<PAGE>
-----------------------------------
Sanford C. Bernstein Fund, Inc.
-----------------------------------
Semiannual Report -- March 31, 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)
Sanford C. Bernstein Fund, Inc. March 31, 1997
<TABLE>
<CAPTION>
Past Six Past 12 Compound Annual Rate
---------------------
Stock Portfolios Months Months Past Five Years Since Inception Inception Date
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
International Value(2) 8.9% 15.0% -- 12.3% June 22, 1992
Emerging Markets Value(2) December 15, 1995
Before deduction of purchase and
redemption fees described below 9.6 5.6 -- 14.8
After deduction of 2% purchase
and 2% redemption fees -- both
paid to the portfolio, not
to Bernstein 5.3 1.4 -- 11.3
TAXABLE-BOND PORTFOLIOS
- ------------------------------------------------------------------------------------------------------------------------------------
Intermediate Duration 2.4% 5.1% 7.1% 8.5% January 17, 1989
Short Duration Plus 2.6 5.4 5.5 7.0 December 12, 1988
Government Short Duration 2.4 4.6 5.2 6.6 January 3, 1989
MUNICIPAL-BOND PORTFOLIOS
- ------------------------------------------------------------------------------------------------------------------------------------
Diversified Municipal 2.2% 4.3% 5.9% 6.4% January 9, 1989
California Municipal 2.0 4.3 5.9 6.3 August 6, 1990
New York Municipal 2.1 4.2 5.9 6.5 January 9, 1989
Short Duration Diversified Municipal 1.8 3.6 -- 4.4 October 3, 1994
Short Duration California Municipal 1.8 3.5 -- 4.4 October 3, 1994
Short Duration New York Municipal 1.7 3.4 -- 4.2 October 3, 1994
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1 Except where noted for Emerging Markets Value, results are after all fees and
expenses. Past performance is not predictive of future results. The investment
return and principal value of an investment will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than the original
cost.
2 International Value and Emerging Markets Value returns throughout this report
include dividends net of withholding taxes.
- --------------------------------------------------------------------------------
2 Sanford C. Bernstein Fund, Inc.
<PAGE>
To Our Shareholders:
Diversification can be regarded as a conservative investing tactic. Yet as
the results of the Bernstein Fund portfolios for the six months ended in March
1997 attest, diversification can bolster returns even as it reduces risks.
That's a critical consideration for investors in the U.S. equity market, and it
underscores why Bernstein established this broad-based Fund: to give our clients
easier access to markets other than U.S. stocks.
Highlights:
o International Value rose 8.9% during the six months, or more
than a full percentage point better than its comparative
index. Stock selection and currency hedging were the key to
our being able to take advantage of a recovering Europe
while tempering the impact of a disappointing Japan. The
latest results extend a well-established trend of outperformance
(display on next page).
o Emerging Markets Value surged 9.6%.* Once-ailing Latin American stock
markets recovered strongly, while once-booming Asian markets languished,
reconfirming this sector's growth potential but also underlining its
inherent volatility. Broad diversification helped us spread the risks.
o Bernstein's nine bond portfolios performed well across the board in
an unusually challenging climate of rising and volatile interest rates.
Each portfolio achieved positive returns roughly in line with market
results. What's more, they accomplished this while maintaining
high portfolio quality and low volatility.
- -------------------------------------------------------------------------------
The latest results extend a
well-established trend of
outperformance
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Bonds: Short and Sweet
- -------------------------------------------------------------------------------
Although bonds are at the comparatively calm end of the stability-volatility
spectrum, the past six months of ups and downs in the bond market offered a
vivid illustration of why active bond management matters. Our bond portfolios
- -------------------------------------------------------------------------------
*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 Semiannual Report 3
<PAGE>
[Finding Value]
Since its launch in mid-1992, International Value has measured up to its
challenge of providing good returns as well as solid diversification...
[BAR CHART]
Jun 22, 1992-
Mar 31, 1997* 1996 1995 1994 1993
------------- ---- ---- ---- ----
Bernstein International
Value (after fees) 12.3% 17.5% 8.1% 3.8% 34.5%
EAFE + 11.7 11.8 11.0 2.6 32.0
* Annualized total return
+ The EAFE GDP-weighted, half-hedged index published by Morgan Stanley Capital
International (MSCI) is an unmanaged index of stocks representing 20 countries
in Europe, Australia and the Far East. This index is widely used as a proxy
for stock markets outside the United States. The International Value Fund
Portfolio may have currency and country allocations that differ from this
benchmark.
...and the key reason is a dependable Bernstein trait: picking sound value
stocks wherever in the world they happen to be found
Sources of Outperformance ++
Jun 22, 1992-Mar 31, 1997
[BAR CHART]
Stock Selection 1.7%
Country Selection (0.1)
Currency Hedging 0.6
++ Estimated; based on before-fee return
benefited from our traditional interest-rate strategy of maintaining
fixed-income portfolios at short or intermediate durations on average. Over
time, intermediate bonds tend to return about as much as do far more volatile,
and thus risky, long-term bonds. But in addition, we somewhat shortened
portfolio duration in response to signs that the Federal Reserve Board would
raise rates, as indeed proved to be the case.
For clients, the upshot of this approach was that Bernstein bond portfolios
achieved quite respectable returns while also providing stability. Long-term
bonds pay somewhat more interest than do intermediate or short-term bonds.
However, they also are much more vulnerable to price drops when interest rates
rise. As the display on the facing page points out, in the short-term and
intermediate-term portfolios that Bernstein offers its clients, the interest
income tends to more than compensate investors for relatively modest price
declines during periods of escalating interest rates.
We complemented our defensive duration strategy by identifying bonds that
have augmented return without adding undue risk. We purchased certain
commercial-mortgage-backed securities, for instance, that posed less prepayment
risk than other mortgage securities yet offered an extra-generous yield. Why?
The bonds are complicated, and many investors had simply lumped them with other
commercial-mortgage securities, ignoring their special
- -------------------------------------------------------------------------------
4 Sanford C. Bernstein Fund, Inc.
<PAGE>
characteristics. We also noticed the high initial yield of the Treasury's
innovative inflation-adjusted bonds and bought these so-called TIPS (formally,
Treasury Inflation-Protected Securities). They went on to outperform
conventional Treasury securities of comparable maturity.
Our foreign bond holdings contributed to our results. A hedged position in
German bonds added to returns as deutschemark interest rates declined, making
for capital gains. But an unhedged position in Italian bonds was hurt when the
lira backtracked against the dollar.
In the U.S. we were underweight in corporate bonds, regarding their slight
premium over Treasuries as not warranting the additional risk they entailed.
This had some negative impact on our returns. However, we believe it's a
fundamentally sound stance, and we're sticking by it.
Bernstein's tilt in municipal bonds was toward geographical diversity and
high-quality issues (AA+ or better on average), including many that were either
insured or prerefunded. We judged the extra yield available on lower-rated munis
too modest to justify assuming the additional risk. Just the same, Bernstein's
muni portfolios did not suffer unduly from this conservative strategy.
Diversified Municipal, for instance, had no trouble keeping up with the muni
market. We intend to remain defensive in bonds this year.
- -------------------------------------------------------------------------------
The Treasury's new inflation-
adjusted bonds outperformed
conventional Treasuries
- -------------------------------------------------------------------------------
[MAINTAINING BALANCE]
- --------------------------------------------------------------------------------
Even when rising interest rates depress bond prices, interest income
buttresses total return, making for a more stable overall portfolio
Components of Total Return -- Examples:
<TABLE>
<CAPTION>
Intermediate Duration Short Duration Plus Government Short Duration
- ------------------------------------------------------------------------------------------------------------------------------------
Capital Income Total Capital Income Total Capital Income Total
Return Return Return Return Return Return Return Return Return
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1988 -- -- -- (0.1)% 0.2% 0.1% -- -- --
1989 3.8% 7.9% 11.6% 1.4 8.4 9.8 1.5% 7.9% 9.4%
1990 (0.7) 8.1 7.3 0.2 8.0 8.3 1.0 8.0 9.0
1991 8.5 8.6 17.1 4.7 7.7 12.4 4.4 6.8 11.2
1992 1.0 6.7 7.7 0.8 5.5 6.3 0.7 4.7 5.4
1993 4.4 5.9 10.3 0.8 4.7 5.4 1.3 3.3 4.6
1994 (8.3) 5.1 (3.2) (4.1) 4.7 0.5 (4.0) 4.4 0.4
1995 10.7 7.1 17.8 4.0 6.1 10.1 4.2 5.9 10.1
1996 (2.8) 6.4 3.6 (1.0) 5.7 4.8 (1.2) 5.3 4.1
1997 (2.1) 1.4 (0.7) (0.6) 1.4 0.8 (0.6) 1.3 0.8
(through Mar 31)
Past Six Months (0.9) 3.3 2.4 (0.4) 3.0 2.6 (0.3) 2.7 2.4
Since Inception 1.6 6.9 8.5 0.7 6.3 7.0 0.8 5.8 6.6
</TABLE>
Note: Capital and income return may not add exactly to total return due to
rounding; inception dates are listed on page 2
- -------------------------------------------------------------------------------
1997 Semiannual Report 5
<PAGE>
- -------------------------------------------------------------------------------
Foreign Stocks: Dynamics of Diversification
- -------------------------------------------------------------------------------
By contrast, this is a time of considerable opportunity in most foreign stock
markets. Rarely has the international equity scene been more enticing. As
European and Latin American economies continue to recover, we feel their stock
markets should produce more of the gains that helped to drive the performance of
both the International Value and Emerging Markets Value portfolios in the six
months to March 31.
Japan is at least as promising. Our firm conviction is that Japanese investors
are being unduly pessimistic about both their deregulating economy and their
languishing stock market. In value investing, of course, patience is usually a
prerequisite to profits. In Japan's case, it stands to be amply rewarded.
Regrettably, that was not the case in the six months to the end of March. The
Japanese market was down a disappointing 14% in yen terms -- 22% for unhedged
dollar-based investors (as the yen declined 10% against the dollar).
- --------------------------------------------------------------------------------
[Recovering Europe]
Continental Europe's stock markets strengthened...
Market Returns: The Past Six Months to Mar 31, 1997
(in local currencies)
[BAR CHART]
Germany 28.1%
France 25.4
Italy 13.4
U.S. 11.2
...powered by rising returns on equity...
European Composite Return on Equity
[LINE CHART]
12/95 6.56%
1/31/96 6.54
2/29/96 6.75
3/29/96 6.36
4/30/96 5.58
5/31/96 5.73
6/28/96 6.47
7/31/96 6.37
8/30/96 6.37
9/30/96 6.76
10/31/96 7.19
11/29/96 7.32
12/31/96 7.49
1/31/97 7.78
2/28/97 7.82
Mar-97 8.87
...and declining interest rates
European Interest-Rate Composite
(three-month maturities)
[LINE CHART]
12/95 5.81%
1/31/96 5.34
2/29/96 5.39
3/29/96 5.32
4/30/96 4.98
5/31/96 5.05
6/28/96 4.95
7/31/96 4.92
8/30/96 4.87
9/30/96 4.63
10/31/96 4.65
11/29/96 4.62
12/31/96 4.62
1/31/97 4.55
2/28/97 4.56
Mar-97 4.62
Yet European markets still offer better investment value than the U.S.
Price/Book Value
(as of Mar 31, 1997)
Italy France Germany U.S.
----- ------ ------- ----
Bernstein 1.3x 1.3x 2.1x
Market 1.7x 2.2x 3.2x 3.2x
Source: MSCI, Standard & Poor's and Bernstein
- -------------------------------------------------------------------------------
6 Sanford C. Bernstein Fund, Inc.
<PAGE>
Nevertheless, our emphasis on undervalued, globally oriented companies
that looked as though they would outperform the market and an almost fully
hedged currency position did much to soften the blow of the Japanese position on
our overall international portfolio. All across our International Value
portfolio, in fact, the combination of value-stock selection and currency
management has contributed to outperformance ever since the portfolio was
launched more than four years ago (page 4, display to right).
Opportunities in Europe remain alluring. Most major European bourses still have
plenty of fundamental value left in their stocks (display on facing page).
European recovery has a way to go. Corporate restructuring is just beginning to
pay off in earnings gains. Interest-rate cuts are kicking in, but rates may need
to be trimmed more. Indeed, the contrasts between the U.S. and Europe and, even
more so, between the U.S. and Japan are striking. By almost any economic
measure, from unemployment figures to interest rates to stock values, the
booming U.S. stands in sharp contrast to most other developed countries. A
better example than this of the dynamics of international diversification would
be hard to find.
We will continue to hedge our yen and other currency positions as appropriate.
As the display to the right makes abundantly clear, active currency management
can be critical to preserving gains in foreign markets. It's primarily a
defensive tactic. But as is evident from the performance of the Bernstein Fund's
portfolios, domestic and foreign alike, over the six months to March 31,
sometimes the best defense can be a good offense.
As always, if you have questions or comments, I'd be happy to hear from you.
- --------------------------------------------------------------------------------
[Overpowering Dollar]
Foreign currencies' relentless retreat against the dollar...
[LINE CHART]
Major Foreign Currencies* vs. the Dollar
Mar-901.234568
Jun-901.315789
Sep-901.351351
901.265823
Mar-911.234568
Jun-911.333333
Sep-911.428571
911.351351
Mar-921.449275
Jun-921.515152
Sep-921.388889
921.428571
Mar-931.470588
Jun-931.470588
Sep-931.428571
931.492537
Mar-941.5625
Jun-941.587302
Sep-941.5625
941.724138
Mar-951.724138
Jun-951.612903
Sep-951.5625
Dec-951.515152
Mar-961.470588
Jun-961.428571
Sep-961.428571
961.388889
Jan-971.315789
Feb-971.298701
* Basket of European, Australian and Far East currencies, weighted by gross
domestic product, through February 28, 1997
...made currency hedging compelling
Foreign-Stock Returns for U.S. Investors +
Past Six Months Through Mar 31, 1997
Currencies Fully Hedged 12.4%
Currencies Half-Hedged 7.8
Unhedged 3.1
+ MSCI EAFE index of major stock markets in Europe, Australia and the Far East
with countries weighted by gross domestic product
Source: MSCI
- --------------------------------------------------------------------------------
[PHOTOGRAPH OF /s/ Roger Hertog
ROGER HERTOG] Roger Hertog, President
March 31, 1997
- -------------------------------------------------------------------------------
1997 Semiannual Report 7
<PAGE>
Foreign-Stock Portfolios
- --------------------------------------------------------------------------------
Country Weightings*
(March 31, 1997)
[MAP OF WORLD]
International Value Emerging Markets Value
------------------- ----------------------
Japan 26% South Africa 10%
Germany 17 South Korea 9
France 14 Malaysia 8
Britain 9 Mexico 8
Italy 8 Philippines 8
Canada 5 Brazil 7
Spain 5 Indonesia 7
Austria 3 Taiwan 7
Netherlands 3 Argentina 6
Switzerland 3 Israel 6
Australia 2 Thailand 6
Finland 2 China 5
Hong Kong 1 Turkey 5
Chile 4
India 4
* Excluding cash; figures are rounded
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Key Currency Hedges for International Value
(March 31, 1997)
0% Hedged: 50% Hedged: 100% Hedged:
Full Exposure Our Neutral Position No Exposure
[GRAPH]
Japanese Yen 91% Hedged
German Mark 58
French Franc 50
British Pound 0
Italian Lira 0
Overall Currency Hedge 51
- --------------------------------------------------------------------------------
International Value
[PERFORMANCE GRAPH]
Growth of $25,000[1]
EAFE
Inter- Foreign
national Stock
Value Index
(after (before
all costs) all costs)
---------- ----------
7/1/92 25000 25000
24179 23874
25280 24569
23979 23844
23419 23575
23499 24015
1/1/93 23754 24102
24184 24357
25128 25178
27419 26568
29208 28548
29854 28798
29128 28578
30537 29727
32261 31644
31280 30796
31986 31943
29954 29609
1/1/94 31953 31821
34245 34058
33820 33475
33942 32679
35041 34146
34733 33453
34142 32855
34883 33706
35351 34225
33957 32753
34140 33379
33059 32424
1/1/95 33177 32660
32358 31654
31758 31388
31758 31740
32769 33108
32746 32962
32488 32483
34252 34704
34360 34427
34575 34652
34315 33819
34423 34732
1/1/96 35854 36239
37333 37316
37267 37176
37928 37820
39453 39199
39518 38796
39960 39185
38436 37640
38591 37769
40048 39247
40004 38836
41726 40634
1/1/97 42115 40502
42091 40849
42681 41530
3/31/97 43601 42315
Portfolio Value Characteristics[2]
(March 31, 1997)
EAFE
International Foreign Stock-
Value Market Index
------------- --------------
Price/Book 1.6x 2.3x
Price/Earnings 23.5x 26.8x
Dividend Yield 2.9% 2.1%
- --------------------------------------------------------------------------------
Emerging Markets Value
[PERFORMANCE GRAPH]
Growth of $25,000[1]
Emerging Markets Value
after deduction of 2%
purchase and 2% redemption
fees--both paid to the MSCI Emerging
portfolio, not to Markets Free
Bernstein. See footnote 3 Index (before
below. all costs)
-------------------------- -------------
1/1/96 25000 25000
26784 26777
26760 26351
27071 26557
28422 27618
28266 27495
27932 27667
26186 25776
26174 26441
26090 26665
24942 25954
25803 26388
1/1/97 26226 26508
28281 28316
28953 29528
3/31/97 28021 28753
Portfolio Value Characteristics[2]
(March 31, 1997)
Emerging MSCI Emerging
Markets Markets Free
Value Index
-------- -------------
Price/Book 1.0x 1.7x
Price/Earnings 14.0x 18.1x
Dividend Yield 3.2% 2.0%
[1] Past performance is not predictive of future results. For International
Value, the index is the Morgan Stanley Capital International (MSCI) EAFE
index of major stock markets in Europe, Australia and the Far East, with
countries weighted according to gross domestic product and currency
positions half-hedged. For Emerging Markets Value, the index is the MSCI
Emerging Markets Free index. Both indexes are theoretical measures of stock
performance rather than actual available investments, which would reflect
such expenses as management fees, transaction and security-custody costs
and, in the case of a mutual fund, the costs of transfer agents and
shareholder servicing.
[2] Price/book, price/earnings and dividend yield are valuation measures: The
lower a portfolio's average price/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 $29,177.
- -------------------------------------------------------------------------------
8 Sanford C. Bernstein Fund, Inc.
<PAGE>
Taxable-Bond Portfolios
- --------------------------------------------------------------------------------
Intermediate Duration
[PERFORMANCE GRAPH]
Growth of $25,000[1]
Lehman
Brothers Inter-
Aggregate mediate
Bond Index Duration
(before (after
all costs) all costs)
---------- ----------
2/1/89 25000 25000
24820 24865
24927 25000
25448 25432
26117 25948
26911 26694
27484 27103
27077 26868
27215 27003
27885 27602
28150 27776
1/1/90 28226 27846
27890 27522
27979 27602
27999 27649
27741 27427
28562 28083
29022 28447
29424 28769
29030 28480
29272 28597
29645 28879
30283 29443
1/1/91 30757 29892
31138 30044
31403 30478
31620 30782
31961 31132
32146 31361
32130 31371
32577 31798
33281 32494
33956 33042
34333 33469
34649 33818
1/1/92 35678 35005
35193 34509
35422 34754
35222 34594
35476 34848
36146 35499
36644 35991
37391 36844
37770 37051
38218 37443
37711 36919
37719 37071
1/1/93 38319 37692
39054 38306
39738 38962
39904 39109
40182 39343
40234 39503
40962 40374
41195 40778
41917 41611
42030 41673
42187 41895
41828 41396
1/1/94 42055 41589
42622 42150
41881 41399
40846 40633
40520 40296
40516 40251
40426 40172
41231 40833
41280 40805
40674 40199
40637 40152
40548 40034
1/1/95 40828 40276
41636 41077
42626 41895
42888 42115
43487 42631
45170 44120
45501 44477
45399 44303
45947 44811
46394 45353
46998 46074
47702 46722
1/1/96 48371 47458
48692 47630
47846 46700
47513 46435
47246 46241
47150 46218
47783 46715
47914 46889
47834 46899
48668 47645
49746 48616
50598 49536
1/1/97 50127 49158
50281 49215
50406 49317
3/31/97 49847 48794
Portfolio Profile[2]
(March 31, 1997)
[PIE CHART]
Treasury Securities 45%
Mortgages 27%
Foreign 13%
Corporates 8%
Treasury Inflation-Protected Securities 5%
Other 2%
Average Credit Quality: AAA
Average Duration: 4.4 yrs.
- --------------------------------------------------------------------------------
Short Duration Plus
[PERFORMANCE GRAPH]
Growth of $25,000[1]
Merrill
Lynch
1-3 Year
Treasury
Index Short
(before all Duration Plus
costs) (after all costs)
----------- ------------------
1/1/89 25000 25000
25198 25200
25198 25247
25313 25372
25701 25674
26086 25969
26574 26366
26967 26663
26800 26653
26958 26826
27365 27153
27610 27348
1/1/90 27720 27453
27743 27517
27873 27637
27967 27770
28022 27812
28450 28152
28750 28399
29109 28676
29196 28799
29436 28939
29760 29153
30051 29391
1/1/91 30416 29723
30694 29845
30877 30225
31085 30514
31379 30847
31569 31109
31698 31246
31974 31533
32413 31918
32763 32198
33114 32575
33458 32930
1/1/92 33967 33404
33915 33364
34033 33526
34020 33521
34333 33881
34645 34236
34998 34608
35390 34968
35702 35102
36041 35287
35825 35147
35766 35255
1/1/93 36106 35509
36482 35792
36794 36056
36904 36189
37133 36321
37029 36434
37302 36773
37388 36946
37714 37200
37837 37225
37911 37368
37920 37275
1/1/94 38060 37435
38305 37690
38060 37522
37870 37320
37736 37293
37790 37333
37902 37408
38228 37682
38362 37755
38275 37650
38361 37740
38190 37547
1/1/95 38277 37640
38809 38104
39343 38581
39562 38736
39915 39076
40612 39615
40830 39835
41000 39970
41243 40202
41444 40422
41794 40784
42163 41076
1/1/96 42487 41441
42848 41668
42667 41521
42629 41508
42665 41593
42752 41676
43059 41913
43229 42113
43377 42298
43770 42660
44263 43167
44602 43454
1/1/97 44602 43424
44812 43663
44915 43781
3/31/97 44897 43770
Portfolio Profile[2]
(March 31, 1997)
[PIE CHART]
Treasury Securities 68%
Mortgages 12%
Foreign 8%
Corporates 8%
Treasury Inflation-Protected Securities 2%
Other 2%
Average Credit Quality: AAA
Average Duration: 1.6 yrs.
- --------------------------------------------------------------------------------
Government Short Duration
[PERFORMANCE GRAPH]
Growth of $25,000[1]
Merrill Lynch
1-3 year Government
Treasury Short
Index Duration
(before (after
all costs) all costs)
------------- -----------
2/1/89 $25000 $25000
25000 25037
25115 25129
25499 25460
25882 25740
26366 26140
26756 26441
26590 26361
26747 26520
27151 26880
27394 27044
1/1/90 27503 27176
27525 27196
27654 27327
27748 27434
27802 27496
28227 27854
28524 28097
28880 28393
28967 28515
29205 28718
29526 28997
29816 29267
1/1/91 30177 29615
30454 29844
30635 30055
30841 30219
31133 30472
31321 30636
31450 30723
31724 30984
32159 31393
32506 31724
32854 32079
33196 32424
1/1/92 33700 32938
33649 32804
33767 32839
33753 32737
34064 33115
34374 33472
34724 33845
35113 34198
35422 34285
35759 34441
35544 34362
35486 34439
1/1/93 35823 34707
36196 34953
36505 35181
36615 35253
36842 35350
36739 35422
37009 35715
37095 35869
37419 36165
37540 36200
37614 36319
37623 36212
1/1/94 37762 36304
38005 36510
37762 36334
37574 36234
37441 36125
37494 36150
37605 36234
37928 36530
38062 36624
37975 36508
38061 36590
37891 36428
1/1/95 37977 36456
38505 36932
39034 37399
39252 37583
39602 37914
40294 38495
40510 38766
40678 38855
40920 39066
41119 39262
41466 39568
41833 39866
1/1/96 42154 40142
42512 40350
42332 40231
42295 40246
42330 40224
42417 40271
42722 40527
42890 40681
43037 40820
43427 41133
43916 41580
44253 41856
1/1/97 44253 41783
44460 42006
44563 42113
3/31/97 44545 42103
Portfolio Profile[2]
(March 31, 1997)
[PIE CHART]
Treasury Securities 98%
Treasury Inflation-Protected Securities 2%
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. The indexes are theoretical measures of
bond-market performance rather than actual available investments, which
would reflect such expenses as management fees, transaction and security
costs and, in the case of a mutual fund, the costs of transfer agents and
shareholder servicing.
[2] Portfolio allocations represent the exposure of the Portfolios to various
sectors and include the effective market value of futures contracts and
forward commitments. To the extent that cash equivalents and short-term
Treasuries are held against these commitments, the weightings in cash
equivalents and Treasuries have been reduced.
- -------------------------------------------------------------------------------
1997 Semiannual Report 9
<PAGE>
Municipal-Bond Portfolios (Intermediate)
- --------------------------------------------------------------------------------
Diversified Municipal
[PERFORMANCE GRAPH]
GROWTH OF $25,000[1]
Diversified Lehman Brothers
Municipal Laddered G/O Index
(after (before
all costs) all costs)
----------- ------------------
2/1/89 25000 25000
24863 24768
24736 24631
25164 25035
25550 25458
25878 25759
26189 26112
26027 26020
25973 26028
26266 26260
26602 26583
1/1/90 26769 26798
26669 26814
26843 26996
26823 26937
26741 26864
27152 27321
27351 27534
27637 27842
27510 27742
27622 27806
28022 28195
28403 28604
1/1/91 28590 28713
28933 29126
29187 29386
29102 29347
29448 29691
29565 29842
29545 29836
29774 30114
30144 30469
30443 30822
30652 31051
30818 31172
1/1/92 31500 31820
31450 31906
31425 31922
31229 31836
31393 32100
31803 32389
32239 32829
33167 33666
32915 33407
33154 33648
32796 33530
33281 33926
1/1/93 33560 34163
33893 34515
34711 35371
34381 35031
34587 35259
34642 35382
35137 35811
35040 35836
35639 36316
36007 36574
36062 36632
35883 36530
1/1/94 36391 37034
36706 37386
36065 36716
35366 35942
35368 36283
35587 36483
35483 36406
35871 36799
36012 36965
35719 36714
35420 36504
35020 36252
1/1/95 35475 36553
36132 36977
36876 37528
37259 38057
37321 38155
38266 38985
38107 38998
38458 39515
38841 39922
38993 40064
39376 40280
39818 40637
1/1/96 40075 40841
40373 41274
40264 41179
39891 40950
39808 40904
39813 40854
40080 41147
40366 41433
40331 41500
40701 41815
41035 42198
41640 42777
1/1/97 41532 42721
41687 42867
41938 43159
3/31/97 41599 42733
Portfolio Profile
(March 31, 1997)
[PIE CHART]
AAA 63%
AA 19%
A 8%
BBB 8%
Other 2%
Average Credit Quality: AA+
Average Duration: 4.9 yrs.
- --------------------------------------------------------------------------------
California Municipal
[PERFORMANCE GRAPH]
Growth of $25,000[1]
Lehman
Brothers
Laddered
G/O California
Index Municipal
(before (after
all costs) all costs)
---------- ---------
9/1/90 $25000 $25000
25058 25155
25408 25459
25777 25844
1/1/91 25875 26072
26247 26340
26481 26649
26446 26566
26756 26814
26892 26937
26887 26889
27137 27112
27457 27378
27776 27686
27981 27891
28090 27989
1/1/92 28675 28558
28752 28610
28766 28600
28689 28370
28927 28578
29187 28916
29584 29279
30339 30091
30105 29901
30322 30111
30216 29803
30572 30239
1/1/93 30786 30500
31103 30820
31875 31647
31569 31314
31774 31469
31885 31577
32271 31950
32293 31855
32726 32374
32959 32702
33011 32727
32919 32544
1/1/94 33373 33015
33690 33326
33087 32694
32389 32066
32697 32043
32876 32213
32807 32168
33162 32562
33311 32664
33084 32381
32896 32096
32669 31737
1/1/95 32940 31975
33322 32592
33819 33414
34296 33727
34383 33804
35132 34674
35143 34446
35609 34807
35976 35120
36104 35330
36299 35701
36620 36150
1/1/96 36804 36362
37194 36708
37109 36580
36902 36160
36861 36109
36816 36084
37080 36350
37338 36604
37398 36626
37682 36955
38027 37284
38549 37797
1/1/97 38498 37716
38630 37822
38893 38042
3/31/97 38509 37705
Portfolio Profile
(March 31, 1997)
[PIE CHART]
AAA 66%
AA 16%
A 15%
BBB 2%
Other 1%
Average Credit Quality: AAA-
Average Duration: 4.9 yrs.
- --------------------------------------------------------------------------------
New York Municipal
[PERFORMANCE GRAPH]
Growth of $25,000[1]
Lehman
Brothers New
Laddered York
G/O Index Municipal
(before all (after all
costs) costs)
------------ ------------
2/1/89 25000 25000
24768 24881
24631 24809
25035 25201
25458 25589
25759 26022
26112 26313
26020 26154
26028 26119
26260 26415
26583 26731
1/1/90 26798 26872
26814 26733
26996 26912
26937 26920
26864 26800
27321 27193
27534 27412
27842 27703
27742 27579
27806 27718
28195 28096
28604 28494
1/1/91 28713 28658
29126 28979
29386 29257
29347 29267
29691 29548
29842 29712
29836 29717
30114 29973
30469 30301
30822 30585
31051 30796
31172 30916
1/1/92 31820 31642
31906 31552
31922 31632
31836 31492
32100 31761
32389 32079
32829 32544
33666 33479
33407 33211
33648 33432
33530 33106
33926 33551
1/1/93 34163 33820
34515 34138
35371 35046
35031 34698
35259 34941
35382 35058
35811 35516
35836 35424
36316 35981
36574 36334
36632 36393
36530 36170
1/1/94 37034 36714
37386 37013
36716 36374
35942 35650
36283 35660
36483 35938
36406 35864
36799 36314
36965 36384
36714 36038
36504 35665
36252 35237
1/1/95 36553 35779
36977 36416
37528 37197
38057 37522
38155 37644
38985 38626
38998 38465
39515 38791
39922 39206
40064 39330
40280 39721
40637 40171
1/1/96 40841 40419
41274 40725
41179 40529
40950 40181
40904 40131
40854 40108
41147 40379
41433 40673
41500 40646
41815 41026
42198 41401
42777 41928
1/1/97 42721 41845
42867 41973
43159 42260
3/31/97 42733 41887
Portfolio Profile
(March 31, 1997)
[PIE CHART]
AAA 61%
BBB 15%
AA 13%
A 11%
Average Credit Quality: AA+
Average Duration: 4.9 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.
- --------------------------------------------------------------------------------
10 Sanford C. Bernstein Fund, Inc.
<PAGE>
Municipal-Bond Portfolios (Short-Term)
- --------------------------------------------------------------------------------
Short Duration Diversified Municipal
[PERFORMANCE GRAPH]
Growth of $25,000[1]
Short Lehman Brothers
Duration One-Year
Diversified Municipal
Municipal Index
(after (before
all costs) all costs)
----------- ---------------
11/1/94 $25000 $25000
25015 25038
1/1/95 25112 25102
25255 25231
25462 25402
25617 25570
25684 25663
25959 25904
26072 25992
26204 26182
26314 26321
26366 26394
26479 26502
26616 26628
1/1/96 26709 26728
26844 26881
26878 26946
26869 26964
26901 27028
26968 27096
27053 27228
27168 27343
27206 27396
27336 27520
27441 27661
27608 27828
1/1/97 27657 27888
27786 28049
27854 28139
3/31/97 27827 28125
Portfolio Profile
(March 31, 1997)
[PIE CHART]
AAA 46%
A 9%
AA 35%
BBB 8%
Other 2%
Average Credit Quality: AA+
Average Duration: 1.4 yrs.
- --------------------------------------------------------------------------------
Short Duration California Municipal
[PERFORMANCE GRAPH]
Growth of $25,000[1]
Short Lehman Brothers
Duration One-Year
California Municipal
Municipal Index
(after (before
all costs) all costs)
---------- ---------------
11/1/94 $25000 $25000
24978 25038
1/1/95 25055 25102
25202 25231
25451 25402
25566 25570
25668 25663
25915 25904
26000 25992
26185 26182
26267 26321
26332 26394
26442 26502
26554 26628
1/1/96 26631 26728
26786 26881
26813 26946
26793 26964
26841 27028
26885 27096
26990 27228
27105 27343
27146 27396
27256 27520
27384 27661
27530 27828
1/1/97 27578 27888
27683 28049
27747 28139
3/31/97 27740 28125
Portfolio Profile
(March 31, 1997)
[PIE CHART]
AAA 72%
A 17%
AA 9%
BBB 2%
Average Credit Quality: AAA-
Average Duration: 1.3 yrs.
- --------------------------------------------------------------------------------
Short Duration New York Municipal
[PERFORMANCE GRAPH]
Growth of $25,000[1]
Short Lehman Brothers
Duration One-Year
New York Municipal
Municipal Index
(after (before
all costs) all costs)
---------- ---------------
11/1/94 25000 25000
24970 25038
1/1/95 25062 25102
25212 25231
25450 25402
25582 25570
25659 25663
25882 25904
25984 25992
26124 26182
26221 26321
26284 26394
26374 26502
26496 26628
1/1/96 26583 26728
26736 26881
26803 26946
26783 26964
26806 27028
26871 27096
26956 27228
27075 27343
27073 27396
27213 27520
27350 27661
27486 27828
1/1/97 27520 27888
27636 28049
27707 28139
3/31/97 27685 28125
Portfolio Profile
(March 31, 1997)
[PIE CHART]
AAA 63%
AA 21%
A 9%
BBB 6%
Other 1%
Average Credit Quality: AAA-
Average Duration: 1.3 yrs.
[1] Past performance is not predictive of future results. The index is the
Lehman Brothers One-Year Municipal index, which 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.
- ------------------------------------------------------------------------------
1997 Semiannual Report 11
<PAGE>
SANFORD C. BERNSTEIN FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES--MARCH 31, 1997 (UNAUDITED)
<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) $ 3,816,434,587 $ 388,212,994 $ 1,920,268,093 $ 601,350,062
Investments in securities at value-affiliated issuers (b) 25,418,320 0 0 0
Foreign currency at value (c) 74,683,760 2,658,663 9,752,412 2,300,395
Cash in bank 422 151 668 479
Receivables:
Interest 17,981 1,608 22,096,897 6,878,356
Dividends 12,246,509 957,515 0 0
Investment securities sold 7,025,453 0 8,143,287 0
Capital shares sold 9,673,385 1,295,274 6,189,333 3,401,452
Foreign withholding tax reclaims 4,368,490 0 0 0
Margin due from broker on futures contracts 0 0 0 7,438
Unamortized organization expenses (Note 1) 5,553 35,702 0 0
Collateral held for securities loaned, at value (Note 1) 906,844,488 0 0 0
Other assets 47,034 11,499 23,606 9,293
Appreciation on foreign currency contracts (Note 3D) 11,717,616 0 3,172,741 742,403
--------------- ----------- ------------- -----------
Total assets 4,868,483,598 393,173,406 1,969,647,037 614,689,878
--------------- ----------- ------------- -----------
LIABILITIES
Payables:
Dividends to shareholders 0 0 2,764,376 952,369
Investment securities purchased 27,285,361 3,114,592 254,829,466 22,446,315
Capital shares redeemed 12,240,009 42,846 911,656 5,521,812
Management fees (Note 2) 3,092,722 408,120 694,051 249,715
Shareholder servicing and administration fees (Note 2) 811,905 81,624 144,797 49,943
Accrued expenses 733,456 343,160 192,126 70,282
Organization costs payable to the manager 6,387 17,561 0 0
Foreign withholding taxes 1,712,817 84,389 0 0
Margin owed to broker on futures contracts 0 0 217,660 44,240
Depreciation on foreign currency contracts (Note 3D) 9,213,240 87 0 0
Securities lending collateral, at value (Note 1) 906,844,488 0 0 0
--------------- ------------- ------------- -----------
Total liabilities 961,940,385 4,092,379 259,754,132 29,334,676
--------------- ------------- ------------- -----------
NET ASSETS (d) $ 3,906,543,213 $ 389,081,027 $ 1,709,892,905 $ 585,355,202
=============== ============= =============== =============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $18.48 $23.80 $12.96 $12.43
=============== ============= =============== =============
NET ASSETS CONSIST OF:
Capital stock, at par $ 211,436 $ 16,350 $ 131,911 $ 47,099
Additional paid-in capital 3,413,678,710 378,244,014 1,724,894,566 592,387,357
Undistributed net investment income/(excess distributions) (28,109,081) (370,471) (1,069,214) (451,365)
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies 241,672,104 586,300 13,852,088 (3,698,272)
Unrealized appreciation (depreciation) of:
Investments and futures 275,328,681 10,627,457 (30,545,194) (3,541,433)
Foreign currencies 3,761,363 (22,623) 2,628,748 611,816
--------------- ------------- --------------- -------------
$ 3,906,543,213 $ 389,081,027 $ 1,709,892,905 $ 585,355,202
=============== ============= =============== =============
(a) Cost: $3,550,990,866; $377,585,537; $1,948,571,344; $604,854,203; $135,303,555; $947,164,217; $333,760,157; $583,955,838;
$142,366,563; $77,476,087; and $76,865,941, respectively (Note 1) (b) Cost: $16,455,899 (Note 1) (c) Cost: $72,925,055;
$2,670,824; $10,117,610; and $2,398,611, respectively (Note 1) (d) Applicable to: 211,435,365; 16,349,853; 131,909,770;
47,098,798; 10,713,190; 71,604,638; 24,531,630; 45,033,119; 11,541,226; 6,220,014; and 6,166,012 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>
<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) $ 134,965,423 $ 958,838,178 $ 337,818,260 $ 591,016,652
Investments in securities at value--affiliated issuers (b) 0 0 0 0
Foreign currency at value (c) 0 0 0 0
Cash in bank 486 801 578 931
Receivables:
Interest 1,820,072 15,451,578 5,260,906 10,041,295
Dividends 0 0 0 0
Investment securities sold 0 11,178,205 0 25,022,527
Capital shares sold 40,912 4,560,706 1,962,230 1,427,600
Foreign withholding tax reclaims 0 0 0 0
Margin due from broker on futures contracts 0 0 0 0
Unamortized organization expenses (Note 1) 0 0 0 0
Collateral held for securities loaned, at value (Note 1) 0 0 0 0
Other assets 2,522 13,346 4,505 8,914
Appreciation on foreign currency contracts (Note 3D) 0 0 0 0
------------ ----------- ----------- -----------
Total assets 136,829,415 990,042,814 345,046,479 627,517,919
------------ ----------- ----------- -----------
LIABILITIES
Payables:
Dividends to shareholders 213,116 1,261,411 416,029 809,545
Investment securities purchased 2,282,349 26,147,127 11,491,231 26,121,775
Capital shares redeemed 1,021,325 1,097,406 178,001 240,824
Management fees (Note 2) 56,705 406,335 141,305 254,365
Shareholder servicing and administration fees (Note 2) 11,341 81,267 28,261 50,873
Accrued expenses 24,984 128,224 64,818 79,498
Organization costs payable to the manager 0 0 0 0
Foreign withholding taxes 0 0 0 0
Margin owed to broker on futures contracts 0 0 0 0
Depreciation on foreign currency contracts (Note 3D) 0 0 0 0
Securities lending collateral, at value (Note 1) 0 0 0 0
------------ ----------- ----------- -----------
Total liabilities 3,609,820 29,121,770 12,319,645 27,556,880
------------- -------------- ------------- -------------
NET ASSETS (d) $ 133,219,595 $ 960,921,044 $ 332,726,834 $ 599,961,039
============= ============== ============= =============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $ 12.44 $ 13.42 $ 13.56 $ 13.32
============= ============== ============= =============
NET ASSETS CONSIST OF:
Capital stock, at par $ 10,713 $ 71,605 $ 24,532 $ 45,033
Additional paid-in capital 135,473,346 950,307,629 329,367,874 593,635,005
Undistributed net investment income/(excess distributions) 55,344 52,427 (31,860) 9,519
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies (1,981,676) (1,184,578) (691,815) (789,332)
Unrealized appreciation (depreciation) of:
Investments and futures (338,132) 11,673,961 4,058,103 7,060,814
Foreign currencies 0 0 0 0
------------- -------------- ------------- -------------
$ 133,219,595 $ 960,921,044 $ 332,726,834 $ 599,961,039
============= ============== ============= =============
<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) $ 142,355,201 $ 77,516,989 $ 76,707,925
Investments in securities at value--affiliated issuers (b) 0 0 0
Foreign currency at value (c) 0 0 0
Cash in bank 65,230 84,871 1,839
Receivables:
Interest 2,437,190 1,448,148 1,085,127
Dividends 0 0 0
Investment securities sold 300,000 0 0
Capital shares sold 1,159,229 59,800 179,198
Foreign withholding tax reclaims 0 0 0
Margin due from broker on futures contracts 0 0 0
Unamortized organization expenses (Note 1) 10,121 3,488 3,965
Collateral held for securities loaned, at value (Note 1) 0 0 0
Other assets 1,915 1,210 951
Appreciation on foreign currency contracts (Note 3D) 0 0 0
------------- ------------- -------------
Total assets 146,328,886 79,114,506 77,979,005
------------- ------------- -------------
LIABILITIES
Payables:
Dividends to shareholders 151,489 80,416 81,187
Investment securities purchased 1,502,940 1,014,014 1,021,865
Capital shares redeemed 276,210 134,448 107,211
Management fees (Note 2) 61,635 34,060 31,680
Shareholder servicing and administration fees (Note 2) 12,327 6,812 6,336
Accrued expenses 43,498 24,522 29,023
Organization costs payable to the manager 11,294 4,243 4,750
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 2,059,393 1,298,515 1,282,052
------------- ------------- -------------
NET ASSETS (d) $ 144,269,493 $ 77,815,991 $ 76,696,953
============= ============= =============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $ 12.50 $ 12.51 $ 12.44
============= ============= =============
NET ASSETS CONSIST OF:
Capital stock, at par $ 11,541 $ 6,220 $ 6,166
Additional paid-in capital 144,092,396 77,738,526 76,774,258
Undistributed net investment income/(excess distributions) (9,678) (20,838) 172
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies 186,596 51,181 74,373
Unrealized appreciation (depreciation) of:
Investments and futures (11,362) 40,902 (158,016)
Foreign currencies 0 0 0
------------- ------------- -------------
$ 144,269,493 $ 77,815,991 $ 76,696,953
============= ============= =============
</TABLE>
See Notes to Financial Statements.
