
(Cost $8,822,000) 8,822,000
--------------
Schedule of Investments--Stock Portfolios 9
<PAGE>
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $460,289,906) 98.40% $431,297,699
(Note E, below)
Cash and Other Assets, Less Liabilities 1.60 7,007,349
------ ------------
Net Assets (Equivalent to $22.54
per share based on 19,447,363
shares of capital stock outstanding) 100.00% $438,305,048
====== ============
- --------------------------------------------------------------------------------
FOREIGN CURRENCIES
- --------------------------------------------------------------------------------
Quantity Description Market Value
- --------------------------------------------------------------------------------
292,764 Argentine Peso $ 292,823
1,431,941 Hong Kong Dollar 185,053
5,626,741 Indian Rupee 155,585
571,415,184 Indonesian Rupiah 173,682
1,313,489 Israeli Shekel 375,519
461,511 Malaysian Ringgit 142,255
80,971 Mexican Peso 10,421
5,414,219 New Taiwan Dollar 189,243
2,743,731 Philippine Peso 79,528
11,157,079 Portuguese Escudo 62,004
1,112,209 South African Rand 238,646
2,668,750,184 South Korean Won 2,916,668
3,631,904 Thai Baht 100,052
217,511,197,210 Turkish Lira 1,248,342
--------------
Total Foreign Currencies $ 6,169,821
--------------
- --------------------------------------------------------------------------------
(A) Explanation of abbreviations:
ADR-American Depository Receipts
GDR-Global Depository Receipts
PFD-Preferred Share
GDS-Global Depository Share
NVP-Non-Voting Preference Share
(B) Fair-valued security
(C) Non-income-producing security
(D) Affiliated company (see Note 3B of Notes to Financial Statements)
(E) At September 30, 1997, the cost basis of investment securities owned was
substantially identical for both book and tax.
(F) Allocation of net assets by industry as of September 30, 1997:
Appliances & Household Durables 1.09%
Automobiles 2.67
Banking 13.14
Beverage & Tobacco 2.87
Building Materials 4.34
Chemicals 6.11
Conglomerates 0.52
Electrical & Electronics 1.75
Energy Sources 1.62
Financial Services 5.73
Food & Household Products 5.10
Health & Personal Care 0.48
Insurance 0.77
Merchandising 2.47
Metal-Nonferrous 0.38
Metal-Steel 8.74
Mining 2.15
Miscellaneous Materials 3.88
Multi-Industry 5.52
Paper & Forest Products 1.53
Real Estate 2.68
Telecommunications 6.39
Textiles/Apparel 3.49
Tires & Rubber 0.30
Transportation-Airlines 0.93
Transportation-Shipping 0.04
Utilities-Electric, Gas & Water 11.70
Repurchase Agreement 2.01
Cash and Other Assets, Less Liabilities 1.60
-------
Total 100.00%
=======
See Notes to Financial Statements.
10 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
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<PAGE>
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<PAGE>
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<PAGE>
Sanford C. Bernstein Fund, Inc.
ANNUAL REPORT
SEPTEMBER 30, 1997
Schedule of Investments
Taxable Bond Portfolios
-------------------------
Intermediate Duration
Short Duration Plus
Government Short Duration
<PAGE>
Sanford C. Bernstein Fund, Inc.
Report of Independent Accountants
To the Board of Directors and Shareholders of Sanford C. Bernstein Fund, Inc.
In our opinion, the statements of assets and liabilities included in the
accompanying Annual Report, including the schedules of investments contained
herein, and the related statements of operations and of changes in net assets
and the financial highlights present fairly, in all material respects, the
financial position of Bernstein Intermediate Duration Portfolio, Bernstein Short
Duration Plus Portfolio and Bernstein Government Short Duration Portfolio (three
of the eleven portfolios constituting Sanford C. Bernstein Fund, Inc., hereafter
referred to as the "Fund") at September 30, 1997, the results of each of their
operations for the year then ended, the changes in each of their net assets for
each of the two years in the period then ended and the financial highlights for
each of the periods indicated, in conformity with generally accepted accounting
principles. These financial statements and financial highlights (hereafter
referred to as "financial statements") are the responsibility of the Fund's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with generally accepted auditing standards, which
require that we plan and perform the audits to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at September 30, 1997 by correspondence with the
custodian and brokers and the application of alternative auditing procedures
where confirmations from brokers were not received, provide a reasonable basis
for the opinion expressed above.
PRICE WATERHOUSE LLP
1177 Avenue of the Americas
New York, New York
November 18, 1997
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Intermediate Duration Portfolio
September 30, 1997
Principal Amount Description Market Value*
- ------------------------------------------------------------------------------
DOMESTIC INVESTMENTS: 107.24%
- ------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS (Note A, p. 5): 20.43%
- ------------------------------------------------------------------------------
Commercial Paper: 3.43%
70,641,000 Prudential Funding Corp., $ 70,641,000
10/01/1997
-------------
Total Commercial Paper (Cost $70,641,000) 70,641,000
-------------
U.S. Treasury Bills: 17.00%
126,870,000 05/28/1998 122,582,809
163,935,000 06/25/1998 157,734,158
72,625,000 07/23/1998 69,566,108
-------------
Total U.S. Treasury Bills (Cost $349,442,310) 349,883,075
-------------
Total Short-Term Investments
(Cost $420,083,310) 420,524,075
-------------
- ------------------------------------------------------------------------------
U.S. TREASURY NOTES: 6.16%
- ------------------------------------------------------------------------------
19,575,000 5.875%, 04/30/1998 19,623,937
58,640,000 5.00%, 02/15/1999 58,071,896
14,180,000 6.25%, 05/31/1999 14,286,350
9,445,000 6.75%, 05/31/1999 9,586,675
24,130,000 7.75%, 01/31/2000 25,110,281
-------------
Total U.S. Treasury Notes (Cost $125,929,284) 126,679,139
-------------
- ------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITIES: 21.65%
- ------------------------------------------------------------------------------
324,970,134 3.625%, 07/15/2002 324,157,709
(Notes B & C, p. 5)
123,782,665 3.375%, 01/15/2007 121,500,360
-------------
Total U.S. Treasury Inflation Protection Securities
(Cost $446,720,161) 445,658,069
-------------
- ------------------------------------------------------------------------------
U.S. TREASURY BONDS: 14.92%
- ------------------------------------------------------------------------------
259,630,000 7.50%, 11/15/2016 (Notes D & E, p. 5) 288,919,379
14,330,000 8.875%, 08/15/2017 18,158,790
-------------
Total U.S. Treasury Bonds (Cost $296,029,638) 307,078,169
-------------
- ------------------------------------------------------------------------------
MORTGAGE DERIVATIVES: 3.21%
- ------------------------------------------------------------------------------
15,200,000 Federal National Mortgage 15,439,187
Association Series 1997-M5 Class C,
6.74%, 08/25/2007 (Note F, p. 5)
8,215,244 Federal National Mortgage 8,529,255
Association Series 1993-215 Class H,
9.00%, 08/25/2017
9,977,013 Federal National Mortgage 10,210,874
Association Remic Trust Series
1992-10 Class ZA, 8.00%, 09/25/2018
(Note F, p. 5)
4,700,000 G.E. Capital Mortgage Services, $ 4,188,123
Inc. Series 1993-10 Class A15,
6.50%, 09/25/2023
1,878,775 G.E. Capital Mortgage Services, 1,885,238
Inc. Series 1994-11 Class A1,
6.50%, 03/25/2024
2,835,000 Federal National Mortgage 2,976,271
Association Series 1994-G6 Class
PY, 7.75%, 05/17/2024
2,324,578 Prudential Home Mortgage 2,368,698
Securities Series 1994-15
Class A1, 8.00%, 05/25/2024
874,991 Residential Funding Mortgage Inc., 882,525
Securities 1, Series 1994-S15
Class A8, 7.75%, 07/25/2024
2,307,000 Citicorp Mortgage Securities, Inc. 2,067,003
Series 1994-11 Class A9,
6.25%, 08/25/2024
4,741,748 Ryland Mortgage Securities Corp. 4,791,380
Series 1993-4 Class A2,
7.50%, 08/25/2024
173 Residential Funding Mortgage Inc., 173
Securities 1, Series 1995-S3
Class A1, 7.65%, 04/25/2025
1,998,793 Asset Securitization Corp. Series 2,035,211
1996-D3 Class A1A,
7.01%, 10/13/2026 (Note F, p. 5)
4,014,195 Asset Securitization Corp. Series 4,156,579
1997-MD7 Class A1A,
7.32%, 01/13/2030 (Note F, p. 5)
6,733,949 Federal National Mortgage 6,587,357
Association Series 1997-M2 Class Z,
7.35%, 01/17/2037 (Note F, p. 5)
-------------
Total Mortgage Derivatives (Cost $64,923,737) 66,117,874
-------------
- ------------------------------------------------------------------------------
MORTGAGE PASS-THROUGHS: 26.59%
- ------------------------------------------------------------------------------
1,448,389 Federal National Mortgage 1,506,248
Association DUS Pool #073565,
7.31%, 07/01/2003 (Note F, p. 5)
1,504,132 Federal National Mortgage 1,561,614
Association DUS Pool #073712,
7.235%, 10/01/2003 (Note F, p. 5)
1,974,294 Federal Home Loan Mortgage Corp. 2,006,422
Pool #W20002,
6.775%, 11/01/2003 (Note F, p. 5)
1,976,281 Federal National Mortgage 2,034,899
Association DUS Pool #073733,
7.06%, 11/01/2003 (Note F, p. 5)
1,545,092 Federal National Mortgage 1,574,721
Association DUS Pool #073789,
6.85%, 12/01/2003 (Note F, p. 5)
1,913,096 Federal National Mortgage 1,963,822
Association DUS Pool #073798,
6.94%, 12/01/2006 (Note F, p. 5)
* See Note 1, page 28 in Notes to Financial Statements.
Schedule of Investments--Taxable Bond Portfolios 1
<PAGE>
- ------------------------------------------------------------------------------
Principal Amount Description Market Value
- ------------------------------------------------------------------------------
2,711,842 Federal National Mortgage $ 2,800,717
Association DUS Pool #073980,
7.04%, 03/01/2007 (Note F, p. 5)
24,981,489 Federal National Mortgage 25,593,785
Association DUS Pool #313709,
6.907%, 06/01/2007 (Note F, p. 5)
11,654,742 Federal National Mortgage 11,991,226
Association DUS Pool #313543,
6.98%, 06/01/2007 (Note F, p. 5)
19,404,117 Federal National Mortgage 20,000,464
Association Mega DUS Pool #313672,
7.033%, 06/01/2007 (Note F, p. 5)
2,179,839 Federal National Mortgage 2,508,491
Association Pool #303305,
12.00%, 05/01/2016
248,552 Federal Home Loan Mortgage Corp. 259,892
Pool #293246,
8.50%, 05/01/2017
6,819,064 Government National Mortgage 7,435,365
Association Pool #267832,
9.50%, 11/15/2017
2,088,688 Federal Home Loan Mortgage Corp. 2,189,716
Pool #304272,
8.50%, 06/01/2018
4,016,173 Government National Mortgage 4,334,611
Association Pool #312952,
9.00%, 08/15/2021
4,723,726 Government National Mortgage 5,135,205
Association Pool #780118,
9.50%, 08/15/2021
6,242,449 Government National Mortgage 6,786,223
Association Pool #780049,
9.50%, 11/15/2021
6,062,718 Government National Mortgage 6,590,835
Association Pool #780254,
9.50%, 11/15/2021
4,666,112 Federal Home Loan Mortgage Corp. 5,032,350
Gold Pool #G00391,
9.00%, 06/01/2022
5,830,238 Government National Mortgage 6,045,076
Association Pool #392349,
8.00%, 07/15/2024
7,208,333 Government National Mortgage 7,448,940
Association II ARM Pool #008484,
7.125%, 08/20/2024
4,576,760 Government National Mortgage 4,973,881
Association Pool #780012,
9.50%, 10/15/2024
67,303 Federal Home Loan Mortgage Corp. 71,656
Gold Pool #C80286,
9.00%, 03/01/2025
30,901 Federal Home Loan Mortgage Corp. 32,899
Gold Pool #D59810,
9.00%, 04/01/2025
4,718,038 Government National Mortgage 4,878,965
Association II ARM Pool #008621,
7.375%, 04/20/2025
253 Federal Home Loan Mortgage Corp. 265
Pool #C80297,
8.50%, 05/01/2025
31,925 Federal Home Loan Mortgage Corp. 33,990
Gold Pool #G00350,
9.00%, 05/01/2025
6,222,548 Government National Mortgage 6,434,793
Association II ARM Pool #008643,
7.375%, 06/20/2025
7,659,629 Government National Mortgage 7,911,853
Association II ARM Pool #008660,
7.125%, 07/20/2025
5,603,906 Government National Mortgage 5,709,198
Association Pool #409928,
7.50%, 08/15/2025
2,669,701 Government National Mortgage 2,719,862
Association Pool #410088,
7.50%, 08/15/2025
5,184,025 Government National Mortgage 5,281,428
Association Pool #409946,
7.50%, 09/15/2025
7,568,096 Government National Mortgage 7,710,293
Association Pool #413123,
7.50%, 09/15/2025
7,976,919 Government National Mortgage 8,239,591
Association II ARM Pool #008703,
7.125%, 09/20/2025
6,213,448 Government National Mortgage 6,330,193
Association Pool #387136,
7.50%, 11/15/2025
3,258,510 Government National Mortgage 3,319,734
Association Pool #418352,
7.50%, 11/15/2025
6,999,276 Government National Mortgage 7,130,785
Association Pool #419244,
7.50%, 11/15/2025
7,276,875 Government National Mortgage 7,411,417
Association Pool #417275,
7.50%, 02/15/2026
1,776,104 Government National Mortgage 1,808,942
Association Pool #423798,
7.50%, 05/15/2026
4,305,076 Government National Mortgage 4,384,672
Association Pool #398717,
7.50%, 06/15/2026
5,772,896 Government National Mortgage 5,879,631
Association Pool #422926,
7.50%, 06/15/2026
98,656 Government National Mortgage 103,468
Association Pool #442121,
8.50%, 11/15/2026
2 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- ------------------------------------------------------------------------------
Principal Amount Description Market Value
- ------------------------------------------------------------------------------
39,559,000 Government National Mortgage $ 40,276,007
Association Pool TBA,
7.50%, 10/20/2027 (Note G, p. 5)
129,715,000 Government National Mortgage 134,214,554
Association Pool TBA,
8.00%, 10/20/2027 (Note G, p. 5)
98,180,000 Federal Home Loan Mortgage Corp. 99,836,788
Gold Pool TBA, 7.50%, 11/13/2027
(Note G, p. 5)
55,875,000 Federal Home Loan Mortgage Corp. 57,778,270
Gold Pool TBA, 8.00%, 11/13/2027
(Note G, p. 5)
-------------
Total Mortgage Pass-Throughs
(Cost $542,500,924) 547,273,757
-------------
- ------------------------------------------------------------------------------
FINANCE: 3.38%
- ------------------------------------------------------------------------------
9,530,000 Associates Corp. of North America 9,581,843
Senior Notes,
6.625%, 05/15/1998
10,600,000 Korea Development Bank, 10,819,950
U.S. Dollar Denominated Notes,
9.25%, 06/15/1998
1,565,000 Lehman Brothers Inc. Senior 1,656,913
Subordinated Notes,
10.00%, 05/15/1999
7,570,000 Capital One Bank Senior Notes, 7,620,946
6.83%, 05/17/1999
5,135,000 Associates Corp. of North America 5,243,297
Notes, 7.25%, 09/01/1999
2,220,000 Lehman Brothers Holdings, Inc. 2,253,726
Medium-Term Notes,
7.11%, 09/27/1999
5,725,000 Lehman Brothers Inc. Medium-Term 5,784,019
Notes, 6.84%, 10/07/1999
7,405,000 Salomon Inc. Medium-Term Notes, 7,461,574
6.625%, 11/30/2000
1,860,000 Fort Howard Corp. Senior Notes, 2,038,504
9.25%, 03/15/2001
10,325,000 Paine Webber Group, Inc. 10,547,731
Medium-Term Notes,
7.605%, 07/17/2017
6,400,000 Associates Corp. of North America 6,464,128
Notes, 5.96%, 05/15/2037,
Putable Annually 05/15/1999-
05/15/2036 @100
-------------
Total Finance (Cost $68,994,487) 69,472,631
-------------
- ------------------------------------------------------------------------------
INDUSTRIAL: 6.50%
- ------------------------------------------------------------------------------
5,130,000 News America Holdings Inc., 5,429,387
9.125%, 10/15/1999
2,810,000 News America Holdings Inc., 2,884,718
7.50%, 03/01/2000
7,140,000 Boise Cascade Corp., 7,699,633
9.90%, 03/15/2000
9,450,000 Owens Corning Medium-Term Notes, $ 9,574,645
7.00%, 05/15/2000
8,255,000 B.A.T. Crave Trust Series 8,295,293
1997-800, Rule 144A,
6.68%, 08/12/2000
(Note F, p. 5)
10,500,000 Medpartners Inc. Senior 10,489,395
Subordinated Notes,
6.875%, 09/01/2000
4,285,000 Federated Department Stores Senior 4,743,581
Notes, 10.00%, 02/15/2001
3,975,000 RJR Nabisco Inc., 4,026,993
8.00%, 07/15/2001
12,985,000 Philip Morris Inc., 13,296,121
7.25%, 09/15/2001
4,115,000 RJR Nabisco Inc., 4,341,695
8.625%, 12/01/2002
1,975,000 Auburn Hills Trust-Chrysler, 3,049,440
Credit Sensitive Notes,
12.00%, 05/01/2020
6,160,000 Motorola, Inc. Debentures, 6,246,856
6.50%, 09/01/2025,
Putable 09/01/2005 @100
16,000,000 Dayton Hudson Corp., 16,051,840
5.865%, 08/15/2027, Putable Annually
08/15/1999-
08/15/2026 @100
14,125,000 Cargill Inc. Medium-Term Notes, 14,223,169
Rule 144A, 5.95%, 05/15/2037,
Putable Annually 05/15/1999-
05/15/2036 @100
5,895,000 Dayton Hudson Corp., 5,891,050
5.895%, 06/15/2037, Putable Annually
06/15/1999-06/15/2036 @100
17,605,000 Xerox Corp. Medium-Term Notes, 17,616,795
5.545%, 07/22/2037,
Putable Annually 07/22/1999-
07/22/2036 @100
-------------
Total Industrial (Cost $131,391,739) 133,860,611
-------------
- ------------------------------------------------------------------------------
UTILITIES: 1.23%
- ------------------------------------------------------------------------------
8,310,000 Commonwealth Edison Co., 8,720,099
9.05%, 10/15/1999
10,650,000 Niagara Mohawk Power Corp., 10,552,233
6.875%, 03/01/2001
5,350,000 New Jersey Bell Telephone Co. 6,071,287
Debentures, 7.85%, 11/15/2029,
Putable 11/15/1999 @100
-------------
Total Utilities (Cost $24,980,739) 25,343,619
-------------
- ------------------------------------------------------------------------------
TAXABLE MUNICIPALS: 1.24%
- ------------------------------------------------------------------------------
2,075,000 New York State Job Development 2,076,785
Authority Series B,
6.19%, 03/01/1999
Schedule of Investments--Taxable Bond Portfolios 3
<PAGE>
- ------------------------------------------------------------------------------
Principal Amount Description Market Value
- ------------------------------------------------------------------------------
3,880,000 New York City General Obligation $ 3,887,488
Series E, 6.35%, 08/01/1999
19,130,000 Florida Residential Property & 19,555,069
Casualty Series A, Rule 144A,
7.25%, 07/01/2002
-------------
Total Taxable Municipals (Cost $25,174,119) 25,519,342
-------------
- ------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 1.93%
- ------------------------------------------------------------------------------
2,650,000 Health Care Receivables, 2,651,598
Securitization Program Notes
Series 1997-1A Class A, Rule 144A,
6.339%, 07/01/2000 (Note F, p. 5)
4,200,000 Health Care Receivables, 4,264,344
Securitization Program Notes
Series 1996-1 Class A, Rule 144A,
7.20%, 07/01/2000 (Note F, p. 5)
3,270,000 The Money Store Auto Trust Series 3,282,187
1996-2, 6.435%, 06/20/2003
(Note F, p. 5)
2,486,694 Newcourt Receivables Asset Trust 2,507,507
Series 1996-2, Asset Backed Note
Class A, 6.87%, 06/20/2004
4,890,876 Copelco Capital Funding Corp. II, 4,956,463
Class A Lease-Backed Notes Series
1996-A, 6.34%, 07/20/2004
3,307,766 Copelco Capital Funding Corp. II, 3,333,104
Class B Lease-Backed Notes Series
1996-A, 6.59%, 07/20/2004
2,478,170 Newcourt Receivables Asset Trust 2,473,612
Series 1996-3, Asset Backed Note
Class A, 6.24%, 12/20/2004
(NoteF, p. 5)
13,332,663 New York City Tax Lien Trust 13,332,663
Series 1997-1 Class A, Rule 144A,
6.46%, 05/25/2005
872,059 New York City Tax Lien Trust 872,059
Series 1997-1 Class B, Rule 144A,
6.56%, 05/25/2005
2,000,102 Green Tree Financial Corp. Series 1,989,262
1996-A Class A2,
5.70%, 02/15/2018
-------------
Total Asset-Backed Securities (Cost $39,504,906) 39,662,799
-------------
Total Domestic Investments
(Cost $2,186,233,044) 2,207,190,085
-------------
- ------------------------------------------------------------------------------
NON-U.S. DOLLAR INVESTMENTS: 7.36%
- ------------------------------------------------------------------------------
GOVERNMENT-BRITISH POUND DENOMINATED: 0.67%
- ------------------------------------------------------------------------------
BP 8,535,000 U.K. Treasury, 13,779,892
7.25%, 03/30/1998
-------------
Total Government-British Pound Denominated
(Cost $13,799,173) 13,779,892
-------------
- ------------------------------------------------------------------------------
GOVERNMENT-CANADIAN DOLLAR DENOMINATED: 3.69%
- ------------------------------------------------------------------------------
C$ 96,865,000 Canadian Government Bond, $ 75,982,306
8.50%, 03/01/2000
-------------
Total Government-Canadian Dollar
Denominated (Cost $75,208,967) 75,982,306
-------------
- ------------------------------------------------------------------------------
GOVERNMENT-DEUTSCHEMARK DENOMINATED: 2.44%
- ------------------------------------------------------------------------------
DM 57,485,000 German Unity Fund, 36,538,331
8.00%, 01/21/2002
DM 22,515,000 Deutschland Republic, 13,659,741
6.50%, 07/15/2003
-------------
Total Government-Deutschemark Denominated
(Cost $58,324,790) 50,198,072
-------------
- ------------------------------------------------------------------------------
FINANCE-ITALIAN LIRA DENOMINATED: 0.56%
- ------------------------------------------------------------------------------
IL 3,000,000,000 Abbey National Treasury Service, 1,741,448
11.50%, 10/20/1997
IL 16,805,000,000 Abbey National Treasury Service, 9,793,951
12.00%, 11/24/1997
-------------
Total Finance-Italian Lira Denominated
(Cost $12,334,652) 11,535,399
-------------
Total Non-U.S. Dollar Investments
(Cost $159,667,582) 151,495,669
-------------
- ------------------------------------------------------------------------------
INVESTMENT SUMMARY
- ------------------------------------------------------------------------------
Total Investments (Cost $2,345,900,626) 114.60% $2,358,685,754
(Note H, p. 5)
Cash and Other Assets, Less Liabilities (14.60) (300,465,262)
------ --------------
Net Assets (Equivalent to $13.38
per share based on 153,832,223
shares of capital stock outstanding) 100.00% $2,058,220,492
====== ==============
- ------------------------------------------------------------------------------
LONG FUTURES CONTRACTS
- ------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Appreciation
- ------------------------------------------------------------------------------
200 Australian $17,076,874 $ 94,556
3 Year Bond
December 1997
275 Canadian 23,522,900 478,041
10 Year Bond
December 1997
220 German 32,223,377 189,255
5 Year Bond
December 1997
-----------
Total Long Futures Contracts $ 761,852
-----------
4 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- ------------------------------------------------------------------------------
FOREIGN CURRENCIES
- ------------------------------------------------------------------------------
Quantity Description Market Value
- ------------------------------------------------------------------------------
2,596,050 Australian Dollar $ 1,884,603
177,915 British Pound 286,888
11,204,008 Canadian Dollar 8,106,804
16,931,978 Deutschemark 9,582,601
14,740,300,000 Italian Lira 8,539,408
-----------
Total Foreign Currencies $28,400,304
-----------
- ------------------------------------------------------------------------------
(A) Commercial paper owned at September 30, 1997, was purchased at a rate of
6.10%. U.S. Treasury Bills owned at September 30, 1997, were purchased at
an average rate of 5.28%.
(B) $240,000,000 principal amount segregated as collateral for when-issued
securities
(C) $2,000,000 principal amount pledged as collateral for futures transactions
(D) $127,630,000 principal amount segregated as collateral for when-issued
securities
(E) $132,000,000 principal amount segregated as collateral for futures
transactions
(F) Fair-valued security
(G) When-issued security
(H) At September 30, 1997, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
- ------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration Plus Portfolio
September 30, 1997
Principal Amount Description Market Value*
- ------------------------------------------------------------------------------
DOMESTIC INVESTMENTS: 96.39%
- ------------------------------------------------------------------------------
COMMERCIAL PAPER (Note A, p. 8): 2.28%
- ------------------------------------------------------------------------------
13,993,000 Prudential Funding Corp., $ 13,993,000
10/01/1997
-------------
Total Commercial Paper
(Cost $13,993,000) 13,993,000
-------------
- ------------------------------------------------------------------------------
U.S. TREASURY NOTES: 57.03%
- ------------------------------------------------------------------------------
12,045,000 6.25%, 07/31/1998 (Notes B&C, p. 8) 12,108,983
80,000,000 6.125%, 08/31/1998 80,350,000
47,160,000 5.50%, 11/15/1998 47,056,814
21,750,000 5.625%, 11/30/1998 (Note D, p. 8) 21,729,599
62,500,000 5.875%, 01/31/1999 62,617,187
(Notes E&F, p. 8)
38,300,000 6.375%, 04/30/1999 38,659,063
86,280,000 6.25%, 05/31/1999 86,927,100
-------------
Total U.S. Treasury Notes
(Cost $348,150,248) 349,448,746
-------------
- ------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITY: 14.87%
- ------------------------------------------------------------------------------
91,322,719 3.625%, 07/15/2002 91,094,413
-------------
Total U.S. Treasury Inflation Protection Security
(Cost $91,327,812) 91,094,413
-------------
- ------------------------------------------------------------------------------
MORTGAGE DERIVATIVES: 3.83%
- ------------------------------------------------------------------------------
11,237 Countrywide Funding Corp. 11,237
Series 1994-12 Class A5,
7.00%, 10/25/2014
4,446,448 Federal National Mortgage 4,550,673
Association Remic Trust Series
1992-10 Class ZA, 8.00%, 09/25/2018
(Note G, p. 8)
1,298,749 Federal Home Loan Mortgage Corp. 1,315,191
Remic Trust Series 37 Class C,
9.00%, 04/15/2020
3,680,000 Residential Funding Mortgage Inc., 3,720,727
Securities 1, Series 1993-S12
Class A7, 7.50%, 05/25/2020
3,040,000 CMC Securities Corp. III Series 3,042,158
1993-F Class A2, 6.75%, 11/25/2023
3,063,315 Prudential Home Mortgage 3,036,603
Securities Series 1993-54 Class A6,
6.50%, 01/25/2024
1,905,866 G.E. Capital Mortgage Services, 1,912,498
Inc. Series 1994-5 Class A4,
6.50%, 02/25/2024
* See Note 1, page 28 in Notes to Financial Statements
Schedule of Investments--Taxable Bond Portfolios 5
<PAGE>
- ------------------------------------------------------------------------------
Principal Amount Description Market Value
- ------------------------------------------------------------------------------
430,827 G.E. Capital Mortgage Services, $ 432,309
Inc. Series 1994-11 Class A1,
6.50%, 03/25/2024
3,385,879 G.E. Capital Mortgage Services, 3,404,197
Inc. Series 1994-17 Class A3,
7.00%, 05/25/2024
1,403,422 Prudential Home Mortgage 1,430,059
Securities Series 1994-15 Class A1,
8.00%, 05/25/2024
581,802 Residential Funding Mortgage Inc., 586,811
Securities 1, Series 1994-S15
Class A8, 7.75%, 07/25/2024
-------------
Total Mortgage Derivatives
(Cost $23,360,237) 23,442,463
-------------
- ------------------------------------------------------------------------------
MORTGAGE PASS-THROUGHS: 7.06%
- ------------------------------------------------------------------------------
2,118,557 Federal Home Loan Mortgage Corp. 2,129,149
Gold Pool #G50015,
6.50%, 08/01/1998
3,490,027 Federal Home Loan Mortgage Corp. 3,507,478
Gold Pool #G50090,
6.50%, 01/01/1999
1,282,085 Federal National Mortgage 1,475,384
Association Pool #303305,
12.00%, 05/01/2016
6,950 Government National Mortgage 7,413
Association Pool #183717,
9.00%, 11/15/2016
2,451,789 Government National Mortgage 2,535,417
Association II ARM Pool #008621,
7.375%, 04/20/2025
3,056,267 Government National Mortgage 3,160,513
Association II ARM Pool #008631,
7.375%, 05/20/2025
3,125,840 Government National Mortgage 3,232,459
Association II ARM Pool #008643,
7.375%, 06/20/2025
2,768,828 Government National Mortgage 2,860,003
Association II ARM Pool #008660,
7.125%, 07/20/2025
3,675,536 Government National Mortgage 3,796,568
Association II ARM Pool #008703,
7.125%, 09/20/2025
7,281,492 Government National Mortgage 7,636,676
Association Pool #431534,
8.50%, 11/15/2026
656,011 Government National Mortgage 688,011
Association Pool #431784,
8.50%, 12/15/2026
11,825,000 Government National Mortgage 12,235,186
Association Pool TBA,
8.00%, 10/20/2027 (Note H, p. 8)
-------------
Total Mortgage Pass-Throughs
(Cost $42,771,107) 43,264,257
-------------
- ------------------------------------------------------------------------------
FINANCE: 4.62%
- ------------------------------------------------------------------------------
2,590,000 World Savings & Loan Association $ 2,590,000
Subordinated Notes,
10.25%, 10/01/1997
4,515,000 Lehman Brothers Holdings, Inc. 4,515,226
Notes, 5.75%, 02/15/1998
2,170,000 Korea Development Bank, 2,215,027
U.S. Dollar Denominated Notes,
9.25%, 06/15/1998
2,740,000 Capital One Bank Senior Notes, 2,758,440
6.83%, 05/17/1999
5,025,000 General Motors Acceptance Corp., 5,227,005
8.625%, 06/15/1999
5,575,000 Associates Corp. of North America 5,692,577
Notes, 7.25%, 09/01/1999
2,500,000 Paine Webber Group, Inc. 2,569,225
Subordinated Medium-Term Notes,
7.70%, 02/11/2000
2,750,000 Salomon Inc. Medium-Term Notes, 2,771,010
6.625%, 11/30/2000
-------------
Total Finance (Cost $28,289,368) 28,338,510
-------------
- ------------------------------------------------------------------------------
INDUSTRIAL: 1.53%
- ------------------------------------------------------------------------------
2,590,000 News America Holdings Inc., 2,658,868
7.50%, 03/01/2000
1,500,000 Owens Corning Medium-Term Notes, 1,519,785
7.00%, 05/15/2000
4,820,000 Whirlpool Corp., 9.50%, 06/15/2000 5,206,564
-------------
Total Industrial (Cost $9,345,392) 9,385,217
-------------
- ------------------------------------------------------------------------------
TAXABLE MUNICIPALS: 2.02%
- ------------------------------------------------------------------------------
2,040,000 New York State Job Development 2,041,754
Authority Series B, 6.19%, 03/01/1999
3,605,000 New York City General Obligation 3,587,408
Series B, 5.95%, 08/01/1999
5,250,000 New York City General Obligation 5,260,132
Series E, 6.35%, 08/01/1999
1,490,000 New York State Environmental 1,494,783
Facilities Series A, 6.31%, 09/15/1999
-------------
Total Taxable Municipals (Cost $12,357,525) 12,384,077
-------------
- ------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 3.15%
- ------------------------------------------------------------------------------
500,000 Health Care Receivables, 500,302
Securitization Program Notes
Series 1997-1A Class A, Rule 144A,
6.339%, 07/01/2000 (Note G, p. 8)
1,700,000 Health Care Receivables, 1,726,044
Securitization Program Notes
Series 1996-1 Class A, Rule 144A,
7.20%, 07/01/2000 (Note G, p. 8)
1,845,873 TLFC IV Equipment Lease Trust 1,843,963
Series 1996-1 Class A,
5.98%, 11/20/2002 (Note G, p. 8)
6 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- ------------------------------------------------------------------------------
Principal Amount Description Market Value
- ------------------------------------------------------------------------------
1,380,000 The Money Store Auto Trust Series $ 1,385,143
1996-2, 6.435%, 06/20/2003
(Note G, p. 8)
2,538,310 Newcourt Receivables Asset Trust 2,559,556
Series 1996-2, Asset Backed Note
Class A, 6.87%, 06/20/2004
1,245,269 Copelco Capital Funding Corp. II, 1,254,807
Class B Lease-Backed Notes
Series 1996-A, 6.59%, 07/20/2004
1,906,147 Newcourt Receivables Asset Trust 1,902,641
Series 1996-3, Asset Backed Note
Class A, 6.24%, 12/20/2004
(Note G, p. 8)
4,498,254 New York City Tax Lien Trust 4,498,254
Series 1997-1 Class A, Rule 144A,
6.46%, 05/25/2005
270,266 New York City Tax Lien Trust 270,266
Series 1997-1 Class B, Rule 144A,
6.56%, 05/25/2005
3,360,640 Green Tree Financial Corp. Series 3,338,897
1996-A Class A1,
5.55%, 02/15/2018
-------------
Total Asset-Backed Securities
(Cost $19,209,380) 19,279,873
-------------
Total Domestic Investments
(Cost $588,804,069) 590,630,556
-------------
- ------------------------------------------------------------------------------
NON-U.S. DOLLAR INVESTMENTS: 4.96%
- ------------------------------------------------------------------------------
GOVERNMENT-BRITISH POUND DENOMINATED: 0.40%
- ------------------------------------------------------------------------------
BP 1,525,000 U.K. Treasury, 2,462,136
7.25%, 03/30/1998
-------------
Total Government-British Pound Denominated
(Cost $2,464,991) 2,462,136
-------------
- ------------------------------------------------------------------------------
GOVERNMENT-CANADIAN DOLLAR DENOMINATED: 2.41%
- ------------------------------------------------------------------------------
C$ 18,785,000 Canadian Government Bond, 14,735,226
8.50%, 03/01/2000
-------------
Total Government-Canadian Dollar Denominated
(Cost $14,585,252) 14,735,226
-------------
- ------------------------------------------------------------------------------
GOVERNMENT-DEUTSCHEMARK DENOMINATED: 1.96%
- ------------------------------------------------------------------------------
DM 13,350,000 German Unity Fund, 8,485,461
8.00%, 01/21/2002
DM 5,825,000 Deutschland Republic, 3,533,999
6.50%, 07/15/2003
-------------
Total Government-Deutschemark Denominated
(Cost $13,970,840) 12,019,460
- ------------------------------------------------------------------------------
FINANCE-ITALIAN LIRA DENOMINATED: 0.19%
- ------------------------------------------------------------------------------
IL 2,000,000,000 Abbey National Treasury Service, $ 1,160,965
11.50%, 10/20/1997
-------------
Total Finance-Italian Lira Denominated
(Cost $1,287,637) 1,160,965
-------------
Total Non-U.S. Dollar Investments
(Cost $32,308,720) 30,377,787
-------------
- ------------------------------------------------------------------------------
INVESTMENT SUMMARY
- ------------------------------------------------------------------------------
Total Investments (Cost $621,112,789) 101.35% $ 621,008,343
(Note I, p. 8)
Cash and Other Assets, Less Liabilities (1.35) (8,264,086)
------ -------------
Net Assets (Equivalent to $12.53
per share based on 48,893,478
shares of capital stock outstanding) 100.00% $ 612,744,257
====== =============
- ------------------------------------------------------------------------------
LONG FUTURES CONTRACTS
- ------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Appreciation
- ------------------------------------------------------------------------------
40 Australian $ 3,415,811 $ 18,475
3 Year Bond
December 1997
40 Canadian 3,421,515 69,531
10 Year Bond
December 1997
24 German 3,515,277 20,646
5 Year Bond
December 1997
216 U.S. 2 Year 44,585,109 137,016
Treasury Note
December 1997
-------------
Total Long Futures Contracts $ 245,668
-------------
- ------------------------------------------------------------------------------
SHORT FUTURES CONTRACT
- ------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Depreciation
- ------------------------------------------------------------------------------
146 U.S. 30 Year $16,470,615 $ 360,448
Treasury Bond
December 1997
-------------
Total Short Futures Contract $ 360,448
-------------
- ------------------------------------------------------------------------------
FOREIGN CURRENCIES
- ------------------------------------------------------------------------------
Quantity Description Market Value
- ------------------------------------------------------------------------------
531,012 Australian Dollar $ 385,488
32,625 British Pound 52,608
2,315,506 Canadian Dollar 1,675,414
3,828,273 Deutschemark 2,166,600
3,400,750,000 Italian Lira 1,970,136
-------------
Total Foreign Currencies $ 6,250,246
-------------
Schedule of Investments--Taxable Bond Portfolios 7
<PAGE>
- ------------------------------------------------------------------------------
(A) Commercial paper owned at September 30, 1997, was purchased at a rate of
6.10%.
(B) $11,415,000 principal amount segregated as collateral for futures
transactions
(C) $630,000 principal amount pledged as collateral for futures transactions
(D) $21,750,000 principal amount segregated as collateral for futures
transactions
(E) $25,000,000 principal amount segregated as collateral for futures
transactions
(F) $15,000,000 principal amount segregated as collateral for when-issued
securities
(G) Fair-valued security
(H) When-issued security
(I) At September 30, 1997, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Government Short Duration Portfolio
September 30, 1997
Principal Amount Description Market Value*
- ------------------------------------------------------------------------------
COMMERCIAL PAPER (Note A, p. 9): 1.21%
- ------------------------------------------------------------------------------
1,721,000 Prudential Funding Corp., $ 1,721,000
10/01/1997
-------------
Total Commercial Paper (Cost $1,721,000) 1,721,000
-------------
- ------------------------------------------------------------------------------
U.S. TREASURY NOTES: 84.78%
- ------------------------------------------------------------------------------
11,205,000 6.25%, 07/31/1998 (Notes B & C, p. 9) 11,264,521
12,730,000 6.125%, 08/31/1998 12,785,694
9,500,000 5.50%, 11/15/1998 9,479,214
12,915,000 5.875%, 01/31/1999 12,939,215
20,500,000 5.00%, 02/15/1999 20,301,396
17,000,000 6.25%, 03/31/1999 17,122,179
12,000,000 6.375%, 04/30/1999 12,112,500
3,500,000 6.25%, 05/31/1999 3,526,250
15,790,000 7.50%, 10/31/1999 16,298,233
4,525,000 6.75%, 04/30/2000 4,619,740
-------------
Total U.S. Treasury Notes (Cost $119,682,993) 120,448,942
-------------
- ------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITY: 15.13%
- ------------------------------------------------------------------------------
21,550,528 3.625%, 07/15/2002 21,496,652
-------------
Total U.S. Treasury Inflation Protection Security
(Cost $21,549,111) 21,496,652
-------------
- ------------------------------------------------------------------------------
INVESTMENT SUMMARY
- ------------------------------------------------------------------------------
Total Investments (Cost $142,953,104) 101.12% $143,666,594
(Note D, p. 9)
Cash and Other Assets, Less Liabilities (1.12) (1,585,324)
------ ------------
Net Assets (Equivalent to $12.53
per share based on 11,337,360
shares of capital stock outstanding) 100.00% $142,081,270
====== ============
- ------------------------------------------------------------------------------
LONG FUTURES CONTRACT
- ------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Appreciation
- ------------------------------------------------------------------------------
56 U.S. 2 Year $11,560,203 $ 34,422
Treasury Note
December 1997
-------------
Total Long Futures Contract $ 34,422
-------------
- ------------------------------------------------------------------------------
SHORT FUTURES CONTRACT
- ------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Depreciation
- ------------------------------------------------------------------------------
25 U.S. 30 Year $ 2,820,313 $ 61,719
Treasury Bond
December 1997
-------------
Total Short Futures Contract $ 61,719
-------------
* See Note 1, page 28 in Notes to Financial Statements.
8 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- ------------------------------------------------------------------------------
(A) Commercial paper owned at September 30, 1997, was purchased at a rate of
6.10%.
(B) $50,000 principal amount pledged as collateral for futures transactions
(C) $10,000,000 principal amount segregated as collateral for futures
transactions
(D) At September 30, 1997, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
Schedule of Investments--Taxable Bond Portfolios 9
<PAGE>
Sanford C. Bernstein Fund, Inc.
ANNUAL REPORT
SEPTEMBER 30, 1997
Schedule of Investments
Municipal Bond Portfolios
------------------------------------
Diversified Municipal
California Municipal
New York Municipal
Short Duration Diversified Municipal
Short Duration California Municipal
Short Duration New York Municipal
<PAGE>
Sanford C. Bernstein Fund, Inc.
Report of Independent Accountants
To the Board of Directors and Shareholders of Sanford C. Bernstein Fund, Inc.
In our opinion, the statements of assets and liabilities included in the
accompanying Annual Report, including the schedules of investments contained
herein, and the related statements of operations and of changes in net assets
and the financial highlights present fairly, in all material respects, the
financial position of Bernstein Diversified Municipal Portfolio, Bernstein
California Municipal Portfolio, Bernstein New York Municipal Portfolio,
Bernstein Short Duration Diversified Municipal Portfolio, Bernstein Short
Duration California Municipal Portfolio and Bernstein Short Duration New York
Municipal Portfolio (six of the eleven portfolios constituting Sanford C.
Bernstein Fund, Inc., hereafter referred to as the "Fund") at September 30,
1997, the results of each of their operations for the year then ended, the
changes in each of their net assets for each of the two years in the period then
ended and the financial highlights for each of the periods indicated, in
conformity with generally accepted accounting principles. These financial
statements and financial highlights (hereafter referred to as "financial
statements") are the responsibility of the Fund's management; our responsibility
is to express an opinion on these financial statements based on our audits. We
conducted our audits of these financial statements in accordance with generally
accepted auditing standards, which require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at September 30, 1997 by
correspondence with the custodian and brokers and the application of alternative
auditing procedures where confirmations from brokers were not received, provide
a reasonable basis for the opinion expressed above.