- -------------------------------------------------------------------------------
1997 Semiannual Report 13
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Operations for the Six Months Ended March 31, 1997 (Unaudited)
<TABLE>
<CAPTION>
Bernstein Bernstein Bernstein
International Emerging Intermediate
Value Markets Value Duration
Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $2,889,406 $176,805 $50,680,723
Dividends (net of foreign withholding taxes of
$3,602,792 and $244,093) 23,204,820 2,822,949 0
---------- --------- -----------
Total income 26,094,226 2,999,754 50,680,723
---------- --------- -----------
Expenses (Notes 1 and 2):
Management fee 16,598,576 2,018,058 3,839,506
Shareholder servicing and administration fee 4,333,699 406,176 797,820
Custodian and transfer agent fees 997,749 441,230 153,305
Auditing and tax consulting fees 58,619 5,270 28,892
Insurance 28,796 1,596 14,057
Directors' fees and expenses 28,231 2,938 14,319
Legal fees 4,922 674 4,394
Registration fees 191,086 50,740 113,259
Printing 64,168 5,490 5,277
Amortization of organization expense 12,438 4,807 0
Miscellaneous 25,446 434 16,077
---------- --------- -----------
Total expenses 22,343,730 2,937,413 4,986,906
---------- --------- -----------
Net investment income 3,750,496 62,341 45,693,817
---------- --------- -----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Security transactions 69,544,732 1,879,672 12,852,617
Futures transactions 7,952,965 0 5,173,979
Foreign currency transactions 171,374,204 (1,575,611) 2,484,346
----------- ----------- ----------
Net realized gain (loss) on investments,
futures and foreign currencies 248,871,901 304,061 20,510,942
----------- ----------- ----------
Net increase (decrease) in unrealized
appreciation/depreciation of:
Investments and futures 61,066,323 28,881,386 (34,027,668)
Foreign currencies (15,573,313) (16,596) 2,248,515
------------ ----------- ------------
Net increase (decrease) in unrealized appreciation/
depreciation on investments, futures and foreign currencies 45,493,010 28,864,790 (31,779,153)
------------ ----------- ------------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 294,364,911 29,168,851 (11,268,211)
----------- ---------- ------------
Net increase in net assets
resulting from operations $298,115,407 $29,231,192 $34,425,606
============ =========== ===========
</TABLE>
See Notes to Financial Statements.
- -------------------------------------------------------------------------------
14 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
Bernstein Bernstein Bernstein
Short Government Diversified
Duration Plus Short Duration Municipal
Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $17,009,381 $4,058,200 $22,940,004
Dividends (net of foreign withholding taxes of
$3,602,792 and $244,093) 0 0 0
----------- ---------- -----------
Total income 17,009,381 4,058,200 22,940,004
----------- ---------- -----------
Expenses (Notes 1 and 2):
Management fee 1,396,170 337,160 2,224,885
Shareholder servicing and administration fee 279,234 67,432 444,977
Custodian and transfer agent fees 76,196 44,140 139,089
Auditing and tax consulting fees 11,632 4,517 16,350
Insurance 5,352 1,432 7,903
Directors' fees and expenses 5,815 1,566 8,141
Legal fees 1,781 470 2,509
Registration fees 30,158 10,752 73,752
Printing 2,842 908 4,840
Amortization of organization expense 0 0 0
Miscellaneous 6,907 1,878 7,815
--------- --------- ----------
Total expenses 1,816,087 470,255 2,930,261
--------- --------- ----------
Net investment income 15,193,294 3,587,945 20,009,743
---------- --------- ----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Security transactions 998,928 3,876 72,265
Futures transactions 1,070,562 0 0
Foreign currency transactions 1,016,175 0 0
---------- --------- ----------
Net realized gain (loss) on investments,
futures and foreign currencies 3,085,665 3,876 72,265
---------- --------- ----------
Net increase (decrease) in unrealized
appreciation/depreciation of:
Investments and futures (4,776,369) (498,584) (1,555,121)
Foreign currencies 524,389 0 0
----------- ---------- ----------
Net increase (decrease) in unrealized appreciation/
depreciation on investments, futures and foreign currencies (4,251,980) (498,584) (1,555,121)
----------- ---------- ----------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (1,166,315) (494,708) (1,482,856)
----------- ---------- ----------
Net increase in net assets
resulting from operations $14,026,979 $3,093,237 $18,526,887
=========== ========== ===========
<CAPTION>
Bernstein Bernstein
California New York
Municipal Municipal
Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
Income:
Interest $7,764,441 $15,045,223
Dividends (net of foreign withholding taxes of
$3,602,792 and $244,093) 0 0
---------- -----------
Total income 7,764,441 15,045,223
---------- -----------
Expenses (Notes 1 and 2):
Management fee 777,120 1,427,405
Shareholder servicing and administration fee 155,424 285,481
Custodian and transfer agent fees 76,892 97,858
Auditing and tax consulting fees 6,999 11,275
Insurance 2,734 5,263
Directors' fees and expenses 2,719 5,429
Legal fees 3,718 1,675
Registration fees 16,389 20,343
Printing 1,449 3,404
Amortization of organization expense 0 0
Miscellaneous 2,814 5,391
--------- ---------
Total expenses 1,046,258 1,863,524
--------- ---------
Net investment income 6,718,183 13,181,699
--------- ----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Security transactions 15,419 460,480
Futures transactions 0 0
Foreign currency transactions 0 0
-------- -------
Net realized gain (loss) on investments,
futures and foreign currencies 15,419 460,480
-------- -------
Net increase (decrease) in unrealized
appreciation/depreciation of:
Investments and futures (760,410) (1,978,730)
Foreign currencies 0 0
-------- ----------
Net increase (decrease) in unrealized appreciation/
depreciation on investments, futures and foreign currencies (760,410) (1,978,730)
-------- ----------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (744,991) (1,518,250)
--------- ----------
Net increase in net assets
resulting from operations $5,973,192 $11,663,449
========== ===========
</TABLE>
See Notes to Financial Statements.
- -------------------------------------------------------------------------------
1997 Semiannual Report 15
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Operations for the Six Months Ended March 31, 1997 (Unaudited)
(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 $2,814,988 $1,678,139 $1,586,357
Dividends 0 0 0
---------- ---------- ----------
Total income 2,814,988 1,678,139 1,586,357
---------- ---------- ----------
Expenses (Notes 1 and 2):
Management fee 315,368 189,916 162,872
Shareholder servicing and administration fee 63,881 38,156 32,692
Custodian and transfer agent fees 55,626 41,796 44,516
Auditing and tax consulting fees 3,808 3,006 2,754
Insurance 1,150 724 538
Directors' fees and expenses 1,182 788 615
Legal fees 472 228 248
Registration fees 18,477 3,683 7,549
Printing 775 398 539
Amortization of organization expense 2,015 695 790
Miscellaneous 1,441 1,054 928
--------- --------- ---------
Total expenses 464,195 280,444 254,041
--------- --------- ---------
Net investment income 2,350,793 1,397,695 1,332,316
---------- ---------- ----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Security transactions 199,195 51,380 81,885
Futures transactions 0 0 0
Foreign currency transactions 0 0 0
---------- ---------- ----------
Net realized gain (loss) on investments,
futures and foreign currencies 199,195 51,380 81,885
---------- ---------- ----------
Net increase (decrease) in unrealized
appreciation/depreciation of:
Investments and futures (342,470) (129,037) (336,812)
Foreign currencies 0 0 0
---------- ---------- ----------
Net increase (decrease) in unrealized appreciation/
depreciation on investments, futures and foreign currencies (342,470) (129,037) (336,812)
---------- ---------- ----------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (143,275) (77,657) (254,927)
---------- ---------- ----------
Net increase in net assets
resulting from operations $2,207,518 $1,320,038 $1,077,389
========== ========== ==========
See Notes to Financial Statements.
- -------------------------------------------------------------------------------
16 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Changes in Net Assets
</TABLE>
<TABLE>
<CAPTION>
Bernstein Bernstein Bernstein
International Value Emerging Markets Value Intermediate Duration
Portfolio Portfolio Portfolio
Six Months Year Six Months Year Six Months Year
Ended 3/31/97 Ended Ended 3/31/97 Ended Ended 3/31/97 Ended
(Unaudited) 9/30/96 (Unaudited) 9/30/96 (a) (Unaudited) 9/30/96
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $3,750,496 $35,158,339 $62,341 $1,307,782 $45,693,817 $78,486,467
Net realized gain (loss) on investments
and futures transactions 77,497,697 38,194,832 1,879,672 282,239 18,026,596 11,768,485
Net realized gain (loss) on foreign
currency transactions 171,374,204 142,698,977 (1,575,611) (298,151) 2,484,346 3,027,330
Increase (decrease) in unrealized
appreciation/depreciation of:
Investments and futures 61,066,323 145,585,886 28,881,386 (18,253,929) (34,027,668) (30,777,770)
Foreign currencies (15,573,313) 5,645,925 (16,596) (6,027) 2,248,515 383,823
----------- ----------- ---------- ----------- ----------- ----------
Net increase (decrease) in net assets
resulting from operations 298,115,407 367,283,959 29,231,192 (16,968,086) 34,425,606 62,888,335
------------ ----------- ---------- ----------- ----------- ----------
Dividends and distributions to
shareholders:
Dividends from net investment income (177,062,085) (13,729,281) (1,442,532) 0 (52,807,704) (78,486,467)
Distributions from net realized gains (39,191,693) (44,354,187) 0 0 0 (7,269,310)
Distributions in excess of net
investment income due to timing
differences 0 0 0 0 0 (69,275)
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 0 0
-------------- ------------ ---------- ----------- ------------ ------------
Total dividends and distributions
to shareholders (216,253,778) (58,083,468) (1,442,532) 0 (52,807,704) (85,825,052)
-------------- ------------- ---------- ----------- ------------ ------------
Capital-share transactions:
Net proceeds from sales of shares 671,351,232 1,016,597,710 96,041,696 293,706,165 395,937,815 588,930,954
Net proceeds from sales of shares
issued to shareholders on reinvestment
of dividends from net investment income
and distributions from net realized
gains 206,743,092 57,005,723 1,364,309 0 13,917,947 31,360,356
-------------- ------------- ---------- ------------ ------------- -------------
Total proceeds from shares sold 878,094,324 1,073,603,433 97,406,005 293,706,165 409,855,762 620,291,310
Cost of shares redeemed (184,671,001) (247,657,568) (10,037,770) (2,813,947) (133,356,895) (288,346,787)
-------------- ------------- ----------- ----------- ------------- -------------
Increase (decrease) in net assets from
capital-share transactions 693,423,323 825,945,865 87,368,235 290,892,218 276,498,867 331,944,523
-------------- ------------- ------------ ------------ -------------- -------------
Net increase (decrease) in net assets 775,284,952 1,135,146,356 115,156,895 273,924,132 258,116,769 309,007,806
NET ASSETS:
Beginning of period 3,131,258,261 1,996,111,905 273,924,132 0 1,451,776,136 1,142,768,330
-------------- -------------- ------------ ------------ -------------- -------------
End of period $3,906,543,213 $3,131,258,261 $389,081,027 $273,924,132 $1,709,892,905 $1,451,776,136
============== ============== ============ ============ ============== ==============
(b) (c) (d) (e) (f) (g)
</TABLE>
(a) Commenced operations December 15, 1995 (b) Includes undistributed net
investment income/(excess distributions) of $(28,109,081) (c) Includes
undistributed net investment income/(excess distributions) of $145,202,508 (d)
Includes undistributed net investment income/(excess distributions) of
$(370,471) (e) Includes undistributed net investment income/(excess
distributions) of $1,009,720 (f) Includes undistributed net investment
income/(excess distributions) of $(1,069,214) (g) Includes undistributed net
investment income/(excess distributions) of $6,044,673
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1997 Semiannual Report 17
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Changes in Net Assets (continued)
<TABLE>
<CAPTION>
Bernstein Bernstein Bernstein
Short Duration Government Short Diversified Municipal
Plus Portfolio Duration Portfolio Portfolio
---------------------- --------------------------- --------------------------
Six Months Year Six Months Year Six Months Year
Ended 3/31/97 Ended Ended 3/31/97 Ended Ended 3/31/97 Ended
(Unaudited) 9/30/96 (Unaudited) 9/30/96 (Unaudited) 9/30/96
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 15,193,294 $ 29,122,645 $ 3,587,945 $ 7,567,228 $ 20,009,743 $ 34,321,282
Net realized gain (loss) on investments
and futures transactions 2,069,490 2,810,078 3,876 161,742 72,265 1,750,391
Net realized gain (loss) on foreign
currency transactions 1,016,175 575,974 0 0 0 0
Increase (decrease) in unrealized
appreciation/depreciation of:
Investments and futures (4,776,369) (3,996,149) (498,584) (1,057,875) (1,555,121) (5,364,065)
Foreign currencies 524,389 85,565 0 0 0 0
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets
resulting from operations 14,026,979 28,598,113 3,093,237 6,671,095 18,526,887 30,707,608
------------ ------------ ------------ ------------ ------------ ------------
Dividends and distributions
to shareholders:
Dividends from net investment income (16,604,494) (29,116,334) (3,587,945) (7,567,228) (20,009,743) (34,321,282)
Distributions from net realized gains 0 0 0 0 (787,195) (306,492)
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 0 (469,648)
------------ ------------ ------------ ------------ ------------ ------------
Total dividends and distributions
to shareholders (16,604,494) (29,116,334) (3,587,945) (7,567,228) (20,796,938) (35,097,422)
------------ ------------ ------------ ------------ ------------ ------------
Capital-share transactions:
Net proceeds from sales of shares 141,708,728 183,232,878 20,957,565 51,431,688 204,804,457 295,868,386
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 6,125,991 11,284,547 1,652,606 3,746,091 5,598,154 9,562,660
------------ ------------ ------------ ------------ ------------ ------------
Total proceeds from shares sold 147,834,719 194,517,425 22,610,171 55,177,779 210,402,611 305,431,046
Cost of shares redeemed (98,149,742) (190,213,256) (28,698,006) (58,202,076) (67,606,825) (141,460,386)
------------ ------------ ------------ ------------ ------------ ------------
Increase (decrease) in net assets from
capital-share transactions 49,684,977 4,304,169 (6,087,835) (3,024,297) 142,795,786 163,970,660
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets 47,107,462 3,785,948 (6,582,543) (3,920,430) 140,525,735 159,580,846
NET ASSETS:
Beginning of period 538,247,740 534,461,792 139,802,138 143,722,568 820,395,309 660,814,463
------------ ------------ ------------ ------------ ------------ ------------
End of period $585,355,202 $538,247,740 $133,219,595 $139,802,138 $960,921,044 $820,395,309
============ ============ ============ ============ ============ ============
(h) (i) (j) (j) (k) (k)
</TABLE>
(h) Includes undistributed net investment income/(excess distributions) of
$(451,365) (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 $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
--------------------------- -------------------------- ----------------------------
Six Months Year Six Months Year Six Months Year
Ended 3/31/97 Ended Ended 3/31/97 Ended Ended 3/31/97 Ended
(Unaudited) 9/30/96 (Unaudited) 9/30/96 (Unaudited) 9/30/96
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 6,718,183 $ 11,043,785 $ 13,181,699 $ 23,548,419 $ 2,350,793 $ 4,291,998
Net realized gain (loss) on investments
and futures transactions 15,419 135,416 460,480 13,310 199,195 110,414
Net realized gain (loss) on foreign
currency transactions 0 0 0 0 0 0
Increase (decrease) in unrealized
appreciation/depreciation of:
Investments and futures (760,410) (408,331) (1,978,730) (3,027,322) (342,470) (693,123)
Foreign currencies 0 0 0 0 0 0
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets
resulting from operations 5,973,192 10,770,870 11,663,449 20,534,407 2,207,518 3,709,289
------------ ------------ ------------ ------------ ------------ ------------
Dividends and distributions
to shareholders:
Dividends from net investment income (6,718,183) (11,043,785) (13,181,699) (23,548,419) (2,350,793) (4,291,998)
Distributions from net realized gains 0 0 0 (822,385) (123,014) (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 (6,718,183) (11,043,785) (13,181,699) (25,627,759) (2,473,807) (4,680,192)
------------ ------------ ------------ ------------ ------------ ------------
Capital-share transactions:
Net proceeds from sales of shares 75,253,216 132,430,542 102,104,618 172,804,818 68,518,746 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 1,732,017 3,072,406 4,132,401 10,023,482 905,871 1,748,058
------------ ------------ ------------ ------------ ------------ ------------
Total proceeds from shares sold 76,985,233 135,502,948 106,237,019 182,828,300 69,424,617 75,461,876
Cost of shares redeemed (29,271,243) (63,423,107) (43,974,468) (97,061,014) (43,984,797) (56,720,363)
------------ ------------ ------------ ------------ ------------ ------------
Increase (decrease) in net assets from
capital-share transactions 47,713,990 72,079,841 62,262,551 85,767,286 25,439,820 18,741,513
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets 46,968,999 71,806,926 60,744,301 80,673,934 25,173,531 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 $332,726,834 $285,757,835 $599,961,039 $539,216,738 $144,269,493 $119,095,962
============ ============ ============ ============ ============ ============
(l) (l) (m) (m) (n) (n)
<CAPTION>
BERNSTEIN BERNSTEIN
SHORT DURATION SHORT DURATION
CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL
PORTFOLIO PORTFOLIO
---------------------------- -------------------------------
Six Months Year Six Months Year
Ended 3/31/97 Ended Ended 3/31/97 Ended
(Unaudited) 9/30/96 (Unaudited) 9/30/96
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 1,397,695 $ 2,695,258 $ 1,332,316 $ 2,176,199
Net realized gain (loss) on investments
and futures transactions 51,380 80,991 81,885 201,709
Net realized gain (loss) on foreign
currency transactions 0 0 0 0
Increase (decrease) in unrealized
appreciation/depreciation of:
Investments and futures (129,037) (443,925) (336,812) (495,760)
Foreign currencies 0 0 0 0
----------- ----------- ----------- -----------
Net increase (decrease) in net assets
resulting from operations 1,320,038 2,332,324 1,077,389 1,882,148
----------- ----------- ----------- -----------
Dividends and distributions
to shareholders:
Dividends from net investment income (1,397,695) (2,695,258) (1,332,316) (2,176,199)
Distributions from net realized gains (72,491) (254,565) (201,610) (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 (1,470,186) (2,949,823) (1,533,926) (2,219,997)
----------- ----------- ----------- -----------
Capital-share transactions:
Net proceeds from sales of shares 23,506,708 49,356,157 32,784,434 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 626,744 1,282,316 789,243 976,885
----------- ----------- ----------- -----------
Total proceeds from shares sold 24,133,452 50,638,473 33,573,677 35,947,298
Cost of shares redeemed (19,092,581) (40,625,428) (15,170,421) (32,080,549)
----------- ----------- ----------- -----------
Increase (decrease) in net assets from
capital-share transactions 5,040,871 10,013,045 18,403,256 3,866,749
----------- ----------- ----------- -----------
Net increase (decrease) in net assets 4,890,723 9,395,546 17,946,719 3,528,900
NET ASSETS:
Beginning of period 72,925,268 63,529,722 58,750,234 55,221,334
----------- ----------- ----------- -----------
End of period $77,815,991 $72,925,268 $76,696,953 $58,750,234
=========== =========== =========== ===========
(o) (o) (p) (p)
</TABLE>
(l) Includes undistributed net investment income/(excess distributions) of
$(31,860) (m) Includes undistributed net investment income/(excess
distributions) of $9,519 (n) includes undistributed net investment
income/(excess distributions) of $(9,678) (o) Includes undistributed net
investment income/(excess distributions) of $(20,838) (p) Includes undistributed
net investment income/(excess distributions) of $172
See Notes to Financial Statements.
- -------------------------------------------------------------------------------
1997 Semiannual 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
------------------------------------------------------------------------------
Six Months
Ended 3/31/97 Year Ended Year Ended Year Ended Year Ended
(Unaudited) 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 0.02 0.23 0.18 0.19 0.05
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 1.53 2.26 0.07 1.13 3.54
----------- ---------- ---------- ---------- ----------
Total from investment operations 1.55 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)
----------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 18.48 $ 18.14 $ 16.08 $ 16.57 $ 15.39
=========== ========== ========== ========= ==========
Total return 8.87% 15.83% 1.84% 8.55% 30.45%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 3,906,543 $3,131,258 $1,996,112 $1,343,266 $ 539,936
Average net assets (000 omitted) $ 3,480,796 $2,569,586 $1,591,703 $ 948,563 $ 235,839
Ratio of expenses to average net assets 1.29%* 1.31% 1.35% 1.39% 1.53%
Ratio of net investment income to average
net assets 0.22%* 1.37% 1.17% 1.13% 1.27%
Portfolio turnover rate 11.89% 21.89% 29.53% 23.78% 21.22%
Average commission rate per share 0.0309 0.0234 N/A N/A N/A
</TABLE>
*Annualized
See Notes to Financial Statements
- -------------------------------------------------------------------------------
20 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
Bernstein
International
Value Bernstein Emerging
Portfolio Markets Value Portfolio
------------- ----------------------------
Six Months
Year Ended Ended 3/31/97 Year Ended
9/30/92 (a) (Unaudited) 9/30/96(b)
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $12.50 $21.82 $20.00
---------- ---------- ----------
Income from investment operations:
Investment income, net 0.02 0.01 0.18
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.54) 2.05 (c) 1.64 (c)
---------- ---------- ----------
Total from investment operations (0.52) 2.06 1.82
---------- ---------- ----------
Less distributions:
Dividends from taxable net investment income 0 (0.08) 0
Dividends from tax-exempt net
investment income 0 0 0
Distributions from net realized gains 0 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 (0.08) 0
---------- ---------- ----------
Net asset value, end of period $11.98 $23.80 $21.82
========== ========== ==========
Total return (4.16)% 5.25%+ 4.80%+
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $75,255 $389,081 $273,924
Average net assets (000 omitted) $41,234 $326,469 $165,362
Ratio of expenses to average net assets 2.00%* 1.80%* 1.92%*
Ratio of net investment income to average
net assets 0.59%* 0.04%* 1.01%*
Portfolio turnover rate 1.12% 7.68% 9.81%
Average commission rate per share N/A 0.0026 0.0027
<CAPTION>
Bernstein Intermediate Duration Portfolio
---------------------------------------------------------------------------------
Six Months
Ended 3/31/97 Year Ended Year Ended Year Ended Year Ended Year Ended
(Unaudited) 9/30/96 9/30/95 9/30/94 9/30/93 9/30/92
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.08 $13.30 $12.54 $13.92 $13.82 $13.19
---------- ---------- ---------- ---------- ---------- ----------
Income from investment operations:
Investment income, net 0.38 0.80 0.78 0.68 0.76 0.90
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.06) (0.14) 0.77 (1.15) 0.68 0.79
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 0.32 0.66 1.55 (0.47) 1.44 1.69
---------- ---------- ---------- ---------- ---------- ----------
Less distributions:
Dividends from taxable net investment income (0.44) (0.80) (0.76) (0.70) (0.76) (0.90)
Dividends from tax-exempt net
investment income 0 0 0 0 0 0
Distributions from net realized gains 0 (0.08) 0 (0.08) (0.58) (0.16)
Distributions in excess of net investment
income due to timing differences 0 0 (0.03) 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 (0.13) 0 0
---------- ---------- ---------- ---------- ---------- ----------
Total distributions (0.44) (0.88) (0.79) (0.91) (1.34) (1.06)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $12.96 $13.08 $13.30 $12.54 $13.92 $13.82
========== ========== ========== ========== ========== ==========
Total return 2.41% 5.05% 12.82% (3.54)% 11.30% 13.32%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $1,709,893 $1,451,776 $1,142,768 $848,529 $693,772 $524,301
Average net assets (000 omitted) $1,601,434 $1,310,208 $957.247 $764,519 $595,273 $444,750
Ratio of expenses to average net assets 0.62%* 0.63% 0.64% 0.65% 0.66% 0.67%
Ratio of net investment income to average
net assets 5.72%* 5.99% 6.11% 5.14% 5.59% 6.64%
Portfolio turnover rate 93.17% 141.04% 212.40% 203.73% 60.77% 149.71%
Average commission rate per share N/A N/A 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% transaction fee. Total return to a
shareholder for the periods ending March 31, 1997 and September 30, 1996,
without taking account of these transaction fees would have been 9.59% and
9.10%, respectively.
* Annualized
(a) Commenced operations June 22, 1992
(b) Commenced operations December 15, 1995
(c) Includes effect of portfolio transaction fee. See Note 1 in Notes to
Financial Statements.
See Notes to Financial Statements.
- -------------------------------------------------------------------------------
1997 Semiannual 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
Six Months
Ended 3/31/97 Year Ended Year Ended Year Ended Year Ended
(Unaudited) 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 0.34 0.69 0.70 0.55 0.59
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.02) (0.01) 0.18 (0.40) 0.10
------- ------- ------- ------- -------
Total from investment operations 0.32 0.68 0.88 0.15 0.69
------- ------- ------- ------- -------
Less distributions:
Dividends from taxable net investment income (0.37) (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 (0.37) (0.69) (0.71) (0.72) (0.94)
------- ------- ------- ------- -------
Net asset value, end of period $12.43 $12.48 $12.49 $12.32 $12.89
======= ======= ======= ======= =======
Total return 2.60% 5.54% 7.36% 1.14% 5.49%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $585,355 $538,248 $534,462 $550,415 $508,959
Average net assets (000 omitted) $560,275 $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 5.44%* 5.47% 5.69% 4.30% 4.52%
Portfolio turnover rate 61.12% 169.96% 61.03% 285.80% 112.87%
Average commission rate per share N/A N/A N/A N/A N/A
</TABLE>
*Annualized
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
22 Sanford C. Bernstein Fund, Inc.
<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 Bernstein Government Short Duration Portfolio
Six Months
Year Ended Ended 3/31/97 Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/92 (Unaudited) 9/30/96 9/30/95 9/30/94 9/30/93 9/30/92
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.84 $12.48 $12.55 $12.34 $12.87 $13.14 $12.93
------- ------- ------- ------- ------- ------- -------
Income from investment operations:
Investment income, net 0.75 0.33 0.65 0.69 0.49 0.44 0.66
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.44 (0.04) (0.07) 0.21 (0.38) 0.20 0.41
------- ------- ------- ------- ------- ------- -------
Total from investment operations 1.19 0.29 0.58 0.90 0.11 0.64 1.07
------- ------- ------- ------- ------- ------- -------
Less distributions:
Dividends from taxable net investment income (0.75) (0.33) (0.65) (0.69) (0.49) (0.44) (0.66)
Dividends from tax-exempt net
investment income 0 0 0 0 0 0 0
Distributions from net realized gains (0.14) 0 0 0 0 (0.47) (0.20)
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 (0.15) 0 0
------- ------- ------- ------- ------- ------- -------
Total distributions (0.89) (0.33) (0.65) (0.69) (0.64) (0.91) (0.86)
------- ------- ------- ------- ------- ------- -------
Net asset value, end of period $13.14 $12.44 $12.48 $12.55 $12.34 $12.87 $13.14
======= ======= ======= ======= ======= ======= =======
Total return 9.60% 2.36% 4.76% 7.55% 0.85% 5.11% 8.57%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $535,980 $133,220 $139,802 $143,723 $185,028 $212,531 $254,950
Average net assets (000 omitted) $482,467 $135,207 $145,268 $145,710 $188,013 $239,462 $238,381
Ratio of expenses to average net assets 0.66% 0.70%* 0.69% 0.69% 0.68% 0.68% 0.68%
Ratio of net investment income to average
net assets 5.75% 5.32%* 5.21% 5.58% 3.85% 3.40% 5.02%
Portfolio turnover rate 169.60% 26.66% 155.29% 49.34% 213.02% 130.40% 220.86%
Average commission rate per share N/A N/A N/A N/A N/A N/A N/A
<CAPTION>
Bernstein Diversified
Municipal Portfolio
Six Months
Ended 3/31/97 Year Ended
(Unaudited) 9/30/96
- ---------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period $13.44 $13.50
------- -------
Income from investment operations:
Investment income, net 0.30 0.63
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.01) (0.04)
------- -------
Total from investment operations 0.29 0.59
------- -------
Less distributions:
Dividends from taxable net investment income (0.01) (0.01)
Dividends from tax-exempt net
investment income (0.29) (0.62)
Distributions from net realized gains (0.01) (0.02)
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 0
------- -------
Total distributions (0.31) (0.65)
------- -------
Net asset value, end of period $13.42 $13.44
======= =======
Total return 2.21% 4.38%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $960,921 $820,395
Average net assets (000 omitted) $893,214 $744,452
Ratio of expenses to average net assets 0.66%* 0.66%
Ratio of net investment income to average
net assets 4.49%* 4.61%
Portfolio turnover rate 9.05% 25.22%
Average commission rate per share N/A N/A
</TABLE>
*Annualized
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1997 Semiannual Report 23
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights (continued)
Selected per-share data and ratios for a share of capital stock
outstanding for each respective Portfolio for each of the periods
presented:
<TABLE>
<CAPTION>
Bernstein
California
Municipal
Bernstein Diversified Municipal Portfolio Portfolio
-------------------------------------------------------------- -------------
Six Months
Year Ended Year Ended Year Ended Year Ended Ended 3/31/97
9/30/95 9/30/94 9/30/93 9/30/92 (Unaudited)
----------- ----------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $12.99 $13.78 $13.40 $13.01 $13.58
----------- ----------- ----------- ----------- -----------
Income from investment
operations:
Investment income, net 0.65 0.61 0.63 0.71 0.30
Net realized and unrealized
gain (loss) on investments,
futures and foreign currencies 0.51 (0.72) 0.49 0.42 (0.02)
----------- ----------- ----------- ----------- -----------
Total from investment operations 1.16 (0.11) 1.12 1.13 0.28
----------- ----------- ----------- ----------- -----------
Less distributions:
Dividends from taxable
net investment income (0.02) (0.01) (0.01) (0.11) (0.01)
Dividends from tax-exempt net
investment income (0.63) (0.60) (0.62) (0.60) (0.29)
Distributions from net
realized gains 0 (0.03) (0.11) (0.03) 0
Distributions in excess of
net investment income due
to timing differences 0 0 0 0 0
Distributions in excess of
net realized gains due to
timing differences 0 (0.04) 0 0 0
----------- ----------- ----------- ----------- -----------
Total distributions (0.65) (0.68) (0.74) (0.74) (0.30)
----------- ----------- ----------- ----------- -----------
Net asset value,
end of period $13.50 $12.99 $13.78 $13.40 $13.56
=========== =========== =========== =========== ===========
Total return 9.16% (0.80)% 8.61% 8.91% 2.03%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of
period (000 omitted) $660,814 $552,134 $449,668 $301,746 $332,727
Average net assets
(000 omitted) $572,769 $509,380 $375,576 $256,850 $311,964
Ratio of expenses to
average net assets 0.66% 0.67% 0.69% 0.69% 0.67%*
Ratio of net investment
income to average net assets 4.89% 4.57% 4.64% 5.33% 4.32%*
Portfolio turnover rate 42.55% 34.45% 34.74% 48.22% 12.95%
Average commission
rate per share N/A N/A N/A N/A N/A
</TABLE>
*Annualized
See Notes to Financial Statements.
- -------------------------------------------------------------------------------
24 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
Bernstein California Municipal Portfolio
-------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/96 9/30/95 9/30/94 9/30/93 9/30/92
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $13.58 $13.06 $13.83 $13.38 $12.94
----------- ----------- ----------- ----------- -----------
Income from investment
operations:
Investment income, net 0.61 0.64 0.61 0.60 0.66
Net realized and unrealized
gain (loss) on investments,
futures and foreign currencies 0 0.52 (0.74) 0.52 0.45
----------- ----------- ----------- ----------- -----------
Total from investment operations 0.61 1.16 (0.13) 1.12 1.11
----------- ----------- ----------- ----------- -----------
Less distributions:
Dividends from taxable
net investment income (0.03) (0.05) (0.02) (0.02) (0.07)
Dividends from tax-exempt net
investment income (0.58) (0.59) (0.59) (0.58) (0.59)
Distributions from
net realized gains 0 0 0 (0.07) (0.01)
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 (0.03) 0 0
----------- ----------- ----------- ----------- -----------
Total distributions (0.61) (0.64) (0.64) (0.67) (0.67)
----------- ----------- ----------- ----------- -----------
Net asset value,
end of period $13.58 $13.58 $13.06 $13.83 $13.38
=========== =========== =========== =========== ===========
Total return 4.60% 9.11% (0.98)% 8.60% 8.76%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of
period (000 omitted) $285,758 $213,951 $192,993 $150,115 $83,043
Average net assets
(000 omitted) $246,410 $185,990 $168,797 $116,301 $65,492
Ratio of expenses to
average net assets 0.68% 0.69% 0.70% 0.73% 0.77%
Ratio of net investment
income to average
net assets 4.48% 4.78% 4.51% 4.36% 4.96%
Portfolio turnover rate 23.87% 63.89% 24.55% 23.79% 53.08%
Average commission
rate per share N/A N/A N/A N/A N/A
<CAPTION>
Bernstein New York
Municipal Portfolio
------------------------------
Six Months
Ended 3/31/97 Year Ended
(Unaudited) 9/30/96
----------- -----------
<S> <C> <C>
Net asset value,
beginning of period $13.35 $13.48
----------- -----------
Income from investment
operations:
Investment income, net 0.31 0.64
Net realized and unrealized
gain (loss) on investments,
futures and foreign currencies (0.03) (0.07)
----------- -----------
Total from investment operations 0.28 0.57
----------- -----------
Less distributions:
Dividends from taxable
net investment income (0.01) (0.02)
Dividends from tax-exempt net
investment income (0.30) (0.62)
Distributions from net
realized gains 0 (0.06)
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 0
----------- -----------
Total distributions (0.31) (0.70)
----------- -----------
Net asset value,
end of period $13.32 $13.35
=========== ===========
Total return 2.10% 4.31%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of
period (000 omitted) $599,961 $539,217
Average net assets
(000 omitted) $572,880 $497,391
Ratio of expenses to
average net assets 0.65%* 0.66%
Ratio of net investment
income to average net assets 4.61%* 4.73%
Portfolio turnover rate 13.54% 26.19%
Average commission
rate per share N/A N/A
</TABLE>
*Annualized
See Notes to Financial Statements.
- -------------------------------------------------------------------------------
1997 Semiannual Report 25
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights (continued)
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
Bernstein
Short Duration
Bernstein New York Municipal Portfolio Diversified
Municipal
Portfolio
Six Months
Year Ended Year Ended Year Ended Year Ended Ended 3/31/97
9/30/95 9/30/94 9/30/93 9/30/92 (Unaudited)
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.98 $13.80 $13.47 $13.05 $12.52
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.65 0.64 0.67 0.74 0.23
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.50 (0.75) 0.46 0.44 (0.01)
----- ------ ------ ------ ------
Total from investment operations 1.15 (0.11) 1.13 1.18 0.22
----- ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.02) (0.02) (0.01) (0.11) (0.01)
Dividends from tax-exempt net
investment income (0.63) (0.62) (0.66) (0.63) (0.22)
Distributions from net realized gains 0 (0.03) (0.13) (0.02) (0.01)
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 (0.04) 0 0 0
----- ------ ------ ------ -------
Total distributions (0.65) (0.71) (0.80) (0.76) (0.24)
----- ------ ------ ------ ------
Net asset value, end of period $13.48 $12.98 $13.80 $13.47 $12.50
====== ======= ====== ======= ========
Total return 9.14% (0.81)% 8.68% 9.31% 1.80%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $458,543 $408,021 $336,101 $238,871 $144,269
Average net assets (000 omitted) $413,892 $381,144 $277,930 $210,474 $128,242
Ratio of expenses to average net assets 0.66% 0.67% 0.69% 0.69% 0.73%*
Ratio of net investment income to average
net assets 4.95% 4.78% 4.91% 5.55% 3.68%*
Portfolio turnover rate 44.84% 22.45% 34.58% 42.53% 28.78%
Average commission rate per share N/A N/A N/A N/A N/A
</TABLE>
*Annualized
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
26 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
Bernstein
Short Duration
Diversified Municipal
Portfolio
Year Ended Year Ended
9/30/96 9/30/95 (d)
- -----------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period $12.63 $12.50
------ ------
Income from investment operations:
Investment income, net 0.52 0.55
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.06) 0.13
------ ------
Total from investment operations 0.46 0.68
------ ------
Less distributions:
Dividends from taxable net investment income (0.02) (0.04)
Dividends from tax-exempt net
investment income (0.50) (0.51)
Distributions from net realized gains (0.05) 0
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 0
------ ------
Total distributions (0.57) (0.55)
------ ------
Net asset value, end of period $12.52 $12.63
====== ======
Total return 3.68% 5.55%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $119,096 $101,325
Average net assets (000 omitted) $105,467 $ 85,893
Ratio of expenses to average net assets 0.71% 0.72%*
Ratio of net investment income to average
net assets 4.07% 4.32%*
Portfolio turnover rate 63.40% 73.50%
Average commission rate per share N/A N/A
<CAPTION>
Bernstein
Short Duration
California Municipal
Portfolio
Six Months
Ended 3/31/97 Year Ended Year Ended
(Unaudited) 9/30/96 9/30/95 (d)
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $12.53 $12.65 $12.50
------ ------ ------
Income from investment operations:
Investment income, net 0.23 0.50 0.53
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.01) (0.07) 0.15
----- ------ -------
Total from investment operations 0.22 0.43 0.68
----- ------ -------
Less distributions:
Dividends from taxable net investment income (0.03) (0.05) (0.06)
Dividends from tax-exempt net
investment income (0.20) (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 (0.24) (0.55) (0.53)
------ ------- -------
Net asset value, end of period $12.51 $12.53 $12.65
====== ====== ======
Total return 1.78% 3.50% 5.58%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $77,816 $72,925 $63,530
Average net assets (000 omitted) $76,554 $68,060 $49,944
Ratio of expenses to average net assets 0.73%* 0.72% 0.73%*
Ratio of net investment income to average
net assets 3.66%* 3.96% 4.12%*
Portfolio turnover rate 32.83% 60.76% 89.33%
Average commission rate per share N/A N/A N/A
<CAPTION>
Bernstein
Short Duration
New York Municipal
Portfolio
Six Months
Ended 3/31/97 Year Ended Year Ended
(Unaudited) 9/30/96 9/30/95 (d)
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $12.52 $12.60 $12.50
------ ------ ------
Income from investment operations:
Investment income, net 0.26 0.51 0.54
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.04) (0.07) 0.10
----- ------ -------
Total from investment operations 0.22 0.44 0.64
----- ------ -------
Less distributions:
Dividends from taxable net investment income (0.05) (0.02) (0.05)
Dividends from tax-exempt net
investment income (0.21) (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 (0.30) (0.52) (0.54)
------ ------- -------
Net asset value, end of period $12.44 $12.52 $12.60
====== ====== ======
Total return 1.74% 3.53% 5.24%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $76,697 $58,750 $55,221
Average net assets (000 omitted) $65,658 $54,087 $50,642
Ratio of expenses to average net assets 0.77%* 0.74% 0.73%*
Ratio of net investment income to average
net assets 4.07%* 4.02% 4.23%*
Portfolio turnover rate 34.39% 55.81% 112.15%
Average commission rate per share N/A N/A N/A
</TABLE>
*Annualized
(d) Commenced operations October 3, 1994
See Notes to Financial Statements.
- -------------------------------------------------------------------------------
1997 Semiannual Report 27
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (Unaudited)
NOTE 1. Organization and Significant Accounting Policies
Sanford C. Bernstein Fund, Inc. (the "Fund") is a managed open-end
registered investment company, incorporated in Maryland on May 4, 1988.
The Fund is currently comprised of 11 series of shares (the
"Portfolios"), each with its own investment objectives. At March 31,
1997, the 11 Portfolios are Bernstein International Value, Bernstein
Emerging Markets Value, Bernstein Intermediate Duration, Bernstein
Short Duration Plus, Bernstein Government Short Duration, Bernstein
Diversified Municipal, Bernstein California Municipal, Bernstein New
York Municipal, Bernstein Short Duration Diversified Municipal,
Bernstein Short Duration California Municipal and Bernstein Short
Duration New York Municipal.
A. Portfolio Valuation
The net asset value of each Portfolio is computed as of the close of
regular trading of the Exchange (normally 4:00 p.m., New York time).
The value of each security for which readily available market
quotations exist is based on the most recent sales price, bid price
or the mean between the most recent available bid and asked prices in
the broadest and most representative market for that security as
determined by the Manager. Debt instruments with remaining maturities
of 60 days or less may be valued at amortized cost. Securities and
other assets for which market quotations are not readily available
are valued by appraisal at their fair value as determined in good
faith by the Manager of the Fund under procedures established by and
under the general supervision of the Board of Directors. The Fund
used an independent pricing service to value the Portfolios' assets
at such times and to the extent that the Manager deemed appropriate.