PRICE WATERHOUSE LLP
1177 Avenue of the Americas
New York, New York
November 18, 1997
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Diversified Municipal Portfolio
September 30, 1997
Principal Amount Description Market Value*
- -------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 1.84%
- -------------------------------------------------------------------------------
Municipal Notes: 0.91%
1,910,000 Texas State Tax & Revenue $ 1,926,350
Anticipation Notes Series A,
4.75%, 08/31/1998
1,335,000 Cincinnati City School District, 1,353,556
Ohio Tax Anticipation Notes
Series B, AMBAC, 5.00%, 12/01/1998
6,745,000 Cincinnati City School District, 6,888,534
Ohio Tax Anticipation Notes
Series C, AMBAC, 5.00%, 12/01/1999
-------------
Total Municipal Notes (Cost $10,102,177) 10,168,440
-------------
Tax Exempt Variable-Rate Demand Notes: 0.93%
10,100,000 Port of Portland, Oregon Special 10,100,000
Obligation Revenue, Horizon Air
Insurance Inc. Project, Daily
Floater, Putable Daily, AMT,
3.95%, 06/15/2027
300,000 Phenix City Industrial 300,000
Development Board, Alabama,
Environmental Improvement
Revenue, Mead Coated Board
Project, Daily Floater, Putable
Daily, 3.95%, 03/01/2031
-------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $10,400,000) 10,400,000
-------------
Total Short-Term Investments (Cost $20,502,177) 20,568,440
-------------
- -------------------------------------------------------------------------------
U.S. TREASURY NOTE: 0.82%
- -------------------------------------------------------------------------------
9,105,000 5.625%, 11/30/1998 9,096,460
-------------
Total U.S. Treasury Note (Cost $9,069,858) 9,096,460
-------------
- -------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITY: 0.99%
- -------------------------------------------------------------------------------
11,274,579 3.375%, 01/15/2007 11,066,698
-------------
Total U.S. Treasury Inflation Protection Security
(Cost $10,970,463) 11,066,698
-------------
- -------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 15.38%
- -------------------------------------------------------------------------------
1,525,000 Charleston, South Carolina 1,569,911
Waterworks & Sewer Revenue,
7.75%, 01/01/2018,
Prerefunded 01/01/1998 @102
890,000 Harris County, Texas Toll Road 908,743
Unlimited Tax, 10.375%, 08/01/2014,
Prerefunded 02/01/1998 @100
1,335,000 Ohio State Water Development $ 1,394,234
Authority Revenue Series I,
7.50%, 12/01/2008,
Prerefunded 06/01/1998 @102
470,000 New York State Dormitory Authority, 482,436
City University Series A,
7.40%, 07/01/1998,
Escrowed to Maturity
1,100,000 Los Angeles, California 1,149,731
Wastewater System Revenue,
6.80%, 08/01/2019,
Prerefunded 08/01/1998 @102
1,400,000 Minnesota State, 7.10%, 08/01/2003, 1,438,346
Prerefunded 08/01/1998 @100
1,200,000 Minnesota State, 7.25%, 08/01/2004, 1,234,320
Prerefunded 08/01/1998 @100
1,065,000 Wisconsin State Health & 1,125,588
Educational Facility Authority
Revenue, Wheaton Franciscan
Services, Inc., 8.20%, 08/15/2018,
Prerefunded 08/15/1998 @102
1,960,000 Metropolitan Water Reclamation 2,036,891
District of Greater Chicago,
Illinois, 7.25%, 01/01/2006,
Prerefunded 01/01/1999 @100
1,250,000 Virginia Public School Authority, 1,305,488
6.75%, 01/15/2003,
Prerefunded 01/15/1999 @101
1,300,000 Connecticut State Special Tax 1,378,221
Obligation Revenue Series A,
7.15%, 02/01/2005,
Prerefunded 02/01/1999 @102
2,000,000 Salt Lake City, Utah, IHC 2,123,920
Hospitals Series B,
7.25%, 02/15/2020,
Prerefunded 02/15/1999 @102
1,450,000 Washington State Motor Vehicle 1,509,435
Fuel Tax, 7.00%, 03/01/1999,
Escrowed to Maturity
1,250,000 Ohio State Building Authority 1,332,613
Correctional Facilities Series A,
7.35%, 03/01/2003,
Prerefunded 03/01/1999 @102
1,000,000 Fairfax County, Virginia Public 1,052,220
Improvement Series A,
6.25%, 04/01/2008,
Prerefunded 04/01/1999 @102
1,445,000 Illinois Health Facilities 1,542,725
Authority Revenue, Lutheran
Health Systems Series C,
7.375%, 04/01/2008,
Prerefunded 04/01/1999 @102
1,660,000 Rutgers State University, 1,768,365
New Jersey, 7.00%, 05/01/2019,
Prerefunded 05/01/1999 @102
*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 New York State Dormitory $ 1,068,290
Authority, State University
Series A, 7.125%, 05/15/2017,
Prerefunded 05/15/1999 @102
1,250,000 Illinois Health Facilities 1,351,287
Authority Revenue, Delnor
Community Hospital Project,
8.00%, 05/15/2019,
Prerefunded 05/15/1999 @102
1,405,000 Florida State Board of Education 1,496,522
Series B, 6.90%, 06/01/2009,
Prerefunded 06/01/1999 @102
1,000,000 Massachusetts Consolidated Loans 1,067,570
Series C, AMBAC, 7.00%, 06/01/2001,
Prerefunded 06/01/1999 @102
1,000,000 Massachusetts Consolidated Loans 1,066,730
Series C, AMBAC, 7.00%, 06/01/2009,
Prerefunded 06/01/1999 @102
2,000,000 Pennsylvania Intergovernmental 2,055,840
Cooperation Authority, Special
Tax Revenue, FGIC,
5.75%, 06/15/1999,
Escrowed to Maturity
1,000,000 New Jersey State Educational 1,071,080
Facilities Authority Revenue,
Trenton State College Series C,
7.125%, 07/01/2009,
Prerefunded 07/01/1999 @102
3,170,000 Puerto Rico Electric Power 3,386,067
Authority Series O,
7.125%, 07/01/2014,
Prerefunded 07/01/1999 @101.50
3,275,000 Pennsylvania Higher Educational 3,508,999
Facilities Authority College &
University Revenue, Hahnemann
University Project, 7.20%, 07/01/2019,
Prerefunded 07/01/1999 @102
1,200,000 Metropolitan Atlanta Rapid 1,286,796
Transit Authority, Georgia Sales
Tax Revenue Series L,
7.20%, 07/01/2020,
Prerefunded 07/01/1999 @102
1,800,000 Washington Public Power Supply 1,937,610
System Revenue, Nuclear Project
No. 1 Series A, 7.50%, 07/01/2015,
Prerefunded 07/01/1999 @102
1,650,000 Florida State Turnpike Authority 1,777,594
Revenue, 7.50%, 07/01/2019,
Prerefunded 07/01/1999 @102
4,000,000 Maryland State Health & Higher 4,309,320
Educational Facilities Authority
Revenue, Good Samaritan Hospital,
7.50%, 07/01/2021,
Prerefunded 07/01/1999 @102
3,000,000 Maryland State Second Series, $ 3,142,650
6.50%, 07/15/2001,
Prerefunded 07/15/1999 @100.50
1,000,000 Kentucky State Property & 1,038,670
Buildings Commission Revenue,
Project No. 51, 6.25%, 08/01/1999,
Escrowed to Maturity
1,350,000 Maryland State Department of 1,440,423
Transportation, 6.70%, 08/15/2005,
Prerefunded 08/15/1999 @102
1,070,000 University of Maryland System 1,155,204
Auxiliary Facility & Tuition Revenue
Series A, 7.20%, 10/01/2009,
Prerefunded 10/01/1999 @102
1,000,000 Maryland State Department of 1,062,900
Transportation Second Issue,
6.70%, 11/01/2001,
Prerefunded 11/01/1999 @101
1,390,000 Montgomery County Higher 1,534,741
Education & Health Authority,
Pennsylvania Hospital Revenue
Series A, 8.375%, 11/01/2011,
Prerefunded 11/01/1999 @102
2,120,000 Tampa, Florida, Allegheny Health 2,306,390
System, 7.375%, 12/01/2023,
Prerefunded 12/01/1999 @102
4,250,000 Pennsylvania Turnpike Commission 4,634,285
Revenue Series E,
7.55%, 12/01/2017,
Prerefunded 12/01/1999 @102
3,730,000 Metropolitan Seattle, Washington 4,020,082
Sewer Revenue Series T,
6.875%, 01/01/2031,
Prerefunded 01/01/2000 @102
4,635,000 Pinellas County Health Facilities 5,191,571
Authority, Florida, Sun Coast
Health Systems Revenue,
8.50%, 03/01/2020,
Prerefunded 03/01/2000 @102
4,970,000 Maury County Health & Educational 5,786,720
Facilities Board Revenue, Tennessee,
Southern Healthcare Heritage
Series E, 10.50%, 03/01/2020,
Prerefunded 03/01/2000 @102
1,000,000 Massachusetts Water Resources 1,099,920
Authority Series A,
7.50%, 04/01/2016,
Prerefunded 04/01/2000 @102
3,090,000 Massachusetts Water Resources 3,407,837
Authority Series A,
7.625%, 04/01/2014,
Prerefunded 04/01/2000 @102
6,680,000 Franklin County, Ohio Hospital 7,388,281
Revenue, 7.60%, 05/15/2020,
Prerefunded 05/15/2000 @102
2 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
4,735,000 Austin, Texas Utility Systems $ 5,366,696
Revenue, Combined Series A,
9.50%, 05/15/2015,
Prerefunded 05/15/2000 @100
4,525,000 Pennsylvania Intergovernmental 4,745,820
Cooperation Authority, Special
Tax Revenue, FGIC,
6.00%, 06/15/2000,
Escrowed to Maturity
3,000,000 Delaware Transportation Authority 3,260,250
Systems Revenue,
6.75%, 07/01/2010,
Prerefunded 07/01/2000 @102
795,000 El Paso County, Texas, 849,688
6.80%, 07/01/2000,
Escrowed to Maturity
1,885,000 Washington Public Power Supply 2,058,062
System Revenue, Nuclear Project
No. 1 Series A, 7.00%, 07/01/2011,
Prerefunded 07/01/2000 @102
1,000,000 Washington Public Power Supply 1,091,810
System Revenue, Nuclear Project
No. 2 Series B, 7.00%, 07/01/2012,
Prerefunded 07/01/2000 @102
16,020,000 Washington Public Power Supply 17,490,796
System Revenue, Nuclear Project
No. 2 Series B, FSA, 7.00%, 07/01/2012,
Prerefunded 07/01/2000 @102
(Note B, p. 13)
2,405,000 Massachusetts Health & 2,749,348
Educational Facilities Authority
Revenue, Goddard Memorial
Hospital Issue Series B,
9.00%, 07/01/2015,
Prerefunded 07/01/2000 @102
1,575,000 Fulton County Building Authority, 1,775,041
Georgia Series A, 8.40%, 01/01/2001,
Escrowed to Maturity
3,000,000 Austin, Texas Utility Systems Revenue 3,376,470
Series A, 8.00%, 11/15/2016,
Prerefunded 05/15/2001 @100
1,000,000 South Carolina Public Service 1,114,220
Authority Revenue Series B,
7.00%, 07/01/2012,
Prerefunded 07/01/2001 @102
505,000 Austin, Texas Utility Systems 618,155
Revenue, MBIA, 9.25%, 11/15/2002,
Escrowed to Maturity
740,000 Grapevine-Colleyville Independent 858,666
School District, Texas Series A,
AMBAC, 7.50%, 08/15/2003,
Escrowed to Maturity
2,330,000 Fulton County Building Authority, 2,944,374
Georgia Series A, 8.75%, 01/01/2005,
Escrowed to Maturity
2,010,000 Mississippi State, $ 2,197,453
6.20%, 02/01/2008,
Escrowed to Maturity
4,100,000 North Carolina Municipal Power 4,307,542
Agency No. 1, Catawba Electric
Revenue, 5.50%, 01/01/2013,
Escrowed to Maturity
2,045,000 Retama Development Corporation, 2,846,988
Texas, Special Facilities
Revenue, Retama Racetrack,
8.75%, 12/15/2013,
Escrowed to Maturity
150,000 Florida State Board of Education, 214,217
9.125%, 06/01/2014,
Escrowed To Maturity
3,860,000 Retama Development Corporation, 5,404,849
Texas, Special Facilities
Revenue, Retama Racetrack,
8.75%, 12/15/2014,
Escrowed to Maturity
1,125,000 Retama Development Corporation, 1,591,144
Texas, Special Facilities
Revenue, Retama Racetrack,
8.75%, 12/15/2015,
Escrowed to Maturity
1,000,000 Bell County Health Facilities 1,152,290
Development Corp., Texas,
Lutheran General Health Care
Systems, 6.50%, 07/01/2019,
Escrowed to Maturity
4,940,000 Rhode Island Depositors Economic 5,251,566
Protection Corp. Series A, FSA,
5.75%, 08/01/2019,
Escrowed to Maturity
1,500,000 Rhode Island Depositors Economic 1,547,385
Protection Corp. Series A, FSA,
5.50%, 08/01/2020,
Escrowed to Maturity
5,780,000 Rhode Island Depositors Economic 6,631,857
Protection Corp. Series A,
6.375%, 08/01/2022,
Escrowed to Maturity
-------------
Total Prerefunded/Escrowed (Cost $166,082,508) 171,391,253
-------------
- -------------------------------------------------------------------------------
INSURED: 34.75%
- -------------------------------------------------------------------------------
1,000,000 New Orleans, Louisiana Water 1,005,270
Revenue, MBIA, 7.00%, 12/01/1997
1,875,000 New Jersey State Transportation 1,891,444
Trust Fund Authority, Transportation
Systems Series B, MBIA,
5.00%, 06/15/1998
6,600,000 Illinois State, FGIC, 6,666,726
5.25%, 07/01/1998
1,000,000 Pima County Unified School 1,022,370
District No. 10, Arizona Series A,
FGIC, 7.00%, 07/01/1998
Schedule of Investments--Municipal Bond Portfolios 3
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
2,300,000 Nassau County, New York, FGIC, $ 2,321,597
5.00%, 08/01/1998
2,100,000 Dade County School District, 2,137,842
Florida, MBIA, 6.00%, 08/01/1998
2,000,000 Houston Independent School 2,078,000
District, Texas, PSF Guaranteed,
8.375%, 08/15/1998
1,100,000 Dade County, Florida Aviation 1,113,398
Revenue Series C, MBIA,
5.00%, 10/01/1998
1,480,000 Arizona State Certificates of 1,506,596
Participation Series A, AMBAC,
5.45%, 11/01/1998
2,295,000 Pennsylvania Higher Educational 2,308,563
Facilities Authority, Allegheny
Delaware Valley Obligation,
MBIA, 4.40%, 11/15/1998
2,900,000 Atlanta, Georgia Airport 2,944,080
Facilities Revenue, AMBAC,
5.25%, 01/01/1999
2,210,000 Texas State Public Finance 2,280,300
Authority Building Revenue, MBIA,
6.50%, 02/01/1999
1,165,000 Massachusetts Consolidated Loans 1,213,569
Series A, FGIC, 7.20%, 02/01/1999
1,000,000 Round Rock Independent School 1,012,670
District, Texas, PSF Guaranteed,
4.875%, 02/15/1999
1,070,000 New Jersey Wastewater Series C, 1,107,439
MBIA, 6.25%, 05/15/1999
1,000,000 Convention Center Authority of 1,073,610
Rhode Island Revenue Series A,
MBIA, 8.90%, 05/15/1999
3,560,000 Massachusetts Consolidated Loans 3,621,054
Series B, FSA,
5.00%, 06/01/1999
13,300,000 Pennsylvania Intergovernmental 13,688,892
Cooperation Authority, Special
Tax Revenue, FGIC,
5.75%, 06/15/1999 (Note C, p. 13)
3,200,000 Minnesota State Series A, AMBAC, 3,258,496
5.00%, 06/30/1999
4,350,000 North Slope Boro, Alaska Series B, 4,501,858
FSA, 6.10%, 06/30/1999
3,520,000 Wisconsin State Transportation 3,576,743
Revenue, FGIC,
5.00%, 07/01/1999
4,680,000 Florida State General Services 4,762,555
Revenue, Environmental Preservation
Department Series 2000-A, AMBAC,
5.00%, 07/01/1999
2,000,000 Wilmington, Delaware Series A, 2,035,660
MBIA, 5.00%, 10/01/1999
3,210,000 Dade County, Florida Aviation 3,274,617
Revenue Series C, AMBAC,
5.00%, 10/01/1999
7,680,000 Dade County, Florida Sales Tax $ 7,825,767
Revenue, AMBAC,
5.00%, 10/01/1999
1,855,000 Wichita, Kansas Water & Sewer 1,943,038
Utility Revenue, FGIC,
6.50%, 10/01/1999
1,450,000 Montgomery County, Ohio Solid 1,479,449
Waste Revenue, MBIA,
5.00%, 11/01/1999
3,600,000 South Dakota State Building 3,681,684
Authority, Lease Revenue Series A,
AMBAC, 5.15%, 12/01/1999
1,420,000 Chatham County Hospital Authority 1,445,816
Revenue, Georgia, Memorial
Medical Center Series A, AMBAC,
5.00%, 01/01/2000
7,820,000 Chicago, Illinois O'Hare International 8,011,433
Airport Revenue Senior Lien Series A,
AMBAC, AMT, 5.50%, 01/01/2000
1,175,000 Chicago, Illinois Motor Fuel Tax 1,234,960
Revenue, AMBAC, 6.60%, 01/01/2000
1,000,000 New Haven, Connecticut, FGIC, 1,020,280
5.00%, 02/15/2000
2,265,000 Plano Independent School 2,326,653
District, Texas, PSF Guaranteed,
5.25%, 02/15/2000
5,365,000 Hawaii State Series CO, FGIC, 5,500,091
5.25%, 03/01/2000
1,050,000 Massachusetts Consolidated Loans 1,117,347
Series B, FGIC, 7.30%, 04/01/2000
1,000,000 Averill Park Central School District, 1,028,560
New York, FGIC, 5.25%, 05/01/2000
1,200,000 Plano, Texas Waterworks & Sewer 1,280,136
Revenue, AMBAC, 6.90%, 05/01/2000
4,295,000 Clark County School District, 4,715,523
Nevada, FGIC, 8.25%, 05/01/2000
1,170,000 District of Columbia Series E, 1,182,449
FGIC, 4.75%, 06/01/2000
3,325,000 Platte River Power Authority, 3,404,567
Colorado Power Revenue Series DD,
MBIA, 5.00%, 06/01/2000
2,400,000 Minnesota State Revenue Series A, 2,454,072
AMBAC, 5.00%, 06/30/2000
1,000,000 Alaska Student Loan Corp., 1,024,870
Student Loan Revenue Series A,
AMBAC, AMT, 5.375%, 07/01/2000
6,110,000 Intermountain Power Agency, Utah 6,401,508
Power Supply Revenue Series C,
MBIA, 6.00%, 07/01/2000
1,350,000 Dade County School Board, Florida 1,381,685
Certificates of Participation Series B,
AMBAC, 5.00%, 08/01/2000
20,300,000 New Jersey State Transit Corp., 20,667,836
Capital Grant Anticipation Notes
Series A, FSA, 5.00%, 09/01/2000
(Note D, p. 13)
4 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
11,210,000 New Jersey State Educational $ 11,528,028
Facilities Authority, Higher Education
Facilities Trust Fund Series A,
AMBAC, 5.125%, 09/01/2000
(Note E, p. 13)
1,070,000 Metropolitan Washington, D.C. 1,100,388
Airport Authority Revenue Series B,
FGIC, AMT, 5.25%, 10/01/2000
1,530,000 Dade County, Florida Aviation 1,573,880
Revenue, Miami International
Airport Series A, FSA, AMT,
5.25%, 10/01/2000
1,015,000 Wichita, Kansas Water & Sewer 1,082,985
Utility Revenue, FGIC,
6.50%, 10/01/2000
2,000,000 Dade County, Florida, FGIC, 2,438,440
12.00%, 10/01/2000
1,030,000 Northglenn, Colorado Water 1,037,128
Utility Series A, MBIA,
6.60%, 11/01/2000
2,275,000 Clark County Public Utility 2,466,487
District No. 1, Washington
Electric Revenue, FGIC,
7.10%, 01/01/2001
1,000,000 Humble Independent School 1,104,270
District, Texas, PSF Guaranteed,
7.625%, 02/01/2001
1,225,000 Southeastern Pennsylvania 1,266,221
Transportation Authority,
Pennsylvania Special Revenue,
FGIC, 5.25%, 03/01/2001
1,375,000 Wisconsin State Health & Educational 1,408,894
Facilities Authority Revenue, Aurora
Health Care Inc., MBIA,
5.00%, 08/15/2002 (Note F, p. 13)
595,000 Austin, Texas Utility Systems 724,656
Revenue, MBIA, 9.25%, 11/15/2002
180,000 Grapevine-Colleyville Independent 209,270
School District, Texas, AMBAC,
7.50%, 08/15/2003
1,130,000 Niagara Frontier Authority, 1,193,156
New York Airport Revenue,
Greater Buffalo International Airport,
AMBAC, AMT, 5.75%, 04/01/2004
1,000,000 District of Columbia Series B-3, 1,029,970
MBIA, 5.20%, 06/01/2004
1,500,000 Metropolitan Pier & Exposition 1,606,860
Authority, Illinois, McCormick
Place Expansion Project Series A,
MBIA, 5.70%, 06/15/2005
1,000,000 Utah State Board of Regents, 1,061,130
Student Loan Revenue Series J,
AMBAC, AMT, 6.00%, 05/01/2006
4,700,000 Lansing, Michigan Sewage Disposal 4,807,395
System Revenue, MBIA,
7.625%, 05/01/2006
1,340,000 Arlington, Texas Waterworks & $ 1,468,667
Sewer Revenue, AMBAC,
6.00%, 06/01/2006
2,095,000 Virginia Port Authority Facilities 2,289,835
Revenue, MBIA, AMT,
6.00%, 07/01/2006
2,200,000 Clark County Public Utility 2,340,734
District No. 1, Washington
Electric Revenue, AMBAC,
5.50%, 01/01/2007
4,485,000 Cleveland, Ohio Waterworks 4,810,252
Revenue Series G, MBIA,
5.50%, 01/01/2007
4,775,000 Chicago, Illinois, FGIC, 5,073,103
5.50%, 01/01/2007
6,110,000 Chicago, Illinois O'Hare 6,609,004
International Airport Revenue,
2nd Lien-Series A, AMBAC, AMT,
6.00%, 01/01/2007
1,000,000 Prince Georges County, Maryland 1,106,290
Consolidated Public Improvement
Series A, MBIA, 6.00%, 03/15/2007
2,000,000 Walled Lake Consolidated School 2,198,580
District, Michigan, MBIA,
6.00%, 05/01/2007
1,715,000 Northeast Hospital Authority, 1,854,309
Texas, Northeast Medical Center
Hospital Revenue, FSA,
5.75%, 05/15/2007
8,140,000 District of Columbia, MBIA, 8,775,408
6.00%, 06/01/2007
1,200,000 Philadelphia, Pennsylvania 1,311,504
Airport Revenue Series B, FGIC,
AMT, 6.00%, 06/15/2007
2,425,000 Philadelphia, Pennsylvania 2,680,061
Airport Revenue Series A, FGIC,
6.00%, 06/15/2007
1,250,000 Detroit, Michigan Water Supply 1,281,050
Revenue, FGIC, 5.00%, 07/01/2007
1,105,000 Delaware Transportation Authority 1,225,301
Systems Revenue, AMBAC,
6.00%, 07/01/2007
1,650,000 Maricopa County School District 1,824,174
No. 4, Arizona Series D, FGIC,
6.00%, 07/01/2007
2,030,000 MTA, New York Commuter Facilities 2,240,917
Revenue Series C-1, FGIC,
6.00%, 07/01/2007
2,775,000 Washington Public Power Supply 3,042,815
System Revenue, Nuclear Project
No. 1 Series A, AMBAC,
6.00%, 07/01/2007
4,610,000 Detroit, Michigan Sewage Disposal 5,111,891
Revenue Series A, MBIA,
6.00%, 07/01/2007
Schedule of Investments--Municipal Bond Portfolios 5
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,000,000 Cook County, Illinois, MBIA, $ 1,196,550
7.25%, 11/01/2007
1,965,000 Connecticut State Resource 2,127,840
Recovery Authority, Mid-Connecticut
Systems Series A, MBIA,
5.75%, 11/15/2007
1,400,000 Massachusetts Consolidated Loans 1,423,478
Series A, MBIA, 5.00%, 01/01/2008
2,270,000 Clark County Public Utility District 2,418,027
No. 1, Washington Electric Revenue,
AMBAC, 5.50%, 01/01/2008
1,465,000 Sangamon County School District 1,549,501
No. 186, Illinois, FGIC,
5.55%, 01/01/2008
5,240,000 Chicago, Illinois Series A, AMBAC, 5,678,431
5.75%, 01/01/2008
1,000,000 Berkley City School District, 1,187,000
Michigan, FGIC, 7.00%, 01/01/2008
1,000,000 Memphis-Shelby County Airport 1,098,750
Authority, Tennessee Revenue
Series A, MBIA, AMT,
6.00%, 02/15/2008 (Note F, p. 13)
3,875,000 Regional Transportation 4,202,902
Authority, Illinois Series A,
AMBAC, 6.00%, 06/01/2008
1,095,000 Haverhill, Massachusetts, FGIC, 1,210,851
6.00%, 06/15/2008
2,000,000 Intermountain Power Agency, Utah 2,311,760
Power Supply Revenue Series A,
AMBAC, 6.50%, 07/01/2008
4,140,000 Metropolitan Washington, D.C. 4,414,606
Airport Authority Revenue Series A,
MBIA, AMT, 5.80%, 10/01/2008
1,265,000 Emerald Peoples Utility District, 1,567,967
Oregon, FGIC, 7.35%, 11/01/2008
1,860,000 Hot Springs, Arkansas Sales & 1,878,823
Use Tax, Civic Center Project,
FSA, 4.95%, 12/01/2008
4,200,000 Port Authority of New York & 4,709,544
New Jersey Special Obligation
Revenue, JFK International Air
Terminal 6, MBIA, AMT,
6.25%, 12/01/2008
2,750,000 Indianapolis, Indiana Resource 3,211,560
Recovery Revenue, Ogden Martin
System Inc. Project, AMBAC,
6.75%, 12/01/2008
1,415,000 Greater Detroit Resource Recovery 1,608,063
Authority, Michigan Series B,
AMBAC, 6.25%, 12/13/2008
1,675,000 Chicago, Illinois O'Hare International 1,807,342
Airport Revenue, 2nd Lien-Series C,
MBIA, 5.75%, 01/01/2009
2,415,000 Massachusetts Bay Transportation 2,564,271
Authority Series A, FGIC,
5.50%, 03/01/2009
4,000,000 Massachusetts Bay Transportation $ 4,247,240
Authority Series A, MBIA,
5.50%, 03/01/2009
1,000,000 Middlesex County Utilities Authority, 1,033,000
New Jersey Sewer Revenue
Series A, FGIC, 5.15%, 03/15/2009
3,495,000 Ohio State Public Facilities 3,598,242
Commission, Higher Education
Capital Facilities Series A,
AMBAC, 5.25%, 05/01/2009
10,000,000 Intermountain Power Agency, Utah 11,570,200
Power Supply Revenue Series B,
MBIA, 6.50%, 07/01/2009
1,530,000 Texas Municipal Power Agency 1,600,319
Revenue, MBIA, 5.25%, 09/01/2009
1,000,000 Anchorage, Alaska, FGIC, 1,112,320
6.00%, 10/01/2009
2,000,000 Palm Beach County, Florida Solid 2,205,380
Waste Revenue Series A, AMBAC,
6.00%, 10/01/2009
5,000,000 Connecticut State Resource 5,214,500
Recovery Authority Series A, MBIA,
5.375%, 11/15/2009
1,000,000 Providence Public Building 1,017,870
Authority, Rhode Island Series A,
FSA, 5.10%, 12/15/2009
1,890,000 Chicago, Illinois O'Hare 1,901,907
International Airport Revenue,
2nd Lien-Series C, MBIA,
5.00%, 01/01/2010
1,000,000 Memphis-Shelby County Airport 1,116,140
Authority, Tennessee Revenue
Series A, MBIA, AMT,
6.25%, 02/15/2010
(Note F, p. 13)
1,065,000 Detroit City School District, 1,220,288
Michigan Series A, AMBAC,
6.50%, 05/01/2010
1,000,000 Detroit, Michigan Water Supply 1,051,740
System Revenue Series B, MBIA,
5.40%, 07/01/2010
2,510,000 Detroit, Michigan Sewer Disposal 2,781,783
Revenue Series B, MBIA,
6.00%, 07/01/2010
1,500,000 Brownsville, Texas Utility System 1,701,225
Revenue, AMBAC, 6.25%, 09/01/2010
5,000,000 Connecticut State Resource 5,158,100
Recovery Authority Series A, MBIA,
5.375%, 11/15/2010
1,000,000 Bexar County Health Facilities 1,106,470
Development Corp., Texas Baptist
Health Systems Series A, MBIA,
6.00%, 11/15/2010
2,495,000 Iron County School District, Utah, 2,672,295
School Bond Guarantee,
5.75%, 01/15/2011 (Note F, p. 13)
6 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,000,000 Amarillo Junior College District, $ 1,007,560
Texas, FGIC, 5.125%, 02/15/2011
1,275,000 Brownsville, Texas Utility 1,441,540
System Revenue, AMBAC,
6.25%, 09/01/2011
1,025,000 Goose Creek Independent School 1,019,742
District, Texas, PSF Guaranteed,
5.00%, 02/15/2012
1,000,000 Amarillo Junior College District, 1,004,500
Texas, FGIC, 5.125%, 02/15/2012