B. Foreign Currency Translation
The accounting records of the Fund are maintained in U.S. dollars.
Prices of securities and other assets and liabilities denominated in
non-U.S. currencies are translated into U.S. dollars using the
exchange rate at 12:00 p.m. New York time. Amounts related to the
purchase and sales of securities, investment income and expenses are
translated at the rates of exchange prevailing on the respective
dates of such transactions.
Net realized gain on foreign currency transactions represents net
foreign exchange gains from the closure of forward currency contracts,
disposition of foreign currencies, currency gains or losses realized
between the trade and settlement dates on security transactions and
the difference between the amount of dividends and foreign withholding
taxes recorded on the Fund's books and the U.S. dollar equivalent
amount actually received or paid. Net unrealized currency gains and
losses arising from valuing foreign currency denominated assets and
liabilities at the current exchange rate are reflected as part of
unrealized appreciation/depreciation on investments and foreign
currencies.
The International Value Portfolio, Emerging Markets Value Portfolio,
Intermediate Duration Portfolio and Short Duration Plus Portfolio
invest in foreign securities and foreign currency transactions that
may involve risks not associated with domestic investments as a result
of the level of governmental supervision and regulation of foreign
securities markets and the possibility of political or economic
instability, among others.
C. Security Transactions and Related Investment Income
Security transactions are accounted for on the trade date (the date
the buy or sell order is executed). Securities gains and losses are
calculated on the identified cost basis. Interest income is recorded
on the accrual basis and dividend income is recorded on the
ex-dividend date.
D. Futures Contracts
Upon entering into a futures contract, the Fund is required by the
Exchange to deposit cash or to pledge U.S. Government securities with
a broker in an amount (initial margin) equal to a certain percentage
of the purchase price indicated in the futures contract. Subsequent
payments, which are dependent on the daily fluctuations in the market
value of the underlying index or security, are made or received by
the Fund each day (daily variation margin) or at other intervals as
is required. The aggregate of these payments or receipts through the
expiration of the futures contract is recorded for book purposes as
unrealized gains or losses by the Fund. If the Fund enters into a
closing transaction, it will realize, for book purposes, a gain or
loss equal to the difference between the value of the futures contract
at the time it was opened or purchased and its value at the time it
was closed.
E. Written Options
When a Portfolio writes an option, an amount equal to the premium
received by the Portfolio is recorded as an asset and a corresponding
liability. The amount of the liability is adjusted daily to reflect
the current market value of the option. The
- --------------------------------------------------------------------------------
28 Sanford C. Bernstein Fund, Inc.
<PAGE>
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 comply or
continue to comply with the requirements of Subchapter M of the
Internal Revenue Code of 1986 as they apply to regulated investment
companies. By so complying, each Portfolio will not be subject to
federal income taxes to the extent that all of its income is
distributed.
G. Repurchase Agreements
Each Portfolio may enter into repurchase agreements with banks or
securities broker-dealers. It is the Fund's policy that its custodian
receives delivery of the securities collateralizing repurchase
agreements, the amount of which at the time of purchase and each
subsequent business day is required to be maintained at such a level
that the market value of the collateral is equal to at least 100% of
the repurchase price. Repurchase agreements could involve certain
risks in the event of default or insolvency of the other party,
including possible delays or restrictions on the Portfolio's ability
to dispose of the underlying securities.
H. Securities Transactions on a When-Issued or Delayed-Delivery Basis
Any Portfolio of the Fund may purchase securities on a when-issued
basis or sell securities on a delayed-delivery basis. At the time the
Fund commits to purchase a security on a when-issued basis, the Fund
will record the transaction and use the security's value in
determining the Portfolio's net asset value. At the time the Fund
commits to sell a security on a delayed-delivery basis, the Fund will
record the transaction and exclude the security's value in determining
the Portfolio's net asset value.
I. Distribution of Income and Gains
Net investment income of each Portfolio except the International
Value Portfolio and Emerging Markets Value Portfolio is declared and
recorded as a dividend to shareholders daily and is payable to
shareholders monthly. Dividends from net investment income, if any,
of the International Value Portfolio and Emerging Markets Value
Portfolio will be paid to shareholders at least once a year.
Distributions of net realized gains, less any available loss
carryforwards, if any, for all Portfolios will be paid to
shareholders at least once a year, and recorded on the ex-dividend
date.
Elements of realized gains and net investment income may be recorded
in different accounting periods for financial reporting (book) and
federal income tax (tax) purposes (temporary differences). To the
extent that such distributions required for tax purposes exceed income
and gains recorded for book purposes as a result of such temporary
differences, "excess distributions" are reflected in the accompanying
financial statements. Certain other differences--permanent
differences--arise because treatment of elements of income and gains
is different between book and tax accounting. Permanent differences
are reclassified to paid-in capital in the year they arise.
J. Expenses
Each Portfolio is charged for those expenses that are directly
attributable to it, such as management, custodian, transfer-agent and
shareholder servicing and administration. Other expenses are allocated
among the Portfolios based on respective net assets.
K. Organization Costs
Costs incurred in connection with the organization of the
International Value Portfolio ($124,816), Short Duration Diversified
Municipal Portfolio ($21,176), Short Duration California Municipal
Portfolio ($7,956), Short Duration New York Municipal Portfolio
($8,906) and Emerging Markets Value Portfolio ($48,194) have been
allocated to each respective Portfolio. All organization costs are
being amortized on a straight-line basis over a five-year period,
beginning with the commencement of operations of each respective
Portfolio.
- --------------------------------------------------------------------------------
1997 Semiannual Report 29
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
L. Use of Estimates
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts and disclosures in
the financial statements. Actual results could differ from those
estimates.
M. Portfolio Transaction Fee
The Emerging Markets Value Portfolio imposes a 2.00% fee on purchases
and redemptions. This fee is retained by the Portfolio and is included
in the financial statements as an item of additional paid-in capital.
N. Securities Lending
Each of the Portfolios of the Fund may enter into securities lending
transactions. By lending its portfolio securities, a Portfolio
attempts to increase its income through the interest earned on the
loan. It is the policy of each Portfolio to receive collateral on
securities lending transactions having a value of at least 102% or
105% of the market value of the securities loaned dependent on the
primary trading market and characteristics of the securities loaned.
The securities lending agent has agreed to indemnify the Fund in the
case of default of any securities borrower. Collateral received and
securities loaned are marked to market daily to 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.
NOTE 2. Investment Management and Transactions with Affiliated Persons
A. Management Fee
Under agreements (the "Management Agreements") between the Fund and
Sanford C. Bernstein & Co., Inc. (the "Manager"), the Manager manages
the investment of each Portfolio's assets, places purchase and sales
orders and bears various expenses, including the salaries and expenses
of all personnel except those of outside directors. In addition, the
Manager agrees to permit its directors, officers and employees who may
be elected directors or officers of the Fund to serve in the
capacities to which they are elected. The Manager renders these
services subject to the general oversight of the Board of Directors.
The Manager is to receive a management fee for these services at the
annual rate of .50 of 1% of average daily net assets up to and
including $1 billion and at an annual rate of .45 of 1% of average
daily net assets in excess of $1 billion for the Intermediate
Duration Portfolio, Short Duration Plus Portfolio, Government Short
Duration Portfolio, Diversified Municipal Portfolio, California
Municipal Portfolio and New York Municipal Portfolio. The fee paid by
the Short Duration Diversified Municipal Portfolio, Short Duration
California Municipal Portfolio and Short Duration New York Municipal
Portfolio is at an annual rate of .50 of 1% of each Portfolio's
average daily net assets. The fee paid by the International Value
Portfolio is at an annual rate of 1.00% of that Portfolio's average
daily net assets up to and including $2 billion and at an annual rate
of .90 of 1% of average daily net assets in excess of $2 billion. The
fee paid by the Emerging Markets Value Portfolio is at an annual rate
of 1.25% of that Portfolio's average daily net assets. Through the
period ending October 31, 1996, the Short Duration Diversified
Municipal Portfolio, Short Duration California Municipal Portfolio
and Short Duration New York Municipal Portfolio do not pay any
portion of the fee that, together with other operating expenses of
the Portfolios (excluding interest, taxes, brokerage commissions and
extraordinary expenses), exceed the rate of .79% per annum of the
Portfolios' average daily net assets. In addition, the Management
Agreements for the aforementioned Portfolios provide that the Manager
will pay any operating expenses of such Portfolios (excluding
interest, taxes, brokerage commissions and extraordinary expenses)
which, together with expenses under the Shareholder Servicing and
Administrative Agreement described below, exceed the rate of .79% per
annum of such Portfolio's average daily net assets. Through the
period ending December 31, 1997, the Emerging Markets Value Portfolio
will not pay any portion of the fee that, together with other
operating expenses of the Portfolio (excluding interest, taxes,
brokerage commissions and extraordinary expenses), exceed the rate of
2.00% per annum of such Portfolio's average daily net assets. In
addition, the Management Agreement for the Emerging Markets Value
Portfolio provides that the Manager will pay any operating expenses
of the Portfolio (excluding interest, taxes, brokerage commissions
and extraordinary expenses) which, together with expenses under the
Shareholder Servicing and Administrative Agreement described below,
exceed the rate of 2.00% per annum of the Portfolio's average daily
net assets.
- --------------------------------------------------------------------------------
30 Sanford C. Bernstein Fund, Inc.
<PAGE>
B. Shareholder Servicing and Administrative Fee
Under agreements (the "Shareholder Servicing and Administrative
Agreements") between the Fund and the Manager, the Manager agrees to
pay expenses it incurs in providing shareholder servicing to the Fund,
the Portfolios and individual shareholders, and administrative services
to the Fund and the Portfolios. The fee payable by each Portfolio
except the International Value Portfolio and Emerging Markets Value
Portfolio for services under this agreement is .10 of 1% of average
daily net assets, and the fee paid by the International Value Portfolio
and Emerging Markets Value Portfolio for services under this
agreement is .25 of 1% of average daily net assets.
C. Distribution
Under agreements (the "Distribution Agreements") between the Fund and
the Manager, the Manager agrees to act as agent to sell shares of the
11 Portfolios. The Manager receives no fee for this service, and
furthermore agrees to pay all expenses arising from the performance
of its obligations under this agreement.
D. Directors and Officers
Each of the four directors not affiliated with Sanford C. Bernstein &
Co., Inc. receives annual compensation of $35,000 from the Fund, in
addition to reimbursement of expenses incurred in connection with
attending meetings of the Board of Directors. None of the directors
affiliated with Sanford C. Bernstein & Co., Inc. receives
compensation for services as a director of the Fund. Similarly, none
of the Fund's officers receives compensation from the Fund.
NOTE 3. Investment Security Transactions
A. Purchases and Sales
For the period from October 1, 1996 through March 31, 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 $ 948,806,970 0 $ 402,304,399 0
Emerging Markets Value 108,299,045 0 24,708,343 0
Intermediate Duration 1,108,646,875 $511,587,846 1,049,458,405 $342,309,343
Short Duration Plus 180,126,593 224,808,036 161,770,865 171,065,333
Government Short Duration 0 35,390,045 0 37,997,842
Diversified Municipal 207,200,643 40,889,281 64,110,439 14,839,219
California Municipal 93,140,715 24,776,742 27,169,302 10,083,844
New York Municipal 111,946,661 29,181,914 46,007,761 29,180,391
Short Duration Diversified Municipal 57,741,195 6,957,344 35,000,213 471,289
Short Duration California Municipal 27,313,755 7,282,852 13,920,521 7,761,760
Short Duration New York Municipal 25,763,285 13,534,102 13,329,669 7,663,836
</TABLE>
- --------------------------------------------------------------------------------
1997 Semiannual Report 31
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
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 during the six months ended
March 31, 1997 is set forth below:
Bernstein International Value Portfolio
<TABLE>
<CAPTION>
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>
Vallourec 412,460 0 $0 0 $0 412,460 $0 $0 $25,418,320
--- --- --- --- -----------
$0 $0 $0 $0 $25,418,320
=== === === === ===========
</TABLE>
C. Federal Income Tax Status
At March 31, 1997, the Intermediate Duration, Short Duration Plus,
Government Short Duration and California Municipal Portfolio had capital
loss carryovers as follows:
Capital Loss
Carryover Amount Expiration
- --------------------------------------------------------------------------------
Intermediate Duration Portfolio $4,529,039 9/30/2004
Short Duration Plus Portfolio 6,611,769 9/30/2003
Government Short Duration Portfolio 1,985,552 9/30/2003
California Municipal Portfolio 39,399 9/30/2002
105,066 9/30/2003
319,767 9/30/2004
- --------------------------------------------------------------------------------
Additionally, the New York Municipal Portfolio had a post October loss deferral
of $514,659. For tax purposes, this loss is deemed to arise on October 1, 1996.
D. Foreign Currency Contracts
At March 31, 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:
Foreign Currency Buy Contracts--Bernstein International Value Portfolio
Value Receivable at Current Contract Contract
Foreign Currency Settlement Dates Value Appreciation (Depreciation)
- --------------------------------------------------------------------------------
Settlement 04/01/97
through 04/30/97
Finnish Markka $ 399,002 $ 400,352 $ 1,350 0
Spanish Peseta 2,786,486 2,831,358 44,872 0
Settlement 06/01/97
through 06/30/97
Austrian Schillings 6,666,667 6,705,277 38,610 0
---------- ---------- ------- ------
Total $9,852,155 $9,936,987 $84,832 0
========== ========== ======= ======
Foreign Currency Sell Contracts--Bernstein International Value Portfolio
Value Payable at Current Contract Contract
Foreign Currency Settlement Dates Value Appreciation (Depreciation)
- --------------------------------------------------------------------------------
Settlement 06/01/97
through 06/30/97
Australian Dollars $ 58,407,795 $ 58,434,604 0 $ (26,809)
Austrian Schillings 115,823,232 116,694,818 0 (871,586)
Deutschemarks 396,737,690 401,408,146 0 (4,670,456)
Finnish Markka 89,876,846 90,685,366 0 (808,520)
French Francs 252,543,980 255,379,849 0 (2,835,869)
Hong Kong Dollars 38,719,670 38,707,066 $ 12,604 0
Japanese Yen 918,734,326 907,676,972 11,057,354 0
Swedish Krona 27,194,605 26,631,779 562,826 0
-------------- -------------- ----------- -----------
Total $1,898,038,144 $1,895,618,600 $11,632,784 $(9,213,240)
============== ============== =========== ===========
- --------------------------------------------------------------------------------
32 Sanford C. Bernstein Fund, Inc.
<PAGE>
Foreign Currency Buy Contracts--Bernstein Emerging Markets Value Portfolio
Value Receivable at Current Contract Contract
Foreign Currency Settlement Dates Value Appreciation (Depreciation)
- --------------------------------------------------------------------------------
Settlement 04/01/97
through 04/30/97
Indonesian Rupiah $458,229 $458,142 0 $(87)
Thai Baht 154,262 154,262 0 0
-------- --------- -- ----
Total $612,491 $612,404 0 $(87)
======== ========= == ====
Foreign Currency Sell Contracts--Bernstein Intermediate Duration Portfolio
Value Payable at Current Contract Contract
Foreign Currency Settlement Dates Value Appreciation (Depreciation)
- --------------------------------------------------------------------------------
Settlement 04/01/97
through 04/30/97
Deutschemarks $66,454,460 $63,281,719 $3,172,741 0
----------- ----------- ---------- ----
Total $66,454,460 $63,281,719 $3,172,741 0
=========== =========== ========== ====
Foreign Currency Sell Contracts--Bernstein Short Duration Plus Portfolio
Value Payable at Current Contract Contract
Foreign Currency Settlement Dates Value Appreciation (Depreciation)
- --------------------------------------------------------------------------------
Settlement 04/01/97
through 04/30/97
Deutschemarks $15,549,953 $14,807,550 $742,403 0
----------- ----------- -------- ----
Total $15,549,953 $14,807,550 $742,403 0
=========== =========== ========= ====
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.
- -------------------------------------------------------------------------------
1997 Semiannual Report 33
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
Note 6. Capital-Share Transactions
The Fund has authorized 2 billion shares of common stock, par value
$0.001 per share, of which, at March 31, 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 six
months ended March 31, 1997, and the year ended September 30, 1996, were
as follows:
<TABLE>
<CAPTION>
BERNSTEIN INTERNATIONAL BERNSTEIN EMERGING MARKETS BERNSTEIN INTERMEDIATE
VALUE PORTFOLIO VALUE PORTFOLIO DURATION PORTFOLIO
---------------------------- ---------------------------- ----------------------------
Six Months Year Ended Six Months Year Ended Six Months Year Ended
Ended 3/31/97 9/30/96 Ended 3/31/97 9/30/96 (a) Ended 3/31/97 9/30/96
------------- ----------- ------------- ----------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 37,291,675 59,526,336 4,271,821 12,938,295 29,943,799 44,452,465
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 11,726,659 3,459,081 63,046 0 1,049,478 2,361,018
Shares redeemed (10,227,522) (14,461,352) (539,399) (383,910) (10,088,823) (21,720,787)
------------ ------------ ---------- ---------- ------------ ------------
Net increase in shares
outstanding 38,790,812 48,524,065 3,795,468 12,554,385 20,904,454 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 211,435,365 172,644,553 16,349,853 12,554,385 131,909,770 111,005,316
============ ============ =========== =========== ============ ============
<CAPTION>
Bernstein Bernstein Bernstein
Short Duration Plus Government Short Duration Diversified Municipal
Portfolio Portfolio Portfolio
------------------------------ ------------------------------- ----------------------------
Six Months Year Ended Six Months Year Ended Six Months Year Ended
Ended 3/31/97 9/30/96 Ended 3/31/97 9/30/96 Ended 3/31/97 9/30/96
------------- ----------- ------------- ----------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 11,317,413 14,658,652 1,672,927 4,098,904 15,119,948 21,871,096
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 488,913 902,905 131,841 298,893 413,387 707,494
Shares redeemed (7,836,731) (15,212,925) (2,290,567) (4,646,753) (4,989,832) (10,454,791)
----------- ------------ ----------- ----------- ----------- ------------
Net increase in shares
outstanding 3,969,595 348,632 (485,799) (248,956) 10,543,503 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 47,098,798 43,129,203 10,713,190 11,198,989 71,604,638 61,061,135
=========== ============ =========== =========== ============ ============
</TABLE>
(a) Commenced operations December 15, 1995
- --------------------------------------------------------------------------------
34 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
Bernstein Bernstein Bernstein Short Duration
California Municipal New York Municipal Diversified Municipal
Portfolio Portfolio Portfolio
---------------------------- ----------------------------- ------------------------------
Six Months Year Ended Six Months Year Ended Six Months Year Ended
Ended 3/31/97 9/30/96 Ended 3/31/97 9/30/96 Ended 3/31/97 9/30/96
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 5,498,437 9,712,613 7,598,512 12,846,371 5,459,226 5,868,769
Shares issued to
shareholders on
reinvestment of
dividends from
net investment
income and
distributions
from net
realized gains 126,458 225,514 307,200 744,678 72,236 139,065
Shares redeemed (2,140,010) (4,648,754) (3,268,987) (7,209,521) (3,506,392) (4,512,344)
---------- ---------- ---------- ---------- ---------- ----------
Net increase
in shares
outstanding 3,484,885 5,289,373 4,636,725 6,381,528 2,025,070 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 24,531,630 21,046,745 45,033,119 40,396,394 11,541,226 9,516,156
========== ========== ========== ========== ========== =========
</TABLE>
<TABLE>
<CAPTION>
Bernstein Short Duration Bernstein Short Duration
California Municipal Portfolio New York Municipal Portfolio
------------------------------ ----------------------------
Six Months Year Ended Six Months Year Ended
Ended 3/31/97 9/30/96 Ended 3/31/97 9/30/96
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold 1,872,381 3,924,117 2,645,539 2,783,281
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 49,926 101,928 63,134 77,743
Shares redeemed (1,521,847) (3,229,468) (1,236,489) (2,550,234)
------------ ----------- ----------- -----------
Net increase in shares
outstanding 400,460 796,577 1,472,184 310,790
Shares outstanding at
beginning of period 5,819,554 5,022,977 4,693,828 4,383,038
------------ ----------- ----------- -----------
Shares outstanding at
end of period 6,220,014 5,819,554 6,166,012 4,693,828
============ =========== =========== ===========
</TABLE>
- ------------------------------------------------------------------------------
1997 Semiannual Report 35
<PAGE>
This page intentionally left blank.
<PAGE>
Sanford C. Bernstein Fund, Inc.
- ------------------------------------------------------------------------------
Directors and Officers
- ------------------------------------------------------------------------------
Roger Hertog
President, Treasurer and Director
President, Chief Operating Officer and Director,
Sanford C. Bernstein & Co., Inc.
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 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.
SEMIANNUAL REPORT
MARCH 31, 1997
Schedule of Investments
Stock Portfolios
------------------------
International Value
------------------------
Emerging Markets Value
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein International Value Portfolio
March 31, 1997 (unaudited)
Shares Description Market Value*
- -----------------------------------------------------------------------------
EQUITIES: 95.43%
- -----------------------------------------------------------------------------
AUSTRALIA: 1.63%
- -----------------------------------------------------------------------------
Broadcasting & Publishing
4,067,787 P.M.P. Communications Limited $ 10,204,546
(Note A, p. 5)
Building Materials
1,368,928 Boral Limited (Note A, p. 5) 4,067,292
Food & Household Products
2,854,270 Burns, Philp & Company Limited 4,766,067
Metal--Nonferrous
3,606,086 North Limited (Note A, p. 5) 11,731,935
Paper & Forest Products
1,750,000 Amcor Limited (Note A, p. 5) 11,249,608
Real Estate
4,134,000 Schroders Property Fund 7,453,904
797,822 Westfield America (Note B, p. 5) 700,502
7,289,222 Westfield Trust 13,657,291
----------
Total Australian Stocks
(Cost $60,275,620) 63,831,145
----------
- -----------------------------------------------------------------------------
AUSTRIA: 2.61%
- -----------------------------------------------------------------------------
Banking
634,046 Creditanstalt-Bankverein 38,480,774
Construction & Housing
136,850 Wienerberger Baustoffindustrie AG 25,775,012
Food & Household Products
225,465 Brau-Union Goess-Reinighaus 13,148,542
181,650 Oesterreichische 11,440,216
Brau-Beteiligungs AG
Metal--Steel
314,400 Voest-Alpine Stahl AG 12,991,735
-----------
Total Austrian Stocks
(Cost $105,250,372) 101,836,279
-----------
- -----------------------------------------------------------------------------
CANADA: 4.54%
- -----------------------------------------------------------------------------
Banking
50,000 Bank of Montreal 1,767,786
170,000 Canadian Imperial Bank of Commerce 3,867,823
2,706,600 National Bank of Canada 28,835,211
Broadcasting & Publishing
721,200 Torstar Corp. (Class B) 19,013,218
Energy Sources
544,350 Nova Scotia Power Inc. 5,524,101
750,200 Suncor Inc. 33,053,232
*See Note 1, page 28 in Notes to Financial Statements.
- -------------------------------------------------------------------------------
Shares Description Market Value
- -------------------------------------------------------------------------------
Food & Household Products
930,100 Saskatchewan Wheat Pool (Class B) $ 11,454,103
Metal--Steel
2,688,900 Dofasco Inc. 45,251,983
Telecommunications
1,371,700 Telus Corp. 21,202,152
Textiles/Apparel
1,575,200 Dominion Textile Inc. 7,224,644
-----------
Total Canadian Stocks
(Cost $139,299,580) 177,194,253
-----------
- -----------------------------------------------------------------------------
FINLAND: 2.34%
- -----------------------------------------------------------------------------
Consumer Cyclicals--Wholesale & International Trade
1,002,300 Kesko (Note A, p. 5) 14,546,151
Food & Household Products
262,930 Cultor Oy Series 2 (Note A, p. 5) 15,789,695
Insurance
411,275 Sampo Insurance Co-'A' Free 37,788,299
(Note A, p. 5)
Paper & Forest Products
25,000 Enso Oy 'A' (Note A, p. 5) 212,687
2,691,600 Enso Oy 'R' (Note A, p. 5) 22,952,630
-----------
Total Finnish Stocks
(Cost $71,450,914) 91,289,462
-----------
- -----------------------------------------------------------------------------
FRANCE: 12.79%
- -----------------------------------------------------------------------------
Automobiles
300,830 Peugeot S.A. (Note A, p. 5) 34,345,361
Banking
522,711 Credit National (Note A, p. 5) 32,119,564
174,920 Societe Generale (Note A, p. 5) 20,500,020
Broadcasting & Publishing
210,681 Television Francaise 1 (TF1) 21,126,263
Building Materials
185,000 Lafarge 12,844,065
Business & Public Services
583,700 Compagnie Generale des Eaux 79,531,659
Construction & Housing
135,195 Eiffage (Note A, p. 5) 8,114,830
Electrical & Electronics
364,891 Alcatel Alsthom 44,063,781
Energy Sources
93,702 ESSO SAF 9,679,786
488,626 Societe Nationale Elf Aquitaine 50,215,906
Food & Household Products
362,935 Eridania Beghin-Say S.A. 57,208,563
(Note A, p. 5)
Machinery & Engineering
412,460 Vallourec (Note C, p. 5) 25,418,320
Schedule of Investment--Stock Portfolios 1
<PAGE>
- ------------------------------------------------------------------------------
Shares Description Market Value
- ------------------------------------------------------------------------------
Metal--Steel
3,294,078 Usinor Sacilor (Note A, p. 5) $ 53,977,233
Real Estate
258,705 Sefimeg (Note A, p. 5) 21,380,198
298,428 Simco (Note A, p. 5) 29,234,197
------------
Total French Stocks
(Cost $454,488,731) 499,759,746
------------
- -----------------------------------------------------------------------------
GERMANY: 17.29%
- -----------------------------------------------------------------------------
Banking
1,393,400 Bayerische Hypotheken und 48,702,170
Wechsel Bank (Note A, p. 5)
2,567,730 Commerzbank (Note A, p. 5) 73,891,511
1,059,650 Dresdner Bank (Note A, p. 5) 37,672,209
2,317,260 IKB Deutsche Industriebank 46,122,921
Building Materials
22,883 Dyckerhoff AG (Vorzug)
(Note A, p. 5) 8,272,451
Chemicals
1,723,500 BASF AG (Note A, p. 5) 65,096,223
1,320,000 Bayer AG (Note A, p. 5) 54,920,863
Electrical & Electronics
1,009,300 Siemens AG (Stamm) (Note A, p. 5) 54,398,124
Food & Household Products
7,300 Sudzucker AG (Stamm) 3,676,259
18,905 Sudzucker AG (Vorzug) (Note A, p. 5) 9,611,175
Health & Personal Care
622,660 Dragerwerk AG (Vorzug) 10,153,688
407,000 Merck KGaA 16,689,928
20,000 Wella AG (Stamm) 10,971,223
11,275 Wella AG (Vorzug) (Note A, p. 5) 6,218,825
Machinery & Engineering
35,000 MAN AG (Stamm) 10,050,959
114,750 MAN AG (Vorzug) 25,866,907
Merchandising
57,450 Herlitz AG (Stamm) (Note A, p. 5) 5,803,552
79,600 Herlitz AG (Vorzug) 7,540,048
73,500 Karstadt AG (Note A, p. 5) 25,271,133
394,848 Metro AG (Vorzug) 29,353,209
Non-Financial
53,175 Grohe (Friedrich) AG (NVP) 16,481,700
(Note A, p. 5)
Telecommunications
219,000 Deutsche Telekom AG (Note A, p. 5) 5,028,597
Textiles/Apparel
10,305 Hugo Boss AG (Note A, p. 5) 14,085,971
Utilities--Electric, Gas & Water
732,600 RWE AG (Stamm) (Note A, p. 5) 32,699,083
389,800 RWE AG (Vorzug) 14,068,321
757,000 VEBA AG (Note A, p. 5) 42,864,898
-----------
Total German Stocks
(Cost $537,850,748) 675,511,948
-----------
2 Sanford C. Bernstein Fund, Inc.---1997 Semiannual Report
- ------------------------------------------------------------------------------
Shares Description Market Value
- -----------------------------------------------------------------------------
HONG KONG: 0.92%
- -----------------------------------------------------------------------------
Real Estate
5,056,146 Great Eagle Holdings
(Note A, p. 5) $16,704,394
5,899,000 Hang Lung Development Company 10,696,110
9,720,000 Tai Cheung Holdings 8,404,507
----------
Total Hong Kong Stocks
(Cost $34,580,149) 35,805,011
----------
- -----------------------------------------------------------------------------
ITALY: 8.43%
- -----------------------------------------------------------------------------
Automobiles
13,676,478 Magneti Marelli S.p.A. ORD 18,727,485
(Note A, p. 5)
2,267,500 Magneti Marelli S.p.A. RNC 2,435,803
Banking
16,692,000 Banca Commerciale Italiana 34,019,743
(Note A, p. 5)
1,757,950 Banca Popolare di Bergamo 26,729,064
(Note A, p. 5)
1,281,000 Banca Popolare di Milano 7,222,312
(Note A, p. 5)
1,073,000 Banco Ambrosiano Veneto ORD 2,446,228
(Note A, p. 5)
5,082,800 Banco Ambrosiano Veneto RNC 8,792,200
3,899,750 Istituto Mobiliare Italiano
(Note A, p. 5) 34,369,726
Energy Sources
12,702,580 ENI S.p.A. (Note A, p. 5) 65,689,995
Machinery & Engineering
6,090,000 Finmeccanica S.p.A. ORD 2,755,979
(Note B, p. 5)
750,000 Finmeccanica S.p.A. RNC 287,899
(Note B, p. 5)
Telecommunications
1,300,000 Stet S.p.A. ORD (Note A, p. 5) 5,824,562
2,100,000 Stet S.p.A. RNC 7,619,073
37,085,500 Telecom Italia S.p.A. ORD 94,935,321
(Note A, p. 5)
8,123,000 Telecom Italia S.p.A. RNC 17,583,390
(Note A, p. 5)
-----------
Total Italian Stocks
(Cost $277,156,520) 329,438,780
-----------
- -----------------------------------------------------------------------------
JAPAN: 25.68%
- -----------------------------------------------------------------------------
Appliances & Household Durables
4,246,000 Matsushita Electric Industrial 66,263,281
Co., Ltd. (Note A, p. 5)
Automobiles
1,282,000 Aisin Seiki Co., Ltd.
(Note A, p. 5) 17,311,717
393,000 Toyoda Gosei Co., Ltd.
(Note A, p. 5) 2,367,470
Banking
413,490 Bank of Iwate 19,057,920
1,540,000 Biwako Bank 5,977,198
3,381,000 Higo Bank 18,043,665
<PAGE>
- -------------------------------------------------------------------
Shares Description Market Value
- -------------------------------------------------------------------
2,194,000 Hyakugo Bank $ 12,063,718
207,000 Hyakujushi Bank (Note A, p. 5) 1,175,014
2,896,000 Kagoshima Bank 16,415,428
3,206,000 Michinoku Bank (Note A, p. 5) 19,183,634
1,586,200 Miyazaki Bank (Note B, p. 5) 6,669,556
1,733,000 Oita Bank (Note A, p. 5) 10,579,890
3,527,000 Toho Bank 18,109,849
303,000 Yamagata Bank (Note A, p. 5) 1,543,543
Business & Public Services
1,000 Dai Nippon Printing 16,738
1,254,000 Toppan Printing Co., Ltd. 14,601,439
Chemicals
2,671,000 Fuji Photo Film Co., Ltd. 87,903,048
1,393,000 Kansai Paint Co., Ltd. (Note A, p. 5) 5,631,924
Construction & Housing
100,000 Daito Trust Construction Co., Ltd. 978,410
4,677,000 Sekisui House, Ltd. 45,760,249
Electrical & Electronics
12,394,000 Hitachi, Ltd. 110,240,155
Energy Sources
2,031,000 General Sekiyu Group (Note A, p. 5) 12,005,021
Financial Services
2,709,000 Hitachi Credit (Note A, p. 5) 39,867,227
262,900 Promise Co., Ltd. 11,011,741
Food & Household Products
15,000 Chukyo Coca-Cola Bottling Co., Ltd. 127,355
191,400 Ezaki Glico Co., Ltd. 1,478,022
422,000 Hokkaido Coca-Cola Bottling Co., Ltd. 4,572,491
31,000 Kinki Coca-Cola Bottling Co., Ltd. 338,401
(Note A, p. 5)
371,400 Kita Kyushu Coca-Cola Bottling 6,787,127
Co., Ltd. (Note B, p. 5)
191,000 Mikuni Coca-Cola Bottling Co., Ltd. 2,301,205
650,000 Sanyo Coca-Cola Bottling Co., Ltd. 7,883,884
687,000 Shikoku Coca-Cola Bottling Co., Ltd. 7,499,394
(Note A, p. 5)
Health & Personal Care
399,000 Chugai Pharmaceutical Co., Ltd. 3,123,086
1,267,000 Daiichi Pharmaceutical Co., Ltd. 19,260,613
1,341,000 Yamanouchi Pharmaceutical Co., Ltd. 27,759,036
(Note A, p. 5)
Insurance (Non-Life)
5,247,900 Chiyoda Fire & Marine 19,647,269
3,744,000 Dai-Tokyo Fire & Marine 18,164,470
367,000 KOA Fire & Marine 1,706,356
901,000 Nippon Fire & Marine 4,225,600
Machinery & Engineering
4,292,000 Makita Corp. 56,222,528
973,000 Sintokogio (Note A, p. 5) 6,223,360
Merchandising
538,000 Aoki International Co., Ltd. 8,178,540
2,073,300 Aoyama Trading Co., Ltd. 48,114,910
- ----------------------------------------------------------------------
Shares Description Market Value
- ----------------------------------------------------------------------
Metal--Steel
1,324,000 Kurimoto, Ltd. (Note A, p. 5) $ 10,384,734
1,929,000 Maruichi Steel Tube, Ltd. 30,883,965
432,900 Tokyo Steel Manufacturing Co., Ltd. 4,270,543
1,010,000 Yamato Kogyo Co., Ltd. (Note A, p. 5) 8,656,909
3,129,000 Yodogawa Steel Works, Ltd. 17,812,048
(Note A, p. 5)
Miscellaneous Materials
2,709,000 Yamamura Glass Co., Ltd. 9,703,946
Real Estate
3,583,000 Daiwa Kosho Lease Co., Ltd. 26,799,345
(Note A, p. 5)
31,000 Toc Co. 300,801
Textiles/Apparel
1,345,000 Gunze Ltd. 5,535,740
858,000 Tokyo Style Co., Ltd. 9,504,811
970,000 Wacoal Corp. (Note A, p. 5) 9,882,753
350,400 World Co., Ltd. 11,900,057
Transportation--Road & Rail
3,276,000 Seino Transportation Co., Ltd. 32,052,721
(Note A, p. 5)
1,275 West Japan Railway Co. 4,216,771
Utilities--Electric, Gas & Water
640,500 Hokkaido Electric Power Co., Inc. 10,306,420
(Note A, p. 5)
401,800 Hokuriku Electric Power Co., Inc. 6,627,897
(Note A, p. 5)
303,000 Kyushu Electric Power Co., Inc. 5,292,149
(Note A, p. 5)
317,200 Shikoku Electric Power Co., Inc. 5,078,483
(Note A, p. 5)
465,000 Tohoku Electric Power Co., Inc. 7,595,213
(Note A, p. 5)
-------------
Total Japanese Stocks
(Cost $1,179,109,007) 1,003,196,788
-------------
- -------------------------------------------------------------------
NETHERLANDS: 2.77%
- -------------------------------------------------------------------
Banking
335,100 ABN Amro Holding NV 23,048,734
Chemicals
67,872 DSM NV 6,854,149
Energy Sources
273,343 Royal Dutch Petroleum 49,640,430
Food & Household Products
775,000 Unilever plc 20,579,960
Real Estate
26,000 Wereldhave NV 1,590,083
Telecommunications
178,578 Koninklijke PTT Nederland NV 6,617,526
-------------
Total Netherlands Stocks
(Cost $72,729,606) 108,330,882
-------------
Schedule of Investments--Stock Portfolios 3
<PAGE>
- -------------------------------------------------------------------
Shares Description Market Value
- -------------------------------------------------------------------
SPAIN: 4.74%
- -------------------------------------------------------------------
Banking
1,365,928 Argentaria $ 59,558,425
Construction & Housing
1,227,455 Dragados Y Construcciones S.A. 19,462,036
(Note A, p. 5)
Energy Sources
460,150 Repsol, S.A. (Note A, p. 5) 19,217,024
Utilities--Electric, Gas & Water
2,601,907 Fuerzas Electricas de Cataluna S.A. 21,916,612
7,906,704 Union Electrica Fenosa S.A. 64,921,441
(Note A, p. 5)
-------------
Total Spanish Stocks
(Cost $153,005,445) 185,075,538
-------------
- -------------------------------------------------------------------
SWEDEN: 0.30%
- -------------------------------------------------------------------
Appliances & Household Durables
111,150 Electrolux AB (Class B) (Note A, p. 5) 7,079,618
Banking
50,000 Sparbanken Sverige (Note A, p. 5) 928,875
Real Estate
56,080 Nackebro Fastighets AB (Note B, p. 5) 714,395
253,190 Tornet Fastighets AB (Note B, p. 5) 2,872,577
-------------
Total Swedish Stocks
(Cost $7,774,844) 11,595,465
-------------
- -------------------------------------------------------------------
SWITZERLAND: 2.89%
- -------------------------------------------------------------------
Banking
168,964 Swiss Bank Corporation 36,105,928
Food & Household Products
21,849 Nestle S.A. 25,584,131
Health & Personal Care
31,053 Novartis AG 38,541,110
Machinery & Engineering
7,275 Bobst AG Bearer 10,743,138
3,035 Bobst AG Registered 2,140,740
-------------
Total Swiss Stocks
(Cost $81,404,942) 113,115,047
-------------
- -------------------------------------------------------------------
UNITED KINGDOM: 8.50%
- -------------------------------------------------------------------
Automobiles
4,633,398 Lex Service plc 25,652,162
Broadcasting & Publishing
3,658,211 United News and Media plc 45,381,558
Building Materials
364,434 Hanson plc (Note B, p. 5) 1,720,838
359,333 Redland plc 2,146,066
Construction & Housing
3,235,000 Tarmac plc 5,162,800
4 Sanford C. Bernstein Fund, Inc.---1997 Semiannual Report
- -------------------------------------------------------------------
Quantity Description Market Value
- -------------------------------------------------------------------
Electrical & Electronics
1,760,898 The General Electric Co., plc $ 10,835,404
Energy Sources
2,059,800 Shell Transport & Trading Co., plc 36,770,040
Food & Household Products
11,102,960 Hazlewood Foods plc 21,007,575
1,600,100 Hillsdown Holdings plc 5,054,610
1,291,547 Imperial Tobacco Group plc 8,861,058
(Note B, p. 5)
Health & Personal Care
2,100,000 Smith & Nephew plc 6,184,600
Insurance
1,428,700 Commercial Union plc 15,678,561
1,090,600 General Accident plc 14,673,217
1,572,063 Guardian Royal Exchange plc 7,293,876
2,906,565 Royal & Sun Alliance Insurance 21,471,663
Group plc
Merchandising
350,000 J. Sainsbury plc 1,952,122
279,399 Safeway plc 1,631,896
5,081,600 Somerfield plc (Note B, p. 5) 14,798,342
Metal--Steel
4,143,900 British Steel plc 11,113,124
Miscellaneous Materials
1,300,000 BTR plc 5,710,760
513,000 Powell Duffryn plc 3,671,520
Real Estate
2,300,000 MEPC plc 18,163,870
Textiles/Apparel
1,184,450 Courtaulds Textiles plc 5,456,499
Utilities--Electric, Gas & Water
574,600 Anglian Water plc 6,050,411
3,262,480 South West Water plc 35,802,471
-------------
Total United Kingdom Stocks
(Cost $279,427,805) 332,245,043
-------------
Total Equities (Cost $3,453,804,283) 3,728,225,387
-------------
- -------------------------------------------------------------------
RIGHTS--JAPAN BANKING (Note B, p. 5) 0.03%
- -------------------------------------------------------------------
374,920 Miyazaki Bank 970,118
(Expiration 04/01/1997)
30,300 Yamagata Bank 78,402
(Expiration 04/01/1997)
-------------
Total Rights (Cost $1,063,482) 1,048,520
-------------
<PAGE>
- ------------------------------------------------------------------------------
Quantity Description Market Value
- ------------------------------------------------------------------------------
REPURCHASE AGREEMENT: 2.88%
- ------------------------------------------------------------------------------
112,579,000 State Street Bank & Trust Co., $112,579,000
Repurchase Agreement,
Dated 03/31/1997, 5.75%,
maturing 04/01/1997,
Collateral 93,745,000 principal
amount U.S. Treasury Bond,
8.875%, 02/15/2019,
Value $111,586,455, and
3,200,000 principal amount
U.S. Treasury Note,
6.25%, 06/30/1998,
Value $3,250,723
------------
Total Repurchase Agreement
(Cost $112,579,000) 112,579,000
------------
- ------------------------------------------------------------------------------
INVESTMENT SUMMARY
- ------------------------------------------------------------------------------
Total Investments (Cost $3,567,446,765) 98.34% $3,841,852,907
(Note E, below)
Cash and Other Assets, Less Liabilities 1.66 64,690,306
(Note F, below) ------ --------------
Net Assets (Equivalent to $18.48
per share based on 211,435,365
shares of capital stock outstanding) 100.00% $3,906,543,213
====== ==============
- ------------------------------------------------------------------------------
LONG FUTURES CONTRACT
- ------------------------------------------------------------------------------
Quantity Description Unrealized Appreciation
- ------------------------------------------------------------------------------
491 French CAC 40 Stock Index $ 922,539
April 1997 --------------
Total Long Futures Contract $ 922,539
--------------
- ------------------------------------------------------------------------------
FOREIGN CURRENCIES
- ------------------------------------------------------------------------------
Quantity Description Market Value
- ------------------------------------------------------------------------------
2,513,958 Australian Dollar $ 1,970,804
25,608,688 Austrian Schilling 2,170,688
3,249,344 British Pound 5,346,074
3,225,640 Canadian Dollar 2,329,823
24,599,956 Deutschemark 14,748,175
10,105,692 Finnish Markka 2,022,919
91,665,303 French Franc 16,326,530
1,823,286 Hong Kong Dollar 235,302
8,345,919,702 Italian Lira 5,005,800
384,811,195 Japanese Yen 3,111,598
1,595,481 Netherlands Guilder 850,696
107,527,981 Spanish Peseta 761,125
135,955,039 Swedish Krona 18,040,743
2,537,653 Swiss Franc 1,763,483
--------------
Total Foreign Currencies $ 74,683,760
--------------
- ------------------------------------------------------------------------------
(A) Represents entire or partial security position out on loan or securities
contractually obligated to be loaned at a future date.
(B) Non-income-producing security
(C) Affiliated company (see Note 3B of Notes to Financial Statements)
(D) Explanation of abbreviations:
Vorzug--German Preferred Share
Stamm--German Ordinary Share
NVP--Non-Voting Preference Share
ORD--Italian Ordinary Share
RNC--Italian Savings Share
(E) At March 31, 1997, the cost basis of investment securities owned was
substantially identical for both book and tax.
(F) Includes $3,625,026 U.S. dollar equivalent of French francs
pledged as collateral for futures transactions.
(G) Allocation of assets by industry as of March 31, 1997:
Appliances & Household Durables 1.88%
Automobiles 2.58
Banking 17.79
Broadcasting & Publishing 2.45
Building Materials 0.74
Business & Public Services 2.41
Chemicals 5.64
Construction & Housing 2.70
Consumer Cyclicals--Wholesale & International Trade 0.37
Electrical & Electronics 5.62
Energy Sources 7.21
Financial Services 1.30
Food & Household Products 6.12
Health & Personal Care 3.56
Insurance 2.48
Insurance (Non-Life) 1.12
Machinery & Engineering 3.58
Merchandising 3.65
Metal--Nonferrous 0.30
Metal--Steel 5.00
Miscellaneous Materials 0.49
Non-Financial 0.42
Paper & Forest Products 0.88
Real Estate 4.06
Telecommunications 4.07
Textiles/Apparel 1.63
Transportation--Road & Rail 0.93
Utilities--Electric, Gas & Water 6.48
Repurchase Agreement 2.88
Cash and Other Assets, Less Liabilities 1.66
---------
Total 100.00%
=========
See Notes to Financial Statements.
Schedule of Investments--Stock Portfolios 5
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Emerging Markets Value Portfolio
March 31, 1997 (unaudited)
- --------------------------------------------------------------------------------
Shares Description Market Value*
- --------------------------------------------------------------------------------
EQUITIES: 97.17%
- --------------------------------------------------------------------------------
ARGENTINA: 5.96%
- --------------------------------------------------------------------------------
Banking
115,430 Banco de Galicia Y Buenos Aires $ 706,502
S.A. de C.V.
4,760 Banco de Galicia Y Buenos Aires 116,025
S.A. de C.V. ADR
4,000 Banco Frances del Rio la Plata S.A. 39,924
29,050 Banco Frances del Rio la Plata S.A. 871,500
ADR
Beverage & Tobacco
50,082 Nobleza Piccardo S.A.I.C. 235,409
Energy Sources
2,490,600 Astra Cia Argentina de Petroleo S.A. 3,885,725
25,000 YPF S.A. ADR 662,500
Metal--Steel
124,619 Siderar S.A.I.C. (Note B, p. 9) 431,225
3,115,498 Siderca S.A.I.C. 6,574,358
Real Estate
332,300 IRSA Inversiones y 1,246,250
Representaciones S.A.
3,700 IRSA Inversiones y 137,825
Representaciones S.A. GDR
Textiles/Apparel
2,373,530 Alpargatas S.A.I.C. (Note B, p. 9) 2,077,046
Utilities--Electric, Gas & Water
1,943,759 Central Puerto S.A. 6,220,651
-------------
Total Argentine Stocks
(Cost $18,670,379) 23,204,940
-------------
- --------------------------------------------------------------------------------
BRAZIL: 6.75%
- --------------------------------------------------------------------------------
Financial Services
4,406,000 Itausa Investment Itau S.A. 3,701,822
Food & Household Products
1,073,000 Santista Alimentos S.A. (Note B, p. 9) 2,329,746
Metal--Steel
67,700,000 Companhia Siderurgica de Tubarao 1,066,660
(PFD) (Class B)
178,416,325 Siderurgica Riograndense S.A. (PFD) 4,682,313
Paper & Forest Products
119,100,000 Votorantim Celulose Papel S.A. (PFD) 2,810,818
29,563,014 Votorantim Celulose Papel S.A. (PFD) 697,702
(RFD 05/02/1997) (Note B, p. 9)
*See Note 1, page 28 in Notes to Financial Statements.
6 Sanford C. Bernstein Fund, Inc.--1997 Semiannual Report
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
Utilities--Electric, Gas & Water
522,000 Centrais Electricas Brasileiras ADR $ 10,962,000
-------------
Total Brazilian Stocks
(Cost $19,248,283) 26,251,061
-------------
- --------------------------------------------------------------------------------
CHILE: 3.91%
- --------------------------------------------------------------------------------
Banking
149,500 Banco de Santiago ADR 4,055,188
Beverage & Tobacco
109,000 Vina Concha Y Toro S.A. ADR 3,106,500
Telecommunications
155,550 Compania de Telecomunicaciones de 4,472,062
Chile S.A. ADR
Utilities--Electric, Gas & Water
138,700 Chilgener S.A. ADR 3,571,525
-------------
Total Chilean Stocks
(Cost $11,957,914) 15,205,275
-------------
- --------------------------------------------------------------------------------
CHINA: 4.61%
- --------------------------------------------------------------------------------
Appliances & Household Durables
16,350,889 Shenzhen China Bicycles Co., Ltd. 7,723,135
(Note B, p. 9)
Chemicals
32,210,000 Yizheng Chemical Fibre Co., Ltd. 6,900,332
Metal--Steel
4,968,000 Maanshan Iron & Steel Co., Ltd. 987,355
Utilities--Electric, Gas & Water
104,000 Shandong Huaneng Power Company 2,327,000
Ltd. ADR
-------------
Total Chinese Stocks
(Cost $13,491,447) 17,937,822
-------------
- --------------------------------------------------------------------------------
INDIA: 3.93%
- --------------------------------------------------------------------------------
Automobiles
187,200 Ashok Leyland Ltd. 450,314
175,000 Ashok Leyland Ltd. GDR 1,273,125
Chemicals
669,000 Southern Petrochemical Industries 2,425,125
Corp., Ltd. GDS
Consumer Cyclicals--Wholesale & International Trade
40,000 Videocon International Ltd. GDR 55,000
828,000 Videocon International Ltd. GDS 1,035,000
Financial Services
1,006,150 Industrial Credit & Investment 1,781,914
Corp. of India Ltd.
17,000 Industrial Credit & Investment 182,750
Corp. of India Ltd. GDR (Note B, p. 9)
303,000 Industrial Credit & Investment 3,257,250
Corp. of India Ltd. GDR (Note B, p. 9)
<PAGE>
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
Health & Personal Care
305,000 Cheminor Drugs Ltd. (Note B, p. 9) $ 888,927
Utilities--Electric, Gas & Water
93,000 BSES Ltd. (Note B, p. 9) 581,655
157,000 BSES Ltd. GDR 3,375,500
-------------
Total Indian Stocks
(Cost $19,489,981) 15,306,560
-------------
- --------------------------------------------------------------------------------
INDONESIA: 6.95%
- --------------------------------------------------------------------------------
Automobiles
8,000,500 PT Gadjah Tunggal (Foreign) 3,582,065
Food & Household Products
8,287,500 PT Sinar Mas Multiartha (Foreign) 6,299,328
Miscellaneous Materials
6,497,000 PT Kabelmetal Indonesia (Foreign) 2,705,956
Paper & Forest Products
2,610,500 PT Inti Indorayon Utama (Foreign) 1,984,241
(Note B, p. 9)
Real Estate
5,137,000 PT Dharmala Intiland (Foreign) 7,488,338
Telecommunications
2,124,000 PT Telekomunikasi Indonesia 3,251,021
(Foreign)
549,000 PT Telekomunikasi Indonesia 840,306
(Local) (Note B, p. 9)
30,000 PT Telekomunikasi Indonesia ADR 903,750
-------------
Total Indonesian Stocks
(Cost $25,731,571) 27,055,005
-------------
- --------------------------------------------------------------------------------
ISRAEL: 5.80%
- --------------------------------------------------------------------------------
Banking
2,430,000 Bank Hapoalim (Note B, p. 9) 4,788,998
1,543,430 Israel Discount Bank 1,606,014
Electrical & Electronics
556,991 Israel Electric Wire & Cable 2,104,078
Multi-Industry
1,999,527 Israel Land Development (Note B, p. 9) 9,115,315
8,500 Israel Land Development ADR 116,875
(Note B, p. 9)
Telecommunications
570,000 Bezeq Israeli Telecommunication 1,498,927
Corp. Ltd.
Textiles/Apparel
2,913,527 Kitan Consolidated Ltd. (Note B, p. 9) 3,344,388
-------------
Total Israeli Stocks
(Cost $19,263,452) 22,574,595
-------------
- --------------------------------------------------------------------------------
MALAYSIA: 7.70%
- --------------------------------------------------------------------------------
Automobiles
376,600 Oriental Holdings Berhad 3,403,882
- -------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
1,782,000 Tan Chong Motor Berhad $ 3,451,398
Building Materials
1,255,000 Cement Industries of Malaysia 4,000,524
Berhad
Financial Services
1,755,000 MBF Capital Berhad 3,101,683
Miscellaneous Materials
1,586,000 Golden Hope Plantations Berhad 2,751,806
1,040,000 Kuala Lumpur Kepong Berhad 2,559,819
3,773,800 Malaysia Mining Corp. Berhad 4,842,305
Real Estate
350,000 Bolton Properties Berhad 663,761
Utilities--Electric, Gas & Water
1,060,000 Tenaga Nasional Berhad 5,175,322
-------------
Total Malaysian Stocks
(Cost $24,606,508) 29,950,500
- --------------------------------------------------------------------------------
MEXICO: 7.92%
- --------------------------------------------------------------------------------
Beverage & Tobacco
1,258,000 Fomento Economico Mexicano S.A. 5,560,615
de C.V.
Financial Services
8,550 Grupo Financiero Banamex S.A. 17,295
(Note B, p. 9)
285,000 Grupo Financiero Banamex S.A. (NVP) 649,827
(Note B, p. 9)
4,254,000 Grupo Financiero Serfin S.A. de C.V. 1,641,622
(Note B, p. 9)
Metal--Nonferrous
413,444 Grupo Mexico S.A. (NVP) 1,381,710
(Note B, p. 9)
Metal--Steel
281,200 Tubos de Acero de Mexico S.A. ADR 4,815,550
(Note B, p. 9)
Multi-Industry
2,236,200 Cydsa S.A. 5,640,204
Retail
2,990,000 Sears Roebuck de Mexico S.A. (NVP) 4,977,363
(Note B, p. 9)
Telecommunications
165,000 Telefonos de Mexico S.A. 321,697
150,325 Telefonos de Mexico S.A. ADR 5,787,513
-------------
Total Mexican Stocks
(Cost $28,106,539) 30,793,396
-------------
- --------------------------------------------------------------------------------
PHILIPPINES: 7.92%
- --------------------------------------------------------------------------------
Banking
845,000 Philippine National Bank (Note B, p. 9) 10,095,771
Food & Household Products
13,083,500 Universal Robina Corp. 5,954,940
Schedule of Investments--Stock Portfolios 7
<PAGE>
- ------------------------------------------------------------------------------
Shares Description Market Value
- ------------------------------------------------------------------------------
Real Estate
50,208,500 Robinson's Land Corp. - Series 'B' $ 8,664,846
(Note B, p. 9)
Telecommunications
71,970 Philippine Long Distance 4,326,662
Telephone Co.
29,700 Philippine Long Distance 1,778,288
Telephone Co. ADR ------------
Total Philippine Stocks
(Cost $34,580,319) 30,820,507
------------
- ------------------------------------------------------------------------------
SOUTH AFRICA: 9.84%
- ------------------------------------------------------------------------------
Banking
1,034,881 Amalgamated Banks of South Africa 6,556,549
Beverage & Tobacco
612,300 Rembrandt Group Ltd. 6,546,255
Chemicals
1,186,300 AECI Ltd. 6,844,813
Metal--Steel
8,583,694 S.A. Iron & Steel Industrial 6,992,035
Corp., Ltd.
Mining
193,900 De Beers Consolidated Mines Ltd. 7,063,672
2,500 De Beers Consolidated Mines Ltd. 88,437
ADR
508,000 Free State Consolidated Gold 3,649,508
Mines Ltd.
75,000 Free State Consolidated Gold 527,344
Mines Ltd. ADR ------------
Total South African Stocks
(Cost $37,478,347) 38,268,613
------------
- ------------------------------------------------------------------------------
SOUTH KOREA: 8.53%
- ------------------------------------------------------------------------------
Banking
128,010 Daegu Bank 1,009,213
149,430 Jeon-Buk Bank 867,712
544,350 Kwang Ju Bank 2,857,002
105,550 Kyung Nam Bank 907,577
53,110 Pusan Bank 384,313
Beverage & Tobacco
86,618 Cho Sun Brewery Co., Ltd. 2,253,712
Building Materials
82,430 Asia Cement Manufacturing Co., Ltd. 2,687,835
Consumer Cyclicals--Wholesale & International Trade
276,210 Daewoo Corp. 1,807,472
Financial Services
187,913 Central Banking Corp. 2,727,939
Food & Household Products
255,420 Haitai Confectionary Co., Ltd. 3,593,849
Metal--Steel
97,692 Inchon Iron & Steel Co., Ltd. 1,658,200
8 Sanford C. Bernstein Fund, Inc.--1997 Semiannual Report
- -------------------------------------------------------------------------------
Shares Description Market Value
- -------------------------------------------------------------------------------
Textiles/Apparel
99,348 Tongyang Nylon Co., Ltd. $ 2,229,922
Tires & Rubber
225,610 Korea Kumho Petrochemical Co. 1,602,322
Utilities--Electric, Gas & Water
138,000 Korea Electric Power Corp. 4,006,700
263,100 Korea Electric Power Corp. ADR 4,604,250
------------
Total South Korean Stocks
(Cost $41,401,186) 33,198,018
============
- ------------------------------------------------------------------------------
TAIWAN: 6.74%
- ------------------------------------------------------------------------------
Building Materials
3,250,000 Pacific Construction (Note B, p. 9) 3,516,703
Food & Household Products
2,200,000 Great Wall Enterprises Co. 1,949,165
Metal--Steel
440,750 China Steel Corp. 422,506
360,902 China Steel Corp. GDS 6,992,476
Miscellaneous Materials
265,800 Teco Electric & Machinery Ltd. GDR 5,123,295
Textiles/Apparel
5,515,000 Far Eastern Textile 8,230,446
------------
Total Taiwanese Stocks
(Cost $22,891,233) 26,234,591
============
- ------------------------------------------------------------------------------
THAILAND: 5.90%
- ------------------------------------------------------------------------------
Banking
4,427,900 First Bangkok City Bank plc 3,923,779
(Foreign)
Building Materials
4,653,600 Thai-German Ceramic Industry Co., 5,065,082
Ltd. (Foreign)
18,300 Thai-German Ceramic Industry Co., 19,918
Ltd. (Local) (Note B, p. 9)
Insurance
18,500 Ayudhya Insurance Public Co., 142,554
Ltd. (Foreign)
51,000 Bangkok Insurance Public Co., 825,275
Ltd. (Foreign)
Merchandising
1,346,100 Saha Pathana Inter-Holding, Ltd. 3,111,771
(Foreign)
100,000 Saha Pathana Inter-Holding, Ltd. 231,169
(Local) (Note B, p. 9)
Real Estate
5,341,000 Krisda Mahanakorn Public Co., 1,913,747
Ltd. (Foreign)
291,700 Krisda Mahanakorn Public Co., 104,520
Ltd. (Local) (Note B, p. 9)
2,291,320 Tanayong Public Co., Ltd. 1,522,838
(Foreign)
<PAGE>
- ------------------------------------------------------------------------------
Quantity Description Market Value
- ------------------------------------------------------------------------------
40,700 Tanayong Public Co., Ltd. $ 16,465
(Local) (Note B, below)
Telecommunications
973,000 Total Access Communication Public 6,081,250
Co., Ltd. GDS ------------
Total Thai Stocks
(Cost $38,811,417) 22,958,368
============
- ------------------------------------------------------------------------------
TURKEY: 4.71%
- ------------------------------------------------------------------------------
Automobiles
68,131,650 Tofas Turk Otomobil Fabrikasi A.S. 4,910,197
(Note B, below)
5,504,100 Tofas Turk Otomobil Fabrikasi 1,788,832
A.S. GDS (Note B, below)
Banking
134,290,100 Yapi ve Kredi Bankasi A.S. 5,996,268
Building Materials
48,650,000 Baticim Bati Anadolu Cimento 5,621,304
Sanayii A.S. ------------
Total Turkish Stocks
(Cost $11,762,863) 18,316,601
------------
Total Equities
(Cost $367,491,439) 378,075,852
------------
- ------------------------------------------------------------------------------
WARRANTS--MALAYSIA REAL ESTATE
(Note B, below): 0.02%
- ------------------------------------------------------------------------------
87,500 Bolton Properties Berhad 68,142
(Expiration 09/15/2001) ------------
Total Warrants
(Cost $25,098) 68,142
------------
- ------------------------------------------------------------------------------
REPURCHASE AGREEMENT: 2.59%
- ------------------------------------------------------------------------------
10,069,000 State Street Bank & Trust Co., 10,069,000
Repurchase Agreement,
Dated 03/31/1997, 5.75%,
maturing 04/01/1997, Collateral
9,045,000 principal amount U.S.
Treasury Bond, 8.125%, 08/15/2019,
Value $10,020,449, and
265,000 principal amount
U.S. Treasury Note, 5.625%,
02/28/2001, Value $256,484 ------------
Total Repurchase Agreement
(Cost $10,069,000) 10,069,000
------------
- ------------------------------------------------------------------------------
INVESTMENT SUMMARY
- ------------------------------------------------------------------------------
Total Investments (Cost $377,585,537) 99.78% $388,212,994
(Note C, below)
Cash and Other Assets, Less Liabilities 0.22 868,033
------- ------------
Net Assets (Equivalent to $23.80
per share based on 16,349,853
shares of capital stock outstanding) 100.00% $389,081,027
======= ============
- ------------------------------------------------------------------------------
FOREIGN CURRENCIES
- ------------------------------------------------------------------------------
Quantity Description Market Value
- ------------------------------------------------------------------------------
534,350 Argentine Peso $ 534,403
167,336 Hong Kong Dollar 21,595
21,432,564 Indian Rupee 597,758
850,247,141 Indonesian Rupiah 354,122
659,861 Israeli Shekel 196,738
401,352 Malaysian Ringgit 161,947
857,727 Mexican Peso 108,169
1,847,790 New Taiwan Dollar 67,095
866,445 Philippine Peso 32,863
1,633,137 South African Rand 369,530
144,958,601 South Korean Won 161,874
357,232 Thai Baht 13,764
4,953,654,829 Turkish Lira 38,805
------------
Total Foreign Currencies $ 2,658,663
- ------------------------------------------------------------------------------
(A) Explanation of abbreviations:
ADR--American Depository Receipts
GDR--Global Depository Receipts
PFD--Preferred Share
RFD--Restricted for Dividends
GDS--Global Depository Share
NVP--Non-Voting Preference Share
(B) Non-income-producing security
(C) At March 31, 1997, the cost basis of investment securities
owned was substantially identical for both book and tax.
(D) Allocation of assets by industry as of March 31, 1997:
Appliances & Household Durables 1.99%
Automobiles 4.85
Banking 11.51
Beverage & Tobacco 4.55
Building Materials 5.37
Chemicals 4.16
Consumer Cyclicals--Wholesale & International Trade 0.74
Electrical & Electronics 0.54
Energy Sources 1.17
Financial Services 4.39
Food & Household Products 5.17
Health & Personal Care 0.23
Insurance 0.25
Merchandising 0.86
Metal--Nonferrous 0.36
Metal--Steel 8.90
Mining 2.91
Miscellaneous Materials 4.62
Multi-Industry 3.82
Paper & Forest Products 1.41
Real Estate 5.61
Retail 1.28
Telecommunications 7.52
Textiles/Apparel 4.08
Tires & Rubber 0.41
Utilities--Electric, Gas & Water 10.49
Repurchase Agreement 2.59
Cash and Other Assets, Less Liabilities 0.22
-------
Total 100.00%
=======
See Notes to Financial Statements.
Schedule of Investments--Stock Portfolios 9
<PAGE>
Sanford C. Bernstein Fund, Inc.
SEMIANNUAL REPORT
MARCH 31, 1997
Schedule of Investments
Taxable Bond
Portfolios
-----
Intermediate Duration
-------------------------
Short Duration Plus
-------------------------
Government Short Duration
-------------------------
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Intermediate Duration Portfolio
March 31, 1997 (unaudited)
- -------------------------------------------------------------------------------
Principal Amount Description Market Value*
- -------------------------------------------------------------------------------
DOMESTIC INVESTMENTS: 107.58%
- -------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 20.16%
- -------------------------------------------------------------------------------
Commercial Paper (Note A, p. 5): 2.23%
38,193,000 Avery Dennison Corp., $ 38,193,000
04/01/1997
------------
Total Commercial Paper (Cost $38,193,000) 38,193,000
------------
U.S. Treasury Bills: 17.93%
69,925,000 12/11/1997 67,231,279
125,145,000 02/05/1998 (Notes B & C, p. 5) 119,153,308
126,725,000 03/05/1998 120,085,877
------------
Total U.S. Treasury Bills (Cost $307,233,277) 306,470,464
------------
Total Short-Term Investments
(Cost $345,426,277) 344,663,464
------------
- -------------------------------------------------------------------------------
U.S. TREASURY NOTES: 28.68%
- -------------------------------------------------------------------------------
32,250,000 5.625%, 10/31/1997 (Note D, p. 5) 32,209,687
19,575,000 5.875%, 04/30/1998 (Note E, p. 5) 19,519,936
48,000,000 6.125%, 08/31/1998 47,894,976
122,960,000 5.625%, 11/30/1998 (Note F, p. 5) 121,538,214
70,765,000 5.875%, 01/31/1999 70,123,657
9,445,000 6.75%, 05/31/1999 9,495,172
55,130,000 7.75%, 01/31/2000 56,732,188
86,325,000 6.125%, 07/31/2000 85,003,105
48,410,000 6.25%, 08/31/2000 47,835,131
------------
Total U.S. Treasury Notes (Cost $492,501,448) 490,352,066
------------
- -------------------------------------------------------------------------------
U.S. TREASURY INFLATION INDEXED SECURITY: 5.35%
- -------------------------------------------------------------------------------
92,840,000 3.375%, 01/15/2007 91,568,371
(Notes G & H, p. 5)
------------
Total U.S. Treasury Inflation Indexed Security
(Cost $93,633,934) 91,568,371
------------
- -------------------------------------------------------------------------------
U.S. TREASURY BONDS: 16.71%
- -------------------------------------------------------------------------------
81,660,000 7.25%, 05/15/2016 (Note I, p. 5) 81,966,225
181,730,000 7.50%, 11/15/2016 (Note J, p. 5) 186,897,856
14,330,000 8.875%, 08/15/2017 16,815,352
------------
Total U.S. Treasury Bonds (Cost $299,387,331) 285,679,433
------------
- -------------------------------------------------------------------------------
MORTGAGE DERIVATIVES: 2.27%
- -------------------------------------------------------------------------------
3,791,413 Federal National Mortgage 3,885,766
Association Series 1990-18 Class H,
9.00%, 05/25/2019
*See Note 1, page 28 in Notes to Financial Statements
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
4,700,000 G.E. Capital Mortgage Services, $ 3,874,116
Inc. Series 1993-10 Class A15,
6.50%, 09/25/2023
2,239,691 G.E. Capital Mortgage Services, 2,224,573
Inc. Series 1994-11 Class A1,
6.50%, 03/25/2024
2,835,000 Federal National Mortgage 2,882,058
Association Series 1994-G6 Class PY,
7.75%, 05/17/2024
2,780,917 Prudential Home Mortgage 2,816,391
Securities Series 1994-15 Class A1,
8.00%, 05/25/2024
1,293,031 Residential Funding Mortgage Inc., 1,303,595
Securities 1, Series 1994-S15
Class A8, 7.75%, 07/25/2024
2,307,000 Citicorp Mortgage Securities, Inc. 1,888,787
Series 1994-11 Class A9,
6.25%, 08/25/2024
5,479,318 Ryland Mortgage Securities Corp. 5,498,331
Series 1993-4 Class A2,
7.50%, 08/25/2024
1,765,415 Residential Funding Mortgage Inc., 1,771,064
Securities 1, Series 1995-S3
Class A1, 7.65%, 04/25/2025
2,677,577 Asset Securitization Corp., Series 2,693,664
1996-D3 Class A1A,
7.01%, 10/13/2026 (Note G, p. 5)
4,145,000 Asset Securitization Corp., Series 4,160,991
1997-MD7 Class A1A,
7.32%, 01/13/2030 (Note G, p. 5)
6,615,000 Federal National Mortgage Association 5,857,774
Series 1997-M2 Class Z,
7.34%, 01/01/2037 (Note G, p. 5)
------------
Total Mortgage Derivatives (Cost $39,232,090) 38,857,110
------------
- -------------------------------------------------------------------------------
MORTGAGE PASS-THROUGHS: 24.60%
- -------------------------------------------------------------------------------
1,454,383 Federal National Mortgage Association 1,461,402
DUS Pool #073565,
7.31%, 07/01/2003 (Note G, p. 5)
1,510,162 Federal National Mortgage Association 1,511,905
DUS Pool #073712,
7.235%, 10/01/2003 (Note G, p. 5)
1,983,832 Federal Home Loan Mortgage Corp. 1,942,661
Pool #W20002,
6.775%, 11/01/2003 (Note G, p. 5)
1,984,622 Federal National Mortgage Association 1,970,406
DUS Pool #073733,
7.06%, 11/01/2003 (Note G, p. 5)
1,551,762 Federal National Mortgage Association 1,521,802
DUS Pool #073789,
6.85%, 12/01/2003 (Note G, p. 5)
1,452,237 Federal National Mortgage Association 1,420,226
DUS Pool #073426,
6.98%, 04/01/2006 (Note G, p. 5)
Schedule of Investments--Taxable Bond Portfolios 1
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,607,241 Federal National Mortgage $ 1,620,351
Association DUS Pool #073548,
7.48%, 07/01/2006 (Note G, p. 5)
1,592,672 Federal National Mortgage Association 1,601,859
DUS Pool #073626,
7.435%, 08/01/2006 (Note G, p. 5)
1,695,511 Federal National Mortgage Association 1,675,790
DUS Pool #073737,
7.175%, 11/01/2006 (Note G, p. 5)
2,425,089 Federal National Mortgage 2,741,682
Association Pool #303305,
12.00%, 05/01/2016
250,792 Federal Home Loan Mortgage Corp. 257,532
Pool #293246,
8.50%, 05/01/2017
7,416,786 Government National Mortgage 8,039,641
Association Pool #267832,
9.50%, 11/15/2017
2,275,380 Federal Home Loan Mortgage Corp. 2,341,410
Pool #304272,
8.50%, 06/01/2018
4,407,152 Government National Mortgage 4,678,099
Association Pool #312952,
9.00%, 08/15/2021
5,354,358 Government National Mortgage 5,774,991
Association Pool #780118,
9.50%, 08/15/2021
7,055,503 Government National Mortgage 7,609,776
Association Pool #780049,
9.50%, 11/15/2021
6,938,979 Government National Mortgage 7,484,098
Association Pool #780254,
9.50%, 11/15/2021
5,080,448 Federal Home Loan Mortgage Corp. 5,393,652
Gold Pool #G00391,
9.00%, 06/01/2022
6,052,217 Government National Mortgage 6,105,834
Association Pool #392349,
8.00%, 07/15/2024
7,938,315 Government National Mortgage 8,125,421
Association II ARM Pool #008484,
7.125%, 08/20/2024
5,181,942 Government National Mortgage 5,585,247
Association Pool #780012,
9.50%, 10/15/2024
75,629 Federal Home Loan Mortgage Corp. 79,387
Gold Pool #C80286,
9.00%, 03/01/2025
34,638 Federal Home Loan Mortgage Corp. 36,359
Gold Pool #D59810,
9.00%, 04/01/2025
5,766,900 Government National Mortgage 5,888,091
Association II ARM Pool #008621,
7.125%, 04/20/2025
2 Sanford C. Bernstein Fund, Inc.--1997 Semiannual Report
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
36,507 Federal Home Loan Mortgage Corp. $ 38,321
Gold Pool #G00350,
9.00%, 05/01/2025
7,495,821 Government National Mortgage 7,653,346
Association II ARM Pool #008643,
7.125%, 06/20/2025
8,966,856 Government National Mortgage 9,155,294
Association II ARM Pool #008660,
7.125%, 07/20/2025
5,835,811 Government National Mortgage 5,739,222
Association Pool #409928,
7.50%, 08/15/2025
2,750,675 Government National Mortgage 2,705,149
Association Pool #410088,
7.50%, 08/15/2025
5,323,868 Government National Mortgage 5,235,752
Association Pool #409946,
7.50%, 09/15/2025
7,774,293 Government National Mortgage 7,645,621
Association Pool #413123,
7.50%, 09/15/2025
9,403,585 Government National Mortgage 9,601,201
Association II ARM Pool #008703,
7.125%, 09/20/2025
3,619,539 Federal Home Loan Mortgage Corp. 3,650,844
Gold Pool #C00427,
8.00%, 10/01/2025
17,558,854 Federal Home Loan Mortgage Corp. 17,710,720
Gold Pool #C80356,
8.00%, 10/01/2025
4,484,332 Federal Home Loan Mortgage Corp. 4,523,117
Gold Pool #D64443,
8.00%, 10/01/2025
7,741,128 Federal Home Loan Mortgage Corp. 7,808,081
Gold Pool #D64928,
8.00%, 10/01/2025
6,449,759 Government National Mortgage 6,343,009
Association Pool #387136,
7.50%, 11/15/2025
3,440,005 Government National Mortgage 3,383,070
Association Pool #418352,
7.50%, 11/15/2025
7,300,884 Government National Mortgage 7,180,047
Association Pool #419244,
7.50%, 11/15/2025
7,612,444 Government National Mortgage 7,477,316
Association Pool #417275,
7.50%, 02/15/2026
1,937,945 Government National Mortgage 1,903,545
Association Pool #423798,
7.50%, 05/15/2026
4,388,421 Government National Mortgage 4,310,522
Association Pool #398717,
7.50%, 06/15/2026
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
5,935,344 Government National Mortgage $ 5,829,986
Association Pool #422926,
7.50%, 06/15/2026
7,017,785 Government National Mortgage 7,211,960
Association Pool #423841,
8.50%, 07/15/2026
7,741,153 Government National Mortgage 7,955,343
Association Pool #431037,
8.50%, 07/15/2026
5,339,637 Government National Mortgage 5,487,379
Association Pool #431053,
8.50%, 07/15/2026
2,487,020 Government National Mortgage 2,555,834
Association Pool #431076,
8.50%, 07/15/2026
5,361,998 Government National Mortgage 5,399,955
Association Pool #431243,
8.00%, 08/15/2026
5,983,880 Government National Mortgage 6,026,240
Association Pool #423052,
8.00%, 09/15/2026
2,035,513 Government National Mortgage 2,049,922
Association Pool #430423,
8.00%, 09/15/2026
1,196,107 Government National Mortgage 1,229,202
Association Pool #433307,
8.50%, 11/15/2026
4,574,499 Government National Mortgage 4,701,071
Association Pool #442121,
8.50%, 11/15/2026
46,780,000 Federal Home Loan Mortgage Corp. 46,049,296
Gold Pool TBA,
7.50%, 04/10/2027 (Note K, p. 5)
55,875,000 Federal Home Loan Mortgage Corp. 56,311,384
Gold Pool TBA,
8.00%, 04/10/2027 (Note K, p. 5)
52,395,000 Government National Mortgage 52,705,702
Association Pool TBA,
8.00%, 04/17/2027 (Note K, p. 5)
20,634,000 Government National Mortgage 20,195,527
Association Pool TBA,
7.50%, 05/15/2027 (Note K, p. 5)
------------
Total Mortgage Pass-Throughs
(Cost $424,739,943) 420,640,600
------------
- --------------------------------------------------------------------------------
FINANCE: 4.36%
- --------------------------------------------------------------------------------
4,525,000 Lehman Brothers Holdings, Inc. 4,525,000
Notes, 8.375%, 04/01/1997
1,020,000 Lehman Brothers Inc. Senior 1,026,355
Subordinated Notes,
9.50%, 06/15/1997
9,530,000 Associates Corp. of North America 9,564,022
Senior Notes, 6.625%, 05/15/1998
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
10,600,000 Korea Development Bank, $10,936,656
U.S. Dollar Denominated Notes,
9.25%, 06/15/1998
1,565,000 Lehman Brothers Inc. Senior 1,659,432
Subordinated Notes,
10.00%, 05/15/1999
7,570,000 Capital One Bank, 7,542,672
6.83%, 05/17/1999
5,135,000 Associates Corp. of North America 5,198,725
Notes, 7.25%, 09/01/1999
2,220,000 Lehman Brothers Holdings, Inc. 2,226,818
Medium-Term Notes,
7.11%, 09/27/1999
5,725,000 Lehman Brothers Inc. Medium-Term 5,706,858
Notes, 6.84%, 10/07/1999
8,800,000 First U.S.A. Bank Notes, 8,735,214
6.58%, 12/23/1999 (Note G, p. 5)
7,380,000 Salomon Inc. Medium-Term Notes, 7,242,363
6.625%, 11/30/2000
10,545,000 Paine Webber Group, Inc. Senior 10,218,632
Notes, 7.625%, 02/15/2014
----------
Total Finance (Cost $73,491,286) 74,582,747
----------
- --------------------------------------------------------------------------------
INDUSTRIAL: 1.92%
- --------------------------------------------------------------------------------
5,105,000 News America Holdings Inc., 5,374,289
9.125%, 10/15/1999
2,810,000 News America Holdings Inc., 2,839,561
7.50%, 03/01/2000
7,140,000 Boise Cascade Corp., 7,643,656
9.90%, 03/15/2000
3,950,000 RJR Nabisco Inc., 3,928,156
8.00%, 07/15/2001
4,115,000 RJR Nabisco Inc., 4,158,907
8.625%, 12/01/2002
1,975,000 Auburn Hills Trust-Chrysler, 2,861,913
Credit Sensitive Notes,
12.00%, 05/01/2020
6,160,000 Motorola, Inc. Debentures, 5,947,234
6.50%, 09/01/2025,
Putable 09/01/2005 @100
----------
Total Industrial (Cost $31,878,004) 32,753,716
----------
- --------------------------------------------------------------------------------
UTILITIES: 1.43%
- --------------------------------------------------------------------------------
8,310,000 Commonwealth Edison Co., 8,696,914
9.05%, 10/15/1999
10,650,000 Niagara Mohawk Power Corp., 10,260,103
6.875%, 03/01/2001
5,350,000 New Jersey Bell Telephone Co. 5,576,305
Debentures, 7.85%, 11/15/2029,
Putable 11/15/1999 @100
----------
Total Utilities (Cost $25,034,511) 24,533,322
----------
Schedule of Investments--Taxable Bond Portfolios 3
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
TAXABLE MUNICIPALS: 0.57%
- --------------------------------------------------------------------------------
3,830,000 Northeast Maryland Waste Disposal $ 3,823,680
Authority, Montgomery County,
Solid Waste Revenue,
6.10%, 07/01/1997
2,075,000 New York State Job Development 2,045,971
Authority Series B,
6.19%, 03/01/1999
3,880,000 New York City General Obligation 3,833,518
Series E, 6.35%, 08/01/1999
---------
Total Taxable Municipals (Cost $9,773,671) 9,703,169
---------
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 1.53%
- --------------------------------------------------------------------------------
4,200,000 Health Care Receivables, Securitization 4,211,437
Program Notes Series 1996-1 Class A,
Rule 144A, 7.20%, 07/01/2000
(Note G, p. 5)
3,205,000 The Money Store Auto Trust Series 3,153,306
1996-2, 6.435%, 06/20/2003
(Note G, p. 5)
3,348,954 Newcourt Receivables Asset Trust 3,356,154
Series 1996-2, Asset Backed Note
Class A, 6.87%, 06/20/2004
5,741,408 Copelco Capital Funding Corp. II, 5,729,696
Class A Lease-Backed Notes, Series
1996-A, 6.34%, 07/20/2004
3,987,628 Copelco Capital Funding Corp. II, 3,992,612
Class B Lease-Backed Notes, Series
1996-A, 6.59%, 07/20/2004
3,219,823 Newcourt Receivables Asset Trust 3,188,462
Series 1996-3, Asset Backed Note
Class A, 6.24%, 12/20/2004
(Note G, p. 5)
2,639,918 Green Tree Financial Corp. Series 2,530,942
1996-A, Class A2,
5.70%, 02/15/2018
----------
Total Asset-Backed Securities
(Cost $26,361,809) 26,162,609
----------
Total Domestic Investments
(Cost $1,861,460,304) 1,839,496,607
-------------
- --------------------------------------------------------------------------------
NON-U.S. DOLLAR INVESTMENTS: 4.72%
- --------------------------------------------------------------------------------
GOVERNMENT--GERMAN DEUTSCHEMARK
DENOMINATED: 3.12%
- --------------------------------------------------------------------------------
DM 57,485,000
German Unity Fund, 38,971,246
8.00%, 01/21/2002
DM 22,515,000
Deutschland Republic, 14,341,839
6.50%, 07/15/2003
----------
Total Government--German Deutschemark
Denominated (Cost $58,634,824) 53,313,085
----------
4 Sanford C. Bernstein Fund, Inc.--1997 Semiannual Report
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCE--ITALIAN LIRA DENOMINATED: 1.60%
- --------------------------------------------------------------------------------
IL 5,950,000,000
International Finance Corp., $ 3,570,535
11.25%, 04/03/1997
IL 6,100,000,000
Helaba Finance BV, 3,675,184
11.25%, 06/05/1997
IL 2,635,000,000
General Electric Capital Corp., 1,605,521
11.50%, 09/29/1997
IL 10,585,000,000
Sudwestdeutsche Landesbank, 6,447,184
11.50%, 09/29/1997
IL 3,000,000,000
Abbey National Treasury Service, 1,833,558
11.50%, 10/20/1997
IL 16,805,000,000
Abbey National Treasury Service, 10,326,419
12.00%, 11/24/1997
----------
Total Finance--Italian Lira Denominated
(Cost $28,476,216) 27,458,401
----------
Total Non-U.S. Dollar Investments
(Cost $87,111,040) 80,771,486
----------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $1,948,571,344) 112.30% $1,920,268,093
(Note L, p. 5)
Cash and Other Assets, Less Liabilities (12.30) (210,375,188)
------- -------------
Net Assets (Equivalent to $12.96
per share based on 131,909,770
shares of capital stock outstanding) 100.00% $1,709,892,905
======= ==============
- --------------------------------------------------------------------------------
LONG FUTURES CONTRACTS
- --------------------------------------------------------------------------------
Quantity Description Unrealized (Depreciation)
- --------------------------------------------------------------------------------
615 Canadian 10 Year Bond $ (1,353,727)
June 1997
535 German 5 Year Bond (888,216)
June 1997
-------------
Total Long Futures Contracts $ (2,241,943)
- -------------------------------------------------------------------------------
FOREIGN CURRENCIES
- -------------------------------------------------------------------------------
Quantity Description Market Value
- -------------------------------------------------------------------------------
733,419 Canadian Dollar $ 529,736
13,812,775 Deutschemark 8,281,040
5,281,878 French Franc 940,757
1,465,539 Italian Lira 879
-----------
Total Foreign Currencies $ 9,752,412
-----------
<PAGE>
(A) Commercial paper owned at March 31, 1997, was purchased at a rate of 6.70%.