4,970,000 Indianapolis, Indiana Gas 4,303,026
Utilities Revenue Series B, FGIC,
4.00%, 06/01/2012
1,035,000 Massachusetts Consolidated Loans 1,069,497
Series B, FGIC, 5.50%, 06/01/2012
3,500,000 Northern Colorado Water 3,948,420
Conservancy District, Municipal
Sub-District Revenue Series F,
AMBAC, 6.50%, 12/01/2012
1,035,000 Sacramento Municipal Utility 1,196,481
District, California Series G,
MBIA, 6.50%, 09/01/2013
3,980,000 Regional Transportation Authority, 4,337,046
Illinois, FGIC, 6.00%, 06/01/2016
(Note F, p. 13)
2,325,000 Regional Transportation Authority, 2,540,039
Illinois, FGIC, 6.00%, 06/01/2017
(Note F, p. 13)
1,760,000 Clark County, Nevada Series A, 2,058,637
AMBAC, 6.50%, 06/01/2017
9,420,000 Illinois Development Finance 9,419,623
Authority, Adventist Health
Systems Series B, Variable Rate
CPI Bond, MBIA, 3.621%, 01/01/2019
1,785,000 Los Angeles, California Wastewater 1,612,105
System Revenue Series D,
FGIC, 4.70%, 11/01/2019
1,005,000 Regional Transportation 1,333,947
Authority, Illinois Series C,
FGIC, 7.75%, 06/01/2020
3,135,000 Illinois State Dedicated Tax Revenue, 3,511,608
AMBAC, 6.25%, 12/15/2020
1,735,000 Sacramento Municipal Utility 1,582,303
District, California Series G,
MBIA, 4.75%, 09/01/2021
3,940,000 McGee-Creek Authority, Oklahoma 4,344,441
Water Revenue, MBIA,
6.00%, 01/01/2023
4,650,000 Delaware Valley Regional Finance 4,649,674
Authority, Pennsylvania Local
Government Revenue Series A,
Variable Rate CPI Bond, AMBAC,
4.47%, 07/01/2027
-------------
Total Insured (Cost $373,096,595) 387,270,600
-------------
- -------------------------------------------------------------------------------
TAX SUPPORTED: 31.12%
- -------------------------------------------------------------------------------
State General Obligations: 12.40%
5,250,000 District of Columbia Series D, $ 5,256,300
4.60%, 12/01/1997
1,000,000 New Jersey State, 1,018,400
7.20%, 04/15/1998
1,100,000 District of Columbia Series A, 1,106,402
5.00%, 06/01/1998
4,020,000 Connecticut State Economic 4,054,170
Recovery Notes,
5.00%, 06/15/1998
4,075,000 South Carolina State Series B, 4,143,908
5.75%, 08/01/1998
1,000,000 Missouri State, Third State 1,030,700
Building Series A, 7.50%, 08/01/1998
1,000,000 Texas State Series B, 1,041,100
8.00%, 10/01/1998
1,000,000 Georgia State Series D, 1,034,720
7.00%, 11/01/1998
2,375,000 District of Columbia Series C, 2,396,470
4.90%, 12/01/1998
2,035,000 Georgia State Series A, 2,134,756
7.70%, 02/01/1999
1,000,000 Georgia State Series B, 1,033,010
6.30%, 03/01/1999
1,000,000 California State, AMT, 1,033,530
6.80%, 04/01/1999
1,000,000 Massachusetts Turnpike Authority 1,015,220
Series A, 5.00%, 06/01/1999
3,565,000 South Carolina State Capital 3,628,492
Improvements Series A,
5.00%, 07/01/1999
6,575,000 Washington State Series R-97-B, 6,687,630
5.00%, 07/01/1999
1,000,000 Georgia State Series B, 1,068,920
8.00%, 07/01/1999
1,750,000 New Jersey State Series E, 1,782,130
5.00%, 07/15/1999
2,960,000 Maryland State Third Series, 3,063,807
6.00%, 07/15/1999
4,025,000 Minnesota State, 4,170,302
6.00%, 08/01/1999
2,275,000 Rhode Island State Series A, 2,371,551
6.60%, 08/01/1999
4,305,000 Washington State Series R-92-C, 4,409,181
5.30%, 09/01/1999
2,625,000 Texas State Series A, 2,821,744
8.00%, 10/01/1999
2,870,000 Maryland State First Series, 2,983,508
6.75%, 03/01/2000
3,685,000 New Jersey State, 3,943,134
7.00%, 04/01/2000
3,665,000 Tennessee State Series B, 3,752,887
5.00%, 05/01/2000
Schedule of Investments--Municipal Bond Portfolios 7
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,000,000 District of Columbia Series A-3, $ 1,010,110
4.90%, 06/01/2000
1,220,000 District of Columbia Series A, 1,254,868
5.50%, 06/01/2001
1,000,000 Massachusetts Consolidated Loans 1,076,330
Series D, 6.50%, 07/01/2001
2,000,000 District of Columbia Series A, 2,095,860
5.90%, 06/01/2002
5,600,000 Utah State, 5,917,184
5.50%, 07/01/2002
1,090,000 California State, 1,230,120
7.00%, 03/01/2003
1,000,000 Illinois State, 1,075,680
6.70%, 06/01/2003
2,300,000 California State, 2,629,406
7.00%, 03/01/2004
1,140,000 California State, 1,313,383
7.10%, 05/01/2004
1,500,000 Massachusetts Bay Transportation 1,646,850
Authority Series C,
6.00%, 03/01/2007
3,715,000 Connecticut State Series C, 3,943,473
5.50%, 08/01/2007
5,180,000 Georgia State Series C, 5,897,585
6.25%, 08/01/2007
8,305,000 Connecticut State Series D, 8,829,378
5.50%, 12/01/2007 (Note F, p. 13)
1,930,000 Hawaii State Series CC, 1,986,819
5.125%, 02/01/2008
7,250,000 Massachusetts Series A, 7,449,013
5.25%, 02/01/2008
2,600,000 Georgia State Series A, 2,956,252
6.25%, 04/01/2008
1,000,000 California State, 1,209,240
7.20%, 05/01/2008
1,670,000 Georgia State Series D, 1,967,878
6.70%, 08/01/2008
1,000,000 South Carolina State Series A, 1,020,270
5.00%, 03/01/2009
2,225,000 Massachusetts Bay Transportation 2,399,195
Authority Series A, 5.75%, 03/01/2010
1,000,000 Texas State, Student Loan 977,710
Revenue, AMT, 5.00%, 08/01/2010
1,490,000 Georgia State Series C, 1,696,574
6.25%, 08/01/2010
4,970,000 Connecticut State Series A, 5,180,877
5.70%, 03/15/2011
3,765,000 Massachusetts Bay Transportation 3,936,759
Authority Series A, 5.50%, 03/01/2012
1,000,000 Georgia State Series B, 1,113,790
6.00%, 03/01/2012
990,000 Florida State Board of Education, 1,440,717
9.125%, 06/01/2014
-------------
Total State General Obligations
(Cost $134,531,374) 138,237,293
-------------
Local General Obligations: 8.53%
1,365,000 Chicago, Illinois, $ 1,389,393
11.50%, 01/01/1998
1,275,000 Columbus, Ohio, 1,337,348
12.00%, 05/15/1998
1,020,000 Du Page County Forest Preserve 1,043,113
District, Illinois, 7.40%, 11/01/1998
1,000,000 De Kalb County, Georgia, 1,012,090
4.90%, 01/01/1999
1,000,000 Fulton County School District, 1,043,850
Georgia, 7.50%, 01/01/1999
1,810,000 Washington Suburban Sanitation 1,900,011
District, Maryland, 8.00%, 01/01/1999
1,245,000 Chicago, Illinois, 1,351,672
11.50%, 01/01/1999
4,200,000 Dallas, Texas, 4,230,828
4.45%, 02/15/1999
3,140,000 Jordan School District, Utah, 3,188,325
5.00%, 06/15/1999
1,000,000 Montgomery County, Maryland 1,020,150
Series A, 5.10%, 07/01/1999
1,000,000 Dallas, Texas Series B, 1,037,580
6.00%, 08/15/1999
1,000,000 Montgomery County, Maryland 1,056,750
Series B, 6.875%, 10/01/1999
1,025,000 Harris County Flood Control 1,083,589
District, Texas Series A,
7.125%, 10/01/1999
1,000,000 King County, Washington Series A, 1,102,440
9.00%, 12/01/1999
1,000,000 Denver City & County School 1,114,350
District No. 1, Colorado Series B,
10.00%, 12/01/1999
1,455,000 Tulsa Independent School District 1,484,027
No. 1, Oklahoma,
5.00%, 02/01/2000
1,350,000 Rocky Mount, North Carolina, 1,399,167
6.50%, 02/01/2000
1,600,000 Boston, Massachusetts Series A, 1,698,384
7.40%, 02/01/2000
1,525,000 Washington Suburban Sanitation 1,563,827
District, Maryland, 5.00%, 06/01/2000
2,785,000 Jordan School District, Utah, 2,850,420
5.00%, 06/15/2000
1,100,000 New York City Series L, 1,128,061
5.25%, 08/01/2000
1,000,000 Morris County, New Jersey General 1,010,130
Improvements, 4.50%, 08/15/2000
2,960,000 Winston-Salem, North Carolina, 3,432,416
8.875%, 06/01/2001
2,060,000 Montgomery County, Maryland, 2,423,487
8.60%, 05/01/2002
2,000,000 New York City Series G, 2,096,020
5.70%, 02/01/2003
8 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
2,525,000 Philadelphia Authority for Industrial $ 2,574,970
Development, Pennsylvania,
Gallery II Garage Project,
6.125%, 02/15/2003
3,420,000 Pennsylvania Convention & 3,698,114
Exhibition Center Authority
Revenue Series A, 6.25%, 09/01/2004
3,660,000 New York City Series I, 3,982,483
6.25%, 04/15/2006
1,455,000 Montgomery County, Maryland 1,586,256
Series A, 5.75%, 07/01/2006
6,525,000 Port of Seattle, Washington, AMT, 6,805,444
5.50%, 05/01/2007
2,350,000 Washington Suburban Sanitation 2,421,933
District, Maryland, 5.10%, 06/01/2007
2,620,000 Jersey City, New Jersey Series A, 2,891,353
6.00%, 10/01/2007
2,390,000 Buncombe County, North Carolina, 2,485,863
5.10%, 03/01/2008
4,355,000 Metropolitan Milwaukee 4,663,029
Sewage District, Wisconsin
Series A, 5.50%, 10/01/2008
1,020,000 Indianapolis Local Public 1,014,359
Improvement Bond Bank, Indiana
Series B, 5.00%, 02/01/2010
1,190,000 Roanoke, Virginia, 1,188,762
5.00%, 02/01/2011
1,300,000 Forsyth County, North Carolina, 1,257,295
4.75%, 02/01/2013
7,780,000 New York City Series I, 8,046,776
5.875%, 03/15/2013
1,400,000 Travis County, Texas, 1,372,826
5.00%, 03/01/2015
1,860,000 Du Page County, Illinois 1,954,358
Stormwater Project,
5.60%, 01/01/2021
6,735,000 Du Page County, Illinois Jail 7,076,666
Project, 5.60%, 01/01/2021
-------------
Total Local General Obligations
(Cost $91,166,251) 95,017,915
-------------
Tax Lease: 6.54%
1,000,000 New Haven Unified School 1,006,910
District, California Certificates
of Participation,
4.90%, 07/01/1998
995,000 New York State Dormitory 1,020,960
Authority, City University
Series A, 7.40%, 07/01/1998
1,835,000 Virginia College Building 1,855,075
Authority, Virginia, Equipment
Leasing Program,
5.00%, 08/01/1998
1,030,000 Ohio State Building Authority $ 1,063,568
Series C, 7.10%, 10/01/1998
2,170,000 New York State Urban Development 2,182,608
Corp., Correctional Facilities,
4.70%, 01/01/1999
2,350,000 New York State Certificates of 2,368,682
Participation, 4.90%, 03/01/1999
1,000,000 New York State Energy Research & 1,009,300
Development Authority, Western
New York Nuclear Service Center
Series B, 5.00%, 04/01/1999
2,850,000 Middlesex County Improvement 2,890,670
Authority, New Jersey Lease
Revenue, Raritan Center Overpass
Project, 4.75%, 08/01/1999
4,085,000 Virginia State Public School 4,163,309
Authority Series C, 5.00%, 08/01/1999
1,040,000 New York State Medical Care 1,072,562
Facilities Financing Authority,
Brookdale Hospital Medical Center,
Secured Hospital Program
Series A, 6.20%, 08/15/1999
1,500,000 Ukiah Unified School District, 1,519,470
California Certificates of
Participation, 5.30%, 09/01/1999
1,630,000 Kentucky State Property & 1,684,996
Buildings Commission Revenue,
Project No. 53, 5.90%, 10/01/1999
3,760,000 Virginia College Building 3,830,838
Authority, Virginia, Equipment
Leasing Program, 5.00%, 02/01/2000
1,140,000 Lake County, Illinois 1,227,552
Certificates of Participation,
7.20%, 06/01/2000
1,000,000 Virginia State Public School 1,037,770
Authority Series A, 5.50%, 08/01/2000
1,000,000 Virginia State Public Building 1,042,240
Authority Series A, 5.70%, 08/01/2000
2,375,000 New York State Urban Development 2,425,302
Corp., Correctional Facilities,
5.10%, 01/01/2001
3,800,000 MTA, New York Commuter Facilities 3,911,416
Service Contract Series O,
5.25%, 07/01/2001
3,500,000 Ohio State Higher Educational 3,578,190
Facilities, Community Revenue
Series A, 7.00%, 11/01/2002
1,315,000 New York State Urban Development 1,404,670
Corp., Correctional Facilities
Series 5, 6.00%, 01/01/2005
2,000,000 New York State Dormitory 2,076,680
Authority, State University
Series A, 5.50%, 05/15/2005
Schedule of Investments--Municipal Bond Portfolios 9
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,005,000 New York State Dormitory $ 1,054,888
Authority, City University,
5.70%, 07/01/2005
1,005,000 New York State Dormitory 1,054,888
Authority, City University Series C,
5.70%, 07/01/2005
1,000,000 New York State Certificates of 1,056,870
Participation, City University,
John Jay College, 5.75%, 08/15/2005
1,720,000 New York State Medical Care 1,754,744
Facilities Financing Authority,
Mental Health Services Series A,
5.35%, 02/15/2006
1,000,000 New York State Dormitory 1,109,810
Authority, State University
Series A, 6.50%, 05/15/2006
2,450,000 New York State Dormitory 2,544,349
Authority, State University,
5.50%, 05/15/2007
2,285,000 New Jersey State Building Authority 2,525,336
Revenue, 6.00%, 06/15/2007
1,000,000 New York State Dormitory 1,059,580
Authority, City University Series A,
5.75%, 07/01/2007
3,890,000 Philadelphia Hospitals & Higher 4,039,026
Education Facilities,
Pennsylvania Authority Revenue,
5.875%, 08/01/2007
2,000,000 McLean County Public Building 2,405,560
Commission, Illinois,
7.25%, 11/01/2007
4,005,000 California State Public Works 4,212,219
Board, 5.375%, 06/01/2008
1,000,000 New York State Dormitory 1,050,110
Authority, City University,
8.125%, 07/01/2008
4,045,000 Philadelphia Hospitals & Higher 4,230,585
Education Facilities, Pennsylvania
Authority Revenue,
6.20%, 08/01/2011
1,280,000 New York State Dormitory 1,350,682
Authority, City University Series A,
5.75%, 07/01/2013
1,000,000 Sacramento City Finance 1,007,850
Authority, California, Lease
Revenue Series B,
5.40%, 11/01/2020
-------------
Total Tax Lease (Cost $70,552,723) 72,829,265
-------------
Special Tax: 3.12%
1,175,000 Las Vegas Special Improvement 1,214,398
District No. 707, Nevada, Local
Improvement Bonds,
5.50%, 06/01/1999
1,860,000 Montana State Department of $ 1,884,440
Transportation, 4.70%, 07/01/1999
5,710,000 Tulsa Criminal Justice Authority, 5,785,943
Oklahoma Sales Tax Revenue,
4.50%, 09/01/1999
1,000,000 Maryland State Department of 1,056,570
Transportation Second Issue,
6.60%, 11/01/2000
2,290,000 Arizona State Transportation 2,380,203
Board Excise Tax Revenue,
6.125%, 07/01/2001
1,000,000 Metropolitan Pier & Exposition 1,067,550
Authority, Illinois, McCormick
Place Expansion Project Series A,
5.90%, 06/15/2003
4,365,000 New Jersey State Transportation 4,782,338
Trust Fund Authority,
Transportation Systems Series B,
6.00%, 06/15/2006
1,500,000 Connecticut State Special Tax 1,641,705
Obligation Revenue Series B,
6.00%, 09/01/2006
2,620,000 Connecticut State Special Tax 2,743,585
Obligation Revenue Series A,
5.25%, 09/01/2007
1,150,000 Illinois State Sales Tax Revenue 1,153,128
Series U, 5.00%, 06/15/2009
1,000,000 Connecticut State Special Tax 1,124,240
Obligation Revenue Series B,
6.15%, 09/01/2009
945,000 District of Columbia Redevelopment 958,504
Land Agency, Sports Arena
Special Tax, 5.625%, 11/01/2010
3,365,000 Massachusetts Special Obligation 3,534,529
Revenue, Consolidated Loans
Series A, 5.50%, 06/01/2012
(Note F, p. 13)
3,225,000 Illinois State Sales Tax Revenue 3,554,047
Series Q, 6.00%, 06/15/2012
1,830,000 Massachusetts Special Obligation 1,914,198
Revenue, Consolidated Loans
Series A, 5.50%, 06/01/2013
(Note F, p. 13)
-------------
Total Special Tax (Cost $33,746,952) 34,795,378
-------------
Miscellaneous Tax: 0.53%
5,325,000 Indianapolis Local Public 5,912,614
Improvement Bond Bank, Indiana
Series B, 6.00%, 01/10/2013
-------------
Total Miscellaneous Tax (Cost $5,182,838) 5,912,614
-------------
Total Tax Supported (Cost $335,180,138) 346,792,465
-------------
10 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
REVENUE: 12.13%
- -------------------------------------------------------------------------------
Airport Revenue: 0.68%
1,500,000 Denver City & County, Colorado $ 1,657,395
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
800,000 Denver City & County, Colorado 903,984
Airport Revenue Series A, AMT,
7.50%, 11/15/2006
1,325,000 Denver City & County, Colorado 1,547,282
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
2,600,000 Chicago, Illinois O'Hare International 2,487,446
Airport Revenue Senior Lien
Series A, 5.00%, 01/01/2013
1,000,000 Massachusetts Port Authority 961,950
Revenue Series B, AMT,
5.00%, 07/01/2013
-------------
Total Airport Revenue (Cost $7,041,083) 7,558,057
-------------
Electric Revenue: 2.14%
1,000,000 Washington Public Power Supply 1,009,320
System Revenue, Nuclear Project
No. 2 Series A, 5.10%, 07/01/1998
1,045,000 North Carolina Eastern Municipal 1,052,691
Power Agency Series A,
5.00%, 01/01/1999
9,065,000 Lower Colorado River Authority, 9,331,874
Texas, 5.50%, 01/01/2000
1,500,000 Massachusetts Municipal Wholesale 1,538,985
Electric Company Series D,
5.50%, 07/01/2000
6,700,000 Pittsylvania County Industrial 7,165,114
Development Authority, Virginia
Revenue Series A, AMT,
7.30%, 01/01/2004
3,500,000 Washington Public Power Supply 3,729,635
System Revenue, Nuclear Project
No. 3 Series B, 5.60%, 07/01/2007
-------------
Total Electric Revenue (Cost $23,054,565) 23,827,619
-------------
Health Care Revenue: 1.31%
325,000 Illinois Health Facilities 325,000
Authority Revenue, Passavant
Memorial Hospital Association,
4.15%, 10/01/1997
1,750,000 Delaware County, Pennsylvania, 1,750,665
Health Care Revenue, Mercy Health
Corp., 4.875%, 11/15/1997
1,000,000 Camden County Improvement 1,002,310
Authority, New Jersey Revenue,
Health Care Redevelopment Project
Cooper Health, 4.50%, 02/15/1999
1,200,000 Illinois Development Finance 1,205,100
Authority Revenue, Community
Rehabilitation Providers Series A,
4.70%, 07/01/1999
1,000,000 Illinois Health Facilities $ 1,010,430
Authority Revenue, Advocate
Health Care Series A,
4.80%, 08/15/1999
1,180,000 Illinois Development Finance 1,214,987
Authority Revenue,
Community Rehabilitation
Providers Series A,
5.60%, 07/01/2002
550,000 New York State Medical Care 573,535
Facilities Finance Agency Revenue,
5.40%, 08/15/2005
7,260,000 Boston, Massachusetts Hospital 7,498,418
Revenue Series B,
5.75%, 02/15/2008
-------------
Total Health Care Revenue (Cost $14,362,146) 14,580,445
-------------
Higher Education Revenue: 1.07%
1,000,000 Illinois Educational Facilities 1,176,350
Authority Revenue, Loyola
University, Chicago Series A,
7.00%, 07/01/2007
1,415,000 Virginia Polytechnic Institute 1,468,742
& State University Revenue
Series A, 5.25%, 06/01/2008
1,940,000 University of Texas, University 1,925,237
Revenue Series A,
4.70%, 08/15/2008
1,380,000 University of Texas, University 1,368,836
Revenue Series A,
4.80%, 08/15/2009
2,750,000 University of Texas, University 2,732,647
Revenue Series B,
4.80%, 08/15/2009
2,820,000 Massachusetts Health & Educational 3,226,305
Facilities Authority Revenue,
Harvard University Series N,
6.25%, 04/01/2020
-------------
Total Higher Education Revenue
(Cost $11,390,166) 11,898,117
-------------
Toll Revenue: 0.09%
1,000,000 Triborough Bridge & Tunnel 979,970
Authority, New York Toll Revenue
Series A, 5.00%, 01/01/2012
-------------
Total Toll Revenue (Cost $923,185) 979,970
-------------
Water/Sewer Revenue: 1.58%
2,350,000 Philadelphia, Pennsylvania Water 2,360,293
& Wastewater Revenue,
4.75%, 06/15/1998
1,000,000 Gwinnett County, Georgia 1,035,970
Certificates of Participation,
Water & Sewer Revenue,
8.05%, 08/01/1998
Schedule of Investments--Municipal Bond Portfolios 11
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
3,600,000 Portland, Oregon Sewer System $ 3,769,272
Revenue Series A,
7.00%, 06/01/1999
2,040,000 Portland, Oregon Sewer System 2,163,155
Revenue Series A,
6.50%, 06/01/2000
1,925,000 Somerset-Raritan Valley, 2,051,299
New Jersey Sewage Series G,
6.40%, 07/01/2005
2,780,000 Los Angeles County Sanitation 2,913,245
District Financing Authority,
California Revenue,
5.20%, 10/01/2005
2,200,000 Texas State Water Development 2,283,578
Board Revenue, Revolving Senior
Lien Series A, 5.50%, 07/15/2010
1,005,000 Massachusetts Water Pollution 1,022,949
Abatement Trust Series B,
5.25%, 08/01/2014
-------------
Total Water/Sewer Revenue
(Cost $17,261,386) 17,599,761
-------------
Miscellaneous Revenue: 4.18%
3,800,000 Philadelphia, Pennsylvania Gas 3,831,958
Works Series A, 5.40%, 07/01/1998
15,000,000 Tax Exempt Private Municipal 15,042,150
Trust, Rule 144A Series 1996-1
Class A-3, 4.50%, 04/06/2000
12,000,000 Tax Exempt Private Municipal 12,165,720
Trust, Rule 144A Series 1997-1
Class A-3, 4.90%, 04/06/2001
1,600,000 Northeast Maryland Waste Disposal 1,646,112
Authority, Solid Waste Revenue,
AMT, 5.50%, 07/01/2001
10,000,000 Tax Exempt Private Municipal 10,051,400
Trust, Rule 144A Series 1996-1
Class A-4, 4.60%, 11/06/2001
3,775,000 Northeast Maryland Waste Disposal 3,909,541
Authority, Solid Waste Revenue,
AMT, 5.60%, 07/01/2002
-------------
Total Miscellaneous Revenue
(Cost $46,117,347) 46,646,881
-------------
Industrial Development/Pollution Control Revenue: 1.08%
1,000,000 Fairfax County Economic 1,037,610
Development Authority, Virginia,
Ogden Martin System Project
Series A, AMT, 7.20%, 02/01/1999
2,100,000 Missouri State Environmental 2,149,560
Improvement & Energy Resource
Authority, Chrysler Corporation
Project, 5.70%, 10/01/1999
1,200,000 Mashantucket Western Pequot $ 1,226,544
Tribe, Connecticut, Special
Revenue, Sub 144A Series B,
5.55%, 09/01/2008 (Note F, p. 13)
7,515,000 Schuylkill County Industrial 7,633,662
Development Authority,
Pennsylvania, Energy Reserves,
AMT, 6.50%, 01/01/2010
-------------
Total Industrial Development/Pollution Control Revenue
(Cost $11,832,114) 12,047,376
-------------
Total Revenue (Cost $131,981,992) 135,138,226
-------------
- -------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 2.28%
- -------------------------------------------------------------------------------
Housing: 0.88%
6,000,000 Maryland State Community 6,002,940
Development Administration, Multi-
Family Housing Revenue Series A,
Mandatory Put 11/01/1997 @100,
4.50%, 11/01/2007
1,225,000 Dade County Housing Finance 1,250,345
Authority, Florida Single Family
Mortgage Revenue Series B, AMT,
8.75%, 07/01/2017
2,415,000 Ohio Housing Finance Agency, 2,542,319
Single Family Mortgage Revenue
Series A, AMT, 7.65%, 03/01/2029
-------------
Total Housing (Cost $9,825,648) 9,795,604
-------------
Student Loan: 1.40%
1,000,000 New England Education Loan 1,018,660
Marketing Corporation, Student
Loan Revenue, 6.00%, 09/01/1998
1,525,000 New England Education Loan 1,577,094
Marketing Corporation, Student
Loan Revenue, 6.00%, 09/01/1999
1,640,000 New England Education Loan 1,699,762
Marketing Corporation, Student
Loan Revenue Issue A,
6.125%, 09/01/1999
1,700,000 Brazos Higher Education Authority 1,747,889
Inc., Texas Series A-2, AMT,
5.75%, 06/01/2000
1,340,000 Student Loan Funding Corporation, 1,383,657
Cincinnati, Ohio Series C, AMT,
5.85%, 07/01/2000
1,450,000 New England Education Loan 1,472,417
Marketing Corporation, Student
Loan Revenue Series G,
5.00%, 08/01/2000
1,450,000 Brazos Higher Education Authority 1,504,331
Inc., Texas Series A-1, AMT,
5.90%, 12/01/2000
12 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
3,390,000 Arkansas State Student Loan $ 3,552,788
Authority Series A-1, AMT,
5.95%, 06/01/2001
1,565,000 South Dakota Student Loan 1,647,444
Assistance Corporation, Student
Loan Revenue Series B, AMT,
7.625%, 08/01/2006
-------------
Total Student Loan (Cost $15,211,056) 15,604,042
-------------
Total Asset-Backed Securities
(Cost $25,036,704) 25,399,646
-------------
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- -------------------------------------------------------------------------------
Total Investments (Cost $1,071,920,435) 99.31% $1,106,723,788
(Note G, below)
Cash and Other Assets, Less Liabilities 0.69 7,650,677
------- --------------
Net Assets (Equivalent to $13.74
per share based on 81,114,898
shares of capital stock outstanding) 100.00% $1,114,374,465
======= ==============
- -------------------------------------------------------------------------------
(A) 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
PSF Guaranteed-(Texas) Permanent School Funds
Other abbreviations:
AMT-Subject to Alternative Minimum Tax
(B) $13,150,000 principal amount segregated as collateral for when-issued
securities
(C) $3,000,000 principal amount segregated as collateral for when-issued
securities
(D) $19,765,000 principal amount segregated as collateral for when-issued
securities
(E) $3,650,000 principal amount segregated as collateral for when-issued
securities
(F) When-issued security
(G) At September 30, 1997, the cost basis of investment securities owned was
substantially identical for both book and tax.