(B) $81,325,000 principal amount segregated as collateral for delayed
delivery transactions
(C) $43,820,000 principal amount segregated as collateral for when-issued
securities
(D) $32,250,000 principal amount segregated as collateral for when-issued
securities
(E) $10,000,000 principal amount segregated as collateral for when-issued
securities
(F) $122,960,000 principal amount segregated as collateral for when-issued
securities
(G) Fair-valued security
(H) $69,465,000 principal amount from delayed delivery transactions
(I) $2,000,000 principal amount pledged as collateral for futures transactions
(J) $157,000,000 principal amount segregated as collateral for futures
transactions
(K) When-issued security
(L) At March 31, 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
March 31, 1997 (unaudited)
- --------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------
DOMESTIC INVESTMENTS: 99.74%
- --------------------------------------------------------------------------
COMMERCIAL PAPER (Note A, p. 7): 3.31%
- --------------------------------------------------------------------------
19,368,000 Avery Dennison Corp., $ 19,368,000
04/01/1997 ------------
Total Commercial Paper (Cost $19,368,000) 19,368,000
------------
- --------------------------------------------------------------------------
U.S. TREASURY NOTES: 73.19%
- --------------------------------------------------------------------------
73,665,000 5.00%, 01/31/1998 73,020,431
(Notes B, C & D, p. 7)
19,000,000 6.25%, 06/30/1998 (Note E, p. 7) 19,011,875
93,910,000 6.25%, 07/31/1998 93,968,694
80,000,000 6.125%, 08/31/1998 79,824,960
47,160,000 5.50%, 11/15/1998 46,541,025
54,750,000 5.625%, 11/30/1998 54,116,926
62,500,000 5.875%, 01/31/1999 61,933,562
-----------
Total U.S. Treasury Notes (Cost $429,460,985) 428,417,473
-----------
- --------------------------------------------------------------------------
U.S. TREASURY INFLATION INDEXED SECURITY: 2.15%
- --------------------------------------------------------------------------
12,780,000 3.375%, 01/15/2007 12,604,953
(Notes F & G, p. 7)
-----------
Total U.S. Treasury Inflation Indexed Security
(Cost $12,888,208) 12,604,953
-----------
- --------------------------------------------------------------------------
MORTGAGE DERIVATIVES: 3.70%
- --------------------------------------------------------------------------
1,676,967 Countrywide Funding Corp., 1,679,449
Series 1994-12 Class A5,
7.00%, 10/25/2014
4,816,203 Federal National Mortgage 4,936,059
Association Series 1990-18 Class H,
9.00%, 05/25/2019
1,735,651 Federal Home Loan Mortgage Corp. 1,760,538
Remic Trust Series 37 Class C,
9.00%, 04/15/2020
2,342,344 G.E. Capital Mortgage Services, 2,329,461
Inc. Series 1994-5 Class A4,
6.50%, 02/25/2024
513,589 G.E. Capital Mortgage Services, 510,122
Inc. Series 1994-11 Class A1,
6.50%, 03/25/2024
4,727,731 G.E. Capital Mortgage Services, 4,738,510
Inc. Series 1994-17 Class A3,
7.00%, 05/25/2024
*See Note 1, page 28 in Notes to Financial Statements.
Schedule of Investments--Taxable Bond Portfolios 5
<PAGE>
- --------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------
1,678,929 Prudential Home Mortgage $ 1,700,346
Securities Series 1994-15 Class A1,
8.00%, 05/25/2024
859,766 Residential Funding Mortgage Inc., 866,791
Securities 1, Series 1994-S15
Class A8, 7.75%, 07/25/2024
773,090 Residential Funding Mortgage Inc., 775,564
Securities 1, Series 1995-S3 Class A1,
7.65%, 04/25/2025
2,372,935 Structured Asset Securities Corp., 2,355,582
Series 1996-CFL Class A-1B,
5.751%, 02/25/2028 (Note F, p. 7)
-----------
Total Mortgage Derivatives
(Cost $21,631,808) 21,652,422
-----------
- --------------------------------------------------------------------------
MORTGAGE PASS-THROUGHS: 8.06%
- --------------------------------------------------------------------------
2,436,562 Federal Home Loan Mortgage Corp. 2,441,603
Gold Pool #G50015,
6.50%, 08/01/1998
4,094,826 Federal Home Loan Mortgage Corp. 4,103,298
Gold Pool #G50090,
6.50%, 01/01/1999
1,426,330 Federal National Mortgage 1,612,536
Association Pool #303305,
12.00%, 05/01/2016
7,695 Government National Mortgage 8,065
Association Pool #183717,
9.00%, 11/15/2016
2,996,844 Government National Mortgage 3,059,823
Association II ARM Pool #008621,
7.125%, 04/20/2025
3,684,114 Government National Mortgage 3,761,536
Association II ARM Pool #008631,
7.125%, 05/20/2025
3,765,981 Government National Mortgage 3,845,124
Association II ARM Pool #008643,
7.125%, 06/20/2025
3,254,605 Government National Mortgage 3,323,000
Association II ARM Pool #008660,
7.125%, 07/20/2025
4,332,903 Government National Mortgage 4,423,959
Association II ARM Pool #008703,
7.125%, 09/20/2025
7,738,416 Government National Mortgage 7,952,530
Association Pool #431534,
8.50%, 11/15/2026
740,617 Government National Mortgage 761,109
Association Pool #431784,
8.50%, 12/15/2026
11,825,000 Government National Mortgage 11,895,122
Association Pool TBA,
8.00%, 12/15/2027 (Note H, p. 7)
-----------
Total Mortgage Pass-Throughs
(Cost $47,311,742) 47,187,705
-----------
6 Sanford C. Bernstein Fund, Inc.--1997 Semiannual Report
- --------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------
FINANCE: 4.93%
- --------------------------------------------------------------------------
855,000 Lehman Brothers Inc. Senior $ 860,327
Subordinated Notes,
9.50%, 06/15/1997
2,550,000 World Savings & Loan Association 2,600,362
Subordinated Notes,
10.25%, 10/01/1997
4,515,000 Lehman Brothers Holdings, Inc. 4,487,594
Notes, 5.75%, 02/15/1998
2,130,000 Korea Development Bank, 2,197,649
U.S. Dollar Denominated Notes,
9.25%, 06/15/1998
2,740,000 Capital One Bank, 2,730,109
6.83%, 05/17/1999
4,980,000 General Motors Acceptance Corp., 5,171,182
8.625%, 06/15/1999
5,510,000 Associates Corp. of North America 5,578,379
Notes, 7.25%, 09/01/1999
2,500,000 Paine Webber Group Inc. 2,533,375
Subordinated Medium-Term Notes,
7.70%, 02/11/2000
2,750,000 Salomon Inc. Medium-Term Notes, 2,698,712
6.625%, 11/30/2000
-----------
Total Finance (Cost $29,096,482) 28,857,689
-----------
- --------------------------------------------------------------------------
INDUSTRIAL: 1.33%
- --------------------------------------------------------------------------
2,590,000 News America Holdings Inc., 2,617,247
7.50%, 03/01/2000
4,820,000 Whirlpool Corp., 5,159,232
9.50%, 06/15/2000
-----------
Total Industrial (Cost $7,927,419) 7,776,479
-----------
- --------------------------------------------------------------------------
TAXABLE MUNICIPALS: 1.46%
- --------------------------------------------------------------------------
2,015,000 New York State Job Development 1,986,810
Authority Series B, 6.19%, 03/01/1999
5,200,000 New York City General Obligation 5,137,704
Series E, 6.35%, 08/01/1999
1,465,000 New York State Environmental 1,439,304
Facilities Series A,
6.31%, 09/15/1999
-----------
Total Taxable Municipals (Cost $8,673,221) 8,563,818
-----------
- --------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 1.61%
- --------------------------------------------------------------------------
1,700,000 Health Care Receivables, 1,704,629
Securitization Program Notes
Series 1996-1 Class A, Rule 144A,
7.20%, 07/01/2000 (Note F, p. 7)
2,429,433 TLFC IV Equipment Lease Trust 2,413,389
Series 1996-1 Class A,
5.98%, 11/20/2002 (Note F, p. 7)
1,380,000 The Money Store Auto Trust Series 1,357,742
1996-2, 6.435%, 06/20/2003
(Note F, p. 7)
<PAGE>
- --------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------
1,501,215 Copelco Capital Funding Corp. II, $ 1,503,091
Class B Lease-Backed Notes, Series
1996-A, 6.59%, 07/20/2004
2,484,719 Newcourt Receivables Asset Trust 2,460,518
Series 1996-3, Asset Backed Note
Class A, 6.24%, 12/20/2004
(Note F, below)
------------
Total Asset-Backed Securities
(Cost $9,495,030) 9,439,369
------------
Total Domestic Investments
(Cost $585,852,895) 583,867,908
------------
- --------------------------------------------------------------------------
NON-U.S. DOLLAR INVESTMENTS: 2.99%
- --------------------------------------------------------------------------
GOVERNMENT--GERMAN DEUTSCHEMARK
DENOMINATED: 2.18%
- --------------------------------------------------------------------------
DM 13,350,000
German Unity Fund, 9,050,468
8.00%, 01/21/2002
DM 5,825,000
Deutschland Republic, 3,710,469
6.50%, 07/15/2003
-----------
Total Government--German Deutschemark
Denominated (Cost $14,043,149) 12,760,937
-----------
- --------------------------------------------------------------------------
FINANCE--ITALIAN LIRA DENOMINATED: 0.81%
- --------------------------------------------------------------------------
IL 1,500,000,000
International Finance Corp. 900,135
11.25%, 04/03/1997
IL 1,230,000,000
Helaba Finance BV, 740,995
11.25%, 06/05/1997
IL 3,050,000,000
Sudwestdeutsche Landesbank, 1,857,715
11.50%, 09/29/1997
IL 2,000,000,000
Abbey National Treasury Service, 1,222,372
11.50%, 10/20/1997
-----------
Total Finance-Italian Lira Denominated
(Cost $4,958,159) 4,721,217
-----------
Total Non-U.S. Dollar Investments
(Cost $19,001,308) 17,482,154
-----------
- --------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------
Total Investments (Cost $604,854,203) 102.73% $601,350,062
(Note I, below)
Cash and Other Assets, Less Liabilities (2.73) (15,994,860)
------- ------------
Net Assets (Equivalent to $12.43
per share based on 47,098,798
shares of capital stock outstanding) 100.00% $585,355,202
======= ============
- --------------------------------------------------------------------------
LONG FUTURES CONTRACTS
- --------------------------------------------------------------------------
Quantity Description Unrealized (Depreciation)
- --------------------------------------------------------------------------
125 Canadian 10 Year Bond $ (274,059)
June 1997
98 German 5 Year Bond (165,139)
June 1997 -------------
Total Long Futures Contracts $(439,198)
-------------
- ---------------------------------------------------------------------------
SHORT FUTURES CONTRACT
- ---------------------------------------------------------------------------
Quantity Description Unrealized Appreciation
- ---------------------------------------------------------------------------
119 U.S. 10 Year Treasury Bond $ 401,906
June 1997 ------------
Total Short Futures Contract $ 401,906
------------
- ---------------------------------------------------------------------------
FOREIGN CURRENCIES
- ---------------------------------------------------------------------------
Quantity Description Market Value
- ---------------------------------------------------------------------------
261,233 Canadian Dollar $ 188,684
3,146,527 Deutschemark 1,886,407
1,264,967 French Franc 225,304
------------
Total Foreign Currencies $ 2,300,395
------------
- ---------------------------------------------------------------------------
(A) Commercial paper owned at March 31, 1997, was purchased at a rate
of 6.70%.
(B) $47,565,000 principal amount segregated as collateral for futures
transactions
(C) $14,000,000 principal amount segregated as collateral for when-issued
securities
(D) $12,100,000 principal amount segregated as collateral for delayed delivery
securities
(E) $560,000 principal amount pledged as collateral for futures transactions
(F) Fair-valued security
(G) $10,225,000 principal amount from delayed delivery transactions
(H) When-issued security
(I) At March 31, 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 7
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Government Short Duration Portfolio
March 31, 1997 (unaudited)
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
COMMERCIAL PAPER (Note A, below): 1.67%
- --------------------------------------------------------------------------------
2,220,000 Avery Dennison Corp., $ 2,220,000
04/01/1997
--------------
Total Commercial Paper (Cost $2,220,000) 2,220,000
--------------
- --------------------------------------------------------------------------------
U.S. TREASURY NOTES: 97.44%
- --------------------------------------------------------------------------------
32,360,000 5.00%, 01/31/1998 (Note B, below) 32,076,850
35,110,000 6.25%, 07/31/1998 35,131,944
15,480,000 6.125%, 08/31/1998 15,446,130
9,500,000 5.50%, 11/15/1998 9,375,313
12,915,000 5.875%, 01/31/1999 12,797,951
20,000,000 7.50%, 10/31/1999 20,437,500
4,525,000 6.75%, 04/30/2000 4,540,552
--------------
Total U.S. Treasury Notes (Cost $130,077,887) 129,806,240
--------------
- --------------------------------------------------------------------------------
U.S. TREASURY INFLATION INDEXED SECURITY: 2.20%
- --------------------------------------------------------------------------------
2,980,000 3.375%, 01/15/2007 2,939,183
(Notes C & D, below)
--------------
Total U.S. Treasury Inflation Indexed Security
(Cost $3,005,668) 2,939,183
--------------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $135,303,555) 101.31% $134,965,423
(Note E, below)
Cash and Other Assets, Less Liabilities (1.31) (1,745,828)
------- --------------
Net Assets (Equivalent to $12.44
per share based on 10,713,190
shares of capital stock outstanding) 100.00% $133,219,595
======= ==============
- --------------------------------------------------------------------------------
(A) Commercial paper owned at March 31, 1997, was purchased at a rate of 6.70%.
(B) $2,650,000 principal amount segregated as collateral for delayed delivery
transactions
(C) Fair-valued security
(D) $2,245,000 principal amount from delayed delivery transactions
(E) At March 31, 1997, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
*See Note 1, page 28 in Notes to Financial Statements.
8 Sanford C. Bernstein Fund, Inc.--1997 Semiannual Report
<PAGE>
This page intentionally left blank.
<PAGE>
Sanford C. Bernstein Fund, Inc.
SEMIANNUAL REPORT
MARCH 31, 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.
Schedule of Investments
Bernstein Diversified Municipal Portfolio
March 31, 1997 (unaudited)
- ------------------------------------------------------------------------------
Principal Amount Description Market Value*
- ------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 0.57%
- ------------------------------------------------------------------------------
Commercial Paper (Note A, p.12): 0.10%
1,010,000 Avery Dennison Corp., $ 1,010,000
04/01/1997 ------------
Total Commercial Paper (Cost $1,010,000) 1,010,000
------------
Municipal Notes: 0.32%
1,725,000 Hammond Sanitation District, 1,723,465
Indiana, Bond Anticipation Notes,
6.50%, 07/15/1997
1,335,000 Cincinnati City School District, 1,355,532
Ohio Tax Anticipation Notes
Series B, 5.00%, 12/01/1998 ------------
Total Municipal Notes (Cost $3,066,479) 3,078,997
------------
Tax Exempt Variable-Rate Demand Notes: 0.15%
700,000 Pinal County Industrial Development 700,000
Authority, Arizona, Pollution Control
Revenue, Daily Floater, Putable Daily,
3.85%, 12/01/2009
700,000 Los Angeles Regional Airports 700,000
Improvement Corp., California,
Daily Floater, Putable Daily, AMT,
3.80%, 12/01/2025 ------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $1,400,000) 1,400,000
------------
Total Short-Term Investments (Cost $5,476,479) 5,488,997
------------
- ------------------------------------------------------------------------------
U.S. TREASURY NOTE: 2.67%
- ------------------------------------------------------------------------------
26,000,000 5.625%, 11/30/1998 25,699,362
------------
Total U.S. Treasury Note (Cost $25,856,438) 25,699,362
------------
- ------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 18.43%
- ------------------------------------------------------------------------------
400,000 University of Texas, Permanent 404,488
University Fund Series A,
8.60%, 07/01/1997,
Escrowed to Maturity
1,240,000 Hazel Crest, Illinois Hospital 1,280,040
Facilities, 9.125%, 07/01/2017,
Prerefunded 07/01/1997 @102
2,700,000 Chandler, Arizona, 2,737,449
9.60%, 07/01/1997,
Escrowed to Maturity (Note B, p. 12)
1,805,000 Kentucky Turnpike Authority, 1,844,367
Resource Recovery Road Revenue,
13.125%, 07/01/2009,
Prerefunded 07/01/1997 @100
*See Note 1, page 28 in Notes to Financial Statements.
- ------------------------------------------------------------------------------
Principal Amount Description Market Value
- ------------------------------------------------------------------------------
1,000,000 Wyandotte County Capital $ 1,033,830
Improvement Corp., Kansas
Criminal Justice Complex, Certificates
of Participation, 7.35%, 09/01/1999,
Prerefunded 09/01/1997 @102
1,400,000 Washington State Motor Vehicle 1,427,132
Fuel Tax, 8.70%, 09/01/2000,
Prerefunded 09/01/1997 @100
2,135,000 Washington State, 2,186,432
8.90%, 10/01/2002,
Prerefunded 10/01/1997 @100
4,310,000 Colorado Springs, Colorado Utilities 4,479,081
Revenue Series B,
10.50%, 11/15/2022,
Prerefunded 11/15/1997 @100
(Note C, p. 12)
2,000,000 Jacksonville Health Facilities Authority, 2,067,300
Florida, St. Vincent DePaul Health
System Project, 9.10%, 12/01/2015,
Prerefunded 12/01/1997 @100
4,000,000 Minneapolis, Minnesota Hospital 4,213,240
Revenue, Lifespan Inc. Series B,
9.125%, 12/01/2014,
Prerefunded 12/01/1997 @102
(Note D, p. 12)
1,000,000 Adams & Arapahoe Counties School 1,035,900
District No. 28J, Colorado Series A,
9.50%, 12/01/1997,
Escrowed to Maturity
1,525,000 Charleston, South Carolina 1,597,392
Waterworks & Sewer Revenue,
7.75%, 01/01/2018,
Prerefunded 01/01/1998 @102
2,695,000 Grand Rapids, Michigan Water 2,825,357
Supply Revenue,
7.875%, 01/01/2018,
Prerefunded 01/01/1998 @102
1,000,000 Washington State, 1,023,880
6.90%, 02/01/1998,
Escrowed to Maturity
890,000 Harris County, Texas Toll Road 935,417
Unlimited Tax, 10.375%, 08/01/2014,
Prerefunded 02/01/1998 @100
3,050,000 Harris County, Texas Toll Road 3,244,834
Senior Lien-C, 8.125%, 08/15/2017,
Prerefunded 02/15/1998 @103
1,475,000 Orlando Utilities Commission, 1,503,748
Florida Water and Electric Revenue,
6.05%, 04/01/1998,
Escrowed to Maturity
1,000,000 Wisconsin State Series E, 1,038,970
6.90%, 05/01/2008,
Prerefunded 05/01/1998 @101
(Note E, p. 12)
Schedule of Investments--Municipal Bond Portfolios 1
<PAGE>
- ------------------------------------------------------------------------------
Principal Amount Description Market Value
- ------------------------------------------------------------------------------
1,025,000 Wisconsin State Series E, $ 1,068,686
7.25%, 05/01/2006,
Prerefunded 05/01/1998 @101
1,335,000 Ohio State Water Development 1,413,204
Authority Revenue Series I,
7.50%, 12/01/2008,
Prerefunded 06/01/1998 @102
1,100,000 Los Angeles, California 1,161,259
Wastewater System Revenue,
6.80%, 08/01/2019,
Prerefunded 08/01/1998 @102
1,400,000 Minnesota State, 1,454,908
7.10%, 08/01/2003,
Prerefunded 08/01/1998 @100
1,200,000 Minnesota State, 1,249,368
7.25%, 08/01/2004,
Prerefunded 08/01/1998 @100
1,065,000 Wisconsin State Health & 1,142,074
Educational Facility Authority
Revenue, Wheaton Franciscan
Services, Inc., 8.20%, 08/15/2018,
Prerefunded 08/15/1998 @102
1,960,000 Chicago Metropolitan Water 2,051,610
Reclamation District, Illinois,
7.25%, 01/01/2006,
Prerefunded 01/01/1999 @100
1,250,000 Virginia Public School Authority, 1,311,750
6.75%, 01/15/2003,
Prerefunded 01/15/1999 @101
1,300,000 Connecticut State Special Tax 1,386,502
Obligation Series A,
7.15%, 02/01/2005,
Prerefunded 02/01/1999 @102
2,000,000 Salt Lake City, Utah, IHC Hospitals 2,136,680
Series B, 7.25%, 02/15/2020,
Prerefunded 02/15/1999 @102
1,450,000 Washington State Motor Vehicle 1,517,483
Fuel Tax, 7.00%, 03/01/1999,
Escrowed to Maturity
1,250,000 Ohio State Building Authority 1,341,488
Correctional Facilities Series A,
7.35%, 03/01/2003,
Prerefunded 03/01/1999 @102
1,000,000 Fairfax County, Virginia Public 1,052,700
Improvement Series A,
6.25%, 04/01/2008,
Prerefunded 04/01/1999 @102
1,445,000 Illinois Health Facilities Authority 1,550,413
Revenue, Lutheran Health Systems
Series C, 7.375%, 04/01/2008,
Prerefunded 04/01/1999 @102
1,660,000 Rutgers State University, New Jersey, 1,774,025
7.00%, 05/01/2019,
Prerefunded 05/01/1999 @102
2 Sanford C. Bernstein Fund, Inc.--1997 Semiannual Report
- ------------------------------------------------------------------------------
Principal Amount Description Market Value
- ------------------------------------------------------------------------------
1,000,000 New York State Dormitory Authority, $ 1,072,040
State University Series A,
7.125%, 05/15/2017,
Prerefunded 05/15/1999 @102
1,250,000 Illinois Health Facilities Authority 1,359,250
Revenue, Delnor Community Hospital
Project, 8.00%, 05/15/2019,
Prerefunded 05/15/1999 @102
1,405,000 Florida State Board of Education 1,501,214
Series B, 6.90%, 06/01/2009,
Prerefunded 06/01/1999 @102
2,000,000 Pennsylvania Intergovernmental 2,052,500
Cooperation Authority, Special Tax
Revenue, FGIC, 5.75%, 06/15/1999,
Escrowed to Maturity
1,000,000 New Jersey State Educational 1,075,000
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 Authority 3,400,459
Series O, 7.125%, 07/01/2014,
Prerefunded 07/01/1999 @101.50
3,275,000 Pennsylvania State Higher 3,525,832
Educational Facilities Authority
College & University Revenues,
Hahnemann University Project,
7.20%, 07/01/2019,
Prerefunded 07/01/1999 @102
1,200,000 Metropolitan Atlanta Rapid Transit 1,291,908
Authority, Georgia Sales Tax Revenue
Series L, 7.20%, 07/01/2020,
Prerefunded 07/01/1999 @102
1,800,000 Washington Public Power Supply 1,947,258
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 1,786,835
Revenue, 7.50%, 07/01/2019,
Prerefunded 07/01/1999 @102
4,000,000 Maryland State Health & Higher 4,331,720
Educational Facilities Authority
Revenue, Good Samaritan Hospital,
7.50%, 07/01/2021,
Prerefunded 07/01/1999 @102
1,070,000 University of Maryland System 1,157,119
Auxiliary Facility & Tuition Revenue
Series A, 7.20%, 10/01/2009,
Prerefunded 10/01/1999 @102
1,000,000 Maryland State Department of 1,061,350
Transportation Second Issue,
6.70%, 11/01/2001,
Prerefunded 11/01/1999 @101
<PAGE>
- ------------------------------------------------------------------------------
Principal Amount Description Market Value
- ------------------------------------------------------------------------------
1,390,000 Montgomery County Higher $ 1,541,538
Education and Health Authority,
Pennsylvania Hospital Revenue
Series A, 8.375%, 11/01/2011,
Prerefunded 11/01/1999 @102
2,120,000 Tampa, Florida, Allegheny Health 2,309,846
System, 7.375%, 12/01/2023,
Prerefunded 12/01/1999 @102
4,250,000 Pennsylvania Turnpike 4,643,422
Commission, Turnpike Revenue
Series E, 7.55%, 12/01/2017,
Prerefunded 12/01/1999 @102
3,730,000 Metropolitan Seattle, Washington 4,003,894
Sewer Revenue Series T,
6.875%, 01/01/2031,
Prerefunded 01/01/2000 @102
4,635,000 Pinellas County Health Facilities 5,192,359
Authority, Florida, Sun Coast Health
Systems Revenue, 8.50%, 03/01/2020,
Prerefunded 03/01/2000 @102
4,970,000 Maury County Health & Educational 5,827,722
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 1,096,820
Authority Series A,
7.50%, 04/01/2016,
Prerefunded 04/01/2000 @102
3,090,000 Massachusetts Water Resources 3,399,865
Authority Series A,
7.625%, 04/01/2014,
Prerefunded 04/01/2000 @102
6,680,000 Franklin County, Ohio Hospital 7,375,254
Revenue, 7.60%, 05/15/2020,
Prerefunded 05/15/2000 @102
4,735,000 Austin, Texas Utility Systems 5,381,943
Revenue, Combined Series A,
9.50%, 05/15/2015,
Prerefunded 05/15/2000 @100
4,525,000 Pennsylvania Intergovernmental 4,700,208
Cooperation Authority, Special Tax
Revenue, FGIC, 6.00%, 06/15/2000,
Escrowed to Maturity
795,000 El Paso County, Texas, 845,109
6.80%, 07/01/2000,
Escrowed to Maturity
1,000,000 Washington Public Power Supply 1,086,200
System Revenue, Nuclear Project
No. 2 Series B, 7.00%, 07/01/2012,
Prerefunded 07/01/2000 @102
9,860,000 Washington Public Power Supply 10,689,127
System Revenue, Nuclear Project
No. 2 Series B, FSA,
7.00%, 07/01/2012,
Prerefunded 07/01/2000 @102
- ------------------------------------------------------------------------------
Principal Amount Description Market Value
- ------------------------------------------------------------------------------
2,405,000 Massachusetts Health and $ 2,751,561
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, 1,768,174
Georgia Series A, 8.40%, 01/01/2001,
Escrowed to Maturity
3,000,000 Austin, Texas Utility Systems 3,350,940
Series A, 8.00%, 11/15/2016,
Prerefunded 05/15/2001 @100
1,000,000 South Carolina Public Service 1,102,670
Authority Revenue Series B,
7.00%, 07/01/2012,
Prerefunded 07/01/2001 @102
505,000 Austin, Texas Utility Systems Revenue, 610,848
MBIA, 9.25%, 11/15/2002,
Escrowed to Maturity
740,000 Grapevine-Colleyville Independent 842,779
School District, Texas Series A,
AMBAC, 7.50%, 08/15/2003,
Escrowed to Maturity
2,330,000 Fulton County Building Authority, 2,893,534
Georgia Series A, 8.75%, 01/01/2005,
Escrowed to Maturity
2,010,000 Mississippi State, 6.20%, 02/01/2008, 2,128,510
Escrowed to Maturity
4,100,000 North Carolina Municipal Power 4,121,074
Agency No. 1, Catawba Electric
Revenue, 5.50%, 01/01/2013,
Escrowed to Maturity
2,045,000 Retama Development Corporation, 2,697,375
Texas, Special Facilities Revenue,
Retama Racetrack, 8.75%, 12/15/2013,
Escrowed to Maturity
150,000 Florida State Board of Education, 207,803
9.125%, 06/01/2014,
Escrowed to Maturity
3,860,000 Retama Development Corporation, 5,108,517
Texas, Special Facilities Revenue,
Retama Racetrack, 8.75%, 12/15/2014,
Escrowed to Maturity
1,010,000 Maricopa County Industrial Development 358,691
Authority, Arizona, Single Family
Mortgage Revenue Series 1983A,
0.00%, 12/31/2014,
Escrowed to Maturity (Note F, p. 12)
1,125,000 Retama Development Corporation, 1,492,639
Texas, Special Facilities Revenue,
Retama Racetrack, 8.75%, 12/15/2015,
Escrowed to Maturity
1,000,000 Bell County Health Facilities 1,093,350
Development Corp., Texas, Lutheran
General Health Care Systems,
6.50%, 07/01/2019,
Escrowed to Maturity
Schedule of Investments--Municipal Bond Portfolios 3
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
4,940,000 Rhode Island Depositors Economic $ 4,933,380
Protection Corp. Series A, FSA,
5.75%, 08/01/2019,
Escrowed to Maturity
1,500,000 Rhode Island Depositors Economic 1,450,155
Protection Corp. Series A, FSA,
5.50%, 08/01/2020,
Escrowed to Maturity
--------------
Total Prerefunded/Escrowed
(Cost $175,221,305) 177,058,799
--------------
- --------------------------------------------------------------------------------
INSURED (Note G, p. 12): 30.72%
- --------------------------------------------------------------------------------
1,000,000 New Orleans, Louisiana Water 1,019,430
Revenue, MBIA, 7.00%, 12/01/1997
1,000,000 Cook County School District No. 201, 1,022,360
Illinois, FGIC, 7.30%, 12/01/1997
1,000,000 Chicago Metropolitan Water 1,033,670
Reclamation District, Illinois,
FGIC, 8.60%, 01/01/1998
1,800,000 Brownsville, Texas, AMBAC, 1,828,908
5.80%, 02/15/1998
1,105,000 Alief Independent School District, 1,134,603
Texas, PSF Guaranteed,
7.00%, 02/15/1998
2,625,000 Cabell County Board of Education, 2,730,026
West Virginia, MBIA,
8.00%, 05/01/1998
1,875,000 New Jersey State Transportation 1,891,594
Trust Fund Series B, MBIA,
5.00%, 06/15/1998
6,600,000 Illinois State, FGIC, 6,697,152
5.25%, 07/01/1998 (Note H, p. 12)
1,000,000 Pima County Unified School 1,035,240
District No. 10, Arizona Series A,
FGIC, 7.00%, 07/01/1998
2,300,000 Nassau County, New York, FGIC, 2,331,096
5.00%, 08/01/1998
2,100,000 Dade County School District, 2,147,355
Florida, MBIA, 6.00%, 08/01/1998
2,000,000 Houston Independent School 2,115,080
District, Texas, PSF Guaranteed,
8.375%, 08/15/1998
1,100,000 Dade County, Florida, Aviation 1,112,606
Revenue Series C, MBIA,
5.00%, 10/01/1998
1,480,000 Arizona State Certificates of 1,508,801
Participation Series A, AMBAC,
5.45%, 11/01/1998
2,295,000 Pennsylvania Higher Educational 2,300,210
Facility, Allegheny Delaware
Valley Obligation, MBIA,
4.40%, 11/15/1998
2,900,000 Atlanta, Georgia Airport Facilities 2,940,252
Revenue, AMBAC,
5.25%, 01/01/1999
4 Sanford C. Bernstein Fund, Inc.--1997 Semiannual Report
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,210,000 Texas State Public Finance Authority $ 2,291,659
Building Revenue, MBIA,
6.50%, 02/01/1999
1,165,000 Massachusetts Series A, FGIC, 1,222,633
7.20%, 02/01/1999
1,000,000 Round Rock Independent School 1,010,510
District, Texas, PSF Guaranteed,
4.875%, 02/15/1999
1,070,000 New Jersey Wastewater Series C, 1,112,597
MBIA, 6.25%, 05/15/1999
1,000,000 Convention Center Authority, 1,086,540
Rhode Island Revenue Series A,
MBIA, 8.90%, 05/15/1999
13,300,000 Pennsylvania Intergovernmental 13,618,269
Cooperation Authority, Special Tax
Revenue, FGIC, 5.75%, 06/15/1999
3,200,000 Minnesota State Series A, AMBAC, 3,228,096
5.00%, 06/30/1999
4,350,000 North Slope Boro, Alaska Series B, 4,467,493
FSA, 6.10%, 06/30/1999
4,680,000 Florida State General Services 4,732,088
Revenue, Environmental Preservation
Department Series 2000-A,
AMBAC, 5.00%, 07/01/1999
3,520,000 Wisconsin State Transportation 3,559,178
Revenue, FGIC, 5.00%, 07/01/1999
3,210,000 Dade County, Florida Aviation 3,250,478
Revenue Series C, AMBAC,
5.00%, 10/01/1999
7,680,000 Dade County, Florida Sales Tax 7,773,235
Revenue, AMBAC,
5.00%, 10/01/1999
2,000,000 Wilmington, Delaware Series A, 2,029,940
MBIA, 5.00%, 10/01/1999
1,450,000 Montgomery County, Ohio Solid 1,469,865
Waste Revenue, MBIA,
5.00%, 11/01/1999
3,600,000 South Dakota State Building 3,647,916
Authority, Lease Revenue Series A,
AMBAC, 5.15%, 12/01/1999
1,420,000 Chatham County Hospital Authority 1,434,385
Revenue, Georgia, Memorial
Medical Center Series A, AMBAC,
5.00%, 01/01/2000
7,820,000 Chicago, Illinois O'Hare International 7,958,492
Airport Revenue Senior Lien Series A,
AMBAC, AMT, 5.50%, 01/01/2000
1,175,000 Chicago, Illinois Motor Fuel Tax 1,232,974
Revenue, AMBAC,
6.60%, 01/01/2000
5,365,000 Hawaii State Series CO, FGIC, 5,457,278
5.25%, 03/01/2000 (Note I, p. 12)
1,050,000 Massachusetts Series B, FGIC, 1,127,826
7.30%, 04/01/2000
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,200,000 Plano, Texas Waterworks and $ 1,276,536
Sewer Revenue, AMBAC,
6.90%, 05/01/2000
4,295,000 Clark County School District, 4,748,939
Nevada, FGIC, 8.25%, 05/01/2000
1,170,000 District of Columbia Series E, 1,170,948
FGIC, 4.75%, 06/01/2000
3,325,000 Platte River Power Authority, 3,368,358
Colorado Power Revenue Series DD,
MBIA, 5.00%, 06/01/2000
2,400,000 Minnesota State Revenue Series A, 2,424,816
AMBAC, 5.00%, 06/30/2000
1,000,000 Alaska Student Loan Corp., Student 1,017,000
Loan Revenue Series A, AMBAC,
AMT, 5.375%, 07/01/2000
2,000,000 Dade County, Florida, FGIC, 2,469,100
12.00%, 10/01/2000
1,030,000 Northglenn, Colorado Water Utility 1,041,845
Series A, MBIA, 6.60%, 11/01/2000
2,275,000 Clark County Public Utility District 2,443,282
No. 1, Washington Electric Revenue,
FGIC, 7.10%, 01/01/2001
1,000,000 Humble Independent School 1,100,180
District, Texas, PSF Guaranteed,
7.625%, 02/01/2001
1,000,000 Massachusetts Consolidated Loan 1,071,160
Series C, AMBAC,
7.00%, 06/01/2001
595,000 Austin, Texas Utility Systems 716,154
Revenue, MBIA, 9.25%, 11/15/2002
180,000 Grapevine-Colleyville Independent 206,057
School District, Texas, AMBAC,
7.50%, 08/15/2003
1,130,000 Niagara Frontier Authority, New 1,162,714
York Airport Revenue, Greater
Buffalo International Airport,
AMBAC, AMT, 5.75%, 04/01/2004
1,000,000 District of Columbia Series B-3, 998,740
MBIA, 5.20%, 06/01/2004
1,500,000 Metropolitan Pier & Exposition 1,554,480
Authority, Illinois, McCormick
Place Expansion Project Series A,
MBIA, 5.70%, 06/15/2005
1,110,000 Washington, D.C. Metro Area Transit 1,095,226
Authority Gross Revenue, FGIC,
5.00%, 01/01/2006
1,000,000 Utah State Board of Regents, Student 1,025,240
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 (Note J, p. 12)
1,710,000 Detroit, Michigan Water Supply 1,678,724
Revenue, FGIC, 4.90%, 07/01/2006
4,485,000 Cleveland, Ohio Waterworks Revenue 4,593,313
Series G, MBIA, 5.50%, 01/01/2007
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
4,775,000 Chicago, Illinois, FGIC, $ 4,861,045
5.50%, 01/01/2007
6,110,000 Chicago, Illinois O'Hare International 6,384,339
Airport Revenue, 2nd Lien-Series A,
AMBAC, AMT, 6.00%, 01/01/2007
2,000,000 Walled Lake Consolidated School 2,116,120
District, Michigan, MBIA,
6.00%, 05/01/2007
8,140,000 District of Columbia, MBIA, 8,506,544
6.00%, 06/01/2007
1,250,000 Detroit, Michigan Water Supply 1,230,225
Revenue, FGIC, 5.00%, 07/01/2007
2,775,000 Washington Public Power 2,902,178
Supply System Revenue, Nuclear
Project No.1 Series A, AMBAC,
6.00%, 07/01/2007
1,400,000 Massachusetts Series A, MBIA, 1,365,812
5.00%, 01/01/2008
1,465,000 Sangamon County School District 1,490,227
No. 186, Illinois, FGIC,
5.55%, 01/01/2008
5,240,000 Chicago, Illinois Series A, AMBAC, 5,404,746
5.75%, 01/01/2008
1,000,000 Berkley City School District, 1,139,550
Michigan, FGIC, 7.00%, 01/01/2008
1,000,000 Memphis-Shelby County Airport Authority, 1,033,790
Tennessee Revenue Series A, MBIA,
AMT, 6.00%, 02/15/2008 (Note I, p.12)
3,345,000 Ohio State Water Development 3,293,119
Authority, Pollution Control Facilities
Revenue, MBIA, 5.125%, 06/01/2008
3,875,000 Regional Transportation Authority, 4,023,916
Illinois Series A, AMBAC,
6.00%, 06/01/2008
2,000,000 Intermountain Power Agency, Utah 2,194,020
Power Supply Revenue Series A, AMBAC,
6.50%, 07/01/2008 (Note I, p.12)
4,140,000 Washington, D.C. Metropolitan 4,237,000
Airport Authority Revenue Series A,
MBIA, AMT, 5.80%, 10/01/2008
1,980,000 Hot Springs, Arkansas Sales and 1,983,267
Use Tax, Civic Center Project,
FSA, 4.95%, 12/01/2008
2,750,000 Indianapolis, Indiana Resource 3,098,397
Recovery Revenue, Ogden Martin
System Inc. Project, AMBAC,
6.75%, 12/01/2008
1,415,000 Greater Detroit Resource Recovery 1,524,507
Authority, Michigan Series B,
AMBAC, 6.25%, 12/13/2008
1,675,000 Chicago, Illinois O'Hare International 1,717,997
Airport Revenue, 2nd Lien-Series C,
MBIA, 5.75%, 01/01/2009
2,415,000 Massachusetts Bay Transportation 2,435,866
Authority Series A, FGIC,
5.50%, 03/01/2009
Schedule of Investments--Municipal Bond Portfolios 5
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
4,000,000 Massachusetts Bay Transportation $ 4,034,560
Authority Series A, MBIA,
5.50%, 03/01/2009
1,000,000 Middlesex County Utilities Authority, 976,440
New Jersey Sewer Revenue Series A,
FGIC, 5.15%, 03/15/2009
3,495,000 Ohio State Public Facilities 3,445,720
Commission, Higher Education
Capital Facilities Series A, AMBAC,
5.25%, 05/01/2009
1,280,000 Ohio State Water Development 1,261,824
Authority, Pollution Control Facilities
Revenue, MBIA, 5.25%, 06/01/2009
9,375,000 Metropolitan Water District of 8,817,375
Southern California, Waterworks
Revenue Series B, MBIA,
4.75%, 07/01/2009
10,000,000 Intermountain Power Agency, Utah 10,984,500
Power Supply Revenue Series B,
MBIA, 6.50%, 07/01/2009
1,190,000 Volusia County School Board, 1,167,628
Florida Certificates of Participation,
FSA, 5.20%, 08/01/2009
1,530,000 Texas Municipal Power Agency 1,514,807
Revenue, MBIA, 5.25%, 09/01/2009
1,000,000 Anchorage, Alaska, FGIC, 1,057,730
6.00%, 10/01/2009
2,000,000 Palm Beach County, Florida Solid 2,108,000
Waste Revenue Series A, AMBAC,
6.00%, 10/01/2009 (Note I, p. 12)
2,460,000 Reedy Creek Improvement District, 2,558,794
Florida Utility Revenue, MBIA,
AMT, 8.50%, 10/01/2009
5,000,000 Connecticut State Resource 4,970,250
Recovery Authority Series A, MBIA,
5.375%, 11/15/2009
1,000,000 Providence Public Building Authority, 961,930
Rhode Island Series A,
FSA, 5.10%, 12/15/2009
1,890,000 Chicago, Illinois O'Hare International 1,795,765
Airport Revenue, 2nd Lien-Series C,
MBIA, 5.00%, 01/01/2010
1,000,000 Memphis-Shelby County Airport Authority, 1,046,790
Tennessee Revenue Series A, MBIA,
AMT, 6.25%, 02/15/2010 (Note I, p. 12)
1,000,000 Detroit, Michigan Water Supply 995,230
System Revenue Series B, MBIA,
5.40%, 07/01/2010
2,510,000 Detroit, Michigan Sewer Disposal 2,660,700
Revenue Series B, MBIA,
6.00%, 07/01/2010
1,500,000 Brownsville, Texas Utility System 1,608,585
Revenue, AMBAC, 6.25%, 09/01/2010
5,000,000 Connecticut State Resource 4,907,450
Recovery Authority Series A, MBIA,
5.375%, 11/15/2010
6 Sanford C. Bernstein Fund, Inc.--1997 Semiannual Report
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,405,000 Providence Public Building Authority, $ 1,335,705
Rhode Island Series A, FSA,
5.10%, 12/15/2010
1,000,000 Amarillo Junior College District, 961,060
Texas, FGIC, 5.125%, 02/15/2011
1,275,000 Brownsville, Texas Utility System 1,365,283
Revenue, AMBAC, 6.25%, 09/01/2011
1,025,000 Goose Creek Independent School 965,396
District, Texas, PSF Guaranteed,
5.00%, 02/15/2012
1,000,000 Amarillo Junior College District, 954,360
Texas, FGIC, 5.125%, 02/15/2012
4,970,000 Indianapolis, Indiana Gas Utilities 4,049,307
Revenue Series B, FGIC,
4.00%, 06/01/2012
1,035,000 Massachusetts Consolidated Loans 1,019,237
Series B, FGIC, 5.50%, 06/01/2012
2,870,000 Lowell, Massachusetts, AMBAC, 2,828,873
5.50%, 08/01/2012
1,000,000 Boston, Massachusetts, MBIA, 964,050
5.25%, 10/01/2012
3,500,000 Northern Colorado Water 3,772,965
Conservancy District, Municipal
Sub-District Revenue Series F,
AMBAC, 6.50%, 12/01/2012
1,035,000 Sacramento Municipal Utility District, 1,139,949
California Series G, MBIA,
6.50%, 09/01/2013
1,760,000 Clark County, Nevada Series A, 1,933,994
AMBAC, 6.50%, 06/01/2017
1,785,000 Los Angeles, California Wastewater 1,490,297
System Revenue Series D,
FGIC, 4.70%, 11/01/2019
1,005,000 Regional Transportation Authority, 1,254,381
Illinois Series C, FGIC,
7.75%, 06/01/2020
3,135,000 Illinois State Dedicated Tax Revenue, 3,306,798
AMBAC, 6.25%, 12/15/2020
1,735,000 Sacramento Municipal Utility District, 1,468,625
California Series G, MBIA,
4.75%, 09/01/2021
3,940,000 McGee-Creek Authority, Oklahoma 4,054,930
Water Revenue, MBIA,
6.00%, 01/01/2023
--------------
Total Insured (Cost $290,739,284) 295,211,995
--------------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 32.26%
- --------------------------------------------------------------------------------
State General Obligations: 11.15%
2,000,000 Connecticut State Resource 2,016,560
Recovery Authority Series A,
5.30%, 11/15/1997
1,000,000 New Jersey State, 7.20%, 04/15/1998 1,033,800
1,100,000 District of Columbia Series A, 1,098,812
5.00%, 06/01/1998
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
4,020,000 Connecticut State Economic $ 4,069,205
Recovery Notes, 5.00%, 06/15/1998
4,130,000 Georgia State Series C, 4,293,548
7.25%, 07/01/1998
4,075,000 South Carolina State Series B, 4,168,155
5.75%, 08/01/1998
1,000,000 Missouri State, Third State 1,045,400
Building Series A,
7.50%, 08/01/1998
1,000,000 Texas State Series B, 1,057,310
8.00%, 10/01/1998
1,000,000 Georgia State Series D, 1,046,160
7.00%, 11/01/1998
2,035,000 Georgia State Series A, 2,156,652
7.70%, 02/01/1999
1,000,000 Georgia State Series B, 1,037,010
6.30%, 03/01/1999
1,000,000 California State, AMT, 1,044,250
6.80%, 04/01/1999
1,000,000 Massachusetts Turnpike 1,013,000
Authority Series A,
5.00%, 06/01/1999
3,565,000 South Carolina State Capital 3,618,368
Improvements Series A,
5.00%, 07/01/1999
6,575,000 Washington State Series R-97-B, 6,666,393
5.00%, 07/01/1999
1,000,000 Georgia State Series B, 1,079,140
8.00%, 07/01/1999
1,750,000 New Jersey State Series E, 1,777,003
5.00%, 07/15/1999
2,960,000 Maryland State Third Series, 3,072,006
6.00%, 07/15/1999
4,025,000 Minnesota State, 6.00%, 08/01/1999 4,175,615
2,275,000 Rhode Island State Series A, 2,383,381
6.60%, 08/01/1999
4,305,000 Washington State Series R-92-C, 4,398,462
5.30%, 09/01/1999
2,625,000 Texas State Series A, 2,848,519
8.00%, 10/01/1999
2,870,000 Maryland State First Series, 2,995,390
6.75%, 03/01/2000
3,685,000 New Jersey State, 3,947,851
7.00%, 04/01/2000
3,665,000 Tennessee State Series B, 3,725,399
5.00%, 05/01/2000
1,000,000 District of Columbia Series A-3, 993,010
4.90%, 06/01/2000
1,220,000 District of Columbia Series A, 1,222,586
5.50%, 06/01/2001
1,000,000 Massachusetts Series D, 1,064,480
6.50%, 07/01/2001
2,000,000 District of Columbia Series A, 2,031,760
5.90%, 06/01/2002
1,090,000 California State, 7.00%, 03/01/2003 1,210,303
1,000,000 Illinois State, 6.70%, 06/01/2003 1,070,110
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,300,000 California State, 7.00%, 03/01/2004 $ 2,575,839
1,140,000 California State, 7.10%, 05/01/2004 1,286,239
2,735,000 Wisconsin State Series 2, 2,690,802
5.00%, 11/01/2007
1,930,000 Hawaii State Series CC, 1,903,849
5.125%, 02/01/2008
7,250,000 Massachusetts Series A, 7,196,277
5.25%, 02/01/2008
1,000,000 California State, 7.20%, 05/01/2008 1,165,830
1,000,000 South Carolina State Series A, 974,560
5.00%, 03/01/2009
2,225,000 Massachusetts Bay Transportation 2,298,692
Authority Series A, 5.75%, 03/01/2010
1,000,000 Texas State, Student Loan Revenue, 928,990
AMT, 5.00%, 08/01/2010
1,490,000 Georgia State Series C, 1,615,011
6.25%, 08/01/2010
4,970,000 Connecticut State Series A, 5,017,215
5.70%, 03/15/2011
3,765,000 Massachusetts Bay Transportation 3,749,639
Authority Series A,
5.50%, 03/01/2012
1,000,000 Georgia State Series B, 1,059,790
6.00%, 03/01/2012
990,000 Florida State Board of Education, 1,363,359
9.125%, 06/01/2014
------------
Total State General Obligations
(Cost $105,243,976) 107,185,730
------------
Local General Obligations: 8.96%
1,000,000 Edison Township, New Jersey, 1,004,270
6.50%, 06/01/1997
1,365,000 Chicago, Illinois, 11.50%, 01/01/1998 1,437,809
1,720,000 Indianapolis Local Public 1,736,426
Improvement Bond Bank, Indiana
Series B, 5.00%, 02/01/1998
1,670,000 Union County, New Jersey, 1,705,621
6.40%, 02/01/1998
1,000,000 New York City Series B, 1,023,660
7.20%, 02/01/1998
1,880,000 Milwaukee, Wisconsin Series A5, 1,907,692
5.50%, 02/15/1998
2,215,000 Shelby County, Tennessee Series A, 2,240,893
5.00%, 04/01/1998
1,275,000 Columbus, Ohio, 12.00%, 05/15/1998 1,382,100
1,020,000 Du Page County Forest Preserve 1,059,556
District, Illinois, 7.40%, 11/01/1998
1,000,000 De Kalb County, Georgia, 1,010,580
4.90%, 01/01/1999
1,000,000 Fulton County School District, 1,054,680
Georgia, 7.50%, 01/01/1999
1,810,000 Washington Suburban Sanitation 1,923,704
District, Maryland, 8.00%, 01/01/1999
1,245,000 Chicago, Illinois, 11.50%, 01/01/1999 1,385,225
4,200,000 Dallas, Texas, 4.45%, 02/15/1999 4,206,468
Schedule of Investments--Municipal Bond Portfolios 7
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Montgomery County, Maryland $ 1,017,510
Series A, 5.10%, 07/01/1999
1,000,000 Dallas, Texas Series B, 1,036,430
6.00%, 08/15/1999
1,000,000 Montgomery County, Maryland 1,061,020
Series B, 6.875%, 10/01/1999
1,025,000 Harris County Flood Control District, 1,085,824
Texas Series A, 7.125%, 10/01/1999
1,000,000 King County, Washington Series A, 1,113,160
9.00%, 12/01/1999
1,000,000 Denver City & County School 1,124,870
District No. 1, Colorado Series B,
10.00%, 12/01/1999
1,455,000 Tulsa Independent School District 1,469,012
No. 1, Oklahoma, 5.00%, 02/01/2000
1,350,000 Rocky Mount, North Carolina, 1,401,772
6.50%, 02/01/2000
1,600,000 Boston, Massachusetts Series A, 1,706,976
7.40%, 02/01/2000
2,960,000 Winston-Salem, North Carolina, 3,430,314
8.875%, 06/01/2001
2,060,000 Montgomery County, Maryland, 2,401,857
8.60%, 05/01/2002
2,000,000 New York City Series G, 2,019,540
5.70%, 02/01/2003
2,525,000 Philadelphia Authority for Industrial 2,527,828
Development, Pennsylvania, Gallery II
Garage Project, 6.125%, 02/15/2003
3,420,000 Pennsylvania Convention & 3,614,632
Exhibition Center Authority Revenue
Series A, 6.25%, 09/01/2004
1,455,000 Montgomery County, Maryland 1,532,653
Series A, 5.75%, 07/01/2006
6,525,000 Port of Seattle, Washington, AMT, 6,594,296
5.50%, 05/01/2007
2,350,000 Washington Suburban Sanitation 2,325,983
District, Maryland, 5.10%, 06/01/2007
2,620,000 Jersey City, New Jersey Series A, 2,783,514
6.00%, 10/01/2007
2,390,000 Buncombe County, North Carolina, 2,381,970
5.10%, 03/01/2008
1,020,000 Indianapolis Local Public 966,226
Improvement Bond Bank, Indiana
Series B, 5.00%, 02/01/2010
1,190,000 Roanoke, Virginia, 5.00%, 02/01/2011 1,114,185
1,900,000 Minneapolis, Minnesota Series A, 831,307
0.00%, 12/01/2011 (Note F, p. 12)
1,300,000 Forsyth County, North Carolina, 1,167,231
4.75%, 02/01/2013
7,780,000 New York City Series I, 7,472,612
5.875%, 03/15/2013
1,310,000 Travis County, Texas, 5.00%, 03/01/2014 1,205,894
1,400,000 Travis County, Texas, 5.00%, 03/01/2015 1,277,626
8 Sanford C. Bernstein Fund, Inc.--1997 Semiannual Report
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,860,000 Du Page County, Illinois Stormwater $ 1,800,536
Project, 5.60%, 01/01/2021
6,735,000 Du Page County, Illinois Jail 6,519,682
Project, 5.60%, 01/01/2021
------------
Total Local General Obligations
(Cost $85,048,177) 86,063,144
------------
Tax Lease: 7.47%
5,170,000 New York State Dormitory Authority, 5,174,963
State University Series A,
4.75%, 07/01/1997
1,050,000 New York State Dormitory Authority, 1,056,720
City University Series A,
6.90%, 07/01/1997
1,355,000 Missouri State Regional Convention & 1,363,631
Sports Complex Authority Series A,
6.00%, 08/15/1997
1,000,000 Ukiah Unified School District, 1,001,650
California Certificates of
Participation, 5.00%, 09/01/1997
1,000,000 New Haven Unified School 1,005,080
District, California Certificates
of Participation, 4.90%, 07/01/1998
1,465,000 New York State Dormitory Authority, 1,522,384
City University Series A,
7.40%, 07/01/1998
1,835,000 Virginia College Building Authority, 1,853,882
Virginia Equipment Leasing Program,
5.00%, 08/01/1998
1,030,000 Ohio State Building Authority 1,070,242
Series C, 7.10%, 10/01/1998
2,170,000 New York State Urban Development 2,168,394
Corp., Correctional Facilities,
4.70%, 01/01/1999
2,350,000 New York State Certificates of 2,352,444
Participation, 4.90%, 03/01/1999
4,055,000 Virginia State Public School Authority, 4,036,590
School Equipment Financing Notes
Issue IV, 4.20%, 04/01/1999
1,000,000 New York State Energy Research & 1,000,370
Development Authority, Western
New York Nuclear Service Center
Series B, 5.00%, 04/01/1999
4,085,000 Virginia State Public School Authority 4,134,796
Series C, 5.00%, 08/01/1999
1,040,000 New York State Medical Care 1,059,323
Facilities Financing Authority,
Brookdale Hospital Medical Center
Series A, Secured Hospital Program,
6.20%, 08/15/1999
1,500,000 Ukiah Unified School District, 1,500,930
California Certificates of
Participation, 5.30%, 09/01/1999
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,630,000 Kentucky State Property & $ 1,671,288
Buildings Commission Revenue,
Project No. 53, 5.90%, 10/01/1999
1,140,000 Lake County, Illinois Certificates of 1,227,222
Participation, 7.20%, 06/01/2000
2,375,000 New York State Urban Development 2,375,594
Corp., Correctional Facilities,
5.10%, 01/01/2001
3,800,000 MTA, New York Commuter Facilities 3,828,386
Service Contract Series O,
5.25%, 07/01/2001
3,500,000 Ohio State Higher Educational 3,620,855
Facility, Community Revenue
Series A, 7.00%, 11/01/2002
2,000,000 New York State Dormitory Authority, 2,005,040
State University Series A,
5.50%, 05/15/2005
1,005,000 New York State Dormitory Authority, 1,018,739
City University, 5.70%, 07/01/2005
1,005,000 New York State Dormitory Authority, 1,018,739
City University Series C,
5.70%, 07/01/2005
1,000,000 New York State Certificates of 1,006,510
Participation, City University, John
Jay College, 5.75%, 08/15/2005
1,720,000 New York State Medical Care 1,687,784
Facilities Financing Authority,
Mental Health Services,
5.35%, 02/15/2006
1,000,000 New York State Dormitory Authority, 1,064,230
State University Series A,
6.50%, 05/15/2006
2,450,000 New York State Dormitory Authority, 2,438,559
State University, 5.50%, 05/15/2007
1,000,000 New York State Dormitory Authority, 1,012,250
City University Series A,
5.75%, 07/01/2007
3,890,000 Philadelphia Hospitals & Higher 3,873,273
Education Facilities, Pennsylvania
Authority Revenue, 5.875%, 08/01/2007
2,000,000 McLean County Public Building 2,321,380
Commission, Illinois, 7.25%, 11/01/2007
4,005,000 California State Public Works Board, 4,016,334
5.375%, 06/01/2008
1,000,000 New York State Dormitory Authority, 1,059,690
City University, 8.125%, 07/01/2008
4,045,000 Philadelphia Hospitals & Higher 4,018,020
Education Facilities, Pennsylvania
Authority Revenue, 6.20%, 08/01/2011
1,280,000 New York State Dormitory Authority, 1,266,560
City University Series A,
5.75%, 07/01/2013
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Sacramento City Finance Authority, $ 947,660
California, Lease Revenue Series B,
5.40%, 11/01/2020
------------
Total Tax Lease (Cost $71,173,681) 71,779,512
------------
Special Tax: 4.10%
1,000,000 New York State Local Government 1,000,000
Assistance Corp. Series C,
6.05%, 04/01/1997
1,000,000 Metropolitan Atlanta Rapid Transit 1,004,270
Authority, Georgia, Sales Tax Revenue
Series I, 6.25%, 07/01/1997
1,610,000 Arizona State Transportation Board 1,622,445
Tax Revenue, 7.30%, 07/01/1997
1,175,000 Las Vegas Special Improvement 1,179,641
District No. 707, Nevada, Local
Improvement Bonds,
5.50%, 06/01/1999
1,860,000 Montana State Department of 1,869,691
Transportation, 4.70%, 07/01/1999
5,710,000 Tulsa Criminal Justice Authority, 5,734,382
Oklahoma Sales Tax Revenue,
4.50%, 09/01/1999
1,000,000 Maryland State Department of 1,055,210
Transportation Second Issue,
6.60%, 11/01/2000
2,290,000 Arizona State Transportation Board 2,371,249
Excise Tax Revenue,
6.125%, 07/01/2001
1,000,000 Metropolitan Pier & Exposition 1,042,510
Authority, Illinois, McCormick Place
Expansion Project Series A,
5.90%, 06/15/2003
4,365,000 New Jersey State Transportation 4,633,753
Trust Fund Authority, Transportation
Systems Series B,
6.00%, 06/15/2006
1,500,000 Connecticut State Special Tax 1,590,615
Obligation Revenue Series B,
6.00%, 09/01/2006
2,620,000 Connecticut State Special Tax 2,630,297
Obligation, Transportation
Infrastructure Series A,
5.25%, 09/01/2007
1,150,000 Illinois State Sales Tax Revenue 1,098,296
Series U, 5.00%, 06/15/2009
1,000,000 Connecticut State Special Tax 1,070,880
Obligation Series B,
6.15%, 09/01/2009
1,000,000 Illinois State Sales Tax Revenue 960,910
Series A, 5.10%, 06/15/2010
1,000,000 District of Columbia Redevelopment 957,400
Land Agency, Sports Arena
Special Tax, 5.625%, 11/01/2010
Schedule of Investments--Municipal Bond Portfolios 9
<PAGE>
=======================================================================
Principal Amount Description Market Value
=======================================================================
3,225,000 Illinois State Sales Tax Revenue $ 3,365,610
Series Q, 6.00%, 06/15/2012
5,780,000 Rhode Island Depositors Economic 6,217,719
Protection Corp. Series A,
6.375%, 08/01/2022
------------
Total Special Tax (Cost $38,231,657) 39,404,878
------------
Miscellaneous Tax: 0.58%
5,325,000 Indianapolis Local Public 5,556,957
Improvement Bond Bank, Indiana
Series B, 6.00%, 01/10/2013
------------
Total Miscellaneous Tax (Cost $5,178,966) 5,556,957
------------
Total Tax Supported (Cost $304,876,457) 309,990,221
------------
=======================================================================
REVENUE: 12.33%
- -----------------------------------------------------------------------
Airport Revenue: 0.76%
1,500,000 Denver City & County, Colorado 1,611,900
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
800,000 Denver City & County, Colorado 881,592
Airport Revenue Series A, AMT,
7.50%, 11/15/2006
1,325,000 Denver City & County, Colorado 1,555,311
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
2,600,000 Chicago, Illinois O'Hare International 2,369,380
Airport Revenue Senior Lien
Series A, 5.00%, 01/01/2013
1,000,000 Massachusetts Port Authority 902,800
Revenue Series B, AMT,
5.00%, 07/01/2013
------------
Total Airport Revenue (Cost $7,036,486) 7,320,983
------------
Electric Revenue: 2.62%
1,870,000 Massachusetts Municipal Wholesale 1,877,199
Electric Company Series B,
6.00%, 07/01/1997
1,000,000 Washington Public Power Supply 1,005,780
System Revenue, Nuclear Project
No. 2 Series A, 5.10%, 07/01/1998
1,045,000 North Carolina Eastern Municipal 1,048,031
Power Agency Series A,
5.00%, 01/01/1999
9,065,000 Lower Colorado River Authority, 9,272,317
Texas, 5.50%, 01/01/2000
1,500,000 Massachusetts Municipal Wholesale 1,520,280
Electric Company Series D,
5.50%, 07/01/2000
6,700,000 Pittsylvania County, Industrial 6,895,975
Development Authority, Virginia
Revenue Series A, AMT,
7.30%, 01/01/2004
10 Sanford C. Bernstein Fund, Inc.--1997 Semiannual Report
=======================================================================
Principal Amount Description Market Value
=======================================================================
3,500,000 Washington Public Power Supply $ 3,537,730
System Revenue, Nuclear Project
No. 3 Series B, 5.60%, 07/01/2007
------------
Total Electric Revenue (Cost $24,981,780) 25,157,312
------------
Health Care Revenue: 1.26%
325,000 Illinois Health Facilities Authority 324,383
Revenue, Passavant Memorial
Hospital Association,
4.15%, 10/01/1997
1,750,000 Delaware County, Pennsylvania, 1,749,108
Health Care Revenue, Mercy Health
Corp., 4.875%, 11/15/1997
1,000,000 Camden County Improvement Authority, 993,590
New Jersey Revenue, Health Care
Redevelopment Project Cooper Health,
4.50%, 02/15/1999
1,000,000 Illinois Health Facilities Authority 1,001,050
Revenue, Advocate Health Care
Series A, 4.80%, 08/15/1999
670,000 New York State Medical Care Facilities 675,286
Finance Agency Revenue,
5.40%, 08/15/2005
7,280,000 Boston, Massachusetts Hospital 7,356,294
Revenue Series B,
5.75%, 02/15/2008
------------
Total Health Care Revenue (Cost $12,110,258) 12,099,711
------------
Higher Education Revenue: 1.26%
1,000,000 Illinois Educational Facilities Authority 1,125,360
Revenue, Loyola University, Chicago
Series A, 7.00%, 07/01/2007
1,415,000 Virginia Polytechnic Institute and 1,405,449
State University Revenue Series A,
5.25%, 06/01/2008
1,940,000 University of Texas, University 1,816,228
Revenue Series A, 4.70%, 08/15/2008
2,295,000 University of Texas, University 2,150,117
Revenue Series A, 4.80%, 08/15/2009
2,750,000 University of Texas, University 2,576,392
Revenue Series B, 4.80%, 08/15/2009
2,820,000 Massachusetts Health & Educational 3,024,901
Authority Revenue, Harvard University
Series N, 6.25%, 04/01/2020
------------
Total Higher Education Revenue
(Cost $12,298,437) 12,098,447
------------
Toll Revenue: 0.10%
1,000,000 Triborough Bridge & Tunnel Authority, 934,510
New York Toll Revenue Series A,
5.00%, 01/01/2012
------------
Total Toll Revenue (Cost $919,466) 934,510
------------
<PAGE>
=======================================================================
Principal Amount Description Market Value
=======================================================================
Water/Sewer Revenue: 1.83%
2,350,000 Philadelphia, Pennsylvania Water & $ 2,347,650
Wastewater Revenue,
4.75%, 06/15/1998
1,000,000 Cobb County, Georgia Water & 1,009,770
Sewer Revenue, 5.00%, 07/01/1998
1,000,000 Gwinnett County, Georgia Certificates 1,049,390
of Participation, Water & Sewer
Revenue, 8.05%, 08/01/1998
3,600,000 Portland, Oregon Sewer System 3,780,036
Revenue Series A,
7.00%, 06/01/1999
1,925,000 Somerset-Raritan Valley, New Jersey 2,035,014
Sewage Series G, 6.40%, 07/01/2005
4,230,000 Los Angeles County Sanitation 4,244,382
District Financing Authority,
California Revenue, 5.20%, 10/01/2005
2,200,000 Texas State Water Development 2,206,138
Board Revenue, Revolving Senior
Lien-A, 5.50%, 07/15/2010
1,005,000 Massachusetts Water Pollution 959,785
Abatement Trust Series B,
5.25%, 08/01/2014
------------
Total Water/Sewer Revenue (Cost $17,683,926) 17,632,165
------------
Miscellaneous Revenue: 2.52%
3,800,000 Philadelphia, Pennsylvania Gas 3,815,504
Works Series A, 5.40%, 07/01/1998
15,000,000 Tax Exempt Private Municipal 14,941,500
Trust Series 1996-1,
4.50%, 01/01/2000
1,600,000 Northeast Maryland Waste Disposal 1,613,072
Authority, Solid Waste Revenue,
AMT, 5.50%, 07/01/2001
3,775,000 Northeast Maryland Waste Disposal 3,812,146
Authority, Solid Waste Revenue,
AMT, 5.60%, 07/01/2002
------------
Total Miscellaneous Revenue
(Cost $24,113,005) 24,182,222
------------
Industrial Development/Pollution
Control Revenue: 1.98%
1,000,000 Fairfax County, Virginia Economic 1,041,600
Development Authority, Ogden Martin
System Project Series A, AMT,
7.20%, 02/01/1999
2,100,000 Missouri State Environmental 2,134,545
Improvement & Energy Resource
Authority, Chrysler Corporation
Project, 5.70%, 10/01/1999
7,515,000 Schuylkill County Industrial 7,348,768
Development Authority,
Pennsylvania, Energy Reserves,
AMT, 6.50%, 01/01/2010
=======================================================================
Principal Amount Description Market Value
=======================================================================
8,310,000 Hempstead Town Industrial $ 8,486,006
Development Agency, New York,
7.40%, 12/01/2010
------------
Total Industrial Development/Pollution
Control Revenue (Cost $19,113,935) 19,010,919
------------
Total Revenue (Cost $118,257,293) 118,436,269
------------
=======================================================================
ASSET-BACKED SECURITIES: 2.80%
- -----------------------------------------------------------------------
Housing: 1.01%
6,000,000 Maryland State Community 5,988,960
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 1,253,040
Authority, Florida Single Family
Mortgage Revenue Series B, AMT,
8.75%, 07/01/2017
2,415,000 Ohio Housing Finance Agency, 2,533,794
Single Family Mortgage Revenue
Series A, AMT, 7.65%, 03/01/2029
------------
Total Housing (Cost $9,826,423) 9,775,794
------------
Student Loan: 1.79%
1,450,000 Wyoming Student Loan Corporation, 1,461,165
Student Loan Revenue, AMT,
6.00%, 12/01/1997
1,000,000 New England Education Loan 1,021,750
Marketing Corporation, Student
Loan Revenue, 6.00%, 09/01/1998
1,525,000 New England Education Loan 1,573,465
Marketing Corporation, Student
Loan Revenue, 6.00%, 09/01/1999
1,640,000 New England Education Loan 1,696,760
Marketing Corporation, Student
Loan Revenue Issue A,
6.125%, 09/01/1999
1,700,000 Brazos Higher Education Authority 1,736,210
Inc., Texas Series A-2, AMT,
5.75%, 06/01/2000
1,500,000 Student Loan Funding Corporation, 1,533,105
Cincinnati, Ohio Series C, AMT,
5.85%, 07/01/2000
1,450,000 New England Education Loan 1,452,538
Marketing Corporation, Student
Loan Revenue, 5.00%, 08/01/2000
1,450,000 Brazos Higher Education Authority 1,492,557
Inc., Texas Series A-1, AMT,
5.90%, 12/01/2000
3,390,000 Arkansas State Student Loan 3,504,209
Authority Series A-1, AMT,
5.95%, 06/01/2001
Schedule of Investments--Municipal Bond Portfolios 11
<PAGE>
=======================================================================
Principal Amount Description Market Value
=======================================================================
1,625,000 South Dakota Student Loan $ 1,704,982
Assistance Corporation, Student
Loan Revenue Series B, AMT,
7.625%, 08/01/2006
------------
Total Student Loan (Cost $16,910,538) 17,176,741
------------
Total Asset-Backed Securities
(Cost $26,736,961) 26,952,535
------------
=======================================================================
INVESTMENT SUMMARY
- -----------------------------------------------------------------------
Total Investments (Cost $947,164,217) 99.78% $958,838,178
(Note K, below)
Cash and Other Assets, Less Liabilities 0.22 2,082,866
------ ------------
Net Assets (Equivalent to $13.42
per share based on 71,604,638
shares of capital stock outstanding) 100.00% $960,921,044
====== ============
- -----------------------------------------------------------------------
(A) Commercial paper owned at March 31, 1997, was purchased at a rate of 6.70%.
(B) $2,700,000 principal amount segregated as collateral for
when-issued securities
(C) $2,750,000 principal amount segregated as collateral for
when-issued securities
(D) $2,780,000 principal amount segregated as collateral for
when-issued securities
(E) $200,000 principal amount segregated as collateral for
when-issued securities
(F) Non-income-producing zero-coupon bond
(G) 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
(H) $2,600,000 principal amount segregated as collateral for
when-issued securities
(I) When-issued security
(J) $4,700,000 principal amount segregated as collateral for
when-issued securities
(K) At March 31, 1997, the cost basis of investment securities owned
was substantially identical for both book and tax.
12 Sanford C. Bernstein Fund, Inc.--1997 Semiannual Report
=======================================================================
(L) Allocation of Portfolio net assets at March 31, 1997:
Alaska 0.68%
Arizona 1.08
Arkansas 0.57
California 3.62
Colorado 1.96
Connecticut 2.88
Delaware 0.21
Florida 4.63
Georgia 2.89
Hawaii 0.77
Illinois 8.75
Indiana 1.78
Kansas 0.11
Kentucky 0.37
Louisiana 0.11
Maryland 3.68
Massachusetts 6.42
Michigan 1.98
Minnesota 1.83
Mississippi 0.22
Missouri 0.47
Montana 0.19
Nevada 0.82
New Jersey 2.78
New York 6.28
North Carolina 1.41
Ohio 3.71
Oklahoma 1.17
Oregon 0.39
Pennsylvania 6.42
Rhode Island 1.91
South Carolina 1.19
South Dakota 0.56
Tennessee 1.45
Texas 8.32
Utah 1.70
Virginia 2.38
Washington 5.47
West Virginia 0.28
Wisconsin 1.19
Wyoming 0.15
Puerto Rico 0.35
District of Columbia 2.32
Tax-Exempt Private Municipal Trust 1.56
U.S. Treasury Obligations 2.67
Commercial Paper 0.10
Cash and Other Assets, Less Liabilities 0.22
------
Total 100.00%
======
See Note to Financial Statements.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein California Municipal Portfolio
March 31, 1997 (unaudited)
- -----------------------------------------------------------------------------
Principal Amount Description Market Value*
- -----------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 2.52%
- -----------------------------------------------------------------------------
Commercial Paper (Note A, p. 18): 0.23%
773,000 Avery Dennison Corp., $ 773,000
04/01/1997 -----------
Total Commercial Paper (Cost $773,000) 773,000
-----------
Municipal Note: 1.30%
4,300,000 California State, Revenue 4,306,837
Anticipation Notes Series A, -----------
4.50%, 06/30/1997
Total Municipal Note (Cost $4,305,935) 4,306,837
-----------
Tax Exempt Variable-Rate Demand Note: 0.99%
3,300,000 Orange County Water District, 3,300,000
California Certificates of -----------
Participation, Daily Floater,
Putable Daily, 3.65%, 08/15/2015
Total Tax Exempt Variable-Rate Demand Note
(Cost $3,300,000) 3,300,000
-----------
Total Short-Term Investments (Cost $8,378,935) 8,379,837
-----------
- -----------------------------------------------------------------------------
U.S. TREASURY NOTE: 5.06%
- -----------------------------------------------------------------------------
17,000,000 5.875%, 01/31/1999 16,845,929
-----------
Total U.S. Treasury Note (Cost $16,938,831) 16,845,929
-----------
- -----------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 29.53%
- -----------------------------------------------------------------------------
2,085,000 San Diego County Water Authority, 2,131,850
California Water Revenue
Certificates of Participation
Series A, 7.05%, 05/01/2001,
Prerefunded 05/01/1997 @102
2,425,000 San Jose Public Facilities Financing 2,481,066
Corp., California Certificates of
Participation, 7.90%, 05/01/2010,
Prerefunded 05/01/1997 @102
500,000 Orange County, California Certificates 502,820
of Participation, 7.35%, 06/01/1997,
Escrowed to Maturity
2,000,000 Los Angeles Unified School 2,053,500
District, California Certificates
of Participation, 8.125%, 06/01/2008,
Prerefunded 06/01/1997 @102
2,000,000 Los Angeles County Transportation 2,059,720
Commission, California Series A,
7.90%, 07/01/2007,
Prerefunded 07/01/1997 @102
*See Note 1, page 28 in Notes to Financial Statements.