(H) Allocation of Portfolio net assets at September 30, 1997:
Alabama 0.03%
Alaska 0.60
Arizona 0.60
Arkansas 0.49
California 2.12
Colorado 1.22
Connecticut 3.92
Delaware 0.58
Florida 3.62
Georgia 2.91
Hawaii 0.67
Illinois 9.18
Indiana 1.30
Kansas 0.27
Kentucky 0.24
Louisiana 0.09
Maryland 3.84
Massachusetts 6.33
Michigan 1.91
Minnesota 1.13
Mississippi 0.20
Missouri 0.29
Montana 0.17
Nevada 0.72
New Jersey 5.65
New York 5.33
North Carolina 1.25
Ohio 3.42
Oklahoma 1.04
Oregon 1.58
Pennsylvania 6.51
Rhode Island 1.61
South Carolina 1.03
South Dakota 0.48
Tennessee 1.05
Texas 7.32
Utah 3.42
Virginia 2.46
Washington 5.57
Wisconsin 0.97
Puerto Rico 0.30
District of Columbia 2.74
Tax-Exempt Private Municipal Trust 3.34
U.S. Treasury Obligations 1.81
Cash and Other Assets, Less Liabilities 0.69
-------
Total 100.00%
=======
See Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 13
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein California Municipal Portfolio
September 30, 1997
Principal Amount Description Market Value*
- -------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 8.29%
- -------------------------------------------------------------------------------
Municipal Notes: 1.82%
4,800,000 Los Angeles County, California $ 4,824,480
Tax & Revenue Anticipation
Notes Series A,
4.50%, 06/30/1998
2,650,000 San Diego County, California Tax 2,667,066
& Revenue Anticipation Notes,
4.50%, 09/30/1998
-------------
Total Municipal Notes (Cost $7,476,830) 7,491,546
-------------
Tax Exempt Variable-Rate Demand Notes: 6.47%
3,400,000 Orange County Water District, 3,400,000
California Certificates of
Participation, Daily Floater,
Putable Daily, 3.70%, 08/15/2015
12,200,000 Orange County Sanitation 12,200,000
Districts, California
Certificates of Participation
Series C, FGIC, Daily Floater,
Putable Daily, 3.85%, 08/01/2017
6,200,000 Orange County, California 6,200,000
Improvement Bond, Irvine Coast
Assessment District No. 88-1,
Daily Floater, Putable Daily,
3.85%, 09/02/2018
900,000 California Pollution Control 900,000
Financing Authority Revenue,
Pacific Gas & Electric Series A,
Daily Floater, Putable Daily,
3.80%, 12/01/2018
1,200,000 California Pollution Control 1,200,000
Financing Authority Revenue,
Pacific Gas & Electric Series F,
Daily Floater, Putable Daily,
3.80%, 11/01/2026
2,700,000 California Pollution Control 2,700,000
Financing Authority Revenue,
Pacific Gas & Electric Series C,
Daily Floater, Putable Daily,
AMT, 4.00%, 11/01/2026
-------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $26,600,000) 26,600,000
-------------
Total Short-Term Investments
(Cost $34,076,830) 34,091,546
-------------
- -------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITY: 2.66%
- -------------------------------------------------------------------------------
11,142,890 3.375%, 01/15/2007 $ 10,937,437
-------------
Total U.S. Treasury Inflation Protection
Security (Cost $10,842,326) 10,937,437
-------------
- -------------------------------------------------------------------------------
U.S. TREASURY BOND: 0.73%
- -------------------------------------------------------------------------------
2,700,000 7.50%, 11/15/2016 3,004,593
-------------
Total U.S. Treasury Bond (Cost $2,955,768) 3,004,593
-------------
- -------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 27.23%
- -------------------------------------------------------------------------------
1,000,000 University of Puerto Rico, 1,018,710
University Revenue Series K,
6.50%, 06/01/2004,
Prerefunded 06/01/1998 @100
3,230,000 Fontana Redevelopment Agency, 3,418,632
California, North Fontana
Redevelopment Project,
8.00%, 09/01/2018,
Prerefunded 09/01/1998 @102
530,000 Temecula Valley Unified School 556,569
District, California Series B,
AMBAC, 9.25%, 09/01/1998,
Escrowed to Maturity
4,000,000 California Health Facilities Financing 4,233,080
Authority, 7.625%, 10/01/2015,
Prerefunded 10/01/1998 @102
1,000,000 Antelope Valley Hospital 1,041,090
District, California Certificates
of Participation, 7.25%, 01/01/2017,
Prerefunded 01/01/1999 @100
5,765,000 Los Angeles, California 6,115,973
Wastewater System Revenue
Series A, 7.10%, 02/01/2021,
Prerefunded 02/01/1999 @102
1,325,000 San Diego County Regional 1,417,631
Transportation Authority,
California Sales Tax Revenue
Series A, 7.375%, 04/01/2006,
Prerefunded 04/01/1999 @102
1,875,000 California State Department of 1,998,206
Water Resources Series G,
7.125%, 12/01/2024,
Prerefunded 06/01/1999 @101.50
2,870,000 Puerto Rico Electric Power 3,065,619
Authority Series O, 7.125%, 07/01/2014,
Prerefunded 07/01/1999 @101.50
3,650,000 Puerto Rico Public Improvement 3,936,890
Series A, 7.75%, 07/01/2017,
Prerefunded 07/01/1999 @101.50
6,480,000 Los Angeles Convention & 6,974,035
Exhibition Center Authority, California
Certificates of Participation Series A,
7.375%, 08/15/2018,
Prerefunded 08/15/1999 @101.50
(Note B, p. 20)
*See Note 1, page 28 in Notes to Financial Statements.
14 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
7,030,000 South Gate Public Financing $ 7,608,639
Authority, California Tax
Allocation Revenue, South Gate
Redevelopment Project Series A-2,
7.375%, 09/01/2009,
Prerefunded 09/01/1999 @102
(Note C, p. 20)
2,190,000 Santa Cruz County Public 2,390,429
Financing Authority, California
Tax Allocation, 7.625%, 09/01/2021,
Prerefunded 09/01/1999 @102.50
4,890,000 Alameda Community Facilities 5,325,944
District, California Special Tax
No. 1, 7.75%, 09/01/2019,
Prerefunded 09/01/1999 @102
570,000 Temecula Valley Unified School 625,820
District, California Series B,
AMBAC, 9.25%, 09/01/1999,
Escrowed to Maturity
3,920,000 Tehachapi Community Facilities 4,291,263
District, California Special Tax,
7.40%, 10/01/2014,
Prerefunded 10/01/1999 @103
9,665,000 Stockton East Water District, 10,609,560
California Certificates of
Participation, 1990 Project Series A,
AMBAC, 7.30%, 04/01/2020,
Prerefunded 04/01/2000 @102
(Note D, p. 20)
1,265,000 California State Department of 1,366,896
Water Resources Series I,
6.60%, 12/01/2019,
Prerefunded 06/01/2000 @101.50
1,245,000 California State Department of 1,354,634
Water Resources Series H,
6.90%, 12/01/2025,
Prerefunded 06/01/2000 @101.50
1,725,000 Puerto Rico Commonwealth, 1,918,217
7.625%, 07/01/2010,
Prerefunded 07/01/2000 @102
2,705,000 Desert Hospital District, 3,041,069
California Desert Hospital
Project, 8.10%, 07/01/2020,
Prerefunded 07/01/2000 @102
12,950,000 Castaic Lake Water Agency, 14,340,571
California Certificates of
Participation, Water Systems
Improvement Project,
7.35%, 08/01/2020,
Prerefunded 08/01/2000 @102
(Note E, p. 20)
1,175,000 Los Angeles Convention & 1,291,490
Exhibition Center Authority,
California Certificates of
Participation, 7.00%, 08/15/2021,
Prerefunded 08/15/2000 @102
11,825,000 Los Angeles County, California $ 12,833,081
Certificates of Participation,
Correctional Facilities Project,
6.50%, 09/01/2013,
Prerefunded 09/01/2000 @102
1,840,000 California State Public Works 2,024,571
Board Lease Revenue, Regents of
the University of California
Series A, 7.00%, 09/01/2015,
Prerefunded 09/01/2000 @102
1,620,000 Santa Ana Community Redevelopment 1,770,466
Agency, California Series A,
6.50%, 12/15/2015,
Prerefunded 12/15/2000 @102
1,865,000 Colton Redevelopment Agency, 2,094,656
California, Cooley Ranch
Redevelopment Project No. 4,
7.60%, 08/15/2016,
Prerefunded 08/15/2001 @100
1,740,000 Burbank Redevelopment Agency, 1,986,297
California, 9.25%, 12/01/2005,
Prerefunded 12/01/2004 @100
1,520,000 Corona, California Certificates 1,898,708
of Participation, 8.00%, 03/01/2015,
Prerefunded 03/01/2006 @100
1,000,000 Pittsburg Redevelopment Agency, 1,466,860
California Residential Mortgage
Revenue, 9.60%, 06/01/2016,
Escrowed to Maturity
-------------
Total Prerefunded/Escrowed (Cost $110,171,796) 112,015,606
-------------
- -------------------------------------------------------------------------------
INSURED: 33.84%
- -------------------------------------------------------------------------------
1,000,000 San Francisco City & County, 1,024,220
California, FGIC, 7.25%, 06/15/1998
1,065,000 Santa Rosa, California Wastewater 1,067,801
Revenue, FGIC, 4.00%, 09/01/1998
1,000,000 Modesto Irrigation District 1,005,310
Financing Authority, California
Series A, MBIA, 4.25%, 10/01/1998
5,095,000 Industry Urban Development 5,141,161
Agency, California, MBIA,
4.50%, 05/01/1999
1,035,000 East Bay Municipal Utility 1,070,407
District, California Water System
Revenue, FGIC, 6.00%, 06/01/1999
1,390,000 University of Puerto Rico Revenue 1,435,064
Series N, MBIA, 6.00%, 06/01/1999
1,800,000 East Bay Municipal Utility 1,861,578
District, California Water System
Revenue, FGIC, 6.00%, 06/01/1999
1,030,000 Southern California Public Power 1,040,300
Authority, Power Project Revenue,
Palo Verde Project Series A, FSA,
4.50%, 07/01/1999
(Note F, p. 20)
Schedule of Investments--Municipal Bond Portfolios 15
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
2,740,000 Orange County Municipal Water $ 2,790,170
District, California Certificates
of Participation, Allen McColloch
Pipeline, MBIA, 5.00%, 07/01/1999
3,530,000 Northern California Power Agency, 3,594,634
Geothermal Project No. 3 Series B,
AMBAC, 5.00%, 07/01/1999
2,475,000 Santa Clara Unified School 2,608,897
District, California, FGIC,
7.00%, 08/01/1999
2,515,000 Vallejo Unified School District, 2,677,419
California, FGIC, 7.60%, 08/01/1999
1,965,000 Los Angeles Convention & 2,059,497
Exhibition Center Authority, California
Certificates of Participation,
AMBAC, 6.60%, 08/15/1999
1,535,000 University of California Revenue 1,705,723
Series C, AMBAC,
10.00%, 09/01/1999
4,285,000 Modesto Irrigation District 4,337,963
Financing Authority, California
Series A, MBIA, 4.50%, 10/01/1999
2,695,000 Riverside, California 2,737,500
Certificates of Participation,
1997 Lease Refunding Project,
MBIA, 4.75%, 11/01/1999
(Note F, p. 20)
1,085,000 Los Angeles County Board of 1,104,736
Education, California
Certificates of Participation,
Local Educational Agencies,
Pooled Capital Projects Series A,
MBIA, 4.75%, 03/01/2000
2,885,000 California Health Facilities 2,936,786
Financing Authority, Catholic
Healthcare West Series A, MBIA,
4.75%, 07/01/2000
(Note F, p. 20)
1,000,000 Sacramento Municipal Utility 1,025,680
District, California Series L,
AMBAC, 5.00%, 07/01/2000
1,000,000 Los Angeles County Metropolitan 1,038,550
Transportation Authority,
California Sales Tax Revenue
Series A, MBIA,
5.50%, 07/01/2000
2,530,000 Northern California Power Agency, 2,627,531
Geothermal Project No. 3 Series B,
AMBAC, 5.50%, 07/01/2000
3,015,000 Riverside, California 3,075,390
Certificates of Participation,
1997 Lease Refunding Project,
MBIA, 4.75%, 11/01/2000
(Note F, p. 20)
1,575,000 Las Virgenes Municipal Water $ 1,791,988
District, California Certificates
of Participation, MBIA,
8.75%, 11/01/2000
1,000,000 California Health Facilities 1,032,610
Financing Authority, Sutter
Health Series C, FSA,
5.00%, 08/15/2002
(Note F, p. 20)
5,025,000 San Diego County, California 5,290,370
Certificates of Participation,
AMBAC, 5.25%, 09/01/2005
1,390,000 South Orange County Public 1,642,716
Finance Authority, California
Special Tax Revenue Series A,
MBIA, 7.00%, 09/01/2006
1,590,000 San Diego County Regional 1,644,648
Transportation Authority,
California Sales Tax Revenue
Series A, FGIC, 5.00%, 04/01/2007
1,200,000 San Francisco City & County 1,279,992
Airport Commission, California
International Airport Revenue 2nd
Series 12A, FGIC, AMT,
5.625%, 05/01/2007
3,000,000 Los Angeles Department of 3,169,020
Airports, California Airport
Revenue Series A, FGIC,
5.375%, 05/15/2007
4,765,000 California State, AMBAC, 5,004,632
5.20%, 06/01/2007
4,520,000 South Orange County Public 5,549,882
Finance Authority, California
Special Tax Revenue, Foothill
Area Series C, FGIC,
7.50%, 08/15/2007
1,435,000 Riverside, California 1,532,193
Certificates of Participation,
1997 Lease Refunding Project,
MBIA, 5.50%, 11/01/2007
(Note F, p. 20)
2,910,000 Contra Costa Transportation 3,231,148
Authority, California Sales Tax
Revenue Series A, FGIC,
6.00%, 03/01/2008
2,360,000 San Diego County Regional 2,476,513
Transportation Authority,
California Sales Tax Revenue
Series A, FGIC, 5.25%, 04/01/2008
3,885,000 Long Beach, California Harbor 4,246,422
Revenue, MBIA, AMT,
6.00%, 05/15/2008
2,815,000 Riverside, California Sewer 3,372,539
Revenue, FGIC, 7.00%, 08/01/2008
16 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,510,000 Castaic Lake Water Agency, $ 1,840,886
California Certificates of
Participation, Water Systems
Improvement Project Series A,
MBIA, 7.25%, 08/01/2008
2,825,000 San Francisco City & County 2,968,905
Airport Commission, California
International Airport Revenue 2nd
Series 12A, FGIC, AMT,
5.625%, 05/01/2009
1,475,000 Los Angeles Department of 1,550,402
Airports, California Airport
Revenue Series A, FGIC,
5.50%, 05/15/2009
1,405,000 Riverside County Transportation 1,560,758
Commission, California Sales Tax
Revenue Series A, FGIC,
6.00%, 06/01/2009
1,000,000 Redding Joint Powers Financing 1,133,040
Authority, California Electric
System Revenue Series A, MBIA,
6.25%, 06/01/2009
2,735,000 Northern California Power Agency, 2,990,996
Geothermal Project No. 3 Series A,
AMBAC, 5.80%, 07/01/2009
1,100,000 South Orange County Public Finance 1,415,546
Authority, California Special Tax
Revenue, Foothill Area Series C,
FGIC, 8.00%, 08/15/2009
2,000,000 Los Angeles, California Wastewater 2,076,160
System Revenue Series D,
FGIC, 5.375%, 11/01/2009
2,365,000 San Francisco City & County 2,422,470
Airport Commission, California
International Airport Revenue 2nd
Series 10A, MBIA, AMT,
5.35%, 05/01/2010
600,000 Los Angeles Department of 633,906
Airports, California Airport
Revenue, FGIC, AMT,
5.80%, 05/15/2010
1,320,000 East Bay Municipal Utility 1,328,250
District, California Water System
Revenue, MBIA, 5.00%, 06/01/2010
3,000,000 Riverside, California Sewer 3,028,110
Revenue, FGIC, 5.00%, 08/01/2010
1,175,000 San Jose Redevelopment Agency, 1,308,797
California Tax Allocation Merged
Area Redevelopment Project, MBIA,
6.00%, 08/01/2010
1,000,000 Castaic Lake Water Agency, 1,227,130
California Certificates of
Participation, Water Systems
Improvement Project Series A,
MBIA, 7.25%, 08/01/2010
1,000,000 Los Angeles Convention & $ 1,109,050
Exhibition Center Authority,
California Lease Revenue, MBIA,
6.00%, 08/15/2010
1,375,000 Sacramento County, California 1,374,904
Certificates of Participation,
Public Facilities Project, MBIA,
5.00%, 02/01/2011
1,000,000 Kern High School District, 1,135,750
California Series A, MBIA,
6.30%, 02/01/2011
1,000,000 University of California Revenue 999,950
Series C, AMBAC, 5.00%, 09/01/2011
2,145,000 San Francisco City & County 2,186,356
Airport Commission, California
International Airport Revenue 2nd
Series 10A, MBIA, AMT,
5.45%, 05/01/2012
1,000,000 Los Angeles County Metropolitan 1,011,940
Transportation Authority,
California Sales Tax Revenue
Series B, AMBAC, 5.30%, 07/01/2012
1,000,000 Los Angeles Convention & 990,830
Exhibition Center Authority,
California Lease Revenue, MBIA,
5.125%, 08/15/2013
1,000,000 University of California Revenue 982,730
Series C, AMBAC, 5.00%, 09/01/2013
1,340,000 Los Angeles Unified School 1,485,805
District, California Series A,
FGIC, 6.00%, 07/01/2014
1,195,000 Culver City Redevelopment Finance 1,247,616
Authority, California Tax
Allocation, AMBAC, 5.50%, 11/01/2014
1,725,000 Long Beach, California Water 1,851,960
Revenue Series A, MBIA,
5.75%, 05/01/2015 (Note F, p. 20)
1,000,000 San Jose Redevelopment Agency, 1,103,240
California Tax Allocation Merged
Area Redevelopment Project, MBIA,
6.00%, 08/01/2015
1,000,000 California Special Districts 1,035,500
Association Finance Corporation,
Certificates of Participation
Series Z, FSA, 5.50%, 08/01/2017
1,000,000 Los Angeles Convention & 993,110
Exhibition Center Authority,
California Lease Revenue Series A,
MBIA, 5.375%, 08/15/2018
1,660,000 Fresno, California Sewer Revenue 1,668,532
Series A-1, AMBAC, 5.25%, 09/01/2019
2,630,000 California State Public Works 2,540,948
Board Lease Revenue, Department
of Corrections, State Prison
Series A, AMBAC, 5.00%, 12/01/2019
Schedule of Investments--Municipal Bond Portfolios 17
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,000,000 Sacramento Municipal Utility $ 911,990
District, California Series G,
MBIA, 4.75%, 09/01/2021
1,915,000 Los Angeles, California Wastewater 1,861,131
System Revenue Series D,
FGIC, 5.20%, 11/01/2021
-------------
Total Insured (Cost $133,555,992) 139,207,688
-------------
- -------------------------------------------------------------------------------
TAX SUPPORTED: 15.39%
- -------------------------------------------------------------------------------
State General Obligations: 5.02%
2,140,000 Puerto Rico Commonwealth, 2,151,706
4.55%, 07/01/1998
1,000,000 California State, 1,046,300
8.60%, 10/01/1998
1,000,000 California State, 1,047,750
8.75%, 10/01/1998
1,295,000 California State, 1,358,222
7.00%, 06/01/1999
4,900,000 Puerto Rico Commonwealth, 5,012,357
5.50%, 07/01/1999
3,335,000 California State, 3,737,301
9.00%, 06/01/2000
1,000,000 California State, 1,083,500
6.70%, 04/01/2001
1,300,000 District of Columbia Series A, 1,362,309
5.90%, 06/01/2002
1,020,000 California State, Veterans Series AW, 1,055,761
AMT, 7.25%, 04/01/2003
2,500,000 California State, 2,794,250
6.20%, 09/01/2005
-------------
Total State General Obligations
(Cost $20,121,135) 20,649,456
-------------
Local General Obligations: 2.74%
1,045,000 East Bay Regional Park District, 1,138,412
California Series B,
8.75%, 09/01/1999
2,235,000 Los Angeles County Public Works 2,287,478
Authority, California Capital
Construction Series A,
5.10%, 03/01/2007
1,000,000 East Bay Municipal Utility District, 1,022,820
California Special District No. 1
Series E, 5.45%, 04/01/2010
3,110,000 Los Angeles County Public Works 3,088,852
Authority, California Capital
Construction, 5.00%, 03/01/2011
1,000,000 Kern High School District, 1,214,470
California, 7.10%, 08/01/2011
2,480,000 Los Angeles, California Series A, 2,515,117
5.25%, 09/01/2011
-------------
Total Local General Obligations
(Cost $10,754,758) 11,267,149
-------------
Tax Lease: 6.04%
4,040,000 Los Angeles Municipal $ 4,075,754
Improvement Corp., California
Certificates of Participation,
4.50%, 12/01/1998
1,065,000 California State Public Works 1,079,985
Board Lease Revenue, Community
Colleges Series A, 5.00%, 04/01/1999
1,215,000 San Diego County Unified School 1,228,948
District, California Certificates
of Participation, Project Phase XII
Series B, 4.50%, 07/01/1999
1,130,000 Cupertino, California 1,147,063
Certificates of Participation
Series A, 4.875%, 01/01/2000
5,340,000 California State Public Works 5,479,214
Board Lease Revenue, Community
Colleges Series A, 5.00%, 04/01/2001
1,595,000 Ukiah Unified School District, 1,643,935
California Certificates of
Participation, 5.60%, 09/01/2001
1,000,000 Los Angeles State Building 1,068,240
Authority, California Lease
Revenue, 5.50%, 05/01/2007
2,520,000 San Francisco State Building 2,596,507
Authority, California Lease
Revenue Series A,
5.125%, 10/01/2007
1,010,000 Gilroy Unified School District, 1,069,428
California Certificates of
Participation, 5.85%, 07/01/2008
725,000 San Francisco City & County 743,052
Parking Authority, California,
7.50%, 12/01/2008
2,590,000 Taft Public Financing Authority, 2,725,561
California Lease Revenue,
Community Correctional Facility
Project A, 5.95%, 01/01/2011
2,000,000 Sacramento City Finance Authority, 2,015,700
California Lease Revenue Series B,
5.40%, 11/01/2020
-------------
Total Tax Lease (Cost $24,026,347) 24,873,387
-------------
Special Tax: 1.59%
2,005,000 Puerto Rico Highway & Transit 2,019,717
Authority, 5.00%, 07/01/1998
1,000,000 Los Angeles County Metropolitan 1,023,110
Transportation Authority, California
Series A, 4.90%, 07/01/2000
1,300,000 Los Angeles County Transportation 1,484,899
Commission, California Series A,
6.40%, 07/01/2006
18 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,955,000 Pomona Public Financing $ 2,011,362
Authority, California Revenue,
Southwest Pomona Redevelopment,
5.50%, 02/01/2008
-------------
Total Special Tax (Cost $6,113,039) 6,539,088
-------------
Total Tax Supported (Cost $61,015,279) 63,329,080
-------------
- -------------------------------------------------------------------------------
REVENUE: 14.13%
- -------------------------------------------------------------------------------
Airport Revenue: 0.34%
500,000 Denver City & County, Colorado 552,465
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
200,000 Denver City & County, Colorado 233,552
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
500,000 Denver City & County, Colorado 621,025
Airport Revenue Series D, AMT,
7.75%, 11/15/2013
-------------
Total Airport Revenue (Cost $1,201,562) 1,407,042
-------------
Electric Revenue: 1.25%
1,250,000 Los Angeles Department of Water & 1,378,300
Power, California, Electric Plant
Revenue 2nd Issue,
9.00%, 12/15/1999
1,000,000 Los Angeles Department of Water & 1,159,880
Power, California, Electric Plant
Revenue 2nd Issue,
8.00%, 08/15/2002
2,100,000 Los Angeles Department of Water & 2,604,441
Power, California, Electric Plant
Revenue 2nd Issue,
9.00%, 10/15/2003
-------------
Total Electric Revenue (Cost $5,041,448) 5,142,621
-------------
Higher Education Revenue: 1.35%
1,000,000 University of California, Research 1,031,220
Facilities Revenue Series B,
7.50%, 09/01/1998
685,000 California Educational Facilities 734,800
Authority, University of Southern
California Series B,
7.85%, 10/01/1999
1,035,000 California Educational Facilities 1,063,628
Authority, Stanford University
Series M, 5.25%, 12/01/1999
2,540,000 California Educational Facilities 2,710,637
Authority, University of Southern
California Series A,
5.50%, 10/01/2008
-------------
Total Higher Education Revenue
(Cost $5,315,308) 5,540,285
-------------
Water/Sewer Revenue: 6.03%
2,175,000 Metropolitan Water District of $ 2,209,017
Southern California Waterworks
Revenue, 4.85%, 07/01/1999
2,455,000 Los Angeles Department of Water & 2,749,109
Power, California, Waterworks
Revenue 2nd Issue,
9.00%, 05/15/2000
1,000,000 Metropolitan Water District of 1,076,620
Southern California Series A,
7.00%, 07/01/2000
1,050,000 California State Department of 1,191,246
Water Resources Series M,
8.50%, 12/01/2000
2,500,000 Metropolitan Water District of 2,625,050
Southern California Series A,
5.50%, 07/01/2008
2,420,000 Los Angeles County Sanitation 2,511,089
District Financing Authority,
California Series A, 5.25%, 10/01/2008
2,700,000 California State Department of 2,876,067
Water Resources, Central Valley
Project, Water System Revenue
Series T, 5.50%, 12/01/2008
(Note F, p. 20)
1,000,000 Orange County Water District, 1,021,680
California Certificates of
Participation Series A,
5.50%, 08/15/2010
2,460,000 San Francisco City & County 2,449,570
Public Utilities Commission,
California, Waterworks Revenue
Series A, 5.00%, 11/01/2012
2,285,000 California State Department of 2,226,298
Water Resources, Water System
Revenue Series O, 5.00%, 12/01/2015
3,660,000 Metropolitan Water District of 3,890,909
Southern California Series A,
5.75%, 07/01/2021
-------------
Total Water/Sewer Revenue
(Cost $23,333,455) 24,826,655
-------------
Miscellaneous Revenue: 2.24%
1,000,000 Puerto Rico Highway & Transit 1,029,000
Authority Series U,
5.875%, 07/01/1999
1,235,000 Western Placer Waste Management 1,277,212
Authority, California Revenue,
AMT, 6.25%, 07/01/2000
6,485,000 Los Angeles Harbor Department 6,889,210
Revenue, California Series B, AMT,
5.75%, 08/01/2009
-------------
Total Miscellaneous Revenue
(Cost $8,999,121) 9,195,422
-------------
Schedule of Investments--Municipal Bond Portfolios 19
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
Industrial Development/Pollution Control Revenue: 2.92%
650,000 Missouri State Environmental $ 665,340
Improvement & Energy Resource
Authority, Chrysler Corporation
Project, 5.70%, 10/01/1999
1,330,000 Schuylkill County Industrial 1,351,001
Development Authority,
Pennsylvania, Energy Reserves,
AMT, 6.50%, 01/01/2010
9,735,000 California Pollution Control 10,007,483
Financing Authority, Pacific Gas
& Electric Co. Series B, AMT,
8.875%, 01/01/2010
-------------
Total Industrial Development/Pollution Control Revenue
(Cost $11,918,745) 12,023,824
-------------
Total Revenue (Cost $55,809,639) 58,135,849
-------------
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- -------------------------------------------------------------------------------
Total Investments (Cost $408,427,630) 102.27% $420,721,799
(Note G, below)
Cash and Other Assets, Less Liabilities (2.27) (9,337,370)
------ -------------
Net Assets (Equivalent to $13.90
per share based on 29,590,176
shares of capital stock outstanding) 100.00% $411,384,429
====== =============
- -------------------------------------------------------------------------------
(A) 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
(B) $2,100,000 principal amount segregated as collateral for when-issued
securities
(C) $6,560,000 principal amount segregated as collateral for when-issued
securities
(D) $7,950,000 principal amount segregated as collateral for when-issued
securities
(E) $6,600,000 principal amount segregated as collateral for when-issued
securities
(F) When-issued security
(G) At September 30, 1997, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
- -------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein New York Municipal Portfolio
September 30, 1997
Principal Amount Description Market Value*
- -------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 1.07%
- -------------------------------------------------------------------------------
Repurchase Agreement: 0.03%
174,000 State Street Bank & Trust Co., $ 174,000
Repurchase Agreement, Dated
09/30/1997, 5.20%, maturing
10/01/1997 for $174,025, Collateral
175,000 principal amount U.S.