- -----------------------------------------------------------------------------
Principal Amount Description Market Value
- -----------------------------------------------------------------------------
1,000,000 Sacramento County, California $1,030,570
Certificates of Participation
Series A, 8.25%, 07/01/2012,
Prerefunded 07/01/1997 @102
800,000 Puerto Rico Electric Power Authority 826,616
Series K, 9.375%, 07/01/2017,
Prerefunded 07/01/1997 @102
1,000,000 University of Puerto Rico, University 1,028,820
Revenue Series K, 6.50%, 06/01/2004,
Prerefunded 06/01/1998 @100
2,000,000 Los Angeles County Transportation 2,134,560
Commission, California Series A,
8.00%, 07/01/2018,
Prerefunded 07/01/1998 @102
1,050,000 Northern California Power Agency 1,100,652
Series B, 8.00%, 07/01/2024,
Prerefunded 07/01/1998 @100
2,980,000 Los Angeles, California Wastewater 3,145,956
System Revenue, 6.80%, 08/01/2019,
Prerefunded 08/01/1998 @102
(Note B, p. 18)
1,000,000 Sacramento Municipal Utility District, 1,069,230
California Series V, 7.75%, 08/15/2003,
Prerefunded 08/15/1998 @102
4,030,000 Sacramento Municipal Utility District, 4,315,646
California Series W, 7.875%, 08/15/2016,
Prerefunded 08/15/1998 @102
(Note C, p. 18)
3,230,000 Fontana Redevelopment Agency, 3,467,373
California, North Fontana Redevelopment
Project, 8.00%, 09/01/2018,
Prerefunded 09/01/1998 @102
(Note D, p. 18)
530,000 Temecula Valley Unified School 567,921
District, California Series B,
AMBAC, 9.25%, 09/01/1998,
Escrowed to Maturity
4,000,000 California Health Facilities Financing 4,281,880
Authority, 7.625%, 10/01/2015,
Prerefunded 10/01/1998 @102
(Note E, p. 18)
1,000,000 Antelope Valley Hospital District, 1,049,310
California Certificates
of Participation, 7.25%, 01/01/2017,
Prerefunded 01/01/1999 @100
5,765,000 Los Angeles, California Wastewater 6,154,137
System Revenue Series A,
7.10%, 02/01/2021,
Prerefunded 02/01/1999 @102
1,325,000 San Diego County Regional 1,425,621
Transportation Authority, California
Sales Tax Revenue Series A,
7.375%, 04/01/2006,
Prerefunded 04/01/1999 @102
Schedule of Investments--Municipal Bond Portfolios 13
<PAGE>
- -----------------------------------------------------------------------------
Principal Amount Description Market Value
- -----------------------------------------------------------------------------
1,875,000 California State Department of $ 2,007,488
Water Resources Series G,
7.125%, 12/01/2024,
Prerefunded 06/01/1999 @101.50
2,870,000 Puerto Rico Electric Power Authority 3,078,649
Series O, 7.125%, 07/01/2014,
Prerefunded 07/01/1999 @101.50
3,650,000 Puerto Rico Public Improvement 3,963,608
Series A, 7.75%, 07/01/2017,
Prerefunded 07/01/1999 @101.50
6,480,000 Los Angeles Convention & Exhibition 7,006,630
Center Authority, California
Certificates of Participation
Series A, 7.375%, 08/15/2018,
Prerefunded 08/15/1999 @101.50
2,190,000 Santa Cruz County Public Financing 2,402,780
Authority, California Tax Allocation,
7.625%, 09/01/2021,
Prerefunded 09/01/1999 @102.50
4,890,000 Alameda Community Facilities 5,356,897
District, California Special Tax
No. 1, 7.75%, 09/01/2019,
Prerefunded 09/01/1999 @102
570,000 Temecula Valley Unified School 632,820
District, California Series B,
AMBAC, 9.25%, 09/01/1999,
Escrowed to Maturity
3,920,000 Tehachapi Community Facilities 4,302,396
District, California Special Tax,
7.40%, 10/01/2014,
Prerefunded 10/01/1999 @103
1,265,000 California State Department of Water 1,357,687
Resources Series I, 6.60%, 12/01/2019,
Prerefunded 06/01/2000 @101.50
1,245,000 California State Department of Water 1,347,102
Resources Series H, 6.90%, 12/01/2025,
Prerefunded 06/01/2000 @101.50
2,705,000 Desert Hospital District, California 3,035,443
Desert Hospital Project,
8.10%, 07/01/2020,
Prerefunded 07/01/2000 @102
1,175,000 Los Angeles Convention & Exhibition 1,284,804
Center Authority, California Certificates
of Participation, 7.00%, 08/15/2021,
Prerefunded 08/15/2000 @102
9,865,000 Los Angeles County, California 10,625,394
Certificates of Participation,
Correctional Facilities Project,
6.50%, 09/01/2013,
Prerefunded 09/01/2000 @102
1,840,000 California State Public Works Board 2,013,641
Lease Revenue, Regents of the
University of California Series A,
7.00%, 09/01/2015,
Prerefunded 09/01/2000 @102
14 Sanford C. Bernstein Fund, Inc.--1997 Semiannual Report
- -----------------------------------------------------------------------------
Principal Amount Description Market Value
- -----------------------------------------------------------------------------
1,620,000 Santa Ana Community $ 1,754,897
Redevelopment Agency, California
Series A, 6.50%, 12/15/2015,
Prerefunded 12/15/2000 @102
1,865,000 Colton Redevelopment Agency, 2,077,666
California, Cooley Ranch
Redevelopment Project No. 4,
7.60%, 08/15/2016,
Prerefunded 08/15/2001 @100
1,740,000 Burbank Redevelopment Agency, 1,945,424
California, 9.25%, 12/01/2005,
Prerefunded 12/01/2004 @100
1,520,000 Corona, California Certificates 1,828,773
of Participation, 8.00%, 03/01/2015,
Prerefunded 03/01/2006 @100
1,000,000 Pittsburg Redevelopment Agency, 1,399,340
California Residential Mortgage -----------
Revenue, 9.60%, 06/01/2016,
Escrowed to Maturity
Total Prerefunded/Escrowed (Cost $97,175,747) 98,248,687
-----------
- -----------------------------------------------------------------------------
INSURED (Note F, p. 18): 31.49%
- -----------------------------------------------------------------------------
1,000,000 San Francisco City & County, 1,038,220
California, FGIC, 7.25%, 06/15/1998
1,065,000 Santa Rosa, California Wastewater 1,064,968
Revenue, FGIC, 4.00%, 09/01/1998
1,000,000 Modesto Irrigation District 1,003,580
Financing Authority, California
Series A, MBIA, 4.25%, 10/01/1998
5,095,000 Industry Urban Development Agency, 5,104,833
California, MBIA, 4.50%, 05/01/1999
1,035,000 East Bay Municipal Utility District, 1,069,786
California Water System Revenue,
FGIC, 6.00%, 06/01/1999
1,390,000 University of Puerto Rico Revenue 1,434,981
Series N, MBIA, 6.00%, 06/01/1999
1,800,000 East Bay Municipal Utility District, 1,860,498
California Water System Revenue,
FGIC, 6.00%, 06/01/1999
2,520,000 Northern California Power Agency, 2,559,866
Geothermal Project No. 3 Series B,
AMBAC, 5.00%, 07/01/1999
2,740,000 Orange County Municipal Water 2,768,743
District, California Certificates
of Participation, Allen McColloch
Pipeline, MBIA, 5.00%, 07/01/1999
1,965,000 Los Angeles Convention & Exhibition 2,063,270
Center Authority, California Certificates
of Participation, AMBAC,
6.60%, 08/15/1999
1,535,000 University of California Revenue 1,731,373
Series C, AMBAC, 10.00%, 09/01/1999
4,285,000 Modesto Irrigation District 4,299,997
Financing Authority, California
Series A, MBIA, 4.50%, 10/01/1999
<PAGE>
- -----------------------------------------------------------------------------
Principal Amount Description Market Value
- -----------------------------------------------------------------------------
1,085,000 Los Angeles County Board of $ 1,092,280
Education, California Certificates of
Participation, Local Educational
Agencies, Pooled Capital Projects
Series A, MBIA, 4.75%, 03/01/2000
2,530,000 Northern California Power Agency, 2,613,085
Geothermal Project No. 3 Series B,
AMBAC, 5.50%, 07/01/2000
1,575,000 Las Virgenes Municipal Water 1,793,830
District, California Certificates of
Participation, MBIA, 8.75%, 11/01/2000
5,025,000 San Diego County, California 5,092,938
Certificates of Participation,
AMBAC, 5.25%, 09/01/2005
1,390,000 South Orange County Public Finance 1,596,582
Authority, California Special Tax Revenue
Series A, MBIA, 7.00%, 09/01/2006
1,590,000 San Diego County Regional 1,571,540
Transportation Authority,
California Sales Tax Revenue
Series A, FGIC, 5.00%, 04/01/2007
1,200,000 San Francisco City & County Airport 1,225,392
Commission, California International
Airport Revenue 2nd Series 12A, FGIC,
AMT, 5.625%, 05/01/2007
3,000,000 Los Angeles Department of Airports, 3,040,710
California, Airport Revenue
Series A, FGIC, 5.375%, 05/15/2007
5,900,000 California State, AMBAC, 5,945,902
5.20%, 06/01/2007
2,910,000 Contra Costa Transportation Authority, 3,101,827
California Sales Tax Revenue
Series A, FGIC, 6.00%, 03/01/2008
2,360,000 San Diego County Regional 2,350,253
Transportation Authority,
California Sales Tax Revenue
Series A, FGIC, 5.25%, 04/01/2008
3,885,000 Long Beach, California Harbor Revenue, 4,064,565
MBIA, AMT, 6.00%, 05/15/2008
2,815,000 Riverside, California Sewer 3,244,372
Revenue, FGIC, 7.00%, 08/01/2008
1,510,000 Castaic Lake Water Agency, California 1,765,250
Certificates of Participation,
Water Systems Improvement Project
Series A, MBIA, 7.25%, 08/01/2008
1,475,000 Los Angeles Department of Airports, 1,486,284
California, Airport Revenue Series A,
FGIC, 5.50%, 05/15/2009
1,000,000 Redding Joint Powers Financing 1,079,610
Authority, California Electric
System Revenue Series A, MBIA,
6.25%, 06/01/2009
1,800,000 Metropolitan Water District of Southern 1,692,936
California, Waterworks Revenue
Series B, MBIA, 4.75%, 07/01/2009
- -----------------------------------------------------------------------------
Principal Amount Description Market Value
- -----------------------------------------------------------------------------
2,735,000 Northern California Power Agency, $ 2,844,263
Geothermal Project No. 3 Series A,
AMBAC, 5.80%, 07/01/2009
1,100,000 South Orange County Public Finance 1,366,805
Authority, California Special Tax
Revenue, Foothill Area
Series C, FGIC, 8.00%, 08/15/2009
1,205,000 Santa Rosa, California Wastewater 1,124,639
Revenue, FGIC, 4.80%, 09/01/2009
2,000,000 Los Angeles, California Wastewater 1,977,420
System Revenue Series D,
FGIC, 5.375%, 11/01/2009
2,365,000 San Francisco City & County Airport 2,289,273
Commission, California International
Airport Revenue 2nd Series 10A, MBIA,
AMT, 5.35%, 05/01/2010
600,000 Los Angeles Department of Airports, 604,518
California, Airport Revenue, FGIC,
AMT, 5.80%, 05/15/2010
1,320,000 East Bay Municipal Utility District, 1,252,720
California Water System
Revenue, MBIA, 5.00%, 06/01/2010
3,000,000 Riverside, California Sewer 2,873,040
Revenue, FGIC, 5.00%, 08/01/2010
1,000,000 Los Angeles Convention & Exhibition 1,056,520
Center Authority, California Lease
Revenue, MBIA, 6.00%, 08/15/2010
1,375,000 Sacramento County, California 1,289,915
Certificates of Participation, Public
Facilities Project, MBIA, 5.00%,
02/01/2011
1,000,000 Kern High School District, California 1,076,660
Series A, MBIA, 6.30%, 02/01/2011
1,000,000 University of California Revenue 936,440
Series C, AMBAC, 5.00%, 09/01/2011
2,145,000 San Francisco City & County Airport 2,070,097
Commission, California International
Airport Revenue 2nd Series 10A,
MBIA, AMT, 5.45%, 05/01/2012
1,000,000 Los Angeles County Metropolitan 964,450
Transportation Authority, California
Sales Tax Revenue Series B, AMBAC,
5.30%, 07/01/2012
1,000,000 Los Angeles Convention & Exhibition 934,210
Center Authority, California Lease
Revenue, MBIA, 5.125%, 08/15/2013
1,000,000 University of California Revenue 920,960
Series C, AMBAC, 5.00%, 09/01/2013
1,000,000 University of California Revenue 912,510
Series A, MBIA, 5.00%, 11/01/2014
1,195,000 Culver City Redevelopment Finance 1,175,127
Authority, California Tax Allocation,
AMBAC, 5.50%, 11/01/2014
1,000,000 San Jose Redevelopment Agency, 1,039,540
California Tax Allocation Merged
Area Redevelopment Project, MBIA,
6.00%, 08/01/2015
Schedule of Investments--Municipal Bond Portfolios 15
<PAGE>
----------------------------------------------------------------------
Principal Amount Description Market Value
----------------------------------------------------------------------
1,000,000 California Special Districts $ 958,610
Association Finance Corporation,
Certificates of Participation,
Series Z, FSA, 5.50%, 08/01/2017
1,000,000 Los Angeles Convention & Exhibition 925,210
Center Authority, California Lease
Revenue Series A,
MBIA, 5.375%, 08/15/2018
1,660,000 Fresno, California Sewer Revenue 1,566,044
Series A-1, AMBAC, 5.25%, 09/01/2019
2,630,000 California State Public Works 2,381,675
Board Lease Revenue, Department
of Corrections, State Prison
Series A, AMBAC, 5.00%, 12/01/2019
1,000,000 Sacramento Municipal Utility District, 846,470
California Series G, MBIA,
4.75%, 09/01/2021
2,915,000 Los Angeles, California 2,617,058
Wastewater System Revenue
Series D, FGIC, 5.20%, 11/01/2021
-----------
Total Insured (Cost $103,321,151) 104,761,645
-----------
----------------------------------------------------------------------
TAX SUPPORTED: 18.28%
----------------------------------------------------------------------
State General Obligations: 6.18%
2,140,000 Puerto Rico Commonwealth, 2,146,784
4.55%, 07/01/1998
1,000,000 California State, 8.60%, 10/01/1998 1,065,930
1,000,000 California State, 8.75%, 10/01/1998 1,068,090
1,295,000 California State, 7.00%, 06/01/1999 1,366,859
4,900,000 Puerto Rico Commonwealth, 4,979,037
5.50%, 07/01/1999 (Note G, p. 18)
3,335,000 California State, 9.00%, 06/01/2000 3,779,622
1,000,000 California State, 6.70%, 04/01/2001 1,074,700
1,300,000 District of Columbia Series A, 1,320,644
5.90%, 06/01/2002
1,020,000 California State, Veterans Series AW, 1,065,982
AMT, 7.25%, 04/01/2003
2,500,000 California State, 6.20%, 09/01/2005 2,707,375
-----------
Total State General Obligations
(Cost $20,271,349) 20,575,023
-----------
Local General Obligations: 3.57%
1,000,000 East Bay Regional Park District, 1,021,850
California, 9.25%, 09/01/1997
1,045,000 East Bay Regional Park District, 1,151,109
California Series B, 8.75%, 09/01/1999
2,235,000 Los Angeles County Public Works 2,219,445
Authority, California Capital
Construction Series A,
5.10%, 03/01/2007
1,000,000 East Bay Municipal Utility District, 989,910
California Special District No. 1
Series E, 5.45%, 04/01/2010
16 Sanford C. Bernstein Fund, Inc.--1997 Semiannual Report
----------------------------------------------------------------------
Principal Amount Description Market Value
----------------------------------------------------------------------
3,110,000 Los Angeles County Public Works $ 2,934,036
Authority, California Capital
Construction, 5.00%, 03/01/2011
1,000,000 Kern High School District, 1,163,610
California, 7.10%, 08/01/2011
2,480,000 Los Angeles, California Series A, 2,397,168
5.25%, 09/01/2011
-----------
Total Local General Obligations
(Cost $11,765,617) 11,877,128
-----------
Tax Lease: 6.63%
3,035,000 New Haven Unified School 3,039,249
District, California Certificates
of Participation, 4.70%, 07/01/1997
4,040,000 Los Angeles Municipal Improvement 4,050,666
Corp., California Certificates of
Participation, 4.50%, 12/01/1998
1,065,000 California State Public Works 1,077,855
Board Lease Revenue, Community
Colleges Series A,
5.00%, 04/01/1999 (Note G, p. 18)
1,215,000 San Diego County Unified School 1,205,972
District, California Certificates
of Participation, Project Phase
XII Series B, 4.50%, 07/01/1999
1,130,000 Cupertino, California 1,132,068
Certificates of Participation
Series A, 4.875%, 01/01/2000
1,595,000 Ukiah Unified School District, 1,609,148
California Certificates of
Participation, 5.60%, 09/01/2001
1,600,000 Ventura County, California 1,647,760
Certificates of Participation,
5.75%, 12/01/2004
1,000,000 Los Angeles State Building 996,130
Authority, California Lease
Revenue, 5.50%, 05/01/2007
2,520,000 San Francisco State Building Authority, 2,468,970
California Lease Revenue
Series A, 5.125%, 10/01/2007
1,010,000 Gilroy Unified School District, 990,355
California Certificates of
Participation, 5.85%, 07/01/2008
725,000 San Francisco City & County 751,180
Parking Authority, California,
7.50%, 12/01/2008
1,200,000 Taft Public Financing Authority, 1,185,468
California Lease Revenue,
Community Correctional Facility
Project A, 5.95%, 01/01/2011
2,000,000 Sacramento City Finance Authority, 1,895,320
California, Lease Revenue Series B,
5.40%, 11/01/2020
-----------
Total Tax Lease (Cost $21,843,126) 22,050,141
-----------
<PAGE>
----------------------------------------------------------------------
Principal Amount Description Market Value
----------------------------------------------------------------------
Special Tax: 1.90%
2,005,000 Puerto Rico Highway & Transit $ 2,017,331
Authority, 5.00%, 07/01/1998
1,000,000 Los Angeles County Metropolitan 1,003,490
Transportation Authority, California
Series A, 4.90%, 07/01/2000
1,300,000 Los Angeles County Transportation 1,410,240
Commission, California Series A,
6.40%, 07/01/2006
1,955,000 Pomona Public Financing Authority, 1,903,544
California Revenue, Southwest
Pomona Redevelopment,
5.50%, 02/01/2008
-----------
Total Special Tax (Cost $6,099,487) 6,334,605
-----------
Total Tax Supported (Cost $59,979,579) 60,836,897
-----------
----------------------------------------------------------------------
REVENUE: 14.65%
----------------------------------------------------------------------
Airport Revenue: 0.41%
500,000 Denver City & County, Colorado 537,300
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
200,000 Denver City & County, Colorado 234,764
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
500,000 Denver City & County, Colorado 598,850
Airport Revenue Series D, AMT,
7.75%, 11/15/2013
-----------
Total Airport Revenue (Cost $1,201,603) 1,370,914
-----------
Electric Revenue: 1.53%
1,250,000 Los Angeles Department of Water & 1,389,013
Power, California, Electric Plant
Revenue 2nd Issue, 9.00%, 12/15/1999
1,000,000 Los Angeles Department of Water & 1,138,580
Power, California, Electric Plant
Revenue 2nd Issue, 8.00%, 08/15/2002
2,100,000 Los Angeles Department of Water & 2,550,156
Power, California, Electric Plant
Revenue 2nd Issue, 9.00%, 10/15/2003
-----------
Total Electric Revenue (Cost $5,103,079) 5,077,749
-----------
Higher Education Revenue: 2.10%
1,000,000 University of California, Research 1,040,230
Facilities Revenue Series B,
7.50%, 09/01/1998 (Note H, p. 18)
685,000 California Educational Facilities Authority, 738,238
University of Southern California
Series B, 7.85%, 10/01/1999
2,635,000 California Educational Facilities 2,694,472
Authority, Stanford University
Series M, 5.25%, 12/01/1999
----------------------------------------------------------------------
Principal Amount Description Market Value
----------------------------------------------------------------------
2,540,000 California Educational Facilities $ 2,510,206
Authority, University of Southern
California Series A,
5.50%, 10/01/2008 (Note G, p. 18)
-----------
Total Higher Education Revenue
(Cost $6,981,194) 6,983,146
-----------
Water/Sewer Revenue: 6.33%
2,100,000 Metropolitan Water District of 2,121,189
Southern California Waterworks
Revenue, 4.85%, 07/01/1999
2,455,000 Los Angeles Department of Water & 2,761,310
Power, California, Waterworks
Revenue 2nd Issue,
9.00%, 05/15/2000
1,000,000 Metropolitan Water District of 1,073,650
Southern California Series A,
7.00%, 07/01/2000
1,050,000 California State Department of 1,187,183
Water Resources Series M,
8.50%, 12/01/2000
2,500,000 Metropolitan Water District of 2,536,150
Southern California Series A,
5.50%, 07/01/2008
2,420,000 Los Angeles County Sanitation 2,401,439
District Financing Authority,
California Series A, 5.25%, 10/01/2008
1,000,000 Orange County Water District, 983,220
California Certificates of
Participation Series A,
5.50%, 08/15/2010
2,460,000 San Francisco City & County 2,305,364
Public Utilities Commission,
California, Waterworks Revenue
Series A, 5.00%, 11/01/2012
2,285,000 California State Department of 2,087,804
Water Resources, Water System
Revenue Series O, 5.00%, 12/01/2015
3,660,000 Metropolitan Water District of 3,621,863
Southern California Series A,
5.75%, 07/01/2021
-----------
Total Water/Sewer Revenue (Cost $20,475,389) 21,079,172
-----------
Miscellaneous Revenue: 1.13%
1,000,000 Puerto Rico Highway & Transit 1,025,950
Authority Series U, 5.875%, 07/01/1999
1,235,000 Western Placer Waste Management 1,259,478
Authority, California Revenue,
AMT, 6.25%, 07/01/2000
1,495,000 Los Angeles Harbor Department 1,474,533
Revenue, California Series B, AMT,
5.25%, 11/01/2008
-----------
Total Miscellaneous Revenue (Cost $3,767,903) 3,759,961
-----------
Schedule of Investments--Municipal Bond Portfolios 17
<PAGE>
----------------------------------------------------------------------
Principal Amount Description Market Value
----------------------------------------------------------------------
Industrial Development/Pollution
Control Revenue: 3.15%
650,000 Missouri State Environmental $ 660,693
Improvement & Energy Resource
Authority, Chrysler Corporation
Project, 5.70%, 10/01/1999
1,330,000 Schuylkill County Industrial 1,300,580
Development Authority,
Pennsylvania, Energy Reserves,
AMT, 6.50%, 01/01/2010
8,125,000 California Pollution Control Financing 8,513,050
Authority, Pacific Gas & Electric Co.
Series B, AMT, 8.875%, 01/01/2010
----------
Total Industrial Development/Pollution
Control Revenue (Cost $10,436,746) 10,474,323
----------
Total Revenue (Cost $47,965,914) 48,745,265
----------
----------------------------------------------------------------------
INVESTMENT SUMMARY
----------------------------------------------------------------------
Total Investments (Cost $333,760,157) 101.53% $337,818,260
(Note I, below)
Cash and Other Assets, Less Liabilities (1.53) (5,091,426)
Net Assets (Equivalent to $13.56 ------ -----------
per share based on 24,531,630
shares of capital stock outstanding) 100.00% $332,726,834
====== ============
----------------------------------------------------------------------
(A) Commercial paper owned at March 31, 1997, was purchased at a rate
of 6.70%.
(B) $1,500,000 principal amount segregated as collateral for
when-issued securities
(C) $3,400,000 principal amount segregated as collateral for
when-issued securities
(D) $3,230,000 principal amount segregated as collateral for
when-issued securities
(E) $2,500,000 principal amount segregated as collateral for
when-issued securities
(F) 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
(G) When-issued security
(H) $1,000,000 principal amount segregated as collateral for
when-issued securities
(I) At March 31, 1997, the cost basis of investment securities
owned was substantially identical for both book
and tax.
See Notes to Financial Statements.
18 Sanford C. Bernstein Fund, Inc.--1997 Semiannual Report
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein New York Municipal Portfolio
March 31, 1997 (unaudited)
----------------------------------------------------------------------
Principal Amount Description Market Value*
----------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 0.58%
----------------------------------------------------------------------
Commercial Paper (Note A, p. 25): 0.09%
513,000 Avery Dennison Corp., $ 513,000
04/01/1997
-----------
Total Commercial Paper (Cost $513,000) 513,000
-----------
Tax Exempt Variable-Rate Demand Notes: 0.49%
900,000 New York City, Daily Floater, 900,000
Putable Daily, 3.85%, 08/01/2021
900,000 Babylon, New York Industrial 900,000
Development Agency, Resource
Recovery Revenue, Daily Floater,
Putable Daily, 3.80%, 12/01/2024
1,155,000 New York State Energy Research & 1,155,000
Development Authority, Pollution
Control Revenue, Daily Floater,
Putable Daily, 3.65%, 06/01/2029
-----------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $2,955,000) 2,955,000
-----------
Total Short-Term Investments (Cost $3,468,000) 3,468,000
-----------
----------------------------------------------------------------------
PREREFUNDED/ESCROWED: 30.66%
----------------------------------------------------------------------
2,825,000 Puerto Rico Electric Power Authority 2,918,988
Series K, 9.375%, 07/01/2017,
Prerefunded 07/01/1997 @102
1,320,000 New York City Series D, 1,365,777
8.50%, 08/01/2008,
Prerefunded 08/01/1997 @102
3,500,000 New York State Medical Care 3,621,275
Facilities, 8.00%, 02/15/2025,
Prerefunded 08/15/1997 @102
1,125,000 Nassau County, New York Series J, 1,145,385
FGIC, 7.30%, 10/15/1997,
Escrowed to Maturity
1,000,000 New York State Housing Finance 1,040,860
Agency, State University Series A,
7.60%, 11/01/1999,
Prerefunded 11/01/1997 @102
1,300,000 New York State Housing Finance 1,355,315
Agency, State University Series A,
7.90%, 05/01/2002,
Prerefunded 11/01/1997 @102
1,905,000 New York State Housing Finance 1,986,058
Agency, State University Series A,
7.90%, 11/01/2002,
Prerefunded 11/01/1997 @102
*See Note 1, page 28 in Notes to Financial Statements.
<PAGE>
- ------------------------------------------------------------------------------
Principal Amount Description Market Value
- ------------------------------------------------------------------------------
2,600,000 New York State Housing Finance $ 2,713,178
Agency, State University Series A,
8.125%, 11/01/2006,
Prerefunded 11/01/1997 @102
2,135,000 New York City Series A, 2,218,991
8.25%, 11/01/2002,
Prerefunded 11/01/1997 @101.50
3,070,000 New York City Series A, 3,195,133
8.50%, 11/01/2010,
Prerefunded 11/01/1997 @101.50
600,000 New York City Series A, 625,302
8.75%, 11/01/2016,
Prerefunded 11/01/1997 @101.50
1,000,000 Triborough Bridge & Tunnel Authority, 1,040,790
New York Special Obligation Series A,
7.50%, 01/01/2001,
Prerefunded 01/01/1998 @101.50
1,270,000 New York State Urban Development 1,327,976
Corp., Correctional Facilities
Series D, 7.50%, 01/01/2012,
Prerefunded 01/01/1998 @102
1,105,000 New York State Urban Development 1,157,454
Corp., Correctional Facilities
Series D, 7.75%, 01/01/2013,
Prerefunded 01/01/1998 @102
1,420,000 Triborough Bridge & Tunnel Authority, 1,482,537
New York Special Obligation
Series A, 8.00%, 01/01/2018,
Prerefunded 01/01/1998 @101.50
1,595,000 New York State Medical Care Facilities 1,681,848
Finance Authority, Hospital & Nursing
Home Series B, 8.10%, 02/15/2022,
Prerefunded 02/15/1998 @102
14,210,000 New York State Medical Care 15,007,607
Facilities Finance Authority
Series A, 8.30%, 02/15/2022,
Prerefunded 02/15/1998 @102
2,030,000 Suffolk County, New York, BIGI, 2,093,722
7.375%, 03/01/1998,
Escrowed to Maturity
3,000,000 MTA, New York Transit Facilities 3,198,030
Service Contract Series 2,
8.00%, 07/01/2018,
Prerefunded 07/01/1998 @102
4,675,000 MTA, New York Transit Facilities 4,983,597
Service Contract Series 2,
8.00%, 07/01/2018,
Prerefunded 07/01/1998 @102
(Note B, p. 25)
4,470,000 New York City Series I, FGIC, 4,628,372
6.90%, 08/15/1998,
Escrowed to Maturity
1,000,000 New York State Medical Care 1,065,870
Facilities Finance Authority, Hospital &
Nursing Home Series C,
7.60%, 02/15/2008,
Prerefunded 08/15/1998 @102
- ------------------------------------------------------------------------------
Principal Amount Description Market Value
- ------------------------------------------------------------------------------
3,090,000 New York State Medical Care $ 3,285,412
Facilities Finance Agency, Hospital
& Nursing Home Revenue Series A,
FHA, 8.00%, 02/15/2028,
Prerefunded 08/15/1998 @102
3,440,000 Albany Parking Authority, New 3,582,622
York, 6.875%, 11/01/2016,
Prerefunded 11/01/1998 @100
5,150,000 New York State Housing Finance 5,543,563
Agency, State University Series A,
8.00%, 11/01/2006,
Prerefunded 11/01/1998 @102
1,000,000 New York State Housing Finance 1,077,930
Agency, State University Series A,
8.10%, 11/01/2010,
Prerefunded 11/01/1998 @102
330,000 Nassau County, New York Series L, 341,223
FGIC, 6.30%, 11/15/1998,
Escrowed to Maturity
1,275,000 Triborough Bridge & Tunnel 1,358,717
Authority, New York Toll Revenue
Series O, 7.50%, 01/01/2011,
Prerefunded 01/01/1999 @101.50
1,090,000 Triborough Bridge & Tunnel 1,165,188
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 1,457,825
Facilities Finance Authority, Mental
Health Services, 7.40%, 08/15/2007,
Prerefunded 02/15/1999 @102
10,120,000 Battery Park City Authority, New 10,530,973
York Revenue, 6.50%, 05/01/2020,
Prerefunded 05/01/1999 @100
3,235,000 Battery Park City Authority, New 3,501,661
York Revenue, 7.70%, 05/01/2015,
Prerefunded 05/01/1999 @102
6,415,000 New York State Dormitory 6,712,143
Authority, State University
Series A, 6.75%, 05/15/2018,
Prerefunded 05/15/1999 @100
4,315,000 New York State Dormitory 4,625,852
Authority, State University
Series A, 7.125%, 05/15/2017,
Prerefunded 05/15/1999 @102
1,000,000 Suffolk County Water Authority, 1,073,070
New York, 7.125%, 06/01/2015,
Prerefunded 06/01/1999 @102
1,000,000 New York City Series B, 1,071,640
8.00%, 06/01/1999,
Escrowed to Maturity
2,625,000 New York City Municipal Water 2,820,851
Finance Authority Series A,
7.375%, 06/15/2009,
Prerefunded 06/15/1999 @101.50
Schedule of Investments--Municipal Bond Portfolios 19
<PAGE>
- ------------------------------------------------------------------------------
Principal Amount Description Market Value
- ------------------------------------------------------------------------------
3,425,000 New York City Municipal Water $ 3,680,539
Finance Authority Series A,
7.375%, 06/15/2009,
Prerefunded 06/15/1999 @101.50
1,000,000 Albany County, New York, 1,058,840
7.00%, 10/01/1999, Escrowed to Maturity
1,000,000 Nassau County, New York Series H, 1,064,430
AMBAC, 7.20%, 10/15/1999,
Escrowed to Maturity
1,400,000 Nassau County, New York Series J, 1,493,520
FGIC, 7.30%, 10/15/1999,
Escrowed to Maturity
1,000,000 Triborough Bridge & Tunnel 1,034,840
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 2,155,920
Corp., Correctional Facilities
Series G, 7.00%, 01/01/2017,
Prerefunded 01/01/2000 @102
6,700,000 New York State Medical Care 7,318,745
Facilities Finance Agency
Series B, 7.45%, 02/15/2029,
Prerefunded 02/15/2000 @102
3,765,000 New York City Series A, 4,134,648
7.75%, 03/15/2004,
Prerefunded 03/15/2000 @101.50
1,000,000 New York State Dormitory 1,092,490
Authority, State University
Series B, 7.25%, 05/15/2015,
Prerefunded 05/15/2000 @102
10,045,000 New York State Dormitory 11,103,843
Authority, State University
Series A, 7.70%, 05/15/2012,
Prerefunded 05/15/2000 @102
5,000,000 New York City Municipal Water 5,434,200
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 1,106,400
Authority, City University Systems
Series A, 7.625%, 07/01/2020,
Prerefunded 07/01/2000 @102
420,000 New York State Dormitory 462,382
Authority, City University Series A,
7.875%, 07/01/2002,
Prerefunded 07/01/2000 @100.50
9,540,000 New York State Dormitory Authority, 10,619,928
City University Systems Series F,
7.875%, 07/01/2007,
Prerefunded 07/01/2000 @102
1,000,000 MTA, New York Commuter Facilities 1,109,530
Service Contract Series 4,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @101.50
20 Sanford C. Bernstein Fund, Inc.--1997 Semiannual Report
- ------------------------------------------------------------------------------
Principal Amount Description Market Value
- ------------------------------------------------------------------------------
2,250,000 MTA, New York Transit Facilities $ 2,496,443
Service Contract Series 4,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @101.50
3,950,000 New York State Dormitory 4,399,668
Authority, City University Systems
Series F, 7.875%, 07/01/2017,
Prerefunded 07/01/2000 @102
2,475,000 New York State Housing Finance 2,764,699
Agency, Service Contract
Obligation Revenue Series A,
7.80%, 09/15/2020,
Prerefunded 09/15/2000 @102
3,500,000 Virgin Islands Public Finance Authority 3,834,390
Series B, 7.25%, 10/01/2007,
Prerefunded 10/01/2000 @101
2,000,000 New York State Medical Care 2,216,300
Facilities Finance Authority,
Mental Health Services Series A,
8.00%, 11/01/2000, Escrowed to Maturity
340,000 New York State Power Authority 364,854
Series C, 9.50%, 01/01/2001,
Escrowed to Maturity
1,780,000 New York State Local Government 1,971,047
Assistance Corp. Series A,
7.25%, 04/01/2018,
Prerefunded 04/01/2001 @102
4,670,000 Niagara Falls Bridge Commission, 5,005,633
New York Toll Revenue,
6.30%, 10/01/2012,
Escrowed to Maturity -------------
Total Prerefunded/Escrowed
(Cost $183,038,690) 183,926,024
-------------
- ------------------------------------------------------------------------------
INSURED (Note C, p. 25): 23.60%
- ------------------------------------------------------------------------------
1,000,000 New York City Industrial Development $ 1,009,500
Agency, USTA National Tennis
Center, FSA, 5.30%, 11/15/1997
1,925,000 New York State Thruway Authority 1,941,882
Highway & Bridge Trust Fund Series A,
AMBAC, 5.00%, 04/01/1998
490,000 New York State Dormitory Authority, 501,324
Mount Sinai School of Medicine,
MBIA, 6.00%, 07/01/1998
3,000,000 New York State Dormitory Authority, 3,116,040
City University Series A, FGIC,
7.40%, 07/01/1998 (Note D, p. 25)
3,830,000 Nassau County, New York Series Q, 3,881,782
FGIC, 5.00%, 08/01/1998
1,000,000 Nassau County, New York Series O, 1,021,520
FGIC, 5.625%, 08/01/1998
3,710,000 New York City Industrial Development 3,790,841
Agency, USTA National Tennis
Center, FSA, 5.50%, 11/15/1998
<PAGE>
- ------------------------------------------------------------------------------
Principal Amount Description Market Value
- ------------------------------------------------------------------------------
1,570,000 Brookhaven, New York, MBIA, $ 1,611,056
5.70%, 11/15/1998
2,550,000 Suffolk County, New York Series D, 2,589,321
FGIC, 4.875%, 08/01/1999
7,130,000 Nassau County, New York Series T, 7,276,165
FGIC, 5.125%, 09/01/1999
3,620,000 Nassau County, New York Series U, 3,690,228
AMBAC, 5.125%, 11/01/1999
5,035,000 New York City Trust Cultural 5,084,696
Resource Revenue, Museum of
Modern Art Series 1, AMBAC,
5.00%, 01/01/2000
5,325,000 New York City Health & Hospital 5,336,662
Corp. Series A, Connie Lee,
4.875%, 02/15/2000
1,000,000 New York State Thruway Authority 1,003,870
Highway & Bridge Trust Fund Series A,
AMBAC, 4.75%, 04/01/2000
2,255,000 Nassau County, New York Series Q, 2,284,473
FGIC, 5.00%, 08/01/2000
1,925,000 Suffolk County, New York Series A, 2,302,319
FGIC, 9.50%, 10/01/2001
1,340,000 New York State Dormitory 1,612,087
Authority, City University Series D,
FGIC, 8.75%, 07/01/2003
1,000,000 Niagara Frontier Authority, New 1,028,950
York Airport Revenue, Greater
Buffalo International Airport,
AMBAC, AMT, 5.75%, 04/01/2004
1,475,000 MTA, New York Transit Facilities, 1,451,710
FGIC, 4.60%, 07/01/2004
1,000,000 New York State Dormitory 974,630
Authority, Rochester Institute,
FGIC, 4.75%, 07/01/2005
5,165,000 New York State Project Finance 5,106,636
Agency, HUD Section 236-Series A,
FSA, 4.95%, 11/01/2006
2,025,000 New York State Urban Development 2,004,831
Corp., Correctional Facilities
Revenue, AMBAC, 5.00%, 01/01/2007
4,285,000 Suffolk County, New York, 4,572,995
Southwest Sewer District, MBIA,
6.00%, 02/01/2007
4,000,000 Westchester County Industrial 4,109,960
Development Agency, New York
Resource Recovery Revenue Series A,
AMBAC, 5.60%, 07/01/2007
2,500,000 MTA, New York Commuter Facilities 2,716,050
Series A, MBIA, 6.10%, 07/01/2007
2,400,000 MTA, New York Transit Facilities 2,645,496
Series K, MBIA, 6.30%, 07/01/2007
2,880,000 Yonkers, New York Series C, AMBAC, 2,811,744
5.00%, 08/01/2007
1,265,000 New York State Urban Development 1,296,865
Corp., Correctional Facilities
Series A, AMBAC, 5.50%, 01/01/2008
- ------------------------------------------------------------------------------
Principal Amount Description Market Value
- ------------------------------------------------------------------------------
1,270,000 Babylon, New York Series A, $ 1,686,357
AMBAC, 9.20%, 01/15/2008
2,000,000 MTA, New York Dedicated Tax 1,975,160
Series A, MBIA, 5.10%, 04/01/2008
2,200,000 New York State Dormitory 2,238,302
Authority, State University Series A,
AMBAC, 5.50%, 05/15/2008
4,200,000 Suffolk County, New York, 4,178,496
Waterworks Authority Revenue,
MBIA, 5.10%, 06/01/2008
1,485,000 New York State Dormitory 1,449,954
Authority, New York University
Series B, MBIA, 5.00%, 07/01/2008
2,800,000 New York State Thruway Authority 2,877,504
Series C, FGIC, 5.75%, 01/01/2009
6,635,000 New York State Thruway Authority 6,542,176
Highway & Bridge Trust Fund
Series A, MBIA, 5.25%, 04/01/2009
2,165,000 New York State Thruway Authority 2,151,707
Highway & Bridge Trust Fund
Series B, MBIA, 5.30%, 04/01/2009
4,055,000 New York State Dormitory 4,094,009
Authority, State University Series A,
FGIC, 5.50%, 05/15/2009
1,175,000 New York City Municipal Water 1,206,819
Finance Authority Series A, MBIA,
5.75%, 06/15/2009
1,495,000 MTA, New York Commuter Facilities 1,614,181
Revenue Series A, MBIA,
6.10%, 07/01/2009
1,550,000 Babylon, New York Waste Facilities, 2,040,730
FGIC, 9.00%, 08/01/2009
1,000,000 Hempstead Town Industrial 954,750
Development Agency, New York,
MBIA, 5.00%, 12/01/2009
1,090,000 Nassau County, New York Series G, 1,087,907
MBIA, 5.40%, 01/15/2010
2,580,000 Nassau County, New York Series S, 2,503,890
AMBAC, 5.10%, 03/01/2010
1,000,000 New York State Local Government 969,100
Assistance Corp. Series A, AMBAC,
5.125%, 04/01/2010
1,000,000 New York State Dormitory 1,052,270
Authority, State University Series A,
AMBAC, 6.00%, 07/01/2010
4,390,000 Port Authority of New York & 4,250,222
New Jersey Revenue, MBIA, AMT,
5.25%, 09/01/2010
1,035,000 New York State Thruway Authority 995,007
Highway & Bridge Trust Fund Series A,
AMBAC, 5.125%, 04/01/2011
3,940,000 MTA, New York Dedicated Tax 4,265,917
Series A, MBIA, 6.25%, 04/01/2011
3,415,000 New York State Dormitory 3,225,024
Authority, State University Series A,
MBIA, 5.00%, 07/01/2011
Schedule of Investments--Municipal Bond Portfolios 21
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
4,500,000 Babylon, New York Waste Facilities, $ 5,998,500
FGIC, 9.00%, 08/01/2011
2,725,000 New York City Educational Construction 2,700,829
Fund, MBIA, 5.50%, 10/01/2011
1,630,000 Islip, New York Resource Recovery 1,666,137
Agency Revenue Series B, AMBAC,
AMT, 6.125%, 07/01/2012
1,000,000 New York City Municipal Water 1,018,250
Finance Authority Series A, AMBAC,
5.875%, 06/15/2013
1,095,000 Clifton Park, New York Water 1,005,144
Authority, FGIC, 5.00%, 10/01/2014
1,050,000 New York State Medical Care Facilities 1,086,918
Finance Authority, Mental Health
Services, MBIA, 6.15%, 02/15/2015
--------------
Total Insured (Cost $140,236,228) 141,608,893
--------------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 26.26%
- --------------------------------------------------------------------------------
State General Obligations: 2.63%
2,930,000 Puerto Rico Commonwealth, 2,977,261
5.50%, 07/01/1999 (Note E, p. 25)
1,500,000 New York State, 6.20%, 11/01/1999 1,562,820
1,355,000 New York State, 6.875%, 11/01/1999 1,433,780
3,730,000 New York State, 7.80%, 11/15/1999 4,022,730
4,640,000 New York State, 5.00%, 03/01/2000 4,686,029
1,000,000 Puerto Rico Commonwealth, 1,081,470
7.00%, 07/01/2001
--------------
Total State General Obligations
(Cost $15,683,870) 15,764,090
--------------
Local General Obligations: 7.93%
2,200,000 Islip, New York, 5.30%, 08/15/1997 2,211,396
1,020,000 White Plains, New York, 1,059,127
9.40%, 12/15/1997
5,000,000 New York City Series B, 5,118,300
7.20%, 02/01/1998
1,060,000 White Plains, New York, 1,157,308
9.70%, 12/15/1998
1,150,000 Manhasset Union Free School 1,205,292
District, New York, 7.30%, 01/01/1999
2,000,000 New York City Series B, 2,130,340
7.40%, 02/01/2000
1,025,000 Monroe County, New York Series B, 1,039,073
5.00%, 03/01/2000
6,085,000 Monroe County, New York Series A, 6,166,904
5.00%, 03/01/2000
2,000,000 New York City Series D, 2,110,140
7.875%, 08/01/2000
1,050,000 Manhasset Union Free School 1,142,999
District, New York, 7.30%, 01/01/2001
615,000 New York City Series C, 640,848
6.30%, 08/01/2002
1,180,000 New York City Series D, 1,174,065
5.40%, 02/15/2003
22 Sanford C. Bernstein Fund, Inc.--1997 Semiannual Report
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
4,265,000 New York City Series B, $ 4,654,053
7.50%, 02/01/2004
1,000,000 Westchester County, New York, 1,148,660
7.10%, 12/01/2004
1,000,000 New York City Series C, 996,780
5.60%, 02/01/2005
1,310,000 New York City Series G, 1,314,362
5.75%, 02/01/2006
1,300,000 Westchester County, New York 1,473,745
Series A, 6.75%, 02/01/2007
5,315,000 New York City Series B, 5,456,911
6.30%, 08/15/2008
2,600,000 Onondaga County, New York, 2,707,848
5.70%, 04/01/2009
1,940,000 Onondaga County, New York, 2,006,658
5.70%, 04/01/2010
2,600,000 Onondaga County, New York, 2,668,172
5.70%, 04/01/2011
--------------
Total Local General Obligations
(Cost $46,070,546) 47,582,981
--------------
Tax Lease: 9.12%
1,175,000 New York State Energy Research & 1,175,000
Development Authority, Western
New York Nuclear Service Center
Project, 5.20%, 04/01/1997
525,000 New York State Medical Care 530,434
Facilities Finance Authority, Brookdale
Medical Center Secured Hospital
Program Series A, 5.95%, 08/15/1998
2,535,000 New York State Medical Care Facilities 2,539,360
Finance Authority, Mental Health
Services Series F, 4.60%, 08/15/1999
1,550,000 New York State Urban Development 1,552,232
Corp., Correctional Facilities,
5.00%, 01/01/2000
525,000 New York State Energy Research & 534,177
Development Authority, Western
New York Nuclear Service Center
Project, 6.00%, 04/01/2000
855,000 New York State Dormitory Authority, 900,614
City University Series D,
7.50%, 07/01/2000
1,000,000 New York State Medical Care Facilities 1,025,710
Finance Authority, Brookdale Medical
Center Secured Hospital Program
Series A, 6.35%, 08/15/2000
3,505,000 MTA, New York Commuter Facilities 3,531,182
Service Contract Series O,
5.25%, 07/01/2001
1,920,000 MTA, New York Transit Facilities Service 1,934,343
Contract Series O, 5.25%, 07/01/2001
720,000 New York State Medical Care Facilities 751,514
Finance Authority, Mental Health
Services Series F, 6.20%, 02/15/2003
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,000,000 New York State Thruway Authority $ 2,083,060
Service Contract, 6.20%, 04/01/2003
1,500,000 New York State Thruway Authority 1,558,320
Service Contract, 6.25%, 04/01/2004
3,825,000 New York State Dormitory Authority, 3,772,636
State University Series B,
5.25%, 05/15/2005
1,000,000 MTA, New York Commuter Facilities 984,190
Service Contract, 5.30%, 07/01/2005
1,125,000 MTA, New York Transit Facilities 1,107,214
Service Contract, 5.30%, 07/01/2005
1,020,000 New York State Dormitory 1,033,943
Authority, City University Series A,
5.70%, 07/01/2005
1,780,000 New York State Dormitory 1,804,333
Authority, City University Series D,
5.70%, 07/01/2005
1,000,000 New York State Dormitory 1,062,860
Authority, City University Series U,
6.45%, 07/01/2005
1,000,000 New York State Urban Development 980,020
Corp., Correctional Facilities
Series 4, 5.25%, 01/01/2006
3,300,000 New York State Dormitory 3,285,744
Authority, State University
Series A, 5.50%, 05/15/2006
1,595,000 MTA, New York Transit Facilities 1,567,550
Service Contract, 5.40%, 07/01/2006
1,250,000 MTA, New York Transit Facilities 1,236,362
Service Contract, 5.45%, 07/01/2007
3,510,000 New York State Dormitory 3,525,795
Authority, City University
Systems Series 2, 5.75%, 07/01/2007
2,980,000 New York State Dormitory 3,160,946
Authority, Mental Health Services,
6.50%, 02/15/2008
1,905,000 New York State Thruway Authority 1,789,728
Service Contract, 5.125%, 04/01/2008
1,505,000 New York State Dormitory 1,466,924
Authority, Mental Health Services,
5.70%, 02/15/2009
1,505,000 New York State Dormitory 1,595,661
Authority, Mental Health Services,
6.50%, 02/15/2009
2,215,000 New York State Urban Development 2,213,073
Corp., Correctional Facilities
Series A, 5.70%, 04/01/2009
1,100,000 New York State Dormitory 1,094,159
Authority, City University Series A,
5.75%, 07/01/2009
1,490,000 Triborough Bridge & Tunnel 1,510,741
Authority, New York Convention
Center Series E, 6.00%, 01/01/2011
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
3,550,000 New York State Dormitory Authority, $ 3,421,206
State University Series A,
5.50%, 05/15/2013
--------------
Total Tax Lease (Cost $54,071,380) 54,729,031
--------------
Special Tax: 6.58%
1,110,000 New York State Local Government 1,130,047
Assistance Corp. Series A,
5.75%, 04/01/1998
825,000 MAC New York Series 64, 851,697
6.75%, 07/01/1998
3,000,000 MAC New York Series 67, 3,107,820
7.10%, 07/01/1998 (Note F, p. 25)
695,000 MAC New York Series I, 703,173
5.00%, 07/01/1999 (Note E, p. 25)
3,095,000 MAC New York Series 67, 3,275,934
7.20%, 07/01/1999
6,320,000 MAC New York Series I, 6,396,788
5.00%, 07/01/2000 (Note E, p. 25)
4,660,000 MAC New York Series E, 4,786,100
5.50%, 07/01/2000
1,025,000 Grand Central District Management 991,780
Association, New York Business
Improvement District Series 1994,
5.00%, 01/01/2006
2,500,000 New York State Local Government 2,623,475
Assistance Corp. Series B,
6.00%, 04/01/2006
2,915,000 New York State Local Government 2,836,120
Assistance Corp. Series D,
5.10%, 04/01/2008
3,035,000 New York State Local Government 3,194,762
Assistance Corp. Series A,
6.00%, 04/01/2008
1,885,000 New York State Local Government 1,904,830
Assistance Corp. Series A,
5.90%, 04/01/2012
1,495,000 New York State Local Government 1,428,457
Assistance Corp. Series A,
5.375%, 04/01/2014
1,740,000 New York State Local Government 1,662,553
Assistance Corp. Series D,
5.375%, 04/01/2014
4,430,000 New York State Local Government 4,607,776
Assistance Corp. Series E,
6.00%, 04/01/2014
--------------
Total Special Tax (Cost $38,913,369) 39,501,312
--------------
Total Tax Supported (Cost $154,739,165) 157,577,414
--------------
- --------------------------------------------------------------------------------
REVENUE: 17.41%
- --------------------------------------------------------------------------------
Airport Revenue: 0.52%
1,300,000 Denver City & County, Colorado 1,396,980
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
Schedule of Investments--Municipal Bond Portfolios 23
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
425,000 Denver City & County, Colorado $ 498,873
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
1,000,000 Denver City & County, Colorado 1,197,700
Airport Revenue Series D, AMT,
7.75%, 11/15/2013
--------------
Total Airport Revenue (Cost $2,738,042) 3,093,553
--------------
Electric Revenue: 1.95%
1,100,000 Guam Power Authority Revenue 1,107,513
Series A, 5.30%, 10/01/1998
1,000,000 New York State Power Authority 1,018,140
Series Z, 5.75%, 01/01/1999
2,120,000 New York State Power Authority 2,335,286
Series W, 6.50%, 01/01/2008
5,695,000 New York State Power Authority 5,469,535
Revenue & General Purpose
Series CC, 5.00%, 01/01/2009
1,955,000 New York State Power Authority 1,788,688
Series CC, 5.00%, 01/01/2014
--------------
Total Electric Revenue (Cost $11,706,008) 11,719,162
--------------
Health Care Revenue: 2.04%
750,000 New York State Dormitory Authority, 751,522
Grace Manor Health Care,
SONYMA, 4.80%, 07/01/1999
1,750,000 New York State Medical Care Facilities 1,774,587
Finance Authority, Insured Mortgage
Project Series A, FHA,
5.40%, 08/15/2004
1,410,000 New York State Medical Care Facilities 1,472,787
Finance Authority, Hospital & Nursing
Home Insured Mortgage, FHA,
5.875%, 02/15/2005
1,000,000 New York State Dormitory 1,014,670
Authority, St. John's Nursing
Home, FHA, 5.35%, 02/01/2006
2,840,000 New York State Medical Care 2,931,846
Facilities Finance Agency, Hospital &
Nursing Home Insured Mortgage,
FHA, 6.35%, 02/15/2012
4,220,000 New York State Medical Care Facilities 4,319,508
Finance Agency, Hospital & Nursing
Home Insured Mortgage Series A,
FHA, 6.125%, 02/15/2014
--------------
Total Health Care Revenue (Cost $11,826,170) 12,264,920
--------------
Higher Education Revenue: 0.66%
1,480,000 New York State Dormitory 1,526,131
Authority, Rockefeller University,
6.60%, 07/01/1998
1,000,000 New York State Dormitory Authority, 1,042,720
Columbia University, 5.625%, 07/01/2006
24 Sanford C. Bernstein Fund, Inc.--1997 Semiannual Report
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,290,000 New York State Dormitory $ 1,359,299
Authority, Columbia University,
5.75%, 07/01/2007
--------------
Total Higher Education Revenue
(Cost $3,785,313) 3,928,150
--------------
Toll Revenue: 2.05%
725,000 Triborough Bridge & Tunnel 766,666
Authority, New York Toll Revenue
Series Y, 5.80%, 01/01/2006
4,370,000 Triborough Bridge & Tunnel 4,083,809
Authority, New York Toll Revenue
Series A, 5.00%, 01/01/2012
1,905,000 Triborough Bridge & Tunnel 1,998,192
Authority, New York Toll Revenue
Series Y, 6.00%, 01/01/2012
5,950,000 Triborough Bridge & Tunnel 5,420,153
Authority, New York Toll Revenue,
5.00%, 01/01/2015
--------------
Total Toll Revenue (Cost $12,124,447) 12,268,820
--------------
Water/Sewer Revenue: 7.16%
6,340,000 New York State Environmental Facilities 6,369,608
Corp., Pollution Control Revenue,
State Revolving Fund, New York
City Municipal Water Finance Authority,
4.80%, 06/15/1998 (Note G, p. 25)
1,895,000 New York State Environmental 1,940,764
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 2,708,817
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 3,525,130
Finance Authority Series B,
5.30%, 06/15/2006
2,510,000 New York State Environmental 2,714,440
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 1,003,690
Agency, New York Solid Waste
System, 5.90%, 03/01/2007
1,045,000 New York State Environmental 1,028,614
Facilities Corp., Pooled Loan, Pollution
Control Revenue, State Revolving
Fund Series 93-B, 4.95%, 05/15/2007
1,000,000 New York State Environmental 1,032,340
Facilities Corp., Pollution Control
Revenue, State Revolving Fund, New
York City Municipal Water Finance
Authority, 5.75%, 06/15/2007
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,975,000 New York State Environmental $ 2,979,433
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 3,089,597
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 1,563,720
Finance Authority Series A,
6.00%, 06/15/2009
780,000 New York State Environmental 779,945
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 3,667,035
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 3,799,658
Facilities Corp., Pooled Loan, Pollution
Control Revenue, State Revolving
Fund, New York City Municipal Water
Finance Authority, 5.50%, 06/15/2010
4,630,000 New York State Environmental 4,751,815
Facilities Corp., Pollution Control
Revenue, State Revolving Fund, New
York City Municipal Water Finance
Authority, 5.75%, 06/15/2011
1,000,000 New York State Environmental 1,047,260
Facilities Corp., Huntington Project
Series A, AMT, 7.50%, 10/01/2012
1,015,000 New York State Environmental Facilities 952,557
Corp., Pooled Loan, Pollution Control
Revenue, State Revolving Fund Series
96-A, 5.20%, 12/15/2015
-----------
Total Water/Sewer Revenue (Cost $42,209,734) 42,954,423
-----------
Miscellaneous Revenue: 1.54%
1,000,000 Port Authority of New York & 1,004,300
New Jersey Revenue Series SS,
AMT, 4.90%, 09/01/1997
2,715,000 MTA, New York Transit Facilities 2,733,652
Revenue Series M,
5.10%, 07/01/1998
3,420,000 Battery Park City Authority, 3,584,160
New York Revenue,
6.00%, 11/01/2003
2,050,000 Port Authority of New York & 1,941,781
New Jersey Revenue,
5.125%, 11/15/2011
------------
Total Miscellaneous Revenue (Cost $9,260,652) 9,263,893
------------
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
Industrial Development/Pollution
Control Revenue: 1.49%
4,000,000 New York City Industrial Development $ 4,034,160
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 1,467,807
Agency, Special Facilities Revenue,
Terminal One Group Association
Limited Partnership Project, AMT,
6.00%, 01/01/2007
2,475,000 Schuylkill County Industrial Development 2,420,253
Authority, Pennsylvania, Energy
Reserves, AMT, 6.50%, 01/01/2010
1,000,000 Hempstead Town Industrial 1,021,180
Development Agency, New York,
7.40%, 12/01/2010
------------
Total Industrial Development/Pollution
Control Revenue (Cost $8,823,389) 8,943,400
------------
Total Revenue (Cost $102,473,755) 104,436,321
-----------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $583,955,838) 98.51% $591,016,652
(Note H, below)
Cash and Other Assets, Less Liabilities 1.49 8,944,387
------ -----------
Net Assets (Equivalent to $13.32
per share based on 45,033,119
shares of capital stock outstanding) 100.00% $599,961,039
======= ============
- --------------------------------------------------------------------------------
(A) Commercial paper owned at March 31, 1997, was purchased at a rate of 6.70%.