Treasury Note, 5.875%, 04/30/1998
Value $179,630
-------------
Total Repurchase Agreement (Cost $174,000) 174,000
-------------
Tax Exempt Variable-Rate Demand Notes: 1.04%
1,200,000 New York State Energy Research & 1,200,000
Development Authority, Pollution
Control Revenue, Niagara Mohawk
Power Series A, Daily Floater,
Putable Daily, 4.05%, 07/01/2015
1,700,000 New York State Energy Research & 1,700,000
Development Authority, Niagara
Mohawk Power Series, Daily
Floater, Putable Daily, AMT,
4.10%, 12/01/2023
3,600,000 Babylon, New York Industrial 3,600,000
Development Agency, Resource
Recovery Revenue, Daily Floater,
Putable Daily, 3.85%, 12/01/2024
500,000 New York State Energy Research & 500,000
Development Authority, Pollution Control
Revenue, New York Electric & Gas
Series D, 3.70%, 10/01/2029
-------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $7,000,000) 7,000,000
-------------
Total Short-Term Investments (Cost $7,174,000) 7,174,000
-------------
- -------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITY: 1.03%
- -------------------------------------------------------------------------------
7,090,930 3.375%, 01/15/2007 6,960,187
-------------
Total U.S. Treasury Inflation Protection Security
(Cost $6,899,662) 6,960,187
-------------
- -------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 29.18%
- -------------------------------------------------------------------------------
1,300,000 New York State Housing Finance 1,330,134
Agency, State University Series A,
7.90%, 05/01/2002,
Prerefunded 11/01/1997 @102
2,135,000 New York City Series A, 2,174,412
8.25%, 11/01/2002,
Prerefunded 11/01/1997 @101.50
*See Note 1, page 28 in Notes to Financial Statements.
20 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
3,070,000 New York City Series A, $ 3,127,256
8.50%, 11/01/2010,
Prerefunded 11/01/1997 @101.50
1,000,000 Triborough Bridge & Tunnel 1,023,890
Authority, New York Special
Obligation Series A,
7.50%, 01/01/2001,
Prerefunded 01/01/1998 @101.50
1,105,000 New York State Urban Development 1,137,542
Corp., Correctional Facilities
Series D, 7.75%, 01/01/2013,
Prerefunded 01/01/1998 @102
3,000,000 MTA, New York Transit Facilities 3,151,950
Service Contract Series 2,
8.00%, 07/01/2018,
Prerefunded 07/01/1998 @102
4,675,000 MTA, New York Transit Facilities 4,911,789
Service Contract Series 2,
8.00%, 07/01/2018,
Prerefunded 07/01/1998 @102
1,000,000 New York City Series I, FGIC, 1,027,410
6.90%, 08/15/1998,
Escrowed to Maturity
1,000,000 New York State Medical Care 1,052,270
Facilities Finance Authority,
Hospital & Nursing Home Series C,
7.60%, 02/15/2008,
Prerefunded 08/15/1998 @102
3,440,000 Albany Parking Authority, New 3,546,812
York, 6.875%, 11/01/2016,
Prerefunded 11/01/1998 @100
5,150,000 New York State Housing Finance 5,469,248
Agency, State University Series A,
8.00%, 11/01/2006,
Prerefunded 11/01/1998 @102
1,000,000 New York State Housing Finance 1,063,040
Agency, State University Series A,
8.10%, 11/01/2010,
Prerefunded 11/01/1998 @102
330,000 Nassau County, New York Series L, 339,649
FGIC, 6.30%, 11/15/1998,
Escrowed to Maturity
1,275,000 Triborough Bridge & Tunnel 1,347,853
Authority, New York Toll Revenue
Series O, 7.50%, 01/01/2011,
Prerefunded 01/01/1999 @101.50
1,090,000 Triborough Bridge & Tunnel 1,154,910
Authority, New York Toll Revenue
Series O, 7.70%, 01/01/2019,
Prerefunded 01/01/1999 @101.50
1,360,000 New York State Medical Care 1,447,897
Facilities Finance Authority,
Mental Health Services,
7.40%, 08/15/2007,
Prerefunded 02/15/1999 @102
10,120,000 Battery Park City Authority, New $ 10,513,668
York Revenue, 6.50%, 05/01/2020,
Prerefunded 05/01/1999 @100
3,235,000 Battery Park City Authority, New 3,480,504
York Revenue, 7.70%, 05/01/2015,
Prerefunded 05/01/1999 @102
6,415,000 New York State Dormitory 6,695,272
Authority, State University
Series A, 6.75%, 05/15/2018,
Prerefunded 05/15/1999 @100
4,315,000 New York State Dormitory 4,609,671
Authority, State University
Series A, 7.125%, 05/15/2017,
Prerefunded 05/15/1999 @102
1,000,000 Suffolk County Water Authority, 1,068,720
New York, 7.125%, 06/01/2015,
Prerefunded 06/01/1999 @102
1,000,000 New York City Series B, 1,063,910
8.00%, 06/01/1999,
Escrowed to Maturity
2,625,000 New York City Municipal Water 2,806,676
Finance Authority Series A,
7.375%, 06/15/2009,
Prerefunded 06/15/1999 @101.50
3,425,000 New York City Municipal Water 3,662,044
Finance Authority Series A,
7.375%, 06/15/2009,
Prerefunded 06/15/1999 @101.50
3,095,000 MAC New York Series 67, 3,258,385
7.20%, 07/01/1999,
Escrowed to Maturity
1,000,000 Albany County, New York, 1,057,350
7.00%, 10/01/1999,
Escrowed to Maturity
1,000,000 Nassau County, New York Series H, 1,062,270
AMBAC, 7.20%, 10/15/1999,
Escrowed to Maturity
1,400,000 Nassau County, New York Series J, 1,489,894
FGIC, 7.30%, 10/15/1999,
Escrowed to Maturity
1,000,000 Triborough Bridge & Tunnel 1,042,010
Authority, New York Toll Revenue
Series R, 6.00%, 01/01/2020,
Prerefunded 01/01/2000 @100
2,000,000 New York State Urban Development 2,163,100
Corp., Correctional Facilities
Series G, 7.00%, 01/01/2017,
Prerefunded 01/01/2000 @102
6,700,000 New York State Medical Care 7,335,361
Facilities Finance Agency Series B,
7.45%, 02/15/2029,
Prerefunded 02/15/2000 @102
6,020,000 New York City Series A, 6,551,084
7.25%, 03/15/2020,
Prerefunded 03/15/2000 @101.50
Schedule of Investments--Municipal Bond Portfolios 21
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
3,765,000 New York City Series A, $ 4,140,634
7.75%, 03/15/2004,
Prerefunded 03/15/2000 @101.50
1,000,000 New York State Dormitory 1,097,420
Authority, State University
Series B, 7.25%, 05/15/2015,
Prerefunded 05/15/2000 @102
17,075,000 New York State Dormitory 18,927,467
Authority, State University
Series A, 7.70%, 05/15/2012,
Prerefunded 05/15/2000 @102
5,000,000 New York City Municipal Water 5,462,750
Finance Authority, Water & Sewer
Systems Revenue Series A,
7.25%, 06/15/2015,
Prerefunded 06/15/2000 @101.50
1,000,000 New York State Dormitory 1,109,240
Authority, City University Systems
Series A, 7.625%, 07/01/2020,
Prerefunded 07/01/2000 @102
420,000 New York State Dormitory 462,941
Authority, City University Systems
Series A, 7.875%, 07/01/2002,
Prerefunded 07/01/2000 @100.50
9,540,000 New York State Dormitory 10,656,752
Authority, City University Systems
Series F, 7.875%, 07/01/2007,
Prerefunded 07/01/2000 @102
1,000,000 MTA, New York Commuter Facilities 1,111,190
Service Contract Series 4,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @101.50
2,250,000 MTA, New York Transit Facilities 2,500,178
Service Contract Series 4,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @101.50
3,950,000 New York State Dormitory 4,406,896
Authority, City University Systems
Series F, 7.875%, 07/01/2017,
Prerefunded 07/01/2000 @102
2,475,000 New York State Housing Finance 2,773,039
Agency, Service Contract
Obligation Revenue Series A,
7.80%, 09/15/2020,
Prerefunded 09/15/2000 @102
3,500,000 Virgin Islands Public Finance 3,852,205
Authority Series B, 7.25%, 10/01/2007,
Prerefunded 10/01/2000 @101
2,000,000 New York State Medical Care 2,225,120
Facilities Finance Authority,
Mental Health Services Series A,
8.00%, 11/01/2000, Escrowed to Maturity
5,065,000 New York State Urban Development 5,419,246
Corp., Correctional Facilities
Series 2, 6.50%, 01/01/2021,
Prerefunded 01/01/2001 @100
1,680,000 Triborough Bridge & Tunnel $ 1,844,775
Authority, New York Toll Revenue
Series S, 7.00%, 01/01/2011,
Prerefunded 01/01/2001 @101.50
340,000 New York State Power Authority 362,875
Series C, 9.50%, 01/01/2001,
Escrowed to Maturity
9,310,000 New York State Local Government 10,394,615
Assistance Corp. Series B,
7.25%, 04/01/2006,
Prerefunded 04/01/2001 @102
2,665,000 New York State Local Government 2,975,472
Assistance Corp. Series A,
7.25%, 04/01/2018,
Prerefunded 04/01/2001 @102
2,570,000 New York State Local Government 2,890,094
Assistance Corp. Series B,
7.50%, 04/01/2020,
Prerefunded 04/01/2001 @102
2,050,000 New York City Series B, 2,271,380
7.00%, 06/01/2015,
Prerefunded 06/01/2001 @101.50
9,185,000 New York City Municipal Water 10,067,770
Finance Authority Series A,
6.75%, 06/15/2017,
Prerefunded 06/15/2001 @101
1,500,000 New York State Thruway Authority 1,626,285
Service Contract, 6.25%, 04/01/2004,
Prerefunded 04/01/2002 @101
2,695,000 New York State Medical Care 2,944,234
Facilities Finance Agency,
Hospital & Nursing Home Insured
Mortgage, FHA, 6.35%, 02/15/2012,
Prerefunded 02/15/2003 @102
4,670,000 Niagara Falls Bridge Commission, 5,305,120
New York Toll Revenue,
6.30%, 10/01/2012,
Escrowed to Maturity
-------------
Total Prerefunded/Escrowed
(Cost $193,350,062) 195,993,679
-------------
- -------------------------------------------------------------------------------
INSURED: 25.65%
- -------------------------------------------------------------------------------
1,000,000 New York City Industrial Development 1,002,160
Agency, USTA National Tennis
Center, FSA, 5.30%, 11/15/1997
1,000,000 New York State Thruway Authority, 1,006,250
Highway & Bridge Trust Fund
Series A, AMBAC, 5.00%, 04/01/1998
490,000 New York State Dormitory 498,492
Authority, Mount Sinai School of
Medicine, MBIA, 6.00%, 07/01/1998
3,000,000 New York State Dormitory 3,081,840
Authority, City University Series A,
FGIC, 7.40%, 07/01/1998
22 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
3,830,000 Nassau County, New York Series Q, $ 3,865,964
FGIC, 5.00%, 08/01/1998
1,000,000 Nassau County, New York Series O, 1,014,420
FGIC, 5.625%, 08/01/1998
3,710,000 New York City Industrial Development 3,780,564
Agency, USTA National Tennis
Center, FSA, 5.50%, 11/15/1998
1,570,000 Brookhaven, New York, MBIA, 1,601,196
5.70%, 11/15/1998
1,000,000 Suffolk County, New York Series A, 1,017,370
AMBAC, 5.00%, 06/15/1999
2,550,000 Suffolk County, New York Series D, 2,591,947
FGIC, 4.875%, 08/01/1999
4,420,000 Nassau County, New York Series W, 4,469,858
FGIC, 4.50%, 09/01/1999
7,130,000 Nassau County, New York Series T, 7,291,708
FGIC, 5.125%, 09/01/1999
3,620,000 Nassau County, New York Series U, 3,709,016
AMBAC, 5.125%, 11/01/1999
5,035,000 New York City Trust Cultural 5,125,479
Resource Revenue, Museum of
Modern Art Series 1, AMBAC,
5.00%, 01/01/2000
5,325,000 New York City Health & Hospital 5,397,686
Corp. Series A, Connie Lee,
4.875%, 02/15/2000
1,000,000 New York State Thruway Authority, 1,015,020
Highway & Bridge Trust Fund
Series A, AMBAC, 4.75%, 04/01/2000
2,255,000 Nassau County, New York Series Q, 2,314,600
FGIC, 5.00%, 08/01/2000
1,925,000 Suffolk County, New York Series A, 2,304,417
FGIC, 9.50%, 10/01/2001
1,340,000 New York State Dormitory 1,632,133
Authority, City University Series D,
FGIC, 8.75%, 07/01/2003
1,000,000 Niagara Frontier Authority, New 1,055,890
York Airport Revenue, Greater
Buffalo International Airport,
AMBAC, AMT, 5.75%, 04/01/2004
3,615,000 New York State Project Finance 3,684,733
Agency, HUD Section 236-Series A,
FSA, 4.95%, 11/01/2006
2,025,000 New York State Urban Development 2,068,457
Corp., Correctional Facilities
Revenue, AMBAC, 5.00%, 01/01/2007
4,285,000 Suffolk County, New York, 4,718,428
Southwest Sewer District, MBIA,
6.00%, 02/01/2007
1,810,000 New York State Local Government 1,998,747
Assistance Corp. Series A, AMBAC,
6.00%, 04/01/2007
4,960,000 New York State Dormitory Authority, 5,212,414
State University Series B, FGIC,
5.375%, 05/15/2007
4,000,000 Westchester County Industrial $ 4,220,680
Development Agency, New York
Resource Recovery Revenue Series A,
AMBAC, 5.60%, 07/01/2007
1,000,000 MTA, New York Commuter Facilities 1,103,900
Series A, MBIA, 6.00%, 07/01/2007
1,500,000 New York State Dormitory 1,649,685
Authority, Rochester Institute of
Technology, MBIA, 6.00%, 07/01/2007
2,500,000 MTA, New York Transit Authority 2,759,750
Series C-1, FGIC, 6.00%, 07/01/2007
2,500,000 MTA, New York Commuter Facilities 2,785,375
Series A, MBIA, 6.10%, 07/01/2007
2,400,000 MTA, New York Transit Facilities 2,709,264
Series K, MBIA, 6.30%, 07/01/2007
2,880,000 Yonkers, New York Series C, AMBAC, 2,940,365
5.00%, 08/01/2007
1,265,000 New York State Urban Development 1,345,378
Corp., Correctional Facilities
Series A, AMBAC, 5.50%, 01/01/2008
1,270,000 Babylon, New York Series A, AMBAC, 1,748,028
9.20%, 01/15/2008
2,000,000 MTA, New York Dedicated Tax 2,055,640
Series A, MBIA, 5.10%, 04/01/2008
2,200,000 New York State Dormitory 2,343,770
Authority, State University
Series A, AMBAC, 5.50%, 05/15/2008
4,200,000 Suffolk County, New York, 4,328,646
Waterworks Authority Revenue,
MBIA, 5.10%, 06/01/2008
1,485,000 New York State Dormitory 1,502,954
Authority, New York University
Series B, MBIA, 5.00%, 07/01/2008
1,910,000 MTA, New York Transit Facilities 2,067,441
Service Contract Series O, AMBAC,
5.75%, 07/01/2008
4,575,000 New York State Series B, AMBAC, 4,844,879
5.625%, 08/15/2008
2,800,000 New York State Thruway Authority, 2,972,844
General Revenue Series C, FGIC,
5.75%, 01/01/2009
6,635,000 New York State Thruway Authority, 6,804,524
Highway & Bridge Trust Fund
Series A, MBIA, 5.25%, 04/01/2009
2,165,000 New York State Thruway Authority, 2,228,456
Highway & Bridge Trust Fund
Series B, MBIA, 5.30%, 04/01/2009
4,055,000 New York State Dormitory 4,320,156
Authority, State University
Series A, FGIC, 5.50%, 05/15/2009
1,175,000 New York City Municipal Water 1,245,641
Finance Authority Series A, MBIA,
5.75%, 06/15/2009
Schedule of Investments--Municipal Bond Portfolios 23
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,000,000 New York State Dormitory $ 1,088,200
Authority, City University Series A,
AMBAC, 5.75%, 07/01/2009
8,535,000 New York State Dormitory 9,287,787
Authority, City University Second
Series A, FSA, 5.75%, 07/01/2009
1,495,000 MTA, New York Commuter Facilities 1,670,648
Revenue Series A, MBIA,
6.10%, 07/01/2009
1,550,000 Babylon, New York Waste 2,128,739
Facilities, FGIC, 9.00%, 08/01/2009
1,000,000 Hempstead Town Industrial 1,003,330
Development Agency, New York,
American Ref-Fuel Co. Project,
MBIA, 5.00%, 12/01/2009
1,090,000 Nassau County, New York Series G, 1,139,759
MBIA, 5.40%, 01/15/2010
1,000,000 New York State Local Government 1,012,570
Assistance Corp. Series A, AMBAC,
5.125%, 04/01/2010
1,000,000 New York State Dormitory 1,107,270
Authority, State University
Series A, AMBAC, 6.00%, 07/01/2010
4,390,000 Port Authority of New York & New 4,442,460
Jersey Revenue, MBIA, AMT,
5.25%, 09/01/2010
3,940,000 MTA, New York Dedicated Tax 4,448,142
Series A, MBIA, 6.25%, 04/01/2011
3,415,000 New York State Dormitory 3,394,612
Authority, State University
Series A, MBIA, 5.00%, 07/01/2011
4,500,000 Babylon, New York Waste 6,297,570
Facilities, FGIC, 9.00%, 08/01/2011
2,725,000 New York City Educational 2,806,941
Construction Fund, MBIA,
5.50%, 10/01/2011
1,630,000 Islip, New York Resource Recovery 1,726,480
Agency Revenue Series B, AMBAC,
AMT, 6.125%, 07/01/2012
1,000,000 New York City Municipal Water 1,096,600
Finance Authority Series A, AMBAC,
5.875%, 06/15/2013
1,095,000 Clifton Park, New York Water 1,063,267
Authority, FGIC, 5.00%, 10/01/2014
1,050,000 New York State Medical Care 1,126,220
Facilities Finance Authority,
Mental Health Services, MBIA,
6.15%, 02/15/2015
-------------
Total Insured (Cost $166,773,224) 172,276,760
-------------
- -------------------------------------------------------------------------------
TAX SUPPORTED: 26.02%
- -------------------------------------------------------------------------------
State General Obligations: 2.36%
2,930,000 Puerto Rico Commonwealth, 2,997,185
5.50%, 07/01/1999
1,500,000 New York State, 1,562,670
6.20%, 11/01/1999
1,355,000 New York State, $ 1,429,647
6.875%, 11/01/1999
3,730,000 New York State, 4,008,370
7.80%, 11/15/1999
4,640,000 New York State, 4,725,144
5.00%, 03/01/2000
1,000,000 Puerto Rico Commonwealth, 1,089,890
7.00%, 07/01/2001
-------------
Total State General Obligations
(Cost $15,591,457) 15,812,906
-------------
Local General Obligations: 7.52%
1,060,000 White Plains, New York, 1,131,529
9.70%, 12/15/1998
1,150,000 Manhasset Union Free School 1,196,805
District, New York,
7.30%, 01/01/1999
2,000,000 New York City Series B, 2,136,680
7.40%, 02/01/2000
1,025,000 Monroe County, New York Series B, 1,047,109
5.00%, 03/01/2000
6,085,000 Monroe County, New York Series A, 6,216,254
5.00%, 03/01/2000
9,000,000 New York City Series L, 9,229,590
5.25%, 08/01/2000
2,000,000 New York City Series D, 2,090,500
7.875%, 08/01/2000
1,050,000 Manhasset Union Free School 1,148,332
District, New York, 7.30%, 01/01/2001
615,000 New York City Series C, 659,200
6.30%, 08/01/2002
1,180,000 New York City Series D, 1,220,403
5.40%, 02/15/2003
4,265,000 New York City Series B, 4,754,792
7.50%, 02/01/2004
1,000,000 Westchester County, New York, 1,171,600
7.10%, 12/01/2004
1,000,000 New York City Series C, 1,044,460
5.60%, 02/01/2005
1,310,000 New York City Series G, 1,378,880
5.75%, 02/01/2006
1,000,000 New York City Series I, 1,088,110
6.25%, 04/15/2006
1,300,000 Westchester County, New York 1,516,385
Series A, 6.75%, 02/01/2007
5,315,000 New York City Series B, 5,745,037
6.30%, 08/15/2008
2,600,000 Onondaga County, New York, 2,826,434
5.70%, 04/01/2009
1,940,000 Onondaga County, New York, 2,100,729
5.70%, 04/01/2010
2,600,000 Onondaga County, New York, 2,800,928
5.70%, 04/01/2011
-------------
Total Local General Obligations
(Cost $47,866,266) 50,503,757
-------------
24 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
Tax Lease: 8.36%
525,000 New York State Medical Care $ 532,124
Facilities Finance Authority,
Brookdale Medical Center Secured
Hospital Program Series A,
5.95%, 08/15/1998
2,535,000 New York State Medical Care 2,555,153
Facilities Finance Authority,
Mental Health Services Series F,
4.60%, 08/15/1999
1,550,000 New York State Urban Development 1,571,545
Corp., Correctional Facilities,
5.00%, 01/01/2000
525,000 New York State Energy Research & 543,632
Development Authority, Western
New York Nuclear Service Center
Project, 6.00%, 04/01/2000
855,000 New York State Dormitory 892,928
Authority, City University Series D,
7.50%, 07/01/2000
1,000,000 New York State Medical Care 1,046,970
Facilities Finance Authority,
Brookdale Medical Center Secured
Hospital Program Series A,
6.35%, 08/15/2000
1,920,000 MTA, New York Transit Facilities 1,976,294
Service Contract Series O,
5.25%, 07/01/2001
3,505,000 MTA, New York Commuter Facilities 3,607,767
Service Contract Series O,
5.25%, 07/01/2001
720,000 New York State Medical Care 768,895
Facilities Finance Authority,
Mental Health Services Series F,
6.20%, 02/15/2003
2,000,000 New York State Thruway Authority 2,148,260
Service Contract,
6.20%, 04/01/2003
2,000,000 New York State Urban Development 2,136,380
Corp., Correctional Facilities
Series 5, 6.00%, 01/01/2005
3,825,000 New York State Dormitory 3,911,445
Authority, State University
Series B, 5.25%, 05/15/2005
1,000,000 MTA, New York Commuter Facilities 1,020,910
Service Contract, 5.30%, 07/01/2005
1,125,000 MTA, New York Transit Facilities 1,148,524
Service Contract, 5.30%, 07/01/2005
1,020,000 New York State Dormitory 1,070,633
Authority, City University Series A,
5.70%, 07/01/2005
1,780,000 New York State Dormitory 1,868,359
Authority, City University Series D,
5.70%, 07/01/2005
1,000,000 New York State Dormitory $ 1,097,440
Authority, City University Series U,
6.45%, 07/01/2005
1,000,000 New York State Urban Development 1,018,670
Corp., Correctional Facilities
Series 4, 5.25%, 01/01/2006
3,300,000 New York State Dormitory 3,416,490
Authority, State University
Series A, 5.50%, 05/15/2006
1,595,000 MTA, New York Transit Facilities 1,637,331
Service Contract, 5.40%, 07/01/2006
1,250,000 MTA, New York Transit Facilities 1,294,813
Service Contract,
5.45%, 07/01/2007
3,510,000 New York State Dormitory 3,688,659
Authority, City University Series 2,
5.75%, 07/01/2007
2,980,000 New York State Dormitory 3,327,736
Authority, Mental Health Services,
6.50%, 02/15/2008
1,905,000 New York State Thruway Authority 1,876,901
Service Contract, 5.125%, 04/01/2008
1,505,000 New York State Dormitory 1,571,491
Authority, Mental Health Services,
5.70%, 02/15/2009
1,505,000 New York State Dormitory 1,679,430
Authority, Mental Health Services,
6.50%, 02/15/2009
2,215,000 New York State Urban Development 2,331,465
Corp., Correctional Facilities
Series A, 5.70%, 04/01/2009
1,100,000 New York State Dormitory 1,158,509
Authority, City University Series A,
5.75%, 07/01/2009
1,490,000 Triborough Bridge & Tunnel 1,614,847
Authority, New York Convention
Center Series E,
6.00%, 01/01/2011
3,550,000 New York State Dormitory 3,647,377
Authority, State University
Series A, 5.50%, 05/15/2013
-------------
Total Tax Lease (Cost $53,455,526) 56,160,978
-------------
Special Tax: 7.78%
1,110,000 New York State Local Government 1,120,600
Assistance Corp. Series A,
5.75%, 04/01/1998
825,000 MAC New York Series 64, 842,688
6.75%, 07/01/1998
3,000,000 MAC New York Series 67, 3,071,730
7.10%, 07/01/1998
695,000 MAC New York Series I, 706,551
5.00%, 07/01/1999
5,895,000 MAC New York Series L, 5,992,975
5.00%, 07/01/1999
Schedule of Investments--Municipal Bond Portfolios 25
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
6,320,000 MAC New York Series I, $ 6,464,159
5.00%, 07/01/2000
6,705,000 MAC New York Series L, 6,900,987
5.25%, 07/01/2000
6,160,000 MAC New York Series E, 6,379,604
5.50%, 07/01/2000
1,025,000 Grand Central District Management 1,043,635
Association, New York Business
Improvement District Series 1994,
5.00%, 01/01/2006
2,500,000 New York State Local Government 2,666,650
Assistance Corp. Series B,
6.00%, 04/01/2006
1,000,000 New York State Local Government 1,014,450
Assistance Corp. Series D,
5.10%, 04/01/2008
3,035,000 New York State Local Government 3,307,604
Assistance Corp. Series A,
6.00%, 04/01/2008
2,440,000 MAC New York Series L, 2,702,812
6.00%, 07/01/2008
1,885,000 New York State Local Government 1,984,321
Assistance Corp. Series A,
5.90%, 04/01/2012
1,495,000 New York State Local Government 1,503,596
Assistance Corp. Series A,
5.375%, 04/01/2014
1,740,000 New York State Local Government 1,750,005
Assistance Corp. Series D,
5.375%, 04/01/2014
4,430,000 New York State Local Government 4,824,403
Assistance Corp. Series E,
6.00%, 04/01/2014
-------------
Total Special Tax (Cost $50,771,234) 52,276,770
-------------
Total Tax Supported (Cost $167,684,483) 174,754,411
-------------
- -------------------------------------------------------------------------------
REVENUE: 15.42%
- -------------------------------------------------------------------------------
Airport Revenue: 0.47%
1,300,000 Denver City & County, Colorado 1,436,409
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
425,000 Denver City & County, Colorado 496,298
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
1,000,000 Denver City & County, Colorado 1,242,050
Airport Revenue Series D, AMT,
7.75%, 11/15/2013
-------------
Total Airport Revenue (Cost $2,737,601) 3,174,757
-------------
Electric Revenue: 1.78%
1,100,000 Guam Power Authority Revenue 1,111,341
Series A, 5.30%, 10/01/1998
1,000,000 New York State Power Authority 1,022,190
Series Z, 5.75%, 01/01/1999
2,120,000 New York State Power Authority $ 2,419,832
Series W, 6.50%, 01/01/2008
5,490,000 New York State Power Authority 5,536,006
Revenue & General Purpose
Series CC, 5.00%, 01/01/2009
1,955,000 New York State Power Authority 1,885,285
Series CC, 5.00%, 01/01/2014
-------------
Total Electric Revenue (Cost $11,513,992) 11,974,654
-------------
Health Care Revenue: 1.88%
750,000 New York State Dormitory 757,950
Authority, Grace Manor Health
Care, SONYMA, 4.80%, 07/01/1999
1,750,000 New York State Medical Care 1,828,698
Facilities Finance Authority,
Insured Mortgage Project Series A,
FHA, 5.40%, 08/15/2004
1,410,000 New York State Medical Care 1,510,096
Facilities Finance Authority,
Hospital & Nursing Home Insured
Mortgage, FHA, 5.875%, 02/15/2005
1,000,000 New York State Dormitory 1,051,330
Authority, St. John's Nursing
Home, FHA, 5.35%, 02/01/2006
4,010,000 New York State Medical Care 4,261,547
Facilities Finance Agency,
Hospital & Nursing Home Insured
Mortgage Series A, FHA,
6.125%, 02/15/2014
3,090,000 New York State Medical Care Facilities 3,258,652
Finance Agency, Hospital & Nursing
Home Insured Mortgage Series A,
FHA, 8.00%, 02/15/2028, Partially
Prerefunded 08/15/1998 @102
-------------
Total Health Care Revenue (Cost $12,160,419) 12,668,273
-------------
Higher Education Revenue: 0.60%
1,480,000 New York State Dormitory 1,510,562
Authority, Rockefeller University,
6.60%, 07/01/1998
1,000,000 New York State Dormitory 1,080,510
Authority, Columbia University,
5.625%, 07/01/2006
1,290,000 New York State Dormitory 1,412,769
Authority, Columbia University,
5.75%, 07/01/2007
-------------
Total Higher Education Revenue
(Cost $3,775,628) 4,003,841
-------------
Toll Revenue: 1.63%
725,000 Triborough Bridge & Tunnel 789,264
Authority, New York Toll Revenue
Series Y, 5.80%, 01/01/2006
2,370,000 Triborough Bridge & Tunnel 2,322,529
Authority, New York Toll Revenue
Series A, 5.00%, 01/01/2012
26 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,905,000 Triborough Bridge & Tunnel $ 2,101,367
Authority, New York Toll Revenue
Series Y, 6.00%, 01/01/2012
5,950,000 Triborough Bridge & Tunnel 5,716,820
Authority, New York Toll Revenue,
5.00%, 01/01/2015
-------------
Total Toll Revenue (Cost $10,260,045) 10,929,980
-------------
Water/Sewer Revenue: 6.75%
6,340,000 New York State Environmental 6,381,717
Facilities Corp., Pollution
Control Revenue, State Revolving
Fund, New York City Municipal
Water Finance Authority Series 94-A,
4.80%, 06/15/1998
1,895,000 New York State Environmental 1,942,811
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 94-D,
5.60%, 05/15/1999
2,510,000 New York State Environmental 2,757,285
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 92-B,
6.25%, 09/15/2005
3,500,000 New York City Municipal Water 3,640,980
Finance Authority Series B,
5.30%, 06/15/2006
2,510,000 New York State Environmental 2,762,431
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 92-B,
6.35%, 09/15/2006
1,000,000 Ulster County Resource Recovery 1,053,850
Agency, New York Solid Waste
System, 5.90%, 03/01/2007
1,000,000 New York State Environmental 1,068,300
Facilities Corp., Pollution Control
Revenue, State Revolving Fund, New York
City Municipal Water Finance Authority
Series 94-A, 5.75%, 06/15/2007
1,885,000 New York State Environmental 2,066,280
Facilities Corp., Pollution
Control Revenue, State Revolving
Fund, New York City Municipal
Water Finance Authority Series 97-D,
6.00%, 06/15/2007
2,975,000 New York State Environmental 3,098,195
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 95-A,
5.20%, 05/15/2008
3,085,000 New York State Environmental $ 3,212,164
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 95-A,
5.30%, 05/15/2009
1,485,000 New York City Municipal Water 1,637,376
Finance Authority Series A,
6.00%, 06/15/2009
780,000 New York State Environmental 810,786
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 95-A,
5.40%, 05/15/2010
3,865,000 New York State Environmental 3,853,869
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 96-A,
4.95%, 06/15/2010
3,800,000 New York State Environmental 3,937,826
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund, New York City
Municipal Water Finance
Authority Series 95-B,
5.50%, 06/15/2010
4,630,000 New York State Environmental 5,009,336
Facilities Corp., Pollution Control
Revenue, State Revolving Fund,
New York City Municipal Water
Finance Authority Series 94-A,
5.75%, 06/15/2011
1,000,000 New York State Environmental 1,065,410
Facilities Corp., Huntington
Project Series A, AMT,
7.50%, 10/01/2012
1,015,000 New York State Environmental 1,016,563
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 96-A,
5.20%, 12/15/2015
-------------
Total Water/Sewer Revenue (Cost $43,214,184) 45,315,179
-------------
Miscellaneous Revenue: 1.10%
2,715,000 MTA, New York Transit Facilities 2,738,702
Revenue Series M,
5.10%, 07/01/1998
3,420,000 Battery Park City Authority, 3,686,213
New York Revenue,
6.00%, 11/01/2003
1,000,000 Port Authority of New York 1,002,900
& New Jersey Revenue,
5.125%, 11/15/2011
-------------
Total Miscellaneous Revenue (Cost $7,257,904) 7,427,815
-------------
Schedule of Investments--Municipal Bond Portfolios 27
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
Industrial Development/Pollution
Control Revenue: 1.21%
4,000,000 New York City Industrial Development $ 4,084,400
Agency, Special Facilities Revenue,
Terminal One Group Association
Limited Partnership Project, AMT,
5.30%, 01/01/2000
1,425,000 New York City Industrial Development 1,525,149
Agency, Special Facilities Revenue,
Terminal One Group Association
Limited Partnership Project, AMT,
6.00%, 01/01/2007
2,475,000 Schuylkill County Industrial 2,514,080
Development Authority,
Pennsylvania, Energy Reserves,
AMT, 6.50%, 01/01/2010
-------------
Total Industrial Development/Pollution
Control Revenue
(Cost $7,809,749) 8,123,629
-------------
Total Revenue (Cost $98,729,522) 103,618,128
-------------
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- -------------------------------------------------------------------------------
Total Investments (Cost $640,610,953) 98.37% $660,777,165
(Note B, below)
Cash and Other Assets, Less Liabilities 1.63 10,923,066
------- -------------
Net Assets (Equivalent to $13.62
per share based on 49,309,430
shares of capital stock outstanding) 100.00% $671,700,231
======= =============
- -------------------------------------------------------------------------------
(A) Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC-AMBAC Indemnity Corporation
Connie Lee-Connie Lee Insurance Company
FGIC-Financial Guaranty Insurance Company
FSA-Financial Security Assurance, Inc.
MBIA-Municipal Bond Investors Assurance Corporation
SONYMA-State of New York Mortgage Agency
Other abbreviations:
AMT-Subject to Alternative Minimum Tax
FHA-Federal Housing Administration
(B) At September 30, 1997, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
- -------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
Diversified Municipal Portfolio
September 30, 1997
Principal Amount Description Market Value*
- -------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 1.22%
- -------------------------------------------------------------------------------
Repurchase Agreement: 0.16%
238,000 State Street Bank & Trust Co., $ 238,000
Repurchase Agreement, Dated
9/30/1997, 5.20%, maturing
10/01/1997 for $238,034, Collateral
240,000 principal amount U.S.
Treasury Note, 5.875%, 04/30/1998,
Value $246,350
-------------
Total Repurchase Agreement (Cost $238,000) 238,000
-------------
Municipal Note: 0.66%
1,000,000 California Statewide Community 1,008,330
Development Authority, Tax &
Revenue Anticipation Notes
Series B, 4.75%, 09/30/1998
-------------
Total Municipal Note (Cost $1,006,664) 1,008,330
-------------
Tax Exempt Variable-Rate Demand Notes: 0.40%
300,000 Wilmington, Delaware Hospital 300,000
Revenue, Daily Floater, Putable
Daily, 4.00%, 07/01/2011
300,000 Metropolitan Nashville, Tennessee 300,000
Airport Authority Special Facilities
Revenue, American Airlines
Project Series A, Daily Floater,
Putable Daily, 4.00%, 10/01/2012
-------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $600,000) 600,000
-------------
Total Short-Term Investments (Cost $1,844,664) 1,846,330
-------------
- -------------------------------------------------------------------------------
U.S. TREASURY NOTE: 5.97%
- -------------------------------------------------------------------------------
9,000,000 6.25%, 05/31/1999 9,067,500
-------------
Total U.S. Treasury Note (Cost $9,065,007) 9,067,500
-------------
- -------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 15.00%
- -------------------------------------------------------------------------------
1,000,000 Massachusetts Water Resources 1,102,860
Authority Series A,
7.625%, 04/01/2014,
Prerefunded 04/01/1998 @102
110,000 San Antonio, Texas Water Revenue, 111,264
5.60%, 05/15/1998, Escrowed to Maturity
1,000,000 Massachusetts Health & Education 1,047,930
Facilities Authority, Lahey
Clinic Medical Center Series A,
7.625%, 07/01/2018,
Prerefunded 07/01/1998 @102
*See Note 1, page 28 in Notes to Financial Statements.
28 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,200,000 Minnesota State, $ 1,231,896
7.00%, 08/01/2002,
Prerefunded 08/01/1998 @100
1,170,000 Massachusetts Consolidated Loans 1,226,850
Series B, MBIA, 7.00%, 09/01/2000,
Prerefunded 09/01/1998 @102
5,500,000 Vermont Educational & Health 5,898,860
Buildings Financing Agency,
Northwestern Medical Center
Series A, 9.75%, 09/01/2018,
Prerefunded 09/01/1998 @102
(Note B, p. 32)
1,000,000 Maryland State Department of 1,051,560
Transportation Second Issue,
6.90%, 11/15/2004,
Prerefunded 11/15/1998 @102
1,000,000 Georgia Municipal Electric 1,060,700
Authority, Power Revenue Series R,
7.40%, 01/01/2025,
Prerefunded 01/01/1999 @102
1,000,000 Pennsylvania Turnpike Commission 1,089,400
Revenue Series K,
7.50%, 12/01/2019,
Prerefunded 12/01/1999 @102
1,400,000 New Jersey State Building 1,506,498
Authority Revenue,
9.875%, 2/01/2013,
Prerefunded 02/01/1999 @100
4,000,000 Broward County School District, 4,244,000
Florida, 7.125%, 02/15/2008,
Prerefunded 02/15/1999 @102
2,020,000 Fairfax County, Virginia Public 2,125,485
Improvement Series A,
6.25%, 04/01/2007,
Prerefunded 04/01/1999 @102
1,000,000 Washington Public Power Supply 1,076,250
System Revenue, Nuclear Project
No. 1, 7.50%, 07/01/2007,
Prerefunded 07/01/1999 @102
-------------
Total Prerefunded/Escrowed (Cost $22,767,799) 22,773,553
-------------
- -------------------------------------------------------------------------------
INSURED: 25.13%
- -------------------------------------------------------------------------------
2,575,000 Wisconsin State Transportation 2,599,772
Revenue Series A, FGIC,
5.00%, 07/01/1998
1,000,000 Illinois State, FGIC, 1,010,110
5.25%, 07/01/1998
1,000,000 North Hudson Sewer Authority, New 1,008,350
Jersey, FGIC, 4.75%, 08/01/1998
1,000,000 Dade County, Florida Aviation Revenue 1,012,180
Series C, MBIA, 5.00%, 10/01/1998
3,420,000 Wilmington, Delaware Series A, 3,461,313
MBIA, 5.00%, 10/01/1998
4,410,000 Hillsborough County School $ 4,463,714
District, Florida Sales Tax
Revenue, AMBAC, 5.00%, 10/01/1998
1,600,000 Worcester, Massachusetts 1,640,176
Municipal Purpose Series C, MBIA,
6.50%, 10/01/1998
1,065,000 Montgomery County, Ohio Solid 1,078,451
Waste Revenue, MBIA,
5.00%, 11/01/1998
1,000,000 Jefferson Parish, Louisiana Sales 1,027,620
Tax Revenue Series A,
FGIC, 6.25%, 12/01/1998
1,000,000 New Orleans, Louisiana Water 1,022,200
Revenue, MBIA, 7.00%, 12/01/1998
1,655,000 Chatham County Hospital Authority 1,673,983
Revenue, Georgia, AMBAC,
5.00%, 01/01/1999
1,445,000 Cypress-Fairbanks Independent 1,465,100
School District, Texas, PSF
Guaranteed, 5.00%, 02/01/1999
1,000,000 New Haven, Connecticut, FGIC, 1,013,250
5.00%, 02/15/1999
4,480,000 Platte River Power Authority, 4,555,398
Colorado Power Revenue Series DD,
MBIA, 5.00%, 06/01/1999
4,500,000 Massachusetts Consolidated Loans 4,577,175
Series B, FSA, 5.00%, 06/01/1999
1,955,000 Dade County, Florida Series I, 2,044,168
AMBAC, 6.80%, 07/01/1999
1,625,000 Worcester, Massachusetts, MBIA, 1,671,686
5.25%, 08/01/2000
1,770,000 Washington State Health Care 1,796,426
Facilities Authority Revenue,
Virginia Mason Medical Center
Series A, MBIA, 4.75%, 08/15/2000
1,000,000 Lansing, Michigan Sewage Disposal 1,022,850
System Revenue, MBIA,
7.625%, 05/01/2006
-------------
Total Insured (Cost $38,007,786) 38,143,922
-------------
- -------------------------------------------------------------------------------
TAX SUPPORTED: 34.40%
- -------------------------------------------------------------------------------
State General Obligations: 11.69%
1,500,000 District of Columbia Series C, 1,501,800
4.60%, 12/01/1997
600,000 District of Columbia Series A-3, 601,362
4.45%, 06/01/1998
1,110,000 Minnesota State, 1,119,357
4.70%, 08/01/1998
4,450,000 Alabama State, 4,522,001
5.70%, 09/01/1998
1,060,000 New Jersey State, 1,086,373
6.25%, 09/15/1998
1,000,000 District of Columbia Series C, 1,009,040
4.90%, 12/01/1998
Schedule of Investments--Municipal Bond Portfolios 29
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
2,430,000 Georgia State Series A, $ 2,493,690
5.80%, 03/01/1999
1,000,000 Georgia State Series B, 1,033,010
6.30%, 03/01/1999
1,060,000 Maryland State First Series, 1,078,264
6.50%, 05/15/1999
370,000 District of Columbia Series A-3, 372,387
4.70%, 06/01/1999
2,750,000 Maryland State Third Series, 2,932,187
6.60%, 07/15/2000
-------------
Total State General Obligations
(Cost $17,662,976) 17,749,471
-------------
Local General Obligations: 15.06%
500,000 Denver City & County School District 502,040
No. 1, Colorado Collateralized
Certificates Series B,
6.00%, 12/01/1997
3,145,000 Broward County School District, 3,181,356
Florida, 6.90%, 02/15/1998
1,575,000 Columbus, Ohio Series 1, 1,588,498
5.00%, 06/15/1998
2,120,000 North Slope Boro, Alaska Series G, 2,187,458
8.35%, 06/30/1998
1,250,000 Floyd County, Georgia, 1,263,538
5.25%, 08/01/1998
1,285,000 Milwaukee County, Wisconsin 1,303,941
Series A, 5.125%, 12/01/1998
1,390,000 Prince Georges County 1,424,375
Consolidated Public Improvement
Authority, Maryland,
6.125%, 01/15/1999
1,020,000 Northside Independent School 1,025,457
District, Texas Public Property
Finance Contractual Obligation,
4.50%, 02/15/1999
1,000,000 Wake County, North Carolina, 1,012,490
4.70%, 03/01/1999
1,745,000 Fort Worth, Texas Series A, 1,781,697
5.50%, 03/01/1999
1,055,000 Detroit, Michigan Series A, 1,056,804
4.60%, 04/01/1999
1,000,000 Monmouth County Improvement 1,018,980
Authority Revenue, New Jersey,
Capital Equipment Pooled Lease,
5.00%, 10/01/1999
1,000,000 Burlington County, New Jersey, 1,024,510
5.20%, 10/01/1999
2,000,000 Spartanburg County School 2,043,140
District 7, South Carolina,
5.00%, 03/01/2000
725,000 Houston, Texas, 740,573
6.00%, 03/01/2000
1,150,000 Fairfax County, Virginia Series B, 1,184,673
5.50%, 05/01/2001
500,000 New York City Series G, $ 524,005
5.70%, 02/01/2003
-------------
Total Local General Obligations
(Cost $22,764,231) 22,863,535
-------------
Tax Lease: 3.88%
1,010,000 Holdenville Industrial Authority, 1,016,605
Oklahoma Correctional Facility
Revenue, 4.95%, 07/01/1998
1,000,000 Ohio State Building Authority, 1,013,450
Arts Facilities Building Fund
Series A, 5.00%, 10/01/1998
1,000,000 Ohio State Building Authority 1,012,670
Series B, 5.00%, 10/01/1998
1,780,000 Ohio State Building Authority 1,802,553
Series A, 5.00%, 10/01/1998
1,000,000 New York State Dormitory 1,050,110
Authority, City University,
8.125%, 07/01/2008
-------------
Total Tax Lease (Cost $5,865,013) 5,895,388
-------------
Special Tax: 3.77%
2,425,000 New Jersey State Transportation 2,461,375
Trust Fund Authority,
Transportation Systems Series A,
5.00%, 12/15/1998
1,050,000 New Jersey State Transportation 1,067,021
Trust Fund Authority,
Transportation Systems Series B,
5.00%, 06/15/1999
2,150,000 New Jersey State Transportation 2,186,270
Trust Fund Authority,
Transportation Systems Series B,
5.00%, 06/15/1999
-------------
Total Special Tax (Cost $5,690,034) 5,714,666
-------------
Total Tax Supported (Cost $51,982,254) 52,223,060
-------------
- -------------------------------------------------------------------------------
REVENUE: 16.11%
- -------------------------------------------------------------------------------
Electric Revenue: 3.89%
1,000,000 Washington Public Power Supply 1,009,320
System Revenue, Nuclear Project
No. 2 Series A, 5.10%, 07/01/1998
3,825,000 Intermountain Power Agency, Utah 3,892,473
Power Supply Revenue,
6.75%, 07/01/1998
1,000,000 North Carolina Eastern Municipal 1,007,360
Power Agency Series A,
5.00%, 01/01/1999
-------------
Total Electric Revenue (Cost $5,876,206) 5,909,153
-------------
Health Care Revenue: 4.61%
770,000 Missouri State Health & 771,417
Educational Facilities Revenue,
Heartland Health System Project,
6.00%, 11/15/1997
30 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,000,000 Northeast Hospital Authority, $ 1,001,580
Texas, Northeast Medical Center
Revenue, 4.50%, 05/15/1998
1,015,000 Illinois Development Finance 1,017,436
Authority Revenue, Community
Rehabilitation Providers Series A,
4.50%, 07/01/1998
950,000 Philadelphia Hospitals & Higher 963,576
Education Facilities Authority,
Pennsylvania, Graduate Health
Systems Obligation, 6.70%, 07/01/1998
685,000 Cumberland County, Pennsylvania 689,370
Municipal Authority Revenue,
5.50%, 11/15/1998
1,000,000 Bell County, Texas Health 1,049,270
Facilities, Scott & White
Memorial Hospital, 7.40%, 09/01/1999
1,465,000 Ottumwa, Iowa Hospital Facility 1,506,342
Revenue, 9.625%, 11/01/2010
-------------
Total Health Care Revenue (Cost $6,999,975) 6,998,991
-------------
Higher Education Revenue: 1.35%
1,000,000 Pennsylvania Higher 1,009,280
Education Facilities Authority,
College & University Revenue,
University of Pennsylvania Series A,
4.80%, 09/01/1998
1,000,000 Georgetown University, District 1,039,500
of Columbia Series A,
8.125%, 04/01/2008
-------------
Total Higher Education Revenue
(Cost $2,045,488) 2,048,780
-------------
Water/Sewer Revenue: 3.48%
1,050,000 Philadelphia, Pennsylvania Water 1,054,599
& Wastewater Revenue,
4.75%, 06/15/1998
1,000,000 Metropolitan Water Reclamation 1,027,690
District of Greater Chicago, Illinois,
Capital Improvement Bonds,
6.30%, 01/01/1999
3,135,000 Minnesota Public Facilities Authority, 3,201,619
Water Pollution Control Revenue,
5.00%, 03/01/2000 (Note C, p. 32)
-------------
Total Water/Sewer Revenue (Cost $5,282,485) 5,283,908
-------------
Miscellaneous Revenue: 1.49%
1,105,000 Atlanta, Georgia Airport 1,139,653
Facilities Revenue, AMT,
6.80%, 01/01/1999
1,085,000 Tampa, Florida Capital 1,123,810
Improvement Revenue Series A,
8.25%, 10/01/2018
-------------
Total Miscellaneous Revenue (Cost $2,254,116) 2,263,463
-------------
Industrial Development/Pollution
Control Revenue: 1.29%
1,905,000 Burke County Development $ 1,960,016
Authority, Georgia Pollution
Control Revenue, Georgia Power
Company Vogtle Project, AMT,
9.375%, 12/01/2017
-------------
Total Industrial Development/Pollution
Control Revenue
(Cost $1,958,027) 1,960,016
-------------
Total Revenue (Cost $24,416,297) 24,464,311
-------------
- -------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 2.32%
- -------------------------------------------------------------------------------
Housing: 0.66%
1,000,000 Maryland State Community 1,000,490
Development Administration,
Multi-Family Housing
Revenue Series A,
Mandatory Put 11/01/1997 @100,
4.50%, 11/01/2007
-------------
Total Housing (Cost $1,008,440) 1,000,490
-------------
Student Loan: 1.66%
1,000,000 New England Educational Loan 1,005,680
Marketing Corporation, Student
Loan Revenue Series C,
4.75%, 07/01/1998
1,490,000 South Carolina State Education 1,520,202
Assistance Revenue, Student Loan
Authority, AMT, 6.10%, 09/01/1998
-------------
Total Student Loan (Cost $2,516,293) 2,525,882
-------------
Total Asset-Backed Securities (Cost $3,524,733) 3,526,372
-------------
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- -------------------------------------------------------------------------------
Total Investments (Cost $151,608,540) 100.15% $ 152,045,048
(Note D, p. 32)
Cash and Other Assets, Less Liabilities (0.15) (223,636)
------- -------------
Net Assets (Equivalent to $12.56
per share based on 12,089,969
shares of capital stock outstanding) 100.00% $ 151,821,412
======= =============
Schedule of Investments--Municipal Bond Portfolios 31
<PAGE>
- -------------------------------------------------------------------------------
(A) 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
PSF Guaranteed-(Texas) Permanent School Funds
Other abbreviations:
AMT-Subject to Alternative Minimum Tax
(B) $4,400,000 principal amount segregated as collateral for
when-issued securities
(C) When-issued security
(D) At September 30, 1997, the cost basis of investment securities
owned was substantially identical for both book and tax.