(B) $3,500,000 principal amount segregated as collateral for
when-issued security
(C) Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC--AMBAC Indemnity Corporation
BIGI--Bond Investors Guaranty Insurance Company
Connie Lee--Connie Lee Insurance Company
FGIC--Financial Guaranty Insurance Company
FSA--Financial Security Assurance, Inc.
MBIA--Municipal Bond Investors Assurance Corporation
Other abbreviations:
AMT--Subject to Alternative Minimum Tax
FHA--Federal Housing Administration
SONYMA--State of New York Mortgage Agency
(D) $1,200,000 principal amount segregated as collateral for
when-issued security
(E) When-issued security
(F) $3,000,000 principal amount segregated as collateral for
when-issued security
(G) $6,340,000 principal amount segregated as collateral for
when-issued security
(H) At March 31, 1997, the cost basis of investment securities
owned was substantially identical for both book and tax.
Schedule of Investments--Municipal Bond Portfolios 25
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
Diversified Municipal Portfolio
March 31, 1997 (unaudited)
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 1.59%
- --------------------------------------------------------------------------------
Municipal Note: 0.41%
600,000 Hammond Sanitation District, $ 599,466
Indiana, Bond Anticipation Notes,
6.50%, 07/15/1997
----------
Total Municipal Note (Cost $600,000) 599,466
----------
Tax Exempt Variable-Rate Demand Notes: 1.18%
1,000,000 Pinal County Industrial Development 1,000,000
Authority, Arizona, Pollution Control
Revenue, Daily Floater, Putable Daily,
3.85%, 12/01/2009
100,000 Delta County Economic Development 100,000
Corp., Michigan, Environmental
Improvement Revenue, Mead Escanaba
Paper Company Project, Daily Floater,
Putable Daily, 3.80%, 12/01/2023
600,000 Phenix County Industrial Development 600,000
Board, Alabama, Environmental
Improvement Revenue, Mead Coated
Board Project A, Daily Floater, Putable
Daily, AMT, 3.90%, 06/01/2028
----------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $1,700,000) 1,700,000
----------
Total Short-Term Investments (Cost $2,300,000) 2,299,466
----------
- --------------------------------------------------------------------------------
U.S. TREASURY NOTE: 4.47%
- --------------------------------------------------------------------------------
6,525,000 5.625%, 11/30/1998 6,449,552
----------
Total U.S. Treasury Note (Cost $6,488,972) 6,449,552
----------
- --------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 12.58%
- --------------------------------------------------------------------------------
1,675,000 Harris County Health Facilities 1,749,018
Development Corp., Texas,
9.00%, 10/01/2017,
Prerefunded 10/01/1997 @102
2,800,000 Harris County, Texas, Toll Road 2,978,864
Senior Lien-C, 8.125%, 08/15/2017,
Prerefunded 02/15/1998 @103
1,000,000 Metropolitan Atlanta Rapid Transit 1,061,840
Authority, Georgia Sales Tax Revenue
Series J, 7.60%, 07/01/2003,
Prerefunded 07/01/1998 @102
1,000,000 Massachusetts Health & Education 1,062,140
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.
26 Sanford C. Bernstein Fund, Inc.--1997 Semiannual Report
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,200,000 Minnesota State, 7.00%, 08/01/2002, $ 1,245,528
Prerefunded 08/01/1998 @100
1,000,000 Maryland State Department of 1,061,550
Transportation, 6.90%, 11/15/2004,
Prerefunded 11/15/1998 @102
1,000,000 Georgia Municipal Electric 1,068,630
Authority, Power Revenue Series R,
7.40%, 01/01/2025,
Prerefunded 01/01/1999 @102
1,400,000 New Jersey State Building Authority 1,532,258
Revenue, 9.875%, 02/01/2013,
Prerefunded 02/01/1999 @100
4,000,000 Broward County School District, 4,268,240
Florida, 7.125%, 02/15/2008,
Prerefunded 02/15/1999 @102
2,020,000 Fairfax County, Virginia Public 2,126,454
Improvement Series A,
6.25%, 04/01/2007,
Prerefunded 04/01/1999 @102
-----------
Total Prerefunded/Escrowed (Cost $18,139,535) 18,154,522
-----------
- --------------------------------------------------------------------------------
INSURED (Note A, p. 29): 22.77%
- --------------------------------------------------------------------------------
500,000 Convention Center Authority of 502,785
Rhode Island Series A, MBIA,
8.90%, 05/15/1997
1,240,000 San Antonio, Texas Water System 1,261,080
Revenue, FGIC, 5.60%, 05/15/1998
1,000,000 Connecticut State Special Tax 1,010,260
Obligation Revenue, Transportation
Infrastructure Series A, FGIC,
5.10%, 06/01/1998
2,000,000 Pennsylvania Intergovernmental 2,017,460
Cooperation Authority, Special
Tax Revenue, Philadelphia Funding
Project, FGIC, 5.00%, 06/15/1998
2,575,000 Wisconsin State Transportation 2,598,922
Revenue Series A, FGIC,
5.00%, 07/01/1998
1,000,000 Illinois State, FGIC, 1,014,720
5.25%, 07/01/1998
1,000,000 North Hudson Sewer Authority, New 1,008,770
Jersey, FGIC, 4.75%, 08/01/1998
4,200,000 Dade County, Florida, Aviation 4,248,132
Revenue Series C, MBIA,
5.00%, 10/01/1998
3,420,000 Wilmington, Delaware Series A, 3,470,103
MBIA, 5.00%, 10/01/1998
1,600,000 Worcester, Massachusetts 1,654,400
Municipal Purpose Series C, MBIA,
6.50%, 10/01/1998
1,065,000 Montgomery County, Ohio Solid 1,076,534
Waste Revenue, MBIA,
5.00%, 11/01/1998
1,000,000 New Orleans, Louisiana Water 1,022,240
Revenue, MBIA, 7.00%, 12/01/1998
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,655,000 Chatham County Hospital Authority $ 1,669,994
Revenue, Georgia, AMBAC,
5.00%, 01/01/1999
1,000,000 South Carolina State Budget & 1,004,800
Control Board Facilities Lease
Revenue, Columbia Mill
Building, MBIA, 4.75%, 02/01/1999
1,445,000 Cypress-Fairbanks Independent School 1,463,019
District, Texas, PSF Guaranteed,
5.00%, 02/01/1999
4,480,000 Platte River Power Authority, 4,534,567
Colorado Power Revenue Series DD,
MBIA, 5.00%, 06/01/1999
1,170,000 Massachusetts Consolidated Loans 1,234,771
Series B, MBIA, 7.00%, 09/01/2000
1,000,000 Lansing, Michigan Sewage Disposal 1,022,850
System Revenue, MBIA,
7.625%, 05/01/2006
1,000,000 Reedy Creek Improvement District, 1,040,160
Florida Utility Revenue, MBIA,
AMT, 8.50%, 10/01/2009
-----------
Total Insured (Cost $32,858,248) 32,855,567
-----------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 38.66%
- --------------------------------------------------------------------------------
State General Obligations: 10.33%
850,000 Georgia State, 6.75%, 09/01/1997 860,948
1,000,000 Illinois State, 5.00%, 11/01/1997 1,000,810
1,300,000 Wisconsin State, 5.00%, 05/01/1998 1,312,298
600,000 District of Columbia Series A-3, 597,018
4.45%, 06/01/1998
1,000,000 Georgia State Series C, 1,039,600
7.25%, 07/01/1998
1,110,000 Minnesota State, 4.70%, 08/01/1998 1,121,178
4,450,000 Alabama State, 5.70%, 09/01/1998 4,544,607
475,000 District of Columbia Series C, 475,043
4.90%, 12/01/1998
2,430,000 Georgia State Series A, 2,497,870
5.80%, 03/01/1999
1,060,000 Maryland State First Series, 1,088,715
6.50%, 05/15/1999
370,000 District of Columbia Series A-3, 367,428
4.70%, 06/01/1999
-----------
Total State General Obligations
(Cost $14,897,123) 14,905,515
-----------
Local General Obligations: 14.47%
750,000 Detroit, Michigan, 5.80%, 05/01/1997 750,615
500,000 Denver City & County School District 506,525
No. 1, Colorado Series B, Collateralized
Certificates, 6.00%, 12/01/1997
3,145,000 Broward County School District, 3,227,147
Florida, 6.90%, 02/15/1998
4,000,000 Shelby County, Tennessee Series A, 4,046,760
5.00%, 04/01/1998
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,575,000 Columbus, Ohio Series 1, $ 1,593,538
5.00%, 06/15/1998
2,120,000 North Slope Boro, Alaska 2,223,032
Series G, 8.35%, 06/30/1998
1,250,000 Floyd County, Georgia, 1,267,825
5.25%, 08/01/1998
1,105,000 Atlanta, Georgia Airport Facilities 1,142,758
Revenue, AMT, 6.80%, 01/01/1999
1,020,000 Northside Independent School 1,021,030
District, Texas Public Property Finance
Contractual Obligation, 4.50%, 02/15/1999
1,745,000 Fort Worth, Texas Series A, 1,778,452
5.50%, 03/01/1999
1,055,000 Detroit, Michigan Series A, 1,050,432
4.60%, 04/01/1999
1,000,000 Burlington County, New Jersey, 1,021,540
5.20%, 10/01/1999
725,000 Houston, Texas, 6.00%, 03/01/2000 740,624
500,000 New York City Series G, 504,885
5.70%, 02/01/2003
-----------
Total Local General Obligations
(Cost $20,812,215) 20,875,163
-----------
Tax Lease: 8.34%
285,000 New York State Energy Research & 285,000
Development Authority, Western
New York Nuclear Service Center
Series B, 5.00%, 04/01/1997
1,000,000 New York State Energy Research & 1,000,000
Development Authority, Western
New York Nuclear Service Center
Project, 5.20%, 04/01/1997
425,000 Philadelphia Hospitals & Higher 425,298
Education Facilities Authority,
Pennsylvania, Philmar Project,
5.00%, 08/01/1997
1,010,000 Holdenville Industrial Authority, 1,010,040
Oklahoma Correctional Facility
Revenue, 4.95%, 07/01/1998
1,000,000 Ohio State Building Authority, 1,010,740
Arts Facilities Building Fund
Series A, 5.00%, 10/01/1998
1,780,000 Ohio State Building Authority, 1,797,070
Series A, 5.00%, 10/01/1998
1,000,000 Ohio State Building Authority, 1,009,590
Series B, 5.00%, 10/01/1998
4,450,000 Virginia State Public School Authority, 4,429,797
School Equipment Financing Notes
Issue IV, 4.20%, 04/01/1999
1,000,000 New York State Dormitory Authority, 1,059,690
City University, 8.125%, 07/01/2008
-----------
Total Tax Lease (Cost $12,078,108) 12,027,225
----------
Special Tax: 5.52%
850,000 Arizona State Transportation Board 856,570
Tax Revenue, 7.30%, 07/01/1997
Schedule of Investment--Municipal Bond Portfolios 27
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
3,710,000 New Mexico State Severance Tax $ 3,777,411
Series A, 5.375%, 07/01/1998
2,150,000 New Jersey State Transportation 2,171,672
Trust Fund Authority, Transportation
Systems Series B, 5.00%, 06/15/1999
1,000,000 Connecticut State Special Tax 1,158,850
Obligation Series A,
7.125%, 06/01/2010
-----------
Total Special Tax (Cost $7,939,164) 7,964,503
-----------
Total Tax Supported (Cost $55,726,610) 55,772,406
-----------
- --------------------------------------------------------------------------------
REVENUE: 16.15%
- --------------------------------------------------------------------------------
Electric Revenue: 4.98%
1,480,000 San Antonio, Texas Electric & Gas 1,488,288
Revenue, 5.40%, 02/01/1998
1,000,000 Washington Public Power Supply 1,005,780
System Revenue, Nuclear Project
No. 2 Series A, 5.10%, 07/01/1998
3,625,000 Intermountain Power Agency, Utah 3,681,333
Power Supply Revenue,
6.75%, 07/01/1998
1,000,000 North Carolina Eastern Municipal 1,002,900
Power Agency Series A,
5.00%, 01/01/1999
----------
Total Electric Revenue (Cost $7,193,172) 7,178,301
----------
Health Care Revenue: 3.36%
770,000 Missouri State Health & 777,415
Educational Facilities Revenue,
Heartland Health System Project,
6.00%, 11/15/1997
950,000 Philadelphia Hospitals & Higher 967,774
Education Facilities Authority,
Pennsylvania, Graduate Health
Systems Obligation,
6.70%, 07/01/1998
685,000 Cumberland County, Pennsylvania 686,103
Municipal Authority Revenue,
5.50%, 11/15/1998
1,000,000 Bell County, Texas Health Facilities, 1,057,230
Scott & White Memorial Hospital,
7.40%, 09/01/1999
1,315,000 Ottumwa, Iowa Hospital Facility 1,356,278
Revenue, 9.625%, 11/01/2010
----------
Total Health Care Revenue
(Cost $4,859,406) 4,844,800
----------
Higher Education Revenue: 1.43%
1,000,000 Pennsylvania Higher Education 1,009,050
Facilities Authority, College &
University Revenue, University of
Pennsylvania Series A,
4.80%, 09/01/1998
28 Sanford C. Bernstein Fund, Inc.--1997 Semiannual Report
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Georgetown University, District of $ 1,053,390
Columbia Series A,
8.125%, 04/01/2008
-----------
Total Higher Education Revenue (Cost $2,067,717) 2,062,440
-----------
Water/Sewer Revenue: 3.50%
1,050,000 Philadelphia, Pennsylvania Water 1,048,950
and Wastewater Revenue,
4.75%, 06/15/1998
3,960,000 Cobb County, Georgia Water & 3,998,689
Sewer Revenue, 5.00%, 07/01/1998
-----------
Total Water/Sewer Revenue
(Cost $5,045,460) 5,047,639
-----------
Miscellaneous Revenue: 0.78%
1,085,000 Tampa, Florida Capital Improvement 1,133,261
Revenue Series A,
8.25%, 10/01/2018
-----------
Total Miscellaneous Revenue (Cost $1,131,952) 1,133,261
-----------
Industrial Development/Pollution
Control Revenue: 2.10%
1,000,000 Hempstead Town Industrial 1,021,180
Development Agency, New York,
7.40%, 12/01/2010
1,905,000 Burke County Development Authority, 2,005,736
Georgia Pollution Control Revenue,
Georgia Power Company Vogtle
Project, AMT, 9.375%, 12/01/2017
-----------
Total Industrial Development/Pollution
Control Revenue (Cost $3,022,796) 3,026,916
-----------
Total Revenue (Cost $23,320,503) 23,293,357
-----------
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 2.45%
- --------------------------------------------------------------------------------
Housing: 0.69%
1,000,000 Maryland State Community 998,160
Development Administration,
Multi-Family Housing
Revenue Series A,
Mandatory Put 11/01/1997 @100,
4.50%, 11/01/2007
-----------
Total Housing (Cost $1,004,207) 998,160
-----------
Student Loan: 1.76%
1,000,000 New England Educational Loan 1,003,640
Marketing Corporation, Student
Loan Revenue Series C,
4.75%, 07/01/1998
1,490,000 South Carolina State Education 1,528,531
Assistance Revenue, Student Loan
Authority, AMT, 6.10%, 09/01/1998
-----------
Total Student Loan (Cost $2,528,488) 2,532,171
-----------
Total Asset-Backed Securities (Cost $3,532,695) 3,530,331
-----------
<PAGE>
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $142,366,563) 98.67% $142,355,201
(Note B, below)
Cash and Other Assets, Less Liabilities 1.33 1,914,292
------ ------------
Net Assets (Equivalent to $12.50
per share based on 11,541,226
shares of capital stock outstanding) 100.00% $144,269,493
======= ============
- --------------------------------------------------------------------------------
(A) Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC--AMBAC Indemnity Corporation
FGIC--Financial Guaranty Insurance Company
MBIA--Municipal Bond Investors Assurance Corporation
PSF Guaranteed--(Texas) Permanent School Funds
Other abbreviations:
AMT--Subject to Alternative Minimum Tax
(B) At March 31, 1997, the cost basis of investment securities
owned was substantially identical for both book and tax.
(C) Allocation of Portfolio net assets at March 31, 1997:
Alabama 3.57%
Alaska 1.54
Arizona 1.29
Colorado 3.49
Connecticut 1.50
Delaware 2.40
Florida 9.65
Georgia 11.52
Illinois 1.40
Indiana 0.42
Iowa 0.94
Louisiana 0.71
Maryland 2.18
Massachusetts 3.43
Michigan 2.03
Minnesota 1.64
Missouri 0.54
New Jersey 3.97
New Mexico 2.62
New York 2.68
North Carolina 0.69
Ohio 4.50
Oklahoma 0.70
Pennsylvania 4.27
Rhode Island 0.35
South Carolina 1.76
Tennessee 2.80
Texas 9.38
Utah 2.55
Virginia 4.54
Washington 0.70
Wisconsin 2.71
District of Columbia 1.73
U.S. Treasury Obligations 4.47
Cash and Other Assets, Less Liabilities 1.33
-------
Total 100.00%
=======
See Notes to Financial Statements.
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
California Municipal Portfolio
March 31, 1997 (unaudited)
- -------------------------------------------------------------------------------
Principal Amount Description Market Value*
- -------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 6.40%
- -------------------------------------------------------------------------------
Municipal Notes: 6.14%
4,400,000 California State, Revenue $ 4,406,996
Anticipation Notes Series A,
4.50%, 06/30/1997
375,000 Hammond Sanitation District, 374,666
Indiana, Bond Anticipation Notes,
6.50%, 07/15/1997
-----------
Total Municipal Notes (Cost $4,780,776) 4,781,662
-----------
Tax Exempt Variable-Rate Demand Note: 0.26%
200,000 Orange County Water District, 200,000
California Certificates of
Participation, Daily Floater,
Putable Daily, 3.65%, 08/15/2015
-----------
Total Tax Exempt Variable-Rate
Demand Note (Cost $200,000) 200,000
-----------
Total Short-Term Investments
(Cost $4,980,776) 4,981,662
-----------
- ------------------------------------------------------------------------------
U.S. TREASURY NOTES: 5.73%
- ------------------------------------------------------------------------------
500,000 5.00%, 01/31/1998 495,625
3,960,000 6.25%, 06/30/1998 3,962,475
-----------
Total U.S. Treasury Notes (Cost $4,473,392) 4,458,100
-----------
- ------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 34.52%
- ------------------------------------------------------------------------------
1,000,000 San Diego County Water Authority, 1,002,370
California Certificates of
Participation Series A,
6.85%, 05/01/1997,
Escrowed to Maturity
500,000 San Jose Public Facilities 511,560
Financing Corp., California
Certificates of Participation,
7.90%, 05/01/2010,
Prerefunded 05/01/1997 @102
3,750,000 Los Angeles Unified School 3,850,312
District, California Certificates
of Participation, 8.125%, 06/01/2008,
Prerefunded 06/01/1997 @102
1,400,000 Santa Rosa Wastewater Service 1,441,622
Facilities District, California
Special Assessment,
7.80%, 07/02/2015,
Prerefunded 07/02/1997 @102
*See Note 1, page 28 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 29
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,930,000 Sacramento-Yolo County Port $ 2,023,914
District, California Series A,
8.30%, 12/01/2003,
Prerefunded 12/01/1997 @102
1,000,000 Puerto Rico Aqueduct & Sewer 1,055,900
Authority Revenue Series A,
7.00%, 07/01/2019,
Prerefunded 07/01/1998 @102
2,670,000 Puerto Rico Aqueduct & Sewer 2,847,315
Authority Revenue Series A,
7.875%, 07/01/2017,
Prerefunded 07/01/1998 @102
750,000 Northern California Power Agency 786,180
Series B, 8.00%, 07/01/2024,
Prerefunded 07/01/1998 @100
3,855,000 Puerto Rico Highway Authority 4,120,147
Revenue Series P,
8.125%, 07/01/2013,
Prerefunded 07/01/1998 @102
(Note A, p. 31)
1,000,000 Los Angeles, California 1,055,690
Wastewater System Revenue,
6.80%, 08/01/2019,
Prerefunded 08/01/1998 @102
1,000,000 Sacramento Municipal Utility 1,069,230
District, California Series V,
7.75%, 08/15/2003,
Prerefunded 08/15/1998 @102
2,375,000 California Health Facilities Financing 2,542,366
Authority, 7.625%, 10/01/2015,
Prerefunded 10/01/1998 @102
1,000,000 Contra Costa County Water 1,070,470
District, California Revenue
Series B, 7.625%, 10/01/2018,
Prerefunded 10/01/1998 @102
2,250,000 Goleta Sanitation & Water 2,416,163
District, California Certificates
of Participation, 7.50%, 12/01/2012,
Prerefunded 12/01/1998 @102
1,000,000 Los Angeles, California Wastewater 1,067,500
System Revenue Series A,
7.10%, 02/01/2021,
Prerefunded 02/01/1999 @102
--------------
Total Prerefunded/Escrowed (Cost $26,893,100) 26,860,739
-------------
- -------------------------------------------------------------------------------
INSURED (Note B, p. 31): 25.90%
- --------------------------------------------------------------------------------
1,375,000 Northern California Power Agency, 1,393,947
Geothermal Project No. 3 Series B,
AMBAC, 5.00%, 07/01/1998
805,000 Los Angeles County Metropolitan 819,458
Transportation Authority, California
Sales Tax Revenue Series A, MBIA,
5.50%, 07/01/1998
30 Sanford C. Bernstein Fund, Inc.--1997 Semiannual Report
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,060,000 Los Angeles County Public Works 1,059,968
Authority, California Lease Revenue
Series B, MBIA, 4.00%, 09/01/1998
800,000 Capistrano Unified Public 810,288
Financing Authority, California
Special Tax Revenue Series A,
AMBAC, 5.00%, 09/01/1998
3,005,000 Modesto Irrigation District 3,015,758
Financing Authority, California
Series A, MBIA, 4.25%, 10/01/1998
2,000,000 Anaheim, California Electric 2,014,360
Revenue, AMBAC, 4.50%, 10/01/1998
1,325,000 Rancho Water District Financing 1,375,098
Authority, California Revenue,
FGIC, 6.50%, 11/01/1998
500,000 California Educational Facilities Authority 505,280
Revenue, Pepperdine University,
AMBAC, 4.875%, 01/15/1999
2,260,000 Los Angeles County Board of 2,268,114
Education, California Certificates
of Participation, Local Educational
Agencies, Pooled Capital Projects
Series A, MBIA, 4.50%, 03/01/1999
2,300,000 Industry Urban Development Agency, 2,304,439
California, MBIA, 4.50%, 05/01/1999
2,800,000 MSR Public Power Agency, California, 2,856,140
San Juan Project Revenue Series G,
MBIA, 5.25%, 07/01/1999
1,650,000 Los Angeles Convention & Exhibition 1,732,517
Center Authority, California Certificates
of Participation, AMBAC,
6.60%, 08/15/1999
--------------
Total Insured (Cost $20,151,305) 20,155,367
--------------
- -------------------------------------------------------------------------------
TAX SUPPORTED: 15.64%
- --------------------------------------------------------------------------------
State General Obligations: 5.89%
310,000 District of Columbia Series C, 311,045
7.80%, 06/01/1997
1,150,000 Puerto Rico Commonwealth, 1,153,645
4.55%, 07/01/1998
1,700,000 California State, 9.00%, 06/01/1999 1,861,925
1,200,000 California State, Veteran Series AW, 1,258,128
AMT, 7.60%, 04/01/2007
--------------
Total State General Obligations (Cost $4,515,720) 4,584,743
--------------
Tax Lease: 8.46%
1,000,000 California State Public Works 1,011,120
Board Lease Revenue Series A,
6.50%, 09/01/1997
800,000 Puerto Rico Housing, Bank and 800,496
Finance Agency, 4.375%, 12/01/1997
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
620,000 Shafter Joint Powers Financing $ 620,093
Authority, California Lease
Revenue, Community Correctional
Facility Revenue Project A,
4.35%, 01/01/1998
1,700,000 California State Public Works 1,737,247
Board Lease Revenue, Community
Colleges Series A,
5.90%, 09/01/1998
1,400,000 Los Angeles Municipal Improvement 1,403,696
Corp., California Certificates of
Participation, 4.50%, 12/01/1998
1,000,000 California State Public Works 1,012,070
Board Lease Revenue, Community
Colleges Series A,
5.00%, 04/01/1999
(Note C, below)
------------
Total Tax Lease (Cost $6,561,081) 6,584,722
------------
Miscellaneous Tax: 1.29%
1,000,000 Puerto Rico Municipal Finance 1,001,570
Agency Series A, 4.80%, 07/01/1997
------------
Total Miscellaneous Tax
(Cost $998,769) 1,001,570
------------
Total Tax Supported
(Cost $12,075,570) 12,171,035
------------
- ------------------------------------------------------------------------------
REVENUE: 11.43%
- -------------------------------------------------------------------------------
Higher Education Revenue: 6.72%
2,900,000 California Educational Facilities 2,945,530
Authority, Stanford University
Series M, 5.00%, 12/01/1998
1,050,000 California Educational Facilities 1,090,583
Authority, University of Southern
California Series A, 7.70%, 10/01/2000
1,190,000 California Educational Facilities 1,187,441
Authority, University of Southern
California, 4.35%, 10/01/2019
------------
Total Higher Education Revenue
(Cost $5,234,754) 5,223,554
------------
Water/Sewer Revenue: 0.98%
730,000 California State Department of 764,237
Water Resources Series F, ------------
7.25%, 12/01/2002
Total Water/Sewer Revenue
(Cost $762,137) 764,237
------------
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
Industrial Development/Pollution
Control Revenue: 3.73%
2,770,000 California Pollution Control $ 2,902,295
Financing Authority, Pacific Gas
& Electric Co. Series B, AMT,
8.875%, 01/01/2010
------------
Total Industrial Development/Pollution
Control Revenue (Cost $2,905,053) 2,902,295
------------
Total Revenue (Cost $8,901,944) 8,890,086
------------
- ------------------------------------------------------------------------------
INVESTMENT SUMMARY
- ------------------------------------------------------------------------------
Total Investments (Cost $77,476,087) 99.62% $ 77,516,989
(Note D, below)
Cash and Other Assets, Less Liabilities 0.38 299,002
------- ------------
Net Assets (Equivalent to $12.51
per share based on 6,220,014
shares of capital stock outstanding) 100.00% $ 77,815,991
======= ============
- ------------------------------------------------------------------------------
(A) $1,400,000 principal amount segregated as collateral for when-issued
securities
(B) Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC--AMBAC Indemnity Corporation
FGIC--Financial Guaranty Insurance Company
MBIA--Municipal Bond Investors Assurance Corporation
Other abbreviations:
AMT--Subject to Alternative Minimum Tax
(C) When-issued security
(D) At March 31, 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 31
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
New York Municipal Portfolio
March 31, 1997 (unaudited)
- -------------------------------------------------------------------------------
Principal Amount Description Market Value*
- -------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 7.04%
- -------------------------------------------------------------------------------
Municipal Note: 0.39%
300,000 Hammond Sanitation District, $ 299,733
Indiana, Bond Anticipation Notes,
6.50%, 07/15/1997
-------------
Total Municipal Note (Cost $300,000) 299,733
-------------
Tax Exempt Variable-Rate Demand Notes: 6.65%
2,700,000 New York State Energy Research & 2,700,000
Development Authority, Pollution
Control Revenue, Niagara Mohawk
Power Series A, Daily Floater,
Putable Daily, 3.80%, 07/01/2015
500,000 New York City, Daily Floater, 500,000
Putable Daily, 3.85%, 08/01/2021
1,900,000 New York State Energy Research & 1,900,000
Development Authority, Pollution
Control Revenue, Niagara Mohawk
Power Corp., Daily Floater, Putable
Daily, AMT, 3.85%, 12/01/2023
-------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $5,100,000) 5,100,000
-------------
Total Short-Term Investments (Cost $5,400,000) 5,399,733
-------------
- -------------------------------------------------------------------------------
U.S. TREASURY NOTES: 14.16%
- -------------------------------------------------------------------------------
7,000,000 6.25%, 06/30/1998 7,004,375
400,000 6.125%, 08/31/1998 399,125
3,500,000 5.625%, 11/30/1998 3,460,695
-------------
Total U.S. Treasury Notes (Cost $10,923,842) 10,864,195
-------------
- -------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 23.75%
- -------------------------------------------------------------------------------
500,000 New York State Dormitory 514,860
Authority, City University Series A,
AMBAC, 8.00%, 07/01/2007,
Prerefunded 07/01/1997 @102
1,000,000 New York City Series D, 1,034,680
8.50%, 08/01/2008,
Prerefunded 08/01/1997 @102
1,000,000 New York State Medical Care 1,034,650
Facilities, 8.00%, 02/15/2025,
Prerefunded 08/15/1997 @102
550,000 New York City Series A, 572,418
8.50%, 11/01/2008,
Prerefunded 11/01/1997 @101.50
*See Note 1, page 28 in Notes to Financial Statement.
32 Sanford C. Bernstein Fund, Inc.--1997 Semiannual Report
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 New York City Series A, $ 1,040,760
8.50%, 11/01/2010,
Prerefunded 11/01/1997 @101.50
720,000 New York State Urban Development 752,868
Corp., Correctional Facilities
Series D, 7.50%, 01/01/2012,
Prerefunded 01/01/1998 @102
1,920,000 New York State Medical Care Facilities 2,018,918
Finance Authority, 7.70%, 02/15/2018,
Prerefunded 02/15/1998 @102
4,000,000 New York State Medical Care Facilities 4,224,520
Finance Authority, Hospital & Nursing
Home Series A, FHA, 8.30%, 02/15/2022,
Prerefunded 02/15/1998 @102
500,000 MTA, New York Transit Facilities Service 533,005
Contract Series 2, 8.00%, 07/01/2018,
Prerefunded 07/01/1998 @102
1,400,000 New York City Series I, FGIC, 1,449,602
6.90%, 08/15/1998,
Escrowed to Maturity
2,050,000 New York State Medical Care 2,179,642
Facilities Finance Agency, Hospital &
Nursing Home Revenue, FHA,
8.00%, 02/15/2028,
Prerefunded 08/15/1998 @102
2,750,000 Battery Park City Authority, New 2,861,678
York Revenue, 6.50%, 05/01/2020,
Prerefunded 05/01/1999 @100
-------------
Total Prerefunded/Escrowed
(Cost $18,291,071) 18,217,601
-------------
- -------------------------------------------------------------------------------
INSURED (Note A, p. 34): 20.89%
- -------------------------------------------------------------------------------
710,000 Suffolk County, New York Series A, 711,676
AMBAC, 4.50%, 08/01/1997
1,300,000 Nassau County, New York Series P, 1,318,564
FGIC, 6.30%, 11/01/1997
1,010,000 New York City Industrial 1,019,595
Development Agency, USTA National
Tennis Center, FSA, 5.30%, 11/15/1997
900,000 New York State Dormitory 902,340
Authority, Montefiore Medical
Center, AMBAC, 4.50%, 02/01/1998
945,000 Clarence Central School District, 959,392
New York, FGIC, 5.25%, 06/01/1998
1,115,000 Yonkers, New York Series C, AMBAC, 1,118,657
4.25%, 08/01/1998
1,600,000 Suffolk County, New York Series D, 1,620,112
FGIC, 4.875%, 08/01/1998
650,000 New York State Thruway Authority, 658,060
General Revenue Series C, FGIC,
5.10%, 01/01/1999
2,975,000 Hempstead Town, New York, AMBAC, 3,017,126
5.00%, 02/15/1999 (Note B, p. 34)
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,000,000 Geneva, New York Industrial $ 1,001,770
Development Agency, Civic Facilities
Revenue, AMBAC, 4.50%, 03/01/1999
1,475,000 New York State Thruway Authority 1,475,826
Highway & Bridge Trust Fund
Series A, AMBAC, 4.50%, 04/01/1999
700,000 Nassau County, New York Series T, 714,350
FGIC, 5.125%, 09/01/1999
590,000 New York State Dormitory Authority, 620,001
State University Series A, AMBAC,
6.00%, 07/01/2011
835,000 Suffolk County, New York Waterworks 886,069
Authority Revenue, AMBAC,
7.375%, 06/01/2012
-------------
Total Insured (Cost $16,031,759) 16,023,538
-------------
- -------------------------------------------------------------------------------
TAX SUPPORTED: 23.64%
- -------------------------------------------------------------------------------
State General Obligations: 2.48%
275,000 District of Columbia Series C, 275,927
7.80%, 06/01/1997
1,600,000 New York State Series A, 1,623,600
5.50%, 03/15/1998
-------------
Total State General Obligations
(Cost $1,884,214) 1,899,527
-------------
Local General Obligations: 7.07%
455,000 Onondaga County, New York, 455,000
5.40%, 04/01/1997
500,000 New York City, 7.20%, 10/01/1997 507,480
1,430,000 Oyster Bay, New York, 1,439,738
4.80%, 12/01/1997
1,000,000 Monroe County, New York 1,004,290
Series E, 4.50%, 02/01/1999
2,000,000 Monroe County, New York 2,016,260
Series A, 4.75%, 03/01/1999
-------------
Total Local General Obligations
(Cost $5,431,652) 5,422,768
-------------
Tax Lease: 4.06%
300,000 New York State Energy Research & 300,000
Development Authority, Western
New York Nuclear Service Center
Project, 5.20%, 04/01/1997
570,000 New York State Dormitory Authority, 570,547
State University Series A,
4.75%, 07/01/1997
705,000 Puerto Rico Housing, Bank and 705,437
Finance Agency, 4.375%, 12/01/1997
550,000 New York State Energy Research & 551,529
Development Authority, Western
New York Nuclear Service Center
Project, 5.00%, 04/01/1998
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,000,000 New York State Dormitory Authority, $ 990,430
Mental Health Services Facilities
Series A, 4.40%, 02/15/1999
-------------
Total Tax Lease (Cost $3,121,112) 3,117,943
-------------
Special Tax: 10.03%
1,365,000 New York State Local Government 1,365,000
Assistance Corp. Series A,
5.50%, 04/01/1997
1,000,000 MAC New York Series 59 1,008,280
7.25%, 07/01/1997
1,000,000 New York State Thruway Authority, 1,008,000
Highway & Bridge Trust Fund
Series B, 5.00%, 04/01/1998
1,000,000 MAC New York Series G, 1,005,830
4.50%, 07/01/1998
1,100,000 New York State Local Government 1,131,977
Assistance Corp. Series A,
6.00%, 04/01/1999
1,145,000 MAC New York Series H, 1,158,465
5.00%, 07/01/1999
1,000,000 MAC New York Series I, 1,011,760
5.00%, 07/01/1999 (Note C, p. 34)
-------------
Total Special Tax (Cost $7,693,229) 7,689,312
-------------
Total Tax Supported (Cost $18,130,207) 18,129,550
-------------
- -------------------------------------------------------------------------------
REVENUE: 10.53%
- -------------------------------------------------------------------------------
Health Care Revenue: 1.53%
600,000 New York State Dormitory Authority, 600,168
Nyack Hospital Revenue,
4.65%, 07/01/1997
550,000 New York State Dormitory 574,552
Authority, Long Island Medical
Center, FHA, 7.75%, 08/15/2027
-------------
Total Health Care Revenue (Cost $1,175,731) 1,174,720
-------------
Toll Revenue: 2.24%
1,700,000 New York State Bridge Authority 1,712,563
Revenue, 5.00%, 01/01/1999
-------------
Total Toll Revenue (Cost $1,727,693) 1,712,563
-------------
Water/Sewer Revenue: 4.96%
2,250,000 New York State Environmental 2,257,268
Facilities Corp., Pollution Control
Revenue, State Revolving Fund
Series E, 5.75%, 06/15/1997
1,050,000 New York State Environmental 1,045,443
Facilities Corp., Pollution
Control Revenue, State Revolving
Fund Series B, 3.55%, 02/15/1998
Schedule of Investments--Municipal Bond Portfolios 33
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
500,000 New York State Environmental $ 502,335
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 $3,806,801) 3,805,046
-------------
Industrial Development/Pollution
Control Revenue: 1.80%
500,000 Hempstead Town Industrial 510,000
Development Agency, New York,
7.375%, 12/01/2005
840,000 New York State Energy Research & 870,979
Development Authority, Electric
Facilities Revenue, Con Edison
Company Project Series A, AMT,
7.75%, 01/01/2024
-------------
Total Industrial Development/Pollution
Control Revenue (Cost $1,378,837) 1,380,979
-------------
Total Revenue (Cost $8,089,062) 8,073,308
-------------
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- -------------------------------------------------------------------------------
Total Investments (Cost $76,865,941) 100.01% $76,707,925
(Note D, below)
Cash and Other Assets, Less Liabilities (0.01) (10,972)
------- ------------
Net Assets (Equivalent to $12.44
per share based on 6,166,012
shares of capital stock outstanding) 100.00% $76,696,953
======= ============
- -------------------------------------------------------------------------------
(A) Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC--AMBAC Indemnity Corporation
FGIC--Financial Guaranty Insurance Company
FSA--Financial Security Assurance, Inc.
Other abbreviations:
AMT--Subject to Alternative Minimum Tax
FHA--Federal Housing Administration
(B) $1,375,000 principal amount segregated as collateral for when-
issued security
(C) When-issued security
(D) At March 31, 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 Semiannual Report
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