(E) Allocation of Portfolio net assets at September 30, 1997:
Alabama 2.98%
Alaska 1.44
California 0.66
Colorado 3.33
Connecticut 0.67
Delaware 2.48
Florida 10.58
Georgia 7.00
Illinois 2.01
Iowa 0.99
Louisiana 1.35
Maryland 4.93
Massachusetts 8.08
Michigan 1.37
Minnesota 3.66
Missouri 0.51
New Jersey 7.48
New York 1.04
North Carolina 1.33
Ohio 4.28
Oklahoma 0.67
Pennsylvania 3.17
South Carolina 2.35
Tennessee 0.20
Texas 4.73
Utah 2.56
Vermont 3.88
Virginia 2.18
Washington 2.56
Wisconsin 2.57
District of Columbia 2.98
U.S. Treasury Obligations 5.97
Repurchase Agreement 0.16
Cash and Other Assets, Less Liabilities (0.15)
-------
Total 100.00%
=======
See Notes to Financial Statements.
- -------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
California Municipal Portfolio
September 30, 1997
Principal Amount Description Market Value*
- -------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 12.61%
- -------------------------------------------------------------------------------
Municipal Notes: 12.15%
2,500,000 Sacramento County, California $ 2,515,850
Tax & Revenue Anticipation Notes,
4.50%, 09/30/1998
3,000,000 San Diego County, California 3,019,320
Tax & Revenue Anticipation Notes,
4.50%, 09/30/1998
2,410,000 California Statewide Community 2,430,075
Development Authority, Tax &
Revenue Anticipation Notes Series B,
4.75%, 09/30/1998
2,500,000 Santa Clara County, California 2,521,875
Tax & Revenue Anticipation
Notes, 4.75%, 10/01/1998
-------------
Total Municipal Notes (Cost $10,474,274) 10,487,120
-------------
Tax Exempt Variable-Rate Demand Note: 0.46%
400,000 California Pollution Control 400,000
Financing Authority Revenue,
Pacific Gas & Electric Series C,
Daily Floater, Putable Daily,
AMT, 4.00%, 11/01/2026
-------------
Total Tax Exempt Variable-Rate Demand Note
(Cost $400,000) 400,000
-------------
Total Short-Term Investments (Cost $10,874,274) 10,887,120
-------------
- -------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 30.50%
- -------------------------------------------------------------------------------
1,000,000 Puerto Rico Aqueduct & Sewer 1,044,150
Authority Revenue Series A,
7.00%, 07/01/2019,
Prerefunded 07/01/1998 @102
2,670,000 Puerto Rico Aqueduct & Sewer 2,804,862
Authority Revenue Series A,
7.875%, 07/01/2017,
Prerefunded 07/01/1998 @102
750,000 Northern California Power Agency 773,955
Series B, 8.00%, 07/01/2024,
Prerefunded 07/01/1998 @100
3,855,000 Puerto Rico Highway Authority 4,056,732
Revenue Series P,
8.125%, 07/01/2013,
Prerefunded 07/01/1998 @102
(Note B, p. 34)
*See Note 1, page 28 in Notes to Financial Statements.
32 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
3,425,000 California Health Facilities $ 3,624,575
Financing Authority,
7.625%, 10/01/2015,
Prerefunded 10/01/1998 @102
1,000,000 Contra Costa County Water 1,058,270
District, California Revenue
Series B, 7.625%, 10/01/2018,
Prerefunded 10/01/1998 @102
2,250,000 Goleta Sanitation & Water 2,386,575
District, California Certificates
of Participation, 7.50%, 12/01/2012,
Prerefunded 12/01/1998 @102
1,000,000 Los Angeles, California 1,060,880
Wastewater System Revenue
Series A, 7.10%, 02/01/2021,
Prerefunded 02/01/1999 @102
1,000,000 Los Angeles Convention & 1,076,240
Exhibition Center Authority,
California Certificates of
Participation Series A,
7.375%, 08/15/2018,
Prerefunded 08/15/1999 @101.50
1,320,000 South Gate Public Financing 1,428,649
Authority, California Tax
Allocation Revenue, South Gate
Redevelopment Project Series A-2,
7.375%, 09/01/2009,
Prerefunded 09/01/1999 @102
3,355,000 Stockton East Water District, 3,682,884
California Certificates of
Participation, 1990 Project
Series A, AMBAC,
7.30%, 04/01/2020,
Prerefunded 04/01/2000 @102
(Note C, p. 34)
3,000,000 Castaic Lake Water Agency, 3,322,140
California Certificates of
Participation, Water Systems
Improvement Project,
7.35%, 08/01/2020,
Prerefunded 08/01/2000 @102
-------------
Total Prerefunded/Escrowed (Cost $26,326,626) 26,319,912
-------------
- -------------------------------------------------------------------------------
INSURED: 27.48%
- -------------------------------------------------------------------------------
1,375,000 Northern California Power Agency, 1,388,434
Geothermal Project No. 3 Series B,
AMBAC, 5.00%, 07/01/1998
1,060,000 Los Angeles County Public Works 1,062,788
Financing Authority, California
Lease Revenue Series B, MBIA,
4.00%, 09/01/1998
800,000 Capistrano Unified Public 808,848
Financing Authority, California
Special Tax Revenue Series A,
AMBAC, 5.00%, 09/01/1998
3,005,000 Modesto Irrigation District $ 3,020,957
Financing Authority, California
Series A, MBIA, 4.25%, 10/01/1998
2,000,000 Anaheim, California Electric 2,015,460
Revenue, AMBAC, 4.50%, 10/01/1998
1,325,000 Rancho Water District Financing 1,363,783
Authority, California Revenue,
FGIC, 6.50%, 11/01/1998
500,000 California Educational Facilities 506,640
Authority Revenue, Pepperdine
University, AMBAC,
4.875%, 01/15/1999
2,260,000 Los Angeles County Board of 2,279,911
Education, California
Certificates of Participation,
Local Educational Agencies,
Pooled Capital Projects Series A,
MBIA, 4.50%, 03/01/1999
1,075,000 California Health Facilities 1,084,632
Financing Authority, Catholic
Healthcare West Series A, MBIA,
4.50%, 07/01/1999 (Note D, p. 34)
2,800,000 MSR Public Power Agency, 2,865,352
California, San Juan Project
Revenue Series G, MBIA,
5.25%, 07/01/1999
1,000,000 Santa Clara Unified School 1,054,100
District, California, FGIC,
7.00%, 08/01/1999
1,650,000 Los Angeles Convention & 1,729,348
Exhibition Center Authority,
California Certificates of
Participation, AMBAC,
6.60%, 08/15/1999
1,000,000 Riverside, California Certificates of 1,015,770
Participation, 1997 Lease Refunding
Project, MBIA, 4.75%, 11/01/1999
(Note D, p. 34)
1,020,000 California Health Facilities 1,048,376
Authority, Valley Presbyterian
Hospital, MBIA, 5.25%, 05/01/2000
2,415,000 Sacramento Municipal Utility 2,477,017
District, California Series L,
AMBAC, 5.00%, 07/01/2000
-------------
Total Insured (Cost $23,627,789) 23,721,416
-------------
- -------------------------------------------------------------------------------
TAX SUPPORTED: 11.16%
- -------------------------------------------------------------------------------
State General Obligations: 4.91%
1,150,000 Puerto Rico Commonwealth, 1,156,291
4.55%, 07/01/1998
1,700,000 California State, 1,834,266
9.00%, 06/01/1999
1,200,000 California State, Veterans Series AW, 1,244,640
AMT, 7.60%, 04/01/2007
-------------
Total State General Obligations (Cost $4,090,251) 4,235,197
-------------
Schedule of Investments--Municipal Bond Portfolios 33
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
Tax Lease: 6.25%
620,000 Shafter Joint Powers Financing $ 620,167
Authority, California Lease
Revenue, Community Correctional
Facility Revenue Project A,
4.35%, 01/01/1998
1,700,000 California State Public Works 1,730,685
Board Lease Revenue, Community
Colleges Series A, 5.90%, 09/01/1998
1,400,000 Los Angeles Municipal Improvement 1,412,390
Corp., California Certificates of
Participation, 4.50%, 12/01/1998
1,000,000 California State Public Works 1,014,070
Board Lease Revenue, Community
Colleges Series A,
5.00%, 04/01/1999
620,000 Stockton, California Community 621,575
Facilities District Number 90-2,
Brookside Estates,
4.60%, 08/01/1999
-------------
Total Tax Lease (Cost $5,361,638) 5,398,887
-------------
Total Tax Supported (Cost $9,451,889) 9,634,084
-------------
- -------------------------------------------------------------------------------
REVENUE: 12.42%
- -------------------------------------------------------------------------------
Health Care Revenue: 2.09%
1,800,000 California Statewide Community 1,806,570
Development Authority,
Certificates of Participation,
Hollywood Presbyterian Medical
Center, 4.60%, 01/01/1999
-------------
Total Health Care Revenue (Cost $1,805,331) 1,806,570
-------------
Higher Education Revenue: 4.80%
2,900,000 California Educational Facilities 2,942,311
Authority, Stanford University
Series M, 5.00%, 12/01/1998
1,190,000 California Educational Facilities 1,198,282
Authority, University of Southern
California, 4.35%, 10/01/2019
-------------
Total Higher Education Revenue
(Cost $4,127,594) 4,140,593
-------------
Water/Sewer Revenue: 0.88%
730,000 California State Department of 756,864
Water Resources Series F,
7.25%, 12/01/2002
-------------
Total Water/Sewer Revenue (Cost $753,057) 756,864
-------------
Industrial Development/Pollution
Control Revenue: 4.65%
3,905,000 California Pollution Control $ 4,014,301
Financing Authority, Pacific Gas
& Electric Co. Series B, AMT,
8.875%, 01/01/2010
-------------
Total Industrial Development/Pollution
Control Revenue
(Cost $4,010,795) 4,014,301
-------------
Total Revenue (Cost $10,696,777) 10,718,328
-------------
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- -------------------------------------------------------------------------------
Total Investments (Cost $80,977,355) 94.17% $81,280,860
(Note E, below)
Cash and Other Assets, Less Liabilities 5.83 5,029,991
------- -------------
Net Assets (Equivalent to $12.55
per share based on 6,875,216
shares of capital stock outstanding) 100.00% $86,310,851
======= =============
- --------------------------------------------------------------------------------
(A) Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC-AMBAC Indemnity Corporation
FGIC-Financial Guaranty Insurance Company
MBIA-Municipal Bond Investors Assurance Corporation
Other abbreviations:
AMT-Subject to Alternative Minimum Tax
(B) $1,500,000 principal amount segregated as collateral for
when-issued securities
(C) $1,400,000 principal amount segregated as collateral for
when-issued securities
(D) When-issued security
(E) At September 30, 1997, the cost basis of investment securities
owned was substantially identical for both book and tax.
See Notes to Financial Statements.
34 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
New York Municipal Portfolio
September 30, 1997
Principal Amount Description Market Value*
- -------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 15.38%
- -------------------------------------------------------------------------------
Municipal Note: 2.44%
1,845,000 Suffolk County, New York Tax $ 1,857,029
Anticipation Notes Series II,
4.50%, 09/10/1998
-------------
Total Municipal Note (Cost $1,856,218) 1,857,029
-------------
Tax Exempt Variable-Rate Demand Notes: 12.94%
2,200,000 New York State Energy Research & 2,200,000
Development Authority, Pollution
Control Revenue, Niagara Mohawk
Power Series A, Daily Floater,
Putable Daily, 4.05%, 07/01/2015
1,300,000 New York City, Daily Floater, 1,300,000
Putable Daily, 4.00%, 08/01/2021
700,000 Babylon, New York Industrial 700,000
Development Agency, Resource
Recovery Revenue, Daily Floater,
Putable Daily, 4.00%, 12/01/2024
2,820,000 New York City Municipal Water 2,820,000
Finance Authority Series A, Daily
Floater, Putable Daily,
4.10%, 06/15/2025
2,030,000 New York State Energy Research & 2,030,000
Development Authority, Pollution
Control Revenue, Daily Floater,
Putable Daily, 3.85%, 06/01/2029
800,000 New York State Energy Research & 800,000
Development Authority, Pollution
Control Revenue, Daily Floater,
Putable Daily, 3.85%, 10/01/2029
-------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $9,850,000) 9,850,000
-------------
Total Short-Term Investments (Cost $11,706,218) 11,707,029
-------------
- -------------------------------------------------------------------------------
U.S. TREASURY NOTE: 2.22%
- -------------------------------------------------------------------------------
1,680,000 6.25%, 05/31/1999 1,692,600
-------------
Total U.S. Treasury Note (Cost $1,694,038) 1,692,600
-------------
- -------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 30.71%
- -------------------------------------------------------------------------------
185,000 New York City Series B, 185,000
7.20%, 10/01/1997,
Escrowed to Maturity
550,000 New York City Series A, 560,258
8.50%, 11/01/2008,
Prerefunded 11/01/1997 @101.50
1,000,000 New York City Series A, $ 1,018,650
8.50%, 11/01/2010,
Prerefunded 11/01/1997 @101.50
720,000 New York State Urban Development 740,772
Corp., Correctional Facilities
Series D, 7.50%, 01/01/2012,
Prerefunded 01/01/1998 @102
1,920,000 New York State Medical Care 1,985,395
Facilities Finance Authority,
7.70%, 02/15/2018,
Prerefunded 02/15/1998 @102
500,000 MTA, New York Transit Facilities 525,325
Service Contract Series 2,
8.00%, 07/01/2018,
Prerefunded 07/01/1998 @102
1,400,000 New York City Series I, FGIC, 1,438,374
6.90%, 08/15/1998,
Escrowed to Maturity
2,750,000 Battery Park City Authority, 2,856,975
New York Revenue,
6.50%, 05/01/2020,
Prerefunded 05/01/1999 @100
2,500,000 New York City Series A, 2,720,550
7.25%, 03/15/2020,
Prerefunded 03/15/2000 @101.50
2,075,000 New York State Dormitory 2,300,117
Authority, State University
Series A, 7.70%, 05/15/2012,
Prerefunded 05/15/2000 @102
8,115,000 New York State Dormitory 9,053,662
Authority, City University
Systems Series F,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @102
-------------
Total Prerefunded/Escrowed (Cost $23,500,643) 23,385,078
-------------
- -------------------------------------------------------------------------------
INSURED: 26.16%
- -------------------------------------------------------------------------------
1,010,000 New York City Industrial 1,012,181
Development Agency, USTA National
Tennis Center, FSA,
5.30%, 11/15/1997
900,000 New York State Dormitory 902,214
Authority, Montefiore Medical
Center, AMBAC,
4.50%, 02/01/1998
945,000 Clarence Central School District, 954,242
New York, FGIC,
5.25%, 06/01/1998
1,115,000 Yonkers, New York Series C, AMBAC, 1,119,360
4.25%, 08/01/1998
1,600,000 Suffolk County, New York Series D, 1,613,792
FGIC, 4.875%, 08/01/1998
1,420,000 Nassau County, New York Series U, 1,439,937
AMBAC, 5.125%, 11/01/1998
*See Note 1, page 28 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 35
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
650,000 New York State Thruway Authority, $ 658,235
General Revenue Series C, FGIC,
5.10%, 01/01/1999
2,975,000 Hempstead Town, New York, AMBAC, 3,017,602
5.00%, 02/15/1999
1,000,000 Geneva, New York Industrial 1,005,660
Development Agency, Civic
Facilities Revenue, AMBAC,
4.50%, 03/01/1999
1,475,000 New York State Thruway Authority, 1,485,369
Highway & Bridge Trust Fund
Series A, AMBAC,
4.50%, 04/01/1999
1,635,000 Broome County, New York, MBIA, 1,668,076
5.375%, 04/15/1999
1,100,000 Albany, New York City School 1,117,457
District Series A, FGIC,
5.00%, 05/01/1999
1,645,000 Averill Park Central School 1,676,074
District, New York, FGIC,
5.25%, 05/01/1999
700,000 Nassau County, New York Series T, 715,876
FGIC, 5.125%, 09/01/1999
590,000 New York State Dormitory 653,679
Authority, State University
Series A, AMBAC,
6.00%, 07/01/2011
835,000 Suffolk County, New York 878,053
Waterworks Authority Revenue,
AMBAC, 7.375%, 06/01/2012
-------------
Total Insured (Cost $19,827,548) 19,917,807
-------------
- -------------------------------------------------------------------------------
TAX SUPPORTED: 15.19%
- -------------------------------------------------------------------------------
Local General Obligations: 4.39%
315,000 New York City Series B, 315,000
7.20%, 10/01/1997
1,000,000 Monroe County, New York Series E, 1,007,250
4.50%, 02/01/1999
2,000,000 Monroe County, New York Series A, 2,023,600
4.75%, 03/01/1999
-------------
Total Local General Obligations
(Cost $3,340,399) 3,345,850
-------------
Tax Lease: 2.04%
550,000 New York State Energy Research & 552,448
Development Authority, Western
New York Nuclear Service Center
Project, 5.00%, 04/01/1998
1,000,000 New York State Dormitory 1,000,080
Authority, Mental Health Services
Facilities Series A,
4.40%, 02/15/1999
-------------
Total Tax Lease (Cost $1,550,139) 1,552,528
-------------
Special Tax: 8.76%
1,000,000 New York State Thruway Authority, $ 1,006,450
Highway & Bridge Trust Fund
Series B, 5.00%, 04/01/1998
1,000,000 MAC New York Series G, 1,005,250
4.50%, 07/01/1998
1,420,000 New York State Local Government 1,458,098
Assistance Corp. Series A,
6.00%, 04/01/1999
1,000,000 MAC New York Series I, 1,016,620
5.00%, 07/01/1999
1,000,000 MAC New York Series L, 1,016,620
5.00%, 07/01/1999
1,145,000 MAC New York Series H, 1,164,030
5.00%, 07/01/1999
-------------
Total Special Tax (Cost $6,639,461) 6,667,068
-------------
Total Tax Supported (Cost $11,529,999) 11,565,446
-------------
- -------------------------------------------------------------------------------
REVENUE: 9.01%
- -------------------------------------------------------------------------------
Health Care Revenue: 3.58%
550,000 New York State Dormitory 568,084
Authority, Long Island Medical
Center, FHA, 7.75%, 08/15/2027
2,050,000 New York State Medical Care 2,161,889
Facilities Finance Agency,
Hospital & Nursing Home
Revenue Series A, FHA,
8.00%, 02/15/2028,
Partially Prerefunded
08/15/1998 @102
-------------
Total Health Care Revenue (Cost $2,728,859) 2,729,973
-------------
Toll Revenue: 2.26%
1,700,000 New York State Bridge Authority 1,720,332
Revenue, 5.00%, 01/01/1999
-------------
Total Toll Revenue (Cost $1,720,747) 1,720,332
-------------
Water/Sewer Revenue: 2.04%
1,050,000 New York State Environmental 1,049,359
Facilities Corp., Pollution
Control Revenue, State Revolving
Fund Series B,
3.55%, 02/15/1998
500,000 New York State Environmental 503,290
Facilities Corp., Pollution
Control Revenue, State Revolving
Fund, New York City Municipal
Water Finance Authority,
4.80%, 06/15/1998
-------------
Total Water/Sewer Revenue (Cost $1,552,850) 1,552,649
-------------
36 Sanford C. Bernstein Fund, Inc.--1997 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
Industrial Development/Pollution Control Revenue: 1.13%
840,000 New York State Energy Research & $ 859,942
Development Authority, Electric
Facilities Revenue, Con Edison
Company Project Series A, AMT,
7.75%, 01/01/2024
-------------
Total Industrial Development/Pollution Control Revenue
(Cost $858,162) 859,942
-------------
Total Revenue (Cost $6,860,618) 6,862,896
-------------
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- -------------------------------------------------------------------------------
Total Investments (Cost $75,119,064) 98.67% $75,130,856
(Note B, below)
Cash and Other Assets, Less Liabilities 1.33 1,010,907
------ -----------
Net Assets (Equivalent to $12.47
per share based on 6,105,588
shares of capital stock outstanding) 100.00% $76,141,763
====== ===========
- -------------------------------------------------------------------------------
(A) 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
(B) At September 30, 1997, 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 37
